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) |
Jeremy D. Franklin, 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, 2015
Item 1. Reports to Stockholders.
2015 Semiannual Report
TIAA-CREF
Real Estate Securities Fund
of the TIAA-CREF Funds
September 30, 2015
| 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, 2015. 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, 2015. | |
| • | 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 | 2015 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 ■ 2015 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, 2015–September 30, 2015).
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 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Important information about expenses
Expense example
Six months ended September 30, 2015
| Real Estate Securities Fund | Beginning account value (4/1/15) | Ending account value (9/30/15) | Expenses paid during period (4/1/15– 9/30/15) |
* | ||||||||
| Institutional Class | ||||||||||||
| Actual return | $ | 1,000.00 | $ | 929.32 | $2.27 | |||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.65 | 2.38 | |||||||||
| Premier Class | ||||||||||||
| Actual return | 1,000.00 | 928.70 | 2.99 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,021.90 | 3.13 | |||||||||
| Retirement Class | ||||||||||||
| Actual return | 1,000.00 | 928.02 | 3.47 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,021.40 | 3.64 | |||||||||
| Retail Class | ||||||||||||
| Actual return | 1,000.00 | 928.05 | 3.76 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,021.10 | 3.94 | |||||||||
| * | “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 183/366. There were 183 days in the six months ended September 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.78% 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 ■ 2015 Semiannual Report | 5 |
Performance for the six months ended September 30, 2015
The Real Estate Securities Fund returned –7.07% for the Institutional Class, compared with the –8.17% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2015, the fund returned 11.56%, versus 7.84% for the index. The table on the following page shows returns for all share classes of the fund.
During the period, U.S. economic growth picked up, the housing market improved and consumer spending rose. While the Fed appeared poised to raise interest rates in September, it held off in part due to concerns about continued low inflation and sluggish growth abroad. REITs (real estate investment trusts), as measured by the FTSE NAREIT All Equity REITs Index, fell 9.06% in the first three months of the reporting period, as uneasiness about the future effect of higher interest rates put downward pressure on the asset class. However, during the final three months, strength in the residential and retail components pushed REITs higher, resulting in a 0.99% gain, but still ending the six-month period lower.
For the period, REITs trailed both the –7.12% return of the broad U.S. stock market, as measured by the Russell 3000® Index, and the –0.47% return of the broad domestic investment-grade fixed-rate bond market as measured by the Barclays U.S. Aggregate Bond Index. For the ten-year period ending September 30, 2015, the fund’s benchmark returned an average annual 6.75%, versus 6.92% for the Russell 3000 Index and 4.64% for the Barclays aggregate index.
Stock selections help the fund’s relative performance
Only two of the benchmark’s 14 property sectors advanced during the period. The largest declines were seen in the lodging/resorts (down 19.1%), timber (down 14.1%) and office (down 12.3%) sectors. The two gains occurred in the self-storage (up 10.4%) and manufactured homes (up 5.8%) sectors.
The fund outperformed its benchmark because of several stock choices that performed well, along with favorable allocation decisions. Chief among these were overweight positions in Strategic Hotels & Resorts; Marcus & Millichap, a commercial brokerage in Charlotte, North Carolina; and CubeSmart, a Pennsylvania-based self-storage firm.
These results were partly offset by the negative effects of stock selections in NorthStar Asset Management Group, a real estate investment firm; Gramercy Property Trust, a commercial real estate firm; and NorthStar Realty Finance. During the period, the fund owned the stocks of several companies that are not REITs, but that engage in activity related to real estate.
| 6 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Real Estate Securities Fund
Performance as of September 30, 2015
| 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 | –7.07 | % | 11.56 | % | 12.07 | % | 6.36 | % | |||||||||
| Premier Class | 9/30/2009 | –7.13 | 11.39 | 11.89 | 6.27 | * | ||||||||||||
| Retirement Class | 10/1/2002 | –7.20 | 11.34 | 11.78 | 6.13 | |||||||||||||
| Retail Class | 10/1/2002 | –7.19 | 11.30 | 11.71 | 6.12 | |||||||||||||
| FTSE NAREIT | ||||||||||||||||||
| All Equity REITs Index | — | –8.17 | 7.84 | 11.86 | 6.75 | |||||||||||||
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 ■ 2015 Semiannual Report | 7 |
Real Estate Securities Fund
| Portfolio composition | ||||
| % of net assets | ||||
| Industry | as of 9/30/2015 | |||
| Specialized REITs | 23.9 | |||
| Retail REITs | 20.9 | |||
| Residential REITs | 20.0 | |||
| Office REITs | 14.4 | |||
| Industrial REITs | 9.1 | |||
| Diversified REITs | 3.6 | |||
| Real estate services | 2.9 | |||
| Diversified capital markets | 0.9 | |||
| Hotels, resorts & cruise lines | 0.9 | |||
| Asset management & custody banks | 0.9 | |||
| Mortgage REITs | 0.8 | |||
| Real estate operating companies | 0.7 | |||
| Short-term investments, other assets & liabilities, net | 1.0 | |||
| Total | 100.0 | |||
| Holdings by company size | ||||
| Market capitalization | % of equity investments as of 9/30/2015 | |||
| More than $50 billion | 9.5 | |||
| More than $15 billion–$50 billion | 40.9 | |||
| More than $2 billion–$15 billion | 40.3 | |||
| $2 billion or less | 9.3 | |||
| Total | 100.0 | |||
| 8 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Portfolio of investments (unaudited)
Real Estate Securities Fund ■ September 30, 2015
| Shares | Company | Value | |||||||
| COMMON STOCKS—99.0% | |||||||||
| ASSET MANAGEMENT & CUSTODY BANKS—0.9% | |||||||||
| 1,000,000 | NorthStar Asset Management Group, Inc | $ | 14,360,000 | ||||||
| TOTAL ASSET MANAGEMENT & CUSTODY BANKS | 14,360,000 | ||||||||
| DIVERSIFIED CAPITAL MARKETS—0.9% | |||||||||
| 450,000 | HFF, Inc (Class A) | 15,192,000 | |||||||
| TOTAL DIVERSIFIED CAPITAL MARKETS | 15,192,000 | ||||||||
| DIVERSIFIED REITS—3.6% | |||||||||
| 225,000 | American Assets Trust, Inc | 9,193,500 | |||||||
| 125,000 | iShares Dow Jones US Real Estate Index Fund | 8,868,750 | |||||||
| 2,200,000 | NorthStar Realty Finance Corp | 27,170,000 | |||||||
| 1,600,000 | Spirit Realty Capital, Inc | 14,624,000 | |||||||
| TOTAL DIVERSIFIED REITS | 59,856,250 | ||||||||
| HOTELS, RESORTS & CRUISE LINES—0.9% | |||||||||
| 225,000 | Starwood Hotels & Resorts Worldwide, Inc | 14,958,000 | |||||||
| TOTAL HOTELS, RESORTS & CRUISE LINES | 14,958,000 | ||||||||
| INDUSTRIAL REITS—9.1% | |||||||||
| 2,050,000 | Prologis, Inc | 79,745,000 | |||||||
| 3,350,000 | a | Rexford Industrial Realty, Inc | 46,196,500 | ||||||
| 1,300,000 | Terreno Realty Corp | 25,532,000 | |||||||
| TOTAL INDUSTRIAL REITS | 151,473,500 | ||||||||
| MORTGAGE REITS—0.8% | |||||||||
| 650,000 | Starwood Property Trust, Inc | 13,338,000 | |||||||
| TOTAL MORTGAGE REITS | 13,338,000 | ||||||||
| OFFICE REITS—14.4% | |||||||||
| 700,000 | Boston Properties, Inc | 82,880,000 | |||||||
| 975,000 | Gramercy Property Trust, Inc | 20,250,750 | |||||||
| 1,000,000 | Hudson Pacific Properties | 28,790,000 | |||||||
| 500,000 | Kilroy Realty Corp | 32,580,000 | |||||||
| 400,000 | SL Green Realty Corp | 43,264,000 | |||||||
| 350,000 | Vornado Realty Trust | 31,647,000 | |||||||
| TOTAL OFFICE REITS | 239,411,750 | ||||||||
| REAL ESTATE OPERATING COMPANIES—0.7% | |||||||||
| 575,000 | * | Forest City Enterprises, Inc (Class A) | 11,574,750 | ||||||
| TOTAL REAL ESTATE OPERATING COMPANIES | 11,574,750 | ||||||||
| REAL ESTATE SERVICES—2.9% | |||||||||
| 675,000 | Kennedy-Wilson Holdings, Inc | 14,964,750 | |||||||
| 400,000 | * | Marcus & Millichap, Inc | 18,396,000 | ||||||
| 200,000 | Vanguard REIT ETF | 15,108,000 | |||||||
| TOTAL REAL ESTATE SERVICES | 48,468,750 | ||||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 9 |
| Portfolio of investments (unaudited) | continued |
Real Estate Securities Fund ■ September 30, 2015
| Shares | Company | Value | |||||||
| RESIDENTIAL REITS—20.0% | |||||||||
| 600,000 | Apartment Investment & Management Co (Class A) | $ | 22,212,000 | ||||||
| 500,000 | AvalonBay Communities, Inc | 87,410,000 | |||||||
| 150,000 | Camden Property Trust | 11,085,000 | |||||||
| 575,000 | Equity Lifestyle Properties, Inc | 33,677,750 | |||||||
| 1,125,000 | Equity Residential | 84,510,000 | |||||||
| 260,000 | Essex Property Trust, Inc | 58,089,200 | |||||||
| 200,000 | Post Properties, Inc | 11,658,000 | |||||||
| 375,000 | Sun Communities, Inc | 25,410,000 | |||||||
| TOTAL RESIDENTIAL REITS | 334,051,950 | ||||||||
| RETAIL REITS—20.9% | |||||||||
| 900,000 | Equity One, Inc | 21,906,000 | |||||||
| 375,000 | Federal Realty Investment Trust | 51,168,750 | |||||||
| 1,900,000 | General Growth Properties, Inc | 49,343,000 | |||||||
| 125,000 | Macerich Co | 9,602,500 | |||||||
| 325,000 | Regency Centers Corp | 20,198,750 | |||||||
| 750,000 | Retail Opportunities Investment Corp | 12,405,000 | |||||||
| 850,000 | Simon Property Group, Inc | 156,162,000 | |||||||
| 400,000 | Taubman Centers, Inc | 27,632,000 | |||||||
| TOTAL RETAIL REITS | 348,418,000 | ||||||||
| SPECIALIZED REITS—23.9% | |||||||||
| 550,000 | American Tower Corp | 48,389,000 | |||||||
| 200,000 | Care Capital Properties, Inc | 6,586,000 | |||||||
| 325,000 | Chatham Lodging Trust | 6,981,000 | |||||||
| 1,150,000 | CubeSmart | 31,291,500 | |||||||
| 120,000 | Equinix, Inc | 32,808,000 | |||||||
| 450,000 | Extra Space Storage, Inc | 34,722,000 | |||||||
| 900,000 | Healthcare Trust of America, Inc | 22,059,000 | |||||||
| 1,600,000 | Host Marriott Corp | 25,296,000 | |||||||
| 300,000 | Public Storage, Inc | 63,489,000 | |||||||
| 500,000 | * | Strategic Hotels & Resorts, Inc | 6,895,000 | ||||||
| 1,600,000 | Sunstone Hotel Investors, Inc | 21,168,000 | |||||||
| 800,000 | Ventas, Inc | 44,848,000 | |||||||
| 800,000 | Welltower, Inc | 54,176,000 | |||||||
| TOTAL SPECIALIZED REITS | 398,708,500 | ||||||||
| TOTAL COMMON STOCKS (Cost $1,327,935,473) | 1,649,811,450 | ||||||||
| 10 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
| Portfolio of investments (unaudited) | concluded |
Real Estate Securities Fund ■ September 30, 2015
| Principal | Issuer | Rate | Maturity Date | Value | ||||||||||
| SHORT-TERM INVESTMENTS—0.6% | ||||||||||||||
| GOVERNMENT AGENCY DEBT—0.6% | ||||||||||||||
| $10,000,000 | Federal Home Loan Bank (FHLB) | 0.110 | % | 10/23/15 | $ | 9,999,820 | ||||||||
| 9,999,820 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,999,327) | 9,999,820 | |||||||||||||
| TOTAL INVESTMENTS—99.6% (Cost $1,337,934,800) | 1,659,811,270 | |||||||||||||
| OTHER ASSETS & LIABILITIES, NET—0.4% | 6,791,002 | |||||||||||||
| NET ASSETS—100.0% | $ | 1,666,602,272 | ||||||||||||
Abbreviation(s):
| ETF | Exchange Traded Funds |
| REIT | Real Estate Investment Trust |
| * | Non-income producing |
| a | Affiliated holding |
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 11 |
Statement of assets and liabilities (unaudited)
Real Estate Securities Fund ■ September 30, 2015
| ASSETS | ||||
| Portfolio investments, at value† | $ | 1,613,614,770 | ||
| Affiliated investments, at value‡ | 46,196,500 | |||
| Cash | 4,495,176 | |||
| Receivable from Fund shares sold | 678,018 | |||
| Dividends and interest receivable | 6,045,836 | |||
| Due from affiliates | 6,742 | |||
| Other | 79,529 | |||
| Total assets | 1,671,116,571 | |||
| LIABILITIES | ||||
| Management fees payable | 65,832 | |||
| Service agreement fee payable | 5,951 | |||
| Distribution fee payable | 51,175 | |||
| Due to affiliates | 14,677 | |||
| Payable for securities transactions | 3,633,090 | |||
| Payable for Fund shares redeemed | 567,074 | |||
| Payable for trustee compensation | 83,741 | |||
| Accrued expenses and other payables | 92,759 | |||
| Total liabilities | 4,514,299 | |||
| NET ASSETS | $ | 1,666,602,272 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in-capital | $ | 1,273,006,455 | ||
| Undistributed net investment income (loss) | 8,930,694 | |||
| Accumulated net realized gain (loss) on total investments | 62,788,653 | |||
| Net unrealized appreciation (depreciation) on total investments | 321,876,470 | |||
| Net Assets | $ | 1,666,602,272 | ||
| INSTITUTIONAL CLASS: | ||||
| Net assets | $ | 1,090,833,597 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 74,398,538 | |||
| Net asset value per share | $14.66 | |||
| PREMIER CLASS: | ||||
| Net assets | $ | 69,318,044 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 4,725,097 | |||
| Net asset value per share | $14.67 | |||
| RETIREMENT CLASS: | ||||
| Net assets | $ | 293,858,094 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 19,368,235 | |||
| Net asset value per share | $15.17 | |||
| RETAIL CLASS: | ||||
| Net assets | $ | 212,592,537 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 14,592,625 | |||
| Net asset value per share | $14.57 | |||
| † Portfolio investments, cost | $ | 1,285,800,797 | ||
| ‡ Affiliated investments, cost | $ | 52,134,003 |
| 12 | 2015 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, 2015
| INVESTMENT INCOME | ||||
| Dividends | $ | 22,294,644 | ||
| Dividends from affiliated investments | 854,250 | |||
| Interest | 4,501 | |||
| Total income | 23,153,395 | |||
| EXPENSES | ||||
| Management fees | 4,430,011 | |||
| Shareholder servicing — Institutional Class | 3,928 | |||
| Shareholder servicing — Premier Class | 77 | |||
| Shareholder servicing — Retirement Class | 394,947 | |||
| Shareholder servicing — Retail Class | 69,883 | |||
| Distribution fees — Premier Class | 51,844 | |||
| Distribution fees — Retail Class | 277,007 | |||
| Administrative service fees | 44,680 | |||
| Other expenses | 164,832 | |||
| Total expenses | 5,437,209 | |||
| Fee waiver by investment adviser | (372,368 | ) | ||
| Net expenses | 5,064,841 | |||
| Net investment income (loss) | 18,088,554 | |||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
| Realized gain (loss): | ||||
| Portfolio investments | 35,928,984 | |||
| Net realized gain (loss) on total investments | 35,928,984 | |||
| Change in unrealized appreciation (depreciation) on: | ||||
| Portfolio investments | (192,606,180 | ) | ||
| Affiliated investments | (6,766,038 | ) | ||
| Net change in unrealized appreciation (depreciation) on total investments | (199,372,218 | ) | ||
| Net realized and unrealized gain (loss) on total investments | $ | (163,443,234 | ) | |
| Net increase (decrease) in net assets from operations | $ | (145,354,680 | ) |
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 13 |
Statements of changes in net assets
Real Estate Securities Fund ■ For the period or year ended
| September 30, 2015 | March 31, 2015 | |||||||||
| (unaudited | ) | |||||||||
| OPERATIONS | ||||||||||
| Net investment income (loss) | $ | 18,088,554 | $ | 29,441,738 | ||||||
| Net realized gain (loss) on total investments | 35,928,984 | 62,621,497 | ||||||||
| Net change in unrealized appreciation (depreciation) on total investments | (199,372,218 | ) | 282,784,574 | |||||||
| Net increase (decrease) in net assets from operations | (145,354,680 | ) | 374,847,809 | |||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
| From net investment income: | Institutional Class | (10,354,780 | ) | (19,814,156 | ) | |||||
| Premier Class | (572,094 | ) | (914,785 | ) | ||||||
| Retirement Class | (2,222,426 | ) | (4,356,386 | ) | ||||||
| Retail Class | (1,627,977 | ) | (2,949,051 | ) | ||||||
| From realized gains: | Institutional Class | — | (20,358,679 | ) | ||||||
| Premier Class | — | (1,152,661 | ) | |||||||
| Retirement Class | — | (5,325,693 | ) | |||||||
| Retail Class | — | (3,681,522 | ) | |||||||
| Total distributions | (14,777,277 | ) | (58,552,933 | ) | ||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||
| Subscriptions: | Institutional Class | 56,714,079 | 319,640,139 | |||||||
| Premier Class | 17,657,986 | 32,573,060 | ||||||||
| Retirement Class | 12,556,718 | 117,774,028 | ||||||||
| Retail Class | 11,645,888 | 46,240,471 | ||||||||
| Reinvestments of distributions: | Institutional Class | 10,327,212 | 40,121,307 | |||||||
| Premier Class | 572,094 | 2,067,446 | ||||||||
| Retirement Class | 2,221,957 | 9,680,143 | ||||||||
| Retail Class | 1,556,677 | 6,356,191 | ||||||||
| Redemptions: | Institutional Class | (246,926,978 | ) | (142,562,893 | ) | |||||
| Premier Class | (8,385,976 | ) | (28,024,645 | ) | ||||||
| Retirement Class | (64,577,385 | ) | (50,718,234 | ) | ||||||
| Retail Class | (21,467,170 | ) | (31,664,879 | ) | ||||||
| Net increase (decrease) from shareholder transactions | (228,104,898 | ) | 321,482,134 | |||||||
| Net increase (decrease) in net assets | (388,236,855 | ) | 637,777,010 | |||||||
| NET ASSETS | ||||||||||
| Beginning of period | 2,054,839,127 | 1,417,062,117 | ||||||||
| End of period | $ | 1,666,602,272 | $ | 2,054,839,127 | ||||||
| Undistributed net investment income (loss) included in net assets | $ | 8,930,694 | $ | 5,619,417 | ||||||
| 14 | 2015 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, 2015 | March 31, 2015 | |||||||||
| (unaudited | ) | |||||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 3,769,525 | 21,651,787 | |||||||
| Premier Class | 1,144,484 | 2,182,926 | ||||||||
| Retirement Class | 803,202 | 7,709,693 | ||||||||
| Retail Class | 777,282 | 3,145,608 | ||||||||
| Shares reinvested: | Institutional Class | 706,859 | 2,719,385 | |||||||
| Premier Class | 39,131 | 139,895 | ||||||||
| Retirement Class | 146,998 | 634,026 | ||||||||
| Retail Class | 107,241 | 433,326 | ||||||||
| Shares redeemed: | Institutional Class | (16,728,577 | ) | (9,753,413 | ) | |||||
| Premier Class | (549,527 | ) | (1,815,577 | ) | ||||||
| Retirement Class | (4,097,962 | ) | (3,331,057 | ) | ||||||
| Retail Class | (1,435,047 | ) | (2,175,412 | ) | ||||||
| Net increase (decrease) from shareholder transactions | (15,316,391 | ) | 21,541,187 | |||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2015 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 or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | Return of capital | dividends and distributions | value, end of period | Total return | at end of period (in thousands) | Gross expense | Net expense | investment income (loss) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/15 | § | $15.92 | $0.16 | $(1.29 | ) | $(1.13 | ) | $(0.13 | ) | $ — | $ — | $(0.13 | ) | $14.66 | (7.07 | )%b | $1,090,833 | 0.51 | %c | 0.47 | %c | 2.08 | %c | 11 | %b | |||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.20 | 0.26 | 2.97 | 3.23 | (0.25 | ) | (0.26 | ) | — | (0.51 | ) | 15.92 | 24.80 | 1,379,388 | 0.52 | 0.52 | 1.79 | 29 | ||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Premier Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/15 | § | 15.93 | 0.15 | (1.29 | ) | (1.14 | ) | (0.12 | ) | — | — | (0.12 | ) | 14.67 | (7.13 | )b | 69,318 | 0.66 | c | 0.62 | c | 1.94 | c | 11 | b | |||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.21 | 0.25 | 2.96 | 3.21 | (0.23 | ) | (0.26 | ) | — | (0.49 | ) | 15.93 | 24.59 | 65,159 | 0.67 | 0.67 | 1.72 | 29 | ||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/15 | § | 16.47 | 0.14 | (1.33 | ) | (1.19 | ) | (0.11 | ) | — | — | (0.11 | ) | 15.17 | (7.20 | )b | 293,858 | 0.76 | c | 0.72 | c | 1.80 | c | 11 | b | |||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.64 | 0.23 | 3.07 | 3.30 | (0.21 | ) | (0.26 | ) | — | (0.47 | ) | 16.47 | 24.50 | 370,757 | 0.77 | 0.77 | 1.53 | 29 | ||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/15 | § | 15.82 | 0.13 | (1.27 | ) | (1.14 | ) | (0.11 | ) | — | — | (0.11 | ) | 14.57 | (7.19 | )b | 212,593 | 0.82 | c | 0.78 | c | 1.76 | c | 11 | b | |||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.12 | 0.22 | 2.95 | 3.17 | (0.21 | ) | (0.26 | ) | — | (0.47 | ) | 15.82 | 24.41 | 239,535 | 0.83 | 0.83 | 1.49 | 29 | ||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| 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. |
| § | 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. |
| 16 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2015 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 (“FASB”) 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 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, expenses, realized gains and losses and unrealized appreciation and depreciation of the 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
| 18 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
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 the Fund distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal 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. Amounts payable to the trustees for compensation are included 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.
| TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 19 |
Notes to financial statements (unaudited)
New accounting pronouncement: In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07 Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “ASU”). The ASU removes the requirement to categorize all investments for which the fair value is measured using the net asset value per share practical expedient from the fair value hierarchy. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for public business entities for fiscal years beginning December 15, 2015, and for interim periods within those fiscal years. The Fund expects to adopt the ASU for the March 31, 2016 annual report. Management is currently evaluating the impact of the ASU’s adoption 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 equity securities are valued at the last sale price or official closing price reported on the exchange where traced 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
| 20 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.
Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including, but not limited to, broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the 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, 2015, 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, 2015, based on the inputs used to value them:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Real Estate Securities Fund | ||||||||||||||||
| Equity investments* | $ | 1,649,811,450 | $ | — | $ | — | $ | 1,649,811,450 | ||||||||
| Short-term investments | — | 9,999,820 | — | 9,999,820 | ||||||||||||
| Total | $ | 1,649,811,450 | $ | 9,999,820 | $ | — | $ | 1,659,811,270 | ||||||||
| * | For detailed categories, see the accompanying portfolio of investments. |
Note 3—investment adviser and affiliates
Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.33% and 0.45% 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 0.45%. 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.
| TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 21 |
Notes to financial statements (unaudited)
Under the terms of a Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class shares of the Fund compensated TPIS for providing distribution, promotional, and shareholder services to the Retail Class shares of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional, and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.
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, 2016, 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, 2015, TIAA Access, a registered separate account of TIAA, owned 7.1% of the Fund’s shares.
TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct 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, 2015, one 529 Plan owned 12.2% of the Fund.
Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:
| Issue | Value at March 31, 2015 | Purchase cost | Sales proceeds | Realized gain (loss | ) | |||||||||||||
| Real Estate Securities Fund | ||||||||||||||||||
| Rexford Industrial Realty, Inc | $ | 52,583,744 | $ | 378,795 | $ | — | $ | — | ||||||||||
| 22 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
| Issue | Dividend income | Withholding expense | Shares at September 30, 2015 | Value at September 30, 2015 | ||||||||||||||
| Real Estate Securities Fund | ||||||||||||||||||
| Rexford Industrial Realty, Inc | $ | 854,250 | $ | — | $ | 3,350,000 | $ | 46,196,500 | ||||||||||
Note 4—investments
Restricted securities: Restricted securities held by the Fund, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At September 30, 2015, the cost of portfolio investments for federal income tax purposes was $1,347,592,132. Net unrealized appreciation of portfolio investments for federal income tax purposes was $312,219,138 consisting of gross unrealized appreciation of $344,648,889, and gross unrealized depreciation of $(32,429,751).
Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended September 30, 2015 were $190,090,051 and $399,844,026, respectively.
Note 5—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2015 was as follows:
| Ordinary income | Long-term capital gains | Total | ||||||||||
| 3/31/2015 | $ | 28,034,378 | $ | 30,518,555 | $ | 58,552,933 | ||||||
The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.
Note 6—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 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. 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 mutual 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, 2015, there were no borrowings under this credit facility by the Fund.
| TIAA-CREF Real Estate Securities Fund ■ 2015 Semiannual Report | 23 |
| Notes to financial statements (unaudited) | concluded |
Note 7—indemnification
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the trustees and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.
| 24 | 2015 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
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TIAA-CREF website
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Automated telephone service
800 842-2252
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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, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. | |
©2015 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.
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2015 Semiannual Report
TIAA-CREF Funds
Fixed-Income Funds
September 30, 2015
| Contents | |
| Understanding your report from TIAA-CREF Funds | 2 |
| Information for investors | 2 |
| TIAA-CREF Market Monitor | 3 |
| About the funds’ benchmarks | 4 |
| Important information about expenses | 5 |
| Fund performance | |
| Bond Fund | 6 |
| Bond Index Fund | 8 |
| Bond Plus Fund | 10 |
| High-Yield Fund | 12 |
| Inflation-Linked Bond Fund | 14 |
| Short-Term Bond Fund | 16 |
| Social Choice Bond Fund | 18 |
| Tax-Exempt Bond Fund | 20 |
| Money Market Fund | 22 |
| Summary portfolios of investments | 24 |
| Financial statements (unaudited) | |
| Statements of assets and liabilities | 46 |
| Statements of operations | 48 |
| Statements of changes in net assets | 50 |
| Financial highlights | 54 |
| Notes to financial statements | 64 |
| Approval of investment management agreement | 71 |
| How to reach us | Inside back cover |
Understanding your report from TIAA-CREF Funds
For the purposes of this report “TIAA-CREF Funds” refers to the TIAA-CREF Fixed-Income Funds on the cover of this report, as well as to the Short-Term Bond Index Fund.
This semiannual report contains information about the TIAA-CREF Funds and describes their results for the six months ended September 30, 2015. 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, 2015. |
| • | 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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Uncertainties trigger “flight to quality” in bond markets
During the six months ended September 30, 2015, lingering uncertainties regarding interest rates and the economy, along with geopolitical conflicts, drove many investors from lower-quality, higher-yielding assets earlier in the period to higher-quality investment-grade securities as it progressed. Over the six months, the fixed-rate investment-grade bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.5%.
Municipal bonds, as measured by the Barclays 10-Year Municipal Bond Index, ended the period modestly higher, returning 0.9%, while many other bond sectors ended lower. Investment-grade corporate bond prices took a beating due to concerns about rising rates and a new supply of corporate bonds. U.S. high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, returned –4.3%, as investor appetite for riskier assets decreased. The Barclays U.S. Treasury Inflation Protected Securities Index (Series-L) registered –2.2% primarily as a result of declining inflation expectations. The broad U.S. stock market, as represented by the Russell 3000® Index, fell –7.1%.
Fed remains watchful while central banks overseas act
During the period, U.S. economic growth picked up, the housing market improved and consumer spending rose. Although the United States added just 142,000 new jobs in September, well below forecasts, the national unemployment rate dropped to 5.1%, and other data suggested positive signs in the job market. Real gross domestic product (GDP), which measures the value of all goods
and services produced in the nation, rose 3.9% for the second calendar quarter and 1.5% (preliminary estimate) for the third at a seasonally adjusted annualized rate. While the U.S. appeared poised to possibly raise interest rates, central banks in Europe and Japan implemented monetary-easing policies, and China’s central bank further reduced short-term lending rates.
Geopolitical events cause volatility in interest rates
Early in the period, U.S. Treasury bond prices dropped and their yields rose following a sell-off in German bonds and the release of strong economic data. In August, Greece agreed to a bailout deal that kept the country in the eurozone, and China sharply devalued its currency. Later in the period, prices of U.S. Treasuries rose and their yields declined as reports of China’s slowing economic growth, along with geopolitical conflicts in other countries, bolstered demand for safe-haven assets.
Bond markets react to comments from the Fed
In the final month of the period, the Fed cited global economic and financial developments and heightened uncertainty abroad as potential risks to U.S. growth. As a result, the Fed held interest rates steady in September. However, Fed chair Janet Yellen later noted that the U.S. economy appeared to be on sound footing and that signs of weak growth overseas would not be enough to significantly affect Fed policy, leading many investors to not rule out a rate hike before year-end.
Most bond sectors retreat then begin to recover
First and second half of the six-month period ended September 30, 2015
Source: Municipals: Barclays 10-Year Municipal Bond Index; U.S. Treasuries: Barclays U.S. Treasury Index; Investment-grade fixed-rate securities: Barclays U.S. Aggregate Bond Index; Investment-grade corporate bonds: Barclays U.S. Corporate Bond Index; High-yield: BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index; as of 9/30/15.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 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 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).
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 | 2015 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, 2015–September 30, 2015).
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 ■ 2015 Semiannual Report | 5 |
| Portfolio composition | |||
| % of net assets as of 9/30/2015 | |||
| Corporate bonds | 30.5 | ||
| Mortgage-backed securities* | 22.0 | ||
| Commercial mortgage-backed securities | 13.3 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | |
|
13.0 |
| U.S. Treasury securities | 8.1 | ||
| Asset-backed securities | 7.6 | ||
| Bank loan obligations | 1.3 | ||
| Municipal bonds | 1.3 | ||
| U.S. agency securities | 0.5 | ||
| Short-term investments, | |||
| other assets & liabilities, net | 2.4 | ||
| 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 9/30/2015 | |
| Less than 1 year | 6.1 |
| 1–3 years | 16.8 |
| 3–5 years | 18.7 |
| 5–10 years | 45.5 |
| Over 10 years | 12.9 |
| Total | 100.0 |
| Holdings by credit quality† | |
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | |
| Aaa/AAA | 30.3 |
| Aa/AA | 3.2 |
| A/A | 17.4 |
| Baa/BBB | 30.5 |
| Ba/BB | 5.6 |
| B/B | 6.0 |
| Below B/B | 3.7 |
| Non-rated | 3.3 |
| 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, 2015
The Bond Fund returned –0.60% for the Institutional Class, compared with the –0.47% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2015, the fund rose 2.79%, versus 2.94% for the index. The table below shows returns for all share classes of the fund.
Bond prices rebound in the third quarter but end the period lower
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. 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 3.9% in the second quarter—an improvement over the 0.6% increase in the prior quarter. This increase was reflected in part by contributions from personal consumption expenditures and exports.
Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. As a result, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade fixed-rate bond market, fell 1.68% in the first three months of the reporting period. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain U.S. economic conditions. Short-term U.S. Treasury bonds remained essentially flat, while the yield on the 10-year U.S. Treasury bond began the period at 1.94% on March 31, rose to 2.50% on June 10, before falling back to 2.06% on September 30.
Performance as of September 30, 2015
| Total return | Average
annual total return | |||||||||||||||||
| Bond Fund | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||
| Institutional Class | 7/1/1999 | –0.60 | % | 2.79 | % | 3.71 | % | 4.70 | % | |||||||||
| Premier Class | 9/30/2009 | –0.68 | 2.64 | 3.56 | 4.62 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | –0.69 | 2.53 | 3.46 | 4.45 | ‡ | ||||||||||||
| Retail Class | 3/31/2006 | –0.72 | 2.48 | 3.42 | 4.49 | ‡ | ||||||||||||
| Barclays U.S. Aggregate Bond Index | — | –0.47 | 2.94 | 3.10 | 4.64 | |||||||||||||
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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Corporate and government-related bonds hurt the performance of the index
Results from the individual segments of the Barclays aggregate index varied. Corporate bonds, which constituted 23.8% of the index at period-end, were the worst performers, falling 2.4%. Government credit securities, municipal bonds and government agencies were next in line with returns of –1.8%, –1.5% and –1.0%, respectively—in total, these sectors accounted for a 9.3% index weight. Asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS) performed best, gaining 0.9%, 0.6% and 0.5%, respectively. U.S. Treasuries, which made up more than one-third of the index’s total market capitalization on September 30, 2015, also outperformed with a return of 0.2%.
The fund trails its benchmark in an uncertain market environment
For the six months, the fund trailed its benchmark mostly due to an overweight position in corporate bonds, as the sector suffered sizable losses. Furthermore, the fund was held back by yield curve positioning amid sizable fluctuations in long-term interest rates during the period.
In contrast, the fund benefited most from strong security selections. Chief among them was the fund’s favorable security selection and an overweight position in CMBS, which outperformed CMBS holdings in the benchmark by a wide margin. The fund also benefited from positive selection and allocation in MBS and ABS.
Expense example
Six months ended September 30, 2015
| Beginning account value | Ending account value | Expenses paid during period* (4/1/15– | |||||||||
| Bond Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $ | 993.96 | $1.55 | |||||||
| Premier Class | 1,000.00 | 993.23 | 2.29 | ||||||||
| Retirement Class | 1,000.00 | 993.05 | 2.79 | ||||||||
| Retail Class | 1,000.00 | 992.75 | 3.09 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.45 | 1.57 | ||||||||
| Premier Class | 1,000.00 | 1,022.70 | 2.33 | ||||||||
| Retirement Class | 1,000.00 | 1,022.20 | 2.83 | ||||||||
| Retail Class | 1,000.00 | 1,021.90 | 3.13 |
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.31% for the Institutional Class, 0.46% for the Premier Class, 0.56% for the Retirement Class and 0.62% 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 ■ 2015 Semiannual Report | 7 |
| Portfolio composition | |||
| % of net assets as of 9/30/2015 | |||
| U.S. Treasury securities | 35.7 | ||
| Mortgage-backed securities* | 28.4 | ||
| Corporate bonds | 20.2 | ||
| Foreign government & corporate bonds denominated in U.S. dollars |
|
|
8.9 |
| U.S. agency securities | 2.7 | ||
| Commercial mortgage-backed securities | 1.6 | ||
| Municipal bonds | 1.0 | ||
| Asset-backed securities | 0.9 | ||
| Short-term investments, other assets & liabilities, net |
|
|
0.6 |
| Total | 100.0 | ||
| * | Includes mortgage pass-through securities and collat- eralized mortgage obligations |
| Holdings by maturity | |
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | |
| Less than 1 year | 3.2 |
| 1–3 years | 17.8 |
| 3–5 years | 33.8 |
| 5–10 years | 31.5 |
| Over 10 years | 13.7 |
| Total | 100.0 |
| Holdings by credit quality† | |
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | |
| Aaa/AAA | 71.3 |
| Aa/AA | 4.4 |
| A/A | 11.7 |
| Baa/BBB | 12.6 |
| 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, 2015
The Bond Index Fund returned –0.45% for the Institutional Class, compared with the –0.47% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2015, the fund rose 2.96%, versus 2.94% for the index. The table below shows returns for all share classes of the fund.
Bond prices rebound in the third quarter but end the period lower
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. 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 3.9% in the second quarter—an improvement over the 0.6% increase in the prior quarter. This increase was reflected in part by contributions from personal consumption expenditures and exports.
Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. As a result, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade fixed-rate bond market, fell 1.68% in the first three months of the reporting period. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain U.S. economic conditions. Short-term U.S. Treasury bonds remained essentially flat, while the yield on the 10-year U.S. Treasury bond began the period at 1.94% on March 31, rose to 2.50% on June 10, before falling back to 2.06% on September 30.
Performance as of September 30, 2015
| Total return | Average
annual total return | |||||||||||||||||
| Bond Index Fund | Inception date | 6 months | 1 year | 5 years | since
fund inception | |||||||||||||
| Institutional Class | 9/14/2009 | –0.45 | % | 2.96 | % | 2.94 | % | 3.80 | % | |||||||||
| Premier Class | 9/30/2009 | –0.52 | 2.81 | 2.80 | 3.64 | ‡ | ||||||||||||
| Retirement Class | 9/14/2009 | –0.66 | 2.70 | 2.68 | 3.54 | |||||||||||||
| Retail Class | 9/14/2009 | –0.71 | 2.52 | 2.58 | 3.44 | |||||||||||||
| Barclays U.S. Aggregate Bond Index | — | –0.47 | 2.94 | 3.10 | 4.00 | § | ||||||||||||
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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Corporate and government-related bonds hurt the performance of the index
Results from the individual segments of the Barclays aggregate index varied. Corporate bonds, which constituted 23.8% of the index at period-end, were the worst performers, falling 2.4%. Government credit securities, municipal bonds and government agencies were next in line with returns of –1.8%, –1.5% and –1.0%, respectively—in total, these sectors accounted for a 9.3% index weight. Asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS) performed best, gaining 0.9%, 0.6% and 0.5%, respectively. U.S. Treasuries, which made up more than one-third of the index’s total market capitalization on September 30, 2015, also outperformed with a return of 0.2%.
The fund slightly outperforms its benchmark index
For the six months, the fund slightly outperformed its benchmark, even though the fund’s return includes a deduction for expenses, while the benchmark’s does not.
Since its inception on September 14, 2009, the fund has sought to maintain the overall characteristics of its benchmark. The fund’s managers invest in the same sectors that are included in the benchmark and closely match the weightings and maturities. During the period, this portfolio had similar sector returns to its benchmark, enabling it to resemble the index’s performance.
Throughout the period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of 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, 2015
| Bond Index | Beginning account value | Ending account value | Expenses paid during period* (4/1/15– | ||||||||
| Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $ | 995.50 | $0.60 | |||||||
| Premier Class | 1,000.00 | 994.75 | 1.35 | ||||||||
| Retirement Class | 1,000.00 | 993.36 | 1.84 | ||||||||
| Retail Class | 1,000.00 | 992.86 | 2.34 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,024.40 | 0.61 | ||||||||
| Premier Class | 1,000.00 | 1,023.65 | 1.37 | ||||||||
| Retirement Class | 1,000.00 | 1,023.15 | 1.87 | ||||||||
| Retail Class | 1,000.00 | 1,022.65 | 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 183/366. There were 183 days in the six months ended September 30, 2015. 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 ■ 2015 Semiannual Report | 9 |
Portfolio composition
| % of net assets as of 9/30/2015 | ||
| Corporate bonds | 31.2 | |
| Mortgage-backed securities* | 17.9 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 13.9 | |
| Commercial mortgage-backed securities | 8.9 | |
| U.S. Treasury securities | 8.6 | |
| Municipal bonds | 4.9 | |
| Bank loan obligations | 4.4 | |
| Asset-backed securities | 3.5 | |
| U.S. agency securities | 0.2 | |
| Short-term investments, other assets & liabilities, net | 6.5 | |
| Total | 100.0 | |
| * | Includes mortgage pass-through securities and collat- eralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | ||
| Less than 1 year | 4.7 | |
| 1–3 years | 16.7 | |
| 3–5 years | 19.0 | |
| 5–10 years | 44.4 | |
| Over 10 years | 15.2 | |
| Total | 100.0 | |
Holdings by credit quality†
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | ||
| Aaa/AAA | 27.6 | |
| Aa/AA | 5.9 | |
| A/A | 14.6 | |
| Baa/BBB | 23.1 | |
| Ba/BB | 8.5 | |
| B/B | 11.6 | |
| Below B/B | 5.6 | |
| Non-rated | 3.1 | |
| 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, 2015
The Bond Plus Fund returned –0.82% for the Institutional Class, compared with the –0.47% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2015, the fund rose 2.52%, versus 2.94% for the index. The table below shows returns for all share classes of the fund.
Bond prices rebound in the third quarter, but end the period lower
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. 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 3.9% in the second quarter—an improvement over the 0.6% increase in the prior quarter. This increase was reflected in part by contributions from personal consumption expenditures and exports.
Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. As a result, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade fixed-rate bond market, fell 1.68% in the first three months of the reporting period. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain U.S. economic conditions. Short-term U.S. Treasury bonds remained essentially flat, while the yield on the 10-year U.S. Treasury bond began the period at 1.94% on March 31, rose to 2.50% on June 10, before falling back to 2.06% on September 30.
Performance as of September 30, 2015
| Total return | Average
annual total return | |||||||||||||||||
| Bond Plus Fund | Inception date | 6 months | 1 year | 5 years | since fund inception | |||||||||||||
| Institutional Class | 3/31/2006 | –0.82 | % | 2.52 | % | 4.07 | % | 4.96 | % | |||||||||
| Premier Class | 9/30/2009 | –0.99 | 2.27 | 3.89 | 4.85 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | –0.94 | 2.26 | 3.81 | 4.71 | |||||||||||||
| Retail Class | 3/31/2006 | –0.97 | 2.19 | 3.74 | 4.73 | |||||||||||||
| Barclays U.S. Aggregate Bond Index | — | –0.47 | 2.94 | 3.10 | 4.89§ | |||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for 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 these periods would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 10 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Corporate and government-related bonds hurt the performance of the index
Results from the individual segments of the Barclays aggregate index varied. Corporate bonds, which constituted 23.8% of the index at period-end, were the worst performers, falling 2.4%. Government credit securities, municipal bonds and government agencies were next in line with returns of –1.8%, –1.5% and –1.0%, respectively—in total, these sectors accounted for a 9.3% index weight. Asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS) performed best, gaining 0.9%, 0.6% and 0.5%, respectively. U.S. Treasuries, which made up more than one-third of the index’s total market capitalization on September 30, 2015, also outperformed with a return of 0.2%.
The fund trails its benchmark in an uncertain market environment
For the six months, the fund trailed its benchmark primarily due to an overweight position in corporate bonds, a sector that suffered sizable losses.
In contrast, a lower duration than the benchmark aided performance as rates fluctuated throughout the quarter and long rates finished the period higher as the curve steepened. The fund also benefited from strong security selection over the full period. Favorable security selection and an overweight position in commercial mortgage-backed securities outperformed similar holdings in the benchmark by a wide margin. Finally, the fund benefited from positive selection and allocation in mortgage-backed securities and asset-backed securities.
Expense example
Six months ended September 30, 2015
| Bond Plus Fund | Beginning account value (4/1/15) | Ending account value (9/30/15) | Expenses paid during period* (4/1/15– 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 991.81 | $1.54 | ||||||
| Premier Class | 1,000.00 | 990.12 | 2.29 | ||||||||
| Retirement Class | 1,000.00 | 990.59 | 2.79 | ||||||||
| Retail Class | 1,000.00 | 990.26 | 3.13 | ||||||||
| 5% annual hypothetical return |
|
|
|
|
|
|
|
|
|
|
|
| Institutional Class | 1,000.00 | 1,023.45 | 1.57 | ||||||||
| Premier Class | 1,000.00 | 1,022.70 | 2.33 | ||||||||
| Retirement Class | 1,000.00 | 1,022.20 | 2.83 | ||||||||
| Retail Class | 1,000.00 | 1,021.85 | 3.18 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.31% for the Institutional Class, 0.46% for the Premier Class, 0.56% 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 ■ 2015 Semiannual Report | 11 |
Portfolio composition
| % of net assets as of 9/30/2015 | ||
| Corporate bonds | 64.2 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 14.6 | |
| Bank loan obligations | 11.8 | |
| Short-term investments, other assets & liabilities, net | 9.4 | |
| Total | 100.0 | |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | ||
| 1–3 years | 3.6 | |
| 3–5 years | 18.9 | |
| 5–10 years | 72.0 | |
| Over 10 years | 5.5 | |
| Total | 100.0 |
Holdings by credit quality*
| % of fixed-income investments (excluding short-term investments) as of 9/30/2015 | ||
| Baa/BBB | 1.5 | |
| Ba/BB | 41.2 | |
| B/B | 48.9 | |
| Below B/B | 8.4 | |
| 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, 2015
The High-Yield Fund returned –4.68% for the Institutional Class, compared with the –4.26% 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, 2015, the fund declined 2.62% versus a loss of 2.07% for the index. The table below shows returns for all share classes of the fund.
High-yield bond prices fall amid slowing global growth and declining energy prices
Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. Despite advancing 0.02% in the first three months of the reporting period, the high-yield bond index finished the six-month period lower. Assets offering risk premiums were hurt by spread widening (expansion of the yield gap between U.S. high-yield and Treasury securities) amid concerns about slowing global economic growth, worries about rising default rates and falling oil prices due to the large representation of energy companies in the high-yield sector. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain the U.S. economy.
For the six-month period, high-yield bonds (often called “junk bonds”) underperformed the –0.47% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. However, high-yield bonds surpassed the broad bond market over the longer-term. For the three and five years ended September 30, 2015,
Performance as of September 30, 2015
| Total return | Average
annual total return | |||||||||||||||||
| High-Yield Fund† | Inception date | 6 months | 1 year | 5 years | since fund inception | |||||||||||||
| Institutional Class | 3/31/2006 | –4.68 | % | –2.62 | % | 5.83 | % | 6.79 | % | |||||||||
| Premier Class | 9/30/2009 | –4.64 | –2.75 | 5.69 | 6.70 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | –4.69 | –2.85 | 5.59 | 6.53 | |||||||||||||
| Retail Class | 3/31/2006 | –4.77 | –2.94 | 5.55 | 6.60 | |||||||||||||
| BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index | — | –4.26 | –2.07 | 5.99 | 6.66 | § | ||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| † | Prior to October 19, 2015, shares held 60 calendar days or less may have been subject to a redemption fee of 2%. Please see the prospectus for details. The redemption fee will not apply to transactions in fund shares on or after October 19, 2015. |
| ‡ | 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 these periods would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 12 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
the high-yield index rose 3.67% and 5.99%, respectively, substantially outperforming the 1.71% and 3.10% returns of investment-grade bonds for the same periods (the high-yield index did not have performance for the full ten-year period ended September 30, 2015).
High-yield bond issuance declines
New issuance in the high-yield bond market lightened throughout April, May and June, slowed significantly in July and August, then rebounded in September. Demand weakened throughout much of the period, as investors moved away from riskier asset classes to the perceived safety of U.S. Treasury bonds and other higher-quality investment-grade issues. Overall, new high-yield debt issuance totaled nearly $130 billion over the six months, down from more than $167 billion over the same period in 2014.
During the period, investors favored higher-rated bonds over more speculative higher-yielding securities, resulting in declines across high-yield issues. Bonds rated “BB” and “B” fell 3.5% and 5.1%, respectively. Lower-quality bonds (those rated “CCC” and below) lost the most at 9.1%. High-yield default rates in the U.S. climbed to 2.5% on September 30, 2015 from 1.6% a year earlier, according to Moody’s Investor Service. Despite the increase, default rates remained below their long-term average.
The fund trails its benchmark in an uncertain environment
For the six months, the fund trailed its benchmark mostly due to disappointing security selection. Conversely, sector allocations were modestly positive.
Security selection within metals and mining, chemicals, and energy exploration and production detracted from relative returns. The fund’s underweight to the banking sector was also a hindrance. These negative effects were partially offset by an overweight position and strong selection in food & drug retailers. Holdings in electronics, gaming and medical products further benefited the fund’s performance.
Among individual security allocations, the biggest drag on relative performance came from disappointing security selection and an overweight position in poorly performing Halcón Resources, an oil and gas firm. Next in line was Tronox Finance, a mining production and marketing company. Owning Peabody Energy and Cloud Peak Energy Resources also hurt relative returns.
In contrast, an underweight position in SandRidge Energy was the largest contributor to relative performance and helped to offset some of the fund’s losses. An overweight position in service parts logistics provider SPL Logistics Escrow was next, followed by an investment in energy company Rosetta Resources. An underweight position in Chesapeake Energy further augmented relative returns.
Expense example
Six months ended September 30, 2015
| High-Yield Fund | Beginning account value (4/1/15) | Ending account value (9/30/15) | Expenses paid during period* (4/1/15– 9/30/15) | |||||||||
| Actual return | ||||||||||||
| Institutional Class | $1,000.00 | $953.23 | $1.76 | |||||||||
| Premier Class | 1,000.00 | 953.55 | 2.49 | |||||||||
| Retirement Class | 1,000.00 | 953.07 | 2.98 | |||||||||
| Retail Class | 1,000.00 | 952.25 | 3.07 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Institutional Class | 1,000.00 | 1,023.20 | 1.82 | |||||||||
| Premier Class | 1,000.00 | 1,022.45 | 2.58 | |||||||||
| Retirement Class | 1,000.00 | 1,021.95 | 3.08 | |||||||||
| Retail Class | 1,000.00 | 1,021.85 | 3.18 | |||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2015. 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 0.63% 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 ■ 2015 Semiannual Report | 13 |
| Portfolio composition | |
| % of net assets | |
| as of 9/30/2015 | |
| U.S. Treasury securities | 96.2 |
| U.S. agency securities | 0.5 |
| Mortgage-backed securities* | 0.4 |
| Short-term investments, other assets & liabilities, net |
2.9 |
| 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 9/30/2015 | |
| Less than 1 year | 1.5 |
| 1–3 years | 17.3 |
| 3–5 years | 19.1 |
| 5–10 years | 35.6 |
| Over 10 years | 26.5 |
| Total | 100.0 |
Performance for the six months ended September 30, 2015
The Inflation-Linked Bond Fund returned –2.17% for the Institutional Class, compared with the –2.20% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended September 30, 2015, the fund returned –0.87%, versus –0.83% for the index. The table below includes performance data for all share classes of the fund.
Signs suggest a healthy U.S. economy and weak inflation
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 3.9% in the second quarter—an improvement over the prior quarter’s 0.6% advance. This increase was helped in part by positive contributions from personal consumption expenditures and housing costs. The Consumer Price Index (CPI-U), a key measure of inflation, declined 2% year-over-year in September 2015 after declining 0.1%, on a seasonally adjusted basis, over the twelve months ending in August.
Crude oil prices, a commonly used indicator of current inflationary pressures, rose from $50 a barrel in the beginning of April to $61 in mid-June, a high for the reporting period. In August, when the economy showed signs of slowing, oil prices sank, ending the six months at $45 a barrel on September 30, 2015, down more than 50% from $91 on September 30, 2014.
Prices of TIPS dip on interest rate concerns
Uncertainty regarding a potential hike in U.S. interest rates kept investors unsettled. Over the first three months of the period, the benchmark TIPS index dropped 1.06%, and the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade fixed-rate bond market, fell 1.68%. In September, the
| Performance as of September 30, 2015 | ||||||||||||||||||
| Average annual | ||||||||||||||||||
| Total return | total return | |||||||||||||||||
| Inflation-Linked Bond Fund | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||
| Institutional Class | 10/1/2002 | –2.17 | % | –0.87 | % | 2.30 | % | 3.73 | % | |||||||||
| Premier Class | 9/30/2009 | –2.26 | –1.05 | 2.12 | 3.62 | † | ||||||||||||
| Retirement Class | 3/31/2006 | –2.33 | –1.21 | 2.03 | 3.51 | † | ||||||||||||
| Retail Class | 10/1/2002 | –2.31 | –1.25 | 2.00 | 3.50 | |||||||||||||
| Barclays U.S. Treasury Inflation Protected Securities Index (Series-L) | — | –2.20 | –0.83 | 2.55 | 4.01 | |||||||||||||
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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Fed announced it would keep its federal funds target rate near 0.00%, citing continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain U.S. economic conditions. Investment-grade bonds reacted positively, returning 1.23% in the third quarter, but a decrease in inflation expectations caused the Barclays TIPS index to decline 1.15% for the same period.
TIPS trail investment-grade bonds
For the six-month period, the Barclays TIPS index underperformed the Barclays aggregate index’s –0.47% return by about one-and-three-quarters of a percentage point. For the five years ended September 30, 2015, the Barclays TIPS index returned 2.55%, versus the 3.10% return of the Barclays aggregate index. For the ten years ended September 30, 2015, the Barclays TIPS index returned 4.01%, while the Barclays aggregate index returned 4.64%.
The fund slightly outpaces its benchmark
Despite its negative return, the fund outperformed the TIPS index primarily because of the fund’s slightly underweight position in U.S. Treasuries, which represented 97.20% of the portfolio’s market value versus the 99.96% weight in the benchmark at period-end. Because the fund holds substantially the same portfolio as the benchmark, the discussion of the benchmark’s performance above applies to the fund’s performance.
During the period, the fund’s portfolio managers kept the fund’s duration—ameasure 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, 2015
| Expenses | |||||||||||
| paid | |||||||||||
| Beginning | Ending | during | |||||||||
| account | account | period* | |||||||||
| Inflation-Linked | value | value | (4/1/15– | ||||||||
| Bond Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $978.30 | $1.29 | ||||||||
| Premier Class | 1,000.00 | 977.37 | 2.03 | ||||||||
| Retirement Class | 1,000.00 | 976.72 | 2.52 | ||||||||
| Retail Class | 1,000.00 | 976.87 | 2.87 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.70 | 1.32 | ||||||||
| Premier Class | 1,000.00 | 1,022.95 | 2.07 | ||||||||
| Retirement Class | 1,000.00 | 1,022.45 | 2.58 | ||||||||
| Retail Class | 1,000.00 | 1,022.10 | 2.93 | ||||||||
| * | “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 183/366. There were 183 days in the six months ended September 30, 2015. 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 ■ 2015 Semiannual Report | 15 |
| Portfolio composition | |
| % of net assets | |
| as of 9/30/2015 | |
| Corporate bonds | 25.8 |
| Commercial mortgage-backed securities | 19.8 |
| U.S. Treasury securities | 17.3 |
| Foreign government & corporate bonds denominated in U.S. dollars | 17.2 |
| Asset-backed securities | 9.2 |
| U.S. agency securities | 3.9 |
| Bank loan obligations | 3.5 |
| Mortgage-backed securities* | 1.1 |
| Municipal bonds | 0.4 |
| Short-term investments, other assets & liabilities, net | 1.8 |
| Total | 100.0 |
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
| Holdings by maturity | |
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2015 | |
| Less than 1 year | 20.0 |
| 1–3 years | 56.8 |
| 3–5 years | 14.1 |
| 5–10 years | 8.1 |
| Over 10 years | 1.0 |
| Total | 100.0 |
| Holdings by credit quality† | |
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2015 | |
| Aaa/AAA | 27.5 |
| Aa/AA | 11.6 |
| A/A | 21.3 |
| Baa/BBB | 22.7 |
| Ba/BB | 8.8 |
| B/B | 4.4 |
| Below B/B | 0.9 |
| Non-rated | 2.8 |
| Total | 100.0 |
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2015
The Short-Term Bond Fund returned 0.42% for the Institutional Class, compared with the 0.43% return of its benchmark, the Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2015, the fund rose 1.14%, versus 1.19% for the index. The table below shows returns for all share classes of the fund.
Short-term bonds outpace the broad market amid uncertainty
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain U.S. economic conditions. Short-term bonds were one of the top performers for the six months as nervous investors shied away from riskier asset classes.
During the period, the fund’s benchmark outperformed the –0.47% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Longer-term bonds declined during the period, despite a rebound in the third quarter, as investors became less willing to go further out on the yield curve amid an uncertain market environment. The yield on the 10-year U.S. Treasury bond began the period at 1.94%
Performance as of September 30, 2015
| Total return | Average annual total return | |||||||||||||||||
| since fund | ||||||||||||||||||
| Short-Term Bond Fund | Inception date | 6 months | 1 year | 5 years | inception | |||||||||||||
| Institutional Class | 3/31/2006 | 0.42 | % | 1.14 | % | 1.65 | % | 3.26 | % | |||||||||
| Premier Class | 9/30/2009 | 0.35 | 0.99 | 1.52 | 3.17 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | 0.30 | 0.89 | 1.40 | 3.01 | |||||||||||||
| Retail Class | 3/31/2006 | 0.17 | 0.73 | 1.34 | 3.04 | |||||||||||||
| Barclays U.S. 1–3 Year Government/Credit Bond Index | — | 0.43 | 1.19 | 1.04 | 2.88 | § | ||||||||||||
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 these periods would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 16 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
on March 31, then rose to 2.50% on June 10 before falling back to 2.06% on 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 were less affected by interest rate fluctuations during the period than bonds with longer maturities.
Short-term Treasury bonds bolster the performance of the index
Representing almost two-thirds of the index weight at period-end, short-term Treasuries were one of the best performers, gaining 0.5%. Government credit securities also performed well, advancing 0.4%. Government agency securities and short-term corporate bonds, the latter accounting for more than one-fifth of the benchmark’s total market capitalization, both trailed the broader market, despite positive returns. Municipals—a small weighting in the index—were the strongest-performing sector, rising 0.8%.
The fund marginally trails its benchmark, despite positive returns
For the six months, the fund marginally underperformed its benchmark mostly due to yield curve positioning and an underweight allocation to short-term U.S. Treasuries. As cautious investors moved away from riskier assets and into the relative stability of short-term Treasuries, the gains of these assets outpaced the broader market. The fund’s small position in cash and other short-term investments also limited relative returns.
In contrast, investments in short-term commercial mortgage-backed and asset-backed securities, which are not included in the benchmark, made the most significant positive impact to the fund’s relative performance. Next in line were holdings in government credit issues. Yield curve positioning in short-term corporate bonds also benefited the fund’s relative performance during the period.
Expense example
Six months ended September 30, 2015
| Expenses | |||||||||||
| paid | |||||||||||
| Beginning | Ending | during | |||||||||
| account | account | period* | |||||||||
| Short-Term Bond Fund | value (4/1/15) | value (9/30/15) | (4/1/15– 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,004.23 | $1.35 | ||||||||
| Premier Class | 1,000.00 | 1,003.48 | 2.10 | ||||||||
| Retirement Class | 1,000.00 | 1,002.98 | 2.60 | ||||||||
| Retail Class | 1,000.00 | 1,001.71 | 2.90 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.65 | 1.37 | ||||||||
| Premier Class | 1,000.00 | 1,022.90 | 2.12 | ||||||||
| Retirement Class | 1,000.00 | 1,022.40 | 2.63 | ||||||||
| Retail Class | 1,000.00 | 1,022.10 | 2.93 | ||||||||
| * | “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 183/366. There were 183 days in the six months ended September 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.42% for the Premier Class, 0.52% for the Retirement Class and 0.58% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 17 |
| Portfolio composition | |||
| % of net assets | |||
| as of 9/30/2015 | |||
| Corporate bonds | 34.5 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 13.5 | ||
| U.S. agency securities | 12.1 | ||
| Mortgage-backed securities* | 10.5 | ||
| Commercial mortgage-backed securities | 10.5 | ||
| Municipal bonds | 9.2 | ||
| Asset-backed securities | 3.3 | ||
| U.S. Treasury securities | 3.2 | ||
| Bank loan obligations | 1.0 | ||
| Preferred stock | 0.1 | ||
| Short-term investments, other assets & liabilities, net | 2.1 | ||
| 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 9/30/2015 | |||
| Less than 1 year | 6.6 | ||
| 1–3 years | 20.6 | ||
| 3–5 years | 17.1 | ||
| 5–10 years | 33.5 | ||
| Over 10 years | 22.2 | ||
| Total | 100.0 | ||
| Holdings by credit quality† | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2015 | |||
| Aaa/AAA | 29.1 | ||
| Aa/AA | 13.3 | ||
| A/A | 12.4 | ||
| Baa/BBB | 23.2 | ||
| Ba/BB | 3.4 | ||
| B/B | 4.6 | ||
| Below B/B | 4.1 | ||
| Non-rated | 9.9 | ||
| 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, 2015
The Social Choice Bond Fund returned –0.37% for the Institutional Class, compared with the –0.47% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2015, the fund returned 3.91%, versus 2.94% for the index. The fund utilizes certain social criteria, while the benchmark does not. The table below shows returns for all share classes of the fund.
Bond prices rebound in the third quarter, but end the period lower
The U.S. economy remained healthy during the six-month period, but this factor was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. 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 3.9% in the second quarter—an improvement over the 0.6% advance in the prior quarter. This increase was reflected in part by contributions from personal consumption expenditures and exports.
Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. As a result, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade fixed-rate bond market, fell 1.68% for the first three months of the reporting period. In a September statement, the Fed announced it would keep its federal funds target rate near 0.00%. The central bank cited continued low inflation and concerns that the potential impact of weaker global growth and financial market turmoil may restrain the U.S. economy. Investment-grade bonds reacted positively, gaining 1.23% in the third quarter, but still finishing the period lower.
| Performance as of September 30, 2015 | ||||||||||||||||
| Average annual | ||||||||||||||||
| Total return | total return | |||||||||||||||
| Social Choice Bond Fund | Inception date | 6 months | 1 year | since inception | ||||||||||||
| Institutional Class | 9/21/2012 | –0.37 | % | 3.91 | % | 3.44 | % | |||||||||
| Premier Class | 9/21/2012 | –0.45 | 3.76 | 3.28 | ||||||||||||
| Retirement Class | 9/21/2012 | –0.50 | 3.66 | 3.18 | ||||||||||||
| Retail Class | 9/21/2012 | –0.61 | 3.53 | 3.08 | ||||||||||||
| Barclays U.S. Aggregate Bond Index | — | –0.47 | 2.94 | 1.81 | ‡ | |||||||||||
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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Short-term U.S. Treasury bonds remained essentially flat, while the yield on the 10-year U.S. Treasury bond began the period at 1.94% on March 31, rose to 2.50% on June 10, then fell back to 2.06% on September 30, 2015.
Corporate and government-related bonds hurt the performance of the index
Results from the individual segments of the Barclays aggregate index varied. Corporate bonds, which constituted 23.8% of the index at period-end, were the worst performers, falling 2.4%. Government credit securities, municipal bonds and government agencies were next in line with returns of –1.8%, –1.5% and –1.0%, respectively. In total, these sectors accounted for a 9.3% index weight. Asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS) performed best, gaining 0.9%, 0.6% and 0.5%, respectively. U.S. Treasuries, which made up more than one-third of the index’s total market capitalization on September 30, 2015, also outperformed with a return of 0.2%.
Fund’s weights and securities selection help the fund
While the fund posted a loss in absolute terms for the period, favorable overweight positions and security selections in CMBS and government-related agencies enabled it to outperform its benchmark. The fund’s overweight in government-related credit issues also was a significant contributor to relative performance.
These positive contributions were partly offset by the fund’s yield curve positioning amid sizable fluctuations in long-term interest rates during the period.
| Expense example | |||||||||||
| Six months ended September 30, 2015 | |||||||||||
| Expenses | |||||||||||
| paid | |||||||||||
| Beginning | Ending | during | |||||||||
| account | account | period* | |||||||||
| Social Choice | value | value | (4/1/15– | ||||||||
| Bond Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 996.27 | $ 2.00 | ||||||
| Premier Class | 1,000.00 | 995.54 | 2.74 | ||||||||
| Retirement Class | 1,000.00 | 995.04 | 3.24 | ||||||||
| Retail Class | 1,000.00 | 993.92 | 3.39 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.00 | 2.02 | ||||||||
| Premier Class | 1,000.00 | 1,022.25 | 2.78 | ||||||||
| Retirement Class | 1,000.00 | 1,021.75 | 3.29 | ||||||||
| Retail Class | 1,000.00 | 1,021.60 | 3.44 | ||||||||
| * | “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 183/366. There were 183 days in the six months ended September 30, 2015. 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 0.68% 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 ■ 2015 Semiannual Report | 19 |
| Portfolio composition | |||
| % of net assets | |||
| as of 9/30/2015 | |||
| Municipal bonds | 93.4 | ||
| Short-term investments, other assets & liabilities, net | 6.6 | ||
| Total | 100.0 | ||
| Holdings by maturity | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2015 | |||
| Less than 1 year | 16.9 | ||
| 1–3 years | 11.7 | ||
| 3–5 years | 6.9 | ||
| 5–10 years | 19.2 | ||
| Over 10 years | 45.3 | ||
| Total | 100.0 | ||
| Holdings by credit quality* | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2015 | |||
| Aaa/AA | 7.8 | ||
| Aa/AA | 41.4 | ||
| A/A | 17.2 | ||
| Baa/BBB | 15.0 | ||
| Non-rated | 18.6 | ||
| 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, 2015
The Tax-Exempt Bond Fund returned –0.21% for the Institutional Class, compared with the 0.85% return of its benchmark, the Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2015, the fund returned 2.46%, versus 3.53% for the index. The table below shows returns for all share classes of the fund.
Municipal bonds outperform taxable issues
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. Uncertainty regarding a potential hike in U.S. interest rates kept investors unsettled and exerted pressure on bond prices, although the Federal Reserve refrained from raising interest rates. For the six months, the broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.47%.
Factors influencing the market’s performance
In the first half of the period, investors’ concerns about increased bond supply, Chicago’s credit rating and Puerto Rico, along with the prospect of rising interest rates, exerted pressure on municipal bond prices. Chicago Public Schools bonds were downgraded to below investment grade. Bonds issued by Puerto Rico were also downgraded, and the government later defaulted on payments (Puerto Rico is currently seeking to restructure its debt). Although the fund’s benchmark dropped more than a percentage point over the second calendar quarter, the Barclays 10-Year Municipal Bond Index returned 2.01% for the third quarter. In addition, high-yield municipals, as measured by the Barclays High Yield Municipal Bond Index, outperformed the broader municipal bond market during the third quarter.
| Performance as of September 30, 2015 | ||||||||||||||||||||
| Average annual | ||||||||||||||||||||
| Total return | total return | |||||||||||||||||||
| since | ||||||||||||||||||||
| Tax-Exempt Bond Fund | Inception date | 6 months | 1 year | 5 years | inception | |||||||||||||||
| Institutional Class | 3/31/2006 | –0.21 | % | 2.46 | % | 3.21 | % | 4.34 | % | |||||||||||
| Retail Class | 3/31/2006 | –0.44 | 2.17 | 2.94 | 4.15 | |||||||||||||||
| Barclays 10-Year Municipal | ||||||||||||||||||||
| Bond Index | — | 0.85 | 3.53 | 4.44 | 5.32 | † | ||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| † | Performance is calculated from the inception date of the Institutional Class. |
| 20 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
On September 30, 2015, the Barclays 10-Year Municipal Bond Index yielded 2.14%, compared with a 2.06% yield on the 10-year U.S. Treasury. Municipal bond prices tend to be less sensitive to changes in interest rates than U.S. Treasury bonds because municipal returns are influenced by the bonds’ tax-exempt income advantages.
For the five years ended September 30, 2015, the fund’s benchmark earned an average annual return of 4.44%, outpacing the broad bond market’s 3.10% return.
All sectors in the index advance
For the reporting period, all sectors within the benchmark posted positive total returns. The best performers were resource recovery, electric, water and sewer, education and hospital. The worst performers were leasing and IDR/PCR (industrial development revenue/pollution control revenue bonds). The returns of all sectors in the index ranged from 0.1% to 1.0%. For the nine months ending September 30, 2015, municipal bond issuance was $200.9 billion.
The fund lags its benchmark
For the period, the fund’s security selections in special tax, transportation and state sectors detracted from its relative performance. The fund’s positions in housing and overweight in industrial revenue bonds also detracted, but certain favorable security selections helped offset some of the losses in those two sectors. The fund’s position in bonds categorized as “other,” in which the index had no exposure and which includes Florida revenue bonds, helped offset some of the fund’s underperformance relative to its benchmark.
| Expense example | |||||||||||
| Six months ended September 30, 2015 | |||||||||||
| Expenses | |||||||||||
| paid | |||||||||||
| Beginning | Ending | during | |||||||||
| account | account | period* | |||||||||
| Tax-Exempt | value | value | (4/1/15– | ||||||||
| Bond Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 997.89 | $ 1.75 | ||||||
| Retail Class | 1,000.00 | 995.59 | 3.14 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.25 | 1.77 | ||||||||
| Retail Class | 1,000.00 | 1,021.85 | 3.18 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2015. 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 ■ 2015 Semiannual Report | 21 |
| Portfolio composition | |||
| % of net assets | |||
| as of 9/30/2015 | |||
| Commercial paper | 41.2 | ||
| U.S. government agency securities | 26.6 | ||
| U.S. Treasury securities | 16.5 | ||
| Floating-rate securities, government | 11.9 | ||
| Certificates of deposit | 3.8 | ||
| Total | 100.0 | ||
| Net annualized yield | ||||||||
| (for the 7 days ended 9/29/2015)* | ||||||||
| Current yield | Effective yield | |||||||
| Money Market Fund† | ||||||||
| Institutional Class | 0.05 | % | 0.05 | % | ||||
| Premier Class | 0.00 | 0.00 | ||||||
| Retirement Class | 0.00 | 0.00 | ||||||
| Retail Class | 0.00 | 0.00 | ||||||
| iMoneyNet Money Fund Averages—All Taxable§ | 0.02 | 0.02 | ||||||
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, 2015
The Money Market Fund returned 0.01% for the Institutional Class, matching the 0.01% return of the iMoneyNet Money Fund Averages™—All Taxable, a simple average of more than 1,000 taxable money market funds. The iMoneyNet average is not an index and its returns reflect the deduction of expenses charged by the funds included in the average. For the twelve months ended September 30, 2015, the fund returned 0.01%, versus 0.02% for iMoneyNet. The table below shows returns for all share classes of the fund.
U.S. economy perks up despite lingering uncertainties
The U.S. economy remained healthy during the six-month period, but this positive news was largely overshadowed by extreme swings in the financial markets. Most economic indicators, such as housing, employment and consumer spending, either improved or held steady. Uncertainty regarding a hike in U.S. interest rates, as well as concerns over the pace of growth overseas, kept investors unsettled. In a September statement, the Federal Reserve announced it would keep its federal funds target rate near 0.00%. As a result, short-term U.S. Treasury bonds remained essentially flat, while the 10-year U.S. Treasury bond yield began the period at 1.94% on March 31, rose to 2.50% on June 10, before falling back to 2.06% on September 30.
Performance as of September 30, 2015
| Average annual | ||||||||||||||||||||
| Total return | total return | |||||||||||||||||||
| Money Market Fund† | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||||
| Institutional Class | 7/1/1999 | 0.01 | % | 0.01 | % | 0.03 | % | 1.46 | % | |||||||||||
| Premier Class | 9/30/2009 | 0.00 | 0.00 | 0.00 | 1.44 | ‡ | ||||||||||||||
| Retirement Class | 3/31/2006 | 0.00 | 0.00 | 0.00 | 1.35 | ‡ | ||||||||||||||
| Retail Class | 3/31/2006 | 0.00 | 0.00 | 0.00 | 1.40 | ‡ | ||||||||||||||
| iMoneyNet Money Fund Averages—All Taxable§ | |
|
— |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
1.22 |
|
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
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, 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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
London InterBank Offered Rate (LIBOR) yields rose during the period, with longer-dated rates gaining the most ground, as the market anticipated a tightening monetary policy later this year. The three-month LIBOR began the period at 0.27%, rose slightly to 0.29% in July 2015 and closed the period higher at 0.33%. The six-month LIBOR, at 0.40% in April, rose to 0.46% in July before climbing to 0.53% at period-end.
Tight supply still a challenge for money market investors
Following significant 2014 reductions, Treasury bill supply continued to decline during the reporting period. Commercial paper supply remained limited as outstanding issuance has decreased by more than $1 trillion since mid-2007. However, the fund’s managers believe that spreads to Treasuries and agencies may widen as anticipated money market fund reforms are implemented.
Safety and liquidity remain top priorities for the fund
Given falling yields and limited supply, the fund’s managers sought to increase relative value while remaining in full compliance with Securities and Exchange Commission regulations. The fund remained committed to holding longer-dated floating-rate government agency paper (with one- to two-year maturities) in order to capture slightly higher yields. However, due to a decline in issuance, widespread demand and unattractive valuations within shorter-term securities, overall portfolio levels are likely to increase modestly. The fund’s commercial paper exposure is diversified across industries and issuers, nearly all of which are U.S.-domiciled. The fund remained mostly out of Europe, except for a recently added program in Denmark. The fund’s managers continued to invest selectively in high-quality Pacific Rim issuers, such as Banco del Estado de Chile and Tokyo-Mitsubishi. As of September 30, 2015, the fund’s weighted average maturity was 48 days, versus 34 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 to prevent the fund’s yield from turning negative.
| Expense example | |||||||||||
| Six months ended September 30, 2015 | |||||||||||
| Expenses | |||||||||||
| paid | |||||||||||
| Beginning | Ending | during | |||||||||
| account | account | period* | |||||||||
| Money | value | value | (4/1/15– | ||||||||
| Market Fund | (4/1/15) | (9/30/15) | 9/30/15) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,000.05 | $ 0.70 | ||||||
| Premier Class | 1,000.00 | 1,000.00 | 0.75 | ||||||||
| Retirement Class | 1,000.00 | 1,000.00 | 0.75 | ||||||||
| Retail Class | 1,000.00 | 1,000.00 | 0.70 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,024.30 | 0.71 | ||||||||
| Premier Class | 1,000.00 | 1,024.25 | 0.76 | ||||||||
| Retirement Class | 1,000.00 | 1,024.25 | 0.76 | ||||||||
| Retail Class | 1,000.00 | 1,024.30 | 0.71 | ||||||||
| * | “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 183/366. There were 183 days in the six months ended September 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.14% for the Institutional Class, 0.15% for the Premier Class, 0.15% for the Retirement Class and 0.14% 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 ■ 2015 Semiannual Report | 23 |
Summary portfolio of investments (unaudited)
Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| BANK LOAN OBLIGATIONS | ||||||||||
| AUTOMOBILES & COMPONENTS | $ | 2,087,024 | 0.1 | % | ||||||
| CAPITAL GOODS | 1,348,886 | 0.1 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 928,620 | 0.0 | ||||||||
| CONSUMER SERVICES | 4,289,188 | 0.2 | ||||||||
| DIVERSIFIED FINANCIALS | 2,097,954 | 0.1 | ||||||||
| ENERGY | 951,876 | 0.0 | ||||||||
| FOOD & STAPLES RETAILING | 1,187,490 | 0.0 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 418,983 | 0.0 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 5,948,217 | 0.2 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 853,595 | 0.0 | ||||||||
| INSURANCE | 643,619 | 0.0 | ||||||||
| MATERIALS | 4,356,489 | 0.2 | ||||||||
| MEDIA | 4,286,303 | 0.1 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 112,043 | 0.0 | ||||||||
| SOFTWARE & SERVICES | 4,079,681 | 0.2 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 2,491,961 | 0.1 | ||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $36,738,217) |
36,081,929 | 1.3 | ||||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| AUTOMOBILES & COMPONENTS | 4,876,360 | 0.2 | ||||||||
| BANKS | 154,432,973 | 5.5 | ||||||||
| CAPITAL GOODS | 30,156,861 | 1.1 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 30,997,331 | 1.1 | ||||||||
| CONSUMER DURABLES & APPAREL | 2,774,125 | 0.1 | ||||||||
| CONSUMER SERVICES | 4,235,658 | 0.2 | ||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| Morgan Stanley | ||||||||||
| $24,775,000 | 1.875%–6.375%, 01/05/18–07/24/42 | 25,338,841 | 1.0 | |||||||
| Other | 107,839,297 | 3.8 | ||||||||
| 133,178,138 | 4.8 | |||||||||
| ENERGY | 82,948,971 | 2.9 | ||||||||
| FOOD & STAPLES RETAILING | 25,991,722 | 0.9 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 44,928,149 | 1.6 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 40,700,276 | 1.4 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 3,296,696 | 0.1 | ||||||||
| INSURANCE | 69,662,695 | 2.5 | ||||||||
| MATERIALS | 65,970,255 | 2.3 | ||||||||
| MEDIA | 62,836,361 | 2.2 | ||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | $ | 33,244,685 | 1.2 | % | ||||||
| REAL ESTATE | 36,975,478 | 1.3 | ||||||||
| RETAILING | 23,768,761 | 0.8 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 6,400,907 | 0.2 | ||||||||
| SOFTWARE & SERVICES | 25,141,202 | 0.9 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 32,880,039 | 1.2 | ||||||||
| TELECOMMUNICATION SERVICES | ||||||||||
| Verizon Communications, Inc | ||||||||||
| $ | 31,287,000 | 0.700%–5.012%, 11/02/15–08/21/54 | 29,765,115 | 1.1 | ||||||
| Other | 33,785,248 | 1.2 | ||||||||
| 63,550,363 | 2.3 | |||||||||
| TRANSPORTATION | 46,472,957 | 1.6 | ||||||||
| UTILITIES | 94,509,415 | 3.2 | ||||||||
| TOTAL
CORPORATE BONDS (Cost $1,129,625,312) | 1,119,930,378 | 39.6 | ||||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | 17,661,910 | 0.5 | ||||||||
| FOREIGN GOVERNMENT BONDS | 98,017,469 | 3.5 | ||||||||
| MORTGAGE BACKED | ||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | ||||||||||
| 13,000,000 | h | 3.000%, 11/15/30 | 13,502,736 | 0.5 | ||||||
| 11,000,000 | h | 4.000%, 10/15/45 | 11,711,562 | 0.4 | ||||||
| 62,825,282 | 3.000%–8.000%, 01/01/16–10/15/45 | 66,762,841 | 2.4 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 13,000,000 | h | 2.500%, 10/25/30 | 13,256,953 | 0.5 | ||||||
| 11,000,000 | h | 2.500%, 11/25/30 | 11,198,945 | 0.4 | ||||||
| 10,288,581 | 3.000%, 01/01/35 | 10,676,594 | 0.4 | |||||||
| 9,979,995 | 5.500%, 12/01/41 | 11,410,115 | 0.4 | |||||||
| 11,000,000 | h | 3.000%, 10/25/45 | 11,153,656 | 0.4 | ||||||
| 19,000,000 | h | 3.500%, 10/25/45 | 19,826,804 | 0.7 | ||||||
| 18,000,000 | h | 3.000%, 11/25/45 | 18,213,468 | 0.6 | ||||||
| 21,000,000 | h | 3.500%, 11/25/45 | 21,867,078 | 0.8 | ||||||
| 29,000,000 | h | 4.000%, 11/25/45 | 30,882,738 | 1.1 | ||||||
| 33,000,000 | h | 3.500%, 12/25/45 | 34,287,786 | 1.2 | ||||||
| 192,842,382 | 0.544%–8.000%, 07/01/24–12/25/45 | 200,928,724 | 7.1 | |||||||
| Government National Mortgage Association (GNMA) | ||||||||||
| 24,000,000 | h | 3.500%, 10/20/45 | 25,096,874 | 0.9 | ||||||
| 18,000,000 | h | 4.000%, 10/20/45 | 19,243,125 | 0.7 | ||||||
| 20,000,000 | 4.000%, 10/24/45 | 21,334,376 | 0.7 | |||||||
| 12,000,000 | h | 3.500%, 11/20/45 | 12,548,434 | 0.4 | ||||||
| 54,917,571 | 3.000%–8.500%, 01/15/28–12/20/45 | 49,766,021 | 1.7 | |||||||
| Other | 16,186,740 | 0.6 | ||||||||
| 619,855,570 | 22.0 | |||||||||
| MUNICIPAL BONDS | ||||||||||
| State of Illinois | ||||||||||
| 12,000,000 | 4.350%, 06/01/18 | 12,280,320 | 0.4 | |||||||
| Other | 23,647,261 | 0.9 | ||||||||
| 35,927,581 | 1.3 | |||||||||
| 24 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Bond | ||||||||||
| $ | 37,050,000 | 3.500%, 02/15/39 | $ | 41,808,628 | 1.5 | % | ||||
| 24,400,000 | 2.875%, 08/15/45 | 24,402,537 | 0.9 | |||||||
| United States Treasury Note | ||||||||||
| 23,348,700 | 1.500%, 08/31/18 | 23,746,352 | 0.8 | |||||||
| 16,648,000 | 1.000%, 09/15/18 | 16,687,456 | 0.6 | |||||||
| 28,744,000 | 1.625%, 07/31/20 | 29,099,563 | 1.0 | |||||||
| 24,500,000 | 1.750%, 02/28/22 | 24,589,964 | 0.9 | |||||||
| 17,340,000 | 2.000%, 08/15/25 | 17,256,456 | 0.6 | |||||||
| 29,902,000 | 0.625%–2.125%, 07/31/17–08/31/22 | 30,192,501 | 1.1 | |||||||
| Other | 19,704,381 | 0.7 | ||||||||
| 227,487,838 | 8.1 | |||||||||
| TOTAL GOVERNMENT BONDS (Cost $994,163,833) | 998,950,368 | 35.4 | ||||||||
| STRUCTURED ASSETS | ||||||||||
| ASSET BACKED | ||||||||||
| AmeriCredit Automobile Receivables Trust | ||||||||||
| Series 2013-1 (Class C) | ||||||||||
| 10,881,000 | 1.570%, 01/08/19 | 10,900,542 | 0.4 | |||||||
| Capital Automotive REIT | ||||||||||
| Series 2012-1A (Class A) | ||||||||||
| 11,432,323 | g | 4.700%, 07/15/42 | 11,856,543 | 0.4 | ||||||
| DB Master Finance LLC | ||||||||||
| Series 2015-1A (Class A2I) | ||||||||||
| 10,746,000 | g | 3.262%, 02/20/45 | 10,808,552 | 0.4 | ||||||
| Dominos Pizza Master Issuer LLC | ||||||||||
| Series 2012-1A (Class A2) | ||||||||||
| 21,759,950 | g | 5.216%, 01/25/42 | 22,412,553 | 0.8 | ||||||
| Sierra Receivables Funding Co LLC | ||||||||||
| Series 2015-1A (Class B) | ||||||||||
| 11,087,159 | g | 3.050%, 03/22/32 | 11,161,997 | 0.4 | ||||||
| Other | 160,389,370 | 5.6 | ||||||||
| 227,529,557 | 8.0 | |||||||||
| OTHER MORTGAGE BACKED | ||||||||||
| COBALT CMBS Commercial Mortgage Trust | ||||||||||
| Series 2007-C3 (Class AJ) | ||||||||||
| 12,750,000 | i | 5.771%, 05/15/46 | 13,005,357 | 0.5 | ||||||
| Commercial Mortgage Trust | ||||||||||
| Series 2007-GG11 (Class AM) | ||||||||||
| 23,805,000 | i | 5.867%, 12/10/49 | 25,141,770 | 0.9 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||||
| Series 2006-C4 (Class AM) | ||||||||||
| 15,585,000 | 5.509%, 09/15/39 | 16,063,584 | 0.6 | |||||||
| Morgan Stanley Capital I Trust | ||||||||||
| 36,349,387 | 5.325%–6.115%, 08/12/41–10/12/52 | 36,988,419 | 1.3 | |||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||
| Series 2007-C30 (Class AM) | ||||||||||
| 22,235,000 | 5.383%, 12/15/43 | 23,110,681 | 0.8 | |||||||
| Series 2007-C34 (Class AJ) | ||||||||||
| 23,750,038 | i | 6.143%, 05/15/46 | 24,576,421 | 0.9 | ||||||
| Series 2007-C32 (Class AMFX) | ||||||||||
| 22,000,000 | g | 5.703%, 06/15/49 | 23,182,412 | 0.8 | ||||||
| Series 2007-C32 (Class AJ) | ||||||||||
| 23,475,000 | i | 5.750%, 06/15/49 | 24,057,931 | 0.8 | ||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| OTHER MORTGAGE BACKED–continued | ||||||||||
| $ | 35,110,000 | 0.407%–6.219%, 12/15/43–02/15/51 | $ | 32,858,775 | 1.2 | % | ||||
| Other | 155,575,567 | 5.5 | ||||||||
| 374,560,917 | 13.3 | |||||||||
| TOTAL STRUCTURED ASSETS (Cost $598,726,205) | 602,090,474 | 21.3 | ||||||||
| TOTAL BONDS (Cost $2,722,515,350) | 2,720,971,220 | 96.3 | ||||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| 25,300,000 | d | 0.130%, 10/20/15 | 25,299,595 | 0.9 | ||||||
| 25,000,000 | d | 0.050%, 11/02/15 | 24,998,525 | 0.9 | ||||||
| 15,000,000 | 0.080%, 11/12/15 | 14,998,845 | 0.5 | |||||||
| 35,775,000 | d | 0.150%, 11/13/15 | 35,772,174 | 1.3 | ||||||
| 35,000,000 | 0.050%, 11/20/15 | 34,996,780 | 1.3 | |||||||
| 20,000,000 | 0.100%, 11/23/15 | 19,998,060 | 0.7 | |||||||
| 17,000,000 | d | 0.070%, 11/25/15 | 16,998,283 | 0.6 | ||||||
| 20,000,000 | d | 0.170%, 01/25/16 | 19,991,620 | 0.7 | ||||||
| Other | 14,997,510 | 0.5 | ||||||||
| 208,051,392 | 7.4 | |||||||||
| TREASURY DEBT | ||||||||||
| United States Treasury Bill | ||||||||||
| 59,000,000 | d | 0.093%–0.130%, 11/12/15 | 59,000,708 | 2.1 | ||||||
| 21,000,000 | d | 0.080%, 12/10/15 | 21,000,966 | 0.8 | ||||||
| 12,000,000 | d | 0.115%, 01/14/16 | 11,999,568 | 0.4 | ||||||
| 23,000,000 | d | 0.126%, 01/21/16 | 22,998,758 | 0.8 | ||||||
| 37,000,000 | d | 0.122%, 02/04/16 | 36,996,929 | 1.3 | ||||||
| 40,000,000 | d | 0.196%, 03/31/16 | 39,983,840 | 1.4 | ||||||
| Other | 1,000,020 | 0.0 | ||||||||
| 192,980,789 | 6.8 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $400,963,698) | 401,032,181 | 14.2 | ||||||||
| TOTAL PORTFOLIO (Cost $3,160,217,265) | 3,158,085,330 | 111.8 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | (334,423,497 | ) | (11.8 | ) | ||||||
| NET ASSETS | $ | 2,823,661,833 | 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 9/30/2015, the aggregate value of these securities, including those in “Other,” was $496,318,321 or 17.6% 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. |
“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 ■ 2015 Semiannual Report | 25 |
Summary portfolio of investments (unaudited)
Bond Index Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| AUTOMOBILES & COMPONENTS | $ | 7,604,342 | 0.1 | % | ||||||
| BANKS | ||||||||||
| JPMorgan Chase & Co | ||||||||||
| $ | 30,543,000 | 1.350%–6.000%, 03/01/16–12/30/49 | 31,235,655 | 0.5 | ||||||
| Other | 171,147,213 | 2.9 | ||||||||
| 202,382,868 | 3.4 | |||||||||
| CAPITAL GOODS | 50,859,089 | 0.8 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 21,201,546 | 0.4 | ||||||||
| CONSUMER DURABLES & APPAREL | 4,813,712 | 0.1 | ||||||||
| CONSUMER SERVICES | 17,820,834 | 0.3 | ||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| Goldman Sachs Group, Inc | ||||||||||
| 25,025,000 | 2.375%–7.500%, 01/18/18–05/22/45 | 26,839,881 | 0.5 | |||||||
| Other | 172,797,308 | 2.8 | ||||||||
| 199,637,189 | 3.3 | |||||||||
| ENERGY | 143,115,359 | 2.4 | ||||||||
| FOOD & STAPLES RETAILING | 18,146,185 | 0.3 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 65,436,036 | 1.1 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 39,315,388 | 0.7 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 7,136,646 | 0.1 | ||||||||
| INSURANCE | 67,945,035 | 1.1 | ||||||||
| MATERIALS | 63,401,963 | 1.1 | ||||||||
| MEDIA | 53,235,332 | 0.9 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 79,438,823 | 1.3 | ||||||||
| REAL ESTATE | 36,670,973 | 0.6 | ||||||||
| RETAILING | 39,757,734 | 0.7 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 8,467,599 | 0.1 | ||||||||
| SOFTWARE & SERVICES | 41,441,184 | 0.7 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 45,151,244 | 0.8 | ||||||||
| TELECOMMUNICATION SERVICES | 77,464,020 | 1.3 | ||||||||
| TRANSPORTATION | 39,460,069 | 0.7 | ||||||||
| UTILITIES | 135,485,918 | 2.3 | ||||||||
| TOTAL
CORPORATE BONDS (Cost $1,464,232,192) | 1,465,389,088 | 24.6 | ||||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | ||||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||
| 20,000,000 | 0.875%, 03/07/18 | 20,016,960 | 0.4 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 63,015,000 | 0.000%–6.625%, 12/21/15–07/15/37 | 65,773,084 | 1.1 | |||||||
| Other | 73,189,743 | 1.2 | ||||||||
| 158,979,787 | 2.7 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| FOREIGN GOVERNMENT BONDS | $ | 268,100,859 | 4.5 | % | ||||||
| MORTGAGE BACKED | ||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | ||||||||||
| $ | 19,415,763 | 2.500%, 05/01/30 | 19,819,207 | 0.3 | ||||||
| 19,494,150 | 3.500%, 03/01/45 | 20,314,998 | 0.3 | |||||||
| 401,415,742 | 2.500%–8.000%, 01/01/16–03/01/45 | 423,490,804 | 7.1 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 23,330,069 | 3.500%, 02/01/45 | 24,368,095 | 0.4 | |||||||
| 19,668,135 | 3.500%, 05/01/45 | 20,543,231 | 0.4 | |||||||
| 667,326,945 | 1.729%–8.000%, 09/01/16–07/01/45 | 704,516,796 | 11.8 | |||||||
| Government National Mortgage Association (GNMA) | ||||||||||
| 24,944,115 | 4.000%, 08/20/45 | 26,626,685 | 0.5 | |||||||
| 420,707,562 | 1.625%–8.500%, 02/15/18–07/20/45 | 444,756,266 | 7.5 | |||||||
| Other | 4,714,120 | 0.1 | ||||||||
| 1,689,150,202 | 28.4 | |||||||||
| MUNICIPAL BONDS | 60,774,435 | 1.0 | ||||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Bond | ||||||||||
| 26,060,000 | 5.250%, 02/15/29 | 35,003,193 | 0.6 | |||||||
| 16,250,000 | 4.500%, 02/15/36 | 21,313,321 | 0.4 | |||||||
| 36,983,000 | 3.500%, 02/15/39 | 41,733,023 | 0.7 | |||||||
| 26,350,000 | 4.375%, 05/15/41 | 33,982,567 | 0.6 | |||||||
| 22,000,000 | 3.000%, 05/15/45 | 22,530,530 | 0.4 | |||||||
| 158,729,000 | 2.500%–5.250%, 11/15/28–08/15/45 | 173,822,554 | 2.9 | |||||||
| United States Treasury Note | ||||||||||
| 62,000,000 | 0.500%, 06/15/16 | 62,106,578 | 1.0 | |||||||
| 27,000,000 | 0.625%, 11/15/16 | 27,060,480 | 0.5 | |||||||
| 50,300,000 | 0.875%, 01/31/17 | 50,557,385 | 0.8 | |||||||
| 61,750,000 | 0.750%, 10/31/17 | 61,846,454 | 1.0 | |||||||
| 20,500,000 | 0.625%, 11/30/17 | 20,462,629 | 0.3 | |||||||
| 31,000,000 | 0.750%, 12/31/17 | 31,016,151 | 0.5 | |||||||
| 21,000,000 | 0.875%, 01/31/18 | 21,056,322 | 0.4 | |||||||
| 31,000,000 | 0.750%, 02/28/18 | 30,982,640 | 0.5 | |||||||
| 23,000,000 | 0.750%, 03/31/18 | 22,969,456 | 0.4 | |||||||
| 72,000,000 | 1.000%, 05/31/18 | 72,271,872 | 1.2 | |||||||
| 40,350,000 | 1.500%, 08/31/18 | 41,037,201 | 0.7 | |||||||
| 22,000,000 | 1.375%, 09/30/18 | 22,288,178 | 0.4 | |||||||
| 28,000,000 | 1.250%, 10/31/18 | 28,240,996 | 0.5 | |||||||
| 33,500,000 | 1.250%, 11/30/18 | 33,773,058 | 0.6 | |||||||
| 25,000,000 | 1.500%, 12/31/18 | 25,388,675 | 0.4 | |||||||
| 25,000,000 | 1.500%, 01/31/19 | 25,378,900 | 0.4 | |||||||
| 30,000,000 | 1.500%, 02/28/19 | 30,440,640 | 0.5 | |||||||
| 36,000,000 | 1.625%, 03/31/19 | 36,667,044 | 0.6 | |||||||
| 40,750,000 | 1.500%, 05/31/19 | 41,300,777 | 0.7 | |||||||
| 40,000,000 | 1.625%, 06/30/19 | 40,708,840 | 0.7 | |||||||
| 50,500,000 | 1.625%, 08/31/19 | 51,375,215 | 0.9 | |||||||
| 38,500,000 | 1.750%, 09/30/19 | 39,320,127 | 0.7 | |||||||
| 29,000,000 | 1.500%, 10/31/19 | 29,325,873 | 0.5 | |||||||
| 57,000,000 | 1.500%, 11/30/19 | 57,613,035 | 1.0 | |||||||
| 33,500,000 | 1.625%, 12/31/19 | 34,007,726 | 0.6 | |||||||
| 36,500,000 | 1.250%, 01/31/20 | 36,467,697 | 0.6 | |||||||
| 78,500,000 | 1.375%, 02/29/20 | 78,865,888 | 1.3 | |||||||
| 20,000,000 | 1.375%, 04/30/20 | 20,055,460 | 0.3 | |||||||
| 50,000,000 | 1.500%, 05/31/20 | 50,445,950 | 0.8 | |||||||
| 45,000,000 | 1.625%, 06/30/20 | 45,575,955 | 0.8 | |||||||
| 22,500,000 | 1.625%, 07/31/20 | 22,778,325 | 0.4 | |||||||
| 34,000,000 | 1.375%, 08/31/20 | 34,046,036 | 0.6 | |||||||
| 27,610,000 | 2.125%, 08/15/21 | 28,422,121 | 0.5 | |||||||
| 13,379,100 | 8.000%, 11/15/21 | 18,365,076 | 0.3 | |||||||
| 26,000,000 | 2.500%, 05/15/24 | 27,092,806 | 0.5 | |||||||
| 55,005,000 | 2.250%, 11/15/24 | 56,053,505 | 0.9 | |||||||
| 26 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Index Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| U.S. TREASURY SECURITIES–continued | ||||||||||
| $ | 37,000,000 | 2.125%, 05/15/25 | $ | 37,235,579 | 0.6 | % | ||||
| 32,500,000 | 2.000%, 08/15/25 | 32,343,415 | 0.5 | |||||||
| 364,396,800 | 0.375%–9.000%, 08/31/16–02/15/25 | 372,081,201 | 6.2 | |||||||
| 2,125,410,454 | 35.7 | |||||||||
| TOTAL GOVERNMENT BONDS (Cost $4,227,287,173) | 4,302,415,737 | 72.3 | ||||||||
| STRUCTURED ASSETS | ||||||||||
| ASSET BACKED | 50,947,542 | 0.9 | ||||||||
| OTHER MORTGAGE BACKED | 93,623,523 | 1.6 | ||||||||
| TOTAL STRUCTURED ASSETS (Cost $143,160,447) | 144,571,065 | 2.5 | ||||||||
| TOTAL BONDS (Cost $5,834,679,812) | 5,912,375,890 | 99.4 | ||||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| 30,000,000 | 0.075%, 11/20/15 | 29,997,240 | 0.5 | |||||||
| Other | 9,999,930 | 0.1 | ||||||||
| 39,997,170 | 0.6 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $39,996,608) | 39,997,170 | 0.6 | ||||||||
| TOTAL PORTFOLIO (Cost $5,874,676,420) | 5,952,373,060 | 100.0 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | (2,250,099 | ) | 0.0 | |||||||
| NET ASSETS | $ | 5,950,122,961 | 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 9/30/15, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $29,762,609 or 0.5%. 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 ■ 2015 Semiannual Report | 27 |
Summary portfolio of investments (unaudited)
Bond Plus Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| BANK LOAN OBLIGATIONS | ||||||||||
| AUTOMOBILES & COMPONENTS | $ | 5,738,706 | 0.2 | % | ||||||
| CAPITAL GOODS | 6,681,199 | 0.2 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 7,723,333 | 0.2 | ||||||||
| CONSUMER SERVICES | 20,191,036 | 0.7 | ||||||||
| DIVERSIFIED FINANCIALS | 14,521,010 | 0.5 | ||||||||
| FOOD & STAPLES RETAILING | 5,775,598 | 0.1 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 1,666,265 | 0.0 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 11,585,760 | 0.4 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 2,560,784 | 0.1 | ||||||||
| INSURANCE | 4,844,206 | 0.1 | ||||||||
| MATERIALS | 7,721,136 | 0.3 | ||||||||
| MEDIA | 13,725,026 | 0.5 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,546,521 | 0.1 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,419,204 | 0.1 | ||||||||
| SOFTWARE & SERVICES | 17,414,435 | 0.6 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 6,948,421 | 0.3 | ||||||||
| TELECOMMUNICATION SERVICES | 878,088 | 0.0 | ||||||||
| UTILITIES | 241,792 | 0.0 | ||||||||
| TOTAL
BANK
LOAN
OBLIGATIONS (Cost $137,693,502) | 136,182,520 | 4.4 | ||||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| AUTOMOBILES & COMPONENTS | 11,479,646 | 0.4 | ||||||||
| BANKS | ||||||||||
| Bank of America Corp | ||||||||||
| $ | 12,000,000 | 1.950%, 05/12/18 | 12,039,456 | 0.4 | ||||||
| Citigroup, Inc | ||||||||||
| 8,975,000 | 1.300%, 11/15/16 | 8,994,179 | 0.3 | |||||||
| Other | 169,369,796 | 5.5 | ||||||||
| 190,403,431 | 6.2 | |||||||||
| CAPITAL GOODS | 26,319,290 | 0.9 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 28,878,972 | 1.0 | ||||||||
| CONSUMER DURABLES & APPAREL | 11,552,019 | 0.4 | ||||||||
| CONSUMER SERVICES | 42,916,446 | 1.3 | ||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| Morgan Stanley | ||||||||||
| 36,250,000 | 1.875%–6.375%, 01/09/17–07/24/42 | 36,741,064 | 1.2 | |||||||
| Other | 120,719,782 | 3.9 | ||||||||
| 157,460,846 | 5.1 | |||||||||
| ENERGY | 95,829,219 | 3.1 | ||||||||
| FOOD & STAPLES RETAILING | 20,935,304 | 0.8 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 43,937,355 | 1.4 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 46,504,137 | 1.5 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 2,850,336 | 0.1 | ||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| INSURANCE | ||||||||||
| Children’s Hospital Medic | ||||||||||
| $ | 9,295,000 | 4.268%, 05/15/44 | $ | 9,053,237 | 0.3 | % | ||||
| Other | 45,541,208 | 1.5 | ||||||||
| 54,594,445 | 1.8 | |||||||||
| MATERIALS | 86,982,684 | 2.8 | ||||||||
| MEDIA | 71,615,879 | 2.2 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 47,358,631 | 1.5 | ||||||||
| REAL ESTATE | 26,760,530 | 0.9 | ||||||||
| RETAILING | 21,249,716 | 0.7 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 6,212,239 | 0.2 | ||||||||
| SOFTWARE & SERVICES | 29,869,754 | 0.9 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 47,099,124 | 1.4 | ||||||||
| TELECOMMUNICATION SERVICES | 73,424,847 | 2.4 | ||||||||
| TRANSPORTATION | 43,842,027 | 1.5 | ||||||||
| UTILITIES | 87,835,347 | 3.0 | ||||||||
| TOTAL CORPORATE BONDS (Cost $1,306,847,294) | 1,275,912,224 | 41.5 | ||||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | 7,284,184 | 0.2 | ||||||||
| FOREIGN GOVERNMENT BONDS | 100,163,614 | 3.2 | ||||||||
| MORTGAGE BACKED | ||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | ||||||||||
| 9,000,000 | h | 3.000%, 11/15/30 | 9,348,048 | 0.3 | ||||||
| 9,144,200 | 3.500%, 04/01/44 | 9,611,150 | 0.3 | |||||||
| 8,042,093 | 3.500%, 09/01/45 | 8,380,500 | 0.3 | |||||||
| 13,000,000 | h | 4.000%, 10/15/45 | 13,840,938 | 0.5 | ||||||
| 37,558,170 | 3.000%–8.000%, 12/01/16–10/15/45 | 39,949,688 | 1.3 | |||||||
| Federal National Mortgage Association (FNMA) |
||||||||||
| 10,000,000 | h | 2.500%, 10/25/30 | 10,197,656 | 0.3 | ||||||
| 7,999,343 | 5.000%, 05/01/35 | 8,828,961 | 0.3 | |||||||
| 10,157,010 | 3.000%, 02/01/43 | 10,332,403 | 0.3 | |||||||
| 15,843,587 | 3.000%, 02/01/43 | 16,116,610 | 0.5 | |||||||
| 11,000,000 | h | 3.500%, 10/25/45 | 11,478,676 | 0.4 | ||||||
| 19,000,000 | h | 3.500%, 11/25/45 | 19,784,499 | 0.6 | ||||||
| 31,000,000 | h | 4.000%, 11/25/45 | 33,012,582 | 1.1 | ||||||
| 15,000,000 | h | 4.500%, 11/25/45 | 16,249,805 | 0.5 | ||||||
| 31,000,000 | h | 3.500%, 12/25/45 | 32,209,738 | 1.0 | ||||||
| 8,000,000 | h | 5.000%, 12/25/45 | 8,802,185 | 0.3 | ||||||
| 186,739,803 | 0.544%–9.000%, 03/01/23–11/25/45 | 190,581,569 | 6.2 | |||||||
| Government National Mortgage Association (GNMA) | ||||||||||
| 16,000,000 | h | 3.500%, 10/20/45 | 16,731,250 | 0.5 | ||||||
| 14,000,000 | h | 4.000%, 10/20/45 | 14,966,875 | 0.5 | ||||||
| 16,000,000 | 4.000%, 10/24/45 | 17,067,501 | 0.6 | |||||||
| 11,000,000 | h | 3.500%, 11/20/45 | 11,502,731 | 0.4 | ||||||
| 47,838,890 | 3.000%–8.500%, 11/15/23–12/20/45 | 41,636,740 | 1.4 | |||||||
| Other | 10,333,863 | 0.3 | ||||||||
| 550,963,968 | 17.9 | |||||||||
| MUNICIPAL BONDS | 149,872,491 | 4.9 | ||||||||
| 28 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Plus Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Bond | ||||||||||
| $ | 9,712,000 | 2.500%, 02/15/45 | $ | 8,947,685 | 0.3 | % | ||||
| 74,715,000 | 3.000%, 05/15/45 | 76,516,752 | 2.5 | |||||||
| 28,000,000 | 2.875%, 08/15/45 | 28,002,912 | 0.9 | |||||||
| United States Treasury Inflation Indexed Bonds | ||||||||||
| 22,231,400 | k | 2.125%, 01/15/19 | 23,685,422 | 0.8 | ||||||
| United States Treasury Note | ||||||||||
| 40,650,000 | 1.375%, 09/30/20 | 40,643,659 | 1.3 | |||||||
| 10,000,000 | 8.000%, 11/15/21 | 13,726,690 | 0.4 | |||||||
| 45,725,000 | 2.000%, 08/15/25 | 45,504,697 | 1.5 | |||||||
| Other | 26,985,932 | 0.9 | ||||||||
| 264,013,749 | 8.6 | |||||||||
| TOTAL GOVERNMENT BONDS (Cost $1,066,031,569) | 1,072,298,006 | 34.8 | ||||||||
| STRUCTURED ASSETS | ||||||||||
| ASSET BACKED | ||||||||||
| Capital Automotive REIT | ||||||||||
| Series 2014-1A (Class A) | ||||||||||
| 10,000,000 | g | 3.660%, 10/15/44 | 10,171,730 | 0.3 | ||||||
| Wendys Funding LLC | ||||||||||
| Series 2015-1A (Class A2I) | ||||||||||
| 13,000,000 | g | 3.371%, 06/15/45 | 13,061,360 | 0.4 | ||||||
| Other | 99,004,541 | 3.2 | ||||||||
| 122,237,631 | 3.9 | |||||||||
| OTHER MORTGAGE BACKED | ||||||||||
| COBALT CMBS Commercial Mortgage Trust | ||||||||||
| Series 2007-C3 (Class AJ) | ||||||||||
| 16,500,000 | i | 5.771%, 05/15/46 | 16,830,462 | 0.6 | ||||||
| Commercial Mortgage Trust | ||||||||||
| Series 2005-GG5 (Class AJ) | ||||||||||
| 9,263,000 | i | 5.238%, 04/10/37 | 9,257,007 | 0.3 | ||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||
| Series 2006-C27 (Class AJ) | ||||||||||
| 13,250,000 | i | 5.825%, 07/15/45 | 13,318,874 | 0.4 | ||||||
| Series 2007-C31 (Class AJ) | ||||||||||
| 14,875,000 | i | 5.660%, 04/15/47 | 15,141,783 | 0.5 | ||||||
| Series 2007-C32 (Class AMFX) | ||||||||||
| 10,000,000 | g | 5.703%, 06/15/49 | 10,537,460 | 0.3 | ||||||
| Series 2007-C32 (Class AJ) | ||||||||||
| 25,700,000 | i | 5.750%, 06/15/49 | 25,898,721 | 0.9 | ||||||
| Other | 182,333,804 | 5.9 | ||||||||
| 273,318,111 | 8.9 | |||||||||
| TOTAL STRUCTURED ASSETS (Cost $392,512,156) | 395,555,742 | 12.8 | ||||||||
| TOTAL BONDS (Cost $2,765,391,019) | 2,743,765,972 | 89.1 | ||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| $ | 26,000,000 | d | 0.130%, 10/16/15 | $ | 25,999,662 | 0.9 | % | |||
| 40,000,000 | d | 0.108%, 10/22/15 | 39,999,280 | 1.3 | ||||||
| 14,504,000 | 0.135%, 10/23/15 | 14,503,739 | 0.5 | |||||||
| 50,000,000 | 0.100%, 11/03/15 | 49,996,950 | 1.6 | |||||||
| 25,000,000 | d | 0.075%, 11/09/15 | 24,998,200 | 0.8 | ||||||
| 20,000,000 | 0.050%, 11/20/15 | 19,998,160 | 0.7 | |||||||
| 50,000,000 | 0.080%, 12/03/15 | 49,990,350 | 1.6 | |||||||
| 50,000,000 | 0.170%, 01/25/16 | 49,979,050 | 1.6 | |||||||
| Federal Home Loan Mortgage Corp (FHLMC) |
||||||||||
| 8,400,000 | 0.060%, 10/26/15 | 8,399,823 | 0.3 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 50,000,000 | q | 0.175%, 11/18/15 | 49,995,600 | 1.6 | ||||||
| Other | 4,999,605 | 0.1 | ||||||||
| 338,860,419 | 11.0 | |||||||||
| TREASURY DEBT | ||||||||||
| United States Treasury Bill | ||||||||||
| 20,000,000 | d | 0.111%, 11/19/15 | 20,000,340 | 0.6 | ||||||
| 20,000,000 | d | 0.084%, 12/10/15 | 20,000,920 | 0.7 | ||||||
| 30,000,000 | d | 0.085%, 12/31/15 | 29,999,040 | 1.0 | ||||||
| 50,000,000 | d | 0.196%, 03/31/16 | 49,979,800 | 1.6 | ||||||
| Other | 5,000,100 | 0.1 | ||||||||
| 124,980,200 | 4.0 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||
| (Cost $463,781,477) | 463,840,619 | 15.0 | ||||||||
| TOTAL PORTFOLIO (Cost $3,366,865,998) | 3,343,789,111 | 108.5 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | (262,916,175 | ) | (8.5 | ) | ||||||
| NET ASSETS | $ | 3,080,872,936 | 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 9/30/2015, the aggregate value of these securities, including those in “Other,” was $467,900,330 or 15.2% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| q | All or a portion of this security has been segregated by the custodian to cover collateral requirements on unfunded loan commitments. |
“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 ■ 2015 Semiannual Report | 29 |
Summary portfolio of investments (unaudited)
High-Yield Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| BANK LOAN OBLIGATIONS | ||||||||||
| AUTOMOBILES & COMPONENTS | ||||||||||
| Gates Global LLC | ||||||||||
| $ | 17,909,548 | i | 4.250%, 07/05/21 | $ | 16,937,238 | 0.5 | % | |||
| 16,937,238 | 0.5 | |||||||||
| CAPITAL GOODS | 26,485,770 | 0.8 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||
| Creative Artists Agency LLC | ||||||||||
| 13,382,938 | h,i | 9.000%, 12/17/21 | 13,388,558 | 0.4 | ||||||
| Other | 13,175,438 | 0.4 | ||||||||
| 26,563,996 | 0.8 | |||||||||
| CONSUMER DURABLES & APPAREL | 11,308,368 | 0.3 | ||||||||
| CONSUMER SERVICES | ||||||||||
| Knowledge Universe Education LLC | ||||||||||
| 15,000,000 | i | 6.000%, 08/13/22 | 14,775,000 | 0.5 | ||||||
| Spin Holdco, Inc | ||||||||||
| 16,659,392 | i | 4.250%, 11/14/19 | 16,315,875 | 0.5 | ||||||
| Other | 23,807,162 | 0.8 | ||||||||
| 54,898,037 | 1.8 | |||||||||
| DIVERSIFIED FINANCIALS | 5,100,624 | 0.2 | ||||||||
| ENERGY | 19,706,778 | 0.6 | ||||||||
| FOOD & STAPLES RETAILING | ||||||||||
| Albertson’s Holdings LLC | ||||||||||
| 14,790,918 | i | 5.500%, 08/25/21 | 14,781,748 | 0.5 | ||||||
| Other | 13,020,000 | 0.4 | ||||||||
| 27,801,748 | 0.9 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 11,400,977 | 0.4 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||
| Visant Corp | ||||||||||
| 16,717,124 | i | 7.000%, 09/23/21 | 15,351,837 | 0.5 | ||||||
| 15,351,837 | 0.5 | |||||||||
| INSURANCE | ||||||||||
| USI, Inc | ||||||||||
| 13,714,365 | i | 4.250%, 12/27/19 | 13,554,318 | 0.4 | ||||||
| Other | 10,260,198 | 0.3 | ||||||||
| 23,814,516 | 0.7 | |||||||||
| MATERIALS | 14,636,709 | 0.5 | ||||||||
| MEDIA | ||||||||||
| CSC Holdings LLC | ||||||||||
| 25,275,000 | i | 5.000%, 09/25/22 | 25,110,712 | 0.8 | ||||||
| Other | 8,617,687 | 0.3 | ||||||||
| 33,728,399 | 1.1 | |||||||||
| REAL ESTATE | 10,439,000 | 0.3 | ||||||||
| SOFTWARE & SERVICES | ||||||||||
| Asurion LLC | ||||||||||
| 16,800,000 | i | 8.500%, 03/03/21 | 15,052,800 | 0.5 | ||||||
| Evergreen Skills Lux S.a.r.l. | ||||||||||
| 17,000,000 | i | 9.250%, 04/28/22 | 14,450,000 | 0.5 | ||||||
| Other | 30,566,595 | 1.0 | ||||||||
| 60,069,395 | 2.0 | |||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | $ | 4,733,203 | 0.1 | % | ||||||
| TELECOMMUNICATION SERVICES | 8,880,375 | 0.3 | ||||||||
| UTILITIES | 4,352,254 | 0.0 | ||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $389,946,497) | 376,209,224 | 11.8 | ||||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| AUTOMOBILES & COMPONENTS | ||||||||||
| Gates Global LLC | ||||||||||
| $ | 18,600,000 | g | 6.000%, 07/15/22 | 14,973,000 | 0.5 | |||||
| Other | 33,989,838 | 1.1 | ||||||||
| 48,962,838 | 1.6 | |||||||||
| BANKS | 63,449,293 | 2.0 | ||||||||
| CAPITAL GOODS | 30,930,344 | 1.0 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||
| SPL Logistics Escrow LLC | ||||||||||
| 19,200,000 | g | 8.875%, 08/01/20 | 20,160,000 | 0.6 | ||||||
| United Rentals North America, Inc | ||||||||||
| 16,425,000 | 5.500%, 07/15/25 | 15,357,375 | 0.5 | |||||||
| XPO Logistics, Inc | ||||||||||
| 16,000,000 | g | 6.500%, 06/15/22 | 13,530,000 | 0.4 | ||||||
| Other | 62,822,841 | 2.0 | ||||||||
| 111,870,216 | 3.5 | |||||||||
| CONSUMER DURABLES & APPAREL | 59,698,956 | 1.9 | ||||||||
| CONSUMER SERVICES | ||||||||||
| 1011778 BC / New Red Fin | ||||||||||
| 13,250,000 | g | 6.000%, 04/01/22 | 13,448,750 | 0.4 | ||||||
| Wynn Las Vegas LLC | ||||||||||
| 18,000,000 | g | 5.500%, 03/01/25 | 15,435,000 | 0.5 | ||||||
| Other | 64,290,334 | 1.9 | ||||||||
| 93,174,084 | 2.8 | |||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| NewStar Financial, Inc | ||||||||||
| 16,500,000 | g | 7.250%, 05/01/20 | 16,417,500 | 0.5 | ||||||
| Other | 116,906,893 | 3.6 | ||||||||
| 133,324,393 | 4.1 | |||||||||
| ENERGY | ||||||||||
| Calumet Specialty Products Partners LP | ||||||||||
| 35,795,000 | 6.500%–7.750%, 04/15/21–04/15/23 | 32,746,110 | 1.0 | |||||||
| WPX Energy, Inc | ||||||||||
| 32,900,000 | 6.000%–8.250%, 08/01/20–08/01/23 | 29,451,375 | 0.9 | |||||||
| Other | 347,129,210 | 10.9 | ||||||||
| 409,326,695 | 12.8 | |||||||||
| FOOD & STAPLES RETAILING | ||||||||||
| Rite Aid Corp | ||||||||||
| 14,500,000 | g | 6.125%, 04/01/23 | 14,391,250 | 0.4 | ||||||
| Other | 13,316,400 | 0.4 | ||||||||
| 27,707,650 | 0.8 | |||||||||
| 30 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
High-Yield Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||
| Post Holdings, Inc | ||||||||||
| $ | 13,335,000 | 7.375%, 02/15/22 | $ | 13,568,362 | 0.4 | % | ||||
| Other | 12,955,109 | 0.4 | ||||||||
| 26,523,471 | 0.8 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||
| CHS/Community Health Systems | ||||||||||
| 17,275,000 | 6.875%, 02/01/22 | 17,641,403 | 0.5 | |||||||
| HCA, Inc | ||||||||||
| 13,600,000 | 7.500%, 02/15/22 | 15,368,000 | 0.5 | |||||||
| Tenet Healthcare Corp | ||||||||||
| 13,800,000 | 5.000%, 03/01/19 | 13,351,500 | 0.4 | |||||||
| Other | 125,279,270 | 3.9 | ||||||||
| 171,640,173 | 5.3 | |||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 10,868,295 | 0.3 | ||||||||
| INSURANCE | 11,010,938 | 0.4 | ||||||||
| MATERIALS | ||||||||||
| Berry Plastics Escrow LLC | ||||||||||
| 14,175,000 | g,h | 6.000%, 10/15/22 | 14,210,437 | 0.4 | ||||||
| Blue Cube Spinco, Inc | ||||||||||
| 20,000,000 | g,h | 9.750%, 10/15/23 | 20,800,000 | 0.7 | ||||||
| Cemex SAB de C.V. | ||||||||||
| 15,675,000 | g | 6.125%, 05/05/25 | 14,264,250 | 0.5 | ||||||
| Owens-Brockway Glass Container, Inc | ||||||||||
| 25,500,000 | g | 5.875%, 08/15/23 | 25,707,188 | 0.8 | ||||||
| Other | 143,185,347 | 4.4 | ||||||||
| 218,167,222 | 6.8 | |||||||||
| MEDIA | ||||||||||
| Numericable Group S.A. | ||||||||||
| 17,000,000 | g | 6.000%, 05/15/22 | 16,383,750 | 0.5 | ||||||
| Univision Communications, Inc | ||||||||||
| 27,800,000 | g | 5.125%, 02/15/25 | 26,062,500 | 0.8 | ||||||
| UPCB Finance IV Ltd | ||||||||||
| 17,500,000 | g | 5.375%, 01/15/25 | 16,450,000 | 0.5 | ||||||
| Virgin Media Secured Finance plc | ||||||||||
| 14,550,000 | g | 5.250%, 01/15/26 | 13,386,000 | 0.4 | ||||||
| Other | 188,960,833 | 5.9 | ||||||||
| 261,243,083 | 8.1 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||
| Valeant Pharmaceuticals International, Inc | ||||||||||
| 13,950,000 | g | 6.375%, 10/15/20 | 13,871,531 | 0.4 | ||||||
| Other | 65,852,288 | 2.1 | ||||||||
| 79,723,819 | 2.5 | |||||||||
| REAL ESTATE | 20,728,938 | 0.7 | ||||||||
| RETAILING | ||||||||||
| Argos Merger Sub, Inc | ||||||||||
| 16,300,000 | g | 7.125%, 03/15/23 | 16,483,375 | 0.5 | ||||||
| Men’s Wearhouse, Inc | ||||||||||
| 14,570,000 | 7.000%, 07/01/22 | 15,008,994 | 0.5 | |||||||
| Other | 37,496,881 | 1.2 | ||||||||
| 68,989,250 | 2.2 | |||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | $ | 8,625,000 | 0.3 | % | ||||||
| SOFTWARE & SERVICES | 85,303,392 | 2.7 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||
| International Game Technology | ||||||||||
| $ | 35,530,000 | 5.625%–7.500%, 06/15/19–02/15/25 | 33,637,750 | 1.1 | ||||||
| Scientific Games International, Inc | ||||||||||
| 14,500,000 | g | 7.000%, 01/01/22 | 14,318,750 | 0.4 | ||||||
| 16,000,000 | 10.000%, 12/01/22 | 13,920,000 | 0.4 | |||||||
| Other | 29,858,375 | 1.0 | ||||||||
| 91,734,875 | 2.9 | |||||||||
| TELECOMMUNICATION SERVICES | ||||||||||
| CommScope Technologies Finance LLC | ||||||||||
| 23,700,000 | g | 6.000%, 06/15/25 | 22,737,306 | 0.7 | ||||||
| Intelsat Luxembourg S.A. | ||||||||||
| 19,300,000 | 6.750%, 06/01/18 | 16,332,625 | 0.5 | |||||||
| T-Mobile USA, Inc | ||||||||||
| 38,775,000 | 6.125%–6.836%, 04/28/20–03/01/25 | 38,361,719 | 1.2 | |||||||
| Other | 179,952,450 | 5.6 | ||||||||
| 257,384,100 | 8.0 | |||||||||
| TRANSPORTATION | ||||||||||
| Bombardier, Inc | ||||||||||
| 52,025,000 | 5.500%–7.750%, 03/15/18–03/15/25 | 42,198,625 | 1.3 | |||||||
| Other | 42,203,370 | 1.5 | ||||||||
| 84,401,995 | 2.8 | |||||||||
| UTILITIES | ||||||||||
| AmeriGas Finance LLC | ||||||||||
| 14,000,000 | 7.000%, 05/20/22 | 14,350,000 | 0.5 | |||||||
| Ferrellgas Partners LP | ||||||||||
| 13,873,000 | 8.625%, 06/15/20 | 13,873,000 | 0.4 | |||||||
| Other | 112,784,860 | 3.6 | ||||||||
| 141,007,860 | 4.5 | |||||||||
| TOTAL CORPORATE BONDS (Cost $2,745,748,293) | 2,515,796,880 | 78.8 | ||||||||
| TOTAL BONDS (Cost $2,745,748,293) | 2,515,796,880 | 78.8 | ||||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| 20,000,000 | 0.120%, 10/09/15 | 19,999,860 | 0.6 | |||||||
| 15,600,000 | 0.080%, 10/14/15 | 15,599,828 | 0.5 | |||||||
| 20,000,000 | 0.060%, 10/26/15 | 19,999,580 | 0.6 | |||||||
| 40,000,000 | 0.125%, 10/30/15 | 39,999,040 | 1.3 | |||||||
| 18,000,000 | q | 0.120%, 11/16/15 | 17,998,488 | 0.6 | ||||||
| 20,000,000 | 0.110%, 11/18/15 | 19,998,240 | 0.6 | |||||||
| 45,000,000 | 0.050%–0.075%, 11/20/15 | 44,995,860 | 1.4 | |||||||
| 20,000,000 | 0.110%, 11/24/15 | 19,998,020 | 0.6 | |||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||
| 50,000,000 | 0.095%, 10/27/15 | 49,998,900 | 1.6 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 15,000,000 | 0.100%, 10/05/15 | 14,999,955 | 0.5 | |||||||
| 263,587,771 | 8.3 | |||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 31 |
| Summary portfolio of investments (unaudited) | concluded |
High-Yield Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| TREASURY DEBT | ||||||||||
| United States Treasury Bill | ||||||||||
| $ | 68,000,000 | q | 0.230%, 03/03/16 | $ | 67,990,888 | 2.0 | % | |||
| 67,990,888 | 2.0 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $331,510,667) | 331,578,659 | 10.3 | ||||||||
| TOTAL PORTFOLIO | ||||||||||
| (Cost $3,467,205,457) | 3,223,584,763 | 100.9 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | (30,063,498 | ) | (0.9 | ) | ||||||
| NET ASSETS | $ | 3,193,521,265 | 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 9/30/2015, the aggregate value of these securities, including those in “Other,” was $1,112,543,689 or 34.8% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
| q | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on unfunded loan commitments. |
“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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Inflation-Linked Bond Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | ||||||||||
| Private Export Funding Corp (PEFCO) | ||||||||||
| $ | 3,500,000 | 2.300%, 09/15/20 | $ | 3,564,974 | 0.2 | % | ||||
| 3,000,000 | 3.250%, 06/15/25 | 3,116,436 | 0.2 | |||||||
| 3,000,000 | Ukraine Government AID Bonds | 3,041,154 | 0.1 | |||||||
| 9,722,564 | 0.5 | |||||||||
| MORTGAGE BACKED | ||||||||||
| Government National Mortgage Association (GNMA) | ||||||||||
| 7,000,000 | 3.700%, 10/15/33 | 7,561,373 | 0.4 | |||||||
| 7,561,373 | 0.4 | |||||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Bond | ||||||||||
| 10,000,000 | 3.000%, 05/15/45 | 10,241,150 | 0.5 | |||||||
| 8,000,000 | 2.875%, 08/15/45 | 8,000,832 | 0.4 | |||||||
| United States Treasury Inflation Indexed Bonds | ||||||||||
| 28,767,097 | k | 2.500%, 07/15/16 | 29,243,538 | 1.5 | ||||||
| 39,441,377 | k | 2.375%, 01/15/17 | 40,496,749 | 2.0 | ||||||
| 100,595,839 | k | 0.125%, 04/15/17 | 100,231,683 | 5.0 | ||||||
| 31,617,612 | k | 2.625%, 07/15/17 | 33,120,271 | 1.7 | ||||||
| 31,404,914 | k | 1.625%, 01/15/18 | 32,514,733 | 1.6 | ||||||
| 94,363,188 | k | 0.125%, 04/15/18 | 94,269,768 | 4.7 | ||||||
| 32,455,671 | k | 1.375%, 07/15/18 | 33,753,898 | 1.7 | ||||||
| 31,565,253 | k | 2.125%, 01/15/19 | 33,629,747 | 1.7 | ||||||
| 69,258,000 | k | 0.125%, 04/15/19 | 69,041,569 | 3.5 | ||||||
| 35,667,563 | k | 1.875%, 07/15/19 | 38,100,661 | 1.9 | ||||||
| 42,212,361 | k | 1.375%, 01/15/20 | 44,304,828 | 2.2 | ||||||
| 110,062,800 | k | 0.125%, 04/15/20 | 109,386,354 | 5.5 | ||||||
| 65,213,216 | k | 1.250%, 07/15/20 | 68,478,963 | 3.4 | ||||||
| 72,092,389 | k | 1.125%, 01/15/21 | 74,945,084 | 3.8 | ||||||
| 70,872,956 | k | 0.625%, 07/15/21 | 71,885,305 | 3.6 | ||||||
| 74,877,183 | k | 0.125%, 01/15/22 | 73,001,360 | 3.7 | ||||||
| 103,779,000 | k | 0.125%, 07/15/22 | 101,250,736 | 5.1 | ||||||
| 68,239,380 | k | 0.125%, 01/15/23 | 65,822,546 | 3.3 | ||||||
| 56,403,050 | k | 0.375%, 07/15/23 | 55,457,114 | 2.8 | ||||||
| 63,158,518 | k | 0.625%, 01/15/24 | 62,887,946 | 3.2 | ||||||
| 55,279,950 | k | 0.125%, 07/15/24 | 52,777,979 | 2.7 | ||||||
| 37,281,200 | k | 0.250%, 01/15/25 | 35,756,474 | 1.8 | ||||||
| 58,055,291 | k | 2.375%, 01/15/25 | 66,845,210 | 3.4 | ||||||
| 8,050,960 | k | 0.375%, 07/15/25 | 7,848,116 | 0.4 | ||||||
| 71,010,116 | k | 2.000%, 01/15/26 | 79,723,625 | 4.0 | ||||||
| 33,145,227 | k | 2.375%, 01/15/27 | 38,817,900 | 2.0 | ||||||
| 35,344,199 | k | 1.750%, 01/15/28 | 39,094,925 | 2.0 | ||||||
| 34,031,855 | k | 3.625%, 04/15/28 | 45,127,669 | 2.3 | ||||||
| 35,781,438 | k | 2.500%, 01/15/29 | 42,943,773 | 2.2 | ||||||
| 36,275,579 | k | 3.875%, 04/15/29 | 50,029,139 | 2.5 | ||||||
| 11,064,137 | k | 3.375%, 04/15/32 | 15,169,397 | 0.8 | ||||||
| 16,013,632 | k | 2.125%, 02/15/40 | 18,886,911 | 0.9 | ||||||
| 26,990,829 | k | 2.125%, 02/15/41 | 32,016,467 | 1.6 | ||||||
| 36,649,099 | k | 0.750%, 02/15/42 | 32,094,202 | 1.6 | ||||||
| 36,331,050 | k | 0.625%, 02/15/43 | 30,621,226 | 1.5 | ||||||
| 44,032,000 | k | 1.375%, 02/15/44 | 44,707,979 | 2.2 | ||||||
| 26,350,220 | k | 0.750%, 02/15/45 | 22,867,749 | 1.1 | ||||||
| United States Treasury Note | ||||||||||
| 7,500,000 | 2.125%, 05/15/25 | 7,547,753 | 0.4 | |||||||
| 1,912,941,329 | 96.2 | |||||||||
| TOTAL GOVERNMENT BONDS | ||||||||||
| (Cost $1,924,316,131) | 1,930,225,266 | 97.1 | ||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| $ | 5,000,000 | 0.060%, 10/09/15 | $ | 4,999,965 | 0.2 | % | ||||
| 13,000,000 | 0.110%, 10/23/15 | 12,999,766 | 0.7 | |||||||
| 6,000,000 | 0.110%, 11/04/15 | 5,999,628 | 0.3 | |||||||
| 5,000,000 | 0.050%, 11/20/15 | 4,999,540 | 0.2 | |||||||
| 7,000,000 | 0.110%, 11/24/15 | 6,999,307 | 0.4 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 20,000,000 | 0.100%, 10/05/15 | 19,999,940 | 1.0 | |||||||
| 55,998,146 | 2.8 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||
| (Cost $55,996,711) | 55,998,146 | 2.8 | ||||||||
| TOTAL PORTFOLIO | ||||||||||
| (Cost $1,980,312,842) | 1,986,223,412 | 99.9 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | 2,265,802 | 0.1 | ||||||||
| NET ASSETS | $ | 1,988,489,214 | 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 ■ 2015 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
Short-Term Bond Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| BANK LOAN OBLIGATIONS | ||||||||||
| CAPITAL GOODS | $ | 1,745,442 | 0.1 | % | ||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 994,130 | 0.1 | ||||||||
| CONSUMER DURABLES & APPAREL | 2,611,056 | 0.2 | ||||||||
| CONSUMER SERVICES | 7,548,433 | 0.5 | ||||||||
| DIVERSIFIED FINANCIALS | 1,992,500 | 0.1 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 8,947,211 | 0.6 | ||||||||
| MEDIA | 9,329,708 | 0.6 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 344,290 | 0.0 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,580,406 | 0.2 | ||||||||
| SOFTWARE & SERVICES | 2,960,597 | 0.2 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 7,751,380 | 0.5 | ||||||||
| TELECOMMUNICATION SERVICES | 2,964,768 | 0.2 | ||||||||
| UTILITIES | 980,323 | 0.2 | ||||||||
| TOTAL BANK LOAN OBLIGATIONS | ||||||||||
| (Cost $50,939,895) | 50,750,244 | 3.5 | ||||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| BANKS | ||||||||||
| Bank of America Corp | ||||||||||
| $ | 9,350,000 | 2.000%, 01/11/18 | 9,385,128 | 0.6 | ||||||
| Bank of America NA | ||||||||||
| 10,000,000 | 1.650%, 03/26/18 | 9,995,520 | 0.7 | |||||||
| Bank of Nova Scotia | ||||||||||
| 15,000,000 | 2.125%, 09/11/19 | 15,190,035 | 1.0 | |||||||
| Royal Bank of Canada | ||||||||||
| 15,000,000 | 1.875%, 02/05/20 | 15,024,525 | 1.0 | |||||||
| Skandinaviska Enskilda Banken AB | ||||||||||
| 11,000,000 | g | 1.375%, 05/29/18 | 10,983,643 | 0.8 | ||||||
| SpareBank Boligkreditt AS. | ||||||||||
| 8,000,000 | g | 1.250%, 05/02/18 | 7,971,136 | 0.6 | ||||||
| Toronto-Dominion Bank | ||||||||||
| 9,000,000 | g | 1.950%, 04/02/20 | 9,006,633 | 0.6 | ||||||
| Other | 110,629,924 | 7.6 | ||||||||
| 188,186,544 | 12.9 | |||||||||
| CAPITAL GOODS | ||||||||||
| John Deere Capital Corp | ||||||||||
| 12,450,000 | 1.050%, 12/15/16 | 12,474,614 | 0.8 | |||||||
| Other | 21,131,266 | 1.5 | ||||||||
| 33,605,880 | 2.3 | |||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||
| Daimler Finance North America LLC | ||||||||||
| $ | 8,000,000 | g | 2.000%, 08/03/18 | $ | 7,883,984 | 0.6 | % | |||
| Other | 5,369,620 | 0.4 | ||||||||
| 13,253,604 | 1.0 | |||||||||
| CONSUMER SERVICES | 3,511,566 | 0.3 | ||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| Caisse Centrale Desjardins du Quebec | ||||||||||
| 8,000,000 | g | 1.600%, 03/06/17 | 8,074,960 | 0.5 | ||||||
| Goldman Sachs Group, Inc | ||||||||||
| 10,000,000 | 3.625%, 02/07/16 | 10,095,760 | 0.7 | |||||||
| Nederlandse Waterschapsbank NV | ||||||||||
| 8,300,000 | g | 1.875%, 03/13/19 | 8,446,437 | 0.6 | ||||||
| Wells Fargo & Co | ||||||||||
| 11,000,000 | 1.250%, 07/20/16 | 11,047,344 | 0.8 | |||||||
| Other | 61,321,044 | 4.2 | ||||||||
| 98,985,545 | 6.8 | |||||||||
| ENERGY | 31,335,725 | 2.2 | ||||||||
| FOOD & STAPLES RETAILING | 6,481,516 | 0.4 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 11,160,015 | 0.8 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 18,899,688 | 1.3 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 1,392,379 | 0.1 | ||||||||
| INSURANCE | 10,677,788 | 0.7 | ||||||||
| MATERIALS | 13,307,716 | 0.9 | ||||||||
| MEDIA | 2,635,896 | 0.2 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 23,233,900 | 1.6 | ||||||||
| REAL ESTATE | 1,305,662 | 0.1 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,001,328 | 0.0 | ||||||||
| SOFTWARE & SERVICES | 1,811,866 | 0.1 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 25,162,976 | 1.8 | ||||||||
| TELECOMMUNICATION SERVICES | ||||||||||
| Verizon Communications, Inc | ||||||||||
| 14,090,000 | 0.700%–2.625%, 11/02/15–02/21/20 | 14,120,313 | 1.0 | |||||||
| Other | 8,531,256 | 0.6 | ||||||||
| 22,651,569 | 1.6 | |||||||||
| TRANSPORTATION | 5,162,818 | 0.3 | ||||||||
| UTILITIES | 42,060,752 | 2.8 | ||||||||
| TOTAL CORPORATE BONDS | ||||||||||
| (Cost $556,318,756) | 555,824,733 | 38.2 | ||||||||
| 34 | 2015 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, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| $ | 12,000,000 | 0.375%, 02/19/16 | $ | 12,002,700 | 0.8 | % | ||||
| 14,000,000 | 0.875%, 05/24/17 | 14,062,650 | 1.0 | |||||||
| Hospital for Special Surgery | ||||||||||
| 7,725,004 | g | 3.500%, 01/01/23 | 7,938,515 | 0.6 | ||||||
| Other | 22,245,379 | 1.5 | ||||||||
| 56,249,244 | 3.9 | |||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||
| International Finance Facility for Immunisation | ||||||||||
| 20,000,000 | g,i | 0.515%, 07/05/16 | 20,001,500 | 1.3 | ||||||
| Other | 47,739,387 | 3.2 | ||||||||
| 67,740,887 | 4.5 | |||||||||
| MORTGAGE BACKED | 16,000,670 | 1.1 | ||||||||
| MUNICIPAL BONDS | 5,535,130 | 0.4 | ||||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Inflation Indexed Bonds | ||||||||||
| 10,507,300 | k | 0.125%, 04/15/17 | 10,469,264 | 0.7 | ||||||
| 17,324,700 | k | 0.125%, 04/15/20 | 17,218,222 | 1.2 | ||||||
| United States Treasury Note | ||||||||||
| 35,790,000 | d | 0.500%, 06/15/16 | 35,851,523 | 2.5 | ||||||
| 26,315,000 | d | 0.625%, 08/15/16 | 26,375,314 | 1.8 | ||||||
| 15,000,000 | 0.625%, 12/31/16 | 15,029,685 | 1.0 | |||||||
| 31,455,000 | 0.625%, 02/15/17 | 31,516,023 | 2.2 | |||||||
| 15,000,000 | 0.625%, 08/31/17 | 14,999,610 | 1.0 | |||||||
| 7,550,000 | 1.000%, 12/15/17 | 7,597,384 | 0.5 | |||||||
| 34,568,000 | 1.000%, 09/15/18 | 34,649,926 | 2.4 | |||||||
| 35,990,000 | 1.375%, 09/30/20 | 35,984,385 | 2.5 | |||||||
| 21,877,600 | 0.375%–2.000%, 05/31/16–08/15/25 | 21,933,427 | 1.5 | |||||||
| 251,624,763 | 17.3 | |||||||||
| TOTAL GOVERNMENT BONDS | ||||||||||
| (Cost $395,950,317) | 397,150,694 | 27.2 | ||||||||
| STRUCTURED ASSETS | ||||||||||
| ASSET BACKED | ||||||||||
| Connecticut Avenue Securities | ||||||||||
| Series 2015-C01 (Class 1M1) | ||||||||||
| 7,465,735 | i | 1.694%, 02/25/25 | 7,482,937 | 0.5 | ||||||
| Flagstar Home Equity Loan Trust | ||||||||||
| Series 2006-2A (Class A) | ||||||||||
| 7,798,172 | g,i | 0.354%, 06/25/19 | 7,754,237 | 0.5 | ||||||
| Ford Credit Auto Owner Trust | ||||||||||
| Series 2014-2 (Class B) | ||||||||||
| 9,250,000 | g | 2.510%, 04/15/26 | 9,429,219 | 0.7 | ||||||
| Other | 114,050,918 | 7.8 | ||||||||
| 138,717,311 | 9.5 | |||||||||
| Principal | Issuer | Value | % of net assets | |||||||
| OTHER MORTGAGE BACKED | ||||||||||
| Banc of America Commercial Mortgage Trust | ||||||||||
| Series 2006-6 (Class AM) | ||||||||||
| $ | 10,000,000 | 5.390%, 10/10/45 | $ | 10,357,100 | 0.7 | % | ||||
| Series 2007-1 (Class AM) | ||||||||||
| 8,750,000 | g | 5.416%, 01/15/49 | 9,056,022 | 0.6 | ||||||
| Bear Stearns Commercial Mortgage Securities Trust | ||||||||||
| Series 2003-PWR2 (Class H) | ||||||||||
| 13,335,000 | g,i | 5.300%, 05/11/39 | 14,461,527 | 1.0 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||||
| Series 2006-C4 (Class AJ) | ||||||||||
| 7,896,000 | i | 5.975%, 03/15/49 | 8,022,668 | 0.5 | ||||||
| Series 2007-C6 (Class AMFX) | ||||||||||
| 10,000,000 | g,i | 5.900%, 12/10/49 | 10,454,250 | 0.7 | ||||||
| COBALT CMBS Commercial Mortgage Trust | ||||||||||
| Series 2007-C3 (Class AM) | ||||||||||
| 8,670,000 | i | 5.771%, 05/15/46 | 9,209,153 | 0.6 | ||||||
| Credit Suisse Commercial Mortgage Trust | ||||||||||
| Series 2007-C4 (Class A1AJ) | ||||||||||
| 10,000,000 | i | 5.903%, 09/15/39 | 10,239,540 | 0.7 | ||||||
| Series 2007-C2 (Class AMFL) | ||||||||||
| 8,286,585 | i | 0.437%, 01/15/49 | 8,002,977 | 0.5 | ||||||
| Series 2007-C2 (Class AJ) | ||||||||||
| 10,000,000 | i | 5.625%, 01/15/49 | 10,302,760 | 0.7 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||||
| Series 2006-LDP6 (Class AJ) | ||||||||||
| 8,000,000 | i | 5.565%, 04/15/43 | 8,069,216 | 0.6 | ||||||
| 19,376,366 | 4.845%–6.192%, 02/16/25–02/15/51 | 19,995,362 | 1.4 | |||||||
| LB-UBS Commercial Mortgage Trust | ||||||||||
| Series 2004-C7 (Class K) | ||||||||||
| 10,691,000 | g,i | 5.151%, 10/15/36 | 11,163,243 | 0.8 | ||||||
| Series 2007-C1 (Class AJ) | ||||||||||
| 11,190,000 | 5.484%, 02/15/40 | 11,505,401 | 0.8 | |||||||
| Morgan Stanley Capital I Trust | ||||||||||
| Series 2007-IQ15 (Class AM) | ||||||||||
| 10,950,000 | i | 5.907%, 06/11/49 | 11,615,015 | 0.8 | ||||||
| Structured Agency Credit Risk Debt Note (STACR) | ||||||||||
| Series 2015-DN1 (Class M2) | ||||||||||
| 13,000,000 | i | 2.594%, 01/25/25 | 13,157,495 | 0.9 | ||||||
| Series 2015-HQ1 (Class M2) | ||||||||||
| 10,000,000 | i | 2.394%, 03/25/25 | 9,999,990 | 0.7 | ||||||
| Series 2015-HQ2 (Class M1) | ||||||||||
| 9,752,615 | i | 1.294%, 05/25/25 | 9,715,819 | 0.7 | ||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||
| Series 2007-C30 (Class AM) | ||||||||||
| 8,735,000 | 5.383%, 12/15/43 | 9,079,011 | 0.6 | |||||||
| Series 2007-C32 (Class AMFX) | ||||||||||
| 8,000,000 | g | 5.703%, 06/15/49 | 8,429,968 | 0.6 | ||||||
| Other | 85,465,344 | 5.9 | ||||||||
| 288,301,861 | 19.8 | |||||||||
| TOTAL STRUCTURED ASSETS | ||||||||||
| (Cost $427,853,926) | 427,019,172 | 29.3 | ||||||||
| TOTAL BONDS | ||||||||||
| (Cost $1,380,122,999) | 1,379,994,599 | 94.7 | ||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 35 |
| Summary portfolio of investments (unaudited) | concluded |
Short-Term Bond Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| $ | 15,500,000 | 0.110%, 11/18/15 | $ | 15,498,636 | 1.1 | % | ||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 7,800,000 | d | 0.100%, 10/05/15 | 7,799,977 | 0.5 | ||||||
| Other | 4,999,540 | 0.4 | ||||||||
| 28,298,153 | 2.0 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||
| (Cost $28,297,293) | 28,298,153 | 2.0 | ||||||||
| TOTAL PORTFOLIO | ||||||||||
| (Cost $1,459,360,187) | 1,459,042,996 | 100.2 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | (2,430,211 | ) | (0.2 | ) | ||||||
| NET ASSETS | $ | 1,456,612,785 | 100.0 | % | ||||||
| d | All or a portion of these securities have been segregated by the custodian 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 9/30/2015, the aggregate value of these securities, including those in “Other,” was $294,942,617 or 20.2% 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 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Short-Term Bond Index Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| BANKS | ||||||||||
| Australia & New Zealand Banking Group Ltd | ||||||||||
| $ | 250,000 | 1.250%, 01/10/17 | $ | 250,961 | 0.3 | % | ||||
| Bank of America Corp | ||||||||||
| 900,000 | 1.700%, 08/25/17 | 902,365 | 0.9 | |||||||
| 250,000 | 2.000%, 01/11/18 | 250,939 | 0.3 | |||||||
| Capital One NA | ||||||||||
| 250,000 | 2.350%, 08/17/18 | 250,714 | 0.2 | |||||||
| Citigroup, Inc | ||||||||||
| 600,000 | 1.350%, 03/10/17 | 598,892 | 0.6 | |||||||
| Deutsche Bank AG | ||||||||||
| 250,000 | 1.875%, 02/13/18 | 249,168 | 0.2 | |||||||
| JPMorgan Chase & Co | ||||||||||
| 600,000 | 1.800%, 01/25/18 | 600,548 | 0.6 | |||||||
| PNC Bank NA | ||||||||||
| 300,000 | 1.500%, 02/23/18 | 299,377 | 0.3 | |||||||
| Royal Bank of Canada | ||||||||||
| 250,000 | 1.250%, 06/16/17 | 250,279 | 0.2 | |||||||
| Toronto-Dominion Bank | ||||||||||
| 250,000 | 1.125%, 05/02/17 | 250,362 | 0.2 | |||||||
| Westpac Banking Corp | ||||||||||
| 250,000 | 1.550%, 05/25/18 | 249,556 | 0.2 | |||||||
| Other | 2,061,841 | 2.0 | ||||||||
| 6,215,002 | 6.0 | |||||||||
| CAPITAL GOODS | ||||||||||
| Caterpillar Financial Services Corp | ||||||||||
| 250,000 | 1.250%, 08/18/17 | 250,102 | 0.3 | |||||||
| Other | 656,418 | 0.6 | ||||||||
| 906,520 | 0.9 | |||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 200,643 | 0.2 | ||||||||
| CONSUMER SERVICES | 309,244 | 0.3 | ||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| American Express Credit Corp | ||||||||||
| 300,000 | 1.550%, 09/22/17 | 300,583 | 0.3 | |||||||
| Credit Suisse | ||||||||||
| 300,000 | 1.750%, 01/29/18 | 300,027 | 0.3 | |||||||
| Ford Motor Credit Co LLC | ||||||||||
| 250,000 | 1.684%, 09/08/17 | 248,371 | 0.2 | |||||||
| General Electric Capital Corp | ||||||||||
| 300,000 | 1.600%, 11/20/17 | 303,922 | 0.3 | |||||||
| Goldman Sachs Group, Inc | ||||||||||
| 700,000 | 2.375%, 01/22/18 | 709,186 | 0.7 | |||||||
| Morgan Stanley | ||||||||||
| 500,000 | 4.750%, 03/22/17 | 524,348 | 0.5 | |||||||
| UBS AG. | ||||||||||
| 250,000 | 1.375%, 06/01/17 | 249,521 | 0.2 | |||||||
| Wells Fargo & Co | ||||||||||
| 500,000 | 1.150%, 06/02/17 | 500,228 | 0.5 | |||||||
| Other | 2,036,125 | 2.0 | ||||||||
| 5,172,311 | 5.0 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| ENERGY | ||||||||||
| Pemex Project Funding Master Trust | ||||||||||
| $ | 500,000 | 5.750%, 03/01/18 | $ | 528,850 | 0.5 | % | ||||
| Other | 1,418,277 | 1.4 | ||||||||
| 1,947,127 | 1.9 | |||||||||
| FOOD & STAPLES RETAILING | 201,348 | 0.2 | ||||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||
| Philip Morris International, Inc | ||||||||||
| 200,000 | 5.650%, 05/16/18 | 220,903 | 0.2 | |||||||
| Other | 1,016,664 | 1.0 | ||||||||
| 1,237,567 | 1.2 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 503,847 | 0.5 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 49,754 | 0.0 | ||||||||
| INSURANCE | ||||||||||
| Berkshire Hathaway Finance Corp | ||||||||||
| 250,000 | 1.600%, 05/15/17 | 252,508 | 0.3 | |||||||
| Other | 562,715 | 0.5 | ||||||||
| 815,223 | 0.8 | |||||||||
| MATERIALS | ||||||||||
| Kimberly-Clark Corp | ||||||||||
| 200,000 | 6.125%, 08/01/17 | 218,031 | 0.2 | |||||||
| Other | 397,814 | 0.4 | ||||||||
| 615,845 | 0.6 | |||||||||
| MEDIA | ||||||||||
| Comcast Corp | ||||||||||
| 200,000 | 6.300%, 11/15/17 | 220,382 | 0.2 | |||||||
| Other | 211,669 | 0.2 | ||||||||
| 432,051 | 0.4 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||
| GlaxoSmithKline Capital, Inc | ||||||||||
| 200,000 | 5.650%, 05/15/18 | 221,712 | 0.2 | |||||||
| Other | 1,068,588 | 1.0 | ||||||||
| 1,290,300 | 1.2 | |||||||||
| REAL ESTATE | 417,567 | 0.4 | ||||||||
| RETAILING | 420,473 | 0.4 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||
| Intel Corp | ||||||||||
| 250,000 | 1.350%, 12/15/17 | 249,553 | 0.2 | |||||||
| 249,553 | 0.2 | |||||||||
| SOFTWARE & SERVICES | ||||||||||
| Oracle Corp | ||||||||||
| 200,000 | 5.750%, 04/15/18 | 220,866 | 0.2 | |||||||
| Other | 570,654 | 0.5 | ||||||||
| 791,520 | 0.7 | |||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 1,068,221 | 1.0 | ||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 37 |
| Summary portfolio of investments (unaudited) | concluded |
Short-Term Bond Index Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| TELECOMMUNICATION SERVICES | ||||||||||
| AT&T, Inc | ||||||||||
| $ | 300,000 | 1.400%, 12/01/17 | $ | 298,442 | 0.3 | % | ||||
| Other | 500,752 | 0.5 | ||||||||
| 799,194 | 0.8 | |||||||||
| TRANSPORTATION | 210,190 | 0.2 | ||||||||
| UTILITIES | ||||||||||
| MidAmerican Energy Holdings Co | ||||||||||
| 200,000 | 5.750%, 04/01/18 | 219,296 | 0.2 | |||||||
| Other | 803,421 | 0.8 | ||||||||
| 1,022,717 | 1.0 | |||||||||
| TOTAL CORPORATE BONDS (Cost $24,884,132) | 24,876,217 | 23.9 | ||||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | ||||||||||
| Federal Home Loan Banks (FHLB) | ||||||||||
| 1,730,000 | 0.875%, 03/10/17 | 1,734,725 | 1.7 | |||||||
| 1,000,000 | 2.250%, 09/08/17 | 1,029,799 | 1.0 | |||||||
| 500,000 | 1.125%, 04/25/18 | 503,402 | 0.5 | |||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||
| 2,800,000 | 1.000%, 03/08/17 | 2,818,029 | 2.7 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 800,000 | j | 0.00%, 06/01/17 | 790,378 | 0.8 | ||||||
| 2,000,000 | 0.875%, 08/28/17 | 2,002,822 | 1.9 | |||||||
| Other | 105,625 | 0.2 | ||||||||
| 8,984,780 | 8.8 | |||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||
| African Development Bank | ||||||||||
| 500,000 | 0.875%, 05/15/17 | 501,246 | 0.5 | |||||||
| Asian Development Bank | ||||||||||
| 400,000 | 0.750%, 07/28/17 | 400,006 | 0.4 | |||||||
| Canada Government International Bond | ||||||||||
| 250,000 | 1.125%, 03/19/18 | 251,162 | 0.2 | |||||||
| European Investment Bank | ||||||||||
| 1,350,000 | 1.125%, 09/15/17 | 1,357,428 | 1.3 | |||||||
| Inter-American Development Bank | ||||||||||
| 500,000 | 1.125%, 03/15/17 | 503,639 | 0.5 | |||||||
| International Bank for Reconstruction & Development | ||||||||||
| 650,000 | 1.000%, 11/15/17 | 652,879 | 0.6 | |||||||
| International Finance Corp | ||||||||||
| 500,000 | 1.000%, 04/24/17 | 501,847 | 0.5 | |||||||
| KFW | ||||||||||
| 1,450,000 | 0.875%, 09/05/17 | 1,451,479 | 1.4 | |||||||
| Province of Ontario Canada | ||||||||||
| 300,000 | 1.100%, 10/25/17 | 300,365 | 0.3 | |||||||
| Other | 1,351,038 | 1.3 | ||||||||
| 7,271,089 | 7.0 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Note | ||||||||||
| $ | 4,550,000 | 0.625%, 07/15/16 | $ | 4,560,784 | 4.4 | % | ||||
| 37,000,000 | 0.875%, 05/15/17 | 37,185,962 | 35.8 | |||||||
| 7,200,000 | 0.625%, 07/31/17 | 7,203,096 | 6.9 | |||||||
| 2,150,000 | 0.875%, 07/15/18 | 2,150,168 | 2.1 | |||||||
| 11,250,000 | 1.000%, 09/15/18 | 11,276,661 | 10.7 | |||||||
| 62,376,671 | 59.9 | |||||||||
| TOTAL GOVERNMENT BONDS (Cost $78,629,659) | 78,632,540 | 75.7 | ||||||||
| TOTAL BONDS (Cost $103,513,791) | 103,508,757 | 99.6 | ||||||||
| TOTAL PORTFOLIO (Cost $103,513,791) | 103,508,757 | 99.6 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | 378,078 | 0.4 | ||||||||
| NET ASSETS | $ | 103,886,835 | 100.0 | % | ||||||
| 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.
