N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number   File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

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, 2017

Item 1. Reports to Stockholders.

Annual Report

March 31, 2017

TIAA-CREF Real Estate Securities Fund

of the TIAA-CREF Funds

The annual report contains the audited financial statements.

BUILT TO PERFORM.

CREATED TO SERVE.

Contents

Understanding your fund report	3
Letter to investors	4
Information for investors	6
Important information about expenses	7
About the fund’s benchmark	8
Fund performance
Real Estate Securities Fund	9
Portfolio of investments	12
Audited financial statements
Statements of assets and liabilities	15
Statements of operations	17
Statements of changes in net assets	18
Financial highlights	20
Notes to financial statements	22
Report of independent registered public accounting firm	30
Trustees and officers	31
Approval of investment management agreement	36
Important tax information	43
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, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds and TIAA Investments.

• 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, 2017.

• 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.

TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 3

Brad Finkle

Letter to investors

Real estate investment trusts (REITs) posted gains for the twelve months ended March 31, 2017. REITs advanced on still-solid real estate fundamentals but struggled in the fourth quarter of 2016, mostly due to uncertainties about the Federal Reserve’s plan for continuing to raise short-term interest rates.

• REITs, as measured by the FTSE NAREIT All Equity REITs Index, returned 5.3% for the twelve months ended March 31, 2017. (Please see page 8 for the benchmark definition.)

• Most of the index’s 16 property sectors and subsectors advanced during the period, with the single-family homes, data centers and industrial sectors showing the greatest strength.

• TIAA-CREF Real Estate Securities Fund (Institutional Class) posted a small single-digit return but underperformed its benchmark, mainly due to some inopportune sector allocations.

For the twelve months, REITs continued to benefit from historically low interest rates and from investor appetites for the potentially high yields offered as a result of REITs’ requisite dividend distributions. Their returns were tempered, however, by two separate interest-rate hikes in the Federal Reserve’s federal funds target rate—the first in December 2016, followed by a second increase in March 2017—bringing the target range to 0.75%–1.00% at period-end.

REITs outpace bonds but fall well short of equity returns

As an asset class, REITs share some of the characteristics of both stocks and bonds. REITs are required by law to distribute at least 90% of their taxable income to investors in the form of dividends. As such, they are favored by investors seeking current income. Like fixed-income securities, REITs are also highly sensitive to fluctuations in interest rates. At the same time, because they invest in individual companies, REITs trade like equity securities.

4 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

During the twelve-month period, the FTSE NAREIT All Equity REITs Index surpassed the modest 0.4% return of the broad domestic investment-grade fixed-income market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. However, when compared to the 18.1% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index, REITs lagged by a substantial margin.

REITs remain an attractive long-term investment

While REITs struggled a bit recently in the face of rising short-term interest rates, their fundamental attributes remained stable. REITs invest in a broad spectrum of real estate properties and each sector possesses its own supply/demand dynamics and its own characteristics. That diversity of sectors plays a vital role in determining the performance of REIT securities. Moreover, the diversity of REITs held in a professionally managed real estate securities mutual fund may potentially add value as a diversification tool when combined with a portfolio of stocks, bonds and other assets. (Of course, diversification does not guarantee against market loss.)

Over the past several years, REITs delivered solid returns. They outperformed the broad U.S. investment-grade bond universe during the past three-, five- and ten-year periods ended March 31, 2017. During the same time periods, REITS modestly outperformed the broad U.S. stock market for the past three years but trailed it for the five- and ten-year periods. (Past performance is no guarantee of future results.)

If you have any questions about your investment in the TIAA-CREF Real Estate Securities Fund, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. As always, we welcome the opportunity to be of service.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds and TIAA Investments

TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 5

Information for investors

Portfolio holdings

The complete portfolio of investments for the Real Estate Securities Fund begins on page 12 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, LLC (formerly known as Teachers Advisors, Inc.). The members of this team are responsible for the day-to-day investment management of the fund.

6 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

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 8 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, 2016–March 31, 2017).

Actual expenses

The first line of the two lines listed for each share class in the table uses the class’ 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’ entry shows hypothetical account values and expenses based on the share class’ 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’ 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 Real Estate Securities Fund  ■  2017 Annual Report 7

Important information about expenses

Expense example

Six months ended March 31, 2017

					Expenses paid
	Beginning		Ending		during period		*
	account value		account value		(10/1/16–
Real Estate Securities Fund	(10/1/16)		(3/31/17)		3/31/17)
Institutional Class
Actual return		$1,000.00		$   988.45		$2.53
5% annual hypothetical return		1,000.00		1,022.39		2.57
Advisor Class
Actual return		1,000.00		988.17		2.83
5% annual hypothetical return		1,000.00		1,022.09		2.87
Premier Class
Actual return		1,000.00		987.73		3.27
5% annual hypothetical return		1,000.00		1,021.64		3.33
Retirement Class
Actual return		1,000.00		987.64		3.77
5% annual hypothetical return		1,000.00		1,021.14		3.83
Retail Class
Actual return		1,000.00		987.50		4.06
5% annual hypothetical return		1,000.00		1,020.84		4.13

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.51% for the Institutional Class, 0.57% for the Advisor Class, 0.66% for the Premier Class, 0.76% for the Retirement Class and 0.82% 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.

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.

8 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2017

The Real Estate Securities Fund returned 2.82% for the Institutional Class, compared with the 5.25% 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 gains as the Fed hikes rates

REITs (real estate investment trusts), as measured by the benchmark index, struggled in the fourth quarter of 2016, largely due to uncertainties regarding the Federal Reserve’s decision to continue raising short-term interest rates. However, the asset class still posted positive returns for the twelve-month period, supported by favorable property fundamentals and a historically low interest-rate environment.

Fueled by strengthening U.S. economic conditions, the Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%. For the twelve months, the FTSE NAREIT All Equity REITs Index benchmark underperformed the 18.07% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, but it outpaced the 0.44% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. For the ten years ended March 31, 2017, the benchmark generated an average annual return of 4.97%, versus average annual gains of 7.54% for the broad U.S. stock market and 4.27% for the broad domestic bond market for the same period.

Sectors post mostly positive results

Among the benchmark’s 16 property sectors and subsectors, most advanced during the period. The largest gains were seen in the single-family homes (up 44.6%), data centers (up 23.3%) and industrials (up 21.9%) sectors. The largest declines were seen in self-storage (down 18.3%), regional malls (down 14.6%) and shopping centers (down 11.6%) as investors maintained their generally negative sentiment toward retail real estate.

Fund advances but trails its benchmark

The fund lagged its benchmark mainly due to inopportune asset allocation decisions in residential and retail REITs. The largest detractors were holdings in AvalonBay Communities and Equity Residential, two apartment REITs with multiple properties in major U.S. cities; and GGP, a retail REIT that operates regional shopping malls.

The fund’s most significant contributors were an investment in Rexford Industrial Realty, an industrial REIT; and not owning poorly performing Kimco Realty, which owns and operates open-air shopping centers. Not holding the Macerich and Life Storage REITs also benefited relative returns.

TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 9

Real Estate Securities Fund

Performance as of March 31, 2017

Real Estate Securities Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TIREX	10/1/02		2.82	%		9.34	%		4.22	%		0.51	%		0.51	%
Advisor Class	TIRHX	12/4/15		2.82			9.32	†		4.21	†		0.62			0.62
Premier Class	TRRPX	9/30/09		2.73			9.17			4.10	†		0.66			0.66
Retirement Class	TRRSX	10/1/02		2.66			9.06			3.98			0.76			0.76
Retail Class	TCREX	10/1/02		2.59			9.00			3.96			0.82			0.82
FTSE NAREIT
All Equity REITs Index		—		5.25			10.32			4.97			—			—

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 gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

$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.

Portfolio composition
	% of net assets
Industry	as of 3/31/2017
Specialized REITs	26.3
Residential REITs	17.9
Retail REITs	14.4
Office REITs	14.1
Industrial REITs	9.7
Health care REITs	5.2
Hotel & resort REITs	4.1
Diversified REITs	2.8
IT consulting & other services	0.9
Real estate services	0.8
Mortgage REITs	0.8
Short-term investments, other assets & liabilities, net	3.0
Total	100.0

Fund profile
	as of 3/31/2017
Fund net assets	$2.10 billion
Number of holdings	58
Portfolio turnover rate	52%
Weighted median market capitalization	$11.18 billion
Price/earnings ratio (weighted 12-month trailing average)*	33.6

* Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size
Market	% of equity investments
capitalization		as of 3/31/2017
More than $50 billion		9.7
More than $15 billion–$50 billion		35.0
More than $2 billion–$15 billion		44.9
$2 billion or less		10.4
Total		100.0

TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 11

Portfolio of investments

Real Estate Securities Fund  ■  March 31, 2017

Shares			Company	Value
COMMON STOCKS—97.0%
DIVERSIFIED REITS—2.8%
	500,000		iShares Dow Jones US Real Estate Index Fund	$	39,245,000
	1,950,000		Spirit Realty Capital, Inc		19,753,500
			TOTAL DIVERSIFIED REITS		58,998,500
HEALTH CARE REITS—5.2%
	975,000		HCP, Inc		30,498,000
	1,100,000		Healthcare Trust of America, Inc		34,606,000
	275,000		Ventas, Inc		17,886,000
	375,000		Welltower, Inc		26,557,500
			TOTAL HEALTH CARE REITS		109,547,500
HOTEL & RESORT REITS—4.1%
	1,250,000		DiamondRock Hospitality Co		13,937,500
	1,000,000		Host Marriott Corp		18,660,000
	400,000		MGM Growth Properties LLC		10,820,000
	625,000		Park Hotels & Resorts, Inc		16,043,750
	1,800,000		Sunstone Hotel Investors, Inc		27,594,000
			TOTAL HOTEL & RESORT REITS		87,055,250
INDUSTRIAL REITS—9.7%
	700,000		Duke Realty Corp		18,389,000
	1,350,000		Prologis, Inc		70,038,000
	4,000,000	a	Rexford Industrial Realty, Inc		90,080,000
	900,000		Terreno Realty Corp		25,200,000
			TOTAL INDUSTRIAL REITS		203,707,000
IT CONSULTING & OTHER SERVICES—0.9%
	475,000	*	InterXion Holding NV		18,791,000
			TOTAL IT CONSULTING & OTHER SERVICES		18,791,000
MORTGAGE REITS—0.8%
	700,000		Starwood Property Trust, Inc		15,806,000
			TOTAL MORTGAGE REITS		15,806,000
OFFICE REITS—14.1%
	210,000		Alexandria Real Estate Equities, Inc		23,209,200
	725,000		Boston Properties, Inc		95,997,250
	975,000		Hudson Pacific Properties		33,774,000
	675,000		Kilroy Realty Corp		48,654,000
	700,000		SL Green Realty Corp		74,634,000
	200,000		Vornado Realty Trust		20,062,000
			TOTAL OFFICE REITS		296,330,450
REAL ESTATE SERVICES—0.8%
	800,000		Kennedy-Wilson Holdings, Inc		17,760,000
			TOTAL REAL ESTATE SERVICES		17,760,000

12 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Portfolio of investments continued

Real Estate Securities Fund  ■  March 31, 2017

	Shares		Company	Value
RESIDENTIAL REITS—17.9%
	675,000		American Homes 4 Rent	$	15,498,000
	950,000		Apartment Investment & Management Co (Class A)		42,132,500
	140,000		AvalonBay Communities, Inc		25,704,000
	912,850		Colony Starwood Homes		30,991,257
	625,000		Equity Lifestyle Properties, Inc		48,162,500
	1,100,000		Equity Residential		68,442,000
	200,000		Essex Property Trust, Inc		46,306,000
	425,000	*	Invitation Homes, Inc		9,277,750
	220,000		Mid-America Apartment Communities, Inc		22,382,800
	2,500,000		Monogram Residential Trust, Inc		24,925,000
	525,000		Sun Communities, Inc		42,173,250
			TOTAL RESIDENTIAL REITS		375,995,057
RETAIL REITS—14.4%
	275,000		Agree Realty Corp		13,189,000
	415,000		Federal Realty Investment Trust		55,402,500
	1,800,000		GGP, Inc		41,724,000
	325,000		Realty Income Corp		19,347,250
	635,000		Regency Centers Corp		42,157,650
	1,400,000		Retail Opportunities Investment Corp		29,442,000
	550,000		Retail Properties of America, Inc		7,931,000
	550,000		Simon Property Group, Inc		94,616,500
			TOTAL RETAIL REITS		303,809,900
SPECIALIZED REITS—26.3%
	850,000		American Tower Corp		103,309,000
	950,000		Crown Castle International Corp		89,727,500
	975,000		CyrusOne, Inc		50,183,250
	190,000		Digital Realty Trust, Inc		20,214,100
	220,000		Equinix, Inc		88,081,400
	425,000		Extra Space Storage, Inc		31,615,750
	1,075,000		Four Corners Property Trust, Inc		24,542,250
	225,000		Gaming and Leisure Properties, Inc		7,519,500
	950,000		National Storage Affiliates Trust		22,705,000
	225,000		Public Storage, Inc		49,254,750
	650,000		QTS Realty Trust, Inc		31,687,500
	1,000,000		Weyerhaeuser Co		33,980,000
			TOTAL SPECIALIZED REITS		552,820,000
			TOTAL COMMON STOCKS (Cost $1,607,605,440)		2,040,620,657

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 13

Portfolio of investments concluded

Real Estate Securities Fund  ■  March 31, 2017

				Maturity
Principal		Issuer	Rate	date	Value
SHORT-TERM INVESTMENTS—2.6%
GOVERNMENT AGENCY DEBT—0.7%
	$15,350,000	Federal Home Loan Bank (FHLB)	0.450%	04/03/17	$	15,350,000
						15,350,000
TREASURY DEBT—1.9%
	17,620,000	United States Treasury Bill	0.495	04/06/17		17,619,225
	21,985,000	United States Treasury Bill	0.590	04/20/17		21,977,437
						39,596,662
		TOTAL SHORT-TERM INVESTMENTS (Cost $54,946,559)				54,946,662
		TOTAL INVESTMENTS—99.6% (Cost $1,662,551,999)				2,095,567,319
		OTHER ASSETS & LIABILITIES, NET—0.4%				9,132,735
		NET ASSETS—100.0%			$	2,104,700,054

