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, North Carolina 28262-8500
(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2016

Item 1. Reports to Stockholders.

2016 Annual Report

March 31, 2016

TIAA-CREF
Real Estate Securities Fund

of the TIAA-CREF Funds

Contents
Understanding your fund report	2
Information for investors	3
Important information about expenses	4
About the fund’s benchmark	6
Fund performance
Real Estate Securities Fund	7
Portfolio of investments	10
Audited financial statements
Statement of assets and liabilities	13
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	18
Notes to financial statements	20
Report of independent registered public accounting firm	28
Renewal of investment management agreement	29
Trustees and officers	36
Important tax information	42
How to reach us	Inside back cover

Understanding your fund report

This annual report contains information about the Real Estate Securities Fund and describes the fund’s results for the twelve months ended March 31, 2016. The report contains three main sections:

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

• The portfolio of investments lists the issuers, industries and types of securities in which the Real Estate Securities Fund had investments as of March 31, 2016.

• 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.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Information for investors

Portfolio holdings

The complete portfolio of investments for the Real Estate Securities Fund begins on page 10 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.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.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

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, 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  ■  2016 Annual Report 3

Important information about expenses

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2015–March 31, 2016).

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 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Important information about expenses

Expense example

Six months ended March 31, 2016

					Expenses paid
	Beginning		Ending		during period		*
	account value		account value		(10/1/15–
Real Estate Securities Fund	(10/1/15)		(3/31/16)		3/31/16)
Institutional Class
Actual return		$1,000.00		$1,116.50		$2.43
5% annual hypothetical return		1,000.00		1,022.70		2.33
Advisor Class†
Actual return		1,000.00		1,063.67		2.03
5% annual hypothetical return		1,000.00		1,021.95		3.08
Premier Class
Actual return		1,000.00		1,114.89		3.23
5% annual hypothetical return		1,000.00		1,021.95		3.08
Retirement Class
Actual return		1,000.00		1,114.45		3.75
5% annual hypothetical return		1,000.00		1,021.45		3.59
Retail Class
Actual return		1,000.00		1,114.12		4.02
5% annual hypothetical return		1,000.00		1,021.20		3.84

*

“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 March 31, 2016. The fund’s annualized six-month expense ratio for that period was 0.46% for the Institutional Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.76% 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.61% for the Advisor Class.

TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 5

About the fund’s benchmark

The FTSE NAREIT All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. For additional details about the benchmark index, please see the fund’s prospectus.

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

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

6 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2016

The Real Estate Securities Fund returned 3.76% for the Institutional Class, compared with the 4.66% return of its benchmark, the FTSE NAREIT All Equity REITs Index. The table on the following page shows returns for all share classes of the fund.

REITs produce positive returns in a volatile period

After advancing 22.68% for the twelve months ended March 31, 2015, REITs (real estate investment trusts), as measured by the benchmark index, dropped sharply early in the reporting period, largely due to uncertainties regarding the Federal Reserve’s timetable for hiking interest rates. However, the asset class began to rally in the second half of 2015, supported by favorable operating fundamentals and improved earnings. Returns for REITs weakened in the first two months of 2016, but surged in March, producing a double-digit gain.

For the twelve months, the benchmark outperformed the –0.34% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and the 1.96% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ending March 31, 2016, the benchmark generated an average annual return of 6.52%, versus 6.90% for the Russell 3000 Index and 4.90% for the Barclays aggregate index.

Sectors post mixed results

Among the benchmark’s 16 property sectors and subsectors, nine rose, three finished flat and four fell for the period. The best performers were self-storage (up 42.8%), manufactured homes (up 24.2%) and free-standing retail (up 17.0%). Investors favored free-standing retail REITs for their relatively stable and above-average dividend yields in a period of low and declining bond yields. Lodging/resorts (down 16.1%) and health care (down 6.5%) performed worst.

Fund rises but trails its benchmark

The fund’s position in nonbenchmark stock NorthStar Asset Management Group detracted most from relative performance. The fund’s overweights in NorthStar Realty Finance and office REIT SL Green Realty, an underweight in Digital Realty Trust and the absence of benchmark holding Realty Income Corporation also detracted from the fund’s relative return.

By contrast, the fund’s performance, relative to the benchmark, was helped by an underweight in health care REIT HCP and overweights in Rexford Industrial Realty and self-storage industrial REIT CubeSmart. During the period, the fund also owned the stocks of several companies that are not REITs, but that engage in activity related to real estate.

TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 7

Real Estate Securities Fund

Performance as of March 31, 2016

		Total			Average annual
		return			total return
Real Estate Securities Fund	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		3.76	%		11.25	%	6.03	%
Advisor Class	12/4/2015		3.70	*		11.24	*	6.03	*
Premier Class	9/30/2009		3.54			11.08		5.93	*
Retirement Class	10/1/2002		3.42			10.97		5.80
Retail Class	10/1/2002		3.40			10.88		5.80
FTSE NAREIT All Equity REITs Index	—		4.66			11.56		6.52

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 Advisor and Premier Classes that is prior to their relative 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 Advisor and Premier Classes. If those higher expenses had been reflected, the performance of the Advisor and Premier Classes shown for these periods would have been lower.

$10,000 over 10 years

Institutional Class

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

8 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Portfolio composition
	% of net assets
Industry	as of 3/31/2016
Specialized REITs		25.9
Residential REITs		19.4
Retail REITs		19.3
Office REITs		10.6
Industrial REITs		9.2
Diversified REITs		7.4
Real estate services		1.8
Asset management & custody banks		0.8
Mortgage REITs		0.7
Diversified real estate activities		0.4
Short-term investments, other assets & liabilities, net		4.5
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization		as of 3/31/2016
More than $50 billion		9.7
More than $15 billion–$50 billion		48.6
More than $2 billion–$15 billion		35.0
$2 billion or less		6.7
Total		100.0

TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 9

Portfolio of investments

Real Estate Securities Fund  ■  March 31, 2016

Shares			Company	Value
COMMON STOCKS—95.5%
ASSET MANAGEMENT & CUSTODY BANKS—0.8%
	1,400,000		NorthStar Asset Management Group, Inc	$	15,890,000
			TOTAL ASSET MANAGEMENT & CUSTODY BANKS		15,890,000
DIVERSIFIED REAL ESTATE ACTIVITIES—0.4%
	1,400,000		Wharf Holdings Ltd		7,668,465
			TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES		7,668,465
DIVERSIFIED REITS—7.4%
	3,200,000		Gramercy Property Trust		27,040,000
	800,000		iShares Dow Jones US Real Estate Index Fund		62,288,000
	2,500,000		NorthStar Realty Finance Corp		32,800,000
	1,750,000		Spirit Realty Capital, Inc		19,687,500
			TOTAL DIVERSIFIED REITS		141,815,500
INDUSTRIAL REITS—9.2%
	1,900,000		Prologis, Inc		83,942,000
	3,350,000	a	Rexford Industrial Realty, Inc		60,836,000
	1,350,000		Terreno Realty Corp		31,657,500
			TOTAL INDUSTRIAL REITS		176,435,500
MORTGAGE REITS—0.7%
	750,000		Starwood Property Trust, Inc		14,197,500
			TOTAL MORTGAGE REITS		14,197,500
OFFICE REITS—10.6%
	550,000		Boston Properties, Inc		69,894,000
	375,000		Hudson Pacific Properties		10,845,000
	500,000		Kilroy Realty Corp		30,935,000
	1,000,000		NorthStar Realty Europe Corp		11,600,000
	500,000		SL Green Realty Corp		48,440,000
	350,000		Vornado Realty Trust		33,050,500
			TOTAL OFFICE REITS		204,764,500
REAL ESTATE SERVICES—1.8%
	850,000		Kennedy-Wilson Holdings, Inc		18,615,000
	200,000		Vanguard REIT ETF		16,760,000
			TOTAL REAL ESTATE SERVICES		35,375,000

10 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Portfolio of investments continued

Real Estate Securities Fund  ■  March 31, 2016

Shares	Company		Value
RESIDENTIAL REITS—19.4%
625,000	Apartment Investment & Management Co (Class A)	$	26,137,500
500,000	AvalonBay Communities, Inc		95,100,000
575,000	Equity Lifestyle Properties, Inc		41,819,750
1,250,000	Equity Residential		93,787,500
285,000	Essex Property Trust, Inc		66,650,100
2,000,000	Monogram Residential Trust, Inc		19,720,000
412,510	Sun Communities, Inc		29,539,841
	TOTAL RESIDENTIAL REITS		372,754,691
RETAIL REITS—19.3%
1,500,000	DDR Corp		26,685,000
800,000	Equity One, Inc		22,928,000
375,000	Federal Realty Investment Trust		58,518,750
2,200,000	General Growth Properties, Inc		65,406,000
1,000,000	Retail Opportunities Investment Corp		20,120,000
860,000	Simon Property Group, Inc		178,613,400
	TOTAL RETAIL REITS		372,271,150
SPECIALIZED REITS—25.9%
625,000	American Tower Corp		63,981,250
575,000	Crown Castle International Corp		49,737,500
750,000	CubeSmart		24,975,000
150,000	Digital Realty Trust, Inc		13,273,500
120,000	Equinix, Inc		39,685,200
450,000	Extra Space Storage, Inc		42,057,000
2,000,000	Host Marriott Corp		33,400,000
250,000	Public Storage, Inc		68,957,500
1,750,000	Sunstone Hotel Investors, Inc		24,500,000
750,000	Ventas, Inc		47,220,000
750,000	Welltower, Inc		52,005,000
1,250,000	Weyerhaeuser Co		38,725,000
	TOTAL SPECIALIZED REITS		498,516,950
	TOTAL COMMON STOCKS
	(Cost $1,361,201,526)		1,839,689,256

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 11

Portfolio of investments concluded

Real Estate Securities Fund  ■  March 31, 2016

Principal	Issuer	Rate	Maturity date		Value
SHORT-TERM INVESTMENTS—4.2%
TREASURY DEBT—1.9%
$36,300,000	United States Treasury Bill	0.241%–0.268%	04/14/16	$	36,298,512
					36,298,512
GOVERNMENT AGENCY DEBT—2.3%
30,000,000	Federal Home Loan Bank (FHLB)	0.080%	04/01/16		30,000,000
14,300,000	FHLB	0.110%	04/13/16		14,298,999
					44,298,999
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $80,596,201)				80,597,511
	TOTAL INVESTMENTS—99.7%
	(Cost $1,441,797,727)				1,920,286,767
	OTHER ASSETS & LIABILITIES, NET—0.3%				4,929,442
	NET ASSETS—100.0%			$	1,925,216,209

Abbreviation(s):
ETF	Exchange Traded Funds
REIT	Real Estate Investment Trust
a	Affiliated holding

12 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of assets and liabilities

Real Estate Securities Fund  ■  March 31, 2016

ASSETS
Portfolio investments, at value†	$	1,859,450,767
Affiliated investments, at value‡		60,836,000
Cash		52,846
Receivable from Fund shares sold		1,154,721
Dividends and interest receivable		6,561,944
Due from affiliates		7,784
Other		79,063
Total assets		1,928,143,125
LIABILITIES
Management fees payable		75,625
Service agreement fee payable		6,408
Distribution fee payable		58,129
Due to affiliates		16,447
Payable for securities transactions		2,457,248
Payable for Fund shares redeemed		146,378
Payable for trustee compensation		83,025
Accrued expenses and other payables		83,656
Total liabilities		2,926,916
NET ASSETS	$	1,925,216,209
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,436,970,218
Undistributed net investment income (loss)		8,981,445
Accumulated net realized gain (loss) on total investments		775,506
Net unrealized appreciation (depreciation) on total investments		478,489,040
NET ASSETS	$	1,925,216,209
INSTITUTIONAL CLASS:
Net assets	$	1,288,019,939
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		83,447,200
Net asset value per share		$15.44
ADVISOR CLASS:
Net assets	$	106,609
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,905
Net asset value per share		$15.44
PREMIER CLASS:
Net assets	$	85,297,595
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,522,959
Net asset value per share		$15.44
RETIREMENT CLASS:
Net assets	$	317,203,787
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		19,819,693
Net asset value per share		$16.00

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 13

Statement of assets and liabilities concluded

Real Estate Securities Fund  ■  March 31, 2016

RETAIL CLASS:
Net assets	$	234,588,279
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,301,622
Net asset value per share		$15.33
†    Portfolio investments, cost	$	1,389,663,724
‡    Affiliated investments, cost	$	52,134,003

14 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of operations

Real Estate Securities Fund  ■  For the period or year ended March 31, 2016

INVESTMENT INCOME
Dividends	$	50,443,413
Dividends from affiliated investments		1,758,750
Interest		50,655
Total income		52,252,818
EXPENSES
Management fees		8,732,757
Shareholder servicing — Institutional Class		6,005
Shareholder servicing — Advisor Class*		65
Shareholder servicing — Premier Class		170
Shareholder servicing — Retirement Class		771,797
Shareholder servicing — Retail Class		129,786
Distribution fees — Premier Class		108,905
Distribution fees — Retail Class		553,032
Administrative service fees		87,947
Other expenses		332,141
Total expenses		10,722,605
Fee waiver by investment adviser		(814,170	)
Net expenses		9,908,435
Net investment income (loss)		42,344,383
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		50,573,065
Foreign currency transactions		1,995
Net realized gain (loss) on total investments		50,575,060
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(50,633,109	)
Affiliated investments		7,873,461
Net change in unrealized appreciation (depreciation) on total investments		(42,759,648	)
Net realized and unrealized gain (loss) on total investments	$	7,815,412
Net increase (decrease) in net assets from operations	$	50,159,795

* Advisor Class commenced operations on December 4, 2015.

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 15

Statements of changes in net assets

Real Estate Securities Fund  ■  For the period or year ended

		March 31, 2016			March 31, 2015
OPERATIONS
Net investment income (loss)		$	42,344,383		$	29,441,738
Net realized gain (loss) on total investments			50,575,060			62,621,497
Net change in unrealized appreciation (depreciation) on total investments			(42,759,648	)		282,784,574
Net increase (decrease) in net assets from operations			50,159,795			374,847,809
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(26,894,437	)		(19,814,156	)
	Advisor Class*		(719	)		—
	Premier Class		(1,594,461	)		(914,785	)
	Retirement Class		(5,907,824	)		(4,356,386	)
	Retail Class		(4,407,260	)		(2,949,051	)
From realized gains:	Institutional Class		(49,379,708	)		(20,358,679	)
	Advisor Class*		(424	)		—
	Premier Class		(3,201,813	)		(1,152,661	)
	Retirement Class		(12,564,672	)		(5,325,693	)
	Retail Class		(9,535,632	)		(3,681,522	)
Total distributions			(113,486,950	)		(58,552,933	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		167,223,033			319,640,139
	Advisor Class*		100,000			—
	Premier Class		28,210,006			32,573,060
	Retirement Class		28,696,637			117,774,028
	Retail Class		24,814,788			46,240,471
Reinvestments of distributions:	Institutional Class		76,163,321			40,121,307
	Premier Class		4,796,274			2,067,446
	Retirement Class		18,468,396			9,680,143
	Retail Class		13,362,720			6,356,191
Redemptions:	Institutional Class		(290,488,694	)		(142,562,893	)
	Premier Class		(11,352,028	)		(28,024,645	)
	Retirement Class		(90,164,427	)		(50,718,234	)
	Retail Class		(36,125,789	)		(31,664,879	)
Net increase (decrease) from shareholder transactions			(66,295,763	)		321,482,134
Net increase (decrease) in net assets			(129,622,918	)		637,777,010
NET ASSETS
Beginning of period			2,054,839,127			1,417,062,117
End of period		$	1,925,216,209		$	2,054,839,127
Undistributed net investment income (loss) included in net assets		$	8,981,445		$	5,619,417

16 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statements of changes in net assets (concluded)

Real Estate Securities Fund  ■  For the period or year ended

		March 31, 2016		March 31, 2015
CHANGE IN FUND SHARES
Shares sold:	Institutional Class	11,225,600		21,651,787
	Advisor Class*	6,905		—
	Premier Class	1,854,790		2,182,926
	Retirement Class	1,849,145		7,709,693
	Retail Class	1,673,470		3,145,608
Shares reinvested:	Institutional Class	5,270,006		2,719,385
	Premier Class	331,766		139,895
	Retirement Class	1,233,839		634,026
	Retail Class	931,432		433,326
Shares redeemed:	Institutional Class	(19,699,137	)	(9,753,413	)
	Premier Class	(754,606	)	(1,815,577	)
	Retirement Class	(5,779,288	)	(3,331,057	)
	Retail Class	(2,446,429	)	(2,175,412	)
Net increase (decrease) from shareholder transactions		(4,302,507	)	21,541,187
* Advisor Class commenced operations on December 4, 2015.

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 17

Financial highlights

Real Estate Securities Fund

	Selected per share data																									Ratios and supplemental data
			Gain (loss) from investment operations
								Net realized																					Ratios to average net assets
			Net asset		Net			& unrealized		Total gain		Less distributions from						Total			Net asset					Net assets									Net
			value,		investment			gain (loss)		(loss) from		Net			Net			dividends			value,					at end of									investment			Portfolio
	For the		beginning		income			on total		investment		investment			realized			and			end of		Total			period (in			Gross			Net			income			turnover
	period		of period		(loss		)a	investments		operations		income			gains			distributions			period		return			thousands		)	expense			expense			(loss		)	rate
Institutional Class
		3/31/16		$15.92		$0.36			$0.15		$0.51		$(0.34	)		$(0.65	)		$(0.99	)		$15.44		3.76	%		$1,288,020			0.51	%		0.47	%		2.44	%		33	%
		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
Advisor Class
		3/31/16‡		15.38		0.11			0.80		0.91		(0.20	)		(0.65	)		(0.85	)		15.44		6.37	be		107			0.73	c		0.61	c		2.47	c		33
Premier Class
		3/31/16		15.93		0.34			0.14		0.48		(0.32	)		(0.65	)		(0.97	)		15.44		3.54			85,298			0.66			0.61			2.31			33
		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
Retirement Class
		3/31/16		16.47		0.34			0.14		0.48		(0.30	)		(0.65	)		(0.95	)		16.00		3.42			317,204			0.76			0.72			2.19			33
		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
Retail Class
		3/31/16		15.82		0.32			0.14		0.46		(0.30	)		(0.65	)		(0.95	)		15.33		3.40			234,588			0.82			0.77			2.15			33
		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

a	Based on average shares outstanding.
b	The percentage shown for this period is not annualized.
c	The percentages shown for this period are annualized.
e	The annual performance for the Advisor Class, including performance based on the fund's Institutional Class prior to inception of the Advisor Class, was 3.70%.
‡	Advisor Class commenced operations on December 4, 2015.

18 2016 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2016 Annual Report 19

Notes to financial statements

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that 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 five share classes: Institutional, Advisor, 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. On December 4, 2015, the Fund made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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.

20 2016 Annual Report  ■  Real Estate Securities Fund

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day 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 being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

For the year ended March 31, 2016, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, return of capital and long-term capital gain distributions received from portfolio investments, and the utilization of tax equalization credits were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

Real Estate Securities Fund  ■  2016 Annual Report 21

Notes to financial statements

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.

New accounting pronouncement: In May 2015, the FASB 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, within the fair value hierarchy, all investments for which the fair value is measured using the NAV per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the NAV per share practical expedient. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Fund early adopted the ASU for this annual report. The adoption of the ASU did not have a material impact on the Fund’s financial statements and notes disclosures.

Note 2—valuation of investments

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

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

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

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

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

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to

22 2016 Annual Report  ■  Real Estate Securities Fund

continued

the Statement of Assets and Liabilities. As of March 31, 2016, no investments were valued utilizing the practical expedient.

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

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

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 year ended March 31, 2016, there were no material transfers between levels by the Fund.

Real Estate Securities Fund  ■  2016 Annual Report 23

Notes to financial statements

The following table summarizes the market value of the Fund’s investments as of March 31, 2016, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Real Estate Securities
Equity investments:
Diversified real estate activities	$	—	$	7,668,465	$	—	$	7,668,465
All other equity investments*		1,832,020,791		—		—		1,832,020,791
Short-term investments		—		80,597,511		—		80,597,511
Total	$	1,832,020,791	$	88,265,976	$	—	$	1,920,286,767

* 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 an annual rate between 0.38% and 0.50% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The investment management fee effective rate was 0.49% as of March 31, 2016. Effective May 1, 2015, Advisors agreed to voluntarily waive a portion of the investment management fee. The investment management fee after the waiver was between 0.33% and 0.45%. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The Fund has also entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

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

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

24 2016 Annual Report  ■  Real Estate Securities Fund

continued

the Advisor 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 for the Institutional Class, Premier Class, Retirement Class and Retail Class will continue through at least July 31, 2016, and the Advisor Class through at least December 3, 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.

The following is the percentage of the Fund’s shares owned by affiliates as of March 31, 2016:

Underlying Fund	TIAA	TIAA Access	Total
Real Estate Securities Fund	—	8%	8%

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 March 31, 2016, one 529 Plan owned 12% of the Real Estate Securities 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:

	Value at		Purchase		Sales		Realized
Issue	March 31, 2015		cost		proceeds		gain (loss		)
Real Estate Securities Fund
Rexford Industrial Realty, Inc	$	52,583,744		$378,795		$           —	$	—
	Dividend		Withholding		Shares at		Value at
Issue	income		expense		March 31, 2016		March 31, 2016
Real Estate Securities Fund
Rexford Industrial Realty, Inc	$	1,758,750		$         —		3,350,000	$	60,836,000

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 March 31, 2016, the cost of portfolio investments for federal income tax purposes was $1,450,897,980. Net unrealized

Real Estate Securities Fund  ■  2016 Annual Report 25

Notes to financial statements

appreciation of portfolio investments for federal income tax purposes was $469,388,787, consisting of gross unrealized appreciation of $496,964,151, and gross unrealized depreciation of $(27,575,364).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the year ended March 31, 2016 were $586,875,490 and $760,555,662, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2016 and March 31, 2015 was as follows:

		Long-term
	Ordinary income	capital gains	Total
3/31/2016	$42,449,273	$71,037,677	$113,486,950
3/31/2015	28,034,378	30,518,555	58,552,933

As of March 31, 2016, the components of accumulated earnings on a tax basis consisted of $8,741,684 of undistributed ordinary income, $10,179,509 of undistributed long-term capital gains, and $469,388,788 of unrealized appreciation.

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

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 year ended March 31, 2016, there were no borrowings under this credit facility by the Fund.

26 2016 Annual Report  ■  Real Estate Securities Fund

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.

Real Estate Securities Fund  ■  2016 Annual Report 27

Report of independent registered
public accounting firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Real Estate Securities Fund (the "Fund") at March 31, 2016, the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland
May 25, 2016

28 2016 Annual Report  ■  Real Estate Securities Fund

Renewal of investment
management agreement (unaudited)

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

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

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

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement using the process previously established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to the Fund by the Board Reporting and Compliance unit of Broadridge, Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Real Estate Securities Fund  ■  2016 Annual Report 29

Renewal of investment
management agreement (unaudited)

Based on guidelines provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, performance and expense comparison data regarding the Fund, including data relating to the Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission costs. Broadridge also compared this data, as relevant, 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 Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against an appropriate broad-based benchmark index. In each case, Broadridge summarized and the Board reviewed the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of the Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe identified by Broadridge (and not TAI or the Board).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or 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 renewal of the Agreement. The Trustees met in private sessions at which at which no TAI representatives were present to discuss the proposed renewal of the Agreement for the Fund. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding the Fund’s performance and the Board considered that the evaluation of TAI’s services to the Fund is an ongoing one.

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for 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 renew the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of the Fund since it had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense

30 2016 Annual Report  ■  Real Estate Securities Fund

continued

reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, 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; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

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

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

Real Estate Securities Fund  ■  2016 Annual Report 31

Renewal of investment
management agreement(unaudited)

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of TAI, including the professional experience and qualifications of its personnel. The Board also considered that TAI is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”), TIAA Separate Account VA-1 and other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; active daily monitoring of the investment portfolio by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; coordinating the activities of the Fund’s other service providers; and carrying out, or overseeing the provision of, various administrative services to the Fund. The Board considered that TAI has carried out these responsibilities in a competent and professional manner. The Board also considered that TAI has committed significant resources to supporting the series of the Trust, including the Fund. It also considered TAI’s compliance program and resources and its compliance record with respect to the Fund.

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

Investment performance

The Board considered the investment performance of the Fund, over the one-, three-, five- and ten-year periods. The Board considered the Fund’s performance as compared to its peer group, peer universe and its benchmark index. The Board also reviewed the performance of the Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair

32 2016 Annual Report  ■  Real Estate Securities Fund

continued

valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on the Fund’s performance as compared to the performance of its benchmark index. For detail regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2015. The Board considered TAI’s profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate which permits TAI to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial risk TAI assumes. The Board considered that TAI had earned profits with respect to the Fund under the Agreement for the one-year period ended December 31, 2015, and that TAI expected this trend to continue. The Board recognized the effect on TAI’s profitability of the March 1, 2015 amendment of the Agreement to permanently decrease the levels of assets needed to reach breakpoints (that is, the asset levels at which additional Fund assets would cause management fee rates to be lower), to further reduce fees at each breakpoint and to add a breakpoint at the $8 billion level. The Board also noted TAI’s one-year voluntary reduction of the Fund’s management fee by 0.05% that began on May 1, 2015, and the fact that TAI would not be continuing this voluntary waiver after April 30, 2016. The Board concluded that the profits earned by TAI in 2015 on its services to the Fund were reasonable in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, including the impact of operations related to Nuveen Investments on such resources, 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 mutual funds, as analyzed by Broadridge. The Board determined that the management fee rate charged to the Fund under the Agreement typically was lower than the management fee rates charged to most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. Additionally, the Board also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that

Real Estate Securities Fund  ■  2016 Annual Report 33

Renewal of investment
management agreement(unaudited)

differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rate under the Agreement with respect to the Fund was reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered the extent to which the Fund’s management fee breakpoints would have a material effect on its fees. In this connection, the Board considered TAI’s representation that the maximum fee rate that could be charged to the Fund based on its level of assets under the Agreement is already comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Fund’s fee schedule was reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies that are managed using similar investment strategies. They also considered TAI’s disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Fund’s strategy. The Board also considered TAI’s representation that, while the management fee rate charged to the Fund may differ from the management fee rates chargeable to these other funds and accounts, 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; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) 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 TAI and its affiliate, TIAA-CREF Investment Management, LLC, arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds they share resources and/or personnel. TAI and

34 2016 Annual Report  ■  Real Estate Securities Fund

concluded

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 and businesses of TAI and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding the Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to the Fund after taking into account the different management fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule.

• The Fund’s annual contractual management fee rate is 0.50% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.486% of average daily net assets.

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

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

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

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

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

Real Estate Securities Fund  ■  2016 Annual Report 35

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  March 31, 2016

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	85	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	85	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	85	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2018. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	85	Director, D2D Fund.

36 2016 Annual Report  ■  Real Estate Securities Fund

Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	85	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	85	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Close Brothers Group plc; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance; and Prep for Prep.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	85	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

Real Estate Securities Fund  ■  2016 Annual Report 37

Trustees and officers(unaudited) continued

TIAA-CREF Funds  ■  March 31, 2016

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (since 2015), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (since 2015), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	85	Director, SCANA Corporation (energy holding company).
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	85	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

38 2016 Annual Report  ■  Real Estate Securities Fund

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Institutional Investment and Endowment Services of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.

Real Estate Securities Fund  ■  2016 Annual Report 39

Trustees and officers(unaudited) concluded

TIAA-CREF Funds  ■  March 31, 2016

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President, Chief Executive Officer, TIAA Global Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
J. Keith Morgan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015.	Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.

40 2016 Annual Report  ■  Real Estate Securities Fund

Otha T. Spriggs III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Chief Executive Officer, Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.

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

Real Estate Securities Fund  ■  2016 Annual Report 41

Important tax information(unaudited)

For the year ended March 31, 2016, the Fund designates distributions of $3,406,484 and $69,785,821 (or the maximum amount allowable), as being from Section 1250 gains and net long-term capital gains, respectively.

For the year ended March 31, 2016, the Fund designates 3.73% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividend income.

For the year ended March 31, 2016, the Fund designates 3.46% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2016, which will be reported in conjunction with your 2016 Form 1099-DIV.

By early 2017, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

42 2016 Annual Report  ■  Real Estate Securities Fund

How to reach us

TIAA website

TIAA.org
24 hours a day, 7 days a week

Automated telephone service

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

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, 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 Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

©2016 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206.

730 Third Avenue
New York, NY 10017 PRESORTED STANDARD
U.S. POSTAGE
PAID
TIAA

Printed on paper containing recycled fiber

We’re fond of paper ... in its original form.
Switch to eDelivery at
TIAA.org/eDelivery

C31073 A12449 (5/16)

730 Third Avenue
New York, NY 10017

Printed on paper containing recycled fiber

C31073 A12449 (5/16)

730 Third Avenue
New York, NY 10017

C31073 A12449 (5/16)

 

2016 Annual Report   March 31, 2016   TIAA-CREF Funds   Fixed-Income Funds

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
Short-Term Bond Index Fund	18
Social Choice Bond Fund	20
Tax-Exempt Bond Fund	22
Money Market Fund	24
Summary portfolios of investments	26
Audited financial statements
Statements of assets and liabilities	48
Statements of operations	50
Statements of changes in net assets	52
Financial highlights	56
Notes to financial statements	66
Report of independent registered public accounting firm	74
Trustees and officers	75
Renewal of investment management agreement	78
Important tax information	82
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.

This annual report contains information about the TIAA-CREF Funds and describes their results for the twelve months ended March 31, 2016. The report contains three main sections:

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of March 31, 2016.

• 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.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.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, a TIAA-CREF Fund’s 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.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

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, 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 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

TIAA-CREF Market Monitor

Fed makes its move, bond prices end mixed

During the twelve months ended March 31, 2016, fixed-income markets took many twists and turns as investors braced for the Federal Reserve to raise interest rates while central banks overseas cut them. Concerns about geopolitical conflicts, the effects of slowing economic growth abroad and volatile energy prices contributed to investor uncertainty. Over the twelve months, the fixed-rate investment-grade bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.0%.

Municipal bonds, as measured by the Barclays 10-Year Municipal Bond Index, continued to advance, returning 4.4%. The Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index returned 1.8%, and the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 1.0%. Other categories ended lower. U.S. high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High-Yield Constrained Index, fell 2.4% over the period, despite rallying 3.6% in the final month. The broad U.S. stock market, as represented by the Russell 3000^® Index, dropped 0.3% over the twelve months.

U.S. job market improves and the dollar finally declines

During the period, the national unemployment rate dropped to an eight-year low of 4.9% but closed at 5.0% in March 2016, down from 5.5% a year earlier. The rate of participation in the U.S. labor force climbed to 63%, and wages rose 2.3% compared to March 2015. Pending home sales and home prices also advanced over the period, while inflation remained tame.

High-quality bonds and municipals performed well, while high-yield bonds lagged

Performance for twelve months ended March 31, 2016

Source: Investment grade: Barclays U.S. Aggregate Bond Index; Municipals: Barclays 10-Year Municipal Bond Index; Short term: Barclays U.S. 1–3 Year Government/Credit Bond Index; High yield: BofA Merrill Lynch BB-B U.S. Cash Pay High-Yield Constrained Index; as of March 31, 2016.

Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at a seasonally adjusted annualized rate of 1.4% in the final calendar quarter of 2015, largely reflecting a rise in consumer spending. However, the rate was below those in the two prior quarters. The price per barrel of West Texas Intermediate Crude Oil (WTI) dipped from about $50 when the period began to below $27 but closed the period at approximately $37. In a big reversal, the U.S. dollar dropped sharply in value against most major currencies—good news for U.S. exports.

Markets brace for Fed rate hike

Early in the period, bond prices dropped as the markets factored in the possibility of an interest rate hike by the Fed in June, but the central bank refrained from raising its rate target that month. During the late summer through early fall, concerns about slowing economic growth in China, which sharply devalued its currency, plunging oil prices, and geopolitical conflicts abroad triggered “flight-to-quality” buying of less-risky investments, such as U.S. Treasuries.

In the final calendar quarter of 2015, high-yield bond prices fell further, along with oil prices, as nearly one-fifth of the high-yield market consists of energy-related companies. Bond prices fluctuated again in anticipation of a rate hike. Finally, on December 16, 2015, the Fed raised its federal funds rate target by 0.25% to a 0.25%–0.50% range—the first rate increase since 2006—and maintained that target through the end of the period. Meanwhile, central banks in Europe, Japan and China remained on a different rate trajectory as they continued to aggressively implement monetary-easing policies.

Oil prices fluctuate sharply but stabilize

In February 2016, the price per barrel of WTI crude oil, which had dropped to under $30 the prior month, bounced back somewhat and high-yield bond prices began to rise. Conversely, U.S. Treasury prices dropped, as many investors feared that strong labor market results and the prospect of higher inflation might compel the Fed to raise rates more aggressively than anticipated. However, dovish comments from Fed Chair Janet Yellen reduced these fears toward the end of the period.

Bond prices, particularly those of high-yield issues, advanced and yields dropped in the final month of the period. Toward the end of March, the Fed Chair said that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 3

About the funds’ benchmarks

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

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

The 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).

The Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index measures the performance of fixed-income securities with maturities between 1 and 10 years 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 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 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2015–March 31, 2016).

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  ■  2016 Annual Report 5

Bond Fund

Portfolio composition
	% of net assets as of 3/31/2016
Corporate bonds		29.2
Mortgage-backed securities*		19.9
Foreign government & corporate bonds denominated in U.S. dollars		14.1
Commercial mortgage-backed securities & other mortgage-backed securities		13.7
U.S. Treasury securities		9.6
Asset-backed securities		5.5
Municipal bonds		2.7
Bank loan obligations		1.4
U.S. agency securities		0.4
Short-term investments, other assets & liabilities, net		3.5
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Less than 1 year	7.7
1–3 years	14.4
3–5 years	25.7
5–10 years	37.5
Over 10 years	14.7
Total	100.0

Holdings by credit quality†
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Aaa/AAA	32.9
Aa/AA	4.8
A/A	16.9
Baa/BBB	28.2
Ba/BB	6.2
B/B	6.1
Below B/B	3.6
Non-rated	1.3
Total	100.0

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

Performance for the twelve months ended March 31, 2016

The Bond Fund returned 2.05% for the Institutional Class, compared with the 1.96% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed hikes rates, bonds post mixed results

During the twelve-month period, unemployment declined to 5.0% from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar dropped in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Fixed-income markets were turbulent. For the twelve months, higher-rated securities outperformed higher-yielding bonds as investors gravitated to “safe haven” assets. Although high-yield bond prices rose along with oil prices in the final month of the period, the high-yield sector ended down for the period. Long-term bonds generally outperformed their short-term counterparts.

Performance as of March 31, 2016
		Total			Average annual
		return			total return
Bond Fund	Inception date	1 year			5 years			10 years
Institutional Class	7/1/1999		2.05	%		4.40	%		4.99	%
Advisor Class	12/4/2015		2.00	‡		4.39	‡		4.99	‡
Premier Class	9/30/2009		1.89			4.25			4.90	‡
Retirement Class	3/31/2006		1.80			4.13			4.73
Retail Class	3/31/2006		1.75			4.08			4.76
Barclays U.S. Aggregate Bond Index	—		1.96			3.78			4.90

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 Advisor and Premier Classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier Classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

6 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Investment-grade bond categories close higher

Every component of the Barclays U.S. Aggregate Bond Index rose over the twelve months. Chief among those that beat the benchmark were commercial mortgage-backed securities, which rose 2.8% but constituted only about 2% of the benchmark’s total market capitalization at period-end. Mortgage-backed securities, which made up more than one-quarter of the benchmark’s capitalization at the period’s close, rose 2.5%, followed by U.S. Treasuries, which accounted for more than one-third of the index’s capitalization at period-end and returned 2.4%.

Components that underperformed the index included asset-backed securities and government-related credit issues. Both returned 1.7% and made up 0.6% and 5.0% of the index’s capitalization at period-end, respectively. Corporate bonds, which comprised about one-quarter of the benchmark at period-end, followed with a return of 0.9%. Government-related agency issues returned 0.7% and made up slightly under 4% of the index when the period closed.

Fund beats benchmark: factors impacting performance

For the period, security selection in the corporate bond and asset-backed securities categories was among the key contributors to the fund’s outperformance. The fund’s overweight and security selection in government-related agencies also contributed significantly.

By contrast, the fund’s overweight in cash and underweights in mortgage-backed securities and Treasuries detracted from performance.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
	value		value		(10/1/15–
Bond Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,026.66		$1.57
Advisor Class†		1,000.00		1,027.09		1.54
Premier Class		1,000.00		1,025.89		2.33
Retirement Class		1,000.00		1,025.16		2.84
Retail Class		1,000.00		1,024.92		3.09
5% annual hypothetical return
Institutional Class		1,000.00		1,023.45		1.57
Advisor Class†		1,000.00		1,022.65		2.38
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		1,021.95		3.08

*

“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 March 31, 2016. 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 0.61% 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.47% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 7

Bond Index Fund

Portfolio composition
% of net assets
as of 3/31/2016
U.S. Treasury securities	36.8
Mortgage-backed securities*	27.8
Corporate bonds	20.4
Foreign government & corporate bonds denominated in U.S. dollars	8.6
U.S. agency securities	2.4
Commercial mortgage-backed securities & other mortgage-backed securities	1.6
Municipal bonds	1.0
Asset-backed securities	0.8
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Less than 1 year	3.8
1–3 years	17.3
3–5 years	39.3
5–10 years	25.1
Over 10 years	14.5
Total	100.0

Holdings by credit quality†
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Aaa/AAA	71.2
Aa/AA	4.6
A/A	11.2
Baa/BBB	12.9
Non-rated	0.1
Total	100.0

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

Performance for the twelve months ended March 31, 2016

The Bond Index Fund returned 1.99% for the Institutional Class, compared with the 1.96% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed hikes rates, bonds post mixed results

During the twelve-month period, unemployment declined to 5.0% from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar dropped in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Fixed-income markets were turbulent. For the twelve months, higher-rated securities outperformed higher-yielding bonds as investors gravitated to “safe haven” assets. Although high-yield bond prices rose along with oil prices in the final month of the period, the high-yield sector ended down for the period. Long-term bonds generally outperformed their short-term counterparts.

Performance as of March 31, 2016

		Total			Average annual
		return			total return
Bond Index Fund	Inception date	1 year			5 years			since fund inception
Institutional Class	9/14/2009		1.99	%		3.67	%		3.89	%
Advisor Class	12/4/2015		1.94	‡		3.66	‡		3.88	‡
Premier Class	9/30/2009		1.84			3.51			3.73	‡
Retirement Class	9/14/2009		1.64			3.39			3.63
Retail Class	9/14/2009		1.55			3.29			3.53
Barclays U.S. Aggregate Bond Index	—		1.96			3.78			4.07	§

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

§

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

8 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Investment-grade bond categories close higher

Every component of the Barclays U.S. Aggregate Bond Index rose over the twelve months. Chief among those that beat the benchmark were commercial mortgage-backed securities, which rose 2.8% but constituted only about 2% of the benchmark’s total market capitalization at period-end. Mortgage-backed securities, which made up more than one-quarter of the benchmark’s capitalization at the period’s close, rose 2.5%, followed by U.S. Treasuries, which accounted for more than one-third of the index’s capitalization at period-end and returned 2.4%.

Components that underperformed the index included asset-backed securities and government-related credit issues. Both returned 1.7% and made up 0.6% and 5.0% of the index’s capitalization at period-end, respectively. Corporate bonds, which comprised about one-quarter of the benchmark at period-end, followed with a return of 0.9%. Government-related agency issues returned 0.7% and made up slightly under 4% of the index when the period closed.

The fund slightly outperforms its benchmark

For the twelve months, the fund beat its benchmark in spite of the fund’s deduction for expenses, which the benchmark does not include. 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 weightings and maturities.

During the period, this portfolio had similar sector returns to its benchmark, enabling it to nearly match 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.

$10,000 invested at fund’s inception

Institutional Class (inception September 14, 2009)

 

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Bond Index	value		value		(10/1/15–
Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,024.51		$0.61
Advisor Class†		1,000.00		1,028.38		0.88
Premier Class		1,000.00		1,023.75		1.37
Retirement Class		1,000.00		1,023.23		1.87
Retail Class		1,000.00		1,022.85		2.23
5% annual hypothetical return
Institutional Class		1,000.00		1,024.40		0.61
Advisor Class†		1,000.00		1,023.65		1.37
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		1,022.80		2.23

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2016. 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 0.44% 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.27% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 9

Bond Plus Fund

Portfolio composition
% of net assets as of 3/31/2016
Corporate bonds	29.1
Mortgage-backed securities*	23.9
Foreign government & corporate bonds denominated in U.S. dollars	14.3
Commercial mortgage-backed securities & other mortgage-backed securities	9.5
U.S. Treasury securities	7.5
Bank loan obligations	5.3
Asset-backed securities	4.7
Municipal bonds	3.8
Short-term investments, other assets & liabilities, net	1.9
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 3/31/2016
Less than 1 year	6.0
1–3 years	13.5
3–5 years	28.0
5–10 years	37.9
Over 10 years	14.6
Total	100.0

Holdings by credit quality†
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Aaa/AAA	32.9
Aa/AA	4.3
A/A	11.7
Baa/BBB	24.9
Ba/BB	8.7
B/B	10.8
Below B/B	5.8
Non-rated	0.9
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 twelve months ended March 31, 2016

The Bond Plus Fund returned 1.56% for the Institutional Class, compared with the 1.96% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed hikes rates, bonds post mixed results

During the twelve-month period, unemployment declined to 5.0% from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar dropped in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

For the twelve months, higher-rated securities outperformed higher-yielding bonds as investors gravitated to “safe haven” assets. Although high-yield bond prices rose along with oil prices in the final month of the period, the high-yield sector ended down for the period. Long-term bonds generally outperformed their short-term counterparts.

Performance as of March 31, 2016
		Total			Average annual
		return			total return
Bond Plus Fund	Inception date	1 year			5 years			10 years
Institutional Class	3/31/2006		1.56	%		4.57	%		4.96	%
Advisor Class	12/4/2015		1.61	‡		4.58	‡		4.96	‡
Premier Class	9/30/2009		1.41			4.41			4.85	‡
Retirement Class	3/31/2006		1.41			4.33			4.71
Retail Class	3/31/2006		1.25			4.23			4.72
Barclays U.S. Aggregate Bond Index	—		1.96			3.78			4.90

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 Advisor and Premier Classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier Classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

10 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Investment-grade bond categories close higher

Every component of the Barclays U.S. Aggregate Bond Index rose over the twelve months. Chief among those that beat the benchmark were commercial mortgage-backed securities, which rose 2.8% but constituted only about 2% of the benchmark’s total market capitalization at period-end. Mortgage-backed securities, which made up more than one-quarter of the benchmark’s capitalization at the period’s close, rose 2.5%, followed by U.S. Treasuries, which accounted for more than one-third of the index’s capitalization at period-end and returned 2.4%.

Components that underperformed the index included asset-backed securities and government-related credit issues. Both returned 1.7% and made up 0.6% and 5.0% of the index’s capitalization at period-end, respectively. Corporate bonds, which comprised about one-quarter of the benchmark at period-end, followed with a return of 0.9%. Government-related agency issues returned 0.7% and made up slightly under 4% of the index when the period closed.

Factors impacting relative performance

Bond prices fluctuated sharply throughout the twelve months, and although the fund posted a positive return, it lagged the benchmark due to a number of factors. Securities selection and the fund’s positioning of U.S. Treasury holdings on the yield curve were key detractors (the Treasury yield curve is a graphical depiction of yields on Treasuries of all maturities). The fund’s overweight positions in corporate bonds and cash also hampered performance.

These negative effects were partly offset by the fund’s overweight in municipal bonds, where the index had virtually no exposure; its positioning of government-related credits on the yield curve; and its underweight in government-related agency issues.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2016
					Expenses
					paid
	Beginning		Ending		during
Bond Plus	account value		account value		period* (10/1/15–
Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,024.02		$1.57
Advisor Class†		1,000.00		1,024.64		1.53
Premier Class		1,000.00		1,024.24		2.33
Retirement Class		1,000.00		1,023.71		2.83
Retail Class		1,000.00		1,022.42		3.13
5% annual hypothetical return
Institutional Class		1,000.00		1,023.45		1.57
Advisor Class†		1,000.00		1,022.65		2.38
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.47% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 11

High-Yield Fund

Portfolio composition
% of net assets as of 3/31/2016
Corporate bonds	69.4
Foreign government & corporate bonds denominated in U.S. dollars	13.7
Bank loan obligations	11.4
Short-term investments, other assets & liabilities, net	5.5
Total	100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
1-3 years	4.9
3–5 years	20.8
5–10 years	69.3
Over 10 years	5.0
Total	100.0

Holdings by credit quality*
% of fixed-income investments (excluding short-term investments) as of 3/31/2016
Baa/BBB	1.0
Ba/BB	44.8
B/B	46.1
Below B/B	8.1
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 twelve months ended March 31, 2016

The High-Yield Fund returned –3.84% for the Institutional Class, compared with the –2.36% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. The table below includes performance data for all share classes of the fund.

High-yield bond prices fall amid slumping oil prices and a Fed rate hike

During the twelve-month period, the domestic economy grew, but at a slower pace as the year progressed. Crude oil prices fell 26% from $50 a barrel at the start of the period to $37 on March 31, 2016. Despite advancing 1.99% in the last six months of the reporting period, the high-yield bond index finished the twelve-month period lower. Assets offering risk premiums were hurt amid concerns about slower global growth and falling oil prices due to the large representation of energy companies in the high-yield market.

Fueled by strengthening domestic economic conditions in general, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. The Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low.

Over the twelve months, high-yield bonds underperformed the 1.96% return of the broad U.S. investment-grade fixed-rate bond market as measured by the Barclays U.S. Aggregate Bond Index. However, for the 10 years ended March 31, 2016, the high-yield index rose 6.53%, surpassing the 4.90% return of investment-grade bonds for the same period.

Performance as of March 31, 2016
		Total		Average annual
		return		total return
High-Yield Fund†	Inception date	1 year		5 years		10 years
Institutional Class	3/31/2006	–3.84	%	4.74	%	6.54	%
Advisor Class	12/4/2015	–3.88	‡	4.73	‡	6.53	‡
Premier Class	9/30/2009	–3.87		4.61		6.44	‡
Retirement Class	3/31/2006	–3.97		4.50		6.28
Retail Class	3/31/2006	–4.06		4.46		6.34
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index	—	–2.36		5.14		6.53

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 Advisor and Premier Classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier Classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

12 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

High-yield sectors produce mixed returns and new issuance slows

During the period, declines in the high-yield market resulted mostly from several sectors that had substantial losses. Energy, including exploration and production, was one of the largest sectors in the index on March 31, 2016, and was the worst performer at –32.6%. However, integrated energy, one of the smallest sectors at period-end, gained 25.7%.

Investors moved away from riskier asset classes to the perceived safety of U.S. Treasuries and other higher-quality investment-grade bonds. New high-yield debt issuance totaled just over $202 billion for the twelve months, down substantially from nearly $316 billion over the same period in 2015. High-yield default rates climbed to 2.4% on March 31, 2016, from 1.6% a year earlier, according to Moody’s Investor Service.

The fund declines and trails its benchmark as energy prices sink lower

During the twelve-month period, the fund declined and trailed its benchmark, primarily due to security selection. Among individual security selections, the biggest drag on relative performance came from overweight positions in California Resources, Ultra Petroleum and Peabody Energy, each of which performed poorly amid difficult market conditions for energy producers. On a positive note, an underweight position in poorly performing Chesapeake Energy was the largest contributor to relative performance. Favorable security selection and an overweight position in chemical manufacturer Olin also contributed positively, as the company benefited from capacity reductions and streamlining its business operations.

$10,000 over 10 years

Institutional Class

 

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

Expense example

Six months ended March 31, 2016
					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
High-Yield	value		value		(10/1/15–
Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,008.82		$1.81
Advisor Class†		1,000.00		1,002.32		1.65
Premier Class		1,000.00		1,008.12		2.56
Retirement Class		1,000.00		1,007.59		3.06
Retail Class		1,000.00		1,007.56		3.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.20		1.82
Advisor Class†		1,000.00		1,022.45		2.58
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.51% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 13

Inflation-Linked Bond Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
U.S. Treasury securities		95.6
U.S. agency securities		0.4
Mortgage-backed securities*		0.3
Corporate bonds		0.1
Short-term investments, other assets & liabilities, net		3.6
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations.

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Less than 1 year		2.6
1–3 years		19.5
3–5 years		25.9
5–10 years		40.3
Over 10 years		11.7
Total		100.0

Performance for the twelve months ended March 31, 2016

The Inflation-Linked Bond Fund returned 0.41% for the Institutional Class, compared with the 1.84% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The table below includes performance data for all share classes of the fund.

On January 1, 2016, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) as the fund’s benchmark. The change was made because the average maturity—the average time before bonds or other fixed-income investments mature—of the former benchmark has lengthened over time, and the new benchmark is now more consistent with the fund’s desired average maturity and the maturity of other funds within the fund’s competitive universe.

TIPS advance amid a rise in inflation, slumping oil prices and a Fed rate hike

As March 2016 commenced, year-over-year core inflation, as measured by the Consumer Price Index, which includes all items less food and energy, was 2.3%, compared with 1.8% for the twelve months ended March 31, 2015. However, crude oil prices, a commonly used indicator of current inflationary pressures, fell 26% from $50 a barrel at the start of the period to $37 on March 31, 2016.

Despite continued downward pressure on certain economic sectors, inflation trended upward during the twelve months. The nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 1.4% in the fourth quarter of 2015—albeit at a slower pace than during the prior two quarters. Other signs of economic growth included unemployment declining to 5.0% from 5.4% in April 2015, rising wages and consumer spending, and improvements in the housing market.

Fueled by strengthening domestic economic conditions in general, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the

Performance as of March 31, 2016

			Total			Average annual
			return			total return
Inflation-Linked Bond Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		0.41	%		2.62	%		4.23	%
Advisor Class		12/4/2015		0.40	†		2.62	†		4.22	†
Premier Class		9/30/2009		0.31			2.47			4.12	†
Retirement Class		3/31/2006		0.22			2.39			4.00
Retail Class		10/1/2002		0.18			2.31			4.01
Barclays U.S. Treasury Inflation Protected Securities 1–10 Years Index		—		1.84			1.88			4.00
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)		—		1.51			3.02			4.62

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 Advisor and Premier Classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier Classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

14 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for monetary tightening. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Fixed-income markets were turbulent, but most components still posted positive returns for the year. Interest rate movements fluctuated throughout the yield curve, but in general, the performance of long-term bonds topped their short-term counterparts, and inflation expectations remained tempered. The twelve-month return of the TIPS 1–10 year index was just slightly lower than the 1.96% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Similarly, for the 10 years ended March 31, 2016, the TIPS 1–10 year index achieved gains of 4.00% versus the 4.90% return of the Barclays aggregate index.

The fund achieves gains, but trails its new benchmark

The fund rose during the period but underperformed the Barclays TIPS 1–10 year index primarily because of unfavorable security selection and yield curve positioning in U.S. Treasuries (the Treasury yield curve is a graphical depiction of yields on Treasures of all maturities). Treasuries represented 96.14% of the portfolio’s market value versus the 99.96% weight in the benchmark at period-end. Since the fund’s portfolio was similar to the composition of the TIPS 1–10 year index, the above discussion of the benchmark’s performance also applies to the fund’s results.

During the period, the fund’s portfolio managers aligned the fund’s duration—a measure of the fund’s sensitivity to interest rate changes—close to that of the TIPS 1–10 year index. This investment strategy helped the fund’s risk and reward characteristics remain in line with those of its new benchmark.

$10,000 over 10 years

Institutional Class

^‡ On January 1, 2016, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index replaced the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) as the fund’s benchmark.

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Inflation-Linked	value		value		(10/1/15–
Bond Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,026.42		$ 1.37
Advisor Class†		1,000.00		1,029.04		1.37
Premier Class		1,000.00		1,026.31		2.13
Retirement Class		1,000.00		1,026.12		2.63
Retail Class		1,000.00		1,025.50		2.94
5% annual hypothetical return
Institutional Class		1,000.00		1,023.65		1.37
Advisor Class†		1,000.00		1,022.90		2.12
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.42% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 15

Short-Term Bond Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
Corporate bonds		25.5
Commercial mortgage-backed securities & other mortgage-backed securities		22.7
Foreign government & corporate bonds denominated in U.S. dollars		18.8
U.S. Treasury securities		12.1
Asset-backed securities		9.3
Bank loan obligations		3.6
U.S. agency securities		2.9
Municipal bonds		0.7
Mortgage-backed securities*		0.6
Short-term investments, other assets & liabilities, net		3.8
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Less than 1 year		27.0
1–3 years		48.6
3–5 years		18.7
5–10 years		5.3
Over 10 years		0.4
Total		100.0

Holdings by credit quality†
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Aaa/AAA		24.5
Aa/AA		11.9
A/A		19.9
Baa/BBB		26.3
Ba/BB		11.4
B/B		3.9
Below B/B		0.8
Non-rated		1.3
Total		100.0

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

Performance for the twelve months ended March 31, 2016

The Short-Term Bond Fund returned 1.18% for the Institutional Class, compared with the 1.04% return of its benchmark, the Barclays U.S. 1–3 Year Government/Credit Bond Index. The table below includes performance data for all share classes of the fund.

As expected, Fed boosts rates

During the twelve-month period, unemployment declined to 5.0%, from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar declined in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a back-drop of weakness in China and slower global growth.

Short-term bonds trail the broad bond market

During the period, the fund’s benchmark underperformed the 1.96% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Interest rate movements fluctuated throughout the yield curve, but in general, the performance of long-term bonds topped their short-term counterparts. Yields on 10-year U.S. Treasuries declined

Performance as of March 31, 2016

			Total			Average annual
			return			total return
Short-Term Bond Fund	Inception date		1 year			5 years			10 years
Institutional Class		3/31/2006		1.18	%		1.85	%		3.17	%
Advisor Class		12/4/2015		1.04	‡		1.82	‡		3.16	‡
Premier Class		9/30/2009		1.03			1.69			3.08	‡
Retirement Class		3/31/2006		0.93			1.59			2.92
Retail Class		3/31/2006		0.78			1.52			2.95
Barclays U.S. 1–3 Year Government/Credit Bond Index		—		1.04			1.14			2.80

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

16 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

from 1.87% at the start of the reporting period to 1.78% twelve months later. However, yields on short-term issues actually rose modestly, constraining their performance during the period. For the ten years ended March 31, 2016, the average annual return of the Barclays 1–3 year index was 2.80% versus 4.90% for the Barclays aggregate index.

Representing more than one-fifth of the benchmark’s total market capitalization, short-term corporate securities advanced 1.4% for the twelve months ended March 31, 2016. Government credit securities performed in line with the broader market, returning 1.0%. Government agency securities and short-term Treasuries, which made up more than three-fifths of the index, both underper-formed the broader market with a matching return of 0.9%. Although a small weighting, municipal bonds were the strongest-performing sector in the index, gaining 2.4%.

Astute sector weightings help the fund outperform

For the period, the fund outperformed its benchmark, largely due to advantageous positions in several sectors. Most notably, an overweight position and yield curve exposure in the strongly performing corporate bond sector made the most significant contribution to the fund’s relative return (a yield curve is a graphical depiction of yields on bonds, in a given sector, of all maturities). Yield curve positioning and an underweight in government agency securities further benefited relative performance. Another solid contribution came from an out-of-benchmark holding in short-term asset-backed securities, which delivered strong gains.

Despite the fund’s sizable underweight in short-term U.S. Treasuries, these securities still detracted most from relative returns, as they underperformed the broad bond market. The fund had a small exposure to derivatives instruments during the period, which detracted from its relative performance. A small allocation to cash and other short-term investments also detracted.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Short-Term	value		value		(10/1/15–
Bond Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,007.57		$1.36
Advisor Class†		1,000.00		1,007.17		1.39
Premier Class		1,000.00		1,006.81		2.16
Retirement Class		1,000.00		1,006.31		2.61
Retail Class		1,000.00		1,006.06		2.86
5% annual hypothetical return
Institutional Class		1,000.00		1,023.65		1.37
Advisor Class†		1,000.00		1,022.85		2.17
Premier Class		1,000.00		1,022.85		2.17
Retirement Class		1,000.00		1,022.40		2.63
Retail Class		1,000.00		1,022.15		2.88

*

“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 March 31, 2016. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.43% for the Premier Class, 0.52% for the Retirement Class and 0.57% 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.43% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 17

Short-Term Bond Index Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
U.S. Treasury securities		57.6
Corporate bonds		21.3
Foreign government & corporate bonds denominated in U.S. dollars		13.7
U.S. agency securities		6.9
Municipal bonds		0.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Less than 1 year		4.7
1–3 years		94.7
3–5 years		0.6
Total		100.0

Holdings by credit quality†
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Aaa/AAA		69.4
Aa/AA		7.5
A/A		13.0
Baa/BBB		10.1
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 period ended March 31, 2016

The Short-Term Bond Index Fund was launched on August 7, 2015. From that date through March 31, 2016, the fund returned 0.85% for the Institutional Class, compared with the 0.96% return of its benchmark, the Barclays U.S. 1–3 Year Government/Credit Bond Index. The table below includes performance data for all share classes of the fund for the reporting period.

The new fund seeks to closely track its index

Under normal circumstances, the fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Barclays U.S. 1–3 Year Government/Credit Bond Index. Generally, the fund intends to invest in a wide spectrum of public, investment-grade, taxable debt securities denominated in U.S. dollars, including U.S. Treasury debt, government-related debt and corporate issues.

The fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the index (for example, duration, sector diversification and credit quality) without investing in all of the securities in the index.

At times, the fund may also invest in securities not held in the index, but which have similar investment characteristics to securities held in the index.

As expected, Fed boosts rates

During the period, unemployment declined, wages and consumer spending rose and the housing market improved. The domestic economy grew but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar declined in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction

Performance as of March 31, 2016

			Total return
Short-Term Bond Index Fund	Inception date		since inception
Institutional Class		8/7/2015		0.85	%
Advisor Class		12/4/2015		0.80	‡
Premier Class		8/7/2015		0.75
Retirement Class		8/7/2015		0.69
Retail Class		8/7/2015		0.62
Barclays U.S. 1–3 Year Government/Credit Bond Index		—		0.96	§

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.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 Advisor 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 Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for this period would have been lower.
§	Performance is calculated from the inception date of the Institutional Class.

18 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Short-term bonds trail the broad bond market

During the reporting period, interest rate movements fluctuated throughout the yield curve, but in general, the performance of long-term bonds topped their short-term counterparts. Yields on 10-year U.S. Treasuries declined from 2.18% at the start of the period to 1.78% at period-end. However, yields on short-term issues actually rose modestly, constraining their performance during the period.

The fund trails its benchmark

Within a challenging investment environment for fixed-income securities, the Short-Term Bond Index Fund underperformed the Barclays U.S. 1–3 Year Government/Credit Bond Index partly because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not.

Despite the fund’s sizable underweight in short-term U.S. Treasuries, these securities still detracted most from relative returns as they underperformed the broad bond market. However, an overweight position and yield curve exposure in the strongly performing corporate bond sector made the most significant contributions to the fund’s relative return (the Treasury yield curve is a graphical depiction of yields on Treasuries of all maturities).

$10,000 invested at fund’s inception

Institutional Class (inception August 7, 2015)

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

Expense example

Six months ended March 31, 2016

					Expenses
Short-Term Bond Index Fund	Beginning account value (10/1/15)		Ending account value (3/31/16)		paid during period* (10/1/15– 3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,005.29		$0.60
Advisor Class†		1,000.00		1,008.53		0.87
Premier Class		1,000.00		1,004.53		1.35
Retirement Class		1,000.00		1,004.05		1.85
Retail Class		1,000.00		1,003.54		2.35
5% annual hypothetical return
Institutional Class		1,000.00		1,024.40		0.61
Advisor Class†		1,000.00		1,023.65		1.37
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.27% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 19

Social Choice Bond Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
Corporate bonds		26.9
Foreign government & corporate bonds denominated in U.S. dollars		16.7
U.S. agency securities		13.7
Municipal bonds		10.4
Commercial mortgage-backed securities & other mortgage-backed securities		9.6
Mortgage-backed securities*		9.1
U.S. Treasury securities		5.2
Asset-backed securities		3.4
Bank loan obligations		0.9
Short-term investments, other assets & liabilities, net		4.1
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations.

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Less than 1 year		7.9
1–3 years		19.5
3–5 years		16.6
5–10 years		33.4
Over 10 years		22.6
Total		100.0

Holdings by credit quality†
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Aaa/AAA		32.4
Aa/AA		15.7
A/A		11.8
Baa/BBB		19.9
Ba/BB		2.7
B/B		3.3
Below B/B		3.1
Non-rated		11.1
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 twelve months ended March 31, 2016

The Social Choice Bond Fund returned 1.64% for the Institutional Class, compared with the 1.96% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The fund utilizes certain environmental, social and governance criteria, while the benchmark does not. The table below includes performance data for all share classes of the fund.

As expected, the Fed boosts rates

During the twelve-month period, unemployment declined to 5.0%, from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar declined in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Fixed-income markets were turbulent. Interest rate movements fluctuated throughout the yield curve, but in general, the performance of long-term bonds topped their short-term counterparts. Yields on 10-year U.S. Treasuries declined from 1.87% at the start of the reporting period to 1.78% twelve months later. However, yields on short-term issues actually rose modestly.

Performance as of March 31, 2016

			Total			Average annual
			return			total return
						since
Social Choice Bond Fund	Inception date		1 year			inception
Institutional Class		9/21/2012		1.64	%		3.53	%
Advisor Class		12/4/2015		1.59	‡		3.51	‡
Premier Class		9/21/2012		1.39			3.35
Retirement Class		9/21/2012		1.39			3.27
Retail Class		9/21/2012		1.26			3.18
Barclays U.S. Aggregate Bond Index		—		1.96			2.25	§

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

20 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

All benchmark sectors rise, but two of the smaller components perform best

Municipal bonds, which constituted the smallest portion of the benchmark’s total market capitalization at period-end, performed best, gaining 4.0%. Next in line were commercial mortgage-backed securities, rising 2.8%; mortgage-backed securities (MBS), gaining 2.5%; and U.S. Treasuries, which comprised more than one-third of the benchmark on March 31, 2016, returning 2.4%.

Despite positive results, all other sectors underperformed the return of the broad bond market. This included the 0.7% gain of government agency securities and the 0.9% return of the sizable corporate bond sector, which made up nearly one-quarter of the benchmark’s total market capitalization on March 31, 2016.

The fund achieves gains, but modestly trails its benchmark

The fund rose during the period, but modestly underperformed its benchmark, primarily because of the fund’s yield curve positioning in U.S. Treasuries amid sizable fluctuations in long-term interest rates (the Treasury yield curve is a graphical depiction of yields on Treasuries of all maturities). An overweight position in corporate bonds also detracted, as the sector underperformed the broad bond market. Yield curve exposure in MBS further detracted from relative performance.

Contributing most to the fund’s relative performance was yield curve exposure in government agency securities and investments in municipal bonds, which produced solid gains during the twelve months.

$10,000 invested at fund’s inception

Institutional Class (inception September 21, 2012)

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Social Choice	value		value		(10/1/15–
Bond Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,020.21		$2.02
Advisor Class†		1,000.00		1,023.99		1.79
Premier Class		1,000.00		1,018.47		2.78
Retirement Class		1,000.00		1,018.94		3.28
Retail Class		1,000.00		1,018.79		3.43
5% annual hypothetical return
Institutional Class		1,000.00		1,023.00		2.02
Advisor Class†		1,000.00		1,022.25		2.78
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.55% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 21

Tax-Exempt Bond Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
Municipal bonds	95.0
Short-term investments, other assets & liabilities, net	5.0
Total	100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Less than 1 year	12.4
1–3 years	5.2
3–5 years	6.2
5–10 years	41.3
Over 10 years	34.9
Total	100.0

Holdings by credit quality*
	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2016
Aaa/AA	7.2
Aa/AA	39.4
A/A	20.7
Baa/BBB	17.9
Non-rated	14.8
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 twelve months ended March 31, 2016

The Tax-Exempt Bond Fund returned 2.60% for the Institutional Class, compared with the 4.42% return of its benchmark, the Barclays 10-Year Municipal Bond Index. The table below includes performance data for all share classes of the fund.

Tax-exempt bonds surpass the broad bond market as the Fed hikes rates

During the twelve-month period, unemployment declined to 5.0% from 5.4% in April 2015, wages and consumer spending rose, and the housing market improved. The domestic economy grew, but at a slower pace as the year progressed. Oil prices closed lower, and the U.S. dollar dropped in value against most major currencies.

Fueled by generally strengthening domestic economic conditions, the Federal Reserve raised its federal funds rate target by 0.25% in December 2015—the first rate hike since 2006. As 2016 commenced, bonds fluctuated in reaction to fears that rising wages might compel the Fed to accelerate its timetable for hiking rates. However, the Fed refrained from increasing rates further as growth in the United States remained modest and inflation remained low. As the period came to a close, Fed Chair Janet Yellen noted that, going forward, the Fed would need to “proceed cautiously” in raising interest rates against a backdrop of weakness in China and slower global growth.

Strong fundamentals generated demand for municipal bonds throughout the period. Supply was well absorbed given a continued investor appetite for income and relative stability in an environment of low interest rates and slower global growth. California and New York recently made headlines with legislation to raise the hourly minimum wage to $15.

For the twelve-month period, tax-exempt bonds surpassed the 1.96% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ended March 31, 2016, the Barclays 10-Year Municipal Bond Index posted an average annual return of 5.41%, compared with 4.90% for the broad domestic bond market.

Performance as of March 31, 2016

			Total			Average annual
			return			total return
Tax-Exempt Bond Fund	Inception date		1 year			5 years			10 years
Institutional Class		3/31/2006		2.60	%		4.65	%		4.41	%
Advisor Class		12/4/2015		2.55	†		4.64	†		4.40	†
Retail Class		3/31/2006		2.22			4.36			4.21
Barclays 10-Year Municipal Bond Index		—		4.42			5.79			5.41

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

22 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Gains in all sectors propel the benchmark forward

During the period, all of the benchmark’s sectors posted positive results. The industrial revenue and water and sewer sectors were among its largest contributors, returning 5.5% and 4.7%, respectively. The benchmark also benefited from the strong performance of education, transportation and special tax. These top-performing sectors represented more than two-fifths of the benchmark’s total market capitalization at period-end. Despite positive performance, the solid waste/resource recovery, leasing, state, local, housing and health care sectors underperformed the returns of the broad municipal bond market.

On March 31, 2016, higher-rated AAA municipal bonds, as measured by the Thomson-Reuters MMD AAA General Obligation 10-year municipal bond average, yielded 1.70%, down from 1.96% at the beginning of the period. In an environment of low interest rates and credit improvements, new municipal bond issuance increased from $372 billion on March 31, 2015, to $385 billion twelve months later.

Despite gains, the fund trails its benchmark

Overall, yield curve exposure was the largest detractor from the fund’s relative performance in an environment of fluctuating interest rates. Yield curve positioning in the local, state, leasing and transportation sectors detracted most from relative returns. (The municipal yield curve is a graphical depiction of yields on municipal bonds of all maturities.)

Conversely, yield curve exposure and overweight holdings in the health care, power and education sectors boosted relative performance.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Tax-Exempt	value		value		(10/1/15–
Bond Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,028.19		$1.77
Advisor Class†		1,000.00		1,018.48		1.63
Retail Class		1,000.00		1,026.75		3.19
5% annual hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Advisor Class†		1,000.00		1,022.50		2.53
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 March 31, 2016. 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.50% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 23

Money Market Fund

Portfolio composition
	% of net assets
	as of 3/31/2016
Commercial paper	38.5
U.S. government agency securities	24.8
U.S. Treasury securities	17.8
Floating-rate securities, government	14.7
Certificates of deposit	4.1
Other assets & liabilities, net	0.1
Total	100.0

Net annualized yield
(for the 7 days ended 3/29/2016)*
	Current yield		Effective yield
Money Market Fund†
Institutional Class	0.31	%	0.31	%
Advisor Class	0.16		0.16
Premier Class	0.00		0.00
Retirement Class	0.00		0.00
Retail Class	0.00		0.00
iMoneyNet Money Fund Averages—All Taxable§	0.11		0.11

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

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

Performance for the twelve months ended March 31, 2016

The Money Market Fund returned 0.09% for the Institutional Class, compared with the 0.04% return of the iMoneyNet Money Fund Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. The table below shows returns for all share classes of the fund.

As expected, the Fed boosts rates

Fueled by strengthening economic conditions, the Federal Reserve approved a quarter-point hike in its federal funds rate target on December 16, 2015. As 2016 commenced, inflation rose modestly and fears that interest rate hikes could happen more frequently caused some short-term volatility within the bond market. However, most segments advanced in the end. In a March statement, the Federal Reserve took an accommodative stance, indicating that the timing and size of future rate adjustments would depend on the U.S. economy’s performance, as well as global economic and financial developments.

Longer-term bonds topped their short-term counterparts, as investors became more willing to venture further out on the yield curve amid a healthy U.S. economy. As bond prices rose, yields on 10-year Treasuries went from 1.87% at the start

Performance as of March 31, 2016

			Total			Average annual
			return			total return
Money Market Fund†	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		0.09	%		0.03	%		1.26	%
Advisor Class		12/4/2015		0.04	‡		0.02	‡		1.26	‡
Premier Class		9/30/2009		0.00			0.00			1.23	‡
Retirement Class		3/31/2006		0.00			0.00			1.14
Retail Class		3/31/2006		0.00			0.00			1.19
iMoneyNet Money Fund Averages—All Taxable§		—		0.04			0.02			1.04

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.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

You could lose money over short or long periods by investing in this fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund's sponsor has no legal obligation to provide support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. For a detailed discussion of risk, please see the prospectus.

‡

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

24 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

of the reporting period to 1.78% twelve months later. London InterBank Offered rate (LIBOR) yields rose during the period with longer-dated rates gaining the most ground, rising proportionately during the fourth quarter due to the Fed’s rate hike in December. The three-month LIBOR began the period at 0.27%, jumped to 0.61% in December 2015 and closed the period higher at 0.63%. The twelve-month LIBOR, at 0.70% in April 2015, rose to 1.18% in December before climbing to 1.21% at period-end. In the first three months of 2016, LIBOR rates generally continued to rise slowly in anticipation of additional Fed rate increases. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.)

Fund restructuring to comply with new SEC regulations

As a result of amendments to the SEC regulations concerning all money market funds, the fund’s board has approved the conversion of the fund to a “government money market fund” (a “government fund”). As a government fund, the fund will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized fully by cash or U.S. government securities. The fund will continue to seek to maintain a share value of $1.00 per share. The conversion will be effective by October 2016.

Many other U.S. money market funds are also expected to restructure as government funds. As a result, the supply of commercial paper and credit products decreased during the period, while the supply of short-term U.S. Treasuries increased.

The fund narrowly outpaces the industry average

In this environment of prolonged low interest rates, the return of the Money Market Fund inched past that of the average iMoneyNet fund for the twelve-month period. To comply with SEC regulations, the fund maintained more than 50% of its portfolio in U.S. Treasury and government securities. For additional yield, the fund invested in U.S. government floating-rate securities with one-and two-year maturities.

Where advantageous, the fund continued to purchase high-quality securities of top-tier Pacific Rim financial institutions along with a few select European banks. As of March 29, 2016, the fund’s weighted average maturity was 48 days, versus 38 days for the average iMoneyNet fund.

In response to historically low interest rates, part or all of the Money Market Fund’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld (waived) to prevent the fund’s yield from turning negative.

Expense example

Six months ended March 31, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Money	value		value		(10/1/15–
Market Fund	(10/1/15)		(3/31/16)		3/31/16)
Actual return
Institutional Class	$	1,000.00	$	1,000.81		$0.70
Advisor Class†		1,000.00		1,000.23		0.94
Premier Class		1,000.00		1,000.00		1.50
Retirement Class		1,000.00		1,000.00		1.50
Retail Class		1,000.00		1,000.00		1.50
5% annual hypothetical return
Institutional Class		1,000.00		1,024.30		0.71
Advisor Class†		1,000.00		1,023.55		1.47
Premier Class		1,000.00		1,023.50		1.52
Retirement Class		1,000.00		1,023.50		1.52
Retail Class		1,000.00		1,023.50		1.52

*

“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 March 31, 2016. The fund’s annualized six-month expense ratio for that period was 0.14% for the Institutional Class, 0.30% for the Premier Class, 0.30% for the Retirement Class and 0.30% 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 the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through March 31, 2016, multiplied by the average fund value over the period, multiplied by 118/366 for the actual expenses and 183/366 for the hypothetical expenses. There were 118 days in the period from commencement of operations on December 4, 2015 through March 31, 2016. The fund’s annualized expense ratio for the 118-day period was 0.29% for the Advisor Class.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 25

Summary portfolio of investments

Bond Fund  ■  March 31, 2016

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	2,043,443		0.1	%
CAPITAL GOODS					541,525		0.0
COMMERCIAL & PROFESSIONAL SERVICES					1,473,993		0.0
CONSUMER DURABLES & APPAREL					1,182,456		0.0
CONSUMER SERVICES					4,880,404		0.2
DIVERSIFIED FINANCIALS					1,108,675		0.0
ENERGY					1,648,748		0.1
FOOD & STAPLES RETAILING					1,188,594		0.0
FOOD, BEVERAGE & TOBACCO					417,930		0.0
HEALTH CARE EQUIPMENT & SERVICES					6,201,555		0.2
INSURANCE					2,001,043		0.1
MATERIALS					5,159,377		0.2
MEDIA					4,232,476		0.1
REAL ESTATE					1,967,631		0.1
RETAILING					1,592,443		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,988,860		0.1
SOFTWARE & SERVICES					4,093,932		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					2,457,819		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $45,486,325)			44,180,904		1.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					7,171,141		0.2
BANKS					177,754,926		5.8
CAPITAL GOODS					25,114,746		0.8
COMMERCIAL & PROFESSIONAL SERVICES					37,141,535		1.2
CONSUMER DURABLES & APPAREL					15,467,399		0.5
CONSUMER SERVICES					9,877,513		0.3
DIVERSIFIED FINANCIALS
			GE Capital International Funding Co
$	10,313,000	g	2.342%, 11/15/20		10,574,403		0.4
			Other		133,037,868		4.3
					143,612,271		4.7
ENERGY					100,866,268		3.3
FOOD & STAPLES RETAILING					24,377,687		0.8
FOOD, BEVERAGE & TOBACCO					42,787,684		1.4
HEALTH CARE EQUIPMENT & SERVICES					47,515,440		1.6
HOUSEHOLD & PERSONAL PRODUCTS					2,639,517		0.1
INSURANCE					68,962,103		2.2
MATERIALS					50,021,141		1.6
MEDIA					63,588,603		2.1

Principal			Issuer	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				$	58,717,606		1.9	%
REAL ESTATE					40,690,007		1.3
RETAILING					29,574,686		1.0
SOFTWARE & SERVICES					18,693,713		0.6
TECHNOLOGY HARDWARE & EQUIPMENT					21,246,173		0.7
TELECOMMUNICATION SERVICES					59,303,903		1.9
TRANSPORTATION					47,960,784		1.6
UTILITIES					109,645,462		3.6
		TOTAL CORPORATE BONDS (Cost $1,181,610,775)			1,202,730,308		39.2
GOVERNMENT BONDS
AGENCY SECURITIES
			Private Export Funding Corp (PEFCO)
$	10,325,000		2.250%, 03/15/20		10,668,574		0.4
			Other		6,807,675		0.2
					17,476,249		0.6
FOREIGN GOVERNMENT BONDS					104,949,389		3.4
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	14,178,659	h	3.500%, 10/01/45		14,937,383		0.5
	16,874,671		4.000%, 12/01/45		18,224,396		0.6
	39,152,360		3.000%–8.000%, 05/01/16–04/15/46		42,097,193		1.4
			Federal National Mortgage Association (FNMA)
	11,000,000	h	2.500%, 04/25/31		11,293,047		0.4
	11,000,000	h	3.000%, 04/25/31		11,491,348		0.4
	14,000,000	h	2.500%, 05/25/31		14,346,718		0.5
	9,597,910		3.000%, 01/01/35		10,020,240		0.3
	9,202,040		5.500%, 12/01/41		10,636,052		0.3
	13,624,837		3.500%, 07/01/42		14,367,850		0.5
	9,946,562		3.500%, 01/01/46		10,436,078		0.3
	19,084,598		3.500%, 02/01/46		20,023,839		0.6
	15,996,017		3.500%, 03/01/46		16,783,255		0.5
	14,000,000	h	3.000%, 04/25/46		14,366,134		0.5
	10,000,000	h	4.000%, 04/25/46		10,687,546		0.3
	37,000,000	h	4.000%, 05/25/46		39,486,108		1.3
	14,000,000	h	4.500%, 05/25/46		15,215,490		0.5
	199,417,324		0.783%–8.000%, 07/01/24–05/25/46		208,204,964		6.8
			Government National Mortgage Association (GNMA)
	12,000,000		4.000%, 03/20/46		12,871,657		0.4
	28,000,000	h	3.000%, 05/20/46		28,951,124		0.9
	32,000,000	h	3.500%, 05/20/46		33,760,000		1.1
	38,410,208		3.000%–8.500%, 01/15/28–06/20/46		32,917,000		1.1
			Other		21,265,255		0.7
					612,382,677		19.9
MUNICIPAL BONDS
			Florida State Board of Administration Finance Corp
	15,000,000		2.163%, 07/01/19		15,094,950		0.5
			Ohio State University
	10,000,000		3.798%, 12/01/46		10,312,000		0.3
			State of Illinois
	12,000,000		4.350%, 06/01/18		12,255,720		0.4
			Other		46,649,765		1.5
					84,312,435		2.7

26 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Fund  ■  March 31, 2016

Principal			Issuer	Value		% of net assets
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	37,050,000		3.500%, 02/15/39	$	44,112,656		1.4	%
	16,015,000		3.875%, 08/15/40		20,083,803		0.6
	59,000,000		2.500%, 02/15/46		57,534,204		1.9
			United States Treasury Note
	15,000,000		1.250%, 03/31/21		15,018,165		0.5
	92,160,000		1.625%, 02/15/26		90,867,640		3.0
	45,837,000		0.750%–2.125%, 02/28/18–01/31/23		46,482,658		1.5
			Other		20,577,578		0.7
					294,676,704		9.6
		TOTAL GOVERNMENT BONDS (Cost $1,100,400,930)			1,113,797,454		36.2
STRUCTURED ASSETS
ASSET BACKED
			AmeriCredit Automobile Receivables Trust
			Series 2013-1 (Class C)
	10,881,000		1.570%, 01/08/19		10,882,587		0.4
			Capital Automotive REIT
			Series 2012-1A (Class A)
	11,333,770	g	4.700%, 07/15/42		11,763,955		0.4
			DB Master Finance LLC
			Series 2015-1A (Class A2I)
	10,692,000	g	3.262%, 02/20/45		10,526,809		0.3
			Domino’s Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	13,420,113	g	5.216%, 01/25/42		13,733,508		0.4
			Other		138,437,918		4.5
					185,344,777		6.0
OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage Trust
			Series 2006-6 (Class B)
	11,122,000		5.480%, 10/10/45		10,897,271		0.4
			Bear Stearns Commercial Mortgage Securities
			Series 2007-T28 (Class AJ)
	9,826,000	i	5.915%, 09/11/42		10,296,194		0.3
			COBALT CMBS Commercial Mortgage Trust
			Series 2007-C3 (Class AM)
	45,189,400	i	5.771%, 05/15/46		45,727,325		1.5
			Commercial Mortgage Trust
			Series 2007-GG11 (Class AM)
	23,805,000	i	5.867%, 12/10/49		24,476,913		0.8
			Connecticut Avenue Securities
			Series 2016-C02 (Class 1M1)
	12,250,000	i	2.585%, 09/25/28		12,263,242		0.4
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class AM)
	15,585,000		5.509%, 09/15/39		15,717,490		0.5
			Morgan Stanley Capital I Trust
	40,349,387		5.325%–6.115%, 08/12/41–10/12/52		39,897,395		1.3
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	22,235,000		5.383%, 12/15/43		22,635,450		0.7
			Series 2006-C27 (Class AJ)
	12,000,000	i	5.825%, 07/15/45		11,741,147		0.4

Principal			Issuer	Value			% of net assets
OTHER MORTGAGE BACKED—continued
			Series 2007-C34 (Class AJ)
$	23,750,038	i	5.945%, 05/15/46	$	23,587,208			0.8	%
			Series 2007-C32 (Class AMFX)
	22,000,000	g	5.703%, 06/15/49		22,492,923			0.7
			Series 2007-C32 (Class AJ)
	23,475,000	i	5.750%, 06/15/49		22,420,491			0.7
			Other		158,229,866			5.2
					420,382,915			13.7
		TOTAL STRUCTURED ASSETS (Cost $612,769,373)			605,727,692			19.7
		TOTAL BONDS (Cost $2,894,781,078)			2,922,255,454			95.1
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	25,000,000		0.366%, 05/13/16		24,992,425			0.8
			Federal Home Loan Mortgage Corp (FHLMC)
	33,000,000		0.391%, 05/04/16		32,992,146			1.1
			Other		1,699,811			0.0
					59,684,382			1.9
TREASURY DEBT
			United States Treasury Bill
	11,800,000		0.236%, 04/07/16		11,799,788			0.4
	94,100,000		0.240%, 04/14/16		94,096,142			3.1
	42,600,000		0.233%–0.283%, 04/21/16		42,597,188			1.4
	40,000,000		0.398%, 06/09/16		39,986,600			1.3
	58,000,000		0.373%, 09/29/16		57,888,292			1.9
			Other		9,197,599			0.3
					255,565,609			8.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $315,220,050)			315,249,991			10.3
		TOTAL PORTFOLIO (Cost $3,255,487,453)			3,281,686,349			106.8
		OTHER ASSETS & LIABILITIES, NET			(208,329,562	)		(6.8	)
		NET ASSETS		$	3,073,356,787			100.0	%

Abbreviation(s):

REIT – Real Estate Investment Trust

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $501,324,670 or 16.3% 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 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  ■  2016 Annual Report 27

Summary portfolio of investments

Bond Index Fund  ■  March 31, 2016

	Principal		Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	9,099,248		0.2	%
BANKS
			JPMorgan Chase & Co
$	31,843,000		1.625%–6.000%, 08/15/17–12/30/49		33,262,366		0.5
			Other		182,676,709		2.9
					215,939,075		3.4
CAPITAL GOODS					55,159,882		0.9
COMMERCIAL & PROFESSIONAL SERVICES					28,221,392		0.5
CONSUMER DURABLES & APPAREL					8,167,574		0.1
CONSUMER SERVICES					21,059,272		0.3
DIVERSIFIED FINANCIALS
			Goldman Sachs Group, Inc
	25,980,000		2.375%–6.450%, 01/18/18–10/21/45		27,917,298		0.4
			Other		175,380,771		2.8
					203,298,069		3.2
ENERGY					141,670,290		2.3
FOOD & STAPLES RETAILING					20,104,178		0.3
FOOD, BEVERAGE & TOBACCO					84,421,958		1.3
HEALTH CARE EQUIPMENT & SERVICES					39,996,995		0.6
HOUSEHOLD & PERSONAL PRODUCTS					8,599,225		0.2
INSURANCE					75,131,587		1.2
MATERIALS					57,409,028		0.9
MEDIA					51,887,819		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					88,846,020		1.4
REAL ESTATE					36,986,853		0.6
RETAILING					41,722,690		0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					8,294,939		0.1
SOFTWARE & SERVICES					49,822,854		0.8
TECHNOLOGY HARDWARE & EQUIPMENT					50,927,325		0.8
TELECOMMUNICATION SERVICES					91,355,168		1.4
TRANSPORTATION					43,860,840		0.7
UTILITIES					141,617,137		2.2
		TOTAL CORPORATE BONDS (Cost $1,536,454,008)			1,573,599,418		24.9
GOVERNMENT BONDS
AGENCY SECURITIES					151,518,945		2.4
FOREIGN GOVERNMENT BONDS					258,669,237		4.1

Principal		Issuer	Value		% of net assets
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
$	24,762,282	3.500%, 12/01/45	$	25,950,954		0.4	%
	484,714,839	2.500%–8.000%, 05/01/17–03/01/46		512,131,555		8.1
		Federal National Mortgage Association (FNMA)
	21,874,905	3.500%, 02/01/45		22,951,470		0.3
	24,770,384	4.000%, 07/01/45		26,495,203		0.4
	654,326,617	1.733%–8.000%, 09/01/16–07/01/45		692,566,207		11.0
		Government National Mortgage Association (GNMA)
	35,829,799	4.000%, 11/20/45		38,369,236		0.6
	408,661,782	1.875%–8.500%, 02/15/18–12/20/45		434,075,041		6.9
		Other		4,228,894		0.1
				1,756,768,560		27.8
MUNICIPAL BONDS				63,432,561		1.0
U.S. TREASURY SECURITIES
		United States Treasury Bond
	26,060,000	5.250%, 02/15/29		35,796,876		0.6
	36,983,000	3.500%, 02/15/39		44,032,884		0.7
	26,350,000	4.375%, 05/15/41		35,597,216		0.6
	22,000,000	3.000%, 05/15/45		23,731,642		0.4
	207,729,000	2.500%–5.250%, 11/15/28–02/15/46		238,889,951		3.8
		United States Treasury Note
	27,000,000	0.625%, 11/15/16		27,020,034		0.4
	50,300,000	0.875%, 01/31/17		50,410,056		0.8
	61,750,000	0.750%, 10/31/17		61,776,553		1.0
	31,000,000	0.750%, 02/28/18		31,010,912		0.5
	23,000,000	0.750%, 03/31/18		23,001,794		0.4
	72,000,000	1.000%, 05/31/18		72,345,960		1.1
	40,350,000	1.500%, 08/31/18		41,038,775		0.6
	22,000,000	1.375%, 09/30/18		22,314,534		0.4
	28,000,000	1.250%, 10/31/18		28,308,448		0.4
	33,500,000	1.250%, 11/30/18		33,878,181		0.5
	25,000,000	1.500%, 12/31/18		25,454,100		0.4
	25,000,000	1.500%, 01/31/19		25,456,050		0.4
	30,000,000	1.500%, 02/28/19		30,544,920		0.5
	36,000,000	1.625%, 03/31/19		36,786,096		0.6
	40,750,000	1.500%, 05/31/19		41,485,415		0.7
	40,000,000	1.625%, 06/30/19		40,900,000		0.6
	50,500,000	1.625%, 08/31/19		51,612,565		0.8
	38,500,000	1.750%, 09/30/19		39,506,120		0.6
	29,000,000	1.500%, 10/31/19		29,506,369		0.5
	57,000,000	1.500%, 11/30/19		57,970,767		0.9
	33,500,000	1.625%, 12/31/19		34,218,408		0.5
	36,500,000	1.250%, 01/31/20		36,759,479		0.6
	78,500,000	1.375%, 02/29/20		79,386,187		1.3
	50,000,000	1.500%, 05/31/20		50,763,650		0.8
	45,000,000	1.625%, 06/30/20		45,908,775		0.7
	22,500,000	1.625%, 07/31/20		22,951,755		0.4
	34,000,000	1.375%, 08/31/20		34,333,370		0.5
	30,000,000	1.375%, 09/30/20		30,261,330		0.5
	40,000,000	1.375%, 10/31/20		40,334,360		0.6
	50,000,000	1.625%, 11/30/20		51,015,600		0.8
	25,000,000	1.750%, 12/31/20		25,623,050		0.4
	48,500,000	1.375%, 01/31/21		48,865,642		0.8
	50,000,000	1.250%, 03/31/21		50,060,550		0.8
	27,610,000	2.125%, 08/15/21		28,765,092		0.5
	26,000,000	2.500%, 05/15/24		27,657,500		0.4
	55,005,000	2.250%, 11/15/24		57,372,800		0.9
	37,000,000	2.125%, 05/15/25		38,160,579		0.6

28 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Index Fund  ■  March 31, 2016

							% of net
Principal			Issuer	Value			assets
U.S. TREASURY SECURITIES—continued
$	37,000,000		2.000%, 08/15/25	$	37,724,090			0.6	%
	30,000,000		2.250%, 11/15/25		31,233,990			0.5
	44,500,000		1.625%, 02/15/26		43,875,977			0.7
	346,303,900		0.500%–8.000%, 06/15/16–02/15/25		358,562,655			5.7
					2,322,211,057			36.8
		TOTAL GOVERNMENT BONDS (Cost $4,429,600,527)			4,552,600,360			72.1
STRUCTURED ASSETS
ASSET BACKED					48,246,737			0.8
OTHER MORTGAGE BACKED					100,580,100			1.6
		TOTAL STRUCTURED ASSETS (Cost $146,487,076)			148,826,837			2.4
		TOTAL BONDS (Cost $6,112,541,611)			6,275,026,615			99.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	30,000,000		0.080%, 04/01/16		30,000,000			0.5
			Other		21,398,502			0.3
					51,398,502			0.8
TREASURY DEBT
			United States Treasury Bill
	31,000,000		0.241%–0.245%, 04/14/16		30,998,729			0.5
			Other		8,999,838			0.2
					39,998,567			0.7
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $91,396,114)			91,397,069			1.5
		TOTAL PORTFOLIO (Cost $6,203,937,725)			6,366,423,684			100.9
		OTHER ASSETS & LIABILITIES, NET			(55,988,415	)		(0.9	)
		NET ASSETS		$	6,310,435,269			100.0	%

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

At 3/31/16, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $29,717,618 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

For ease of presentation, a number of classification categories have been grouped together in the Summary 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  ■  2016 Annual Report 29

Summary portfolio of investments

Bond Plus Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	5,627,614		0.2	%
CAPITAL GOODS					5,986,800		0.2
COMMERCIAL & PROFESSIONAL SERVICES					10,446,748		0.4
CONSUMER DURABLES & APPAREL					2,996,081		0.1
CONSUMER SERVICES					23,496,311		0.8
DIVERSIFIED FINANCIALS					6,830,438		0.2
ENERGY					1,956,630		0.1
FOOD & STAPLES RETAILING					5,770,713		0.2
FOOD, BEVERAGE & TOBACCO					1,659,116		0.0
HEALTH CARE EQUIPMENT & SERVICES					13,409,716		0.5
INSURANCE					11,114,775		0.4
MATERIALS					9,165,270		0.3
MEDIA					14,394,238		0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,033,187		0.1
REAL ESTATE
			DTZ US Borrower LLC
$	9,915,075	i	4.250%, 11/04/21		9,815,924		0.3
					9,815,924		0.3
RETAILING					3,301,051		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					4,972,150		0.2
SOFTWARE & SERVICES					14,500,978		0.5
TECHNOLOGY HARDWARE & EQUIPMENT					4,989,595		0.2
TELECOMMUNICATION SERVICES					488,326		0.0
UTILITIES					240,044		0.0
		TOTAL BANK LOAN OBLIGATIONS
		(Cost $157,432,923)			154,195,705		5.3
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					18,531,534		0.6
BANKS
			Bank of America Corp
	12,000,000		1.950%, 05/12/18		12,015,384		0.4
			Citigroup, Inc
	8,975,000		1.300%, 11/15/16		8,986,722		0.3
			Other		151,626,337		5.2
					172,628,443		5.9
CAPITAL GOODS					19,750,525		0.7
COMMERCIAL & PROFESSIONAL SERVICES					30,274,888		1.0
CONSUMER DURABLES & APPAREL					21,450,063		0.7
CONSUMER SERVICES					38,626,536		1.3

						% of net
	Principal		Issuer		Value	assets
DIVERSIFIED FINANCIALS
			General Motors Financial Co, Inc
$	15,000,000		2.400%, 04/10/18	$	14,998,425	0.5	%
			Other		121,917,855	4.2
					136,916,280	4.7
ENERGY					99,155,004	3.4
FOOD & STAPLES RETAILING					12,960,704	0.4
FOOD, BEVERAGE & TOBACCO					33,397,667	1.1
HEALTH CARE EQUIPMENT & SERVICES					46,952,234	1.6
HOUSEHOLD & PERSONAL PRODUCTS					2,304,009	0.1
INSURANCE					39,369,176	1.3
MATERIALS
			Glencore Funding LLC
	9,660,000	g	2.125%, 04/16/18		9,020,025	0.3
			Other		71,982,250	2.5
					81,002,275	2.8
MEDIA					69,243,272	2.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					43,371,337	1.5
REAL ESTATE					31,135,769	1.1
RETAILING					25,930,875	0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					820,072	0.0
SOFTWARE & SERVICES					17,912,824	0.6
TECHNOLOGY HARDWARE & EQUIPMENT					32,699,556	1.1
TELECOMMUNICATION SERVICES					54,368,558	1.8
TRANSPORTATION					44,888,132	1.5
UTILITIES					84,459,042	2.9
		TOTAL CORPORATE BONDS (Cost $1,162,358,551)			1,158,148,775	39.4
GOVERNMENT BONDS
AGENCY SECURITIES					1,295,440	0.0
FOREIGN GOVERNMENT BONDS					102,766,583	3.5
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
	14,339,087		3.500%, 09/15/43		15,361,718	0.5
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	14,554,143	h	3.500%, 10/01/45		15,332,960	0.5
	22,738,592	h	4.000%, 12/01/45		24,557,344	0.8
	19,000,000	h	3.500%, 04/15/46		19,896,192	0.7
			Federal National Mortgage Association (FNMA)
	20,000,000	h	2.500%, 04/25/31		20,532,812	0.7
	16,000,000	h	3.000%, 04/25/31		16,714,688	0.6
	13,000,000	h	2.500%, 05/25/31		13,321,953	0.5
	9,000,000	h	3.000%, 05/25/31		9,387,949	0.3
	15,123,978		3.000%, 02/01/43		15,553,827	0.5
	9,650,822		3.000%, 02/01/43		9,925,362	0.3
	9,157,216		3.500%, 04/01/45		9,655,634	0.3

30 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Plus Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
MORTGAGE BACKED—continued
$	21,882,437		3.500%, 01/01/46	$	22,959,373		0.8	%
	31,025,554		3.500%, 03/01/46		32,552,465		1.1
	27,000,000	h	3.000%, 04/25/46		27,706,115		1.0
	13,000,000	h	4.000%, 04/25/46		13,893,810		0.5
	43,000,000	h	4.000%, 05/25/46		45,889,260		1.6
	19,000,000	h	4.500%, 05/25/46		20,649,593		0.7
	208,054,474		0.783%–9.000%, 03/01/23–05/25/46		216,880,816		7.4
			Government National Mortgage Association (GNMA)
	8,000,000		4.000%, 03/20/46		8,581,105		0.3
	15,000,000	h	3.000%, 04/20/46		15,546,093		0.5
	15,000,000	h	3.500%, 04/20/46		15,857,813		0.5
	28,000,000	h	3.000%, 05/20/46		28,951,124		1.0
	29,000,000	h	3.500%, 05/20/46		30,595,000		1.0
			Other		52,061,729		1.8
					702,364,735		23.9
MUNICIPAL BONDS					111,025,114		3.8
U.S. TREASURY SECURITIES
			United States Treasury Bond
	35,000,000		4.500%, 08/15/39		47,950,000		1.6
	45,035,000		3.000%, 05/15/45		48,579,750		1.7
	21,165,000		2.875%, 08/15/45		22,269,559		0.8
	11,302,300		3.000%, 11/15/45		12,206,043		0.4
	27,000,000		2.500%, 02/15/46		26,329,212		0.9
			United States Treasury Note
	14,615,000		1.125%, 02/28/21		14,561,904		0.5
	25,000,000		1.500%, 02/28/23		24,938,475		0.8
	21,596,000		1.625%, 02/15/26		21,293,159		0.7
			Other		2,103,836		0.1
					220,231,938		7.5
		TOTAL GOVERNMENT BONDS (Cost $1,123,052,493)			1,137,683,810		38.7
STRUCTURED ASSETS
ASSET BACKED
			Capital Automotive REIT
			Series 2014-1A (Class A)
	10,000,000	g	3.660%, 10/15/44		10,343,981		0.3
			Connecticut Avenue Securities
			Series 2015-C03 (Class 1M1)
	16,414,801	i	1.933%, 07/25/25		16,429,700		0.6
			Wendys Funding LLC
			Series 2015-1A (Class A2I)
	15,920,000	g	3.371%, 06/15/45		15,628,027		0.5
			Other		110,466,922		3.8
					152,868,630		5.2
OTHER MORTGAGE BACKED
			COBALT CMBS Commercial Mortgage Trust
			Series 2007-C3 (Class AJ)
	16,500,000	i	5.771%, 05/15/46		16,007,203		0.5
			Credit Suisse Commercial Mortgage Trust
			Series 2007-C4 (Class A1AM)
	10,000,000	i	5.953%, 09/15/39		9,992,454		0.3
			Wachovia Bank Commercial Mortgage Trust
			Series 2006-C27 (Class AJ)

							% of net
Principal			Issuer	Value			assets
OTHER MORTGAGE BACKED—continued
$	13,250,000	i	5.825%, 07/15/45	$	12,964,183			0.4	%
			Series 2007-C31 (Class AJ)
	14,875,000	i	5.660%, 04/15/47		14,725,860			0.5
			Series 2007-C32 (Class AMFX)
	10,000,000	g	5.703%, 06/15/49		10,224,056			0.4
			Series 2007-C32 (Class AJ)
	16,700,000	i	5.750%, 06/15/49		15,949,828			0.5
			Series 2007-C32 (Class B)
	9,000,000	i	5.750%, 06/15/49		8,540,815			0.3
	35,545,000		0.641%–6.020%, 12/15/43–02/15/51		30,706,764			1.1
			Other		160,174,814			5.5
					279,285,977			9.5
		TOTAL STRUCTURED ASSETS (Cost $438,242,093)			432,154,607			14.7
		TOTAL BONDS (Cost $2,723,653,137)			2,727,987,192			92.8
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	34,000,000		0.340%, 04/22/16		33,995,818			1.2
			Other		1,599,822			0.0
					35,595,640			1.2
TREASURY DEBT
			United States Treasury Bill
	25,300,000		0.236%, 04/07/16		25,299,544			0.9
	121,600,000		0.240%–0.247%, 04/14/16		121,595,014			4.1
	14,950,000		0.225%–0.255%, 05/26/16		14,946,098			0.5
	67,900,000		0.373%, 09/29/16		67,769,225			2.3
			Other		11,898,139			0.4
					241,508,020			8.2
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $277,094,664)			277,103,660			9.4
		TOTAL PORTFOLIO (Cost $3,158,180,724)			3,159,286,557			107.5
		OTHER ASSETS & LIABILITIES, NET			(220,441,316	)		(7.5	)
		NET ASSETS		$	2,938,845,241			100.0	%

Abbreviation(s):

REIT – Real Eststate Investment Trust

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $471,844,263 or 16.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

“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  ■  2016 Annual Report 31

Summary portfolio of investments

High-Yield Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS
			Gates Global LLC
$	17,562,416	i	4.250%, 07/05/21	$	16,541,689	0.5	%
					16,541,689	0.5
CAPITAL GOODS					16,105,971	0.5
COMMERCIAL & PROFESSIONAL SERVICES
			Creative Artists Agency LLC
	13,312,517	i	5.500%, 12/17/21		13,279,236	0.5
			SterlingBackcheck
	13,275,000	i	8.750%, 06/19/23		12,744,000	0.4
			Other		8,574,946	0.3
					34,598,182	1.2
CONSUMER DURABLES & APPAREL					19,265,830	0.6
CONSUMER SERVICES
			Knowledge Universe Education LLC
	14,925,000	i	6.000%, 08/13/22		14,719,781	0.5
			Other		37,607,426	1.3
					52,327,207	1.8
DIVERSIFIED FINANCIALS					5,078,582	0.2
ENERGY					15,879,874	0.5
FOOD & STAPLES RETAILING
			Albertson’s Holdings LLC
	14,788,094	i	5.500%, 08/25/21		14,795,488	0.5
			Other		24,531,506	0.8
					39,326,994	1.3
HEALTH CARE EQUIPMENT & SERVICES					5,305,753	0.2
INSURANCE
			Acrisure LLC
	20,545,074	i	6.500%, 05/19/22		20,134,172	0.7
			Other		22,326,983	0.7
					42,461,155	1.4
MATERIALS					11,207,778	0.4
MEDIA
			Neptune Finco Corp
	15,275,000	i	5.000%, 10/09/22		15,272,556	0.5
			Other		8,434,363	0.3
					23,706,919	0.8
REAL ESTATE
			DTZ US Borrower LLC
	15,650,000	i	9.250%, 11/04/22		15,337,000	0.5
					15,337,000	0.5
RETAILING					8,062,645	0.3
SOFTWARE & SERVICES					28,066,520	0.9
TELECOMMUNICATION SERVICES					5,036,249	0.2

						% of net
Principal			Issuer	Value		assets
UTILITIES				$	4,320,787		0.1	%
		TOTAL BANK LOAN OBLIGATIONS (Cost $372,674,150)			342,629,135		11.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Gates Global LLC
$	18,600,000	g	6.000%, 07/15/22		15,903,000		0.5
			Other		34,677,475		1.1
					50,580,475		1.6
BANKS					60,145,644		2.0
CAPITAL GOODS					35,871,788		1.2
COMMERCIAL & PROFESSIONAL SERVICES
			SPL Logistics Escrow LLC
	17,525,000	g	8.875%, 08/01/20		13,844,750		0.5
			United Rentals North America, Inc
	16,425,000		5.500%, 07/15/25		16,219,688		0.5
			XPO Logistics, Inc
	16,000,000	g	6.500%, 06/15/22		15,540,000		0.5
			Other		66,758,384		2.2
					112,362,822		3.7
CONSUMER DURABLES & APPAREL
			Lennar Corp
	14,500,000		4.750%, 04/01/21		14,681,250		0.5
			Other		41,865,485		1.4
					56,546,735		1.9
CONSUMER SERVICES
			1011778 BC / New Red Fin
	13,250,000	g	6.000%, 04/01/22		13,780,000		0.5
			International Game Technology
	13,285,000	g	6.500%, 02/15/25		13,152,150		0.4
			Scientific Games International, Inc
	14,500,000	g	7.000%, 01/01/22		14,790,000		0.5
	16,000,000		10.000%, 12/01/22		12,960,000		0.4
			Wynn Las Vegas LLC
	18,000,000	g	5.500%, 03/01/25		16,965,000		0.6
			Other		87,789,057		2.9
					159,436,207		5.3
DIVERSIFIED FINANCIALS
			Navient Corp
	32,425,000		4.875%–6.125%, 01/15/19–03/25/24		30,648,312		1.0
			Other		94,395,539		3.1
					125,043,851		4.1
ENERGY
			Sabine Pass Liquefaction LLC
	31,435,000		5.625%–5.750%, 02/01/21–03/01/25		30,054,269		1.0
			Other		280,874,482		9.3
					310,928,751		10.3

32 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments continued

High-Yield Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
$	12,960,000		5.750%, 06/15/23	$	13,154,400		0.4	%
					13,154,400		0.4
FOOD, BEVERAGE & TOBACCO
			Post Holdings, Inc
	13,335,000		7.375%, 02/15/22		14,101,763		0.5
			Other		22,634,125		0.7
					36,735,888		1.2
HEALTH CARE EQUIPMENT & SERVICES
			CHS/Community Health Systems
	17,275,000		6.875%, 02/01/22		15,590,687		0.5
			HCA, Inc
	13,600,000		7.500%, 02/15/22		15,389,325		0.5
	13,350,000		5.375%, 02/01/25		13,496,049		0.5
	19,250,000		5.875%, 02/15/26		19,827,500		0.7
			Tenet Healthcare Corp
	13,800,000		5.000%, 03/01/19		13,644,750		0.5
	16,000,000		8.125%, 04/01/22		16,414,560		0.5
			Other		127,602,989		4.2
					221,965,860		7.4
HOUSEHOLD & PERSONAL PRODUCTS					4,632,000		0.2
INSURANCE					11,250,000		0.4
MATERIALS
			Berry Plastics Corp
	17,025,000	g	6.000%, 10/15/22		17,833,687		0.6
			Blue Cube Spinco, Inc
	20,000,000	g	9.750%, 10/15/23		22,850,000		0.8
	11,400,000	g	10.000%, 10/15/25		13,024,500		0.4
			Eldorado Gold Corp
	14,400,000	g	6.125%, 12/15/20		13,140,000		0.4
			Hexion US Finance Corp
	15,460,000		6.625%, 04/15/20		12,831,800		0.4
			Owens-Brockway Glass Container, Inc
	16,000,000	g	5.875%, 08/15/23		16,670,000		0.6
			Univar, Inc
	13,370,000	g	6.750%, 07/15/23		13,136,025		0.4
			Other		152,298,371		5.0
					261,784,383		8.6
MEDIA
			CCO Holdings LLC
	20,900,000		5.750%, 01/15/24		21,762,125		0.7
	20,000,000	g	5.875%, 04/01/24		20,950,000		0.7
			Numericable Group S.A.
	17,000,000	g	6.000%, 05/15/22		16,575,000		0.5
			Univision Communications, Inc
	27,800,000	g	5.125%, 02/15/25		27,452,500		0.9
			Other		191,711,986		6.4
					278,451,611		9.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					29,701,991		1.0

						% of net
Principal			Issuer	Value		assets
REAL ESTATE
			Equinix, Inc
$	12,100,000		5.875%, 01/15/26	$	12,741,300		0.4	%
			Other		19,886,513		0.7
					32,627,813		1.1
RETAILING
			Argos Merger Sub, Inc
	20,800,000	g	7.125%, 03/15/23		22,048,000		0.7
			Other		59,967,449		2.0
					82,015,449		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,608,125		0.3
SOFTWARE & SERVICES
			Sixsigma Networks Mexico S.A. de C.V.
	14,000,000	g	8.250%, 11/07/21		13,195,000		0.4
			Other		65,031,004		2.2
					78,226,004		2.6
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope, Inc
	23,700,000	g	6.000%, 06/15/25		24,055,500		0.8
			Other		56,432,750		1.9
					80,488,250		2.7
TELECOMMUNICATION SERVICES
			Frontier Communications Corp
	14,095,000	g	8.875%, 09/15/20		14,711,656		0.5
			T-Mobile USA, Inc
	12,350,000		6.542%, 04/28/20		12,751,375		0.4
	15,600,000		6.731%, 04/28/22		16,298,880		0.5
	29,190,000		6.000%–6.836%, 01/15/22–03/01/25		29,967,875		1.0
			Other		167,847,828		5.6
					241,577,614		8.0
TRANSPORTATION
			Bombardier, Inc
	51,025,000		5.500%–7.750%, 03/15/18–03/15/25		42,663,738		1.4
			Other		40,155,650		1.3
					82,819,388		2.7
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		12,832,525		0.4
			Other		109,135,805		3.6
					136,318,330		4.5
		TOTAL CORPORATE BONDS (Cost $2,726,657,246)			2,510,273,379		83.1
		TOTAL BONDS (Cost $2,726,657,246)			2,510,273,379		83.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 33

Summary portfolio of investments concluded

High-Yield Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	20,000,000		0.080%, 04/01/16	$	20,000,000		0.7	%
	12,672,000		0.350%–0.380%, 04/15/16		12,670,961		0.4
			Other		9,399,342		0.3
					42,070,303		1.4
TREASURY DEBT
			United States Treasury Bill
	49,450,000		0.198%–0.281%, 04/07/16		49,449,110		1.7
	22,000,000		0.241%–0.245%, 04/14/16		21,999,098		0.7
			Other		9,448,583		0.3
					80,896,791		2.7
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $122,963,497)			122,967,094		4.1
		TOTAL PORTFOLIO (Cost $3,222,294,893)			2,975,869,608		98.6
		OTHER ASSETS & LIABILITIES, NET			41,576,956		1.4
		NET ASSETS		$	3,017,446,564		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $1,082,999,783 or 35.9% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

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

34 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments

Inflation-Linked Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
BONDS
CORPORATE BONDS
DIVERSIFIED FINANCIALS
			HNA 2015 LLC
$	2,943,704		2.369%, 09/18/27	$	2,994,695		0.1	%
					2,994,695		0.1
		TOTAL CORPORATE BONDS (Cost $2,943,704)			2,994,695		0.1
GOVERNMENT BONDS
AGENCY SECURITIES
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,631,544		0.2
	3,000,000		3.250%, 06/15/25		3,209,541		0.1
			Ukraine Government AID Bonds
	3,000,000		1.847%, 05/29/20		3,052,035		0.1
					9,893,120		0.4
MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	6,866,670		3.700%, 10/15/33		7,592,399		0.3
					7,592,399		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	28,556,043	k	2.500%, 07/15/16		29,072,879		1.3
	27,404,687	k	2.375%, 01/15/17		28,242,531		1.3
	131,149,549	k	0.125%, 04/15/17		132,652,261		5.9
	31,385,867	k	2.625%, 07/15/17		33,052,425		1.5
	31,174,446	k	1.625%, 01/15/18		32,600,022		1.4
	134,152,865	k	0.125%, 04/15/18		136,538,908		6.1
	32,217,837	k	1.375%, 07/15/18		33,996,938		1.5
	36,850,918	k	2.125%, 01/15/19		39,785,541		1.8
	109,191,240	k	0.125%, 04/15/19		111,554,248		4.9
	35,405,893	k	1.875%, 07/15/19		38,494,242		1.7
	63,813,527	k	1.375%, 01/15/20		68,325,335		3.0
	164,895,690	k	0.125%, 04/15/20		168,378,287		7.5
	70,166,730	k	1.250%, 07/15/20		75,436,532		3.3
	87,808,291	k	1.125%, 01/15/21		93,857,667		4.2
	86,119,545	k	0.625%, 07/15/21		90,414,326		4.0
	74,327,550	k	0.125%, 01/15/22		75,448,261		3.3
	103,018,000	k	0.125%, 07/15/22		104,838,225		4.6
	67,739,100	k	0.125%, 01/15/23		68,317,727		3.0
	61,078,800	k	0.375%, 07/15/23		62,933,458		2.8
	72,849,093	k	0.625%, 01/15/24		75,868,323		3.4
	64,851,800	k	0.125%, 07/15/24		65,092,465		2.9
	42,008,820	k	0.250%, 01/15/25		42,376,397		1.9
	67,055,307	k	2.375%, 01/15/25		79,870,046		3.5
	57,941,420	k	0.375%, 07/15/25		59,218,681		2.6
	39,880,800	k	0.625%, 01/15/26		41,706,583		1.8
	70,489,242	k	2.000%, 01/15/26		82,550,444		3.7
	38,775,818	k	2.375%, 01/15/27		47,372,649		2.1
	49,220,071	k	1.750%, 01/15/28		57,081,206		2.5
	33,782,302	k	3.625%, 04/15/28		46,526,777		2.1
	35,519,090	k	2.500%, 01/15/29		44,621,318		2.0
	31,686,257	k	3.875%, 04/15/29		45,368,700		2.0
	5,644,319	k	3.375%, 04/15/32		8,172,359		0.4

						% of net
Principal			Issuer	Value		assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	5,000,000		1.000%, 12/31/17	$	5,024,025		0.2	%
	10,000,000		1.000%, 03/15/19		10,041,020		0.5
	10,000,000		2.125%, 12/31/22		10,390,230		0.5
	10,000,000		1.625%, 02/15/26		9,859,770		0.4
					2,155,080,806		95.6
		TOTAL GOVERNMENT BONDS (Cost $2,084,214,531)			2,172,566,325		96.3
		TOTAL BONDS (Cost $2,087,158,235)			2,175,561,020		96.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	10,000,000		0.180%, 04/20/16		9,998,890		0.5
	3,000,000		0.370%, 05/11/16		2,999,133		0.1
					12,998,023		0.6
TREASURY DEBT
			United States Treasury Bill
	50,000,000		0.241%, 04/14/16		49,997,950		2.2
					49,997,950		2.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $62,993,466)			62,995,973		2.8
		TOTAL PORTFOLIO (Cost $2,150,151,701)			2,238,556,993		99.2
		OTHER ASSETS & LIABILITIES, NET			17,403,149		0.8
		NET ASSETS		$	2,255,960,142		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  ■  2016 Annual Report 35

Summary portfolio of investments

Short-Term Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	1,735,200		0.1	%
CONSUMER DURABLES & APPAREL					2,236,264		0.2
CONSUMER SERVICES					8,836,932		0.6
DIVERSIFIED FINANCIALS					2,496,750		0.1
HEALTH CARE EQUIPMENT & SERVICES					8,670,381		0.6
MATERIALS					1,975,840		0.1
MEDIA					11,128,192		0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					326,722		0.0
RETAILING					1,993,720		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,560,657		0.2
SOFTWARE & SERVICES					2,952,974		0.2
TECHNOLOGY HARDWARE & EQUIPMENT					7,807,883		0.5
TRANSPORTATION					1,993,500		0.1
UTILITIES					978,387		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $55,831,783)			55,693,402		3.6
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					1,132,679		0.1
BANKS
			Bank of America Corp
$	9,350,000		2.000%, 01/11/18		9,389,513		0.6
			Bank of America NA
	10,000,000		1.650%, 03/26/18		9,989,190		0.7
			Bank of Nova Scotia
	15,000,000		2.125%, 09/11/19		15,239,295		1.0
			Citigroup, Inc
	15,750,000		1.300%–2.050%, 11/15/16–12/07/18		15,772,837		1.0
			Royal Bank of Canada
	10,000,000		1.875%, 02/05/20		10,052,360		0.7
			Skandinaviska Enskilda Banken AB
	11,000,000	g	1.375%, 05/29/18		10,976,207		0.7
			SpareBank Boligkreditt AS.
	8,000,000	g	1.250%, 05/02/18		7,982,968		0.5
			Other		118,691,140		7.8
					198,093,510		13.0
CAPITAL GOODS					15,225,909		1.0
COMMERCIAL & PROFESSIONAL SERVICES					13,418,179		0.9
CONSUMER DURABLES & APPAREL					3,978,693		0.2
CONSUMER SERVICES					8,599,448		0.5

						% of net
Principal			Issuer	Value		assets
DIVERSIFIED FINANCIALS
			Ally Financial, Inc
$	10,000,000		3.500%, 07/18/16	$	10,005,000		0.7	%
			Caisse Centrale Desjardins du Quebec
	8,000,000	g	1.600%, 03/06/17		8,046,552		0.5
			Ford Motor Credit Co LLC
	14,500,000		1.684%–6.625%, 02/03/17–10/05/18		14,641,943		1.0
			Nederlandse Waterschapsbank NV
	8,300,000	g	1.875%, 03/13/19		8,442,469		0.5
			Wells Fargo & Co
	11,000,000		1.250%, 07/20/16		11,019,701		0.7
			Other		54,561,201		3.6
					106,716,866		7.0
ENERGY					39,133,236		2.6
FOOD & STAPLES RETAILING					6,351,288		0.4
FOOD, BEVERAGE & TOBACCO					16,439,914		1.1
HEALTH CARE EQUIPMENT & SERVICES					20,900,818		1.3
HOUSEHOLD & PERSONAL PRODUCTS					1,386,324		0.1
INSURANCE					8,610,763		0.6
MATERIALS					16,969,597		1.1
MEDIA					2,688,029		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					28,317,812		1.9
REAL ESTATE					995,892		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,025,090		0.0
SOFTWARE & SERVICES					5,894,408		0.4
TECHNOLOGY HARDWARE & EQUIPMENT					24,495,632		1.6
TELECOMMUNICATION SERVICES					12,426,410		0.8
TRANSPORTATION					4,280,470		0.3
UTILITIES					42,426,133		2.7
		TOTAL CORPORATE BONDS (Cost $577,065,437)			579,507,100		37.9
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
	14,000,000		0.875%, 05/24/17		14,029,820		0.9
			Hospital for Special Surgery
	7,345,000	g	3.500%, 01/01/23		7,583,646		0.5
			Other		22,320,024		1.5
					43,933,490		2.9

36 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments continued

Short-Term Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
FOREIGN GOVERNMENT BONDS
			International Finance Facility for Immunisation
$	20,000,000	g,i	0.819%, 07/05/16	$	19,996,280		1.3	%
			KFW
	15,000,000		1.875%, 11/30/20		15,277,320		1.0
			Other		58,448,488		3.8
					93,722,088		6.1
MORTGAGE BACKED					9,417,617		0.6
MUNICIPAL BONDS					10,541,370		0.7
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	10,430,300	k	0.125%, 04/15/17		10,549,810		0.7
	22,255,860	k	0.125%, 04/15/20		22,725,904		1.5
			United States Treasury Note
	11,315,000	d	0.625%, 08/15/16		11,325,059		0.7
	15,000,000	d	0.625%, 12/31/16		15,005,280		1.0
	31,455,000	d	0.625%, 02/15/17		31,459,907		2.1
	7,550,000		1.000%, 12/15/17		7,584,209		0.5
	54,490,100		1.125%, 02/28/21		54,292,138		3.5
	31,650,600		0.500%–2.250%, 02/28/17–11/15/25		31,861,457		2.1
					184,803,764		12.1
		TOTAL GOVERNMENT BONDS
		(Cost $340,145,553)			342,418,329		22.4
STRUCTURED ASSETS
ASSET BACKED
			Connecticut Avenue Securities
			Series 2015-C04 (Class 1M1)
	8,241,599	i	2.033%, 04/25/28		8,239,010		0.5
			Series 2016-C01 (Class 1M1)
	9,951,861	i	2.383%, 08/25/28		9,964,413		0.7
			Countrywide Asset-Backed Certificates
			Series 2004-14 (Class M2)
	14,616,858	i	1.007%, 06/25/35		14,509,393		1.0
			Ford Credit Auto Owner Trust
			Series 2014-2 (Class B)
	9,250,000	g	2.510%, 04/15/26		9,215,672		0.6
			Other		104,366,989		6.8
					146,295,477		9.6
OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage Trust
			Series 2006-6 (Class AM)
	10,000,000		5.390%, 10/10/45		10,125,068		0.7
			Series 2007-1 (Class AM)
	8,750,000	g	5.416%, 01/15/49		8,839,507		0.6
			Bear Stearns Commercial Mortgage Securities Trust
			Series 2003-PWR2 (Class H)
	13,335,000	g,i	5.300%, 05/11/39		14,271,162		0.9
			Citigroup Commercial Mortgage Trust
			Series 2006-C4 (Class AJ)
	7,896,000	i	5.975%, 03/15/49		7,859,226		0.5
			Series 2007-C6 (Class AMFX)
	10,000,000	g,i	5.705%, 12/10/49		10,102,234		0.7

						% of net
Principal			Issuer	Value		assets
OTHER MORTGAGE BACKED—continued
			COBALT CMBS Commercial Mortgage Trust
			Series 2007-C3 (Class AM)
$	8,670,000	i	5.771%, 05/15/46	$	8,915,545		0.6	%
			Credit Suisse Commercial Mortgage Trust
			Series 2007-C4 (Class A1AJ)
	10,000,000	i	5.903%, 09/15/39		9,530,580		0.6
			Series 2007-C2 (Class AMFL)
	9,676,585	i	0.671%, 01/15/49		9,236,428		0.6
			Series 2007-C2 (Class AJ)
	10,000,000	i	5.625%, 01/15/49		9,721,218		0.6
			JP Morgan Chase Commercial Mortgage Securities Trust
			Series 2013-WT (Class B)
	7,134,644	g	4.845%, 02/16/25		7,192,527		0.5
	25,263,118	i	5.257%–6.192%, 04/15/43–02/15/51		25,530,449		1.6
			LB-UBS Commercial Mortgage Trust
			Series 2004-C7 (Class K)
	10,691,000	g,i	5.151%, 10/15/36		10,976,904		0.7
			Series 2007-C1 (Class AJ)
	11,190,000		5.484%, 02/15/40		11,167,134		0.7
			Morgan Stanley Capital I Trust
			Series 2006-HQ10 (Class AJ)
	9,000,000	i	5.389%, 11/12/41		8,876,227		0.6
			Series 2007-IQ15 (Class AM)
	10,950,000	i	5.907%, 06/11/49		11,363,646		0.7
			Structured Agency Credit Risk Debt Note (STACR)
			Series 2015-DN1 (Class M2)
	13,000,000	i	2.833%, 01/25/25		13,165,900		0.9
			Series 2015-HQ1 (Class M2)
	10,000,000	i	2.633%, 03/25/25		10,032,928		0.7
			Series 2015-HQ2 (Class M1)
	9,376,770	i	1.533%, 05/25/25		9,376,767		0.6
			Series 2015-DNA3 (Class M1)
	10,060,935	i	1.783%, 04/25/28		10,077,249		0.7
			Series 2016-DNA1 (Class M1)
	9,861,721	i	1.883%, 07/25/28		9,854,157		0.6
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	8,735,000		5.383%, 12/15/43		8,892,317		0.6
			Series 2007-C32 (Class AMFX)
	9,635,000	g	5.703%, 06/15/49		9,850,878		0.6
			Other		112,861,626		7.4
					347,819,677		22.7
		TOTAL STRUCTURED ASSETS
		(Cost $499,691,498)			494,115,154		32.3
		TOTAL BONDS
		(Cost $1,416,902,488)			1,416,040,583		92.6

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 37

Summary portfolio of investments concluded

Short-Term Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	20,000,000		0.080%, 04/01/16	$	20,000,000		1.3	%
	8,500,000		0.110%, 04/13/16		8,499,405		0.6
			Other		3,399,504		0.2
					31,898,909		2.1
TREASURY DEBT
			United States Treasury Bill
	10,000,000	d	0.260%, 04/07/16		9,999,820		0.7
	10,600,000		0.245%, 04/14/16		10,599,565		0.7
					20,599,385		1.4
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $52,497,939)			52,498,294		3.5
		TOTAL PORTFOLIO
		(Cost $1,525,232,210)			1,524,232,279		99.7
		OTHER ASSETS & LIABILITIES, NET			5,329,783		0.3
		NET ASSETS		$	1,529,562,062		100.0	%

d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $301,178,560 or 19.7% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

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

38 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Short-Term Bond Index Fund  ■  March 31, 2016

					% of net
Principal		Issuer	Value		assets
BONDS
CORPORATE BONDS
BANKS
		Bank of America Corp
$	900,000	1.700%, 08/25/17	$	901,288		0.8	%
		Bank of America NA
	250,000	2.050%, 12/07/18		251,901		0.2
		Citigroup, Inc
	300,000	1.350%, 03/10/17		300,137		0.3
		Citizens Bank NA
	250,000	2.300%, 12/03/18		251,455		0.2
	250,000	2.500%, 03/14/19		252,498		0.2
		Commonwealth Bank of Australia
	250,000	2.050%, 03/15/19		252,231		0.2
		Industrial & Commercial Bank of China Ltd
	250,000	2.157%, 11/13/18		251,411		0.2
		JPMorgan Chase & Co
	600,000	1.800%, 01/25/18		603,106		0.6
		National Bank of Canada
	250,000	2.100%, 12/14/18		252,162		0.2
		PNC Bank NA
	250,000	1.950%, 03/04/19		252,705		0.2
		US Bank NA
	250,000	1.450%, 01/29/18		251,560		0.2
		Wells Fargo Bank NA
	500,000	1.650%, 01/22/18		503,986		0.5
		Other		5,044,120		4.4
				9,368,560		8.2
CAPITAL GOODS				1,312,606		1.1
COMMERCIAL & PROFESSIONAL SERVICES				503,559		0.4
CONSUMER DURABLES & APPAREL				226,858		0.2
CONSUMER SERVICES				513,286		0.4
DIVERSIFIED FINANCIALS
		American Express Credit Corp
	300,000	1.550%, 09/22/17		300,983		0.3
		Credit Suisse
	300,000	1.750%, 01/29/18		300,567		0.2
		General Electric Capital Corp
	300,000	1.600%, 11/20/17		302,923		0.3
		Goldman Sachs Group, Inc
	700,000	2.375%, 01/22/18		709,081		0.6
		Other		3,193,446		2.8
				4,807,000		4.2
	ENERGY
		Pemex Project Funding Master Trust
	500,000	5.750%, 03/01/18		526,250		0.5
		Other		2,392,433		2.1
				2,918,683		2.6

						% of net
Principal			Issuer	Value		assets
FOOD & STAPLES RETAILING				$	455,323		0.4	%
FOOD, BEVERAGE & TOBACCO					1,789,788		1.6
HEALTH CARE EQUIPMENT & SERVICES					706,326		0.6
HOUSEHOLD & PERSONAL PRODUCTS					150,792		0.1
INSURANCE
			Berkshire Hathaway Finance Corp
$	250,000		1.600%, 05/15/17		252,107		0.2
			Other		862,573		0.8
					1,114,680		1.0
MATERIALS					520,513		0.5
MEDIA					424,732		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,591,192		1.4
REAL ESTATE					205,054		0.2
RETAILING					519,307		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
			Intel Corp
	250,000		1.350%, 12/15/17		252,052		0.2
					252,052		0.2
SOFTWARE & SERVICES					887,968		0.8
TECHNOLOGY HARDWARE & EQUIPMENT					1,218,544		1.1
TELECOMMUNICATION SERVICES
			AT&T, Inc
	300,000		1.400%, 12/01/17		299,950		0.3
			Other		503,023		0.4
					802,973		0.7
TRANSPORTATION					207,473		0.2
UTILITIES					1,520,822		1.3
		TOTAL CORPORATE BONDS
		(Cost $31,877,831)			32,018,091		28.1
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Banks (FHLB)
	730,000		0.875%, 03/10/17		731,529		0.6
	1,000,000		2.250%, 09/08/17		1,021,311		0.9
	500,000		1.125%, 04/25/18		503,869		0.4
			Federal Home Loan Mortgage Corp (FHLMC)
	2,800,000		1.000%, 03/08/17		2,809,095		2.5
			Federal National Mortgage Association (FNMA)
	800,000	j	0.000%, 06/01/17		793,212		0.7
	2,000,000		0.875%, 08/28/17		2,004,830		1.8
					7,863,846		6.9