At 9/30/15, the aggregate value of securities exempted from registration under Rule 144 (A) of the Securities Act of 1933 amounted to $500,891 or 0.5%. 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.
| 38 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Social Choice Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| BANK LOAN OBLIGATIONS | ||||||||||
| ENERGY | $ | 971,301 | 0.1 | % | ||||||
| MEDIA | 1,313,705 | 0.3 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 983,687 | 0.2 | ||||||||
| UTILITIES | 2,801,862 | 0.4 | ||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $6,138,271) | 6,070,555 | 1.0 | ||||||||
| BONDS | ||||||||||
| CORPORATE BONDS | ||||||||||
| AUTOMOBILES & COMPONENTS | ||||||||||
| Harley-Davidson, Inc | ||||||||||
| $ | 3,000,000 | 4.625%, 07/28/45 | 3,002,298 | 0.5 | ||||||
| 3,002,298 | 0.5 | |||||||||
| BANKS | ||||||||||
| Bank of America Corp | ||||||||||
| 3,200,000 | 1.350%, 11/21/16 | 3,203,414 | 0.6 | |||||||
| 3,000,000 | 1.950%, 05/12/18 | 3,009,864 | 0.5 | |||||||
| Discover Bank | ||||||||||
| 3,000,000 | 2.600%, 11/13/18 | 3,012,810 | 0.5 | |||||||
| KeyCorp | ||||||||||
| 4,000,000 | 2.900%, 09/15/20 | 4,032,780 | 0.7 | |||||||
| Toronto-Dominion Bank | ||||||||||
| 3,000,000 | g | 1.950%, 04/02/20 | 3,002,211 | 0.5 | ||||||
| Other | 19,161,309 | 3.3 | ||||||||
| 35,422,388 | 6.1 | |||||||||
| CAPITAL GOODS | 12,930,785 | 2.2 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 5,443,371 | 0.9 | ||||||||
| CONSUMER SERVICES | ||||||||||
| Henry J Kaiser Family Foundation | ||||||||||
| 3,000,000 | 3.356%, 12/01/25 | 3,084,549 | 0.5 | |||||||
| Other | 6,757,584 | 1.2 | ||||||||
| 9,842,133 | 1.7 | |||||||||
| DIVERSIFIED FINANCIALS | ||||||||||
| Morgan Stanley | ||||||||||
| 3,000,000 | 2.200%, 12/07/18 | 3,028,104 | 0.5 | |||||||
| Unilever Capital Corp | ||||||||||
| 3,325,000 | 2.100%, 07/30/20 | 3,339,084 | 0.6 | |||||||
| Other | 7,772,815 | 1.3 | ||||||||
| 14,140,003 | 2.4 | |||||||||
| ENERGY | 13,626,013 | 2.4 | ||||||||
| FOOD & STAPLES RETAILING | 2,199,321 | 0.4 | ||||||||
| FOOD, BEVERAGE & TOBACCO | 2,963,933 | 0.5 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 4,468,228 | 0.8 | ||||||||
| INSURANCE | 7,507,097 | 1.3 | ||||||||
| MATERIALS | 10,358,122 | 1.8 | ||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| MEDIA | ||||||||||
| CCO Safari II LLC | ||||||||||
| $ | 3,000,000 | g | 3.579%, 07/23/20 | $ | 2,978,115 | 0.5 | % | |||
| 3,000,000 | g | 4.908%, 07/23/25 | 2,986,824 | 0.5 | ||||||
| Other | 1,769,959 | 0.3 | ||||||||
| 7,734,898 | 1.3 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||
| Biogen, Inc | ||||||||||
| 3,000,000 | 3.625%, 09/15/22 | 3,024,006 | 0.5 | |||||||
| Other | 4,199,384 | 0.7 | ||||||||
| 7,223,390 | 1.2 | |||||||||
| REAL ESTATE | ||||||||||
| Regency Centers LP | ||||||||||
| 3,000,000 | 3.750%, 06/15/24 | 3,005,532 | 0.5 | |||||||
| Other | 12,747,602 | 2.2 | ||||||||
| 15,753,134 | 2.7 | |||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||
| Intel Corp | ||||||||||
| 3,000,000 | 2.450%, 07/29/20 | 3,040,005 | 0.5 | |||||||
| 3,040,005 | 0.5 | |||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||
| Hewlett Packard Enterprise Co | ||||||||||
| 3,000,000 | g | 2.850%, 10/05/18 | 2,996,160 | 0.5 | ||||||
| Other | 1,201,675 | 0.2 | ||||||||
| 4,197,835 | 0.7 | |||||||||
| TELECOMMUNICATION SERVICES | 2,522,395 | 0.4 | ||||||||
| TRANSPORTATION | ||||||||||
| Kansas City Southern Railway Co | ||||||||||
| 3,000,000 | 4.950%, 08/15/45 | 3,026,166 | 0.5 | |||||||
| Union Pacific Railroad Co | ||||||||||
| 3,000,000 | 2.695%, 05/12/27 | 2,973,534 | 0.5 | |||||||
| Other | 16,644,193 | 2.9 | ||||||||
| 22,643,893 | 3.9 | |||||||||
| UTILITIES | ||||||||||
| Continental Wind LLC | ||||||||||
| 2,801,579 | g | 6.000%, 02/28/33 | 3,151,617 | 0.5 | ||||||
| NorthWestern Corp | ||||||||||
| 3,000,000 | 4.176%, 11/15/44 | 2,993,184 | 0.5 | |||||||
| San Diego Gas & Electric Co | ||||||||||
| 4,000,000 | i | 0.533%, 03/09/17 | 3,991,072 | 0.7 | ||||||
| Solar Star Funding LLC | ||||||||||
| 3,000,000 | g | 3.950%, 06/30/35 | 3,027,330 | 0.5 | ||||||
| 3,000,000 | g | 5.375%, 06/30/35 | 3,412,104 | 0.6 | ||||||
| Other | 27,441,558 | 4.8 | ||||||||
| 44,016,865 | 7.6 | |||||||||
| TOTAL CORPORATE BONDS (Cost $231,151,048) | 229,036,107 | 39.3 | ||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 39 |
| Summary portfolio of investments (unaudited) | continued |
Social Choice Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| GOVERNMENT BONDS | ||||||||||
| AGENCY SECURITIES | ||||||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| $ | 3,000,000 | 1.625%, 01/21/20 | $ | 3,031,221 | 0.5 | % | ||||
| Genesis Solar 2011 Pass Through Trust | ||||||||||
| 2,863,533 | g | 3.875%, 02/15/38 | 3,068,705 | 0.5 | ||||||
| NCUA Guaranteed Notes | ||||||||||
| 5,300,000 | 3.000%, 06/12/19 | 5,634,324 | 1.0 | |||||||
| |
|
|
New York Society for the Relief of the Ruptured & Crippled | |
|
|
|
|
|
|
| 2,975,000 | 2.881%, 12/20/31 | 2,969,812 | 0.5 | |||||||
| Overseas Private Investment Corp (OPIC) | ||||||||||
| 3,000,000 | 3.220%, 09/15/29 | 3,080,991 | 0.5 | |||||||
| 8,178,566 | 0.000%–3.938%, 11/15/19–07/31/33 | 8,352,792 | 1.4 | |||||||
| Private Export Funding Corp (PEFCO) | ||||||||||
| 3,000,000 | 2.450%, 07/15/24 | 2,943,774 | 0.5 | |||||||
| 6,220,000 | 2.125%–4.950%, 11/15/15–06/15/25 | 6,391,406 | 1.1 | |||||||
| |
|
|
United States Department of Housing and Urban Development (HUD) |
|
|
|
|
|
|
|
| 3,871,000 | 0.930%, 08/01/17 | 3,875,769 | 0.7 | |||||||
| 3,176,000 | 1.540%, 08/01/17 | 3,220,454 | 0.6 | |||||||
| 3,000,000 | 2.350%, 08/01/21 | 3,056,286 | 0.5 | |||||||
| 8,225,000 | 0.830%–5.380%, 08/01/16–08/01/27 | 8,647,872 | 1.5 | |||||||
| Other | 19,671,712 | 3.4 | ||||||||
| 73,945,118 | 12.7 | |||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||
| Canada Government International Bond | ||||||||||
| 3,000,000 | 1.125%, 03/19/18 | 3,013,947 | 0.5 | |||||||
| Export Development Canada | ||||||||||
| 3,000,000 | 0.875%, 01/30/17 | 3,009,090 | 0.5 | |||||||
| Hydro Quebec | ||||||||||
| 3,850,000 | 2.000%, 06/30/16 | 3,892,939 | 0.7 | |||||||
| Inter-American Development Bank | ||||||||||
| 5,000,000 | 1.185%, 07/09/18 | 5,026,095 | 0.9 | |||||||
| International Finance Corp | ||||||||||
| 5,000,000 | 0.500%, 05/16/16 | 5,000,980 | 0.9 | |||||||
| KFW | ||||||||||
| 3,000,000 | 1.000%, 01/26/18 | 3,005,742 | 0.5 | |||||||
| 3,000,000 | 1.500%, 04/20/20 | 3,000,081 | 0.5 | |||||||
| North American Development Bank | ||||||||||
| 3,000,000 | 2.400%, 10/26/22 | 2,972,022 | 0.5 | |||||||
| Other | 18,275,949 | 3.1 | ||||||||
| 47,196,845 | 8.1 | |||||||||
| MORTGAGE BACKED | ||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | ||||||||||
| 3,046,659 | 4.000%, 08/01/44 | 3,295,215 | 0.6 | |||||||
| 4,485,000 | 3.500%, 10/01/45 | 4,697,045 | 0.8 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 4,363,341 | 3.000%, 02/01/43 | 4,438,532 | 0.7 | |||||||
| 4,364,977 | 3.500%, 07/01/45 | 4,563,891 | 0.8 | |||||||
| 30,542,506 | 0.544%–6.000%, 11/01/25–03/01/45 | 31,557,963 | 5.4 | |||||||
| Government National Mortgage Association (GNMA) | ||||||||||
| 9,536,779 | 2.690%–5.000%, 06/15/33–06/20/45 | 8,611,844 | 1.5 | |||||||
| Other | 4,170,168 | 0.7 | ||||||||
| 61,334,658 | 10.5 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| MUNICIPAL BONDS | ||||||||||
| City of Austin TX Water & Wastewater System Revenue | ||||||||||
| $ | 3,000,000 | 2.133%, 11/15/19 | $ | 3,027,690 | 0.5 | % | ||||
| City of Chicago IL | ||||||||||
| 3,000,000 | 7.750%, 01/01/42 | 3,003,870 | 0.5 | |||||||
| Ohio State Water Development Authority | ||||||||||
| 3,000,000 | i | 0.381%, 05/01/38 | 3,000,060 | 0.5 | ||||||
| Other | 44,819,498 | 7.7 | ||||||||
| 53,851,118 | 9.2 | |||||||||
| U.S. TREASURY SECURITIES | ||||||||||
| United States Treasury Bond | ||||||||||
| 9,020,000 | 3.000%, 05/15/45 | 9,237,517 | 1.6 | |||||||
| United States Treasury Note | ||||||||||
| 5,675,000 | 1.375%, 09/30/20 | 5,674,115 | 1.0 | |||||||
| Other | 3,517,859 | 0.6 | ||||||||
| 18,429,491 | 3.2 | |||||||||
| TOTAL GOVERNMENT BONDS (Cost $252,455,209) | 254,757,230 | 43.7 | ||||||||
| STRUCTURED ASSETS | ||||||||||
| ASSET BACKED | 19,631,495 | 3.3 | ||||||||
| OTHER MORTGAGE BACKED | ||||||||||
| Banc of America Commercial Mortgage Trust | ||||||||||
| 6,427,000 | 5.480%–5.983%, 05/10/45–02/10/51 | 6,505,813 | 1.1 | |||||||
| Morgan Stanley Capital I Trust | ||||||||||
| 7,500,000 | 5.861%–6.319%, 04/12/49–12/12/49 | 7,511,086 | 1.3 | |||||||
| OBP Depositor LLC Trust | ||||||||||
| Series 2010-OBP (Class A) | ||||||||||
| 3,000,000 | g | 4.646%, 07/15/45 | 3,322,164 | 0.6 | ||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||
| 16,035,000 | 0.407%–6.219%, 12/15/43–02/15/51 | 14,128,872 | 2.4 | |||||||
| Other | 29,613,615 | 5.1 | ||||||||
| 61,081,550 | 10.5 | |||||||||
| TOTAL STRUCTURED ASSETS (Cost $80,535,164) | 80,713,045 | 13.8 | ||||||||
| TOTAL BONDS (Cost $564,141,421) | 564,506,382 | 96.8 | ||||||||
| Shares | Company | |||||||||
| PREFERRED STOCKS | ||||||||||
| BANKS | 273,235 | 0.1 | ||||||||
| TOTAL PREFERRED STOCKS (Cost $255,625) | 273,235 | 0.1 | ||||||||
| 40 | 2015 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Social Choice Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| TREASURY DEBT | ||||||||||
| United States Treasury Bill | ||||||||||
| $ | 6,800,000 | 0.130%, 11/12/15 | $ | 6,800,081 | 1.2 | % | ||||
| 6,800,081 | 1.2 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||
| (Cost $6,798,969) | 6,800,081 | 1.2 | ||||||||
| TOTAL PORTFOLIO (Cost $577,334,286) | 577,650,253 | 99.1 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | 5,333,404 | 0.9 | ||||||||
| NET ASSETS | $ | 582,983,657 | 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 9/30/2015, the aggregate value of these securities, including those in “Other,” was $86,208,157 or 14.8% of net assets. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 41 |
Summary portfolio of investments (unaudited)
Tax-Exempt Bond Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| LONG-TERM MUNICIPAL BONDS | ||||||||||
| ALASKA | ||||||||||
| Alaska Railroad Corp | ||||||||||
| $ | 2,575,000 | 5.000%, 08/01/18 | $ | 2,827,582 | 0.8 | % | ||||
| 2,827,582 | 0.8 | |||||||||
| ARIZONA | 2,323,980 | 0.7 | ||||||||
| CALIFORNIA | ||||||||||
| |
|
|
California Statewide Communities Development Authority |
|
|
|
|
|
|
|
| 4,000,000 | 5.000%, 04/01/42 | 4,389,360 | 1.3 | |||||||
| Chino Basin Regional Financing Authority | ||||||||||
| 5,000,000 | 5.000%, 11/01/38 | 5,352,500 | 1.6 | |||||||
| Los Angeles Department of Water & Power | ||||||||||
| 3,480,000 | 5.000%, 07/01/44 | 3,928,607 | 1.1 | |||||||
| State of California | ||||||||||
| 5,000,000 | 5.000%, 08/01/24 | 6,152,950 | 1.8 | |||||||
| State of California, GO | ||||||||||
| 5,000,000 | 5.000%, 08/01/18 | 5,584,800 | 1.6 | |||||||
| 2,000,000 | 5.000%, 02/01/22 | 2,394,000 | 0.7 | |||||||
| 2,000,000 | 5.000%, 04/01/22 | 2,399,780 | 0.7 | |||||||
| 2,830,000 | 5.000%, 11/01/32 | 3,064,607 | 0.9 | |||||||
| 5,000,000 | 5.000%, 06/01/37 | 5,307,900 | 1.6 | |||||||
| 3,405,000 | 5.000%, 11/01/37 | 3,666,810 | 1.1 | |||||||
| Other | 8,735,434 | 2.6 | ||||||||
| 50,976,748 | 15.0 | |||||||||
| COLORADO | ||||||||||
| Colorado Health Facilities Authority | ||||||||||
| 2,155,000 | 5.000%, 01/01/32 | 2,384,055 | 0.7 | |||||||
| 2,384,055 | 0.7 | |||||||||
| CONNECTICUT | 1,630,874 | 0.5 | ||||||||
| FLORIDA | ||||||||||
| City of Tallahassee FL | ||||||||||
| 5,000,000 | 5.000%, 10/01/37 | 5,347,750 | 1.6 | |||||||
| Orange County Health Facilities Authority | ||||||||||
| 2,425,000 | 5.375%, 10/01/41 | 2,611,507 | 0.8 | |||||||
| Other | 4,150,850 | 1.1 | ||||||||
| 12,110,107 | 3.5 | |||||||||
| GEORGIA | 4,336,300 | 1.3 | ||||||||
| ILLINOIS | 19,886,214 | 5.8 | ||||||||
| INDIANA | ||||||||||
| Indiana Bond Bank | ||||||||||
| 2,120,000 | 5.250%, 04/01/19 | 2,400,073 | 0.7 | |||||||
| Other | 2,271,856 | 0.7 | ||||||||
| 4,671,929 | 1.4 | |||||||||
| KANSAS | 1,186,910 | 0.3 | ||||||||
| LOUISIANA | ||||||||||
| Parish of St. John the Baptist LA | ||||||||||
| 7,675,000 | 5.125%, 06/01/37 | 7,816,527 | 2.3 | |||||||
| Other | 2,271,820 | 0.6 | ||||||||
| 10,088,347 | 2.9 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| MARYLAND | ||||||||||
| County of Montgomery MD, GO | ||||||||||
| $ | 4,000,000 | 5.000%, 07/01/21 | $ | 4,784,000 | 1.4 | % | ||||
| State of Maryland | ||||||||||
| 3,000,000 | 5.000%, 08/01/23 | 3,687,630 | 1.1 | |||||||
| 8,471,630 | 2.5 | |||||||||
| MASSACHUSETTS | ||||||||||
| Massachusetts Development Finance Agency | ||||||||||
| 2,255,000 | 5.000%, 10/01/35 | 2,503,050 | 0.7 | |||||||
| Massachusetts School Building Authority | ||||||||||
| 2,325,000 | 5.000%, 08/15/37 | 2,487,541 | 0.7 | |||||||
| Other | 3,789,700 | 1.0 | ||||||||
| 8,780,291 | 2.4 | |||||||||
| MICHIGAN | ||||||||||
| Bridgeport-Spaulding Community School District | ||||||||||
| 5,150,000 | 3.000%, 06/22/16 | 5,190,685 | 1.5 | |||||||
| Other | 4,536,320 | 1.3 | ||||||||
| 9,727,005 | 2.8 | |||||||||
| MINNESOTA | ||||||||||
| State of Minnesota | ||||||||||
| 5,000,000 | 5.000%, 08/01/23 | 6,137,900 | 1.8 | |||||||
| Other | 4,241,694 | 1.3 | ||||||||
| 10,379,594 | 3.1 | |||||||||
| MISSOURI | ||||||||||
| |
|
|
Health & Educational Facilities Authority of the State of Missouri | |||||||
| 3,500,000 | 5.000%, 02/01/35 | 3,664,675 | 1.1 | |||||||
| 3,664,675 | 1.1 | |||||||||
| NEBRASKA | ||||||||||
| Omaha Public Power District | ||||||||||
| 4,522,000 | 5.000%, 02/01/39 | 4,794,767 | 1.4 | |||||||
| Other | 1,630,383 | 0.4 | ||||||||
| 6,425,150 | 1.8 | |||||||||
| NEW YORK | ||||||||||
| Board of Cooperative Educational Services for the Sole Supervisory District, GO | ||||||||||
| 4,000,000 | 1.000%, 06/17/16 | 4,006,160 | 1.2 | |||||||
| City of Ogdensburg NY, GO | ||||||||||
| 3,379,000 | 1.250%, 04/29/16 | 3,391,773 | 1.0 | |||||||
| Metropolitan Transportation Authority | ||||||||||
| 2,500,000 | i | 0.600%, 11/15/39 | 2,481,525 | 0.7 | ||||||
| New York City Water & Sewer System | ||||||||||
| 5,000,000 | 5.250%, 06/15/40 | 5,602,350 | 1.6 | |||||||
| New York State Dormitory Authority | ||||||||||
| 2,250,000 | 5.000%, 10/01/17 | 2,442,150 | 0.7 | |||||||
| 5,000,000 | 5.000%, 03/15/41 | 5,583,950 | 1.6 | |||||||
| Salmon River Central School District | ||||||||||
| 2,500,000 | 2.000%, 07/22/16 | 2,523,825 | 0.7 | |||||||
| Scio Central School District, GO | ||||||||||
| 2,895,000 | 1.250%, 04/08/16 | 2,904,090 | 0.9 | |||||||
| Town of Caneadea NY | ||||||||||
| 4,733,000 | 1.125%, 12/15/15 | 4,735,840 | 1.4 | |||||||
| 42 | 2015 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, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| NEW YORK—continued | ||||||||||
| Town of East Bloomfield NY, GO | ||||||||||
| $ | 2,548,981 | 1.250%, 05/12/16 | $ | 2,556,704 | 0.7 | % | ||||
| Town of Windham NY, GO | ||||||||||
| 2,395,000 | 1.125%, 06/03/16 | 2,399,167 | 0.7 | |||||||
| Utica School District | ||||||||||
| 5,000,000 | 2.000%, 07/22/16 | 5,030,200 | 1.5 | |||||||
| Village of Brocton NY | ||||||||||
| 2,530,000 | 1.625%, 07/20/16 | 2,542,726 | 0.7 | |||||||
| Other | 18,033,160 | 5.4 | ||||||||
| 64,233,620 | 18.8 | |||||||||
| NORTH CAROLINA | 4,382,956 | 1.3 | ||||||||
| OHIO | ||||||||||
| City of Columbus OH | ||||||||||
| 5,655,000 | 5.000%, 07/01/24 | 6,998,628 | 2.0 | |||||||
| City of Marion OH | ||||||||||
| 3,000,000 | 2.000%, 09/08/16 | 3,017,160 | 0.9 | |||||||
| Other | 9,713,632 | 2.8 | ||||||||
| 19,729,420 | 5.7 | |||||||||
| OKLAHOMA | 1,476,139 | 0.4 | ||||||||
| PENNSYLVANIA | ||||||||||
| Pennsylvania State University | ||||||||||
| 2,500,000 | 5.000%, 03/01/40 | 2,789,000 | 0.8 | |||||||
| Other | 6,545,393 | 1.9 | ||||||||
| 9,334,393 | 2.7 | |||||||||
| RHODE ISLAND | ||||||||||
| Rhode Island Health & Educational Building Corp | ||||||||||
| 2,000,000 | 5.000%, 09/01/21 | 2,382,940 | 0.7 | |||||||
| Other | 4,467,705 | 1.3 | ||||||||
| 6,850,645 | 2.0 | |||||||||
| SOUTH CAROLINA | 1,178,934 | 0.3 | ||||||||
| TENNESSEE | ||||||||||
| Sullivan County Health Educational & Housing | ||||||||||
| Facilities Board | ||||||||||
| 2,855,000 | 5.250%, 09/01/26 | 2,953,269 | 0.9 | |||||||
| 6,000,000 | 5.250%, 09/01/36 | 6,188,820 | 1.8 | |||||||
| Other | 1,263,221 | 0.4 | ||||||||
| 10,405,310 | 3.1 | |||||||||
| TEXAS | ||||||||||
| State of Texas | ||||||||||
| 3,000,000 | 5.000%, 10/01/23 | 3,661,440 | 1.1 | |||||||
| 3,000,000 | i | 2.000%, 08/01/29 | 3,009,210 | 0.9 | ||||||
| State of Texas, GO | ||||||||||
| 2,000,000 | 5.000%, 10/01/21 | 2,389,380 | 0.7 | |||||||
| Texas Transportation Commission State Highway Fund | ||||||||||
| 5,000,000 | 5.000%, 10/01/23 | 6,102,400 | 1.8 | |||||||
| Other | 9,402,879 | 2.8 | ||||||||
| 24,565,309 | 7.3 | |||||||||
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| VIRGINIA | $ | 459,412 | 0.2 | % | ||||||
| WASHINGTON | ||||||||||
| Port of Seattle WA | ||||||||||
| $ | 3,150,000 | 5.500%, 09/01/17 | 3,432,555 | 1.0 | ||||||
| State of Washington | ||||||||||
| 2,150,000 | 5.000%, 08/01/38 | 2,435,735 | 0.7 | |||||||
| State of Washington, GO | ||||||||||
| 3,000,000 | 5.250%, 02/01/22 | 3,631,770 | 1.1 | |||||||
| Other | 5,996,181 | 1.7 | ||||||||
| 15,496,241 | 4.5 | |||||||||
| WEST VIRGINIA | 1,699,740 | 0.5 | ||||||||
| TOTAL
LONG-TERM MUNICIPAL BONDS (Cost $314,584,785) | 319,683,510 | 93.4 | ||||||||
| TOTAL
PORTFOLIO (Cost $314,584,785) | 319,683,510 | 93.4 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | 22,604,188 | 6.6 | ||||||||
| NET ASSETS | $ | 342,287,698 | 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 ■ 2015 Semiannual Report | 43 |
| Summary portfolio of investments (unaudited) |
Money Market Fund ■ September 30, 2015
| Principal | Issuer | Value | % of net assets | |||||||
| SHORT-TERM INVESTMENTS | ||||||||||
| ASSET BACKED | $ | 334,807 | 0.0 | % | ||||||
| CERTIFICATE OF DEPOSIT | ||||||||||
| Banco Del Estado De Chile | ||||||||||
| $ | 5,000,000 | 0.240%, 10/08/15 | 5,000,000 | 0.7 | ||||||
| 5,000,000 | 0.270%, 11/19/15 | 5,000,000 | 0.7 | |||||||
| 5,000,000 | 0.280%, 12/22/15 | 5,000,000 | 0.6 | |||||||
| Other | 14,000,000 | 1.8 | ||||||||
| 29,000,000 | 3.8 | |||||||||
| COMMERCIAL PAPER | ||||||||||
| American Honda Finance Corp | ||||||||||
| 12,000,000 | 0.190%, 11/23/15 | 11,996,643 | 1.6 | |||||||
| Apple, Inc | ||||||||||
| 10,000,000 | y | 0.100%, 10/21/15 | 9,999,444 | 1.3 | ||||||
| 8,000,000 | y | 0.140%–0.200%, 11/03/15 | 7,998,808 | 1.0 | ||||||
| 11,450,000 | 0.100%–0.150%, 10/05/15–10/20/15 | 11,449,509 | 1.5 | |||||||
| Australia & New Zealand Banking Group Ltd | ||||||||||
| 10,430,000 | 0.270%–0.360%, 10/26/15–12/17/15 | 10,424,439 | 1.4 | |||||||
| Bedford Row Funding Corp | ||||||||||
| 10,145,000 | 0.260%–0.380%, 11/10/15–01/04/16 | 10,140,979 | 1.3 | |||||||
| Chevron Corp | ||||||||||
| 9,571,000 | 0.130%–0.210%, 10/06/15–12/22/15 | 9,569,246 | 1.2 | |||||||
| Exxon Mobil Corp | ||||||||||
| 6,500,000 | 0.110%, 10/19/15 | 6,499,643 | 0.8 | |||||||
| 5,000,000 | 0.145%, 10/26/15 | 4,999,497 | 0.6 | |||||||
| Hydro-Quebec | ||||||||||
| 5,000,000 | y | 0.140%, 10/01/15 | 5,000,000 | 0.7 | ||||||
| Korea Development Bank | ||||||||||
| 17,600,000 | 0.240%–0.290%, 10/19/15–12/21/15 | 17,594,121 | 2.3 | |||||||
| Liberty Street Funding LLC | ||||||||||
| 19,700,000 | y | 0.210%, 10/28/15 | 19,696,897 | 2.6 | ||||||
| National Australia Bank Ltd | ||||||||||
| 5,000,000 | y | 0.150%, 10/13/15 | 4,999,750 | 0.7 | ||||||
| 11,965,000 | 0.210%–0.310%, 10/08/15–12/29/15 | 11,961,813 | 1.6 | |||||||
| Nestle Capital Corp | ||||||||||
| 5,250,000 | y | 0.135%, 10/14/15 | 5,249,744 | 0.7 | ||||||
| PACCAR Financial Corp | ||||||||||
| 6,450,000 | 0.230%, 12/18/15 | 6,446,786 | 0.8 | |||||||
| Province of British Columbia Canada | ||||||||||
| 11,430,000 | 0.180%–0.250%, 11/25/15–01/20/16 | 11,426,008 | 1.5 | |||||||
| Province of Ontario Canada | ||||||||||
| 10,000,000 | 0.140%, 10/23/15 | 9,999,144 | 1.3 | |||||||
| Province of Quebec Canada | ||||||||||
| 13,000,000 | y | 0.170%, 11/20/15 | 12,996,931 | 1.7 | ||||||
| Principal | Issuer | Value | % of net assets | |||||||
| COMMERCIAL PAPER–continued | ||||||||||
| PSP Capital, Inc | ||||||||||
| $ | 5,500,000 | y | 0.170%–0.175%, 10/13/15 | $ | 5,499,680 | 0.7 | % | |||
| 18,050,000 | 0.140%–0.250%, 10/05/15–11/30/15 | 18,046,509 | 2.3 | |||||||
| United Overseas Bank Ltd | ||||||||||
| 5,000,000 | y | 0.250%, 10/09/15 | 4,999,722 | 0.6 | ||||||
| Other | 100,466,328 | 13.0 | ||||||||
| 317,461,641 | 41.2 | |||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||
| 7,285,000 | 0.090%–0.15%, 10/02/15 | 7,284,980 | 0.9 | |||||||
| 20,150,000 | 0.080%–0.110%, 10/07/15 | 20,149,676 | 2.6 | |||||||
| 7,100,000 | 0.090%–0.125%, 10/14/15 | 7,099,728 | 0.9 | |||||||
| 9,945,000 | 0.095%–0.150%, 10/16/15 | 9,944,535 | 1.3 | |||||||
| 10,000,000 | 0.125%, 10/30/15 | 9,998,993 | 1.3 | |||||||
| 6,375,000 | 0.100%–0.165%, 11/02/15 | 6,374,280 | 0.8 | |||||||
| 8,300,000 | 0.175%, 11/06/15 | 8,298,618 | 1.1 | |||||||
| 11,200,000 | 0.105%–0.165, 11/09/15 | 11,198,596 | 1.5 | |||||||
| 10,970,000 | 0.173%–0.225%, 11/16/15 | 10,967,311 | 1.4 | |||||||
| 10,000,000 | 0.100%, 11/24/15 | 9,998,500 | 1.3 | |||||||
| 9,000,000 | 0.130%, 12/03/15 | 8,997,953 | 1.2 | |||||||
| 46,780,000 | 0.080%–0.310%, 10/05/15–02/05/16 | 46,767,843 | 6.1 | |||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||
| 18,469,000 | 0.100%–0.320%, 10/02/15–02/12/16 | 18,462,165 | 2.4 | |||||||
| Federal National Mortgage Association (FNMA) | ||||||||||
| 28,621,000 | 0.115%–0.320%, 10/07/15–02/10/16 | 28,610,494 | 3.7 | |||||||
| Other | 692,945 | 0.1 | ||||||||
| 204,846,617 | 26.6 | |||||||||
| TREASURY DEBT | ||||||||||
| United States Treasury Bill | ||||||||||
| 6,650,000 | 0.040%–0.090%, 10/22/15 | 6,649,710 | 0.9 | |||||||
| 5,835,000 | 0.040%–0.062%, 10/29/15 | 5,834,756 | 0.8 | |||||||
| 5,445,000 | 0.046%–0.079%, 11/05/15 | 5,444,654 | 0.7 | |||||||
| 5,050,000 | 0.058%–0.160%, 11/12/15 | 5,049,450 | 0.6 | |||||||
| 6,000,000 | 0.068%–0.106%, 12/03/15 | 5,999,157 | 0.8 | |||||||
| 27,265,000 | 0.032%–0.257%, 10/01/15–03/10/16 | 27,252,174 | 3.5 | |||||||
| United States Treasury Note | ||||||||||
| 7,000,000 | 0.250%, 10/15/15 | 7,000,145 | 0.9 | |||||||
| 8,500,000 | 0.250%, 11/30/15 | 8,501,404 | 1.1 | |||||||
| 6,855,000 | 0.250%, 12/15/15 | 6,856,458 | 0.9 | |||||||
| 7,260,000 | 0.375%, 01/15/16 | 7,264,311 | 0.9 | |||||||
| 5,200,000 | 0.250%, 02/29/16 | 5,200,774 | 0.7 | |||||||
| 7,025,000 | 0.375%, 03/15/16 | 7,028,573 | 0.9 | |||||||
| 6,000,000 | 0.375%, 03/31/16 | 6,004,366 | 0.8 | |||||||
| 6,600,000 | 0.250%, 04/15/16 | 6,601,430 | 0.8 | |||||||
| 16,525,000 | 0.250%–0.625%, 11/15/15–07/15/16 | 16,540,706 | 2.2 | |||||||
| 127,228,068 | 16.5 | |||||||||
| 44 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Money Market Fund ■ September 30, 2015
| % of net | ||||||||||
| Principal | Issuer | Value | assets | |||||||
| VARIABLE RATE SECURITIES | ||||||||||
| Federal Farm Credit Bank (FFCB) | ||||||||||
| $ | 8,500,000 | i | 0.135%, 10/01/15 | $ | 8,500,000 | 1.1 | % | |||
| 6,000,000 | i | 0.140%, 03/29/16 | 5,998,800 | 0.8 | ||||||
| 5,000,000 | i | 0.186%, 04/21/16 | 4,999,584 | 0.7 | ||||||
| 5,000,000 | i | 0.170%, 06/23/16 | 4,999,263 | 0.6 | ||||||
| 5,000,000 | i | 0.173%, 08/10/16 | 4,999,362 | 0.6 | ||||||
| 6,800,000 | i | 0.176%, 01/24/17 | 6,799,577 | 0.9 | ||||||
| 14,000,000 | i | 0.202%, 06/15/17 | 13,997,693 | 1.8 | ||||||
| 15,500,000 | 0.170%–0.280%, 06/09/16–07/17/17 | 15,501,134 | 2.1 | |||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||
| 5,000,000 | i | 0.211%, 07/21/16 | 4,999,586 | 0.6 | ||||||
| 5,000,000 | i | 0.211%, 01/13/17 | 4,999,353 | 0.7 | ||||||
| Other | 15,996,448 | 2.0 | ||||||||
| 91,790,800 | 11.9 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $770,661,933) | 770,661,933 | 100.0 | ||||||||
| TOTAL PORTFOLIO (Cost $770,661,933) | 770,661,933 | 100.0 | ||||||||
| OTHER ASSETS & LIABILITIES, NET | 93,401 | 0.0 | ||||||||
| NET ASSETS | $ | 770,755,334 | 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 9/30/2015, the aggregate value of these securities was $213,581,542 or 27.7% 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 of 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 ■ 2015 Semiannual Report | 45 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ September 30, 2015
| Inflation-Linked | Short-Term | Short-Term Bond | Social Choice | Tax-Exempt | Money Market | ||||||||||||||||||||||||||
| Bond Fund | Bond Index Fund | Bond Plus Fund | High-Yield Fund | Bond Fund | Bond Fund | Index Fund | Bond Fund | Bond Fund | Fund | ||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||
| Portfolio investments, at value† | $ | 3,158,085,330 | $ | 5,952,373,060 | $ | 3,343,789,111 | $ | 3,223,584,763 | $ | 1,986,223,412 | $ | 1,459,042,996 | $ | 103,508,757 | $ | 577,650,253 | $ | 319,683,510 | $ | 770,661,933 | |||||||||||
| Cash | 13,915,094 | 2,714,645 | 18,784,374 | 8,110,868 | 3,207,929 | 7,818,894 | 344,070 | 4,786,011 | 21,276,539 | 46,902 | |||||||||||||||||||||
| Receivable from securities transactions | 45,072,115 | 95,924,424 | 47,043,649 | 3,849,192 | — | 36,081,734 | — | 11,197,945 | — | — | |||||||||||||||||||||
| Receivable for delayed delivery securities | 321,693,691 | — | 303,364,543 | 900,000 | — | — | — | — | — | — | |||||||||||||||||||||
| Receivable from Fund shares sold | 632,763 | 1,727,720 | 742,727 | 13,923,200 | 1,192,824 | 1,174,401 | 78,097,880 | 1,241,036 | 43,516 | 1,156,802 | |||||||||||||||||||||
| Dividends and interest receivable | 16,737,934 | 31,242,319 | 21,906,691 | 48,693,773 | 5,055,709 | 4,484,842 | 301,223 | 3,371,077 | 3,188,200 | 74,752 | |||||||||||||||||||||
| Due from affiliates | — | — | — | — | — | — | 5,178 | — | — | 80,370 | |||||||||||||||||||||
| Receivable for variation margin on open futures contracts | — | — | — | — | — | 19,922 | — | — | — | — | |||||||||||||||||||||
| Other | 138,953 | 166,342 | 86,197 | 108,793 | 99,657 | 52,888 | 13,171 | 4,335 | 34,433 | 24,395 | |||||||||||||||||||||
| Total assets | 3,556,275,880 | 6,084,148,510 | 3,735,717,292 | 3,299,170,589 | 1,995,779,531 | 1,508,675,677 | 182,270,279 | 598,250,657 | 344,226,198 | 772,045,154 | |||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||||
| Management fees payable | 68,171 | 49,463 | 73,381 | 88,846 | 39,926 | 29,601 | 148 | 16,518 | 8,416 | 10,570 | |||||||||||||||||||||
| Service agreement fees payable | 4,955 | 2,121 | 4,150 | 4,970 | 3,437 | 2,047 | 32 | 3,411 | — | 3,096 | |||||||||||||||||||||
| Distribution fees payable | 18,592 | 9,697 | 56,492 | 128,848 | 27,674 | 30,752 | 359 | 12,497 | 60,582 | 74,051 | |||||||||||||||||||||
| Due to affiliates | 23,957 | 43,264 | 21,600 | 19,967 | 17,920 | 9,272 | 1,027 | 3,488 | 2,510 | 5,357 | |||||||||||||||||||||
| Payable for securities transactions | 7,879,597 | 19,745,698 | 40,880,417 | 1,065,561 | — | 35,988,540 | 78,164,898 | 14,838,671 | — | — | |||||||||||||||||||||
| Payable for delayed delivery securities | 673,288,771 | 4,868,281 | 591,451,290 | 78,369,813 | — | 6,003,825 | 199,816 | — | 1,505,534 | — | |||||||||||||||||||||
| Payable for Fund shares redeemed | 46,056,377 | 106,796,232 | 16,880,244 | 20,088,053 | 7,033,416 | 9,205,486 | 2 | 155,046 | 209,791 | 1,118,165 | |||||||||||||||||||||
| Income distribution payable | 5,004,908 | 2,126,760 | 5,191,663 | 5,497,141 | — | 644,430 | 16,947 | 193,971 | 63,078 | 1,797 | |||||||||||||||||||||
| Payable for trustee compensation | 161,113 | 178,968 | 101,287 | 115,409 | 103,982 | 67,213 | 215 | 5,378 | 35,059 | 26,061 | |||||||||||||||||||||
| Unfunded loan commitment | 7,914 | — | 45,009 | 125,877 | — | — | — | — | — | — | |||||||||||||||||||||
| Accrued expenses and other payables | 99,692 | 205,065 | 138,823 | 144,839 | 63,962 | 81,726 | — | 38,020 | 53,530 | 50,723 | |||||||||||||||||||||
| Total liabilities | 732,614,047 | 134,025,549 | 654,844,356 | 105,649,324 | 7,290,317 | 52,062,892 | 78,383,444 | 15,267,000 | 1,938,500 | 1,289,820 | |||||||||||||||||||||
| NET ASSETS | $ | 2,823,661,833 | $ | 5,950,122,961 | $ | 3,080,872,936 | $ | 3,193,521,265 | $ | 1,988,489,214 | $ | 1,456,612,785 | $ | 103,886,835 | $ | 582,983,657 | $ | 342,287,698 | $ | 770,755,334 | |||||||||||
| NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||
| Paid-in-capital | $ | 2,793,808,347 | $ | 5,868,469,087 | $ | 3,076,688,288 | $ | 3,457,461,321 | $ | 1,968,841,537 | $ | 1,459,981,644 | $ | 103,890,893 | $ | 580,660,886 | $ | 332,097,182 | $ | 770,772,367 | |||||||||||
| Undistributed net investment income (loss) | (78,243 | ) | (281,709 | ) | 1,035,035 | (1,612,128 | ) | 14,204,451 | 35,995 | — | (5,365 | ) | 10,930 | (16,817 | ) | ||||||||||||||||
| Accumulated net realized gain (loss) on total investments | 32,078,790 | 4,238,943 | 26,286,137 | (18,581,357 | ) | (467,344 | ) | (2,487,849 | ) | 976 | 2,012,169 | 5,080,861 | (216 | ) | |||||||||||||||||
| Net unrealized appreciation (depreciation) on total investments | (2,147,061 | ) | 77,696,640 | (23,136,524 | ) | (243,746,571 | ) | 5,910,570 | (917,005 | ) | (5,034 | ) | 315,967 | 5,098,725 | — | ||||||||||||||||
| NET ASSETS | $ | 2,823,661,833 | $ | 5,950,122,961 | $ | 3,080,872,936 | $ | 3,193,521,265 | $ | 1,988,489,214 | $ | 1,456,612,785 | $ | 103,886,835 | $ | 582,983,657 | $ | 342,287,698 | $ | 770,755,334 | |||||||||||
| INSTITUTIONAL CLASS: | |||||||||||||||||||||||||||||||
| Net assets | $ | 2,481,536,171 | $ | 5,779,706,183 | $ | 2,594,153,420 | $ | 2,308,866,591 | $ | 1,682,743,970 | $ | 1,202,315,042 | $ | 100,086,691 | $ | 345,937,650 | $ | 47,187,385 | $ | 314,861,706 | |||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 237,469,703 | 532,287,674 | 246,936,270 | 250,609,940 | 149,358,650 | 116,212,588 | 9,994,034 | 33,626,487 | 4,414,030 | 314,858,039 | |||||||||||||||||||||
| Net asset value per share | $10.45 | $10.86 | $10.51 | $9.21 | $11.27 | $10.35 | $10.01 | $10.29 | $10.69 | $1.00 | |||||||||||||||||||||
| PREMIER CLASS: | |||||||||||||||||||||||||||||||
| Net assets | $ | 22,396,724 | $ | 47,930,559 | $ | 18,795,128 | $ | 69,096,267 | $ | 8,478,750 | $ | 10,881,389 | $ | 1,001,468 | $ | 15,233,626 | $ | — | $ | 20,596,838 | |||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,141,994 | 4,414,195 | 1,789,578 | 7,495,717 | 754,968 | 1,050,773 | 100,000 | 1,481,012 | — | 20,596,746 | |||||||||||||||||||||
| Net asset value per share | $10.46 | $10.86 | $10.50 | $9.22 | $11.23 | $10.36 | $10.01 | $10.29 | $— | $1.00 | |||||||||||||||||||||
| RETIREMENT CLASS: | |||||||||||||||||||||||||||||||
| Net assets | $ | 242,413,538 | $ | 103,866,117 | $ | 202,975,122 | $ | 242,693,654 | $ | 168,374,912 | $ | 100,165,529 | $ | 1,561,814 | $ | 168,240,440 | $ | — | $ | 89,188,607 | |||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 22,790,234 | 9,562,609 | 19,296,667 | 26,334,331 | 14,858,999 | 9,670,727 | 155,954 | 16,350,345 | — | 89,187,167 | |||||||||||||||||||||
| Net asset value per share | $10.64 | $10.86 | $10.52 | $9.22 | $11.33 | $10.36 | $10.01 | $10.29 | $— | $1.00 | |||||||||||||||||||||
| RETAIL CLASS: | |||||||||||||||||||||||||||||||
| Net assets | $ | 77,315,400 | $ | 18,620,102 | $ | 264,949,266 | $ | 572,864,753 | $ | 128,891,582 | $ | 143,250,825 | $ | 1,236,862 | $ | 53,571,941 | $ | 295,100,313 | $ | 346,108,183 | |||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 7,275,346 | 1,714,203 | 25,171,507 | 61,907,457 | 11,739,801 | 13,835,119 | 123,504 | 5,210,679 | 27,567,098 | 346,096,422 | |||||||||||||||||||||
| Net asset value per share | $10.63 | $10.86 | $10.53 | $9.25 | $10.98 | $10.35 | $10.01 | $10.28 | $10.70 | $1.00 | |||||||||||||||||||||
| † Portfolio investments, cost | $ | 3,160,217,265 | $ | 5,874,676,420 | $ | 3,366,865,998 | $ | 3,467,205,457 | $ | 1,980,312,842 | $ | 1,459,360,187 | $ | 103,513,791 | $ | 577,334,286 | $ | 314,584,785 | $ | 770,661,933 | |||||||||||
| 46 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 47 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended September 30, 2015
| Inflation-Linked | Short-Term | Short-Term Bond | Social Choice | Tax-Exempt | Money Market | ||||||||||||||||||||||||||
| Bond Fund | Bond Index Fund | Bond Plus Fund | High-Yield Fund | Bond Fund | Bond Fund | Index Fund* | Bond Fund | Bond Fund | Fund | ||||||||||||||||||||||
| INVESTMENT INCOME | |||||||||||||||||||||||||||||||
| Interest | $ | 41,635,384 | $ | 69,517,826 | $ | 49,713,182 | $ | 94,492,115 | $ | 43,713,499 | $ | 13,844,971 | $ | 34,577 | $ | 6,952,377 | $ | 4,039,174 | $ | 571,731 | |||||||||||
| Dividends | — | — | — | 32,741 | — | — | — | 7,957 | — | — | |||||||||||||||||||||
| Total income | 41,635,384 | 69,517,826 | 49,713,182 | 94,524,856 | 43,713,499 | 13,844,971 | 34,577 | 6,960,334 | 4,039,174 | 571,731 | |||||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||||||||||
| Management fees | 4,169,245 | 2,990,018 | 4,460,410 | 5,410,995 | 2,486,830 | 1,798,566 | 2,620 | 883,078 | 517,131 | 392,707 | |||||||||||||||||||||
| Shareholder servicing – Institutional Class | 1,806 | 6,144 | 2,083 | 4,889 | 4,406 | 1,942 | 443 | 855 | 270 | 1,229 | |||||||||||||||||||||
| Shareholder servicing – Premier Class | 53 | 84 | — | 116 | 50 | 8 | 353 | 95 | — | 7 | |||||||||||||||||||||
| Shareholder servicing – Retirement Class | 315,917 | 127,517 | 256,454 | 314,688 | 212,173 | 126,236 | 855 | 171,815 | — | 105,844 | |||||||||||||||||||||
| Shareholder servicing – Retail Class | 22,816 | 9,255 | 96,280 | 58,456 | 42,199 | 44,547 | 1,137 | 6,741 | 44,200 | 162,886 | |||||||||||||||||||||
| Distribution fees – Premier Class | 15,852 | 36,158 | 13,290 | 36,156 | 5,974 | 7,762 | 221 | 7,223 | — | 12,910 | |||||||||||||||||||||
| Distribution fees – Retail Class | 97,601 | 22,890 | 333,729 | 729,072 | 168,137 | 183,760 | 401 | 62,648 | 374,206 | 447,318 | |||||||||||||||||||||
| Custody and accounting fees | 70,679 | 196,542 | 85,632 | 35,081 | 15,714 | 34,138 | 4,670 | 26,547 | 17,520 | 25,217 | |||||||||||||||||||||
| Administrative service fees | 67,943 | 135,751 | 69,524 | 69,072 | 49,452 | 31,312 | 1,027 | 11,514 | 7,810 | 17,187 | |||||||||||||||||||||
| Professional fees | 37,179 | 53,560 | 38,381 | 37,728 | 27,569 | 30,795 | 21,617 | 27,348 | 22,237 | 23,249 | |||||||||||||||||||||
| Registration fees | 35,987 | 29,751 | 25,163 | 25,056 | 33,711 | 25,135 | 13,979 | 28,078 | 15,955 | 43,027 | |||||||||||||||||||||
| Shareholder reports | 32,075 | 60,697 | 30,283 | 57,359 | 26,013 | 21,352 | 2,268 | 9,186 | 10,133 | 16,045 | |||||||||||||||||||||
| Trustee fees and expenses | 12,600 | 26,533 | 13,719 | 14,041 | 9,106 | 5,763 | 159 | 2,401 | 1,402 | 3,391 | |||||||||||||||||||||
| Other expenses | 37,818 | 77,769 | 60,900 | 83,077 | 25,004 | 24,991 | 2,658 | 29,254 | 4,995 | 6,757 | |||||||||||||||||||||
| Total expenses | 4,917,571 | 3,772,669 | 5,485,848 | 6,875,786 | 3,106,338 | 2,336,307 | 52,408 | 1,266,783 | 1,015,859 | 1,257,774 | |||||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | — | — | — | — | — | — | (46,655 | ) | (9,526 | ) | — | (143,644 | ) | ||||||||||||||||||
| Fee waiver by investment adviser and TPIS | — | — | — | — | — | — | — | — | — | (559,764 | ) | ||||||||||||||||||||
| Net expenses | 4,917,571 | 3,772,669 | 5,485,848 | 6,875,786 | 3,106,338 | 2,336,307 | 5,753 | 1,257,257 | 1,015,859 | 554,366 | |||||||||||||||||||||
| Net investment income (loss) | 36,717,813 | 65,745,157 | 44,227,334 | 87,649,070 | 40,607,161 | 11,508,664 | 28,824 | 5,703,077 | 3,023,315 | 17,365 | |||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||||
| Realized gain (loss): | |||||||||||||||||||||||||||||||
| Portfolio investments | 6,269,228 | (460,081 | ) | 7,810,126 | (6,010,507 | ) | 75,736 | (87,044 | ) | 976 | (175,803 | ) | 53,832 | 17 | |||||||||||||||||
| Futures transactions | — | — | — | — | — | (1,122,068 | ) | — | — | — | — | ||||||||||||||||||||
| Swap transactions | — | — | 389,599 | (1,242,875 | ) | — | — | — | — | — | — | ||||||||||||||||||||
| Foreign currency transactions | (1,874,241 | ) | — | (2,171,898 | ) | — | — | (1,740,061 | ) | — | — | — | — | ||||||||||||||||||
| Net realized gain (loss) on total investments | 4,394,987 | (460,081 | ) | 6,027,827 | (7,253,382 | ) | 75,736 | (2,949,173 | ) | 976 | (175,803 | ) | 53,832 | 17 | |||||||||||||||||
| Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||||
| Portfolio investments | (58,927,832 | ) | (93,680,525 | ) | (77,309,704 | ) | (238,593,003 | ) | (86,659,214 | ) | (3,193,407 | ) | (5,034 | ) | (6,678,388 | ) | (4,326,159 | ) | — | ||||||||||||
| Futures transactions | — | — | — | — | — | 193,869 | — | — | — | — | |||||||||||||||||||||
| Swap transactions | — | — | 83,684 | (174,955 | ) | — | — | — | — | — | — | ||||||||||||||||||||
| Unfunded loan commitment | (7,914 | ) | — | (45,009 | ) | (125,877 | ) | — | — | — | — | — | — | ||||||||||||||||||
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 42,010 | — | 51,435 | — | — | 50,664 | — | — | — | — | |||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | (58,893,736 | ) | (93,680,525 | ) | (77,219,594 | ) | (238,893,835 | ) | (86,659,214 | ) | (2,948,874 | ) | (5,034 | ) | (6,678,388 | ) | (4,326,159 | ) | — | ||||||||||||
| Net realized and unrealized gain (loss) on total investments | (54,498,749 | ) | (94,140,606 | ) | (71,191,767 | ) | (246,147,217 | ) | (86,583,478 | ) | (5,898,047 | ) | (4,058 | ) | (6,854,191 | ) | (4,272,327 | ) | 17 | ||||||||||||
| Net increase (decrease) in net assets from operations | $ | (17,780,936 | ) | $ | (28,395,449 | ) | $ | (26,964,433 | ) | $ | (158,498,147 | ) | $ | (45,976,317 | ) | $ | 5,610,617 | $ | 24,766 | $ | (1,151,114 | ) | $ | (1,249,012 | ) | $ | 17,382 | ||||
* For the period August 7, 2015 to September 30, 2015.
| 48 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 49 |
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, | |||||||||||||||||||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 36,717,813 | $ | 61,097,529 | $ | 65,745,157 | $ | 120,415,302 | $ | 44,227,334 | $ | 70,312,986 | $ | 87,649,070 | $ | 149,244,725 | $ | 40,607,161 | $ | 3,257,210 | $ | 11,508,664 | $ | 17,298,224 | ||||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 4,394,987 | 54,894,315 | (460,081 | ) | 13,835,433 | 6,027,827 | 51,797,007 | (7,253,382 | ) | 14,148,198 | 75,736 | 3,490,515 | (2,949,173 | ) | 1,962,213 | |||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | (58,893,736 | ) | 28,494,696 | (93,680,525 | ) | 173,210,469 | (77,219,594 | ) | 22,255,963 | (238,893,835 | ) | (105,030,167 | ) | (86,659,214 | ) | 46,486,439 | (2,948,874 | ) | (3,749,641 | ) | ||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | (17,780,936 | ) | 144,486,540 | (28,395,449 | ) | 307,461,204 | (26,964,433 | ) | 144,365,956 | (158,498,147 | ) | 58,362,756 | (45,976,317 | ) | 53,234,164 | 5,610,617 | 15,510,796 | |||||||||||||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (32,530,390 | ) | (53,027,170 | ) | (64,127,077 | ) | (117,699,495 | ) | (37,186,612 | ) | (58,433,035 | ) | (65,175,286 | ) | (105,858,980 | ) | — | (28,395,062 | ) | (9,693,235 | ) | (14,189,706 | ) | ||||||||||||||||||||||||||
| Premier Class | (257,863 | ) | (372,761 | ) | (495,500 | ) | (833,649 | ) | (241,543 | ) | (362,794 | ) | (1,341,365 | ) | (1,645,085 | ) | — | (128,746 | ) | (76,024 | ) | (138,055 | ) | |||||||||||||||||||||||||||
| Retirement Class | (2,934,843 | ) | (6,038,552 | ) | (996,251 | ) | (1,623,299 | ) | (2,684,877 | ) | (4,762,183 | ) | (6,781,172 | ) | (15,122,805 | ) | — | (3,144,802 | ) | (688,367 | ) | (1,474,098 | ) | |||||||||||||||||||||||||||
| Retail Class | (887,429 | ) | (1,535,743 | ) | (169,954 | ) | (295,476 | ) | (3,401,327 | ) | (6,307,224 | ) | (15,684,512 | ) | (27,083,483 | ) | — | (2,553,308 | ) | (958,183 | ) | (1,599,622 | ) | |||||||||||||||||||||||||||
| From realized gains: | Institutional Class | — | (19,178,230 | ) | — | (4,690,932 | ) | — | (29,395,527 | ) | — | (22,338,186 | ) | — | (1,507,954 | ) | — | (937,790 | ) | |||||||||||||||||||||||||||||||
| Premier Class | — | (132,811 | ) | — | (39,876 | ) | — | (177,060 | ) | — | (358,445 | ) | — | (7,260 | ) | — | (10,524 | ) | ||||||||||||||||||||||||||||||||
| Retirement Class | — | (1,998,147 | ) | — | (73,227 | ) | — | (2,336,901 | ) | — | (2,751,857 | ) | — | (150,234 | ) | — | (84,170 | ) | ||||||||||||||||||||||||||||||||
| Retail Class | — | (578,057 | ) | — | (14,250 | ) | — | (3,229,885 | ) | — | (7,263,883 | ) | — | (138,854 | ) | — | (128,978 | ) | ||||||||||||||||||||||||||||||||
| Total distributions | (36,610,525 | ) | (82,861,471 | ) | (65,788,782 | ) | (125,270,204 | ) | (43,514,359 | ) | (105,004,609 | ) | (88,982,335 | ) | (182,422,724 | ) | — | (36,026,220 | ) | (11,415,809 | ) | (18,562,943 | ) | |||||||||||||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 243,434,356 | 939,897,081 | 669,069,220 | 1,545,632,582 | 300,210,987 | 871,124,862 | 490,384,045 | 1,000,803,242 | 175,992,651 | 543,449,891 | 145,047,548 | 475,552,173 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 3,962,936 | 4,861,637 | 3,803,349 | 19,283,515 | 3,864,528 | 7,942,067 | 46,134,379 | 11,587,731 | 1,525,075 | 2,088,066 | 2,006,381 | 5,500,873 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 9,467,040 | 42,274,610 | 18,141,808 | 35,313,708 | 22,592,719 | 29,294,818 | 21,462,617 | 85,950,764 | 15,126,677 | 31,735,443 | 9,948,372 | 38,553,090 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 5,977,980 | 15,383,535 | 2,228,590 | 6,267,728 | 11,594,929 | 23,095,930 | 155,557,307 | 476,874,257 | 4,964,542 | 11,863,545 | 6,385,744 | 20,532,598 | ||||||||||||||||||||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 4,528,625 | 26,435,844 | 52,184,307 | 103,697,357 | 7,557,281 | 37,310,518 | 33,721,819 | 73,846,187 | — | 23,159,414 | 5,891,021 | 9,223,984 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 257,090 | 504,036 | 490,485 | 873,330 | 241,543 | 537,761 | 1,313,255 | 2,003,530 | — | 134,887 | 75,973 | 147,370 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 2,934,689 | 8,032,604 | 996,251 | 1,696,545 | 2,684,877 | 7,099,084 | 6,780,656 | 17,855,167 | — | 3,291,617 | 688,350 | 1,546,352 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 848,500 | 2,020,598 | 160,171 | 292,145 | 3,109,724 | 8,725,779 | 15,062,681 | 32,780,710 | — | 2,567,587 | 921,338 | 1,650,430 | ||||||||||||||||||||||||||||||||||||||
| Redemptions: | Institutional Class | (220,700,268 | ) | (399,153,118 | ) | (578,029,742 | ) | (1,063,470,309 | ) | (176,657,979 | ) | (225,403,958 | ) | (190,946,400 | ) | (627,109,021 | ) | (168,675,959 | ) | (339,016,850 | ) | (114,649,023 | ) | (249,643,928 | ) | |||||||||||||||||||||||||
| Premier Class | (774,887 | ) | (4,168,249 | ) | (4,538,222 | ) | (3,589,931 | ) | (1,933,993 | ) | (3,824,954 | ) | (7,470,712 | ) | (9,603,006 | ) | (408,082 | ) | (2,181,006 | ) | (1,264,223 | ) | (7,494,462 | ) | ||||||||||||||||||||||||||
| Retirement Class | (31,899,119 | ) | (141,144,243 | ) | (10,299,053 | ) | (16,964,375 | ) | (18,183,574 | ) | (33,434,539 | ) | (12,096,016 | ) | (249,767,256 | ) | (9,036,453 | ) | (61,411,527 | ) | (10,584,552 | ) | (145,972,059 | ) | ||||||||||||||||||||||||||
| Retail Class | (6,807,819 | ) | (14,839,818 | ) | (1,785,815 | ) | (2,833,084 | ) | (14,195,428 | ) | (27,747,562 | ) | (94,589,146 | ) | (538,739,197 | ) | (11,656,418 | ) | (26,945,811 | ) | (15,571,819 | ) | (39,134,780 | ) | ||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 11,229,123 | 480,104,517 | 152,421,349 | 626,199,211 | 140,885,614 | 694,719,806 | 465,314,485 | 276,483,108 | 7,832,033 | 188,735,256 | 28,895,110 | 110,461,641 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets | (43,162,338 | ) | 541,729,586 | 58,237,118 | 808,390,211 | 70,406,822 | 734,081,153 | 217,834,003 | 152,423,140 | (38,144,284 | ) | 205,943,200 | 23,089,918 | 107,409,494 | ||||||||||||||||||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of period | 2,866,824,171 | 2,325,094,585 | 5,891,885,843 | 5,083,495,632 | 3,010,466,114 | 2,276,384,961 | 2,975,687,262 | 2,823,264,122 | 2,026,633,498 | 1,820,690,298 | 1,433,522,867 | 1,326,113,373 | ||||||||||||||||||||||||||||||||||||||
| End of period | $ | 2,823,661,833 | $ | 2,866,824,171 | $ | 5,950,122,961 | $ | 5,891,885,843 | $ | 3,080,872,936 | $ | 3,010,466,114 | $ | 3,193,521,265 | $ | 2,975,687,262 | $ | 1,988,489,214 | $ | 2,026,633,498 | $ | 1,456,612,785 | $ | 1,433,522,867 | ||||||||||||||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | (78,243 | ) | $ | (185,531 | ) | $ | (281,709 | ) | $ | (238,084 | ) | $ | 1,035,035 | $ | 322,060 | $ | (1,612,128 | ) | $ | (278,863 | ) | $ | 14,204,451 | $ | (26,402,710 | ) | $ | 35,995 | $ | (56,860 | ) | ||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 23,143,258 | 89,025,094 | 61,696,916 | 142,286,637 | 28,281,303 | 81,287,589 | 50,152,285 | 98,334,325 | 15,460,307 | 46,955,284 | 13,999,886 | 45,697,674 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 376,774 | 459,989 | 349,622 | 1,777,425 | 365,183 | 742,483 | 4,761,233 | 1,148,372 | 134,408 | 180,722 | 193,463 | 528,252 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 881,705 | 3,942,614 | 1,661,367 | 3,241,839 | 2,117,525 | 2,735,852 | 2,175,092 | 8,330,935 | 1,314,232 | 2,720,790 | 959,035 | 3,696,678 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 560,146 | 1,434,990 | 205,098 | 576,108 | 1,091,039 | 2,153,559 | 15,763,850 | 46,898,682 | 446,917 | 1,047,418 | 615,554 | 1,971,328 | ||||||||||||||||||||||||||||||||||||||
| Shares reinvested: | Institutional Class | 431,772 | 2,508,455 | 4,805,237 | 9,512,632 | 713,969 | 3,513,586 | 3,485,196 | 7,390,208 | — | 2,000,676 | 568,691 | 886,863 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 24,494 | 47,695 | 45,163 | 80,041 | 22,823 | 50,360 | 136,453 | 199,109 | — | 11,667 | 7,327 | 14,152 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 274,762 | 747,234 | 91,713 | 155,517 | 253,253 | 663,810 | 699,581 | 1,765,292 | — | 281,636 | 66,385 | 148,397 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 79,532 | 188,124 | 14,745 | 26,773 | 293,133 | 815,734 | 1,549,302 | 3,248,930 | — | 226,732 | 88,884 | 158,506 | ||||||||||||||||||||||||||||||||||||||
| Shares redeemed: | Institutional Class | (21,036,438 | ) | (37,627,204 | ) | (53,395,989 | ) | (97,713,189 | ) | (16,716,168 | ) | (21,020,152 | ) | (19,799,277 | ) | (61,373,859 | ) | (14,877,718 | ) | (29,278,880 | ) | (11,075,874 | ) | (24,009,396 | ) | |||||||||||||||||||||||||
| Premier Class | (73,935 | ) | (395,289 | ) | (418,323 | ) | (328,313 | ) | (182,521 | ) | (356,756 | ) | (775,236 | ) | (944,358 | ) | (35,995 | ) | (188,519 | ) | (121,833 | ) | (720,695 | ) | ||||||||||||||||||||||||||
| Retirement Class | (2,984,774 | ) | (13,150,557 | ) | (947,351 | ) | (1,559,621 | ) | (1,716,267 | ) | (3,119,940 | ) | (1,239,310 | ) | (24,122,212 | ) | (789,552 | ) | (5,226,028 | ) | (1,020,778 | ) | (13,995,050 | ) | ||||||||||||||||||||||||||
| Retail Class | (638,776 | ) | (1,383,150 | ) | (164,354 | ) | (260,633 | ) | (1,336,892 | ) | (2,588,855 | ) | (9,692,860 | ) | (53,420,492 | ) | (1,051,242 | ) | (2,390,879 | ) | (1,500,917 | ) | (3,758,904 | ) | ||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 1,038,520 | 45,797,995 | 13,943,844 | 57,795,216 | 13,186,380 | 64,877,270 | 47,216,309 | 27,454,932 | 601,357 | 16,340,619 | 2,779,823 | 10,617,805 | ||||||||||||||||||||||||||||||||||||||
| 50 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 51 |
| Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
| Short-Term Bond | ||||||||||||||||||||||||||||||
| Index Fund* | Social Choice Bond Fund | Tax-Exempt Bond Fund | Money Market Fund | |||||||||||||||||||||||||||
| September 30, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 28,824 | $ | 5,703,077 | $ | 4,575,233 | $ | 3,023,315 | $ | 6,612,764 | $ | 17,365 | $ | — | ||||||||||||||||
| Net realized gain (loss) on total investments | 976 | (175,803 | ) | 5,486,062 | 53,832 | 10,462,058 | 17 | (233 | ) | |||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | (5,034 | ) | (6,678,388 | ) | 7,173,851 | (4,326,159 | ) | 3,066,044 | — | — | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 24,766 | (1,151,114 | ) | 17,235,146 | (1,249,012 | ) | 20,140,866 | 17,382 | (233 | ) | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (26,046 | ) | (3,623,964 | ) | (3,309,337 | ) | (452,712 | ) | (682,797 | ) | (17,365 | ) | — | ||||||||||||||||
| Premier Class | (962 | ) | (109,198 | ) | (62,983 | ) | — | — | — | — | ||||||||||||||||||||
| Retirement Class | (1,068 | ) | (1,454,808 | ) | (783,972 | ) | — | — | — | — | ||||||||||||||||||||
| Retail Class | (748 | ) | (519,023 | ) | (419,948 | ) | (2,570,622 | ) | (5,929,948 | ) | — | — | ||||||||||||||||||
| From realized gains: | Institutional Class | — | — | (2,417,620 | ) | — | (414,894 | ) | — | — | ||||||||||||||||||||
| Premier Class | — | — | (45,887 | ) | — | — | — | — | ||||||||||||||||||||||
| Retirement Class | — | — | (720,227 | ) | — | — | — | — | ||||||||||||||||||||||
| Retail Class | — | — | (471,601 | ) | — | (3,046,648 | ) | — | — | |||||||||||||||||||||
| Total distributions | (28,824 | ) | (5,706,993 | ) | (8,231,575 | ) | (3,023,334 | ) | (10,074,287 | ) | (17,365 | ) | — | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 100,096,222 | 110,317,649 | 191,540,201 | 8,180,530 | 38,046,557 | 85,424,341 | 179,352,811 | ||||||||||||||||||||||
| Premier Class | 1,000,000 | 10,321,558 | 3,163,866 | — | — | 19,357,826 | 5,666,823 | |||||||||||||||||||||||
| Retirement Class | 1,595,167 | 70,982,432 | 92,683,756 | — | — | 73,930,104 | 56,401,250 | |||||||||||||||||||||||
| Retail Class | 1,235,019 | 15,188,400 | 47,692,130 | 11,053,092 | 31,106,064 | 80,807,559 | 165,905,702 | |||||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 3,104,396 | 5,421,959 | 328,243 | 752,333 | 16,683 | — | ||||||||||||||||||||||
| Premier Class | — | 72,399 | 108,867 | — | — | — | — | |||||||||||||||||||||||
| Retirement Class | 247 | 1,450,525 | 1,504,215 | — | — | — | — | |||||||||||||||||||||||
| Retail Class | 74 | 501,883 | 858,291 | 2,304,421 | 8,132,250 | — | — | |||||||||||||||||||||||
| Redemptions: | Institutional Class | — | (40,132,975 | ) | (12,296,314 | ) | (4,403,750 | ) | (5,542,737 | ) | (87,246,167 | ) | (208,578,172 | ) | ||||||||||||||||
| Premier Class | — | (454,049 | ) | (72,428 | ) | — | — | (3,007,783 | ) | (6,790,856 | ) | |||||||||||||||||||
| Retirement Class | (35,836 | ) | (2,638,514 | ) | (2,201,996 | ) | — | — | (73,165,464 | ) | (58,340,116 | ) | ||||||||||||||||||
| Retail Class | — | (7,779,380 | ) | (9,636,266 | ) | (20,697,400 | ) | (70,171,051 | ) | (100,552,058 | ) | (215,530,303 | ) | |||||||||||||||||
| Net increase (decrease) from shareholder transactions | 103,890,893 | 160,934,324 | 318,766,281 | (3,234,864 | ) | 2,323,416 | (4,434,959 | ) | (81,912,861 | ) | ||||||||||||||||||||
| Net increase (decrease) in net assets | 103,886,835 | 154,076,217 | 327,769,852 | (7,507,210 | ) | 12,389,995 | (4,434,942 | ) | (81,913,094 | ) | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||||||
| Beginning of period | — | 428,907,440 | 101,137,588 | 349,794,908 | 337,404,913 | 775,190,276 | 857,103,370 | |||||||||||||||||||||||
| End of period | $ | 103,886,835 | $ | 582,983,657 | $ | 428,907,440 | $ | 342,287,698 | $ | 349,794,908 | $ | 770,755,334 | $ | 775,190,276 | ||||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | — | $ | (5,365 | ) | $ | (1,449 | ) | $ | 10,930 | $ | 10,949 | $ | (16,817 | ) | $ | (16,817 | ) | ||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 9,994,034 | 10,729,500 | 18,567,017 | 764,596 | 3,558,499 | 85,424,341 | 179,352,811 | ||||||||||||||||||||||
| Premier Class | 100,000 | 1,005,435 | 306,844 | — | — | 19,357,826 | 5,666,823 | |||||||||||||||||||||||
| Retirement Class | 159,509 | 6,888,734 | 8,984,036 | — | — | 73,930,104 | 56,401,250 | |||||||||||||||||||||||
| Retail Class | 123,497 | 1,473,813 | 4,618,626 | 1,030,781 | 2,888,908 | 80,807,559 | 165,905,702 | |||||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 301,736 | 525,210 | 30,704 | 69,701 | 16,683 | — | ||||||||||||||||||||||
| Premier Class | — | 7,039 | 10,548 | — | — | — | — | |||||||||||||||||||||||
| Retirement Class | 25 | 141,026 | 145,488 | — | — | — | — | |||||||||||||||||||||||
| Retail Class | 7 | 48,801 | 83,119 | 215,237 | 753,911 | — | — | |||||||||||||||||||||||
| Shares redeemed: | Institutional Class | — | (3,902,536 | ) | (1,190,055 | ) | (411,412 | ) | (514,074 | ) | (87,246,167 | ) | (208,578,172 | ) | ||||||||||||||||
| Premier Class | — | (44,163 | ) | (7,048 | ) | — | — | (3,007,783 | ) | (6,790,856 | ) | |||||||||||||||||||
| Retirement Class | (3,580 | ) | (255,763 | ) | (217,720 | ) | — | — | (73,165,464 | ) | (58,340,116 | ) | ||||||||||||||||||
| Retail Class | — | (756,809 | ) | (930,249 | ) | (1,931,949 | ) | (6,540,953 | ) | (100,552,058 | ) | (215,530,303 | ) | |||||||||||||||||
| Net increase (decrease) from shareholder transactions | 10,373,492 | 15,636,813 | 30,895,816 | (302,043 | ) | 215,992 | (4,434,959 | ) | (81,912,861 | ) | ||||||||||||||||||||
* For the period August 7, 2015 to September 30, 2015.
| 52 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 53 |
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 | Portfolio turnover rate |
||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | excluding | ||||||||||||||||||||||||||||||||||||||||
| 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 |
mortgage dollar rolls |
|||||||||||||||||||||||||||||||||||||
| BOND FUND | BOND FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | $10.65 | $0.14 | $(0.20 | ) | $(0.06 | ) | $(0.14 | ) | $ — | $(0.14 | ) | $10.45 | Institutional Class: | 9/30/15 | § | (0.60 | )%b | $2,481,536 | 0.31 | %c | 0.31 | %c | 2.59 | %c | 154 | %b | 65 | %b | |||||||||||||||||||||||
| 3/31/15 | 10.40 | 0.24 | 0.33 | 0.57 | (0.24 | ) | (0.08 | ) | (0.32 | ) | 10.65 | 3/31/15 | 5.59 | 2,501,853 | 0.31 | 0.31 | 2.32 | 328 | 162 | ||||||||||||||||||||||||||||||||||
| 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 | 156 | |||||||||||||||||||||||||||||||||
| 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 | 196 | ||||||||||||||||||||||||||||||||||
| 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 | 140 | ||||||||||||||||||||||||||||||||||
| 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 | bg | 49 | bg | ||||||||||||||||||||||||
| 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 | g | 67 | g | |||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 10.66 | 0.13 | (0.20 | ) | (0.07 | ) | (0.13 | ) | — | (0.13 | ) | 10.46 | Premier Class: | 9/30/15 | § | (0.68 | )b | 22,397 | 0.46 | c | 0.46 | c | 2.45 | c | 154 | b | 65 | b | |||||||||||||||||||||||
| 3/31/15 | 10.41 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.08 | ) | (0.31 | ) | 10.66 | 3/31/15 | 5.43 | 19,336 | 0.47 | 0.47 | 2.17 | 328 | 162 | ||||||||||||||||||||||||||||||||||
| 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 | 156 | |||||||||||||||||||||||||||||||||
| 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 | 196 | ||||||||||||||||||||||||||||||||||
| 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 | 140 | ||||||||||||||||||||||||||||||||||
| 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 | bg | 49 | bg | ||||||||||||||||||||||||
| 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 | g | 67 | g | |||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 10.84 | 0.12 | (0.20 | ) | (0.08 | ) | (0.12 | ) | — | (0.12 | ) | 10.64 | Retirement Class: | 9/30/15 | § | (0.69 | )b | 242,414 | 0.56 | c | 0.56 | c | 2.33 | c | 154 | b | 65 | b | |||||||||||||||||||||||
| 3/31/15 | 10.59 | 0.22 | 0.33 | 0.55 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 10.84 | 3/31/15 | 5.27 | 266,855 | 0.56 | 0.56 | 2.06 | 328 | 162 | ||||||||||||||||||||||||||||||||||
| 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 | 156 | |||||||||||||||||||||||||||||||||
| 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 | 196 | ||||||||||||||||||||||||||||||||||
| 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 | 140 | ||||||||||||||||||||||||||||||||||
| 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 | bg | 49 | bg | ||||||||||||||||||||||||
| 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 | g | 67 | g | |||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 10.83 | 0.12 | (0.20 | ) | (0.08 | ) | (0.12 | ) | — | (0.12 | ) | 10.63 | Retail Class: | 9/30/15 | § | (0.72 | )b | 77,315 | 0.62 | c | 0.62 | c | 2.28 | c | 154 | b | 65 | b | |||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.22 | 0.32 | 0.54 | (0.21 | ) | (0.08 | ) | (0.29 | ) | 10.83 | 3/31/15 | 5.21 | 78,781 | 0.62 | 0.62 | 2.01 | 328 | 162 | ||||||||||||||||||||||||||||||||||
| 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 | 156 | |||||||||||||||||||||||||||||||||
| 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 | 196 | ||||||||||||||||||||||||||||||||||
| 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 | 140 | ||||||||||||||||||||||||||||||||||
| 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 | bg | 49 | bg | ||||||||||||||||||||||||
| 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 | g | 67 | g | |||||||||||||||||||||||||||||||||
| BOND INDEX FUND | BOND INDEX FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | 11.03 | 0.12 | (0.17 | ) | (0.05 | ) | (0.12 | ) | — | (0.12 | ) | 10.86 | Institutional Class: | 9/30/15 | § | (0.45 | )b | 5,779,706 | 0.12 | c | 0.12 | c | 2.21 | c | 12 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.67 | 0.24 | 0.37 | 0.61 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 11.03 | 3/31/15 | 5.73 | 5,727,975 | 0.12 | 0.12 | 2.18 | 20 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 11.03 | 0.11 | (0.17 | ) | (0.06 | ) | (0.11 | ) | — | (0.11 | ) | 10.86 | Premier Class: | 9/30/15 | § | (0.52 | )b | 47,931 | 0.27 | c | 0.27 | c | 2.05 | c | 12 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.67 | 0.22 | 0.37 | 0.59 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 11.03 | 3/31/15 | 5.58 | 48,961 | 0.27 | 0.27 | 2.04 | 20 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 11.04 | 0.11 | (0.18 | ) | (0.07 | ) | (0.11 | ) | — | (0.11 | ) | 10.86 | Retirement Class: | 9/30/15 | § | (0.66 | )b | 103,866 | 0.37 | c | 0.37 | c | 1.96 | c | 12 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.68 | 0.21 | 0.37 | 0.58 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 11.04 | 3/31/15 | 5.47 | 96,643 | 0.37 | 0.37 | 1.93 | 20 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 11.04 | 0.10 | (0.18 | ) | (0.08 | ) | (0.10 | ) | — | (0.10 | ) | 10.86 | Retail Class: | 9/30/15 | § | (0.71 | )b | 18,620 | 0.47 | c | 0.47 | c | 1.85 | c | 12 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.68 | 0.20 | 0.37 | 0.57 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.04 | 3/31/15 | 5.38 | 18,307 | 0.45 | 0.45 | 1.85 | 20 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||
| 54 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 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 | Portfolio turnover rate |
||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | excluding | ||||||||||||||||||||||||||||||||||||||||
| 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 |
mortgage dollar rolls |
|||||||||||||||||||||||||||||||||||||
| BOND PLUS FUND | BOND PLUS FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | $10.75 | $0.15 | $(0.24 | ) | $(0.09 | ) | $(0.15 | ) | $ — | $(0.15 | ) | $10.51 | Institutional Class: | 9/30/15 | § | (0.82 | )%b | $2,594,153 | 0.31 | %c | 0.31 | %c | 2.92 | %c | 145 | %b | 79 | %b | |||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.29 | 0.30 | 0.59 | (0.29 | ) | (0.13 | ) | (0.42 | ) | 10.75 | 3/31/15 | 5.66 | 2,522,232 | 0.32 | 0.32 | 2.71 | 285 | 133 | ||||||||||||||||||||||||||||||||||
| 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 | 97 | |||||||||||||||||||||||||||||||||
| 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 | 108 | ||||||||||||||||||||||||||||||||||
| 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 | 105 | ||||||||||||||||||||||||||||||||||
| 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 | b | 63 | b | |||||||||||||||||||||||||
| 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 | 90 | |||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 10.75 | 0.15 | (0.26 | ) | (0.11 | ) | (0.14 | ) | — | (0.14 | ) | 10.50 | Premier Class: | 9/30/15 | § | (0.99 | )b | 18,795 | 0.46 | c | 0.46 | c | 2.77 | c | 145 | b | 79 | b | |||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.27 | 0.30 | 0.57 | (0.27 | ) | (0.13 | ) | (0.40 | ) | 10.75 | 3/31/15 | 5.60 | 17,022 | 0.47 | 0.47 | 2.57 | 285 | 133 | ||||||||||||||||||||||||||||||||||
| 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 | 97 | |||||||||||||||||||||||||||||||||
| 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 | 108 | ||||||||||||||||||||||||||||||||||
| 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 | 105 | ||||||||||||||||||||||||||||||||||
| 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 | b | 63 | b | |||||||||||||||||||||||||
| 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 | 90 | |||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 10.76 | 0.14 | (0.24 | ) | (0.10 | ) | (0.14 | ) | — | (0.14 | ) | 10.52 | Retirement Class: | 9/30/15 | § | (0.94 | )b | 202,975 | 0.56 | c | 0.56 | c | 2.67 | c | 145 | b | 79 | b | |||||||||||||||||||||||
| 3/31/15 | 10.59 | 0.26 | 0.30 | 0.56 | (0.26 | ) | (0.13 | ) | (0.39 | ) | 10.76 | 3/31/15 | 5.39 | 200,632 | 0.57 | 0.57 | 2.46 | 285 | 133 | ||||||||||||||||||||||||||||||||||
| 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 | 97 | |||||||||||||||||||||||||||||||||
| 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 | 108 | ||||||||||||||||||||||||||||||||||
| 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 | 105 | ||||||||||||||||||||||||||||||||||
| 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 | b | 63 | b | |||||||||||||||||||||||||
| 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 | 90 | |||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 10.77 | 0.14 | (0.24 | ) | (0.10 | ) | (0.14 | ) | — | (0.14 | ) | 10.53 | Retail Class: | 9/30/15 | § | (0.97 | )b | 264,949 | 0.63 | c | 0.63 | c | 2.59 | c | 145 | b | 79 | b | |||||||||||||||||||||||
| 3/31/15 | 10.60 | 0.26 | 0.29 | 0.55 | (0.25 | ) | (0.13 | ) | (0.38 | ) | 10.77 | 3/31/15 | 5.31 | 270,579 | 0.64 | 0.64 | 2.39 | 285 | 133 | ||||||||||||||||||||||||||||||||||
| 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 | 97 | |||||||||||||||||||||||||||||||||
| 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 | 108 | ||||||||||||||||||||||||||||||||||
| 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 | 105 | ||||||||||||||||||||||||||||||||||
| 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 | b | 63 | b | |||||||||||||||||||||||||
| 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 | 90 | |||||||||||||||||||||||||||||||||||
| HIGH-YIELD FUND | HIGH-YIELD FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | 9.94 | 0.27 | (0.72 | ) | (0.45 | ) | (0.28 | ) | — | (0.28 | ) | 9.21 | Institutional Class: | 9/30/15 | § | (4.68 | )b | 2,308,867 | 0.36 | c | 0.36 | c | 5.57 | c | 25 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.38 | 0.55 | (0.32 | ) | 0.23 | (0.55 | ) | (0.12 | ) | (0.67 | ) | 9.94 | 3/31/15 | 2.33 | 2,154,591 | 0.36 | 0.36 | 5.41 | 71 | — | |||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 9.94 | 0.26 | (0.71 | ) | (0.45 | ) | (0.27 | ) | — | (0.27 | ) | 9.22 | Premier Class: | 9/30/15 | § | (4.64 | )b | 69,096 | 0.51 | c | 0.51 | c | 5.48 | c | 25 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.39 | 0.54 | (0.33 | ) | 0.21 | (0.54 | ) | (0.12 | ) | (0.66 | ) | 9.94 | 3/31/15 | 2.08 | 33,545 | 0.51 | 0.51 | 5.26 | 71 | — | |||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 9.94 | 0.26 | (0.72 | ) | (0.46 | ) | (0.26 | ) | — | (0.26 | ) | 9.22 | Retirement Class: | 9/30/15 | § | (4.69 | )b | 242,694 | 0.61 | c | 0.61 | c | 5.31 | c | 25 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.38 | 0.52 | (0.31 | ) | 0.21 | (0.53 | ) | (0.12 | ) | (0.65 | ) | 9.94 | 3/31/15 | 2.08 | 245,574 | 0.61 | 0.61 | 5.10 | 71 | — | |||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 9.98 | 0.26 | (0.73 | ) | (0.47 | ) | (0.26 | ) | — | (0.26 | ) | 9.25 | Retail Class: | 9/30/15 | § | (4.77 | )b | 572,865 | 0.63 | c | 0.63 | c | 5.29 | c | 25 | b | — | ||||||||||||||||||||||||
| 3/31/15 | 10.43 | 0.52 | (0.32 | ) | 0.20 | (0.53 | ) | (0.12 | ) | (0.65 | ) | 9.98 | 3/31/15 | 1.97 | 541,978 | 0.64 | 0.64 | 5.11 | 71 | — | |||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||||||
| 56 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 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 | |||||||||||||||||||||||||||||||||||
| INFLATION-LINKED BOND FUND | INFLATION-LINKED BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | $11.52 | $0.23 | $(0.48 | ) | $(0.25 | ) | $ — | $ — | $ — | $11.27 | Institutional Class: | 9/30/15 | § | (2.17 | )%b | $1,682,744 | 0.26 | %c | 0.26 | %c | 4.04 | %c | 12 | %b | ||||||||||||||||||||||||
| 3/31/15 | 11.41 | 0.02 | 0.31 | 0.33 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 11.52 | 3/31/15 | 2.92 | 1,713,985 | 0.26 | 0.26 | 0.16 | 17 | ||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 11.49 | 0.22 | (0.48 | ) | (0.26 | ) | — | — | — | 11.23 | Premier Class: | 9/30/15 | § | (2.26 | )b | 8,479 | 0.41 | c | 0.41 | c | 3.83 | c | 12 | b | ||||||||||||||||||||||||
| 3/31/15 | 11.39 | 0.01 | 0.30 | 0.31 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.49 | 3/31/15 | 2.76 | 7,545 | 0.42 | 0.42 | 0.08 | 17 | ||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 11.60 | 0.22 | (0.49 | ) | (0.27 | ) | — | — | — | 11.33 | Retirement Class: | 9/30/15 | § | (2.33 | )b | 168,375 | 0.51 | c | 0.51 | c | 3.78 | c | 12 | b | ||||||||||||||||||||||||
| 3/31/15 | 11.50 | 0.04 | 0.27 | 0.31 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.60 | 3/31/15 | 2.67 | 166,302 | 0.51 | 0.51 | 0.32 | 17 | ||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 11.24 | 0.21 | (0.47 | ) | (0.26 | ) | — | — | — | 10.98 | Retail Class: | 9/30/15 | § | (2.31 | )b | 128,892 | 0.58 | c | 0.58 | c | 3.74 | c | 12 | b | ||||||||||||||||||||||||
| 3/31/15 | 11.16 | 0.01 | 0.27 | 0.28 | (0.19 | ) | (0.01 | ) | (0.20 | ) | 11.24 | 3/31/15 | 2.55 | 138,801 | 0.57 | 0.57 | 0.08 | 17 | ||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| SHORT-TERM BOND FUND | SHORT-TERM BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | 10.39 | 0.08 | (0.04 | ) | 0.04 | (0.08 | ) | — | (0.08 | ) | 10.35 | Institutional Class: | 9/30/15 | § | 0.42 | %b | $1,202,315 | 0.27 | %c | 0.27 | %c | 1.63 | %c | 46 | %b | |||||||||||||||||||||||
| 3/31/15 | 10.41 | 0.13 | (0.01 | ) | 0.12 | (0.13 | ) | (0.01 | ) | (0.14 | ) | 10.39 | 3/31/15 | 1.18 | 1,170,805 | 0.27 | 0.27 | 1.28 | 114 | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 10.40 | 0.08 | (0.04 | ) | 0.04 | (0.08 | ) | — | (0.08 | ) | 10.36 | Premier Class: | 9/30/15 | § | 0.35 | b | 10,881 | 0.42 | c | 0.42 | c | 1.48 | c | 46 | b | |||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.12 | (0.01 | ) | 0.11 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 10.40 | 3/31/15 | 1.02 | 10,103 | 0.42 | 0.42 | 1.13 | 114 | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 10.40 | 0.07 | (0.04 | ) | 0.03 | (0.07 | ) | — | (0.07 | ) | 10.36 | Retirement Class: | 9/30/15 | § | 0.30 | b | 100,166 | 0.52 | c | 0.52 | c | 1.38 | c | 46 | b | |||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.11 | (0.01 | ) | 0.10 | (0.11 | ) | (0.01 | ) | (0.12 | ) | 10.40 | 3/31/15 | 0.92 | 100,515 | 0.52 | 0.52 | 1.04 | 114 | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 10.40 | 0.07 | (0.05 | ) | 0.02 | (0.07 | ) | — | (0.07 | ) | 10.35 | Retail Class: | 9/30/15 | § | 0.17 | b | 143,251 | 0.58 | c | 0.58 | c | 1.32 | c | 46 | b | |||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | (0.01 | ) | (0.11 | ) | 10.40 | 3/31/15 | 0.87 | 152,100 | 0.58 | 0.58 | 0.98 | 114 | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| 58 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 59 |
| 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 | |||||||||||||||||||||||||||||||||||
| SHORT-TERM BOND INDEX FUND | SHORT-TERM BOND INDEX FUND | |||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | §^ | $10.00 | $0.01 | $0.01 | $0.02 | $(0.01 | ) | $ — | $(0.01 | ) | $10.01 | Institutional Class: | 9/30/15 | §^ | 0.32 | %b | $100,087 | 1.32 | %c | 0.12 | %c | 0.80 | %c | 6 | %b | ||||||||||||||||||||||||
| Premier Class: | 9/30/15 | §^ | 10.00 | 0.01 | 0.01 | 0.02 | (0.01 | ) | — | (0.01 | ) | 10.01 | Premier Class: | 9/30/15 | §^ | 0.30 | b | 1,001 | 1.70 | c | 0.27 | c | 0.65 | c | 6 | b | ||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | §^ | 10.00 | 0.01 | 0.01 | 0.02 | (0.01 | ) | — | (0.01 | ) | 10.01 | Retirement Class: | 9/30/15 | §^ | 0.28 | b | 1,562 | 1.78 | c | 0.37 | c | 0.57 | c | 6 | b | ||||||||||||||||||||||||
| Retail Class: | 9/30/15 | §^ | 10.00 | 0.01 | 0.01 | 0.02 | (0.01 | ) | — | (0.01 | ) | 10.01 | Retail Class: | 9/30/15 | §^ | 0.27 | b | 1,237 | 2.28 | c | 0.47 | c | 0.47 | c | 6 | b | ||||||||||||||||||||||||
| SOCIAL CHOICE BOND FUND | SOCIAL CHOICE BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/15 | § | 10.45 | 0.12 | (0.16 | ) | (0.04 | ) | (0.12 | ) | — | (0.12 | ) | 10.29 | Institutional Class: | 9/30/15 | § | (0.37 | )b | 345,938 | 0.40 | c | 0.40 | c | 2.36 | c | 57 | b | ||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.21 | 0.60 | 0.81 | (0.21 | ) | (0.13 | ) | (0.34 | ) | 10.45 | 3/31/15 | 8.19 | 276,997 | 0.45 | 0.40 | 2.08 | 459 | ||||||||||||||||||||||||||||||||
| 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: | 9/30/15 | § | 10.45 | 0.11 | (0.16 | ) | (0.05 | ) | (0.11 | ) | — | (0.11 | ) | 10.29 | Premier Class: | 9/30/15 | § | (0.45 | )b | 15,234 | 0.56 | c | 0.55 | c | 2.27 | c | 57 | b | ||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.20 | 0.60 | 0.80 | (0.20 | ) | (0.13 | ) | (0.33 | ) | 10.45 | 3/31/15 | 8.03 | 5,359 | 0.61 | 0.55 | 1.93 | 459 | ||||||||||||||||||||||||||||||||
| 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: | 9/30/15 | § | 10.45 | 0.11 | (0.16 | ) | (0.05 | ) | (0.11 | ) | — | (0.11 | ) | 10.29 | Retirement Class: | 9/30/15 | § | (0.50 | )b | 168,240 | 0.65 | c | 0.65 | c | 2.12 | c | 57 | b | ||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.19 | 0.60 | 0.79 | (0.19 | ) | (0.13 | ) | (0.32 | ) | 10.45 | 3/31/15 | 7.93 | 100,119 | 0.70 | 0.65 | 1.87 | 459 | ||||||||||||||||||||||||||||||||
| 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: | 9/30/15 | § | 10.45 | 0.11 | (0.17 | ) | (0.06 | ) | (0.11 | ) | — | (0.11 | ) | 10.28 | Retail Class: | 9/30/15 | § | (0.61 | )b | 53,572 | 0.68 | c | 0.68 | c | 2.07 | c | 57 | b | ||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.19 | 0.59 | 0.78 | (0.18 | ) | (0.13 | ) | (0.31 | ) | 10.45 | 3/31/15 | 7.99 | 46,434 | 0.73 | 0.68 | 1.83 | 459 | ||||||||||||||||||||||||||||||||
| 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: | 9/30/15 | § | 10.82 | 0.11 | (0.13 | ) | (0.02 | ) | (0.11 | ) | — | (0.11 | ) | 10.69 | Institutional Class: | 9/30/15 | § | (0.21 | )b | 47,187 | 0.35 | c | 0.35 | c | 1.99 | c | 70 | b | ||||||||||||||||||||||
| 3/31/15 | 10.51 | 0.24 | 0.41 | 0.65 | (0.23 | ) | (0.11 | ) | (0.34 | ) | 10.82 | 3/31/15 | 6.27 | 43,616 | 0.35 | 0.35 | 2.19 | 155 | ||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 10.84 | 0.09 | (0.14 | ) | (0.05 | ) | (0.09 | ) | — | (0.09 | ) | 10.70 | Retail Class: | 9/30/15 | § | (0.44 | )b | 295,100 | 0.63 | c | 0.63 | c | 1.72 | c | 70 | b | ||||||||||||||||||||||
| 3/31/15 | 10.52 | 0.20 | 0.43 | 0.63 | (0.20 | ) | (0.11 | ) | (0.31 | ) | 10.84 | 3/31/15 | 6.07 | 306,179 | 0.63 | 0.63 | 1.90 | 155 | ||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| 60 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 61 |
| 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: | 9/30/15 | § | $1.00 | $0.00 | d | $ — | $0.00 | d | $(0.00 | )d | $ — | $(0.00 | )d | $1.00 | Institutional Class: | 9/30/15 | § | 0.01 | %b | $314,862 | 0.14 | %c | 0.14 | %c | 0.01 | %c | — | ||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 316,667 | 0.14 | 0.12 | 0.00 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | ||||||||||||||||||||||||||||||
| Premier Class: | 9/30/15 | § | 1.00 | — | — | — | — | — | — | 1.00 | Premier Class: | 9/30/15 | § | 0.00 | b | 20,597 | 0.28 | c | 0.15 | c | 0.00 | c | — | ||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 4,247 | 0.29 | 0.12 | 0.00 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | ||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/15 | § | 1.00 | — | — | — | — | — | — | 1.00 | Retirement Class: | 9/30/15 | § | 0.00 | b | 89,189 | 0.39 | c | 0.15 | c | 0.00 | c | — | ||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 88,424 | 0.39 | 0.12 | 0.00 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | ||||||||||||||||||||||||||||||
| Retail Class: | 9/30/15 | § | 1.00 | — | — | — | — | — | — | 1.00 | Retail Class: | 9/30/15 | § | 0.00 | b | 346,108 | 0.48 | c | 0.14 | c | 0.00 | c | — | ||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 365,853 | 0.48 | 0.12 | 0.00 | — | ||||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| d | Amount represents less than $0.01 per share. |
| g | Does not include in-kind transactions. |
| § | 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 Fund commenced operations on September 21, 2012. |
| ^ | The Fund commenced operations on August 7, 2015. |
| 62 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 63 |
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, Short-Term Bond Index Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). The Short-Term Bond Index Fund commenced operations on August 7, 2015.
The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, 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 (“FASB”) 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, expenses, realized gains and losses and unrealized appreciation and depreciation 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.
| 64 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.
New accounting pronouncements: In June 2014, the FASB issued Accounting Standards Update No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures (the “Update”). The Update will require, among other items, additional disclosures for transactions that are accounted for as secured borrowings, such as loaned securities. The Update is effective for annual reporting periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. 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 disclosure.
In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07 Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “ASU”). The ASU removes the requirement to categorize all investments for which the fair value is measured using the net asset value per share practical expedient from the fair value hierarchy. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for public business entities for fiscal years beginning December 15, 2015, and for interim periods within those fiscal years. The Funds expect to adopt the ASU for the March 31, 2016 annual report. Management is currently evaluating the impact of the ASU’s adoption on the Funds’ financial statements and notes disclosures.
New rule issuance: In July 2014, the Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF (“Final Rule”), which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management has implemented changes that were effective in 2015 and will continue to evaluate the implication of these amendments and the impact of the Final Rule to the Fund’s financial statements and related 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 securities 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.
The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market 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.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 65 |
Notes to financial statements (unaudited)
Futures contracts: Stock and bond index futures, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity 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.
Unfunded loan commitment: Unfunded loan commitments are marked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments 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, 2015, there were no material transfers between levels by the Funds.
As of September 30, 2015, 100% of the value of investments in the Bond Index Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Index Fund, Tax-Exempt Bond Fund and Money Market Fund were valued based on Level 2 inputs. The High-Yield Fund held a Level 3 security valued at zero.
The following table summarizes the market value of the Funds’ investments as of September 30, 2015, based on the inputs used to value them:
| Fund | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Bond | |||||||||||||
| Bank loan obligations | $ | – | $ | 36,081,929 | $ | – | $ | 36,081,929 | |||||
| Corporate bonds | – | 1,119,930,378 | – | 1,119,930,378 | |||||||||
| Government bonds | – | 998,950,368 | – | 998,950,368 | |||||||||
| Structured assets | – | 600,986,981 | 1,103,493 | 602,090,474 | |||||||||
| Short-term investments | – | 401,032,181 | – | 401,032,181 | |||||||||
| Unfunded loan commitment | – | (7,914 | ) | – | (7,914 | ) | |||||||
| Total | $ | – | $ | 3,156,973,923 | $ | 1,103,493 | $ | 3,158,077,416 | |||||
| Bond Plus | |||||||||||||
| Bank loan obligations | $ | – | $ | 136,182,520 | $ | – | $ | 136,182,520 | |||||
| Corporate bonds | – | 1,275,912,224 | – | 1,275,912,224 | |||||||||
| Government bonds | – | 1,072,298,006 | – | 1,072,298,006 | |||||||||
| Structured assets | – | 393,771,900 | 1,783,842 | 395,555,742 | |||||||||
| Short-term investments | – | 463,840,619 | – | 463,840,619 | |||||||||
| Unfunded loan commitment | – | (45,009 | ) | – | (45,009 | ) | |||||||
| Total | $ | – | $ | 3,341,960,260 | $ | 1,783,842 | $ | 3,343,744,102 | |||||
| Short-Term Bond | |||||||||||||
| Bank loan obligations | $ | – | $ | 50,750,244 | $ | – | $ | 50,750,244 | |||||
| Corporate bonds | – | 555,824,733 | – | 555,824,733 | |||||||||
| Government bonds | – | 397,150,694 | – | 397,150,694 | |||||||||
| Structured assets | – | 427,019,172 | – | 427,019,172 | |||||||||
| Short-term investments | – | 28,298,153 | – | 28,298,153 | |||||||||
| Futures* | (599,815 | ) | – | – | (599,815 | ) | |||||||
| Total | $ | (599,815 | ) | $ | 1,459,042,996 | $ | – | $ | 1,458,443,181 | ||||
| Social Choice Bond | |||||||||||||
| Bank loan obligations | $ | – | $ | 6,070,555 | $ | – | $ | 6,070,555 | |||||
| Corporate bonds | – | 229,036,107 | – | 229,036,107 | |||||||||
| Government bonds | – | 254,757,230 | – | 254,757,230 | |||||||||
| Structured assets | – | 80,381,167 | 331,878 | 80,713,045 | |||||||||
| Preferred stocks | 273,235 | – | – | 273,235 | |||||||||
| Short-term investments | – | 6,800,081 | – | 6,800,081 | |||||||||
| Total | $ | 273,235 | $ | 577,045,140 | $ | 331,878 | $ | 577,650,253 | |||||
* Derivative instruments are not reflected in the Summary portfolio of investments.
| 66 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
continued
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, 2015, the Short-Term Bond Fund invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:
| Asset derivatives | Liabilities derivatives | ||||||
| Fair value | Fair value | ||||||
| Derivative contracts | Location | amount | Location | amount | |||
| Short-Term Bond Fund | |||||||
| Interest rate contracts | Futures* | (599,815) | |||||
| * | The fair value presented includes cumulative gain (loss) on open futures contracts and open centrally cleared swap 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. |
For the period ended September 30, 2015, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:
| Change in | |||||||||
| unrealized | |||||||||
| Realized | appreciation | ||||||||
| Derivative contracts | Location | gain (loss | ) | (depreciation | ) | ||||
| Bond Plus Fund | |||||||||
| Credit contracts | Swap transactions | $ | 389,599 | $ | 83,685 | ||||
| High-Yield Fund | |||||||||
| Credit contracts | Swap transactions | (1,242,875 | ) | (174,955 | ) | ||||
| Interest rate contracts | Futures transactions | (1,122,068 | ) | 193,869 | |||||
Futures contracts: The Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the bond and foreign exchange markets and to fluctuations in interest and foreign exchange 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, 2015, the Short-Term Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 5% of net assets.
At September 30, 2015, the Short-Term Bond Fund held the following open futures contracts:
| Number of | Settlement | Expiration | Unrealized | |||||||||
| contracts | value | date | gain (loss | ) | ||||||||
| US 5 Year Note (CBT) | 500 | $(60,257,813 | ) | 12/31/2015 | $(512,889 | ) | ||||||
| US 10 Year Note (CBT) | 55 | (7,080,391 | ) | 12/21/2015 | (86,926 | ) | ||||||
| Total | 555 | $(67,338,204 | ) | $(599,815 | ) |
Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). 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. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.
The value of a bilateral 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. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 67 |
Notes to financial statements (unaudited)
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. Daily changes in the value of such contracts are reflected in net unrealized gains and 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, 2015, the Bond Plus Fund and the High-Yield Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 2% of net assets.
There were no open credit default swap contracts outstanding as of September 30, 2015.
Note 4—investment adviser and affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of
Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations is paid to Advisors under the Retirement Class Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensated TPIS for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
For the Money Market Fund, TPIS waived a portion of distribution Rule 12b-1 plan expenses on the Retail Class, and Advisors is reimbursing certain other Retail Class expenses. TPIS waived a portion of the distribution Rule 12b-1 plan expenses on the Premier Class and Advisors waived a portion of Service Agreement fees on the Retirement Class. 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, 2015, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
| Investment | ||||||||||||||||||||||||||
| Investment | management | |||||||||||||||||||||||||
| management | fee–effective | Service | ||||||||||||||||||||||||
| fee range | rate | agreement fee | Distribution fee | Maximum expense amounts‡ | ||||||||||||||||||||||
| Retirement | Premier | Retail | Institutional | Premier | Retirement | Retail | ||||||||||||||||||||
| Fund | Class | Class | Class | Class | Class | Class | Class | |||||||||||||||||||
| Bond* | 0.26%–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* | 0.26–0.30 | 0.29 | 0.25 | 0.15 | 0.25 | 0.35 | 0.50 | 0.60 | 0.70 | |||||||||||||||||
| High-Yield* | 0.31–0.35 | 0.34 | 0.25 | 0.15 | 0.25 | 0.40 | 0.55 | 0.65 | 0.75 | |||||||||||||||||
| Inflation-Linked Bond* | 0.21–0.25 | 0.24 | 0.25 | 0.15 | 0.25 | 0.30 | 0.45 | 0.55 | 0.65 | |||||||||||||||||
| Short-Term Bond* | 0.21–0.25 | 0.25 | 0.25 | 0.15 | 0.25 | 0.30 | 0.45 | 0.55 | 0.65 | |||||||||||||||||
| Short-Term Bond Index | 0.07 | 0.07 | 0.25 | 0.15 | 0.25 | 0.12 | 0.27 | 0.37 | 0.47 | |||||||||||||||||
| Social Choice Bond* | 0.31–0.35 | 0.35 | 0.25 | 0.15 | 0.25 | 0.40 | 0.55 | 0.65 | 0.75 | |||||||||||||||||
| Tax-Exempt Bond* | 0.26–0.30 | 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, 2016. 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 Short-Term Bond Index Fund and the Social Choice Bond Fund, TIAA, an affiliate, invested in the Funds. 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.
| 68 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
continued
The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of September 30, 2015:
| 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 | – | – | 17 | – | – | 1 | 18 | |||||||||||||
| Bond Plus | – | 53 | – | 4 | 9 | 2 | 68 | |||||||||||||
| High-Yield | – | 26 | – | – | – | – | 26 | |||||||||||||
| Inflation-Linked Bond | – | 20 | 4 | – | – | – | 24 | |||||||||||||
| Short-Term Bond | – | 27 | – | 3 | – | 2 | 32 | |||||||||||||
| Short-Term Bond Index | 24 | – | 75 | – | – | – | 99 | |||||||||||||
| Social Choice Bond | 9 | – | – | – | – | – | 9 | |||||||||||||
| Money Market | – | – | – | – | – | 1 | 1 |
TIAA-CREF Tuition Financing, Inc. (“TFI”), a direct 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, 2015, four 529 Plans owned 18%, 17%, 7%, and 6%, respectively, of the Bond Index Fund, one 529 Plan owned 10% of the Bond Plus Fund, four 529 Plans owned 14%, 12%, 7%, and 5%, respectively, of the Inflation-Linked Bond Fund, one 529 Plan owned 10% of the Money Market Fund, and three 529 Plans owned 9%, 6% and 6%, respectively, of the Short-Term Bond Fund.
Note 5—investments
Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.
Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.
Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.
Mortgage dollar rolls transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Unfunded loan commitment: The Bond Fund, the Bond Plus Fund, and the High-Yield Fund entered into a loan commitment to fund a portion of a delayed draw term-loan facility. The Funds are obligated to fund this loan commitment at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At September 30, 2015, the Funds had unfunded loan commitments of $633,094, $3,600,719, and $10,070,144, respectively. The unfunded loan commitment is marked-to-market daily and any unrealized appreciation (depreciation) is included as an asset (liability) on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 69 |
| Notes to financial statements (unaudited) | concluded |
Net unrealized appreciation (depreciation): At September 30, 2015, 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 | ||||||||||||||
| Tax | unrealized | unrealized | appreciation | |||||||||||||
| Fund | cost | appreciation | (depreciation | ) | (depreciation | ) | ||||||||||
| Bond | $3,161,473,104 | $ | 33,217,908 | $ | (36,605,682 | ) | $ | (3,387,774 | ) | |||||||
| Bond Index | 5,879,065,964 | 110,664,609 | (37,357,513 | ) | 73,307,096 | |||||||||||
| Bond Plus | 3,367,605,738 | 33,477,137 | (57,293,764 | ) | (23,816,627 | ) | ||||||||||
| High-Yield | 3,467,247,153 | 24,211,734 | (267,874,124 | ) | (243,662,390 | ) | ||||||||||
| Inflation-Linked Bond | 1,980,891,032 | 57,482,648 | (52,150,268 | ) | 5,332,380 | |||||||||||
| Short-Term Bond | 1,459,415,731 | 4,468,399 | (4,841,134 | ) | (372,735 | ) | ||||||||||
| Short-Term Bond Index | 103,513,887 | 51,659 | (56,789 | ) | (5,130 | ) | ||||||||||
| Social Choice Bond | 577,346,457 | 4,596,215 | (4,292,419 | ) | 303,796 | |||||||||||
| Tax-Exempt Bond | 314,584,785 | 5,555,663 | (456,938 | ) | 5,098,725 | |||||||||||
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2015 were as follows:
| Non-U.S. | U.S. | Non-U.S. | U.S. | |||||||||||||
| government | government | government | government | |||||||||||||
| Fund | purchases | purchases | sales | sales | ||||||||||||
| Bond | $ | 671,653,186 | $ | 3,710,239,581 | $ | 551,896,418 | $ | 3,721,532,698 | ||||||||
| Bond Index | 272,731,943 | 806,059,723 | 166,997,430 | 564,996,743 | ||||||||||||
| Bond Plus | 773,359,058 | 3,615,199,655 | 664,766,836 | 3,550,742,077 | ||||||||||||
| High-Yield Bond | 1,107,403,953 | – | 738,867,484 | – | ||||||||||||
| Inflation-Linked Bond | 9,488,275 | 254,170,259 | – | 237,735,922 | ||||||||||||
| Short-Term Bond | 328,718,371 | 387,708,111 | 331,224,773 | 318,870,273 | ||||||||||||
| Short-Term Bond Index | 32,214,675 | 73,901,459 | 52,312 | 2,546,781 | ||||||||||||
| Social Choice Bond | 256,253,810 | 197,050,661 | 94,468,727 | 181,842,027 | ||||||||||||
| Tax-Exempt Bond | – | 234,659,486 | – | 265,449,034 | ||||||||||||
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2015 was as follows:
| Ordinary | Long-term | |||||||||||
| Fund | income | capital gains | Total | |||||||||
| Bond | $ | 78,881,480 | $ | 3,979,991 | $ | 82,861,471 | ||||||
| Bond Index | 122,444,246 | 2,825,958 | 125,270,204 | |||||||||
| Bond Plus | 93,594,356 | 11,410,253 | 105,004,609 | |||||||||
| High-Yield | 154,015,359 | 28,407,365 | 182,422,724 | |||||||||
| Inflation-Linked Bond | 34,488,997 | 1,537,223 | 36,026,220 | |||||||||
| Short-Term Bond | 18,063,196 | 499,747 | 18,562,943 | |||||||||
| Social Choice Bond | 8,231,575 | – | 8,231,575 | |||||||||
| Tax-Exempt Bond* | 8,269,497 | 1,804,790 | 10,074,287 | |||||||||
| Money Market | – | – | – | |||||||||
| * | Includes ordinary income which will not be taxable for federal income tax purposes in 2015 of $6,610,678. |
The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.
Note 7—line of credit
Each of the Funds, except the Short-Term Bond Index Fund and 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 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. 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 mutual 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, 2015, 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.
| 70 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Approval of investment management agreement (unaudited)
Board approval of the investment management agreement for the TIAA-CREF Short-Term Bond Index Fund
Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series, including the new TIAA-CREF Short-Term Bond Index Fund (the “Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Fund.
Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.
Overview of the approval process
The Board held a meeting on July 14, 2015, at which it considered the initial approval of the Agreement with respect to the Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. During a series of meetings held prior to the July 2015 Board meeting, the Board and the Operations Committee requested information and follow-up materials from TAI representatives, with input from legal counsel to the Trustees and legal counsel to TAI and the Trust, and evaluated the information produced.
Among other matters, the Board and the Operations Committee requested and reviewed reports with respect to the Fund by the Board Reporting and Compliance unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.
Lipper produced, among other information, expense comparison data regarding the Fund, including data relating to the Fund’s management fee rate and total expense ratio. Lipper also compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper.
Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this regard, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits anticipated to be realized by TAI, which is also true of their assessment of the Fund’s management fee rate and other aspects of the proposed approval of the Agreement.
In advance of the Board meeting held on July 14, 2015, legal counsel to the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to approve the Agreement for the Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) a description of any proposed fee waiver or expense reimbursement arrangements; (2) a comparison of the Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (3) any “fall-out” benefits reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (4) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (5) information as to any potential profits to be earned by TAI in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related agreements between the Trust and affiliates of TAI; and (7) proposed narrative explanations of reasons why the Board should approve the Agreement.
In considering whether to approve the Agreement with respect to the Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services to be provided by TAI to the Fund; (2) the costs of the services to be provided to the Fund and the potential profits (if any) to be realized by TAI and its affiliates from their relationship with the Fund; (3) fees charged by certain other advisers to certain comparable funds; (4) the extent to which economies of scale are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (7) any other benefits anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to approve the Agreement.
In reaching its decisions regarding the approval of the Agreement for the Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, information provided to the Board in connection with the March 2015 renewal of the Agreement for each then-existing series of the Trust and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Trust. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 71 |
Approval of investment management agreement (unaudited)
In deciding whether to approve the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to approve the Agreement for the Fund. At its meeting on July 14, 2015, the Board voted unanimously to approve the Agreement for the Fund. Set forth below are certain general and specific factors the Board considered for the Fund.
The nature, extent and quality of services
The Board considered that TAI is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced. Investment professionals at TAI or its affiliates also manage accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the TIAA Separate Account VA-1. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; active daily monitoring of the Fund investment portfolio by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Fund. In particular, the Board reviewed the proposed portfolio management team’s experience. The Board considered that TAI has carried out these responsibilities in a competent and professional manner with respect to the existing series of the Trust.
In addition, the Board considered the nature and quality of non-portfolio management services currently provided to the Trust to be provided to the Fund by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.
Cost and profitability
The Board considered pro forma financial and profitability data relating to TAI with respect to the Fund. The Board considered TAI’s projected profit (or loss) calculations with respect to its services to the Fund both before and after taking into account the costs to be incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. These calculations also took into consideration any potential fall-out benefits to TAI or its affiliates. These estimates projected that the Fund would likely be profitable for TAI in a few years. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services to be provided to the Fund. The Board concluded that any estimated profits to be earned by TAI on its services to the Fund in future years were not excessive in light of various relevant factors.
During its ongoing review of TAI’s potential profits, the Board has noted its efforts to examine the level of personnel and other resources available to TAI for its portfolio management and
other functions so as to assess whether sufficient resources are being devoted to these functions.
Fees charged by other advisers
The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rate charged to the Fund under the Agreement was lower than the management fee rates charged to many or most other comparable mutual funds. In its ongoing review process, the Board has also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. Additionally, the Board has also considered in its ongoing review process the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Lipper bases its comparisons on financial data relating to fiscal periods that differ from the period for which the Fund’s data are derived. Based on all factors considered, the Board concluded that the management fee rate under the Agreement for the Fund was within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether TAI is anticipated to experience economies of scale in connection with the operation of the Fund. In this regard, the Board considered TAI’s representation that the fee rate in the Agreement is at a low level as compared to its peer groups of mutual funds. Based on all factors considered, the Board concluded that the Fund’s fee schedule was within an acceptable range in light of projected economies of scale considerations and estimated asset levels.
Fee comparison with other TAI clients
The Board considered that TAI and its affiliates provide similar investment management services to portions of other investment companies. The Board considered the management fee rates actually charged to other investment companies that have portions of their portfolios managed under similar strategies to the Fund. During its ongoing review process, the Board has also considered TAI’s representation that, while the management fee rate charged to the Fund may differ from the management fee rates chargeable to these other investment companies, this is due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI or its affiliates; (4) may target different types of investors; and/or (5) may be packaged with other products, and that these factors, among others, could justify different management fee rate schedules.
Other benefits
The Board also considered additional benefits to the Fund and TAI and its affiliates that could potentially arise from the Agreement. For example, TAI and its affiliates may benefit from
| 72 | 2015 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
concluded
the advisory relationship with the Fund to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and the Fund may benefit from economies of scale to the extent that the Fund is managed in the same manner and by the same personnel as portions of certain of the CREF Accounts. TAI and the Fund may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Fund may be utilized as an investment option for other products offered by TAI and its affiliates, like education savings plans and insurance company separate accounts.
Specific factors
The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to
quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee and expense factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class.
| • | The Fund’s proposed annual contractual management fee rate is 0.07% of average daily net assets. |
| • | The Fund’s proposed total expenses, actual management fees and contractual management fees were in the 1st, 2nd and 1st quintiles of their expense group and in the 2nd, 1st and 2nd quintiles of their expense universe, respectively, within the group of comparable funds selected by Lipper for expense comparison purposes and the universe of comparable funds selected by Lipper for expense comparison purposes. |
Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the Fund.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2015 Semiannual Report | 73 |
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TIAA-CREF website
tiaa-cref.org
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| 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, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. | |
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Item 2. Code of Ethics.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF FUNDS - Bond Fund
TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 1.3% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||
| $ | 446,625 | i | Dealer Tire LLC | 5.500 | % | 12/22/21 | $ | 448,581 | ||||||||
| 1,732,500 | i | Gates Global LLC | 4.250 | 07/05/21 | 1,638,443 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 2,087,024 | |||||||||||||||
| CAPITAL GOODS - 0.1% | ||||||||||||||||
| 250,000 | i | CHI Overhead Doors, Inc | 4.750 | 07/31/22 | 249,453 | |||||||||||
| 822,109 | i | Otter Products LLC | 5.750 | 06/03/20 | 800,183 | |||||||||||
| 300,000 | i | Plaze, Inc | 5.250 | 07/31/22 | 299,250 | |||||||||||
| TOTAL CAPITAL GOODS | 1,348,886 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.0% | ||||||||||||||||
| 729,488 | i | Creative Artists Agency LLC | 9.000 | 12/17/21 | 729,794 | |||||||||||
| 200,000 | h,i | Staples, Inc | 3.500 | 04/24/21 | 198,826 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 928,620 | |||||||||||||||
| CONSUMER SERVICES - 0.2% | ||||||||||||||||
| 900,000 | i | Jackson Hewitt Tax Service, Inc | 8.000 | 06/25/21 | 882,000 | |||||||||||
| 900,000 | i | Knowledge Universe Education LLC | 6.000 | 08/13/22 | 886,500 | |||||||||||
| 2,573,759 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 2,520,688 | |||||||||||
| TOTAL CONSUMER SERVICES | 4,289,188 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.1% | ||||||||||||||||
| 500,000 | h,i | DTZ US Borrower LLC | 4.250 | 11/04/21 | 494,220 | |||||||||||
| 496,256 | i | DTZ US Borrower LLC | 4.250 | 11/04/21 | 490,520 | |||||||||||
| 235,224 | i | TransFirst, Inc | 4.750 | 11/12/21 | 234,490 | |||||||||||
| 888,722 | i | TransUnion LLC | 3.500 | 04/09/21 | 878,724 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 2,097,954 | |||||||||||||||
| ENERGY - 0.0% | ||||||||||||||||
| 41,303 | i | Granite Acquisition, Inc | 5.000 | 12/19/21 | 40,408 | |||||||||||
| 931,657 | i | Granite Acquisition, Inc | 5.000 | 12/19/21 | 911,468 | |||||||||||
| TOTAL ENERGY | 951,876 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.0% | ||||||||||||||||
| 1,188,227 | i | Albertson’s Holdings LLC | 5.500 | 08/25/21 | 1,187,490 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 1,187,490 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.0% | ||||||||||||||||
| 255,000 | i | Hostess Brands LLC | 4.500 | 08/03/22 | 255,077 | |||||||||||
| 164,029 | i | Post Holdings, Inc | 3.750 | 06/02/21 | 163,906 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 418,983 | |||||||||||||||
| 1 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.2% | ||||||||||||||||
| $ | 802,419 | i | Capsugel Holdings US, Inc | 3.500 | % | 08/01/18 | $ | 799,121 | ||||||||
| 1,211,977 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 1,208,692 | |||||||||||
| 1,974,811 | i | HCA, Inc | 3.077 | 05/01/18 | 1,972,106 | |||||||||||
| 1,974,874 | i | Kinetic Concepts, Inc | 4.500 | 05/04/18 | 1,968,298 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5,948,217 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||||||||||
| 929,508 | i | Visant Corp | 7.000 | 09/23/21 | 853,595 | |||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 853,595 | |||||||||||||||
| INSURANCE - 0.0% | ||||||||||||||||
| 665,240 | i | Acrisure LLC | 5.250 | 05/19/22 | 643,619 | |||||||||||
| TOTAL INSURANCE | 643,619 | |||||||||||||||
| MATERIALS - 0.2% | ||||||||||||||||
| 997,463 | i | Eco Services Operations LLC | 4.750 | 12/04/21 | 992,475 | |||||||||||
| 1,313,333 | i | Signode Industrial Group US, Inc | 3.750 | 05/01/21 | 1,301,842 | |||||||||||
| 360,000 | i | Solenis International LP | 7.750 | 07/31/22 | 342,601 | |||||||||||
| 1,974,747 | Tronox Pigments, B.V. | 4.250 | 03/19/20 | 1,719,571 | ||||||||||||
| TOTAL MATERIALS | 4,356,489 | |||||||||||||||
| MEDIA - 0.1% | ||||||||||||||||
| 900,000 | i | CDS US Intermediate Holdings, Inc | 5.000 | 07/08/22 | 899,154 | |||||||||||
| 496,954 | i | CSC Holdings LLC | 2.694 | 04/17/20 | 493,147 | |||||||||||
| 700,000 | i | CSC Holdings LLC | 5.000 | 09/25/22 | 695,450 | |||||||||||
| 1,714,030 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 1,701,449 | |||||||||||
| 504,991 | i | Virgin Media Investment Holdings Ltd | 3.500 | 06/30/23 | 497,103 | |||||||||||
| TOTAL MEDIA | 4,286,303 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||
| 112,500 | i | Endo Luxembourg Finance I Co Sarl | 3.750 | 09/26/22 | 112,043 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 112,043 | |||||||||||||||
| SOFTWARE & SERVICES - 0.2% | ||||||||||||||||
| 1,400,000 | i | Evergreen Skills Lux S.a.r.l. | 9.250 | 04/28/22 | 1,190,000 | |||||||||||
| 920,653 | i | IMS Health, Inc | 3.500 | 03/17/21 | 915,479 | |||||||||||
| 734,146 | i | Mitchell International, Inc | 4.500 | 10/13/20 | 730,020 | |||||||||||
| 346,435 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 347,086 | |||||||||||
| 668,246 | i | ProQuest LLC | 5.250 | 10/24/21 | 667,130 | |||||||||||
| 31,390 | i | SS&C Technologies Holdings Europe SARL | 4.000 | 07/08/22 | 31,410 | |||||||||||
| 198,430 | i | SS&C Technologies Holdings, Inc | 4.000 | 07/08/22 | 198,556 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 4,079,681 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||
| 1,122,188 | i | CommScope, Inc | 3.750 | 12/29/22 | 1,119,853 | |||||||||||
| 920,723 | i | Sensata Technologies BV | 3.000 | 10/11/21 | 918,421 | |||||||||||
| 451,636 | i | Zebra Technologies Corp | 4.750 | 10/27/21 | 453,687 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,491,961 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 36,081,929 | |||||||||||||||
| (Cost $36,738,217) | ||||||||||||||||
| 2 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BONDS - 96.3% | ||||||||||||||||
| CORPORATE BONDS - 39.6% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||
| $ | 675,000 | g | Gates Global LLC | 6.000 | % | 07/15/22 | $ | 543,375 | ||||||||
| 2,000,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 1,836,368 | ||||||||||||
| 1,750,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,700,018 | ||||||||||||
| 375,000 | Magna International, Inc | 4.150 | 10/01/25 | 375,193 | ||||||||||||
| 150,000 | g | ZF North America Capital, Inc | 4.000 | 04/29/20 | 142,594 | |||||||||||
| 150,000 | g | ZF North America Capital, Inc | 4.500 | 04/29/22 | 141,750 | |||||||||||
| 150,000 | g | ZF North America Capital, Inc | 4.750 | 04/29/25 | 137,062 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 4,876,360 | |||||||||||||||
| BANKS - 5.5% | ||||||||||||||||
| 1,500,000 | g | Akbank TAS | 4.000 | 01/24/20 | 1,411,695 | |||||||||||
| 1,350,000 | g | Akbank TAS | 5.125 | 03/31/25 | 1,218,375 | |||||||||||
| 1,000,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 1,007,500 | ||||||||||||
| 1,850,000 | g | Banco Santander Mexico S.A. | 4.125 | 11/09/22 | 1,826,690 | |||||||||||
| 700,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 732,375 | ||||||||||||
| 500,000 | g | Bank Nederlandse Gemeenten | 1.875 | 06/11/19 | 508,845 | |||||||||||
| 1,690,000 | Bank of America Corp | 5.300 | 03/15/17 | 1,775,328 | ||||||||||||
| 1,125,000 | Bank of America Corp | 6.000 | 09/01/17 | 1,212,462 | ||||||||||||
| 5,000,000 | Bank of America Corp | 4.000 | 01/22/25 | 4,890,520 | ||||||||||||
| 2,100,000 | Bank of America Corp | 3.950 | 04/21/25 | 2,043,800 | ||||||||||||
| 2,500,000 | Bank of America Corp | 4.750 | 04/21/45 | 2,397,702 | ||||||||||||
| 2,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 2,024,986 | |||||||||||
| 3,375,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 3,377,653 | |||||||||||
| 1,500,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 1,488,280 | |||||||||||
| 3,475,000 | Barclays plc | 2.750 | 11/08/19 | 3,497,567 | ||||||||||||
| 3,350,000 | Barclays plc | 3.650 | 03/16/25 | 3,198,399 | ||||||||||||
| 650,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 659,079 | ||||||||||||
| 2,550,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 2,524,250 | ||||||||||||
| 1,068,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 1,039,159 | ||||||||||||
| 2,050,000 | Citigroup, Inc | 1.300 | 11/15/16 | 2,054,381 | ||||||||||||
| 3,325,000 | Citigroup, Inc | 3.300 | 04/27/25 | 3,240,046 | ||||||||||||
| 3,400,000 | Citigroup, Inc | 4.400 | 06/10/25 | 3,420,913 | ||||||||||||
| 1,650,000 | Citigroup, Inc | 4.450 | 09/29/27 | 1,637,934 | ||||||||||||
| 375,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 376,741 | ||||||||||||
| 1,250,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 1,291,952 | ||||||||||||
| 2,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.750 | 12/01/43 | 2,187,518 | ||||||||||||
| 2,550,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.250 | 08/04/45 | 2,582,041 | ||||||||||||
| 1,700,000 | g | Credit Agricole S.A. | 2.750 | 06/10/20 | 1,724,504 | |||||||||||
| 1,675,000 | g | Credit Agricole S.A. | 4.375 | 03/17/25 | 1,617,434 | |||||||||||
| 2,325,000 | Discover Bank | 3.100 | 06/04/20 | 2,347,892 | ||||||||||||
| 2,625,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 2,650,284 | ||||||||||||
| 1,450,000 | g | HSBC Bank plc | 1.500 | 05/15/18 | 1,442,102 | |||||||||||
| 1,320,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 1,430,418 | |||||||||||
| 3 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 675,000 | HSBC Holdings plc | 6.500 | % | 09/15/37 | $ | 794,907 | |||||||||
| 1,400,000 | HSBC USA, Inc | 2.375 | 11/13/19 | 1,397,082 | ||||||||||||
| 2,500,000 | HSBC USA, Inc | 2.350 | 03/05/20 | 2,465,815 | ||||||||||||
| 4,150,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 4,163,409 | ||||||||||||
| 1,000,000 | g | Industrial & Commercial Bank of China Ltd | 4.875 | 09/21/25 | 983,632 | |||||||||||
| 8,700,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 8,773,123 | ||||||||||||
| 4,900,000 | JPMorgan Chase & Co | 3.900 | 07/15/25 | 5,012,690 | ||||||||||||
| 1,400,000 | JPMorgan Chase & Co | 4.250 | 10/01/27 | 1,394,957 | ||||||||||||
| 4,625,000 | JPMorgan Chase & Co | 4.850 | 02/01/44 | 4,832,029 | ||||||||||||
| 4,400,000 | JPMorgan Chase & Co | 4.950 | 06/01/45 | 4,415,761 | ||||||||||||
| 750,000 | i | JPMorgan Chase & Co | 5.150 | 12/30/49 | 707,115 | |||||||||||
| 4,620,000 | KeyBank NA | 2.500 | 12/15/19 | 4,677,990 | ||||||||||||
| 1,675,000 | KeyBank NA | 2.250 | 03/16/20 | 1,671,779 | ||||||||||||
| 4,000,000 | KeyBank NA | 3.300 | 06/01/25 | 3,963,932 | ||||||||||||
| 900,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 904,908 | |||||||||||
| 2,550,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 2,534,927 | ||||||||||||
| 1,000,000 | g,i | Oversea-Chinese Banking Corp Ltd | 4.000 | 10/15/24 | 1,023,889 | |||||||||||
| 2,000,000 | g | PKO Finance AB | 4.630 | 09/26/22 | 2,062,600 | |||||||||||
| 2,075,000 | PNC Bank NA | 2.200 | 01/28/19 | 2,097,547 | ||||||||||||
| 2,425,000 | PNC Bank NA | 2.250 | 07/02/19 | 2,440,253 | ||||||||||||
| 4,150,000 | PNC Bank NA | 2.600 | 07/21/20 | 4,204,830 | ||||||||||||
| 1,750,000 | PNC Bank NA | 2.700 | 11/01/22 | 1,688,603 | ||||||||||||
| 3,050,000 | PNC Bank NA | 2.950 | 01/30/23 | 2,984,385 | ||||||||||||
| 1,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 1,517,746 | ||||||||||||
| 835,000 | g,i | Rabobank Nederland NV | 11.000 | 12/30/49 | 1,026,633 | |||||||||||
| 2,200,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 2,233,112 | ||||||||||||
| 1,000,000 | g | Shinhan Bank | 2.250 | 04/15/20 | 993,722 | |||||||||||
| 1,025,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 1,041,157 | ||||||||||||
| 1,700,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 1,709,410 | ||||||||||||
| 900,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 916,213 | ||||||||||||
| 1,075,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 1,034,650 | ||||||||||||
| 850,000 | g | Turkiye Garanti Bankasi AS. | 4.750 | 10/17/19 | 835,091 | |||||||||||
| 525,000 | g | Turkiye Halk Bankasi AS. | 4.750 | 06/04/19 | 511,219 | |||||||||||
| 400,000 | g | Turkiye Is Bankasi | 3.750 | 10/10/18 | 385,693 | |||||||||||
| 1,000,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/19 | 1,003,500 | |||||||||||
| 1,750,000 | Union Bank NA | 2.125 | 06/16/17 | 1,768,571 | ||||||||||||
| 1,550,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 1,592,608 | ||||||||||||
| 4,135,000 | US Bank NA | 2.800 | 01/27/25 | 4,028,164 | ||||||||||||
| 2,150,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 2,180,496 | ||||||||||||
| 1,800,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 1,620,000 | |||||||||||
| TOTAL BANKS | 154,432,973 | |||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||
| 2,775,000 | Caterpillar Financial Services Corp | 2.250 | 12/01/19 | 2,785,456 | ||||||||||||
| 2,775,000 | Caterpillar Financial Services Corp | 3.250 | 12/01/24 | 2,726,512 | ||||||||||||
| 1,675,000 | g | CRH America, Inc | 3.875 | 05/18/25 | 1,678,295 | |||||||||||
| 675,000 | Eaton Corp | 4.000 | 11/02/32 | 648,506 | ||||||||||||
| 750,000 | Embraer Netherlands Finance BV | 5.050 | 06/15/25 | 693,937 | ||||||||||||
| 1,875,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.550 | 11/01/24 | 1,841,796 | ||||||||||||
| 525,000 | Ingersoll-Rand Luxembourg Finance S.A. | 4.650 | 11/01/44 | 498,460 | ||||||||||||
| 1,975,000 | John Deere Capital Corp | 2.450 | 09/11/20 | 1,991,874 | ||||||||||||
| 2,325,000 | John Deere Capital Corp | 3.400 | 09/11/25 | 2,339,475 | ||||||||||||
| 4 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,426,000 | g | Myriad International Holdings BV | 5.500 | % | 07/21/25 | $ | 1,398,107 | ||||||||
| 677,295 | g | Odebrecht Offshore Drilling Finance Ltd | 6.625 | 10/01/22 | 170,001 | |||||||||||
| 1,250,000 | Rockwell Automation, Inc | 2.050 | 03/01/20 | 1,254,798 | ||||||||||||
| 1,275,000 | Rockwell Automation, Inc | 2.875 | 03/01/25 | 1,266,808 | ||||||||||||
| 725,000 | g | Schaeffler Finance BV | 4.750 | 05/15/21 | 714,125 | |||||||||||
| 1,700,000 | g | Siemens Financieringsmaatschappij NV | 4.400 | 05/27/45 | 1,741,033 | |||||||||||
| 2,290,000 | g | Stena AB | 7.000 | 02/01/24 | 2,026,650 | |||||||||||
| 2,775,000 | Timken Co | 3.875 | 09/01/24 | 2,667,719 | ||||||||||||
| 1,000,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 990,999 | |||||||||||
| 1,050,000 | United Technologies Corp | 4.500 | 06/01/42 | 1,071,761 | ||||||||||||
| 1,700,000 | United Technologies Corp | 4.150 | 05/15/45 | 1,650,549 | ||||||||||||
| TOTAL CAPITAL GOODS | 30,156,861 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||||||||
| 4,500,000 | 21st Century Fox America, Inc | 3.000 | 09/15/22 | 4,435,326 | ||||||||||||
| 110,000 | 21st Century Fox America, Inc | 7.625 | 11/30/28 | 141,158 | ||||||||||||
| 85,000 | 21st Century Fox America, Inc | 6.550 | 03/15/33 | 101,763 | ||||||||||||
| 730,000 | 21st Century Fox America, Inc | 6.650 | 11/15/37 | 871,539 | ||||||||||||
| 600,000 | 21st Century Fox America, Inc | 6.900 | 08/15/39 | 733,541 | ||||||||||||
| 250,000 | ADT Corp | 6.250 | 10/15/21 | 257,812 | ||||||||||||
| 225,000 | g | AECOM Technology Corp | 5.750 | 10/15/22 | 226,687 | |||||||||||
| 575,000 | g | AECOM Technology Corp | 5.875 | 10/15/24 | 579,312 | |||||||||||
| 1,425,000 | Air Lease Corp | 3.875 | 04/01/21 | 1,442,813 | ||||||||||||
| 3,000,000 | g | Daimler Finance North America LLC | 3.300 | 05/19/25 | 2,902,548 | |||||||||||
| 7,000,000 | Fluor Corp | 3.500 | 12/15/24 | 7,118,538 | ||||||||||||
| 1,495,000 | Republic Services, Inc | 3.800 | 05/15/18 | 1,568,852 | ||||||||||||
| 2,400,000 | Republic Services, Inc | 3.550 | 06/01/22 | 2,460,794 | ||||||||||||
| 1,700,000 | Republic Services, Inc | 3.200 | 03/15/25 | 1,654,333 | ||||||||||||
| 650,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 607,750 | ||||||||||||
| 1,500,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,520,430 | ||||||||||||
| 2,800,000 | Waste Management, Inc | 2.900 | 09/15/22 | 2,774,318 | ||||||||||||
| 500,000 | Waste Management, Inc | 3.900 | 03/01/35 | 471,344 | ||||||||||||
| 550,000 | Waste Management, Inc | 4.100 | 03/01/45 | 515,395 | ||||||||||||
| 725,000 | g | XPO Logistics, Inc | 6.500 | 06/15/22 | 613,078 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 30,997,331 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||
| 1,200,000 | DR Horton, Inc | 3.750 | 03/01/19 | 1,207,500 | ||||||||||||
| 1,100,000 | PVH Corp | 4.500 | 12/15/22 | 1,064,250 | ||||||||||||
| 500,000 | Whirlpool Corp | 3.700 | 03/01/23 | 502,375 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,774,125 | |||||||||||||||
| CONSUMER SERVICES - 0.2% | ||||||||||||||||
| 1,800,000 | g | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 1,827,000 | |||||||||||
| 1,775,000 | g | SABMiller Holdings, Inc | 3.750 | 01/15/22 | 1,820,658 | |||||||||||
| 600,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 588,000 | ||||||||||||
| TOTAL CONSUMER SERVICES | 4,235,658 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 4.8% | ||||||||||||||||
| 750,000 | Abbey National Treasury Services plc | 4.000 | 04/27/16 | 763,500 | ||||||||||||
| 600,000 | AerCap Ireland Capital Ltd | 5.000 | 10/01/21 | 612,000 | ||||||||||||
| 1,250,000 | AGL Capital Corp | 4.400 | 06/01/43 | 1,217,075 | ||||||||||||
| 5 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,500,000 | American Express Centurion Bank | 6.000 | % | 09/13/17 | $ | 1,622,431 | |||||||||
| 2,700,000 | American Express Credit Corp | 2.250 | 08/15/19 | 2,709,612 | ||||||||||||
| 2,450,000 | American Express Credit Corp | 2.375 | 05/26/20 | 2,451,117 | ||||||||||||
| 4,150,000 | American Honda Finance Corp | 2.450 | 09/24/20 | 4,147,784 | ||||||||||||
| 7,750,000 | g,i | Armor Re Ltd | 4.060 | 12/15/16 | 7,812,775 | |||||||||||
| 580,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 645,374 | ||||||||||||
| 2,525,000 | g | Bayer US Finance LLC | 2.375 | 10/08/19 | 2,557,865 | |||||||||||
| 1,775,000 | g | Bayer US Finance LLC | 3.375 | 10/08/24 | 1,785,203 | |||||||||||
| 1,000,000 | g,i | BBVA Bancomer S.A. | 5.350 | 11/12/29 | 982,500 | |||||||||||
| 1,500,000 | g | Comcel Trust | 6.875 | 02/06/24 | 1,477,500 | |||||||||||
| 1,475,000 | Credit Suisse | 2.300 | 05/28/19 | 1,482,487 | ||||||||||||
| 2,575,000 | Credit Suisse | 3.000 | 10/29/21 | 2,578,788 | ||||||||||||
| 1,525,000 | g | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 09/15/22 | 1,526,412 | |||||||||||
| 1,650,000 | g | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 1,603,071 | |||||||||||
| 1,700,000 | g | Credit Suisse Group Funding Guernsey Ltd | 4.875 | 05/15/45 | 1,666,876 | |||||||||||
| 1,500,000 | g | Export-Import Bank of China | 2.850 | 09/16/20 | 1,490,964 | |||||||||||
| 1,600,000 | Ford Motor Credit Co LLC | 4.250 | 02/03/17 | 1,653,358 | ||||||||||||
| 2,500,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 2,539,630 | ||||||||||||
| 800,000 | Ford Motor Credit Co LLC | 6.625 | 08/15/17 | 863,646 | ||||||||||||
| 9,250,000 | Ford Motor Credit Co LLC | 2.597 | 11/04/19 | 9,155,770 | ||||||||||||
| 3,325,000 | Ford Motor Credit Co LLC | 3.157 | 08/04/20 | 3,321,429 | ||||||||||||
| 3,325,000 | Ford Motor Credit Co LLC | 4.134 | 08/04/25 | 3,311,331 | ||||||||||||
| 8,300,000 | General Electric Capital Corp | 2.200 | 01/09/20 | 8,393,367 | ||||||||||||
| 2,425,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 2,480,334 | ||||||||||||
| 810,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 1,134,382 | ||||||||||||
| 2,350,000 | General Motors Financial Co, Inc | 3.200 | 07/13/20 | 2,321,436 | ||||||||||||
| 360,000 | General Motors Financial Co, Inc | 4.375 | 09/25/21 | 367,122 | ||||||||||||
| 1,750,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,773,769 | ||||||||||||
| 4,650,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 4,580,199 | ||||||||||||
| 335,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 399,324 | ||||||||||||
| 600,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 608,576 | ||||||||||||
| 1,910,000 | Goldman Sachs Group, Inc | 5.150 | 05/22/45 | 1,875,828 | ||||||||||||
| 1,100,000 | g | Hyundai Capital America | 2.600 | 03/19/20 | 1,094,558 | |||||||||||
| 525,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 525,789 | ||||||||||||
| 2,000,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 2,019,768 | |||||||||||
| 1,900,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 2,023,500 | ||||||||||||
| 350,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 352,124 | ||||||||||||
| 475,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 476,564 | ||||||||||||
| 2,650,000 | Morgan Stanley | 1.875 | 01/05/18 | 2,656,076 | ||||||||||||
| 2,250,000 | Morgan Stanley | 2.650 | 01/27/20 | 2,260,784 | ||||||||||||
| 5,050,000 | Morgan Stanley | 2.800 | 06/16/20 | 5,086,340 | ||||||||||||
| 400,000 | Morgan Stanley | 3.750 | 02/25/23 | 408,805 | ||||||||||||
| 5,475,000 | Morgan Stanley | 3.700 | 10/23/24 | 5,503,339 | ||||||||||||
| 1,975,000 | Morgan Stanley | 4.000 | 07/23/25 | 2,019,297 | ||||||||||||
| 3,225,000 | Morgan Stanley | 4.350 | 09/08/26 | 3,243,076 | ||||||||||||
| 1,750,000 | Morgan Stanley | 3.950 | 04/23/27 | 1,686,200 | ||||||||||||
| 2,000,000 | Morgan Stanley | 6.375 | 07/24/42 | 2,474,924 | ||||||||||||
| 565,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 706,571 | ||||||||||||
| 1,500,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 1,526,465 | |||||||||||
| 500,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 04/14/22 | 496,816 | |||||||||||
| 450,000 | g | NewStar Financial, Inc | 7.250 | 05/01/20 | 447,750 | |||||||||||
| 950,000 | Textron, Inc | 3.875 | 03/01/25 | 952,962 | ||||||||||||
| 6 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,650,000 | g | UBS Group Funding Jersey Ltd | 2.950 | % | 09/24/20 | $ | 1,653,265 | ||||||||
| 850,000 | Unilever Capital Corp | 3.100 | 07/30/25 | 864,123 | ||||||||||||
| 5,000,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 5,006,080 | ||||||||||||
| 4,150,000 | Wells Fargo & Co | 4.300 | 07/22/27 | 4,231,498 | ||||||||||||
| 1,680,000 | Wells Fargo & Co | 3.900 | 05/01/45 | 1,548,629 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 133,178,138 | |||||||||||||||
| ENERGY - 2.9% | ||||||||||||||||
| 1,275,000 | Anadarko Petroleum Corp | 5.950 | 09/15/16 | 1,325,005 | ||||||||||||
| 365,000 | Anadarko Petroleum Corp | 6.950 | 06/15/19 | 411,930 | ||||||||||||
| 2,590,000 | Ashland, Inc | 3.875 | 04/15/18 | 2,609,425 | ||||||||||||
| 500,000 | Ashland, Inc | 4.750 | 08/15/22 | 465,625 | ||||||||||||
| 3,050,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 3,028,577 | ||||||||||||
| 3,400,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 3,412,859 | ||||||||||||
| 450,000 | California Resources Corp | 5.000 | 01/15/20 | 289,404 | ||||||||||||
| 250,000 | California Resources Corp | 6.000 | 11/15/24 | 150,000 | ||||||||||||
| 795,000 | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 715,500 | ||||||||||||
| 500,000 | i | Chesapeake Energy Corp | 3.539 | 04/15/19 | 355,000 | |||||||||||
| 3,500,000 | Chevron Corp | 2.355 | 12/05/22 | 3,385,837 | ||||||||||||
| 2,050,000 | Cimarex Energy Co | 4.375 | 06/01/24 | 1,996,684 | ||||||||||||
| 1,875,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 1,781,250 | ||||||||||||
| 2,000,000 | Continental Resources, Inc | 5.000 | 09/15/22 | 1,750,000 | ||||||||||||
| 500,000 | Dynegy, Inc | 6.750 | 11/01/19 | 501,250 | ||||||||||||
| 1,100,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 959,750 | ||||||||||||
| 450,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 339,750 | ||||||||||||
| 480,000 | Enbridge Energy Partners LP | 5.200 | 03/15/20 | 514,563 | ||||||||||||
| 2,250,000 | Enterprise Products Operating LLC | 3.750 | 02/15/25 | 2,150,559 | ||||||||||||
| 1,500,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 1,369,914 | ||||||||||||
| 675,000 | EP Energy LLC | 6.375 | 06/15/23 | 499,500 | ||||||||||||
| 1,425,000 | Exterran Partners LP | 6.000 | 10/01/22 | 1,193,437 | ||||||||||||
| 1,500,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 1,449,109 | ||||||||||||
| 1,350,000 | g | Indo Energy Finance II BV | 6.375 | 01/24/23 | 567,000 | |||||||||||
| 1,200,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 1,212,178 | ||||||||||||
| 525,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 507,567 | ||||||||||||
| 1,200,000 | Newfield Exploration Co | 5.750 | 01/30/22 | 1,164,000 | ||||||||||||
| 1,000,000 | Noble Energy, Inc | 5.625 | 05/01/21 | 1,006,000 | ||||||||||||
| 1,725,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 1,604,904 | ||||||||||||
| 350,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 311,139 | ||||||||||||
| 775,000 | Noble Holding International Ltd | 4.000 | 03/16/18 | 734,103 | ||||||||||||
| 1,050,000 | Noble Holding International Ltd | 3.950 | 03/15/22 | 790,160 | ||||||||||||
| 2,150,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 2,151,468 | ||||||||||||
| 700,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 723,997 | ||||||||||||
| 500,000 | g | Pacific Rubiales Energy Corp | 5.375 | 01/26/19 | 186,250 | |||||||||||
| 500,000 | Peabody Energy Corp | 6.000 | 11/15/18 | 130,000 | ||||||||||||
| 365,000 | Pemex Project Funding Master Trust | 5.750 | 03/01/18 | 386,060 | ||||||||||||
| 500,000 | Pemex Project Funding Master Trust | 6.625 | 06/15/35 | 468,750 | ||||||||||||
| 1,500,000 | g | Pertamina Persero PT | 4.300 | 05/20/23 | 1,368,522 | |||||||||||
| 350,000 | i | Petrobras Global Finance BV | 1.953 | 05/20/16 | 329,875 | |||||||||||
| 675,000 | Petrobras Global Finance BV | 2.000 | 05/20/16 | 648,675 | ||||||||||||
| 1,000,000 | i | Petrobras Global Finance BV | 2.429 | 01/15/19 | 690,000 | |||||||||||
| 2,025,000 | Petrobras Global Finance BV | 6.250 | 03/17/24 | 1,478,250 | ||||||||||||
| 885,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 869,513 | ||||||||||||
| 7 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 700,000 | Petrobras International Finance Co | 3.500 | % | 02/06/17 | $ | 622,125 | |||||||||
| 1,875,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 1,895,625 | ||||||||||||
| 170,000 | Petroleos Mexicanos | 8.000 | 05/03/19 | 192,100 | ||||||||||||
| 1,500,000 | g | Petroleos Mexicanos | 3.500 | 07/23/20 | 1,454,063 | |||||||||||
| 300,000 | g | Petroleos Mexicanos | 4.250 | 01/15/25 | 274,500 | |||||||||||
| 1,425,000 | g | Petroleos Mexicanos | 4.500 | 01/23/26 | 1,313,708 | |||||||||||
| 1,880,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 1,508,700 | ||||||||||||
| 700,000 | Petroleum Co of Trinidad & Tobago Ltd | 6.000 | 05/08/22 | 673,750 | ||||||||||||
| 2,800,000 | Phillips 66 | 4.875 | 11/15/44 | 2,699,900 | ||||||||||||
| 615,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 707,200 | ||||||||||||
| 6,725,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 6,296,792 | ||||||||||||
| 1,625,000 | Plains Exploration & Production Co | 6.500 | 11/15/20 | 1,461,484 | ||||||||||||
| 625,000 | Precision Drilling Corp | 6.500 | 12/15/21 | 531,250 | ||||||||||||
| 468,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 430,560 | ||||||||||||
| 530,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 543,275 | ||||||||||||
| 500,000 | Sabine Pass Liquefaction LLC | 6.250 | 03/15/22 | 465,000 | ||||||||||||
| 500,000 | Sabine Pass LNG LP | 6.500 | 11/01/20 | 483,750 | ||||||||||||
| 1,275,000 | Southwestern Energy Co | 4.050 | 01/23/20 | 1,267,798 | ||||||||||||
| 2,325,000 | Southwestern Energy Co | 4.950 | 01/23/25 | 2,069,152 | ||||||||||||
| 675,000 | Statoil ASA | 1.200 | 01/17/18 | 671,558 | ||||||||||||
| 1,700,000 | Statoil ASA | 2.450 | 01/17/23 | 1,621,225 | ||||||||||||
| 1,325,000 | Statoil ASA | 4.250 | 11/23/41 | 1,306,744 | ||||||||||||
| 750,000 | Talisman Energy, Inc | 3.750 | 02/01/21 | 707,352 | ||||||||||||
| 450,000 | g | Targa Resources Partners LP | 5.000 | 01/15/18 | 428,625 | |||||||||||
| 1,915,000 | TransCanada Pipelines Ltd | 7.690 | 06/30/16 | 2,002,929 | ||||||||||||
| 870,000 | TransCanada Pipelines Ltd | 5.850 | 03/15/36 | 940,832 | ||||||||||||
| 495,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 282,150 | |||||||||||
| 500,000 | Vale Overseas Ltd | 4.375 | 01/11/22 | 442,365 | ||||||||||||
| 480,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 381,120 | ||||||||||||
| 1,500,000 | WPX Energy, Inc | 6.000 | 01/15/22 | 1,290,000 | ||||||||||||
| TOTAL ENERGY | 82,948,971 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.9% | ||||||||||||||||
| 4,825,000 | CVS Health Corp | 2.800 | 07/20/20 | 4,902,566 | ||||||||||||
| 1,800,000 | CVS Health Corp | 3.375 | 08/12/24 | 1,809,365 | ||||||||||||
| 3,425,000 | CVS Health Corp | 3.875 | 07/20/25 | 3,532,004 | ||||||||||||
| 1,600,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 1,644,000 | ||||||||||||
| 3,250,000 | Kroger Co | 2.950 | 11/01/21 | 3,257,264 | ||||||||||||
| 5,150,000 | Walgreens Boots Alliance, Inc | 2.700 | 11/18/19 | 5,219,829 | ||||||||||||
| 5,650,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 5,626,694 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 25,991,722 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.6% | ||||||||||||||||
| 1,500,000 | g | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 3.375 | 11/01/22 | 1,243,125 | |||||||||||
| 1,450,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 1,385,630 | ||||||||||||
| 875,000 | ConAgra Foods, Inc | 3.200 | 01/25/23 | 838,019 | ||||||||||||
| 1,800,000 | g | Corp Lindley S.A. | 4.625 | 04/12/23 | 1,760,040 | |||||||||||
| 1,600,000 | Diageo Capital plc | 2.625 | 04/29/23 | 1,542,162 | ||||||||||||
| 1,000,000 | g | Embotelladora Andina S.A. | 5.000 | 10/01/23 | 1,064,625 | |||||||||||
| 3,000,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 2,807,280 | ||||||||||||
| 1,425,000 | General Mills, Inc | 2.200 | 10/21/19 | 1,438,633 | ||||||||||||
| 1,624,000 | g | HJ Heinz Co | 4.875 | 02/15/25 | 1,733,493 | |||||||||||
| 8 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,125,000 | g | HJ Heinz Co | 3.950 | % | 07/15/25 | $ | 1,151,561 | ||||||||
| 1,000,000 | g | JM Smucker Co | 3.500 | 03/15/25 | 994,199 | |||||||||||
| 650,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 657,179 | ||||||||||||
| 6,770,000 | Mondelez International, Inc | 4.000 | 02/01/24 | 7,018,066 | ||||||||||||
| 78,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 92,214 | ||||||||||||
| 4,950,000 | PepsiCo, Inc | 3.500 | 07/17/25 | 5,081,140 | ||||||||||||
| 1,125,000 | PepsiCo, Inc | 4.250 | 10/22/44 | 1,113,155 | ||||||||||||
| 2,475,000 | PepsiCo, Inc | 4.600 | 07/17/45 | 2,588,033 | ||||||||||||
| 468,000 | g | Pernod-Ricard S.A. | 5.750 | 04/07/21 | 526,490 | |||||||||||
| 1,475,000 | g | Pernod-Ricard S.A. | 4.250 | 07/15/22 | 1,531,972 | |||||||||||
| 4,000,000 | Philip Morris International, Inc | 3.250 | 11/10/24 | 3,996,856 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 249,382 | ||||||||||||
| 1,400,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 1,439,525 | ||||||||||||
| 3,225,000 | Reynolds American, Inc | 4.450 | 06/12/25 | 3,375,869 | ||||||||||||
| 775,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 789,726 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 4.875 | 08/15/34 | 509,775 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 44,928,149 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.4% | ||||||||||||||||
| 600,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 603,314 | ||||||||||||
| 1,150,000 | Becton Dickinson & Co | 3.734 | 12/15/24 | 1,171,190 | ||||||||||||
| 2,825,000 | Becton Dickinson & Co | 4.685 | 12/15/44 | 2,829,009 | ||||||||||||
| 375,000 | CHS/Community Health Systems | 6.875 | 02/01/22 | 382,954 | ||||||||||||
| 750,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 757,581 | ||||||||||||
| 1,775,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 1,829,903 | ||||||||||||
| 1,000,000 | g | Fresenius Medical Care Capital Trust | 5.625 | 07/31/19 | 1,067,500 | |||||||||||
| 2,700,000 | HCA, Inc | 6.500 | 02/15/20 | 2,943,000 | ||||||||||||
| 725,000 | Laboratory Corp of America Holdings | 2.625 | 02/01/20 | 726,786 | ||||||||||||
| 1,175,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 1,137,946 | ||||||||||||
| 750,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 727,500 | ||||||||||||
| 2,075,000 | McKesson Corp | 4.883 | 03/15/44 | 2,087,732 | ||||||||||||
| 4,975,000 | Medtronic, Inc | 2.500 | 03/15/20 | 5,042,352 | ||||||||||||
| 4,150,000 | Medtronic, Inc | 3.500 | 03/15/25 | 4,236,220 | ||||||||||||
| 4,725,000 | Medtronic, Inc | 4.625 | 03/15/45 | 4,874,896 | ||||||||||||
| 2,150,000 | Quest Diagnostics, Inc | 3.500 | 03/30/25 | 2,088,510 | ||||||||||||
| 525,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 527,907 | ||||||||||||
| 1,475,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 1,479,574 | ||||||||||||
| 825,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 809,251 | ||||||||||||
| 2,600,000 | Zimmer Holdings, Inc | 2.700 | 04/01/20 | 2,609,685 | ||||||||||||
| 2,825,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 2,767,466 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 40,700,276 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 2,500,000 | Colgate-Palmolive Co | 4.000 | 08/15/45 | 2,500,632 | ||||||||||||
| 800,000 | Ecolab, Inc | 1.450 | 12/08/17 | 796,064 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 3,296,696 | |||||||||||||||
| INSURANCE - 2.5% | ||||||||||||||||
| 750,000 | Aetna, Inc | 1.500 | 11/15/17 | 750,743 | ||||||||||||
| 285,000 | Aetna, Inc | 6.625 | 06/15/36 | 351,959 | ||||||||||||
| 1,225,000 | Allstate Corp | 3.150 | 06/15/23 | 1,238,126 | ||||||||||||
| 1,225,000 | Allstate Corp | 4.500 | 06/15/43 | 1,232,726 | ||||||||||||
| 9 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,675,000 | American International Group, Inc | 2.300 | % | 07/16/19 | $ | 1,688,420 | |||||||||
| 350,000 | American International Group, Inc | 4.500 | 07/16/44 | 343,870 | ||||||||||||
| 1,700,000 | American International Group, Inc | 4.800 | 07/10/45 | 1,736,492 | ||||||||||||
| 1,800,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 1,753,182 | ||||||||||||
| 500,000 | Chubb Corp | 6.000 | 05/11/37 | 612,437 | ||||||||||||
| 235,000 | Cigna Corp | 5.125 | 06/15/20 | 262,453 | ||||||||||||
| 2,000,000 | Cigna Corp | 4.500 | 03/15/21 | 2,149,270 | ||||||||||||
| 1,275,000 | Cigna Corp | 3.250 | 04/15/25 | 1,229,808 | ||||||||||||
| 5,300,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 5,545,369 | |||||||||||
| 1,275,000 | Lincoln National Corp | 7.000 | 06/15/40 | 1,639,182 | ||||||||||||
| 3,100,000 | g,i | Merna Reinsurance IV Ltd | 2.480 | 04/08/16 | 3,098,760 | |||||||||||
| 1,125,000 | MetLife, Inc | 6.750 | 06/01/16 | 1,169,424 | ||||||||||||
| 4,700,000 | MetLife, Inc | 4.368 | 09/15/23 | 5,051,348 | ||||||||||||
| 2,525,000 | MetLife, Inc | 3.000 | 03/01/25 | 2,447,515 | ||||||||||||
| 2,675,000 | MetLife, Inc | 4.050 | 03/01/45 | 2,501,962 | ||||||||||||
| 1,700,000 | i | MetLife, Inc | 5.250 | 12/30/49 | 1,687,250 | |||||||||||
| 450,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 452,793 | ||||||||||||
| 1,500,000 | Progressive Corp | 3.750 | 08/23/21 | 1,603,447 | ||||||||||||
| 630,000 | Prudential Financial, Inc | 7.375 | 06/15/19 | 741,831 | ||||||||||||
| 1,075,000 | Prudential Financial, Inc | 5.400 | 06/13/35 | 1,181,661 | ||||||||||||
| 1,375,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 1,458,874 | ||||||||||||
| 2,675,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 2,628,187 | |||||||||||
| 3,350,000 | i | Prudential Financial, Inc | 5.375 | 05/15/45 | 3,324,875 | |||||||||||
| 1,190,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 1,454,949 | |||||||||||
| 1,525,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 1,486,352 | |||||||||||
| 1,325,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 1,265,606 | |||||||||||
| 615,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 680,223 | ||||||||||||
| 3,325,000 | UnitedHealth Group, Inc | 2.700 | 07/15/20 | 3,402,486 | ||||||||||||
| 1,625,000 | UnitedHealth Group, Inc | 3.750 | 07/15/25 | 1,680,387 | ||||||||||||
| 3,325,000 | UnitedHealth Group, Inc | 4.750 | 07/15/45 | 3,513,325 | ||||||||||||
| 3,000,000 | WellPoint, Inc | 3.125 | 05/15/22 | 2,970,339 | ||||||||||||
| 1,500,000 | WellPoint, Inc | 4.625 | 05/15/42 | 1,478,829 | ||||||||||||
| 3,350,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 3,391,088 | ||||||||||||
| 410,000 | WR Berkley Corp | 5.375 | 09/15/20 | 457,147 | ||||||||||||
| TOTAL INSURANCE | 69,662,695 | |||||||||||||||
| MATERIALS - 2.3% | ||||||||||||||||
| 125,000 | Alcoa, Inc | 5.125 | 10/01/24 | 117,812 | ||||||||||||
| 1,525,000 | g | Anglo American Capital plc | 3.625 | 05/14/20 | 1,330,710 | |||||||||||
| 1,225,000 | g | Anglo American Capital plc | 4.875 | 05/14/25 | 981,335 | |||||||||||
| 2,060,000 | Barrick Gold Corp | 4.100 | 05/01/23 | 1,842,888 | ||||||||||||
| 250,000 | g,h | Berry Plastics Escrow LLC | 6.000 | 10/15/22 | 250,625 | |||||||||||
| 550,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 556,613 | ||||||||||||
| 450,000 | g,h | Blue Cube Spinco, Inc | 9.750 | 10/15/23 | 468,000 | |||||||||||
| 235,000 | g,h | Blue Cube Spinco, Inc | 10.000 | 10/15/25 | 244,106 | |||||||||||
| 350,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 332,500 | |||||||||||
| 500,000 | Celulosa Arauco y Constitucion S.A. | 4.500 | 08/01/24 | 491,405 | ||||||||||||
| 475,000 | g | Cemex Finance LLC | 6.000 | 04/01/24 | 432,250 | |||||||||||
| 275,000 | g | Cemex SAB de C.V. | 6.125 | 05/05/25 | 250,250 | |||||||||||
| 800,000 | Corning, Inc | 1.450 | 11/15/17 | 800,309 | ||||||||||||
| 300,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.750 | 11/04/20 | 300,155 | |||||||||||
| 650,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.875 | 11/03/21 | 646,021 | |||||||||||
| 10 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,425,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.500 | % | 09/16/25 | $ | 1,368,675 | ||||||||
| 600,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.875 | 11/04/44 | 506,858 | |||||||||||
| 2,243,000 | Crown Americas LLC | 6.250 | 02/01/21 | 2,324,309 | ||||||||||||
| 1,815,000 | Crown Americas LLC | 4.500 | 01/15/23 | 1,783,238 | ||||||||||||
| 5,125,000 | Dow Chemical Co | 3.500 | 10/01/24 | 4,903,231 | ||||||||||||
| 335,000 | Eastman Chemical Co | 5.500 | 11/15/19 | 374,203 | ||||||||||||
| 1,500,000 | Eastman Chemical Co | 3.800 | 03/15/25 | 1,464,873 | ||||||||||||
| 1,225,000 | Fibria Overseas Finance Ltd | 5.250 | 05/12/24 | 1,179,063 | ||||||||||||
| 4,100,000 | g | Georgia-Pacific LLC | 2.539 | 11/15/19 | 4,120,783 | |||||||||||
| 4,000,000 | g | Glencore Funding LLC | 2.500 | 01/15/19 | 3,410,000 | |||||||||||
| 1,300,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 975,000 | |||||||||||
| 1,700,000 | g | Glencore Funding LLC | 4.000 | 04/16/25 | 1,313,250 | |||||||||||