Abbreviation(s):

REIT	Real Estate Investment Trust
*	Non-income producing
a	Affiliated holding

14 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of assets and liabilities

Real Estate Securities Fund  ■  March 31, 2017

ASSETS
Portfolio investments, at value†	$	2,005,487,319
Affiliated investments, at value‡		90,080,000
Cash		25,142
Receivable from Fund shares sold		1,927,437
Dividends and interest receivable		7,654,282
Other		132,372
Total assets		2,105,306,552
LIABILITIES
Management fees payable		82,700
Service agreement fee payable		6,813
Distribution fee payable		60,070
Due to affiliates		33,098
Payable for Fund shares redeemed		199,023
Payable for trustee compensation		121,216
Accrued expenses and other payables		103,578
Total liabilities		606,498
NET ASSETS	$	2,104,700,054
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,636,806,461
Undistributed net investment income (loss)		2,302,519
Accumulated net realized gain (loss) on total investments		32,575,754
Net unrealized appreciation (depreciation) on total investments		433,015,320
NET ASSETS	$	2,104,700,054
INSTITUTIONAL CLASS:
Net assets	$	1,448,714,407
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		94,600,849
Net asset value per share		$15.31
ADVISOR CLASS:
Net assets	$	578,685
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		37,762
Net asset value per share		$15.32
PREMIER CLASS:
Net assets	$	94,236,147
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,149,985
Net asset value per share		$15.32
RETIREMENT CLASS:
Net assets	$	335,326,979
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,090,697
Net asset value per share		$15.90

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 15

Statement of assets and liabilities concluded

Real Estate Securities Fund  ■  March 31, 2017

RETAIL CLASS:
Net assets	$	225,843,836
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		14,851,710
Net asset value per share		$15.21
† Portfolio investments, cost	$	1,598,924,318
‡ Affiliated investments, cost	$	63,627,681

16 2017 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, 2017

INVESTMENT INCOME
Dividends	$	43,927,593
Dividends from affiliated investments		2,200,000
Interest		212,535
Payment from affiliate		600,722
Total income		46,940,850
EXPENSES
Management fees		9,844,769
Shareholder servicing — Institutional Class		5,149
Shareholder servicing — Advisor Class		160
Shareholder servicing — Premier Class		129
Shareholder servicing — Retirement Class		832,258
Shareholder servicing — Retail Class		133,363
Distribution fees — Premier Class		144,310
Distribution fees — Retail Class		582,333
Administrative service fees		101,100
Trustee fees and expenses		20,258
Other expenses		373,065
Total expenses		12,036,894
Fee waiver by investment adviser		(78,788	)
Net expenses		11,958,106
Net Investment income (loss)		34,982,744
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments†		62,596,866
Foreign currency transactions		(2,390	)
Net realized gain (loss) on total investments		62,594,476
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(63,224,042	)
Affiliated investments		17,750,322
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(45,473,720	)
Net realized and unrealized gain (loss) on total investments	$	17,120,756
Net increase (decrease) in net assets from operations	$	52,103,500
† Includes net realized gain (loss) from securities sold to affiliates of	$	(506,996	)

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 17

Statements of changes in net assets

Real Estate Securities Fund  ■  For the period or year ended

		March 31, 2017				March 31, 2016
OPERATIONS
Net investment income (loss)			$	34,982,744			$	42,344,383
Net realized gain (loss) on total investments				62,594,476				50,575,060
Net change in unrealized appreciation (depreciation) on total investments				(45,473,720	)			(42,759,648	)
Net increase (decrease) in net assets from operations				52,103,500				50,159,795
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(28,818,596	)			(26,894,437	)
	Advisor Class*			(7,385	)			(719	)
	Premier Class			(1,885,839	)			(1,594,461	)
	Retirement Class			(5,895,740	)			(5,907,824	)
	Retail Class			(4,171,333	)			(4,407,260	)
From realized gains:	Institutional Class			(20,650,555	)			(49,379,708	)
	Advisor Class*			(7,028	)			(424	)
	Premier Class			(1,462,168	)			(3,201,813	)
	Retirement Class			(4,800,516	)			(12,564,672	)
	Retail Class			(3,451,287	)			(9,535,632	)
Total distributions				(71,150,447	)			(113,486,950	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			256,340,891				167,223,033
	Advisor Class*			480,513				100,000
	Premier Class			23,592,031				28,210,006
	Retirement Class			59,617,654				28,696,637
	Retail Class			24,604,837				24,814,788
Reinvestments of distributions:	Institutional Class			49,421,781				76,163,321
	Advisor Class*			10,673				—
	Premier Class			3,348,007				4,796,274
	Retirement Class			10,694,528				18,468,396
	Retail Class			7,211,060				13,362,720
Redemptions:	Institutional Class			(133,360,317	)			(290,488,694	)
	Advisor Class*			(10,079	)			—
	Premier Class			(16,656,470	)			(11,352,028	)
	Retirement Class			(48,327,359	)			(90,164,427	)
	Retail Class			(38,436,958	)			(36,125,789	)
Net increase (decrease) from shareholder transactions				198,530,792				(66,295,763	)
Net increase (decrease) in net assets				179,483,845				(129,622,918	)
NET ASSETS
Beginning of period				1,925,216,209				2,054,839,127
End of period			$	2,104,700,054			$	1,925,216,209
Undistributed net investment income (loss) included in net assets			$	2,302,519			$	8,981,445

18 2017 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, 2017			March 31, 2016
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		16,578,617			11,225,600
	Advisor Class*		30,830			6,905
	Premier Class		1,508,051			1,854,790
	Retirement Class		3,677,884			1,849,145
	Retail Class		1,594,295			1,673,470
Shares reinvested:	Institutional Class		3,280,867			5,270,006
	Advisor Class*		713			—
	Premier Class		222,285			331,766
	Retirement Class		684,697			1,233,839
	Retail Class		482,686			931,432
Shares redeemed:	Institutional Class		(8,705,835	)		(19,699,137	)
	Advisor Class*		(686	)		—
	Premier Class		(1,103,310	)		(754,606	)
	Retirement Class		(3,091,577	)		(5,779,288	)
	Retail Class		(2,526,893	)		(2,446,429	)
Net increase (decrease) from shareholder transactions			12,632,624			(4,302,507	)

* Advisor Class commenced operations on December 4, 2015.

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 19

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
For the	Net asset		Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Total return			Net assets									Net			Net investment
period or year ended	value, beginning of period		investment income (loss		)a	gain (loss on total investments		)	(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			excluding payment from affiliates		u	at end of period (in thousands		)	Gross expense			Net expense			investment income (loss		)	income (loss excluding payments from affiliates		) u	Portfolio turnover rate
Institutional Class
3/31/17		$15.44		$0.27			$0.15			$0.42		$(0.32	)		$(0.23	)		$(0.55	)		$15.31		2.82	%		2.79	%		$1,448,714			0.51	%		0.50	%		1.79	%		1.76	%		52	%
3/31/16		15.92		0.36			0.15			0.51		(0.34	)		(0.65	)		(0.99	)		15.44		3.76			3.76			1,288,020			0.51			0.47			2.44			2.44			33
3/31/15		13.20		0.26			2.97			3.23		(0.25	)		(0.26	)		(0.51	)		15.92		24.80			24.80			1,379,388			0.52			0.52			1.79			1.79			29
3/31/14		13.05		0.26			0.34			0.60		(0.25	)		(0.20	)		(0.45	)		13.20		4.89			4.89			950,769			0.52			0.52			2.00			2.00			65
3/31/13		11.87		0.19			1.21			1.40		(0.22	)		—			(0.22	)		13.05		11.88			11.88			864,577			0.53			0.53			1.53			1.53			50
Advisor Class
3/31/17		15.44		0.18			0.24			0.42		(0.31	)		(0.23	)		(0.54	)		15.32		2.82			2.80			579			0.56			0.56			1.20			1.18			52
3/31/16‡		15.38		0.11			0.80			0.91		(0.20	)		(0.65	)		(0.85	)		15.44		6.37	b		6.37	b		107			0.73	c		0.61	c		2.47	c		2.47	c		33
Premier Class
3/31/17		15.44		0.25			0.16			0.41		(0.30	)		(0.23	)		(0.53	)		15.32		2.73			2.70			94,236			0.66			0.65			1.66			1.63			52
3/31/16		15.93		0.34			0.14			0.48		(0.32	)		(0.65	)		(0.97	)		15.44		3.54			3.54			85,298			0.66			0.61			2.31			2.31			33
3/31/15		13.21		0.25			2.96			3.21		(0.23	)		(0.26	)		(0.49	)		15.93		24.59			24.59			65,159			0.67			0.67			1.72			1.72			29
3/31/14		13.05		0.24			0.35			0.59		(0.23	)		(0.20	)		(0.43	)		13.21		4.81			4.81			47,330			0.67			0.67			1.88			1.88			65
3/31/13		11.88		0.17			1.20			1.37		(0.20	)		—			(0.20	)		13.05		11.62			11.62			62,709			0.68			0.68			1.37			1.37			50
Retirement Class
3/31/17		16.00		0.25			0.16			0.41		(0.28	)		(0.23	)		(0.51	)		15.90		2.66			2.63			335,327			0.76			0.75			1.58			1.55			52
3/31/16		16.47		0.34			0.14			0.48		(0.30	)		(0.65	)		(0.95	)		16.00		3.42			3.42			317,204			0.76			0.72			2.19			2.19			33
3/31/15		13.64		0.23			3.07			3.30		(0.21	)		(0.26	)		(0.47	)		16.47		24.50			24.50			370,757			0.77			0.77			1.53			1.53			29
3/31/14		13.46		0.24			0.36			0.60		(0.22	)		(0.20	)		(0.42	)		13.64		4.70			4.70			238,718			0.77			0.77			1.76			1.76			65
3/31/13		12.25		0.17			1.23			1.40		(0.19	)		—			(0.19	)		13.46		11.47			11.47			253,707			0.78			0.78			1.30			1.30			50
Retail Class
3/31/17		15.33		0.24			0.14			0.38		(0.27	)		(0.23	)		(0.50	)		15.21		2.59			2.56			225,844			0.82			0.81			1.55			1.52			52
3/31/16		15.82		0.32			0.14			0.46		(0.30	)		(0.65	)		(0.95	)		15.33		3.40			3.40			234,588			0.82			0.77			2.15			2.15			33
3/31/15		13.12		0.22			2.95			3.17		(0.21	)		(0.26	)		(0.47	)		15.82		24.41			24.41			239,535			0.83			0.83			1.49			1.49			29
3/31/14		12.97		0.22			0.34			0.56		(0.21	)		(0.20	)		(0.41	)		13.12		4.56			4.56			180,245			0.86			0.86			1.68			1.68			65
3/31/13		11.80		0.14			1.21			1.35		(0.18	)		—			(0.18	)		12.97		11.49			11.49			187,722			0.87			0.87			1.17			1.17			50

‡	The Advisor Class commenced operations on December 4, 2015.
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.
u	Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

20 2017 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Annual Report 21

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, LLC (“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. Effective October 1, 2016, the name of Teachers Advisors, Inc. was changed to Teachers Advisors, LLC. 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. The Advisor class was made available for sale by the Fund on December 4, 2015, 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. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

22 2017 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, 2017, 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  ■  2017 Annual Report 23

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 rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This final rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

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:

24 2017 Annual Report  ■  Real Estate Securities Fund

continued

• 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 as 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 NAV 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 Statement of Assets and Liabilities. As of March 31, 2017, 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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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 as 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 as 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 as Level 2 of the fair value hierarchy; in instances

Real Estate Securities Fund  ■  2017 Annual Report 25

Notes to financial statements

where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as 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 as 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, 2017, there were no material transfers between levels by the Fund.

The following table summarizes the market value of the Fund’s investments as of March 31, 2017, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Real Estate Securities
Equity investments*	$	2,040,620,657	$	—	$	—	$	2,040,620,657
Short-term investments		—		54,946,662		—		54,946,662
Total	$	2,040,620,657	$	54,946,662	$	—	$	2,095,567,319

* For detailed categories, see the accompanying Portfolio of investments.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.38% 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 is 0.48% as of March 31, 2017. Prior to May 1, 2016, 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

26 2017 Annual Report  ■  Real Estate Securities Fund

continued

annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional, and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.57% of average daily net assets for the Institutional Class shares; 0.72% of average daily net assets for the 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 will continue through at least July 31, 2017, unless changed with approval of the Board.

Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. These amounts are included in Payment from affiliate on the Statement of Operations. 

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. For the year ended March 31, 2017, the Fund engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss)
Real Estate Securities Fund	$	—		$29,905,295		$(506,996)

The following is the percentage of the Fund’s shares owned by affiliates as of March 31, 2017:

Underlying Fund	TIAA		TIAA Access		Total
Real Estate Securities Fund		—		10%		10%

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, 2017, one 529 Plan owned 11% of the Real Estate Securities Fund.

Real Estate Securities Fund  ■  2017 Annual Report 27

Notes to financial statements

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, 2016		cost		proceeds		gain (loss)
Real Estate Securities Fund
Rexford Industrial Realty, Inc	$	60,836,000	$	11,493,678	$	—	$	—
	Shares at		Value at		Shares at		Value at
	Dividend		Withholding		March 31,		March 31,
	income		expense		2017		2017
Real Estate Securities Fund
Rexford Industrial Realty, Inc	$	2,200,000	$	—		4,000,000	$	90,080,000

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, 2017, the cost of portfolio investments for federal income tax purposes was $1,674,797,195. Net unrealized appreciation of portfolio investments for federal income tax purposes was $420,770,124, consisting of gross unrealized appreciation of $423,321,795, and gross unrealized depreciation of $(2,551,671).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the year ended March 31, 2017 were $1,247,419,520 and $1,027,972,185, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2017 and March 31, 2016 was as follows:

			Long-term
	Ordinary income		capital gains		Total
3/31/2017	$	40,778,893	$	30,371,554	$	71,150,447
3/31/2016		42,449,273		71,037,677		113,486,950

As of March 31, 2017, the components of accumulated earnings on a tax basis consisted of $1,676,509 of undistributed ordinary income, $45,538,870 of undistributed long-term capital gains, $(2,226) in late year loss deferrals, and $420,770,124 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.