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 39

Summary portfolio of investments concluded

Short-Term Bond Index Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
FOREIGN GOVERNMENT BONDS
			African Development Bank
$	500,000		0.875%, 05/15/17	$	499,837		0.4	%
			Asian Development Bank
	400,000		0.750%, 07/28/17		399,010		0.3
			Canada Government International Bond
	250,000		1.125%, 03/19/18		251,402		0.2
			European Investment Bank
	1,350,000		1.125%, 09/15/17		1,355,064		1.2
			Inter-American Development Bank
	500,000		1.125%, 03/15/17		501,414		0.4
			International Bank for Reconstruction & Development
	650,000		1.000%, 11/15/17		652,788		0.6
			International Finance Corp
	500,000		1.000%, 04/24/17		501,262		0.4
			KFW
	1,450,000		0.875%, 09/05/17		1,450,229		1.3
			Province of Ontario Canada
	300,000		1.100%, 10/25/17		300,443		0.3
			Other		2,004,824		1.8
					7,916,273		6.9
MUNICIPAL BONDS					100,633		0.1
U.S. TREASURY SECURITIES
			United States Treasury Note
	4,000,000		0.875%, 05/15/17		4,009,064		3.5
	7,200,000		0.625%, 07/31/17		7,193,815		6.3
	5,500,000		0.625%, 09/30/17		5,493,125		4.8
	4,000,000		0.875%, 11/30/17		4,009,844		3.5
	500,000		1.000%, 12/31/17		502,403		0.4
	10,250,000		0.750%, 01/31/18		10,254,008		9.0
	3,500,000		0.750%, 02/28/18		3,501,232		3.1
	4,500,000		0.875%, 03/31/18		4,512,654		4.0
	2,150,000		0.875%, 07/15/18		2,154,115		1.9
	11,250,000		1.000%, 09/15/18		11,305,372		9.9
	1,700,000		0.875%, 10/15/18		1,702,922		1.5
	2,800,000		1.250%, 11/15/18		2,830,845		2.5
	3,000,000		1.250%, 12/15/18		3,034,452		2.7
	2,400,000		0.750%, 02/15/19		2,393,251		2.1
	2,750,000		1.000%, 03/15/19		2,761,281		2.4
					65,658,383		57.6
		TOTAL GOVERNMENT BONDS
		(Cost $81,379,375)			81,539,135		71.5
		TOTAL BONDS
		(Cost $113,257,206)			113,557,226		99.6
		TOTAL PORTFOLIO
		(Cost $113,257,206)			113,557,226		99.6
		OTHER ASSETS & LIABILITIES, NET			416,195		0.4
		NET ASSETS		$	113,973,421		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 3/31/16, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $582,969 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

40 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Social Choice Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	1,128,746		0.2	%
ENERGY					933,686		0.1
MEDIA					1,325,371		0.2
RETAILING					651,352		0.1
UTILITIES					2,387,460		0.3
		TOTAL BANK LOAN OBLIGATIONS (Cost $6,804,699)			6,426,615		0.9
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					1,608,670		0.2
BANKS
			Bank of America Corp
$	3,200,000		1.350%, 11/21/16		3,203,225		0.4
			Toronto-Dominion Bank
	4,000,000		2.125%, 04/07/21		3,993,200		0.6
			Other		35,810,113		5.1
					43,006,538		6.1
CAPITAL GOODS					7,134,551		1.0
COMMERCIAL & PROFESSIONAL SERVICES					4,621,642		0.7
CONSUMER SERVICES
			Henry J Kaiser Family Foundation
	3,000,000		3.356%, 12/01/25		3,146,883		0.4
			Other		3,981,116		0.6
					7,127,999		1.0
DIVERSIFIED FINANCIALS					19,450,891		2.8
ENERGY
			EOG Resources, Inc
	3,000,000		4.150%, 01/15/26		3,110,799		0.5
	3,600,000		5.100%, 01/15/36		3,715,841		0.5
			Other		16,853,567		2.4
					23,680,207		3.4
FOOD & STAPLES RETAILING					1,700,961		0.2
FOOD, BEVERAGE & TOBACCO					5,159,058		0.7
HEALTH CARE EQUIPMENT & SERVICES					3,531,445		0.5
INSURANCE
			Swiss Re Treasury US Corp
	3,950,000	g	2.875%, 12/06/22		3,968,395		0.6
			Other		6,389,085		0.9
					10,357,480		1.5
MATERIALS					6,448,269		0.9

						% of net
Principal			Issuer	Value		assets
MEDIA
			CCO Safari II LLC
$	3,000,000	g	4.908%, 07/23/25	$	3,165,621		0.4	%
			Other		4,921,076		0.7
					8,086,697		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Biogen, Inc
	3,000,000		3.625%, 09/15/22		3,173,964		0.5
			Other		2,780,181		0.4
					5,954,145		0.9
REAL ESTATE
			Regency Centers LP
	3,543,000		3.750%, 06/15/24		3,621,981		0.5
			Other		5,072,827		0.7
					8,694,808		1.2
TECHNOLOGY HARDWARE & EQUIPMENT
			Apple, Inc
	5,000,000		2.850%, 02/23/23		5,171,935		0.7
			Other		252,152		0.1
					5,424,087		0.8
TELECOMMUNICATION SERVICES					486,250		0.1
TRANSPORTATION
			Union Pacific Railroad Co
	4,017,871		3.227%, 05/14/26		4,091,639		0.6
			Other		18,482,066		2.7
					22,573,705		3.3
UTILITIES
			Connecticut Light & Power Co
	3,000,000		4.150%, 06/01/45		3,145,965		0.5
			Electricite de France S.A.
	5,000,000	g	3.625%, 10/13/25		5,103,085		0.7
			NorthWestern Corp
	3,570,000		4.176%, 11/15/44		3,743,106		0.5
			San Diego Gas & Electric Co
	4,000,000	i	0.836%, 03/09/17		3,983,960		0.6
			Solar Star Funding LLC
	3,000,000	g	3.950%, 06/30/35		3,098,739		0.4
	3,000,000	g	5.375%, 06/30/35		3,478,497		0.5
			Topaz Solar Farms LLC
	2,860,422	g	4.875%, 09/30/39		3,077,777		0.4
			Other		26,790,682		3.9
					52,421,811		7.5
		TOTAL CORPORATE BONDS (Cost $234,964,108)			237,469,214		33.9
GOVERNMENT BONDS
AGENCY SECURITIES
			Genesis Solar 2011 Pass Through Trust
	3,436,239	g	3.875%, 02/15/38		3,761,857		0.5

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 41

Summary portfolio of investments continued

Social Choice Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
AGENCY SECURITIES—continued
			NCUA Guaranteed Notes
$	5,300,000		3.000%, 06/12/19	$	5,616,357		0.8	%
	6,035,000		3.450%, 06/12/21		6,599,876		0.9
			Overseas Private Investment Corp (OPIC)
	3,000,000		3.220%, 09/15/29		3,138,093		0.5
	11,656,484		0.000%–3.938%, 11/11/17–07/31/33		12,078,773		1.7
			US Department of Housing and Urban Development (HUD)
	3,871,000		0.930%, 08/01/17		3,876,868		0.6
	3,176,000		1.540%, 08/01/17		3,205,102		0.5
	3,000,000		2.910%, 08/01/17		3,084,825		0.4
	4,050,000		3.120%, 08/01/18		4,256,036		0.6
	3,958,000		2.350%, 08/01/21		4,094,143		0.6
	15,554,000		0.830%–5.380%, 08/01/16–08/01/27		16,242,376		2.3
			Other		31,002,739		4.3
					96,957,045		13.7
FOREIGN GOVERNMENT BONDS
			Hydro Quebec
	3,850,000		2.000%, 06/30/16		3,861,077		0.6
			Inter-American Development Bank
	5,000,000		1.185%, 07/09/18		5,026,885		0.7
			International Finance Corp
	5,000,000	h	2.125%, 04/07/26		5,015,325		0.7
			International Finance Facility for Immunisation
	3,100,000	g,i	0.819%, 07/05/16		3,099,423		0.4
			KFW
	10,000,000		1.000%–1.875%, 01/26/18–11/30/20		10,091,781		1.4
			Kommuninvest I Sverige AB
	4,000,000	g	1.500%, 04/23/19		4,034,608		0.6
			North American Development Bank
	4,600,000		2.300%, 10/10/18		4,715,437		0.7
			Other		32,460,692		4.6
					68,305,228		9.7
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,455,242		3.500%, 10/01/45		3,640,138		0.5
	2,911,954		4.000%, 10/01/45		3,163,631		0.5
			Federal National Mortgage Association (FNMA)
	3,457,089		3.000%, 02/01/31		3,613,685		0.5
	4,165,160		3.000%, 02/01/43		4,283,541		0.6
	4,265,061		3.500%, 07/01/45		4,481,264		0.6
	2,925,731		4.000%, 07/01/45		3,162,379		0.5
	24,396,708		0.783% - 6.000%, 11/01/25 - 03/01/46		25,255,092		3.6
			Government National Mortgage Association (GNMA)
	11,492,709		2.690%–5.000%, 06/15/33–03/20/46		10,792,545		1.5
			Other		5,624,886		0.8
					64,017,161		9.1

						% of net
Principal			Issuer	Value		assets
MUNICIPAL BONDS
			Imperial Irrigation District Electric System Revenue
$	3,000,000		4.500%, 11/01/40	$	3,199,320		0.5	%
			Ohio State Water Development Authority
	2,620,000		4.879%, 12/01/34		3,084,788		0.4
			Pittsburgh Water & Sewer Authority
	3,000,000		6.610%, 09/01/24		3,659,340		0.5
			Suffolk County Water Authority
	3,000,000		4.000%, 06/01/39		3,216,150		0.5
			Other		59,896,787		8.5
					73,056,385		10.4
U.S. TREASURY SECURITIES
			United States Treasury Bond
	12,865,000		3.000%, 11/15/45		13,893,698		2.0
			United States Treasury Note
	10,950,000		1.625%, 02/15/26		10,796,448		1.5
	9,880,000		0.625%–2.000%, 08/31/17–01/31/23		9,951,299		1.4
			Other		1,950,312		0.3
					36,591,757		5.2
		TOTAL GOVERNMENT BONDS (Cost $333,584,066)			338,927,576		48.1
STRUCTURED ASSETS
ASSET BACKED					24,407,893		3.4
OTHER MORTGAGE BACKED
			BBCMS Trust
			Series 2015-MSQ (Class A)
	3,000,000	g	3.593%, 09/15/32		3,161,350		0.5
			Morgan Stanley Capital I Trust
			Series 2014-CPT (Class A)
	3,000,000	g	3.350%, 07/13/29		3,150,879		0.4
	8,590,000		3.446%–6.319%, 07/13/29–12/12/49		8,348,148		1.2
			OBP Depositor LLC Trust
			Series 2010-OBP (Class A)
	3,000,000	g	4.646%, 07/15/45		3,320,145		0.5
			Wachovia Bank Commercial Mortgage Trust
	17,535,000		0.641%–6.219%, 12/15/43–02/15/51		14,944,486		2.1
			Other		34,536,337		4.9
					67,461,345		9.6
		TOTAL STRUCTURED ASSETS (Cost $93,963,986)			91,869,238		13.0
		TOTAL BONDS (Cost $662,512,160)			668,266,028		95.0

	Shares		Company
PREFERRED STOCKS
BANKS				265,537	0.0
		TOTAL PREFERRED STOCKS (Cost $255,625)		265,537	0.0

42 2015 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Social Choice Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	13,400,000		0.280%, 04/20/16	$	13,398,513		2.0	%
	7,900,000		0.210%, 04/29/16		7,898,712		1.1
					21,297,225		3.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $21,296,729)			21,297,225		3.1
		TOTAL PORTFOLIO (Cost $690,869,213)			696,255,405		99.0
		OTHER ASSETS & LIABILITIES, NET			7,246,134		1.0
		NET ASSETS		$	703,501,539		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $117,595,324 or 16.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

“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  ■  2016 Annual Report 43

Summary portfolio of investments

Tax-Exempt Bond Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
			Mobile County Board of School Commissioners
$	2,220,000		5.000%, 03/01/26	$	2,754,887		0.8	%
					2,754,887		0.8
ARIZONA					2,808,688		0.9
CALIFORNIA
			Chino Basin Regional Financing Authority
	5,000,000		5.000%, 11/01/38		5,289,350		1.5
			Los Angeles Department of Water & Power
	2,480,000		5.000%, 07/01/44		2,898,723		0.8
			State of California
	5,000,000		5.000%, 08/01/24		6,292,950		1.8
	3,000,000		5.000%, 09/01/24		3,777,690		1.1
			State of California, GO
	2,000,000		5.000%, 02/01/22		2,412,360		0.7
	2,000,000		5.000%, 04/01/22		2,421,180		0.7
	2,830,000		5.000%, 11/01/32		3,002,007		0.9
			Other		21,173,159		6.0
					47,267,419		13.5
COLORADO
			Colorado Health Facilities Authority
	2,155,000		5.000%, 01/01/32		2,393,300		0.7
			Other		1,241,810		0.4
					3,635,110		1.1
CONNECTICUT					1,675,100		0.5
FLORIDA
			School District of Broward County
	3,000,000	h	5.000%, 07/01/26		3,746,640		1.1
			Other		8,410,268		2.3
					12,156,908		3.4
GEORGIA
			Private Colleges & Universities Authority
	5,000,000		5.000%, 04/01/44		5,551,850		1.6
			Other		4,403,441		1.3
					9,955,291		2.9
HAWAII
			State of Hawaii
	2,500,000		5.000%, 10/01/24		3,136,100		0.9
			Other		1,126,740		0.3
					4,262,840		1.2
ILLINOIS					15,966,489		4.6
INDIANA					4,641,949		1.4
KANSAS					1,205,530		0.3
KENTUCKY
			Kentucky Turnpike Authority
	2,000,000	h	5.000%, 07/01/26		2,504,320		0.7
					2,504,320		0.7

					% of net
Principal		Issuer	Value		assets
LOUISIANA
		Parish of St. John the Baptist LA
$	4,775,000	5.125%, 06/01/37	$	4,824,039		1.4	%
		Other		1,177,250		0.3
				6,001,289		1.7
MARYLAND
		County of Montgomery MD, GO
	4,000,000	5.000%, 07/01/21		4,778,480		1.4
		State of Maryland
	3,000,000	5.000%, 08/01/23		3,734,910		1.1
				8,513,390		2.5
MASSACHUSETTS
		Massachusetts Development Finance Agency
	2,255,000	5.000%, 10/01/35		2,504,426		0.7
		Massachusetts School Building Authority
	2,315,000	5.000%, 08/15/37		2,450,890		0.7
		Other		2,322,904		0.6
				7,278,220		2.0
MICHIGAN
		Bridgeport-Spaulding Community School District
	5,150,000	3.000%, 06/22/16		5,158,497		1.5
		Other		7,520,435		2.2
				12,678,932		3.7
MINNESOTA
		State of Minnesota
	3,000,000	5.000%, 08/01/23		3,741,990		1.1
		Other		3,241,507		0.9
				6,983,497		2.0
MISSISSIPPI				7,486,011		2.2
MISSOURI
		Health & Educational Facilities Authority of the State of Missouri
	3,500,000	5.000%, 02/01/35		3,868,970		1.1
		Other		3,678,300		1.1
				7,547,270		2.2
NEBRASKA				1,172,940		0.3
NEW YORK
		Board of Cooperative Educational Services for the Sole Supervisory District, GO
	4,000,000	1.000%, 06/17/16		3,999,320		1.2
		City of Ogdensburg NY, GO
	3,379,000	1.250%, 04/29/16		3,380,115		1.0
		New York City Water & Sewer System
	5,000,000	5.250%, 06/15/40		5,600,900		1.6
	5,000,000	5.000%, 06/15/46		5,807,500		1.7
	2,500,000	5.000%, 06/15/46		2,925,350		0.8
		New York State Dormitory Authority
	2,250,000	5.000%, 10/01/17		2,390,962		0.7
	5,000,000	5.000%, 03/15/41		5,667,500		1.6

44 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Tax-Exempt Bond Fund  ■  March 31, 2016

					% of net
Principal		Issuer	Value		assets
NEW YORK—continued
		Salmon River Central School District
$	2,500,000	2.000%, 07/22/16	$	2,508,600		0.7	%
		Scio Central School District, GO
	2,895,000	1.250%, 04/08/16		2,895,203		0.8
		Town of East Bloomfield NY, GO
	2,548,981	1.250%, 05/12/16		2,549,491		0.7
		Town of Windham NY, GO
	2,395,000	1.125%, 06/03/16		2,394,689		0.7
		Utica School District
	5,000,000	2.000%, 07/22/16		5,005,800		1.4
		Village of Brocton NY
	2,530,000	1.625%, 07/20/16		2,531,973		0.7
		Other		16,965,192		5.0
				64,622,595		18.6
NORTH CAROLINA				5,693,291		1.7
OHIO
		City of Cleveland OH Airport System Revenue
	2,000,000	5.000%, 01/01/25		2,434,060		0.7
		City of Marion OH
	3,000,000	2.000%, 09/08/16		3,003,780		0.9
		Other		8,889,464		2.5
				14,327,304		4.1
OKLAHOMA				1,512,141		0.4
PENNSYLVANIA
		Pennsylvania State University
	2,500,000	5.000%, 03/01/40		2,813,450		0.8
		Philadelphia Gas Works Co
	2,000,000	5.000%, 08/01/25		2,452,580		0.7
		Other		3,155,710		0.9
				8,421,740		2.4
RHODE ISLAND
		Rhode Island Health & Educational Building Corp
	2,000,000	5.000%, 09/01/21		2,393,140		0.7
		State of Rhode Island, GO
	2,000,000	5.000%, 08/01/21		2,373,640		0.7
		Other		2,126,670		0.6
				6,893,450		2.0
SOUTH CAROLINA				1,152,256		0.3
SOUTH DAKOTA				2,139,125		0.6
TENNESSEE
		Sullivan County Health Educational & Housing Facilities Board
	2,855,000	5.250%, 09/01/26		2,902,764		0.8
	6,000,000	5.250%, 09/01/36		6,092,520		1.8
		Other		1,269,977		0.4
				10,265,261		3.0

						% of net
Principal			Issuer	Value		assets
TEXAS
			State of Texas
$	3,000,000		5.000%, 10/01/23	$	3,729,150		1.1	%
			Texas Transportation Commission State Highway Fund
	5,000,000		5.000%, 10/01/23		6,227,250		1.8
			Other		15,120,925		4.5
					25,077,325		7.4
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25		2,402,420		0.7
	2,500,000	g	5.000%, 09/01/33		2,850,125		0.8
					5,252,545		1.5
VIRGINIA					457,407		0.2
WASHINGTON
			Energy Northwest
	1,955,000		5.000%, 07/01/23		2,377,769		0.7
			Port of Seattle WA
	3,150,000		5.500%, 09/01/17		3,353,270		1.0
			State of Washington
	2,150,000		5.000%, 08/01/38		2,475,231		0.7
			State of Washington, GO
	3,000,000		5.250%, 02/01/22		3,651,060		1.1
			Other		3,069,917		0.9
					14,927,247		4.4
WEST VIRGINIA					1,702,830		0.5
		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $319,219,747)			328,940,597		95.0
		TOTAL PORTFOLIO (Cost $319,219,747)			328,940,597		95.0
		OTHER ASSETS & LIABILITIES, NET			17,313,619		5.0
		NET ASSETS		$	346,254,216		100.0	%

Abbreviation(s):

GO – General Obligation

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities, including those in “Other,” was $6,108,114 or 1.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

For ease of presentation, a number of classification categories have been grouped together in the Summary 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  ■  2016 Annual Report 45

Summary portfolio of investments

Money Market Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
			Banco Del Estado De Chile
$	5,000,000		0.570%, 04/07/16	$	5,000,000		0.7	%
	5,000,000		0.570%, 05/17/16		5,000,000		0.6
	5,000,000		0.570%, 06/21/16		5,000,000		0.6
			Toronto-Dominion Bank
	5,000,000		0.470%, 05/19/16		5,000,000		0.6
			Wells Fargo Bank NA
	5,000,000		0.580%, 04/18/16		5,000,000		0.6
			Other		7,999,241		1.0
					32,999,241		4.1
COMMERCIAL PAPER
			American Honda Finance Corp
	5,000,000		0.490%, 04/11/16		4,999,319		0.6
	5,000,000		0.450%, 04/12/16		4,999,312		0.6
	10,000,000		0.490%, 04/13/16		9,998,367		1.2
			Bedford Row Funding Corp
	8,500,000		0.440%–0.670%, 04/05/16–06/06/16		8,494,016		1.1
			DBS Bank Ltd
	7,000,000		0.480%–0.500%, 05/16/16–05/27/16		6,995,245		1.0
			Korea Development Bank
	9,200,000		0.460%–0.590%, 04/19/16–06/24/16		9,192,340		1.1
			Microsoft Corp
	6,250,000	y	0.400%, 06/08/16		6,245,278		0.8
			Nestle Capital Corp
	7,000,000	y	0.450%, 05/18/16		6,995,887		0.9
	17,035,000		0.455%–0.580%, 04/22/16–07/27/16		17,015,212		2.1
			Nordea Bank AB
	14,450,000		0.475%–0.618%, 04/04/16– 07/29/16		14,435,249		1.8
			Novartis Finance Corp
	13,250,000		0.450%–0.470%, 05/09/16–06/07/16		13,241,283		1.6
			Province of British Columbia Canada
	13,000,000		0.410%, 04/29/16		12,995,854		1.6
	15,724,000		0.400%–0.680%, 04/22/16–07/29/16		15,703,580		2.0
			Province of Ontario Canada
	16,620,000		0.395%–0.490%, 04/05/16–06/14/16		16,614,277		2.1
			Province of Quebec Canada
	8,000,000	y	0.520%, 07/06/16		7,988,907		1.0
	10,000,000		0.470%–0.510%, 05/04/16–06/06/16		9,993,171		1.2
			PSP Capital, Inc
	24,008,000		0.540%–0.600%, 04/04/16–06/01/16		23,998,520		3.0
			Roche Holdings, Inc
	11,115,000		0.410%–0.485%, 04/01/16–05/03/16		11,111,924		1.4
			Svenska Handelsbanken AB
	10,500,000		0.550%–0.645%, 04/29/16–07/05/16		10,489,525		1.3
			Unilever Capital Corp
	7,000,000	y	0.490%–0.500%, 04/25/16		6,997,700		0.9
			Other		91,238,934		11.2
					309,743,900		38.5

						% of net
Principal			Issuer	Value		assets
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	6,000,000		0.365%–0.400%, 06/24/16	$	5,994,808		0.8	%
	6,000,000		0.370%, 04/20/16		5,998,828		0.8
	5,500,000		0.345%–0.403%, 04/27/16		5,498,443		0.7
	5,940,000		0.310%–0.370%, 05/11/16		5,937,621		0.7
	7,360,000		0.460%–0.490%, 06/01/16		7,354,060		0.9
	5,100,000		0.620%, 06/08/16		5,094,027		0.6
	7,000,000		0.350%, 04/06/16		6,999,660		0.9
	11,000,000		0.370%–0.375%, 04/08/16		10,999,204		1.4
	24,769,000		0.330%–0.370%, 04/22/16		24,764,154		3.1
	8,310,000		0.320%, 04/26/16		8,308,153		1.0
	5,600,000		0.350%–0.373%, 05/13/16		5,597,582		0.7
	5,175,000		0.370%, 06/17/16		5,170,905		0.6
	49,891,000		0.270%–0.480%, 04/01/16–07/13/16		49,870,863		6.2
			Federal Home Loan Mortgage Corp (FHLMC)
	5,800,000		0.380%, 04/14/16		5,799,204		0.7
	14,050,000		0.300%–0.875%, 04/01/16–02/22/17		14,041,788		1.7
			Federal National Mortgage Association (FNMA)
	10,000,000		0.360%, 05/02/16		9,996,900		1.2
	16,030,000		0.300%–0.640%, 04/01/16–11/04/16		16,018,100		2.0
			Other		5,979,217		0.8
					199,423,517		24.8
TREASURY DEBT
			United States Treasury Bill
	8,000,000		0.061%–0.220%, 04/07/16		7,999,763		1.0
	10,600,000		0.111%–0.121%, 04/21/16		10,599,320		1.3
	7,030,000		0.155%–0.311%, 04/28/16		7,028,999		0.9
	8,110,000		0.257%–0.354%, 05/05/16		8,107,827		1.0
	7,010,000		0.276%–0.338%, 05/12/16		7,007,612		0.9
	9,125,000		0.311%–0.387%, 05/26/16		9,120,505		1.1
	6,000,000		0.409%–0.414%, 08/11/16		5,990,947		0.7
	6,130,000		0.330%–0.433%, 08/18/16		6,120,539		0.8
	27,975,000		0.280%–0.476%, 04/14/16–09/22/16		27,940,464		3.5
			United States Treasury Note
	10,475,000		0.250%, 04/15/16		10,475,258		1.3
	7,340,000		0.375%, 05/31/16		7,341,046		0.9
	6,000,000		0.500%, 06/30/16		6,002,031		0.8
	7,000,000		0.625%, 08/15/16		7,003,769		0.9
	6,000,000		0.500%, 08/31/16		6,001,039		0.7
	16,145,000		0.250%–0.875%, 05/15/16–11/15/16		16,155,273		2.0
					142,894,392		17.8
VARIABLE RATE SECURITIES
			Federal Farm Credit Bank (FFCB)
	5,000,000	i	0.402%, 04/21/16		4,999,959		0.6
	5,000,000	i	0.420%, 06/23/16		4,999,770		0.6
	5,000,000	i	0.412%, 08/10/16		4,999,734		0.6
	6,800,000	i	0.412%, 01/24/17		6,799,738		0.9
	14,000,000	i	0.431%, 06/15/17		13,998,371		1.7
	34,000,000		0.410%–0.582%, 06/09/16–02/23/18		33,980,702		4.3
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000	i	0.427%, 07/21/16		4,999,843		0.6
	5,000,000	i	0.443%, 01/13/17		4,999,605		0.6
	7,000,000	i	0.562%, 07/21/17		6,999,061		0.9

46 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Money Market Fund  ■  March 31, 2016

						% of net
Principal			Issuer	Value		assets
VARIABLE RATE SECURITIES—continued
			Federal National Mortgage Association (FNMA)
$	7,000,000	i	0.451%, 10/05/17	$	6,994,898		0.9	%
	11,044,000		0.448%–0.452%, 01/26/17–08/16/17		11,039,256		1.4
			Wells Fargo Bank NA
	5,000,000	i	0.590%, 04/11/16		5,000,000		0.6
			Other		7,997,686		1.0
					117,808,623		14.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $802,869,673)			802,869,673		99.9
		TOTAL PORTFOLIO (Cost $802,869,673)			802,869,673		99.9
		OTHER ASSETS & LIABILITIES, NET			717,143		0.1
		NET ASSETS		$	803,586,816		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 resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 3/31/2016, the aggregate value of these securities was $231,629,605 or 28.8% 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  ■  2016 Annual Report 47

Statements of assets and liabilities

TIAA-CREF Funds  ■  March 31, 2016

													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†	$	3,281,686,349		$	6,366,423,684		$	3,159,286,557		$	2,975,869,608		$	2,238,556,993		$	1,524,232,279		$	113,557,226		$	696,255,405		$	328,940,597	$	802,869,673
Cash		7,769,479			24,346			10,500,811			1,573,278			4,140,100			906,115			1,072,987			157,608			31,168,895		18,570
Receivable from securities transactions		38,633,379			1,161,897			68,883,461			11,269,444			6,270,025			971,251			6,034,435			10,450,992			—		—
Receivable for delayed delivery securities		189,635,726			—			218,796,348			3,715,000			—			—			—			3,946,847			—		—
Receivable from Fund shares sold		69,885,813			44,490,423			66,652,171			15,851,412			13,143,710			13,543,955			3,153,809			9,794,573			111,631		1,058,577
Dividends and interest receivable		17,082,192			32,720,426			19,830,132			47,133,639			4,909,476			5,081,979			292,222			4,057,440			3,578,354		116,694
Due from affiliates		—			—			—			—			—			—			2,439			—			214		66,327
Other		136,272			174,858			88,790			111,122			98,620			52,774			415			6,289			32,656		24,395
Total assets		3,604,829,210			6,444,995,634			3,544,038,270			3,055,523,503			2,267,118,924			1,544,788,353			124,113,533			724,669,154			363,832,347		804,154,236
LIABILITIES
Management fees payable		71,049			51,074			68,069			83,055			44,507			30,581			643			19,729			8,476		6,566
Service agreement fees payable		4,775			2,458			4,034			5,038			4,417			1,984			101			4,530			—		1,914
Distribution fees payable		20,364			11,106			58,547			101,950			27,701			30,840			493			16,901			62,566		76,563
Due to affiliates		20,544			30,728			20,048			20,766			17,624			15,648			11,118			13,047			8,256		12,785
Payable for securities transactions		80,358,817			91,667,386			37,919,459			10,155,981			10,593,897			3,915,161			7,376,813			9,399,632			1,249,090		—
Payable for delayed delivery securities		444,827,174			38,097,079			561,140,791			18,500,000			—			9,849,919			149,918			10,994,484			16,042,836		—
Payable for Fund shares redeemed		352,264			2,090,853			43,826			3,469,877			304,893			420,732			2,500,637			544,489			86,996		391,237
Income distribution payable		5,575,142			2,247,580			5,751,036			5,503,686			—			747,927			84,067			112,877			60,211		2,140
Payable for variation margin on futures contracts		—			—			—			—			—			97,187			—			—			—		—
Payable for trustee compensation		158,929			188,376			103,641			118,104			103,138			67,863			664			7,608			33,428		25,915
Accrued expenses and other payables		83,365			173,725			83,578			118,482			62,605			48,449			15,658			54,318			26,272		50,300
Total liabilities		531,472,423			134,560,365			605,193,029			38,076,939			11,158,782			15,226,291			10,140,112			21,167,615			17,578,131		567,420
NET ASSETS	$	3,073,356,787		$	6,310,435,269		$	2,938,845,241		$	3,017,446,564		$	2,255,960,142		$	1,529,562,062		$	113,973,421		$	703,501,539		$	346,254,216	$	803,586,816
NET ASSETS CONSIST OF:
Paid-in-capital	$	3,042,423,358		$	6,160,395,500		$	2,942,232,124		$	3,356,376,381		$	2,182,986,006		$	1,533,593,796		$	113,788,934		$	698,801,076		$	335,126,550	$	803,603,552
Undistributed net investment income (loss)		(2,215,528	)		(322,988	)		(1,567,567	)		(271,138	)		(3,178,390	)		(981,881	)		(106	)		(6,582	)		10,623		(16,478	)
Accumulated net realized gain (loss) on total investments		6,944,098			(12,123,202	)		(2,935,873	)		(92,233,394	)		(12,252,766	)		(1,685,654	)		(115,427	)		(679,147	)		1,396,193		(258	)
Net unrealized appreciation (depreciation) on total investments		26,204,859			162,485,959			1,116,557			(246,425,285	)		88,405,292			(1,364,199	)		300,020			5,386,192			9,720,850		—
NET ASSETS	$	3,073,356,787		$	6,310,435,269		$	2,938,845,241		$	3,017,446,564		$	2,255,960,142		$	1,529,562,062		$	113,973,421		$	703,501,539		$	346,254,216	$	803,586,816
INSTITUTIONAL CLASS:
Net assets	$	2,729,221,415		$	6,115,247,235		$	2,449,009,261		$	2,253,956,625		$	1,903,233,155		$	1,282,104,803		$	106,153,108		$	377,577,433		$	49,798,760	$	339,325,460
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		261,084,616			557,063,873			233,866,086			250,009,372			165,025,565			124,048,643			10,582,435			36,600,897			4,645,917		339,321,811
Net asset value per share		$10.45			$10.98			$10.47			$9.02			$11.53			$10.34			$10.03			$10.32			$10.72		$1.00
ADVISOR CLASS:
Net assets	$	102,135		$	102,136		$	102,015		$	101,787		$	103,486		$	100,409		$	100,673		$	101,505		$	100,835	$	100,006
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,769			9,301			9,737			11,295			8,976			9,716			10,039			9,839			9,405		100,006
Net asset value per share		$10.46			$10.98			$10.48			$9.01			$11.53			$10.33			$10.03			$10.32			$10.72		$1.00
PREMIER CLASS:
Net assets	$	30,009,093		$	52,687,446		$	26,982,656		$	73,105,544		$	10,485,990		$	11,708,889		$	1,003,117		$	29,474,681		$	—	$	25,221,590
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,869,294			4,799,626			2,577,292			8,104,326			911,813			1,131,819			100,000			2,857,502			—		25,221,500
Net asset value per share		$10.46			$10.98			$10.47			$9.02			$11.50			$10.35			$10.03			$10.31		$	—		$1.00
RETIREMENT CLASS:
Net assets	$	234,458,169		$	120,858,303		$	198,215,727		$	248,713,157		$	217,000,498		$	97,056,930		$	4,974,519		$	223,415,118		$	—	$	94,130,833
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		22,030,272			11,005,902			18,903,754			27,577,879			18,695,499			9,380,017			495,956			21,652,220			—		94,129,398
Net asset value per share		$10.64			$10.98			$10.49			$9.02			$11.61			$10.35			$10.03			$10.32		$	—		$1.00
RETAIL CLASS:
Net assets	$	79,565,975		$	21,540,149		$	264,535,582		$	441,569,451		$	125,137,013		$	138,591,031		$	1,742,004		$	72,932,802		$	296,354,621	$	344,808,927
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,483,183			1,961,436			25,211,407			48,762,948			11,124,934			13,398,682			173,646			7,074,147			27,610,982		344,797,183
Net asset value per share		$10.63			$10.98			$10.49			$9.06			$11.25			$10.34			$10.03			$10.31			$10.73		$1.00
† Portfolio investments, cost	$	3,255,487,453		$	6,203,937,725		$	3,158,180,724		$	3,222,294,893		$	2,150,151,701		$	1,525,232,210		$	113,257,206		$	690,869,213		$	319,219,747	$	802,869,673

48 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 49

Statements of operations

TIAA-CREF Funds  ■  For the period or year ended March 31, 2016

													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	$	88,008,035		$	144,504,853		$	99,101,317		$	194,456,861		$	35,534,482		$	28,393,988		$	567,603		$	16,394,286		$	8,196,620		$	1,758,284
Dividends		—			—			—			32,741			—			—			—			14,498			—			—
Total income		88,008,035			144,504,853			99,101,317			194,489,602			35,534,482			28,393,988			567,603			16,408,784			8,196,620			1,758,284
EXPENSES
Management fees		8,440,969			6,033,642			8,563,926			10,626,119			5,044,931			3,629,105			40,881			1,971,019			1,035,879			783,483
Shareholder servicing – Institutional Class		3,587			11,852			3,770			9,308			7,726			3,754			1,912			1,814			540			2,146
Shareholder servicing – Advisor Class†		65			65			65			65			65			65			65			65			65			65
Shareholder servicing – Premier Class		110			176			51			207			114			70			1,551			200			—			71
Shareholder servicing – Retirement Class		610,628			266,145			499,718			614,582			437,256			248,516			5,630			415,162			—			217,653
Shareholder servicing – Retail Class		42,139			16,776			178,797			105,730			78,630			80,296			2,883			15,430			82,244			333,579
Distribution fees – Premier Class		35,050			73,018			29,501			88,618			13,003			16,449			971			23,402			—			29,293
Distribution fees – Retail Class		194,366			47,673			660,855			1,315,274			325,467			359,494			2,264			134,744			744,178			882,790
Custody and accounting fees		136,660			398,746			161,551			78,807			33,694			63,674			11,611			54,734			33,366			47,396
Administrative service fees		130,479			254,285			134,209			141,814			96,736			73,747			18,183			38,636			24,301			46,220
Registration fees		85,227			77,558			75,477			78,894			85,849			72,451			81,092			78,186			54,839			95,250
Professional fees		81,847			123,744			85,102			85,458			61,282			66,171			71,930			58,008			46,164			48,040
Shareholder reports		66,819			122,872			64,627			123,902			68,272			41,832			16,398			25,756			19,207			27,945
Trustee fees and expenses		26,324			54,871			26,896			28,903			18,441			13,200			560			5,306			3,110			6,782
Other expenses		85,389			131,413			77,836			113,863			59,802			48,804			21,031			61,119			11,144			13,706
Total expenses		9,939,659			7,612,836			10,562,381			13,411,544			6,331,268			4,717,628			276,962			2,883,581			2,055,037			2,534,419
Less: Expenses reimbursed by the investment adviser		—			—			—			—			—			—			(198,595	)		(42,073	)		(20,196	)		(26,513	)
Fee waiver by investment adviser and TPIS		(20	)		(20	)		(21	)		(21	)		(20	)		(21	)		(20	)		(20	)		(20	)		(1,032,460	)
Net expenses		9,939,639			7,612,816			10,562,360			13,411,523			6,331,248			4,717,607			78,347			2,841,488			2,034,821			1,475,446
Net investment income (loss)		78,068,396			136,892,037			88,538,957			181,078,079			29,203,234			23,676,381			489,256			13,567,296			6,161,799			282,838
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		15,461,319			(7,275,087	)		9,425,639			(78,294,240	)		(11,533,405	)		(74,611	)		(112,953	)		(537,155	)		1,457,369			(25	)
Futures transactions		—			—			—			—			(183,514	)		(1,984,632	)		—			—			—			—
Swap transactions		—			—			392,746			(1,241,613	)		—			—			—			—			—			—
Foreign currency transactions		(2,225,820	)		—			(2,622,595	)		—			—			(1,740,061	)		—			—			—			—
Net realized gain (loss) on total investments		13,235,499			(7,275,087	)		7,195,790			(79,535,853	)		(11,716,919	)		(3,799,304	)		(112,953	)		(537,155	)		1,457,369			(25	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(30,597,001	)		(8,891,206	)		(53,126,984	)		(241,397,594	)		(4,164,492	)		(3,876,147	)		300,020			(1,608,163	)		295,966			—
Futures transactions		—			—			—			—			—			429,415			—			—			—			—
Swap transactions		—			—			83,684			(174,955	)		—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		55,185			—			76,787			—			—			50,664			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(30,541,816	)		(8,891,206	)		(52,966,513	)		(241,572,549	)		(4,164,492	)		(3,396,068	)		300,020			(1,608,163	)		295,966			—
Net realized and unrealized gain (loss) on total investments		(17,306,317	)		(16,166,293	)		(45,770,723	)		(321,108,402	)		(15,881,411	)		(7,195,372	)		187,067			(2,145,318	)		1,753,335			(25	)
Net increase (decrease) in net assets from operations	$	60,762,079		$	120,725,744		$	42,768,234		$	(140,030,323	)	$	13,321,823		$	16,481,009		$	676,323		$	11,421,978		$	7,915,134		$	282,813

*	For the period August 7, 2015 to March 31, 2016.
†	Advisor Class commenced operations on December 4, 2015.

50 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 51

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Bond Fund						Bond Index Fund						Bond Plus Fund						High-Yield Fund						Inflation-Linked Bond Fund						Short-Term Bond Fund
		March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
OPERATIONS
Net investment income (loss)		$	78,068,396		$	61,097,529		$	136,892,037		$	120,415,302		$	88,538,957		$	70,312,986		$	181,078,079		$	149,244,725		$	29,203,234		$	3,257,210		$	23,676,381		$	17,298,224
Net realized gain (loss) on total investments			13,235,499			54,894,315			(7,275,087	)		13,835,433			7,195,790			51,797,007			(79,535,853	)		14,148,198			(11,716,919	)		3,490,515			(3,799,304	)		1,962,213
Net change in unrealized appreciation (depreciation) on total investments			(30,541,816	)		28,494,696			(8,891,206	)		173,210,469			(52,966,513	)		22,255,963			(241,572,549	)		(105,030,167	)		(4,164,492	)		46,486,439			(3,396,068	)		(3,749,641	)
Net increase (decrease) in net assets from operations			60,762,079			144,486,540			120,725,744			307,461,204			42,768,234			144,365,956			(140,030,323	)		58,362,756			13,321,823			53,234,164			16,481,009			15,510,796
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(69,431,156	)		(53,027,170	)		(133,414,770	)		(117,699,495	)		(74,450,791	)		(58,433,035	)		(135,693,477	)		(105,858,980	)		(5,647,101	)		(28,395,062	)		(20,132,585	)		(14,189,706	)
	Advisor Class†		(821	)		—			(664	)		—			(905	)		—			(1,843	)		—			(31	)		—			(479	)		—
	Premier Class		(602,793	)		(372,761	)		(1,035,444	)		(833,649	)		(569,116	)		(362,794	)		(3,447,203	)		(1,645,085	)		(19,026	)		(128,746	)		(165,411	)		(138,055	)
	Retirement Class		(5,970,518	)		(6,038,552	)		(2,156,959	)		(1,623,299	)		(5,522,149	)		(4,762,183	)		(13,867,648	)		(15,122,805	)		(232,503	)		(3,144,802	)		(1,390,951	)		(1,474,098	)
	Retail Class		(1,867,282	)		(1,535,743	)		(370,560	)		(295,476	)		(7,140,185	)		(6,307,224	)		(29,429,749	)		(27,083,483	)		(111,992	)		(2,553,308	)		(1,934,409	)		(1,599,622	)
From realized gains:	Institutional Class		(32,160,808	)		(19,178,230	)		(9,271,135	)		(4,690,932	)		(27,564,247	)		(29,395,527	)		—			(22,338,186	)		—			(1,507,954	)		(74,344	)		(937,790	)
	Advisor Class†		(121	)		—			(16	)		—			(117	)		—			—			—			—			—			(1	)		—
	Premier Class		(274,659	)		(132,811	)		(75,200	)		(39,876	)		(238,396	)		(177,060	)		—			(358,445	)		—			(7,260	)		(692	)		(10,524	)
	Retirement Class		(2,844,286	)		(1,998,147	)		(169,073	)		(73,227	)		(2,277,980	)		(2,336,901	)		—			(2,751,857	)		—			(150,234	)		(5,946	)		(84,170	)
	Retail Class		(921,153	)		(578,057	)		(30,259	)		(14,250	)		(3,057,484	)		(3,229,885	)		—			(7,263,883	)		—			(138,854	)		(8,466	)		(128,978	)
Total distributions			(114,073,597	)		(82,861,471	)		(146,524,080	)		(125,270,204	)		(120,821,370	)		(105,004,609	)		(182,439,920	)		(182,422,724	)		(6,010,653	)		(36,026,220	)		(23,713,284	)		(18,562,943	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		652,746,688			939,897,081			1,342,867,185			1,545,632,582			673,180,618			871,124,862			888,584,590			1,000,803,242			475,249,131			543,449,891			328,894,566			475,552,173
	Advisor Class†		100,032			—			100,000			—			100,042			—			100,000			—			100,000			—			100,022			—
	Premier Class		13,382,168			4,861,637			10,029,094			19,283,515			12,698,577			7,942,067			68,778,854			11,587,731			3,814,798			2,088,066			6,089,336			5,500,873
	Retirement Class		19,024,492			42,274,610			38,755,961			35,313,708			35,713,637			29,294,818			37,445,368			85,950,764			66,681,478			31,735,443			17,687,695			38,553,090
	Retail Class		13,162,309			15,383,535			6,622,834			6,267,728			20,400,450			23,095,930			205,593,185			476,874,257			8,354,076			11,863,545			12,574,223			20,532,598
Reinvestments of distributions:	Institutional Class		41,566,056			26,435,844			117,579,053			103,697,357			38,886,265			37,310,518			70,557,269			73,846,187			3,895,420			23,159,414			12,293,339			9,223,984
	Advisor Class†		—			—			—			—			—			—			—			—			—			—			1			—
	Premier Class		874,862			504,036			1,100,084			873,330			807,512			537,761			3,394,458			2,003,530			18,895			134,887			165,899			147,370
	Retirement Class		8,814,419			8,032,604			2,323,130			1,696,545			7,800,024			7,099,084			13,866,573			17,855,167			232,503			3,291,617			1,396,882			1,546,352
	Retail Class		2,675,200			2,020,598			377,893			292,145			9,371,858			8,725,779			28,234,646			32,780,710			106,756			2,567,587			1,875,035			1,650,430
Redemptions:	Institutional Class		(420,233,549	)		(399,153,118	)		(1,047,917,697	)		(1,063,470,309	)		(719,905,779	)		(225,403,958	)		(623,943,819	)		(627,109,021	)		(296,322,958	)		(339,016,850	)		(223,955,656	)		(249,643,928	)
	Premier Class		(3,358,133	)		(4,168,249	)		(7,199,081	)		(3,589,931	)		(3,181,651	)		(3,824,954	)		(26,573,334	)		(9,603,006	)		(967,288	)		(2,181,006	)		(4,601,848	)		(7,494,462	)
	Retirement Class		(55,280,985	)		(141,144,243	)		(16,570,110	)		(16,964,375	)		(40,598,578	)		(33,434,539	)		(23,955,480	)		(249,767,256	)		(17,227,002	)		(61,411,527	)		(22,031,721	)		(145,972,059	)
	Retail Class		(13,629,425	)		(14,839,818	)		(3,720,584	)		(2,833,084	)		(28,840,712	)		(27,747,562	)		(277,852,765	)		(538,739,197	)		(21,920,335	)		(26,945,811	)		(27,216,303	)		(39,134,780	)
Net increase (decrease) from shareholder transactions			259,844,134			480,104,517			444,347,762			626,199,211			6,432,263			694,719,806			364,229,545			276,483,108			222,015,474			188,735,256			103,271,470			110,461,641
Net increase (decrease) in net assets			206,532,616			541,729,586			418,549,426			808,390,211			(71,620,873	)		734,081,153			41,759,302			152,423,140			229,326,644			205,943,200			96,039,195			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		$	3,073,356,787		$	2,866,824,171		$	6,310,435,269		$	5,891,885,843		$	2,938,845,241		$	3,010,466,114		$	3,017,446,564		$	2,975,687,262		$	2,255,960,142		$	2,026,633,498		$	1,529,562,062		$	1,433,522,867
Undistributed net investment income (loss) included in net assets		$	(2,215,528	)	$	(185,531	)	$	(322,988	)	$	(238,084	)	$	(1,567,567	)	$	322,060		$	(271,138	)	$	(278,863	)	$	(3,178,390	)	$	(26,402,710	)	$	(981,881	)	$	(56,860	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		62,509,769			89,025,094			123,876,558			142,286,637			64,062,156			81,287,589			94,557,578			98,334,325			42,118,082			46,955,284			31,816,484			45,697,674
	Advisor Class†		9,769			—			9,301			—			9,737			—			11,295			—			8,976			—			9,716			—
	Premier Class		1,294,730			459,989			924,763			1,777,425			1,219,051			742,483			7,264,533			1,148,372			339,433			180,722			589,183			528,252
	Retirement Class		1,788,953			3,942,614			3,562,087			3,241,839			3,381,028			2,735,852			3,960,144			8,330,935			5,853,267			2,720,790			1,708,926			3,696,678
	Retail Class		1,243,828			1,434,990			610,567			576,108			1,938,281			2,153,559			21,262,093			46,898,682			755,842			1,047,418			1,214,993			1,971,328
Shares reinvested:	Institutional Class		4,030,859			2,508,455			10,839,562			9,512,632			3,749,896			3,513,586			7,589,812			7,390,208			347,805			2,000,676			1,189,190			886,863
	Premier Class		84,309			47,695			101,397			80,041			77,485			50,360			368,289			199,109			1,692			11,667			16,034			14,152
	Retirement Class		834,511			747,234			214,054			155,517			746,539			663,810			1,488,896			1,765,292			20,612			281,636			134,977			148,397
	Retail Class		253,599			188,124			34,822			26,773			896,796			815,734			3,009,016			3,248,930			9,767			226,732			181,257			158,506
Shares redeemed:	Institutional Class		(40,387,123	)		(37,627,204	)		(96,833,757	)		(97,713,189	)		(68,603,132	)		(21,020,152	)		(68,909,754	)		(61,373,859	)		(26,216,383	)		(29,278,880	)		(21,676,916	)		(24,009,396	)
	Premier Class		(324,406	)		(395,289	)		(664,267	)		(328,313	)		(303,337	)		(356,756	)		(2,901,763	)		(944,358	)		(85,867	)		(188,519	)		(445,214	)		(720,695	)
	Retirement Class		(5,211,733	)		(13,150,557	)		(1,527,119	)		(1,559,621	)		(3,865,969	)		(3,119,940	)		(2,570,129	)		(24,122,212	)		(1,512,699	)		(5,226,028	)		(2,129,971	)		(13,995,050	)
	Retail Class		(1,288,688	)		(1,383,150	)		(342,667	)		(260,633	)		(2,747,897	)		(2,588,855	)		(29,795,326	)		(53,420,492	)		(1,984,801	)		(2,390,879	)		(2,629,166	)		(3,758,904	)
Net increase (decrease) from shareholder transactions			24,838,377			45,797,995			40,805,301			57,795,216			560,634			64,877,270			35,334,684			27,454,932			19,655,726			16,340,619			9,979,493			10,617,805

† Advisor Class commenced operations on December 4, 2015.

52 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 53

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
			March 31, 2016*			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
OPERATIONS
Net investment income (loss)			$	489,256		$	13,567,296		$	4,575,233		$	6,161,799		$	6,612,764		$	282,838		$	—
Net realized gain (loss) on total investments				(112,953	)		(537,155	)		5,486,062			1,457,369			10,462,058			(25	)		(233	)
Net change in unrealized appreciation (depreciation) on total investments				300,020			(1,608,163	)		7,173,851			295,966			3,066,044			—			—
Net increase (decrease) in net assets from operations				676,323			11,421,978			17,235,146			7,915,134			20,140,866			282,813			(233	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(469,894	)		(8,210,972	)		(3,309,337	)		(964,298	)		(682,797	)		(282,815	)		—
	Advisor Class†			(227	)		(750	)		—			(593	)		—			(23	)		—
	Premier Class			(4,453	)		(379,652	)		(62,983	)		—			—			—			—
	Retirement Class			(10,136	)		(3,780,907	)		(783,972	)		—			—			—			—
	Retail Class			(4,546	)		(1,200,011	)		(419,948	)		(5,196,988	)		(5,929,948	)		—			—
From realized gains:	Institutional Class			(3,519	)		(1,280,186	)		(2,417,620	)		(762,122	)		(414,894	)		—			—
	Advisor Class†			—			(39	)		—			(147	)		—			—			—
	Premier Class			(33	)		(81,004	)		(45,887	)		—			—			—			—
	Retirement Class			(77	)		(747,971	)		(720,227	)		—			—			—			—
	Retail Class			(49	)		(220,901	)		(471,601	)		(4,326,182	)		(3,046,648	)		—			—
Total distributions				(492,934	)		(15,902,393	)		(8,231,575	)		(11,250,330	)		(10,074,287	)		(282,838	)		—
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			122,779,179			210,126,324			191,540,201			17,032,179			38,046,557			175,044,547			179,352,811
	Advisor Class†			100,000			100,000			—			100,004			—			100,000			—
	Premier Class			1,000,000			27,918,521			3,163,866			—			—			27,311,638			5,666,823
	Retirement Class			5,098,690			124,743,859			92,683,756			—			—			112,214,492			56,401,250
	Retail Class			1,842,421			42,799,030			47,692,130			23,173,369			31,106,064			166,382,490			165,905,702
Reinvestments of distributions:	Institutional Class			2,970			8,166,493			5,421,959			1,224,632			752,333			280,228			—
	Advisor Class†			1			—			—			—			—			6			—
	Premier Class			—			202,274			108,867			—			—			—			—
	Retirement Class			6,348			4,513,789			1,504,215			—			—			—			—
	Retail Class			1,367			1,376,705			858,291			8,616,723			8,132,250			—			—
Redemptions:	Institutional Class			(16,784,968	)		(114,442,643	)		(12,296,314	)		(11,668,897	)		(5,542,737	)		(152,666,146	)		(208,578,172	)
	Premier Class			—			(4,099,714	)		(72,428	)		—			—			(6,336,841	)		(6,790,856	)
	Retirement Class			(148,937	)		(5,178,962	)		(2,201,996	)		—			—			(106,507,621	)		(58,340,116	)
	Retail Class			(107,039	)		(17,151,162	)		(9,636,266	)		(38,683,506	)		(70,171,051	)		(187,426,228	)		(215,530,303	)
Net increase (decrease) from shareholder transactions				113,790,032			279,074,514			318,766,281			(205,496	)		2,323,416			28,396,565			(81,912,861	)
Net increase (decrease) in net assets				113,973,421			274,594,099			327,769,852			(3,540,692	)		12,389,995			28,396,540			(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			$	113,973,421		$	703,501,539		$	428,907,440		$	346,254,216		$	349,794,908		$	803,586,816		$	775,190,276
Undistributed net investment income (loss) included in net assets			$	(106	)	$	(6,582	)	$	(1,449	)	$	10,623		$	10,949		$	(16,478	)	$	(16,817	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class			12,262,162			20,491,091			18,567,017			1,591,926			3,558,499			175,044,547			179,352,811
	Advisor Class†			10,039			9,839			—			9,405			—			100,000			—
	Premier Class			100,000			2,727,186			306,844			—			—			27,311,638			5,666,823
	Retirement Class			510,212			12,140,614			8,984,036			—			—			112,214,492			56,401,250
	Retail Class			184,245			4,169,698			4,618,626			2,162,074			2,888,908			166,382,490			165,905,702
Shares reinvested:	Institutional Class			297			796,592			525,210			114,789			69,701			280,228			—
	Advisor Class†			—			—			—			—			—			6			—
	Premier Class			—			19,738			10,548			—			—			—			—
	Retirement Class			635			440,482			145,488			—			—			—			—
	Retail Class			137			134,373			83,119			806,855			753,911			—			—
Shares redeemed:	Institutional Class			(1,680,023	)		(11,184,573	)		(1,190,055	)		(1,090,940	)		(514,074	)		(152,666,146	)		(208,578,172	)
	Premier Class			—			(402,123	)		(7,048	)		—			—			(6,336,841	)		(6,790,856	)
	Retirement Class			(14,891	)		(505,224	)		(217,720	)		—			—			(106,507,621	)		(58,340,116	)
	Retail Class			(10,736	)		(1,674,798	)		(930,249	)		(3,610,976	)		(6,540,953	)		(187,426,228	)		(215,530,303	)
Net increase (decrease) from shareholder transactions				11,362,077			27,162,895			30,895,816			(16,867	)		215,992			28,396,565			(81,912,861	)

* For the period August 7, 2015 to March 31, 2016.

† Advisor Class commenced operations on December 4, 2015.

54 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 55

Financial highlights

TIAA-CREF Funds

				Selected per share data																													Ratios and supplemental data
						Gain (loss) from investment operations																																										Portfolio
	For the			Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset			For the																					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			beginning		income			(loss) on total			investment			investment			realized			and			end of			or year						end of period			Gross			Net			Net investment			turnover			mortgage
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate			dollar rolls
BOND FUND																										BOND FUND
Institutional Class:		3/31/16			$10.65		$0.28			$(0.07	)		$0.21			$(0.28	)		$(0.13	)		$(0.41	)		$10.45	Institutional Class:		3/31/16			2.05	%		$2,729,221			0.31	%		0.31	%		2.72	%		309	%		166	%
		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
Advisor Class:		3/31/16	‡		10.39		0.09			0.20			0.29			(0.09	)		(0.13	)		(0.22	)		10.46	Advisor Class:		3/31/16	‡		2.71	be		102			0.53	c		0.46	c		2.78	c		309			166
Premier Class:		3/31/16			10.66		0.27			(0.07	)		0.20			(0.27	)		(0.13	)		(0.40	)		10.46	Premier Class:		3/31/16			1.89			30,009			0.46			0.46			2.59			309			166
		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
Retirement Class:		3/31/16			10.84		0.26			(0.07	)		0.19			(0.26	)		(0.13	)		(0.39	)		10.64	Retirement Class:		3/31/16			1.80			234,458			0.56			0.56			2.45			309			166
		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
Retail Class:		3/31/16			10.83		0.26			(0.08	)		0.18			(0.25	)		(0.13	)		(0.38	)		10.63	Retail Class:		3/31/16			1.75			79,566			0.62			0.62			2.41			309			166
		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
BOND INDEX FUND																										BOND INDEX FUND
Institutional Class:		3/31/16			11.03		0.25			(0.03	)		0.22			(0.25	)		(0.02	)		(0.27	)		10.98	Institutional Class:		3/31/16			1.99			6,115,247			0.12			0.12			2.28			22			—
		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			—
Advisor Class:		3/31/16	‡		10.77		0.08			0.23			0.31			(0.08	)		(0.02	)		(0.10	)		10.98	Advisor Class:		3/31/16	‡		2.84	bf		102			0.34	c		0.27	c		2.23	c		22			—
Premier Class:		3/31/16			11.03		0.23			(0.03	)		0.20			(0.23	)		(0.02	)		(0.25	)		10.98	Premier Class:		3/31/16			1.84			52,687			0.27			0.27			2.13			22			—
		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			—
Retirement Class:		3/31/16			11.04		0.22			(0.04	)		0.18			(0.22	)		(0.02	)		(0.24	)		10.98	Retirement Class:		3/31/16			1.64			120,858			0.37			0.37			2.03			22			—
		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			—
Retail Class:		3/31/16			11.04		0.21			(0.04	)		0.17			(0.21	)		(0.02	)		(0.23	)		10.98	Retail Class:		3/31/16			1.55			21,540			0.46			0.46			1.94			22			—
		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			—

56 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 57

Financial highlights continued

TIAA-CREF Funds

				Selected per share data																													Ratios and supplemental data
						Gain (loss) from investment operations																																											Portfolio
	For the			Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset			For the																						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			beginning		income			(loss) on total			investment			investment			realized			and			end of			or year							end of period			Gross			Net			Net investment			turnover			mortgage
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended			Total return				(in thousands		)	expenses			expenses			income (loss		)	rate			dollar rolls
BOND PLUS FUND																										BOND PLUS FUND
Institutional Class:		3/31/16		$	10.75	$	0.32		$	(0.16	)	$	0.16		$	(0.32	)	$	(0.12	)	$	(0.44	)	$	10.47	Institutional Class:		3/31/16			1.56	%		$	2,449,009			0.31	%		0.31	%		3.05	%		293	%		172	%
		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
Advisor Class:		3/31/16	‡		10.45		0.10			0.15			0.25			(0.10	)		(0.12	)		(0.22	)		10.48	Advisor Class:		3/31/16	‡		2.46	bg			102			0.53	c		0.46	c		3.06	c		293			172
Premier Class:		3/31/16			10.75		0.30			(0.16	)		0.14			(0.30	)		(0.12	)		(0.42	)		10.47	Premier Class:		3/31/16			1.41				26,983			0.46			0.46			2.92			293			172
		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
Retirement Class:		3/31/16			10.76		0.29			(0.15	)		0.14			(0.29	)		(0.12	)		(0.41	)		10.49	Retirement Class:		3/31/16			1.41				198,216			0.56			0.56			2.80			293			172
		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
Retail Class:		3/31/16			10.77		0.29			(0.17	)		0.12			(0.28	)		(0.12	)		(0.40	)		10.49	Retail Class:		3/31/16			1.25				264,536			0.63			0.63			2.73			293			172
		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
HIGH-YIELD FUND																										HIGH-YIELD FUND
Institutional Class:		3/31/16			9.94		0.55			(0.92	)		(0.37	)		(0.55	)		—			(0.55	)		9.02	Institutional Class:		3/31/16			(3.84	)			2,253,957			0.36			0.36			5.86			50			—
		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			—
Advisor Class:		3/31/16	‡		9.17		0.18			(0.16	)		0.02			(0.18	)		—			(0.18	)		9.01	Advisor Class:		3/31/16	‡		0.23	bh			102			0.58	c		0.51	c		6.31	c		50			—
Premier Class:		3/31/16			9.94		0.53			(0.91	)		(0.38	)		(0.54	)		—			(0.54	)		9.02	Premier Class:		3/31/16			(3.87	)			73,106			0.51			0.51			5.80			50			—
		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			—
Retirement Class:		3/31/16			9.94		0.52			(0.91	)		(0.39	)		(0.53	)		—			(0.53	)		9.02	Retirement Class:		3/31/16			(3.97	)			248,713			0.61			0.61			5.61			50			—
		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			—
Retail Class:		3/31/16			9.98		0.52			(0.91	)		(0.39	)		(0.53	)		—			(0.53	)		9.06	Retail Class:		3/31/16			(4.06	)			441,569			0.63			0.63			5.55			50			—
		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			—

58 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual 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			beginning		income			(loss) on total			investment			investment			realized			and			end of			or year			Total return				end of period		)	Gross			Net			Net investment		)	turnover
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended							(in thousands			expenses			expenses			income (loss			rate
INFLATION-LINKED BOND FUND																										INFLATION-LINKED BOND FUND
Institutional Class:		3/31/16			$ 11.52		$ 0.16			$(0.11	)		$ 0.05			$(0.04	)		$   —			$(0.04	)		$ 11.53	Institutional Class:		3/31/16			0.41	%		$	1,903,233			0.27	%		0.27	%		1.45	%		27	%
		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
Advisor Class:		3/31/16	‡		11.24		(0.04	)		0.37			0.33			(0.04	)		—			(0.04	)		11.53	Advisor Class:		3/31/16	‡		2.90	bi			103			0.48	c		0.42	c		(1.16	)c		27
Premier Class:		3/31/16			11.49		0.12			(0.09	)		0.03			(0.02	)		—			(0.02	)		11.50	Premier Class:		3/31/16			0.31				10,486			0.42			0.42			1.10			27
		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
Retirement Class:		3/31/16			11.60		0.14			(0.11	)		0.03			(0.02	)		—			(0.02	)		11.61	Retirement Class:		3/31/16			0.22				217,000			0.52			0.52			1.20			27
		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
Retail Class:		3/31/16			11.24		0.14			(0.12	)		0.02			(0.01	)		—			(0.01	)		11.25	Retail Class:		3/31/16			0.18				125,137			0.58			0.58			1.27			27
		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
SHORT-TERM BOND FUND																										SHORT-TERM BOND FUND
Institutional Class:		3/31/16			10.39		0.17			(0.05	)		0.12			(0.17	)		(0.00	)d		(0.17	)		10.34	Institutional Class:		3/31/16			1.18				1,282,105			0.27			0.27			1.66			93
		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
Advisor Class:		3/31/16	‡		10.31		0.05			0.02			0.07			(0.05	)		(0.00	)d		(0.05	)		10.33	Advisor Class:		3/31/16	‡		0.72	bj			100			0.50	c		0.43	c		1.62	c		93
Premier Class:		3/31/16			10.40		0.16			(0.05	)		0.11			(0.16	)		(0.00	)d		(0.16	)		10.35	Premier Class:		3/31/16			1.03				11,709			0.42			0.42			1.51			93
		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
Retirement Class:		3/31/16			10.40		0.15			(0.05	)		0.10			(0.15	)		(0.00	)d		(0.15	)		10.35	Retirement Class:		3/31/16			0.93				97,057			0.52			0.52			1.41			93
		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
Retail Class:		3/31/16			10.40		0.14			(0.06	)		0.08			(0.14	)		(0.00	)d		(0.14	)		10.34	Retail Class:		3/31/16			0.78				138,591			0.58			0.58			1.35			93
		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

60 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 61

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		beginning		income		(loss) on total			investment			investment			realized			and			end of			or year						end of period		Gross			Net			Net investment			turnover
	ended		of period		(loss)a		investments			operations			income			gains			distributions			period			ended		Total return				(in thousands)		expenses			expenses			income (loss)			rate
SHORT-TERM BOND INDEX FUND																								SHORT-TERM BOND INDEX FUND
Institutional Class:	3/31/2016	^		$10.00		$0.05		$0.03			$0.08			$(0.05	)		$(0.00	)d		$(0.05	)		$10.03	Institutional Class:	3/31/2016	^		0.85	%b			$106,153		0.45	%c		0.12	%c		0.85	%c		53	%b
Advisor Class:	3/31/2016	‡		9.97		0.02		0.06			0.08			(0.02	)		(0.00	)d		(0.02	)		10.03	Advisor Class:	3/31/2016	‡		0.85	bk			101		0.67	c		0.27	c		0.77	c		53	b
Premier Class:	3/31/2016	^		10.00		0.04		0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03	Premier Class:	3/31/2016	^		0.75	b			1,003		0.84	c		0.27	c		0.69	c		53	b
Retirement Class:	3/31/2016	^		10.00		0.04		0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03	Retirement Class:	3/31/2016	^		0.69	b			4,975		0.80	c		0.37	c		0.63	c		53	b
Retail Class:	3/31/2016	^		10.00		0.03		0.03			0.06			(0.03	)		(0.00	)d		(0.03	)		10.03	Retail Class:	3/31/2016	^		0.62	b			1,742		1.02	c		0.47	c		0.50	c		53	b
SOCIAL CHOICE BOND FUND																								SOCIAL CHOICE BOND FUND
Institutional Class:	3/31/2016			10.45		0.26		(0.09	)		0.17			(0.26	)		(0.04	)		(0.30	)		10.32	Institutional Class:	3/31/2016			1.64				377,577		0.41			0.40			2.50			107
	3/31/2015			9.98		0.21		0.60			0.81			(0.21	)		(0.13	)		(0.34	)		10.45		3/31/2015			8.19				276,997		0.45			0.40			2.08			459
	3/31/2014			10.03		0.17		(0.04	)		0.13			(0.17	)		(0.01	)		(0.18	)		9.98		3/31/2014			1.33				85,771		0.59			0.40			1.76			393
	3/31/2013	*		10.00		0.06		0.08			0.14			(0.06	)		(0.05	)		(0.11	)		10.03		3/31/2013	*		1.41	b			50,034		1.29	c		0.40	c		1.18	c		186	b
Advisor Class:	3/31/2016	‡		10.20		0.08		0.16			0.24			(0.08	)		(0.04	)		(0.12	)		10.32	Advisor Class:	3/31/2016	‡		2.40	bl			102		0.63	c		0.55	c		2.53	c		107
Premier Class:	3/31/2016			10.45		0.25		(0.11	)		0.14			(0.24	)		(0.04	)		(0.28	)		10.31	Premier Class:	3/31/2016			1.39				29,475		0.56			0.55			2.43			107
	3/31/2015			9.98		0.20		0.60			0.80			(0.20	)		(0.13	)		(0.33	)		10.45		3/31/2015			8.03				5,359		0.61			0.55			1.93			459
	3/31/2014			10.03		0.16		(0.04	)		0.12			(0.16	)		(0.01	)		(0.17	)		9.98		3/31/2014			1.18				2,019		0.75			0.55			1.64			393
	3/31/2013	*		10.00		0.05		0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03		3/31/2013	*		1.33	b			1,013		1.78	c		0.55	c		1.02	c		186	b
Retirement Class:	3/31/2016			10.45		0.23		(0.09	)		0.14			(0.23	)		(0.04	)		(0.27	)		10.32	Retirement Class:	3/31/2016			1.39				223,415		0.66			0.65			2.28			107
	3/31/2015			9.98		0.19		0.60			0.79			(0.19	)		(0.13	)		(0.32	)		10.45		3/31/2015			7.93				100,119		0.70			0.65			1.87			459
	3/31/2014			10.03		0.16		(0.05	)		0.11			(0.15	)		(0.01	)		(0.16	)		9.98		3/31/2014			1.08				6,631		0.85			0.65			1.56			393
	3/31/2013	*		10.00		0.05		0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03		3/31/2013	*		1.28	b			2,152		1.77	c		0.65	c		0.97	c		186	b
Retail Class:	3/31/2016			10.45		0.23		(0.10	)		0.13			(0.23	)		(0.04	)		(0.27	)		10.31	Retail Class:	3/31/2016			1.26				72,933		0.69			0.68			2.23			107
	3/31/2015			9.98		0.19		0.59			0.78			(0.18	)		(0.13	)		(0.31	)		10.45		3/31/2015			7.99				46,434		0.73			0.68			1.83			459
	3/31/2014			10.03		0.14		(0.04	)		0.10			(0.14	)		(0.01	)		(0.15	)		9.98		3/31/2014			0.89				6,717		0.92			0.74			1.45			393
	3/31/2013	*		10.00		0.05		0.07			0.12			(0.04	)		(0.05	)		(0.09	)		10.03		3/31/2013	*		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:	3/31/2016			10.82		0.22		0.06			0.28			(0.22	)		(0.16	)		(0.38	)		10.72	Institutional Class:	3/31/2016			2.60				49,799		0.36			0.35			2.03			110
	3/31/2015			10.51		0.24		0.41			0.65			(0.23	)		(0.11	)		(0.34	)		10.82		3/31/2015			6.27				43,616		0.35			0.35			2.19			155
	3/31/2014			11.08		0.25		(0.51	)		(0.26	)		(0.25	)		(0.06	)		(0.31	)		10.51		3/31/2014			(2.33	)			9,626		0.35			0.35			2.33			155
	3/31/2013			10.86		0.32		0.30			0.62			(0.32	)		(0.08	)		(0.40	)		11.08		3/31/2013			5.74				10,155		0.35			0.35			2.89			49
	3/31/2012			10.06		0.34		0.80			1.14			(0.34	)		—			(0.34	)		10.86		3/31/2012			11.46				9,508		0.38			0.35			3.21			59
Advisor Class:	3/31/2016	‡		10.75		0.07		0.13			0.20			(0.07	)		(0.16	)		(0.23	)		10.72	Advisor Class:	3/31/2016	‡		1.85	bm			101		0.58	c		0.50	c		2.00	c		110
Retail Class:	3/31/2016			10.84		0.19		0.05			0.24			(0.19	)		(0.16	)		(0.35	)		10.73	Retail Class:	3/31/2016			2.22				296,355		0.63			0.63			1.75			110
	3/31/2015			10.52		0.20		0.43			0.63			(0.20	)		(0.11	)		(0.31	)		10.84		3/31/2015			6.07				306,179		0.63			0.63			1.90			155
	3/31/2014			11.10		0.22		(0.52	)		(0.30	)		(0.22	)		(0.06	)		(0.28	)		10.52		3/31/2014			(2.69	)			327,779		0.63			0.63			2.06			155
	3/31/2013			10.88		0.29		0.30			0.59			(0.29	)		(0.08	)		(0.37	)		11.10		3/31/2013			5.44				397,445		0.63			0.63			2.61			49
	3/31/2012			10.07		0.32		0.81			1.13			(0.32	)		—			(0.32	)		10.88		3/31/2012			11.30				341,517		0.62			0.59			2.96			59

62 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 63

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		beginning		income			(loss) on total		investment			investment			realized			and			end of			or year						end of period		Gross			Net			Net investment			turnover
	ended		of period		(loss)a			investments		operations			income			gains			distributions			period			ended		Total return				(in thousands)		expenses			expenses			income (loss)			rate
MONEY MARKET FUND																								MONEY MARKET FUND
Institutional Class:	3/31/2016			$1.00		$0.00	d		$     —		$0.00	d		$(0.00	)d		$    —			$(0.00	)d		$1.00	Institutional Class:	3/31/2016			0.09	%		$	339,325		0.14	%		0.14	%		0.09	%		—	%
	3/31/2015			1.00		—			—		—			—			—			—			1.00		3/31/2015			0.00				316,667		0.14			0.12			0.00			—
	3/31/2014			1.00		0.00	d		—		0.00	d		(0.00	)d		0.00	d		(0.00	)d		1.00		3/31/2014			0.01				345,892		0.13			0.13			0.01			—
	3/31/2013			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00		3/31/2013			0.05				293,090		0.14			0.14			0.05			—
	3/31/2012			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00		3/31/2012			0.03				469,588		0.13			0.13			0.03			—
Advisor Class:	3/31/2016	‡		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00	Advisor Class:	3/31/2016	‡		0.02	bn			100		0.36	c		0.29	c		0.08	c		—
Premier Class:	3/31/2016			1.00		—			—		—			—			—			—			1.00	Premier Class:	3/31/2016			0.00				25,222		0.29			0.24			0.00			—
	3/31/2015			1.00		—			—		—			—			—			—			1.00		3/31/2015			0.00				4,247		0.29			0.12			0.00			—
	3/31/2014			1.00		0.00	d		—		0.00	d		—			0.00	d		—			1.00		3/31/2014			0.00				5,371		0.28			0.14			0.00			—
	3/31/2013			1.00		—			—		—			—			—			—			1.00		3/31/2013			0.00				8,929		0.29			0.19			0.00			—
	3/31/2012			1.00		—			—		—			—			—			—			1.00		3/31/2012			0.00				6,706		0.28			0.16			0.00			—
Retirement Class:	3/31/2016			1.00		—			—		—			—			—			—			1.00	Retirement Class:	3/31/2016			0.00				94,131		0.39			0.23			0.00			—
	3/31/2015			1.00		—			—		—			—			—			—			1.00		3/31/2015			0.00				88,424		0.39			0.12			0.00			—
	3/31/2014			1.00		0.00	d		—		0.00	d		—			0.00	d		—			1.00		3/31/2014			0.00				90,363		0.38			0.14			0.00			—
	3/31/2013			1.00		—			—		—			—			—			—			1.00		3/31/2013			0.00				73,609		0.39			0.19			0.00			—
	3/31/2012			1.00		—			—		—			—			—			—			1.00		3/31/2012			0.00				80,690		0.39			0.16			0.00			—
Retail Class:	3/31/2016			1.00		—			—		—			—			—			—			1.00	Retail Class:	3/31/2016			0.00				344,809		0.48			0.22			0.00			—
	3/31/2015			1.00		—			—		—			—			—			—			1.00		3/31/2015			0.00				365,853		0.48			0.12			0.00			—
	3/31/2014			1.00		0.00	d		—		0.00	d		—			0.00	d		—			1.00		3/31/2014			0.00				415,477		0.50			0.14			0.00			—
	3/31/2013			1.00		—			—		—			—			—			—			1.00		3/31/2013			0.00				429,522		0.51			0.19			0.00			—
	3/31/2012			1.00		—			—		—			—			—			—			1.00		3/31/2012			0.00				486,370		0.44			0.16			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.
e	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 2.00%.
f	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.94%.
g	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.61%.
h	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (3.88)%.
i	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.40%.
j	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.04%.
k	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.80%.
l	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.59%.
m	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 2.55%.
n	The annual performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.04%.
*	The Fund commenced operations on September 21, 2012.
^	The Fund commenced operations on August 7, 2015.
‡	Advisor Class commenced operations on December 4, 2015.

64 2016 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2016 Annual Report 65

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, 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 five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, 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. On December 4, 2015, certain Funds made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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 being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

For the year ended March 31, 2016, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, deflation adjustments on Treasury Inflation-Protected Securities, and income generated from swaps were identified and

66 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. 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 pronouncement: In May 2015, the FASB 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, within the fair value hierarchy, all investments for which the fair value is measured using the NAV per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the NAV per share practical expedient. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Funds early adopted the ASU for this annual report. The adoption of the ASU did not have a material impact 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, 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 is currently evaluating the implication of these amendments and the impact to the Fund’s financial statements and related disclosures. As a result of these amendments, the Board has approved the conversion of the Money Market Fund to a “government money market fund.” The conversion will be effective on or before October 14, 2016.

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.

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of March 31, 2016, no investments were valued utilizing the practical expedient.

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

TIAA-CREF Funds: Fixed Income Funds  ■  2016 Annual Report 67

Notes to financial statements

investments are generally categorized in Level 2 of the fair value hierarchy.

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

Futures contracts: Stock and bond index futures, 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 year ended March 31, 2016, there were no material transfers between levels by the Funds.

As of March 31, 2016, 100% of the value of investments in the Bond Index Fund, the Inflation-Linked Bond Fund, the Short-Term Bond Index Fund, the Tax-Exempt Bond Fund and the Money Market Fund were valued based on Level 2 inputs.

The following table summarizes the market value of the Funds’ investments as of March 31, 2016, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Bond
Bank loan obligations	$	—		$	43,247,105	$	933,799	$	44,180,904
Corporate bonds		—			1,202,730,308		—		1,202,730,308
Government bonds		—			1,113,797,454		—		1,113,797,454
Structured assets		—			603,331,866		2,395,826		605,727,692
Short-term investments		—			315,249,991		—		315,249,991
Total	$	—		$	3,278,356,724	$	3,329,625	$	3,281,686,349
Bond Plus
Bank loan obligations	$	—		$	149,858,822	$	4,336,883	$	154,195,705
Corporate bonds		—			1,158,148,775		—		1,158,148,775
Government bonds		—			1,137,683,810		—		1,137,683,810
Structured assets		—			429,045,829		3,108,778		432,154,607
Short-term investments		—			277,103,660		—		277,103,660
Total	$	—		$	3,151,840,896	$	7,445,661	$	3,159,286,557
High-Yield
Bank loan obligations	$	—		$	320,642,653	$	21,986,482	$	342,629,135
Corporate bonds		—			2,510,273,379		—		2,510,273,379
Short-term investments		—			122,967,094		—		122,967,094
Total	$	—		$	2,953,883,126	$	21,986,482	$	2,975,869,608
Short-Term Bond
Bank loan obligations	$	—		$	55,693,402	$	—	$	55,693,402
Corporate bonds		—			579,507,100		—		579,507,100
Government bonds		—			342,418,329		—		342,418,329
Structured assets		—			488,915,646		5,199,508		494,115,154
Short-term investments		—			52,498,294		—		52,498,294
Futures*		(364,268	)		—		—		(364,268	)
Total	$	(364,268	)	$	1,519,032,771	$	5,199,508	$	1,523,868,011
Social Choice Bond
Bank loan obligations	$	—		$	6,426,615	$	—	$	6,426,615
Corporate bonds		—			237,469,214		—		237,469,214
Government bonds		—			338,927,576		—		338,927,576
Structured assets		—			86,436,316		5,432,922		91,869,238
Preferred stocks		265,537			—		—		265,537
Short-term investments		—			21,297,225		—		21,297,225
Total	$	265,537		$	690,556,946	$	5,432,922	$	696,255,405

* Derivative instruments are not reflected in the Summary portfolio of investments.

68 2016 Annual 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 March 31, 2016, the Short-Term Bond Fund has invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives			Liabilities derivatives
Derivative contract		Location	Fair value amount	Location		Fair value amount
Short-Term Bond Fund
Interest rate contracts				Futures*	$	(364,268	)

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

For the year ended March 31, 2016, 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	$	392,746		$	83,684
High-Yield Fund
Credit contracts	Swap transactions		(1,241,613	)		(174,955	)
Inflation-Linked Bond Fund
Interest rate contracts	Futures transactions		(183,514	)		—
Short-Term Bond Fund
Interest rate contracts	Futures transactions		(1,984,632	)		429,415

Futures contracts: The Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds 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 receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended March 31, 2016, the Inflation-Linked Bond Fund and the Short-Term Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 5% of net assets.

At March 31, 2016, 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)		350	$	(42,407,422	)	6/30/2016	$	(290,663	)
US 10 Year Note (CBT)		55		(7,171,484	)	6/21/2016		(73,605	)
Total		405	$	(49,578,906	)		$	(364,268	)

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.

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

TIAA-CREF Funds: Fixed Income Funds  ■  2016 Annual Report 69

Notes to financial statements

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 year ended March 31, 2016, 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 March 31, 2016.

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 March 31, 2016, 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			Advisor			Premier			Retirement			Retail
Fund							Class			Class			Class			Class			Class			Class			Class			Class
Bond*		0.26%–0.30	%		0.29	%		0.25	%		0.15	%		0.25	%		0.35	%		0.50	%		0.50	%		0.60	%		0.70	%
Bond Index		0.10			0.10			0.25			0.15			0.25			0.13			0.28			0.28			0.38			0.48
Bond Plus*		0.26–0.30			0.29			0.25			0.15			0.25			0.35			0.50			0.50			0.60			0.70
High-Yield*		0.31–0.35			0.34			0.25			0.15			0.25			0.40			0.55			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			0.45			0.55			0.65
Short-Term Bond*		0.21–0.25			0.25			0.25			0.15			0.25			0.30			0.45			0.45			0.55			0.65
Short-Term Bond Index		0.07			0.07			0.25			0.15			0.25			0.12			0.27			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			0.55			0.65			0.75
Tax-Exempt Bond*		0.26–0.30			0.30			—			—			0.25			0.35			0.50			—			—			0.70
Money Market		0.10			0.10			0.25			0.15			0.25			0.15			0.30			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 for the Institutional Class, Premier Class, Retirement Class and Retail Class will continue through at least July 31, 2016, and the Advisor Class through at least December 3, 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. For the year ended March 31, 2016, the Funds engaged in the following security transactions with affiliated entities:

					Realized
Fund	Purchases		Sales		gain/loss
Bond	$	1,736,665	$	—	$	—
Bond Plus		1,470,391		3,016,438		(435,431	)
High-Yield		—		8,288,399		(378,949	)

As of March 31, 2016, TIAA, an affiliate, was invested in the Short-Term Bond Index Fund and the Social Choice Bond fund. In addition, a registered separate account of TIAA (collectively, “TIAA Access”) has various sub accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

During the period ended March 31, 2016, TIAA received total proceeds of $8,500,000 and $54,584,790 from redemptions from the Short-Term Bond Index Fund and the Social Choice Bond Fund, respectively.

70 2016 Annual 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 March 31, 2016:

							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		—	%		75	%		—	%		1	%		—	%		1	%		77	%
Bond Index		—			—			19			—			—			1			20
Bond Plus		—			61			—			4			10			2			77
High-Yield		—			24			—			—			—			1			25
Inflation-Linked Bond		—			19			4			—			—			—			23
Short-Term Bond		—			28			—			3			—			2			33
Short-Term Bond Index		12			—			83			—			—			—			95
Money Market		—			—			—			—			—			1			1

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 Funds. As of March 31, 2016, four 529 Plans owned 17%, 16%, 7% and 6%, respectively, of the Bond Index Fund, three 529 Plans owned 13%, 11% and 6%, respectively, of the Inflation-Linked Bond Fund, three 529 Plans owned 9%, 7% and 6%, respectively, of the Short-Term Bond Fund, and one 529 Plan owned 11% of the Money Market Fund.

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.

Mortgage dollar rolls transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

Unfunded loan commitment: The Funds may enter into loan commitments to fund a portion of a delayed-draw term loan facility. The Funds are obligated to fund loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At March 31, 2016, the Funds had no unfunded loan commitments. Unfunded loan commitments are 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.

Net unrealized appreciation (depreciation): At March 31, 2016, net unrealized appreciation (depreciation) based on the

TIAA-CREF Funds: Fixed Income Funds ■ 2016 Annual Report 71

Notes to financial statements

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	$	3,257,029,146	$	54,776,364	$	(30,119,161	)	$	24,657,203
Bond Index		6,208,454,216		178,158,504		(20,189,036	)		157,969,468
Bond Plus		3,159,769,888		50,521,297		(51,004,628	)		(483,331	)
High-Yield		3,222,410,068		43,074,060		(289,614,520	)		(246,540,460	)
Inflation-Linked Bond		2,153,587,419		91,320,776		(6,351,202	)		84,969,574
Short-Term Bond		1,525,435,786		6,327,734		(7,531,241	)		(1,203,507	)
Short-Term Bond Index		113,257,226		342,529		(42,529	)		300,000
Social Choice Bond		690,966,612		10,309,522		(5,020,729	)		5,288,793
Tax-Exempt Bond		319,219,747		9,991,560		(270,710	)		9,720,850

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended March 31, 2016 were as follows:

	Non-U.S.		U.S.		Non-U.S.		U.S.
	government		government		government		government
Fund	purchases		purchases		sales		sales
Bond	$	1,310,434,971	$	7,738,541,932	$	1,078,004,126	$	7,624,662,282
Bond Index		530,717,984		1,558,113,349		350,464,342		957,395,306
Bond Plus		1,417,088,551		7,067,789,140		1,394,105,661		6,903,637,028
High-Yield		1,833,648,034		—		1,438,135,303		—
Inflation-Linked Bond		6,000,000		751,557,338		56,296		538,678,445
Short-Term Bond		722,504,705		769,225,151		553,985,834		785,285,538
Short-Term Bond Index		44,587,732		115,784,928		4,560,249		42,265,473
Social Choice Bond		483,994,572		389,606,647		247,387,422		343,168,563
Tax-Exempt Bond		369,239,969		—		394,291,838		—

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2016 and March 31, 2015 was as follows:

	3/31/2016						3/31/2015
	Ordinary		Long-term				Ordinary		Long-term
Fund	income		capital gains		Total		income		capital gains		Total
Bond	$	104,849,094		$9,224,503	$	114,073,597	$	78,881,480		$   3,979,991	$	82,861,471
Bond Index		138,891,543		7,632,537		146,524,080		122,444,246		2,825,958		125,270,204
Bond Plus		109,123,177		11,698,193		120,821,370		93,594,356		11,410,253		105,004,609
High-Yield		182,439,920		—		182,439,920		154,015,359		28,407,365		182,422,724
Inflation-Linked Bond		6,010,653		—		6,010,653		34,488,997		1,537,223		36,026,220
Short-Term Bond		23,635,377		77,907		23,713,284		18,063,196		499,747		18,562,943
Short-Term Bond Index		492,934		—		492,934		—		—		—
Social Choice Bond		15,773,034		129,359		15,902,393		8,231,575		—		8,231,575
Tax-Exempt Bond *		8,950,772		2,299,558		11,250,330		8,269,497		1,804,790		10,074,287
Money Market		282,838		—		282,838		—		—		—

* Includes ordinary income which will not be taxable for federal income tax purposes in 2016 and 2015 of $6,158,474 and $6,610,678, respectively.

As of March 31, 2016, the components of accumulated earnings on a tax basis were as follows:

	Undistributed			Undistributed
	(overdistributed)			(overdistributed		)	Unrealized			Capital
	ordinary			long-term			appreciation			loss			Late-year
Fund	income			capital gains			(depreciation		)	carryover			loss deferrals			Total
Bond		$15,596,170			$             —		$	24,663,170		$	—		$	(3,604,871	)	$	36,654,469
Bond Index		2,240,401			—			157,969,470			—			(7,606,713	)		152,603,158
Bond Plus		5,804,899			—			(472,610	)		—			(2,883,518	)		2,448,771
High-Yield		5,330,338			—			(246,540,460	)		(19,838,092	)		(72,280,127	)		(333,328,341	)
Inflation-Linked Bond		—			—			84,969,570			(1,510,377	)		(10,222,712	)		73,236,481
Short-Term Bond		(763,152	)		(175	)		(1,203,509	)		(769,086	)		(1,008,159	)		(3,744,081	)
Short-Term Bond Index		84,376			—			300,000			—			(115,407	)		268,969
Social Choice Bond		119,850			—			5,288,793			—			(581,747	)		4,826,896
Tax-Exempt Bond		89,540			1,396,192			9,720,849			—			—			11,206,581
Money Market		—			—			—			(258	)		—			(258	)

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the tax deferral of deflationary adjustments associated with Treasury Inflation-Protected Securities, and the treatment of short term gain as ordinary income for tax purposes.

At March 31, 2016, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	No expiration		Total
High-Yield		$19,838,092		$19,838,092
Inflation-Linked Bond		1,510,377		1,510,377
Short-Term Bond		769,086		769,086
Money Market		258		258

72 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

concluded

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 year ended March 31, 2016, 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.

TIAA-CREF Funds: Fixed Income Funds ■ 2016 Annual Report 73

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Bond Fund, Bond Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Short-Term Bond Index Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund, and Money Market Fund (ten of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) at March 31, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland
May 25, 2016

74 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  March 31, 2016

Trustees

		Term of		Number of
		Office and		Portfolios in
	Position(s)	Length		Fund Complex
Name, Address and	Held with	of Time		Overseen
Year of Birth (“YOB”)	Fund	Served	Principal Occupation(s) During Past 5 Years	by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	85	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	85	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	85	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2018. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	85	Director, D2D Fund.
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	85	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	85	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Close Brothers Group plc; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance; and Prep for Prep.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P.Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	85	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

TIAA-CREF Funds: Fixed Income Funds ■ 2016 Annual Report 75

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  March 31, 2016

Trustees — concluded

		Term of		Number of
		Office and		Portfolios in
	Position(s)	Length		Fund Complex
Name, Address and	Held with	of Time		Overseen
Year of Birth (“YOB”)	Fund	Served	Principal Occupation(s) During Past 5 Years	by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (since 2015), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (since 2015), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	85	Director, SCANA Corporation (energy holding company).
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	85	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.
Officers
		Term of
		Office and
	Position(s)	Length
Name, Address and	Held with	of Time
Year of Birth (“YOB”)	Fund	Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Institutional Investment and Endowment Services of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President, Chief Executive Officer, TIAA Global Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.

76 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

concluded

Officers — concluded

		Term of
		Office and
	Position(s)	Length
Name, Address and	Held with	of Time
Year of Birth (“YOB”)	Fund	Served	Principal Occupation(s) During Past 5 Years
J. Keith Morgan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015.	Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Chief Executive Officer, Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.

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

TIAA-CREF Funds: Fixed Income Funds ■ 2016 Annual Report 77

Renewal of investment management agreement (unaudited)

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

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the renewal of the Agreement with respect to each series covered by this Report other than the Short-Term Bond Index Fund (the “Funds”).

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

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

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

regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs (as applicable). Broadridge also compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Broadridge summarized and the Board reviewed the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not TAI or the Board).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. The Trustees met in private sessions at which no TAI representatives were present to discuss the proposed renewal of the Agreement for each Fund. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding each Fund’s performance and the Board considered that the evaluation of TAI’s services to the Funds is an ongoing one.

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for 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 renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI

78 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, 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 Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

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

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

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for each

Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of TAI, including the professional experience and qualifications of its personnel. The Board also considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”), TIAA Separate Account VA-1 and other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; coordinating the activities of each Fund’s service providers; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner. The Board also considered that TAI has committed significant resources to supporting the series of the Trust, including the Funds. It also considered TAI’s compliance program and resources and its compliance record with respect to the Funds.

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board

TIAA-CREF Funds: Fixed Income Funds  ■  2016 Annual Report 79

Renewal of investment management agreement (unaudited)

concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2015. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund and recognized the entrepreneurial risk TAI assumes. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to many of the Funds under the Agreement for the one-year period ended December 31, 2015, and expected this trend to continue. However, with respect to the Tax-Exempt Bond Fund, there was no current expectation for TAI to earn a profit in the foreseeable future and, with respect to the Money Market Fund, TAI would not earn a profit until the U.S. Federal Reserve undertakes additional interest rate increases. For the Money Market Fund, this was due to ongoing management fee waivers and other waivers by TAI and its affiliates necessary to maintain a yield of at least 0.00% in each class of the Fund. The Board recognized the effect on TAI’s profitability of the March 1, 2015 amendment of the Agreement for the actively-managed Funds with management fee rates that included contractual “breakpoints” (that is, the asset levels at which additional Fund assets would cause management fee rates to be lower) to permanently decrease the levels of assets needed to reach breakpoints, to further reduce fees at each breakpoint and to add a breakpoint at the $8 billion level. With respect to those Funds for which the Agreement was profitable to TAI in 2015, the Board concluded that those profits were reasonable in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, including the impact of operations related to Nuveen Investments on such resources, 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 mutual funds, as analyzed by Broadridge. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect

to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered the extent to which the current fee breakpoints on many actively-managed Funds (which were profitable to TAI) would have a material effect on their fees. In this connection, the Board considered TAI’s representation that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other investment companies, foreign funds (UCITs) and separately managed accounts that may have similar investment strategies as certain of the Funds. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies, UCITs and the other accounts that are managed using similar investment strategies. They also considered TAI’s disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, 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; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) 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 TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain funds managed by TAI or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Funds may be utilized as investment options for other products and businesses of TAI and its affiliates, such as variable products, funds of funds and 529 education savings plans.

80 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

continued

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding a Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different management fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2015 under the Agreement.

Bond Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.290% of average daily net assets.

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

• The Fund was in the 1st, 2nd, 3rd and 5th quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 1st and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Bond Index Fund

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

• The Fund’s total expenses and actual management fees were ranked second out of the five funds within its Expense Group. The Fund’s total expenses and actual management fees were in the 2nd quintile of its Expense Universe.

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

• For the three-year period, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of NAV rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Barclays U.S. Aggregate Bond Index, was -1 basis point. One basis point is equal to 0.01%.

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

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

Bond Plus Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.291% of average daily net assets.

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

High-Yield Fund

• The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.340% of average daily net assets.

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Inflation-Linked Bond Fund

• The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.244% of average daily net assets.

TIAA-CREF Funds: Fixed Income Funds  ■  2016 Annual Report 81

Renewal of investment management agreement (unaudited) concluded

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Short-Term Bond Fund

• The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.247% of average daily net assets.

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

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

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

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

Social Choice Bond Fund

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

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

• The Fund was in the 1st quintile of both its Performance Group and Performance Universe for each of the one- and three-year periods.

• The Fund received an Overall Morningstar Rating of 5 stars.

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

Tax-Exempt Bond Fund

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

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

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

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

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

Money Market Fund

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

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

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

• Money market funds are not rated by Morningstar.

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

• Since July 2009, TAI and its affiliates have waived or reimbursed over $9 million in Fund fees or expenses across all share classes to maintain a yield of at least 0.00%.

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

Important tax information(unaudited)

For the year ended March 31, 2016, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Bond	$	9,224,503
Bond Index		7,632,537
Bond Plus		11,698,193
High-Yield		—
Inflation-Linked Bond		—
Short-Term Bond		77,907
Short-Term Bond Index		—
Social Choice Bond		129,359
Tax-Exempt Bond		2,299,558
Money Market		—

The Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2016 and the year ended March 31, 2015, totaling $11,250,330 and $10,074,287, of which $6,158,474 and $6,610,678, respectively, was exempt from federal income tax and has been designated as Exempt Interest Dividends.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2016, which will be reported in conjunction with your 2016 Form 1099-DIV.

By early 2017, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

82 2016 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

How to reach us

TIAA website

TIAA.org

24 hours a day, 7 days a week

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, 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 Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

©2016 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206.

730 Third Avenue

New York, 10017

	We’re fond of paper ... in its original form.
	Switch to eDelivery at
	TIAA.org/eDelivery

	Printed on paper containing recycled fiber
C30532		A12450 (5/16)

730 Third Avenue

New York, 10017

 

	Printed on paper containing recycled fiber
C30532		A12450 (5/16)

730 Third Avenue

New York, 10017

C30532 A12450 (5/16)

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended March 31, 2015 and March 31, 2016, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $455,310 and $503,350, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2015 and March 31, 2016, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended March 31, 2015 and March 31, 2016, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended March 31, 2015 and March 31, 2016, PwC’s aggregate fees for tax services billed to the Registrant were $121,100 and $134,500, respectively.

For the fiscal years ended March 31, 2015 and March 31, 2016, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended March 31, 2015 and March 31, 2016, PwC’s aggregate fees for all other services billed to the Registrant were $6,047 and $4,500, respectively.

For the fiscal years ended March 31, 2015 and March 31, 2016, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2015 and March 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended March 31, 2015 and March 31, 2016, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $393,375 and $340,720, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 1.4%
AUTOMOBILES & COMPONENTS - 0.1%
$	444,375	i	Dealer Tire LLC		5.500	%	12/22/21	$	443,264
	1,698,920	i	Gates Global LLC		4.250		07/05/21		1,600,179
			TOTAL AUTOMOBILES & COMPONENTS						2,043,443
CAPITAL GOODS - 0.0%
	248,750	i	CHI Overhead Doors, Inc		4.750		07/31/22		245,019
	298,747	i	Plaze, Inc		5.250		07/29/22		296,506
			TOTAL CAPITAL GOODS						541,525
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	725,813	i	Creative Artists Agency LLC		5.500		12/17/21		723,998
	748,125	i	XPO Logistics, Inc		5.500		11/01/21		749,995
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,473,993
CONSUMER DURABLES & APPAREL - 0.0%
	498,671	i	Academy Ltd		5.000		07/01/22		473,657
	824,185	i	Otter Products LLC		5.750		06/03/20		708,799
			TOTAL CONSUMER DURABLES & APPAREL						1,182,456
CONSUMER SERVICES - 0.2%
	900,000	i	Jackson Hewitt Tax Service, Inc		8.000		06/25/21		873,000
	895,500	i	Knowledge Universe Education LLC		6.000		08/13/22		883,187
	2,560,793	i	Spin Holdco, Inc		4.250		11/14/19		2,491,011
	648,332	i	Sterling Midco Holdings, Inc		5.750		06/20/22		633,206
			TOTAL CONSUMER SERVICES						4,880,404
DIVERSIFIED FINANCIALS - 0.0%
	234,042	i	TransFirst, Inc		6.250		11/12/21		233,749
	884,211	i	TransUnion LLC		3.500		04/09/21		874,926
			TOTAL DIVERSIFIED FINANCIALS						1,108,675
ENERGY - 0.1%
	748,077	i	Dynegy, Inc		4.000		04/23/20		733,736
	41,303	i	Granite Acquisition, Inc		5.000		12/19/21		39,031
	926,964	i	Granite Acquisition, Inc		5.000		12/19/21		875,981
			TOTAL ENERGY						1,648,748
FOOD & STAPLES RETAILING - 0.0%
	1,188,000	i	Albertson’s Holdings LLC		5.500		08/25/21		1,188,594
			TOTAL FOOD & STAPLES RETAILING						1,188,594
FOOD, BEVERAGE & TOBACCO - 0.0%
	253,725	i	Hostess Brands LLC		4.500		08/03/22		253,725

1

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	164,029	i	Post Holdings, Inc		3.750	%	06/02/21	$	164,205
			TOTAL FOOD, BEVERAGE & TOBACCO						417,930
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	1,205,840	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,207,348
	550,000	i	Greatbatch Ltd		5.250		10/14/22		549,142
	1,964,736	i	HCA, Inc		3.381		05/01/18		1,963,851
	1,964,824	i	Kinetic Concepts, Inc		4.500		05/04/18		1,953,153
	525,000	i	Vizient, Inc		6.250		02/13/23		528,061
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						6,201,555
INSURANCE - 0.1%
	1,291,830	i	Acrisure LLC		6.500		05/19/22		1,265,994
	746,242	i	Asurion LLC		5.000		05/24/19		735,049
			TOTAL INSURANCE						2,001,043
MATERIALS - 0.2%
	713,321	i	Berry Plastics Group, Inc		4.000		10/03/22		712,964
	992,438	i	Eco Services Operations LLC		4.750		12/04/21		962,664
	225,000	i	GCP Applied Technologies, Inc		5.250		02/03/22		225,000
	1,180,000	i	Signode Industrial Group US, Inc		3.750		05/01/21		1,144,600
	360,000	i	Solenis International LP		7.750		07/29/22		300,780
	1,964,646	i	Tronox Pigments BV		4.500		03/19/20		1,813,369
			TOTAL MATERIALS						5,159,377
MEDIA - 0.1%
	895,500	i	CDS US Intermediate Holdings, Inc		5.000		07/08/22		848,486
	494,412	i	CSC Holdings LLC		2.933		04/17/20		493,794
	700,000	i	Neptune Finco Corp		5.000		10/09/22		699,888
	1,708,788	i	Univision Communications, Inc		4.000		03/01/20		1,689,923
	504,991	i	Virgin Media Investment Holdings Ltd		3.500		06/30/23		500,385
			TOTAL MEDIA						4,232,476
REAL ESTATE - 0.1%
	1,987,506	i	DTZ US Borrower LLC		4.250		11/04/21		1,967,631
			TOTAL REAL ESTATE						1,967,631
RETAILING - 0.0%
	400,000	i	CNT Holdings III Corp		5.250		01/22/23		400,000
	997,487	i	PetSmart, Inc		4.250		03/11/22		992,749
	200,000	i	Staples Escrow LLC		4.750		02/02/22		199,694
			TOTAL RETAILING						1,592,443
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	2,000,000	h	Avago Technologies Cayman Finance Ltd		4.250		02/01/23		1,988,860
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,988,860
SOFTWARE & SERVICES - 0.1%
	1,400,000	i	Evergreen Skills Lux S.a.r.l.		9.250		04/28/22		630,000
	915,980	i	IMS Health, Inc		3.500		03/17/21		913,122
	728,535	i	Mitchell International, Inc		4.500		10/13/20		701,215

2

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	666,549	i	ProQuest LLC		5.750	%	10/24/21	$	643,219
	152,517	i	SS&C Technologies Holdings Europe SARL		4.000		07/08/22		152,732
	1,052,160	i	SS&C Technologies Holdings, Inc		4.000		07/08/22		1,053,644
			TOTAL SOFTWARE & SERVICES						4,093,932
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	1,119,375	i	CommScope, Inc		3.828		12/29/22		1,116,924
	916,097	i	Sensata Technologies BV		3.000		10/14/21		912,093
	426,545	i	Zebra Technologies Corp		4.750		10/27/21		428,802
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						2,457,819
			TOTAL BANK LOAN OBLIGATIONS						44,180,904
			(Cost $45,486,325)
BONDS - 95.1%
CORPORATE BONDS - 39.2%
AUTOMOBILES & COMPONENTS - 0.2%
	1,125,000		Delphi Automotive plc		3.150		11/19/20		1,149,050
	675,000	g	Gates Global LLC		6.000		07/15/22		577,125
	1,700,000		General Motors Co		6.600		04/01/36		1,871,044
	1,200,000		General Motors Co		6.750		04/01/46		1,364,460
	1,750,000		Magna International, Inc		3.625		06/15/24		1,755,337
	150,000	g	ZF North America Capital, Inc		4.000		04/29/20		151,875
	150,000	g	ZF North America Capital, Inc		4.500		04/29/22		153,000
	150,000	g	ZF North America Capital, Inc		4.750		04/29/25		149,250
			TOTAL AUTOMOBILES & COMPONENTS						7,171,141
BANKS - 5.8%
	1,000,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,000,100
	1,500,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		1,510,500
	700,000		Bancolombia S.A.		5.950		06/03/21		756,875
	840,000	g	Bank Nederlandse Gemeenten NV		2.375		03/16/26		848,492
	1,690,000		Bank of America Corp		5.300		03/15/17		1,749,028
	1,125,000		Bank of America Corp		6.000		09/01/17		1,189,054
	4,150,000		Bank of America Corp		2.625		10/19/20		4,180,673
	5,000,000		Bank of America Corp		4.000		01/22/25		5,009,675
	2,100,000		Bank of America Corp		3.950		04/21/25		2,091,541
	2,450,000		Bank of America Corp		3.875		08/01/25		2,549,029
	1,750,000		Bank of America Corp		4.750		04/21/45		1,740,984
	2,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		2,017,010
	3,375,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		3,403,552
	1,500,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		1,529,008
	3,475,000		Barclays plc		2.750		11/08/19		3,451,405
	3,350,000		Barclays plc		3.650		03/16/25		3,141,151
	650,000		Branch Banking & Trust Co		2.300		10/15/18		661,479
	2,550,000		Capital One Bank USA NA		2.950		07/23/21		2,568,120
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		1,076,562
	2,050,000		Citigroup, Inc		1.300		11/15/16		2,052,677
	2,275,000		Citigroup, Inc		3.300		04/27/25		2,281,723
	7,775,000		Citigroup, Inc		4.450		09/29/27		7,827,512

3

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950	%	11/09/22	$	384,598
	1,250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		1,319,984
	2,550,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		2,757,728
	3,350,000		Cooperatieve Rabobank UA		2.500		01/19/21		3,387,972
	1,250,000	g	Credit Agricole S.A.		2.500		04/15/19		1,270,732
	850,000	g	Credit Agricole S.A.		2.750		06/10/20		863,540
	1,000,000	g	DBS Group Holdings Ltd		2.246		07/16/19		1,009,492
	2,325,000		Discover Bank		3.100		06/04/20		2,342,928
	2,625,000		Fifth Third Bancorp		2.375		04/25/19		2,653,990
	1,320,000	g	HSBC Bank plc		4.125		08/12/20		1,413,785
	6,400,000		HSBC Holdings plc		3.400		03/08/21		6,532,070
	1,275,000		HSBC Holdings plc		4.250		08/18/25		1,259,292
	2,500,000		HSBC Holdings plc		4.300		03/08/26		2,578,150
	1,000,000	g	Industrial & Commercial Bank of China Ltd		4.875		09/21/25		1,028,171
	8,700,000		JPMorgan Chase & Co		2.750		06/23/20		8,912,663
	6,650,000		JPMorgan Chase & Co		3.300		04/01/26		6,705,607
	750,000	i	JPMorgan Chase & Co		5.150		12/30/49		720,150
	2,945,000		KeyBank NA		2.500		12/15/19		2,983,653
	3,275,000		KeyBank NA		2.250		03/16/20		3,277,951
	4,000,000		KeyBank NA		3.300		06/01/25		4,100,568
	900,000	g	Macquarie Bank Ltd		2.600		06/24/19		908,653
	2,550,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,544,053
	2,950,000		Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		3,012,968
	2,900,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		3,016,200
	1,000,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,038,568
	2,000,000	g	PKO Finance AB		4.630		09/26/22		2,066,452
	2,075,000		PNC Bank NA		2.200		01/28/19		2,106,748
	2,425,000		PNC Bank NA		2.250		07/02/19		2,463,921
	4,150,000		PNC Bank NA		2.600		07/21/20		4,242,852
	1,750,000		PNC Bank NA		2.700		11/01/22		1,738,404
	3,050,000		PNC Bank NA		2.950		01/30/23		3,073,549
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,578,289
	835,000	g,i	Rabobank Nederland NV		11.000		12/30/49		1,001,917
	2,200,000		Royal Bank of Canada		2.200		07/27/18		2,232,270
	3,350,000		Royal Bank of Canada		2.500		01/19/21		3,422,129
	400,000	g	Shinhan Bank		3.875		03/24/26		404,803
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,635,417
	825,000	g	Societe Generale S.A.		4.750		11/24/25		816,823
	1,025,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		1,039,396
	1,700,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,720,703
	900,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		944,197
	1,675,000		SunTrust Banks, Inc		2.900		03/03/21		1,700,490
	1,075,000		SunTrust Banks, Inc		2.750		05/01/23		1,055,666
	3,350,000		Toronto-Dominion Bank		2.500		12/14/20		3,418,910
	4,725,000		Toronto-Dominion Bank		2.125		04/07/21		4,716,968
	850,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		862,759
	525,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		523,031
	400,000	g	Turkiye Is Bankasi		3.750		10/10/18		399,000
	1,000,000	g	Turkiye Is Bankasi		5.500		04/21/19		1,030,400
	1,500,000	g	Turkiye Is Bankasi		5.375		10/06/21		1,500,746
	1,750,000		Union Bank NA		2.125		06/16/17		1,758,990
	1,550,000		UnionBanCal Corp		3.500		06/18/22		1,609,539

4

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,135,000		US Bank NA		2.800	%	01/27/25	$	4,220,743
	2,150,000		Westpac Banking Corp		2.250		01/17/19		2,184,222
	1,800,000	g	Zenith Bank plc		6.250		04/22/19		1,625,976
			TOTAL BANKS						177,754,926
CAPITAL GOODS - 0.8%
	2,775,000		Caterpillar Financial Services Corp		3.250		12/01/24		2,891,622
	675,000		Eaton Corp		4.000		11/02/32		683,118
	700,000		Embraer Netherlands Finance BV		5.050		06/15/25		615,125
	1,150,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,035,000
	1,875,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		1,921,194
	525,000		Ingersoll-Rand Luxembourg Finance S.A.		4.650		11/01/44		540,814
	2,025,000		John Deere Capital Corp		2.550		01/08/21		2,077,008
	2,075,000		Lockheed Martin Corp		2.500		11/23/20		2,126,244
	1,275,000		Lockheed Martin Corp		3.550		01/15/26		1,349,623
	200,000	g	Manitowoc Foodservice, Inc		9.500		02/15/24		218,000
	654,240	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		143,933
	1,250,000		Rockwell Automation, Inc		2.050		03/01/20		1,264,773
	1,275,000		Rockwell Automation, Inc		2.875		03/01/25		1,294,131
	725,000	g	Schaeffler Finance BV		4.750		05/15/21		743,125
	2,290,000	g	Stena AB		7.000		02/01/24		1,897,838
	950,000		Textron, Inc		3.875		03/01/25		957,923
	2,775,000		Timken Co		3.875		09/01/24		2,725,008
	2,645,000	g	TSMC Global Ltd		1.625		04/03/18		2,630,267
			TOTAL CAPITAL GOODS						25,114,746
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	4,500,000		21st Century Fox America, Inc		3.000		09/15/22		4,636,562
	110,000		21st Century Fox America, Inc		7.625		11/30/28		149,277
	85,000		21st Century Fox America, Inc		6.550		03/15/33		101,997
	1,330,000		21st Century Fox America, Inc		6.900		08/15/39		1,656,221
	250,000		ADT Corp		6.250		10/15/21		251,250
	225,000		AECOM		5.750		10/15/22		233,437
	575,000		AECOM		5.875		10/15/24		595,125
	1,425,000		Air Lease Corp		3.875		04/01/21		1,448,156
	375,000	g	Clean Harbors, Inc		5.125		06/01/21		379,219
	2,050,000	g	Daimler Finance North America LLC		3.300		05/19/25		2,091,256
	7,000,000		Fluor Corp		3.500		12/15/24		7,263,200
	1,495,000		Republic Services, Inc		3.800		05/15/18		1,559,070
	2,400,000		Republic Services, Inc		3.550		06/01/22		2,534,222
	1,700,000		Republic Services, Inc		3.200		03/15/25		1,709,761
	650,000		United Rentals North America, Inc		5.500		07/15/25		641,875
	3,350,000		Visa, Inc		2.200		12/14/20		3,434,708
	2,250,000		Visa, Inc		3.150		12/14/25		2,349,808
	1,500,000		Waste Management, Inc		2.600		09/01/16		1,509,678
	2,800,000		Waste Management, Inc		2.900		09/15/22		2,854,818
	500,000		Waste Management, Inc		3.900		03/01/35		485,459
	550,000		Waste Management, Inc		4.100		03/01/45		552,280
	725,000	g	XPO Logistics, Inc		6.500		06/15/22		704,156
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						37,141,535

5

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CONSUMER DURABLES & APPAREL - 0.5%
$	1,200,000		DR Horton, Inc		3.750	%	03/01/19	$	1,224,000
	1,000,000		Lennar Corp		4.750		04/01/21		1,012,500
	200,000		Masco Corp		3.500		04/01/21		201,500
	1,900,000		Newell Rubbermaid, Inc		3.150		04/01/21		1,952,588
	700,000		Newell Rubbermaid, Inc		3.900		11/01/25		695,620
	3,100,000		Newell Rubbermaid, Inc		4.200		04/01/26		3,242,290
	1,925,000		Newell Rubbermaid, Inc		5.375		04/01/36		2,044,537
	2,900,000		Newell Rubbermaid, Inc		5.500		04/01/46		3,139,552
	100,000		PulteGroup, Inc		4.250		03/01/21		101,500
	200,000		PulteGroup, Inc		5.500		03/01/26		205,750
	1,100,000		PVH Corp		4.500		12/15/22		1,127,500
	500,000		Whirlpool Corp		3.700		03/01/23		520,062
			TOTAL CONSUMER DURABLES & APPAREL						15,467,399
CONSUMER SERVICES - 0.3%
	1,800,000	g	1011778 BC / New Red Fin		6.000		04/01/22		1,872,000
	200,000	g	Boyd Gaming Corp		6.375		04/01/26		207,500
	550,000	g	International Game Technology		5.625		02/15/20		570,625
	1,775,000	g	SABMiller Holdings, Inc		3.750		01/15/22		1,884,415
	1,500,000		Scientific Games Corp		8.125		09/15/18		1,267,500
	600,000		Speedway Motorsports, Inc		5.125		02/01/23		615,000
	3,350,000		Walt Disney Co		2.300		02/12/21		3,460,473
			TOTAL CONSUMER SERVICES						9,877,513
DIVERSIFIED FINANCIALS - 4.7%
	750,000		Abbey National Treasury Services plc		4.000		04/27/16		751,523
	600,000		AerCap Ireland Capital Ltd		5.000		10/01/21		621,000
	1,500,000		American Express Centurion Bank		6.000		09/13/17		1,592,854
	2,700,000		American Express Credit Corp		2.250		08/15/19		2,734,212
	2,450,000		American Express Credit Corp		2.375		05/26/20		2,487,260
	7,750,000	g,i	Armor Re Ltd		4.278		12/15/16		7,680,250
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		645,104
	2,575,000		Bank of New York Mellon Corp		2.500		04/15/21		2,627,056
	2,525,000	g	Bayer US Finance LLC		2.375		10/08/19		2,603,439
	1,775,000	g	Bayer US Finance LLC		3.375		10/08/24		1,872,087
	1,000,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		960,000
	625,000	g	Comcel Trust		6.875		02/06/24		584,375
	1,475,000		Credit Suisse		2.300		05/28/19		1,489,274
	2,575,000		Credit Suisse		3.000		10/29/21		2,627,901
	1,525,000		Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		1,518,206
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,576,923
	1,700,000		Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,620,008
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,530,238
	1,600,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,635,699
	2,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		2,533,152
	800,000		Ford Motor Credit Co LLC		6.625		08/15/17		848,613
	9,250,000		Ford Motor Credit Co LLC		2.597		11/04/19		9,292,929
	3,325,000		Ford Motor Credit Co LLC		3.157		08/04/20		3,393,079
	4,100,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,194,128
	3,325,000		Ford Motor Credit Co LLC		4.134		08/04/25		3,455,746
	10,313,000	g	GE Capital International Funding Co		2.342		11/15/20		10,574,403
	2,806,000	g	GE Capital International Funding Co		3.373		11/15/25		2,995,669

6

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	825,000	g	GE Capital International Funding Co		4.418	%	11/15/35	$	892,884
	232,000		General Electric Capital Corp		6.875		01/10/39		336,609
	1,210,000		General Motors Financial Co, Inc		3.500		07/10/19		1,241,005
	750,000		General Motors Financial Co, Inc		3.200		07/13/20		748,616
	5,725,000		General Motors Financial Co, Inc		4.200		03/01/21		5,915,757
	360,000		General Motors Financial Co, Inc		4.375		09/25/21		372,248
	2,700,000		General Motors Financial Co, Inc		5.250		03/01/26		2,833,439
	2,075,000		Goldman Sachs Group, Inc		2.750		09/15/20		2,107,187
	1,750,000		Goldman Sachs Group, Inc		3.625		01/22/23		1,805,514
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,695,338
	1,575,000		Goldman Sachs Group, Inc		4.250		10/21/25		1,600,956
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		627,533
	1,910,000		Goldman Sachs Group, Inc		5.150		05/22/45		1,940,868
	1,075,000		Goldman Sachs Group, Inc		4.750		10/21/45		1,123,935
	1,100,000	g	Hyundai Capital America		2.600		03/19/20		1,100,761
	1,000,000	g	ICICI Bank Ltd		4.000		03/18/26		1,004,954
	1,900,000		International Lease Finance Corp		5.875		08/15/22		2,061,500
	350,000		Legg Mason, Inc		2.700		07/15/19		353,546
	475,000		Legg Mason, Inc		3.950		07/15/24		472,050
	250,000	g	Lincoln Finance Ltd		7.375		04/15/21		260,000
	2,650,000		Morgan Stanley		1.875		01/05/18		2,658,711
	2,250,000		Morgan Stanley		2.650		01/27/20		2,284,081
	400,000		Morgan Stanley		3.750		02/25/23		416,907
	5,475,000		Morgan Stanley		3.700		10/23/24		5,661,692
	1,975,000		Morgan Stanley		4.000		07/23/25		2,066,040
	1,050,000		Morgan Stanley		3.875		01/27/26		1,095,728
	3,225,000		Morgan Stanley		4.350		09/08/26		3,320,360
	2,000,000		Morgan Stanley		6.375		07/24/42		2,620,478
	1,500,000	g	Nacional Financiera SNC		3.375		11/05/20		1,511,250
	565,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		689,121
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		1,525,748
	1,650,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,656,148
	3,775,000	g	UBS Group Funding Jersey Ltd		4.125		04/15/26		3,774,302
	850,000		Unilever Capital Corp		3.100		07/30/25		911,070
	5,725,000		Wells Fargo & Co		2.500		03/04/21		5,800,083
	1,680,000		Wells Fargo & Co		3.900		05/01/45		1,680,724
			TOTAL DIVERSIFIED FINANCIALS						143,612,271
ENERGY - 3.3%
	1,275,000		Anadarko Petroleum Corp		5.950		09/15/16		1,295,864
	4,350,000		Anadarko Petroleum Corp		4.850		03/15/21		4,430,605
	2,050,000		Anadarko Petroleum Corp		5.550		03/15/26		2,072,685
	600,000		Apache Corp		4.750		04/15/43		538,716
	300,000		Apache Corp		4.250		01/15/44		256,267
	2,515,000		Ashland, Inc		3.875		04/15/18		2,599,881
	500,000		Ashland, Inc		4.750		08/15/22		508,125
	3,050,000		BP Capital Markets plc		1.375		05/10/18		3,032,423
	3,400,000		BP Capital Markets plc		2.315		02/13/20		3,429,247
	104,000		California Resources Corp		5.000		01/15/20		23,920
	429,000	g	California Resources Corp		8.000		12/15/22		165,165
	58,000		California Resources Corp		6.000		11/15/24		13,050
	795,000		Calumet Specialty Products Partners LP		6.500		04/15/21		564,450

7

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,100,000		Chevron Corp		2.419	%	11/17/20	$	4,214,189
	2,050,000		Cimarex Energy Co		4.375		06/01/24		2,019,277
	1,875,000		Concho Resources, Inc		5.500		04/01/23		1,837,500
	800,000		Devon Energy Corp		5.000		06/15/45		597,236
	500,000		Dynegy, Inc		6.750		11/01/19		497,500
	1,100,000		Ecopetrol S.A.		5.375		06/26/26		1,000,120
	480,000		Enbridge Energy Partners LP		5.200		03/15/20		480,834
	850,000		Enbridge Energy Partners LP		4.375		10/15/20		829,994
	1,650,000		Enbridge Energy Partners LP		5.875		10/15/25		1,664,447
	2,250,000		Enterprise Products Operating LLC		3.750		02/15/25		2,246,848
	1,500,000		Enterprise Products Operating LLC		5.100		02/15/45		1,456,312
	1,250,000		EOG Resources, Inc		4.150		01/15/26		1,296,166
	675,000		EP Energy LLC		6.375		06/15/23		310,500
	1,425,000		Exterran Partners LP		6.000		10/01/22		1,026,000
	3,350,000		Exxon Mobil Corp		2.222		03/01/21		3,408,545
	3,500,000		Exxon Mobil Corp		3.043		03/01/26		3,583,807
	1,850,000		Exxon Mobil Corp		4.114		03/01/46		1,962,171
	1,500,000		Husky Energy, Inc		3.950		04/15/22		1,489,905
	1,350,000	g	Indo Energy Finance II BV		6.375		01/24/23		580,805
	1,200,000		Newfield Exploration Co		5.750		01/30/22		1,171,500
	518,000		Noble Energy, Inc		5.625		05/01/21		520,590
	300,000		Noble Energy, Inc		3.900		11/15/24		282,739
	350,000		Noble Energy, Inc		5.250		11/15/43		302,667
	500,000		Noble Energy, Inc		5.050		11/15/44		425,960
	3,395,000		Occidental Petroleum Corp		2.600		04/15/22		3,424,217
	825,000		Occidental Petroleum Corp		3.500		06/15/25		845,259
	1,715,000		Occidental Petroleum Corp		3.400		04/15/26		1,728,375
	2,150,000		ONE Gas, Inc		2.070		02/01/19		2,157,667
	700,000		ONE Gas, Inc		3.610		02/01/24		732,216
	200,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		34,000
	500,000		Peabody Energy Corp		6.000		11/15/18		35,000
	500,000		Pemex Project Funding Master Trust		6.625		06/15/35		480,000
	1,500,000	g	Pertamina Persero PT		4.300		05/20/23		1,463,156
	1,000,000	i	Petrobras Global Finance BV		2.762		01/15/19		812,600
	1,600,000		Petrobras Global Finance BV		3.000		01/15/19		1,371,200
	2,000,000		Petrobras Global Finance BV		4.875		03/17/20		1,664,400
	750,000		Petrobras International Finance Co		5.875		03/01/18		719,850
	1,400,000	g	Petroleos Mexicanos		5.500		02/04/19		1,466,500
	1,500,000		Petroleos Mexicanos		3.500		07/23/20		1,470,000
	2,050,000	g	Petroleos Mexicanos		6.375		02/04/21		2,186,325
	2,750,000		Petroleos Mexicanos		3.500		01/30/23		2,492,188
	800,000		Petroleos Mexicanos		4.250		01/15/25		741,000
	1,880,000		Petroleos Mexicanos		5.500		06/27/44		1,565,100
	1,075,000		Petroleos Mexicanos		5.625		01/23/46		903,430
	650,000		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		611,000
	615,000		Pioneer Natural Resources Co		7.500		01/15/20		695,468
	2,125,000		Pioneer Natural Resources Co		3.450		01/15/21		2,114,709
	1,675,000		Pioneer Natural Resources Co		4.450		01/15/26		1,688,911
	2,575,000		Plains All American Pipeline LP		3.600		11/01/24		2,221,478
	625,000		Precision Drilling Corp		6.500		12/15/21		475,000
	468,000		Questar Market Resources, Inc		6.875		03/01/21		429,390
	530,000		Regency Energy Partners LP		5.875		03/01/22		515,139

8

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Sabine Pass Liquefaction LLC		6.250	%	03/15/22	$	490,000
	4,375,000		Shell International Finance BV		3.250		05/11/25		4,410,893
	675,000		Statoil ASA		1.200		01/17/18		673,479
	1,700,000		Statoil ASA		2.450		01/17/23		1,648,684
	1,325,000		Statoil ASA		4.250		11/23/41		1,283,427
	450,000		Targa Resources Partners LP		5.000		01/15/18		448,875
	1,915,000		TransCanada Pipelines Ltd		7.690		06/30/16		1,941,140
	870,000		TransCanada PipeLines Ltd		5.850		03/15/36		889,513
	500,000		Vale Overseas Ltd		4.375		01/11/22		426,195
	480,000		Vale Overseas Ltd		6.875		11/21/36		379,474
	1,500,000		WPX Energy, Inc		6.000		01/15/22		1,095,000
			TOTAL ENERGY						100,866,268
FOOD & STAPLES RETAILING - 0.8%
	4,825,000		CVS Health Corp		2.800		07/20/20		5,009,604
	975,000		CVS Health Corp		3.375		08/12/24		1,024,572
	4,175,000		CVS Health Corp		3.875		07/20/25		4,507,309
	1,600,000		Ingles Markets, Inc		5.750		06/15/23		1,624,000
	1,125,000	h	SYSCO Corp		2.500		07/15/21		1,137,597
	5,150,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		5,258,382
	5,650,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		5,816,223
			TOTAL FOOD & STAPLES RETAILING						24,377,687
FOOD, BEVERAGE & TOBACCO - 1.4%
	1,500,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		1,315,290
	3,350,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		3,443,927
	3,325,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		3,496,733
	2,525,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		2,821,261
	1,450,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,462,940
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,831,500
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,064,576
	2,000,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		1,936,766
	1,624,000	g	HJ Heinz Co		4.875		02/15/25		1,789,742
	900,000		Mead Johnson Nutrition Co		3.000		11/15/20		925,245
	6,770,000		Mondelez International, Inc		4.000		02/01/24		7,271,312
	78,000		PepsiCo, Inc		7.900		11/01/18		90,883
	975,000		PepsiCo, Inc		2.750		04/30/25		999,640
	1,450,000		PepsiCo, Inc		2.850		02/24/26		1,489,141
	4,485,000		PepsiCo, Inc		4.450		04/14/46		5,002,107
	468,000	g	Pernod-Ricard S.A.		5.750		04/07/21		533,142
	1,475,000	g	Pernod-Ricard S.A.		4.250		07/15/22		1,586,088
	3,700,000		Philip Morris International, Inc		3.375		08/11/25		3,989,973
	200,000		Philip Morris International, Inc		6.375		05/16/38		267,057
	100,000	g	TreeHouse Foods, Inc		6.000		02/15/24		106,000
	775,000		Tyson Foods, Inc		3.950		08/15/24		826,521
	500,000		Tyson Foods, Inc		4.875		08/15/34		537,840
			TOTAL FOOD, BEVERAGE & TOBACCO						42,787,684
HEALTH CARE EQUIPMENT & SERVICES - 1.6%
	600,000		Becton Dickinson & Co		1.750		11/08/16		602,014
	1,150,000		Becton Dickinson & Co		3.734		12/15/24		1,224,801
	2,825,000		Becton Dickinson & Co		4.685		12/15/44		3,052,345

9

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	375,000		CHS/Community Health Systems		6.875	%	02/01/22	$	338,437
	750,000		Covidien International Finance S.A.		3.200		06/15/22		790,265
	3,225,000		Express Scripts Holding Co		3.900		02/15/22		3,364,210
	1,950,000		Express Scripts Holding Co		4.500		02/25/26		2,025,120
	1,000,000	g	Fresenius Medical Care Capital Trust		5.625		07/31/19		1,090,938
	185,000	g	Greatbatch Ltd		9.125		11/01/23		183,381
	2,700,000		HCA, Inc		6.500		02/15/20		2,963,250
	3,000,000		Keysight Technologies, Inc		4.550		10/30/24		2,924,412
	725,000		Laboratory Corp of America Holdings		2.625		02/01/20		728,306
	1,175,000		Laboratory Corp of America Holdings		3.600		02/01/25		1,189,974
	2,075,000		McKesson Corp		4.883		03/15/44		2,205,866
	4,150,000		Medtronic, Inc		3.500		03/15/25		4,429,839
	4,725,000		Medtronic, Inc		4.625		03/15/45		5,278,784
	2,150,000		Quest Diagnostics, Inc		3.500		03/30/25		2,163,575
	3,275,000		Stryker Corp		2.625		03/15/21		3,339,206
	1,225,000		Stryker Corp		3.500		03/15/26		1,270,337
	525,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		531,563
	1,475,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		1,504,895
	825,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		820,927
	2,600,000		Zimmer Holdings, Inc		2.700		04/01/20		2,637,417
	2,825,000		Zimmer Holdings, Inc		3.550		04/01/25		2,855,578
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						47,515,440
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,675,000		Colgate-Palmolive Co		4.000		08/15/45		1,841,363
	800,000		Ecolab, Inc		1.450		12/08/17		798,154
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						2,639,517
INSURANCE - 2.2%
	750,000		Aetna, Inc		1.500		11/15/17		751,589
	285,000		Aetna, Inc		6.625		06/15/36		362,176
	1,225,000		Allstate Corp		3.150		06/15/23		1,259,851
	1,225,000		Allstate Corp		4.500		06/15/43		1,344,422
	1,675,000		American International Group, Inc		2.300		07/16/19		1,689,990
	5,800,000		American International Group, Inc		3.300		03/01/21		5,932,362
	1,800,000		Children’s Hospital Medic		4.268		05/15/44		1,858,149
	500,000		Chubb Corp		6.000		05/11/37		648,818
	235,000		Cigna Corp		5.125		06/15/20		260,634
	2,000,000		Cigna Corp		4.500		03/15/21		2,171,222
	1,275,000		Cigna Corp		3.250		04/15/25		1,266,936
	5,300,000	g	Five Corners Funding Trust		4.419		11/15/23		5,557,607
	1,275,000		Lincoln National Corp		7.000		06/15/40		1,555,608
	3,100,000	g,i	Merna Reinsurance IV Ltd		2.698		04/08/16		3,097,210
	1,125,000		MetLife, Inc		6.750		06/01/16		1,135,792
	4,700,000		MetLife, Inc		4.368		09/15/23		5,153,343
	2,525,000		MetLife, Inc		3.000		03/01/25		2,485,125
	2,675,000		MetLife, Inc		4.050		03/01/45		2,531,262
	1,700,000	i	MetLife, Inc		5.250		12/30/49		1,624,563
	450,000		Principal Financial Group, Inc		1.850		11/15/17		450,937
	1,500,000		Progressive Corp		3.750		08/23/21		1,615,241
	630,000		Prudential Financial, Inc		7.375		06/15/19		731,240
	1,075,000		Prudential Financial, Inc		5.400		06/13/35		1,142,931