| 200,000 | g | GTL Trade Finance, Inc | 5.893 | 04/29/24 | 164,500 | |||||||||||
| 450,000 | Hexion US Finance Corp | 8.875 | 02/01/18 | 356,535 | ||||||||||||
| 1,450,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 1,232,500 | ||||||||||||
| 6,779,000 | International Paper Co | 4.750 | 02/15/22 | 7,323,415 | ||||||||||||
| 700,000 | International Paper Co | 4.800 | 06/15/44 | 646,533 | ||||||||||||
| 900,000 | g | Klabin Finance S.A. | 5.250 | 07/16/24 | 796,500 | |||||||||||
| 1,000,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 1,078,255 | ||||||||||||
| 1,375,000 | LyondellBasell Industries NV | 4.625 | 02/26/55 | 1,169,868 | ||||||||||||
| 350,000 | g | Mexichem SAB de C.V. | 5.875 | 09/17/44 | 295,750 | |||||||||||
| 2,921,000 | Monsanto Co | 2.200 | 07/15/22 | 2,705,281 | ||||||||||||
| 1,350,000 | Nucor Corp | 4.000 | 08/01/23 | 1,376,162 | ||||||||||||
| 1,750,000 | g | OCP S.A. | 5.625 | 04/25/24 | 1,785,070 | |||||||||||
| 720,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 725,850 | |||||||||||
| 3,950,000 | Packaging Corp of America | 3.650 | 09/15/24 | 3,918,467 | ||||||||||||
| 840,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 835,182 | ||||||||||||
| 3,045,000 | Rock Tenn Co | 3.500 | 03/01/20 | 3,152,394 | ||||||||||||
| 702,229 | g | Samarco Mineracao S.A. | 5.375 | 09/26/24 | 578,461 | |||||||||||
| 845,000 | g | Sealed Air Corp | 5.250 | 04/01/23 | 847,113 | |||||||||||
| 300,000 | Steel Dynamics, Inc | 5.125 | 10/01/21 | 284,250 | ||||||||||||
| 875,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 704,375 | ||||||||||||
| 1,025,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 625,250 | ||||||||||||
| 275,000 | Teck Resources Ltd | 6.000 | 08/15/40 | 151,250 | ||||||||||||
| 500,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 276,250 | ||||||||||||
| 1,500,000 | g | Union Andina de Cementos SAA | 5.875 | 10/30/21 | 1,443,750 | |||||||||||
| 335,000 | g | Univar, Inc | 6.750 | 07/15/23 | 311,550 | |||||||||||
| 600,000 | Vale S.A. | 5.625 | 09/11/42 | 417,282 | ||||||||||||
| TOTAL MATERIALS | 65,970,255 | |||||||||||||||
| MEDIA - 2.2% | ||||||||||||||||
| 1,900,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 1,909,500 | ||||||||||||
| 1,700,000 | CBS Corp | 2.300 | 08/15/19 | 1,686,320 | ||||||||||||
| 1,150,000 | CBS Corp | 4.000 | 01/15/26 | 1,131,130 | ||||||||||||
| 750,000 | CBS Corp | 4.600 | 01/15/45 | 660,558 | ||||||||||||
| 2,750,000 | g | CCO Safari II LLC | 3.579 | 07/23/20 | 2,729,939 | |||||||||||
| 855,000 | g | CCO Safari II LLC | 4.464 | 07/23/22 | 854,980 | |||||||||||
| 3,425,000 | g | CCO Safari II LLC | 4.908 | 07/23/25 | 3,409,957 | |||||||||||
| 1,450,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 1,388,375 | ||||||||||||
| 4,775,000 | Comcast Corp | 4.250 | 01/15/33 | 4,736,394 | ||||||||||||
| 1,700,000 | Comcast Corp | 4.600 | 08/15/45 | 1,738,794 | ||||||||||||
| 3,050,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 3,132,414 | ||||||||||||
| 11 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 90,000 | g | Gannett Co, Inc | 4.875 | % | 09/15/21 | $ | 88,200 | ||||||||
| 150,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 145,875 | |||||||||||
| 875,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 790,458 | ||||||||||||
| 1,375,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 1,380,192 | |||||||||||
| 1,475,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 1,478,661 | |||||||||||
| 1,175,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 1,164,336 | ||||||||||||
| 500,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 501,250 | ||||||||||||
| 125,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 120,938 | |||||||||||
| 1,080,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 1,040,850 | |||||||||||
| 2,250,000 | Outfront Media Capital LLC | 5.250 | 02/15/22 | 2,244,375 | ||||||||||||
| 1,700,000 | Scripps Networks Interactive, Inc | 2.800 | 06/15/20 | 1,682,944 | ||||||||||||
| 2,150,000 | g | Sky plc | 2.625 | 09/16/19 | 2,163,620 | |||||||||||
| 4,800,000 | Time Warner Cable, Inc | 4.000 | 09/01/21 | 4,896,403 | ||||||||||||
| 250,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 238,070 | ||||||||||||
| 4,350,000 | Time Warner, Inc | 2.100 | 06/01/19 | 4,353,906 | ||||||||||||
| 4,000,000 | Time Warner, Inc | 4.750 | 03/29/21 | 4,349,768 | ||||||||||||
| 5,000,000 | Time Warner, Inc | 3.600 | 07/15/25 | 4,909,300 | ||||||||||||
| 565,000 | Time Warner, Inc | 6.500 | 11/15/36 | 656,798 | ||||||||||||
| 1,500,000 | Time Warner, Inc | 4.650 | 06/01/44 | 1,432,023 | ||||||||||||
| 475,000 | g | Time, Inc | 5.750 | 04/15/22 | 445,313 | |||||||||||
| 2,200,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 2,090,000 | |||||||||||
| 1,585,000 | Viacom, Inc | 2.500 | 12/15/16 | 1,602,827 | ||||||||||||
| 1,500,000 | Viacom, Inc | 5.850 | 09/01/43 | 1,393,143 | ||||||||||||
| 300,000 | g | Virgin Media Finance plc | 6.000 | 10/15/24 | 288,750 | |||||||||||
| TOTAL MEDIA | 62,836,361 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2% | ||||||||||||||||
| 4,325,000 | AbbVie, Inc | 2.500 | 05/14/20 | 4,301,411 | ||||||||||||
| 900,000 | Actavis Funding SCS | 3.000 | 03/12/20 | 901,010 | ||||||||||||
| 1,450,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 1,402,768 | ||||||||||||
| 2,950,000 | Amgen, Inc | 2.200 | 05/22/19 | 2,959,006 | ||||||||||||
| 1,700,000 | Amgen, Inc | 4.400 | 05/01/45 | 1,561,804 | ||||||||||||
| 1,650,000 | Biogen, Inc | 2.900 | 09/15/20 | 1,663,126 | ||||||||||||
| 1,850,000 | Celgene Corp | 2.875 | 08/15/20 | 1,866,920 | ||||||||||||
| 2,850,000 | Celgene Corp | 3.875 | 08/15/25 | 2,851,756 | ||||||||||||
| 3,325,000 | Gilead Sciences, Inc | 2.550 | 09/01/20 | 3,346,031 | ||||||||||||
| 1,575,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 1,612,247 | ||||||||||||
| 1,675,000 | Gilead Sciences, Inc | 3.650 | 03/01/26 | 1,680,683 | ||||||||||||
| 480,000 | Life Technologies Corp | 3.500 | 01/15/16 | 483,128 | ||||||||||||
| 725,000 | Mylan, Inc | 2.550 | 03/28/19 | 714,366 | ||||||||||||
| 550,000 | Perrigo Co plc | 4.000 | 11/15/23 | 546,896 | ||||||||||||
| 2,575,000 | Perrigo Finance plc | 3.500 | 12/15/21 | 2,542,596 | ||||||||||||
| 2,100,000 | Perrigo Finance plc | 3.900 | 12/15/24 | 2,069,134 | ||||||||||||
| 650,000 | Perrigo Finance plc | 4.900 | 12/15/44 | 617,866 | ||||||||||||
| 1,300,000 | g | Valeant Pharmaceuticals International, Inc | 6.375 | 10/15/20 | 1,292,687 | |||||||||||
| 875,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 831,250 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 33,244,685 | |||||||||||||||
| REAL ESTATE - 1.3% | ||||||||||||||||
| 345,000 | AMB Property LP | 4.500 | 08/15/17 | 361,992 | ||||||||||||
| 1,125,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 1,101,952 | ||||||||||||
| 1,100,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 1,110,067 | ||||||||||||
| 12 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,225,000 | Brixmor Operating Partnership LP | 3.850 | % | 02/01/25 | $ | 2,161,492 | |||||||||
| 630,000 | Camden Property Trust | 4.625 | 06/15/21 | 679,832 | ||||||||||||
| 1,650,000 | Camden Property Trust | 2.950 | 12/15/22 | 1,601,215 | ||||||||||||
| 1,000,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 1,034,098 | ||||||||||||
| 2,000,000 | Developers Diversified Realty Corp | 4.750 | 04/15/18 | 2,116,610 | ||||||||||||
| 650,000 | Equinix, Inc | 4.875 | 04/01/20 | 661,375 | ||||||||||||
| 600,000 | Equity One, Inc | 3.750 | 11/15/22 | 587,875 | ||||||||||||
| 850,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 847,448 | ||||||||||||
| 500,000 | Healthcare Realty Trust, Inc | 5.750 | 01/15/21 | 560,371 | ||||||||||||
| 325,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 318,252 | ||||||||||||
| 1,675,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 1,628,118 | ||||||||||||
| 825,000 | Healthcare Trust of America Holdings LP | 3.375 | 07/15/21 | 825,225 | ||||||||||||
| 675,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 661,774 | ||||||||||||
| 2,250,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 2,394,909 | ||||||||||||
| 2,050,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 2,040,818 | ||||||||||||
| 750,000 | Kilroy Realty LP | 4.375 | 10/01/25 | 757,133 | ||||||||||||
| 2,375,000 | Liberty Property LP | 4.125 | 06/15/22 | 2,433,634 | ||||||||||||
| 700,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 719,044 | ||||||||||||
| 1,200,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 1,178,520 | ||||||||||||
| 575,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 582,988 | ||||||||||||
| 1,075,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 1,046,532 | ||||||||||||
| 40,000 | Regency Centers LP | 5.875 | 06/15/17 | 42,663 | ||||||||||||
| 1,100,000 | Regency Centers LP | 3.900 | 11/01/25 | 1,109,137 | ||||||||||||
| 470,000 | Simon Property Group LP | 10.350 | 04/01/19 | 591,014 | ||||||||||||
| 825,000 | g | Trust F/1401 | 5.250 | 12/15/24 | 843,563 | |||||||||||
| 995,000 | Ventas Realty LP | 4.125 | 01/15/26 | 1,003,395 | ||||||||||||
| 400,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 395,457 | ||||||||||||
| 1,876,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 1,843,451 | ||||||||||||
| 475,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 493,375 | ||||||||||||
| 1,025,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 1,016,875 | ||||||||||||
| 2,225,000 | Welltower, Inc | 4.000 | 06/01/25 | 2,225,274 | ||||||||||||
| TOTAL REAL ESTATE | 36,975,478 | |||||||||||||||
| RETAILING - 0.8% | ||||||||||||||||
| 200,000 | g | Argos Merger Sub, Inc | 7.125 | 03/15/23 | 202,250 | |||||||||||
| 1,667,000 | AutoNation, Inc | 5.500 | 02/01/20 | 1,825,365 | ||||||||||||
| 1,025,000 | AutoNation, Inc | 3.350 | 01/15/21 | 1,036,099 | ||||||||||||
| 3,200,000 | AutoZone, Inc | 2.500 | 04/15/21 | 3,170,301 | ||||||||||||
| 1,100,000 | AutoZone, Inc | 3.250 | 04/15/25 | 1,079,486 | ||||||||||||
| 145,000 | g | Family Tree Escrow LLC | 5.750 | 03/01/23 | 150,437 | |||||||||||
| 1,000,000 | g | Golden Eagle Retail Group Ltd | 4.625 | 05/21/23 | 768,924 | |||||||||||
| 2,175,000 | Home Depot, Inc | 3.350 | 09/15/25 | 2,215,910 | ||||||||||||
| 1,868,000 | Limited Brands, Inc | 6.625 | 04/01/21 | 2,073,480 | ||||||||||||
| 620,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 638,681 | ||||||||||||
| 1,660,000 | O’Reilly Automotive, Inc | 4.625 | 09/15/21 | 1,793,829 | ||||||||||||
| 5,613,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 5,750,120 | ||||||||||||
| 375,000 | QVC, Inc | 5.125 | 07/02/22 | 385,620 | ||||||||||||
| 2,000,000 | Sally Holdings LLC | 5.750 | 06/01/22 | 2,085,000 | ||||||||||||
| 600,000 | Tiffany & Co | 3.800 | 10/01/24 | 593,259 | ||||||||||||
| TOTAL RETAILING | 23,768,761 | |||||||||||||||
| 13 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||
| $ | 1,690,000 | Intel Corp | 2.450 | % | 07/29/20 | $ | 1,712,536 | |||||||||
| 2,850,000 | Intel Corp | 3.700 | 07/29/25 | 2,928,142 | ||||||||||||
| 1,700,000 | Intel Corp | 4.900 | 07/29/45 | 1,760,229 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 6,400,907 | |||||||||||||||
| SOFTWARE & SERVICES - 0.9% | ||||||||||||||||
| 800,000 | Baidu, Inc | 3.000 | 06/30/20 | 794,780 | ||||||||||||
| 9,600,000 | Fidelity National Information Services, Inc | 5.000 | 03/15/22 | 10,032,883 | ||||||||||||
| 1,700,000 | Fiserv, Inc | 2.700 | 06/01/20 | 1,713,515 | ||||||||||||
| 1,700,000 | Microsoft Corp | 3.500 | 02/12/35 | 1,581,546 | ||||||||||||
| 325,000 | NCR Corp | 5.875 | 12/15/21 | 318,500 | ||||||||||||
| 300,000 | g | Open Text Corp | 5.625 | 01/15/23 | 297,562 | |||||||||||
| 4,200,000 | Oracle Corp | 2.500 | 05/15/22 | 4,139,419 | ||||||||||||
| 4,200,000 | Oracle Corp | 2.950 | 05/15/25 | 4,096,462 | ||||||||||||
| 1,700,000 | Oracle Corp | 4.125 | 05/15/45 | 1,605,097 | ||||||||||||
| 300,000 | g | Sixsigma Networks Mexico S.A. de C.V. | 8.250 | 11/07/21 | 281,625 | |||||||||||
| 275,000 | g | SS&C Technologies Holdings, Inc | 5.875 | 07/15/23 | 279,813 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 25,141,202 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.2% | ||||||||||||||||
| 2,275,000 | Amphenol Corp | 3.125 | 09/15/21 | 2,299,556 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 100,700 | ||||||||||||
| 725,000 | g | CommScope, Inc | 5.000 | 06/15/21 | 708,687 | |||||||||||
| 725,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 692,375 | |||||||||||
| 956,000 | Flextronics International Ltd | 4.625 | 02/15/20 | 984,680 | ||||||||||||
| 415,000 | General Electric Co | 5.250 | 12/06/17 | 449,450 | ||||||||||||
| 1,175,000 | General Electric Co | 2.700 | 10/09/22 | 1,178,362 | ||||||||||||
| 1,975,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 2,016,740 | ||||||||||||
| 700,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 723,785 | ||||||||||||
| 1,550,000 | g,h | Hewlett-Packard Enterprise Co | 3.600 | 10/15/20 | 1,549,566 | |||||||||||
| 1,650,000 | g,h | Hewlett-Packard Enterprise Co | 4.900 | 10/15/25 | 1,645,463 | |||||||||||
| 550,000 | g | International Game Technology | 5.625 | 02/15/20 | 533,500 | |||||||||||
| 3,000,000 | g | Keysight Technologies, Inc | 4.550 | 10/30/24 | 2,923,167 | |||||||||||
| 1,185,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 1,257,324 | ||||||||||||
| 1,825,000 | g | NXP BV | 3.750 | 06/01/18 | 1,829,563 | |||||||||||
| 1,700,000 | QUALCOMM, Inc | 3.450 | 05/20/25 | 1,605,953 | ||||||||||||
| 1,500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 1,395,000 | ||||||||||||
| 2,675,000 | Seagate HDD Cayman | 4.750 | 01/01/25 | 2,561,989 | ||||||||||||
| 1,925,000 | g | Seagate HDD Cayman | 4.875 | 06/01/27 | 1,791,378 | |||||||||||
| 175,000 | g | Sensata Technologies BV | 5.625 | 11/01/24 | 174,563 | |||||||||||
| 2,793,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 2,822,067 | ||||||||||||
| 3,000,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 3,077,046 | ||||||||||||
| 525,000 | g | Zebra Technologies Corp | 7.250 | 10/15/22 | 559,125 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 32,880,039 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 2.3% | ||||||||||||||||
| 2,000,000 | g | Alibaba Group Holding Ltd | 2.500 | 11/28/19 | 1,962,776 | |||||||||||
| 200,000 | g | Altice Financing S.A. | 6.625 | 02/15/23 | 192,000 | |||||||||||
| 975,000 | American Tower Corp | 3.500 | 01/31/23 | 939,637 | ||||||||||||
| 2,450,000 | AT&T, Inc | 2.450 | 06/30/20 | 2,416,374 | ||||||||||||
| 2,950,000 | AT&T, Inc | 2.625 | 12/01/22 | 2,813,562 | ||||||||||||
| 3,050,000 | AT&T, Inc | 3.400 | 05/15/25 | 2,912,457 | ||||||||||||
| 14 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 3,275,000 | AT&T, Inc | 4.500 | % | 05/15/35 | $ | 3,003,342 | |||||||||
| 1,175,000 | AT&T, Inc | 4.750 | 05/15/46 | 1,077,271 | ||||||||||||
| 1,500,000 | g | Bharti Airtel International Netherlands BV | 5.125 | 03/11/23 | 1,581,720 | |||||||||||
| 250,000 | g | Deutsche Telekom International Finance BV | 2.250 | 03/06/17 | 253,361 | |||||||||||
| 630,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 901,143 | ||||||||||||
| 875,000 | g | Deutsche Telekom International Finance BV | 4.875 | 03/06/42 | 868,372 | |||||||||||
| 1,000,000 | g | ENTEL Chile S.A. | 4.875 | 10/30/24 | 995,064 | |||||||||||
| 1,900,000 | g | ENTEL Chile S.A. | 4.750 | 08/01/26 | 1,827,785 | |||||||||||
| 1,375,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 1,130,937 | ||||||||||||
| 750,000 | g | Oi S.A. | 5.750 | 02/10/22 | 348,750 | |||||||||||
| 500,000 | Orange S.A. | 5.500 | 02/06/44 | 544,960 | ||||||||||||
| 150,000 | Sprint Corp | 7.250 | 09/15/21 | 122,812 | ||||||||||||
| 2,500,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 2,526,057 | ||||||||||||
| 2,300,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 2,405,943 | ||||||||||||
| 1,900,000 | T-Mobile USA, Inc | 6.731 | 04/28/22 | 1,895,250 | ||||||||||||
| 425,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 405,875 | ||||||||||||
| 3,000,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 3,000,516 | ||||||||||||
| 5,128,000 | Verizon Communications, Inc | 2.625 | 02/21/20 | 5,158,988 | ||||||||||||
| 1,925,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 1,975,868 | ||||||||||||
| 1,150,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,189,973 | ||||||||||||
| 9,100,000 | Verizon Communications, Inc | 4.400 | 11/01/34 | 8,471,154 | ||||||||||||
| 8,322,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 7,533,807 | ||||||||||||
| 2,662,000 | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,434,809 | ||||||||||||
| 1,475,000 | g | VimpelCom Holdings BV | 5.950 | 02/13/23 | 1,342,846 | |||||||||||
| 475,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 470,250 | |||||||||||
| 1,175,000 | Windstream Corp | 6.375 | 08/01/23 | 846,704 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 63,550,363 | |||||||||||||||
| TRANSPORTATION - 1.6% | ||||||||||||||||
| 1,275,000 | g | Adani Ports & Special Economic Zone Ltd | 3.500 | 07/29/20 | 1,265,305 | |||||||||||
| 4,025,000 | g | AP Moeller-Maersk A.S. | 2.550 | 09/22/19 | 4,051,203 | |||||||||||
| 3,825,000 | g | AP Moeller-Maersk A.S. | 3.750 | 09/22/24 | 3,866,505 | |||||||||||
| 1,635,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 1,733,486 | |||||||||||
| 900,000 | g | Bombardier, Inc | 5.500 | 09/15/18 | 778,500 | |||||||||||
| 2,350,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 2,219,911 | ||||||||||||
| 775,000 | Canadian Pacific Railway Co | 4.800 | 08/01/45 | 776,855 | ||||||||||||
| 700,000 | g | ERAC USA Finance LLC | 3.300 | 10/15/22 | 699,310 | |||||||||||
| 750,000 | g | ERAC USA Finance LLC | 5.625 | 03/15/42 | 804,704 | |||||||||||
| 1,150,000 | FedEx Corp | 2.300 | 02/01/20 | 1,155,220 | ||||||||||||
| 1,400,000 | FedEx Corp | 3.200 | 02/01/25 | 1,358,678 | ||||||||||||
| 1,175,000 | FedEx Corp | 4.100 | 02/01/45 | 1,064,986 | ||||||||||||
| 1,262,000 | GATX Corp | 1.250 | 03/04/17 | 1,255,315 | ||||||||||||
| 4,240,000 | GATX Corp | 2.500 | 03/15/19 | 4,235,858 | ||||||||||||
| 1,450,000 | GATX Corp | 2.500 | 07/30/19 | 1,451,182 | ||||||||||||
| 1,150,000 | GATX Corp | 3.250 | 03/30/25 | 1,088,026 | ||||||||||||
| 1,175,000 | GATX Corp | 5.200 | 03/15/44 | 1,206,846 | ||||||||||||
| 1,700,000 | GATX Corp | 4.500 | 03/30/45 | 1,503,596 | ||||||||||||
| 6,000,000 | Kansas City Southern de Mexico S.A. de C.V. | 2.350 | 05/15/20 | 5,896,710 | ||||||||||||
| 2,225,000 | Kansas City Southern Railway Co | 4.950 | 08/15/45 | 2,244,406 | ||||||||||||
| 1,000,000 | g | Latam Airlines Group S.A. | 7.250 | 06/09/20 | 885,000 | |||||||||||
| 2,500,000 | Norfolk Southern Corp | 4.450 | 06/15/45 | 2,417,095 | ||||||||||||
| 375,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 373,872 | ||||||||||||
| 15 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,275,000 | Southwest Airlines Co | 2.750 | % | 11/06/19 | $ | 1,299,290 | |||||||||
| 1,750,000 | g | TTX Co | 3.600 | 01/15/25 | 1,769,743 | |||||||||||
| 1,125,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 1,071,355 | ||||||||||||
| TOTAL TRANSPORTATION | 46,472,957 | |||||||||||||||
| UTILITIES - 3.2% | ||||||||||||||||
| 225,000 | i | AES Corp | 3.324 | 06/01/19 | 213,750 | |||||||||||
| 1,385,000 | AES Corp | 7.375 | 07/01/21 | 1,436,937 | ||||||||||||
| 1,000,000 | AES Corp | 4.875 | 05/15/23 | 877,500 | ||||||||||||
| 1,000,000 | Alabama Power Co | 3.550 | 12/01/23 | 1,033,971 | ||||||||||||
| 725,000 | Alabama Power Co | 4.150 | 08/15/44 | 698,814 | ||||||||||||
| 2,000,000 | American Electric Power Co, Inc | 2.950 | 12/15/22 | 1,942,730 | ||||||||||||
| 2,200,000 | AmeriGas Finance LLC | 3.750 | 05/01/21 | 2,183,500 | ||||||||||||
| 1,870,000 | AmeriGas Partners LP | 6.250 | 08/20/19 | 1,888,700 | ||||||||||||
| 775,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 928,641 | ||||||||||||
| 1,825,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 1,728,979 | ||||||||||||
| 1,250,000 | g | Autoridad del Canal de Panama | 4.950 | 07/29/35 | 1,238,534 | |||||||||||
| 1,175,000 | Berkshire Hathaway Energy Co | 3.500 | 02/01/25 | 1,182,063 | ||||||||||||
| 1,075,000 | Black Hills Corp | 4.250 | 11/30/23 | 1,132,902 | ||||||||||||
| 1,515,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 1,687,396 | ||||||||||||
| 225,000 | Carolina Power & Light Co | 5.700 | 04/01/35 | 267,780 | ||||||||||||
| 159,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 170,326 | ||||||||||||
| 660,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 789,765 | ||||||||||||
| 1,100,000 | g | CEZ AS. | 4.250 | 04/03/22 | 1,157,603 | |||||||||||
| 395,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 477,246 | ||||||||||||
| 415,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 465,732 | ||||||||||||
| 1,300,000 | Connecticut Light & Power Co | 4.300 | 04/15/44 | 1,334,248 | ||||||||||||
| 1,700,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 1,612,560 | ||||||||||||
| 1,625,000 | Dominion Gas Holdings LLC | 3.600 | 12/15/24 | 1,618,583 | ||||||||||||
| 2,825,000 | Dominion Gas Holdings LLC | 4.600 | 12/15/44 | 2,690,214 | ||||||||||||
| 260,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 285,594 | ||||||||||||
| 650,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 688,735 | ||||||||||||
| 1,725,000 | Duke Energy Progress, Inc | 4.150 | 12/01/44 | 1,736,614 | ||||||||||||
| 1,500,000 | g,i | Electricite de France | 5.625 | 12/30/49 | 1,482,000 | |||||||||||
| 1,300,000 | g | Empresa Electrica Angamos S.A. | 4.875 | 05/25/29 | 1,225,250 | |||||||||||
| 1,500,000 | g | Eskom Holdings SOC Ltd | 5.750 | 01/26/21 | 1,408,875 | |||||||||||
| 1,950,000 | Exelon Corp | 3.950 | 06/15/25 | 1,968,991 | ||||||||||||
| 1,425,000 | Exelon Corp | 5.100 | 06/15/45 | 1,456,236 | ||||||||||||
| 550,000 | Ferrellgas Partners LP | 6.750 | 01/15/22 | 511,500 | ||||||||||||
| 1,250,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 1,277,430 | |||||||||||
| 335,000 | Florida Power Corp | 6.400 | 06/15/38 | 439,791 | ||||||||||||
| 630,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 728,560 | ||||||||||||
| 555,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 596,514 | ||||||||||||
| 2,000,000 | g | Israel Electric Corp Ltd | 5.000 | 11/12/24 | 2,040,720 | |||||||||||
| 195,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 226,911 | |||||||||||
| 1,900,000 | g | KazMunayGas National Co JSC | 4.400 | 04/30/23 | 1,596,000 | |||||||||||
| 2,025,000 | g | KazMunayGas National Co JSC | 4.875 | 05/07/25 | 1,701,000 | |||||||||||
| 775,000 | Kinder Morgan, Inc | 9.000 | 02/01/19 | 915,456 | ||||||||||||
| 750,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.375 | 10/28/19 | 750,442 | |||||||||||
| 4,030,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 4,211,842 | ||||||||||||
| 2,500,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 2,472,822 | |||||||||||
| 2,100,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 2,047,288 | |||||||||||
| 16 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 945,000 | MPLX LP | 4.000 | % | 02/15/25 | $ | 867,162 | |||||||||
| 630,000 | Nevada Power Co | 6.500 | 08/01/18 | 710,787 | ||||||||||||
| 700,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 724,466 | ||||||||||||
| 1,025,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,016,910 | ||||||||||||
| 1,975,000 | Northern States Power Co | 5.350 | 11/01/39 | 2,317,005 | ||||||||||||
| 900,000 | NRG Energy, Inc | 6.250 | 05/01/24 | 794,250 | ||||||||||||
| 1,525,000 | NSTAR Electric Co | 4.400 | 03/01/44 | 1,572,961 | ||||||||||||
| 1,000,000 | NTPC Ltd | 5.625 | 07/14/21 | 1,096,069 | ||||||||||||
| 1,450,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 1,446,168 | ||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 200,592 | ||||||||||||
| 925,000 | g | Oncor Electric Delivery Co LLC | 3.750 | 04/01/45 | 822,077 | |||||||||||
| 2,750,000 | Pacific Gas & Electric Co | 4.300 | 03/15/45 | 2,728,896 | ||||||||||||
| 885,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 885,000 | ||||||||||||
| 1,800,000 | g | Perusahaan Gas Negara Persero Tbk PT | 5.125 | 05/16/24 | 1,698,665 | |||||||||||
| 135,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 195,038 | ||||||||||||
| 3,875,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 4,073,892 | ||||||||||||
| 1,000,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 1,028,591 | ||||||||||||
| 565,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 653,947 | ||||||||||||
| 1,780,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 1,996,852 | ||||||||||||
| 440,000 | Public Service Electric & Gas Co | 5.300 | 05/01/18 | 482,690 | ||||||||||||
| 1,500,000 | QEP Resources, Inc | 5.375 | 10/01/22 | 1,267,500 | ||||||||||||
| 1,150,000 | Sempra Energy | 2.875 | 10/01/22 | 1,128,133 | ||||||||||||
| 1,375,000 | Southern California Edison Co | 4.650 | 10/01/43 | 1,491,097 | ||||||||||||
| 1,700,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 1,442,848 | ||||||||||||
| 450,000 | Tampa Electric Co | 4.100 | 06/15/42 | 442,756 | ||||||||||||
| 550,000 | g | Transportadora de Gas del Peru S.A. | 4.250 | 04/30/28 | 514,938 | |||||||||||
| 845,000 | Virginia Electric and Power Co | 2.950 | 01/15/22 | 852,596 | ||||||||||||
| 500,000 | WEC Energy Group, Inc | 3.550 | 06/15/25 | 508,044 | ||||||||||||
| 850,000 | Williams Partners LP | 3.600 | 03/15/22 | 782,634 | ||||||||||||
| 825,000 | Williams Partners LP | 4.500 | 11/15/23 | 773,522 | ||||||||||||
| 1,000,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 980,319 | ||||||||||||
| 470,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 485,965 | ||||||||||||
| TOTAL UTILITIES | 94,509,415 | |||||||||||||||
| TOTAL CORPORATE BONDS | 1,119,930,378 | |||||||||||||||
| (Cost $1,129,625,312) | ||||||||||||||||
| GOVERNMENT BONDS - 35.4% | ||||||||||||||||
| AGENCY SECURITIES - 0.5% | ||||||||||||||||
| 3,739,628 | AMAL Ltd | 3.465 | 08/21/21 | 3,952,458 | ||||||||||||
| 1,000,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 990,620 | ||||||||||||
| 10,325,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 10,529,745 | ||||||||||||
| 300,938 | Totem Ocean Trailer Express, Inc | 4.514 | 12/18/19 | 318,221 | ||||||||||||
| 1,800,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 1,870,866 | ||||||||||||
| TOTAL AGENCY SECURITIES | 17,661,910 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 3.5% | ||||||||||||||||
| 1,065,000 | g | Banque Centrale de Tunisie S.A. | 5.750 | 01/30/25 | 1,014,412 | |||||||||||
| 977,000 | Banque Centrale de Tunisie S.A. | 8.250 | 09/19/27 | 1,104,010 | ||||||||||||
| 1,125,000 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 888,750 | |||||||||||
| BRL | 4,650,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/21 | 954,640 | |||||||||||
| 17 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,975,000 | Brazilian Government International Bond | 4.250 | % | 01/07/25 | $ | 2,603,125 | |||||||||
| 1,670,000 | Brazilian Government International Bond | 7.125 | 01/20/37 | 1,561,450 | ||||||||||||
| 600,000 | Brazilian Government International Bond | 5.000 | 01/27/45 | 448,500 | ||||||||||||
| 700,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 07/28/20 | 707,393 | |||||||||||
| 1,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 02/12/22 | 994,753 | |||||||||||
| 2,575,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 2,289,175 | ||||||||||||
| COP | 1,667,000,000 | Colombia Government International Bond | 4.375 | 03/21/23 | 442,150 | |||||||||||
| $ | 1,000,000 | Colombia Government International Bond | 4.500 | 01/28/26 | 972,500 | |||||||||||
| 1,325,000 | Colombia Government International Bond | 5.625 | 02/26/44 | 1,235,562 | ||||||||||||
| 1,500,000 | g | Costa Rica Government International Bond | 7.158 | 03/12/45 | 1,316,250 | |||||||||||
| 2,900,000 | g | Croatia Government International Bond | 6.375 | 03/24/21 | 3,118,532 | |||||||||||
| DOP | 63,500,000 | g | Dominican Republic International Bond | 10.000 | 01/05/17 | 1,414,778 | ||||||||||
| $ | 1,500,000 | g | Dominican Republic International Bond | 5.500 | 01/27/25 | 1,447,500 | ||||||||||
| 2,000,000 | g | Ecuador Government International Bond | 10.500 | 03/24/20 | 1,500,000 | |||||||||||
| 1,450,000 | g | Egypt Government International Bond | 5.875 | 06/11/25 | 1,370,250 | |||||||||||
| 395,000 | European Investment Bank | 4.875 | 02/15/36 | 497,245 | ||||||||||||
| 1,000,000 | Export-Import Bank of Korea | 2.250 | 01/21/20 | 997,781 | ||||||||||||
| 1,450,000 | g | Gabonese Republic | 6.950 | 06/16/25 | 1,217,826 | |||||||||||
| 700,000 | g | Guatemala Government Bond | 4.875 | 02/13/28 | 680,750 | |||||||||||
| 1,380,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 1,535,250 | ||||||||||||
| 1,500,000 | g | Indonesia Government International Bond | 3.375 | 04/15/23 | 1,366,871 | |||||||||||
| 1,240,000 | Israel Government International Bond | 4.500 | 01/30/43 | 1,245,084 | ||||||||||||
| 1,205,000 | Italy Government International Bond | 6.875 | 09/27/23 | 1,529,140 | ||||||||||||
| 1,050,000 | g,i | Ivory Coast Government International Bond | 5.750 | 12/31/32 | 909,056 | |||||||||||
| 1,500,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 1,500,000 | ||||||||||||
| 1,000,000 | g | Kazakhstan Government International Bond | 3.875 | 10/14/24 | 900,000 | |||||||||||
| 1,000,000 | g | Kazakhstan Government International Bond | 6.500 | 07/21/45 | 939,150 | |||||||||||
| 3,000,000 | g,i | Kommunalbanken AS. | 0.513 | 02/20/18 | 3,008,916 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,021,273 | |||||||||||
| 750,000 | Korea Development Bank | 2.500 | 03/11/20 | 757,695 | ||||||||||||
| 3,325,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 3,278,776 | |||||||||||
| 1,975,000 | Landwirtschaftliche Rentenbank | 5.125 | 02/01/17 | 2,091,071 | ||||||||||||
| 2,698,000 | Landwirtschaftliche Rentenbank | 2.000 | 01/13/25 | 2,643,306 | ||||||||||||
| 1,000,000 | g | Lithuania Government International Bond | 6.625 | 02/01/22 | 1,208,000 | |||||||||||
| MXN | 19,270,000 | Mexican Bonos | 8.000 | 12/07/23 | 1,284,552 | |||||||||||
| $ | 2,525,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 2,571,713 | |||||||||||
| 500,000 | Mexico Government International Bond | 3.600 | 01/30/25 | 491,250 | ||||||||||||
| 350,000 | g | Municipality Finance plc | 1.750 | 05/21/19 | 354,845 | |||||||||||
| NGN | 145,000,000 | Nigeria Government Bond | 15.100 | 04/27/17 | 729,148 | |||||||||||
| $ | 1,843,000 | g | Nigeria Government International Bond | 6.375 | 07/12/23 | 1,629,949 | ||||||||||
| 1,000,000 | g | Pakistan Government International Bond | 8.250 | 09/30/25 | 1,019,848 | |||||||||||
| 1,000,000 | Panama Government International Bond | 4.000 | 09/22/24 | 986,250 | ||||||||||||
| 950,000 | Panama Government International Bond | 3.750 | 03/16/25 | 919,125 | ||||||||||||
| 1,500,000 | Peruvian Government International Bond | 8.750 | 11/21/33 | 2,115,000 | ||||||||||||
| 1,250,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 1,370,246 | ||||||||||||
| 1,000,000 | Philippine Government International Bond | 5.000 | 01/13/37 | 1,148,534 | ||||||||||||
| 1,833,000 | Poland Government International Bond | 5.125 | 04/21/21 | 2,064,050 | ||||||||||||
| 900,000 | Poland Government International Bond | 4.000 | 01/22/24 | 951,750 | ||||||||||||
| 620,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 918,731 | ||||||||||||
| 1,290,000 | Republic of Angola Via Northern Lights III BV | 7.000 | 08/16/19 | 1,217,115 | ||||||||||||
| 525,000 | g | Republic of Azerbaijan International Bond | 4.750 | 03/18/24 | 490,875 | |||||||||||
| 1,500,000 | g | Republic of Ghana | 8.125 | 01/18/26 | 1,245,300 | |||||||||||
| 18 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,175,000 | g | Republic of Paraguay | 6.100 | % | 08/11/44 | $ | 1,148,563 | ||||||||
| 600,000 | g | Republic of Serbia | 5.875 | 12/03/18 | 626,250 | |||||||||||
| 650,000 | g | Republic of Serbia | 7.250 | 09/28/21 | 728,000 | |||||||||||
| 900,000 | Republic of Turkey | 6.000 | 01/14/41 | 876,375 | ||||||||||||
| 1,500,000 | g | Russian Foreign Bond - Eurobond | 4.875 | 09/16/23 | 1,512,510 | |||||||||||
| 2,000,000 | g | Slovenia Government International Bond | 5.500 | 10/26/22 | 2,246,008 | |||||||||||
| ZAR | 50,676,000 | South Africa Government Bond | 8.250 | 09/15/17 | 3,721,615 | |||||||||||
| $ | 1,175,000 | South Africa Government International Bond | 5.500 | 03/09/20 | 1,248,966 | |||||||||||
| 250,000 | Svensk Exportkredit AB | 1.750 | 08/28/20 | 250,305 | ||||||||||||
| 2,100,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 2,266,320 | ||||||||||||
| 2,500,000 | Turkey Government International Bond | 3.250 | 03/23/23 | 2,224,425 | ||||||||||||
| 275,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 285,038 | ||||||||||||
| 750,000 | Turkey Government International Bond | 4.250 | 04/14/26 | 681,563 | ||||||||||||
| 800,000 | Turkey Government International Bond | 6.875 | 03/17/36 | 865,200 | ||||||||||||
| 500,000 | United Mexican States | 5.950 | 03/19/19 | 560,750 | ||||||||||||
| 1,032,000 | United Mexican States | 5.125 | 01/15/20 | 1,135,200 | ||||||||||||
| 975,000 | Uruguay Government International Bond | 4.500 | 08/14/24 | 984,750 | ||||||||||||
| 1,000,000 | Uruguay Government International Bond | 5.100 | 06/18/50 | 877,500 | ||||||||||||
| 1,315,000 | g | Vietnam Government International Bond | 4.800 | 11/19/24 | 1,242,930 | |||||||||||
| 400,000 | g | Zambia Government International Bond | 8.970 | 07/30/27 | 316,000 | |||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 98,017,469 | |||||||||||||||
| MORTGAGE BACKED - 22.0% | ||||||||||||||||
| 125,470 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/34 | 132,158 | ||||||||||||
| 1,461,592 | i | FHLMC | 0.817 | 07/15/37 | 1,485,748 | |||||||||||
| 1,790,129 | i | FHLMC | 0.657 | 09/15/42 | 1,806,867 | |||||||||||
| 9,051,679 | FHLMC | 3.000 | 09/15/42 | 9,170,129 | ||||||||||||
| 899,301 | i | FHLMC | 0.557 | 10/15/42 | 901,887 | |||||||||||
| 2,681,804 | i | FHLMC | 0.557 | 07/15/45 | 2,689,951 | |||||||||||
| 965 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.500 | 01/01/16 | 967 | ||||||||||||
| 86 | FGLMC | 7.500 | 05/01/16 | 87 | ||||||||||||
| 48 | FGLMC | 7.500 | 06/01/16 | 48 | ||||||||||||
| 6,679 | FGLMC | 7.000 | 10/01/20 | 7,110 | ||||||||||||
| 241 | FGLMC | 6.500 | 10/01/28 | 275 | ||||||||||||
| 6,030 | FGLMC | 6.500 | 01/01/29 | 6,895 | ||||||||||||
| 2,215 | FGLMC | 6.500 | 03/01/29 | 2,574 | ||||||||||||
| 29,426 | FGLMC | 6.500 | 07/01/29 | 33,650 | ||||||||||||
| 9,000,000 | h | FGLMC | 3.500 | 10/15/30 | 9,491,063 | |||||||||||
| 13,000,000 | h | FGLMC | 3.000 | 11/15/30 | 13,502,736 | |||||||||||
| 1,365 | FGLMC | 8.000 | 01/01/31 | 1,587 | ||||||||||||
| 11,944 | FGLMC | 6.500 | 09/01/31 | 13,968 | ||||||||||||
| 36,452 | FGLMC | 8.000 | 09/01/31 | 43,065 | ||||||||||||
| 153,254 | FGLMC | 7.000 | 12/01/31 | 167,697 | ||||||||||||
| 184,500 | FGLMC | 4.500 | 07/01/33 | 200,538 | ||||||||||||
| 596,912 | FGLMC | 5.000 | 09/01/33 | 666,174 | ||||||||||||
| 221,636 | FGLMC | 5.500 | 09/01/33 | 249,299 | ||||||||||||
| 251,076 | FGLMC | 5.500 | 09/01/33 | 283,344 | ||||||||||||
| 361,462 | FGLMC | 5.500 | 10/01/33 | 408,661 | ||||||||||||
| 499,314 | FGLMC | 5.500 | 12/01/33 | 556,862 | ||||||||||||
| 1,130,853 | FGLMC | 7.000 | 12/01/33 | 1,341,663 | ||||||||||||
| 271,026 | FGLMC | 5.000 | 01/01/34 | 302,021 | ||||||||||||
| 429,949 | FGLMC | 4.500 | 04/01/35 | 467,262 | ||||||||||||
| 19 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 400,755 | FGLMC | 7.000 | % | 05/01/35 | $ | 475,833 | |||||||||
| 73,017 | FGLMC | 5.000 | 02/01/36 | 80,372 | ||||||||||||
| 1,551 | FGLMC | 6.500 | 05/01/36 | 1,774 | ||||||||||||
| 339,769 | FGLMC | 5.000 | 04/01/38 | 376,714 | ||||||||||||
| 311,082 | FGLMC | 5.000 | 07/01/39 | 341,487 | ||||||||||||
| 2,964,138 | FGLMC | 4.500 | 11/01/40 | 3,284,081 | ||||||||||||
| 3,333,214 | FGLMC | 4.500 | 12/01/40 | 3,681,392 | ||||||||||||
| 3,657,680 | FGLMC | 3.500 | 04/01/44 | 3,844,460 | ||||||||||||
| 5,376,457 | FGLMC | 4.000 | 08/01/44 | 5,815,084 | ||||||||||||
| 4,643,139 | FGLMC | 4.000 | 09/01/44 | 5,030,417 | ||||||||||||
| 355,685 | FGLMC | 4.500 | 11/01/44 | 395,989 | ||||||||||||
| 279,079 | FGLMC | 4.500 | 11/01/44 | 310,737 | ||||||||||||
| 222,207 | FGLMC | 4.500 | 12/01/44 | 247,408 | ||||||||||||
| 143,809 | FGLMC | 4.500 | 12/01/44 | 157,762 | ||||||||||||
| 1,980,900 | FGLMC | 3.500 | 04/01/45 | 2,077,007 | ||||||||||||
| 5,950,013 | FGLMC | 3.500 | 07/01/45 | 6,211,016 | ||||||||||||
| 9,047,354 | FGLMC | 3.500 | 09/01/45 | 9,428,062 | ||||||||||||
| 2,550,000 | h | FGLMC | 3.500 | 10/01/45 | 2,670,561 | |||||||||||
| 8,000,000 | h | FGLMC | 3.000 | 10/15/45 | 8,087,875 | |||||||||||
| 11,000,000 | h | FGLMC | 4.000 | 10/15/45 | 11,711,562 | |||||||||||
| 711 | Federal National Mortgage Association (FNMA) | 8.000 | 07/01/24 | 853 | ||||||||||||
| 510 | FNMA | 7.500 | 01/01/29 | 587 | ||||||||||||
| 1,271 | FNMA | 6.500 | 04/01/29 | 1,452 | ||||||||||||
| 10,766 | FNMA | 7.500 | 07/01/29 | 11,137 | ||||||||||||
| 1,246,760 | h | FNMA | 3.000 | 01/01/30 | 1,300,298 | |||||||||||
| 1,676,943 | h | FNMA | 3.000 | 06/01/30 | 1,749,142 | |||||||||||
| 2,799,940 | h | FNMA | 3.000 | 07/01/30 | 2,920,691 | |||||||||||
| 4,264,116 | FNMA | 2.500 | 08/01/30 | 4,352,796 | ||||||||||||
| 13,000,000 | h | FNMA | 2.500 | 10/25/30 | 13,256,953 | |||||||||||
| 7,000,000 | h | FNMA | 3.000 | 10/25/30 | 7,290,410 | |||||||||||
| 3,000,000 | h | FNMA | 3.500 | 10/25/30 | 3,169,219 | |||||||||||
| 11,000,000 | h | FNMA | 2.500 | 11/25/30 | 11,198,945 | |||||||||||
| 542 | FNMA | 7.500 | 02/01/31 | 567 | ||||||||||||
| 2,619 | FNMA | 7.500 | 03/01/31 | 3,259 | ||||||||||||
| 747 | FNMA | 7.500 | 05/01/31 | 757 | ||||||||||||
| 1,104 | FNMA | 6.500 | 09/01/31 | 1,262 | ||||||||||||
| 12,094 | FNMA | 6.500 | 11/01/31 | 14,354 | ||||||||||||
| 201,529 | FNMA | 6.500 | 07/01/32 | 233,777 | ||||||||||||
| 65,117 | FNMA | 4.500 | 03/25/33 | 66,369 | ||||||||||||
| 2,872,068 | FNMA | 5.000 | 06/01/33 | 3,180,072 | ||||||||||||
| 5,026,242 | FNMA | 5.000 | 10/01/33 | 5,564,924 | ||||||||||||
| 2,147,566 | FNMA | 5.500 | 03/01/34 | 2,419,749 | ||||||||||||
| 44,644 | FNMA | 6.000 | 11/01/34 | 50,456 | ||||||||||||
| 10,288,581 | FNMA | 3.000 | 01/01/35 | 10,676,594 | ||||||||||||
| 2,999,754 | FNMA | 5.000 | 05/01/35 | 3,310,860 | ||||||||||||
| 2,237,460 | FNMA | 5.000 | 10/01/35 | 2,465,374 | ||||||||||||
| 39,491 | FNMA | 5.000 | 11/01/35 | 43,270 | ||||||||||||
| 842,553 | FNMA | 5.500 | 08/01/37 | 947,600 | ||||||||||||
| 231,677 | FNMA | 6.000 | 09/01/37 | 265,775 | ||||||||||||
| 931,996 | FNMA | 5.500 | 11/01/38 | 1,086,585 | ||||||||||||
| 46,834 | FNMA | 4.500 | 04/01/39 | 51,601 | ||||||||||||
| 148,809 | FNMA | 4.000 | 07/01/39 | 160,550 | ||||||||||||
| 20 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 897,889 | FNMA | 5.500 | % | 08/01/39 | $ | 1,016,985 | |||||||||
| 429,568 | FNMA | 4.500 | 10/01/39 | 466,731 | ||||||||||||
| 94,518 | FNMA | 4.500 | 02/01/40 | 103,589 | ||||||||||||
| 2,506,763 | FNMA | 4.500 | 03/01/40 | 2,757,491 | ||||||||||||
| 473,134 | FNMA | 4.500 | 06/01/40 | 514,564 | ||||||||||||
| 728,407 | FNMA | 5.000 | 08/01/40 | 804,495 | ||||||||||||
| 1,526,002 | FNMA | 5.000 | 09/01/40 | 1,683,565 | ||||||||||||
| 674,112 | FNMA | 4.500 | 10/01/40 | 732,662 | ||||||||||||
| 30,641 | FNMA | 6.000 | 10/01/40 | 34,655 | ||||||||||||
| 199,658 | FNMA | 4.500 | 11/01/40 | 218,819 | ||||||||||||
| 1,309,472 | FNMA | 4.500 | 11/01/40 | 1,420,834 | ||||||||||||
| 374,582 | FNMA | 4.500 | 01/01/41 | 412,904 | ||||||||||||
| 309,570 | FNMA | 4.500 | 02/01/41 | 339,452 | ||||||||||||
| 1,757,770 | FNMA | 5.000 | 05/01/41 | 1,942,209 | ||||||||||||
| 321,882 | FNMA | 4.500 | 06/01/41 | 354,816 | ||||||||||||
| 350,100 | FNMA | 4.500 | 06/01/41 | 383,681 | ||||||||||||
| 4,445,805 | FNMA | 3.000 | 08/25/41 | 4,600,879 | ||||||||||||
| 1,015,283 | h | FNMA | 4.500 | 11/01/41 | 1,104,466 | |||||||||||
| 340,259 | FNMA | 4.500 | 12/01/41 | 373,030 | ||||||||||||
| 9,979,995 | FNMA | 5.500 | 12/01/41 | 11,410,115 | ||||||||||||
| 354,379 | FNMA | 4.500 | 01/01/42 | 388,461 | ||||||||||||
| 1,601,298 | FNMA | 3.500 | 02/01/42 | 1,675,204 | ||||||||||||
| 302,454 | FNMA | 4.500 | 03/01/42 | 333,480 | ||||||||||||
| 1,656,797 | FNMA | 4.500 | 04/01/42 | 1,801,626 | ||||||||||||
| 362,924 | FNMA | 4.500 | 04/01/42 | 397,917 | ||||||||||||
| 423,951 | FNMA | 4.500 | 06/01/42 | 465,069 | ||||||||||||
| 4,949,848 | FNMA | 3.500 | 07/01/42 | 5,196,557 | ||||||||||||
| 329,608 | FNMA | 4.500 | 07/01/42 | 363,417 | ||||||||||||
| 2,096,103 | i | FNMA | 0.694 | 08/25/42 | 2,112,364 | |||||||||||
| 42,279 | FNMA | 3.000 | 10/01/42 | 43,037 | ||||||||||||
| 358,475 | FNMA | 3.000 | 10/01/42 | 364,950 | ||||||||||||
| 41,414 | FNMA | 3.000 | 10/01/42 | 42,139 | ||||||||||||
| 106,924 | FNMA | 3.000 | 11/01/42 | 108,774 | ||||||||||||
| 1,931,815 | i | FNMA | 0.594 | 11/25/42 | 1,932,136 | |||||||||||
| 7,146,953 | FNMA | 3.500 | 11/25/42 | 1,338,613 | ||||||||||||
| 6,727 | FNMA | 3.000 | 12/01/42 | 6,844 | ||||||||||||
| 52,254 | FNMA | 3.000 | 12/01/42 | 53,037 | ||||||||||||
| 4,789,835 | FNMA | 3.000 | 01/01/43 | 4,872,153 | ||||||||||||
| 2,158,772 | FNMA | 3.000 | 01/01/43 | 2,195,450 | ||||||||||||
| 120,181 | FNMA | 3.000 | 02/01/43 | 122,227 | ||||||||||||
| 25,000 | FNMA | 3.000 | 02/01/43 | 25,432 | ||||||||||||
| 2,886,709 | FNMA | 3.000 | 02/01/43 | 2,936,634 | ||||||||||||
| 6,094,206 | FNMA | 3.000 | 02/01/43 | 6,199,441 | ||||||||||||
| 28,601 | FNMA | 3.000 | 03/01/43 | 29,084 | ||||||||||||
| 24,636 | FNMA | 3.000 | 03/01/43 | 25,058 | ||||||||||||
| 44,594 | FNMA | 3.000 | 03/01/43 | 45,343 | ||||||||||||
| 122,880 | FNMA | 3.000 | 03/01/43 | 124,723 | ||||||||||||
| 1,272,492 | i | FNMA | 0.544 | 03/25/43 | 1,271,397 | |||||||||||
| 10,772 | FNMA | 3.000 | 04/01/43 | 10,954 | ||||||||||||
| 60,280 | FNMA | 3.000 | 04/01/43 | 61,307 | ||||||||||||
| 29,702 | FNMA | 3.000 | 04/01/43 | 30,225 | ||||||||||||
| 64,575 | FNMA | 3.000 | 04/01/43 | 65,670 | ||||||||||||
| 21 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 13,495 | FNMA | 3.000 | % | 04/01/43 | $ | 13,726 | |||||||||
| 41,080 | FNMA | 3.000 | 04/01/43 | 41,776 | ||||||||||||
| 31,282 | FNMA | 3.000 | 04/01/43 | 31,852 | ||||||||||||
| 2,736 | FNMA | 3.000 | 04/01/43 | 2,783 | ||||||||||||
| 36,828 | FNMA | 3.000 | 04/01/43 | 37,457 | ||||||||||||
| 1,810,560 | FNMA | 3.000 | 05/01/43 | 1,837,716 | ||||||||||||
| 5,284,238 | FNMA | 4.000 | 11/01/43 | 5,735,730 | ||||||||||||
| 2,682,115 | FNMA | 4.000 | 04/01/44 | 2,894,778 | ||||||||||||
| 886,232 | FNMA | 4.000 | 06/01/44 | 956,214 | ||||||||||||
| 1,067,067 | FNMA | 4.000 | 06/01/44 | 1,151,618 | ||||||||||||
| 7,449,776 | FNMA | 4.500 | 06/01/44 | 8,257,403 | ||||||||||||
| 2,086,552 | FNMA | 4.500 | 06/01/44 | 2,313,066 | ||||||||||||
| 302,070 | FNMA | 4.000 | 07/01/44 | 325,937 | ||||||||||||
| 966,819 | FNMA | 4.000 | 07/01/44 | 1,043,153 | ||||||||||||
| 1,277,340 | FNMA | 4.000 | 07/01/44 | 1,383,330 | ||||||||||||
| 1,831,091 | FNMA | 4.000 | 08/01/44 | 1,975,691 | ||||||||||||
| 416,698 | FNMA | 4.000 | 08/01/44 | 449,635 | ||||||||||||
| 3,044,164 | FNMA | 4.000 | 08/01/44 | 3,284,539 | ||||||||||||
| 1,433,247 | FNMA | 4.000 | 08/01/44 | 1,546,415 | ||||||||||||
| 4,547,288 | FNMA | 4.500 | 08/01/44 | 5,040,134 | ||||||||||||
| 289,814 | FNMA | 4.000 | 09/01/44 | 312,714 | ||||||||||||
| 235,415 | FNMA | 4.000 | 09/01/44 | 254,038 | ||||||||||||
| 1,106,670 | FNMA | 4.000 | 10/01/44 | 1,193,728 | ||||||||||||
| 5,879,794 | FNMA | 4.500 | 10/01/44 | 6,517,966 | ||||||||||||
| 1,027,531 | h | FNMA | 3.500 | 11/01/44 | 1,075,041 | |||||||||||
| 4,675,887 | FNMA | 4.500 | 11/01/44 | 5,182,302 | ||||||||||||
| 1,254,498 | FNMA | 4.000 | 12/01/44 | 1,358,593 | ||||||||||||
| 2,880,329 | FNMA | 4.000 | 12/01/44 | 3,108,148 | ||||||||||||
| 1,566,495 | FNMA | 4.000 | 12/01/44 | 1,695,264 | ||||||||||||
| 983,721 | FNMA | 4.500 | 12/01/44 | 1,090,578 | ||||||||||||
| 9,716,026 | FNMA | 4.000 | 01/01/45 | 10,550,696 | ||||||||||||
| 1,018,515 | FNMA | 4.000 | 01/01/45 | 1,099,099 | ||||||||||||
| 1,958,023 | FNMA | 3.500 | 02/01/45 | 2,048,556 | ||||||||||||
| 586,901 | FNMA | 3.500 | 03/01/45 | 613,014 | ||||||||||||
| 351,121 | FNMA | 3.500 | 03/01/45 | 368,664 | ||||||||||||
| 607,802 | FNMA | 4.000 | 05/01/45 | 655,919 | ||||||||||||
| 1,356,448 | FNMA | 4.000 | 06/01/45 | 1,463,860 | ||||||||||||
| 11,000,000 | h | FNMA | 3.000 | 10/25/45 | 11,153,656 | |||||||||||
| 19,000,000 | h | FNMA | 3.500 | 10/25/45 | 19,826,804 | |||||||||||
| 7,000,000 | h | FNMA | 4.500 | 10/25/45 | 7,589,532 | |||||||||||
| 4,000,000 | h | FNMA | 5.000 | 10/25/45 | 4,407,968 | |||||||||||
| 18,000,000 | h | FNMA | 3.000 | 11/25/45 | 18,213,468 | |||||||||||
| 21,000,000 | h | FNMA | 3.500 | 11/25/45 | 21,867,078 | |||||||||||
| 29,000,000 | h | FNMA | 4.000 | 11/25/45 | 30,882,738 | |||||||||||
| 9,000,000 | h | FNMA | 4.500 | 11/25/45 | 9,749,883 | |||||||||||
| 33,000,000 | h | FNMA | 3.500 | 12/25/45 | 34,287,786 | |||||||||||
| 7,000,000 | h | FNMA | 5.000 | 12/25/45 | 7,701,912 | |||||||||||
| 110 | Government National Mortgage Association (GNMA) | 7.000 | 01/15/28 | 126 | ||||||||||||
| 1,661 | GNMA | 7.000 | 02/15/28 | 1,709 | ||||||||||||
| 585 | GNMA | 7.000 | 06/15/28 | 604 | ||||||||||||
| 1,118 | GNMA | 7.000 | 06/15/28 | 1,248 | ||||||||||||
| 6,126 | GNMA | 6.500 | 09/15/28 | 7,024 | ||||||||||||
| 22 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,693 | GNMA | 6.500 | % | 09/15/28 | $ | 1,942 | |||||||||
| 7,909 | GNMA | 6.500 | 11/15/28 | 9,069 | ||||||||||||
| 3,030 | GNMA | 7.500 | 11/15/28 | 3,454 | ||||||||||||
| 561 | GNMA | 8.500 | 07/15/30 | 566 | ||||||||||||
| 17,138 | GNMA | 8.500 | 10/15/30 | 18,388 | ||||||||||||
| 9,433 | GNMA | 8.500 | 10/20/30 | 11,575 | ||||||||||||
| 1,093 | GNMA | 8.500 | 12/15/30 | 1,397 | ||||||||||||
| 1,945 | GNMA | 7.000 | 06/20/31 | 2,395 | ||||||||||||
| 1,908 | GNMA | 6.500 | 07/15/31 | 2,188 | ||||||||||||
| 3,946 | GNMA | 7.000 | 07/15/31 | 4,103 | ||||||||||||
| 3,916 | GNMA | 7.000 | 07/15/31 | 4,420 | ||||||||||||
| 689 | GNMA | 6.500 | 03/15/33 | 800 | ||||||||||||
| 112,886 | GNMA | 5.500 | 07/15/33 | 128,989 | ||||||||||||
| 428,319 | GNMA | 5.500 | 09/15/33 | 491,363 | ||||||||||||
| 118,109 | GNMA | 5.500 | 02/20/35 | 133,198 | ||||||||||||
| 699,195 | GNMA | 5.500 | 05/20/35 | 788,622 | ||||||||||||
| 221,491 | GNMA | 5.500 | 02/20/36 | 249,037 | ||||||||||||
| 35,891 | GNMA | 6.000 | 10/20/36 | 40,669 | ||||||||||||
| 37,992 | GNMA | 6.000 | 01/20/37 | 43,083 | ||||||||||||
| 128,946 | GNMA | 6.000 | 02/20/37 | 146,144 | ||||||||||||
| 37,200 | GNMA | 5.500 | 07/15/38 | 41,732 | ||||||||||||
| 248,987 | GNMA | 5.500 | 07/20/38 | 277,275 | ||||||||||||
| 96,568 | GNMA | 6.000 | 08/20/38 | 108,436 | ||||||||||||
| 119,917 | GNMA | 6.500 | 11/20/38 | 140,862 | ||||||||||||
| 847,579 | GNMA | 5.000 | 06/15/39 | 952,527 | ||||||||||||
| 1,608,595 | GNMA | 4.500 | 09/20/39 | 1,783,536 | ||||||||||||
| 9,541,588 | GNMA | 3.500 | 10/20/42 | 2,007,751 | ||||||||||||
| 1,753,352 | GNMA | 3.500 | 07/15/43 | 1,845,624 | ||||||||||||
| 1,036,746 | GNMA | 3.500 | 02/15/45 | 1,091,575 | ||||||||||||
| 2,959,278 | h | GNMA | 4.000 | 04/15/45 | 3,163,512 | |||||||||||
| 1,949,597 | h | GNMA | 4.000 | 04/15/45 | 2,084,435 | |||||||||||
| 2,914,340 | h | GNMA | 4.000 | 04/15/45 | 3,120,556 | |||||||||||
| 5,958,134 | h | GNMA | 4.000 | 05/15/45 | 6,370,149 | |||||||||||
| 8,000,000 | h | GNMA | 3.000 | 10/20/45 | 8,167,811 | |||||||||||
| 24,000,000 | h | GNMA | 3.500 | 10/20/45 | 25,096,874 | |||||||||||
| 8,000,000 | h | GNMA | 3.500 | 10/20/45 | 8,384,062 | |||||||||||
| 18,000,000 | h | GNMA | 4.000 | 10/20/45 | 19,243,125 | |||||||||||
| 20,000,000 | GNMA | 4.000 | 10/24/45 | 21,334,376 | ||||||||||||
| 12,000,000 | h | GNMA | 3.500 | 11/20/45 | 12,548,434 | |||||||||||
| 8,000,000 | h | GNMA | 3.000 | 12/20/45 | 8,134,065 | |||||||||||
| TOTAL MORTGAGE BACKED | 619,855,570 | |||||||||||||||
| MUNICIPAL BONDS - 1.3% | ||||||||||||||||
| 4,265,000 | Denver City & County School District No. 1 | 3.598 | 12/15/27 | 4,397,940 | ||||||||||||
| 3,000,000 | State of Illinois | 4.833 | 02/01/17 | 3,091,800 | ||||||||||||
| 12,000,000 | State of Illinois | 4.350 | 06/01/18 | 12,280,320 | ||||||||||||
| 1,845,000 | State of Illinois | 4.700 | 01/01/21 | 1,923,929 | ||||||||||||
| 2,560,000 | State of Illinois | 3.860 | 04/01/21 | 2,562,074 | ||||||||||||
| 3,030,000 | State of Illinois | 4.110 | 04/01/22 | 2,951,614 | ||||||||||||
| 2,195,000 | State of Illinois | 4.310 | 04/01/23 | 2,168,857 | ||||||||||||
| 3,470,000 | State of Illinois | 4.760 | 04/01/26 | 3,384,222 | ||||||||||||
| 1,763,000 | State Public School Building Authority | 5.000 | 09/15/27 | 1,914,900 | ||||||||||||
| 23 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,250,000 | Texas Public Finance Authority | 5.250 | % | 07/01/17 | $ | 1,251,925 | |||||||||
| TOTAL MUNICIPAL BONDS | 35,927,581 | |||||||||||||||
| U.S. TREASURY SECURITIES - 8.1% | ||||||||||||||||
| 2,560,000 | United States Treasury Bond | 5.250 | 11/15/28 | 3,427,799 | ||||||||||||
| 5,000,000 | United States Treasury Bond | 4.500 | 02/15/36 | 6,557,945 | ||||||||||||
| 2,250,000 | United States Treasury Bond | 4.750 | 02/15/37 | 3,051,914 | ||||||||||||
| 37,050,000 | United States Treasury Bond | 3.500 | 02/15/39 | 41,808,628 | ||||||||||||
| 6,685,000 | United States Treasury Bond | 2.875 | 05/15/43 | 6,666,723 | ||||||||||||
| 24,400,000 | United States Treasury Bond | 2.875 | 08/15/45 | 24,402,537 | ||||||||||||
| 3,100,000 | United States Treasury Note | 0.625 | 07/31/17 | 3,101,333 | ||||||||||||
| 1,565,000 | United States Treasury Note | 0.875 | 01/31/18 | 1,569,197 | ||||||||||||
| 23,348,700 | United States Treasury Note | 1.500 | 08/31/18 | 23,746,352 | ||||||||||||
| 16,648,000 | United States Treasury Note | 1.000 | 09/15/18 | 16,687,456 | ||||||||||||
| 28,744,000 | United States Treasury Note | 1.625 | 07/31/20 | 29,099,563 | ||||||||||||
| 380,000 | United States Treasury Note | 1.375 | 09/30/20 | 379,941 | ||||||||||||
| 310,000 | United States Treasury Note | 2.125 | 01/31/21 | 319,962 | ||||||||||||
| 2,415,000 | United States Treasury Note | 2.000 | 05/31/21 | 2,473,110 | ||||||||||||
| 280,000 | United States Treasury Note | 2.000 | 08/31/21 | 286,260 | ||||||||||||
| 24,500,000 | United States Treasury Note | 1.750 | 02/28/22 | 24,589,964 | ||||||||||||
| 6,885,000 | United States Treasury Note | 1.750 | 03/31/22 | 6,904,905 | ||||||||||||
| 1,900,000 | United States Treasury Note | 1.750 | 04/30/22 | 1,904,256 | ||||||||||||
| 1,930,000 | United States Treasury Note | 2.125 | 06/30/22 | 1,980,562 | ||||||||||||
| 4,590,000 | United States Treasury Note | 2.000 | 07/31/22 | 4,669,370 | ||||||||||||
| 6,547,000 | United States Treasury Note | 1.875 | 08/31/22 | 6,603,605 | ||||||||||||
| 17,340,000 | United States Treasury Note | 2.000 | 08/15/25 | 17,256,456 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 227,487,838 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 998,950,368 | |||||||||||||||
| (Cost $994,163,833) | ||||||||||||||||
| STRUCTURED ASSETS - 21.3% | ||||||||||||||||
| ASSET BACKED - 8.0% | ||||||||||||||||
| 389,573 | i | ACE Securities Corp Home Equity Loan Trust | 0.929 | 08/25/35 | 384,313 | |||||||||||
| Series - 2005 HE5 (Class M2) | ||||||||||||||||
| 1,197,780 | AmeriCredit Automobile Receivables Trust | 3.440 | 10/08/17 | 1,203,000 | ||||||||||||
| Series - 2011 5 (Class C) | ||||||||||||||||
| 2,531,250 | AmeriCredit Automobile Receivables Trust | 1.310 | 11/08/17 | 2,532,343 | ||||||||||||
| Series - 2012 4 (Class B) | ||||||||||||||||
| 10,881,000 | AmeriCredit Automobile Receivables Trust | 1.570 | 01/08/19 | 10,900,542 | ||||||||||||
| Series - 2013 1 (Class C) | ||||||||||||||||
| 8,207,000 | AmeriCredit Automobile Receivables Trust | 3.000 | 07/08/19 | 8,366,167 | ||||||||||||
| Series - 2013 3 (Class D) | ||||||||||||||||
| 1,845,000 | AmeriCredit Automobile Receivables Trust | 3.340 | 08/08/21 | 1,868,777 | ||||||||||||
| Series - 2015 3 (Class D) | ||||||||||||||||
| 55,677 | g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 1 | |||||||||||
| Series - 2006 WMC1 (Class N1) | ||||||||||||||||
| 955,528 | i | Asset Backed Securities Corp Home Equity Loan Trust | 0.635 | 07/25/35 | 950,349 | |||||||||||
| Series - 2005 HE7 (Class M2) | ||||||||||||||||
| 4,440,000 | g | Avis Budget Rental Car Funding AESOP LLC | 5.110 | 03/20/17 | 4,483,192 | |||||||||||
| Series - 2010 5A (Class B) | ||||||||||||||||
| 24 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 9,300,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.740 | % | 11/20/17 | $ | 9,564,538 | ||||||||
| Series - 2011 3A (Class B) | ||||||||||||||||
| 1,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.720 | 02/20/18 | 1,034,641 | |||||||||||
| Series - 2011 5A (Class B) | ||||||||||||||||
| 9,800,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.040 | 03/20/19 | 9,915,963 | |||||||||||
| Series - 2012 3A (Class B) | ||||||||||||||||
| 91,317 | i | Bear Stearns Asset Backed Securities Trust | 0.934 | 11/25/39 | 90,876 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 1,918,909 | Capital Auto Receivables Asset Trust | 0.790 | 06/20/17 | 1,918,738 | ||||||||||||
| Series - 2013 1 (Class A3) | ||||||||||||||||
| 11,432,323 | g | Capital Automotive REIT | 4.700 | 07/15/42 | 11,856,543 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 6,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 6,103,038 | |||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||
| 2,869,943 | g,i | CBRE Realty Finance CDO | 0.584 | 04/07/52 | 1,103,493 | |||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||
| 3,157,384 | i,m | CCR, Inc | 0.648 | 07/10/17 | 3,110,326 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 216,086 | i | CIT Group Home Equity Loan Trust | 6.200 | 02/25/30 | 215,476 | |||||||||||
| Series - 2002 1 (Class AF6) | ||||||||||||||||
| 10,746,000 | g | DB Master Finance LLC | 3.262 | 02/20/45 | 10,808,552 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| 6,410,000 | g,i | DB/UBS Mortgage Trust | 5.735 | 11/10/46 | 7,147,060 | |||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||
| 21,759,950 | g | Dominos Pizza Master Issuer LLC | 5.216 | 01/25/42 | 22,412,553 | |||||||||||
| Series - 2012 1A (Class A2) | ||||||||||||||||
| 5,583,333 | g | Hertz Vehicle Financing LLC | 3.740 | 02/25/17 | 5,616,085 | |||||||||||
| Series - 2010 1A (Class A2) | ||||||||||||||||
| 10,000,000 | g | Hertz Vehicle Financing LLC | 1.120 | 08/25/17 | 10,006,990 | |||||||||||
| Series - 2013 1A (Class A1) | ||||||||||||||||
| 5,000,000 | g | Hertz Vehicle Financing LLC | 1.860 | 08/25/17 | 5,002,275 | |||||||||||
| Series - 2013 1A (Class B1) | ||||||||||||||||
| 2,000,000 | g | Hertz Vehicle Financing LLC | 4.960 | 03/25/18 | 2,085,076 | |||||||||||
| Series - 2011 1A (Class B2) | ||||||||||||||||
| 947,496 | i | Lehman XS Trust | 0.444 | 02/25/36 | 903,781 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 2,119,971 | i | Lehman XS Trust | 6.500 | 06/25/46 | 1,637,033 | |||||||||||
| Series - 2006 13 (Class 2A1) | ||||||||||||||||
| 1,000,000 | g,i | Longpoint Re Ltd | 4.180 | 05/18/16 | 1,014,500 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 1,045,361 | g | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 1,049,203 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 130,843 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 1.139 | 09/25/34 | 131,062 | |||||||||||
| Series - 2004 WHQ1 (Class M1) | ||||||||||||||||
| 1,046,637 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.974 | 01/25/36 | 1,039,879 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 32,879 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 33,232 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 46,216 | i | Residential Asset Securities Corp | 0.839 | 04/25/35 | 46,221 | |||||||||||
| Series - 2005 KS3 (Class M3) | ||||||||||||||||
| 25 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 185,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | % | 02/25/36 | $ | 190,841 | ||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 3,000,000 | g,i | Sanders Re Ltd | 3.980 | 05/05/17 | 3,022,800 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 5,525,000 | Santander Drive Auto Receivables Trust | 4.740 | 09/15/17 | 5,613,632 | ||||||||||||
| Series - 2011 4 (Class D) | ||||||||||||||||
| 9,750,000 | Santander Drive Auto Receivables Trust | 3.870 | 02/15/18 | 9,930,014 | ||||||||||||
| Series - 2012 2 (Class D) | ||||||||||||||||
| 3,425,000 | Santander Drive Auto Receivables Trust | 1.590 | 10/15/18 | 3,432,316 | ||||||||||||
| Series - 2014 1 (Class B) | ||||||||||||||||
| 1,000,000 | Santander Drive Auto Receivables Trust | 2.270 | 01/15/19 | 1,006,198 | ||||||||||||
| Series - 2013 2013-1 (Class D) | ||||||||||||||||
| 351,853 | i | Securitized Asset Backed Receivables LLC | 0.494 | 10/25/35 | 348,655 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 486,177 | g | Sierra Receivables Funding Co LLC | 3.350 | 04/20/26 | 487,993 | |||||||||||
| Series - 2011 1A (Class A) | ||||||||||||||||
| 453,594 | g | Sierra Receivables Funding Co LLC | 4.250 | 05/20/28 | 458,955 | |||||||||||
| Series - 2011 2A (Class B) | ||||||||||||||||
| 775,521 | g | Sierra Receivables Funding Co LLC | 3.420 | 03/20/29 | 785,925 | |||||||||||
| Series - 2012 2A (Class B) | ||||||||||||||||
| 4,905,636 | g | Sierra Receivables Funding Co LLC | 1.590 | 11/20/29 | 4,869,996 | |||||||||||
| Series - 2013 1A (Class A) | ||||||||||||||||
| 1,187,680 | g | Sierra Receivables Funding Co LLC | 2.390 | 11/20/29 | 1,188,337 | |||||||||||
| Series - 2013 1A (Class B) | ||||||||||||||||
| 11,087,159 | g | Sierra Receivables Funding Co LLC | 3.050 | 03/22/32 | 11,161,997 | |||||||||||
| Series - 2015 1A (Class B) | ||||||||||||||||
| 1,480,000 | g | SLM Student Loan Trust | 3.740 | 02/15/29 | 1,553,623 | |||||||||||
| Series - 2011 B (Class A2) | ||||||||||||||||
| 5,213,000 | g | SLM Student Loan Trust | 4.540 | 10/17/44 | 5,586,449 | |||||||||||
| Series - 2011 C (Class A2B) | ||||||||||||||||
| 4,233,000 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 4,464,037 | |||||||||||
| Series - 2012 A (Class A2) | ||||||||||||||||
| 2,805,738 | g | SolarCity LMC | 4.800 | 11/20/38 | 3,007,748 | |||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||
| 2,211,040 | g | SolarCity LMC | 4.020 | 07/20/44 | 2,178,870 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 121,820 | i | Soundview Home Equity Loan Trust | 0.494 | 11/25/35 | 121,379 | |||||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 9,706,964 | g | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 9,719,952 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 1,273,780 | g,i | Structured Asset Securities Corp Mortgage Loan Trust | 0.414 | 10/25/36 | 1,262,513 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 5,800,000 | g,i | Vitality Re IV Ltd | 2.730 | 01/09/17 | 5,858,000 | |||||||||||
| Series - 2013 IV B (Class ) | ||||||||||||||||
| 157,532 | g,i | Wachovia Loan Trust | 0.554 | 05/25/35 | 153,272 | |||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||
| 59,703 | i | Wells Fargo Home Equity Trust | 0.334 | 07/25/36 | 59,557 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| 6,500,000 | g | Wendys Funding LLC | 3.371 | 06/15/45 | 6,530,680 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| TOTAL ASSET BACKED | 227,529,557 | |||||||||||||||
| 26 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| OTHER MORTGAGE BACKED - 13.3% | ||||||||||||||||
| $ | 3,542,917 | g | 7 WTC Depositor LLC Trust | 4.082 | % | 03/13/31 | $ | 3,628,131 | ||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 2,302,097 | i | American Home Mortgage Investment Trust | 1.980 | 10/25/34 | 2,262,853 | |||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||
| 791,000 | i | Banc of America Commercial Mortgage Trust | 5.983 | 05/10/45 | 782,694 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 3,000,000 | Banc of America Commercial Mortgage Trust | 5.480 | 10/10/45 | 3,005,649 | ||||||||||||
| Series - 2006 6 (Class B) | ||||||||||||||||
| 500,000 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 517,487 | |||||||||||
| Series - 2007 1 (Class AM) | ||||||||||||||||
| 2,750,000 | g,i | Banc of America Commercial Mortgage Trust | 5.821 | 02/10/51 | 2,667,728 | |||||||||||
| Series - 2007 4 (Class E) | ||||||||||||||||
| 1,154,000 | g,i | Bear Stearns Commercial Mortgage Securities | 5.759 | 02/13/42 | 1,210,345 | |||||||||||
| Series - 2005 T18 (Class F) | ||||||||||||||||
| 9,826,000 | i | Bear Stearns Commercial Mortgage Securities | 6.116 | 09/11/42 | 10,394,690 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 1,000,000 | g,i | Bear Stearns Commercial Mortgage Securities Trust | 5.470 | 02/11/41 | 956,528 | |||||||||||
| Series - 2005 PWR7 (Class E) | ||||||||||||||||
| 700,000 | g,i | Bear Stearns Commercial Mortgage Securities Trust | 5.387 | 02/13/46 | 721,806 | |||||||||||
| Series - 2004 T16 (Class G) | ||||||||||||||||
| 2,355,153 | i | CHL Mortgage Pass-Through Trust | 2.506 | 02/20/35 | 2,334,235 | |||||||||||
| Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||
| 297,336 | i | Citigroup Commercial Mortgage Trust | 5.713 | 12/10/49 | 303,507 | |||||||||||
| Series - 2007 C6 (Class ASB) | ||||||||||||||||
| 6,385,679 | g,i | Citigroup Mortgage Loan Trust | 0.379 | 05/25/37 | 6,110,239 | |||||||||||
| Series - 2015 8 (Class 1A1) | ||||||||||||||||
| 9,615,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 10,212,918 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 12,750,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 13,005,357 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 8,028,000 | g,i | COMM 2007-C9 Mortgage Trust | 5.989 | 12/10/49 | 7,916,459 | |||||||||||
| Series - 2007 C9 (Class G) | ||||||||||||||||
| 7,800,000 | i | Commercial Mortgage Trust | 5.238 | 04/10/37 | 7,794,953 | |||||||||||
| Series - 2005 GG5 (Class AJ) | ||||||||||||||||
| 23,805,000 | i | Commercial Mortgage Trust | 5.867 | 12/10/49 | 25,141,770 | |||||||||||
| Series - 2007 GG11 (Class AM) | ||||||||||||||||
| 186,859 | Countrywide Alternative Loan Trust | 5.500 | 08/25/16 | 189,308 | ||||||||||||
| Series - 2004 30CB (Class 1A15) | ||||||||||||||||
| 668,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.415 | 02/25/21 | 679,009 | |||||||||||
| Series - 2006 K1A (Class H) | ||||||||||||||||
| 5,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.538 | 09/15/39 | 5,014,610 | |||||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 4,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.903 | 09/15/39 | 4,095,816 | |||||||||||
| Series - 2007 C4 (Class A1AJ) | ||||||||||||||||
| 6,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.949 | 09/15/39 | 6,152,610 | |||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||
| 1,500,000 | Credit Suisse Commercial Mortgage Trust | 5.343 | 12/15/39 | 1,558,041 | ||||||||||||
| Series - 2006 C5 (Class AM) | ||||||||||||||||
| 820,000 | g | Credit Suisse Commercial Mortgage Trust | 5.383 | 02/15/40 | 842,611 | |||||||||||
| Series - 2009 RR1 (Class A3C) | ||||||||||||||||
| 5,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.625 | 01/15/49 | 5,151,380 | |||||||||||
| Series - 2007 C2 (Class AJ) | ||||||||||||||||
| 27 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 231,102 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | % | 07/15/37 | $ | 231,014 | |||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 3,670,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 3,666,345 | |||||||||||
| Series - 2005 C5 (Class C) | ||||||||||||||||
| 1,240,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.230 | 12/15/40 | 1,240,661 | |||||||||||
| Series - 2005 C6 (Class AJ) | ||||||||||||||||
| 15,585,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 16,063,584 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 86,201,339 | i | CSAIL 2015-C3 Commercial Mortgage Trust | 1.040 | 08/15/48 | 5,009,677 | |||||||||||
| Series - 2015 C3 (Class XA) | ||||||||||||||||
| 1,000,000 | i | GS Mortgage Securities Trust | 5.553 | 04/10/38 | 1,003,004 | |||||||||||
| Series - 2006 GG6 (Class B) | ||||||||||||||||
| 723,085 | i | Harborview Mortgage Loan Trust | 0.436 | 07/19/47 | 590,110 | |||||||||||
| Series - 2007 4 (Class 2A1) | ||||||||||||||||
| 459,768 | i | Impac CMB Trust | 0.854 | 03/25/35 | 429,123 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 765,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.911 | 07/15/42 | 766,830 | |||||||||||
| Series - 2005 LDP2 (Class C) | ||||||||||||||||
| 1,992,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.734 | 02/15/46 | 2,109,313 | |||||||||||
| Series - 2011 C3 (Class E) | ||||||||||||||||
| 6,950,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.734 | 02/15/46 | 7,486,888 | |||||||||||
| Series - 2011 C3 (Class D) | ||||||||||||||||
| 2,035,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 2,167,995 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 1,300,000 | i | LB-UBS Commercial Mortgage Trust | 6.049 | 06/15/38 | 1,332,551 | |||||||||||
| Series - 2006 C4 (Class B) | ||||||||||||||||
| 1,000,000 | i | LB-UBS Commercial Mortgage Trust | 5.737 | 03/15/39 | 998,035 | |||||||||||
| Series - 2006 C3 (Class C) | ||||||||||||||||
| 2,000,000 | i | LB-UBS Commercial Mortgage Trust | 5.533 | 02/15/40 | 2,023,468 | |||||||||||
| Series - 2007 C1 (Class C) | ||||||||||||||||
| 4,500,000 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 4,455,221 | |||||||||||
| Series - 2007 C1 (Class D) | ||||||||||||||||
| 1,995,000 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 2,116,605 | |||||||||||
| Series - 2007 C6 (Class AM) | ||||||||||||||||
| 4,985,511 | g,i | LVII Resecuritization Trust | 2.997 | 07/31/47 | 4,985,511 | |||||||||||
| Series - 2015 A (Class A) | ||||||||||||||||
| 580,000 | i | Merrill Lynch Mortgage Trust | 6.475 | 02/12/51 | 624,080 | |||||||||||
| Series - 0 C1 (Class AJA) | ||||||||||||||||
| 7,854,300 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 8,084,635 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 1,790,000 | g,i | Morgan Stanley Capital I Trust | 6.017 | 08/12/41 | 1,830,275 | |||||||||||
| Series - 2006 T23 (Class B) | ||||||||||||||||
| 6,025,387 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 6,141,002 | |||||||||||
| Series - 2006 HQ10 (Class AJ) | ||||||||||||||||
| 5,304,000 | i | Morgan Stanley Capital I Trust | 5.793 | 07/12/44 | 5,438,265 | |||||||||||
| Series - 2006 HQ9 (Class AJ) | ||||||||||||||||
| 1,821,000 | i | Morgan Stanley Capital I Trust | 5.832 | 07/12/44 | 1,852,802 | |||||||||||
| Series - 2006 HQ9 (Class B) | ||||||||||||||||
| 3,206,000 | i | Morgan Stanley Capital I Trust | 5.842 | 07/12/44 | 3,274,538 | |||||||||||
| Series - 2006 HQ9 (Class C) | ||||||||||||||||
| 5,033,000 | i | Morgan Stanley Capital I Trust | 5.861 | 04/12/49 | 5,122,321 | |||||||||||
| Series - 2007 HQ12 (Class C) | ||||||||||||||||
| 28 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 3,500,000 | i | Morgan Stanley Capital I Trust | 5.907 | % | 06/11/49 | $ | 3,509,468 | ||||||||
| Series - 2007 IQ15 (Class AJ) | ||||||||||||||||
| 4,000,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 4,242,928 | |||||||||||
| Series - 2007 IQ15 (Class AM) | ||||||||||||||||
| 2,670,000 | i | Morgan Stanley Capital I Trust | 6.115 | 12/12/49 | 2,549,850 | |||||||||||
| Series - 2007 IQ16 (Class AJ) | ||||||||||||||||
| 3,000,000 | g,i | Morgan Stanley Capital I Trust | 5.325 | 10/12/52 | 3,026,970 | |||||||||||
| Series - 2006 T21 (Class B) | ||||||||||||||||
| 72,758 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 72,911 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 2,375,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.394 | 09/25/24 | 2,358,845 | |||||||||||
| Series - 2014 HQ2 (Class M2) | ||||||||||||||||
| 669,726 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.444 | 01/25/25 | 669,726 | |||||||||||
| Series - 2015 DN1 (Class M1) | ||||||||||||||||
| 1,250,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.594 | 01/25/25 | 1,265,144 | |||||||||||
| Series - 2015 DN1 (Class M2) | ||||||||||||||||
| 9,000,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.394 | 03/25/25 | 8,999,991 | |||||||||||
| Series - 2015 HQ1 (Class M2) | ||||||||||||||||
| 1,750,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 3.994 | 03/25/25 | 1,699,495 | |||||||||||
| Series - 2015 HQ1 (Class M3) | ||||||||||||||||
| 2,194,338 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.294 | 05/25/25 | 2,186,059 | |||||||||||
| Series - 2015 HQ2 (Class M1) | ||||||||||||||||
| 3,475,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.144 | 05/25/25 | 3,408,363 | |||||||||||
| Series - 2015 HQ2 (Class M2) | ||||||||||||||||
| 5,800,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 0.407 | 12/15/43 | 5,623,413 | |||||||||||
| Series - 2007 C30 (Class AMFL) | ||||||||||||||||
| 22,235,000 | Wachovia Bank Commercial Mortgage Trust | 5.383 | 12/15/43 | 23,110,681 | ||||||||||||
| Series - 2007 C30 (Class AM) | ||||||||||||||||
| 1,800,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.765 | 01/15/45 | 1,802,007 | |||||||||||
| Series - 2006 C23 (Class F) | ||||||||||||||||
| 8,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.825 | 07/15/45 | 8,041,584 | |||||||||||
| Series - 2006 C27 (Class AJ) | ||||||||||||||||
| 3,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.865 | 07/15/45 | 2,697,198 | |||||||||||
| Series - 2006 C27 (Class B) | ||||||||||||||||
| 230,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 245,133 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 23,750,038 | i | Wachovia Bank Commercial Mortgage Trust | 6.143 | 05/15/46 | 24,576,421 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 1,700,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.219 | 05/15/46 | 1,717,969 | |||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||
| 3,515,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 3,694,427 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 1,725,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.860 | 04/15/47 | 1,678,670 | |||||||||||
| Series - 2007 C31 (Class C) | ||||||||||||||||
| 22,000,000 | g | Wachovia Bank Commercial Mortgage Trust | 5.703 | 06/15/49 | 23,182,412 | |||||||||||
| Series - 2007 C32 (Class AMFX) | ||||||||||||||||
| 2,670,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 5.715 | 06/15/49 | 619,173 | |||||||||||
| Series - 2007 C32 (Class J) | ||||||||||||||||
| 4,140,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 4,040,652 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 23,475,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 24,057,931 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 29 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,530,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | % | 02/15/51 | $ | 2,698,549 | ||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| 1,225,045 | i | WaMu Mortgage Pass-Through Certificates | 0.544 | 12/25/45 | 1,090,360 | |||||||||||
| Series - 2005 AR19 (Class A1B3) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 374,560,917 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 602,090,474 | |||||||||||||||
| (Cost $598,726,205) | ||||||||||||||||
| TOTAL BONDS | 2,720,971,220 | |||||||||||||||
| (Cost $2,722,515,350) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 14.2% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 7.4% | ||||||||||||||||
| 25,300,000 | d | Federal Home Loan Bank (FHLB) | 0.130 | 10/20/15 | 25,299,595 | |||||||||||
| 25,000,000 | d | FHLB | 0.050 | 11/02/15 | 24,998,525 | |||||||||||
| 15,000,000 | FHLB | 0.080 | 11/12/15 | 14,998,845 | ||||||||||||
| 35,775,000 | d | FHLB | 0.150 | 11/13/15 | 35,772,174 | |||||||||||
| 35,000,000 | FHLB | 0.050 | 11/20/15 | 34,996,780 | ||||||||||||
| 20,000,000 | FHLB | 0.100 | 11/23/15 | 19,998,060 | ||||||||||||
| 17,000,000 | d | FHLB | 0.070 | 11/25/15 | 16,998,283 | |||||||||||
| 10,000,000 | FHLB | 0.070 | 12/07/15 | 9,997,950 | ||||||||||||
| 20,000,000 | d | FHLB | 0.170 | 01/25/16 | 19,991,620 | |||||||||||
| 5,000,000 | q | Federal National Mortgage Association (FNMA) | 0.175 | 11/18/15 | 4,999,560 | |||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 208,051,392 | |||||||||||||||
| TREASURY DEBT - 6.8% | ||||||||||||||||
| 1,000,000 | United States Treasury Bill | 0.091 | 10/15/15 | 1,000,020 | ||||||||||||
| 59,000,000 | d | United States Treasury Bill | 0.093%-0.130 | 11/12/15 | 59,000,708 | |||||||||||
| 21,000,000 | d | United States Treasury Bill | 0.080 | 12/10/15 | 21,000,966 | |||||||||||
| 12,000,000 | d | United States Treasury Bill | 0.115 | 01/14/16 | 11,999,568 | |||||||||||
| 23,000,000 | d | United States Treasury Bill | 0.126 | 01/21/16 | 22,998,758 | |||||||||||
| 37,000,000 | d | United States Treasury Bill | 0.122 | 02/04/16 | 36,996,929 | |||||||||||
| 40,000,000 | d | United States Treasury Bill | 0.196 | 03/31/16 | 39,983,840 | |||||||||||
| TOTAL TREASURY DEBT | 192,980,789 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 401,032,181 | |||||||||||||||
| (Cost $400,963,698) | ||||||||||||||||
| TOTAL INVESTMENTS - 111.8% | 3,158,085,330 | |||||||||||||||
| (Cost $3,160,217,265) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (11.8)% | (334,423,497 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 2,823,661,833 | ||||||||||||||
| 30 |
TIAA-CREF FUNDS - Bond Fund
| Abbreviation(s): | |||
| BRL | Brazilian Real | ||
| CDO | Collateralized Debt Obligation | ||
| COP | Colombian Peso | ||
| DOP | Dominican Peso | ||
| MXN | Mexican Peso | ||
| NGN | Nigerian Naira | ||
| REIT | Real Estate Investment Trust | ||
| ZAR | South African Rand | ||
| 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 9/30/2015, the aggregate value of these securities was $496,318,321 or 17.6% 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. | |
| m | Indicates a security that has been deemed illiquid. | |
| q | All or a portion of these securities have been segregated by the custodian to cover collateral requirements or unfunded loan commitments. |
| 31 |
TIAA-CREF FUNDS - Bond Index Fund
TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BONDS - 99.4% | ||||||||||||||||
| CORPORATE BONDS - 24.6% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||
| $ | 50,000 | BorgWarner, Inc | 4.625 | % | 09/15/20 | $ | 54,713 | |||||||||
| 200,000 | BorgWarner, Inc | 3.375 | 03/15/25 | 195,916 | ||||||||||||
| 200,000 | BorgWarner, Inc | 4.375 | 03/15/45 | 179,564 | ||||||||||||
| 500,000 | Delphi Corp | 5.000 | 02/15/23 | 517,500 | ||||||||||||
| 100,000 | Delphi Corp | 4.150 | 03/15/24 | 100,879 | ||||||||||||
| 500,000 | Ford Motor Co | 7.450 | 07/16/31 | 621,337 | ||||||||||||
| 650,000 | Ford Motor Co | 4.750 | 01/15/43 | 610,071 | ||||||||||||
| 1,250,000 | General Motors Co | 6.250 | 10/02/43 | 1,321,489 | ||||||||||||
| 175,000 | Harley-Davidson, Inc | 3.500 | 07/28/25 | 177,070 | ||||||||||||
| 200,000 | Harley-Davidson, Inc | 4.625 | 07/28/45 | 200,153 | ||||||||||||
| 300,000 | Honeywell International, Inc | 5.300 | 03/01/18 | 328,452 | ||||||||||||
| 400,000 | Honeywell International, Inc | 5.000 | 02/15/19 | 444,172 | ||||||||||||
| 500,000 | Honeywell International, Inc | 3.350 | 12/01/23 | 521,126 | ||||||||||||
| 282,000 | Honeywell International, Inc | 5.700 | 03/15/37 | 344,020 | ||||||||||||
| 150,000 | Johnson Controls, Inc | 2.600 | 12/01/16 | 152,377 | ||||||||||||
| 300,000 | Johnson Controls, Inc | 1.400 | 11/02/17 | 298,180 | ||||||||||||
| 160,000 | Johnson Controls, Inc | 4.250 | 03/01/21 | 169,156 | ||||||||||||
| 300,000 | Johnson Controls, Inc | 3.625 | 07/02/24 | 291,908 | ||||||||||||
| 270,000 | Johnson Controls, Inc | 6.000 | 01/15/36 | 297,622 | ||||||||||||
| 325,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 298,410 | ||||||||||||
| 100,000 | Johnson Controls, Inc | 4.950 | 07/02/64 | 88,744 | ||||||||||||
| 300,000 | Magna International, Inc | 3.625 | 06/15/24 | 291,432 | ||||||||||||
| 100,000 | Magna International, Inc | 4.150 | 10/01/25 | 100,051 | ||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 7,604,342 | |||||||||||||||
| BANKS - 3.4% | ||||||||||||||||
| 200,000 | Associated Banc-Corp | 2.750 | 11/15/19 | 202,767 | ||||||||||||
| 500,000 | Australia & New Zealand Banking Group Ltd | 1.250 | 01/10/17 | 501,922 | ||||||||||||
| 250,000 | Australia & New Zealand Banking Group Ltd | 1.875 | 10/06/17 | 252,720 | ||||||||||||
| 750,000 | Australia & New Zealand Banking Group Ltd | 1.500 | 01/16/18 | 750,106 | ||||||||||||
| 500,000 | Australia & New Zealand Banking Group Ltd | 1.450 | 05/15/18 | 497,253 | ||||||||||||
| 500,000 | Banco do Brasil S.A. | 3.875 | 01/23/17 | 494,375 | ||||||||||||
| 200,000 | Banco do Brasil S.A. | 3.875 | 10/10/22 | 154,250 | ||||||||||||
| 200,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 209,250 | ||||||||||||
| 300,000 | Bank of America Corp | 1.350 | 11/21/16 | 300,320 | ||||||||||||
| 585,000 | Bank of America Corp | 5.300 | 03/15/17 | 614,537 | ||||||||||||
| 500,000 | Bank of America Corp | 5.420 | 03/15/17 | 524,979 | ||||||||||||
| 1,000,000 | Bank of America Corp | 3.875 | 03/22/17 | 1,032,912 | ||||||||||||
| 3,000,000 | Bank of America Corp | 1.700 | 08/25/17 | 3,007,884 | ||||||||||||
| 590,000 | Bank of America Corp | 5.750 | 12/01/17 | 637,757 | ||||||||||||
| 900,000 | Bank of America Corp | 2.000 | 01/11/18 | 903,381 | ||||||||||||
| 500,000 | Bank of America Corp | 1.950 | 05/12/18 | 501,644 | ||||||||||||
| 32 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,525,000 | Bank of America Corp | 2.600 | % | 01/15/19 | $ | 2,552,217 | |||||||||
| 750,000 | Bank of America Corp | 2.650 | 04/01/19 | 758,508 | ||||||||||||
| 2,300,000 | Bank of America Corp | 5.875 | 01/05/21 | 2,634,218 | ||||||||||||
| 2,225,000 | Bank of America Corp | 3.300 | 01/11/23 | 2,211,643 | ||||||||||||
| 2,000,000 | Bank of America Corp | 4.125 | 01/22/24 | 2,091,560 | ||||||||||||
| 750,000 | Bank of America Corp | 4.000 | 04/01/24 | 772,273 | ||||||||||||
| 1,475,000 | Bank of America Corp | 4.200 | 08/26/24 | 1,472,308 | ||||||||||||
| 750,000 | Bank of America Corp | 4.000 | 01/22/25 | 733,578 | ||||||||||||
| 550,000 | Bank of America Corp | 3.950 | 04/21/25 | 535,281 | ||||||||||||
| 1,500,000 | Bank of America Corp | 3.875 | 08/01/25 | 1,521,018 | ||||||||||||
| 400,000 | Bank of America Corp | 4.250 | 10/22/26 | 395,628 | ||||||||||||
| 1,500,000 | Bank of America Corp | 5.000 | 01/21/44 | 1,574,436 | ||||||||||||
| 500,000 | Bank of America Corp | 4.875 | 04/01/44 | 520,739 | ||||||||||||
| 1,000,000 | Bank of America NA | 1.125 | 11/14/16 | 1,000,481 | ||||||||||||
| 500,000 | Bank of America NA | 1.250 | 02/14/17 | 500,333 | ||||||||||||
| 500,000 | Bank of America NA | 1.650 | 03/26/18 | 499,776 | ||||||||||||
| 500,000 | Bank of America NA | 1.750 | 06/05/18 | 498,960 | ||||||||||||
| 500,000 | Bank of Montreal | 1.300 | 07/15/16 | 501,999 | ||||||||||||
| 450,000 | Bank of Montreal | 2.500 | 01/11/17 | 458,054 | ||||||||||||
| 200,000 | Bank of Montreal | 1.400 | 09/11/17 | 200,591 | ||||||||||||
| 400,000 | Bank of Montreal | 1.450 | 04/09/18 | 397,753 | ||||||||||||
| 300,000 | Bank of Montreal | 1.400 | 04/10/18 | 298,093 | ||||||||||||
| 500,000 | Bank of Montreal | 1.800 | 07/31/18 | 501,737 | ||||||||||||
| 300,000 | Bank of Montreal | 2.375 | 01/25/19 | 304,471 | ||||||||||||
| 400,000 | Bank of Montreal | 2.550 | 11/06/22 | 393,114 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 1.100 | 12/13/16 | 300,554 | ||||||||||||
| 150,000 | Bank of Nova Scotia | 2.550 | 01/12/17 | 152,742 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 1.250 | 04/11/17 | 499,810 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 1.300 | 07/21/17 | 300,332 | ||||||||||||
| 400,000 | Bank of Nova Scotia | 1.375 | 12/18/17 | 399,324 | ||||||||||||
| 350,000 | Bank of Nova Scotia | 1.450 | 04/25/18 | 348,128 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 1.700 | 06/11/18 | 499,277 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 2.050 | 10/30/18 | 504,117 | ||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 1,012,669 | ||||||||||||
| 200,000 | Bank of Nova Scotia | 4.375 | 01/13/21 | 218,314 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 2.800 | 07/21/21 | 303,016 | ||||||||||||
| 300,000 | Barclays plc | 2.000 | 03/16/18 | 299,797 | ||||||||||||
| 500,000 | Barclays plc | 2.875 | 06/08/20 | 499,948 | ||||||||||||
| 725,000 | Barclays plc | 3.650 | 03/16/25 | 692,191 | ||||||||||||
| 500,000 | Barclays plc | 5.250 | 08/17/45 | 503,558 | ||||||||||||
| 100,000 | BB&T Corp | 3.200 | 03/15/16 | 100,869 | ||||||||||||
| 200,000 | BB&T Corp | 1.450 | 10/03/16 | 200,917 | ||||||||||||
| 300,000 | BB&T Corp | 1.050 | 12/01/16 | 300,239 | ||||||||||||
| 200,000 | BB&T Corp | 2.150 | 03/22/17 | 202,637 | ||||||||||||
| 200,000 | BB&T Corp | 1.000 | 04/03/17 | 199,352 | ||||||||||||
| 70,000 | BB&T Corp | 4.900 | 06/30/17 | 73,877 | ||||||||||||
| 150,000 | BB&T Corp | 1.600 | 08/15/17 | 150,680 | ||||||||||||
| 500,000 | BB&T Corp | 1.350 | 10/01/17 | 499,787 | ||||||||||||
| 200,000 | BB&T Corp | 2.050 | 06/19/18 | 202,025 | ||||||||||||
| 500,000 | BB&T Corp | 2.250 | 02/01/19 | 505,148 | ||||||||||||
| 400,000 | BB&T Corp | 6.850 | 04/30/19 | 465,059 | ||||||||||||
| 300,000 | BB&T Corp | 2.625 | 06/29/20 | 304,655 | ||||||||||||
| 33 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | BB&T Corp | 2.850 | % | 04/01/21 | $ | 304,412 | |||||||||
| 200,000 | BB&T Corp | 3.950 | 03/22/22 | 211,492 | ||||||||||||
| 500,000 | BB&T Corp | 3.800 | 10/30/26 | 507,519 | ||||||||||||
| 300,000 | BPCE S.A. | 1.700 | 04/25/16 | 301,176 | ||||||||||||
| 500,000 | BPCE S.A. | 1.625 | 02/10/17 | 501,107 | ||||||||||||
| 300,000 | BPCE S.A. | 1.625 | 01/26/18 | 301,335 | ||||||||||||
| 250,000 | BPCE S.A. | 2.500 | 12/10/18 | 254,461 | ||||||||||||
| 300,000 | BPCE S.A. | 2.500 | 07/15/19 | 303,646 | ||||||||||||
| 500,000 | BPCE S.A. | 2.250 | 01/27/20 | 500,860 | ||||||||||||
| 500,000 | BPCE S.A. | 4.000 | 04/15/24 | 519,547 | ||||||||||||
| 250,000 | Branch Banking & Trust Co | 3.625 | 09/16/25 | 250,189 | ||||||||||||
| 300,000 | Canadian Imperial Bank of Commerce | 1.550 | 01/23/18 | 300,674 | ||||||||||||
| 125,000 | Capital One Bank USA NA | 1.150 | 11/21/16 | 124,693 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 1.200 | 02/13/17 | 298,245 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 1.500 | 09/05/17 | 298,600 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 1.650 | 02/05/18 | 297,788 | ||||||||||||
| 250,000 | Capital One Bank USA NA | 1.500 | 03/22/18 | 246,594 | ||||||||||||
| 400,000 | Capital One Bank USA NA | 2.150 | 11/21/18 | 399,838 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 2.250 | 02/13/19 | 298,959 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 2.300 | 06/05/19 | 297,646 | ||||||||||||
| 800,000 | Capital One Bank USA NA | 2.400 | 09/05/19 | 794,802 | ||||||||||||
| 500,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 494,951 | ||||||||||||
| 972,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 945,751 | ||||||||||||
| 500,000 | Capital One NA | 2.350 | 08/17/18 | 501,429 | ||||||||||||
| 800,000 | Citigroup, Inc | 4.950 | 11/07/43 | 829,457 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.300 | 04/01/16 | 500,927 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.300 | 11/15/16 | 501,068 | ||||||||||||
| 200,000 | Citigroup, Inc | 4.450 | 01/10/17 | 207,968 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.350 | 03/10/17 | 499,077 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.550 | 08/14/17 | 500,558 | ||||||||||||
| 11,000 | Citigroup, Inc | 6.000 | 08/15/17 | 11,858 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.850 | 11/24/17 | 501,869 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.800 | 02/05/18 | 499,515 | ||||||||||||
| 1,000,000 | Citigroup, Inc | 1.700 | 04/27/18 | 994,870 | ||||||||||||
| 750,000 | Citigroup, Inc | 1.750 | 05/01/18 | 745,349 | ||||||||||||
| 500,000 | Citigroup, Inc | 2.150 | 07/30/18 | 502,517 | ||||||||||||
| 300,000 | Citigroup, Inc | 2.500 | 09/26/18 | 303,964 | ||||||||||||
| 500,000 | Citigroup, Inc | 2.550 | 04/08/19 | 504,589 | ||||||||||||
| 500,000 | Citigroup, Inc | 2.500 | 07/29/19 | 503,191 | ||||||||||||
| 350,000 | Citigroup, Inc | 2.400 | 02/18/20 | 348,326 | ||||||||||||
| 684,000 | Citigroup, Inc | 5.375 | 08/09/20 | 763,501 | ||||||||||||
| 2,700,000 | Citigroup, Inc | 4.500 | 01/14/22 | 2,920,601 | ||||||||||||
| 1,675,000 | Citigroup, Inc | 4.050 | 07/30/22 | 1,707,723 | ||||||||||||
| 2,600,000 | Citigroup, Inc | 3.500 | 05/15/23 | 2,531,971 | ||||||||||||
| 1,000,000 | Citigroup, Inc | 3.875 | 10/25/23 | 1,031,543 | ||||||||||||
| 750,000 | Citigroup, Inc | 3.750 | 06/16/24 | 763,129 | ||||||||||||
| 500,000 | Citigroup, Inc | 4.000 | 08/05/24 | 494,859 | ||||||||||||
| 750,000 | Citigroup, Inc | 3.875 | 03/26/25 | 729,160 | ||||||||||||
| 1,000,000 | Citigroup, Inc | 3.300 | 04/27/25 | 974,450 | ||||||||||||
| 525,000 | Citigroup, Inc | 4.400 | 06/10/25 | 528,229 | ||||||||||||
| 400,000 | Citigroup, Inc | 5.500 | 09/13/25 | 436,662 | ||||||||||||
| 1,100,000 | Citigroup, Inc | 4.300 | 11/20/26 | 1,089,825 | ||||||||||||
| 34 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 750,000 | Citigroup, Inc | 4.450 | % | 09/29/27 | $ | 744,515 | |||||||||
| 200,000 | Citigroup, Inc | 5.875 | 01/30/42 | 232,708 | ||||||||||||
| 225,000 | Citigroup, Inc | 6.675 | 09/13/43 | 275,663 | ||||||||||||
| 300,000 | Citizens Bank NA | 1.600 | 12/04/17 | 298,859 | ||||||||||||
| 300,000 | Citizens Bank NA | 2.450 | 12/04/19 | 299,431 | ||||||||||||
| 100,000 | Citizens Financial Group, Inc | 4.350 | 08/01/25 | 101,492 | ||||||||||||
| 200,000 | Comerica Bank | 4.000 | 07/27/25 | 202,357 | ||||||||||||
| 250,000 | Comerica, Inc | 5.750 | 11/21/16 | 262,314 | ||||||||||||
| 50,000 | Comerica, Inc | 5.200 | 08/22/17 | 53,069 | ||||||||||||
| 300,000 | Comerica, Inc | 2.500 | 06/02/20 | 302,436 | ||||||||||||
| 200,000 | Comerica, Inc | 3.800 | 07/22/26 | 199,558 | ||||||||||||
| 750,000 | Commonwealth Bank of Australia | 1.125 | 03/13/17 | 750,663 | ||||||||||||
| 500,000 | Commonwealth Bank of Australia | 1.400 | 09/08/17 | 501,536 | ||||||||||||
| 250,000 | Commonwealth Bank of Australia | 1.900 | 09/18/17 | 252,936 | ||||||||||||
| 750,000 | Commonwealth Bank of Australia | 2.250 | 03/13/19 | 757,585 | ||||||||||||
| 500,000 | Commonwealth Bank of Australia | 2.300 | 09/06/19 | 501,856 | ||||||||||||
| 300,000 | Compass Bank | 1.850 | 09/29/17 | 299,938 | ||||||||||||
| 300,000 | Compass Bank | 2.750 | 09/29/19 | 298,900 | ||||||||||||
| 400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.375 | 01/19/17 | 411,097 | ||||||||||||
| 275,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 1.700 | 03/19/18 | 275,868 | ||||||||||||
| 500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.250 | 01/14/19 | 504,768 | ||||||||||||
| 500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.250 | 01/14/20 | 499,671 | ||||||||||||
| 1,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.875 | 02/08/22 | 1,580,265 | ||||||||||||
| 375,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 376,741 | ||||||||||||
| 1,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.375 | 05/21/25 | 981,531 | ||||||||||||
| 275,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.375 | 08/04/25 | 275,312 | ||||||||||||
| 400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.750 | 12/01/43 | 437,504 | ||||||||||||
| 300,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.250 | 08/04/45 | 303,769 | ||||||||||||
| 200,000 | Corpbanca S.A. | 3.125 | 01/15/18 | 199,223 | ||||||||||||
| 400,000 | Deutsche Bank AG | 1.400 | 02/13/17 | 399,210 | ||||||||||||
| 300,000 | Deutsche Bank AG | 1.875 | 02/13/18 | 299,001 | ||||||||||||
| 1,750,000 | Deutsche Bank AG | 2.500 | 02/13/19 | 1,757,441 | ||||||||||||
| 750,000 | Deutsche Bank AG. | 2.950 | 08/20/20 | 753,392 | ||||||||||||
| 500,000 | Deutsche Bank AG | 3.700 | 05/30/24 | 496,573 | ||||||||||||
| 200,000 | Deutsche Bank AG | 4.500 | 04/01/25 | 193,852 | ||||||||||||
| 500,000 | i | Deutsche Bank AG | 4.296 | 05/24/28 | 480,774 | |||||||||||
| 400,000 | Discover Bank | 2.000 | 02/21/18 | 397,661 | ||||||||||||
| 500,000 | Discover Bank | 2.600 | 11/13/18 | 502,135 | ||||||||||||
| 215,000 | Discover Bank | 7.000 | 04/15/20 | 249,281 | ||||||||||||
| 300,000 | Discover Bank | 3.100 | 06/04/20 | 302,954 | ||||||||||||
| 300,000 | Discover Bank | 3.200 | 08/09/21 | 299,861 | ||||||||||||
| 400,000 | Discover Bank | 4.200 | 08/08/23 | 412,001 | ||||||||||||
| 200,000 | Discover Bank | 4.250 | 03/13/26 | 202,590 | ||||||||||||
| 300,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 299,874 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 1.450 | 02/28/18 | 497,272 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 2.150 | 08/20/18 | 503,809 | ||||||||||||
| 300,000 | Fifth Third Bancorp | 2.300 | 03/01/19 | 301,255 | ||||||||||||
| 375,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 378,612 | ||||||||||||
| 400,000 | Fifth Third Bancorp | 2.875 | 07/27/20 | 403,324 | ||||||||||||
| 200,000 | Fifth Third Bancorp | 2.875 | 10/01/21 | 202,078 | ||||||||||||
| 200,000 | Fifth Third Bancorp | 3.500 | 03/15/22 | 203,870 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 4.300 | 01/16/24 | 514,289 | ||||||||||||
| 35 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 140,000 | Fifth Third Bancorp | 8.250 | % | 03/01/38 | $ | 202,674 | |||||||||
| 100,000 | First Horizon National Corp | 5.375 | 12/15/15 | 100,860 | ||||||||||||
| 250,000 | First Republic Bank | 2.375 | 06/17/19 | 250,884 | ||||||||||||
| 250,000 | First Tennessee Bank NA | 2.950 | 12/01/19 | 252,927 | ||||||||||||
| 100,000 | FirstMerit Corp | 4.350 | 02/04/23 | 102,863 | ||||||||||||
| 250,000 | FirstMerit Corp | 4.270 | 11/25/26 | 257,687 | ||||||||||||
| 750,000 | HSBC Bank USA NA | 4.875 | 08/24/20 | 825,252 | ||||||||||||
| 266,000 | HSBC Bank USA NA | 5.875 | 11/01/34 | 308,563 | ||||||||||||
| 33,000 | HSBC Bank USA NA | 7.000 | 01/15/39 | 42,411 | ||||||||||||
| 150,000 | HSBC Holdings plc | 4.875 | 01/14/22 | 165,589 | ||||||||||||
| 1,350,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 1,339,685 | ||||||||||||
| 500,000 | HSBC Holdings plc | 4.250 | 08/18/25 | 492,906 | ||||||||||||
| 2,325,000 | HSBC Holdings plc | 6.500 | 09/15/37 | 2,738,013 | ||||||||||||
| 550,000 | HSBC Holdings plc | 6.100 | 01/14/42 | 684,933 | ||||||||||||
| 275,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 279,179 | ||||||||||||
| 750,000 | HSBC USA, Inc | 2.625 | 09/24/18 | 763,258 | ||||||||||||
| 500,000 | HSBC USA, Inc | 2.250 | 06/23/19 | 501,124 | ||||||||||||
| 750,000 | HSBC USA, Inc | 2.375 | 11/13/19 | 748,437 | ||||||||||||
| 500,000 | HSBC USA, Inc | 2.350 | 03/05/20 | 493,163 | ||||||||||||
| 750,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 752,423 | ||||||||||||
| 1,000,000 | HSBC USA, Inc | 3.500 | 06/23/24 | 1,017,474 | ||||||||||||
| 200,000 | Huntington Bancshares, Inc | 2.600 | 08/02/18 | 202,114 | ||||||||||||
| 250,000 | Huntington National Bank | 1.350 | 08/02/16 | 250,097 | ||||||||||||
| 200,000 | Huntington National Bank | 1.300 | 11/20/16 | 200,204 | ||||||||||||
| 300,000 | Huntington National Bank | 1.700 | 02/26/18 | 298,593 | ||||||||||||
| 250,000 | Huntington National Bank | 2.000 | 06/30/18 | 250,657 | ||||||||||||
| 300,000 | Huntington National Bank | 2.200 | 04/01/19 | 300,234 | ||||||||||||
| 300,000 | Huntington National Bank | 2.400 | 04/01/20 | 297,995 | ||||||||||||
| 750,000 | Industrial & Commercial Bank of China Ltd | 2.351 | 11/13/17 | 755,019 | ||||||||||||
| 250,000 | Industrial & Commercial Bank of China Ltd | 3.231 | 11/13/19 | 254,722 | ||||||||||||
| 200,000 | Intesa Sanpaolo S.p.A | 2.375 | 01/13/17 | 200,696 | ||||||||||||
| 625,000 | Intesa Sanpaolo S.p.A | 3.875 | 01/16/18 | 643,871 | ||||||||||||
| 500,000 | Intesa Sanpaolo S.p.A | 3.875 | 01/15/19 | 518,211 | ||||||||||||
| 200,000 | Intesa Sanpaolo S.p.A | 5.250 | 01/12/24 | 213,042 | ||||||||||||
| 1,250,000 | JPMorgan Chase & Co | 3.450 | 03/01/16 | 1,263,470 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 1.350 | 02/15/17 | 1,001,300 | ||||||||||||
| 1,850,000 | JPMorgan Chase & Co | 2.000 | 08/15/17 | 1,865,318 | ||||||||||||
| 335,000 | JPMorgan Chase & Co | 6.000 | 01/15/18 | 366,068 | ||||||||||||
| 400,000 | JPMorgan Chase & Co | 1.800 | 01/25/18 | 400,365 | ||||||||||||
| 500,000 | JPMorgan Chase & Co | 1.700 | 03/01/18 | 498,863 | ||||||||||||
| 500,000 | JPMorgan Chase & Co | 1.625 | 05/15/18 | 496,939 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.350 | 01/28/19 | 1,007,979 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.200 | 10/22/19 | 1,000,089 | ||||||||||||
| 1,750,000 | JPMorgan Chase & Co | 2.250 | 01/23/20 | 1,735,557 | ||||||||||||
| 180,000 | JPMorgan Chase & Co | 4.950 | 03/25/20 | 198,251 | ||||||||||||
| 1,350,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 1,361,347 | ||||||||||||
| 700,000 | JPMorgan Chase & Co | 4.400 | 07/22/20 | 755,030 | ||||||||||||
| 1,820,000 | JPMorgan Chase & Co | 4.250 | 10/15/20 | 1,951,004 | ||||||||||||
| 1,950,000 | JPMorgan Chase & Co | 4.350 | 08/15/21 | 2,101,638 | ||||||||||||
| 500,000 | JPMorgan Chase & Co | 4.500 | 01/24/22 | 539,544 | ||||||||||||
| 3,150,000 | JPMorgan Chase & Co | 3.250 | 09/23/22 | 3,155,553 | ||||||||||||
| 1,100,000 | JPMorgan Chase & Co | 3.200 | 01/25/23 | 1,092,304 | ||||||||||||
| 36 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 750,000 | JPMorgan Chase & Co | 3.375 | % | 05/01/23 | $ | 732,953 | |||||||||
| 1,000,000 | JPMorgan Chase & Co | 3.875 | 02/01/24 | 1,030,379 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 3.625 | 05/13/24 | 1,014,282 | ||||||||||||
| 1,500,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 1,486,254 | ||||||||||||
| 600,000 | JPMorgan Chase & Co | 3.900 | 07/15/25 | 613,799 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 4.125 | 12/15/26 | 996,512 | ||||||||||||
| 650,000 | JPMorgan Chase & Co | 4.250 | 10/01/27 | 647,659 | ||||||||||||
| 958,000 | JPMorgan Chase & Co | 5.500 | 10/15/40 | 1,085,071 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 5.625 | 08/16/43 | 1,096,264 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 4.950 | 06/01/45 | 1,003,582 | ||||||||||||
| 750,000 | i | JPMorgan Chase & Co | 6.000 | 12/30/49 | 738,281 | |||||||||||
| 300,000 | KeyBank NA | 1.100 | 11/25/16 | 300,242 | ||||||||||||
| 500,000 | KeyBank NA | 1.650 | 02/01/18 | 500,426 | ||||||||||||
| 250,000 | KeyBank NA | 2.500 | 12/15/19 | 253,138 | ||||||||||||
| 175,000 | KeyBank NA | 2.250 | 03/16/20 | 174,663 | ||||||||||||
| 300,000 | KeyBank NA | 3.180 | 05/22/22 | 303,989 | ||||||||||||
| 500,000 | KeyBank NA | 3.300 | 06/01/25 | 495,492 | ||||||||||||
| 400,000 | KeyCorp | 2.300 | 12/13/18 | 402,175 | ||||||||||||
| 200,000 | KeyCorp | 2.900 | 09/15/20 | 201,639 | ||||||||||||
| 150,000 | KeyCorp | 5.100 | 03/24/21 | 165,984 | ||||||||||||
| 700,000 | Lloyds Bank plc | 4.200 | 03/28/17 | 728,514 | ||||||||||||
| 300,000 | Lloyds Bank plc | 2.000 | 08/17/18 | 301,095 | ||||||||||||
| 500,000 | Lloyds Bank plc | 2.300 | 11/27/18 | 505,788 | ||||||||||||
| 500,000 | Lloyds Bank plc | 2.350 | 09/05/19 | 502,121 | ||||||||||||
| 300,000 | Lloyds Bank plc | 2.400 | 03/17/20 | 300,339 | ||||||||||||
| 300,000 | Lloyds Bank plc | 2.700 | 08/17/20 | 304,327 | ||||||||||||
| 600,000 | Lloyds Bank plc | 3.500 | 05/14/25 | 594,420 | ||||||||||||
| 500,000 | Lloyds Banking Group plc | 4.500 | 11/04/24 | 504,673 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 1.250 | 01/30/17 | 299,957 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 1.400 | 07/25/17 | 299,452 | ||||||||||||
| 200,000 | Manufacturers & Traders Trust Co | 1.450 | 03/07/18 | 198,487 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 2.300 | 01/30/19 | 302,304 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 2.250 | 07/25/19 | 301,402 | ||||||||||||
| 150,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 149,113 | ||||||||||||
| 280,000 | i | Manufacturers & Traders Trust Co | 5.629 | 12/01/21 | 281,400 | |||||||||||
| 100,000 | Manufacturers & Traders Trust Co | 2.900 | 02/06/25 | 97,046 | ||||||||||||
| 200,000 | MUFG Americas Holdings Corp | 1.625 | 02/09/18 | 199,502 | ||||||||||||
| 500,000 | MUFG Americas Holdings Corp | 2.250 | 02/10/20 | 498,365 | ||||||||||||
| 200,000 | MUFG Americas Holdings Corp | 3.000 | 02/10/25 | 191,247 | ||||||||||||
| 300,000 | National Australia Bank Ltd | 1.300 | 07/25/16 | 301,660 | ||||||||||||
| 250,000 | National Australia Bank Ltd | 2.750 | 03/09/17 | 255,908 | ||||||||||||
| 350,000 | National Australia Bank Ltd | 1.875 | 07/23/18 | 351,503 | ||||||||||||
| 300,000 | National Australia Bank Ltd | 2.300 | 07/25/18 | 304,767 | ||||||||||||
| 350,000 | National Australia Bank Ltd | 2.625 | 07/23/20 | 353,212 | ||||||||||||
| 200,000 | National Australia Bank Ltd | 3.000 | 01/20/23 | 200,059 | ||||||||||||
| 500,000 | National Bank of Canada | 1.450 | 11/07/17 | 498,595 | ||||||||||||
| 350,000 | Northern Trust Corp | 2.375 | 08/02/22 | 343,984 | ||||||||||||
| 500,000 | Northern Trust Corp | 3.950 | 10/30/25 | 522,277 | ||||||||||||
| 300,000 | People’s United Bank | 4.000 | 07/15/24 | 300,402 | ||||||||||||
| 100,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 99,668 | ||||||||||||
| 200,000 | PNC Bank NA | 0.800 | 01/28/16 | 200,136 | ||||||||||||
| 300,000 | PNC Bank NA | 1.300 | 10/03/16 | 300,799 | ||||||||||||
| 37 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 400,000 | PNC Bank NA | 1.125 | % | 01/27/17 | $ | 400,218 | |||||||||
| 300,000 | PNC Bank NA | 1.500 | 10/18/17 | 300,819 | ||||||||||||
| 300,000 | PNC Bank NA | 1.500 | 02/23/18 | 299,377 | ||||||||||||
| 300,000 | PNC Bank NA | 1.600 | 06/01/18 | 299,517 | ||||||||||||
| 375,000 | PNC Bank NA | 1.850 | 07/20/18 | 376,632 | ||||||||||||
| 150,000 | PNC Bank NA | 2.200 | 01/28/19 | 151,630 | ||||||||||||
| 800,000 | PNC Bank NA | 2.250 | 07/02/19 | 805,032 | ||||||||||||
| 600,000 | PNC Bank NA | 2.400 | 10/18/19 | 605,337 | ||||||||||||
| 300,000 | PNC Bank NA | 2.300 | 06/01/20 | 298,093 | ||||||||||||
| 300,000 | PNC Bank NA | 2.600 | 07/21/20 | 303,964 | ||||||||||||
| 750,000 | PNC Bank NA | 2.700 | 11/01/22 | 723,687 | ||||||||||||
| 500,000 | PNC Bank NA | 2.950 | 01/30/23 | 489,244 | ||||||||||||
| 300,000 | PNC Bank NA | 2.950 | 02/23/25 | 290,619 | ||||||||||||
| 300,000 | PNC Bank NA | 3.250 | 06/01/25 | 295,888 | ||||||||||||
| 150,000 | i | PNC Financial Services Group, Inc | 2.854 | 11/09/22 | 149,537 | |||||||||||
| 300,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 303,549 | ||||||||||||
| 700,000 | PNC Funding Corp | 2.700 | 09/19/16 | 709,976 | ||||||||||||
| 645,000 | PNC Funding Corp | 5.125 | 02/08/20 | 723,466 | ||||||||||||
| 50,000 | PNC Funding Corp | 4.375 | 08/11/20 | 54,668 | ||||||||||||
| 500,000 | Rabobank Nederland NV | 4.500 | 01/11/21 | 551,524 | ||||||||||||
| 350,000 | Rabobank Nederland NV | 5.250 | 05/24/41 | 391,583 | ||||||||||||
| 250,000 | Regions Bank | 2.250 | 09/14/18 | 251,019 | ||||||||||||
| 1,100,000 | Regions Financial Corp | 2.000 | 05/15/18 | 1,099,204 | ||||||||||||
| 200,000 | Royal Bank of Canada | 0.625 | 12/04/15 | 200,009 | ||||||||||||
| 750,000 | Royal Bank of Canada | 1.125 | 07/22/16 | 752,625 | ||||||||||||
| 700,000 | Royal Bank of Canada | 1.450 | 09/09/16 | 704,897 | ||||||||||||
| 1,000,000 | Royal Bank of Canada | 1.200 | 01/23/17 | 1,003,017 | ||||||||||||
| 500,000 | Royal Bank of Canada | 1.200 | 09/19/17 | 500,045 | ||||||||||||
| 500,000 | Royal Bank of Canada | 1.400 | 10/13/17 | 499,749 | ||||||||||||
| 500,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 507,526 | ||||||||||||
| 300,000 | Royal Bank of Canada | 1.800 | 07/30/18 | 301,290 | ||||||||||||
| 500,000 | Royal Bank of Canada | 2.000 | 10/01/18 | 506,899 | ||||||||||||
| 600,000 | Royal Bank of Canada | 2.150 | 03/15/19 | 606,640 | ||||||||||||
| 1,000,000 | Royal Bank of Canada | 2.200 | 09/23/19 | 1,016,307 | ||||||||||||
| 750,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 751,226 | ||||||||||||
| 250,000 | Royal Bank of Canada | 2.150 | 03/06/20 | 250,629 | ||||||||||||
| 500,000 | Royal Bank of Scotland Group plc | 1.875 | 03/31/17 | 498,076 | ||||||||||||
| 250,000 | Royal Bank of Scotland Group plc | 6.400 | 10/21/19 | 280,871 | ||||||||||||
| 750,000 | Royal Bank of Scotland Group plc | 6.125 | 01/11/21 | 873,622 | ||||||||||||
| 500,000 | Santander Bank NA | 2.000 | 01/12/18 | 498,316 | ||||||||||||
| 200,000 | Santander Holdings USA, Inc | 3.450 | 08/27/18 | 206,688 | ||||||||||||
| 250,000 | Santander Holdings USA, Inc | 2.650 | 04/17/20 | 245,476 | ||||||||||||
| 250,000 | Santander Holdings USA, Inc | 4.500 | 07/17/25 | 251,245 | ||||||||||||
| 250,000 | Societe Generale S.A. | 2.750 | 10/12/17 | 254,941 | ||||||||||||
| 400,000 | Societe Generale S.A. | 2.625 | 10/01/18 | 407,905 | ||||||||||||
| 250,000 | Sovereign Bank | 8.750 | 05/30/18 | 285,487 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 1.450 | 07/19/16 | 250,927 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 1.300 | 01/10/17 | 299,865 | ||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 1.350 | 07/11/17 | 498,317 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 1.800 | 07/18/17 | 250,881 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 1.500 | 01/18/18 | 298,076 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 253,941 | ||||||||||||
| 38 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 250,000 | Sumitomo Mitsui Banking Corp | 1.950 | % | 07/23/18 | $ | 251,227 | |||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/10/19 | 302,108 | ||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 2.250 | 07/11/19 | 498,644 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 2.650 | 07/23/20 | 252,448 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 3.200 | 07/18/22 | 252,673 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 3.000 | 01/18/23 | 297,776 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 3.950 | 01/10/24 | 312,041 | ||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 3.400 | 07/11/24 | 496,344 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 254,504 | ||||||||||||
| 100,000 | SunTrust Banks, Inc | 3.600 | 04/15/16 | 101,240 | ||||||||||||
| 150,000 | SunTrust Banks, Inc | 3.500 | 01/20/17 | 153,529 | ||||||||||||
| 500,000 | SunTrust Banks, Inc | 1.350 | 02/15/17 | 499,701 | ||||||||||||
| 100,000 | SunTrust Banks, Inc | 6.000 | 09/11/17 | 108,113 | ||||||||||||
| 300,000 | SunTrust Banks, Inc | 7.250 | 03/15/18 | 336,372 | ||||||||||||
| 200,000 | SunTrust Banks, Inc | 2.350 | 11/01/18 | 201,744 | ||||||||||||
| 225,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 216,555 | ||||||||||||
| 50,000 | SVB Financial Group | 5.375 | 09/15/20 | 55,738 | ||||||||||||
| 200,000 | Svenska Handelsbanken AB | 3.125 | 07/12/16 | 203,558 | ||||||||||||
| 300,000 | Svenska Handelsbanken AB | 2.875 | 04/04/17 | 307,130 | ||||||||||||
| 500,000 | Svenska Handelsbanken AB | 1.625 | 03/21/18 | 500,545 | ||||||||||||
| 300,000 | Svenska Handelsbanken AB | 2.500 | 01/25/19 | 307,420 | ||||||||||||
| 500,000 | Svenska Handelsbanken AB | 2.250 | 06/17/19 | 505,533 | ||||||||||||
| 300,000 | Svenska Handelsbanken AB | 2.400 | 10/01/20 | 300,492 | ||||||||||||
| 300,000 | Toronto-Dominion Bank | 1.500 | 09/09/16 | 301,998 | ||||||||||||
| 650,000 | Toronto-Dominion Bank | 2.375 | 10/19/16 | 660,529 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 1.125 | 05/02/17 | 500,724 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 1.625 | 03/13/18 | 501,559 | ||||||||||||
| 400,000 | Toronto-Dominion Bank | 1.400 | 04/30/18 | 397,958 | ||||||||||||
| 400,000 | Toronto-Dominion Bank | 1.750 | 07/23/18 | 401,074 | ||||||||||||
| 600,000 | Toronto-Dominion Bank | 2.625 | 09/10/18 | 615,470 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 2.125 | 07/02/19 | 502,700 | ||||||||||||
| 300,000 | Toronto-Dominion Bank | 2.250 | 11/05/19 | 301,808 | ||||||||||||
| 250,000 | Union Bank NA | 1.500 | 09/26/16 | 251,047 | ||||||||||||
| 250,000 | Union Bank NA | 2.625 | 09/26/18 | 254,301 | ||||||||||||
| 225,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 231,185 | ||||||||||||
| 940,000 | US Bancorp | 1.650 | 05/15/17 | 948,056 | ||||||||||||
| 1,000,000 | US Bancorp | 1.950 | 11/15/18 | 1,010,511 | ||||||||||||
| 500,000 | US Bancorp | 2.200 | 04/25/19 | 508,182 | ||||||||||||
| 200,000 | US Bancorp | 2.950 | 07/15/22 | 198,996 | ||||||||||||
| 375,000 | US Bancorp | 3.700 | 01/30/24 | 392,738 | ||||||||||||
| 500,000 | US Bancorp | 3.600 | 09/11/24 | 508,252 | ||||||||||||
| 500,000 | US Bank NA | 1.350 | 01/26/18 | 500,109 | ||||||||||||
| 500,000 | US Bank NA | 2.125 | 10/28/19 | 503,869 | ||||||||||||
| 500,000 | US Bank NA | 2.800 | 01/27/25 | 487,082 | ||||||||||||
| 300,000 | Westpac Banking Corp | 1.050 | 11/25/16 | 300,614 | ||||||||||||
| 500,000 | Westpac Banking Corp | 1.200 | 05/19/17 | 500,239 | ||||||||||||
| 400,000 | Westpac Banking Corp | 2.000 | 08/14/17 | 404,838 | ||||||||||||
| 500,000 | Westpac Banking Corp | 1.500 | 12/01/17 | 499,624 | ||||||||||||
| 750,000 | Westpac Banking Corp | 1.600 | 01/12/18 | 752,432 | ||||||||||||
| 500,000 | Westpac Banking Corp | 2.250 | 07/30/18 | 507,387 | ||||||||||||
| 500,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 507,092 | ||||||||||||
| 75,000 | Westpac Banking Corp | 4.875 | 11/19/19 | 83,022 | ||||||||||||
| 600,000 | Westpac Banking Corp | 2.300 | 05/26/20 | 603,284 | ||||||||||||
| TOTAL BANKS | 202,382,868 | |||||||||||||||
| 39 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| CAPITAL GOODS - 0.8% | ||||||||||||||||
| $ | 42,000 | Agilent Technologies, Inc | 6.500 | % | 11/01/17 | $ | 45,532 | |||||||||
| 100,000 | Agilent Technologies, Inc | 5.000 | 07/15/20 | 108,817 | ||||||||||||
| 100,000 | Agilent Technologies, Inc | 3.200 | 10/01/22 | 99,664 | ||||||||||||
| 400,000 | Agilent Technologies, Inc | 3.875 | 07/15/23 | 404,525 | ||||||||||||
| 250,000 | Applied Materials, Inc | 2.625 | 10/01/20 | 250,776 | ||||||||||||
| 200,000 | Applied Materials, Inc | 4.300 | 06/15/21 | 215,032 | ||||||||||||
| 250,000 | Applied Materials, Inc | 3.900 | 10/01/25 | 249,263 | ||||||||||||
| 250,000 | Applied Materials, Inc | 5.100 | 10/01/35 | 252,154 | ||||||||||||
| 100,000 | Applied Materials, Inc | 5.850 | 06/15/41 | 111,359 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 3.000 | 03/01/18 | 202,271 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 5.125 | 03/01/21 | 219,426 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 3.500 | 04/01/22 | 197,667 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 4.000 | 04/01/25 | 196,016 | ||||||||||||
| 225,000 | Avnet, Inc | 6.625 | 09/15/16 | 235,319 | ||||||||||||
| 300,000 | Avnet, Inc | 4.875 | 12/01/22 | 312,941 | ||||||||||||
| 100,000 | Carlisle Cos, Inc | 5.125 | 12/15/20 | 109,517 | ||||||||||||
| 100,000 | Carlisle Cos, Inc | 3.750 | 11/15/22 | 100,260 | ||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 5.850 | 09/01/17 | 542,802 | ||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 1.250 | 11/06/17 | 499,507 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 5.450 | 04/15/18 | 219,304 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 2.450 | 09/06/18 | 204,975 | ||||||||||||
| 1,361,000 | Caterpillar Financial Services Corp | 7.150 | 02/15/19 | 1,588,972 | ||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 2.100 | 06/09/19 | 300,504 | ||||||||||||
| 150,000 | Caterpillar Financial Services Corp | 2.250 | 12/01/19 | 150,565 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 2.000 | 03/05/20 | 198,293 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 2.750 | 08/20/21 | 202,264 | ||||||||||||
| 700,000 | Caterpillar Financial Services Corp | 3.750 | 11/24/23 | 719,188 | ||||||||||||
| 400,000 | Caterpillar Financial Services Corp | 3.300 | 06/09/24 | 395,992 | ||||||||||||
| 525,000 | Caterpillar Financial Services Corp | 3.250 | 12/01/24 | 515,827 | ||||||||||||
| 50,000 | Caterpillar, Inc | 5.700 | 08/15/16 | 52,149 | ||||||||||||
| 200,000 | Caterpillar, Inc | 3.900 | 05/27/21 | 215,440 | ||||||||||||
| 200,000 | Caterpillar, Inc | 3.400 | 05/15/24 | 199,678 | ||||||||||||
| 738,000 | Caterpillar, Inc | 3.803 | 08/15/42 | 666,083 | ||||||||||||
| 300,000 | Caterpillar, Inc | 4.300 | 05/15/44 | 291,293 | ||||||||||||
| 100,000 | Crane Co | 2.750 | 12/15/18 | 100,902 | ||||||||||||
| 300,000 | CRH America, Inc | 5.750 | 01/15/21 | 343,798 | ||||||||||||
| 200,000 | Cummins, Inc | 3.650 | 10/01/23 | 209,076 | ||||||||||||
| 200,000 | Cummins, Inc | 4.875 | 10/01/43 | 214,160 | ||||||||||||
| 450,000 | Danaher Corp | 5.625 | 01/15/18 | 493,111 | ||||||||||||
| 300,000 | Danaher Corp | 2.400 | 09/15/20 | 302,815 | ||||||||||||
| 200,000 | Danaher Corp | 3.900 | 06/23/21 | 214,977 | ||||||||||||
| 200,000 | Danaher Corp | 3.350 | 09/15/25 | 204,103 | ||||||||||||
| 200,000 | Danaher Corp | 4.375 | 09/15/45 | 206,992 | ||||||||||||
| 150,000 | Deere & Co | 2.600 | 06/08/22 | 147,348 | ||||||||||||
| 218,000 | Deere & Co | 5.375 | 10/16/29 | 259,679 | ||||||||||||
| 650,000 | Deere & Co | 3.900 | 06/09/42 | 619,349 | ||||||||||||
| 200,000 | Dover Corp | 4.875 | 10/15/15 | 200,231 | ||||||||||||
| 150,000 | Dover Corp | 5.450 | 03/15/18 | 164,225 | ||||||||||||
| 40 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | Dover Corp | 5.375 | % | 03/01/41 | $ | 113,924 | |||||||||
| 600,000 | Eaton Corp | 1.500 | 11/02/17 | 599,332 | ||||||||||||
| 200,000 | Eaton Corp | 5.600 | 05/15/18 | 217,912 | ||||||||||||
| 1,075,000 | Eaton Corp | 2.750 | 11/02/22 | 1,046,569 | ||||||||||||
| 150,000 | Eaton Corp | 4.000 | 11/02/32 | 144,112 | ||||||||||||
| 250,000 | Eaton Corp | 4.150 | 11/02/42 | 230,913 | ||||||||||||
| 300,000 | Embraer Netherlands Finance BV | 5.050 | 06/15/25 | 277,575 | ||||||||||||
| 300,000 | Emerson Electric Co | 5.250 | 10/15/18 | 331,453 | ||||||||||||
| 400,000 | Emerson Electric Co | 4.875 | 10/15/19 | 444,150 | ||||||||||||
| 350,000 | Emerson Electric Co | 2.625 | 02/15/23 | 344,177 | ||||||||||||
| 200,000 | Emerson Electric Co | 3.150 | 06/01/25 | 201,534 | ||||||||||||
| 200,000 | Emerson Electric Co | 5.250 | 11/15/39 | 232,133 | ||||||||||||
| 150,000 | Flowserve Corp | 3.500 | 09/15/22 | 148,540 | ||||||||||||
| 200,000 | Flowserve Corp | 4.000 | 11/15/23 | 204,039 | ||||||||||||
| 100,000 | FMC Technologies, Inc | 2.000 | 10/01/17 | 99,711 | ||||||||||||
| 100,000 | FMC Technologies, Inc | 3.450 | 10/01/22 | 93,499 | ||||||||||||
| 300,000 | General Dynamics Corp | 2.250 | 07/15/16 | 303,935 | ||||||||||||
| 600,000 | General Dynamics Corp | 2.250 | 11/15/22 | 575,660 | ||||||||||||
| 225,000 | General Dynamics Corp | 3.600 | 11/15/42 | 207,200 | ||||||||||||
| 100,000 | IDEX Corp | 4.500 | 12/15/20 | 105,854 | ||||||||||||
| 200,000 | IDEX Corp | 4.200 | 12/15/21 | 211,477 | ||||||||||||
| 300,000 | Illinois Tool Works, Inc | 0.900 | 02/25/17 | 300,336 | ||||||||||||
| 300,000 | Illinois Tool Works, Inc | 1.950 | 03/01/19 | 301,551 | ||||||||||||
| 100,000 | Illinois Tool Works, Inc | 6.250 | 04/01/19 | 114,804 | ||||||||||||
| 200,000 | Illinois Tool Works, Inc | 4.875 | 09/15/41 | 219,214 | ||||||||||||
| 500,000 | Illinois Tool Works, Inc | 3.900 | 09/01/42 | 480,866 | ||||||||||||
| 170,000 | Ingersoll-Rand Global Holding Co Ltd | 6.875 | 08/15/18 | 191,613 | ||||||||||||
| 250,000 | Ingersoll-Rand Global Holding Co Ltd | 2.875 | 01/15/19 | 254,201 | ||||||||||||
| 300,000 | Ingersoll-Rand Global Holding Co Ltd | 4.250 | 06/15/23 | 310,874 | ||||||||||||
| 200,000 | Ingersoll-Rand Global Holding Co Ltd | 5.750 | 06/15/43 | 219,868 | ||||||||||||
| 100,000 | Ingersoll-Rand Luxembourg Finance S.A. | 2.625 | 05/01/20 | 99,999 | ||||||||||||
| 100,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.550 | 11/01/24 | 98,229 | ||||||||||||
| 100,000 | John Deere Capital Corp | 1.050 | 12/15/16 | 100,198 | ||||||||||||
| 100,000 | John Deere Capital Corp | 2.000 | 01/13/17 | 101,418 | ||||||||||||
| 800,000 | John Deere Capital Corp | 5.500 | 04/13/17 | 854,413 | ||||||||||||
| 300,000 | John Deere Capital Corp | 1.125 | 06/12/17 | 299,835 | ||||||||||||
| 250,000 | John Deere Capital Corp | 1.200 | 10/10/17 | 249,773 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.550 | 12/15/17 | 502,685 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.300 | 03/12/18 | 499,130 | ||||||||||||
| 350,000 | John Deere Capital Corp | 1.600 | 07/13/18 | 351,012 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.750 | 08/10/18 | 503,220 | ||||||||||||
| 200,000 | John Deere Capital Corp | 1.950 | 12/13/18 | 201,563 | ||||||||||||
| 350,000 | John Deere Capital Corp | 1.700 | 01/15/20 | 345,427 | ||||||||||||
| 125,000 | John Deere Capital Corp | 2.450 | 09/11/20 | 126,068 | ||||||||||||
| 400,000 | John Deere Capital Corp | 2.800 | 03/04/21 | 406,072 | ||||||||||||
| 200,000 | John Deere Capital Corp | 3.150 | 10/15/21 | 205,772 | ||||||||||||
| 200,000 | John Deere Capital Corp | 2.800 | 01/27/23 | 197,980 | ||||||||||||
| 300,000 | John Deere Capital Corp | 3.350 | 06/12/24 | 303,263 | ||||||||||||
| 125,000 | John Deere Capital Corp | 3.400 | 09/11/25 | 125,778 | ||||||||||||
| 100,000 | Joy Global, Inc | 5.125 | 10/15/21 | 95,585 | ||||||||||||
| 200,000 | Kennametal, Inc | 2.650 | 11/01/19 | 200,620 | ||||||||||||
| 150,000 | Kennametal, Inc | 3.875 | 02/15/22 | 152,193 | ||||||||||||
| 41 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | KLA-Tencor Corp | 2.375 | % | 11/01/17 | $ | 201,042 | |||||||||
| 200,000 | KLA-Tencor Corp | 3.375 | 11/01/19 | 205,179 | ||||||||||||
| 200,000 | KLA-Tencor Corp | 4.125 | 11/01/21 | 203,364 | ||||||||||||
| 200,000 | KLA-Tencor Corp | 4.650 | 11/01/24 | 199,934 | ||||||||||||
| 200,000 | KLA-Tencor Corp | 5.650 | 11/01/34 | 194,570 | ||||||||||||
| 200,000 | Lam Research Corp | 2.750 | 03/15/20 | 196,053 | ||||||||||||
| 200,000 | Lam Research Corp | 3.800 | 03/15/25 | 193,388 | ||||||||||||
| 100,000 | Legrand France S.A. | 8.500 | 02/15/25 | 137,258 | ||||||||||||
| 400,000 | Lockheed Martin Corp | 7.650 | 05/01/16 | 415,369 | ||||||||||||
| 200,000 | Lockheed Martin Corp | 3.350 | 09/15/21 | 207,258 | ||||||||||||
| 300,000 | Lockheed Martin Corp | 2.900 | 03/01/25 | 290,771 | ||||||||||||
| 300,000 | Lockheed Martin Corp | 3.600 | 03/01/35 | 275,444 | ||||||||||||
| 350,000 | Lockheed Martin Corp | 4.850 | 09/15/41 | 365,943 | ||||||||||||
| 1,108,000 | Lockheed Martin Corp | 4.070 | 12/15/42 | 1,049,188 | ||||||||||||
| 300,000 | Mosaic Co | 4.250 | 11/15/23 | 304,316 | ||||||||||||
| 300,000 | Mosaic Co | 5.450 | 11/15/33 | 315,148 | ||||||||||||
| 100,000 | Mosaic Co | 4.875 | 11/15/41 | 94,992 | ||||||||||||
| 300,000 | Mosaic Co | 5.625 | 11/15/43 | 314,642 | ||||||||||||
| 250,000 | Parker-Hannifin Corp | 3.500 | 09/15/22 | 260,852 | ||||||||||||
| 300,000 | Parker-Hannifin Corp | 3.300 | 11/21/24 | 306,394 | ||||||||||||
| 200,000 | Parker-Hannifin Corp | 4.200 | 11/21/34 | 203,731 | ||||||||||||
| 200,000 | Parker-Hannifin Corp | 4.450 | 11/21/44 | 207,932 | ||||||||||||
| 275,000 | Pentair Finance S.A. | 1.350 | 12/01/15 | 275,162 | ||||||||||||
| 225,000 | Pentair Finance S.A. | 2.650 | 12/01/19 | 220,905 | ||||||||||||
| 200,000 | Pentair Finance S.A. | 3.625 | 09/15/20 | 202,515 | ||||||||||||
| 100,000 | Pentair Finance S.A. | 3.150 | 09/15/22 | 94,574 | ||||||||||||
| 200,000 | Pentair Finance S.A. | 4.650 | 09/15/25 | 202,304 | ||||||||||||
| 275,000 | Precision Castparts Corp | 2.500 | 01/15/23 | 266,495 | ||||||||||||
| 300,000 | Precision Castparts Corp | 3.250 | 06/15/25 | 300,512 | ||||||||||||
| 400,000 | Precision Castparts Corp | 4.200 | 06/15/35 | 401,690 | ||||||||||||
| 100,000 | Precision Castparts Corp | 3.900 | 01/15/43 | 93,516 | ||||||||||||
| 50,000 | Raytheon Co | 4.400 | 02/15/20 | 54,768 | ||||||||||||
| 450,000 | Raytheon Co | 3.125 | 10/15/20 | 471,518 | ||||||||||||
| 500,000 | Raytheon Co | 2.500 | 12/15/22 | 488,341 | ||||||||||||
| 300,000 | Raytheon Co | 3.150 | 12/15/24 | 303,358 | ||||||||||||
| 200,000 | Raytheon Co | 7.200 | 08/15/27 | 271,183 | ||||||||||||
| 100,000 | Raytheon Co | 4.700 | 12/15/41 | 107,533 | ||||||||||||
| 150,000 | Raytheon Co | 4.200 | 12/15/44 | 150,745 | ||||||||||||
| 300,000 | Reliance Steel & Aluminum Co | 4.500 | 04/15/23 | 284,413 | ||||||||||||
| 700,000 | Rockwell Automation, Inc | 2.050 | 03/01/20 | 702,687 | ||||||||||||
| 100,000 | Rockwell Automation, Inc | 6.250 | 12/01/37 | 125,520 | ||||||||||||
| 100,000 | Rockwell Collins, Inc | 3.100 | 11/15/21 | 104,449 | ||||||||||||
| 125,000 | Rockwell Collins, Inc | 3.700 | 12/15/23 | 131,116 | ||||||||||||
| 125,000 | Rockwell Collins, Inc | 4.800 | 12/15/43 | 136,118 | ||||||||||||
| 200,000 | Roper Industries, Inc | 1.850 | 11/15/17 | 200,275 | ||||||||||||
| 125,000 | Roper Industries, Inc | 2.050 | 10/01/18 | 124,617 | ||||||||||||
| 100,000 | Roper Industries, Inc | 6.250 | 09/01/19 | 113,492 | ||||||||||||
| 200,000 | Roper Industries, Inc | 3.125 | 11/15/22 | 197,334 | ||||||||||||
| 100,000 | Snap-on, Inc | 4.250 | 01/15/18 | 106,346 | ||||||||||||
| 250,000 | Stanley Black & Decker, Inc | 3.400 | 12/01/21 | 260,065 | ||||||||||||
| 600,000 | Stanley Black & Decker, Inc | 2.900 | 11/01/22 | 595,189 | ||||||||||||
| 100,000 | Stanley Black & Decker, Inc | 5.200 | 09/01/40 | 109,536 | ||||||||||||
| 42 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 250,000 | Textron, Inc | 5.600 | % | 12/01/17 | $ | 268,787 | |||||||||
| 500,000 | Textron, Inc | 3.650 | 03/01/21 | 511,782 | ||||||||||||
| 250,000 | Timken Co | 3.875 | 09/01/24 | 240,335 | ||||||||||||
| 200,000 | Trinity Industries, Inc | 4.550 | 10/01/24 | 188,998 | ||||||||||||
| 200,000 | Tupperware Brands Corp | 4.750 | 06/01/21 | 209,249 | ||||||||||||
| 21,000 | Tyco International Finance S.A. | 3.375 | 10/15/15 | 21,017 | ||||||||||||
| 300,000 | Tyco International Finance S.A. | 3.900 | 02/14/26 | 303,906 | ||||||||||||
| 200,000 | Tyco International Finance S.A. | 5.125 | 09/14/45 | 209,248 | ||||||||||||
| 250,000 | United Technologies Corp | 1.800 | 06/01/17 | 253,003 | ||||||||||||
| 1,400,000 | United Technologies Corp | 5.375 | 12/15/17 | 1,522,839 | ||||||||||||
| 500,000 | i | United Technologies Corp | 1.778 | 05/04/18 | 499,070 | |||||||||||
| 825,000 | United Technologies Corp | 3.100 | 06/01/22 | 838,296 | ||||||||||||
| 280,000 | United Technologies Corp | 5.400 | 05/01/35 | 314,963 | ||||||||||||
| 280,000 | United Technologies Corp | 6.050 | 06/01/36 | 344,934 | ||||||||||||
| 145,000 | United Technologies Corp | 5.700 | 04/15/40 | 172,111 | ||||||||||||
| 1,650,000 | United Technologies Corp | 4.500 | 06/01/42 | 1,684,196 | ||||||||||||
| 500,000 | United Technologies Corp | 4.150 | 05/15/45 | 485,456 | ||||||||||||
| 34,000 | Valmont Industries, Inc | 6.625 | 04/20/20 | 39,027 | ||||||||||||
| 200,000 | Valmont Industries, Inc | 5.000 | 10/01/44 | 176,113 | ||||||||||||
| 100,000 | Valmont Industries, Inc | 5.250 | 10/01/54 | 88,065 | ||||||||||||
| 300,000 | WW Grainger, Inc | 4.600 | 06/15/45 | 316,349 | ||||||||||||
| 100,000 | Xylem, Inc | 3.550 | 09/20/16 | 102,087 | ||||||||||||
| 300,000 | Xylem, Inc | 4.875 | 10/01/21 | 328,814 | ||||||||||||
| TOTAL CAPITAL GOODS | 50,859,089 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||||||||
| 355,000 | 21st Century Fox America, Inc | 7.250 | 05/18/18 | 406,250 | ||||||||||||
| 1,250,000 | 21st Century Fox America, Inc | 3.000 | 09/15/22 | 1,232,035 | ||||||||||||
| 200,000 | 21st Century Fox America, Inc | 4.000 | 10/01/23 | 205,029 | ||||||||||||
| 200,000 | 21st Century Fox America, Inc | 3.700 | 09/15/24 | 200,549 | ||||||||||||
| 1,325,000 | 21st Century Fox America, Inc | 6.200 | 12/15/34 | 1,514,911 | ||||||||||||
| 1,000,000 | 21st Century Fox America, Inc | 6.150 | 02/15/41 | 1,144,077 | ||||||||||||
| 225,000 | 21st Century Fox America, Inc | 5.400 | 10/01/43 | 238,490 | ||||||||||||
| 500,000 | 21st Century Fox America, Inc | 4.750 | 09/15/44 | 488,442 | ||||||||||||
| 175,000 | Air Lease Corp | 2.125 | 01/15/18 | 173,250 | ||||||||||||
| 200,000 | Air Lease Corp | 2.625 | 09/04/18 | 199,751 | ||||||||||||
| 600,000 | Air Lease Corp | 3.375 | 01/15/19 | 607,500 | ||||||||||||
| 200,000 | Air Lease Corp | 3.875 | 04/01/21 | 202,500 | ||||||||||||
| 500,000 | Air Lease Corp | 3.750 | 02/01/22 | 497,418 | ||||||||||||
| 500,000 | Daimler Finance North America LLC | 8.500 | 01/18/31 | 710,090 | ||||||||||||
| 300,000 | eBay, Inc | 1.350 | 07/15/17 | 298,293 | ||||||||||||
| 300,000 | eBay, Inc | 2.200 | 08/01/19 | 296,309 | ||||||||||||
| 200,000 | eBay, Inc | 3.250 | 10/15/20 | 203,138 | ||||||||||||
| 300,000 | eBay, Inc | 2.875 | 08/01/21 | 292,532 | ||||||||||||
| 400,000 | eBay, Inc | 2.600 | 07/15/22 | 369,823 | ||||||||||||
| 400,000 | eBay, Inc | 3.450 | 08/01/24 | 380,499 | ||||||||||||
| 200,000 | eBay, Inc | 4.000 | 07/15/42 | 154,290 | ||||||||||||
| 150,000 | Equifax, Inc | 6.300 | 07/01/17 | 161,719 | ||||||||||||
| 200,000 | Equifax, Inc | 3.300 | 12/15/22 | 201,072 | ||||||||||||
| 300,000 | Fluor Corp | 3.500 | 12/15/24 | 305,080 | ||||||||||||
| 200,000 | Fortune Brands Home & Security, Inc | 3.000 | 06/15/20 | 201,513 | ||||||||||||
| 200,000 | Fortune Brands Home & Security, Inc | 4.000 | 06/15/25 | 201,610 | ||||||||||||
| 43 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Howard Hughes Medical Institute | 3.500 | % | 09/01/23 | $ | 523,542 | |||||||||
| 500,000 | MasterCard, Inc | 3.375 | 04/01/24 | 511,325 | ||||||||||||
| 200,000 | McGraw-Hill Cos, Inc | 5.900 | 11/15/17 | 214,873 | ||||||||||||
| 300,000 | g | McGraw-Hill Financial, Inc | 2.500 | 08/15/18 | 302,301 | |||||||||||
| 300,000 | g | McGraw-Hill Financial, Inc | 3.300 | 08/14/20 | 305,268 | |||||||||||
| 300,000 | g | McGraw-Hill Financial, Inc | 4.000 | 06/15/25 | 298,718 | |||||||||||
| 300,000 | g | McGraw-Hill Financial, Inc | 4.400 | 02/15/26 | 304,575 | |||||||||||
| 200,000 | Moody’s Corp | 2.750 | 07/15/19 | 203,444 | ||||||||||||
| 400,000 | Moody’s Corp | 4.875 | 02/15/24 | 423,022 | ||||||||||||
| 100,000 | Moody’s Corp | 5.250 | 07/15/44 | 106,455 | ||||||||||||
| 100,000 | Partners Healthcare System, Inc | 4.117 | 07/01/55 | 92,851 | ||||||||||||
| 329,000 | Reed Elsevier Capital, Inc | 3.125 | 10/15/22 | 322,962 | ||||||||||||
| 63,000 | Republic Services, Inc | 5.500 | 09/15/19 | 70,375 | ||||||||||||
| 265,000 | Republic Services, Inc | 5.000 | 03/01/20 | 292,291 | ||||||||||||
| 580,000 | Republic Services, Inc | 5.250 | 11/15/21 | 650,801 | ||||||||||||
| 250,000 | Republic Services, Inc | 3.550 | 06/01/22 | 256,333 | ||||||||||||
| 750,000 | Republic Services, Inc | 3.200 | 03/15/25 | 729,853 | ||||||||||||
| 30,000 | Republic Services, Inc | 6.200 | 03/01/40 | 35,265 | ||||||||||||
| 300,000 | Republic Services, Inc | 5.700 | 05/15/41 | 340,852 | ||||||||||||
| 300,000 | Thomson Reuters Corp | 0.875 | 05/23/16 | 299,733 | ||||||||||||
| 200,000 | Thomson Reuters Corp | 1.300 | 02/23/17 | 199,579 | ||||||||||||
| 300,000 | Thomson Reuters Corp | 1.650 | 09/29/17 | 299,858 | ||||||||||||
| 345,000 | Thomson Reuters Corp | 6.500 | 07/15/18 | 386,991 | ||||||||||||
| 100,000 | Thomson Reuters Corp | 4.300 | 11/23/23 | 103,920 | ||||||||||||
| 145,000 | Thomson Reuters Corp | 5.850 | 04/15/40 | 159,090 | ||||||||||||
| 400,000 | Thomson Reuters Corp | 4.500 | 05/23/43 | 371,207 | ||||||||||||
| 200,000 | Thomson Reuters Corp | 5.650 | 11/23/43 | 216,625 | ||||||||||||
| 310,000 | Waste Management, Inc | 4.600 | 03/01/21 | 341,947 | ||||||||||||
| 850,000 | Waste Management, Inc | 2.900 | 09/15/22 | 842,204 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 3.500 | 05/15/24 | 1,014,847 | ||||||||||||
| 100,000 | Waste Management, Inc | 3.900 | 03/01/35 | 94,269 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 21,201,546 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||
| 200,000 | Hasbro, Inc | 3.150 | 05/15/21 | 203,008 | ||||||||||||
| 100,000 | Hasbro, Inc | 6.350 | 03/15/40 | 113,415 | ||||||||||||
| 200,000 | Hasbro, Inc | 5.100 | 05/15/44 | 197,309 | ||||||||||||
| 200,000 | Leggett & Platt, Inc | 3.400 | 08/15/22 | 198,731 | ||||||||||||
| 150,000 | Mattel, Inc | 1.700 | 03/15/18 | 149,330 | ||||||||||||
| 200,000 | Mattel, Inc | 2.350 | 05/06/19 | 199,882 | ||||||||||||
| 100,000 | Mattel, Inc | 4.350 | 10/01/20 | 106,366 | ||||||||||||
| 150,000 | Mattel, Inc | 3.150 | 03/15/23 | 145,898 | ||||||||||||
| 100,000 | Mattel, Inc | 5.450 | 11/01/41 | 98,905 | ||||||||||||
| 100,000 | Mohawk Industries, Inc | 3.850 | 02/01/23 | 101,473 | ||||||||||||
| 300,000 | Newell Rubbermaid, Inc | 2.875 | 12/01/19 | 302,661 | ||||||||||||
| 200,000 | Newell Rubbermaid, Inc | 4.000 | 06/15/22 | 206,294 | ||||||||||||
| 200,000 | Newell Rubbermaid, Inc | 4.000 | 12/01/24 | 203,401 | ||||||||||||
| 300,000 | Nike, Inc | 2.250 | 05/01/23 | 289,724 | ||||||||||||
| 300,000 | Nike, Inc | 3.625 | 05/01/43 | 281,487 | ||||||||||||
| 150,000 | NVR, Inc | 3.950 | 09/15/22 | 153,291 | ||||||||||||
| 200,000 | Ralph Lauren Corp | 2.125 | 09/26/18 | 202,814 | ||||||||||||
| 200,000 | Ralph Lauren Corp | 2.625 | 08/18/20 | 203,049 | ||||||||||||
| 44 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Signet UK Finance plc | 4.700 | % | 06/15/24 | $ | 202,053 | |||||||||
| 220,000 | VF Corp | 6.450 | 11/01/37 | 287,325 | ||||||||||||
| 400,000 | Whirlpool Corp | 1.650 | 11/01/17 | 401,242 | ||||||||||||
| 100,000 | Whirlpool Corp | 2.400 | 03/01/19 | 101,044 | ||||||||||||
| 150,000 | Whirlpool Corp | 4.700 | 06/01/22 | 161,649 | ||||||||||||
| 100,000 | Whirlpool Corp | 3.700 | 03/01/23 | 100,475 | ||||||||||||
| 100,000 | Whirlpool Corp | 4.000 | 03/01/24 | 102,621 | ||||||||||||
| 100,000 | Whirlpool Corp | 5.150 | 03/01/43 | 100,265 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 4,813,712 | |||||||||||||||
| CONSUMER SERVICES - 0.3% | ||||||||||||||||
| 100,000 | Board of Trustees of The Leland Stanford Junior University | 4.750 | 05/01/19 | 110,705 | ||||||||||||
| 300,000 | Board of Trustees of The Leland Stanford Junior University | 3.460 | 05/01/47 | 279,914 | ||||||||||||
| 200,000 | Brinker International, Inc | 3.875 | 05/15/23 | 195,744 | ||||||||||||
| 200,000 | California Institute of Technology | 4.321 | 08/01/45 | 207,767 | ||||||||||||
| 200,000 | Catholic Health Initiatives | 2.600 | 08/01/18 | 204,215 | ||||||||||||
| 500,000 | Catholic Health Initiatives | 2.950 | 11/01/22 | 494,423 | ||||||||||||
| 200,000 | Catholic Health Initiatives | 4.200 | 08/01/23 | 210,142 | ||||||||||||
| 100,000 | Cintas Corp No 2 | 4.300 | 06/01/21 | 109,077 | ||||||||||||
| 200,000 | Cintas Corp No 2 | 3.250 | 06/01/22 | 203,198 | ||||||||||||
| 100,000 | Cornell University | 5.450 | 02/01/19 | 112,277 | ||||||||||||
| 100,000 | Darden Restaurants, Inc | 6.450 | 10/15/17 | 108,862 | ||||||||||||
| 29,000 | Darden Restaurants, Inc | 3.350 | 11/01/22 | 27,428 | ||||||||||||
| 100,000 | Darden Restaurants, Inc | 7.050 | 10/15/37 | 119,556 | ||||||||||||
| 75,000 | Dartmouth College | 4.750 | 06/01/19 | 82,930 | ||||||||||||
| 300,000 | Dun & Bradstreet Corp | 3.250 | 12/01/17 | 304,617 | ||||||||||||
| 200,000 | Dun & Bradstreet Corp | 4.000 | 06/15/20 | 204,266 | ||||||||||||
| 100,000 | George Washington University | 3.485 | 09/15/22 | 103,009 | ||||||||||||
| 300,000 | George Washington University | 4.300 | 09/15/44 | 288,210 | ||||||||||||
| 200,000 | George Washington University | 4.868 | 09/15/45 | 206,723 | ||||||||||||
| 100,000 | Hyatt Hotels Corp | 3.875 | 08/15/16 | 102,078 | ||||||||||||
| 200,000 | Hyatt Hotels Corp | 3.375 | 07/15/23 | 195,054 | ||||||||||||
| 19,000 | Johns Hopkins University | 5.250 | 07/01/19 | 21,144 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.000 | 03/01/19 | 204,442 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.375 | 10/15/20 | 207,336 | ||||||||||||
| 300,000 | Marriott International, Inc | 2.875 | 03/01/21 | 301,308 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.125 | 10/15/21 | 202,967 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.250 | 09/15/22 | 200,414 | ||||||||||||
| 250,000 | Massachusetts Institute of Technology | 5.600 | 07/01/11 | 315,971 | ||||||||||||
| 200,000 | Massachusetts Institute of Technology | 4.678 | 07/01/14 | 208,948 | ||||||||||||
| 300,000 | McDonald’s Corp | 1.875 | 05/29/19 | 300,179 | ||||||||||||
| 250,000 | McDonald’s Corp | 2.200 | 05/26/20 | 249,764 | ||||||||||||
| 720,000 | McDonald’s Corp | 3.500 | 07/15/20 | 755,834 | ||||||||||||
| 550,000 | McDonald’s Corp | 2.625 | 01/15/22 | 539,795 | ||||||||||||
| 500,000 | McDonald’s Corp | 3.250 | 06/10/24 | 498,497 | ||||||||||||
| 250,000 | McDonald’s Corp | 3.375 | 05/26/25 | 251,075 | ||||||||||||
| 280,000 | McDonald’s Corp | 6.300 | 03/01/38 | 338,091 | ||||||||||||
| 500,000 | McDonald’s Corp | 3.625 | 05/01/43 | 420,716 | ||||||||||||
| 250,000 | McDonald’s Corp | 4.600 | 05/26/45 | 249,294 | ||||||||||||
| 200,000 | Metropolitan Museum of Art | 3.400 | 07/01/45 | 182,144 | ||||||||||||
| 200,000 | Northwestern University | 3.688 | 12/01/38 | 196,776 | ||||||||||||
| 200,000 | Northwestern University | 3.868 | 12/01/48 | 196,814 | ||||||||||||
| 45 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 750,000 | President and Fellows of Harvard College | 3.619 | % | 10/01/37 | $ | 734,450 | |||||||||
| 100,000 | Princeton University | 4.950 | 03/01/19 | 110,785 | ||||||||||||
| 220,000 | Princeton University | 5.700 | 03/01/39 | 282,334 | ||||||||||||
| 200,000 | Starwood Hotels & Resorts Worldwide, Inc | 3.125 | 02/15/23 | 190,679 | ||||||||||||
| 200,000 | Starwood Hotels & Resorts Worldwide, Inc | 3.750 | 03/15/25 | 196,022 | ||||||||||||
| 100,000 | Trinity Acquisition plc | 4.625 | 08/15/23 | 103,447 | ||||||||||||
| 100,000 | Trinity Acquisition plc | 6.125 | 08/15/43 | 109,950 | ||||||||||||
| 200,000 | University of Notre Dame du Lac | 3.438 | 02/15/45 | 188,334 | ||||||||||||
| 25,000 | Vanderbilt University | 5.250 | 04/01/19 | 27,942 | ||||||||||||
| 70,000 | Walt Disney Co | 5.625 | 09/15/16 | 73,342 | ||||||||||||
| 500,000 | Walt Disney Co | 0.875 | 05/30/17 | 499,626 | ||||||||||||
| 700,000 | Walt Disney Co | 1.100 | 12/01/17 | 700,025 | ||||||||||||
| 500,000 | Walt Disney Co | 1.850 | 05/30/19 | 503,225 | ||||||||||||
| 200,000 | Walt Disney Co | 2.150 | 09/17/20 | 200,644 | ||||||||||||
| 850,000 | Walt Disney Co | 2.550 | 02/15/22 | 854,822 | ||||||||||||
| 200,000 | Walt Disney Co | 3.150 | 09/17/25 | 203,115 | ||||||||||||
| 100,000 | Walt Disney Co | 4.375 | 08/16/41 | 104,546 | ||||||||||||
| 200,000 | Walt Disney Co | 3.700 | 12/01/42 | 187,844 | ||||||||||||
| 500,000 | Walt Disney Co | 4.125 | 06/01/44 | 502,432 | ||||||||||||
| 200,000 | William Marsh Rice University | 3.574 | 05/15/45 | 189,655 | ||||||||||||
| 200,000 | William Marsh Rice University | 3.774 | 05/15/55 | 188,761 | ||||||||||||
| 2,000 | Wyndham Worldwide Corp | 6.000 | 12/01/16 | 2,097 | ||||||||||||
| 250,000 | Wyndham Worldwide Corp | 2.950 | 03/01/17 | 253,046 | ||||||||||||
| 150,000 | Wyndham Worldwide Corp | 2.500 | 03/01/18 | 150,215 | ||||||||||||
| 200,000 | Wyndham Worldwide Corp | 4.250 | 03/01/22 | 198,877 | ||||||||||||
| 200,000 | Wyndham Worldwide Corp | 3.900 | 03/01/23 | 192,441 | ||||||||||||
| 200,000 | Wyndham Worldwide Corp | 5.100 | 10/01/25 | 202,851 | ||||||||||||
| 200,000 | Yale University | 2.086 | 04/15/19 | 203,268 | ||||||||||||
| 72,000 | Yum! Brands, Inc | 6.250 | 03/15/18 | 78,808 | ||||||||||||
| 50,000 | Yum! Brands, Inc | 3.875 | 11/01/20 | 52,358 | ||||||||||||
| 400,000 | Yum! Brands, Inc | 3.875 | 11/01/23 | 400,675 | ||||||||||||
| 26,000 | Yum! Brands, Inc | 6.875 | 11/15/37 | 30,361 | ||||||||||||
| 200,000 | Yum! Brands, Inc | 5.350 | 11/01/43 | 192,153 | ||||||||||||
| TOTAL CONSUMER SERVICES | 17,820,834 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 3.3% | ||||||||||||||||
| 500,000 | Abbey National Treasury Services plc | 1.375 | 03/13/17 | 499,981 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 3.050 | 08/23/18 | 515,999 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 2.000 | 08/24/18 | 502,042 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 2.350 | 09/10/19 | 506,101 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 4.000 | 03/13/24 | 519,645 | ||||||||||||
| 150,000 | ABN Amro Bank NV | 4.650 | 06/04/18 | 154,839 | ||||||||||||
| 200,000 | Affiliated Managers Group, Inc | 4.250 | 02/15/24 | 203,457 | ||||||||||||
| 275,000 | AGL Capital Corp | 4.400 | 06/01/43 | 267,756 | ||||||||||||
| 20,000 | Ahold Finance USA LLC | 6.875 | 05/01/29 | 24,956 | ||||||||||||
| 600,000 | American Express Centurion Bank | 0.875 | 11/13/15 | 600,229 | ||||||||||||
| 400,000 | American Express Co | 6.150 | 08/28/17 | 433,996 | ||||||||||||
| 190,000 | American Express Co | 7.000 | 03/19/18 | 213,478 | ||||||||||||
| 300,000 | American Express Co | 1.550 | 05/22/18 | 298,324 | ||||||||||||
| 293,000 | American Express Co | 2.650 | 12/02/22 | 285,446 | ||||||||||||
| 300,000 | American Express Co | 3.625 | 12/05/24 | 296,938 | ||||||||||||
| 329,000 | American Express Co | 4.050 | 12/03/42 | 314,217 | ||||||||||||
| 46 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 400,000 | American Express Credit Corp | 2.375 | % | 03/24/17 | $ | 406,284 | |||||||||
| 500,000 | American Express Credit Corp | 1.125 | 06/05/17 | 497,466 | ||||||||||||
| 1,175,000 | American Express Credit Corp | 2.125 | 07/27/18 | 1,185,520 | ||||||||||||
| 500,000 | American Express Credit Corp | 1.800 | 07/31/18 | 499,877 | ||||||||||||
| 750,000 | American Express Credit Corp | 2.125 | 03/18/19 | 755,157 | ||||||||||||
| 500,000 | American Express Credit Corp | 2.250 | 08/15/19 | 501,780 | ||||||||||||
| 575,000 | American Express Credit Corp | 2.375 | 05/26/20 | 575,262 | ||||||||||||
| 500,000 | American Express Credit Corp | 2.600 | 09/14/20 | 502,316 | ||||||||||||
| 300,000 | American Honda Finance Corp | 1.125 | 10/07/16 | 301,009 | ||||||||||||
| 300,000 | American Honda Finance Corp | 1.200 | 07/14/17 | 299,797 | ||||||||||||
| 300,000 | American Honda Finance Corp | 1.500 | 03/13/18 | 299,479 | ||||||||||||
| 500,000 | American Honda Finance Corp | 1.600 | 07/13/18 | 499,607 | ||||||||||||
| 300,000 | American Honda Finance Corp | 2.125 | 10/10/18 | 303,397 | ||||||||||||
| 500,000 | American Honda Finance Corp | 2.250 | 08/15/19 | 503,520 | ||||||||||||
| 200,000 | American Honda Finance Corp | 2.150 | 03/13/20 | 198,752 | ||||||||||||
| 300,000 | American Honda Finance Corp | 2.450 | 09/24/20 | 299,840 | ||||||||||||
| 295,000 | Ameriprise Financial, Inc | 5.300 | 03/15/20 | 332,861 | ||||||||||||
| 400,000 | Ameriprise Financial, Inc | 4.000 | 10/15/23 | 418,587 | ||||||||||||
| 300,000 | Ameriprise Financial, Inc | 3.700 | 10/15/24 | 305,682 | ||||||||||||
| 300,000 | Ares Capital Corp | 4.875 | 11/30/18 | 309,967 | ||||||||||||
| 150,000 | Ares Capital Corp | 3.875 | 01/15/20 | 154,459 | ||||||||||||
| 100,000 | i | Bank of New York Mellon Corp | 1.969 | 06/20/17 | 101,317 | |||||||||||
| 500,000 | Bank of New York Mellon Corp | 1.300 | 01/25/18 | 498,927 | ||||||||||||
| 1,000,000 | Bank of New York Mellon Corp | 2.300 | 09/11/19 | 1,009,982 | ||||||||||||
| 300,000 | Bank of New York Mellon Corp | 2.600 | 08/17/20 | 304,438 | ||||||||||||
| 500,000 | Bank of New York Mellon Corp | 3.550 | 09/23/21 | 525,378 | ||||||||||||
| 250,000 | Bank of New York Mellon Corp | 3.650 | 02/04/24 | 260,450 | ||||||||||||
| 800,000 | Bank of New York Mellon Corp | 3.250 | 09/11/24 | 805,648 | ||||||||||||
| 500,000 | Bank of New York Mellon Corp | 3.000 | 02/24/25 | 491,701 | ||||||||||||
| 900,000 | Barclays Bank plc | 5.000 | 09/22/16 | 933,738 | ||||||||||||
| 500,000 | Barclays Bank plc | 2.500 | 02/20/19 | 508,598 | ||||||||||||
| 500,000 | Barclays Bank plc | 5.140 | 10/14/20 | 547,698 | ||||||||||||
| 600,000 | Barclays Bank plc | 3.750 | 05/15/24 | 606,785 | ||||||||||||
| 1,200,000 | Barclays Bank plc | 4.375 | 09/11/24 | 1,162,838 | ||||||||||||
| 80,000 | Bear Stearns Cos LLC | 5.300 | 10/30/15 | 80,261 | ||||||||||||
| 116,000 | Bear Stearns Cos LLC | 5.550 | 01/22/17 | 121,823 | ||||||||||||
| 400,000 | Berkshire Hathaway, Inc | 1.550 | 02/09/18 | 403,272 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 2.100 | 08/14/19 | 305,264 | ||||||||||||
| 200,000 | Berkshire Hathaway, Inc | 3.750 | 08/15/21 | 214,089 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 3.000 | 02/11/23 | 303,257 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 4.500 | 02/11/43 | 299,220 | ||||||||||||
| 210,000 | BlackRock, Inc | 6.250 | 09/15/17 | 229,933 | ||||||||||||
| 390,000 | BlackRock, Inc | 5.000 | 12/10/19 | 436,944 | ||||||||||||
| 125,000 | BlackRock, Inc | 3.375 | 06/01/22 | 129,893 | ||||||||||||
| 500,000 | BlackRock, Inc | 3.500 | 03/18/24 | 513,830 | ||||||||||||
| 200,000 | Block Financial LLC | 5.500 | 11/01/22 | 212,972 | ||||||||||||
| 200,000 | Block Financial LLC | 5.250 | 10/01/25 | 200,363 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 1.250 | 12/12/16 | 299,999 | ||||||||||||
| 500,000 | BNP Paribas S.A. | 1.375 | 03/17/17 | 500,193 | ||||||||||||
| 1,000,000 | BNP Paribas S.A. | 2.700 | 08/20/18 | 1,023,013 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 2.400 | 12/12/18 | 304,054 | ||||||||||||
| 500,000 | BNP Paribas S.A. | 2.450 | 03/17/19 | 504,480 | ||||||||||||
| 47 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 325,000 | BNP Paribas S.A. | 2.375 | % | 05/21/20 | $ | 326,085 | |||||||||
| 700,000 | BNP Paribas S.A. | 5.000 | 01/15/21 | 785,655 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 3.250 | 03/03/23 | 302,098 | ||||||||||||
| 500,000 | BNP Paribas S.A. | 4.250 | 10/15/24 | 496,981 | ||||||||||||
| 200,000 | Broadridge Financial Solutions, Inc | 3.950 | 09/01/20 | 209,288 | ||||||||||||
| 300,000 | Brookfield Asset Management, Inc | 4.000 | 01/15/25 | 298,741 | ||||||||||||
| 500,000 | Capital One Financial Corp | 3.750 | 04/24/24 | 498,227 | ||||||||||||