28 2017 Annual Report  ■  Real Estate Securities Fund

concluded

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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2017, there were no borrowings under this credit facility by the Fund.

Note 7—indemnification

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

Real Estate Securities Fund  ■  2017 Annual Report 29

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 TIAA-CREF Real Estate Securities Fund (one of the series constituting the TIAA-CREF Funds, hereafter referred to as the “Fund”) as of March 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended 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 as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 18, 2017

30 2017 Annual Report  ■  Real Estate Securities Fund

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  April 18, 2017

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).	88	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
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.	88	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).	88	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.	88	Director, Commonwealth.

Real Estate Securities Fund  ■  2017 Annual Report 31

Trustees and officers (unaudited) continued

TIAA-CREF Funds  ■  April 18, 2017

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
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.	88	Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; 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).	88	Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; Regent, University of Edinburgh; Trustee, 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).	88	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

32 2017 Annual Report  ■  Real Estate Securities Fund

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	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).	88	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.

Real Estate Securities Fund  ■  2017 Annual Report 33

Trustees and officers (unaudited) concluded

TIAA-CREF Funds  ■  April 18, 2017

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 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. 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”).
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, President, TIAA Investments. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
J. Keith Morgan TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1951	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2015.	Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.

34 2017 Annual Report  ■  Real Estate Securities Fund

Ronald R. Pressman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior 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 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, Senior General Counsel and Corporate Secretary of TIAA and Senior Managing Director and General Counsel of the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior 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.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; and Treasurer of CREF.

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  ■  2017 Annual Report 35

Approval of investment
management agreement (unaudited)

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

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors 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 independent because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held meetings on March 9, 2017 and March 23, 2017, at which it considered the annual renewal of the Agreement 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 Advisors, other Board members and legal counsel to the Trustees to develop guidance 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 Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the guidance and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance 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.

36 2017 Annual Report  ■  Real Estate Securities Fund

continued

Based on guidance 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 rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs. Broadridge compared this data for the Fund against a universe of investment companies (except for brokerage commissions) 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 Advisors, 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 the 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 Advisors or the Board).

Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the Trustees’ evaluation of the reasonableness of profits earned by Advisors 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 realized or anticipated to be realized by Advisors, which is also true of their assessment of the Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions at which no Advisors 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 Advisors’ services to the Fund is an ongoing one.

In advance of the Board meetings held on March 9 and March 23, 2017, legal counsel for the Trustees requested on behalf of the Board, and Advisors 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, 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 the Fund’s fee rate under the Agreement to the fee rates of other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or

Real Estate Securities Fund  ■  2017 Annual Report 37

Approval of investment
management agreement (unaudited)

its affiliates due to their relationship with the Fund in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors 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 Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission; and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow up questions presented by the Board after its initial review of the information described above.

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 Advisors 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 Advisors 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 Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as 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.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determination 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

38 2017 Annual Report  ■  Real Estate Securities Fund

continued

ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 23, 2017, 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Fund. It also considered Advisors’ 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 Advisors 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 Advisors’ 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 and peer universe and its benchmark index. The Board also reviewed the three-year performance of the Fund before any reductions for fees or expenses. For details 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.

Real Estate Securities Fund  ■  2017 Annual Report 39

Approval of investment
management agreement (unaudited)

Cost and profitability

The Board considered financial and profitability data relating to Advisors for the calendar year 2016. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate which permits Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial risk Advisors assumes. The Board considered that Advisors had earned profits with respect to the Fund under the Agreement for the one-year period ended December 31, 2016, and expected this trend to continue. The Board also recognized the future effect on Advisors’ profitability of an amendment to the Agreement effective on May 1, 2017 adding new breakpoints to the Fund’s management fee rate schedule at the $7 billion and $10 billion levels (replacing an existing breakpoint at the $8 billion level). (Management fee rate “breakpoints” result in the Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.) The Board concluded that the profits earned by Advisors in 2016 on its services to the Fund were reasonable in light of various relevant factors.

During its review of Advisors’ profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors for its portfolio management and other functions, including the impact of operations related to Nuveen Investments, an affiliate of Advisors, 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 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. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Fund’s actual management fee rate compares to those of peer 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 rate under the Agreement with respect to the Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

40 2017 Annual Report  ■  Real Estate Securities Fund

continued

Economies of scale

The Board considered whether Advisors 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 current fee breakpoints would have a material effect on its fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to the Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the addition of new contractual breakpoints in the management fee rate schedule of the Fund effective May 1, 2017. 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 the Fund’s current asset level.

Fee comparison with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, foreign funds (“UCITS”) and separately managed accounts. The Board noted that Advisors did not currently manage any other products with comparable investment strategies to the Fund’s investment strategy. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered Advisors’ disclosed fee rate schedules for separately managed account mandates with an investment strategy similar to the Fund’s strategy. The Board also considered Advisors’ representation that, while the management fee rate charged to the Fund 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 Advisors; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to its commission arrangements made on behalf of the Fund (i.e., soft dollars). Additionally, the Fund may be utilized as an investment option

Real Estate Securities Fund  ■  2017 Annual Report 41

Approval of investment
management agreement (unaudited) concluded

for other products and businesses of Advisors 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 discussion 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, 2016. 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 starts at 0.50% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.484% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes and each in the 1st quintile of the universe of comparable funds identified by Broadridge for expense comparison purposes.

• The Fund was in the 4th, 4th, 3rd 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 5th, 3rd, 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.

• Advisors 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.

42 2017 Annual Report  ■  Real Estate Securities Fund

Important tax information

For the year ended March 31, 2017, the Fund designates distributions of $0 and $31,688,923 (or the maximum amount allowable), as being from Section 1250 gains and net long-term capital gains, respectively.

For the year ended March 31, 2017, the Fund designates 4.51% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividend income.

For the year ended March 31, 2017, the Fund designates 4.42% (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, 2017, which will be reported in conjunction with your 2017 Form 1099-DIV.

By early 2018, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

Real Estate Securities Fund  ■  2017 Annual Report 43

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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.

Nuveen 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.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

©2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA

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127346 A12449 (5/17)

Annual Report

March 31, 2017

TIAA-CREF Funds

Fixed-Income Funds

The annual report contains the audited financial statements.

BUILT TO PERFORM.

CREATED TO SERVE.

Bond

Bond Index

Bond Plus

High-Yield

Inflation-Linked Bond

Short-Term Bond

Short-Term Bond Index

Social Choice Bond

Tax-Exempt Bond

Money Market

Contents

Understanding your report from TIAA-CREF Funds	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Bond Fund	10
Bond Index Fund	12
Bond Plus Fund	14
High-Yield Fund	16
Inflation-Linked Bond Fund	18
Short-Term Bond Fund	20
Short-Term Bond Index Fund	22
Social Choice Bond Fund	24
Tax-Exempt Bond Fund	26
Money Market Fund	28
Summary portfolios of investments	30
Audited financial statements
Statements of assets and liabilities	52
Statements of operations	54
Statements of changes in net assets	56
Financial highlights	60
Notes to financial statements	70
Report of independent registered public accounting firm	79
Trustees and officers	80
Approval of investment management agreement	83
Important tax information	89
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, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds and TIAA Investments.

• 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, 2017.

• 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.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 3

Letter to investors

The broad U.S. bond market rose modestly during the twelve months ended March 31, 2017. The generally small gains were propelled mostly by the strength of the corporate sector, which benefited from improvements in the domestic economy, steady earnings and investors’ higher appetite for risk—despite the headwind of rising rates in the final months of the period. In this environment, all but one of the TIAA-CREF fixed-income funds generated positive returns for the twelve-month period, and most outpaced their respective benchmarks.

• The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 0.4% during the period—substantially less than its average annual gain of 2.3% over the past five years.

• Institutional Class returns for five of the nine TIAA-CREF fixed-income funds in operation throughout the reporting period exceeded the returns of their respective benchmarks. (Please see page 8 for benchmark definitions.)

• Of the four remaining funds, all lagged their respective benchmarks by less than one-half of a percentage point. (The Money Market Fund is technically not a fixed-income fund and does not have a benchmark.)

While fixed-income markets struggled amid fluctuating interest rates, most bonds earned modest gains for the twelve months. During this time, the U.S. economy grew at a moderate pace, aided by stronger consumer spending for most of 2016. In response, the Federal Reserve (Fed) raised short-term interest rates twice during the period. The initial move came in December 2016 and was followed by a second hike in March 2017, bringing the federal funds target  rate to 0.75%–1.00% at period-end.

Geopolitical events also swayed the fixed-income markets. In late June 2016, British voters’ decision for the United Kingdom to exit the European Union initially caused yields of

Brad Finkle

high-quality bonds to fall as investors made a “flight to quality”. Then in November 2016, the surprise results of the  U.S. presidential election pushed most bond yields higher as investors expected the incoming administration’s pro-business policies to stimulate economic growth.

The Bloomberg Barclays U.S. Aggregate Bond Index, a measure of the domestic investment-grade fixed-rate bond market, rose 0.4% during the twelve-month period, with almost all sectors in the index posting positive returns. The exception was the U.S. Treasury sector, the largest weighting in the index, which declined 1.4%. Meanwhile, the broad U.S. stock market, as represented by the Russell 3000^® Index, posted a strong 18.1% return for the twelve months.

Most TIAA-CREF fixed-income funds post positive returns

All but one of the nine TIAA-CREF fixed-income funds in operation throughout the period delivered positive performance. The sole exception was the Tax-Exempt Bond Fund, which produced a return of -0.6% as municipals struggled.

From that low point, the Institutional Class returns ranged to a high of 15.2% for the High-Yield Fund. An improving U.S. economy, steady corporate earnings, and investors’ healthy appetite for risk helped the High-Yield Fund achieve this strong performance, which outpaced the fund’s benchmark return of 13.8%.

4 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

The Bond Plus Fund achieved a solid return of 3.0%, substantially outperforming the 0.4% return of the Bloomberg Barclays U.S. Aggregate Bond Index due to an overweight position and favorable security selection in the strong-performing corporate bond sector.

The Bond Fund also outperformed the aggregate bond index by a wide margin, returning 2.3%, largely as a result of favorable security selection in the commercial mortgage-backed securities (CMBS) sector. By comparison, the Bond Index Fund, which seeks to maintain the characteristics of the aggregate bond index, returned 0.2%, underperforming the same benchmark.

The Short-Term Bond Fund advanced 1.8%, substantially beating its benchmark, most notably due to a position in CMBS. By comparison, the Short-Term Bond Index Fund delivered a 0.4% return, lagging the same benchmark.

The Social Choice Bond Fund posted a solid return of 1.7%, outperforming the aggregate bond index due in large part to favorable yield curve positioning in U.S. Treasuries.

The Inflation-Linked Bond Fund returned a more modest 1.1% and underperformed its benchmark, mostly because of unfavorable security selection in U.S. Treasuries.

The Money Market Fund notched a 0.3% return during the reporting period, outperforming the 0.1% return for the  All Government iMoneyNet Money Fund Average.

The Tax-Exempt Bond Fund turned in a -0.6% return for the twelve months, underperforming the -0.2% return of its benchmark, mainly because of unfavorable yield curve positioning across most sectors.

A detailed overview of the fixed-income markets during the period appears in our Market monitor on page 6. A discussion of each fund and its relative performance begins on page 10.

The paradox of future market performance

In the nine years since the depths of the Great Recession, the capital markets have staged a remarkable recovery. Accommodative monetary policies in the United States and elsewhere in some of the world’s major economies have had a largely salutary effect on the performance of many financial markets. Nearly a decade of forward progress in the current business cycle may be at the long end of reasonable historical expectations, however.

Economic recovery here in the United States has come in slow, but steady, movements over the past several years. Rising expectations for further growth—and, with it, for rising inflation—have given the Fed reason to begin tapping on the brakes of late. Following its third rate hike since December 2015, the Fed has signaled that further hikes are likely in the remainder of 2017.

Reading the tea leaves for signs of future events has always been a tricky business. We believe a wise strategy is to rely on the risk-attenuating characteristics of portfolio diversification. A broadly diversified portfolio of fixed-income securities—professionally managed within a mutual fund—has been shown over time to help navigate the inevitable ups and downs of the financial markets. (Of course, diversification does not guarantee against market loss.)

For additional assistance with your investment strategy, or if you have any questions about your fixed-income portfolio, please reach out to your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to be of service.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds and TIAA Investments

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 5

Market monitor

Bonds weather political change, rising rates

Most U.S. fixed-income markets posted modest gains during the twelve-month period ended March 31, 2017, absorbing political change at home and abroad as well a long-awaited shift toward rising interest rates at the Federal Reserve. Moderate U.S. economic growth and the lowest unemployment rate in nearly a decade at 4.5% also influenced the market. Over the twelve months, fixed-rate investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 0.4%.

U.S. high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High-Yield Constrained Index, returned 13.8% for the period. The Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index gained 1.5%, while the Bloomberg Barclays 1–3 Year Government/Credit Bond Index returned 0.7%. Municipal bonds, standouts the previous year, lost ground. The Bloomberg Barclays 10-Year Municipal Bond Index slipped 0.2%.

U.S. economy improves, and oil prices climb higher

Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a seasonally adjusted annualized rate of 2.1% during the fourth quarter of 2016. Real GDP grew by 3.5% the previous quarter, its fastest pace of the year. Growth receded to a tepid 0.7% in the first quarter of 2017 (according to the government’s first estimate), as consumer spending slipped despite a robust stock market and a rise in business investment. Stronger consumer spending helped boost growth during all three quarters. The national unemployment rate, which stood at 5.0% at the end of March 2016, fell to 4.5% over the next twelve

High yield tops other sectors in rising-rate environment

Performance for the twelve months ended March 31, 2017

Source: U.S. investment grade: Bloomberg Barclays U.S. Aggregate Bond Index; Short term: Bloomberg Barclays U.S. 1–3 Year Government/Credit Index; Municipals: Bloomberg Barclays 10-Year Municipal Bond Index; Inflation protected: Bloomberg Barclays U.S. TIPS 1–10 Year Index; Corporate high yield: BofA Merrill Lynch BB- B U.S. Cash Pay High Yield Constrained Index. As of March 31, 2017.

months. But the labor participation rate, which measures people who are either employed or unemployed and actively looking for work, ended the period where it began at 63%.