10

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,375,000		Prudential Financial, Inc		5.100	%	08/15/43	$	1,434,566
	2,675,000	i	Prudential Financial, Inc		5.200		03/15/44		2,578,513
	3,350,000	i	Prudential Financial, Inc		5.375		05/15/45		3,316,500
	1,190,000	g	Prudential Funding LLC		6.750		09/15/23		1,434,541
	1,525,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		1,532,102
	1,325,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		1,305,998
	615,000		Travelers Cos, Inc		5.800		05/15/18		667,691
	1,625,000		UnitedHealth Group, Inc		3.750		07/15/25		1,751,693
	1,500,000		UnitedHealth Group, Inc		3.100		03/15/26		1,535,796
	3,325,000		UnitedHealth Group, Inc		4.750		07/15/45		3,813,898
	3,000,000		WellPoint, Inc		3.125		05/15/22		3,017,508
	1,500,000		WellPoint, Inc		4.625		05/15/42		1,494,222
	410,000		WR Berkley Corp		5.375		09/15/20		452,067
			TOTAL INSURANCE						68,962,103
MATERIALS - 1.6%
	100,000		Alcoa, Inc		5.400		04/15/21		101,594
	125,000		Alcoa, Inc		5.125		10/01/24		120,000
	646,000		Barrick Gold Corp		4.100		05/01/23		629,349
	250,000	g	Berry Plastics Corp		6.000		10/15/22		261,875
	550,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		559,670
	450,000	g	Blue Cube Spinco, Inc		9.750		10/15/23		514,125
	235,000	g	Blue Cube Spinco, Inc		10.000		10/15/25		268,487
	500,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		511,100
	475,000	g	Cemex Finance LLC		6.000		04/01/24		448,875
	275,000	g	Cemex SAB de C.V.		5.700		01/11/25		254,925
	1,000,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,027,300
	800,000		Corning, Inc		1.450		11/15/17		796,827
	450,000	g	Corp Nacional del Cobre de Chile		5.625		10/18/43		465,711
	300,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		313,706
	650,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		665,304
	1,425,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		1,454,925
	600,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		562,996
	1,815,000		Crown Americas LLC		4.500		01/15/23		1,851,300
	335,000		Eastman Chemical Co		5.500		11/15/19		371,259
	1,500,000		Eastman Chemical Co		3.800		03/15/25		1,538,667
	600,000		Fibria Overseas Finance Ltd		5.250		05/12/24		582,000
	325,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		352,625
	4,100,000	g	Georgia-Pacific LLC		2.539		11/15/19		4,118,216
	4,000,000	g	Glencore Funding LLC		2.500		01/15/19		3,660,000
	1,300,000	g	Glencore Funding LLC		4.625		04/29/24		1,079,650
	1,700,000	g	Glencore Funding LLC		4.000		04/16/25		1,333,438
	200,000	g	GTL Trade Finance, Inc		5.893		04/29/24		162,500
	450,000		Hexion US Finance Corp		8.875		02/01/18		308,250
	1,450,000		Hexion US Finance Corp		6.625		04/15/20		1,203,500
	3,650,000		International Paper Co		4.750		02/15/22		4,007,109
	1,775,000		Kimberly-Clark Corp		2.750		02/15/26		1,815,095
	900,000	g	Klabin Finance S.A.		5.250		07/16/24		849,735
	1,000,000		LyondellBasell Industries NV		5.000		04/15/19		1,068,538
	1,375,000		LyondellBasell Industries NV		4.625		02/26/55		1,228,741
	1,350,000		Nucor Corp		4.000		08/01/23		1,407,515
	1,750,000	g	OCP S.A.		5.625		04/25/24		1,819,650

11

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	720,000	g	Owens-Brockway Glass Container, Inc		5.875	%	08/15/23	$	750,150
	3,950,000		Packaging Corp of America		3.650		09/15/24		3,919,360
	840,000		Rio Tinto Finance USA plc		2.250		12/14/18		843,247
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,088,486
	845,000	g	Sealed Air Corp		5.250		04/01/23		893,588
	300,000		Steel Dynamics, Inc		5.125		10/01/21		303,000
	1,025,000		Teck Resources Ltd		3.750		02/01/23		675,865
	1,500,000	g	Union Andina de Cementos SAA		5.875		10/30/21		1,503,750
	335,000	g	Univar, Inc		6.750		07/15/23		329,138
			TOTAL MATERIALS						50,021,141
MEDIA - 2.1%
	1,900,000		AMC Entertainment, Inc		5.875		02/15/22		1,952,250
	1,700,000		CBS Corp		2.300		08/15/19		1,717,932
	1,150,000		CBS Corp		4.000		01/15/26		1,201,717
	750,000		CBS Corp		4.600		01/15/45		707,855
	1,000,000	g	CCO Holdings LLC		5.875		04/01/24		1,047,500
	2,750,000	g	CCO Safari II LLC		3.579		07/23/20		2,811,135
	855,000	g	CCO Safari II LLC		4.464		07/23/22		895,761
	3,425,000	g	CCO Safari II LLC		4.908		07/23/25		3,614,084
	1,175,000		Cinemark USA, Inc		4.875		06/01/23		1,184,929
	4,775,000		Comcast Corp		4.250		01/15/33		5,086,440
	1,700,000		Comcast Corp		4.600		08/15/45		1,886,570
	90,000	g	Gannett Co, Inc		4.875		09/15/21		92,700
	150,000	g	Gannett Co, Inc		5.500		09/15/24		154,500
	1,000,000		Grupo Televisa SAB		4.625		01/30/26		1,054,697
	875,000		Grupo Televisa SAB		5.000		05/13/45		798,426
	100,000	g	Lamar Media Corp		5.750		02/01/26		105,000
	1,375,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		1,387,512
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,498,013
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,218,977
	500,000		Nielsen Finance LLC		4.500		10/01/20		511,250
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		128,125
	1,080,000	g	Numericable Group S.A.		6.000		05/15/22		1,053,000
	2,250,000		Outfront Media Capital LLC		5.250		02/15/22		2,306,250
	1,700,000		Scripps Networks Interactive, Inc		2.800		06/15/20		1,703,711
	2,150,000	g	Sky plc		2.625		09/16/19		2,172,788
	4,800,000		Time Warner Cable, Inc		4.000		09/01/21		5,025,101
	250,000		Time Warner Cable, Inc		5.875		11/15/40		258,790
	4,350,000		Time Warner, Inc		2.100		06/01/19		4,388,380
	4,000,000		Time Warner, Inc		4.750		03/29/21		4,413,120
	5,000,000		Time Warner, Inc		3.600		07/15/25		5,134,480
	565,000		Time Warner, Inc		6.500		11/15/36		655,579
	1,500,000		Time Warner, Inc		4.650		06/01/44		1,467,419
	475,000	g	Time, Inc		5.750		04/15/22		421,563
	2,200,000	g	Univision Communications, Inc		5.125		05/15/23		2,189,000
	1,585,000		Viacom, Inc		2.500		12/15/16		1,593,139
	1,500,000		Viacom, Inc		5.850		09/01/43		1,442,660
	300,000	g	Virgin Media Finance plc		6.000		10/15/24		308,250
			TOTAL MEDIA						63,588,603

12

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
$	4,325,000		AbbVie, Inc		2.500	%	05/14/20	$	4,405,869
	1,725,000		Actavis Funding SCS		3.000		03/12/20		1,774,930
	4,750,000		Actavis Funding SCS		3.800		03/15/25		4,943,130
	1,700,000		Amgen, Inc		4.400		05/01/45		1,735,657
	1,650,000		Biogen, Inc		2.900		09/15/20		1,698,794
	1,850,000		Celgene Corp		2.875		08/15/20		1,906,192
	2,850,000		Celgene Corp		3.875		08/15/25		2,996,476
	1,675,000		Gilead Sciences, Inc		3.500		02/01/25		1,772,227
	2,275,000		Gilead Sciences, Inc		3.650		03/01/26		2,421,223
	4,125,000		Johnson & Johnson		1.650		03/01/21		4,146,702
	6,500,000		Johnson & Johnson		2.450		03/01/26		6,531,999
	1,800,000		Johnson & Johnson		3.700		03/01/46		1,889,894
	1,000,000	g	Mylan NV		3.750		12/15/20		1,025,652
	725,000		Mylan, Inc		2.550		03/28/19		725,906
	5,025,000		Novartis Capital Corp		3.000		11/20/25		5,241,231
	3,350,000		Novartis Capital Corp		4.000		11/20/45		3,586,409
	550,000		Perrigo Co plc		4.000		11/15/23		559,441
	2,575,000		Perrigo Finance plc		3.500		12/15/21		2,626,021
	2,100,000		Perrigo Finance plc		3.900		12/15/24		2,089,975
	650,000		Perrigo Finance plc		4.900		12/15/44		613,800
	4,350,000	g	Roche Holdings, Inc		2.625		05/15/26		4,346,951
	775,000		Zoetis, Inc		3.450		11/13/20		796,516
	825,000		Zoetis, Inc		4.500		11/13/25		882,611
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						58,717,606
REAL ESTATE - 1.3%
	1,525,000		Boston Properties LP		3.650		02/01/26		1,577,112
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,114,260
	1,100,000		Brixmor Operating Partnership LP		3.875		08/15/22		1,073,751
	2,225,000		Brixmor Operating Partnership LP		3.850		02/01/25		2,039,595
	630,000		Camden Property Trust		4.625		06/15/21		690,018
	1,650,000		Camden Property Trust		2.950		12/15/22		1,636,813
	1,000,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		1,025,783
	750,000		DDR Corp		3.625		02/01/25		725,892
	975,000		DDR Corp		4.250		02/01/26		991,102
	2,000,000		Developers Diversified Realty Corp		4.750		04/15/18		2,079,502
	650,000		Equinix, Inc		4.875		04/01/20		672,425
	600,000		Equity One, Inc		3.750		11/15/22		601,894
	850,000		Essex Portfolio LP		3.375		01/15/23		866,862
	500,000		Healthcare Realty Trust, Inc		5.750		01/15/21		556,019
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		319,698
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,627,889
	825,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		834,094
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		664,590
	2,250,000		Highwoods Realty LP		5.850		03/15/17		2,330,206
	450,000		Host Hotels & Resorts LP		4.500		02/01/26		455,217
	675,000		Kimco Realty Corp		3.400		11/01/22		688,401
	700,000		Mid-America Apartments LP		4.300		10/15/23		737,855
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,218,212
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,072,322
	575,000		National Retail Properties, Inc		3.800		10/15/22		596,617
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,065,639

13

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	625,000		National Retail Properties, Inc		4.000	%	11/15/25	$	643,126
	1,400,000	g	PLA Administradora Industrial S de RL de C.V.		5.250		11/10/22		1,351,000
	30,000		Regency Centers LP		5.875		06/15/17		31,452
	1,100,000		Regency Centers LP		3.900		11/01/25		1,127,634
	470,000		Simon Property Group LP		10.350		04/01/19		579,772
	750,000	g	Trust F		5.250		01/30/26		742,500
	825,000	g	Trust F/1401		5.250		12/15/24		839,438
	995,000		Ventas Realty LP		4.125		01/15/26		1,022,180
	400,000		Weingarten Realty Investors		3.375		10/15/22		398,191
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,841,210
	475,000		Weingarten Realty Investors		4.450		01/15/24		490,629
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		1,007,831
	3,350,000		Welltower, Inc		4.000		06/01/25		3,353,276
			TOTAL REAL ESTATE						40,690,007
RETAILING - 1.0%
	200,000	g	Argos Merger Sub, Inc		7.125		03/15/23		212,000
	175,000	g	Asbury Automotive Group, Inc		6.000		12/15/24		176,750
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,813,138
	1,025,000		AutoNation, Inc		3.350		01/15/21		1,038,438
	3,200,000		AutoZone, Inc		2.500		04/15/21		3,210,394
	1,100,000		AutoZone, Inc		3.250		04/15/25		1,101,855
	145,000	g	Family Tree Escrow LLC		5.750		03/01/23		153,609
	704,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		501,635
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,198,638
	2,175,000		Home Depot, Inc		3.350		09/15/25		2,357,946
	1,275,000		Home Depot, Inc		3.000		04/01/26		1,338,380
	625,000		L Brands, Inc		6.875		11/01/35		678,250
	1,868,000		Limited Brands, Inc		6.625		04/01/21		2,101,313
	620,000		Men’s Wearhouse, Inc		7.000		07/01/22		525,450
	1,660,000		O’Reilly Automotive, Inc		4.625		09/15/21		1,820,577
	5,613,000		O’Reilly Automotive, Inc		3.800		09/01/22		5,860,090
	650,000		O’Reilly Automotive, Inc		3.550		03/15/26		668,221
	1,250,000	g	Rolls-Royce plc		2.375		10/14/20		1,254,800
	450,000	g	Rolls-Royce plc		3.625		10/14/25		468,202
	2,000,000		Sally Holdings LLC		5.750		06/01/22		2,095,000
			TOTAL RETAILING						29,574,686
SOFTWARE & SERVICES - 0.6%
	800,000		Baidu, Inc		3.000		06/30/20		812,088
	2,500,000		Fidelity National Information Services, Inc		3.625		10/15/20		2,584,857
	9,600,000		Fidelity National Information Services, Inc		5.000		03/15/22		9,986,909
	500,000	g	First Data Corp		7.000		12/01/23		505,000
	3,425,000		Microsoft Corp		3.125		11/03/25		3,598,226
	325,000		NCR Corp		5.875		12/15/21		332,313
	300,000	g	Open Text Corp		5.625		01/15/23		306,000
	300,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		282,750
	275,000	g	SS&C Technologies Holdings, Inc		5.875		07/15/23		285,570
			TOTAL SOFTWARE & SERVICES						18,693,713
TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	2,275,000		Amphenol Corp		3.125		09/15/21		2,319,392

14

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,400,000		Apple, Inc		2.250	%	02/23/21	$	3,465,015
	2,775,000		Apple, Inc		3.250		02/23/26		2,894,408
	1,100,000		Apple, Inc		4.650		02/23/46		1,201,179
	100,000		CC Holdings GS V LLC		2.381		12/15/17		100,861
	725,000	g	CommScope, Inc		5.000		06/15/21		730,437
	725,000	g	CommScope, Inc		5.500		06/15/24		732,250
	415,000		General Electric Co		5.250		12/06/17		444,986
	1,825,000	g	NXP BV		3.750		06/01/18		1,847,813
	750,000	g	Seagate HDD Cayman		4.875		06/01/27		564,892
	175,000	g	Sensata Technologies BV		5.625		11/01/24		182,000
	2,793,000		Tyco Electronics Group S.A.		2.375		12/17/18		2,824,868
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		3,123,291
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		543,531
	250,000		Zebra Technologies Corp		7.250		10/15/22		271,250
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						21,246,173
TELECOMMUNICATION SERVICES - 1.9%
	1,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		1,008,950
	200,000	g	Altice Financing S.A.		6.625		02/15/23		200,500
	2,525,000		American Tower Corp		3.300		02/15/21		2,569,349
	975,000		American Tower Corp		3.500		01/31/23		984,528
	1,675,000		American Tower Corp		4.400		02/15/26		1,771,994
	2,450,000		AT&T, Inc		2.450		06/30/20		2,476,617
	2,950,000		AT&T, Inc		2.625		12/01/22		2,923,102
	3,050,000		AT&T, Inc		4.450		04/01/24		3,294,985
	3,050,000		AT&T, Inc		3.400		05/15/25		3,057,594
	3,500,000		AT&T, Inc		4.125		02/17/26		3,697,918
	3,275,000		AT&T, Inc		4.500		05/15/35		3,234,754
	1,175,000		AT&T, Inc		4.750		05/15/46		1,146,489
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,601,973
	720,000		Crown Castle International Corp		3.400		02/15/21		731,046
	980,000		Crown Castle International Corp		4.875		04/15/22		1,048,796
	250,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		252,221
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		945,006
	695,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		781,857
	3,300,000	g	ENTEL Chile S.A.		4.875		10/30/24		3,250,665
	750,000	g	Oi S.A.		5.750		02/10/22		193,125
	500,000		Orange S.A.		5.500		02/06/44		595,837
	2,300,000		Telefonica Emisiones SAU		4.570		04/27/23		2,513,693
	1,900,000		T-Mobile USA, Inc		6.731		04/28/22		1,985,120
	425,000		T-Mobile USA, Inc		6.375		03/01/25		435,094
	1,000,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		958,400
	1,925,000		Verizon Communications, Inc		3.450		03/15/21		2,044,107
	1,150,000		Verizon Communications, Inc		4.150		03/15/24		1,250,821
	6,000,000		Verizon Communications, Inc		4.400		11/01/34		6,067,050
	8,322,000		Verizon Communications, Inc		4.272		01/15/36		8,282,312
			TOTAL TELECOMMUNICATION SERVICES						59,303,903
TRANSPORTATION - 1.6%
	1,275,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		1,279,969
	4,025,000	g	AP Moeller-Maersk A.S.		2.550		09/22/19		3,987,237
	3,825,000	g	AP Moeller-Maersk A.S.		3.750		09/22/24		3,708,598

15

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,635,000	g	Asciano Finance Ltd		5.000	%	04/07/18	$	1,663,606
	900,000	g	Bombardier, Inc		5.500		09/15/18		828,000
	2,350,000		Canadian Pacific Railway Co		2.900		02/01/25		2,268,789
	775,000		Canadian Pacific Railway Co		4.800		08/01/45		793,336
	2,660,000		CSX Corp		3.350		11/01/25		2,740,388
	700,000	g	ERAC USA Finance LLC		3.300		10/15/22		711,818
	750,000	g	ERAC USA Finance LLC		5.625		03/15/42		844,348
	1,400,000		FedEx Corp		3.250		04/01/26		1,435,414
	1,175,000		FedEx Corp		4.100		02/01/45		1,118,035
	1,262,000		GATX Corp		1.250		03/04/17		1,253,213
	4,240,000		GATX Corp		2.500		03/15/19		4,232,122
	1,450,000		GATX Corp		2.500		07/30/19		1,439,501
	1,150,000		GATX Corp		3.250		03/30/25		1,067,547
	1,175,000		GATX Corp		5.200		03/15/44		1,134,297
	1,700,000		GATX Corp		4.500		03/30/45		1,502,616
	6,000,000	g	Kansas City Southern		2.350		05/15/20		5,895,126
	2,225,000	g	Kansas City Southern		4.950		08/15/45		2,272,993
	1,000,000	g	Latam Airlines Group S.A.		7.250		06/09/20		920,000
	2,500,000		Norfolk Southern Corp		4.450		06/15/45		2,582,015
	375,000		Northrop Grumman Corp		1.750		06/01/18		376,173
	1,275,000		Southwest Airlines Co		2.750		11/06/19		1,312,008
	900,000	g	Transnet SOC Ltd		4.000		07/26/22		812,952
	1,750,000	g	TTX Co		3.600		01/15/25		1,780,683
			TOTAL TRANSPORTATION						47,960,784
UTILITIES - 3.6%
	225,000	i	AES Corp		3.635		06/01/19		217,125
	1,385,000		AES Corp		7.375		07/01/21		1,551,200
	1,000,000		AES Corp		4.875		05/15/23		962,500
	2,075,000		AGL Capital Corp		3.875		11/15/25		2,149,019
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,145,690
	1,000,000		Alabama Power Co		3.550		12/01/23		1,059,798
	725,000		Alabama Power Co		4.150		08/15/44		756,002
	2,000,000		American Electric Power Co, Inc		2.950		12/15/22		2,026,492
	2,200,000		AmeriGas Finance LLC		3.750		05/01/21		2,227,500
	1,870,000		AmeriGas Partners LP		6.250		08/20/19		1,912,075
	775,000		Atmos Energy Corp		8.500		03/15/19		918,119
	1,825,000		Atmos Energy Corp		4.125		10/15/44		1,870,510
	1,175,000		Berkshire Hathaway Energy Co		3.500		02/01/25		1,240,849
	1,075,000		Black Hills Corp		4.250		11/30/23		1,152,767
	1,515,000		Carolina Power & Light Co		5.300		01/15/19		1,673,852
	225,000		Carolina Power & Light Co		5.700		04/01/35		278,265
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		169,225
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		755,330
	1,100,000	g	CEZ AS.		4.250		04/03/22		1,165,975
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,162,191
	395,000		Commonwealth Edison Co		5.900		03/15/36		494,460
	415,000		Connecticut Light & Power Co		5.500		02/01/19		459,925
	1,850,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		2,018,163
	2,825,000		Dominion Gas Holdings LLC		4.600		12/15/44		2,775,449
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		287,494
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		702,530

16

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000	g,i	Electricite de France		5.625	%	12/30/49	$	1,372,500
	3,400,000	g	Electricite de France S.A.		2.350		10/13/20		3,436,094
	3,400,000	g	Electricite de France S.A.		3.625		10/13/25		3,470,098
	1,300,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		1,205,392
	1,075,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		989,215
	1,950,000	g	Exelon Corp		3.950		06/15/25		2,021,852
	1,425,000	g	Exelon Corp		5.100		06/15/45		1,551,824
	550,000		Ferrellgas Partners LP		6.750		01/15/22		488,125
	1,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		1,303,591
	335,000		Florida Power Corp		6.400		06/15/38		453,634
	1,000,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		1,025,800
	630,000		Indiana Michigan Power Co		7.000		03/15/19		714,436
	900,000		Indiana Michigan Power Co		4.550		03/15/46		926,346
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		599,830
	2,000,000	g	Israel Electric Corp Ltd		5.000		11/12/24		2,121,000
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		223,877
	775,000		Kinder Morgan, Inc		9.000		02/01/19		879,704
	1,500,000	g	KOC Holding AS.		5.250		03/15/23		1,496,250
	750,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		757,958
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,256,212
	2,500,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		2,495,202
	2,100,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		2,040,637
	945,000		MPLX LP		4.000		02/15/25		815,112
	630,000		Nevada Power Co		6.500		08/01/18		698,577
	700,000		NiSource Finance Corp		4.800		02/15/44		738,593
	1,025,000		Northeast Utilities		1.450		05/01/18		1,016,044
	1,975,000		Northern States Power Co		5.350		11/01/39		2,431,018
	900,000		NRG Energy, Inc		6.250		05/01/24		825,750
	1,000,000		NTPC Ltd		5.625		07/14/21		1,128,354
	1,450,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,462,213
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		200,106
	925,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		868,665
	3,100,000		Pacific Gas & Electric Co		2.950		03/01/26		3,148,444
	2,750,000		Pacific Gas & Electric Co		4.250		03/15/46		2,922,144
	1,800,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,842,590
	135,000		Potomac Electric Power Co		7.900		12/15/38		205,174
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		4,177,854
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,052,323
	565,000		Progress Energy, Inc		7.050		03/15/19		643,492
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,946,421
	440,000		Public Service Electric & Gas Co		5.300		05/01/18		476,703
	700,000		Public Service Electric & Gas Co		3.800		03/01/46		713,773
	1,500,000		QEP Resources, Inc		5.375		10/01/22		1,316,250
	1,150,000		Sempra Energy		2.875		10/01/22		1,137,035
	1,500,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		1,501,425
	1,925,000		Southern Power Co		4.150		12/01/25		1,984,348
	1,600,000	g	SP PowerAssets Ltd		3.250		11/24/25		1,681,075
	1,700,000		Spectra Energy Partners LP		4.500		03/15/45		1,508,786
	550,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		533,500
	950,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		976,248
	845,000		Virginia Electric & Power Co		2.950		01/15/22		877,685
	2,300,000		Virginia Electric & Power Co		3.150		01/15/26		2,373,729

17

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		WEC Energy Group, Inc		3.550	%	06/15/25	$	519,663
	850,000		Williams Partners LP		3.600		03/15/22		697,974
	825,000		Williams Partners LP		4.500		11/15/23		701,124
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		1,044,581
	470,000		Xcel Energy, Inc		4.800		09/15/41		516,607
			TOTAL UTILITIES						109,645,462
			TOTAL CORPORATE BONDS						1,202,730,308
			(Cost $1,181,610,775)
GOVERNMENT BONDS -  36.2%
AGENCY SECURITIES - 0.6%
	3,455,380		AMAL Ltd		3.465		08/21/21		3,633,318
	1,000,000		Amber Circle Funding Ltd		3.250		12/04/22		1,036,352
	10,325,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		10,668,574
	267,500		Totem Ocean Trailer Express, Inc		4.514		12/18/19		281,035
	1,775,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,856,970
			TOTAL AGENCY SECURITIES						17,476,249
FOREIGN GOVERNMENT BONDS - 3.4%
	1,065,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		921,225
	977,000		Banque Centrale de Tunisie S.A.		8.250		09/19/27		957,948
	2,075,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,768,938
BRL	4,650,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,140,652
$	725,000		Brazilian Government International Bond		4.250		01/07/25		664,100
	1,670,000		Brazilian Government International Bond		7.125		01/20/37		1,686,700
	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.500		01/28/19		1,508,957
	700,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		707,609
	1,500,000		Chile Government International Bond		3.125		01/21/26		1,515,750
	2,575,000		Colombia Government International Bond		2.625		03/15/23		2,394,750
	1,000,000		Colombia Government International Bond		4.500		01/28/26		1,022,500
	1,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,357,500
	2,900,000	g	Croatia Government International Bond		6.375		03/24/21		3,168,250
	500,000	g	Croatia Government International Bond		5.500		04/04/23		527,558
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,394,017
$	2,050,000	g	Dominican Republic International Bond		5.500		01/27/25		2,050,000
	2,000,000	g	Ecuador Government International Bond		10.500		03/24/20		1,800,000
	1,450,000	g	Egypt Government International Bond		5.875		06/11/25		1,290,790
	395,000		European Investment Bank		4.875		02/15/36		509,913
	1,000,000		Export-Import Bank of Korea		2.250		01/21/20		1,008,324
	700,000	g	Guatemala Government Bond		4.875		02/13/28		707,000
	1,380,000		Hungary Government International Bond		5.750		11/22/23		1,571,820
	1,500,000	g	Indonesia Government International Bond		3.375		04/15/23		1,465,413
	2,000,000		Israel Government International Bond		2.875		03/16/26		1,999,920
	1,240,000		Israel Government International Bond		4.500		01/30/43		1,313,532
	1,205,000		Italy Government International Bond		6.875		09/27/23		1,515,497
	1,050,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		968,625
	1,500,000		Jamaica Government International Bond		7.875		07/28/45		1,522,500
	1,500,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		1,497,630
	1,750,000	g	Kazakhstan Government International Bond		6.500		07/21/45		1,817,375
	3,000,000	g,i	Kommunalbanken AS.		0.798		02/20/18		2,994,381

18

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000	g	Kommuninvest I Sverige AB		2.000	%	11/12/19	$	1,023,321
	750,000		Korea Development Bank		2.500		03/11/20		766,131
	2,698,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		2,697,738
	1,000,000	g	Lithuania Government International Bond		6.625		02/01/22		1,207,862
MXN	19,270,000		Mexican Bonos		8.000		12/07/23		1,268,753
	39,000,000		Mexican Bonos		10.000		11/20/36		3,116,817
$	1,800,000		Mexico Government International Bond		4.000		10/02/23		1,885,500
	800,000	g	Morocco Government International Bond		4.250		12/11/22		816,800
	1,825,000	g	Namibia International Bonds		5.250		10/29/25		1,761,125
	1,843,000	g	Nigeria Government International Bond		6.375		07/12/23		1,695,560
	1,000,000	g	Pakistan Government International Bond		8.250		09/30/25		1,063,287
	1,000,000		Panama Government International Bond		4.000		09/22/24		1,050,000
	1,450,000		Panama Government International Bond		3.750		03/16/25		1,489,875
	2,250,000		Panama Government International Bond		3.875		03/17/28		2,272,500
	725,000	g	Paraguay Government International Bond		5.000		04/15/26		728,625
	1,800,000		Peruvian Government International Bond		4.125		08/25/27		1,885,500
	1,000,000		Philippine Government International Bond		5.000		01/13/37		1,256,361
	1,833,000		Poland Government International Bond		5.125		04/21/21		2,048,378
	620,000		Province of Quebec Canada		7.500		09/15/29		924,126
	900,000	g	Republic of Angola		9.500		11/12/25		819,000
	1,500,000	g	Republic of Ghana		8.125		01/18/26		1,177,500
	1,400,000	g	Republic of Paraguay		6.100		08/11/44		1,426,250
	600,000	g	Republic of Serbia		5.875		12/03/18		627,468
RUB	38,000,000		Russian Federal Bond-OFZ		7.000		08/16/23		507,911
$	1,900,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		1,984,303
	400,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		404,355
	2,000,000	g	Slovenia Government International Bond		5.500		10/26/22		2,262,132
ZAR	50,676,000		South Africa Government Bond		8.250		09/15/17		3,441,489
$	1,175,000		South Africa Government International Bond		5.500		03/09/20		1,244,149
	5,925,000		South Africa Government International Bond		5.875		09/16/25		6,409,961
	1,000,000	g	Sri Lanka Government International Bond		6.250		07/27/21		975,382
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,477,505
	750,000		Turkey Government International Bond		5.625		03/30/21		809,178
	2,500,000		Turkey Government International Bond		3.250		03/23/23		2,356,245
	275,000		Turkey Government International Bond		5.750		03/22/24		298,265
	750,000		Turkey Government International Bond		4.250		04/14/26		730,170
	1,000,000		Turkey Government International Bond		4.875		10/09/26		1,012,327
	1,075,000	g	Ukraine Government International Bond		7.750		09/01/27		948,741
	1,025,000		Uruguay Government International Bond		4.375		10/27/27		1,050,625
	1,000,000		Uruguay Government International Bond		5.100		06/18/50		930,000
	400,000	g	Zambia Government International Bond		8.970		07/30/27		329,000
			TOTAL FOREIGN GOVERNMENT BONDS						104,949,389
MORTGAGE BACKED - 19.9%
	7,765,786		Federal Home Loan Mortgage Corp (FHLMC)		3.500		09/15/41		8,134,718
	9,511,365		FHLMC		3.000		09/15/42		9,744,190
	835,944	i	FHLMC		0.786		10/15/42		838,556
	2,538,778	i	FHLMC		0.786		07/15/45		2,547,791
	7		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.500		05/01/16		7
	7		FGLMC		7.500		06/01/16		7
	5,826		FGLMC		7.000		10/01/20		6,160
	224		FGLMC		6.500		10/01/28		255

19

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,847		FGLMC		6.500	%	01/01/29	$	6,653
	1,977		FGLMC		6.500		03/01/29		2,299
	28,243		FGLMC		6.500		07/01/29		32,133
	1,308		FGLMC		8.000		01/01/31		1,517
	7,000,000	h	FGLMC		3.000		05/15/31		7,305,157
	10,702		FGLMC		6.500		09/01/31		12,568
	29,682		FGLMC		8.000		09/01/31		33,525
	124,739		FGLMC		7.000		12/01/31		138,696
	162,379		FGLMC		4.500		07/01/33		177,036
	530,269		FGLMC		5.000		09/01/33		596,164
	217,583		FGLMC		5.500		09/01/33		247,218
	216,317		FGLMC		5.500		09/01/33		245,370
	334,511		FGLMC		5.500		10/01/33		379,504
	436,746		FGLMC		5.500		12/01/33		493,416
	1,038,798		FGLMC		7.000		12/01/33		1,265,232
	241,726		FGLMC		5.000		01/01/34		270,197
	375,230		FGLMC		4.500		04/01/35		408,992
	363,508		FGLMC		7.000		05/01/35		441,345
	63,671		FGLMC		5.000		02/01/36		70,542
	1,352		FGLMC		6.500		05/01/36		1,538
	293,503		FGLMC		5.000		04/01/38		325,836
	275,867		FGLMC		5.000		07/01/39		303,566
	2,781,070		FGLMC		4.500		11/01/40		3,096,247
	3,110,524		FGLMC		4.500		12/01/40		3,453,577
	346,403		FGLMC		4.500		11/01/44		383,593
	262,831		FGLMC		4.500		11/01/44		291,157
	130,503		FGLMC		4.500		12/01/44		142,647
	203,414		FGLMC		4.500		12/01/44		225,327
	1,929,492		FGLMC		3.500		04/01/45		2,032,737
	5,823,378		FGLMC		3.500		07/01/45		6,109,639
	14,178,659	h	FGLMC		3.500		10/01/45		14,937,383
	4,804,724		FGLMC		4.000		10/01/45		5,219,992
	16,874,671		FGLMC		4.000		12/01/45		18,224,396
	8,000,000	h	FGLMC		3.500		04/15/46		8,377,344
	645		Federal National Mortgage Association (FNMA)		8.000		07/01/24		770
	472		FNMA		7.500		01/01/29		544
	1,233		FNMA		6.500		04/01/29		1,409
	10,538		FNMA		7.500		07/01/29		10,869
	1,205,210		FNMA		3.000		01/01/30		1,261,098
	1,616,580		FNMA		3.000		06/01/30		1,691,679
	2,692,762		FNMA		3.000		07/01/30		2,818,087
	2,928,935		FNMA		3.000		12/01/30		3,065,690
	533		FNMA		7.500		02/01/31		555
	2,413		FNMA		7.500		03/01/31		2,990
	11,000,000	h	FNMA		2.500		04/25/31		11,293,047
	11,000,000	h	FNMA		3.000		04/25/31		11,491,348
	734		FNMA		7.500		05/01/31		743
	14,000,000	h	FNMA		2.500		05/25/31		14,346,718
	9,000,000	h	FNMA		3.000		05/25/31		9,387,950
	742		FNMA		6.500		09/01/31		849
	10,778		FNMA		6.500		11/01/31		12,508
	181,526		FNMA		6.500		07/01/32		214,131

20

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	42,220		FNMA		4.500	%	03/25/33	$	42,691
	2,647,347		FNMA		5.000		06/01/33		2,942,852
	4,460,427		FNMA		5.000		10/01/33		4,958,193
	1,904,543		FNMA		5.500		03/01/34		2,156,522
	20,902		FNMA		6.000		11/01/34		23,798
	9,597,910		FNMA		3.000		01/01/35		10,020,240
	2,635,235		FNMA		5.000		05/01/35		2,923,107
	1,971,064		FNMA		5.000		10/01/35		2,184,880
	13,928		FNMA		5.000		11/01/35		14,343
	1,982,153		FNMA		3.500		01/01/36		2,091,129
	748,339		FNMA		5.500		08/01/37		847,149
	209,003		FNMA		6.000		09/01/37		242,510
	2,015,687		FNMA		5.500		04/01/38		2,267,653
	908,895		FNMA		5.500		11/01/38		1,064,062
	46,280		FNMA		4.500		04/01/39		51,118
	147,070		FNMA		4.000		07/01/39		158,333
	823,531		FNMA		5.500		08/01/39		940,166
	382,130		FNMA		4.500		10/01/39		416,645
	93,137		FNMA		4.500		02/01/40		102,316
	2,313,965		FNMA		4.500		03/01/40		2,542,063
	420,017		FNMA		4.500		06/01/40		458,291
	615,854		FNMA		5.000		08/01/40		681,736
	1,339,389		FNMA		5.000		09/01/40		1,485,257
	26,587		FNMA		6.000		10/01/40		30,327
	197,077		FNMA		4.500		11/01/40		216,500
	370,616		FNMA		4.500		01/01/41		409,450
	5,945,676		FNMA		4.500		01/01/41		6,562,765
	277,162		FNMA		4.500		02/01/41		306,205
	1,658,573		FNMA		5.000		05/01/41		1,840,330
	318,725		FNMA		4.500		06/01/41		352,125
	346,655		FNMA		4.500		06/01/41		380,772
	1,842,643		FNMA		5.000		07/01/41		2,046,032
	1,012,071		FNMA		4.500		09/01/41		1,111,995
	927,899		FNMA		4.500		11/01/41		1,012,887
	321,480		FNMA		4.500		12/01/41		353,245
	9,202,040		FNMA		5.500		12/01/41		10,636,052
	846,831	h	FNMA		4.500		01/01/42		938,484
	350,977		FNMA		4.500		01/01/42		385,608
	1,513,695		FNMA		3.500		02/01/42		1,596,238
	2,682,610		FNMA		4.500		02/01/42		2,924,773
	299,607		FNMA		4.500		03/01/42		330,940
	7,000,000		FNMA		3.000		03/25/42		7,239,533
	1,495,505		FNMA		4.500		04/01/42		1,631,677
	359,451		FNMA		4.500		04/01/42		394,845
	3,817,759		FNMA		4.500		06/01/42		4,164,287
	397,788		FNMA		4.500		06/01/42		437,181
	13,624,837		FNMA		3.500		07/01/42		14,367,850
	325,022		FNMA		4.500		07/01/42		359,011
	1,933,845	i	FNMA		0.933		08/25/42		1,947,408
	342,857		FNMA		3.000		10/01/42		352,612
	39,811		FNMA		3.000		10/01/42		40,944
	1,807,756	i	FNMA		0.833		11/25/42		1,803,278

21

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,720,049		FNMA		3.500	%	11/25/42	$	1,223,107
	51,061		FNMA		3.000		12/01/42		52,435
	4,563,744		FNMA		3.000		01/01/43		4,693,600
	2,070,230		FNMA		3.000		01/01/43		2,127,197
	5,790,493		FNMA		3.000		02/01/43		5,955,217
	3,932,483		FNMA		3.000		02/25/43		4,112,407
	1,179,272	i	FNMA		0.783		03/25/43		1,179,897
	2,555		FNMA		3.000		04/01/43		2,627
	24,657		FNMA		3.000		04/01/43		25,358
	30,877		FNMA		3.000		04/01/43		31,755
	3,894,539		FNMA		3.000		08/25/43		4,081,348
	1,682,106		FNMA		3.500		09/01/43		1,766,959
	2,576,886		FNMA		4.000		04/01/44		2,773,409
	870,147		FNMA		4.000		06/01/44		936,843
	1,029,338		FNMA		4.000		06/01/44		1,108,666
	7,236,212		FNMA		4.500		06/01/44		8,028,689
	2,003,961		FNMA		4.500		06/01/44		2,222,808
	299,353		FNMA		4.000		07/01/44		322,304
	944,180		FNMA		4.000		07/01/44		1,016,503
	2,973,528		FNMA		4.000		08/01/44		3,201,386
	412,162		FNMA		4.000		08/01/44		447,353
	1,420,271		FNMA		4.000		08/01/44		1,541,402
	1,798,030		FNMA		4.000		08/01/44		1,951,380
	4,419,517		FNMA		4.500		08/01/44		4,903,235
	287,333		FNMA		4.000		09/01/44		311,856
	233,290		FNMA		4.000		09/01/44		253,229
	1,079,972		FNMA		4.000		10/01/44		1,172,128
	5,760,635		FNMA		4.500		10/01/44		6,391,866
	992,892		FNMA		3.500		11/01/44		1,046,915
	4,410,919		FNMA		4.500		11/01/44		4,893,491
	2,755,403		FNMA		4.000		12/01/44		2,989,865
	1,995,747		FNMA		4.000		12/01/44		2,138,676
	960,405		FNMA		4.500		12/01/44		1,065,707
	1,000,166		FNMA		4.000		01/01/45		1,085,654
	1,901,555		FNMA		3.500		02/01/45		2,005,058
	811,963		FNMA		3.500		03/01/45		856,155
	578,885		FNMA		3.500		03/01/45		611,107
	347,712		FNMA		3.500		03/01/45		367,067
	595,007		FNMA		3.500		03/01/45		627,394
	1,126,940		FNMA		3.500		04/01/45		1,188,282
	610,370		FNMA		3.500		04/01/45		643,593
	415,496		FNMA		3.500		04/01/45		435,945
	3,662,886		FNMA		3.500		04/01/45		3,862,253
	257,618		FNMA		3.500		04/01/45		271,638
	4,327,884		FNMA		3.500		05/01/45		4,584,763
	600,766		FNMA		4.000		05/01/45		652,181
	1,111,067		FNMA		3.500		06/01/45		1,171,543
	1,332,613		FNMA		4.000		06/01/45		1,446,736
	1,955,710	h	FNMA		3.500		07/01/45		2,062,161
	6,631,656		FNMA		4.000		07/01/45		7,168,059
	1,923,418		FNMA		4.000		11/01/45		2,088,243
	993,629		FNMA		4.000		12/01/45		1,078,804

22

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,946,562		FNMA		3.500	%	01/01/46	$	10,436,078
	19,084,598	h	FNMA		3.500		02/01/46		20,023,839
	1,019,393		FNMA		4.000		02/01/46		1,091,812
	1,957,447		FNMA		4.000		02/01/46		2,094,105
	15,996,017		FNMA		3.500		03/01/46		16,783,255
	14,000,000	h	FNMA		3.000		04/25/46		14,366,134
	10,000,000	h	FNMA		4.000		04/25/46		10,687,546
	5,000,000	h	FNMA		4.500		04/25/46		5,440,354
	7,000,000	h	FNMA		3.000		05/25/46		7,168,301
	37,000,000	h	FNMA		4.000		05/25/46		39,486,108
	14,000,000	h	FNMA		4.500		05/25/46		15,215,490
	92		Government National Mortgage Association (GNMA)		7.000		01/15/28		103
	1,620		GNMA		7.000		02/15/28		1,662
	570		GNMA		7.000		06/15/28		587
	804		GNMA		7.000		06/15/28		879
	1,637		GNMA		6.500		09/15/28		1,875
	5,784		GNMA		6.500		09/15/28		6,625
	7,631		GNMA		6.500		11/15/28		8,741
	2,958		GNMA		7.500		11/15/28		3,357
	551		GNMA		8.500		07/15/30		555
	16,815		GNMA		8.500		10/15/30		17,940
	8,811		GNMA		8.500		10/20/30		10,733
	1,042		GNMA		8.500		12/15/30		1,343
	1,808		GNMA		7.000		06/20/31		2,235
	3,828		GNMA		7.000		07/15/31		4,300
	3,797		GNMA		7.000		07/15/31		4,009
	574		GNMA		6.500		03/15/33		658
	104,355		GNMA		5.500		07/15/33		119,631
	405,846		GNMA		5.500		09/15/33		469,927
	105,965		GNMA		5.500		02/20/35		119,743
	622,170		GNMA		5.500		05/20/35		703,035
	193,727		GNMA		5.500		02/20/36		216,916
	32,033		GNMA		6.000		10/20/36		36,757
	33,844		GNMA		6.000		01/20/37		38,760
	115,636		GNMA		6.000		02/20/37		132,545
	33,120		GNMA		5.500		07/15/38		37,182
	215,774		GNMA		5.500		07/20/38		238,104
	83,083		GNMA		6.000		08/20/38		94,268
	104,583		GNMA		6.500		11/20/38		120,653
	782,876		GNMA		5.000		06/15/39		882,423
	1,582,704		GNMA		4.500		09/20/39		1,767,745
	8,936,170		GNMA		3.500		10/20/42		1,621,645
	12,000,000		GNMA		4.000		03/20/46		12,871,657
	3,000,000	h	GNMA		3.000		04/20/46		3,109,219
	6,000,000	h	GNMA		3.500		04/20/46		6,343,125
	3,000,000	h	GNMA		4.000		04/20/46		3,207,774
	28,000,000	h	GNMA		3.000		05/20/46		28,951,124
	32,000,000	h	GNMA		3.500		05/20/46		33,760,000
	5,000,000	h	GNMA		4.000		05/20/46		5,337,696
	8,000,000	h	GNMA		3.000		06/20/46		8,254,250
			TOTAL MORTGAGE BACKED						612,382,677

23

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MUNICIPAL BONDS - 2.7%
$	4,265,000		Denver City & County School District No. 1		3.598	%	12/15/27	$	4,501,964
	15,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		15,094,950
	8,840,000		Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		8,989,219
	10,000,000		Ohio State University		3.798		12/01/46		10,312,000
	3,000,000		State of Illinois		4.833		02/01/17		3,064,080
	12,000,000		State of Illinois		4.350		06/01/18		12,255,720
	1,845,000		State of Illinois		4.700		01/01/21		1,949,870
	2,560,000		State of Illinois		3.860		04/01/21		2,608,231
	3,030,000		State of Illinois		4.110		04/01/22		2,987,095
	2,195,000		State of Illinois		4.310		04/01/23		2,196,734
	3,470,000		State of Illinois		4.760		04/01/26		3,485,719
	1,763,000		State Public School Building Authority		5.000		09/15/27		1,875,673
	7,500,000	h	Texas A&M University		3.993		05/15/37		7,629,675
	1,250,000		Texas Public Finance Authority		5.250		07/01/17		1,254,225
	6,000,000		University of North Carolina at Chapel Hill		3.327		12/01/36		6,107,280
			TOTAL MUNICIPAL BONDS						84,312,435
U.S. TREASURY SECURITIES - 9.6%
	2,560,000		United States Treasury Bond		5.250		11/15/28		3,502,899
	5,000,000		United States Treasury Bond		4.500		02/15/36		6,862,695
	2,250,000		United States Treasury Bond		4.750		02/15/37		3,184,893
	37,050,000		United States Treasury Bond		3.500		02/15/39		44,112,656
	16,015,000		United States Treasury Bond		3.875		08/15/40		20,083,803
	6,506,800		United States Treasury Bond		3.000		11/15/45		7,027,091
	59,000,000		United States Treasury Bond		2.500		02/15/46		57,534,204
	6,005,000		United States Treasury Note		0.750		02/28/18		6,007,114
	310,000		United States Treasury Note		2.125		01/31/21		323,369
	9,965,000		United States Treasury Note		1.125		02/28/21		9,928,797
	15,000,000		United States Treasury Note		1.250		03/31/21		15,018,165
	2,415,000		United States Treasury Note		2.000		05/31/21		2,503,297
	280,000		United States Treasury Note		2.000		08/31/21		289,855
	9,500,000		United States Treasury Note		1.750		02/28/22		9,678,495
	6,885,000		United States Treasury Note		1.750		03/31/22		7,009,791
	1,900,000		United States Treasury Note		1.750		04/30/22		1,933,695
	1,930,000		United States Treasury Note		2.125		06/30/22		2,005,617
	6,547,000		United States Treasury Note		1.875		08/31/22		6,701,214
	100,000		United States Treasury Note		1.750		01/31/23		101,414
	92,160,000		United States Treasury Note		1.625		02/15/26		90,867,640
			TOTAL U.S. TREASURY SECURITIES						294,676,704
			TOTAL GOVERNMENT BONDS						1,113,797,454
			(Cost $1,100,400,930)
STRUCTURED ASSETS - 19.7%
ASSET BACKED - 6.0%
	323,323	i	ACE Securities Corp Home Equity Loan Trust		1.168		08/25/35		318,776
			Series - 2005 HE5 (Class M2)
	10,881,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		10,882,587
			Series - 2013 1 (Class C)

24

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	8,207,000		AmeriCredit Automobile Receivables Trust		3.000	%	07/08/19	$	8,332,643
			Series - 2013 3 (Class D)
	1,845,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		1,852,145
			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)
	553,687	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		551,322
			Series - 2005 HE7 (Class M2)
	9,300,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		9,383,006
			Series - 2011 3A (Class B)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		1,013,448
			Series - 2011 5A (Class B)
	9,800,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040		03/20/19		9,808,991
			Series - 2012 3A (Class B)
	11,333,770	g	Capital Automotive REIT		4.700		07/15/42		11,763,955
			Series - 2012 1A (Class A)
	6,000,000	g	Capital Automotive REIT		3.660		10/15/44		6,206,389
			Series - 2014 1A (Class A)
	7,073,476	g,i	CBRE Realty Finance CDO		0.917		04/07/52		2,813,003
			Series - 2007 1A (Class A2)
	2,417,328	i,m	CCR, Inc		0.887		07/10/17		2,395,826
			Series - 2010 CX (Class C)
	190,969	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		190,402
			Series - 2002 1 (Class AF6) (Step Bond)
	10,692,000	g	DB Master Finance LLC		3.262		02/20/45		10,526,809
			Series - 2015 1A (Class A2I)
	6,410,000	g,i	DB/UBS Mortgage Trust		5.699		11/10/46		7,012,708
			Series - 2011 LC1A (Class C)
	13,420,113	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		13,733,508
			Series - 2012 1A (Class A2)
	2,992,500	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		2,878,761
			Series - 2015 1A (Class A2I)
	897,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		868,713
			Series - 2015 1A (Class A2II)
	8,333,333	g	Hertz Vehicle Financing LLC		1.120		08/25/17		8,331,152
			Series - 2013 1A (Class A1)
	4,166,667	g	Hertz Vehicle Financing LLC		1.860		08/25/17		4,159,430
			Series - 2013 1A (Class B1)
	2,000,000	g	Hertz Vehicle Financing LLC		4.960		03/25/18		2,031,005
			Series - 2011 1A (Class B2)
	791,181	i	Lehman XS Trust		0.683		02/25/36		745,023
			Series - 2006 1 (Class 1A1)
	1,917,899	i	Lehman XS Trust		6.500		06/25/46		1,424,907
			Series - 2006 13 (Class 2A1)
	1,000,000	g,i	Longpoint Re Ltd		4.398		05/18/16		999,600
			Series - 2013 144A (Class )
	895,872	g	Orange Lake Timeshare Trust		3.030		07/09/29		889,149
			Series - 2014 AA (Class B)
	75,063	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.378		09/25/34		75,193
			Series - 2004 WHQ1 (Class M1)

25

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	765,199	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.213	%	01/25/36	$	760,735
			Series - 2005 WCH1 (Class M2)
	25,555	i	Residential Asset Securities Corp		6.489		10/25/30		25,742
			Series - 2001 KS2 (Class AI6)
	185,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		192,045
			Series - 2006 HI1 (Class M2) (Step Bond)
	3,000,000	g,i	Sanders Re Ltd		4.203		05/05/17		2,991,000
			Series - 2013 144A (Class )
	3,910,644		Santander Drive Auto Receivables Trust		4.740		09/15/17		3,924,856
			Series - 2011 4 (Class D)
	8,991,210		Santander Drive Auto Receivables Trust		3.870		02/15/18		9,068,102
			Series - 2012 2 (Class D)
	2,608,096		Santander Drive Auto Receivables Trust		1.590		10/15/18		2,608,906
			Series - 2014 1 (Class B)
	1,000,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		999,082
			Series - 2013 2013-1 (Class D)
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		799,131
			Series - 2015 5 (Class B)
	800,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		800,428
			Series - 2015 5 (Class C)
	248,311	i	Securitized Asset Backed Receivables LLC		0.733		10/25/35		247,304
			Series - 2006 OP1 (Class A2C)
	367,228	g	Sierra Receivables Funding Co LLC		4.250		05/20/28		367,525
			Series - 2011 2A (Class B)
	622,690	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		621,930
			Series - 2012 2A (Class B)
	3,942,214	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		3,883,474
			Series - 2013 1A (Class A)
	954,431	g	Sierra Receivables Funding Co LLC		2.390		11/20/29		942,942
			Series - 2013 1A (Class B)
	8,305,534	g	Sierra Receivables Funding Co LLC		3.050		03/22/32		8,226,576
			Series - 2015 1A (Class B)
	2,585,200	g	SLM Student Loan Trust		4.540		10/17/44		2,712,531
			Series - 2011 C (Class A2B)
	2,233,000	g	SLM Student Loan Trust		3.830		01/17/45		2,290,029
			Series - 2012 A (Class A2)
	2,692,725	g	SolarCity LMC		4.800		11/20/38		2,699,168
			Series - 2013 1 (Class A)
	2,163,767	g	SolarCity LMC		4.020		07/20/44		2,069,396
			Series - 2014 2 (Class A)
	4,673	i	Soundview Home Equity Loan Trust		0.733		11/25/35		4,671
			Series - 2005 OPT3 (Class A4)
	7,704,090	g	SpringCastle America Funding LLC		2.700		05/25/23		7,672,357
			Series - 2014 AA (Class A)
	927,579	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.653		10/25/36		921,106
			Series - 2006 GEL4 (Class A2)
	5,800,000	g,i	Vitality Re IV Ltd		2.948		01/09/17		5,815,080
			Series - 2013 IV B (Class )
	135,194	g,i	Wachovia Loan Trust		0.793		05/25/35		131,459
			Series - 2005 SD1 (Class A)
	8,620	i	Wells Fargo Home Equity Trust		0.573		07/25/36		8,616
			Series - 2006 2 (Class A3)

26

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,472,500	g	Wendys Funding LLC		3.371	%	06/15/45	$	5,372,134
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						185,344,777
OTHER MORTGAGE BACKED - 13.7%
	2,951,501	g	7 WTC Depositor LLC Trust		4.082		03/13/31		2,986,685
			Series - 2012 7WTC (Class A)
	2,000,000	g,i	ACRE Commercial Mortgage Trust		2.941		08/15/31		2,036,855
			Series - 2014 FL2 (Class C)
	2,019,638	i	American Home Mortgage Investment Trust		2.366		10/25/34		1,958,678
			Series - 2004 3 (Class 4A)
	1,000,000	i	Banc of America Commercial Mortgage Trust		5.772		05/10/45		958,514
			Series - 2006 2 (Class B)
	791,000	i	Banc of America Commercial Mortgage Trust		5.968		05/10/45		728,652
			Series - 2006 2 (Class C)
	11,122,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		10,897,271
			Series - 2006 6 (Class B)
	500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		505,115
			Series - 2007 1 (Class AM)
	6,250,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		5,377,176
			Series - 2007 4 (Class E)
	2,500,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		2,177,403
			Series - 2007 4 (Class D)
	1,154,000	g,i	Bear Stearns Commercial Mortgage Securities		5.759		02/13/42		1,196,386
			Series - 2005 T18 (Class F)
	9,826,000	i	Bear Stearns Commercial Mortgage Securities		5.915		09/11/42		10,296,194
			Series - 2007 T28 (Class AJ)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.300		02/11/41		968,306
			Series - 2005 PWR7 (Class E)
	700,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.387		02/13/46		713,555
			Series - 2004 T16 (Class G)
	1,988,802	i	CHL Mortgage Pass-Through Trust		2.757		02/20/35		1,974,453
			Series - 2004 HYB9 (Class 1A1)
	185,885	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		187,621
			Series - 2007 C6 (Class ASB)
	5,875,793	g,i	Citigroup Mortgage Loan Trust		0.616		05/25/37		5,586,814
			Series - 2015 8 (Class 1A1)
	32,439,400	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		33,358,123
			Series - 2007 C3 (Class AM)
	12,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		12,369,202
			Series - 2007 C3 (Class AJ)
	3,365,000	i	COMM Mortgage Trust		5.813		12/10/49		3,378,757
			Series - 2007 C9 (Class C)
	8,028,000	g,i	COMM Mortgage Trust		5.813		12/10/49		7,706,422
			Series - 2007 C9 (Class G)
	504,757	i	Commercial Mortgage Trust		5.238		04/10/37		504,320
			Series - 2005 GG5 (Class AJ)
	23,805,000	i	Commercial Mortgage Trust		5.867		12/10/49		24,476,913
			Series - 2007 GG11 (Class AM)
	12,250,000	i	Connecticut Avenue Securities		2.585		09/25/28		12,263,242
			Series - 2016 C02 (Class 1M1)

27

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	83,681		Countrywide Alternative Loan Trust		5.500	%	08/25/16	$	83,845
			Series - 2004 30CB (Class 1A15)
	668,000	g,i	Credit Suisse Commercial Mortgage Trust		5.415		02/25/21		673,357
			Series - 2006 K1A (Class H)
	5,000,000	i	Credit Suisse Commercial Mortgage Trust		5.538		09/15/39		4,835,980
			Series - 2006 C4 (Class AJ)
	5,000,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		4,765,290
			Series - 2007 C4 (Class A1AJ)
	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		5,742,218
			Series - 2007 C4 (Class AJ)
	1,500,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		1,518,010
			Series - 2006 C5 (Class AM)
	820,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		828,900
			Series - 2009 RR1 (Class A3C)
	730,000	i	Credit Suisse Commercial Mortgage Trust		5.615		01/15/49		747,118
			Series - 2007 C2 (Class AM)
	5,000,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		4,860,609
			Series - 2007 C2 (Class AJ)
	96,807		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		96,745
			Series - 2005 C3 (Class AJ)
	15,585,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		15,717,490
			Series - 2006 C4 (Class AM)
	85,883,614	i	CSAIL Commercial Mortgage Trust		0.887		08/15/48		4,740,836
			Series - 2015 C3 (Class XA)
	1,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		1,482,573
			Series - 2007 C1 (Class AM)
	423,990	i	Impac CMB Trust		1.093		03/25/35		387,788
			Series - 2004 11 (Class 2A1)
	765,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		763,994
			Series - 2005 LDP2 (Class C)
	6,950,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.606		02/15/46		7,195,143
			Series - 2011 C3 (Class D)
	2,035,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,122,634
			Series - 2007 LD12 (Class AM)
	1,300,000	i	LB-UBS Commercial Mortgage Trust		6.049		06/15/38		1,296,859
			Series - 2006 C4 (Class B)
	1,000,000	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		999,679
			Series - 2006 C3 (Class C)
	2,000,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,989,438
			Series - 2007 C1 (Class C)
	7,500,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		7,353,361
			Series - 2007 C1 (Class D)
	1,995,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		2,066,954
			Series - 2007 C6 (Class AM)
	4,521,152	g,i	LVII Resecuritization Trust		3.239		07/31/47		4,518,326
			Series - 2015 A (Class A)
	580,000	i	Merrill Lynch Mortgage Trust		6.267		02/12/51		610,106
			Series - 0 C1 (Class AJA)
	4,500,000	g,i	ML-CFC Commercial Mortgage Trust		0.618		08/12/48		4,269,533
			Series - 2007 5 (Class AMFL)
	7,854,300	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		7,905,591
			Series - 2007 6 (Class AM)

28

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,790,000	g,i	Morgan Stanley Capital I Trust		5.891	%	08/12/41	$	1,808,073
			Series - 2006 T23 (Class B)
	6,025,387	i	Morgan Stanley Capital I Trust		5.389		11/12/41		5,942,522
			Series - 2006 HQ10 (Class AJ)
	5,304,000	i	Morgan Stanley Capital I Trust		5.793		07/12/44		5,325,641
			Series - 2006 HQ9 (Class AJ)
	1,821,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		1,826,057
			Series - 2006 HQ9 (Class B)
	3,206,000	i	Morgan Stanley Capital I Trust		5.842		07/12/44		3,187,693
			Series - 2006 HQ9 (Class C)
	9,033,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		8,970,485
			Series - 2007 HQ12 (Class C)
	3,500,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		3,245,862
			Series - 2007 IQ15 (Class AJ)
	4,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		4,151,104
			Series - 2007 IQ15 (Class AM)
	2,670,000	i	Morgan Stanley Capital I Trust		6.115		12/12/49		2,445,663
			Series - 2007 IQ16 (Class AJ)
	3,000,000	g,i	Morgan Stanley Capital I Trust		5.325		10/12/52		2,994,295
			Series - 2006 T21 (Class B)
	2,375,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.633		09/25/24		2,345,114
			Series - 2014 HQ2 (Class M2)
	343,165	i	Structured Agency Credit Risk Debt Note (STACR)		1.683		01/25/25		343,025
			Series - 2015 DN1 (Class M1)
	1,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.833		01/25/25		1,265,952
			Series - 2015 DN1 (Class M2)
	9,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.633		03/25/25		9,029,635
			Series - 2015 HQ1 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.233		03/25/25		1,667,594
			Series - 2015 HQ1 (Class M3)
	2,109,773	i	Structured Agency Credit Risk Debt Note (STACR)		1.533		05/25/25		2,109,773
			Series - 2015 HQ2 (Class M1)
	3,475,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.383		05/25/25		3,382,117
			Series - 2015 HQ2 (Class M2)
	5,800,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.641		12/15/43		5,492,603
			Series - 2007 C30 (Class AMFL)
	22,235,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		22,635,450
			Series - 2007 C30 (Class AM)
	1,800,000	i	Wachovia Bank Commercial Mortgage Trust		5.568		01/15/45		1,751,148
			Series - 2006 C23 (Class F)
	12,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		11,741,147
			Series - 2006 C27 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.865		07/15/45		2,810,597
			Series - 2006 C27 (Class B)
	230,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		239,614
			Series - 2007 C34 (Class AM)
	23,750,038	i	Wachovia Bank Commercial Mortgage Trust		5.945		05/15/46		23,587,208
			Series - 2007 C34 (Class AJ)
	3,195,000	i	Wachovia Bank Commercial Mortgage Trust		6.020		05/15/46		2,076,750
			Series - 2007 C34 (Class F)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		6.219		05/15/46		1,625,353
			Series - 2007 C34 (Class C)

29

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,515,000	i	Wachovia Bank Commercial Mortgage Trust		5.591	%	04/15/47	$	3,603,483
			Series - 2007 C31 (Class AM)
	1,725,000	i	Wachovia Bank Commercial Mortgage Trust		5.622		04/15/47		1,663,848
			Series - 2007 C31 (Class C)
	22,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		22,492,923
			Series - 2007 C32 (Class AMFX)
	2,670,000	g,i	Wachovia Bank Commercial Mortgage Trust		5.715		06/15/49		504,973
			Series - 2007 C32 (Class J)
	23,475,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		22,420,491
			Series - 2007 C32 (Class AJ)
	4,140,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		3,928,775
			Series - 2007 C32 (Class B)
	2,530,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		2,615,914
			Series - 2007 C33 (Class AM)
	1,132,220	i	WaMu Mortgage Pass-Through Certificates		0.783		12/25/45		972,999
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						420,382,915
			TOTAL STRUCTURED ASSETS						605,727,692
			(Cost $612,769,373)
			TOTAL BONDS						2,922,255,454
			(Cost $2,894,781,078)
SHORT-TERM INVESTMENTS - 10.3%
GOVERNMENT AGENCY DEBT - 1.9%
	1,700,000		Federal Home Loan Bank (FHLB)		0.280		04/20/16		1,699,811
	25,000,000		FHLB		0.366		05/13/16		24,992,425
	33,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.391		05/04/16		32,992,146
			TOTAL GOVERNMENT AGENCY DEBT						59,684,382
TREASURY DEBT - 8.4%
	11,800,000		United States Treasury Bill		0.236		04/07/16		11,799,788
	94,100,000		United States Treasury Bill		0.240		04/14/16		94,096,142
	42,600,000		United States Treasury Bill		0.233-0.283		04/21/16		42,597,188
	9,200,000		United States Treasury Bill		0.225		05/26/16		9,197,599
	40,000,000		United States Treasury Bill		0.398		06/09/16		39,986,600
	58,000,000		United States Treasury Bill		0.373		09/29/16		57,888,292
			TOTAL TREASURY DEBT						255,565,609
			TOTAL SHORT-TERM INVESTMENTS						315,249,991
			(Cost $315,220,050)
			TOTAL INVESTMENTS - 106.8%						3,281,686,349
			(Cost $3,255,487,453)
			OTHER ASSETS & LIABILITIES, NET - (6.8)%						(208,329,562	)
			NET ASSETS - 100.0%					$	3,073,356,787

30

TIAA-CREF FUNDS - Bond Fund

	Abbreviation(s):
BRL	Brazilian Real
CDO	Collateralized Debt Obligation
DOP	Dominican Peso
MXN	Mexican Peso
REIT	Real Estate Investment Trust
RUB	Russian Ruble
ZAR	South African Rand
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $501,324,670 or 16.3% 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.

31

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS  

March 31, 2016

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 99.4%
CORPORATE BONDS - 24.9%
AUTOMOBILES & COMPONENTS - 0.2%
$	50,000	BorgWarner, Inc		4.625	%	09/15/20	$	54,220
	200,000	BorgWarner, Inc		3.375		03/15/25		196,050
	200,000	BorgWarner, Inc		4.375		03/15/45		191,047
	100,000	Delphi Automotive plc		3.150		11/19/20		102,138
	250,000	Delphi Automotive plc		4.250		01/15/26		261,071
	500,000	Delphi Corp		5.000		02/15/23		526,250
	100,000	Delphi Corp		4.150		03/15/24		102,861
	500,000	Ford Motor Co		7.450		07/16/31		651,873
	650,000	Ford Motor Co		4.750		01/15/43		648,684
	500,000	General Motors Co		6.600		04/01/36		550,307
	1,250,000	General Motors Co		6.250		10/02/43		1,335,379
	350,000	General Motors Co		6.750		04/01/46		397,967
	175,000	Harley-Davidson, Inc		3.500		07/28/25		181,930
	200,000	Harley-Davidson, Inc		4.625		07/28/45		207,494
	300,000	Honeywell International, Inc		5.300		03/01/18		324,204
	400,000	Honeywell International, Inc		5.000		02/15/19		442,172
	500,000	Honeywell International, Inc		3.350		12/01/23		533,735
	282,000	Honeywell International, Inc		5.700		03/15/37		356,504
	150,000	Johnson Controls, Inc		2.600		12/01/16		151,263
	300,000	Johnson Controls, Inc		1.400		11/02/17		299,654
	160,000	Johnson Controls, Inc		4.250		03/01/21		169,266
	300,000	Johnson Controls, Inc		3.625		07/02/24		305,787
	270,000	Johnson Controls, Inc		6.000		01/15/36		297,681
	325,000	Johnson Controls, Inc		4.625		07/02/44		314,256
	100,000	Johnson Controls, Inc		4.950		07/02/64		90,539
	300,000	Magna International, Inc		3.625		06/15/24		300,915
	100,000	Magna International, Inc		4.150		10/01/25		106,001
		TOTAL AUTOMOBILES & COMPONENTS						9,099,248
BANKS - 3.4%
	200,000	Associated Banc-Corp		2.750		11/15/19		200,543
	250,000	Australia & New Zealand Banking Group Ltd		1.875		10/06/17		252,296
	750,000	Australia & New Zealand Banking Group Ltd		1.500		01/16/18		751,157
	500,000	Australia & New Zealand Banking Group Ltd		1.450		05/15/18		499,580
	300,000	Australia & New Zealand Banking Group Ltd		2.000		11/16/18		302,191
	300,000	Australia & New Zealand Banking Group Ltd		2.700		11/16/20		308,635
	200,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		213,050
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		353,740
	500,000	Banco do Brasil S.A.		3.875		01/23/17		505,500
	200,000	Bancolombia S.A.		5.950		06/03/21		216,250
	300,000	Bank of ,NV Scotia		2.450		03/22/21		301,877
	3,000,000	Bank of America Corp		1.700		08/25/17		3,004,293

32

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	590,000	Bank of America Corp		5.750	%	12/01/17	$	627,008
	900,000	Bank of America Corp		2.000		01/11/18		903,803
	500,000	Bank of America Corp		1.950		05/12/18		500,641
	2,525,000	Bank of America Corp		2.600		01/15/19		2,568,157
	750,000	Bank of America Corp		2.650		04/01/19		763,312
	1,000,000	Bank of America Corp		2.625		10/19/20		1,007,391
	2,300,000	Bank of America Corp		5.875		01/05/21		2,631,053
	2,225,000	Bank of America Corp		3.300		01/11/23		2,244,342
	2,000,000	Bank of America Corp		4.125		01/22/24		2,119,374
	750,000	Bank of America Corp		4.000		04/01/24		787,024
	1,475,000	Bank of America Corp		4.200		08/26/24		1,501,675
	750,000	Bank of America Corp		4.000		01/22/25		751,451
	550,000	Bank of America Corp		3.950		04/21/25		547,785
	2,000,000	Bank of America Corp		3.875		08/01/25		2,080,840
	750,000	Bank of America Corp		4.450		03/03/26		774,427
	400,000	Bank of America Corp		4.250		10/22/26		406,759
	1,500,000	Bank of America Corp		5.000		01/21/44		1,650,433
	500,000	Bank of America Corp		4.875		04/01/44		544,989
	500,000	Bank of America NA		1.650		03/26/18		499,459
	500,000	Bank of America NA		1.750		06/05/18		499,946
	700,000	Bank of America NA		2.050		12/07/18		705,324
	200,000	Bank of Montreal		1.400		09/11/17		200,583
	400,000	Bank of Montreal		1.450		04/09/18		399,514
	300,000	Bank of Montreal		1.400		04/10/18		299,981
	500,000	Bank of Montreal		1.800		07/31/18		502,073
	300,000	Bank of Montreal		2.375		01/25/19		305,804
	400,000	Bank of Montreal		2.550		11/06/22		405,144
	150,000	Bank of Nova Scotia		2.550		01/12/17		151,760
	500,000	Bank of Nova Scotia		1.250		04/11/17		501,128
	300,000	Bank of Nova Scotia		1.300		07/21/17		300,439
	400,000	Bank of Nova Scotia		1.375		12/18/17		399,758
	350,000	Bank of Nova Scotia		1.450		04/25/18		349,724
	500,000	Bank of Nova Scotia		1.700		06/11/18		501,220
	500,000	Bank of Nova Scotia		2.050		10/30/18		504,890
	300,000	Bank of Nova Scotia		1.950		01/15/19		302,321
	1,000,000	Bank of Nova Scotia		2.125		09/11/19		1,015,953
	500,000	Bank of Nova Scotia		2.350		10/21/20		505,739
	200,000	Bank of Nova Scotia		4.375		01/13/21		219,855
	300,000	Bank of Nova Scotia		2.800		07/21/21		307,739
	500,000	Bank of Nova Scotia		4.500		12/16/25		499,386
	300,000	Barclays plc		2.000		03/16/18		294,663
	500,000	Barclays plc		2.875		06/08/20		492,256
	600,000	Barclays plc		3.250		01/12/21		597,429
	725,000	Barclays plc		3.650		03/16/25		679,801
	600,000	Barclays plc		4.375		01/12/26		588,792
	500,000	Barclays plc		5.250		08/17/45		502,116
	200,000	BB&T Corp		1.450		10/03/16		200,506
	200,000	BB&T Corp		1.000		04/03/17		199,834
	70,000	BB&T Corp		4.900		06/30/17		72,802
	150,000	BB&T Corp		1.600		08/15/17		150,217
	500,000	BB&T Corp		1.350		10/01/17		500,781
	200,000	BB&T Corp		2.050		06/19/18		202,379

33

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	BB&T Corp		2.250	%	02/01/19	$	508,595
	400,000	BB&T Corp		6.850		04/30/19		457,841
	300,000	BB&T Corp		2.625		06/29/20		306,562
	300,000	BB&T Corp		2.850		04/01/21		309,102
	200,000	BB&T Corp		3.950		03/22/22		211,726
	500,000	BB&T Corp		3.800		10/30/26		531,236
	300,000	BPCE S.A.		1.700		04/25/16		300,096
	300,000	BPCE S.A.		1.625		01/26/18		299,658
	250,000	BPCE S.A.		2.500		12/10/18		254,486
	300,000	BPCE S.A.		2.500		07/15/19		303,415
	500,000	BPCE S.A.		2.250		01/27/20		500,348
	300,000	BPCE S.A.		2.650		02/03/21		302,719
	500,000	BPCE S.A.		4.000		04/15/24		529,496
	250,000	Branch Banking & Trust Co		3.625		09/16/25		261,981
	300,000	Canadian Imperial Bank of Commerce		1.550		01/23/18		300,365
	125,000	Capital One Bank USA NA		1.150		11/21/16		124,914
	300,000	Capital One Bank USA NA		1.500		09/05/17		298,749
	300,000	Capital One Bank USA NA		1.650		02/05/18		297,872
	250,000	Capital One Bank USA NA		1.500		03/22/18		246,197
	400,000	Capital One Bank USA NA		2.150		11/21/18		399,756
	300,000	Capital One Bank USA NA		2.250		02/13/19		299,312
	300,000	Capital One Bank USA NA		2.300		06/05/19		299,032
	800,000	Capital One Bank USA NA		2.400		09/05/19		797,941
	500,000	Capital One Bank USA NA		2.950		07/23/21		503,553
	972,000	Capital One Bank USA NA		3.375		02/15/23		979,793
	500,000	Capital One NA		2.350		08/17/18		502,643
	446,000	Citigroup, Inc		4.950		11/07/43		480,652
	500,000	Citigroup, Inc		1.300		04/01/16		500,000
	500,000	Citigroup, Inc		1.550		08/14/17		499,945
	500,000	Citigroup, Inc		1.850		11/24/17		501,170
	500,000	Citigroup, Inc		1.800		02/05/18		499,788
	1,000,000	Citigroup, Inc		1.700		04/27/18		996,522
	750,000	Citigroup, Inc		1.750		05/01/18		748,039
	500,000	Citigroup, Inc		2.150		07/30/18		502,613
	300,000	Citigroup, Inc		2.500		09/26/18		304,507
	500,000	Citigroup, Inc		2.050		12/07/18		502,182
	500,000	Citigroup, Inc		2.550		04/08/19		507,570
	500,000	Citigroup, Inc		2.500		07/29/19		506,827
	750,000	Citigroup, Inc		2.700		03/30/21		755,814
	2,700,000	Citigroup, Inc		4.500		01/14/22		2,957,350
	2,600,000	Citigroup, Inc		3.500		05/15/23		2,600,348
	750,000	Citigroup, Inc		3.750		06/16/24		777,152
	500,000	Citigroup, Inc		4.000		08/05/24		504,743
	750,000	Citigroup, Inc		3.875		03/26/25		743,473
	1,000,000	Citigroup, Inc		3.300		04/27/25		1,002,955
	525,000	Citigroup, Inc		4.400		06/10/25		535,578
	400,000	Citigroup, Inc		5.500		09/13/25		437,908
	1,000,000	Citigroup, Inc		3.700		01/12/26		1,026,694
	750,000	Citigroup, Inc		4.600		03/09/26		769,348
	1,100,000	Citigroup, Inc		4.300		11/20/26		1,095,223
	1,250,000	Citigroup, Inc		4.450		09/29/27		1,258,442
	200,000	Citigroup, Inc		5.875		01/30/42		240,739

34

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	225,000		Citigroup, Inc		6.675	%	09/13/43	$	272,775
	750,000		Citigroup, Inc		4.650		07/30/45		785,656
	300,000		Citizens Bank NA		1.600		12/04/17		298,408
	300,000		Citizens Bank NA		2.300		12/03/18		301,746
	250,000		Citizens Bank NA		2.500		03/14/19		252,498
	300,000		Citizens Bank NA		2.450		12/04/19		299,661
	100,000		Citizens Financial Group, Inc		4.350		08/01/25		103,565
	300,000		Citizens Financial Group, Inc		4.300		12/03/25		310,733
	200,000		Comerica Bank		4.000		07/27/25		200,788
	50,000		Comerica, Inc		5.200		08/22/17		51,995
	300,000		Comerica, Inc		2.500		06/02/20		301,312
	200,000		Comerica, Inc		3.800		07/22/26		194,127
	500,000		Commonwealth Bank of Australia		1.400		09/08/17		500,544
	250,000		Commonwealth Bank of Australia		1.900		09/18/17		251,918
	500,000		Commonwealth Bank of Australia		1.750		11/02/18		500,820
	750,000		Commonwealth Bank of Australia		2.250		03/13/19		759,956
	500,000		Commonwealth Bank of Australia		2.050		03/15/19		504,462
	500,000		Commonwealth Bank of Australia		2.300		09/06/19		506,501
	500,000		Commonwealth Bank of Australia		2.400		11/02/20		505,791
	300,000		Commonwealth Bank of Australia		2.550		03/15/21		304,336
	300,000		Compass Bank		1.850		09/29/17		300,426
	300,000		Compass Bank		2.750		09/29/19		298,805
	275,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		276,572
	500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/19		507,747
	500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/20		504,598
	1,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,600,770
	1,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		05/21/25		1,027,360
	400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		466,146
	1,100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,189,608
	1,000,000		Cooperatieve Rabobank UA		2.500		01/19/21		1,011,335
	200,000		Corpbanca S.A.		3.125		01/15/18		201,078
	300,000		Deutsche Bank AG		1.875		02/13/18		298,124
	1,750,000		Deutsche Bank AG		2.500		02/13/19		1,771,702
	500,000	i	Deutsche Bank AG		4.296		05/24/28		430,051
	300,000		Deutsche Bank AG.		3.125		01/13/21		298,396
	300,000		Deutsche Bank AG.		4.100		01/13/26		295,746
	400,000		Discover Bank		2.000		02/21/18		397,968
	500,000		Discover Bank		2.600		11/13/18		501,336
	215,000		Discover Bank		7.000		04/15/20		244,562
	300,000		Discover Bank		3.100		06/04/20		302,313
	300,000		Discover Bank		3.200		08/09/21		299,814
	400,000		Discover Bank		4.200		08/08/23		418,259
	200,000		Discover Bank		4.250		03/13/26		201,117
	500,000		Fifth Third Bancorp		2.150		08/20/18		504,146
	300,000		Fifth Third Bancorp		2.300		03/01/19		302,769
	250,000		Fifth Third Bancorp		2.300		03/15/19		252,304
	375,000		Fifth Third Bancorp		2.375		04/25/19		379,141
	400,000		Fifth Third Bancorp		2.875		07/27/20		405,576
	200,000		Fifth Third Bancorp		2.875		10/01/21		203,815
	200,000		Fifth Third Bancorp		3.500		03/15/22		208,383
	500,000		Fifth Third Bancorp		4.300		01/16/24		526,888
	300,000		Fifth Third Bancorp		3.850		03/15/26		307,649

35

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	140,000	Fifth Third Bancorp		8.250	%	03/01/38	$	204,021
	200,000	First Horizon National Corp		3.500		12/15/20		199,943
	250,000	First Republic Bank		2.375		06/17/19		249,746
	250,000	First Tennessee Bank NA		2.950		12/01/19		250,671
	100,000	FirstMerit Corp		4.350		02/04/23		102,391
	250,000	FirstMerit Corp		4.270		11/25/26		248,682
	750,000	HSBC Bank USA NA		4.875		08/24/20		804,200
	266,000	HSBC Bank USA NA		5.875		11/01/34		304,713
	33,000	HSBC Bank USA NA		7.000		01/15/39		41,182
	950,000	HSBC Holdings plc		3.400		03/08/21		969,604
	150,000	HSBC Holdings plc		4.875		01/14/22		164,179
	1,350,000	HSBC Holdings plc		4.250		03/14/24		1,364,535
	1,000,000	HSBC Holdings plc		4.250		08/18/25		987,680
	225,000	HSBC Holdings plc		4.300		03/08/26		232,034
	2,325,000	HSBC Holdings plc		6.500		09/15/37		2,731,329
	550,000	HSBC Holdings plc		6.100		01/14/42		686,553
	275,000	HSBC Holdings plc		5.250		03/14/44		278,986
	750,000	HSBC USA, Inc		2.625		09/24/18		760,564
	500,000	HSBC USA, Inc		2.250		06/23/19		501,420
	750,000	HSBC USA, Inc		2.375		11/13/19		753,604
	500,000	HSBC USA, Inc		2.350		03/05/20		495,097
	750,000	HSBC USA, Inc		2.750		08/07/20		753,791
	1,000,000	HSBC USA, Inc		3.500		06/23/24		1,016,151
	200,000	Huntington Bancshares, Inc		2.600		08/02/18		201,661
	500,000	Huntington Bancshares, Inc		3.150		03/14/21		507,415
	200,000	Huntington National Bank		1.300		11/20/16		200,015
	300,000	Huntington National Bank		1.700		02/26/18		297,720
	250,000	Huntington National Bank		2.000		06/30/18		250,358
	250,000	Huntington National Bank		2.200		11/06/18		251,073
	300,000	Huntington National Bank		2.200		04/01/19		299,530
	300,000	Huntington National Bank		2.400		04/01/20		297,781
	750,000	Industrial & Commercial Bank of China Ltd		2.351		11/13/17		756,174
	300,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		301,693
	250,000	Industrial & Commercial Bank of China Ltd		3.231		11/13/19		258,404
	300,000	Industrial & Commercial Bank of China Ltd		2.905		11/13/20		305,270
	625,000	Intesa Sanpaolo S.p.A		3.875		01/16/18		639,659
	500,000	Intesa Sanpaolo S.p.A		3.875		01/15/19		514,551
	200,000	Intesa Sanpaolo S.p.A		5.250		01/12/24		216,059
	1,850,000	JPMorgan Chase & Co		2.000		08/15/17		1,868,359
	335,000	JPMorgan Chase & Co		6.000		01/15/18		360,818
	400,000	JPMorgan Chase & Co		1.800		01/25/18		402,071
	500,000	JPMorgan Chase & Co		1.700		03/01/18		501,709
	500,000	JPMorgan Chase & Co		1.625		05/15/18		501,090
	1,000,000	JPMorgan Chase & Co		2.350		01/28/19		1,018,617
	500,000	JPMorgan Chase & Co		1.850		03/22/19		503,064
	1,000,000	JPMorgan Chase & Co		2.200		10/22/19		1,017,477
	1,750,000	JPMorgan Chase & Co		2.250		01/23/20		1,764,462
	180,000	JPMorgan Chase & Co		4.950		03/25/20		198,717
	1,350,000	JPMorgan Chase & Co		2.750		06/23/20		1,382,999
	700,000	JPMorgan Chase & Co		4.400		07/22/20		762,795
	1,820,000	JPMorgan Chase & Co		4.250		10/15/20		1,970,914
	1,000,000	JPMorgan Chase & Co		2.550		10/29/20		1,013,892

36

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		JPMorgan Chase & Co		2.550	%	03/01/21	$	2,018,418
	1,950,000		JPMorgan Chase & Co		4.350		08/15/21		2,133,963
	500,000		JPMorgan Chase & Co		4.500		01/24/22		552,056
	3,150,000		JPMorgan Chase & Co		3.250		09/23/22		3,286,156
	1,100,000		JPMorgan Chase & Co		3.200		01/25/23		1,130,062
	750,000		JPMorgan Chase & Co		3.375		05/01/23		753,372
	1,000,000		JPMorgan Chase & Co		3.625		05/13/24		1,043,121
	1,500,000		JPMorgan Chase & Co		3.875		09/10/24		1,536,611
	600,000		JPMorgan Chase & Co		3.900		07/15/25		638,024
	750,000		JPMorgan Chase & Co		3.300		04/01/26		756,272
	1,000,000		JPMorgan Chase & Co		4.125		12/15/26		1,036,745
	650,000		JPMorgan Chase & Co		4.250		10/01/27		676,434
	958,000		JPMorgan Chase & Co		5.500		10/15/40		1,154,797
	1,000,000		JPMorgan Chase & Co		5.625		08/16/43		1,151,978
	1,300,000		JPMorgan Chase & Co		4.950		06/01/45		1,372,498
	750,000	i	JPMorgan Chase & Co		6.000		12/30/49		754,875
	500,000		KeyBank NA		1.650		02/01/18		500,363
	200,000		KeyBank NA		2.350		03/08/19		201,850
	250,000		KeyBank NA		2.500		12/15/19		253,281
	175,000		KeyBank NA		2.250		03/16/20		175,158
	300,000		KeyBank NA		3.180		05/22/22		303,801
	500,000		KeyBank NA		3.300		06/01/25		512,571
	400,000		KeyCorp		2.300		12/13/18		402,449
	200,000		KeyCorp		2.900		09/15/20		203,361
	150,000		KeyCorp		5.100		03/24/21		166,066
	300,000		Lloyds Bank plc		2.000		08/17/18		300,923
	500,000		Lloyds Bank plc		2.300		11/27/18		504,162
	1,000,000		Lloyds Bank plc		2.050		01/22/19		1,000,300
	300,000		Lloyds Bank plc		2.400		03/17/20		301,044
	300,000		Lloyds Bank plc		2.700		08/17/20		303,714
	1,350,000		Lloyds Bank plc		3.500		05/14/25		1,396,989
	500,000		Lloyds Banking Group plc		4.500		11/04/24		502,533
	300,000		Lloyds Banking Group plc		4.650		03/24/26		297,454
	200,000	g	Lloyds Banking Group plc		5.300		12/01/45		195,944
	300,000		Manufacturers & Traders Trust Co		1.400		07/25/17		299,387
	200,000		Manufacturers & Traders Trust Co		1.450		03/07/18		198,430
	300,000		Manufacturers & Traders Trust Co		2.300		01/30/19		304,175
	300,000		Manufacturers & Traders Trust Co		2.250		07/25/19		302,939
	150,000		Manufacturers & Traders Trust Co		2.100		02/06/20		149,650
	280,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		274,400
	100,000		Manufacturers & Traders Trust Co		2.900		02/06/25		97,835
	275,000		Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		280,870
	500,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		520,035
	200,000		MUFG Americas Holdings Corp		1.625		02/09/18		199,349
	500,000		MUFG Americas Holdings Corp		2.250		02/10/20		497,640
	200,000		MUFG Americas Holdings Corp		3.000		02/10/25		195,499
	350,000		National Australia Bank Ltd		1.875		07/23/18		351,954
	300,000		National Australia Bank Ltd		2.300		07/25/18		304,451
	300,000		National Australia Bank Ltd		2.000		01/14/19		301,985
	350,000		National Australia Bank Ltd		2.625		07/23/20		356,769
	300,000		National Australia Bank Ltd		2.625		01/14/21		305,486
	200,000		National Australia Bank Ltd		3.000		01/20/23		204,253

37

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		National Australia Bank Ltd		3.375	%	01/14/26	$	311,393
	500,000		National Bank of Canada		1.450		11/07/17		499,975
	400,000		National Bank of Canada		2.100		12/14/18		403,460
	350,000		Northern Trust Corp		2.375		08/02/22		356,953
	500,000		Northern Trust Corp		3.950		10/30/25		539,577
	300,000		People’s United Bank		4.000		07/15/24		295,409
	100,000		People’s United Financial, Inc		3.650		12/06/22		100,004
	300,000		PNC Bank NA		1.500		10/18/17		299,876
	300,000		PNC Bank NA		1.500		02/23/18		300,344
	300,000		PNC Bank NA		1.600		06/01/18		300,907
	375,000		PNC Bank NA		1.850		07/20/18		378,366
	300,000		PNC Bank NA		1.800		11/05/18		301,588
	150,000		PNC Bank NA		2.200		01/28/19		152,295
	500,000		PNC Bank NA		1.950		03/04/19		505,410
	800,000		PNC Bank NA		2.250		07/02/19		812,840
	600,000		PNC Bank NA		2.400		10/18/19		612,522
	300,000		PNC Bank NA		2.300		06/01/20		303,131
	300,000		PNC Bank NA		2.600		07/21/20		306,712
	300,000		PNC Bank NA		2.450		11/05/20		305,234
	750,000		PNC Bank NA		2.700		11/01/22		745,031
	500,000		PNC Bank NA		2.950		01/30/23		503,861
	300,000		PNC Bank NA		2.950		02/23/25		300,925
	300,000		PNC Bank NA		3.250		06/01/25		307,228
	150,000	i	PNC Financial Services Group, Inc (Step Bond)		2.854		11/09/22		151,573
	300,000		PNC Financial Services Group, Inc		3.900		04/29/24		315,658
	645,000		PNC Funding Corp		5.125		02/08/20		718,856
	50,000		PNC Funding Corp		4.375		08/11/20		54,791
	500,000		Rabobank Nederland NV		4.500		01/11/21		549,506
	350,000		Rabobank Nederland NV		5.250		05/24/41		415,026
	250,000		Regions Bank		2.250		09/14/18		249,607
	1,100,000		Regions Financial Corp		2.000		05/15/18		1,093,154
	300,000		Regions Financial Corp		3.200		02/08/21		302,626
	750,000		Royal Bank of Canada		1.125		07/22/16		750,855
	500,000		Royal Bank of Canada		1.200		09/19/17		499,505
	500,000		Royal Bank of Canada		1.400		10/13/17		500,673
	500,000		Royal Bank of Canada		2.200		07/27/18		507,334
	300,000		Royal Bank of Canada		1.800		07/30/18		301,526
	500,000		Royal Bank of Canada		2.000		10/01/18		506,250
	750,000		Royal Bank of Canada		2.000		12/10/18		757,424
	600,000		Royal Bank of Canada		2.150		03/15/19		607,885
	1,000,000		Royal Bank of Canada		2.200		09/23/19		1,019,275
	750,000		Royal Bank of Canada		1.875		02/05/20		753,927
	250,000		Royal Bank of Canada		2.150		03/06/20		254,642
	500,000		Royal Bank of Canada		2.100		10/14/20		504,640
	500,000		Royal Bank of Canada		2.350		10/30/20		506,492
	500,000		Royal Bank of Canada		2.500		01/19/21		510,766
	750,000		Royal Bank of Canada		2.300		03/22/21		756,731
	500,000		Royal Bank of Canada		4.650		01/27/26		507,591
	250,000		Royal Bank of Scotland Group plc		6.400		10/21/19		280,550
	750,000		Royal Bank of Scotland Group plc		4.800		04/05/26		752,483
	500,000		Santander Bank NA		2.000		01/12/18		495,784
	200,000		Santander Holdings USA, Inc		3.450		08/27/18		203,427

38

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Santander Holdings USA, Inc		2.650	%	04/17/20	$	247,316
	250,000	Santander Holdings USA, Inc		4.500		07/17/25		257,117
	400,000	Santander Issuances SAU		5.179		11/19/25		387,745
	300,000	Santander UK Group Holdings plc		2.875		10/16/20		298,478
	200,000	Santander UK Group Holdings plc		3.125		01/08/21		201,170
	500,000	Skandinaviska Enskilda Banken AB		2.625		03/15/21		506,228
	250,000	Societe Generale S.A.		2.750		10/12/17		253,207
	400,000	Societe Generale S.A.		2.625		10/01/18		407,218
	250,000	Sovereign Bank		8.750		05/30/18		278,548
	500,000	Sumitomo Mitsui Banking Corp		1.350		07/11/17		498,047
	250,000	Sumitomo Mitsui Banking Corp		1.800		07/18/17		250,222
	300,000	Sumitomo Mitsui Banking Corp		1.500		01/18/18		298,693
	250,000	Sumitomo Mitsui Banking Corp		2.500		07/19/18		253,511
	250,000	Sumitomo Mitsui Banking Corp		1.950		07/23/18		250,789
	300,000	Sumitomo Mitsui Banking Corp		2.450		01/10/19		304,943
	500,000	Sumitomo Mitsui Banking Corp		2.050		01/18/19		502,223
	500,000	Sumitomo Mitsui Banking Corp		2.250		07/11/19		505,769
	250,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		254,681
	300,000	Sumitomo Mitsui Banking Corp		2.450		10/20/20		303,129
	250,000	Sumitomo Mitsui Banking Corp		3.200		07/18/22		257,037
	300,000	Sumitomo Mitsui Banking Corp		3.000		01/18/23		303,687
	300,000	Sumitomo Mitsui Banking Corp		3.950		01/10/24		319,911
	500,000	Sumitomo Mitsui Banking Corp		3.400		07/11/24		514,473
	250,000	Sumitomo Mitsui Banking Corp		3.650		07/23/25		262,277
	500,000	Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		509,728
	500,000	Sumitomo Mitsui Financial Group, Inc		3.784		03/09/26		514,991
	150,000	SunTrust Banks, Inc		3.500		01/20/17		152,352
	100,000	SunTrust Banks, Inc		6.000		09/11/17		105,742
	300,000	SunTrust Banks, Inc		7.250		03/15/18		329,171
	200,000	SunTrust Banks, Inc		2.350		11/01/18		201,419
	300,000	SunTrust Banks, Inc		2.900		03/03/21		304,565
	225,000	SunTrust Banks, Inc		2.750		05/01/23		220,953
	50,000	SVB Financial Group		5.375		09/15/20		55,580
	200,000	Svenska Handelsbanken AB		3.125		07/12/16		201,248
	300,000	Svenska Handelsbanken AB		2.875		04/04/17		304,845
	500,000	Svenska Handelsbanken AB		1.625		03/21/18		501,884
	300,000	Svenska Handelsbanken AB		2.500		01/25/19		307,264
	500,000	Svenska Handelsbanken AB		2.250		06/17/19		508,211
	300,000	Svenska Handelsbanken AB		2.400		10/01/20		302,802
	750,000	Svenska Handelsbanken AB		2.450		03/30/21		757,517
	500,000	Toronto-Dominion Bank		1.125		05/02/17		500,400
	500,000	Toronto-Dominion Bank		1.625		03/13/18		502,105
	400,000	Toronto-Dominion Bank		1.400		04/30/18		399,744
	400,000	Toronto-Dominion Bank		1.750		07/23/18		401,790
	600,000	Toronto-Dominion Bank		2.625		09/10/18		614,992
	500,000	Toronto-Dominion Bank		1.950		01/22/19		504,611
	500,000	Toronto-Dominion Bank		2.125		07/02/19		507,668
	300,000	Toronto-Dominion Bank		2.250		11/05/19		304,109
	300,000	Toronto-Dominion Bank		2.500		12/14/20		306,171
	400,000	Toronto-Dominion Bank		2.125		04/07/21		399,320
	250,000	Union Bank NA		2.625		09/26/18		254,499
	225,000	UnionBanCal Corp		3.500		06/18/22		233,643

39

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	940,000	US Bancorp		1.650	%	05/15/17	$	946,495
	1,000,000	US Bancorp		1.950		11/15/18		1,015,913
	500,000	US Bancorp		2.200		04/25/19		509,460
	200,000	US Bancorp		2.950		07/15/22		205,348
	375,000	US Bancorp		3.700		01/30/24		407,239
	500,000	US Bancorp		3.600		09/11/24		527,115
	500,000	US Bank NA		1.350		01/26/18		501,428
	500,000	US Bank NA		2.125		10/28/19		509,318
	500,000	US Bank NA		2.800		01/27/25		510,368
	1,000,000	Wells Fargo Bank NA		1.650		01/22/18		1,007,973
	500,000	Westpac Banking Corp		1.200		05/19/17		499,522
	400,000	Westpac Banking Corp		2.000		08/14/17		403,808
	500,000	Westpac Banking Corp		1.500		12/01/17		501,657
	750,000	Westpac Banking Corp		1.600		01/12/18		750,982
	500,000	Westpac Banking Corp		2.250		07/30/18		508,044
	1,000,000	Westpac Banking Corp		1.950		11/23/18		1,008,635
	500,000	Westpac Banking Corp		2.250		01/17/19		507,959
	75,000	Westpac Banking Corp		4.875		11/19/19		82,791
	600,000	Westpac Banking Corp		2.300		05/26/20		607,846
		TOTAL BANKS						215,939,075
CAPITAL GOODS - 0.9%
	42,000	Agilent Technologies, Inc		6.500		11/01/17		44,524
	100,000	Agilent Technologies, Inc		5.000		07/15/20		110,899
	100,000	Agilent Technologies, Inc		3.200		10/01/22		101,305
	400,000	Agilent Technologies, Inc		3.875		07/15/23		418,258
	250,000	Applied Materials, Inc		2.625		10/01/20		258,391
	200,000	Applied Materials, Inc		4.300		06/15/21		220,336
	250,000	Applied Materials, Inc		3.900		10/01/25		265,330
	250,000	Applied Materials, Inc		5.100		10/01/35		271,994
	100,000	Applied Materials, Inc		5.850		06/15/41		118,365
	200,000	Arrow Electronics, Inc		3.000		03/01/18		202,468
	200,000	Arrow Electronics, Inc		5.125		03/01/21		215,932
	200,000	Arrow Electronics, Inc		3.500		04/01/22		200,469
	200,000	Arrow Electronics, Inc		4.000		04/01/25		200,292
	300,000	Avnet, Inc		4.875		12/01/22		315,727
	200,000	Avnet, Inc		4.625		04/15/26		202,257
	100,000	Carlisle Cos, Inc		5.125		12/15/20		108,728
	100,000	Carlisle Cos, Inc		3.750		11/15/22		102,212
	500,000	Caterpillar Financial Services Corp		5.850		09/01/17		530,749
	500,000	Caterpillar Financial Services Corp		1.250		11/06/17		501,442
	300,000	Caterpillar Financial Services Corp		1.500		02/23/18		301,677
	200,000	Caterpillar Financial Services Corp		5.450		04/15/18		216,739
	200,000	Caterpillar Financial Services Corp		2.450		09/06/18		205,568
	1,361,000	Caterpillar Financial Services Corp		7.150		02/15/19		1,571,796
	300,000	Caterpillar Financial Services Corp		2.100		06/09/19		307,714
	150,000	Caterpillar Financial Services Corp		2.250		12/01/19		153,654
	200,000	Caterpillar Financial Services Corp		2.000		03/05/20		201,495
	200,000	Caterpillar Financial Services Corp		2.500		11/13/20		205,733
	200,000	Caterpillar Financial Services Corp		2.750		08/20/21		205,835
	700,000	Caterpillar Financial Services Corp		3.750		11/24/23		751,213
	400,000	Caterpillar Financial Services Corp		3.300		06/09/24		418,081

40

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	525,000	Caterpillar Financial Services Corp		3.250	%	12/01/24	$	547,064
	50,000	Caterpillar, Inc		5.700		08/15/16		50,905
	200,000	Caterpillar, Inc		3.900		05/27/21		219,223
	200,000	Caterpillar, Inc		3.400		05/15/24		210,397
	738,000	Caterpillar, Inc		3.803		08/15/42		716,413
	300,000	Caterpillar, Inc		4.300		05/15/44		312,859
	100,000	Crane Co		2.750		12/15/18		101,916
	300,000	CRH America, Inc		5.750		01/15/21		337,407
	200,000	Cummins, Inc		3.650		10/01/23		211,337
	200,000	Cummins, Inc		4.875		10/01/43		221,212
	450,000	Danaher Corp		5.625		01/15/18		484,454
	300,000	Danaher Corp		2.400		09/15/20		309,858
	200,000	Danaher Corp		3.900		06/23/21		218,859
	200,000	Danaher Corp		3.350		09/15/25		212,832
	200,000	Danaher Corp		4.375		09/15/45		223,448
	150,000	Deere & Co		2.600		06/08/22		153,370
	218,000	Deere & Co		5.375		10/16/29		262,789
	650,000	Deere & Co		3.900		06/09/42		644,823
	150,000	Dover Corp		5.450		03/15/18		161,589
	325,000	Dover Corp		3.150		11/15/25		334,956
	100,000	Dover Corp		5.375		03/01/41		123,052
	600,000	Eaton Corp		1.500		11/02/17		600,559
	200,000	Eaton Corp		5.600		05/15/18		216,261
	1,075,000	Eaton Corp		2.750		11/02/22		1,076,170
	150,000	Eaton Corp		4.000		11/02/32		151,804
	250,000	Eaton Corp		4.150		11/02/42		251,047
	200,000	Emerson Electric Co		5.250		11/15/39		235,224
	300,000	Emerson Electric Co		5.250		10/15/18		330,172
	400,000	Emerson Electric Co		4.875		10/15/19		440,327
	350,000	Emerson Electric Co		2.625		02/15/23		355,071
	200,000	Emerson Electric Co		3.150		06/01/25		206,182
	150,000	Flowserve Corp		3.500		09/15/22		148,059
	200,000	Flowserve Corp		4.000		11/15/23		199,857
	100,000	FMC Technologies, Inc		2.000		10/01/17		97,241
	100,000	FMC Technologies, Inc		3.450		10/01/22		88,913
	600,000	General Dynamics Corp		2.250		11/15/22		606,841
	225,000	General Dynamics Corp		3.600		11/15/42		225,165
	100,000	IDEX Corp		4.500		12/15/20		106,898
	200,000	IDEX Corp		4.200		12/15/21		211,858
	300,000	Illinois Tool Works, Inc		1.950		03/01/19		304,174
	100,000	Illinois Tool Works, Inc		6.250		04/01/19		113,490
	200,000	Illinois Tool Works, Inc		4.875		09/15/41		230,661
	500,000	Illinois Tool Works, Inc		3.900		09/01/42		505,505
	170,000	Ingersoll-Rand Global Holding Co Ltd		6.875		08/15/18		188,269
	250,000	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		255,693
	300,000	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		323,558
	200,000	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		238,297
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		100,421
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		102,464
	100,000	John Deere Capital Corp		1.050		12/15/16		100,166
	100,000	John Deere Capital Corp		2.000		01/13/17		100,870
	800,000	John Deere Capital Corp		5.500		04/13/17		837,805

41

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	John Deere Capital Corp		1.125	%	06/12/17	$	300,479
	250,000	John Deere Capital Corp		1.200		10/10/17		250,007
	500,000	John Deere Capital Corp		1.550		12/15/17		503,360
	500,000	John Deere Capital Corp		1.300		03/12/18		500,921
	350,000	John Deere Capital Corp		1.600		07/13/18		352,850
	500,000	John Deere Capital Corp		1.750		08/10/18		504,786
	200,000	John Deere Capital Corp		1.950		12/13/18		202,953
	300,000	John Deere Capital Corp		1.950		01/08/19		304,368
	350,000	John Deere Capital Corp		1.700		01/15/20		349,278
	125,000	John Deere Capital Corp		2.450		09/11/20		128,028
	175,000	John Deere Capital Corp		2.550		01/08/21		179,495
	400,000	John Deere Capital Corp		2.800		03/04/21		413,358
	200,000	John Deere Capital Corp		3.150		10/15/21		210,595
	200,000	John Deere Capital Corp		2.800		01/27/23		202,745
	300,000	John Deere Capital Corp		2.800		03/06/23		304,955
	300,000	John Deere Capital Corp		3.350		06/12/24		313,273
	125,000	John Deere Capital Corp		3.400		09/11/25		131,922
	200,000	Kennametal, Inc		2.650		11/01/19		188,136
	150,000	Kennametal, Inc		3.875		02/15/22		143,722
	200,000	KLA-Tencor Corp		2.375		11/01/17		200,958
	200,000	KLA-Tencor Corp		3.375		11/01/19		203,294
	200,000	KLA-Tencor Corp		4.125		11/01/21		208,929
	200,000	KLA-Tencor Corp		4.650		11/01/24		202,384
	200,000	KLA-Tencor Corp		5.650		11/01/34		198,769
	200,000	Lam Research Corp		2.750		03/15/20		196,678
	200,000	Lam Research Corp		3.800		03/15/25		191,481
	100,000	Legrand France S.A.		8.500		02/15/25		135,002
	400,000	Lockheed Martin Corp		7.650		05/01/16		402,000
	225,000	Lockheed Martin Corp		1.850		11/23/18		227,605
	325,000	Lockheed Martin Corp		2.500		11/23/20		333,026
	200,000	Lockheed Martin Corp		3.350		09/15/21		211,726
	500,000	Lockheed Martin Corp		3.100		01/15/23		518,768
	300,000	Lockheed Martin Corp		2.900		03/01/25		304,846
	200,000	Lockheed Martin Corp		3.550		01/15/26		211,706
	300,000	Lockheed Martin Corp		3.600		03/01/35		291,854
	500,000	Lockheed Martin Corp		4.500		05/15/36		537,965
	350,000	Lockheed Martin Corp		4.850		09/15/41		395,328
	1,108,000	Lockheed Martin Corp		4.070		12/15/42		1,119,879
	500,000	Lockheed Martin Corp		4.700		05/15/46		559,234
	300,000	Mosaic Co		4.250		11/15/23		313,498
	300,000	Mosaic Co		5.450		11/15/33		308,503
	100,000	Mosaic Co		4.875		11/15/41		93,961
	300,000	Mosaic Co		5.625		11/15/43		311,813
	250,000	Parker-Hannifin Corp		3.500		09/15/22		267,423
	300,000	Parker-Hannifin Corp		3.300		11/21/24		315,729
	200,000	Parker-Hannifin Corp		4.200		11/21/34		212,274
	200,000	Parker-Hannifin Corp		4.450		11/21/44		217,648
	225,000	Pentair Finance S.A.		2.650		12/01/19		221,070
	200,000	Pentair Finance S.A.		3.625		09/15/20		201,638
	100,000	Pentair Finance S.A.		3.150		09/15/22		96,175
	200,000	Pentair Finance S.A.		4.650		09/15/25		205,665
	275,000	Precision Castparts Corp		2.500		01/15/23		276,455

42

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Precision Castparts Corp		3.250	%	06/15/25	$	312,878
	400,000		Precision Castparts Corp		4.200		06/15/35		416,642
	100,000		Precision Castparts Corp		3.900		01/15/43		102,708
	50,000		Raytheon Co		4.400		02/15/20		55,320
	450,000		Raytheon Co		3.125		10/15/20		479,512
	500,000		Raytheon Co		2.500		12/15/22		513,015
	300,000		Raytheon Co		3.150		12/15/24		316,608
	200,000		Raytheon Co		7.200		08/15/27		279,638
	100,000		Raytheon Co		4.700		12/15/41		114,130
	150,000		Raytheon Co		4.200		12/15/44		162,463
	300,000		Reliance Steel & Aluminum Co		4.500		04/15/23		289,296
	700,000		Rockwell Automation, Inc		2.050		03/01/20		708,273
	100,000		Rockwell Automation, Inc		6.250		12/01/37		129,521
	100,000		Rockwell Collins, Inc		3.100		11/15/21		103,495
	125,000		Rockwell Collins, Inc		3.700		12/15/23		133,633
	125,000		Rockwell Collins, Inc		4.800		12/15/43		140,499
	200,000		Roper Industries, Inc		1.850		11/15/17		200,193
	125,000		Roper Industries, Inc		2.050		10/01/18		126,217
	100,000		Roper Industries, Inc		6.250		09/01/19		111,892
	200,000		Roper Industries, Inc		3.125		11/15/22		199,057
	200,000		Roper Technologies, Inc		3.000		12/15/20		204,432
	200,000		Roper Technologies, Inc		3.850		12/15/25		206,718
	100,000		Snap-on, Inc		4.250		01/15/18		105,154
	200,000		Stanley Black & Decker, Inc		2.451		11/17/18		203,121
	250,000		Stanley Black & Decker, Inc		3.400		12/01/21		264,886
	600,000		Stanley Black & Decker, Inc		2.900		11/01/22		610,048
	100,000		Stanley Black & Decker, Inc		5.200		09/01/40		112,590
	250,000		Textron, Inc		5.600		12/01/17		262,707
	500,000		Textron, Inc		3.650		03/01/21		515,415
	150,000		Textron, Inc		4.000		03/15/26		153,854
	250,000		Timken Co		3.875		09/01/24		245,496
	200,000		Trinity Industries, Inc		4.550		10/01/24		166,942
	200,000		Tupperware Brands Corp		4.750		06/01/21		207,693
	300,000		Tyco International Finance S.A.		3.900		02/14/26		311,467
	200,000		Tyco International Finance S.A.		5.125		09/14/45		214,203
	250,000		United Technologies Corp		1.800		06/01/17		252,436
	1,400,000		United Technologies Corp		5.375		12/15/17		1,499,880
	500,000	i	United Technologies Corp (Step Bond)		1.778		05/04/18		501,228
	825,000		United Technologies Corp		3.100		06/01/22		873,799
	280,000		United Technologies Corp		5.400		05/01/35		335,362
	280,000		United Technologies Corp		6.050		06/01/36		350,365
	145,000		United Technologies Corp		5.700		04/15/40		181,019
	1,650,000		United Technologies Corp		4.500		06/01/42		1,788,273
	500,000		United Technologies Corp		4.150		05/15/45		519,092
	34,000		Valmont Industries, Inc		6.625		04/20/20		38,184
	200,000		Valmont Industries, Inc		5.000		10/01/44		178,780
	100,000		Valmont Industries, Inc		5.250		10/01/54		86,009
	300,000		WW Grainger, Inc		4.600		06/15/45		336,724
	100,000		Xylem, Inc		3.550		09/20/16		100,091
	300,000		Xylem, Inc		4.875		10/01/21		323,441
			TOTAL CAPITAL GOODS						55,159,882

43

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
$	355,000	21st Century Fox America, Inc		7.250	%	05/18/18	$	393,907
	1,250,000	21st Century Fox America, Inc		3.000		09/15/22		1,287,934
	200,000	21st Century Fox America, Inc		4.000		10/01/23		215,514
	200,000	21st Century Fox America, Inc		3.700		09/15/24		210,646
	200,000	21st Century Fox America, Inc		3.700		10/15/25		209,507
	1,325,000	21st Century Fox America, Inc		6.200		12/15/34		1,594,106
	1,000,000	21st Century Fox America, Inc		6.150		02/15/41		1,194,746
	225,000	21st Century Fox America, Inc		5.400		10/01/43		248,046
	500,000	21st Century Fox America, Inc		4.750		09/15/44		517,721
	300,000	21st Century Fox America, Inc		4.950		10/15/45		320,831
	175,000	Air Lease Corp		2.125		01/15/18		173,250
	200,000	Air Lease Corp		2.625		09/04/18		198,766
	600,000	Air Lease Corp		3.375		01/15/19		598,125
	200,000	Air Lease Corp		3.875		04/01/21		203,250
	500,000	Air Lease Corp		3.750		02/01/22		498,060
	500,000	Daimler Finance North America LLC		8.500		01/18/31		766,832
	300,000	eBay, Inc		1.350		07/15/17		299,399
	400,000	eBay, Inc		2.500		03/09/18		406,535
	300,000	eBay, Inc		2.200		08/01/19		301,642
	200,000	eBay, Inc		3.250		10/15/20		205,918
	300,000	eBay, Inc		2.875		08/01/21		303,660
	400,000	eBay, Inc		2.600		07/15/22		383,492
	400,000	eBay, Inc		3.450		08/01/24		394,962
	200,000	eBay, Inc		4.000		07/15/42		156,219
	150,000	Equifax, Inc		6.300		07/01/17		158,464
	200,000	Equifax, Inc		3.300		12/15/22		204,234
	300,000	Fluor Corp		3.500		12/15/24		311,280
	200,000	Fortune Brands Home & Security, Inc		3.000		06/15/20		202,522
	200,000	Fortune Brands Home & Security, Inc		4.000		06/15/25		203,591
	500,000	Howard Hughes Medical Institute		3.500		09/01/23		535,143
	500,000	MasterCard, Inc		3.375		04/01/24		534,916
	200,000	McGraw-Hill Cos, Inc		5.900		11/15/17		213,339
	300,000	McGraw-Hill Financial, Inc		2.500		08/15/18		304,039
	300,000	McGraw-Hill Financial, Inc		3.300		08/14/20		311,606
	300,000	McGraw-Hill Financial, Inc		4.000		06/15/25		312,711
	300,000	McGraw-Hill Financial, Inc		4.400		02/15/26		326,224
	200,000	Moody’s Corp		2.750		07/15/19		205,204
	400,000	Moody’s Corp		4.875		02/15/24		439,832
	200,000	Moody’s Corp		5.250		07/15/44		222,638
	100,000	Partners Healthcare System, Inc		4.117		07/01/55		97,360
	329,000	Reed Elsevier Capital, Inc		3.125		10/15/22		328,032
	63,000	Republic Services, Inc		5.500		09/15/19		69,965
	265,000	Republic Services, Inc		5.000		03/01/20		290,246
	580,000	Republic Services, Inc		5.250		11/15/21		660,807
	250,000	Republic Services, Inc		3.550		06/01/22		263,981
	750,000	Republic Services, Inc		3.200		03/15/25		754,306
	30,000	Republic Services, Inc		6.200		03/01/40		36,698
	300,000	Republic Services, Inc		5.700		05/15/41		352,721
	300,000	Thomson Reuters Corp		0.875		05/23/16		299,930
	300,000	Thomson Reuters Corp		1.650		09/29/17		300,394

44

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	345,000	Thomson Reuters Corp		6.500	%	07/15/18	$	380,362
	100,000	Thomson Reuters Corp		4.300		11/23/23		106,210
	145,000	Thomson Reuters Corp		5.850		04/15/40		158,673
	400,000	Thomson Reuters Corp		4.500		05/23/43		365,984
	200,000	Thomson Reuters Corp		5.650		11/23/43		213,376
	750,000	Visa, Inc		1.200		12/14/17		754,483
	1,500,000	Visa, Inc		2.200		12/14/20		1,537,929
	600,000	Visa, Inc		2.800		12/14/22		626,362
	1,025,000	Visa, Inc		3.150		12/14/25		1,070,468
	1,500,000	Visa, Inc		4.300		12/14/45		1,641,522
	310,000	Waste Management, Inc		4.600		03/01/21		332,735
	850,000	Waste Management, Inc		2.900		09/15/22		866,641
	1,000,000	Waste Management, Inc		3.500		05/15/24		1,046,304
	100,000	Waste Management, Inc		3.900		03/01/35		97,092
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						28,221,392
CONSUMER DURABLES & APPAREL - 0.1%
	200,000	Hasbro, Inc		3.150		05/15/21		204,718
	100,000	Hasbro, Inc		6.350		03/15/40		117,312
	200,000	Hasbro, Inc		5.100		05/15/44		202,648
	200,000	Leggett & Platt, Inc		3.400		08/15/22		203,170
	150,000	Mattel, Inc		1.700		03/15/18		148,569
	200,000	Mattel, Inc		2.350		05/06/19		202,596
	100,000	Mattel, Inc		4.350		10/01/20		107,661
	150,000	Mattel, Inc		3.150		03/15/23		146,586
	100,000	Mattel, Inc		5.450		11/01/41		104,034
	100,000	Mohawk Industries, Inc		3.850		02/01/23		103,295
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,016
	300,000	Newell Rubbermaid, Inc		2.600		03/29/19		304,421
	300,000	Newell Rubbermaid, Inc		2.875		12/01/19		303,349
	250,000	Newell Rubbermaid, Inc		3.150		04/01/21		256,919
	200,000	Newell Rubbermaid, Inc		4.000		06/15/22		206,080
	350,000	Newell Rubbermaid, Inc		3.850		04/01/23		363,120
	200,000	Newell Rubbermaid, Inc		4.000		12/01/24		204,227
	100,000	Newell Rubbermaid, Inc		3.900		11/01/25		99,374
	425,000	Newell Rubbermaid, Inc		4.200		04/01/26		444,507
	350,000	Newell Rubbermaid, Inc		5.375		04/01/36		371,734
	750,000	Newell Rubbermaid, Inc		5.500		04/01/46		811,953
	300,000	Nike, Inc		2.250		05/01/23		307,445
	300,000	Nike, Inc		3.625		05/01/43		298,761
	500,000	NIKE, Inc		3.875		11/01/45		523,309
	150,000	NVR, Inc		3.950		09/15/22		156,085
	200,000	Ralph Lauren Corp		2.125		09/26/18		204,228
	200,000	Ralph Lauren Corp		2.625		08/18/20		206,347
	200,000	Signet UK Finance plc		4.700		06/15/24		198,261
	220,000	VF Corp		6.450		11/01/37		286,909
	400,000	Whirlpool Corp		1.650		11/01/17		400,904
	100,000	Whirlpool Corp		2.400		03/01/19		101,324
	150,000	Whirlpool Corp		4.700		06/01/22		164,927
	100,000	Whirlpool Corp		3.700		03/01/23		104,012
	100,000	Whirlpool Corp		4.000		03/01/24		104,613
	100,000	Whirlpool Corp		5.150		03/01/43		104,160
		TOTAL CONSUMER DURABLES & APPAREL						8,167,574

45

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
CONSUMER SERVICES - 0.3%
$	100,000	Board of Trustees of The Leland Stanford Junior University		4.750	%	05/01/19	$	110,673
	300,000	Board of Trustees of The Leland Stanford Junior University		3.460		05/01/47		301,621
	200,000	Brinker International, Inc		3.875		05/15/23		196,461
	200,000	California Institute of Technology		4.321		08/01/45		222,222
	200,000	Catholic Health Initiatives		2.600		08/01/18		203,733
	500,000	Catholic Health Initiatives		2.950		11/01/22		501,300
	200,000	Catholic Health Initiatives		4.200		08/01/23		214,328
	100,000	Cintas Corp No 2		4.300		06/01/21		108,899
	200,000	Cintas Corp No 2		3.250		06/01/22		208,681
	100,000	Cornell University		5.450		02/01/19		111,492
	100,000	Darden Restaurants, Inc		7.050		10/15/37		108,054
	75,000	Dartmouth College		4.750		06/01/19		82,943
	300,000	Dun & Bradstreet Corp		3.250		12/01/17		301,696
	200,000	Dun & Bradstreet Corp		4.000		06/15/20		198,702
	100,000	George Washington University		3.485		09/15/22		104,773
	300,000	George Washington University		4.300		09/15/44		308,827
	200,000	George Washington University		4.868		09/15/45		224,782
	100,000	Hyatt Hotels Corp		3.875		08/15/16		100,734
	200,000	Hyatt Hotels Corp		3.375		07/15/23		195,982
	100,000	Hyatt Hotels Corp		4.850		03/15/26		104,392
	19,000	Johns Hopkins University		5.250		07/01/19		21,158
	200,000	Marriott International, Inc		3.000		03/01/19		204,327
	200,000	Marriott International, Inc		3.375		10/15/20		206,969
	300,000	Marriott International, Inc		2.875		03/01/21		303,032
	200,000	Marriott International, Inc		3.125		10/15/21		203,750
	200,000	Marriott International, Inc		3.250		09/15/22		202,215
	250,000	Massachusetts Institute of Technology		5.600		07/01/11		319,000
	200,000	Massachusetts Institute of Technology		4.678		07/01/14		216,892
	500,000	McDonald’s Corp		2.100		12/07/18		510,229
	300,000	McDonald’s Corp		1.875		05/29/19		303,388
	250,000	McDonald’s Corp		2.200		05/26/20		254,750
	720,000	McDonald’s Corp		3.500		07/15/20		768,017
	500,000	McDonald’s Corp		2.750		12/09/20		518,085
	550,000	McDonald’s Corp		2.625		01/15/22		569,297
	250,000	McDonald’s Corp		3.375		05/26/25		260,599
	500,000	McDonald’s Corp		3.700		01/30/26		529,981
	500,000	McDonald’s Corp		4.700		12/09/35		537,426
	280,000	McDonald’s Corp		6.300		03/01/38		352,664
	500,000	McDonald’s Corp		3.625		05/01/43		449,222
	250,000	McDonald’s Corp		4.600		05/26/45		261,629
	500,000	McDonald’s Corp		4.875		12/09/45		546,393
	200,000	Metropolitan Museum of Art		3.400		07/01/45		190,306
	200,000	Northwestern University		3.688		12/01/38		210,238
	200,000	Northwestern University		3.868		12/01/48		210,927
	750,000	President and Fellows of Harvard College		3.619		10/01/37		764,424
	100,000	Princeton University		4.950		03/01/19		110,643
	220,000	Princeton University		5.700		03/01/39		300,623
	200,000	Starwood Hotels & Resorts Worldwide, Inc		3.125		02/15/23		201,452
	200,000	Starwood Hotels & Resorts Worldwide, Inc		3.750		03/15/25		207,595

46

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Trinity Acquisition plc		3.500	%	09/15/21	$	203,560
	100,000	Trinity Acquisition plc		4.625		08/15/23		104,761
	200,000	Trinity Acquisition plc		4.400		03/15/26		202,986
	100,000	Trinity Acquisition plc		6.125		08/15/43		110,490
	200,000	University of Notre Dame du Lac		3.438		02/15/45		196,560
	25,000	Vanderbilt University		5.250		04/01/19		27,833
	70,000	Walt Disney Co		5.625		09/15/16		71,554
	500,000	Walt Disney Co		0.875		05/30/17		500,527
	700,000	Walt Disney Co		1.100		12/01/17		703,321
	300,000	Walt Disney Co		1.650		01/08/19		305,259
	500,000	Walt Disney Co		1.850		05/30/19		510,443
	200,000	Walt Disney Co		2.150		09/17/20		205,474
	300,000	Walt Disney Co		2.300		02/12/21		309,893
	850,000	Walt Disney Co		2.550		02/15/22		879,098
	200,000	Walt Disney Co		3.150		09/17/25		214,942
	300,000	Walt Disney Co		3.000		02/13/26		318,245
	100,000	Walt Disney Co		4.375		08/16/41		110,309
	200,000	Walt Disney Co		3.700		12/01/42		200,723
	800,000	Walt Disney Co		4.125		06/01/44		858,267
	200,000	William Marsh Rice University		3.574		05/15/45		198,169
	200,000	William Marsh Rice University		3.774		05/15/55		205,253
	150,000	Wyndham Worldwide Corp		2.500		03/01/18		150,045
	200,000	Wyndham Worldwide Corp		4.250		03/01/22		205,692
	200,000	Wyndham Worldwide Corp		3.900		03/01/23		202,515
	200,000	Wyndham Worldwide Corp		5.100		10/01/25		212,869
	200,000	Yale University		2.086		04/15/19		204,958
		TOTAL CONSUMER SERVICES						21,059,272
DIVERSIFIED FINANCIALS - 3.2%
	500,000	Abbey National Treasury Services plc		3.050		08/23/18		513,862
	500,000	Abbey National Treasury Services plc		2.000		08/24/18		502,901
	500,000	Abbey National Treasury Services plc		2.500		03/14/19		505,775
	500,000	Abbey National Treasury Services plc		2.350		09/10/19		501,980
	500,000	Abbey National Treasury Services plc		4.000		03/13/24		533,180
	150,000	ABN Amro Bank NV		4.650		06/04/18		154,296
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		206,044
	20,000	Ahold Finance USA LLC		6.875		05/01/29		25,492
	400,000	American Express Co		6.150		08/28/17		425,375
	190,000	American Express Co		7.000		03/19/18		208,596
	300,000	American Express Co		1.550		05/22/18		298,987
	293,000	American Express Co		2.650		12/02/22		292,165
	300,000	American Express Co		3.625		12/05/24		302,250
	329,000	American Express Co		4.050		12/03/42		328,077
	500,000	American Express Credit Corp		1.125		06/05/17		499,487
	1,175,000	American Express Credit Corp		2.125		07/27/18		1,183,340
	500,000	American Express Credit Corp		1.800		07/31/18		502,232
	350,000	American Express Credit Corp		1.875		11/05/18		352,213
	750,000	American Express Credit Corp		2.125		03/18/19		758,956
	500,000	American Express Credit Corp		2.250		08/15/19		506,335
	575,000	American Express Credit Corp		2.375		05/26/20		583,745
	500,000	American Express Credit Corp		2.600		09/14/20		512,339
	300,000	American Honda Finance Corp		1.200		07/14/17		300,550

47

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		American Honda Finance Corp		1.500	%	03/13/18	$	301,657
	500,000		American Honda Finance Corp		1.600		07/13/18		503,008
	300,000		American Honda Finance Corp		2.125		10/10/18		305,450
	200,000		American Honda Finance Corp		1.700		02/22/19		201,699
	500,000		American Honda Finance Corp		2.250		08/15/19		511,764
	200,000		American Honda Finance Corp		2.150		03/13/20		202,877
	300,000		American Honda Finance Corp		2.450		09/24/20		309,276
	295,000		Ameriprise Financial, Inc		5.300		03/15/20		330,297
	400,000		Ameriprise Financial, Inc		4.000		10/15/23		423,020
	300,000		Ameriprise Financial, Inc		3.700		10/15/24		310,861
	300,000		Ares Capital Corp		4.875		11/30/18		308,254
	150,000		Ares Capital Corp		3.875		01/15/20		153,755
	100,000	i	Bank of New York Mellon Corp (Step Bond)		1.969		06/20/17		100,961
	500,000		Bank of New York Mellon Corp		1.300		01/25/18		500,749
	1,000,000		Bank of New York Mellon Corp		2.300		09/11/19		1,025,118
	300,000		Bank of New York Mellon Corp		2.600		08/17/20		309,100
	500,000		Bank of New York Mellon Corp		2.450		11/27/20		510,205
	375,000		Bank of New York Mellon Corp		2.500		04/15/21		382,581
	500,000		Bank of New York Mellon Corp		3.550		09/23/21		533,300
	250,000		Bank of New York Mellon Corp		3.650		02/04/24		264,914
	800,000		Bank of New York Mellon Corp		3.250		09/11/24		824,443
	500,000		Bank of New York Mellon Corp		3.000		02/24/25		506,290
	500,000		Barclays Bank plc		5.140		10/14/20		533,908
	1,200,000		Barclays Bank plc		4.375		09/11/24		1,128,186
	116,000		Bear Stearns Cos LLC		5.550		01/22/17		119,694
	400,000		Berkshire Hathaway, Inc		1.550		02/09/18		403,767
	300,000		Berkshire Hathaway, Inc		2.100		08/14/19		305,833
	750,000		Berkshire Hathaway, Inc		2.200		03/15/21		765,600
	200,000		Berkshire Hathaway, Inc		3.750		08/15/21		219,008
	300,000		Berkshire Hathaway, Inc		3.000		02/11/23		311,422
	750,000		Berkshire Hathaway, Inc		2.750		03/15/23		765,110
	750,000		Berkshire Hathaway, Inc		3.125		03/15/26		770,892
	300,000		Berkshire Hathaway, Inc		4.500		02/11/43		327,905
	210,000		BlackRock, Inc		6.250		09/15/17		225,496
	390,000		BlackRock, Inc		5.000		12/10/19		436,432
	125,000		BlackRock, Inc		3.375		06/01/22		133,341
	500,000		BlackRock, Inc		3.500		03/18/24		530,191
	200,000		Block Financial LLC		5.500		11/01/22		215,551
	200,000		Block Financial LLC		5.250		10/01/25		210,804
	1,000,000		BNP Paribas S.A.		2.700		08/20/18		1,022,442
	300,000		BNP Paribas S.A.		2.400		12/12/18		304,965
	500,000		BNP Paribas S.A.		2.450		03/17/19		508,760
	325,000		BNP Paribas S.A.		2.375		05/21/20		327,079
	700,000		BNP Paribas S.A.		5.000		01/15/21		782,557
	300,000		BNP Paribas S.A.		3.250		03/03/23		309,246
	500,000		BNP Paribas S.A.		4.250		10/15/24		506,317
	200,000		Broadridge Financial Solutions, Inc		3.950		09/01/20		211,583
	300,000		Brookfield Asset Management, Inc		4.000		01/15/25		305,188
	500,000		Capital One Financial Corp		3.750		04/24/24		514,684
	200,000		Capital One Financial Corp		3.200		02/05/25		198,081
	500,000		Capital One Financial Corp		4.200		10/29/25		506,477
	300,000		Charles Schwab Corp		2.200		07/25/18		304,270