| 200,000 | Capital One Financial Corp | 3.200 | 02/05/25 | 190,637 | ||||||||||||
| 300,000 | Charles Schwab Corp | 2.200 | 07/25/18 | 304,447 | ||||||||||||
| 100,000 | Charles Schwab Corp | 4.450 | 07/22/20 | 110,321 | ||||||||||||
| 200,000 | Charles Schwab Corp | 3.225 | 09/01/22 | 205,572 | ||||||||||||
| 200,000 | Charles Schwab Corp | 3.000 | 03/10/25 | 197,013 | ||||||||||||
| 350,000 | CME Group, Inc | 3.000 | 09/15/22 | 354,212 | ||||||||||||
| 300,000 | CME Group, Inc | 3.000 | 03/15/25 | 294,560 | ||||||||||||
| 200,000 | CME Group, Inc | 5.300 | 09/15/43 | 226,493 | ||||||||||||
| 1,500,000 | Credit Suisse | 1.375 | 05/26/17 | 1,498,633 | ||||||||||||
| 750,000 | Credit Suisse | 1.700 | 04/27/18 | 747,388 | ||||||||||||
| 1,000,000 | Credit Suisse | 2.300 | 05/28/19 | 1,005,076 | ||||||||||||
| 2,250,000 | Credit Suisse | 5.400 | 01/14/20 | 2,497,450 | ||||||||||||
| 325,000 | Credit Suisse | 3.000 | 10/29/21 | 325,478 | ||||||||||||
| 1,000,000 | Credit Suisse | 3.625 | 09/09/24 | 1,002,059 | ||||||||||||
| 500,000 | g | Credit Suisse Group Funding Guernsey Ltd | 2.750 | 03/26/20 | 498,637 | |||||||||||
| 450,000 | g | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 09/15/22 | 450,417 | |||||||||||
| 1,050,000 | g | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 1,020,136 | |||||||||||
| 750,000 | g | Credit Suisse Group Funding Guernsey Ltd | 4.875 | 05/15/45 | 735,386 | |||||||||||
| 850,000 | Diageo Investment Corp | 2.875 | 05/11/22 | 841,104 | ||||||||||||
| 100,000 | Diageo Investment Corp | 4.250 | 05/11/42 | 98,823 | ||||||||||||
| 200,000 | g,h | Digital Delta Holdings LLC | 3.400 | 10/01/20 | 200,771 | |||||||||||
| 200,000 | g,h | Digital Delta Holdings LLC | 4.750 | 10/01/25 | 201,686 | |||||||||||
| 200,000 | Digital Realty Trust LP | 3.950 | 07/01/22 | 199,802 | ||||||||||||
| 300,000 | Digital Realty Trust LP | 3.625 | 10/01/22 | 290,103 | ||||||||||||
| 100,000 | Discover Financial Services | 5.200 | 04/27/22 | 106,783 | ||||||||||||
| 200,000 | Discover Financial Services | 3.950 | 11/06/24 | 196,911 | ||||||||||||
| 17,000 | Eaton Vance Corp | 6.500 | 10/02/17 | 18,580 | ||||||||||||
| 300,000 | Eaton Vance Corp | 3.625 | 06/15/23 | 305,463 | ||||||||||||
| 800,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 812,682 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 1.684 | 09/08/17 | 993,484 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 1.724 | 12/06/17 | 496,651 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.145 | 01/09/18 | 498,298 | ||||||||||||
| 900,000 | Ford Motor Credit Co LLC | 2.375 | 01/16/18 | 901,062 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.000 | 05/15/18 | 1,063,577 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.240 | 06/15/18 | 498,578 | ||||||||||||
| 400,000 | Ford Motor Credit Co LLC | 2.875 | 10/01/18 | 405,033 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.375 | 03/12/19 | 496,071 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.597 | 11/04/19 | 494,906 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 2.459 | 03/27/20 | 979,251 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.875 | 08/02/21 | 1,129,180 | ||||||||||||
| 350,000 | Ford Motor Credit Co LLC | 3.219 | 01/09/22 | 338,863 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 3.664 | 09/08/24 | 970,922 | ||||||||||||
| 750,000 | Ford Motor Credit Co LLC | 4.134 | 08/04/25 | 746,917 | ||||||||||||
| 150,000 | Franklin Resources, Inc | 2.800 | 09/15/22 | 149,551 | ||||||||||||
| 200,000 | Franklin Resources, Inc | 2.850 | 03/30/25 | 192,687 | ||||||||||||
| 48 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | FS Investment Corp | 4.250 | % | 01/15/20 | $ | 203,494 | |||||||||
| 150,000 | FS Investment Corp | 4.750 | 05/15/22 | 147,915 | ||||||||||||
| 500,000 | General Electric Capital Corp | 1.000 | 01/08/16 | 500,827 | ||||||||||||
| 1,050,000 | General Electric Capital Corp | 2.950 | 05/09/16 | 1,065,097 | ||||||||||||
| 1,000,000 | General Electric Capital Corp | 1.500 | 07/12/16 | 1,006,585 | ||||||||||||
| 200,000 | General Electric Capital Corp | 2.900 | 01/09/17 | 204,799 | ||||||||||||
| 800,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 817,438 | ||||||||||||
| 1,625,000 | General Electric Capital Corp | 5.625 | 09/15/17 | 1,765,920 | ||||||||||||
| 500,000 | General Electric Capital Corp | 1.600 | 11/20/17 | 506,537 | ||||||||||||
| 300,000 | General Electric Capital Corp | 1.625 | 04/02/18 | 301,595 | ||||||||||||
| 1,000,000 | General Electric Capital Corp | 2.300 | 01/14/19 | 1,017,155 | ||||||||||||
| 200,000 | General Electric Capital Corp | 2.100 | 12/11/19 | 199,704 | ||||||||||||
| 630,000 | General Electric Capital Corp | 5.500 | 01/08/20 | 721,008 | ||||||||||||
| 250,000 | General Electric Capital Corp | 2.200 | 01/09/20 | 252,812 | ||||||||||||
| 1,855,000 | General Electric Capital Corp | 4.375 | 09/16/20 | 2,046,686 | ||||||||||||
| 250,000 | General Electric Capital Corp | 4.625 | 01/07/21 | 279,017 | ||||||||||||
| 300,000 | General Electric Capital Corp | 5.300 | 02/11/21 | 345,119 | ||||||||||||
| 200,000 | General Electric Capital Corp | 4.650 | 10/17/21 | 224,203 | ||||||||||||
| 1,900,000 | General Electric Capital Corp | 3.150 | 09/07/22 | 1,950,435 | ||||||||||||
| 500,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 511,409 | ||||||||||||
| 3,500,000 | General Electric Capital Corp | 3.450 | 05/15/24 | 3,661,619 | ||||||||||||
| 2,625,000 | General Electric Capital Corp | 6.750 | 03/15/32 | 3,546,719 | ||||||||||||
| 1,200,000 | General Electric Capital Corp | 5.875 | 01/14/38 | 1,498,442 | ||||||||||||
| 1,227,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 1,718,379 | ||||||||||||
| 2,250,000 | General Motors Financial Co, Inc | 4.750 | 08/15/17 | 2,334,238 | ||||||||||||
| 200,000 | General Motors Financial Co, Inc | 3.200 | 07/13/20 | 197,569 | ||||||||||||
| 2,500,000 | General Motors Financial Co, Inc | 3.450 | 04/10/22 | 2,397,782 | ||||||||||||
| 300,000 | General Motors Financial Co, Inc | 4.300 | 07/13/25 | 290,344 | ||||||||||||
| 550,000 | Goldman Sachs Group, Inc | 5.950 | 01/18/18 | 600,914 | ||||||||||||
| 1,450,000 | Goldman Sachs Group, Inc | 2.375 | 01/22/18 | 1,469,027 | ||||||||||||
| 60,000 | Goldman Sachs Group, Inc | 6.150 | 04/01/18 | 66,084 | ||||||||||||
| 750,000 | Goldman Sachs Group, Inc | 2.900 | 07/19/18 | 769,112 | ||||||||||||
| 1,500,000 | Goldman Sachs Group, Inc | 2.625 | 01/31/19 | 1,522,277 | ||||||||||||
| 1,195,000 | Goldman Sachs Group, Inc | 7.500 | 02/15/19 | 1,396,789 | ||||||||||||
| 1,500,000 | Goldman Sachs Group, Inc | 2.550 | 10/23/19 | 1,511,309 | ||||||||||||
| 2,505,000 | Goldman Sachs Group, Inc | 5.375 | 03/15/20 | 2,794,468 | ||||||||||||
| 950,000 | Goldman Sachs Group, Inc | 2.600 | 04/23/20 | 951,828 | ||||||||||||
| 1,150,000 | Goldman Sachs Group, Inc | 6.000 | 06/15/20 | 1,321,724 | ||||||||||||
| 200,000 | Goldman Sachs Group, Inc | 2.750 | 09/15/20 | 201,034 | ||||||||||||
| 1,300,000 | Goldman Sachs Group, Inc | 5.250 | 07/27/21 | 1,449,933 | ||||||||||||
| 2,325,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 2,669,135 | ||||||||||||
| 1,800,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,824,448 | ||||||||||||
| 1,500,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 1,544,475 | ||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 3.850 | 07/08/24 | 509,890 | ||||||||||||
| 1,325,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 1,305,110 | ||||||||||||
| 600,000 | Goldman Sachs Group, Inc | 3.750 | 05/22/25 | 602,572 | ||||||||||||
| 65,000 | Goldman Sachs Group, Inc | 6.450 | 05/01/36 | 75,916 | ||||||||||||
| 2,150,000 | Goldman Sachs Group, Inc | 6.250 | 02/01/41 | 2,598,757 | ||||||||||||
| 1,075,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 1,090,366 | ||||||||||||
| 575,000 | Goldman Sachs Group, Inc | 5.150 | 05/22/45 | 564,713 | ||||||||||||
| 782,000 | HSBC Finance Corp | 6.676 | 01/15/21 | 915,028 | ||||||||||||
| 200,000 | IntercontinentalExchange Group, Inc | 2.500 | 10/15/18 | 204,043 | ||||||||||||
| 49 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | IntercontinentalExchange Group, Inc | 4.000 | % | 10/15/23 | $ | 208,340 | |||||||||
| 125,000 | Invesco Finance plc | 3.125 | 11/30/22 | 126,751 | ||||||||||||
| 200,000 | Invesco Finance plc | 4.000 | 01/30/24 | 209,917 | ||||||||||||
| 200,000 | Invesco Finance plc | 5.375 | 11/30/43 | 223,013 | ||||||||||||
| 300,000 | Janus Capital Group, Inc | 4.875 | 08/01/25 | 307,755 | ||||||||||||
| 130,000 | Jefferies Group, Inc | 3.875 | 11/09/15 | 130,335 | ||||||||||||
| 425,000 | Jefferies Group, Inc | 8.500 | 07/15/19 | 503,298 | ||||||||||||
| 500,000 | Jefferies Group, Inc | 6.875 | 04/15/21 | 561,970 | ||||||||||||
| 100,000 | Jefferies Group, Inc | 6.450 | 06/08/27 | 103,793 | ||||||||||||
| 100,000 | Korea Finance Corp | 3.250 | 09/20/16 | 101,955 | ||||||||||||
| 700,000 | Korea Finance Corp | 2.250 | 08/07/17 | 708,421 | ||||||||||||
| 500,000 | Korea Finance Corp | 2.875 | 08/22/18 | 511,747 | ||||||||||||
| 250,000 | Lazard Group LLC | 4.250 | 11/14/20 | 264,833 | ||||||||||||
| 150,000 | Lazard Group LLC | 3.750 | 02/13/25 | 143,186 | ||||||||||||
| 100,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 100,607 | ||||||||||||
| 400,000 | Legg Mason, Inc | 5.625 | 01/15/44 | 414,216 | ||||||||||||
| 1,260,000 | Merrill Lynch & Co, Inc | 6.400 | 08/28/17 | 1,367,334 | ||||||||||||
| 1,050,000 | Merrill Lynch & Co, Inc | 6.875 | 04/25/18 | 1,173,593 | ||||||||||||
| 1,500,000 | Merrill Lynch & Co, Inc | 6.110 | 01/29/37 | 1,726,170 | ||||||||||||
| 970,000 | Morgan Stanley | 5.450 | 01/09/17 | 1,018,693 | ||||||||||||
| 550,000 | Morgan Stanley | 5.550 | 04/27/17 | 583,653 | ||||||||||||
| 245,000 | Morgan Stanley | 5.950 | 12/28/17 | 266,991 | ||||||||||||
| 325,000 | Morgan Stanley | 1.875 | 01/05/18 | 325,745 | ||||||||||||
| 600,000 | Morgan Stanley | 2.125 | 04/25/18 | 603,574 | ||||||||||||
| 500,000 | Morgan Stanley | 2.200 | 12/07/18 | 504,684 | ||||||||||||
| 1,450,000 | Morgan Stanley | 2.500 | 01/24/19 | 1,469,916 | ||||||||||||
| 796,000 | Morgan Stanley | 7.300 | 05/13/19 | 929,483 | ||||||||||||
| 4,000,000 | Morgan Stanley | 2.375 | 07/23/19 | 4,000,652 | ||||||||||||
| 300,000 | Morgan Stanley | 5.625 | 09/23/19 | 335,166 | ||||||||||||
| 590,000 | Morgan Stanley | 5.500 | 01/26/20 | 659,325 | ||||||||||||
| 700,000 | Morgan Stanley | 2.650 | 01/27/20 | 703,355 | ||||||||||||
| 1,000,000 | Morgan Stanley | 2.800 | 06/16/20 | 1,007,196 | ||||||||||||
| 200,000 | Morgan Stanley | 5.750 | 01/25/21 | 228,112 | ||||||||||||
| 1,200,000 | Morgan Stanley | 5.500 | 07/28/21 | 1,356,254 | ||||||||||||
| 2,500,000 | Morgan Stanley | 4.875 | 11/01/22 | 2,662,428 | ||||||||||||
| 2,850,000 | Morgan Stanley | 4.100 | 05/22/23 | 2,896,039 | ||||||||||||
| 1,000,000 | Morgan Stanley | 3.875 | 04/29/24 | 1,021,803 | ||||||||||||
| 1,100,000 | Morgan Stanley | 3.700 | 10/23/24 | 1,105,694 | ||||||||||||
| 650,000 | Morgan Stanley | 4.000 | 07/23/25 | 664,579 | ||||||||||||
| 750,000 | Morgan Stanley | 5.000 | 11/24/25 | 797,754 | ||||||||||||
| 325,000 | Morgan Stanley | 4.350 | 09/08/26 | 326,822 | ||||||||||||
| 300,000 | Morgan Stanley | 3.950 | 04/23/27 | 289,063 | ||||||||||||
| 600,000 | Morgan Stanley | 7.250 | 04/01/32 | 794,987 | ||||||||||||
| 550,000 | Morgan Stanley | 4.300 | 01/27/45 | 523,026 | ||||||||||||
| 400,000 | i | Murray Street Investment Trust | 4.647 | 03/09/17 | 417,159 | |||||||||||
| 220,000 | NASDAQ OMX Group, Inc | 5.550 | 01/15/20 | 242,193 | ||||||||||||
| 250,000 | NASDAQ OMX Group, Inc | 4.250 | 06/01/24 | 254,511 | ||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 0.950 | 04/24/17 | 199,646 | ||||||||||||
| 735,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 919,168 | ||||||||||||
| 125,000 | National Rural Utilities Cooperative Finance Corp | 2.300 | 11/15/19 | 126,120 | ||||||||||||
| 350,000 | National Rural Utilities Cooperative Finance Corp | 3.050 | 02/15/22 | 353,826 | ||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 3.400 | 11/15/23 | 207,210 | ||||||||||||
| 50 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 400,000 | National Rural Utilities Cooperative Finance Corp | 2.850 | % | 01/27/25 | $ | 387,846 | |||||||||
| 500,000 | i | National Rural Utilities Cooperative Finance Corp | 4.750 | 04/30/43 | 495,750 | |||||||||||
| 500,000 | Nomura Holdings, Inc | 2.750 | 03/19/19 | 507,897 | ||||||||||||
| 430,000 | Nomura Holdings, Inc | 6.700 | 03/04/20 | 506,009 | ||||||||||||
| 300,000 | NYSE Euronext | 2.000 | 10/05/17 | 303,467 | ||||||||||||
| 800,000 | Oesterreichische Kontrollbank AG. | 5.000 | 04/25/17 | 851,952 | ||||||||||||
| 1,000,000 | Oesterreichische Kontrollbank AG. | 1.125 | 05/29/18 | 1,001,342 | ||||||||||||
| 500,000 | Oesterreichische Kontrollbank AG. | 1.625 | 03/12/19 | 505,699 | ||||||||||||
| 500,000 | Oesterreichische Kontrollbank AG. | 2.375 | 10/01/21 | 515,316 | ||||||||||||
| 200,000 | ORIX Corp | 3.750 | 03/09/17 | 205,988 | ||||||||||||
| 300,000 | PACCAR Financial Corp | 1.600 | 03/15/17 | 302,765 | ||||||||||||
| 200,000 | PACCAR Financial Corp | 1.100 | 06/06/17 | 199,905 | ||||||||||||
| 300,000 | PACCAR Financial Corp | 1.400 | 05/18/18 | 299,271 | ||||||||||||
| 200,000 | PACCAR Financial Corp | 2.200 | 09/15/19 | 202,198 | ||||||||||||
| 200,000 | Prospect Capital Corp | 5.875 | 03/15/23 | 197,654 | ||||||||||||
| 100,000 | Raymond James Financial, Inc | 4.250 | 04/15/16 | 101,640 | ||||||||||||
| 300,000 | Raymond James Financial, Inc | 5.625 | 04/01/24 | 339,315 | ||||||||||||
| 500,000 | Sasol Financing International plc | 4.500 | 11/14/22 | 490,000 | ||||||||||||
| 200,000 | State Street Corp | 2.875 | 03/07/16 | 201,952 | ||||||||||||
| 150,000 | State Street Corp | 1.350 | 05/15/18 | 149,580 | ||||||||||||
| 300,000 | State Street Corp | 2.550 | 08/18/20 | 303,986 | ||||||||||||
| 300,000 | State Street Corp | 4.375 | 03/07/21 | 330,759 | ||||||||||||
| 400,000 | State Street Corp | 3.100 | 05/15/23 | 394,074 | ||||||||||||
| 350,000 | State Street Corp | 3.700 | 11/20/23 | 365,872 | ||||||||||||
| 500,000 | State Street Corp | 3.300 | 12/16/24 | 505,257 | ||||||||||||
| 225,000 | State Street Corp | 3.550 | 08/18/25 | 229,097 | ||||||||||||
| 100,000 | Synchrony Financial | 1.875 | 08/15/17 | 100,031 | ||||||||||||
| 250,000 | Synchrony Financial | 3.000 | 08/15/19 | 251,996 | ||||||||||||
| 275,000 | Synchrony Financial | 2.700 | 02/03/20 | 271,906 | ||||||||||||
| 300,000 | Synchrony Financial | 3.750 | 08/15/21 | 303,093 | ||||||||||||
| 250,000 | Synchrony Financial | 4.250 | 08/15/24 | 249,165 | ||||||||||||
| 600,000 | Synchrony Financial | 4.500 | 07/23/25 | 604,943 | ||||||||||||
| 300,000 | Syngenta Finance NV | 3.125 | 03/28/22 | 293,457 | ||||||||||||
| 300,000 | TD Ameritrade Holding Corp | 2.950 | 04/01/22 | 300,283 | ||||||||||||
| 350,000 | TD Ameritrade Holding Corp | 3.625 | 04/01/25 | 358,451 | ||||||||||||
| 150,000 | Toyota Motor Credit Corp | 2.050 | 01/12/17 | 152,224 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 1.750 | 05/22/17 | 404,228 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 500,618 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 1.375 | 01/10/18 | 499,663 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 1.450 | 01/12/18 | 500,583 | ||||||||||||
| 300,000 | Toyota Motor Credit Corp | 1.550 | 07/13/18 | 301,388 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.000 | 10/24/18 | 505,281 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.100 | 01/17/19 | 505,753 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 2.125 | 07/18/19 | 401,338 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.150 | 03/12/20 | 501,119 | ||||||||||||
| 750,000 | Toyota Motor Credit Corp | 2.750 | 05/17/21 | 760,558 | ||||||||||||
| 300,000 | Toyota Motor Credit Corp | 3.400 | 09/15/21 | 312,263 | ||||||||||||
| 300,000 | Toyota Motor Credit Corp | 2.800 | 07/13/22 | 301,838 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 2.625 | 01/10/23 | 393,982 | ||||||||||||
| 1,000,000 | UBS AG. | 5.875 | 07/15/16 | 1,035,169 | ||||||||||||
| 300,000 | UBS AG. | 1.375 | 06/01/17 | 299,425 | ||||||||||||
| 500,000 | UBS AG. | 1.375 | 08/14/17 | 498,500 | ||||||||||||
| 51 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | UBS AG. | 1.800 | % | 03/26/18 | $ | 499,778 | |||||||||
| 162,000 | UBS AG. | 5.750 | 04/25/18 | 177,629 | ||||||||||||
| 500,000 | UBS AG. | 2.375 | 08/14/19 | 502,160 | ||||||||||||
| 1,000,000 | UBS AG. | 2.350 | 03/26/20 | 998,805 | ||||||||||||
| 1,671,000 | UBS AG. | 4.875 | 08/04/20 | 1,854,848 | ||||||||||||
| 400,000 | Unilever Capital Corp | 0.850 | 08/02/17 | 400,011 | ||||||||||||
| 250,000 | Unilever Capital Corp | 4.800 | 02/15/19 | 276,087 | ||||||||||||
| 300,000 | Unilever Capital Corp | 2.200 | 03/06/19 | 305,994 | ||||||||||||
| 250,000 | Unilever Capital Corp | 2.100 | 07/30/20 | 251,059 | ||||||||||||
| 250,000 | Unilever Capital Corp | 4.250 | 02/10/21 | 277,334 | ||||||||||||
| 150,000 | Unilever Capital Corp | 3.100 | 07/30/25 | 152,492 | ||||||||||||
| 330,000 | Unilever Capital Corp | 5.900 | 11/15/32 | 428,926 | ||||||||||||
| 1,250,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 1,267,466 | ||||||||||||
| 500,000 | Wells Fargo & Co | 1.150 | 06/02/17 | 500,228 | ||||||||||||
| 500,000 | Wells Fargo & Co | 1.400 | 09/08/17 | 500,345 | ||||||||||||
| 1,400,000 | Wells Fargo & Co | 1.500 | 01/16/18 | 1,399,608 | ||||||||||||
| 425,000 | Wells Fargo & Co | 2.150 | 01/15/19 | 428,384 | ||||||||||||
| 1,000,000 | Wells Fargo & Co | 2.150 | 01/30/20 | 998,038 | ||||||||||||
| 750,000 | Wells Fargo & Co | 2.600 | 07/22/20 | 757,621 | ||||||||||||
| 1,000,000 | Wells Fargo & Co | 3.000 | 01/22/21 | 1,024,746 | ||||||||||||
| 1,200,000 | Wells Fargo & Co | 4.600 | 04/01/21 | 1,316,986 | ||||||||||||
| 3,500,000 | Wells Fargo & Co | 3.500 | 03/08/22 | 3,618,482 | ||||||||||||
| 700,000 | Wells Fargo & Co | 3.450 | 02/13/23 | 696,958 | ||||||||||||
| 500,000 | Wells Fargo & Co | 4.125 | 08/15/23 | 519,920 | ||||||||||||
| 334,000 | Wells Fargo & Co | 4.480 | 01/16/24 | 351,365 | ||||||||||||
| 2,200,000 | Wells Fargo & Co | 3.300 | 09/09/24 | 2,184,189 | ||||||||||||
| 750,000 | Wells Fargo & Co | 3.000 | 02/19/25 | 723,262 | ||||||||||||
| 500,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 500,608 | ||||||||||||
| 650,000 | Wells Fargo & Co | 4.100 | 06/03/26 | 656,039 | ||||||||||||
| 750,000 | Wells Fargo & Co | 4.300 | 07/22/27 | 764,729 | ||||||||||||
| 264,000 | Wells Fargo & Co | 5.375 | 02/07/35 | 302,864 | ||||||||||||
| 725,000 | Wells Fargo & Co | 5.375 | 11/02/43 | 798,912 | ||||||||||||
| 1,143,000 | Wells Fargo & Co | 5.606 | 01/15/44 | 1,276,361 | ||||||||||||
| 300,000 | Wells Fargo & Co | 4.650 | 11/04/44 | 294,756 | ||||||||||||
| 1,000,000 | Wells Fargo & Co | 3.900 | 05/01/45 | 921,803 | ||||||||||||
| 15,000 | Zions Bancorporation | 4.500 | 06/13/23 | 15,580 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 199,637,189 | |||||||||||||||
| ENERGY - 2.4% | ||||||||||||||||
| 700,000 | Anadarko Petroleum Corp | 6.375 | 09/15/17 | 755,391 | ||||||||||||
| 465,000 | Anadarko Petroleum Corp | 8.700 | 03/15/19 | 548,474 | ||||||||||||
| 200,000 | Anadarko Petroleum Corp | 3.450 | 07/15/24 | 193,989 | ||||||||||||
| 1,325,000 | Anadarko Petroleum Corp | 6.200 | 03/15/40 | 1,402,494 | ||||||||||||
| 200,000 | Anadarko Petroleum Corp | 4.500 | 07/15/44 | 178,001 | ||||||||||||
| 400,000 | Apache Corp | 6.900 | 09/15/18 | 454,396 | ||||||||||||
| 200,000 | Apache Corp | 3.250 | 04/15/22 | 194,775 | ||||||||||||
| 980,000 | Apache Corp | 5.100 | 09/01/40 | 936,285 | ||||||||||||
| 300,000 | Apache Corp | 5.250 | 02/01/42 | 292,519 | ||||||||||||
| 350,000 | Apache Corp | 4.750 | 04/15/43 | 316,000 | ||||||||||||
| 300,000 | Apache Corp | 4.250 | 01/15/44 | 255,222 | ||||||||||||
| 200,000 | Baker Hughes, Inc | 7.500 | 11/15/18 | 232,004 | ||||||||||||
| 450,000 | Baker Hughes, Inc | 3.200 | 08/15/21 | 452,112 | ||||||||||||
| 52 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 415,000 | Baker Hughes, Inc | 5.125 | % | 09/15/40 | $ | 420,338 | |||||||||
| 200,000 | Boardwalk Pipelines LP | 5.750 | 09/15/19 | 211,016 | ||||||||||||
| 200,000 | Boardwalk Pipelines LP | 3.375 | 02/01/23 | 173,513 | ||||||||||||
| 200,000 | BP Capital Markets plc | 1.846 | 05/05/17 | 201,719 | ||||||||||||
| 1,350,000 | BP Capital Markets plc | 1.375 | 11/06/17 | 1,347,974 | ||||||||||||
| 500,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 496,488 | ||||||||||||
| 300,000 | BP Capital Markets plc | 2.241 | 09/26/18 | 304,209 | ||||||||||||
| 500,000 | BP Capital Markets plc | 2.237 | 05/10/19 | 503,724 | ||||||||||||
| 1,250,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 1,254,727 | ||||||||||||
| 300,000 | BP Capital Markets plc | 4.500 | 10/01/20 | 330,315 | ||||||||||||
| 150,000 | BP Capital Markets plc | 4.742 | 03/11/21 | 166,062 | ||||||||||||
| 650,000 | BP Capital Markets plc | 3.561 | 11/01/21 | 681,218 | ||||||||||||
| 200,000 | BP Capital Markets plc | 3.245 | 05/06/22 | 201,310 | ||||||||||||
| 850,000 | BP Capital Markets plc | 2.500 | 11/06/22 | 810,451 | ||||||||||||
| 300,000 | BP Capital Markets plc | 3.994 | 09/26/23 | 311,382 | ||||||||||||
| 500,000 | BP Capital Markets plc | 3.814 | 02/10/24 | 510,795 | ||||||||||||
| 300,000 | BP Capital Markets plc | 3.535 | 11/04/24 | 297,789 | ||||||||||||
| 500,000 | BP Capital Markets plc | 3.506 | 03/17/25 | 494,357 | ||||||||||||
| 200,000 | Buckeye Partners LP | 2.650 | 11/15/18 | 198,001 | ||||||||||||
| 200,000 | Buckeye Partners LP | 4.875 | 02/01/21 | 204,289 | ||||||||||||
| 200,000 | Buckeye Partners LP | 4.350 | 10/15/24 | 187,453 | ||||||||||||
| 200,000 | Buckeye Partners LP | 5.850 | 11/15/43 | 183,095 | ||||||||||||
| 100,000 | Buckeye Partners LP | 5.600 | 10/15/44 | 89,128 | ||||||||||||
| 575,000 | Burlington Resources Finance Co | 7.200 | 08/15/31 | 733,637 | ||||||||||||
| 200,000 | Burlington Resources Finance Co | 7.400 | 12/01/31 | 259,983 | ||||||||||||
| 200,000 | Cameron International Corp | 1.150 | 12/15/16 | 199,362 | ||||||||||||
| 100,000 | Cameron International Corp | 6.375 | 07/15/18 | 110,112 | ||||||||||||
| 150,000 | Cameron International Corp | 3.600 | 04/30/22 | 151,222 | ||||||||||||
| 500,000 | Cameron International Corp | 4.000 | 12/15/23 | 513,403 | ||||||||||||
| 100,000 | Cameron International Corp | 5.950 | 06/01/41 | 110,424 | ||||||||||||
| 200,000 | Cameron International Corp | 5.125 | 12/15/43 | 201,959 | ||||||||||||
| 600,000 | Canadian Natural Resources Ltd | 5.700 | 05/15/17 | 633,189 | ||||||||||||
| 300,000 | Canadian Natural Resources Ltd | 1.750 | 01/15/18 | 296,562 | ||||||||||||
| 100,000 | Canadian Natural Resources Ltd | 3.800 | 04/15/24 | 92,511 | ||||||||||||
| 700,000 | Canadian Natural Resources Ltd | 3.900 | 02/01/25 | 643,926 | ||||||||||||
| 850,000 | Canadian Natural Resources Ltd | 6.250 | 03/15/38 | 846,636 | ||||||||||||
| 340,000 | Cenovus Energy, Inc | 5.700 | 10/15/19 | 370,862 | ||||||||||||
| 625,000 | Cenovus Energy, Inc | 3.000 | 08/15/22 | 570,022 | ||||||||||||
| 200,000 | Cenovus Energy, Inc | 4.450 | 09/15/42 | 158,551 | ||||||||||||
| 400,000 | Cenovus Energy, Inc | 5.200 | 09/15/43 | 349,166 | ||||||||||||
| 100,000 | Chevron Corp | 0.889 | 06/24/16 | 100,357 | ||||||||||||
| 300,000 | Chevron Corp | 1.345 | 11/15/17 | 301,039 | ||||||||||||
| 500,000 | Chevron Corp | 1.104 | 12/05/17 | 497,996 | ||||||||||||
| 400,000 | Chevron Corp | 1.365 | 03/02/18 | 400,319 | ||||||||||||
| 750,000 | Chevron Corp | 1.718 | 06/24/18 | 755,872 | ||||||||||||
| 200,000 | Chevron Corp | 4.950 | 03/03/19 | 221,524 | ||||||||||||
| 1,000,000 | Chevron Corp | 2.193 | 11/15/19 | 1,010,857 | ||||||||||||
| 400,000 | Chevron Corp | 1.961 | 03/03/20 | 398,348 | ||||||||||||
| 750,000 | Chevron Corp | 2.427 | 06/24/20 | 759,908 | ||||||||||||
| 400,000 | Chevron Corp | 2.411 | 03/03/22 | 391,586 | ||||||||||||
| 650,000 | Chevron Corp | 2.355 | 12/05/22 | 628,798 | ||||||||||||
| 250,000 | Chevron Corp | 3.191 | 06/24/23 | 253,441 | ||||||||||||
| 53 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Cimarex Energy Co | 4.375 | % | 06/01/24 | $ | 486,996 | |||||||||
| 300,000 | g | Columbia Pipeline Group, Inc | 2.450 | 06/01/18 | 300,601 | |||||||||||
| 300,000 | g | Columbia Pipeline Group, Inc | 3.300 | 06/01/20 | 300,915 | |||||||||||
| 300,000 | g | Columbia Pipeline Group, Inc | 4.500 | 06/01/25 | 291,332 | |||||||||||
| 300,000 | g | Columbia Pipeline Group, Inc | 5.800 | 06/01/45 | 286,609 | |||||||||||
| 1,500,000 | ConocoPhillips Co | 1.050 | 12/15/17 | 1,487,997 | ||||||||||||
| 300,000 | ConocoPhillips Co | 1.500 | 05/15/18 | 299,744 | ||||||||||||
| 600,000 | ConocoPhillips Co | 5.750 | 02/01/19 | 674,097 | ||||||||||||
| 300,000 | ConocoPhillips Co | 2.200 | 05/15/20 | 300,035 | ||||||||||||
| 300,000 | ConocoPhillips Co | 2.875 | 11/15/21 | 298,740 | ||||||||||||
| 600,000 | ConocoPhillips Co | 2.400 | 12/15/22 | 565,649 | ||||||||||||
| 300,000 | ConocoPhillips Co | 3.350 | 11/15/24 | 293,196 | ||||||||||||
| 300,000 | ConocoPhillips Co | 4.150 | 11/15/34 | 284,917 | ||||||||||||
| 250,000 | ConocoPhillips Co | 5.900 | 05/15/38 | 285,501 | ||||||||||||
| 1,035,000 | ConocoPhillips Co | 6.500 | 02/01/39 | 1,250,108 | ||||||||||||
| 300,000 | ConocoPhillips Co | 4.300 | 11/15/44 | 284,186 | ||||||||||||
| 500,000 | ConocoPhillips Holding Co | 6.950 | 04/15/29 | 619,811 | ||||||||||||
| 1,000,000 | Continental Resources, Inc | 4.500 | 04/15/23 | 858,750 | ||||||||||||
| 750,000 | Continental Resources, Inc | 3.800 | 06/01/24 | 608,547 | ||||||||||||
| 100,000 | Continental Resources, Inc | 4.900 | 06/01/44 | 71,526 | ||||||||||||
| 850,000 | Devon Energy Corp | 6.300 | 01/15/19 | 951,614 | ||||||||||||
| 525,000 | Devon Energy Corp | 3.250 | 05/15/22 | 503,477 | ||||||||||||
| 600,000 | Devon Energy Corp | 7.950 | 04/15/32 | 737,761 | ||||||||||||
| 700,000 | Devon Energy Corp | 4.750 | 05/15/42 | 619,171 | ||||||||||||
| 300,000 | Devon Energy Corp | 5.000 | 06/15/45 | 271,954 | ||||||||||||
| 300,000 | Diamond Offshore Drilling, Inc | 5.875 | 05/01/19 | 312,000 | ||||||||||||
| 200,000 | Diamond Offshore Drilling, Inc | 3.450 | 11/01/23 | 172,916 | ||||||||||||
| 100,000 | Diamond Offshore Drilling, Inc | 5.700 | 10/15/39 | 72,478 | ||||||||||||
| 175,000 | Diamond Offshore Drilling, Inc | 4.875 | 11/01/43 | 114,557 | ||||||||||||
| 300,000 | Ecopetrol S.A. | 4.250 | 09/18/18 | 303,000 | ||||||||||||
| 550,000 | Ecopetrol S.A. | 7.625 | 07/23/19 | 603,460 | ||||||||||||
| 500,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 481,250 | ||||||||||||
| 1,000,000 | Ecopetrol S.A. | 4.125 | 01/16/25 | 842,500 | ||||||||||||
| 400,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 349,000 | ||||||||||||
| 200,000 | Ecopetrol S.A. | 7.375 | 09/18/43 | 183,000 | ||||||||||||
| 300,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 226,500 | ||||||||||||
| 300,000 | El Paso Pipeline Partners Operating Co LLC | 4.300 | 05/01/24 | 273,981 | ||||||||||||
| 400,000 | El Paso Pipeline Partners Operating Co LLC | 4.700 | 11/01/42 | 301,486 | ||||||||||||
| 495,000 | Enbridge Energy Partners LP | 5.200 | 03/15/20 | 530,643 | ||||||||||||
| 300,000 | Enbridge Energy Partners LP | 5.500 | 09/15/40 | 269,946 | ||||||||||||
| 300,000 | EnCana Corp | 3.900 | 11/15/21 | 276,410 | ||||||||||||
| 220,000 | EnCana Corp | 6.500 | 05/15/19 | 241,263 | ||||||||||||
| 515,000 | EnCana Corp | 6.625 | 08/15/37 | 461,886 | ||||||||||||
| 400,000 | EnCana Corp | 5.150 | 11/15/41 | 312,656 | ||||||||||||
| 1,200,000 | Ensco plc | 4.700 | 03/15/21 | 1,022,503 | ||||||||||||
| 200,000 | Ensco plc | 5.200 | 03/15/25 | 152,271 | ||||||||||||
| 400,000 | Ensco plc | 5.750 | 10/01/44 | 276,834 | ||||||||||||
| 735,000 | Enterprise Products Operating LLC | 6.300 | 09/15/17 | 797,681 | ||||||||||||
| 300,000 | Enterprise Products Operating LLC | 1.650 | 05/07/18 | 297,974 | ||||||||||||
| 130,000 | Enterprise Products Operating LLC | 6.500 | 01/31/19 | 145,809 | ||||||||||||
| 600,000 | Enterprise Products Operating LLC | 5.200 | 09/01/20 | 659,831 | ||||||||||||
| 400,000 | Enterprise Products Operating LLC | 4.050 | 02/15/22 | 407,954 | ||||||||||||
| 54 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,100,000 | Enterprise Products Operating LLC | 3.350 | % | 03/15/23 | $ | 1,063,593 | |||||||||
| 800,000 | Enterprise Products Operating LLC | 3.900 | 02/15/24 | 785,734 | ||||||||||||
| 300,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 283,611 | ||||||||||||
| 480,000 | Enterprise Products Operating LLC | 6.125 | 10/15/39 | 505,315 | ||||||||||||
| 300,000 | Enterprise Products Operating LLC | 4.850 | 08/15/42 | 264,443 | ||||||||||||
| 100,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 85,250 | ||||||||||||
| 1,000,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 891,955 | ||||||||||||
| 500,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 456,638 | ||||||||||||
| 300,000 | Enterprise Products Operating LLC | 4.900 | 05/15/46 | 269,409 | ||||||||||||
| 200,000 | Enterprise Products Operating LLC | 4.950 | 10/15/54 | 171,702 | ||||||||||||
| 700,000 | EOG Resources, Inc | 2.450 | 04/01/20 | 706,639 | ||||||||||||
| 440,000 | EOG Resources, Inc | 4.100 | 02/01/21 | 470,837 | ||||||||||||
| 600,000 | EOG Resources, Inc | 2.625 | 03/15/23 | 581,751 | ||||||||||||
| 200,000 | EOG Resources, Inc | 3.900 | 04/01/35 | 189,080 | ||||||||||||
| 50,000 | EQT Corp | 6.500 | 04/01/18 | 54,080 | ||||||||||||
| 550,000 | EQT Corp | 8.125 | 06/01/19 | 646,254 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 0.921 | 03/15/17 | 501,302 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 1.305 | 03/06/18 | 501,106 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 1.819 | 03/15/19 | 504,214 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 1.912 | 03/06/20 | 503,151 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 2.397 | 03/06/22 | 497,944 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 3.176 | 03/15/24 | 513,987 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 2.709 | 03/06/25 | 490,255 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 3.567 | 03/06/45 | 472,389 | ||||||||||||
| 200,000 | Gulf South Pipeline Co LP | 4.000 | 06/15/22 | 188,357 | ||||||||||||
| 400,000 | Halliburton Co | 2.000 | 08/01/18 | 402,642 | ||||||||||||
| 400,000 | Halliburton Co | 6.150 | 09/15/19 | 455,982 | ||||||||||||
| 300,000 | Halliburton Co | 3.500 | 08/01/23 | 300,826 | ||||||||||||
| 400,000 | Halliburton Co | 7.450 | 09/15/39 | 534,124 | ||||||||||||
| 250,000 | Halliburton Co | 4.500 | 11/15/41 | 239,309 | ||||||||||||
| 600,000 | Halliburton Co | 4.750 | 08/01/43 | 596,103 | ||||||||||||
| 200,000 | Helmerich & Payne International Drilling Co | 4.650 | 03/15/25 | 199,178 | ||||||||||||
| 200,000 | Hess Corp | 1.300 | 06/15/17 | 198,346 | ||||||||||||
| 425,000 | Hess Corp | 8.125 | 02/15/19 | 496,367 | ||||||||||||
| 200,000 | Hess Corp | 3.500 | 07/15/24 | 185,218 | ||||||||||||
| 200,000 | Hess Corp | 7.875 | 10/01/29 | 236,719 | ||||||||||||
| 940,000 | Hess Corp | 5.600 | 02/15/41 | 877,309 | ||||||||||||
| 30,000 | Husky Energy, Inc | 7.250 | 12/15/19 | 34,329 | ||||||||||||
| 200,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 193,215 | ||||||||||||
| 500,000 | Husky Energy, Inc | 4.000 | 04/15/24 | 472,007 | ||||||||||||
| 130,000 | Husky Energy, Inc | 6.800 | 09/15/37 | 141,280 | ||||||||||||
| 200,000 | Magellan Midstream Partners LP | 6.550 | 07/15/19 | 228,047 | ||||||||||||
| 125,000 | Magellan Midstream Partners LP | 4.250 | 02/01/21 | 129,953 | ||||||||||||
| 200,000 | Magellan Midstream Partners LP | 3.200 | 03/15/25 | 185,854 | ||||||||||||
| 500,000 | Magellan Midstream Partners LP | 4.200 | 12/01/42 | 413,865 | ||||||||||||
| 200,000 | Marathon Oil Corp | 0.900 | 11/01/15 | 199,956 | ||||||||||||
| 400,000 | Marathon Oil Corp | 6.000 | 10/01/17 | 430,029 | ||||||||||||
| 650,000 | Marathon Oil Corp | 2.800 | 11/01/22 | 581,930 | ||||||||||||
| 300,000 | Marathon Oil Corp | 3.850 | 06/01/25 | 267,059 | ||||||||||||
| 255,000 | Marathon Oil Corp | 6.600 | 10/01/37 | 255,633 | ||||||||||||
| 200,000 | Marathon Oil Corp | 5.200 | 06/01/45 | 168,777 | ||||||||||||
| 200,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 202,030 | ||||||||||||
| 55 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 250,000 | Marathon Petroleum Corp | 5.125 | % | 03/01/21 | $ | 272,439 | |||||||||
| 100,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 96,680 | ||||||||||||
| 350,000 | Marathon Petroleum Corp | 6.500 | 03/01/41 | 371,774 | ||||||||||||
| 250,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 222,327 | ||||||||||||
| 200,000 | Marathon Petroleum Corp | 5.000 | 09/15/54 | 174,877 | ||||||||||||
| 125,000 | Murphy Oil Corp | 2.500 | 12/01/17 | 122,046 | ||||||||||||
| 200,000 | Murphy Oil Corp | 4.000 | 06/01/22 | 173,049 | ||||||||||||
| 200,000 | Murphy Oil Corp | 3.700 | 12/01/22 | 166,277 | ||||||||||||
| 200,000 | Murphy Oil Corp | 5.125 | 12/01/42 | 147,642 | ||||||||||||
| 200,000 | Nabors Industries, Inc | 2.350 | 09/15/16 | 197,609 | ||||||||||||
| 125,000 | Nabors Industries, Inc | 6.150 | 02/15/18 | 131,658 | ||||||||||||
| 350,000 | Nabors Industries, Inc | 4.625 | 09/15/21 | 317,727 | ||||||||||||
| 100,000 | Nabors Industries, Inc | 5.100 | 09/15/23 | 88,275 | ||||||||||||
| 100,000 | National Oilwell Varco, Inc | 1.350 | 12/01/17 | 99,345 | ||||||||||||
| 300,000 | National Oilwell Varco, Inc | 2.600 | 12/01/22 | 279,563 | ||||||||||||
| 300,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 249,161 | ||||||||||||
| 935,000 | Nexen, Inc | 6.400 | 05/15/37 | 1,099,691 | ||||||||||||
| 150,000 | Noble Energy, Inc | 8.250 | 03/01/19 | 175,563 | ||||||||||||
| 750,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 697,784 | ||||||||||||
| 700,000 | Noble Energy, Inc | 6.000 | 03/01/41 | 663,903 | ||||||||||||
| 300,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 266,690 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 2.500 | 03/15/17 | 92,997 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 4.000 | 03/16/18 | 94,723 | ||||||||||||
| 305,000 | Noble Holding International Ltd | 4.900 | 08/01/20 | 253,455 | ||||||||||||
| 200,000 | Noble Holding International Ltd | 5.950 | 04/01/25 | 156,584 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 6.200 | 08/01/40 | 64,852 | ||||||||||||
| 400,000 | Noble Holding International Ltd | 5.250 | 03/15/42 | 255,713 | ||||||||||||
| 950,000 | Occidental Petroleum Corp | 1.750 | 02/15/17 | 958,243 | ||||||||||||
| 250,000 | Occidental Petroleum Corp | 1.500 | 02/15/18 | 249,463 | ||||||||||||
| 250,000 | Occidental Petroleum Corp | 3.125 | 02/15/22 | 252,054 | ||||||||||||
| 550,000 | Occidental Petroleum Corp | 2.700 | 02/15/23 | 531,439 | ||||||||||||
| 250,000 | Occidental Petroleum Corp | 3.500 | 06/15/25 | 249,392 | ||||||||||||
| 300,000 | Occidental Petroleum Corp | 4.625 | 06/15/45 | 302,225 | ||||||||||||
| 200,000 | Oceaneering International, Inc | 4.650 | 11/15/24 | 190,354 | ||||||||||||
| 300,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 300,205 | ||||||||||||
| 100,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 103,428 | ||||||||||||
| 100,000 | ONE Gas, Inc | 4.658 | 02/01/44 | 104,963 | ||||||||||||
| 406,000 | Panhandle Eastern Pipeline Co LP | 7.000 | 06/15/18 | 453,334 | ||||||||||||
| 785,000 | Pemex Project Funding Master Trust | 5.750 | 03/01/18 | 830,295 | ||||||||||||
| 75,000 | Petro-Canada | 6.800 | 05/15/38 | 92,204 | ||||||||||||
| 400,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 404,400 | ||||||||||||
| 200,000 | Petroleos Mexicanos | 3.125 | 01/23/19 | 195,750 | ||||||||||||
| 980,000 | Petroleos Mexicanos | 8.000 | 05/03/19 | 1,107,400 | ||||||||||||
| 775,000 | Petroleos Mexicanos | 6.000 | 03/05/20 | 829,948 | ||||||||||||
| 500,000 | g | Petroleos Mexicanos | 3.500 | 07/23/20 | 484,688 | |||||||||||
| 800,000 | Petroleos Mexicanos | 5.500 | 01/21/21 | 839,200 | ||||||||||||
| 240,000 | Petroleos Mexicanos | 4.875 | 01/24/22 | 238,500 | ||||||||||||
| 225,000 | Petroleos Mexicanos | 1.700 | 12/20/22 | 224,733 | ||||||||||||
| 225,000 | Petroleos Mexicanos | 2.000 | 12/20/22 | 227,149 | ||||||||||||
| 400,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 360,000 | ||||||||||||
| 1,500,000 | Petroleos Mexicanos | 4.875 | 01/18/24 | 1,451,850 | ||||||||||||
| 950,000 | g | Petroleos Mexicanos | 4.500 | 01/23/26 | 875,805 | |||||||||||
| 56 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,040,000 | Petroleos Mexicanos | 6.500 | % | 06/02/41 | $ | 957,840 | |||||||||
| 1,775,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 1,424,438 | ||||||||||||
| 915,000 | g | Petroleos Mexicanos | 5.500 | 06/27/44 | 734,288 | |||||||||||
| 575,000 | Petroleos Mexicanos | 6.375 | 01/23/45 | 516,580 | ||||||||||||
| 1,000,000 | g | Petroleos Mexicanos | 5.625 | 01/23/46 | 818,800 | |||||||||||
| 900,000 | Phillips 66 | 2.950 | 05/01/17 | 920,738 | ||||||||||||
| 650,000 | Phillips 66 | 4.300 | 04/01/22 | 681,284 | ||||||||||||
| 200,000 | Phillips 66 | 4.650 | 11/15/34 | 194,781 | ||||||||||||
| 400,000 | Phillips 66 | 5.875 | 05/01/42 | 433,178 | ||||||||||||
| 400,000 | Phillips 66 | 4.875 | 11/15/44 | 385,700 | ||||||||||||
| 500,000 | Pioneer Natural Resources Co | 6.650 | 03/15/17 | 529,521 | ||||||||||||
| 375,000 | Pioneer Natural Resources Co | 3.950 | 07/15/22 | 370,935 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 6.125 | 01/15/17 | 209,864 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 2.600 | 12/15/19 | 197,600 | ||||||||||||
| 700,000 | Plains All American Pipeline LP | 5.000 | 02/01/21 | 745,753 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 2.850 | 01/31/23 | 183,540 | ||||||||||||
| 400,000 | Plains All American Pipeline LP | 3.850 | 10/15/23 | 387,258 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 187,265 | ||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.650 | 10/15/25 | 301,237 | ||||||||||||
| 100,000 | Plains All American Pipeline LP | 6.650 | 01/15/37 | 106,172 | ||||||||||||
| 250,000 | Plains All American Pipeline LP | 5.150 | 06/01/42 | 231,667 | ||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.700 | 06/15/44 | 263,574 | ||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.900 | 02/15/45 | 268,076 | ||||||||||||
| 325,000 | Plains Exploration & Production Co | 6.875 | 02/15/23 | 287,544 | ||||||||||||
| 100,000 | Rowan Cos, Inc | 5.000 | 09/01/17 | 98,063 | ||||||||||||
| 300,000 | Rowan Cos, Inc | 7.875 | 08/01/19 | 297,550 | ||||||||||||
| 250,000 | Rowan Cos, Inc | 4.875 | 06/01/22 | 186,371 | ||||||||||||
| 200,000 | Rowan Cos, Inc | 4.750 | 01/15/24 | 146,557 | ||||||||||||
| 100,000 | Rowan Cos, Inc | 5.400 | 12/01/42 | 59,311 | ||||||||||||
| 200,000 | Rowan Cos, Inc | 5.850 | 01/15/44 | 125,019 | ||||||||||||
| 750,000 | Schlumberger Investment S.A. | 3.650 | 12/01/23 | 773,669 | ||||||||||||
| 500,000 | SESI LLC | 7.125 | 12/15/21 | 490,625 | ||||||||||||
| 300,000 | Shell International Finance BV | 0.900 | 11/15/16 | 300,670 | ||||||||||||
| 200,000 | Shell International Finance BV | 1.125 | 08/21/17 | 200,220 | ||||||||||||
| 500,000 | Shell International Finance BV | 2.000 | 11/15/18 | 505,913 | ||||||||||||
| 805,000 | Shell International Finance BV | 4.300 | 09/22/19 | 876,610 | ||||||||||||
| 1,130,000 | Shell International Finance BV | 4.375 | 03/25/20 | 1,240,598 | ||||||||||||
| 500,000 | Shell International Finance BV | 2.125 | 05/11/20 | 500,553 | ||||||||||||
| 200,000 | Shell International Finance BV | 2.375 | 08/21/22 | 193,025 | ||||||||||||
| 500,000 | Shell International Finance BV | 2.250 | 01/06/23 | 477,596 | ||||||||||||
| 500,000 | Shell International Finance BV | 3.400 | 08/12/23 | 511,088 | ||||||||||||
| 1,300,000 | Shell International Finance BV | 3.250 | 05/11/25 | 1,286,069 | ||||||||||||
| 500,000 | Shell International Finance BV | 4.125 | 05/11/35 | 486,639 | ||||||||||||
| 421,000 | Shell International Finance BV | 6.375 | 12/15/38 | 525,482 | ||||||||||||
| 200,000 | Shell International Finance BV | 3.625 | 08/21/42 | 176,612 | ||||||||||||
| 1,000,000 | Shell International Finance BV | 4.550 | 08/12/43 | 1,006,852 | ||||||||||||
| 1,000,000 | Shell International Finance BV | 4.375 | 05/11/45 | 984,638 | ||||||||||||
| 125,000 | Southwestern Energy Co | 3.300 | 01/23/18 | 122,825 | ||||||||||||
| 200,000 | Southwestern Energy Co | 7.500 | 02/01/18 | 213,533 | ||||||||||||
| 175,000 | Southwestern Energy Co | 4.050 | 01/23/20 | 174,011 | ||||||||||||
| 325,000 | Southwestern Energy Co | 4.100 | 03/15/22 | 294,081 | ||||||||||||
| 250,000 | Southwestern Energy Co | 4.950 | 01/23/25 | 222,490 | ||||||||||||
| 57 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 350,000 | Statoil ASA | 3.125 | % | 08/17/17 | $ | 362,443 | |||||||||
| 500,000 | Statoil ASA | 1.250 | 11/09/17 | 498,617 | ||||||||||||
| 375,000 | Statoil ASA | 1.200 | 01/17/18 | 373,088 | ||||||||||||
| 300,000 | Statoil ASA | 1.150 | 05/15/18 | 297,695 | ||||||||||||
| 300,000 | Statoil ASA | 1.950 | 11/08/18 | 301,900 | ||||||||||||
| 450,000 | Statoil ASA | 5.250 | 04/15/19 | 500,004 | ||||||||||||
| 500,000 | Statoil ASA | 2.250 | 11/08/19 | 504,416 | ||||||||||||
| 300,000 | Statoil ASA | 2.900 | 11/08/20 | 309,372 | ||||||||||||
| 500,000 | Statoil ASA | 2.750 | 11/10/21 | 500,880 | ||||||||||||
| 250,000 | Statoil ASA | 3.150 | 01/23/22 | 253,078 | ||||||||||||
| 375,000 | Statoil ASA | 2.450 | 01/17/23 | 357,623 | ||||||||||||
| 300,000 | Statoil ASA | 2.650 | 01/15/24 | 286,724 | ||||||||||||
| 300,000 | Statoil ASA | 3.700 | 03/01/24 | 308,427 | ||||||||||||
| 500,000 | Statoil ASA | 3.250 | 11/10/24 | 494,779 | ||||||||||||
| 200,000 | Statoil ASA | 5.100 | 08/17/40 | 220,436 | ||||||||||||
| 400,000 | Statoil ASA | 4.250 | 11/23/41 | 394,489 | ||||||||||||
| 300,000 | Statoil ASA | 3.950 | 05/15/43 | 280,255 | ||||||||||||
| 1,300,000 | Statoil ASA | 4.800 | 11/08/43 | 1,384,512 | ||||||||||||
| 550,000 | Suncor Energy, Inc | 6.100 | 06/01/18 | 608,116 | ||||||||||||
| 750,000 | Suncor Energy, Inc | 3.600 | 12/01/24 | 743,880 | ||||||||||||
| 1,400,000 | Suncor Energy, Inc | 6.500 | 06/15/38 | 1,678,148 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 3.450 | 01/15/23 | 260,889 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 4.250 | 04/01/24 | 272,973 | ||||||||||||
| 100,000 | Sunoco Logistics Partners Operations LP | 6.100 | 02/15/42 | 89,687 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 5.300 | 04/01/44 | 242,764 | ||||||||||||
| 200,000 | Sunoco Logistics Partners Operations LP | 5.350 | 05/15/45 | 162,613 | ||||||||||||
| 25,000 | Talisman Energy, Inc | 7.750 | 06/01/19 | 28,086 | ||||||||||||
| 450,000 | Talisman Energy, Inc | 3.750 | 02/01/21 | 424,411 | ||||||||||||
| 300,000 | Talisman Energy, Inc | 5.850 | 02/01/37 | 249,680 | ||||||||||||
| 200,000 | Talisman Energy, Inc | 5.500 | 05/15/42 | 154,573 | ||||||||||||
| 200,000 | Total Capital Canada Ltd | 1.450 | 01/15/18 | 200,368 | ||||||||||||
| 300,000 | Total Capital Canada Ltd | 2.750 | 07/15/23 | 288,014 | ||||||||||||
| 750,000 | Total Capital International S.A. | 1.000 | 08/12/16 | 752,604 | ||||||||||||
| 300,000 | Total Capital International S.A. | 2.125 | 01/10/19 | 305,379 | ||||||||||||
| 500,000 | Total Capital International S.A. | 2.100 | 06/19/19 | 505,319 | ||||||||||||
| 300,000 | Total Capital International S.A. | 2.750 | 06/19/21 | 304,813 | ||||||||||||
| 1,000,000 | Total Capital International S.A. | 2.875 | 02/17/22 | 996,661 | ||||||||||||
| 400,000 | Total Capital International S.A. | 2.700 | 01/25/23 | 389,498 | ||||||||||||
| 300,000 | Total Capital International S.A. | 3.700 | 01/15/24 | 308,752 | ||||||||||||
| 300,000 | Total Capital International S.A. | 3.750 | 04/10/24 | 309,869 | ||||||||||||
| 300,000 | TransCanada PipeLines Ltd | 1.875 | 01/12/18 | 301,376 | ||||||||||||
| 600,000 | TransCanada PipeLines Ltd | 3.800 | 10/01/20 | 635,535 | ||||||||||||
| 1,050,000 | TransCanada PipeLines Ltd | 2.500 | 08/01/22 | 987,102 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 3.750 | 10/16/23 | 199,633 | ||||||||||||
| 500,000 | TransCanada PipeLines Ltd | 4.625 | 03/01/34 | 478,845 | ||||||||||||
| 340,000 | TransCanada PipeLines Ltd | 5.850 | 03/15/36 | 367,681 | ||||||||||||
| 469,000 | TransCanada PipeLines Ltd | 7.625 | 01/15/39 | 599,688 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 6.100 | 06/01/40 | 218,399 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 5.000 | 10/16/43 | 194,751 | ||||||||||||
| 300,000 | i | TransCanada PipeLines Ltd | 6.350 | 05/15/67 | 253,125 | |||||||||||
| 165,000 | Vale Overseas Ltd | 6.250 | 01/23/17 | 167,947 | ||||||||||||
| 1,045,000 | Vale Overseas Ltd | 4.625 | 09/15/20 | 998,445 | ||||||||||||
| 58 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,542,000 | Vale Overseas Ltd | 4.375 | % | 01/11/22 | $ | 1,364,254 | |||||||||
| 150,000 | Vale Overseas Ltd | 8.250 | 01/17/34 | 136,521 | ||||||||||||
| 1,164,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 924,216 | ||||||||||||
| 680,000 | Valero Energy Corp | 6.125 | 02/01/20 | 771,089 | ||||||||||||
| 400,000 | Valero Energy Corp | 3.650 | 03/15/25 | 384,328 | ||||||||||||
| 330,000 | Valero Energy Corp | 7.500 | 04/15/32 | 391,084 | ||||||||||||
| 500,000 | Valero Energy Corp | 6.625 | 06/15/37 | 549,478 | ||||||||||||
| 300,000 | Valero Energy Corp | 4.900 | 03/15/45 | 267,213 | ||||||||||||
| 840,000 | Weatherford Bermuda Holdings Ltd | 5.125 | 09/15/20 | 739,183 | ||||||||||||
| 60,000 | Weatherford Bermuda Holdings Ltd | 6.750 | 09/15/40 | 45,839 | ||||||||||||
| 350,000 | Weatherford International Ltd | 9.625 | 03/01/19 | 374,984 | ||||||||||||
| 700,000 | Weatherford International Ltd | 4.500 | 04/15/22 | 566,322 | ||||||||||||
| 500,000 | Weatherford International Ltd | 5.950 | 04/15/42 | 359,969 | ||||||||||||
| 300,000 | XTO Energy, Inc | 6.250 | 08/01/17 | 328,095 | ||||||||||||
| TOTAL ENERGY | 143,115,359 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.3% | ||||||||||||||||
| 200,000 | CVS Health Corp | 1.200 | 12/05/16 | 200,443 | ||||||||||||
| 68,000 | CVS Health Corp | 5.750 | 06/01/17 | 72,981 | ||||||||||||
| 1,000,000 | CVS Health Corp | 1.900 | 07/20/18 | 1,006,741 | ||||||||||||
| 300,000 | CVS Health Corp | 2.250 | 12/05/18 | 304,385 | ||||||||||||
| 750,000 | CVS Health Corp | 2.250 | 08/12/19 | 758,130 | ||||||||||||
| 185,000 | CVS Health Corp | 4.750 | 05/18/20 | 201,958 | ||||||||||||
| 1,000,000 | CVS Health Corp | 2.800 | 07/20/20 | 1,016,076 | ||||||||||||
| 500,000 | CVS Health Corp | 4.125 | 05/15/21 | 535,254 | ||||||||||||
| 500,000 | CVS Health Corp | 3.500 | 07/20/22 | 516,017 | ||||||||||||
| 500,000 | CVS Health Corp | 2.750 | 12/01/22 | 491,951 | ||||||||||||
| 250,000 | CVS Health Corp | 4.000 | 12/05/23 | 264,961 | ||||||||||||
| 900,000 | CVS Health Corp | 3.375 | 08/12/24 | 904,683 | ||||||||||||
| 925,000 | CVS Health Corp | 3.875 | 07/20/25 | 953,899 | ||||||||||||
| 400,000 | CVS Health Corp | 4.875 | 07/20/35 | 419,907 | ||||||||||||
| 400,000 | CVS Health Corp | 5.300 | 12/05/43 | 441,583 | ||||||||||||
| 1,000,000 | CVS Health Corp | 5.125 | 07/20/45 | 1,076,129 | ||||||||||||
| 235,000 | Delhaize Group S.A. | 5.700 | 10/01/40 | 248,664 | ||||||||||||
| 700,000 | Kroger Co | 6.400 | 08/15/17 | 762,346 | ||||||||||||
| 55,000 | Kroger Co | 6.800 | 12/15/18 | 62,903 | ||||||||||||
| 445,000 | Kroger Co | 6.150 | 01/15/20 | 510,050 | ||||||||||||
| 200,000 | Kroger Co | 2.950 | 11/01/21 | 200,447 | ||||||||||||
| 200,000 | Kroger Co | 3.400 | 04/15/22 | 203,898 | ||||||||||||
| 200,000 | Kroger Co | 3.850 | 08/01/23 | 206,613 | ||||||||||||
| 300,000 | Kroger Co | 4.000 | 02/01/24 | 313,305 | ||||||||||||
| 100,000 | Kroger Co | 6.900 | 04/15/38 | 125,911 | ||||||||||||
| 250,000 | Kroger Co | 5.000 | 04/15/42 | 260,245 | ||||||||||||
| 300,000 | Kroger Co | 5.150 | 08/01/43 | 316,994 | ||||||||||||
| 48,000 | Safeway, Inc | 6.350 | 08/15/17 | 49,920 | ||||||||||||
| 200,000 | Starbucks Corp | 2.000 | 12/05/18 | 202,900 | ||||||||||||
| 200,000 | Starbucks Corp | 2.700 | 06/15/22 | 202,415 | ||||||||||||
| 350,000 | Starbucks Corp | 3.850 | 10/01/23 | 371,454 | ||||||||||||
| 200,000 | Starbucks Corp | 4.300 | 06/15/45 | 205,083 | ||||||||||||
| 200,000 | SYSCO Corp | 5.250 | 02/12/18 | 216,613 | ||||||||||||
| 500,000 | SYSCO Corp | 2.600 | 10/01/20 | 500,465 | ||||||||||||
| 250,000 | SYSCO Corp | 2.600 | 06/12/22 | 242,134 | ||||||||||||
| 59 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | SYSCO Corp | 5.375 | % | 09/21/35 | $ | 112,495 | |||||||||
| 300,000 | SYSCO Corp | 4.850 | 10/01/45 | 306,005 | ||||||||||||
| 25,000 | Walgreen Co | 5.250 | 01/15/19 | 27,419 | ||||||||||||
| 200,000 | Walgreen Co | 3.100 | 09/15/22 | 196,992 | ||||||||||||
| 200,000 | Walgreen Co | 4.400 | 09/15/42 | 178,067 | ||||||||||||
| 150,000 | Walgreens Boots Alliance, Inc | 1.750 | 11/17/17 | 150,556 | ||||||||||||
| 1,125,000 | Walgreens Boots Alliance, Inc | 2.700 | 11/18/19 | 1,140,254 | ||||||||||||
| 500,000 | Walgreens Boots Alliance, Inc | 3.300 | 11/18/21 | 506,637 | ||||||||||||
| 400,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 398,350 | ||||||||||||
| 400,000 | Walgreens Boots Alliance, Inc | 4.500 | 11/18/34 | 378,284 | ||||||||||||
| 400,000 | Walgreens Boots Alliance, Inc | 4.800 | 11/18/44 | 383,668 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 18,146,185 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.1% | ||||||||||||||||
| 228,000 | Altria Group, Inc | 9.250 | 08/06/19 | 284,173 | ||||||||||||
| 300,000 | Altria Group, Inc | 2.625 | 01/14/20 | 303,208 | ||||||||||||
| 1,800,000 | Altria Group, Inc | 4.750 | 05/05/21 | 1,961,455 | ||||||||||||
| 800,000 | Altria Group, Inc | 2.850 | 08/09/22 | 781,714 | ||||||||||||
| 200,000 | Altria Group, Inc | 2.950 | 05/02/23 | 194,223 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.000 | 01/31/24 | 310,802 | ||||||||||||
| 50,000 | Altria Group, Inc | 10.200 | 02/06/39 | 80,855 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.250 | 08/09/42 | 277,480 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.500 | 05/02/43 | 286,729 | ||||||||||||
| 600,000 | Altria Group, Inc | 5.375 | 01/31/44 | 652,659 | ||||||||||||
| 1,250,000 | Anheuser-Busch InBev Finance, Inc | 1.125 | 01/27/17 | 1,251,274 | ||||||||||||
| 300,000 | Anheuser-Busch InBev Finance, Inc | 1.250 | 01/17/18 | 297,429 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 2.150 | 02/01/19 | 501,396 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 2.625 | 01/17/23 | 475,388 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 3.700 | 02/01/24 | 507,082 | ||||||||||||
| 1,000,000 | Anheuser-Busch InBev Finance, Inc | 4.625 | 02/01/44 | 977,431 | ||||||||||||
| 1,390,000 | Anheuser-Busch InBev Worldwide, Inc | 5.000 | 04/15/20 | 1,538,747 | ||||||||||||
| 2,750,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 2,627,919 | ||||||||||||
| 485,000 | Anheuser-Busch InBev Worldwide, Inc | 6.375 | 01/15/40 | 575,553 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 3.750 | 07/15/42 | 434,632 | ||||||||||||
| 719,000 | Archer-Daniels-Midland Co | 5.450 | 03/15/18 | 785,562 | ||||||||||||
| 740,000 | Archer-Daniels-Midland Co | 4.016 | 04/16/43 | 714,799 | ||||||||||||
| 200,000 | Beam, Inc | 1.750 | 06/15/18 | 199,165 | ||||||||||||
| 200,000 | Beam, Inc | 3.250 | 05/15/22 | 196,992 | ||||||||||||
| 200,000 | Beam, Inc | 3.250 | 06/15/23 | 196,780 | ||||||||||||
| 450,000 | Bottling Group LLC | 5.125 | 01/15/19 | 497,315 | ||||||||||||
| 200,000 | Brown-Forman Corp | 1.000 | 01/15/18 | 195,821 | ||||||||||||
| 200,000 | Brown-Forman Corp | 2.250 | 01/15/23 | 191,625 | ||||||||||||
| 200,000 | Brown-Forman Corp | 4.500 | 07/15/45 | 209,803 | ||||||||||||
| 100,000 | Bunge Ltd | 3.200 | 06/15/17 | 101,860 | ||||||||||||
| 100,000 | Bunge Ltd | 8.500 | 06/15/19 | 119,479 | ||||||||||||
| 325,000 | Campbell Soup Co | 3.050 | 07/15/17 | 334,125 | ||||||||||||
| 100,000 | Campbell Soup Co | 4.250 | 04/15/21 | 109,087 | ||||||||||||
| 150,000 | Campbell Soup Co | 2.500 | 08/02/22 | 144,217 | ||||||||||||
| 150,000 | Campbell Soup Co | 3.800 | 08/02/42 | 131,602 | ||||||||||||
| 300,000 | Coca-Cola Co | 0.750 | 11/01/16 | 300,191 | ||||||||||||
| 500,000 | Coca-Cola Co | 1.650 | 03/14/18 | 503,505 | ||||||||||||
| 400,000 | Coca-Cola Co | 1.150 | 04/01/18 | 399,715 | ||||||||||||
| 60 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | Coca-Cola Co | 1.650 | % | 11/01/18 | $ | 302,995 | |||||||||
| 300,000 | Coca-Cola Co | 2.450 | 11/01/20 | 306,041 | ||||||||||||
| 410,000 | Coca-Cola Co | 3.150 | 11/15/20 | 429,588 | ||||||||||||
| 300,000 | Coca-Cola Co | 2.500 | 04/01/23 | 293,929 | ||||||||||||
| 1,000,000 | Coca-Cola Co | 3.200 | 11/01/23 | 1,026,865 | ||||||||||||
| 100,000 | Coca-Cola Enterprises, Inc | 3.500 | 09/15/20 | 105,189 | ||||||||||||
| 100,000 | Coca-Cola Enterprises, Inc | 3.250 | 08/19/21 | 102,597 | ||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 2.375 | 11/26/18 | 201,480 | ||||||||||||
| 100,000 | Coca-Cola Femsa SAB de C.V. | 4.625 | 02/15/20 | 108,130 | ||||||||||||
| 500,000 | Coca-Cola Femsa SAB de C.V. | 3.875 | 11/26/23 | 516,460 | ||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 5.250 | 11/26/43 | 218,928 | ||||||||||||
| 1,100,000 | ConAgra Foods, Inc | 1.900 | 01/25/18 | 1,094,621 | ||||||||||||
| 255,000 | ConAgra Foods, Inc | 7.000 | 04/15/19 | 293,304 | ||||||||||||
| 200,000 | ConAgra Foods, Inc | 3.250 | 09/15/22 | 194,767 | ||||||||||||
| 91,000 | ConAgra Foods, Inc | 3.200 | 01/25/23 | 87,154 | ||||||||||||
| 100,000 | ConAgra Foods, Inc | 7.000 | 10/01/28 | 120,906 | ||||||||||||
| 100,000 | ConAgra Foods, Inc | 6.625 | 08/15/39 | 109,791 | ||||||||||||
| 297,000 | ConAgra Foods, Inc | 4.650 | 01/25/43 | 270,550 | ||||||||||||
| 100,000 | Corn Products International, Inc | 4.625 | 11/01/20 | 107,014 | ||||||||||||
| 500,000 | Diageo Capital plc | 1.500 | 05/11/17 | 501,413 | ||||||||||||
| 325,000 | Diageo Capital plc | 5.750 | 10/23/17 | 352,897 | ||||||||||||
| 500,000 | Diageo Capital plc | 1.125 | 04/29/18 | 496,981 | ||||||||||||
| 200,000 | Diageo Capital plc | 5.875 | 09/30/36 | 236,504 | ||||||||||||
| 400,000 | Diageo Capital plc | 3.875 | 04/29/43 | 369,202 | ||||||||||||
| 350,000 | Dr Pepper Snapple Group, Inc | 2.600 | 01/15/19 | 355,067 | ||||||||||||
| 150,000 | Dr Pepper Snapple Group, Inc | 2.000 | 01/15/20 | 147,608 | ||||||||||||
| 150,000 | Dr Pepper Snapple Group, Inc | 2.700 | 11/15/22 | 145,770 | ||||||||||||
| 150,000 | Flowers Foods, Inc | 4.375 | 04/01/22 | 158,679 | ||||||||||||
| 200,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 187,152 | ||||||||||||
| 300,000 | Fomento Economico Mexicano SAB de C.V. | 4.375 | 05/10/43 | 268,749 | ||||||||||||
| 500,000 | General Mills, Inc | 1.400 | 10/20/17 | 500,172 | ||||||||||||
| 210,000 | General Mills, Inc | 5.650 | 02/15/19 | 233,644 | ||||||||||||
| 175,000 | General Mills, Inc | 2.200 | 10/21/19 | 176,674 | ||||||||||||
| 200,000 | General Mills, Inc | 3.150 | 12/15/21 | 203,876 | ||||||||||||
| 500,000 | General Mills, Inc | 3.650 | 02/15/24 | 516,078 | ||||||||||||
| 150,000 | General Mills, Inc | 5.400 | 06/15/40 | 167,907 | ||||||||||||
| 100,000 | General Mills, Inc | 4.150 | 02/15/43 | 94,118 | ||||||||||||
| 100,000 | Hershey Co | 1.500 | 11/01/16 | 100,742 | ||||||||||||
| 150,000 | Hershey Co | 4.125 | 12/01/20 | 164,421 | ||||||||||||
| 200,000 | Hershey Co | 3.200 | 08/21/25 | 203,526 | ||||||||||||
| 800,000 | g | HJ Heinz Co | 1.600 | 06/30/17 | 801,231 | |||||||||||
| 275,000 | g | HJ Heinz Co | 2.000 | 07/02/18 | 275,403 | |||||||||||
| 300,000 | g | HJ Heinz Co | 2.800 | 07/02/20 | 301,987 | |||||||||||
| 200,000 | g | HJ Heinz Co | 3.500 | 07/15/22 | 204,327 | |||||||||||
| 900,000 | g | HJ Heinz Co | 3.950 | 07/15/25 | 921,249 | |||||||||||
| 200,000 | g | HJ Heinz Co | 5.000 | 07/15/35 | 208,896 | |||||||||||
| 700,000 | g | HJ Heinz Co | 5.200 | 07/15/45 | 741,761 | |||||||||||
| 250,000 | Ingredion, Inc | 1.800 | 09/25/17 | 249,207 | ||||||||||||
| 125,000 | g | JM Smucker Co | 1.750 | 03/15/18 | 125,287 | |||||||||||
| 175,000 | g | JM Smucker Co | 2.500 | 03/15/20 | 175,545 | |||||||||||
| 100,000 | JM Smucker Co | 3.500 | 10/15/21 | 103,196 | ||||||||||||
| 300,000 | g | JM Smucker Co | 3.000 | 03/15/22 | 299,264 | |||||||||||
| 61 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | g | JM Smucker Co | 3.500 | % | 03/15/25 | $ | 99,420 | ||||||||
| 300,000 | g | JM Smucker Co | 4.250 | 03/15/35 | 289,229 | |||||||||||
| 300,000 | g | JM Smucker Co | 4.375 | 03/15/45 | 286,857 | |||||||||||
| 100,000 | Kellogg Co | 1.875 | 11/17/16 | 100,673 | ||||||||||||
| 200,000 | Kellogg Co | 1.750 | 05/17/17 | 200,825 | ||||||||||||
| 1,279,000 | Kellogg Co | 4.000 | 12/15/20 | 1,365,780 | ||||||||||||
| 100,000 | Kellogg Co | 7.450 | 04/01/31 | 129,457 | ||||||||||||
| 600,000 | Kraft Foods Group, Inc | 2.250 | 06/05/17 | 606,803 | ||||||||||||
| 1,525,000 | Kraft Foods Group, Inc | 3.500 | 06/06/22 | 1,556,359 | ||||||||||||
| 300,000 | Kraft Foods Group, Inc | 6.500 | 02/09/40 | 359,825 | ||||||||||||
| 700,000 | Kraft Foods Group, Inc | 5.000 | 06/04/42 | 718,371 | ||||||||||||
| 200,000 | McCormick & Co, Inc | 3.500 | 09/01/23 | 210,347 | ||||||||||||
| 385,000 | Mead Johnson Nutrition Co | 4.900 | 11/01/19 | 421,200 | ||||||||||||
| 100,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 93,721 | ||||||||||||
| 150,000 | Molson Coors Brewing Co | 3.500 | 05/01/22 | 149,114 | ||||||||||||
| 300,000 | Molson Coors Brewing Co | 5.000 | 05/01/42 | 264,661 | ||||||||||||
| 1,500,000 | Mondelez International, Inc | 2.250 | 02/01/19 | 1,509,520 | ||||||||||||
| 1,000,000 | Mondelez International, Inc | 4.000 | 02/01/24 | 1,036,642 | ||||||||||||
| 300,000 | PepsiCo, Inc | 0.950 | 02/22/17 | 300,455 | ||||||||||||
| 250,000 | PepsiCo, Inc | 1.125 | 07/17/17 | 251,002 | ||||||||||||
| 250,000 | PepsiCo, Inc | 1.250 | 08/13/17 | 251,696 | ||||||||||||
| 840,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 993,072 | ||||||||||||
| 400,000 | PepsiCo, Inc | 2.250 | 01/07/19 | 408,456 | ||||||||||||
| 100,000 | PepsiCo, Inc | 4.500 | 01/15/20 | 110,611 | ||||||||||||
| 500,000 | PepsiCo, Inc | 1.850 | 04/30/20 | 497,562 | ||||||||||||
| 400,000 | PepsiCo, Inc | 3.125 | 11/01/20 | 420,001 | ||||||||||||
| 200,000 | PepsiCo, Inc | 3.000 | 08/25/21 | 206,997 | ||||||||||||
| 400,000 | PepsiCo, Inc | 2.750 | 03/05/22 | 402,108 | ||||||||||||
| 300,000 | PepsiCo, Inc | 3.100 | 07/17/22 | 306,847 | ||||||||||||
| 500,000 | PepsiCo, Inc | 2.750 | 03/01/23 | 497,292 | ||||||||||||
| 1,000,000 | PepsiCo, Inc | 3.600 | 03/01/24 | 1,037,939 | ||||||||||||
| 300,000 | PepsiCo, Inc | 2.750 | 04/30/25 | 290,808 | ||||||||||||
| 425,000 | PepsiCo, Inc | 3.500 | 07/17/25 | 436,260 | ||||||||||||
| 310,000 | PepsiCo, Inc | 4.875 | 11/01/40 | 337,634 | ||||||||||||
| 400,000 | PepsiCo, Inc | 4.000 | 03/05/42 | 386,031 | ||||||||||||
| 200,000 | PepsiCo, Inc | 3.600 | 08/13/42 | 179,623 | ||||||||||||
| 450,000 | PepsiCo, Inc | 4.600 | 07/17/45 | 470,551 | ||||||||||||
| 500,000 | Philip Morris International, Inc | 1.125 | 08/21/17 | 499,841 | ||||||||||||
| 1,300,000 | Philip Morris International, Inc | 5.650 | 05/16/18 | 1,435,868 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 1.875 | 01/15/19 | 301,701 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 2.900 | 11/15/21 | 201,086 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 2.500 | 08/22/22 | 194,480 | ||||||||||||
| 500,000 | Philip Morris International, Inc | 2.625 | 03/06/23 | 487,568 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 3.600 | 11/15/23 | 311,047 | ||||||||||||
| 500,000 | Philip Morris International, Inc | 3.250 | 11/10/24 | 499,607 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 3.375 | 08/11/25 | 301,259 | ||||||||||||
| 240,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 299,259 | ||||||||||||
| 150,000 | Philip Morris International, Inc | 4.375 | 11/15/41 | 147,549 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 4.500 | 03/20/42 | 200,654 | ||||||||||||
| 150,000 | Philip Morris International, Inc | 3.875 | 08/21/42 | 138,765 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 4.125 | 03/04/43 | 284,061 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 4.875 | 11/15/43 | 211,878 | ||||||||||||
| 62 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Philip Morris International, Inc | 4.250 | % | 11/10/44 | $ | 483,346 | |||||||||
| 50,000 | Reynolds American, Inc | 6.750 | 06/15/17 | 54,127 | ||||||||||||
| 200,000 | Reynolds American, Inc | 7.750 | 06/01/18 | 228,363 | ||||||||||||
| 450,000 | Reynolds American, Inc | 2.300 | 06/12/18 | 454,872 | ||||||||||||
| 270,000 | g | Reynolds American, Inc | 6.875 | 05/01/20 | 316,222 | |||||||||||
| 325,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 334,175 | ||||||||||||
| 750,000 | Reynolds American, Inc | 4.000 | 06/12/22 | 783,931 | ||||||||||||
| 400,000 | Reynolds American, Inc | 3.250 | 11/01/22 | 398,092 | ||||||||||||
| 200,000 | Reynolds American, Inc | 4.850 | 09/15/23 | 214,626 | ||||||||||||
| 750,000 | Reynolds American, Inc | 5.700 | 08/15/35 | 815,369 | ||||||||||||
| 65,000 | Reynolds American, Inc | 7.250 | 06/15/37 | 80,454 | ||||||||||||
| 400,000 | Reynolds American, Inc | 4.750 | 11/01/42 | 384,030 | ||||||||||||
| 200,000 | Reynolds American, Inc | 6.150 | 09/15/43 | 227,235 | ||||||||||||
| 750,000 | Reynolds American, Inc | 5.850 | 08/15/45 | 834,670 | ||||||||||||
| 133,000 | Sara Lee Corp | 4.100 | 09/15/20 | 139,225 | ||||||||||||
| 400,000 | Tyson Foods, Inc | 4.500 | 06/15/22 | 423,956 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 509,501 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 5.150 | 08/15/44 | 524,836 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 65,436,036 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.7% | ||||||||||||||||
| 200,000 | Allergan, Inc | 1.350 | 03/15/18 | 196,480 | ||||||||||||
| 250,000 | Allergan, Inc | 3.375 | 09/15/20 | 254,581 | ||||||||||||
| 200,000 | Allergan, Inc | 2.800 | 03/15/23 | 186,037 | ||||||||||||
| 200,000 | Allina Health System | 4.805 | 11/15/45 | 205,997 | ||||||||||||
| 450,000 | AmerisourceBergen Corp | 1.150 | 05/15/17 | 448,238 | ||||||||||||
| 100,000 | AmerisourceBergen Corp | 3.500 | 11/15/21 | 103,741 | ||||||||||||
| 400,000 | AmerisourceBergen Corp | 3.400 | 05/15/24 | 397,513 | ||||||||||||
| 200,000 | AmerisourceBergen Corp | 3.250 | 03/01/25 | 194,601 | ||||||||||||
| 200,000 | Ascension Health, Inc | 4.847 | 11/15/53 | 217,208 | ||||||||||||
| 300,000 | Baxter International, Inc | 0.950 | 06/01/16 | 300,151 | ||||||||||||
| 300,000 | Baxter International, Inc | 1.850 | 06/15/18 | 300,045 | ||||||||||||
| 420,000 | Baxter International, Inc | 4.500 | 08/15/19 | 454,036 | ||||||||||||
| 290,000 | Baylor Scott & White Holdings | 4.185 | 11/15/45 | 272,048 | ||||||||||||
| 100,000 | Becton Dickinson & Co | 1.450 | 05/15/17 | 99,817 | ||||||||||||
| 750,000 | Becton Dickinson & Co | 1.800 | 12/15/17 | 753,287 | ||||||||||||
| 25,000 | Becton Dickinson & Co | 5.000 | 05/15/19 | 27,381 | ||||||||||||
| 100,000 | Becton Dickinson & Co | 6.375 | 08/01/19 | 114,318 | ||||||||||||
| 475,000 | Becton Dickinson & Co | 2.675 | 12/15/19 | 480,625 | ||||||||||||
| 150,000 | Becton Dickinson & Co | 3.250 | 11/12/20 | 153,535 | ||||||||||||
| 850,000 | Becton Dickinson & Co | 3.125 | 11/08/21 | 853,111 | ||||||||||||
| 200,000 | Becton Dickinson & Co | 3.300 | 03/01/23 | 199,317 | ||||||||||||
| 325,000 | Becton Dickinson & Co | 3.734 | 12/15/24 | 330,988 | ||||||||||||
| 300,000 | Becton Dickinson & Co | 4.875 | 05/15/44 | 309,363 | ||||||||||||
| 500,000 | Becton Dickinson & Co | 4.685 | 12/15/44 | 500,709 | ||||||||||||
| 100,000 | Bio-Rad Laboratories, Inc | 4.875 | 12/15/20 | 109,434 | ||||||||||||
| 650,000 | Boston Scientific Corp | 6.000 | 01/15/20 | 729,017 | ||||||||||||
| 300,000 | Boston Scientific Corp | 2.850 | 05/15/20 | 299,955 | ||||||||||||
| 300,000 | Boston Scientific Corp | 3.375 | 05/15/22 | 299,749 | ||||||||||||
| 150,000 | Boston Scientific Corp | 4.125 | 10/01/23 | 153,516 | ||||||||||||
| 400,000 | Boston Scientific Corp | 3.850 | 05/15/25 | 393,605 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 1.700 | 03/15/18 | 199,257 | ||||||||||||
| 63 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Cardinal Health, Inc | 1.950 | % | 06/15/18 | $ | 200,229 | |||||||||
| 200,000 | Cardinal Health, Inc | 2.400 | 11/15/19 | 202,444 | ||||||||||||
| 100,000 | Cardinal Health, Inc | 4.625 | 12/15/20 | 109,097 | ||||||||||||
| 100,000 | Cardinal Health, Inc | 3.200 | 06/15/22 | 100,611 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 3.200 | 03/15/23 | 198,177 | ||||||||||||
| 100,000 | Cardinal Health, Inc | 3.500 | 11/15/24 | 99,994 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 3.750 | 09/15/25 | 202,924 | ||||||||||||
| 100,000 | Cardinal Health, Inc | 4.600 | 03/15/43 | 96,711 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 4.500 | 11/15/44 | 193,875 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 4.900 | 09/15/45 | 203,277 | ||||||||||||
| 100,000 | Coventry Health Care, Inc | 5.450 | 06/15/21 | 112,252 | ||||||||||||
| 450,000 | Covidien International Finance S.A. | 6.000 | 10/15/17 | 491,441 | ||||||||||||
| 650,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 656,570 | ||||||||||||
| 500,000 | Covidien International Finance S.A. | 2.950 | 06/15/23 | 493,663 | ||||||||||||
| 100,000 | Covidien International Finance S.A. | 6.550 | 10/15/37 | 128,002 | ||||||||||||
| 225,000 | CR Bard, Inc | 1.375 | 01/15/18 | 223,030 | ||||||||||||
| 100,000 | CR Bard, Inc | 4.400 | 01/15/21 | 107,652 | ||||||||||||
| 100,000 | DENTSPLY International, Inc | 4.125 | 08/15/21 | 104,372 | ||||||||||||
| 250,000 | Dignity Health | 3.812 | 11/01/24 | 256,313 | ||||||||||||
| 200,000 | Dignity Health | 5.267 | 11/01/64 | 207,784 | ||||||||||||
| 100,000 | Edwards Lifesciences Corp | 2.875 | 10/15/18 | 102,070 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 2.650 | 02/15/17 | 304,939 | ||||||||||||
| 200,000 | Express Scripts Holding Co | 1.250 | 06/02/17 | 199,383 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 2.250 | 06/15/19 | 299,215 | ||||||||||||
| 250,000 | Express Scripts Holding Co | 4.750 | 11/15/21 | 269,946 | ||||||||||||
| 525,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 541,239 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 3.500 | 06/15/24 | 295,345 | ||||||||||||
| 450,000 | Express Scripts Holding Co | 6.125 | 11/15/41 | 519,520 | ||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 3.500 | 04/01/22 | 103,062 | ||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 4.875 | 04/01/42 | 104,981 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.125 | 05/15/16 | 202,329 | ||||||||||||
| 100,000 | Laboratory Corp of America Holdings | 2.200 | 08/23/17 | 101,016 | ||||||||||||
| 250,000 | Laboratory Corp of America Holdings | 2.500 | 11/01/18 | 252,796 | ||||||||||||
| 150,000 | Laboratory Corp of America Holdings | 2.625 | 02/01/20 | 150,370 | ||||||||||||
| 300,000 | Laboratory Corp of America Holdings | 3.200 | 02/01/22 | 294,819 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.750 | 08/23/22 | 203,127 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 4.000 | 11/01/23 | 203,381 | ||||||||||||
| 100,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 96,846 | ||||||||||||
| 300,000 | Laboratory Corp of America Holdings | 4.700 | 02/01/45 | 272,422 | ||||||||||||
| 200,000 | Mayo Clinic Rochester | 4.000 | 11/15/47 | 188,713 | ||||||||||||
| 100,000 | McKesson Corp | 0.950 | 12/04/15 | 100,035 | ||||||||||||
| 25,000 | McKesson Corp | 5.700 | 03/01/17 | 26,503 | ||||||||||||
| 500,000 | McKesson Corp | 1.292 | 03/10/17 | 499,052 | ||||||||||||
| 180,000 | McKesson Corp | 4.750 | 03/01/21 | 199,889 | ||||||||||||
| 100,000 | McKesson Corp | 2.700 | 12/15/22 | 96,962 | ||||||||||||
| 200,000 | McKesson Corp | 2.850 | 03/15/23 | 193,950 | ||||||||||||
| 500,000 | McKesson Corp | 3.796 | 03/15/24 | 512,929 | ||||||||||||
| 100,000 | McKesson Corp | 6.000 | 03/01/41 | 118,124 | ||||||||||||
| 375,000 | McKesson Corp | 4.883 | 03/15/44 | 377,301 | ||||||||||||
| 250,000 | Medco Health Solutions, Inc | 7.125 | 03/15/18 | 280,528 | ||||||||||||
| 300,000 | Medtronic, Inc | 0.875 | 02/27/17 | 300,019 | ||||||||||||
| 625,000 | Medtronic, Inc | 1.500 | 03/15/18 | 622,535 | ||||||||||||
| 64 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 250,000 | Medtronic, Inc | 1.375 | % | 04/01/18 | $ | 249,641 | |||||||||
| 875,000 | Medtronic, Inc | 2.500 | 03/15/20 | 886,846 | ||||||||||||
| 1,000,000 | Medtronic, Inc | 3.150 | 03/15/22 | 1,014,405 | ||||||||||||
| 1,000,000 | Medtronic, Inc | 3.625 | 03/15/24 | 1,032,713 | ||||||||||||
| 725,000 | Medtronic, Inc | 3.500 | 03/15/25 | 740,063 | ||||||||||||
| 1,000,000 | Medtronic, Inc | 4.375 | 03/15/35 | 1,011,387 | ||||||||||||
| 200,000 | Medtronic, Inc | 4.500 | 03/15/42 | 200,709 | ||||||||||||
| 150,000 | Medtronic, Inc | 4.000 | 04/01/43 | 140,358 | ||||||||||||
| 1,000,000 | Medtronic, Inc | 4.625 | 03/15/44 | 1,022,675 | ||||||||||||
| 850,000 | Medtronic, Inc | 4.625 | 03/15/45 | 876,965 | ||||||||||||
| 300,000 | New York and Presbyterian Hospital | 4.024 | 08/01/45 | 283,883 | ||||||||||||
| 350,000 | NYU Hospitals Center | 5.750 | 07/01/43 | 405,146 | ||||||||||||
| 100,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 100,898 | ||||||||||||
| 150,000 | PerkinElmer, Inc | 5.000 | 11/15/21 | 161,424 | ||||||||||||
| 300,000 | Quest Diagnostics, Inc | 2.700 | 04/01/19 | 302,473 | ||||||||||||
| 200,000 | Quest Diagnostics, Inc | 2.500 | 03/30/20 | 199,627 | ||||||||||||
| 400,000 | Quest Diagnostics, Inc | 4.700 | 04/01/21 | 434,320 | ||||||||||||
| 125,000 | Quest Diagnostics, Inc | 3.500 | 03/30/25 | 121,425 | ||||||||||||
| 300,000 | Quest Diagnostics, Inc | 4.700 | 03/30/45 | 273,339 | ||||||||||||
| 200,000 | Southern Baptist Hospital of Florida, Inc | 4.857 | 07/15/45 | 207,260 | ||||||||||||
| 300,000 | St. Jude Medical, Inc | 2.800 | 09/15/20 | 301,760 | ||||||||||||
| 200,000 | St. Jude Medical, Inc | 3.250 | 04/15/23 | 196,963 | ||||||||||||
| 300,000 | St. Jude Medical, Inc | 3.875 | 09/15/25 | 304,410 | ||||||||||||
| 200,000 | St. Jude Medical, Inc | 4.750 | 04/15/43 | 196,453 | ||||||||||||
| 150,000 | Stryker Corp | 2.000 | 09/30/16 | 151,655 | ||||||||||||
| 200,000 | Stryker Corp | 1.300 | 04/01/18 | 198,973 | ||||||||||||
| 90,000 | Stryker Corp | 4.375 | 01/15/20 | 98,223 | ||||||||||||
| 200,000 | Stryker Corp | 3.375 | 05/15/24 | 203,263 | ||||||||||||
| 200,000 | Stryker Corp | 4.100 | 04/01/43 | 187,337 | ||||||||||||
| 200,000 | Stryker Corp | 4.375 | 05/15/44 | 198,212 | ||||||||||||
| 100,000 | Texas Health Resources | 4.330 | 11/15/55 | 98,141 | ||||||||||||
| 175,000 | Thermo Fisher Scientific, Inc | 1.300 | 02/01/17 | 174,907 | ||||||||||||
| 350,000 | Thermo Fisher Scientific, Inc | 1.850 | 01/15/18 | 350,059 | ||||||||||||
| 100,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 100,554 | ||||||||||||
| 650,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 652,016 | ||||||||||||
| 250,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 245,228 | ||||||||||||
| 600,000 | Thermo Fisher Scientific, Inc | 4.150 | 02/01/24 | 621,688 | ||||||||||||
| 200,000 | Thermo Fisher Scientific, Inc | 5.300 | 02/01/44 | 210,550 | ||||||||||||
| 200,000 | Trinity Health Corp | 4.125 | 12/01/45 | 188,328 | ||||||||||||
| 750,000 | Zimmer Holdings, Inc | 1.450 | 04/01/17 | 748,493 | ||||||||||||
| 750,000 | Zimmer Holdings, Inc | 3.150 | 04/01/22 | 742,664 | ||||||||||||
| 625,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 612,271 | ||||||||||||
| 550,000 | Zimmer Holdings, Inc | 4.250 | 08/15/35 | 514,463 | ||||||||||||
| 106,000 | Zimmer Holdings, Inc | 5.750 | 11/30/39 | 116,305 | ||||||||||||
| 300,000 | Zimmer Holdings, Inc | 4.450 | 08/15/45 | 277,491 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 39,315,388 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 100,000 | Clorox Co | 3.800 | 11/15/21 | 106,503 | ||||||||||||
| 100,000 | Clorox Co | 3.050 | 09/15/22 | 99,519 | ||||||||||||
| 200,000 | Clorox Co | 3.500 | 12/15/24 | 200,692 | ||||||||||||
| 400,000 | Colgate-Palmolive Co | 1.300 | 01/15/17 | 403,581 | ||||||||||||
| 65 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | Colgate-Palmolive Co | 0.900 | % | 05/01/18 | $ | 99,317 | |||||||||
| 300,000 | Colgate-Palmolive Co | 1.750 | 03/15/19 | 302,963 | ||||||||||||
| 200,000 | Colgate-Palmolive Co | 2.300 | 05/03/22 | 198,162 | ||||||||||||
| 200,000 | Colgate-Palmolive Co | 1.950 | 02/01/23 | 192,021 | ||||||||||||
| 300,000 | Colgate-Palmolive Co | 3.250 | 03/15/24 | 311,696 | ||||||||||||
| 60,000 | Colgate-Palmolive Co | 6.450 | 06/16/28 | 78,163 | ||||||||||||
| 300,000 | Colgate-Palmolive Co | 4.000 | 08/15/45 | 300,076 | ||||||||||||
| 100,000 | Ecolab, Inc | 3.000 | 12/08/16 | 101,922 | ||||||||||||
| 250,000 | Ecolab, Inc | 1.450 | 12/08/17 | 248,770 | ||||||||||||
| 375,000 | Ecolab, Inc | 2.250 | 01/12/20 | 376,263 | ||||||||||||
| 350,000 | Ecolab, Inc | 4.350 | 12/08/21 | 378,256 | ||||||||||||
| 100,000 | Ecolab, Inc | 5.500 | 12/08/41 | 113,166 | ||||||||||||
| 200,000 | Estee Lauder Cos, Inc | 2.350 | 08/15/22 | 196,534 | ||||||||||||
| 100,000 | Estee Lauder Cos, Inc | 6.000 | 05/15/37 | 123,130 | ||||||||||||
| 200,000 | Estee Lauder Cos, Inc | 4.375 | 06/15/45 | 204,903 | ||||||||||||
| 1,000,000 | Procter & Gamble Co | 4.700 | 02/15/19 | 1,104,295 | ||||||||||||
| 300,000 | Procter & Gamble Co | 1.900 | 11/01/19 | 303,090 | ||||||||||||
| 800,000 | Procter & Gamble Co | 2.300 | 02/06/22 | 802,515 | ||||||||||||
| 600,000 | Procter & Gamble Co | 3.100 | 08/15/23 | 616,801 | ||||||||||||
| 225,000 | Procter & Gamble Co | 5.550 | 03/05/37 | 274,308 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 7,136,646 | |||||||||||||||
| INSURANCE - 1.1% | ||||||||||||||||
| 100,000 | ACE INA Holdings, Inc | 2.600 | 11/23/15 | 100,251 | ||||||||||||
| 25,000 | ACE INA Holdings, Inc | 5.800 | 03/15/18 | 27,534 | ||||||||||||
| 500,000 | ACE INA Holdings, Inc | 5.900 | 06/15/19 | 568,621 | ||||||||||||
| 250,000 | ACE INA Holdings, Inc | 2.700 | 03/13/23 | 242,192 | ||||||||||||
| 300,000 | ACE INA Holdings, Inc | 3.350 | 05/15/24 | 300,348 | ||||||||||||
| 400,000 | ACE INA Holdings, Inc | 3.150 | 03/15/25 | 390,272 | ||||||||||||
| 150,000 | ACE INA Holdings, Inc | 4.150 | 03/13/43 | 144,038 | ||||||||||||
| 125,000 | Aetna, Inc | 1.500 | 11/15/17 | 125,124 | ||||||||||||
| 300,000 | Aetna, Inc | 2.200 | 03/15/19 | 300,512 | ||||||||||||
| 250,000 | Aetna, Inc | 3.950 | 09/01/20 | 266,464 | ||||||||||||
| 500,000 | Aetna, Inc | 2.750 | 11/15/22 | 482,657 | ||||||||||||
| 300,000 | Aetna, Inc | 3.500 | 11/15/24 | 298,755 | ||||||||||||
| 240,000 | Aetna, Inc | 6.625 | 06/15/36 | 296,387 | ||||||||||||
| 350,000 | Aetna, Inc | 4.500 | 05/15/42 | 341,992 | ||||||||||||
| 500,000 | Aetna, Inc | 4.125 | 11/15/42 | 461,329 | ||||||||||||
| 200,000 | Aflac, Inc | 2.400 | 03/16/20 | 202,185 | ||||||||||||
| 300,000 | Aflac, Inc | 4.000 | 02/15/22 | 319,975 | ||||||||||||
| 600,000 | Aflac, Inc | 3.625 | 06/15/23 | 615,895 | ||||||||||||
| 200,000 | Aflac, Inc | 3.625 | 11/15/24 | 203,923 | ||||||||||||
| 200,000 | Aflac, Inc | 3.250 | 03/17/25 | 198,583 | ||||||||||||
| 125,000 | Aflac, Inc | 6.900 | 12/17/39 | 162,253 | ||||||||||||
| 300,000 | Alleghany Corp | 4.950 | 06/27/22 | 324,364 | ||||||||||||
| 200,000 | Alleghany Corp | 4.900 | 09/15/44 | 194,380 | ||||||||||||
| 100,000 | Allied World Assurance Co Ltd | 7.500 | 08/01/16 | 104,944 | ||||||||||||
| 1,250,000 | Allstate Corp | 3.150 | 06/15/23 | 1,263,394 | ||||||||||||
| 100,000 | Allstate Corp | 4.500 | 06/15/43 | 100,631 | ||||||||||||
| 200,000 | i | Allstate Corp | 5.750 | 08/15/53 | 207,070 | |||||||||||
| 100,000 | American Financial Group, Inc | 9.875 | 06/15/19 | 124,908 | ||||||||||||
| 325,000 | American International Group, Inc | 2.300 | 07/16/19 | 327,604 | ||||||||||||
| 66 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,600,000 | American International Group, Inc | 4.875 | % | 06/01/22 | $ | 1,765,723 | |||||||||
| 200,000 | American International Group, Inc | 3.750 | 07/10/25 | 203,192 | ||||||||||||
| 500,000 | American International Group, Inc | 3.875 | 01/15/35 | 460,165 | ||||||||||||
| 300,000 | American International Group, Inc | 4.700 | 07/10/35 | 306,774 | ||||||||||||
| 800,000 | American International Group, Inc | 6.250 | 05/01/36 | 968,451 | ||||||||||||
| 328,000 | American International Group, Inc | 6.820 | 11/15/37 | 407,418 | ||||||||||||
| 500,000 | American International Group, Inc | 4.500 | 07/16/44 | 491,243 | ||||||||||||
| 300,000 | American International Group, Inc | 4.800 | 07/10/45 | 306,440 | ||||||||||||
| 200,000 | American International Group, Inc | 4.375 | 01/15/55 | 182,160 | ||||||||||||
| 200,000 | Aon plc | 3.125 | 05/27/16 | 202,832 | ||||||||||||
| 50,000 | Aon plc | 5.000 | 09/30/20 | 55,448 | ||||||||||||
| 200,000 | Aon plc | 4.000 | 11/27/23 | 206,305 | ||||||||||||
| 300,000 | Aon plc | 3.500 | 06/14/24 | 295,600 | ||||||||||||
| 200,000 | Aon plc | 6.250 | 09/30/40 | 236,188 | ||||||||||||
| 100,000 | Aon plc | 4.250 | 12/12/42 | 91,830 | ||||||||||||
| 200,000 | Aon plc | 4.450 | 05/24/43 | 190,582 | ||||||||||||
| 250,000 | Aon plc | 4.750 | 05/15/45 | 244,969 | ||||||||||||
| 300,000 | Arch Capital Group US, Inc | 5.144 | 11/01/43 | 309,768 | ||||||||||||
| 200,000 | Aspen Insurance Holdings Ltd | 4.650 | 11/15/23 | 207,881 | ||||||||||||
| 100,000 | Assurant, Inc | 2.500 | 03/15/18 | 101,105 | ||||||||||||
| 100,000 | Assurant, Inc | 4.000 | 03/15/23 | 102,264 | ||||||||||||
| 100,000 | Assurant, Inc | 6.750 | 02/15/34 | 120,204 | ||||||||||||
| 200,000 | Assured Guaranty US Holdings, Inc | 5.000 | 07/01/24 | 208,080 | ||||||||||||
| 270,000 | AXA S.A. | 8.600 | 12/15/30 | 366,358 | ||||||||||||
| 200,000 | AXIS Specialty Finance plc | 2.650 | 04/01/19 | 200,903 | ||||||||||||
| 50,000 | AXIS Specialty Finance plc | 5.875 | 06/01/20 | 56,504 | ||||||||||||
| 200,000 | AXIS Specialty Finance plc | 5.150 | 04/01/45 | 206,284 | ||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 1.600 | 05/15/17 | 303,010 | ||||||||||||
| 225,000 | Berkshire Hathaway Finance Corp | 1.300 | 05/15/18 | 225,476 | ||||||||||||
| 750,000 | Berkshire Hathaway Finance Corp | 5.400 | 05/15/18 | 826,366 | ||||||||||||
| 600,000 | Berkshire Hathaway Finance Corp | 2.000 | 08/15/18 | 610,607 | ||||||||||||
| 200,000 | Berkshire Hathaway Finance Corp | 2.900 | 10/15/20 | 207,688 | ||||||||||||
| 400,000 | Berkshire Hathaway Finance Corp | 3.000 | 05/15/22 | 405,394 | ||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 4.400 | 05/15/42 | 295,942 | ||||||||||||
| 100,000 | Berkshire Hathaway Finance Corp | 4.300 | 05/15/43 | 96,389 | ||||||||||||
| 40,000 | Chubb Corp | 5.750 | 05/15/18 | 44,374 | ||||||||||||
| 350,000 | Chubb Corp | 6.000 | 05/11/37 | 428,706 | ||||||||||||
| 300,000 | i | Chubb Corp | 6.375 | 03/29/67 | 295,875 | |||||||||||
| 540,000 | Cigna Corp | 5.125 | 06/15/20 | 603,083 | ||||||||||||
| 400,000 | Cigna Corp | 4.500 | 03/15/21 | 429,854 | ||||||||||||
| 400,000 | Cigna Corp | 3.250 | 04/15/25 | 385,822 | ||||||||||||
| 400,000 | Cigna Corp | 5.375 | 02/15/42 | 433,941 | ||||||||||||
| 200,000 | Cincinnati Financial Corp | 6.920 | 05/15/28 | 254,953 | ||||||||||||
| 40,000 | CNA Financial Corp | 6.500 | 08/15/16 | 41,801 | ||||||||||||
| 500,000 | CNA Financial Corp | 5.750 | 08/15/21 | 569,780 | ||||||||||||
| 125,000 | CNA Financial Corp | 3.950 | 05/15/24 | 125,885 | ||||||||||||
| 300,000 | Everest Reinsurance Holdings, Inc | 4.868 | 06/01/44 | 291,413 | ||||||||||||
| 250,000 | Fidelity National Financial, Inc | 5.500 | 09/01/22 | 267,488 | ||||||||||||
| 100,000 | First American Financial Corp | 4.300 | 02/01/23 | 100,302 | ||||||||||||
| 250,000 | Hartford Financial Services Group, Inc | 5.125 | 04/15/22 | 277,271 | ||||||||||||
| 321,000 | Hartford Financial Services Group, Inc | 6.625 | 03/30/40 | 413,189 | ||||||||||||
| 400,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 385,394 | ||||||||||||
| 67 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | Humana, Inc | 2.625 | % | 10/01/19 | $ | 303,879 | |||||||||
| 100,000 | Humana, Inc | 3.150 | 12/01/22 | 98,646 | ||||||||||||
| 300,000 | Humana, Inc | 3.850 | 10/01/24 | 301,928 | ||||||||||||
| 100,000 | Humana, Inc | 8.150 | 06/15/38 | 142,535 | ||||||||||||
| 200,000 | Humana, Inc | 4.625 | 12/01/42 | 192,350 | ||||||||||||
| 300,000 | Humana, Inc | 4.950 | 10/01/44 | 304,861 | ||||||||||||
| 100,000 | Infinity Property & Casualty Corp | 5.000 | 09/19/22 | 105,547 | ||||||||||||
| 300,000 | ING US, Inc | 2.900 | 02/15/18 | 306,342 | ||||||||||||
| 150,000 | ING US, Inc | 5.500 | 07/15/22 | 170,898 | ||||||||||||
| 200,000 | ING US, Inc | 5.700 | 07/15/43 | 230,792 | ||||||||||||
| 200,000 | Kemper Corp | 4.350 | 02/15/25 | 203,672 | ||||||||||||
| 400,000 | Leucadia National Corp | 5.500 | 10/18/23 | 402,439 | ||||||||||||
| 200,000 | Lincoln National Corp | 8.750 | 07/01/19 | 244,299 | ||||||||||||
| 400,000 | Lincoln National Corp | 4.200 | 03/15/22 | 415,564 | ||||||||||||
| 525,000 | Lincoln National Corp | 4.000 | 09/01/23 | 544,808 | ||||||||||||
| 175,000 | Lincoln National Corp | 3.350 | 03/09/25 | 172,072 | ||||||||||||
| 30,000 | Lincoln National Corp | 6.150 | 04/07/36 | 35,336 | ||||||||||||
| 150,000 | Lincoln National Corp | 7.000 | 06/15/40 | 192,845 | ||||||||||||
| 100,000 | Loews Corp | 5.250 | 03/15/16 | 101,992 | ||||||||||||
| 200,000 | Loews Corp | 2.625 | 05/15/23 | 192,308 | ||||||||||||
| 200,000 | Loews Corp | 4.125 | 05/15/43 | 183,596 | ||||||||||||
| 100,000 | Manulife Financial Corp | 4.900 | 09/17/20 | 110,548 | ||||||||||||
| 100,000 | Markel Corp | 7.125 | 09/30/19 | 117,632 | ||||||||||||
| 150,000 | Markel Corp | 4.900 | 07/01/22 | 163,837 | ||||||||||||
| 100,000 | Markel Corp | 3.625 | 03/30/23 | 99,490 | ||||||||||||
| 100,000 | Markel Corp | 5.000 | 03/30/43 | 101,649 | ||||||||||||
| 100,000 | Marsh & McLennan Cos, Inc | 2.550 | 10/15/18 | 102,231 | ||||||||||||
| 500,000 | Marsh & McLennan Cos, Inc | 2.350 | 09/10/19 | 505,788 | ||||||||||||
| 150,000 | Marsh & McLennan Cos, Inc | 4.800 | 07/15/21 | 165,461 | ||||||||||||
| 200,000 | Marsh & McLennan Cos, Inc | 4.050 | 10/15/23 | 210,837 | ||||||||||||
| 152,000 | Marsh & McLennan Cos, Inc | 3.500 | 06/03/24 | 151,778 | ||||||||||||
| 500,000 | Marsh & McLennan Cos, Inc | 3.500 | 03/10/25 | 499,794 | ||||||||||||
| 200,000 | Memorial Sloan-Kettering Cancer Center | 4.125 | 07/01/52 | 185,132 | ||||||||||||
| 500,000 | Memorial Sloan-Kettering Cancer Center | 4.200 | 07/01/55 | 456,310 | ||||||||||||
| 175,000 | MetLife, Inc | 1.756 | 12/15/17 | 176,243 | ||||||||||||
| 200,000 | MetLife, Inc | 1.903 | 12/15/17 | 201,462 | ||||||||||||
| 1,050,000 | MetLife, Inc | 4.750 | 02/08/21 | 1,166,087 | ||||||||||||
| 700,000 | MetLife, Inc | 3.048 | 12/15/22 | 700,412 | ||||||||||||
| 325,000 | MetLife, Inc | 4.368 | 09/15/23 | 349,295 | ||||||||||||
| 500,000 | MetLife, Inc | 3.600 | 04/10/24 | 509,479 | ||||||||||||
| 50,000 | MetLife, Inc | 6.375 | 06/15/34 | 61,938 | ||||||||||||
| 405,000 | MetLife, Inc | 5.700 | 06/15/35 | 472,244 | ||||||||||||
| 130,000 | MetLife, Inc | 5.875 | 02/06/41 | 156,798 | ||||||||||||
| 200,000 | MetLife, Inc | 4.125 | 08/13/42 | 190,034 | ||||||||||||
| 600,000 | MetLife, Inc | 4.875 | 11/13/43 | 632,856 | ||||||||||||
| 500,000 | MetLife, Inc | 4.721 | 12/15/44 | 517,281 | ||||||||||||
| 300,000 | MetLife, Inc | 4.050 | 03/01/45 | 280,594 | ||||||||||||
| 200,000 | Montpelier Re Holdings Ltd | 4.700 | 10/15/22 | 205,217 | ||||||||||||
| 20,000 | Nationwide Financial Services | 6.750 | 05/15/37 | 20,100 | ||||||||||||
| 200,000 | Navigators Group, Inc | 5.750 | 10/15/23 | 216,461 | ||||||||||||
| 200,000 | Old Republic International Corp | 4.875 | 10/01/24 | 209,742 | ||||||||||||
| 500,000 | OneBeacon US Holdings, Inc | 4.600 | 11/09/22 | 508,945 | ||||||||||||
| 68 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | PartnerRe Ltd | 5.500 | % | 06/01/20 | $ | 111,035 | |||||||||
| 100,000 | g | Primerica, Inc | 4.750 | 07/15/22 | 108,807 | |||||||||||
| 100,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 100,621 | ||||||||||||
| 130,000 | Principal Financial Group, Inc | 8.875 | 05/15/19 | 158,669 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 3.300 | 09/15/22 | 100,178 | ||||||||||||
| 150,000 | Principal Financial Group, Inc | 3.125 | 05/15/23 | 148,050 | ||||||||||||
| 200,000 | Principal Financial Group, Inc | 3.400 | 05/15/25 | 196,852 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 6.050 | 10/15/36 | 116,368 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 4.625 | 09/15/42 | 98,479 | ||||||||||||
| 200,000 | Principal Financial Group, Inc | 4.350 | 05/15/43 | 188,465 | ||||||||||||
| 200,000 | i | Principal Financial Group, Inc | 4.700 | 05/15/55 | 198,500 | |||||||||||
| 120,000 | Progressive Corp | 6.250 | 12/01/32 | 146,787 | ||||||||||||
| 300,000 | i | Progressive Corp | 6.700 | 06/15/37 | 303,000 | |||||||||||
| 300,000 | Progressive Corp | 4.350 | 04/25/44 | 300,542 | ||||||||||||
| 300,000 | Progressive Corp | 3.700 | 01/26/45 | 268,482 | ||||||||||||
| 100,000 | Protective Life Corp | 7.375 | 10/15/19 | 117,951 | ||||||||||||
| 300,000 | Prudential Financial, Inc | 3.000 | 05/12/16 | 303,660 | ||||||||||||
| 60,000 | Prudential Financial, Inc | 6.100 | 06/15/17 | 64,451 | ||||||||||||
| 100,000 | Prudential Financial, Inc | 2.300 | 08/15/18 | 101,426 | ||||||||||||
| 1,020,000 | Prudential Financial, Inc | 7.375 | 06/15/19 | 1,201,059 | ||||||||||||
| 200,000 | Prudential Financial, Inc | 2.350 | 08/15/19 | 201,110 | ||||||||||||
| 300,000 | Prudential Financial, Inc | 4.500 | 11/16/21 | 331,076 | ||||||||||||
| 400,000 | Prudential Financial, Inc | 5.750 | 07/15/33 | 454,339 | ||||||||||||
| 450,000 | Prudential Financial, Inc | 6.200 | 11/15/40 | 539,004 | ||||||||||||
| 125,000 | i | Prudential Financial, Inc | 5.875 | 09/15/42 | 132,188 | |||||||||||
| 500,000 | i | Prudential Financial, Inc | 5.625 | 06/15/43 | 516,000 | |||||||||||
| 150,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 159,150 | ||||||||||||
| 100,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 98,250 | |||||||||||
| 800,000 | Prudential Financial, Inc | 4.600 | 05/15/44 | 807,295 | ||||||||||||
| 200,000 | i | Prudential Financial, Inc | 5.375 | 05/15/45 | 198,500 | |||||||||||
| 150,000 | Reinsurance Group of America, Inc | 5.625 | 03/15/17 | 158,471 | ||||||||||||
| 100,000 | Reinsurance Group of America, Inc | 5.000 | 06/01/21 | 109,766 | ||||||||||||
| 250,000 | Reinsurance Group of America, Inc | 4.700 | 09/15/23 | 269,513 | ||||||||||||
| 200,000 | RenaissanceRe Finance, Inc | 3.700 | 04/01/25 | 195,195 | ||||||||||||
| 100,000 | StanCorp Financial Group, Inc | 5.000 | 08/15/22 | 106,363 | ||||||||||||
| 250,000 | Torchmark Corp | 3.800 | 09/15/22 | 253,489 | ||||||||||||
| 100,000 | Transatlantic Holdings, Inc | 5.750 | 12/14/15 | 100,918 | ||||||||||||
| 20,000 | Transatlantic Holdings, Inc | 8.000 | 11/30/39 | 26,741 | ||||||||||||
| 610,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 674,693 | ||||||||||||
| 130,000 | Travelers Cos, Inc | 5.900 | 06/02/19 | 148,626 | ||||||||||||
| 600,000 | Travelers Cos, Inc | 5.350 | 11/01/40 | 692,388 | ||||||||||||
| 200,000 | Travelers Cos, Inc | 4.600 | 08/01/43 | 208,806 | ||||||||||||
| 250,000 | Travelers Cos, Inc | 4.300 | 08/25/45 | 250,406 | ||||||||||||
| 100,000 | Travelers Property Casualty Corp | 6.375 | 03/15/33 | 124,997 | ||||||||||||
| 300,000 | UnitedHealth Group, Inc | 1.400 | 12/15/17 | 299,692 | ||||||||||||
| 324,000 | UnitedHealth Group, Inc | 6.000 | 02/15/18 | 357,082 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 1.900 | 07/16/18 | 505,221 | ||||||||||||
| 900,000 | UnitedHealth Group, Inc | 1.625 | 03/15/19 | 893,895 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.300 | 12/15/19 | 506,639 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.700 | 07/15/20 | 511,652 | ||||||||||||
| 700,000 | UnitedHealth Group, Inc | 4.700 | 02/15/21 | 779,223 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.875 | 12/15/21 | 507,605 | ||||||||||||
| 69 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | UnitedHealth Group, Inc | 3.350 | % | 07/15/22 | $ | 516,112 | |||||||||
| 325,000 | UnitedHealth Group, Inc | 2.750 | 02/15/23 | 320,368 | ||||||||||||
| 200,000 | UnitedHealth Group, Inc | 2.875 | 03/15/23 | 199,327 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 3.750 | 07/15/25 | 517,042 | ||||||||||||
| 750,000 | UnitedHealth Group, Inc | 4.625 | 07/15/35 | 791,743 | ||||||||||||
| 365,000 | UnitedHealth Group, Inc | 6.625 | 11/15/37 | 469,582 | ||||||||||||
| 250,000 | UnitedHealth Group, Inc | 6.875 | 02/15/38 | 333,061 | ||||||||||||
| 150,000 | UnitedHealth Group, Inc | 4.625 | 11/15/41 | 153,916 | ||||||||||||
| 300,000 | UnitedHealth Group, Inc | 4.375 | 03/15/42 | 296,044 | ||||||||||||
| 350,000 | UnitedHealth Group, Inc | 3.950 | 10/15/42 | 329,959 | ||||||||||||
| 200,000 | UnitedHealth Group, Inc | 4.250 | 03/15/43 | 197,193 | ||||||||||||
| 500,000 | UnitedHealth Group, Inc | 4.750 | 07/15/45 | 528,320 | ||||||||||||
| 110,000 | Unum Group | 5.625 | 09/15/20 | 123,746 | ||||||||||||
| 200,000 | Unum Group | 4.000 | 03/15/24 | 206,399 | ||||||||||||
| 200,000 | Verisk Analytics, Inc | 5.800 | 05/01/21 | 227,260 | ||||||||||||
| 500,000 | Verisk Analytics, Inc | 4.000 | 06/15/25 | 491,807 | ||||||||||||
| 300,000 | Verisk Analytics, Inc | 5.500 | 06/15/45 | 294,995 | ||||||||||||
| 200,000 | WellPoint, Inc | 1.875 | 01/15/18 | 200,078 | ||||||||||||
| 1,250,000 | WellPoint, Inc | 2.300 | 07/15/18 | 1,255,386 | ||||||||||||
| 300,000 | WellPoint, Inc | 2.250 | 08/15/19 | 298,671 | ||||||||||||
| 150,000 | WellPoint, Inc | 3.700 | 08/15/21 | 154,634 | ||||||||||||
| 800,000 | WellPoint, Inc | 3.125 | 05/15/22 | 792,090 | ||||||||||||
| 200,000 | WellPoint, Inc | 3.300 | 01/15/23 | 197,985 | ||||||||||||
| 300,000 | WellPoint, Inc | 3.500 | 08/15/24 | 297,089 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.625 | 05/15/42 | 295,766 | ||||||||||||
| 200,000 | WellPoint, Inc | 4.650 | 01/15/43 | 196,304 | ||||||||||||
| 500,000 | WellPoint, Inc | 5.100 | 01/15/44 | 519,972 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.650 | 08/15/44 | 290,146 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.850 | 08/15/54 | 295,499 | ||||||||||||
| 200,000 | Willis Group Holdings plc | 5.750 | 03/15/21 | 223,737 | ||||||||||||
| 165,000 | WR Berkley Corp | 5.375 | 09/15/20 | 183,974 | ||||||||||||
| 250,000 | WR Berkley Corp | 4.625 | 03/15/22 | 265,436 | ||||||||||||
| 200,000 | WR Berkley Corp | 4.750 | 08/01/44 | 197,505 | ||||||||||||
| 350,000 | XL Capital Ltd | 6.375 | 11/15/24 | 415,072 | ||||||||||||
| 200,000 | XLIT Ltd | 2.300 | 12/15/18 | 201,867 | ||||||||||||
| 200,000 | XLIT Ltd | 4.450 | 03/31/25 | 200,225 | ||||||||||||
| 200,000 | XLIT Ltd | 5.250 | 12/15/43 | 211,407 | ||||||||||||
| TOTAL INSURANCE | 67,945,035 | |||||||||||||||
| MATERIALS - 1.1% | ||||||||||||||||
| 300,000 | 3M Co | 1.375 | 09/29/16 | 302,431 | ||||||||||||
| 200,000 | 3M Co | 1.000 | 06/26/17 | 200,838 | ||||||||||||
| 200,000 | 3M Co | 1.375 | 08/07/18 | 201,074 | ||||||||||||
| 200,000 | 3M Co | 2.000 | 06/26/22 | 194,819 | ||||||||||||
| 200,000 | 3M Co | 3.000 | 08/07/25 | 202,070 | ||||||||||||
| 190,000 | 3M Co | 5.700 | 03/15/37 | 234,665 | ||||||||||||
| 300,000 | 3M Co | 3.875 | 06/15/44 | 294,818 | ||||||||||||
| 100,000 | Agrium, Inc | 6.750 | 01/15/19 | 113,796 | ||||||||||||
| 150,000 | Agrium, Inc | 3.150 | 10/01/22 | 147,247 | ||||||||||||
| 200,000 | Agrium, Inc | 3.500 | 06/01/23 | 197,304 | ||||||||||||
| 250,000 | Agrium, Inc | 3.375 | 03/15/25 | 236,784 | ||||||||||||
| 200,000 | Agrium, Inc | 4.125 | 03/15/35 | 176,686 | ||||||||||||
| 70 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | Agrium, Inc | 6.125 | % | 01/15/41 | $ | 113,120 | |||||||||
| 200,000 | Agrium, Inc | 4.900 | 06/01/43 | 195,271 | ||||||||||||
| 225,000 | Agrium, Inc | 5.250 | 01/15/45 | 232,524 | ||||||||||||
| 200,000 | Air Products & Chemicals, Inc | 1.200 | 10/15/17 | 199,310 | ||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 3.000 | 11/03/21 | 153,966 | ||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 2.750 | 02/03/23 | 147,289 | ||||||||||||
| 300,000 | Air Products & Chemicals, Inc | 3.350 | 07/31/24 | 302,956 | ||||||||||||
| 200,000 | Airgas, Inc | 1.650 | 02/15/18 | 197,975 | ||||||||||||
| 250,000 | Airgas, Inc | 2.900 | 11/15/22 | 240,518 | ||||||||||||
| 200,000 | Airgas, Inc | 3.650 | 07/15/24 | 199,188 | ||||||||||||
| 100,000 | Albemarle Corp | 3.000 | 12/01/19 | 100,442 | ||||||||||||
| 100,000 | Albemarle Corp | 4.500 | 12/15/20 | 106,501 | ||||||||||||
| 200,000 | Albemarle Corp | 4.150 | 12/01/24 | 200,708 | ||||||||||||
| 200,000 | Avery Dennison Corp | 3.350 | 04/15/23 | 195,255 | ||||||||||||
| 180,000 | Barrick Australian Finance Pty Ltd | 5.950 | 10/15/39 | 149,511 | ||||||||||||
| 250,000 | Barrick Gold Corp | 3.850 | 04/01/22 | 228,434 | ||||||||||||
| 1,225,000 | Barrick Gold Corp | 4.100 | 05/01/23 | 1,095,892 | ||||||||||||
| 250,000 | Barrick Gold Corp | 5.250 | 04/01/42 | 195,830 | ||||||||||||
| 1,500,000 | Barrick North America Finance LLC | 4.400 | 05/30/21 | 1,464,714 | ||||||||||||
| 300,000 | Barrick North America Finance LLC | 5.750 | 05/01/43 | 255,586 | ||||||||||||
| 100,000 | Bemis Co, Inc | 6.800 | 08/01/19 | 115,286 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 1.625 | 02/24/17 | 502,726 | ||||||||||||
| 300,000 | BHP Billiton Finance USA Ltd | 2.050 | 09/30/18 | 300,838 | ||||||||||||
| 450,000 | BHP Billiton Finance USA Ltd | 6.500 | 04/01/19 | 513,797 | ||||||||||||
| 100,000 | BHP Billiton Finance USA Ltd | 3.250 | 11/21/21 | 101,215 | ||||||||||||
| 1,675,000 | BHP Billiton Finance USA Ltd | 3.850 | 09/30/23 | 1,680,348 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 4.125 | 02/24/42 | 447,824 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 506,011 | ||||||||||||
| 600,000 | Braskem Finance Ltd | 6.450 | 02/03/24 | 493,500 | ||||||||||||
| 200,000 | Cabot Corp | 3.700 | 07/15/22 | 201,256 | ||||||||||||
| 200,000 | Carpenter Technology Corp | 4.450 | 03/01/23 | 196,233 | ||||||||||||
| 100,000 | Celulosa Arauco y Constitucion S.A. | 5.000 | 01/21/21 | 104,708 | ||||||||||||
| 100,000 | Celulosa Arauco y Constitucion S.A. | 4.750 | 01/11/22 | 101,608 | ||||||||||||
| 400,000 | Celulosa Arauco y Constitucion S.A. | 4.500 | 08/01/24 | 393,124 | ||||||||||||
| 350,000 | CF Industries, Inc | 7.125 | 05/01/20 | 411,459 | ||||||||||||
| 200,000 | CF Industries, Inc | 3.450 | 06/01/23 | 190,239 | ||||||||||||
| 500,000 | CF Industries, Inc | 5.150 | 03/15/34 | 481,873 | ||||||||||||
| 200,000 | CF Industries, Inc | 4.950 | 06/01/43 | 178,392 | ||||||||||||
| 250,000 | Church & Dwight Co, Inc | 2.875 | 10/01/22 | 246,958 | ||||||||||||
| 100,000 | Corning, Inc | 1.450 | 11/15/17 | 100,039 | ||||||||||||
| 225,000 | Corning, Inc | 4.250 | 08/15/20 | 245,112 | ||||||||||||
| 300,000 | Corning, Inc | 2.900 | 05/15/22 | 300,734 | ||||||||||||
| 200,000 | Corning, Inc | 3.700 | 11/15/23 | 208,938 | ||||||||||||
| 100,000 | Corning, Inc | 5.750 | 08/15/40 | 119,717 | ||||||||||||
| 200,000 | Corning, Inc | 4.750 | 03/15/42 | 210,107 | ||||||||||||
| 150,000 | Cytec Industries, Inc | 3.500 | 04/01/23 | 146,576 | ||||||||||||
| 200,000 | Domtar Corp | 4.400 | 04/01/22 | 203,788 | ||||||||||||
| 100,000 | Domtar Corp | 6.250 | 09/01/42 | 100,184 | ||||||||||||
| 100,000 | Domtar Corp | 6.750 | 02/15/44 | 100,211 | ||||||||||||
| 591,000 | Dow Chemical Co | 8.550 | 05/15/19 | 714,478 | ||||||||||||
| 929,000 | Dow Chemical Co | 4.250 | 11/15/20 | 995,997 | ||||||||||||
| 500,000 | Dow Chemical Co | 4.125 | 11/15/21 | 522,379 | ||||||||||||
| 71 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 550,000 | Dow Chemical Co | 3.000 | % | 11/15/22 | $ | 531,833 | |||||||||
| 400,000 | Dow Chemical Co | 3.500 | 10/01/24 | 382,691 | ||||||||||||
| 400,000 | Dow Chemical Co | 4.250 | 10/01/34 | 373,910 | ||||||||||||
| 350,000 | Dow Chemical Co | 5.250 | 11/15/41 | 334,637 | ||||||||||||
| 375,000 | Dow Chemical Co | 4.375 | 11/15/42 | 327,399 | ||||||||||||
| 400,000 | Dow Chemical Co | 4.625 | 10/01/44 | 362,032 | ||||||||||||
| 175,000 | Eastman Chemical Co | 2.400 | 06/01/17 | 177,314 | ||||||||||||
| 165,000 | Eastman Chemical Co | 5.500 | 11/15/19 | 184,309 | ||||||||||||
| 400,000 | Eastman Chemical Co | 2.700 | 01/15/20 | 399,662 | ||||||||||||
| 250,000 | Eastman Chemical Co | 3.600 | 08/15/22 | 251,587 | ||||||||||||
| 300,000 | Eastman Chemical Co | 3.800 | 03/15/25 | 292,975 | ||||||||||||
| 150,000 | Eastman Chemical Co | 4.800 | 09/01/42 | 144,972 | ||||||||||||
| 300,000 | Eastman Chemical Co | 4.650 | 10/15/44 | 274,330 | ||||||||||||
| 50,000 | EI du Pont de Nemours & Co | 5.250 | 12/15/16 | 52,670 | ||||||||||||
| 700,000 | EI du Pont de Nemours & Co | 6.000 | 07/15/18 | 778,871 | ||||||||||||
| 1,420,000 | EI du Pont de Nemours & Co | 4.625 | 01/15/20 | 1,558,362 | ||||||||||||
| 300,000 | EI du Pont de Nemours & Co | 2.800 | 02/15/23 | 290,498 | ||||||||||||
| 225,000 | EI du Pont de Nemours & Co | 4.150 | 02/15/43 | 212,245 | ||||||||||||
| 100,000 | FMC Corp | 3.950 | 02/01/22 | 101,053 | ||||||||||||
| 200,000 | FMC Corp | 4.100 | 02/01/24 | 201,723 | ||||||||||||
| 1,250,000 | Freeport-McMoRan, Inc | 2.375 | 03/15/18 | 1,093,750 | ||||||||||||
| 300,000 | Freeport-McMoRan, Inc | 3.100 | 03/15/20 | 249,939 | ||||||||||||
| 300,000 | Freeport-McMoRan, Inc | 4.000 | 11/14/21 | 234,000 | ||||||||||||
| 650,000 | Freeport-McMoRan, Inc | 3.550 | 03/01/22 | 481,000 | ||||||||||||
| 675,000 | Freeport-McMoRan, Inc | 3.875 | 03/15/23 | 502,031 | ||||||||||||
| 700,000 | Freeport-McMoRan, Inc | 4.550 | 11/14/24 | 521,500 | ||||||||||||
| 200,000 | Freeport-McMoRan, Inc | 5.400 | 11/14/34 | 139,938 | ||||||||||||
| 400,000 | Freeport-McMoRan, Inc | 5.450 | 03/15/43 | 278,000 | ||||||||||||
| 300,000 | Georgia-Pacific LLC | 8.000 | 01/15/24 | 388,935 | ||||||||||||
| 250,000 | Georgia-Pacific LLC | 7.750 | 11/15/29 | 334,303 | ||||||||||||
| 250,000 | Goldcorp, Inc | 2.125 | 03/15/18 | 247,095 | ||||||||||||
| 250,000 | Goldcorp, Inc | 3.700 | 03/15/23 | 233,614 | ||||||||||||
| 300,000 | Goldcorp, Inc | 5.450 | 06/09/44 | 277,831 | ||||||||||||
| 100,000 | Hubbell, Inc | 3.625 | 11/15/22 | 104,081 | ||||||||||||
| 300,000 | International Flavors & Fragrances, Inc | 3.200 | 05/01/23 | 296,528 | ||||||||||||
| 1,000,000 | International Paper Co | 3.650 | 06/15/24 | 988,668 | ||||||||||||
| 250,000 | International Paper Co | 5.000 | 09/15/35 | 245,237 | ||||||||||||
| 170,000 | International Paper Co | 7.300 | 11/15/39 | 208,153 | ||||||||||||
| 450,000 | International Paper Co | 6.000 | 11/15/41 | 484,720 | ||||||||||||
| 300,000 | International Paper Co | 4.800 | 06/15/44 | 277,086 | ||||||||||||
| 250,000 | International Paper Co | 5.150 | 05/15/46 | 244,363 | ||||||||||||
| 330,000 | Kimberly-Clark Corp | 6.250 | 07/15/18 | 373,078 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 1.900 | 05/22/19 | 200,950 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 1.850 | 03/01/20 | 199,802 | ||||||||||||
| 225,000 | Kimberly-Clark Corp | 3.625 | 08/01/20 | 239,304 | ||||||||||||
| 100,000 | Kimberly-Clark Corp | 3.875 | 03/01/21 | 109,137 | ||||||||||||
| 125,000 | Kimberly-Clark Corp | 2.400 | 03/01/22 | 124,157 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 2.400 | 06/01/23 | 195,234 | ||||||||||||
| 150,000 | Kimberly-Clark Corp | 3.050 | 08/15/25 | 150,470 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 6.625 | 08/01/37 | 263,416 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 3.700 | 06/01/43 | 187,138 | ||||||||||||
| 150,000 | Kinross Gold Corp | 5.125 | 09/01/21 | 130,914 | ||||||||||||
| 72 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Kinross Gold Corp | 5.950 | % | 03/15/24 | $ | 406,454 | |||||||||
| 92,000 | Lubrizol Corp | 8.875 | 02/01/19 | 112,521 | ||||||||||||
| 150,000 | Lubrizol Corp | 6.500 | 10/01/34 | 188,954 | ||||||||||||
| 300,000 | LYB International Finance BV | 4.000 | 07/15/23 | 301,500 | ||||||||||||
| 300,000 | LYB International Finance BV | 5.250 | 07/15/43 | 298,742 | ||||||||||||
| 300,000 | LYB International Finance BV | 4.875 | 03/15/44 | 284,386 | ||||||||||||
| 500,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 539,128 | ||||||||||||
| 300,000 | LyondellBasell Industries NV | 6.000 | 11/15/21 | 339,056 | ||||||||||||
| 300,000 | LyondellBasell Industries NV | 5.750 | 04/15/24 | 335,487 | ||||||||||||
| 125,000 | LyondellBasell Industries NV | 4.625 | 02/26/55 | 106,352 | ||||||||||||
| 250,000 | Martin Marietta Materials, Inc | 6.600 | 04/15/18 | 278,189 | ||||||||||||
| 200,000 | Martin Marietta Materials, Inc | 4.250 | 07/02/24 | 200,904 | ||||||||||||
| 150,000 | Methanex Corp | 3.250 | 12/15/19 | 149,724 | ||||||||||||
| 150,000 | Methanex Corp | 4.250 | 12/01/24 | 144,482 | ||||||||||||
| 100,000 | Methanex Corp | 5.650 | 12/01/44 | 92,823 | ||||||||||||
| 200,000 | Monsanto Co | 2.750 | 04/15/16 | 202,068 | ||||||||||||
| 400,000 | Monsanto Co | 1.150 | 06/30/17 | 398,707 | ||||||||||||
| 200,000 | Monsanto Co | 1.850 | 11/15/18 | 200,790 | ||||||||||||
| 400,000 | Monsanto Co | 2.125 | 07/15/19 | 401,525 | ||||||||||||
| 100,000 | Monsanto Co | 2.200 | 07/15/22 | 92,615 | ||||||||||||
| 150,000 | Monsanto Co | 5.500 | 08/15/25 | 166,487 | ||||||||||||
| 100,000 | Monsanto Co | 3.600 | 07/15/42 | 80,216 | ||||||||||||
| 200,000 | Monsanto Co | 4.650 | 11/15/43 | 188,631 | ||||||||||||
| 200,000 | Monsanto Co | 4.400 | 07/15/44 | 172,873 | ||||||||||||
| 350,000 | Monsanto Co | 3.950 | 04/15/45 | 284,161 | ||||||||||||
| 500,000 | Monsanto Co | 4.700 | 07/15/64 | 430,569 | ||||||||||||
| 100,000 | NewMarket Corp | 4.100 | 12/15/22 | 102,462 | ||||||||||||
| 200,000 | Newmont Mining Corp | 5.125 | 10/01/19 | 211,360 | ||||||||||||
| 600,000 | Newmont Mining Corp | 3.500 | 03/15/22 | 538,688 | ||||||||||||
| 298,000 | Newmont Mining Corp | 5.875 | 04/01/35 | 257,577 | ||||||||||||
| 135,000 | Newmont Mining Corp | 6.250 | 10/01/39 | 122,178 | ||||||||||||
| 300,000 | Newmont Mining Corp | 4.875 | 03/15/42 | 231,785 | ||||||||||||
| 100,000 | Nucor Corp | 5.750 | 12/01/17 | 107,819 | ||||||||||||
| 130,000 | Nucor Corp | 5.850 | 06/01/18 | 141,864 | ||||||||||||
| 300,000 | Nucor Corp | 4.125 | 09/15/22 | 311,785 | ||||||||||||
| 300,000 | Nucor Corp | 5.200 | 08/01/43 | 307,581 | ||||||||||||
| 8,000 | Owens Corning | 9.000 | 06/15/19 | 9,513 | ||||||||||||
| 200,000 | Owens Corning | 4.200 | 12/15/22 | 202,690 | ||||||||||||
| 500,000 | Owens Corning | 4.200 | 12/01/24 | 496,898 | ||||||||||||
| 150,000 | Packaging Corp of America | 3.900 | 06/15/22 | 153,348 | ||||||||||||
| 250,000 | Packaging Corp of America | 4.500 | 11/01/23 | 261,146 | ||||||||||||
| 100,000 | Packaging Corp of America | 3.650 | 09/15/24 | 99,202 | ||||||||||||
| 100,000 | Plum Creek Timberlands LP | 4.700 | 03/15/21 | 108,203 | ||||||||||||
| 300,000 | Plum Creek Timberlands LP | 3.250 | 03/15/23 | 291,964 | ||||||||||||
| 650,000 | Potash Corp of Saskatchewan, Inc | 4.875 | 03/30/20 | 715,471 | ||||||||||||
| 400,000 | Potash Corp of Saskatchewan, Inc | 3.625 | 03/15/24 | 396,984 | ||||||||||||
| 200,000 | Potash Corp of Saskatchewan, Inc | 3.000 | 04/01/25 | 183,530 | ||||||||||||
| 200,000 | Potash Corp of Saskatchewan, Inc | 5.625 | 12/01/40 | 218,440 | ||||||||||||
| 27,000 | PPG Industries, Inc | 6.650 | 03/15/18 | 30,130 | ||||||||||||
| 300,000 | PPG Industries, Inc | 2.300 | 11/15/19 | 302,476 | ||||||||||||
| 300,000 | PPG Industries, Inc | 3.600 | 11/15/20 | 315,324 | ||||||||||||
| 200,000 | Praxair, Inc | 1.050 | 11/07/17 | 199,568 | ||||||||||||
| 73 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | Praxair, Inc | 2.250 | % | 09/24/20 | $ | 301,063 | |||||||||
| 250,000 | Praxair, Inc | 2.200 | 08/15/22 | 238,810 | ||||||||||||
| 300,000 | Praxair, Inc | 2.650 | 02/05/25 | 290,270 | ||||||||||||
| 625,000 | Praxair, Inc | 3.550 | 11/07/42 | 568,078 | ||||||||||||
| 1,500,000 | Rio Tinto Finance USA Ltd | 6.500 | 07/15/18 | 1,673,741 | ||||||||||||
| 570,000 | Rio Tinto Finance USA Ltd | 3.500 | 11/02/20 | 592,300 | ||||||||||||
| 1,000,000 | Rio Tinto Finance USA Ltd | 3.750 | 06/15/25 | 975,815 | ||||||||||||
| 250,000 | Rio Tinto Finance USA Ltd | 7.125 | 07/15/28 | 310,704 | ||||||||||||
| 800,000 | Rio Tinto Finance USA plc | 1.625 | 08/21/17 | 797,222 | ||||||||||||
| 300,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 298,279 | ||||||||||||
| 400,000 | Rio Tinto Finance USA plc | 3.500 | 03/22/22 | 398,296 | ||||||||||||
| 200,000 | Rio Tinto Finance USA plc | 4.750 | 03/22/42 | 185,826 | ||||||||||||
| 900,000 | Rio Tinto Finance USA plc | 4.125 | 08/21/42 | 779,661 | ||||||||||||
| 500,000 | Rock Tenn Co | 4.900 | 03/01/22 | 542,707 | ||||||||||||
| 58,000 | Rohm and Haas Co | 6.000 | 09/15/17 | 62,599 | ||||||||||||
| 100,000 | RPM International, Inc | 6.125 | 10/15/19 | 111,982 | ||||||||||||
| 300,000 | RPM International, Inc | 3.450 | 11/15/22 | 292,123 | ||||||||||||
| 100,000 | RPM International, Inc | 5.250 | 06/01/45 | 95,233 | ||||||||||||
| 175,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 174,366 | ||||||||||||
| 200,000 | Sherwin-Williams Co | 3.450 | 08/01/25 | 202,865 | ||||||||||||
| 200,000 | Sherwin-Williams Co | 4.000 | 12/15/42 | 190,783 | ||||||||||||
| 150,000 | Sonoco Products Co | 5.750 | 11/01/40 | 166,886 | ||||||||||||
| 200,000 | Southern Copper Corp | 5.375 | 04/16/20 | 214,514 | ||||||||||||
| 300,000 | Southern Copper Corp | 3.875 | 04/23/25 | 271,248 | ||||||||||||
| 100,000 | Southern Copper Corp | 7.500 | 07/27/35 | 97,044 | ||||||||||||
| 680,000 | Southern Copper Corp | 6.750 | 04/16/40 | 603,745 | ||||||||||||
| 500,000 | Southern Copper Corp | 5.875 | 04/23/45 | 404,070 | ||||||||||||
| 50,000 | Teck Resources Ltd | 3.850 | 08/15/17 | 44,000 | ||||||||||||
| 100,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 80,500 | ||||||||||||
| 300,000 | Teck Resources Ltd | 3.000 | 03/01/19 | 213,750 | ||||||||||||
| 600,000 | Teck Resources Ltd | 4.500 | 01/15/21 | 404,400 | ||||||||||||
| 275,000 | Teck Resources Ltd | 4.750 | 01/15/22 | 176,688 | ||||||||||||
| 100,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 61,000 | ||||||||||||
| 100,000 | Teck Resources Ltd | 6.250 | 07/15/41 | 57,000 | ||||||||||||
| 700,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 386,750 | ||||||||||||
| 150,000 | Teck Resources Ltd | 5.400 | 02/01/43 | 82,500 | ||||||||||||
| 450,000 | Vale S.A. | 5.625 | 09/11/42 | 312,962 | ||||||||||||
| 150,000 | Valspar Corp | 4.200 | 01/15/22 | 155,214 | ||||||||||||
| 300,000 | Valspar Corp | 3.300 | 02/01/25 | 288,884 | ||||||||||||
| 200,000 | Valspar Corp | 3.950 | 01/15/26 | 204,295 | ||||||||||||
| 150,000 | Westlake Chemical Corp | 3.600 | 07/15/22 | 149,254 | ||||||||||||
| 200,000 | Worthington Industries, Inc | 4.550 | 04/15/26 | 199,811 | ||||||||||||
| 200,000 | Yamana Gold, Inc | 4.950 | 07/15/24 | 178,773 | ||||||||||||
| TOTAL MATERIALS | 63,401,963 | |||||||||||||||
| MEDIA - 0.9% | ||||||||||||||||
| 100,000 | CBS Corp | 1.950 | 07/01/17 | 100,479 | ||||||||||||
| 200,000 | CBS Corp | 2.300 | 08/15/19 | 198,391 | ||||||||||||
| 50,000 | CBS Corp | 5.750 | 04/15/20 | 56,245 | ||||||||||||
| 445,000 | CBS Corp | 4.300 | 02/15/21 | 473,436 | ||||||||||||
| 500,000 | CBS Corp | 3.375 | 03/01/22 | 497,016 | ||||||||||||
| 200,000 | CBS Corp | 3.700 | 08/15/24 | 196,022 | ||||||||||||
| 74 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | CBS Corp | 3.500 | % | 01/15/25 | $ | 289,042 | |||||||||
| 125,000 | CBS Corp | 4.000 | 01/15/26 | 122,949 | ||||||||||||
| 200,000 | CBS Corp | 4.850 | 07/01/42 | 183,805 | ||||||||||||
| 200,000 | CBS Corp | 4.900 | 08/15/44 | 184,782 | ||||||||||||
| 500,000 | CBS Corp | 4.600 | 01/15/45 | 440,372 | ||||||||||||
| 675,000 | g | CCO Safari II LLC | 3.579 | 07/23/20 | 670,076 | |||||||||||
| 610,000 | g | CCO Safari II LLC | 4.464 | 07/23/22 | 609,986 | |||||||||||
| 1,250,000 | g | CCO Safari II LLC | 4.908 | 07/23/25 | 1,244,510 | |||||||||||
| 500,000 | g | CCO Safari II LLC | 6.384 | 10/23/35 | 506,084 | |||||||||||
| 500,000 | g | CCO Safari II LLC | 6.484 | 10/23/45 | 504,068 | |||||||||||
| 500,000 | g | CCO Safari II LLC | 6.834 | 10/23/55 | 497,052 | |||||||||||
| 1,595,000 | Comcast Corp | 5.150 | 03/01/20 | 1,800,787 | ||||||||||||
| 1,350,000 | Comcast Corp | 3.125 | 07/15/22 | 1,373,031 | ||||||||||||
| 800,000 | Comcast Corp | 2.850 | 01/15/23 | 797,288 | ||||||||||||
| 600,000 | Comcast Corp | 3.375 | 02/15/25 | 606,131 | ||||||||||||
| 350,000 | Comcast Corp | 3.375 | 08/15/25 | 352,844 | ||||||||||||
| 625,000 | Comcast Corp | 4.250 | 01/15/33 | 619,947 | ||||||||||||
| 129,000 | Comcast Corp | 7.050 | 03/15/33 | 170,145 | ||||||||||||
| 125,000 | Comcast Corp | 4.200 | 08/15/34 | 123,357 | ||||||||||||
| 345,000 | Comcast Corp | 5.650 | 06/15/35 | 397,997 | ||||||||||||
| 350,000 | Comcast Corp | 4.400 | 08/15/35 | 352,406 | ||||||||||||
| 350,000 | Comcast Corp | 6.950 | 08/15/37 | 460,888 | ||||||||||||
| 780,000 | Comcast Corp | 6.400 | 03/01/40 | 993,789 | ||||||||||||
| 350,000 | Comcast Corp | 4.650 | 07/15/42 | 360,079 | ||||||||||||
| 300,000 | Comcast Corp | 4.500 | 01/15/43 | 303,185 | ||||||||||||
| 500,000 | Comcast Corp | 4.750 | 03/01/44 | 522,013 | ||||||||||||
| 900,000 | Comcast Corp | 4.600 | 08/15/45 | 920,538 | ||||||||||||
| 500,000 | DIRECTV Holdings LLC | 1.750 | 01/15/18 | 498,412 | ||||||||||||
| 285,000 | DIRECTV Holdings LLC | 5.200 | 03/15/20 | 311,344 | ||||||||||||
| 500,000 | DIRECTV Holdings LLC | 4.600 | 02/15/21 | 534,771 | ||||||||||||
| 1,050,000 | DIRECTV Holdings LLC | 5.000 | 03/01/21 | 1,144,530 | ||||||||||||
| 250,000 | DIRECTV Holdings LLC | 3.800 | 03/15/22 | 251,704 | ||||||||||||
| 1,000,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 1,027,021 | ||||||||||||
| 800,000 | DIRECTV Holdings LLC | 3.950 | 01/15/25 | 784,339 | ||||||||||||
| 145,000 | DIRECTV Holdings LLC | 6.000 | 08/15/40 | 149,647 | ||||||||||||
| 100,000 | DIRECTV Holdings LLC | 6.375 | 03/01/41 | 107,193 | ||||||||||||
| 550,000 | DIRECTV Holdings LLC | 5.150 | 03/15/42 | 517,095 | ||||||||||||
| 510,000 | Discovery Communications LLC | 5.050 | 06/01/20 | 554,807 | ||||||||||||
| 500,000 | Discovery Communications LLC | 3.300 | 05/15/22 | 487,334 | ||||||||||||
| 600,000 | Discovery Communications LLC | 3.250 | 04/01/23 | 569,641 | ||||||||||||
| 350,000 | Discovery Communications LLC | 3.450 | 03/15/25 | 324,394 | ||||||||||||
| 100,000 | Discovery Communications LLC | 6.350 | 06/01/40 | 105,057 | ||||||||||||
| 100,000 | Discovery Communications LLC | 4.950 | 05/15/42 | 89,680 | ||||||||||||
| 125,000 | Discovery Communications LLC | 4.875 | 04/01/43 | 107,877 | ||||||||||||
| 550,000 | Grupo Televisa SAB | 6.625 | 03/18/25 | 648,725 | ||||||||||||
| 600,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 542,029 | ||||||||||||
| 348,000 | Historic TW, Inc | 6.625 | 05/15/29 | 425,632 | ||||||||||||
| 300,000 | Interpublic Group of Cos, Inc | 2.250 | 11/15/17 | 300,736 | ||||||||||||
| 100,000 | Interpublic Group of Cos, Inc | 4.000 | 03/15/22 | 100,872 | ||||||||||||
| 200,000 | Interpublic Group of Cos, Inc | 4.200 | 04/15/24 | 200,921 | ||||||||||||
| 1,585,000 | NBC Universal Media LLC | 5.150 | 04/30/20 | 1,789,226 | ||||||||||||
| 820,000 | NBC Universal Media LLC | 4.375 | 04/01/21 | 898,441 | ||||||||||||
| 75 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 375,000 | NBC Universal Media LLC | 2.875 | % | 01/15/23 | $ | 371,596 | |||||||||
| 95,000 | NBC Universal Media LLC | 6.400 | 04/30/40 | 118,713 | ||||||||||||
| 150,000 | NBC Universal Media LLC | 5.950 | 04/01/41 | 179,167 | ||||||||||||
| 1,200,000 | NBC Universal Media LLC | 4.450 | 01/15/43 | 1,195,733 | ||||||||||||
| 200,000 | Omnicom Group, Inc | 4.450 | 08/15/20 | 216,019 | ||||||||||||
| 700,000 | Omnicom Group, Inc | 3.625 | 05/01/22 | 708,498 | ||||||||||||
| 200,000 | Omnicom Group, Inc | 3.650 | 11/01/24 | 196,476 | ||||||||||||
| 300,000 | Scripps Networks Interactive, Inc | 2.750 | 11/15/19 | 300,289 | ||||||||||||
| 200,000 | Scripps Networks Interactive, Inc | 2.800 | 06/15/20 | 197,993 | ||||||||||||
| 200,000 | Scripps Networks Interactive, Inc | 3.500 | 06/15/22 | 195,863 | ||||||||||||
| 200,000 | Scripps Networks Interactive, Inc | 3.900 | 11/15/24 | 196,336 | ||||||||||||
| 200,000 | Scripps Networks Interactive, Inc | 3.950 | 06/15/25 | 193,679 | ||||||||||||
| 500,000 | Time Warner Cable, Inc | 5.850 | 05/01/17 | 529,171 | ||||||||||||
| 170,000 | Time Warner Cable, Inc | 6.750 | 07/01/18 | 189,180 | ||||||||||||
| 910,000 | Time Warner Cable, Inc | 8.750 | 02/14/19 | 1,068,721 | ||||||||||||
| 1,100,000 | Time Warner Cable, Inc | 8.250 | 04/01/19 | 1,283,185 | ||||||||||||
| 1,300,000 | Time Warner Cable, Inc | 4.000 | 09/01/21 | 1,326,109 | ||||||||||||
| 500,000 | Time Warner Cable, Inc | 6.550 | 05/01/37 | 491,499 | ||||||||||||
| 175,000 | Time Warner Cable, Inc | 6.750 | 06/15/39 | 175,119 | ||||||||||||
| 690,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 657,074 | ||||||||||||
| 300,000 | Time Warner Cable, Inc | 5.500 | 09/01/41 | 268,815 | ||||||||||||
| 1,450,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 1,147,007 | ||||||||||||
| 1,200,000 | Time Warner, Inc | 2.100 | 06/01/19 | 1,201,078 | ||||||||||||
| 450,000 | Time Warner, Inc | 4.750 | 03/29/21 | 489,349 | ||||||||||||
| 1,400,000 | Time Warner, Inc | 3.400 | 06/15/22 | 1,405,386 | ||||||||||||
| 650,000 | Time Warner, Inc | 4.050 | 12/15/23 | 668,996 | ||||||||||||
| 500,000 | Time Warner, Inc | 3.550 | 06/01/24 | 495,636 | ||||||||||||
| 785,000 | Time Warner, Inc | 6.500 | 11/15/36 | 912,542 | ||||||||||||
| 350,000 | Time Warner, Inc | 6.100 | 07/15/40 | 395,563 | ||||||||||||
| 150,000 | Time Warner, Inc | 6.250 | 03/29/41 | 172,847 | ||||||||||||
| 900,000 | Time Warner, Inc | 4.900 | 06/15/42 | 898,734 | ||||||||||||
| 200,000 | Time Warner, Inc | 5.350 | 12/15/43 | 210,535 | ||||||||||||
| 300,000 | Time Warner, Inc | 4.650 | 06/01/44 | 286,405 | ||||||||||||
| 500,000 | Time Warner, Inc | 4.850 | 07/15/45 | 490,994 | ||||||||||||
| 250,000 | Viacom, Inc | 2.500 | 09/01/18 | 251,338 | ||||||||||||
| 500,000 | Viacom, Inc | 2.200 | 04/01/19 | 487,506 | ||||||||||||
| 300,000 | Viacom, Inc | 2.750 | 12/15/19 | 301,163 | ||||||||||||
| 400,000 | Viacom, Inc | 3.875 | 12/15/21 | 393,436 | ||||||||||||
| 500,000 | Viacom, Inc | 3.125 | 06/15/22 | 466,067 | ||||||||||||
| 200,000 | Viacom, Inc | 3.250 | 03/15/23 | 182,990 | ||||||||||||
| 250,000 | Viacom, Inc | 4.250 | 09/01/23 | 244,994 | ||||||||||||
| 400,000 | Viacom, Inc | 3.875 | 04/01/24 | 375,135 | ||||||||||||
| 300,000 | Viacom, Inc | 4.850 | 12/15/34 | 259,296 | ||||||||||||
| 200,000 | Viacom, Inc | 4.500 | 02/27/42 | 151,093 | ||||||||||||
| 504,000 | Viacom, Inc | 4.375 | 03/15/43 | 374,852 | ||||||||||||
| 100,000 | Viacom, Inc | 4.875 | 06/15/43 | 79,887 | ||||||||||||
| 500,000 | Viacom, Inc | 5.250 | 04/01/44 | 433,451 | ||||||||||||
| 261,000 | WPP Finance 2010 | 4.750 | 11/21/21 | 285,388 | ||||||||||||
| 300,000 | WPP Finance 2010 | 3.625 | 09/07/22 | 305,164 | ||||||||||||
| 200,000 | WPP Finance 2010 | 3.750 | 09/19/24 | 199,382 | ||||||||||||
| 200,000 | WPP Finance 2010 | 5.625 | 11/15/43 | 209,715 | ||||||||||||
| TOTAL MEDIA | 53,235,332 | |||||||||||||||
| 76 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3% | ||||||||||||||||
| $ | 350,000 | Abbott Laboratories | 5.125 | % | 04/01/19 | $ | 387,047 | |||||||||
| 400,000 | Abbott Laboratories | 2.000 | 03/15/20 | 399,652 | ||||||||||||
| 400,000 | Abbott Laboratories | 2.550 | 03/15/22 | 394,074 | ||||||||||||
| 400,000 | Abbott Laboratories | 2.950 | 03/15/25 | 391,822 | ||||||||||||
| 500,000 | Abbott Laboratories | 5.300 | 05/27/40 | 571,238 | ||||||||||||
| 800,000 | AbbVie, Inc | 1.750 | 11/06/17 | 802,377 | ||||||||||||
| 975,000 | AbbVie, Inc | 1.800 | 05/14/18 | 972,360 | ||||||||||||
| 700,000 | AbbVie, Inc | 2.000 | 11/06/18 | 702,726 | ||||||||||||
| 850,000 | AbbVie, Inc | 2.500 | 05/14/20 | 845,364 | ||||||||||||
| 1,000,000 | AbbVie, Inc | 3.200 | 11/06/22 | 993,737 | ||||||||||||
| 1,000,000 | AbbVie, Inc | 3.600 | 05/14/25 | 987,713 | ||||||||||||
| 1,000,000 | AbbVie, Inc | 4.500 | 05/14/35 | 950,797 | ||||||||||||
| 1,375,000 | AbbVie, Inc | 4.400 | 11/06/42 | 1,257,145 | ||||||||||||
| 600,000 | AbbVie, Inc | 4.700 | 05/14/45 | 582,485 | ||||||||||||
| 1,000,000 | Actavis Funding SCS | 2.350 | 03/12/18 | 1,003,979 | ||||||||||||
| 1,825,000 | Actavis Funding SCS | 3.000 | 03/12/20 | 1,827,048 | ||||||||||||
| 3,000,000 | Actavis Funding SCS | 3.450 | 03/15/22 | 2,959,050 | ||||||||||||
| 1,450,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 1,402,768 | ||||||||||||
| 725,000 | Actavis Funding SCS | 4.550 | 03/15/35 | 667,357 | ||||||||||||
| 1,125,000 | Actavis Funding SCS | 4.750 | 03/15/45 | 1,022,026 | ||||||||||||
| 300,000 | Amgen, Inc | 2.125 | 05/15/17 | 303,814 | ||||||||||||
| 500,000 | Amgen, Inc | 1.250 | 05/22/17 | 499,013 | ||||||||||||
| 550,000 | Amgen, Inc | 5.850 | 06/01/17 | 589,094 | ||||||||||||
| 500,000 | Amgen, Inc | 2.200 | 05/22/19 | 501,526 | ||||||||||||
| 75,000 | Amgen, Inc | 4.500 | 03/15/20 | 81,205 | ||||||||||||
| 400,000 | Amgen, Inc | 2.125 | 05/01/20 | 394,807 | ||||||||||||
| 250,000 | Amgen, Inc | 3.450 | 10/01/20 | 259,360 | ||||||||||||
| 700,000 | Amgen, Inc | 4.100 | 06/15/21 | 743,346 | ||||||||||||
| 400,000 | Amgen, Inc | 2.700 | 05/01/22 | 390,447 | ||||||||||||
| 1,000,000 | Amgen, Inc | 3.625 | 05/15/22 | 1,021,485 | ||||||||||||
| 500,000 | Amgen, Inc | 3.625 | 05/22/24 | 501,656 | ||||||||||||
| 400,000 | Amgen, Inc | 3.125 | 05/01/25 | 383,395 | ||||||||||||
| 500,000 | Amgen, Inc | 6.375 | 06/01/37 | 592,882 | ||||||||||||
| 1,000,000 | Amgen, Inc | 6.400 | 02/01/39 | 1,186,763 | ||||||||||||
| 650,000 | Amgen, Inc | 4.950 | 10/01/41 | 653,527 | ||||||||||||
| 400,000 | Amgen, Inc | 5.150 | 11/15/41 | 411,319 | ||||||||||||
| 400,000 | Amgen, Inc | 4.400 | 05/01/45 | 367,483 | ||||||||||||
| 800,000 | AstraZeneca plc | 5.900 | 09/15/17 | 871,642 | ||||||||||||
| 600,000 | AstraZeneca plc | 6.450 | 09/15/37 | 772,312 | ||||||||||||
| 450,000 | AstraZeneca plc | 4.000 | 09/18/42 | 438,094 | ||||||||||||
| 500,000 | g | Baxalta, Inc | 2.000 | 06/22/18 | 498,534 | |||||||||||
| 500,000 | g | Baxalta, Inc | 4.000 | 06/23/25 | 500,982 | |||||||||||
| 500,000 | g | Baxalta, Inc | 5.250 | 06/23/45 | 495,370 | |||||||||||
| 100,000 | Biogen Idec, Inc | 6.875 | 03/01/18 | 112,032 | ||||||||||||
| 100,000 | Biogen, Inc | 2.900 | 09/15/20 | 100,795 | ||||||||||||
| 300,000 | Biogen, Inc | 3.625 | 09/15/22 | 302,401 | ||||||||||||
| 500,000 | Biogen, Inc | 4.050 | 09/15/25 | 505,450 | ||||||||||||
| 500,000 | Biogen, Inc | 5.200 | 09/15/45 | 504,809 | ||||||||||||
| 250,000 | Bristol-Myers Squibb Co | 0.875 | 08/01/17 | 248,948 | ||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 1.750 | 03/01/19 | 200,793 | ||||||||||||
| 77 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Bristol-Myers Squibb Co | 3.250 | % | 11/01/23 | $ | 207,409 | |||||||||
| 650,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 559,654 | ||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 4.500 | 03/01/44 | 211,802 | ||||||||||||
| 200,000 | Celgene Corp | 1.900 | 08/15/17 | 201,471 | ||||||||||||
| 400,000 | Celgene Corp | 2.125 | 08/15/18 | 403,198 | ||||||||||||
| 300,000 | Celgene Corp | 2.300 | 08/15/18 | 303,696 | ||||||||||||
| 200,000 | Celgene Corp | 2.250 | 05/15/19 | 202,162 | ||||||||||||
| 425,000 | Celgene Corp | 2.875 | 08/15/20 | 428,887 | ||||||||||||
| 200,000 | Celgene Corp | 3.950 | 10/15/20 | 212,963 | ||||||||||||
| 300,000 | Celgene Corp | 3.250 | 08/15/22 | 300,509 | ||||||||||||
| 750,000 | Celgene Corp | 3.550 | 08/15/22 | 761,411 | ||||||||||||
| 300,000 | Celgene Corp | 3.625 | 05/15/24 | 298,814 | ||||||||||||
| 300,000 | Celgene Corp | 5.250 | 08/15/43 | 305,360 | ||||||||||||
| 300,000 | Celgene Corp | 4.625 | 05/15/44 | 284,797 | ||||||||||||
| 1,000,000 | Celgene Corp | 5.000 | 08/15/45 | 992,470 | ||||||||||||
| 300,000 | Eli Lilly & Co | 1.250 | 03/01/18 | 299,822 | ||||||||||||
| 200,000 | Eli Lilly & Co | 1.950 | 03/15/19 | 202,847 | ||||||||||||
| 800,000 | Eli Lilly & Co | 2.750 | 06/01/25 | 788,235 | ||||||||||||
| 400,000 | Eli Lilly & Co | 3.700 | 03/01/45 | 376,865 | ||||||||||||
| 250,000 | Gilead Sciences, Inc | 1.850 | 09/04/18 | 251,765 | ||||||||||||
| 200,000 | Gilead Sciences, Inc | 2.050 | 04/01/19 | 201,381 | ||||||||||||
| 125,000 | Gilead Sciences, Inc | 2.350 | 02/01/20 | 125,715 | ||||||||||||
| 1,000,000 | Gilead Sciences, Inc | 2.550 | 09/01/20 | 1,006,325 | ||||||||||||
| 600,000 | Gilead Sciences, Inc | 4.500 | 04/01/21 | 653,231 | ||||||||||||
| 650,000 | Gilead Sciences, Inc | 4.400 | 12/01/21 | 704,426 | ||||||||||||
| 500,000 | Gilead Sciences, Inc | 3.250 | 09/01/22 | 504,475 | ||||||||||||
| 425,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 435,051 | ||||||||||||
| 400,000 | Gilead Sciences, Inc | 3.500 | 02/01/25 | 403,006 | ||||||||||||
| 750,000 | Gilead Sciences, Inc | 3.650 | 03/01/26 | 752,545 | ||||||||||||
| 300,000 | Gilead Sciences, Inc | 4.600 | 09/01/35 | 300,167 | ||||||||||||
| 100,000 | Gilead Sciences, Inc | 5.650 | 12/01/41 | 112,963 | ||||||||||||
| 775,000 | Gilead Sciences, Inc | 4.800 | 04/01/44 | 779,969 | ||||||||||||
| 675,000 | Gilead Sciences, Inc | 4.500 | 02/01/45 | 650,400 | ||||||||||||
| 750,000 | Gilead Sciences, Inc | 4.750 | 03/01/46 | 753,624 | ||||||||||||
| 800,000 | GlaxoSmithKline Capital plc | 1.500 | 05/08/17 | 806,202 | ||||||||||||
| 300,000 | GlaxoSmithKline Capital plc | 2.850 | 05/08/22 | 299,576 | ||||||||||||
| 1,045,000 | GlaxoSmithKline Capital, Inc | 5.650 | 05/15/18 | 1,158,446 | ||||||||||||
| 225,000 | GlaxoSmithKline Capital, Inc | 2.800 | 03/18/23 | 222,412 | ||||||||||||
| 350,000 | GlaxoSmithKline Capital, Inc | 5.375 | 04/15/34 | 397,714 | ||||||||||||
| 743,000 | GlaxoSmithKline Capital, Inc | 6.375 | 05/15/38 | 943,863 | ||||||||||||
| 350,000 | GlaxoSmithKline Capital, Inc | 4.200 | 03/18/43 | 349,467 | ||||||||||||
| 500,000 | Johnson & Johnson | 1.650 | 12/05/18 | 507,309 | ||||||||||||
| 300,000 | Johnson & Johnson | 1.875 | 12/05/19 | 304,953 | ||||||||||||
| 200,000 | Johnson & Johnson | 2.450 | 12/05/21 | 203,514 | ||||||||||||
| 700,000 | Johnson & Johnson | 3.375 | 12/05/23 | 741,002 | ||||||||||||
| 850,000 | Johnson & Johnson | 4.375 | 12/05/33 | 928,837 | ||||||||||||
| 375,000 | Johnson & Johnson | 5.850 | 07/15/38 | 481,687 | ||||||||||||
| 300,000 | Johnson & Johnson | 4.500 | 12/05/43 | 327,110 | ||||||||||||
| 600,000 | Life Technologies Corp | 5.000 | 01/15/21 | 658,841 | ||||||||||||
| 200,000 | Merck & Co, Inc | 1.100 | 01/31/18 | 199,760 | ||||||||||||
| 400,000 | Merck & Co, Inc | 1.300 | 05/18/18 | 400,225 | ||||||||||||
| 375,000 | Merck & Co, Inc | 1.850 | 02/10/20 | 375,863 | ||||||||||||
| 78 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,500,000 | Merck & Co, Inc | 3.875 | % | 01/15/21 | $ | 1,613,066 | |||||||||
| 750,000 | Merck & Co, Inc | 2.350 | 02/10/22 | 739,342 | ||||||||||||
| 200,000 | Merck & Co, Inc | 2.400 | 09/15/22 | 195,082 | ||||||||||||
| 1,100,000 | Merck & Co, Inc | 2.800 | 05/18/23 | 1,093,221 | ||||||||||||
| 500,000 | Merck & Co, Inc | 2.750 | 02/10/25 | 486,880 | ||||||||||||
| 100,000 | Merck & Co, Inc | 3.600 | 09/15/42 | 92,534 | ||||||||||||
| 750,000 | Merck & Co, Inc | 4.150 | 05/18/43 | 742,561 | ||||||||||||
| 750,000 | Merck & Co, Inc | 3.700 | 02/10/45 | 688,566 | ||||||||||||
| 500,000 | Mylan, Inc | 1.800 | 06/24/16 | 499,085 | ||||||||||||
| 163,000 | Mylan, Inc | 1.350 | 11/29/16 | 161,854 | ||||||||||||
| 100,000 | Mylan, Inc | 2.550 | 03/28/19 | 98,533 | ||||||||||||
| 200,000 | Mylan, Inc | 4.200 | 11/29/23 | 202,186 | ||||||||||||
| 200,000 | Mylan, Inc | 5.400 | 11/29/43 | 197,841 | ||||||||||||
| 300,000 | Novartis Capital Corp | 2.400 | 09/21/22 | 296,252 | ||||||||||||
| 750,000 | Novartis Capital Corp | 3.400 | 05/06/24 | 775,010 | ||||||||||||
| 400,000 | Novartis Capital Corp | 3.700 | 09/21/42 | 383,602 | ||||||||||||
| 750,000 | Novartis Capital Corp | 4.400 | 05/06/44 | 805,880 | ||||||||||||
| 600,000 | Novartis Securities Investment Ltd | 5.125 | 02/10/19 | 667,165 | ||||||||||||
| 125,000 | Perrigo Co plc | 1.300 | 11/08/16 | 124,059 | ||||||||||||
| 100,000 | Perrigo Co plc | 2.300 | 11/08/18 | 98,924 | ||||||||||||
| 100,000 | Perrigo Co plc | 4.000 | 11/15/23 | 99,436 | ||||||||||||
| 100,000 | Perrigo Co plc | 5.300 | 11/15/43 | 99,583 | ||||||||||||
| 225,000 | Perrigo Finance plc | 3.500 | 12/15/21 | 222,169 | ||||||||||||
| 200,000 | Perrigo Finance plc | 3.900 | 12/15/24 | 197,060 | ||||||||||||
| 300,000 | Perrigo Finance plc | 4.900 | 12/15/44 | 285,169 | ||||||||||||
| 300,000 | Pfizer, Inc | 0.900 | 01/15/17 | 300,550 | ||||||||||||
| 300,000 | Pfizer, Inc | 1.500 | 06/15/18 | 301,226 | ||||||||||||
| 1,460,000 | Pfizer, Inc | 6.200 | 03/15/19 | 1,666,973 | ||||||||||||
| 800,000 | Pfizer, Inc | 3.000 | 06/15/23 | 801,130 | ||||||||||||
| 300,000 | Pfizer, Inc | 3.400 | 05/15/24 | 306,023 | ||||||||||||
| 500,000 | Pfizer, Inc | 4.300 | 06/15/43 | 495,900 | ||||||||||||
| 600,000 | Pfizer, Inc | 4.400 | 05/15/44 | 603,148 | ||||||||||||
| 175,000 | Sanofi | 1.250 | 04/10/18 | 174,617 | ||||||||||||
| 750,000 | Sanofi | 4.000 | 03/29/21 | 812,261 | ||||||||||||
| 100,000 | Sigma-Aldrich Corp | 3.375 | 11/01/20 | 102,875 | ||||||||||||
| 600,000 | Teva Pharmaceutical Finance Co BV | 2.400 | 11/10/16 | 607,245 | ||||||||||||
| 658,000 | Teva Pharmaceutical Finance Co BV | 2.950 | 12/18/22 | 630,405 | ||||||||||||
| 200,000 | Teva Pharmaceutical Finance Co LLC | 2.250 | 03/18/20 | 197,463 | ||||||||||||
| 17,000 | Teva Pharmaceutical Finance Co LLC | 6.150 | 02/01/36 | 19,459 | ||||||||||||
| 500,000 | Wyeth LLC | 5.450 | 04/01/17 | 534,081 | ||||||||||||
| 1,000,000 | Wyeth LLC | 6.450 | 02/01/24 | 1,239,583 | ||||||||||||
| 945,000 | Wyeth LLC | 5.950 | 04/01/37 | 1,135,995 | ||||||||||||
| 125,000 | Zoetis, Inc | 1.875 | 02/01/18 | 124,615 | ||||||||||||
| 150,000 | Zoetis, Inc | 3.250 | 02/01/23 | 144,088 | ||||||||||||
| 600,000 | Zoetis, Inc | 4.700 | 02/01/43 | 537,881 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 79,438,823 | |||||||||||||||
| REAL ESTATE - 0.6% | ||||||||||||||||
| 150,000 | Alexandria Real Estate Equities, Inc | 4.600 | 04/01/22 | 157,195 | ||||||||||||
| 100,000 | Alexandria Real Estate Equities, Inc | 3.900 | 06/15/23 | 99,657 | ||||||||||||
| 200,000 | Alexandria Real Estate Equities, Inc | 4.500 | 07/30/29 | 199,881 | ||||||||||||
| 100,000 | American Campus Communities Operating Partnership LP | 3.750 | 04/15/23 | 98,837 | ||||||||||||
| 79 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | American Campus Communities Operating Partnership LP | 4.125 | % | 07/01/24 | $ | 301,702 | |||||||||
| 200,000 | AvalonBay Communities, Inc | 3.625 | 10/01/20 | 209,315 | ||||||||||||
| 100,000 | AvalonBay Communities, Inc | 3.950 | 01/15/21 | 105,518 | ||||||||||||
| 225,000 | AvalonBay Communities, Inc | 2.950 | 09/15/22 | 221,572 | ||||||||||||
| 100,000 | AvalonBay Communities, Inc | 2.850 | 03/15/23 | 96,939 | ||||||||||||
| 200,000 | AvalonBay Communities, Inc | 3.500 | 11/15/24 | 199,433 | ||||||||||||
| 200,000 | AvalonBay Communities, Inc | 3.450 | 06/01/25 | 197,216 | ||||||||||||
| 200,000 | BioMed Realty LP | 2.625 | 05/01/19 | 193,527 | ||||||||||||
| 115,000 | BioMed Realty LP | 6.125 | 04/15/20 | 125,733 | ||||||||||||
| 100,000 | BioMed Realty LP | 4.250 | 07/15/22 | 98,700 | ||||||||||||
| 150,000 | Boston Properties LP | 3.700 | 11/15/18 | 157,191 | ||||||||||||
| 80,000 | Boston Properties LP | 5.875 | 10/15/19 | 90,702 | ||||||||||||
| 175,000 | Boston Properties LP | 4.125 | 05/15/21 | 186,402 | ||||||||||||
| 500,000 | Boston Properties LP | 3.850 | 02/01/23 | 512,296 | ||||||||||||
| 425,000 | Boston Properties LP | 3.125 | 09/01/23 | 413,481 | ||||||||||||
| 200,000 | Boston Properties LP | 3.800 | 02/01/24 | 203,566 | ||||||||||||
| 115,000 | Brandywine Operating Partnership LP | 5.700 | 05/01/17 | 121,145 | ||||||||||||
| 200,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 197,461 | ||||||||||||
| 200,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 195,903 | ||||||||||||
| 150,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 151,373 | ||||||||||||
| 200,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 194,291 | ||||||||||||
| 100,000 | Camden Property Trust | 4.625 | 06/15/21 | 107,910 | ||||||||||||
| 200,000 | Camden Property Trust | 2.950 | 12/15/22 | 194,087 | ||||||||||||
| 125,000 | Camden Property Trust | 4.250 | 01/15/24 | 130,761 | ||||||||||||
| 250,000 | CBL & Associates LP | 4.600 | 10/15/24 | 244,505 | ||||||||||||
| 500,000 | CBRE Services, Inc | 4.875 | 03/01/26 | 496,911 | ||||||||||||
| 200,000 | Corporate Office Properties LP | 3.700 | 06/15/21 | 196,198 | ||||||||||||
| 200,000 | Corporate Office Properties LP | 5.250 | 02/15/24 | 206,474 | ||||||||||||
| 100,000 | CubeSmart LP | 4.800 | 07/15/22 | 108,721 | ||||||||||||
| 200,000 | CubeSmart LP | 4.375 | 12/15/23 | 209,452 | ||||||||||||
| 100,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 103,410 | ||||||||||||
| 200,000 | DDR Corp | 3.500 | 01/15/21 | 203,470 | ||||||||||||
| 500,000 | DDR Corp | 4.625 | 07/15/22 | 523,735 | ||||||||||||
| 26,000 | Duke Realty LP | 5.950 | 02/15/17 | 27,564 | ||||||||||||
| 100,000 | Duke Realty LP | 3.875 | 02/15/21 | 103,797 | ||||||||||||
| 200,000 | Duke Realty LP | 4.375 | 06/15/22 | 209,099 | ||||||||||||
| 100,000 | Duke Realty LP | 3.875 | 10/15/22 | 101,865 | ||||||||||||
| 100,000 | Duke Realty LP | 3.625 | 04/15/23 | 98,693 | ||||||||||||
| 100,000 | Duke Realty LP | 3.750 | 12/01/24 | 98,447 | ||||||||||||
| 100,000 | EPR Properties | 5.750 | 08/15/22 | 106,083 | ||||||||||||
| 200,000 | EPR Properties | 5.250 | 07/15/23 | 205,587 | ||||||||||||
| 200,000 | Equity One, Inc | 3.750 | 11/15/22 | 195,958 | ||||||||||||
| 750,000 | ERP Operating LP | 4.625 | 12/15/21 | 817,508 | ||||||||||||
| 200,000 | ERP Operating LP | 3.375 | 06/01/25 | 197,329 | ||||||||||||
| 300,000 | ERP Operating LP | 4.500 | 07/01/44 | 302,375 | ||||||||||||
| 100,000 | Essex Portfolio LP | 3.625 | 08/15/22 | 101,214 | ||||||||||||
| 250,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 249,249 | ||||||||||||
| 100,000 | Essex Portfolio LP | 3.250 | 05/01/23 | 97,629 | ||||||||||||
| 400,000 | Essex Portfolio LP | 3.500 | 04/01/25 | 388,621 | ||||||||||||
| 100,000 | Federal Realty Investment Trust | 2.550 | 01/15/21 | 100,707 | ||||||||||||
| 100,000 | Federal Realty Investment Trust | 3.000 | 08/01/22 | 99,630 | ||||||||||||
| 100,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 96,623 | ||||||||||||
| 80 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Federal Realty Investment Trust | 3.950 | % | 01/15/24 | $ | 208,989 | |||||||||
| 100,000 | Federal Realty Investment Trust | 4.500 | 12/01/44 | 99,421 | ||||||||||||
| 430,000 | HCP, Inc | 6.000 | 01/30/17 | 453,158 | ||||||||||||
| 150,000 | HCP, Inc | 3.750 | 02/01/19 | 156,627 | ||||||||||||
| 250,000 | HCP, Inc | 2.625 | 02/01/20 | 249,154 | ||||||||||||
| 150,000 | HCP, Inc | 5.375 | 02/01/21 | 166,152 | ||||||||||||
| 400,000 | HCP, Inc | 3.150 | 08/01/22 | 389,366 | ||||||||||||
| 200,000 | HCP, Inc | 4.250 | 11/15/23 | 201,360 | ||||||||||||
| 200,000 | HCP, Inc | 4.200 | 03/01/24 | 199,883 | ||||||||||||
| 800,000 | HCP, Inc | 3.875 | 08/15/24 | 782,982 | ||||||||||||
| 30,000 | HCP, Inc | 6.750 | 02/01/41 | 37,066 | ||||||||||||
| 100,000 | Health Care REIT, Inc | 3.625 | 03/15/16 | 100,992 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.700 | 09/15/17 | 210,741 | ||||||||||||
| 150,000 | Health Care REIT, Inc | 2.250 | 03/15/18 | 150,757 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.125 | 04/01/19 | 211,413 | ||||||||||||
| 440,000 | Health Care REIT, Inc | 6.125 | 04/15/20 | 502,948 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.500 | 01/15/24 | 209,249 | ||||||||||||
| 100,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 97,924 | ||||||||||||
| 100,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 97,201 | ||||||||||||
| 100,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 98,041 | ||||||||||||
| 125,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 133,051 | ||||||||||||
| 100,000 | Highwoods Realty LP | 3.625 | 01/15/23 | 100,423 | ||||||||||||
| 100,000 | Hospitality Properties Trust | 5.000 | 08/15/22 | 105,844 | ||||||||||||
| 200,000 | Hospitality Properties Trust | 4.500 | 06/15/23 | 199,704 | ||||||||||||
| 200,000 | Hospitality Properties Trust | 4.650 | 03/15/24 | 200,344 | ||||||||||||
| 600,000 | Host Hotels & Resorts LP | 3.750 | 10/15/23 | 587,483 | ||||||||||||
| 200,000 | Host Hotels & Resorts LP | 4.000 | 06/15/25 | 197,234 | ||||||||||||
| 50,000 | HRPT Properties Trust | 5.875 | 09/15/20 | 54,667 | ||||||||||||
| 250,000 | Jones Lang LaSalle, Inc | 4.400 | 11/15/22 | 258,128 | ||||||||||||
| 35,000 | Kilroy Realty LP | 5.000 | 11/03/15 | 35,105 | ||||||||||||
| 250,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 248,880 | ||||||||||||
| 200,000 | Kilroy Realty LP | 4.250 | 08/15/29 | 193,676 | ||||||||||||
| 145,000 | Kimco Realty Corp | 5.700 | 05/01/17 | 154,173 | ||||||||||||
| 200,000 | Kimco Realty Corp | 3.200 | 05/01/21 | 202,479 | ||||||||||||
| 300,000 | Kimco Realty Corp | 3.125 | 06/01/23 | 291,266 | ||||||||||||
| 200,000 | Kimco Realty Corp | 4.250 | 04/01/45 | 183,980 | ||||||||||||
| 100,000 | Lexington Realty Trust | 4.250 | 06/15/23 | 102,076 | ||||||||||||
| 200,000 | Lexington Realty Trust | 4.400 | 06/15/24 | 203,594 | ||||||||||||
| 220,000 | Liberty Property LP | 4.750 | 10/01/20 | 237,701 | ||||||||||||
| 150,000 | Liberty Property LP | 4.125 | 06/15/22 | 153,703 | ||||||||||||
| 100,000 | Liberty Property LP | 3.375 | 06/15/23 | 97,322 | ||||||||||||
| 200,000 | Liberty Property LP | 4.400 | 02/15/24 | 207,937 | ||||||||||||
| 200,000 | Mack-Cali Realty LP | 2.500 | 12/15/17 | 199,578 | ||||||||||||
| 125,000 | Mack-Cali Realty LP | 7.750 | 08/15/19 | 144,810 | ||||||||||||
| 150,000 | Mack-Cali Realty LP | 4.500 | 04/18/22 | 149,751 | ||||||||||||
| 200,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 205,441 | ||||||||||||
| 75,000 | National Retail Properties, Inc | 6.875 | 10/15/17 | 82,328 | ||||||||||||
| 100,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 101,389 | ||||||||||||
| 100,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 97,352 | ||||||||||||
| 300,000 | National Retail Properties, Inc | 3.900 | 06/15/24 | 301,451 | ||||||||||||
| 400,000 | OMEGA Healthcare Investors, Inc | 6.750 | 10/15/22 | 414,680 | ||||||||||||
| 200,000 | OMEGA Healthcare Investors, Inc | 4.500 | 01/15/25 | 195,477 | ||||||||||||
| 81 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | g | OMEGA Healthcare Investors, Inc | 5.250 | % | 01/15/26 | $ | 305,043 | ||||||||
| 200,000 | g | OMEGA Healthcare Investors, Inc | 4.500 | 04/01/27 | 190,430 | |||||||||||
| 200,000 | Piedmont Operating Partnership LP | 3.400 | 06/01/23 | 189,572 | ||||||||||||
| 200,000 | Piedmont Operating Partnership LP | 4.450 | 03/15/24 | 203,908 | ||||||||||||
| 100,000 | Post Apartment Homes LP | 3.375 | 12/01/22 | 98,300 | ||||||||||||
| 350,000 | ProLogis LP | 2.750 | 02/15/19 | 356,623 | ||||||||||||
| 201,000 | ProLogis LP | 3.350 | 02/01/21 | 203,761 | ||||||||||||
| 150,000 | ProLogis LP | 4.250 | 08/15/23 | 155,432 | ||||||||||||
| 200,000 | Rayonier, Inc | 3.750 | 04/01/22 | 197,882 | ||||||||||||
| 40,000 | Realty Income Corp | 5.950 | 09/15/16 | 41,700 | ||||||||||||
| 150,000 | Realty Income Corp | 2.000 | 01/31/18 | 151,207 | ||||||||||||
| 75,000 | Realty Income Corp | 5.750 | 01/15/21 | 84,770 | ||||||||||||
| 200,000 | Realty Income Corp | 3.250 | 10/15/22 | 195,389 | ||||||||||||
| 500,000 | Realty Income Corp | 4.650 | 08/01/23 | 527,684 | ||||||||||||
| 200,000 | Realty Income Corp | 4.125 | 10/15/26 | 203,862 | ||||||||||||
| 10,000 | Regency Centers LP | 5.875 | 06/15/17 | 10,666 | ||||||||||||
| 250,000 | Regency Centers LP | 3.750 | 06/15/24 | 250,461 | ||||||||||||
| 200,000 | Retail Opportunity Investments Partnership LP | 5.000 | 12/15/23 | 209,239 | ||||||||||||
| 100,000 | Select Income REIT | 2.850 | 02/01/18 | 100,362 | ||||||||||||
| 200,000 | Select Income REIT | 3.600 | 02/01/20 | 203,751 | ||||||||||||
| 200,000 | Select Income REIT | 4.150 | 02/01/22 | 197,132 | ||||||||||||
| 200,000 | Select Income REIT | 4.500 | 02/01/25 | 192,433 | ||||||||||||
| 300,000 | Senior Housing Properties Trust | 3.250 | 05/01/19 | 301,867 | ||||||||||||
| 100,000 | Senior Housing Properties Trust | 6.750 | 12/15/21 | 114,590 | ||||||||||||
| 100,000 | Simon Property Group LP | 2.800 | 01/30/17 | 101,895 | ||||||||||||
| 1,100,000 | Simon Property Group LP | 2.200 | 02/01/19 | 1,112,456 | ||||||||||||
| 740,000 | Simon Property Group LP | 10.350 | 04/01/19 | 930,532 | ||||||||||||
| 250,000 | Simon Property Group LP | 2.500 | 09/01/20 | 252,557 | ||||||||||||
| 762,000 | Simon Property Group LP | 3.375 | 03/15/22 | 783,293 | ||||||||||||
| 300,000 | Simon Property Group LP | 3.500 | 09/01/25 | 300,545 | ||||||||||||
| 700,000 | Simon Property Group LP | 4.250 | 10/01/44 | 680,189 | ||||||||||||
| 300,000 | Tanger Properties LP | 3.875 | 12/01/23 | 300,606 | ||||||||||||
| 200,000 | UDR, Inc | 3.700 | 10/01/20 | 209,175 | ||||||||||||
| 200,000 | UDR, Inc | 4.625 | 01/10/22 | 214,424 | ||||||||||||
| 200,000 | UDR, Inc | 4.000 | 10/01/25 | 203,157 | ||||||||||||
| 100,000 | g,i | USB Realty Corp | 1.436 | 12/30/49 | 90,750 | |||||||||||
| 300,000 | Ventas Realty LP | 1.550 | 09/26/16 | 300,793 | ||||||||||||
| 175,000 | Ventas Realty LP | 2.000 | 02/15/18 | 175,623 | ||||||||||||
| 300,000 | Ventas Realty LP | 4.750 | 06/01/21 | 323,690 | ||||||||||||
| 350,000 | Ventas Realty LP | 3.250 | 08/15/22 | 342,778 | ||||||||||||
| 350,000 | Ventas Realty LP | 3.750 | 05/01/24 | 348,160 | ||||||||||||