Inflation remained fairly stable, with core inflation—which includes all items less food and energy—hovering at just over 2.0% throughout the period. The price of West Texas Intermediate Crude Oil rose from $ 35 a barrel at the start of the period to more than $50 on March 31, 2017. Equity markets responded positively to the continued economic growth. The broad stock market, as measured by the Russell 3000^® Index, gained 18.1% during the period. However, yields on U.S. government securities of all maturities rose during the twelve -month period, hindering bond performance (bond prices move in the opposite direction of yields).

Voters influence the market

Great Britain’s vote to exit the European Union and the United States presidential election had significant impacts on financial markets. The so-called “Brexit” referendum in June 2016 initially led to a “flight to quality” among investors and drove down the yields of high -quality fixed -income assets such as U.S. Treasuries, but the investor panic was short-lived. The yield on the 10-year U.S. Treasury bond, which began the period at 1.79%, briefly fell below 1.40% within a month of the Brexit vote but recovered by mid-September.

In November, the U.S. presidential election generated hopes among some investors for a federal policy favoring more aggressive economic stimulus and accelerated growth, contributing to rising yields late in 2016. The 10-year Treasury rose as high as 2.60% by mid-December, but it eased back to 2.40% by March 31, 2017, as markets began to question how quickly and effectively the new administration could execute economic policies.

Fed rate hikes continue

During the period, U.S. central bankers increased the federal funds target rate in December 2016 and again in March 2017, pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%. The increases support the Fed’s approach of slowly winding down its nine-year effort to boost the economy through aggressive monetary policy. The Fed’s two primary rate-setting goals, to promote a strong U.S. labor market and guide inflation near a 2.0% annual target, were both in line by the early months of 2017.

Fed policymakers anticipate additional rate hikes this year and in 2018 due to the improving U.S. economy. They also expect to gradually reduce the Fed’s large holdings of longer-term securities, originally purchased to stimulate the economy, by phasing out reinvestments.

6 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

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, LLC (formerly known as Teachers Advisors, Inc.). The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 7

About the funds’ benchmarks

The Bloomberg 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 Bloomberg 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 Bloomberg 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 Bloomberg 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.

* During the reporting period, Bloomberg L.P. acquired Barclays Risk Analytics and Index Solutions Ltd. As a result of this acquisition, the names of a majority of Barclays indexes were changed to “Bloomberg Barclays.”

8 2017 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, 2016–March 31, 2017).

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  ■  2017 Annual Report 9

Bond Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
Corporate bonds		25.7
Asset-backed securities		16.9
Mortgage-backed securities§		15.8
Foreign government & corporate bonds denominated in U.S. dollars		14.2
Commercial mortgage-backed securities		8.9
U.S. Treasury securities		8.0
Municipal bonds		5.4
Bank loan obligations		1.9
U.S. agency securities		0.4
Short-term investments, other assets & liabilities, net		2.8
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 3/31/2017
Less than 1 year		9.6
1–3 years		11.0
3–5 years		19.0
5–10 years		42.5
Over 10 years		17.9
Total		100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA		34.9
Aa/AA		7.9
A/A		14.9
Baa/BBB		29.9
Ba/BB		4.9
B/B		3.8
Below B/B		2.4
Non-rated		1.3
Total		100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Bond Fund returned 2.29% for the Institutional Class, compared with the 0.44% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Bond Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TIBDX	7/1/99		2.29	%		3.31	%		4.59	%		0.31	%		0.31	%
Advisor Class	TIBHX	12/4/15		2.28			3.30	†		4.58	†		0.41			0.41
Premier Class	TIDPX	9/30/09		2.04			3.16			4.47	†		0.46			0.46
Retirement Class	TIDRX	3/31/06		2.04			3.06			4.33			0.56			0.56
Retail Class	TIORX	3/31/06		1.99			3.00			4.36			0.62			0.62
Bloomberg Barclays U.S. Aggregate Bond Index		–		0.44			2.34			4.27			–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Corporate bonds perform well in benchmark while Treasuries lag

Almost all of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. The exception was the U.S. Treasury sector, the largest weighting in the index at 36.2%, which declined 1.4%. Corporate bonds, which made up one-quarter of the index at period-end, had the strongest performance, gaining 3.3% for the period. Corporates benefited from an improving economy, steady earnings and a higher risk appetite—in exchange for higher yields—among investors. Within the Aggregate index, municipal bonds (the smallest sector in the index), asset-backed securities and government agency securities were the next biggest performers, with returns of 1.5%, 1.2% and 1.2%, respectively. Mortgage-backed securities—the second biggest sector in the index at 27.4%—underperformed with a return of 0.2%.

CMBS and corporate bonds help drive fund’s outperformance

During the twelve-month period, security selection in the commercial mortgage-backed securities (CMBS) sector made the largest contribution to the fund’s outperformance of its benchmark index, as the fund’s CMBS holdings outpaced those in the index by a large margin. Beneficial yield curve positioning, combined with a significant underweight to poor-performing Treasuries, made this sector the second-largest positive contributor to the fund’s relative return. Finally, the fund’s overweight position in corporate bonds, which performed well, also bolstered relative performance.

By contrast, the fund’s relative performance was held back by yield curve positioning in the municipal bond sector, as well as by a small position in cash.

$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, 2017

Bond Fund	Beginning account value (10/1/16)		Ending account value (3/31/17)		Expenses paid during period* (10/1/16- 3/31/17)
Actual return
Institutional Class		$1,000.00		$986.13		$1.54
Advisor Class		1,000.00		985.96		1.68
Premier Class		1,000.00		985.38		2.28
Retirement Class		1,000.00		985.38		2.77
Retail Class		1,000.00		985.07		3.02
5% annual hypothetical return
Institutional Class		1,000.00		1,023.39		1.56
Advisor Class		1,000.00		1,023.24		1.72
Premier Class		1,000.00		1,022.64		2.32
Retirement Class		1,000.00		1,022.14		2.82
Retail Class		1,000.00		1,021.89		3.07

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.31% for the Institutional Class, 0.34% for the Advisor 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 more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$4,120.42 million
Number of issues		1,472
Portfolio turnover rate		277%
Portfolio turnover rate, excluding mortgage dollar roll transactions		179%
Option-adjusted duration†		5.74 years
Average maturity‡		8.28 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 11

Bond Index Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
U.S. Treasury securities		36.1
Mortgage-backed securities§		28.0
Corporate bonds		20.7
Foreign government & corporate bonds denominated in U.S. dollars		9.2
U.S. agency securities		2.2
Commercial mortgage-backed securities		1.5
Municipal bonds		0.9
Asset-backed securities		0.9
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

^§ Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Less than 1 year		2.3
1–3 years		18.0
3–5 years		24.5
5–10 years		40.4
Over 10 years		14.8
Total		100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA		71.0
Aa/AA		5.0
A/A		10.4
Baa/BBB		13.6
Total		100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Bond Index Fund returned 0.15% for the Institutional Class, compared with the 0.44% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Bond Index Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception							since fund
	Ticker	date	1 year			5 years			inception			gross			net
Institutional Class	TBIIX	9/14/09		0.15	%		2.17	%		3.38	%		0.12	%		0.12	%
Advisor Class	TBIAX	12/4/15		0.22			2.18	†		3.39	†		0.22			0.22
Premier Class	TBIPX	9/30/09		0.00			2.02			3.23	†		0.27			0.27
Retirement Class	TBIRX	9/14/09		-0.10			1.92			3.13			0.37			0.37
Retail Class	TBILX	9/14/09		-0.18			1.83			3.03			0.46			0.46
Bloomberg Barclays U.S. Aggregate Bond Index		–		0.44			2.34			3.58	‡		–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	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.

12 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Corporate bonds perform well in benchmark while Treasuries lag

Almost all of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. The exception was the U.S. Treasury sector, the largest weighting in the index at 36.2%, which declined 1.4%. Corporate bonds, which made up one-quarter of the index at period-end, had the strongest performance, gaining 3.3% for the period. Corporates benefited from an improving economy, steady earnings and a higher risk appetite—in   exchange for higher yields—among investors. Within the Aggregate index, municipal bonds (the smallest sector in the index), asset-backed securities and government agency securities were the next biggest performers, with returns of 1.5%, 1.2% and 1.2%, respectively. Mortgage-backed securities—the second biggest sector in the index at 27.4%—underperformed with a return of 0.2%.

The fund trails its benchmark index

For the twelve months, the fund’s performance trailed that of its benchmark. The fund’s return includes a deduction for expenses, while the benchmark’s does not.

Since its inception on September 14, 2009, the fund has sought to maintain the overall characteristics of its benchmark. The fund’s managers invest in the same sectors that are included in the benchmark and closely match the benchmark’s weightings and maturities. During the period, this portfolio had similar sector returns to its benchmark, enabling it to resemble the index’s performance.

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

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Bond Index	value		value		(10/1/16-
Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class		$1,000.00		$976.16		$0.54
Advisor Class		1,000.00		976.84		0.89
Premier Class		1,000.00		976.31		1.28
Retirement Class		1,000.00		974.94		1.77
Retail Class		1,000.00		974.51		2.22
5% annual hypothetical return
Institutional Class		1,000.00		1,024.38		0.56
Advisor Class		1,000.00		1,024.03		0.91
Premier Class		1,000.00		1,023.64		1.31
Retirement Class		1,000.00		1,023.14		1.82
Retail Class		1,000.00		1,022.69		2.27

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.11% for the Institutional Class, 0.18% for the Advisor Class, 0.26% for the Premier Class, 0.36% for the Retirement Class and 0.45% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$7,567.88 million
Number of issues		5,895
Portfolio turnover rate		14%
Option-adjusted duration†		5.97 years
Average maturity‡		7.92 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds ■ 2017 Annual Report 13

Bond Plus Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
Corporate bonds		23.6
U.S. Treasury securities		20.7
Mortgage-backed securities§		15.4
Foreign government & corporate bonds denominated in U.S. dollars		12.9
Asset-backed securities		7.7
Commercial mortgage-backed securities		6.9
Municipal bonds		6.3
Bank loan obligations		3.5
U.S. agency securities		0.1
Short-term investments, other assets & liabilities, net		2.9
Total		100.0

^§ Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Less than 1 year		7.2
1–3 years		8.6
3–5 years		19.6
5–10 years		48.5
Over 10 years		16.1
Total		100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA		40.7
Aa/AA		5.0
A/A		11.1
Baa/BBB		22.6
Ba/BB		7.0
B/B		8.4
Below B/B		4.0
Non-rated		1.2
Total		100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Bond Plus Fund returned 3.02% for the Institutional Class, compared with the 0.44% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Bond Plus Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TIBFX	3/31/06		3.02	%		3.60	%		4.62	%		0.31	%		0.31	%
Advisor Class	TCBHX	12/4/15		2.98			3.60	†		4.62	†		0.41			0.41
Premier Class	TBPPX	9/30/09		2.87			3.45			4.51	†		0.46			0.46
Retirement Class	TCBRX	3/31/06		2.67			3.34			4.37			0.56			0.56
Retail Class	TCBPX	3/31/06		2.69			3.26			4.36			0.63			0.63
Bloomberg Barclays U.S. Aggregate Bond Index		–		0.44			2.34			4.27			–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Corporate bonds perform well in benchmark while Treasuries lag

Almost all of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. The exception was the U.S. Treasury sector, the largest weighting in the index at 36.2%, which declined 1.4%. Corporate bonds, which made up one-quarter of the index at period-end, had the strongest performance, gaining 3.3% for the period. Corporates benefited from an improving economy, steady earnings and a higher risk appetite—in exchange for higher yields—among investors. Within the Aggregate index, municipal bonds (the smallest sector in the index), asset-backed securities and government agency securities were the next biggest performers, with returns of 1.5%, 1.2% and 1.2%, respectively. Mortgage-backed securities—the second biggest sector in the index at 27.4%—underperformed with a return of 0.2%.

Corporate bonds are primary driver of fund’s outperformance

During the twelve-month period, the fund’s significant overweight to corporate bonds, which outperformed, made the largest contribution to its performance relative to the benchmark. The fund’s holdings of commercial mortgage-backed securities accounted for the second-largest contribution, primarily due to security selection, but also as a result of the fund’s overweight position in this sector. Finally, the fund’s underweight to mortgage-backed securities, which lagged, combined with security selection and yield curve positioning in this sector, accounted for the third-largest contribution.

By contrast, the fund’s relative performance was held back slightly by yield curve positioning in the municipal bond sector, as well as by a small position in cash. In addition, the fund had a small exposure to derivative instruments during the period that detracted from its 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 classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Bond Plus	value		value		(10/1/16-
Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00	$	989.71	$	1.54
Advisor Class		1,000.00		990.23		1.98
Premier Class		1,000.00		988.97		2.28
Retirement Class		1,000.00		988.50		2.78
Retail Class		1,000.00		988.21		3.07
5% annual hypothetical return
Institutional Class		1,000.00		1,023.39		1.56
Advisor Class		1,000.00		1,022.94		2.02
Premier Class		1,000.00		1,022.64		2.32
Retirement Class		1,000.00		1,022.14		2.82
Retail Class		1,000.00		1,021.84		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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.31% for the Institutional Class, 0.40% for the Advisor Class, 0.46% for the Premier Class, 0.56% for the Retirement Class and 0.62% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$3,562.67 million
Number of issues		1,414
Portfolio turnover rate		246%
Portfolio turnover rate, excluding mortgage dollar roll transactions		154%
Option-adjusted duration†		5.67 years
Average maturity‡		8.10 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 15

High-Yield Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
Corporate bonds		74.2
Foreign government & corporate bonds denominated in U.S. dollars		11.0
Bank loan obligations		6.4
Common stocks & rights		0.4
Short-term investments, other assets & liabilities, net		8.0
Total		100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Less than 1 year		0.9
1–3 years		5.9
3–5 years		24.9
5–10 years		62.5
Over 10 years		5.8
Total		100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
Baa/BBB		1.5
Ba/BB		44.3
B/B		46.8
Below B/B		7.4
Total		100.0

^# Credit quality ratings are based on the BofA Merrill Lynch Index composite ratings methodology, which is a simple average of ratings from Moody’s, Standard & Poor’s and Fitch. If only two of the designated agencies rate a bond, the composite rating is based on an average of the two. Likewise, if only one of the designated agencies rates a bond, the composite rating is based on that one rating.