48

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Charles Schwab Corp		4.450	%	07/22/20	$	110,434
	200,000		Charles Schwab Corp		3.225		09/01/22		209,231
	200,000		Charles Schwab Corp		3.000		03/10/25		202,803
	350,000		CME Group, Inc		3.000		09/15/22		363,067
	300,000		CME Group, Inc		3.000		03/15/25		304,170
	200,000		CME Group, Inc		5.300		09/15/43		239,205
	1,500,000		Credit Suisse		1.375		05/26/17		1,495,848
	750,000		Credit Suisse		1.700		04/27/18		746,838
	1,000,000		Credit Suisse		2.300		05/28/19		1,009,677
	2,250,000		Credit Suisse		5.400		01/14/20		2,439,461
	325,000		Credit Suisse		3.000		10/29/21		331,677
	1,000,000		Credit Suisse		3.625		09/09/24		1,014,340
	500,000		Credit Suisse Group Funding Guernsey Ltd		2.750		03/26/20		493,603
	750,000	g	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		746,180
	450,000		Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		447,995
	1,050,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,003,497
	750,000		Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		714,709
	850,000		Diageo Investment Corp		2.875		05/11/22		888,944
	100,000		Diageo Investment Corp		4.250		05/11/42		107,390
	200,000		Digital Realty Trust LP		3.400		10/01/20		204,543
	200,000		Digital Realty Trust LP		3.950		07/01/22		203,696
	300,000		Digital Realty Trust LP		3.625		10/01/22		298,031
	200,000		Digital Realty Trust LP		4.750		10/01/25		203,707
	100,000		Discover Financial Services		5.200		04/27/22		106,957
	200,000		Discover Financial Services		3.950		11/06/24		197,737
	17,000		Eaton Vance Corp		6.500		10/02/17		18,152
	300,000		Eaton Vance Corp		3.625		06/15/23		313,774
	800,000		Ford Motor Credit Co LLC		3.000		06/12/17		810,609
	500,000		Ford Motor Credit Co LLC		1.724		12/06/17		496,355
	500,000		Ford Motor Credit Co LLC		2.145		01/09/18		499,461
	900,000		Ford Motor Credit Co LLC		2.375		01/16/18		904,247
	1,000,000		Ford Motor Credit Co LLC		5.000		05/15/18		1,056,056
	500,000		Ford Motor Credit Co LLC		2.240		06/15/18		499,824
	400,000		Ford Motor Credit Co LLC		2.875		10/01/18		407,330
	375,000		Ford Motor Credit Co LLC		2.551		10/05/18		376,592
	400,000		Ford Motor Credit Co LLC		2.943		01/08/19		406,120
	500,000		Ford Motor Credit Co LLC		2.375		03/12/19		503,081
	500,000		Ford Motor Credit Co LLC		2.597		11/04/19		502,320
	1,000,000		Ford Motor Credit Co LLC		2.459		03/27/20		993,742
	300,000		Ford Motor Credit Co LLC		3.200		01/15/21		306,887
	550,000		Ford Motor Credit Co LLC		3.336		03/18/21		566,232
	1,000,000		Ford Motor Credit Co LLC		5.875		08/02/21		1,146,666
	350,000		Ford Motor Credit Co LLC		3.219		01/09/22		356,693
	1,000,000		Ford Motor Credit Co LLC		3.664		09/08/24		1,010,291
	925,000		Ford Motor Credit Co LLC		4.134		08/04/25		961,373
	500,000		Ford Motor Credit Co LLC		4.389		01/08/26		529,838
	150,000		Franklin Resources, Inc		2.800		09/15/22		151,404
	200,000		Franklin Resources, Inc		2.850		03/30/25		198,538
	200,000		FS Investment Corp		4.250		01/15/20		200,143
	150,000		FS Investment Corp		4.750		05/15/22		148,654
	1,011,000	g	GE Capital International Funding Co		0.964		04/15/16		1,011,056
	2,452,000	g	GE Capital International Funding Co		2.342		11/15/20		2,514,151

49

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,443,000	g	GE Capital International Funding Co		3.373	%	11/15/25	$	2,608,132
	2,944,000	g	GE Capital International Funding Co		4.418		11/15/35		3,186,244
	1,050,000		General Electric Capital Corp		2.950		05/09/16		1,052,732
	800,000		General Electric Capital Corp		2.300		04/27/17		810,921
	1,625,000		General Electric Capital Corp		5.625		09/15/17		1,735,346
	500,000		General Electric Capital Corp		1.600		11/20/17		504,872
	300,000		General Electric Capital Corp		1.625		04/02/18		303,728
	1,000,000		General Electric Capital Corp		2.300		01/14/19		1,032,346
	200,000		General Electric Capital Corp		2.100		12/11/19		204,798
	181,000		General Electric Capital Corp		5.500		01/08/20		207,688
	250,000		General Electric Capital Corp		2.200		01/09/20		257,429
	532,000		General Electric Capital Corp		4.375		09/16/20		593,606
	72,000		General Electric Capital Corp		4.625		01/07/21		81,447
	86,000		General Electric Capital Corp		5.300		02/11/21		99,919
	200,000		General Electric Capital Corp		4.650		10/17/21		228,279
	544,000		General Electric Capital Corp		3.150		09/07/22		580,161
	144,000		General Electric Capital Corp		3.100		01/09/23		152,529
	1,003,000		General Electric Capital Corp		3.450		05/15/24		1,081,402
	752,000		General Electric Capital Corp		6.750		03/15/32		1,027,562
	344,000		General Electric Capital Corp		5.875		01/14/38		448,744
	352,000		General Electric Capital Corp		6.875		01/10/39		510,716
	2,250,000		General Motors Financial Co, Inc		4.750		08/15/17		2,322,833
	500,000		General Motors Financial Co, Inc		3.100		01/15/19		508,575
	200,000		General Motors Financial Co, Inc		3.200		07/13/20		199,631
	700,000		General Motors Financial Co, Inc		3.700		11/24/20		713,672
	500,000		General Motors Financial Co, Inc		4.200		03/01/21		516,660
	2,500,000		General Motors Financial Co, Inc		3.450		04/10/22		2,455,978
	300,000		General Motors Financial Co, Inc		4.300		07/13/25		297,068
	225,000		General Motors Financial Co, Inc		5.250		03/01/26		236,120
	550,000		Goldman Sachs Group, Inc		5.950		01/18/18		589,877
	1,450,000		Goldman Sachs Group, Inc		2.375		01/22/18		1,468,811
	60,000		Goldman Sachs Group, Inc		6.150		04/01/18		64,915
	750,000		Goldman Sachs Group, Inc		2.900		07/19/18		767,618
	1,500,000		Goldman Sachs Group, Inc		2.625		01/31/19		1,529,933
	1,500,000		Goldman Sachs Group, Inc		2.550		10/23/19		1,524,020
	2,505,000		Goldman Sachs Group, Inc		5.375		03/15/20		2,780,615
	950,000		Goldman Sachs Group, Inc		2.600		04/23/20		958,180
	1,150,000		Goldman Sachs Group, Inc		6.000		06/15/20		1,311,592
	425,000		Goldman Sachs Group, Inc		2.750		09/15/20		431,593
	500,000		Goldman Sachs Group, Inc		2.875		02/25/21		509,025
	1,300,000		Goldman Sachs Group, Inc		5.250		07/27/21		1,463,989
	2,325,000		Goldman Sachs Group, Inc		5.750		01/24/22		2,683,727
	1,800,000		Goldman Sachs Group, Inc		3.625		01/22/23		1,857,100
	1,500,000		Goldman Sachs Group, Inc		4.000		03/03/24		1,573,383
	500,000		Goldman Sachs Group, Inc		3.850		07/08/24		516,834
	1,325,000		Goldman Sachs Group, Inc		3.500		01/23/25		1,337,919
	600,000		Goldman Sachs Group, Inc		3.750		05/22/25		614,395
	250,000		Goldman Sachs Group, Inc		4.250		10/21/25		254,120
	300,000		Goldman Sachs Group, Inc		3.750		02/25/26		306,972
	65,000		Goldman Sachs Group, Inc		6.450		05/01/36		75,382
	2,150,000		Goldman Sachs Group, Inc		6.250		02/01/41		2,673,843
	1,075,000		Goldman Sachs Group, Inc		4.800		07/08/44		1,124,331

50

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	575,000	Goldman Sachs Group, Inc		5.150	%	05/22/45	$	584,293
	875,000	Goldman Sachs Group, Inc		4.750		10/21/45		914,831
	782,000	HSBC Finance Corp		6.676		01/15/21		898,712
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		511,417
	500,000	Intercontinental Exchange, Inc		3.750		12/01/25		509,290
	200,000	IntercontinentalExchange Group, Inc		2.500		10/15/18		203,716
	200,000	IntercontinentalExchange Group, Inc		4.000		10/15/23		208,844
	125,000	Invesco Finance plc		3.125		11/30/22		127,566
	200,000	Invesco Finance plc		4.000		01/30/24		210,630
	200,000	Invesco Finance plc		3.750		01/15/26		208,512
	200,000	Invesco Finance plc		5.375		11/30/43		225,362
	300,000	Janus Capital Group, Inc		4.875		08/01/25		319,376
	425,000	Jefferies Group, Inc		8.500		07/15/19		485,639
	500,000	Jefferies Group, Inc		6.875		04/15/21		563,161
	600,000	Jefferies Group, Inc		6.450		06/08/27		628,380
	100,000	Korea Finance Corp		3.250		09/20/16		100,993
	700,000	Korea Finance Corp		2.250		08/07/17		707,772
	500,000	Korea Finance Corp		2.875		08/22/18		514,463
	250,000	Lazard Group LLC		4.250		11/14/20		261,179
	150,000	Lazard Group LLC		3.750		02/13/25		138,510
	100,000	Legg Mason, Inc		2.700		07/15/19		101,013
	400,000	Legg Mason, Inc		5.625		01/15/44		392,791
	1,260,000	Merrill Lynch & Co, Inc		6.400		08/28/17		1,339,351
	1,050,000	Merrill Lynch & Co, Inc		6.875		04/25/18		1,153,061
	1,500,000	Merrill Lynch & Co, Inc		6.110		01/29/37		1,725,200
	550,000	Morgan Stanley		5.550		04/27/17		573,314
	245,000	Morgan Stanley		5.950		12/28/17		262,228
	325,000	Morgan Stanley		1.875		01/05/18		326,068
	600,000	Morgan Stanley		2.125		04/25/18		604,749
	500,000	Morgan Stanley		2.200		12/07/18		503,767
	1,450,000	Morgan Stanley		2.500		01/24/19		1,475,591
	500,000	Morgan Stanley		2.450		02/01/19		507,423
	796,000	Morgan Stanley		7.300		05/13/19		916,303
	4,000,000	Morgan Stanley		2.375		07/23/19		4,042,900
	300,000	Morgan Stanley		5.625		09/23/19		333,902
	590,000	Morgan Stanley		5.500		01/26/20		657,757
	700,000	Morgan Stanley		2.650		01/27/20		710,603
	1,000,000	Morgan Stanley		2.800		06/16/20		1,018,878
	200,000	Morgan Stanley		5.750		01/25/21		229,019
	1,200,000	Morgan Stanley		5.500		07/28/21		1,370,125
	2,500,000	Morgan Stanley		4.875		11/01/22		2,718,198
	2,850,000	Morgan Stanley		4.100		05/22/23		2,940,071
	1,000,000	Morgan Stanley		3.875		04/29/24		1,049,306
	1,100,000	Morgan Stanley		3.700		10/23/24		1,137,509
	650,000	Morgan Stanley		4.000		07/23/25		679,962
	750,000	Morgan Stanley		5.000		11/24/25		812,018
	325,000	Morgan Stanley		3.875		01/27/26		339,154
	325,000	Morgan Stanley		4.350		09/08/26		334,610
	300,000	Morgan Stanley		3.950		04/23/27		300,469
	600,000	Morgan Stanley		7.250		04/01/32		810,497
	1,250,000	Morgan Stanley		4.300		01/27/45		1,258,176
	220,000	NASDAQ OMX Group, Inc		5.550		01/15/20		242,916

51

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		NASDAQ OMX Group, Inc		4.250	%	06/01/24	$	258,063
	200,000		National Rural Utilities Cooperative Finance Corp		0.950		04/24/17		199,980
	300,000		National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		300,941
	125,000		National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		127,741
	500,000		National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		509,251
	350,000		National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		360,578
	200,000		National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		203,210
	200,000		National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		208,506
	400,000		National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		407,388
	200,000		National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		209,690
	500,000	i	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		481,575
	500,000		Nomura Holdings, Inc		2.750		03/19/19		507,195
	430,000		Nomura Holdings, Inc		6.700		03/04/20		496,362
	300,000		NYSE Euronext		2.000		10/05/17		302,505
	800,000		Oesterreichische Kontrollbank AG.		5.000		04/25/17		834,635
	1,000,000		Oesterreichische Kontrollbank AG.		1.125		05/29/18		1,001,021
	500,000		Oesterreichische Kontrollbank AG.		1.625		03/12/19		507,154
	300,000		Oesterreichische Kontrollbank AG.		1.500		10/21/20		299,988
	500,000		Oesterreichische Kontrollbank AG.		2.375		10/01/21		518,523
	200,000		PACCAR Financial Corp		1.100		06/06/17		200,364
	300,000		PACCAR Financial Corp		1.400		05/18/18		300,398
	200,000		PACCAR Financial Corp		1.650		02/25/19		200,793
	200,000		PACCAR Financial Corp		2.200		09/15/19		203,983
	200,000		PACCAR Financial Corp		2.250		02/25/21		200,515
	200,000		Prospect Capital Corp		5.875		03/15/23		172,271
	100,000		Raymond James Financial, Inc		4.250		04/15/16		100,094
	300,000		Raymond James Financial, Inc		5.625		04/01/24		332,472
	500,000		Sasol Financing International plc		4.500		11/14/22		483,750
	150,000		State Street Corp		1.350		05/15/18		150,262
	300,000		State Street Corp		2.550		08/18/20		309,098
	300,000		State Street Corp		4.375		03/07/21		331,088
	400,000		State Street Corp		3.100		05/15/23		404,021
	350,000		State Street Corp		3.700		11/20/23		377,162
	500,000		State Street Corp		3.300		12/16/24		520,352
	225,000		State Street Corp		3.550		08/18/25		239,512
	200,000		Stifel Financial Corp		3.500		12/01/20		200,007
	100,000		Synchrony Financial		1.875		08/15/17		99,699
	300,000		Synchrony Financial		2.600		01/15/19		300,693
	250,000		Synchrony Financial		3.000		08/15/19		254,016
	275,000		Synchrony Financial		2.700		02/03/20		272,596
	300,000		Synchrony Financial		3.750		08/15/21		308,101
	250,000		Synchrony Financial		4.250		08/15/24		253,790
	600,000		Synchrony Financial		4.500		07/23/25		617,411
	300,000		Syngenta Finance NV		3.125		03/28/22		300,752
	300,000		TD Ameritrade Holding Corp		2.950		04/01/22		306,280
	350,000		TD Ameritrade Holding Corp		3.625		04/01/25		366,570
	150,000		Toyota Motor Credit Corp		2.050		01/12/17		151,478
	400,000		Toyota Motor Credit Corp		1.750		05/22/17		403,524
	500,000		Toyota Motor Credit Corp		1.250		10/05/17		500,902
	500,000		Toyota Motor Credit Corp		1.375		01/10/18		502,712
	500,000		Toyota Motor Credit Corp		1.450		01/12/18		502,600
	300,000		Toyota Motor Credit Corp		1.550		07/13/18		302,771

52

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Toyota Motor Credit Corp		2.000	%	10/24/18	$	509,099
	500,000	Toyota Motor Credit Corp		2.100		01/17/19		510,333
	300,000	Toyota Motor Credit Corp		1.700		02/19/19		302,857
	400,000	Toyota Motor Credit Corp		2.125		07/18/19		409,121
	500,000	Toyota Motor Credit Corp		2.150		03/12/20		510,987
	750,000	Toyota Motor Credit Corp		2.750		05/17/21		777,295
	300,000	Toyota Motor Credit Corp		3.400		09/15/21		322,343
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		310,904
	400,000	Toyota Motor Credit Corp		2.625		01/10/23		405,324
	300,000	UBS AG.		1.375		06/01/17		299,636
	500,000	UBS AG.		1.375		08/14/17		498,869
	500,000	UBS AG.		1.800		03/26/18		501,724
	162,000	UBS AG.		5.750		04/25/18		175,327
	500,000	UBS AG.		2.375		08/14/19		507,914
	1,000,000	UBS AG.		2.350		03/26/20		1,011,395
	400,000	Unilever Capital Corp		0.850		08/02/17		399,909
	250,000	Unilever Capital Corp		4.800		02/15/19		275,230
	300,000	Unilever Capital Corp		2.200		03/06/19		309,117
	250,000	Unilever Capital Corp		2.100		07/30/20		255,752
	250,000	Unilever Capital Corp		4.250		02/10/21		280,232
	150,000	Unilever Capital Corp		3.100		07/30/25		160,777
	330,000	Unilever Capital Corp		5.900		11/15/32		443,011
	1,250,000	Wells Fargo & Co		2.100		05/08/17		1,264,324
	1,400,000	Wells Fargo & Co		1.500		01/16/18		1,408,373
	425,000	Wells Fargo & Co		2.150		01/15/19		432,706
	1,000,000	Wells Fargo & Co		2.150		01/30/20		1,012,042
	750,000	Wells Fargo & Co		2.600		07/22/20		767,768
	450,000	Wells Fargo & Co		2.550		12/07/20		458,079
	1,000,000	Wells Fargo & Co		3.000		01/22/21		1,037,077
	1,000,000	Wells Fargo & Co		2.500		03/04/21		1,013,115
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,332,018
	3,500,000	Wells Fargo & Co		3.500		03/08/22		3,723,472
	700,000	Wells Fargo & Co		3.450		02/13/23		718,073
	500,000	Wells Fargo & Co		4.125		08/15/23		533,581
	334,000	Wells Fargo & Co		4.480		01/16/24		362,989
	2,200,000	Wells Fargo & Co		3.300		09/09/24		2,270,752
	750,000	Wells Fargo & Co		3.000		02/19/25		756,580
	500,000	Wells Fargo & Co		3.550		09/29/25		524,424
	650,000	Wells Fargo & Co		4.100		06/03/26		680,493
	750,000	Wells Fargo & Co		4.300		07/22/27		796,189
	264,000	Wells Fargo & Co		5.375		02/07/35		319,206
	725,000	Wells Fargo & Co		5.375		11/02/43		819,698
	1,143,000	Wells Fargo & Co		5.606		01/15/44		1,310,060
	300,000	Wells Fargo & Co		4.650		11/04/44		307,920
	1,000,000	Wells Fargo & Co		3.900		05/01/45		1,000,431
	750,000	Wells Fargo & Co		4.900		11/17/45		804,439
		TOTAL DIVERSIFIED FINANCIALS						203,298,069
ENERGY - 2.3%
	700,000	Anadarko Petroleum Corp		6.375		09/15/17		733,053
	465,000	Anadarko Petroleum Corp		8.700		03/15/19		519,658
	375,000	Anadarko Petroleum Corp		4.850		03/15/21		381,949

53

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Anadarko Petroleum Corp		3.450	%	07/15/24	$	178,176
	350,000	Anadarko Petroleum Corp		5.550		03/15/26		353,873
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,274,997
	200,000	Anadarko Petroleum Corp		4.500		07/15/44		156,928
	500,000	Anadarko Petroleum Corp		6.600		03/15/46		510,579
	400,000	Apache Corp		6.900		09/15/18		433,318
	200,000	Apache Corp		3.250		04/15/22		193,201
	980,000	Apache Corp		5.100		09/01/40		889,412
	300,000	Apache Corp		5.250		02/01/42		275,751
	350,000	Apache Corp		4.750		04/15/43		314,251
	300,000	Apache Corp		4.250		01/15/44		256,267
	200,000	Baker Hughes, Inc		7.500		11/15/18		224,202
	450,000	Baker Hughes, Inc		3.200		08/15/21		457,403
	415,000	Baker Hughes, Inc		5.125		09/15/40		415,047
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		199,821
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		168,824
	200,000	BP Capital Markets plc		1.846		05/05/17		200,977
	1,350,000	BP Capital Markets plc		1.375		11/06/17		1,345,743
	500,000	BP Capital Markets plc		1.375		05/10/18		497,118
	300,000	BP Capital Markets plc		2.241		09/26/18		303,859
	500,000	BP Capital Markets plc		2.237		05/10/19		506,162
	1,250,000	BP Capital Markets plc		2.315		02/13/20		1,260,752
	300,000	BP Capital Markets plc		4.500		10/01/20		328,180
	150,000	BP Capital Markets plc		4.742		03/11/21		167,891
	650,000	BP Capital Markets plc		3.561		11/01/21		684,729
	200,000	BP Capital Markets plc		3.245		05/06/22		205,486
	850,000	BP Capital Markets plc		2.500		11/06/22		832,173
	300,000	BP Capital Markets plc		3.994		09/26/23		317,134
	500,000	BP Capital Markets plc		3.814		02/10/24		520,032
	300,000	BP Capital Markets plc		3.535		11/04/24		306,625
	500,000	BP Capital Markets plc		3.506		03/17/25		509,167
	200,000	Buckeye Partners LP		2.650		11/15/18		198,605
	200,000	Buckeye Partners LP		4.875		02/01/21		202,070
	200,000	Buckeye Partners LP		4.350		10/15/24		179,698
	200,000	Buckeye Partners LP		5.850		11/15/43		174,509
	100,000	Buckeye Partners LP		5.600		10/15/44		83,763
	575,000	Burlington Resources Finance Co		7.200		08/15/31		640,658
	200,000	Burlington Resources Finance Co		7.400		12/01/31		226,465
	100,000	Cameron International Corp		6.375		07/15/18		110,468
	150,000	Cameron International Corp		3.600		04/30/22		152,356
	500,000	Cameron International Corp		4.000		12/15/23		510,318
	100,000	Cameron International Corp		5.950		06/01/41		112,876
	200,000	Cameron International Corp		5.125		12/15/43		203,363
	600,000	Canadian Natural Resources Ltd		5.700		05/15/17		618,527
	300,000	Canadian Natural Resources Ltd		1.750		01/15/18		292,563
	100,000	Canadian Natural Resources Ltd		3.800		04/15/24		89,827
	700,000	Canadian Natural Resources Ltd		3.900		02/01/25		629,412
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		782,017
	100,000	Chevron Corp		0.889		06/24/16		100,043
	500,000	Chevron Corp		1.344		11/09/17		502,900
	300,000	Chevron Corp		1.345		11/15/17		301,831
	500,000	Chevron Corp		1.104		12/05/17		499,175

54

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		Chevron Corp		1.365	%	03/02/18	$	401,471
	750,000		Chevron Corp		1.718		06/24/18		757,454
	500,000		Chevron Corp		1.790		11/16/18		506,114
	200,000		Chevron Corp		4.950		03/03/19		219,580
	1,000,000		Chevron Corp		2.193		11/15/19		1,019,374
	400,000		Chevron Corp		1.961		03/03/20		405,518
	750,000		Chevron Corp		2.427		06/24/20		766,021
	500,000		Chevron Corp		2.419		11/17/20		513,925
	400,000		Chevron Corp		2.411		03/03/22		406,681
	650,000		Chevron Corp		2.355		12/05/22		649,948
	250,000		Chevron Corp		3.191		06/24/23		257,800
	125,000		Chevron Corp		3.326		11/17/25		128,732
	500,000		Cimarex Energy Co		4.375		06/01/24		492,506
	300,000	g	Columbia Pipeline Group, Inc		2.450		06/01/18		297,025
	300,000	g	Columbia Pipeline Group, Inc		3.300		06/01/20		298,260
	300,000	g	Columbia Pipeline Group, Inc		4.500		06/01/25		297,946
	300,000	g	Columbia Pipeline Group, Inc		5.800		06/01/45		303,937
	1,500,000		ConocoPhillips Co		1.050		12/15/17		1,478,479
	300,000		ConocoPhillips Co		1.500		05/15/18		295,498
	600,000		ConocoPhillips Co		5.750		02/01/19		651,076
	300,000		ConocoPhillips Co		2.200		05/15/20		294,773
	500,000		ConocoPhillips Co		4.200		03/15/21		521,658
	300,000		ConocoPhillips Co		2.875		11/15/21		294,399
	600,000		ConocoPhillips Co		2.400		12/15/22		568,404
	300,000		ConocoPhillips Co		3.350		11/15/24		289,932
	500,000		ConocoPhillips Co		4.950		03/15/26		522,199
	300,000		ConocoPhillips Co		4.150		11/15/34		268,124
	250,000		ConocoPhillips Co		5.900		05/15/38		256,203
	1,035,000		ConocoPhillips Co		6.500		02/01/39		1,145,593
	300,000		ConocoPhillips Co		4.300		11/15/44		259,494
	500,000		ConocoPhillips Co		5.950		03/15/46		535,623
	500,000		ConocoPhillips Holding Co		6.950		04/15/29		562,706
	850,000		Devon Energy Corp		6.300		01/15/19		860,185
	525,000		Devon Energy Corp		3.250		05/15/22		444,254
	300,000		Devon Energy Corp		5.850		12/15/25		289,691
	600,000		Devon Energy Corp		7.950		04/15/32		610,298
	700,000		Devon Energy Corp		4.750		05/15/42		513,479
	300,000		Devon Energy Corp		5.000		06/15/45		223,963
	300,000		Ecopetrol S.A.		4.250		09/18/18		303,750
	550,000		Ecopetrol S.A.		7.625		07/23/19		602,250
	500,000		Ecopetrol S.A.		5.875		09/18/23		493,005
	1,000,000		Ecopetrol S.A.		4.125		01/16/25		847,500
	400,000		Ecopetrol S.A.		5.375		06/26/26		363,680
	200,000		Ecopetrol S.A.		7.375		09/18/43		183,500
	300,000		Ecopetrol S.A.		5.875		05/28/45		236,160
	300,000		El Paso Pipeline Partners Operating Co LLC		4.300		05/01/24		285,211
	400,000		El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		314,304
	495,000		Enbridge Energy Partners LP		5.200		03/15/20		495,860
	175,000		Enbridge Energy Partners LP		4.375		10/15/20		170,881
	200,000		Enbridge Energy Partners LP		5.875		10/15/25		201,751
	300,000		Enbridge Energy Partners LP		5.500		09/15/40		244,347
	200,000		Enbridge Energy Partners LP		7.375		10/15/45		202,182

55

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	735,000	Enterprise Products Operating LLC		6.300	%	09/15/17	$	777,948
	300,000	Enterprise Products Operating LLC		1.650		05/07/18		298,948
	130,000	Enterprise Products Operating LLC		6.500		01/31/19		142,450
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		655,339
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		416,666
	1,100,000	Enterprise Products Operating LLC		3.350		03/15/23		1,095,240
	800,000	Enterprise Products Operating LLC		3.900		02/15/24		808,915
	300,000	Enterprise Products Operating LLC		3.700		02/15/26		297,854
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		502,372
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		278,233
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		89,219
	1,000,000	Enterprise Products Operating LLC		4.850		03/15/44		938,348
	500,000	Enterprise Products Operating LLC		5.100		02/15/45		485,437
	300,000	Enterprise Products Operating LLC		4.900		05/15/46		288,438
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		173,635
	700,000	EOG Resources, Inc		2.450		04/01/20		693,849
	440,000	EOG Resources, Inc		4.100		02/01/21		465,382
	600,000	EOG Resources, Inc		2.625		03/15/23		569,559
	150,000	EOG Resources, Inc		4.150		01/15/26		155,540
	200,000	EOG Resources, Inc		3.900		04/01/35		184,562
	200,000	EOG Resources, Inc		5.100		01/15/36		206,436
	50,000	EQT Corp		6.500		04/01/18		51,309
	550,000	EQT Corp		8.125		06/01/19		592,788
	500,000	Exxon Mobil Corp		1.439		03/01/18		503,840
	500,000	Exxon Mobil Corp		1.305		03/06/18		502,304
	750,000	Exxon Mobil Corp		1.708		03/01/19		759,277
	500,000	Exxon Mobil Corp		1.819		03/15/19		507,739
	500,000	Exxon Mobil Corp		1.912		03/06/20		505,796
	750,000	Exxon Mobil Corp		2.222		03/01/21		763,107
	500,000	Exxon Mobil Corp		2.397		03/06/22		506,743
	500,000	Exxon Mobil Corp		2.726		03/01/23		508,670
	500,000	Exxon Mobil Corp		3.176		03/15/24		521,403
	500,000	Exxon Mobil Corp		2.709		03/06/25		503,020
	550,000	Exxon Mobil Corp		3.043		03/01/26		563,170
	500,000	Exxon Mobil Corp		3.567		03/06/45		486,319
	550,000	Exxon Mobil Corp		4.114		03/01/46		583,348
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		182,437
	400,000	Halliburton Co		2.000		08/01/18		402,329
	400,000	Halliburton Co		6.150		09/15/19		452,303
	750,000	Halliburton Co		2.700		11/15/20		761,743
	500,000	Halliburton Co		3.375		11/15/22		508,975
	750,000	Halliburton Co		3.800		11/15/25		750,452
	500,000	Halliburton Co		4.850		11/15/35		500,083
	250,000	Halliburton Co		4.500		11/15/41		222,551
	600,000	Halliburton Co		4.750		08/01/43		556,664
	750,000	Halliburton Co		5.000		11/15/45		735,492
	200,000	Helmerich & Payne International Drilling Co		4.650		03/15/25		201,361
	200,000	Hess Corp		1.300		06/15/17		197,658
	425,000	Hess Corp		8.125		02/15/19		465,814
	200,000	Hess Corp		3.500		07/15/24		181,372
	200,000	Hess Corp		7.875		10/01/29		217,597
	940,000	Hess Corp		5.600		02/15/41		838,653

56

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		HollyFrontier Corp		5.875	%	04/01/26	$	199,186
	30,000		Husky Energy, Inc		7.250		12/15/19		33,166
	200,000		Husky Energy, Inc		3.950		04/15/22		198,654
	500,000		Husky Energy, Inc		4.000		04/15/24		473,210
	130,000		Husky Energy, Inc		6.800		09/15/37		130,568
	200,000		Magellan Midstream Partners LP		6.550		07/15/19		223,301
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		130,888
	200,000		Magellan Midstream Partners LP		3.200		03/15/25		191,680
	100,000		Magellan Midstream Partners LP		5.000		03/01/26		108,190
	500,000		Magellan Midstream Partners LP		4.200		12/01/42		418,145
	400,000		Marathon Oil Corp		6.000		10/01/17		405,494
	650,000		Marathon Oil Corp		2.800		11/01/22		529,622
	300,000		Marathon Oil Corp		3.850		06/01/25		243,883
	255,000		Marathon Oil Corp		6.600		10/01/37		210,140
	200,000		Marathon Oil Corp		5.200		06/01/45		139,690
	200,000		Marathon Petroleum Corp		2.700		12/14/18		199,800
	250,000		Marathon Petroleum Corp		3.400		12/15/20		246,000
	250,000		Marathon Petroleum Corp		5.125		03/01/21		260,183
	100,000		Marathon Petroleum Corp		3.625		09/15/24		91,479
	350,000		Marathon Petroleum Corp		6.500		03/01/41		347,268
	250,000		Marathon Petroleum Corp		4.750		09/15/44		200,115
	250,000		Marathon Petroleum Corp		5.850		12/15/45		224,969
	200,000		Marathon Petroleum Corp		5.000		09/15/54		156,581
	125,000		Nabors Industries, Inc		6.150		02/15/18		124,437
	350,000		Nabors Industries, Inc		4.625		09/15/21		297,112
	100,000		Nabors Industries, Inc		5.100		09/15/23		77,609
	100,000		National Oilwell Varco, Inc		1.350		12/01/17		97,781
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		254,391
	300,000		National Oilwell Varco, Inc		3.950		12/01/42		213,718
	935,000		Nexen, Inc		6.400		05/15/37		1,061,055
	150,000		Noble Energy, Inc		8.250		03/01/19		165,106
	750,000		Noble Energy, Inc		3.900		11/15/24		706,849
	700,000		Noble Energy, Inc		6.000		03/01/41		640,371
	300,000		Noble Energy, Inc		5.250		11/15/43		259,429
	250,000		Occidental Petroleum Corp		1.500		02/15/18		249,271
	250,000		Occidental Petroleum Corp		3.125		02/15/22		258,381
	200,000		Occidental Petroleum Corp		2.600		04/15/22		201,721
	550,000		Occidental Petroleum Corp		2.700		02/15/23		543,126
	250,000		Occidental Petroleum Corp		3.500		06/15/25		256,139
	100,000		Occidental Petroleum Corp		3.400		04/15/26		100,780
	300,000		Occidental Petroleum Corp		4.625		06/15/45		313,218
	240,000		Occidental Petroleum Corp		4.400		04/15/46		240,968
	200,000		Oceaneering International, Inc		4.650		11/15/24		172,306
	300,000		ONE Gas, Inc		2.070		02/01/19		301,070
	100,000		ONE Gas, Inc		3.610		02/01/24		104,602
	100,000		ONE Gas, Inc		4.658		02/01/44		108,499
	406,000		Panhandle Eastern Pipeline Co LP		7.000		06/15/18		429,205
	785,000		Pemex Project Funding Master Trust		5.750		03/01/18		826,213
	75,000		Petro-Canada		6.800		05/15/38		82,211
	400,000		Petroleos Mexicanos		3.500		07/18/18		405,400
	200,000		Petroleos Mexicanos		3.125		01/23/19		198,200
	350,000	g	Petroleos Mexicanos		5.500		02/04/19		366,625

57

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	980,000		Petroleos Mexicanos		8.000	%	05/03/19	$	1,091,671
	775,000		Petroleos Mexicanos		6.000		03/05/20		819,563
	500,000		Petroleos Mexicanos		3.500		07/23/20		490,000
	800,000		Petroleos Mexicanos		5.500		01/21/21		830,000
	300,000	g	Petroleos Mexicanos		6.375		02/04/21		319,950
	240,000		Petroleos Mexicanos		4.875		01/24/22		238,200
	210,000		Petroleos Mexicanos		1.700		12/20/22		210,096
	210,000		Petroleos Mexicanos		2.000		12/20/22		212,205
	400,000		Petroleos Mexicanos		3.500		01/30/23		362,500
	1,500,000		Petroleos Mexicanos		4.875		01/18/24		1,470,375
	950,000		Petroleos Mexicanos		4.500		01/23/26		884,925
	500,000	g	Petroleos Mexicanos		6.875		08/04/26		541,250
	1,040,000		Petroleos Mexicanos		6.500		06/02/41		979,160
	2,690,000		Petroleos Mexicanos		5.500		06/27/44		2,239,425
	575,000		Petroleos Mexicanos		6.375		01/23/45		533,025
	1,000,000		Petroleos Mexicanos		5.625		01/23/46		840,400
	900,000		Phillips 66		2.950		05/01/17		916,464
	650,000		Phillips 66		4.300		04/01/22		692,396
	200,000		Phillips 66		4.650		11/15/34		198,436
	400,000		Phillips 66		5.875		05/01/42		434,748
	400,000		Phillips 66		4.875		11/15/44		400,838
	125,000		Pioneer Natural Resources Co		3.450		01/15/21		124,395
	375,000		Pioneer Natural Resources Co		3.950		07/15/22		378,951
	200,000		Pioneer Natural Resources Co		4.450		01/15/26		201,661
	200,000		Plains All American Pipeline LP		2.600		12/15/19		189,434
	700,000		Plains All American Pipeline LP		5.000		02/01/21		701,553
	200,000		Plains All American Pipeline LP		2.850		01/31/23		169,674
	400,000		Plains All American Pipeline LP		3.850		10/15/23		357,920
	200,000		Plains All American Pipeline LP		3.600		11/01/24		172,542
	300,000		Plains All American Pipeline LP		4.650		10/15/25		277,556
	100,000		Plains All American Pipeline LP		6.650		01/15/37		92,541
	250,000		Plains All American Pipeline LP		5.150		06/01/42		194,570
	300,000		Plains All American Pipeline LP		4.700		06/15/44		225,029
	300,000		Plains All American Pipeline LP		4.900		02/15/45		231,082
	750,000		Schlumberger Investment S.A.		3.650		12/01/23		779,123
	500,000		SESI LLC		7.125		12/15/21		377,500
	200,000		Shell International Finance BV		1.125		08/21/17		199,885
	300,000		Shell International Finance BV		1.250		11/10/17		300,382
	300,000		Shell International Finance BV		1.625		11/10/18		301,379
	500,000		Shell International Finance BV		2.000		11/15/18		506,452
	805,000		Shell International Finance BV		4.300		09/22/19		871,046
	1,130,000		Shell International Finance BV		4.375		03/25/20		1,234,033
	500,000		Shell International Finance BV		2.125		05/11/20		504,968
	300,000		Shell International Finance BV		2.250		11/10/20		303,851
	200,000		Shell International Finance BV		2.375		08/21/22		198,285
	500,000		Shell International Finance BV		2.250		01/06/23		485,365
	500,000		Shell International Finance BV		3.400		08/12/23		518,437
	1,300,000		Shell International Finance BV		3.250		05/11/25		1,310,665
	500,000		Shell International Finance BV		4.125		05/11/35		512,440
	421,000		Shell International Finance BV		6.375		12/15/38		515,551
	200,000		Shell International Finance BV		3.625		08/21/42		179,051
	1,000,000		Shell International Finance BV		4.550		08/12/43		1,038,468

58

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Shell International Finance BV		4.375	%	05/11/45	$	1,004,360
	350,000		Statoil ASA		3.125		08/17/17		359,352
	500,000		Statoil ASA		1.250		11/09/17		499,643
	375,000		Statoil ASA		1.200		01/17/18		374,155
	300,000		Statoil ASA		1.150		05/15/18		297,881
	300,000		Statoil ASA		1.950		11/08/18		302,584
	450,000		Statoil ASA		5.250		04/15/19		494,757
	500,000		Statoil ASA		2.250		11/08/19		506,304
	300,000		Statoil ASA		2.900		11/08/20		307,931
	500,000		Statoil ASA		2.750		11/10/21		506,876
	250,000		Statoil ASA		3.150		01/23/22		256,955
	375,000		Statoil ASA		2.450		01/17/23		363,680
	300,000		Statoil ASA		2.650		01/15/24		292,383
	300,000		Statoil ASA		3.700		03/01/24		313,476
	500,000		Statoil ASA		3.250		11/10/24		505,784
	200,000		Statoil ASA		5.100		08/17/40		219,537
	400,000		Statoil ASA		4.250		11/23/41		387,450
	300,000		Statoil ASA		3.950		05/15/43		286,006
	1,300,000		Statoil ASA		4.800		11/08/43		1,398,916
	550,000		Suncor Energy, Inc		6.100		06/01/18		588,034
	750,000		Suncor Energy, Inc		3.600		12/01/24		742,830
	1,400,000		Suncor Energy, Inc		6.500		06/15/38		1,506,413
	300,000		Sunoco Logistics Partners Operations LP		4.250		04/01/24		275,492
	300,000		Sunoco Logistics Partners Operations LP		5.300		04/01/44		247,533
	200,000		Sunoco Logistics Partners Operations LP		4.400		04/01/21		196,487
	300,000		Sunoco Logistics Partners Operations LP		3.450		01/15/23		267,952
	200,000		Sunoco Logistics Partners Operations LP		5.950		12/01/25		201,019
	100,000		Sunoco Logistics Partners Operations LP		6.100		02/15/42		87,897
	200,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		168,011
	200,000		Total Capital Canada Ltd		1.450		01/15/18		200,712
	300,000		Total Capital Canada Ltd		2.750		07/15/23		299,598
	300,000		Total Capital International S.A.		2.125		01/10/19		304,667
	500,000		Total Capital International S.A.		2.100		06/19/19		508,402
	300,000		Total Capital International S.A.		2.750		06/19/21		308,803
	1,000,000		Total Capital International S.A.		2.875		02/17/22		1,026,708
	400,000		Total Capital International S.A.		2.700		01/25/23		398,431
	300,000		Total Capital International S.A.		3.700		01/15/24		318,052
	300,000		Total Capital International S.A.		3.750		04/10/24		315,778
	500,000		TransCanada PipeLines Ltd		1.625		11/09/17		500,930
	300,000		TransCanada PipeLines Ltd		1.875		01/12/18		299,609
	500,000		TransCanada PipeLines Ltd		3.125		01/15/19		505,505
	600,000		TransCanada PipeLines Ltd		3.800		10/01/20		622,681
	1,050,000		TransCanada PipeLines Ltd		2.500		08/01/22		994,173
	200,000		TransCanada PipeLines Ltd		3.750		10/16/23		197,409
	500,000		TransCanada PipeLines Ltd		4.875		01/15/26		528,353
	500,000		TransCanada PipeLines Ltd		4.625		03/01/34		477,807
	340,000		TransCanada PipeLines Ltd		5.850		03/15/36		347,626
	469,000		TransCanada PipeLines Ltd		7.625		01/15/39		563,708
	200,000		TransCanada PipeLines Ltd		6.100		06/01/40		216,780
	200,000		TransCanada PipeLines Ltd		5.000		10/16/43		193,403
	300,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		203,250
	165,000		Vale Overseas Ltd		6.250		01/23/17		168,251

59

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,045,000		Vale Overseas Ltd		4.625	%	09/15/20	$	964,013
	1,542,000		Vale Overseas Ltd		4.375		01/11/22		1,314,385
	150,000		Vale Overseas Ltd		8.250		01/17/34		138,000
	1,164,000		Vale Overseas Ltd		6.875		11/21/36		920,223
	680,000		Valero Energy Corp		6.125		02/01/20		746,894
	400,000		Valero Energy Corp		3.650		03/15/25		393,699
	330,000		Valero Energy Corp		7.500		04/15/32		378,397
	500,000		Valero Energy Corp		6.625		06/15/37		542,448
	300,000		Valero Energy Corp		4.900		03/15/45		267,936
	300,000		XTO Energy, Inc		6.250		08/01/17		320,967
			TOTAL ENERGY						141,670,290
FOOD & STAPLES RETAILING - 0.3%
	68,000		CVS Health Corp		5.750		06/01/17		71,644
	1,000,000		CVS Health Corp		1.900		07/20/18		1,014,734
	750,000		CVS Health Corp		2.250		08/12/19		768,941
	1,000,000		CVS Health Corp		2.800		07/20/20		1,038,260
	500,000		CVS Health Corp		4.125		05/15/21		547,106
	500,000		CVS Health Corp		3.500		07/20/22		536,247
	500,000		CVS Health Corp		2.750		12/01/22		513,694
	250,000		CVS Health Corp		4.000		12/05/23		275,281
	900,000		CVS Health Corp		3.375		08/12/24		945,759
	925,000		CVS Health Corp		3.875		07/20/25		998,625
	400,000		CVS Health Corp		4.875		07/20/35		446,090
	400,000		CVS Health Corp		5.300		12/05/43		472,398
	1,500,000		CVS Health Corp		5.125		07/20/45		1,738,173
	235,000		Delhaize Group S.A.		5.700		10/01/40		253,424
	700,000		Kroger Co		6.400		08/15/17		748,171
	55,000		Kroger Co		6.800		12/15/18		62,070
	100,000		Kroger Co		2.000		01/15/19		101,416
	445,000		Kroger Co		6.150		01/15/20		513,672
	200,000		Kroger Co		2.950		11/01/21		208,542
	200,000		Kroger Co		3.400		04/15/22		211,750
	200,000		Kroger Co		3.850		08/01/23		215,121
	300,000		Kroger Co		4.000		02/01/24		324,800
	100,000		Kroger Co		3.500		02/01/26		105,144
	100,000		Kroger Co		6.900		04/15/38		131,802
	250,000		Kroger Co		5.000		04/15/42		283,358
	300,000		Kroger Co		5.150		08/01/43		347,942
	200,000		Starbucks Corp		2.000		12/05/18		204,208
	200,000		Starbucks Corp		2.700		06/15/22		207,478
	350,000		Starbucks Corp		3.850		10/01/23		382,239
	200,000		Starbucks Corp		4.300		06/15/45		222,506
	200,000		SYSCO Corp		5.250		02/12/18		212,964
	300,000	h	SYSCO Corp		1.900		04/01/19		301,921
	500,000		SYSCO Corp		2.600		10/01/20		509,966
	125,000	h	SYSCO Corp		2.500		07/15/21		126,400
	250,000		SYSCO Corp		2.600		06/12/22		251,471
	225,000	h	SYSCO Corp		3.300		07/15/26		227,640
	100,000		SYSCO Corp		5.375		09/21/35		114,322
	300,000		SYSCO Corp		4.850		10/01/45		321,136
	500,000	h	SYSCO Corp		4.500		04/01/46		509,328

60

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	25,000		Walgreen Co		5.250	%	01/15/19	$	27,070
	200,000		Walgreen Co		3.100		09/15/22		201,961
	200,000		Walgreen Co		4.400		09/15/42		187,652
	150,000		Walgreens Boots Alliance, Inc		1.750		11/17/17		150,345
	1,125,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		1,148,676
	500,000		Walgreens Boots Alliance, Inc		3.300		11/18/21		515,116
	400,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		411,768
	400,000		Walgreens Boots Alliance, Inc		4.500		11/18/34		388,538
	400,000		Walgreens Boots Alliance, Inc		4.800		11/18/44		397,639
	200,000	g	Whole Foods Market, Inc		5.200		12/03/25		209,670
			TOTAL FOOD & STAPLES RETAILING						20,104,178
FOOD, BEVERAGE & TOBACCO - 1.3%
	228,000		Altria Group, Inc		9.250		08/06/19		281,779
	300,000		Altria Group, Inc		2.625		01/14/20		310,193
	1,800,000		Altria Group, Inc		4.750		05/05/21		2,042,417
	800,000		Altria Group, Inc		2.850		08/09/22		826,835
	200,000		Altria Group, Inc		2.950		05/02/23		207,111
	300,000		Altria Group, Inc		4.000		01/31/24		330,341
	50,000		Altria Group, Inc		10.200		02/06/39		91,613
	300,000		Altria Group, Inc		4.250		08/09/42		312,020
	300,000		Altria Group, Inc		4.500		05/02/43		322,413
	600,000		Altria Group, Inc		5.375		01/31/44		733,295
	300,000		Anheuser-Busch InBev Finance, Inc		1.250		01/17/18		301,209
	2,000,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		2,028,932
	500,000		Anheuser-Busch InBev Finance, Inc		2.150		02/01/19		511,032
	2,000,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,056,076
	500,000		Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		502,169
	2,000,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		2,079,840
	500,000		Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		535,127
	3,500,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		3,680,771
	2,000,000		Anheuser-Busch InBev Finance, Inc		4.700		02/01/36		2,161,914
	1,000,000		Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		1,083,504
	3,025,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		3,379,926
	1,390,000		Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		1,559,098
	2,750,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		2,774,541
	485,000		Anheuser-Busch InBev Worldwide, Inc		6.375		01/15/40		617,710
	500,000		Anheuser-Busch InBev Worldwide, Inc		3.750		07/15/42		475,170
	719,000		Archer-Daniels-Midland Co		5.450		03/15/18		777,836
	740,000		Archer-Daniels-Midland Co		4.016		04/16/43		743,346
	200,000		Beam, Inc		1.750		06/15/18		200,188
	200,000		Beam, Inc		3.250		05/15/22		201,991
	200,000		Beam, Inc		3.250		06/15/23		198,177
	450,000		Bottling Group LLC		5.125		01/15/19		497,599
	200,000		Brown-Forman Corp		1.000		01/15/18		199,017
	200,000		Brown-Forman Corp		2.250		01/15/23		199,142
	200,000		Brown-Forman Corp		4.500		07/15/45		218,888
	100,000		Bunge Ltd		3.200		06/15/17		100,697
	100,000		Bunge Ltd		8.500		06/15/19		116,182
	500,000		Bunge Ltd		3.500		11/24/20		507,602
	325,000		Campbell Soup Co		3.050		07/15/17		332,029
	100,000		Campbell Soup Co		4.250		04/15/21		108,253

61

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	150,000		Campbell Soup Co		2.500	%	08/02/22	$	147,114
	150,000		Campbell Soup Co		3.800		08/02/42		138,898
	300,000		Coca-Cola Bottling Co Consolidated		3.800		11/25/25		313,586
	400,000		Coca-Cola Co		1.150		04/01/18		402,650
	300,000		Coca-Cola Co		2.500		04/01/23		308,518
	500,000		Coca-Cola Co		1.650		03/14/18		507,584
	300,000		Coca-Cola Co		1.650		11/01/18		305,632
	500,000		Coca-Cola Co		1.875		10/27/20		508,031
	300,000		Coca-Cola Co		2.450		11/01/20		313,303
	410,000		Coca-Cola Co		3.150		11/15/20		440,559
	1,000,000		Coca-Cola Co		3.200		11/01/23		1,074,647
	500,000		Coca-Cola Co		2.875		10/27/25		520,363
	100,000		Coca-Cola Enterprises, Inc		3.500		09/15/20		105,908
	100,000		Coca-Cola Enterprises, Inc		3.250		08/19/21		104,068
	200,000		Coca-Cola Femsa SAB de C.V.		2.375		11/26/18		203,069
	100,000		Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		108,540
	500,000		Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		518,193
	200,000		Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		225,961
	1,100,000		ConAgra Foods, Inc		1.900		01/25/18		1,104,787
	52,000		ConAgra Foods, Inc		7.000		04/15/19		59,053
	200,000		ConAgra Foods, Inc		3.250		09/15/22		203,829
	72,000		ConAgra Foods, Inc		3.200		01/25/23		72,507
	100,000		ConAgra Foods, Inc		7.000		10/01/28		121,715
	100,000		Corn Products International, Inc		4.625		11/01/20		107,818
	500,000		Diageo Capital plc		1.500		05/11/17		502,565
	325,000		Diageo Capital plc		5.750		10/23/17		347,857
	500,000		Diageo Capital plc		1.125		04/29/18		498,105
	200,000		Diageo Capital plc		5.875		09/30/36		246,960
	400,000		Diageo Capital plc		3.875		04/29/43		406,360
	350,000		Dr Pepper Snapple Group, Inc		2.600		01/15/19		358,026
	150,000		Dr Pepper Snapple Group, Inc		2.000		01/15/20		149,666
	150,000		Dr Pepper Snapple Group, Inc		2.700		11/15/22		151,020
	200,000		Dr Pepper Snapple Group, Inc		3.400		11/15/25		206,892
	200,000		Dr Pepper Snapple Group, Inc		4.500		11/15/45		208,277
	150,000		Flowers Foods, Inc		4.375		04/01/22		160,957
	200,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		193,677
	300,000		Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		292,745
	500,000		General Mills, Inc		1.400		10/20/17		502,938
	210,000		General Mills, Inc		5.650		02/15/19		233,468
	175,000		General Mills, Inc		2.200		10/21/19		177,981
	200,000		General Mills, Inc		3.150		12/15/21		209,166
	500,000		General Mills, Inc		3.650		02/15/24		529,637
	150,000		General Mills, Inc		5.400		06/15/40		180,697
	100,000		General Mills, Inc		4.150		02/15/43		101,769
	100,000		Hershey Co		1.500		11/01/16		100,336
	150,000		Hershey Co		4.125		12/01/20		165,637
	200,000		Hershey Co		3.200		08/21/25		210,725
	800,000	g	HJ Heinz Co		1.600		06/30/17		802,634
	275,000	g	HJ Heinz Co		2.000		07/02/18		277,582
	300,000	g	HJ Heinz Co		2.800		07/02/20		307,380
	200,000	g	HJ Heinz Co		3.500		07/15/22		209,952
	900,000	g	HJ Heinz Co		3.950		07/15/25		958,700

62

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000	g	HJ Heinz Co		5.000	%	07/15/35	$	220,624
	700,000	g	HJ Heinz Co		5.200		07/15/45		783,444
	250,000		Ingredion, Inc		1.800		09/25/17		248,839
	125,000		JM Smucker Co		1.750		03/15/18		125,515
	175,000		JM Smucker Co		2.500		03/15/20		177,065
	100,000		JM Smucker Co		3.500		10/15/21		105,958
	300,000		JM Smucker Co		3.000		03/15/22		308,538
	100,000		JM Smucker Co		3.500		03/15/25		104,843
	300,000		JM Smucker Co		4.250		03/15/35		311,610
	300,000		JM Smucker Co		4.375		03/15/45		314,228
	100,000		Kellogg Co		1.875		11/17/16		100,623
	200,000		Kellogg Co		1.750		05/17/17		201,492
	1,279,000		Kellogg Co		4.000		12/15/20		1,387,368
	125,000		Kellogg Co		3.250		04/01/26		128,131
	150,000		Kellogg Co		4.500		04/01/46		153,618
	600,000		Kraft Foods Group, Inc		2.250		06/05/17		605,806
	1,525,000		Kraft Foods Group, Inc		3.500		06/06/22		1,601,959
	300,000		Kraft Foods Group, Inc		6.500		02/09/40		374,403
	700,000		Kraft Foods Group, Inc		5.000		06/04/42		762,188
	200,000		McCormick & Co, Inc		3.500		09/01/23		211,736
	200,000		McCormick & Co, Inc		3.250		11/15/25		208,642
	385,000		Mead Johnson Nutrition Co		4.900		11/01/19		421,918
	100,000		Mead Johnson Nutrition Co		3.000		11/15/20		102,805
	225,000		Mead Johnson Nutrition Co		4.125		11/15/25		239,006
	100,000		Mead Johnson Nutrition Co		4.600		06/01/44		100,297
	150,000		Molson Coors Brewing Co		3.500		05/01/22		154,735
	300,000		Molson Coors Brewing Co		5.000		05/01/42		312,191
	1,500,000		Mondelez International, Inc		2.250		02/01/19		1,531,736
	1,000,000		Mondelez International, Inc		4.000		02/01/24		1,074,049
	250,000		PepsiCo, Inc		1.125		07/17/17		251,056
	250,000		PepsiCo, Inc		1.250		08/13/17		251,354
	125,000		PepsiCo, Inc		1.000		10/13/17		125,223
	840,000		PepsiCo, Inc		7.900		11/01/18		978,739
	400,000		PepsiCo, Inc		2.250		01/07/19		410,997
	100,000		PepsiCo, Inc		1.500		02/22/19		101,259
	100,000		PepsiCo, Inc		4.500		01/15/20		111,367
	500,000		PepsiCo, Inc		1.850		04/30/20		510,085
	300,000		PepsiCo, Inc		2.150		10/14/20		307,689
	400,000		PepsiCo, Inc		3.125		11/01/20		426,318
	200,000		PepsiCo, Inc		3.000		08/25/21		213,618
	400,000		PepsiCo, Inc		2.750		03/05/22		419,984
	300,000		PepsiCo, Inc		3.100		07/17/22		320,231
	500,000		PepsiCo, Inc		2.750		03/01/23		520,987
	1,000,000		PepsiCo, Inc		3.600		03/01/24		1,096,473
	300,000		PepsiCo, Inc		2.750		04/30/25		307,582
	425,000		PepsiCo, Inc		3.500		07/17/25		463,038
	100,000		PepsiCo, Inc		2.850		02/24/26		102,699
	310,000		PepsiCo, Inc		4.875		11/01/40		349,011
	400,000		PepsiCo, Inc		4.000		03/05/42		413,886
	200,000		PepsiCo, Inc		3.600		08/13/42		197,041
	450,000		PepsiCo, Inc		4.600		07/17/45		507,491
	800,000		PepsiCo, Inc		4.450		04/14/46		892,238

63

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Philip Morris International, Inc		1.125	%	08/21/17	$	501,507
	1,300,000	Philip Morris International, Inc		5.650		05/16/18		1,422,639
	300,000	Philip Morris International, Inc		1.875		01/15/19		304,965
	300,000	Philip Morris International, Inc		1.375		02/25/19		301,013
	200,000	Philip Morris International, Inc		2.900		11/15/21		211,513
	200,000	Philip Morris International, Inc		2.500		08/22/22		206,021
	500,000	Philip Morris International, Inc		2.625		03/06/23		513,921
	300,000	Philip Morris International, Inc		3.600		11/15/23		329,159
	500,000	Philip Morris International, Inc		3.250		11/10/24		534,820
	300,000	Philip Morris International, Inc		3.375		08/11/25		323,511
	200,000	Philip Morris International, Inc		2.750		02/25/26		203,840
	240,000	Philip Morris International, Inc		6.375		05/16/38		320,468
	150,000	Philip Morris International, Inc		4.375		11/15/41		160,142
	200,000	Philip Morris International, Inc		4.500		03/20/42		215,064
	150,000	Philip Morris International, Inc		3.875		08/21/42		148,564
	300,000	Philip Morris International, Inc		4.125		03/04/43		310,654
	200,000	Philip Morris International, Inc		4.875		11/15/43		229,100
	500,000	Philip Morris International, Inc		4.250		11/10/44		529,375
	450,000	Reynolds American, Inc		2.300		06/12/18		459,046
	270,000	Reynolds American, Inc		6.875		05/01/20		318,271
	175,000	Reynolds American, Inc		3.250		06/12/20		183,144
	750,000	Reynolds American, Inc		4.000		06/12/22		815,471
	200,000	Reynolds American, Inc		4.850		09/15/23		226,019
	750,000	Reynolds American, Inc		5.700		08/15/35		877,292
	65,000	Reynolds American, Inc		7.250		06/15/37		84,476
	200,000	Reynolds American, Inc		6.150		09/15/43		246,104
	750,000	Reynolds American, Inc		5.850		08/15/45		911,618
	133,000	Sara Lee Corp		4.100		09/15/20		137,672
	400,000	Tyson Foods, Inc		4.500		06/15/22		438,365
	500,000	Tyson Foods, Inc		3.950		08/15/24		533,240
	500,000	Tyson Foods, Inc		5.150		08/15/44		559,206
		TOTAL FOOD, BEVERAGE & TOBACCO						84,421,958
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	200,000	Allergan, Inc		1.350		03/15/18		198,470
	250,000	Allergan, Inc		3.375		09/15/20		260,040
	200,000	Allergan, Inc		2.800		03/15/23		197,245
	200,000	Allina Health System		4.805		11/15/45		221,316
	450,000	AmerisourceBergen Corp		1.150		05/15/17		448,699
	100,000	AmerisourceBergen Corp		3.500		11/15/21		105,781
	400,000	AmerisourceBergen Corp		3.400		05/15/24		410,061
	200,000	AmerisourceBergen Corp		3.250		03/01/25		202,894
	200,000	Ascension Health, Inc		4.847		11/15/53		229,874
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		293,706
	100,000	Becton Dickinson & Co		1.450		05/15/17		100,167
	750,000	Becton Dickinson & Co		1.800		12/15/17		753,216
	25,000	Becton Dickinson & Co		5.000		05/15/19		27,203
	100,000	Becton Dickinson & Co		6.375		08/01/19		113,980
	475,000	Becton Dickinson & Co		2.675		12/15/19		487,062
	150,000	Becton Dickinson & Co		3.250		11/12/20		156,617
	850,000	Becton Dickinson & Co		3.125		11/08/21		878,526
	200,000	Becton Dickinson & Co		3.300		03/01/23		203,811

64

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	325,000	Becton Dickinson & Co		3.734	%	12/15/24	$	346,139
	300,000	Becton Dickinson & Co		4.875		05/15/44		324,565
	500,000	Becton Dickinson & Co		4.685		12/15/44		540,238
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		109,335
	650,000	Boston Scientific Corp		6.000		01/15/20		733,959
	300,000	Boston Scientific Corp		2.850		05/15/20		304,796
	300,000	Boston Scientific Corp		3.375		05/15/22		306,410
	150,000	Boston Scientific Corp		4.125		10/01/23		157,351
	400,000	Boston Scientific Corp		3.850		05/15/25		414,975
	200,000	Cardinal Health, Inc		1.700		03/15/18		200,523
	200,000	Cardinal Health, Inc		1.950		06/15/18		200,961
	200,000	Cardinal Health, Inc		2.400		11/15/19		203,108
	100,000	Cardinal Health, Inc		4.625		12/15/20		111,109
	100,000	Cardinal Health, Inc		3.200		06/15/22		103,984
	200,000	Cardinal Health, Inc		3.200		03/15/23		205,188
	100,000	Cardinal Health, Inc		3.500		11/15/24		103,985
	200,000	Cardinal Health, Inc		3.750		09/15/25		211,476
	100,000	Cardinal Health, Inc		4.600		03/15/43		102,208
	200,000	Cardinal Health, Inc		4.500		11/15/44		202,752
	200,000	Cardinal Health, Inc		4.900		09/15/45		211,843
	100,000	Coventry Health Care, Inc		5.450		06/15/21		113,085
	450,000	Covidien International Finance S.A.		6.000		10/15/17		482,859
	650,000	Covidien International Finance S.A.		3.200		06/15/22		684,897
	500,000	Covidien International Finance S.A.		2.950		06/15/23		515,847
	100,000	Covidien International Finance S.A.		6.550		10/15/37		133,265
	225,000	CR Bard, Inc		1.375		01/15/18		225,348
	100,000	CR Bard, Inc		4.400		01/15/21		107,754
	250,000	Dignity Health		3.812		11/01/24		264,239
	200,000	Dignity Health		5.267		11/01/64		216,773
	100,000	Edwards Lifesciences Corp		2.875		10/15/18		102,424
	200,000	Express Scripts Holding Co		1.250		06/02/17		199,601
	300,000	Express Scripts Holding Co		2.250		06/15/19		302,244
	150,000	Express Scripts Holding Co		3.300		02/25/21		153,908
	250,000	Express Scripts Holding Co		4.750		11/15/21		271,743
	525,000	Express Scripts Holding Co		3.900		02/15/22		547,662
	300,000	Express Scripts Holding Co		3.500		06/15/24		297,451
	150,000	Express Scripts Holding Co		4.500		02/25/26		155,778
	450,000	Express Scripts Holding Co		6.125		11/15/41		505,904
	100,000	Kaiser Foundation Hospitals		3.500		04/01/22		104,485
	100,000	Kaiser Foundation Hospitals		4.875		04/01/42		111,781
	200,000	Keysight Technologies, Inc		3.300		10/30/19		201,418
	200,000	Keysight Technologies, Inc		4.550		10/30/24		194,961
	200,000	Laboratory Corp of America Holdings		3.125		05/15/16		200,481
	100,000	Laboratory Corp of America Holdings		2.200		08/23/17		100,566
	250,000	Laboratory Corp of America Holdings		2.500		11/01/18		252,161
	150,000	Laboratory Corp of America Holdings		2.625		02/01/20		150,684
	300,000	Laboratory Corp of America Holdings		3.200		02/01/22		304,285
	200,000	Laboratory Corp of America Holdings		3.750		08/23/22		206,597
	200,000	Laboratory Corp of America Holdings		4.000		11/01/23		206,766
	100,000	Laboratory Corp of America Holdings		3.600		02/01/25		101,274
	300,000	Laboratory Corp of America Holdings		4.700		02/01/45		299,426
	200,000	Mayo Clinic		4.128		11/15/52		207,764

65

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Mayo Clinic Rochester		4.000	%	11/15/47	$	203,434
	25,000	McKesson Corp		5.700		03/01/17		26,017
	180,000	McKesson Corp		4.750		03/01/21		196,923
	100,000	McKesson Corp		2.700		12/15/22		99,258
	200,000	McKesson Corp		2.850		03/15/23		199,384
	500,000	McKesson Corp		3.796		03/15/24		521,966
	100,000	McKesson Corp		6.000		03/01/41		118,511
	375,000	McKesson Corp		4.883		03/15/44		398,651
	250,000	Medco Health Solutions, Inc		7.125		03/15/18		274,902
	625,000	Medtronic, Inc		1.500		03/15/18		630,455
	250,000	Medtronic, Inc		1.375		04/01/18		251,510
	875,000	Medtronic, Inc		2.500		03/15/20		905,797
	1,000,000	Medtronic, Inc		3.150		03/15/22		1,059,379
	1,000,000	Medtronic, Inc		3.625		03/15/24		1,074,154
	725,000	Medtronic, Inc		3.500		03/15/25		773,887
	1,000,000	Medtronic, Inc		4.375		03/15/35		1,082,884
	200,000	Medtronic, Inc		4.500		03/15/42		217,732
	150,000	Medtronic, Inc		4.000		04/01/43		153,774
	1,000,000	Medtronic, Inc		4.625		03/15/44		1,117,749
	850,000	Medtronic, Inc		4.625		03/15/45		949,623
	300,000	New York and Presbyterian Hospital		4.024		08/01/45		299,621
	350,000	NYU Hospitals Center		5.750		07/01/43		423,653
	100,000	Owens & Minor, Inc		3.875		09/15/21		100,828
	150,000	PerkinElmer, Inc		5.000		11/15/21		163,063
	300,000	Quest Diagnostics, Inc		2.700		04/01/19		305,664
	200,000	Quest Diagnostics, Inc		2.500		03/30/20		200,810
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		434,678
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		125,789
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		290,743
	200,000	Southern Baptist Hospital of Florida, Inc		4.857		07/15/45		221,435
	300,000	St. Jude Medical, Inc		2.800		09/15/20		306,901
	200,000	St. Jude Medical, Inc		3.250		04/15/23		202,345
	300,000	St. Jude Medical, Inc		3.875		09/15/25		312,643
	200,000	St. Jude Medical, Inc		4.750		04/15/43		212,141
	150,000	Stryker Corp		2.000		09/30/16		150,936
	200,000	Stryker Corp		1.300		04/01/18		199,547
	125,000	Stryker Corp		2.000		03/08/19		126,243
	90,000	Stryker Corp		4.375		01/15/20		97,399
	100,000	Stryker Corp		2.625		03/15/21		101,961
	200,000	Stryker Corp		3.375		05/15/24		206,755
	200,000	Stryker Corp		3.375		11/01/25		205,420
	100,000	Stryker Corp		3.500		03/15/26		103,701
	200,000	Stryker Corp		4.100		04/01/43		196,452
	200,000	Stryker Corp		4.375		05/15/44		205,662
	250,000	Stryker Corp		4.625		03/15/46		267,352
	100,000	Texas Health Resources		4.330		11/15/55		102,296
	350,000	Thermo Fisher Scientific, Inc		1.850		01/15/18		350,736
	200,000	Thermo Fisher Scientific, Inc		2.150		12/14/18		201,138
	100,000	Thermo Fisher Scientific, Inc		2.400		02/01/19		101,250
	650,000	Thermo Fisher Scientific, Inc		3.300		02/15/22		663,174
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		248,766
	600,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		632,731

66

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Thermo Fisher Scientific, Inc		3.650	%	12/15/25	$	152,636
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		222,545
	200,000	Trinity Health Corp		4.125		12/01/45		201,261
	750,000	Zimmer Holdings, Inc		1.450		04/01/17		749,786
	750,000	Zimmer Holdings, Inc		3.150		04/01/22		761,511
	625,000	Zimmer Holdings, Inc		3.550		04/01/25		631,765
	550,000	Zimmer Holdings, Inc		4.250		08/15/35		537,170
	106,000	Zimmer Holdings, Inc		5.750		11/30/39		122,405
	300,000	Zimmer Holdings, Inc		4.450		08/15/45		293,089
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						39,996,995
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	100,000	Clorox Co		3.800		11/15/21		107,300
	100,000	Clorox Co		3.050		09/15/22		102,150
	200,000	Clorox Co		3.500		12/15/24		208,466
	100,000	Colgate-Palmolive Co		0.900		05/01/18		99,970
	300,000	Colgate-Palmolive Co		1.750		03/15/19		306,598
	200,000	Colgate-Palmolive Co		2.300		05/03/22		206,956
	200,000	Colgate-Palmolive Co		1.950		02/01/23		199,999
	300,000	Colgate-Palmolive Co		3.250		03/15/24		323,310
	60,000	Colgate-Palmolive Co		6.450		06/16/28		79,892
	300,000	Colgate-Palmolive Co		4.000		08/15/45		329,796
	100,000	Ecolab, Inc		3.000		12/08/16		101,219
	250,000	Ecolab, Inc		1.450		12/08/17		249,423
	200,000	Ecolab, Inc		2.000		01/14/19		201,815
	375,000	Ecolab, Inc		2.250		01/12/20		378,952
	350,000	Ecolab, Inc		4.350		12/08/21		386,597
	200,000	Ecolab, Inc		3.250		01/14/23		205,594
	100,000	Ecolab, Inc		5.500		12/08/41		115,144
	200,000	Estee Lauder Cos, Inc		2.350		08/15/22		202,964
	100,000	Estee Lauder Cos, Inc		6.000		05/15/37		125,711
	200,000	Estee Lauder Cos, Inc		4.375		06/15/45		217,739
	1,000,000	Procter & Gamble Co		4.700		02/15/19		1,100,235
	300,000	Procter & Gamble Co		1.900		11/01/19		308,720
	500,000	Procter & Gamble Co		1.850		02/02/21		508,082
	800,000	Procter & Gamble Co		2.300		02/06/22		823,874
	600,000	Procter & Gamble Co		3.100		08/15/23		642,523
	750,000	Procter & Gamble Co		2.700		02/02/26		770,394
	225,000	Procter & Gamble Co		5.550		03/05/37		295,802
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						8,599,225
INSURANCE - 1.2%
	25,000	ACE INA Holdings, Inc		5.800		03/15/18		27,040
	500,000	ACE INA Holdings, Inc		5.900		06/15/19		563,308
	500,000	ACE INA Holdings, Inc		2.300		11/03/20		508,539
	500,000	ACE INA Holdings, Inc		2.875		11/03/22		516,098
	250,000	ACE INA Holdings, Inc		2.700		03/13/23		252,709
	300,000	ACE INA Holdings, Inc		3.350		05/15/24		314,365
	400,000	ACE INA Holdings, Inc		3.150		03/15/25		411,619
	175,000	ACE INA Holdings, Inc		3.350		05/03/26		182,666
	150,000	ACE INA Holdings, Inc		4.150		03/13/43		154,539
	600,000	ACE INA Holdings, Inc		4.350		11/03/45		654,088

67

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	125,000		Aetna, Inc		1.500	%	11/15/17	$	125,265
	300,000		Aetna, Inc		2.200		03/15/19		305,598
	250,000		Aetna, Inc		3.950		09/01/20		267,513
	500,000		Aetna, Inc		2.750		11/15/22		498,086
	300,000		Aetna, Inc		3.500		11/15/24		306,175
	240,000		Aetna, Inc		6.625		06/15/36		304,990
	350,000		Aetna, Inc		4.500		05/15/42		355,861
	500,000		Aetna, Inc		4.125		11/15/42		482,301
	200,000		Aflac, Inc		2.400		03/16/20		203,397
	300,000		Aflac, Inc		4.000		02/15/22		322,665
	600,000		Aflac, Inc		3.625		06/15/23		630,807
	200,000		Aflac, Inc		3.625		11/15/24		208,467
	200,000		Aflac, Inc		3.250		03/17/25		201,731
	125,000		Aflac, Inc		6.900		12/17/39		163,813
	300,000		Alleghany Corp		4.950		06/27/22		329,394
	200,000		Alleghany Corp		4.900		09/15/44		193,689
	300,000		Allied World Assurance Co Holdings Ltd		4.350		10/29/25		300,733
	100,000		Allied World Assurance Co Ltd		7.500		08/01/16		101,918
	1,250,000		Allstate Corp		3.150		06/15/23		1,285,562
	100,000		Allstate Corp		4.500		06/15/43		109,749
	200,000	i	Allstate Corp		5.750		08/15/53		203,250
	100,000		American Financial Group, Inc		9.875		06/15/19		120,769
	325,000		American International Group, Inc		2.300		07/16/19		327,908
	300,000		American International Group, Inc		3.300		03/01/21		306,846
	1,600,000		American International Group, Inc		4.875		06/01/22		1,759,874
	200,000		American International Group, Inc		3.750		07/10/25		199,850
	300,000		American International Group, Inc		3.900		04/01/26		301,119
	500,000		American International Group, Inc		3.875		01/15/35		446,740
	300,000		American International Group, Inc		4.700		07/10/35		296,906
	800,000		American International Group, Inc		6.250		05/01/36		928,534
	500,000		American International Group, Inc		4.500		07/16/44		471,696
	300,000		American International Group, Inc		4.800		07/10/45		295,867
	200,000		American International Group, Inc		4.375		01/15/55		174,950
	200,000		Aon plc		3.125		05/27/16		200,675
	50,000		Aon plc		5.000		09/30/20		55,326
	200,000		Aon plc		2.800		03/15/21		202,224
	200,000		Aon plc		4.000		11/27/23		206,694
	300,000		Aon plc		3.500		06/14/24		301,516
	300,000		Aon plc		3.875		12/15/25		305,754
	200,000		Aon plc		6.250		09/30/40		233,178
	100,000		Aon plc		4.250		12/12/42		92,325
	200,000		Aon plc		4.450		05/24/43		187,677
	250,000		Aon plc		4.750		05/15/45		253,707
	300,000		Arch Capital Group US, Inc		5.144		11/01/43		314,704
	200,000		Aspen Insurance Holdings Ltd		4.650		11/15/23		205,696
	100,000		Assurant, Inc		2.500		03/15/18		100,140
	100,000		Assurant, Inc		4.000		03/15/23		100,754
	100,000		Assurant, Inc		6.750		02/15/34		119,283
	200,000		Assured Guaranty US Holdings, Inc		5.000		07/01/24		212,367
	270,000		AXA S.A.		8.600		12/15/30		355,050
	200,000		AXIS Specialty Finance plc		2.650		04/01/19		200,019
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		54,449

68

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		AXIS Specialty Finance plc		5.150	%	04/01/45	$	206,288
	300,000		Berkshire Hathaway Finance Corp		1.600		05/15/17		302,529
	750,000		Berkshire Hathaway Finance Corp		1.450		03/07/18		756,515
	225,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		225,938
	750,000		Berkshire Hathaway Finance Corp		5.400		05/15/18		817,775
	600,000		Berkshire Hathaway Finance Corp		2.000		08/15/18		611,429
	750,000		Berkshire Hathaway Finance Corp		1.700		03/15/19		762,239
	200,000		Berkshire Hathaway Finance Corp		2.900		10/15/20		210,606
	400,000		Berkshire Hathaway Finance Corp		3.000		05/15/22		416,967
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		324,757
	250,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		264,386
	40,000		Chubb Corp		5.750		05/15/18		44,003
	350,000		Chubb Corp		6.000		05/11/37		454,173
	300,000	i	Chubb Corp		6.375		04/15/37		261,000
	540,000		Cigna Corp		5.125		06/15/20		598,904
	400,000		Cigna Corp		4.500		03/15/21		434,244
	400,000		Cigna Corp		3.250		04/15/25		397,470
	400,000		Cigna Corp		5.375		02/15/42		439,873
	200,000		Cincinnati Financial Corp		6.920		05/15/28		251,689
	500,000		CNA Financial Corp		5.750		08/15/21		561,502
	125,000		CNA Financial Corp		3.950		05/15/24		124,298
	200,000		CNA Financial Corp		4.500		03/01/26		202,834
	300,000		Everest Reinsurance Holdings, Inc		4.868		06/01/44		293,286
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		271,551
	100,000		First American Financial Corp		4.300		02/01/23		100,711
	250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		279,752
	321,000		Hartford Financial Services Group, Inc		6.625		03/30/40		399,609
	400,000		Hartford Financial Services Group, Inc		4.300		04/15/43		380,008
	300,000		Humana, Inc		2.625		10/01/19		304,891
	100,000		Humana, Inc		3.150		12/01/22		101,327
	300,000		Humana, Inc		3.850		10/01/24		313,801
	100,000		Humana, Inc		8.150		06/15/38		137,148
	200,000		Humana, Inc		4.625		12/01/42		194,437
	300,000		Humana, Inc		4.950		10/01/44		307,127
	100,000		Infinity Property & Casualty Corp		5.000		09/19/22		105,337
	300,000		ING US, Inc		2.900		02/15/18		304,655
	150,000		ING US, Inc		5.500		07/15/22		167,874
	200,000		ING US, Inc		5.700		07/15/43		226,773
	200,000		Kemper Corp		4.350		02/15/25		202,396
	400,000		Leucadia National Corp		5.500		10/18/23		376,055
	200,000		Lincoln National Corp		8.750		07/01/19		239,052
	400,000		Lincoln National Corp		4.200		03/15/22		420,389
	525,000		Lincoln National Corp		4.000		09/01/23		534,252
	175,000		Lincoln National Corp		3.350		03/09/25		168,319
	30,000		Lincoln National Corp		6.150		04/07/36		33,970
	150,000		Lincoln National Corp		7.000		06/15/40		183,013
	200,000		Loews Corp		2.625		05/15/23		197,348
	200,000		Loews Corp		3.750		04/01/26		204,437
	200,000		Loews Corp		4.125		05/15/43		190,576
	100,000		Manulife Financial Corp		4.900		09/17/20		108,891
	200,000		Manulife Financial Corp		4.150		03/04/26		204,339
	200,000		Manulife Financial Corp		5.375		03/04/46		208,105

68

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Markel Corp		7.125	%	09/30/19	$	115,029
	150,000		Markel Corp		4.900		07/01/22		164,704
	100,000		Markel Corp		3.625		03/30/23		100,858
	100,000		Markel Corp		5.000		03/30/43		100,748
	150,000		Markel Corp		5.000		04/05/46		150,952
	100,000		Marsh & McLennan Cos, Inc		2.550		10/15/18		101,862
	500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		504,616
	150,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		165,602
	200,000		Marsh & McLennan Cos, Inc		3.300		03/14/23		203,788
	200,000		Marsh & McLennan Cos, Inc		4.050		10/15/23		211,248
	152,000		Marsh & McLennan Cos, Inc		3.500		06/03/24		151,694
	500,000		Marsh & McLennan Cos, Inc		3.500		03/10/25		508,576
	200,000		Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		199,716
	500,000		Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		513,194
	175,000		MetLife, Inc		1.756		12/15/17		175,981
	200,000		MetLife, Inc		1.903		12/15/17		201,266
	1,050,000		MetLife, Inc		4.750		02/08/21		1,167,286
	700,000		MetLife, Inc		3.048		12/15/22		711,237
	325,000		MetLife, Inc		4.368		09/15/23		356,348
	500,000		MetLife, Inc		3.600		04/10/24		517,506
	200,000		MetLife, Inc		3.600		11/13/25		205,022
	50,000		MetLife, Inc		6.375		06/15/34		62,692
	405,000		MetLife, Inc		5.700		06/15/35		472,587
	130,000		MetLife, Inc		5.875		02/06/41		155,646
	200,000		MetLife, Inc		4.125		08/13/42		191,032
	600,000		MetLife, Inc		4.875		11/13/43		639,472
	500,000		MetLife, Inc		4.721		12/15/44		521,335
	300,000		MetLife, Inc		4.050		03/01/45		283,880
	150,000		MetLife, Inc		4.600		05/13/46		153,877
	200,000		Montpelier Re Holdings Ltd		4.700		10/15/22		208,273
	20,000		Nationwide Financial Services		6.750		05/15/37		20,175
	200,000		Navigators Group, Inc		5.750		10/15/23		219,031
	200,000		Old Republic International Corp		4.875		10/01/24		208,122
	500,000		OneBeacon US Holdings, Inc		4.600		11/09/22		506,625
	100,000		PartnerRe Ltd		5.500		06/01/20		110,113
	100,000	g	Primerica, Inc		4.750		07/15/22		108,001
	100,000		Principal Financial Group, Inc		1.850		11/15/17		100,208
	130,000		Principal Financial Group, Inc		8.875		05/15/19		154,476
	100,000		Principal Financial Group, Inc		3.300		09/15/22		101,584
	150,000		Principal Financial Group, Inc		3.125		05/15/23		148,529
	200,000		Principal Financial Group, Inc		3.400		05/15/25		197,994
	100,000		Principal Financial Group, Inc		6.050		10/15/36		118,599
	100,000		Principal Financial Group, Inc		4.625		09/15/42		100,229
	200,000		Principal Financial Group, Inc		4.350		05/15/43		191,996
	200,000	i	Principal Financial Group, Inc		4.700		05/15/55		193,700
	120,000		Progressive Corp		6.250		12/01/32		151,808
	300,000	i	Progressive Corp		6.700		06/15/37		286,125
	300,000		Progressive Corp		4.350		04/25/44		319,217
	300,000		Progressive Corp		3.700		01/26/45		291,464
	100,000		Protective Life Corp		7.375		10/15/19		116,304
	300,000		Prudential Financial, Inc		3.000		05/12/16		300,599
	60,000		Prudential Financial, Inc		6.100		06/15/17		63,049

70

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Prudential Financial, Inc		2.300	%	08/15/18	$	101,496
	1,020,000		Prudential Financial, Inc		7.375		06/15/19		1,183,913
	200,000		Prudential Financial, Inc		2.350		08/15/19		202,560
	300,000		Prudential Financial, Inc		4.500		11/16/21		329,681
	400,000		Prudential Financial, Inc		5.750		07/15/33		450,904
	450,000		Prudential Financial, Inc		6.200		11/15/40		528,328
	125,000	i	Prudential Financial, Inc		5.875		09/15/42		130,625
	500,000	i	Prudential Financial, Inc		5.625		06/15/43		509,250
	150,000		Prudential Financial, Inc		5.100		08/15/43		156,498
	100,000	i	Prudential Financial, Inc		5.200		03/15/44		96,393
	800,000		Prudential Financial, Inc		4.600		05/15/44		800,278
	200,000	i	Prudential Financial, Inc		5.375		05/15/45		198,000
	150,000		Reinsurance Group of America, Inc		5.625		03/15/17		155,595
	100,000		Reinsurance Group of America, Inc		5.000		06/01/21		108,717
	250,000		Reinsurance Group of America, Inc		4.700		09/15/23		260,767
	200,000		RenaissanceRe Finance, Inc		3.700		04/01/25		195,796
	100,000		StanCorp Financial Group, Inc		5.000		08/15/22		107,988
	250,000		Torchmark Corp		3.800		09/15/22		255,243
	20,000		Transatlantic Holdings, Inc		8.000		11/30/39		26,708
	610,000		Travelers Cos, Inc		5.800		05/15/18		662,263
	130,000		Travelers Cos, Inc		5.900		06/02/19		146,790
	600,000		Travelers Cos, Inc		5.350		11/01/40		737,626
	200,000		Travelers Cos, Inc		4.600		08/01/43		225,498
	250,000		Travelers Cos, Inc		4.300		08/25/45		270,850
	100,000		Travelers Property Casualty Corp		6.375		03/15/33		130,303
	300,000		UnitedHealth Group, Inc		1.400		12/15/17		301,606
	324,000		UnitedHealth Group, Inc		6.000		02/15/18		351,821
	500,000		UnitedHealth Group, Inc		1.900		07/16/18		507,892
	200,000		UnitedHealth Group, Inc		1.700		02/15/19		201,695
	900,000		UnitedHealth Group, Inc		1.625		03/15/19		906,530
	500,000		UnitedHealth Group, Inc		2.300		12/15/19		508,250
	500,000		UnitedHealth Group, Inc		2.700		07/15/20		519,604
	700,000		UnitedHealth Group, Inc		4.700		02/15/21		792,059
	300,000		UnitedHealth Group, Inc		2.125		03/15/21		302,709
	500,000		UnitedHealth Group, Inc		2.875		12/15/21		519,507
	500,000		UnitedHealth Group, Inc		3.350		07/15/22		531,649
	325,000		UnitedHealth Group, Inc		2.750		02/15/23		331,008
	200,000		UnitedHealth Group, Inc		2.875		03/15/23		205,391
	500,000		UnitedHealth Group, Inc		3.750		07/15/25		538,983
	175,000		UnitedHealth Group, Inc		3.100		03/15/26		179,176
	750,000		UnitedHealth Group, Inc		4.625		07/15/35		836,540
	365,000		UnitedHealth Group, Inc		6.625		11/15/37		499,473
	250,000		UnitedHealth Group, Inc		6.875		02/15/38		350,904
	150,000		UnitedHealth Group, Inc		4.625		11/15/41		167,207
	300,000		UnitedHealth Group, Inc		4.375		03/15/42		322,660
	350,000		UnitedHealth Group, Inc		3.950		10/15/42		352,236
	200,000		UnitedHealth Group, Inc		4.250		03/15/43		210,832
	500,000		UnitedHealth Group, Inc		4.750		07/15/45		573,519
	110,000		Unum Group		5.625		09/15/20		121,542
	200,000		Unum Group		4.000		03/15/24		198,266
	200,000		Unum Group		3.875		11/05/25		192,878
	200,000		Verisk Analytics, Inc		5.800		05/01/21		224,154

71

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Verisk Analytics, Inc		4.000	%	06/15/25	$	504,375
	300,000	Verisk Analytics, Inc		5.500		06/15/45		293,251
	200,000	WellPoint, Inc		1.875		01/15/18		200,655
	1,250,000	WellPoint, Inc		2.300		07/15/18		1,264,240
	300,000	WellPoint, Inc		2.250		08/15/19		301,696
	150,000	WellPoint, Inc		3.700		08/15/21		157,678
	800,000	WellPoint, Inc		3.125		05/15/22		804,669
	200,000	WellPoint, Inc		3.300		01/15/23		202,597
	300,000	WellPoint, Inc		3.500		08/15/24		303,745
	300,000	WellPoint, Inc		4.625		05/15/42		298,844
	200,000	WellPoint, Inc		4.650		01/15/43		198,149
	500,000	WellPoint, Inc		5.100		01/15/44		527,481
	300,000	WellPoint, Inc		4.650		08/15/44		298,171
	300,000	WellPoint, Inc		4.850		08/15/54		296,856
	200,000	Willis Group Holdings plc		5.750		03/15/21		222,674
	165,000	WR Berkley Corp		5.375		09/15/20		181,929
	250,000	WR Berkley Corp		4.625		03/15/22		269,825
	200,000	WR Berkley Corp		4.750		08/01/44		199,498
	350,000	XL Capital Ltd		6.375		11/15/24		407,821
	200,000	XLIT Ltd		2.300		12/15/18		200,681
	200,000	XLIT Ltd		4.450		03/31/25		198,123
	200,000	XLIT Ltd		5.250		12/15/43		207,113
		TOTAL INSURANCE						75,131,587
MATERIALS - 0.9%
	200,000	3M Co		1.000		06/26/17		200,453
	200,000	3M Co		1.375		08/07/18		201,864
	200,000	3M Co		2.000		06/26/22		203,582
	200,000	3M Co		3.000		08/07/25		213,853
	190,000	3M Co		5.700		03/15/37		247,026
	300,000	3M Co		3.875		06/15/44		311,779
	100,000	Agrium, Inc		6.750		01/15/19		110,173
	150,000	Agrium, Inc		3.150		10/01/22		147,285
	200,000	Agrium, Inc		3.500		06/01/23		198,494
	250,000	Agrium, Inc		3.375		03/15/25		240,716
	200,000	Agrium, Inc		4.125		03/15/35		173,833
	100,000	Agrium, Inc		6.125		01/15/41		109,654
	200,000	Agrium, Inc		4.900		06/01/43		190,384
	225,000	Agrium, Inc		5.250		01/15/45		222,245
	200,000	Air Products & Chemicals, Inc		1.200		10/15/17		200,012
	150,000	Air Products & Chemicals, Inc		3.000		11/03/21		157,354
	150,000	Air Products & Chemicals, Inc		2.750		02/03/23		151,445
	300,000	Air Products & Chemicals, Inc		3.350		07/31/24		315,381
	200,000	Airgas, Inc		1.650		02/15/18		199,832
	250,000	Airgas, Inc		2.900		11/15/22		248,426
	200,000	Airgas, Inc		3.650		07/15/24		203,071
	100,000	Albemarle Corp		3.000		12/01/19		100,632
	100,000	Albemarle Corp		4.500		12/15/20		103,517
	200,000	Albemarle Corp		4.150		12/01/24		198,080
	200,000	Avery Dennison Corp		3.350		04/15/23		202,018
	180,000	Barrick Australian Finance Pty Ltd		5.950		10/15/39		161,945
	385,000	Barrick Gold Corp		4.100		05/01/23		375,077

72

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Barrick Gold Corp		5.250	%	04/01/42	$	215,192
	1,500,000	Barrick North America Finance LLC		4.400		05/30/21		1,533,882
	300,000	Barrick North America Finance LLC		5.750		05/01/43		271,263
	100,000	Bemis Co, Inc		6.800		08/01/19		112,917
	300,000	BHP Billiton Finance USA Ltd		2.050		09/30/18		302,901
	450,000	BHP Billiton Finance USA Ltd		6.500		04/01/19		506,366
	100,000	BHP Billiton Finance USA Ltd		3.250		11/21/21		102,907
	1,675,000	BHP Billiton Finance USA Ltd		3.850		09/30/23		1,725,684
	500,000	BHP Billiton Finance USA Ltd		4.125		02/24/42		457,475
	500,000	BHP Billiton Finance USA Ltd		5.000		09/30/43		508,791
	600,000	Braskem Finance Ltd		6.450		02/03/24		562,500
	200,000	Cabot Corp		3.700		07/15/22		198,980
	100,000	Celulosa Arauco y Constitucion S.A.		5.000		01/21/21		106,855
	100,000	Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		105,939
	400,000	Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		408,880
	350,000	CF Industries, Inc		7.125		05/01/20		398,559
	200,000	CF Industries, Inc		3.450		06/01/23		193,271
	500,000	CF Industries, Inc		5.150		03/15/34		471,078
	200,000	CF Industries, Inc		4.950		06/01/43		174,111
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		252,988
	100,000	Corning, Inc		1.450		11/15/17		99,603
	225,000	Corning, Inc		4.250		08/15/20		238,875
	300,000	Corning, Inc		2.900		05/15/22		302,413
	200,000	Corning, Inc		3.700		11/15/23		203,743
	100,000	Corning, Inc		5.750		08/15/40		111,076
	200,000	Corning, Inc		4.750		03/15/42		195,276
	150,000	Cytec Industries, Inc		3.500		04/01/23		145,791
	200,000	Domtar Corp		4.400		04/01/22		205,189
	100,000	Domtar Corp		6.250		09/01/42		99,647
	100,000	Domtar Corp		6.750		02/15/44		101,770
	591,000	Dow Chemical Co		8.550		05/15/19		703,131
	929,000	Dow Chemical Co		4.250		11/15/20		1,011,038
	500,000	Dow Chemical Co		4.125		11/15/21		545,761
	550,000	Dow Chemical Co		3.000		11/15/22		562,685
	400,000	Dow Chemical Co		3.500		10/01/24		411,650
	400,000	Dow Chemical Co		4.250		10/01/34		389,813
	350,000	Dow Chemical Co		5.250		11/15/41		372,272
	375,000	Dow Chemical Co		4.375		11/15/42		360,056
	400,000	Dow Chemical Co		4.625		10/01/44		401,788
	175,000	Eastman Chemical Co		2.400		06/01/17		176,462
	165,000	Eastman Chemical Co		5.500		11/15/19		182,859
	400,000	Eastman Chemical Co		2.700		01/15/20		408,323
	250,000	Eastman Chemical Co		3.600		08/15/22		260,360
	300,000	Eastman Chemical Co		3.800		03/15/25		307,733
	150,000	Eastman Chemical Co		4.800		09/01/42		142,295
	300,000	Eastman Chemical Co		4.650		10/15/44		286,969
	1,420,000	EI du Pont de Nemours & Co		4.625		01/15/20		1,554,867
	900,000	EI du Pont de Nemours & Co		2.800		02/15/23		903,930
	225,000	EI du Pont de Nemours & Co		4.150		02/15/43		214,488
	100,000	FMC Corp		3.950		02/01/22		101,973
	200,000	FMC Corp		4.100		02/01/24		208,048
	300,000	Georgia-Pacific LLC		8.000		01/15/24		386,944

73

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Georgia-Pacific LLC		7.750	%	11/15/29	$	341,977
	250,000	Goldcorp, Inc		2.125		03/15/18		246,919
	250,000	Goldcorp, Inc		3.700		03/15/23		244,900
	300,000	Goldcorp, Inc		5.450		06/09/44		273,522
	100,000	Hubbell, Inc		3.625		11/15/22		105,491
	200,000	Hubbell, Inc		3.350		03/01/26		200,979
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		297,613
	1,000,000	International Paper Co		3.650		06/15/24		1,015,196
	250,000	International Paper Co		5.000		09/15/35		257,581
	170,000	International Paper Co		7.300		11/15/39		202,402
	450,000	International Paper Co		6.000		11/15/41		488,861
	300,000	International Paper Co		4.800		06/15/44		288,996
	250,000	International Paper Co		5.150		05/15/46		251,690
	330,000	Kimberly-Clark Corp		6.250		07/15/18		367,474
	200,000	Kimberly-Clark Corp		1.400		02/15/19		201,928
	200,000	Kimberly-Clark Corp		1.900		05/22/19		203,427
	200,000	Kimberly-Clark Corp		1.850		03/01/20		203,071
	225,000	Kimberly-Clark Corp		3.625		08/01/20		243,448
	100,000	Kimberly-Clark Corp		3.875		03/01/21		109,447
	125,000	Kimberly-Clark Corp		2.400		03/01/22		127,272
	200,000	Kimberly-Clark Corp		2.400		06/01/23		202,422
	150,000	Kimberly-Clark Corp		3.050		08/15/25		156,033
	200,000	Kimberly-Clark Corp		2.750		02/15/26		204,518
	200,000	Kimberly-Clark Corp		6.625		08/01/37		276,694
	200,000	Kimberly-Clark Corp		3.700		06/01/43		206,576
	92,000	Lubrizol Corp		8.875		02/01/19		109,574
	150,000	Lubrizol Corp		6.500		10/01/34		196,084
	300,000	LYB International Finance BV		4.000		07/15/23		314,855
	300,000	LYB International Finance BV		5.250		07/15/43		311,144
	300,000	LYB International Finance BV		4.875		03/15/44		299,196
	500,000	LyondellBasell Industries NV		5.000		04/15/19		534,269
	300,000	LyondellBasell Industries NV		6.000		11/15/21		345,224
	300,000	LyondellBasell Industries NV		5.750		04/15/24		347,189
	125,000	LyondellBasell Industries NV		4.625		02/26/55		111,704
	250,000	Martin Marietta Materials, Inc		6.600		04/15/18		267,081
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		201,657
	150,000	Methanex Corp		3.250		12/15/19		139,611
	150,000	Methanex Corp		4.250		12/01/24		125,306
	100,000	Methanex Corp		5.650		12/01/44		80,794
	200,000	Monsanto Co		2.750		04/15/16		200,107
	400,000	Monsanto Co		1.150		06/30/17		399,240
	200,000	Monsanto Co		1.850		11/15/18		199,660
	400,000	Monsanto Co		2.125		07/15/19		406,164
	100,000	Monsanto Co		2.200		07/15/22		97,319
	150,000	Monsanto Co		5.500		08/15/25		172,081
	100,000	Monsanto Co		3.600		07/15/42		80,791
	200,000	Monsanto Co		4.650		11/15/43		190,704
	200,000	Monsanto Co		4.400		07/15/44		185,718
	350,000	Monsanto Co		3.950		04/15/45		301,996
	500,000	Monsanto Co		4.700		07/15/64		432,183
	100,000	NewMarket Corp		4.100		12/15/22		101,754
	200,000	Newmont Mining Corp		5.125		10/01/19		214,998

74

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	600,000	Newmont Mining Corp		3.500	%	03/15/22	$	596,332
	298,000	Newmont Mining Corp		5.875		04/01/35		288,547
	135,000	Newmont Mining Corp		6.250		10/01/39		134,942
	300,000	Newmont Mining Corp		4.875		03/15/42		257,968
	100,000	Nucor Corp		5.750		12/01/17		106,391
	130,000	Nucor Corp		5.850		06/01/18		139,951
	300,000	Nucor Corp		4.125		09/15/22		313,414
	300,000	Nucor Corp		5.200		08/01/43		305,362
	8,000	Owens Corning		9.000		06/15/19		9,329
	200,000	Owens Corning		4.200		12/15/22		202,740
	500,000	Owens Corning		4.200		12/01/24		499,558
	150,000	Packaging Corp of America		3.900		06/15/22		154,021
	250,000	Packaging Corp of America		4.500		11/01/23		262,240
	100,000	Packaging Corp of America		3.650		09/15/24		99,224
	100,000	Plum Creek Timberlands LP		4.700		03/15/21		107,254
	300,000	Plum Creek Timberlands LP		3.250		03/15/23		296,861
	650,000	Potash Corp of Saskatchewan, Inc		4.875		03/30/20		700,501
	400,000	Potash Corp of Saskatchewan, Inc		3.625		03/15/24		402,984
	200,000	Potash Corp of Saskatchewan, Inc		3.000		04/01/25		191,468
	200,000	Potash Corp of Saskatchewan, Inc		5.625		12/01/40		224,847
	27,000	PPG Industries, Inc		6.650		03/15/18		29,381
	300,000	PPG Industries, Inc		2.300		11/15/19		304,418
	300,000	PPG Industries, Inc		3.600		11/15/20		314,230
	200,000	Praxair, Inc		1.050		11/07/17		199,285
	300,000	Praxair, Inc		2.250		09/24/20		304,123
	250,000	Praxair, Inc		2.200		08/15/22		250,109
	300,000	Praxair, Inc		2.650		02/05/25		301,651
	100,000	Praxair, Inc		3.200		01/30/26		104,989
	625,000	Praxair, Inc		3.550		11/07/42		582,703
	1,500,000	Rio Tinto Finance USA Ltd		6.500		07/15/18		1,637,802
	570,000	Rio Tinto Finance USA Ltd		3.500		11/02/20		590,210
	1,000,000	Rio Tinto Finance USA Ltd		3.750		06/15/25		980,700
	250,000	Rio Tinto Finance USA Ltd		7.125		07/15/28		295,098
	800,000	Rio Tinto Finance USA plc		1.625		08/21/17		794,856
	300,000	Rio Tinto Finance USA plc		2.250		12/14/18		301,160
	400,000	Rio Tinto Finance USA plc		3.500		03/22/22		402,506
	200,000	Rio Tinto Finance USA plc		4.750		03/22/42		195,328
	900,000	Rio Tinto Finance USA plc		4.125		08/21/42		801,732
	500,000	Rock Tenn Co		4.900		03/01/22		537,353
	58,000	Rohm and Haas Co		6.000		09/15/17		61,336
	100,000	RPM International, Inc		6.125		10/15/19		110,882
	300,000	RPM International, Inc		3.450		11/15/22		292,895
	100,000	RPM International, Inc		5.250		06/01/45		99,107
	175,000	Sherwin-Williams Co		1.350		12/15/17		174,974
	200,000	Sherwin-Williams Co		3.450		08/01/25		202,245
	200,000	Sherwin-Williams Co		4.000		12/15/42		191,107
	150,000	Sonoco Products Co		5.750		11/01/40		169,926
	200,000	Southern Copper Corp		5.375		04/16/20		213,481
	300,000	Southern Copper Corp		3.875		04/23/25		286,797
	100,000	Southern Copper Corp		7.500		07/27/35		104,533
	680,000	Southern Copper Corp		6.750		04/16/40		660,871
	500,000	Southern Copper Corp		5.875		04/23/45		442,096

75

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	450,000		Vale S.A.		5.625	%	09/11/42	$	319,113
	150,000		Valspar Corp		4.200		01/15/22		157,534
	300,000		Valspar Corp		3.300		02/01/25		295,888
	200,000		Valspar Corp		3.950		01/15/26		206,549
	150,000		Westlake Chemical Corp		3.600		07/15/22		149,087
	200,000		Worthington Industries, Inc		4.550		04/15/26		199,701
	200,000		Yamana Gold, Inc		4.950		07/15/24		169,000
			TOTAL MATERIALS						57,409,028
MEDIA - 0.8%
	100,000		CBS Corp		1.950		07/01/17		100,550
	200,000		CBS Corp		2.300		08/15/19		202,110
	50,000		CBS Corp		5.750		04/15/20		56,604
	445,000		CBS Corp		4.300		02/15/21		481,797
	500,000		CBS Corp		3.375		03/01/22		518,927
	200,000		CBS Corp		3.700		08/15/24		206,115
	300,000		CBS Corp		3.500		01/15/25		304,147
	125,000		CBS Corp		4.000		01/15/26		130,621
	200,000		CBS Corp		4.850		07/01/42		193,905
	200,000		CBS Corp		4.900		08/15/44		195,179
	500,000		CBS Corp		4.600		01/15/45		471,903
	675,000	g	CCO Safari II LLC		3.579		07/23/20		690,006
	610,000	g	CCO Safari II LLC		4.464		07/23/22		639,081
	1,250,000	g	CCO Safari II LLC		4.908		07/23/25		1,319,009
	500,000	g	CCO Safari II LLC		6.384		10/23/35		550,843
	500,000	g	CCO Safari II LLC		6.484		10/23/45		556,501
	500,000	g	CCO Safari II LLC		6.834		10/23/55		539,722
	1,000,000		Comcast Corp		5.150		03/01/20		1,125,607
	1,350,000		Comcast Corp		3.125		07/15/22		1,431,355
	800,000		Comcast Corp		2.850		01/15/23		831,010
	600,000		Comcast Corp		2.750		03/01/23		619,921
	600,000		Comcast Corp		3.375		02/15/25		637,870
	350,000		Comcast Corp		3.375		08/15/25		372,460
	800,000		Comcast Corp		3.150		03/01/26		832,840
	625,000		Comcast Corp		4.250		01/15/33		665,764
	129,000		Comcast Corp		7.050		03/15/33		178,284
	125,000		Comcast Corp		4.200		08/15/34		132,162
	345,000		Comcast Corp		5.650		06/15/35		424,913
	350,000		Comcast Corp		4.400		08/15/35		379,283
	350,000		Comcast Corp		6.950		08/15/37		491,140
	780,000		Comcast Corp		6.400		03/01/40		1,057,526
	350,000		Comcast Corp		4.650		07/15/42		389,437
	300,000		Comcast Corp		4.500		01/15/43		329,171
	500,000		Comcast Corp		4.750		03/01/44		564,150
	900,000		Comcast Corp		4.600		08/15/45		998,772
	510,000		Discovery Communications LLC		5.050		06/01/20		546,392
	500,000		Discovery Communications LLC		3.300		05/15/22		493,138
	600,000		Discovery Communications LLC		3.250		04/01/23		572,074
	350,000		Discovery Communications LLC		3.450		03/15/25		330,537
	200,000		Discovery Communications LLC		4.900		03/11/26		206,295
	100,000		Discovery Communications LLC		6.350		06/01/40		101,541
	100,000		Discovery Communications LLC		4.950		05/15/42		87,316

76

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	125,000		Discovery Communications LLC		4.875	%	04/01/43	$	109,897
	550,000		Grupo Televisa SAB		6.625		03/18/25		656,333
	200,000		Grupo Televisa SAB		4.625		01/30/26		210,939
	600,000		Grupo Televisa SAB		5.000		05/13/45		547,492
	200,000		Grupo Televisa SAB		6.125		01/31/46		212,000
	348,000		Historic TW, Inc		6.625		05/15/29		422,001
	200,000		Interpublic Group of Cos, Inc		4.200		04/15/24		206,216
	300,000		Interpublic Group of Cos, Inc		2.250		11/15/17		300,054
	100,000		Interpublic Group of Cos, Inc		4.000		03/15/22		102,961
	1,200,000		NBC Universal Media LLC		4.450		01/15/43		1,292,846
	1,585,000		NBC Universal Media LLC		5.150		04/30/20		1,802,483
	820,000		NBC Universal Media LLC		4.375		04/01/21		917,336
	375,000		NBC Universal Media LLC		2.875		01/15/23		389,035
	95,000		NBC Universal Media LLC		6.400		04/30/40		127,147
	150,000		NBC Universal Media LLC		5.950		04/01/41		191,830
	200,000		Omnicom Group, Inc		4.450		08/15/20		218,840
	700,000		Omnicom Group, Inc		3.625		05/01/22		735,216
	200,000		Omnicom Group, Inc		3.650		11/01/24		206,169
	325,000	h	Omnicom Group, Inc		3.600		04/15/26		333,058
	300,000		Scripps Networks Interactive, Inc		2.750		11/15/19		301,497
	200,000		Scripps Networks Interactive, Inc		2.800		06/15/20		200,437
	200,000		Scripps Networks Interactive, Inc		3.500		06/15/22		200,306
	200,000		Scripps Networks Interactive, Inc		3.900		11/15/24		201,987
	200,000		Scripps Networks Interactive, Inc		3.950		06/15/25		200,153
	500,000		Time Warner Cable, Inc		5.850		05/01/17		521,244
	170,000		Time Warner Cable, Inc		6.750		07/01/18		187,062
	910,000		Time Warner Cable, Inc		8.750		02/14/19		1,065,694
	1,100,000		Time Warner Cable, Inc		8.250		04/01/19		1,280,824
	1,300,000		Time Warner Cable, Inc		4.000		09/01/21		1,360,965
	500,000		Time Warner Cable, Inc		6.550		05/01/37		548,908
	175,000		Time Warner Cable, Inc		6.750		06/15/39		197,013
	690,000		Time Warner Cable, Inc		5.875		11/15/40		714,261
	300,000		Time Warner Cable, Inc		5.500		09/01/41		297,586
	1,450,000		Time Warner Cable, Inc		4.500		09/15/42		1,287,516
	1,200,000		Time Warner, Inc		2.100		06/01/19		1,210,588
	450,000		Time Warner, Inc		4.750		03/29/21		496,476
	1,400,000		Time Warner, Inc		3.400		06/15/22		1,455,469
	650,000		Time Warner, Inc		4.050		12/15/23		701,177
	500,000		Time Warner, Inc		3.550		06/01/24		514,509
	500,000		Time Warner, Inc		3.875		01/15/26		524,591
	785,000		Time Warner, Inc		6.500		11/15/36		910,849
	350,000		Time Warner, Inc		6.100		07/15/40		398,444
	150,000		Time Warner, Inc		6.250		03/29/41		173,428
	900,000		Time Warner, Inc		4.900		06/15/42		917,250
	200,000		Time Warner, Inc		5.350		12/15/43		212,896
	300,000		Time Warner, Inc		4.650		06/01/44		293,484
	400,000		Time Warner, Inc		4.850		07/15/45		407,024
	250,000		Viacom, Inc		2.500		09/01/18		251,812
	500,000		Viacom, Inc		2.200		04/01/19		501,371
	300,000		Viacom, Inc		2.750		12/15/19		305,633
	400,000		Viacom, Inc		3.875		12/15/21		415,834
	500,000		Viacom, Inc		3.125		06/15/22		491,518

77

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Viacom, Inc		3.250	%	03/15/23	$	193,575
	250,000	Viacom, Inc		4.250		09/01/23		255,030
	400,000	Viacom, Inc		3.875		04/01/24		398,556
	300,000	Viacom, Inc		4.850		12/15/34		266,329
	200,000	Viacom, Inc		4.500		02/27/42		160,423
	504,000	Viacom, Inc		4.375		03/15/43		389,709
	100,000	Viacom, Inc		4.875		06/15/43		83,318
	500,000	Viacom, Inc		5.250		04/01/44		449,826
	261,000	WPP Finance 2010		4.750		11/21/21		288,151
	300,000	WPP Finance 2010		3.625		09/07/22		307,892
	200,000	WPP Finance 2010		3.750		09/19/24		202,506
	200,000	WPP Finance 2010		5.625		11/15/43		206,867
		TOTAL MEDIA						51,887,819
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	350,000	Abbott Laboratories		5.125		04/01/19		384,815
	400,000	Abbott Laboratories		2.000		03/15/20		405,821
	400,000	Abbott Laboratories		2.550		03/15/22		407,741
	400,000	Abbott Laboratories		2.950		03/15/25		404,286
	500,000	Abbott Laboratories		5.300		05/27/40		575,460
	800,000	AbbVie, Inc		1.750		11/06/17		803,765
	975,000	AbbVie, Inc		1.800		05/14/18		981,673
	700,000	AbbVie, Inc		2.000		11/06/18		706,882
	850,000	AbbVie, Inc		2.500		05/14/20		865,893
	1,000,000	AbbVie, Inc		3.200		11/06/22		1,034,412
	1,000,000	AbbVie, Inc		3.600		05/14/25		1,050,169
	1,000,000	AbbVie, Inc		4.500		05/14/35		1,039,247
	1,375,000	AbbVie, Inc		4.400		11/06/42		1,389,558
	600,000	AbbVie, Inc		4.700		05/14/45		638,209
	1,000,000	Actavis Funding SCS		2.350		03/12/18		1,011,734
	1,825,000	Actavis Funding SCS		3.000		03/12/20		1,877,825
	3,000,000	Actavis Funding SCS		3.450		03/15/22		3,115,599
	1,450,000	Actavis Funding SCS		3.800		03/15/25		1,508,956
	725,000	Actavis Funding SCS		4.550		03/15/35		749,744
	1,125,000	Actavis Funding SCS		4.750		03/15/45		1,191,728
	300,000	Amgen, Inc		2.125		05/15/17		303,187
	500,000	Amgen, Inc		1.250		05/22/17		501,017
	550,000	Amgen, Inc		5.850		06/01/17		579,006
	500,000	Amgen, Inc		2.200		05/22/19		511,590
	75,000	Amgen, Inc		4.500		03/15/20		82,192
	400,000	Amgen, Inc		2.125		05/01/20		405,055
	250,000	Amgen, Inc		3.450		10/01/20		266,317
	700,000	Amgen, Inc		4.100		06/15/21		763,867
	400,000	Amgen, Inc		2.700		05/01/22		407,778
	1,000,000	Amgen, Inc		3.625		05/15/22		1,070,510
	500,000	Amgen, Inc		3.625		05/22/24		527,749
	400,000	Amgen, Inc		3.125		05/01/25		405,412
	500,000	Amgen, Inc		6.375		06/01/37		621,600
	1,000,000	Amgen, Inc		6.400		02/01/39		1,251,160
	650,000	Amgen, Inc		4.950		10/01/41		700,133
	400,000	Amgen, Inc		5.150		11/15/41		441,535
	400,000	Amgen, Inc		4.400		05/01/45		408,390

78

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	800,000		AstraZeneca plc		5.900	%	09/15/17	$	853,864
	300,000		AstraZeneca plc		1.750		11/16/18		302,965
	500,000		AstraZeneca plc		2.375		11/16/20		510,330
	500,000		AstraZeneca plc		3.375		11/16/25		518,158
	900,000		AstraZeneca plc		6.450		09/15/37		1,196,735
	450,000		AstraZeneca plc		4.000		09/18/42		452,852
	350,000		AstraZeneca plc		4.375		11/16/45		372,730
	500,000	g	Baxalta, Inc		2.000		06/22/18		496,040
	500,000	g	Baxalta, Inc		4.000		06/23/25		508,325
	500,000	g	Baxalta, Inc		5.250		06/23/45		531,539
	100,000		Biogen Idec, Inc		6.875		03/01/18		109,525
	100,000		Biogen, Inc		2.900		09/15/20		102,957
	300,000		Biogen, Inc		3.625		09/15/22		317,396
	500,000		Biogen, Inc		4.050		09/15/25		534,574
	1,500,000		Biogen, Inc		5.200		09/15/45		1,664,260
	250,000		Bristol-Myers Squibb Co		0.875		08/01/17		250,156
	200,000		Bristol-Myers Squibb Co		1.750		03/01/19		203,966
	200,000		Bristol-Myers Squibb Co		3.250		11/01/23		214,532
	650,000		Bristol-Myers Squibb Co		3.250		08/01/42		605,443
	200,000		Bristol-Myers Squibb Co		4.500		03/01/44		227,059
	200,000		Celgene Corp		1.900		08/15/17		201,683
	400,000		Celgene Corp		2.125		08/15/18		404,588
	300,000		Celgene Corp		2.300		08/15/18		304,544
	200,000		Celgene Corp		2.250		05/15/19		202,942
	425,000		Celgene Corp		2.875		08/15/20		437,909
	200,000		Celgene Corp		3.950		10/15/20		214,420
	300,000		Celgene Corp		3.250		08/15/22		309,835
	750,000		Celgene Corp		3.550		08/15/22		787,129
	300,000		Celgene Corp		3.625		05/15/24		310,201
	300,000		Celgene Corp		5.250		08/15/43		335,309
	300,000		Celgene Corp		4.625		05/15/44		305,736
	1,000,000		Celgene Corp		5.000		08/15/45		1,081,642
	300,000		Eli Lilly & Co		1.250		03/01/18		302,217
	200,000		Eli Lilly & Co		1.950		03/15/19		204,639
	800,000		Eli Lilly & Co		2.750		06/01/25		819,959
	400,000		Eli Lilly & Co		3.700		03/01/45		407,182
	250,000		Gilead Sciences, Inc		1.850		09/04/18		254,445
	200,000		Gilead Sciences, Inc		2.050		04/01/19		204,059
	125,000		Gilead Sciences, Inc		2.350		02/01/20		127,942
	1,000,000		Gilead Sciences, Inc		2.550		09/01/20		1,030,238
	600,000		Gilead Sciences, Inc		4.500		04/01/21		670,762
	650,000		Gilead Sciences, Inc		4.400		12/01/21		726,471
	500,000		Gilead Sciences, Inc		3.250		09/01/22		528,260
	425,000		Gilead Sciences, Inc		3.700		04/01/24		456,057
	400,000		Gilead Sciences, Inc		3.500		02/01/25		423,218
	750,000		Gilead Sciences, Inc		3.650		03/01/26		798,205
	300,000		Gilead Sciences, Inc		4.600		09/01/35		325,668
	100,000		Gilead Sciences, Inc		5.650		12/01/41		121,316
	775,000		Gilead Sciences, Inc		4.800		04/01/44		851,799
	675,000		Gilead Sciences, Inc		4.500		02/01/45		715,347
	750,000		Gilead Sciences, Inc		4.750		03/01/46		823,351
	800,000		GlaxoSmithKline Capital plc		1.500		05/08/17		805,426

79

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		GlaxoSmithKline Capital plc		2.850	%	05/08/22	$	314,415
	1,045,000		GlaxoSmithKline Capital, Inc		5.650		05/15/18		1,144,682
	225,000		GlaxoSmithKline Capital, Inc		2.800		03/18/23		233,392
	350,000		GlaxoSmithKline Capital, Inc		5.375		04/15/34		414,628
	743,000		GlaxoSmithKline Capital, Inc		6.375		05/15/38		1,004,428
	350,000		GlaxoSmithKline Capital, Inc		4.200		03/18/43		377,689
	1,100,000		Johnson & Johnson		1.650		12/05/18		1,121,474
	350,000		Johnson & Johnson		1.125		03/01/19		350,919
	300,000		Johnson & Johnson		1.875		12/05/19		308,022
	250,000		Johnson & Johnson		1.650		03/01/21		251,315
	200,000		Johnson & Johnson		2.450		12/05/21		207,340
	300,000		Johnson & Johnson		2.050		03/01/23		301,370
	700,000		Johnson & Johnson		3.375		12/05/23		771,833
	500,000		Johnson & Johnson		2.450		03/01/26		502,462
	850,000		Johnson & Johnson		4.375		12/05/33		968,515
	100,000		Johnson & Johnson		3.550		03/01/36		103,862
	375,000		Johnson & Johnson		5.850		07/15/38		510,368
	300,000		Johnson & Johnson		4.500		12/05/43		344,505
	100,000		Johnson & Johnson		3.700		03/01/46		104,994
	600,000		Life Technologies Corp		5.000		01/15/21		655,089
	200,000		Merck & Co, Inc		1.100		01/31/18		200,683
	400,000		Merck & Co, Inc		1.300		05/18/18		403,310
	375,000		Merck & Co, Inc		1.850		02/10/20		382,192
	1,500,000		Merck & Co, Inc		3.875		01/15/21		1,648,421
	750,000		Merck & Co, Inc		2.350		02/10/22		765,364
	200,000		Merck & Co, Inc		2.400		09/15/22		204,002
	1,100,000		Merck & Co, Inc		2.800		05/18/23		1,148,236
	500,000		Merck & Co, Inc		2.750		02/10/25		512,088
	100,000		Merck & Co, Inc		3.600		09/15/42		100,119
	750,000		Merck & Co, Inc		4.150		05/18/43		819,491
	750,000		Merck & Co, Inc		3.700		02/10/45		763,466
	100,000	g	Mylan NV		3.000		12/15/18		101,390
	100,000	g	Mylan NV		3.750		12/15/20		102,565
	500,000		Mylan, Inc		1.800		06/24/16		500,362
	100,000		Mylan, Inc		2.550		03/28/19		100,125
	200,000		Mylan, Inc		4.200		11/29/23		204,928
	200,000		Mylan, Inc		5.400		11/29/43		199,462
	300,000		Novartis Capital Corp		2.400		09/21/22		307,407
	750,000		Novartis Capital Corp		3.400		05/06/24		805,710
	500,000		Novartis Capital Corp		3.000		11/20/25		521,516
	400,000		Novartis Capital Corp		3.700		09/21/42		404,184
	750,000		Novartis Capital Corp		4.400		05/06/44		859,332
	500,000		Novartis Capital Corp		4.000		11/20/45		535,285
	600,000		Novartis Securities Investment Ltd		5.125		02/10/19		663,947
	125,000		Perrigo Co plc		1.300		11/08/16		124,419
	100,000		Perrigo Co plc		2.300		11/08/18		99,919
	100,000		Perrigo Co plc		4.000		11/15/23		101,717
	100,000		Perrigo Co plc		5.300		11/15/43		99,388
	225,000		Perrigo Finance plc		3.500		12/15/21		229,458
	200,000		Perrigo Finance plc		3.900		12/15/24		199,045
	300,000		Perrigo Finance plc		4.900		12/15/44		283,292
	100,000		Perrigo Finance Unlimited Co		3.500		03/15/21		102,461

80

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Perrigo Finance Unlimited Co		4.375	%	03/15/26	$	205,976
	300,000	Pfizer, Inc		1.500		06/15/18		303,740
	1,460,000	Pfizer, Inc		6.200		03/15/19		1,661,356
	800,000	Pfizer, Inc		3.000		06/15/23		844,542
	300,000	Pfizer, Inc		3.400		05/15/24		321,880
	500,000	Pfizer, Inc		4.300		06/15/43		547,507
	600,000	Pfizer, Inc		4.400		05/15/44		678,522
	175,000	Sanofi		1.250		04/10/18		175,940
	750,000	Sanofi		4.000		03/29/21		825,946
	658,000	Teva Pharmaceutical Finance Co BV		2.950		12/18/22		662,052
	200,000	Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		199,614
	17,000	Teva Pharmaceutical Finance Co LLC		6.150		02/01/36		20,130
	500,000	Wyeth LLC		5.450		04/01/17		522,471
	1,000,000	Wyeth LLC		6.450		02/01/24		1,273,954
	945,000	Wyeth LLC		5.950		04/01/37		1,214,448
	125,000	Zoetis, Inc		1.875		02/01/18		124,895
	100,000	Zoetis, Inc		3.450		11/13/20		102,776
	150,000	Zoetis, Inc		3.250		02/01/23		148,376
	100,000	Zoetis, Inc		4.500		11/13/25		106,983
	600,000	Zoetis, Inc		4.700		02/01/43		564,406
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						88,846,020
REAL ESTATE - 0.6%
	150,000	Alexandria Real Estate Equities, Inc		4.600		04/01/22		161,704
	100,000	Alexandria Real Estate Equities, Inc		3.900		06/15/23		101,202
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		204,786
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		201,324
	100,000	American Campus Communities Operating Partnership LP		3.750		04/15/23		101,206
	300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		308,999
	200,000	AvalonBay Communities, Inc		3.625		10/01/20		208,910
	100,000	AvalonBay Communities, Inc		3.950		01/15/21		106,833
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		225,488
	100,000	AvalonBay Communities, Inc		2.850		03/15/23		99,482
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		207,197
	200,000	AvalonBay Communities, Inc		3.450		06/01/25		205,043
	150,000	AvalonBay Communities, Inc		3.500		11/15/25		155,471
	150,000	Boston Properties LP		3.700		11/15/18		156,903
	80,000	Boston Properties LP		5.875		10/15/19		89,494
	175,000	Boston Properties LP		4.125		05/15/21		187,613
	500,000	Boston Properties LP		3.850		02/01/23		526,690
	425,000	Boston Properties LP		3.125		09/01/23		427,510
	200,000	Boston Properties LP		3.800		02/01/24		209,653
	100,000	Boston Properties LP		3.650		02/01/26		103,417
	115,000	Brandywine Operating Partnership LP		5.700		05/01/17		118,972
	200,000	Brandywine Operating Partnership LP		3.950		02/15/23		198,497
	200,000	Brandywine Operating Partnership LP		4.100		10/01/24		198,091
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		146,421
	200,000	Brixmor Operating Partnership LP		3.850		02/01/25		183,334
	100,000	Camden Property Trust		4.625		06/15/21		109,527
	200,000	Camden Property Trust		2.950		12/15/22		198,402
	125,000	Camden Property Trust		4.250		01/15/24		133,390
	250,000	CBL & Associates LP		4.600		10/15/24		227,668

81

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	CBRE Services, Inc		4.875	%	03/01/26	$	505,018
	200,000	Corporate Office Properties LP		3.700		06/15/21		198,726
	200,000	Corporate Office Properties LP		5.250		02/15/24		205,937
	100,000	CubeSmart LP		4.800		07/15/22		109,432
	200,000	CubeSmart LP		4.375		12/15/23		210,549
	100,000	DCT Industrial Operating Partnership LP		4.500		10/15/23		102,578
	200,000	DDR Corp		3.500		01/15/21		202,978
	500,000	DDR Corp		4.625		07/15/22		530,603
	150,000	DDR Corp		4.250		02/01/26		152,477
	26,000	Duke Realty LP		5.950		02/15/17		26,945
	100,000	Duke Realty LP		3.875		02/15/21		103,289
	200,000	Duke Realty LP		4.375		06/15/22		210,680
	100,000	Duke Realty LP		3.875		10/15/22		101,992
	100,000	Duke Realty LP		3.625		04/15/23		100,572
	100,000	Duke Realty LP		3.750		12/01/24		99,172
	100,000	EPR Properties		5.750		08/15/22		107,842
	200,000	EPR Properties		5.250		07/15/23		204,374
	200,000	Equity One, Inc		3.750		11/15/22		200,631
	448,000	ERP Operating LP		4.625		12/15/21		498,730
	200,000	ERP Operating LP		3.375		06/01/25		206,137
	300,000	ERP Operating LP		4.500		07/01/44		318,508
	100,000	Essex Portfolio LP		3.625		08/15/22		103,739
	250,000	Essex Portfolio LP		3.375		01/15/23		254,959
	100,000	Essex Portfolio LP		3.250		05/01/23		99,620
	400,000	Essex Portfolio LP		3.500		04/01/25		400,024
	100,000	Federal Realty Investment Trust		2.550		01/15/21		101,814
	100,000	Federal Realty Investment Trust		3.000		08/01/22		101,490
	100,000	Federal Realty Investment Trust		2.750		06/01/23		98,780
	200,000	Federal Realty Investment Trust		3.950		01/15/24		213,723
	100,000	Federal Realty Investment Trust		4.500		12/01/44		104,838
	150,000	HCP, Inc		3.750		02/01/19		154,804
	250,000	HCP, Inc		2.625		02/01/20		246,650
	150,000	HCP, Inc		5.375		02/01/21		163,881
	400,000	HCP, Inc		3.150		08/01/22		383,074
	300,000	HCP, Inc		4.000		12/01/22		301,670
	200,000	HCP, Inc		4.250		11/15/23		200,857
	200,000	HCP, Inc		4.200		03/01/24		197,472
	800,000	HCP, Inc		3.875		08/15/24		772,425
	30,000	HCP, Inc		6.750		02/01/41		34,505
	200,000	Health Care REIT, Inc		4.700		09/15/17		207,946
	150,000	Health Care REIT, Inc		2.250		03/15/18		150,843
	200,000	Health Care REIT, Inc		4.125		04/01/19		209,875
	440,000	Health Care REIT, Inc		6.125		04/15/20		497,519
	200,000	Health Care REIT, Inc		4.500		01/15/24		208,236
	100,000	Healthcare Realty Trust, Inc		3.750		04/15/23		98,368
	100,000	Healthcare Realty Trust, Inc		3.875		05/01/25		97,187
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		98,458
	125,000	Highwoods Realty LP		5.850		03/15/17		129,456
	100,000	Highwoods Realty LP		3.625		01/15/23		99,739
	400,000	Hospitality Properties Trust		4.250		02/15/21		406,029
	100,000	Hospitality Properties Trust		5.000		08/15/22		103,975
	200,000	Hospitality Properties Trust		4.500		06/15/23		198,779