| 120,000 | Ventas Realty LP | 4.125 | 01/15/26 | 121,012 | ||||||||||||
| 300,000 | Ventas Realty LP | 4.375 | 02/01/45 | 274,481 | ||||||||||||
| 200,000 | Vornado Realty LP | 2.500 | 06/30/19 | 199,670 | ||||||||||||
| 100,000 | Vornado Realty LP | 5.000 | 01/15/22 | 108,036 | ||||||||||||
| 195,000 | Washington REIT | 4.950 | 10/01/20 | 210,785 | ||||||||||||
| 100,000 | Washington REIT | 3.950 | 10/15/22 | 100,721 | ||||||||||||
| 100,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 98,864 | ||||||||||||
| 100,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 98,265 | ||||||||||||
| 200,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 207,737 | ||||||||||||
| 475,000 | Welltower, Inc | 4.000 | 06/01/25 | 475,058 | ||||||||||||
| 500,000 | Weyerhaeuser Co | 7.375 | 10/01/19 | 588,840 | ||||||||||||
| 82 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Weyerhaeuser Co | 4.625 | % | 09/15/23 | $ | 213,701 | |||||||||
| 400,000 | Weyerhaeuser Co | 7.375 | 03/15/32 | 502,960 | ||||||||||||
| 200,000 | WP Carey, Inc | 4.600 | 04/01/24 | 204,028 | ||||||||||||
| 200,000 | WP Carey, Inc | 4.000 | 02/01/25 | 193,029 | ||||||||||||
| TOTAL REAL ESTATE | 36,670,973 | |||||||||||||||
| RETAILING - 0.7% | ||||||||||||||||
| 120,000 | Advance Auto Parts, Inc | 5.750 | 05/01/20 | 133,979 | ||||||||||||
| 250,000 | Advance Auto Parts, Inc | 4.500 | 12/01/23 | 260,913 | ||||||||||||
| 600,000 | Amazon.com, Inc | 0.650 | 11/27/15 | 600,194 | ||||||||||||
| 300,000 | Amazon.com, Inc | 2.600 | 12/05/19 | 307,441 | ||||||||||||
| 300,000 | Amazon.com, Inc | 3.300 | 12/05/21 | 310,275 | ||||||||||||
| 600,000 | Amazon.com, Inc | 2.500 | 11/29/22 | 581,527 | ||||||||||||
| 300,000 | Amazon.com, Inc | 3.800 | 12/05/24 | 307,209 | ||||||||||||
| 300,000 | Amazon.com, Inc | 4.800 | 12/05/34 | 308,410 | ||||||||||||
| 600,000 | Amazon.com, Inc | 4.950 | 12/05/44 | 613,289 | ||||||||||||
| 100,000 | AutoNation, Inc | 3.350 | 01/15/21 | 101,083 | ||||||||||||
| 100,000 | AutoNation, Inc | 4.500 | 10/01/25 | 101,964 | ||||||||||||
| 300,000 | AutoZone, Inc | 1.300 | 01/13/17 | 300,383 | ||||||||||||
| 100,000 | AutoZone, Inc | 4.000 | 11/15/20 | 106,234 | ||||||||||||
| 200,000 | AutoZone, Inc | 3.700 | 04/15/22 | 205,825 | ||||||||||||
| 300,000 | AutoZone, Inc | 2.875 | 01/15/23 | 290,799 | ||||||||||||
| 150,000 | AutoZone, Inc | 3.125 | 07/15/23 | 148,370 | ||||||||||||
| 200,000 | AutoZone, Inc | 3.250 | 04/15/25 | 196,270 | ||||||||||||
| 200,000 | Bed Bath & Beyond, Inc | 3.749 | 08/01/24 | 201,851 | ||||||||||||
| 200,000 | Bed Bath & Beyond, Inc | 4.915 | 08/01/34 | 190,202 | ||||||||||||
| 250,000 | Bed Bath & Beyond, Inc | 5.165 | 08/01/44 | 236,914 | ||||||||||||
| 320,000 | Costco Wholesale Corp | 5.500 | 03/15/17 | 341,271 | ||||||||||||
| 500,000 | Costco Wholesale Corp | 1.125 | 12/15/17 | 499,967 | ||||||||||||
| 250,000 | Costco Wholesale Corp | 1.700 | 12/15/19 | 250,043 | ||||||||||||
| 200,000 | Costco Wholesale Corp | 1.750 | 02/15/20 | 199,071 | ||||||||||||
| 200,000 | Costco Wholesale Corp | 2.250 | 02/15/22 | 198,275 | ||||||||||||
| 500,000 | Dollar General Corp | 1.875 | 04/15/18 | 499,572 | ||||||||||||
| 300,000 | g | Enable Midstream Partners LP | 2.400 | 05/15/19 | 284,990 | |||||||||||
| 300,000 | g | Enable Midstream Partners LP | 3.900 | 05/15/24 | 264,659 | |||||||||||
| 100,000 | g | Enable Midstream Partners LP | 5.000 | 05/15/44 | 74,134 | |||||||||||
| 250,000 | Gap, Inc | 5.950 | 04/12/21 | 270,638 | ||||||||||||
| 500,000 | Home Depot, Inc | 2.000 | 06/15/19 | 505,334 | ||||||||||||
| 400,000 | Home Depot, Inc | 3.950 | 09/15/20 | 434,831 | ||||||||||||
| 350,000 | Home Depot, Inc | 4.400 | 04/01/21 | 386,615 | ||||||||||||
| 400,000 | Home Depot, Inc | 2.625 | 06/01/22 | 399,875 | ||||||||||||
| 500,000 | Home Depot, Inc | 2.700 | 04/01/23 | 496,824 | ||||||||||||
| 300,000 | Home Depot, Inc | 3.750 | 02/15/24 | 318,470 | ||||||||||||
| 100,000 | Home Depot, Inc | 3.350 | 09/15/25 | 101,881 | ||||||||||||
| 960,000 | Home Depot, Inc | 5.875 | 12/16/36 | 1,180,482 | ||||||||||||
| 500,000 | Home Depot, Inc | 4.200 | 04/01/43 | 505,942 | ||||||||||||
| 300,000 | Home Depot, Inc | 4.875 | 02/15/44 | 333,146 | ||||||||||||
| 500,000 | Home Depot, Inc | 4.400 | 03/15/45 | 517,144 | ||||||||||||
| 500,000 | Home Depot, Inc | 4.250 | 04/01/46 | 503,916 | ||||||||||||
| 200,000 | Kohl’s Corp | 3.250 | 02/01/23 | 193,658 | ||||||||||||
| 200,000 | Kohl’s Corp | 4.750 | 12/15/23 | 212,239 | ||||||||||||
| 200,000 | Kohl’s Corp | 4.250 | 07/17/25 | 200,432 | ||||||||||||
| 83 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Kohl’s Corp | 5.550 | % | 07/17/45 | $ | 196,033 | |||||||||
| 200,000 | Lowe’s Cos, Inc | 3.800 | 11/15/21 | 213,056 | ||||||||||||
| 850,000 | Lowe’s Cos, Inc | 3.120 | 04/15/22 | 868,301 | ||||||||||||
| 300,000 | Lowe’s Cos, Inc | 3.875 | 09/15/23 | 317,156 | ||||||||||||
| 400,000 | Lowe’s Cos, Inc | 3.125 | 09/15/24 | 400,673 | ||||||||||||
| 100,000 | Lowe’s Cos, Inc | 3.375 | 09/15/25 | 101,208 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 6.875 | 02/15/28 | 255,490 | ||||||||||||
| 175,000 | Lowe’s Cos, Inc | 5.500 | 10/15/35 | 201,997 | ||||||||||||
| 150,000 | Lowe’s Cos, Inc | 5.800 | 04/15/40 | 178,200 | ||||||||||||
| 150,000 | Lowe’s Cos, Inc | 5.125 | 11/15/41 | 166,689 | ||||||||||||
| 100,000 | Lowe’s Cos, Inc | 4.650 | 04/15/42 | 105,031 | ||||||||||||
| 300,000 | Lowe’s Cos, Inc | 5.000 | 09/15/43 | 330,844 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 4.250 | 09/15/44 | 198,329 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 4.375 | 09/15/45 | 202,435 | ||||||||||||
| 191,000 | Macy’s Retail Holdings, Inc | 5.900 | 12/01/16 | 200,947 | ||||||||||||
| 250,000 | Macy’s Retail Holdings, Inc | 3.875 | 01/15/22 | 254,638 | ||||||||||||
| 125,000 | Macy’s Retail Holdings, Inc | 2.875 | 02/15/23 | 117,615 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.375 | 09/01/23 | 206,688 | ||||||||||||
| 300,000 | Macy’s Retail Holdings, Inc | 3.625 | 06/01/24 | 290,262 | ||||||||||||
| 400,000 | Macy’s Retail Holdings, Inc | 6.900 | 04/01/29 | 486,855 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.500 | 12/15/34 | 183,271 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 6.375 | 03/15/37 | 221,575 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.300 | 02/15/43 | 169,311 | ||||||||||||
| 300,000 | Nordstrom, Inc | 6.250 | 01/15/18 | 331,645 | ||||||||||||
| 30,000 | Nordstrom, Inc | 4.750 | 05/01/20 | 33,305 | ||||||||||||
| 100,000 | Nordstrom, Inc | 4.000 | 10/15/21 | 106,816 | ||||||||||||
| 531,000 | Nordstrom, Inc | 5.000 | 01/15/44 | 570,331 | ||||||||||||
| 150,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 165,755 | ||||||||||||
| 100,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 102,443 | ||||||||||||
| 200,000 | O’Reilly Automotive, Inc | 3.850 | 06/15/23 | 204,806 | ||||||||||||
| 300,000 | Priceline Group, Inc | 3.650 | 03/15/25 | 298,310 | ||||||||||||
| 200,000 | QVC, Inc | 3.125 | 04/01/19 | 199,562 | ||||||||||||
| 100,000 | QVC, Inc | 5.125 | 07/02/22 | 102,832 | ||||||||||||
| 100,000 | QVC, Inc | 4.375 | 03/15/23 | 97,238 | ||||||||||||
| 200,000 | QVC, Inc | 4.850 | 04/01/24 | 193,853 | ||||||||||||
| 200,000 | QVC, Inc | 4.450 | 02/15/25 | 192,913 | ||||||||||||
| 150,000 | QVC, Inc | 5.950 | 03/15/43 | 138,569 | ||||||||||||
| 150,000 | Staples, Inc | 2.750 | 01/12/18 | 151,429 | ||||||||||||
| 150,000 | Staples, Inc | 4.375 | 01/12/23 | 147,462 | ||||||||||||
| 1,150,000 | Target Corp | 3.875 | 07/15/20 | 1,250,484 | ||||||||||||
| 900,000 | Target Corp | 2.900 | 01/15/22 | 918,613 | ||||||||||||
| 500,000 | Target Corp | 3.500 | 07/01/24 | 522,186 | ||||||||||||
| 165,000 | Target Corp | 6.500 | 10/15/37 | 216,006 | ||||||||||||
| 850,000 | Target Corp | 4.000 | 07/01/42 | 836,586 | ||||||||||||
| 100,000 | Tiffany & Co | 3.800 | 10/01/24 | 98,877 | ||||||||||||
| 105,000 | TJX Cos, Inc | 6.950 | 04/15/19 | 122,630 | ||||||||||||
| 300,000 | TJX Cos, Inc | 2.750 | 06/15/21 | 305,296 | ||||||||||||
| 300,000 | TJX Cos, Inc | 2.500 | 05/15/23 | 290,608 | ||||||||||||
| 200,000 | Wal-Mart Stores, Inc | 2.800 | 04/15/16 | 202,458 | ||||||||||||
| 350,000 | Wal-Mart Stores, Inc | 1.125 | 04/11/18 | 349,753 | ||||||||||||
| 300,000 | Wal-Mart Stores, Inc | 1.950 | 12/15/18 | 306,303 | ||||||||||||
| 1,400,000 | Wal-Mart Stores, Inc | 3.250 | 10/25/20 | 1,484,897 | ||||||||||||
| 84 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,950,000 | Wal-Mart Stores, Inc | 4.250 | % | 04/15/21 | $ | 2,160,894 | |||||||||
| 1,000,000 | Wal-Mart Stores, Inc | 2.550 | 04/11/23 | 986,769 | ||||||||||||
| 800,000 | Wal-Mart Stores, Inc | 3.300 | 04/22/24 | 827,610 | ||||||||||||
| 69,000 | Wal-Mart Stores, Inc | 7.550 | 02/15/30 | 97,790 | ||||||||||||
| 1,095,000 | Wal-Mart Stores, Inc | 5.250 | 09/01/35 | 1,265,533 | ||||||||||||
| 160,000 | Wal-Mart Stores, Inc | 6.500 | 08/15/37 | 210,167 | ||||||||||||
| 900,000 | Wal-Mart Stores, Inc | 6.200 | 04/15/38 | 1,155,294 | ||||||||||||
| 65,000 | Wal-Mart Stores, Inc | 5.625 | 04/01/40 | 78,520 | ||||||||||||
| 345,000 | Wal-Mart Stores, Inc | 5.000 | 10/25/40 | 383,421 | ||||||||||||
| 850,000 | Wal-Mart Stores, Inc | 4.000 | 04/11/43 | 826,643 | ||||||||||||
| 900,000 | Wal-Mart Stores, Inc | 4.750 | 10/02/43 | 973,113 | ||||||||||||
| 300,000 | Wal-Mart Stores, Inc | 4.300 | 04/22/44 | 306,869 | ||||||||||||
| TOTAL RETAILING | 39,757,734 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 200,000 | Altera Corp | 1.750 | 05/15/17 | 200,964 | ||||||||||||
| 200,000 | Altera Corp | 4.100 | 11/15/23 | 209,828 | ||||||||||||
| 500,000 | Analog Devices, Inc | 2.875 | 06/01/23 | 487,657 | ||||||||||||
| 150,000 | Broadcom Corp | 2.500 | 08/15/22 | 146,625 | ||||||||||||
| 200,000 | Broadcom Corp | 3.500 | 08/01/24 | 198,048 | ||||||||||||
| 200,000 | Broadcom Corp | 4.500 | 08/01/34 | 201,347 | ||||||||||||
| 900,000 | Intel Corp | 1.950 | 10/01/16 | 910,719 | ||||||||||||
| 475,000 | Intel Corp | 1.350 | 12/15/17 | 474,151 | ||||||||||||
| 250,000 | Intel Corp | 2.450 | 07/29/20 | 253,334 | ||||||||||||
| 500,000 | Intel Corp | 3.100 | 07/29/22 | 508,715 | ||||||||||||
| 1,250,000 | Intel Corp | 2.700 | 12/15/22 | 1,228,634 | ||||||||||||
| 250,000 | Intel Corp | 3.700 | 07/29/25 | 256,855 | ||||||||||||
| 500,000 | Intel Corp | 4.000 | 12/15/32 | 485,053 | ||||||||||||
| 500,000 | Intel Corp | 4.800 | 10/01/41 | 517,415 | ||||||||||||
| 275,000 | Intel Corp | 4.900 | 07/29/45 | 284,743 | ||||||||||||
| 200,000 | Maxim Integrated Products, Inc | 2.500 | 11/15/18 | 201,733 | ||||||||||||
| 200,000 | Maxim Integrated Products, Inc | 3.375 | 03/15/23 | 200,307 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.375 | 05/16/16 | 202,393 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 1.000 | 05/01/18 | 197,841 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 1.650 | 08/03/19 | 199,187 | ||||||||||||
| 300,000 | Texas Instruments, Inc | 1.750 | 05/01/20 | 297,966 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.750 | 03/12/21 | 203,655 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.250 | 05/01/23 | 193,477 | ||||||||||||
| 400,000 | Xilinx, Inc | 3.000 | 03/15/21 | 406,952 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 8,467,599 | |||||||||||||||
| SOFTWARE & SERVICES - 0.7% | ||||||||||||||||
| 20,000 | Adobe Systems, Inc | 4.750 | 02/01/20 | 21,995 | ||||||||||||
| 275,000 | Adobe Systems, Inc | 3.250 | 02/01/25 | 269,905 | ||||||||||||
| 200,000 | Autodesk, Inc | 1.950 | 12/15/17 | 201,204 | ||||||||||||
| 250,000 | Autodesk, Inc | 4.375 | 06/15/25 | 250,784 | ||||||||||||
| 500,000 | Automatic Data Processing, Inc | 2.250 | 09/15/20 | 503,725 | ||||||||||||
| 500,000 | Automatic Data Processing, Inc | 3.375 | 09/15/25 | 508,394 | ||||||||||||
| 300,000 | Baidu, Inc | 2.250 | 11/28/17 | 299,697 | ||||||||||||
| 750,000 | Baidu, Inc | 2.750 | 06/09/19 | 742,141 | ||||||||||||
| 300,000 | Baidu, Inc | 3.000 | 06/30/20 | 298,042 | ||||||||||||
| 200,000 | Baidu, Inc | 3.500 | 11/28/22 | 195,280 | ||||||||||||
| 85 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | Baidu, Inc | 4.125 | % | 06/30/25 | $ | 293,085 | |||||||||
| 250,000 | CA, Inc | 2.875 | 08/15/18 | 254,197 | ||||||||||||
| 300,000 | CA, Inc | 5.375 | 12/01/19 | 328,479 | ||||||||||||
| 200,000 | CDK Global, Inc | 3.300 | 10/15/19 | 201,104 | ||||||||||||
| 120,000 | Computer Sciences Corp | 6.500 | 03/15/18 | 132,235 | ||||||||||||
| 200,000 | Computer Sciences Corp | 4.450 | 09/15/22 | 206,303 | ||||||||||||
| 300,000 | Expedia, Inc | 7.456 | 08/15/18 | 338,614 | ||||||||||||
| 300,000 | Expedia, Inc | 4.500 | 08/15/24 | 301,146 | ||||||||||||
| 275,000 | Fidelity National Information Services, Inc | 1.450 | 06/05/17 | 272,720 | ||||||||||||
| 250,000 | Fidelity National Information Services, Inc | 2.000 | 04/15/18 | 248,689 | ||||||||||||
| 600,000 | Fidelity National Information Services, Inc | 3.875 | 06/05/24 | 571,261 | ||||||||||||
| 50,000 | Fiserv, Inc | 3.125 | 10/01/15 | 50,000 | ||||||||||||
| 550,000 | Fiserv, Inc | 3.500 | 10/01/22 | 557,316 | ||||||||||||
| 500,000 | Fiserv, Inc | 3.850 | 06/01/25 | 508,451 | ||||||||||||
| 100,000 | Google, Inc | 3.625 | 05/19/21 | 107,344 | ||||||||||||
| 500,000 | Google, Inc | 3.375 | 02/25/24 | 518,895 | ||||||||||||
| 300,000 | International Business Machines Corp | 0.450 | 05/06/16 | 300,071 | ||||||||||||
| 225,000 | International Business Machines Corp | 1.250 | 02/06/17 | 226,613 | ||||||||||||
| 1,000,000 | International Business Machines Corp | 5.700 | 09/14/17 | 1,086,972 | ||||||||||||
| 500,000 | International Business Machines Corp | 1.125 | 02/06/18 | 498,790 | ||||||||||||
| 400,000 | International Business Machines Corp | 1.250 | 02/08/18 | 400,294 | ||||||||||||
| 500,000 | International Business Machines Corp | 1.950 | 02/12/19 | 505,306 | ||||||||||||
| 200,000 | International Business Machines Corp | 1.875 | 05/15/19 | 201,503 | ||||||||||||
| 800,000 | International Business Machines Corp | 8.375 | 11/01/19 | 1,003,710 | ||||||||||||
| 300,000 | International Business Machines Corp | 1.625 | 05/15/20 | 296,138 | ||||||||||||
| 500,000 | International Business Machines Corp | 2.900 | 11/01/21 | 514,402 | ||||||||||||
| 300,000 | International Business Machines Corp | 1.875 | 08/01/22 | 283,088 | ||||||||||||
| 700,000 | International Business Machines Corp | 3.375 | 08/01/23 | 713,192 | ||||||||||||
| 500,000 | International Business Machines Corp | 3.625 | 02/12/24 | 515,796 | ||||||||||||
| 400,000 | International Business Machines Corp | 7.000 | 10/30/25 | 513,378 | ||||||||||||
| 19,000 | International Business Machines Corp | 5.600 | 11/30/39 | 21,463 | ||||||||||||
| 835,000 | International Business Machines Corp | 4.000 | 06/20/42 | 770,528 | ||||||||||||
| 200,000 | Intuit, Inc | 5.750 | 03/15/17 | 211,602 | ||||||||||||
| 175,000 | Juniper Networks, Inc | 4.600 | 03/15/21 | 184,424 | ||||||||||||
| 200,000 | Juniper Networks, Inc | 4.500 | 03/15/24 | 201,524 | ||||||||||||
| 250,000 | Juniper Networks, Inc | 4.350 | 06/15/25 | 246,246 | ||||||||||||
| 475,000 | Microsoft Corp | 0.875 | 11/15/17 | 475,204 | ||||||||||||
| 400,000 | Microsoft Corp | 1.625 | 12/06/18 | 405,333 | ||||||||||||
| 925,000 | Microsoft Corp | 4.200 | 06/01/19 | 1,010,738 | ||||||||||||
| 300,000 | Microsoft Corp | 1.850 | 02/12/20 | 301,909 | ||||||||||||
| 540,000 | Microsoft Corp | 3.000 | 10/01/20 | 568,759 | ||||||||||||
| 450,000 | Microsoft Corp | 4.000 | 02/08/21 | 494,174 | ||||||||||||
| 300,000 | Microsoft Corp | 2.375 | 02/12/22 | 299,336 | ||||||||||||
| 400,000 | Microsoft Corp | 2.125 | 11/15/22 | 387,416 | ||||||||||||
| 400,000 | Microsoft Corp | 3.625 | 12/15/23 | 424,769 | ||||||||||||
| 500,000 | Microsoft Corp | 2.700 | 02/12/25 | 490,165 | ||||||||||||
| 500,000 | Microsoft Corp | 3.500 | 11/15/42 | 447,427 | ||||||||||||
| 300,000 | Microsoft Corp | 3.750 | 05/01/43 | 276,246 | ||||||||||||
| 750,000 | Microsoft Corp | 3.750 | 02/12/45 | 693,433 | ||||||||||||
| 1,750,000 | Microsoft Corp | 4.000 | 02/12/55 | 1,586,489 | ||||||||||||
| 1,000,000 | Oracle Corp | 1.200 | 10/15/17 | 1,001,683 | ||||||||||||
| 320,000 | Oracle Corp | 5.750 | 04/15/18 | 353,387 | ||||||||||||
| 86 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 750,000 | Oracle Corp | 2.375 | % | 01/15/19 | $ | 764,526 | |||||||||
| 750,000 | Oracle Corp | 2.250 | 10/08/19 | 759,206 | ||||||||||||
| 1,365,000 | Oracle Corp | 3.875 | 07/15/20 | 1,472,051 | ||||||||||||
| 500,000 | Oracle Corp | 2.800 | 07/08/21 | 507,143 | ||||||||||||
| 500,000 | Oracle Corp | 2.500 | 05/15/22 | 492,788 | ||||||||||||
| 1,725,000 | Oracle Corp | 2.500 | 10/15/22 | 1,685,815 | ||||||||||||
| 750,000 | Oracle Corp | 3.400 | 07/08/24 | 761,310 | ||||||||||||
| 750,000 | Oracle Corp | 2.950 | 05/15/25 | 731,511 | ||||||||||||
| 400,000 | Oracle Corp | 3.250 | 05/15/30 | 376,382 | ||||||||||||
| 1,250,000 | Oracle Corp | 4.300 | 07/08/34 | 1,253,844 | ||||||||||||
| 500,000 | Oracle Corp | 3.900 | 05/15/35 | 474,632 | ||||||||||||
| 470,000 | Oracle Corp | 6.125 | 07/08/39 | 571,586 | ||||||||||||
| 500,000 | Oracle Corp | 4.500 | 07/08/44 | 505,638 | ||||||||||||
| 500,000 | Oracle Corp | 4.125 | 05/15/45 | 472,087 | ||||||||||||
| 500,000 | Oracle Corp | 4.375 | 05/15/55 | 464,992 | ||||||||||||
| 250,000 | Symantec Corp | 2.750 | 06/15/17 | 251,108 | ||||||||||||
| 200,000 | Symantec Corp | 3.950 | 06/15/22 | 201,283 | ||||||||||||
| 250,000 | Total System Services, Inc | 2.375 | 06/01/18 | 250,281 | ||||||||||||
| 125,000 | Total System Services, Inc | 3.750 | 06/01/23 | 122,306 | ||||||||||||
| 20,000 | Western Union Co | 5.930 | 10/01/16 | 20,872 | ||||||||||||
| 500,000 | Western Union Co | 2.875 | 12/10/17 | 510,706 | ||||||||||||
| 100,000 | Western Union Co | 3.650 | 08/22/18 | 103,310 | ||||||||||||
| 400,000 | Western Union Co | 5.253 | 04/01/20 | 438,862 | ||||||||||||
| 100,000 | Xerox Corp | 2.950 | 03/15/17 | 101,709 | ||||||||||||
| 250,000 | Xerox Corp | 6.350 | 05/15/18 | 275,109 | ||||||||||||
| 100,000 | Xerox Corp | 2.750 | 03/15/19 | 100,538 | ||||||||||||
| 700,000 | Xerox Corp | 5.625 | 12/15/19 | 774,967 | ||||||||||||
| 200,000 | Xerox Corp | 2.800 | 05/15/20 | 198,077 | ||||||||||||
| 500,000 | Xerox Corp | 2.750 | 09/01/20 | 483,699 | ||||||||||||
| 200,000 | Xerox Corp | 6.750 | 12/15/39 | 222,332 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 41,441,184 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.8% | ||||||||||||||||
| 200,000 | Amphenol Corp | 2.550 | 01/30/19 | 202,389 | ||||||||||||
| 125,000 | Amphenol Corp | 3.125 | 09/15/21 | 126,349 | ||||||||||||
| 150,000 | Amphenol Corp | 4.000 | 02/01/22 | 154,613 | ||||||||||||
| 1,250,000 | Apple, Inc | 1.050 | 05/05/17 | 1,254,815 | ||||||||||||
| 1,000,000 | Apple, Inc | 2.100 | 05/06/19 | 1,015,533 | ||||||||||||
| 1,750,000 | Apple, Inc | 2.850 | 05/06/21 | 1,797,366 | ||||||||||||
| 750,000 | Apple, Inc | 2.150 | 02/09/22 | 731,364 | ||||||||||||
| 750,000 | Apple, Inc | 2.700 | 05/13/22 | 754,382 | ||||||||||||
| 2,250,000 | Apple, Inc | 3.450 | 05/06/24 | 2,321,397 | ||||||||||||
| 750,000 | Apple, Inc | 2.500 | 02/09/25 | 712,713 | ||||||||||||
| 750,000 | Apple, Inc | 3.200 | 05/13/25 | 754,934 | ||||||||||||
| 750,000 | Apple, Inc | 4.450 | 05/06/44 | 746,920 | ||||||||||||
| 750,000 | Apple, Inc | 3.450 | 02/09/45 | 631,439 | ||||||||||||
| 800,000 | Apple, Inc | 4.375 | 05/13/45 | 788,643 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 100,700 | ||||||||||||
| 175,000 | CC Holdings GS V LLC | 3.849 | 04/15/23 | 174,445 | ||||||||||||
| 400,000 | Cisco Systems, Inc | 1.650 | 06/15/18 | 402,942 | ||||||||||||
| 1,900,000 | Cisco Systems, Inc | 4.450 | 01/15/20 | 2,093,215 | ||||||||||||
| 400,000 | Cisco Systems, Inc | 2.450 | 06/15/20 | 406,142 | ||||||||||||
| 87 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,250,000 | Cisco Systems, Inc | 2.900 | % | 03/04/21 | $ | 1,283,264 | |||||||||
| 400,000 | Cisco Systems, Inc | 3.000 | 06/15/22 | 407,764 | ||||||||||||
| 1,100,000 | Cisco Systems, Inc | 3.625 | 03/04/24 | 1,153,601 | ||||||||||||
| 400,000 | Cisco Systems, Inc | 3.500 | 06/15/25 | 412,955 | ||||||||||||
| 600,000 | Cisco Systems, Inc | 5.900 | 02/15/39 | 732,614 | ||||||||||||
| 900,000 | EMC Corp | 1.875 | 06/01/18 | 902,295 | ||||||||||||
| 400,000 | EMC Corp | 2.650 | 06/01/20 | 403,864 | ||||||||||||
| 400,000 | EMC Corp | 3.375 | 06/01/23 | 396,547 | ||||||||||||
| 300,000 | g | Flextronics International Ltd | 4.750 | 06/15/25 | 290,616 | |||||||||||
| 750,000 | General Electric Co | 5.250 | 12/06/17 | 812,259 | ||||||||||||
| 1,725,000 | General Electric Co | 2.700 | 10/09/22 | 1,729,935 | ||||||||||||
| 1,075,000 | General Electric Co | 4.125 | 10/09/42 | 1,061,166 | ||||||||||||
| 250,000 | General Electric Co | 4.500 | 03/11/44 | 259,232 | ||||||||||||
| 300,000 | Harris Corp | 1.999 | 04/27/18 | 298,172 | ||||||||||||
| 205,000 | Harris Corp | 2.700 | 04/27/20 | 203,179 | ||||||||||||
| 300,000 | Harris Corp | 4.400 | 12/15/20 | 317,586 | ||||||||||||
| 300,000 | Harris Corp | 4.854 | 04/27/35 | 290,041 | ||||||||||||
| 300,000 | Harris Corp | 5.054 | 04/27/45 | 289,720 | ||||||||||||
| 750,000 | g,h | Hewlett Packard Enterprise Co | 2.850 | 10/05/18 | 749,040 | |||||||||||
| 750,000 | g,h | Hewlett Packard Enterprise Co | 4.400 | 10/15/22 | 748,515 | |||||||||||
| 750,000 | g,h | Hewlett Packard Enterprise Co | 6.200 | 10/15/35 | 749,565 | |||||||||||
| 750,000 | g,h | Hewlett Packard Enterprise Co | 6.350 | 10/15/45 | 749,490 | |||||||||||
| 1,400,000 | Hewlett-Packard Co | 3.000 | 09/15/16 | 1,426,120 | ||||||||||||
| 175,000 | Hewlett-Packard Co | 2.600 | 09/15/17 | 177,596 | ||||||||||||
| 325,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 331,869 | ||||||||||||
| 700,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 723,785 | ||||||||||||
| 200,000 | Hewlett-Packard Co | 4.375 | 09/15/21 | 209,038 | ||||||||||||
| 100,000 | Hewlett-Packard Co | 4.650 | 12/09/21 | 106,056 | ||||||||||||
| 200,000 | Hewlett-Packard Co | 4.050 | 09/15/22 | 201,514 | ||||||||||||
| 850,000 | Hewlett-Packard Co | 6.000 | 09/15/41 | 835,991 | ||||||||||||
| 475,000 | g,h | Hewlett-Packard Enterprise Co | 3.600 | 10/15/20 | 474,867 | |||||||||||
| 1,000,000 | g,h | Hewlett-Packard Enterprise Co | 4.900 | 10/15/25 | 997,250 | |||||||||||
| 200,000 | Ingram Micro, Inc | 5.000 | 08/10/22 | 206,817 | ||||||||||||
| 200,000 | g | Keysight Technologies, Inc | 3.300 | 10/30/19 | 200,768 | |||||||||||
| 200,000 | g | Keysight Technologies, Inc | 4.550 | 10/30/24 | 194,878 | |||||||||||
| 547,000 | Koninklijke Philips Electronics NV | 5.750 | 03/11/18 | 593,516 | ||||||||||||
| 100,000 | Koninklijke Philips Electronics NV | 6.875 | 03/11/38 | 117,905 | ||||||||||||
| 300,000 | Koninklijke Philips Electronics NV | 5.000 | 03/15/42 | 293,176 | ||||||||||||
| 100,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 102,528 | ||||||||||||
| 100,000 | L-3 Communications Corp | 1.500 | 05/28/17 | 99,086 | ||||||||||||
| 420,000 | L-3 Communications Corp | 5.200 | 10/15/19 | 446,581 | ||||||||||||
| 300,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 318,310 | ||||||||||||
| 150,000 | L-3 Communications Corp | 3.950 | 05/28/24 | 143,852 | ||||||||||||
| 100,000 | Lexmark International, Inc | 6.650 | 06/01/18 | 110,570 | ||||||||||||
| 100,000 | Lexmark International, Inc | 5.125 | 03/15/20 | 104,449 | ||||||||||||
| 100,000 | Motorola Solutions, Inc | 3.500 | 09/01/21 | 94,992 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 3.750 | 05/15/22 | 186,299 | ||||||||||||
| 250,000 | Motorola Solutions, Inc | 3.500 | 03/01/23 | 225,378 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 4.000 | 09/01/24 | 180,548 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 5.500 | 09/01/44 | 167,651 | ||||||||||||
| 200,000 | NetApp, Inc | 2.000 | 12/15/17 | 200,209 | ||||||||||||
| 200,000 | NetApp, Inc | 3.375 | 06/15/21 | 197,139 | ||||||||||||
| 88 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | NetApp, Inc | 3.250 | % | 12/15/22 | $ | 192,623 | |||||||||
| 500,000 | Pitney Bowes, Inc | 4.625 | 03/15/24 | 504,119 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 1.400 | 05/18/18 | 498,106 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 2.250 | 05/20/20 | 498,774 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 3.000 | 05/20/22 | 493,071 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 3.450 | 05/20/25 | 472,339 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 4.650 | 05/20/35 | 456,590 | ||||||||||||
| 500,000 | QUALCOMM, Inc | 4.800 | 05/20/45 | 437,485 | ||||||||||||
| 750,000 | Seagate HDD Cayman | 4.750 | 01/01/25 | 718,315 | ||||||||||||
| 200,000 | g | Seagate HDD Cayman | 4.875 | 06/01/27 | 186,117 | |||||||||||
| 200,000 | g | Seagate HDD Cayman | 5.750 | 12/01/34 | 192,443 | |||||||||||
| 100,000 | Tech Data Corp | 3.750 | 09/21/17 | 102,553 | ||||||||||||
| 200,000 | Telefonaktiebolaget LM Ericsson | 4.125 | 05/15/22 | 208,999 | ||||||||||||
| 225,000 | Tyco Electronics Group S.A. | 6.550 | 10/01/17 | 246,556 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 202,081 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 2.350 | 08/01/19 | 201,433 | ||||||||||||
| 250,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 256,421 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 3.450 | 08/01/24 | 202,760 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 45,151,244 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 1.3% | ||||||||||||||||
| 500,000 | g | Alibaba Group Holding Ltd | 1.625 | 11/28/17 | 496,022 | |||||||||||
| 500,000 | g | Alibaba Group Holding Ltd | 2.500 | 11/28/19 | 490,694 | |||||||||||
| 500,000 | g | Alibaba Group Holding Ltd | 3.125 | 11/28/21 | 480,166 | |||||||||||
| 500,000 | g | Alibaba Group Holding Ltd | 3.600 | 11/28/24 | 467,080 | |||||||||||
| 500,000 | g | Alibaba Group Holding Ltd | 4.500 | 11/28/34 | 464,693 | |||||||||||
| 1,430,000 | America Movil SAB de C.V. | 5.000 | 03/30/20 | 1,574,115 | ||||||||||||
| 950,000 | America Movil SAB de C.V. | 3.125 | 07/16/22 | 922,555 | ||||||||||||
| 440,000 | America Movil SAB de C.V. | 6.125 | 03/30/40 | 484,458 | ||||||||||||
| 825,000 | America Movil SAB de C.V. | 4.375 | 07/16/42 | 736,321 | ||||||||||||
| 1,150,000 | American Tower Corp | 4.500 | 01/15/18 | 1,209,817 | ||||||||||||
| 200,000 | American Tower Corp | 3.450 | 09/15/21 | 200,920 | ||||||||||||
| 200,000 | American Tower Corp | 4.700 | 03/15/22 | 210,319 | ||||||||||||
| 250,000 | American Tower Corp | 3.500 | 01/31/23 | 240,933 | ||||||||||||
| 800,000 | American Tower Corp | 5.000 | 02/15/24 | 840,824 | ||||||||||||
| 300,000 | American Tower Corp | 4.000 | 06/01/25 | 292,838 | ||||||||||||
| 750,000 | AT&T, Inc | 1.700 | 06/01/17 | 752,427 | ||||||||||||
| 325,000 | AT&T, Inc | 1.400 | 12/01/17 | 323,312 | ||||||||||||
| 300,000 | AT&T, Inc | 2.375 | 11/27/18 | 303,212 | ||||||||||||
| 950,000 | AT&T, Inc | 5.800 | 02/15/19 | 1,057,233 | ||||||||||||
| 500,000 | AT&T, Inc | 2.300 | 03/11/19 | 501,816 | ||||||||||||
| 900,000 | AT&T, Inc | 2.450 | 06/30/20 | 887,647 | ||||||||||||
| 500,000 | AT&T, Inc | 4.450 | 05/15/21 | 533,767 | ||||||||||||
| 4,300,000 | AT&T, Inc | 3.000 | 02/15/22 | 4,220,549 | ||||||||||||
| 1,500,000 | AT&T, Inc | 3.000 | 06/30/22 | 1,463,582 | ||||||||||||
| 1,500,000 | AT&T, Inc | 3.400 | 05/15/25 | 1,432,356 | ||||||||||||
| 1,175,000 | AT&T, Inc | 4.500 | 05/15/35 | 1,077,535 | ||||||||||||
| 922,000 | AT&T, Inc | 5.350 | 09/01/40 | 911,243 | ||||||||||||
| 1,200,000 | AT&T, Inc | 5.550 | 08/15/41 | 1,218,337 | ||||||||||||
| 2,066,000 | AT&T, Inc | 4.300 | 12/15/42 | 1,776,429 | ||||||||||||
| 750,000 | AT&T, Inc | 4.800 | 06/15/44 | 694,744 | ||||||||||||
| 1,854,000 | AT&T, Inc | 4.350 | 06/15/45 | 1,585,075 | ||||||||||||
| 89 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,025,000 | AT&T, Inc | 4.750 | % | 05/15/46 | $ | 939,747 | |||||||||
| 400,000 | British Telecommunications plc | 5.950 | 01/15/18 | 438,408 | ||||||||||||
| 1,000,000 | British Telecommunications plc | 2.350 | 02/14/19 | 1,003,994 | ||||||||||||
| 650,000 | British Telecommunications plc | 9.625 | 12/15/30 | 969,738 | ||||||||||||
| 850,000 | Deutsche Telekom International Finance BV | 6.000 | 07/08/19 | 967,422 | ||||||||||||
| 740,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 1,058,485 | ||||||||||||
| 600,000 | Embarq Corp | 7.995 | 06/01/36 | 618,936 | ||||||||||||
| 1,200,000 | France Telecom S.A. | 4.125 | 09/14/21 | 1,285,378 | ||||||||||||
| 745,000 | France Telecom S.A. | 9.000 | 03/01/31 | 1,056,416 | ||||||||||||
| 100,000 | France Telecom S.A. | 5.375 | 01/13/42 | 106,869 | ||||||||||||
| 250,000 | Koninklijke KPN NV | 8.375 | 10/01/30 | 329,659 | ||||||||||||
| 150,000 | Nippon Telegraph & Telephone Corp | 1.400 | 07/18/17 | 150,611 | ||||||||||||
| 400,000 | Orange S.A. | 5.500 | 02/06/44 | 435,968 | ||||||||||||
| 300,000 | Qwest Corp | 6.500 | 06/01/17 | 320,310 | ||||||||||||
| 400,000 | Qwest Corp | 6.750 | 12/01/21 | 423,250 | ||||||||||||
| 600,000 | Rogers Communications, Inc | 6.800 | 08/15/18 | 678,935 | ||||||||||||
| 200,000 | Rogers Communications, Inc | 4.100 | 10/01/23 | 206,512 | ||||||||||||
| 125,000 | Rogers Communications, Inc | 4.500 | 03/15/43 | 117,884 | ||||||||||||
| 300,000 | Rogers Communications, Inc | 5.450 | 10/01/43 | 316,925 | ||||||||||||
| 300,000 | Rogers Communications, Inc | 5.000 | 03/15/44 | 304,147 | ||||||||||||
| 400,000 | Telefonica Emisiones SAU | 3.192 | 04/27/18 | 409,091 | ||||||||||||
| 2,020,000 | Telefonica Emisiones SAU | 5.134 | 04/27/20 | 2,210,351 | ||||||||||||
| 500,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 523,031 | ||||||||||||
| 300,000 | Telefonica Emisiones SAU | 7.045 | 06/20/36 | 351,969 | ||||||||||||
| 392,000 | Telefonica Europe BV | 8.250 | 09/15/30 | 508,520 | ||||||||||||
| 100,000 | Telefonos de Mexico SAB de C.V. | 5.500 | 11/15/19 | 110,630 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 499,300 | ||||||||||||
| 200,000 | Verizon Communications, Inc | 2.550 | 06/17/19 | 202,590 | ||||||||||||
| 6,234,000 | Verizon Communications, Inc | 2.625 | 02/21/20 | 6,271,672 | ||||||||||||
| 2,500,000 | Verizon Communications, Inc | 4.500 | 09/15/20 | 2,704,025 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 513,213 | ||||||||||||
| 1,000,000 | Verizon Communications, Inc | 3.000 | 11/01/21 | 997,343 | ||||||||||||
| 950,000 | Verizon Communications, Inc | 3.500 | 11/01/21 | 971,366 | ||||||||||||
| 1,350,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,396,925 | ||||||||||||
| 1,500,000 | Verizon Communications, Inc | 3.500 | 11/01/24 | 1,478,754 | ||||||||||||
| 62,000 | Verizon Communications, Inc | 6.400 | 09/15/33 | 71,074 | ||||||||||||
| 475,000 | Verizon Communications, Inc | 5.050 | 03/15/34 | 471,995 | ||||||||||||
| 1,000,000 | Verizon Communications, Inc | 4.400 | 11/01/34 | 930,896 | ||||||||||||
| 2,600,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 2,353,749 | ||||||||||||
| 380,000 | Verizon Communications, Inc | 6.250 | 04/01/37 | 426,034 | ||||||||||||
| 300,000 | Verizon Communications, Inc | 6.000 | 04/01/41 | 327,471 | ||||||||||||
| 1,150,000 | Verizon Communications, Inc | 4.750 | 11/01/41 | 1,072,392 | ||||||||||||
| 1,425,000 | Verizon Communications, Inc | 3.850 | 11/01/42 | 1,181,564 | ||||||||||||
| 326,000 | Verizon Communications, Inc | 6.550 | 09/15/43 | 385,916 | ||||||||||||
| 1,818,000 | Verizon Communications, Inc | 4.522 | 09/15/48 | 1,598,595 | ||||||||||||
| 2,676,000 | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,447,614 | ||||||||||||
| 3,154,000 | Verizon Communications, Inc | 4.672 | 03/15/55 | 2,717,584 | ||||||||||||
| 400,000 | Vodafone Group plc | 1.500 | 02/19/18 | 397,520 | ||||||||||||
| 1,500,000 | Vodafone Group plc | 5.450 | 06/10/19 | 1,661,718 | ||||||||||||
| 650,000 | Vodafone Group plc | 4.375 | 03/16/21 | 699,062 | ||||||||||||
| 500,000 | Vodafone Group plc | 2.500 | 09/26/22 | 463,724 | ||||||||||||
| 800,000 | Vodafone Group plc | 2.950 | 02/19/23 | 757,233 | ||||||||||||
| 90 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 150,000 | Vodafone Group plc | 6.150 | % | 02/27/37 | $ | 159,667 | |||||||||
| 700,000 | Vodafone Group plc | 4.375 | 02/19/43 | 610,819 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 77,464,020 | |||||||||||||||
| TRANSPORTATION - 0.7% | ||||||||||||||||
| 100,000 | ABB Finance USA, Inc | 1.625 | 05/08/17 | 100,574 | ||||||||||||
| 500,000 | ABB Finance USA, Inc | 2.875 | 05/08/22 | 495,577 | ||||||||||||
| 150,000 | ABB Finance USA, Inc | 4.375 | 05/08/42 | 147,682 | ||||||||||||
| 347,132 | American Airlines Pass Through Trust | 4.950 | 01/15/23 | 370,563 | ||||||||||||
| 450,217 | American Airlines Pass Through Trust | 4.000 | 07/15/25 | 459,221 | ||||||||||||
| 291,207 | American Airlines Pass Through Trust | 3.700 | 10/01/26 | 289,387 | ||||||||||||
| 300,000 | American Airlines Pass Through Trust | 3.375 | 05/01/27 | 294,150 | ||||||||||||
| 200,000 | American Airlines Pass Through Trust | 3.600 | 09/22/27 | 200,740 | ||||||||||||
| 700,000 | Boeing Capital Corp | 2.900 | 08/15/18 | 727,448 | ||||||||||||
| 625,000 | Boeing Co | 0.950 | 05/15/18 | 620,136 | ||||||||||||
| 500,000 | Boeing Co | 2.850 | 10/30/24 | 496,615 | ||||||||||||
| 100,000 | Boeing Co | 3.300 | 03/01/35 | 92,789 | ||||||||||||
| 350,000 | Boeing Co | 5.875 | 02/15/40 | 440,201 | ||||||||||||
| 100,000 | Boeing Co | 3.500 | 03/01/45 | 90,067 | ||||||||||||
| 555,000 | Burlington Northern Santa Fe LLC | 4.700 | 10/01/19 | 609,856 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.100 | 06/01/21 | 535,160 | ||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 3.050 | 03/15/22 | 299,702 | ||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 3.050 | 09/01/22 | 149,603 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 3.850 | 09/01/23 | 519,202 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 3.750 | 04/01/24 | 515,463 | ||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 150,270 | ||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 3.000 | 04/01/25 | 288,882 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 3.650 | 09/01/25 | 202,342 | ||||||||||||
| 360,000 | Burlington Northern Santa Fe LLC | 5.750 | 05/01/40 | 411,751 | ||||||||||||
| 250,000 | Burlington Northern Santa Fe LLC | 5.050 | 03/01/41 | 260,370 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.400 | 03/15/42 | 193,994 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.450 | 03/15/43 | 193,959 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 5.150 | 09/01/43 | 534,647 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.900 | 04/01/44 | 519,052 | ||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 4.550 | 09/01/44 | 294,429 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.150 | 04/01/45 | 466,131 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.700 | 09/01/45 | 201,331 | ||||||||||||
| 200,000 | Canadian National Railway Co | 5.550 | 05/15/18 | 219,642 | ||||||||||||
| 200,000 | Canadian National Railway Co | 5.550 | 03/01/19 | 223,669 | ||||||||||||
| 100,000 | Canadian National Railway Co | 2.850 | 12/15/21 | 101,776 | ||||||||||||
| 300,000 | Canadian National Railway Co | 2.250 | 11/15/22 | 288,595 | ||||||||||||
| 200,000 | Canadian National Railway Co | 2.950 | 11/21/24 | 197,042 | ||||||||||||
| 200,000 | Canadian National Railway Co | 6.900 | 07/15/28 | 268,775 | ||||||||||||
| 200,000 | Canadian National Railway Co | 6.250 | 08/01/34 | 253,598 | ||||||||||||
| 250,000 | Canadian National Railway Co | 3.500 | 11/15/42 | 224,508 | ||||||||||||
| 100,000 | Canadian National Railway Co | 4.500 | 11/07/43 | 105,572 | ||||||||||||
| 200,000 | Canadian Pacific Railway Co | 7.250 | 05/15/19 | 234,501 | ||||||||||||
| 300,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 283,393 | ||||||||||||
| 500,000 | Canadian Pacific Railway Co | 3.700 | 02/01/26 | 502,156 | ||||||||||||
| 200,000 | Canadian Pacific Railway Co | 7.125 | 10/15/31 | 252,136 | ||||||||||||
| 250,000 | Canadian Pacific Railway Co | 5.950 | 05/15/37 | 286,982 | ||||||||||||
| 100,000 | Canadian Pacific Railway Co | 5.750 | 01/15/42 | 113,307 | ||||||||||||
| 91 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | Canadian Pacific Railway Co | 4.800 | % | 08/01/45 | $ | 100,239 | |||||||||
| 200,000 | Canadian Pacific Railway Co | 6.125 | 09/15/15 | 212,283 | ||||||||||||
| 200,000 | Carnival Corp | 1.875 | 12/15/17 | 200,924 | ||||||||||||
| 200,000 | Carnival Corp | 3.950 | 10/15/20 | 209,700 | ||||||||||||
| 368,673 | Continental Airlines, Inc | 4.750 | 01/12/21 | 387,107 | ||||||||||||
| 27,489 | Continental Airlines, Inc | 5.983 | 04/19/22 | 30,376 | ||||||||||||
| 450,781 | Continental Airlines, Inc | 4.150 | 04/11/24 | 462,051 | ||||||||||||
| 184,372 | Continental Airlines, Inc | 4.000 | 10/29/24 | 187,598 | ||||||||||||
| 100,000 | Con-Way, Inc | 7.250 | 01/15/18 | 103,517 | ||||||||||||
| 850,000 | CSX Corp | 7.375 | 02/01/19 | 992,581 | ||||||||||||
| 125,000 | CSX Corp | 3.700 | 11/01/23 | 129,693 | ||||||||||||
| 300,000 | CSX Corp | 3.400 | 08/01/24 | 303,814 | ||||||||||||
| 100,000 | CSX Corp | 6.000 | 10/01/36 | 117,305 | ||||||||||||
| 200,000 | CSX Corp | 6.150 | 05/01/37 | 236,709 | ||||||||||||
| 400,000 | CSX Corp | 5.500 | 04/15/41 | 442,575 | ||||||||||||
| 350,000 | CSX Corp | 4.400 | 03/01/43 | 335,909 | ||||||||||||
| 100,000 | CSX Corp | 4.100 | 03/15/44 | 90,987 | ||||||||||||
| 200,000 | CSX Corp | 3.950 | 05/01/50 | 173,160 | ||||||||||||
| 300,000 | CSX Corp | 4.500 | 08/01/54 | 278,352 | ||||||||||||
| 319,898 | Delta Air Lines, Inc | 5.300 | 04/15/19 | 339,091 | ||||||||||||
| 166,342 | Delta Air Lines, Inc | 4.750 | 05/07/20 | 175,491 | ||||||||||||
| 125,000 | Delta Airlines | 3.625 | 07/30/27 | 125,938 | ||||||||||||
| 184,000 | g | Embraer Overseas Ltd | 5.696 | 09/16/23 | 182,160 | |||||||||||
| 100,000 | Embraer S.A. | 5.150 | 06/15/22 | 95,000 | ||||||||||||
| 134,000 | FedEx Corp | 8.000 | 01/15/19 | 159,977 | ||||||||||||
| 100,000 | FedEx Corp | 2.300 | 02/01/20 | 100,454 | ||||||||||||
| 300,000 | FedEx Corp | 4.000 | 01/15/24 | 312,579 | ||||||||||||
| 100,000 | FedEx Corp | 3.200 | 02/01/25 | 97,048 | ||||||||||||
| 1,000,000 | FedEx Corp | 4.900 | 01/15/34 | 1,041,935 | ||||||||||||
| 200,000 | FedEx Corp | 3.900 | 02/01/35 | 183,961 | ||||||||||||
| 200,000 | FedEx Corp | 3.875 | 08/01/42 | 175,303 | ||||||||||||
| 200,000 | FedEx Corp | 4.500 | 02/01/65 | 178,190 | ||||||||||||
| 100,000 | GATX Corp | 3.500 | 07/15/16 | 101,562 | ||||||||||||
| 443,000 | GATX Corp | 1.250 | 03/04/17 | 440,653 | ||||||||||||
| 100,000 | GATX Corp | 2.375 | 07/30/18 | 100,097 | ||||||||||||
| 200,000 | GATX Corp | 2.500 | 03/15/19 | 199,805 | ||||||||||||
| 100,000 | GATX Corp | 2.600 | 03/30/20 | 98,648 | ||||||||||||
| 225,000 | GATX Corp | 5.200 | 03/15/44 | 231,098 | ||||||||||||
| 233,511 | Hawaiian Airlines Pass Through Certificates | 3.900 | 01/15/26 | 230,008 | ||||||||||||
| 100,000 | JB Hunt Transport Services, Inc | 2.400 | 03/15/19 | 100,822 | ||||||||||||
| 200,000 | JB Hunt Transport Services, Inc | 3.300 | 08/15/22 | 201,650 | ||||||||||||
| 100,000 | Kansas City Southern de Mexico S.A. de C.V. | 3.000 | 05/15/23 | 96,786 | ||||||||||||
| 100,000 | Kansas City Southern Railway Co | 4.300 | 05/15/43 | 92,414 | ||||||||||||
| 175,000 | Kansas City Southern Railway Co | 4.950 | 08/15/45 | 176,526 | ||||||||||||
| 210,000 | Norfolk Southern Corp | 5.750 | 04/01/18 | 229,670 | ||||||||||||
| 100,000 | Norfolk Southern Corp | 3.250 | 12/01/21 | 101,812 | ||||||||||||
| 250,000 | Norfolk Southern Corp | 3.000 | 04/01/22 | 249,153 | ||||||||||||
| 1,291,000 | Norfolk Southern Corp | 2.903 | 02/15/23 | 1,259,301 | ||||||||||||
| 200,000 | Norfolk Southern Corp | 3.850 | 01/15/24 | 205,185 | ||||||||||||
| 81,000 | Norfolk Southern Corp | 5.590 | 05/17/25 | 93,616 | ||||||||||||
| 16,000 | Norfolk Southern Corp | 4.837 | 10/01/41 | 16,126 | ||||||||||||
| 750,000 | Norfolk Southern Corp | 3.950 | 10/01/42 | 672,038 | ||||||||||||
| 92 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Norfolk Southern Corp | 4.800 | % | 08/15/43 | $ | 202,484 | |||||||||
| 300,000 | Norfolk Southern Corp | 4.450 | 06/15/45 | 290,051 | ||||||||||||
| 250,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 249,248 | ||||||||||||
| 650,000 | Northrop Grumman Corp | 3.500 | 03/15/21 | 673,113 | ||||||||||||
| 400,000 | Northrop Grumman Corp | 3.250 | 08/01/23 | 399,325 | ||||||||||||
| 100,000 | Northrop Grumman Corp | 5.050 | 11/15/40 | 106,677 | ||||||||||||
| 400,000 | Northrop Grumman Corp | 4.750 | 06/01/43 | 412,930 | ||||||||||||
| 300,000 | Northrop Grumman Corp | 3.850 | 04/15/45 | 269,682 | ||||||||||||
| 50,000 | Ryder System, Inc | 3.600 | 03/01/16 | 50,535 | ||||||||||||
| 150,000 | Ryder System, Inc | 2.500 | 03/01/17 | 151,976 | ||||||||||||
| 150,000 | Ryder System, Inc | 2.500 | 03/01/18 | 152,604 | ||||||||||||
| 200,000 | Ryder System, Inc | 2.450 | 11/15/18 | 201,675 | ||||||||||||
| 100,000 | Ryder System, Inc | 2.550 | 06/01/19 | 100,246 | ||||||||||||
| 200,000 | Ryder System, Inc | 2.450 | 09/03/19 | 200,623 | ||||||||||||
| 300,000 | Ryder System, Inc | 2.500 | 05/11/20 | 297,906 | ||||||||||||
| 100,000 | Southwest Airlines Co | 2.750 | 11/06/19 | 101,905 | ||||||||||||
| 100,000 | Spirit Airlines, Inc | 4.100 | 04/01/28 | 100,750 | ||||||||||||
| 100,000 | Union Pacific Corp | 2.250 | 02/15/19 | 101,563 | ||||||||||||
| 200,000 | Union Pacific Corp | 2.250 | 06/19/20 | 202,794 | ||||||||||||
| 331,000 | Union Pacific Corp | 4.163 | 07/15/22 | 356,006 | ||||||||||||
| 500,000 | Union Pacific Corp | 2.950 | 01/15/23 | 500,554 | ||||||||||||
| 277,000 | Union Pacific Corp | 3.646 | 02/15/24 | 289,440 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.750 | 03/15/24 | 211,179 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.250 | 01/15/25 | 202,596 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.250 | 08/15/25 | 201,866 | ||||||||||||
| 100,000 | Union Pacific Corp | 3.375 | 02/01/35 | 91,039 | ||||||||||||
| 100,000 | Union Pacific Corp | 4.750 | 09/15/41 | 107,001 | ||||||||||||
| 100,000 | Union Pacific Corp | 4.300 | 06/15/42 | 101,139 | ||||||||||||
| 150,000 | Union Pacific Corp | 4.250 | 04/15/43 | 149,024 | ||||||||||||
| 250,000 | Union Pacific Corp | 4.750 | 12/15/43 | 268,385 | ||||||||||||
| 200,000 | Union Pacific Corp | 4.821 | 02/01/44 | 218,266 | ||||||||||||
| 200,000 | Union Pacific Corp | 4.850 | 06/15/44 | 219,105 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.875 | 02/01/55 | 179,878 | ||||||||||||
| 200,000 | Union Pacific Railroad Co | 2.695 | 05/12/27 | 198,236 | ||||||||||||
| 285,596 | United Airlines Pass Through Trust | 4.300 | 08/15/25 | 296,477 | ||||||||||||
| 300,000 | United Airlines Pass Through Trust | 3.750 | 09/03/26 | 300,750 | ||||||||||||
| 100,000 | United Parcel Service, Inc | 1.125 | 10/01/17 | 100,406 | ||||||||||||
| 100,000 | United Parcel Service, Inc | 5.500 | 01/15/18 | 109,882 | ||||||||||||
| 300,000 | United Parcel Service, Inc | 5.125 | 04/01/19 | 336,096 | ||||||||||||
| 1,105,000 | United Parcel Service, Inc | 3.125 | 01/15/21 | 1,152,150 | ||||||||||||
| 900,000 | United Parcel Service, Inc | 2.450 | 10/01/22 | 883,686 | ||||||||||||
| 35,000 | United Parcel Service, Inc | 6.200 | 01/15/38 | 45,282 | ||||||||||||
| 450,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 428,542 | ||||||||||||
| 173,125 | US Airways Pass Through Trust | 4.625 | 06/03/25 | 178,890 | ||||||||||||
| 281,116 | US Airways Pass Through Trust | 3.950 | 11/15/25 | 282,184 | ||||||||||||
| TOTAL TRANSPORTATION | 39,460,069 | |||||||||||||||
| UTILITIES - 2.3% | ||||||||||||||||
| 370,000 | AGL Capital Corp | 5.250 | 08/15/19 | 405,815 | ||||||||||||
| 475,000 | Alabama Power Co | 3.550 | 12/01/23 | 491,136 | ||||||||||||
| 300,000 | Alabama Power Co | 5.200 | 06/01/41 | 331,828 | ||||||||||||
| 200,000 | Alabama Power Co | 3.850 | 12/01/42 | 182,707 | ||||||||||||
| 93 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | Alabama Power Co | 3.750 | % | 03/01/45 | $ | 362,147 | |||||||||
| 600,000 | Ameren Illinois Co | 2.700 | 09/01/22 | 590,600 | ||||||||||||
| 200,000 | Ameren Illinois Co | 3.250 | 03/01/25 | 202,386 | ||||||||||||
| 100,000 | Ameren Illinois Co | 4.800 | 12/15/43 | 109,819 | ||||||||||||
| 200,000 | Ameren Illinois Co | 4.300 | 07/01/44 | 204,344 | ||||||||||||
| 500,000 | American Water Capital Corp | 3.850 | 03/01/24 | 526,263 | ||||||||||||
| 300,000 | American Water Capital Corp | 3.400 | 03/01/25 | 304,132 | ||||||||||||
| 225,000 | American Water Capital Corp | 4.300 | 12/01/42 | 225,946 | ||||||||||||
| 150,000 | American Water Capital Corp | 4.300 | 09/01/45 | 151,283 | ||||||||||||
| 140,000 | Appalachian Power Co | 7.000 | 04/01/38 | 180,934 | ||||||||||||
| 500,000 | Appalachian Power Co | 4.400 | 05/15/44 | 484,419 | ||||||||||||
| 150,000 | Arizona Public Service Co | 8.750 | 03/01/19 | 182,299 | ||||||||||||
| 200,000 | Arizona Public Service Co | 3.350 | 06/15/24 | 204,410 | ||||||||||||
| 350,000 | Arizona Public Service Co | 4.500 | 04/01/42 | 365,016 | ||||||||||||
| 200,000 | Arizona Public Service Co | 4.700 | 01/15/44 | 214,545 | ||||||||||||
| 100,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 119,825 | ||||||||||||
| 100,000 | Atmos Energy Corp | 5.500 | 06/15/41 | 115,634 | ||||||||||||
| 125,000 | Atmos Energy Corp | 4.150 | 01/15/43 | 119,987 | ||||||||||||
| 200,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 189,477 | ||||||||||||
| 100,000 | Baltimore Gas & Electric Co | 3.500 | 11/15/21 | 104,838 | ||||||||||||
| 400,000 | Baltimore Gas & Electric Co | 3.350 | 07/01/23 | 406,209 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 1.100 | 05/15/17 | 199,240 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 2.000 | 11/15/18 | 200,468 | ||||||||||||
| 325,000 | Berkshire Hathaway Energy Co | 2.400 | 02/01/20 | 326,184 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 3.750 | 11/15/23 | 206,143 | ||||||||||||
| 350,000 | Berkshire Hathaway Energy Co | 3.500 | 02/01/25 | 352,104 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 5.150 | 11/15/43 | 216,168 | ||||||||||||
| 500,000 | Berkshire Hathaway Energy Co | 4.500 | 02/01/45 | 494,516 | ||||||||||||
| 200,000 | Black Hills Corp | 4.250 | 11/30/23 | 210,772 | ||||||||||||
| 785,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 874,328 | ||||||||||||
| 350,000 | Carolina Power & Light Co | 3.000 | 09/15/21 | 362,935 | ||||||||||||
| 150,000 | Carolina Power & Light Co | 2.800 | 05/15/22 | 150,531 | ||||||||||||
| 100,000 | Carolina Power & Light Co | 4.100 | 05/15/42 | 99,700 | ||||||||||||
| 300,000 | Carolina Power & Light Co | 4.100 | 03/15/43 | 296,176 | ||||||||||||
| 400,000 | CenterPoint Energy Houston Electric LLC | 2.250 | 08/01/22 | 387,814 | ||||||||||||
| 100,000 | CenterPoint Energy Houston Electric LLC | 6.950 | 03/15/33 | 133,615 | ||||||||||||
| 100,000 | CenterPoint Energy Houston Electric LLC | 3.550 | 08/01/42 | 91,623 | ||||||||||||
| 300,000 | CenterPoint Energy Houston Electric LLC | 4.500 | 04/01/44 | 318,034 | ||||||||||||
| 423,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 453,130 | ||||||||||||
| 203,000 | Cleco Power LLC | 6.000 | 12/01/40 | 235,774 | ||||||||||||
| 200,000 | CMS Energy Corp | 3.875 | 03/01/24 | 204,912 | ||||||||||||
| 100,000 | CMS Energy Corp | 4.700 | 03/31/43 | 101,173 | ||||||||||||
| 500,000 | Commonwealth Edison Co | 1.950 | 09/01/16 | 503,968 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 2.150 | 01/15/19 | 302,462 | ||||||||||||
| 775,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 826,632 | ||||||||||||
| 200,000 | Commonwealth Edison Co | 3.100 | 11/01/24 | 199,794 | ||||||||||||
| 387,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 467,580 | ||||||||||||
| 200,000 | Commonwealth Edison Co | 3.800 | 10/01/42 | 188,008 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 4.600 | 08/15/43 | 313,984 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 4.700 | 01/15/44 | 320,990 | ||||||||||||
| 100,000 | Commonwealth Edison Co | 3.700 | 03/01/45 | 91,556 | ||||||||||||
| 200,000 | Connecticut Light & Power Co | 2.500 | 01/15/23 | 195,040 | ||||||||||||
| 94 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Connecticut Light & Power Co | 4.300 | % | 04/15/44 | $ | 205,269 | |||||||||
| 150,000 | Connecticut Light & Power Co | 4.150 | 06/01/45 | 148,178 | ||||||||||||
| 60,000 | Consolidated Edison Co of New York, Inc | 6.650 | 04/01/19 | 69,018 | ||||||||||||
| 1,390,000 | Consolidated Edison Co of New York, Inc | 4.450 | 06/15/20 | 1,526,385 | ||||||||||||
| 325,000 | Consolidated Edison Co of New York, Inc | 5.700 | 06/15/40 | 386,998 | ||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 4.200 | 03/15/42 | 194,992 | ||||||||||||
| 550,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 521,711 | ||||||||||||
| 600,000 | Consolidated Edison Co of New York, Inc | 4.450 | 03/15/44 | 614,059 | ||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 4.625 | 12/01/54 | 201,850 | ||||||||||||
| 230,000 | Consumers Energy Co | 6.125 | 03/15/19 | 261,406 | ||||||||||||
| 150,000 | Consumers Energy Co | 2.850 | 05/15/22 | 149,944 | ||||||||||||
| 200,000 | Consumers Energy Co | 3.375 | 08/15/23 | 205,788 | ||||||||||||
| 100,000 | Consumers Energy Co | 3.125 | 08/31/24 | 101,146 | ||||||||||||
| 250,000 | Consumers Energy Co | 3.950 | 05/15/43 | 244,889 | ||||||||||||
| 100,000 | Consumers Energy Co | 4.350 | 08/31/64 | 96,692 | ||||||||||||
| 300,000 | Dayton Power & Light Co | 1.875 | 09/15/16 | 300,189 | ||||||||||||
| 200,000 | Delmarva Power & Light Co | 3.500 | 11/15/23 | 207,017 | ||||||||||||
| 150,000 | Dominion Gas Holdings LLC | 2.500 | 12/15/19 | 151,727 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 3.550 | 11/01/23 | 200,255 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 3.600 | 12/15/24 | 199,210 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 4.800 | 11/01/43 | 196,709 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 4.600 | 12/15/44 | 190,458 | ||||||||||||
| 100,000 | Dominion Resources, Inc | 1.400 | 09/15/17 | 99,642 | ||||||||||||
| 300,000 | Dominion Resources, Inc | 1.900 | 06/15/18 | 299,734 | ||||||||||||
| 1,700,000 | Dominion Resources, Inc | 4.450 | 03/15/21 | 1,822,907 | ||||||||||||
| 200,000 | Dominion Resources, Inc | 3.625 | 12/01/24 | 200,005 | ||||||||||||
| 200,000 | Dominion Resources, Inc | 5.950 | 06/15/35 | 228,498 | ||||||||||||
| 100,000 | Dominion Resources, Inc | 4.050 | 09/15/42 | 90,661 | ||||||||||||
| 200,000 | Dominion Resources, Inc | 4.700 | 12/01/44 | 198,243 | ||||||||||||
| 300,000 | i | Dominion Resources, Inc | 5.750 | 10/01/54 | 307,875 | |||||||||||
| 400,000 | DTE Energy Electric Company | 3.450 | 10/01/20 | 423,532 | ||||||||||||
| 100,000 | DTE Energy Electric Company | 2.650 | 06/15/22 | 98,150 | ||||||||||||
| 200,000 | g | DTE Energy Electric Company | 3.300 | 06/15/22 | 204,674 | |||||||||||
| 200,000 | DTE Energy Electric Company | 3.850 | 12/01/23 | 208,546 | ||||||||||||
| 200,000 | DTE Energy Electric Company | 3.650 | 03/15/24 | 210,379 | ||||||||||||
| 200,000 | DTE Energy Electric Company | 3.500 | 06/01/24 | 203,104 | ||||||||||||
| 100,000 | DTE Energy Electric Company | 3.950 | 06/15/42 | 97,654 | ||||||||||||
| 200,000 | DTE Energy Electric Company | 4.000 | 04/01/43 | 194,288 | ||||||||||||
| 200,000 | DTE Energy Electric Company | 4.300 | 07/01/44 | 204,767 | ||||||||||||
| 300,000 | DTE Energy Electric Company | 3.700 | 03/15/45 | 279,767 | ||||||||||||
| 125,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 137,305 | ||||||||||||
| 500,000 | Duke Energy Carolinas LLC | 4.000 | 09/30/42 | 492,101 | ||||||||||||
| 300,000 | Duke Energy Carolinas LLC | 3.750 | 06/01/45 | 284,104 | ||||||||||||
| 500,000 | Duke Energy Corp | 2.100 | 06/15/18 | 505,524 | ||||||||||||
| 746,000 | Duke Energy Corp | 5.050 | 09/15/19 | 822,590 | ||||||||||||
| 300,000 | Duke Energy Corp | 3.050 | 08/15/22 | 298,080 | ||||||||||||
| 300,000 | Duke Energy Corp | 3.950 | 10/15/23 | 313,293 | ||||||||||||
| 200,000 | Duke Energy Corp | 3.750 | 04/15/24 | 205,984 | ||||||||||||
| 250,000 | Duke Energy Indiana, Inc | 4.200 | 03/15/42 | 252,039 | ||||||||||||
| 200,000 | Duke Energy Indiana, Inc | 4.900 | 07/15/43 | 220,089 | ||||||||||||
| 300,000 | Duke Energy Progress LLC | 3.250 | 08/15/25 | 305,139 | ||||||||||||
| 300,000 | Duke Energy Progress LLC | 4.200 | 08/15/45 | 306,543 | ||||||||||||
| 95 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | Duke Energy Progress, Inc | 4.375 | % | 03/30/44 | $ | 416,477 | |||||||||
| 500,000 | Duke Energy Progress, Inc | 4.150 | 12/01/44 | 503,366 | ||||||||||||
| 50,000 | Empresa Nacional de Electricidad S.A. | 4.250 | 04/15/24 | 49,916 | ||||||||||||
| 100,000 | Enbridge, Inc | 5.600 | 04/01/17 | 104,580 | ||||||||||||
| 300,000 | Enbridge, Inc | 4.000 | 10/01/23 | 281,303 | ||||||||||||
| 300,000 | Enbridge, Inc | 4.500 | 06/10/44 | 234,378 | ||||||||||||
| 400,000 | Energy Transfer Partners LP | 6.125 | 02/15/17 | 420,380 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 2.500 | 06/15/18 | 497,815 | ||||||||||||
| 44,000 | Energy Transfer Partners LP | 9.700 | 03/15/19 | 52,497 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.150 | 10/01/20 | 505,793 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.650 | 06/01/21 | 499,319 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.200 | 02/01/22 | 200,534 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 3.600 | 02/01/23 | 180,112 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.900 | 02/01/24 | 476,879 | ||||||||||||
| 400,000 | Energy Transfer Partners LP | 4.050 | 03/15/25 | 351,909 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 460,235 | ||||||||||||
| 400,000 | Energy Transfer Partners LP | 4.900 | 03/15/35 | 323,247 | ||||||||||||
| 140,000 | Energy Transfer Partners LP | 7.500 | 07/01/38 | 146,928 | ||||||||||||
| 450,000 | Energy Transfer Partners LP | 6.500 | 02/01/42 | 413,123 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.150 | 02/01/43 | 157,569 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.950 | 10/01/43 | 176,846 | ||||||||||||
| 400,000 | Energy Transfer Partners LP | 5.150 | 03/15/45 | 312,187 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 6.125 | 12/15/45 | 444,120 | ||||||||||||
| 200,000 | EnLink Midstream Partners LP | 2.700 | 04/01/19 | 197,668 | ||||||||||||
| 200,000 | EnLink Midstream Partners LP | 4.400 | 04/01/24 | 190,641 | ||||||||||||
| 300,000 | EnLink Midstream Partners LP | 4.150 | 06/01/25 | 275,306 | ||||||||||||
| 200,000 | EnLink Midstream Partners LP | 5.600 | 04/01/44 | 182,102 | ||||||||||||
| 125,000 | Entergy Arkansas, Inc | 3.750 | 02/15/21 | 132,828 | ||||||||||||
| 300,000 | Entergy Arkansas, Inc | 3.050 | 06/01/23 | 295,023 | ||||||||||||
| 175,000 | Entergy Arkansas, Inc | 3.700 | 06/01/24 | 179,933 | ||||||||||||
| 200,000 | Entergy Arkansas, Inc | 4.950 | 12/15/44 | 201,601 | ||||||||||||
| 200,000 | Entergy Corp | 5.125 | 09/15/20 | 215,594 | ||||||||||||
| 200,000 | Entergy Corp | 4.000 | 07/15/22 | 206,560 | ||||||||||||
| 200,000 | Entergy Louisiana LLC | 4.050 | 09/01/23 | 211,452 | ||||||||||||
| 200,000 | Entergy Louisiana LLC | 4.950 | 01/15/45 | 202,086 | ||||||||||||
| 225,000 | Entergy Texas, Inc | 7.125 | 02/01/19 | 260,423 | ||||||||||||
| 300,000 | EQT Midstream Partners LP | 4.000 | 08/01/24 | 264,925 | ||||||||||||
| 325,000 | Exelon Corp | 2.850 | 06/15/20 | 327,869 | ||||||||||||
| 300,000 | Exelon Corp | 3.950 | 06/15/25 | 302,922 | ||||||||||||
| 500,000 | Exelon Corp | 4.950 | 06/15/35 | 504,167 | ||||||||||||
| 200,000 | Exelon Generation Co LLC | 2.950 | 01/15/20 | 202,213 | ||||||||||||
| 200,000 | Exelon Generation Co LLC | 4.250 | 06/15/22 | 204,705 | ||||||||||||
| 371,000 | Exelon Generation Co LLC | 5.600 | 06/15/42 | 371,150 | ||||||||||||
| 400,000 | Florida Power & Light Co | 2.750 | 06/01/23 | 396,743 | ||||||||||||
| 500,000 | Florida Power & Light Co | 3.250 | 06/01/24 | 513,159 | ||||||||||||
| 247,000 | Florida Power & Light Co | 4.950 | 06/01/35 | 273,440 | ||||||||||||
| 400,000 | Florida Power & Light Co | 5.250 | 02/01/41 | 469,789 | ||||||||||||
| 100,000 | Florida Power & Light Co | 4.125 | 02/01/42 | 101,074 | ||||||||||||
| 200,000 | Florida Power & Light Co | 4.050 | 06/01/42 | 199,905 | ||||||||||||
| 450,000 | Florida Power & Light Co | 3.800 | 12/15/42 | 429,567 | ||||||||||||
| 400,000 | Florida Power & Light Co | 4.050 | 10/01/44 | 401,666 | ||||||||||||
| 29,000 | Florida Power Corp | 5.650 | 06/15/18 | 32,136 | ||||||||||||
| 96 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,200,000 | Florida Power Corp | 3.100 | % | 08/15/21 | $ | 1,242,072 | |||||||||
| 165,000 | Florida Power Corp | 6.400 | 06/15/38 | 216,614 | ||||||||||||
| 300,000 | Florida Power Corp | 3.850 | 11/15/42 | 285,403 | ||||||||||||
| 900,000 | Georgia Power Co | 5.700 | 06/01/17 | 962,559 | ||||||||||||
| 177,000 | Georgia Power Co | 5.950 | 02/01/39 | 203,506 | ||||||||||||
| 700,000 | Georgia Power Co | 4.300 | 03/15/43 | 640,809 | ||||||||||||
| 200,000 | Great Plains Energy, Inc | 4.850 | 06/01/21 | 219,392 | ||||||||||||
| 200,000 | i | Great Plains Energy, Inc | 5.292 | 06/15/22 | 220,080 | |||||||||||
| 80,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 92,516 | ||||||||||||
| 200,000 | Indiana Michigan Power Co | 3.200 | 03/15/23 | 200,288 | ||||||||||||
| 70,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 75,236 | ||||||||||||
| 300,000 | Interstate Power & Light Co | 3.250 | 12/01/24 | 303,850 | ||||||||||||
| 100,000 | Interstate Power & Light Co | 6.250 | 07/15/39 | 130,633 | ||||||||||||
| 200,000 | Interstate Power & Light Co | 4.700 | 10/15/43 | 214,175 | ||||||||||||
| 200,000 | ITC Holdings Corp | 4.050 | 07/01/23 | 209,217 | ||||||||||||
| 300,000 | ITC Holdings Corp | 3.650 | 06/15/24 | 301,039 | ||||||||||||
| 225,000 | Kansas City Power & Light Co | 3.150 | 03/15/23 | 223,491 | ||||||||||||
| 200,000 | Kansas City Power & Light Co | 3.650 | 08/15/25 | 204,270 | ||||||||||||
| 100,000 | Kansas City Power & Light Co | 5.300 | 10/01/41 | 109,133 | ||||||||||||
| 20,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 23,273 | |||||||||||
| 125,000 | Kentucky Utilities Co | 3.300 | 10/01/25 | 126,904 | ||||||||||||
| 175,000 | Kentucky Utilities Co | 4.650 | 11/15/43 | 186,947 | ||||||||||||
| 100,000 | Kentucky Utilities Co | 4.375 | 10/01/45 | 103,189 | ||||||||||||
| 250,000 | KeySpan Corp | 5.803 | 04/01/35 | 286,784 | ||||||||||||
| 100,000 | Kinder Morgan, Inc | 2.000 | 12/01/17 | 99,275 | ||||||||||||
| 400,000 | Kinder Morgan, Inc | 5.950 | 02/15/18 | 428,277 | ||||||||||||
| 300,000 | Kinder Morgan, Inc | 2.650 | 02/01/19 | 295,158 | ||||||||||||
| 500,000 | Kinder Morgan, Inc | 9.000 | 02/01/19 | 590,617 | ||||||||||||
| 2,400,000 | Kinder Morgan, Inc | 3.050 | 12/01/19 | 2,356,534 | ||||||||||||
| 500,000 | Kinder Morgan, Inc | 3.500 | 03/01/21 | 478,163 | ||||||||||||
| 100,000 | Kinder Morgan, Inc | 5.800 | 03/01/21 | 106,325 | ||||||||||||
| 1,200,000 | Kinder Morgan, Inc | 3.950 | 09/01/22 | 1,127,221 | ||||||||||||
| 350,000 | Kinder Morgan, Inc | 3.450 | 02/15/23 | 310,622 | ||||||||||||
| 200,000 | Kinder Morgan, Inc | 3.500 | 09/01/23 | 177,008 | ||||||||||||
| 300,000 | Kinder Morgan, Inc | 4.150 | 02/01/24 | 272,174 | ||||||||||||
| 500,000 | Kinder Morgan, Inc | 4.250 | 09/01/24 | 454,571 | ||||||||||||
| 400,000 | Kinder Morgan, Inc | 4.300 | 06/01/25 | 359,486 | ||||||||||||
| 800,000 | Kinder Morgan, Inc | 5.300 | 12/01/34 | 681,532 | ||||||||||||
| 535,000 | Kinder Morgan, Inc | 6.500 | 09/01/39 | 508,197 | ||||||||||||
| 300,000 | Kinder Morgan, Inc | 5.625 | 09/01/41 | 246,899 | ||||||||||||
| 200,000 | Kinder Morgan, Inc | 5.000 | 08/15/42 | 158,121 | ||||||||||||
| 500,000 | Kinder Morgan, Inc | 5.000 | 03/01/43 | 390,955 | ||||||||||||
| 400,000 | Kinder Morgan, Inc | 5.500 | 03/01/44 | 331,389 | ||||||||||||
| 200,000 | Kinder Morgan, Inc | 5.400 | 09/01/44 | 160,995 | ||||||||||||
| 300,000 | Kinder Morgan, Inc | 5.550 | 06/01/45 | 249,313 | ||||||||||||
| 320,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 334,439 | ||||||||||||
| 225,000 | Louisville Gas & Electric Co | 3.300 | 10/01/25 | 228,802 | ||||||||||||
| 125,000 | Louisville Gas & Electric Co | 4.650 | 11/15/43 | 133,533 | ||||||||||||
| 100,000 | Louisville Gas & Electric Co | 4.375 | 10/01/45 | 103,463 | ||||||||||||
| 880,000 | Metropolitan Edison Co | 7.700 | 01/15/19 | 1,024,496 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 3.500 | 10/15/24 | 207,412 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 4.400 | 10/15/44 | 209,255 | ||||||||||||
| 97 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | MidAmerican Energy Co | 2.400 | % | 03/15/19 | $ | 305,993 | |||||||||
| 200,000 | MidAmerican Energy Co | 3.700 | 09/15/23 | 210,456 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 4.800 | 09/15/43 | 219,077 | ||||||||||||
| 1,032,000 | MidAmerican Energy Holdings Co | 5.950 | 05/15/37 | 1,218,254 | ||||||||||||
| 300,000 | MidAmerican Energy Holdings Co | 6.500 | 09/15/37 | 377,035 | ||||||||||||
| 750,000 | Mississippi Power Co | 4.250 | 03/15/42 | 650,662 | ||||||||||||
| 100,000 | National Fuel Gas Co | 4.900 | 12/01/21 | 105,181 | ||||||||||||
| 200,000 | National Fuel Gas Co | 3.750 | 03/01/23 | 188,633 | ||||||||||||
| 300,000 | National Fuel Gas Co | 5.200 | 07/15/25 | 308,630 | ||||||||||||
| 820,000 | Nevada Power Co | 6.500 | 08/01/18 | 925,152 | ||||||||||||
| 45,000 | Nevada Power Co | 7.125 | 03/15/19 | 52,361 | ||||||||||||
| 230,000 | Nevada Power Co | 5.375 | 09/15/40 | 260,925 | ||||||||||||
| 300,000 | NextEra Energy Capital Holdings, Inc | 1.586 | 06/01/17 | 300,100 | ||||||||||||
| 300,000 | NextEra Energy Capital Holdings, Inc | 2.056 | 09/01/17 | 301,997 | ||||||||||||
| 200,000 | NextEra Energy Capital Holdings, Inc | 2.400 | 09/15/19 | 199,422 | ||||||||||||
| 100,000 | NextEra Energy Capital Holdings, Inc | 2.700 | 09/15/19 | 100,702 | ||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 4.500 | 06/01/21 | 540,988 | ||||||||||||
| 140,000 | NiSource Finance Corp | 6.400 | 03/15/18 | 155,465 | ||||||||||||
| 150,000 | NiSource Finance Corp | 6.125 | 03/01/22 | 174,737 | ||||||||||||
| 400,000 | NiSource Finance Corp | 3.850 | 02/15/23 | 415,110 | ||||||||||||
| 100,000 | NiSource Finance Corp | 5.950 | 06/15/41 | 116,335 | ||||||||||||
| 200,000 | NiSource Finance Corp | 5.250 | 02/15/43 | 217,478 | ||||||||||||
| 150,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 155,243 | ||||||||||||
| 300,000 | NiSource Finance Corp | 5.650 | 02/01/45 | 341,338 | ||||||||||||
| 300,000 | Northeast Utilities | 2.800 | 05/01/23 | 288,080 | ||||||||||||
| 100,000 | Northeast Utilities | 3.150 | 01/15/25 | 97,728 | ||||||||||||
| 500,000 | Northern States Power Co | 2.200 | 08/15/20 | 503,191 | ||||||||||||
| 150,000 | Northern States Power Co | 2.150 | 08/15/22 | 144,847 | ||||||||||||
| 300,000 | Northern States Power Co | 2.600 | 05/15/23 | 295,377 | ||||||||||||
| 425,000 | Northern States Power Co | 5.350 | 11/01/39 | 498,596 | ||||||||||||
| 200,000 | Northern States Power Co | 3.400 | 08/15/42 | 176,444 | ||||||||||||
| 150,000 | Northern States Power Co | 4.000 | 08/15/45 | 149,065 | ||||||||||||
| 200,000 | NorthWestern Corp | 4.176 | 11/15/44 | 199,546 | ||||||||||||
| 150,000 | NSTAR Electric Co | 5.625 | 11/15/17 | 163,371 | ||||||||||||
| 200,000 | NSTAR Electric Co | 2.375 | 10/15/22 | 193,898 | ||||||||||||
| 500,000 | Oglethorpe Power Corp | 4.200 | 12/01/42 | 471,121 | ||||||||||||
| 300,000 | Oglethorpe Power Corp | 4.550 | 06/01/44 | 296,273 | ||||||||||||
| 250,000 | Ohio Edison Co | 8.250 | 10/15/38 | 355,943 | ||||||||||||
| 600,000 | Ohio Power Co | 5.375 | 10/01/21 | 684,562 | ||||||||||||
| 100,000 | Oklahoma Gas & Electric Co | 5.250 | 05/15/41 | 112,864 | ||||||||||||
| 400,000 | Oklahoma Gas & Electric Co | 3.900 | 05/01/43 | 377,482 | ||||||||||||
| 200,000 | Oklahoma Gas & Electric Co | 4.000 | 12/15/44 | 192,372 | ||||||||||||
| 200,000 | Oncor Electric Delivery Co LLC | 6.800 | 09/01/18 | 226,815 | ||||||||||||
| 100,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 99,736 | ||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 4.100 | 06/01/22 | 157,708 | ||||||||||||
| 400,000 | g | Oncor Electric Delivery Co LLC | 2.950 | 04/01/25 | 384,704 | |||||||||||
| 70,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 93,610 | ||||||||||||
| 100,000 | Oncor Electric Delivery Co LLC | 5.250 | 09/30/40 | 109,777 | ||||||||||||
| 550,000 | Oncor Electric Delivery Co LLC | 4.550 | 12/01/41 | 551,255 | ||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 5.300 | 06/01/42 | 165,935 | ||||||||||||
| 100,000 | ONEOK Partners LP | 2.000 | 10/01/17 | 99,362 | ||||||||||||
| 200,000 | ONEOK Partners LP | 3.200 | 09/15/18 | 200,983 | ||||||||||||
| 98 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | ONEOK Partners LP | 3.375 | % | 10/01/22 | $ | 359,904 | |||||||||
| 200,000 | ONEOK Partners LP | 5.000 | 09/15/23 | 195,748 | ||||||||||||
| 700,000 | ONEOK Partners LP | 4.900 | 03/15/25 | 652,003 | ||||||||||||
| 130,000 | ONEOK Partners LP | 6.650 | 10/01/36 | 129,722 | ||||||||||||
| 250,000 | ONEOK Partners LP | 6.850 | 10/15/37 | 247,034 | ||||||||||||
| 100,000 | ONEOK Partners LP | 6.125 | 02/01/41 | 90,023 | ||||||||||||
| 355,000 | Pacific Gas & Electric Co | 8.250 | 10/15/18 | 420,906 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 3.250 | 06/15/23 | 402,836 | ||||||||||||
| 175,000 | Pacific Gas & Electric Co | 3.850 | 11/15/23 | 182,826 | ||||||||||||
| 200,000 | Pacific Gas & Electric Co | 3.750 | 02/15/24 | 206,277 | ||||||||||||
| 500,000 | Pacific Gas & Electric Co | 3.400 | 08/15/24 | 501,649 | ||||||||||||
| 300,000 | Pacific Gas & Electric Co | 3.500 | 06/15/25 | 304,009 | ||||||||||||
| 420,000 | Pacific Gas & Electric Co | 6.050 | 03/01/34 | 507,356 | ||||||||||||
| 600,000 | Pacific Gas & Electric Co | 5.400 | 01/15/40 | 682,634 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 4.500 | 12/15/41 | 407,086 | ||||||||||||
| 150,000 | Pacific Gas & Electric Co | 3.750 | 08/15/42 | 136,074 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 4.600 | 06/15/43 | 411,999 | ||||||||||||
| 200,000 | Pacific Gas & Electric Co | 5.125 | 11/15/43 | 221,319 | ||||||||||||
| 300,000 | Pacific Gas & Electric Co | 4.750 | 02/15/44 | 316,029 | ||||||||||||
| 300,000 | Pacific Gas & Electric Co | 4.300 | 03/15/45 | 297,698 | ||||||||||||
| 250,000 | PacifiCorp | 2.950 | 02/01/22 | 250,838 | ||||||||||||
| 200,000 | PacifiCorp | 2.950 | 06/01/23 | 199,505 | ||||||||||||
| 300,000 | PacifiCorp | 3.600 | 04/01/24 | 310,098 | ||||||||||||
| 200,000 | PacifiCorp | 3.350 | 07/01/25 | 203,189 | ||||||||||||
| 850,000 | PacifiCorp | 6.000 | 01/15/39 | 1,055,489 | ||||||||||||
| 150,000 | PECO Energy Co | 2.375 | 09/15/22 | 144,614 | ||||||||||||
| 200,000 | PECO Energy Co | 3.150 | 10/15/25 | 199,981 | ||||||||||||
| 200,000 | PECO Energy Co | 4.800 | 10/15/43 | 219,961 | ||||||||||||
| 200,000 | PECO Energy Co | 4.150 | 10/01/44 | 199,286 | ||||||||||||
| 165,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 165,000 | ||||||||||||
| 300,000 | PG&E Corp | 2.400 | 03/01/19 | 302,068 | ||||||||||||
| 200,000 | Phillips 66 Partners LP | 2.646 | 02/15/20 | 196,757 | ||||||||||||
| 300,000 | Phillips 66 Partners LP | 4.680 | 02/15/45 | 247,128 | ||||||||||||
| 150,000 | Piedmont Natural Gas Co, Inc | 4.100 | 09/18/34 | 149,553 | ||||||||||||
| 200,000 | Piedmont Natural Gas Co, Inc | 4.650 | 08/01/43 | 214,242 | ||||||||||||
| 200,000 | Potomac Electric Power Co | 3.600 | 03/15/24 | 208,057 | ||||||||||||
| 65,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 93,907 | ||||||||||||
| 500,000 | Potomac Electric Power Co | 4.150 | 03/15/43 | 498,267 | ||||||||||||
| 300,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 315,398 | ||||||||||||
| 200,000 | PPL Capital Funding, Inc | 3.500 | 12/01/22 | 202,387 | ||||||||||||
| 400,000 | PPL Capital Funding, Inc | 3.400 | 06/01/23 | 400,736 | ||||||||||||
| 100,000 | PPL Capital Funding, Inc | 3.950 | 03/15/24 | 102,818 | ||||||||||||
| 200,000 | PPL Electric Utilities Corp | 2.500 | 09/01/22 | 195,119 | ||||||||||||
| 300,000 | PPL Electric Utilities Corp | 4.750 | 07/15/43 | 328,990 | ||||||||||||
| 200,000 | PPL Electric Utilities Corp | 4.125 | 06/15/44 | 198,878 | ||||||||||||
| 275,000 | PPL Electric Utilities Corp | 4.150 | 10/01/45 | 272,888 | ||||||||||||
| 100,000 | PPL Energy Supply LLC | 4.600 | 12/15/21 | 83,050 | ||||||||||||
| 300,000 | Progress Energy, Inc | 3.150 | 04/01/22 | 299,450 | ||||||||||||
| 900,000 | Progress Energy, Inc | 7.750 | 03/01/31 | 1,217,646 | ||||||||||||
| 200,000 | PSEG Power LLC | 5.320 | 09/15/16 | 207,469 | ||||||||||||
| 100,000 | PSEG Power LLC | 2.450 | 11/15/18 | 99,766 | ||||||||||||
| 150,000 | Public Service Co of Colorado | 2.250 | 09/15/22 | 145,795 | ||||||||||||
| 99 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Public Service Co of Colorado | 2.500 | % | 03/15/23 | $ | 194,662 | |||||||||
| 300,000 | Public Service Co of Colorado | 2.900 | 05/15/25 | 295,093 | ||||||||||||
| 150,000 | Public Service Co of Colorado | 3.600 | 09/15/42 | 138,172 | ||||||||||||
| 100,000 | Public Service Co of Colorado | 4.300 | 03/15/44 | 102,129 | ||||||||||||
| 300,000 | Public Service Co of New Hampshire | 3.500 | 11/01/23 | 310,672 | ||||||||||||
| 200,000 | Public Service Co of New Mexico | 3.850 | 08/01/25 | 201,233 | ||||||||||||
| 520,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 583,350 | ||||||||||||
| 100,000 | Public Service Co of Oklahoma | 4.400 | 02/01/21 | 107,853 | ||||||||||||
| 150,000 | Public Service Co of Oklahoma | 6.625 | 11/15/37 | 195,223 | ||||||||||||
| 220,000 | Public Service Electric & Gas Co | 5.300 | 05/01/18 | 241,345 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 2.300 | 09/15/18 | 204,074 | ||||||||||||
| 500,000 | Public Service Electric & Gas Co | 1.800 | 06/01/19 | 499,094 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 2.000 | 08/15/19 | 200,952 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.750 | 03/15/24 | 211,714 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.150 | 08/15/24 | 203,174 | ||||||||||||
| 410,000 | Public Service Electric & Gas Co | 5.375 | 11/01/39 | 477,540 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.950 | 05/01/42 | 194,867 | ||||||||||||
| 100,000 | Public Service Electric & Gas Co | 3.650 | 09/01/42 | 92,972 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.800 | 01/01/43 | 192,101 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 4.000 | 06/01/44 | 196,664 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 4.050 | 05/01/45 | 198,650 | ||||||||||||
| 300,000 | g | Puget Energy, Inc | 3.650 | 05/15/25 | 296,185 | |||||||||||
| 250,000 | Puget Sound Energy, Inc | 5.757 | 10/01/39 | 298,204 | ||||||||||||
| 700,000 | Puget Sound Energy, Inc | 4.434 | 11/15/41 | 726,679 | ||||||||||||
| 200,000 | Puget Sound Energy, Inc | 4.300 | 05/20/45 | 204,645 | ||||||||||||
| 150,000 | San Diego Gas & Electric Co | 3.000 | 08/15/21 | 156,597 | ||||||||||||
| 400,000 | San Diego Gas & Electric Co | 3.600 | 09/01/23 | 419,083 | ||||||||||||
| 305,000 | San Diego Gas & Electric Co | 5.350 | 05/15/40 | 363,282 | ||||||||||||
| 100,000 | San Diego Gas & Electric Co | 3.950 | 11/15/41 | 97,131 | ||||||||||||
| 300,000 | SCANA Corp | 4.750 | 05/15/21 | 316,255 | ||||||||||||
| 100,000 | SCANA Corp | 4.125 | 02/01/22 | 101,635 | ||||||||||||
| 250,000 | Scottish Power Ltd | 5.810 | 03/15/25 | 289,343 | ||||||||||||
| 605,000 | Sempra Energy | 2.300 | 04/01/17 | 611,692 | ||||||||||||
| 150,000 | Sempra Energy | 2.875 | 10/01/22 | 147,148 | ||||||||||||
| 500,000 | Sempra Energy | 4.050 | 12/01/23 | 522,272 | ||||||||||||
| 200,000 | Sempra Energy | 3.550 | 06/15/24 | 201,363 | ||||||||||||
| 260,000 | Sempra Energy | 6.000 | 10/15/39 | 303,380 | ||||||||||||
| 125,000 | Sierra Pacific Power Co | 3.375 | 08/15/23 | 127,124 | ||||||||||||
| 50,000 | South Carolina Electric & Gas Co | 5.300 | 05/15/33 | 55,169 | ||||||||||||
| 125,000 | South Carolina Electric & Gas Co | 5.450 | 02/01/41 | 141,497 | ||||||||||||
| 250,000 | South Carolina Electric & Gas Co | 4.350 | 02/01/42 | 244,610 | ||||||||||||
| 300,000 | South Carolina Electric & Gas Co | 4.600 | 06/15/43 | 305,720 | ||||||||||||
| 200,000 | South Carolina Electric & Gas Co | 4.500 | 06/01/64 | 190,267 | ||||||||||||
| 451,835 | Southaven Combined Cycle Generation LLC | 3.846 | 08/15/33 | 466,030 | ||||||||||||
| 200,000 | Southern California Edison Co | 1.125 | 05/01/17 | 199,534 | ||||||||||||
| 250,000 | Southern California Edison Co | 5.500 | 08/15/18 | 277,353 | ||||||||||||
| 280,000 | Southern California Edison Co | 3.875 | 06/01/21 | 301,361 | ||||||||||||
| 500,000 | Southern California Edison Co | 2.400 | 02/01/22 | 494,806 | ||||||||||||
| 400,000 | Southern California Edison Co | 3.500 | 10/01/23 | 416,156 | ||||||||||||
| 185,000 | Southern California Edison Co | 6.050 | 03/15/39 | 231,640 | ||||||||||||
| 300,000 | Southern California Edison Co | 4.500 | 09/01/40 | 315,134 | ||||||||||||
| 500,000 | Southern California Edison Co | 3.900 | 12/01/41 | 485,118 | ||||||||||||
| 100 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Southern California Edison Co | 4.050 | % | 03/15/42 | $ | 197,555 | |||||||||
| 500,000 | Southern California Edison Co | 3.900 | 03/15/43 | 475,495 | ||||||||||||
| 450,000 | Southern California Edison Co | 3.600 | 02/01/45 | 413,874 | ||||||||||||
| 200,000 | Southern California Gas Co | 1.550 | 06/15/18 | 199,757 | ||||||||||||
| 200,000 | Southern California Gas Co | 3.150 | 09/15/24 | 202,933 | ||||||||||||
| 200,000 | Southern California Gas Co | 3.200 | 06/15/25 | 203,988 | ||||||||||||
| 150,000 | Southern California Gas Co | 3.750 | 09/15/42 | 142,350 | ||||||||||||
| 200,000 | Southern California Gas Co | 4.450 | 03/15/44 | 211,911 | ||||||||||||
| 300,000 | Southern Co | 2.750 | 06/15/20 | 299,099 | ||||||||||||
| 108,000 | g | Southern Natural Gas Co | 5.900 | 04/01/17 | 113,746 | |||||||||||
| 550,000 | Southern Natural Gas Co | 4.400 | 06/15/21 | 568,837 | ||||||||||||
| 100,000 | Southern Natural Gas Co | 8.000 | 03/01/32 | 108,751 | ||||||||||||
| 500,000 | Southern Power Co | 2.375 | 06/01/20 | 490,268 | ||||||||||||
| 250,000 | Southwest Gas Corp | 3.875 | 04/01/22 | 261,450 | ||||||||||||
| 250,000 | Southwestern Electric Power Co | 5.550 | 01/15/17 | 263,012 | ||||||||||||
| 400,000 | Southwestern Electric Power Co | 6.200 | 03/15/40 | 488,573 | ||||||||||||
| 600,000 | Southwestern Public Service Co | 4.500 | 08/15/41 | 634,522 | ||||||||||||
| 60,000 | Spectra Energy Capital LLC | 6.200 | 04/15/18 | 64,994 | ||||||||||||
| 600,000 | Spectra Energy Capital LLC | 3.300 | 03/15/23 | 539,035 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 2.950 | 09/25/18 | 202,797 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 4.750 | 03/15/24 | 206,806 | ||||||||||||
| 400,000 | Spectra Energy Partners LP | 3.500 | 03/15/25 | 373,615 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 5.950 | 09/25/43 | 205,557 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 169,747 | ||||||||||||
| 150,000 | System Energy Resources, Inc | 4.100 | 04/01/23 | 154,998 | ||||||||||||
| 200,000 | Tampa Electric Co | 5.400 | 05/15/21 | 227,428 | ||||||||||||
| 100,000 | Tampa Electric Co | 2.600 | 09/15/22 | 97,769 | ||||||||||||
| 100,000 | Tampa Electric Co | 4.100 | 06/15/42 | 98,390 | ||||||||||||
| 175,000 | Tampa Electric Co | 4.350 | 05/15/44 | 179,334 | ||||||||||||
| 200,000 | Tampa Electric Co | 4.200 | 05/15/45 | 199,375 | ||||||||||||
| 300,000 | TC PipeLines LP | 4.375 | 03/13/25 | 288,113 | ||||||||||||
| 200,000 | TECO Finance, Inc | 5.150 | 03/15/20 | 220,089 | ||||||||||||
| 200,000 | Tennessee Gas Pipeline Co | 7.000 | 10/15/28 | 220,683 | ||||||||||||
| 12,000 | Toledo Edison Co | 7.250 | 05/01/20 | 14,092 | ||||||||||||
| 300,000 | Toledo Edison Co | 6.150 | 05/15/37 | 346,858 | ||||||||||||
| 300,000 | Total Capital S.A. | 2.125 | 08/10/18 | 304,799 | ||||||||||||
| 200,000 | Total Capital S.A. | 4.450 | 06/24/20 | 220,713 | ||||||||||||
| 100,000 | Total Capital S.A. | 4.125 | 01/28/21 | 109,323 | ||||||||||||
| 200,000 | TransAlta Corp | 1.900 | 06/03/17 | 198,946 | ||||||||||||
| 350,000 | TransAlta Corp | 6.650 | 05/15/18 | 377,098 | ||||||||||||
| 300,000 | TransAlta Corp | 4.500 | 11/15/22 | 294,369 | ||||||||||||
| 125,000 | Transcontinental Gas Pipe Line Co LLC | 4.450 | 08/01/42 | 95,523 | ||||||||||||
| 100,000 | Tri-State Generation & Transmission Association, Inc | 3.700 | 11/01/24 | 101,477 | ||||||||||||
| 200,000 | Tucson Electric Power Co | 3.050 | 03/15/25 | 193,115 | ||||||||||||
| 300,000 | Union Electric Co | 3.500 | 04/15/24 | 309,466 | ||||||||||||
| 100,000 | Union Electric Co | 8.450 | 03/15/39 | 161,343 | ||||||||||||
| 100,000 | Union Electric Co | 3.900 | 09/15/42 | 95,730 | ||||||||||||
| 100,000 | United Utilities plc | 6.875 | 08/15/28 | 116,542 | ||||||||||||
| 200,000 | Virginia Electric and Power Co | 1.200 | 01/15/18 | 199,312 | ||||||||||||
| 309,000 | Virginia Electric and Power Co | 2.750 | 03/15/23 | 306,329 | ||||||||||||
| 500,000 | Virginia Electric and Power Co | 3.450 | 02/15/24 | 510,791 | ||||||||||||
| 200,000 | Virginia Electric and Power Co | 3.100 | 05/15/25 | 199,989 | ||||||||||||
| 101 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 350,000 | Virginia Electric and Power Co | 6.000 | % | 05/15/37 | $ | 438,939 | |||||||||
| 160,000 | Virginia Electric and Power Co | 4.000 | 01/15/43 | 157,307 | ||||||||||||
| 250,000 | Virginia Electric and Power Co | 4.650 | 08/15/43 | 271,384 | ||||||||||||
| 400,000 | Virginia Electric and Power Co | 4.450 | 02/15/44 | 419,143 | ||||||||||||
| 200,000 | Virginia Electric and Power Co | 4.200 | 05/15/45 | 200,918 | ||||||||||||
| 200,000 | g | Washington Prime Group LP | 3.850 | 04/01/20 | 204,446 | |||||||||||
| 125,000 | WEC Energy Group, Inc | 1.650 | 06/15/18 | 125,284 | ||||||||||||
| 200,000 | WEC Energy Group, Inc | 2.450 | 06/15/20 | 202,056 | ||||||||||||
| 100,000 | WEC Energy Group, Inc | 3.550 | 06/15/25 | 101,609 | ||||||||||||
| 500,000 | Westar Energy, Inc | 4.125 | 03/01/42 | 501,757 | ||||||||||||
| 175,000 | Westar Energy, Inc | 4.100 | 04/01/43 | 173,988 | ||||||||||||
| 450,000 | Western Gas Partners LP | 4.000 | 07/01/22 | 435,556 | ||||||||||||
| 200,000 | Western Gas Partners LP | 3.950 | 06/01/25 | 187,403 | ||||||||||||
| 100,000 | Western Gas Partners LP | 5.450 | 04/01/44 | 91,755 | ||||||||||||
| 225,000 | Western Massachusetts Electric Co | 3.500 | 09/15/21 | 236,562 | ||||||||||||
| 35,000 | Williams Cos, Inc | 7.875 | 09/01/21 | 35,566 | ||||||||||||
| 475,000 | Williams Cos, Inc | 3.700 | 01/15/23 | 368,467 | ||||||||||||
| 350,000 | Williams Cos, Inc | 4.550 | 06/24/24 | 277,626 | ||||||||||||
| 300,000 | Williams Cos, Inc | 7.750 | 06/15/31 | 265,799 | ||||||||||||
| 350,000 | Williams Cos, Inc | 5.750 | 06/24/44 | 245,022 | ||||||||||||
| 70,000 | Williams Partners LP | 7.250 | 02/01/17 | 74,507 | ||||||||||||
| 530,000 | Williams Partners LP | 5.250 | 03/15/20 | 564,976 | ||||||||||||
| 600,000 | Williams Partners LP | 4.000 | 11/15/21 | 576,402 | ||||||||||||
| 750,000 | Williams Partners LP | 3.600 | 03/15/22 | 690,560 | ||||||||||||
| 200,000 | Williams Partners LP | 3.350 | 08/15/22 | 180,448 | ||||||||||||
| 300,000 | Williams Partners LP | 4.500 | 11/15/23 | 281,281 | ||||||||||||
| 300,000 | Williams Partners LP | 4.300 | 03/04/24 | 272,284 | ||||||||||||
| 500,000 | Williams Partners LP | 3.900 | 01/15/25 | 430,712 | ||||||||||||
| 750,000 | Williams Partners LP | 4.000 | 09/15/25 | 649,862 | ||||||||||||
| 300,000 | Williams Partners LP | 5.800 | 11/15/43 | 251,873 | ||||||||||||
| 300,000 | Williams Partners LP | 5.400 | 03/04/44 | 239,622 | ||||||||||||
| 500,000 | Williams Partners LP | 4.900 | 01/15/45 | 372,502 | ||||||||||||
| 300,000 | Wisconsin Electric Power Co | 1.700 | 06/15/18 | 301,187 | ||||||||||||
| 200,000 | Wisconsin Electric Power Co | 3.100 | 06/01/25 | 201,198 | ||||||||||||
| 200,000 | Wisconsin Electric Power Co | 5.625 | 05/15/33 | 239,942 | ||||||||||||
| 200,000 | Wisconsin Electric Power Co | 3.650 | 12/15/42 | 183,523 | ||||||||||||
| 200,000 | Wisconsin Power & Light Co | 2.250 | 11/15/22 | 192,152 | ||||||||||||
| 100,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 98,032 | ||||||||||||
| 200,000 | Wisconsin Public Service Corp | 4.752 | 11/01/44 | 219,424 | ||||||||||||
| 200,000 | Xcel Energy, Inc | 0.750 | 05/09/16 | 199,982 | ||||||||||||
| 400,000 | Xcel Energy, Inc | 1.200 | 06/01/17 | 398,572 | ||||||||||||
| 100,000 | Xcel Energy, Inc | 4.700 | 05/15/20 | 108,667 | ||||||||||||
| 100,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 103,397 | ||||||||||||
| TOTAL UTILITIES | 135,485,918 | |||||||||||||||
| TOTAL CORPORATE BONDS | 1,465,389,088 | |||||||||||||||
| (Cost $1,464,232,192) | ||||||||||||||||
| GOVERNMENT BONDS - 72.3% | ||||||||||||||||
| AGENCY SECURITIES - 2.7% | ||||||||||||||||
| 3,000,000 | Federal Farm Credit Bank (FFCB) | 1.500 | 11/16/15 | 3,004,917 | ||||||||||||
| 102 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,475,000 | FFCB | 4.875 | % | 12/16/15 | $ | 1,489,439 | |||||||||
| 1,600,000 | FFCB | 1.050 | 03/28/16 | 1,606,574 | ||||||||||||
| 1,000,000 | Federal Home Loan Bank (FHLB) | 5.375 | 05/18/16 | 1,031,270 | ||||||||||||
| 5,095,000 | FHLB | 4.750 | 12/16/16 | 5,353,556 | ||||||||||||
| 500,000 | FHLB | 4.875 | 05/17/17 | 534,285 | ||||||||||||
| 1,000,000 | FHLB | 0.750 | 09/08/17 | 1,000,229 | ||||||||||||
| 2,745,000 | FHLB | 5.000 | 11/17/17 | 2,988,169 | ||||||||||||
| 4,000,000 | FHLB | 1.625 | 06/14/19 | 4,057,060 | ||||||||||||
| 5,000,000 | FHLB | 1.875 | 03/13/20 | 5,086,000 | ||||||||||||
| 125,000 | Federal Home Loan Mortgage Corp (FHLMC) | 4.750 | 11/17/15 | 125,735 | ||||||||||||
| 132,000 | FHLMC | 4.750 | 01/19/16 | 133,799 | ||||||||||||
| 6,213,000 | FHLMC | 5.250 | 04/18/16 | 6,382,149 | ||||||||||||
| 127,000 | FHLMC | 5.500 | 07/18/16 | 132,145 | ||||||||||||
| 16,736,000 | FHLMC | 5.125 | 10/18/16 | 17,550,943 | ||||||||||||
| 20,000,000 | FHLMC | 0.875 | 03/07/18 | 20,016,960 | ||||||||||||
| 4,500,000 | FHLMC | 1.250 | 08/01/19 | 4,501,004 | ||||||||||||
| 7,500,000 | FHLMC | 2.375 | 01/13/22 | 7,730,378 | ||||||||||||
| 8,000,000 | Federal National Mortgage Association (FNMA) | 0.375 | 12/21/15 | 8,004,120 | ||||||||||||
| 5,000,000 | FNMA | 2.250 | 03/15/16 | 5,046,160 | ||||||||||||
| 10,215,000 | FNMA | 5.000 | 03/15/16 | 10,437,421 | ||||||||||||
| 150,000 | FNMA | 5.000 | 05/11/17 | 160,509 | ||||||||||||
| 4,340,000 | FNMA | 5.375 | 06/12/17 | 4,684,479 | ||||||||||||
| 2,000,000 | FNMA | 1.125 | 07/20/18 | 2,009,734 | ||||||||||||
| 8,000,000 | FNMA | 1.625 | 11/27/18 | 8,149,216 | ||||||||||||
| 11,000,000 | j | FNMA | 0.000 | 10/09/19 | 10,215,590 | |||||||||||
| 2,310,000 | i | FNMA | 2.301 | 09/25/22 | 2,333,920 | |||||||||||
| 6,000,000 | FNMA | 2.625 | 09/06/24 | 6,146,904 | ||||||||||||
| 5,000,000 | FNMA | 6.625 | 11/15/30 | 7,222,870 | ||||||||||||
| 1,000,000 | FNMA | 5.625 | 07/15/37 | 1,362,161 | ||||||||||||
| 815,000 | Financing Corp | 9.400 | 02/08/18 | 974,501 | ||||||||||||
| 825,000 | Financing Corp | 9.800 | 04/06/18 | 1,006,590 | ||||||||||||
| 815,000 | Financing Corp | 10.350 | 08/03/18 | 1,023,453 | ||||||||||||
| 1,900,000 | Hashemite Kingdom of Jordan Government AID Bond | 1.945 | 06/23/19 | 1,938,809 | ||||||||||||
| 500,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 520,205 | ||||||||||||
| 300,000 | Hashemite Kingdom of Jordan Government AID Bond | 3.000 | 06/30/25 | 309,691 | ||||||||||||
| 800,000 | Israel Government AID Bond | 5.500 | 09/18/23 | 981,552 | ||||||||||||
| 300,000 | Israel Government AID Bond | 5.500 | 04/26/24 | 371,486 | ||||||||||||
| 450,000 | Private Export Funding Corp (PEFCO) | 1.375 | 02/15/17 | 454,290 | ||||||||||||
| 590,000 | PEFCO | 2.250 | 12/15/17 | 605,899 | ||||||||||||
| 175,000 | PEFCO | 1.450 | 08/15/19 | 173,581 | ||||||||||||
| 550,000 | PEFCO | 2.250 | 03/15/20 | 560,907 | ||||||||||||
| 200,000 | PEFCO | 2.300 | 09/15/20 | 203,713 | ||||||||||||
| 400,000 | PEFCO | 2.050 | 11/15/22 | 389,957 | ||||||||||||
| 200,000 | PEFCO | 3.250 | 06/15/25 | 207,762 | ||||||||||||
| 250,000 | Ukraine Government AID Bonds | 1.844 | 05/16/19 | 252,836 | ||||||||||||
| 500,000 | Ukraine Government AID Bonds | 1.847 | 05/29/20 | 506,859 | ||||||||||||
| TOTAL AGENCY SECURITIES | 158,979,787 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 4.5% | ||||||||||||||||
| 250,000 | African Development Bank | 1.250 | 09/02/16 | 251,594 | ||||||||||||
| 1,200,000 | African Development Bank | 1.125 | 03/15/17 | 1,207,508 | ||||||||||||
| 500,000 | African Development Bank | 0.875 | 05/15/17 | 501,246 | ||||||||||||
| 103 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | African Development Bank | 1.625 | % | 10/02/18 | $ | 507,464 | |||||||||
| 500,000 | African Development Bank | 1.375 | 02/12/20 | 499,351 | ||||||||||||
| 450,000 | African Development Bank | 2.375 | 09/23/21 | 465,260 | ||||||||||||
| 400,000 | Agricultural Bank of China | 2.000 | 05/21/18 | 399,352 | ||||||||||||
| 400,000 | Agricultural Bank of China | 2.750 | 05/21/20 | 401,176 | ||||||||||||
| 1,750,000 | Asian Development Bank | 2.500 | 03/15/16 | 1,766,345 | ||||||||||||
| 2,000,000 | Asian Development Bank | 1.125 | 03/15/17 | 2,014,254 | ||||||||||||
| 1,500,000 | Asian Development Bank | 1.125 | 06/05/18 | 1,506,045 | ||||||||||||
| 1,000,000 | Asian Development Bank | 1.875 | 04/12/19 | 1,022,578 | ||||||||||||
| 500,000 | Asian Development Bank | 1.500 | 01/22/20 | 502,802 | ||||||||||||
| 1,500,000 | Asian Development Bank | 1.375 | 03/23/20 | 1,497,273 | ||||||||||||
| 1,000,000 | Asian Development Bank | 1.625 | 08/26/20 | 1,005,623 | ||||||||||||
| 1,000,000 | Asian Development Bank | 2.125 | 11/24/21 | 1,020,370 | ||||||||||||
| 600,000 | Asian Development Bank | 1.875 | 02/18/22 | 602,920 | ||||||||||||
| 500,000 | Asian Development Bank | 2.000 | 01/22/25 | 491,379 | ||||||||||||
| 75,000 | Asian Development Bank | 5.820 | 06/16/28 | 97,627 | ||||||||||||
| 906,000 | Brazilian Government International Bond | 5.875 | 01/15/19 | 949,035 | ||||||||||||
| 2,090,000 | Brazilian Government International Bond | 4.875 | 01/22/21 | 2,032,525 | ||||||||||||
| 1,424,000 | Brazilian Government International Bond | 4.250 | 01/07/25 | 1,246,000 | ||||||||||||
| 2,730,000 | Brazilian Government International Bond | 5.625 | 01/07/41 | 2,211,300 | ||||||||||||
| 1,152,000 | Brazilian Government International Bond | 5.000 | 01/27/45 | 861,120 | ||||||||||||
| 850,000 | Canada Government International Bond | 0.875 | 02/14/17 | 853,128 | ||||||||||||
| 1,000,000 | Canada Government International Bond | 1.125 | 03/19/18 | 1,004,649 | ||||||||||||
| 1,000,000 | Canada Government International Bond | 1.625 | 02/27/19 | 1,014,746 | ||||||||||||
| 300,000 | Chile Government International Bond | 2.250 | 10/30/22 | 288,000 | ||||||||||||
| 880,000 | Chile Government International Bond | 3.125 | 03/27/25 | 871,200 | ||||||||||||
| 300,000 | Chile Government International Bond | 3.625 | 10/30/42 | 255,750 | ||||||||||||
| 850,000 | China Development Bank | 5.000 | 10/15/15 | 850,862 | ||||||||||||
| 450,000 | Colombia Government International Bond | 7.375 | 03/18/19 | 509,625 | ||||||||||||
| 900,000 | Colombia Government International Bond | 4.375 | 07/12/21 | 916,650 | ||||||||||||
| 600,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 533,400 | ||||||||||||
| 1,250,000 | Colombia Government International Bond | 4.000 | 02/26/24 | 1,211,250 | ||||||||||||
| 1,250,000 | Colombia Government International Bond | 6.125 | 01/18/41 | 1,237,500 | ||||||||||||
| 1,150,000 | Colombia Government International Bond | 5.625 | 02/26/44 | 1,072,375 | ||||||||||||
| 1,200,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 1,026,000 | ||||||||||||
| 500,000 | Corp Andina de Fomento | 3.750 | 01/15/16 | 504,878 | ||||||||||||
| 500,000 | Corp Andina de Fomento | 1.500 | 08/08/17 | 499,804 | ||||||||||||
| 527,000 | Corp Andina de Fomento | 4.375 | 06/15/22 | 572,171 | ||||||||||||
| 1,000,000 | Council of Europe Development Bank | 2.625 | 02/16/16 | 1,007,782 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.500 | 06/19/17 | 506,351 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.000 | 03/07/18 | 500,253 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.125 | 05/31/18 | 501,170 | ||||||||||||
| 300,000 | Development Bank of Japan | 5.125 | 02/01/17 | 316,871 | ||||||||||||
| 1,500,000 | European Bank for Reconstruction & Development | 2.500 | 03/15/16 | 1,515,195 | ||||||||||||
| 1,000,000 | European Bank for Reconstruction & Development | 1.375 | 10/20/16 | 1,011,007 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 0.750 | 09/01/17 | 499,766 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.750 | 06/14/19 | 509,000 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.750 | 11/26/19 | 508,315 | ||||||||||||
| 1,300,000 | European Bank for Reconstruction & Development | 1.500 | 03/16/20 | 1,308,066 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.875 | 02/23/22 | 501,462 | ||||||||||||
| 5,500,000 | European Investment Bank | 1.375 | 10/20/15 | 5,502,420 | ||||||||||||
| 4,000,000 | European Investment Bank | 2.250 | 03/15/16 | 4,032,440 | ||||||||||||
| 104 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | European Investment Bank | 0.625 | % | 04/15/16 | $ | 1,001,010 | |||||||||
| 2,200,000 | European Investment Bank | 1.750 | 03/15/17 | 2,234,353 | ||||||||||||
| 2,500,000 | European Investment Bank | 0.875 | 04/18/17 | 2,506,722 | ||||||||||||
| 700,000 | European Investment Bank | 1.000 | 08/17/17 | 702,679 | ||||||||||||
| 750,000 | European Investment Bank | 1.000 | 03/15/18 | 750,626 | ||||||||||||
| 500,000 | European Investment Bank | 1.000 | 06/15/18 | 499,485 | ||||||||||||
| 2,000,000 | European Investment Bank | 1.125 | 08/15/18 | 2,002,934 | ||||||||||||
| 1,000,000 | European Investment Bank | 1.875 | 03/15/19 | 1,021,176 | ||||||||||||
| 1,500,000 | European Investment Bank | 1.375 | 06/15/20 | 1,490,676 | ||||||||||||
| 1,000,000 | European Investment Bank | 2.875 | 09/15/20 | 1,062,121 | ||||||||||||
| 500,000 | European Investment Bank | 2.500 | 04/15/21 | 521,349 | ||||||||||||
| 2,500,000 | European Investment Bank | 2.125 | 10/15/21 | 2,547,665 | ||||||||||||
| 500,000 | European Investment Bank | 2.250 | 08/15/22 | 511,399 | ||||||||||||
| 2,000,000 | European Investment Bank | 3.250 | 01/29/24 | 2,173,760 | ||||||||||||
| 1,500,000 | European Investment Bank | 2.500 | 10/15/24 | 1,537,134 | ||||||||||||
| 1,705,000 | European Investment Bank | 4.875 | 02/15/36 | 2,146,334 | ||||||||||||
| 250,000 | Export Development Canada | 1.250 | 10/26/16 | 252,051 | ||||||||||||
| 500,000 | Export Development Canada | 0.625 | 12/15/16 | 500,660 | ||||||||||||
| 1,300,000 | Export Development Canada | 0.750 | 12/15/17 | 1,297,056 | ||||||||||||
| 500,000 | Export Development Canada | 1.000 | 06/15/18 | 500,126 | ||||||||||||
| 500,000 | Export Development Canada | 1.750 | 08/19/19 | 508,011 | ||||||||||||
| 500,000 | Export Development Canada | 1.750 | 07/21/20 | 507,058 | ||||||||||||
| 300,000 | Export-Import Bank of Korea | 1.250 | 11/20/15 | 300,147 | ||||||||||||
| 400,000 | Export-Import Bank of Korea | 3.750 | 10/20/16 | 410,259 | ||||||||||||
| 200,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 199,091 | ||||||||||||
| 400,000 | Export-Import Bank of Korea | 2.875 | 09/17/18 | 410,638 | ||||||||||||
| 775,000 | Export-Import Bank of Korea | 5.125 | 06/29/20 | 867,440 | ||||||||||||
| 300,000 | Export-Import Bank of Korea | 5.000 | 04/11/22 | 336,267 | ||||||||||||
| 500,000 | Export-Import Bank of Korea | 4.000 | 01/14/24 | 530,550 | ||||||||||||
| 750,000 | Export-Import Bank of Korea | 2.875 | 01/21/25 | 731,365 | ||||||||||||
| 500,000 | Export-Import Bank of Korea | 3.250 | 08/12/26 | 498,352 | ||||||||||||
| 1,590,000 | Federative Republic of Brazil | 6.000 | 01/17/17 | 1,652,010 | ||||||||||||
| 376,389 | Federative Republic of Brazil | 8.000 | 01/15/18 | 395,208 | ||||||||||||
| 100,000 | Finland Government International Bond | 6.950 | 02/15/26 | 136,535 | ||||||||||||
| 300,000 | FMS Wertmanagement AoeR | 0.625 | 04/18/16 | 300,285 | ||||||||||||
| 2,750,000 | FMS Wertmanagement AoeR | 1.000 | 11/21/17 | 2,755,269 | ||||||||||||
| 1,000,000 | FMS Wertmanagement AoeR | 1.250 | 07/30/18 | 1,004,563 | ||||||||||||
| 1,800,000 | Hydro Quebec | 1.375 | 06/19/17 | 1,815,318 | ||||||||||||
| 270,000 | Hydro Quebec | 9.400 | 02/01/21 | 361,137 | ||||||||||||
| 200,000 | Hydro Quebec | 8.500 | 12/01/29 | 306,626 | ||||||||||||
| 1,500,000 | Inter-American Development Bank | 1.000 | 07/14/17 | 1,507,050 | ||||||||||||
| 500,000 | Inter-American Development Bank | 1.250 | 01/16/18 | 504,413 | ||||||||||||
| 3,000,000 | Inter-American Development Bank | 1.750 | 08/24/18 | 3,060,441 | ||||||||||||
| 2,000,000 | Inter-American Development Bank | 1.125 | 08/28/18 | 1,999,104 | ||||||||||||
| 750,000 | Inter-American Development Bank | 1.500 | 09/25/18 | 760,284 | ||||||||||||
| 1,105,000 | Inter-American Development Bank | 3.875 | 09/17/19 | 1,212,862 | ||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.750 | 10/15/19 | 1,018,384 | ||||||||||||
| 2,750,000 | Inter-American Development Bank | 1.375 | 07/15/20 | 2,746,125 | ||||||||||||
| 500,000 | Inter-American Development Bank | 2.125 | 01/15/25 | 496,060 | ||||||||||||
| 700,000 | Inter-American Development Bank | 3.200 | 08/07/42 | 695,062 | ||||||||||||
| 300,000 | Inter-American Development Bank | 4.375 | 01/24/44 | 362,600 | ||||||||||||
| 2,100,000 | International Bank for Reconstruction & Development | 2.125 | 03/15/16 | 2,119,037 | ||||||||||||
| 105 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 950,000 | International Bank for Reconstruction & Development | 1.000 | % | 09/15/16 | $ | 955,236 | |||||||||
| 5,000,000 | International Bank for Reconstruction & Development | 1.000 | 06/15/18 | 5,001,760 | ||||||||||||
| 2,000,000 | International Bank for Reconstruction & Development | 1.000 | 10/05/18 | 1,996,000 | ||||||||||||
| 1,500,000 | International Bank for Reconstruction & Development | 1.875 | 03/15/19 | 1,534,878 | ||||||||||||
| 1,000,000 | International Bank for Reconstruction & Development | 1.875 | 10/07/19 | 1,023,307 | ||||||||||||
| 1,500,000 | International Bank for Reconstruction & Development | 2.125 | 11/01/20 | 1,540,605 | ||||||||||||
| 400,000 | International Bank for Reconstruction & Development | 7.625 | 01/19/23 | 552,632 | ||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 2.125 | 02/13/23 | 506,133 | ||||||||||||
| 1,600,000 | International Bank for Reconstruction & Development | 2.500 | 11/25/24 | 1,644,432 | ||||||||||||
| 1,000,000 | International Bank for Reconstruction & Development | 2.500 | 07/29/25 | 1,026,276 | ||||||||||||
| 834,000 | International Bank for Reconstruction & Development | 4.750 | 02/15/35 | 1,043,978 | ||||||||||||
| 2,750,000 | International Finance Corp | 1.125 | 11/23/16 | 2,764,438 | ||||||||||||
| 500,000 | International Finance Corp | 1.250 | 07/16/18 | 503,100 | ||||||||||||
| 2,000,000 | International Finance Corp | 1.750 | 09/04/18 | 2,027,062 | ||||||||||||
| 1,000,000 | International Finance Corp | 1.750 | 09/16/19 | 1,012,927 | ||||||||||||
| 750,000 | International Finance Corp | 1.625 | 07/16/20 | 755,625 | ||||||||||||
| 400,000 | Israel Government International Bond | 5.125 | 03/26/19 | 445,760 | ||||||||||||
| 705,000 | Israel Government International Bond | 4.000 | 06/30/22 | 762,211 | ||||||||||||
| 300,000 | Israel Government International Bond | 3.150 | 06/30/23 | 306,450 | ||||||||||||
| 300,000 | Israel Government International Bond | 4.500 | 01/30/43 | 301,230 | ||||||||||||
| 1,200,000 | Italian Republic | 5.250 | 09/20/16 | 1,246,202 | ||||||||||||
| 1,374,000 | Italian Republic | 5.375 | 06/15/33 | 1,581,631 | ||||||||||||
| 1,500,000 | Italy Government International Bond | 4.750 | 01/25/16 | 1,518,345 | ||||||||||||
| 430,000 | Italy Government International Bond | 5.375 | 06/12/17 | 457,938 | ||||||||||||
| 500,000 | Italy Government International Bond | 6.875 | 09/27/23 | 634,498 | ||||||||||||
| 1,900,000 | Japan Bank for International Cooperation | 1.125 | 07/19/17 | 1,903,952 | ||||||||||||
| 1,050,000 | Japan Bank for International Cooperation | 1.750 | 07/31/18 | 1,064,081 | ||||||||||||
| 1,050,000 | Japan Bank for International Cooperation | 3.375 | 07/31/23 | 1,136,218 | ||||||||||||
| 500,000 | Japan Bank for International Cooperation | 2.125 | 02/10/25 | 486,453 | ||||||||||||
| 600,000 | Japan Finance Corp | 2.250 | 07/13/16 | 607,955 | ||||||||||||
| 900,000 | Japan Finance Organization for Municipalities | 5.000 | 05/16/17 | 956,736 | ||||||||||||
| 3,000,000 | KFW | 1.250 | 10/26/15 | 3,001,650 | ||||||||||||
| 4,500,000 | KFW | 1.250 | 02/15/17 | 4,538,408 | ||||||||||||
| 1,000,000 | KFW | 0.875 | 12/15/17 | 999,480 | ||||||||||||
| 2,000,000 | KFW | 1.000 | 06/11/18 | 1,999,400 | ||||||||||||
| 1,105,000 | KFW | 4.500 | 07/16/18 | 1,208,890 | ||||||||||||
| 2,000,000 | KFW | 1.125 | 08/06/18 | 2,003,100 | ||||||||||||
| 500,000 | KFW | 1.750 | 10/15/19 | 507,494 | ||||||||||||
| 6,925,000 | KFW | 4.000 | 01/27/20 | 7,661,945 | ||||||||||||
| 1,500,000 | KFW | 1.875 | 06/30/20 | 1,524,789 | ||||||||||||
| 1,000,000 | KFW | 2.750 | 10/01/20 | 1,056,707 | ||||||||||||
| 1,600,000 | KFW | 2.625 | 01/25/22 | 1,677,368 | ||||||||||||
| 2,750,000 | KFW | 2.000 | 10/04/22 | 2,761,820 | ||||||||||||
| 2,000,000 | KFW | 2.500 | 11/20/24 | 2,055,214 | ||||||||||||
| 2,000,000 | KFW | 2.000 | 05/02/25 | 1,959,576 | ||||||||||||
| 235,000 | Korea Development Bank | 3.250 | 03/09/16 | 237,195 | ||||||||||||
| 400,000 | Korea Development Bank | 3.500 | 08/22/17 | 413,797 | ||||||||||||
| 300,000 | Korea Development Bank | 1.500 | 01/22/18 | 297,804 | ||||||||||||
| 400,000 | Korea Development Bank | 3.000 | 03/17/19 | 412,881 | ||||||||||||
| 500,000 | Korea Development Bank | 2.500 | 03/11/20 | 505,130 | ||||||||||||
| 200,000 | Korea Development Bank | 3.000 | 09/14/22 | 200,707 | ||||||||||||
| 500,000 | Korea Development Bank | 3.750 | 01/22/24 | 523,509 | ||||||||||||
| 106 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Korea Development Bank | 3.375 | % | 09/16/25 | $ | 202,890 | |||||||||
| 2,025,000 | Landwirtschaftliche Rentenbank | 5.125 | 02/01/17 | 2,144,009 | ||||||||||||
| 500,000 | Landwirtschaftliche Rentenbank | 1.750 | 04/15/19 | 508,305 | ||||||||||||
| 1,000,000 | Landwirtschaftliche Rentenbank | 1.375 | 10/23/19 | 999,531 | ||||||||||||
| 500,000 | Landwirtschaftliche Rentenbank | 2.000 | 01/13/25 | 489,864 | ||||||||||||
| 750,000 | Landwirtschaftliche Rentenbank | 2.375 | 06/10/25 | 752,752 | ||||||||||||
| 1,000,000 | Mexico Government International Bond | 3.500 | 01/21/21 | 1,017,500 | ||||||||||||
| 1,588,000 | Mexico Government International Bond | 3.625 | 03/15/22 | 1,602,292 | ||||||||||||
| 4,098,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 4,173,813 | ||||||||||||
| 2,000,000 | Mexico Government International Bond | 3.600 | 01/30/25 | 1,965,000 | ||||||||||||
| 461,000 | Mexico Government International Bond | 6.750 | 09/27/34 | 550,895 | ||||||||||||
| 730,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 799,350 | ||||||||||||
| 1,474,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 1,345,025 | ||||||||||||
| 1,678,000 | Mexico Government International Bond | 5.550 | 01/21/45 | 1,722,048 | ||||||||||||
| 505,000 | Mexico Government International Bond | 4.600 | 01/23/46 | 449,450 | ||||||||||||
| 150,000 | Mexico Government International Bond | 5.750 | 10/12/10 | 140,250 | ||||||||||||
| 500,000 | Nordic Investment Bank | 2.250 | 03/15/16 | 504,215 | ||||||||||||
| 1,500,000 | Nordic Investment Bank | 0.750 | 01/17/18 | 1,495,665 | ||||||||||||
| 500,000 | Nordic Investment Bank | 2.250 | 09/30/21 | 514,844 | ||||||||||||
| 2,300,000 | North American Development Bank | 2.400 | 10/26/22 | 2,278,550 | ||||||||||||
| 1,100,000 | Panama Government International Bond | 5.200 | 01/30/20 | 1,186,625 | ||||||||||||
| 250,000 | Panama Government International Bond | 4.000 | 09/22/24 | 246,563 | ||||||||||||
| 1,000,000 | Panama Government International Bond | 3.750 | 03/16/25 | 967,500 | ||||||||||||
| 300,000 | Panama Government International Bond | 7.125 | 01/29/26 | 371,250 | ||||||||||||
| 692,000 | Panama Government International Bond | 6.700 | 01/26/36 | 823,480 | ||||||||||||
| 400,000 | Panama Government International Bond | 4.300 | 04/29/53 | 339,000 | ||||||||||||
| 520,000 | Peruvian Government International Bond | 7.125 | 03/30/19 | 600,600 | ||||||||||||
| 925,000 | Peruvian Government International Bond | 7.350 | 07/21/25 | 1,153,938 | ||||||||||||
| 600,000 | Peruvian Government International Bond | 4.125 | 08/25/27 | 591,000 | ||||||||||||
| 1,100,000 | Peruvian Government International Bond | 6.550 | 03/14/37 | 1,262,250 | ||||||||||||
| 700,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 724,500 | ||||||||||||
| 225,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 246,644 | ||||||||||||
| 2,750,000 | Philippine Government International Bond | 5.000 | 01/13/37 | 3,158,469 | ||||||||||||
| 4,083,000 | Philippine Government International Bond | 3.950 | 01/20/40 | 4,128,133 | ||||||||||||
| 1,985,000 | Poland Government International Bond | 6.375 | 07/15/19 | 2,297,955 | ||||||||||||
| 67,000 | Poland Government International Bond | 5.125 | 04/21/21 | 75,445 | ||||||||||||
| 390,000 | Poland Government International Bond | 5.000 | 03/23/22 | 435,825 | ||||||||||||
| 490,000 | Poland Government International Bond | 3.000 | 03/17/23 | 489,095 | ||||||||||||
| 1,000,000 | Poland Government International Bond | 4.000 | 01/22/24 | 1,057,500 | ||||||||||||
| 400,000 | Province of British Columbia Canada | 1.200 | 04/25/17 | 402,680 | ||||||||||||
| 200,000 | Province of British Columbia Canada | 2.650 | 09/22/21 | 208,827 | ||||||||||||
| 1,800,000 | Province of British Columbia Canada | 2.000 | 10/23/22 | 1,793,558 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 4.900 | 12/06/16 | 524,803 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 1.125 | 06/01/18 | 499,290 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 1.750 | 05/30/19 | 503,200 | ||||||||||||
| 300,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 310,717 | ||||||||||||
| 200,000 | Province of New Brunswick Canada | 5.200 | 02/21/17 | 212,332 | ||||||||||||
| 200,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 207,939 | ||||||||||||
| 50,000 | Province of Nova Scotia Canada | 5.125 | 01/26/17 | 52,794 | ||||||||||||
| 200,000 | Province of Nova Scotia Canada | 8.250 | 07/30/22 | 269,788 | ||||||||||||
| 1,300,000 | Province of Ontario Canada | 1.100 | 10/25/17 | 1,301,581 | ||||||||||||
| 1,000,000 | Province of Ontario Canada | 2.000 | 01/30/19 | 1,016,680 | ||||||||||||
| 107 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Province of Ontario Canada | 1.650 | % | 09/27/19 | $ | 999,301 | |||||||||
| 230,000 | Province of Ontario Canada | 4.400 | 04/14/20 | 256,412 | ||||||||||||
| 800,000 | Province of Ontario Canada | 2.450 | 06/29/22 | 810,802 | ||||||||||||
| 1,500,000 | Province of Ontario Canada | 3.200 | 05/16/24 | 1,577,775 | ||||||||||||
| 385,000 | Province of Quebec Canada | 5.125 | 11/14/16 | 403,950 | ||||||||||||
| 1,135,000 | Province of Quebec Canada | 4.625 | 05/14/18 | 1,235,461 | ||||||||||||
| 1,120,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 1,207,770 | ||||||||||||
| 1,100,000 | Province of Quebec Canada | 2.625 | 02/13/23 | 1,121,239 | ||||||||||||
| 200,000 | Province of Quebec Canada | 7.125 | 02/09/24 | 263,069 | ||||||||||||
| 500,000 | Province of Quebec Canada | 2.875 | 10/16/24 | 512,153 | ||||||||||||
| 201,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 297,847 | ||||||||||||
| 100,000 | Province of Saskatchewan Canada | 8.500 | 07/15/22 | 137,442 | ||||||||||||
| 200,000 | Region of Lombardy Italy | 5.804 | 10/25/32 | 214,654 | ||||||||||||
| 700,000 | Republic of Korea | 7.125 | 04/16/19 | 825,790 | ||||||||||||
| 500,000 | Republic of Korea | 3.875 | 09/11/23 | 544,300 | ||||||||||||
| 400,000 | Republic of Korea | 4.125 | 06/10/44 | 457,200 | ||||||||||||
| 800,000 | Republic of Turkey | 7.500 | 07/14/17 | 863,000 | ||||||||||||
| 1,010,000 | South Africa Government International Bond | 6.875 | 05/27/19 | 1,126,069 | ||||||||||||
| 225,000 | South Africa Government International Bond | 5.500 | 03/09/20 | 239,164 | ||||||||||||
| 500,000 | South Africa Government International Bond | 4.665 | 01/17/24 | 495,000 | ||||||||||||
| 300,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 319,500 | ||||||||||||
| 300,000 | South Africa Government International Bond | 6.250 | 03/08/41 | 316,125 | ||||||||||||
| 525,000 | South Africa Government International Bond | 5.375 | 07/24/44 | 488,906 | ||||||||||||
| 625,000 | Svensk Exportkredit AB | 5.125 | 03/01/17 | 663,622 | ||||||||||||
| 1,000,000 | Svensk Exportkredit AB | 1.750 | 05/30/17 | 1,014,745 | ||||||||||||
| 425,000 | Svensk Exportkredit AB | 1.125 | 04/05/18 | 425,455 | ||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.875 | 06/17/19 | 508,159 | ||||||||||||
| 200,000 | Svensk Exportkredit AB | 1.875 | 06/23/20 | 202,262 | ||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.750 | 08/28/20 | 500,610 | ||||||||||||
| 4,000,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 4,316,800 | ||||||||||||
| 600,000 | Turkey Government International Bond | 6.250 | 09/26/22 | 641,250 | ||||||||||||
| 3,500,000 | Turkey Government International Bond | 3.250 | 03/23/23 | 3,114,195 | ||||||||||||
| 800,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 829,200 | ||||||||||||
| 525,000 | Turkey Government International Bond | 4.250 | 04/14/26 | 477,094 | ||||||||||||
| 4,250,000 | Turkey Government International Bond | 4.875 | 04/16/43 | 3,538,125 | ||||||||||||
| 800,000 | Turkey Government International Bond | 6.625 | 02/17/45 | 853,702 | ||||||||||||
| 519,343 | Uruguay Government International Bond | 4.500 | 08/14/24 | 524,536 | ||||||||||||
| 500,000 | Uruguay Government International Bond | 4.125 | 11/20/45 | 395,000 | ||||||||||||
| 1,313,907 | Uruguay Government International Bond | 5.100 | 06/18/50 | 1,152,953 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 268,100,859 | |||||||||||||||
| MORTGAGE BACKED - 28.4% | ||||||||||||||||
| 49,629 | i | Federal Home Loan Mortgage Corp (FHLMC) | 2.482 | 04/01/35 | 52,293 | |||||||||||
| 7,946 | i | FHLMC | 2.285 | 10/01/35 | 8,456 | |||||||||||
| 124,828 | i | FHLMC | 2.385 | 02/01/36 | 133,617 | |||||||||||
| 68,740 | i | FHLMC | 2.530 | 07/01/36 | 73,362 | |||||||||||
| 218,481 | i | FHLMC | 2.273 | 09/01/36 | 230,328 | |||||||||||
| 184,621 | i | FHLMC | 2.377 | 09/01/36 | 195,914 | |||||||||||
| 116,071 | i | FHLMC | 2.387 | 09/01/36 | 123,217 | |||||||||||
| 42,698 | i | FHLMC | 5.894 | 01/01/37 | 45,533 | |||||||||||
| 15,215 | i | FHLMC | 2.390 | 02/01/37 | 16,252 | |||||||||||
| 8,762 | i | FHLMC | 2.397 | 02/01/37 | 9,330 | |||||||||||
| 108 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 322,352 | i | FHLMC | 2.416 | % | 03/01/37 | $ | 343,416 | ||||||||
| 13,641 | i | FHLMC | 5.740 | 03/01/37 | 13,749 | |||||||||||
| 211,185 | i | FHLMC | 5.713 | 04/01/37 | 224,529 | |||||||||||
| 172,004 | i | FHLMC | 6.007 | 04/01/37 | 183,555 | |||||||||||
| 30,152 | i | FHLMC | 1.950 | 05/01/37 | 30,765 | |||||||||||
| 42,704 | i | FHLMC | 2.714 | 05/01/37 | 45,681 | |||||||||||
| 43,128 | i | FHLMC | 2.486 | 06/01/37 | 45,980 | |||||||||||
| 162,180 | i | FHLMC | 2.507 | 06/01/37 | 173,395 | |||||||||||
| 186,856 | i | FHLMC | 2.540 | 08/01/37 | 193,227 | |||||||||||
| 135,960 | i | FHLMC | 1.602 | 09/01/37 | 141,499 | |||||||||||
| 237,362 | i | FHLMC | 1.710 | 09/01/37 | 248,347 | |||||||||||
| 835 | i | FHLMC | 5.944 | 09/01/37 | 857 | |||||||||||
| 23,197 | i | FHLMC | 5.471 | 02/01/38 | 24,653 | |||||||||||
| 68,460 | i | FHLMC | 2.381 | 04/01/38 | 71,228 | |||||||||||
| 140,545 | i | FHLMC | 2.680 | 04/01/38 | 149,395 | |||||||||||
| 36,204 | i | FHLMC | 2.659 | 06/01/38 | 38,563 | |||||||||||
| 15,722 | i | FHLMC | 2.375 | 07/01/38 | 16,688 | |||||||||||
| 56,193 | FHLMC | 5.000 | 10/01/39 | 61,932 | ||||||||||||
| 24,641 | i | FHLMC | 2.611 | 06/01/40 | 26,107 | |||||||||||
| 295,958 | i | FHLMC | 3.393 | 07/01/40 | 311,815 | |||||||||||
| 251,357 | i | FHLMC | 2.952 | 01/01/41 | 265,622 | |||||||||||
| 37,706 | i | FHLMC | 2.516 | 05/01/41 | 40,034 | |||||||||||
| 670,119 | i | FHLMC | 2.802 | 08/01/41 | 714,021 | |||||||||||
| 355,289 | i | FHLMC | 2.968 | 09/01/41 | 376,197 | |||||||||||
| 80,244 | i | FHLMC | 3.127 | 10/01/41 | 84,563 | |||||||||||
| 502 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.500 | 01/01/16 | 503 | ||||||||||||
| 6 | FGLMC | 7.500 | 05/01/16 | 6 | ||||||||||||
| 4 | FGLMC | 7.500 | 06/01/16 | 4 | ||||||||||||
| 4,799 | FGLMC | 5.500 | 05/01/17 | 4,904 | ||||||||||||
| 10,242 | FGLMC | 5.500 | 06/01/17 | 10,521 | ||||||||||||
| 8,987 | FGLMC | 5.000 | 12/01/17 | 9,345 | ||||||||||||
| 5,051 | FGLMC | 5.500 | 12/01/17 | 5,205 | ||||||||||||
| 10,270 | FGLMC | 5.000 | 03/01/18 | 10,679 | ||||||||||||
| 34,207 | FGLMC | 5.000 | 04/01/18 | 35,568 | ||||||||||||
| 34,325 | FGLMC | 4.500 | 06/01/18 | 35,541 | ||||||||||||
| 87,272 | FGLMC | 4.500 | 09/01/18 | 90,362 | ||||||||||||
| 67,251 | FGLMC | 4.000 | 11/01/18 | 70,283 | ||||||||||||
| 121,247 | FGLMC | 4.500 | 01/01/19 | 125,757 | ||||||||||||
| 13,057 | FGLMC | 4.000 | 05/01/19 | 13,645 | ||||||||||||
| 99,516 | FGLMC | 4.500 | 05/01/19 | 103,096 | ||||||||||||
| 238,267 | FGLMC | 4.500 | 06/01/19 | 247,155 | ||||||||||||
| 91,033 | FGLMC | 4.000 | 10/01/19 | 95,137 | ||||||||||||
| 28,481 | FGLMC | 5.500 | 11/01/19 | 30,176 | ||||||||||||
| 246,419 | FGLMC | 4.500 | 12/01/19 | 256,419 | ||||||||||||
| 36,905 | FGLMC | 4.500 | 01/01/20 | 38,299 | ||||||||||||
| 729,149 | FGLMC | 4.500 | 02/01/20 | 754,967 | ||||||||||||
| 16,262 | FGLMC | 4.500 | 02/01/20 | 17,027 | ||||||||||||
| 165,706 | FGLMC | 5.000 | 05/01/20 | 172,300 | ||||||||||||
| 188,817 | FGLMC | 5.000 | 05/01/20 | 196,754 | ||||||||||||
| 15,777 | FGLMC | 4.500 | 07/01/20 | 16,681 | ||||||||||||
| 177,731 | FGLMC | 5.000 | 07/01/20 | 187,665 | ||||||||||||
| 3,465 | FGLMC | 7.000 | 10/01/20 | 3,689 | ||||||||||||
| 109 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 16,353 | FGLMC | 5.000 | % | 12/01/20 | $ | 17,398 | |||||||||
| 627,031 | FGLMC | 4.000 | 05/01/21 | 655,433 | ||||||||||||
| 361,821 | FGLMC | 4.500 | 06/01/21 | 377,292 | ||||||||||||
| 197,069 | FGLMC | 4.500 | 06/01/21 | 205,358 | ||||||||||||
| 169,442 | FGLMC | 5.000 | 07/01/21 | 180,612 | ||||||||||||
| 24,767 | FGLMC | 5.500 | 07/01/21 | 26,838 | ||||||||||||
| 2,872,455 | FGLMC | 3.000 | 12/01/21 | 3,003,578 | ||||||||||||
| 16,390 | FGLMC | 5.000 | 10/01/22 | 17,677 | ||||||||||||
| 13,725 | FGLMC | 6.000 | 11/01/22 | 15,038 | ||||||||||||
| 121,395 | FGLMC | 5.000 | 04/01/23 | 130,915 | ||||||||||||
| 7,727 | FGLMC | 4.500 | 05/01/23 | 8,269 | ||||||||||||
| 102,425 | FGLMC | 5.000 | 05/01/23 | 112,117 | ||||||||||||
| 26,828 | FGLMC | 5.000 | 10/01/23 | 29,017 | ||||||||||||
| 19,833 | FGLMC | 5.500 | 10/01/23 | 21,959 | ||||||||||||
| 22,590 | FGLMC | 5.000 | 11/01/23 | 24,729 | ||||||||||||
| 46,119 | FGLMC | 5.000 | 03/01/24 | 50,468 | ||||||||||||
| 11,376 | FGLMC | 4.500 | 04/01/24 | 12,146 | ||||||||||||
| 4,844 | FGLMC | 4.500 | 05/01/24 | 5,163 | ||||||||||||
| 34,057 | FGLMC | 4.500 | 06/01/24 | 36,481 | ||||||||||||
| 313,109 | FGLMC | 4.000 | 07/01/24 | 336,793 | ||||||||||||
| 152,455 | FGLMC | 4.000 | 07/01/24 | 161,268 | ||||||||||||
| 54,722 | FGLMC | 5.500 | 07/01/24 | 59,551 | ||||||||||||
| 327,139 | FGLMC | 4.000 | 08/01/24 | 350,056 | ||||||||||||
| 23,225 | FGLMC | 4.500 | 09/01/24 | 24,878 | ||||||||||||
| 48,854 | FGLMC | 4.500 | 09/01/24 | 52,182 | ||||||||||||
| 12,335 | FGLMC | 4.500 | 09/01/24 | 13,210 | ||||||||||||
| 11,782 | FGLMC | 5.500 | 09/01/24 | 13,047 | ||||||||||||
| 390,666 | FGLMC | 4.000 | 10/01/24 | 420,168 | ||||||||||||
| 43,105 | FGLMC | 4.500 | 10/01/24 | 46,644 | ||||||||||||
| 11,782 | FGLMC | 4.500 | 10/01/24 | 12,585 | ||||||||||||
| 9,720 | FGLMC | 4.500 | 11/01/24 | 10,070 | ||||||||||||
| 32,665 | FGLMC | 4.500 | 12/01/24 | 33,846 | ||||||||||||
| 23,427 | FGLMC | 4.500 | 02/01/25 | 25,088 | ||||||||||||
| 532,664 | FGLMC | 4.000 | 03/01/25 | 570,352 | ||||||||||||
| 14,522 | FGLMC | 4.500 | 06/01/25 | 15,553 | ||||||||||||
| 27,719 | FGLMC | 4.500 | 07/01/25 | 29,550 | ||||||||||||
| 565,571 | FGLMC | 3.500 | 10/01/25 | 598,129 | ||||||||||||
| 287,434 | FGLMC | 4.000 | 10/01/25 | 304,040 | ||||||||||||
| 976,585 | FGLMC | 3.500 | 11/01/25 | 1,032,755 | ||||||||||||
| 586,990 | FGLMC | 3.500 | 11/01/25 | 620,759 | ||||||||||||
| 267,020 | FGLMC | 3.500 | 12/01/25 | 282,390 | ||||||||||||
| 177,552 | FGLMC | 3.000 | 01/01/26 | 184,948 | ||||||||||||
| 1,934,094 | FGLMC | 3.500 | 01/01/26 | 2,045,453 | ||||||||||||
| 169,733 | FGLMC | 4.000 | 04/01/26 | 181,596 | ||||||||||||
| 344,717 | FGLMC | 4.000 | 05/01/26 | 369,018 | ||||||||||||
| 81,786 | FGLMC | 5.500 | 07/01/26 | 90,562 | ||||||||||||
| 1,117,152 | FGLMC | 4.000 | 08/01/26 | 1,195,813 | ||||||||||||
| 6,779 | FGLMC | 6.000 | 08/01/26 | 7,626 | ||||||||||||
| 316,442 | FGLMC | 3.000 | 09/01/26 | 329,871 | ||||||||||||
| 832,946 | FGLMC | 3.000 | 10/01/26 | 868,374 | ||||||||||||
| 1,129,602 | FGLMC | 3.500 | 10/01/26 | 1,191,691 | ||||||||||||
| 36,673 | FGLMC | 5.000 | 10/01/26 | 40,149 | ||||||||||||
| 110 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 9,879 | FGLMC | 5.500 | % | 10/01/26 | $ | 10,935 | |||||||||
| 4,884,945 | FGLMC | 3.000 | 02/01/27 | 5,092,700 | ||||||||||||
| 2,725,846 | FGLMC | 2.500 | 05/01/27 | 2,806,739 | ||||||||||||
| 2,715,737 | FGLMC | 2.500 | 11/01/27 | 2,796,368 | ||||||||||||
| 124,147 | FGLMC | 6.000 | 12/01/27 | 139,651 | ||||||||||||
| 2,177,009 | FGLMC | 2.500 | 01/01/28 | 2,241,569 | ||||||||||||
| 5,583,279 | FGLMC | 2.500 | 03/01/28 | 5,749,107 | ||||||||||||
| 155,324 | FGLMC | 5.000 | 03/01/28 | 169,990 | ||||||||||||
| 3,047,900 | FGLMC | 2.500 | 05/01/28 | 3,138,364 | ||||||||||||
| 16,122 | FGLMC | 5.500 | 05/01/28 | 17,850 | ||||||||||||
| 7,825,656 | FGLMC | 2.500 | 07/01/28 | 8,057,920 | ||||||||||||
| 8,289,499 | FGLMC | 2.500 | 07/01/28 | 8,535,643 | ||||||||||||
| 2,188,119 | FGLMC | 3.000 | 10/01/28 | 2,281,189 | ||||||||||||
| 118 | FGLMC | 6.500 | 10/01/28 | 135 | ||||||||||||
| 128,368 | FGLMC | 5.500 | 01/01/29 | 142,247 | ||||||||||||
| 3,122 | FGLMC | 6.500 | 01/01/29 | 3,571 | ||||||||||||
| 21,068 | FGLMC | 4.000 | 02/01/29 | 22,454 | ||||||||||||
| 4,485,242 | FGLMC | 3.500 | 03/01/29 | 4,732,490 | ||||||||||||
| 1,138 | FGLMC | 6.500 | 03/01/29 | 1,323 | ||||||||||||
| 105,978 | FGLMC | 4.500 | 04/01/29 | 114,679 | ||||||||||||
| 8,363,291 | FGLMC | 3.000 | 07/01/29 | 8,711,677 | ||||||||||||
| 15,101 | FGLMC | 6.500 | 07/01/29 | 17,269 | ||||||||||||
| 37,337 | FGLMC | 5.000 | 12/01/29 | 40,999 | ||||||||||||
| 19,415,763 | FGLMC | 2.500 | 05/01/30 | 19,819,207 | ||||||||||||
| 57,553 | FGLMC | 4.000 | 08/01/30 | 61,922 | ||||||||||||
| 326,018 | FGLMC | 4.500 | 01/01/31 | 355,581 | ||||||||||||
| 706 | FGLMC | 8.000 | 01/01/31 | 820 | ||||||||||||
| 387,829 | FGLMC | 4.000 | 03/01/31 | 417,790 | ||||||||||||
| 46,042 | FGLMC | 4.000 | 05/01/31 | 49,607 | ||||||||||||
| 363,157 | FGLMC | 4.500 | 05/01/31 | 396,026 | ||||||||||||
| 156,830 | FGLMC | 4.000 | 06/01/31 | 168,971 | ||||||||||||
| 474,913 | FGLMC | 4.000 | 08/01/31 | 511,619 | ||||||||||||
| 445,689 | FGLMC | 4.000 | 09/01/31 | 480,199 | ||||||||||||
| 6,194 | FGLMC | 6.500 | 09/01/31 | 7,244 | ||||||||||||
| 18,846 | FGLMC | 8.000 | 09/01/31 | 22,266 | ||||||||||||
| 218,286 | FGLMC | 3.500 | 11/01/31 | 231,101 | ||||||||||||
| 79,272 | FGLMC | 7.000 | 12/01/31 | 86,743 | ||||||||||||
| 32,187 | FGLMC | 6.500 | 01/01/32 | 37,633 | ||||||||||||
| 71,151 | FGLMC | 6.000 | 02/01/32 | 81,470 | ||||||||||||
| 3,154,288 | FGLMC | 3.000 | 03/01/32 | 3,273,797 | ||||||||||||
| 30,081 | FGLMC | 7.000 | 04/01/32 | 36,222 | ||||||||||||
| 23,192 | FGLMC | 6.500 | 05/01/32 | 26,521 | ||||||||||||
| 2,439,149 | FGLMC | 3.500 | 09/01/32 | 2,583,019 | ||||||||||||
| 22,183 | FGLMC | 5.500 | 11/01/32 | 24,651 | ||||||||||||
| 26,174 | FGLMC | 6.000 | 02/01/33 | 29,935 | ||||||||||||
| 101,892 | FGLMC | 5.000 | 03/01/33 | 112,757 | ||||||||||||
| 88,547 | FGLMC | 6.000 | 03/01/33 | 100,917 | ||||||||||||
| 6,305 | FGLMC | 6.000 | 03/01/33 | 7,093 | ||||||||||||
| 75,319 | FGLMC | 6.000 | 03/01/33 | 84,767 | ||||||||||||
| 49,518 | FGLMC | 5.000 | 04/01/33 | 54,685 | ||||||||||||
| 11,502 | FGLMC | 6.000 | 04/01/33 | 13,143 | ||||||||||||
| 756,944 | FGLMC | 5.000 | 06/01/33 | 839,982 | ||||||||||||
| 111 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 231,521 | FGLMC | 5.500 | % | 06/01/33 | $ | 257,906 | |||||||||
| 4,112,387 | FGLMC | 3.500 | 07/01/33 | 4,345,742 | ||||||||||||
| 95,566 | FGLMC | 4.500 | 07/01/33 | 103,874 | ||||||||||||
| 7,908 | FGLMC | 5.000 | 08/01/33 | 8,710 | ||||||||||||
| 126,155 | FGLMC | 5.000 | 08/01/33 | 138,170 | ||||||||||||
| 29,606 | FGLMC | 6.500 | 08/01/33 | 35,169 | ||||||||||||
| 309,846 | FGLMC | 5.000 | 09/01/33 | 345,798 | ||||||||||||
| 130,151 | FGLMC | 5.500 | 09/01/33 | 146,877 | ||||||||||||
| 53,892 | FGLMC | 5.500 | 09/01/33 | 60,073 | ||||||||||||
| 143,796 | FGLMC | 5.500 | 09/01/33 | 163,564 | ||||||||||||
| 115,086 | FGLMC | 5.500 | 09/01/33 | 129,450 | ||||||||||||
| 54,114 | FGLMC | 4.000 | 10/01/33 | 57,843 | ||||||||||||
| 20,877 | FGLMC | 5.000 | 10/01/33 | 23,154 | ||||||||||||
| 187,539 | FGLMC | 5.500 | 10/01/33 | 212,028 | ||||||||||||
| 50,632 | FGLMC | 5.500 | 12/01/33 | 56,421 | ||||||||||||
| 172,231 | FGLMC | 5.500 | 12/01/33 | 192,081 | ||||||||||||
| 585,530 | FGLMC | 7.000 | 12/01/33 | 694,683 | ||||||||||||
| 478,199 | FGLMC | 5.000 | 01/01/34 | 532,886 | ||||||||||||
| 11,883 | FGLMC | 5.500 | 02/01/34 | 13,261 | ||||||||||||
| 59,074 | FGLMC | 5.000 | 03/01/34 | 65,058 | ||||||||||||
| 71,551 | FGLMC | 5.500 | 03/01/34 | 79,832 | ||||||||||||
| 147,936 | FGLMC | 5.000 | 05/01/34 | 163,578 | ||||||||||||
| 77,471 | FGLMC | 4.500 | 06/01/34 | 84,127 | ||||||||||||
| 129,575 | FGLMC | 5.000 | 06/01/34 | 142,750 | ||||||||||||
| 55,420 | FGLMC | 5.500 | 06/01/34 | 61,593 | ||||||||||||
| 35,169 | FGLMC | 6.000 | 06/01/34 | 40,231 | ||||||||||||
| 109,490 | FGLMC | 6.000 | 09/01/34 | 124,828 | ||||||||||||
| 8,979,772 | FGLMC | 3.500 | 10/01/34 | 9,488,358 | ||||||||||||
| 14,593 | FGLMC | 5.000 | 11/01/34 | 16,185 | ||||||||||||
| 644,358 | FGLMC | 5.500 | 11/01/34 | 716,058 | ||||||||||||
| 488,884 | FGLMC | 5.000 | 12/01/34 | 537,724 | ||||||||||||
| 82,705 | FGLMC | 5.500 | 12/01/34 | 92,255 | ||||||||||||
| 30,335 | FGLMC | 5.500 | 12/01/34 | 34,124 | ||||||||||||
| 39,687 | FGLMC | 5.500 | 01/01/35 | 44,147 | ||||||||||||
| 4,510 | FGLMC | 5.500 | 01/01/35 | 5,026 | ||||||||||||
| 8,680 | FGLMC | 5.500 | 01/01/35 | 9,668 | ||||||||||||
| 222,715 | FGLMC | 4.500 | 04/01/35 | 242,044 | ||||||||||||
| 218,787 | FGLMC | 6.000 | 05/01/35 | 250,147 | ||||||||||||
| 29,604 | FGLMC | 6.000 | 05/01/35 | 33,740 | ||||||||||||
| 207,298 | FGLMC | 7.000 | 05/01/35 | 246,133 | ||||||||||||
| 45,987 | FGLMC | 5.500 | 06/01/35 | 51,256 | ||||||||||||
| 28,732 | FGLMC | 5.500 | 06/01/35 | 32,025 | ||||||||||||
| 25,984 | FGLMC | 5.000 | 07/01/35 | 28,536 | ||||||||||||
| 829,008 | FGLMC | 5.000 | 07/01/35 | 916,152 | ||||||||||||
| 38,720 | FGLMC | 6.000 | 07/01/35 | 43,582 | ||||||||||||
| 1,215,037 | FGLMC | 5.000 | 08/01/35 | 1,340,341 | ||||||||||||
| 44,224 | FGLMC | 5.500 | 08/01/35 | 49,001 | ||||||||||||
| 97,664 | FGLMC | 6.000 | 08/01/35 | 109,832 | ||||||||||||
| 17,003 | FGLMC | 4.500 | 09/01/35 | 18,468 | ||||||||||||
| 22,775 | FGLMC | 5.000 | 10/01/35 | 25,036 | ||||||||||||
| 164,259 | FGLMC | 5.000 | 10/01/35 | 181,417 | ||||||||||||
| 100,704 | FGLMC | 5.000 | 10/01/35 | 110,672 | ||||||||||||
| 112 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 580,303 | FGLMC | 5.500 | % | 10/01/35 | $ | 645,727 | |||||||||
| 19,689 | FGLMC | 5.000 | 12/01/35 | 21,698 | ||||||||||||
| 94,937 | FGLMC | 5.000 | 12/01/35 | 103,952 | ||||||||||||
| 54,555 | FGLMC | 6.000 | 01/01/36 | 62,109 | ||||||||||||
| 37,650 | FGLMC | 5.000 | 02/01/36 | 41,442 | ||||||||||||
| 15,935 | FGLMC | 5.000 | 02/01/36 | 17,549 | ||||||||||||
| 19,438 | FGLMC | 6.000 | 02/01/36 | 21,989 | ||||||||||||
| 237,582 | FGLMC | 5.500 | 04/01/36 | 267,818 | ||||||||||||
| 28,541 | FGLMC | 5.500 | 05/01/36 | 31,774 | ||||||||||||
| 802 | FGLMC | 6.500 | 05/01/36 | 917 | ||||||||||||
| 762,870 | FGLMC | 6.000 | 06/01/36 | 863,308 | ||||||||||||
| 156,012 | FGLMC | 5.000 | 07/01/36 | 171,666 | ||||||||||||
| 185,602 | FGLMC | 6.000 | 07/01/36 | 212,348 | ||||||||||||
| 24,907 | FGLMC | 6.000 | 08/01/36 | 28,011 | ||||||||||||
| 15,560 | FGLMC | 6.000 | 09/01/36 | 17,505 | ||||||||||||
| 722,607 | FGLMC | 5.500 | 10/01/36 | 809,092 | ||||||||||||
| 524,422 | FGLMC | 5.500 | 10/01/36 | 581,469 | ||||||||||||
| 88,388 | FGLMC | 6.500 | 10/01/36 | 107,374 | ||||||||||||
| 31,626 | FGLMC | 5.500 | 11/01/36 | 35,027 | ||||||||||||
| 75,356 | FGLMC | 6.000 | 11/01/36 | 85,387 | ||||||||||||
| 387,261 | FGLMC | 6.000 | 12/01/36 | 441,194 | ||||||||||||
| 572,340 | FGLMC | 5.500 | 03/01/37 | 633,973 | ||||||||||||
| 232,866 | FGLMC | 6.000 | 03/01/37 | 263,454 | ||||||||||||
| 34,536 | FGLMC | 6.500 | 03/01/37 | 39,493 | ||||||||||||
| 232,628 | FGLMC | 5.500 | 04/01/37 | 257,643 | ||||||||||||
| 31,522 | FGLMC | 5.000 | 05/01/37 | 34,631 | ||||||||||||
| 22,957 | FGLMC | 5.000 | 06/01/37 | 25,133 | ||||||||||||
| 106,715 | FGLMC | 5.500 | 06/01/37 | 118,084 | ||||||||||||
| 418,922 | FGLMC | 6.000 | 07/01/37 | 472,974 | ||||||||||||
| 146,236 | FGLMC | 6.000 | 08/01/37 | 165,143 | ||||||||||||
| 69,483 | FGLMC | 6.000 | 09/01/37 | 79,753 | ||||||||||||
| 679,196 | FGLMC | 5.500 | 10/01/37 | 757,136 | ||||||||||||
| 22,829 | FGLMC | 6.000 | 11/01/37 | 25,806 | ||||||||||||
| 191,776 | FGLMC | 6.500 | 11/01/37 | 228,440 | ||||||||||||
| 79,417 | FGLMC | 6.000 | 01/01/38 | 89,850 | ||||||||||||
| 269,584 | FGLMC | 6.000 | 02/01/38 | 304,128 | ||||||||||||
| 36,121 | FGLMC | 6.000 | 02/01/38 | 40,789 | ||||||||||||
| 354,180 | FGLMC | 5.000 | 03/01/38 | 388,017 | ||||||||||||
| 1,091,909 | FGLMC | 5.000 | 03/01/38 | 1,198,781 | ||||||||||||
| 41,308 | FGLMC | 5.000 | 04/01/38 | 46,070 | ||||||||||||
| 414,192 | FGLMC | 5.000 | 04/01/38 | 459,229 | ||||||||||||
| 508,575 | FGLMC | 5.500 | 04/01/38 | 563,398 | ||||||||||||
| 118,245 | FGLMC | 5.500 | 05/01/38 | 130,947 | ||||||||||||
| 13,924 | FGLMC | 5.500 | 06/01/38 | 15,418 | ||||||||||||
| 34,041 | FGLMC | 6.000 | 07/01/38 | 38,468 | ||||||||||||
| 460,389 | FGLMC | 5.500 | 08/01/38 | 509,771 | ||||||||||||
| 60,020 | FGLMC | 5.500 | 08/01/38 | 66,596 | ||||||||||||
| 54,918 | FGLMC | 5.000 | 09/01/38 | 60,134 | ||||||||||||
| 230,605 | FGLMC | 5.500 | 09/01/38 | 258,179 | ||||||||||||
| 732,842 | FGLMC | 5.500 | 09/01/38 | 811,124 | ||||||||||||
| 12,515 | FGLMC | 5.500 | 10/01/38 | 13,861 | ||||||||||||
| 273,163 | FGLMC | 6.000 | 11/01/38 | 308,130 | ||||||||||||
| 113 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,927,011 | FGLMC | 5.500 | % | 01/01/39 | $ | 2,133,672 | |||||||||
| 1,630,580 | FGLMC | 4.500 | 02/01/39 | 1,771,421 | ||||||||||||
| 786,473 | FGLMC | 5.000 | 02/01/39 | 861,136 | ||||||||||||
| 54,862 | FGLMC | 5.500 | 02/01/39 | 60,748 | ||||||||||||
| 8,712 | FGLMC | 4.500 | 03/01/39 | 9,427 | ||||||||||||
| 290,547 | FGLMC | 5.000 | 03/01/39 | 320,210 | ||||||||||||
| 41,389 | FGLMC | 6.000 | 03/01/39 | 46,723 | ||||||||||||
| 1,928,702 | FGLMC | 4.500 | 04/01/39 | 2,106,356 | ||||||||||||
| 46,430 | FGLMC | 4.500 | 04/01/39 | 51,304 | ||||||||||||
| 548,756 | FGLMC | 4.000 | 05/01/39 | 584,841 | ||||||||||||
| 295,182 | FGLMC | 4.500 | 05/01/39 | 320,896 | ||||||||||||
| 14,864 | FGLMC | 4.500 | 05/01/39 | 16,163 | ||||||||||||
| 969,812 | FGLMC | 4.500 | 05/01/39 | 1,049,438 | ||||||||||||
| 6,647,439 | FGLMC | 4.500 | 05/01/39 | 7,280,515 | ||||||||||||
| 273,880 | FGLMC | 5.000 | 05/01/39 | 301,302 | ||||||||||||
| 643,980 | FGLMC | 4.000 | 06/01/39 | 687,825 | ||||||||||||
| 127,654 | FGLMC | 4.500 | 06/01/39 | 138,254 | ||||||||||||
| 3,271,842 | FGLMC | 4.500 | 06/01/39 | 3,550,067 | ||||||||||||
| 46,416 | FGLMC | 5.000 | 06/01/39 | 51,127 | ||||||||||||
| 22,319 | FGLMC | 5.500 | 06/01/39 | 24,697 | ||||||||||||
| 901,301 | FGLMC | 4.000 | 07/01/39 | 961,795 | ||||||||||||
| 438,057 | FGLMC | 4.500 | 07/01/39 | 476,360 | ||||||||||||
| 37,076 | FGLMC | 4.500 | 07/01/39 | 40,230 | ||||||||||||
| 75,940 | FGLMC | 4.500 | 07/01/39 | 82,360 | ||||||||||||
| 252,825 | FGLMC | 5.000 | 07/01/39 | 277,536 | ||||||||||||
| 380,846 | FGLMC | 5.500 | 07/01/39 | 421,816 | ||||||||||||
| 35,137 | FGLMC | 4.500 | 08/01/39 | 38,225 | ||||||||||||
| 88,529 | FGLMC | 5.000 | 08/01/39 | 97,134 | ||||||||||||
| 401,956 | FGLMC | 4.000 | 09/01/39 | 428,388 | ||||||||||||
| 2,054,121 | FGLMC | 5.000 | 09/01/39 | 2,249,398 | ||||||||||||
| 699,581 | FGLMC | 5.000 | 09/01/39 | 776,416 | ||||||||||||
| 21,440 | FGLMC | 5.500 | 09/01/39 | 23,887 | ||||||||||||
| 895,308 | FGLMC | 6.500 | 09/01/39 | 1,023,828 | ||||||||||||
| 292,599 | FGLMC | 4.500 | 10/01/39 | 317,312 | ||||||||||||
| 132,339 | FGLMC | 4.500 | 10/01/39 | 146,120 | ||||||||||||
| 103,634 | FGLMC | 4.500 | 10/01/39 | 114,544 | ||||||||||||
| 49,345 | FGLMC | 4.000 | 11/01/39 | 52,705 | ||||||||||||
| 202,649 | FGLMC | 4.500 | 11/01/39 | 219,740 | ||||||||||||
| 71,680 | FGLMC | 5.000 | 11/01/39 | 78,780 | ||||||||||||
| 16,102 | FGLMC | 5.000 | 11/01/39 | 17,638 | ||||||||||||
| 227,272 | FGLMC | 4.500 | 12/01/39 | 248,481 | ||||||||||||
| 365,748 | FGLMC | 4.500 | 12/01/39 | 396,665 | ||||||||||||
| 653,099 | FGLMC | 4.500 | 12/01/39 | 717,119 | ||||||||||||
| 173,092 | FGLMC | 4.500 | 12/01/39 | 187,685 | ||||||||||||
| 313,996 | FGLMC | 5.500 | 12/01/39 | 347,653 | ||||||||||||
| 395,960 | FGLMC | 4.500 | 01/01/40 | 428,762 | ||||||||||||
| 33,682 | FGLMC | 5.000 | 01/01/40 | 37,389 | ||||||||||||
| 66,774 | FGLMC | 5.500 | 01/01/40 | 73,893 | ||||||||||||
| 125,481 | FGLMC | 5.500 | 03/01/40 | 138,980 | ||||||||||||
| 1,779,469 | FGLMC | 4.000 | 04/01/40 | 1,899,999 | ||||||||||||
| 288,090 | FGLMC | 4.500 | 04/01/40 | 312,675 | ||||||||||||
| 68,250 | FGLMC | 4.500 | 04/01/40 | 74,961 | ||||||||||||
| 114 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 448,805 | FGLMC | 5.000 | % | 04/01/40 | $ | 493,820 | |||||||||
| 203,486 | FGLMC | 5.000 | 04/01/40 | 224,436 | ||||||||||||
| 1,605,016 | FGLMC | 6.000 | 04/01/40 | 1,809,621 | ||||||||||||
| 4,653,470 | FGLMC | 4.500 | 05/01/40 | 5,066,947 | ||||||||||||
| 2,983,298 | FGLMC | 5.000 | 05/01/40 | 3,306,322 | ||||||||||||
| 10,767 | FGLMC | 4.500 | 06/01/40 | 11,686 | ||||||||||||
| 1,169,089 | FGLMC | 5.500 | 06/01/40 | 1,308,175 | ||||||||||||
| 2,247,341 | FGLMC | 4.500 | 07/01/40 | 2,435,708 | ||||||||||||
| 44,764 | FGLMC | 4.500 | 08/01/40 | 48,560 | ||||||||||||
| 1,158,434 | FGLMC | 5.000 | 08/01/40 | 1,277,288 | ||||||||||||
| 493,706 | FGLMC | 5.000 | 08/01/40 | 544,358 | ||||||||||||
| 114,858 | FGLMC | 5.000 | 08/01/40 | 126,516 | ||||||||||||
| 7,021,015 | FGLMC | 5.500 | 08/01/40 | 7,770,500 | ||||||||||||
| 640,251 | FGLMC | 4.000 | 09/01/40 | 683,773 | ||||||||||||
| 6,252,144 | FGLMC | 4.000 | 11/01/40 | 6,693,906 | ||||||||||||
| 3,616,089 | FGLMC | 4.000 | 12/01/40 | 3,871,819 | ||||||||||||
| 1,067,705 | FGLMC | 3.500 | 01/01/41 | 1,114,829 | ||||||||||||
| 824,116 | FGLMC | 3.500 | 01/01/41 | 860,856 | ||||||||||||
| 654,200 | FGLMC | 4.000 | 01/01/41 | 698,817 | ||||||||||||
| 619,624 | FGLMC | 3.500 | 02/01/41 | 647,338 | ||||||||||||
| 948,534 | FGLMC | 4.000 | 02/01/41 | 1,013,296 | ||||||||||||
| 2,636,065 | FGLMC | 4.000 | 02/01/41 | 2,815,820 | ||||||||||||
| 3,947,878 | FGLMC | 4.000 | 04/01/41 | 4,217,236 | ||||||||||||
| 765,749 | FGLMC | 4.500 | 04/01/41 | 830,799 | ||||||||||||
| 187,488 | FGLMC | 5.000 | 04/01/41 | 206,793 | ||||||||||||
| 759,211 | FGLMC | 4.500 | 05/01/41 | 823,479 | ||||||||||||
| 889,036 | FGLMC | 4.500 | 06/01/41 | 962,784 | ||||||||||||
| 2,177,923 | FGLMC | 3.500 | 10/01/41 | 2,274,939 | ||||||||||||
| 1,833,199 | FGLMC | 5.000 | 10/01/41 | 2,021,115 | ||||||||||||
| 2,503,543 | FGLMC | 3.500 | 11/01/41 | 2,616,323 | ||||||||||||
| 1,174,426 | FGLMC | 4.500 | 12/01/41 | 1,279,202 | ||||||||||||
| 8,859,155 | FGLMC | 3.500 | 01/01/42 | 9,261,241 | ||||||||||||
| 2,628,058 | FGLMC | 3.500 | 02/01/42 | 2,747,372 | ||||||||||||
| 3,389,290 | FGLMC | 3.500 | 04/01/42 | 3,543,007 | ||||||||||||
| 5,813,633 | FGLMC | 4.000 | 05/01/42 | 6,225,578 | ||||||||||||
| 3,791,269 | FGLMC | 3.500 | 07/01/42 | 3,963,620 | ||||||||||||
| 1,004,010 | FGLMC | 3.000 | 08/01/42 | 1,019,067 | ||||||||||||
| 4,012,670 | FGLMC | 3.000 | 10/01/42 | 4,072,850 | ||||||||||||
| 5,957,384 | FGLMC | 3.000 | 10/01/42 | 6,046,613 | ||||||||||||
| 1,850,785 | FGLMC | 3.500 | 12/01/42 | 1,934,927 | ||||||||||||
| 4,864,140 | FGLMC | 2.500 | 01/01/43 | 4,758,322 | ||||||||||||
| 11,080,429 | FGLMC | 3.000 | 01/01/43 | 11,246,465 | ||||||||||||
| 16,958,399 | FGLMC | 3.000 | 04/01/43 | 17,205,942 | ||||||||||||
| 6,341,960 | FGLMC | 3.500 | 05/01/43 | 6,619,080 | ||||||||||||
| 4,429,107 | FGLMC | 3.000 | 08/01/43 | 4,489,506 | ||||||||||||
| 6,609,941 | FGLMC | 3.000 | 08/01/43 | 6,700,063 | ||||||||||||
| 6,561,070 | FGLMC | 3.500 | 08/01/43 | 6,843,986 | ||||||||||||
| 3,728,071 | FGLMC | 4.500 | 10/01/43 | 4,034,164 | ||||||||||||
| 5,035,500 | FGLMC | 4.000 | 11/01/43 | 5,366,627 | ||||||||||||
| 7,880,216 | FGLMC | 3.500 | 02/01/44 | 8,211,811 | ||||||||||||
| 7,013,769 | FGLMC | 4.000 | 02/01/44 | 7,474,984 | ||||||||||||
| 3,557,139 | FGLMC | 4.000 | 04/01/44 | 3,791,051 | ||||||||||||
| 115 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 4,565,348 | FGLMC | 4.500 | % | 05/01/44 | $ | 4,946,594 | |||||||||
| 8,141,339 | FGLMC | 4.000 | 06/01/44 | 8,676,702 | ||||||||||||
| 12,197,459 | FGLMC | 4.000 | 08/01/44 | 12,999,545 | ||||||||||||
| 8,442,306 | FGLMC | 3.500 | 09/01/44 | 8,797,554 | ||||||||||||
| 10,404,907 | FGLMC | 3.500 | 11/01/44 | 10,842,740 | ||||||||||||
| 9,360,965 | FGLMC | 3.500 | 01/01/45 | 9,754,869 | ||||||||||||
| 14,582,168 | FGLMC | 3.000 | 02/01/45 | 14,756,874 | ||||||||||||
| 19,494,150 | FGLMC | 3.500 | 03/01/45 | 20,314,998 | ||||||||||||
| 14,303,222 | FGLMC | 4.000 | 03/01/45 | 15,252,929 | ||||||||||||
| 1,899 | Federal National Mortgage Association (FNMA) | 5.500 | 09/01/16 | 1,909 | ||||||||||||
| 523 | FNMA | 6.500 | 10/01/16 | 529 | ||||||||||||
| 7,133 | FNMA | 6.500 | 11/01/16 | 7,260 | ||||||||||||
| 5,561 | FNMA | 6.500 | 04/01/17 | 5,736 | ||||||||||||
| 6,013 | FNMA | 6.000 | 05/01/17 | 6,187 | ||||||||||||
| 25,178 | FNMA | 5.000 | 09/01/17 | 26,160 | ||||||||||||
| 3,346 | FNMA | 6.000 | 11/01/17 | 3,432 | ||||||||||||
| 217,708 | FNMA | 5.000 | 12/01/17 | 226,202 | ||||||||||||
| 4,017 | FNMA | 5.000 | 12/01/17 | 4,174 | ||||||||||||
| 54,885 | FNMA | 5.000 | 12/01/17 | 57,026 | ||||||||||||
| 429,075 | FNMA | 5.000 | 01/01/18 | 445,815 | ||||||||||||
| 413,629 | FNMA | 4.500 | 02/01/18 | 428,669 | ||||||||||||
| 62,419 | FNMA | 4.500 | 04/01/18 | 64,695 | ||||||||||||
| 12,130 | FNMA | 5.000 | 04/01/18 | 12,603 | ||||||||||||
| 104,319 | FNMA | 5.500 | 04/01/18 | 108,634 | ||||||||||||
| 10,008 | FNMA | 5.500 | 04/01/18 | 10,408 | ||||||||||||
| 4,305 | FNMA | 5.500 | 05/01/18 | 4,446 | ||||||||||||
| 183,650 | FNMA | 4.500 | 06/01/18 | 190,398 | ||||||||||||
| 238,135 | FNMA | 4.000 | 08/01/18 | 249,122 | ||||||||||||
| 21,137 | FNMA | 4.000 | 08/01/18 | 22,113 | ||||||||||||
| 57,112 | FNMA | 4.500 | 09/01/18 | 59,230 | ||||||||||||
| 41,275 | FNMA | 4.500 | 10/01/18 | 42,791 | ||||||||||||
| 143,144 | FNMA | 5.000 | 11/01/18 | 149,602 | ||||||||||||
| 2,284 | FNMA | 5.000 | 01/01/19 | 2,374 | ||||||||||||
| 7,079 | FNMA | 6.000 | 01/01/19 | 7,987 | ||||||||||||
| 15,601 | FNMA | 4.500 | 05/01/19 | 16,207 | ||||||||||||
| 34,709 | FNMA | 4.500 | 06/01/19 | 36,036 | ||||||||||||
| 6,630 | FNMA | 4.500 | 06/01/19 | 6,883 | ||||||||||||
| 34,043 | FNMA | 5.000 | 07/01/19 | 35,373 | ||||||||||||
| 199,422 | FNMA | 5.000 | 10/01/19 | 210,767 | ||||||||||||
| 25,184 | FNMA | 4.500 | 11/01/19 | 26,173 | ||||||||||||
| 22,937 | FNMA | 4.500 | 12/01/19 | 23,831 | ||||||||||||
| 23,360 | FNMA | 5.000 | 03/01/20 | 24,275 | ||||||||||||
| 8,909 | FNMA | 5.000 | 04/01/20 | 9,332 | ||||||||||||
| 16,857 | FNMA | 4.500 | 06/01/20 | 17,511 | ||||||||||||
| 12,676 | FNMA | 4.500 | 09/01/20 | 13,177 | ||||||||||||
| 14,055 | FNMA | 4.500 | 10/01/20 | 14,682 | ||||||||||||
| 19,081 | FNMA | 4.500 | 11/01/20 | 19,824 | ||||||||||||
| 40,922 | FNMA | 5.000 | 12/01/20 | 43,302 | ||||||||||||
| 76,931 | FNMA | 5.500 | 01/01/21 | 79,429 | ||||||||||||
| 963,358 | FNMA | 5.500 | 01/01/21 | 1,012,535 | ||||||||||||
| 40,702 | FNMA | 5.000 | 03/01/21 | 42,500 | ||||||||||||
| 34,773 | FNMA | 5.500 | 08/01/21 | 37,677 | ||||||||||||
| 116 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 10,021 | FNMA | 6.000 | % | 08/01/21 | $ | 10,882 | |||||||||
| 6,718 | FNMA | 5.000 | 10/01/21 | 7,201 | ||||||||||||
| 14,958 | FNMA | 5.000 | 11/01/21 | 15,599 | ||||||||||||
| 6,407 | FNMA | 5.500 | 11/01/21 | 6,749 | ||||||||||||
| 23,028 | FNMA | 5.500 | 10/01/22 | 25,209 | ||||||||||||
| 9,718 | FNMA | 6.000 | 10/01/22 | 10,463 | ||||||||||||
| 6,297 | FNMA | 5.000 | 03/01/23 | 6,812 | ||||||||||||
| 17,938 | FNMA | 4.500 | 04/01/23 | 18,783 | ||||||||||||
| 175,870 | FNMA | 4.500 | 06/01/23 | 186,372 | ||||||||||||
| 13,958 | FNMA | 5.000 | 06/01/23 | 15,023 | ||||||||||||
| 17,007 | FNMA | 5.500 | 06/01/23 | 18,971 | ||||||||||||
| 179,072 | FNMA | 5.000 | 07/01/23 | 192,204 | ||||||||||||
| 32,047 | FNMA | 5.000 | 07/01/23 | 34,394 | ||||||||||||
| 17,389 | FNMA | 5.500 | 08/01/23 | 18,690 | ||||||||||||
| 32,079 | FNMA | 5.000 | 11/01/23 | 35,305 | ||||||||||||
| 10,380 | FNMA | 5.500 | 11/01/23 | 11,163 | ||||||||||||
| 396,115 | FNMA | 5.500 | 01/01/24 | 429,877 | ||||||||||||
| 31,347 | FNMA | 5.500 | 02/01/24 | 34,980 | ||||||||||||
| 154,925 | FNMA | 4.000 | 03/01/24 | 164,529 | ||||||||||||
| 11,586 | FNMA | 4.500 | 04/01/24 | 12,438 | ||||||||||||
| 175,439 | FNMA | 4.000 | 05/01/24 | 186,337 | ||||||||||||
| 620,138 | FNMA | 4.000 | 05/01/24 | 658,419 | ||||||||||||
| 14,563 | FNMA | 4.000 | 06/01/24 | 15,474 | ||||||||||||
| 18,256 | FNMA | 4.500 | 07/01/24 | 19,623 | ||||||||||||
| 16,041 | FNMA | 5.500 | 07/01/24 | 17,897 | ||||||||||||
| 348 | FNMA | 8.000 | 07/01/24 | 417 | ||||||||||||
| 94,185 | FNMA | 4.500 | 08/01/24 | 100,916 | ||||||||||||
| 88,193 | FNMA | 4.000 | 09/01/24 | 93,708 | ||||||||||||
| 367,450 | FNMA | 4.000 | 09/01/24 | 390,372 | ||||||||||||
| 40,965 | FNMA | 4.500 | 09/01/24 | 43,891 | ||||||||||||
| 813,412 | FNMA | 4.500 | 10/01/24 | 873,562 | ||||||||||||
| 42,490 | FNMA | 5.000 | 01/01/25 | 46,775 | ||||||||||||
| 75,461 | FNMA | 4.500 | 02/01/25 | 80,850 | ||||||||||||
| 14,968 | FNMA | 4.500 | 03/01/25 | 16,011 | ||||||||||||
| 636,835 | FNMA | 4.500 | 03/01/25 | 684,495 | ||||||||||||
| 173,895 | FNMA | 5.000 | 03/01/25 | 191,398 | ||||||||||||
| 162,823 | FNMA | 4.500 | 04/01/25 | 171,285 | ||||||||||||
| 419,263 | FNMA | 4.500 | 04/01/25 | 448,149 | ||||||||||||
| 1,924,070 | FNMA | 4.000 | 05/01/25 | 2,047,792 | ||||||||||||
| 621,071 | FNMA | 4.000 | 06/01/25 | 661,242 | ||||||||||||
| 501,933 | FNMA | 4.500 | 06/01/25 | 536,747 | ||||||||||||
| 191,501 | FNMA | 4.000 | 08/01/25 | 203,824 | ||||||||||||
| 78,404 | FNMA | 5.500 | 08/01/25 | 88,376 | ||||||||||||
| 1,020,563 | FNMA | 3.500 | 09/01/25 | 1,079,974 | ||||||||||||
| 975,225 | FNMA | 4.000 | 09/01/25 | 1,036,082 | ||||||||||||
| 1,053,210 | FNMA | 3.500 | 10/01/25 | 1,112,957 | ||||||||||||
| 1,222,969 | FNMA | 3.500 | 10/01/25 | 1,294,222 | ||||||||||||
| 371,942 | FNMA | 5.000 | 10/01/25 | 409,419 | ||||||||||||
| 731,991 | FNMA | 4.000 | 11/01/25 | 779,354 | ||||||||||||
| 1,122,955 | FNMA | 3.500 | 12/01/25 | 1,188,399 | ||||||||||||
| 4,851,672 | FNMA | 3.500 | 02/01/26 | 5,134,742 | ||||||||||||
| 794,872 | FNMA | 3.500 | 02/01/26 | 841,300 | ||||||||||||
| 117 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 241,123 | FNMA | 4.000 | % | 03/01/26 | $ | 256,759 | |||||||||
| 694,967 | FNMA | 4.000 | 06/01/26 | 740,040 | ||||||||||||
| 669,878 | FNMA | 3.500 | 08/01/26 | 709,025 | ||||||||||||
| 507,850 | FNMA | 3.500 | 09/01/26 | 537,540 | ||||||||||||
| 285,792 | FNMA | 4.000 | 09/01/26 | 304,251 | ||||||||||||
| 769,041 | FNMA | 3.500 | 10/01/26 | 813,936 | ||||||||||||
| 16,118 | FNMA | 6.000 | 10/01/26 | 18,188 | ||||||||||||
| 1,120,947 | FNMA | 3.000 | 11/01/26 | 1,172,774 | ||||||||||||
| 941,704 | FNMA | 3.000 | 12/01/26 | 985,245 | ||||||||||||
| 2,547,248 | FNMA | 3.000 | 01/01/27 | 2,665,032 | ||||||||||||
| 3,875,566 | FNMA | 4.000 | 01/01/27 | 4,142,898 | ||||||||||||
| 1,874,240 | FNMA | 3.500 | 02/01/27 | 1,984,124 | ||||||||||||
| 3,070,537 | FNMA | 3.000 | 04/01/27 | 3,212,560 | ||||||||||||
| 1,868,690 | FNMA | 3.000 | 04/01/27 | 1,955,120 | ||||||||||||
| 1,193,272 | FNMA | 3.500 | 05/01/27 | 1,263,170 | ||||||||||||
| 1,115,694 | FNMA | 2.500 | 06/01/27 | 1,148,305 | ||||||||||||
| 3,255,648 | FNMA | 3.000 | 06/01/27 | 3,406,173 | ||||||||||||
| 1,345,802 | FNMA | 2.500 | 07/01/27 | 1,385,138 | ||||||||||||
| 2,707,371 | FNMA | 2.500 | 09/01/27 | 2,786,467 | ||||||||||||
| 40,499 | FNMA | 5.500 | 09/01/27 | 45,173 | ||||||||||||
| 4,682,604 | FNMA | 2.500 | 10/01/27 | 4,819,319 | ||||||||||||
| 3,067,166 | FNMA | 3.000 | 11/01/27 | 3,208,900 | ||||||||||||
| 5,674 | FNMA | 5.500 | 01/01/28 | 6,330 | ||||||||||||
| 10,788,046 | FNMA | 2.500 | 02/01/28 | 11,103,677 | ||||||||||||
| 8,117,832 | FNMA | 2.500 | 02/01/28 | 8,355,216 | ||||||||||||
| 4,795 | FNMA | 5.000 | 02/01/28 | 5,277 | ||||||||||||
| 8,930,438 | FNMA | 2.500 | 04/01/28 | 9,191,921 | ||||||||||||