Performance for the twelve months ended March 31, 2017

The High-Yield Fund returned 15.24% for the Institutional Class, compared with the 13.78% 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 bonds post solid gains amid rising oil prices

During the twelve-month period, moderate U.S. economic growth and the lowest unemployment rate in nearly a decade at 4.5% had a positive influence on the market. Crude oil prices rose from $35 a barrel at the start of the period to more than $50 on March 31, 2017. Assets offering risk premiums benefited from spread tightening (contraction of the yield gap between Treasuries and higher-yielding fixed-income securities) as U.S. economic growth persisted and oil prices rose. The movement of oil prices can be influential due to the large representation of energy companies in the high-yield sector.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years.

For the twelve months, high-yield bonds substantially outperformed the 0.44% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Similarly, for the ten years ended March 31, 2017, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index generated an average annual return of 6.92%, surpassing the 4.27% average annual gain of the broad domestic bond market for the same period.

Performance as of March 31, 2017

High-Yield Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TIHYX	3/31/06		15.24	%		6.32	%		7.08	%		0.36	%		0.36	%
Advisor Class	TIHHX	12/4/15		15.17			6.30	†		7.07	†		0.46			0.46
Premier Class	TIHPX	9/30/09		15.06			6.19			6.97	†		0.51			0.51
Retirement Class	TIHRX	3/31/06		14.95			6.10			6.83			0.61			0.61
Retail Class	TIYRX	3/31/06		15.01			6.05			6.86			0.63			0.63
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		–		13.78			6.60			6.92			–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

All sectors produce positive returns

During the period, all sectors in the high-yield market advanced. Energy, the largest sector in the index on March 31, 2017, was the best performer, gaining 28.8% as oil prices rose substantially. However, the retail sector only returned 5.4% and underperformed the broad high-yield bond index.

Investors favored more speculative higher-yielding securities over higher-rated bonds, such as U.S. Treasuries, resulting in advances across high-yield issues. New high-yield debt issuance totaled more than $273 billion for the twelve months, up from just over $202 billion for the same period in 2016. U.S. speculative grade default rates climbed to 4.7% on March 31, 2017, from 4.5% a year earlier, according to Moody’s Investor Service.

Fund produces double-digit gains and surpasses its benchmark

During the twelve-month period, the fund rose substantially and surpassed its benchmark due to favorable asset allocation and security selection decisions. An overweight position in California Resources was the largest contributor to relative performance, followed closely by EP Energy, as both benefitted from a   surge in energy prices. Out-of-benchmark investments in Hexion Specialty Chemicals and Arch Coal also helped relative returns as both posted sizable gains.

By contrast, not owning Freeport-McMoRan was the biggest drag on relative performance as the mining company benefited from a rise in copper prices when supply tightened during the period. An overweight position in poorly performing gourmet supermarket chain Fresh Market also detracted.

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
High-Yield	value		value		(10/1/16-
Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class		$1,000.00		$1,043.20		$1.83
Advisor Class		1,000.00		1,042.80		2.24
Premier Class		1,000.00		1,043.50		2.60
Retirement Class		1,000.00		1,042.98		3.11
Retail Class		1,000.00		1,042.82		3.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.14		1.82
Advisor Class		1,000.00		1,022.74		2.22
Premier Class		1,000.00		1,022.39		2.57
Retirement Class		1,000.00		1,021.89		3.07
Retail Class		1,000.00		1,021.84		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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class, 0.44% for the Advisor Class, 0.51% for the Premier Class, 0.61% for the Retirement Class and 0.62% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$3,548.91 million
Number of issues		466
Portfolio turnover rate		52%
Option-adjusted duration†		3.94 years
Average maturity‡		7.21 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 17

Inflation-Linked Bond Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
U.S. Treasury securities		97.4
U.S. agency securities		1.6
Mortgage-backed securities§		0.3
Foreign government & corporate bonds denominated in U.S. dollars		0.2
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

^§ Includes mortgage pass-through securities and collateralized mortgage obligations.

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 3/31/2017
1–3 years		21.1
3–5 years		30.8
5–10 years		42.4
Over 10 years		5.7
Total		100.0

Performance for the twelve months ended March 31, 2017

The Inflation-Linked Bond Fund returned 1.12% for the Institutional Class, compared with the 1.45% return of its benchmark, the Bloomberg 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.

TIPS advance amid a rise in oil prices and Fed rate hikes

As March 2017 commenced, year-over-year core inflation, as measured by the Consumer Price Index (CPI-U) (and includes all items less food and energy) was  2.2%—the same as it was for the twelve months ended March 31, 2016. Furthermore, crude oil prices, a commonly used indicator of current inflationary pressures, rose from $35 a barrel at the start of the period to more than $50 on March 31, 2017.

Continued inflation levels reflected strength in the U.S. economy. 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 2.1% in the fourth quarter of 2016—albeit at a slower pace than during the prior quarter. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Performance as of March 31, 2017

Inflation-Linked Bond Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TIILX	10/1/02		1.12	%		0.56	%		3.83	%		0.27	%		0.27	%
Advisor Class	TIIHX	12/4/15		1.08			0.54	†		3.83	†		0.36			0.36
Premier Class	TIKPX	9/30/09		0.97			0.41			3.71	†		0.42			0.42
Retirement Class	TIKRX	3/31/06		0.84			0.31			3.58			0.52			0.52
Retail Class	TCILX	10/1/02		0.83			0.24			3.60			0.58			0.58
Bloomberg Barclays U.S. Treasury Inflation Protected Securities 1-10 Year Index		–		1.45			0.62			3.59			–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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.

18 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, while inflation expectations remained tempered. The twelve-month return of the TIPS 1–10 Year index outpaced the 0.44% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. However, for the ten years ended March 31, 2017, the TIPS 1–10 Year index rose 3.59%, trailing the 4.27% return of the broad domestic bond market for the same period.

The fund advances but trails its benchmark

The fund rose during the period but trailed its benchmark. Among the portfolio factors that affected the fund’s underperformance, a slight underweight to inflation-linked securities was the most significant.

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 benchmark.

$10,000 over 10 years

Institutional Class

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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Inflation-Linked	value		value		(10/1/16-
Bond Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00		$993.08		$1.29
Advisor Class		1,000.00		992.68		1.44
Premier Class		1,000.00		992.43		2.04
Retirement Class		1,000.00		992.15		2.73
Retail Class		1,000.00		991.52		2.88
5% annual hypothetical return
Institutional Class		1,000.00		1,023.64		1.31
Advisor Class		1,000.00		1,023.49		1.46
Premier Class		1,000.00		1,022.89		2.07
Retirement Class		1,000.00		1,022.19		2.77
Retail Class		1,000.00		1,022.04		2.92

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.26% for the Institutional Class, 0.29% for the Advisor Class, 0.41% for the Premier Class, 0.55% for the Retirement Class and 0.58% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$2,532.14 million
Number of issues		39
Portfolio turnover rate		28%
Option-adjusted duration†		5.22 years
Average maturity‡		5.45 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 19

Short-Term Bond Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
U.S. Treasury securities	24.5
Corporate bonds	20.5
Foreign government & corporate bonds denominated in U.S. dollars	18.0
Asset-backed securities	13.1
Commercial mortgage-backed securities	8.1
U.S. agency securities	7.0
Bank loan obligations	2.8
Municipal bonds	0.3
Mortgage-backed securities§	0.2
Short-term investments, other assets & liabilities, net	5.5
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 3/31/2017
Less than 1 year	23.1
1–3 years	50.2
3–5 years	15.8
5–10 years	7.0
Over 10 years	3.9
Total	100.0

Holdings by credit quality^#

% of fixed-income investments
(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA	40.8
Aa/AA	11.2
A/A	15.1
Baa/BBB	23.4
Ba/BB	5.3
B/B	1.8
Below B/B	0.8
Non-rated	1.6
Total	100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Short-Term Bond Fund returned 1.84% for the Institutional Class, compared with a return of 0.71% for its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The table below includes performance data for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality”. Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Short-Term Bond Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TISIX	3/31/06		1.84	%		1.51	%		2.81	%		0.27	%		0.27	%
Advisor Class	TCTHX	12/4/15		1.94			1.50	†		2.81	†		0.37			0.37
Premier Class	TSTPX	9/30/09		1.69			1.36			2.71	†		0.42			0.42
Retirement Class	TISRX	3/31/06		1.59			1.26			2.56			0.52			0.52
Retail Class	TCTRX	3/31/06		1.62			1.20			2.58			0.58			0.58
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		–		0.71			0.93			2.34			–			–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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.

20 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Short-term bonds outpace the broader bond market

For the twelve-month period, the fund’s benchmark outperformed the 0.44% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. For the ten years ended March 31, 2017, the average annual return of the Bloomberg Barclays 1–3 year index was 2.34% versus 4.27% for the broader Bloomberg Barclays aggregate index.

Short-term corporate securities represented about one-quarter of the benchmark’s total market capitalization and were the index’s biggest gainer at 1.9% for the twelve-month period. Government credit securities and government agency securities both trailed the benchmark by modest margins, finishing the period at 0.6% and 0.5%, respectively. Short-term Treasuries, which comprised nearly 60% of the index, underperformed with a total return of 0.2%. Municipal bonds, which made up a very small portion of the index, performed well, advancing 1.8%.

Favorable sector positioning drives the fund’s outperformance

The fund outperformed its benchmark during the period, mostly due to opportune positioning in several sectors. Of particular note, the fund’s allocation to the out-of-benchmark commercial mortgage-backed securities sector made the largest contribution to its relative returns, bolstered by favorable yield curve positioning in this sector. Fund positions in the mortgage-backed securities and asset-backed securities sectors—also not in the benchmark—were the next-largest contributors, respectively. A large overweight position and yield curve exposure in the strong-performing corporate bond sector was also beneficial.

Although the fund was substantially underweighted in short-term U.S. Treasuries, which was beneficial, unfavorable yield curve positioning within this sector caused it to detract from the fund’s relative return. A small allocation to cash also hindered relative performance.

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Short-Term	value		value		(10/1/16-
Bond Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00	$	1,003.87	$	1.35
Advisor Class		1,000.00		1,004.77		1.45
Premier Class		1,000.00		1,003.12		2.10
Retirement Class		1,000.00		1,002.62		2.60
Retail Class		1,000.00		1,003.32		2.90
5% annual hypothetical return
Institutional Class		1,000.00		1,023.59		1.36
Advisor Class		1,000.00		1,023.49		1.46
Premier Class		1,000.00		1,022.84		2.12
Retirement Class		1,000.00		1,022.34		2.62
Retail Class		1,000.00		1,022.04		2.92

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.29% for the Advisor Class, 0.42% for the Premier Class, 0.52% for the Retirement Class and 0.58% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets	$1,859.39 million
Number of issues	422
Portfolio turnover rate	103%
Option-adjusted duration†	2.02 years
Average maturity‡	2.94 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 21

Short-Term Bond Index Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
U.S. Treasury securities		59.5
Corporate bonds		19.2
Foreign government & corporate bonds denominated in U.S. dollars		14.1
U.S. agency securities		6.8
Municipal bonds		0.1
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
	as of 3/31/2017
Less than 1 year	5.5
1–3 years	93.9
3–5 years	0.6
Total	100.0

Holdings by credit quality^#

% of fixed-income investments
(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA	70.4
Aa/AA	9.2
A/A	10.3
Baa/BBB	10.1
Total	100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Short-Term Bond Index Fund returned 0.44% for the Institutional Class, compared with a return of 0.71% for its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The table below includes performance data for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Short-Term Bond Index Fund			Total			Average annual			Annual operating
			return			total return			expenses*
		Inception					since fund
	Ticker	date		1 year			inception			gross		net
Institutional Class	TNSHX	8/7/15		0.44	%		0.78	%		0.45	%	0.12	%
Advisor Class	TTBHX	12/4/15		0.44			0.75	†		0.44		0.22
Premier Class	TPSHX	8/7/15		0.28			0.62			0.84		0.27
Retirement Class	TESHX	8/7/15		0.19			0.53			0.80		0.37
Retail Class	TRSHX	8/7/15		0.13			0.46			1.02		0.47
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		–		0.71			1.01	‡		–		–

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	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.

22 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Short-term bonds outpace the broader bond market

For the twelve-month period, the fund’s benchmark outperformed the 0.44% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Short-term corporate securities represented about one-quarter of the benchmark’s total market capitalization and were the index’s biggest gainer at 1.9% for the twelve-month period. Government credit securities and government agency securities both trailed the benchmark by modest margins, finishing the period at 0.6% and 0.5%, respectively. Short-term Treasuries, which comprised nearly 60% of the index, underperformed with a total return of 0.2%. Municipal bonds, which made up a very small portion of the index, performed well, advancing 1.8%.

The fund trails its benchmark index

For the twelve months, the fund’s performance trailed that of its benchmark. The fund’s return includes a deduction for expenses, while the benchmark’s does not.

Since its inception on August 7, 2015, the fund has sought to maintain the overall characteristics of its benchmark. The fund’s managers invest in the same sectors that are included in the benchmark and closely match the benchmark’s weightings and maturities. 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. During the period, this portfolio had similar sector returns to its benchmark, enabling it to resemble the index’s performance.

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

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Short-Term	value		value		(10/1/16-
Bond Index Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00		$ 998.42		$0.60
Advisor Class		1,000.00		999.23		0.80
Premier Class		1,000.00		997.62		1.34
Retirement Class		1,000.00		998.18		1.84
Retail Class		1,000.00		996.63		2.44
5% annual hypothetical return
Institutional Class		1,000.00		1,024.33		0.61
Advisor Class		1,000.00		1,024.13		0.81
Premier Class		1,000.00		1,023.59		1.36
Retirement Class		1,000.00		1,023.09		1.87
Retail Class		1,000.00		1,022.49		2.47

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.12% for the Institutional Class, 0.16% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class and 0.49% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets	$179.06 million
Number of issues	386
Portfolio turnover rate	61%
Option-adjusted duration†	1.92 years
Average maturity‡	1.97 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 23

Social Choice Bond Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
Corporate bonds	24.2
Foreign government & corporate bonds denominated in U.S. dollars	17.7
Municipal bonds	14.1
Mortgage-backed securities§	12.4
U.S. agency securities	9.0
U.S. Treasury securities	7.5
Commercial mortgage-backed securities	7.1
Asset-backed securities	4.2
Bank loan obligations	1.2
Short-term investments, other assets & liabilities, net	2.6
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 3/31/2017
Less than 1 year	7.4
1–3 years	15.5
3–5 years	17.8
5–10 years	36.0
Over 10 years	23.3
Total	100.0

Holdings by credit quality^#

% of fixed-income investments
(excluding short-term investments)
	as of 3/31/2017
Aaa/AAA	43.2
Aa/AA	13.0
A/A	11.9
Baa/BBB	23.0
Ba/BB	2.7
B/B	2.0
Below B/B	1.6
Non-rated	2.6
Total	100.0

^# Credit quality ratings are based on the Bloomberg 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, 2017

The Social Choice Bond Fund returned 1.73% for the Institutional Class, compared with the 0.44% return of its benchmark, the Bloomberg 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.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest point since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Fixed-income markets struggled, but most bonds earned modest gains during the twelve-month period. Yields on U.S. Treasury securities of all maturities rose, but most of the increases took place over the last six months of the period. High-yield bonds performed best, outpacing highly rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, ended the period with a small loss.