82

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Hospitality Properties Trust		4.650	%	03/15/24	$	196,344
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		585,601
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		194,873
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		101,159
	50,000	HRPT Properties Trust		5.875		09/15/20		54,410
	250,000	Jones Lang LaSalle, Inc		4.400		11/15/22		256,916
	250,000	Kilroy Realty LP		3.800		01/15/23		254,864
	200,000	Kilroy Realty LP		4.250		08/15/29		205,464
	145,000	Kimco Realty Corp		5.700		05/01/17		151,088
	200,000	Kimco Realty Corp		3.200		05/01/21		204,336
	100,000	Kimco Realty Corp		3.400		11/01/22		101,985
	300,000	Kimco Realty Corp		3.125		06/01/23		297,077
	200,000	Kimco Realty Corp		4.250		04/01/45		191,789
	100,000	Lexington Realty Trust		4.250		06/15/23		101,567
	200,000	Lexington Realty Trust		4.400		06/15/24		201,631
	220,000	Liberty Property LP		4.750		10/01/20		237,670
	150,000	Liberty Property LP		4.125		06/15/22		156,255
	100,000	Liberty Property LP		3.375		06/15/23		98,829
	200,000	Liberty Property LP		4.400		02/15/24		210,699
	200,000	Mack-Cali Realty LP		2.500		12/15/17		199,723
	125,000	Mack-Cali Realty LP		7.750		08/15/19		137,218
	150,000	Mack-Cali Realty LP		4.500		04/18/22		145,391
	200,000	Mid-America Apartments LP		4.300		10/15/23		210,816
	100,000	Mid-America Apartments LP		4.000		11/15/25		102,126
	75,000	National Retail Properties, Inc		6.875		10/15/17		80,499
	100,000	National Retail Properties, Inc		3.800		10/15/22		103,760
	100,000	National Retail Properties, Inc		3.300		04/15/23		99,129
	300,000	National Retail Properties, Inc		3.900		06/15/24		307,620
	100,000	National Retail Properties, Inc		4.000		11/15/25		102,900
	200,000	OMEGA Healthcare Investors, Inc		4.500		01/15/25		194,258
	300,000	OMEGA Healthcare Investors, Inc		5.250		01/15/26		305,807
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		190,511
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		193,445
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		202,713
	100,000	Post Apartment Homes LP		3.375		12/01/22		99,782
	350,000	ProLogis LP		2.750		02/15/19		357,925
	201,000	ProLogis LP		3.350		02/01/21		209,476
	150,000	ProLogis LP		4.250		08/15/23		162,505
	200,000	ProLogis LP		3.750		11/01/25		208,782
	200,000	Rayonier, Inc		3.750		04/01/22		199,129
	40,000	Realty Income Corp		5.950		09/15/16		40,713
	150,000	Realty Income Corp		2.000		01/31/18		150,588
	75,000	Realty Income Corp		5.750		01/15/21		84,314
	200,000	Realty Income Corp		3.250		10/15/22		197,446
	500,000	Realty Income Corp		4.650		08/01/23		530,546
	200,000	Realty Income Corp		4.125		10/15/26		205,748
	8,000	Regency Centers LP		5.875		06/15/17		8,387
	250,000	Regency Centers LP		3.750		06/15/24		255,573
	200,000	Retail Opportunity Investments Partnership LP		5.000		12/15/23		205,513
	100,000	Select Income REIT		2.850		02/01/18		100,081
	200,000	Select Income REIT		3.600		02/01/20		201,056
	200,000	Select Income REIT		4.150		02/01/22		198,542

83

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Select Income REIT		4.500	%	02/01/25	$	190,446
	300,000		Senior Housing Properties Trust		3.250		05/01/19		299,116
	100,000		Senior Housing Properties Trust		6.750		12/15/21		110,353
	100,000		Simon Property Group LP		2.800		01/30/17		101,009
	1,100,000		Simon Property Group LP		2.200		02/01/19		1,116,774
	250,000		Simon Property Group LP		2.500		09/01/20		254,673
	300,000		Simon Property Group LP		2.500		07/15/21		306,693
	762,000		Simon Property Group LP		3.375		03/15/22		805,542
	300,000		Simon Property Group LP		3.500		09/01/25		315,696
	300,000		Simon Property Group LP		3.300		01/15/26		311,482
	700,000		Simon Property Group LP		4.250		10/01/44		721,230
	300,000		Tanger Properties LP		3.875		12/01/23		306,806
	200,000		UDR, Inc		3.700		10/01/20		209,809
	200,000		UDR, Inc		4.625		01/10/22		216,494
	200,000		UDR, Inc		4.000		10/01/25		207,837
	100,000	g,i	USB Realty Corp		1.769		12/30/49		79,750
	175,000		Ventas Realty LP		2.000		02/15/18		175,244
	300,000		Ventas Realty LP		4.750		06/01/21		330,085
	350,000		Ventas Realty LP		3.250		08/15/22		350,720
	350,000		Ventas Realty LP		3.750		05/01/24		349,855
	120,000		Ventas Realty LP		4.125		01/15/26		123,278
	300,000		Ventas Realty LP		4.375		02/01/45		275,282
	200,000		Vornado Realty LP		2.500		06/30/19		201,697
	100,000		Vornado Realty LP		5.000		01/15/22		108,452
	195,000		Washington REIT		4.950		10/01/20		207,753
	100,000		Washington REIT		3.950		10/15/22		100,010
	100,000		Weingarten Realty Investors		3.375		10/15/22		99,548
	100,000		Weingarten Realty Investors		3.500		04/15/23		98,146
	200,000		Weingarten Realty Investors		4.450		01/15/24		206,580
	700,000		Welltower, Inc		4.000		06/01/25		700,685
	300,000		Welltower, Inc		4.250		04/01/26		304,147
	500,000		Weyerhaeuser Co		7.375		10/01/19		573,955
	200,000		Weyerhaeuser Co		4.625		09/15/23		211,271
	400,000		Weyerhaeuser Co		7.375		03/15/32		488,672
	200,000		WP Carey, Inc		4.600		04/01/24		203,524
	200,000		WP Carey, Inc		4.000		02/01/25		188,528
			TOTAL REAL ESTATE						36,986,853
RETAILING - 0.7%
	120,000		Advance Auto Parts, Inc		5.750		05/01/20		130,956
	250,000		Advance Auto Parts, Inc		4.500		12/01/23		260,736
	300,000		Amazon.com, Inc		2.600		12/05/19		312,206
	300,000		Amazon.com, Inc		3.300		12/05/21		320,715
	600,000		Amazon.com, Inc		2.500		11/29/22		611,339
	300,000		Amazon.com, Inc		3.800		12/05/24		327,946
	300,000		Amazon.com, Inc		4.800		12/05/34		335,661
	600,000		Amazon.com, Inc		4.950		12/05/44		691,515
	100,000		AutoNation, Inc		3.350		01/15/21		101,311
	100,000		AutoNation, Inc		4.500		10/01/25		102,528
	100,000		AutoZone, Inc		4.000		11/15/20		106,711
	200,000		AutoZone, Inc		3.700		04/15/22		209,019
	300,000		AutoZone, Inc		2.875		01/15/23		296,767

84

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	AutoZone, Inc		3.125	%	07/15/23	$	151,776
	200,000	AutoZone, Inc		3.250		04/15/25		200,337
	200,000	Bed Bath & Beyond, Inc		3.749		08/01/24		201,923
	200,000	Bed Bath & Beyond, Inc		4.915		08/01/34		180,434
	250,000	Bed Bath & Beyond, Inc		5.165		08/01/44		208,161
	500,000	Best Buy Co, Inc		5.000		08/01/18		521,875
	500,000	Costco Wholesale Corp		1.125		12/15/17		502,230
	250,000	Costco Wholesale Corp		1.700		12/15/19		254,365
	200,000	Costco Wholesale Corp		1.750		02/15/20		202,878
	200,000	Costco Wholesale Corp		2.250		02/15/22		202,937
	500,000	Dollar General Corp		1.875		04/15/18		502,995
	300,000	Dollar General Corp		4.150		11/01/25		315,319
	300,000	Enable Midstream Partners LP		2.400		05/15/19		261,533
	300,000	Enable Midstream Partners LP		3.900		05/15/24		237,261
	100,000	Enable Midstream Partners LP		5.000		05/15/44		70,617
	250,000	Gap, Inc		5.950		04/12/21		270,977
	500,000	Home Depot, Inc		2.000		06/15/19		513,096
	400,000	Home Depot, Inc		3.950		09/15/20		438,882
	500,000	Home Depot, Inc		2.000		04/01/21		505,434
	350,000	Home Depot, Inc		4.400		04/01/21		392,059
	400,000	Home Depot, Inc		2.625		06/01/22		413,884
	500,000	Home Depot, Inc		2.700		04/01/23		519,473
	300,000	Home Depot, Inc		3.750		02/15/24		331,977
	100,000	Home Depot, Inc		3.350		09/15/25		108,411
	300,000	Home Depot, Inc		3.000		04/01/26		314,913
	960,000	Home Depot, Inc		5.875		12/16/36		1,249,471
	500,000	Home Depot, Inc		4.200		04/01/43		539,123
	300,000	Home Depot, Inc		4.875		02/15/44		356,089
	500,000	Home Depot, Inc		4.400		03/15/45		556,271
	600,000	Home Depot, Inc		4.250		04/01/46		660,353
	200,000	Kohl’s Corp		3.250		02/01/23		190,863
	200,000	Kohl’s Corp		4.750		12/15/23		206,495
	200,000	Kohl’s Corp		4.250		07/17/25		197,249
	200,000	Kohl’s Corp		5.550		07/17/45		181,052
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		218,299
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		901,955
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		329,581
	400,000	Lowe’s Cos, Inc		3.125		09/15/24		421,948
	100,000	Lowe’s Cos, Inc		3.375		09/15/25		107,270
	200,000	Lowe’s Cos, Inc		6.875		02/15/28		265,740
	175,000	Lowe’s Cos, Inc		5.500		10/15/35		212,467
	150,000	Lowe’s Cos, Inc		5.800		04/15/40		191,456
	150,000	Lowe’s Cos, Inc		5.125		11/15/41		174,984
	100,000	Lowe’s Cos, Inc		4.650		04/15/42		113,248
	300,000	Lowe’s Cos, Inc		5.000		09/15/43		357,967
	200,000	Lowe’s Cos, Inc		4.250		09/15/44		214,933
	200,000	Lowe’s Cos, Inc		4.375		09/15/45		222,288
	200,000	Macy’s Retail Holdings, Inc		3.450		01/15/21		206,113
	250,000	Macy’s Retail Holdings, Inc		3.875		01/15/22		256,458
	125,000	Macy’s Retail Holdings, Inc		2.875		02/15/23		118,769
	200,000	Macy’s Retail Holdings, Inc		4.375		09/01/23		205,503
	300,000	Macy’s Retail Holdings, Inc		3.625		06/01/24		293,680

85

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	Macy’s Retail Holdings, Inc		6.900	%	04/01/29	$	430,202
	200,000	Macy’s Retail Holdings, Inc		4.500		12/15/34		162,433
	200,000	Macy’s Retail Holdings, Inc		6.375		03/15/37		196,856
	200,000	Macy’s Retail Holdings, Inc		4.300		02/15/43		150,402
	300,000	Nordstrom, Inc		6.250		01/15/18		323,531
	30,000	Nordstrom, Inc		4.750		05/01/20		32,510
	100,000	Nordstrom, Inc		4.000		10/15/21		105,735
	531,000	Nordstrom, Inc		5.000		01/15/44		554,952
	150,000	O’Reilly Automotive, Inc		4.875		01/14/21		164,134
	100,000	O’Reilly Automotive, Inc		3.800		09/01/22		104,402
	200,000	O’Reilly Automotive, Inc		3.850		06/15/23		209,343
	300,000	Priceline Group, Inc		3.650		03/15/25		307,840
	200,000	QVC, Inc		3.125		04/01/19		200,658
	100,000	QVC, Inc		5.125		07/02/22		105,110
	100,000	QVC, Inc		4.375		03/15/23		97,819
	200,000	QVC, Inc		4.850		04/01/24		198,890
	200,000	QVC, Inc		4.450		02/15/25		193,834
	150,000	QVC, Inc		5.950		03/15/43		130,841
	150,000	Staples, Inc		2.750		01/12/18		151,215
	150,000	Staples, Inc		4.375		01/12/23		150,386
	1,150,000	Target Corp		3.875		07/15/20		1,258,634
	900,000	Target Corp		2.900		01/15/22		952,967
	500,000	Target Corp		3.500		07/01/24		548,653
	165,000	Target Corp		6.500		10/15/37		228,845
	850,000	Target Corp		4.000		07/01/42		910,300
	105,000	TJX Cos, Inc		6.950		04/15/19		122,355
	300,000	TJX Cos, Inc		2.750		06/15/21		311,421
	300,000	TJX Cos, Inc		2.500		05/15/23		298,437
	200,000	Wal-Mart Stores, Inc		2.800		04/15/16		200,131
	350,000	Wal-Mart Stores, Inc		1.125		04/11/18		352,674
	300,000	Wal-Mart Stores, Inc		1.950		12/15/18		307,994
	1,400,000	Wal-Mart Stores, Inc		3.250		10/25/20		1,511,759
	1,950,000	Wal-Mart Stores, Inc		4.250		04/15/21		2,188,959
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		1,029,081
	800,000	Wal-Mart Stores, Inc		3.300		04/22/24		863,091
	69,000	Wal-Mart Stores, Inc		7.550		02/15/30		102,983
	1,095,000	Wal-Mart Stores, Inc		5.250		09/01/35		1,356,637
	160,000	Wal-Mart Stores, Inc		6.500		08/15/37		223,016
	900,000	Wal-Mart Stores, Inc		6.200		04/15/38		1,218,274
	65,000	Wal-Mart Stores, Inc		5.625		04/01/40		83,501
	345,000	Wal-Mart Stores, Inc		5.000		10/25/40		412,116
	850,000	Wal-Mart Stores, Inc		4.000		04/11/43		900,709
	900,000	Wal-Mart Stores, Inc		4.750		10/02/43		1,061,213
	650,000	Wal-Mart Stores, Inc		4.300		04/22/44		727,065
		TOTAL RETAILING						41,722,690
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	200,000	Altera Corp		1.750		05/15/17		201,900
	200,000	Altera Corp		4.100		11/15/23		221,237
	500,000	Analog Devices, Inc		2.875		06/01/23		508,052
	200,000	Analog Devices, Inc		5.300		12/15/45		224,508
	475,000	Intel Corp		1.350		12/15/17		478,899

86

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Intel Corp		2.450	%	07/29/20	$	258,806
	500,000		Intel Corp		3.100		07/29/22		528,759
	1,250,000		Intel Corp		2.700		12/15/22		1,289,007
	250,000		Intel Corp		3.700		07/29/25		273,952
	500,000		Intel Corp		4.000		12/15/32		522,963
	500,000		Intel Corp		4.800		10/01/41		559,187
	975,000		Intel Corp		4.900		07/29/45		1,093,220
	200,000		Maxim Integrated Products, Inc		2.500		11/15/18		201,124
	200,000		Maxim Integrated Products, Inc		3.375		03/15/23		204,510
	200,000		Texas Instruments, Inc		2.375		05/16/16		200,460
	200,000		Texas Instruments, Inc		1.000		05/01/18		199,922
	200,000		Texas Instruments, Inc		1.650		08/03/19		202,361
	300,000		Texas Instruments, Inc		1.750		05/01/20		301,806
	200,000		Texas Instruments, Inc		2.750		03/12/21		209,531
	200,000		Texas Instruments, Inc		2.250		05/01/23		199,432
	400,000		Xilinx, Inc		3.000		03/15/21		415,303
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						8,294,939
SOFTWARE & SERVICES - 0.8%
	20,000		Adobe Systems, Inc		4.750		02/01/20		22,028
	275,000		Adobe Systems, Inc		3.250		02/01/25		284,158
	200,000		Autodesk, Inc		1.950		12/15/17		199,033
	250,000		Autodesk, Inc		4.375		06/15/25		255,582
	500,000		Automatic Data Processing, Inc		2.250		09/15/20		514,806
	500,000		Automatic Data Processing, Inc		3.375		09/15/25		534,779
	300,000		Baidu, Inc		2.250		11/28/17		301,979
	750,000		Baidu, Inc		2.750		06/09/19		758,793
	300,000		Baidu, Inc		3.000		06/30/20		304,533
	200,000		Baidu, Inc		3.500		11/28/22		204,175
	300,000		Baidu, Inc		4.125		06/30/25		312,846
	250,000		CA, Inc		2.875		08/15/18		254,128
	300,000		CA, Inc		5.375		12/01/19		328,207
	200,000		CDK Global, Inc		3.300		10/15/19		201,257
	200,000		Computer Sciences Corp		4.450		09/15/22		204,674
	300,000		Electronic Arts, Inc		3.700		03/01/21		311,998
	300,000		Expedia, Inc		7.456		08/15/18		335,679
	300,000		Expedia, Inc		4.500		08/15/24		302,121
	200,000	g	Expedia, Inc		5.000		02/15/26		199,869
	275,000		Fidelity National Information Services, Inc		1.450		06/05/17		272,920
	250,000		Fidelity National Information Services, Inc		2.000		04/15/18		248,654
	500,000		Fidelity National Information Services, Inc		2.850		10/15/18		508,232
	500,000		Fidelity National Information Services, Inc		4.500		10/15/22		533,344
	600,000		Fidelity National Information Services, Inc		3.875		06/05/24		600,730
	500,000		Fidelity National Information Services, Inc		5.000		10/15/25		540,162
	550,000		Fiserv, Inc		3.500		10/01/22		577,568
	500,000		Fiserv, Inc		3.850		06/01/25		527,119
	100,000		Google, Inc		3.625		05/19/21		110,158
	500,000		Google, Inc		3.375		02/25/24		547,310
	300,000		International Business Machines Corp		0.450		05/06/16		300,016
	1,000,000		International Business Machines Corp		5.700		09/14/17		1,067,802
	400,000		International Business Machines Corp		1.250		02/08/18		401,687
	500,000		International Business Machines Corp		1.950		02/12/19		509,250

87

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	International Business Machines Corp		1.875	%	05/15/19	$	202,966
	250,000	International Business Machines Corp		1.800		05/17/19		252,680
	800,000	International Business Machines Corp		8.375		11/01/19		987,592
	300,000	International Business Machines Corp		1.625		05/15/20		301,228
	250,000	International Business Machines Corp		2.250		02/19/21		255,599
	500,000	International Business Machines Corp		2.900		11/01/21		523,846
	300,000	International Business Machines Corp		1.875		08/01/22		295,606
	500,000	International Business Machines Corp		2.875		11/09/22		518,761
	700,000	International Business Machines Corp		3.375		08/01/23		744,199
	500,000	International Business Machines Corp		3.625		02/12/24		537,274
	400,000	International Business Machines Corp		7.000		10/30/25		533,626
	500,000	International Business Machines Corp		3.450		02/19/26		525,096
	19,000	International Business Machines Corp		5.600		11/30/39		23,452
	835,000	International Business Machines Corp		4.000		06/20/42		849,639
	500,000	International Business Machines Corp		4.700		02/19/46		550,384
	200,000	Juniper Networks, Inc		3.125		02/26/19		203,437
	175,000	Juniper Networks, Inc		4.600		03/15/21		184,878
	200,000	Juniper Networks, Inc		4.500		03/15/24		202,828
	250,000	Juniper Networks, Inc		4.350		06/15/25		246,624
	475,000	Microsoft Corp		0.875		11/15/17		475,305
	500,000	Microsoft Corp		1.300		11/03/18		504,948
	400,000	Microsoft Corp		1.625		12/06/18		407,669
	925,000	Microsoft Corp		4.200		06/01/19		1,015,527
	300,000	Microsoft Corp		1.850		02/12/20		306,628
	540,000	Microsoft Corp		3.000		10/01/20		580,143
	500,000	Microsoft Corp		2.000		11/03/20		512,493
	450,000	Microsoft Corp		4.000		02/08/21		503,966
	300,000	Microsoft Corp		2.375		02/12/22		309,232
	500,000	Microsoft Corp		2.650		11/03/22		520,052
	400,000	Microsoft Corp		2.125		11/15/22		404,734
	400,000	Microsoft Corp		3.625		12/15/23		438,226
	500,000	Microsoft Corp		2.700		02/12/25		511,140
	750,000	Microsoft Corp		3.125		11/03/25		787,933
	925,000	Microsoft Corp		4.200		11/03/35		991,735
	500,000	Microsoft Corp		3.500		11/15/42		482,027
	300,000	Microsoft Corp		3.750		05/01/43		297,497
	750,000	Microsoft Corp		3.750		02/12/45		743,144
	575,000	Microsoft Corp		4.450		11/03/45		635,672
	1,750,000	Microsoft Corp		4.000		02/12/55		1,719,422
	500,000	Microsoft Corp		4.750		11/03/55		555,826
	320,000	Oracle Corp		5.750		04/15/18		349,923
	750,000	Oracle Corp		2.375		01/15/19		777,617
	750,000	Oracle Corp		2.250		10/08/19		774,003
	1,365,000	Oracle Corp		3.875		07/15/20		1,489,842
	500,000	Oracle Corp		2.800		07/08/21		523,688
	500,000	Oracle Corp		2.500		05/15/22		510,590
	1,725,000	Oracle Corp		2.500		10/15/22		1,755,693
	750,000	Oracle Corp		3.400		07/08/24		798,153
	750,000	Oracle Corp		2.950		05/15/25		768,623
	400,000	Oracle Corp		3.250		05/15/30		403,468
	1,250,000	Oracle Corp		4.300		07/08/34		1,314,941
	500,000	Oracle Corp		3.900		05/15/35		501,452

88

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	470,000	Oracle Corp		6.125	%	07/08/39	$	606,542
	500,000	Oracle Corp		4.500		07/08/44		536,890
	500,000	Oracle Corp		4.125		05/15/45		510,996
	500,000	Oracle Corp		4.375		05/15/55		503,803
	250,000	Symantec Corp		2.750		06/15/17		251,056
	200,000	Symantec Corp		3.950		06/15/22		200,771
	250,000	Total System Services, Inc		2.375		06/01/18		249,709
	250,000	Total System Services, Inc		3.800		04/01/21		257,218
	125,000	Total System Services, Inc		3.750		06/01/23		122,434
	300,000	Total System Services, Inc		4.800		04/01/26		308,825
	20,000	Western Union Co		5.930		10/01/16		20,446
	500,000	Western Union Co		2.875		12/10/17		507,455
	100,000	Western Union Co		3.650		08/22/18		102,636
	400,000	Western Union Co		5.253		04/01/20		433,171
	100,000	Xerox Corp		2.950		03/15/17		100,606
	250,000	Xerox Corp		6.350		05/15/18		266,785
	100,000	Xerox Corp		2.750		03/15/19		98,514
	700,000	Xerox Corp		5.625		12/15/19		723,636
	200,000	Xerox Corp		2.800		05/15/20		188,599
	500,000	Xerox Corp		2.750		09/01/20		465,988
	200,000	Xerox Corp		6.750		12/15/39		180,150
		TOTAL SOFTWARE & SERVICES						49,822,854
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	200,000	Amphenol Corp		2.550		01/30/19		201,631
	125,000	Amphenol Corp		3.125		09/15/21		127,439
	150,000	Amphenol Corp		4.000		02/01/22		157,355
	1,250,000	Apple, Inc		1.050		05/05/17		1,254,615
	500,000	Apple, Inc		1.300		02/23/18		503,935
	325,000	Apple, Inc		1.700		02/22/19		330,019
	1,000,000	Apple, Inc		2.100		05/06/19		1,028,227
	1,500,000	Apple, Inc		2.250		02/23/21		1,528,683
	1,750,000	Apple, Inc		2.850		05/06/21		1,836,842
	750,000	Apple, Inc		2.150		02/09/22		757,141
	750,000	Apple, Inc		2.700		05/13/22		775,812
	400,000	Apple, Inc		2.850		02/23/23		413,755
	2,250,000	Apple, Inc		3.450		05/06/24		2,400,709
	750,000	Apple, Inc		2.500		02/09/25		745,824
	750,000	Apple, Inc		3.200		05/13/25		786,100
	1,350,000	Apple, Inc		3.250		02/23/26		1,408,090
	375,000	Apple, Inc		4.500		02/23/36		404,866
	750,000	Apple, Inc		4.450		05/06/44		794,325
	750,000	Apple, Inc		3.450		02/09/45		677,581
	800,000	Apple, Inc		4.375		05/13/45		837,906
	1,250,000	Apple, Inc		4.650		02/23/46		1,364,976
	100,000	CC Holdings GS V LLC		2.381		12/15/17		100,861
	175,000	CC Holdings GS V LLC		3.849		04/15/23		180,479
	300,000	Cisco Systems, Inc		1.400		02/28/18		302,707
	400,000	Cisco Systems, Inc		1.650		06/15/18		406,074
	300,000	Cisco Systems, Inc		1.600		02/28/19		304,390
	1,900,000	Cisco Systems, Inc		4.450		01/15/20		2,109,243
	400,000	Cisco Systems, Inc		2.450		06/15/20		415,562

89

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		Cisco Systems, Inc		2.200	%	02/28/21	$	408,750
	1,250,000		Cisco Systems, Inc		2.900		03/04/21		1,315,926
	400,000		Cisco Systems, Inc		3.000		06/15/22		425,066
	500,000		Cisco Systems, Inc		2.600		02/28/23		514,542
	1,100,000		Cisco Systems, Inc		3.625		03/04/24		1,216,314
	400,000		Cisco Systems, Inc		3.500		06/15/25		434,127
	500,000		Cisco Systems, Inc		2.950		02/28/26		519,018
	600,000		Cisco Systems, Inc		5.900		02/15/39		776,001
	900,000		EMC Corp		1.875		06/01/18		882,047
	400,000		EMC Corp		2.650		06/01/20		375,576
	400,000		EMC Corp		3.375		06/01/23		335,608
	300,000		Flextronics International Ltd		4.750		06/15/25		294,000
	750,000		General Electric Co		5.250		12/06/17		804,191
	1,725,000		General Electric Co		2.700		10/09/22		1,793,796
	1,075,000		General Electric Co		4.125		10/09/42		1,128,437
	250,000		General Electric Co		4.500		03/11/44		279,179
	300,000		Harris Corp		1.999		04/27/18		299,493
	205,000		Harris Corp		2.700		04/27/20		205,657
	300,000		Harris Corp		4.400		12/15/20		318,750
	300,000		Harris Corp		4.854		04/27/35		311,893
	300,000		Harris Corp		5.054		04/27/45		319,730
	750,000	g	Hewlett Packard Enterprise Co		4.400		10/15/22		783,792
	750,000	g	Hewlett Packard Enterprise Co		6.200		10/15/35		738,109
	750,000	g	Hewlett Packard Enterprise Co		6.350		10/15/45		737,261
	113,000		Hewlett-Packard Co		3.750		12/01/20		116,971
	200,000		Hewlett-Packard Co		4.375		09/15/21		209,112
	100,000		Hewlett-Packard Co		4.650		12/09/21		105,887
	200,000		Hewlett-Packard Co		4.050		09/15/22		205,679
	850,000		Hewlett-Packard Co		6.000		09/15/41		764,646
	750,000	g	Hewlett-Packard Enterprise Co		2.850		10/05/18		762,717
	475,000	g	Hewlett-Packard Enterprise Co		3.600		10/15/20		494,124
	1,000,000	g	Hewlett-Packard Enterprise Co		4.900		10/15/25		1,030,066
	200,000		Ingram Micro, Inc		5.000		08/10/22		198,117
	547,000		Koninklijke Philips Electronics NV		5.750		03/11/18		586,341
	100,000		Koninklijke Philips Electronics NV		6.875		03/11/38		118,673
	300,000		Koninklijke Philips Electronics NV		5.000		03/15/42		303,135
	100,000		L-3 Communications Corp		3.950		11/15/16		101,307
	100,000		L-3 Communications Corp		1.500		05/28/17		99,664
	420,000		L-3 Communications Corp		5.200		10/15/19		447,298
	300,000		L-3 Communications Corp		4.950		02/15/21		315,098
	52,000		L-3 Communications Corp		3.950		05/28/24		50,066
	100,000		Lexmark International, Inc		6.650		06/01/18		105,556
	100,000		Lexmark International, Inc		5.125		03/15/20		104,441
	100,000		Motorola Solutions, Inc		3.500		09/01/21		99,310
	200,000		Motorola Solutions, Inc		3.750		05/15/22		196,609
	250,000		Motorola Solutions, Inc		3.500		03/01/23		229,713
	200,000		Motorola Solutions, Inc		4.000		09/01/24		184,668
	200,000		Motorola Solutions, Inc		5.500		09/01/44		156,088
	200,000		NetApp, Inc		2.000		12/15/17		199,531
	200,000		NetApp, Inc		3.375		06/15/21		201,067
	200,000		NetApp, Inc		3.250		12/15/22		194,245
	500,000		Pitney Bowes, Inc		4.625		03/15/24		510,110

90

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		QUALCOMM, Inc		1.400	%	05/18/18	$	502,593
	500,000		QUALCOMM, Inc		2.250		05/20/20		512,750
	500,000		QUALCOMM, Inc		3.000		05/20/22		521,621
	500,000		QUALCOMM, Inc		3.450		05/20/25		517,716
	500,000		QUALCOMM, Inc		4.650		05/20/35		513,352
	500,000		QUALCOMM, Inc		4.800		05/20/45		495,433
	750,000		Seagate HDD Cayman		4.750		01/01/25		586,017
	200,000	g	Seagate HDD Cayman		4.875		06/01/27		150,638
	200,000		Seagate HDD Cayman		5.750		12/01/34		142,098
	100,000		Tech Data Corp		3.750		09/21/17		101,317
	200,000		Telefonaktiebolaget LM Ericsson		4.125		05/15/22		208,497
	225,000		Tyco Electronics Group S.A.		6.550		10/01/17		240,399
	200,000		Tyco Electronics Group S.A.		2.375		12/17/18		202,282
	200,000		Tyco Electronics Group S.A.		2.350		08/01/19		201,919
	250,000		Tyco Electronics Group S.A.		3.500		02/03/22		260,274
	200,000		Tyco Electronics Group S.A.		3.450		08/01/24		204,240
	100,000		Tyco Electronics Group S.A.		3.700		02/15/26		103,530
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						50,927,325
TELECOMMUNICATION SERVICES - 1.4%
	500,000		Alibaba Group Holding Ltd		1.625		11/28/17		499,721
	500,000		Alibaba Group Holding Ltd		2.500		11/28/19		504,475
	500,000		Alibaba Group Holding Ltd		3.125		11/28/21		509,551
	500,000		Alibaba Group Holding Ltd		3.600		11/28/24		504,233
	500,000		Alibaba Group Holding Ltd		4.500		11/28/34		510,974
	1,430,000		America Movil SAB de C.V.		5.000		03/30/20		1,582,823
	950,000		America Movil SAB de C.V.		3.125		07/16/22		975,615
	440,000		America Movil SAB de C.V.		6.125		03/30/40		519,676
	825,000		America Movil SAB de C.V.		4.375		07/16/42		801,670
	1,150,000		American Tower Corp		4.500		01/15/18		1,198,424
	150,000		American Tower Corp		3.300		02/15/21		152,635
	200,000		American Tower Corp		3.450		09/15/21		204,608
	200,000		American Tower Corp		4.700		03/15/22		216,682
	250,000		American Tower Corp		3.500		01/31/23		252,443
	800,000		American Tower Corp		5.000		02/15/24		878,224
	300,000		American Tower Corp		4.000		06/01/25		309,620
	200,000		American Tower Corp		4.400		02/15/26		211,581
	750,000		AT&T, Inc		1.700		06/01/17		754,002
	325,000		AT&T, Inc		1.400		12/01/17		324,946
	500,000		AT&T, Inc		1.750		01/15/18		501,643
	300,000		AT&T, Inc		2.375		11/27/18		306,509
	950,000		AT&T, Inc		5.800		02/15/19		1,059,015
	500,000		AT&T, Inc		2.300		03/11/19		510,597
	285,000		AT&T, Inc		5.200		03/15/20		316,563
	900,000		AT&T, Inc		2.450		06/30/20		909,778
	500,000		AT&T, Inc		4.600		02/15/21		547,242
	750,000		AT&T, Inc		2.800		02/17/21		767,970
	1,050,000		AT&T, Inc		5.000		03/01/21		1,171,526
	500,000		AT&T, Inc		4.450		05/15/21		546,464
	4,300,000		AT&T, Inc		3.000		02/15/22		4,389,810
	250,000		AT&T, Inc		3.800		03/15/22		263,585
	1,500,000		AT&T, Inc		3.000		06/30/22		1,522,641

91

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	AT&T, Inc		3.600	%	02/17/23	$	779,419
	1,000,000	AT&T, Inc		4.450		04/01/24		1,080,323
	800,000	AT&T, Inc		3.950		01/15/25		831,806
	1,500,000	AT&T, Inc		3.400		05/15/25		1,503,735
	750,000	AT&T, Inc		4.125		02/17/26		792,411
	1,175,000	AT&T, Inc		4.500		05/15/35		1,160,560
	145,000	AT&T, Inc		6.000		08/15/40		161,558
	922,000	AT&T, Inc		5.350		09/01/40		967,162
	100,000	AT&T, Inc		6.375		03/01/41		116,464
	1,200,000	AT&T, Inc		5.550		08/15/41		1,286,483
	550,000	AT&T, Inc		5.150		03/15/42		554,517
	2,066,000	AT&T, Inc		4.300		12/15/42		1,891,553
	750,000	AT&T, Inc		4.800		06/15/44		734,083
	1,854,000	AT&T, Inc		4.350		06/15/45		1,705,276
	1,025,000	AT&T, Inc		4.750		05/15/46		1,000,128
	750,000	AT&T, Inc		5.650		02/15/47		828,014
	400,000	British Telecommunications plc		5.950		01/15/18		431,384
	1,000,000	British Telecommunications plc		2.350		02/14/19		1,019,311
	650,000	British Telecommunications plc		9.625		12/15/30		1,016,534
	250,000	Crown Castle International Corp		3.400		02/15/21		253,835
	750,000	Crown Castle International Corp		4.450		02/15/26		779,286
	850,000	Deutsche Telekom International Finance BV		6.000		07/08/19		957,545
	740,000	Deutsche Telekom International Finance BV		8.750		06/15/30		1,110,007
	600,000	Embarq Corp		7.995		06/01/36		579,000
	1,200,000	France Telecom S.A.		4.125		09/14/21		1,312,097
	745,000	France Telecom S.A.		9.000		03/01/31		1,131,063
	100,000	France Telecom S.A.		5.375		01/13/42		116,630
	250,000	Koninklijke KPN NV		8.375		10/01/30		333,762
	150,000	Nippon Telegraph & Telephone Corp		1.400		07/18/17		150,029
	400,000	Orange S.A.		5.500		02/06/44		476,669
	300,000	Qwest Corp		6.500		06/01/17		312,375
	400,000	Qwest Corp		6.750		12/01/21		430,000
	125,000	Rogers Communications, Inc		4.500		03/15/43		125,674
	600,000	Rogers Communications, Inc		6.800		08/15/18		668,134
	200,000	Rogers Communications, Inc		4.100		10/01/23		215,577
	300,000	Rogers Communications, Inc		3.625		12/15/25		312,455
	300,000	Rogers Communications, Inc		5.450		10/01/43		343,515
	600,000	Rogers Communications, Inc		5.000		03/15/44		661,118
	400,000	Telefonica Emisiones SAU		3.192		04/27/18		410,427
	2,020,000	Telefonica Emisiones SAU		5.134		04/27/20		2,236,102
	500,000	Telefonica Emisiones SAU		4.570		04/27/23		546,455
	300,000	Telefonica Emisiones SAU		7.045		06/20/36		379,837
	392,000	Telefonica Europe BV		8.250		09/15/30		556,844
	100,000	Telefonos de Mexico SAB de C.V.		5.500		11/15/19		111,756
	500,000	Verizon Communications, Inc		1.350		06/09/17		501,464
	200,000	Verizon Communications, Inc		2.550		06/17/19		205,781
	6,234,000	Verizon Communications, Inc		2.625		02/21/20		6,414,942
	2,500,000	Verizon Communications, Inc		4.500		09/15/20		2,765,103
	500,000	Verizon Communications, Inc		3.450		03/15/21		530,937
	950,000	Verizon Communications, Inc		3.500		11/01/21		1,009,703
	1,350,000	Verizon Communications, Inc		4.150		03/15/24		1,468,355
	1,500,000	Verizon Communications, Inc		3.500		11/01/24		1,574,460

92

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	62,000	Verizon Communications, Inc		6.400	%	09/15/33	$	76,275
	475,000	Verizon Communications, Inc		5.050		03/15/34		514,946
	1,500,000	Verizon Communications, Inc		4.400		11/01/34		1,516,763
	2,600,000	Verizon Communications, Inc		4.272		01/15/36		2,587,601
	380,000	Verizon Communications, Inc		6.250		04/01/37		444,551
	300,000	Verizon Communications, Inc		6.000		04/01/41		358,727
	1,150,000	Verizon Communications, Inc		4.750		11/01/41		1,182,402
	1,425,000	Verizon Communications, Inc		3.850		11/01/42		1,294,433
	326,000	Verizon Communications, Inc		6.550		09/15/43		428,806
	1,818,000	Verizon Communications, Inc		4.522		09/15/48		1,821,652
	2,676,000	Verizon Communications, Inc		5.012		08/21/54		2,685,468
	3,154,000	Verizon Communications, Inc		4.672		03/15/55		3,027,840
	400,000	Vodafone Group plc		1.500		02/19/18		399,662
	1,500,000	Vodafone Group plc		5.450		06/10/19		1,653,857
	650,000	Vodafone Group plc		4.375		03/16/21		708,837
	500,000	Vodafone Group plc		2.500		09/26/22		488,787
	800,000	Vodafone Group plc		2.950		02/19/23		798,614
	150,000	Vodafone Group plc		6.150		02/27/37		168,892
	700,000	Vodafone Group plc		4.375		02/19/43		630,151
		TOTAL TELECOMMUNICATION SERVICES						91,355,168
TRANSPORTATION - 0.7%
	100,000	ABB Finance USA, Inc		1.625		05/08/17		100,606
	500,000	ABB Finance USA, Inc		2.875		05/08/22		514,910
	150,000	ABB Finance USA, Inc		4.375		05/08/42		158,243
	336,063	American Airlines Pass Through Trust		4.950		01/15/23		359,560
	437,724	American Airlines Pass Through Trust		4.000		07/15/25		450,308
	282,547	American Airlines Pass Through Trust		3.700		10/01/26		276,896
	293,934	American Airlines Pass Through Trust		3.375		05/01/27		286,586
	200,000	American Airlines Pass Through Trust		3.600		09/22/27		206,000
	200,000	American Airlines Pass Through Trust		3.575		01/15/28		205,500
	700,000	Boeing Capital Corp		2.900		08/15/18		728,722
	625,000	Boeing Co		0.950		05/15/18		623,852
	200,000	Boeing Co		2.200		10/30/22		198,877
	500,000	Boeing Co		2.850		10/30/24		517,648
	400,000	Boeing Co		2.600		10/30/25		406,904
	100,000	Boeing Co		3.300		03/01/35		96,836
	350,000	Boeing Co		5.875		02/15/40		463,668
	100,000	Boeing Co		3.500		03/01/45		94,752
	555,000	Burlington Northern Santa Fe LLC		4.700		10/01/19		613,453
	500,000	Burlington Northern Santa Fe LLC		4.100		06/01/21		551,172
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		316,864
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		157,542
	500,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		547,423
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		539,863
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		159,789
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		309,042
	200,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		216,467
	360,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		445,382
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		285,716
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		211,180
	200,000	Burlington Northern Santa Fe LLC		4.450		03/15/43		215,121

93

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Burlington Northern Santa Fe LLC		5.150	%	09/01/43	$	584,837
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		570,571
	300,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		325,182
	500,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		513,195
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		222,813
	200,000	Canadian National Railway Co		5.550		05/15/18		216,509
	200,000	Canadian National Railway Co		5.550		03/01/19		221,965
	100,000	Canadian National Railway Co		2.850		12/15/21		104,252
	300,000	Canadian National Railway Co		2.250		11/15/22		300,332
	200,000	Canadian National Railway Co		2.950		11/21/24		206,299
	200,000	Canadian National Railway Co		6.900		07/15/28		277,893
	200,000	Canadian National Railway Co		6.250		08/01/34		261,715
	250,000	Canadian National Railway Co		3.500		11/15/42		241,967
	100,000	Canadian National Railway Co		4.500		11/07/43		112,529
	200,000	Canadian Pacific Railway Co		7.250		05/15/19		229,256
	300,000	Canadian Pacific Railway Co		2.900		02/01/25		289,633
	500,000	Canadian Pacific Railway Co		3.700		02/01/26		510,538
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		257,407
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		288,556
	100,000	Canadian Pacific Railway Co		5.750		01/15/42		114,129
	100,000	Canadian Pacific Railway Co		4.800		08/01/45		102,366
	200,000	Canadian Pacific Railway Co		6.125		09/15/15		214,510
	200,000	Carnival Corp		1.875		12/15/17		200,637
	200,000	Carnival Corp		3.950		10/15/20		212,632
	352,787	Continental Airlines, Inc		4.750		01/12/21		372,190
	26,873	Continental Airlines, Inc		5.983		04/19/22		29,695
	438,477	Continental Airlines, Inc		4.150		04/11/24		452,727
	179,394	Continental Airlines, Inc		4.000		10/29/24		184,776
	850,000	CSX Corp		7.375		02/01/19		978,343
	125,000	CSX Corp		3.700		11/01/23		133,520
	300,000	CSX Corp		3.400		08/01/24		310,497
	200,000	CSX Corp		3.350		11/01/25		206,044
	100,000	CSX Corp		6.000		10/01/36		119,032
	200,000	CSX Corp		6.150		05/01/37		246,344
	400,000	CSX Corp		5.500		04/15/41		459,002
	350,000	CSX Corp		4.400		03/01/43		352,137
	100,000	CSX Corp		4.100		03/15/44		98,690
	200,000	CSX Corp		3.950		05/01/50		182,748
	300,000	CSX Corp		4.500		08/01/54		297,487
	299,402	Delta Air Lines, Inc		5.300		04/15/19		319,612
	156,448	Delta Air Lines, Inc		4.750		05/07/20		165,834
	122,524	Delta Airlines		3.625		07/30/27		121,146
	134,000	FedEx Corp		8.000		01/15/19		157,090
	100,000	FedEx Corp		2.300		02/01/20		101,632
	300,000	FedEx Corp		4.000		01/15/24		324,996
	100,000	FedEx Corp		3.200		02/01/25		102,471
	300,000	FedEx Corp		3.250		04/01/26		307,589
	1,000,000	FedEx Corp		4.900		01/15/34		1,080,750
	200,000	FedEx Corp		3.900		02/01/35		193,655
	200,000	FedEx Corp		3.875		08/01/42		186,300
	750,000	FedEx Corp		4.750		11/15/45		793,978
	300,000	FedEx Corp		4.550		04/01/46		308,522

94

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		FedEx Corp		4.500	%	02/01/65	$	186,573
	100,000		GATX Corp		3.500		07/15/16		100,598
	100,000		GATX Corp		2.375		07/30/18		99,163
	200,000		GATX Corp		2.500		03/15/19		199,628
	100,000		GATX Corp		2.600		03/30/20		98,201
	225,000		GATX Corp		5.200		03/15/44		217,206
	225,403		Hawaiian Airlines Pass Through Certificates		3.900		01/15/26		218,641
	100,000		JB Hunt Transport Services, Inc		2.400		03/15/19		100,257
	200,000		JB Hunt Transport Services, Inc		3.300		08/15/22		203,923
	100,000	g	Kansas City Southern		3.000		05/15/23		97,117
	100,000	g	Kansas City Southern		4.300		05/15/43		93,624
	175,000	g	Kansas City Southern		4.950		08/15/45		178,775
	210,000		Norfolk Southern Corp		5.750		04/01/18		227,092
	100,000		Norfolk Southern Corp		3.250		12/01/21		103,560
	250,000		Norfolk Southern Corp		3.000		04/01/22		254,854
	1,291,000		Norfolk Southern Corp		2.903		02/15/23		1,297,791
	200,000		Norfolk Southern Corp		3.850		01/15/24		212,654
	81,000		Norfolk Southern Corp		5.590		05/17/25		95,635
	16,000		Norfolk Southern Corp		4.837		10/01/41		17,430
	750,000		Norfolk Southern Corp		3.950		10/01/42		725,749
	200,000		Norfolk Southern Corp		4.800		08/15/43		215,483
	300,000		Norfolk Southern Corp		4.450		06/15/45		309,842
	200,000		Norfolk Southern Corp		4.650		01/15/46		213,091
	250,000		Northrop Grumman Corp		1.750		06/01/18		250,782
	650,000		Northrop Grumman Corp		3.500		03/15/21		692,656
	400,000		Northrop Grumman Corp		3.250		08/01/23		418,346
	100,000		Northrop Grumman Corp		5.050		11/15/40		115,448
	400,000		Northrop Grumman Corp		4.750		06/01/43		449,918
	300,000		Northrop Grumman Corp		3.850		04/15/45		296,966
	150,000		Ryder System, Inc		2.500		03/01/17		151,475
	150,000		Ryder System, Inc		2.500		03/01/18		151,474
	200,000		Ryder System, Inc		2.450		11/15/18		201,844
	100,000		Ryder System, Inc		2.550		06/01/19		100,210
	200,000		Ryder System, Inc		2.450		09/03/19		200,230
	300,000		Ryder System, Inc		2.500		05/11/20		296,288
	200,000		Ryder System, Inc		3.450		11/15/21		204,006
	100,000		Southwest Airlines Co		2.750		11/06/19		102,903
	400,000		Southwest Airlines Co		2.650		11/05/20		408,016
	100,000		Spirit Airlines, Inc		4.100		04/01/28		100,500
	100,000		Union Pacific Corp		2.250		02/15/19		102,123
	200,000		Union Pacific Corp		2.250		06/19/20		204,242
	331,000		Union Pacific Corp		4.163		07/15/22		370,386
	500,000		Union Pacific Corp		2.950		01/15/23		514,148
	277,000		Union Pacific Corp		3.646		02/15/24		299,029
	200,000		Union Pacific Corp		3.750		03/15/24		218,156
	200,000		Union Pacific Corp		3.250		01/15/25		208,988
	200,000		Union Pacific Corp		3.250		08/15/25		213,574
	200,000		Union Pacific Corp		2.750		03/01/26		203,492
	100,000		Union Pacific Corp		3.375		02/01/35		96,358
	100,000		Union Pacific Corp		4.750		09/15/41		111,779
	100,000		Union Pacific Corp		4.300		06/15/42		104,689
	150,000		Union Pacific Corp		4.250		04/15/43		157,710

95

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Union Pacific Corp		4.750	%	12/15/43	$	279,859
	200,000	Union Pacific Corp		4.821		02/01/44		225,000
	200,000	Union Pacific Corp		4.850		06/15/44		228,379
	200,000	Union Pacific Corp		4.050		11/15/45		205,187
	200,000	Union Pacific Corp		3.875		02/01/55		187,569
	300,000	Union Pacific Corp		4.375		11/15/65		297,364
	200,000	Union Pacific Railroad Co		2.695		05/12/27		202,963
	278,122	United Airlines Pass Through Trust		4.300		08/15/25		289,246
	291,271	United Airlines Pass Through Trust		3.750		09/03/26		291,271
	200,000	United Airlines Pass Through Trust		3.450		12/01/27		201,500
	100,000	United Parcel Service, Inc		1.125		10/01/17		100,307
	100,000	United Parcel Service, Inc		5.500		01/15/18		108,049
	300,000	United Parcel Service, Inc		5.125		04/01/19		333,277
	1,105,000	United Parcel Service, Inc		3.125		01/15/21		1,183,230
	900,000	United Parcel Service, Inc		2.450		10/01/22		936,299
	35,000	United Parcel Service, Inc		6.200		01/15/38		47,781
	450,000	United Parcel Service, Inc		3.625		10/01/42		450,863
	165,830	US Airways Pass Through Trust		4.625		06/03/25		175,677
	271,386	US Airways Pass Through Trust		3.950		11/15/25		278,984
		TOTAL TRANSPORTATION						43,860,840
UTILITIES - 2.2%
	370,000	AGL Capital Corp		5.250		08/15/19		402,442
	275,000	AGL Capital Corp		3.875		11/15/25		284,810
	275,000	AGL Capital Corp		4.400		06/01/43		252,052
	475,000	Alabama Power Co		3.550		12/01/23		503,404
	300,000	Alabama Power Co		5.200		06/01/41		352,972
	200,000	Alabama Power Co		3.850		12/01/42		197,344
	400,000	Alabama Power Co		3.750		03/01/45		392,235
	300,000	Alabama Power Co		4.300		01/02/46		319,662
	300,000	Ameren Corp		2.700		11/15/20		304,338
	600,000	Ameren Illinois Co		2.700		09/01/22		612,075
	200,000	Ameren Illinois Co		3.250		03/01/25		209,876
	100,000	Ameren Illinois Co		4.800		12/15/43		115,193
	200,000	Ameren Illinois Co		4.300		07/01/44		217,176
	500,000	American Water Capital Corp		3.850		03/01/24		540,278
	300,000	American Water Capital Corp		3.400		03/01/25		316,147
	225,000	American Water Capital Corp		4.300		12/01/42		238,282
	150,000	American Water Capital Corp		4.300		09/01/45		158,365
	140,000	Appalachian Power Co		7.000		04/01/38		179,521
	500,000	Appalachian Power Co		4.400		05/15/44		501,226
	150,000	Arizona Public Service Co		8.750		03/01/19		177,904
	200,000	Arizona Public Service Co		3.350		06/15/24		208,941
	350,000	Arizona Public Service Co		4.500		04/01/42		382,776
	200,000	Arizona Public Service Co		4.700		01/15/44		222,730
	200,000	Arizona Public Service Co		4.350		11/15/45		215,186
	100,000	Atmos Energy Corp		8.500		03/15/19		118,467
	100,000	Atmos Energy Corp		5.500		06/15/41		119,179
	125,000	Atmos Energy Corp		4.150		01/15/43		130,300
	200,000	Atmos Energy Corp		4.125		10/15/44		204,987
	100,000	Baltimore Gas & Electric Co		3.500		11/15/21		106,429
	400,000	Baltimore Gas & Electric Co		3.350		07/01/23		418,212

96

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Berkshire Hathaway Energy Co		1.100	%	05/15/17	$	199,919
	200,000	Berkshire Hathaway Energy Co		2.000		11/15/18		202,217
	325,000	Berkshire Hathaway Energy Co		2.400		02/01/20		331,266
	200,000	Berkshire Hathaway Energy Co		3.750		11/15/23		213,501
	350,000	Berkshire Hathaway Energy Co		3.500		02/01/25		369,615
	200,000	Berkshire Hathaway Energy Co		5.150		11/15/43		231,402
	500,000	Berkshire Hathaway Energy Co		4.500		02/01/45		532,460
	100,000	Black Hills Corp		2.500		01/11/19		100,963
	200,000	Black Hills Corp		4.250		11/30/23		214,468
	100,000	Black Hills Corp		3.950		01/15/26		104,906
	785,000	Carolina Power & Light Co		5.300		01/15/19		867,310
	350,000	Carolina Power & Light Co		3.000		09/15/21		367,347
	150,000	Carolina Power & Light Co		2.800		05/15/22		153,947
	100,000	Carolina Power & Light Co		4.100		05/15/42		104,018
	300,000	Carolina Power & Light Co		4.100		03/15/43		311,474
	400,000	CenterPoint Energy Houston Electric LLC		2.250		08/01/22		392,997
	100,000	CenterPoint Energy Houston Electric LLC		6.950		03/15/33		135,891
	100,000	CenterPoint Energy Houston Electric LLC		3.550		08/01/42		93,945
	300,000	CenterPoint Energy Houston Electric LLC		4.500		04/01/44		330,331
	423,000	CenterPoint Energy Resources Corp		4.500		01/15/21		450,204
	203,000	Cleco Power LLC		6.000		12/01/40		227,518
	200,000	CMS Energy Corp		3.875		03/01/24		211,607
	100,000	CMS Energy Corp		3.600		11/15/25		103,306
	100,000	CMS Energy Corp		4.700		03/31/43		103,657
	300,000	Commonwealth Edison Co		2.150		01/15/19		303,621
	775,000	Commonwealth Edison Co		4.000		08/01/20		839,543
	200,000	Commonwealth Edison Co		3.100		11/01/24		208,306
	387,000	Commonwealth Edison Co		5.900		03/15/36		484,445
	200,000	Commonwealth Edison Co		3.800		10/01/42		200,100
	300,000	Commonwealth Edison Co		4.600		08/15/43		334,045
	300,000	Commonwealth Edison Co		4.700		01/15/44		341,652
	100,000	Commonwealth Edison Co		3.700		03/01/45		98,325
	200,000	Connecticut Light & Power Co		2.500		01/15/23		199,647
	200,000	Connecticut Light & Power Co		4.300		04/15/44		215,724
	250,000	Connecticut Light & Power Co		4.150		06/01/45		262,164
	60,000	Consolidated Edison Co of New York, Inc		6.650		04/01/19		68,282
	1,390,000	Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,524,891
	325,000	Consolidated Edison Co of New York, Inc		5.700		06/15/40		404,264
	200,000	Consolidated Edison Co of New York, Inc		4.200		03/15/42		207,614
	550,000	Consolidated Edison Co of New York, Inc		3.950		03/01/43		549,278
	600,000	Consolidated Edison Co of New York, Inc		4.450		03/15/44		653,927
	150,000	Consolidated Edison Co of New York, Inc		4.500		12/01/45		163,635
	200,000	Consolidated Edison Co of New York, Inc		4.625		12/01/54		217,738
	230,000	Consumers Energy Co		6.125		03/15/19		259,091
	150,000	Consumers Energy Co		2.850		05/15/22		153,495
	200,000	Consumers Energy Co		3.375		08/15/23		208,940
	100,000	Consumers Energy Co		3.125		08/31/24		103,608
	250,000	Consumers Energy Co		3.950		05/15/43		257,059
	200,000	Consumers Energy Co		4.100		11/15/45		211,233
	100,000	Consumers Energy Co		4.350		08/31/64		103,350
	200,000	Delmarva Power & Light Co		3.500		11/15/23		212,696
	150,000	Dominion Gas Holdings LLC		2.500		12/15/19		152,319

97

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Dominion Gas Holdings LLC		2.800	%	11/15/20	$	255,368
	200,000		Dominion Gas Holdings LLC		3.550		11/01/23		201,168
	200,000		Dominion Gas Holdings LLC		3.600		12/15/24		205,424
	200,000		Dominion Gas Holdings LLC		4.800		11/01/43		200,272
	200,000		Dominion Gas Holdings LLC		4.600		12/15/44		196,492
	100,000		Dominion Resources, Inc		1.400		09/15/17		99,547
	300,000		Dominion Resources, Inc		1.900		06/15/18		300,643
	1,700,000		Dominion Resources, Inc		4.450		03/15/21		1,839,147
	200,000	i	Dominion Resources, Inc (Step Bond)		4.104		04/01/21		204,605
	200,000		Dominion Resources, Inc		3.625		12/01/24		203,006
	200,000		Dominion Resources, Inc		5.950		06/15/35		233,277
	100,000		Dominion Resources, Inc		4.050		09/15/42		91,737
	200,000		Dominion Resources, Inc		4.700		12/01/44		200,698
	300,000	i	Dominion Resources, Inc		5.750		10/01/54		287,700
	400,000		DTE Energy Electric Company		3.450		10/01/20		427,216
	100,000		DTE Energy Electric Company		2.650		06/15/22		101,776
	200,000	g	DTE Energy Electric Company		3.300		06/15/22		207,614
	200,000		DTE Energy Electric Company		3.850		12/01/23		210,604
	200,000		DTE Energy Electric Company		3.650		03/15/24		213,928
	200,000		DTE Energy Electric Company		3.500		06/01/24		205,628
	100,000		DTE Energy Electric Company		3.950		06/15/42		103,075
	200,000		DTE Energy Electric Company		4.000		04/01/43		204,547
	200,000		DTE Energy Electric Company		4.300		07/01/44		215,352
	300,000		DTE Energy Electric Company		3.700		03/15/45		296,895
	125,000		Duke Energy Carolinas LLC		4.300		06/15/20		138,218
	200,000		Duke Energy Carolinas LLC		2.500		03/15/23		202,255
	500,000		Duke Energy Carolinas LLC		4.000		09/30/42		516,153
	300,000		Duke Energy Carolinas LLC		3.750		06/01/45		295,940
	200,000		Duke Energy Carolinas LLC		3.875		03/15/46		204,744
	500,000		Duke Energy Corp		2.100		06/15/18		502,453
	746,000		Duke Energy Corp		5.050		09/15/19		816,498
	300,000		Duke Energy Corp		3.050		08/15/22		302,917
	300,000		Duke Energy Corp		3.950		10/15/23		318,718
	300,000		Duke Energy Corp		4.800		12/15/45		319,300
	250,000		Duke Energy Indiana, Inc		4.200		03/15/42		259,439
	200,000		Duke Energy Indiana, Inc		4.900		07/15/43		227,809
	300,000		Duke Energy Progress LLC		3.250		08/15/25		314,866
	300,000		Duke Energy Progress LLC		4.200		08/15/45		318,329
	400,000		Duke Energy Progress, Inc		4.375		03/30/44		435,094
	500,000		Duke Energy Progress, Inc		4.150		12/01/44		525,242
	200,000		Edison International		2.950		03/15/23		201,879
	200,000		El Paso Electric Co		5.000		12/01/44		215,572
	50,000		Empresa Nacional de Electricidad S.A.		4.250		04/15/24		52,022
	100,000		Enbridge, Inc		5.600		04/01/17		100,714
	300,000		Enbridge, Inc		4.000		10/01/23		285,438
	300,000		Enbridge, Inc		4.500		06/10/44		238,789
	400,000		Energy Transfer Partners LP		6.125		02/15/17		409,721
	500,000		Energy Transfer Partners LP		2.500		06/15/18		484,052
	44,000		Energy Transfer Partners LP		9.700		03/15/19		48,661
	500,000		Energy Transfer Partners LP		4.150		10/01/20		484,881
	500,000		Energy Transfer Partners LP		4.650		06/01/21		480,659
	200,000		Energy Transfer Partners LP		5.200		02/01/22		189,877

98

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Energy Transfer Partners LP		3.600	%	02/01/23	$	173,551
	500,000		Energy Transfer Partners LP		4.900		02/01/24		455,030
	400,000		Energy Transfer Partners LP		4.050		03/15/25		352,179
	500,000		Energy Transfer Partners LP		4.750		01/15/26		458,615
	400,000		Energy Transfer Partners LP		4.900		03/15/35		316,765
	140,000		Energy Transfer Partners LP		7.500		07/01/38		135,437
	450,000		Energy Transfer Partners LP		6.500		02/01/42		414,129
	200,000		Energy Transfer Partners LP		5.150		02/01/43		154,275
	200,000		Energy Transfer Partners LP		5.950		10/01/43		172,302
	400,000		Energy Transfer Partners LP		5.150		03/15/45		311,017
	500,000		Energy Transfer Partners LP		6.125		12/15/45		448,885
	200,000		EnLink Midstream Partners LP		2.700		04/01/19		178,606
	200,000		EnLink Midstream Partners LP		4.400		04/01/24		160,683
	300,000		EnLink Midstream Partners LP		4.150		06/01/25		232,288
	200,000		EnLink Midstream Partners LP		5.600		04/01/44		138,618
	125,000		Entergy Arkansas, Inc		3.750		02/15/21		134,907
	300,000		Entergy Arkansas, Inc		3.050		06/01/23		308,987
	175,000		Entergy Arkansas, Inc		3.700		06/01/24		186,892
	100,000		Entergy Arkansas, Inc		3.500		04/01/26		106,902
	200,000		Entergy Arkansas, Inc		4.950		12/15/44		201,950
	200,000		Entergy Corp		5.125		09/15/20		219,476
	200,000		Entergy Corp		4.000		07/15/22		212,199
	200,000		Entergy Louisiana LLC		4.050		09/01/23		218,622
	200,000		Entergy Louisiana LLC		3.250		04/01/28		205,362
	300,000		Entergy Louisiana LLC		4.950		01/15/45		306,994
	225,000		Entergy Texas, Inc		7.125		02/01/19		255,619
	300,000		EQT Midstream Partners LP		4.000		08/01/24		260,591
	325,000		Exelon Corp		2.850		06/15/20		332,473
	300,000	g	Exelon Corp		3.950		06/15/25		311,054
	500,000	g	Exelon Corp		4.950		06/15/35		533,860
	200,000		Exelon Generation Co LLC		2.950		01/15/20		201,357
	200,000		Exelon Generation Co LLC		4.250		06/15/22		209,758
	371,000		Exelon Generation Co LLC		5.600		06/15/42		358,836
	400,000		Florida Power & Light Co		2.750		06/01/23		409,540
	500,000		Florida Power & Light Co		3.250		06/01/24		529,444
	300,000		Florida Power & Light Co		3.125		12/01/25		315,429
	400,000		Florida Power & Light Co		5.250		02/01/41		496,032
	100,000		Florida Power & Light Co		4.125		02/01/42		106,523
	200,000		Florida Power & Light Co		4.050		06/01/42		211,810
	450,000		Florida Power & Light Co		3.800		12/15/42		458,685
	400,000		Florida Power & Light Co		4.050		10/01/44		427,923
	29,000		Florida Power Corp		5.650		06/15/18		31,670
	1,200,000		Florida Power Corp		3.100		08/15/21		1,264,736
	165,000		Florida Power Corp		6.400		06/15/38		223,432
	300,000		Florida Power Corp		3.850		11/15/42		291,345
	900,000		Georgia Power Co		5.700		06/01/17		945,856
	200,000		Georgia Power Co		1.950		12/01/18		202,099
	100,000		Georgia Power Co		3.250		04/01/26		102,516
	177,000		Georgia Power Co		5.950		02/01/39		215,096
	700,000		Georgia Power Co		4.300		03/15/43		709,780
	200,000		Great Plains Energy, Inc		4.850		06/01/21		217,793
	200,000	i	Great Plains Energy, Inc (Step Bond)		5.292		06/15/22		223,817

99

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	80,000		Indiana Michigan Power Co		7.000	%	03/15/19	$	90,722
	200,000		Indiana Michigan Power Co		3.200		03/15/23		202,286
	225,000		Indiana Michigan Power Co		4.550		03/15/46		231,586
	70,000		Integrys Energy Group, Inc		4.170		11/01/20		75,654
	300,000		Interstate Power & Light Co		3.250		12/01/24		309,063
	100,000		Interstate Power & Light Co		6.250		07/15/39		131,691
	200,000		Interstate Power & Light Co		4.700		10/15/43		220,153
	200,000		ITC Holdings Corp		4.050		07/01/23		206,635
	300,000		ITC Holdings Corp		3.650		06/15/24		300,414
	225,000		Kansas City Power & Light Co		3.150		03/15/23		226,350
	200,000		Kansas City Power & Light Co		3.650		08/15/25		206,577
	100,000		Kansas City Power & Light Co		5.300		10/01/41		113,550
	20,000	g	Kansas Gas & Electric		6.700		06/15/19		22,962
	125,000		Kentucky Utilities Co		3.300		10/01/25		131,340
	175,000		Kentucky Utilities Co		4.650		11/15/43		195,787
	100,000		Kentucky Utilities Co		4.375		10/01/45		106,813
	250,000		KeySpan Corp		5.803		04/01/35		287,446
	100,000		Kinder Morgan, Inc		2.000		12/01/17		98,937
	400,000		Kinder Morgan, Inc		5.950		02/15/18		418,744
	300,000		Kinder Morgan, Inc		2.650		02/01/19		296,351
	500,000		Kinder Morgan, Inc		9.000		02/01/19		567,551
	2,400,000		Kinder Morgan, Inc		3.050		12/01/19		2,363,604
	1,200,000		Kinder Morgan, Inc		3.950		09/01/22		1,152,587
	350,000		Kinder Morgan, Inc		3.450		02/15/23		323,015
	200,000		Kinder Morgan, Inc		3.500		09/01/23		181,263
	300,000		Kinder Morgan, Inc		4.150		02/01/24		282,518
	500,000		Kinder Morgan, Inc		4.250		09/01/24		473,689
	400,000		Kinder Morgan, Inc		4.300		06/01/25		380,635
	800,000		Kinder Morgan, Inc		5.300		12/01/34		691,756
	535,000		Kinder Morgan, Inc		6.500		09/01/39		506,563
	300,000		Kinder Morgan, Inc		5.625		09/01/41		260,442
	200,000		Kinder Morgan, Inc		5.000		08/15/42		166,809
	500,000		Kinder Morgan, Inc		5.000		03/01/43		412,852
	400,000		Kinder Morgan, Inc		5.500		03/01/44		353,942
	200,000		Kinder Morgan, Inc		5.400		09/01/44		172,803
	300,000		Kinder Morgan, Inc		5.550		06/01/45		266,684
	320,000		LG&E and KU Energy LLC		3.750		11/15/20		337,962
	225,000		Louisville Gas & Electric Co		3.300		10/01/25		236,555
	125,000		Louisville Gas & Electric Co		4.650		11/15/43		139,848
	100,000		Louisville Gas & Electric Co		4.375		10/01/45		109,094
	880,000		Metropolitan Edison Co		7.700		01/15/19		987,197
	300,000		MidAmerican Energy Co		3.500		10/15/24		320,962
	200,000		MidAmerican Energy Co		4.400		10/15/44		218,396
	300,000		MidAmerican Energy Co		2.400		03/15/19		308,456
	200,000		MidAmerican Energy Co		3.700		09/15/23		214,619
	200,000		MidAmerican Energy Co		4.800		09/15/43		232,802
	200,000		MidAmerican Energy Co		4.250		05/01/46		214,684
	1,032,000		MidAmerican Energy Holdings Co		5.950		05/15/37		1,240,601
	300,000		MidAmerican Energy Holdings Co		6.500		09/15/37		391,294
	750,000		Mississippi Power Co		4.250		03/15/42		598,763
	100,000		National Fuel Gas Co		4.900		12/01/21		97,538
	200,000		National Fuel Gas Co		3.750		03/01/23		177,865

100

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	National Fuel Gas Co		5.200	%	07/15/25	$	275,459
	820,000	Nevada Power Co		6.500		08/01/18		909,259
	45,000	Nevada Power Co		7.125		03/15/19		51,754
	230,000	Nevada Power Co		5.375		09/15/40		273,072
	300,000	NextEra Energy Capital Holdings, Inc		1.586		06/01/17		300,265
	300,000	NextEra Energy Capital Holdings, Inc		2.056		09/01/17		301,641
	125,000	NextEra Energy Capital Holdings, Inc		2.300		04/01/19		125,748
	100,000	NextEra Energy Capital Holdings, Inc		2.700		09/15/19		101,110
	500,000	NextEra Energy Capital Holdings, Inc		4.500		06/01/21		539,790
	140,000	NiSource Finance Corp		6.400		03/15/18		151,835
	150,000	NiSource Finance Corp		6.125		03/01/22		176,086
	400,000	NiSource Finance Corp		3.850		02/15/23		419,585
	100,000	NiSource Finance Corp		5.950		06/15/41		121,128
	200,000	NiSource Finance Corp		5.250		02/15/43		227,698
	150,000	NiSource Finance Corp		4.800		02/15/44		158,270
	300,000	NiSource Finance Corp		5.650		02/01/45		357,017
	300,000	Northeast Utilities		2.800		05/01/23		298,062
	100,000	Northeast Utilities		3.150		01/15/25		99,614
	500,000	Northern States Power Co		2.200		08/15/20		509,343
	150,000	Northern States Power Co		2.150		08/15/22		149,854
	300,000	Northern States Power Co		2.600		05/15/23		305,738
	425,000	Northern States Power Co		5.350		11/01/39		523,130
	200,000	Northern States Power Co		3.400		08/15/42		190,603
	150,000	Northern States Power Co		4.000		08/15/45		155,477
	200,000	NorthWestern Corp		4.176		11/15/44		209,698
	150,000	NSTAR Electric Co		5.625		11/15/17		158,990
	200,000	NSTAR Electric Co		2.375		10/15/22		200,277
	200,000	NSTAR Electric Co		3.250		11/15/25		209,566
	500,000	Oglethorpe Power Corp		4.200		12/01/42		481,287
	300,000	Oglethorpe Power Corp		4.550		06/01/44		298,539
	250,000	Ohio Edison Co		8.250		10/15/38		363,896
	600,000	Ohio Power Co		5.375		10/01/21		682,966
	100,000	Oklahoma Gas & Electric Co		5.250		05/15/41		117,648
	400,000	Oklahoma Gas & Electric Co		3.900		05/01/43		386,738
	200,000	Oklahoma Gas & Electric Co		4.000		12/15/44		201,781
	400,000	Oncor Electric Delivery Co LLC		2.950		04/01/25		395,427
	200,000	Oncor Electric Delivery Co LLC		6.800		09/01/18		223,057
	100,000	Oncor Electric Delivery Co LLC		2.150		06/01/19		100,842
	150,000	Oncor Electric Delivery Co LLC		4.100		06/01/22		162,159
	70,000	Oncor Electric Delivery Co LLC		7.250		01/15/33		93,383
	100,000	Oncor Electric Delivery Co LLC		5.250		09/30/40		114,600
	550,000	Oncor Electric Delivery Co LLC		4.550		12/01/41		568,352
	150,000	Oncor Electric Delivery Co LLC		5.300		06/01/42		175,076
	100,000	ONEOK Partners LP		2.000		10/01/17		96,854
	200,000	ONEOK Partners LP		3.200		09/15/18		193,623
	400,000	ONEOK Partners LP		3.375		10/01/22		359,073
	200,000	ONEOK Partners LP		5.000		09/15/23		190,589
	700,000	ONEOK Partners LP		4.900		03/15/25		659,759
	130,000	ONEOK Partners LP		6.650		10/01/36		120,949
	250,000	ONEOK Partners LP		6.850		10/15/37		235,028
	100,000	ONEOK Partners LP		6.125		02/01/41		90,210
	355,000	Pacific Gas & Electric Co		8.250		10/15/18		411,683

101

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Pacific Gas & Electric Co		3.250	%	06/15/23	$	414,495
	175,000	Pacific Gas & Electric Co		3.850		11/15/23		188,713
	200,000	Pacific Gas & Electric Co		3.750		02/15/24		212,773
	500,000	Pacific Gas & Electric Co		3.400		08/15/24		521,862
	400,000	Pacific Gas & Electric Co		3.500		06/15/25		423,118
	420,000	Pacific Gas & Electric Co		6.050		03/01/34		535,672
	600,000	Pacific Gas & Electric Co		5.400		01/15/40		720,406
	400,000	Pacific Gas & Electric Co		4.500		12/15/41		431,280
	150,000	Pacific Gas & Electric Co		3.750		08/15/42		142,964
	400,000	Pacific Gas & Electric Co		4.600		06/15/43		435,442
	200,000	Pacific Gas & Electric Co		5.125		11/15/43		233,647
	300,000	Pacific Gas & Electric Co		4.750		02/15/44		341,527
	300,000	Pacific Gas & Electric Co		4.300		03/15/45		323,183
	200,000	Pacific Gas & Electric Co		4.250		03/15/46		212,520
	250,000	PacifiCorp		2.950		02/01/22		260,435
	200,000	PacifiCorp		2.950		06/01/23		205,233
	300,000	PacifiCorp		3.600		04/01/24		321,086
	200,000	PacifiCorp		3.350		07/01/25		210,968
	850,000	PacifiCorp		6.000		01/15/39		1,095,210
	150,000	PECO Energy Co		2.375		09/15/22		151,427
	200,000	PECO Energy Co		3.150		10/15/25		208,801
	200,000	PECO Energy Co		4.800		10/15/43		231,501
	200,000	PECO Energy Co		4.150		10/01/44		208,376
	300,000	PG&E Corp		2.400		03/01/19		304,058
	200,000	Phillips 66 Partners LP		2.646		02/15/20		192,679
	300,000	Phillips 66 Partners LP		4.680		02/15/45		249,216
	150,000	Piedmont Natural Gas Co, Inc		4.100		09/18/34		152,212
	200,000	Piedmont Natural Gas Co, Inc		4.650		08/01/43		216,663
	200,000	Potomac Electric Power Co		3.600		03/15/24		213,000
	65,000	Potomac Electric Power Co		7.900		12/15/38		98,788
	500,000	Potomac Electric Power Co		4.150		03/15/43		523,230
	300,000	PPL Capital Funding, Inc		4.200		06/15/22		323,447
	200,000	PPL Capital Funding, Inc		3.500		12/01/22		207,604
	400,000	PPL Capital Funding, Inc		3.400		06/01/23		408,204
	100,000	PPL Capital Funding, Inc		3.950		03/15/24		105,936
	200,000	PPL Electric Utilities Corp		2.500		09/01/22		204,012
	300,000	PPL Electric Utilities Corp		4.750		07/15/43		340,359
	200,000	PPL Electric Utilities Corp		4.125		06/15/44		210,804
	275,000	PPL Electric Utilities Corp		4.150		10/01/45		293,001
	300,000	Progress Energy, Inc		3.150		04/01/22		304,190
	900,000	Progress Energy, Inc		7.750		03/01/31		1,223,419
	100,000	PSEG Power LLC		2.450		11/15/18		100,480
	150,000	Public Service Co of Colorado		2.250		09/15/22		150,461
	200,000	Public Service Co of Colorado		2.500		03/15/23		200,230
	300,000	Public Service Co of Colorado		2.900		05/15/25		308,578
	150,000	Public Service Co of Colorado		3.600		09/15/42		147,686
	100,000	Public Service Co of Colorado		4.300		03/15/44		109,570
	300,000	Public Service Co of New Hampshire		3.500		11/01/23		317,275
	200,000	Public Service Co of New Mexico		3.850		08/01/25		208,555
	520,000	Public Service Co of Oklahoma		5.150		12/01/19		568,617
	100,000	Public Service Co of Oklahoma		4.400		02/01/21		107,395
	150,000	Public Service Co of Oklahoma		6.625		11/15/37		187,483

102

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	220,000	Public Service Electric & Gas Co		5.300	%	05/01/18	$	238,351
	200,000	Public Service Electric & Gas Co		2.300		09/15/18		204,210
	500,000	Public Service Electric & Gas Co		1.800		06/01/19		504,690
	200,000	Public Service Electric & Gas Co		2.000		08/15/19		202,425
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		100,693
	200,000	Public Service Electric & Gas Co		3.150		08/15/24		207,991
	410,000	Public Service Electric & Gas Co		5.375		11/01/39		503,342
	200,000	Public Service Electric & Gas Co		3.950		05/01/42		206,409
	100,000	Public Service Electric & Gas Co		3.650		09/01/42		99,065
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		203,516
	200,000	Public Service Electric & Gas Co		4.000		06/01/44		209,050
	200,000	Public Service Electric & Gas Co		4.050		05/01/45		208,529
	100,000	Public Service Electric & Gas Co		3.800		03/01/46		101,968
	300,000	Puget Energy, Inc		3.650		05/15/25		302,068
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		311,627
	700,000	Puget Sound Energy, Inc		4.434		11/15/41		758,188
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		215,681
	150,000	San Diego Gas & Electric Co		3.000		08/15/21		158,816
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		427,734
	305,000	San Diego Gas & Electric Co		5.350		05/15/40		379,788
	100,000	San Diego Gas & Electric Co		3.950		11/15/41		102,814
	300,000	SCANA Corp		4.750		05/15/21		313,625
	100,000	SCANA Corp		4.125		02/01/22		102,304
	250,000	Scottish Power Ltd		5.810		03/15/25		282,019
	605,000	Sempra Energy		2.300		04/01/17		608,891
	200,000	Sempra Energy		2.850		11/15/20		203,432
	150,000	Sempra Energy		2.875		10/01/22		148,309
	500,000	Sempra Energy		4.050		12/01/23		525,788
	200,000	Sempra Energy		3.550		06/15/24		203,042
	200,000	Sempra Energy		3.750		11/15/25		204,739
	260,000	Sempra Energy		6.000		10/15/39		296,849
	125,000	Sierra Pacific Power Co		3.375		08/15/23		131,621
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		57,281
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		146,757
	250,000	South Carolina Electric & Gas Co		4.350		02/01/42		253,429
	300,000	South Carolina Electric & Gas Co		4.600		06/15/43		316,378
	200,000	South Carolina Electric & Gas Co		4.500		06/01/64		198,857
	439,127	Southaven Combined Cycle Generation LLC		3.846		08/15/33		473,324
	200,000	Southern California Edison Co		1.125		05/01/17		200,024
	250,000	Southern California Edison Co		5.500		08/15/18		274,535
	280,000	Southern California Edison Co		3.875		06/01/21		304,613
	500,000	Southern California Edison Co		2.400		02/01/22		505,072
	400,000	Southern California Edison Co		3.500		10/01/23		428,162
	185,000	Southern California Edison Co		6.050		03/15/39		242,249
	300,000	Southern California Edison Co		4.500		09/01/40		327,291
	500,000	Southern California Edison Co		3.900		12/01/41		509,062
	200,000	Southern California Edison Co		4.050		03/15/42		207,963
	500,000	Southern California Edison Co		3.900		03/15/43		513,541
	450,000	Southern California Edison Co		3.600		02/01/45		440,208
	200,000	Southern California Gas Co		1.550		06/15/18		200,146
	200,000	Southern California Gas Co		3.150		09/15/24		208,941
	200,000	Southern California Gas Co		3.200		06/15/25		209,221

103

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	150,000		Southern California Gas Co		3.750	%	09/15/42	$	150,004
	200,000		Southern California Gas Co		4.450		03/15/44		222,984
	300,000		Southern Co		2.750		06/15/20		304,281
	108,000	g	Southern Natural Gas Co		5.900		04/01/17		111,389
	550,000		Southern Natural Gas Co		4.400		06/15/21		541,065
	100,000		Southern Natural Gas Co		8.000		03/01/32		105,710
	100,000		Southern Power Co		1.850		12/01/17		100,742
	500,000		Southern Power Co		2.375		06/01/20		498,494
	200,000		Southern Power Co		4.150		12/01/25		206,166
	250,000		Southwest Gas Corp		3.875		04/01/22		258,020
	400,000		Southwestern Electric Power Co		6.200		03/15/40		484,559
	600,000		Southwestern Public Service Co		4.500		08/15/41		660,940
	60,000		Spectra Energy Capital LLC		6.200		04/15/18		62,994
	600,000		Spectra Energy Capital LLC		3.300		03/15/23		531,421
	200,000		Spectra Energy Partners LP		2.950		09/25/18		200,813
	200,000		Spectra Energy Partners LP		4.750		03/15/24		215,532
	400,000		Spectra Energy Partners LP		3.500		03/15/25		386,510
	200,000		Spectra Energy Partners LP		5.950		09/25/43		210,859
	200,000		Spectra Energy Partners LP		4.500		03/15/45		177,504
	150,000		System Energy Resources, Inc		4.100		04/01/23		155,180
	200,000		Tampa Electric Co		5.400		05/15/21		223,574
	100,000		Tampa Electric Co		2.600		09/15/22		99,412
	100,000		Tampa Electric Co		4.100		06/15/42		100,351
	175,000		Tampa Electric Co		4.350		05/15/44		180,404
	200,000		Tampa Electric Co		4.200		05/15/45		205,371
	300,000		TC PipeLines LP		4.375		03/13/25		260,408
	200,000		TECO Finance, Inc		5.150		03/15/20		217,536
	200,000		Tennessee Gas Pipeline Co		7.000		10/15/28		210,133
	12,000		Toledo Edison Co		7.250		05/01/20		13,948
	300,000		Toledo Edison Co		6.150		05/15/37		343,217
	300,000		Total Capital S.A.		2.125		08/10/18		304,940
	200,000		Total Capital S.A.		4.450		06/24/20		219,883
	100,000		Total Capital S.A.		4.125		01/28/21		106,870
	200,000		TransAlta Corp		1.900		06/03/17		193,174
	350,000		TransAlta Corp		6.900		05/15/18		348,154
	300,000		TransAlta Corp		4.500		11/15/22		222,770
	500,000	g	Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		577,264
	125,000		Transcontinental Gas Pipe Line Co LLC		4.450		08/01/42		95,671
	100,000		Tri-State Generation & Transmission Association, Inc		3.700		11/01/24		103,478
	200,000		Tucson Electric Power Co		3.050		03/15/25		194,179
	300,000		Union Electric Co		3.500		04/15/24		320,524
	100,000		Union Electric Co		8.450		03/15/39		161,117
	100,000		Union Electric Co		3.900		09/15/42		102,869
	100,000		United Utilities plc		6.875		08/15/28		111,916
	225,000		Virginia Electric & Power Co		3.150		01/15/26		232,213
	200,000		Virginia Electric and Power Co		1.200		01/15/18		199,286
	309,000		Virginia Electric and Power Co		2.750		03/15/23		310,869
	500,000		Virginia Electric and Power Co		3.450		02/15/24		524,215
	200,000		Virginia Electric and Power Co		3.100		05/15/25		205,783
	350,000		Virginia Electric and Power Co		6.000		05/15/37		445,697
	160,000		Virginia Electric and Power Co		4.000		01/15/43		163,559
	250,000		Virginia Electric and Power Co		4.650		08/15/43		277,746

104

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Virginia Electric and Power Co		4.450	%	02/15/44	$	436,437
	200,000	Virginia Electric and Power Co		4.200		05/15/45		210,144
	200,000	Washington Prime Group LP		3.850		04/01/20		205,192
	125,000	WEC Energy Group, Inc		1.650		06/15/18		125,055
	200,000	WEC Energy Group, Inc		2.450		06/15/20		203,491
	100,000	WEC Energy Group, Inc		3.550		06/15/25		103,933
	200,000	Westar Energy, Inc		3.250		12/01/25		209,783
	500,000	Westar Energy, Inc		4.125		03/01/42		522,779
	175,000	Westar Energy, Inc		4.100		04/01/43		184,302
	450,000	Western Gas Partners LP		4.000		07/01/22		403,016
	200,000	Western Gas Partners LP		3.950		06/01/25		171,427
	100,000	Western Gas Partners LP		5.450		04/01/44		79,466
	225,000	Western Massachusetts Electric Co		3.500		09/15/21		235,214
	70,000	Williams Partners LP		7.250		02/01/17		71,741
	530,000	Williams Partners LP		5.250		03/15/20		508,074
	600,000	Williams Partners LP		4.000		11/15/21		521,543
	750,000	Williams Partners LP		3.600		03/15/22		615,860
	200,000	Williams Partners LP		3.350		08/15/22		163,265
	300,000	Williams Partners LP		4.500		11/15/23		254,954
	300,000	Williams Partners LP		4.300		03/04/24		249,575
	500,000	Williams Partners LP		3.900		01/15/25		404,427
	750,000	Williams Partners LP		4.000		09/15/25		603,779
	300,000	Williams Partners LP		5.800		11/15/43		234,258
	300,000	Williams Partners LP		5.400		03/04/44		224,812
	500,000	Williams Partners LP		4.900		01/15/45		358,691
	300,000	Wisconsin Electric Power Co		1.700		06/15/18		301,482
	200,000	Wisconsin Electric Power Co		3.100		06/01/25		207,474
	200,000	Wisconsin Electric Power Co		5.625		05/15/33		242,234
	200,000	Wisconsin Electric Power Co		3.650		12/15/42		194,640
	125,000	Wisconsin Electric Power Co		4.300		12/15/45		136,286
	200,000	Wisconsin Power & Light Co		2.250		11/15/22		198,030
	100,000	Wisconsin Power & Light Co		4.100		10/15/44		104,458
	200,000	Wisconsin Public Service Corp		1.650		12/04/18		200,781
	200,000	Wisconsin Public Service Corp		4.752		11/01/44		230,693
	200,000	Xcel Energy, Inc		0.750		05/09/16		199,973
	400,000	Xcel Energy, Inc		1.200		06/01/17		399,156
	100,000	Xcel Energy, Inc		4.700		05/15/20		109,757
	300,000	Xcel Energy, Inc		2.400		03/15/21		303,450
	100,000	Xcel Energy, Inc		4.800		09/15/41		109,916
		TOTAL UTILITIES						141,617,137
		TOTAL CORPORATE BONDS						1,573,599,418
		(Cost $1,536,454,008)
GOVERNMENT BONDS -  72.1%
AGENCY SECURITIES - 2.4%
	1,000,000	Federal Home Loan Bank (FHLB)		5.375		05/18/16		1,006,545
	5,095,000	FHLB		4.750		12/16/16		5,245,669
	500,000	FHLB		4.875		05/17/17		523,527
	1,000,000	FHLB		0.750		09/08/17		999,596
	2,745,000	FHLB		5.000		11/17/17		2,933,285

105

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		FHLB		1.000	%	12/19/17	$	2,007,938
	6,000,000		FHLB		1.625		06/14/19		6,120,576
	10,000,000		FHLB		1.875		03/13/20		10,266,940
	6,213,000		Federal Home Loan Mortgage Corp (FHLMC)		5.250		04/18/16		6,227,209
	127,000		FHLMC		5.500		07/18/16		128,961
	16,736,000		FHLMC		5.125		10/18/16		17,156,592
	20,000,000		FHLMC		0.875		03/07/18		20,032,900
	4,500,000		FHLMC		1.250		08/01/19		4,537,508
	7,500,000		FHLMC		2.375		01/13/22		7,873,477
	150,000		Federal National Mortgage Association (FNMA)		5.000		05/11/17		157,166
	4,340,000		FNMA		5.375		06/12/17		4,583,622
	8,000,000		FNMA		1.125		07/20/18		8,058,024
	8,000,000		FNMA		1.625		11/27/18		8,160,024
	11,000,000	j	FNMA		0.000		10/09/19		10,453,333
	7,000,000		FNMA		1.500		11/30/20		7,072,100
	2,310,000	i	FNMA		2.301		09/25/22		2,333,725
	6,000,000		FNMA		2.625		09/06/24		6,338,310
	5,000,000		FNMA		6.625		11/15/30		7,435,115
	1,000,000		FNMA		5.625		07/15/37		1,412,451
	815,000		Financing Corp		9.400		02/08/18		942,984
	825,000		Financing Corp		9.800		04/06/18		971,939
	815,000		Financing Corp		10.350		08/03/18		991,911
	500,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		526,545
	300,000		Hashemite Kingdom of Jordan Government AID Bond		3.000		06/30/25		319,426
	800,000		Israel Government AID Bond		5.500		09/18/23		986,087
	300,000		Israel Government AID Bond		5.500		04/26/24		374,483
	450,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		452,414
	590,000		PEFCO		2.250		12/15/17		602,369
	175,000		PEFCO		1.450		08/15/19		177,163
	550,000		PEFCO		2.250		03/15/20		568,302
	200,000		PEFCO		2.300		09/15/20		207,517
	400,000		PEFCO		2.050		11/15/22		401,408
	200,000		PEFCO		3.250		06/15/25		213,969
	250,000		Ukraine Government AID Bonds		1.844		05/16/19		253,408
	500,000		Ukraine Government AID Bonds		1.847		05/29/20		508,673
	1,900,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		1,955,754
			TOTAL AGENCY SECURITIES						151,518,945
FOREIGN GOVERNMENT BONDS - 4.1%
	250,000		African Development Bank		1.250		09/02/16		250,582
	1,200,000		African Development Bank		1.125		03/15/17		1,203,703
	500,000		African Development Bank		0.875		05/15/17		499,837
	500,000		African Development Bank		0.750		11/03/17		498,711
	900,000		African Development Bank		1.625		10/02/18		912,780
	500,000		African Development Bank		1.375		02/12/20		500,834
	450,000		African Development Bank		2.375		09/23/21		468,913
	400,000		Agricultural Bank of China		2.000		05/21/18		401,511
	400,000		Agricultural Bank of China		2.750		05/21/20		408,358
	2,000,000		Asian Development Bank		1.125		03/15/17		2,006,172
	1,500,000		Asian Development Bank		1.125		06/05/18		1,504,794
	500,000		Asian Development Bank		1.375		01/15/19		504,414
	1,000,000		Asian Development Bank		1.875		04/12/19		1,021,252

106

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Asian Development Bank		1.500	%	01/22/20	$	505,059
	1,500,000	Asian Development Bank		1.375		03/23/20		1,502,460
	1,000,000	Asian Development Bank		1.625		08/26/20		1,011,200
	500,000	Asian Development Bank		1.625		03/16/21		503,475
	1,000,000	Asian Development Bank		2.125		11/24/21		1,030,122
	600,000	Asian Development Bank		1.875		02/18/22		607,720
	500,000	Asian Development Bank		2.000		01/22/25		502,441
	75,000	Asian Development Bank		5.820		06/16/28		100,283
	850,000	Canada Government International Bond		0.875		02/14/17		851,249
	1,000,000	Canada Government International Bond		1.125		03/19/18		1,005,610
	1,000,000	Canada Government International Bond		1.625		02/27/19		1,018,633
	300,000	Chile Government International Bond		2.250		10/30/22		298,500
	1,209,000	Chile Government International Bond		3.125		01/21/26		1,221,694
	300,000	Chile Government International Bond		3.625		10/30/42		282,750
	450,000	Colombia Government International Bond		7.375		03/18/19		509,400
	900,000	Colombia Government International Bond		4.375		07/12/21		938,250
	600,000	Colombia Government International Bond		2.625		03/15/23		558,000
	1,250,000	Colombia Government International Bond		4.000		02/26/24		1,256,250
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,312,500
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,144,250
	1,200,000	Colombia Government International Bond		5.000		06/15/45		1,116,000
	500,000	Corp Andina de Fomento		1.500		08/08/17		500,625
	527,000	Corp Andina de Fomento		4.375		06/15/22		578,994
	500,000	Council of Europe Development Bank		1.500		06/19/17		503,882
	500,000	Council of Europe Development Bank		1.000		03/07/18		500,391
	500,000	Council of Europe Development Bank		1.125		05/31/18		501,341
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		1,004,197
	300,000	Development Bank of Japan		5.125		02/01/17		309,700
	1,000,000	European Bank for Reconstruction & Development		1.375		10/20/16		1,003,476
	500,000	European Bank for Reconstruction & Development		0.750		09/01/17		499,137
	500,000	European Bank for Reconstruction & Development		1.750		06/14/19		508,942
	500,000	European Bank for Reconstruction & Development		1.750		11/26/19		508,292
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,304,962
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		506,340
	1,000,000	European Investment Bank		0.625		04/15/16		1,000,030
	2,200,000	European Investment Bank		1.750		03/15/17		2,219,631
	2,500,000	European Investment Bank		0.875		04/18/17		2,502,177
	700,000	European Investment Bank		1.000		08/17/17		701,634
	750,000	European Investment Bank		1.000		03/15/18		750,227
	500,000	European Investment Bank		1.000		06/15/18		498,700
	2,000,000	European Investment Bank		1.125		08/15/18		1,999,196
	1,000,000	European Investment Bank		1.875		03/15/19		1,020,696
	500,000	European Investment Bank		1.250		05/15/19		501,411
	1,500,000	European Investment Bank		1.375		06/15/20		1,498,783
	1,000,000	European Investment Bank		2.875		09/15/20		1,061,931
	500,000	European Investment Bank		1.625		12/15/20		503,485
	750,000	European Investment Bank		2.000		03/15/21		767,729
	500,000	European Investment Bank		2.500		04/15/21		523,726
	1,000,000	European Investment Bank		1.625		06/15/21		1,005,112
	2,500,000	European Investment Bank		2.125		10/15/21		2,565,305
	500,000	European Investment Bank		2.250		08/15/22		514,792
	2,000,000	European Investment Bank		3.250		01/29/24		2,199,718
	1,500,000	European Investment Bank		2.500		10/15/24		1,565,076

107

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,705,000	European Investment Bank		4.875	%	02/15/36	$	2,201,019
	250,000	Export Development Canada		1.250		10/26/16		250,877
	500,000	Export Development Canada		0.625		12/15/16		499,775
	1,300,000	Export Development Canada		0.750		12/15/17		1,297,734
	500,000	Export Development Canada		1.000		06/15/18		500,751
	125,000	Export Development Canada		1.250		12/10/18		125,423
	500,000	Export Development Canada		1.250		02/04/19		502,859
	500,000	Export Development Canada		1.750		08/19/19		509,813
	500,000	Export Development Canada		1.750		07/21/20		509,552
	400,000	Export-Import Bank of Korea		3.750		10/20/16		406,025
	200,000	Export-Import Bank of Korea		1.750		02/27/18		200,195
	400,000	Export-Import Bank of Korea		2.875		09/17/18		410,294
	775,000	Export-Import Bank of Korea		5.125		06/29/20		871,543
	200,000	Export-Import Bank of Korea		2.125		02/11/21		200,695
	250,000	Export-Import Bank of Korea		2.500		05/10/21		255,302
	300,000	Export-Import Bank of Korea		5.000		04/11/22		345,629
	500,000	Export-Import Bank of Korea		4.000		01/14/24		549,196
	750,000	Export-Import Bank of Korea		2.875		01/21/25		764,932
	250,000	Export-Import Bank of Korea		3.250		11/10/25		263,419
	500,000	Export-Import Bank of Korea		3.250		08/12/26		528,172
	100,000	Finland Government International Bond		6.950		02/15/26		137,930
	300,000	FMS Wertmanagement AoeR		0.625		04/18/16		300,004
	2,750,000	FMS Wertmanagement AoeR		1.000		11/21/17		2,748,108
	1,000,000	FMS Wertmanagement AoeR		1.250		07/30/18		1,004,793
	1,800,000	Hydro Quebec		1.375		06/19/17		1,809,036
	270,000	Hydro Quebec		9.400		02/01/21		355,689
	200,000	Hydro Quebec		8.500		12/01/29		312,688
	1,500,000	Inter-American Development Bank		1.000		07/14/17		1,502,706
	500,000	Inter-American Development Bank		1.250		01/16/18		503,213
	3,000,000	Inter-American Development Bank		1.750		08/24/18		3,061,179
	2,000,000	Inter-American Development Bank		1.125		08/28/18		2,004,796
	750,000	Inter-American Development Bank		1.500		09/25/18		762,475
	1,105,000	Inter-American Development Bank		3.875		09/17/19		1,207,506
	1,000,000	Inter-American Development Bank		1.750		10/15/19		1,022,902
	2,750,000	Inter-American Development Bank		1.375		07/15/20		2,743,708
	500,000	Inter-American Development Bank		2.125		01/15/25		507,204
	700,000	Inter-American Development Bank		3.200		08/07/42		722,947
	300,000	Inter-American Development Bank		4.375		01/24/44		374,879
	950,000	International Bank for Reconstruction & Development		1.000		09/15/16		953,257
	5,000,000	International Bank for Reconstruction & Development		1.000		06/15/18		5,001,095
	1,000,000	International Bank for Reconstruction & Development		1.000		10/05/18		1,003,339
	1,500,000	International Bank for Reconstruction & Development		1.875		03/15/19		1,538,701
	750,000	International Bank for Reconstruction & Development		1.250		07/26/19		751,985
	1,000,000	International Bank for Reconstruction & Development		1.875		10/07/19		1,027,120
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,775,646
	400,000	International Bank for Reconstruction & Development		7.625		01/19/23		547,592
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		514,288
	1,600,000	International Bank for Reconstruction & Development		2.500		11/25/24		1,677,613
	1,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		1,572,144
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		1,079,479
	2,750,000	International Finance Corp		1.125		11/23/16		2,756,490
	500,000	International Finance Corp		1.250		07/16/18		502,251

108

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	International Finance Corp		1.750	%	09/04/18	$	2,036,176
	175,000	International Finance Corp		1.250		11/27/18		175,941
	1,000,000	International Finance Corp		1.750		09/16/19		1,019,861
	750,000	International Finance Corp		1.625		07/16/20		760,494
	400,000	Israel Government International Bond		5.125		03/26/19		440,504
	705,000	Israel Government International Bond		4.000		06/30/22		772,202
	300,000	Israel Government International Bond		3.150		06/30/23		313,160
	500,000	Israel Government International Bond		2.875		03/16/26		499,980
	500,000	Israel Government International Bond		4.500		01/30/43		529,650
	1,200,000	Italian Republic		5.250		09/20/16		1,221,408
	1,374,000	Italian Republic		5.375		06/15/33		1,611,161
	430,000	Italy Government International Bond		5.375		06/12/17		448,963
	500,000	Italy Government International Bond		6.875		09/27/23		628,837
	1,900,000	Japan Bank for International Cooperation		1.125		07/19/17		1,896,635
	1,050,000	Japan Bank for International Cooperation		1.750		07/31/18		1,057,749
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,141,419
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		493,114
	750,000	Japan Bank for International Cooperation		2.750		01/21/26		776,903
	600,000	Japan Finance Corp		2.250		07/13/16		602,431
	900,000	Japan Finance Organization for Municipalities		5.000		05/16/17		937,578
	4,500,000	KFW		1.250		02/15/17		4,517,708
	1,000,000	KFW		0.875		12/15/17		999,124
	2,000,000	KFW		1.000		06/11/18		1,998,278
	1,105,000	KFW		4.500		07/16/18		1,191,291
	2,000,000	KFW		1.125		08/06/18		2,003,148
	300,000	KFW		1.500		02/06/19		303,411
	500,000	KFW		1.750		10/15/19		508,359
	6,925,000	KFW		4.000		01/27/20		7,593,636
	1,500,000	KFW		1.875		06/30/20		1,528,940
	1,000,000	KFW		2.750		10/01/20		1,056,799
	1,500,000	KFW		1.875		11/30/20		1,527,732
	1,600,000	KFW		2.625		01/25/22		1,685,763
	2,750,000	KFW		2.000		10/04/22		2,791,742
	2,000,000	KFW		2.500		11/20/24		2,081,324
	3,000,000	KFW		2.000		05/02/25		2,994,738
	400,000	Korea Development Bank		3.500		08/22/17		411,121
	300,000	Korea Development Bank		1.500		01/22/18		300,143
	400,000	Korea Development Bank		3.000		03/17/19		413,712
	500,000	Korea Development Bank		2.500		03/11/20		510,754
	300,000	Korea Development Bank		2.500		01/13/21		306,487
	200,000	Korea Development Bank		3.000		09/14/22		208,259
	500,000	Korea Development Bank		3.750		01/22/24		540,397
	200,000	Korea Development Bank		3.375		09/16/25		212,991
	400,000	Korea Development Bank		3.000		01/13/26		414,487
	2,025,000	Landwirtschaftliche Rentenbank		5.125		02/01/17		2,096,047
	500,000	Landwirtschaftliche Rentenbank		1.750		04/15/19		509,187
	1,000,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		1,004,185
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		499,952
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		772,343
	1,000,000	Mexico Government International Bond		3.500		01/21/21		1,035,000
	1,588,000	Mexico Government International Bond		3.625		03/15/22		1,639,610
	4,098,000	Mexico Government International Bond		4.000		10/02/23		4,292,655

109

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	Mexico Government International Bond		3.600	%	01/30/25	$	2,040,000
	1,000,000	Mexico Government International Bond		4.125		01/21/26		1,048,500
	461,000	Mexico Government International Bond		6.750		09/27/34		593,538
	730,000	Mexico Government International Bond		6.050		01/11/40		855,925
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,470,315
	1,678,000	Mexico Government International Bond		5.550		01/21/45		1,858,385
	505,000	Mexico Government International Bond		4.600		01/23/46		492,375
	150,000	Mexico Government International Bond		5.750		10/12/10		151,875
	1,500,000	Nordic Investment Bank		0.750		01/17/18		1,496,126
	500,000	Nordic Investment Bank		2.250		09/30/21		518,998
	2,300,000	North American Development Bank		2.400		10/26/22		2,337,598
	1,100,000	Panama Government International Bond		5.200		01/30/20		1,212,750
	250,000	Panama Government International Bond		4.000		09/22/24		262,500
	1,000,000	Panama Government International Bond		3.750		03/16/25		1,027,500
	300,000	Panama Government International Bond		7.125		01/29/26		384,000
	500,000	Panama Government International Bond		3.875		03/17/28		505,000
	692,000	Panama Government International Bond		6.700		01/26/36		882,300
	400,000	Panama Government International Bond		4.300		04/29/53		374,000
	520,000	Peruvian Government International Bond		7.125		03/30/19		597,220
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,216,375
	600,000	Peruvian Government International Bond		4.125		08/25/27		628,500
	1,100,000	Peruvian Government International Bond		6.550		03/14/37		1,369,500
	700,000	Peruvian Government International Bond		5.625		11/18/50		787,500
	225,000	Philippine Government International Bond		4.200		01/21/24		253,893
	2,750,000	Philippine Government International Bond		5.000		01/13/37		3,454,993
	4,083,000	Philippine Government International Bond		3.950		01/20/40		4,479,970
	300,000	Philippine Government International Bond		3.700		03/01/41		317,179
	1,985,000	Poland Government International Bond		6.375		07/15/19		2,256,707
	67,000	Poland Government International Bond		5.125		04/21/21		74,873
	390,000	Poland Government International Bond		5.000		03/23/22		435,416
	490,000	Poland Government International Bond		3.000		03/17/23		491,225
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,067,700
	1,000,000	Poland Government International Bond		3.250		04/06/26		999,140
	400,000	Province of British Columbia Canada		1.200		04/25/17		401,660
	200,000	Province of British Columbia Canada		2.650		09/22/21		210,285
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,813,716
	500,000	Province of Manitoba Canada		4.900		12/06/16		513,795
	500,000	Province of Manitoba Canada		1.125		06/01/18		500,315
	500,000	Province of Manitoba Canada		1.750		05/30/19		506,299
	500,000	Province of Manitoba Canada		2.050		11/30/20		508,470
	300,000	Province of Manitoba Canada		3.050		05/14/24		316,952
	200,000	Province of New Brunswick Canada		5.200		02/21/17		207,322
	200,000	Province of New Brunswick Canada		2.750		06/15/18		206,494
	50,000	Province of Nova Scotia Canada		5.125		01/26/17		51,669
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		266,809
	1,300,000	Province of Ontario Canada		1.100		10/25/17		1,301,918
	1,000,000	Province of Ontario Canada		2.000		01/30/19		1,016,491
	1,000,000	Province of Ontario Canada		1.650		09/27/19		1,002,590
	230,000	Province of Ontario Canada		4.400		04/14/20		255,011
	800,000	Province of Ontario Canada		2.450		06/29/22		820,801
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,610,130
	385,000	Province of Quebec Canada		5.125		11/14/16		394,964

110

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,135,000		Province of Quebec Canada		4.625	%	05/14/18	$	1,216,788
	1,120,000		Province of Quebec Canada		3.500		07/29/20		1,207,132
	1,100,000		Province of Quebec Canada		2.625		02/13/23		1,130,187
	200,000		Province of Quebec Canada		7.125		02/09/24		262,502
	500,000		Province of Quebec Canada		2.875		10/16/24		520,895
	201,000		Province of Quebec Canada		7.500		09/15/29		299,596
	100,000		Province of Saskatchewan Canada		8.500		07/15/22		136,035
	700,000		Republic of Korea		7.125		04/16/19		813,330
	500,000		Republic of Korea		3.875		09/11/23		558,650
	400,000		Republic of Korea		4.125		06/10/44		495,656
	800,000		Republic of Turkey		7.500		07/14/17		853,754
	1,010,000		South Africa Government International Bond		6.875		05/27/19		1,109,546
	225,000		South Africa Government International Bond		5.500		03/09/20		238,241
	500,000		South Africa Government International Bond		4.665		01/17/24		503,750
	300,000		South Africa Government International Bond		5.875		09/16/25		324,555
	300,000		South Africa Government International Bond		6.250		03/08/41		327,795
	525,000		South Africa Government International Bond		5.375		07/24/44		518,784
	625,000		Svensk Exportkredit AB		5.125		03/01/17		648,791
	1,000,000		Svensk Exportkredit AB		1.750		05/30/17		1,009,628
	425,000		Svensk Exportkredit AB		1.125		04/05/18		425,049
	500,000		Svensk Exportkredit AB		1.875		06/17/19		509,152
	200,000		Svensk Exportkredit AB		1.875		06/23/20		203,007
	500,000		Svensk Exportkredit AB		1.750		08/28/20		503,064
	500,000		Svensk Exportkredit AB		1.750		03/10/21		501,983
	4,000,000		Turkey Government International Bond		6.750		04/03/18		4,305,320
	600,000		Turkey Government International Bond		6.250		09/26/22		667,200
	3,500,000		Turkey Government International Bond		3.250		03/23/23		3,298,743
	800,000		Turkey Government International Bond		5.750		03/22/24		867,680
	525,000		Turkey Government International Bond		4.250		04/14/26		511,119
	4,250,000		Turkey Government International Bond		4.875		04/16/43		3,942,938
	800,000		Turkey Government International Bond		6.625		02/17/45		954,200
	200,343		Uruguay Government International Bond		4.500		08/14/24		212,864
	700,000		Uruguay Government International Bond		4.375		10/27/27		717,500
	500,000		Uruguay Government International Bond		4.125		11/20/45		427,500
	1,313,907		Uruguay Government International Bond		5.100		06/18/50		1,221,934
			TOTAL FOREIGN GOVERNMENT BONDS						258,669,237
MORTGAGE BACKED - 27.8%
	45,950	i	Federal Home Loan Mortgage Corp (FHLMC)		2.537		04/01/35		48,281
	6,719	i	FHLMC		2.405		10/01/35		7,109
	122,341	i	FHLMC		2.659		02/01/36		129,829
	65,683	i	FHLMC		2.527		07/01/36		69,761
	198,039	i	FHLMC		2.464		09/01/36		208,045
	184,527	i	FHLMC		2.522		09/01/36		194,916
	98,546	i	FHLMC		2.555		09/01/36		102,317
	37,647	i	FHLMC		5.868		01/01/37		39,855
	7,686	i	FHLMC		2.661		02/01/37		8,122
	15,148	i	FHLMC		2.761		02/01/37		15,935
	296,628	i	FHLMC		2.733		03/01/37		312,957
	13,641	i	FHLMC		5.740		03/01/37		13,650
	210,417	i	FHLMC		5.712		04/01/37		221,906
	150,496	i	FHLMC		5.980		04/01/37		159,469

111

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	30,152	i	FHLMC		1.950	%	05/01/37	$	30,766
	41,041	i	FHLMC		2.820		05/01/37		43,546
	39,787	i	FHLMC		2.485		06/01/37		42,126
	144,951	i	FHLMC		2.519		06/01/37		152,540
	186,717	i	FHLMC		2.702		08/01/37		192,082
	117,469	i	FHLMC		1.647		09/01/37		121,906
	237,024	i	FHLMC		1.932		09/01/37		245,546
	811	i	FHLMC		5.954		09/01/37		812
	18,264	i	FHLMC		5.609		02/01/38		19,320
	67,379	i	FHLMC		2.381		04/01/38		70,062
	134,520	i	FHLMC		2.680		04/01/38		142,062
	29,228	i	FHLMC		2.666		06/01/38		30,905
	15,464	i	FHLMC		2.375		07/01/38		16,371
	55,579		FHLMC		5.000		10/01/39		61,354
	24,109	i	FHLMC		2.611		06/01/40		25,496
	186,909	i	FHLMC		3.377		07/01/40		196,077
	206,383	i	FHLMC		2.957		01/01/41		215,672
	26,360	i	FHLMC		2.541		05/01/41		27,631
	606,705	i	FHLMC		2.761		08/01/41		642,108
	328,017	i	FHLMC		2.976		09/01/41		340,742
	75,671	i	FHLMC		3.104		10/01/41		79,618
	1		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.500		05/01/16		1
	1		FGLMC		7.500		06/01/16		1
	3,040		FGLMC		5.500		05/01/17		3,082
	6,204		FGLMC		5.500		06/01/17		6,318
	5,987		FGLMC		5.000		12/01/17		6,181
	3,059		FGLMC		5.500		12/01/17		3,125
	7,120		FGLMC		5.000		03/01/18		7,350
	24,314		FGLMC		5.000		04/01/18		25,099
	26,179		FGLMC		4.500		06/01/18		27,048
	62,643		FGLMC		4.500		09/01/18		64,728
	52,928		FGLMC		4.000		11/01/18		55,000
	95,724		FGLMC		4.500		01/01/19		99,139
	9,948		FGLMC		4.000		05/01/19		10,340
	83,524		FGLMC		4.500		05/01/19		86,513
	191,514		FGLMC		4.500		06/01/19		198,368
	68,844		FGLMC		4.000		10/01/19		71,560
	22,645		FGLMC		5.500		11/01/19		23,884
	211,010		FGLMC		4.500		12/01/19		218,665
	30,000		FGLMC		4.500		01/01/20		31,254
	13,419		FGLMC		4.500		02/01/20		13,982
	530,662		FGLMC		4.500		02/01/20		548,236
	161,020		FGLMC		5.000		05/01/20		166,934
	117,136		FGLMC		5.000		05/01/20		120,921
	12,892		FGLMC		4.500		07/01/20		13,438
	137,089		FGLMC		5.000		07/01/20		142,139
	3,023		FGLMC		7.000		10/01/20		3,196
	13,159		FGLMC		5.000		12/01/20		13,896
	483,108		FGLMC		4.000		05/01/21		502,127
	162,562		FGLMC		4.500		06/01/21		169,288
	288,865		FGLMC		4.500		06/01/21		300,470
	140,973		FGLMC		5.000		07/01/21		149,003

112

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	20,932	FGLMC		5.500	%	07/01/21	$	22,607
	2,495,775	FGLMC		3.000		12/01/21		2,611,275
	13,756	FGLMC		5.000		10/01/22		14,747
	11,625	FGLMC		6.000		11/01/22		12,720
	101,023	FGLMC		5.000		04/01/23		108,759
	6,729	FGLMC		4.500		05/01/23		7,225
	88,978	FGLMC		5.000		05/01/23		97,704
	22,370	FGLMC		5.000		10/01/23		24,064
	17,543	FGLMC		5.500		10/01/23		19,498
	19,660	FGLMC		5.000		11/01/23		21,588
	40,161	FGLMC		5.000		03/01/24		44,100
	9,765	FGLMC		4.500		04/01/24		10,432
	4,211	FGLMC		4.500		05/01/24		4,517
	29,565	FGLMC		4.500		06/01/24		31,525
	272,910	FGLMC		4.000		07/01/24		288,507
	130,409	FGLMC		4.000		07/01/24		137,750
	46,062	FGLMC		5.500		07/01/24		50,118
	285,210	FGLMC		4.000		08/01/24		301,327
	10,694	FGLMC		4.500		09/01/24		11,381
	41,968	FGLMC		4.500		09/01/24		44,875
	20,304	FGLMC		4.500		09/01/24		21,780
	10,628	FGLMC		5.500		09/01/24		11,817
	327,300	FGLMC		4.000		10/01/24		346,078
	37,939	FGLMC		4.500		10/01/24		41,187
	10,143	FGLMC		4.500		10/01/24		10,809
	7,850	FGLMC		4.500		11/01/24		8,410
	30,034	FGLMC		4.500		12/01/24		32,262
	20,933	FGLMC		4.500		02/01/25		22,316
	464,567	FGLMC		4.000		03/01/25		490,789
	12,845	FGLMC		4.500		06/01/25		13,773
	22,868	FGLMC		4.500		07/01/25		24,290
	506,198	FGLMC		3.500		10/01/25		535,490
	253,845	FGLMC		4.000		10/01/25		268,404
	527,022	FGLMC		3.500		11/01/25		557,570
	869,335	FGLMC		3.500		11/01/25		919,723
	235,236	FGLMC		3.500		12/01/25		248,881
	153,863	FGLMC		3.000		01/01/26		161,442
	1,729,451	FGLMC		3.500		01/01/26		1,829,728
	151,456	FGLMC		4.000		04/01/26		161,750
	303,561	FGLMC		4.000		05/01/26		324,163
	69,726	FGLMC		5.500		07/01/26		77,497
	1,002,774	FGLMC		4.000		08/01/26		1,070,820
	6,209	FGLMC		6.000		08/01/26		7,028
	288,519	FGLMC		3.000		09/01/26		302,699
	761,604	FGLMC		3.000		10/01/26		799,255
	1,014,481	FGLMC		3.500		10/01/26		1,073,677
	32,334	FGLMC		5.000		10/01/26		35,506
	8,684	FGLMC		5.500		10/01/26		9,652
	4,444,611	FGLMC		3.000		02/01/27		4,664,058
	2,496,253	FGLMC		2.500		05/01/27		2,576,238
	2,523,221	FGLMC		2.500		11/01/27		2,604,092
	108,500	FGLMC		6.000		12/01/27		122,829

113

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,040,788	FGLMC		2.500	%	01/01/28	$	2,103,642
	5,179,954	FGLMC		2.500		03/01/28		5,339,677
	133,012	FGLMC		5.000		03/01/28		146,058
	2,817,474	FGLMC		2.500		05/01/28		2,904,249
	14,533	FGLMC		5.500		05/01/28		16,152
	7,294,160	FGLMC		2.500		07/01/28		7,518,867
	7,705,541	FGLMC		2.500		07/01/28		7,943,092
	2,009,048	FGLMC		3.000		10/01/28		2,107,936
	110	FGLMC		6.500		10/01/28		125
	110,235	FGLMC		5.500		01/01/29		122,521
	3,028	FGLMC		6.500		01/01/29		3,445
	18,052	FGLMC		4.000		02/01/29		19,280
	4,050,426	FGLMC		3.500		03/01/29		4,276,323
	1,016	FGLMC		6.500		03/01/29		1,181
	102,705	FGLMC		4.500		04/01/29		111,500
	7,673,468	FGLMC		3.000		07/01/29		8,031,458
	14,494	FGLMC		6.500		07/01/29		16,490
	32,809	FGLMC		5.000		12/01/29		36,034
	18,457,344	FGLMC		2.500		05/01/30		18,972,670
	50,884	FGLMC		4.000		08/01/30		54,884
	288,141	FGLMC		4.500		01/01/31		315,266
	676	FGLMC		8.000		01/01/31		784
	348,044	FGLMC		4.000		03/01/31		375,414
	41,349	FGLMC		4.000		05/01/31		44,610
	326,808	FGLMC		4.500		05/01/31		357,811
	143,255	FGLMC		4.000		06/01/31		154,552
	430,721	FGLMC		4.000		08/01/31		464,612
	404,520	FGLMC		4.000		09/01/31		436,426
	5,550	FGLMC		6.500		09/01/31		6,518
	15,346	FGLMC		8.000		09/01/31		17,333
	200,106	FGLMC		3.500		11/01/31		211,533
	64,523	FGLMC		7.000		12/01/31		71,743
	27,775	FGLMC		6.500		01/01/32		31,784
	64,388	FGLMC		6.000		02/01/32		74,184
	2,981,106	FGLMC		3.000		03/01/32		3,102,295
	26,828	FGLMC		7.000		04/01/32		32,005
	20,797	FGLMC		6.500		05/01/32		24,026
	2,214,933	FGLMC		3.500		09/01/32		2,341,639
	19,230	FGLMC		5.500		11/01/32		21,683
	23,220	FGLMC		6.000		02/01/33		26,753
	91,243	FGLMC		5.000		03/01/33		101,571
	74,035	FGLMC		6.000		03/01/33		84,782
	6,198	FGLMC		6.000		03/01/33		7,016
	67,746	FGLMC		6.000		03/01/33		76,713
	48,684	FGLMC		5.000		04/01/33		53,903
	10,238	FGLMC		6.000		04/01/33		11,795
	641,381	FGLMC		5.000		06/01/33		704,322
	203,597	FGLMC		5.500		06/01/33		229,765
	3,862,690	FGLMC		3.500		07/01/33		4,076,534
	84,108	FGLMC		4.500		07/01/33		91,700
	6,573	FGLMC		5.000		08/01/33		7,311
	88,190	FGLMC		5.000		08/01/33		96,852

114

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	27,118	FGLMC		6.500	%	08/01/33	$	32,616
	275,253	FGLMC		5.000		09/01/33		309,458
	133,895	FGLMC		5.500		09/01/33		153,780
	112,132	FGLMC		5.500		09/01/33		127,193
	112,981	FGLMC		5.500		09/01/33		128,369
	44,066	FGLMC		5.500		09/01/33		49,507
	52,891	FGLMC		4.000		10/01/33		56,659
	17,742	FGLMC		5.000		10/01/33		19,612
	173,556	FGLMC		5.500		10/01/33		196,900
	150,649	FGLMC		5.500		12/01/33		170,196
	45,081	FGLMC		5.500		12/01/33		50,863
	537,866	FGLMC		7.000		12/01/33		655,109
	426,501	FGLMC		5.000		01/01/34		476,734
	10,463	FGLMC		5.500		02/01/34		11,823
	53,684	FGLMC		5.000		03/01/34		59,379
	63,040	FGLMC		5.500		03/01/34		71,292
	139,255	FGLMC		5.000		05/01/34		154,388
	71,104	FGLMC		4.500		06/01/34		77,504
	120,907	FGLMC		5.000		06/01/34		133,613
	49,335	FGLMC		5.500		06/01/34		55,394
	29,915	FGLMC		6.000		06/01/34		33,971
	98,921	FGLMC		6.000		09/01/34		113,983
	8,371,097	FGLMC		3.500		10/01/34		8,825,358
	13,207	FGLMC		5.000		11/01/34		14,693
	507,090	FGLMC		5.500		11/01/34		563,645
	378,124	FGLMC		5.000		12/01/34		415,599
	77,436	FGLMC		5.500		12/01/34		87,615
	26,419	FGLMC		5.500		12/01/34		29,454
	34,427	FGLMC		5.500		01/01/35		38,667
	7,809	FGLMC		5.500		01/01/35		8,821
	3,981	FGLMC		5.500		01/01/35		4,489
	194,370	FGLMC		4.500		04/01/35		211,860
	25,880	FGLMC		6.000		05/01/35		29,689
	215,914	FGLMC		6.000		05/01/35		248,318
	188,031	FGLMC		7.000		05/01/35		228,293
	40,383	FGLMC		5.500		06/01/35		45,534
	25,267	FGLMC		5.500		06/01/35		28,532
	18,424	FGLMC		5.000		07/01/35		20,231
	729,667	FGLMC		5.000		07/01/35		809,260
	38,233	FGLMC		6.000		07/01/35		43,287
	1,057,178	FGLMC		5.000		08/01/35		1,171,540
	43,621	FGLMC		5.500		08/01/35		48,513
	96,298	FGLMC		6.000		08/01/35		108,994
	14,523	FGLMC		4.500		09/01/35		15,791
	90,315	FGLMC		5.000		10/01/35		99,811
	22,453	FGLMC		5.000		10/01/35		24,772
	143,362	FGLMC		5.000		10/01/35		159,383
	526,021	FGLMC		5.500		10/01/35		591,687
	17,409	FGLMC		5.000		12/01/35		19,282
	87,791	FGLMC		5.000		12/01/35		97,017
	52,724	FGLMC		6.000		01/01/36		60,612
	13,697	FGLMC		5.000		02/01/36		15,170

115

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	32,831	FGLMC		5.000	%	02/01/36	$	36,374
	15,884	FGLMC		6.000		02/01/36		18,190
	223,239	FGLMC		5.500		04/01/36		252,398
	25,397	FGLMC		5.500		05/01/36		28,573
	699	FGLMC		6.500		05/01/36		795
	628,334	FGLMC		6.000		06/01/36		716,468
	138,145	FGLMC		5.000		07/01/36		153,059
	161,481	FGLMC		6.000		07/01/36		185,009
	22,207	FGLMC		6.000		08/01/36		25,357
	15,370	FGLMC		6.000		09/01/36		17,492
	451,618	FGLMC		5.500		10/01/36		505,849
	660,573	FGLMC		5.500		10/01/36		743,397
	72,936	FGLMC		6.500		10/01/36		82,983
	27,138	FGLMC		5.500		11/01/36		30,439
	65,149	FGLMC		6.000		11/01/36		74,453
	362,685	FGLMC		6.000		12/01/36		415,260
	485,333	FGLMC		5.500		03/01/37		544,581
	200,602	FGLMC		6.000		03/01/37		228,878
	30,341	FGLMC		6.500		03/01/37		35,628
	201,295	FGLMC		5.500		04/01/37		225,784
	22,170	FGLMC		5.000		05/01/37		24,390
	22,456	FGLMC		5.000		06/01/37		24,724
	92,447	FGLMC		5.500		06/01/37		103,639
	360,660	FGLMC		6.000		07/01/37		410,658
	126,139	FGLMC		6.000		08/01/37		145,625
	59,750	FGLMC		6.000		09/01/37		69,023
	577,986	FGLMC		5.500		10/01/37		648,052
	19,433	FGLMC		6.000		11/01/37		22,099
	155,683	FGLMC		6.500		11/01/37		177,128
	69,081	FGLMC		6.000		01/01/38		78,404
	232,968	FGLMC		6.000		02/01/38		265,310
	29,687	FGLMC		6.000		02/01/38		33,601
	319,435	FGLMC		5.000		03/01/38		352,126
	943,574	FGLMC		5.000		03/01/38		1,042,883
	36,220	FGLMC		5.000		04/01/38		40,335
	357,791	FGLMC		5.000		04/01/38		397,207
	458,758	FGLMC		5.500		04/01/38		514,850
	102,677	FGLMC		5.500		05/01/38		115,308
	12,102	FGLMC		5.500		06/01/38		13,570
	25,505	FGLMC		6.000		07/01/38		28,957
	394,213	FGLMC		5.500		08/01/38		442,044
	51,869	FGLMC		5.500		08/01/38		58,269
	47,890	FGLMC		5.000		09/01/38		52,587
	190,541	FGLMC		5.500		09/01/38		213,688
	619,531	FGLMC		5.500		09/01/38		693,678
	11,416	FGLMC		5.500		10/01/38		12,802
	238,001	FGLMC		6.000		11/01/38		270,488
	1,695,780	FGLMC		5.500		01/01/39		1,902,241
	1,434,661	FGLMC		4.500		02/01/39		1,559,871
	680,323	FGLMC		5.000		02/01/39		747,049
	48,007	FGLMC		5.500		02/01/39		53,744
	7,121	FGLMC		4.500		03/01/39		7,741

116

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	252,042	FGLMC		5.000	%	03/01/39	$	280,423
	35,613	FGLMC		6.000		03/01/39		40,440
	44,092	FGLMC		4.500		04/01/39		48,932
	1,757,970	FGLMC		4.500		04/01/39		1,932,535
	484,804	FGLMC		4.000		05/01/39		518,175
	813,692	FGLMC		4.500		05/01/39		884,326
	5,897,512	FGLMC		4.500		05/01/39		6,500,953
	13,105	FGLMC		4.500		05/01/39		14,259
	260,064	FGLMC		4.500		05/01/39		282,515
	246,544	FGLMC		5.000		05/01/39		273,140
	598,964	FGLMC		4.000		06/01/39		641,148
	108,181	FGLMC		4.500		06/01/39		117,560
	2,767,620	FGLMC		4.500		06/01/39		3,008,645
	39,370	FGLMC		5.000		06/01/39		43,734
	19,069	FGLMC		5.500		06/01/39		21,325
	830,269	FGLMC		4.000		07/01/39		888,104
	70,258	FGLMC		4.500		07/01/39		76,466
	388,555	FGLMC		4.500		07/01/39		422,680
	32,899	FGLMC		4.500		07/01/39		35,795
	224,204	FGLMC		5.000		07/01/39		246,716
	329,104	FGLMC		5.500		07/01/39		369,077
	31,754	FGLMC		4.500		08/01/39		34,564
	78,614	FGLMC		5.000		08/01/39		86,521
	341,344	FGLMC		4.000		09/01/39		364,568
	620,995	FGLMC		5.000		09/01/39		692,821
	1,782,567	FGLMC		5.000		09/01/39		1,957,729
	17,455	FGLMC		5.500		09/01/39		19,608
	746,275	FGLMC		6.500		09/01/39		849,075
	259,269	FGLMC		4.500		10/01/39		282,107
	95,594	FGLMC		4.500		10/01/39		106,138
	127,836	FGLMC		4.500		10/01/39		141,908
	44,465	FGLMC		4.000		11/01/39		47,585
	179,978	FGLMC		4.500		11/01/39		195,881
	63,321	FGLMC		5.000		11/01/39		69,773
	15,936	FGLMC		5.000		11/01/39		17,506
	315,385	FGLMC		4.500		12/01/39		343,042
	537,264	FGLMC		4.500		12/01/39		592,575
	199,338	FGLMC		4.500		12/01/39		218,736
	153,231	FGLMC		4.500		12/01/39		166,811
	267,110	FGLMC		5.500		12/01/39		299,161
	348,423	FGLMC		4.500		01/01/40		379,165
	30,541	FGLMC		5.000		01/01/40		34,074
	53,708	FGLMC		5.500		01/01/40		59,805
	108,177	FGLMC		5.500		03/01/40		121,330
	1,636,275	FGLMC		4.000		04/01/40		1,751,197
	62,778	FGLMC		4.500		04/01/40		69,240
	258,452	FGLMC		4.500		04/01/40		281,619
	393,814	FGLMC		5.000		04/01/40		434,514
	181,125	FGLMC		5.000		04/01/40		200,072
	1,407,515	FGLMC		6.000		04/01/40		1,602,974
	4,140,932	FGLMC		4.500		05/01/40		4,511,060
	2,664,729	FGLMC		5.000		05/01/40		2,961,011