| 6,083,632 | FNMA | 2.500 | 04/01/28 | 6,261,637 | ||||||||||||
| 27,605 | FNMA | 5.500 | 06/01/28 | 30,792 | ||||||||||||
| 2,348,054 | FNMA | 2.500 | 07/01/28 | 2,416,659 | ||||||||||||
| 4,802,874 | FNMA | 2.500 | 08/01/28 | 4,943,199 | ||||||||||||
| 6,978,552 | FNMA | 3.000 | 10/01/28 | 7,289,259 | ||||||||||||
| 4,493 | FNMA | 5.500 | 11/01/28 | 5,012 | ||||||||||||
| 24 | FNMA | 7.500 | 01/01/29 | 28 | ||||||||||||
| 8,552,282 | FNMA | 3.000 | 03/01/29 | 8,924,974 | ||||||||||||
| 40,623 | FNMA | 4.000 | 03/01/29 | 43,703 | ||||||||||||
| 139,835 | FNMA | 4.500 | 04/01/29 | 151,526 | ||||||||||||
| 421 | FNMA | 6.500 | 04/01/29 | 481 | ||||||||||||
| 102,915 | FNMA | 4.000 | 05/01/29 | 110,730 | ||||||||||||
| 53,485 | FNMA | 4.500 | 06/01/29 | 57,962 | ||||||||||||
| 18,665 | FNMA | 4.000 | 07/01/29 | 20,083 | ||||||||||||
| 3,313 | FNMA | 7.500 | 07/01/29 | 3,427 | ||||||||||||
| 358,733 | FNMA | 4.500 | 08/01/29 | 388,778 | ||||||||||||
| 65,382 | FNMA | 4.500 | 09/01/29 | 70,854 | ||||||||||||
| 56,631 | FNMA | 4.500 | 11/01/29 | 62,658 | ||||||||||||
| 18,168 | FNMA | 4.500 | 01/01/30 | 19,807 | ||||||||||||
| 4,718,429 | FNMA | 2.500 | 02/01/30 | 4,816,558 | ||||||||||||
| 48,699 | FNMA | 4.000 | 03/01/30 | 52,050 | ||||||||||||
| 20,894 | FNMA | 4.500 | 05/01/30 | 22,783 | ||||||||||||
| 30,319 | FNMA | 4.500 | 06/01/30 | 33,069 | ||||||||||||
| 9,861,632 | FNMA | 3.000 | 07/01/30 | 10,284,110 | ||||||||||||
| 265,134 | FNMA | 4.500 | 08/01/30 | 289,045 | ||||||||||||
| 118 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 55,951 | FNMA | 4.000 | % | 09/01/30 | $ | 60,206 | |||||||||
| 314,992 | FNMA | 4.000 | 10/01/30 | 339,540 | ||||||||||||
| 3,212,177 | FNMA | 4.000 | 11/01/30 | 3,462,610 | ||||||||||||
| 499,999 | FNMA | 4.000 | 11/01/30 | 539,128 | ||||||||||||
| 125,196 | FNMA | 4.500 | 12/01/30 | 136,880 | ||||||||||||
| 160,594 | FNMA | 3.500 | 02/01/31 | 169,750 | ||||||||||||
| 185,684 | FNMA | 4.000 | 02/01/31 | 200,178 | ||||||||||||
| 271 | FNMA | 7.500 | 02/01/31 | 283 | ||||||||||||
| 1,342 | FNMA | 7.500 | 03/01/31 | 1,670 | ||||||||||||
| 465,099 | FNMA | 3.500 | 04/01/31 | 491,617 | ||||||||||||
| 56,542 | FNMA | 4.000 | 04/01/31 | 60,951 | ||||||||||||
| 5,381 | FNMA | 6.000 | 05/01/31 | 6,140 | ||||||||||||
| 390 | FNMA | 7.500 | 05/01/31 | 395 | ||||||||||||
| 1,715,142 | FNMA | 4.500 | 07/01/31 | 1,900,792 | ||||||||||||
| 299,860 | FNMA | 4.500 | 07/01/31 | 327,737 | ||||||||||||
| 1,725,050 | FNMA | 4.000 | 08/01/31 | 1,859,698 | ||||||||||||
| 121,124 | FNMA | 4.000 | 09/01/31 | 130,578 | ||||||||||||
| 566 | FNMA | 6.500 | 09/01/31 | 647 | ||||||||||||
| 49,903 | FNMA | 6.000 | 11/01/31 | 57,031 | ||||||||||||
| 6,281 | FNMA | 6.500 | 11/01/31 | 7,455 | ||||||||||||
| 3,037,202 | FNMA | 3.500 | 01/01/32 | 3,215,576 | ||||||||||||
| 13,082 | FNMA | 6.000 | 01/01/32 | 14,783 | ||||||||||||
| 18,530 | FNMA | 6.000 | 01/01/32 | 21,180 | ||||||||||||
| 1,251,944 | FNMA | 3.500 | 02/01/32 | 1,325,659 | ||||||||||||
| 15,886 | FNMA | 6.000 | 02/01/32 | 18,156 | ||||||||||||
| 50,568 | FNMA | 6.500 | 04/01/32 | 60,059 | ||||||||||||
| 104,695 | FNMA | 6.500 | 07/01/32 | 121,448 | ||||||||||||
| 13,275 | FNMA | 6.500 | 08/01/32 | 15,459 | ||||||||||||
| 1,239,518 | FNMA | 3.000 | 09/01/32 | 1,286,997 | ||||||||||||
| 137,579 | FNMA | 6.000 | 09/01/32 | 155,351 | ||||||||||||
| 31,882 | FNMA | 7.500 | 09/01/32 | 37,061 | ||||||||||||
| 3,639,219 | FNMA | 3.000 | 10/01/32 | 3,778,605 | ||||||||||||
| 63,598 | FNMA | 5.500 | 10/01/32 | 71,580 | ||||||||||||
| 42,327 | FNMA | 6.000 | 10/01/32 | 47,840 | ||||||||||||
| 22,392 | FNMA | 6.000 | 11/01/32 | 25,579 | ||||||||||||
| 28,480 | FNMA | 5.500 | 12/01/32 | 32,086 | ||||||||||||
| 2,844 | FNMA | 5.500 | 12/01/32 | 3,189 | ||||||||||||
| 53,482 | FNMA | 6.000 | 12/01/32 | 61,091 | ||||||||||||
| 265,909 | FNMA | 5.500 | 01/01/33 | 299,348 | ||||||||||||
| 485,150 | FNMA | 6.000 | 01/01/33 | 547,746 | ||||||||||||
| 17,579 | FNMA | 5.000 | 02/01/33 | 19,463 | ||||||||||||
| 283,442 | FNMA | 5.000 | 02/01/33 | 313,907 | ||||||||||||
| 2,420,670 | FNMA | 3.000 | 04/01/33 | 2,513,469 | ||||||||||||
| 3,422,290 | FNMA | 3.500 | 04/01/33 | 3,624,300 | ||||||||||||
| 12,798 | FNMA | 6.000 | 04/01/33 | 14,614 | ||||||||||||
| 1,789,824 | FNMA | 5.500 | 05/01/33 | 2,013,468 | ||||||||||||
| 103,018 | FNMA | 5.000 | 06/01/33 | 114,025 | ||||||||||||
| 214,594 | FNMA | 5.500 | 06/01/33 | 240,910 | ||||||||||||
| 26,518 | FNMA | 4.500 | 07/01/33 | 28,876 | ||||||||||||
| 80,863 | FNMA | 5.000 | 07/01/33 | 89,418 | ||||||||||||
| 10,187 | FNMA | 4.500 | 08/01/33 | 11,039 | ||||||||||||
| 196,839 | FNMA | 4.500 | 08/01/33 | 214,266 | ||||||||||||
| 119 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 47,632 | FNMA | 5.000 | % | 08/01/33 | $ | 52,739 | |||||||||
| 62,181 | FNMA | 5.500 | 09/01/33 | 69,414 | ||||||||||||
| 281,719 | FNMA | 5.500 | 09/01/33 | 319,092 | ||||||||||||
| 24,230 | FNMA | 6.000 | 09/01/33 | 27,665 | ||||||||||||
| 288,682 | FNMA | 4.500 | 10/01/33 | 315,516 | ||||||||||||
| 40,685 | FNMA | 5.000 | 10/01/33 | 45,046 | ||||||||||||
| 51,509 | FNMA | 5.000 | 10/01/33 | 57,031 | ||||||||||||
| 919,397 | FNMA | 5.500 | 10/01/33 | 1,046,745 | ||||||||||||
| 336,233 | FNMA | 5.500 | 10/01/33 | 382,598 | ||||||||||||
| 20,137 | FNMA | 4.500 | 11/01/33 | 21,879 | ||||||||||||
| 3,714,438 | FNMA | 5.000 | 11/01/33 | 4,112,617 | ||||||||||||
| 52,749 | FNMA | 5.000 | 11/01/33 | 58,386 | ||||||||||||
| 435,056 | FNMA | 5.000 | 12/01/33 | 481,690 | ||||||||||||
| 495,149 | FNMA | 5.500 | 12/01/33 | 563,670 | ||||||||||||
| 4,795,754 | FNMA | 3.000 | 01/01/34 | 4,984,389 | ||||||||||||
| 163,781 | FNMA | 5.000 | 02/01/34 | 181,334 | ||||||||||||
| 658,238 | FNMA | 6.000 | 02/01/34 | 752,202 | ||||||||||||
| 983,392 | FNMA | 5.000 | 03/01/34 | 1,088,879 | ||||||||||||
| 50,895 | FNMA | 5.000 | 03/01/34 | 56,351 | ||||||||||||
| 23,299 | FNMA | 5.000 | 03/01/34 | 25,771 | ||||||||||||
| 41,437 | FNMA | 5.000 | 03/01/34 | 45,884 | ||||||||||||
| 14,064 | FNMA | 5.000 | 03/01/34 | 15,574 | ||||||||||||
| 17,459 | FNMA | 5.000 | 03/01/34 | 19,333 | ||||||||||||
| 141,765 | FNMA | 5.000 | 04/01/34 | 156,804 | ||||||||||||
| 148,385 | FNMA | 5.500 | 04/01/34 | 167,000 | ||||||||||||
| 29,090 | FNMA | 4.500 | 05/01/34 | 31,692 | ||||||||||||
| 88,652 | FNMA | 4.500 | 05/01/34 | 96,519 | ||||||||||||
| 34,059 | FNMA | 5.500 | 07/01/34 | 38,368 | ||||||||||||
| 52,878 | FNMA | 5.500 | 07/01/34 | 59,551 | ||||||||||||
| 49,152 | FNMA | 7.000 | 07/01/34 | 59,692 | ||||||||||||
| 414,380 | FNMA | 5.000 | 08/01/34 | 458,777 | ||||||||||||
| 47,189 | FNMA | 5.000 | 08/01/34 | 52,238 | ||||||||||||
| 225,027 | FNMA | 6.000 | 08/01/34 | 256,618 | ||||||||||||
| 39,555 | FNMA | 6.000 | 08/01/34 | 45,193 | ||||||||||||
| 23,651 | FNMA | 4.500 | 09/01/34 | 25,870 | ||||||||||||
| 843,216 | FNMA | 5.500 | 09/01/34 | 950,031 | ||||||||||||
| 8,125 | FNMA | 5.500 | 11/01/34 | 9,166 | ||||||||||||
| 23,146 | FNMA | 6.000 | 11/01/34 | 26,160 | ||||||||||||
| 12,962 | FNMA | 5.000 | 12/01/34 | 14,350 | ||||||||||||
| 7,980 | FNMA | 5.500 | 12/01/34 | 8,986 | ||||||||||||
| 19,217 | FNMA | 6.000 | 12/01/34 | 21,757 | ||||||||||||
| 1,177,207 | FNMA | 4.500 | 01/01/35 | 1,286,954 | ||||||||||||
| 72,408 | FNMA | 5.500 | 01/01/35 | 81,616 | ||||||||||||
| 2,622,077 | FNMA | 5.500 | 02/01/35 | 2,950,837 | ||||||||||||
| 109,508 | FNMA | 5.500 | 02/01/35 | 123,403 | ||||||||||||
| 709,304 | FNMA | 5.500 | 04/01/35 | 807,160 | ||||||||||||
| 94,520 | FNMA | 6.000 | 04/01/35 | 107,720 | ||||||||||||
| 104,935 | FNMA | 6.000 | 04/01/35 | 119,230 | ||||||||||||
| 29,900 | FNMA | 5.500 | 05/01/35 | 33,359 | ||||||||||||
| 150,943 | FNMA | 6.000 | 05/01/35 | 172,518 | ||||||||||||
| 44,009 | FNMA | 5.000 | 06/01/35 | 48,691 | ||||||||||||
| 4,506 | i | FNMA | 2.278 | 07/01/35 | 4,772 | |||||||||||
| 120 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 120,888 | FNMA | 5.000 | % | 07/01/35 | $ | 134,860 | |||||||||
| 9,915,472 | FNMA | 3.000 | 08/01/35 | 10,225,717 | ||||||||||||
| 256,400 | FNMA | 4.500 | 08/01/35 | 279,786 | ||||||||||||
| 351,451 | FNMA | 5.000 | 08/01/35 | 386,945 | ||||||||||||
| 202,670 | FNMA | 5.000 | 08/01/35 | 223,359 | ||||||||||||
| 13,521 | FNMA | 4.500 | 09/01/35 | 14,783 | ||||||||||||
| 11,126 | FNMA | 4.500 | 09/01/35 | 12,105 | ||||||||||||
| 29,500 | FNMA | 5.500 | 09/01/35 | 33,260 | ||||||||||||
| 207,789 | FNMA | 5.000 | 10/01/35 | 229,057 | ||||||||||||
| 420,312 | FNMA | 5.500 | 10/01/35 | 478,775 | ||||||||||||
| 20,366 | FNMA | 5.000 | 11/01/35 | 22,315 | ||||||||||||
| 459,400 | FNMA | 5.500 | 11/01/35 | 516,350 | ||||||||||||
| 5,856 | FNMA | 4.500 | 12/01/35 | 6,372 | ||||||||||||
| 54,598 | FNMA | 5.500 | 12/01/35 | 60,900 | ||||||||||||
| 298,978 | FNMA | 6.000 | 12/01/35 | 337,651 | ||||||||||||
| 138,602 | i | FNMA | 2.198 | 02/01/36 | 147,971 | |||||||||||
| 981,656 | FNMA | 5.000 | 02/01/36 | 1,082,077 | ||||||||||||
| 128,165 | FNMA | 6.500 | 02/01/36 | 151,969 | ||||||||||||
| 426,759 | FNMA | 6.000 | 03/01/36 | 482,046 | ||||||||||||
| 9,016 | FNMA | 5.000 | 05/01/36 | 9,931 | ||||||||||||
| 710,185 | FNMA | 6.000 | 06/01/36 | 807,090 | ||||||||||||
| 150,894 | i | FNMA | 2.379 | 07/01/36 | 160,697 | |||||||||||
| 36,931 | FNMA | 6.000 | 07/01/36 | 42,095 | ||||||||||||
| 238,319 | FNMA | 6.500 | 07/01/36 | 272,259 | ||||||||||||
| 537,334 | FNMA | 5.500 | 08/01/36 | 603,367 | ||||||||||||
| 364,251 | FNMA | 6.500 | 08/01/36 | 426,105 | ||||||||||||
| 28,470 | FNMA | 5.500 | 09/01/36 | 32,019 | ||||||||||||
| 51,420 | FNMA | 6.500 | 09/01/36 | 58,966 | ||||||||||||
| 15,437 | FNMA | 6.500 | 09/01/36 | 17,636 | ||||||||||||
| 64,437 | FNMA | 6.000 | 10/01/36 | 72,935 | ||||||||||||
| 29,585 | FNMA | 6.500 | 11/01/36 | 34,169 | ||||||||||||
| 11,447 | i | FNMA | 2.350 | 12/01/36 | 12,193 | |||||||||||
| 176,819 | FNMA | 6.000 | 12/01/36 | 200,063 | ||||||||||||
| 39,624 | i | FNMA | 2.451 | 01/01/37 | 42,340 | |||||||||||
| 74,804 | FNMA | 5.500 | 01/01/37 | 83,870 | ||||||||||||
| 7,375 | i | FNMA | 1.922 | 02/01/37 | 7,713 | |||||||||||
| 554,332 | FNMA | 5.500 | 02/01/37 | 620,813 | ||||||||||||
| 21,595 | FNMA | 6.000 | 02/01/37 | 24,469 | ||||||||||||
| 34,193 | FNMA | 7.000 | 02/01/37 | 40,413 | ||||||||||||
| 13,376 | i | FNMA | 2.339 | 03/01/37 | 14,305 | |||||||||||
| 2,971 | FNMA | 5.000 | 03/01/37 | 3,273 | ||||||||||||
| 85,603 | FNMA | 6.500 | 03/01/37 | 101,830 | ||||||||||||
| 198,661 | FNMA | 6.500 | 03/01/37 | 226,952 | ||||||||||||
| 4,271 | i | FNMA | 5.662 | 04/01/37 | 4,390 | |||||||||||
| 124,797 | FNMA | 7.000 | 04/01/37 | 153,776 | ||||||||||||
| 179,650 | FNMA | 5.000 | 05/01/37 | 197,704 | ||||||||||||
| 3,698 | FNMA | 7.000 | 05/01/37 | 3,917 | ||||||||||||
| 43,591 | i | FNMA | 2.499 | 06/01/37 | 46,436 | |||||||||||
| 49,657 | FNMA | 5.500 | 06/01/37 | 55,388 | ||||||||||||
| 49,811 | FNMA | 5.500 | 08/01/37 | 56,067 | ||||||||||||
| 19,468 | FNMA | 6.000 | 08/01/37 | 22,033 | ||||||||||||
| 86,408 | FNMA | 6.500 | 08/01/37 | 98,713 | ||||||||||||
| 121 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 27,105 | FNMA | 6.500 | % | 08/01/37 | $ | 30,965 | |||||||||
| 36,810 | FNMA | 5.500 | 09/01/37 | 41,062 | ||||||||||||
| 99,276 | FNMA | 6.000 | 09/01/37 | 114,182 | ||||||||||||
| 262,190 | FNMA | 6.000 | 09/01/37 | 298,641 | ||||||||||||
| 346,344 | FNMA | 6.000 | 09/01/37 | 398,579 | ||||||||||||
| 77,598 | FNMA | 6.000 | 09/01/37 | 87,747 | ||||||||||||
| 119,975 | FNMA | 6.000 | 09/01/37 | 137,633 | ||||||||||||
| 93,895 | FNMA | 6.500 | 09/01/37 | 108,127 | ||||||||||||
| 15,975 | FNMA | 6.500 | 09/01/37 | 19,227 | ||||||||||||
| 403,464 | i | FNMA | 2.436 | 10/01/37 | 429,902 | |||||||||||
| 37,486 | FNMA | 6.500 | 10/01/37 | 42,825 | ||||||||||||
| 382,065 | FNMA | 5.500 | 11/01/37 | 426,921 | ||||||||||||
| 710,565 | FNMA | 6.000 | 11/01/37 | 804,101 | ||||||||||||
| 37,093 | FNMA | 7.000 | 11/01/37 | 40,671 | ||||||||||||
| 2,686 | FNMA | 6.500 | 01/01/38 | 3,069 | ||||||||||||
| 212,398 | FNMA | 5.500 | 02/01/38 | 237,202 | ||||||||||||
| 29,870 | FNMA | 6.500 | 02/01/38 | 34,124 | ||||||||||||
| 40,114 | FNMA | 7.000 | 02/01/38 | 45,413 | ||||||||||||
| 66,217 | i | FNMA | 2.395 | 03/01/38 | 70,553 | |||||||||||
| 12,480 | FNMA | 5.000 | 03/01/38 | 13,734 | ||||||||||||
| 20,669 | FNMA | 5.000 | 03/01/38 | 22,746 | ||||||||||||
| 40,686 | FNMA | 5.500 | 03/01/38 | 45,381 | ||||||||||||
| 12,289 | FNMA | 6.000 | 03/01/38 | 14,050 | ||||||||||||
| 394,273 | FNMA | 6.500 | 03/01/38 | 471,766 | ||||||||||||
| 21,393 | FNMA | 6.500 | 03/01/38 | 24,439 | ||||||||||||
| 85,650 | FNMA | 6.500 | 03/01/38 | 97,848 | ||||||||||||
| 28,985 | FNMA | 5.000 | 04/01/38 | 31,898 | ||||||||||||
| 710,211 | FNMA | 5.500 | 04/01/38 | 792,555 | ||||||||||||
| 528,449 | FNMA | 6.000 | 04/01/38 | 597,464 | ||||||||||||
| 41,810 | FNMA | 4.500 | 05/01/38 | 45,408 | ||||||||||||
| 1,942,981 | FNMA | 5.000 | 05/01/38 | 2,141,487 | ||||||||||||
| 678,551 | FNMA | 5.000 | 05/01/38 | 746,743 | ||||||||||||
| 1,762,284 | FNMA | 6.000 | 06/01/38 | 1,991,215 | ||||||||||||
| 2,474,429 | FNMA | 6.500 | 06/01/38 | 2,920,982 | ||||||||||||
| 505,070 | FNMA | 6.000 | 07/01/38 | 571,694 | ||||||||||||
| 8,031 | i | FNMA | 2.352 | 08/01/38 | 8,460 | |||||||||||
| 4,564 | i | FNMA | 2.625 | 08/01/38 | 4,841 | |||||||||||
| 1,680,557 | FNMA | 6.000 | 09/01/38 | 1,902,867 | ||||||||||||
| 59,686 | i | FNMA | 1.893 | 10/01/38 | 62,228 | |||||||||||
| 7,246 | FNMA | 6.000 | 10/01/38 | 8,183 | ||||||||||||
| 42,459 | FNMA | 5.500 | 11/01/38 | 47,359 | ||||||||||||
| 8,058 | FNMA | 5.000 | 12/01/38 | 8,868 | ||||||||||||
| 1,466,811 | FNMA | 5.500 | 12/01/38 | 1,645,151 | ||||||||||||
| 234,870 | FNMA | 4.500 | 01/01/39 | 254,507 | ||||||||||||
| 269,569 | FNMA | 5.000 | 01/01/39 | 296,660 | ||||||||||||
| 5,660,999 | FNMA | 5.000 | 01/01/39 | 6,229,909 | ||||||||||||
| 176,811 | FNMA | 5.500 | 01/01/39 | 197,218 | ||||||||||||
| 880,535 | FNMA | 5.500 | 01/01/39 | 984,368 | ||||||||||||
| 85,823 | FNMA | 6.000 | 01/01/39 | 96,831 | ||||||||||||
| 50,947 | FNMA | 6.000 | 01/01/39 | 57,568 | ||||||||||||
| 375,667 | FNMA | 4.500 | 02/01/39 | 408,058 | ||||||||||||
| 445,049 | FNMA | 4.500 | 02/01/39 | 483,657 | ||||||||||||
| 122 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 944,975 | FNMA | 4.500 | % | 02/01/39 | $ | 1,026,116 | |||||||||
| 15,483 | FNMA | 5.500 | 02/01/39 | 17,270 | ||||||||||||
| 894,408 | FNMA | 4.000 | 04/01/39 | 954,847 | ||||||||||||
| 23,806 | FNMA | 5.500 | 04/01/39 | 26,833 | ||||||||||||
| 316,590 | FNMA | 4.500 | 05/01/39 | 344,023 | ||||||||||||
| 1,434,150 | FNMA | 4.500 | 05/01/39 | 1,572,575 | ||||||||||||
| 331,252 | FNMA | 4.500 | 06/01/39 | 359,975 | ||||||||||||
| 835,221 | FNMA | 4.500 | 06/01/39 | 907,634 | ||||||||||||
| 667,917 | FNMA | 5.500 | 06/01/39 | 747,023 | ||||||||||||
| 16,684 | i | FNMA | 2.585 | 07/01/39 | 17,773 | |||||||||||
| 166,836 | FNMA | 4.500 | 07/01/39 | 181,408 | ||||||||||||
| 229,811 | FNMA | 4.500 | 07/01/39 | 249,735 | ||||||||||||
| 25,961 | FNMA | 5.000 | 07/01/39 | 28,742 | ||||||||||||
| 181,736 | i | FNMA | 2.400 | 08/01/39 | 192,658 | |||||||||||
| 32,251 | i | FNMA | 2.440 | 08/01/39 | 34,200 | |||||||||||
| 463,747 | FNMA | 4.000 | 08/01/39 | 495,085 | ||||||||||||
| 3,176,470 | FNMA | 4.000 | 08/01/39 | 3,391,120 | ||||||||||||
| 709,555 | FNMA | 4.500 | 08/01/39 | 770,937 | ||||||||||||
| 39,549 | FNMA | 4.500 | 08/01/39 | 43,627 | ||||||||||||
| 1,910,646 | FNMA | 4.500 | 08/01/39 | 2,096,313 | ||||||||||||
| 33,369 | FNMA | 5.000 | 08/01/39 | 36,775 | ||||||||||||
| 3,104,274 | FNMA | 5.000 | 08/01/39 | 3,419,216 | ||||||||||||
| 1,089,547 | FNMA | 4.000 | 09/01/39 | 1,163,173 | ||||||||||||
| 62,693 | FNMA | 5.000 | 09/01/39 | 69,128 | ||||||||||||
| 470,244 | FNMA | 5.500 | 09/01/39 | 533,477 | ||||||||||||
| 281,932 | FNMA | 6.000 | 09/01/39 | 319,137 | ||||||||||||
| 1,192,196 | FNMA | 6.500 | 10/01/39 | 1,392,705 | ||||||||||||
| 52,699 | FNMA | 5.000 | 11/01/39 | 58,902 | ||||||||||||
| 1,506,042 | FNMA | 4.000 | 12/01/39 | 1,608,405 | ||||||||||||
| 5,094,707 | FNMA | 4.500 | 12/01/39 | 5,539,258 | ||||||||||||
| 121,679 | FNMA | 4.500 | 12/01/39 | 132,416 | ||||||||||||
| 344,527 | FNMA | 4.500 | 12/01/39 | 374,411 | ||||||||||||
| 40,989 | i | FNMA | 3.660 | 01/01/40 | 43,335 | |||||||||||
| 89,485 | FNMA | 4.500 | 01/01/40 | 97,286 | ||||||||||||
| 106,044 | FNMA | 5.000 | 01/01/40 | 117,078 | ||||||||||||
| 689,503 | FNMA | 6.000 | 02/01/40 | 780,075 | ||||||||||||
| 920,975 | FNMA | 4.500 | 03/01/40 | 1,001,631 | ||||||||||||
| 451,231 | FNMA | 4.500 | 03/01/40 | 490,762 | ||||||||||||
| 47,172 | FNMA | 5.000 | 03/01/40 | 52,225 | ||||||||||||
| 43,523 | FNMA | 4.500 | 04/01/40 | 47,339 | ||||||||||||
| 1,640,667 | FNMA | 5.000 | 04/01/40 | 1,810,533 | ||||||||||||
| 1,371,670 | FNMA | 5.000 | 04/01/40 | 1,518,311 | ||||||||||||
| 332,559 | i | FNMA | 2.395 | 05/01/40 | 353,912 | |||||||||||
| 233,652 | i | FNMA | 2.428 | 05/01/40 | 249,313 | |||||||||||
| 142,046 | i | FNMA | 2.522 | 05/01/40 | 151,082 | |||||||||||
| 48,589 | FNMA | 4.500 | 05/01/40 | 52,683 | ||||||||||||
| 128,350 | FNMA | 4.500 | 07/01/40 | 139,492 | ||||||||||||
| 107,560 | FNMA | 4.500 | 07/01/40 | 116,911 | ||||||||||||
| 149,591 | FNMA | 5.000 | 07/01/40 | 165,471 | ||||||||||||
| 71,104 | i | FNMA | 2.555 | 08/01/40 | 75,555 | |||||||||||
| 1,315,989 | FNMA | 4.500 | 08/01/40 | 1,430,387 | ||||||||||||
| 964,088 | FNMA | 4.500 | 08/01/40 | 1,047,929 | ||||||||||||
| 123 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,023,891 | FNMA | 5.000 | % | 08/01/40 | $ | 1,129,498 | |||||||||
| 2,090,789 | FNMA | 4.500 | 09/01/40 | 2,272,830 | ||||||||||||
| 807,633 | FNMA | 4.500 | 09/01/40 | 878,448 | ||||||||||||
| 2,009,300 | FNMA | 6.000 | 09/01/40 | 2,276,193 | ||||||||||||
| 333,002 | FNMA | 3.500 | 10/01/40 | 348,307 | ||||||||||||
| 1,477,113 | FNMA | 4.000 | 10/01/40 | 1,578,514 | ||||||||||||
| 3,554,063 | FNMA | 4.000 | 10/01/40 | 3,800,826 | ||||||||||||
| 2,203,031 | FNMA | 4.500 | 10/01/40 | 2,395,921 | ||||||||||||
| 2,417,982 | FNMA | 3.500 | 11/01/40 | 2,529,444 | ||||||||||||
| 1,662,075 | FNMA | 4.000 | 11/01/40 | 1,776,630 | ||||||||||||
| 2,859,513 | FNMA | 4.000 | 11/01/40 | 3,056,716 | ||||||||||||
| 2,573,994 | FNMA | 4.000 | 11/01/40 | 2,753,373 | ||||||||||||
| 294,892 | FNMA | 4.500 | 11/01/40 | 320,750 | ||||||||||||
| 274,677 | i | FNMA | 3.218 | 12/01/40 | 290,788 | |||||||||||
| 856,293 | FNMA | 4.000 | 12/01/40 | 916,138 | ||||||||||||
| 7,040,764 | FNMA | 4.500 | 12/01/40 | 7,656,718 | ||||||||||||
| 88,688 | FNMA | 3.500 | 01/01/41 | 92,775 | ||||||||||||
| 156,383 | i | FNMA | 2.682 | 02/01/41 | 165,033 | |||||||||||
| 503,331 | FNMA | 3.500 | 02/01/41 | 526,550 | ||||||||||||
| 2,421,096 | FNMA | 4.000 | 02/01/41 | 2,589,688 | ||||||||||||
| 2,294,083 | FNMA | 4.000 | 03/01/41 | 2,452,275 | ||||||||||||
| 1,793,765 | FNMA | 4.500 | 04/01/41 | 1,949,237 | ||||||||||||
| 420,888 | FNMA | 4.500 | 05/01/41 | 457,260 | ||||||||||||
| 2,409,758 | FNMA | 4.500 | 05/01/41 | 2,621,414 | ||||||||||||
| 1,432,588 | FNMA | 4.500 | 06/01/41 | 1,557,029 | ||||||||||||
| 451,676 | i | FNMA | 3.267 | 07/01/41 | 480,429 | |||||||||||
| 1,681,632 | FNMA | 4.500 | 07/01/41 | 1,829,365 | ||||||||||||
| 4,452,408 | FNMA | 4.000 | 09/01/41 | 4,762,211 | ||||||||||||
| 2,429,497 | FNMA | 4.500 | 09/01/41 | 2,640,088 | ||||||||||||
| 886,422 | FNMA | 5.500 | 09/01/41 | 992,496 | ||||||||||||
| 712,750 | i | FNMA | 2.961 | 10/01/41 | 760,641 | |||||||||||
| 161,844 | i | FNMA | 3.004 | 10/01/41 | 170,847 | |||||||||||
| 1,419,872 | FNMA | 3.500 | 11/01/41 | 1,485,334 | ||||||||||||
| 1,247,724 | FNMA | 3.500 | 11/01/41 | 1,305,791 | ||||||||||||
| 1,451,317 | i | FNMA | 2.829 | 12/01/41 | 1,518,257 | |||||||||||
| 7,540,551 | FNMA | 3.500 | 12/01/41 | 7,888,720 | ||||||||||||
| 1,633,361 | FNMA | 4.000 | 12/01/41 | 1,747,626 | ||||||||||||
| 3,719,543 | FNMA | 3.500 | 03/01/42 | 3,890,919 | ||||||||||||
| 2,697,912 | FNMA | 4.000 | 03/01/42 | 2,887,315 | ||||||||||||
| 6,986,946 | FNMA | 3.500 | 04/01/42 | 7,309,430 | ||||||||||||
| 2,368,931 | FNMA | 3.500 | 04/01/42 | 2,491,401 | ||||||||||||
| 3,368,215 | FNMA | 4.500 | 04/01/42 | 3,662,646 | ||||||||||||
| 2,834,474 | FNMA | 5.000 | 04/01/42 | 3,192,718 | ||||||||||||
| 2,424,918 | FNMA | 4.000 | 05/01/42 | 2,593,682 | ||||||||||||
| 3,117,499 | FNMA | 5.000 | 05/01/42 | 3,442,083 | ||||||||||||
| 2,073,680 | FNMA | 3.000 | 06/01/42 | 2,111,452 | ||||||||||||
| 10,587,324 | FNMA | 3.500 | 06/01/42 | 11,073,970 | ||||||||||||
| 9,649,879 | FNMA | 4.000 | 06/01/42 | 10,328,193 | ||||||||||||
| 5,430,885 | FNMA | 4.000 | 06/01/42 | 5,810,364 | ||||||||||||
| 16,541,757 | FNMA | 3.500 | 07/01/42 | 17,302,238 | ||||||||||||
| 3,191,240 | FNMA | 4.500 | 07/01/42 | 3,471,803 | ||||||||||||
| 3,588,348 | FNMA | 3.500 | 08/01/42 | 3,753,968 | ||||||||||||
| 124 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 4,802,594 | FNMA | 3.000 | % | 09/01/42 | $ | 4,888,274 | |||||||||
| 6,701,153 | FNMA | 3.500 | 09/01/42 | 7,009,653 | ||||||||||||
| 9,929,009 | FNMA | 3.000 | 10/01/42 | 10,105,087 | ||||||||||||
| 3,527,250 | FNMA | 3.500 | 10/01/42 | 3,689,655 | ||||||||||||
| 3,458,286 | FNMA | 2.500 | 01/01/43 | 3,391,750 | ||||||||||||
| 12,200,248 | FNMA | 3.000 | 01/01/43 | 12,412,899 | ||||||||||||
| 16,609,752 | FNMA | 3.000 | 02/01/43 | 16,897,535 | ||||||||||||
| 12,455,147 | FNMA | 3.000 | 04/01/43 | 12,668,299 | ||||||||||||
| 4,262,562 | FNMA | 3.000 | 04/01/43 | 4,335,416 | ||||||||||||
| 2,954,756 | i | FNMA | 2.155 | 06/01/43 | 3,023,780 | |||||||||||
| 13,306,890 | FNMA | 3.000 | 06/01/43 | 13,532,476 | ||||||||||||
| 3,629,519 | i | FNMA | 1.729 | 07/01/43 | 3,721,861 | |||||||||||
| 10,316,174 | FNMA | 3.000 | 07/01/43 | 10,491,672 | ||||||||||||
| 10,296,712 | FNMA | 3.500 | 07/01/43 | 10,767,267 | ||||||||||||
| 8,755,577 | FNMA | 3.000 | 08/01/43 | 8,904,202 | ||||||||||||
| 4,518,882 | FNMA | 4.000 | 08/01/43 | 4,864,731 | ||||||||||||
| 7,065,680 | FNMA | 3.000 | 09/01/43 | 7,185,077 | ||||||||||||
| 10,346,991 | FNMA | 3.500 | 09/01/43 | 10,818,207 | ||||||||||||
| 6,587,569 | FNMA | 3.500 | 10/01/43 | 6,889,692 | ||||||||||||
| 1,257,298 | FNMA | 4.500 | 10/01/43 | 1,362,966 | ||||||||||||
| 3,643,946 | FNMA | 4.000 | 11/01/43 | 3,890,186 | ||||||||||||
| 7,945,466 | FNMA | 4.000 | 11/01/43 | 8,482,622 | ||||||||||||
| 2,446,815 | FNMA | 4.500 | 12/01/43 | 2,655,885 | ||||||||||||
| 7,350,295 | FNMA | 4.500 | 12/01/43 | 7,978,022 | ||||||||||||
| 7,682,216 | FNMA | 4.000 | 01/01/44 | 8,201,341 | ||||||||||||
| 7,013,819 | FNMA | 4.000 | 05/01/44 | 7,487,777 | ||||||||||||
| 7,574,477 | FNMA | 4.000 | 07/01/44 | 8,086,322 | ||||||||||||
| 8,099,031 | FNMA | 4.000 | 07/01/44 | 8,646,322 | ||||||||||||
| 4,176,713 | FNMA | 3.500 | 09/01/44 | 4,362,548 | ||||||||||||
| 7,772,354 | FNMA | 4.000 | 09/01/44 | 8,297,570 | ||||||||||||
| 14,025,645 | FNMA | 3.500 | 10/01/44 | 14,649,689 | ||||||||||||
| 9,114,228 | FNMA | 4.000 | 12/01/44 | 9,733,094 | ||||||||||||
| 9,189,379 | FNMA | 3.000 | 01/01/45 | 9,339,257 | ||||||||||||
| 23,330,069 | FNMA | 3.500 | 02/01/45 | 24,368,095 | ||||||||||||
| 19,668,135 | FNMA | 3.500 | 05/01/45 | 20,543,231 | ||||||||||||
| 14,880,604 | FNMA | 3.500 | 07/01/45 | 15,558,719 | ||||||||||||
| 4,994 | Government National Mortgage Association (GNMA) | 5.000 | 02/15/18 | 5,234 | ||||||||||||
| 21,372 | GNMA | 4.500 | 02/15/19 | 22,105 | ||||||||||||
| 9,617 | GNMA | 4.500 | 01/20/24 | 10,296 | ||||||||||||
| 58,395 | GNMA | 4.000 | 04/15/24 | 62,232 | ||||||||||||
| 10,614 | GNMA | 4.500 | 07/15/24 | 11,447 | ||||||||||||
| 199,611 | GNMA | 4.000 | 08/15/24 | 212,777 | ||||||||||||
| 52,944 | GNMA | 4.500 | 08/15/24 | 55,979 | ||||||||||||
| 161,664 | GNMA | 4.000 | 09/15/24 | 172,295 | ||||||||||||
| 28,972 | GNMA | 4.500 | 01/15/25 | 31,229 | ||||||||||||
| 230,539 | GNMA | 4.000 | 08/15/25 | 244,226 | ||||||||||||
| 129,247 | GNMA | 3.500 | 03/15/26 | 137,262 | ||||||||||||
| 161,608 | GNMA | 4.000 | 04/15/26 | 170,783 | ||||||||||||
| 132,277 | GNMA | 4.000 | 06/20/26 | 140,974 | ||||||||||||
| 201,904 | GNMA | 3.500 | 11/20/26 | 213,719 | ||||||||||||
| 1,034,160 | GNMA | 3.000 | 12/15/26 | 1,087,651 | ||||||||||||
| 3,043,517 | GNMA | 2.500 | 04/20/27 | 3,129,058 | ||||||||||||
| 125 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,894,422 | GNMA | 2.500 | % | 09/20/27 | $ | 1,947,663 | |||||||||
| 3,168 | GNMA | 6.500 | 09/15/28 | 3,633 | ||||||||||||
| 701 | GNMA | 6.500 | 09/15/28 | 804 | ||||||||||||
| 4,115 | GNMA | 6.500 | 11/15/28 | 4,718 | ||||||||||||
| 1,211 | GNMA | 7.500 | 11/15/28 | 1,381 | ||||||||||||
| 3,175,703 | GNMA | 3.500 | 11/20/28 | 3,364,862 | ||||||||||||
| 8,643 | GNMA | 8.500 | 10/15/30 | 9,273 | ||||||||||||
| 4,896 | GNMA | 8.500 | 10/20/30 | 6,007 | ||||||||||||
| 553 | GNMA | 8.500 | 12/15/30 | 707 | ||||||||||||
| 797 | GNMA | 7.000 | 06/20/31 | 981 | ||||||||||||
| 976 | GNMA | 6.500 | 07/15/31 | 1,120 | ||||||||||||
| 2,023 | GNMA | 7.000 | 07/15/31 | 2,283 | ||||||||||||
| 2,031 | GNMA | 7.000 | 07/15/31 | 2,112 | ||||||||||||
| 300,972 | GNMA | 6.000 | 10/15/32 | 348,302 | ||||||||||||
| 43,584 | GNMA | 5.500 | 12/20/32 | 49,222 | ||||||||||||
| 101,079 | GNMA | 5.500 | 05/15/33 | 114,912 | ||||||||||||
| 17,258 | GNMA | 5.000 | 07/15/33 | 19,256 | ||||||||||||
| 58,617 | GNMA | 5.500 | 07/15/33 | 66,979 | ||||||||||||
| 14,571 | GNMA | 5.000 | 07/20/33 | 16,160 | ||||||||||||
| 30,953 | GNMA | 5.000 | 08/15/33 | 34,075 | ||||||||||||
| 76,031 | GNMA | 5.000 | 08/15/33 | 84,988 | ||||||||||||
| 221,721 | GNMA | 5.500 | 09/15/33 | 254,356 | ||||||||||||
| 180,464 | GNMA | 6.000 | 11/20/33 | 202,642 | ||||||||||||
| 81,477 | GNMA | 5.500 | 05/20/34 | 92,026 | ||||||||||||
| 111,518 | GNMA | 6.000 | 09/20/34 | 127,581 | ||||||||||||
| 10,549 | GNMA | 5.000 | 10/20/34 | 11,684 | ||||||||||||
| 252,087 | GNMA | 5.500 | 11/15/34 | 288,565 | ||||||||||||
| 111,104 | GNMA | 6.500 | 01/15/35 | 129,313 | ||||||||||||
| 61,090 | GNMA | 5.500 | 02/20/35 | 68,895 | ||||||||||||
| 1,202,653 | GNMA | 5.000 | 03/20/35 | 1,332,027 | ||||||||||||
| 397,716 | GNMA | 5.000 | 04/15/35 | 445,052 | ||||||||||||
| 387,236 | GNMA | 5.500 | 05/20/35 | 436,763 | ||||||||||||
| 15,089 | GNMA | 5.000 | 09/20/35 | 16,713 | ||||||||||||
| 9,185 | GNMA | 5.000 | 11/15/35 | 10,178 | ||||||||||||
| 11,166 | GNMA | 5.000 | 11/15/35 | 12,416 | ||||||||||||
| 114,977 | GNMA | 5.500 | 02/20/36 | 129,276 | ||||||||||||
| 13,183 | GNMA | 5.500 | 03/15/36 | 14,899 | ||||||||||||
| 37,184 | GNMA | 5.500 | 05/20/36 | 41,935 | ||||||||||||
| 9,183 | GNMA | 6.500 | 06/15/36 | 11,282 | ||||||||||||
| 375,103 | GNMA | 5.500 | 06/20/36 | 421,757 | ||||||||||||
| 19,499 | GNMA | 5.000 | 09/15/36 | 21,848 | ||||||||||||
| 18,142 | GNMA | 6.000 | 09/15/36 | 20,968 | ||||||||||||
| 34,731 | GNMA | 6.000 | 10/20/36 | 39,355 | ||||||||||||
| 21,766 | GNMA | 5.000 | 12/15/36 | 24,353 | ||||||||||||
| 41,020 | GNMA | 5.500 | 01/15/37 | 45,918 | ||||||||||||
| 19,411 | GNMA | 6.000 | 01/20/37 | 22,012 | ||||||||||||
| 531,200 | GNMA | 5.500 | 02/15/37 | 600,711 | ||||||||||||
| 66,477 | GNMA | 6.000 | 02/20/37 | 75,343 | ||||||||||||
| 482,329 | GNMA | 6.000 | 04/15/37 | 553,428 | ||||||||||||
| 11,982 | GNMA | 6.500 | 04/15/37 | 13,739 | ||||||||||||
| 237,530 | GNMA | 6.000 | 04/20/37 | 266,942 | ||||||||||||
| 22,233 | GNMA | 6.000 | 06/15/37 | 25,182 | ||||||||||||
| 126 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 39,504 | GNMA | 6.000 | % | 08/20/37 | $ | 44,852 | |||||||||
| 31,175 | GNMA | 6.500 | 08/20/37 | 35,694 | ||||||||||||
| 152,578 | GNMA | 6.500 | 11/20/37 | 176,084 | ||||||||||||
| 89,155 | GNMA | 6.000 | 12/15/37 | 101,064 | ||||||||||||
| 10,211 | GNMA | 5.000 | 02/20/38 | 11,075 | ||||||||||||
| 238,917 | GNMA | 5.000 | 04/15/38 | 264,752 | ||||||||||||
| 10,067 | GNMA | 5.500 | 05/20/38 | 11,248 | ||||||||||||
| 44,496 | GNMA | 5.500 | 06/15/38 | 50,476 | ||||||||||||
| 110,674 | GNMA | 6.000 | 06/20/38 | 124,275 | ||||||||||||
| 158,484 | GNMA | 5.500 | 07/15/38 | 177,793 | ||||||||||||
| 853,019 | GNMA | 5.000 | 07/20/38 | 930,568 | ||||||||||||
| 833,188 | GNMA | 5.500 | 07/20/38 | 927,849 | ||||||||||||
| 22,615 | GNMA | 5.500 | 08/15/38 | 25,371 | ||||||||||||
| 110,156 | GNMA | 6.000 | 08/15/38 | 124,862 | ||||||||||||
| 362,310 | GNMA | 6.000 | 08/15/38 | 410,690 | ||||||||||||
| 84,856 | GNMA | 6.000 | 08/20/38 | 95,285 | ||||||||||||
| 330,678 | GNMA | 6.000 | 09/20/38 | 371,317 | ||||||||||||
| 68,293 | GNMA | 5.000 | 10/15/38 | 75,174 | ||||||||||||
| 26,165 | GNMA | 5.500 | 10/15/38 | 30,037 | ||||||||||||
| 15,378 | GNMA | 6.500 | 10/20/38 | 17,647 | ||||||||||||
| 22,840 | GNMA | 6.500 | 10/20/38 | 24,731 | ||||||||||||
| 5,416 | GNMA | 5.500 | 11/15/38 | 6,076 | ||||||||||||
| 61,933 | GNMA | 6.500 | 11/20/38 | 72,750 | ||||||||||||
| 421,530 | GNMA | 6.000 | 12/15/38 | 477,808 | ||||||||||||
| 5,153 | GNMA | 6.500 | 12/15/38 | 6,062 | ||||||||||||
| 58,382 | GNMA | 5.000 | 01/15/39 | 64,696 | ||||||||||||
| 1,612,084 | GNMA | 4.500 | 01/20/39 | 1,742,044 | ||||||||||||
| 160,918 | GNMA | 6.500 | 01/20/39 | 189,530 | ||||||||||||
| 59,711 | GNMA | 5.000 | 02/15/39 | 66,168 | ||||||||||||
| 21,346 | GNMA | 6.000 | 02/15/39 | 24,195 | ||||||||||||
| 80,302 | GNMA | 4.500 | 03/15/39 | 87,061 | ||||||||||||
| 545,875 | GNMA | 4.500 | 03/15/39 | 592,038 | ||||||||||||
| 50,298 | i | GNMA | 3.000 | 03/20/39 | 51,746 | |||||||||||
| 19,918 | GNMA | 4.500 | 03/20/39 | 21,454 | ||||||||||||
| 299,492 | GNMA | 5.500 | 03/20/39 | 338,219 | ||||||||||||
| 31,113 | GNMA | 4.500 | 04/15/39 | 33,823 | ||||||||||||
| 549,557 | GNMA | 5.500 | 04/15/39 | 614,913 | ||||||||||||
| 11,925 | GNMA | 5.000 | 04/20/39 | 13,258 | ||||||||||||
| 63,875 | GNMA | 4.000 | 05/15/39 | 68,149 | ||||||||||||
| 942,600 | GNMA | 4.500 | 05/15/39 | 1,025,385 | ||||||||||||
| 511,155 | GNMA | 5.000 | 05/15/39 | 566,438 | ||||||||||||
| 64,851 | GNMA | 4.000 | 05/20/39 | 69,409 | ||||||||||||
| 173,328 | GNMA | 4.500 | 05/20/39 | 187,009 | ||||||||||||
| 3,481,839 | GNMA | 5.000 | 05/20/39 | 3,871,018 | ||||||||||||
| 26,456 | GNMA | 4.500 | 06/15/39 | 28,799 | ||||||||||||
| 2,573,487 | GNMA | 4.500 | 06/15/39 | 2,799,512 | ||||||||||||
| 26,568 | GNMA | 5.000 | 06/15/39 | 29,500 | ||||||||||||
| 2,143,485 | GNMA | 5.000 | 06/15/39 | 2,379,441 | ||||||||||||
| 60,355 | GNMA | 5.000 | 06/15/39 | 66,716 | ||||||||||||
| 2,328,308 | GNMA | 5.000 | 06/15/39 | 2,616,601 | ||||||||||||
| 30,526 | GNMA | 5.000 | 06/15/39 | 33,900 | ||||||||||||
| 40,383 | GNMA | 4.000 | 06/20/39 | 43,350 | ||||||||||||
| 127 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 24,042 | GNMA | 5.000 | % | 06/20/39 | $ | 26,729 | |||||||||
| 3,157,355 | GNMA | 4.000 | 07/15/39 | 3,368,547 | ||||||||||||
| 3,208,262 | GNMA | 4.500 | 07/15/39 | 3,525,956 | ||||||||||||
| 85,527 | GNMA | 4.500 | 07/15/39 | 92,976 | ||||||||||||
| 43,377 | GNMA | 4.500 | 07/15/39 | 47,060 | ||||||||||||
| 32,875 | GNMA | 5.000 | 07/15/39 | 36,507 | ||||||||||||
| 397,084 | GNMA | 4.500 | 07/20/39 | 431,709 | ||||||||||||
| 353,132 | GNMA | 5.000 | 07/20/39 | 392,602 | ||||||||||||
| 32,187 | GNMA | 5.500 | 07/20/39 | 36,301 | ||||||||||||
| 151,300 | GNMA | 4.000 | 08/15/39 | 161,407 | ||||||||||||
| 509,391 | GNMA | 5.000 | 08/15/39 | 562,412 | ||||||||||||
| 37,345 | GNMA | 5.500 | 08/15/39 | 41,896 | ||||||||||||
| 114,521 | GNMA | 6.000 | 08/15/39 | 128,920 | ||||||||||||
| 108,723 | GNMA | 4.000 | 08/20/39 | 116,737 | ||||||||||||
| 95,425 | GNMA | 5.000 | 08/20/39 | 105,891 | ||||||||||||
| 60,592 | GNMA | 5.000 | 09/15/39 | 67,295 | ||||||||||||
| 130,802 | GNMA | 5.000 | 09/20/39 | 145,797 | ||||||||||||
| 34,242 | GNMA | 4.500 | 10/15/39 | 37,124 | ||||||||||||
| 18,438 | GNMA | 5.000 | 10/15/39 | 20,481 | ||||||||||||
| 38,858 | GNMA | 4.500 | 10/20/39 | 42,247 | ||||||||||||
| 72,358 | GNMA | 4.500 | 11/15/39 | 79,558 | ||||||||||||
| 57,252 | GNMA | 4.500 | 11/20/39 | 62,244 | ||||||||||||
| 68,565 | GNMA | 5.000 | 11/20/39 | 76,193 | ||||||||||||
| 2,037,142 | GNMA | 4.500 | 12/15/39 | 2,211,959 | ||||||||||||
| 101,475 | GNMA | 4.500 | 12/15/39 | 110,485 | ||||||||||||
| 57,315 | GNMA | 4.500 | 12/20/39 | 62,313 | ||||||||||||
| 2,117,416 | GNMA | 5.000 | 12/20/39 | 2,354,101 | ||||||||||||
| 1,896,394 | GNMA | 4.500 | 01/20/40 | 2,061,767 | ||||||||||||
| 27,325 | GNMA | 5.500 | 01/20/40 | 30,726 | ||||||||||||
| 1,088,666 | GNMA | 5.500 | 02/15/40 | 1,221,329 | ||||||||||||
| 124,700 | GNMA | 4.000 | 03/15/40 | 133,038 | ||||||||||||
| 29,899 | GNMA | 5.000 | 03/15/40 | 33,018 | ||||||||||||
| 19,930 | GNMA | 4.500 | 04/15/40 | 21,699 | ||||||||||||
| 420,463 | GNMA | 5.000 | 04/15/40 | 464,501 | ||||||||||||
| 79,853 | GNMA | 4.500 | 04/20/40 | 86,813 | ||||||||||||
| 12,921 | GNMA | 4.500 | 05/15/40 | 14,008 | ||||||||||||
| 339,545 | GNMA | 5.000 | 05/15/40 | 376,788 | ||||||||||||
| 734,720 | i | GNMA | 2.000 | 05/20/40 | 765,241 | |||||||||||
| 17,610 | GNMA | 4.500 | 05/20/40 | 19,146 | ||||||||||||
| 6,199,825 | GNMA | 4.500 | 06/15/40 | 6,739,852 | ||||||||||||
| 27,165 | GNMA | 4.500 | 06/15/40 | 29,497 | ||||||||||||
| 32,728 | GNMA | 4.500 | 06/15/40 | 35,565 | ||||||||||||
| 377,367 | GNMA | 5.000 | 06/20/40 | 419,552 | ||||||||||||
| 812,125 | GNMA | 4.500 | 07/15/40 | 882,114 | ||||||||||||
| 253,307 | GNMA | 4.500 | 07/15/40 | 275,170 | ||||||||||||
| 2,811,933 | GNMA | 4.500 | 07/20/40 | 3,057,163 | ||||||||||||
| 84,732 | GNMA | 5.000 | 07/20/40 | 94,204 | ||||||||||||
| 554,702 | GNMA | 4.000 | 08/15/40 | 591,722 | ||||||||||||
| 2,254,444 | GNMA | 4.000 | 08/15/40 | 2,410,713 | ||||||||||||
| 216,276 | GNMA | 4.500 | 08/15/40 | 238,267 | ||||||||||||
| 217,761 | GNMA | 4.500 | 08/20/40 | 236,752 | ||||||||||||
| 171,881 | GNMA | 4.500 | 09/20/40 | 186,871 | ||||||||||||
| 128 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 46,275 | GNMA | 5.500 | % | 09/20/40 | $ | 52,136 | |||||||||
| 66,024 | GNMA | 6.500 | 09/20/40 | 77,112 | ||||||||||||
| 65,309 | GNMA | 4.000 | 10/15/40 | 70,422 | ||||||||||||
| 142,252 | GNMA | 6.000 | 10/20/40 | 159,734 | ||||||||||||
| 766,522 | GNMA | 4.000 | 11/15/40 | 820,365 | ||||||||||||
| 2,234,194 | GNMA | 4.000 | 11/20/40 | 2,400,763 | ||||||||||||
| 557,119 | GNMA | 3.500 | 12/15/40 | 583,687 | ||||||||||||
| 759,196 | GNMA | 5.500 | 12/20/40 | 855,367 | ||||||||||||
| 2,384,348 | GNMA | 4.000 | 01/15/41 | 2,549,126 | ||||||||||||
| 5,731,482 | GNMA | 4.000 | 01/20/41 | 6,158,789 | ||||||||||||
| 529,802 | GNMA | 4.000 | 02/15/41 | 565,161 | ||||||||||||
| 1,649,982 | GNMA | 4.500 | 02/20/41 | 1,793,884 | ||||||||||||
| 926,025 | GNMA | 4.500 | 03/15/41 | 1,006,688 | ||||||||||||
| 2,103,290 | GNMA | 4.500 | 04/20/41 | 2,286,732 | ||||||||||||
| 406,741 | GNMA | 5.000 | 04/20/41 | 452,213 | ||||||||||||
| 216,914 | i | GNMA | 4.000 | 06/20/41 | 226,599 | |||||||||||
| 480,290 | GNMA | 4.000 | 07/15/41 | 512,344 | ||||||||||||
| 806,558 | GNMA | 4.000 | 07/20/41 | 863,487 | ||||||||||||
| 2,584,098 | GNMA | 4.500 | 07/20/41 | 2,809,481 | ||||||||||||
| 2,304,018 | GNMA | 5.000 | 07/20/41 | 2,561,582 | ||||||||||||
| 649,217 | GNMA | 4.500 | 08/15/41 | 703,862 | ||||||||||||
| 1,006,329 | GNMA | 5.000 | 08/20/41 | 1,118,834 | ||||||||||||
| 1,168,231 | GNMA | 4.000 | 09/15/41 | 1,248,971 | ||||||||||||
| 120,040 | i | GNMA | 3.000 | 09/20/41 | 125,378 | |||||||||||
| 3,574,348 | GNMA | 4.000 | 09/20/41 | 3,835,938 | ||||||||||||
| 250,437 | GNMA | 4.000 | 10/15/41 | 267,794 | ||||||||||||
| 251,188 | i | GNMA | 1.625 | 10/20/41 | 260,504 | |||||||||||
| 163,028 | i | GNMA | 3.500 | 10/20/41 | 168,440 | |||||||||||
| 4,440,993 | GNMA | 4.000 | 10/20/41 | 4,766,004 | ||||||||||||
| 519,661 | GNMA | 5.500 | 10/20/41 | 585,476 | ||||||||||||
| 1,357,326 | GNMA | 3.500 | 11/15/41 | 1,426,670 | ||||||||||||
| 2,922,024 | GNMA | 4.000 | 11/15/41 | 3,121,631 | ||||||||||||
| 5,653,731 | GNMA | 4.500 | 11/20/41 | 6,159,054 | ||||||||||||
| 2,161,302 | GNMA | 5.000 | 11/20/41 | 2,400,048 | ||||||||||||
| 704,571 | GNMA | 6.000 | 11/20/41 | 800,366 | ||||||||||||
| 2,843,602 | GNMA | 3.500 | 01/20/42 | 2,989,422 | ||||||||||||
| 909,851 | i | GNMA | 3.000 | 02/20/42 | 943,311 | |||||||||||
| 1,412,308 | GNMA | 3.500 | 03/20/42 | 1,484,732 | ||||||||||||
| 2,304,402 | GNMA | 4.500 | 03/20/42 | 2,510,448 | ||||||||||||
| 2,613,983 | GNMA | 3.500 | 04/15/42 | 2,747,536 | ||||||||||||
| 13,500,042 | GNMA | 3.500 | 05/20/42 | 14,192,348 | ||||||||||||
| 3,695,589 | GNMA | 3.500 | 05/20/42 | 3,895,368 | ||||||||||||
| 3,240,921 | GNMA | 4.000 | 05/20/42 | 3,473,986 | ||||||||||||
| 6,850,033 | GNMA | 3.500 | 07/15/42 | 7,199,704 | ||||||||||||
| 855,669 | i | GNMA | 2.000 | 07/20/42 | 879,899 | |||||||||||
| 3,132,516 | GNMA | 3.500 | 07/20/42 | 3,293,159 | ||||||||||||
| 3,588,327 | GNMA | 3.000 | 08/20/42 | 3,683,602 | ||||||||||||
| 12,920,596 | GNMA | 3.500 | 08/20/42 | 13,583,202 | ||||||||||||
| 3,839,852 | GNMA | 3.500 | 08/20/42 | 4,047,462 | ||||||||||||
| 2,746,815 | GNMA | 6.000 | 08/20/42 | 3,115,668 | ||||||||||||
| 4,914,158 | GNMA | 3.500 | 10/20/42 | 5,166,173 | ||||||||||||
| 5,161,162 | GNMA | 3.000 | 11/20/42 | 5,298,194 | ||||||||||||
| 129 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 4,029,998 | GNMA | 3.000 | % | 12/20/42 | $ | 4,125,896 | |||||||||
| 5,969,141 | GNMA | 3.000 | 12/20/42 | 6,127,625 | ||||||||||||
| 3,669,881 | GNMA | 3.000 | 01/15/43 | 3,764,857 | ||||||||||||
| 6,232,035 | GNMA | 3.000 | 01/15/43 | 6,393,961 | ||||||||||||
| 4,530,278 | GNMA | 3.000 | 01/20/43 | 4,650,560 | ||||||||||||
| 7,627,719 | GNMA | 3.000 | 02/20/43 | 7,830,241 | ||||||||||||
| 4,190,170 | GNMA | 3.000 | 02/20/43 | 4,300,903 | ||||||||||||
| 1,531,763 | GNMA | 3.000 | 04/15/43 | 1,571,406 | ||||||||||||
| 1,796,823 | GNMA | 5.000 | 04/20/43 | 2,000,657 | ||||||||||||
| 3,131,106 | GNMA | 3.000 | 05/20/43 | 3,214,244 | ||||||||||||
| 4,849,641 | GNMA | 3.000 | 06/20/43 | 4,978,408 | ||||||||||||
| 8,559,485 | GNMA | 3.500 | 06/20/43 | 9,023,827 | ||||||||||||
| 10,299,421 | GNMA | 3.000 | 07/20/43 | 10,572,895 | ||||||||||||
| 7,606,679 | GNMA | 3.500 | 09/20/43 | 7,991,545 | ||||||||||||
| 3,429,782 | GNMA | 4.000 | 09/20/43 | 3,664,990 | ||||||||||||
| 3,045,829 | GNMA | 4.000 | 10/20/43 | 3,254,709 | ||||||||||||
| 1,458,851 | GNMA | 3.500 | 11/20/43 | 1,532,440 | ||||||||||||
| 3,723,370 | GNMA | 4.000 | 11/20/43 | 3,978,716 | ||||||||||||
| 3,043,175 | GNMA | 4.500 | 12/20/43 | 3,275,397 | ||||||||||||
| 3,172,978 | GNMA | 4.500 | 01/20/44 | 3,415,063 | ||||||||||||
| 3,778,947 | GNMA | 3.500 | 02/20/44 | 3,968,602 | ||||||||||||
| 6,142,666 | GNMA | 4.000 | 02/20/44 | 6,561,113 | ||||||||||||
| 6,268,112 | GNMA | 4.000 | 05/20/44 | 6,693,190 | ||||||||||||
| 6,475,315 | GNMA | 4.000 | 06/20/44 | 6,913,458 | ||||||||||||
| 16,757,122 | GNMA | 3.500 | 07/20/44 | 17,611,513 | ||||||||||||
| 11,079,789 | GNMA | 4.000 | 10/20/44 | 11,811,193 | ||||||||||||
| 5,580,808 | GNMA | 4.500 | 10/20/44 | 6,006,601 | ||||||||||||
| 12,509,522 | GNMA | 3.500 | 11/20/44 | 13,130,780 | ||||||||||||
| 3,888,441 | GNMA | 4.000 | 11/20/44 | 4,142,797 | ||||||||||||
| 10,059,091 | GNMA | 3.000 | 12/20/44 | 10,285,213 | ||||||||||||
| 9,170,511 | GNMA | 3.500 | 02/20/45 | 9,625,944 | ||||||||||||
| 14,708,594 | GNMA | 3.000 | 04/20/45 | 15,039,234 | ||||||||||||
| 14,872,237 | GNMA | 3.000 | 06/20/45 | 15,206,556 | ||||||||||||
| 14,924,640 | GNMA | 3.000 | 07/20/45 | 15,260,137 | ||||||||||||
| 24,944,115 | GNMA | 4.000 | 08/20/45 | 26,626,685 | ||||||||||||
| TOTAL MORTGAGE BACKED | 1,689,150,202 | |||||||||||||||
| MUNICIPAL BONDS - 1.0% | ||||||||||||||||
| 300,000 | American Municipal Power | 7.834 | 02/15/41 | 412,119 | ||||||||||||
| 500,000 | American Municipal Power | 6.270 | 02/15/50 | 596,030 | ||||||||||||
| 500,000 | Bay Area Toll Authority | 6.263 | 04/01/49 | 665,995 | ||||||||||||
| 720,000 | Central Puget Sound Regional Transit Authority | 5.491 | 11/01/39 | 903,226 | ||||||||||||
| 250,000 | City of Chicago IL | 7.375 | 01/01/33 | 255,757 | ||||||||||||
| 300,000 | City of Chicago IL | 5.432 | 01/01/42 | 251,658 | ||||||||||||
| 750,000 | City Public Service Board of San Antonio TX | 5.808 | 02/01/41 | 943,200 | ||||||||||||
| 150,000 | Colorado Bridge Enterprise | 6.078 | 12/01/40 | 192,966 | ||||||||||||
| 200,000 | Commonwealth of Massachusetts | 4.200 | 12/01/21 | 219,006 | ||||||||||||
| 500,000 | Commonwealth of Massachusetts | 5.731 | 06/01/40 | 632,860 | ||||||||||||
| 195,000 | Commonwealth of Pennsylvania | 5.850 | 07/15/30 | 220,921 | ||||||||||||
| 200,000 | County of Clark NV | 6.820 | 07/01/45 | 273,868 | ||||||||||||
| 350,000 | Denver City & County School District No | 4.242 | 12/15/37 | 349,643 | ||||||||||||
| 200,000 | District of Columbia | 5.591 | 12/01/34 | 246,130 | ||||||||||||
| 130 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | East Baton Rouge Sewerage Commission | 6.087 | % | 02/01/45 | $ | 111,621 | |||||||||
| 200,000 | Energy Northwest | 2.814 | 07/01/24 | 200,648 | ||||||||||||
| 500,000 | Florida Hurricane Catastrophe Fund Finance Corp | 2.995 | 07/01/20 | 510,175 | ||||||||||||
| 46,288 | Kentucky Asset Liability Commission | 3.165 | 04/01/18 | 47,174 | ||||||||||||
| 30,000 | Los Angeles Unified School District | 5.750 | 07/01/34 | 35,989 | ||||||||||||
| 100,000 | Massachusetts School Building Authority | 5.715 | 08/15/39 | 123,388 | ||||||||||||
| 100,000 | Metropolitan Government of Nashville & Davidson County | 6.731 | 07/01/43 | 126,898 | ||||||||||||
| 940,000 | Metropolitan Transportation Authority | 6.648 | 11/15/39 | 1,204,422 | ||||||||||||
| 650,000 | Metropolitan Transportation Authority | 7.336 | 11/15/39 | 939,256 | ||||||||||||
| 500,000 | Missouri Highway & Transportation Commission | 5.445 | 05/01/33 | 588,550 | ||||||||||||
| 250,000 | Municipal Electric Authority of Georgia | 6.637 | 04/01/57 | 293,037 | ||||||||||||
| 500,000 | Municipal Electric Authority of Georgia | 6.655 | 04/01/57 | 587,205 | ||||||||||||
| 947,000 | New Jersey Economic Development Authority | 7.425 | 02/15/29 | 1,070,612 | ||||||||||||
| 335,000 | New Jersey State Turnpike Authority | 7.414 | 01/01/40 | 465,878 | ||||||||||||
| 1,000,000 | New Jersey State Turnpike Authority | 7.102 | 01/01/41 | 1,346,090 | ||||||||||||
| 800,000 | New Jersey Transportation Trust Fund Authority | 5.754 | 12/15/28 | 836,272 | ||||||||||||
| 360,000 | New Jersey Transportation Trust Fund Authority | 6.104 | 12/15/28 | 375,055 | ||||||||||||
| 700,000 | New Jersey Transportation Trust Fund Authority | 6.875 | 12/15/39 | 735,070 | ||||||||||||
| 1,100,000 | New York City Municipal Water Finance Authority | 5.790 | 06/15/41 | 1,236,983 | ||||||||||||
| 500,000 | New York City Municipal Water Finance Authority | 5.440 | 06/15/43 | 605,060 | ||||||||||||
| 600,000 | New York State Dormitory Authority | 5.289 | 03/15/33 | 697,422 | ||||||||||||
| 130,000 | New York State Dormitory Authority | 5.628 | 03/15/39 | 155,587 | ||||||||||||
| 545,000 | New York State Dormitory Authority | 5.600 | 03/15/40 | 667,549 | ||||||||||||
| 400,000 | New York State Urban Development Corp | 5.838 | 03/15/40 | 494,340 | ||||||||||||
| 100,000 | Ohio State University | 4.910 | 06/01/40 | 113,397 | ||||||||||||
| 675,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 757,519 | ||||||||||||
| 750,000 | Oregon School Boards Association | 4.759 | 06/30/28 | 833,182 | ||||||||||||
| 250,000 | Oregon School Boards Association | 5.680 | 06/30/28 | 302,465 | ||||||||||||
| 100,000 | Oregon State Department of Transportation | 5.834 | 11/15/34 | 127,747 | ||||||||||||
| 200,000 | Port Authority of New York & New Jersey | 6.040 | 12/01/29 | 246,404 | ||||||||||||
| 500,000 | Port Authority of New York & New Jersey | 5.647 | 11/01/40 | 595,245 | ||||||||||||
| 300,000 | Port Authority of New York & New Jersey | 4.823 | 06/01/45 | 309,270 | ||||||||||||
| 1,000,000 | Port Authority of New York & New Jersey | 5.310 | 08/01/46 | 1,074,570 | ||||||||||||
| 100,000 | Salt River Project Agricultural Improvement & Power District | 4.839 | 01/01/41 | 117,274 | ||||||||||||
| 800,000 | Santa Clara Valley Transportation Authority | 5.876 | 04/01/32 | 973,440 | ||||||||||||
| 200,000 | State of California | 1.050 | 02/01/16 | 200,416 | ||||||||||||
| 300,000 | State of California | 5.750 | 03/01/17 | 321,015 | ||||||||||||
| 600,000 | State of California | 6.200 | 10/01/19 | 703,194 | ||||||||||||
| 645,000 | State of California | 5.700 | 11/01/21 | 753,902 | ||||||||||||
| 250,000 | State of California | 7.500 | 04/01/34 | 350,272 | ||||||||||||
| 285,000 | State of California | 7.550 | 04/01/39 | 410,514 | ||||||||||||
| 3,400,000 | State of California | 7.300 | 10/01/39 | 4,710,734 | ||||||||||||
| 2,740,000 | State of California | 7.625 | 03/01/40 | 3,931,571 | ||||||||||||
| 300,000 | State of Connecticut | 5.090 | 10/01/30 | 332,526 | ||||||||||||
| 620,000 | State of Connecticut | 5.850 | 03/15/32 | 736,492 | ||||||||||||
| 1,045,000 | State of Illinois | 4.961 | 03/01/16 | 1,061,302 | ||||||||||||
| 4,450,000 | State of Illinois | 5.100 | 06/01/33 | 4,168,760 | ||||||||||||
| 1,295,000 | State of Illinois | 6.725 | 04/01/35 | 1,341,063 | ||||||||||||
| 500,000 | State of Illinois | 5.650 | 12/01/38 | 473,365 | ||||||||||||
| 500,000 | State of Kansas Department of Transportation | 4.596 | 09/01/35 | 556,030 | ||||||||||||
| 300,000 | State of Oregon | 5.762 | 06/01/23 | 350,919 | ||||||||||||
| 131 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 600,000 | State of Texas | 4.631 | % | 04/01/33 | $ | 669,324 | |||||||||
| 50,000 | State of Texas | 5.517 | 04/01/39 | 63,247 | ||||||||||||
| 1,000,000 | State of Texas | 4.681 | 04/01/40 | 1,134,880 | ||||||||||||
| 575,000 | State of Texas Transportation Commission | 5.028 | 04/01/26 | 677,776 | ||||||||||||
| 500,000 | State of Utah | 3.539 | 07/01/25 | 537,065 | ||||||||||||
| 200,000 | State of Washington | 5.090 | 08/01/33 | 230,040 | ||||||||||||
| 604,000 | State Public School Building Authority | 5.000 | 09/15/27 | 656,041 | ||||||||||||
| 2,000,000 | Tennessee Valley Authority | 4.500 | 04/01/18 | 2,174,138 | ||||||||||||
| 300,000 | Tennessee Valley Authority | 1.750 | 10/15/18 | 305,879 | ||||||||||||
| 750,000 | Tennessee Valley Authority | 3.875 | 02/15/21 | 831,647 | ||||||||||||
| 750,000 | Tennessee Valley Authority | 2.875 | 09/15/24 | 766,138 | ||||||||||||
| 500,000 | Tennessee Valley Authority | 5.880 | 04/01/36 | 657,356 | ||||||||||||
| 500,000 | Tennessee Valley Authority | 5.500 | 06/15/38 | 643,604 | ||||||||||||
| 300,000 | Tennessee Valley Authority | 3.500 | 12/15/42 | 286,592 | ||||||||||||
| 1,750,000 | Tennessee Valley Authority | 4.625 | 09/15/60 | 1,920,034 | ||||||||||||
| 300,000 | Tennessee Valley Authority | 4.250 | 09/15/65 | 301,726 | ||||||||||||
| 100,000 | University of Pennsylvania | 4.674 | 09/01/12 | 96,396 | ||||||||||||
| 500,000 | University of California | 1.796 | 07/01/19 | 502,325 | ||||||||||||
| 200,000 | University of California | 5.770 | 05/15/43 | 244,406 | ||||||||||||
| 200,000 | University of California | 3.931 | 05/15/45 | 192,138 | ||||||||||||
| 200,000 | University of California | 4.131 | 05/15/45 | 197,108 | ||||||||||||
| 860,000 | University of California | 4.858 | 05/15/12 | 816,527 | ||||||||||||
| 200,000 | University of California | 4.767 | 05/15/15 | 188,066 | ||||||||||||
| 200,000 | University of Southern California | 5.250 | 10/01/11 | 234,077 | ||||||||||||
| 700,000 | University of Texas | 4.794 | 08/15/46 | 803,516 | ||||||||||||
| 150,000 | Virginia Commonwealth Transportation Board | 5.350 | 05/15/35 | 174,141 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 60,774,435 | |||||||||||||||
| U.S. TREASURY SECURITIES - 35.7% | ||||||||||||||||
| 9,000,000 | United States Treasury Bond | 5.250 | 11/15/28 | 12,050,856 | ||||||||||||
| 26,060,000 | United States Treasury Bond | 5.250 | 02/15/29 | 35,003,193 | ||||||||||||
| 16,250,000 | United States Treasury Bond | 4.500 | 02/15/36 | 21,313,321 | ||||||||||||
| 4,644,000 | United States Treasury Bond | 4.375 | 02/15/38 | 5,974,552 | ||||||||||||
| 36,983,000 | United States Treasury Bond | 3.500 | 02/15/39 | 41,733,023 | ||||||||||||
| 850,000 | United States Treasury Bond | 4.375 | 11/15/39 | 1,091,033 | ||||||||||||
| 12,585,000 | United States Treasury Bond | 3.875 | 08/15/40 | 14,998,765 | ||||||||||||
| 11,185,000 | United States Treasury Bond | 4.250 | 11/15/40 | 14,109,699 | ||||||||||||
| 26,350,000 | United States Treasury Bond | 4.375 | 05/15/41 | 33,982,567 | ||||||||||||
| 10,000,000 | United States Treasury Bond | 3.750 | 08/15/41 | 11,742,970 | ||||||||||||
| 2,300,000 | United States Treasury Bond | 3.125 | 11/15/41 | 2,427,098 | ||||||||||||
| 4,550,000 | United States Treasury Bond | 3.125 | 02/15/42 | 4,791,009 | ||||||||||||
| 10,000,000 | United States Treasury Bond | 3.000 | 05/15/42 | 10,264,320 | ||||||||||||
| 10,000,000 | United States Treasury Bond | 2.750 | 08/15/42 | 9,758,330 | ||||||||||||
| 4,000,000 | United States Treasury Bond | 2.750 | 11/15/42 | 3,897,396 | ||||||||||||
| 10,250,000 | United States Treasury Bond | 2.875 | 05/15/43 | 10,221,976 | ||||||||||||
| 6,500,000 | United States Treasury Bond | 3.625 | 08/15/43 | 7,484,815 | ||||||||||||
| 2,000,000 | United States Treasury Bond | 3.750 | 11/15/43 | 2,355,468 | ||||||||||||
| 7,615,000 | United States Treasury Bond | 3.625 | 02/15/44 | 8,760,623 | ||||||||||||
| 2,500,000 | United States Treasury Bond | 3.375 | 05/15/44 | 2,745,248 | ||||||||||||
| 14,000,000 | United States Treasury Bond | 3.125 | 08/15/44 | 14,659,890 | ||||||||||||
| 16,750,000 | United States Treasury Bond | 3.000 | 11/15/44 | 17,116,842 | ||||||||||||
| 8,000,000 | United States Treasury Bond | 2.500 | 02/15/45 | 7,370,416 | ||||||||||||
| 132 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 22,000,000 | United States Treasury Bond | 3.000 | % | 05/15/45 | $ | 22,530,530 | |||||||||
| 12,000,000 | United States Treasury Bond | 2.875 | 08/15/45 | 12,001,248 | ||||||||||||
| 62,000,000 | United States Treasury Note | 0.500 | 06/15/16 | 62,106,578 | ||||||||||||
| 10,000,000 | United States Treasury Note | 0.500 | 08/31/16 | 10,010,160 | ||||||||||||
| 14,000,000 | United States Treasury Note | 1.000 | 08/31/16 | 14,077,840 | ||||||||||||
| 14,200,000 | United States Treasury Note | 1.000 | 09/30/16 | 14,285,058 | ||||||||||||
| 10,000,000 | United States Treasury Note | 0.375 | 10/31/16 | 9,997,140 | ||||||||||||
| 27,000,000 | United States Treasury Note | 0.625 | 11/15/16 | 27,060,480 | ||||||||||||
| 173,000 | United States Treasury Note | 4.625 | 11/15/16 | 181,121 | ||||||||||||
| 278,400 | United States Treasury Note | 7.500 | 11/15/16 | 300,426 | ||||||||||||
| 8,000,000 | United States Treasury Note | 0.500 | 11/30/16 | 8,005,520 | ||||||||||||
| 15,250,000 | United States Treasury Note | 0.875 | 11/30/16 | 15,326,845 | ||||||||||||
| 8,000,000 | United States Treasury Note | 0.625 | 12/15/16 | 8,016,872 | ||||||||||||
| 4,000,000 | United States Treasury Note | 0.875 | 12/31/16 | 4,020,156 | ||||||||||||
| 50,300,000 | United States Treasury Note | 0.875 | 01/31/17 | 50,557,385 | ||||||||||||
| 16,250,000 | United States Treasury Note | 0.875 | 02/28/17 | 16,335,264 | ||||||||||||
| 16,000,000 | United States Treasury Note | 0.625 | 09/30/17 | 15,992,496 | ||||||||||||
| 4,000,000 | United States Treasury Note | 0.875 | 10/15/17 | 4,016,460 | ||||||||||||
| 61,750,000 | United States Treasury Note | 0.750 | 10/31/17 | 61,846,454 | ||||||||||||
| 8,414,000 | United States Treasury Note | 4.250 | 11/15/17 | 9,042,644 | ||||||||||||
| 20,500,000 | United States Treasury Note | 0.625 | 11/30/17 | 20,462,629 | ||||||||||||
| 31,000,000 | United States Treasury Note | 0.750 | 12/31/17 | 31,016,151 | ||||||||||||
| 8,044,000 | United States Treasury Note | 2.750 | 12/31/17 | 8,404,307 | ||||||||||||
| 21,000,000 | United States Treasury Note | 0.875 | 01/31/18 | 21,056,322 | ||||||||||||
| 8,127,000 | United States Treasury Note | 2.625 | 01/31/18 | 8,473,877 | ||||||||||||
| 31,000,000 | United States Treasury Note | 0.750 | 02/28/18 | 30,982,640 | ||||||||||||
| 23,000,000 | United States Treasury Note | 0.750 | 03/31/18 | 22,969,456 | ||||||||||||
| 15,000,000 | United States Treasury Note | 0.625 | 04/30/18 | 14,925,780 | ||||||||||||
| 6,172,000 | United States Treasury Note | 2.625 | 04/30/18 | 6,454,881 | ||||||||||||
| 6,266,000 | United States Treasury Note | 3.875 | 05/15/18 | 6,762,712 | ||||||||||||
| 72,000,000 | United States Treasury Note | 1.000 | 05/31/18 | 72,271,872 | ||||||||||||
| 7,862,000 | United States Treasury Note | 2.375 | 05/31/18 | 8,180,985 | ||||||||||||
| 7,000,000 | United States Treasury Note | 1.375 | 06/30/18 | 7,094,976 | ||||||||||||
| 15,000,000 | United States Treasury Note | 1.375 | 07/31/18 | 15,202,935 | ||||||||||||
| 13,065,000 | United States Treasury Note | 2.250 | 07/31/18 | 13,563,782 | ||||||||||||
| 40,350,000 | United States Treasury Note | 1.500 | 08/31/18 | 41,037,201 | ||||||||||||
| 22,000,000 | United States Treasury Note | 1.375 | 09/30/18 | 22,288,178 | ||||||||||||
| 28,000,000 | United States Treasury Note | 1.250 | 10/31/18 | 28,240,996 | ||||||||||||
| 1,681,000 | United States Treasury Note | 9.000 | 11/15/18 | 2,095,427 | ||||||||||||
| 33,500,000 | United States Treasury Note | 1.250 | 11/30/18 | 33,773,058 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.500 | 12/31/18 | 25,388,675 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.500 | 01/31/19 | 25,378,900 | ||||||||||||
| 2,802,400 | United States Treasury Note | 2.750 | 02/15/19 | 2,959,049 | ||||||||||||
| 30,000,000 | United States Treasury Note | 1.500 | 02/28/19 | 30,440,640 | ||||||||||||
| 36,000,000 | United States Treasury Note | 1.625 | 03/31/19 | 36,667,044 | ||||||||||||
| 40,750,000 | United States Treasury Note | 1.500 | 05/31/19 | 41,300,777 | ||||||||||||
| 40,000,000 | United States Treasury Note | 1.625 | 06/30/19 | 40,708,840 | ||||||||||||
| 18,000,000 | United States Treasury Note | 1.625 | 07/31/19 | 18,310,320 | ||||||||||||
| 50,500,000 | United States Treasury Note | 1.625 | 08/31/19 | 51,375,215 | ||||||||||||
| 38,500,000 | United States Treasury Note | 1.750 | 09/30/19 | 39,320,127 | ||||||||||||
| 29,000,000 | United States Treasury Note | 1.500 | 10/31/19 | 29,325,873 | ||||||||||||
| 57,000,000 | United States Treasury Note | 1.500 | 11/30/19 | 57,613,035 | ||||||||||||
| 133 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 33,500,000 | United States Treasury Note | 1.625 | % | 12/31/19 | $ | 34,007,726 | |||||||||
| 36,500,000 | United States Treasury Note | 1.250 | 01/31/20 | 36,467,697 | ||||||||||||
| 78,500,000 | United States Treasury Note | 1.375 | 02/29/20 | 78,865,888 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.375 | 03/31/20 | 5,016,405 | ||||||||||||
| 20,000,000 | United States Treasury Note | 1.375 | 04/30/20 | 20,055,460 | ||||||||||||
| 50,000,000 | United States Treasury Note | 1.500 | 05/31/20 | 50,445,950 | ||||||||||||
| 45,000,000 | United States Treasury Note | 1.625 | 06/30/20 | 45,575,955 | ||||||||||||
| 22,500,000 | United States Treasury Note | 1.625 | 07/31/20 | 22,778,325 | ||||||||||||
| 4,000,000 | United States Treasury Note | 2.000 | 07/31/20 | 4,118,644 | ||||||||||||
| 5,342,000 | United States Treasury Note | 2.625 | 08/15/20 | 5,653,823 | ||||||||||||
| 34,000,000 | United States Treasury Note | 1.375 | 08/31/20 | 34,046,036 | ||||||||||||
| 15,000,000 | United States Treasury Note | 1.375 | 09/30/20 | 14,997,660 | ||||||||||||
| 6,000,000 | United States Treasury Note | 2.000 | 09/30/20 | 6,174,534 | ||||||||||||
| 5,000,000 | United States Treasury Note | 2.000 | 11/30/20 | 5,136,070 | ||||||||||||
| 5,900,000 | United States Treasury Note | 3.625 | 02/15/21 | 6,546,616 | ||||||||||||
| 10,000,000 | United States Treasury Note | 2.000 | 02/28/21 | 10,252,080 | ||||||||||||
| 27,610,000 | United States Treasury Note | 2.125 | 08/15/21 | 28,422,121 | ||||||||||||
| 2,070,000 | United States Treasury Note | 2.000 | 11/15/21 | 2,112,774 | ||||||||||||
| 13,379,100 | United States Treasury Note | 8.000 | 11/15/21 | 18,365,076 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.750 | 02/28/22 | 5,018,360 | ||||||||||||
| 3,000,000 | United States Treasury Note | 1.750 | 03/31/22 | 3,008,673 | ||||||||||||
| 5,000,000 | United States Treasury Note | 2.000 | 07/31/22 | 5,086,460 | ||||||||||||
| 10,500,000 | United States Treasury Note | 1.625 | 11/15/22 | 10,400,743 | ||||||||||||
| 12,000,000 | United States Treasury Note | 2.500 | 08/15/23 | 12,547,032 | ||||||||||||
| 13,000,000 | United States Treasury Note | 2.750 | 11/15/23 | 13,843,986 | ||||||||||||
| 26,000,000 | United States Treasury Note | 2.500 | 05/15/24 | 27,092,806 | ||||||||||||
| 6,000,000 | United States Treasury Note | 2.375 | 08/15/24 | 6,181,716 | ||||||||||||
| 55,005,000 | United States Treasury Note | 2.250 | 11/15/24 | 56,053,505 | ||||||||||||
| 14,000,000 | United States Treasury Note | 2.000 | 02/15/25 | 13,948,592 | ||||||||||||
| 37,000,000 | United States Treasury Note | 2.125 | 05/15/25 | 37,235,579 | ||||||||||||
| 32,500,000 | United States Treasury Note | 2.000 | 08/15/25 | 32,343,415 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 2,125,410,454 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 4,302,415,737 | |||||||||||||||
| (Cost $4,227,287,173) | ||||||||||||||||
| STRUCTURED ASSETS - 2.5% | ||||||||||||||||
| ASSET BACKED - 0.9% | ||||||||||||||||
| 147,818 | AmeriCredit Automobile Receivables Trust | 0.610 | 10/10/17 | 147,774 | ||||||||||||
| Series - 2013 1 (Class A3) | ||||||||||||||||
| 284,970 | AmeriCredit Automobile Receivables Trust | 2.670 | 01/08/18 | 286,018 | ||||||||||||
| Series - 2012 1 (Class C) | ||||||||||||||||
| 300,000 | AmeriCredit Automobile Receivables Trust | 1.790 | 03/08/19 | 301,335 | ||||||||||||
| Series - 2013 2 (Class C) | ||||||||||||||||
| 500,000 | AmeriCredit Automobile Receivables Trust | 2.420 | 05/08/19 | 504,190 | ||||||||||||
| Series - 2013 2 (Class D) | ||||||||||||||||
| 150,000 | AmeriCredit Automobile Receivables Trust | 2.380 | 06/10/19 | 151,632 | ||||||||||||
| Series - 2013 3 (Class C) | ||||||||||||||||
| 3,000,000 | AmeriCredit Automobile Receivables Trust | 2.510 | 01/08/21 | 3,042,261 | ||||||||||||
| Series - 2015 1 (Class C) | ||||||||||||||||
| 500,000 | Capital Auto Receivables Asset Trust | 2.190 | 09/20/21 | 502,132 | ||||||||||||
| Series - 0 1 (Class D) | ||||||||||||||||
| 134 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,250,000 | Capital One Multi-Asset Execution Trust | 5.050 | % | 12/17/18 | $ | 1,270,200 | |||||||||
| Series - 2006 A3 (Class A3) | ||||||||||||||||
| 1,000,000 | Capital One Multi-Asset Execution Trust | 1.480 | 07/15/20 | 1,006,754 | ||||||||||||
| Series - 2014 A5 (Class A) | ||||||||||||||||
| 660,000 | Capital One Multi-Asset Execution Trust | 5.750 | 07/15/20 | 718,615 | ||||||||||||
| Series - 2007 A7 (Class A7) | ||||||||||||||||
| 505,601 | CenterPoint Energy Transition | 3.460 | 08/15/19 | 522,082 | ||||||||||||
| Series - 0 1 (Class A2) | ||||||||||||||||
| 500,000 | CenterPoint Energy Transition Bond Co II LLC | 5.302 | 08/01/20 | 555,066 | ||||||||||||
| Series - 2005 A (Class A5) | ||||||||||||||||
| 600,000 | CenterPoint Energy Transition Bond Co LLC | 2.161 | 10/15/21 | 614,756 | ||||||||||||
| Series - 2012 1 (Class A2) | ||||||||||||||||
| 395,000 | Chase Issuance Trust | 1.010 | 10/15/18 | 395,931 | ||||||||||||
| Series - 2013 A8 (Class A8) | ||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 1.150 | 01/15/19 | 1,002,967 | ||||||||||||
| Series - 2014 A1 (Class A) | ||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 2.770 | 03/15/23 | 1,037,113 | ||||||||||||
| Series - 2014 A2 (Class A2) | ||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 2.160 | 09/16/24 | 992,653 | ||||||||||||
| Series - 2012 A7 (Class A7) | ||||||||||||||||
| 750,000 | CitiBank Credit Card Issuance Trust | 5.650 | 09/20/19 | 815,213 | ||||||||||||
| Series - 2007 A8 (Class A8) | ||||||||||||||||
| 310,000 | CitiBank Credit Card Issuance Trust | 5.350 | 02/07/20 | 339,852 | ||||||||||||
| Series - 2008 A1 (Class A1) | ||||||||||||||||
| 1,000,000 | CitiBank Credit Card Issuance Trust | 2.150 | 07/15/21 | 1,020,290 | ||||||||||||
| Series - 2014 A6 (Class A6) | ||||||||||||||||
| 2,000,000 | CitiBank Credit Card Issuance Trust | 2.880 | 01/23/23 | 2,089,778 | ||||||||||||
| Series - 0 A1 (Class A1) | ||||||||||||||||
| 1,250,000 | CSAIL Commercial Mortgage Trust | 2.970 | 04/15/50 | 1,299,435 | ||||||||||||
| Series - 2015 C1 (Class A2) | ||||||||||||||||
| 1,000,000 | Discover Card Execution Note Trust | 2.120 | 12/15/21 | 1,018,967 | ||||||||||||
| Series - 2014 A4 (Class A4) | ||||||||||||||||
| 3,000,000 | Discover Card Master Trust | 5.650 | 03/16/20 | 3,260,628 | ||||||||||||
| Series - 2007 A1 (Class A1) | ||||||||||||||||
| 177,208 | FHLMC Multifamily Structured Pass Through Certificates | 3.342 | 12/25/19 | 183,468 | ||||||||||||
| Series - 2010 K007 (Class A1) | ||||||||||||||||
| 3,118,763 | FHLMC Multifamily Structured Pass Through Certificates | 1.459 | 09/25/21 | 3,122,156 | ||||||||||||
| Series - 2012 K019 (Class A1) | ||||||||||||||||
| 3,000,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.307 | 08/25/22 | 3,007,032 | ||||||||||||
| Series - 2012 K023 (Class A2) | ||||||||||||||||
| 446,413 | FHLMC Multifamily Structured Pass Through Certificates | 2.779 | 09/25/22 | 466,037 | ||||||||||||
| Series - 2013 K030 (Class A1) | ||||||||||||||||
| 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.510 | 11/25/22 | 505,823 | ||||||||||||
| Series - 2013 K026 (Class A2) | ||||||||||||||||
| 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.637 | 01/25/23 | 509,255 | ||||||||||||
| Series - 2013 K027 (Class A2) | ||||||||||||||||
| 94,842 | FHLMC Multifamily Structured Pass Through Certificates | 2.669 | 02/25/23 | 98,444 | ||||||||||||
| Series - 2013 K034 (Class A1) | ||||||||||||||||
| 135 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 3,000,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.060 | % | 07/25/23 | $ | 3,128,238 | ||||||||
| Series - 2013 K033 (Class A2) | ||||||||||||||||
| 500,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.531 | 07/25/23 | 537,374 | |||||||||||
| Series - 2013 K034 (Class A2) | ||||||||||||||||
| 1,500,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.527 | 10/25/23 | 1,608,405 | |||||||||||
| Series - 2014 K036 (Class A2) | ||||||||||||||||
| 3,000,000 | FHLMC Multifamily Structured Pass Through Certificates | 3.023 | 01/25/25 | 3,078,867 | ||||||||||||
| Series - 2015 K045 (Class A2) | ||||||||||||||||
| 163,619 | Ford Credit Auto Owner Trust | 0.550 | 07/15/17 | 163,562 | ||||||||||||
| Series - 2013 2013-A (Class A3) | ||||||||||||||||
| 820,000 | Ford Credit Auto Owner Trust | 1.320 | 01/15/19 | 823,885 | ||||||||||||
| Series - 2013 2013-B (Class C) | ||||||||||||||||
| 500,000 | Ford Credit Auto Owner Trust | 1.820 | 11/15/19 | 503,545 | ||||||||||||
| Series - 2013 2013-B (Class D) | ||||||||||||||||
| 1,900,000 | GE Capital Credit Card Master Note Trust | 1.360 | 08/17/20 | 1,900,866 | ||||||||||||
| Series - 2012 6 (Class A) | ||||||||||||||||
| 227,000 | Hyundai Auto Receivables Trust | 2.100 | 11/15/19 | 227,769 | ||||||||||||
| Series - 2014 B (Class C) | ||||||||||||||||
| 2,000,000 | Hyundai Auto Receivables Trust | 2.300 | 07/15/22 | 2,006,442 | ||||||||||||
| Series - 2015 B (Class C) | ||||||||||||||||
| 247,940 | Nissan Auto Receivables Owner Trust | 1.000 | 07/16/18 | 248,191 | ||||||||||||
| Series - 2012 A (Class A4) | ||||||||||||||||
| 9,070 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 9,167 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 15,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 15,474 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 200,000 | Santander Drive Auto Receivables Trust | 3.300 | 09/17/18 | 204,079 | ||||||||||||
| Series - 2012 2012-5 (Class D) | ||||||||||||||||
| 1,500,000 | Santander Drive Auto Receivables Trust | 2.270 | 01/15/19 | 1,509,297 | ||||||||||||
| Series - 2013 2013-1 (Class D) | ||||||||||||||||
| 300,000 | Santander Drive Auto Receivables Trust | 1.950 | 03/15/19 | 301,634 | ||||||||||||
| Series - 2013 2013-2 (Class C) | ||||||||||||||||
| 2,000,000 | Santander Drive Auto Receivables Trust | 2.360 | 04/15/20 | 2,012,888 | ||||||||||||
| Series - 2014 2014-1 (Class C) | ||||||||||||||||
| 572,000 | Santander Drive Auto Receivables Trust | 2.460 | 06/15/20 | 574,751 | ||||||||||||
| Series - 2014 5 (Class C) | ||||||||||||||||
| 120,000 | Toyota Auto Receivables Owner Trust | 0.670 | 12/15/17 | 119,903 | ||||||||||||
| Series - 2014 A (Class A3) | ||||||||||||||||
| 100,000 | Volkswagen Auto Loan Enhanced Trust | 0.660 | 03/20/19 | 99,815 | ||||||||||||
| Series - 2012 2 (Class A4) | ||||||||||||||||
| 15,000 | g | Vornado DP LLC | 4.004 | 09/13/28 | 16,170 | |||||||||||
| Series - 2010 VNO (Class A2FX) | ||||||||||||||||
| 1,060,000 | World Omni Auto Receivables Trust | 1.680 | 12/15/20 | 1,069,363 | ||||||||||||
| Series - 2014 B (Class A4) | ||||||||||||||||
| TOTAL ASSET BACKED | 50,947,542 | |||||||||||||||
| OTHER MORTGAGE BACKED - 1.6% | ||||||||||||||||
| 95,513 | i | Banc of America Commercial Mortgage, Inc | 5.889 | 07/10/44 | 97,077 | |||||||||||
| Series - 2006 3 (Class A4) | ||||||||||||||||
| 450,000 | Banc of America Commercial Mortgage, Inc | 5.356 | 10/10/45 | 458,675 | ||||||||||||
| Series - 2006 6 (Class A4) | ||||||||||||||||
| 136 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 262,681 | i | Banc of America Merrill Lynch Commercial Mortgage, Inc | 5.315 | % | 09/10/47 | $ | 262,406 | ||||||||
| Series - 2005 6 (Class A4) | ||||||||||||||||
| 1,277,111 | Bear Stearns Commercial Mortgage Securities | 5.201 | 12/11/38 | 1,318,359 | ||||||||||||
| Series - 2006 PW14 (Class A4) | ||||||||||||||||
| 165,643 | i | Bear Stearns Commercial Mortgage Securities | 5.603 | 03/11/39 | 166,380 | |||||||||||
| Series - 2006 PW11 (Class A4) | ||||||||||||||||
| 200,000 | i | Bear Stearns Commercial Mortgage Securities | 5.895 | 06/11/40 | 211,213 | |||||||||||
| Series - 2007 PW16 (Class A4) | ||||||||||||||||
| 437,751 | Bear Stearns Commercial Mortgage Securities | 5.537 | 10/12/41 | 450,007 | ||||||||||||
| Series - 2006 T24 (Class A4) | ||||||||||||||||
| 1,000,000 | i | Bear Stearns Commercial Mortgage Securities | 5.694 | 06/11/50 | 1,056,009 | |||||||||||
| Series - 2007 PW17 (Class A4) | ||||||||||||||||
| 500,000 | Bear Stearns Commercial Mortgage Securities | 5.700 | 06/11/50 | 527,616 | ||||||||||||
| Series - 2007 PW18 (Class A4) | ||||||||||||||||
| 6,714 | Bear Stearns Commercial Mortgage Securities | 5.736 | 06/11/50 | 6,706 | ||||||||||||
| Series - 2007 PW17 (Class A3) | ||||||||||||||||
| 750,000 | Citigroup Commercial Mortgage Trust | 1.987 | 04/10/46 | 756,548 | ||||||||||||
| Series - 2013 2013-GC11 (Class A2) | ||||||||||||||||
| 1,053,000 | Citigroup Commercial Mortgage Trust | 3.422 | 04/10/46 | 1,073,506 | ||||||||||||
| Series - 2013 2013-GC11 (Class AS) | ||||||||||||||||
| 255,000 | Citigroup Commercial Mortgage Trust | 4.023 | 03/10/47 | 274,836 | ||||||||||||
| Series - 2014 2014-GC19 (Class A4) | ||||||||||||||||
| 500,000 | Citigroup Commercial Mortgage Trust | 3.635 | 10/10/47 | 521,138 | ||||||||||||
| Series - 2014 2014-GC25 (Class A4) | ||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 3.137 | 02/10/48 | 996,458 | ||||||||||||
| Series - 2015 GC27 (Class A5) | ||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 3.571 | 02/10/48 | 1,006,317 | ||||||||||||
| Series - 2015 GC27 (Class AS) | ||||||||||||||||
| 684,784 | i | Citigroup Commercial Mortgage Trust | 6.349 | 12/10/49 | 731,133 | |||||||||||
| Series - 2008 2008-C7 (Class A4) | ||||||||||||||||
| 585,000 | Citigroup Commercial Mortgage Trust | 5.322 | 12/11/49 | 604,010 | ||||||||||||
| Series - 2007 2007-CD4 (Class A4) | ||||||||||||||||
| 152,137 | i | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.289 | 07/15/44 | 152,070 | |||||||||||
| Series - 2005 CD1 (Class AJ) | ||||||||||||||||
| 2,000,000 | COMM Mortgage Trust | 3.039 | 12/10/18 | 2,075,424 | ||||||||||||
| Series - 2013 CR13 (Class A2) | ||||||||||||||||
| 691,498 | COMM Mortgage Trust | 2.256 | 12/10/44 | 698,497 | ||||||||||||
| Series - 2012 LC4 (Class A2) | ||||||||||||||||
| 580,000 | COMM Mortgage Trust | 4.063 | 12/10/44 | 623,882 | ||||||||||||
| Series - 2012 LC4 (Class AM) | ||||||||||||||||
| 500,000 | COMM Mortgage Trust | 2.752 | 08/15/45 | 515,674 | ||||||||||||
| Series - 2012 CR2 (Class ASB) | ||||||||||||||||
| 749,000 | COMM Mortgage Trust | 1.906 | 01/10/46 | 750,109 | ||||||||||||
| Series - 2013 LC6 (Class A2) | ||||||||||||||||
| 400,000 | COMM Mortgage Trust | 2.941 | 01/10/46 | 407,360 | ||||||||||||
| Series - 2013 LC6 (Class A4) | ||||||||||||||||
| 524,000 | COMM Mortgage Trust | 3.213 | 03/10/46 | 540,569 | ||||||||||||
| Series - 0 CR7 (Class A4) | ||||||||||||||||
| 341,292 | i | COMM Mortgage Trust | 5.954 | 06/10/46 | 346,321 | |||||||||||
| Series - 2006 C7 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.046 | 10/10/46 | 1,082,734 | ||||||||||||
| Series - 2013 CR12 (Class A4) | ||||||||||||||||
| 500,000 | COMM Mortgage Trust | 4.258 | 10/10/46 | 548,430 | ||||||||||||
| Series - 2013 CR11 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 2.928 | 02/10/47 | 1,036,404 | ||||||||||||
| Series - 2014 CR15 (Class A2) | ||||||||||||||||
| 137 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | COMM Mortgage Trust | 3.961 | % | 03/10/47 | $ | 536,257 | |||||||||
| Series - 2014 A5 (Class A5) | ||||||||||||||||
| 970,362 | COMM Mortgage Trust | 2.840 | 04/10/47 | 1,002,735 | ||||||||||||
| Series - 2014 LC15 (Class A2) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.051 | 04/10/47 | 1,078,487 | ||||||||||||
| Series - 2014 CR16 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.819 | 06/10/47 | 1,061,089 | ||||||||||||
| Series - 2014 UBS3 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.694 | 08/10/47 | 1,048,238 | ||||||||||||
| Series - 2014 UBS4 (Class A5) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.590 | 11/10/47 | 1,040,325 | ||||||||||||
| Series - 2014 CR20 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.339 | 12/10/47 | 1,033,349 | ||||||||||||
| Series - 2014 CR21 (Class B) | ||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 4.406 | 02/10/48 | 973,419 | |||||||||||
| Series - 2015 LC19 (Class C) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.759 | 08/10/48 | 1,049,266 | ||||||||||||
| Series - 2015 CR25 (Class A4) | ||||||||||||||||
| 255,000 | i | COMM Mortgage Trust | 5.989 | 12/10/49 | 270,339 | |||||||||||
| Series - 2007 C9 (Class A4) | ||||||||||||||||
| 300,000 | i | COMM Mortgage Trust | 6.230 | 12/10/49 | 318,786 | |||||||||||
| Series - 2008 LS1 (Class ASM) | ||||||||||||||||
| 297,396 | i | Credit Suisse Mortgage Capital Certificates | 5.609 | 02/15/39 | 297,732 | |||||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 151,149 | Credit Suisse Mortgage Capital Certificates | 5.467 | 09/15/39 | 154,380 | ||||||||||||
| Series - 2006 C4 (Class A3) | ||||||||||||||||
| 2,100,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 2,164,487 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 67,993 | i | CS First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 67,936 | |||||||||||
| Series - 2005 C5 (Class AJ) | ||||||||||||||||
| 217,324 | i | Greenwich Capital Commercial Funding Corp | 5.277 | 04/10/37 | 217,258 | |||||||||||
| Series - 2005 GG5 (Class AM) | ||||||||||||||||
| 465,166 | Greenwich Capital Commercial Funding Corp | 5.444 | 03/10/39 | 482,847 | ||||||||||||
| Series - 2007 GG9 (Class A4) | ||||||||||||||||
| 1,989,132 | Greenwich Capital Commercial Funding Corp | 5.736 | 12/10/49 | 2,088,141 | ||||||||||||
| Series - 2007 GG11 (Class A4) | ||||||||||||||||
| 740,000 | i | GS Mortgage Securities Corp II | 5.622 | 04/10/38 | 745,820 | |||||||||||
| Series - 2006 GG6 (Class AM) | ||||||||||||||||
| 434,000 | GS Mortgage Securities Corp II | 3.314 | 01/10/45 | 455,179 | ||||||||||||
| Series - 0 GC6 (Class AAB) | ||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 2.943 | 02/10/46 | 303,295 | ||||||||||||
| Series - 2013 GC10 (Class A5) | ||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 3.279 | 02/10/46 | 303,364 | ||||||||||||
| Series - 2013 GC10 (Class AS) | ||||||||||||||||
| 1,731,000 | GS Mortgage Securities Trust | 3.707 | 08/10/44 | 1,845,824 | ||||||||||||
| Series - 2011 GC5 (Class A4) | ||||||||||||||||
| 500,000 | GS Mortgage Securities Trust | 3.482 | 01/10/45 | 528,145 | ||||||||||||
| Series - 2012 GC6 (Class A3) | ||||||||||||||||
| 195,000 | GS Mortgage Securities Trust | 4.740 | 05/10/45 | 212,466 | ||||||||||||
| Series - 0 GCJ7 (Class B) | ||||||||||||||||
| 250,000 | GS Mortgage Securities Trust | 1.840 | 02/10/46 | 251,846 | ||||||||||||
| Series - 2013 GC10 (Class A2) | ||||||||||||||||
| 138 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | GS Mortgage Securities Trust | 3.135 | % | 06/10/46 | $ | 510,641 | |||||||||
| Series - 2013 GC12 (Class A4) | ||||||||||||||||
| 511,000 | GS Mortgage Securities Trust | 3.813 | 11/10/46 | 547,559 | ||||||||||||
| Series - 2013 GC16 (Class AAB) | ||||||||||||||||
| 200,000 | GS Mortgage Securities Trust | 2.924 | 01/10/47 | 206,670 | ||||||||||||
| Series - 2014 GC18 (Class A2) | ||||||||||||||||
| 1,000,000 | GS Mortgage Securities Trust | 4.074 | 01/10/47 | 1,076,914 | ||||||||||||
| Series - 2014 GC18 (Class A4) | ||||||||||||||||
| 1,500,000 | GS Mortgage Securities Trust | 3.964 | 11/10/47 | 1,563,181 | ||||||||||||
| Series - 2014 GC26 (Class AS) | ||||||||||||||||
| 1,900,000 | GS Mortgage Securities Trust | 3.136 | 02/10/48 | 1,910,870 | ||||||||||||
| Series - 2015 GC28 (Class A4) | ||||||||||||||||
| 90,000 | g | JP Morgan Chase Commercial Mortgage Securities Corp | 5.633 | 12/05/27 | 101,961 | |||||||||||
| Series - 2009 IWST (Class A2) | ||||||||||||||||
| 19,681 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.115 | 07/15/41 | 19,676 | ||||||||||||
| Series - 2004 LN2 (Class A2) | ||||||||||||||||
| 1,072,012 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.429 | 12/12/43 | 1,103,075 | ||||||||||||
| Series - 2006 CB17 (Class A4) | ||||||||||||||||
| 200,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 6.100 | 04/15/45 | 204,635 | |||||||||||
| Series - 2006 LDP7 (Class AM) | ||||||||||||||||
| 300,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.372 | 05/15/45 | 321,180 | |||||||||||
| Series - 2012 C6 (Class D) | ||||||||||||||||
| 300,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.483 | 06/15/45 | 316,585 | ||||||||||||
| Series - 2012 CBX (Class A4) | ||||||||||||||||
| 500,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 3.994 | 01/15/46 | 539,837 | |||||||||||
| Series - 2013 C13 (Class A4) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 1.855 | 04/15/46 | 503,522 | ||||||||||||
| Series - 2013 LC11 (Class A2) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.171 | 08/15/46 | 546,941 | ||||||||||||
| Series - 2011 C5 (Class A3) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.166 | 12/15/46 | 545,044 | ||||||||||||
| Series - 2013 C16 (Class A4) | ||||||||||||||||
| 1,414,270 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.336 | 05/15/47 | 1,461,453 | ||||||||||||
| Series - 2006 LDP9 (Class A3) | ||||||||||||||||
| 893,238 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.440 | 06/12/47 | 925,265 | ||||||||||||
| Series - 2007 CB18 (Class A4) | ||||||||||||||||
| 413,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.702 | 12/15/47 | 421,148 | ||||||||||||
| Series - 2013 C10 (Class ASB) | ||||||||||||||||
| 300,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.840 | 12/15/47 | 303,598 | ||||||||||||
| Series - 2012 LC9 (Class A5) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.143 | 12/15/47 | 513,595 | ||||||||||||
| Series - 2013 C10 (Class A5) | ||||||||||||||||
| 574,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.372 | 12/15/47 | 585,184 | ||||||||||||
| Series - 2013 C10 (Class AS) | ||||||||||||||||
| 356,425 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.961 | 06/15/49 | 358,988 | |||||||||||
| Series - 2007 LD11 (Class A3) | ||||||||||||||||
| 860,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.961 | 06/15/49 | 892,002 | |||||||||||
| Series - 2007 LD11 (Class A4) | ||||||||||||||||
| 500,000 | JPMBB Commercial Mortgage Securities Trust | 3.801 | 09/15/47 | 527,113 | ||||||||||||
| Series - 2014 C22 (Class A4) | ||||||||||||||||
| 1,500,000 | JPMBB Commercial Mortgage Securities Trust | 2.940 | 11/15/47 | 1,556,433 | ||||||||||||
| Series - 2014 C24 (Class A2) | ||||||||||||||||
| 139 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 142,425 | LB-UBS Commercial Mortgage Trust | 5.156 | % | 02/15/31 | $ | 142,643 | |||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 124,671 | LB-UBS Commercial Mortgage Trust | 5.372 | 09/15/39 | 127,938 | ||||||||||||
| Series - 2006 C6 (Class A4) | ||||||||||||||||
| 200,000 | i | LB-UBS Commercial Mortgage Trust | 5.452 | 09/15/39 | 206,498 | |||||||||||
| Series - 2006 C6 (Class AJ) | ||||||||||||||||
| 1,337,312 | LB-UBS Commercial Mortgage Trust | 5.424 | 02/15/40 | 1,389,435 | ||||||||||||
| Series - 2007 C1 (Class A4) | ||||||||||||||||
| 789,519 | LB-UBS Commercial Mortgage Trust | 5.430 | 02/15/40 | 822,615 | ||||||||||||
| Series - 2007 C2 (Class A3) | ||||||||||||||||
| 600,000 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 636,573 | |||||||||||
| Series - 2007 C6 (Class AM) | ||||||||||||||||
| 298,682 | i | LB-UBS Commercial Mortgage Trust | 5.866 | 09/15/45 | 321,672 | |||||||||||
| Series - 2007 C7 (Class A3) | ||||||||||||||||
| 123,322 | i | Merrill Lynch Mortgage Trust | 5.597 | 11/12/37 | 123,272 | |||||||||||
| Series - 2005 CKI1 (Class AJ) | ||||||||||||||||
| 235,000 | i | Merrill Lynch Mortgage Trust | 5.865 | 05/12/39 | 237,354 | |||||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 67,087 | i | Merrill Lynch Mortgage Trust | 6.032 | 06/12/50 | 67,242 | |||||||||||
| Series - 2007 C1 (Class A3) | ||||||||||||||||
| 342,168 | i | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.648 | 02/12/39 | 344,112 | |||||||||||
| Series - 2006 1 (Class A4) | ||||||||||||||||
| 164,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.506 | 11/15/45 | 166,442 | ||||||||||||
| Series - 2012 2012-C6 (Class A3) | ||||||||||||||||
| 60,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.918 | 02/15/46 | 60,561 | ||||||||||||
| Series - 2013 2013-C7 (Class A4) | ||||||||||||||||
| 750,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.102 | 05/15/46 | 763,534 | ||||||||||||
| Series - 2013 2013-C9 (Class A4) | ||||||||||||||||
| 500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.456 | 05/15/46 | 510,428 | ||||||||||||
| Series - 2013 2013-C9 (Class AS) | ||||||||||||||||
| 240,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 3.708 | 05/15/46 | 242,014 | |||||||||||
| Series - 2013 2013-C9 (Class B) | ||||||||||||||||
| 200,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.824 | 10/15/46 | 213,843 | ||||||||||||
| Series - 2013 2013-C12 (Class ASB) | ||||||||||||||||
| 400,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.916 | 02/15/47 | 414,601 | ||||||||||||
| Series - 2014 2014-C14 (Class A2) | ||||||||||||||||
| 567,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.669 | 02/15/47 | 598,359 | ||||||||||||
| Series - 2014 2014-C14 (Class A3) | ||||||||||||||||
| 1,250,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.654 | 04/15/47 | 1,325,001 | ||||||||||||
| Series - 2014 2014-C15 (Class ASB) | ||||||||||||||||
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.892 | 06/15/47 | 2,124,528 | ||||||||||||
| Series - 2014 2014-C16 (Class A5) | ||||||||||||||||
| 3,500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.249 | 02/15/48 | 3,533,471 | ||||||||||||
| Series - 2015 C20 (Class A4) | ||||||||||||||||
| 1,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.732 | 05/15/48 | 1,044,529 | ||||||||||||
| Series - 2015 C24 (Class A4) | ||||||||||||||||
| 590,000 | Morgan Stanley Capital I | 5.364 | 03/15/44 | 613,019 | ||||||||||||
| Series - 2007 IQ13 (Class A4) | ||||||||||||||||
| 147,403 | i | Morgan Stanley Capital I | 5.731 | 07/12/44 | 149,302 | |||||||||||
| Series - 2006 HQ9 (Class A4) | ||||||||||||||||
| 250,000 | Morgan Stanley Capital I | 2.111 | 03/15/45 | 252,335 | ||||||||||||
| Series - 2012 C4 (Class A2) | ||||||||||||||||
| 140 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,250,000 | Morgan Stanley Capital I | 3.244 | % | 03/15/45 | $ | 1,297,045 | |||||||||
| Series - 2012 C4 (Class A4) | ||||||||||||||||
| 1,550,000 | i | Morgan Stanley Capital I | 5.692 | 04/15/49 | 1,617,055 | |||||||||||
| Series - 2007 IQ14 (Class A4) | ||||||||||||||||
| 205,000 | i | Morgan Stanley Capital I | 5.544 | 11/12/49 | 214,416 | |||||||||||
| Series - 2007 T25 (Class AM) | ||||||||||||||||
| 1,634,319 | Morgan Stanley Capital I | 5.809 | 12/12/49 | 1,738,237 | ||||||||||||
| Series - 2007 IQ16 (Class A4) | ||||||||||||||||
| 209,746 | Morgan Stanley Capital I | 4.770 | 07/15/56 | 212,266 | ||||||||||||
| Series - 0 IQ9 (Class AJ) | ||||||||||||||||
| 693,294 | Morgan Stanley Capital I Trust | 5.569 | 12/15/44 | 731,151 | ||||||||||||
| Series - 2007 HQ13 (Class A3) | ||||||||||||||||
| 332,579 | i | TIAA Seasoned Commercial Mortgage Trust | 5.477 | 08/15/39 | 333,650 | |||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||
| 1,500,000 | UBS Barclays Commercial Mortgage Trust | 3.185 | 03/10/46 | 1,537,967 | ||||||||||||
| Series - 2013 C5 (Class A4) | ||||||||||||||||
| 500,000 | UBS Barclays Commercial Mortgage Trust | 3.244 | 04/10/46 | 514,298 | ||||||||||||
| Series - 0 C6 (Class A4) | ||||||||||||||||
| 1,000,000 | UBS Barclays Commercial Mortgage Trust | 3.525 | 05/10/63 | 1,053,839 | ||||||||||||
| Series - 2012 C2 (Class A4) | ||||||||||||||||
| 400,000 | UBS Citigroup Commercial Mortgage Trust | 3.595 | 01/10/45 | 424,570 | ||||||||||||
| Series - 2011 C1 (Class A3) | ||||||||||||||||
| 100,000 | UBS Commercial Mortgage Trust | 4.822 | 05/10/45 | 107,713 | ||||||||||||
| Series - 2012 C1 (Class B) | ||||||||||||||||
| 100,000 | Wachovia Bank Commercial Mortgage Trust | 5.342 | 12/15/43 | 103,457 | ||||||||||||
| Series - 2007 2007-C30 (Class A5) | ||||||||||||||||
| 105,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.515 | 01/15/45 | 105,787 | |||||||||||
| Series - 2006 2006-C23 (Class AJ) | ||||||||||||||||
| 760,328 | i | Wachovia Bank Commercial Mortgage Trust | 5.765 | 07/15/45 | 774,379 | |||||||||||
| Series - 2006 2006-C27 (Class A3) | ||||||||||||||||
| 730,370 | Wachovia Bank Commercial Mortgage Trust | 5.678 | 05/15/46 | 771,150 | ||||||||||||
| Series - 2007 2007-C34 (Class A3) | ||||||||||||||||
| 300,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.603 | 10/15/48 | 311,054 | |||||||||||
| Series - 2006 2006-C28 (Class AM) | ||||||||||||||||
| 200,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.150 | 02/15/51 | 214,602 | |||||||||||
| Series - 2007 2007-C33 (Class A5) | ||||||||||||||||
| 1,174,527 | i | Wachovia Bank Commercial Mortgage Trust | 6.150 | 02/15/51 | 1,227,147 | |||||||||||
| Series - 2007 2007-C33 (Class A4) | ||||||||||||||||
| 250,000 | i | WF-RBS Commercial Mortgage Trust | 4.994 | 06/15/45 | 264,117 | |||||||||||
| Series - 0 C7 (Class C) | ||||||||||||||||
| 400,000 | WF-RBS Commercial Mortgage Trust | 3.001 | 08/15/45 | 408,729 | ||||||||||||
| Series - 2012 C8 (Class A3) | ||||||||||||||||
| 775,000 | WF-RBS Commercial Mortgage Trust | 3.241 | 12/15/45 | 783,273 | ||||||||||||
| Series - 2012 C10 (Class AS) | ||||||||||||||||
| 600,000 | WF-RBS Commercial Mortgage Trust | 3.337 | 06/15/46 | 620,525 | ||||||||||||
| Series - 2013 C14 (Class A5) | ||||||||||||||||
| 500,000 | i | WF-RBS Commercial Mortgage Trust | 4.646 | 03/15/47 | 507,624 | |||||||||||
| Series - 2014 C19 (Class C) | ||||||||||||||||
| 1,000,000 | i | WF-RBS Commercial Mortgage Trust | 4.723 | 03/15/47 | 1,065,244 | |||||||||||
| Series - 2014 C19 (Class B) | ||||||||||||||||
| 3,000,000 | WF-RBS Commercial Mortgage Trust | 3.635 | 05/15/47 | 3,152,817 | ||||||||||||
| Series - 2014 C20 (Class A3) | ||||||||||||||||
| 141 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 196,757 | WF-RBS Commercial Mortgage Trust | 0.735 | % | 03/15/48 | $ | 195,851 | |||||||||
| Series - 2013 C12 (Class A1) | ||||||||||||||||
| 500,000 | WF-RBS Commercial Mortgage Trust | 3.198 | 03/15/48 | 514,291 | ||||||||||||
| Series - 2013 C12 (Class A4) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 93,623,523 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 144,571,065 | |||||||||||||||
| (Cost $143,160,447) | ||||||||||||||||
| TOTAL BONDS | 5,912,375,890 | |||||||||||||||
| (Cost $5,834,679,812) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 0.6% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.6% | ||||||||||||||||
| 10,000,000 | Federal Home Loan Bank (FHLB) | 0.120 | 10/09/15 | 9,999,930 | ||||||||||||
| 30,000,000 | FHLB | 0.075 | 11/20/15 | 29,997,240 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 39,997,170 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 39,997,170 | |||||||||||||||
| (Cost $39,996,608) | ||||||||||||||||
| TOTAL INVESTMENTS - 100.0% | 5,952,373,060 | |||||||||||||||
| (Cost $5,874,676,420) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% | (2,250,099 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 5,950,122,961 | ||||||||||||||
| 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 9/30/2015, the aggregate value of these securities was $29,762,609 or 0.5% 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. | ||
| j | Zero coupon | ||
| 142 |
TIAA-CREF FUNDS - Bond Plus Fund
TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 4.4% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||
| $ | 1,985,000 | i | Dealer Tire LLC | 5.500 | % | 12/22/21 | $ | 1,993,694 | ||||||||
| 3,960,000 | i | Gates Global LLC | 4.250 | 07/05/21 | 3,745,012 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 5,738,706 | |||||||||||||||
| CAPITAL GOODS - 0.2% | ||||||||||||||||
| 975,000 | i | CHI Overhead Doors, Inc | 4.750 | 07/31/22 | 972,865 | |||||||||||
| 1,826,908 | i | Otter Products LLC | 5.750 | 06/03/20 | 1,778,185 | |||||||||||
| 1,400,000 | i | Plaze, Inc | 5.250 | 07/31/22 | 1,396,500 | |||||||||||
| 2,568,504 | i | TransDigm, Inc | 3.750 | 02/28/20 | 2,533,649 | |||||||||||
| TOTAL CAPITAL GOODS | 6,681,199 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.2% | ||||||||||||||||
| 592,903 | i | AECOM Technology Corp | 3.750 | 10/17/21 | 593,086 | |||||||||||
| 2,487,406 | i | Connolly Corp | 4.500 | 05/14/21 | 2,476,013 | |||||||||||
| 3,180,963 | i | Creative Artists Agency LLC | 9.000 | 12/17/21 | 3,182,299 | |||||||||||
| 1,110,000 | h,i | Staples, Inc | 3.500 | 04/24/21 | 1,103,484 | |||||||||||
| 318,316 | i | WASH Multifamily Laundry Systems LLC | 4.250 | 05/16/22 | 313,541 | |||||||||||
| 55,746 | i | WASH Multifamily Laundry Systems LLC | 4.250 | 05/16/22 | 54,910 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 7,723,333 | |||||||||||||||
| CONSUMER SERVICES - 0.7% | ||||||||||||||||
| 2,402,778 | i | Hilton Worldwide | 3.500 | 10/26/20 | 2,394,752 | |||||||||||
| 5,000,000 | i | Jackson Hewitt Tax Service, Inc | 8.000 | 06/25/21 | 4,900,000 | |||||||||||
| 5,000,000 | i | Knowledge Universe Education LLC | 6.000 | 08/13/22 | 4,925,000 | |||||||||||
| 926,409 | i | Marina District Finance Co, Inc | 6.500 | 08/15/18 | 932,181 | |||||||||||
| 583,500 | i | MGM Resorts International | 3.500 | 12/20/19 | 578,540 | |||||||||||
| 493,095 | i | Pinnacle Entertainment, Inc | 3.750 | 08/13/20 | 492,301 | |||||||||||
| 6,093,919 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 5,968,262 | |||||||||||
| TOTAL CONSUMER SERVICES | 20,191,036 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.5% | ||||||||||||||||
| 8,000,000 | h,i | DTZ US Borrower LLC | 4.250 | 11/04/21 | 7,907,520 | |||||||||||
| 1,985,025 | i | DTZ US Borrower LLC | 4.250 | 11/04/21 | 1,962,078 | |||||||||||
| 684,829 | i | TransFirst, Inc | 4.750 | 11/12/21 | 682,693 | |||||||||||
| 4,013,875 | i | TransUnion LLC | 3.500 | 04/09/21 | 3,968,719 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 14,521,010 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.1% | ||||||||||||||||
| 3,267,624 | i | Albertson’s Holdings LLC | 5.500 | 08/25/21 | 3,265,598 | |||||||||||
| 1,000,000 | i | Rite Aid Corp | 5.750 | 08/21/20 | 1,010,000 | |||||||||||
| 1,500,000 | i | Rite Aid Corp | 4.875 | 06/21/21 | 1,500,000 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 5,775,598 | |||||||||||||||
| 143 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.0% | ||||||||||||||||
| $ | 1,430,000 | i | Hostess Brands LLC | 4.500 | % | 08/03/22 | $ | 1,430,429 | ||||||||
| 236,013 | i | Post Holdings, Inc | 3.750 | 06/02/21 | 235,836 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 1,666,265 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.4% | ||||||||||||||||
| 640,250 | i | Accellent, Inc | 4.500 | 03/12/21 | 638,848 | |||||||||||
| 2,426,643 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 2,416,669 | |||||||||||
| 2,671,200 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 2,663,961 | |||||||||||
| 2,940,000 | i | HCA, Inc | 3.077 | 05/01/18 | 2,935,972 | |||||||||||
| 2,940,101 | i | Kinetic Concepts, Inc | 4.500 | 05/04/18 | 2,930,310 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 11,585,760 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 2,788,523 | i | Visant Corp | 7.000 | 09/23/21 | 2,560,784 | |||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,560,784 | |||||||||||||||
| INSURANCE - 0.1% | ||||||||||||||||
| 3,789,782 | i | Acrisure LLC | 5.250 | 05/19/22 | 3,666,614 | |||||||||||
| 1,191,496 | i | USI, Inc | 4.250 | 12/27/19 | 1,177,592 | |||||||||||
| TOTAL INSURANCE | 4,844,206 | |||||||||||||||
| MATERIALS - 0.3% | ||||||||||||||||
| 1,339,875 | i | Eco Services Operations LLC | 4.750 | 12/04/21 | 1,333,176 | |||||||||||
| 2,188,889 | i | Signode Industrial Group US, Inc | 3.750 | 05/01/21 | 2,169,736 | |||||||||||
| 800,000 | i | Solenis International LP | 7.750 | 07/31/22 | 761,336 | |||||||||||
| 3,969,876 | i | Tronox Pigments BV | 4.250 | 03/19/20 | 3,456,888 | |||||||||||
| TOTAL MATERIALS | 7,721,136 | |||||||||||||||
| MEDIA - 0.5% | ||||||||||||||||
| 5,250,000 | i | CDS US Intermediate Holdings, Inc | 5.000 | 07/08/22 | 5,245,065 | |||||||||||
| 1,236,173 | i | CSC Holdings LLC | 2.694 | 04/17/20 | 1,226,704 | |||||||||||
| 2,375,000 | i | CSC Holdings LLC | 5.000 | 09/25/22 | 2,359,563 | |||||||||||
| 1,613,700 | i | Time, Inc | 4.250 | 04/26/21 | 1,607,649 | |||||||||||
| 1,974,634 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 1,960,437 | |||||||||||
| 1,346,642 | i | Virgin Media Investment Holdings Ltd | 3.500 | 06/30/23 | 1,325,608 | |||||||||||
| TOTAL MEDIA | 13,725,026 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1% | ||||||||||||||||
| 400,000 | i | Endo Luxembourg Finance I Co Sarl | 3.750 | 09/26/22 | 398,376 | |||||||||||
| 3,000,000 | i | NBTY, Inc | 3.500 | 10/01/17 | 2,976,000 | |||||||||||
| 174,125 | i | Valeant Pharmaceuticals International, Inc | 4.000 | 04/01/22 | 172,145 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,546,521 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 4,425,665 | i | Avago Technologies Ltd | 3.750 | 05/06/21 | 4,419,204 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,419,204 | |||||||||||||||
| SOFTWARE & SERVICES - 0.6% | ||||||||||||||||
| 1,100,000 | i | Asurion LLC | 8.500 | 03/03/21 | 985,600 | |||||||||||
| 2,375,000 | i | Evergreen Skills Lux S.a.r.l. | 9.250 | 04/28/22 | 2,018,750 | |||||||||||
| 1,938,121 | i | IMS Health, Inc | 3.500 | 03/17/21 | 1,927,228 | |||||||||||
| 144 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,297,976 | i | Infor US, Inc | 3.750 | % | 06/03/20 | $ | 1,254,442 | ||||||||
| 2,163,447 | i | Mitchell International, Inc | 4.500 | 10/13/20 | 2,151,288 | |||||||||||
| 3,000,000 | i | Mitchell International, Inc | 8.500 | 10/11/21 | 2,982,510 | |||||||||||
| 1,317,468 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 1,319,945 | |||||||||||
| 2,202,737 | i | ProQuest LLC | 5.250 | 10/24/21 | 2,199,059 | |||||||||||
| 351,570 | i | SS&C Technologies Holdings Europe SARL | 4.000 | 07/08/22 | 351,791 | |||||||||||
| 2,222,422 | i | SS&C Technologies Holdings, Inc | 4.000 | 07/08/22 | 2,223,822 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 17,414,435 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.3% | ||||||||||||||||
| 3,042,375 | i | CommScope, Inc | 3.750 | 12/29/22 | 3,036,047 | |||||||||||
| 1,965,000 | i | Scientific Games International, Inc | 6.000 | 10/18/20 | 1,937,274 | |||||||||||
| 1,980,050 | i | Sensata Technologies BV | 3.000 | 10/11/21 | 1,975,100 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 6,948,421 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.0% | ||||||||||||||||
| 882,500 | h,i | Internap Network Services Corp | 6.000 | 11/26/19 | 878,088 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 878,088 | |||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||
| 242,500 | i | Calpine Corp | 4.000 | 10/09/19 | 241,792 | |||||||||||
| TOTAL UTILITIES | 241,792 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 136,182,520 | |||||||||||||||
| (Cost $137,693,502) | ||||||||||||||||
| BONDS – 89.1% | ||||||||||||||||
| CORPORATE BONDS - 41.5% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.4% | ||||||||||||||||
| 1,000,000 | Ford Motor Co | 7.450 | 07/16/31 | 1,242,675 | ||||||||||||
| 2,750,000 | g | Gates Global LLC | 6.000 | 07/15/22 | 2,213,750 | |||||||||||
| 2,000,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 1,836,368 | ||||||||||||
| 1,450,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,408,586 | ||||||||||||
| 325,000 | Magna International, Inc | 4.150 | 10/01/25 | 325,167 | ||||||||||||
| 1,850,000 | g | Schaeffler Finance BV | 4.750 | 05/15/23 | 1,785,250 | |||||||||||
| 175,000 | g,o | Schaeffler Holding Finance BV | 6.875 | 08/15/18 | 180,469 | |||||||||||
| 860,000 | g,o | Schaeffler Holding Finance BV | 6.250 | 11/15/19 | 911,600 | |||||||||||
| 705,000 | g,o | Schaeffler Holding Finance BV | 6.750 | 11/15/22 | 757,875 | |||||||||||
| 350,000 | g | ZF North America Capital, Inc | 4.000 | 04/29/20 | 332,719 | |||||||||||
| 175,000 | g | ZF North America Capital, Inc | 4.500 | 04/29/22 | 165,375 | |||||||||||
| 350,000 | g | ZF North America Capital, Inc | 4.750 | 04/29/25 | 319,812 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 11,479,646 | |||||||||||||||
| BANKS - 6.2% | ||||||||||||||||
| 1,000,000 | g | Akbank TAS | 4.000 | 01/24/20 | 941,130 | |||||||||||
| 1,000,000 | g | Akbank TAS | 5.125 | 03/31/25 | 902,500 | |||||||||||
| 1,500,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 1,511,250 | ||||||||||||
| 3,775,000 | g | Banco Santander Mexico S.A. | 4.125 | 11/09/22 | 3,727,435 | |||||||||||
| 145 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 900,000 | Bancolombia S.A. | 5.950 | % | 06/03/21 | $ | 941,625 | |||||||||
| 1,000,000 | g | Bank Nederlandse Gemeenten | 1.875 | 06/11/19 | 1,017,691 | |||||||||||
| 3,475,000 | Bank of America Corp | 3.750 | 07/12/16 | 3,544,236 | ||||||||||||
| 650,000 | Bank of America Corp | 5.300 | 03/15/17 | 682,818 | ||||||||||||
| 25,000 | Bank of America Corp | 6.000 | 09/01/17 | 26,944 | ||||||||||||
| 12,000,000 | Bank of America Corp | 1.950 | 05/12/18 | 12,039,456 | ||||||||||||
| 1,000,000 | Bank of America Corp | 5.490 | 03/15/19 | 1,098,570 | ||||||||||||
| 3,000,000 | Bank of America Corp | 4.000 | 01/22/25 | 2,934,312 | ||||||||||||
| 2,275,000 | Bank of America Corp | 4.750 | 04/21/45 | 2,181,909 | ||||||||||||
| 4,800,000 | g | Bank of Nova Scotia | 2.150 | 08/03/16 | 4,852,858 | |||||||||||
| 5,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 5,063,345 | ||||||||||||
| 1,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 1,012,493 | |||||||||||
| 950,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 950,747 | |||||||||||
| 1,250,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 1,240,234 | |||||||||||
| 1,600,000 | Barclays plc | 2.750 | 11/08/19 | 1,610,390 | ||||||||||||
| 3,100,000 | Barclays plc | 3.650 | 03/16/25 | 2,959,713 | ||||||||||||
| 750,000 | g | BBVA Banco Continental S.A. | 2.250 | 07/29/16 | 752,775 | |||||||||||
| 375,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 380,238 | ||||||||||||
| 1,750,000 | g | Canadian Imperial Bank of Commerce | 2.750 | 01/27/16 | 1,762,203 | |||||||||||
| 2,000,000 | Capital One Bank USA NA | 1.500 | 03/22/18 | 1,972,756 | ||||||||||||
| 2,350,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 2,326,270 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 291,898 | ||||||||||||
| 8,975,000 | Citigroup, Inc | 1.300 | 11/15/16 | 8,994,179 | ||||||||||||
| 1,683,000 | Citigroup, Inc | 3.300 | 04/27/25 | 1,639,999 | ||||||||||||
| 3,100,000 | Citigroup, Inc | 4.400 | 06/10/25 | 3,119,068 | ||||||||||||
| 1,400,000 | Citigroup, Inc | 4.450 | 09/29/27 | 1,389,762 | ||||||||||||
| 3,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.250 | 01/14/19 | 3,533,376 | ||||||||||||
| 3,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 3,013,929 | ||||||||||||
| 2,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 2,583,905 | ||||||||||||
| 2,175,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.250 | 08/04/45 | 2,202,329 | ||||||||||||
| 1,550,000 | g | Credit Agricole S.A. | 2.750 | 06/10/20 | 1,572,342 | |||||||||||
| 1,550,000 | g | Credit Agricole S.A. | 4.375 | 03/17/25 | 1,496,730 | |||||||||||
| 5,000,000 | Deutsche Bank AG | 1.875 | 02/13/18 | 4,983,350 | ||||||||||||
| 1,950,000 | Discover Bank | 3.100 | 06/04/20 | 1,969,200 | ||||||||||||
| 2,000,000 | Eksportfinans ASA | 2.375 | 05/25/16 | 2,002,800 | ||||||||||||
| 2,500,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 2,498,950 | ||||||||||||
| 4,250,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 4,290,936 | ||||||||||||
| 4,125,000 | g | HSBC Bank plc | 1.500 | 05/15/18 | 4,102,531 | |||||||||||
| 500,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 541,825 | |||||||||||
| 3,700,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 3,691,971 | ||||||||||||
| 1,650,000 | HSBC USA, Inc | 2.375 | 11/13/19 | 1,646,561 | ||||||||||||
| 2,100,000 | HSBC USA, Inc | 2.350 | 03/05/20 | 2,071,285 | ||||||||||||
| 3,500,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 3,511,308 | ||||||||||||
| 1,000,000 | g | Industrial & Commercial Bank of China Ltd | 4.875 | 09/21/25 | 983,632 | |||||||||||
| 1,500,000 | JPMorgan Chase & Co | 3.150 | 07/05/16 | 1,525,395 | ||||||||||||
| 3,000,000 | JPMorgan Chase & Co | 2.000 | 08/15/17 | 3,024,840 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 1.800 | 01/25/18 | 1,000,913 | ||||||||||||
| 3,750,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 3,781,519 | ||||||||||||
| 2,500,000 | JPMorgan Chase & Co | 3.875 | 02/01/24 | 2,575,947 | ||||||||||||
| 5,000,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 4,954,180 | ||||||||||||
| 2,525,000 | JPMorgan Chase & Co | 3.900 | 07/15/25 | 2,583,070 | ||||||||||||
| 1,200,000 | JPMorgan Chase & Co | 4.250 | 10/01/27 | 1,195,678 | ||||||||||||
| 146 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 775,000 | JPMorgan Chase & Co | 4.850 | % | 02/01/44 | $ | 809,691 | |||||||||
| 5,795,000 | JPMorgan Chase & Co | 4.950 | 06/01/45 | 5,815,758 | ||||||||||||
| 400,000 | i | JPMorgan Chase & Co | 5.150 | 12/30/49 | 377,128 | |||||||||||
| 2,125,000 | KeyBank NA | 2.500 | 12/15/19 | 2,151,673 | ||||||||||||
| 1,475,000 | KeyBank NA | 2.250 | 03/16/20 | 1,472,164 | ||||||||||||
| 775,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 779,226 | |||||||||||
| 2,200,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 2,186,996 | ||||||||||||
| 1,000,000 | g,i | Oversea-Chinese Banking Corp Ltd | 4.000 | 10/15/24 | 1,023,889 | |||||||||||
| 900,000 | g | PKO Finance AB | 4.630 | 09/26/22 | 928,170 | |||||||||||
| 1,675,000 | PNC Bank NA | 2.200 | 01/28/19 | 1,693,201 | ||||||||||||
| 2,025,000 | PNC Bank NA | 2.250 | 07/02/19 | 2,037,737 | ||||||||||||
| 3,500,000 | PNC Bank NA | 2.600 | 07/21/20 | 3,546,242 | ||||||||||||
| 3,000,000 | PNC Bank NA | 2.950 | 01/30/23 | 2,935,461 | ||||||||||||
| 2,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 2,529,577 | ||||||||||||
| 1,500,000 | PNC Funding Corp | 2.700 | 09/19/16 | 1,521,378 | ||||||||||||
| 700,000 | g,i | Rabobank Nederland NV | 11.000 | 12/30/49 | 860,650 | |||||||||||
| 3,325,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 3,375,045 | ||||||||||||
| 2,000,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 2,031,526 | ||||||||||||
| 1,500,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 1,508,302 | ||||||||||||
| 575,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 553,417 | ||||||||||||
| 2,000,000 | g | Toronto-Dominion Bank | 1.625 | 09/14/16 | 2,014,590 | |||||||||||
| 3,900,000 | g | Toronto-Dominion Bank | 1.950 | 04/02/20 | 3,902,874 | |||||||||||
| 675,000 | g | Turkiye Garanti Bankasi AS. | 4.750 | 10/17/19 | 663,160 | |||||||||||
| 675,000 | g | Turkiye Halk Bankasi AS. | 4.750 | 06/04/19 | 657,281 | |||||||||||
| 1,075,000 | g | Turkiye Halk Bankasi AS. | 3.875 | 02/05/20 | 994,590 | |||||||||||
| 500,000 | g | Turkiye Is Bankasi | 3.750 | 10/10/18 | 482,116 | |||||||||||
| 700,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/19 | 702,450 | |||||||||||
| 500,000 | Union Bank NA | 2.125 | 06/16/17 | 505,306 | ||||||||||||
| 400,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 410,996 | ||||||||||||
| 1,800,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 1,825,531 | ||||||||||||
| 1,000,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 900,000 | |||||||||||
| TOTAL BANKS | 190,403,431 | |||||||||||||||
| CAPITAL GOODS - 0.9% | ||||||||||||||||
| 1,225,000 | Anixter, Inc | 5.625 | 05/01/19 | 1,284,719 | ||||||||||||
| 1,300,000 | Anixter, Inc | 5.125 | 10/01/21 | 1,290,250 | ||||||||||||
| 1,275,000 | Caterpillar Financial Services Corp | 2.250 | 12/01/19 | 1,279,804 | ||||||||||||
| 1,500,000 | g | CRH America, Inc | 3.875 | 05/18/25 | 1,502,951 | |||||||||||
| 650,000 | Deere & Co | 2.600 | 06/08/22 | 638,508 | ||||||||||||
| 150,000 | Eaton Corp | 4.000 | 11/02/32 | 144,112 | ||||||||||||
| 500,000 | Embraer Netherlands Finance BV | 5.050 | 06/15/25 | 462,625 | ||||||||||||
| 865,000 | g | Huntington Ingalls Industries, Inc | 5.000 | 12/15/21 | 882,300 | |||||||||||
| 900,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.550 | 11/01/24 | 884,062 | ||||||||||||
| 2,500,000 | John Deere Capital Corp | 1.350 | 01/16/18 | 2,499,565 | ||||||||||||
| 1,675,000 | John Deere Capital Corp | 2.450 | 09/11/20 | 1,689,311 | ||||||||||||
| 375,000 | John Deere Capital Corp | 2.750 | 03/15/22 | 374,970 | ||||||||||||
| 1,426,000 | g | Myriad International Holdings BV | 5.500 | 07/21/25 | 1,398,107 | |||||||||||
| 677,295 | g | Odebrecht Offshore Drilling Finance Ltd | 6.625 | 10/01/22 | 170,001 | |||||||||||
| 679,575 | g | Odebrecht Offshore Drilling Finance Ltd | 6.750 | 10/01/22 | 179,068 | |||||||||||
| 1,100,000 | Rockwell Automation, Inc | 2.050 | 03/01/20 | 1,104,222 | ||||||||||||
| 1,550,000 | g | Siemens Financieringsmaatschappij NV | 4.400 | 05/27/45 | 1,587,412 | |||||||||||
| 1,790,000 | g | Stena AB | 7.000 | 02/01/24 | 1,584,150 | |||||||||||
| 147 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,350,000 | Timken Co | 3.875 | % | 09/01/24 | $ | 2,259,149 | |||||||||
| 1,000,000 | TransDigm, Inc | 5.500 | 10/15/20 | 953,125 | ||||||||||||
| 2,670,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 2,645,967 | |||||||||||
| 1,550,000 | United Technologies Corp | 4.150 | 05/15/45 | 1,504,912 | ||||||||||||
| TOTAL CAPITAL GOODS | 26,319,290 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||||||||||
| 125,000 | 21st Century Fox America, Inc | 7.625 | 11/30/28 | 160,406 | ||||||||||||
| 90,000 | 21st Century Fox America, Inc | 6.550 | 03/15/33 | 107,750 | ||||||||||||
| 325,000 | 21st Century Fox America, Inc | 6.650 | 11/15/37 | 388,014 | ||||||||||||
| 250,000 | 21st Century Fox America, Inc | 6.900 | 08/15/39 | 305,642 | ||||||||||||
| 1,000,000 | ADT Corp | 4.125 | 04/15/19 | 1,005,000 | ||||||||||||
| 1,825,000 | ADT Corp | 6.250 | 10/15/21 | 1,882,031 | ||||||||||||
| 750,000 | g | AECOM Technology Corp | 5.750 | 10/15/22 | 755,625 | |||||||||||
| 3,150,000 | g | AECOM Technology Corp | 5.875 | 10/15/24 | 3,173,625 | |||||||||||
| 1,200,000 | Air Lease Corp | 3.875 | 04/01/21 | 1,215,000 | ||||||||||||
| 1,225,000 | Clean Harbors, Inc | 5.125 | 06/01/21 | 1,237,250 | ||||||||||||
| 1,600,000 | Fluor Corp | 3.500 | 12/15/24 | 1,627,095 | ||||||||||||
| 670,000 | Republic Services, Inc | 3.800 | 05/15/18 | 703,097 | ||||||||||||
| 1,525,000 | Republic Services, Inc | 3.200 | 03/15/25 | 1,484,034 | ||||||||||||
| 1,000,000 | RR Donnelley & Sons Co | 7.875 | 03/15/21 | 1,040,000 | ||||||||||||
| 325,000 | RR Donnelley & Sons Co | 7.000 | 02/15/22 | 315,250 | ||||||||||||
| 675,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 634,500 | ||||||||||||
| 1,925,000 | g | SPL Logistics Escrow LLC | 8.875 | 08/01/20 | 2,021,250 | |||||||||||
| 1,000,000 | United Rentals North America, Inc | 7.375 | 05/15/20 | 1,050,000 | ||||||||||||
| 1,000,000 | United Rentals North America, Inc | 7.625 | 04/15/22 | 1,062,500 | ||||||||||||
| 1,425,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 1,332,375 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,013,620 | ||||||||||||
| 2,550,000 | Waste Management, Inc | 2.900 | 09/15/22 | 2,526,612 | ||||||||||||
| 475,000 | Waste Management, Inc | 3.900 | 03/01/35 | 447,776 | ||||||||||||
| 550,000 | Waste Management, Inc | 4.100 | 03/01/45 | 515,395 | ||||||||||||
| 3,400,000 | g | XPO Logistics, Inc | 6.500 | 06/15/22 | 2,875,125 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 28,878,972 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.4% | ||||||||||||||||
| 2,600,000 | DR Horton, Inc | 3.750 | 03/01/19 | 2,616,250 | ||||||||||||
| 1,000,000 | DR Horton, Inc | 5.750 | 08/15/23 | 1,082,500 | ||||||||||||
| 2,000,000 | KB Home | 4.750 | 05/15/19 | 1,922,500 | ||||||||||||
| 680,000 | KB Home | 7.000 | 12/15/21 | 681,700 | ||||||||||||
| 2,000,000 | Lennar Corp | 4.500 | 06/15/19 | 2,022,000 | ||||||||||||
| 2,000,000 | Lennar Corp | 4.500 | 11/15/19 | 2,017,000 | ||||||||||||
| 960,000 | Standard Pacific Corp | 5.875 | 11/15/24 | 984,000 | ||||||||||||
| 225,000 | Whirlpool Corp | 3.700 | 03/01/23 | 226,069 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 11,552,019 | |||||||||||||||
| CONSUMER SERVICES - 1.3% | ||||||||||||||||
| 750,000 | g | 1011778 BC / New Red Fin | 4.625 | 01/15/22 | 733,275 | |||||||||||
| 3,000,000 | g | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 3,045,000 | |||||||||||
| 5,025,000 | American University | 4.321 | 04/01/45 | 4,884,637 | ||||||||||||
| 1,350,000 | GLP Capital LP | 4.375 | 11/01/18 | 1,360,125 | ||||||||||||
| 3,800,000 | Metropolitan Museum of Art | 3.400 | 07/01/45 | 3,460,740 | ||||||||||||
| 1,500,000 | MGM Resorts International | 6.750 | 10/01/20 | 1,548,750 | ||||||||||||
| 148 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,000,000 | New York Public Library Astor Lenox & Tilden Foundations | 4.305 | % | 07/01/45 | $ | 4,777,390 | |||||||||
| 1,880,000 | Northeastern University | 4.181 | 03/01/23 | 1,971,368 | ||||||||||||
| 2,000,000 | g | SABMiller Holdings, Inc | 2.200 | 08/01/18 | 2,018,486 | |||||||||||
| 2,000,000 | g | SABMiller Holdings, Inc | 3.750 | 01/15/22 | 2,051,446 | |||||||||||
| 2,000,000 | Service Corp International | 7.000 | 06/15/17 | 2,145,000 | ||||||||||||
| 1,945,000 | g | Six Flags Entertainment Corp | 5.250 | 01/15/21 | 1,945,000 | |||||||||||
| 1,335,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 1,308,300 | ||||||||||||
| 3,000,000 | University of Chicago | 3.122 | 10/01/23 | 2,994,225 | ||||||||||||
| 4,000,000 | University of Chicago | 4.151 | 10/01/45 | 3,931,324 | ||||||||||||
| 5,000,000 | William Marsh Rice University | 3.574 | 05/15/45 | 4,741,380 | ||||||||||||
| TOTAL CONSUMER SERVICES | 42,916,446 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 5.1% | ||||||||||||||||
| 335,000 | Abbey National Treasury Services plc | 4.000 | 04/27/16 | 341,030 | ||||||||||||
| 625,000 | AGL Capital Corp | 4.400 | 06/01/43 | 608,537 | ||||||||||||
| 3,000,000 | Ally Financial, Inc | 4.750 | 09/10/18 | 3,060,000 | ||||||||||||
| 875,000 | American Express Centurion Bank | 6.000 | 09/13/17 | 946,418 | ||||||||||||
| 250,000 | American Express Credit Corp | 2.800 | 09/19/16 | 254,344 | ||||||||||||
| 1,125,000 | American Express Credit Corp | 2.250 | 08/15/19 | 1,129,005 | ||||||||||||
| 2,175,000 | American Express Credit Corp | 2.375 | 05/26/20 | 2,175,992 | ||||||||||||
| 3,500,000 | American Honda Finance Corp | 2.450 | 09/24/20 | 3,498,131 | ||||||||||||
| 4,000,000 | g,i | Armor Re Ltd | 4.060 | 12/15/16 | 4,032,400 | |||||||||||
| 275,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 305,996 | ||||||||||||
| 2,350,000 | g | Bayer US Finance LLC | 2.375 | 10/08/19 | 2,380,588 | |||||||||||
| 1,600,000 | g | BBVA Bancomer S.A. | 6.750 | 09/30/22 | 1,732,000 | |||||||||||
| 1,000,000 | g,i | BBVA Bancomer S.A. | 5.350 | 11/12/29 | 982,500 | |||||||||||
| 2,000,000 | g | Caisse Centrale Desjardins du Quebec | 2.550 | 03/24/16 | 2,019,328 | |||||||||||
| 3,000,000 | g | Caisse Centrale Desjardins du Quebec | 1.600 | 03/06/17 | 3,028,110 | |||||||||||
| 3,175,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 3,175,765 | ||||||||||||
| 1,000,000 | g | Comcel Trust | 6.875 | 02/06/24 | 985,000 | |||||||||||
| 300,000 | Countrywide Financial Corp | 6.250 | 05/15/16 | 308,516 | ||||||||||||
| 1,225,000 | Credit Suisse | 2.300 | 05/28/19 | 1,231,218 | ||||||||||||
| 1,300,000 | Credit Suisse | 3.000 | 10/29/21 | 1,301,912 | ||||||||||||
| 2,325,000 | g | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 2,258,872 | |||||||||||
| 1,550,000 | g | Credit Suisse Group Funding Guernsey Ltd | 4.875 | 05/15/45 | 1,519,798 | |||||||||||
| 1,500,000 | g | Export-Import Bank of China | 2.850 | 09/16/20 | 1,490,964 | |||||||||||
| 2,000,000 | Ford Motor Credit Co LLC | 1.700 | 05/09/16 | 2,005,672 | ||||||||||||
| 1,500,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 1,523,778 | ||||||||||||
| 2,800,000 | Ford Motor Credit Co LLC | 3.157 | 08/04/20 | 2,796,993 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.750 | 02/01/21 | 1,123,428 | ||||||||||||
| 2,800,000 | Ford Motor Credit Co LLC | 4.134 | 08/04/25 | 2,788,489 | ||||||||||||
| 950,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 970,707 | ||||||||||||
| 5,550,000 | General Electric Capital Corp | 2.200 | 01/09/20 | 5,612,432 | ||||||||||||
| 5,450,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 5,574,358 | ||||||||||||
| 400,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 560,189 | ||||||||||||
| 5,000,000 | General Motors Financial Co, Inc | 2.400 | 04/10/18 | 4,958,290 | ||||||||||||
| 2,575,000 | General Motors Financial Co, Inc | 3.250 | 05/15/18 | 2,597,668 | ||||||||||||
| 2,000,000 | General Motors Financial Co, Inc | 3.200 | 07/13/20 | 1,975,690 | ||||||||||||
| 1,175,000 | General Motors Financial Co, Inc | 4.375 | 09/25/21 | 1,198,244 | ||||||||||||
| 3,000,000 | General Motors Financial Co, Inc | 3.450 | 04/10/22 | 2,877,339 | ||||||||||||
| 150,000 | General Motors Financial Co, Inc | 4.250 | 05/15/23 | 146,667 | ||||||||||||
| 149 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,890,000 | Goldman Sachs Group, Inc | 2.375 | % | 01/22/18 | $ | 2,927,923 | |||||||||
| 1,250,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,266,977 | ||||||||||||
| 1,050,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 1,034,238 | ||||||||||||
| 2,375,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 2,831,026 | ||||||||||||
| 1,425,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 1,445,369 | ||||||||||||
| 3,400,000 | Goldman Sachs Group, Inc | 5.150 | 05/22/45 | 3,339,171 | ||||||||||||
| 575,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 575,862 | ||||||||||||
| 1,000,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 1,006,250 | ||||||||||||
| 675,000 | g | ICICI Bank Ltd | 4.800 | 05/22/19 | 716,841 | |||||||||||
| 1,500,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 1,514,826 | |||||||||||
| 1,420,000 | International Lease Finance Corp | 5.750 | 05/15/16 | 1,441,300 | ||||||||||||
| 1,300,000 | International Lease Finance Corp | 3.875 | 04/15/18 | 1,296,750 | ||||||||||||
| 2,000,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 2,130,000 | ||||||||||||
| 300,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 301,821 | ||||||||||||
| 425,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 426,400 | ||||||||||||
| 2,525,000 | g | Lukoil International Finance BV | 3.416 | 04/24/18 | 2,424,000 | |||||||||||
| 3,000,000 | Morgan Stanley | 5.450 | 01/09/17 | 3,150,597 | ||||||||||||
| 5,275,000 | Morgan Stanley | 1.875 | 01/05/18 | 5,287,096 | ||||||||||||
| 7,000,000 | Morgan Stanley | 2.200 | 12/07/18 | 7,065,576 | ||||||||||||
| 2,000,000 | Morgan Stanley | 2.650 | 01/27/20 | 2,009,586 | ||||||||||||
| 4,550,000 | Morgan Stanley | 2.800 | 06/16/20 | 4,582,742 | ||||||||||||
| 3,925,000 | Morgan Stanley | 3.750 | 02/25/23 | 4,011,401 | ||||||||||||
| 4,700,000 | Morgan Stanley | 3.700 | 10/23/24 | 4,724,327 | ||||||||||||
| 1,700,000 | Morgan Stanley | 4.000 | 07/23/25 | 1,738,129 | ||||||||||||
| 2,000,000 | Morgan Stanley | 4.350 | 09/08/26 | 2,011,210 | ||||||||||||
| 1,600,000 | Morgan Stanley | 3.950 | 04/23/27 | 1,541,669 | ||||||||||||
| 500,000 | Morgan Stanley | 6.375 | 07/24/42 | 618,731 | ||||||||||||
| 250,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 312,642 | ||||||||||||
| 1,500,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 04/14/22 | 1,490,448 | |||||||||||
| 1,500,000 | g | NewStar Financial, Inc | 7.250 | 05/01/20 | 1,492,500 | |||||||||||
| 1,575,000 | SLM Corp | 4.875 | 06/17/19 | 1,433,250 | ||||||||||||
| 1,900,000 | g | SUAM Finance BV | 4.875 | 04/17/24 | 1,900,000 | |||||||||||
| 1,485,000 | Synchrony Financial | 1.875 | 08/15/17 | 1,485,459 | ||||||||||||
| 475,000 | Textron, Inc | 3.875 | 03/01/25 | 476,481 | ||||||||||||
| 1,400,000 | g | UBS Group Funding Jersey Ltd | 2.950 | 09/24/20 | 1,402,771 | |||||||||||
| 725,000 | Unilever Capital Corp | 3.100 | 07/30/25 | 737,046 | ||||||||||||
| 650,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 659,082 | ||||||||||||
| 4,200,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 4,205,107 | ||||||||||||
| 3,500,000 | Wells Fargo & Co | 4.300 | 07/22/27 | 3,568,733 | ||||||||||||
| 1,520,000 | Wells Fargo & Co | 3.900 | 05/01/45 | 1,401,141 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 157,460,846 | |||||||||||||||
| ENERGY - 3.1% | ||||||||||||||||
| 160,000 | Anadarko Petroleum Corp | 6.950 | 06/15/19 | 180,572 | ||||||||||||
| 3,600,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 3,574,714 | ||||||||||||
| 3,000,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 3,011,346 | ||||||||||||
| 3,500,000 | California Resources Corp | 5.000 | 01/15/20 | 2,250,920 | ||||||||||||
| 750,000 | California Resources Corp | 6.000 | 11/15/24 | 450,000 | ||||||||||||
| 1,115,000 | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 1,003,500 | ||||||||||||
| 1,000,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 930,000 | ||||||||||||
| 2,000,000 | g | Calumet Specialty Products Partners LP | 7.750 | 04/15/23 | 1,836,240 | |||||||||||
| 850,000 | i | Chesapeake Energy Corp | 3.539 | 04/15/19 | 603,500 | |||||||||||
| 150 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Chesapeake Energy Corp | 5.375 | % | 06/15/21 | $ | 333,750 | |||||||||
| 500,000 | Chesapeake Midstream Partners LP | 6.125 | 07/15/22 | 505,009 | ||||||||||||
| 1,735,000 | Cimarex Energy Co | 4.375 | 06/01/24 | 1,689,876 | ||||||||||||
| 2,500,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/19 | 1,550,000 | ||||||||||||
| 1,950,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 1,852,500 | ||||||||||||
| 5,340,000 | Continental Resources, Inc | 5.000 | 09/15/22 | 4,672,500 | ||||||||||||
| 2,415,000 | Crestwood Midstream Partners LP | 6.000 | 12/15/20 | 2,167,462 | ||||||||||||
| 500,000 | Crestwood Midstream Partners LP | 6.125 | 03/01/22 | 432,850 | ||||||||||||
| 1,750,000 | Dynegy, Inc | 6.750 | 11/01/19 | 1,754,375 | ||||||||||||
| 1,100,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 959,750 | ||||||||||||
| 2,100,000 | Enterprise Products Operating LLC | 3.750 | 02/15/25 | 2,007,188 | ||||||||||||
| 750,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 684,957 | ||||||||||||
| 3,250,000 | EP Energy LLC | 9.375 | 05/01/20 | 2,795,000 | ||||||||||||
| 2,800,000 | EP Energy LLC | 6.375 | 06/15/23 | 2,072,000 | ||||||||||||
| 2,400,000 | Exterran Partners LP | 6.000 | 04/01/21 | 2,028,000 | ||||||||||||
| 1,500,000 | Halcon Resources Corp | 9.750 | 07/15/20 | 510,000 | ||||||||||||
| 850,000 | Halcon Resources Corp | 8.875 | 05/15/21 | 255,000 | ||||||||||||
| 600,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 579,644 | ||||||||||||
| 1,700,000 | g | Indo Energy Finance II BV | 6.375 | 01/24/23 | 714,000 | |||||||||||
| 715,000 | g | KMG Finance Sub BV | 6.375 | 04/09/21 | 699,806 | |||||||||||
| 2,000,000 | Linn Energy LLC | 6.250 | 11/01/19 | 530,000 | ||||||||||||
| 750,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 757,611 | ||||||||||||
| 150,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 145,019 | ||||||||||||
| 425,000 | MarkWest Energy Partners LP | 5.500 | 02/15/23 | 411,719 | ||||||||||||
| 500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 511,250 | ||||||||||||
| 300,000 | Newfield Exploration Co | 5.750 | 01/30/22 | 291,000 | ||||||||||||
| 900,000 | Newfield Exploration Co | 5.625 | 07/01/24 | 855,000 | ||||||||||||
| 1,200,000 | Noble Energy, Inc | 5.625 | 05/01/21 | 1,207,200 | ||||||||||||
| 825,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 767,563 | ||||||||||||
| 275,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 244,466 | ||||||||||||
| 700,000 | Noble Holding International Ltd | 4.000 | 03/16/18 | 663,061 | ||||||||||||
| 275,000 | Noble Holding International Ltd | 3.950 | 03/15/22 | 206,947 | ||||||||||||
| 750,000 | Oasis Petroleum, Inc | 6.875 | 03/15/22 | 588,750 | ||||||||||||
| 1,800,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 1,801,229 | ||||||||||||
| 575,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 594,712 | ||||||||||||
| 1,000,000 | g | Pacific Rubiales Energy Corp | 5.375 | 01/26/19 | 372,500 | |||||||||||
| 2,000,000 | Peabody Energy Corp | 6.000 | 11/15/18 | 520,000 | ||||||||||||
| 815,000 | Pemex Project Funding Master Trust | 6.625 | 06/15/35 | 764,062 | ||||||||||||
| 245,000 | g | Pertamina Persero PT | 4.300 | 05/20/23 | 223,525 | |||||||||||
| 500,000 | g | Pertamina Persero PT | 6.500 | 05/27/41 | 438,674 | |||||||||||
| 925,000 | i | Petrobras Global Finance BV | 1.953 | 05/20/16 | 871,813 | |||||||||||
| 400,000 | Petrobras Global Finance BV | 3.250 | 03/17/17 | 353,000 | ||||||||||||
| 1,000,000 | i | Petrobras Global Finance BV | 2.429 | 01/15/19 | 690,000 | |||||||||||
| 1,500,000 | Petrobras Global Finance BV | 4.875 | 03/17/20 | 1,098,750 | ||||||||||||
| 1,100,000 | Petrobras Global Finance BV | 6.250 | 03/17/24 | 803,000 | ||||||||||||
| 575,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 564,937 | ||||||||||||
| 650,000 | Petrobras International Finance Co | 3.500 | 02/06/17 | 577,687 | ||||||||||||
| 1,250,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 1,263,750 | ||||||||||||
| 325,000 | Petroleos Mexicanos | 5.500 | 01/21/21 | 340,925 | ||||||||||||
| 600,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 540,000 | ||||||||||||
| 200,000 | g | Petroleos Mexicanos | 4.250 | 01/15/25 | 183,000 | |||||||||||
| 950,000 | g | Petroleos Mexicanos | 4.500 | 01/23/26 | 875,805 | |||||||||||
| 151 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 405,000 | Petroleos Mexicanos | 5.500 | % | 06/27/44 | $ | 325,013 | |||||||||
| 466,667 | Petroleum Co of Trinidad & Tobago Ltd | 6.000 | 05/08/22 | 449,167 | ||||||||||||
| 1,300,000 | Phillips 66 | 4.875 | 11/15/44 | 1,253,525 | ||||||||||||
| 800,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 919,935 | ||||||||||||
| 2,125,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 1,989,693 | ||||||||||||
| 2,558,000 | Plains Exploration & Production Co | 6.500 | 11/15/20 | 2,300,601 | ||||||||||||
| 2,800,000 | Precision Drilling Trust | 6.625 | 11/15/20 | 2,443,000 | ||||||||||||
| 1,750,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 1,610,000 | ||||||||||||
| 500,000 | Range Resources Corp | 5.750 | 06/01/21 | 471,250 | ||||||||||||
| 800,000 | Regency Energy Partners LP | 5.750 | 09/01/20 | 858,719 | ||||||||||||
| 600,000 | Regency Energy Partners LP | 6.500 | 07/15/21 | 619,140 | ||||||||||||
| 570,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 584,277 | ||||||||||||
| 200,000 | Regency Energy Partners LP | 5.500 | 04/15/23 | 193,500 | ||||||||||||
| 1,000,000 | g | Reliance Holdings USA | 5.400 | 02/14/22 | 1,091,494 | |||||||||||
| 750,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 695,625 | ||||||||||||
| 750,000 | g | Sabine Pass Liquefaction LLC | 5.625 | 03/01/25 | 660,000 | |||||||||||
| 425,000 | Shell International Finance BV | 2.375 | 08/21/22 | 410,178 | ||||||||||||
| 1,400,000 | SM Energy Co | 6.125 | 11/15/22 | 1,296,400 | ||||||||||||
| 300,000 | SM Energy Co | 6.500 | 01/01/23 | 279,000 | ||||||||||||
| 1,425,000 | Southwestern Energy Co | 3.300 | 01/23/18 | 1,400,204 | ||||||||||||
| 1,875,000 | Southwestern Energy Co | 4.950 | 01/23/25 | 1,668,671 | ||||||||||||
| 200,000 | Statoil ASA | 1.200 | 01/17/18 | 198,980 | ||||||||||||
| 375,000 | Statoil ASA | 2.450 | 01/17/23 | 357,623 | ||||||||||||
| 675,000 | Statoil ASA | 4.250 | 11/23/41 | 665,700 | ||||||||||||
| 1,550,000 | g | Sunoco LP | 6.375 | 04/01/23 | 1,515,125 | |||||||||||
| 700,000 | Talisman Energy, Inc | 3.750 | 02/01/21 | 660,195 | ||||||||||||
| 1,250,000 | g | Targa Resources Partners LP | 5.000 | 01/15/18 | 1,190,625 | |||||||||||
| 160,000 | g | Tesoro Logistics LP | 5.500 | 10/15/19 | 156,800 | |||||||||||
| 500,000 | TransCanada PipeLines Ltd | 5.850 | 03/15/36 | 540,708 | ||||||||||||
| 250,000 | i | TransCanada PipeLines Ltd | 6.350 | 05/15/67 | 210,938 | |||||||||||
| 865,000 | g | Ultra Petroleum Corp | 5.750 | 12/15/18 | 622,800 | |||||||||||
| 2,550,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 1,453,500 | |||||||||||
| 300,000 | Vale Overseas Ltd | 4.375 | 01/11/22 | 265,419 | ||||||||||||
| 125,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 99,250 | ||||||||||||
| 2,500,000 | Whiting Petroleum Corp | 5.000 | 03/15/19 | 2,175,000 | ||||||||||||
| 750,000 | WPX Energy, Inc | 7.500 | 08/01/20 | 686,250 | ||||||||||||
| 600,000 | WPX Energy, Inc | 8.250 | 08/01/23 | 544,500 | ||||||||||||
| 1,000,000 | WPX Energy, Inc | 5.250 | 09/15/24 | 805,000 | ||||||||||||
| TOTAL ENERGY | 95,829,219 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.8% | ||||||||||||||||
| 7,000,000 | CVS Health Corp | 1.900 | 07/20/18 | 7,047,187 | ||||||||||||
| 4,075,000 | CVS Health Corp | 2.800 | 07/20/20 | 4,140,510 | ||||||||||||
| 1,675,000 | CVS Health Corp | 3.375 | 08/12/24 | 1,683,715 | ||||||||||||
| 1,400,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 1,438,500 | ||||||||||||
| 1,600,000 | Kroger Co | 2.950 | 11/01/21 | 1,603,576 | ||||||||||||
| 2,400,000 | Walgreens Boots Alliance, Inc | 2.700 | 11/18/19 | 2,432,541 | ||||||||||||
| 2,600,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 2,589,275 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 20,935,304 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.4% | ||||||||||||||||
| 1,100,000 | g | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 3.375 | 11/01/22 | 911,625 | |||||||||||
| 152 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 750,000 | ConAgra Foods, Inc | 3.200 | % | 01/25/23 | $ | 718,302 | |||||||||
| 2,900,000 | Constellation Brands, Inc | 3.875 | 11/15/19 | 2,958,000 | ||||||||||||
| 2,000,000 | g | Corp Lindley S.A. | 4.625 | 04/12/23 | 1,955,600 | |||||||||||
| 1,350,000 | Diageo Capital plc | 2.625 | 04/29/23 | 1,301,199 | ||||||||||||
| 1,000,000 | g | Embotelladora Andina S.A. | 5.000 | 10/01/23 | 1,064,625 | |||||||||||
| 1,500,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 1,403,640 | ||||||||||||
| 1,525,000 | General Mills, Inc | 2.200 | 10/21/19 | 1,539,590 | ||||||||||||
| 1,275,000 | g | HJ Heinz Co | 2.000 | 07/02/18 | 1,276,867 | |||||||||||
| 1,375,000 | g | HJ Heinz Co | 4.875 | 02/15/25 | 1,467,705 | |||||||||||
| 950,000 | g | HJ Heinz Co | 3.950 | 07/15/25 | 972,429 | |||||||||||
| 875,000 | g | JM Smucker Co | 3.500 | 03/15/25 | 869,924 | |||||||||||
| 3,225,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 3,260,617 | ||||||||||||
| 2,000,000 | Mondelez International, Inc | 4.000 | 02/01/24 | 2,073,284 | ||||||||||||
| 38,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 44,925 | ||||||||||||
| 4,175,000 | PepsiCo, Inc | 3.500 | 07/17/25 | 4,285,608 | ||||||||||||
| 1,125,000 | PepsiCo, Inc | 4.250 | 10/22/44 | 1,113,155 | ||||||||||||
| 2,075,000 | PepsiCo, Inc | 4.600 | 07/17/45 | 2,169,765 | ||||||||||||
| 5,300,000 | g | Pernod-Ricard S.A. | 2.950 | 01/15/17 | 5,388,579 | |||||||||||
| 100,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 124,691 | ||||||||||||
| 825,000 | g | Post Holdings, Inc | 6.750 | 12/01/21 | 825,000 | |||||||||||
| 240,000 | Post Holdings, Inc | 7.375 | 02/15/22 | 244,200 | ||||||||||||
| 1,975,000 | Reynolds American, Inc | 2.300 | 06/12/18 | 1,996,383 | ||||||||||||
| 1,250,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 1,285,290 | ||||||||||||
| 2,900,000 | Reynolds American, Inc | 4.450 | 06/12/25 | 3,035,665 | ||||||||||||
| 430,000 | Smithfield Foods, Inc | 6.625 | 08/15/22 | 453,113 | ||||||||||||
| 725,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 738,776 | ||||||||||||
| 450,000 | Tyson Foods, Inc | 4.875 | 08/15/34 | 458,798 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 43,937,355 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.5% | ||||||||||||||||
| 250,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 251,381 | ||||||||||||
| 520,000 | Becton Dickinson & Co | 3.734 | 12/15/24 | 529,582 | ||||||||||||
| 1,275,000 | Becton Dickinson & Co | 4.685 | 12/15/44 | 1,276,809 | ||||||||||||
| 1,000,000 | CHS/Community Health Systems | 8.000 | 11/15/19 | 1,040,625 | ||||||||||||
| 3,125,000 | CHS/Community Health Systems | 6.875 | 02/01/22 | 3,191,281 | ||||||||||||
| 375,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 378,790 | ||||||||||||
| 625,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 644,332 | ||||||||||||
| 2,000,000 | g | Fresenius Medical Care Capital Trust | 5.625 | 07/31/19 | 2,135,000 | |||||||||||
| 1,722,000 | g | Fresenius Medical Care Capital Trust | 5.750 | 02/15/21 | 1,855,455 | |||||||||||
| 2,000,000 | HCA Holdings, Inc | 6.250 | 02/15/21 | 2,130,000 | ||||||||||||
| 1,165,000 | HCA, Inc | 6.500 | 02/15/20 | 1,269,850 | ||||||||||||
| 975,000 | HCA, Inc | 5.875 | 03/15/22 | 1,045,687 | ||||||||||||
| 925,000 | HealthSouth Corp | 5.750 | 11/01/24 | 913,437 | ||||||||||||
| 2,900,000 | Kinetic Concepts, Inc | 10.500 | 11/01/18 | 3,035,575 | ||||||||||||
| 625,000 | Laboratory Corp of America Holdings | 2.625 | 02/01/20 | 626,540 | ||||||||||||
| 1,050,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 1,016,888 | ||||||||||||
| 1,225,000 | LifePoint Hospitals, Inc | 5.500 | 12/01/21 | 1,235,719 | ||||||||||||
| 3,325,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 3,225,250 | ||||||||||||
| 1,725,000 | McKesson Corp | 4.883 | 03/15/44 | 1,735,585 | ||||||||||||
| 2,200,000 | Medtronic, Inc | 2.500 | 03/15/20 | 2,229,784 | ||||||||||||
| 2,100,000 | Medtronic, Inc | 4.625 | 03/15/45 | 2,166,620 | ||||||||||||
| 1,425,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 1,437,791 | ||||||||||||
| 153 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,900,000 | Quest Diagnostics, Inc | 3.500 | % | 03/30/25 | $ | 1,845,660 | |||||||||
| 3,000,000 | Tenet Healthcare Corp | 6.250 | 11/01/18 | 3,202,500 | ||||||||||||
| 225,000 | Tenet Healthcare Corp | 6.000 | 10/01/20 | 237,375 | ||||||||||||
| 700,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 744,030 | ||||||||||||
| 475,000 | Thermo Fisher Scientific, Inc | 2.250 | 08/15/16 | 479,115 | ||||||||||||
| 450,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 452,492 | ||||||||||||
| 700,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 702,171 | ||||||||||||
| 725,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 711,160 | ||||||||||||
| 2,300,000 | Zimmer Holdings, Inc | 2.700 | 04/01/20 | 2,308,568 | ||||||||||||
| 2,500,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 2,449,085 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 46,504,137 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 2,100,000 | Colgate-Palmolive Co | 4.000 | 08/15/45 | 2,100,531 | ||||||||||||
| 375,000 | Ecolab, Inc | 1.450 | 12/08/17 | 373,155 | ||||||||||||
| 405,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 376,650 | |||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,850,336 | |||||||||||||||
| INSURANCE - 1.8% | ||||||||||||||||
| 250,000 | Aetna, Inc | 1.500 | 11/15/17 | 250,248 | ||||||||||||
| 150,000 | Aetna, Inc | 6.625 | 06/15/36 | 185,242 | ||||||||||||
| 675,000 | Allstate Corp | 3.150 | 06/15/23 | 682,233 | ||||||||||||
| 700,000 | Allstate Corp | 4.500 | 06/15/43 | 704,415 | ||||||||||||
| 1,550,000 | American International Group, Inc | 2.300 | 07/16/19 | 1,562,419 | ||||||||||||
| 2,725,000 | American International Group, Inc | 4.500 | 07/16/44 | 2,677,274 | ||||||||||||
| 1,550,000 | American International Group, Inc | 4.800 | 07/10/45 | 1,583,272 | ||||||||||||
| 9,295,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 9,053,237 | ||||||||||||
| 400,000 | Chubb Corp | 6.000 | 05/11/37 | 489,950 | ||||||||||||
| 80,000 | Cigna Corp | 5.125 | 06/15/20 | 89,346 | ||||||||||||
| 1,000,000 | Cigna Corp | 4.500 | 03/15/21 | 1,074,635 | ||||||||||||
| 1,175,000 | Cigna Corp | 3.250 | 04/15/25 | 1,133,352 | ||||||||||||
| 3,525,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 3,688,193 | |||||||||||
| 250,000 | Lincoln National Corp | 7.000 | 06/15/40 | 321,408 | ||||||||||||
| 3,350,000 | g,i | Merna Reinsurance IV Ltd | 2.480 | 04/08/16 | 3,348,660 | |||||||||||
| 525,000 | MetLife, Inc | 6.750 | 06/01/16 | 545,731 | ||||||||||||
| 3,000,000 | MetLife, Inc | 4.368 | 09/15/23 | 3,224,265 | ||||||||||||
| 2,250,000 | MetLife, Inc | 3.000 | 03/01/25 | 2,180,954 | ||||||||||||
| 1,275,000 | MetLife, Inc | 4.050 | 03/01/45 | 1,192,524 | ||||||||||||
| 1,550,000 | i | MetLife, Inc | 5.250 | 12/30/49 | 1,538,375 | |||||||||||
| 1,500,000 | g | Onex USI Acquisition Corp | 7.750 | 01/15/21 | 1,468,125 | |||||||||||
| 200,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 201,241 | ||||||||||||
| 750,000 | Prudential Financial, Inc | 5.400 | 06/13/35 | 824,415 | ||||||||||||
| 750,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 795,749 | ||||||||||||
| 1,575,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 1,547,438 | |||||||||||
| 3,025,000 | i | Prudential Financial, Inc | 5.375 | 05/15/45 | 3,002,313 | |||||||||||
| 300,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 366,794 | |||||||||||
| 175,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 170,565 | |||||||||||
| 450,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 429,828 | |||||||||||
| 300,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 331,816 | ||||||||||||
| 2,800,000 | UnitedHealth Group, Inc | 2.700 | 07/15/20 | 2,865,251 | ||||||||||||
| 1,375,000 | UnitedHealth Group, Inc | 3.750 | 07/15/25 | 1,421,866 | ||||||||||||
| 2,800,000 | UnitedHealth Group, Inc | 4.750 | 07/15/45 | 2,958,589 | ||||||||||||
| 154 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | WellPoint, Inc | 4.625 | % | 05/15/42 | $ | 492,943 | |||||||||
| 2,000,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 2,024,530 | ||||||||||||
| 150,000 | WR Berkley Corp | 5.375 | 09/15/20 | 167,249 | ||||||||||||
| TOTAL INSURANCE | 54,594,445 | |||||||||||||||
| MATERIALS - 2.8% | ||||||||||||||||
| 425,000 | Alcoa, Inc | 5.125 | 10/01/24 | 400,562 | ||||||||||||
| 907,000 | Amerigas Partners LP | 6.500 | 05/20/21 | 911,535 | ||||||||||||
| 1,350,000 | g | Anglo American Capital plc | 3.625 | 05/14/20 | 1,178,006 | |||||||||||
| 1,075,000 | g | Anglo American Capital plc | 4.875 | 05/14/25 | 861,172 | |||||||||||
| 750,000 | AngloGold Ashanti Holdings plc | 5.375 | 04/15/20 | 705,938 | ||||||||||||
| 2,100,000 | Barrick Gold Corp | 4.100 | 05/01/23 | 1,878,673 | ||||||||||||
| 450,000 | g | Belden, Inc | 5.500 | 09/01/22 | 435,375 | |||||||||||
| 800,000 | g,h | Berry Plastics Escrow LLC | 6.000 | 10/15/22 | 802,000 | |||||||||||
| 600,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 607,214 | ||||||||||||
| 1,500,000 | g,h | Blue Cube Spinco, Inc | 9.750 | 10/15/23 | 1,560,000 | |||||||||||
| 855,000 | g,h | Blue Cube Spinco, Inc | 10.000 | 10/15/25 | 888,131 | |||||||||||
| 750,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 712,500 | |||||||||||
| 1,000,000 | Celulosa Arauco y Constitucion S.A. | 4.750 | 01/11/22 | 1,016,078 | ||||||||||||
| 1,175,000 | g | Cemex Finance LLC | 6.000 | 04/01/24 | 1,069,250 | |||||||||||
| 1,500,000 | CF Industries, Inc | 7.125 | 05/01/20 | 1,763,397 | ||||||||||||
| 200,000 | Corning, Inc | 1.450 | 11/15/17 | 200,077 | ||||||||||||
| 1,000,000 | Corning, Inc | 4.250 | 08/15/20 | 1,089,387 | ||||||||||||
| 300,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.750 | 11/04/20 | 300,155 | |||||||||||
| 750,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.875 | 11/03/21 | 745,409 | |||||||||||
| 2,400,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.000 | 07/17/22 | 2,196,199 | |||||||||||
| 1,600,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.500 | 09/16/25 | 1,536,758 | |||||||||||
| 200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.250 | 07/17/42 | 154,321 | |||||||||||
| 1,270,000 | Crown Americas LLC | 6.250 | 02/01/21 | 1,316,038 | ||||||||||||
| 680,000 | Crown Americas LLC | 4.500 | 01/15/23 | 668,100 | ||||||||||||
| 1,600,000 | Dow Chemical Co | 3.500 | 10/01/24 | 1,530,765 | ||||||||||||
| 1,500,000 | Eagle Spinco, Inc | 4.625 | 02/15/21 | 1,269,405 | ||||||||||||
| 2,890,000 | Eastman Chemical Co | 2.400 | 06/01/17 | 2,928,214 | ||||||||||||
| 450,000 | Eastman Chemical Co | 3.800 | 03/15/25 | 439,462 | ||||||||||||
| 450,000 | EI du Pont de Nemours & Co | 4.150 | 02/15/43 | 424,489 | ||||||||||||
| 2,550,000 | g | Eldorado Gold Corp | 6.125 | 12/15/20 | 2,218,500 | |||||||||||
| 850,000 | g | Evolution Escrow Issuer LLC | 7.500 | 03/15/22 | 537,625 | |||||||||||
| 1,600,000 | Fibria Overseas Finance Ltd | 5.250 | 05/12/24 | 1,540,000 | ||||||||||||
| 1,925,000 | g | Georgia-Pacific LLC | 2.539 | 11/15/19 | 1,934,758 | |||||||||||
| 3,000,000 | g | Glencore Finance Canada Ltd | 3.600 | 01/15/17 | 2,788,323 | |||||||||||
| 2,000,000 | g | Glencore Funding LLC | 1.700 | 05/27/16 | 1,900,000 | |||||||||||
| 9,660,000 | g | Glencore Funding LLC | 2.125 | 04/16/18 | 8,307,600 | |||||||||||
| 2,125,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 1,593,750 | |||||||||||
| 1,500,000 | g | Glencore Funding LLC | 4.000 | 04/16/25 | 1,158,750 | |||||||||||
| 2,000,000 | Graphic Packaging International, Inc | 4.750 | 04/15/21 | 1,980,000 | ||||||||||||
| 1,500,000 | g | GTL Trade Finance, Inc | 5.893 | 04/29/24 | 1,233,750 | |||||||||||
| 1,000,000 | Hexion US Finance Corp | 8.875 | 02/01/18 | 792,300 | ||||||||||||
| 3,075,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 2,613,750 | ||||||||||||
| 3,750,000 | International Paper Co | 4.750 | 02/15/22 | 4,051,159 | ||||||||||||
| 600,000 | International Paper Co | 4.800 | 06/15/44 | 554,171 | ||||||||||||
| 1,500,000 | g | Klabin Finance S.A. | 5.250 | 07/16/24 | 1,327,500 | |||||||||||
| 4,000,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 4,313,020 | ||||||||||||
| 155 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,225,000 | LyondellBasell Industries NV | 4.625 | % | 02/26/55 | $ | 1,042,246 | |||||||||
| 675,000 | g | Mexichem SAB de C.V. | 5.875 | 09/17/44 | 570,375 | |||||||||||
| 525,000 | Monsanto Co | 2.200 | 07/15/22 | 486,228 | ||||||||||||
| 400,000 | Monsanto Co | 4.200 | 07/15/34 | 364,761 | ||||||||||||
| 1,125,000 | Nucor Corp | 4.000 | 08/01/23 | 1,146,801 | ||||||||||||
| 1,500,000 | g | OCP S.A. | 5.625 | 04/25/24 | 1,530,060 | |||||||||||
| 2,400,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 2,419,500 | |||||||||||
| 550,000 | Packaging Corp of America | 3.650 | 09/15/24 | 545,609 | ||||||||||||
| 525,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 521,989 | ||||||||||||
| 680,000 | Rock Tenn Co | 4.450 | 03/01/19 | 724,263 | ||||||||||||
| 820,000 | Rock Tenn Co | 4.900 | 03/01/22 | 890,039 | ||||||||||||
| 299 | g | Samarco Mineracao S.A. | 5.375 | 09/26/24 | 246 | |||||||||||
| 500,000 | Silgan Holdings, Inc | 5.000 | 04/01/20 | 502,500 | ||||||||||||
| 1,000,000 | Steel Dynamics, Inc | 5.125 | 10/01/21 | 947,500 | ||||||||||||
| 650,000 | Steel Dynamics, Inc | 5.250 | 04/15/23 | 594,750 | ||||||||||||
| 700,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 563,500 | ||||||||||||
| 500,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 305,000 | ||||||||||||
| 125,000 | Teck Resources Ltd | 6.000 | 08/15/40 | 68,750 | ||||||||||||
| 525,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 290,063 | ||||||||||||
| 1,550,000 | Tronox Finance LLC | 6.375 | 08/15/20 | 984,250 | ||||||||||||
| 900,000 | g | Union Andina de Cementos SAA | 5.875 | 10/30/21 | 866,250 | |||||||||||
| 3,125,000 | g | Univar, Inc | 6.750 | 07/15/23 | 2,906,250 | |||||||||||
| 400,000 | Vale S.A. | 5.625 | 09/11/42 | 278,188 | ||||||||||||
| TOTAL MATERIALS | 86,982,684 | |||||||||||||||
| MEDIA - 2.2% | ||||||||||||||||