Performance as of March 31, 2017

Social Choice Bond Fund			Total		Average annual			Annual operating
			return		total return			expenses*
		Inception			since fund
	Ticker	date	1 year		inception			gross		net
Institutional Class	TSBIX	9/21/12	1.73	%		3.13	%	0.41	%	0.40	%
Advisor Class	TSBHX	12/4/15	1.68			3.11	†	0.50		0.50
Premier Class	TSBPX	9/21/12	1.78			3.00		0.56		0.55
Retirement Class	TSBBX	9/21/12	1.58			2.90		0.66		0.65
Retail Class	TSBRX	9/21/12	1.56			2.82		0.69		0.68
Bloomberg Barclays U.S. Aggregate Bond Index		–	0.44			1.85	‡	–		–

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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	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.

24 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Corporate bonds perform well in benchmark while Treasuries lag

Almost all of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. The exception was the U.S. Treasury sector, the largest weighting in the index at 36.2%, which declined 1.4%. Corporate bonds, which made up one-quarter of the index at period-end, had the strongest performance, gaining 3.3% for the period. Corporates benefited from an improving economy, steady earnings and a higher risk appetite—in exchange for higher yields—among investors. Within the Aggregate index, municipal bonds (the smallest sector in the index), asset-backed securities and government agency securities were the next biggest performers, with returns of 1.5%, 1.2% and 1.2%, respectively. Mortgage-backed securities—the second biggest sector in the index at 27.4%—underperformed with a return of 0.2%.

Allocation and security selection decisions drive fund’s outperformance

The fund performed well in absolute terms and outpaced its benchmark, largely due to favorable yield curve positioning and an underweight allocation to the poorly performing U.S. Treasuries sector. Positive security selection and an overweight allocation in the commercial mortgage-backed securities sector made it the second-largest contributor to the fund’s performance versus the benchmark. An overweight position in corporate bonds, which outperformed, also contributed to relative returns.

Tempering these positive factors, the fund’s yield curve positioning and security selection within the government agency securities sector held back its results relative to the benchmark, as did a small allocation to cash.

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Social Choice	value		value		(10/1/16-
Bond Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00		$ 985.88	$	1.98
Advisor Class		1,000.00		986.20		2.57
Premier Class		1,000.00		986.07		2.72
Retirement Class		1,000.00		985.61		3.22
Retail Class		1,000.00		985.47		3.32
5% annual hypothetical return
Institutional Class		1,000.00		1,022.94		2.02
Advisor Class		1,000.00		1,022.34		2.62
Premier Class		1,000.00		1,022.19		2.77
Retirement Class		1,000.00		1,021.69		3.28
Retail Class		1,000.00		1,021.59		3.38

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.52% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.67% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets	$1,119.82 million
Number of issues	514
Portfolio turnover rate	182%
Portfolio turnover rate, excluding mortgage dollar roll transactions	115%
Option-adjusted duration†	5.98 years
Average maturity‡	9.20 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 25

Tax-Exempt Bond Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
Municipal bonds		97.7
Short-term investments, other assets & liabilities, net		2.3
Total		100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2017
Less than 1 year	5.4
1–3 years	5.9
3–5 years	17.8
5–10 years	41.2
Over 10 years	29.7
Total	100.0

Holdings by credit quality^§

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2017
Aaa/AA	3.7
Aa/AA	37.7
A/A	36.3
Baa/BBB	14.9
Ba/BB	0.8
Non-rated	6.6
Total	100.0

^§ Credit quality ratings are based on the Bloomberg 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, 2017

The Tax-Exempt Bond Fund returned -0.63% for the Institutional Class, compared with the -0.24% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The table below includes performance data for all share classes of the fund.

Fed raises rates twice as economic growth continues

During the twelve-month period, the U.S. economy grew at a moderate pace, aided by stronger consumer spending during much of calendar 2016. Unemployment fell from 5.0% to 4.5%, its lowest level since 2007. Oil prices rebounded from unusually low levels early in the period and climbed to more than $50 per barrel on March 31, 2017, while core inflation remained stable at just over 2.0%.

The Federal Reserve raised the federal funds target rate twice—first in December 2016 and again in March 2017—pushing the key short-term interest-rate measure to 0.50%–0.75% and then to 0.75%–1.00%, and shifting away from a policy that favored very low short-term rates for nine years. Voters on two continents swayed markets during the twelve months. Great Britain’s referendum to exit the European Union initially drove yields of high-quality bonds lower in a “flight to quality.” Later, the U.S. presidential election in November pushed most bond yields higher as investors anticipated new policies to stimulate the economy.

Municipal bonds ended the period with a small loss. The category declined in the fourth quarter of 2016, when investors digested the election results and considered their possible impact on federal tax policies. However, municipals (as measured by the fund’s benchmark) rebounded in the first quarter of 2017, gaining 1.78%.

Performance as of March 31, 2017

Tax-Exempt Bond Fund			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TITIX	3/31/06		-0.63	%		2.27	%		3.79	%		0.36	%		0.35	%
Advisor Class	TIXHX	12/4/15		-0.63			2.26	†		3.78	†		0.42			0.42
Retail Class	TIXRX	3/31/06		-0.90			1.97			3.58			0.63			0.63
Bloomberg Barclays 10-Year Municipal Bond Index		–		-0.24			3.35			4.81			–			–

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

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.

26 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

For the twelve-month period, the 10-year municipal index trailed the 0.44% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. For the ten years ended March 31, 2017, the 10-year municipal index posted an average annual return of 4.81%, compared with 4.27% for the broad domestic bond market.

Mixed sector results lead benchmark to small loss

During the period, the fund’s benchmark sectors turned in mixed results consisting of small gains or losses. Among the largest setbacks, the solid waste/resource recovery sector declined 1.8%, education lost 0.6% and special tax bonds fell 0.5%. The benchmark also suffered smaller losses in the water and sewer, state and power sectors. On the positive side, housing was the best-performing benchmark sector over the period, advancing 1.6%. Health care and industrial revenue also posted modest gains of 0.5% and 0.4%, respectively.

On March 31, 2017, higher-rated 10-year AAA municipal bonds yielded 2.25%, compared with 2.40% on the 10-year U.S. Treasury bond. New municipal bond issuance increased from $320 billion on March 31, 2016 to $397 billion twelve months later.

Fund slightly trails its benchmark

During the period, the fund slightly underperformed its benchmark index. The fund’s most significant underperformance took place in the transportation sector, primarily as a result of inopportune security selection. Health care also detracted from relative performance due to security selection and yield curve positioning, while the education sector detracted due to yield curve positioning.

By contrast, yield curve positioning and security selection helped drive superior relative performance in the water and sewer and local credit sectors. The power sector also contributed to relative performance due to security selection.

$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, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Tax-Exempt	value		value		(10/1/16-
Bond Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00		$ 970.87	$	1.72
Advisor Class		1,000.00		970.77		1.87
Retail Class		1,000.00		969.57		3.09
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		1.77
Advisor Class		1,000.00		1,023.04		1.92
Retail Class		1,000.00		1,021.79		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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.38% for the Advisor Class and 0.63% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

as of 3/31/2017
Net assets	$284.16 million
Number of issues	200
Portfolio turnover rate	59%
Option-adjusted duration	5.69 years
Average maturity‡	8.87 years

†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
‡	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 27

Money Market Fund

Portfolio composition

	% of net assets
	as of 3/31/2017
U.S. government agency securities		62.1
U.S. Treasury securities		21.5
Floating-rate securities, government		16.3
Other assets & liabilities, net		0.1
Total		100.0

Net annualized yield

(for the 7 days ended 3/28/2017)*

	Current yield			Effective yield
Money Market Fund§
Institutional Class		0.54	%		0.54	%
Advisor Class		0.54			0.54
Premier Class		0.39			0.39
Retirement Class		0.29			0.29
Retail Class		0.19			0.19
iMoneyNet Money Fund
Averages–All Government‡		0.29			0.29

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, 2017

The Money Market Fund returned 0.34% for the Institutional Class, compared with the 0.12% return of the iMoneyNet Money Fund Averages^TM—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. 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.

Federal Reserve boosts short-term rates twice as the economy continues to grow

The U.S. economy continued to grow during the twelve-month period, prompting the Federal Reserve to raise its federal funds target rate twice—first in mid-December 2016, to a range of 0.50%–0.75%, and again on March 15, 2017, to a range of 0.75%–1.00%. In the third and fourth quarters of 2016, economic growth increased by annualized rates of 3.5% and 2.1%, respectively. Each figure reflects the government’s third estimate of gross domestic product (GDP), which measures the value of all goods and services produced in the nation. Growth

Performance as of March 31, 2017

Money Market Fund§			Total			Average annual						Annual operating
			return			total return						expenses*
		Inception
	Ticker	date	1 year			5 years			10 years			gross			net
Institutional Class	TCIXX	7/1/99		0.34	%		0.10	%		0.78	%		0.14	%		0.14	%
Advisor Class	TMHXX	12/4/15		0.29			0.08	†		0.77	†		0.24			0.24
Premier Class	TPPXX	9/30/09		0.19			0.04			0.73	†		0.29			0.29
Retirement Class	TIEXX	3/31/06		0.09			0.02			0.66			0.39			0.39
Retail Class	TIRXX	3/31/06		0.03			0.01			0.69			0.48			0.48
iMoneyNet Money Fund Averages–All Government‡		–		0.12			0.03			0.52			–			–

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 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 gross and net annual operating expenses are taken from the funds’ prospectuses. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least July 31, 2017, unless changed with approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	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 Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating rate notes, and you cannot invest directly in it. Effective October 1, 2016, the iMoneyNet Money Fund Averages—All Taxable peer group was changed to the iMoneyNet Money Fund Averages—All Government.

^§ 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.

28 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

receded to a tepid 0.7% in the first quarter of 2017 (according to the government’s first estimate), as consumer spending slipped despite a robust stock market and a rise in business investment.

As economic growth picked up during the latter half of the period, the Fed’s confidence in the U.S. economy’s strength appeared to increase as well. After its most recent rate hike in March 2017, the Fed indicated that it might hike rates at least one or two more times this year. As a result of the Fed’s actions and signals, yields on LIBOR—a key interest-rate benchmark for money market funds—saw impressive gains. For the twelve months, one-month LIBOR yields more than doubled, rising from 0.44% on April 1, 2016, to 0.98% on March 31, 2017. Over the same period, three-month LIBOR rose from 0.63% to 1.15%; six-month LIBOR rose from 0.90% to 1.42%; and twelve-month LIBOR rose from 1.21% to 1.80%. (LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and is the most widely used benchmark for short-term rates.)

Fund restructuring becomes effective

As a result of amendments to the Securities and Exchange Commission (SEC) regulations concerning all money market funds, the fund’s board approved the conversion of the fund to a “government money market fund” (a “government fund”). This restructuring became effective on October 14, 2016. As a government fund, the Money Market Fund invests 99.5% or more of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized fully by cash or U.S. government securities. Many other U.S. money market funds also have restructured as government funds, resulting in an increase in demand for short-term U.S. Treasuries and other short-term U.S. government securities.

The fund outpaces the iMoneyNet average

In this environment of rising interest rates, the return of the Money Market Fund surpassed that of the iMoneyNet government fund average for the twelve-month period. In pursuit of additional yield, the fund held longer-dated floating-rate government agency paper. This strategy was generally successful, since the short-term yield curve steepened—i.e., longer maturities increased more than shorter maturities—due to the market’s anticipation of further rate hikes by the Fed. As of March 28, 2017, the fund’s weighted average maturity was 50 days, versus 39 days for the iMoneyNet government fund average, and this positioning was also beneficial for the fund’s performance. (iMoneyNet releases their data on a weekly basis, and March 28 was the last date of release for the month.)