117

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	9,925	FGLMC		4.500	%	06/01/40	$	10,815
	1,022,151	FGLMC		5.500		06/01/40		1,147,413
	2,007,570	FGLMC		4.500		07/01/40		2,187,265
	39,709	FGLMC		4.500		08/01/40		43,271
	101,223	FGLMC		5.000		08/01/40		111,639
	1,048,777	FGLMC		5.000		08/01/40		1,160,006
	445,953	FGLMC		5.000		08/01/40		492,606
	6,034,085	FGLMC		5.500		08/01/40		6,755,486
	576,320	FGLMC		4.000		09/01/40		616,768
	5,815,558	FGLMC		4.000		11/01/40		6,247,336
	3,348,079	FGLMC		4.000		12/01/40		3,596,709
	994,818	FGLMC		3.500		01/01/41		1,043,414
	771,327	FGLMC		3.500		01/01/41		809,117
	603,093	FGLMC		4.000		01/01/41		645,498
	582,453	FGLMC		3.500		02/01/41		610,962
	859,769	FGLMC		4.000		02/01/41		920,207
	2,442,564	FGLMC		4.000		02/01/41		2,614,146
	3,573,110	FGLMC		4.000		04/01/41		3,824,462
	688,862	FGLMC		4.500		04/01/41		750,761
	161,543	FGLMC		5.000		04/01/41		178,167
	697,312	FGLMC		4.500		05/01/41		759,971
	790,921	FGLMC		4.500		06/01/41		861,796
	2,016,842	FGLMC		3.500		10/01/41		2,115,594
	1,645,074	FGLMC		5.000		10/01/41		1,817,191
	2,393,052	FGLMC		3.500		11/01/41		2,516,167
	1,043,541	FGLMC		4.500		12/01/41		1,139,616
	8,304,172	FGLMC		3.500		01/01/42		8,707,236
	2,482,967	FGLMC		3.500		02/01/42		2,603,823
	3,191,814	FGLMC		3.500		04/01/42		3,346,439
	5,398,816	FGLMC		4.000		05/01/42		5,800,784
	3,552,151	FGLMC		3.500		07/01/42		3,734,917
	958,170	FGLMC		3.000		08/01/42		983,029
	3,820,690	FGLMC		3.000		10/01/42		3,919,818
	5,684,811	FGLMC		3.000		10/01/42		5,832,310
	1,745,327	FGLMC		3.500		12/01/42		1,829,754
	4,701,017	FGLMC		2.500		01/01/43		4,672,980
	10,602,391	FGLMC		3.000		01/01/43		10,877,477
	16,233,718	FGLMC		3.000		04/01/43		16,653,169
	5,951,812	FGLMC		3.500		05/01/43		6,238,141
	4,254,309	FGLMC		3.000		08/01/43		4,363,361
	6,330,205	FGLMC		3.000		08/01/43		6,492,467
	6,185,916	FGLMC		3.500		08/01/43		6,482,861
	3,430,348	FGLMC		4.500		10/01/43		3,732,279
	4,515,451	FGLMC		4.000		11/01/43		4,823,549
	7,394,614	FGLMC		3.500		02/01/44		7,749,580
	6,398,095	FGLMC		4.000		02/01/44		6,833,849
	3,218,325	FGLMC		4.000		04/01/44		3,437,356
	4,073,872	FGLMC		4.500		05/01/44		4,429,729
	7,356,691	FGLMC		4.000		06/01/44		7,857,224
	11,102,055	FGLMC		4.000		08/01/44		11,857,413
	7,938,253	FGLMC		3.500		09/01/44		8,319,316
	9,725,379	FGLMC		3.500		11/01/44		10,192,230

118

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	13,901,058		FGLMC		3.500	%	12/01/44	$	14,569,154
	8,803,699		FGLMC		3.500		01/01/45		9,226,306
	14,020,326		FGLMC		3.000		02/01/45		14,371,772
	18,555,197		FGLMC		3.500		03/01/45		19,445,909
	13,042,854		FGLMC		4.000		03/01/45		13,933,271
	6,162,979		FGLMC		3.000		04/01/45		6,317,466
	14,209,967		FGLMC		3.500		04/01/45		14,909,153
	14,722,212		FGLMC		4.000		11/01/45		15,732,586
	24,762,282		FGLMC		3.500		12/01/45		25,950,954
	19,949,470		FGLMC		3.500		02/01/46		20,907,111
	10,000,000	h	FGLMC		4.000		03/01/46		10,686,080
	655		Federal National Mortgage Association (FNMA)		5.500		09/01/16		655
	126		FNMA		6.500		10/01/16		127
	3,567		FNMA		6.500		11/01/16		3,602
	3,300		FNMA		6.500		04/01/17		3,363
	3,687		FNMA		6.000		05/01/17		3,753
	17,187		FNMA		5.000		09/01/17		17,769
	1,768		FNMA		6.000		11/01/17		1,797
	2,716		FNMA		5.000		12/01/17		2,802
	116,969		FNMA		5.000		12/01/17		120,654
	37,936		FNMA		5.000		12/01/17		39,255
	289,066		FNMA		5.000		01/01/18		298,432
	284,620		FNMA		4.500		02/01/18		294,178
	43,724		FNMA		4.500		04/01/18		45,189
	8,456		FNMA		5.000		04/01/18		8,733
	6,786		FNMA		5.500		04/01/18		6,973
	72,899		FNMA		5.500		04/01/18		75,228
	3,419		FNMA		5.500		05/01/18		3,501
	146,343		FNMA		4.500		06/01/18		151,324
	15,632		FNMA		4.000		08/01/18		16,274
	177,671		FNMA		4.000		08/01/18		184,967
	41,541		FNMA		4.500		09/01/18		42,944
	30,043		FNMA		4.500		10/01/18		31,085
	108,813		FNMA		5.000		11/01/18		112,936
	1,619		FNMA		5.000		01/01/19		1,672
	5,189		FNMA		6.000		01/01/19		5,908
	11,788		FNMA		4.500		05/01/19		12,200
	5,222		FNMA		4.500		06/01/19		5,415
	27,068		FNMA		4.500		06/01/19		28,084
	23,888		FNMA		5.000		07/01/19		24,658
	159,605		FNMA		5.000		10/01/19		166,664
	19,489		FNMA		4.500		11/01/19		20,214
	17,985		FNMA		4.500		12/01/19		18,669
	16,598		FNMA		5.000		03/01/20		17,148
	7,649		FNMA		5.000		04/01/20		8,091
	13,270		FNMA		4.500		06/01/20		13,776
	9,982		FNMA		4.500		09/01/20		10,363
	11,605		FNMA		4.500		10/01/20		12,156
	15,396		FNMA		4.500		11/01/20		15,998
	33,286		FNMA		5.000		12/01/20		35,228
	49,369		FNMA		5.500		01/01/21		50,590
	721,994		FNMA		5.500		01/01/21		753,949

119

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	30,254	FNMA		5.000	%	03/01/21	$	31,426
	29,041	FNMA		5.500		08/01/21		31,255
	8,147	FNMA		6.000		08/01/21		8,783
	5,613	FNMA		5.000		10/01/21		6,024
	11,735	FNMA		5.000		11/01/21		12,257
	5,203	FNMA		5.500		11/01/21		5,534
	18,887	FNMA		5.500		10/01/22		20,261
	8,989	FNMA		6.000		10/01/22		9,978
	5,389	FNMA		5.000		03/01/23		5,791
	12,464	FNMA		4.500		04/01/23		12,891
	146,800	FNMA		4.500		06/01/23		154,752
	12,540	FNMA		5.000		06/01/23		13,484
	14,869	FNMA		5.500		06/01/23		16,667
	29,657	FNMA		5.000		07/01/23		31,864
	153,499	FNMA		5.000		07/01/23		164,388
	13,447	FNMA		5.500		08/01/23		14,482
	27,933	FNMA		5.000		11/01/23		30,880
	8,727	FNMA		5.500		11/01/23		9,355
	338,257	FNMA		5.500		01/01/24		365,660
	28,037	FNMA		5.500		02/01/24		31,427
	130,925	FNMA		4.000		03/01/24		139,305
	10,276	FNMA		4.500		04/01/24		11,025
	149,569	FNMA		4.000		05/01/24		158,970
	554,832	FNMA		4.000		05/01/24		590,571
	12,544	FNMA		4.000		06/01/24		13,356
	15,659	FNMA		4.500		07/01/24		16,803
	14,179	FNMA		5.500		07/01/24		15,894
	316	FNMA		8.000		07/01/24		377
	88,358	FNMA		4.500		08/01/24		95,472
	79,307	FNMA		4.000		09/01/24		84,516
	320,179	FNMA		4.000		09/01/24		340,818
	32,808	FNMA		4.500		09/01/24		35,021
	707,351	FNMA		4.500		10/01/24		763,215
	37,184	FNMA		5.000		01/01/25		41,107
	65,564	FNMA		4.500		02/01/25		70,305
	532,972	FNMA		4.500		03/01/25		567,782
	10,694	FNMA		4.500		03/01/25		11,530
	153,535	FNMA		5.000		03/01/25		169,733
	352,467	FNMA		4.500		04/01/25		377,835
	150,680	FNMA		4.500		04/01/25		162,873
	1,690,619	FNMA		4.000		05/01/25		1,803,670
	557,563	FNMA		4.000		06/01/25		595,765
	439,439	FNMA		4.500		06/01/25		472,758
	167,167	FNMA		4.000		08/01/25		178,362
	70,117	FNMA		5.500		08/01/25		79,233
	873,158	FNMA		3.500		09/01/25		922,364
	850,137	FNMA		4.000		09/01/25		906,002
	1,094,217	FNMA		3.500		10/01/25		1,157,146
	927,393	FNMA		3.500		10/01/25		980,528
	324,237	FNMA		5.000		10/01/25		358,445
	642,624	FNMA		4.000		11/01/25		687,107
	1,000,689	FNMA		3.500		12/01/25		1,058,095

120

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,415,349	FNMA		3.500	%	02/01/26	$	4,669,202
	703,207	FNMA		3.500		02/01/26		743,502
	215,320	FNMA		4.000		03/01/26		229,797
	609,732	FNMA		4.000		06/01/26		649,941
	599,849	FNMA		3.500		08/01/26		634,340
	451,866	FNMA		3.500		09/01/26		477,819
	250,866	FNMA		4.000		09/01/26		268,168
	694,896	FNMA		3.500		10/01/26		734,999
	14,430	FNMA		6.000		10/01/26		16,430
	1,017,113	FNMA		3.000		11/01/26		1,065,060
	853,897	FNMA		3.000		12/01/26		894,238
	2,328,410	FNMA		3.000		01/01/27		2,438,489
	3,345,217	FNMA		4.000		01/01/27		3,565,721
	1,726,794	FNMA		3.500		02/01/27		1,826,901
	2,737,872	FNMA		3.000		04/01/27		2,867,147
	1,697,005	FNMA		3.000		04/01/27		1,777,173
	1,068,538	FNMA		3.500		05/01/27		1,130,640
	1,036,124	FNMA		2.500		06/01/27		1,068,787
	2,841,607	FNMA		3.000		06/01/27		2,975,505
	1,227,270	FNMA		2.500		07/01/27		1,265,858
	2,513,839	FNMA		2.500		09/01/27		2,592,907
	36,695	FNMA		5.500		09/01/27		41,132
	4,331,224	FNMA		2.500		10/01/27		4,467,343
	2,779,417	FNMA		3.000		11/01/27		2,910,498
	5,125	FNMA		5.500		01/01/28		5,745
	9,942,393	FNMA		2.500		02/01/28		10,255,698
	7,577,880	FNMA		2.500		02/01/28		7,816,093
	4,447	FNMA		5.000		02/01/28		4,916
	5,636,324	FNMA		2.500		04/01/28		5,813,329
	8,315,791	FNMA		2.500		04/01/28		8,577,464
	23,360	FNMA		5.500		06/01/28		26,184
	2,187,245	FNMA		2.500		07/01/28		2,255,801
	4,453,118	FNMA		2.500		08/01/28		4,592,706
	6,390,709	FNMA		3.000		10/01/28		6,686,847
	3,973	FNMA		5.500		11/01/28		4,453
	22	FNMA		7.500		01/01/29		26
	7,942,114	FNMA		3.000		03/01/29		8,302,736
	37,459	FNMA		4.000		03/01/29		40,277
	120,501	FNMA		4.500		04/01/29		131,023
	408	FNMA		6.500		04/01/29		467
	91,541	FNMA		4.000		05/01/29		98,440
	47,438	FNMA		4.500		06/01/29		51,580
	16,583	FNMA		4.000		07/01/29		17,863
	3,242	FNMA		7.500		07/01/29		3,344
	318,006	FNMA		4.500		08/01/29		345,773
	58,565	FNMA		4.500		09/01/29		63,679
	49,634	FNMA		4.500		11/01/29		55,095
	16,247	FNMA		4.500		01/01/30		17,666
	4,430,914	FNMA		2.500		02/01/30		4,553,210
	43,397	FNMA		4.000		03/01/30		46,757
	18,406	FNMA		4.500		05/01/30		20,013
	26,604	FNMA		4.500		06/01/30		29,100

121

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,390,099		FNMA		3.000	%	07/01/30	$	9,815,127
	234,459		FNMA		4.500		08/01/30		256,509
	48,808		FNMA		4.000		09/01/30		52,577
	273,699		FNMA		4.000		10/01/30		294,869
	443,298		FNMA		4.000		11/01/30		477,176
	2,852,259		FNMA		4.000		11/01/30		3,072,784
	111,357		FNMA		4.500		12/01/30		121,783
	9,877,397	h	FNMA		3.000		02/01/31		10,324,816
	148,064		FNMA		3.500		02/01/31		156,245
	168,264		FNMA		4.000		02/01/31		181,314
	266		FNMA		7.500		02/01/31		277
	1,237		FNMA		7.500		03/01/31		1,532
	10,000,000	h	FNMA		2.500		04/01/31		10,276,006
	429,004		FNMA		3.500		04/01/31		452,678
	51,123		FNMA		4.000		04/01/31		55,081
	4,780		FNMA		6.000		05/01/31		5,499
	383		FNMA		7.500		05/01/31		387
	267,317		FNMA		4.500		07/01/31		293,143
	1,579,357		FNMA		4.500		07/01/31		1,755,121
	1,545,985		FNMA		4.000		08/01/31		1,666,120
	108,732		FNMA		4.000		09/01/31		117,185
	381		FNMA		6.500		09/01/31		435
	45,282		FNMA		6.000		11/01/31		52,187
	5,598		FNMA		6.500		11/01/31		6,497
	2,786,398		FNMA		3.500		01/01/32		2,949,679
	12,622		FNMA		6.000		01/01/32		14,371
	16,776		FNMA		6.000		01/01/32		19,343
	1,158,774		FNMA		3.500		02/01/32		1,226,797
	14,884		FNMA		6.000		02/01/32		17,153
	46,620		FNMA		6.500		04/01/32		55,838
	94,304		FNMA		6.500		07/01/32		111,242
	11,895		FNMA		6.500		08/01/32		13,999
	1,158,592		FNMA		3.000		09/01/32		1,207,928
	135,310		FNMA		6.000		09/01/32		154,060
	31,206		FNMA		7.500		09/01/32		36,182
	3,406,973		FNMA		3.000		10/01/32		3,552,054
	61,976		FNMA		5.500		10/01/32		70,101
	41,644		FNMA		6.000		10/01/32		47,415
	20,512		FNMA		6.000		11/01/32		23,590
	27,968		FNMA		5.500		12/01/32		31,639
	2,720		FNMA		5.500		12/01/32		3,063
	43,590		FNMA		6.000		12/01/32		50,231
	222,459		FNMA		5.500		01/01/33		251,592
	444,202		FNMA		6.000		01/01/33		511,508
	234,076		FNMA		5.000		02/01/33		259,840
	14,322		FNMA		5.000		02/01/33		15,922
	2,287,199		FNMA		3.000		04/01/33		2,388,823
	3,130,758		FNMA		3.500		04/01/33		3,311,505
	11,448		FNMA		6.000		04/01/33		13,231
	1,590,323		FNMA		5.500		05/01/33		1,800,087
	91,305		FNMA		5.000		06/01/33		101,504
	190,625		FNMA		5.500		06/01/33		215,034

122

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	25,359	FNMA		4.500	%	07/01/33	$	27,694
	79,104	FNMA		5.000		07/01/33		87,915
	170,208	FNMA		4.500		08/01/33		185,831
	10,011	FNMA		4.500		08/01/33		10,886
	39,546	FNMA		5.000		08/01/33		43,961
	61,139	FNMA		5.500		09/01/33		68,531
	264,231	FNMA		5.500		09/01/33		300,492
	23,128	FNMA		6.000		09/01/33		26,633
	256,269	FNMA		4.500		10/01/33		280,921
	39,643	FNMA		5.000		10/01/33		44,071
	45,333	FNMA		5.000		10/01/33		50,366
	280,507	FNMA		5.500		10/01/33		314,422
	894,101	FNMA		5.500		10/01/33		1,029,181
	18,108	FNMA		4.500		11/01/33		19,783
	47,453	FNMA		5.000		11/01/33		52,747
	3,324,810	FNMA		5.000		11/01/33		3,696,029
	384,651	FNMA		5.000		12/01/33		427,632
	465,204	FNMA		5.500		12/01/33		531,857
	4,555,369	FNMA		3.000		01/01/34		4,757,444
	145,923	FNMA		5.000		02/01/34		162,218
	594,124	FNMA		6.000		02/01/34		687,695
	20,368	FNMA		5.000		03/01/34		22,606
	878,093	FNMA		5.000		03/01/34		976,216
	15,434	FNMA		5.000		03/01/34		17,159
	45,409	FNMA		5.000		03/01/34		50,479
	36,829	FNMA		5.000		03/01/34		40,942
	12,599	FNMA		5.000		03/01/34		14,008
	126,679	FNMA		5.000		04/01/34		140,779
	132,554	FNMA		5.500		04/01/34		150,043
	28,487	FNMA		4.500		05/01/34		31,130
	83,816	FNMA		4.500		05/01/34		91,523
	30,332	FNMA		5.500		07/01/34		34,364
	47,008	FNMA		5.500		07/01/34		53,250
	45,321	FNMA		7.000		07/01/34		55,023
	41,792	FNMA		5.000		08/01/34		46,443
	364,869	FNMA		5.000		08/01/34		405,337
	201,665	FNMA		6.000		08/01/34		232,957
	34,725	FNMA		6.000		08/01/34		40,174
	20,990	FNMA		4.500		09/01/34		23,028
	749,057	FNMA		5.500		09/01/34		848,552
	7,386	FNMA		5.500		11/01/34		8,362
	10,837	FNMA		6.000		11/01/34		12,339
	11,594	FNMA		5.000		12/01/34		12,885
	7,062	FNMA		5.500		12/01/34		7,998
	18,859	FNMA		6.000		12/01/34		21,735
	1,049,980	FNMA		4.500		01/01/35		1,151,360
	71,331	FNMA		5.500		01/01/35		80,728
	2,327,521	FNMA		5.500		02/01/35		2,635,579
	96,253	FNMA		5.500		02/01/35		108,899
	635,269	FNMA		5.500		04/01/35		725,858
	92,775	FNMA		6.000		04/01/35		106,469
	84,733	FNMA		6.000		04/01/35		97,683

123

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	27,169		FNMA		5.500	%	05/01/35	$	30,453
	142,671		FNMA		6.000		05/01/35		164,171
	38,818		FNMA		5.000		06/01/35		43,120
	4,389	i	FNMA		2.320		07/01/35		4,646
	108,909		FNMA		5.000		07/01/35		122,017
	9,620,395		FNMA		3.000		08/01/35		9,976,231
	231,662		FNMA		4.500		08/01/35		253,586
	167,826		FNMA		5.000		08/01/35		185,853
	301,284		FNMA		5.000		08/01/35		333,070
	12,045		FNMA		4.500		09/01/35		13,207
	9,752		FNMA		4.500		09/01/35		10,652
	26,510		FNMA		5.500		09/01/35		30,030
	204,177		FNMA		5.000		10/01/35		226,322
	364,709		FNMA		5.500		10/01/35		417,272
	7,183		FNMA		5.000		11/01/35		7,397
	411,015		FNMA		5.500		11/01/35		463,724
	4,231		FNMA		4.500		12/01/35		4,600
	53,885		FNMA		5.500		12/01/35		60,400
	204,239		FNMA		6.000		12/01/35		232,540
	136,006	i	FNMA		2.606		02/01/36		142,208
	858,910		FNMA		5.000		02/01/36		952,203
	104,848		FNMA		6.500		02/01/36		119,849
	380,265		FNMA		6.000		03/01/36		434,121
	7,711		FNMA		5.000		05/01/36		8,527
	621,586		FNMA		6.000		06/01/36		712,634
	150,861	i	FNMA		2.379		07/01/36		158,850
	31,429		FNMA		6.000		07/01/36		35,994
	213,328		FNMA		6.500		07/01/36		253,432
	523,685		FNMA		5.500		08/01/36		591,562
	327,785		FNMA		6.500		08/01/36		386,855
	25,016		FNMA		5.500		09/01/36		28,326
	13,478		FNMA		6.500		09/01/36		15,561
	46,858		FNMA		6.500		09/01/36		56,916
	55,205		FNMA		6.000		10/01/36		62,898
	26,109		FNMA		6.500		11/01/36		30,427
	11,249	i	FNMA		2.600		12/01/36		11,861
	156,694		FNMA		6.000		12/01/36		178,756
	37,471	i	FNMA		2.758		01/01/37		39,607
	65,222		FNMA		5.500		01/01/37		73,350
	6,838	i	FNMA		2.244		02/01/37		7,087
	478,002		FNMA		5.500		02/01/37		537,706
	21,345		FNMA		6.000		02/01/37		24,369
	33,851		FNMA		7.000		02/01/37		40,075
	12,794	i	FNMA		2.636		03/01/37		13,590
	2,647		FNMA		5.000		03/01/37		2,926
	173,379		FNMA		6.500		03/01/37		199,352
	79,312		FNMA		6.500		03/01/37		94,566
	1,751	i	FNMA		5.810		04/01/37		1,753
	123,513		FNMA		7.000		04/01/37		153,701
	139,076		FNMA		5.000		05/01/37		153,749
	3,660		FNMA		7.000		05/01/37		4,009
	43,552	i	FNMA		2.631		06/01/37		45,950

124

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	42,589		FNMA		5.500	%	06/01/37	$	47,941
	43,900		FNMA		5.500		08/01/37		49,721
	16,898		FNMA		6.000		08/01/37		19,260
	85,497		FNMA		6.500		08/01/37		97,729
	22,466		FNMA		6.500		08/01/37		25,680
	16,908		FNMA		5.500		09/01/37		18,953
	87,654		FNMA		6.000		09/01/37		101,015
	108,234		FNMA		6.000		09/01/37		125,585
	231,406		FNMA		6.000		09/01/37		268,468
	315,283		FNMA		6.000		09/01/37		365,922
	66,620		FNMA		6.000		09/01/37		75,891
	76,110		FNMA		6.500		09/01/37		87,418
	13,656		FNMA		6.500		09/01/37		15,610
	402,668	i	FNMA		2.527		10/01/37		425,197
	32,099		FNMA		6.500		10/01/37		36,692
	331,708		FNMA		5.500		11/01/37		371,813
	613,578		FNMA		6.000		11/01/37		700,374
	36,706		FNMA		7.000		11/01/37		44,508
	2,658		FNMA		6.500		01/01/38		3,038
	184,052		FNMA		5.500		02/01/38		206,305
	29,585		FNMA		6.500		02/01/38		33,818
	32,733		FNMA		7.000		02/01/38		37,126
	55,960	i	FNMA		2.464		03/01/38		58,299
	9,968		FNMA		5.000		03/01/38		11,019
	17,106		FNMA		5.000		03/01/38		18,911
	33,987		FNMA		5.500		03/01/38		38,168
	11,205		FNMA		6.000		03/01/38		13,013
	15,651		FNMA		6.500		03/01/38		17,890
	389,687		FNMA		6.500		03/01/38		467,948
	56,598		FNMA		6.500		03/01/38		64,695
	22,916		FNMA		5.000		04/01/38		25,333
	554,355		FNMA		5.500		04/01/38		621,463
	464,788		FNMA		6.000		04/01/38		529,824
	32,908		FNMA		4.500		05/01/38		35,852
	518,456		FNMA		5.000		05/01/38		573,154
	1,715,190		FNMA		5.000		05/01/38		1,901,561
	1,525,658		FNMA		6.000		06/01/38		1,740,422
	2,106,805		FNMA		6.500		06/01/38		2,408,230
	435,478		FNMA		6.000		07/01/38		496,587
	7,375	i	FNMA		2.352		08/01/38		7,765
	4,555	i	FNMA		2.625		08/01/38		4,798
	1,428,559		FNMA		6.000		09/01/38		1,628,252
	58,678	i	FNMA		2.121		10/01/38		61,223
	6,174		FNMA		6.000		10/01/38		7,030
	37,982		FNMA		5.500		11/01/38		42,664
	7,043		FNMA		5.000		12/01/38		7,786
	1,196,721		FNMA		5.500		12/01/38		1,345,103
	180,447		FNMA		4.500		01/01/39		196,203
	4,957,183		FNMA		5.000		01/01/39		5,480,168
	237,851		FNMA		5.000		01/01/39		262,945
	149,824		FNMA		5.500		01/01/39		168,549
	761,434		FNMA		5.500		01/01/39		855,562

125

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	42,562		FNMA		6.000	%	01/01/39	$	48,460
	57,118		FNMA		6.000		01/01/39		65,033
	397,513		FNMA		4.500		02/01/39		433,072
	323,078		FNMA		4.500		02/01/39		351,430
	842,060		FNMA		4.500		02/01/39		916,953
	13,234		FNMA		5.500		02/01/39		14,895
	820,540		FNMA		4.000		04/01/39		876,897
	21,789		FNMA		5.500		04/01/39		24,599
	1,305,869		FNMA		4.500		05/01/39		1,433,344
	266,910		FNMA		4.500		05/01/39		291,050
	747,289		FNMA		4.500		06/01/39		814,188
	300,216		FNMA		4.500		06/01/39		327,383
	588,135		FNMA		5.500		06/01/39		662,329
	16,058	i	FNMA		2.585		07/01/39		17,026
	200,516		FNMA		4.500		07/01/39		218,658
	159,575		FNMA		4.500		07/01/39		174,058
	23,439		FNMA		5.000		07/01/39		26,101
	174,507	i	FNMA		2.400		08/01/39		183,840
	31,291	i	FNMA		2.440		08/01/39		33,115
	2,874,952		FNMA		4.000		08/01/39		3,072,413
	425,917		FNMA		4.000		08/01/39		455,275
	37,328		FNMA		4.500		08/01/39		41,178
	625,625		FNMA		4.500		08/01/39		682,092
	1,727,650		FNMA		4.500		08/01/39		1,897,340
	2,802,071		FNMA		5.000		08/01/39		3,104,643
	27,677		FNMA		5.000		08/01/39		30,656
	991,622		FNMA		4.000		09/01/39		1,060,003
	58,720		FNMA		5.000		09/01/39		65,036
	415,954		FNMA		5.500		09/01/39		474,870
	242,001		FNMA		6.000		09/01/39		276,048
	1,014,772		FNMA		6.500		10/01/39		1,173,737
	46,613		FNMA		5.000		11/01/39		52,335
	1,286,445		FNMA		4.000		12/01/39		1,375,664
	4,554,280		FNMA		4.500		12/01/39		4,967,090
	120,166		FNMA		4.500		12/01/39		132,117
	303,991		FNMA		4.500		12/01/39		331,652
	37,599	i	FNMA		3.685		01/01/40		39,574
	78,307		FNMA		4.500		01/01/40		85,313
	90,142		FNMA		5.000		01/01/40		100,382
	597,488		FNMA		6.000		02/01/40		680,730
	393,255		FNMA		4.500		03/01/40		428,648
	838,060		FNMA		4.500		03/01/40		914,560
	43,616		FNMA		5.000		03/01/40		48,499
	39,582		FNMA		4.500		04/01/40		43,202
	1,197,882		FNMA		5.000		04/01/40		1,333,887
	1,465,145		FNMA		5.000		04/01/40		1,624,034
	307,241	i	FNMA		2.507		05/01/40		324,036
	126,280	i	FNMA		2.524		05/01/40		133,046
	208,619	i	FNMA		2.724		05/01/40		220,087
	47,803		FNMA		4.500		05/01/40		52,520
	96,322		FNMA		4.500		07/01/40		105,102
	112,130		FNMA		4.500		07/01/40		122,176

126

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	132,740		FNMA		5.000	%	07/01/40	$	147,760
	59,592	i	FNMA		2.555		08/01/40		63,222
	1,166,309		FNMA		4.500		08/01/40		1,272,711
	858,897		FNMA		4.500		08/01/40		937,342
	894,186		FNMA		5.000		08/01/40		991,687
	706,343		FNMA		4.500		09/01/40		770,805
	1,921,139		FNMA		4.500		09/01/40		2,096,428
	1,722,270		FNMA		6.000		09/01/40		1,960,927
	298,519		FNMA		3.500		10/01/40		313,702
	1,342,287		FNMA		4.000		10/01/40		1,438,323
	3,278,779		FNMA		4.000		10/01/40		3,514,506
	1,980,461		FNMA		4.500		10/01/40		2,161,669
	2,275,637		FNMA		3.500		11/01/40		2,391,532
	1,517,568		FNMA		4.000		11/01/40		1,626,397
	2,593,689		FNMA		4.000		11/01/40		2,779,664
	2,381,494		FNMA		4.000		11/01/40		2,552,361
	264,986		FNMA		4.500		11/01/40		289,237
	241,332	i	FNMA		3.234		12/01/40		252,903
	795,519		FNMA		4.000		12/01/40		852,781
	6,318,839		FNMA		4.500		12/01/40		6,896,389
	82,822		FNMA		3.500		01/01/41		87,040
	136,236	i	FNMA		2.709		02/01/41		143,542
	470,243		FNMA		3.500		02/01/41		494,216
	2,224,300		FNMA		4.000		02/01/41		2,384,006
	2,101,348		FNMA		4.000		03/01/41		2,251,829
	1,637,490		FNMA		4.500		04/01/41		1,787,179
	361,896		FNMA		4.500		05/01/41		393,946
	2,197,102		FNMA		4.500		05/01/41		2,397,481
	1,261,920		FNMA		4.500		06/01/41		1,377,354
	348,895	i	FNMA		3.236		07/01/41		368,149
	1,501,661		FNMA		4.500		07/01/41		1,638,835
	4,015,916		FNMA		4.000		09/01/41		4,304,624
	2,180,365		FNMA		4.500		09/01/41		2,378,701
	767,168		FNMA		5.500		09/01/41		862,792
	538,216	i	FNMA		2.929		10/01/41		572,674
	121,706	i	FNMA		2.981		10/01/41		127,521
	1,320,028		FNMA		3.500		11/01/41		1,387,286
	1,159,195		FNMA		3.500		11/01/41		1,220,477
	1,289,915	i	FNMA		2.841		12/01/41		1,352,131
	7,143,837		FNMA		3.500		12/01/41		7,507,799
	1,506,882		FNMA		4.000		12/01/41		1,615,281
	3,508,836		FNMA		3.500		03/01/42		3,688,141
	2,495,925		FNMA		4.000		03/01/42		2,675,553
	2,220,620		FNMA		3.500		04/01/42		2,352,655
	6,443,502		FNMA		3.500		04/01/42		6,773,043
	3,040,312		FNMA		4.500		04/01/42		3,317,146
	2,559,930		FNMA		5.000		04/01/42		2,892,891
	2,219,002		FNMA		4.000		05/01/42		2,378,105
	2,858,732		FNMA		5.000		05/01/42		3,173,772
	1,967,120		FNMA		3.000		06/01/42		2,023,092
	9,821,753		FNMA		3.500		06/01/42		10,324,065
	5,010,365		FNMA		4.000		06/01/42		5,368,200

127

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,815,305		FNMA		4.000	%	06/01/42	$	9,437,851
	15,652,645		FNMA		3.500		07/01/42		16,453,147
	3,011,819		FNMA		4.500		07/01/42		3,284,080
	3,357,267		FNMA		3.500		08/01/42		3,528,959
	4,590,903		FNMA		3.000		09/01/42		4,721,527
	6,312,676		FNMA		3.500		09/01/42		6,635,523
	9,506,893		FNMA		3.000		10/01/42		9,777,396
	3,264,065		FNMA		3.500		10/01/42		3,430,778
	3,330,128		FNMA		2.500		01/01/43		3,319,649
	11,723,020		FNMA		3.000		01/01/43		12,056,579
	15,835,461		FNMA		3.000		02/01/43		16,285,938
	4,018,719		FNMA		3.000		04/01/43		4,132,735
	11,884,840		FNMA		3.000		04/01/43		12,222,029
	2,616,679	i	FNMA		2.146		06/01/43		2,685,885
	12,554,970		FNMA		3.000		06/01/43		12,910,224
	3,335,087	i	FNMA		1.733		07/01/43		3,404,020
	9,907,847		FNMA		3.000		07/01/43		10,188,201
	9,752,402		FNMA		3.500		07/01/43		10,245,836
	8,422,696		FNMA		3.000		08/01/43		8,661,015
	4,345,533		FNMA		4.000		08/01/43		4,705,679
	6,786,029		FNMA		3.000		09/01/43		6,977,867
	9,653,157		FNMA		3.500		09/01/43		10,138,955
	6,242,166		FNMA		3.500		10/01/43		6,559,402
	1,095,630		FNMA		4.500		10/01/43		1,191,337
	3,202,329		FNMA		4.000		11/01/43		3,422,274
	7,298,088		FNMA		4.000		11/01/43		7,799,342
	6,650,538		FNMA		4.500		12/01/43		7,233,775
	2,160,953		FNMA		4.500		12/01/43		2,352,056
	7,207,767		FNMA		4.000		01/01/44		7,702,817
	6,326,474		FNMA		4.000		05/01/44		6,760,994
	6,967,609		FNMA		4.000		07/01/44		7,446,164
	7,445,412		FNMA		4.000		07/01/44		7,956,784
	3,892,229		FNMA		3.500		09/01/44		4,083,784
	7,100,037		FNMA		4.000		09/01/44		7,587,688
	13,234,481		FNMA		3.500		10/01/44		13,885,811
	8,273,068		FNMA		4.000		12/01/44		8,841,286
	8,638,940		FNMA		3.000		01/01/45		8,879,331
	21,874,905		FNMA		3.500		02/01/45		22,951,470
	19,171,502		FNMA		3.500		05/01/45		20,115,020
	14,539,982		FNMA		3.500		07/01/45		15,277,035
	24,770,384		FNMA		4.000		07/01/45		26,495,203
	3,464		Government National Mortgage Association (GNMA)		5.000		02/15/18		3,613
	16,165		GNMA		4.500		02/15/19		16,598
	8,307		GNMA		4.500		01/20/24		8,833
	49,881		GNMA		4.000		04/15/24		52,930
	10,111		GNMA		4.500		07/15/24		10,829
	167,411		GNMA		4.000		08/15/24		177,552
	46,060		GNMA		4.500		08/15/24		49,310
	148,580		GNMA		4.000		09/15/24		157,526
	26,280		GNMA		4.500		01/15/25		28,130
	206,778		GNMA		4.000		08/15/25		218,106
	114,702		GNMA		3.500		03/15/26		121,453

128

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	146,759	GNMA		4.000	%	04/15/26	$	154,195
	116,010	GNMA		4.000		06/20/26		123,172
	180,594	GNMA		3.500		11/20/26		191,242
	936,160	GNMA		3.000		12/15/26		980,770
	2,778,722	GNMA		2.500		04/20/27		2,870,756
	1,723,641	GNMA		2.500		09/20/27		1,780,738
	2,991	GNMA		6.500		09/15/28		3,426
	678	GNMA		6.500		09/15/28		777
	3,970	GNMA		6.500		11/15/28		4,548
	1,182	GNMA		7.500		11/15/28		1,342
	2,820,634	GNMA		3.500		11/20/28		2,991,209
	8,480	GNMA		8.500		10/15/30		9,047
	4,573	GNMA		8.500		10/20/30		5,571
	528	GNMA		8.500		12/15/30		680
	741	GNMA		7.000		06/20/31		915
	1,977	GNMA		7.000		07/15/31		2,221
	1,954	GNMA		7.000		07/15/31		2,063
	272,031	GNMA		6.000		10/15/32		313,227
	39,607	GNMA		5.500		12/20/32		44,853
	94,017	GNMA		5.500		05/15/33		106,818
	15,242	GNMA		5.000		07/15/33		17,049
	54,187	GNMA		5.500		07/15/33		62,119
	13,209	GNMA		5.000		07/20/33		14,620
	27,857	GNMA		5.000		08/15/33		30,723
	74,525	GNMA		5.000		08/15/33		83,664
	210,088	GNMA		5.500		09/15/33		243,259
	162,123	GNMA		6.000		11/20/33		186,913
	73,384	GNMA		5.500		05/20/34		83,059
	101,289	GNMA		6.000		09/20/34		118,629
	9,290	GNMA		5.000		10/20/34		10,246
	228,452	GNMA		5.500		11/15/34		261,107
	102,618	GNMA		6.500		01/15/35		123,954
	54,809	GNMA		5.500		02/20/35		61,935
	1,072,785	GNMA		5.000		03/20/35		1,187,230
	350,528	GNMA		5.000		04/15/35		392,932
	344,577	GNMA		5.500		05/20/35		389,362
	13,559	GNMA		5.000		09/20/35		15,006
	7,950	GNMA		5.000		11/15/35		8,795
	8,988	GNMA		5.000		11/15/35		9,984
	100,564	GNMA		5.500		02/20/36		112,602
	11,749	GNMA		5.500		03/15/36		13,343
	31,940	GNMA		5.500		05/20/36		35,647
	8,389	GNMA		6.500		06/15/36		10,018
	323,892	GNMA		5.500		06/20/36		360,848
	17,654	GNMA		5.000		09/15/36		19,797
	14,739	GNMA		6.000		09/15/36		16,941
	30,998	GNMA		6.000		10/20/36		35,569
	19,601	GNMA		5.000		12/15/36		21,983
	24,834	GNMA		5.500		01/15/37		27,802
	17,291	GNMA		6.000		01/20/37		19,803
	477,049	GNMA		5.500		02/15/37		540,000
	59,615	GNMA		6.000		02/20/37		68,333

129

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	416,388		GNMA		6.000	%	04/15/37	$	475,369
	11,847		GNMA		6.500		04/15/37		13,570
	200,515		GNMA		6.000		04/20/37		230,137
	21,993		GNMA		6.000		06/15/37		25,315
	34,517		GNMA		6.000		08/20/37		39,599
	27,849		GNMA		6.500		08/20/37		33,007
	135,398		GNMA		6.500		11/20/37		158,856
	67,688		GNMA		6.000		12/15/37		76,321
	8,880		GNMA		5.000		02/20/38		9,783
	217,841		GNMA		5.000		04/15/38		242,795
	9,173		GNMA		5.500		05/20/38		10,224
	41,594		GNMA		5.500		06/15/38		47,561
	95,986		GNMA		6.000		06/20/38		108,908
	141,100		GNMA		5.500		07/15/38		158,410
	766,341		GNMA		5.000		07/20/38		854,190
	722,047		GNMA		5.500		07/20/38		796,769
	18,897		GNMA		5.500		08/15/38		21,207
	335,761		GNMA		6.000		08/15/38		378,586
	109,092		GNMA		6.000		08/15/38		123,008
	73,007		GNMA		6.000		08/20/38		82,835
	284,536		GNMA		6.000		09/20/38		322,841
	67,525		GNMA		5.000		10/15/38		74,560
	23,566		GNMA		5.500		10/15/38		27,038
	22,471		GNMA		6.500		10/20/38		24,325
	13,512		GNMA		6.500		10/20/38		15,677
	4,497		GNMA		5.500		11/15/38		5,047
	54,013		GNMA		6.500		11/20/38		62,313
	346,884		GNMA		6.000		12/15/38		391,317
	4,925		GNMA		6.500		12/15/38		6,079
	51,989		GNMA		5.000		01/15/39		57,871
	1,463,685		GNMA		4.500		01/20/39		1,584,137
	139,411		GNMA		6.500		01/20/39		160,038
	52,017		GNMA		5.000		02/15/39		57,906
	20,151		GNMA		6.000		02/15/39		22,721
	64,955		GNMA		4.500		03/15/39		70,768
	471,637		GNMA		4.500		03/15/39		512,866
	49,491	i	GNMA		3.000		03/20/39		50,682
	17,637		GNMA		4.500		03/20/39		19,017
	270,432		GNMA		5.500		03/20/39		302,516
	28,186		GNMA		4.500		04/15/39		30,762
	474,352		GNMA		5.500		04/15/39		539,937
	10,490		GNMA		5.000		04/20/39		11,668
	57,433		GNMA		4.000		05/15/39		61,441
	827,116		GNMA		4.500		05/15/39		902,165
	437,532		GNMA		5.000		05/15/39		487,034
	58,340		GNMA		4.000		05/20/39		62,844
	153,476		GNMA		4.500		05/20/39		165,760
	3,077,039		GNMA		5.000		05/20/39		3,413,043
	23,582		GNMA		4.500		06/15/39		25,733
	2,268,700		GNMA		4.500		06/15/39		2,475,287
	51,451		GNMA		5.000		06/15/39		57,229
	2,150,569		GNMA		5.000		06/15/39		2,424,027

130

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,938,888		GNMA		5.000	%	06/15/39	$	2,185,444
	23,132		GNMA		5.000		06/15/39		25,749
	26,690		GNMA		5.000		06/15/39		29,721
	35,230		GNMA		4.000		06/20/39		37,938
	20,949		GNMA		5.000		06/20/39		23,226
	2,799,634		GNMA		4.000		07/15/39		2,994,808
	2,878,807		GNMA		4.500		07/15/39		3,179,363
	71,796		GNMA		4.500		07/15/39		78,226
	36,674		GNMA		4.500		07/15/39		39,958
	27,687		GNMA		5.000		07/15/39		30,660
	349,927		GNMA		4.500		07/20/39		380,832
	307,465		GNMA		5.000		07/20/39		341,054
	28,615		GNMA		5.500		07/20/39		31,883
	134,552		GNMA		4.000		08/15/39		143,948
	425,875		GNMA		5.000		08/15/39		472,636
	34,323		GNMA		5.500		08/15/39		38,530
	113,383		GNMA		6.000		08/15/39		127,844
	96,489		GNMA		4.000		08/20/39		103,894
	81,973		GNMA		5.000		08/20/39		90,829
	59,964		GNMA		5.000		09/15/39		66,754
	113,477		GNMA		5.000		09/20/39		126,097
	28,440		GNMA		4.500		10/15/39		31,023
	16,086		GNMA		5.000		10/15/39		17,916
	34,246		GNMA		4.500		10/20/39		37,271
	65,806		GNMA		4.500		11/15/39		72,670
	50,343		GNMA		4.500		11/20/39		54,788
	59,606		GNMA		5.000		11/20/39		66,000
	100,378		GNMA		4.500		12/15/39		109,570
	1,730,627		GNMA		4.500		12/15/39		1,887,673
	50,368		GNMA		4.500		12/20/39		54,815
	1,827,726		GNMA		5.000		12/20/39		2,023,240
	1,672,038		GNMA		4.500		01/20/40		1,819,667
	23,612		GNMA		5.500		01/20/40		26,288
	899,413		GNMA		5.500		02/15/40		1,009,399
	112,509		GNMA		4.000		03/15/40		120,413
	26,079		GNMA		5.000		03/15/40		28,891
	17,484		GNMA		4.500		04/15/40		19,077
	362,759		GNMA		5.000		04/15/40		404,675
	69,407		GNMA		4.500		04/20/40		75,536
	11,032		GNMA		4.500		05/15/40		12,022
	294,820		GNMA		5.000		05/15/40		326,564
	656,161	i	GNMA		2.000		05/20/40		679,183
	15,364		GNMA		4.500		05/20/40		16,721
	27,562		GNMA		4.500		06/15/40		30,013
	5,575,227		GNMA		4.500		06/15/40		6,082,030
	23,388		GNMA		4.500		06/15/40		25,506
	331,162		GNMA		5.000		06/20/40		367,247
	703,979		GNMA		4.500		07/15/40		767,869
	216,829		GNMA		4.500		07/15/40		236,075
	2,455,681		GNMA		4.500		07/20/40		2,672,516
	73,199		GNMA		5.000		07/20/40		80,974
	2,049,706		GNMA		4.000		08/15/40		2,199,435

131

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	495,300		GNMA		4.000	%	08/15/40	$	531,415
	192,474		GNMA		4.500		08/15/40		212,307
	191,189		GNMA		4.500		08/20/40		208,071
	150,542		GNMA		4.500		09/20/40		163,835
	41,897		GNMA		5.500		09/20/40		46,793
	56,843		GNMA		6.500		09/20/40		65,253
	59,519		GNMA		4.000		10/15/40		64,351
	128,074		GNMA		6.000		10/20/40		147,425
	707,737		GNMA		4.000		11/15/40		761,280
	2,004,210		GNMA		4.000		11/20/40		2,160,535
	487,062		GNMA		3.500		12/15/40		514,414
	663,162		GNMA		5.500		12/20/40		738,485
	2,160,215		GNMA		4.000		01/15/41		2,317,933
	5,171,670		GNMA		4.000		01/20/41		5,575,464
	479,443		GNMA		4.000		02/15/41		514,223
	1,454,274		GNMA		4.500		02/20/41		1,582,693
	806,883		GNMA		4.500		03/15/41		880,109
	1,832,981		GNMA		4.500		04/20/41		1,994,844
	354,314		GNMA		5.000		04/20/41		391,739
	168,472	i	GNMA		4.000		06/20/41		174,066
	426,239		GNMA		4.000		07/15/41		457,046
	715,580		GNMA		4.000		07/20/41		770,787
	2,273,857		GNMA		4.500		07/20/41		2,474,660
	1,998,418		GNMA		5.000		07/20/41		2,210,704
	585,924		GNMA		4.500		08/15/41		639,249
	877,232		GNMA		5.000		08/20/41		972,285
	1,097,511		GNMA		4.000		09/15/41		1,177,266
	97,155	i	GNMA		3.000		09/20/41		100,264
	3,193,756		GNMA		4.000		09/20/41		3,439,164
	212,644		GNMA		4.000		10/15/41		227,455
	223,736	i	GNMA		2.000		10/20/41		230,879
	134,296	i	GNMA		3.500		10/20/41		138,284
	3,988,758		GNMA		4.000		10/20/41		4,295,481
	462,758		GNMA		5.500		10/20/41		517,246
	1,221,497		GNMA		3.500		11/15/41		1,290,262
	2,629,569		GNMA		4.000		11/15/41		2,820,543
	5,019,239		GNMA		4.500		11/20/41		5,462,491
	1,990,370		GNMA		5.000		11/20/41		2,215,890
	615,672		GNMA		6.000		11/20/41		698,554
	2,596,168		GNMA		3.500		01/20/42		2,752,093
	784,762	i	GNMA		3.000		02/20/42		809,862
	1,283,907		GNMA		3.500		03/20/42		1,361,020
	2,057,462		GNMA		4.500		03/20/42		2,240,010
	2,391,592		GNMA		3.500		04/15/42		2,526,207
	12,303,526		GNMA		3.500		05/20/42		13,042,504
	3,461,938		GNMA		3.500		05/20/42		3,680,716
	2,868,062		GNMA		4.000		05/20/42		3,085,262
	6,138,349		GNMA		3.500		07/15/42		6,489,416
	766,617	i	GNMA		1.875		07/20/42		787,502
	2,862,912		GNMA		3.500		07/20/42		3,034,867
	3,340,194		GNMA		3.000		08/20/42		3,468,745
	11,860,253		GNMA		3.500		08/20/42		12,572,618

132

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,610,026	GNMA		3.500	%	08/20/42	$	3,838,750
	2,463,195	GNMA		6.000		08/20/42		2,827,566
	4,520,015	GNMA		3.500		10/20/42		4,791,507
	4,792,771	GNMA		3.000		11/20/42		4,977,224
	5,544,512	GNMA		3.000		12/20/42		5,757,896
	3,839,952	GNMA		3.000		12/20/42		3,990,334
	3,406,795	GNMA		3.000		01/15/43		3,540,094
	6,049,357	GNMA		3.000		01/15/43		6,286,798
	4,210,886	GNMA		3.000		01/20/43		4,372,913
	7,112,349	GNMA		3.000		02/20/43		7,386,009
	3,925,974	GNMA		3.000		02/20/43		4,085,673
	1,432,292	GNMA		3.000		04/15/43		1,488,394
	1,530,422	GNMA		5.000		04/20/43		1,697,616
	2,911,278	GNMA		3.000		05/20/43		3,023,324
	4,522,061	GNMA		3.000		06/20/43		4,696,104
	8,122,368	GNMA		3.500		06/20/43		8,636,991
	9,636,979	GNMA		3.000		07/20/43		10,007,889
	4,746,465	GNMA		3.500		07/20/43		5,029,731
	6,972,506	GNMA		3.500		09/20/43		7,385,544
	2,974,275	GNMA		4.000		09/20/43		3,185,664
	2,657,974	GNMA		4.000		10/20/43		2,843,859
	1,326,418	GNMA		3.500		11/20/43		1,404,869
	3,259,184	GNMA		4.000		11/20/43		3,487,835
	2,648,274	GNMA		4.500		12/20/43		2,844,699
	2,768,992	GNMA		4.500		01/20/44		2,974,298
	3,453,081	GNMA		3.500		02/20/44		3,659,060
	5,358,838	GNMA		4.000		02/20/44		5,734,250
	5,493,494	GNMA		4.000		05/20/44		5,877,508
	5,693,149	GNMA		4.000		06/20/44		6,091,119
	15,338,885	GNMA		3.500		07/20/44		16,253,567
	4,529,287	GNMA		4.500		10/20/44		4,865,322
	11,235,300	GNMA		3.500		11/20/44		11,903,873
	14,084,010	GNMA		3.000		12/20/44		14,615,939
	8,043,358	GNMA		3.500		02/20/45		8,513,936
	14,100,420	GNMA		3.000		04/20/45		14,632,968
	14,365,249	GNMA		3.000		06/20/45		14,907,800
	14,486,107	GNMA		3.000		07/20/45		15,033,222
	35,829,799	GNMA		4.000		11/20/45		38,369,236
	14,873,748	GNMA		3.000		12/20/45		15,435,504
	14,854,479	GNMA		3.500		12/20/45		15,723,543
		TOTAL MORTGAGE BACKED						1,756,768,560
MUNICIPAL BONDS - 1.0%
	300,000	American Municipal Power		7.834		02/15/41		436,413
	500,000	American Municipal Power		6.270		02/15/50		605,745
	500,000	Bay Area Toll Authority		6.263		04/01/49		705,365
	720,000	Central Puget Sound Regional Transit Authority		5.491		11/01/39		933,077
	250,000	City of Chicago IL		7.375		01/01/33		255,902
	300,000	City of Chicago IL		5.432		01/01/42		249,369
	750,000	City Public Service Board of San Antonio TX		5.808		02/01/41		964,350
	150,000	Colorado Bridge Enterprise		6.078		12/01/40		195,617
	200,000	Commonwealth of Massachusetts		4.200		12/01/21		220,906

133

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Commonwealth of Massachusetts		5.731	%	06/01/40	$	650,090
	195,000		Commonwealth of Pennsylvania		5.850		07/15/30		219,094
	200,000		County of Clark NV		6.820		07/01/45		296,870
	350,000		Denver City & County School District No		4.242		12/15/37		369,285
	200,000		District of Columbia		5.591		12/01/34		252,512
	100,000		East Baton Rouge Sewerage Commission		6.087		02/01/45		111,712
	200,000		Energy Northwest		2.814		07/01/24		203,964
	500,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		515,065
	200,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		201,266
	200,000		Florida State Board of Administration Finance Corp		2.638		07/01/21		204,158
	200,000		Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		203,376
	46,288		Kentucky Asset Liability Commission		3.165		04/01/18		46,914
	30,000		Los Angeles Unified School District		5.750		07/01/34		37,580
	100,000		Massachusetts School Building Authority		5.715		08/15/39		126,249
	200,000	h	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd		4.053		07/01/26		209,804
	100,000		Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		132,498
	940,000		Metropolitan Transportation Authority		6.648		11/15/39		1,265,550
	650,000		Metropolitan Transportation Authority		7.336		11/15/39		995,144
	500,000		Missouri Highway & Transportation Commission		5.445		05/01/33		610,735
	250,000		Municipal Electric Authority of Georgia		6.637		04/01/57		311,318
	500,000		Municipal Electric Authority of Georgia		6.655		04/01/57		610,755
	947,000		New Jersey Economic Development Authority		7.425		02/15/29		1,147,101
	335,000		New Jersey State Turnpike Authority		7.414		01/01/40		504,778
	1,000,000		New Jersey State Turnpike Authority		7.102		01/01/41		1,439,280
	800,000		New Jersey Transportation Trust Fund Authority		5.754		12/15/28		832,392
	360,000		New Jersey Transportation Trust Fund Authority		6.104		12/15/28		372,964
	700,000		New Jersey Transportation Trust Fund Authority		6.875		12/15/39		749,966
	1,100,000		New York City Municipal Water Finance Authority		5.790		06/15/41		1,222,947
	500,000		New York City Municipal Water Finance Authority		5.440		06/15/43		639,740
	600,000		New York State Dormitory Authority		5.289		03/15/33		711,996
	130,000		New York State Dormitory Authority		5.628		03/15/39		165,714
	545,000		New York State Dormitory Authority		5.600		03/15/40		692,586
	400,000		New York State Urban Development Corp		5.838		03/15/40		504,220
	100,000		Ohio State University		4.910		06/01/40		118,770
	500,000		Ohio State University		3.798		12/01/46		515,600
	200,000		Ohio State University		4.048		12/01/56		210,020
	675,000		Ohio State Water Development Authority		4.879		12/01/34		794,745
	750,000		Oregon School Boards Association		4.759		06/30/28		844,395
	250,000		Oregon School Boards Association		5.680		06/30/28		308,655
	100,000		Oregon State Department of Transportation		5.834		11/15/34		131,812
	200,000		Port Authority of New York & New Jersey		6.040		12/01/29		254,110
	500,000		Port Authority of New York & New Jersey		5.647		11/01/40		620,840
	300,000		Port Authority of New York & New Jersey		4.823		06/01/45		316,350
	1,000,000		Port Authority of New York & New Jersey		5.310		08/01/46		1,080,790
	200,000		Port Authority of New York & New Jersey		4.810		10/15/65		222,958
	100,000		Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		120,927
	800,000		Santa Clara Valley Transportation Authority		5.876		04/01/32		1,001,752
	300,000		State of California		5.750		03/01/17		312,930
	600,000		State of California		6.200		10/01/19		695,376

134

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	645,000	State of California		5.700	%	11/01/21	$	768,130
	250,000	State of California		7.500		04/01/34		365,450
	285,000	State of California		7.550		04/01/39		436,346
	3,400,000	State of California		7.300		10/01/39		4,984,876
	2,740,000	State of California		7.625		03/01/40		4,193,241
	300,000	State of Connecticut		5.090		10/01/30		346,287
	620,000	State of Connecticut		5.850		03/15/32		765,712
	4,450,000	State of Illinois		5.100		06/01/33		4,161,418
	1,295,000	State of Illinois		6.725		04/01/35		1,413,363
	500,000	State of Illinois		5.650		12/01/38		483,845
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		563,660
	300,000	State of Oregon		5.762		06/01/23		351,681
	600,000	State of Texas		4.631		04/01/33		680,094
	50,000	State of Texas		5.517		04/01/39		66,028
	1,000,000	State of Texas		4.681		04/01/40		1,180,150
	575,000	State of Texas Transportation Commission		5.028		04/01/26		696,250
	500,000	State of Utah		3.539		07/01/25		551,460
	200,000	State of Washington		5.090		08/01/33		238,666
	604,000	State Public School Building Authority		5.000		09/15/27		642,602
	2,000,000	Tennessee Valley Authority		4.500		04/01/18		2,150,846
	300,000	Tennessee Valley Authority		1.750		10/15/18		305,816
	750,000	Tennessee Valley Authority		3.875		02/15/21		834,453
	750,000	Tennessee Valley Authority		2.875		09/15/24		788,989
	500,000	Tennessee Valley Authority		5.880		04/01/36		680,291
	500,000	Tennessee Valley Authority		5.500		06/15/38		657,157
	300,000	Tennessee Valley Authority		3.500		12/15/42		299,253
	1,750,000	Tennessee Valley Authority		4.625		09/15/60		1,988,494
	300,000	Tennessee Valley Authority		4.250		09/15/65		316,439
	500,000	University of California		1.796		07/01/19		507,870
	200,000	University of California		5.770		05/15/43		257,076
	200,000	University of California		3.931		05/15/45		202,076
	200,000	University of California		4.131		05/15/45		202,312
	860,000	University of California		4.858		05/15/12		882,291
	200,000	University of California		4.767		05/15/15		203,722
	100,000	University of Pennsylvania		4.674		09/01/12		106,998
	200,000	University of Southern California		5.250		10/01/11		238,527
	700,000	University of Texas		4.794		08/15/46		851,998
	200,000	University of Texas System		3.852		08/15/46		216,550
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		177,747
		TOTAL MUNICIPAL BONDS						63,432,561
U.S. TREASURY SECURITIES - 36.8%
	9,000,000	United States Treasury Bond		5.250		11/15/28		12,314,880
	26,060,000	United States Treasury Bond		5.250		02/15/29		35,796,876
	16,250,000	United States Treasury Bond		4.500		02/15/36		22,303,759
	4,644,000	United States Treasury Bond		4.375		02/15/38		6,280,104
	36,983,000	United States Treasury Bond		3.500		02/15/39		44,032,884
	850,000	United States Treasury Bond		4.375		11/15/39		1,144,346
	12,585,000	United States Treasury Bond		3.875		08/15/40		15,782,370
	11,185,000	United States Treasury Bond		4.250		11/15/40		14,814,443
	26,350,000	United States Treasury Bond		4.375		05/15/41		35,597,216
	10,000,000	United States Treasury Bond		3.750		08/15/41		12,333,590

135

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,300,000	United States Treasury Bond		3.125	%	11/15/41	$	4,786,438
	4,550,000	United States Treasury Bond		3.125		02/15/42		5,062,407
	10,000,000	United States Treasury Bond		3.000		05/15/42		10,862,890
	10,000,000	United States Treasury Bond		2.750		08/15/42		10,330,080
	4,000,000	United States Treasury Bond		2.750		11/15/42		4,125,000
	10,250,000	United States Treasury Bond		2.875		05/15/43		10,804,945
	6,500,000	United States Treasury Bond		3.625		08/15/43		7,898,768
	2,000,000	United States Treasury Bond		3.750		11/15/43		2,485,312
	7,615,000	United States Treasury Bond		3.625		02/15/44		9,240,924
	2,500,000	United States Treasury Bond		3.375		05/15/44		2,899,120
	14,000,000	United States Treasury Bond		3.125		08/15/44		15,492,428
	16,750,000	United States Treasury Bond		3.000		11/15/44		18,078,878
	8,000,000	United States Treasury Bond		2.500		02/15/45		7,802,184
	22,000,000	United States Treasury Bond		3.000		05/15/45		23,731,642
	16,000,000	United States Treasury Bond		2.875		08/15/45		16,835,008
	10,750,000	United States Treasury Bond		3.000		11/15/45		11,609,581
	16,000,000	United States Treasury Bond		2.500		02/15/46		15,602,496
	4,000,000	United States Treasury Note		0.500		06/15/16		4,001,564
	20,000,000	United States Treasury Note		0.500		08/31/16		20,008,200
	14,000,000	United States Treasury Note		1.000		08/31/16		14,035,000
	14,200,000	United States Treasury Note		1.000		09/30/16		14,239,377
	27,000,000	United States Treasury Note		0.625		11/15/16		27,020,034
	173,000	United States Treasury Note		4.625		11/15/16		177,386
	278,400	United States Treasury Note		7.500		11/15/16		290,363
	8,000,000	United States Treasury Note		0.500		11/30/16		7,999,376
	15,250,000	United States Treasury Note		0.875		11/30/16		15,285,151
	50,300,000	United States Treasury Note		0.875		01/31/17		50,410,056
	61,750,000	United States Treasury Note		0.750		10/31/17		61,776,553
	8,044,000	United States Treasury Note		2.750		12/31/17		8,323,658
	21,000,000	United States Treasury Note		0.875		01/31/18		21,055,776
	31,000,000	United States Treasury Note		0.750		02/28/18		31,010,912
	23,000,000	United States Treasury Note		0.750		03/31/18		23,001,794
	6,172,000	United States Treasury Note		2.625		04/30/18		6,412,128
	6,266,000	United States Treasury Note		3.875		05/15/18		6,685,283
	72,000,000	United States Treasury Note		1.000		05/31/18		72,345,960
	7,862,000	United States Treasury Note		2.375		05/31/18		8,132,869
	7,000,000	United States Treasury Note		1.375		06/30/18		7,094,339
	15,000,000	United States Treasury Note		1.375		07/31/18		15,201,570
	13,065,000	United States Treasury Note		2.250		07/31/18		13,503,396
	40,350,000	United States Treasury Note		1.500		08/31/18		41,038,775
	22,000,000	United States Treasury Note		1.375		09/30/18		22,314,534
	28,000,000	United States Treasury Note		1.250		10/31/18		28,308,448
	33,500,000	United States Treasury Note		1.250		11/30/18		33,878,181
	25,000,000	United States Treasury Note		1.500		12/31/18		25,454,100
	25,000,000	United States Treasury Note		1.500		01/31/19		25,456,050
	10,000,000	United States Treasury Note		0.750		02/15/19		9,971,880
	2,802,400	United States Treasury Note		2.750		02/15/19		2,953,685
	30,000,000	United States Treasury Note		1.500		02/28/19		30,544,920
	36,000,000	United States Treasury Note		1.625		03/31/19		36,786,096
	40,750,000	United States Treasury Note		1.500		05/31/19		41,485,415
	40,000,000	United States Treasury Note		1.625		06/30/19		40,900,000
	18,000,000	United States Treasury Note		1.625		07/31/19		18,397,260

136

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	50,500,000	United States Treasury Note		1.625	%	08/31/19	$	51,612,565
	38,500,000	United States Treasury Note		1.750		09/30/19		39,506,120
	29,000,000	United States Treasury Note		1.500		10/31/19		29,506,369
	57,000,000	United States Treasury Note		1.500		11/30/19		57,970,767
	33,500,000	United States Treasury Note		1.625		12/31/19		34,218,408
	36,500,000	United States Treasury Note		1.250		01/31/20		36,759,479
	78,500,000	United States Treasury Note		1.375		02/29/20		79,386,187
	5,000,000	United States Treasury Note		1.375		03/31/20		5,055,665
	20,000,000	United States Treasury Note		1.375		04/30/20		20,212,500
	50,000,000	United States Treasury Note		1.500		05/31/20		50,763,650
	45,000,000	United States Treasury Note		1.625		06/30/20		45,908,775
	22,500,000	United States Treasury Note		1.625		07/31/20		22,951,755
	4,000,000	United States Treasury Note		2.000		07/31/20		4,143,280
	5,342,000	United States Treasury Note		2.625		08/15/20		5,678,589
	34,000,000	United States Treasury Note		1.375		08/31/20		34,333,370
	30,000,000	United States Treasury Note		1.375		09/30/20		30,261,330
	6,000,000	United States Treasury Note		2.000		09/30/20		6,221,484
	40,000,000	United States Treasury Note		1.375		10/31/20		40,334,360
	50,000,000	United States Treasury Note		1.625		11/30/20		51,015,600
	5,000,000	United States Treasury Note		2.000		11/30/20		5,181,445
	25,000,000	United States Treasury Note		1.750		12/31/20		25,623,050
	48,500,000	United States Treasury Note		1.375		01/31/21		48,865,642
	5,900,000	United States Treasury Note		3.625		02/15/21		6,568,818
	16,000,000	United States Treasury Note		1.125		02/28/21		15,941,872
	10,000,000	United States Treasury Note		2.000		02/28/21		10,366,800
	50,000,000	United States Treasury Note		1.250		03/31/21		50,060,550
	27,610,000	United States Treasury Note		2.125		08/15/21		28,765,092
	2,070,000	United States Treasury Note		2.000		11/15/21		2,141,398
	13,379,100	United States Treasury Note		8.000		11/15/21		18,211,778
	5,000,000	United States Treasury Note		1.750		02/28/22		5,093,945
	3,000,000	United States Treasury Note		1.750		03/31/22		3,054,375
	5,000,000	United States Treasury Note		2.000		07/31/22		5,157,615
	10,500,000	United States Treasury Note		1.625		11/15/22		10,581,616
	12,000,000	United States Treasury Note		2.500		08/15/23		12,791,256
	13,000,000	United States Treasury Note		2.750		11/15/23		14,085,708
	26,000,000	United States Treasury Note		2.500		05/15/24		27,657,500
	55,005,000	United States Treasury Note		2.250		11/15/24		57,372,800
	14,000,000	United States Treasury Note		2.000		02/15/25		14,306,250
	37,000,000	United States Treasury Note		2.125		05/15/25		38,160,579
	37,000,000	United States Treasury Note		2.000		08/15/25		37,724,090
	30,000,000	United States Treasury Note		2.250		11/15/25		31,233,990
	44,500,000	United States Treasury Note		1.625		02/15/26		43,875,977
		TOTAL U.S. TREASURY SECURITIES						2,322,211,057
		TOTAL GOVERNMENT BONDS						4,552,600,360
		(Cost $4,429,600,527)
STRUCTURED ASSETS - 2.4%
ASSET BACKED - 0.8%
	13,195	AmeriCredit Automobile Receivables Trust		2.670		01/08/18		13,198
		Series - 2012 1 (Class C)

137

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	AmeriCredit Automobile Receivables Trust		1.790	%	03/08/19	$	300,619
		Series - 2013 2 (Class C)
	500,000	AmeriCredit Automobile Receivables Trust		2.420		05/08/19		500,354
		Series - 2013 2 (Class D)
	150,000	AmeriCredit Automobile Receivables Trust		2.380		06/10/19		151,200
		Series - 2013 3 (Class C)
	3,000,000	AmeriCredit Automobile Receivables Trust		2.510		01/08/21		3,017,364
		Series - 2015 1 (Class C)
	500,000	Capital Auto Receivables Asset Trust		2.190		09/20/21		497,542
		Series - 0 1 (Class D)
	1,000,000	Capital One Multi-Asset Execution Trust		1.480		07/15/20		1,005,361
		Series - 2014 A5 (Class A)
	660,000	Capital One Multi-Asset Execution Trust		5.750		07/15/20		702,560
		Series - 2007 A7 (Class A7)
	399,283	CenterPoint Energy Transition		3.460		08/15/19		409,630
		Series - 0 1 (Class A2)
	500,000	CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		546,584
		Series - 2005 A (Class A5)
	600,000	CenterPoint Energy Transition Bond Co LLC		2.161		10/15/21		612,465
		Series - 2012 1 (Class A2)
	395,000	Chase Issuance Trust		1.010		10/15/18		395,272
		Series - 2013 A8 (Class A8)
	1,000,000	Chase Issuance Trust		1.150		01/15/19		1,001,713
		Series - 2014 A1 (Class A)
	1,000,000	Chase Issuance Trust		2.770		03/15/23		1,043,869
		Series - 2014 A2 (Class A2)
	1,000,000	Chase Issuance Trust		2.160		09/16/24		999,568
		Series - 2012 A7 (Class A7)
	750,000	CitiBank Credit Card Issuance Trust		5.650		09/20/19		797,863
		Series - 2007 A8 (Class A8)
	310,000	CitiBank Credit Card Issuance Trust		5.350		02/07/20		332,874
		Series - 2008 A1 (Class A1)
	1,000,000	CitiBank Credit Card Issuance Trust		2.150		07/15/21		1,021,683
		Series - 2014 A6 (Class A6)
	2,000,000	CitiBank Credit Card Issuance Trust		2.880		01/23/23		2,091,221
		Series - 0 A1 (Class A1)
	1,250,000	CSAIL Commercial Mortgage Trust		2.970		04/15/50		1,298,497
		Series - 2015 C1 (Class A2)
	1,000,000	Discover Card Execution Note Trust		2.120		12/15/21		1,020,982
		Series - 2014 A4 (Class A4)
	3,000,000	Discover Card Master Trust		5.650		03/16/20		3,192,162
		Series - 2007 A1 (Class A1)
	168,412	FHLMC Multifamily Structured Pass Through Certificates		3.342		12/25/19		172,273
		Series - 2010 K007 (Class A1)
	2,626,859	FHLMC Multifamily Structured Pass Through Certificates		1.459		09/25/21		2,630,091
		Series - 2012 K019 (Class A1)
	3,000,000	FHLMC Multifamily Structured Pass Through Certificates		2.307		08/25/22		3,071,915
		Series - 2012 K023 (Class A2)
	427,654	FHLMC Multifamily Structured Pass Through Certificates		2.779		09/25/22		444,355
		Series - 2013 K030 (Class A1)
	500,000	FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		516,969
		Series - 2013 K026 (Class A2)

138

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637	%	01/25/23	$	520,504
			Series - 2013 K027 (Class A2)
	92,132		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		95,400
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		3,197,645
			Series - 2013 K033 (Class A2)
	500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		548,627
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,645,080
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		3,169,035
			Series - 2015 K045 (Class A2)
	7,493		Ford Credit Auto Owner Trust		0.550		07/15/17		7,491
			Series - 2013 2013-A (Class A3)
	820,000		Ford Credit Auto Owner Trust		1.320		01/15/19		815,895
			Series - 2013 2013-B (Class C)
	500,000		Ford Credit Auto Owner Trust		1.820		11/15/19		499,744
			Series - 2013 2013-B (Class D)
	1,900,000		GE Capital Credit Card Master Note Trust		1.360		08/17/20		1,898,517
			Series - 2012 6 (Class A)
	227,000		Hyundai Auto Receivables Trust		2.100		11/15/19		226,066
			Series - 2014 B (Class C)
	2,000,000		Hyundai Auto Receivables Trust		2.300		07/15/22		1,998,092
			Series - 2015 B (Class C)
	7,050	i	Residential Asset Securities Corp		6.489		10/25/30		7,101
			Series - 2001 KS2 (Class AI6)
	15,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		15,571
			Series - 2006 HI1 (Class M2) (Step Bond)
	200,000		Santander Drive Auto Receivables Trust		3.300		09/17/18		202,177
			Series - 2012 2012-5 (Class D)
	1,500,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		1,498,624
			Series - 2013 2013-1 (Class D)
	300,000		Santander Drive Auto Receivables Trust		1.950		03/15/19		300,828
			Series - 2013 2013-2 (Class C)
	2,000,000		Santander Drive Auto Receivables Trust		2.360		04/15/20		2,006,442
			Series - 2014 2014-1 (Class C)
	572,000		Santander Drive Auto Receivables Trust		2.460		06/15/20		575,493
			Series - 2014 5 (Class C)
	77,539		Toyota Auto Receivables Owner Trust		0.670		12/15/17		77,437
			Series - 2014 A (Class A3)
	71,626		Volkswagen Auto Loan Enhanced Trust		0.660		03/20/19		71,375
			Series - 2012 2 (Class A4)
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,936
			Series - 2010 VNO (Class A2FX)
	1,060,000		World Omni Auto Receivables Trust		1.680		12/15/20		1,065,473
			Series - 2014 B (Class A4)
			TOTAL ASSET BACKED						48,246,737
OTHER MORTGAGE BACKED - 1.6%
	50,228	i	Banc of America Commercial Mortgage, Inc		5.889		07/10/44		50,232
			Series - 2006 3 (Class A4)

139

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	450,000		Banc of America Commercial Mortgage, Inc		5.356	%	10/10/45	$	452,034
			Series - 2006 6 (Class A4)
	1,238,769		Bear Stearns Commercial Mortgage Securities		5.201		12/11/38		1,253,020
			Series - 2006 PW14 (Class A4)
	156,805	i	Bear Stearns Commercial Mortgage Securities		5.721		06/11/40		160,624
			Series - 2007 PW16 (Class A4)
	292,119		Bear Stearns Commercial Mortgage Securities		5.537		10/12/41		294,444
			Series - 2006 T24 (Class A4)
	960,165	i	Bear Stearns Commercial Mortgage Securities		5.694		06/11/50		996,599
			Series - 2007 PW17 (Class A4)
	500,000		Bear Stearns Commercial Mortgage Securities		5.700		06/11/50		518,389
			Series - 2007 PW18 (Class A4)
	750,000		Citigroup Commercial Mortgage Trust		1.987		04/10/46		752,907
			Series - 2013 2013-GC11 (Class A2)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,089,218
			Series - 2013 2013-GC11 (Class AS)
	255,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		278,474
			Series - 2014 2014-GC19 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		528,279
			Series - 2014 2014-GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		1,018,574
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		1,023,280
			Series - 2015 GC27 (Class AS)
	638,064	i	Citigroup Commercial Mortgage Trust		6.137		12/10/49		667,740
			Series - 2008 2008-C7 (Class A4)
	450,107		Citigroup Commercial Mortgage Trust		5.322		12/11/49		458,885
			Series - 2007 2007-CD4 (Class A4)
	2,000,000		COMM Mortgage Trust		3.039		12/10/18		2,064,177
			Series - 2013 CR13 (Class A2)
	572,199		COMM Mortgage Trust		2.256		12/10/44		574,408
			Series - 2012 LC4 (Class A2)
	580,000		COMM Mortgage Trust		4.063		12/10/44		623,754
			Series - 2012 LC4 (Class AM)
	500,000		COMM Mortgage Trust		2.752		08/15/45		512,665
			Series - 2012 CR2 (Class ASB)
	749,000		COMM Mortgage Trust		1.906		01/10/46		751,055
			Series - 2013 LC6 (Class A2)
	400,000		COMM Mortgage Trust		2.941		01/10/46		412,806
			Series - 2013 LC6 (Class A4)
	524,000		COMM Mortgage Trust		3.213		03/10/46		548,898
			Series - 0 CR7 (Class A4)
	101,178	i	COMM Mortgage Trust		5.845		06/10/46		101,069
			Series - 2006 C7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,100,341
			Series - 2013 CR12 (Class A4)
	500,000		COMM Mortgage Trust		4.258		10/10/46		556,668
			Series - 2013 CR11 (Class A4)
	1,000,000		COMM Mortgage Trust		2.928		02/10/47		1,030,943
			Series - 2014 CR15 (Class A2)
	500,000		COMM Mortgage Trust		3.961		03/10/47		541,360
			Series - 2014 A5 (Class A5)
	970,362		COMM Mortgage Trust		2.840		04/10/47		1,000,494
			Series - 2014 LC15 (Class A2)

140

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		COMM Mortgage Trust		4.051	%	04/10/47	$	1,095,357
			Series - 2014 CR16 (Class A4)
	1,000,000		COMM Mortgage Trust		3.819		06/10/47		1,074,792
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,063,009
			Series - 2014 UBS4 (Class A5)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		1,064,714
			Series - 2014 CR20 (Class A4)
	1,000,000		COMM Mortgage Trust		4.339		12/10/47		1,023,744
			Series - 2014 CR21 (Class B)
	1,000,000	i	COMM Mortgage Trust		4.263		02/10/48		970,361
			Series - 2015 LC19 (Class C)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,073,915
			Series - 2015 CR25 (Class A4)
	232,798	i	COMM Mortgage Trust		5.813		12/10/49		241,763
			Series - 2007 C9 (Class A4)
	300,000	i	COMM Mortgage Trust		6.095		12/10/49		311,774
			Series - 2008 LS1 (Class ASM)
	1,500,000		COMM Mortgage Trust		3.221		10/10/53		1,576,014
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/53		1,611,598
			Series - 2015 LC23 (Class A4)
	118,304		Credit Suisse Mortgage Capital Certificates		5.467		09/15/39		119,190
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		2,117,852
			Series - 2006 C4 (Class AM)
	2,000,000	h	DBJPM 16-C1		2.691		05/10/49		2,059,973
			Series - 2016 C1 (Class A2)
	2,000,000	h	DBJPM 16-C1		3.276		05/10/49		2,059,983
			Series - 2016 C1 (Class A4)
	1,000,000	h	DBJPM 16-C1		3.539		05/10/49		1,060,330
			Series - 2016 C1 (Class AM)
	463,271		Greenwich Capital Commercial Funding Corp		5.444		03/10/39		472,776
			Series - 2007 GG9 (Class A4)
	1,595,289		Greenwich Capital Commercial Funding Corp		5.736		12/10/49		1,658,458
			Series - 2007 GG11 (Class A4)
	434,000		GS Mortgage Securities Corp II		3.314		01/10/45		453,843
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		307,737
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		310,570
			Series - 2013 GC10 (Class AS)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,854,527
			Series - 2011 GC5 (Class A4)
	500,000		GS Mortgage Securities Trust		3.482		01/10/45		531,441
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		208,156
			Series - 0 GCJ7 (Class B)
	238,246		GS Mortgage Securities Trust		1.840		02/10/46		239,002
			Series - 2013 GC10 (Class A2)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		519,933
			Series - 2013 GC12 (Class A4)

141

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	511,000		GS Mortgage Securities Trust		3.813	%	11/10/46	$	548,043
			Series - 2013 GC16 (Class AAB)
	200,000		GS Mortgage Securities Trust		2.924		01/10/47		205,971
			Series - 2014 GC18 (Class A2)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,093,178
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,567,995
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,938,462
			Series - 2015 GC28 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		99,990
			Series - 2009 IWST (Class A2)
	13,054		JP Morgan Chase Commercial Mortgage Securities Corp		5.115		07/15/41		13,067
			Series - 2004 LN2 (Class A2)
	908,152		JP Morgan Chase Commercial Mortgage Securities Corp		5.429		12/12/43		917,673
			Series - 2006 CB17 (Class A4)
	200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.935		04/17/45		200,275
			Series - 2006 LDP7 (Class AM)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.192		05/15/45		308,418
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		319,759
			Series - 2012 CBX (Class A4)
	500,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		547,329
			Series - 2013 C13 (Class A4)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		1.855		04/15/46		501,677
			Series - 2013 LC11 (Class A2)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		549,452
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		553,361
			Series - 2013 C16 (Class A4)
	1,365,498		JP Morgan Chase Commercial Mortgage Securities Corp		5.336		05/15/47		1,386,218
			Series - 2006 LDP9 (Class A3)
	847,193		JP Morgan Chase Commercial Mortgage Securities Corp		5.440		06/12/47		862,046
			Series - 2007 CB18 (Class A4)
	413,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		422,990
			Series - 2013 C10 (Class ASB)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		308,795
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		522,606
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		597,552
			Series - 2013 C10 (Class AS)
	86,520	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.743		06/15/49		86,871
			Series - 2007 LD11 (Class A3)
	860,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.743		06/15/49		879,729
			Series - 2007 LD11 (Class A4)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.801		09/15/47		537,882
			Series - 2014 C22 (Class A4)
	1,500,000		JPMBB Commercial Mortgage Securities Trust		2.940		11/15/47		1,554,707
			Series - 2014 C24 (Class A2)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,143,661
			Series - 2015 C33 (Class A4)

142

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		JPMBB Commercial Mortgage Securities Trust		3.970	%	03/15/49	$	528,786
			Series - 2016 C1 (Class AS)
	121,124		LB-UBS Commercial Mortgage Trust		5.372		09/15/39		121,998
			Series - 2006 C6 (Class A4)
	200,000	i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		195,974
			Series - 2006 C6 (Class AJ)
	1,320,575		LB-UBS Commercial Mortgage Trust		5.424		02/15/40		1,343,412
			Series - 2007 C1 (Class A4)
	786,890		LB-UBS Commercial Mortgage Trust		5.430		02/15/40		803,452
			Series - 2007 C2 (Class A3)
	600,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		621,640
			Series - 2007 C6 (Class AM)
	293,939	i	LB-UBS Commercial Mortgage Trust		5.866		09/15/45		309,116
			Series - 2007 C7 (Class A3)
	44,898	i	Merrill Lynch Mortgage Trust		5.838		06/12/50		44,858
			Series - 2007 C1 (Class A3)
	164,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		167,614
			Series - 2012 2012-C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		61,515
			Series - 2013 2013-C7 (Class A4)
	750,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		774,597
			Series - 2013 2013-C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		513,816
			Series - 2013 2013-C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		246,476
			Series - 2013 2013-C9 (Class B)
	200,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		213,910
			Series - 2013 2013-C12 (Class ASB)
	400,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.916		02/15/47		415,271
			Series - 2014 2014-C14 (Class A2)
	567,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.669		02/15/47		602,825
			Series - 2014 2014-C14 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,330,102
			Series - 2014 2014-C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,165,890
			Series - 2014 2014-C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,614,906
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732		05/15/48		1,068,676
			Series - 2015 C24 (Class A4)
	584,136		Morgan Stanley Capital I		5.364		03/15/44		597,212
			Series - 2007 IQ13 (Class A4)
	48,738	i	Morgan Stanley Capital I		5.731		07/12/44		48,680
			Series - 2006 HQ9 (Class A4)
	250,000		Morgan Stanley Capital I		2.111		03/15/45		250,727
			Series - 2012 C4 (Class A2)
	1,250,000		Morgan Stanley Capital I		3.244		03/15/45		1,310,701
			Series - 2012 C4 (Class A4)
	1,550,000	i	Morgan Stanley Capital I		5.692		04/15/49		1,587,098
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I		5.544		11/12/49		209,187
			Series - 2007 T25 (Class AM)

143

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,474,995		Morgan Stanley Capital I		5.809	%	12/12/49	$	1,537,005
			Series - 2007 IQ16 (Class A4)
	678,903		Morgan Stanley Capital I Trust		5.569		12/15/44		705,205
			Series - 2007 HQ13 (Class A3)
	169,741		Morgan Stanley Capital I Trust		4.770		07/15/56		169,645
			Series - 0 IQ9 (Class AJ)
	154,292	i	TIAA Seasoned Commercial Mortgage Trust		5.528		08/15/39		154,964
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,556,314
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		520,567
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,062,977
			Series - 2012 C2 (Class A4)
	400,000		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		427,912
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		106,210
			Series - 2012 C1 (Class B)
	100,000		Wachovia Bank Commercial Mortgage Trust		5.342		12/15/43		102,114
			Series - 2007 2007-C30 (Class A5)
	720,972		Wachovia Bank Commercial Mortgage Trust		5.678		05/15/46		742,059
			Series - 2007 2007-C34 (Class A3)
	300,000	i	Wachovia Bank Commercial Mortgage Trust		5.603		10/15/48		303,809
			Series - 2006 2006-C28 (Class AM)
	200,000	i	Wachovia Bank Commercial Mortgage Trust		5.946		02/15/51		209,243
			Series - 2007 2007-C33 (Class A5)
	1,148,037	i	Wachovia Bank Commercial Mortgage Trust		5.946		02/15/51		1,182,925
			Series - 2007 2007-C33 (Class A4)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695		11/15/48		2,134,699
			Series - 2015 C31 (Class A4)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.837		06/15/45		259,574
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		414,945
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		796,408
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		631,852
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		497,871
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,065,069
			Series - 2014 C19 (Class B)
	3,000,000		WF-RBS Commercial Mortgage Trust		3.635		05/15/47		3,174,672
			Series - 2014 C20 (Class A3)
	42,781		WF-RBS Commercial Mortgage Trust		0.735		03/15/48		42,702
			Series - 2013 C12 (Class A1)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		523,064
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						100,580,100
			TOTAL STRUCTURED ASSETS						148,826,837
			(Cost $146,487,076)

144

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
		TOTAL BONDS					$	6,275,026,615
		(Cost $6,112,541,611)
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.8%
$	30,000,000	Federal Home Loan Bank (FHLB)		0.080	%	04/01/16		30,000,000
	21,400,000	FHLB		0.110		04/13/16		21,398,502
		TOTAL GOVERNMENT AGENCY DEBT						51,398,502
TREASURY DEBT - 0.7%
	9,000,000	United States Treasury Bill		0.235-0.260		04/07/16		8,999,838
	31,000,000	United States Treasury Bill		0.241-0.245		04/14/16		30,998,729
		TOTAL TREASURY DEBT						39,998,567
		TOTAL SHORT-TERM INVESTMENTS						91,397,069
		(Cost $91,396,114)
		TOTAL INVESTMENTS - 100.9%						6,366,423,684
		(Cost $6,203,937,725)
		OTHER ASSETS & LIABILITIES, NET - (0.9)%						(55,988,415	)
		NET ASSETS - 100.0%					$	6,310,435,269

	Abbreviation(s):
REIT	Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $29,717,618 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

145

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS

BOND PLUS FUND

SCHEDULE OF INVESTMENTS

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 5.3%
AUTOMOBILES & COMPONENTS - 0.2%
$	1,975,000	i	Dealer Tire LLC		5.500	%	12/22/21	$	1,970,063
	3,883,245	i	Gates Global LLC		4.250		07/05/21		3,657,551
			TOTAL AUTOMOBILES & COMPONENTS						5,627,614
CAPITAL GOODS - 0.2%
	970,125	i	CHI Overhead Doors, Inc		4.750		07/31/22		955,573
	1,125,000	i	Manitowoc Foodservice, Inc		5.750		03/03/23		1,128,746
	1,394,154	i	Plaze, Inc		5.250		07/29/22		1,383,698
	2,555,298	i	TransDigm, Inc		3.750		02/28/20		2,518,783
			TOTAL CAPITAL GOODS						5,986,800
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	442,335	i	AECOM Technology Corp		3.750		10/15/21		442,795
	3,472,273	i	Connolly Corp		4.500		05/14/21		3,411,508
	3,164,938	i	Creative Artists Agency LLC		5.500		12/17/21		3,157,025
	1,165,553	i	WASH Multifamily Laundry Systems LLC		4.250		05/16/22		1,136,414
	204,122	i	WASH Multifamily Laundry Systems LLC		4.250		05/16/22		199,019
	2,094,750	i	XPO Logistics, Inc		5.500		11/01/21		2,099,987
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						10,446,748
CONSUMER DURABLES & APPAREL - 0.1%
	1,496,012	i	Academy Ltd		5.000		07/01/22		1,420,972
	1,831,522	i	Otter Products LLC		5.750		06/03/20		1,575,109
			TOTAL CONSUMER DURABLES & APPAREL						2,996,081
CONSUMER SERVICES - 0.8%
	2,347,222	i	Hilton Worldwide		3.500		10/26/20		2,346,495
	5,000,000	i	Jackson Hewitt Tax Service, Inc		8.000		06/25/21		4,850,000
	4,975,000	i	Knowledge Universe Education LLC		6.000		08/13/22		4,906,594
	859,724	i	Marina District Finance Co, Inc		6.500		08/15/18		857,936
	580,500	i	MGM Resorts International		3.500		12/20/19		578,840
	269,085	i	Pinnacle Entertainment, Inc		3.750		08/13/20		268,581
	1,955,000	i	Scientific Games International, Inc		6.000		10/18/20		1,890,250
	6,063,219	i	Spin Holdco, Inc		4.250		11/14/19		5,897,996
	1,944,995	i	Sterling Midco Holdings, Inc		5.750		06/20/22		1,899,619
			TOTAL CONSUMER SERVICES						23,496,311
DIVERSIFIED FINANCIALS - 0.2%
	200,000	i	Global Payments, Inc		3.500		07/31/20		200,834
	2,681,388	h,i	TransFirst, Inc		6.250		11/12/21		2,678,036
	3,993,500	i	TransUnion LLC		3.500		04/09/21		3,951,568
			TOTAL DIVERSIFIED FINANCIALS						6,830,438

146

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
ENERGY - 0.1%
$	1,994,872	i	Dynegy, Inc		4.000	%	04/23/20	$	1,956,630
			TOTAL ENERGY						1,956,630
FOOD & STAPLES RETAILING - 0.2%
	3,267,000	i	Albertson’s Holdings LLC		5.500		08/25/21		3,268,633
	1,000,000	i	Rite Aid Corp		5.750		08/21/20		1,002,080
	1,500,000	i	Rite Aid Corp		4.875		06/21/21		1,500,000
			TOTAL FOOD & STAPLES RETAILING						5,770,713
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,422,850	i	Hostess Brands LLC		4.500		08/03/22		1,422,850
	236,013	i	Post Holdings, Inc		3.750		06/02/21		236,266
			TOTAL FOOD, BEVERAGE & TOBACCO						1,659,116
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	1,215,611	i	Capsugel Holdings US, Inc		3.500		08/01/18		1,210,481
	2,657,675	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		2,660,997
	2,000,000	i	Greatbatch Ltd		5.250		10/14/22		1,996,880
	2,925,000	i	HCA, Inc		3.381		05/01/18		2,923,684
	2,925,139	i	Kinetic Concepts, Inc		4.500		05/04/18		2,907,763
	1,700,000	i	Vizient, Inc		6.250		02/13/23		1,709,911
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						13,409,716
INSURANCE - 0.4%
	7,353,488	i	Acrisure LLC		6.500		05/19/22		7,206,418
	1,100,000	i	Asurion LLC		8.500		03/03/21		1,027,587
	1,741,232	i	Asurion LLC		5.000		05/24/19		1,715,114
	1,185,417	i	USI, Inc		4.250		12/27/19		1,165,656
			TOTAL INSURANCE						11,114,775
MATERIALS - 0.3%
	951,094	i	Berry Plastics Group, Inc		4.000		10/03/22		950,619
	1,333,125	i	Eco Services Operations LLC		4.750		12/04/21		1,293,131
	700,000	i	GCP Applied Technologies, Inc		5.250		02/03/22		700,000
	1,966,667	i	Signode Industrial Group US, Inc		3.750		05/01/21		1,907,667
	800,000	i	Solenis International LP		7.750		07/29/22		668,400
	3,949,570	i	Tronox Pigments BV		4.500		03/19/20		3,645,453
			TOTAL MATERIALS						9,165,270
MEDIA - 0.5%
	5,223,750	i	CDS US Intermediate Holdings, Inc		5.000		07/08/22		4,949,503
	1,229,850	i	CSC Holdings LLC		2.933		04/17/20		1,228,313
	987,500	i	Match Group, Inc		5.500		11/16/22		986,888
	2,375,000	i	Neptune Finco Corp		5.000		10/09/22		2,374,620
	1,601,475	i	Time, Inc		4.250		04/26/21		1,573,449
	1,968,641	i	Univision Communications, Inc		4.000		03/01/20		1,947,104
	1,346,642	i	Virgin Media Investment Holdings Ltd		3.500		06/30/23		1,334,361
			TOTAL MEDIA						14,394,238

147

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
$	2,883,639	i	NBTY, Inc		3.500	%	10/01/17	$	2,869,826
	173,250	i	Valeant Pharmaceuticals International, Inc		4.000		04/01/22		163,361
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						3,033,187
REAL ESTATE - 0.3%
	9,915,075	i	DTZ US Borrower LLC		4.250		11/04/21		9,815,924
			TOTAL REAL ESTATE						9,815,924
RETAILING - 0.1%
	1,200,000	i	CNT Holdings III Corp		5.250		01/22/23		1,200,000
	997,487	i	PetSmart, Inc		4.250		03/11/22		992,749
	1,110,000	i	Staples Escrow LLC		4.750		02/02/22		1,108,302
			TOTAL RETAILING						3,301,051
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	5,000,000		Avago Technologies Cayman Finance Ltd		4.250		02/01/23		4,972,150
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						4,972,150
SOFTWARE & SERVICES - 0.5%
	2,375,000	i	Evergreen Skills Lux S.a.r.l.		9.250		04/28/22		1,068,750
	1,928,282	i	IMS Health, Inc		3.500		03/17/21		1,922,266
	1,291,250	i	Infor US, Inc		3.750		06/03/20		1,250,291
	2,152,395	i	Mitchell International, Inc		4.500		10/13/20		2,071,681
	3,000,000	i	Mitchell International, Inc		8.500		10/11/21		2,632,500
	2,197,142	i	ProQuest LLC		5.750		10/24/21		2,120,242
	434,303	i	SS&C Technologies Holdings Europe SARL		4.000		07/08/22		434,916
	2,996,107	i	SS&C Technologies Holdings, Inc		4.000		07/08/22		3,000,332
			TOTAL SOFTWARE & SERVICES						14,500,978
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	3,034,750	i	CommScope, Inc		3.828		12/29/22		3,028,104
	1,970,100	i	Sensata Technologies BV		3.000		10/14/21		1,961,491
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						4,989,595
TELECOMMUNICATION SERVICES - 0.0%
	554,915	i	Internap Network Services Corp		6.000		11/26/19		488,326
			TOTAL TELECOMMUNICATION SERVICES						488,326
UTILITIES - 0.0%
	241,250	i	Calpine Corp		4.000		10/09/19		240,044
			TOTAL UTILITIES						240,044
			TOTAL BANK LOAN OBLIGATIONS						154,195,705
			(Cost $157,432,923)
BONDS - 92.8%
CORPORATE BONDS - 39.4%
AUTOMOBILES & COMPONENTS - 0.6%
	950,000		Delphi Automotive plc		3.150		11/19/20		970,309

148

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Ford Motor Co		7.450	%	07/16/31	$	1,303,747
	1,500,000		Ford Motor Co		4.750		01/15/43		1,496,964
	2,750,000	g	Gates Global LLC		6.000		07/15/22		2,351,250
	2,575,000		General Motors Co		3.500		10/02/18		2,636,252
	1,350,000		General Motors Co		6.600		04/01/36		1,485,829
	1,975,000		General Motors Co		6.750		04/01/46		2,245,674
	1,450,000		Magna International, Inc		3.625		06/15/24		1,454,422
	1,850,000	g	Schaeffler Finance BV		4.750		05/15/23		1,859,250
	175,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		180,250
	860,000	g,o	Schaeffler Holding Finance BV		6.250		11/15/19		899,775
	705,000	g,o	Schaeffler Holding Finance BV		6.750		11/15/22		766,687
	350,000	g	ZF North America Capital, Inc		4.000		04/29/20		354,375
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		178,500
	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		348,250
			TOTAL AUTOMOBILES & COMPONENTS						18,531,534
BANKS - 5.9%
	1,000,000	g	Akbank TAS		5.125		03/31/25		969,062
	1,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,500,150
	3,000,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		3,021,000
	900,000		Bancolombia S.A.		5.950		06/03/21		973,125
	3,475,000		Bank of America Corp		3.750		07/12/16		3,500,395
	650,000		Bank of America Corp		5.300		03/15/17		672,703
	25,000		Bank of America Corp		6.000		09/01/17		26,423
	12,000,000		Bank of America Corp		1.950		05/12/18		12,015,384
	1,000,000		Bank of America Corp		5.490		03/15/19		1,090,041
	3,500,000		Bank of America Corp		2.625		10/19/20		3,525,868
	3,000,000		Bank of America Corp		4.000		01/22/25		3,005,805
	2,150,000		Bank of America Corp		3.875		08/01/25		2,236,903
	1,925,000		Bank of America Corp		4.750		04/21/45		1,915,082
	4,800,000	g	Bank of Nova Scotia		2.150		08/03/16		4,822,896
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,008,505
	950,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		958,037
	1,250,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		1,274,174
	1,600,000		Barclays plc		2.750		11/08/19		1,589,136
	3,100,000		Barclays plc		3.650		03/16/25		2,906,737
	750,000	g	BBVA Banco Continental S.A.		2.250		07/29/16		750,375
	375,000		Branch Banking & Trust Co		2.300		10/15/18		381,622
	2,000,000		Capital One Bank USA NA		1.500		03/22/18		1,969,578
	2,350,000		Capital One Bank USA NA		2.950		07/23/21		2,366,699
	300,000		Capital One Bank USA NA		3.375		02/15/23		302,405
	8,975,000		Citigroup, Inc		1.300		11/15/16		8,986,722
	3,000,000		Citigroup, Inc		3.700		01/12/26		3,080,082
	6,575,000		Citigroup, Inc		4.450		09/29/27		6,619,408
	3,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		3,076,782
	2,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		2,639,967
	2,175,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		2,352,180
	2,700,000		Cooperatieve Rabobank UA		2.500		01/19/21		2,730,604
	1,150,000	g	Credit Agricole S.A.		2.500		04/15/19		1,169,074
	775,000	g	Credit Agricole S.A.		2.750		06/10/20		787,346
	5,000,000		Deutsche Bank AG		1.875		02/13/18		4,968,735
	1,950,000		Discover Bank		3.100		06/04/20		1,965,036

149

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,250,000		Fifth Third Bancorp		2.375	%	04/25/19	$	4,296,937
	500,000	g	HSBC Bank plc		4.125		08/12/20		535,524
	2,575,000		HSBC Holdings plc		3.400		03/08/21		2,628,138
	975,000		HSBC Holdings plc		4.300		03/08/26		1,005,478
	3,700,000		HSBC USA, Inc		1.625		01/16/18		3,692,874
	1,500,000		JPMorgan Chase & Co		3.150		07/05/16		1,509,462
	3,000,000		JPMorgan Chase & Co		2.000		08/15/17		3,029,772
	1,000,000		JPMorgan Chase & Co		1.800		01/25/18		1,005,177
	3,750,000		JPMorgan Chase & Co		2.750		06/23/20		3,841,665
	625,000		JPMorgan Chase & Co		3.875		02/01/24		666,187
	5,000,000		JPMorgan Chase & Co		3.875		09/10/24		5,122,035
	1,625,000		JPMorgan Chase & Co		3.300		04/01/26		1,638,588
	400,000	i	JPMorgan Chase & Co		5.150		12/30/49		384,080
	775,000		KeyBank NA		2.500		12/15/19		785,172
	2,750,000		KeyBank NA		2.250		03/16/20		2,752,478
	775,000	g	Macquarie Bank Ltd		2.600		06/24/19		782,451
	2,200,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,194,870
	1,225,000		Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		1,251,148
	1,175,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		1,222,081
	1,000,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,038,568
	900,000	g	PKO Finance AB		4.630		09/26/22		929,903
	1,675,000		PNC Bank NA		2.200		01/28/19		1,700,628
	2,025,000		PNC Bank NA		2.250		07/02/19		2,057,501
	3,500,000		PNC Bank NA		2.600		07/21/20		3,578,309
	3,000,000		PNC Bank NA		2.950		01/30/23		3,023,163
	2,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		2,630,482
	700,000	g,i	Rabobank Nederland NV		11.000		12/30/49		839,930
	2,700,000		Royal Bank of Canada		2.500		01/19/21		2,758,134
	3,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,029,514
	700,000	g	Societe Generale S.A.		4.750		11/24/25		693,062
	2,000,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		2,028,090
	1,500,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,518,267
	1,350,000		SunTrust Banks, Inc		2.900		03/03/21		1,370,544
	575,000		SunTrust Banks, Inc		2.750		05/01/23		564,659
	2,000,000	g	Toronto-Dominion Bank		1.625		09/14/16		2,006,854
	2,700,000		Toronto-Dominion Bank		2.500		12/14/20		2,755,539
	1,850,000		Toronto-Dominion Bank		2.125		04/07/21		1,846,855
	675,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		685,132
	675,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		672,469
	1,075,000	g	Turkiye Halk Bankasi AS.		3.875		02/05/20		1,028,001
	500,000	g	Turkiye Is Bankasi		3.750		10/10/18		498,750
	700,000	g	Turkiye Is Bankasi		5.500		04/21/19		721,280
	1,500,000	g	Turkiye Is Bankasi		5.375		10/06/21		1,500,746
	500,000		Union Bank NA		2.125		06/16/17		502,569
	400,000		UnionBanCal Corp		3.500		06/18/22		415,365
	1,800,000		Westpac Banking Corp		2.250		01/17/19		1,828,651
	1,000,000	g	Zenith Bank plc		6.250		04/22/19		903,320
			TOTAL BANKS						172,628,443
CAPITAL GOODS - 0.7%
	1,225,000		Anixter, Inc		5.625		05/01/19		1,283,187
	1,300,000		Anixter, Inc		5.125		10/01/21		1,306,500

150

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	150,000		Eaton Corp		4.000	%	11/02/32	$	151,804
	700,000		Embraer Netherlands Finance BV		5.050		06/15/25		615,125
	1,150,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,035,000
	865,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		908,250
	900,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		922,173
	1,650,000		John Deere Capital Corp		2.550		01/08/21		1,692,377
	1,675,000		Lockheed Martin Corp		2.500		11/23/20		1,716,366
	1,025,000		Lockheed Martin Corp		3.550		01/15/26		1,084,991
	750,000	g	Manitowoc Foodservice, Inc		9.500		02/15/24		817,500
	654,240	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		143,933
	659,550	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		145,101
	1,790,000	g	Stena AB		7.000		02/01/24		1,483,463
	475,000		Textron, Inc		3.875		03/01/25		478,962
	2,350,000		Timken Co		3.875		09/01/24		2,307,665
	1,000,000		TransDigm, Inc		5.500		10/15/20		1,003,000
	2,670,000	g	TSMC Global Ltd		1.625		04/03/18		2,655,128
			TOTAL CAPITAL GOODS						19,750,525
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	125,000		21st Century Fox America, Inc		7.625		11/30/28		169,633
	90,000		21st Century Fox America, Inc		6.550		03/15/33		107,996
	575,000		21st Century Fox America, Inc		6.900		08/15/39		716,035
	1,825,000		ADT Corp		6.250		10/15/21		1,834,125
	1,035,000		ADT Corp		3.500		07/15/22		895,275
	750,000		AECOM		5.750		10/15/22		778,125
	3,150,000		AECOM		5.875		10/15/24		3,260,250
	1,200,000		Air Lease Corp		3.875		04/01/21		1,219,500
	1,225,000		Clean Harbors, Inc		5.125		06/01/21		1,238,781
	750,000	g	Clean Harbors, Inc		5.125		06/01/21		758,437
	1,600,000		Fluor Corp		3.500		12/15/24		1,660,160
	670,000		Republic Services, Inc		3.800		05/15/18		698,714
	1,525,000		Republic Services, Inc		3.200		03/15/25		1,533,757
	1,000,000		RR Donnelley & Sons Co		7.875		03/15/21		1,007,500
	325,000		RR Donnelley & Sons Co		7.000		02/15/22		300,625
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		577,125
	1,725,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		1,362,750
	1,000,000		United Rentals North America, Inc		7.625		04/15/22		1,065,000
	1,425,000		United Rentals North America, Inc		5.500		07/15/25		1,407,188
	2,700,000		Visa, Inc		2.200		12/14/20		2,768,272
	2,550,000		Waste Management, Inc		2.900		09/15/22		2,599,924
	475,000		Waste Management, Inc		3.900		03/01/35		461,186
	550,000		Waste Management, Inc		4.100		03/01/45		552,280
	3,400,000	g	XPO Logistics, Inc		6.500		06/15/22		3,302,250
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						30,274,888
CONSUMER DURABLES & APPAREL - 0.7%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,080,000
	2,600,000		DR Horton, Inc		3.750		03/01/19		2,652,000
	2,000,000		KB Home		4.750		05/15/19		1,992,500
	600,000		KB Home		7.000		12/15/21		600,000
	2,000,000		Lennar Corp		4.500		06/15/19		2,065,000
	2,000,000		Lennar Corp		4.500		11/15/19		2,080,000

151

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,000,000		Lennar Corp		4.750	%	04/01/21	$	4,050,000
	1,000,000		Masco Corp		3.500		04/01/21		1,007,500
	725,000		Newell Rubbermaid, Inc		3.150		04/01/21		745,067
	625,000		Newell Rubbermaid, Inc		3.900		11/01/25		621,089
	1,275,000		Newell Rubbermaid, Inc		4.200		04/01/26		1,333,522
	800,000		Newell Rubbermaid, Inc		5.375		04/01/36		849,678
	1,125,000		Newell Rubbermaid, Inc		5.500		04/01/46		1,217,929
	300,000		PulteGroup, Inc		4.250		03/01/21		304,500
	600,000		PulteGroup, Inc		5.500		03/01/26		617,250
	225,000		Whirlpool Corp		3.700		03/01/23		234,028
			TOTAL CONSUMER DURABLES & APPAREL						21,450,063
CONSUMER SERVICES - 1.3%
	750,000	g	1011778 BC / New Red Fin		4.625		01/15/22		763,125
	3,000,000	g	1011778 BC / New Red Fin		6.000		04/01/22		3,120,000
	5,025,000		American University		4.321		04/01/45		5,023,673
	4,000,000		Amherst College		4.100		11/01/45		4,328,812
	600,000	g	Boyd Gaming Corp		6.375		04/01/26		622,500
	1,350,000		GLP Capital LP		4.375		11/01/18		1,387,125
	1,230,000	g	International Game Technology		5.625		02/15/20		1,276,125
	1,070,000	g	International Game Technology		6.250		02/15/22		1,088,725
	2,070,000	g	International Game Technology		6.500		02/15/25		2,049,300
	3,800,000		Metropolitan Museum of Art		3.400		07/01/45		3,615,814
	1,500,000		MGM Resorts International		6.750		10/01/20		1,623,000
	5,000,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		5,195,140
	2,000,000	g	SABMiller Holdings, Inc		3.750		01/15/22		2,123,284
	500,000		Scientific Games Corp		8.125		09/15/18		422,500
	1,000,000	g	Scientific Games International, Inc		7.000		01/01/22		1,020,000
	1,000,000		Scientific Games International, Inc		10.000		12/01/22		810,000
	1,335,000		Speedway Motorsports, Inc		5.125		02/01/23		1,368,375
	2,700,000		Walt Disney Co		2.300		02/12/21		2,789,038
			TOTAL CONSUMER SERVICES						38,626,536
DIVERSIFIED FINANCIALS - 4.7%
	3,000,000		Ally Financial, Inc		4.750		09/10/18		3,056,250
	875,000		American Express Centurion Bank		6.000		09/13/17		929,165
	1,125,000		American Express Credit Corp		2.250		08/15/19		1,139,255
	2,175,000		American Express Credit Corp		2.375		05/26/20		2,208,077
	4,000,000	g,i	Armor Re Ltd		4.278		12/15/16		3,964,000
	275,000		Bank of New York Mellon Corp		5.450		05/15/19		305,868
	2,050,000		Bank of New York Mellon Corp		2.500		04/15/21		2,091,443
	2,350,000	g	Bayer US Finance LLC		2.375		10/08/19		2,423,003
	1,600,000	g	BBVA Bancomer S.A.		6.750		09/30/22		1,775,840
	1,000,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		960,000
	1,000,000	g	Comcel Trust		6.875		02/06/24		935,000
	300,000		Countrywide Financial Corp		6.250		05/15/16		301,704
	1,225,000		Credit Suisse		2.300		05/28/19		1,236,854
	1,300,000		Credit Suisse		3.000		10/29/21		1,326,707
	2,325,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		2,222,028
	1,550,000		Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,477,066
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,530,238

152

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Ford Motor Credit Co LLC		1.700	%	05/09/16	$	2,001,342
	1,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		1,519,891
	2,050,000		Ford Motor Credit Co LLC		2.551		10/05/18		2,058,702
	2,800,000		Ford Motor Credit Co LLC		3.157		08/04/20		2,857,330
	3,600,000		Ford Motor Credit Co LLC		3.200		01/15/21		3,682,649
	1,000,000		Ford Motor Credit Co LLC		5.750		02/01/21		1,132,454
	2,800,000		Ford Motor Credit Co LLC		4.134		08/04/25		2,910,102
	979,000	g	GE Capital International Funding Co		0.964		04/15/16		979,054
	4,088,000	g	GE Capital International Funding Co		2.342		11/15/20		4,191,619
	407,000	g	GE Capital International Funding Co		4.418		11/15/35		440,490
	115,000		General Electric Capital Corp		6.875		01/10/39		166,853
	15,000,000		General Motors Financial Co, Inc		2.400		04/10/18		14,998,425
	2,325,000		General Motors Financial Co, Inc		4.200		03/01/21		2,402,469
	1,175,000		General Motors Financial Co, Inc		4.375		09/25/21		1,214,976
	3,000,000		General Motors Financial Co, Inc		3.450		04/10/22		2,947,173
	150,000		General Motors Financial Co, Inc		4.250		05/15/23		150,894
	2,890,000		Goldman Sachs Group, Inc		2.375		01/22/18		2,927,492
	1,825,000		Goldman Sachs Group, Inc		2.750		09/15/20		1,853,309
	1,250,000		Goldman Sachs Group, Inc		3.625		01/22/23		1,289,653
	1,050,000		Goldman Sachs Group, Inc		3.500		01/23/25		1,060,238
	1,400,000		Goldman Sachs Group, Inc		4.250		10/21/25		1,423,072
	1,425,000		Goldman Sachs Group, Inc		4.800		07/08/44		1,490,392
	3,400,000		Goldman Sachs Group, Inc		5.150		05/22/45		3,454,947
	950,000		Goldman Sachs Group, Inc		4.750		10/21/45		993,245
	1,000,000		Icahn Enterprises LP		5.875		02/01/22		949,000
	675,000	g	ICICI Bank Ltd		4.800		05/22/19		718,511
	1,500,000	g	ICICI Bank Ltd		3.500		03/18/20		1,541,298
	1,000,000	g	ICICI Bank Ltd		4.000		03/18/26		1,004,954
	1,420,000		International Lease Finance Corp		5.750		05/15/16		1,423,550
	1,300,000		International Lease Finance Corp		3.875		04/15/18		1,307,410
	2,000,000		International Lease Finance Corp		5.875		08/15/22		2,170,000
	300,000		Legg Mason, Inc		2.700		07/15/19		303,040
	425,000		Legg Mason, Inc		3.950		07/15/24		422,360
	850,000	g	Lincoln Finance Ltd		7.375		04/15/21		884,000
	450,000	g	LUKOIL International Finance BV		4.563		04/24/23		429,656
	3,000,000		Morgan Stanley		5.450		01/09/17		3,095,160
	5,275,000		Morgan Stanley		1.875		01/05/18		5,292,339
	2,000,000		Morgan Stanley		2.650		01/27/20		2,030,294
	3,925,000		Morgan Stanley		3.750		02/25/23		4,090,902
	4,700,000		Morgan Stanley		3.700		10/23/24		4,860,265
	1,700,000		Morgan Stanley		4.000		07/23/25		1,778,363
	850,000		Morgan Stanley		3.875		01/27/26		887,018
	2,000,000		Morgan Stanley		4.350		09/08/26		2,059,138
	500,000		Morgan Stanley		6.375		07/24/42		655,120
	1,500,000	g	Nacional Financiera SNC		3.375		11/05/20		1,511,250
	250,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		304,921
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		1,502,468
	1,575,000		Navient Corp		4.875		06/17/19		1,519,875
	1,900,000	g	SUAM Finance BV		4.875		04/17/24		1,909,500
	1,485,000		Synchrony Financial		1.875		08/15/17		1,480,529
	1,400,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,405,216
	1,475,000	g	UBS Group Funding Jersey Ltd		4.125		04/15/26		1,474,727

153

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,325,000		Wells Fargo & Co		2.500	%	03/04/21	$	2,355,492
	1,520,000		Wells Fargo & Co		3.900		05/01/45		1,520,655
			TOTAL DIVERSIFIED FINANCIALS						136,916,280
ENERGY - 3.4%
	1,700,000		Anadarko Petroleum Corp		4.850		03/15/21		1,731,501
	800,000		Anadarko Petroleum Corp		5.550		03/15/26		808,853
	500,000		Apache Corp		4.750		04/15/43		448,930
	250,000		Apache Corp		4.250		01/15/44		213,556
	3,600,000		BP Capital Markets plc		1.375		05/10/18		3,579,253
	3,000,000		BP Capital Markets plc		2.315		02/13/20		3,025,806
	804,000		California Resources Corp		5.000		01/15/20		184,920
	2,617,000	g	California Resources Corp		8.000		12/15/22		1,007,545
	173,000		California Resources Corp		6.000		11/15/24		38,925
	1,115,000		Calumet Specialty Products Partners LP		6.500		04/15/21		791,650
	1,000,000		Calumet Specialty Products Partners LP		7.625		01/15/22		690,000
	2,000,000		Calumet Specialty Products Partners LP		7.750		04/15/23		1,380,000
	3,600,000		Chevron Corp		2.419		11/17/20		3,700,264
	1,735,000		Cimarex Energy Co		4.375		06/01/24		1,708,998
	2,500,000		Cloud Peak Energy Resources LLC		8.500		12/15/19		1,100,000
	1,950,000		Concho Resources, Inc		5.500		04/01/23		1,911,000
	2,415,000		Crestwood Midstream Partners LP		6.000		12/15/20		1,901,812
	500,000		Crestwood Midstream Partners LP		6.125		03/01/22		375,000
	700,000		Devon Energy Corp		5.000		06/15/45		522,581
	1,750,000		Dynegy, Inc		6.750		11/01/19		1,741,250
	1,100,000		Ecopetrol S.A.		5.375		06/26/26		1,000,120
	725,000		Enbridge Energy Partners LP		4.375		10/15/20		707,936
	1,400,000		Enbridge Energy Partners LP		5.875		10/15/25		1,412,258
	2,100,000		Enterprise Products Operating LLC		3.750		02/15/25		2,097,058
	750,000		Enterprise Products Operating LLC		5.100		02/15/45		728,156
	1,025,000		EOG Resources, Inc		4.150		01/15/26		1,062,856
	3,250,000		EP Energy LLC		9.375		05/01/20		1,639,219
	2,800,000		EP Energy LLC		6.375		06/15/23		1,288,000
	2,400,000		Exterran Partners LP		6.000		04/01/21		1,704,000
	2,700,000		Exxon Mobil Corp		2.222		03/01/21		2,747,185
	2,825,000		Exxon Mobil Corp		3.043		03/01/26		2,892,645
	1,475,000		Exxon Mobil Corp		4.114		03/01/46		1,564,434
	916,000	g	Halcon Resources Corp		12.000		02/15/22		609,140
	600,000		Husky Energy, Inc		3.950		04/15/22		595,962
	1,700,000	g	Indo Energy Finance II BV		6.375		01/24/23		731,384
	715,000	g	KMG Finance Sub BV		6.375		04/09/21		734,748
	500,000		Murphy Oil USA, Inc		6.000		08/15/23		517,500
	300,000		Newfield Exploration Co		5.750		01/30/22		292,875
	900,000		Newfield Exploration Co		5.625		07/01/24		843,750
	621,000		Noble Energy, Inc		5.625		05/01/21		624,105
	300,000		Noble Energy, Inc		3.900		11/15/24		282,739
	275,000		Noble Energy, Inc		5.250		11/15/43		237,810
	500,000		Noble Energy, Inc		5.050		11/15/44		425,959
	750,000		Oasis Petroleum, Inc		6.875		03/15/22		555,000
	1,325,000		Occidental Petroleum Corp		2.600		04/15/22		1,336,403
	675,000		Occidental Petroleum Corp		3.500		06/15/25		691,575
	670,000		Occidental Petroleum Corp		3.400		04/15/26		675,225

154

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,800,000		ONE Gas, Inc		2.070	%	02/01/19	$	1,806,419
	575,000		ONE Gas, Inc		3.610		02/01/24		601,463
	300,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		51,000
	2,000,000		Peabody Energy Corp		6.000		11/15/18		140,000
	815,000		Pemex Project Funding Master Trust		6.625		06/15/35		782,400
	245,000	g	Pertamina Persero PT		4.300		05/20/23		238,982
	500,000	g	Pertamina Persero PT		6.500		05/27/41		487,672
	1,000,000	i	Petrobras Global Finance BV		2.762		01/15/19		812,600
	900,000		Petrobras Global Finance BV		3.000		01/15/19		771,300
	1,200,000		Petrobras Global Finance BV		4.875		03/17/20		998,640
	900,000		Petrobras International Finance Co		5.875		03/01/18		863,820
	3,500,000	g	Petroleos Mexicanos		5.500		02/04/19		3,666,250
	325,000		Petroleos Mexicanos		5.500		01/21/21		337,188
	3,400,000	g	Petroleos Mexicanos		6.375		02/04/21		3,626,100
	350,000		Petroleos Mexicanos		3.500		01/30/23		317,188
	200,000		Petroleos Mexicanos		4.250		01/15/25		185,250
	405,000		Petroleos Mexicanos		5.500		06/27/44		337,163
	675,000		Petroleos Mexicanos		5.625		01/23/46		567,270
	433,333		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		407,333
	800,000		Pioneer Natural Resources Co		7.500		01/15/20		904,674
	1,725,000		Pioneer Natural Resources Co		3.450		01/15/21		1,716,646
	1,350,000		Pioneer Natural Resources Co		4.450		01/15/26		1,361,212
	400,000		Plains All American Pipeline LP		3.600		11/01/24		345,084
	2,800,000		Precision Drilling Trust		6.625		11/15/20		2,240,000
	1,750,000		Questar Market Resources, Inc		6.875		03/01/21		1,605,625
	500,000		Range Resources Corp		5.750		06/01/21		441,250
	800,000		Regency Energy Partners LP		5.750		09/01/20		799,790
	600,000		Regency Energy Partners LP		6.500		07/15/21		591,000
	570,000		Regency Energy Partners LP		5.875		03/01/22		554,018
	200,000		Regency Energy Partners LP		5.500		04/15/23		178,286
	1,000,000	g	Reliance Holdings USA		5.400		02/14/22		1,116,412
	750,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		720,938
	750,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		715,313
	4,375,000		Shell International Finance BV		3.250		05/11/25		4,410,893
	1,400,000		SM Energy Co		6.125		11/15/22		1,025,500
	300,000		SM Energy Co		6.500		01/01/23		213,000
	200,000		Statoil ASA		1.200		01/17/18		199,549
	375,000		Statoil ASA		2.450		01/17/23		363,680
	675,000		Statoil ASA		4.250		11/23/41		653,821
	1,550,000	g	Sunoco LP		6.375		04/01/23		1,550,961
	1,250,000		Targa Resources Partners LP		5.000		01/15/18		1,246,875
	160,000	g	Tesoro Logistics LP		5.500		10/15/19		158,800
	500,000		TransCanada PipeLines Ltd		5.850		03/15/36		511,215
	250,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		169,375
	300,000		Vale Overseas Ltd		4.375		01/11/22		255,717
	125,000		Vale Overseas Ltd		6.875		11/21/36		98,821
	750,000		WPX Energy, Inc		7.500		08/01/20		586,875
	600,000		WPX Energy, Inc		8.250		08/01/23		465,000
	1,000,000		WPX Energy, Inc		5.250		09/15/24		695,000
	1,400,000	g	YPF S.A.		8.500		03/23/21		1,401,750
			TOTAL ENERGY						99,155,004

155

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.4%
$	4,075,000		CVS Health Corp		2.800	%	07/20/20	$	4,230,909
	900,000		CVS Health Corp		3.375		08/12/24		945,759
	700,000		CVS Health Corp		3.875		07/20/25		755,717
	1,400,000		Ingles Markets, Inc		5.750		06/15/23		1,421,000
	475,000	h	SYSCO Corp		2.500		07/15/21		480,319
	2,400,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		2,450,508
	2,600,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		2,676,492
			TOTAL FOOD & STAPLES RETAILING						12,960,704
FOOD, BEVERAGE & TOBACCO - 1.1%
	1,100,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		964,546
	2,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,775,703
	2,700,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		2,839,452
	2,050,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		2,290,529
	1,400,000		Constellation Brands, Inc		3.875		11/15/19		1,468,250
	2,000,000	g	Corp Lindley S.A.		4.625		04/12/23		2,035,000
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,064,576
	1,500,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		1,452,574
	1,275,000	g	HJ Heinz Co		2.000		07/02/18		1,286,972
	1,375,000	g	HJ Heinz Co		4.875		02/15/25		1,515,330
	800,000		Mead Johnson Nutrition Co		3.000		11/15/20		822,440
	2,000,000		Mondelez International, Inc		4.000		02/01/24		2,148,098
	38,000		PepsiCo, Inc		7.900		11/01/18		44,276
	3,725,000		PepsiCo, Inc		4.450		04/14/46		4,154,481
	5,300,000	g	Pernod-Ricard S.A.		2.950		01/15/17		5,352,640
	100,000		Philip Morris International, Inc		6.375		05/16/38		133,528
	825,000	g	Post Holdings, Inc		6.750		12/01/21		869,344
	240,000		Post Holdings, Inc		7.375		02/15/22		253,800
	430,000		Smithfield Foods, Inc		6.625		08/15/22		456,875
	200,000	g	TreeHouse Foods, Inc		6.000		02/15/24		212,000
	725,000		Tyson Foods, Inc		3.950		08/15/24		773,197
	450,000		Tyson Foods, Inc		4.875		08/15/34		484,056
			TOTAL FOOD, BEVERAGE & TOBACCO						33,397,667
HEALTH CARE EQUIPMENT & SERVICES - 1.6%
	250,000		Becton Dickinson & Co		1.750		11/08/16		250,839
	520,000		Becton Dickinson & Co		3.734		12/15/24		553,823
	1,275,000		Becton Dickinson & Co		4.685		12/15/44		1,377,607
	1,000,000		CHS/Community Health Systems		8.000		11/15/19		973,750
	3,125,000		CHS/Community Health Systems		6.875		02/01/22		2,820,312
	375,000		Covidien International Finance S.A.		3.200		06/15/22		395,133
	1,225,000		Express Scripts Holding Co		3.900		02/15/22		1,277,878
	800,000		Express Scripts Holding Co		4.500		02/25/26		830,818
	2,000,000	g	Fresenius Medical Care Capital Trust		5.625		07/31/19		2,181,876
	1,722,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		1,864,065
	630,000	g	Greatbatch Ltd		9.125		11/01/23		624,487
	2,000,000		HCA Holdings, Inc		6.250		02/15/21		2,150,000
	1,165,000		HCA, Inc		6.500		02/15/20		1,278,587
	975,000		HCA, Inc		5.875		03/15/22		1,055,438
	925,000		HealthSouth Corp		5.750		11/01/24		937,025
	2,900,000		Keysight Technologies, Inc		4.550		10/30/24		2,826,932

156

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,900,000		Kinetic Concepts, Inc		10.500	%	11/01/18	$	1,904,750
	625,000		Laboratory Corp of America Holdings		2.625		02/01/20		627,850
	1,050,000		Laboratory Corp of America Holdings		3.600		02/01/25		1,063,381
	1,225,000		LifePoint Hospitals, Inc		5.500		12/01/21		1,280,125
	1,725,000		McKesson Corp		4.883		03/15/44		1,833,792
	2,100,000		Medtronic, Inc		4.625		03/15/45		2,346,126
	1,425,000		Owens & Minor, Inc		3.875		09/15/21		1,436,799
	1,900,000		Quest Diagnostics, Inc		3.500		03/30/25		1,911,997
	1,250,000		Stryker Corp		2.625		03/15/21		1,274,506
	475,000		Stryker Corp		3.500		03/15/26		492,580
	3,000,000		Tenet Healthcare Corp		6.250		11/01/18		3,195,000
	225,000		Tenet Healthcare Corp		6.000		10/01/20		239,625
	700,000		Tenet Healthcare Corp		8.125		04/01/22		718,137
	475,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		477,603
	450,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		455,625
	700,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		714,188
	725,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		721,421
	2,300,000		Zimmer Holdings, Inc		2.700		04/01/20		2,333,099
	2,500,000		Zimmer Holdings, Inc		3.550		04/01/25		2,527,060
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						46,952,234
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,400,000		Colgate-Palmolive Co		4.000		08/15/45		1,539,049
	375,000		Ecolab, Inc		1.450		12/08/17		374,135
	405,000	g	First Quality Finance Co, Inc		4.625		05/15/21		390,825
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						2,304,009
INSURANCE - 1.3%
	250,000		Aetna, Inc		1.500		11/15/17		250,530
	150,000		Aetna, Inc		6.625		06/15/36		190,619
	675,000		Allstate Corp		3.150		06/15/23		694,204
	700,000		Allstate Corp		4.500		06/15/43		768,241
	1,550,000		American International Group, Inc		2.300		07/16/19		1,563,871
	2,350,000		American International Group, Inc		3.300		03/01/21		2,403,629
	400,000		Chubb Corp		6.000		05/11/37		519,055
	80,000		Cigna Corp		5.125		06/15/20		88,726
	1,000,000		Cigna Corp		4.500		03/15/21		1,085,611
	1,175,000		Cigna Corp		3.250		04/15/25		1,167,568
	3,525,000	g	Five Corners Funding Trust		4.419		11/15/23		3,696,333
	250,000		Lincoln National Corp		7.000		06/15/40		305,021
	3,350,000	g,i	Merna Reinsurance IV Ltd		2.698		04/08/16		3,346,985
	3,000,000		MetLife, Inc		4.368		09/15/23		3,289,368
	2,250,000		MetLife, Inc		3.000		03/01/25		2,214,468
	1,275,000		MetLife, Inc		4.050		03/01/45		1,206,489
	1,550,000	i	MetLife, Inc		5.250		12/30/49		1,481,219
	1,500,000	g	Onex USI Acquisition Corp		7.750		01/15/21		1,500,000
	200,000		Principal Financial Group, Inc		1.850		11/15/17		200,416
	750,000		Prudential Financial, Inc		5.400		06/13/35		797,394
	750,000		Prudential Financial, Inc		5.100		08/15/43		782,491
	1,575,000	i	Prudential Financial, Inc		5.200		03/15/44		1,518,190
	3,025,000	i	Prudential Financial, Inc		5.375		05/15/45		2,994,750
	300,000	g	Prudential Funding LLC		6.750		09/15/23		361,649

157

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	175,000	g	Swiss Re Treasury US Corp		2.875	%	12/06/22	$	175,815
	450,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		443,546
	300,000		Travelers Cos, Inc		5.800		05/15/18		325,703
	1,375,000		UnitedHealth Group, Inc		3.750		07/15/25		1,482,202
	625,000		UnitedHealth Group, Inc		3.100		03/15/26		639,915
	2,800,000		UnitedHealth Group, Inc		4.750		07/15/45		3,211,704
	500,000		WellPoint, Inc		4.625		05/15/42		498,074
	150,000		WR Berkley Corp		5.375		09/15/20		165,390
			TOTAL INSURANCE						39,369,176
MATERIALS - 2.8%
	500,000		Alcoa, Inc		5.400		04/15/21		507,970
	425,000		Alcoa, Inc		5.125		10/01/24		408,000
	907,000		Amerigas Partners LP		6.500		05/20/21		920,605
	1,425,000		AngloGold Ashanti Holdings plc		5.125		08/01/22		1,339,229
	659,000		Barrick Gold Corp		4.100		05/01/23		642,014
	450,000	g	Belden, Inc		5.500		09/01/22		452,250
	800,000	g	Berry Plastics Corp		6.000		10/15/22		838,000
	600,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		610,549
	1,500,000	g	Blue Cube Spinco, Inc		9.750		10/15/23		1,713,750
	855,000	g	Blue Cube Spinco, Inc		10.000		10/15/25		976,837
	1,000,000		Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		1,059,395
	1,175,000	g	Cemex Finance LLC		6.000		04/01/24		1,110,375
	900,000	g	Cemex SAB de C.V.		7.750		04/16/26		924,570
	1,500,000		CF Industries, Inc		7.125		05/01/20		1,708,110
	300,000	g	Corp Nacional del Cobre de Chile		5.625		10/18/43		310,474
	300,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		313,705
	750,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		767,658
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		2,308,560
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		1,633,600
	200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		170,866
	680,000		Crown Americas LLC		4.500		01/15/23		693,600
	1,500,000		Eagle Spinco, Inc		4.625		02/15/21		1,451,400
	2,890,000		Eastman Chemical Co		2.400		06/01/17		2,914,149
	450,000		Eastman Chemical Co		3.800		03/15/25		461,600
	2,550,000	g	Eldorado Gold Corp		6.125		12/15/20		2,326,875
	850,000	g	Evolution Escrow Issuer LLC		7.500		03/15/22		637,500
	800,000		Fibria Overseas Finance Ltd		5.250		05/12/24		776,000
	1,922,000	g	Fresnillo plc		5.500		11/13/23		1,972,452
	1,000,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		1,085,000
	1,925,000	g	Georgia-Pacific LLC		2.539		11/15/19		1,933,553
	3,000,000	g	Glencore Finance Canada Ltd		3.600		01/15/17		3,002,607
	2,000,000	g	Glencore Funding LLC		1.700		05/27/16		1,992,956
	9,660,000	g	Glencore Funding LLC		2.125		04/16/18		9,020,025
	2,125,000	g	Glencore Funding LLC		4.625		04/29/24		1,764,812
	1,500,000	g	Glencore Funding LLC		4.000		04/16/25		1,176,563
	2,000,000		Graphic Packaging International, Inc		4.750		04/15/21		2,075,000
	1,500,000	g	GTL Trade Finance, Inc		5.893		04/29/24		1,218,750
	1,000,000		Hexion US Finance Corp		8.875		02/01/18		685,000
	3,075,000		Hexion US Finance Corp		6.625		04/15/20		2,552,250
	2,350,000		International Paper Co		4.750		02/15/22		2,579,919
	1,500,000	g	Klabin Finance S.A.		5.250		07/16/24		1,416,225