| 2,500,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 2,512,500 | ||||||||||||
| 1,400,000 | CBS Corp | 2.300 | 08/15/19 | 1,388,734 | ||||||||||||
| 1,050,000 | CBS Corp | 4.000 | 01/15/26 | 1,032,771 | ||||||||||||
| 750,000 | CBS Corp | 4.600 | 01/15/45 | 660,558 | ||||||||||||
| 1,100,000 | CCO Holdings LLC | 6.500 | 04/30/21 | 1,105,500 | ||||||||||||
| 2,325,000 | g | CCO Safari II LLC | 3.579 | 07/23/20 | 2,308,039 | |||||||||||
| 545,000 | g | CCO Safari II LLC | 4.464 | 07/23/22 | 544,987 | |||||||||||
| 2,875,000 | g | CCO Safari II LLC | 4.908 | 07/23/25 | 2,862,373 | |||||||||||
| 2,000,000 | Cinemark USA, Inc | 5.125 | 12/15/22 | 1,960,000 | ||||||||||||
| 3,125,000 | Comcast Corp | 4.250 | 01/15/33 | 3,099,734 | ||||||||||||
| 1,550,000 | Comcast Corp | 4.600 | 08/15/45 | 1,585,371 | ||||||||||||
| 3,000,000 | DIRECTV Holdings LLC | 1.750 | 01/15/18 | 2,990,472 | ||||||||||||
| 2,475,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 2,541,877 | ||||||||||||
| 650,000 | DISH DBS Corp | 5.125 | 05/01/20 | 602,875 | ||||||||||||
| 800,000 | DISH DBS Corp | 5.000 | 03/15/23 | 670,000 | ||||||||||||
| 850,000 | DISH DBS Corp | 5.875 | 11/15/24 | 722,500 | ||||||||||||
| 1,500,000 | Gannett Co, Inc | 5.125 | 10/15/19 | 1,522,500 | ||||||||||||
| 2,110,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 2,067,800 | |||||||||||
| 160,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 155,600 | |||||||||||
| 1,000,000 | Lamar Media Corp | 5.000 | 05/01/23 | 985,000 | ||||||||||||
| 144,000 | g | Lynx I Corp | 5.375 | 04/15/21 | 144,900 | |||||||||||
| 780,000 | g | Lynx II Corp | 6.375 | 04/15/23 | 776,100 | |||||||||||
| 2,650,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 2,660,006 | |||||||||||
| 700,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 701,737 | |||||||||||
| 1,000,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 990,924 | ||||||||||||
| 700,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 701,750 | ||||||||||||
| 156 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 925,000 | g | Nielsen Finance LLC | 5.000 | % | 04/15/22 | $ | 894,937 | ||||||||
| 1,800,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 1,734,750 | |||||||||||
| 1,450,000 | Outfront Media Capital LLC | 5.250 | 02/15/22 | 1,446,375 | ||||||||||||
| 300,000 | g | Outfront Media Capital LLC | 5.625 | 02/15/24 | 304,125 | |||||||||||
| 600,000 | Regal Entertainment Group | 5.750 | 03/15/22 | 589,500 | ||||||||||||
| 900,000 | Regal Entertainment Group | 5.750 | 06/15/23 | 868,500 | ||||||||||||
| 500,000 | Regal Entertainment Group | 5.750 | 02/01/25 | 472,500 | ||||||||||||
| 1,500,000 | Scripps Networks Interactive, Inc | 2.800 | 06/15/20 | 1,484,950 | ||||||||||||
| 2,100,000 | g | Sirius XM Radio, Inc | 5.875 | 10/01/20 | 2,136,750 | |||||||||||
| 650,000 | g | Sky plc | 2.625 | 09/16/19 | 654,118 | |||||||||||
| 3,000,000 | Starz LLC | 5.000 | 09/15/19 | 2,985,000 | ||||||||||||
| 1,500,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 1,428,422 | ||||||||||||
| 475,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 375,744 | ||||||||||||
| 3,600,000 | Time Warner, Inc | 2.100 | 06/01/19 | 3,603,233 | ||||||||||||
| 1,276,000 | Time Warner, Inc | 4.875 | 03/15/20 | 1,414,630 | ||||||||||||
| 1,000,000 | Time Warner, Inc | 4.750 | 03/29/21 | 1,087,442 | ||||||||||||
| 1,000,000 | Time Warner, Inc | 3.400 | 06/15/22 | 1,003,847 | ||||||||||||
| 275,000 | Time Warner, Inc | 6.500 | 11/15/36 | 319,680 | ||||||||||||
| 1,250,000 | Time Warner, Inc | 4.650 | 06/01/44 | 1,193,352 | ||||||||||||
| 750,000 | g | Time, Inc | 5.750 | 04/15/22 | 703,125 | |||||||||||
| 1,525,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 1,448,750 | |||||||||||
| 3,550,000 | g | Univision Communications, Inc | 5.125 | 02/15/25 | 3,328,125 | |||||||||||
| 1,500,000 | g | UPCB Finance IV Ltd | 5.375 | 01/15/25 | 1,410,000 | |||||||||||
| 700,000 | Viacom, Inc | 2.500 | 12/15/16 | 707,873 | ||||||||||||
| 1,500,000 | Viacom, Inc | 2.500 | 09/01/18 | 1,508,031 | ||||||||||||
| 1,000,000 | Viacom, Inc | 5.850 | 09/01/43 | 928,762 | ||||||||||||
| 300,000 | g | Virgin Media Finance plc | 6.000 | 10/15/24 | 288,750 | |||||||||||
| TOTAL MEDIA | 71,615,879 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5% | ||||||||||||||||
| 1,500,000 | AbbVie, Inc | 1.200 | 11/06/15 | 1,500,640 | ||||||||||||
| 1,200,000 | AbbVie, Inc | 1.750 | 11/06/17 | 1,203,565 | ||||||||||||
| 3,875,000 | AbbVie, Inc | 2.500 | 05/14/20 | 3,853,866 | ||||||||||||
| 475,000 | AbbVie, Inc | 2.900 | 11/06/22 | 464,568 | ||||||||||||
| 3,400,000 | Actavis Funding SCS | 1.850 | 03/01/17 | 3,407,837 | ||||||||||||
| 3,900,000 | Actavis Funding SCS | 2.350 | 03/12/18 | 3,915,518 | ||||||||||||
| 900,000 | Actavis Funding SCS | 3.000 | 03/12/20 | 901,010 | ||||||||||||
| 1,450,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 1,402,768 | ||||||||||||
| 2,450,000 | Amgen, Inc | 2.200 | 05/22/19 | 2,457,480 | ||||||||||||
| 1,550,000 | Amgen, Inc | 4.400 | 05/01/45 | 1,423,997 | ||||||||||||
| 1,650,000 | Biogen, Inc | 2.900 | 09/15/20 | 1,663,126 | ||||||||||||
| 1,300,000 | Celgene Corp | 2.125 | 08/15/18 | 1,310,394 | ||||||||||||
| 1,550,000 | Celgene Corp | 2.875 | 08/15/20 | 1,564,176 | ||||||||||||
| 2,400,000 | Celgene Corp | 3.875 | 08/15/25 | 2,401,478 | ||||||||||||
| 450,000 | g | Endo Finance LLC | 6.000 | 02/01/25 | 439,313 | |||||||||||
| 800,000 | Gilead Sciences, Inc | 2.350 | 02/01/20 | 804,573 | ||||||||||||
| 2,800,000 | Gilead Sciences, Inc | 2.550 | 09/01/20 | 2,817,710 | ||||||||||||
| 1,350,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 1,381,926 | ||||||||||||
| 1,425,000 | Gilead Sciences, Inc | 3.650 | 03/01/26 | 1,429,835 | ||||||||||||
| 575,000 | Mylan, Inc | 2.550 | 03/28/19 | 566,566 | ||||||||||||
| 1,650,000 | Perrigo Co plc | 2.300 | 11/08/18 | 1,632,246 | ||||||||||||
| 450,000 | Perrigo Co plc | 4.000 | 11/15/23 | 447,460 | ||||||||||||
| 157 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,100,000 | Perrigo Finance plc | 3.900 | % | 12/15/24 | $ | 2,069,134 | |||||||||
| 400,000 | Perrigo Finance plc | 4.900 | 12/15/44 | 380,225 | ||||||||||||
| 2,850,000 | g | Roche Holdings, Inc | 2.250 | 09/30/19 | 2,893,862 | |||||||||||
| 1,000,000 | g | Valeant Pharmaceuticals International, Inc | 6.750 | 08/15/18 | 1,017,500 | |||||||||||
| 3,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.000 | 10/01/20 | 3,060,000 | |||||||||||
| 525,000 | g | Valeant Pharmaceuticals International, Inc | 7.500 | 07/15/21 | 540,750 | |||||||||||
| 425,000 | g | VRX Escrow Corp | 6.125 | 04/15/25 | 407,108 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 47,358,631 | |||||||||||||||
| REAL ESTATE - 0.9% | ||||||||||||||||
| 150,000 | AMB Property LP | 4.500 | 08/15/17 | 157,388 | ||||||||||||
| 950,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 930,537 | ||||||||||||
| 1,750,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 1,700,050 | ||||||||||||
| 170,000 | Camden Property Trust | 4.625 | 06/15/21 | 183,447 | ||||||||||||
| 1,250,000 | Camden Property Trust | 2.950 | 12/15/22 | 1,213,041 | ||||||||||||
| 350,000 | g | Communications Sales & Leasing, Inc | 6.000 | 04/15/23 | 311,500 | |||||||||||
| 1,000,000 | Communications Sales & Leasing, Inc | 8.250 | 10/15/23 | 855,000 | ||||||||||||
| 725,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 749,721 | ||||||||||||
| 1,000,000 | Developers Diversified Realty Corp | 4.750 | 04/15/18 | 1,058,305 | ||||||||||||
| 500,000 | Developers Diversified Realty Corp | 7.875 | 09/01/20 | 610,833 | ||||||||||||
| 1,000,000 | Equinix, Inc | 4.875 | 04/01/20 | 1,017,500 | ||||||||||||
| 1,500,000 | Equinix, Inc | 5.375 | 01/01/22 | 1,492,500 | ||||||||||||
| 1,000,000 | Equinix, Inc | 5.750 | 01/01/25 | 992,500 | ||||||||||||
| 550,000 | Equity One, Inc | 3.750 | 11/15/22 | 538,885 | ||||||||||||
| 775,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 772,673 | ||||||||||||
| 200,000 | Healthcare Realty Trust, Inc | 5.750 | 01/15/21 | 224,148 | ||||||||||||
| 150,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 146,886 | ||||||||||||
| 1,500,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 1,458,016 | ||||||||||||
| 450,000 | Healthcare Trust of America Holdings LP | 3.375 | 07/15/21 | 450,123 | ||||||||||||
| 325,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 318,632 | ||||||||||||
| 1,783,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 1,897,832 | ||||||||||||
| 700,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 696,865 | ||||||||||||
| 650,000 | Kilroy Realty LP | 4.375 | 10/01/25 | 656,182 | ||||||||||||
| 325,000 | Liberty Property LP | 4.125 | 06/15/22 | 333,024 | ||||||||||||
| 500,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 513,603 | ||||||||||||
| 1,000,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 982,100 | ||||||||||||
| 275,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 278,820 | ||||||||||||
| 525,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 511,097 | ||||||||||||
| 25,000 | Regency Centers LP | 5.875 | 06/15/17 | 26,665 | ||||||||||||
| 875,000 | Regency Centers LP | 3.900 | 11/01/25 | 882,268 | ||||||||||||
| 210,000 | Simon Property Group LP | 10.350 | 04/01/19 | 264,070 | ||||||||||||
| 750,000 | g | Trust F/1401 | 5.250 | 12/15/24 | 766,875 | |||||||||||
| 850,000 | Ventas Realty LP | 4.125 | 01/15/26 | 857,171 | ||||||||||||
| 1,150,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 1,136,938 | ||||||||||||
| 450,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 442,193 | ||||||||||||
| 400,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 415,474 | ||||||||||||
| 925,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 917,668 | ||||||||||||
| TOTAL REAL ESTATE | 26,760,530 | |||||||||||||||
| RETAILING - 0.7% | ||||||||||||||||
| 3,450,000 | g | Argos Merger Sub, Inc | 7.125 | 03/15/23 | 3,488,812 | |||||||||||
| 1,700,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 1,759,500 | ||||||||||||
| 158 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 4,500,000 | AutoNation, Inc | 5.500 | % | 02/01/20 | $ | 4,927,500 | |||||||||
| 875,000 | AutoNation, Inc | 3.350 | 01/15/21 | 884,475 | ||||||||||||
| 1,000,000 | AutoZone, Inc | 3.250 | 04/15/25 | 981,351 | ||||||||||||
| 480,000 | g | Family Tree Escrow LLC | 5.750 | 03/01/23 | 498,000 | |||||||||||
| 1,000,000 | g | Golden Eagle Retail Group Ltd | 4.625 | 05/21/23 | 768,924 | |||||||||||
| 1,000,000 | Limited Brands, Inc | 7.000 | 05/01/20 | 1,128,750 | ||||||||||||
| 625,000 | Limited Brands, Inc | 6.625 | 04/01/21 | 693,750 | ||||||||||||
| 2,000,000 | Macy’s Retail Holdings, Inc | 5.900 | 12/01/16 | 2,104,162 | ||||||||||||
| 1,870,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 1,926,343 | ||||||||||||
| 645,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 712,747 | ||||||||||||
| 295,000 | O’Reilly Automotive, Inc | 4.625 | 09/15/21 | 318,783 | ||||||||||||
| 350,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 358,550 | ||||||||||||
| 150,000 | QVC, Inc | 5.125 | 07/02/22 | 154,248 | ||||||||||||
| 550,000 | Tiffany & Co | 3.800 | 10/01/24 | 543,821 | ||||||||||||
| TOTAL RETAILING | 21,249,716 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||
| 1,425,000 | Intel Corp | 2.450 | 07/29/20 | 1,444,002 | ||||||||||||
| 2,400,000 | Intel Corp | 3.700 | 07/29/25 | 2,465,803 | ||||||||||||
| 1,450,000 | Intel Corp | 4.900 | 07/29/45 | 1,501,372 | ||||||||||||
| 800,000 | g | Semiconductor Manufacturing International Corp | 4.125 | 10/07/19 | 801,062 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 6,212,239 | |||||||||||||||
| SOFTWARE & SERVICES - 0.9% | ||||||||||||||||
| 2,805,000 | g | Audatex North America, Inc | 6.000 | 06/15/21 | 2,810,582 | |||||||||||
| 1,000,000 | Baidu, Inc | 3.000 | 06/30/20 | 993,475 | ||||||||||||
| 1,225,000 | g | BMC Software Finance, Inc | 8.125 | 07/15/21 | 989,953 | |||||||||||
| 6,000,000 | Fidelity National Information Services, Inc | 5.000 | 03/15/22 | 6,270,552 | ||||||||||||
| 1,500,000 | Fiserv, Inc | 2.700 | 06/01/20 | 1,511,925 | ||||||||||||
| 1,475,000 | Microsoft Corp | 3.500 | 02/12/35 | 1,372,224 | ||||||||||||
| 2,350,000 | NCR Corp | 5.875 | 12/15/21 | 2,303,000 | ||||||||||||
| 1,000,000 | g | Open Text Corp | 5.625 | 01/15/23 | 991,875 | |||||||||||
| 3,800,000 | Oracle Corp | 2.500 | 05/15/22 | 3,745,189 | ||||||||||||
| 2,550,000 | Oracle Corp | 4.125 | 05/15/45 | 2,407,646 | ||||||||||||
| 730,000 | g | Sabre GLBL, Inc | 5.375 | 04/15/23 | 719,050 | |||||||||||
| 820,000 | g | Sixsigma Networks Mexico S.A. de C.V. | 8.250 | 11/07/21 | 769,775 | |||||||||||
| 1,900,000 | g | SS&C Technologies Holdings, Inc | 5.875 | 07/15/23 | 1,933,250 | |||||||||||
| 3,000,000 | Xerox Corp | 2.950 | 03/15/17 | 3,051,258 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 29,869,754 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.4% | ||||||||||||||||
| 3,000,000 | Amphenol Corp | 1.550 | 09/15/17 | 3,002,019 | ||||||||||||
| 725,000 | Amphenol Corp | 3.125 | 09/15/21 | 732,826 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 100,700 | ||||||||||||
| 700,000 | g | CommScope, Inc | 5.000 | 06/15/21 | 684,250 | |||||||||||
| 1,200,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 1,146,000 | |||||||||||
| 1,000,000 | Flextronics International Ltd | 4.625 | 02/15/20 | 1,030,000 | ||||||||||||
| 75,000 | General Electric Co | 5.250 | 12/06/17 | 81,226 | ||||||||||||
| 25,000 | General Electric Co | 2.700 | 10/09/22 | 25,072 | ||||||||||||
| 1,000,000 | Hewlett-Packard Co | 3.000 | 09/15/16 | 1,018,657 | ||||||||||||
| 1,700,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 1,735,928 | ||||||||||||
| 575,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 594,538 | ||||||||||||
| 159 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,300,000 | g,h | Hewlett-Packard Enterprise Co | 3.600 | % | 10/15/20 | $ | 1,299,636 | ||||||||
| 1,400,000 | g,h | Hewlett-Packard Enterprise Co | 4.900 | 10/15/25 | 1,396,150 | |||||||||||
| 1,230,000 | g | International Game Technology | 5.625 | 02/15/20 | 1,193,100 | |||||||||||
| 1,070,000 | g | International Game Technology | 6.250 | 02/15/22 | 995,100 | |||||||||||
| 2,070,000 | g | International Game Technology | 6.500 | 02/15/25 | 1,863,000 | |||||||||||
| 2,900,000 | g | Keysight Technologies, Inc | 4.550 | 10/30/24 | 2,825,728 | |||||||||||
| 2,985,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 3,060,446 | ||||||||||||
| 2,000,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 2,122,066 | ||||||||||||
| 1,025,000 | g | Millicom International Cellular S.A. | 6.000 | 03/15/25 | 925,062 | |||||||||||
| 1,575,000 | g | NXP BV | 3.750 | 06/01/18 | 1,578,937 | |||||||||||
| 1,500,000 | QUALCOMM, Inc | 3.450 | 05/20/25 | 1,417,017 | ||||||||||||
| 500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 465,000 | ||||||||||||
| 1,000,000 | g | Scientific Games International, Inc | 7.000 | 01/01/22 | 987,500 | |||||||||||
| 1,000,000 | Scientific Games International, Inc | 10.000 | 12/01/22 | 870,000 | ||||||||||||
| 1,500,000 | Seagate HDD Cayman | 4.750 | 01/01/25 | 1,436,629 | ||||||||||||
| 1,700,000 | g | Seagate HDD Cayman | 4.875 | 06/01/27 | 1,581,996 | |||||||||||
| 2,350,000 | g | Sensata Technologies BV | 5.625 | 11/01/24 | 2,344,125 | |||||||||||
| 1,375,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 1,389,310 | ||||||||||||
| 2,925,000 | Tyco Electronics Group S.A. | 2.350 | 08/01/19 | 2,945,958 | ||||||||||||
| 1,500,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 1,538,523 | ||||||||||||
| 4,425,000 | g | Zebra Technologies Corp | 7.250 | 10/15/22 | 4,712,625 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 47,099,124 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 2.4% | ||||||||||||||||
| 1,750,000 | g | Alibaba Group Holding Ltd | 2.500 | 11/28/19 | 1,717,429 | |||||||||||
| 2,200,000 | g | Altice Financing S.A. | 6.625 | 02/15/23 | 2,112,000 | |||||||||||
| 550,000 | American Tower Corp | 3.500 | 01/31/23 | 530,051 | ||||||||||||
| 1,975,000 | AT&T, Inc | 1.400 | 12/01/17 | 1,964,740 | ||||||||||||
| 2,225,000 | AT&T, Inc | 2.450 | 06/30/20 | 2,194,462 | ||||||||||||
| 1,200,000 | AT&T, Inc | 2.625 | 12/01/22 | 1,144,500 | ||||||||||||
| 2,750,000 | AT&T, Inc | 3.400 | 05/15/25 | 2,625,986 | ||||||||||||
| 2,975,000 | AT&T, Inc | 4.500 | 05/15/35 | 2,728,227 | ||||||||||||
| 1,050,000 | AT&T, Inc | 4.750 | 05/15/46 | 962,667 | ||||||||||||
| 1,500,000 | g | Bharti Airtel International Netherlands BV | 5.125 | 03/11/23 | 1,581,720 | |||||||||||
| 1,000,000 | Citizens Communications Co | 7.125 | 03/15/19 | 979,500 | ||||||||||||
| 1,500,000 | g,o | CommScope Holding Co, Inc | 6.625 | 06/01/20 | 1,537,500 | |||||||||||
| 1,900,000 | g | CommScope Technologies Finance LLC | 6.000 | 06/15/25 | 1,822,822 | |||||||||||
| 750,000 | g | Deutsche Telekom International Finance BV | 2.250 | 03/06/17 | 760,082 | |||||||||||
| 425,000 | g | Deutsche Telekom International Finance BV | 4.875 | 03/06/42 | 421,781 | |||||||||||
| 750,000 | g | ENTEL Chile S.A. | 4.875 | 10/30/24 | 746,298 | |||||||||||
| 1,750,000 | g | ENTEL Chile S.A. | 4.750 | 08/01/26 | 1,683,486 | |||||||||||
| 2,250,000 | GCI, Inc | 6.875 | 04/15/25 | 2,261,250 | ||||||||||||
| 1,000,000 | Intelsat Jackson Holdings S.A. | 7.250 | 04/01/19 | 937,500 | ||||||||||||
| 550,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 452,375 | ||||||||||||
| 1,000,000 | Intelsat Luxembourg S.A. | 6.750 | 06/01/18 | 846,250 | ||||||||||||
| 500,000 | g | Oi S.A. | 5.750 | 02/10/22 | 232,500 | |||||||||||
| 3,271,000 | Orange S.A. | 2.750 | 09/14/16 | 3,322,185 | ||||||||||||
| 500,000 | Orange S.A. | 5.500 | 02/06/44 | 544,960 | ||||||||||||
| 150,000 | Sprint Corp | 7.250 | 09/15/21 | 122,812 | ||||||||||||
| 2,000,000 | g | Telecom Italia S.p.A | 5.303 | 05/30/24 | 1,955,000 | |||||||||||
| 1,000,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 1,010,423 | ||||||||||||
| 1,150,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 1,202,971 | ||||||||||||
| 160 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | T-Mobile USA, Inc | 6.464 | % | 04/28/19 | $ | 1,017,500 | |||||||||
| 3,000,000 | T-Mobile USA, Inc | 6.542 | 04/28/20 | 3,048,750 | ||||||||||||
| 925,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 883,375 | ||||||||||||
| 1,800,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 1,800,310 | ||||||||||||
| 5,275,000 | Verizon Communications, Inc | 2.625 | 02/21/20 | 5,306,877 | ||||||||||||
| 1,600,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 1,642,280 | ||||||||||||
| 975,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,008,890 | ||||||||||||
| 40,000 | Verizon Communications, Inc | 6.400 | 09/15/33 | 45,854 | ||||||||||||
| 4,475,000 | Verizon Communications, Inc | 4.400 | 11/01/34 | 4,165,760 | ||||||||||||
| 7,513,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 6,801,429 | ||||||||||||
| 61,000 | Verizon Communications, Inc | 6.000 | 04/01/41 | 66,586 | ||||||||||||
| 1,300,000 | Verizon Communications, Inc | 3.850 | 11/01/42 | 1,077,918 | ||||||||||||
| 2,732,000 | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,498,835 | ||||||||||||
| 591,000 | Verizon Communications, Inc | 4.672 | 03/15/55 | 509,224 | ||||||||||||
| 1,675,000 | g | VimpelCom Holdings BV | 5.950 | 02/13/23 | 1,524,927 | |||||||||||
| 1,450,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 1,435,500 | |||||||||||
| 1,500,000 | Windstream Corp | 7.750 | 10/01/21 | 1,162,500 | ||||||||||||
| 1,425,000 | Windstream Corp | 6.375 | 08/01/23 | 1,026,855 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 73,424,847 | |||||||||||||||
| TRANSPORTATION - 1.5% | ||||||||||||||||
| 1,275,000 | g | Adani Ports & Special Economic Zone Ltd | 3.500 | 07/29/20 | 1,265,305 | |||||||||||
| 1,275,000 | g | AP Moeller-Maersk A.S. | 2.550 | 09/22/19 | 1,283,300 | |||||||||||
| 1,225,000 | g | AP Moeller-Maersk A.S. | 3.750 | 09/22/24 | 1,238,292 | |||||||||||
| 655,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 694,455 | |||||||||||
| 750,000 | g | Bombardier, Inc | 7.500 | 03/15/18 | 697,500 | |||||||||||
| 1,000,000 | g | Bombardier, Inc | 5.500 | 09/15/18 | 865,000 | |||||||||||
| 600,000 | g | Bombardier, Inc | 7.750 | 03/15/20 | 510,000 | |||||||||||
| 600,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 441,000 | |||||||||||
| 1,000,000 | g | Bombardier, Inc | 7.500 | 03/15/25 | 750,000 | |||||||||||
| 225,000 | Bristow Group, Inc | 6.250 | 10/15/22 | 193,500 | ||||||||||||
| 2,050,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 1,936,518 | ||||||||||||
| 650,000 | Canadian Pacific Railway Co | 4.800 | 08/01/45 | 651,556 | ||||||||||||
| 3,000,000 | g | ERAC USA Finance LLC | 2.800 | 11/01/18 | 3,074,319 | |||||||||||
| 900,000 | FedEx Corp | 2.300 | 02/01/20 | 904,085 | ||||||||||||
| 1,100,000 | FedEx Corp | 3.200 | 02/01/25 | 1,067,532 | ||||||||||||
| 900,000 | FedEx Corp | 4.100 | 02/01/45 | 815,734 | ||||||||||||
| 1,063,000 | GATX Corp | 1.250 | 03/04/17 | 1,057,369 | ||||||||||||
| 2,115,000 | GATX Corp | 2.375 | 07/30/18 | 2,117,060 | ||||||||||||
| 4,800,000 | GATX Corp | 2.500 | 07/30/19 | 4,803,912 | ||||||||||||
| 1,000,000 | GATX Corp | 3.250 | 03/30/25 | 946,110 | ||||||||||||
| 1,000,000 | GATX Corp | 5.200 | 03/15/44 | 1,027,103 | ||||||||||||
| 1,500,000 | GATX Corp | 4.500 | 03/30/45 | 1,326,702 | ||||||||||||
| 2,674,000 | Gulfmark Offshore, Inc | 6.375 | 03/15/22 | 1,597,715 | ||||||||||||
| 4,900,000 | Kansas City Southern de Mexico S.A. de C.V. | 2.350 | 05/15/20 | 4,815,647 | ||||||||||||
| 2,875,000 | Kansas City Southern Railway Co | 4.950 | 08/15/45 | 2,900,076 | ||||||||||||
| 1,500,000 | g | KLX, Inc | 5.875 | 12/01/22 | 1,459,215 | |||||||||||
| 1,000,000 | g | Latam Airlines Group S.A. | 7.250 | 06/09/20 | 885,000 | |||||||||||
| 2,300,000 | Norfolk Southern Corp | 4.450 | 06/15/45 | 2,223,727 | ||||||||||||
| 375,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 373,872 | ||||||||||||
| 600,000 | Southwest Airlines Co | 2.750 | 11/06/19 | 611,431 | ||||||||||||
| 800,000 | g | TTX Co | 3.600 | 01/15/25 | 809,026 | |||||||||||
| 161 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 525,000 | United Parcel Service, Inc | 3.625 | % | 10/01/42 | $ | 499,966 | |||||||||
| TOTAL TRANSPORTATION | 43,842,027 | |||||||||||||||
| UTILITIES – 3.0% | ||||||||||||||||
| 2,000,000 | AerCap Ireland Capital Ltd | 2.750 | 05/15/17 | 1,970,000 | ||||||||||||
| 750,000 | i | AES Corp | 3.324 | 06/01/19 | 712,500 | |||||||||||
| 425,000 | AES Corp | 4.875 | 05/15/23 | 372,937 | ||||||||||||
| 1,000,000 | g | AES Panama SRL | 6.000 | 06/25/22 | 980,000 | |||||||||||
| 700,000 | Alabama Power Co | 4.150 | 08/15/44 | 674,717 | ||||||||||||
| 3,000,000 | American Electric Power Co, Inc | 1.650 | 12/15/17 | 2,990,739 | ||||||||||||
| 250,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 299,562 | ||||||||||||
| 1,700,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 1,610,556 | ||||||||||||
| 1,250,000 | g | Autoridad del Canal de Panama | 4.950 | 07/29/35 | 1,238,534 | |||||||||||
| 5,000,000 | Berkshire Hathaway Energy Co | 2.000 | 11/15/18 | 5,011,710 | ||||||||||||
| 1,075,000 | Berkshire Hathaway Energy Co | 3.500 | 02/01/25 | 1,081,462 | ||||||||||||
| 925,000 | Black Hills Corp | 4.250 | 11/30/23 | 974,822 | ||||||||||||
| 492,000 | g | Calpine Corp | 7.875 | 01/15/23 | 526,440 | |||||||||||
| 250,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 278,448 | ||||||||||||
| 275,000 | Carolina Power & Light Co | 5.700 | 04/01/35 | 327,287 | ||||||||||||
| 300,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 358,984 | ||||||||||||
| 1,100,000 | g | CEZ AS. | 4.250 | 04/03/22 | 1,157,603 | |||||||||||
| 1,000,000 | CMS Energy Corp | 5.050 | 03/15/22 | 1,099,120 | ||||||||||||
| 200,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 241,643 | ||||||||||||
| 200,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 224,449 | ||||||||||||
| 500,000 | Connecticut Light & Power Co | 4.300 | 04/15/44 | 513,172 | ||||||||||||
| 750,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 711,424 | ||||||||||||
| 725,000 | Dominion Gas Holdings LLC | 3.600 | 12/15/24 | 722,137 | ||||||||||||
| 1,275,000 | Dominion Gas Holdings LLC | 4.600 | 12/15/44 | 1,214,167 | ||||||||||||
| 200,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 219,688 | ||||||||||||
| 1,000,000 | Duke Energy Corp | 2.100 | 06/15/18 | 1,011,048 | ||||||||||||
| 825,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 874,163 | ||||||||||||
| 1,000,000 | Duke Energy Progress, Inc | 4.150 | 12/01/44 | 1,006,733 | ||||||||||||
| 1,250,000 | g,i | Electricite de France | 5.625 | 12/30/49 | 1,235,000 | |||||||||||
| 1,300,000 | g | Empresa Electrica Angamos S.A. | 4.875 | 05/25/29 | 1,225,250 | |||||||||||
| 1,450,000 | g | Eskom Holdings SOC Ltd | 5.750 | 01/26/21 | 1,361,912 | |||||||||||
| 525,000 | g | Eskom Holdings SOC Ltd | 7.125 | 02/11/25 | 493,988 | |||||||||||
| 1,775,000 | Exelon Corp | 3.950 | 06/15/25 | 1,792,287 | ||||||||||||
| 1,250,000 | Exelon Corp | 5.100 | 06/15/45 | 1,277,400 | ||||||||||||
| 2,100,000 | Ferrellgas Partners LP | 6.500 | 05/01/21 | 1,963,500 | ||||||||||||
| 1,550,000 | Ferrellgas Partners LP | 6.750 | 01/15/22 | 1,441,500 | ||||||||||||
| 1,000,000 | g | Ferrellgas Partners LP | 6.750 | 06/15/23 | 910,000 | |||||||||||
| 675,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 689,812 | |||||||||||
| 250,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 289,111 | ||||||||||||
| 125,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 134,350 | ||||||||||||
| 2,500,000 | g | Israel Electric Corp Ltd | 5.625 | 06/21/18 | 2,653,125 | |||||||||||
| 500,000 | g | Israel Electric Corp Ltd | 7.250 | 01/15/19 | 563,125 | |||||||||||
| 700,000 | g | Israel Electric Corp Ltd | 5.000 | 11/12/24 | 714,252 | |||||||||||
| 100,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 116,364 | |||||||||||
| 1,075,000 | g | KazMunayGas National Co JSC | 4.400 | 04/30/23 | 903,000 | |||||||||||
| 500,000 | g | KazMunayGas National Co JSC | 4.875 | 05/07/25 | 420,000 | |||||||||||
| 1,300,000 | g | KazMunayGas National Co JSC | 5.750 | 04/30/43 | 939,250 | |||||||||||
| 1,375,000 | Kinder Morgan, Inc | 2.000 | 12/01/17 | 1,365,038 | ||||||||||||
| 162 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Kinder Morgan, Inc | 3.450 | % | 02/15/23 | $ | 887,491 | |||||||||
| 1,500,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.875 | 10/02/18 | 1,534,350 | |||||||||||
| 750,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.375 | 10/28/19 | 750,442 | |||||||||||
| 350,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 365,793 | ||||||||||||
| 2,250,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 2,225,540 | |||||||||||
| 800,000 | MPLX LP | 4.000 | 02/15/25 | 734,106 | ||||||||||||
| 1,000,000 | Nevada Power Co | 5.450 | 05/15/41 | 1,156,097 | ||||||||||||
| 750,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 776,213 | ||||||||||||
| 750,000 | Northeast Utilities | 1.600 | 01/15/18 | 746,862 | ||||||||||||
| 1,500,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,488,161 | ||||||||||||
| 1,500,000 | NRG Energy, Inc | 7.875 | 05/15/21 | 1,520,625 | ||||||||||||
| 500,000 | NRG Energy, Inc | 6.625 | 03/15/23 | 460,000 | ||||||||||||
| 1,300,000 | NSTAR Electric Co | 4.400 | 03/01/44 | 1,340,885 | ||||||||||||
| 750,000 | NTPC Ltd | 5.625 | 07/14/21 | 822,052 | ||||||||||||
| 1,225,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 1,221,762 | ||||||||||||
| 1,000,000 | g | Oncor Electric Delivery Co LLC | 3.750 | 04/01/45 | 888,732 | |||||||||||
| 325,000 | Pacific Gas & Electric Co | 8.250 | 10/15/18 | 385,337 | ||||||||||||
| 1,275,000 | Pacific Gas & Electric Co | 4.300 | 03/15/45 | 1,265,216 | ||||||||||||
| 250,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 250,000 | ||||||||||||
| 1,000,000 | g | Perusahaan Gas Negara Persero Tbk PT | 5.125 | 05/16/24 | 943,703 | |||||||||||
| 50,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 72,236 | ||||||||||||
| 500,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 525,664 | ||||||||||||
| 275,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 318,293 | ||||||||||||
| 550,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 602,496 | ||||||||||||
| 400,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 448,731 | ||||||||||||
| 4,500,000 | Sabine Pass LNG LP | 7.500 | 11/30/16 | 4,601,250 | ||||||||||||
| 975,000 | Sempra Energy | 2.875 | 10/01/22 | 956,460 | ||||||||||||
| 2,000,000 | Sempra Energy | 4.050 | 12/01/23 | 2,089,088 | ||||||||||||
| 3,000,000 | g | Solar Star Funding LLC | 3.950 | 06/30/35 | 3,027,330 | |||||||||||
| 1,000,000 | Southern California Edison Co | 4.650 | 10/01/43 | 1,084,434 | ||||||||||||
| 1,550,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 1,315,538 | ||||||||||||
| 200,000 | Tampa Electric Co | 4.100 | 06/15/42 | 196,780 | ||||||||||||
| 200,000 | g | Transportadora de Gas del Peru S.A. | 4.250 | 04/30/28 | 187,250 | |||||||||||
| 450,000 | WEC Energy Group, Inc | 3.550 | 06/15/25 | 457,240 | ||||||||||||
| 575,000 | Williams Partners LP | 4.500 | 11/15/23 | 539,122 | ||||||||||||
| 925,000 | Williams Partners LP | 4.900 | 01/15/45 | 689,129 | ||||||||||||
| 850,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 833,271 | ||||||||||||
| 1,000,000 | g | WPD Investment Holdings Ltd | 3.900 | 05/01/16 | 1,013,056 | |||||||||||
| 215,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 222,303 | ||||||||||||
| TOTAL UTILITIES | 87,835,347 | |||||||||||||||
| TOTAL CORPORATE BONDS | 1,275,912,224 | |||||||||||||||
| (Cost $1,306,847,294) | ||||||||||||||||
| GOVERNMENT BONDS - 34.8% | ||||||||||||||||
| AGENCY SECURITIES - 0.2% | ||||||||||||||||
| 1,250,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 1,238,275 | ||||||||||||
| 3,000,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 3,121,230 | ||||||||||||
| 3,000,000 | Private Export Funding Corp (PEFCO) | 2.050 | 11/15/22 | 2,924,679 | ||||||||||||
| TOTAL AGENCY SECURITIES | 7,284,184 | |||||||||||||||
| 163 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| FOREIGN GOVERNMENT BONDS - 3.2% | ||||||||||||||||
| $ | 1,535,000 | g | Banque Centrale de Tunisie S.A. | 5.750 | % | 01/30/25 | $ | 1,462,087 | ||||||||
| 640,000 | Banque Centrale de Tunisie S.A. | 8.250 | 09/19/27 | 723,200 | ||||||||||||
| 1,397,038 | g | Brazil Loan Trust | 5.477 | 07/24/23 | 1,173,512 | |||||||||||
| 1,000,000 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 790,000 | |||||||||||
| BRL | 5,000,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/21 | 1,026,495 | |||||||||||
| $ | 900,000 | Brazilian Government International Bond | 2.625 | 01/05/23 | 729,000 | |||||||||||
| 1,525,000 | Brazilian Government International Bond | 4.250 | 01/07/25 | 1,334,375 | ||||||||||||
| 1,480,000 | Brazilian Government International Bond | 5.000 | 01/27/45 | 1,106,300 | ||||||||||||
| 425,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 377,825 | ||||||||||||
| COP | 1,667,000,000 | Colombia Government International Bond | 4.375 | 03/21/23 | 442,150 | |||||||||||
| $ | 1,500,000 | Colombia Government International Bond | 4.500 | 01/28/26 | 1,458,750 | |||||||||||
| 1,805,000 | Colombia Government International Bond | 5.625 | 02/26/44 | 1,683,162 | ||||||||||||
| 1,575,000 | g | Costa Rica Government International Bond | 7.158 | 03/12/45 | 1,382,062 | |||||||||||
| 1,570,000 | g | Croatia Government International Bond | 6.375 | 03/24/21 | 1,688,309 | |||||||||||
| 700,000 | g | Croatia Government International Bond | 5.500 | 04/04/23 | 717,500 | |||||||||||
| DOP | 63,500,000 | g | Dominican Republic International Bond | 10.000 | 01/05/17 | 1,414,778 | ||||||||||
| $ | 1,500,000 | g | Dominican Republic International Bond | 5.500 | 01/27/25 | 1,447,500 | ||||||||||
| 1,500,000 | g | Ecuador Government International Bond | 10.500 | 03/24/20 | 1,125,000 | |||||||||||
| 1,600,000 | g | Egypt Government International Bond | 5.875 | 06/11/25 | 1,512,000 | |||||||||||
| IDR | 11,500,000,000 | European Bank for Reconstruction & Development | 7.250 | 02/08/16 | 761,661 | |||||||||||
| TRY | 3,425,000 | European Investment Bank | 5.750 | 04/03/18 | 1,000,041 | |||||||||||
| $ | 275,000 | European Investment Bank | 4.875 | 02/15/36 | 346,183 | |||||||||||
| 600,000 | Export-Import Bank of Korea | 1.250 | 11/20/15 | 600,295 | ||||||||||||
| 550,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 547,500 | ||||||||||||
| 2,267,000 | g | Gabonese Republic | 8.200 | 12/12/17 | 2,287,403 | |||||||||||
| 550,000 | g | Guatemala Government Bond | 5.750 | 06/06/22 | 576,125 | |||||||||||
| 900,000 | g | Guatemala Government Bond | 4.875 | 02/13/28 | 875,250 | |||||||||||
| 2,350,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 2,614,375 | ||||||||||||
| 1,500,000 | g | Indonesia Government International Bond | 6.875 | 03/09/17 | 1,606,855 | |||||||||||
| 750,000 | g | Indonesia Government International Bond | 3.375 | 04/15/23 | 683,435 | |||||||||||
| 820,000 | Israel Government International Bond | 4.500 | 01/30/43 | 823,362 | ||||||||||||
| 630,000 | Italy Government International Bond | 6.875 | 09/27/23 | 799,467 | ||||||||||||
| 1,300,000 | g,i | Ivory Coast Government International Bond | 5.750 | 12/31/32 | 1,125,498 | |||||||||||
| 1,500,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 1,500,000 | ||||||||||||
| 1,000,000 | g | Kazakhstan Government International Bond | 6.500 | 07/21/45 | 939,150 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,021,273 | |||||||||||
| 750,000 | Korea Development Bank | 2.500 | 03/11/20 | 757,695 | ||||||||||||
| 4,425,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 4,363,484 | |||||||||||
| MXN | 19,540,000 | Mexican Bonos | 8.000 | 12/07/23 | 1,302,551 | |||||||||||
| $ | 1,750,000 | Mexico Government International Bond | 3.500 | 01/21/21 | 1,780,625 | |||||||||||
| 750,000 | Mexico Government International Bond | 3.625 | 03/15/22 | 756,750 | ||||||||||||
| 1,050,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 1,069,425 | ||||||||||||
| 500,000 | g | Morocco Government International Bond | 4.250 | 12/11/22 | 505,000 | |||||||||||
| 145,000,000 | Nigeria Government Bond | 15.100 | 04/27/17 | 729,148 | ||||||||||||
| NGN | 360,000,000 | Nigeria Government Bond | 15.540 | 02/13/20 | 1,824,752 | |||||||||||
| $ | 1,843,000 | g | Nigeria Government International Bond | 6.375 | 07/12/23 | 1,629,949 | ||||||||||
| 3,000,000 | North American Development Bank | 2.300 | 10/10/18 | 3,067,938 | ||||||||||||
| 1,000,000 | North American Development Bank | 2.400 | 10/26/22 | 990,674 | ||||||||||||
| 1,500,000 | g | Pakistan Government International Bond | 8.250 | 09/30/25 | 1,529,772 | |||||||||||
| 500,000 | Panama Government International Bond | 5.200 | 01/30/20 | 539,375 | ||||||||||||
| 1,100,000 | Panama Government International Bond | 3.750 | 03/16/25 | 1,064,250 | ||||||||||||
| 164 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| PHP | 45,000,000 | Philippine Government International Bond | 3.900 | % | 11/26/22 | $ | 933,793 | |||||||||
| $ | 1,250,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 1,370,246 | |||||||||||
| 1,225,000 | Poland Government International Bond | 4.000 | 01/22/24 | 1,295,438 | ||||||||||||
| 1,500,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 1,553,585 | ||||||||||||
| 1,000,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 1,078,366 | ||||||||||||
| 1,600,000 | Republic of Angola Via Northern Lights III BV | 7.000 | 08/16/19 | 1,509,600 | ||||||||||||
| 1,025,000 | g | Republic of Azerbaijan International Bond | 4.750 | 03/18/24 | 958,375 | |||||||||||
| 2,645,000 | g | Republic of Ghana | 8.125 | 01/18/26 | 2,195,879 | |||||||||||
| 1,300,000 | g | Republic of Latvia | 2.750 | 01/12/20 | 1,321,125 | |||||||||||
| 1,175,000 | g | Republic of Paraguay | 6.100 | 08/11/44 | 1,148,563 | |||||||||||
| 400,000 | g | Republic of Serbia | 5.875 | 12/03/18 | 417,500 | |||||||||||
| 450,000 | g | Republic of Serbia | 7.250 | 09/28/21 | 504,000 | |||||||||||
| 570,725 | g,i | Republic of Serbia | 6.750 | 11/01/24 | 581,284 | |||||||||||
| 163,064 | i | Republic of Serbia | 6.750 | 11/01/24 | 166,081 | |||||||||||
| 1,000,000 | Republic of Turkey | 7.500 | 07/14/17 | 1,078,750 | ||||||||||||
| 1,500,000 | g | Russian Foreign Bond - Eurobond | 4.875 | 09/16/23 | 1,512,510 | |||||||||||
| 1,285,000 | g | Slovenia Government International Bond | 5.500 | 10/26/22 | 1,443,060 | |||||||||||
| ZAR | 50,676,000 | South Africa Government Bond | 8.250 | 09/15/17 | 3,721,615 | |||||||||||
| $ | 750,000 | South Africa Government International Bond | 6.875 | 05/27/19 | 836,190 | |||||||||||
| 1,850,000 | South Africa Government International Bond | 4.665 | 01/17/24 | 1,831,500 | ||||||||||||
| 6,500,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 7,014,800 | ||||||||||||
| 2,850,000 | Turkey Government International Bond | 5.625 | 03/30/21 | 2,974,688 | ||||||||||||
| 600,000 | Turkey Government International Bond | 6.875 | 03/17/36 | 648,900 | ||||||||||||
| 500,000 | United Mexican States | 5.125 | 01/15/20 | 550,000 | ||||||||||||
| 1,000,000 | Uruguay Government International Bond | 5.100 | 06/18/50 | 877,500 | ||||||||||||
| 1,300,000 | g | Zambia Government International Bond | 8.970 | 07/30/27 | 1,027,000 | |||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 100,163,614 | |||||||||||||||
| MORTGAGE BACKED - 17.9% | ||||||||||||||||
| 783,774 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/34 | 825,554 | ||||||||||||
| 3,363,787 | i | FHLMC | 0.817 | 07/15/37 | 3,419,381 | |||||||||||
| 4,119,901 | i | FHLMC | 0.657 | 09/15/42 | 4,158,422 | |||||||||||
| 2,011,484 | FHLMC | 3.000 | 09/15/42 | 2,037,806 | ||||||||||||
| 230,221 | i | FHLMC | 0.557 | 10/15/42 | 230,883 | |||||||||||
| 677,819 | i | FHLMC | 0.557 | 07/15/45 | 679,878 | |||||||||||
| 3,591 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.500 | 12/01/16 | 3,656 | ||||||||||||
| 11,298 | FGLMC | 7.000 | 10/01/20 | 12,028 | ||||||||||||
| 20,280 | FGLMC | 6.500 | 01/01/29 | 23,192 | ||||||||||||
| 9,000,000 | h | FGLMC | 3.000 | 11/15/30 | 9,348,048 | |||||||||||
| 2,142 | FGLMC | 8.000 | 01/01/31 | 2,489 | ||||||||||||
| 372,391 | FGLMC | 5.500 | 12/01/33 | 415,310 | ||||||||||||
| 497,581 | FGLMC | 7.000 | 12/01/33 | 590,339 | ||||||||||||
| 277,149 | FGLMC | 5.000 | 01/01/34 | 308,844 | ||||||||||||
| 137,053 | FGLMC | 4.500 | 10/01/34 | 148,318 | ||||||||||||
| 204,019 | FGLMC | 5.500 | 03/01/35 | 226,894 | ||||||||||||
| 176,221 | FGLMC | 7.000 | 05/01/35 | 209,234 | ||||||||||||
| 27,594 | FGLMC | 5.000 | 02/01/36 | 30,374 | ||||||||||||
| 462 | FGLMC | 6.500 | 05/01/36 | 528 | ||||||||||||
| 232,884 | FGLMC | 5.000 | 04/01/38 | 258,206 | ||||||||||||
| 269,467 | FGLMC | 4.500 | 11/01/40 | 298,553 | ||||||||||||
| 1,885,154 | FGLMC | 4.000 | 12/01/40 | 2,026,634 | ||||||||||||
| 302,598 | FGLMC | 4.500 | 12/01/40 | 334,206 | ||||||||||||
| 165 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 9,144,200 | FGLMC | 3.500 | % | 04/01/44 | $ | 9,611,150 | |||||||||
| 3,584,305 | FGLMC | 4.000 | 08/01/44 | 3,876,723 | ||||||||||||
| 4,643,139 | FGLMC | 4.000 | 09/01/44 | 5,030,417 | ||||||||||||
| 1,920,394 | FGLMC | 4.500 | 10/01/44 | 2,138,021 | ||||||||||||
| 279,079 | FGLMC | 4.500 | 11/01/44 | 310,737 | ||||||||||||
| 355,685 | FGLMC | 4.500 | 11/01/44 | 395,989 | ||||||||||||
| 222,207 | FGLMC | 4.500 | 12/01/44 | 247,408 | ||||||||||||
| 143,809 | FGLMC | 4.500 | 12/01/44 | 157,762 | ||||||||||||
| 1,980,900 | FGLMC | 3.500 | 04/01/45 | 2,077,007 | ||||||||||||
| 3,966,676 | FGLMC | 3.500 | 07/01/45 | 4,140,677 | ||||||||||||
| 8,042,093 | FGLMC | 3.500 | 09/01/45 | 8,380,500 | ||||||||||||
| 6,000,000 | h | FGLMC | 3.500 | 10/01/45 | 6,283,673 | |||||||||||
| 2,000,000 | h | FGLMC | 3.000 | 10/15/45 | 2,021,969 | |||||||||||
| 13,000,000 | h | FGLMC | 4.000 | 10/15/45 | 13,840,938 | |||||||||||
| 9,396 | Federal National Mortgage Association (FNMA) | 8.000 | 03/01/23 | 9,801 | ||||||||||||
| 5,279 | FNMA | 9.000 | 11/01/25 | 6,106 | ||||||||||||
| 1,905,497 | FNMA | 2.500 | 10/01/27 | 1,961,382 | ||||||||||||
| 4,516 | FNMA | 7.500 | 01/01/29 | 5,198 | ||||||||||||
| 863,141 | h | FNMA | 3.000 | 01/01/30 | 900,206 | |||||||||||
| 1,117,962 | h | FNMA | 3.000 | 06/01/30 | 1,166,094 | |||||||||||
| 1,866,626 | h | FNMA | 3.000 | 07/01/30 | 1,947,127 | |||||||||||
| 3,553,430 | FNMA | 2.500 | 08/01/30 | 3,627,330 | ||||||||||||
| 10,000,000 | h | FNMA | 2.500 | 10/25/30 | 10,197,656 | |||||||||||
| 5,000,000 | h | FNMA | 3.000 | 10/25/30 | 5,207,435 | |||||||||||
| 7,000,000 | h | FNMA | 3.500 | 10/25/30 | 7,394,843 | |||||||||||
| 8,000,000 | h | FNMA | 2.500 | 11/25/30 | 8,144,687 | |||||||||||
| 125,146 | FNMA | 7.000 | 07/01/32 | 134,611 | ||||||||||||
| 36,600 | FNMA | 4.500 | 03/25/33 | 37,304 | ||||||||||||
| 1,914,712 | FNMA | 5.000 | 06/01/33 | 2,120,048 | ||||||||||||
| 170,818 | FNMA | 4.500 | 10/01/33 | 186,696 | ||||||||||||
| 4,171,980 | FNMA | 5.000 | 10/01/33 | 4,619,107 | ||||||||||||
| 1,500,000 | FNMA | 3.000 | 10/25/33 | 1,519,310 | ||||||||||||
| 172,770 | FNMA | 5.000 | 11/01/33 | 192,090 | ||||||||||||
| 251,577 | FNMA | 5.000 | 11/01/33 | 277,029 | ||||||||||||
| 6,586,319 | FNMA | 3.000 | 01/01/35 | 6,834,709 | ||||||||||||
| 176,368 | FNMA | 5.500 | 02/01/35 | 198,481 | ||||||||||||
| 7,999,343 | FNMA | 5.000 | 05/01/35 | 8,828,961 | ||||||||||||
| 4,474,920 | FNMA | 5.000 | 10/01/35 | 4,930,749 | ||||||||||||
| 5,063,185 | FNMA | 5.500 | 08/01/37 | 5,694,444 | ||||||||||||
| 26,642 | FNMA | 6.000 | 09/01/37 | 30,660 | ||||||||||||
| 27,050 | FNMA | 6.000 | 09/01/37 | 31,031 | ||||||||||||
| 78,347 | FNMA | 6.500 | 09/01/37 | 89,504 | ||||||||||||
| 1,863,992 | FNMA | 5.500 | 11/01/38 | 2,173,170 | ||||||||||||
| 1,171,808 | FNMA | 5.500 | 12/01/38 | 1,330,781 | ||||||||||||
| 148,809 | FNMA | 4.000 | 07/01/39 | 160,550 | ||||||||||||
| 359,156 | FNMA | 5.500 | 08/01/39 | 406,794 | ||||||||||||
| 626,454 | FNMA | 4.500 | 10/01/39 | 680,650 | ||||||||||||
| 795,732 | FNMA | 5.500 | 04/01/40 | 895,567 | ||||||||||||
| 689,987 | FNMA | 4.500 | 06/01/40 | 750,406 | ||||||||||||
| 728,407 | FNMA | 5.000 | 08/01/40 | 804,495 | ||||||||||||
| 1,526,002 | FNMA | 5.000 | 09/01/40 | 1,683,565 | ||||||||||||
| 674,112 | FNMA | 4.500 | 10/01/40 | 732,662 | ||||||||||||
| 166 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 196,826 | FNMA | 6.000 | % | 10/01/40 | $ | 222,616 | |||||||||
| 1,964,208 | FNMA | 4.500 | 11/01/40 | 2,131,252 | ||||||||||||
| 720,840 | FNMA | 4.500 | 11/01/40 | 783,537 | ||||||||||||
| 1,757,770 | FNMA | 5.000 | 05/01/41 | 1,942,209 | ||||||||||||
| 3,712,980 | FNMA | 3.000 | 08/25/41 | 3,842,492 | ||||||||||||
| 1,015,283 | h | FNMA | 4.500 | 11/01/41 | 1,104,466 | |||||||||||
| 5,702,854 | FNMA | 5.500 | 12/01/41 | 6,520,066 | ||||||||||||
| 1,281,039 | FNMA | 3.500 | 02/01/42 | 1,340,163 | ||||||||||||
| 403,272 | FNMA | 4.500 | 03/01/42 | 444,641 | ||||||||||||
| 2,230,304 | FNMA | 4.500 | 04/01/42 | 2,425,266 | ||||||||||||
| 7,000,000 | FNMA | 3.500 | 04/25/42 | 7,362,439 | ||||||||||||
| 4,824,086 | i | FNMA | 0.694 | 08/25/42 | 4,861,511 | |||||||||||
| 41,414 | FNMA | 3.000 | 10/01/42 | 42,139 | ||||||||||||
| 42,279 | FNMA | 3.000 | 10/01/42 | 43,037 | ||||||||||||
| 2,239,279 | FNMA | 3.000 | 10/01/42 | 2,279,727 | ||||||||||||
| 106,924 | FNMA | 3.000 | 11/01/42 | 108,774 | ||||||||||||
| 4,445,984 | i | FNMA | 0.594 | 11/25/42 | 4,446,722 | |||||||||||
| 7,941,059 | FNMA | 3.500 | 11/25/42 | 1,487,348 | ||||||||||||
| 409,385 | FNMA | 3.000 | 12/01/42 | 416,546 | ||||||||||||
| 52,254 | FNMA | 3.000 | 12/01/42 | 53,037 | ||||||||||||
| 6,727 | FNMA | 3.000 | 12/01/42 | 6,844 | ||||||||||||
| 7,983,058 | FNMA | 3.000 | 01/01/43 | 8,120,256 | ||||||||||||
| 3,597,954 | FNMA | 3.000 | 01/01/43 | 3,659,084 | ||||||||||||
| 4,811,182 | FNMA | 3.000 | 02/01/43 | 4,894,390 | ||||||||||||
| 120,181 | FNMA | 3.000 | 02/01/43 | 122,227 | ||||||||||||
| 5,651,640 | FNMA | 3.000 | 02/01/43 | 5,749,193 | ||||||||||||
| 10,157,010 | FNMA | 3.000 | 02/01/43 | 10,332,403 | ||||||||||||
| 269,063 | FNMA | 3.000 | 02/01/43 | 273,731 | ||||||||||||
| 15,843,587 | FNMA | 3.000 | 02/01/43 | 16,116,610 | ||||||||||||
| 549,745 | FNMA | 3.000 | 02/01/43 | 559,187 | ||||||||||||
| 24,636 | FNMA | 3.000 | 03/01/43 | 25,058 | ||||||||||||
| 44,594 | FNMA | 3.000 | 03/01/43 | 45,343 | ||||||||||||
| 3,554,043 | FNMA | 3.000 | 03/01/43 | 3,615,207 | ||||||||||||
| 1,735,942 | FNMA | 3.000 | 03/01/43 | 1,765,760 | ||||||||||||
| 122,880 | FNMA | 3.000 | 03/01/43 | 124,723 | ||||||||||||
| 28,601 | FNMA | 3.000 | 03/01/43 | 29,084 | ||||||||||||
| 2,928,583 | i | FNMA | 0.544 | 03/25/43 | 2,926,061 | |||||||||||
| 29,702 | FNMA | 3.000 | 04/01/43 | 30,225 | ||||||||||||
| 1,785,964 | FNMA | 3.000 | 04/01/43 | 1,816,476 | ||||||||||||
| 60,280 | FNMA | 3.000 | 04/01/43 | 61,307 | ||||||||||||
| 13,495 | FNMA | 3.000 | 04/01/43 | 13,726 | ||||||||||||
| 10,772 | FNMA | 3.000 | 04/01/43 | 10,954 | ||||||||||||
| 31,282 | FNMA | 3.000 | 04/01/43 | 31,852 | ||||||||||||
| 307,872 | FNMA | 3.000 | 04/01/43 | 313,138 | ||||||||||||
| 41,080 | FNMA | 3.000 | 04/01/43 | 41,776 | ||||||||||||
| 64,575 | FNMA | 3.000 | 04/01/43 | 65,670 | ||||||||||||
| 36,828 | FNMA | 3.000 | 04/01/43 | 37,457 | ||||||||||||
| 3,935,616 | FNMA | 3.000 | 05/01/43 | 4,002,652 | ||||||||||||
| 4,403,531 | FNMA | 4.000 | 11/01/43 | 4,779,775 | ||||||||||||
| 254,676 | FNMA | 4.000 | 04/01/44 | 274,869 | ||||||||||||
| 886,232 | FNMA | 4.000 | 06/01/44 | 956,214 | ||||||||||||
| 870,276 | FNMA | 4.000 | 06/01/44 | 939,234 | ||||||||||||
| 2,040,474 | FNMA | 4.500 | 06/01/44 | 2,261,681 | ||||||||||||
| 167 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 966,819 | FNMA | 4.000 | % | 07/01/44 | $ | 1,043,153 | |||||||||
| 241,656 | FNMA | 4.000 | 07/01/44 | 260,749 | ||||||||||||
| 259,602 | FNMA | 4.000 | 08/01/44 | 280,122 | ||||||||||||
| 204,750 | FNMA | 4.000 | 08/01/44 | 220,917 | ||||||||||||
| 1,732,856 | FNMA | 4.000 | 08/01/44 | 1,869,699 | ||||||||||||
| 2,375,342 | FNMA | 4.000 | 08/01/44 | 2,562,906 | ||||||||||||
| 180,553 | FNMA | 4.000 | 09/01/44 | 194,819 | ||||||||||||
| 235,415 | FNMA | 4.000 | 09/01/44 | 254,038 | ||||||||||||
| 1,106,670 | FNMA | 4.000 | 10/01/44 | 1,193,728 | ||||||||||||
| 5,819,650 | FNMA | 4.500 | 10/01/44 | 6,451,294 | ||||||||||||
| 1,027,531 | h | FNMA | 3.500 | 11/01/44 | 1,075,041 | |||||||||||
| 1,044,330 | FNMA | 4.000 | 12/01/44 | 1,130,176 | ||||||||||||
| 1,920,220 | FNMA | 4.000 | 12/01/44 | 2,072,099 | ||||||||||||
| 836,332 | FNMA | 4.000 | 12/01/44 | 905,729 | ||||||||||||
| 2,085,233 | FNMA | 4.000 | 01/01/45 | 2,250,216 | ||||||||||||
| 1,958,023 | FNMA | 3.500 | 02/01/45 | 2,048,556 | ||||||||||||
| 586,901 | FNMA | 3.500 | 03/01/45 | 613,014 | ||||||||||||
| 351,121 | FNMA | 3.500 | 03/01/45 | 368,664 | ||||||||||||
| 848,414 | FNMA | 4.500 | 03/01/45 | 940,622 | ||||||||||||
| 303,901 | FNMA | 4.000 | 05/01/45 | 327,959 | ||||||||||||
| 678,223 | FNMA | 4.000 | 06/01/45 | 731,930 | ||||||||||||
| 11,000,000 | h | FNMA | 3.500 | 10/25/45 | 11,478,676 | |||||||||||
| 7,000,000 | h | FNMA | 4.500 | 10/25/45 | 7,589,532 | |||||||||||
| 2,000,000 | h | FNMA | 5.000 | 10/25/45 | 2,203,984 | |||||||||||
| 5,000,000 | h | FNMA | 3.000 | 11/25/45 | 5,059,297 | |||||||||||
| 19,000,000 | h | FNMA | 3.500 | 11/25/45 | 19,784,499 | |||||||||||
| 31,000,000 | h | FNMA | 4.000 | 11/25/45 | 33,012,582 | |||||||||||
| 15,000,000 | h | FNMA | 4.500 | 11/25/45 | 16,249,805 | |||||||||||
| 31,000,000 | h | FNMA | 3.500 | 12/25/45 | 32,209,738 | |||||||||||
| 8,000,000 | h | FNMA | 5.000 | 12/25/45 | 8,802,185 | |||||||||||
| 12,982 | Government National Mortgage Association (GNMA) | 7.500 | 11/15/23 | 14,552 | ||||||||||||
| 3,278 | GNMA | 7.500 | 08/15/28 | 3,325 | ||||||||||||
| 16,391 | GNMA | 6.500 | 12/15/28 | 18,795 | ||||||||||||
| 53,036 | GNMA | 6.500 | 03/15/29 | 61,284 | ||||||||||||
| 17,274 | GNMA | 8.500 | 10/20/30 | 21,196 | ||||||||||||
| 4,962 | GNMA | 7.000 | 06/20/31 | 6,111 | ||||||||||||
| 125,621 | GNMA | 5.000 | 02/15/33 | 138,260 | ||||||||||||
| 42,683 | GNMA | 5.500 | 07/15/33 | 48,772 | ||||||||||||
| 527,379 | GNMA | 5.000 | 09/15/33 | 584,201 | ||||||||||||
| 5,000,000 | GNMA | 3.700 | 10/15/33 | 5,400,981 | ||||||||||||
| 85,216 | GNMA | 5.500 | 11/20/33 | 96,217 | ||||||||||||
| 338,995 | GNMA | 5.500 | 02/20/35 | 382,302 | ||||||||||||
| 110,826 | GNMA | 5.500 | 03/20/35 | 124,994 | ||||||||||||
| 45,279 | GNMA | 6.000 | 10/20/36 | 51,308 | ||||||||||||
| 47,824 | GNMA | 6.000 | 01/20/37 | 54,232 | ||||||||||||
| 73,037 | GNMA | 6.000 | 02/20/37 | 82,778 | ||||||||||||
| 63,349 | GNMA | 5.000 | 04/15/38 | 70,199 | ||||||||||||
| 48,921 | GNMA | 5.500 | 07/15/38 | 54,881 | ||||||||||||
| 94,554 | GNMA | 5.500 | 07/20/38 | 105,296 | ||||||||||||
| 37,854 | GNMA | 6.000 | 08/20/38 | 42,506 | ||||||||||||
| 82,111 | GNMA | 5.000 | 07/20/39 | 91,288 | ||||||||||||
| 168 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 10,210,358 | GNMA | 3.500 | % | 10/20/42 | $ | 2,148,474 | |||||||||
| 876,676 | GNMA | 3.500 | 07/15/43 | 922,812 | ||||||||||||
| 1,036,746 | GNMA | 3.500 | 02/15/45 | 1,091,575 | ||||||||||||
| 779,839 | h | GNMA | 4.000 | 04/15/45 | 833,774 | |||||||||||
| 1,165,736 | h | GNMA | 4.000 | 04/15/45 | 1,248,222 | |||||||||||
| 1,972,852 | h | GNMA | 4.000 | 04/15/45 | 2,109,008 | |||||||||||
| 4,965,112 | h | GNMA | 4.000 | 05/15/45 | 5,308,458 | |||||||||||
| 7,000,000 | h | GNMA | 3.000 | 10/20/45 | 7,146,835 | |||||||||||
| 5,000,000 | h | GNMA | 3.500 | 10/20/45 | 5,240,039 | |||||||||||
| 16,000,000 | h | GNMA | 3.500 | 10/20/45 | 16,731,250 | |||||||||||
| 14,000,000 | h | GNMA | 4.000 | 10/20/45 | 14,966,875 | |||||||||||
| 16,000,000 | GNMA | 4.000 | 10/24/45 | 17,067,501 | ||||||||||||
| 11,000,000 | h | GNMA | 3.500 | 11/20/45 | 11,502,731 | |||||||||||
| 8,000,000 | h | GNMA | 3.000 | 12/20/45 | 8,134,065 | |||||||||||
| TOTAL MORTGAGE BACKED | 550,963,968 | |||||||||||||||
| MUNICIPAL BONDS - 4.9% | ||||||||||||||||
| 1,000,000 | Anaheim City School District | 3.324 | 08/01/21 | 1,057,720 | ||||||||||||
| 1,000,000 | Anaheim City School District | 3.825 | 08/01/23 | 1,074,680 | ||||||||||||
| 2,500,000 | Arizona School Facilities Board | 2.078 | 09/01/18 | 2,544,200 | ||||||||||||
| 880,000 | California Earthquake Authority | 1.194 | 07/01/16 | 882,077 | ||||||||||||
| 2,535,000 | California Earthquake Authority | 2.805 | 07/01/19 | 2,581,441 | ||||||||||||
| 5,000,000 | California Housing Finance Agency | 2.966 | 08/01/22 | 5,034,650 | ||||||||||||
| 3,500,000 | City of Austin TX Electric Utility Revenue | 4.663 | 11/15/37 | 3,595,025 | ||||||||||||
| 5,000,000 | City of Jersey City NJ | 3.286 | 09/01/22 | 5,176,150 | ||||||||||||
| 5,000,000 | City of New York NY | 1.950 | 03/01/21 | 4,968,550 | ||||||||||||
| 7,500,000 | Dallas Independent School District | 5.049 | 08/15/33 | 8,027,400 | ||||||||||||
| 3,000,000 | Denver City & County School District No | 4.242 | 12/15/37 | 2,996,940 | ||||||||||||
| 600,000 | Denver Health & Hospital Authority | 1.700 | 12/01/16 | 600,564 | ||||||||||||
| 750,000 | Denver Health & Hospital Authority | 2.250 | 12/01/17 | 752,160 | ||||||||||||
| 3,000,000 | District of Columbia | 3.432 | 06/01/22 | 3,072,960 | ||||||||||||
| 600,000 | Grant County Public Utility District No 2 | 5.630 | 01/01/27 | 711,132 | ||||||||||||
| 250,000 | Harris County Flood Control District | 1.818 | 10/01/18 | 255,220 | ||||||||||||
| 1,480,000 | Illinois Housing Development Authority | 4.105 | 07/01/27 | 1,489,191 | ||||||||||||
| 2,270,000 | Los Angeles County Public Works Financing Authority | 2.910 | 12/01/20 | 2,306,706 | ||||||||||||
| 1,250,000 | Los Angeles County Public Works Financing Authority | 3.450 | 12/01/22 | 1,282,262 | ||||||||||||
| 1,000,000 | Maine Municipal Bond Bank | 3.368 | 06/01/19 | 1,054,050 | ||||||||||||
| 3,000,000 | Maine Municipal Bond Bank | 3.668 | 06/01/20 | 3,202,620 | ||||||||||||
| 375,000 | Massachusetts Housing Finance Agency | 1.306 | 06/01/16 | 376,354 | ||||||||||||
| 500,000 | Massachusetts Housing Finance Agency | 1.602 | 12/01/16 | 504,010 | ||||||||||||
| 400,000 | Massachusetts Housing Finance Agency | 1.776 | 06/01/17 | 401,664 | ||||||||||||
| 450,000 | Massachusetts Housing Finance Agency | 1.876 | 12/01/17 | 451,382 | ||||||||||||
| 250,000 | Massachusetts Housing Finance Agency | 2.807 | 12/01/19 | 256,443 | ||||||||||||
| 2,290,000 | Massachusetts Housing Finance Agency | 4.786 | 12/01/32 | 2,323,663 | ||||||||||||
| 3,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.100 | 02/01/22 | 3,117,660 | ||||||||||||
| 2,655,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 5.000 | 02/01/23 | 3,081,897 | ||||||||||||
| 1,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.780 | 02/01/26 | 1,056,410 | ||||||||||||
| 2,500,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 5.467 | 05/01/40 | 2,975,750 | ||||||||||||
| 169 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,000,000 | New York State Dormitory Authority | 4.802 | % | 12/01/34 | $ | 5,496,400 | |||||||||
| 1,500,000 | Oklahoma Water Resources Board | 2.794 | 04/01/21 | 1,565,025 | ||||||||||||
| 5,000,000 | Oregon Health & Science University | 5.000 | 07/01/45 | 5,220,300 | ||||||||||||
| 5,000,000 | Port Authority of New York & New Jersey | 3.001 | 10/15/22 | 5,187,900 | ||||||||||||
| 5,000,000 | Port Authority of New York & New Jersey | 3.471 | 10/15/25 | 5,166,000 | ||||||||||||
| 5,000,000 | Port Authority of New York & New Jersey | 4.823 | 06/01/45 | 5,154,500 | ||||||||||||
| 1,690,000 | Port of Corpus Christi Authority of Nueces County | 2.888 | 12/01/21 | 1,717,243 | ||||||||||||
| 2,000,000 | San Francisco Bay Area Rapid Transit District | 3.477 | 07/01/27 | 1,998,160 | ||||||||||||
| 4,000,000 | St. Paul Housing & Redevelopment Authority | 2.353 | 07/01/19 | 3,999,720 | ||||||||||||
| 5,000,000 | State of California | 4.988 | 04/01/39 | 5,239,200 | ||||||||||||
| 775,000 | State of California | 7.625 | 03/01/40 | 1,112,032 | ||||||||||||
| 5,180,000 | State of Connecticut | 5.295 | 10/01/29 | 5,888,520 | ||||||||||||
| 5,000,000 | State of Georgia | 4.150 | 02/01/35 | 5,192,850 | ||||||||||||
| 1,000,000 | State of Illinois | 4.125 | 01/01/19 | 1,025,100 | ||||||||||||
| 5,000,000 | State of Illinois | 3.650 | 04/01/20 | 5,003,000 | ||||||||||||
| 775,000 | State of Illinois | 6.725 | 04/01/35 | 802,567 | ||||||||||||
| 3,000,000 | State of Illinois | 5.520 | 04/01/38 | 2,664,210 | ||||||||||||
| 5,000,000 | State of Illinois | 4.620 | 06/15/38 | 5,298,250 | ||||||||||||
| 1,250,000 | Texas Public Finance Authority | 5.250 | 07/01/17 | 1,251,925 | ||||||||||||
| 1,310,000 | Trustees of Boston College | 3.519 | 07/01/21 | 1,403,023 | ||||||||||||
| 500,000 | University of California | 2.676 | 05/15/21 | 511,440 | ||||||||||||
| 5,000,000 | University of California | 3.789 | 05/15/24 | 5,414,750 | ||||||||||||
| 3,500,000 | University of California | 4.009 | 05/15/30 | 3,532,725 | ||||||||||||
| 2,740,000 | Virginia Housing Development Authority | 3.668 | 10/01/27 | 2,816,720 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 149,872,491 | |||||||||||||||
| U.S. TREASURY SECURITIES - 8.6% | ||||||||||||||||
| 9,712,000 | United States Treasury Bond | 2.500 | 02/15/45 | 8,947,685 | ||||||||||||
| 74,715,000 | United States Treasury Bond | 3.000 | 05/15/45 | 76,516,752 | ||||||||||||
| 28,000,000 | United States Treasury Bond | 2.875 | 08/15/45 | 28,002,912 | ||||||||||||
| 22,231,400 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 01/15/19 | 23,685,422 | |||||||||||
| 1,100,000 | United States Treasury Note | 0.625 | 06/30/17 | 1,100,602 | ||||||||||||
| 8,055,000 | United States Treasury Note | 0.625 | 07/31/17 | 8,058,464 | ||||||||||||
| 6,425,000 | United States Treasury Note | 0.625 | 08/31/17 | 6,424,833 | ||||||||||||
| 3,530,000 | United States Treasury Note | 1.000 | 09/15/18 | 3,538,366 | ||||||||||||
| 40,650,000 | United States Treasury Note | 1.375 | 09/30/20 | 40,643,659 | ||||||||||||
| 10,000,000 | United States Treasury Note | 8.000 | 11/15/21 | 13,726,690 | ||||||||||||
| 7,730,000 | United States Treasury Note | 2.000 | 07/31/22 | 7,863,667 | ||||||||||||
| 45,725,000 | United States Treasury Note | 2.000 | 08/15/25 | 45,504,697 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 264,013,749 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,072,298,006 | |||||||||||||||
| (Cost $1,066,031,569) | ||||||||||||||||
| STRUCTURED ASSETS - 12.8% | ||||||||||||||||
| ASSET BACKED - 3.9% | ||||||||||||||||
| 2,476,414 | i | ACE Securities Corp Home Equity Loan Trust | 0.901 | 04/25/35 | 2,470,433 | |||||||||||
| Series - 2005 HE2 (Class M3) | ||||||||||||||||
| 389,573 | i | ACE Securities Corp Home Equity Loan Trust | 0.929 | 08/25/35 | 384,313 | |||||||||||
| Series - 2005 HE5 (Class M2) | ||||||||||||||||
| 2,435,534 | i | Asset Backed Securities Corp Home Equity Loan Trust | 0.899 | 04/25/35 | 2,406,585 | |||||||||||
| Series - 2005 HE3 (Class M3) | ||||||||||||||||
| 170 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,061,698 | i | Asset Backed Securities Corp Home Equity Loan Trust | 0.635 | % | 07/25/35 | $ | 1,055,943 | ||||||||
| Series - 2005 HE7 (Class M2) | ||||||||||||||||
| 2,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.720 | 02/20/18 | 2,069,282 | |||||||||||
| Series - 2011 5A (Class B) | ||||||||||||||||
| 1,184,201 | i | Bear Stearns Asset Backed Securities Trust | 0.634 | 03/25/35 | 1,179,248 | |||||||||||
| Series - 2005 AQ1 (Class M1) | ||||||||||||||||
| 2,806,422 | i | Bear Stearns Asset Backed Securities Trust | 0.684 | 07/25/35 | 2,747,106 | |||||||||||
| Series - 2005 SD3 (Class 1A) | ||||||||||||||||
| 2,558,842 | i | Bear Stearns Asset Backed Securities Trust | 0.594 | 02/25/36 | 2,461,918 | |||||||||||
| Series - 2006 EC2 (Class M1) | ||||||||||||||||
| 121,776 | i | Bear Stearns Asset Backed Securities Trust | 0.934 | 11/25/39 | 121,188 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 1,713,896 | g | Capital Automotive REIT | 4.700 | 07/15/42 | 1,777,493 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 10,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 10,171,730 | |||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||
| 4,639,381 | g,i | CBRE Realty Finance CDO | 0.584 | 04/07/52 | 1,783,842 | |||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||
| 3,578,368 | i,m | CCR, Inc | 0.648 | 07/10/17 | 3,525,036 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 976,190 | g | CCR, Inc | 4.750 | 07/10/22 | 977,871 | |||||||||||
| Series - 2012 CA (Class C) | ||||||||||||||||
| 157,073 | Centex Home Equity | 5.540 | 01/25/32 | 156,779 | ||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||
| 670,189 | i | Countrywide Asset-Backed Certificates | 5.216 | 10/25/17 | 668,289 | |||||||||||
| Series - 2002 S4 (Class A5) | ||||||||||||||||
| 5,510,885 | i | Countrywide Asset-Backed Certificates | 0.420 | 12/25/34 | 5,217,050 | |||||||||||
| Series - 2004 6 (Class 1A1) | ||||||||||||||||
| 1,689,390 | i | Countrywide Asset-Backed Certificates | 0.664 | 02/25/36 | 1,680,860 | |||||||||||
| Series - 2005 11 (Class MV1) | ||||||||||||||||
| 4,975,000 | g | DB Master Finance LLC | 3.262 | 02/20/45 | 5,003,959 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| 1,025,000 | g,i | DB/UBS Mortgage Trust | 5.735 | 11/10/46 | 1,142,861 | |||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||
| 6,763,750 | g | Dominos Pizza Master Issuer LLC | 5.216 | 01/25/42 | 6,966,602 | |||||||||||
| Series - 2012 1A (Class A2) | ||||||||||||||||
| 1,763,520 | i | First Frankin Mortgage Loan Trust | 0.434 | 01/25/36 | 1,739,010 | |||||||||||
| Series - 2006 FF1 (Class 2A3) | ||||||||||||||||
| 612,369 | g,i | GMAC Mortgage Corp Loan Trust | 0.944 | 02/25/31 | 601,615 | |||||||||||
| Series - 2004 VF1 (Class A1) | ||||||||||||||||
| 1,431,245 | i | GSAMP Trust | 0.980 | 05/25/34 | 1,313,966 | |||||||||||
| Series - 2004 HE1 (Class M1) | ||||||||||||||||
| 3,741,588 | i | Lehman XS Trust | 0.754 | 08/25/35 | 3,633,531 | |||||||||||
| Series - 2005 2 (Class 1A1) | ||||||||||||||||
| 710,622 | i | Lehman XS Trust | 0.444 | 02/25/36 | 677,836 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 847,988 | i | Lehman XS Trust | 6.500 | 06/25/46 | 654,813 | |||||||||||
| Series - 2006 13 (Class 2A1) | ||||||||||||||||
| 2,450,000 | g,i | Longpoint Re Ltd | 4.180 | 05/18/16 | 2,485,525 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 4,189,123 | i | MASTR Asset Backed Securities Trust | 0.605 | 10/25/35 | 4,122,236 | |||||||||||
| Series - 2005 HE2 (Class M1) | ||||||||||||||||
| 171 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,125,000 | i | MASTR Asset Backed Securities Trust | 5.648 | % | 11/25/35 | $ | 1,123,836 | ||||||||
| Series - 2005 AB1 (Class A4) | ||||||||||||||||
| 1,379,038 | Oakwood Mortgage Investors, Inc | 5.410 | 11/15/32 | 1,381,122 | ||||||||||||
| Series - 2002 C (Class A1) | ||||||||||||||||
| 1,045,361 | g | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 1,049,203 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 2,706,820 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.974 | 01/25/36 | 2,689,342 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 692,585 | i | Renaissance Home Equity Loan Trust | 5.392 | 07/25/34 | 699,523 | |||||||||||
| Series - 2004 2 (Class AF4) | ||||||||||||||||
| 79,457 | i | Residential Asset Mortgage Products, Inc | 5.470 | 09/25/33 | 81,787 | |||||||||||
| Series - 2003 RZ5 (Class A7) | ||||||||||||||||
| 56,687 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 57,296 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 17,459 | i | Residential Asset Securities Corp | 0.839 | 04/25/35 | 17,461 | |||||||||||
| Series - 2005 KS3 (Class M3) | ||||||||||||||||
| 1,850,000 | i | Residential Funding Mortgage Securities II, Inc | 6.130 | 09/25/35 | 1,899,447 | |||||||||||
| Series - 2005 HI3 (Class M5) | ||||||||||||||||
| 81,639 | i | Residential Funding Mortgage Securities II, Inc | 6.010 | 02/25/36 | 81,692 | |||||||||||
| Series - 2006 HI1 (Class M1) | ||||||||||||||||
| 3,500,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 3,610,498 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 1,000,000 | g,i | Sanders Re Ltd | 3.980 | 05/05/17 | 1,007,600 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 317,749 | i | Saxon Asset Securities Trust | 6.120 | 11/25/30 | 337,010 | |||||||||||
| Series - 2002 2 (Class AF6) | ||||||||||||||||
| 374,553 | i | Securitized Asset Backed Receivables LLC | 0.494 | 10/25/35 | 371,149 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 143,616 | g | Sierra Receivables Funding Co LLC | 3.420 | 03/20/29 | 145,542 | |||||||||||
| Series - 2012 2A (Class B) | ||||||||||||||||
| 863,304 | g | SolarCity LMC | 4.800 | 11/20/38 | 925,461 | |||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||
| 930,655 | g | SolarCity LMC | 4.590 | 04/20/44 | 948,896 | |||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||
| 1,441,983 | g | SolarCity LMC | 4.020 | 07/20/44 | 1,421,002 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 185,410 | i | Soundview Home Equity Loan Trust | 0.494 | 11/25/35 | 184,739 | |||||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 7,693,321 | g | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 7,703,615 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 2,595,173 | i | Structured Asset Securities Corp Mortgage Loan Trust | 1.699 | 04/25/35 | 2,466,167 | |||||||||||
| Series - 2005 7XS (Class 2A1A) | ||||||||||||||||
| 3,621,445 | i | Structured Asset Securities Corp Mortgage Loan Trust | 0.481 | 02/25/36 | 3,603,896 | |||||||||||
| Series - 2006 WF1 (Class A5) | ||||||||||||||||
| 2,399,221 | i | Structured Asset Securities Corp Mortgage Loan Trust | 0.354 | 03/25/36 | 2,299,147 | |||||||||||
| Series - 2006 BC1 (Class A5) | ||||||||||||||||
| 1,316,277 | i | Structured Asset Securities Corp Mortgage Loan Trust | 0.444 | 11/25/37 | 1,308,241 | |||||||||||
| Series - 2007 BC4 (Class A3) | ||||||||||||||||
| 4,000,000 | g,i | Vitality Re IV Ltd | 2.730 | 01/09/17 | 4,040,000 | |||||||||||
| Series - 2013 IV B (Class ) | ||||||||||||||||
| 172 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 419,204 | g,m | Wachovia Amortization Controlled Heloc NIM | 5.683 | % | 08/12/47 | $ | 426,540 | ||||||||
| Series - 2006 N1 (Class N1) | ||||||||||||||||
| 85,383 | g,i | Wachovia Loan Trust | 0.554 | 05/25/35 | 83,074 | |||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||
| 16,104 | i | Wells Fargo Home Equity Trust | 0.334 | 07/25/36 | 16,065 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| 13,000,000 | g | Wendys Funding LLC | 3.371 | 06/15/45 | 13,061,360 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| TOTAL ASSET BACKED | 122,237,631 | |||||||||||||||
| OTHER MORTGAGE BACKED - 8.9% | ||||||||||||||||
| 1,090,128 | g | 7 WTC Depositor LLC Trust | 4.082 | 03/13/31 | 1,116,348 | |||||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 4,604,193 | i | American Home Mortgage Investment Trust | 1.980 | 10/25/34 | 4,525,706 | |||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||
| 2,965,551 | i | American Home Mortgage Investment Trust | 2.535 | 06/25/45 | 2,906,509 | |||||||||||
| Series - 2005 1 (Class 6A) | ||||||||||||||||
| 1,000,000 | i | Banc of America Commercial Mortgage Trust | 5.983 | 05/10/45 | 989,499 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 6,000,000 | Banc of America Commercial Mortgage Trust | 5.480 | 10/10/45 | 6,011,298 | ||||||||||||
| Series - 2006 6 (Class B) | ||||||||||||||||
| 4,000,000 | g,i | Banc of America Commercial Mortgage Trust | 5.821 | 02/10/51 | 3,880,332 | |||||||||||
| Series - 2007 4 (Class E) | ||||||||||||||||
| 4,000,000 | i | Banc of America Commercial Mortgage Trust | 5.971 | 02/10/51 | 4,102,948 | |||||||||||
| Series - 2007 5 (Class AJ) | ||||||||||||||||
| 2,174,077 | g,i | Banc of America Large Loan, Inc | 6.146 | 02/15/51 | 2,282,542 | |||||||||||
| Series - 2010 UB3 (Class A4B3) | ||||||||||||||||
| 3,000,000 | i | Banc of America Merrill Lynch Commercial Mortgage, Inc | 5.118 | 07/10/45 | 3,002,580 | |||||||||||
| Series - 2005 4 (Class B) | ||||||||||||||||
| 2,226,000 | i | Bear Stearns Commercial Mortgage Securities | 6.116 | 09/11/42 | 2,354,832 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 493,196 | Citicorp Mortgage Securities, Inc | 5.500 | 07/25/35 | 478,435 | ||||||||||||
| Series - 2005 4 (Class 1A7) | ||||||||||||||||
| 2,000,000 | i | Citigroup Commercial Mortgage Trust | 5.975 | 03/15/49 | 2,032,084 | |||||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 365,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 387,698 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 16,500,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 16,830,462 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 9,263,000 | i | Commercial Mortgage Trust | 5.238 | 04/10/37 | 9,257,007 | |||||||||||
| Series - 2005 GG5 (Class AJ) | ||||||||||||||||
| 4,265,000 | i | Commercial Mortgage Trust | 6.147 | 12/10/49 | 4,247,445 | |||||||||||
| Series - 2007 GG11 (Class B) | ||||||||||||||||
| 92,867 | Countrywide Alternative Loan Trust | 5.500 | 08/25/16 | 94,084 | ||||||||||||
| Series - 2004 30CB (Class 1A15) | ||||||||||||||||
| 1,633,650 | Countrywide Alternative Loan Trust | 5.000 | 04/25/20 | 1,653,721 | ||||||||||||
| Series - 2005 6CB (Class 2A1) | ||||||||||||||||
| 633,161 | i | Countrywide Alternative Loan Trust | 0.426 | 07/20/35 | 540,987 | |||||||||||
| Series - 2005 24 (Class 4A1) | ||||||||||||||||
| 1,490,096 | i | Countrywide Home Loan Mortgage Pass Through Trust | 2.553 | 11/20/34 | 1,424,357 | |||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||
| 173 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 186,385 | Countrywide Home Loan Mortgage Pass Through Trust | 5.250 | % | 09/25/35 | $ | 181,766 | |||||||||
| Series - 2005 17 (Class 1A10) | ||||||||||||||||
| 2,368,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.415 | 02/25/21 | 2,412,234 | |||||||||||
| Series - 2006 K1A (Class J) | ||||||||||||||||
| 700,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.415 | 02/25/21 | 711,536 | |||||||||||
| Series - 2006 K1A (Class H) | ||||||||||||||||
| 90,000 | i | Credit Suisse Commercial Mortgage Trust | 5.903 | 09/15/39 | 92,156 | |||||||||||
| Series - 2007 C4 (Class A1AJ) | ||||||||||||||||
| 6,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.949 | 09/15/39 | 6,152,610 | |||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||
| 1,870,000 | g | Credit Suisse Commercial Mortgage Trust | 5.383 | 02/15/40 | 1,921,565 | |||||||||||
| Series - 2009 RR1 (Class A3C) | ||||||||||||||||
| 8,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.625 | 01/15/49 | 8,242,208 | |||||||||||
| Series - 2007 C2 (Class AJ) | ||||||||||||||||
| 37,432 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | 07/15/37 | 37,418 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 1,300,000 | i | GS Mortgage Securities Trust | 5.553 | 04/10/38 | 1,303,905 | |||||||||||
| Series - 2006 GG6 (Class B) | ||||||||||||||||
| 6,509,100 | GS Mortgage Securities Trust | 5.622 | 11/10/39 | 6,559,734 | ||||||||||||
| Series - 2006 GG8 (Class AJ) | ||||||||||||||||
| 1,231,766 | GSR Mortgage Loan Trust | 6.000 | 01/25/35 | 1,255,000 | ||||||||||||
| Series - 2005 1F (Class 3A3) | ||||||||||||||||
| 2,558,803 | i | GSR Mortgage Loan Trust | 0.384 | 08/25/46 | 2,483,777 | |||||||||||
| Series - 2006 OA1 (Class 2A1) | ||||||||||||||||
| 3,148,267 | i | Harborview Mortgage Loan Trust | 0.436 | 05/19/35 | 2,603,428 | |||||||||||
| Series - 2005 2 (Class 2A1A) | ||||||||||||||||
| 1,315,614 | i | Harborview Mortgage Loan Trust | 0.436 | 07/19/47 | 1,073,672 | |||||||||||
| Series - 2007 4 (Class 2A1) | ||||||||||||||||
| 344,680 | i | Impac CMB Trust | 0.854 | 03/25/35 | 321,706 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 2,563,450 | i | Impac CMB Trust | 0.444 | 05/25/35 | 2,317,977 | |||||||||||
| Series - 0 4 (Class 1A1B) | ||||||||||||||||
| 4,520,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.911 | 07/15/42 | 4,530,812 | |||||||||||
| Series - 2005 LDP2 (Class C) | ||||||||||||||||
| 1,000,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.734 | 02/15/46 | 1,058,892 | |||||||||||
| Series - 2011 C3 (Class E) | ||||||||||||||||
| 310,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.457 | 07/15/46 | 337,384 | |||||||||||
| Series - 2011 C4 (Class C) | ||||||||||||||||
| 1,711,992 | i | JP Morgan Mortgage Trust | 2.521 | 11/25/33 | 1,717,100 | |||||||||||
| Series - 2006 A2 (Class 5A3) | ||||||||||||||||
| 2,500,000 | i | LB-UBS Commercial Mortgage Trust | 6.049 | 06/15/38 | 2,562,597 | |||||||||||
| Series - 2006 C4 (Class B) | ||||||||||||||||
| 3,000,000 | i | LB-UBS Commercial Mortgage Trust | 5.737 | 03/15/39 | 2,994,105 | |||||||||||
| Series - 2006 C3 (Class C) | ||||||||||||||||
| 2,000,000 | i | LB-UBS Commercial Mortgage Trust | 5.533 | 02/15/40 | 2,023,468 | |||||||||||
| Series - 2007 C1 (Class C) | ||||||||||||||||
| 3,000,000 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 2,970,147 | |||||||||||
| Series - 2007 C1 (Class D) | ||||||||||||||||
| 1,442,771 | Lehman Mortgage Trust | 5.500 | 11/25/35 | 1,353,552 | ||||||||||||
| Series - 2005 1 (Class 2A4) | ||||||||||||||||
| 5,115,431 | i | Long Beach Mortgage Loan Trust | 1.400 | 11/25/32 | 4,804,244 | |||||||||||
| Series - 2002 5 (Class M1) | ||||||||||||||||
| 174 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,697,727 | g,i | LVII Resecuritization Trust | 2.997 | % | 07/31/47 | $ | 5,697,727 | ||||||||
| Series - 2015 A (Class A) | ||||||||||||||||
| 855,582 | i | Merrill Lynch Mortgage Investors, Inc | 2.569 | 12/25/35 | 849,987 | |||||||||||
| Series - 2005 A9 (Class 2A1B) | ||||||||||||||||
| 75,000 | i | Merrill Lynch Mortgage Trust | 6.475 | 02/12/51 | 80,700 | |||||||||||
| Series - 0 C1 (Class AJA) | ||||||||||||||||
| 5,455,000 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 5,614,973 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 3,149,500 | i | Morgan Stanley Capital I Trust | 0.860 | 02/25/35 | 2,945,160 | |||||||||||
| Series - 2005 WMC2 (Class M3) | ||||||||||||||||
| 4,000,000 | g,i | Morgan Stanley Capital I Trust | 6.017 | 08/12/41 | 4,090,000 | |||||||||||
| Series - 2006 T23 (Class B) | ||||||||||||||||
| 5,000,000 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 5,095,940 | |||||||||||
| Series - 2006 HQ10 (Class AJ) | ||||||||||||||||
| 1,040,000 | i | Morgan Stanley Capital I Trust | 5.832 | 07/12/44 | 1,058,163 | |||||||||||
| Series - 2006 HQ9 (Class B) | ||||||||||||||||
| 1,830,000 | i | Morgan Stanley Capital I Trust | 5.842 | 07/12/44 | 1,869,122 | |||||||||||
| Series - 2006 HQ9 (Class C) | ||||||||||||||||
| 82,000 | g,i | Morgan Stanley Capital I Trust | 5.564 | 09/15/47 | 87,764 | |||||||||||
| Series - 2011 C1 (Class D) | ||||||||||||||||
| 1,500,000 | i | Morgan Stanley Capital I Trust | 5.861 | 04/12/49 | 1,526,620 | |||||||||||
| Series - 2007 HQ12 (Class C) | ||||||||||||||||
| 7,700,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 7,720,829 | |||||||||||
| Series - 2007 IQ15 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Morgan Stanley Capital I Trust | 6.319 | 12/12/49 | 951,297 | |||||||||||
| Series - 2007 IQ16 (Class AJA) | ||||||||||||||||
| 4,000,000 | i | Morgan Stanley Capital I Trust | 6.319 | 12/12/49 | 3,818,000 | |||||||||||
| Series - 2007 IQ16 (Class AJFX) | ||||||||||||||||
| 2,574,337 | i | Option One Mortgage Loan Trust | 0.950 | 05/25/34 | 2,376,247 | |||||||||||
| Series - 2004 2 (Class M1) | ||||||||||||||||
| 1,876,377 | RALI Trust | 4.250 | 12/26/33 | 1,874,628 | ||||||||||||
| Series - 2003 QS22 (Class A5) | ||||||||||||||||
| 367,740 | i | RALI Trust | 0.494 | 01/25/35 | 351,137 | |||||||||||
| Series - 2005 QA1 (Class A1) | ||||||||||||||||
| 72,758 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 72,911 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 1,924,837 | i | Structured Adjustable Rate Mortgage Loan Trust | 0.534 | 08/25/35 | 1,836,606 | |||||||||||
| Series - 2005 16XS (Class A1) | ||||||||||||||||
| 1,864,208 | g,i | Terwin Mortgage Trust | 0.974 | 03/25/35 | 1,794,273 | |||||||||||
| Series - 2005 3SL (Class M1) | ||||||||||||||||
| 6,000,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 0.407 | 12/15/43 | 5,817,324 | |||||||||||
| Series - 2007 C30 (Class AMFL) | ||||||||||||||||
| 4,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.765 | 01/15/45 | 4,004,460 | |||||||||||
| Series - 2006 C23 (Class F) | ||||||||||||||||
| 13,250,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.825 | 07/15/45 | 13,318,874 | |||||||||||
| Series - 2006 C27 (Class AJ) | ||||||||||||||||
| 5,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.865 | 07/15/45 | 4,495,330 | |||||||||||
| Series - 2006 C27 (Class B) | ||||||||||||||||
| 6,650,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.143 | 05/15/46 | 6,881,387 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 1,095,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 1,150,895 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 175 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 14,875,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | % | 04/15/47 | $ | 15,141,783 | ||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||
| 1,750,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.860 | 04/15/47 | 1,702,999 | |||||||||||
| Series - 2007 C31 (Class C) | ||||||||||||||||
| 10,000,000 | g | Wachovia Bank Commercial Mortgage Trust | 5.703 | 06/15/49 | 10,537,460 | |||||||||||
| Series - 2007 C32 (Class AMFX) | ||||||||||||||||
| 2,665,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 5.715 | 06/15/49 | 618,014 | |||||||||||
| Series - 2007 C32 (Class J) | ||||||||||||||||
| 16,700,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 17,114,694 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 9,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 8,784,027 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 40,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 42,665 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| 3,003,193 | i | WaMu Mortgage Pass-Through Certificates | 0.464 | 07/25/45 | 2,821,239 | |||||||||||
| Series - 0 AR8 (Class 1A1A) | ||||||||||||||||
| 1,160,610 | i | WaMu Mortgage Pass-Through Certificates | 0.544 | 12/25/45 | 1,033,009 | |||||||||||
| Series - 2005 AR19 (Class A1B3) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 273,318,111 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 395,555,742 | |||||||||||||||
| (Cost $392,512,156) | ||||||||||||||||
| TOTAL BONDS | 2,743,765,972 | |||||||||||||||
| (Cost $2,765,391,019) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 15.0% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 11.0% | ||||||||||||||||
| 26,000,000 | d | Federal Home Loan Bank (FHLB) | 0.130 | 10/16/15 | 25,999,662 | |||||||||||
| 40,000,000 | d | FHLB | 0.108 | 10/22/15 | 39,999,280 | |||||||||||
| 14,504,000 | FHLB | 0.135 | 10/23/15 | 14,503,739 | ||||||||||||
| 50,000,000 | FHLB | 0.100 | 11/03/15 | 49,996,950 | ||||||||||||
| 25,000,000 | d | FHLB | 0.075 | 11/09/15 | 24,998,200 | |||||||||||
| 5,000,000 | FHLB | 0.090 | 11/13/15 | 4,999,605 | ||||||||||||
| 20,000,000 | FHLB | 0.050 | 11/20/15 | 19,998,160 | ||||||||||||
| 50,000,000 | FHLB | 0.080 | 12/03/15 | 49,990,350 | ||||||||||||
| 50,000,000 | FHLB | 0.170 | 01/25/16 | 49,979,050 | ||||||||||||
| 8,400,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.060 | 10/26/15 | 8,399,823 | ||||||||||||
| 50,000,000 | q | Federal National Mortgage Association (FNMA) | 0.175 | 11/18/15 | 49,995,600 | |||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 338,860,419 | |||||||||||||||
| TREASURY DEBT - 4.0% | ||||||||||||||||
| 5,000,000 | d | United States Treasury Bill | 0.096 | 10/15/15 | 5,000,100 | |||||||||||
| 20,000,000 | d | United States Treasury Bill | 0.111 | 11/19/15 | 20,000,340 | |||||||||||
| 20,000,000 | d | United States Treasury Bill | 0.084 | 12/10/15 | 20,000,920 | |||||||||||
| 30,000,000 | d | United States Treasury Bill | 0.085 | 12/31/15 | 29,999,040 | |||||||||||
| 50,000,000 | d | United States Treasury Bill | 0.196 | 03/31/16 | 49,979,800 | |||||||||||
| TOTAL TREASURY DEBT | 124,980,200 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 463,840,619 | |||||||||||||||
| (Cost $463,781,477) | ||||||||||||||||
| 176 |
TIAA-CREF FUNDS - Bond Plus Fund
| VALUE | ||||||||||||||||
| TOTAL INVESTMENTS - 108.5% | $ | 3,343,789,111 | ||||||||||||||
| (Cost $3,366,865,998) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (8.5)% | (262,916,175 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 3,080,872,936 | ||||||||||||||
| Abbreviation(s): | |||
| BRL | Brazilian Real | ||
| CDO | Collateralized Debt Obligation | ||
| COP | Colombian Peso | ||
| DOP | Dominican Peso | ||
| IDR | Indonesian Rupiah | ||
| MXN | Mexican Peso | ||
| NGN | Nigerian Naria | ||
| PHP | Philippine Peso | ||
| REIT | Real Estate Investment Trust | ||
| TRY | Turkish Lira | ||
| ZAR | South African Rand | ||
| 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 9/30/2015, the aggregate value of these securities was $467,900,330 or 15.2% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
| 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. | ||
| o | Payment in Kind Bond | ||
| q | All or a portion of this security has been segregated by the custodian to cover collateral requirements on unfunded loan commitments. | ||
| 177 |
TIAA-CREF FUNDS - High-Yield Fund
TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 11.8% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.5% | ||||||||||||||||
| $ | 17,909,548 | i | Gates Global LLC | 4.250 | % | 07/05/21 | $ | 16,937,238 | ||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 16,937,238 | |||||||||||||||
| CAPITAL GOODS - 0.8% | ||||||||||||||||
| 12,775,000 | i | CHI Overhead Doors, Inc | 8.750 | 08/31/23 | 12,583,375 | |||||||||||
| 9,902,174 | i | Otter Products LLC | 5.750 | 06/03/20 | 9,638,083 | |||||||||||
| 4,275,000 | i | Plaze, Inc | 5.250 | 07/31/22 | 4,264,312 | |||||||||||
| TOTAL CAPITAL GOODS | 26,485,770 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.8% | ||||||||||||||||
| 13,382,938 | h,i | Creative Artists Agency LLC | 9.000 | 12/17/21 | 13,388,558 | |||||||||||
| 13,275,000 | i | SterlingBackcheck | 8.750 | 05/28/23 | 13,175,438 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 26,563,996 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||
| 11,378,001 | i | Academy Ltd | 5.000 | 07/01/22 | 11,308,368 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 11,308,368 | |||||||||||||||
| CONSUMER SERVICES - 1.8% | ||||||||||||||||
| 13,275,000 | i | CDS US Intermediate Holdings, Inc | 9.250 | 07/10/23 | 13,026,094 | |||||||||||
| 15,000,000 | i | Knowledge Universe Education LLC | 6.000 | 08/13/22 | 14,775,000 | |||||||||||
| 5,286,540 | i | Marina District Finance Co, Inc | 6.500 | 08/15/18 | 5,319,475 | |||||||||||
| 5,476,984 | i | Peninsula Gaming LLC | 4.250 | 11/20/17 | 5,461,593 | |||||||||||
| 16,659,392 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 16,315,875 | |||||||||||
| TOTAL CONSUMER SERVICES | 54,898,037 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.2% | ||||||||||||||||
| 5,158,659 | i | TransUnion LLC | 3.500 | 04/09/21 | 5,100,624 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 5,100,624 | |||||||||||||||
| ENERGY - 0.6% | ||||||||||||||||
| 12,489,161 | i | Arch Coal, Inc | 6.250 | 05/16/18 | 7,025,153 | |||||||||||
| 8,650,000 | i | Granite Acquisition, Inc | 8.250 | 12/19/22 | 7,806,625 | |||||||||||
| 5,000,000 | i | Petrochoice Holdings, Inc | 6.000 | 08/21/22 | 4,875,000 | |||||||||||
| TOTAL ENERGY | 19,706,778 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.9% | ||||||||||||||||
| 14,790,918 | i | Albertson’s Holdings LLC | 5.500 | 08/25/21 | 14,781,748 | |||||||||||
| 2,000,000 | i | Rite Aid Corp | 5.750 | 08/21/20 | 2,020,000 | |||||||||||
| 11,000,000 | i | Rite Aid Corp | 4.875 | 06/21/21 | 11,000,000 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 27,801,748 | |||||||||||||||
| 178 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.4% | ||||||||||||||||
| $ | 11,426,000 | i | Accellent, Inc | 4.500 | % | 03/12/21 | $ | 11,400,977 | ||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 11,400,977 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.5% | ||||||||||||||||
| 16,717,124 | i | Visant Corp | 7.000 | 09/23/21 | 15,351,837 | |||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 15,351,837 | |||||||||||||||
| INSURANCE - 0.7% | ||||||||||||||||
| 10,604,856 | i | Acrisure LLC | 5.250 | 05/19/22 | 10,260,198 | |||||||||||
| 13,714,365 | i | USI, Inc | 4.250 | 12/27/19 | 13,554,318 | |||||||||||
| TOTAL INSURANCE | 23,814,516 | |||||||||||||||
| MATERIALS - 0.5% | ||||||||||||||||
| 2,012,828 | i | Minerals Technologies, Inc | 3.750 | 05/09/21 | 1,997,732 | |||||||||||
| 1,237,500 | i | Solenis International LP | 4.250 | 07/31/21 | 1,218,937 | |||||||||||
| 12,000,000 | i | Solenis International LP | 7.750 | 07/31/22 | 11,420,040 | |||||||||||
| TOTAL MATERIALS | 14,636,709 | |||||||||||||||
| MEDIA - 1.1% | ||||||||||||||||
| 25,275,000 | i | CSC Holdings LLC | 5.000 | 09/25/22 | 25,110,712 | |||||||||||
| 8,650,125 | i | Time, Inc | 4.250 | 04/26/21 | 8,617,687 | |||||||||||
| TOTAL MEDIA | 33,728,399 | |||||||||||||||
| REAL ESTATE - 0.3% | ||||||||||||||||
| 10,400,000 | i | DTZ US Borrower LLC | 9.250 | 11/04/22 | 10,439,000 | |||||||||||
| TOTAL REAL ESTATE | 10,439,000 | |||||||||||||||
| SOFTWARE & SERVICES - 2.0% | ||||||||||||||||
| 16,800,000 | i | Asurion LLC | 8.500 | 03/03/21 | 15,052,800 | |||||||||||
| 17,000,000 | i | Evergreen Skills Lux S.a.r.l. | 9.250 | 04/28/22 | 14,450,000 | |||||||||||
| 12,000,000 | i | Mitchell International, Inc | 8.500 | 10/11/21 | 11,930,040 | |||||||||||
| 5,250,210 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 5,260,081 | |||||||||||
| 3,150,000 | i | P2 Lower Acquisition LLC | 9.500 | 10/22/21 | 3,122,437 | |||||||||||
| 10,271,190 | i | ProQuest LLC | 5.250 | 10/24/21 | 10,254,037 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 60,069,395 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||
| 4,800,945 | i | Scientific Games International, Inc | 6.000 | 10/18/20 | 4,733,203 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 4,733,203 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.3% | ||||||||||||||||
| 8,925,000 | h,i | Internap Network Services Corp | 6.000 | 11/26/19 | 8,880,375 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 8,880,375 | |||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||
| 4,365,000 | i | Calpine Corp | 4.000 | 10/09/19 | 4,352,254 | |||||||||||
| TOTAL UTILITIES | 4,352,254 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 376,209,224 | |||||||||||||||
| (Cost $389,946,497) | ||||||||||||||||
| 179 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BONDS - 78.8% | ||||||||||||||||
| CORPORATE BONDS - 78.8% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 1.6% | ||||||||||||||||
| $ | 18,600,000 | g | Gates Global LLC | 6.000 | % | 07/15/22 | $ | 14,973,000 | ||||||||
| 7,600,000 | Goodyear Tire & Rubber Co | 6.500 | 03/01/21 | 7,961,000 | ||||||||||||
| 7,550,000 | g | Schaeffler Finance BV | 4.750 | 05/15/23 | 7,285,750 | |||||||||||
| 2,550,000 | g,o | Schaeffler Holding Finance BV | 6.875 | 08/15/18 | 2,629,688 | |||||||||||
| 4,140,000 | g,o | Schaeffler Holding Finance BV | 6.250 | 11/15/19 | 4,388,400 | |||||||||||
| 7,060,000 | g,o | Schaeffler Holding Finance BV | 6.750 | 11/15/22 | 7,589,500 | |||||||||||
| 1,800,000 | g | ZF North America Capital, Inc | 4.000 | 04/29/20 | 1,711,125 | |||||||||||
| 825,000 | g | ZF North America Capital, Inc | 4.500 | 04/29/22 | 779,625 | |||||||||||
| 1,800,000 | g | ZF North America Capital, Inc | 4.750 | 04/29/25 | 1,644,750 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 48,962,838 | |||||||||||||||
| BANKS - 2.0% | ||||||||||||||||
| 3,500,000 | g,i | BNP Paribas S.A. | 7.375 | 12/30/49 | 3,521,875 | |||||||||||
| 9,500,000 | i | Citigroup, Inc | 5.950 | 12/30/49 | 8,953,750 | |||||||||||
| 9,500,000 | i | ING Groep NV | 6.000 | 12/30/49 | 9,321,875 | |||||||||||
| 2,600,000 | i | JPMorgan Chase & Co | 7.900 | 12/30/49 | 2,699,125 | |||||||||||
| 4,750,000 | g,i | Lloyds Banking Group plc | 6.657 | 12/30/49 | 5,308,125 | |||||||||||
| 9,500,000 | g,i | Nordea Bank AB | 5.500 | 12/30/49 | 9,266,585 | |||||||||||
| 6,250,000 | Royal Bank of Scotland Group plc | 6.125 | 12/15/22 | 6,744,275 | ||||||||||||
| 2,250,000 | Royal Bank of Scotland Group plc | 6.100 | 06/10/23 | 2,418,507 | ||||||||||||
| 5,500,000 | Royal Bank of Scotland Group plc | 6.000 | 12/19/23 | 5,857,676 | ||||||||||||
| 9,500,000 | g,i | Societe Generale S.A. | 8.000 | 12/30/49 | 9,357,500 | |||||||||||
| TOTAL BANKS | 63,449,293 | |||||||||||||||
| CAPITAL GOODS - 1.0% | ||||||||||||||||
| 1,525,000 | Anixter, Inc | 5.625 | 05/01/19 | 1,599,344 | ||||||||||||
| 3,000,000 | Anixter, Inc | 5.125 | 10/01/21 | 2,977,500 | ||||||||||||
| 4,335,000 | g | Huntington Ingalls Industries, Inc | 5.000 | 12/15/21 | 4,421,700 | |||||||||||
| 14,130,000 | g | Stena AB | 7.000 | 02/01/24 | 12,505,050 | |||||||||||
| 4,960,000 | TransDigm, Inc | 5.500 | 10/15/20 | 4,727,500 | ||||||||||||
| 5,000,000 | TransDigm, Inc | 6.500 | 07/15/24 | 4,699,250 | ||||||||||||
| TOTAL CAPITAL GOODS | 30,930,344 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 3.5% | ||||||||||||||||
| 8,575,000 | ADT Corp | 4.125 | 04/15/19 | 8,617,875 | ||||||||||||
| 3,725,000 | ADT Corp | 6.250 | 10/15/21 | 3,841,406 | ||||||||||||
| 2,500,000 | g | AECOM Technology Corp | 5.750 | 10/15/22 | 2,518,750 | |||||||||||
| 6,250,000 | g | AECOM Technology Corp | 5.875 | 10/15/24 | 6,296,875 | |||||||||||
| 8,150,000 | Clean Harbors, Inc | 5.250 | 08/01/20 | 8,313,000 | ||||||||||||
| 1,925,000 | Clean Harbors, Inc | 5.125 | 06/01/21 | 1,944,250 | ||||||||||||
| 5,000,000 | g,o | Neovia Logistics Intermediate Holdings LLC | 10.000 | 02/15/18 | 4,962,500 | |||||||||||
| 7,825,000 | RR Donnelley & Sons Co | 7.875 | 03/15/21 | 8,138,000 | ||||||||||||
| 1,675,000 | RR Donnelley & Sons Co | 7.000 | 02/15/22 | 1,624,750 | ||||||||||||
| 8,650,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 8,131,000 | ||||||||||||
| 19,200,000 | g | SPL Logistics Escrow LLC | 8.875 | 08/01/20 | 20,160,000 | |||||||||||
| 3,000,000 | United Rentals North America, Inc | 7.375 | 05/15/20 | 3,150,000 | ||||||||||||
| 2,169,000 | United Rentals North America, Inc | 8.250 | 02/01/21 | 2,282,872 | ||||||||||||
| 180 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,825,000 | United Rentals North America, Inc | 7.625 | % | 04/15/22 | $ | 3,001,563 | |||||||||
| 16,425,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 15,357,375 | ||||||||||||
| 16,000,000 | g | XPO Logistics, Inc | 6.500 | 06/15/22 | 13,530,000 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 111,870,216 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 1.9% | ||||||||||||||||
| 5,443,000 | DR Horton, Inc | 3.750 | 03/01/19 | 5,477,019 | ||||||||||||
| 7,000,000 | KB Home | 4.750 | 05/15/19 | 6,728,750 | ||||||||||||
| 6,300,000 | KB Home | 7.000 | 12/15/21 | 6,315,750 | ||||||||||||
| 4,750,000 | KB Home | 7.625 | 05/15/23 | 4,785,625 | ||||||||||||
| 9,500,000 | Lennar Corp | 4.500 | 06/15/19 | 9,604,500 | ||||||||||||
| 5,000,000 | Lennar Corp | 4.500 | 11/15/19 | 5,042,500 | ||||||||||||
| 7,925,000 | g | Orbital ATK, Inc | 5.500 | 10/01/23 | 7,944,812 | |||||||||||
| 1,800,000 | Standard Pacific Corp | 8.375 | 01/15/21 | 2,115,000 | ||||||||||||
| 11,400,000 | Standard Pacific Corp | 5.875 | 11/15/24 | 11,685,000 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 59,698,956 | |||||||||||||||
| CONSUMER SERVICES - 2.8% | ||||||||||||||||
| 6,250,000 | g | 1011778 BC / New Red Fin | 4.625 | 01/15/22 | 6,110,625 | |||||||||||
| 13,250,000 | g | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 13,448,750 | |||||||||||
| 6,026,000 | Ameristar Casinos, Inc | 7.500 | 04/15/21 | 6,282,105 | ||||||||||||
| 3,375,000 | ARAMARK Corp | 5.750 | 03/15/20 | 3,503,166 | ||||||||||||
| 3,727,000 | Boyd Gaming Corp | 9.000 | 07/01/20 | 3,960,683 | ||||||||||||
| 2,000,000 | MGM Resorts International | 5.250 | 03/31/20 | 1,952,500 | ||||||||||||
| 4,250,000 | MGM Resorts International | 6.750 | 10/01/20 | 4,388,125 | ||||||||||||
| 11,250,000 | MGM Resorts International | 6.000 | 03/15/23 | 10,912,500 | ||||||||||||
| 10,250,000 | Penn National Gaming, Inc | 5.875 | 11/01/21 | 10,339,687 | ||||||||||||
| 2,130,000 | Pinnacle Entertainment, Inc | 6.375 | 08/01/21 | 2,254,243 | ||||||||||||
| 10,015,000 | g | Six Flags Entertainment Corp | 5.250 | 01/15/21 | 10,015,000 | |||||||||||
| 4,665,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 4,571,700 | ||||||||||||
| 18,000,000 | g | Wynn Las Vegas LLC | 5.500 | 03/01/25 | 15,435,000 | |||||||||||
| TOTAL CONSUMER SERVICES | 93,174,084 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 4.1% | ||||||||||||||||
| 5,950,000 | AerCap Ireland Capital Ltd | 5.000 | 10/01/21 | 6,069,000 | ||||||||||||
| 5,000,000 | Ally Financial, Inc | 3.250 | 02/13/18 | 4,925,000 | ||||||||||||
| 6,000,000 | Ally Financial, Inc | 4.750 | 09/10/18 | 6,120,000 | ||||||||||||
| 5,000,000 | Ally Financial, Inc | 4.125 | 02/13/22 | 4,818,750 | ||||||||||||
| 3,000,000 | g | CIT Group, Inc | 5.500 | 02/15/19 | 3,112,500 | |||||||||||
| 5,000,000 | CIT Group, Inc | 3.875 | 02/19/19 | 4,971,875 | ||||||||||||
| 7,600,000 | g,i | Credit Suisse Group AG. | 6.250 | 12/30/49 | 7,125,000 | |||||||||||
| 831,000 | General Motors Acceptance Corp LLC | 8.000 | 11/01/31 | 988,890 | ||||||||||||
| 10,000,000 | GMAC, Inc | 8.000 | 11/01/31 | 11,584,400 | ||||||||||||
| 2,100,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 2,103,150 | ||||||||||||
| 11,425,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 11,496,406 | ||||||||||||
| 8,000,000 | International Lease Finance Corp | 6.250 | 05/15/19 | 8,520,000 | ||||||||||||
| 3,600,000 | International Lease Finance Corp | 8.250 | 12/15/20 | 4,212,000 | ||||||||||||
| 2,000,000 | International Lease Finance Corp | 4.625 | 04/15/21 | 2,010,000 | ||||||||||||
| 5,000,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 5,325,000 | ||||||||||||
| 4,750,000 | i | Morgan Stanley | 5.550 | 12/30/49 | 4,678,750 | |||||||||||
| 16,500,000 | g | NewStar Financial, Inc | 7.250 | 05/01/20 | 16,417,500 | |||||||||||
| 11,325,000 | SLM Corp | 5.500 | 01/15/19 | 10,525,172 | ||||||||||||
| 181 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 13,100,000 | SLM Corp | 4.875 | % | 06/17/19 | $ | 11,921,000 | |||||||||
| 8,000,000 | SLM Corp | 6.125 | 03/25/24 | 6,400,000 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 133,324,393 | |||||||||||||||
| ENERGY - 12.8% | ||||||||||||||||
| 4,500,000 | California Resources Corp | 5.000 | 01/15/20 | 2,894,040 | ||||||||||||
| 9,500,000 | California Resources Corp | 5.500 | 09/15/21 | 5,795,000 | ||||||||||||
| 18,070,000 | California Resources Corp | 6.000 | 11/15/24 | 10,842,000 | ||||||||||||
| 12,960,000 | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 11,664,000 | ||||||||||||
| 9,835,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 9,146,550 | ||||||||||||
| 13,000,000 | g | Calumet Specialty Products Partners LP | 7.750 | 04/15/23 | 11,935,560 | |||||||||||
| 10,000,000 | Chesapeake Energy Corp | 5.375 | 06/15/21 | 6,675,000 | ||||||||||||
| 12,950,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/19 | 8,029,000 | ||||||||||||
| 2,450,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 2,327,500 | ||||||||||||
| 6,120,000 | Crestwood Midstream Partners LP | 6.000 | 12/15/20 | 5,492,700 | ||||||||||||
| 2,000,000 | Crestwood Midstream Partners LP | 6.125 | 03/01/22 | 1,731,400 | ||||||||||||
| 4,945,000 | g | Crestwood Midstream Partners LP | 6.250 | 04/01/23 | 4,203,250 | |||||||||||
| 1,900,000 | Denbury Resources, Inc | 6.375 | 08/15/21 | 1,197,000 | ||||||||||||
| 8,750,000 | Dynegy, Inc | 6.750 | 11/01/19 | 8,771,875 | ||||||||||||
| 5,000,000 | Dynegy, Inc | 7.375 | 11/01/22 | 5,037,500 | ||||||||||||
| 5,000,000 | Dynegy, Inc | 7.625 | 11/01/24 | 5,050,000 | ||||||||||||
| 5,435,000 | El Paso Corp | 7.750 | 01/15/32 | 5,715,669 | ||||||||||||
| 11,000,000 | EP Energy LLC | 9.375 | 05/01/20 | 9,460,000 | ||||||||||||
| 6,030,000 | EP Energy LLC | 7.750 | 09/01/22 | 4,824,000 | ||||||||||||
| 8,400,000 | EP Energy LLC | 6.375 | 06/15/23 | 6,216,000 | ||||||||||||
| 14,900,000 | Exterran Partners LP | 6.000 | 04/01/21 | 12,590,500 | ||||||||||||
| 7,500,000 | Exterran Partners LP | 6.000 | 10/01/22 | 6,281,250 | ||||||||||||
| 7,100,000 | Halcon Resources Corp | 9.750 | 07/15/20 | 2,414,000 | ||||||||||||
| 13,300,000 | Halcon Resources Corp | 8.875 | 05/15/21 | 3,990,000 | ||||||||||||
| 3,600,000 | Halcon Resources Corp | 9.250 | 02/15/22 | 1,116,000 | ||||||||||||
| 9,600,000 | Linn Energy LLC | 6.250 | 11/01/19 | 2,544,000 | ||||||||||||
| 6,750,000 | Linn Energy LLC | 6.500 | 05/15/19 | 1,856,250 | ||||||||||||
| 2,000,000 | Linn Energy LLC | 7.750 | 02/01/21 | 460,000 | ||||||||||||
| 7,000,000 | MarkWest Energy Partners LP | 4.875 | 12/01/24 | 6,405,000 | ||||||||||||
| 9,000,000 | g | Matador Resources Co | 6.875 | 04/15/23 | 8,640,000 | |||||||||||
| 2,500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 2,556,250 | ||||||||||||
| 3,600,000 | Newfield Exploration Co | 5.375 | 01/01/26 | 3,294,000 | ||||||||||||
| 10,500,000 | Noble Energy, Inc | 5.625 | 05/01/21 | 10,563,000 | ||||||||||||
| 4,750,000 | Noble Energy, Inc | 5.875 | 06/01/22 | 4,741,041 | ||||||||||||
| 3,350,000 | Noble Energy, Inc | 5.875 | 06/01/24 | 3,333,250 | ||||||||||||
| 11,900,000 | Oasis Petroleum, Inc | 6.875 | 03/15/22 | 9,341,500 | ||||||||||||
| 1,845,000 | Oasis Petroleum, Inc | 6.875 | 01/15/23 | 1,429,875 | ||||||||||||
| 4,750,000 | Parker Drilling Co | 7.500 | 08/01/20 | 3,895,000 | ||||||||||||
| 1,900,000 | Parker Drilling Co | 6.750 | 07/15/22 | 1,482,000 | ||||||||||||
| 4,800,000 | Peabody Energy Corp | 6.000 | 11/15/18 | 1,248,000 | ||||||||||||
| 5,500,000 | Peabody Energy Corp | 6.500 | 09/15/20 | 1,141,250 | ||||||||||||
| 9,500,000 | Peabody Energy Corp | 6.250 | 11/15/21 | 1,947,500 | ||||||||||||
| 4,750,000 | g | Peabody Energy Corp | 10.000 | 03/15/22 | 1,787,187 | |||||||||||
| 3,000,000 | Peabody Energy Corp | 4.750 | 12/15/41 | 315,000 | ||||||||||||
| 2,665,000 | Precision Drilling Corp | 6.500 | 12/15/21 | 2,265,250 | ||||||||||||
| 2,562,000 | Precision Drilling Corp | 5.250 | 11/15/24 | 2,036,790 | ||||||||||||
| 11,391,000 | Precision Drilling Trust | 6.625 | 11/15/20 | 9,938,648 | ||||||||||||
| 182 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 7,335,000 | Questar Market Resources, Inc | 6.875 | % | 03/01/21 | $ | 6,748,200 | |||||||||
| 4,000,000 | Regency Energy Partners LP | 5.750 | 09/01/20 | 4,293,596 | ||||||||||||
| 3,923,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 4,021,263 | ||||||||||||
| 10,835,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 10,049,463 | ||||||||||||
| 7,500,000 | Sabine Pass Liquefaction LLC | 5.625 | 04/15/23 | 6,731,250 | ||||||||||||
| 1,000,000 | Sabine Pass Liquefaction LLC | 5.750 | 05/15/24 | 890,000 | ||||||||||||
| 12,100,000 | g | Sabine Pass Liquefaction LLC | 5.625 | 03/01/25 | 10,648,000 | |||||||||||
| 7,445,000 | Sabine Pass LNG LP | 6.500 | 11/01/20 | 7,203,038 | ||||||||||||
| 9,000,000 | SM Energy Co | 6.500 | 11/15/21 | 8,550,000 | ||||||||||||
| 5,850,000 | SM Energy Co | 6.125 | 11/15/22 | 5,417,100 | ||||||||||||
| 5,795,000 | SM Energy Co | 6.500 | 01/01/23 | 5,389,350 | ||||||||||||
| 8,000,000 | g | Sunoco LP | 5.500 | 08/01/20 | 7,880,000 | |||||||||||
| 10,250,000 | g | Sunoco LP | 6.375 | 04/01/23 | 10,019,375 | |||||||||||
| 8,000,000 | g | Targa Resources Partners LP | 5.000 | 01/15/18 | 7,620,000 | |||||||||||
| 4,350,000 | Tesoro Corp | 5.375 | 10/01/22 | 4,263,000 | ||||||||||||
| 4,800,000 | g | Tesoro Logistics LP | 5.500 | 10/15/19 | 4,704,000 | |||||||||||
| 2,000,000 | Tesoro Logistics LP | 5.875 | 10/01/20 | 1,940,000 | ||||||||||||
| 2,000,000 | g | Tesoro Logistics LP | 6.250 | 10/15/22 | 1,950,000 | |||||||||||
| 3,800,000 | Transocean, Inc | 6.000 | 03/15/18 | 3,493,625 | ||||||||||||
| 15,650,000 | Transocean, Inc | 6.875 | 12/15/21 | 11,620,125 | ||||||||||||
| 1,900,000 | Transocean, Inc | 4.300 | 10/15/22 | 1,173,250 | ||||||||||||
| 6,220,000 | Transocean, Inc | 6.800 | 03/15/38 | 3,856,400 | ||||||||||||
| 6,985,000 | g | Ultra Petroleum Corp | 5.750 | 12/15/18 | 5,029,200 | |||||||||||
| 8,200,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 4,674,000 | |||||||||||
| 8,150,000 | Whiting Petroleum Corp | 5.000 | 03/15/19 | 7,090,500 | ||||||||||||
| 12,450,000 | WPX Energy, Inc | 7.500 | 08/01/20 | 11,391,750 | ||||||||||||
| 10,500,000 | WPX Energy, Inc | 6.000 | 01/15/22 | 9,030,000 | ||||||||||||
| 9,950,000 | WPX Energy, Inc | 8.250 | 08/01/23 | 9,029,625 | ||||||||||||
| TOTAL ENERGY | 409,326,695 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.8% | ||||||||||||||||
| 12,960,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 13,316,400 | ||||||||||||
| 14,500,000 | g | Rite Aid Corp | 6.125 | 04/01/23 | 14,391,250 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 27,707,650 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.8% | ||||||||||||||||
| 7,150,000 | g | Post Holdings, Inc | 6.750 | 12/01/21 | 7,150,000 | |||||||||||
| 13,335,000 | Post Holdings, Inc | 7.375 | 02/15/22 | 13,568,362 | ||||||||||||
| 5,509,000 | Smithfield Foods, Inc | 6.625 | 08/15/22 | 5,805,109 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 26,523,471 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 5.3% | ||||||||||||||||
| 2,950,000 | CHS/Community Health Systems | 8.000 | 11/15/19 | 3,069,844 | ||||||||||||
| 17,275,000 | CHS/Community Health Systems | 6.875 | 02/01/22 | 17,641,403 | ||||||||||||
| 5,000,000 | g | Fresenius Medical Care Capital Trust | 5.625 | 07/31/19 | 5,337,500 | |||||||||||
| 3,047,000 | g | Fresenius Medical Care Capital Trust | 5.750 | 02/15/21 | 3,283,142 | |||||||||||
| 575,000 | HCA Holdings, Inc | 6.250 | 02/15/21 | 612,375 | ||||||||||||
| 10,000,000 | HCA, Inc | 6.500 | 02/15/20 | 10,900,000 | ||||||||||||
| 13,600,000 | HCA, Inc | 7.500 | 02/15/22 | 15,368,000 | ||||||||||||
| 1,800,000 | HCA, Inc | 5.875 | 03/15/22 | 1,930,500 | ||||||||||||
| 13,350,000 | HCA, Inc | 5.375 | 02/01/25 | 13,249,875 | ||||||||||||
| 900,000 | HCA, Inc | 7.500 | 11/06/33 | 949,500 | ||||||||||||
| 183 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 7,125,000 | HealthSouth Corp | 5.125 | % | 03/15/23 | $ | 6,857,813 | |||||||||
| 4,625,000 | HealthSouth Corp | 5.750 | 11/01/24 | 4,567,187 | ||||||||||||
| 9,200,000 | Kinetic Concepts, Inc | 10.500 | 11/01/18 | 9,630,100 | ||||||||||||
| 8,000,000 | Kinetic Concepts, Inc | 12.500 | 11/01/19 | 8,490,000 | ||||||||||||
| 3,325,000 | LifePoint Hospitals, Inc | 5.500 | 12/01/21 | 3,354,094 | ||||||||||||
| 10,863,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 10,537,110 | ||||||||||||
| 6,875,000 | g | Mallinckrodt International Finance S.A. | 5.750 | 08/01/22 | 6,634,375 | |||||||||||
| 2,342,000 | Mallinckrodt International Finance S.A. | 4.750 | 04/15/23 | 2,025,830 | ||||||||||||
| 4,750,000 | g | Mallinckrodt International Finance S.A. | 5.625 | 10/15/23 | 4,334,375 | |||||||||||
| 1,900,000 | g | Mallinckrodt International Finance S.A. | 5.500 | 04/15/25 | 1,693,375 | |||||||||||
| 13,800,000 | Tenet Healthcare Corp | 5.000 | 03/01/19 | 13,351,500 | ||||||||||||
| 2,500,000 | Tenet Healthcare Corp | 6.750 | 02/01/20 | 2,559,375 | ||||||||||||
| 4,450,000 | Tenet Healthcare Corp | 6.000 | 10/01/20 | 4,694,750 | ||||||||||||
| 11,000,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 11,691,900 | ||||||||||||
| 7,375,000 | Tenet Healthcare Corp | 6.750 | 06/15/23 | 7,301,250 | ||||||||||||
| 1,750,000 | Tenet Healthcare Corp | 6.875 | 11/15/31 | 1,575,000 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 171,640,173 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.3% | ||||||||||||||||
| 4,800,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 4,464,000 | |||||||||||
| 7,834,000 | Visant Corp | 10.000 | 10/01/17 | 6,404,295 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 10,868,295 | |||||||||||||||
| INSURANCE - 0.4% | ||||||||||||||||
| 11,250,000 | g | Onex USI Acquisition Corp | 7.750 | 01/15/21 | 11,010,938 | |||||||||||
| TOTAL INSURANCE | 11,010,938 | |||||||||||||||
| MATERIALS - 6.8% | ||||||||||||||||
| 2,750,000 | ArcelorMittal | 6.000 | 08/05/20 | 2,479,290 | ||||||||||||
| 4,750,000 | ArcelorMittal | 6.250 | 03/01/21 | 4,275,000 | ||||||||||||
| 2,750,000 | ArcelorMittal | 7.000 | 02/25/22 | 2,502,500 | ||||||||||||
| 3,700,000 | ArcelorMittal | 7.750 | 10/15/39 | 3,015,500 | ||||||||||||
| 5,700,000 | ArcelorMittal | 7.500 | 03/01/41 | 4,588,500 | ||||||||||||
| 3,700,000 | g | Belden, Inc | 5.500 | 09/01/22 | 3,579,750 | |||||||||||
| 4,750,000 | Berry Plastics Corp | 5.500 | 05/15/22 | 4,607,500 | ||||||||||||
| 14,175,000 | g,h | Berry Plastics Escrow LLC | 6.000 | 10/15/22 | 14,210,437 | |||||||||||
| 20,000,000 | g,h | Blue Cube Spinco, Inc | 9.750 | 10/15/23 | 20,800,000 | |||||||||||
| 11,400,000 | g,h | Blue Cube Spinco, Inc | 10.000 | 10/15/25 | 11,841,750 | |||||||||||
| 5,100,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 4,845,000 | |||||||||||
| 15,675,000 | g | Cemex SAB de C.V. | 6.125 | 05/05/25 | 14,264,250 | |||||||||||
| 2,000,000 | Crown Americas LLC | 6.250 | 02/01/21 | 2,072,500 | ||||||||||||
| 2,391,000 | Eagle Spinco, Inc | 4.625 | 02/15/21 | 2,023,432 | ||||||||||||
| 14,400,000 | g | Eldorado Gold Corp | 6.125 | 12/15/20 | 12,528,000 | |||||||||||
| 13,700,000 | g | Evolution Escrow Issuer LLC | 7.500 | 03/15/22 | 8,665,250 | |||||||||||
| 5,250,000 | g | FMG Resources August 2006 Pty Ltd | 8.250 | 11/01/19 | 4,213,125 | |||||||||||
| 900,000 | g | FMG Resources August 2006 Pty Ltd | 9.750 | 03/01/22 | 838,125 | |||||||||||
| 1,800,000 | g | FMG Resources August 2006 Pty Ltd | 6.875 | 04/01/22 | 1,161,000 | |||||||||||
| 10,450,000 | Hexion US Finance Corp | 8.875 | 02/01/18 | 8,279,535 | ||||||||||||
| 15,460,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 13,141,000 | ||||||||||||
| 13,200,000 | Hexion US Finance Corp | 9.000 | 11/15/20 | 7,920,000 | ||||||||||||
| 25,500,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 25,707,188 | |||||||||||
| 1,650,000 | PolyOne Corp | 5.250 | 03/15/23 | 1,560,075 | ||||||||||||
| 184 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 7,778,000 | g | Sappi Papier Holding AG. | 6.625 | % | 04/15/21 | $ | 7,865,502 | ||||||||
| 685,000 | g | Sealed Air Corp | 6.500 | 12/01/20 | 750,075 | |||||||||||
| 7,000,000 | g | Sealed Air Corp | 4.875 | 12/01/22 | 6,921,250 | |||||||||||
| 1,675,000 | Steel Dynamics, Inc | 5.125 | 10/01/21 | 1,587,063 | ||||||||||||
| 650,000 | Steel Dynamics, Inc | 6.375 | 08/15/22 | 638,625 | ||||||||||||
| 13,940,000 | Tronox Finance LLC | 6.375 | 08/15/20 | 8,851,900 | ||||||||||||
| 13,370,000 | g | Univar, Inc | 6.750 | 07/15/23 | 12,434,100 | |||||||||||
| TOTAL MATERIALS | 218,167,222 | |||||||||||||||
| MEDIA - 8.1% | ||||||||||||||||
| 7,500,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 7,537,500 | ||||||||||||
| 5,000,000 | AMC Entertainment, Inc | 5.750 | 06/15/25 | 4,862,500 | ||||||||||||
| 4,920,000 | Cablevision Systems Corp | 5.875 | 09/15/22 | 3,726,900 | ||||||||||||
| 4,175,000 | CCO Holdings LLC | 6.500 | 04/30/21 | 4,195,875 | ||||||||||||
| 1,960,000 | CCO Holdings LLC | 6.625 | 01/31/22 | 1,974,700 | ||||||||||||
| 4,750,000 | CCO Holdings LLC | 5.750 | 01/15/24 | 4,536,250 | ||||||||||||
| 4,750,000 | g | CCO Holdings LLC | 5.375 | 05/01/25 | 4,328,437 | |||||||||||
| 6,650,000 | g | CCO Holdings LLC | 5.875 | 05/01/27 | 6,167,875 | |||||||||||
| 1,000,000 | Cinemark USA, Inc | 7.375 | 06/15/21 | 1,045,000 | ||||||||||||
| 5,000,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 4,787,500 | ||||||||||||
| 13,110,000 | Clear Channel Worldwide Holdings, Inc | 7.625 | 03/15/20 | 13,142,775 | ||||||||||||
| 940,000 | Clear Channel Worldwide Holdings, Inc | 7.625 | 03/15/20 | 937,650 | ||||||||||||
| 2,010,000 | Clear Channel Worldwide Holdings, Inc | 6.500 | 11/15/22 | 1,999,950 | ||||||||||||
| 6,250,000 | DISH DBS Corp | 6.750 | 06/01/21 | 5,968,750 | ||||||||||||
| 5,000,000 | DISH DBS Corp | 5.875 | 07/15/22 | 4,412,500 | ||||||||||||
| 8,780,000 | DISH DBS Corp | 5.000 | 03/15/23 | 7,353,250 | ||||||||||||
| 4,150,000 | DISH DBS Corp | 5.875 | 11/15/24 | 3,527,500 | ||||||||||||
| 1,400,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 1,372,000 | |||||||||||
| 3,375,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 3,282,187 | |||||||||||
| 4,275,000 | Lamar Media Corp | 5.875 | 02/01/22 | 4,440,656 | ||||||||||||
| 675,000 | g | Lynx I Corp | 5.375 | 04/15/21 | 679,219 | |||||||||||
| 3,800,000 | g | Lynx II Corp | 6.375 | 04/15/23 | 3,781,000 | |||||||||||
| 4,500,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 4,511,250 | ||||||||||||
| 11,875,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 11,489,063 | |||||||||||
| 17,000,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 16,383,750 | |||||||||||
| 5,000,000 | g | Numericable-SFR | 4.875 | 05/15/19 | 4,837,500 | |||||||||||
| 1,250,000 | Outfront Media Capital LLC | 5.250 | 02/15/22 | 1,246,875 | ||||||||||||
| 1,350,000 | g | Outfront Media Capital LLC | 5.625 | 02/15/24 | 1,368,563 | |||||||||||
| 4,400,000 | Regal Entertainment Group | 5.750 | 03/15/22 | 4,323,000 | ||||||||||||
| 5,650,000 | Regal Entertainment Group | 5.750 | 06/15/23 | 5,452,250 | ||||||||||||
| 4,000,000 | Regal Entertainment Group | 5.750 | 02/01/25 | 3,780,000 | ||||||||||||
| 11,400,000 | g | Sirius XM Radio, Inc | 5.875 | 10/01/20 | 11,599,500 | |||||||||||
| 10,638,000 | Starz LLC | 5.000 | 09/15/19 | 10,584,810 | ||||||||||||
| 12,250,000 | g | Time, Inc | 5.750 | 04/15/22 | 11,484,375 | |||||||||||
| 1,900,000 | g | Unitymedia Hessen GmbH & Co KG | 5.000 | 01/15/25 | 1,786,000 | |||||||||||
| 7,875,000 | g | Unitymedia KabelBW GmbH | 6.125 | 01/15/25 | 7,638,750 | |||||||||||
| 6,896,000 | g | Univision Communications, Inc | 6.750 | 09/15/22 | 7,137,360 | |||||||||||
| 5,000,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 4,750,000 | |||||||||||
| 27,800,000 | g | Univision Communications, Inc | 5.125 | 02/15/25 | 26,062,500 | |||||||||||
| 17,500,000 | g | UPCB Finance IV Ltd | 5.375 | 01/15/25 | 16,450,000 | |||||||||||
| 3,025,000 | g | Virgin Media Finance plc | 6.000 | 10/15/24 | 2,911,563 | |||||||||||
| 14,550,000 | g | Virgin Media Secured Finance plc | 5.250 | 01/15/26 | 13,386,000 | |||||||||||
| TOTAL MEDIA | 261,243,083 | |||||||||||||||
| 185 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.5% | ||||||||||||||||
| $ | 1,250,000 | g | Endo Finance LLC | 7.250 | % | 12/15/20 | $ | 1,295,312 | ||||||||
| 2,577,000 | g | Endo Finance LLC | 7.750 | 01/15/22 | 2,718,735 | |||||||||||
| 2,375,000 | g | Endo Finance LLC | 5.375 | 01/15/23 | 2,282,969 | |||||||||||
| 4,800,000 | g | Endo Finance LLC | 6.000 | 07/15/23 | 4,752,000 | |||||||||||
| 8,075,000 | g | Endo Finance LLC | 6.000 | 02/01/25 | 7,883,219 | |||||||||||
| 2,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.000 | 10/01/20 | 2,040,000 | |||||||||||
| 13,950,000 | g | Valeant Pharmaceuticals International, Inc | 6.375 | 10/15/20 | 13,871,531 | |||||||||||
| 7,375,000 | g | Valeant Pharmaceuticals International, Inc | 7.500 | 07/15/21 | 7,596,250 | |||||||||||
| 1,900,000 | g | Valeant Pharmaceuticals International, Inc | 6.750 | 08/15/21 | 1,919,000 | |||||||||||
| 2,450,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 2,327,500 | |||||||||||
| 10,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.250 | 07/15/22 | 10,275,000 | |||||||||||
| 1,900,000 | g | Valeant Pharmaceuticals International, Inc | 5.500 | 03/01/23 | 1,800,250 | |||||||||||
| 9,400,000 | g | VRX Escrow Corp | 5.875 | 05/15/23 | 9,012,250 | |||||||||||
| 12,475,000 | g | VRX Escrow Corp | 6.125 | 04/15/25 | 11,949,803 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 79,723,819 | |||||||||||||||
| REAL ESTATE - 0.7% | ||||||||||||||||
| 6,300,000 | g | Communications Sales & Leasing, Inc | 6.000 | 04/15/23 | 5,607,000 | |||||||||||
| 7,600,000 | Communications Sales & Leasing, Inc | 8.250 | 10/15/23 | 6,498,000 | ||||||||||||
| 2,975,000 | Equinix, Inc | 4.875 | 04/01/20 | 3,027,063 | ||||||||||||
| 5,625,000 | Equinix, Inc | 5.375 | 01/01/22 | 5,596,875 | ||||||||||||
| TOTAL REAL ESTATE | 20,728,938 | |||||||||||||||
| RETAILING - 2.2% | ||||||||||||||||
| 16,300,000 | g | Argos Merger Sub, Inc | 7.125 | 03/15/23 | 16,483,375 | |||||||||||
| 8,525,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 8,823,375 | ||||||||||||
| 1,500,000 | g | Family Tree Escrow LLC | 5.250 | 03/01/20 | 1,538,100 | |||||||||||
| 3,440,000 | g | Family Tree Escrow LLC | 5.750 | 03/01/23 | 3,569,000 | |||||||||||
| 8,750,000 | g | Guitar Center, Inc | 6.500 | 04/15/19 | 8,050,000 | |||||||||||
| 1,275,000 | JC Penney Corp, Inc | 5.650 | 06/01/20 | 1,147,500 | ||||||||||||
| 3,000,000 | JC Penney Corp, Inc | 6.375 | 10/15/36 | 2,077,500 | ||||||||||||
| 1,875,000 | Limited Brands, Inc | 7.000 | 05/01/20 | 2,116,406 | ||||||||||||
| 14,570,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 15,008,994 | ||||||||||||
| 5,000,000 | Penske Automotive Group, Inc | 5.375 | 12/01/24 | 4,900,000 | ||||||||||||
| 5,000,000 | Sonic Automotive, Inc | 7.000 | 07/15/22 | 5,275,000 | ||||||||||||
| TOTAL RETAILING | 68,989,250 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | ||||||||||||||||
| 5,000,000 | Micron Technology, Inc | 5.500 | 02/01/25 | 4,575,000 | ||||||||||||
| 4,500,000 | g | Micron Technology, Inc | 5.625 | 01/15/26 | 4,050,000 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 8,625,000 | |||||||||||||||
| SOFTWARE & SERVICES - 2.7% | ||||||||||||||||
| 12,485,000 | g | Audatex North America, Inc | 6.000 | 06/15/21 | 12,509,845 | |||||||||||
| 3,900,000 | g | Audatex North America, Inc | 6.125 | 11/01/23 | 3,919,500 | |||||||||||
| 12,575,000 | g | BMC Software Finance, Inc | 8.125 | 07/15/21 | 10,162,172 | |||||||||||
| 2,850,000 | g,o | Boxer Parent Co, Inc | 9.000 | 10/15/19 | 2,023,500 | |||||||||||
| 2,000,000 | g | IMS Health, Inc | 6.000 | 11/01/20 | 2,050,000 | |||||||||||
| 186 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 4,750,000 | g,o | Infor Software Parent LLC | 7.125 | % | 05/01/21 | $ | 4,180,000 | ||||||||
| 4,000,000 | g | MSCI, Inc | 5.750 | 08/15/25 | 4,030,000 | |||||||||||
| 6,350,000 | NCR Corp | 5.875 | 12/15/21 | 6,223,000 | ||||||||||||
| 4,750,000 | NCR Corp | 6.375 | 12/15/23 | 4,655,000 | ||||||||||||
| 3,000,000 | g | Nielsen Co Luxembourg SARL | 5.500 | 10/01/21 | 2,985,000 | |||||||||||
| 5,000,000 | g | Open Text Corp | 5.625 | 01/15/23 | 4,959,375 | |||||||||||
| 3,900,000 | g | Sabre GLBL, Inc | 5.375 | 04/15/23 | 3,841,500 | |||||||||||
| 14,000,000 | g | Sixsigma Networks Mexico S.A. de C.V. | 8.250 | 11/07/21 | 13,142,500 | |||||||||||
| 8,400,000 | g | SS&C Technologies Holdings, Inc | 5.875 | 07/15/23 | 8,547,000 | |||||||||||
| 2,000,000 | SunGard Data Systems, Inc | 7.625 | 11/15/20 | 2,075,000 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 85,303,392 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 2.9% | ||||||||||||||||
| 3,500,000 | g | CommScope, Inc | 5.000 | 06/15/21 | 3,421,250 | |||||||||||
| 5,000,000 | International Game Technology | 7.500 | 06/15/19 | 5,275,000 | ||||||||||||
| 9,210,000 | g | International Game Technology | 5.625 | 02/15/20 | 8,933,700 | |||||||||||
| 8,035,000 | g | International Game Technology | 6.250 | 02/15/22 | 7,472,550 | |||||||||||
| 13,285,000 | g | International Game Technology | 6.500 | 02/15/25 | 11,956,500 | |||||||||||
| 8,000,000 | g | NXP BV | 4.625 | 06/15/22 | 7,940,000 | |||||||||||
| 4,750,000 | g | NXP Funding LLC | 5.750 | 02/15/21 | 4,940,000 | |||||||||||
| 1,500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 1,395,000 | ||||||||||||
| 4,000,000 | Scientific Games International, Inc | 6.250 | 09/01/20 | 2,870,000 | ||||||||||||
| 14,500,000 | g | Scientific Games International, Inc | 7.000 | 01/01/22 | 14,318,750 | |||||||||||
| 16,000,000 | Scientific Games International, Inc | 10.000 | 12/01/22 | 13,920,000 | ||||||||||||
| 8,725,000 | g | Zebra Technologies Corp | 7.250 | 10/15/22 | 9,292,125 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 91,734,875 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 8.0% | ||||||||||||||||
| 9,500,000 | g | Altice Financing S.A. | 6.500 | 01/15/22 | 9,172,345 | |||||||||||
| 10,050,000 | g | Altice Financing S.A. | 6.625 | 02/15/23 | 9,648,000 | |||||||||||
| 2,000,000 | CenturyLink, Inc | 5.625 | 04/01/20 | 1,850,000 | ||||||||||||
| 6,000,000 | CenturyLink, Inc | 6.450 | 06/15/21 | 5,520,000 | ||||||||||||
| 7,300,000 | CenturyLink, Inc | 5.800 | 03/15/22 | 6,287,125 | ||||||||||||
| 4,375,000 | CenturyLink, Inc | 6.750 | 12/01/23 | 3,800,781 | ||||||||||||
| 3,300,000 | CenturyLink, Inc | 7.650 | 03/15/42 | 2,524,500 | ||||||||||||
| 3,200,000 | Citizens Communications Co | 7.125 | 03/15/19 | 3,134,400 | ||||||||||||
| 2,750,000 | Citizens Communications Co | 9.000 | 08/15/31 | 2,268,750 | ||||||||||||
| 10,550,000 | g,o | CommScope Holding Co, Inc | 6.625 | 06/01/20 | 10,813,750 | |||||||||||
| 23,700,000 | g | CommScope Technologies Finance LLC | 6.000 | 06/15/25 | 22,737,306 | |||||||||||
| 9,400,000 | Frontier Communications Corp | 8.500 | 04/15/20 | 9,141,500 | ||||||||||||
| 2,850,000 | g | Frontier Communications Corp | 8.875 | 09/15/20 | 2,793,000 | |||||||||||
| 3,225,000 | Frontier Communications Corp | 7.125 | 01/15/23 | 2,650,627 | ||||||||||||
| 10,450,000 | g | Frontier Communications Corp | 11.000 | 09/15/25 | 10,110,375 | |||||||||||
| 10,250,000 | GCI, Inc | 6.875 | 04/15/25 | 10,301,250 | ||||||||||||
| 3,000,000 | Intelsat Jackson Holdings S.A. | 7.250 | 04/01/19 | 2,812,500 | ||||||||||||
| 6,000,000 | Intelsat Jackson Holdings S.A. | 7.250 | 10/15/20 | 5,505,000 | ||||||||||||
| 3,050,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 2,508,625 | ||||||||||||
| 19,300,000 | Intelsat Luxembourg S.A. | 6.750 | 06/01/18 | 16,332,625 | ||||||||||||
| 10,036,000 | Kratos Defense & Security Solutions, Inc | 7.000 | 05/15/19 | 8,129,160 | ||||||||||||
| 7,700,000 | g | Sable International Finance Ltd | 6.875 | 08/01/22 | 7,757,750 | |||||||||||
| 8,257,000 | Sprint Capital Corp | 6.875 | 11/15/28 | 5,986,325 | ||||||||||||
| 3,525,000 | Sprint Capital Corp | 8.750 | 03/15/32 | 2,740,688 | ||||||||||||
| 187 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,825,000 | Sprint Corp | 7.250 | % | 09/15/21 | $ | 2,312,969 | |||||||||
| 2,850,000 | Telecom Italia Capital S.A. | 6.375 | 11/15/33 | 2,728,875 | ||||||||||||
| 2,850,000 | Telecom Italia Capital S.A. | 6.000 | 09/30/34 | 2,636,250 | ||||||||||||
| 4,750,000 | Telecom Italia Capital S.A. | 7.721 | 06/04/38 | 5,153,750 | ||||||||||||
| 9,300,000 | g | Telecom Italia S.p.A | 5.303 | 05/30/24 | 9,090,750 | |||||||||||
| 12,350,000 | T-Mobile USA, Inc | 6.542 | 04/28/20 | 12,550,688 | ||||||||||||
| 4,750,000 | T-Mobile USA, Inc | 6.125 | 01/15/22 | 4,583,750 | ||||||||||||
| 10,850,000 | T-Mobile USA, Inc | 6.731 | 04/28/22 | 10,822,875 | ||||||||||||
| 525,000 | T-Mobile USA, Inc | 6.836 | 04/28/23 | 519,750 | ||||||||||||
| 3,350,000 | T-Mobile USA, Inc | 6.500 | 01/15/24 | 3,247,406 | ||||||||||||
| 6,950,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 6,637,250 | ||||||||||||
| 9,375,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 9,281,250 | |||||||||||
| 9,500,000 | g | Wind Acquisition Finance S.A. | 7.375 | 04/23/21 | 9,381,250 | |||||||||||
| 14,250,000 | Windstream Corp | 7.750 | 10/01/21 | 11,043,750 | ||||||||||||
| 2,000,000 | Windstream Corp | 7.500 | 04/01/23 | 1,480,000 | ||||||||||||
| 1,925,000 | Windstream Corp | 6.375 | 08/01/23 | 1,387,155 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 257,384,100 | |||||||||||||||
| TRANSPORTATION - 2.8% | ||||||||||||||||
| 12,050,000 | g | American Airlines Group, Inc | 4.625 | 03/01/20 | 11,748,750 | |||||||||||
| 8,750,000 | g | Bombardier, Inc | 7.500 | 03/15/18 | 8,137,500 | |||||||||||
| 10,150,000 | g | Bombardier, Inc | 5.500 | 09/15/18 | 8,779,750 | |||||||||||
| 6,000,000 | g | Bombardier, Inc | 7.750 | 03/15/20 | 5,100,000 | |||||||||||
| 4,500,000 | g | Bombardier, Inc | 6.000 | 10/15/22 | 3,330,000 | |||||||||||
| 7,825,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 5,751,375 | |||||||||||
| 14,800,000 | g | Bombardier, Inc | 7.500 | 03/15/25 | 11,100,000 | |||||||||||
| 2,525,000 | Bristow Group, Inc | 6.250 | 10/15/22 | 2,171,500 | ||||||||||||
| 17,920,000 | Gulfmark Offshore, Inc | 6.375 | 03/15/22 | 10,707,200 | ||||||||||||
| 12,000,000 | g | KLX, Inc | 5.875 | 12/01/22 | 11,673,720 | |||||||||||
| 3,750,000 | g | Meccanica Holdings USA, Inc | 6.250 | 07/15/19 | 4,003,200 | |||||||||||
| 1,800,000 | g | Meccanica Holdings USA, Inc | 7.375 | 07/15/39 | 1,899,000 | |||||||||||
| TOTAL TRANSPORTATION | 84,401,995 | |||||||||||||||
| UTILITIES - 4.5% | ||||||||||||||||
| 11,145,000 | AES Corp | 7.375 | 07/01/21 | 11,562,937 | ||||||||||||
| 2,000,000 | AES Corp | 5.500 | 04/15/25 | 1,750,000 | ||||||||||||
| 2,500,000 | AmeriGas Finance LLC | 6.750 | 05/20/20 | 2,531,250 | ||||||||||||
| 14,000,000 | AmeriGas Finance LLC | 7.000 | 05/20/22 | 14,350,000 | ||||||||||||
| 5,000,000 | AmeriGas Partners LP | 6.250 | 08/20/19 | 5,050,000 | ||||||||||||
| 10,330,000 | g | Calpine Corp | 7.875 | 01/15/23 | 11,053,100 | |||||||||||
| 6,000,000 | g | Eco Services Operations LLC | 8.500 | 11/01/22 | 5,340,000 | |||||||||||
| 13,873,000 | Ferrellgas Partners LP | 8.625 | 06/15/20 | 13,873,000 | ||||||||||||
| 8,480,000 | Ferrellgas Partners LP | 6.500 | 05/01/21 | 7,928,800 | ||||||||||||
| 11,000,000 | Ferrellgas Partners LP | 6.750 | 01/15/22 | 10,230,000 | ||||||||||||
| 7,500,000 | g | Ferrellgas Partners LP | 6.750 | 06/15/23 | 6,825,000 | |||||||||||
| 14,250,000 | NGL Energy Partners LP | 5.125 | 07/15/19 | 12,967,500 | ||||||||||||
| 3,000,000 | NRG Energy, Inc | 8.250 | 09/01/20 | 3,081,000 | ||||||||||||
| 6,320,000 | NRG Energy, Inc | 7.875 | 05/15/21 | 6,406,900 | ||||||||||||
| 5,000,000 | NRG Energy, Inc | 6.250 | 07/15/22 | 4,550,000 | ||||||||||||
| 6,750,000 | NRG Energy, Inc | 6.625 | 03/15/23 | 6,210,000 | ||||||||||||
| 7,000,000 | NRG Energy, Inc | 6.250 | 05/01/24 | 6,177,500 | ||||||||||||
| 1,397,000 | Suburban Propane Partners LP | 7.375 | 08/01/21 | 1,456,373 | ||||||||||||
| 188 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 10,200,000 | Suburban Propane Partners LP | 5.750 | % | 03/01/25 | $ | 9,664,500 | |||||||||
| TOTAL UTILITIES | 141,007,860 | |||||||||||||||
| TOTAL CORPORATE BONDS | 2,515,796,880 | |||||||||||||||
| (Cost $2,745,748,293) | ||||||||||||||||
| TOTAL BONDS | 2,515,796,880 | |||||||||||||||
| (Cost $2,745,748,293) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 10.3% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 8.3% | ||||||||||||||||
| 20,000,000 | Federal Home Loan Bank (FHLB) | 0.120 | 10/09/15 | 19,999,860 | ||||||||||||
| 15,600,000 | FHLB | 0.080 | 10/14/15 | 15,599,828 | ||||||||||||
| 20,000,000 | FHLB | 0.060 | 10/26/15 | 19,999,580 | ||||||||||||
| 40,000,000 | FHLB | 0.125 | 10/30/15 | 39,999,040 | ||||||||||||
| 18,000,000 | q | FHLB | 0.120 | 11/16/15 | 17,998,488 | |||||||||||
| 20,000,000 | FHLB | 0.110 | 11/18/15 | 19,998,240 | ||||||||||||
| 45,000,000 | FHLB | 0.050-0.075 | 11/20/15 | 44,995,860 | ||||||||||||
| 20,000,000 | FHLB | 0.110 | 11/24/15 | 19,998,020 | ||||||||||||
| 50,000,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.095 | 10/27/15 | 49,998,900 | ||||||||||||
| 15,000,000 | Federal National Mortgage Association (FNMA) | 0.100 | 10/05/15 | 14,999,955 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 263,587,771 | |||||||||||||||
| TREASURY DEBT - 2.0% | ||||||||||||||||
| 68,000,000 | q | United States Treasury Bill | 0.230 | 03/03/16 | 67,990,888 | |||||||||||
| TOTAL TREASURY DEBT | 67,990,888 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 331,578,659 | |||||||||||||||
| (Cost $331,510,667) | ||||||||||||||||
| TOTAL INVESTMENTS - 100.9% | 3,223,584,763 | |||||||||||||||
| (Cost $3,467,205,457) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.9)% | (30,063,498 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 3,193,521,265 | ||||||||||||||
| 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 9/30/2015, the aggregate value of these securities was $1,112,543,689 or 34.8% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
|
o |
Payment in Kind Bond | ||
| q | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on unfunded loan commitments. | ||
| 189 |
TIAA-CREF FUNDS - Inflation-Linked Bond Fund
TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| GOVERNMENT BONDS - 97.1% | ||||||||||||||||
| AGENCY SECURITIES - 0.5% | ||||||||||||||||
| $ | 3,500,000 | Private Export Funding Corp (PEFCO) | 2.300 | % | 09/15/20 | $ | 3,564,974 | |||||||||
| 3,000,000 | PEFCO | 3.250 | 06/15/25 | 3,116,436 | ||||||||||||
| 3,000,000 | Ukraine Government AID Bonds | 1.847 | 05/29/20 | 3,041,154 | ||||||||||||
| TOTAL AGENCY SECURITIES | 9,722,564 | |||||||||||||||
| MORTGAGE BACKED - 0.4% | ||||||||||||||||
| 7,000,000 | Government National Mortgage Association (GNMA) | 3.700 | 10/15/33 | 7,561,373 | ||||||||||||
| TOTAL MORTGAGE BACKED | 7,561,373 | |||||||||||||||
| U.S. TREASURY SECURITIES - 96.2% | ||||||||||||||||
| 10,000,000 | United States Treasury Bond | 3.000 | 05/15/45 | 10,241,150 | ||||||||||||
| 8,000,000 | United States Treasury Bond | 2.875 | 08/15/45 | 8,000,832 | ||||||||||||
| 28,767,097 | k | United States Treasury Inflation Indexed Bonds | 2.500 | 07/15/16 | 29,243,538 | |||||||||||
| 39,441,377 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/17 | 40,496,749 | |||||||||||
| 100,595,839 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/17 | 100,231,683 | |||||||||||
| 31,617,612 | k | United States Treasury Inflation Indexed Bonds | 2.625 | 07/15/17 | 33,120,271 | |||||||||||
| 31,404,914 | k | United States Treasury Inflation Indexed Bonds | 1.625 | 01/15/18 | 32,514,733 | |||||||||||
| 94,363,188 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/18 | 94,269,768 | |||||||||||
| 32,455,671 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 07/15/18 | 33,753,898 | |||||||||||
| 31,565,253 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 01/15/19 | 33,629,747 | |||||||||||
| 69,258,000 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/19 | 69,041,569 | |||||||||||
| 35,667,563 | k | United States Treasury Inflation Indexed Bonds | 1.875 | 07/15/19 | 38,100,661 | |||||||||||
| 42,212,361 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 01/15/20 | 44,304,828 | |||||||||||
| 110,062,800 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/20 | 109,386,354 | |||||||||||
| 65,213,216 | k | United States Treasury Inflation Indexed Bonds | 1.250 | 07/15/20 | 68,478,963 | |||||||||||
| 72,092,389 | k | United States Treasury Inflation Indexed Bonds | 1.125 | 01/15/21 | 74,945,084 | |||||||||||
| 70,872,956 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 07/15/21 | 71,885,305 | |||||||||||
| 74,877,183 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/22 | 73,001,360 | |||||||||||
| 103,779,000 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/22 | 101,250,736 | |||||||||||
| 68,239,380 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/23 | 65,822,546 | |||||||||||
| 56,403,050 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/23 | 55,457,114 | |||||||||||
| 63,158,518 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/24 | 62,887,946 | |||||||||||
| 55,279,950 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/24 | 52,777,979 | |||||||||||
| 37,281,200 | k | United States Treasury Inflation Indexed Bonds | 0.250 | 01/15/25 | 35,756,474 | |||||||||||
| 58,055,291 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/25 | 66,845,210 | |||||||||||
| 8,050,960 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/25 | 7,848,116 | |||||||||||
| 71,010,116 | k | United States Treasury Inflation Indexed Bonds | 2.000 | 01/15/26 | 79,723,625 | |||||||||||
| 33,145,227 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/27 | 38,817,900 | |||||||||||
| 35,344,199 | k | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/28 | 39,094,925 | |||||||||||
| 34,031,855 | k | United States Treasury Inflation Indexed Bonds | 3.625 | 04/15/28 | 45,127,669 | |||||||||||
| 35,781,438 | k | United States Treasury Inflation Indexed Bonds | 2.500 | 01/15/29 | 42,943,773 | |||||||||||
| 190 |
TIAA-CREF FUNDS - Inflation-Linked Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 36,275,579 | k | United States Treasury Inflation Indexed Bonds | 3.875 | % | 04/15/29 | $ | 50,029,139 | ||||||||
| 11,064,137 | k | United States Treasury Inflation Indexed Bonds | 3.375 | 04/15/32 | 15,169,397 | |||||||||||
| 16,013,632 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 02/15/40 | 18,886,911 | |||||||||||
| 26,990,829 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 02/15/41 | 32,016,467 | |||||||||||
| 36,649,099 | k | United States Treasury Inflation Indexed Bonds | 0.750 | 02/15/42 | 32,094,202 | |||||||||||
| 36,331,050 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 02/15/43 | 30,621,226 | |||||||||||
| 44,032,000 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 02/15/44 | 44,707,979 | |||||||||||
| 26,350,220 | k | United States Treasury Inflation Indexed Bonds | 0.750 | 02/15/45 | 22,867,749 | |||||||||||
| 7,500,000 | United States Treasury Note | 2.125 | 05/15/25 | 7,547,753 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 1,912,941,329 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,930,225,266 | |||||||||||||||
| (Cost $1,924,316,131) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 2.8% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 2.8% | ||||||||||||||||
| 5,000,000 | Federal Home Loan Bank (FHLB) | 0.060 | 10/09/15 | 4,999,965 | ||||||||||||
| 13,000,000 | FHLB | 0.110 | 10/23/15 | 12,999,766 | ||||||||||||
| 6,000,000 | FHLB | 0.110 | 11/04/15 | 5,999,628 | ||||||||||||
| 5,000,000 | FHLB | 0.050 | 11/20/15 | 4,999,540 | ||||||||||||
| 7,000,000 | FHLB | 0.110 | 11/24/15 | 6,999,307 | ||||||||||||
| 20,000,000 | Federal National Mortgage Association (FNMA) | 0.100 | 10/05/15 | 19,999,940 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 55,998,146 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 55,998,146 | |||||||||||||||
| (Cost $55,996,711) | ||||||||||||||||
| TOTAL INVESTMENTS - 99.9% | 1,986,223,412 | |||||||||||||||
| (Cost $1,980,312,842) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.1% | 2,265,802 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 1,988,489,214 | ||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||
| 191 |
TIAA-CREF FUNDS - Short-Term Bond Fund
TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 3.5% | ||||||||||||||||
| CAPITAL GOODS - 0.1% | ||||||||||||||||
| $ | 1,769,453 | i | TransDigm, Inc | 3.750 | % | 02/28/20 | $ | 1,745,442 | ||||||||
| TOTAL CAPITAL GOODS | 1,745,442 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||
| 1,000,000 | h,i | Staples, Inc | 3.500 | 04/24/21 | 994,130 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 994,130 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.2% | ||||||||||||||||
| 597,000 | i | Hanesbrands, Inc | 3.250 | 04/29/22 | 598,988 | |||||||||||
| 2,005,670 | i | PVH Corp | 3.250 | 02/13/20 | 2,012,068 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,611,056 | |||||||||||||||
| CONSUMER SERVICES - 0.5% | ||||||||||||||||
| 873,000 | i | ARAMARK Corp | 3.250 | 09/07/19 | 869,726 | |||||||||||
| 2,595,000 | i | Hilton Worldwide | 3.500 | 10/26/20 | 2,586,333 | |||||||||||
| 1,152,160 | i | La Quinta Intermediate Holdings LLC | 3.750 | 04/14/21 | 1,140,638 | |||||||||||
| 2,977,041 | i | MGM Resorts International | 3.500 | 12/20/19 | 2,951,736 | |||||||||||
| TOTAL CONSUMER SERVICES | 7,548,433 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.1% | ||||||||||||||||
| 2,000,000 | i | International Lease Finance Corp | 3.500 | 03/06/21 | 1,992,500 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 1,992,500 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.6% | ||||||||||||||||
| 894,660 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 890,983 | |||||||||||
| 1,990,000 | i | CHS/Community Health Systems | 3.575 | 12/31/18 | 1,986,159 | |||||||||||
| 127,637 | i | CHS/Community Health Systems | 4.000 | 01/27/21 | 127,605 | |||||||||||
| 2,977,387 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 2,969,318 | |||||||||||
| 992,405 | i | HCA, Inc | 3.077 | 03/31/17 | 991,055 | |||||||||||
| 1,984,810 | i | HCA, Inc | 3.077 | 05/01/18 | 1,982,091 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 8,947,211 | |||||||||||||||
| MEDIA - 0.6% | ||||||||||||||||
| 2,977,099 | i | AMC Entertainment, Inc | 3.500 | 04/30/20 | 2,964,685 | |||||||||||
| 3,000,000 | i | CBS Outdoor Americas Capital LLC | 3.000 | 02/01/21 | 2,980,170 | |||||||||||
| 734,341 | i | CSC Holdings LLC | 2.694 | 04/17/20 | 728,716 | |||||||||||
| 1,379,165 | i | Nielsen Finance LLC | 3.199 | 04/15/21 | 1,380,889 | |||||||||||
| 992,140 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 985,006 | |||||||||||
| 292,388 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 290,242 | |||||||||||
| TOTAL MEDIA | 9,329,708 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||
| 348,250 | i | Valeant Pharmaceuticals International, Inc | 4.000 | 04/01/22 | 344,290 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 344,290 | |||||||||||||||
| 192 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||
| $ | 2,584,179 | i | Avago Technologies Ltd | 3.750 | % | 05/06/21 | $ | 2,580,406 | ||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,580,406 | |||||||||||||||
| SOFTWARE & SERVICES - 0.2% | ||||||||||||||||
| 2,977,330 | i | IMS Health, Inc | 3.500 | 03/17/21 | 2,960,597 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 2,960,597 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.5% | ||||||||||||||||
| 1,820,438 | i | CommScope, Inc | 3.750 | 12/29/22 | 1,816,651 | |||||||||||
| 1,984,848 | i | GXS Group, Inc | 3.250 | 01/16/21 | 1,983,618 | |||||||||||
| 2,969,735 | i | NXP BV | 3.250 | 01/11/20 | 2,958,598 | |||||||||||
| 995,000 | i | Sensata Technologies BV | 3.000 | 10/11/21 | 992,513 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 7,751,380 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.2% | ||||||||||||||||
| 2,977,273 | i | Crown Castle Operating Co | 3.000 | 01/31/21 | 2,964,768 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 2,964,768 | |||||||||||||||
| UTILITIES - 0.2% | ||||||||||||||||
| 997,500 | i | Calpine Corp | 3.500 | 05/27/22 | 980,323 | |||||||||||
| TOTAL UTILITIES | 980,323 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 50,750,244 | |||||||||||||||
| (Cost $50,939,895) | ||||||||||||||||
| BONDS - 94.7% | ||||||||||||||||
| CORPORATE BONDS - 38.2% | ||||||||||||||||
| BANKS - 12.9% | ||||||||||||||||
| 500,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 503,750 | ||||||||||||
| 1,925,000 | g | Banco del Estado de Chile | 2.000 | 11/09/17 | 1,933,518 | |||||||||||
| 788,000 | g | Bank Nederlandse Gemeenten | 1.375 | 09/27/17 | 795,417 | |||||||||||
| 2,675,000 | Bank of America Corp | 3.750 | 07/12/16 | 2,728,297 | ||||||||||||
| 9,350,000 | Bank of America Corp | 2.000 | 01/11/18 | 9,385,128 | ||||||||||||
| 10,000,000 | Bank of America NA | 1.650 | 03/26/18 | 9,995,520 | ||||||||||||
| 5,000,000 | Bank of America NA | 1.750 | 06/05/18 | 4,989,600 | ||||||||||||
| 15,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 15,190,035 | ||||||||||||
| 1,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 1,012,493 | |||||||||||
| 1,000,000 | BB&T Corp | 3.200 | 03/15/16 | 1,008,691 | ||||||||||||
| 5,000,000 | BB&T Corp | 1.350 | 10/01/17 | 4,997,870 | ||||||||||||
| 2,500,000 | BDO Unibank, Inc | 4.500 | 02/16/17 | 2,568,750 | ||||||||||||
| 3,835,000 | Capital One Bank USA NA | 1.150 | 11/21/16 | 3,825,585 | ||||||||||||
| 1,500,000 | Capital One Bank USA NA | 1.650 | 02/05/18 | 1,488,939 | ||||||||||||
| 6,750,000 | Citigroup, Inc | 1.300 | 11/15/16 | 6,764,425 | ||||||||||||
| 2,000,000 | Citigroup, Inc | 1.800 | 02/05/18 | 1,998,060 | ||||||||||||
| 2,000,000 | Citigroup, Inc | 1.700 | 04/27/18 | 1,989,740 | ||||||||||||
| 3,000,000 | Deutsche Bank AG | 1.875 | 02/13/18 | 2,990,010 | ||||||||||||
| 193 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 5,000,000 | g | DNB Boligkreditt AS. | 2.000 | % | 05/28/20 | $ | 5,028,155 | ||||||||
| 3,750,000 | Eksportfinans ASA | 2.375 | 05/25/16 | 3,755,250 | ||||||||||||
| 2,500,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 2,498,950 | ||||||||||||
| 1,000,000 | First Horizon National Corp | 5.375 | 12/15/15 | 1,008,598 | ||||||||||||
| 3,700,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 3,691,971 | ||||||||||||
| 5,000,000 | Huntington National Bank | 1.300 | 11/20/16 | 5,005,090 | ||||||||||||
| 3,000,000 | JPMorgan Chase & Co | 1.350 | 02/15/17 | 3,003,900 | ||||||||||||
| 5,000,000 | JPMorgan Chase & Co | 1.700 | 03/01/18 | 4,988,625 | ||||||||||||
| 3,000,000 | KeyBank NA | 1.700 | 06/01/18 | 2,999,133 | ||||||||||||
| 1,250,000 | g | National Australia Bank Ltd | 2.000 | 06/20/17 | 1,268,397 | |||||||||||
| 2,000,000 | PNC Bank NA | 1.125 | 01/27/17 | 2,001,092 | ||||||||||||
| 5,000,000 | PNC Bank NA | 1.500 | 02/23/18 | 4,989,610 | ||||||||||||
| 3,800,000 | PNC Bank NA | 1.850 | 07/20/18 | 3,816,541 | ||||||||||||
| 2,000,000 | Royal Bank of Canada | 1.200 | 01/23/17 | 2,006,034 | ||||||||||||
| 3,000,000 | Royal Bank of Canada | 1.500 | 01/16/18 | 2,998,692 | ||||||||||||
| 15,000,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 15,024,525 | ||||||||||||
| 11,000,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 10,983,643 | |||||||||||
| 8,000,000 | g | SpareBank Boligkreditt AS. | 1.250 | 05/02/18 | 7,971,136 | |||||||||||
| 1,800,000 | g | State Bank of India | 4.125 | 08/01/17 | 1,860,826 | |||||||||||
| 300,000 | g | State Bank of India | 3.250 | 04/18/18 | 305,400 | |||||||||||
| 4,000,000 | Sumitomo Mitsui Banking Corp | 1.950 | 07/23/18 | 4,019,632 | ||||||||||||
| 1,000,000 | SunTrust Banks, Inc | 1.350 | 02/15/17 | 999,402 | ||||||||||||
| 2,000,000 | SunTrust Banks, Inc | 2.500 | 05/01/19 | 2,022,250 | ||||||||||||
| 5,000,000 | Toronto-Dominion Bank | 1.625 | 03/13/18 | 5,015,590 | ||||||||||||
| 9,000,000 | g | Toronto-Dominion Bank | 1.950 | 04/02/20 | 9,006,633 | |||||||||||
| 500,000 | g | Turkiye Is Bankasi | 3.875 | 11/07/17 | 496,775 | |||||||||||
| 500,000 | Union Bank NA | 2.125 | 06/16/17 | 505,306 | ||||||||||||
| 500,000 | US Bancorp | 1.650 | 05/15/17 | 504,285 | ||||||||||||
| 5,000,000 | US Bank NA | 1.100 | 01/30/17 | 5,007,775 | ||||||||||||
| 1,375,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 1,237,500 | |||||||||||
| TOTAL BANKS | 188,186,544 | |||||||||||||||
| CAPITAL GOODS - 2.3% | ||||||||||||||||
| 3,000,000 | Caterpillar Financial Services Corp | 1.250 | 08/18/17 | 3,001,221 | ||||||||||||
| 475,000 | Caterpillar, Inc | 1.500 | 06/26/17 | 477,862 | ||||||||||||
| 2,000,000 | Eaton Corp | 1.500 | 11/02/17 | 1,997,772 | ||||||||||||
| 2,000,000 | John Deere Capital Corp | 1.050 | 10/11/16 | 2,006,728 | ||||||||||||
| 12,450,000 | John Deere Capital Corp | 1.050 | 12/15/16 | 12,474,614 | ||||||||||||
| 1,000,000 | John Deere Capital Corp | 2.000 | 01/13/17 | 1,014,185 | ||||||||||||
| 1,000,000 | John Deere Capital Corp | 1.400 | 03/15/17 | 1,007,744 | ||||||||||||
| 3,200,000 | John Deere Capital Corp | 1.600 | 07/13/18 | 3,209,254 | ||||||||||||
| 5,925,000 | Pentair Finance S.A. | 1.350 | 12/01/15 | 5,928,496 | ||||||||||||
| 2,000,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 1,981,998 | |||||||||||
| 500,000 | United Technologies Corp | 1.800 | 06/01/17 | 506,006 | ||||||||||||