Expense example

Six months ended March 31, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Money	value		value		(10/1/16-
Market Fund	(10/1/16)		(3/31/17)		3/31/17)
Actual return
Institutional Class	$	1,000.00	$	1,001.86	$	0.70
Advisor Class		1,000.00		1,001.85		0.70
Premier Class		1,000.00		1,001.11		1.45
Retirement Class		1,000.00		1,000.61		1.95
Retail Class		1,000.00		1,000.26		2.29
5% annual hypothetical return
Institutional Class		1,000.00		1,024.23		0.71
Advisor Class		1,000.00		1,024.23		0.71
Premier Class		1,000.00		1,023.49		1.46
Retirement Class		1,000.00		1,022.99		1.97
Retail Class		1,000.00		1,022.64		2.32

* “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 182/365. There were 182 days in the six months ended March 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.14% for the Institutional Class, 0.14% for the Advisor Class, 0.29% for the Premier Class, 0.39% for the Retirement Class and 0.46% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 3/31/2017
Net assets		$919.46 million
Number of issues		176

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 29

Summary portfolio of investments

Bond Fund  ■  March 31, 2017

						% of net
	Principal		Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	628,368		0.0	%
CAPITAL GOODS					4,847,376		0.1
COMMERCIAL & PROFESSIONAL SERVICES					8,970,570		0.3
CONSUMER DURABLES & APPAREL					363,114		0.0
CONSUMER SERVICES					7,652,515		0.2
ENERGY					2,084,365		0.1
FOOD & STAPLES RETAILING					1,099,737		0.0
FOOD, BEVERAGE & TOBACCO					1,261,375		0.0
HEALTH CARE EQUIPMENT & SERVICES					10,863,485		0.3
INSURANCE					1,491,913		0.0
MATERIALS					8,335,205		0.2
MEDIA					10,979,048		0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,127,562		0.0
REAL ESTATE					733,843		0.0
RETAILING					3,090,269		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,506,962		0.0
SOFTWARE & SERVICES					5,608,989		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					2,164,400		0.1
TELECOMMUNICATION SERVICES					398,316		0.0
TRANSPORTATION					4,649,198		0.1
UTILITIES					1,498,594		0.0
		TOTAL BANK LOAN OBLIGATIONS (Cost $79,310,269)			79,355,204		1.9
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					24,748,774		0.6
BANKS					224,838,566		5.5
CAPITAL GOODS					45,864,205		1.1
COMMERCIAL & PROFESSIONAL SERVICES					31,228,580		0.8
CONSUMER DURABLES & APPAREL					9,749,710		0.2
CONSUMER SERVICES					21,051,847		0.5
DIVERSIFIED FINANCIALS					145,952,632		3.5
ENERGY					115,449,814		2.8
FOOD & STAPLES RETAILING					39,792,954		1.0
FOOD, BEVERAGE & TOBACCO					34,867,206		0.8
HEALTH CARE EQUIPMENT & SERVICES					32,046,695		0.8
HOUSEHOLD & PERSONAL PRODUCTS					1,138,971		0.0
INSURANCE					57,107,432		1.4
MATERIALS					68,724,699		1.7
MEDIA					63,646,772		1.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					90,556,370		2.2

						% of net
Principal			Issuer		Value	assets
REAL ESTATE				$	56,354,529	1.4	%
RETAILING					43,282,548	1.1
SOFTWARE & SERVICES
			Microsoft Corp
$	14,000,000		2.400%, 08/08/26		13,237,154	0.3
			Other		16,344,080	0.4
					29,581,234	0.7
TECHNOLOGY HARDWARE & EQUIPMENT					41,121,057	1.0
TELECOMMUNICATION SERVICES
			Deutsche Telekom International Finance BV
	15,000,000	g	1.950%, 09/19/21		14,488,410	0.4
			Other		44,972,768	1.0
					59,461,178	1.4
TRANSPORTATION					35,103,444	0.9
UTILITIES					189,932,053	4.6
		TOTAL CORPORATE BONDS (Cost $1,461,193,608)			1,461,601,270	35.5
GOVERNMENT BONDS
AGENCY SECURITIES					23,334,601	0.6
FOREIGN GOVERNMENT BONDS					155,826,189	3.8
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	15,135,465		3.500%, 10/01/45		15,562,766	0.4
	12,898,153		4.000%, 12/01/45		13,637,986	0.3
	35,295,885		3.500%, 08/01/46		36,265,086	0.9
			Federal National Mortgage Association (FNMA)
	18,000,000	h	3.000%, 05/25/32		18,426,093	0.4
	15,528,056		4.000%, 09/01/45		16,454,327	0.4
	12,000,000		4.000%, 06/25/47		12,534,974	0.3
	22,096,621		3.000%, 11/01/46		21,928,747	0.5
	24,033,290		3.000%, 12/01/46		23,850,702	0.6
	22,000,000	h	3.500%, 05/25/47		22,457,189	0.5
	29,000,000	h	4.000%, 05/25/47		30,359,373	0.7
	24,000,000	h	3.500%, 06/25/47		24,446,251	0.6
	13,000,000	h	4.500%, 06/25/47		13,891,211	0.3
	251,195,926		2.500%-8.000%, 07/01/24-06/25/47		257,804,558	6.3
			Government National Mortgage Association (GNMA)
	36,828,562		3.000%, 01/20/47		37,194,899	0.9
	18,923,903		3.500%, 01/20/47		19,641,716	0.5
	32,000,000	h	3.500%, 03/20/47		33,213,811	0.8
			Other		51,744,597	1.4
					649,414,286	15.8
MUNICIPAL BONDS
			California State University
	28,410,000		3.899%, 11/01/47		28,138,968	0.7
			Florida State Board of Administration Finance Corp
	15,000,000		2.163%, 07/01/19		15,118,800	0.4
			State of Michigan
	13,000,000		1.779%, 11/01/21		12,689,820	0.3
			University of California
	15,000,000		1.910%, 05/15/21		14,766,150	0.4
			Other		150,433,353	3.6
					221,147,091	5.4

30 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Fund  ■  March 31, 2017

						% of net
	Principal		Issuer		Value	assets
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	61,050,000		3.500%, 02/15/39	$	67,171,667	1.6	%
	16,015,000		3.875%, 08/15/40		18,509,208	0.4
	18,380,000		2.500%, 05/15/46		16,454,401	0.4
	45,920,000		2.875%, 11/15/46		44,538,818	1.1
	16,700,000		3.000%, 02/15/47		16,631,497	0.4
			United States Treasury Note
	35,650,000		2.250%, 12/31/23		35,769,748	0.9
	39,000,000		2.125%, 02/29/24		38,780,625	0.9
	25,775,000		2.250%, 02/15/27		25,442,734	0.6
	53,427,000		0.750%-2.125%, 05/31/18-09/30/23		52,322,098	1.3
			Other		12,547,302	0.4
					328,168,098	8.0
		TOTAL GOVERNMENT BONDS (Cost $1,385,458,447)			1,377,890,265	33.6
STRUCTURED ASSETS
ASSET BACKED
			Domino’s Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	12,437,215	g	5.216%, 01/25/42		12,599,309	0.3
			New Residential Mortgage Loan Trust
			Series 2017-1A (Class A1)
	29,484,758	g,i	4.000%, 02/25/57		30,403,341	0.7
			Sierra Receivables Funding Co LLC
			Series 2017-1A (Class A)
	18,425,000	g	2.910%, 03/20/34		18,535,878	0.5
			SpringCastle America Funding LLC
			Series 2016-AA (Class A)
	14,123,828	g	3.050%, 04/25/29		14,210,447	0.3
			Other		400,798,901	9.7
					476,547,876	11.5
OTHER MORTGAGE BACKED
			COBALT CMBS Commercial Mortgage Trust
			Series 2007-C3 (Class AM)
	45,189,400	i	5.771%, 05/15/46		45,916,635	1.1
			Connecticut Avenue Securities
			Series 2016-C05 (Class 2M1)
	17,185,679	i	2.332%, 01/25/29		17,281,893	0.4
			Series 2016-C04 (Class 1M1)
	15,384,125	i	2.432%, 01/25/29		15,552,269	0.4
			Series 2017-C01 (Class 1M1)
	39,585,077	g,i	2.165%, 07/25/29		39,776,210	1.0
			Greenwich Capital Commercial Funding Corp
			Series 2007-GG11 (Class AM)
	23,805,000	i	5.867%, 12/10/49		24,086,763	0.6
			Morgan Stanley Capital I Trust
			Series 2016-UB11 (Class ASB)
	13,000,000		2.606%, 08/15/49		12,783,508	0.3
			Sequoia Mortgage Trust
			Series 2017-3 (Class A4)
	14,500,000	g,i	3.500%, 04/25/47		14,710,699	0.4
			Structured Agency Credit Risk Debt Note (STACR)
			Series 2014-HQ2 (Class M2)
	17,005,000	i	3.182%, 09/25/24		17,496,813	0.4
			Series 2016-DNA3 (Class M1)
	17,324,394	i	2.082%, 12/25/28		17,389,224	0.4
	63,387,303	i	1.782%-4.782%, 01/25/25-07/25/29		64,238,024	1.6

							% of net
	Principal		Issuer		Value		assets
OTHER MORTGAGE BACKED—continued
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C34 (Class AJ)
$	23,750,038	i	6.132%, 05/15/46	$	23,832,439		0.6	%
			Series 2007-C32 (Class AMFX)
	22,000,000	g	5.703%, 06/15/49		22,220,623		0.5
			Series 2007-C32 (Class AJ)
	23,475,000	i	5.750%, 06/15/49		23,004,052		0.6
			Other		270,614,646		6.4
					608,903,798		14.7
		TOTAL STRUCTURED ASSETS (Cost $1,086,323,899)			1,085,451,674		26.2
		TOTAL BONDS (Cost $3,932,975,954)			3,924,943,209		95.3
	Shares		Company
COMMON STOCKS
	ENERGY				85,924		0.0
		TOTAL COMMON STOCKS (Cost $85,924)			85,924		0.0
PREFERRED STOCKS
	ENERGY				22,125		0.0
		TOTAL PREFERRED STOCKS (Cost $22,125)			22,125		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	50,000,000		0.700%, 04/05/17		49,998,100		1.2
					49,998,100		1.2
TREASURY DEBT
			United States Treasury Bill
	25,000,000		0.463%, 04/06/17		24,998,900		0.6
	81,500,000		0.445%-0.524%, 04/13/17		81,483,700		2.0
	60,200,000		0.531%-0.705%, 04/20/17		60,179,291		1.5
	53,000,000		0.547%-0.741%, 04/27/17		52,974,560		1.2
					219,636,451		5.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $269,633,590)			269,634,551		6.5
		TOTAL PORTFOLIO (Cost $4,282,027,862)			4,274,041,013		103.7
		OTHER ASSETS & LIABILITIES, NET			(153,620,469	)	(3.7	)
		NET ASSETS		$	4,120,420,544		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 3/31/17, the aggregate value of these securities, including those in “Other,” was $856,383,425 or 20.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 31

Summary portfolio of investments

Bond Index Fund  ■  March 31, 2017

						% of net
	Principal		Issuer		Value	assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	11,086,051	0.1	%
BANKS					298,875,245	3.9
CAPITAL GOODS					65,892,093	0.9
COMMERCIAL & PROFESSIONAL SERVICES					32,629,071	0.4
CONSUMER DURABLES & APPAREL					9,825,960	0.1
CONSUMER SERVICES					22,642,371	0.3
DIVERSIFIED FINANCIALS					239,522,284	3.2
ENERGY					176,052,438	2.3
FOOD & STAPLES RETAILING					23,748,831	0.3
FOOD, BEVERAGE & TOBACCO					98,807,832	1.3
HEALTH CARE EQUIPMENT & SERVICES					43,120,557	0.6
HOUSEHOLD & PERSONAL PRODUCTS					8,703,986	0.1
INSURANCE					81,547,400	1.1
MATERIALS					61,817,250	0.8
MEDIA					62,156,387	0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					122,139,911	1.6
REAL ESTATE					50,850,100	0.7
RETAILING					48,299,798	0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					10,711,355	0.1
SOFTWARE & SERVICES					72,849,121	1.0
TECHNOLOGY HARDWARE & EQUIPMENT					73,616,478	1.0
TELECOMMUNICATION SERVICES					104,089,832	1.4
TRANSPORTATION					46,831,740	0.7
UTILITIES					186,278,665	2.5
		TOTAL CORPORATE BONDS (Cost $1,931,093,194)			1,952,094,756	25.8
GOVERNMENT BONDS
AGENCY SECURITIES					168,948,553	2.2
FOREIGN GOVERNMENT BONDS					311,232,447	4.1
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	31,694,363		3.000%, 04/01/46		31,419,254	0.4
	462,695,952		2.500%-8.000%, 05/01/17-02/01/47		477,663,394	6.3
			Federal National Mortgage Association (FNMA)
	29,483,204		3.000%, 11/01/46		29,259,212	0.4
	896,134,161		1.739%-8.000%, 04/01/17-07/01/55		922,137,391	12.2
			Government National Mortgage Association (GNMA)
	26,965,901		3.500%, 02/20/45		27,988,761	0.4
	33,384,084		3.500%, 09/20/46		34,650,396	0.5
	29,931,028		3.000%, 02/20/47		30,228,755	0.4
	29,937,409	h	3.500%, 02/20/47		31,072,982	0.4
	467,701,273		2.125%-8.500%, 02/15/18-01/20/47		486,281,044	6.4
			Other		47,303,467	0.6
					2,118,004,656	28.0

						% of net
	Principal		Issuer		Value	assets
MUNICIPAL BONDS				$	68,280,253	0.9	%
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	26,060,000		5.250%, 02/15/29		33,405,662	0.4
	41,983,000		3.500%, 02/15/39		46,192,761	0.6
	26,350,000		4.375%, 05/15/41		32,806,778	0.4
	337,429,000		2.250%-5.250%, 11/15/28-02/15/47		351,321,031	4.6
			United States Treasury Note
	58,500,000		0.750%, 10/31/17		58,431,438	0.8
	40,350,000		1.500%, 08/31/18		40,528,105	0.5
	28,000,000		1.250%, 10/31/18		28,019,684	0.4
	30,000,000		1.500%, 02/28/19		30,138,270	0.4
	36,000,000		1.625%, 03/31/19		36,248,904	0.5
	40,750,000		1.500%, 05/31/19		40,918,746	0.5
	40,000,000		1.625%, 06/30/19		40,254,680	0.5
	50,500,000		1.625%, 08/31/19		50,795,879	0.7
	38,500,000		1.750%, 09/30/19		38,835,373	0.5
	29,000,000		1.500%, 10/31/19		29,053,244	0.4
	57,000,000		1.500%, 11/30/19		57,089,034	0.8
	33,500,000		1.625%, 12/31/19		33,647,869	0.4
	36,500,000		1.250%, 01/31/20		36,261,910	0.5
	78,500,000		1.375%, 02/29/20		78,190,318	1.0
	50,000,000		1.500%, 05/31/20		49,869,150	0.7
	45,000,000		1.625%, 06/30/20		45,033,390	0.6
	34,000,000		1.375%, 08/31/20		33,682,576	0.4
	30,000,000		1.375%, 09/30/20		29,697,660	0.4
	40,000,000		1.375%, 10/31/20		39,559,360	0.5
	50,000,000		1.625%, 11/30/20		49,847,650	0.7
	48,500,000		1.375%, 01/31/21		47,816,053	0.6
	50,000,000		1.250%, 03/31/21		48,960,950	0.6
	55,000,000		1.375%, 04/30/21		54,071,875	0.7
	65,000,000		1.375%, 05/31/21		63,837,085	0.8
	39,000,000		1.125%, 07/31/21		37,819,353	0.5
	27,610,000		2.125%, 08/15/21		27,933,562	0.4
	40,000,000		1.125%, 08/31/21		38,750,000	0.5
	30,185,000		1.125%, 09/30/21		29,200,456	0.4
	50,000,000		1.250%, 10/31/21		48,595,700	0.6
	57,000,000		1.750%, 11/30/21		56,623,686	0.7
	51,700,000		2.000%, 12/31/21		51,893,875	0.7
	60,000,000		1.875%, 02/28/22		59,864,040	0.8
	46,000,000		1.875%, 03/31/22		45,874,236	0.6
	42,005,000		2.250%, 11/15/24		41,886,882	0.6
	37,000,000		2.125%, 05/15/25		36,433,456	0.5
	37,000,000		2.000%, 08/15/25		36,021,535	0.5
	30,000,000		2.250%, 11/15/25		29,738,670	0.4
	44,500,000		1.625%, 02/15/26		41,833,471	0.6
	30,000,000		1.625%, 05/15/26		28,134,360	0.4
	601,250,500		0.750%-8.000%, 05/31/18-02/15/27		602,195,955	8.0
					2,737,314,672	36.1
		TOTAL GOVERNMENT BONDS (Cost $5,415,741,957)			5,403,780,581	71.3
STRUCTURED ASSETS
ASSET BACKED					66,252,561	0.9
OTHER MORTGAGE BACKED					111,004,285	1.5
		TOTAL STRUCTURED ASSETS (Cost $177,681,866)			177,256,846	2.4
		TOTAL BONDS (Cost $7,524,517,017)			7,533,132,183	99.5