158

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,000,000		LyondellBasell Industries NV		5.000	%	04/15/19	$	4,274,152
	1,225,000		LyondellBasell Industries NV		4.625		02/26/55		1,094,697
	1,125,000		Nucor Corp		4.000		08/01/23		1,172,930
	1,500,000	g	OCP S.A.		5.625		04/25/24		1,559,700
	2,400,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		2,500,500
	550,000		Packaging Corp of America		3.650		09/15/24		545,734
	525,000		Rio Tinto Finance USA plc		2.250		12/14/18		527,030
	680,000		Rock Tenn Co		4.450		03/01/19		711,143
	820,000		Rock Tenn Co		4.900		03/01/22		881,258
	500,000		Silgan Holdings, Inc		5.000		04/01/20		510,000
	1,000,000		Steel Dynamics, Inc		5.125		10/01/21		1,010,000
	650,000		Steel Dynamics, Inc		5.250		04/15/23		651,625
	500,000		Teck Resources Ltd		3.750		02/01/23		329,690
	1,050,000		Tronox Finance LLC		6.375		08/15/20		808,500
	900,000	g	Union Andina de Cementos SAA		5.875		10/30/21		902,250
	3,125,000	g	Univar, Inc		6.750		07/15/23		3,070,313
			TOTAL MATERIALS						81,002,275
MEDIA - 2.4%
	2,500,000		AMC Entertainment, Inc		5.875		02/15/22		2,568,750
	1,400,000		CBS Corp		2.300		08/15/19		1,414,767
	1,050,000		CBS Corp		4.000		01/15/26		1,097,220
	750,000		CBS Corp		4.600		01/15/45		707,855
	1,100,000		CCO Holdings LLC		6.500		04/30/21		1,139,391
	4,000,000	g	CCO Holdings LLC		5.875		04/01/24		4,190,000
	2,325,000	g	CCO Safari II LLC		3.579		07/23/20		2,376,687
	545,000	g	CCO Safari II LLC		4.464		07/23/22		570,982
	2,875,000	g	CCO Safari II LLC		4.908		07/23/25		3,033,720
	2,000,000		Cinemark USA, Inc		5.125		12/15/22		2,047,500
	3,125,000		Comcast Corp		4.250		01/15/33		3,328,822
	1,550,000		Comcast Corp		4.600		08/15/45		1,720,108
	1,500,000		Gannett Co, Inc		5.125		10/15/19		1,566,000
	2,110,000	g	Gannett Co, Inc		4.875		09/15/21		2,173,300
	160,000	g	Gannett Co, Inc		5.500		09/15/24		164,800
	1,000,000		Grupo Televisa SAB		4.625		01/30/26		1,054,697
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,040,620
	225,000	g	Lamar Media Corp		5.750		02/01/26		236,250
	144,000	g	Lynx I Corp		5.375		04/15/21		150,120
	780,000	g	Lynx II Corp		6.375		04/15/23		811,200
	2,650,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		2,674,115
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		710,921
	700,000		Nielsen Finance LLC		4.500		10/01/20		715,750
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		948,125
	800,000	g	Numericable Group S.A.		6.000		05/15/22		780,000
	1,450,000		Outfront Media Capital LLC		5.250		02/15/22		1,486,250
	300,000		Outfront Media Capital LLC		5.625		02/15/24		312,375
	900,000		Regal Entertainment Group		5.750		06/15/23		918,000
	500,000		Regal Entertainment Group		5.750		02/01/25		502,500
	1,500,000		Scripps Networks Interactive, Inc		2.800		06/15/20		1,503,275
	2,100,000	g	Sirius XM Radio, Inc		5.875		10/01/20		2,194,185
	650,000	g	Sky plc		2.625		09/16/19		656,889
	3,000,000		Starz LLC		5.000		09/15/19		3,060,000

159

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Time Warner Cable, Inc		5.875	%	11/15/40	$	1,552,742
	475,000		Time Warner Cable, Inc		4.500		09/15/42		421,773
	3,600,000		Time Warner, Inc		2.100		06/01/19		3,631,763
	1,276,000		Time Warner, Inc		4.875		03/15/20		1,399,496
	1,000,000		Time Warner, Inc		4.750		03/29/21		1,103,280
	1,000,000		Time Warner, Inc		3.400		06/15/22		1,039,621
	275,000		Time Warner, Inc		6.500		11/15/36		319,087
	1,250,000		Time Warner, Inc		4.650		06/01/44		1,222,849
	750,000	g	Time, Inc		5.750		04/15/22		665,625
	1,525,000	g	Univision Communications, Inc		5.125		05/15/23		1,517,375
	3,550,000	g	Univision Communications, Inc		5.125		02/15/25		3,505,625
	1,500,000	g	UPCB Finance IV Ltd		5.375		01/15/25		1,524,375
	700,000		Viacom, Inc		2.500		12/15/16		703,595
	1,500,000		Viacom, Inc		2.500		09/01/18		1,510,869
	1,000,000		Viacom, Inc		5.850		09/01/43		961,773
	300,000	g	Virgin Media Finance plc		6.000		10/15/24		308,250
			TOTAL MEDIA						69,243,272
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	3,875,000		AbbVie, Inc		2.500		05/14/20		3,947,455
	3,400,000		Actavis Funding SCS		1.850		03/01/17		3,416,347
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,945,762
	1,575,000		Actavis Funding SCS		3.000		03/12/20		1,620,588
	4,250,000		Actavis Funding SCS		3.800		03/15/25		4,422,801
	1,550,000		Amgen, Inc		4.400		05/01/45		1,582,511
	1,650,000		Biogen, Inc		2.900		09/15/20		1,698,794
	1,300,000		Celgene Corp		2.125		08/15/18		1,314,910
	1,550,000		Celgene Corp		2.875		08/15/20		1,597,080
	2,400,000		Celgene Corp		3.875		08/15/25		2,523,348
	275,000	g	Endo Finance LLC		6.000		02/01/25		257,812
	800,000		Gilead Sciences, Inc		2.350		02/01/20		818,827
	1,350,000		Gilead Sciences, Inc		3.500		02/01/25		1,428,362
	1,925,000		Gilead Sciences, Inc		3.650		03/01/26		2,048,727
	1,675,000		Johnson & Johnson		1.650		03/01/21		1,683,812
	750,000		Johnson & Johnson		3.700		03/01/46		787,456
	800,000	g	Mylan NV		3.750		12/15/20		820,522
	575,000		Mylan, Inc		2.550		03/28/19		575,719
	2,700,000		Novartis Capital Corp		4.000		11/20/45		2,890,539
	1,650,000		Perrigo Co plc		2.300		11/08/18		1,648,667
	450,000		Perrigo Co plc		4.000		11/15/23		457,725
	2,100,000		Perrigo Finance plc		3.900		12/15/24		2,089,975
	400,000		Perrigo Finance plc		4.900		12/15/44		377,723
	675,000		Zoetis, Inc		3.450		11/13/20		693,739
	675,000		Zoetis, Inc		4.500		11/13/25		722,136
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						43,371,337
REAL ESTATE - 1.1%
	1,225,000		Boston Properties LP		3.650		02/01/26		1,266,861
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		940,930
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,604,176
	170,000		Camden Property Trust		4.625		06/15/21		186,195
	1,250,000		Camden Property Trust		2.950		12/15/22		1,240,010

160

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	350,000	g	Communications Sales & Leasing, Inc		6.000	%	04/15/23	$	340,375
	725,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		743,693
	700,000		DDR Corp		3.625		02/01/25		677,499
	800,000		DDR Corp		4.250		02/01/26		813,212
	1,000,000		Developers Diversified Realty Corp		4.750		04/15/18		1,039,751
	500,000		Developers Diversified Realty Corp		7.875		09/01/20		601,006
	1,000,000		Equinix, Inc		4.875		04/01/20		1,034,500
	1,500,000		Equinix, Inc		5.375		01/01/22		1,556,250
	550,000		Equity One, Inc		3.750		11/15/22		551,736
	775,000		Essex Portfolio LP		3.375		01/15/23		790,374
	200,000		Healthcare Realty Trust, Inc		5.750		01/15/21		222,408
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		147,553
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,457,811
	450,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		454,960
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		319,988
	1,783,000		Highwoods Realty LP		5.850		03/15/17		1,846,559
	400,000		Host Hotels & Resorts LP		4.500		02/01/26		404,637
	600,000		Kimco Realty Corp		3.400		11/01/22		611,912
	500,000		Mid-America Apartments LP		4.300		10/15/23		527,040
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		1,015,177
	850,000		Mid-America Apartments LP		4.000		11/15/25		868,070
	275,000		National Retail Properties, Inc		3.800		10/15/22		285,339
	525,000		National Retail Properties, Inc		3.300		04/15/23		520,428
	550,000		National Retail Properties, Inc		4.000		11/15/25		565,951
	1,100,000	g	PLA Administradora Industrial S de RL de C.V.		5.250		11/10/22		1,061,500
	19,000		Regency Centers LP		5.875		06/15/17		19,919
	875,000		Regency Centers LP		3.900		11/01/25		896,982
	210,000		Simon Property Group LP		10.350		04/01/19		259,047
	750,000	g	Trust F		5.250		01/30/26		742,500
	750,000	g	Trust F/1401		5.250		12/15/24		763,125
	850,000		Ventas Realty LP		4.125		01/15/26		873,219
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,144,800
	450,000		Weingarten Realty Investors		3.500		04/15/23		441,655
	400,000		Weingarten Realty Investors		4.450		01/15/24		413,161
	925,000		Weingarten Realty Investors		3.850		06/01/25		909,506
	975,000		Welltower, Inc		4.000		06/01/25		975,954
			TOTAL REAL ESTATE						31,135,769
RETAILING - 0.9%
	3,450,000	g	Argos Merger Sub, Inc		7.125		03/15/23		3,657,000
	1,700,000		Asbury Automotive Group, Inc		6.000		12/15/24		1,717,000
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,894,492
	875,000		AutoNation, Inc		3.350		01/15/21		886,471
	1,000,000		AutoZone, Inc		3.250		04/15/25		1,001,686
	480,000	g	Family Tree Escrow LLC		5.750		03/01/23		508,500
	703,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		500,923
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,794,291
	2,100,000		L Brands, Inc		6.875		11/01/35		2,278,920
	1,000,000		Limited Brands, Inc		7.000		05/01/20		1,144,690
	625,000		Limited Brands, Inc		6.625		04/01/21		703,063
	2,000,000		Macy’s Retail Holdings, Inc		5.900		12/01/16		2,061,180
	1,870,000		Men’s Wearhouse, Inc		7.000		07/01/22		1,584,825

161

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	645,000		O’Reilly Automotive, Inc		4.875	%	01/14/21	$	705,778
	295,000		O’Reilly Automotive, Inc		4.625		09/15/21		323,536
	350,000		O’Reilly Automotive, Inc		3.800		09/01/22		365,407
	275,000		O’Reilly Automotive, Inc		3.550		03/15/26		282,709
	1,100,000	g	Rolls-Royce plc		2.375		10/14/20		1,104,224
	400,000	g	Rolls-Royce plc		3.625		10/14/25		416,180
			TOTAL RETAILING						25,930,875
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	800,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		820,072
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						820,072
SOFTWARE & SERVICES - 0.6%
	1,000,000		Baidu, Inc		3.000		06/30/20		1,015,110
	2,150,000		Fidelity National Information Services, Inc		3.625		10/15/20		2,222,977
	6,000,000		Fidelity National Information Services, Inc		5.000		03/15/22		6,241,818
	1,500,000	g	First Data Corp		7.000		12/01/23		1,515,000
	2,350,000		NCR Corp		5.875		12/15/21		2,402,875
	1,000,000	g	Open Text Corp		5.625		01/15/23		1,020,000
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		749,162
	820,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		772,850
	1,900,000	g	SS&C Technologies Holdings, Inc		5.875		07/15/23		1,973,032
			TOTAL SOFTWARE & SERVICES						17,912,824
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	3,000,000		Amphenol Corp		1.550		09/15/17		2,995,002
	725,000		Amphenol Corp		3.125		09/15/21		739,147
	2,700,000		Apple, Inc		2.250		02/23/21		2,751,629
	2,200,000		Apple, Inc		3.250		02/23/26		2,294,666
	875,000		Apple, Inc		4.650		02/23/46		955,483
	100,000		CC Holdings GS V LLC		2.381		12/15/17		100,861
	1,500,000	g,o	CommScope, Inc		6.625		06/01/20		1,537,500
	700,000	g	CommScope, Inc		5.000		06/15/21		705,250
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,212,000
	1,900,000	g	CommScope, Inc		6.000		06/15/25		1,928,500
	75,000		General Electric Co		5.250		12/06/17		80,419
	1,140,000	g	Hewlett-Packard Enterprise Co		2.450		10/05/17		1,147,547
	2,985,000		L-3 Communications Corp		3.950		11/15/16		3,024,002
	1,025,000	g	Millicom International Cellular S.A.		6.000		03/15/25		950,687
	1,575,000	g	NXP BV		3.750		06/01/18		1,594,687
	750,000	g	Seagate HDD Cayman		4.875		06/01/27		564,892
	2,350,000	g	Sensata Technologies BV		5.625		11/01/24		2,444,000
	1,375,000		Tyco Electronics Group S.A.		2.375		12/17/18		1,390,689
	2,925,000		Tyco Electronics Group S.A.		2.350		08/01/19		2,953,065
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,561,646
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		465,884
	1,200,000		Zebra Technologies Corp		7.250		10/15/22		1,302,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						32,699,556
TELECOMMUNICATION SERVICES - 1.8%
	1,200,000	g	Altice Financing S.A.		6.625		02/15/23		1,203,000
	2,025,000		American Tower Corp		3.300		02/15/21		2,060,567

162

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	550,000		American Tower Corp		3.500	%	01/31/23	$	555,375
	1,350,000		American Tower Corp		4.400		02/15/26		1,428,174
	1,975,000		AT&T, Inc		1.400		12/01/17		1,974,670
	2,225,000		AT&T, Inc		2.450		06/30/20		2,249,172
	1,200,000		AT&T, Inc		2.625		12/01/22		1,189,058
	2,475,000		AT&T, Inc		4.450		04/01/24		2,673,799
	2,750,000		AT&T, Inc		3.400		05/15/25		2,756,847
	2,750,000		AT&T, Inc		4.125		02/17/26		2,905,507
	2,975,000		AT&T, Inc		4.500		05/15/35		2,938,440
	1,050,000		AT&T, Inc		4.750		05/15/46		1,024,522
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,601,973
	1,000,000		Citizens Communications Co		7.125		03/15/19		1,027,500
	595,000		Crown Castle International Corp		3.400		02/15/21		604,128
	780,000		Crown Castle International Corp		4.875		04/15/22		834,756
	750,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		756,665
	275,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		309,368
	2,850,000	g	ENTEL Chile S.A.		4.875		10/30/24		2,807,393
	500,000	g	Oi S.A.		5.750		02/10/22		128,750
	500,000		Orange S.A.		5.500		02/06/44		595,837
	1,150,000		Telefonica Emisiones SAU		4.570		04/27/23		1,256,847
	1,000,000		T-Mobile USA, Inc		6.464		04/28/19		1,020,000
	3,000,000		T-Mobile USA, Inc		6.542		04/28/20		3,097,500
	925,000		T-Mobile USA, Inc		6.375		03/01/25		946,969
	500,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		479,200
	1,600,000		Verizon Communications, Inc		3.450		03/15/21		1,698,998
	975,000		Verizon Communications, Inc		4.150		03/15/24		1,060,478
	4,475,000		Verizon Communications, Inc		4.400		11/01/34		4,525,008
	7,513,000		Verizon Communications, Inc		4.272		01/15/36		7,477,171
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,180,886
			TOTAL TELECOMMUNICATION SERVICES						54,368,558
TRANSPORTATION - 1.5%
	1,275,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		1,279,969
	1,275,000	g	AP Moeller-Maersk A.S.		2.550		09/22/19		1,263,038
	1,225,000	g	AP Moeller-Maersk A.S.		3.750		09/22/24		1,187,721
	655,000	g	Asciano Finance Ltd		5.000		04/07/18		666,460
	1,000,000	g	Bombardier, Inc		5.500		09/15/18		920,000
	600,000	g	Bombardier, Inc		7.750		03/15/20		516,000
	600,000	g	Bombardier, Inc		6.125		01/15/23		454,500
	1,000,000	g	Bombardier, Inc		7.500		03/15/25		760,000
	225,000		Bristow Group, Inc		6.250		10/15/22		157,500
	2,050,000		Canadian Pacific Railway Co		2.900		02/01/25		1,979,156
	650,000		Canadian Pacific Railway Co		4.800		08/01/45		665,378
	2,340,000		CSX Corp		3.350		11/01/25		2,410,717
	3,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		3,046,551
	1,100,000		FedEx Corp		3.250		04/01/26		1,127,826
	900,000		FedEx Corp		4.100		02/01/45		856,367
	1,063,000		GATX Corp		1.250		03/04/17		1,055,598
	2,115,000		GATX Corp		2.375		07/30/18		2,097,304
	4,800,000		GATX Corp		2.500		07/30/19		4,765,243
	1,000,000		GATX Corp		3.250		03/30/25		928,302
	1,000,000		GATX Corp		5.200		03/15/44		965,359

163

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		GATX Corp		4.500	%	03/30/45	$	1,325,838
	2,674,000		Gulfmark Offshore, Inc		6.375		03/15/22		1,306,917
	4,900,000	g	Kansas City Southern		2.350		05/15/20		4,814,353
	2,875,000	g	Kansas City Southern		4.950		08/15/45		2,937,014
	1,500,000	g	KLX, Inc		5.875		12/01/22		1,485,000
	1,000,000	g	Latam Airlines Group S.A.		7.250		06/09/20		920,000
	2,300,000		Norfolk Southern Corp		4.450		06/15/45		2,375,454
	375,000		Northrop Grumman Corp		1.750		06/01/18		376,173
	600,000		Southwest Airlines Co		2.750		11/06/19		617,416
	900,000	g	Transnet SOC Ltd		4.000		07/26/22		812,952
	800,000	g	TTX Co		3.600		01/15/25		814,026
			TOTAL TRANSPORTATION						44,888,132
UTILITIES - 2.9%
	2,000,000		AerCap Ireland Capital Ltd		2.750		05/15/17		1,990,000
	750,000	i	AES Corp		3.635		06/01/19		723,750
	425,000		AES Corp		4.875		05/15/23		409,062
	1,800,000		AGL Capital Corp		3.875		11/15/25		1,864,210
	625,000		AGL Capital Corp		4.400		06/01/43		572,845
	700,000		Alabama Power Co		4.150		08/15/44		729,933
	3,000,000		American Electric Power Co, Inc		1.650		12/15/17		2,982,204
	1,150,000		AmeriGas Finance LLC		6.750		05/20/20		1,178,750
	250,000		Atmos Energy Corp		8.500		03/15/19		296,167
	1,700,000		Atmos Energy Corp		4.125		10/15/44		1,742,393
	1,075,000		Berkshire Hathaway Energy Co		3.500		02/01/25		1,135,245
	925,000		Black Hills Corp		4.250		11/30/23		991,915
	406,000	g	Calpine Corp		7.875		01/15/23		430,360
	250,000		Carolina Power & Light Co		5.300		01/15/19		276,213
	275,000		Carolina Power & Light Co		5.700		04/01/35		340,101
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		343,332
	1,100,000	g	CEZ AS.		4.250		04/03/22		1,165,975
	1,000,000		CMS Energy Corp		3.600		11/15/25		1,033,059
	200,000		Commonwealth Edison Co		5.900		03/15/36		250,359
	200,000		Connecticut Light & Power Co		5.500		02/01/19		221,651
	1,475,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		1,609,076
	1,275,000		Dominion Gas Holdings LLC		4.600		12/15/44		1,252,636
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,004,907
	1,250,000	g,i	Electricite de France		5.625		12/30/49		1,143,750
	2,950,000	g	Electricite de France S.A.		2.350		10/13/20		2,981,317
	2,950,000	g	Electricite de France S.A.		3.625		10/13/25		3,010,820
	1,300,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		1,205,392
	1,200,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		1,104,240
	1,775,000	g	Exelon Corp		3.950		06/15/25		1,840,403
	1,250,000	g	Exelon Corp		5.100		06/15/45		1,361,249
	2,100,000		Ferrellgas Partners LP		6.500		05/01/21		1,863,750
	1,550,000		Ferrellgas Partners LP		6.750		01/15/22		1,375,625
	1,000,000	g	Ferrellgas Partners LP		6.750		06/15/23		877,500
	675,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		703,939
	1,000,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		1,025,800
	250,000		Indiana Michigan Power Co		7.000		03/15/19		283,506
	900,000		Indiana Michigan Power Co		4.550		03/15/46		926,346
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		135,097

164

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,500,000	g	Israel Electric Corp Ltd		5.625	%	06/21/18	$	2,655,475
	500,000	g	Israel Electric Corp Ltd		7.250		01/15/19		553,237
	700,000	g	Israel Electric Corp Ltd		5.000		11/12/24		742,350
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		114,809
	1,375,000		Kinder Morgan, Inc		2.000		12/01/17		1,360,377
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		922,901
	2,000,000	g	KOC Holding AS.		5.250		03/15/23		1,995,000
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,534,520
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		369,646
	2,250,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		2,245,682
	425,000	g	MPLX LP		5.500		02/15/23		411,531
	800,000		MPLX LP		4.000		02/15/25		690,042
	1,000,000		Nevada Power Co		5.450		05/15/41		1,207,117
	750,000		NiSource Finance Corp		4.800		02/15/44		791,350
	750,000		Northeast Utilities		1.600		01/15/18		746,358
	1,500,000		Northeast Utilities		1.450		05/01/18		1,486,893
	1,500,000		NRG Energy, Inc		7.875		05/15/21		1,494,375
	500,000		NRG Energy, Inc		6.625		03/15/23		466,405
	750,000		NTPC Ltd		5.625		07/14/21		846,265
	1,225,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,235,318
	1,000,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		939,097
	325,000		Pacific Gas & Electric Co		8.250		10/15/18		376,893
	1,250,000		Pacific Gas & Electric Co		2.950		03/01/26		1,269,534
	1,275,000		Pacific Gas & Electric Co		4.250		03/15/46		1,354,812
	1,000,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,023,661
	50,000		Potomac Electric Power Co		7.900		12/15/38		75,991
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		539,078
	275,000		Progress Energy, Inc		7.050		03/15/19		313,204
	550,000		Public Service Co of Colorado		4.750		08/15/41		628,669
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		437,398
	550,000		Public Service Electric & Gas Co		3.800		03/01/46		560,822
	975,000		Sempra Energy		2.875		10/01/22		964,008
	3,000,000	g	Solar Star Funding LLC		3.950		06/30/35		3,098,739
	1,500,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		1,501,425
	1,550,000		Southern Power Co		4.150		12/01/25		1,597,787
	1,550,000		Spectra Energy Partners LP		4.500		03/15/45		1,375,658
	200,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		194,000
	850,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		873,485
	450,000		WEC Energy Group, Inc		3.550		06/15/25		467,696
	575,000		Williams Partners LP		4.500		11/15/23		488,662
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		887,894
	1,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		1,001,681
	215,000		Xcel Energy, Inc		4.800		09/15/41		236,320
			TOTAL UTILITIES						84,459,042
			TOTAL CORPORATE BONDS						1,158,148,775
			(Cost $1,162,358,551)
GOVERNMENT BONDS -  38.7%
AGENCY SECURITIES - 0.0%
	1,250,000		Amber Circle Funding Ltd		3.250		12/04/22		1,295,440
			TOTAL AGENCY SECURITIES						1,295,440

165

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOREIGN GOVERNMENT BONDS - 3.5%
$	1,535,000	g	Banque Centrale de Tunisie S.A.		5.750	%	01/30/25	$	1,327,775
	640,000		Banque Centrale de Tunisie S.A.		8.250		09/19/27		627,520
	1,950,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,662,375
BRL	5,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,226,508
$	900,000		Brazilian Government International Bond		2.625		01/05/23		769,500
	1,450,000		Brazilian Government International Bond		4.250		01/07/25		1,328,200
	1,000,000		Colombia Government International Bond		4.500		01/28/26		1,022,500
	2,000,000		Colombia Government International Bond		6.125		01/18/41		2,100,000
	1,575,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,425,375
	1,570,000	g	Croatia Government International Bond		6.375		03/24/21		1,715,225
	1,000,000	g	Croatia Government International Bond		5.500		04/04/23		1,055,116
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,394,018
$	2,050,000	g	Dominican Republic International Bond		5.500		01/27/25		2,050,000
	1,500,000	g	Ecuador Government International Bond		10.500		03/24/20		1,350,000
	1,600,000	g	Egypt Government International Bond		5.875		06/11/25		1,424,320
TRY	3,425,000		European Investment Bank		5.750		04/03/18		1,124,520
$	550,000		Export-Import Bank of Korea		1.750		02/27/18		550,536
	2,267,000	g	Gabonese Republic		8.200		12/12/17		2,275,501
	550,000	g	Guatemala Government Bond		5.750		06/06/22		599,500
	900,000	g	Guatemala Government Bond		4.875		02/13/28		909,000
	1,000,000		Hungary Government International Bond		5.750		11/22/23		1,139,000
	750,000	g	Indonesia Government International Bond		3.375		04/15/23		732,707
	2,000,000		Israel Government International Bond		2.875		03/16/26		1,999,920
	820,000		Israel Government International Bond		4.500		01/30/43		868,626
	630,000		Italy Government International Bond		6.875		09/27/23		792,335
	1,300,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,199,250
	1,500,000		Jamaica Government International Bond		7.875		07/28/45		1,522,500
	1,000,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		998,420
	750,000		Korea Development Bank		2.500		03/11/20		766,131
	4,425,000	g	Korea Housing Finance Corp		1.625		09/15/18		4,393,622
MXN	81,000,000		Mexican Bonos		8.500		12/13/18		5,127,489
	81,000,000		Mexican Bonos		6.500		06/10/21		4,923,507
	19,540,000		Mexican Bonos		8.000		12/07/23		1,286,530
	39,000,000		Mexican Bonos		10.000		11/20/36		3,116,817
$	1,750,000		Mexico Government International Bond		3.500		01/21/21		1,811,250
	750,000		Mexico Government International Bond		3.625		03/15/22		774,375
	1,050,000	g	Morocco Government International Bond		4.250		12/11/22		1,072,050
	1,825,000	g	Namibia International Bonds		5.250		10/29/25		1,761,125
	1,843,000	g	Nigeria Government International Bond		6.375		07/12/23		1,695,560
	1,000,000		North American Development Bank		2.400		10/26/22		1,016,347
	1,500,000	g	Pakistan Government International Bond		8.250		09/30/25		1,594,931
	500,000		Panama Government International Bond		5.200		01/30/20		551,250
	1,600,000		Panama Government International Bond		3.750		03/16/25		1,644,000
	2,275,000		Panama Government International Bond		3.875		03/17/28		2,297,750
	725,000	g	Paraguay Government International Bond		5.000		04/15/26		728,625
PHP	45,000,000		Philippine Government International Bond		3.900		11/26/22		962,741
$	1,500,000		Provincia de Buenos Aires		9.125		03/16/24		1,542,000
	900,000	g	Republic of Angola		9.500		11/12/25		819,000
	2,645,000	g	Republic of Ghana		8.125		01/18/26		2,076,325

166

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,300,000	g	Republic of Latvia		2.750	%	01/12/20	$	1,324,375
	1,400,000	g	Republic of Paraguay		6.100		08/11/44		1,426,250
	1,350,000	g	Republic of Serbia		5.875		12/03/18		1,411,803
	154,482	i	Republic of Serbia		6.750		11/01/24		159,541
	540,687	g,i	Republic of Serbia (Step Bond)		6.750		11/01/24		558,395
RUB	38,000,000		Russian Federal Bond-OFZ		7.000		08/16/23		507,911
$	1,675,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		1,749,320
	1,400,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		1,415,243
	1,285,000	g	Slovenia Government International Bond		5.500		10/26/22		1,453,420
ZAR	50,676,000		South Africa Government Bond		8.250		09/15/17		3,441,489
$	1,600,000		South Africa Government International Bond		5.875		09/16/25		1,730,960
	1,000,000	g	Sri Lanka Government International Bond		6.250		07/27/21		975,382
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,477,505
	3,850,000		Turkey Government International Bond		5.625		03/30/21		4,153,780
	1,000,000		Turkey Government International Bond		4.875		10/09/26		1,012,327
	1,700,000	g	Ukraine Government International Bond		7.750		09/01/27		1,500,335
	1,125,000		Uruguay Government International Bond		4.375		10/27/27		1,153,125
	1,000,000		Uruguay Government International Bond		5.100		06/18/50		930,000
	1,500,000	g	Zambia Government International Bond		8.970		07/30/27		1,233,750
			TOTAL FOREIGN GOVERNMENT BONDS						102,766,583
MORTGAGE BACKED - 23.9%
	2,876,217		Federal Home Loan Mortgage Corp (FHLMC)		3.500		09/15/41		3,012,858
	1,895,134		FHLMC		3.000		09/15/42		1,941,524
	214,002	i	FHLMC		0.786		10/15/42		214,670
	14,339,087		FHLMC		3.500		09/15/43		15,361,718
	641,669	i	FHLMC		0.786		07/15/45		643,947
	1,583		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		1,597
	9,856		FGLMC		7.000		10/01/20		10,421
	19,667		FGLMC		6.500		01/01/29		22,376
	2,052		FGLMC		8.000		01/01/31		2,380
	5,000,000	h	FGLMC		3.000		05/15/31		5,217,969
	325,728		FGLMC		5.500		12/01/33		367,992
	457,076		FGLMC		7.000		12/01/33		556,709
	247,186		FGLMC		5.000		01/01/34		276,300
	118,520		FGLMC		4.500		10/01/34		128,737
	179,105		FGLMC		5.500		03/01/35		202,064
	159,842		FGLMC		7.000		05/01/35		194,069
	24,062		FGLMC		5.000		02/01/36		26,659
	403		FGLMC		6.500		05/01/36		458
	201,172		FGLMC		5.000		04/01/38		223,334
	252,825		FGLMC		4.500		11/01/40		281,477
	282,382		FGLMC		4.500		12/01/40		313,525
	1,869,837		FGLMC		4.500		10/01/44		2,070,996
	262,831		FGLMC		4.500		11/01/44		291,157
	346,403		FGLMC		4.500		11/01/44		383,593
	203,414		FGLMC		4.500		12/01/44		225,327
	130,503		FGLMC		4.500		12/01/44		142,647
	1,929,492		FGLMC		3.500		04/01/45		2,032,737
	3,882,252		FGLMC		3.500		07/01/45		4,073,093
	14,554,143	h	FGLMC		3.500		10/01/45		15,332,960
	3,203,149		FGLMC		4.000		10/01/45		3,479,994

167

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	22,738,592	h	FGLMC		4.000	%	12/01/45	$	24,557,344
	19,000,000	h	FGLMC		3.500		04/15/46		19,896,192
	8,529		Federal National Mortgage Association (FNMA)		8.000		03/01/23		8,851
	4,788		FNMA		9.000		11/01/25		5,511
	4,179		FNMA		7.500		01/01/29		4,822
	834,376		FNMA		3.000		01/01/30		873,068
	1,077,720		FNMA		3.000		06/01/30		1,127,786
	1,795,175		FNMA		3.000		07/01/30		1,878,724
	1,952,624		FNMA		3.000		12/01/30		2,043,793
	20,000,000	h	FNMA		2.500		04/25/31		20,532,812
	16,000,000	h	FNMA		3.000		04/25/31		16,714,688
	13,000,000	h	FNMA		2.500		05/25/31		13,321,953
	9,000,000	h	FNMA		3.000		05/25/31		9,387,949
	122,568		FNMA		7.000		07/01/32		141,226
	23,731		FNMA		4.500		03/25/33		23,995
	1,764,898		FNMA		5.000		06/01/33		1,961,901
	151,639		FNMA		4.500		10/01/33		166,226
	3,702,330		FNMA		5.000		10/01/33		4,115,496
	209,316		FNMA		5.000		11/01/33		235,982
	168,186		FNMA		5.000		11/01/33		188,834
	6,144,180		FNMA		3.000		01/01/35		6,414,538
	156,555		FNMA		5.500		02/01/35		177,276
	7,027,294		FNMA		5.000		05/01/35		7,794,953
	3,942,127		FNMA		5.000		10/01/35		4,369,760
	5,946,460		FNMA		3.500		01/01/36		6,273,386
	1,996,258	h	FNMA		5.000		02/01/36		2,213,087
	4,497,017		FNMA		5.500		08/01/37		5,090,802
	24,253		FNMA		6.000		09/01/37		28,148
	24,403		FNMA		6.000		09/01/37		28,315
	67,873		FNMA		6.500		09/01/37		77,583
	1,817,790		FNMA		5.500		11/01/38		2,128,124
	1,038,972		FNMA		5.500		12/01/38		1,192,336
	147,070		FNMA		4.000		07/01/39		158,333
	329,412		FNMA		5.500		08/01/39		376,066
	557,273		FNMA		4.500		10/01/39		607,608
	747,029		FNMA		5.500		04/01/40		847,038
	612,525		FNMA		4.500		06/01/40		668,341
	615,854		FNMA		5.000		08/01/40		681,736
	1,339,389		FNMA		5.000		09/01/40		1,485,257
	170,788		FNMA		6.000		10/01/40		194,814
	646,439		FNMA		4.500		11/01/40		705,367
	7,679,831		FNMA		4.500		01/01/41		8,476,904
	1,658,573		FNMA		5.000		05/01/41		1,840,330
	1,012,071		FNMA		4.500		09/01/41		1,111,995
	927,899		FNMA		4.500		11/01/41		1,012,887
	5,258,308		FNMA		5.500		12/01/41		6,077,744
	1,863,072	h	FNMA		4.500		01/01/42		2,064,713
	1,210,956		FNMA		3.500		02/01/42		1,276,990
	3,576,814		FNMA		4.500		02/01/42		3,899,697
	399,477		FNMA		4.500		03/01/42		441,255
	5,000,000		FNMA		3.000		03/25/42		5,171,095
	2,013,180		FNMA		4.500		04/01/42		2,196,489

168

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,581,311		FNMA		4.500	%	06/01/42	$	4,997,144
	4,866,013		FNMA		3.500		07/01/42		5,131,375
	4,450,657	i	FNMA		0.933		08/25/42		4,481,872
	2,141,722		FNMA		3.000		10/01/42		2,202,658
	39,811		FNMA		3.000		10/01/42		40,944
	4,160,467	i	FNMA		0.833		11/25/42		4,150,161
	7,466,721		FNMA		3.500		11/25/42		1,359,008
	51,061		FNMA		3.000		12/01/42		52,435
	7,606,240		FNMA		3.000		01/01/43		7,822,667
	3,450,385		FNMA		3.000		01/01/43		3,545,330
	9,650,822		FNMA		3.000		02/01/43		9,925,362
	15,123,978		FNMA		3.000		02/01/43		15,553,827
	2,949,362		FNMA		3.000		02/25/43		3,084,305
	2,714,041	i	FNMA		0.783		03/25/43		2,715,479
	30,877		FNMA		3.000		04/01/43		31,755
	287,456		FNMA		3.000		04/01/43		295,612
	24,657		FNMA		3.000		04/01/43		25,358
	3,245,449		FNMA		3.000		08/25/43		3,401,123
	3,364,213		FNMA		3.500		09/01/43		3,533,919
	2,392,395		FNMA		4.500		02/01/44		2,654,136
	244,684		FNMA		4.000		04/01/44		263,345
	870,147		FNMA		4.000		06/01/44		936,843
	839,505		FNMA		4.000		06/01/44		904,203
	1,981,979		FNMA		4.500		06/01/44		2,199,037
	944,180		FNMA		4.000		07/01/44		1,016,503
	239,482		FNMA		4.000		07/01/44		257,843
	1,701,569		FNMA		4.000		08/01/44		1,846,692
	2,320,226		FNMA		4.000		08/01/44		2,498,022
	256,776		FNMA		4.000		08/01/44		278,700
	202,896		FNMA		4.000		08/01/44		220,201
	179,007		FNMA		4.000		09/01/44		194,285
	233,290		FNMA		4.000		09/01/44		253,229
	1,079,972		FNMA		4.000		10/01/44		1,172,128
	5,701,710		FNMA		4.500		10/01/44		6,326,484
	992,892		FNMA		3.500		11/01/44		1,046,915
	1,995,747		FNMA		4.000		12/01/44		2,138,676
	1,836,936		FNMA		4.000		12/01/44		1,993,244
	2,047,668		FNMA		4.000		01/01/45		2,222,689
	1,901,555		FNMA		3.500		02/01/45		2,005,058
	405,981		FNMA		3.500		03/01/45		428,077
	347,712		FNMA		3.500		03/01/45		367,067
	297,503		FNMA		3.500		03/01/45		313,697
	578,885		FNMA		3.500		03/01/45		611,107
	822,604		FNMA		4.500		03/01/45		912,923
	9,157,216		FNMA		3.500		04/01/45		9,655,634
	207,749		FNMA		3.500		04/01/45		217,973
	128,809		FNMA		3.500		04/01/45		135,819
	305,185		FNMA		3.500		04/01/45		321,796
	563,470		FNMA		3.500		04/01/45		594,141
	4,192,637		FNMA		3.500		05/01/45		4,441,489
	300,383		FNMA		4.000		05/01/45		326,091
	1,111,067		FNMA		3.500		06/01/45		1,171,543

169

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,876,874		FNMA		4.000	%	06/01/45	$	5,294,522
	5,867,129	h	FNMA		3.500		07/01/45		6,186,483
	7,314,326		FNMA		4.000		07/01/45		7,905,947
	2,910,280		FNMA		4.000		11/01/45		3,159,673
	1,486,158	h	FNMA		3.500		12/01/45		1,567,054
	1,698,620		FNMA		4.000		12/01/45		1,844,227
	21,882,437		FNMA		3.500		01/01/46		22,959,373
	1,957,447		FNMA		4.000		02/01/46		2,094,105
	1,019,393		FNMA		4.000		02/01/46		1,091,812
	31,025,554		FNMA		3.500		03/01/46		32,552,465
	27,000,000	h	FNMA		3.000		04/25/46		27,706,115
	13,000,000	h	FNMA		4.000		04/25/46		13,893,810
	7,000,000	h	FNMA		4.500		04/25/46		7,616,495
	5,000,000	h	FNMA		3.000		05/25/46		5,120,215
	43,000,000	h	FNMA		4.000		05/25/46		45,889,260
	19,000,000	h	FNMA		4.500		05/25/46		20,649,593
	12,198		Government National Mortgage Association (GNMA)		7.500		11/15/23		13,595
	3,052		GNMA		7.500		08/15/28		3,089
	15,872		GNMA		6.500		12/15/28		18,181
	51,534		GNMA		6.500		03/15/29		59,377
	16,135		GNMA		8.500		10/20/30		19,656
	4,613		GNMA		7.000		06/20/31		5,702
	121,939		GNMA		5.000		02/15/33		134,593
	39,457		GNMA		5.500		07/15/33		45,233
	456,848		GNMA		5.000		09/15/33		506,466
	4,904,764		GNMA		3.700		10/15/33		5,423,142
	77,330		GNMA		5.500		11/20/33		87,373
	304,139		GNMA		5.500		02/20/35		343,682
	101,942		GNMA		5.500		03/20/35		115,400
	40,412		GNMA		6.000		10/20/36		46,372
	42,602		GNMA		6.000		01/20/37		48,790
	65,498		GNMA		6.000		02/20/37		75,075
	57,761		GNMA		5.000		04/15/38		64,377
	43,555		GNMA		5.500		07/15/38		48,898
	81,941		GNMA		5.500		07/20/38		90,421
	32,568		GNMA		6.000		08/20/38		36,952
	9,562,506		GNMA		3.500		10/20/42		1,735,306
	8,000,000		GNMA		4.000		03/20/46		8,581,105
	15,000,000	h	GNMA		3.000		04/20/46		15,546,093
	15,000,000	h	GNMA		3.500		04/20/46		15,857,813
	4,000,000	h	GNMA		4.000		04/20/46		4,277,032
	28,000,000	h	GNMA		3.000		05/20/46		28,951,124
	29,000,000	h	GNMA		3.500		05/20/46		30,595,000
	4,000,000	h	GNMA		4.000		05/20/46		4,270,157
	8,000,000	h	GNMA		3.000		06/20/46		8,254,250
			TOTAL MORTGAGE BACKED						702,364,735
MUNICIPAL BONDS - 3.8%
	1,000,000		Anaheim City School District		3.825		08/01/23		1,094,630
	880,000		California Earthquake Authority		1.194		07/01/16		881,038
	2,535,000		California Earthquake Authority		2.805		07/01/19		2,596,322
	5,000,000		California Housing Finance Agency		2.966		08/01/22		5,139,250

170

TIAA-CREF FUNDS - Bond Plus Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	3,500,000	City of Austin TX Electric Utility Revenue		4.663	%	11/15/37	$	3,664,080
	5,000,000	City of Jersey City NJ		3.286		09/01/22		5,257,400
	1,000,000	Denver City & County School District No		4.242		12/15/37		1,055,100
	600,000	Denver Health & Hospital Authority		1.700		12/01/16		600,396
	750,000	Denver Health & Hospital Authority		2.250		12/01/17		754,470
	3,000,000	District of Columbia		3.432		06/01/22		3,120,870
	5,000,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		5,031,650
	5,000,000	Florida State Board of Administration Finance Corp		2.638		07/01/21		5,103,950
	600,000	Grant County Public Utility District No 2		5.630		01/01/27		726,732
	250,000	Harris County Flood Control District		1.818		10/01/18		255,288
	1,480,000	Illinois Housing Development Authority		4.105		07/01/27		1,520,478
	2,270,000	Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,361,141
	1,250,000	Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,338,563
	1,000,000	Maine Municipal Bond Bank		3.368		06/01/19		1,056,020
	3,000,000	Maine Municipal Bond Bank		3.668		06/01/20		3,217,380
	375,000	Massachusetts Housing Finance Agency		1.306		06/01/16		375,146
	500,000	Massachusetts Housing Finance Agency		1.602		12/01/16		500,430
	400,000	Massachusetts Housing Finance Agency		1.776		06/01/17		400,668
	450,000	Massachusetts Housing Finance Agency		1.876		12/01/17		451,071
	250,000	Massachusetts Housing Finance Agency		2.807		12/01/19		254,855
	2,080,000	Massachusetts Housing Finance Agency		4.786		12/01/32		2,201,389
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		3.100		02/01/22		3,147,930
	2,655,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		3,041,090
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,071,020
	2,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.467		05/01/40		3,087,225
	1,500,000	Oklahoma Water Resources Board		2.794		04/01/21		1,587,750
	5,000,000	Port Authority of New York & New Jersey		4.823		06/01/45		5,272,500
	1,690,000	Port of Corpus Christi Authority of Nueces County		2.888		12/01/21		1,745,246
	2,000,000	San Francisco Bay Area Rapid Transit District		3.477		07/01/27		2,036,420
	5,000,000	State of California		4.988		04/01/39		5,346,750
	775,000	State of California		7.625		03/01/40		1,186,044
	5,180,000	State of Connecticut		5.295		10/01/29		6,195,539
	1,000,000	State of Illinois		4.125		01/01/19		1,036,270
	5,000,000	State of Illinois		7.350		07/01/35		5,462,800
	3,000,000	State of Illinois		5.520		04/01/38		2,787,090
	5,000,000	State of Illinois		4.620		06/15/38		5,397,950
	1,250,000	Texas Public Finance Authority		5.250		07/01/17		1,254,225
	1,310,000	Trustees of Boston College		3.519		07/01/21		1,418,232
	500,000	University of California		2.676		05/15/21		518,785
	3,500,000	University of California		4.009		05/15/30		3,713,115
	3,600,000	University of Texas System		3.852		08/15/46		3,897,900
	2,740,000	Virginia Housing Development Authority		3.668		10/01/27		2,862,916
		TOTAL MUNICIPAL BONDS						111,025,114
U.S. TREASURY SECURITIES - 7.5%
	35,000,000	United States Treasury Bond		4.500		08/15/39		47,950,000
	45,035,000	United States Treasury Bond		3.000		05/15/45		48,579,750
	21,165,000	United States Treasury Bond		2.875		08/15/45		22,269,559

171

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	11,302,300		United States Treasury Bond		3.000	%	11/15/45	$	12,206,043
	27,000,000		United States Treasury Bond		2.500		02/15/46		26,329,212
	14,615,000		United States Treasury Note		1.125		02/28/21		14,561,904
	2,000,000		United States Treasury Note		1.250		03/31/21		2,002,422
	100,000		United States Treasury Note		1.750		01/31/23		101,414
	25,000,000		United States Treasury Note		1.500		02/28/23		24,938,475
	21,596,000		United States Treasury Note		1.625		02/15/26		21,293,159
			TOTAL U.S. TREASURY SECURITIES						220,231,938
			TOTAL GOVERNMENT BONDS						1,137,683,810
			(Cost $1,123,052,493)
STRUCTURED ASSETS - 14.7%
ASSET BACKED - 5.2%
	323,323	i	ACE Securities Corp Home Equity Loan Trust		1.168		08/25/35		318,776
			Series - 2005 HE5 (Class M2)
	2,149,530	i	Asset Backed Securities Corp Home Equity Loan Trust		1.183		03/25/35		2,058,548
			Series - 2005 HE1 (Class M1)
	1,244,767	i	Asset Backed Securities Corp Home Equity Loan Trust		1.138		04/25/35		1,236,544
			Series - 2005 HE3 (Class M3)
	615,208	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		612,580
			Series - 2005 HE7 (Class M2)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		2,026,896
			Series - 2011 5A (Class B)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		06/20/22		2,999,989
			Series - 2016 1A (Class B)
	556,577	i	Bear Stearns Asset Backed Securities Trust		0.873		03/25/35		555,542
			Series - 2005 AQ1 (Class M1)
	2,355,684	i	Bear Stearns Asset Backed Securities Trust		0.923		07/25/35		2,312,691
			Series - 2005 SD3 (Class 1A)
	2,064,200	i	Bear Stearns Asset Backed Securities Trust		0.833		02/25/36		1,959,900
			Series - 2006 EC2 (Class M1)
	1,699,121	g	Capital Automotive REIT		4.700		07/15/42		1,763,613
			Series - 2012 1A (Class A)
	10,000,000	g	Capital Automotive REIT		3.660		10/15/44		10,343,981
			Series - 2014 1A (Class A)
	4,591,225	g,i	CBRE Realty Finance CDO		0.917		04/07/52		1,825,853
			Series - 2007 1A (Class A2)
	2,739,638	i,m	CCR, Inc		0.887		07/10/17		2,715,269
			Series - 2010 CX (Class C)
	904,762	g	CCR, Inc		4.750		07/10/22		911,044
			Series - 2012 CA (Class C)
	120,628		Centex Home Equity		5.540		01/25/32		120,345
			Series - 2002 A (Class AF6)
	16,414,801	i	Connecticut Avenue Securities		1.933		07/25/25		16,429,700
			Series - 2015 C03 (Class 1M1)
	3,000,000	i	Connecticut Avenue Securities		6.435		09/25/28		3,082,842
			Series - 2016 C02 (Class 1M2)
	532,291	i	Countrywide Asset-Backed Certificates		5.216		10/25/17		530,035
			Series - 2002 S4 (Class A5) (Step Bond)
	1,300,663	i	Countrywide Asset-Backed Certificates		0.906		02/25/36		1,294,098
			Series - 2005 11 (Class MV1)

172

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,950,000	g	DB Master Finance LLC		3.262	%	02/20/45	$	4,873,523
			Series - 2015 1A (Class A2I)
	1,514,212	g	Diamond Resorts Owner Trust		1.950		01/20/25		1,493,983
			Series - 2013 1 (Class A)
	4,171,438	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		4,268,852
			Series - 2012 1A (Class A2)
	1,995,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		1,919,174
			Series - 2015 1A (Class A2I)
	897,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		868,713
			Series - 2015 1A (Class A2II)
	2,133,836	i	Dryden XI-Leveraged Loan		4.521		04/12/20		2,055,716
			Series - 2006 11X (Class D)
	1,275,921	i	First Frankin Mortgage Loan Trust		0.673		01/25/36		1,255,824
			Series - 2006 FF1 (Class 2A3)
	379,518	g,i	GMAC Mortgage Corp Loan Trust		1.186		02/25/31		374,267
			Series - 2004 VF1 (Class A1)
	58	i	Greenpoint Mortgage Funding Trust		0.563		04/25/47		58
			Series - 2007 AR2 (Class 1A1)
	1,334,867	i	GSAMP Trust		0.980		05/25/34		1,209,462
			Series - 2004 HE1 (Class M1)
	4,244,023	i	GSAMP Trust 2006-NC1		0.607		02/25/36		4,124,481
			Series - 2006 NC1 (Class A2)
	4,000,000	g	Hertz Vehicle Financing LLC		2.320		03/25/20		4,000,124
			Series - 2016 1A (Class A)
	3,215,289	i	Lehman XS Trust		0.993		08/25/35		3,083,888
			Series - 2005 2 (Class 1A1)
	593,386	i	Lehman XS Trust		0.683		02/25/36		558,767
			Series - 2006 1 (Class 1A1)
	767,160	i	Lehman XS Trust		6.500		06/25/46		569,963
			Series - 2006 13 (Class 2A1)
	2,450,000	g,i	Longpoint Re Ltd		4.398		05/18/16		2,449,020
			Series - 2013 144A (Class )
	3,246,898	i	MASTR Asset Backed Securities Trust		0.605		10/25/35		3,198,360
			Series - 2005 HE2 (Class M1)
	1,125,000	i	MASTR Asset Backed Securities Trust		5.648		11/25/35		1,109,608
			Series - 2005 AB1 (Class A4) (Step Bond)
	2,000,000	g,i	Mountain View CLO II Ltd		1.021		01/12/21		1,905,000
			Series - 2006 2A (Class B)
	1,247,292		Oakwood Mortgage Investors, Inc		5.410		11/15/32		1,248,752
			Series - 2002 C (Class A1)
	895,872	g	Orange Lake Timeshare Trust		3.030		07/09/29		889,149
			Series - 2014 AA (Class B)
	1,978,963	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.213		01/25/36		1,967,417
			Series - 2005 WCH1 (Class M2)
	536,220	i	Renaissance Home Equity Loan Trust		5.392		07/25/34		539,524
			Series - 2004 2 (Class AF4) (Step Bond)
	61,767	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		63,527
			Series - 2003 RZ5 (Class A7) (Step Bond)
	44,059	i	Residential Asset Securities Corp		6.489		10/25/30		44,382
			Series - 2001 KS2 (Class AI6)

173

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,850,000	i	Residential Funding Mortgage Securities II, Inc		6.130	%	09/25/35	$	2,932,058
			Series - 2005 HI3 (Class M5) (Step Bond)
	81,639	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		81,866
			Series - 2006 HI1 (Class M1) (Step Bond)
	3,500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		3,633,293
			Series - 2006 HI1 (Class M2) (Step Bond)
	1,000,000	g,i	Sanders Re Ltd		4.203		05/05/17		997,000
			Series - 2013 144A (Class )
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		799,131
			Series - 2015 5 (Class B)
	800,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		800,428
			Series - 2015 5 (Class C)
	5,000,000		Santander Drive Auto Receivables Trust		3.090		04/15/22		4,982,546
			Series - 2016 1 (Class C)
	295,235	i	Saxon Asset Securities Trust		6.120		11/25/30		317,632
			Series - 2002 2 (Class AF6) (Step Bond)
	264,331	i	Securitized Asset Backed Receivables LLC		0.733		10/25/35		263,260
			Series - 2006 OP1 (Class A2C)
	1,154,134	i	Securitized Asset Backed Receivables LLC		0.747		10/25/35		1,100,329
			Series - 2005 OP2 (Class A2C)
	115,313	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		115,172
			Series - 2012 2A (Class B)
	792,835	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		792,429
			Series - 2015 3A (Class A)
	1,585,671	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		1,582,002
			Series - 2015 3A (Class B)
	828,531	g	SolarCity LMC		4.800		11/20/38		830,513
			Series - 2013 1 (Class A)
	907,257	g	SolarCity LMC		4.590		04/20/44		892,722
			Series - 2014 1 (Class A)
	1,411,152	g	SolarCity LMC		4.020		07/20/44		1,349,606
			Series - 2014 2 (Class A)
	7,112	i	Soundview Home Equity Loan Trust		0.733		11/25/35		7,109
			Series - 2005 OPT3 (Class A4)
	6,105,930	g	SpringCastle America Funding LLC		2.700		05/25/23		6,080,779
			Series - 2014 AA (Class A)
	3,535,666	i	Structured Asset Investment Loan Trust		0.766		12/25/35		3,404,930
			Series - 2005 10 (Class A6)
	2,341,780	i	Structured Asset Securities Corp Mortgage Loan Trust		1.939		04/25/35		2,194,792
			Series - 2005 7XS (Class 2A1A)
	2,444,649	i	Structured Asset Securities Corp Mortgage Loan Trust		0.481		02/25/36		2,435,742
			Series - 2006 WF1 (Class A5)
	4,000,000	g,i	Vitality Re IV Ltd		2.948		01/09/17		4,010,400
			Series - 2013 IV B (Class )
	385,377	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		393,508
			Series - 2006 N1 (Class N1)
	73,276	g,i	Wachovia Loan Trust		0.793		05/25/35		71,252
			Series - 2005 SD1 (Class A)
	2,325	i	Wells Fargo Home Equity Trust		0.573		07/25/36		2,324
			Series - 2006 2 (Class A3)
	15,920,000	g	Wendys Funding LLC		3.371		06/15/45		15,628,027
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						152,868,630

174

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
OTHER MORTGAGE BACKED - 9.5%
$	2,819,666	i	Adjustable Rate Mortgage Trust 2005-		1.483	%	05/25/35	$	2,626,736
			Series - 2005 1 (Class 5M1)
	4,039,275	i	American Home Mortgage Investment Trust		2.366		10/25/34		3,917,356
			Series - 2004 3 (Class 4A)
	2,716,981	i	American Home Mortgage Investment Trust		2.881		06/25/45		2,627,989
			Series - 2005 1 (Class 6A)
	1,000,000	i	Banc of America Commercial Mortgage Trust		5.968		05/10/45		921,179
			Series - 2006 2 (Class C)
	6,000,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		5,878,765
			Series - 2006 6 (Class B)
	4,000,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		3,441,392
			Series - 2007 4 (Class E)
	4,000,000	i	Banc of America Commercial Mortgage Trust		5.971		02/10/51		3,666,113
			Series - 2007 5 (Class AJ)
	1,000,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		870,961
			Series - 2007 4 (Class D)
	2,174,077	g,i	Banc of America Large Loan, Inc		5.942		02/15/51		2,208,265
			Series - 2010 UB3 (Class A4B3)
	2,226,000	i	Bear Stearns Commercial Mortgage Securities		5.915		09/11/42		2,332,519
			Series - 2007 T28 (Class AJ)
	445,936		Citicorp Mortgage Securities, Inc		5.500		07/25/35		429,056
			Series - 2005 4 (Class 1A7)
	2,000,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,990,685
			Series - 2006 C4 (Class AJ)
	16,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		16,007,203
			Series - 2007 C3 (Class AJ)
	365,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		375,337
			Series - 2007 C3 (Class AM)
	5,000,000	g,i	COMM 2007-C9 Mortgage Trust		1.132		12/10/49		4,666,203
			Series - 2007 C9 (Class AJFL)
	599,432	i	Commercial Mortgage Trust		5.238		04/10/37		598,912
			Series - 2005 GG5 (Class AJ)
	4,265,000	i	Commercial Mortgage Trust		6.147		12/10/49		4,157,254
			Series - 2007 GG11 (Class B)
	41,588		Countrywide Alternative Loan Trust		5.500		08/25/16		41,670
			Series - 2004 30CB (Class 1A15)
	1,360,576		Countrywide Alternative Loan Trust		5.000		04/25/20		1,370,605
			Series - 2005 6CB (Class 2A1)
	1,301,234	i	Countrywide Alternative Loan Trust		0.658		07/20/35		1,102,086
			Series - 2005 24 (Class 4A1)
	1,390,096	i	Countrywide Home Loan Mortgage Pass Through Trust		2.670		11/20/34		1,311,162
			Series - 2004 HYB6 (Class A2)
	160,216		Countrywide Home Loan Mortgage Pass Through Trust		5.250		09/25/35		154,208
			Series - 2005 17 (Class 1A10)
	2,368,000	g,i	Credit Suisse Commercial Mortgage Trust		5.415		02/25/21		2,392,651
			Series - 2006 K1A (Class J)
	700,000	g,i	Credit Suisse Commercial Mortgage Trust		5.415		02/25/21		705,614
			Series - 2006 K1A (Class H)
	90,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		85,775
			Series - 2007 C4 (Class A1AJ)

175

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949	%	09/15/39	$	5,742,218
			Series - 2007 C4 (Class AJ)
	10,000,000	i	Credit Suisse Commercial Mortgage Trust		5.953		09/15/39		9,992,454
			Series - 2007 C4 (Class A1AM)
	1,870,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		1,890,296
			Series - 2009 RR1 (Class A3C)
	8,000,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		7,776,974
			Series - 2007 C2 (Class AJ)
	15,680		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		15,670
			Series - 2005 C3 (Class AJ)
	6,509,100		GS Mortgage Securities Trust		5.622		11/10/39		5,988,372
			Series - 2006 GG8 (Class AJ)
	1,116,907		GSR Mortgage Loan Trust		6.000		01/25/35		1,128,205
			Series - 2005 1F (Class 3A3)
	1,838,805	i	GSR Mortgage Loan Trust		0.623		08/25/46		1,774,978
			Series - 2006 OA1 (Class 2A1)
	2,972,958	i	Harborview Mortgage Loan Trust		0.652		05/19/35		2,429,557
			Series - 2005 2 (Class 2A1A)
	3,737,278	i	HomeBanc Mortgage Trust		0.662		07/25/35		3,483,074
			Series - 2005 3 (Class A1)
	317,858	i	Impac CMB Trust		1.093		03/25/35		290,718
			Series - 2004 11 (Class 2A1)
	2,413,057	i	Impac CMB Trust		0.683		05/25/35		2,152,156
			Series - 0 4 (Class 1A1B)
	4,520,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		4,514,053
			Series - 2005 LDP2 (Class C)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.321		07/15/46		325,962
			Series - 2011 C4 (Class C)
	2,211,420	i	JP Morgan Mortgage Trust		2.680		11/25/33		2,212,992
			Series - 2006 A2 (Class 5A3)
	2,500,000	i	LB-UBS Commercial Mortgage Trust		6.049		06/15/38		2,493,960
			Series - 2006 C4 (Class B)
	3,000,000	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		2,999,037
			Series - 2006 C3 (Class C)
	2,000,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,989,438
			Series - 2007 C1 (Class C)
	3,000,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		2,941,344
			Series - 2007 C1 (Class D)
	1,247,929		Lehman Mortgage Trust		5.500		11/25/35		1,137,344
			Series - 2005 1 (Class 2A4)
	5,167,030	g,i	LVII Resecuritization Trust		3.239		07/31/47		5,163,801
			Series - 2015 A (Class A)
	395,360	i	Merrill Lynch Mortgage Investors, Inc		2.722		12/25/35		392,923
			Series - 2005 A9 (Class 2A1B)
	75,000	i	Merrill Lynch Mortgage Trust		6.267		02/12/51		78,893
			Series - 0 C1 (Class AJA)
	5,455,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		5,490,623
			Series - 2007 6 (Class AM)
	3,149,500	i	Morgan Stanley Capital I Trust		0.860		02/25/35		2,924,764
			Series - 2005 WMC2 (Class M3)
	4,000,000	g,i	Morgan Stanley Capital I Trust		5.891		08/12/41		4,040,387
			Series - 2006 T23 (Class B)

176

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000	i	Morgan Stanley Capital I Trust		5.389	%	11/12/41	$	4,931,237
			Series - 2006 HQ10 (Class AJ)
	1,040,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		1,042,888
			Series - 2006 HQ9 (Class B)
	1,830,000	i	Morgan Stanley Capital I Trust		5.842		07/12/44		1,819,550
			Series - 2006 HQ9 (Class C)
	82,000	g,i	Morgan Stanley Capital I Trust		5.440		09/15/47		85,430
			Series - 2011 C1 (Class D)
	1,500,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		1,489,619
			Series - 2007 HQ12 (Class C)
	7,700,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		7,140,896
			Series - 2007 IQ15 (Class AJ)
	4,000,000	i	Morgan Stanley Capital I Trust		6.096		12/12/49		3,661,868
			Series - 2007 IQ16 (Class AJFX)
	1,000,000	i	Morgan Stanley Capital I Trust		6.319		12/12/49		916,137
			Series - 2007 IQ16 (Class AJA)
	2,421,861	i	Option One Mortgage Loan Trust		0.950		05/25/34		2,210,930
			Series - 2004 2 (Class M1)
	1,727,231		RALI Trust		4.250		12/26/33		1,703,668
			Series - 2003 QS22 (Class A5)
	313,410	i	RALI Trust		0.733		01/25/35		296,304
			Series - 2005 QA1 (Class A1)
	1,686,397	i	Structured Adjustable Rate Mortgage Loan Trust		0.773		08/25/35		1,590,038
			Series - 2005 16XS (Class A1)
	5,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.283		04/25/28		5,033,702
			Series - 2015 DNA3 (Class M2)
	7,525,036	i	Structured Asset Mortgage Investments II Trust 2007-AR4		0.613		09/25/47		5,957,843
			Series - 2007 AR4 (Class A4A)
	1,556,621	g,i	Terwin Mortgage Trust		1.213		03/25/35		1,495,254
			Series - 2005 3SL (Class M1)
	6,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.641		12/15/43		5,682,003
			Series - 2007 C30 (Class AMFL)
	4,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.568		01/15/45		3,891,441
			Series - 2006 C23 (Class F)
	13,250,000	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		12,964,183
			Series - 2006 C27 (Class AJ)
	5,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.865		07/15/45		4,684,329
			Series - 2006 C27 (Class B)
	6,650,000	i	Wachovia Bank Commercial Mortgage Trust		5.945		05/15/46		6,604,408
			Series - 2007 C34 (Class AJ)
	4,750,000	i	Wachovia Bank Commercial Mortgage Trust		6.020		05/15/46		3,087,500
			Series - 2007 C34 (Class F)
	6,440,000	i	Wachovia Bank Commercial Mortgage Trust		5.622		04/15/47		6,211,698
			Series - 2007 C31 (Class C)
	14,875,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		14,725,860
			Series - 2007 C31 (Class AJ)
	10,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		10,224,056
			Series - 2007 C32 (Class AMFX)
	2,665,000	g,i	Wachovia Bank Commercial Mortgage Trust		5.715		06/15/49		504,027
			Series - 2007 C32 (Class J)
	16,700,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		15,949,828
			Series - 2007 C32 (Class AJ)

177

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.750	%	06/15/49	$	8,540,815
			Series - 2007 C32 (Class B)
	40,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		41,358
			Series - 2007 C33 (Class AM)
	2,817,295	i	WaMu Mortgage Pass-Through Certificates		0.703		07/25/45		2,627,397
			Series - 0 AR8 (Class 1A1A)
	1,072,667	i	WaMu Mortgage Pass-Through Certificates		0.783		12/25/45		921,821
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						279,285,977
			TOTAL STRUCTURED ASSETS						432,154,607
			(Cost $438,242,093)
			TOTAL BONDS						2,727,987,192
			(Cost $2,723,653,137)
SHORT-TERM INVESTMENTS - 9.4%
GOVERNMENT AGENCY DEBT - 1.2%
	1,600,000		Federal Home Loan Bank (FHLB)		0.280		04/20/16		1,599,822
	34,000,000		FHLB		0.340		04/22/16		33,995,818
			TOTAL GOVERNMENT AGENCY DEBT						35,595,640
TREASURY DEBT - 8.2%
	25,300,000		United States Treasury Bill		0.236		04/07/16		25,299,544
	121,600,000		United States Treasury Bill		0.240-0.247		04/14/16		121,595,014
	7,900,000		United States Treasury Bill		0.233		04/21/16		7,899,479
	14,950,000		United States Treasury Bill		0.225-0.255		05/26/16		14,946,098
	4,000,000		United States Treasury Bill		0.398		06/09/16		3,998,660
	67,900,000		United States Treasury Bill		0.373		09/29/16		67,769,225
			TOTAL TREASURY DEBT						241,508,020
			TOTAL SHORT-TERM INVESTMENTS						277,103,660
			(Cost $277,094,664)
			TOTAL INVESTMENTS - 107.5%						3,159,286,557
			(Cost $3,158,180,724)
			OTHER ASSETS & LIABILITIES, NET - (7.5)%						(220,441,316	)
			NET ASSETS - 100.0%					$	2,938,845,241

	Abbreviation(s):
BRL	Brazilian Real
CDO	Collateralized Debt Obligation
DOP	Dominican Peso
MXN	Mexican Peso
PHP	Philippine Peso
REIT	Real Estate Investment Trust
RUB	Russian Ruble
TRY	Turkish Lira
ZAR	South African Rand

178

TIAA-CREF FUNDS - Bond Plus Fund

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $471,844,263 or 16.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond

179

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS  

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 11.4%
AUTOMOBILES & COMPONENTS - 0.5%
$	17,562,416	i	Gates Global LLC		4.250	%	07/05/21	$	16,541,689
			TOTAL AUTOMOBILES & COMPONENTS						16,541,689
CAPITAL GOODS - 0.5%
	12,775,000	i	CHI Overhead Doors, Inc		8.750		07/31/23		11,880,750
	4,257,150	i	Plaze, Inc		5.250		07/29/22		4,225,221
			TOTAL CAPITAL GOODS						16,105,971
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	13,312,517	i	Creative Artists Agency LLC		5.500		12/17/21		13,279,236
	13,275,000	i	SterlingBackcheck		8.750		06/19/23		12,744,000
	8,553,563	i	XPO Logistics, Inc		5.500		11/01/21		8,574,946
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						34,598,182
CONSUMER DURABLES & APPAREL - 0.6%
	11,317,654	i	Academy Ltd		5.000		07/01/22		10,749,960
	9,902,174	i	Otter Products LLC		5.750		06/03/20		8,515,870
			TOTAL CONSUMER DURABLES & APPAREL						19,265,830
CONSUMER SERVICES - 1.8%
	13,275,000	i	CDS US Intermediate Holdings, Inc		9.250		07/10/23		11,648,812
	14,925,000	i	Knowledge Universe Education LLC		6.000		08/13/22		14,719,781
	4,906,002	i	Marina District Finance Co, Inc		6.500		08/15/18		4,895,797
	5,184,058	i	Peninsula Gaming LLC		4.250		11/20/17		5,172,187
	4,776,512	i	Scientific Games International, Inc		6.000		10/18/20		4,618,314
	11,588,092	i	Spin Holdco, Inc		4.250		11/14/19		11,272,316
			TOTAL CONSUMER SERVICES						52,327,207
DIVERSIFIED FINANCIALS - 0.2%
	5,132,473	i	TransUnion LLC		3.500		04/09/21		5,078,582
			TOTAL DIVERSIFIED FINANCIALS						5,078,582
ENERGY - 0.5%
	12,456,964	i,n	Arch Coal, Inc		7.500		05/16/18		4,396,312
	8,650,000	i	Granite Acquisition, Inc		8.250		12/19/22		6,595,625
	4,975,000	i	Petrochoice Holdings, Inc		6.000		08/21/22		4,887,937
			TOTAL ENERGY						15,879,874
FOOD & STAPLES RETAILING - 1.3%
	14,788,094	i	Albertson’s Holdings LLC		5.500		08/25/21		14,795,488
	11,521,125	i	Albertsons LLC		5.500		12/21/22		11,527,346
	2,000,000	i	Rite Aid Corp		5.750		08/21/20		2,004,160
	11,000,000	i	Rite Aid Corp		4.875		06/21/21		11,000,000
			TOTAL FOOD & STAPLES RETAILING						39,326,994

180

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
$	5,275,000	i	Vizient, Inc		6.250	%	02/13/23	$	5,305,753
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						5,305,753
INSURANCE - 1.4%
	20,545,074	i	Acrisure LLC		6.500		05/19/22		20,134,172
	3,740,625	i	AssuredPartners, Inc		5.750		10/22/22		3,712,570
	10,800,000	h,i	Asurion LLC		8.500		03/03/21		10,089,036
	8,669,904	i	USI, Inc		4.250		12/27/19		8,525,377
			TOTAL INSURANCE						42,461,155
MATERIALS - 0.4%
	1,231,250	i	Solenis International LP		4.250		07/31/21		1,181,778
	12,000,000	i	Solenis International LP		7.750		07/29/22		10,026,000
			TOTAL MATERIALS						11,207,778
MEDIA - 0.8%
	15,275,000	i	Neptune Finco Corp		5.000		10/09/22		15,272,556
	8,584,594	i	Time, Inc		4.250		04/26/21		8,434,363
			TOTAL MEDIA						23,706,919
REAL ESTATE - 0.5%
	15,650,000	i	DTZ US Borrower LLC		9.250		11/04/22		15,337,000
			TOTAL REAL ESTATE						15,337,000
RETAILING - 0.3%
	8,075,000	i	Staples Escrow LLC		4.750		02/02/22		8,062,645
			TOTAL RETAILING						8,062,645
SOFTWARE & SERVICES - 0.9%
	17,000,000	i	Evergreen Skills Lux S.a.r.l.		9.250		04/28/22		7,650,000
	12,000,000	i	Mitchell International, Inc		8.500		10/11/21		10,530,000
	10,245,098	i	ProQuest LLC		5.750		10/24/21		9,886,520
			TOTAL SOFTWARE & SERVICES						28,066,520
TELECOMMUNICATION SERVICES - 0.2%
	5,723,011	i	Internap Network Services Corp		6.000		11/26/19		5,036,249
			TOTAL TELECOMMUNICATION SERVICES						5,036,249
UTILITIES - 0.1%
	4,342,500	i	Calpine Corp		4.000		10/09/19		4,320,787
			TOTAL UTILITIES						4,320,787
			TOTAL BANK LOAN OBLIGATIONS						342,629,135
			(Cost $372,674,150)

181

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 83.1%
CORPORATE BONDS - 83.1%
AUTOMOBILES & COMPONENTS - 1.6%
$	18,600,000	g	Gates Global LLC		6.000	%	07/15/22	$	15,903,000
	7,600,000		Goodyear Tire & Rubber Co		6.500		03/01/21		7,999,000
	7,550,000	g	Schaeffler Finance BV		4.750		05/15/23		7,587,750
	2,550,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		2,626,500
	4,140,000	g,o	Schaeffler Holding Finance BV		6.250		11/15/19		4,331,475
	7,060,000	g,o	Schaeffler Holding Finance BV		6.750		11/15/22		7,677,750
	1,800,000	g	ZF North America Capital, Inc		4.000		04/29/20		1,822,500
	825,000	g	ZF North America Capital, Inc		4.500		04/29/22		841,500
	1,800,000	g	ZF North America Capital, Inc		4.750		04/29/25		1,791,000
			TOTAL AUTOMOBILES & COMPONENTS						50,580,475
BANKS - 2.0%
	3,500,000	g,i	BNP Paribas S.A.		7.375		12/30/49		3,386,250
	9,500,000	i	Citigroup, Inc		6.125		12/30/49		9,523,465
	6,700,000	g,i	Credit Agricole S.A.		8.125		12/30/49		6,683,786
	3,700,000	i	ING Groep NV		6.000		12/30/49		3,461,813
	2,600,000	i	JPMorgan Chase & Co		7.900		12/30/49		2,600,000
	4,750,000	g,i	Lloyds Banking Group plc		6.657		12/30/49		5,177,500
	7,500,000	g,i	Nordea Bank AB		5.500		12/30/49		7,286,250
	6,250,000		Royal Bank of Scotland Group plc		6.125		12/15/22		6,631,531
	2,250,000		Royal Bank of Scotland Group plc		6.100		06/10/23		2,305,213
	5,500,000		Royal Bank of Scotland Group plc		6.000		12/19/23		5,572,336
	7,750,000	g,i	Societe Generale S.A.		8.000		12/30/49		7,517,500
			TOTAL BANKS						60,145,644
CAPITAL GOODS - 1.2%
	1,525,000		Anixter, Inc		5.625		05/01/19		1,597,437
	3,000,000		Anixter, Inc		5.125		10/01/21		3,015,000
	4,335,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		4,551,750
	10,036,000		Kratos Defense & Security Solutions, Inc		7.000		05/15/19		7,978,620
	3,100,000	g	Manitowoc Foodservice, Inc		9.500		02/15/24		3,379,000
	3,575,000		Masco Corp		4.375		04/01/26		3,639,743
	14,130,000	g	Stena AB		7.000		02/01/24		11,710,238
			TOTAL CAPITAL GOODS						35,871,788
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	1,000,000		ADT Corp		4.125		04/15/19		1,055,000
	3,725,000		ADT Corp		6.250		10/15/21		3,743,625
	7,575,000		ADT Corp		3.500		07/15/22		6,552,375
	2,500,000		AECOM		5.750		10/15/22		2,593,750
	6,250,000		AECOM		5.875		10/15/24		6,468,750
	4,750,000		Aircastle Ltd		5.000		04/01/23		4,773,750
	8,150,000		Clean Harbors, Inc		5.250		08/01/20		8,352,935
	1,925,000		Clean Harbors, Inc		5.125		06/01/21		1,946,656
	6,000,000	g	Clean Harbors, Inc		5.125		06/01/21		6,067,500
	5,000,000	g,o	Neovia Logistics Intermediate Holdings LLC		10.000		02/15/18		3,100,000
	7,825,000		RR Donnelley & Sons Co		7.875		03/15/21		7,883,688
	1,675,000		RR Donnelley & Sons Co		7.000		02/15/22		1,549,375
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		7,395,750
	17,525,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		13,844,750

182

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,169,000		United Rentals North America, Inc		8.250	%	02/01/21	$	2,266,605
	2,825,000		United Rentals North America, Inc		7.625		04/15/22		3,008,625
	16,425,000		United Rentals North America, Inc		5.500		07/15/25		16,219,688
	16,000,000	g	XPO Logistics, Inc		6.500		06/15/22		15,540,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						112,362,822
CONSUMER DURABLES & APPAREL - 1.9%
	5,443,000		DR Horton, Inc		3.750		03/01/19		5,551,860
	7,000,000		KB Home		4.750		05/15/19		6,973,750
	5,575,000		KB Home		7.000		12/15/21		5,575,000
	4,750,000		KB Home		7.625		05/15/23		4,714,375
	14,500,000		Lennar Corp		4.750		04/01/21		14,681,250
	7,925,000	g	Orbital ATK, Inc		5.500		10/01/23		8,321,250
	1,500,000		PulteGroup, Inc		4.250		03/01/21		1,522,500
	3,000,000		PulteGroup, Inc		5.500		03/01/26		3,086,250
	1,800,000		Standard Pacific Corp		8.375		01/15/21		2,092,500
	1,900,000		Standard Pacific Corp		5.875		11/15/24		1,999,750
	1,900,000		Toll Brothers Finance Corp		5.875		02/15/22		2,028,250
			TOTAL CONSUMER DURABLES & APPAREL						56,546,735
CONSUMER SERVICES - 5.3%
	6,250,000	g	1011778 BC / New Red Fin		4.625		01/15/22		6,359,375
	13,250,000	g	1011778 BC / New Red Fin		6.000		04/01/22		13,780,000
	6,026,000		Ameristar Casinos, Inc		7.500		04/15/21		6,267,040
	4,000,000		Aramark Services, Inc		5.125		01/15/24		4,215,000
	3,727,000		Boyd Gaming Corp		9.000		07/01/20		3,941,302
	4,000,000	g	Boyd Gaming Corp		6.375		04/01/26		4,150,000
	9,210,000	g	International Game Technology		5.625		02/15/20		9,555,375
	8,035,000	g	International Game Technology		6.250		02/15/22		8,175,613
	13,285,000	g	International Game Technology		6.500		02/15/25		13,152,150
	2,000,000		MGM Resorts International		5.250		03/31/20		2,050,000
	4,250,000		MGM Resorts International		6.750		10/01/20		4,598,500
	11,250,000		MGM Resorts International		6.000		03/15/23		11,608,594
	10,250,000		Penn National Gaming, Inc		5.875		11/01/21		10,198,750
	2,130,000		Pinnacle Entertainment, Inc		6.375		08/01/21		2,257,800
	1,500,000		Scientific Games Corp		8.125		09/15/18		1,267,500
	4,000,000		Scientific Games International, Inc		6.250		09/01/20		2,400,000
	14,500,000	g	Scientific Games International, Inc		7.000		01/01/22		14,790,000
	16,000,000		Scientific Games International, Inc		10.000		12/01/22		12,960,000
	5,803,000	g	Six Flags Entertainment Corp		5.250		01/15/21		5,962,583
	4,665,000		Speedway Motorsports, Inc		5.125		02/01/23		4,781,625
	18,000,000	g	Wynn Las Vegas LLC		5.500		03/01/25		16,965,000
			TOTAL CONSUMER SERVICES						159,436,207
DIVERSIFIED FINANCIALS - 4.1%
	5,950,000		AerCap Ireland Capital Ltd		5.000		10/01/21		6,158,250
	5,000,000		Ally Financial, Inc		3.250		02/13/18		4,950,000
	6,000,000		Ally Financial, Inc		4.750		09/10/18		6,112,500
	5,000,000		Ally Financial, Inc		4.125		02/13/22		4,918,750
	3,000,000	g	CIT Group, Inc		5.500		02/15/19		3,099,390
	5,000,000		CIT Group, Inc		3.875		02/19/19		4,987,500
	5,600,000	g,i	Credit Suisse Group AG.		6.250		12/30/49		5,142,469

183

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	831,000		General Motors Acceptance Corp LLC		8.000	%	11/01/31	$	959,805
	10,000,000		GMAC, Inc		8.000		11/01/31		11,400,000
	11,425,000		Icahn Enterprises LP		5.875		02/01/22		10,842,325
	8,000,000		International Lease Finance Corp		6.250		05/15/19		8,530,000
	3,600,000		International Lease Finance Corp		8.250		12/15/20		4,200,750
	2,000,000		International Lease Finance Corp		4.625		04/15/21		2,050,000
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,425,000
	3,550,000	g	Lincoln Finance Ltd		7.375		04/15/21		3,692,000
	13,252,000		NewStar Financial, Inc		7.250		05/01/20		11,926,800
	11,325,000		Navient Corp		5.500		01/15/19		11,126,812
	13,100,000		Navient Corp		4.875		06/17/19		12,641,500
	8,000,000		Navient Corp		6.125		03/25/24		6,880,000
			TOTAL DIVERSIFIED FINANCIALS						125,043,851
ENERGY - 10.3%
	2,000,000		Ashland, Inc		6.875		05/15/43		1,900,000
	1,034,000		California Resources Corp		5.000		01/15/20		237,820
	2,183,000		California Resources Corp		5.500		09/15/21		480,260
	19,760,000	g	California Resources Corp		8.000		12/15/22		7,607,600
	4,151,000		California Resources Corp		6.000		11/15/24		933,975
	12,960,000		Calumet Specialty Products Partners LP		6.500		04/15/21		9,201,600
	9,835,000		Calumet Specialty Products Partners LP		7.625		01/15/22		6,786,150
	13,000,000		Calumet Specialty Products Partners LP		7.750		04/15/23		8,970,000
	12,950,000		Cloud Peak Energy Resources LLC		8.500		12/15/19		5,698,000
	7,800,000		Concho Resources, Inc		6.500		01/15/22		7,780,500
	2,450,000		Concho Resources, Inc		5.500		04/01/23		2,401,000
	4,000,000		Continental Resources, Inc		7.375		10/01/20		3,760,000
	3,200,000		Continental Resources, Inc		7.125		04/01/21		2,992,000
	6,120,000		Crestwood Midstream Partners LP		6.000		12/15/20		4,819,500
	2,000,000		Crestwood Midstream Partners LP		6.125		03/01/22		1,500,000
	4,945,000	g	Crestwood Midstream Partners LP		6.250		04/01/23		3,671,662
	1,900,000		Denbury Resources, Inc		6.375		08/15/21		893,000
	4,750,000		Denbury Resources, Inc		5.500		05/01/22		2,137,500
	8,750,000		Dynegy, Inc		6.750		11/01/19		8,706,250
	5,000,000		Dynegy, Inc		7.375		11/01/22		4,625,000
	5,000,000		Dynegy, Inc		7.625		11/01/24		4,537,500
	11,000,000		EP Energy LLC		9.375		05/01/20		5,548,125
	6,030,000		EP Energy LLC		7.750		09/01/22		2,803,950
	8,400,000		EP Energy LLC		6.375		06/15/23		3,864,000
	14,900,000		Exterran Partners LP		6.000		04/01/21		10,579,000
	7,500,000		Exterran Partners LP		6.000		10/01/22		5,400,000
	9,360,000	g	Halcon Resources Corp		12.000		02/15/22		6,224,400
	2,500,000		Murphy Oil USA, Inc		6.000		08/15/23		2,587,500
	3,600,000		Newfield Exploration Co		5.375		01/01/26		3,276,000
	11,900,000		Oasis Petroleum, Inc		6.875		03/15/22		8,806,000
	1,845,000		Oasis Petroleum, Inc		6.875		01/15/23		1,360,687
	4,800,000		Peabody Energy Corp		6.000		11/15/18		336,000
	5,500,000		Peabody Energy Corp		6.500		09/15/20		398,750
	9,500,000		Peabody Energy Corp		6.250		11/15/21		665,000
	4,750,000	g	Peabody Energy Corp		10.000		03/15/22		356,250
	3,000,000		Peabody Energy Corp		4.750		12/15/41		22,500
	2,665,000		Precision Drilling Corp		6.500		12/15/21		2,025,400

184

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,562,000		Precision Drilling Corp		5.250	%	11/15/24	$	1,812,615
	11,391,000		Precision Drilling Trust		6.625		11/15/20		9,112,800
	7,335,000		Questar Market Resources, Inc		6.875		03/01/21		6,729,863
	4,750,000		Range Resources Corp		5.750		06/01/21		4,191,875
	4,000,000		Regency Energy Partners LP		5.750		09/01/20		3,998,948
	3,923,000		Regency Energy Partners LP		5.875		03/01/22		3,813,003
	10,835,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		10,415,144
	7,500,000		Sabine Pass Liquefaction LLC		5.625		04/15/23		7,143,750
	1,000,000		Sabine Pass Liquefaction LLC		5.750		05/15/24		955,000
	12,100,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		11,540,375
	5,445,000		Sabine Pass LNG LP		6.500		11/01/20		5,710,444
	9,000,000		SM Energy Co		6.500		11/15/21		6,637,500
	5,850,000		SM Energy Co		6.125		11/15/22		4,285,125
	5,795,000		SM Energy Co		6.500		01/01/23		4,114,450
	8,000,000	g	Sunoco LP		5.500		08/01/20		7,980,000
	10,250,000	g	Sunoco LP		6.375		04/01/23		10,256,355
	8,000,000		Targa Resources Partners LP		5.000		01/15/18		7,980,000
	4,350,000		Tesoro Corp		5.375		10/01/22		4,295,625
	4,800,000	g	Tesoro Logistics LP		5.500		10/15/19		4,764,000
	2,000,000		Tesoro Logistics LP		5.875		10/01/20		1,982,500
	2,000,000	g	Tesoro Logistics LP		6.250		10/15/22		1,990,000
	3,800,000		Transocean, Inc		6.000		03/15/18		3,572,000
	15,650,000		Transocean, Inc		7.125		12/15/21		10,563,750
	1,900,000		Transocean, Inc		4.300		10/15/22		1,049,750
	6,220,000		Transocean, Inc		6.800		03/15/38		3,110,000
	5,650,000		Whiting Petroleum Corp		5.000		03/15/19		3,912,625
	12,450,000		WPX Energy, Inc		7.500		08/01/20		9,742,125
	10,500,000		WPX Energy, Inc		6.000		01/15/22		7,665,000
	9,950,000		WPX Energy, Inc		8.250		08/01/23		7,711,250
			TOTAL ENERGY						310,928,751
FOOD & STAPLES RETAILING - 0.4%
	12,960,000		Ingles Markets, Inc		5.750		06/15/23		13,154,400
			TOTAL FOOD & STAPLES RETAILING						13,154,400
FOOD, BEVERAGE & TOBACCO - 1.2%
	7,500,000		Constellation Brands, Inc		4.750		12/01/25		7,762,500
	7,150,000	g	Post Holdings, Inc		6.750		12/01/21		7,534,312
	13,335,000		Post Holdings, Inc		7.375		02/15/22		14,101,763
	5,509,000		Smithfield Foods, Inc		6.625		08/15/22		5,853,313
	1,400,000	g	TreeHouse Foods, Inc		6.000		02/15/24		1,484,000
			TOTAL FOOD, BEVERAGE & TOBACCO						36,735,888
HEALTH CARE EQUIPMENT & SERVICES - 7.4%
	2,950,000		CHS/Community Health Systems		8.000		11/15/19		2,872,562
	5,000,000		CHS/Community Health Systems		5.125		08/01/21		5,062,500
	17,275,000		CHS/Community Health Systems		6.875		02/01/22		15,590,687
	5,000,000	g	Fresenius Medical Care Capital Trust		5.625		07/31/19		5,454,690
	3,047,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		3,298,377
	9,935,000	g	Greatbatch Ltd		9.125		11/01/23		9,848,069
	575,000		HCA Holdings, Inc		6.250		02/15/21		618,125
	10,000,000		HCA, Inc		6.500		02/15/20		10,975,000

185

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	13,600,000		HCA, Inc		7.500	%	02/15/22	$	15,389,325
	1,800,000		HCA, Inc		5.875		03/15/22		1,948,500
	13,350,000		HCA, Inc		5.375		02/01/25		13,496,049
	19,250,000		HCA, Inc		5.875		02/15/26		19,827,500
	900,000		HCA, Inc		7.500		11/06/33		963,000
	7,125,000		HealthSouth Corp		5.125		03/15/23		7,098,281
	4,625,000		HealthSouth Corp		5.750		11/01/24		4,685,125
	9,200,000		Kinetic Concepts, Inc		10.500		11/01/18		9,223,000
	8,000,000		Kinetic Concepts, Inc		12.500		11/01/19		6,964,960
	1,000,000	g	Kinetic Concepts, Inc		7.875		02/15/21		1,057,500
	6,075,000		LifePoint Health, Inc		5.875		12/01/23		6,362,347
	3,325,000		LifePoint Hospitals, Inc		5.500		12/01/21		3,474,625
	10,863,000		Mallinckrodt International Finance S.A.		3.500		04/15/18		10,428,480
	6,875,000	g	Mallinckrodt International Finance S.A.		5.750		08/01/22		6,333,594
	2,342,000		Mallinckrodt International Finance S.A.		4.750		04/15/23		1,920,440
	4,750,000	g	Mallinckrodt International Finance S.A.		5.625		10/15/23		4,310,625
	1,900,000	g	Mallinckrodt International Finance S.A.		5.500		04/15/25		1,676,750
	13,800,000		Tenet Healthcare Corp		5.000		03/01/19		13,644,750
	7,500,000		Tenet Healthcare Corp		6.750		02/01/20		7,500,000
	2,250,000		Tenet Healthcare Corp		8.000		08/01/20		2,314,688
	4,450,000		Tenet Healthcare Corp		6.000		10/01/20		4,739,250
	16,000,000		Tenet Healthcare Corp		8.125		04/01/22		16,414,560
	7,375,000		Tenet Healthcare Corp		6.750		06/15/23		7,061,563
	1,750,000		Tenet Healthcare Corp		6.875		11/15/31		1,410,938
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						221,965,860
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,632,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						4,632,000
INSURANCE - 0.4%
	11,250,000	g	Onex USI Acquisition Corp		7.750		01/15/21		11,250,000
			TOTAL INSURANCE						11,250,000
MATERIALS - 8.6%
	1,900,000		Alcoa, Inc		6.150		08/15/20		1,980,830
	6,550,000		Alcoa, Inc		5.400		04/15/21		6,654,407
	4,750,000		Alcoa, Inc		5.125		10/01/24		4,560,000
	2,750,000		ArcelorMittal		6.250		08/05/20		2,688,125
	4,750,000		ArcelorMittal		6.500		03/01/21		4,678,750
	2,750,000		ArcelorMittal		7.250		02/25/22		2,721,125
	3,700,000		ArcelorMittal		8.000		10/15/39		3,219,000
	5,700,000		ArcelorMittal		7.750		03/01/41		4,873,500
	7,000,000		Ball Corp		5.000		03/15/22		7,315,000
	3,700,000	g	Belden, Inc		5.500		09/01/22		3,718,500
	4,750,000		Berry Plastics Corp		5.500		05/15/22		4,880,625
	17,025,000	g	Berry Plastics Corp		6.000		10/15/22		17,833,687
	1,900,000		Berry Plastics Corp		5.125		07/15/23		1,923,750
	20,000,000	g	Blue Cube Spinco, Inc		9.750		10/15/23		22,850,000
	11,400,000	g	Blue Cube Spinco, Inc		10.000		10/15/25		13,024,500
	10,425,000	g	Cemex SAB de C.V.		7.750		04/16/26		10,709,603
	2,000,000		Crown Americas LLC		4.500		01/15/23		2,040,000

186

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,391,000		Eagle Spinco, Inc		4.625	%	02/15/21	$	2,313,532
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		13,140,000
	13,700,000	g	Evolution Escrow Issuer LLC		7.500		03/15/22		10,275,000
	900,000	g	FMG Resources August 2006 Pty Ltd		9.750		03/01/22		897,750
	1,800,000	g	FMG Resources August 2006 Pty Ltd		6.875		04/01/22		1,440,000
	7,350,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		7,974,750
	10,450,000		Hexion US Finance Corp		8.875		02/01/18		7,158,250
	15,460,000		Hexion US Finance Corp		6.625		04/15/20		12,831,800
	13,200,000		Hexion US Finance Corp		9.000		11/15/20		5,313,000
	16,000,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		16,670,000
	1,650,000		PolyOne Corp		5.250		03/15/23		1,641,750
	7,778,000	g	Sappi Papier Holding AG.		6.625		04/15/21		8,043,774
	685,000	g	Sealed Air Corp		6.500		12/01/20		774,050
	7,000,000	g	Sealed Air Corp		4.875		12/01/22		7,280,000
	5,000,000	g	Standard Industries, Inc		5.125		02/15/21		5,118,750
	9,500,000	g	Standard Industries, Inc		5.500		02/15/23		9,690,000
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,691,750
	650,000		Steel Dynamics, Inc		6.375		08/15/22		669,500
	6,650,000		Teck Resources Ltd		6.125		10/01/35		3,857,000
	9,500,000		Teck Resources Ltd		6.250		07/15/41		5,462,500
	13,940,000		Tronox Finance LLC		6.375		08/15/20		10,733,800
	13,370,000	g	Univar, Inc		6.750		07/15/23		13,136,025
			TOTAL MATERIALS						261,784,383
MEDIA - 9.2%
	7,500,000		AMC Entertainment, Inc		5.875		02/15/22		7,706,250
	5,000,000		AMC Entertainment, Inc		5.750		06/15/25		5,112,500
	4,175,000		CCO Holdings LLC		6.500		04/30/21		4,324,507
	1,960,000		CCO Holdings LLC		6.625		01/31/22		2,064,738
	20,900,000		CCO Holdings LLC		5.750		01/15/24		21,762,125
	20,000,000	g	CCO Holdings LLC		5.875		04/01/24		20,950,000
	4,750,000	g	CCO Holdings LLC		5.375		05/01/25		4,833,125
	1,000,000		Cinemark USA, Inc		7.375		06/15/21		1,042,500
	4,075,000		Cinemark USA, Inc		4.875		06/01/23		4,109,434
	940,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		803,700
	13,110,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		12,028,425
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		1,919,550
	6,250,000		DISH DBS Corp		6.750		06/01/21		6,453,125
	6,550,000		DISH DBS Corp		5.875		07/15/22		6,206,125
	4,030,000		DISH DBS Corp		5.000		03/15/23		3,586,700
	1,400,000	g	Gannett Co, Inc		4.875		09/15/21		1,442,000
	3,375,000	g	Gannett Co, Inc		5.500		09/15/24		3,476,250
	4,275,000		Lamar Media Corp		5.875		02/01/22		4,499,437
	1,125,000	g	Lamar Media Corp		5.750		02/01/26		1,181,250
	675,000	g	Lynx I Corp		5.375		04/15/21		703,688
	3,800,000	g	Lynx II Corp		6.375		04/15/23		3,952,000
	4,750,000	g	Neptune Finco Corp		10.125		01/15/23		5,082,500
	6,650,000	g	Neptune Finco Corp		10.875		10/15/25		7,265,125
	4,500,000		Nielsen Finance LLC		4.500		10/01/20		4,601,250
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		12,171,875
	17,000,000	g	Numericable Group S.A.		6.000		05/15/22		16,575,000
	5,000,000	g	Numericable-SFR		4.875		05/15/19		4,975,000

187

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,250,000		Outfront Media Capital LLC		5.250	%	02/15/22	$	1,281,250
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,405,687
	5,650,000		Regal Entertainment Group		5.750		06/15/23		5,763,000
	750,000		Regal Entertainment Group		5.750		02/01/25		753,750
	8,400,000	g	Sirius XM Radio, Inc		5.875		10/01/20		8,776,740
	10,638,000		Starz LLC		5.000		09/15/19		10,850,760
	12,250,000	g	Time, Inc		5.750		04/15/22		10,871,875
	7,875,000	g	Unitymedia KabelBW GmbH		6.125		01/15/25		8,194,922
	6,896,000	g	Univision Communications, Inc		6.750		09/15/22		7,309,760
	5,000,000	g	Univision Communications, Inc		5.125		05/15/23		4,975,000
	27,800,000	g	Univision Communications, Inc		5.125		02/15/25		27,452,500
	8,000,000	g	UPCB Finance IV Ltd		5.375		01/15/25		8,130,000
	3,025,000	g	Virgin Media Finance plc		6.000		10/15/24		3,108,188
	10,750,000	g	Virgin Media Secured Finance plc		5.250		01/15/26		10,750,000
			TOTAL MEDIA						278,451,611
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	2,577,000	g	Endo Finance LLC		7.750		01/15/22		2,634,178
	2,375,000	g	Endo Finance LLC		5.875		01/15/23		2,262,188
	6,700,000	g	Endo Finance LLC		6.000		02/01/25		6,281,250
	4,500,000	g	Valeant Pharmaceuticals International, Inc		6.750		08/15/18		4,083,750
	4,500,000	g	Valeant Pharmaceuticals International, Inc		7.000		10/01/20		3,780,000
	2,450,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		1,929,375
	5,000,000	g	VRX Escrow Corp		5.875		05/15/23		3,918,750
	6,250,000	g	VRX Escrow Corp		6.125		04/15/25		4,812,500
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						29,701,991
REAL ESTATE - 1.1%
	6,300,000	g	Communications Sales & Leasing, Inc		6.000		04/15/23		6,126,750
	5,225,000		Communications Sales & Leasing, Inc		8.250		10/15/23		4,846,187
	2,975,000		Equinix, Inc		4.875		04/01/20		3,077,638
	5,625,000		Equinix, Inc		5.375		01/01/22		5,835,938
	12,100,000		Equinix, Inc		5.875		01/15/26		12,741,300
			TOTAL REAL ESTATE						32,627,813
RETAILING - 2.7%
	20,800,000	g	Argos Merger Sub, Inc		7.125		03/15/23		22,048,000
	950,000	g	Asbury Automotive Group, Inc		6.000		12/15/24		959,500
	8,525,000		Asbury Automotive Group, Inc		6.000		12/15/24		8,610,250
	3,440,000	g	Family Tree Escrow LLC		5.750		03/01/23		3,644,250
	8,750,000	g	Guitar Center, Inc		6.500		04/15/19		7,875,000
	1,275,000		JC Penney Corp, Inc		5.650		06/01/20		1,236,750
	3,000,000		JC Penney Corp, Inc		6.375		10/15/36		2,445,000
	6,650,000		L Brands, Inc		6.875		11/01/35		7,216,580
	1,875,000		Limited Brands, Inc		7.000		05/01/20		2,146,294
	14,570,000		Men’s Wearhouse, Inc		7.000		07/01/22		12,348,075
	5,000,000		Penske Automotive Group, Inc		5.375		12/01/24		4,962,500
	3,050,000		Sally Holdings LLC		5.625		12/01/25		3,248,250
	5,000,000		Sonic Automotive, Inc		7.000		07/15/22		5,275,000
			TOTAL RETAILING						82,015,449

188

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
$	5,000,000		Micron Technology, Inc		5.500	%	02/01/25	$	4,053,125
	4,500,000	g	Micron Technology, Inc		5.625		01/15/26		3,555,000
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						7,608,125
SOFTWARE & SERVICES - 2.6%
	9,500,000	g	First Data Corp		7.000		12/01/23		9,595,000
	4,500,000	g	First Data Corp		5.000		01/15/24		4,505,625
	6,750,000	g	First Data Corp		5.750		01/15/24		6,749,325
	2,000,000	g	IMS Health, Inc		6.000		11/01/20		2,055,000
	4,750,000	g,o	Infor Software Parent LLC		7.125		05/01/21		3,550,625
	4,000,000	g	MSCI, Inc		5.750		08/15/25		4,210,000
	6,350,000		NCR Corp		5.875		12/15/21		6,492,875
	4,750,000		NCR Corp		6.375		12/15/23		4,892,500
	3,000,000	g	Nielsen Co Luxembourg SARL		5.500		10/01/21		3,120,000
	5,000,000	g	Open Text Corp		5.625		01/15/23		5,100,000
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		4,002,375
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		2,034,800
	14,000,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		13,195,000
	8,400,000	g	SS&C Technologies Holdings, Inc		5.875		07/15/23		8,722,879
			TOTAL SOFTWARE & SERVICES						78,226,004
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	10,550,000	g,o	CommScope, Inc		6.625		06/01/20		10,813,750
	3,500,000	g	CommScope, Inc		5.000		06/15/21		3,526,250
	23,700,000	g	CommScope, Inc		6.000		06/15/25		24,055,500
	5,000,000		International Game Technology		7.500		06/15/19		5,437,500
	8,000,000	g	NXP BV		4.625		06/15/22		8,210,000
	4,750,000	g	NXP Funding LLC		5.750		02/15/21		4,975,625
	9,500,000	g,h	Western Digital Corp		7.375		04/01/23		9,690,000
	9,000,000	g,h	Western Digital Corp		10.500		04/01/24		9,005,625
	4,400,000		Zebra Technologies Corp		7.250		10/15/22		4,774,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						80,488,250
TELECOMMUNICATION SERVICES - 8.0%
	9,500,000	g	Altice Financing S.A.		6.500		01/15/22		9,666,250
	10,050,000	g	Altice Financing S.A.		6.625		02/15/23		10,075,125
	2,000,000		CenturyLink, Inc		5.625		04/01/20		2,026,020
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,078,720
	7,300,000		CenturyLink, Inc		5.800		03/15/22		7,023,330
	4,375,000		CenturyLink, Inc		6.750		12/01/23		4,254,687
	3,300,000		CenturyLink, Inc		7.650		03/15/42		2,722,500
	3,200,000		Citizens Communications Co		7.125		03/15/19		3,288,000
	2,750,000		Citizens Communications Co		9.000		08/15/31		2,344,375
	9,400,000		Frontier Communications Corp		8.500		04/15/20		9,646,750
	14,095,000	g	Frontier Communications Corp		8.875		09/15/20		14,711,656
	4,750,000	g	Frontier Communications Corp		10.500		09/15/22		4,868,750
	3,225,000		Frontier Communications Corp		7.125		01/15/23		2,854,125
	10,450,000	g	Frontier Communications Corp		11.000		09/15/25		10,502,250
	3,400,000		Intelsat Luxembourg S.A.		6.750		06/01/18		2,592,500
	11,400,000	g	Level 3 Financing, Inc		5.250		03/15/26		11,485,500
	4,950,000	g	Sable International Finance Ltd		6.875		08/01/22		4,950,000
	8,257,000		Sprint Capital Corp		6.875		11/15/28		6,027,610

189

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	8,525,000		Sprint Capital Corp		8.750	%	03/15/32	$	6,670,813
	2,825,000		Sprint Corp		7.250		09/15/21		2,157,594
	6,900,000		Sprint Corp		7.875		09/15/23		5,261,250
	1,900,000		Sprint Corp		7.625		02/15/25		1,410,750
	11,400,000	g	Sprint Nextel Corp		7.000		03/01/20		11,400,000
	4,750,000		Telecom Italia Capital S.A.		7.721		06/04/38		4,978,523
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		9,532,500
	12,350,000		T-Mobile USA, Inc		6.542		04/28/20		12,751,375
	4,750,000		T-Mobile USA, Inc		6.125		01/15/22		4,904,375
	15,600,000		T-Mobile USA, Inc		6.731		04/28/22		16,298,880
	525,000		T-Mobile USA, Inc		6.836		04/28/23		548,625
	8,100,000		T-Mobile USA, Inc		6.500		01/15/24		8,424,000
	8,865,000		T-Mobile USA, Inc		6.000		04/15/24		8,975,813
	6,950,000		T-Mobile USA, Inc		6.375		03/01/25		7,115,062
	4,550,000	g	Wind Acquisition Finance S.A.		4.750		07/15/20		4,299,750
	9,500,000	g	Wind Acquisition Finance S.A.		7.375		04/23/21		8,597,500
	14,250,000		Windstream Corp		7.750		10/01/21		11,622,656
	2,000,000		Windstream Corp		7.500		04/01/23		1,510,000
			TOTAL TELECOMMUNICATION SERVICES						241,577,614
TRANSPORTATION - 2.7%
	12,050,000	g	American Airlines Group, Inc		4.625		03/01/20		11,809,000
	7,750,000	g	Bombardier, Inc		7.500		03/15/18		7,633,750
	10,150,000	g	Bombardier, Inc		5.500		09/15/18		9,338,000
	6,000,000	g	Bombardier, Inc		7.750		03/15/20		5,160,000
	4,500,000	g	Bombardier, Inc		6.000		10/15/22		3,356,550
	7,825,000	g	Bombardier, Inc		6.125		01/15/23		5,927,438
	14,800,000	g	Bombardier, Inc		7.500		03/15/25		11,248,000
	2,525,000		Bristow Group, Inc		6.250		10/15/22		1,767,500
	17,920,000		Gulfmark Offshore, Inc		6.375		03/15/22		8,758,400
	12,000,000	g	KLX, Inc		5.875		12/01/22		11,880,000
	3,750,000	g	Meccanica Holdings USA, Inc		6.250		07/15/19		4,068,750
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		1,872,000
			TOTAL TRANSPORTATION						82,819,388
UTILITIES - 4.5%
	11,145,000		AES Corp		7.375		07/01/21		12,482,400
	2,000,000		AES Corp		5.500		04/15/25		1,930,000
	2,500,000		AmeriGas Finance LLC		6.750		05/20/20		2,562,500
	14,000,000		AmeriGas Finance LLC		7.000		05/20/22		14,350,000
	7,108,000		AmeriGas Partners LP		6.250		08/20/19		7,267,930
	8,522,000	g	Calpine Corp		7.875		01/15/23		9,033,320
	6,000,000	g	Eco Services Operations LLC		8.500		11/01/22		5,520,000
	13,873,000		Ferrellgas Partners LP		8.625		06/15/20		12,832,525
	8,480,000		Ferrellgas Partners LP		6.500		05/01/21		7,526,000
	11,000,000		Ferrellgas Partners LP		6.750		01/15/22		9,762,500
	7,500,000	g	Ferrellgas Partners LP		6.750		06/15/23		6,581,250
	14,250,000		NGL Energy Partners LP		5.125		07/15/19		8,621,250
	3,000,000		NRG Energy, Inc		8.250		09/01/20		3,022,500
	6,320,000		NRG Energy, Inc		7.875		05/15/21		6,296,300
	5,000,000		NRG Energy, Inc		6.250		07/15/22		4,648,440
	6,750,000		NRG Energy, Inc		6.625		03/15/23		6,296,467

190

TIAA-CREF FUNDS - High-Yield Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	7,000,000	NRG Energy, Inc		6.250	%	05/01/24	$	6,422,500
	1,397,000	Suburban Propane Partners LP		7.375		08/01/21		1,421,448
	10,200,000	Suburban Propane Partners LP		5.750		03/01/25		9,741,000
		TOTAL UTILITIES						136,318,330
		TOTAL CORPORATE BONDS						2,510,273,379
		(Cost $2,726,657,246)
		TOTAL BONDS						2,510,273,379
		(Cost $2,726,657,246)
SHORT-TERM INVESTMENTS - 4.1%
GOVERNMENT AGENCY DEBT - 1.4%
	20,000,000	Federal Home Loan Bank (FHLB)		0.080		04/01/16		20,000,000
	9,400,000	FHLB		0.110		04/13/16		9,399,342
	12,672,000	FHLB		0.350-0.380		04/15/16		12,670,961
		TOTAL GOVERNMENT AGENCY DEBT						42,070,303
TREASURY DEBT - 2.7%
	49,450,000	United States Treasury Bill		0.198-0.281		04/07/16		49,449,110
	22,000,000	United States Treasury Bill		0.241-0.245		04/14/16		21,999,098
	6,500,000	United States Treasury Bill		0.235		04/21/16		6,499,571
	2,950,000	United States Treasury Bill		0.290		06/09/16		2,949,012
		TOTAL TREASURY DEBT						80,896,791
		TOTAL SHORT-TERM INVESTMENTS						122,967,094
		(Cost $122,963,497)
		TOTAL INVESTMENTS - 98.6%						2,975,869,608
		(Cost $3,222,294,893)
		OTHER ASSETS & LIABILITIES, NET - 1.4%						41,576,956
		NET ASSETS - 100.0%					$	3,017,446,564

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $1,082,999,783 or 35.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
n	In default
o	Payment in Kind Bond

191

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS  

March 31, 2016

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 96.4%
CORPORATE BONDS - 0.1%
DIVERSIFIED FINANCIALS - 0.1%
$	2,943,704		HNA 2015 LLC		2.369	%	09/18/27	$	2,994,695
			TOTAL DIVERSIFIED FINANCIALS						2,994,695
			TOTAL CORPORATE BONDS						2,994,695
			(Cost $2,943,704)
GOVERNMENT BONDS -  96.3%
AGENCY SECURITIES - 0.4%
	3,500,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		3,631,544
	3,000,000		PEFCO		3.250		06/15/25		3,209,541
	3,000,000		Ukraine Government AID Bonds		1.847		05/29/20		3,052,035
			TOTAL AGENCY SECURITIES						9,893,120
MORTGAGE BACKED - 0.3%
	6,866,670		Government National Mortgage Association (GNMA)		3.700		10/15/33		7,592,399
			TOTAL MORTGAGE BACKED						7,592,399
U.S. TREASURY SECURITIES - 95.6%
	28,556,043	k	United States Treasury Inflation Indexed Bonds		2.500		07/15/16		29,072,879
	27,404,687	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/17		28,242,531
	131,149,549	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/17		132,652,261
	31,385,867	k	United States Treasury Inflation Indexed Bonds		2.625		07/15/17		33,052,425
	31,174,446	k	United States Treasury Inflation Indexed Bonds		1.625		01/15/18		32,600,022
	134,152,865	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/18		136,538,908
	32,217,837	k	United States Treasury Inflation Indexed Bonds		1.375		07/15/18		33,996,938
	36,850,918	k	United States Treasury Inflation Indexed Bonds		2.125		01/15/19		39,785,541
	109,191,240	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/19		111,554,248
	35,405,893	k	United States Treasury Inflation Indexed Bonds		1.875		07/15/19		38,494,242
	63,813,527	k	United States Treasury Inflation Indexed Bonds		1.375		01/15/20		68,325,335
	164,895,690	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		168,378,287
	70,166,730	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		75,436,532
	87,808,291	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		93,857,667
	86,119,545	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		90,414,326
	74,327,550	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		75,448,261
	103,018,000	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		104,838,225
	67,739,100	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		68,317,727
	61,078,800	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		62,933,458
	72,849,093	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		75,868,323
	64,851,800	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		65,092,465
	42,008,820	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		42,376,397
	67,055,307	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		79,870,046

192

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	57,941,420	k	United States Treasury Inflation Indexed Bonds		0.375	%	07/15/25	$	59,218,681
	39,880,800	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		41,706,583
	70,489,242	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		82,550,444
	38,775,818	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		47,372,649
	49,220,071	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		57,081,206
	33,782,302	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		46,526,777
	35,519,090	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		44,621,318
	31,686,257	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		45,368,700
	5,644,319	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		8,172,359
	5,000,000		United States Treasury Note		1.000		12/31/17		5,024,025
	10,000,000		United States Treasury Note		1.000		03/15/19		10,041,020
	10,000,000		United States Treasury Note		2.125		12/31/22		10,390,230
	10,000,000		United States Treasury Note		1.625		02/15/26		9,859,770
			TOTAL U.S. TREASURY SECURITIES						2,155,080,806
			TOTAL GOVERNMENT BONDS						2,172,566,325
			(Cost $2,084,214,531)
			TOTAL BONDS						2,175,561,020
			(Cost $2,087,158,235)
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 0.6%
	10,000,000		Federal Home Loan Bank (FHLB)		0.180		04/20/16		9,998,890
	3,000,000		FHLB		0.370		05/11/16		2,999,133
			TOTAL GOVERNMENT AGENCY DEBT						12,998,023
TREASURY DEBT - 2.2%
	50,000,000		United States Treasury Bill		0.241		04/14/16		49,997,950
			TOTAL TREASURY DEBT						49,997,950
			TOTAL SHORT-TERM INVESTMENTS						62,995,973
			(Cost $62,993,466)
			TOTAL INVESTMENTS - 99.2%						2,238,556,993
			(Cost $2,150,151,701)
			OTHER ASSETS & LIABILITIES, NET - 0.8%						17,403,149
			NET ASSETS - 100.0%					$	2,255,960,142

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

193

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS  

March 31, 2016

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 3.6%
CAPITAL GOODS - 0.1%
$	1,760,356	i	TransDigm, Inc		3.750	%	02/28/20	$	1,735,200
			TOTAL CAPITAL GOODS						1,735,200
CONSUMER DURABLES & APPAREL - 0.2%
	594,000	i	Hanesbrands, Inc		3.250		04/29/22		596,411
	1,631,289	i	PVH Corp		3.250		02/13/20		1,639,853
			TOTAL CONSUMER DURABLES & APPAREL						2,236,264
CONSUMER SERVICES - 0.6%
	733,500	i	ARAMARK Corp		3.250		09/07/19		731,300
	1,500,000	h,i	ARAMARK Corp		3.250		02/24/21		1,493,745
	2,535,000	i	Hilton Worldwide		3.500		10/26/20		2,534,214
	1,146,385	i	La Quinta Intermediate Holdings LLC		3.750		04/14/21		1,124,409
	2,961,735	i	MGM Resorts International		3.500		12/20/19		2,953,264
			TOTAL CONSUMER SERVICES						8,836,932
DIVERSIFIED FINANCIALS - 0.1%
	2,000,000	i	International Lease Finance Corp		3.500		03/06/21		2,002,000
	500,000	i	Trans Union LLC		3.500		04/09/21		494,750
			TOTAL DIVERSIFIED FINANCIALS						2,496,750
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	889,254	i	Capsugel Holdings US, Inc		3.500		08/01/18		885,502
	1,980,000	i	CHS/Community Health Systems		3.741		12/31/18		1,958,477
	126,997	i	CHS/Community Health Systems		4.000		01/27/21		124,722
	2,962,312	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		2,966,014
	1,974,684	i	HCA, Inc		3.381		05/01/18		1,973,795
	759,494	i	HCA, Inc		3.381		03/18/23		761,871
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,670,381
MATERIALS - 0.1%
	2,000,000	h,i	WR Grace & Co-Conn		2.750		02/03/21		1,975,840
			TOTAL MATERIALS						1,975,840
MEDIA - 0.7%
	2,969,656	i	AMC Entertainment, Inc		4.000		12/15/22		2,974,289
	2,812,500	i	CBS Outdoor Americas Capital LLC		3.000		02/01/21		2,794,922
	2,000,000	i	CCO Safari III LLC		3.250		08/24/21		1,993,060
	730,585	i	CSC Holdings LLC		2.933		04/17/20		729,672
	1,372,182	i	Nielsen Finance LLC		3.441		04/15/21		1,372,525
	986,900	i	Univision Communications, Inc		4.000		03/01/20		976,103
	290,831	i	Univision Communications, Inc		4.000		03/01/20		287,621
			TOTAL MEDIA						11,128,192

194

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
$	346,500	i	Valeant Pharmaceuticals International, Inc		4.000	%	04/01/22	$	326,722
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						326,722
RETAILING - 0.1%
	1,000,000	h,i	PetSmart, Inc		4.250		03/11/22		995,250
	1,000,000	i	Staples Escrow LLC		4.750		02/02/22		998,470
			TOTAL RETAILING						1,993,720
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	2,575,000		Avago Technologies Cayman Finance Ltd		4.250		02/01/23		2,560,657
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						2,560,657
SOFTWARE & SERVICES - 0.2%
	2,962,217	i	IMS Health, Inc		3.500		03/17/21		2,952,974
			TOTAL SOFTWARE & SERVICES						2,952,974
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	1,815,875	i	CommScope, Inc		3.828		12/29/22		1,811,898
	1,974,747	i	GXS Group, Inc		3.250		01/16/21		1,976,386
	2,954,583	i	NXP BV		3.250		01/10/20		2,934,019
	99,750	i	NXP BV		3.750		12/07/20		99,906
	990,000	i	Sensata Technologies BV		3.000		10/14/21		985,674
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						7,807,883
TRANSPORTATION - 0.1%
	2,000,000	h,i	American Airlines, Inc		3.500		10/10/21		1,993,500
			TOTAL TRANSPORTATION						1,993,500
UTILITIES - 0.1%
	992,500	i	Calpine Corp		3.500		05/27/22		978,387
			TOTAL UTILITIES						978,387
			TOTAL BANK LOAN OBLIGATIONS						55,693,402
			(Cost $55,831,783)
BONDS - 92.6%
CORPORATE BONDS - 37.9%
AUTOMOBILES & COMPONENTS - 0.1%
	1,125,000	g	Hyundai Capital America		2.400		10/30/18		1,132,679
			TOTAL AUTOMOBILES & COMPONENTS						1,132,679
BANKS - 13.0%
	500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		500,050
	788,000	g	Bank Nederlandse Gemeenten NV		1.375		09/27/17		791,870
	3,000,000	g	Bank Nederlandse Gemeenten NV		1.250		10/29/18		3,004,314
	2,675,000		Bank of America Corp		3.750		07/12/16		2,694,549
	9,350,000		Bank of America Corp		2.000		01/11/18		9,389,513

195

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,000,000		Bank of America NA		1.650	%	03/26/18	$	9,989,190
	5,000,000		Bank of America NA		1.750		06/05/18		4,999,465
	15,000,000		Bank of Nova Scotia		2.125		09/11/19		15,239,295
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,008,505
	5,000,000		BB&T Corp		1.350		10/01/17		5,007,815
	2,500,000		BDO Unibank, Inc		4.500		02/16/17		2,562,500
	3,835,000		Capital One Bank USA NA		1.150		11/21/16		3,832,362
	1,500,000		Capital One Bank USA NA		1.650		02/05/18		1,489,360
	6,750,000		Citigroup, Inc		1.300		11/15/16		6,758,816
	2,000,000		Citigroup, Inc		1.800		02/05/18		1,999,152
	2,000,000		Citigroup, Inc		1.700		04/27/18		1,993,044
	5,000,000		Citigroup, Inc		2.050		12/07/18		5,021,825
	3,000,000		Deutsche Bank AG		1.875		02/13/18		2,981,241
	5,000,000	g	Dexia Credit Local S.A.		1.875		03/28/19		5,025,045
	5,000,000	g	DNB Boligkreditt AS.		2.000		05/28/20		5,017,000
	2,500,000		Fifth Third Bancorp		1.350		06/01/17		2,499,332
	3,700,000		HSBC USA, Inc		1.625		01/16/18		3,692,874
	5,000,000		Huntington National Bank		1.300		11/20/16		5,000,365
	2,000,000		Industrial & Commercial Bank of China Ltd		2.157		11/13/18		2,011,288
	3,000,000		JPMorgan Chase & Co		1.350		02/15/17		3,006,123
	5,000,000		JPMorgan Chase & Co		1.700		03/01/18		5,017,085
	3,000,000		KeyBank NA		1.700		06/01/18		2,999,892
	3,500,000		KeyBank NA		2.350		03/08/19		3,532,382
	2,000,000		PNC Bank NA		1.125		01/27/17		2,002,230
	5,000,000		PNC Bank NA		1.500		02/23/18		5,005,725
	3,800,000		PNC Bank NA		1.850		07/20/18		3,834,109
	5,000,000		Royal Bank of Canada		2.000		12/10/18		5,049,490
	10,000,000		Royal Bank of Canada		1.875		02/05/20		10,052,360
	5,000,000		Royal Bank of Canada		2.100		10/14/20		5,046,400
	11,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		10,976,207
	8,000,000	g	SpareBank Boligkreditt AS.		1.250		05/02/18		7,982,968
	1,800,000	g	State Bank of India		4.125		08/01/17		1,848,713
	300,000	g	State Bank of India		3.250		04/18/18		305,309
	4,000,000		Sumitomo Mitsui Banking Corp		1.950		07/23/18		4,012,620
	1,000,000		SunTrust Banks, Inc		1.350		02/15/17		1,000,719
	2,000,000		SunTrust Banks, Inc		2.500		05/01/19		2,019,302
	5,000,000		Toronto-Dominion Bank		1.625		03/13/18		5,021,050
	1,500,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,522,515
	500,000	g	Turkiye Is Bankasi		3.875		11/07/17		504,195
	1,500,000	g	Turkiye Is Bankasi		5.500		04/21/19		1,545,600
	1,000,000	g	Turkiye Is Bankasi		5.375		10/06/21		1,000,497
	500,000		Union Bank NA		2.125		06/16/17		502,569
	500,000		US Bancorp		1.650		05/15/17		503,455
	5,000,000		US Bank NA		1.100		01/30/17		5,011,295
	5,000,000		Wells Fargo Bank NA		1.650		01/22/18		5,039,865
	1,375,000	g	Zenith Bank plc		6.250		04/22/19		1,242,065
			TOTAL BANKS						198,093,510
CAPITAL GOODS - 1.0%
	3,000,000		Caterpillar Financial Services Corp		1.250		08/18/17		3,009,567
	475,000		Caterpillar, Inc		1.500		06/26/17		477,596
	2,000,000		Eaton Corp		1.500		11/02/17		2,001,862

196

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		John Deere Capital Corp		1.050	%	10/11/16	$	2,002,656
	1,000,000		John Deere Capital Corp		2.000		01/13/17		1,008,700
	1,000,000		John Deere Capital Corp		1.400		03/15/17		1,005,735
	3,200,000		John Deere Capital Corp		1.600		07/13/18		3,226,061
	2,000,000	g	TSMC Global Ltd		1.625		04/03/18		1,988,860
	500,000		United Technologies Corp		1.800		06/01/17		504,872
			TOTAL CAPITAL GOODS						15,225,909
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	4,400,000		Air Lease Corp		2.125		01/15/18		4,356,000
	3,000,000	g	Daimler Finance North America LLC		2.000		08/03/18		3,025,842
	5,000,000		Visa, Inc		1.200		12/14/17		5,029,885
	1,000,000		Waste Management, Inc		2.600		09/01/16		1,006,452
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						13,418,179
CONSUMER DURABLES & APPAREL - 0.2%
	2,025,000		Newell Rubbermaid, Inc		2.150		10/15/18		2,025,326
	1,925,000		Newell Rubbermaid, Inc		2.600		03/29/19		1,953,367
			TOTAL CONSUMER DURABLES & APPAREL						3,978,693
CONSUMER SERVICES - 0.5%
	1,000,000	g	SABMiller Holdings, Inc		2.450		01/15/17		1,009,168
	2,500,000		Walt Disney Co		0.875		05/30/17		2,502,635
	5,000,000		Walt Disney Co		1.650		01/08/19		5,087,645
			TOTAL CONSUMER SERVICES						8,599,448
DIVERSIFIED FINANCIALS - 7.0%
	10,000,000		Ally Financial, Inc		3.500		07/18/16		10,005,000
	500,000		American Express Centurion Bank		6.000		09/13/17		530,951
	1,000,000		American Express Credit Corp		1.300		07/29/16		1,001,654
	1,000,000		American Express Credit Corp		2.800		09/19/16		1,008,532
	3,000,000		American Express Credit Corp		1.550		09/22/17		3,009,831
	3,400,000		American Express Credit Corp		1.875		11/05/18		3,421,502
	1,000,000	g	Bayer US Finance LLC		1.500		10/06/17		1,005,842
	1,000,000		BNP Paribas S.A.		1.375		03/17/17		1,001,150
	8,000,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		8,046,552
	1,675,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,712,373
	3,250,000		Ford Motor Credit Co LLC		3.000		06/12/17		3,293,098
	825,000		Ford Motor Credit Co LLC		6.625		08/15/17		875,132
	2,000,000		Ford Motor Credit Co LLC		1.684		09/08/17		1,991,880
	2,000,000		Ford Motor Credit Co LLC		2.240		06/15/18		1,999,296
	4,750,000		Ford Motor Credit Co LLC		2.551		10/05/18		4,770,164
	7,118,000	g	GE Capital International Funding Co		0.964		04/15/16		7,118,391
	2,312,000		General Motors Financial Co, Inc		2.750		05/15/16		2,316,169
	2,750,000		General Motors Financial Co, Inc		2.625		07/10/17		2,766,907
	1,000,000		General Motors Financial Co, Inc		2.400		04/10/18		999,895
	1,000,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		1,023,196
	3,000,000	g	ICICI Bank Ltd		3.500		03/18/20		3,082,596
	200,000		International Lease Finance Corp		5.750		05/15/16		200,500
	200,000		International Lease Finance Corp		3.875		04/15/18		201,140
	3,300,000		Morgan Stanley		1.875		01/05/18		3,310,847
	3,000,000		Morgan Stanley		2.200		12/07/18		3,022,602

197

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		Morgan Stanley		2.450	%	02/01/19	$	5,074,225
	1,500,000	g	Nacional Financiera SNC		3.375		11/05/20		1,511,250
	1,000,000		National Rural Utilities Cooperative Finance Corp		1.100		01/27/17		1,001,370
	8,300,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		8,442,469
	1,000,000		Synchrony Financial		1.875		08/15/17		996,989
	410,000		Toyota Motor Credit Corp		1.250		10/05/17		410,740
	2,000,000		UBS AG.		1.375		08/14/17		1,995,476
	11,000,000		Wells Fargo & Co		1.250		07/20/16		11,019,701
	3,500,000		Wells Fargo & Co		2.100		05/08/17		3,540,106
	5,000,000		Wells Fargo & Co		1.400		09/08/17		5,009,340
			TOTAL DIVERSIFIED FINANCIALS						106,716,866
ENERGY - 2.6%
	1,600,000		BP Capital Markets plc		1.375		05/10/18		1,590,779
	2,000,000		Chevron Corp		1.104		12/05/17		1,996,700
	5,000,000		Chevron Corp		1.365		03/02/18		5,018,385
	3,800,000		Ecopetrol S.A.		4.250		09/18/18		3,847,500
	3,000,000		Enterprise Products Operating LLC		1.650		05/07/18		2,989,476
	5,000,000		Exxon Mobil Corp		1.305		03/06/18		5,023,045
	1,500,000	g	Pertamina PT		5.250		05/23/21		1,570,143
	500,000	i	Petrobras Global Finance BV		2.238		05/20/16		498,250
	3,000,000		Petrobras Global Finance BV		4.875		03/17/20		2,496,600
	600,000		Petrobras International Finance Co		5.875		03/01/18		575,880
	2,425,000		Petroleos Mexicanos		3.500		07/18/18		2,457,738
	3,500,000	g	Petroleos Mexicanos		5.500		02/04/19		3,666,250
	2,000,000	g	Petroleos Mexicanos		6.375		02/04/21		2,133,000
	1,320,500		Petroleos Mexicanos		2.378		04/15/25		1,350,936
	750,000		Statoil ASA		1.200		01/17/18		748,310
	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		753,494
	1,400,000	g	YPF S.A.		8.500		03/23/21		1,401,750
			TOTAL ENERGY						39,133,236
FOOD & STAPLES RETAILING - 0.4%
	1,000,000		CVS Health Corp		1.200		12/05/16		1,002,244
	2,875,000	h	SYSCO Corp		1.900		04/01/19		2,893,409
	2,450,000		Walgreens Boots Alliance, Inc		1.750		11/17/17		2,455,635
			TOTAL FOOD & STAPLES RETAILING						6,351,288
FOOD, BEVERAGE & TOBACCO - 1.1%
	2,000,000		Anheuser-Busch InBev Finance, Inc		1.125		01/27/17		2,003,872
	5,000,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		5,072,330
	600,000		Coca-Cola Co		1.800		09/01/16		602,575
	2,000,000		Diageo Capital plc		1.125		04/29/18		1,992,418
	675,000	g	HJ Heinz Co		2.000		07/02/18		681,338
	1,650,000		JM Smucker Co		1.750		03/15/18		1,656,798
	2,050,000		PepsiCo, Inc		1.000		10/13/17		2,053,649
	1,350,000		PepsiCo, Inc		1.500		02/22/19		1,367,002
	1,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		1,009,932
			TOTAL FOOD, BEVERAGE & TOBACCO						16,439,914