| TOTAL CAPITAL GOODS | 33,605,880 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||||||||||
| 4,400,000 | Air Lease Corp | 2.125 | 01/15/18 | 4,356,000 | ||||||||||||
| 8,000,000 | g | Daimler Finance North America LLC | 2.000 | 08/03/18 | 7,883,984 | |||||||||||
| 1,000,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,013,620 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 13,253,604 | |||||||||||||||
| 194 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| CONSUMER SERVICES - 0.3% | ||||||||||||||||
| $ | 1,000,000 | g | SABMiller Holdings, Inc | 2.450 | % | 01/15/17 | $ | 1,013,436 | ||||||||
| 2,500,000 | Walt Disney Co | 0.875 | 05/30/17 | 2,498,130 | ||||||||||||
| TOTAL CONSUMER SERVICES | 3,511,566 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 6.8% | ||||||||||||||||
| 500,000 | American Express Centurion Bank | 6.000 | 09/13/17 | 540,810 | ||||||||||||
| 1,000,000 | American Express Credit Corp | 1.300 | 07/29/16 | 1,002,908 | ||||||||||||
| 1,000,000 | American Express Credit Corp | 2.800 | 09/19/16 | 1,017,377 | ||||||||||||
| 3,000,000 | American Express Credit Corp | 1.550 | 09/22/17 | 3,005,832 | ||||||||||||
| 1,000,000 | g | Bayer US Finance LLC | 1.500 | 10/06/17 | 1,002,935 | |||||||||||
| 1,000,000 | BNP Paribas S.A. | 1.375 | 03/17/17 | 1,000,386 | ||||||||||||
| 8,000,000 | g | Caisse Centrale Desjardins du Quebec | 1.600 | 03/06/17 | 8,074,960 | |||||||||||
| 2,400,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 2,400,578 | ||||||||||||
| 1,675,000 | Ford Motor Credit Co LLC | 4.250 | 02/03/17 | 1,730,860 | ||||||||||||
| 3,250,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 3,301,519 | ||||||||||||
| 825,000 | Ford Motor Credit Co LLC | 6.625 | 08/15/17 | 890,635 | ||||||||||||
| 2,000,000 | Ford Motor Credit Co LLC | 1.684 | 09/08/17 | 1,986,968 | ||||||||||||
| 5,000,000 | General Electric Capital Corp | 1.500 | 07/12/16 | 5,032,925 | ||||||||||||
| 2,000,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 2,043,594 | ||||||||||||
| 2,312,000 | General Motors Financial Co, Inc | 2.750 | 05/15/16 | 2,325,722 | ||||||||||||
| 10,000,000 | Goldman Sachs Group, Inc | 3.625 | 02/07/16 | 10,095,760 | ||||||||||||
| 1,000,000 | g | Hyundai Capital Services, Inc | 3.500 | 09/13/17 | 1,030,768 | |||||||||||
| 3,000,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 3,029,652 | |||||||||||
| 200,000 | International Lease Finance Corp | 5.750 | 05/15/16 | 203,000 | ||||||||||||
| 200,000 | International Lease Finance Corp | 3.875 | 04/15/18 | 199,500 | ||||||||||||
| 1,000,000 | Jefferies Group, Inc | 3.875 | 11/09/15 | 1,002,576 | ||||||||||||
| 1,500,000 | g | Lukoil International Finance BV | 3.416 | 04/24/18 | 1,440,000 | |||||||||||
| 1,800,000 | Morgan Stanley | 1.750 | 02/25/16 | 1,805,764 | ||||||||||||
| 3,300,000 | Morgan Stanley | 1.875 | 01/05/18 | 3,307,567 | ||||||||||||
| 3,000,000 | Morgan Stanley | 2.200 | 12/07/18 | 3,028,104 | ||||||||||||
| 1,000,000 | National Rural Utilities Cooperative Finance Corp | 1.100 | 01/27/17 | 1,002,838 | ||||||||||||
| 8,300,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 8,446,437 | |||||||||||
| 1,000,000 | Synchrony Financial | 1.875 | 08/15/17 | 1,000,309 | ||||||||||||
| 410,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 410,507 | ||||||||||||
| 5,000,000 | Toyota Motor Credit Corp | 1.550 | 07/13/18 | 5,023,135 | ||||||||||||
| 2,000,000 | UBS AG. | 1.375 | 08/14/17 | 1,994,000 | ||||||||||||
| 1,000,000 | Unilever Capital Corp | 2.750 | 02/10/16 | 1,007,920 | ||||||||||||
| 11,000,000 | Wells Fargo & Co | 1.250 | 07/20/16 | 11,047,344 | ||||||||||||
| 3,500,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 3,548,905 | ||||||||||||
| 5,000,000 | Wells Fargo & Co | 1.400 | 09/08/17 | 5,003,450 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 98,985,545 | |||||||||||||||
| ENERGY - 2.2% | ||||||||||||||||
| 1,600,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 1,588,762 | ||||||||||||
| 2,000,000 | Chevron Corp | 1.104 | 12/05/17 | 1,991,984 | ||||||||||||
| 5,000,000 | Chevron Corp | 1.365 | 03/02/18 | 5,003,985 | ||||||||||||
| 3,800,000 | Ecopetrol S.A. | 4.250 | 09/18/18 | 3,838,000 | ||||||||||||
| 3,000,000 | Enterprise Products Operating LLC | 1.650 | 05/07/18 | 2,979,741 | ||||||||||||
| 5,000,000 | Exxon Mobil Corp | 1.305 | 03/06/18 | 5,011,065 | ||||||||||||
| 350,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 353,552 | ||||||||||||
| 1,550,000 | Noble Holding International Ltd | 2.500 | 03/15/17 | 1,441,447 | ||||||||||||
| 195 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 350,000 | Noble Holding International Ltd | 4.000 | % | 03/16/18 | $ | 331,530 | |||||||||
| 500,000 | Occidental Petroleum Corp | 2.500 | 02/01/16 | 503,273 | ||||||||||||
| 500,000 | i | Petrobras Global Finance BV | 1.953 | 05/20/16 | 471,250 | |||||||||||
| 575,000 | Petrobras Global Finance BV | 3.250 | 03/17/17 | 507,438 | ||||||||||||
| 725,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 712,313 | ||||||||||||
| 2,425,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 2,451,675 | ||||||||||||
| 625,000 | Southwestern Energy Co | 3.300 | 01/23/18 | 614,124 | ||||||||||||
| 750,000 | Statoil ASA | 1.200 | 01/17/18 | 746,175 | ||||||||||||
| 1,000,000 | Tesoro Corp | 4.250 | 10/01/17 | 1,015,000 | ||||||||||||
| 750,000 | Total Capital International S.A. | 1.500 | 02/17/17 | 756,551 | ||||||||||||
| 1,000,000 | Vale Overseas Ltd | 6.250 | 01/23/17 | 1,017,860 | ||||||||||||
| TOTAL ENERGY | 31,335,725 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.4% | ||||||||||||||||
| 1,000,000 | CVS Health Corp | 1.200 | 12/05/16 | 1,002,216 | ||||||||||||
| 3,000,000 | CVS Health Corp | 1.900 | 07/20/18 | 3,020,223 | ||||||||||||
| 2,450,000 | Walgreens Boots Alliance, Inc | 1.750 | 11/17/17 | 2,459,077 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 6,481,516 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.8% | ||||||||||||||||
| 2,000,000 | Anheuser-Busch InBev Finance, Inc | 1.125 | 01/27/17 | 2,002,038 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 2.875 | 02/15/16 | 504,161 | ||||||||||||
| 600,000 | Coca-Cola Co | 1.800 | 09/01/16 | 606,522 | ||||||||||||
| 2,000,000 | Diageo Capital plc | 1.125 | 04/29/18 | 1,987,924 | ||||||||||||
| 1,650,000 | General Mills, Inc | 0.875 | 01/29/16 | 1,651,474 | ||||||||||||
| 675,000 | g | HJ Heinz Co | 2.000 | 07/02/18 | 675,988 | |||||||||||
| 1,650,000 | g | JM Smucker Co | 1.750 | 03/15/18 | 1,653,783 | |||||||||||
| 200,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 202,209 | ||||||||||||
| 1,000,000 | g | Pernod-Ricard S.A. | 2.950 | 01/15/17 | 1,016,713 | |||||||||||
| 850,000 | Reynolds American, Inc | 2.300 | 06/12/18 | 859,203 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 11,160,015 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.3% | ||||||||||||||||
| 1,000,000 | Baxter International, Inc | 0.950 | 06/01/16 | 1,000,502 | ||||||||||||
| 200,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 201,105 | ||||||||||||
| 3,300,000 | Becton Dickinson & Co | 1.450 | 05/15/17 | 3,293,958 | ||||||||||||
| 1,000,000 | McKesson Corp | 1.292 | 03/10/17 | 998,104 | ||||||||||||
| 6,175,000 | Medtronic, Inc | 1.500 | 03/15/18 | 6,150,646 | ||||||||||||
| 2,250,000 | Thermo Fisher Scientific, Inc | 1.300 | 02/01/17 | 2,248,808 | ||||||||||||
| 5,000,000 | Zimmer Holdings, Inc | 2.000 | 04/01/18 | 5,006,565 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 18,899,688 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 1,000,000 | Ecolab, Inc | 3.000 | 12/08/16 | 1,019,224 | ||||||||||||
| 375,000 | Ecolab, Inc | 1.450 | 12/08/17 | 373,155 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,392,379 | |||||||||||||||
| INSURANCE - 0.7% | ||||||||||||||||
| 750,000 | Aetna, Inc | 1.500 | 11/15/17 | 750,743 | ||||||||||||
| 2,000,000 | g | Metropolitan Life Global Funding I | 1.300 | 04/10/17 | 2,005,262 | |||||||||||
| 400,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 402,482 | ||||||||||||
| 196 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 550,000 | UnitedHealth Group, Inc | 0.850 | % | 10/15/15 | $ | 550,060 | |||||||||
| 5,000,000 | UnitedHealth Group, Inc | 1.450 | 07/17/17 | 5,023,455 | ||||||||||||
| 425,000 | UnitedHealth Group, Inc | 1.400 | 10/15/17 | 427,388 | ||||||||||||
| 1,500,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 1,518,398 | ||||||||||||
| TOTAL INSURANCE | 10,677,788 | |||||||||||||||
| MATERIALS - 0.9% | ||||||||||||||||
| 1,000,000 | g | Cemex SAB de C.V. | 5.875 | 03/25/19 | 975,000 | |||||||||||
| 300,000 | Corning, Inc | 1.450 | 11/15/17 | 300,116 | ||||||||||||
| 200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.750 | 11/04/20 | 200,103 | |||||||||||
| 5,000,000 | g | Glencore Funding LLC | 2.125 | 04/16/18 | 4,300,000 | |||||||||||
| 5,000,000 | Monsanto Co | 1.150 | 06/30/17 | 4,983,835 | ||||||||||||
| 1,750,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 1,743,662 | ||||||||||||
| 1,000,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 805,000 | ||||||||||||
| TOTAL MATERIALS | 13,307,716 | |||||||||||||||
| MEDIA - 0.2% | ||||||||||||||||
| 1,000,000 | CBS Corp | 4.000 | 01/15/26 | 983,591 | ||||||||||||
| 625,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 627,360 | |||||||||||
| 1,000,000 | Viacom, Inc | 3.500 | 04/01/17 | 1,024,945 | ||||||||||||
| TOTAL MEDIA | 2,635,896 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6% | ||||||||||||||||
| 1,500,000 | AbbVie, Inc | 1.200 | 11/06/15 | 1,500,640 | ||||||||||||
| 1,200,000 | AbbVie, Inc | 1.750 | 11/06/17 | 1,203,565 | ||||||||||||
| 4,800,000 | AbbVie, Inc | 1.800 | 05/14/18 | 4,787,002 | ||||||||||||
| 3,400,000 | Actavis Funding SCS | 1.850 | 03/01/17 | 3,407,837 | ||||||||||||
| 3,900,000 | Actavis Funding SCS | 2.350 | 03/12/18 | 3,915,518 | ||||||||||||
| 450,000 | Actavis Funding SCS | 3.000 | 03/12/20 | 450,505 | ||||||||||||
| 700,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 677,198 | ||||||||||||
| 1,000,000 | Amgen, Inc | 1.250 | 05/22/17 | 998,026 | ||||||||||||
| 1,300,000 | Celgene Corp | 2.125 | 08/15/18 | 1,310,394 | ||||||||||||
| 600,000 | Johnson & Johnson | 2.150 | 05/15/16 | 606,764 | ||||||||||||
| 120,000 | Life Technologies Corp | 3.500 | 01/15/16 | 120,782 | ||||||||||||
| 1,000,000 | Merck & Co, Inc | 2.250 | 01/15/16 | 1,005,313 | ||||||||||||
| 3,275,000 | Perrigo Co plc | 1.300 | 11/08/16 | 3,250,356 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 23,233,900 | |||||||||||||||
| REAL ESTATE - 0.1% | ||||||||||||||||
| 304,000 | Kimco Realty Corp | 5.783 | 03/15/16 | 310,201 | ||||||||||||
| 1,000,000 | Ventas Realty LP | 1.250 | 04/17/17 | 995,461 | ||||||||||||
| TOTAL REAL ESTATE | 1,305,662 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | ||||||||||||||||
| 1,000,000 | g | Semiconductor Manufacturing International Corp | 4.125 | 10/07/19 | 1,001,328 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,001,328 | |||||||||||||||
| SOFTWARE & SERVICES - 0.1% | ||||||||||||||||
| 800,000 | Baidu, Inc | 3.000 | 06/30/20 | 794,780 | ||||||||||||
| 1,000,000 | Xerox Corp | 2.950 | 03/15/17 | 1,017,086 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 1,811,866 | |||||||||||||||
| 197 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.8% | ||||||||||||||||
| $ | 5,000,000 | Amphenol Corp | 1.550 | % | 09/15/17 | $ | 5,003,365 | |||||||||
| 3,000,000 | Apple, Inc | 1.000 | 05/03/18 | 2,986,194 | ||||||||||||
| 250,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 251,751 | ||||||||||||
| 1,000,000 | Cisco Systems, Inc | 1.100 | 03/03/17 | 1,003,292 | ||||||||||||
| 1,500,000 | Cisco Systems, Inc | 1.650 | 06/15/18 | 1,511,034 | ||||||||||||
| 3,000,000 | General Electric Co | 0.850 | 10/09/15 | 3,000,165 | ||||||||||||
| 5,000,000 | g,h | Hewlett-Packard Enterprise Co | 2.450 | 10/05/17 | 4,997,200 | |||||||||||
| 1,000,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 1,025,275 | ||||||||||||
| 4,950,000 | L-3 Communications Corp | 1.500 | 05/28/17 | 4,904,757 | ||||||||||||
| 475,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 479,943 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 25,162,976 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 1.6% | ||||||||||||||||
| 980,000 | g | Alibaba Group Holding Ltd | 1.625 | 11/28/17 | 972,202 | |||||||||||
| 1,000,000 | g | Alibaba Group Holding Ltd | 2.500 | 11/28/19 | 981,388 | |||||||||||
| 1,000,000 | America Movil SAB de C.V. | 2.375 | 09/08/16 | 1,009,920 | ||||||||||||
| 1,000,000 | i | America Movil SAB de C.V. | 1.336 | 09/12/16 | 999,737 | |||||||||||
| 1,330,000 | AT&T, Inc | 1.400 | 12/01/17 | 1,323,091 | ||||||||||||
| 1,825,000 | British Telecommunications plc | 1.625 | 06/28/16 | 1,832,307 | ||||||||||||
| 1,000,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 1,010,423 | ||||||||||||
| 750,000 | g | Telemar Norte Leste S.A. | 5.500 | 10/23/20 | 402,188 | |||||||||||
| 3,000,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 3,000,516 | ||||||||||||
| 5,000,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 4,992,995 | ||||||||||||
| 6,090,000 | Verizon Communications, Inc | 2.625 | 02/21/20 | 6,126,802 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 22,651,569 | |||||||||||||||
| TRANSPORTATION - 0.3% | ||||||||||||||||
| 1,275,000 | g | Adani Ports & Special Economic Zone Ltd | 3.500 | 07/29/20 | 1,265,305 | |||||||||||
| 3,000,000 | g | ERAC USA Finance LLC | 1.400 | 04/15/16 | 3,001,950 | |||||||||||
| 890,000 | g | Transnet Ltd | 4.500 | 02/10/16 | 895,563 | |||||||||||
| TOTAL TRANSPORTATION | 5,162,818 | |||||||||||||||
| UTILITIES - 2.8% | ||||||||||||||||
| 2,150,000 | American Electric Power Co, Inc | 1.650 | 12/15/17 | 2,143,363 | ||||||||||||
| 5,000,000 | Berkshire Hathaway Energy Co | 1.100 | 05/15/17 | 4,981,010 | ||||||||||||
| 2,000,000 | Commonwealth Edison Co | 1.950 | 09/01/16 | 2,015,872 | ||||||||||||
| 2,000,000 | Dominion Resources, Inc | 1.400 | 09/15/17 | 1,992,836 | ||||||||||||
| 1,000,000 | Duke Energy Corp | 2.100 | 06/15/18 | 1,011,048 | ||||||||||||
| 2,000,000 | g | Electricite de France | 1.150 | 01/20/17 | 2,000,262 | |||||||||||
| 1,325,000 | Exelon Corp | 1.550 | 06/09/17 | 1,322,661 | ||||||||||||
| 550,000 | g | Israel Electric Corp Ltd | 6.700 | 02/10/17 | 579,563 | |||||||||||
| 2,600,000 | g | Israel Electric Corp Ltd | 5.625 | 06/21/18 | 2,759,250 | |||||||||||
| 600,000 | Kinder Morgan, Inc | 2.000 | 12/01/17 | 595,653 | ||||||||||||
| 1,500,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.875 | 10/02/18 | 1,534,350 | |||||||||||
| 1,000,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.375 | 10/28/19 | 1,000,589 | |||||||||||
| 1,225,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 1,211,683 | |||||||||||
| 1,025,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 999,271 | |||||||||||
| 4,225,000 | Northeast Utilities | 1.600 | 01/15/18 | 4,207,323 | ||||||||||||
| 1,500,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,488,161 | ||||||||||||
| 500,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 500,000 | ||||||||||||
| 198 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 3,000,000 | Sabine Pass LNG LP | 7.500 | % | 11/30/16 | $ | 3,067,500 | |||||||||
| 2,000,000 | Sempra Energy | 2.300 | 04/01/17 | 2,022,122 | ||||||||||||
| 1,625,000 | WEC Energy Group, Inc | 1.650 | 06/15/18 | 1,628,690 | ||||||||||||
| 5,000,000 | Xcel Energy, Inc | 0.750 | 05/09/16 | 4,999,545 | ||||||||||||
| TOTAL UTILITIES | 42,060,752 | |||||||||||||||
| TOTAL CORPORATE BONDS | 555,824,733 | |||||||||||||||
| (Cost $556,318,756) | ||||||||||||||||
| GOVERNMENT BONDS - 27.2% | ||||||||||||||||
| AGENCY SECURITIES - 3.9% | ||||||||||||||||
| 12,000,000 | Federal Home Loan Bank (FHLB) | 0.375 | 02/19/16 | 12,002,700 | ||||||||||||
| 5,000,000 | FHLB | 0.625 | 12/28/16 | 5,010,515 | ||||||||||||
| 14,000,000 | FHLB | 0.875 | 05/24/17 | 14,062,650 | ||||||||||||
| 7,725,004 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 7,938,515 | |||||||||||
| 6,000,000 | Private Export Funding Corp (PEFCO) | 1.375 | 02/15/17 | 6,057,204 | ||||||||||||
| 2,000,000 | PEFCO | 2.250 | 03/15/20 | 2,039,660 | ||||||||||||
| 3,000,000 | PEFCO | 2.300 | 09/15/20 | 3,055,692 | ||||||||||||
| 6,000,000 | Ukraine Government AID Bonds | 1.847 | 05/29/20 | 6,082,308 | ||||||||||||
| TOTAL AGENCY SECURITIES | 56,249,244 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 4.5% | ||||||||||||||||
| 1,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.125 | 01/30/17 | 1,005,620 | |||||||||||
| 1,950,000 | g | Croatia Government International Bond | 6.250 | 04/27/17 | 2,044,232 | |||||||||||
| 4,125,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 4,106,252 | ||||||||||||
| 2,100,000 | FMS Wertmanagement AoeR | 1.125 | 09/05/17 | 2,111,699 | ||||||||||||
| 500,000 | Hungary Government International Bond | 4.125 | 02/19/18 | 519,375 | ||||||||||||
| 1,250,000 | Hydro-Quebec | 7.500 | 04/01/16 | 1,289,925 | ||||||||||||
| 2,000,000 | g | Iceland Government International Bond | 4.875 | 06/16/16 | 2,043,538 | |||||||||||
| 20,000,000 | g,i | International Finance Facility for Immunisation | 0.515 | 07/05/16 | 20,001,500 | |||||||||||
| 100,000 | Italian Republic | 5.250 | 09/20/16 | 103,850 | ||||||||||||
| 5,000,000 | g | Kommunalbanken AS. | 0.875 | 10/03/16 | 5,015,940 | |||||||||||
| 1,700,000 | g | Kommunalbanken AS. | 1.625 | 01/15/20 | 1,700,947 | |||||||||||
| 2,500,000 | g | Kommuninvest I Sverige AB | 1.000 | 01/29/18 | 2,500,730 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,021,273 | |||||||||||
| 500,000 | Korea Development Bank | 1.000 | 01/22/16 | 500,031 | ||||||||||||
| 2,000,000 | Korea Development Bank | 1.500 | 01/22/18 | 1,985,358 | ||||||||||||
| 410,000 | g | Korea Housing Finance Corp | 3.500 | 12/15/16 | 419,755 | |||||||||||
| 410,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 404,300 | |||||||||||
| 5,000,000 | Kreditanstalt Fuer Wiederaufbau | 4.375 | 03/15/18 | 5,413,360 | ||||||||||||
| 1,000,000 | Mexico Government International Bond | 5.625 | 01/15/17 | 1,060,000 | ||||||||||||
| 300,000 | g | Municipality Finance plc | 1.750 | 05/21/19 | 304,153 | |||||||||||
| 3,000,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 3,119,088 | ||||||||||||
| 350,000 | g | Republic of Serbia | 5.250 | 11/21/17 | 361,812 | |||||||||||
| 1,000,000 | Republic of Turkey | 7.500 | 07/14/17 | 1,078,750 | ||||||||||||
| 625,000 | g | Slovenia Government International Bond | 4.125 | 02/18/19 | 659,375 | |||||||||||
| 2,500,000 | g | Spain Government International Bond | 4.000 | 03/06/18 | 2,644,115 | |||||||||||
| 3,525,000 | Svensk Exportkredit AB | 1.125 | 04/05/18 | 3,528,772 | ||||||||||||
| 1,750,000 | Svensk Exportkredit AB | 1.750 | 08/28/20 | 1,752,137 | ||||||||||||
| 1,000,000 | Turkey Government International Bond | 7.000 | 09/26/16 | 1,045,000 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 67,740,887 | |||||||||||||||
| 199 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| MORTGAGE BACKED - 1.1% | ||||||||||||||||
| $ | 9,571 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.000 | % | 12/01/17 | $ | 9,911 | |||||||||
| 1,171,134 | Federal National Mortgage Association (FNMA) | 1.510 | 06/01/17 | 1,183,918 | ||||||||||||
| 1,896,093 | FNMA | 2.690 | 10/01/17 | 1,947,350 | ||||||||||||
| 2,413,667 | FNMA | 3.000 | 11/01/24 | 2,526,793 | ||||||||||||
| 5,362,018 | FNMA | 2.000 | 05/25/25 | 5,439,429 | ||||||||||||
| 2,105,953 | Government National Mortgage Association (GNMA) | 2.300 | 10/15/19 | 2,108,247 | ||||||||||||
| 963,218 | GNMA | 2.176 | 05/16/39 | 975,997 | ||||||||||||
| 1,791,984 | GNMA | 2.120 | 05/16/40 | 1,809,025 | ||||||||||||
| TOTAL MORTGAGE BACKED | 16,000,670 | |||||||||||||||
| MUNICIPAL BONDS - 0.4% | ||||||||||||||||
| 5,000,000 | Florida Hurricane Catastrophe Fund Finance Corp | 1.298 | 07/01/16 | 5,024,200 | ||||||||||||
| 500,000 | New Jersey Health Care Facilities Financing Authority | 5.000 | 07/01/16 | 510,930 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 5,535,130 | |||||||||||||||
| U.S. TREASURY SECURITIES - 17.3% | ||||||||||||||||
| 10,507,300 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/17 | 10,469,264 | |||||||||||
| 17,324,700 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/20 | 17,218,222 | |||||||||||
| 6,025,000 | d | United States Treasury Note | 0.375 | 05/31/16 | 6,029,784 | |||||||||||
| 35,790,000 | d | United States Treasury Note | 0.500 | 06/15/16 | 35,851,523 | |||||||||||
| 26,315,000 | d | United States Treasury Note | 0.625 | 08/15/16 | 26,375,314 | |||||||||||
| 15,000,000 | United States Treasury Note | 0.625 | 12/31/16 | 15,029,685 | ||||||||||||
| 31,455,000 | United States Treasury Note | 0.625 | 02/15/17 | 31,516,023 | ||||||||||||
| 2,142,000 | United States Treasury Note | 0.500 | 02/28/17 | 2,142,139 | ||||||||||||
| 2,520,000 | United States Treasury Note | 0.500 | 03/31/17 | 2,519,672 | ||||||||||||
| 2,900,000 | United States Treasury Note | 0.625 | 06/30/17 | 2,901,586 | ||||||||||||
| 15,000,000 | United States Treasury Note | 0.625 | 08/31/17 | 14,999,610 | ||||||||||||
| 7,550,000 | United States Treasury Note | 1.000 | 12/15/17 | 7,597,384 | ||||||||||||
| 600 | United States Treasury Note | 0.875 | 01/31/18 | 602 | ||||||||||||
| 34,568,000 | United States Treasury Note | 1.000 | 09/15/18 | 34,649,926 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.375 | 09/30/18 | 5,065,495 | ||||||||||||
| 35,990,000 | United States Treasury Note | 1.375 | 09/30/20 | 35,984,385 | ||||||||||||
| 3,290,000 | United States Treasury Note | 2.000 | 08/15/25 | 3,274,149 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 251,624,763 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 397,150,694 | |||||||||||||||
| (Cost $395,950,317) | ||||||||||||||||
| STRUCTURED ASSETS - 29.3% | ||||||||||||||||
| ASSET BACKED - 9.5% | ||||||||||||||||
| 227,778 | i | Aames Mortgage Trust | 6.896 | 06/25/32 | 220,840 | |||||||||||
| Series - 2002 1 (Class A3) | ||||||||||||||||
| 29,039 | i | Accredited Mortgage Loan Trust | 0.440 | 09/25/35 | 28,995 | |||||||||||
| Series - 2005 3 (Class A1) | ||||||||||||||||
| 312,330 | i | ACE Securities Corp Home Equity Loan Trust | 0.929 | 08/25/35 | 308,113 | |||||||||||
| Series - 2005 HE5 (Class M2) | ||||||||||||||||
| 1,000,000 | g | AESOP Funding II | 3.270 | 02/20/18 | 1,022,787 | |||||||||||
| Series - 2011 5A (Class A) | ||||||||||||||||
| 1,000,000 | Ally Master Owner Trust | 1.540 | 09/15/19 | 1,001,940 | ||||||||||||
| Series - 2012 5 (Class A) | ||||||||||||||||
| 200 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 55,677 | g | Asset Backed Funding Corp NIM Trust | 5.900 | % | 07/26/35 | $ | 1 | ||||||||
| Series - 2006 WMC1 (Class N1) | ||||||||||||||||
| 450,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.150 | 03/20/17 | 452,625 | |||||||||||
| Series - 2010 5A (Class A) | ||||||||||||||||
| 3,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.680 | 11/20/17 | 3,036,768 | |||||||||||
| Series - 2011 3A (Class C) | ||||||||||||||||
| 91,317 | i | Bear Stearns Asset Backed Securities Trust | 0.934 | 11/25/39 | 90,876 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 3,561,966 | California Republic Auto Receivables Trust | 0.880 | 12/15/17 | 3,561,507 | ||||||||||||
| Series - 2015 1 (Class A2) | ||||||||||||||||
| 3,500,000 | Capital Auto Receivables Asset Trust | 1.290 | 04/20/18 | 3,499,800 | ||||||||||||
| Series - 2013 1 (Class B) | ||||||||||||||||
| 1,069,679 | g | Capital Automotive REIT | 5.610 | 11/15/39 | 1,166,376 | |||||||||||
| Series - 2011 1A (Class A) | ||||||||||||||||
| 4,750,000 | CarMax Auto Owner Trust | 2.080 | 03/15/18 | 4,786,494 | ||||||||||||
| Series - 2012 2 (Class C) | ||||||||||||||||
| 5,430,700 | i,m | CCR, Inc | 0.648 | 07/10/17 | 5,349,761 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 20,943 | Centex Home Equity | 5.540 | 01/25/32 | 20,904 | ||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||
| 196,593 | i | Centex Home Equity | 0.839 | 03/25/34 | 183,029 | |||||||||||
| Series - 2004 B (Class M1) | ||||||||||||||||
| 263,636 | i | Chase Funding Mortgage Loan Asset-Backed Certificates | 5.700 | 02/26/35 | 233,848 | |||||||||||
| Series - 2004 2 (Class 1M2) | ||||||||||||||||
| 7,331,525 | i | Connecticut Avenue Securities | 1.144 | 05/25/24 | 7,263,048 | |||||||||||
| Series - 2014 C02 (Class 1M1) | ||||||||||||||||
| 7,465,735 | i | Connecticut Avenue Securities | 1.694 | 02/25/25 | 7,482,937 | |||||||||||
| Series - 2015 C01 (Class 1M1) | ||||||||||||||||
| 43,855 | g,i | CSMC Trust | 0.504 | 11/25/35 | 43,706 | |||||||||||
| Series - 2006 CF1 (Class A1) | ||||||||||||||||
| 2,786,000 | g | DB Master Finance LLC | 3.262 | 02/20/45 | 2,802,217 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| 2,898,750 | g | Dominos Pizza Master Issuer LLC | 5.216 | 01/25/42 | 2,985,686 | |||||||||||
| Series - 2012 1A (Class A2) | ||||||||||||||||
| 4,091,237 | Entergy Louisiana Investment Recovery Funding I LLC | 2.040 | 09/01/23 | 4,118,705 | ||||||||||||
| Series - 2011 A (Class A1) | ||||||||||||||||
| 7,798,172 | g,i | Flagstar Home Equity Loan Trust | 0.354 | 06/25/19 | 7,754,237 | |||||||||||
| Series - 2006 2A (Class A) | ||||||||||||||||
| 3,000,000 | Ford Credit Auto Owner Trust | 1.540 | 03/15/19 | 3,012,552 | ||||||||||||
| Series - 2013 D (Class B) | ||||||||||||||||
| 9,250,000 | g | Ford Credit Auto Owner Trust | 2.510 | 04/15/26 | 9,429,219 | |||||||||||
| Series - 2014 2 (Class B) | ||||||||||||||||
| 4,505,000 | Ford Credit Floorplan Master Owner Trust | 1.370 | 01/15/18 | 4,506,698 | ||||||||||||
| Series - 2013 1 (Class C) | ||||||||||||||||
| 1,000,000 | Ford Credit Floorplan Master Owner Trust | 2.140 | 09/15/19 | 1,006,594 | ||||||||||||
| Series - 2012 5 (Class C) | ||||||||||||||||
| 7,000,000 | g | Hertz Vehicle Financing LLC | 1.120 | 08/25/17 | 7,004,893 | |||||||||||
| Series - 2013 1A (Class A1) | ||||||||||||||||
| 3,540,000 | g | Hertz Vehicle Financing LLC | 3.290 | 03/25/18 | 3,630,058 | |||||||||||
| Series - 2011 1A (Class A2) | ||||||||||||||||
| 1,000,000 | g | Hertz Vehicle Financing LLC | 4.960 | 03/25/18 | 1,042,538 | |||||||||||
| Series - 2011 1A (Class B2) | ||||||||||||||||
| 201 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 4,000,000 | Hyundai Auto Receivables Trust | 2.010 | % | 06/15/21 | $ | 4,016,104 | |||||||||
| Series - 2015 B (Class B) | ||||||||||||||||
| 710,622 | i | Lehman XS Trust | 0.444 | 02/25/36 | 677,836 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 3,335,072 | g | NYCTL Trust | 1.030 | 11/10/27 | 3,332,464 | |||||||||||
| Series - 2014 A (Class A) | ||||||||||||||||
| 6,542,155 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 1.139 | 09/25/34 | 6,553,100 | |||||||||||
| Series - 2004 WHQ1 (Class M1) | ||||||||||||||||
| 1,804,547 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.974 | 01/25/36 | 1,792,895 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 6,000,000 | i | RAMP | 0.704 | 06/25/35 | 5,863,152 | |||||||||||
| Series - 2005 RS6 (Class M2) | ||||||||||||||||
| 4,901,976 | i | RAMP | 0.594 | 11/25/35 | 4,856,970 | |||||||||||
| Series - 2005 RZ4 (Class A3) | ||||||||||||||||
| 366,436 | i | Residential Asset Securities Corp | 0.839 | 04/25/35 | 366,480 | |||||||||||
| Series - 2005 KS3 (Class M3) | ||||||||||||||||
| 500,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 515,785 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 317,749 | i | Saxon Asset Securities Trust | 6.120 | 11/25/30 | 337,010 | |||||||||||
| Series - 2002 2 (Class AF6) | ||||||||||||||||
| 124,851 | i | Securitized Asset Backed Receivables LLC | 0.494 | 10/25/35 | 123,716 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 1,011,258 | g | Sierra Timeshare Receivables Funding LLC | 2.840 | 11/20/28 | 1,018,391 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 713,671 | g | Sierra Timeshare Receivables Funding LLC | 2.380 | 03/20/29 | 720,079 | |||||||||||
| Series - 2012 2A (Class A) | ||||||||||||||||
| 721,483 | g | Sierra Timeshare Receivables Funding LLC | 2.660 | 08/20/29 | 725,654 | |||||||||||
| Series - 2012 3A (Class B) | ||||||||||||||||
| 5,654,182 | g | Sierra Timeshare Receivables Funding LLC | 2.420 | 03/20/30 | 5,661,437 | |||||||||||
| Series - 2014 1A (Class B) | ||||||||||||||||
| 2,800,000 | g | SLM Student Loan Trust | 3.480 | 10/15/30 | 2,870,941 | |||||||||||
| Series - 2012 B (Class A2) | ||||||||||||||||
| 60,910 | i | Soundview Home Equity Loan Trust | 0.494 | 11/25/35 | 60,690 | |||||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 3,344,922 | g | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 3,349,398 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 409,784 | i | Structured Asset Investment Loan Trust | 1.254 | 11/25/34 | 404,339 | |||||||||||
| Series - 2004 10 (Class A9) | ||||||||||||||||
| 3,621,445 | i | Structured Asset Securities Corp Mortgage Loan Trust | 0.481 | 02/25/36 | 3,603,896 | |||||||||||
| Series - 2006 WF1 (Class A5) | ||||||||||||||||
| 797,600 | g,i | Structured Asset Securities Corp Mortgage Loan Trust | 0.414 | 10/25/36 | 790,546 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 9,820 | i | Wells Fargo Home Equity Trust | 0.334 | 07/25/36 | 9,796 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| 4,000,000 | g | Wendys Funding LLC | 3.371 | 06/15/45 | 4,018,880 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| TOTAL ASSET BACKED | 138,717,311 | |||||||||||||||
| 202 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| OTHER MORTGAGE BACKED - 19.8% | ||||||||||||||||
| $ | 2,000,000 | i | Banc of America Commercial Mortgage Trust | 5.954 | % | 05/10/45 | $ | 2,018,610 | ||||||||
| Series - 2006 2 (Class AJ) | ||||||||||||||||
| 10,000,000 | Banc of America Commercial Mortgage Trust | 5.390 | 10/10/45 | 10,357,100 | ||||||||||||
| Series - 2006 6 (Class AM) | ||||||||||||||||
| 8,750,000 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 9,056,022 | |||||||||||
| Series - 2007 1 (Class AM) | ||||||||||||||||
| 5,000,000 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 5,182,260 | |||||||||||
| Series - 2007 1 (Class AMFX) | ||||||||||||||||
| 13,335,000 | g,i | Bear Stearns Commercial Mortgage Securities Trust | 5.300 | 05/11/39 | 14,461,527 | |||||||||||
| Series - 2003 PWR2 (Class H) | ||||||||||||||||
| 3,000,000 | i | CD Mortgage Trust | 6.124 | 11/15/44 | 3,192,369 | |||||||||||
| Series - 2007 CD5 (Class AJ) | ||||||||||||||||
| 7,896,000 | i | Citigroup Commercial Mortgage Trust | 5.975 | 03/15/49 | 8,022,668 | |||||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 743,341 | i | Citigroup Commercial Mortgage Trust | 5.713 | 12/10/49 | 758,766 | |||||||||||
| Series - 2007 C6 (Class ASB) | ||||||||||||||||
| 10,000,000 | g,i | Citigroup Commercial Mortgage Trust | 5.900 | 12/10/49 | 10,454,250 | |||||||||||
| Series - 2007 C6 (Class AMFX) | ||||||||||||||||
| 5,986,814 | i | Citigroup Mortgage Loan Trust | 1.010 | 10/25/34 | 5,981,707 | |||||||||||
| Series - 2004 OPT1 (Class M1) | ||||||||||||||||
| 6,876,885 | g,i | Citigroup Mortgage Loan Trust | 0.379 | 05/25/37 | 6,580,257 | |||||||||||
| Series - 2015 8 (Class 1A1) | ||||||||||||||||
| 5,066,484 | i | COBALT CMBS Commercial Mortgage Trust | 5.761 | 05/15/46 | 5,364,591 | |||||||||||
| Series - 2007 C3 (Class A1A) | ||||||||||||||||
| 8,670,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 9,209,153 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 6,840,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.526 | 04/15/47 | 7,209,887 | |||||||||||
| Series - 2007 C2 (Class AMFX) | ||||||||||||||||
| 4,000,000 | i | COMM Mortgage Trust | 5.796 | 12/10/49 | 4,153,768 | |||||||||||
| Series - 2007 C9 (Class B) | ||||||||||||||||
| 2,000,000 | i | Commercial Mortgage Trust | 5.238 | 04/10/37 | 1,998,706 | |||||||||||
| Series - 2005 GG5 (Class AJ) | ||||||||||||||||
| 10,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.903 | 09/15/39 | 10,239,540 | |||||||||||
| Series - 2007 C4 (Class A1AJ) | ||||||||||||||||
| 8,286,585 | i | Credit Suisse Commercial Mortgage Trust | 0.437 | 01/15/49 | 8,002,977 | |||||||||||
| Series - 2007 C2 (Class AMFL) | ||||||||||||||||
| 10,000,000 | i | Credit Suisse Commercial Mortgage Trust | 5.625 | 01/15/49 | 10,302,760 | |||||||||||
| Series - 2007 C2 (Class AJ) | ||||||||||||||||
| 1,985,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.736 | 05/15/36 | 2,120,528 | |||||||||||
| Series - 2004 C2 (Class E) | ||||||||||||||||
| 31,313 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | 07/15/37 | 31,301 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 5,935,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 6,117,252 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 234 | i | Greenpoint Mortgage Funding Trust | 0.294 | 09/25/46 | 234 | |||||||||||
| Series - 2006 AR4 (Class A1A) | ||||||||||||||||
| 37 | i | Greenpoint Mortgage Funding Trust | 0.274 | 10/25/46 | 37 | |||||||||||
| Series - 0 AR5 (Class A1A) | ||||||||||||||||
| 1,303,991 | i | GSR Mortgage Loan Trust | 0.384 | 08/25/46 | 1,265,757 | |||||||||||
| Series - 2006 OA1 (Class 2A1) | ||||||||||||||||
| 344,680 | i | Impac CMB Trust | 0.854 | 03/25/35 | 321,706 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 6,134,644 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.845 | 02/16/25 | 6,364,932 | |||||||||||
| Series - 2013 WT (Class B) | ||||||||||||||||
| 203 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 8,000,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.565 | % | 04/15/43 | $ | 8,069,216 | ||||||||
| Series - 2006 LDP6 (Class AJ) | ||||||||||||||||
| 2,000,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.480 | 05/15/45 | 2,053,930 | |||||||||||
| Series - 2006 LDP8 (Class AJ) | ||||||||||||||||
| 5,000,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.520 | 05/15/45 | 5,078,805 | |||||||||||
| Series - 2006 LDP8 (Class B) | ||||||||||||||||
| 4,041,722 | JP Morgan Chase Commercial Mortgage Securities Trust | 5.257 | 05/15/47 | 4,153,916 | ||||||||||||
| Series - 2006 LDP9 (Class A1A) | ||||||||||||||||
| 2,200,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 2,343,779 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 10,691,000 | g,i | LB-UBS Commercial Mortgage Trust | 5.151 | 10/15/36 | 11,163,243 | |||||||||||
| Series - 2004 C7 (Class K) | ||||||||||||||||
| 11,190,000 | LB-UBS Commercial Mortgage Trust | 5.484 | 02/15/40 | 11,505,401 | ||||||||||||
| Series - 2007 C1 (Class AJ) | ||||||||||||||||
| 6,647,348 | g,i | LVII Resecuritization Trust | 2.997 | 07/31/47 | 6,647,348 | |||||||||||
| Series - 2015 A (Class A) | ||||||||||||||||
| 5,000,000 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 5,095,940 | |||||||||||
| Series - 2006 HQ10 (Class AJ) | ||||||||||||||||
| 405,000 | i | Morgan Stanley Capital I Trust | 5.793 | 07/12/44 | 415,252 | |||||||||||
| Series - 2006 HQ9 (Class AJ) | ||||||||||||||||
| 10,950,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 11,615,015 | |||||||||||
| Series - 2007 IQ15 (Class AM) | ||||||||||||||||
| 1,250,000 | Morgan Stanley Capital I Trust | 5.000 | 07/15/56 | 1,301,015 | ||||||||||||
| Series - 2005 IQ9 (Class D) | ||||||||||||||||
| 17,891 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 17,929 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 545,303 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.594 | 10/25/24 | 545,355 | |||||||||||
| Series - 2014 DN4 (Class M1) | ||||||||||||||||
| 4,353,222 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.444 | 01/25/25 | 4,353,222 | |||||||||||
| Series - 2015 DN1 (Class M1) | ||||||||||||||||
| 13,000,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.594 | 01/25/25 | 13,157,495 | |||||||||||
| Series - 2015 DN1 (Class M2) | ||||||||||||||||
| 4,657,752 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.244 | 03/25/25 | 4,652,116 | |||||||||||
| Series - 2015 HQ1 (Class M1) | ||||||||||||||||
| 10,000,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.394 | 03/25/25 | 9,999,990 | |||||||||||
| Series - 2015 HQ1 (Class M2) | ||||||||||||||||
| 9,752,615 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.294 | 05/25/25 | 9,715,819 | |||||||||||
| Series - 2015 HQ2 (Class M1) | ||||||||||||||||
| 8,735,000 | Wachovia Bank Commercial Mortgage Trust | 5.383 | 12/15/43 | 9,079,011 | ||||||||||||
| Series - 2007 C30 (Class AM) | ||||||||||||||||
| 866,072 | i | Wachovia Bank Commercial Mortgage Trust | 5.608 | 05/15/46 | 910,872 | |||||||||||
| Series - 2007 C34 (Class A1A) | ||||||||||||||||
| 1,125,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 1,199,023 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 3,560,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 3,741,724 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 8,000,000 | g | Wachovia Bank Commercial Mortgage Trust | 5.703 | 06/15/49 | 8,429,968 | |||||||||||
| Series - 2007 C32 (Class AMFX) | ||||||||||||||||
| 4,020,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 4,287,812 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 288,301,861 | |||||||||||||||
| 204 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| TOTAL STRUCTURED ASSETS | $ | 427,019,172 | ||||||||||||||
| (Cost $427,853,926) | ||||||||||||||||
| TOTAL BONDS | 1,379,994,599 | |||||||||||||||
| (Cost $1,380,122,999) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 2.0% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 2.0% | ||||||||||||||||
| $ | 15,500,000 | Federal Home Loan Bank (FHLB) | 0.110 | % | 11/18/15 | 15,498,636 | ||||||||||
| 5,000,000 | FHLB | 0.050 | 11/20/15 | 4,999,540 | ||||||||||||
| 7,800,000 | Federal National Mortgage Association (FNMA) | 0.100 | 10/05/15 | 7,799,977 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 28,298,153 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 28,298,153 | |||||||||||||||
| (Cost $28,297,293) | ||||||||||||||||
| TOTAL INVESTMENTS - 100.2% | 1,459,042,996 | |||||||||||||||
| (Cost $1,459,360,187) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.2)% | (2,430,211 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 1,456,612,785 | ||||||||||||||
| Abbreviation(s): | |||
| REIT | Real Estate Investment Trust | ||
| d | All or a portion of these securities have been segregated by the custodian 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 9/30/2015, the aggregate value of these securities was $294,942,617 or 20.2% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
| 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. | ||
| 205 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
TIAA-CREF FUNDS
SHORT-TERM BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BONDS - 99.6% | ||||||||||||||||
| CORPORATE BONDS - 23.9% | ||||||||||||||||
| BANKS - 6.0% | ||||||||||||||||
| $ | 250,000 | Australia & New Zealand Banking Group Ltd | 1.250 | % | 01/10/17 | $ | 250,961 | |||||||||
| 900,000 | Bank of America Corp | 1.700 | 08/25/17 | 902,365 | ||||||||||||
| 250,000 | Bank of America Corp | 2.000 | 01/11/18 | 250,939 | ||||||||||||
| 200,000 | Bank of Montreal | 1.400 | 04/10/18 | 198,729 | ||||||||||||
| 200,000 | Bank of Nova Scotia | 1.450 | 04/25/18 | 198,930 | ||||||||||||
| 250,000 | Capital One NA | 2.350 | 08/17/18 | 250,714 | ||||||||||||
| 600,000 | Citigroup, Inc | 1.350 | 03/10/17 | 598,892 | ||||||||||||
| 150,000 | Citigroup, Inc | 1.800 | 02/05/18 | 149,854 | ||||||||||||
| 200,000 | Commonwealth Bank of Australia | 1.900 | 09/18/17 | 202,348 | ||||||||||||
| 50,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.375 | 01/19/17 | 51,387 | ||||||||||||
| 250,000 | Deutsche Bank AG | 1.875 | 02/13/18 | 249,168 | ||||||||||||
| 100,000 | Discover Bank | 2.600 | 11/13/18 | 100,427 | ||||||||||||
| 50,000 | Fifth Third Bancorp | 5.450 | 01/15/17 | 52,316 | ||||||||||||
| 200,000 | Fifth Third Bancorp | 2.150 | 08/20/18 | 201,524 | ||||||||||||
| 100,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 99,783 | ||||||||||||
| 100,000 | Intesa Sanpaolo S.p.A | 3.875 | 01/16/18 | 103,019 | ||||||||||||
| 600,000 | JPMorgan Chase & Co | 1.800 | 01/25/18 | 600,548 | ||||||||||||
| 200,000 | JPMorgan Chase & Co | 1.700 | 03/01/18 | 199,545 | ||||||||||||
| 100,000 | Lloyds Bank plc | 2.000 | 08/17/18 | 100,365 | ||||||||||||
| 300,000 | PNC Bank NA | 1.500 | 02/23/18 | 299,377 | ||||||||||||
| 250,000 | Royal Bank of Canada | 1.250 | 06/16/17 | 250,279 | ||||||||||||
| 200,000 | Sumitomo Mitsui Banking Corp | 1.800 | 07/18/17 | 200,705 | ||||||||||||
| 250,000 | Toronto-Dominion Bank | 1.125 | 05/02/17 | 250,362 | ||||||||||||
| 200,000 | US Bancorp | 2.200 | 11/15/16 | 202,909 | ||||||||||||
| 250,000 | Westpac Banking Corp | 1.550 | 05/25/18 | 249,556 | ||||||||||||
| TOTAL BANKS | 6,215,002 | |||||||||||||||
| CAPITAL GOODS - 0.9% | ||||||||||||||||
| 250,000 | Caterpillar Financial Services Corp | 1.250 | 08/18/17 | 250,102 | ||||||||||||
| 200,000 | Danaher Corp | 1.650 | 09/15/18 | 201,165 | ||||||||||||
| 200,000 | John Deere Capital Corp | 1.125 | 06/12/17 | 199,890 | ||||||||||||
| 100,000 | John Deere Capital Corp | 1.750 | 08/10/18 | 100,644 | ||||||||||||
| 100,000 | Pentair Finance S.A. | 2.900 | 09/15/18 | 100,332 | ||||||||||||
| 50,000 | United Technologies Corp | 5.375 | 12/15/17 | 54,387 | ||||||||||||
| TOTAL CAPITAL GOODS | 906,520 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.2% | ||||||||||||||||
| 100,000 | Air Lease Corp | 2.625 | 09/04/18 | 99,876 | ||||||||||||
| 100,000 | g | McGraw-Hill Financial, Inc | 2.500 | 08/15/18 | 100,767 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 200,643 | |||||||||||||||
| 206 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| CONSUMER SERVICES - 0.3% | ||||||||||||||||
| $ | 100,000 | McDonald’s Corp | 5.350 | % | 03/01/18 | $ | 108,965 | |||||||||
| 100,000 | Walt Disney Co | 1.100 | 12/01/17 | 100,004 | ||||||||||||
| 100,000 | Walt Disney Co | 1.500 | 09/17/18 | 100,275 | ||||||||||||
| TOTAL CONSUMER SERVICES | 309,244 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 5.0% | ||||||||||||||||
| 100,000 | Abbey National Treasury Services plc | 2.000 | 08/24/18 | 100,408 | ||||||||||||
| 100,000 | American Express Co | 1.550 | 05/22/18 | 99,441 | ||||||||||||
| 300,000 | American Express Credit Corp | 1.550 | 09/22/17 | 300,583 | ||||||||||||
| 200,000 | American Honda Finance Corp | 1.550 | 12/11/17 | 201,155 | ||||||||||||
| 100,000 | Bank of New York Mellon Corp | 1.300 | 01/25/18 | 99,785 | ||||||||||||
| 200,000 | BNP Paribas S.A. | 1.375 | 03/17/17 | 200,077 | ||||||||||||
| 300,000 | Credit Suisse | 1.750 | 01/29/18 | 300,027 | ||||||||||||
| 250,000 | Ford Motor Credit Co LLC | 1.684 | 09/08/17 | 248,371 | ||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 1.724 | 12/06/17 | 198,661 | ||||||||||||
| 155,000 | General Electric Capital Corp | 1.250 | 05/15/17 | 155,845 | ||||||||||||
| 300,000 | General Electric Capital Corp | 1.600 | 11/20/17 | 303,922 | ||||||||||||
| 200,000 | General Motors Financial Co, Inc | 2.400 | 04/10/18 | 198,332 | ||||||||||||
| 700,000 | Goldman Sachs Group, Inc | 2.375 | 01/22/18 | 709,186 | ||||||||||||
| 500,000 | Morgan Stanley | 4.750 | 03/22/17 | 524,348 | ||||||||||||
| 100,000 | Morgan Stanley | 2.125 | 04/25/18 | 100,596 | ||||||||||||
| 180,000 | National Rural Utilities Cooperative Finance Corp | 1.100 | 01/27/17 | 180,511 | ||||||||||||
| 50,000 | Oesterreichische Kontrollbank AG. | 1.125 | 05/29/18 | 50,067 | ||||||||||||
| 100,000 | PACCAR Financial Corp | 1.750 | 08/14/18 | 100,500 | ||||||||||||
| 50,000 | Toyota Motor Credit Corp | 1.750 | 05/22/17 | 50,528 | ||||||||||||
| 200,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 200,247 | ||||||||||||
| 250,000 | UBS AG. | 1.375 | 06/01/17 | 249,521 | ||||||||||||
| 500,000 | Wells Fargo & Co | 1.150 | 06/02/17 | 500,228 | ||||||||||||
| 100,000 | Wells Fargo & Co | 1.500 | 01/16/18 | 99,972 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 5,172,311 | |||||||||||||||
| ENERGY - 1.9% | ||||||||||||||||
| 200,000 | Anadarko Petroleum Corp | 6.375 | 09/15/17 | 215,826 | ||||||||||||
| 200,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 198,595 | ||||||||||||
| 200,000 | Chevron Corp | 1.718 | 06/24/18 | 201,566 | ||||||||||||
| 100,000 | ConocoPhillips Co | 1.050 | 12/15/17 | 99,200 | ||||||||||||
| 200,000 | Enterprise Products Operating LLC | 1.650 | 05/07/18 | 198,649 | ||||||||||||
| 50,000 | Nabors Industries, Inc | 6.150 | 02/15/18 | 52,663 | ||||||||||||
| 500,000 | Pemex Project Funding Master Trust | 5.750 | 03/01/18 | 528,850 | ||||||||||||
| 200,000 | Shell International Finance BV | 1.125 | 08/21/17 | 200,220 | ||||||||||||
| 150,000 | Total Capital International S.A. | 1.550 | 06/28/17 | 151,099 | ||||||||||||
| 100,000 | TransCanada PipeLines Ltd | 1.875 | 01/12/18 | 100,459 | ||||||||||||
| TOTAL ENERGY | 1,947,127 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.2% | ||||||||||||||||
| 200,000 | CVS Health Corp | 1.900 | 07/20/18 | 201,348 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 201,348 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.2% | ||||||||||||||||
| 200,000 | Anheuser-Busch InBev Worldwide, Inc | 1.375 | 07/15/17 | 199,942 | ||||||||||||
| 50,000 | Coca-Cola Co | 1.150 | 04/01/18 | 49,964 | ||||||||||||
| 50,000 | Diageo Capital plc | 5.750 | 10/23/17 | 54,292 | ||||||||||||
| 207 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 100,000 | Hershey Co | 1.600 | % | 08/21/18 | $ | 100,566 | |||||||||
| 200,000 | g | HJ Heinz Co | 1.600 | 06/30/17 | 200,308 | |||||||||||
| 100,000 | Kraft Foods, Inc | 6.500 | 08/11/17 | 109,152 | ||||||||||||
| 200,000 | PepsiCo, Inc | 1.250 | 08/13/17 | 201,357 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 5.650 | 05/16/18 | 220,903 | ||||||||||||
| 100,000 | Reynolds American, Inc | 2.300 | 06/12/18 | 101,083 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 1,237,567 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.5% | ||||||||||||||||
| 100,000 | Becton Dickinson & Co | 1.800 | 12/15/17 | 100,438 | ||||||||||||
| 200,000 | Express Scripts Holding Co | 2.650 | 02/15/17 | 203,293 | ||||||||||||
| 100,000 | Medtronic, Inc | 1.375 | 04/01/18 | 99,856 | ||||||||||||
| 100,000 | St. Jude Medical, Inc | 2.000 | 09/15/18 | 100,260 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 503,847 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||||||||||
| 50,000 | Ecolab, Inc | 1.450 | 12/08/17 | 49,754 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 49,754 | |||||||||||||||
| INSURANCE - 0.8% | ||||||||||||||||
| 250,000 | Berkshire Hathaway Finance Corp | 1.600 | 05/15/17 | 252,508 | ||||||||||||
| 100,000 | Hartford Financial Services Group, Inc | 5.375 | 03/15/17 | 105,756 | ||||||||||||
| 48,000 | ING US, Inc | 2.900 | 02/15/18 | 49,015 | ||||||||||||
| 100,000 | MetLife, Inc | 1.903 | 12/15/17 | 100,731 | ||||||||||||
| 100,000 | Prudential Financial, Inc | 6.100 | 06/15/17 | 107,419 | ||||||||||||
| 200,000 | UnitedHealth Group, Inc | 1.400 | 12/15/17 | 199,794 | ||||||||||||
| TOTAL INSURANCE | 815,223 | |||||||||||||||
| MATERIALS - 0.6% | ||||||||||||||||
| 50,000 | BHP Billiton Finance USA Ltd | 1.625 | 02/24/17 | 50,272 | ||||||||||||
| 200,000 | Freeport-McMoRan, Inc | 2.150 | 03/01/17 | 189,500 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 6.125 | 08/01/17 | 218,031 | ||||||||||||
| 50,000 | Rio Tinto Finance USA plc | 2.000 | 03/22/17 | 50,113 | ||||||||||||
| 100,000 | Rohm and Haas Co | 6.000 | 09/15/17 | 107,929 | ||||||||||||
| TOTAL MATERIALS | 615,845 | |||||||||||||||
| MEDIA - 0.4% | ||||||||||||||||
| 200,000 | Comcast Corp | 6.300 | 11/15/17 | 220,382 | ||||||||||||
| 200,000 | Time Warner Cable, Inc | 5.850 | 05/01/17 | 211,669 | ||||||||||||
| TOTAL MEDIA | 432,051 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2% | ||||||||||||||||
| 200,000 | AbbVie, Inc | 1.750 | 11/06/17 | 200,594 | ||||||||||||
| 100,000 | AbbVie, Inc | 1.800 | 05/14/18 | 99,729 | ||||||||||||
| 200,000 | Actavis Funding SCS | 2.350 | 03/12/18 | 200,796 | ||||||||||||
| 200,000 | Amgen, Inc | 1.250 | 05/22/17 | 199,605 | ||||||||||||
| 100,000 | Gilead Sciences, Inc | 1.850 | 09/04/18 | 100,706 | ||||||||||||
| 200,000 | GlaxoSmithKline Capital, Inc | 5.650 | 05/15/18 | 221,712 | ||||||||||||
| 200,000 | Johnson & Johnson | 5.550 | 08/15/17 | 216,953 | ||||||||||||
| 50,000 | Pfizer, Inc | 1.500 | 06/15/18 | 50,205 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1,290,300 | |||||||||||||||
| 208 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| REAL ESTATE - 0.4% | ||||||||||||||||
| $ | 200,000 | HCP, Inc | 6.000 | % | 01/30/17 | $ | 210,771 | |||||||||
| 100,000 | Health Care REIT, Inc | 4.700 | 09/15/17 | 105,370 | ||||||||||||
| 100,000 | Simon Property Group LP | 2.150 | 09/15/17 | 101,426 | ||||||||||||
| TOTAL REAL ESTATE | 417,567 | |||||||||||||||
| RETAILING - 0.4% | ||||||||||||||||
| 100,000 | Costco Wholesale Corp | 5.500 | 03/15/17 | 106,674 | ||||||||||||
| 200,000 | Target Corp | 5.375 | 05/01/17 | 213,870 | ||||||||||||
| 100,000 | Wal-Mart Stores, Inc | 1.125 | 04/11/18 | 99,929 | ||||||||||||
| TOTAL RETAILING | 420,473 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||
| 250,000 | Intel Corp | 1.350 | 12/15/17 | 249,553 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 249,553 | |||||||||||||||
| SOFTWARE & SERVICES - 0.7% | ||||||||||||||||
| 200,000 | International Business Machines Corp | 5.700 | 09/14/17 | 217,395 | ||||||||||||
| 100,000 | International Business Machines Corp | 1.125 | 02/06/18 | 99,758 | ||||||||||||
| 50,000 | Oracle Corp | 1.200 | 10/15/17 | 50,084 | ||||||||||||
| 200,000 | Oracle Corp | 5.750 | 04/15/18 | 220,866 | ||||||||||||
| 200,000 | Xerox Corp | 2.950 | 03/15/17 | 203,417 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 791,520 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.0% | ||||||||||||||||
| 200,000 | Apple, Inc | 1.000 | 05/03/18 | 199,080 | ||||||||||||
| 200,000 | Cisco Systems, Inc | 1.650 | 06/15/18 | 201,471 | ||||||||||||
| 200,000 | EMC Corp | 1.875 | 06/01/18 | 200,510 | ||||||||||||
| 200,000 | General Electric Co | 5.250 | 12/06/17 | 216,602 | ||||||||||||
| 50,000 | Hewlett-Packard Co | 2.600 | 09/15/17 | 50,742 | ||||||||||||
| 100,000 | g,h | Hewlett-Packard Enterprise Co | 2.450 | 10/05/17 | 99,944 | |||||||||||
| 100,000 | g,h | Hewlett Packard Enterprise Co | 2.850 | 10/05/18 | 99,872 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,068,221 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.8% | ||||||||||||||||
| 300,000 | AT&T, Inc | 1.400 | 12/01/17 | 298,442 | ||||||||||||
| 100,000 | Telefonica Emisiones SAU | 3.192 | 04/27/18 | 102,272 | ||||||||||||
| 200,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 199,720 | ||||||||||||
| 200,000 | Vodafone Group plc | 1.500 | 02/19/18 | 198,760 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 799,194 | |||||||||||||||
| TRANSPORTATION - 0.2% | ||||||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 5.650 | 05/01/17 | 159,987 | ||||||||||||
| 50,000 | United Parcel Service, Inc | 1.125 | 10/01/17 | 50,203 | ||||||||||||
| TOTAL TRANSPORTATION | 210,190 | |||||||||||||||
| UTILITIES - 1.0% | ||||||||||||||||
| 100,000 | American Electric Power Co, Inc | 1.650 | 12/15/17 | 99,691 | ||||||||||||
| 100,000 | Duke Energy Corp | 1.625 | 08/15/17 | 100,353 | ||||||||||||
| 100,000 | Exelon Corp | 1.550 | 06/09/17 | 99,823 | ||||||||||||
| 209 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 50,000 | Georgia Power Co | 5.700 | % | 06/01/17 | $ | 53,476 | |||||||||
| 100,000 | Kinder Morgan, Inc | 2.000 | 12/01/17 | 99,276 | ||||||||||||
| 200,000 | MidAmerican Energy Holdings Co | 5.750 | 04/01/18 | 219,296 | ||||||||||||
| 200,000 | NextEra Energy Capital Holdings, Inc | 2.056 | 09/01/17 | 201,331 | ||||||||||||
| 50,000 | Virginia Electric and Power Co | 1.200 | 01/15/18 | 49,828 | ||||||||||||
| 100,000 | Xcel Energy, Inc | 1.200 | 06/01/17 | 99,643 | ||||||||||||
| TOTAL UTILITIES | 1,022,717 | |||||||||||||||
| TOTAL CORPORATE BONDS | 24,876,217 | |||||||||||||||
| (Cost $24,884,132) | ||||||||||||||||
| GOVERNMENT BONDS - 75.7% | ||||||||||||||||
| AGENCY SECURITIES - 8.8% | ||||||||||||||||
| 100,000 | Federal Farm Credit Banks (FFCB) | 4.875 | 01/17/17 | 105,625 | ||||||||||||
| 1,730,000 | Federal Home Loan Banks (FHLB) | 0.875 | 03/10/17 | 1,734,725 | ||||||||||||
| 1,000,000 | FHLB | 2.250 | 09/08/17 | 1,029,799 | ||||||||||||
| 500,000 | FHLB | 1.125 | 04/25/18 | 503,402 | ||||||||||||
| 2,800,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.000 | 03/08/17 | 2,818,029 | ||||||||||||
| 800,000 | j | Federal National Mortgage Association (FNMA) | 0.000 | 06/01/17 | 790,378 | |||||||||||
| 2,000,000 | FNMA | 0.875 | 08/28/17 | 2,002,822 | ||||||||||||
| TOTAL AGENCY SECURITIES | 8,984,780 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 7.0% | ||||||||||||||||
| 500,000 | African Development Bank | 0.875 | 05/15/17 | 501,246 | ||||||||||||
| 400,000 | Asian Development Bank | 0.750 | 07/28/17 | 400,006 | ||||||||||||
| 250,000 | Canada Government International Bond | 1.125 | 03/19/18 | 251,162 | ||||||||||||
| 100,000 | European Bank for Reconstruction & Development | 0.750 | 09/01/17 | 99,954 | ||||||||||||
| 1,350,000 | European Investment Bank | 1.125 | 09/15/17 | 1,357,428 | ||||||||||||
| 50,000 | Export Development Canada | 0.750 | 12/15/17 | 49,887 | ||||||||||||
| 215,000 | FMS Wertmanagement AoeR | 0.625 | 01/30/17 | 214,942 | ||||||||||||
| 500,000 | Inter-American Development Bank | 1.125 | 03/15/17 | 503,639 | ||||||||||||
| 100,000 | Inter-American Development Bank | 1.125 | 08/28/18 | 99,955 | ||||||||||||
| 650,000 | International Bank for Reconstruction & Development | 1.000 | 11/15/17 | 652,879 | ||||||||||||
| 200,000 | International Bank for Reconstruction & Development | 1.000 | 10/05/18 | 199,600 | ||||||||||||
| 500,000 | International Finance Corp | 1.000 | 04/24/17 | 501,847 | ||||||||||||
| 200,000 | Italy Government International Bond | 5.375 | 06/12/17 | 212,994 | ||||||||||||
| 1,450,000 | KFW | 0.875 | 09/05/17 | 1,451,479 | ||||||||||||
| 100,000 | Landwirtschaftliche Rentenbank | 2.375 | 09/13/17 | 102,987 | ||||||||||||
| 50,000 | Mexico Government International Bond | 5.625 | 01/15/17 | 53,000 | ||||||||||||
| 300,000 | Province of Ontario Canada | 1.100 | 10/25/17 | 300,365 | ||||||||||||
| 200,000 | Province of Quebec Canada | 5.125 | 11/14/16 | 209,844 | ||||||||||||
| 100,000 | Republic of Turkey | 7.500 | 07/14/17 | 107,875 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 7,271,089 | |||||||||||||||
| U.S. TREASURY SECURITIES – 59.9% | ||||||||||||||||
| 4,550,000 | United States Treasury Note | 0.625 | 07/15/16 | 4,560,784 | ||||||||||||
| 37,000,000 | United States Treasury Note | 0.875 | 05/15/17 | 37,185,962 | ||||||||||||
| 7,200,000 | United States Treasury Note | 0.625 | 07/31/17 | 7,203,096 | ||||||||||||
| 2,150,000 | United States Treasury Note | 0.875 | 07/15/18 | 2,150,168 | ||||||||||||
| 11,250,000 | United States Treasury Note | 1.000 | 09/15/18 | 11,276,661 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 62,376,671 | |||||||||||||||
| 210 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | VALUE | ||||||||
| TOTAL GOVERNMENT BONDS | $ | 78,632,540 | ||||||||
| (Cost $78,629,659) | ||||||||||
| TOTAL BONDS | 103,508,757 | |||||||||
| (Cost $103,513,791) | ||||||||||
| TOTAL INVESTMENTS - 99.6% | 103,508,757 | |||||||||
| (Cost $103,513,791) | ||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.4% | 378,078 | |||||||||
| NET ASSETS - 100.0% | $ | 103,886,835 | ||||||||
| 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 9/30/2015, the aggregate value of these securities was $500,891 or 0.5% of net assets. | |
| h | All or a portion of these securities were purchased on a delayed delivery basis. | |
| j | Zero coupon |
| 211 |
TIAA-CREF FUNDS - Social Choice Bond Fund
TIAA-CREF FUNDS
SOCIAL CHOICE BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 1.0% | ||||||||||||||||
| ENERGY - 0.1% | ||||||||||||||||
| $ | 42,146 | i | Granite Acquisition, Inc | 5.000 | % | 12/19/21 | $ | 41,232 | ||||||||
| 950,670 | i | Granite Acquisition, Inc | 5.000 | 12/19/21 | 930,069 | |||||||||||
| TOTAL ENERGY | 971,301 | |||||||||||||||
| MEDIA - 0.3% | ||||||||||||||||
| 1,321,688 | i | CCO Safari III LLC | 3.500 | 01/24/23 | 1,313,705 | |||||||||||
| TOTAL MEDIA | 1,313,705 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2% | ||||||||||||||||
| 995,000 | i | Valeant Pharmaceuticals International, Inc | 4.000 | 04/01/22 | 983,687 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 983,687 | |||||||||||||||
| UTILITIES - 0.4% | ||||||||||||||||
| 896,211 | i | ExGen Renewables I LLC | 5.250 | 02/06/21 | 896,211 | |||||||||||
| 1,964,589 | i | Terra-Gen Finance Co LLC | 5.250 | 12/09/21 | 1,905,651 | |||||||||||
| TOTAL UTILITIES | 2,801,862 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 6,070,555 | |||||||||||||||
| (Cost $6,138,271) | ||||||||||||||||
| BONDS - 96.8% | ||||||||||||||||
| CORPORATE BONDS - 39.3% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.5% | ||||||||||||||||
| 3,000,000 | Harley-Davidson, Inc | 4.625 | 07/28/45 | 3,002,298 | ||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 3,002,298 | |||||||||||||||
| BANKS - 6.1% | ||||||||||||||||
| 3,200,000 | Bank of America Corp | 1.350 | 11/21/16 | 3,203,414 | ||||||||||||
| 3,000,000 | Bank of America Corp | 1.950 | 05/12/18 | 3,009,864 | ||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 1,012,669 | ||||||||||||
| 2,656,000 | i | BOK Financial Corp | 1.011 | 05/15/17 | 2,622,030 | |||||||||||
| 250,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 251,161 | ||||||||||||
| 3,000,000 | Discover Bank | 2.600 | 11/13/18 | 3,012,810 | ||||||||||||
| 500,000 | Discover Bank | 4.200 | 08/08/23 | 515,001 | ||||||||||||
| 1,250,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 1,247,288 | ||||||||||||
| 500,000 | Huntington Bancshares, Inc | 2.600 | 08/02/18 | 505,284 | ||||||||||||
| 500,000 | Huntington National Bank | 1.375 | 04/24/17 | 497,331 | ||||||||||||
| 500,000 | g | Intesa Sanpaolo S.p.A | 5.017 | 06/26/24 | 493,581 | |||||||||||
| 4,000,000 | KeyCorp | 2.900 | 09/15/20 | 4,032,780 | ||||||||||||
| 1,850,000 | i | Manufacturers & Traders Trust Co | 0.595 | 07/25/17 | 1,848,244 | |||||||||||
| 1,000,000 | Manufacturers & Traders Trust Co | 2.900 | 02/06/25 | 970,459 | ||||||||||||
| 212 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,100,000 | North American Development Bank | 4.375 | % | 02/11/20 | $ | 1,213,622 | |||||||||
| 1,000,000 | Northern Trust Corp | 3.375 | 08/23/21 | 1,057,505 | ||||||||||||
| 2,000,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 1,993,362 | ||||||||||||
| 2,000,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 2,003,270 | ||||||||||||
| 250,000 | Silicon Valley Bank | 6.050 | 06/01/17 | 265,187 | ||||||||||||
| 500,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 499,257 | |||||||||||
| 2,220,000 | SVB Financial Group | 3.500 | 01/29/25 | 2,166,058 | ||||||||||||
| 3,000,000 | g | Toronto-Dominion Bank | 1.950 | 04/02/20 | 3,002,211 | |||||||||||
| TOTAL BANKS | 35,422,388 | |||||||||||||||
| CAPITAL GOODS - 2.2% | ||||||||||||||||
| 1,150,000 | g | Anixter, Inc | 5.500 | 03/01/23 | 1,132,750 | |||||||||||
| 2,000,000 | g | CRH America, Inc | 3.875 | 05/18/25 | 2,003,934 | |||||||||||
| 250,000 | Eaton Corp | 4.000 | 11/02/32 | 240,187 | ||||||||||||
| 1,000,000 | Parker-Hannifin Corp | 4.200 | 11/21/34 | 1,018,655 | ||||||||||||
| 750,000 | Pentair Finance S.A. | 1.350 | 12/01/15 | 750,442 | ||||||||||||
| 250,000 | Pentair Finance S.A. | 1.875 | 09/15/17 | 247,269 | ||||||||||||
| 500,000 | Pentair Finance S.A. | 2.650 | 12/01/19 | 490,900 | ||||||||||||
| 1,000,000 | Rockwell Automation, Inc | 2.050 | 03/01/20 | 1,003,838 | ||||||||||||
| 1,000,000 | Rockwell Automation, Inc | 2.875 | 03/01/25 | 993,575 | ||||||||||||
| 500,000 | Rockwell Collins, Inc | 3.700 | 12/15/23 | 524,464 | ||||||||||||
| 1,000,000 | Roper Industries, Inc | 3.125 | 11/15/22 | 986,670 | ||||||||||||
| 2,500,000 | g | Sealed Air Corp | 5.500 | 09/15/25 | 2,537,500 | |||||||||||
| 1,000,000 | Trimble Navigation Ltd | 4.750 | 12/01/24 | 1,000,601 | ||||||||||||
| TOTAL CAPITAL GOODS | 12,930,785 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | ||||||||||||||||
| 1,000,000 | g | AECOM Technology Corp | 5.750 | 10/15/22 | 1,007,500 | |||||||||||
| 1,000,000 | Air Lease Corp | 2.125 | 01/15/18 | 990,000 | ||||||||||||
| 500,000 | Air Lease Corp | 3.875 | 04/01/21 | 506,250 | ||||||||||||
| 1,000,000 | Air Lease Corp | 4.250 | 09/15/24 | 980,000 | ||||||||||||
| 1,000,000 | Fluor Corp | 3.500 | 12/15/24 | 1,016,934 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 3.900 | 03/01/35 | 942,687 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 5,443,371 | |||||||||||||||
| CONSUMER SERVICES - 1.7% | ||||||||||||||||
| 3,000,000 | Henry J Kaiser Family Foundation | 3.356 | 12/01/25 | 3,084,549 | ||||||||||||
| 1,351,000 | Massachusetts Institute of Technology | 3.959 | 07/01/38 | 1,396,868 | ||||||||||||
| 2,000,000 | Metropolitan Museum of Art | 3.400 | 07/01/45 | 1,821,442 | ||||||||||||
| 2,000,000 | New York Public Library Astor Lenox & Tilden Foundations | 4.305 | 07/01/45 | 1,910,956 | ||||||||||||
| 1,655,000 | Northwestern University | 3.688 | 12/01/38 | 1,628,318 | ||||||||||||
| TOTAL CONSUMER SERVICES | 9,842,133 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 2.4% | ||||||||||||||||
| 500,000 | g,i | Armor Re Ltd | 4.060 | 12/15/16 | 504,050 | |||||||||||
| 250,000 | i | Bank of New York Mellon Corp | 0.860 | 08/01/18 | 249,428 | |||||||||||
| 250,000 | g | Bayer US Finance LLC | 2.375 | 10/08/19 | 253,254 | |||||||||||
| 1,000,000 | g | EDP Finance BV | 4.125 | 01/15/20 | 1,013,616 | |||||||||||
| 500,000 | g | EDP Finance BV | 5.250 | 01/14/21 | 527,660 | |||||||||||
| 500,000 | i | Ford Motor Credit Co LLC | 1.561 | 05/09/16 | 501,576 | |||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.375 | 01/16/18 | 500,590 | ||||||||||||
| 1,000,000 | i | Ford Motor Credit Co LLC | 1.239 | 11/04/19 | 969,838 | |||||||||||
| 213 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Ford Motor Credit Co LLC | 3.219 | % | 01/09/22 | $ | 968,181 | |||||||||
| 3,000,000 | Morgan Stanley | 2.200 | 12/07/18 | 3,028,104 | ||||||||||||
| 250,000 | g | RCI Banque S.A. | 3.500 | 04/03/18 | 258,046 | |||||||||||
| 2,000,000 | State Street Corp | 2.550 | 08/18/20 | 2,026,576 | ||||||||||||
| 3,325,000 | Unilever Capital Corp | 2.100 | 07/30/20 | 3,339,084 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 14,140,003 | |||||||||||||||
| ENERGY - 2.4% | ||||||||||||||||
| 1,000,000 | California Resources Corp | 6.000 | 11/15/24 | 600,000 | ||||||||||||
| 2,300,000 | i | Devon Energy Corp | 0.787 | 12/15/15 | 2,297,833 | |||||||||||
| 1,000,000 | EOG Resources, Inc | 3.900 | 04/01/35 | 945,402 | ||||||||||||
| 1,000,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 889,309 | ||||||||||||
| 336,000 | National Oilwell Varco, Inc | 2.600 | 12/01/22 | 313,110 | ||||||||||||
| 1,000,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 830,538 | ||||||||||||
| 500,000 | g | Northern Natural Gas Co | 4.100 | 09/15/42 | 493,690 | |||||||||||
| 1,000,000 | Phillips 66 | 4.650 | 11/15/34 | 973,905 | ||||||||||||
| 1,000,000 | Southwestern Energy Co | 3.300 | 01/23/18 | 982,599 | ||||||||||||
| 1,000,000 | Southwestern Energy Co | 4.050 | 01/23/20 | 994,351 | ||||||||||||
| 1,000,000 | i | Statoil ASA | 0.511 | 11/09/17 | 993,891 | |||||||||||
| 500,000 | Statoil ASA | 3.150 | 01/23/22 | 506,156 | ||||||||||||
| 1,000,000 | Statoil ASA | 2.450 | 01/17/23 | 953,662 | ||||||||||||
| 500,000 | Statoil ASA | 2.650 | 01/15/24 | 477,873 | ||||||||||||
| 500,000 | Statoil ASA | 3.950 | 05/15/43 | 467,092 | ||||||||||||
| 1,000,000 | g | Woodside Finance Ltd | 3.650 | 03/05/25 | 906,602 | |||||||||||
| TOTAL ENERGY | 13,626,013 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.4% | ||||||||||||||||
| 1,700,000 | i | Kroger Co | 0.819 | 10/17/16 | 1,698,989 | |||||||||||
| 500,000 | Kroger Co | 1.200 | 10/17/16 | 500,332 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 2,199,321 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.5% | ||||||||||||||||
| 1,000,000 | g | JM Smucker Co | 1.750 | 03/15/18 | 1,002,293 | |||||||||||
| 1,000,000 | g | JM Smucker Co | 3.000 | 03/15/22 | 997,545 | |||||||||||
| 1,000,000 | g | JM Smucker Co | 4.250 | 03/15/35 | 964,095 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 2,963,933 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||
| 500,000 | Laboratory Corp of America Holdings | 2.500 | 11/01/18 | 505,592 | ||||||||||||
| 1,000,000 | Laboratory Corp of America Holdings | 2.625 | 02/01/20 | 1,002,464 | ||||||||||||
| 1,000,000 | Laboratory Corp of America Holdings | 3.200 | 02/01/22 | 982,731 | ||||||||||||
| 1,000,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 968,465 | ||||||||||||
| 1,000,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 1,008,976 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 4,468,228 | |||||||||||||||
| INSURANCE - 1.3% | ||||||||||||||||
| 500,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 523,148 | |||||||||||
| 1,200,000 | g,i | Merna Reinsurance IV Ltd | 2.480 | 04/08/16 | 1,199,520 | |||||||||||
| 1,000,000 | Progressive Corp | 3.700 | 01/26/45 | 894,941 | ||||||||||||
| 2,000,000 | i | Prudential Financial, Inc | 5.375 | 05/15/45 | 1,985,000 | |||||||||||
| 2,000,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 1,949,314 | |||||||||||
| 214 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | g | Swiss Re Treasury US Corp | 4.250 | % | 12/06/42 | $ | 955,174 | ||||||||
| TOTAL INSURANCE | 7,507,097 | |||||||||||||||
| MATERIALS - 1.8% | ||||||||||||||||
| 500,000 | Agrium, Inc | 3.150 | 10/01/22 | 490,823 | ||||||||||||
| 2,000,000 | Agrium, Inc | 3.500 | 06/01/23 | 1,973,038 | ||||||||||||
| 1,000,000 | Agrium, Inc | 5.250 | 01/15/45 | 1,033,440 | ||||||||||||
| 2,000,000 | Ball Corp | 5.250 | 07/01/25 | 1,971,240 | ||||||||||||
| 1,000,000 | Eastman Chemical Co | 2.700 | 01/15/20 | 999,156 | ||||||||||||
| 2,000,000 | International Paper Co | 5.000 | 09/15/35 | 1,961,896 | ||||||||||||
| 615,000 | International Paper Co | 4.800 | 06/15/44 | 568,026 | ||||||||||||
| 1,000,000 | LyondellBasell Industries NV | 4.625 | 02/26/55 | 850,813 | ||||||||||||
| 500,000 | Nucor Corp | 4.000 | 08/01/23 | 509,690 | ||||||||||||
| TOTAL MATERIALS | 10,358,122 | |||||||||||||||
| MEDIA - 1.3% | ||||||||||||||||
| 3,000,000 | g | CCO Safari II LLC | 3.579 | 07/23/20 | 2,978,115 | |||||||||||
| 1,770,000 | g | CCO Safari II LLC | 4.464 | 07/23/22 | 1,769,959 | |||||||||||
| 3,000,000 | g | CCO Safari II LLC | 4.908 | 07/23/25 | 2,986,824 | |||||||||||
| TOTAL MEDIA | 7,734,898 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2% | ||||||||||||||||
| 1,100,000 | Biogen, Inc | 2.900 | 09/15/20 | 1,108,750 | ||||||||||||
| 3,000,000 | Biogen, Inc | 3.625 | 09/15/22 | 3,024,006 | ||||||||||||
| 500,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 430,503 | ||||||||||||
| 1,000,000 | Gilead Sciences, Inc | 4.500 | 02/01/45 | 963,556 | ||||||||||||
| 250,000 | Merck & Co, Inc | 1.100 | 01/31/18 | 249,700 | ||||||||||||
| 500,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 475,000 | |||||||||||
| 1,000,000 | g | VRX Escrow Corp | 5.375 | 03/15/20 | 971,875 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 7,223,390 | |||||||||||||||
| REAL ESTATE - 2.7% | ||||||||||||||||
| 2,275,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 2,295,821 | ||||||||||||
| 1,220,000 | Equity One, Inc | 6.000 | 09/15/16 | 1,270,658 | ||||||||||||
| 1,047,000 | Equity One, Inc | 6.250 | 01/15/17 | 1,105,002 | ||||||||||||
| 795,000 | Equity One, Inc | 6.000 | 09/15/17 | 857,135 | ||||||||||||
| 2,000,000 | Equity One, Inc | 3.750 | 11/15/22 | 1,959,582 | ||||||||||||
| 1,000,000 | Kilroy Realty LP | 5.000 | 11/03/15 | 1,002,989 | ||||||||||||
| 1,000,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 995,521 | ||||||||||||
| 1,350,000 | Kilroy Realty LP | 4.375 | 10/01/25 | 1,362,840 | ||||||||||||
| 3,000,000 | Regency Centers LP | 3.750 | 06/15/24 | 3,005,532 | ||||||||||||
| 1,400,000 | Regency Centers LP | 3.900 | 11/01/25 | 1,411,628 | ||||||||||||
| 450,000 | Washington REIT | 4.950 | 10/01/20 | 486,426 | ||||||||||||
| TOTAL REAL ESTATE | 15,753,134 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.5% | ||||||||||||||||
| 3,000,000 | Intel Corp | 2.450 | 07/29/20 | 3,040,005 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,040,005 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.7% | ||||||||||||||||
| 250,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 251,751 | ||||||||||||
| 215 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 3,000,000 | g | Hewlett Packard Enterprise Co | 2.850 | % | 10/05/18 | $ | 2,996,160 | ||||||||
| 1,000,000 | Motorola Solutions, Inc | 3.500 | 09/01/21 | 949,924 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 4,197,835 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.4% | ||||||||||||||||
| 500,000 | CenturyLink, Inc | 6.750 | 12/01/23 | 434,375 | ||||||||||||
| 500,000 | Sprint Corp | 7.250 | 09/15/21 | 409,375 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 499,299 | ||||||||||||
| 1,000,000 | Verizon Communications, Inc | 4.400 | 11/01/34 | 930,896 | ||||||||||||
| 250,000 | Vodafone Group plc | 1.500 | 02/19/18 | 248,450 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 2,522,395 | |||||||||||||||
| TRANSPORTATION - 3.9% | ||||||||||||||||
| 2,000,000 | i | Canadian National Railway Co | 0.479 | 11/14/17 | 1,981,686 | |||||||||||
| 1,500,000 | Delta Airlines | 4.250 | 07/30/23 | 1,507,500 | ||||||||||||
| 1,975,000 | Delta Airlines | 3.625 | 07/30/27 | 1,989,812 | ||||||||||||
| 2,000,000 | GATX Corp | 2.500 | 03/15/19 | 1,998,046 | ||||||||||||
| 500,000 | GATX Corp | 2.500 | 07/30/19 | 500,407 | ||||||||||||
| 1,000,000 | GATX Corp | 2.600 | 03/30/20 | 986,480 | ||||||||||||
| 500,000 | GATX Corp | 5.200 | 03/15/44 | 513,552 | ||||||||||||
| 1,000,000 | GATX Corp | 4.500 | 03/30/45 | 884,468 | ||||||||||||
| 3,000,000 | Kansas City Southern Railway Co | 4.950 | 08/15/45 | 3,026,166 | ||||||||||||
| 2,000,000 | Norfolk Southern Corp | 4.450 | 06/15/45 | 1,933,676 | ||||||||||||
| 500,000 | Ryder System, Inc | 2.550 | 06/01/19 | 501,231 | ||||||||||||
| 1,000,000 | Southwest Airlines Co | 2.750 | 11/06/19 | 1,019,051 | ||||||||||||
| 1,000,000 | Spirit Airlines, Inc | 4.100 | 04/01/28 | 1,007,500 | ||||||||||||
| 2,000,000 | Union Pacific Corp | 3.375 | 02/01/35 | 1,820,784 | ||||||||||||
| 3,000,000 | Union Pacific Railroad Co | 2.695 | 05/12/27 | 2,973,534 | ||||||||||||
| TOTAL TRANSPORTATION | 22,643,893 | |||||||||||||||
| UTILITIES - 7.6% | ||||||||||||||||
| 2,000,000 | Connecticut Light & Power Co | 4.150 | 06/01/45 | 1,975,706 | ||||||||||||
| 2,801,579 | g | Continental Wind LLC | 6.000 | 02/28/33 | 3,151,617 | |||||||||||
| 2,000,000 | Delmarva Power & Light Co | 4.150 | 05/15/45 | 1,931,048 | ||||||||||||
| 1,000,000 | Interstate Power & Light Co | 3.250 | 12/01/24 | 1,012,834 | ||||||||||||
| 1,250,000 | Interstate Power & Light Co | 3.400 | 08/15/25 | 1,272,200 | ||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 2.700 | 09/15/19 | 503,508 | ||||||||||||
| 1,000,000 | g | Niagara Mohawk Power Corp | 4.278 | 10/01/34 | 1,008,906 | |||||||||||
| 250,000 | Northeast Utilities | 1.450 | 05/01/18 | 248,027 | ||||||||||||
| 1,000,000 | Northern States Power Co | 3.400 | 08/15/42 | 882,218 | ||||||||||||
| 3,000,000 | NorthWestern Corp | 4.176 | 11/15/44 | 2,993,184 | ||||||||||||
| 2,000,000 | i | NSTAR Electric Co | 0.561 | 05/17/16 | 1,996,922 | |||||||||||
| 1,997,000 | Piedmont Natural Gas Co, Inc | 4.100 | 09/18/34 | 1,991,045 | ||||||||||||
| 1,000,000 | Public Service Co of New Hampshire | 3.500 | 11/01/23 | 1,035,575 | ||||||||||||
| 4,000,000 | i | San Diego Gas & Electric Co | 0.533 | 03/09/17 | 3,991,072 | |||||||||||
| 928,572 | San Diego Gas & Electric Co | 1.914 | 02/01/22 | 924,209 | ||||||||||||
| 1,000,000 | Sempra Energy | 2.875 | 10/01/22 | 980,985 | ||||||||||||
| 3,000,000 | g | Solar Star Funding LLC | 3.950 | 06/30/35 | 3,027,330 | |||||||||||
| 3,000,000 | g | Solar Star Funding LLC | 5.375 | 06/30/35 | 3,412,104 | |||||||||||
| 1,000,000 | Southern California Gas Co | 3.150 | 09/15/24 | 1,014,664 | ||||||||||||
| 2,000,000 | i | TECO Finance, Inc | 0.884 | 04/10/18 | 1,986,138 | |||||||||||
| 3,000,000 | g | TerraForm Power Operating LLC | 5.875 | 02/01/23 | 2,647,500 | |||||||||||
| 216 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,000,000 | g | TerraForm Power Operating LLC | 6.125 | % | 06/15/25 | $ | 1,730,000 | ||||||||
| 1,860,000 | g | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 1,994,350 | |||||||||||
| 250,000 | g | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 282,122 | |||||||||||
| 1,000,000 | WEC Energy Group, Inc | 3.550 | 06/15/25 | 1,016,088 | ||||||||||||
| 1,000,000 | WGL Holdings, Inc | 2.250 | 11/01/19 | 1,007,513 | ||||||||||||
| TOTAL UTILITIES | 44,016,865 | |||||||||||||||
| TOTAL CORPORATE BONDS | 229,036,107 | |||||||||||||||
| (Cost $231,151,048) | ||||||||||||||||
| GOVERNMENT BONDS - 43.7% | ||||||||||||||||
| AGENCY SECURITIES - 12.7% | ||||||||||||||||
| 943,244 | Ethiopian Leasing 2012 LLC | 2.566 | 08/14/26 | 954,205 | ||||||||||||
| 827,670 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 812,086 | ||||||||||||
| 500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.000 | 09/29/17 | 503,026 | ||||||||||||
| 3,000,000 | Federal National Mortgage Association (FNMA) | 1.625 | 01/21/20 | 3,031,221 | ||||||||||||
| 1,000,000 | FNMA | 2.625 | 09/06/24 | 1,024,484 | ||||||||||||
| 2,863,533 | g | Genesis Solar 2011 Pass Through Trust | 3.875 | 02/15/38 | 3,068,705 | |||||||||||
| 225,000 | j | Government Trust Certificate | 0.000 | 04/01/21 | 195,937 | |||||||||||
| 1,000,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 1,040,410 | ||||||||||||
| 1,694,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.578 | 06/30/22 | 1,750,961 | ||||||||||||
| 890,000 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 914,599 | |||||||||||
| 958,333 | Mexican Aircraft Finance V LLC | 2.329 | 01/14/27 | 965,292 | ||||||||||||
| 1,665,000 | NCUA Guaranteed Notes | 2.350 | 06/12/17 | 1,710,738 | ||||||||||||
| 5,300,000 | NCUA Guaranteed Notes | 3.000 | 06/12/19 | 5,634,324 | ||||||||||||
| 2,635,000 | NCUA Guaranteed Notes | 3.450 | 06/12/21 | 2,857,394 | ||||||||||||
| 2,975,000 | New York Society for the Relief of the Ruptured & Crippled | 2.881 | 12/20/31 | 2,969,812 | ||||||||||||
| 1,000,000 | j | Overseas Private Investment Corp (OPIC) | 0.000 | 11/15/19 | 1,031,508 | |||||||||||
| 2,000,000 | OPIC | 2.740 | 09/15/29 | 1,975,522 | ||||||||||||
| 3,000,000 | OPIC | 3.220 | 09/15/29 | 3,080,991 | ||||||||||||
| 1,000,000 | OPIC | 3.280 | 09/15/29 | 1,031,852 | ||||||||||||
| 216,913 | OPIC | 3.540 | 06/15/30 | 234,178 | ||||||||||||
| 227,612 | OPIC | 3.370 | 12/15/30 | 242,284 | ||||||||||||
| 491,463 | OPIC | 3.820 | 12/20/32 | 529,918 | ||||||||||||
| 245,731 | OPIC | 3.938 | 12/20/32 | 265,580 | ||||||||||||
| 996,847 | OPIC | 3.330 | 05/15/33 | 1,029,263 | ||||||||||||
| 1,000,000 | OPIC | 3.160 | 06/01/33 | 1,014,180 | ||||||||||||
| 1,000,000 | OPIC | 2.940 | 07/31/33 | 998,507 | ||||||||||||
| 1,266,000 | Private Export Funding Corp (PEFCO) | 4.950 | 11/15/15 | 1,273,058 | ||||||||||||
| 954,000 | PEFCO | 2.125 | 07/15/16 | 965,589 | ||||||||||||
| 2,000,000 | PEFCO | 2.300 | 09/15/20 | 2,037,128 | ||||||||||||
| 1,000,000 | PEFCO | 3.550 | 01/15/24 | 1,076,819 | ||||||||||||
| 3,000,000 | PEFCO | 2.450 | 07/15/24 | 2,943,774 | ||||||||||||
| 1,000,000 | PEFCO | 3.250 | 06/15/25 | 1,038,812 | ||||||||||||
| 500,000 | Ukraine Government AID Bonds | 1.844 | 05/16/19 | 505,672 | ||||||||||||
| 2,700,000 | Ukraine Government AID Bonds | 1.847 | 05/29/20 | 2,737,039 | ||||||||||||
| 1,415,000 | United States Department of Housing and Urban Development (HUD) | 0.830 | 08/01/16 | 1,414,655 | ||||||||||||
| 1,550,000 | HUD | 4.480 | 08/01/16 | 1,602,574 | ||||||||||||
| 3,871,000 | HUD | 0.930 | 08/01/17 | 3,875,769 | ||||||||||||
| 3,176,000 | HUD | 1.540 | 08/01/17 | 3,220,454 | ||||||||||||
| 217 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | HUD | 5.300 | % | 08/01/17 | $ | 520,925 | |||||||||
| 1,000,000 | HUD | 1.770 | 08/01/18 | 1,019,059 | ||||||||||||
| 200,000 | HUD | 3.120 | 08/01/18 | 211,790 | ||||||||||||
| 250,000 | HUD | 2.050 | 08/01/19 | 257,354 | ||||||||||||
| 500,000 | HUD | 3.300 | 08/01/19 | 538,033 | ||||||||||||
| 450,000 | HUD | 4.870 | 08/01/19 | 506,634 | ||||||||||||
| 410,000 | HUD | 2.450 | 08/01/20 | 427,207 | ||||||||||||
| 150,000 | HUD | 3.430 | 08/01/20 | 162,991 | ||||||||||||
| 3,000,000 | HUD | 2.350 | 08/01/21 | 3,056,286 | ||||||||||||
| 500,000 | HUD | 2.910 | 08/01/23 | 522,633 | ||||||||||||
| 1,300,000 | HUD | 5.380 | 08/01/27 | 1,464,017 | ||||||||||||
| 230,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 239,055 | ||||||||||||
| 2,500,000 | VRG Linhas Aereas S.A. | 0.983 | 03/13/18 | 2,494,477 | ||||||||||||
| 946,074 | Zarapito Leasing LLC | 2.628 | 11/12/26 | 966,337 | ||||||||||||
| TOTAL AGENCY SECURITIES | 73,945,118 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 8.1% | ||||||||||||||||
| 500,000 | African Development Bank | 0.750 | 10/18/16 | 501,155 | ||||||||||||
| 1,000,000 | African Development Bank | 2.375 | 09/23/21 | 1,033,912 | ||||||||||||
| 2,000,000 | Asian Development Bank | 2.125 | 03/19/25 | 1,983,706 | ||||||||||||
| 3,000,000 | Canada Government International Bond | 1.125 | 03/19/18 | 3,013,947 | ||||||||||||
| 201,001 | g | Carpintero Finance Ltd | 2.004 | 09/18/24 | 201,149 | |||||||||||
| 2,895,000 | European Bank for Reconstruction & Development | 1.625 | 04/10/18 | 2,927,603 | ||||||||||||
| 1,000,000 | European Investment Bank | 2.500 | 10/15/24 | 1,024,756 | ||||||||||||
| 3,000,000 | Export Development Canada | 0.875 | 01/30/17 | 3,009,090 | ||||||||||||
| 1,000,000 | Export Development Canada | 1.625 | 12/03/19 | 1,010,482 | ||||||||||||
| 250,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 248,864 | ||||||||||||
| 3,850,000 | Hydro Quebec | 2.000 | 06/30/16 | 3,892,939 | ||||||||||||
| 250,000 | Hydro Quebec | 1.375 | 06/19/17 | 252,128 | ||||||||||||
| 5,000,000 | Inter-American Development Bank | 1.185 | 07/09/18 | 5,026,095 | ||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.500 | 09/25/18 | 1,013,712 | ||||||||||||
| 525,000 | International Bank for Reconstruction & Development | 2.000 | 10/20/16 | 533,409 | ||||||||||||
| 5,000,000 | International Finance Corp | 0.500 | 05/16/16 | 5,000,980 | ||||||||||||
| 500,000 | g,i | International Finance Facility for Immunisation | 0.515 | 07/05/16 | 500,038 | |||||||||||
| 3,000,000 | KFW | 1.000 | 01/26/18 | 3,005,742 | ||||||||||||
| 1,000,000 | KFW | 1.750 | 10/15/19 | 1,014,987 | ||||||||||||
| 3,000,000 | KFW | 1.500 | 04/20/20 | 3,000,081 | ||||||||||||
| 2,000,000 | g | Kommunalbanken AS. | 2.125 | 02/11/25 | 1,957,432 | |||||||||||
| 1,285,000 | Landwirtschaftliche Rentenbank | 2.000 | 01/13/25 | 1,258,950 | ||||||||||||
| 2,000,000 | North American Development Bank | 2.300 | 10/10/18 | 2,045,292 | ||||||||||||
| 3,000,000 | North American Development Bank | 2.400 | 10/26/22 | 2,972,022 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 517,862 | ||||||||||||
| 250,000 | Province of Ontario Canada | 1.200 | 02/14/18 | 250,512 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 47,196,845 | |||||||||||||||
| MORTGAGE BACKED - 10.5% | ||||||||||||||||
| 452,030 | i | Federal Home Loan Mortgage Corp (FHLMC) | 0.817 | 07/15/37 | 459,501 | |||||||||||
| 553,639 | i | FHLMC | 0.657 | 09/15/42 | 558,815 | |||||||||||
| 754,524 | FHLMC | 3.000 | 09/15/42 | 764,398 | ||||||||||||
| 107,916 | i | FHLMC | 0.557 | 10/15/42 | 108,226 | |||||||||||
| 457,210 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500 | 04/01/44 | 480,557 | ||||||||||||
| 3,046,659 | FGLMC | 4.000 | 08/01/44 | 3,295,215 | ||||||||||||
| 218 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 464,314 | FGLMC | 4.000 | % | 09/01/44 | $ | 503,042 | |||||||||
| 495,225 | FGLMC | 3.500 | 04/01/45 | 519,252 | ||||||||||||
| 743,752 | FGLMC | 3.500 | 07/01/45 | 776,377 | ||||||||||||
| 4,485,000 | FGLMC | 3.500 | 10/01/45 | 4,697,045 | ||||||||||||
| 276,417 | Federal National Mortgage Association (FNMA) | 3.500 | 11/01/25 | 294,876 | ||||||||||||
| 641,268 | FNMA | 3.000 | 05/01/27 | 670,931 | ||||||||||||
| 908,742 | FNMA | 2.500 | 10/01/27 | 935,306 | ||||||||||||
| 1,519,154 | FNMA | 3.000 | 12/01/28 | 1,585,246 | ||||||||||||
| 877,708 | FNMA | 2.500 | 09/01/29 | 897,938 | ||||||||||||
| 123,216 | FNMA | 2.500 | 10/01/29 | 125,831 | ||||||||||||
| 889,834 | FNMA | 2.500 | 11/01/29 | 908,339 | ||||||||||||
| 245,809 | FNMA | 3.000 | 07/01/30 | 256,354 | ||||||||||||
| 470,859 | FNMA | 3.500 | 07/01/30 | 498,181 | ||||||||||||
| 246,435 | FNMA | 2.500 | 08/01/30 | 251,560 | ||||||||||||
| 382,657 | FNMA | 3.500 | 08/01/30 | 404,816 | ||||||||||||
| 417,198 | FNMA | 5.000 | 10/01/33 | 461,911 | ||||||||||||
| 982,993 | FNMA | 3.000 | 06/01/35 | 1,013,749 | ||||||||||||
| 389,190 | FNMA | 5.500 | 01/01/38 | 438,518 | ||||||||||||
| 404,515 | FNMA | 5.500 | 11/01/38 | 471,611 | ||||||||||||
| 956,448 | FNMA | 4.500 | 08/01/39 | 1,055,041 | ||||||||||||
| 607,539 | FNMA | 4.500 | 10/01/39 | 671,525 | ||||||||||||
| 195,356 | FNMA | 4.500 | 03/01/40 | 212,337 | ||||||||||||
| 537,788 | FNMA | 4.500 | 04/01/40 | 595,318 | ||||||||||||
| 233,442 | FNMA | 5.500 | 04/01/40 | 262,730 | ||||||||||||
| 324,790 | FNMA | 5.500 | 07/01/40 | 364,739 | ||||||||||||
| 1,526,002 | FNMA | 5.000 | 09/01/40 | 1,683,565 | ||||||||||||
| 690,890 | FNMA | 4.000 | 10/01/40 | 750,131 | ||||||||||||
| 185,685 | FNMA | 6.000 | 10/01/40 | 210,015 | ||||||||||||
| 163,684 | FNMA | 4.500 | 11/01/40 | 177,604 | ||||||||||||
| 1,740,499 | FNMA | 5.000 | 04/01/41 | 1,960,490 | ||||||||||||
| 648,267 | i | FNMA | 0.694 | 08/25/42 | 653,296 | |||||||||||
| 597,456 | i | FNMA | 0.594 | 11/25/42 | 597,555 | |||||||||||
| 1,270,569 | FNMA | 3.500 | 11/25/42 | 237,976 | ||||||||||||
| 4,363,341 | FNMA | 3.000 | 02/01/43 | 4,438,532 | ||||||||||||
| 393,547 | i | FNMA | 0.544 | 03/25/43 | 393,208 | |||||||||||
| 866,388 | FNMA | 3.000 | 05/01/43 | 881,062 | ||||||||||||
| 1,811,179 | FNMA | 3.000 | 05/01/43 | 1,841,460 | ||||||||||||
| 451,279 | FNMA | 3.000 | 05/01/43 | 458,903 | ||||||||||||
| 1,930,208 | FNMA | 4.000 | 11/01/43 | 2,077,948 | ||||||||||||
| 857,933 | FNMA | 4.500 | 06/01/44 | 950,941 | ||||||||||||
| 181,439 | FNMA | 4.500 | 06/01/44 | 201,136 | ||||||||||||
| 395,416 | FNMA | 4.500 | 08/01/44 | 438,272 | ||||||||||||
| 782,929 | FNMA | 4.500 | 11/01/44 | 867,723 | ||||||||||||
| 1,958,879 | FNMA | 4.000 | 12/01/44 | 2,113,816 | ||||||||||||
| 983,379 | FNMA | 4.000 | 01/01/45 | 1,061,184 | ||||||||||||
| 485,801 | FNMA | 4.000 | 01/01/45 | 527,535 | ||||||||||||
| 989,720 | FNMA | 4.500 | 03/01/45 | 1,097,286 | ||||||||||||
| 4,364,977 | FNMA | 3.500 | 07/01/45 | 4,563,891 | ||||||||||||
| 898,146 | Government National Mortgage Association (GNMA) | 2.690 | 06/15/33 | 923,299 | ||||||||||||
| 159,940 | GNMA | 5.000 | 10/20/39 | 177,722 | ||||||||||||
| 156,309 | GNMA | 5.000 | 06/20/42 | 174,042 | ||||||||||||
| 1,632,505 | GNMA | 3.500 | 10/20/42 | 343,513 | ||||||||||||
| 219 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 956,374 | GNMA | 3.000 | % | 12/20/42 | $ | 979,138 | |||||||||
| 838,034 | GNMA | 3.000 | 02/20/43 | 860,180 | ||||||||||||
| 856,570 | GNMA | 3.500 | 07/15/43 | 901,648 | ||||||||||||
| 448,844 | GNMA | 3.500 | 07/15/43 | 472,461 | ||||||||||||
| 909,833 | GNMA | 3.500 | 09/20/44 | 959,032 | ||||||||||||
| 496,310 | GNMA | 3.500 | 02/15/45 | 522,558 | ||||||||||||
| 248,255 | GNMA | 4.000 | 04/15/45 | 265,424 | ||||||||||||
| 248,286 | GNMA | 4.000 | 04/15/45 | 265,855 | ||||||||||||
| 496,424 | GNMA | 4.000 | 04/15/45 | 530,685 | ||||||||||||
| 397,765 | GNMA | 4.000 | 05/15/45 | 425,271 | ||||||||||||
| 793,186 | GNMA | 3.000 | 06/20/45 | 811,016 | ||||||||||||
| TOTAL MORTGAGE BACKED | 61,334,658 | |||||||||||||||
| MUNICIPAL BONDS - 9.2% | ||||||||||||||||
| 2,000,000 | Brunswick & Glynn County Development Authority | 3.060 | 04/01/25 | 1,989,020 | ||||||||||||
| 1,000,000 | California Earthquake Authority | 1.194 | 07/01/16 | 1,002,360 | ||||||||||||
| 1,000,000 | California Earthquake Authority | 2.805 | 07/01/19 | 1,018,320 | ||||||||||||
| 2,000,000 | California Housing Finance Agency | 2.966 | 08/01/22 | 2,013,860 | ||||||||||||
| 250,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/27 | 259,737 | |||||||||||
| 500,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/37 | 515,850 | |||||||||||
| 500,000 | g | California Pollution Control Financing Authority | 5.000 | 11/21/45 | 514,740 | |||||||||||
| 3,000,000 | City of Austin TX Water & Wastewater System Revenue | 2.133 | 11/15/19 | 3,027,690 | ||||||||||||
| 3,000,000 | City of Chicago IL | 7.750 | 01/01/42 | 3,003,870 | ||||||||||||
| 2,000,000 | City of Cincinnati OH Water System Revenue | 2.568 | 12/01/21 | 2,064,640 | ||||||||||||
| 250,000 | City of Houston TX Utility System Revenue | 2.563 | 05/15/20 | 259,765 | ||||||||||||
| 250,000 | City of Houston TX Utility System Revenue | 2.923 | 05/15/21 | 262,318 | ||||||||||||
| 250,000 | Commonwealth Financing Authority | 2.675 | 06/01/21 | 249,522 | ||||||||||||
| 500,000 | Commonwealth of Massachusetts | 5.000 | 08/01/33 | 576,985 | ||||||||||||
| 1,085,000 | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 1,097,846 | ||||||||||||
| 2,250,000 | Florida Department of Environmental Protection | 5.456 | 07/01/19 | 2,525,512 | ||||||||||||
| 500,000 | j | Garden State Preservation Trust | 0.000 | 11/01/22 | 421,190 | |||||||||||
| 295,000 | Guadalupe-Blanco River Authority Industrial Development Corp | 1.909 | 04/15/18 | 298,779 | ||||||||||||
| 1,790,000 | Honolulu City & County Board of Water Supply | 3.760 | 07/01/30 | 1,794,099 | ||||||||||||
| 1,000,000 | Lavaca-Navidad River Authority | 4.430 | 08/01/35 | 986,030 | ||||||||||||
| 200,000 | Massachusetts St. Water Pollution Abatement | 5.192 | 08/01/40 | 231,566 | ||||||||||||
| 1,000,000 | Michigan Finance Authority | 5.000 | 07/01/16 | 1,029,130 | ||||||||||||
| 500,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 565,465 | ||||||||||||
| 1,000,000 | Michigan Finance Authority | 5.000 | 07/01/29 | 1,084,600 | ||||||||||||
| 2,115,000 | New York State Environmental Facilities Corp | 3.420 | 07/15/26 | 2,172,465 | ||||||||||||
| 500,000 | New York State Environmental Facilities Corp | 5.807 | 06/15/39 | 638,865 | ||||||||||||
| 250,000 | g | Niagara Area Development Corp | 4.000 | 11/01/24 | 251,603 | |||||||||||
| 1,185,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 1,329,866 | ||||||||||||
| 3,000,000 | i | Ohio State Water Development Authority | 0.381 | 05/01/38 | 3,000,060 | |||||||||||
| 250,000 | Oklahoma Water Resources Board | 3.071 | 04/01/22 | 262,183 | ||||||||||||
| 250,000 | Pend Oreille County Public Utility District No Box Canyon | 1.987 | 01/01/16 | 251,133 | ||||||||||||
| 205,000 | Pend Oreille County Public Utility District No Box Canyon | 2.417 | 01/01/17 | 208,493 | ||||||||||||
| 2,000,000 | South Dakota Conservancy District | 1.898 | 08/01/19 | 2,033,260 | ||||||||||||
| 1,000,000 | South Dakota Conservancy District | 1.920 | 08/01/19 | 1,009,140 | ||||||||||||
| 1,000,000 | State of California | 1.800 | 04/01/20 | 1,003,650 | ||||||||||||
| 1,000,000 | State of California | 3.750 | 10/01/37 | 1,013,730 | ||||||||||||
| 500,000 | State of Michigan | 3.590 | 12/01/26 | 515,255 | ||||||||||||
| 220 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | State of Texas | 3.576 | % | 08/01/34 | $ | 959,400 | |||||||||
| 1,000,000 | State of Texas | 3.726 | 08/01/43 | 976,430 | ||||||||||||
| 1,000,000 | Suffolk County Water Authority | 3.500 | 06/01/39 | 995,180 | ||||||||||||
| 500,000 | Texas Public Finance Authority | 5.250 | 07/01/17 | 500,770 | ||||||||||||
| 500,000 | University of California | 2.676 | 05/15/21 | 511,440 | ||||||||||||
| 1,000,000 | University of California | 3.809 | 05/15/28 | 1,019,190 | ||||||||||||
| 1,000,000 | University of California | 4.009 | 05/15/30 | 1,009,350 | ||||||||||||
| 500,000 | i | University of California | 0.697 | 07/01/41 | 499,915 | |||||||||||
| 1,230,000 | University of Cincinnati | 3.500 | 06/01/32 | 1,223,813 | ||||||||||||
| 2,000,000 | University of New Mexico | 3.532 | 06/20/32 | 1,995,800 | ||||||||||||
| 2,000,000 | University of Virginia | 3.570 | 04/01/45 | 2,003,200 | ||||||||||||
| 655,000 | Washington County Clean Water Services | 4.828 | 10/01/22 | 753,944 | ||||||||||||
| 530,000 | Washington County Clean Water Services | 5.078 | 10/01/24 | 627,096 | ||||||||||||
| 250,000 | West Virginia Water Development Authority | 5.000 | 11/01/21 | 292,993 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 53,851,118 | |||||||||||||||
| U.S. TREASURY SECURITIES - 3.2% | ||||||||||||||||
| 9,020,000 | United States Treasury Bond | 3.000 | 05/15/45 | 9,237,517 | ||||||||||||
| 215,000 | United States Treasury Note | 0.250 | 12/31/15 | 215,076 | ||||||||||||
| 500,000 | United States Treasury Note | 0.625 | 08/31/17 | 499,987 | ||||||||||||
| 5,675,000 | United States Treasury Note | 1.375 | 09/30/20 | 5,674,115 | ||||||||||||
| 50,000 | United States Treasury Note | 2.000 | 08/31/21 | 51,118 | ||||||||||||
| 2,765,000 | United States Treasury Note | 2.000 | 08/15/25 | 2,751,678 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 18,429,491 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 254,757,230 | |||||||||||||||
| (Cost $252,455,209) | ||||||||||||||||
| STRUCTURED ASSETS - 13.8% | ||||||||||||||||
| ASSET BACKED - 3.3% | ||||||||||||||||
| 389,573 | i | ACE Securities Corp Home Equity Loan Trust | 0.929 | 08/25/35 | 384,313 | |||||||||||
| Series - 2005 HE5 (Class M2) | ||||||||||||||||
| 100,000 | AmeriCredit Automobile Receivables Trust | 1.570 | 01/08/19 | 100,180 | ||||||||||||
| Series - 2013 1 (Class C) | ||||||||||||||||
| 150,000 | AmeriCredit Automobile Receivables Trust | 3.340 | 08/08/21 | 151,933 | ||||||||||||
| Series - 2015 3 (Class D) | ||||||||||||||||
| 530,849 | i | Asset Backed Securities Corp Home Equity Loan Trust | 0.635 | 07/25/35 | 527,971 | |||||||||||
| Series - 2005 HE7 (Class M2) | ||||||||||||||||
| 1,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.680 | 11/20/17 | 1,012,256 | |||||||||||
| Series - 2011 3A (Class C) | ||||||||||||||||
| 1,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.780 | 02/20/18 | 1,010,872 | |||||||||||
| Series - 2011 5A (Class C) | ||||||||||||||||
| 925,000 | i | Basic Asset Backed Securities Trust | 0.504 | 04/25/36 | 822,050 | |||||||||||
| Series - 2006 1 (Class A3) | ||||||||||||||||
| 1,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 1,017,173 | |||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||
| 863,141 | g,i | CBRE Realty Finance CDO | 0.584 | 04/07/52 | 331,878 | |||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||
| 1,148,575 | i | Connecticut Avenue Securities | 1.694 | 02/25/25 | 1,151,221 | |||||||||||
| Series - 2015 C01 (Class 1M1) | ||||||||||||||||
| 995,000 | g | DB Master Finance LLC | 3.262 | 02/20/45 | 1,000,792 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| 221 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,858,639 | g | HERO Funding Trust | 3.840 | % | 09/21/40 | $ | 2,863,180 | ||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||
| 891,669 | g | HERO Funding Trust | 3.990 | 09/21/40 | 902,812 | |||||||||||
| Series - 2014 2A (Class A) | ||||||||||||||||
| 500,000 | g | Hertz Vehicle Financing LLC | 6.440 | 02/25/19 | 548,083 | |||||||||||
| Series - 2010 1A (Class B3) | ||||||||||||||||
| 118,386 | i | Lehman XS Trust | 0.444 | 02/25/36 | 112,924 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 209,072 | g | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 209,841 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 122,709 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.974 | 01/25/36 | 121,917 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 189,927 | g | SolarCity LMC | 4.800 | 11/20/38 | 203,601 | |||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||
| 465,328 | g | SolarCity LMC | 4.590 | 04/20/44 | 474,448 | |||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||
| 961,322 | g | SolarCity LMC | 4.020 | 07/20/44 | 947,335 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 836,231 | g | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 837,349 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 921,641 | i | Structured Asset Securities Corp Mortgage Loan Trust | 1.699 | 04/25/35 | 875,826 | |||||||||||
| Series - 2005 7XS (Class 2A1A) | ||||||||||||||||
| 2,000,000 | Toyota Auto Receivables Owner Trust | 1.270 | 05/15/19 | 2,002,208 | ||||||||||||
| Series - 2015 B (Class A3) | ||||||||||||||||
| 2,000,000 | Toyota Auto Receivables Owner Trust | 1.740 | 09/15/20 | 2,021,332 | ||||||||||||
| Series - 2015 B (Class A4) | ||||||||||||||||
| TOTAL ASSET BACKED | 19,631,495 | |||||||||||||||
| OTHER MORTGAGE BACKED - 10.5% | ||||||||||||||||
| 136,266 | g | 7 WTC Depositor LLC Trust | 4.082 | 03/13/31 | 139,544 | |||||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 200,000 | i | Banc of America Commercial Mortgage Trust | 5.983 | 05/10/45 | 197,900 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 1,977,000 | Banc of America Commercial Mortgage Trust | 5.480 | 10/10/45 | 1,980,723 | ||||||||||||
| Series - 2006 6 (Class B) | ||||||||||||||||
| 500,000 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 518,226 | |||||||||||
| Series - 2007 1 (Class AMFX) | ||||||||||||||||
| 1,000,000 | i | Banc of America Commercial Mortgage Trust | 5.809 | 02/10/51 | 1,029,928 | |||||||||||
| Series - 2007 4 (Class AJ) | ||||||||||||||||
| 750,000 | g,i | Banc of America Commercial Mortgage Trust | 5.821 | 02/10/51 | 727,562 | |||||||||||
| Series - 2007 4 (Class E) | ||||||||||||||||
| 2,000,000 | i | Banc of America Commercial Mortgage Trust | 5.971 | 02/10/51 | 2,051,474 | |||||||||||
| Series - 2007 5 (Class AJ) | ||||||||||||||||
| 2,500,000 | g | BBCMS Trust | 3.593 | 09/15/32 | 2,607,789 | |||||||||||
| Series - 2015 MSQ (Class A) | ||||||||||||||||
| 2,500,000 | g,i | BBCMS Trust | 3.894 | 09/15/32 | 2,608,887 | |||||||||||
| Series - 2015 MSQ (Class B) | ||||||||||||||||
| 1,120,000 | i | Bear Stearns Commercial Mortgage Securities | 6.116 | 09/11/42 | 1,184,821 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Bear Stearns Commercial Mortgage Securities | 5.878 | 06/11/50 | 1,024,581 | |||||||||||
| Series - 2007 PW17 (Class AJ) | ||||||||||||||||
| 222 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | i | Citigroup Commercial Mortgage Trust | 5.975 | % | 03/15/49 | $ | 508,021 | ||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 65,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 69,042 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 1,500,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 1,530,042 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 1,250,000 | i | Commercial Mortgage Trust | 5.238 | 04/10/37 | 1,249,191 | |||||||||||
| Series - 2005 GG5 (Class AJ) | ||||||||||||||||
| 2,000,000 | i | Commercial Mortgage Trust | 5.867 | 12/10/49 | 2,112,310 | |||||||||||
| Series - 2007 GG11 (Class AM) | ||||||||||||||||
| 1,510,000 | i | Commercial Mortgage Trust | 6.147 | 12/10/49 | 1,503,785 | |||||||||||
| Series - 2007 GG11 (Class B) | ||||||||||||||||
| 343,868 | i | Countrywide Home Loan Mortgage Pass Through Trust | 2.553 | 11/20/34 | 328,698 | |||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||
| 500,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.415 | 02/25/21 | 508,240 | |||||||||||
| Series - 2006 K1A (Class H) | ||||||||||||||||
| 670,000 | i | Credit Suisse Commercial Mortgage Trust | 5.903 | 09/15/39 | 686,049 | |||||||||||
| Series - 2007 C4 (Class A1AJ) | ||||||||||||||||
| 2,500,000 | i | Credit Suisse Commercial Mortgage Trust | 5.949 | 09/15/39 | 2,563,587 | |||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||
| 1,250,000 | i | Credit Suisse Commercial Mortgage Trust | 5.625 | 01/15/49 | 1,287,845 | |||||||||||
| Series - 2007 C2 (Class AJ) | ||||||||||||||||
| 500,000 | i | GS Mortgage Securities Trust | 5.553 | 04/10/38 | 501,502 | |||||||||||
| Series - 2006 GG6 (Class B) | ||||||||||||||||
| 57,544 | i | Impac CMB Trust | 0.854 | 03/25/35 | 53,709 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 550,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.734 | 02/15/46 | 582,391 | |||||||||||
| Series - 2011 C3 (Class E) | ||||||||||||||||
| 1,000,000 | i | LB-UBS Commercial Mortgage Trust | 6.049 | 06/15/38 | 1,025,039 | |||||||||||
| Series - 2006 C4 (Class B) | ||||||||||||||||
| 500,000 | i | LB-UBS Commercial Mortgage Trust | 5.737 | 03/15/39 | 499,017 | |||||||||||
| Series - 2006 C3 (Class C) | ||||||||||||||||
| 710,000 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 702,935 | |||||||||||
| Series - 2007 C1 (Class D) | ||||||||||||||||
| 1,870,191 | g,i | LVII Resecuritization Trust | 2.997 | 07/31/47 | 1,870,191 | |||||||||||
| Series - 2015 A (Class A) | ||||||||||||||||
| 1,000,000 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 1,029,326 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 1,500,000 | i | Morgan Stanley Capital I Trust | 5.861 | 04/12/49 | 1,526,620 | |||||||||||
| Series - 2007 HQ12 (Class C) | ||||||||||||||||
| 2,000,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 2,121,464 | |||||||||||
| Series - 2007 IQ15 (Class AM) | ||||||||||||||||
| 1,000,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 1,002,705 | |||||||||||
| Series - 2007 IQ15 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Morgan Stanley Capital I Trust | 6.319 | 12/12/49 | 951,297 | |||||||||||
| Series - 2007 IQ16 (Class AJA) | ||||||||||||||||
| 2,000,000 | i | Morgan Stanley Capital I Trust | 6.319 | 12/12/49 | 1,909,000 | |||||||||||
| Series - 2007 IQ16 (Class AJFX) | ||||||||||||||||
| 3,000,000 | g | OBP Depositor LLC Trust | 4.646 | 07/15/45 | 3,322,164 | |||||||||||
| Series - 2010 OBP (Class A) | ||||||||||||||||
| 669,726 | i | Structured Agency Credit Risk Debt Note (STACR) | 1.444 | 01/25/25 | 669,726 | |||||||||||
| Series - 2015 DN1 (Class M1) | ||||||||||||||||
| 223 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 625,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.594 | % | 01/25/25 | $ | 632,572 | ||||||||
| Series - 2015 DN1 (Class M2) | ||||||||||||||||
| 1,000,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.394 | 03/25/25 | 999,999 | |||||||||||
| Series - 2015 HQ1 (Class M2) | ||||||||||||||||
| 250,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 3.994 | 03/25/25 | 242,785 | |||||||||||
| Series - 2015 HQ1 (Class M3) | ||||||||||||||||
| 1,000,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 0.407 | 12/15/43 | 969,554 | |||||||||||
| Series - 2007 C30 (Class AMFL) | ||||||||||||||||
| 1,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.765 | 01/15/45 | 1,001,115 | |||||||||||
| Series - 2006 C23 (Class F) | ||||||||||||||||
| 1,750,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.825 | 07/15/45 | 1,759,096 | |||||||||||
| Series - 2006 C27 (Class AJ) | ||||||||||||||||
| 70,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 74,606 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 750,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.143 | 05/15/46 | 776,096 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 2,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.219 | 05/15/46 | 2,021,140 | |||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||
| 2,250,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 2,290,354 | |||||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||
| 500,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.860 | 04/15/47 | 486,571 | |||||||||||
| Series - 2007 C31 (Class C) | ||||||||||||||||
| 1,000,000 | g | Wachovia Bank Commercial Mortgage Trust | 5.703 | 06/15/49 | 1,053,746 | |||||||||||
| Series - 2007 C32 (Class AMFX) | ||||||||||||||||
| 2,665,000 | g,i | Wachovia Bank Commercial Mortgage Trust | 5.715 | 06/15/49 | 618,014 | |||||||||||
| Series - 2007 C32 (Class J) | ||||||||||||||||
| 1,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 976,003 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 2,010,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 2,059,912 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 40,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 42,665 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| 992,314 | i | WaMu Mortgage Pass-Through Certificates | 0.624 | 10/25/45 | 891,991 | |||||||||||
| Series - 2005 AR13 (Class A1B2) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 61,081,550 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 80,713,045 | |||||||||||||||
| (Cost $80,535,164) | ||||||||||||||||
| TOTAL BONDS | 564,506,382 | |||||||||||||||
| (Cost $564,141,421) | ||||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| PREFERRED STOCKS - 0.1% | ||||||||||||||||
| BANKS - 0.1% | ||||||||||||||||
| 250 | M&T Bank Corp | 6.375 | 12/30/49 | 273,235 | ||||||||||||
| TOTAL BANKS | 273,235 | |||||||||||||||
| TOTAL PREFERRED STOCKS | 273,235 | |||||||||||||||
| (Cost $255,625) | ||||||||||||||||
| 224 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 1.2% | ||||||||||||||||
| TREASURY DEBT - 1.2% | ||||||||||||||||
| $ | 6,800,000 | United States Treasury Bill | 0.130 | % | 11/12/15 | $ | 6,800,081 | |||||||||
| TOTAL TREASURY DEBT | 6,800,081 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 6,800,081 | |||||||||||||||
| (Cost $6,798,969) | ||||||||||||||||
| TOTAL INVESTMENTS - 99.1% | 577,650,253 | |||||||||||||||
| (Cost $577,334,286) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.9% | 5,333,404 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 582,983,657 | ||||||||||||||
| Abbreviation(s): | |||
| CDO | Collateralized Debt Obligation | ||
| REIT | Real Estate Investment Trust | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2015, the aggregate value of these securities was $86,208,157 or 14.8% of net assets. | |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | |
| j | Zero coupon |
| 225 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| LONG-TERM MUNICIPAL BONDS - 93.4% | ||||||||||||||||
| ALASKA - 0.8% | ||||||||||||||||
| $ | 2,575,000 | Alaska Railroad Corp | 5.000 | % | 08/01/18 | $ | 2,827,582 | |||||||||
| TOTAL ALASKA | 2,827,582 | |||||||||||||||
| ARIZONA - 0.7% | ||||||||||||||||
| 2,000,000 | City of Tucson AZ, GO | 5.000 | 07/01/20 | 2,323,980 | ||||||||||||
| TOTAL ARIZONA | 2,323,980 | |||||||||||||||
| CALIFORNIA - 15.0% | ||||||||||||||||
| 4,000,000 | California Statewide Communities Development Authority | 5.000 | 04/01/42 | 4,389,360 | ||||||||||||
| 5,000,000 | Chino Basin Regional Financing Authority | 5.000 | 11/01/38 | 5,352,500 | ||||||||||||
| 2,000,000 | i | City of Riverside CA Water Revenue | 0.060 | 10/01/35 | 2,000,020 | |||||||||||
| 2,000,000 | County of San Bernardino CA, COP | 5.250 | 08/01/19 | 2,281,560 | ||||||||||||
| 3,480,000 | Los Angeles Department of Water & Power | 5.000 | 07/01/44 | 3,928,607 | ||||||||||||
| 1,000,000 | Oakland Unified School District | 5.000 | 08/01/35 | 1,110,550 | ||||||||||||
| 500,000 | Oakland Unified School District | 5.000 | 08/01/40 | 547,915 | ||||||||||||
| 5,000,000 | State of California | 5.000 | 08/01/24 | 6,152,950 | ||||||||||||
| 585,000 | State of California | 5.000 | 11/01/24 | 722,288 | ||||||||||||
| 5,000,000 | State of California, GO | 5.000 | 08/01/18 | 5,584,800 | ||||||||||||
| 2,000,000 | State of California, GO | 5.000 | 02/01/22 | 2,394,000 | ||||||||||||
| 2,000,000 | State of California, GO | 5.000 | 04/01/22 | 2,399,780 | ||||||||||||
| 2,830,000 | State of California, GO | 5.000 | 11/01/32 | 3,064,607 | ||||||||||||
| 5,000,000 | State of California, GO | 5.000 | 06/01/37 | 5,307,900 | ||||||||||||
| 3,405,000 | State of California, GO | 5.000 | 11/01/37 | 3,666,810 | ||||||||||||
| 1,710,000 | West Contra Costa Unified School District, GO | 5.700 | 02/01/21 | 2,073,101 | ||||||||||||
| TOTAL CALIFORNIA | 50,976,748 | |||||||||||||||
| COLORADO - 0.7% | ||||||||||||||||
| 2,155,000 | Colorado Health Facilities Authority | 5.000 | 01/01/32 | 2,384,055 | ||||||||||||
| TOTAL COLORADO | 2,384,055 | |||||||||||||||
| CONNECTICUT - 0.5% | ||||||||||||||||
| 1,400,000 | Connecticut State Health & Educational Facility Authority | 5.000 | 07/01/22 | 1,630,874 | ||||||||||||
| TOTAL CONNECTICUT | 1,630,874 | |||||||||||||||
| FLORIDA - 3.5% | ||||||||||||||||
| 1,400,000 | Citizens Property Insurance Corp | 5.000 | 06/01/18 | 1,523,816 | ||||||||||||
| 5,000,000 | City of Tallahassee FL | 5.000 | 10/01/37 | 5,347,750 | ||||||||||||
| 1,000,000 | County of Orange FL | 5.000 | 10/01/21 | 1,179,660 | ||||||||||||
| 1,225,000 | JEA Electric System Revenue | 5.000 | 10/01/21 | 1,447,374 | ||||||||||||
| 226 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,425,000 | Orange County Health Facilities Authority | 5.375 | % | 10/01/41 | $ | 2,611,507 | |||||||||
| TOTAL FLORIDA | 12,110,107 | |||||||||||||||
| GEORGIA - 1.3% | ||||||||||||||||
| 1,000,000 | City of Atlanta Department of Aviation | 5.000 | 01/01/24 | 1,201,560 | ||||||||||||
| 1,130,000 | Private Colleges & Universities Authority | 5.000 | 04/01/17 | 1,191,800 | ||||||||||||
| 1,735,000 | Private Colleges & Universities Authority | 5.000 | 04/01/21 | 1,942,940 | ||||||||||||
| TOTAL GEORGIA | 4,336,300 | |||||||||||||||
| ILLINOIS - 5.8% | ||||||||||||||||
| 1,000,000 | Chicago Public Building Commission | 5.250 | 03/01/24 | 1,082,510 | ||||||||||||
| 2,085,000 | Chicago State University | 5.500 | 12/01/23 | 2,299,213 | ||||||||||||
| 1,220,000 | Chicago Transit Authority | 5.250 | 12/01/24 | 1,342,220 | ||||||||||||
| 1,000,000 | City of Chicago IL Motor Fuel Tax Revenue | 5.000 | 01/01/24 | 1,063,760 | ||||||||||||
| 1,000,000 | City of Chicago IL Motor Fuel Tax Revenue | 5.000 | 01/01/29 | 1,030,560 | ||||||||||||
| 500,000 | City of Chicago IL, GO | 5.000 | 01/01/17 | 509,720 | ||||||||||||
| 600,000 | City of Chicago IL, GO | 5.000 | 01/01/18 | 616,578 | ||||||||||||
| 1,500,000 | City of Chicago IL, GO | 5.500 | 01/01/35 | 1,489,305 | ||||||||||||
| 375,000 | City of Chicago IL, GO | 5.500 | 01/01/35 | 372,326 | ||||||||||||
| 650,000 | City of Chicago IL, GO | 5.500 | 01/01/37 | 641,128 | ||||||||||||
| 2,200,000 | City of Chicago IL, GO | 5.500 | 01/01/39 | 2,157,386 | ||||||||||||
| 500,000 | City of Chicago IL, GO | 5.500 | 01/01/42 | 485,100 | ||||||||||||
| 1,000,000 | County of Cook IL, GO | 5.000 | 11/15/16 | 1,042,710 | ||||||||||||
| 1,000,000 | Illinois State Toll Highway Authority | 5.000 | 01/01/24 | 1,196,580 | ||||||||||||
| 1,500,000 | State of Illinois, GO | 5.000 | 06/15/19 | 1,677,630 | ||||||||||||
| 2,045,000 | State of Illinois, GO | 5.000 | 01/01/20 | 2,058,865 | ||||||||||||
| 740,000 | State of Illinois, GO | 6.250 | 12/15/20 | 820,623 | ||||||||||||
| TOTAL ILLINOIS | 19,886,214 | |||||||||||||||
| INDIANA - 1.4% | ||||||||||||||||
| 2,120,000 | Indiana Bond Bank | 5.250 | 04/01/19 | 2,400,073 | ||||||||||||
| 1,940,000 | Indianapolis Local Public Improvement Bond Bank | 5.500 | 01/01/21 | 2,271,856 | ||||||||||||
| TOTAL INDIANA | 4,671,929 | |||||||||||||||
| KANSAS - 0.3% | ||||||||||||||||
| 1,000,000 | Wyandotte County-Kansas City Unified Government Utility System Revenue | 5.000 | 09/01/22 | 1,186,910 | ||||||||||||
| TOTAL KANSAS | 1,186,910 | |||||||||||||||
| LOUISIANA - 2.9% | ||||||||||||||||
| 1,000,000 | Louisiana Public Facilities Authority | 5.250 | 10/01/24 | 1,170,870 | ||||||||||||
| 1,000,000 | Louisiana State Citizens Property Insurance Corp | 5.000 | 06/01/18 | 1,100,950 | ||||||||||||
| 7,675,000 | Parish of St. John the Baptist LA | 5.125 | 06/01/37 | 7,816,527 | ||||||||||||
| TOTAL LOUISIANA | 10,088,347 | |||||||||||||||
| MARYLAND - 2.5% | ||||||||||||||||
| 4,000,000 | County of Montgomery MD, GO | 5.000 | 07/01/21 | 4,784,000 | ||||||||||||
| 227 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 3,000,000 | State of Maryland | 5.000 | % | 08/01/23 | $ | 3,687,630 | |||||||||
| TOTAL MARYLAND | 8,471,630 | |||||||||||||||
| MASSACHUSETTS - 2.4% | ||||||||||||||||
| 1,390,000 | Commonwealth of Massachusetts, GO | 5.250 | 08/01/17 | 1,508,539 | ||||||||||||
| 1,040,000 | Massachusetts Department of Transportation | 5.000 | 01/01/32 | 1,164,821 | ||||||||||||
| 1,000,000 | Massachusetts Development Finance Agency | 5.000 | 04/15/25 | 1,116,340 | ||||||||||||
| 2,255,000 | Massachusetts Development Finance Agency | 5.000 | 10/01/35 | 2,503,050 | ||||||||||||
| 2,325,000 | Massachusetts School Building Authority | 5.000 | 08/15/37 | 2,487,541 | ||||||||||||
| TOTAL MASSACHUSETTS | 8,780,291 | |||||||||||||||
| MICHIGAN - 2.8% | ||||||||||||||||
| 5,150,000 | Bridgeport-Spaulding Community School District | 3.000 | 06/22/16 | 5,190,685 | ||||||||||||
| 2,000,000 | Michigan Finance Authority, GO | 5.000 | 05/01/18 | 2,187,640 | ||||||||||||
| 1,000,000 | Michigan Finance Authority, GO | 5.000 | 05/01/20 | 1,137,950 | ||||||||||||
| 1,000,000 | Michigan Finance Authority, GO | 5.000 | 10/01/22 | 1,210,730 | ||||||||||||
| TOTAL MICHIGAN | 9,727,005 | |||||||||||||||
| MINNESOTA - 3.1% | ||||||||||||||||
| 1,000,000 | Minnesota Public Facilities Authority | 5.000 | 03/01/16 | 1,019,610 | ||||||||||||
| 5,000,000 | State of Minnesota | 5.000 | 08/01/23 | 6,137,900 | ||||||||||||
| 1,715,000 | University of Minnesota | 5.000 | 08/01/21 | 2,029,514 | ||||||||||||
| 1,000,000 | Western Minnesota Municipal Power Agency | 5.000 | 01/01/22 | 1,192,570 | ||||||||||||
| TOTAL MINNESOTA | 10,379,594 | |||||||||||||||
| MISSOURI - 1.1% | ||||||||||||||||
| 3,500,000 | Health & Educational Facilities Authority of the State of Missouri | 5.000 | 02/01/35 | 3,664,675 | ||||||||||||
| TOTAL MISSOURI | 3,664,675 | |||||||||||||||
| NEBRASKA - 1.8% | ||||||||||||||||
| 1,000,000 | Central Plains Energy Project | 5.000 | 09/01/22 | 1,123,880 | ||||||||||||
| 4,522,000 | Omaha Public Power District | 5.000 | 02/01/39 | 4,794,767 | ||||||||||||
| 478,000 | Omaha Public Power District | 5.000 | 02/01/39 | 506,503 | ||||||||||||
| TOTAL NEBRASKA | 6,425,150 | |||||||||||||||
| NEW YORK - 18.8% | ||||||||||||||||
| 4,000,000 | Board of Cooperative Educational Services for the Sole Supervisory District, GO | 1.000 | 06/17/16 | 4,006,160 | ||||||||||||
| 1,600,000 | City of Ogdensburg NY | 1.500 | 07/29/16 | 1,600,864 | ||||||||||||
| 3,379,000 | City of Ogdensburg NY, GO | 1.250 | 04/29/16 | 3,391,773 | ||||||||||||
| 1,432,851 | City of Poughkeepsie NY | 2.000 | 12/15/15 | 1,435,416 | ||||||||||||
| 2,319,181 | Corinth Central School District, GO | 1.250 | 12/17/15 | 2,323,124 | ||||||||||||
| 1,225,000 | Hornell City School District, GO | 1.500 | 06/24/16 | 1,232,644 | ||||||||||||
| 1,000,000 | Metropolitan Transportation Authority | 5.000 | 11/15/20 | 1,172,640 | ||||||||||||
| 2,500,000 | i | Metropolitan Transportation Authority | 0.600 | 11/15/39 | 2,481,525 | |||||||||||
| 5,000,000 | New York City Water & Sewer System | 5.250 | 06/15/40 | 5,602,350 | ||||||||||||
| 1,000,000 | New York State Dormitory Authority | 5.000 | 07/01/16 | 1,035,270 | ||||||||||||
| 2,250,000 | New York State Dormitory Authority | 5.000 | 10/01/17 | 2,442,150 | ||||||||||||
| 228 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 5,000,000 | New York State Dormitory Authority | 5.000 | % | 03/15/41 | $ | 5,583,950 | |||||||||
| 2,000,000 | New York State Urban Development Corp | 5.000 | 03/15/20 | 2,320,420 | ||||||||||||
| 2,500,000 | Salmon River Central School District | 2.000 | 07/22/16 | 2,523,825 | ||||||||||||
| 2,895,000 | Scio Central School District, GO | 1.250 | 04/08/16 | 2,904,090 | ||||||||||||
| 4,733,000 | Town of Caneadea NY | 1.125 | 12/15/15 | 4,735,840 | ||||||||||||
| 2,548,981 | Town of East Bloomfield NY, GO | 1.250 | 05/12/16 | 2,556,704 | ||||||||||||
| 1,065,791 | Town of Elba NY, GO | 1.250 | 03/22/16 | 1,067,880 | ||||||||||||
| 2,220,000 | Town of Evans NY, GO | 1.125 | 06/10/16 | 2,225,084 | ||||||||||||
| 1,616,000 | Town of Varick NY | 1.375 | 01/07/16 | 1,617,018 | ||||||||||||
| 2,395,000 | Town of Windham NY, GO | 1.125 | 06/03/16 | 2,399,167 | ||||||||||||
| 5,000,000 | Utica School District | 2.000 | 07/22/16 | 5,030,200 | ||||||||||||
| 2,530,000 | Village of Brocton NY | 1.625 | 07/20/16 | 2,542,726 | ||||||||||||
| 2,000,000 | Village of Tupper Lake NY | 1.375 | 12/16/15 | 2,002,800 | ||||||||||||
| TOTAL NEW YORK | 64,233,620 | |||||||||||||||
| NORTH CAROLINA - 1.3% | ||||||||||||||||
| 900,000 | North Carolina Medical Care Commission | 5.000 | 10/01/18 | 964,413 | ||||||||||||
| 2,000,000 | North Carolina Medical Care Commission | 5.000 | 06/01/34 | 2,195,320 | ||||||||||||
| 1,180,000 | North Carolina Medical Care Commission | 5.000 | 10/01/35 | 1,223,223 | ||||||||||||
| TOTAL NORTH CAROLINA | 4,382,956 | |||||||||||||||
| OHIO - 5.7% | ||||||||||||||||
| 115,000 | American Municipal Power, Inc | 5.250 | 02/15/33 | 124,378 | ||||||||||||
| 1,885,000 | American Municipal Power, Inc | 5.250 | 02/15/33 | 2,086,412 | ||||||||||||
| 5,655,000 | City of Columbus OH | 5.000 | 07/01/24 | 6,998,628 | ||||||||||||
| 3,000,000 | City of Marion OH | 2.000 | 09/08/16 | 3,017,160 | ||||||||||||
| 1,000,000 | Cleveland-Cuyahoga County Port Authority | 5.000 | 08/01/44 | 1,061,270 | ||||||||||||
| 2,000,000 | Northeast Ohio Regional Sewer District | 5.000 | 11/15/44 | 2,260,560 | ||||||||||||
| 1,000,000 | Ohio Air Quality Development Authority | 5.625 | 06/01/18 | 1,066,740 | ||||||||||||
| 1,660,000 | State of Ohio, GO | 5.000 | 01/15/21 | 1,923,542 | ||||||||||||
| 1,000,000 | State of Ohio, GO | 5.000 | 08/01/21 | 1,190,730 | ||||||||||||
| TOTAL OHIO | 19,729,420 | |||||||||||||||
| OKLAHOMA - 0.4% | ||||||||||||||||
| 1,220,000 | Oklahoma Development Finance Authority | 5.000 | 08/15/24 | 1,476,139 | ||||||||||||
| TOTAL OKLAHOMA | 1,476,139 | |||||||||||||||
| PENNSYLVANIA - 2.7% | ||||||||||||||||
| 500,000 | Montgomery County Industrial Development Authority | 3.000 | 01/01/16 | 501,505 | ||||||||||||
| 650,000 | Montgomery County Industrial Development Authority | 3.000 | 01/01/17 | 655,752 | ||||||||||||
| 795,000 | Montgomery County Industrial Development Authority | 3.000 | 01/01/18 | 801,336 | ||||||||||||
| 2,000,000 | Pennsylvania Economic Development Financing Authority | 5.000 | 12/31/25 | 2,259,860 | ||||||||||||
| 2,500,000 | Pennsylvania State University | 5.000 | 03/01/40 | 2,789,000 | ||||||||||||
| 2,000,000 | Philadelphia Gas Works Co | 5.000 | 08/01/25 | 2,326,940 | ||||||||||||
| TOTAL PENNSYLVANIA | 9,334,393 | |||||||||||||||
| RHODE ISLAND - 2.0% | ||||||||||||||||
| 2,000,000 | Rhode Island Health & Educational Building Corp | 5.000 | 09/01/21 | 2,382,940 | ||||||||||||
| 229 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,900,000 | Rhode Island Health & Educational Building Corp | 5.000 | % | 09/01/39 | $ | 2,113,085 | |||||||||
| 2,000,000 | State of Rhode Island, GO | 5.000 | 08/01/21 | 2,354,620 | ||||||||||||
| TOTAL RHODE ISLAND | 6,850,645 | |||||||||||||||
| SOUTH CAROLINA - 0.3% | ||||||||||||||||
| 1,120,000 | Scago Educational Facilities Corp for Colleton School District | 5.000 | 12/01/16 | 1,178,934 | ||||||||||||
| TOTAL SOUTH CAROLINA | 1,178,934 | |||||||||||||||
| TENNESSEE - 3.1% | ||||||||||||||||
| 1,145,000 | Rutherford County Health & Educational Facilities Board | 5.000 | 11/15/40 | 1,263,221 | ||||||||||||
| 2,855,000 | Sullivan County Health Educational & Housing Facilities Board | 5.250 | 09/01/26 | 2,953,269 | ||||||||||||
| 6,000,000 | Sullivan County Health Educational & Housing Facilities Board | 5.250 | 09/01/36 | 6,188,820 | ||||||||||||
| TOTAL TENNESSEE | 10,405,310 | |||||||||||||||
| TEXAS - 7.3% | ||||||||||||||||
| 1,165,000 | City of Frisco TX, GO | 5.500 | 02/15/25 | 1,289,620 | ||||||||||||
| 3,000,000 | State of Texas | 5.000 | 10/01/23 | 3,661,440 | ||||||||||||
| 3,000,000 | i | State of Texas | 2.000 | 08/01/29 | 3,009,210 | |||||||||||
| 2,000,000 | State of Texas, GO | 5.000 | 10/01/21 | 2,389,380 | ||||||||||||
| 435,000 | Tarrant County Cultural Education Facilities Finance Corp | 3.000 | 11/15/17 | 442,947 | ||||||||||||
| 455,000 | Tarrant County Cultural Education Facilities Finance Corp | 4.000 | 11/15/18 | 476,271 | ||||||||||||
| 1,750,000 | Tarrant County Cultural Education Facilities Finance Corp | 5.000 | 11/15/35 | 1,836,328 | ||||||||||||
| 1,000,000 | Tarrant County Cultural Education Facilities Finance Corp | 5.000 | 11/15/36 | 1,042,690 | ||||||||||||
| 1,000,000 | Tarrant County Cultural Education Facilities Finance Corp | 5.000 | 11/15/42 | 1,058,920 | ||||||||||||
| 1,400,000 | Texas Municipal Gas Acquisition & Supply Corp III | 5.000 | 12/15/22 | 1,596,448 | ||||||||||||
| 1,545,000 | Texas Municipal Gas Acquisition & Supply Corp III | 5.000 | 12/15/32 | 1,659,655 | ||||||||||||
| 5,000,000 | Texas Transportation Commission State Highway Fund | 5.000 | 10/01/23 | 6,102,400 | ||||||||||||
| TOTAL TEXAS | 24,565,309 | |||||||||||||||
| VIRGINIA - 0.2% | ||||||||||||||||
| 200,000 | Alexandria Industrial Development Authority | 2.000 | 10/01/16 | 202,042 | ||||||||||||
| 250,000 | Alexandria Industrial Development Authority | 3.000 | 10/01/17 | 257,370 | ||||||||||||
| TOTAL VIRGINIA | 459,412 | |||||||||||||||
| WASHINGTON - 4.5% | ||||||||||||||||
| 1,955,000 | Energy Northwest | 5.000 | 07/01/23 | 2,327,193 | ||||||||||||
| 3,150,000 | Port of Seattle WA | 5.500 | 09/01/17 | 3,432,555 | ||||||||||||
| 2,000,000 | Skagit County Public Hospital District No | 5.625 | 12/01/25 | 2,156,560 | ||||||||||||
| 2,150,000 | State of Washington | 5.000 | 08/01/38 | 2,435,735 | ||||||||||||
| 3,000,000 | State of Washington, GO | 5.250 | 02/01/22 | 3,631,770 | ||||||||||||
| 1,240,000 | h | WBRP 3.2 | 5.000 | 01/01/25 | 1,512,428 | |||||||||||
| TOTAL WASHINGTON | 15,496,241 | |||||||||||||||
| WEST VIRGINIA - 0.5% | ||||||||||||||||
| 1,500,000 | City of Princeton WV | 5.000 | 05/01/21 | 1,699,740 | ||||||||||||
| TOTAL WEST VIRGINIA | 1,699,740 | |||||||||||||||
| 230 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| VALUE | ||||||||||||||||
| TOTAL LONG-TERM MUNICIPAL BONDS | $ | 319,683,510 | ||||||||||||||
| (Cost $314,584,785) | ||||||||||||||||
| TOTAL INVESTMENTS - 93.4% | 319,683,510 | |||||||||||||||
| (Cost $314,584,785) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 6.6% | 22,604,188 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 342,287,698 | ||||||||||||||
| Abbreviation(s): | |||
| 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. | ||
| 231 |
TIAA-CREF FUNDS - Money Market Fund
TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2015
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 100.0% | ||||||||||||||||
| ASSET BACKED - 0.0% | ||||||||||||||||
| $ | 334,807 | Honda Auto Receivables Owner Trust | 0.240 | % | 02/16/16 | $ | 334,807 | |||||||||
| TOTAL ASSET BACKED | 334,807 | |||||||||||||||
| CERTIFICATE OF DEPOSIT - 3.8% | ||||||||||||||||
| 5,000,000 | Banco Del Estado De Chile | 0.240 | 10/08/15 | 5,000,000 | ||||||||||||
| 5,000,000 | Banco Del Estado De Chile | 0.270 | 11/19/15 | 5,000,000 | ||||||||||||
| 3,000,000 | Banco Del Estado De Chile | 0.300 | 12/11/15 | 3,000,000 | ||||||||||||
| 5,000,000 | Banco Del Estado De Chile | 0.280 | 12/22/15 | 5,000,000 | ||||||||||||
| 3,000,000 | Toronto Dominion Bank NY | 0.220 | 10/05/15 | 3,000,000 | ||||||||||||
| 4,000,000 | Toronto Dominion Bank NY | 0.250 | 12/04/15 | 4,000,000 | ||||||||||||
| 4,000,000 | Toronto-Dominion Bank NY | 0.300 | 01/04/16 | 4,000,000 | ||||||||||||
| TOTAL CERTIFICATE OF DEPOSIT | 29,000,000 | |||||||||||||||
| COMMERCIAL PAPER - 41.2% | ||||||||||||||||
| 3,000,000 | American Honda Finance Corp | 0.170 | 10/22/15 | 2,999,702 | ||||||||||||
| 2,000,000 | American Honda Finance Corp | 0.210 | 11/06/15 | 1,999,580 | ||||||||||||
| 12,000,000 | American Honda Finance Corp | 0.190 | 11/23/15 | 11,996,643 | ||||||||||||
| 4,450,000 | y | Apple, Inc | 0.100 | 10/05/15 | 4,449,951 | |||||||||||
| 3,000,000 | y | Apple, Inc | 0.100 | 10/16/15 | 2,999,875 | |||||||||||
| 4,000,000 | y | Apple, Inc | 0.150 | 10/20/15 | 3,999,683 | |||||||||||
| 10,000,000 | y | Apple, Inc | 0.100 | 10/21/15 | 9,999,444 | |||||||||||
| 8,000,000 | y | Apple, Inc | 0.140-0.200 | 11/03/15 | 7,998,808 | |||||||||||
| 1,115,000 | y | Australia & New Zealand Banking Group Ltd | 0.270 | 10/26/15 | 1,114,791 | |||||||||||
| 4,000,000 | y | Australia & New Zealand Banking Group Ltd | 0.305 | 12/03/15 | 3,997,865 | |||||||||||
| 4,000,000 | y | Australia & New Zealand Banking Group Ltd | 0.310 | 12/04/15 | 3,997,796 | |||||||||||
| 1,315,000 | y | Australia & New Zealand Banking Group Ltd | 0.360 | 12/17/15 | 1,313,987 | |||||||||||
| 3,000,000 | Bank of Tokyo-Mitsubishi UFJ Ltd | 0.210 | 10/27/15 | 2,999,545 | ||||||||||||
| 3,770,000 | y | Bedford Row Funding Corp | 0.260 | 11/10/15 | 3,768,911 | |||||||||||
| 5,000,000 | y | Bedford Row Funding Corp | 0.260 | 11/13/15 | 4,998,447 | |||||||||||
| 1,375,000 | y | Bedford Row Funding Corp | 0.380 | 01/04/16 | 1,373,621 | |||||||||||
| 2,100,000 | y | CAFCO LLC | 0.285-0.290 | 11/05/15 | 2,099,416 | |||||||||||
| 5,000,000 | y | CAFCO LLC | 0.290 | 12/09/15 | 4,997,221 | |||||||||||
| 4,941,000 | y | Chevron Corp | 0.130 | 10/06/15 | 4,940,911 | |||||||||||
| 2,000,000 | y | Chevron Corp | 0.210 | 11/10/15 | 1,999,533 | |||||||||||
| 2,630,000 | y | Chevron Corp | 0.200 | 12/22/15 | 2,628,802 | |||||||||||
| 475,000 | y | Ciesco LLC | 0.430 | 12/02/15 | 474,648 | |||||||||||
| 1,840,000 | y | Coca-Cola Co | 0.160 | 11/17/15 | 1,839,616 | |||||||||||
| 3,480,000 | y | Commonwealth Bank of Australia | 0.245 | 10/02/15 | 3,479,976 | |||||||||||
| 2,000,000 | y | Commonwealth Bank of Australia | 0.255 | 11/10/15 | 1,999,433 | |||||||||||
| 1,225,000 | y | DBS Bank Ltd | 0.250-0.300 | 10/05/15 | 1,224,962 | |||||||||||
| 1,305,000 | y | DBS Bank Ltd | 0.260 | 11/24/15 | 1,304,491 | |||||||||||
| 1,140,000 | Exxon Mobil Corp | 0.110 | 10/07/15 | 1,139,979 | ||||||||||||
| 6,500,000 | Exxon Mobil Corp | 0.110 | 10/19/15 | 6,499,643 | ||||||||||||
| 5,000,000 | Exxon Mobil Corp | 0.145 | 10/26/15 | 4,999,497 | ||||||||||||
| 232 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,270,000 | y | Fairway Finance LLC | 0.235 | % | 11/09/15 | $ | 1,269,677 | ||||||||
| 5,000,000 | General Electric Capital Corp | 0.240 | 12/08/15 | 4,997,733 | ||||||||||||
| 5,000,000 | y | Hydro-Quebec | 0.140 | 10/01/15 | 5,000,000 | |||||||||||
| 1,500,000 | y | Hydro-Quebec | 0.160 | 12/01/15 | 1,499,593 | |||||||||||
| 4,000,000 | y | Johnson & Johnson | 0.130 | 10/29/15 | 3,999,596 | |||||||||||
| 2,000,000 | y | Johnson & Johnson | 0.120 | 11/02/15 | 1,999,787 | |||||||||||
| 106,000 | JPMorgan Chase Bank NA | 0.270 | 10/09/15 | 105,994 | ||||||||||||
| 150,000 | JPMorgan Chase Bank NA | 0.270 | 10/14/15 | 149,985 | ||||||||||||
| 108,000 | JPMorgan Chase Bank NA | 0.280 | 10/19/15 | 107,985 | ||||||||||||
| 188,000 | JPMorgan Chase Bank NA | 0.270 | 10/29/15 | 187,961 | ||||||||||||
| 523,000 | JPMorgan Chase Bank NA | 0.350 | 11/09/15 | 522,802 | ||||||||||||
| 382,000 | JPMorgan Chase Bank NA | 0.350-0.360 | 11/16/15 | 381,828 | ||||||||||||
| 188,000 | JPMorgan Chase Bank NA | 0.370 | 11/17/15 | 187,909 | ||||||||||||
| 166,000 | JPMorgan Chase Bank NA | 0.370 | 11/30/15 | 165,898 | ||||||||||||
| 691,000 | JPMorgan Chase Bank NA | 0.400 | 12/16/15 | 690,416 | ||||||||||||
| 853,000 | JPMorgan Chase Bank NA | 0.420 | 12/28/15 | 852,124 | ||||||||||||
| 627,000 | JPMorgan Chase Bank NA | 0.410 | 12/31/15 | 626,350 | ||||||||||||
| 707,000 | JPMorgan Chase Bank NA | 0.410-0.440 | 01/04/16 | 706,218 | ||||||||||||
| 2,500,000 | y | Jupiter Securitization Co LLC | 0.160 | 10/09/15 | 2,499,911 | |||||||||||
| 810,000 | y | Jupiter Securitization Co LLC | 0.270 | 11/05/15 | 809,787 | |||||||||||
| 4,500,000 | Korea Development Bank | 0.220-0.260 | 10/19/15 | 4,499,489 | ||||||||||||
| 2,000,000 | Korea Development Bank | 0.265 | 10/30/15 | 1,999,573 | ||||||||||||
| 1,500,000 | Korea Development Bank | 0.240 | 11/06/15 | 1,499,640 | ||||||||||||
| 3,000,000 | Korea Development Bank | 0.240 | 11/13/15 | 2,999,140 | ||||||||||||
| 2,000,000 | Korea Development Bank | 0.240 | 11/24/15 | 1,999,280 | ||||||||||||
| 4,600,000 | Korea Development Bank | 0.290 | 12/21/15 | 4,596,999 | ||||||||||||
| 19,700,000 | y | Liberty Street Funding LLC | 0.210 | 10/28/15 | 19,696,897 | |||||||||||
| 3,000,000 | y | Microsoft Corp | 0.120 | 10/08/15 | 2,999,930 | |||||||||||
| 4,000,000 | y | Microsoft Corp | 0.180 | 12/09/15 | 3,998,620 | |||||||||||
| 2,500,000 | y | National Australia Bank Ltd | 0.155-0.210 | 10/08/15 | 2,499,909 | |||||||||||
| 5,000,000 | y | National Australia Bank Ltd | 0.150 | 10/13/15 | 4,999,750 | |||||||||||
| 5,000,000 | y | National Australia Bank Ltd | 0.225 | 11/02/15 | 4,999,000 | |||||||||||
| 4,215,000 | y | National Australia Bank Ltd | 0.310 | 11/24/15 | 4,213,040 | |||||||||||
| 250,000 | y | National Australia Bank Ltd | 0.220 | 12/29/15 | 249,864 | |||||||||||
| 5,250,000 | y | Nestle Capital Corp | 0.135 | 10/14/15 | 5,249,744 | |||||||||||
| 2,600,000 | y | Nestle Capital Corp | 0.135 | 10/27/15 | 2,599,747 | |||||||||||
| 4,600,000 | y | Nestle Capital Corp | 0.335 | 01/19/16 | 4,595,291 | |||||||||||
| 2,000,000 | y | Novartis Finance Corp | 0.100 | 10/08/15 | 1,999,961 | |||||||||||
| 1,125,000 | y | Old Line Funding LLC | 0.200 | 10/20/15 | 1,124,881 | |||||||||||
| 1,000,000 | Oversea-Chinese Banking Corp Ltd | 0.280 | 11/12/15 | 999,673 | ||||||||||||
| 2,100,000 | PACCAR Financial Corp | 0.160 | 10/27/15 | 2,099,757 | ||||||||||||
| 6,450,000 | PACCAR Financial Corp | 0.230 | 12/18/15 | 6,446,786 | ||||||||||||
| 5,000,000 | y | Pfizer, Inc | 0.160 | 11/12/15 | 4,999,067 | |||||||||||
| 2,000,000 | y | Pfizer, Inc | 0.270 | 12/17/15 | 1,998,845 | |||||||||||
| 5,000,000 | Province of British Columbia Canada | 0.195 | 11/25/15 | 4,998,510 | ||||||||||||
| 2,000,000 | Province of British Columbia Canada | 0.180 | 11/27/15 | 1,999,430 | ||||||||||||
| 4,000,000 | Province of British Columbia Canada | 0.215 | 12/07/15 | 3,998,399 | ||||||||||||
| 430,000 | Province of British Columbia Canada | 0.250 | 01/20/16 | 429,669 | ||||||||||||
| 10,000,000 | Province of Ontario Canada | 0.140 | 10/23/15 | 9,999,144 | ||||||||||||
| 5,000,000 | Province of Ontario Canada | 0.180 | 12/16/15 | 4,998,100 | ||||||||||||
| 13,000,000 | y | Province of Quebec Canada | 0.170 | 11/20/15 | 12,996,931 | |||||||||||
| 3,000,000 | y | Province of Quebec Canada | 0.180 | 12/17/15 | 2,998,845 | |||||||||||
| 233 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,175,000 | y | PSP Capital, Inc | 0.140 | % | 10/05/15 | $ | 2,174,966 | ||||||||
| 3,500,000 | y | PSP Capital, Inc | 0.170 | 10/06/15 | 3,499,918 | |||||||||||
| 5,500,000 | y | PSP Capital, Inc | 0.170-0.175 | 10/13/15 | 5,499,680 | |||||||||||
| 5,000,000 | y | PSP Capital, Inc | 0.190 | 10/15/15 | 4,998,760 | |||||||||||
| 2,000,000 | y | PSP Capital, Inc | 0.250 | 11/09/15 | 1,999,459 | |||||||||||
| 4,000,000 | y | PSP Capital, Inc | 0.240 | 11/10/15 | 3,998,933 | |||||||||||
| 375,000 | y | PSP Capital, Inc | 0.215 | 11/19/15 | 374,890 | |||||||||||
| 1,000,000 | y | PSP Capital, Inc | 0.250 | 11/30/15 | 999,583 | |||||||||||
| 5,000,000 | Royal Bank of Canada | 0.190 | 11/04/15 | 4,999,103 | ||||||||||||
| 1,735,000 | y | Svenska Handelsbanken AB | 0.170 | 10/02/15 | 1,734,992 | |||||||||||
| 3,000,000 | Toyota Motor Credit Corp | 0.220 | 10/22/15 | 2,999,615 | ||||||||||||
| 4,000,000 | y | Unilever Capital Corp | 0.160-0.170 | 10/05/15 | 3,999,928 | |||||||||||
| 3,000,000 | y | Unilever Capital Corp | 0.150 | 10/13/15 | 2,999,850 | |||||||||||
| 5,000,000 | y | United Overseas Bank Ltd | 0.250 | 10/09/15 | 4,999,722 | |||||||||||
| TOTAL COMMERCIAL PAPER | 317,461,641 | |||||||||||||||
| GOVERNMENT AGENCY DEBT - 26.6% | ||||||||||||||||
| 693,000 | Federal Farm Credit Bank (FFCB) | 0.110 | 10/27/15 | 692,945 | ||||||||||||
| 7,285,000 | Federal Home Loan Bank (FHLB) | 0.090-0.150 | 10/02/15 | 7,284,980 | ||||||||||||
| 935,000 | FHLB | 0.110 | 10/05/15 | 934,989 | ||||||||||||
| 20,150,000 | FHLB | 0.080-0.110 | 10/07/15 | 20,149,676 | ||||||||||||
| 2,000,000 | FHLB | 0.080 | 10/08/15 | 1,999,969 | ||||||||||||
| 2,775,000 | FHLB | 0.090-0.100 | 10/09/15 | 2,774,943 | ||||||||||||
| 200,000 | FHLB | 0.130 | 10/13/15 | 199,991 | ||||||||||||
| 7,100,000 | FHLB | 0.090-0.125 | 10/14/15 | 7,099,728 | ||||||||||||
| 9,945,000 | FHLB | 0.095-0.150 | 10/16/15 | 9,944,535 | ||||||||||||
| 3,331,000 | FHLB | 0.095-0.155 | 10/19/15 | 3,330,776 | ||||||||||||
| 3,000,000 | FHLB | 0.135 | 10/20/15 | 2,999,786 | ||||||||||||
| 500,000 | FHLB | 0.160 | 10/21/15 | 499,955 | ||||||||||||
| 535,000 | FHLB | 0.150-0.160 | 10/23/15 | 534,950 | ||||||||||||
| 2,000,000 | FHLB | 0.160 | 10/26/15 | 1,999,778 | ||||||||||||
| 2,500,000 | FHLB | 0.142 | 10/28/15 | 2,499,734 | ||||||||||||
| 10,000,000 | FHLB | 0.125 | 10/30/15 | 9,998,993 | ||||||||||||
| 6,375,000 | FHLB | 0.100-0.165 | 11/02/15 | 6,374,280 | ||||||||||||
| 1,200,000 | FHLB | 0.175-0.180 | 11/03/15 | 1,199,804 | ||||||||||||
| 2,000,000 | FHLB | 0.170 | 11/04/15 | 1,999,679 | ||||||||||||
| 8,300,000 | FHLB | 0.160-0.175 | 11/06/15 | 8,298,618 | ||||||||||||
| 11,200,000 | FHLB | 0.105-0.165 | 11/09/15 | 11,198,596 | ||||||||||||
| 3,000,000 | FHLB | 0.055-0.200 | 11/13/15 | 2,999,630 | ||||||||||||
| 10,970,000 | FHLB | 0.173-0.225 | 11/16/15 | 10,967,311 | ||||||||||||
| 2,290,000 | FHLB | 0.110 | 11/18/15 | 2,289,664 | ||||||||||||
| 10,000,000 | FHLB | 0.100 | 11/24/15 | 9,998,500 | ||||||||||||
| 2,000,000 | FHLB | 0.195 | 11/25/15 | 1,999,404 | ||||||||||||
| 3,400,000 | FHLB | 0.200 | 12/01/15 | 3,398,848 | ||||||||||||
| 3,000,000 | FHLB | 0.135 | 12/02/15 | 2,999,302 | ||||||||||||
| 9,000,000 | FHLB | 0.130 | 12/03/15 | 8,997,953 | ||||||||||||
| 1,219,000 | FHLB | 0.210 | 12/04/15 | 1,218,545 | ||||||||||||
| 2,000,000 | FHLB | 0.230 | 12/11/15 | 1,999,093 | ||||||||||||
| 2,380,000 | FHLB | 0.235-0.270 | 12/23/15 | 2,378,567 | ||||||||||||
| 3,000,000 | FHLB | 0.160 | 12/30/15 | 2,998,800 | ||||||||||||
| 2,615,000 | FHLB | 0.280 | 01/26/16 | 2,612,620 | ||||||||||||
| 900,000 | FHLB | 0.310 | 02/05/16 | 899,016 | ||||||||||||
| 234 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 800,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.100 | % | 10/02/15 | $ | 799,998 | |||||||||
| 320,000 | FHLMC | 0.160 | 10/06/15 | 319,993 | ||||||||||||
| 783,000 | FHLMC | 0.120-0.150 | 10/19/15 | 782,948 | ||||||||||||
| 596,000 | FHLMC | 0.130 | 10/20/15 | 595,959 | ||||||||||||
| 3,000,000 | FHLMC | 0.155 | 11/03/15 | 2,999,574 | ||||||||||||
| 2,000,000 | FHLMC | 0.165 | 11/05/15 | 1,999,679 | ||||||||||||
| 500,000 | FHLMC | 0.280 | 12/02/15 | 499,759 | ||||||||||||
| 540,000 | FHLMC | 0.155 | 12/04/15 | 539,851 | ||||||||||||
| 4,500,000 | FHLMC | 0.130 | 12/15/15 | 4,498,781 | ||||||||||||
| 1,180,000 | FHLMC | 0.150 | 12/16/15 | 1,179,626 | ||||||||||||
| 250,000 | FHLMC | 0.150 | 12/28/15 | 249,909 | ||||||||||||
| 2,000,000 | FHLMC | 0.270 | 01/11/16 | 1,998,470 | ||||||||||||
| 2,000,000 | FHLMC | 0.320 | 02/12/16 | 1,997,618 | ||||||||||||
| 1,076,000 | Federal National Mortgage Association (FNMA) | 0.115 | 10/07/15 | 1,075,979 | ||||||||||||
| 2,500,000 | FNMA | 0.130 | 10/26/15 | 2,499,774 | ||||||||||||
| 486,000 | FNMA | 0.170 | 11/03/15 | 485,924 | ||||||||||||
| 4,500,000 | FNMA | 0.160 | 11/04/15 | 4,499,320 | ||||||||||||
| 1,000,000 | FNMA | 0.185 | 11/16/15 | 999,764 | ||||||||||||
| 1,792,000 | FNMA | 0.155-0.175 | 11/18/15 | 1,791,598 | ||||||||||||
| 1,200,000 | FNMA | 0.180 | 11/19/15 | 1,199,706 | ||||||||||||
| 720,000 | FNMA | 0.180 | 11/25/15 | 719,802 | ||||||||||||
| 3,000,000 | FNMA | 0.200 | 12/02/15 | 2,998,967 | ||||||||||||
| 3,500,000 | FNMA | 0.260 | 12/07/15 | 3,498,306 | ||||||||||||
| 3,000,000 | FNMA | 0.248 | 12/16/15 | 2,998,429 | ||||||||||||
| 1,572,000 | FNMA | 0.140-0.220 | 12/23/15 | 1,571,479 | ||||||||||||
| 655,000 | FNMA | 0.320 | 01/13/16 | 654,395 | ||||||||||||
| 1,020,000 | FNMA | 0.255 | 01/27/16 | 1,019,148 | ||||||||||||
| 2,600,000 | FNMA | 0.220 | 02/10/16 | 2,597,903 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 204,846,617 | |||||||||||||||
| TREASURY DEBT - 16.5% | ||||||||||||||||
| 800,000 | United States Treasury Bill | 0.101 | 10/01/15 | 800,000 | ||||||||||||
| 6,650,000 | United States Treasury Bill | 0.040-0.090 | 10/22/15 | 6,649,710 | ||||||||||||
| 5,835,000 | United States Treasury Bill | 0.040-0.062 | 10/29/15 | 5,834,756 | ||||||||||||
| 5,445,000 | United States Treasury Bill | 0.046-0.079 | 11/05/15 | 5,444,654 | ||||||||||||
| 5,050,000 | United States Treasury Bill | 0.058-0.160 | 11/12/15 | 5,049,450 | ||||||||||||
| 2,085,000 | United States Treasury Bill | 0.078-0.105 | 11/19/15 | 2,084,705 | ||||||||||||
| 2,000,000 | United States Treasury Bill | 0.095 | 11/27/15 | 1,999,699 | ||||||||||||
| 6,000,000 | United States Treasury Bill | 0.068-0.106 | 12/03/15 | 5,999,157 | ||||||||||||
| 1,100,000 | United States Treasury Bill | 0.041-0.076 | 12/10/15 | 1,099,844 | ||||||||||||
| 1,000,000 | United States Treasury Bill | 0.081 | 12/17/15 | 999,827 | ||||||||||||
| 3,035,000 | United States Treasury Bill | 0.061-0.176 | 12/24/15 | 3,034,222 | ||||||||||||
| 3,375,000 | United States Treasury Bill | 0.064-0.150 | 01/07/16 | 3,374,354 | ||||||||||||
| 3,140,000 | United States Treasury Bill | 0.126 | 01/14/16 | 3,138,846 | ||||||||||||
| 400,000 | United States Treasury Bill | 0.095 | 01/28/16 | 399,874 | ||||||||||||
| 3,000,000 | United States Treasury Bill | 0.196-0.217 | 02/04/16 | 2,997,839 | ||||||||||||
| 1,620,000 | United States Treasury Bill | 0.155-0.229 | 02/11/16 | 1,618,949 | ||||||||||||
| 50,000 | United States Treasury Bill | 0.032 | 02/18/16 | 49,994 | ||||||||||||
| 3,890,000 | United States Treasury Bill | 0.235-0.249 | 03/03/16 | 3,886,038 | ||||||||||||
| 1,770,000 | United States Treasury Bill | 0.246-0.257 | 03/10/16 | 1,767,983 | ||||||||||||
| 7,000,000 | United States Treasury Note | 0.250 | 10/15/15 | 7,000,145 | ||||||||||||
| 1,000,000 | United States Treasury Note | 0.375 | 11/15/15 | 1,000,354 | ||||||||||||
| 235 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 8,500,000 | United States Treasury Note | 0.250 | % | 11/30/15 | $ | 8,501,404 | |||||||||
| 6,855,000 | United States Treasury Note | 0.250 | 12/15/15 | 6,856,458 | ||||||||||||
| 3,000,000 | United States Treasury Note | 0.250 | 12/31/15 | 3,000,725 | ||||||||||||
| 7,260,000 | United States Treasury Note | 0.375 | 01/15/16 | 7,264,311 | ||||||||||||
| 1,000,000 | United States Treasury Note | 0.375 | 01/31/16 | 1,000,770 | ||||||||||||
| 2,000,000 | United States Treasury Note | 0.375 | 02/15/16 | 2,001,722 | ||||||||||||
| 5,200,000 | United States Treasury Note | 0.250 | 02/29/16 | 5,200,774 | ||||||||||||
| 7,025,000 | United States Treasury Note | 0.375 | 03/15/16 | 7,028,573 | ||||||||||||
| 6,000,000 | United States Treasury Note | 0.375 | 03/31/16 | 6,004,366 | ||||||||||||
| 6,600,000 | United States Treasury Note | 0.250 | 04/15/16 | 6,601,430 | ||||||||||||
| 4,340,000 | United States Treasury Note | 0.375 | 05/31/16 | 4,343,518 | ||||||||||||
| 1,475,000 | United States Treasury Note | 0.500 | 06/15/16 | 1,476,487 | ||||||||||||
| 2,000,000 | United States Treasury Note | 0.500 | 06/30/16 | 2,003,814 | ||||||||||||
| 1,710,000 | United States Treasury Note | 0.625 | 07/15/16 | 1,713,316 | ||||||||||||
| TOTAL TREASURY DEBT | 127,228,068 | |||||||||||||||
| VARIABLE RATE SECURITIES - 11.9% | ||||||||||||||||
| 8,500,000 | i | Federal Farm Credit Bank (FFCB) | 0.135 | 10/01/15 | 8,500,000 | |||||||||||
| 6,000,000 | i | FFCB | 0.140 | 03/29/16 | 5,998,800 | |||||||||||
| 5,000,000 | i | FFCB | 0.186 | 04/21/16 | 4,999,584 | |||||||||||
| 4,000,000 | i | FFCB | 0.280 | 06/09/16 | 4,002,650 | |||||||||||
| 5,000,000 | i | FFCB | 0.170 | 06/23/16 | 4,999,263 | |||||||||||
| 5,000,000 | i | FFCB | 0.173 | 08/10/16 | 4,999,362 | |||||||||||
| 3,000,000 | i | FFCB | 0.170 | 01/13/17 | 3,000,000 | |||||||||||
| 6,800,000 | i | FFCB | 0.176 | 01/24/17 | 6,799,577 | |||||||||||
| 3,500,000 | i | FFCB | 0.199 | 03/02/17 | 3,500,014 | |||||||||||
| 2,000,000 | i | FFCB | 0.250 | 03/09/17 | 1,998,835 | |||||||||||
| 14,000,000 | i | FFCB | 0.202 | 06/15/17 | 13,997,693 | |||||||||||
| 3,000,000 | i | FFCB | 0.187 | 07/17/17 | 2,999,635 | |||||||||||
| 5,000,000 | i | Federal Home Loan Bank (FHLB) | 0.186 | 02/17/17 | 4,997,397 | |||||||||||
| 5,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | 0.211 | 07/21/16 | 4,999,586 | |||||||||||
| 5,000,000 | i | FHLMC | 0.211 | 01/13/17 | 4,999,353 | |||||||||||
| 5,000,000 | i | Federal National Mortgage Association (FNMA) | 0.219 | 08/16/17 | 4,999,051 | |||||||||||
| 3,000,000 | i | General Electric Capital Corp | 0.264 | 12/29/15 | 3,000,000 | |||||||||||
| 3,000,000 | i | Wells Fargo Bank NA | 0.320 | 03/10/16 | 3,000,000 | |||||||||||
| TOTAL VARIABLE RATE SECURITIES | 91,790,800 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 770,661,933 | |||||||||||||||
| (Cost $770,661,933) | ||||||||||||||||
| TOTAL INVESTMENTS- 100.0% | 770,661,933 | |||||||||||||||
| (Cost $770,661,933) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% | 93,401 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 770,755,334 | ||||||||||||||
| 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 9/30/2015, the aggregate value of these securities was $213,581,542 or 27.7% of net assets. | ||
| 236 |
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 19, 2015 | 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 19, 2015 | By: | /s/Robert G. Leary | |
| Robert G. Leary | |||
| President and Principal Executive Officer | |||
| (principal executive officer) | |||
| Dated: November 19, 2015 | 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