198

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
$	200,000		Becton Dickinson & Co		1.750	%	11/08/16	$	200,671
	3,300,000		Becton Dickinson & Co		1.450		05/15/17		3,305,508
	1,000,000		McKesson Corp		1.292		03/10/17		1,001,848
	6,175,000		Medtronic, Inc		1.500		03/15/18		6,228,895
	2,875,000		Stryker Corp		2.000		03/08/19		2,903,592
	2,250,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		2,247,824
	5,000,000		Zimmer Holdings, Inc		2.000		04/01/18		5,012,480
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						20,900,818
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Ecolab, Inc		3.000		12/08/16		1,012,189
	375,000		Ecolab, Inc		1.450		12/08/17		374,135
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,386,324
INSURANCE - 0.6%
	750,000		Aetna, Inc		1.500		11/15/17		751,589
	2,000,000	g	Metropolitan Life Global Funding I		1.300		04/10/17		2,003,174
	400,000		Principal Financial Group, Inc		1.850		11/15/17		400,833
	5,000,000		UnitedHealth Group, Inc		1.450		07/17/17		5,028,510
	425,000		UnitedHealth Group, Inc		1.400		10/15/17		426,657
			TOTAL INSURANCE						8,610,763
MATERIALS - 1.1%
	1,000,000	g	Cemex SAB de C.V.		5.875		03/25/19		1,005,000
	300,000		Corning, Inc		1.450		11/15/17		298,810
	2,375,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		2,483,502
	5,000,000	g	Glencore Funding LLC		2.125		04/16/18		4,668,750
	2,000,000		Kimberly-Clark Corp		1.400		02/15/19		2,019,280
	5,000,000		Monsanto Co		1.150		06/30/17		4,990,505
	1,500,000	g	Union Andina de Cementos SAA		5.875		10/30/21		1,503,750
			TOTAL MATERIALS						16,969,597
MEDIA - 0.2%
	1,000,000		CBS Corp		4.000		01/15/26		1,044,971
	625,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		630,687
	1,000,000		Viacom, Inc		3.500		04/01/17		1,012,371
			TOTAL MEDIA						2,688,029
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
	1,200,000		AbbVie, Inc		1.750		11/06/17		1,205,647
	4,800,000		AbbVie, Inc		1.800		05/14/18		4,832,851
	3,400,000		Actavis Funding SCS		1.850		03/01/17		3,416,347
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,945,763
	450,000		Actavis Funding SCS		3.000		03/12/20		463,025
	700,000		Actavis Funding SCS		3.800		03/15/25		728,461
	1,000,000		Amgen, Inc		1.250		05/22/17		1,002,035
	1,300,000		Celgene Corp		2.125		08/15/18		1,314,910
	600,000		Johnson & Johnson		2.150		05/15/16		601,122
	5,000,000		Johnson & Johnson		1.125		03/01/19		5,013,135
	2,500,000	g	Mylan NV		3.000		12/15/18		2,534,745
	3,275,000		Perrigo Co plc		1.300		11/08/16		3,259,771
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						28,317,812

199

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REAL ESTATE - 0.1%
$	1,000,000		Ventas Realty LP		1.250	%	04/17/17	$	995,892
			TOTAL REAL ESTATE						995,892
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	1,000,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		1,025,090
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,025,090
SOFTWARE & SERVICES - 0.4%
	800,000		Baidu, Inc		3.000		06/30/20		812,088
	5,000,000		Fidelity National Information Services, Inc		2.850		10/15/18		5,082,320
			TOTAL SOFTWARE & SERVICES						5,894,408
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
	5,000,000		Amphenol Corp		1.550		09/15/17		4,991,670
	3,000,000		Apple, Inc		1.000		05/03/18		3,006,564
	2,225,000		Apple, Inc		1.700		02/22/19		2,259,358
	250,000		CC Holdings GS V LLC		2.381		12/15/17		252,152
	1,000,000		Cisco Systems, Inc		1.100		03/03/17		1,003,148
	1,500,000		Cisco Systems, Inc		1.650		06/15/18		1,522,776
	5,000,000	g	Hewlett-Packard Enterprise Co		2.450		10/05/17		5,033,100
	1,000,000		L-3 Communications Corp		3.950		11/15/16		1,013,066
	4,950,000		L-3 Communications Corp		1.500		05/28/17		4,933,378
	475,000		Tyco Electronics Group S.A.		2.375		12/17/18		480,420
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						24,495,632
TELECOMMUNICATION SERVICES - 0.8%
	980,000		Alibaba Group Holding Ltd		1.625		11/28/17		979,454
	1,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		1,008,950
	1,000,000		America Movil SAB de C.V.		2.375		09/08/16		1,004,209
	1,000,000	i	America Movil SAB de C.V.		1.632		09/12/16		999,603
	1,330,000		AT&T, Inc		1.400		12/01/17		1,329,778
	1,825,000		British Telecommunications plc		1.625		06/28/16		1,827,281
	750,000	g	Telemar Norte Leste S.A.		5.500		10/23/20		262,500
	5,000,000		Verizon Communications, Inc		1.350		06/09/17		5,014,635
			TOTAL TELECOMMUNICATION SERVICES						12,426,410
TRANSPORTATION - 0.3%
	1,275,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		1,279,969
	3,000,000	g	ERAC USA Finance LLC		1.400		04/15/16		3,000,501
			TOTAL TRANSPORTATION						4,280,470
UTILITIES - 2.7%
	2,150,000		American Electric Power Co, Inc		1.650		12/15/17		2,137,246
	5,000,000		Berkshire Hathaway Energy Co		1.100		05/15/17		4,997,980
	2,000,000		Commonwealth Edison Co		1.950		09/01/16		2,006,946
	2,000,000		Dominion Resources, Inc		1.400		09/15/17		1,990,936
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,004,907
	2,000,000	g	Electricite de France		1.150		01/20/17		1,995,792

200

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,200,000	g	Eskom Holdings SOC Ltd		5.750	%	01/26/21	$	1,104,240
	1,325,000		Exelon Corp		1.550		06/09/17		1,322,985
	550,000	g	Israel Electric Corp Ltd		6.700		02/10/17		570,755
	2,600,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,761,694
	600,000		Kinder Morgan, Inc		2.000		12/01/17		593,619
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,534,520
	1,000,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		1,010,611
	1,225,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,222,649
	1,025,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		996,025
	4,225,000		Northeast Utilities		1.600		01/15/18		4,204,483
	1,500,000		Northeast Utilities		1.450		05/01/18		1,486,893
	2,000,000		Sempra Energy		2.300		04/01/17		2,012,862
	2,825,000		Southern Power Co		1.850		12/01/17		2,845,950
	1,625,000		WEC Energy Group, Inc		1.650		06/15/18		1,625,715
	5,000,000		Xcel Energy, Inc		0.750		05/09/16		4,999,325
			TOTAL UTILITIES						42,426,133
			TOTAL CORPORATE BONDS						579,507,100
			(Cost $577,065,437)
GOVERNMENT BONDS -  22.4%
AGENCY SECURITIES - 2.9%
	5,000,000		Federal Home Loan Bank (FHLB)		0.625		12/28/16		5,004,460
	14,000,000		FHLB		0.875		05/24/17		14,029,820
	7,345,000	g	Hospital for Special Surgery		3.500		01/01/23		7,583,646
	6,000,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		6,032,190
	2,000,000		PEFCO		2.250		03/15/20		2,066,552
	3,000,000		PEFCO		2.300		09/15/20		3,112,752
	6,000,000		Ukraine Government AID Bonds		1.847		05/29/20		6,104,070
			TOTAL AGENCY SECURITIES						43,933,490
FOREIGN GOVERNMENT BONDS - 6.1%
	1,250,000		Brazilian Government International Bond		4.875		01/22/21		1,262,500
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.500		01/28/19		1,005,971
	1,500,000		Colombia Government International Bond		4.375		07/12/21		1,563,750
	1,950,000	g	Croatia Government International Bond		6.250		04/27/17		2,025,270
	500,000	g	Dominican Republic International Bond		7.500		05/06/21		546,000
	2,125,000		Export-Import Bank of Korea		1.750		02/27/18		2,127,072
	2,100,000		FMS Wertmanagement AoeR		1.125		09/05/17		2,105,901
	500,000		Hungary Government International Bond		4.125		02/19/18		517,864
	1,250,000		Hydro-Quebec		7.500		04/01/16		1,250,000
	2,000,000	g	Iceland Government International Bond		4.875		06/16/16		2,009,434
	20,000,000	g,i	International Finance Facility for Immunisation		0.819		07/05/16		19,996,280
	100,000		Italian Republic		5.250		09/20/16		101,784
	3,000,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		2,995,260
	15,000,000		KFW		1.875		11/30/20		15,277,320
	1,700,000	g	Kommunalbanken AS.		1.625		01/15/20		1,700,891
	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,745,597
	2,500,000	g	Kommuninvest I Sverige AB		1.000		01/29/18		2,498,330
	1,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		1,023,321
	2,000,000		Korea Development Bank		1.500		01/22/18		2,000,952

201

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	410,000	g	Korea Housing Finance Corp		3.500	%	12/15/16	$	416,206
	410,000	g	Korea Housing Finance Corp		1.625		09/15/18		407,093
	5,000,000		Kreditanstalt Fuer Wiederaufbau		4.375		03/15/18		5,328,445
	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,031,500
	3,000,000		Province of New Brunswick Canada		2.750		06/15/18		3,097,410
	787,500		Republic of Angola Via Northern Lights III BV		7.000		08/16/19		765,844
	500,000		Republic of Hungary		6.250		01/29/20		555,890
	350,000	g	Republic of Serbia		5.250		11/21/17		360,949
	1,000,000		Republic of Turkey		7.500		07/14/17		1,067,192
	625,000	g	Slovenia Government International Bond		4.125		02/18/19		658,875
	1,400,000		South Africa Government International Bond		6.875		05/27/19		1,537,984
	1,000,000		South Africa Government International Bond		5.500		03/09/20		1,058,850
	2,500,000	g	Spain Government International Bond		4.000		03/06/18		2,604,365
	3,525,000		Svensk Exportkredit AB		1.125		04/05/18		3,525,409
	6,500,000		Svensk Exportkredit AB		1.750		03/10/21		6,525,779
	1,000,000		Turkey Government International Bond		7.000		09/26/16		1,026,800
			TOTAL FOREIGN GOVERNMENT BONDS						93,722,088
MORTGAGE BACKED - 0.6%
	6,715		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		6,889
	1,159,153		Federal National Mortgage Association (FNMA)		1.510		06/01/17		1,163,721
	1,876,908		FNMA		2.690		10/01/17		1,909,807
	2,133,820		FNMA		3.000		11/01/24		2,235,936
	1,859,919		Government National Mortgage Association (GNMA)		2.300		10/15/19		1,861,218
	826,483		GNMA		2.176		05/16/39		835,201
	1,391,188		GNMA		2.120		05/16/40		1,404,845
			TOTAL MORTGAGE BACKED						9,417,617
MUNICIPAL BONDS - 0.7%
	5,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		5,006,100
	5,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		5,031,650
	500,000		New Jersey Health Care Facilities Financing Authority		5.000		07/01/16		503,620
			TOTAL MUNICIPAL BONDS						10,541,370
U.S. TREASURY SECURITIES - 12.1%
	10,430,300	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/17		10,549,810
	22,255,860	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		22,725,904
	11,315,000	d	United States Treasury Note		0.625		08/15/16		11,325,059
	15,000,000	d	United States Treasury Note		0.625		12/31/16		15,005,280
	31,455,000	d	United States Treasury Note		0.625		02/15/17		31,459,907
	2,142,000		United States Treasury Note		0.500		02/28/17		2,139,824
	2,520,000		United States Treasury Note		0.500		03/31/17		2,517,047
	2,900,000		United States Treasury Note		0.625		06/30/17		2,898,301
	7,000,000		United States Treasury Note		0.625		08/31/17		6,992,069
	85,000		United States Treasury Note		0.750		10/31/17		85,036
	1,140,000		United States Treasury Note		0.875		11/30/17		1,142,805
	7,550,000		United States Treasury Note		1.000		12/15/17		7,584,209
	4,070,000		United States Treasury Note		0.750		01/31/18		4,071,591
	600		United States Treasury Note		0.875		01/31/18		602
	5,000,000		United States Treasury Note		1.375		09/30/18		5,071,485
	3,503,000		United States Treasury Note		1.000		03/15/19		3,517,369
	54,490,100		United States Treasury Note		1.125		02/28/21		54,292,138

202

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,290,000		United States Treasury Note		2.250	%	11/15/25	$	3,425,328
			TOTAL U.S. TREASURY SECURITIES						184,803,764
			TOTAL GOVERNMENT BONDS						342,418,329
			(Cost $340,145,553)
STRUCTURED ASSETS -32.3%
ASSET BACKED - 9.6%
	220,154	i	Aames Mortgage Trust		6.276		06/25/32		210,706
			Series - 2002 1 (Class A3) (Step Bond)
	259,216	i	ACE Securities Corp Home Equity Loan Trust		1.168		08/25/35		255,570
			Series - 2005 HE5 (Class M2)
	1,000,000	g	AESOP Funding II		3.270		02/20/18		1,010,196
			Series - 2011 5A (Class A)
	1,000,000		Ally Master Owner Trust		1.540		09/15/19		999,757
			Series - 2012 5 (Class A)
	55,677	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	3,009,342	i	Asset Backed Securities Corp Home Equity Loan Trust		1.183		03/25/35		2,881,967
			Series - 2005 HE1 (Class M1)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.680		11/20/17		2,999,984
			Series - 2011 3A (Class C)
	2,872,612	i	Bear Stearns ALT-A Trust		1.033		06/25/34		2,716,218
			Series - 2004 4 (Class A1)
	1,355,073		California Republic Auto Receivables Trust		0.880		12/15/17		1,354,871
			Series - 2015 1 (Class A2)
	3,500,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		3,496,913
			Series - 2013 1 (Class B)
	1,061,440	g	Capital Automotive REIT		5.610		11/15/39		1,078,688
			Series - 2011 1A (Class A)
	4,750,000		CarMax Auto Owner Trust		2.080		03/15/18		4,758,198
			Series - 2012 2 (Class C)
	4,157,804	i,m	CCR, Inc		0.887		07/10/17		4,120,821
			Series - 2010 CX (Class C)
	16,084		Centex Home Equity		5.540		01/25/32		16,046
			Series - 2002 A (Class AF6)
	125,056	i	Centex Home Equity		1.078		03/25/34		113,809
			Series - 2004 B (Class M1)
	263,636	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		230,466
			Series - 2004 2 (Class 1M2)
	6,308,213	i	Connecticut Avenue Securities		1.383		05/25/24		6,225,922
			Series - 2014 C02 (Class 1M1)
	4,923,071	i	Connecticut Avenue Securities		1.933		02/25/25		4,928,164
			Series - 2015 C01 (Class 1M1)
	8,241,599	i	Connecticut Avenue Securities		2.033		04/25/28		8,239,010
			Series - 2015 C04 (Class 1M1)
	9,951,861	i	Connecticut Avenue Securities		2.383		08/25/28		9,964,413
			Series - 2016 C01 (Class 1M1)
	14,616,858	i	Countrywide Asset-Backed Certificates		1.007		06/25/35		14,509,393
			Series - 2004 14 (Class M2)
	4,424	g,i	CSMC Trust		0.743		11/25/35		4,416
			Series - 2006 CF1 (Class A1)

203

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,772,000	g	DB Master Finance LLC		3.262	%	02/20/45	$	2,729,173
			Series - 2015 1A (Class A2I)
	1,787,759	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		1,829,508
			Series - 2012 1A (Class A2)
	3,748,222		Entergy Louisiana Investment Recovery Funding I LLC		2.040		09/01/23		3,770,233
			Series - 2011 A (Class A1)
	3,000,000		Ford Credit Auto Owner Trust		1.540		03/15/19		3,006,034
			Series - 2013 D (Class B)
	9,250,000	g	Ford Credit Auto Owner Trust		2.510		04/15/26		9,215,672
			Series - 2014 2 (Class B)
	1,000,000		Ford Credit Floorplan Master Owner Trust		2.140		09/15/19		1,002,296
			Series - 2012 5 (Class C)
	5,833,333	g	Hertz Vehicle Financing LLC		1.120		08/25/17		5,831,806
			Series - 2013 1A (Class A1)
	3,540,000	g	Hertz Vehicle Financing LLC		3.290		03/25/18		3,582,031
			Series - 2011 1A (Class A2)
	1,000,000	g	Hertz Vehicle Financing LLC		4.960		03/25/18		1,015,502
			Series - 2011 1A (Class B2)
	4,000,000		Hyundai Auto Receivables Trust		2.010		06/15/21		3,983,913
			Series - 2015 B (Class B)
	593,386	i	Lehman XS Trust		0.683		02/25/36		558,767
			Series - 2006 1 (Class 1A1)
	3,753,153	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.378		09/25/34		3,759,630
			Series - 2004 WHQ1 (Class M1)
	1,319,309	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.213		01/25/36		1,311,611
			Series - 2005 WCH1 (Class M2)
	2,388,745	i	People’s Choice Home Loan Securities Trust		1.097		10/25/34		2,354,878
			Series - 2004 2 (Class M1)
	6,000,000	i	RAMP		0.943		06/25/35		5,865,827
			Series - 2005 RS6 (Class M2)
	3,696,328	i	RAMP		0.833		11/25/35		3,665,301
			Series - 2005 RZ4 (Class A3)
	500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		519,042
			Series - 2006 HI1 (Class M2) (Step Bond)
	295,235	i	Saxon Asset Securities Trust		6.120		11/25/30		317,632
			Series - 2002 2 (Class AF6) (Step Bond)
	88,110	i	Securitized Asset Backed Receivables LLC		0.733		10/25/35		87,753
			Series - 2006 OP1 (Class A2C)
	816,993	g	Sierra Timeshare Receivables Funding LLC		2.840		11/20/28		820,167
			Series - 2012 1A (Class A)
	573,028	g	Sierra Timeshare Receivables Funding LLC		2.380		03/20/29		573,626
			Series - 2012 2A (Class A)
	592,492	g	Sierra Timeshare Receivables Funding LLC		2.660		08/20/29		591,247
			Series - 2012 3A (Class B)
	4,355,348	g	Sierra Timeshare Receivables Funding LLC		2.420		03/20/30		4,320,684
			Series - 2014 1A (Class B)
	1,557,486	g	SLM Student Loan Trust		3.480		10/15/30		1,586,831
			Series - 2012 B (Class A2)
	2,337	i	Soundview Home Equity Loan Trust		0.733		11/25/35		2,335
			Series - 2005 OPT3 (Class A4)

204

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,654,752	g	SpringCastle America Funding LLC		2.700	%	05/25/23	$	2,643,817
			Series - 2014 AA (Class A)
	5,000,000	g	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes		2.620		01/15/47		5,001,095
			Series - 2015 T2 (Class AT2)
	292,744	i	Structured Asset Investment Loan Trust		1.493		11/25/34		289,356
			Series - 2004 10 (Class A9)
	2,444,649	i	Structured Asset Securities Corp Mortgage Loan Trust		0.481		02/25/36		2,435,742
			Series - 2006 WF1 (Class A5)
	580,821	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.653		10/25/36		576,767
			Series - 2006 GEL4 (Class A2)
	1,418	i	Wells Fargo Home Equity Trust		0.573		07/25/36		1,417
			Series - 2006 2 (Class A3)
	2,985,000	g	Wendys Funding LLC		3.371		06/15/45		2,930,255
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						146,295,477
OTHER MORTGAGE BACKED - 22.7%
	2,558,339	i	American Home Mortgage Investment Trust		1.033		02/25/45		2,521,152
			Series - 2004 4 (Class 3A)
	2,495,000	i	Banc of America Commercial Mortgage Trust		5.851		07/10/44		2,472,538
			Series - 2006 3 (Class AM)
	2,000,000	i	Banc of America Commercial Mortgage Trust		5.954		05/10/45		1,998,318
			Series - 2006 2 (Class AJ)
	10,000,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		10,125,068
			Series - 2006 6 (Class AM)
	8,750,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		8,839,507
			Series - 2007 1 (Class AM)
	5,000,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,054,278
			Series - 2007 1 (Class AMFX)
	1,181,451	i	Banc of America Funding		0.832		02/20/35		1,114,285
			Series - 2005 A (Class 5A3)
	13,335,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.300		05/11/39		14,271,162
			Series - 2003 PWR2 (Class H)
	3,950,000	i	CD Mortgage Trust		6.124		11/15/44		4,074,581
			Series - 2007 CD5 (Class AJ)
	7,896,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		7,859,226
			Series - 2006 C4 (Class AJ)
	10,000,000	g,i	Citigroup Commercial Mortgage Trust		5.705		12/10/49		10,102,234
			Series - 2007 C6 (Class AMFX)
	464,712	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		469,052
			Series - 2007 C6 (Class ASB)
	4,144,773	i	Citigroup Mortgage Loan Trust		1.010		10/25/34		4,144,845
			Series - 2004 OPT1 (Class M1)
	6,327,777	g,i	Citigroup Mortgage Loan Trust		0.616		05/25/37		6,016,569
			Series - 2015 8 (Class 1A1)
	4,989,011	i	COBALT CMBS Commercial Mortgage Trust		5.761		05/15/46		5,156,456
			Series - 2007 C3 (Class A1A)
	8,670,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		8,915,545
			Series - 2007 C3 (Class AM)
	6,840,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		7,045,316
			Series - 2007 C2 (Class AMFX)

205

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	129,425	i	Commercial Mortgage Trust		5.238	%	04/10/37	$	129,313
			Series - 2005 GG5 (Class AJ)
	4,000,000	i	Commercial Mortgage Trust		5.796		12/10/49		4,037,694
			Series - 2007 C9 (Class B)
	2,000,000	i	Commercial Mortgage Trust		5.867		12/10/49		2,056,451
			Series - 2007 GG11 (Class AM)
	6,750,000	i	Connecticut Avenue Securities		2.585		09/25/28		6,757,297
			Series - 2016 C02 (Class 1M1)
	10,000,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		9,530,580
			Series - 2007 C4 (Class A1AJ)
	9,676,585	i	Credit Suisse Commercial Mortgage Trust		0.671		01/15/49		9,236,428
			Series - 2007 C2 (Class AMFL)
	10,000,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		9,721,218
			Series - 2007 C2 (Class AJ)
	1,985,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.736		05/15/36		2,083,695
			Series - 2004 C2 (Class E)
	13,117		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		13,108
			Series - 2005 C3 (Class AJ)
	1,793,848	g	Credit Suisse First Boston Mortgage Securities Corp		6.000		05/17/40		1,852,615
			Series - 1998 C1 (Class F)
	5,935,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		5,985,454
			Series - 2006 C4 (Class AM)
	2,475,807	i	Deutsche Mortgage Securities, Inc Mortgage Loan Trust		5.440		07/25/34		2,516,101
			Series - 2004 5 (Class A5B) (Step Bond)
	937,073	i	GSR Mortgage Loan Trust		0.623		08/25/46		904,546
			Series - 2006 OA1 (Class 2A1)
	1,122,189	i	Homestar Mortgage Acceptance Corp		0.883		10/25/34		1,101,217
			Series - 2004 5 (Class A1)
	317,858	i	Impac CMB Trust		1.093		03/25/35		290,718
			Series - 2004 11 (Class 2A1)
	7,134,644	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.845		02/16/25		7,192,527
			Series - 2013 WT (Class B)
	6,105,588	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.565		04/15/43		6,097,901
			Series - 2006 LDP6 (Class AJ)
	2,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.480		05/15/45		1,994,015
			Series - 2006 LDP8 (Class AJ)
	7,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.520		05/15/45		6,974,485
			Series - 2006 LDP8 (Class B)
	3,957,530		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		3,997,056
			Series - 2006 LDP9 (Class A1A)
	6,200,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		6,466,992
			Series - 2007 LD12 (Class AM)
	10,691,000	g,i	LB-UBS Commercial Mortgage Trust		5.151		10/15/36		10,976,904
			Series - 2004 C7 (Class K)
	11,190,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		11,167,134
			Series - 2007 C1 (Class AJ)
	6,028,202	g,i	LVII Resecuritization Trust		3.239		07/31/47		6,024,435
			Series - 2015 A (Class A)
	1,983,231	g,i	ML-CFC Commercial Mortgage Trust		0.618		08/12/48		1,881,660
			Series - 2007 5 (Class AMFL)

206

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,000,000	i	Morgan Stanley Capital I Trust		5.389	%	11/12/41	$	8,876,227
			Series - 2006 HQ10 (Class AJ)
	6,880,000	i	Morgan Stanley Capital I Trust		5.834		10/15/42		6,865,042
			Series - 2006 IQ11 (Class AJ)
	910,836	i	Morgan Stanley Capital I Trust		0.608		02/12/44		886,181
			Series - 2007 HQ11 (Class AMFL)
	405,000	i	Morgan Stanley Capital I Trust		5.793		07/12/44		406,653
			Series - 2006 HQ9 (Class AJ)
	10,950,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		11,363,646
			Series - 2007 IQ15 (Class AM)
	2,250,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		2,351,247
			Series - 2007 IQ16 (Class AM)
	415,692		Morgan Stanley Capital I Trust		4.770		07/15/56		415,457
			Series - 0 IQ9 (Class AJ)
	1,250,000		Morgan Stanley Capital I Trust		5.000		07/15/56		1,280,298
			Series - 2005 IQ9 (Class D)
	4,056,458	i	Structured Adjustable Rate Mortgage Loan Trust		0.803		07/25/34		3,876,932
			Series - 2004 9XS (Class A)
	2,230,570	i	Structured Agency Credit Risk Debt Note (STACR)		1.683		01/25/25		2,229,665
			Series - 2015 DN1 (Class M1)
	13,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.833		01/25/25		13,165,900
			Series - 2015 DN1 (Class M2)
	3,207,027	i	Structured Agency Credit Risk Debt Note (STACR)		1.483		03/25/25		3,206,518
			Series - 2015 HQ1 (Class M1)
	10,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.633		03/25/25		10,032,928
			Series - 2015 HQ1 (Class M2)
	9,376,770	i	Structured Agency Credit Risk Debt Note (STACR)		1.533		05/25/25		9,376,767
			Series - 2015 HQ2 (Class M1)
	10,060,935	i	Structured Agency Credit Risk Debt Note (STACR)		1.783		04/25/28		10,077,249
			Series - 2015 DNA3 (Class M1)
	5,783,859	i	Structured Agency Credit Risk Debt Note (STACR)		1.583		05/25/28		5,777,559
			Series - 2015 HQA2 (Class M1)
	9,861,721	i	Structured Agency Credit Risk Debt Note (STACR)		1.883		07/25/28		9,854,157
			Series - 2016 DNA1 (Class M1)
	8,735,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		8,892,317
			Series - 2007 C30 (Class AM)
	862,614	i	Wachovia Bank Commercial Mortgage Trust		5.608		05/15/46		886,227
			Series - 2007 C34 (Class A1A)
	1,125,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		1,172,026
			Series - 2007 C34 (Class AM)
	3,560,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		3,649,616
			Series - 2007 C31 (Class AM)
	9,635,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		9,850,878
			Series - 2007 C32 (Class AMFX)
	4,020,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		4,156,511
			Series - 2007 C33 (Class AM)
			TOTAL OTHER MORTGAGE BACKED						347,819,677
			TOTAL STRUCTURED ASSETS						494,115,154
			(Cost $499,691,498)
			TOTAL BONDS						1,416,040,583
			(Cost $1,416,902,488)

207

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.5%
GOVERNMENT AGENCY DEBT - 2.1%
$	20,000,000		Federal Home Loan Bank (FHLB)		0.080	%	04/01/16	$	20,000,000
	8,500,000		FHLB		0.110		04/13/16		8,499,405
	3,400,000	d	FHLB		0.160		04/26/16		3,399,504
			TOTAL GOVERNMENT AGENCY DEBT						31,898,909
TREASURY DEBT - 1.4%
	10,000,000	d	United States Treasury Bill		0.260		04/07/16		9,999,820
	10,600,000		United States Treasury Bill		0.245		04/14/16		10,599,565
			TOTAL TREASURY DEBT						20,599,385
			TOTAL SHORT-TERM INVESTMENTS						52,498,294
			(Cost $52,497,939)
			TOTAL INVESTMENTS - 99.7%						1,524,232,279
			(Cost $1,525,232,210)
			OTHER ASSETS & LIABILITIES, NET - 0.3%						5,329,783
			NET ASSETS - 100.0%					$	1,529,562,062

	Abbreviation(s):
REIT	Real Estate Investment Trust
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $301,178,560 or 19.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.

208

TIAA-CREF FUNDS - Short-Term Bond Index Fund

TIAA-CREF FUNDS

SHORT-TERM BOND INDEX FUND

SCHEDULE OF INVESTMENTS  

March 31, 2016

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 99.6%
CORPORATE BONDS - 28.1%
BANKS - 8.2%
$	900,000	Bank of America Corp		1.700	%	08/25/17	$	901,288
	250,000	Bank of America NA		2.050		12/07/18		251,901
	200,000	Bank of Montreal		1.400		04/10/18		199,987
	200,000	Bank of Nova Scotia		1.450		04/25/18		199,842
	100,000	Bank of Nova Scotia		1.950		01/15/19		100,774
	250,000	Capital One NA		2.350		08/17/18		251,321
	300,000	Citigroup, Inc		1.350		03/10/17		300,137
	150,000	Citigroup, Inc		1.800		02/05/18		149,936
	100,000	Citigroup, Inc		2.050		12/07/18		100,436
	250,000	Citizens Bank NA		2.300		12/03/18		251,455
	250,000	Citizens Bank NA		2.500		03/14/19		252,498
	200,000	Commonwealth Bank of Australia		1.900		09/18/17		201,534
	100,000	Commonwealth Bank of Australia		1.750		11/02/18		100,164
	250,000	Commonwealth Bank of Australia		2.050		03/15/19		252,231
	250,000	Deutsche Bank AG		1.875		02/13/18		248,437
	100,000	Discover Bank		2.600		11/13/18		100,267
	200,000	Fifth Third Bancorp		2.150		08/20/18		201,659
	150,000	Fifth Third Bancorp		2.300		03/15/19		151,383
	100,000	HSBC USA, Inc		1.625		01/16/18		99,807
	250,000	Huntington National Bank		2.200		11/06/18		251,073
	250,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		251,411
	100,000	Intesa Sanpaolo S.p.A		3.875		01/16/18		102,346
	600,000	JPMorgan Chase & Co		1.800		01/25/18		603,106
	200,000	JPMorgan Chase & Co		1.700		03/01/18		200,683
	200,000	JPMorgan Chase & Co		1.850		03/22/19		201,226
	175,000	KeyBank NA		2.350		03/08/19		176,619
	100,000	Lloyds Bank plc		2.000		08/17/18		100,308
	200,000	Lloyds Bank plc		2.050		01/22/19		200,060
	250,000	National Bank of Canada		2.100		12/14/18		252,162
	250,000	PNC Bank NA		1.800		11/05/18		251,323
	250,000	PNC Bank NA		1.950		03/04/19		252,705
	250,000	Royal Bank of Canada		1.250		06/16/17		250,298
	200,000	Royal Bank of Canada		2.000		12/10/18		201,980
	200,000	Sumitomo Mitsui Banking Corp		1.800		07/18/17		200,177
	100,000	Sumitomo Mitsui Banking Corp		2.050		01/18/19		100,445
	250,000	Toronto-Dominion Bank		1.125		05/02/17		250,200
	100,000	Toronto-Dominion Bank		1.950		01/22/19		100,922
	250,000	US Bank NA		1.450		01/29/18		251,560
	500,000	Wells Fargo Bank NA		1.650		01/22/18		503,986
	250,000	Westpac Banking Corp		1.550		05/25/18		250,049
	100,000	Westpac Banking Corp		1.950		11/23/18		100,864
		TOTAL BANKS						9,368,560

209

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
CAPITAL GOODS - 1.1%
$	250,000	Caterpillar Financial Services Corp		1.250	%	08/18/17	$	250,797
	200,000	Caterpillar Financial Services Corp		1.500		02/23/18		201,118
	200,000	Danaher Corp		1.650		09/15/18		202,932
	200,000	John Deere Capital Corp		1.125		06/12/17		200,319
	100,000	John Deere Capital Corp		1.750		08/10/18		100,957
	100,000	John Deere Capital Corp		1.950		01/08/19		101,456
	100,000	Lockheed Martin Corp		1.850		11/23/18		101,158
	100,000	Pentair Finance S.A.		2.900		09/15/18		100,302
	50,000	United Technologies Corp		5.375		12/15/17		53,567
		TOTAL CAPITAL GOODS						1,312,606
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	100,000	Air Lease Corp		2.625		09/04/18		99,383
	100,000	eBay, Inc		2.500		03/09/18		101,634
	100,000	McGraw-Hill Financial, Inc		2.500		08/15/18		101,346
	200,000	Visa, Inc		1.200		12/14/17		201,196
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						503,559
CONSUMER DURABLES & APPAREL - 0.2%
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,016
	125,000	Newell Rubbermaid, Inc		2.600		03/29/19		126,842
		TOTAL CONSUMER DURABLES & APPAREL						226,858
CONSUMER SERVICES - 0.4%
	100,000	McDonald’s Corp		5.350		03/01/18		107,626
	100,000	McDonald’s Corp		2.100		12/07/18		102,046
	100,000	Walt Disney Co		1.100		12/01/17		100,475
	100,000	Walt Disney Co		1.500		09/17/18		101,386
	100,000	Walt Disney Co		1.650		01/08/19		101,753
		TOTAL CONSUMER SERVICES						513,286
DIVERSIFIED FINANCIALS - 4.2%
	100,000	Abbey National Treasury Services plc		2.000		08/24/18		100,580
	100,000	Abbey National Treasury Services plc		2.500		03/14/19		101,155
	100,000	American Express Co		1.550		05/22/18		99,662
	300,000	American Express Credit Corp		1.550		09/22/17		300,983
	75,000	American Express Credit Corp		1.875		11/05/18		75,474
	200,000	American Honda Finance Corp		1.550		12/11/17		201,038
	100,000	Bank of New York Mellon Corp		1.300		01/25/18		100,150
	200,000	BNP Paribas S.A.		1.375		03/17/17		200,230
	300,000	Credit Suisse		1.750		01/29/18		300,567
	250,000	Ford Motor Credit Co LLC		1.684		09/08/17		248,985
	150,000	Ford Motor Credit Co LLC		2.551		10/05/18		150,637
	200,000	Ford Motor Credit Co LLC		2.943		01/08/19		203,060
	155,000	General Electric Capital Corp		1.250		05/15/17		155,463
	300,000	General Electric Capital Corp		1.600		11/20/17		302,923
	200,000	General Motors Financial Co, Inc		2.400		04/10/18		199,979
	100,000	General Motors Financial Co, Inc		3.100		01/15/19		101,715
	700,000	Goldman Sachs Group, Inc		2.375		01/22/18		709,081
	100,000	Morgan Stanley		2.125		04/25/18		100,791

210

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Morgan Stanley		2.450	%	02/01/19	$	101,485
	100,000		National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		100,314
	50,000		Oesterreichische Kontrollbank AG.		1.125		05/29/18		50,051
	100,000		PACCAR Financial Corp		1.650		02/25/19		100,397
	100,000		Synchrony Financial		2.600		01/15/19		100,231
	50,000		Toyota Motor Credit Corp		1.750		05/22/17		50,441
	200,000		Toyota Motor Credit Corp		1.250		10/05/17		200,361
	100,000		Toyota Motor Credit Corp		1.700		02/19/19		100,952
	250,000		UBS AG.		1.375		06/01/17		249,697
	100,000		Wells Fargo & Co		1.500		01/16/18		100,598
			TOTAL DIVERSIFIED FINANCIALS						4,807,000
ENERGY - 2.6%
	200,000		Anadarko Petroleum Corp		6.375		09/15/17		209,444
	200,000		BP Capital Markets plc		1.375		05/10/18		198,847
	100,000		Chevron Corp		1.344		11/09/17		100,580
	200,000		Chevron Corp		1.718		06/24/18		201,988
	100,000		Chevron Corp		1.790		11/16/18		101,223
	100,000		ConocoPhillips Co		1.050		12/15/17		98,565
	200,000		Enterprise Products Operating LLC		1.650		05/07/18		199,298
	100,000		Exxon Mobil Corp		1.439		03/01/18		100,768
	100,000		Exxon Mobil Corp		1.708		03/01/19		101,237
	100,000		Marathon Petroleum Corp		2.700		12/14/18		99,900
	50,000		Nabors Industries, Inc		6.150		02/15/18		49,775
	500,000		Pemex Project Funding Master Trust		5.750		03/01/18		526,250
	75,000	g	Petroleos Mexicanos		5.500		02/04/19		78,562
	200,000		Shell International Finance BV		1.125		08/21/17		199,885
	100,000		Shell International Finance BV		1.250		11/10/17		100,127
	100,000		Shell International Finance BV		1.625		11/10/18		100,460
	150,000		Total Capital International S.A.		1.550		06/28/17		150,617
	100,000		TransCanada PipeLines Ltd		1.625		11/09/17		100,186
	100,000		TransCanada PipeLines Ltd		1.875		01/12/18		99,870
	100,000		TransCanada PipeLines Ltd		3.125		01/15/19		101,101
			TOTAL ENERGY						2,918,683
FOOD & STAPLES RETAILING - 0.4%
	200,000		CVS Health Corp		1.900		07/20/18		202,947
	100,000		Kroger Co		2.000		01/15/19		101,416
	150,000	h	SYSCO Corp		1.900		04/01/19		150,960
			TOTAL FOOD & STAPLES RETAILING						455,323
FOOD, BEVERAGE & TOBACCO - 1.6%
	200,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		202,893
	200,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		201,106
	50,000		Coca-Cola Co		1.150		04/01/18		50,331
	100,000		Coca-Cola Co		0.875		10/27/17		100,185
	50,000		Diageo Capital plc		5.750		10/23/17		53,517
	100,000		Hershey Co		1.600		08/21/18		100,826
	200,000	g	HJ Heinz Co		1.600		06/30/17		200,659
	100,000		Kraft Foods, Inc		6.500		08/11/17		106,624
	200,000		PepsiCo, Inc		1.250		08/13/17		201,083
	50,000		PepsiCo, Inc		1.000		10/13/17		50,089

211

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	PepsiCo, Inc		1.500	%	02/22/19	$	101,259
	200,000	Philip Morris International, Inc		5.650		05/16/18		218,868
	100,000	Philip Morris International, Inc		1.375		02/25/19		100,338
	100,000	Reynolds American, Inc		2.300		06/12/18		102,010
		TOTAL FOOD, BEVERAGE & TOBACCO						1,789,788
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	100,000	Becton Dickinson & Co		1.800		12/15/17		100,429
	200,000	Express Scripts Holding Co		2.650		02/15/17		202,620
	100,000	Medtronic, Inc		1.375		04/01/18		100,604
	100,000	St. Jude Medical, Inc		2.000		09/15/18		101,110
	100,000	Stryker Corp		2.000		03/08/19		100,994
	100,000	Thermo Fisher Scientific, Inc		2.150		12/14/18		100,569
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						706,326
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	50,000	Ecolab, Inc		1.450		12/08/17		49,885
	100,000	Ecolab, Inc		2.000		01/14/19		100,907
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						150,792
INSURANCE - 1.0%
	250,000	Berkshire Hathaway Finance Corp		1.600		05/15/17		252,107
	100,000	Berkshire Hathaway Finance Corp		1.450		03/07/18		100,869
	100,000	Berkshire Hathaway Finance Corp		1.700		03/15/19		101,632
	100,000	Hartford Financial Services Group, Inc		5.375		03/15/17		103,694
	48,000	ING US, Inc		2.900		02/15/18		48,745
	100,000	MetLife, Inc		1.903		12/15/17		100,633
	100,000	Prudential Financial, Inc		6.100		06/15/17		105,082
	200,000	UnitedHealth Group, Inc		1.400		12/15/17		201,071
	100,000	UnitedHealth Group, Inc		1.700		02/15/19		100,847
		TOTAL INSURANCE						1,114,680
MATERIALS - 0.5%
	50,000	BHP Billiton Finance USA Ltd		1.625		02/24/17		50,044
	200,000	Kimberly-Clark Corp		6.125		08/01/17		213,705
	100,000	Kimberly-Clark Corp		1.400		02/15/19		100,964
	50,000	Rio Tinto Finance USA plc		2.000		03/22/17		50,048
	100,000	Rohm and Haas Co		6.000		09/15/17		105,752
		TOTAL MATERIALS						520,513
MEDIA - 0.4%
	200,000	Comcast Corp		6.300		11/15/17		216,234
	200,000	Time Warner Cable, Inc		5.850		05/01/17		208,498
		TOTAL MEDIA						424,732
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	200,000	AbbVie, Inc		1.750		11/06/17		200,941
	100,000	AbbVie, Inc		1.800		05/14/18		100,684
	200,000	Actavis Funding SCS		2.350		03/12/18		202,347
	200,000	Amgen, Inc		1.250		05/22/17		200,407
	100,000	AstraZeneca plc		1.750		11/16/18		100,988

212

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Gilead Sciences, Inc		1.850	%	09/04/18	$	101,778
	200,000		GlaxoSmithKline Capital, Inc		5.650		05/15/18		219,078
	200,000		Johnson & Johnson		5.550		08/15/17		212,693
	100,000		Johnson & Johnson		1.125		03/01/19		100,263
	100,000	g	Mylan NV		3.000		12/15/18		101,390
	50,000		Pfizer, Inc		1.500		06/15/18		50,623
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,591,192
REAL ESTATE - 0.2%
	100,000		Health Care REIT, Inc		4.700		09/15/17		103,973
	100,000		Simon Property Group LP		2.150		09/15/17		101,081
			TOTAL REAL ESTATE						205,054
RETAILING - 0.5%
	100,000		Best Buy Co, Inc		5.000		08/01/18		104,375
	100,000		Costco Wholesale Corp		5.500		03/15/17		104,532
	200,000		Target Corp		5.375		05/01/17		209,636
	100,000		Wal-Mart Stores, Inc		1.125		04/11/18		100,764
			TOTAL RETAILING						519,307
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	250,000		Intel Corp		1.350		12/15/17		252,052
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						252,052
SOFTWARE & SERVICES - 0.8%
	100,000		Fidelity National Information Services, Inc		2.850		10/15/18		101,646
	200,000		International Business Machines Corp		5.700		09/14/17		213,560
	100,000		International Business Machines Corp		1.800		05/17/19		101,072
	100,000		Juniper Networks, Inc		3.125		02/26/19		101,719
	100,000		Microsoft Corp		1.300		11/03/18		100,989
	50,000		Oracle Corp		1.200		10/15/17		50,280
	200,000		Oracle Corp		5.750		04/15/18		218,702
			TOTAL SOFTWARE & SERVICES						887,968
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	200,000		Apple, Inc		1.000		05/03/18		200,438
	100,000		Apple, Inc		1.300		02/23/18		100,787
	200,000		Cisco Systems, Inc		1.650		06/15/18		203,037
	100,000		Cisco Systems, Inc		1.600		02/28/19		101,463
	200,000		EMC Corp		1.875		06/01/18		196,010
	200,000		General Electric Co		5.250		12/06/17		214,451
	100,000	g	Hewlett-Packard Enterprise Co		2.450		10/05/17		100,662
	100,000	g	Hewlett-Packard Enterprise Co		2.850		10/05/18		101,696
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,218,544
TELECOMMUNICATION SERVICES - 0.7%
	300,000		AT&T, Inc		1.400		12/01/17		299,950
	100,000		Telefonica Emisiones SAU		3.192		04/27/18		102,607
	200,000		Verizon Communications, Inc		1.350		06/09/17		200,585
	200,000		Vodafone Group plc		1.500		02/19/18		199,831
			TOTAL TELECOMMUNICATION SERVICES						802,973

213

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TRANSPORTATION - 0.2%
$	150,000		Burlington Northern Santa Fe LLC		5.650	%	05/01/17	$	157,319
	50,000		United Parcel Service, Inc		1.125		10/01/17		50,154
			TOTAL TRANSPORTATION						207,473
UTILITIES - 1.3%
	100,000		American Electric Power Co, Inc		1.650		12/15/17		99,407
	100,000		Black Hills Corp		2.500		01/11/19		100,963
	100,000		Duke Energy Corp		1.625		08/15/17		100,169
	100,000		Exelon Corp		1.550		06/09/17		99,848
	50,000		Georgia Power Co		5.700		06/01/17		52,548
	100,000		Georgia Power Co		1.950		12/01/18		101,049
	100,000		Kinder Morgan, Inc		2.000		12/01/17		98,936
	200,000		MidAmerican Energy Holdings Co		5.750		04/01/18		215,467
	200,000		NextEra Energy Capital Holdings, Inc		2.056		09/01/17		201,094
	100,000		NextEra Energy Capital Holdings, Inc		2.300		04/01/19		100,598
	100,000		Southern Power Co		1.850		12/01/17		100,742
	50,000		Virginia Electric and Power Co		1.200		01/15/18		49,821
	100,000		Wisconsin Public Service Corp		1.650		12/04/18		100,391
	100,000		Xcel Energy, Inc		1.200		06/01/17		99,789
			TOTAL UTILITIES						1,520,822
			TOTAL CORPORATE BONDS						32,018,091
			(Cost $31,877,831)
GOVERNMENT BONDS -  71.5%
AGENCY SECURITIES - 6.9%
	730,000		Federal Home Loan Banks (FHLB)		0.875		03/10/17		731,529
	1,000,000		FHLB		2.250		09/08/17		1,021,311
	500,000		FHLB		1.125		04/25/18		503,869
	2,800,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		03/08/17		2,809,095
	800,000	j	Federal National Mortgage Association (FNMA)		0.000		06/01/17		793,212
	2,000,000		FNMA		0.875		08/28/17		2,004,830
			TOTAL AGENCY SECURITIES						7,863,846
FOREIGN GOVERNMENT BONDS - 6.9%
	500,000		African Development Bank		0.875		05/15/17		499,837
	100,000		African Development Bank		0.750		11/03/17		99,742
	100,000		African Development Bank		1.625		10/02/18		101,420
	400,000		Asian Development Bank		0.750		07/28/17		399,010
	100,000		Asian Development Bank		1.375		01/15/19		100,883
	250,000		Canada Government International Bond		1.125		03/19/18		251,402
	100,000		European Bank for Reconstruction & Development		0.750		09/01/17		99,827
	1,350,000		European Investment Bank		1.125		09/15/17		1,355,064
	100,000		European Investment Bank		1.250		05/15/19		100,282
	50,000		Export Development Canada		0.750		12/15/17		49,913
	100,000		Export Development Canada		1.000		11/01/18		99,979
	100,000		Export Development Canada		1.250		12/10/18		100,338
	100,000		Export Development Canada		1.250		02/04/19		100,572
	500,000		Inter-American Development Bank		1.125		03/15/17		501,414

214

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Inter-American Development Bank		1.125	%	08/28/18	$	100,240
	650,000	International Bank for Reconstruction & Development		1.000		11/15/17		652,788
	100,000	International Bank for Reconstruction & Development		1.000		10/05/18		100,334
	100,000	International Bank for Reconstruction & Development		1.250		07/26/19		100,265
	500,000	International Finance Corp		1.000		04/24/17		501,262
	75,000	International Finance Corp		1.250		11/27/18		75,403
	200,000	Italy Government International Bond		5.375		06/12/17		208,820
	1,450,000	KFW		0.875		09/05/17		1,450,229
	100,000	KFW		1.500		02/06/19		101,137
	100,000	Landwirtschaftliche Rentenbank		2.375		09/13/17		102,199
	50,000	Mexico Government International Bond		5.625		01/15/17		51,575
	300,000	Province of Ontario Canada		1.100		10/25/17		300,443
	200,000	Province of Quebec Canada		5.125		11/14/16		205,176
	100,000	Republic of Turkey		7.500		07/14/17		106,719
		TOTAL FOREIGN GOVERNMENT BONDS						7,916,273
MUNICIPAL BONDS - 0.1%
	100,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		100,633
		TOTAL MUNICIPAL BONDS						100,633
U.S. TREASURY SECURITIES - 57.6%
	4,000,000	United States Treasury Note		0.875		05/15/17		4,009,064
	7,200,000	United States Treasury Note		0.625		07/31/17		7,193,815
	5,500,000	United States Treasury Note		0.625		09/30/17		5,493,125
	4,000,000	United States Treasury Note		0.875		11/30/17		4,009,844
	500,000	United States Treasury Note		1.000		12/31/17		502,403
	10,250,000	United States Treasury Note		0.750		01/31/18		10,254,008
	3,500,000	United States Treasury Note		0.750		02/28/18		3,501,232
	4,500,000	United States Treasury Note		0.875		03/31/18		4,512,654
	2,150,000	United States Treasury Note		0.875		07/15/18		2,154,115
	11,250,000	United States Treasury Note		1.000		09/15/18		11,305,372
	1,700,000	United States Treasury Note		0.875		10/15/18		1,702,922
	2,800,000	United States Treasury Note		1.250		11/15/18		2,830,845
	3,000,000	United States Treasury Note		1.250		12/15/18		3,034,452
	2,400,000	United States Treasury Note		0.750		02/15/19		2,393,251
	2,750,000	United States Treasury Note		1.000		03/15/19		2,761,281
		TOTAL U.S. TREASURY SECURITIES						65,658,383
		TOTAL GOVERNMENT BONDS						81,539,135
		(Cost $81,379,375)
		TOTAL BONDS						113,557,226
		(Cost $113,257,206)
		TOTAL INVESTMENTS - 99.6%						113,557,226
		(Cost $113,257,206)
		OTHER ASSETS & LIABILITIES, NET - 0.4%						416,195
		NET ASSETS - 100.0%					$	113,973,421

215

TIAA-CREF FUNDS - Short-Term Bond Index Fund

	Abbreviation(s):
REIT	Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $582,969 or 0.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
j	Zero coupon

216

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 0.9%
CAPITAL GOODS - 0.2%
$	1,125,000	i	Manitowoc Foodservice, Inc		5.750	%	03/03/23	$	1,128,746
			TOTAL CAPITAL GOODS						1,128,746
ENERGY - 0.1%
	42,146	i	Granite Acquisition, Inc		5.000		12/19/21		39,828
	945,881	i	Granite Acquisition, Inc		5.000		12/19/21		893,858
			TOTAL ENERGY						933,686
MEDIA - 0.2%
	1,325,000	i	CCO Safari III LLC		3.500		01/24/23		1,325,371
			TOTAL MEDIA						1,325,371
RETAILING - 0.1%
	650,000	i	KAR Auction Services, Inc		4.250		03/09/23		651,352
			TOTAL RETAILING						651,352
UTILITIES - 0.3%
	863,763	i	ExGen Renewables I LLC		5.250		02/06/21		861,603
	1,907,321	i	Terra-Gen Finance Co LLC		5.250		12/09/21		1,525,857
			TOTAL UTILITIES						2,387,460
			TOTAL BANK LOAN OBLIGATIONS						6,426,615
			(Cost $6,804,699)
BONDS - 95.0%
CORPORATE BONDS - 33.9%
AUTOMOBILES & COMPONENTS - 0.2%
	1,575,000		Delphi Automotive plc		3.150		11/19/20		1,608,670
			TOTAL AUTOMOBILES & COMPONENTS						1,608,670
BANKS - 6.1%
	3,200,000		Bank of America Corp		1.350		11/21/16		3,203,225
	3,000,000		Bank of America Corp		1.950		05/12/18		3,003,846
	1,000,000		Bank of Nova Scotia		2.125		09/11/19		1,015,953
	2,906,000	i	BOK Financial Corp		1.307		05/15/17		2,849,926
	2,150,000	i	Chittenden Corp		1.302		02/14/17		2,139,648
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		256,398
	500,000		Discover Bank		4.200		08/08/23		522,824
	500,000		Huntington Bancshares, Inc		2.600		08/02/18		504,151
	500,000		Huntington National Bank		1.375		04/24/17		499,222
	3,000,000	g	ING Bank NV		2.000		11/26/18		3,009,114

217

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000	g	Intesa Sanpaolo S.p.A		5.017	%	06/26/24	$	468,397
	2,500,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		2,432,380
	2,100,000		KeyBank NA		2.350		03/08/19		2,119,429
	1,850,000	i	Manufacturers & Traders Trust Co		0.919		07/25/17		1,844,668
	1,000,000		Manufacturers & Traders Trust Co		2.900		02/06/25		978,348
	1,000,000		Northern Trust Corp		3.375		08/23/21		1,062,822
	2,088,000		People’s United Financial, Inc		3.650		12/06/22		2,088,088
	2,000,000		Royal Bank of Canada		1.875		02/05/20		2,010,472
	3,000,000		Royal Bank of Canada		2.100		10/14/20		3,027,840
	250,000		Silicon Valley Bank		6.050		06/01/17		259,998
	500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		498,919
	2,220,000		SVB Financial Group		3.500		01/29/25		2,195,005
	3,000,000	g	Toronto-Dominion Bank		1.950		04/02/20		3,022,665
	4,000,000		Toronto-Dominion Bank		2.125		04/07/21		3,993,200
			TOTAL BANKS						43,006,538
CAPITAL GOODS - 1.0%
	1,150,000	g	Anixter, Inc		5.500		03/01/23		1,164,375
	1,000,000		Parker-Hannifin Corp		4.200		11/21/34		1,061,370
	250,000		Pentair Finance S.A.		1.875		09/15/17		249,313
	500,000		Pentair Finance S.A.		2.650		12/01/19		491,266
	1,000,000		Rockwell Automation, Inc		2.050		03/01/20		1,011,818
	500,000		Rockwell Collins, Inc		3.700		12/15/23		534,534
	2,500,000	g	Sealed Air Corp		5.500		09/15/25		2,621,875
			TOTAL CAPITAL GOODS						7,134,551
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	1,000,000		Air Lease Corp		2.125		01/15/18		990,000
	500,000		Air Lease Corp		3.875		04/01/21		508,125
	1,000,000		Air Lease Corp		4.250		09/15/24		987,500
	2,200,000		Waste Management, Inc		3.900		03/01/35		2,136,017
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						4,621,642
CONSUMER SERVICES - 1.0%
	3,000,000		Henry J Kaiser Family Foundation		3.356		12/01/25		3,146,883
	2,000,000		Metropolitan Museum of Art		3.400		07/01/45		1,903,060
	2,000,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		2,078,056
			TOTAL CONSUMER SERVICES						7,127,999
DIVERSIFIED FINANCIALS - 2.8%
	500,000	g,i	Armor Re Ltd		4.278		12/15/16		495,500
	250,000	i	Bank of New York Mellon Corp		1.176		08/01/18		249,401
	250,000	g	Bayer US Finance LLC		2.375		10/08/19		257,766
	1,000,000	g	EDP Finance BV		4.125		01/15/20		1,001,400
	500,000	g	EDP Finance BV		5.250		01/14/21		521,585
	500,000	i	Ford Motor Credit Co LLC		1.870		05/09/16		500,379
	500,000		Ford Motor Credit Co LLC		2.375		01/16/18		502,360
	2,500,000		Ford Motor Credit Co LLC		2.943		01/08/19		2,538,253
	1,000,000	i	Ford Motor Credit Co LLC		1.549		11/04/19		964,940
	1,000,000		Ford Motor Credit Co LLC		3.219		01/09/22		1,019,123
	3,000,000		Morgan Stanley		2.200		12/07/18		3,022,602
	3,000,000	g	Nacional Financiera SNC		3.375		11/05/20		3,022,500

218

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,000,000	g	Nederlandse Waterschapsbank NV		2.375	%	03/24/26	$	3,037,026
	250,000	g	RCI Banque S.A.		3.500		04/03/18		257,406
	2,000,000		State Street Corp		2.550		08/18/20		2,060,650
			TOTAL DIVERSIFIED FINANCIALS						19,450,891
ENERGY - 3.4%
	3,000,000		EOG Resources, Inc		4.150		01/15/26		3,110,799
	1,000,000		EOG Resources, Inc		3.900		04/01/35		922,808
	3,600,000		EOG Resources, Inc		5.100		01/15/36		3,715,841
	1,000,000		Marathon Petroleum Corp		4.750		09/15/44		800,461
	336,000		National Oilwell Varco, Inc		2.600		12/01/22		284,918
	1,000,000		National Oilwell Varco, Inc		3.950		12/01/42		712,393
	500,000	g	Northern Natural Gas Co		4.100		09/15/42		494,036
	2,880,000		Occidental Petroleum Corp		2.600		04/15/22		2,904,785
	1,455,000		Occidental Petroleum Corp		3.400		04/15/26		1,466,348
	1,000,000		Phillips 66		4.650		11/15/34		992,181
	1,000,000		Southwestern Energy Co		3.300		01/23/18		800,000
	1,000,000		Southwestern Energy Co		4.050		01/23/20		727,500
	1,000,000	i	Statoil ASA		0.820		11/09/17		987,702
	500,000		Statoil ASA		3.150		01/23/22		513,909
	1,000,000		Statoil ASA		2.450		01/17/23		969,814
	500,000		Statoil ASA		2.650		01/15/24		487,305
	3,000,000		Statoil ASA		3.950		05/15/43		2,860,059
	1,000,000	g	Woodside Finance Ltd		3.650		03/05/25		929,348
			TOTAL ENERGY						23,680,207
FOOD & STAPLES RETAILING - 0.2%
	1,700,000	i	Kroger Co		1.150		10/17/16		1,700,961
			TOTAL FOOD & STAPLES RETAILING						1,700,961
FOOD, BEVERAGE & TOBACCO - 0.7%
	1,000,000		JM Smucker Co		1.750		03/15/18		1,004,120
	1,000,000		JM Smucker Co		3.000		03/15/22		1,028,460
	825,000		Mead Johnson Nutrition Co		3.000		11/15/20		848,141
	2,250,000		PepsiCo, Inc		1.500		02/22/19		2,278,337
			TOTAL FOOD, BEVERAGE & TOBACCO						5,159,058
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	500,000		Laboratory Corp of America Holdings		2.500		11/01/18		504,323
	1,000,000		Laboratory Corp of America Holdings		2.625		02/01/20		1,004,560
	1,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		1,014,282
	1,000,000		Owens & Minor, Inc		3.875		09/15/21		1,008,280
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						3,531,445
INSURANCE - 1.5%
	500,000	g	Five Corners Funding Trust		4.419		11/15/23		524,302
	1,200,000	g,i	Merna Reinsurance IV Ltd		2.698		04/08/16		1,198,920
	1,750,000		Progressive Corp		3.700		01/26/45		1,700,204
	2,000,000	i	Prudential Financial, Inc		5.375		05/15/45		1,980,000

219

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,950,000	g	Swiss Re Treasury US Corp		2.875	%	12/06/22	$	3,968,395
	1,000,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		985,659
			TOTAL INSURANCE						10,357,480
MATERIALS - 0.9%
	2,000,000		Agrium, Inc		3.500		06/01/23		1,984,936
	1,000,000		Agrium, Inc		5.250		01/15/45		987,757
	2,000,000		International Paper Co		5.000		09/15/35		2,060,644
	1,000,000		LyondellBasell Industries NV		4.625		02/26/55		893,630
	500,000		Nucor Corp		4.000		08/01/23		521,302
			TOTAL MATERIALS						6,448,269
MEDIA - 1.1%
	3,000,000	g	CCO Safari II LLC		3.579		07/23/20		3,066,693
	1,770,000	g	CCO Safari II LLC		4.464		07/23/22		1,854,383
	3,000,000	g	CCO Safari II LLC		4.908		07/23/25		3,165,621
			TOTAL MEDIA						8,086,697
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,100,000		Biogen, Inc		2.900		09/15/20		1,132,529
	3,000,000		Biogen, Inc		3.625		09/15/22		3,173,964
	500,000		Bristol-Myers Squibb Co		3.250		08/01/42		465,726
	1,150,000		Zoetis, Inc		3.450		11/13/20		1,181,926
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						5,954,145
REAL ESTATE - 1.2%
	2,143,000		Equity One, Inc		6.000		09/15/17		2,254,035
	2,332,000		Equity One, Inc		3.750		11/15/22		2,339,362
	3,543,000		Regency Centers LP		3.750		06/15/24		3,621,981
	450,000		Washington REIT		4.950		10/01/20		479,430
			TOTAL REAL ESTATE						8,694,808
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	5,000,000		Apple, Inc		2.850		02/23/23		5,171,935
	250,000		CC Holdings GS V LLC		2.381		12/15/17		252,152
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						5,424,087
TELECOMMUNICATION SERVICES - 0.1%
	500,000		CenturyLink, Inc		6.750		12/01/23		486,250
			TOTAL TELECOMMUNICATION SERVICES						486,250
TRANSPORTATION - 3.3%
	2,000,000	i	Canadian National Railway Co		0.787		11/14/17		1,995,000
	2,271,251		Delta Airlines		4.250		07/30/23		2,225,826
	1,935,882		Delta Airlines		3.625		07/30/27		1,914,103
	500,000		GATX Corp		5.200		03/15/44		482,679
	1,000,000		GATX Corp		4.500		03/30/45		883,892
	3,000,000	g	Kansas City Southern		4.950		08/15/45		3,064,710
	2,000,000		Norfolk Southern Corp		4.450		06/15/45		2,065,612
	1,750,000		Southwest Airlines Co		2.750		11/06/19		1,800,796
	1,000,000		Spirit Airlines, Inc		4.100		04/01/28		1,005,000

220

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,017,871		Union Pacific Railroad Co		3.227	%	05/14/26	$	4,091,639
	3,000,000		Union Pacific Railroad Co		2.695		05/12/27		3,044,448
			TOTAL TRANSPORTATION						22,573,705
UTILITIES - 7.5%
	3,000,000		Connecticut Light & Power Co		4.150		06/01/45		3,145,965
	2,730,167	g	Continental Wind LLC		6.000		02/28/33		2,993,926
	740,000		Delmarva Power & Light Co		4.150		05/15/45		763,840
	5,000,000	g	Electricite de France S.A.		3.625		10/13/25		5,103,085
	3,000,000		Georgia Power Co		3.250		04/01/26		3,075,477
	1,507,880	g	Harper Lake Solar Funding Corp		7.645		12/31/18		1,583,274
	1,000,000		Interstate Power & Light Co		3.250		12/01/24		1,030,210
	1,250,000		Interstate Power & Light Co		3.400		08/15/25		1,307,292
	500,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		505,549
	1,000,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		1,032,376
	250,000		Northeast Utilities		1.450		05/01/18		247,816
	3,570,000		NorthWestern Corp		4.176		11/15/44		3,743,106
	2,000,000	i	NSTAR Electric Co		0.858		05/17/16		2,000,018
	1,000,000		Public Service Co of New Hampshire		3.500		11/01/23		1,057,582
	4,000,000	i	San Diego Gas & Electric Co		0.836		03/09/17		3,983,960
	857,144		San Diego Gas & Electric Co		1.914		02/01/22		852,762
	1,000,000		Sempra Energy		2.875		10/01/22		988,726
	3,000,000	g	Solar Star Funding LLC		3.950		06/30/35		3,098,739
	3,000,000	g	Solar Star Funding LLC		5.375		06/30/35		3,478,497
	2,825,000		Southern Power Co		1.850		12/01/17		2,845,950
	2,875,000		Southern Power Co		4.150		12/01/25		2,963,636
	1,500,000	g	TerraForm Power Operating LLC		5.875		02/01/23		1,215,000
	2,860,422	g	Topaz Solar Farms LLC		4.875		09/30/39		3,077,777
	239,880	g	Topaz Solar Farms LLC		5.750		09/30/39		275,013
	1,000,000		WEC Energy Group, Inc		3.550		06/15/25		1,039,325
	1,000,000		WGL Holdings, Inc		2.250		11/01/19		1,012,910
			TOTAL UTILITIES						52,421,811
			TOTAL CORPORATE BONDS						237,469,214
			(Cost $234,964,108)
GOVERNMENT BONDS - 48.1%
AGENCY SECURITIES - 13.7%
	904,797		Ethiopian Leasing 2012 LLC		2.566		08/14/26		932,966
	788,472		Export Lease Ten Co LLC		1.650		05/07/25		780,696
	500,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		501,565
	3,000,000		Federal National Mortgage Association (FNMA)		1.625		01/21/20		3,052,218
	1,000,000		FNMA		2.625		09/06/24		1,056,385
	3,436,239	g	Genesis Solar 2011 Pass Through Trust		3.875		02/15/38		3,761,857
	1,225,000	j	Government Trust Certificate		0.000		04/01/21		1,115,966
	1,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		1,053,090
	1,694,000		Hashemite Kingdom of Jordan Government AID Bond		2.578		06/30/22		1,773,601
	840,000	g	Hospital for Special Surgery		3.500		01/01/23		867,292
	916,667		Mexican Aircraft Finance V LLC		2.329		01/14/27		934,092
	3,000,000		NCUA Guaranteed Notes		2.350		06/12/17		3,056,430
	5,300,000		NCUA Guaranteed Notes		3.000		06/12/19		5,616,357

221

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,035,000		NCUA Guaranteed Notes		3.450	%	06/12/21	$	6,599,876
	2,905,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		2,955,625
	775,000	j	Overseas Private Investment Corp (OPIC)		0.000		11/11/17		774,698
	1,000,000	j	OPIC		0.000		11/15/19		1,048,588
	2,000,000		OPIC		2.740		09/15/29		2,016,484
	3,000,000		OPIC		3.220		09/15/29		3,138,093
	1,000,000		OPIC		3.280		09/15/29		1,050,707
	209,560		OPIC		3.540		06/15/30		227,930
	220,149		OPIC		3.370		12/15/30		237,577
	485,942		OPIC		3.820		12/20/32		534,407
	242,971		OPIC		3.938		12/20/32		267,141
	973,216		OPIC		3.330		05/15/33		1,026,516
	999,646		OPIC		3.160		06/01/33		1,037,267
	1,250,000		OPIC		2.810		07/31/33		1,262,881
	1,000,000		OPIC		2.940		07/31/33		1,021,082
	1,500,000		OPIC		3.250		07/31/33		1,573,495
	2,000,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		2,075,168
	1,000,000		PEFCO		3.550		01/15/24		1,097,601
	3,000,000		PEFCO		2.450		07/15/24		3,047,571
	1,000,000		PEFCO		3.250		06/15/25		1,069,847
	500,000		Ukraine Government AID Bonds		1.844		05/16/19		506,815
	2,700,000		Ukraine Government AID Bonds		1.847		05/29/20		2,746,832
	225,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		235,391
	1,415,000		US Department of Housing and Urban Development (HUD)		0.830		08/01/16		1,415,916
	970,000		HUD		1.220		08/01/16		972,404
	2,503,000		HUD		4.480		08/01/16		2,538,142
	3,871,000		HUD		0.930		08/01/17		3,876,868
	3,176,000		HUD		1.540		08/01/17		3,205,102
	3,000,000		HUD		2.910		08/01/17		3,084,825
	500,000		HUD		5.300		08/01/17		508,560
	122,000		HUD		1.330		08/01/18		123,292
	1,000,000		HUD		1.770		08/01/18		1,019,248
	4,050,000		HUD		3.120		08/01/18		4,256,036
	2,200,000		HUD		4.620		08/01/18		2,390,971
	250,000		HUD		2.050		08/01/19		258,362
	850,000		HUD		3.300		08/01/19		911,598
	450,000		HUD		4.870		08/01/19		503,166
	1,573,000		HUD		1.980		08/01/20		1,610,049
	410,000		HUD		2.450		08/01/20		428,931
	150,000		HUD		3.430		08/01/20		162,990
	3,958,000		HUD		2.350		08/01/21		4,094,143
	1,361,000		HUD		2.450		08/01/22		1,412,968
	500,000		HUD		2.910		08/01/23		528,748
	1,300,000		HUD		5.380		08/01/27		1,457,031
	2,230,000	i	Housing and Urban Development Corp Ltd		0.941		09/15/30		2,143,588
			TOTAL AGENCY SECURITIES						96,957,045
FOREIGN GOVERNMENT BONDS - 9.7%
	3,000,000		African Development Bank		0.750		10/18/16		2,997,969
	1,000,000		African Development Bank		2.375		09/23/21		1,042,029
	2,000,000		Asian Development Bank		2.125		03/19/25		2,028,544
	3,000,000		Canada Government International Bond		1.125		03/19/18		3,016,830

222

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	190,889	g	Carpintero Finance Ltd		2.004	%	09/18/24	$	192,282
	2,895,000		European Bank for Reconstruction & Development		1.625		04/10/18		2,923,105
	2,225,000		European Investment Bank		2.000		03/15/21		2,277,597
	1,000,000		European Investment Bank		2.500		10/15/24		1,043,384
	3,000,000		Export Development Canada		0.875		01/30/17		3,003,207
	3,000,000		Export Development Canada		1.250		12/10/18		3,010,146
	1,000,000		Export Development Canada		1.625		12/03/19		1,015,164
	250,000		Export-Import Bank of Korea		1.750		02/27/18		250,244
	3,850,000		Hydro Quebec		2.000		06/30/16		3,861,077
	5,000,000		Inter-American Development Bank		1.185		07/09/18		5,026,885
	1,000,000		Inter-American Development Bank		1.500		09/25/18		1,016,633
	525,000		International Bank for Reconstruction & Development		2.000		10/20/16		529,851
	1,080,000		International Bank for Reconstruction & Development		0.625		07/12/17		1,079,308
	5,000,000	h	International Finance Corp		2.125		04/07/26		5,015,325
	3,100,000	g,i	International Finance Facility for Immunisation		0.819		07/05/16		3,099,423
	3,000,000		KFW		1.000		01/26/18		3,003,207
	1,000,000		KFW		1.750		10/15/19		1,016,718
	3,000,000		KFW		1.500		04/20/20		3,016,392
	3,000,000		KFW		1.875		11/30/20		3,055,464
	2,000,000	g	Kommunalbanken AS.		2.125		02/11/25		2,000,140
	4,000,000	g	Kommuninvest I Sverige AB		1.500		04/23/19		4,034,608
	4,600,000		North American Development Bank		2.300		10/10/18		4,715,437
	1,100,000		North American Development Bank		4.375		02/11/20		1,207,298
	3,000,000		North American Development Bank		2.400		10/26/22		3,049,041
	500,000		Province of Manitoba Canada		3.050		05/14/24		528,254
	250,000		Province of Ontario Canada		1.200		02/14/18		249,666
			TOTAL FOREIGN GOVERNMENT BONDS						68,305,228
MORTGAGE BACKED - 9.1%
	958,739		Federal Home Loan Mortgage Corp (FHLMC)		3.500		09/15/41		1,004,286
	1,532,764		FHLMC		3.000		08/15/42		1,566,796
	710,881		FHLMC		3.000		09/15/42		728,282
	100,313	i	FHLMC		0.786		10/15/42		100,627
	482,373		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500		04/01/45		508,184
	727,922		FGLMC		3.500		07/01/45		763,705
	3,455,242		FGLMC		3.500		10/01/45		3,640,138
	2,911,954		FGLMC		4.000		10/01/45		3,163,631
	882,425		FGLMC		4.000		12/01/45		953,006
	246,768		Federal National Mortgage Association (FNMA)		3.500		11/01/25		262,782
	2,884,061		FNMA		2.500		11/01/30		2,963,663
	3,457,089		FNMA		3.000		02/01/31		3,613,685
	370,233		FNMA		5.000		10/01/33		411,550
	950,462		FNMA		3.000		06/01/35		985,910
	369,590		FNMA		5.500		01/01/38		418,500
	394,488		FNMA		5.500		11/01/38		461,835
	870,583		FNMA		4.500		08/01/39		960,371
	561,509		FNMA		4.500		10/01/39		620,533
	178,146		FNMA		4.500		03/01/40		194,408
	501,105		FNMA		4.500		04/01/40		552,877
	219,154		FNMA		5.500		04/01/40		248,493
	298,712		FNMA		5.500		07/01/40		338,144
	1,339,389		FNMA		5.000		09/01/40		1,485,257

223

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	161,121		FNMA		6.000	%	10/01/40	$	183,786
	1,545,481		FNMA		5.000		04/01/41		1,746,510
	226,165		FNMA		4.500		11/01/41		246,880
	201,531		FNMA		4.500		02/01/42		219,723
	267,243		FNMA		4.500		06/01/42		291,500
	598,086	i	FNMA		0.933		08/25/42		602,280
	559,088	i	FNMA		0.833		11/25/42		557,703
	1,194,675		FNMA		3.500		11/25/42		217,441
	4,165,160		FNMA		3.000		02/01/43		4,283,541
	364,716	i	FNMA		0.783		03/25/43		364,910
	833,338		FNMA		4.500		06/01/44		924,602
	174,257		FNMA		4.500		06/01/44		193,287
	828,184		FNMA		4.500		07/01/44		902,579
	100,312	h	FNMA		4.000		08/01/44		109,157
	384,305		FNMA		4.500		08/01/44		426,368
	738,563		FNMA		4.500		11/01/44		819,365
	1,873,918		FNMA		4.000		12/01/44		2,033,373
	965,664		FNMA		4.000		01/01/45		1,048,202
	959,611		FNMA		4.500		03/01/45		1,064,974
	500,713		FNMA		3.500		04/01/45		527,967
	4,265,061		FNMA		3.500		07/01/45		4,481,264
	2,925,731		FNMA		4.000		07/01/45		3,162,379
	1,738,531		FNMA		3.500		02/01/46		1,824,092
	997,003		FNMA		3.500		03/01/46		1,046,070
	878,727		Government National Mortgage Association (GNMA)		2.690		06/15/33		878,837
	136,827		GNMA		5.000		10/20/39		151,546
	133,113		GNMA		5.000		06/20/42		147,464
	1,528,922		GNMA		3.500		10/20/42		277,453
	902,875		GNMA		3.000		12/20/42		938,166
	785,195		GNMA		3.000		02/20/43		817,134
	430,195		GNMA		3.500		07/15/43		456,599
	885,656		GNMA		3.500		09/20/44		941,655
	1,496,493		GNMA		3.500		02/20/46		1,584,046
	2,014,706		GNMA		3.500		03/20/46		2,132,577
	2,300,000		GNMA		4.000		03/20/46		2,467,068
			TOTAL MORTGAGE BACKED						64,017,161
MUNICIPAL BONDS - 10.4%
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		2,068,100
	1,000,000		California Earthquake Authority		2.805		07/01/19		1,024,190
	2,000,000		California Housing Finance Agency		2.966		08/01/22		2,055,700
	250,000	g	California Pollution Control Financing Authority		5.000		07/01/27		259,907
	500,000	g	California Pollution Control Financing Authority		5.000		07/01/37		519,250
	500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		513,835
	500,000		Chelan County Public Utility District No		3.603		07/01/21		543,660
	2,435,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		2,987,648
	3,000,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		3,047,070
	3,000,000		City of Chicago IL		7.750		01/01/42		2,990,940
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		2,096,720
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		261,630
	355,000		Commonwealth Financing Authority		2.675		06/01/21		360,176

224

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Commonwealth of Massachusetts		5.000	%	08/01/33	$	585,000
	1,085,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		1,151,142
	2,250,000		Florida Department of Environmental Protection		5.456		07/01/19		2,517,435
	3,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		3,018,990
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		435,005
	295,000		Guadalupe-Blanco River Authority Industrial Development Corp		1.909		04/15/18		298,009
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,834,750
	3,000,000		Imperial Irrigation District Electric System Revenue		4.500		11/01/40		3,199,320
	2,000,000	h	Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,016,080
	1,000,000		Lavaca-Navidad River Authority		4.430		08/01/35		1,007,150
	500,000		Michigan Finance Authority		5.000		07/01/22		580,865
	2,115,000		New York State Environmental Facilities Corp		3.420		07/15/26		2,236,993
	500,000		New York State Environmental Facilities Corp		5.807		06/15/39		647,115
	250,000	g	Niagara Area Development Corp		4.000		11/01/24		255,820
	2,620,000		Ohio State Water Development Authority		4.879		12/01/34		3,084,788
	3,000,000	i	Ohio State Water Development Authority		0.381		05/01/38		3,000,030
	250,000		Oklahoma Water Resources Board		3.071		04/01/22		267,125
	205,000		Pend Oreille County Public Utility District No  Box Canyon		2.417		01/01/17		207,456
	2,225,000		Pend Oreille County Public Utility District No  Box Canyon		5.000		01/01/30		2,320,853
	3,000,000		Pittsburgh Water & Sewer Authority		6.610		09/01/24		3,659,340
	2,000,000		South Dakota Conservancy District		1.898		08/01/19		2,031,560
	1,000,000		South Dakota Conservancy District		1.920		08/01/19		1,017,400
	1,000,000		State of California		1.800		04/01/20		1,012,350
	1,000,000		State of California		3.750		10/01/37		1,046,660
	500,000		State of Michigan		3.590		12/01/26		525,020
	1,000,000		State of Texas		3.576		08/01/34		999,350
	1,000,000		State of Texas		3.726		08/01/43		1,007,650
	3,000,000		Suffolk County Water Authority		4.000		06/01/39		3,216,150
	500,000		Texas Public Finance Authority		5.250		07/01/17		501,690
	3,000,000		Texas Water Development Board		4.648		04/15/50		3,062,400
	500,000		University of California		2.676		05/15/21		518,785
	1,230,000		University of Cincinnati		3.500		06/01/32		1,276,543
	2,000,000		University of New Mexico		3.532		06/20/32		2,007,620
	2,000,000		University of Virginia		3.570		04/01/45		2,084,420
	655,000		Washington County Clean Water Services		4.828		10/01/22		760,586
	530,000		Washington County Clean Water Services		5.078		10/01/24		639,652
	250,000		West Virginia Water Development Authority		5.000		11/01/21		296,457
			TOTAL MUNICIPAL BONDS						73,056,385
U.S. TREASURY SECURITIES - 5.2%
	12,865,000		United States Treasury Bond		3.000		11/15/45		13,893,698
	2,000,000		United States Treasury Bond		2.500		02/15/46		1,950,312
	500,000		United States Treasury Note		0.625		08/31/17		499,434
	380,000		United States Treasury Note		0.875		11/30/17		380,935
	2,675,000		United States Treasury Note		0.750		02/28/18		2,675,942
	690,000		United States Treasury Note		1.000		03/15/19		692,830
	2,615,000		United States Treasury Note		1.125		02/28/21		2,605,500
	2,050,000		United States Treasury Note		2.000		11/30/22		2,112,941
	970,000		United States Treasury Note		1.750		01/31/23		983,717

225

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	10,950,000		United States Treasury Note		1.625	%	02/15/26	$	10,796,448
			TOTAL U.S. TREASURY SECURITIES						36,591,757
			TOTAL GOVERNMENT BONDS						338,927,576
			(Cost $333,584,066)
STRUCTURED ASSETS - 13.0%
ASSET BACKED - 3.4%
	323,323	i	ACE Securities Corp Home Equity Loan Trust		1.168		08/25/35		318,775
			Series - 2005 HE5 (Class M2)
	100,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		100,015
			Series - 2013 1 (Class C)
	150,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		150,581
			Series - 2015 3 (Class D)
	307,604	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		306,290
			Series - 2005 HE7 (Class M2)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.680		11/20/17		999,995
			Series - 2011 3A (Class C)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		996,863
			Series - 2011 5A (Class C)
	925,000	i	Basic Asset Backed Securities Trust		0.743		04/25/36		820,591
			Series - 2006 1 (Class A3)
	1,000,000	g	Capital Automotive REIT		3.660		10/15/44		1,034,398
			Series - 2014 1A (Class A)
	854,181	g,i	CBRE Realty Finance CDO		0.917		04/07/52		339,694
			Series - 2007 1A (Class A2)
	757,396	i	Connecticut Avenue Securities		1.933		02/25/25		758,179
			Series - 2015 C01 (Class 1M1)
	990,000	g	DB Master Finance LLC		3.262		02/20/45		974,704
			Series - 2015 1A (Class A2I)
	997,500	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		959,587
			Series - 2015 1A (Class A2I)
	897,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		868,713
			Series - 2015 1A (Class A2II)
	2,691,696	g	HERO Funding Trust		3.840		09/21/40		2,642,765
			Series - 2015 1A (Class A)
	832,698	g	HERO Funding Trust		3.990		09/21/40		813,628
			Series - 2014 2A (Class A)
	1,976,707	g	HERO Funding Trust		4.050		09/20/41		1,976,529
			Series - 2016 1A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		524,021
			Series - 2010 1A (Class B3)
	98,855	i	Lehman XS Trust		0.683		02/25/36		93,087
			Series - 2006 1 (Class 1A1)
	179,174	g	Orange Lake Timeshare Trust		3.030		07/09/29		177,830
			Series - 2014 AA (Class B)
	89,713	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.213		01/25/36		89,190
			Series - 2005 WCH1 (Class M2)
	2,500,000	g	Solarcity Lmc		4.800		09/20/48		2,471,680
			Series - 2016 A (Class A)

226

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	182,277	g	SolarCity LMC		4.800	%	11/20/38	$	182,713
			Series - 2013 1 (Class A)
	453,628	g	SolarCity LMC		4.590		04/20/44		446,361
			Series - 2014 1 (Class A)
	940,768	g	SolarCity LMC		4.020		07/20/44		899,737
			Series - 2014 2 (Class A)
	663,688	g	SpringCastle America Funding LLC		2.700		05/25/23		660,954
			Series - 2014 AA (Class A)
	831,652	i	Structured Asset Securities Corp Mortgage Loan Trust		1.939		04/25/35		779,451
			Series - 2005 7XS (Class 2A1A)
	2,000,000		Toyota Auto Receivables Owner Trust		1.270		05/15/19		2,003,453
			Series - 2015 B (Class A3)
	2,000,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		2,018,109
			Series - 2015 B (Class A4)
			TOTAL ASSET BACKED						24,407,893
OTHER MORTGAGE BACKED - 9.6%
	113,519	g	7 WTC Depositor LLC Trust		4.082		03/13/31		114,873
			Series - 2012 7WTC (Class A)
	1,000,000	g,i	ACRE Commercial Mortgage Trust		2.941		08/15/31		1,018,427
			Series - 2014 FL2 (Class C)
	200,000	i	Banc of America Commercial Mortgage Trust		5.968		05/10/45		184,236
			Series - 2006 2 (Class C)
	1,977,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		1,937,053
			Series - 2006 6 (Class B)
	500,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		505,428
			Series - 2007 1 (Class AMFX)
	1,000,000	i	Banc of America Commercial Mortgage Trust		5.809		02/10/51		1,003,617
			Series - 2007 4 (Class AJ)
	750,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		645,261
			Series - 2007 4 (Class E)
	2,000,000	i	Banc of America Commercial Mortgage Trust		5.971		02/10/51		1,833,057
			Series - 2007 5 (Class AJ)
	500,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		435,481
			Series - 2007 4 (Class D)
	3,000,000	g	BBCMS Trust		3.593		09/15/32		3,161,350
			Series - 2015 MSQ (Class A)
	2,500,000	g	BBCMS Trust		3.894		09/15/32		2,585,001
			Series - 2015 MSQ (Class B)
	1,120,000	i	Bear Stearns Commercial Mortgage Securities		5.915		09/11/42		1,173,594
			Series - 2007 T28 (Class AJ)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities		5.878		06/11/50		972,387
			Series - 2007 PW17 (Class AJ)
	500,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		497,671
			Series - 2006 C4 (Class AJ)
	1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		1,455,200
			Series - 2007 C3 (Class AJ)
	65,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		66,841
			Series - 2007 C3 (Class AM)
	80,891	i	Commercial Mortgage Trust		5.238		04/10/37		80,821
			Series - 2005 GG5 (Class AJ)
	2,000,000	i	Commercial Mortgage Trust		5.867		12/10/49		2,056,451
			Series - 2007 GG11 (Class AM)

227

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,510,000	i	Commercial Mortgage Trust		6.147	%	12/10/49	$	1,471,853
			Series - 2007 GG11 (Class B)
	320,791	i	Countrywide Home Loan Mortgage Pass Through Trust		2.670		11/20/34		302,576
			Series - 2004 HYB6 (Class A2)
	500,000	g,i	Credit Suisse Commercial Mortgage Trust		5.415		02/25/21		504,010
			Series - 2006 K1A (Class H)
	670,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		638,549
			Series - 2007 C4 (Class A1AJ)
	2,500,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		2,392,591
			Series - 2007 C4 (Class AJ)
	1,000,000	i	Credit Suisse Commercial Mortgage Trust		0.671		01/15/49		954,513
			Series - 2007 C2 (Class AMFL)
	1,250,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		1,215,152
			Series - 2007 C2 (Class AJ)
	1,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		1,482,573
			Series - 2007 C1 (Class AM)
	53,066	i	Impac CMB Trust		1.093		03/25/35		48,535
			Series - 2004 11 (Class 2A1)
	1,000,000	i	LB-UBS Commercial Mortgage Trust		6.049		06/15/38		997,584
			Series - 2006 C4 (Class B)
	500,000	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		499,839
			Series - 2006 C3 (Class C)
	710,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		696,118
			Series - 2007 C1 (Class D)
	1,693,092	g,i	LVII Resecuritization Trust		3.239		07/31/47		1,692,034
			Series - 2015 A (Class A)
	1,100,000	g,i	ML-CFC Commercial Mortgage Trust		0.618		08/12/48		1,043,664
			Series - 2007 5 (Class AMFL)
	1,000,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		1,006,530
			Series - 2007 6 (Class AM)
	3,000,000	g	Morgan Stanley Capital I Trust		3.350		07/13/29		3,150,879
			Series - 2014 CPT (Class A)
	1,090,000	g,i	Morgan Stanley Capital I Trust		3.446		07/13/29		1,108,517
			Series - 2014 CPT (Class B)
	1,500,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		1,489,619
			Series - 2007 HQ12 (Class C)
	1,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		927,389
			Series - 2007 IQ15 (Class AJ)
	2,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		2,075,552
			Series - 2007 IQ15 (Class AM)
	2,000,000	i	Morgan Stanley Capital I Trust		6.096		12/12/49		1,830,934
			Series - 2007 IQ16 (Class AJFX)
	1,000,000	i	Morgan Stanley Capital I Trust		6.319		12/12/49		916,137
			Series - 2007 IQ16 (Class AJA)
	3,000,000	g	OBP Depositor LLC Trust		4.646		07/15/45		3,320,145
			Series - 2010 OBP (Class A)
	343,165	i	Structured Agency Credit Risk Debt Note (STACR)		1.683		01/25/25		343,025
			Series - 2015 DN1 (Class M1)
	625,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.833		01/25/25		632,976
			Series - 2015 DN1 (Class M2)
	1,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.633		03/25/25		1,003,293
			Series - 2015 HQ1 (Class M2)

228

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.233	%	03/25/25	$	238,228
			Series - 2015 HQ1 (Class M3)
	2,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.641		12/15/43		1,894,001
			Series - 2007 C30 (Class AMFL)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.568		01/15/45		972,860
			Series - 2006 C23 (Class F)
	2,250,000	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		2,201,465
			Series - 2006 C27 (Class AJ)
	70,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		72,926
			Series - 2007 C34 (Class AM)
	750,000	i	Wachovia Bank Commercial Mortgage Trust		5.945		05/15/46		744,858
			Series - 2007 C34 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.219		05/15/46		1,912,180
			Series - 2007 C34 (Class C)
	500,000	i	Wachovia Bank Commercial Mortgage Trust		5.622		04/15/47		482,275
			Series - 2007 C31 (Class C)
	2,250,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		2,227,441
			Series - 2007 C31 (Class AJ)
	1,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		1,022,406
			Series - 2007 C32 (Class AMFX)
	2,665,000	g,i	Wachovia Bank Commercial Mortgage Trust		5.715		06/15/49		504,027
			Series - 2007 C32 (Class J)
	2,010,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		1,919,710
			Series - 2007 C32 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		948,979
			Series - 2007 C32 (Class B)
	40,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		41,358
			Series - 2007 C33 (Class AM)
	938,548	i	WaMu Mortgage Pass-Through Certificates		0.863		10/25/45		807,295
			Series - 2005 AR13 (Class A1B2)
			TOTAL OTHER MORTGAGE BACKED						67,461,345
			TOTAL STRUCTURED ASSETS						91,869,238
			(Cost $93,963,986)
			TOTAL BONDS						668,266,028
			(Cost $662,512,160)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	250		M&T Bank Corp		6.375		12/30/49		265,537
			TOTAL BANKS						265,537
			TOTAL PREFERRED STOCKS						265,537
			(Cost $255,625)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.1%
GOVERNMENT AGENCY DEBT - 3.1%
$	13,400,000		Federal Home Loan Bank (FHLB)		0.280		04/20/16		13,398,513

229

TIAA-CREF FUNDS - Social Choice Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	7,900,000	FHLB		0.210	%	04/29/16	$	7,898,712
		TOTAL GOVERNMENT AGENCY DEBT						21,297,225
		TOTAL SHORT-TERM INVESTMENTS						21,297,225
		(Cost $21,296,729)
		TOTAL INVESTMENTS - 99.0%						696,255,405
		(Cost $690,869,213)
		OTHER ASSETS & LIABILITIES, NET - 1.0%						7,246,134
		NET ASSETS - 100.0%					$	703,501,539

	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 resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $117,595,324 or 16.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon

230

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

TIAA-CREF FUNDS

TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 95.0%
ALABAMA - 0.8%
$	2,220,000		Mobile County Board of School Commissioners		5.000	%	03/01/26	$	2,754,887
			TOTAL ALABAMA						2,754,887
ARIZONA - 0.9%
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/24		246,556
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		248,092
	2,000,000		City of Tucson AZ, GO		5.000		07/01/20		2,314,040
			TOTAL ARIZONA						2,808,688
CALIFORNIA - 13.5%
	560,000		California Health Facilities Financing Authority		5.000		11/15/33		675,752
	715,000	g	California School Finance Authority		5.000		08/01/25		855,569
	1,700,000		California State Public Works Board		5.000		11/01/38		1,968,634
	1,000,000		California Statewide Communities Development Authority		5.000		08/15/35		1,186,500
	5,000,000		Chino Basin Regional Financing Authority		5.000		11/01/38		5,289,350
	2,000,000		County of San Bernardino CA, COP		5.250		08/01/19		2,253,920
	700,000	h	Kern County Water Agency Improvement District No 4		5.000		05/01/24		862,750
	1,000,000	h	Kern County Water Agency Improvement District No 4		5.000		05/01/25		1,246,680
	1,500,000	h	Kern County Water Agency Improvement District No 4		5.000		05/01/26		1,886,640
	2,480,000		Los Angeles Department of Water & Power		5.000		07/01/44		2,898,723
	1,000,000		Oakland Unified School District		5.000		08/01/35		1,151,020
	500,000		Oakland Unified School District		5.000		08/01/40		566,425
	5,000,000		State of California		5.000		08/01/24		6,292,950
	1,000,000		State of California		5.000		09/01/24		1,259,230
	3,000,000		State of California		5.000		09/01/24		3,777,690
	1,400,000		State of California		5.000		09/01/25		1,783,236
	2,000,000		State of California, GO		5.000		02/01/22		2,412,360
	2,000,000		State of California, GO		5.000		04/01/22		2,421,180
	2,830,000		State of California, GO		5.000		11/01/32		3,002,007
	1,000,000		State of California, GO		5.000		11/01/37		1,060,130
	1,915,000		Union City Community Redevelopment Agency		5.000		10/01/28		2,351,677
	1,710,000		West Contra Costa Unified School District, GO		5.700		02/01/21		2,064,996
			TOTAL CALIFORNIA						47,267,419
COLORADO - 1.1%
	2,155,000		Colorado Health Facilities Authority		5.000		01/01/32		2,393,300
	1,000,000		Denver Urban Renewal Authority		5.000		12/01/24		1,241,810
			TOTAL COLORADO						3,635,110

231

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CONNECTICUT - 0.5%
$	1,400,000		Connecticut State Health & Educational Facility Authority		5.000	%	07/01/22	$	1,675,100
			TOTAL CONNECTICUT						1,675,100
FLORIDA - 3.4%
	1,695,000		City of Miami Beach FL		5.000		09/01/24		2,096,952
	1,000,000		County of Orange FL		5.000		10/01/21		1,180,860
	1,225,000		JEA Electric System Revenue		5.000		10/01/21		1,457,921
	1,250,000		Miami Beach Redevelopment Agency		5.000		02/01/24		1,538,563
	1,425,000		Orange County Health Facilities Authority		5.375		10/01/41		1,538,672
	3,000,000	h	School District of Broward County		5.000		07/01/26		3,746,640
	500,000	h	School District of Broward County		5.000		07/01/31		597,300
			TOTAL FLORIDA						12,156,908
GEORGIA - 2.9%
	1,000,000		City of Atlanta Department of Aviation		5.000		01/01/24		1,238,320
	1,130,000		Private Colleges & Universities Authority		5.000		04/01/17		1,169,923
	1,735,000		Private Colleges & Universities Authority		5.000		04/01/21		1,995,198
	5,000,000		Private Colleges & Universities Authority		5.000		04/01/44		5,551,850
			TOTAL GEORGIA						9,955,291
HAWAII - 1.2%
	2,500,000		State of Hawaii		5.000		10/01/24		3,136,100
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/41		1,126,740
			TOTAL HAWAII						4,262,840
ILLINOIS - 4.6%
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,099,610
	2,085,000		Chicago State University		5.500		12/01/23		2,313,579
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,393,801
	1,000,000		City of Chicago IL Motor Fuel Tax Revenue		5.000		01/01/24		1,079,050
	1,000,000		City of Chicago IL Motor Fuel Tax Revenue		5.000		01/01/29		1,049,630
	1,500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,683,915
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/23		1,129,630
	1,500,000		City of Chicago IL, GO		5.500		01/01/35		1,491,195
	650,000		City of Chicago IL, GO		5.500		01/01/37		645,963
	500,000		City of Chicago IL, GO		5.500		01/01/42		496,550
	1,000,000		Illinois State Toll Highway Authority		5.000		01/01/24		1,222,900
	1,500,000		State of Illinois, GO		5.000		06/15/19		1,663,620
	635,000		State of Illinois, GO		6.250		12/15/20		697,046
			TOTAL ILLINOIS						15,966,489
INDIANA - 1.4%
	2,120,000		Indiana Bond Bank		5.250		04/01/19		2,368,676
	1,940,000		Indianapolis Local Public Improvement Bond Bank		5.500		01/01/21		2,273,273
			TOTAL INDIANA						4,641,949

232

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
KANSAS - 0.3%
$	1,000,000		Wyandotte County-Kansas City Unified Government Utility System Revenue		5.000	%	09/01/22	$	1,205,530
			TOTAL KANSAS						1,205,530
KENTUCKY - 0.7%
	2,000,000	h	Kentucky Turnpike Authority		5.000		07/01/26		2,504,320
			TOTAL KENTUCKY						2,504,320
LOUISIANA - 1.7%
	1,000,000		Louisiana Public Facilities Authority		5.250		10/01/24		1,177,250
	4,775,000		Parish of St. John the Baptist LA		5.125		06/01/37		4,824,039
			TOTAL LOUISIANA						6,001,289
MARYLAND - 2.5%
	4,000,000		County of Montgomery MD, GO		5.000		07/01/21		4,778,480
	3,000,000		State of Maryland		5.000		08/01/23		3,734,910
			TOTAL MARYLAND						8,513,390
MASSACHUSETTS - 2.0%
	1,040,000		Massachusetts Department of Transportation		5.000		01/01/32		1,163,791
	1,000,000		Massachusetts Development Finance Agency		5.000		04/15/25		1,148,610
	2,255,000		Massachusetts Development Finance Agency		5.000		10/01/35		2,504,426
	2,315,000		Massachusetts School Building Authority		5.000		08/15/37		2,450,890
	10,000		Massachusetts School Building Authority		5.000		08/15/37		10,503
			TOTAL MASSACHUSETTS						7,278,220
MICHIGAN - 3.7%
	5,150,000		Bridgeport-Spaulding Community School District		3.000		06/22/16		5,158,497
	1,500,000		Michigan Finance Authority		5.000		07/01/22		1,761,705
	1,100,000		Michigan Finance Authority		5.000		07/01/35		1,238,490
	2,000,000		Michigan Finance Authority, GO		5.000		05/01/18		2,158,500
	1,000,000		Michigan Finance Authority, GO		5.000		05/01/20		1,139,880
	1,000,000		Michigan Finance Authority, GO		5.000		10/01/22		1,221,860
			TOTAL MICHIGAN						12,678,932
MINNESOTA - 2.0%
	3,000,000		State of Minnesota		5.000		08/01/23		3,741,990
	1,715,000		University of Minnesota		5.000		08/01/21		2,041,227
	1,000,000		Western Minnesota Municipal Power Agency		5.000		01/01/22		1,200,280
			TOTAL MINNESOTA						6,983,497
MISSISSIPPI - 2.2%
	750,000		Mississippi Development Bank		5.000		04/01/23		899,317
	1,500,000		Mississippi Development Bank		5.000		03/01/24		1,782,840
	750,000		Mississippi Development Bank		5.000		04/01/24		908,580
	1,250,000		Mississippi Development Bank		5.000		03/01/25		1,495,875
	1,045,000		Mississippi Development Bank		5.000		03/01/26		1,257,689

233

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Mississippi Development Bank		5.000	%	03/01/35	$	1,141,710
		TOTAL MISSISSIPPI						7,486,011
MISSOURI - 2.2%
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/24		1,222,220
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/25		1,233,390
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/26		1,222,690
	3,500,000	Health & Educational Facilities Authority of the State of Missouri		5.000		02/01/35		3,868,970
		TOTAL MISSOURI						7,547,270
NEBRASKA - 0.3%
	1,000,000	Central Plains Energy Project		5.000		09/01/22		1,172,940
		TOTAL NEBRASKA						1,172,940
NEW YORK - 18.6%
	4,000,000	Board of Cooperative Educational Services for the Sole Supervisory District, GO		1.000		06/17/16		3,999,320
	1,600,000	City of Ogdensburg NY		1.500		07/29/16		1,598,400
	3,379,000	City of Ogdensburg NY, GO		1.250		04/29/16		3,380,115
	1,000,000	County of Nassau NY		5.000		10/01/26		1,241,920
	1,225,000	Hornell City School District, GO		1.500		06/24/16		1,226,458
	1,000,000	Metropolitan Transportation Authority		5.000		11/15/20		1,171,920
	5,000,000	New York City Water & Sewer System		5.250		06/15/40		5,600,900
	2,500,000	New York City Water & Sewer System		5.000		06/15/46		2,925,350
	5,000,000	New York City Water & Sewer System		5.000		06/15/46		5,807,500
	1,000,000	New York State Dormitory Authority		5.000		07/01/16		1,010,920
	2,250,000	New York State Dormitory Authority		5.000		10/01/17		2,390,962
	5,000,000	New York State Dormitory Authority		5.000		03/15/41		5,667,500
	2,000,000	New York State Urban Development Corp		5.000		03/15/20		2,294,420
	2,500,000	Salmon River Central School District		2.000		07/22/16		2,508,600
	2,895,000	Scio Central School District, GO		1.250		04/08/16		2,895,203
	2,548,981	Town of East Bloomfield NY, GO		1.250		05/12/16		2,549,491
	2,220,000	Town of Evans NY, GO		1.125		06/10/16		2,217,292
	2,395,000	Town of Windham NY, GO		1.125		06/03/16		2,394,689
	1,385,000	Troy Capital Resource Corp		5.000		08/01/24		1,683,107
	5,000,000	Utica School District		2.000		07/22/16		5,005,800
	750,000	Utility Debt Securitization Authority		5.000		06/15/24		915,825
	2,530,000	Village of Brocton NY		1.625		07/20/16		2,531,973
	1,000,000	Westchester County Local Development Corp		5.000		11/01/24		1,198,630
	1,000,000	Westchester County Local Development Corp		5.000		11/01/25		1,206,910
	1,000,000	Westchester County Local Development Corp		5.000		11/01/26		1,199,390
		TOTAL NEW YORK						64,622,595
NORTH CAROLINA - 1.7%
	1,000,000	County of Cabarrus NC		5.000		04/01/26		1,268,420
	900,000	North Carolina Medical Care Commission		5.000		10/01/18		958,005
	2,000,000	North Carolina Medical Care Commission		5.000		06/01/34		2,218,320
	1,180,000	North Carolina Medical Care Commission		5.000		10/01/35		1,248,546
		TOTAL NORTH CAROLINA						5,693,291

234

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
OHIO - 4.1%
$	115,000	American Municipal Power, Inc		5.250	%	02/15/33	$	123,258
	1,885,000	American Municipal Power, Inc		5.250		02/15/33		2,041,832
	1,200,000	City of Cleveland OH Airport System Revenue		5.000		01/01/24		1,447,332
	2,000,000	City of Cleveland OH Airport System Revenue		5.000		01/01/25		2,434,060
	3,000,000	City of Marion OH		2.000		09/08/16		3,003,780
	1,000,000	Cleveland-Cuyahoga County Port Authority		5.000		08/01/44		1,092,900
	1,000,000	Ohio Air Quality Development Authority		5.625		06/01/18		1,067,540
	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		1,193,060
		TOTAL OHIO						14,327,304
OKLAHOMA - 0.4%
	1,220,000	Oklahoma Development Finance Authority		5.000		08/15/24		1,512,141
		TOTAL OKLAHOMA						1,512,141
PENNSYLVANIA - 2.4%
	795,000	Montgomery County Industrial Development Authority		3.000		01/01/18		799,810
	2,000,000	Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,355,900
	2,500,000	Pennsylvania State University		5.000		03/01/40		2,813,450
	2,000,000	Philadelphia Gas Works Co		5.000		08/01/25		2,452,580
		TOTAL PENNSYLVANIA						8,421,740
RHODE ISLAND - 2.0%
	2,000,000	Rhode Island Health & Educational Building Corp		5.000		09/01/21		2,393,140
	1,900,000	Rhode Island Health & Educational Building Corp		5.000		09/01/39		2,126,670
	2,000,000	State of Rhode Island, GO		5.000		08/01/21		2,373,640
		TOTAL RHODE ISLAND						6,893,450
SOUTH CAROLINA - 0.3%
	1,120,000	Scago Educational Facilities Corp for Colleton School District		5.000		12/01/16		1,152,256
		TOTAL SOUTH CAROLINA						1,152,256
SOUTH DAKOTA - 0.6%
	390,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/22		463,566
	415,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/23		499,809
	500,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/24		610,570
	465,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/25		565,180
		TOTAL SOUTH DAKOTA						2,139,125
TENNESSEE - 3.0%
	1,145,000	Rutherford County Health & Educational Facilities Board		5.000		11/15/40		1,269,977
	2,855,000	Sullivan County Health Educational & Housing Facilities Board		5.250		09/01/26		2,902,764
	6,000,000	Sullivan County Health Educational & Housing Facilities Board		5.250		09/01/36		6,092,520
		TOTAL TENNESSEE						10,265,261

235

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TEXAS - 7.4%
$	1,000,000		Central Texas Regional Mobility Authority		5.000	%	01/01/35	$	1,148,110
	1,165,000		City of Frisco TX, GO		5.500		02/15/25		1,272,413
	1,000,000	h	City of Houston TX		5.000		03/01/26		1,250,500
	1,000,000	h	County of Denton TX		5.000		07/15/25		1,267,800
	1,220,000		Dallas Area Rapid Transit		5.000		12/01/37		1,421,349
	1,570,000	h	Houston Independent School District		5.000		02/15/24		1,952,311
	3,000,000		State of Texas		5.000		10/01/23		3,729,150
	455,000		Tarrant County Cultural Education Facilities Finance Corp		4.000		11/15/18		475,780
	1,750,000		Tarrant County Cultural Education Facilities Finance Corp		5.000		11/15/35		1,878,310
	1,000,000		Tarrant County Cultural Education Facilities Finance Corp		5.000		11/15/36		1,070,040
	1,400,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/22		1,653,232
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,731,080
	5,000,000		Texas Transportation Commission State Highway Fund		5.000		10/01/23		6,227,250
			TOTAL TEXAS						25,077,325
VIRGIN ISLANDS - 1.5%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,402,420
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,850,125
			TOTAL VIRGIN ISLANDS						5,252,545
VIRGINIA - 0.2%
	200,000		Alexandria Industrial Development Authority		2.000		10/01/16		201,012
	250,000		Alexandria Industrial Development Authority		3.000		10/01/17		256,395
			TOTAL VIRGINIA						457,407
WASHINGTON - 4.4%
	1,955,000		Energy Northwest		5.000		07/01/23		2,377,769
	750,000	h	Energy Northwest		5.000		07/01/24		938,617
	3,150,000		Port of Seattle WA		5.500		09/01/17		3,353,270
	2,000,000		Skagit County Public Hospital District No		5.625		12/01/25		2,131,300
	2,150,000		State of Washington		5.000		08/01/38		2,475,231
	3,000,000		State of Washington, GO		5.250		02/01/22		3,651,060
			TOTAL WASHINGTON						14,927,247
WEST VIRGINIA - 0.5%
	1,500,000		City of Princeton WV		5.000		05/01/21		1,702,830
			TOTAL WEST VIRGINIA						1,702,830
			TOTAL LONG-TERM MUNICIPAL BONDS						328,940,597
			(Cost $319,219,747)
			TOTAL INVESTMENTS - 95.0%						328,940,597
			(Cost $319,219,747)
			OTHER ASSETS & LIABILITIES, NET - 5.0%						17,313,619
			NET ASSETS - 100.0%					$	346,254,216

	Abbreviation(s):
COP	Certificate of Participation
GO	General Obligation

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2016, the aggregate value of these securities was $6,108,114 or 1.8% of net assets.
h	These securities were purchased on a delayed delivery basis.

236

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

March 31, 2016

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 99.9%
CERTIFICATE OF DEPOSIT - 4.1%
$	5,000,000		Banco Del Estado De Chile		0.570	%	04/07/16	$	5,000,000
	5,000,000		Banco Del Estado De Chile		0.570		05/17/16		5,000,000
	3,000,000		Banco Del Estado De Chile		0.590		06/10/16		3,000,000
	5,000,000		Banco Del Estado De Chile		0.570		06/21/16		5,000,000
	5,000,000		Korea Development Bank		0.600		05/25/16		4,999,241
	5,000,000		Toronto-Dominion Bank		0.470		05/19/16		5,000,000
	5,000,000		Wells Fargo Bank NA		0.580		04/18/16		5,000,000
			TOTAL CERTIFICATE OF DEPOSIT						32,999,241
COMMERCIAL PAPER - 38.5%
	5,000,000		American Honda Finance Corp		0.490		04/11/16		4,999,319
	5,000,000		American Honda Finance Corp		0.450		04/12/16		4,999,312
	10,000,000		American Honda Finance Corp		0.490		04/13/16		9,998,367
	4,000,000	y	Apple, Inc		0.450		04/26/16		3,998,750
	600,000	y	Australia & New Zealand Banking Group Ltd		0.620		04/29/16		599,711
	1,700,000	y	Australia & New Zealand Banking Group Ltd		0.620		06/01/16		1,698,214
	500,000	y	Bedford Row Funding Corp		0.440		04/05/16		499,976
	4,000,000	y	Bedford Row Funding Corp		0.670		04/19/16		3,998,660
	4,000,000	y	Bedford Row Funding Corp		0.630		06/06/16		3,995,380
	1,000,000	y	CAFCO LLC		0.480		05/09/16		999,493
	500,000	y	CAFCO LLC		0.590		06/16/16		499,377
	5,000,000	y	Ciesco LLC		0.580		06/13/16		4,994,119
	3,000,000	y	Coca-Cola Co		0.430		05/23/16		2,998,137
	2,000,000	y	Coca-Cola Co		0.430		05/24/16		1,998,734
	2,000,000	y	DBS Bank Ltd		0.495		05/16/16		1,998,763
	2,000,000	y	DBS Bank Ltd		0.500		05/17/16		1,998,722
	3,000,000	y	DBS Bank Ltd		0.480		05/27/16		2,997,760
	4,875,000	y	Fairway Finance Co LLC		0.500-0.570		05/10/16		4,872,018
	2,000,000	y	Fairway Finance Co LLC		0.580		06/16/16		1,997,551
	5,000,000	y	Fairway Finance Co LLC		0.580		05/03/16		4,997,422
	2,000,000	y	Hydro-Quebec		0.400		04/08/16		1,999,844
	2,000,000	y	Hydro-Quebec		0.470		05/09/16		1,999,008
	5,000,000	y	Johnson & Johnson		0.420		04/19/16		4,998,950
	265,000		JPMorgan Chase Bank NA		0.420		04/05/16		264,988
	140,000		JPMorgan Chase Bank NA		0.670		06/06/16		139,828
	1,000,000		JPMorgan Chase Bank NA		0.650		06/23/16		998,501
	359,000		JPMorgan Chase Bank NA		0.720		07/07/16		358,304
	112,000		JPMorgan Chase Bank NA		0.720		07/15/16		111,765
	3,000,000		Korea Development Bank		0.460		04/19/16		2,999,310
	1,500,000		Korea Development Bank		0.500		04/25/16		1,499,500
	4,700,000		Korea Development Bank		0.590		06/24/16		4,693,530
	2,260,000	y	Liberty Street Funding LLC		0.470		05/10/16		2,258,849
	3,000,000	y	Liberty Street Funding LLC		0.580		06/14/16		2,996,423
	1,550,000	y	Microsoft Corp		0.410		05/04/16		1,549,417

237

TIAA-CREF FUNDS - Money Market Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,410,000	y	Microsoft Corp		0.425	%	05/25/16	$	2,408,464
	6,250,000	y	Microsoft Corp		0.400		06/08/16		6,245,278
	965,000	y	National Australia Bank Ltd		0.520		05/06/16		964,512
	4,010,000	y	National Australia Bank Ltd		0.460-0.670		05/13/16		4,007,614
	2,000,000	y	National Australia Bank Ltd		0.800		09/19/16		1,992,400
	655,000	y	Nestle Capital Corp		0.490		04/22/16		654,813
	3,000,000	y	Nestle Capital Corp		0.490		04/29/16		2,998,857
	2,000,000	y	Nestle Capital Corp		0.475		05/06/16		1,999,076
	7,000,000	y	Nestle Capital Corp		0.450		05/18/16		6,995,887
	2,400,000	y	Nestle Capital Corp		0.455		06/03/16		2,398,089
	2,000,000	y	Nestle Capital Corp		0.580		07/12/16		1,996,713
	5,000,000	y	Nestle Capital Corp		0.550		07/26/16		4,991,139
	1,980,000	y	Nestle Capital Corp		0.540		07/27/16		1,976,525
	2,000,000	y	Nordea Bank AB		0.475		04/04/16		1,999,921
	5,000,000	y	Nordea Bank AB		0.530		05/09/16		4,997,203
	2,450,000	y	Nordea Bank AB		0.545		05/16/16		2,448,331
	5,000,000	y	Nordea Bank AB		0.618		07/29/16		4,989,794
	1,750,000	y	Novartis Finance Corp		0.460		05/09/16		1,749,150
	3,500,000	y	Novartis Finance Corp		0.450		05/10/16		3,498,294
	2,000,000	y	Novartis Finance Corp		0.470		05/16/16		1,998,825
	1,000,000	y	Novartis Finance Corp		0.470		05/25/16		999,295
	5,000,000	y	Novartis Finance Corp		0.460		06/07/16		4,995,719
	3,000,000	y	Old Line Funding LLC		0.680		08/08/16		2,992,690
	4,500,000	y	Private Export Funding Corp		0.530		05/17/16		4,496,953
	300,000	y	Private Export Funding Corp		0.570		06/20/16		299,620
	2,000,000	y	Private Export Funding Corp		0.600		06/29/16		1,997,033
	3,000,000		Province of British Columbia Canada		0.400		04/22/16		2,999,300
	13,000,000		Province of British Columbia Canada		0.410		04/29/16		12,995,854
	1,000,000		Province of British Columbia Canada		0.550-0.560		05/02/16		999,523
	2,724,000		Province of British Columbia Canada		0.500		06/17/16		2,721,087
	2,000,000		Province of British Columbia Canada		0.680		07/11/16		1,996,184
	5,000,000		Province of British Columbia Canada		0.590-0.600		07/12/16		4,991,585
	2,000,000		Province of British Columbia Canada		0.620		07/29/16		1,995,901
	4,680,000		Province of Ontario Canada		0.395		04/05/16		4,679,794
	2,000,000		Province of Ontario Canada		0.480		04/07/16		1,999,840
	940,000		Province of Ontario Canada		0.460		04/12/16		939,868
	2,000,000		Province of Ontario Canada		0.450		04/18/16		1,999,575
	3,000,000		Province of Ontario Canada		0.480		05/09/16		2,998,480
	2,000,000		Province of Ontario Canada		0.490		05/19/16		1,998,693
	2,000,000		Province of Ontario Canada		0.480		06/14/16		1,998,027
	5,000,000	y	Province of Quebec Canada		0.470		05/04/16		4,997,846
	5,000,000	y	Province of Quebec Canada		0.510		06/06/16		4,995,325
	8,000,000	y	Province of Quebec Canada		0.520		07/06/16		7,988,907
	1,000,000	y	PSP Capital, Inc		0.540		04/04/16		999,955
	4,395,000	y	PSP Capital, Inc		0.460-0.570		04/06/16		4,394,673
	1,230,000	y	PSP Capital, Inc		0.560		04/12/16		1,229,790
	1,470,000	y	PSP Capital, Inc		0.590		04/14/16		1,469,687
	4,000,000	y	PSP Capital, Inc		0.560		04/18/16		3,998,942
	1,000,000	y	PSP Capital, Inc		0.560		04/20/16		999,704
	4,913,000	y	PSP Capital, Inc		0.530-0.540		05/02/16		4,910,754
	3,000,000	y	PSP Capital, Inc		0.545		05/18/16		2,997,865
	1,000,000	y	PSP Capital, Inc		0.555		05/24/16		999,183

238

TIAA-CREF FUNDS - Money Market Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	y	PSP Capital, Inc		0.600	%	06/01/16	$	1,997,967
	3,000,000	y	Roche Holdings, Inc		0.410		04/01/16		3,000,000
	5,000,000	y	Roche Holdings, Inc		0.480		04/27/16		4,998,267
	3,115,000	y	Roche Holdings, Inc		0.485		05/03/16		3,113,657
	1,740,000		Royal Bank of Canada		0.540		06/22/16		1,737,860
	4,000,000	y	Svenska Handelsbanken AB		0.550		04/29/16		3,998,289
	3,500,000	y	Svenska Handelsbanken AB		0.570		06/06/16		3,496,342
	3,000,000	y	Svenska Handelsbanken AB		0.645		07/05/16		2,994,894
	1,250,000	y	Unilever Capital Corp		0.460		04/18/16		1,249,729
	2,250,000	y	Unilever Capital Corp		0.460		04/22/16		2,249,396
	7,000,000	y	Unilever Capital Corp		0.490-0.500		04/25/16		6,997,700
	1,150,000	y	Unilever Capital Corp		0.560		06/13/16		1,148,694
	1,780,000	y	Unilever Capital Corp		0.550		06/27/16		1,777,634
	1,000,000	y	United Overseas Bank Ltd		0.400		04/05/16		999,956
	2,000,000	y	United Overseas Bank Ltd		0.400		04/06/16		1,999,889
	1,150,000	y	United Overseas Bank Ltd		0.610		04/18/16		1,149,669
	1,090,000	y	United Overseas Bank Ltd		0.850		08/29/16		1,086,140
	2,000,000	y	Wal-Mart Stores, Inc		0.430		04/12/16		1,999,737
	4,400,000	y	Wal-Mart Stores, Inc		0.480		04/28/16		4,398,416
	3,920,000	y	Westpac Banking Corp		0.770		08/19/16		3,908,262
	1,049,000	y	Westpac Banking Corp		0.845		09/16/16		1,044,863
			TOTAL COMMERCIAL PAPER						309,743,900
GOVERNMENT AGENCY DEBT - 24.8%
	310,000		Federal Farm Credit Bank (FFCB)		0.550		04/14/16		309,938
	2,500,000		FFCB		0.340		05/03/16		2,499,245
	180,000		FFCB		0.520		08/12/16		179,654
	3,000,000		FFCB		0.520		11/09/16		2,990,380
	3,000,000		Federal Home Loan Bank (FHLB)		0.330		04/01/16		3,000,000
	1,500,000		FHLB		0.310		04/05/16		1,499,948
	7,000,000		FHLB		0.350		04/06/16		6,999,660
	11,000,000		FHLB		0.370-0.375		04/08/16		10,999,204
	2,610,000		FHLB		0.360		04/11/16		2,609,739
	2,000,000		FHLB		0.470		04/12/16		1,999,713
	2,820,000		FHLB		0.345-0.370		04/15/16		2,819,614
	6,000,000		FHLB		0.370		04/20/16		5,998,828
	24,769,000		FHLB		0.330-0.370		04/22/16		24,764,154
	1,000,000		FHLB		0.350		04/25/16		999,767
	8,310,000		FHLB		0.320		04/26/16		8,308,153
	5,500,000		FHLB		0.345-0.403		04/27/16		5,498,443
	693,000		FHLB		0.480		04/28/16		692,751
	618,000		FHLB		0.400		04/29/16		617,808
	1,700,000		FHLB		0.410		05/03/16		1,699,380
	5,000,000		FHLB		0.390		05/04/16		4,998,212
	650,000		FHLB		0.375		05/06/16		649,763
	5,940,000		FHLB		0.310-0.370		05/11/16		5,937,621
	5,600,000		FHLB		0.350-0.373		05/13/16		5,597,582
	1,100,000		FHLB		0.350		05/16/16		1,099,519
	2,300,000		FHLB		0.335-0.360		05/18/16		2,298,984
	4,940,000		FHLB		0.305-0.380		05/20/16		4,937,853
	5,000,000		FHLB		0.270		05/23/16		4,998,050
	3,000,000		FHLB		0.350		05/24/16		2,998,454

239

TIAA-CREF FUNDS - Money Market Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,000,000	FHLB		0.385	%	05/25/16	$	1,998,845
	2,730,000	FHLB		0.305-0.450		05/27/16		2,728,455
	7,360,000	FHLB		0.460-0.490		06/01/16		7,354,060
	530,000	FHLB		0.390		06/03/16		529,638
	5,100,000	FHLB		0.620		06/08/16		5,094,027
	4,000,000	FHLB		0.365		06/16/16		3,996,918
	5,175,000	FHLB		0.370		06/17/16		5,170,905
	2,000,000	FHLB		0.368		06/22/16		1,998,326
	6,000,000	FHLB		0.365-0.400		06/24/16		5,994,808
	300,000	FHLB		0.440		07/08/16		299,641
	400,000	FHLB		0.450		07/13/16		399,485
	2,550,000	Federal Home Loan Mortgage Corp (FHLMC)		0.300		04/01/16		2,550,000
	2,000,000	FHLMC		0.440		04/08/16		1,999,829
	5,800,000	FHLMC		0.380		04/14/16		5,799,204
	3,000,000	FHLMC		0.380		06/28/16		2,997,213
	600,000	FHLMC		0.440		07/05/16		599,303
	1,900,000	FHLMC		0.465		08/12/16		1,896,736
	2,000,000	FHLMC		0.515		11/04/16		1,993,792
	2,000,000	FHLMC		0.875		02/22/17		2,004,915
	1,000,000	Federal National Mortgage Association (FNMA)		0.360		04/01/16		1,000,000
	1,000,000	FNMA		0.300		04/13/16		999,900
	4,000,000	FNMA		0.470		04/14/16		3,999,321
	5,000,000	FNMA		0.350		04/20/16		4,999,077
	10,000,000	FNMA		0.360		05/02/16		9,996,900
	2,700,000	FNMA		0.640		06/08/16		2,696,736
	330,000	FNMA		0.550		07/06/16		329,516
	2,000,000	FNMA		0.535		11/04/16		1,993,550
		TOTAL GOVERNMENT AGENCY DEBT						199,423,517
TREASURY DEBT - 17.8%
	8,000,000	United States Treasury Bill		0.061-0.220		04/07/16		7,999,763
	1,645,000	United States Treasury Bill		0.075-0.280		04/14/16		1,644,866
	10,600,000	United States Treasury Bill		0.111-0.121		04/21/16		10,599,320
	7,030,000	United States Treasury Bill		0.155-0.311		04/28/16		7,028,999
	8,110,000	United States Treasury Bill		0.257-0.354		05/05/16		8,107,827
	7,010,000	United States Treasury Bill		0.276-0.338		05/12/16		7,007,612
	2,400,000	United States Treasury Bill		0.308-0.450		05/19/16		2,398,948
	9,125,000	United States Treasury Bill		0.311-0.387		05/26/16		9,120,505
	3,000,000	United States Treasury Bill		0.300-0.476		06/02/16		2,998,147
	2,785,000	United States Treasury Bill		0.402-0.404		06/09/16		2,782,852
	2,000,000	United States Treasury Bill		0.447		07/07/16		1,997,591
	4,000,000	United States Treasury Bill		0.395		07/28/16		3,994,821
	3,660,000	United States Treasury Bill		0.425-0.430		08/04/16		3,654,584
	6,000,000	United States Treasury Bill		0.409-0.414		08/11/16		5,990,947
	6,130,000	United States Treasury Bill		0.330-0.433		08/18/16		6,120,539
	2,000,000	United States Treasury Bill		0.380-0.396		08/25/16		1,996,853
	4,000,000	United States Treasury Bill		0.475		09/01/16		3,991,925
	1,500,000	United States Treasury Bill		0.459		09/08/16		1,496,940
	985,000	United States Treasury Bill		0.395-0.452		09/22/16		982,937
	10,475,000	United States Treasury Note		0.250		04/15/16		10,475,258
	2,050,000	United States Treasury Note		0.250		05/15/16		2,049,716
	7,340,000	United States Treasury Note		0.375		05/31/16		7,341,046

240

TIAA-CREF FUNDS - Money Market Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,475,000		United States Treasury Note		0.500	%	06/15/16	$	3,476,013
	6,000,000		United States Treasury Note		0.500		06/30/16		6,002,031
	4,710,000		United States Treasury Note		0.625		07/15/16		4,714,300
	7,000,000		United States Treasury Note		0.625		08/15/16		7,003,769
	6,000,000		United States Treasury Note		0.500		08/31/16		6,001,039
	3,010,000		United States Treasury Note		0.875		09/15/16		3,014,849
	1,900,000		United States Treasury Note		0.500		09/30/16		1,899,624
	1,000,000		United States Treasury Note		0.625		11/15/16		1,000,771
			TOTAL TREASURY DEBT						142,894,392
VARIABLE RATE SECURITIES - 14.7%
	5,000,000	i	Federal Farm Credit Bank (FFCB)		0.402		04/21/16		4,999,959
	4,000,000	i	FFCB		0.530		06/09/16		4,000,726
	5,000,000	i	FFCB		0.420		06/23/16		4,999,770
	5,000,000	i	FFCB		0.412		08/10/16		4,999,734
	2,000,000	i	FFCB		0.480		12/30/16		1,998,945
	3,000,000	i	FFCB		0.410		01/13/17		3,000,000
	6,800,000	i	FFCB		0.412		01/24/17		6,799,738
	1,400,000	i	FFCB		0.478		02/13/17		1,399,517
	3,500,000	i	FFCB		0.441		03/02/17		3,500,009
	2,000,000	i	FFCB		0.500		03/09/17		1,999,241
	14,000,000	i	FFCB		0.431		06/15/17		13,998,371
	4,000,000	i	FFCB		0.500		06/27/17		3,996,000
	3,000,000	i	FFCB		0.421		07/17/17		2,999,737
	4,700,000	i	FFCB		0.478		08/04/17		4,694,281
	3,400,000	i	FFCB		0.491		02/02/18		3,393,100
	3,000,000	i	FFCB		0.582		02/23/18		2,999,146
	5,000,000	i	Federal Home Loan Bank (FHLB)		0.483		02/17/17		4,998,340
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.427		07/21/16		4,999,843
	5,000,000	i	FHLMC		0.443		01/13/17		4,999,605
	3,000,000	i	FHLMC		0.473		04/27/17		2,999,346
	7,000,000	i	FHLMC		0.562		07/21/17		6,999,061
	2,000,000	i	Federal National Mortgage Association (FNMA)		0.448		01/26/17		2,000,262
	4,044,000	i	FNMA		0.452		07/20/17		4,039,689
	5,000,000	i	FNMA		0.451		08/16/17		4,999,305
	7,000,000	i	FNMA		0.451		10/05/17		6,994,898
	5,000,000	i	Wells Fargo Bank NA		0.590		04/11/16		5,000,000
			TOTAL VARIABLE RATE SECURITIES						117,808,623
			TOTAL SHORT-TERM INVESTMENTS						802,869,673
			(Cost $802,869,673)
			TOTAL INVESTMENTS- 99.9%						802,869,673
			(Cost $802,869,673)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						717,143
			NET ASSETS - 100.0%					$	803,586,816

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 resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 3/31/2016, the aggregate value of these securities was $231,629,605 or 28.8% of net assets.

241

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Bond Fund, Bond Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Short-Term Bond Index Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund, and Money Market Fund (ten of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the "Funds"), at March 31, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedules of investments (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland

May 25, 2016

242

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

		TIAA-CREF FUNDS
Dated:	May 16, 2016	By:	/s/ Robert G. Leary
			Robert G. Leary
			Principal Executive Officer and President

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

Dated:	May 16, 2016	By:	/s/ Robert G. Leary
			Robert G. Leary
			Principal Executive Officer and President
			(principal executive officer)

Dated:	May 16, 2016	By:	/s/ Phillip G. Goff
			Phillip G. Goff
			Principal Financial Officer, Principal Accounting Officer and Treasurer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

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