32 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Index Fund ■ March 31, 2017

							% of net
	Principal		Issuer		Value		assets
SHORT-TERM INVESTMENTS
CORPORATE DEBT				$	99,966		0.0	%
					99,966		0.0
GOVERNMENT AGENCY DEBT					9,350,000		0.1
					9,350,000		0.1
TREASURY DEBT
			United States Treasury Bill
$	36,740,000		0.540%-0.700%, 04/20/17		36,727,362		0.5
	31,885,000		0.680%-0.745%, 04/27/17		31,869,695		0.4
			Other		23,658,959		0.3
					92,256,016		1.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $101,704,700)			101,705,982		1.3
		TOTAL PORTFOLIO (Cost $7,626,221,717)			7,634,838,165		100.8
		OTHER ASSETS & LIABILITIES, NET			(66,957,131	)	(0.8	)
		NET ASSETS		$	7,567,881,034		100.0	%

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.

At 3/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $36,674,810 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 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  ■  2017 Annual Report 33

Summary portfolio of investments

Bond Plus Fund  ■  March 31, 2017

					% of net
Principal	Issuer		Value			assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS			$	5,825,744			0.2	%
CAPITAL GOODS				4,335,013			0.1
COMMERCIAL & PROFESSIONAL SERVICES				14,468,326			0.4
CONSUMER DURABLES & APPAREL				1,911,037			0.1
CONSUMER SERVICES				23,440,551			0.7
ENERGY				1,583,279			0.0
FOOD & STAPLES RETAILING				6,837,534			0.3
HEALTH CARE EQUIPMENT & SERVICES				15,338,770			0.4
INSURANCE				4,988,180			0.1
MATERIALS				6,064,085			0.2
MEDIA				9,293,366			0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				1,668,057			0.1
REAL ESTATE				4,188,451			0.1
RETAILING				7,612,738			0.2
SOFTWARE & SERVICES				11,579,552			0.3
TECHNOLOGY HARDWARE & EQUIPMENT				1,490,120			0.0
TELECOMMUNICATION SERVICES				1,194,949			0.0
UTILITIES				1,006,250			0.0
	TOTAL BANK LOAN OBLIGATIONS (Cost $122,554,921)
				122,826,002			3.5
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				26,759,998			0.8
BANKS				155,161,194			4.4
CAPITAL GOODS				26,287,666			0.7
COMMERCIAL & PROFESSIONAL SERVICES				30,457,276			0.9
CONSUMER DURABLES & APPAREL				15,101,222			0.4
CONSUMER SERVICES				37,740,253			1.1
DIVERSIFIED FINANCIALS
		General Motors Financial Co, Inc
$15,000,000		2.400%, 04/10/18		15,076,020			0.4
		Other		129,391,152			3.6
				144,467,172			4.0
ENERGY				110,150,955			3.1
FOOD & STAPLES RETAILING				27,572,701			0.8
FOOD, BEVERAGE & TOBACCO				28,735,862			0.8
HEALTH CARE EQUIPMENT & SERVICES				31,366,153			0.9
HOUSEHOLD & PERSONAL PRODUCTS				1,066,025			0.0
INSURANCE				33,073,979			0.9
MATERIALS				69,715,294			2.0

						% of net
Principal			Issuer	Value			assets
MEDIA				$	57,332,028			1.6	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					57,262,639			1.6
REAL ESTATE					36,324,719			1.0
RETAILING					29,220,493			0.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					821,791			0.0
SOFTWARE & SERVICES					23,860,210			0.7
TECHNOLOGY HARDWARE & EQUIPMENT					30,135,500			0.8
TELECOMMUNICATION SERVICES					45,603,162			1.3
TRANSPORTATION					32,620,028			0.9
UTILITIES					111,157,322			3.1
		TOTAL CORPORATE BONDS (Cost $1,155,869,712)			1,161,993,642			32.6
GOVERNMENT BONDS
AGENCY SECURITIES					2,548,549			0.1
FOREIGN GOVERNMENT BONDS					105,513,192			2.9
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	11,885,217		3.500%, 10/01/45		12,220,757			0.3
	13,808,163		4.000%, 12/01/45		14,600,195			0.4
	37,796,927	h	3.500%, 08/01/46		38,834,805			1.1
			Federal National Mortgage Association (FNMA)
	16,000,000	h	3.000%, 05/25/32		16,378,749			0.5
	10,792,917		4.000%, 01/01/46		11,410,493			0.3
	15,008,672		3.000%, 11/01/46		14,894,647			0.4
	26,194,080	h	3.000%, 12/01/46		25,995,075			0.7
	10,441,382		3.500%, 02/01/47		10,687,506			0.3
	13,000,000	h	3.500%, 05/25/47		13,270,157			0.4
	15,000,000	h	4.000%, 05/25/47		15,703,124			0.4
	20,000,000	h	3.500%, 06/25/47		20,371,876			0.6
	11,000,000	h	4.500%, 06/25/47		11,754,102			0.3
	202,154,983		2.500%-9.000%, 03/01/23-06/25/47		206,851,582			5.8
			Government National Mortgage Association (GNMA)
	29,860,997		3.000%, 01/20/47		30,158,027			0.9
	15,935,918		3.500%, 01/20/47		16,540,393			0.5
	25,000,000	h	3.500%, 03/20/47		25,948,290			0.7
			Other		63,631,346			1.8
					549,251,124			15.4
MUNICIPAL BONDS
			State of Illinois
	15,000,000		5.000%, 02/01/19		15,557,250			0.4
	9,700,000		5.000%, 02/01/20		10,188,589			0.3
			Other		197,159,167			5.6
					222,905,006			6.3
U.S. TREASURY SECURITIES
			United States Treasury Bond
	15,000,000		4.500%, 05/15/38		19,019,535			0.5
	40,000,000		4.375%, 11/15/39		49,632,800			1.4
	25,000,000		4.375%, 05/15/40		31,033,200			0.9
	11,165,000	l	2.875%, 08/15/45		10,823,943			0.3
	27,815,000		2.500%, 02/15/46		24,918,318			0.7
	25,716,000		2.500%, 05/15/46		23,021,838			0.6

34 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Plus Fund  ■  March 31, 2017

						% of net
Principal			Issuer	Value			assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	30,000,000		1.375%, 01/31/21	$	29,576,940			0.8	%
	15,000,000		2.250%, 07/31/21		15,246,090			0.4
	20,000,000		2.125%, 09/30/21		20,204,680			0.6
	30,000,000		2.000%, 10/31/21		30,133,590			0.8
	14,290,000		1.875%, 02/28/22		14,257,619			0.4
	55,000,000		1.875%, 08/31/22		54,570,340			1.5
	60,000,000		1.875%, 10/31/22		59,423,460			1.7
	25,000,000		2.000%, 11/30/22		24,902,350			0.7
	34,490,000		1.375%, 06/30/23		32,943,330			0.9
	37,205,000		1.250%, 07/31/23		35,206,682			1.0
	43,100,000		1.375%, 08/31/23		41,062,835			1.2
	20,120,000		1.375%, 09/30/23		19,146,232			0.5
	15,000,000		2.750%, 11/15/23		15,527,925			0.4
	34,400,000		2.250%, 12/31/23		34,515,550			1.0
	22,500,000		2.250%, 01/31/24		22,564,170			0.6
	25,000,000		2.125%, 02/29/24		24,859,375			0.7
	20,000,000		2.125%, 03/31/24		19,875,780			0.6
	11,844,000		2.250%, 02/15/27		11,691,319			0.3
	10,000,000		4.250%, 05/15/39		12,208,590			0.3
	42,170,000		1.125%–2.000%, 02/28/19–05/31/23		41,643,993			1.2
			Other		17,637,306			0.7
					735,647,790			20.7
		TOTAL GOVERNMENT BONDS (Cost $1,631,217,265)			1,615,865,661			45.4
STRUCTURED ASSETS
ASSET BACKED					253,675,404			7.1
OTHER MORTGAGE BACKED
			COBALT CMBS Commercial Mortgage Trust Series 2007-C3 (Class AJ)
	16,500,000	i	5.771%, 05/15/46		16,789,347			0.5
			Sequoia Mortgage Trust Series 2017-3 (Class A4)
	16,500,000	g,i	3.500%, 04/25/47		16,739,762			0.5
			Wachovia Bank Commercial Mortgage Trust Series 2007-C31 (Class AJ)
	14,875,000	i	5.660%, 04/15/47		14,924,599			0.4
			Series 2007-C32 (Class AJ)
	19,770,000	i	5.750%, 06/15/49		19,373,380			0.5
	44,541,757	g,i	5.413%-6.219%, 12/15/43-02/15/51		44,335,399			1.2
			Other		191,987,184			5.4
					304,149,671			8.5
		TOTAL STRUCTURED ASSETS (Cost $558,513,550)			557,825,075			15.6
		TOTAL BONDS (Cost $3,345,600,527)			3,335,684,378			93.6

						% of net
Shares		Company	Value				assets
COMMON STOCKS
ENERGY			$	343,709				0.0	%
		TOTAL COMMON STOCKS (Cost $343,709)		343,709				0.0
PREFERRED STOCKS
ENERGY				88,450				0.0
		TOTAL PREFERRED STOCKS (Cost $88,450)		88,450				0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	32,100,000	0.700%, 04/05/17		32,098,780				0.9
				32,098,780				0.9
TREASURY DEBT
		United States Treasury Bill
	137,300,000	0.501%-0.726%, 04/27/17		137,234,096				3.9
	22,600,000	0.691%, 07/06/17		22,555,252				0.6
		Other		5,598,074				0.1
				165,387,422				4.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $197,485,027)		197,486,202				5.5
		TOTAL PORTFOLIO (Cost $3,666,072,634)		3,656,428,741				102.6
		OTHER ASSETS & LIABILITIES, NET		(93,753,873	)			(2.6	)
		NET ASSETS	$	3,562,674,868				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 3/31/17, the aggregate value of these securities, including those in “Other,” was $623,743,953 or 17.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 35

Summary portfolio of investments

High-Yield Fund  ■  March 31, 2017

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	11,952,236		0.3	%
CAPITAL GOODS					1,686,725		0.1
COMMERCIAL & PROFESSIONAL SERVICES					22,267,752		0.6
CONSUMER DURABLES & APPAREL					8,240,961		0.2
CONSUMER SERVICES					38,876,897		1.1
ENERGY					21,772,489		0.6
FOOD & STAPLES RETAILING					13,016,250		0.4
HEALTH CARE EQUIPMENT & SERVICES					10,976,811		0.3
INSURANCE					8,267,665		0.2
MATERIALS					22,244,912		0.6
MEDIA					8,518,462		0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4,676,033		0.1
REAL ESTATE					9,347,804		0.3
RETAILING					4,809,400		0.2
SOFTWARE & SERVICES					22,287,721		0.6
UTILITIES					18,557,512		0.5
		TOTAL BANK LOAN OBLIGATIONS (Cost $228,533,346)			227,499,630		6.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					55,598,176		1.6
BANKS					48,365,051		1.4
CAPITAL GOODS					65,619,487		1.9
COMMERCIAL & PROFESSIONAL SERVICES
			United Rentals North America, Inc
$	16,425,000		5.500%, 07/15/25		16,917,750		0.5
			XPO Logistics, Inc
	16,000,000	g	6.500%, 06/15/22		16,800,000		0.5
			Other		98,270,177		2.8
					131,987,927		3.8
CONSUMER DURABLES & APPAREL
			Lennar Corp
	14,500,000		4.750%, 04/01/21		15,116,250		0.4
			Other		43,694,372		1.2
					58,810,622		1.6
CONSUMER SERVICES
			International Game Technology
	14,785,000	g	6.500%, 02/15/25		15,746,025		0.4
			Prime Security Services Borrower LLC
	52,225,000	g	9.250%, 05/15/23		57,251,656		1.6
			Scientific Games International, Inc
	14,500,000	g	7.000%, 01/01/22		15,496,875		0.4
	16,000,000		10.000%, 12/01/22		17,060,000		0.5

						% of net
Principal			Issuer	Value		assets
CONSUMER SERVICES—continued
			Six Flags Entertainment Corp
	$22,500,000	g,h	4.875%, 07/31/24	$	22,204,688		0.6	%
			Other		151,584,789		4.3
					279,344,033		7.8
DIVERSIFIED FINANCIALS
			Navient Corp
	50,255,000		4.875%-7.250%, 01/15/19-03/25/24		50,932,875		1.4
			Other		129,893,655		3.7
					180,826,530		5.1
ENERGY
			AmeriGas Partners LP
	36,300,000		5.500%-5.875%, 05/20/24-05/20/27		36,067,875		1.0
			Dynegy, Inc
	19,485,000		6.750%, 11/01/19		20,020,837		0.6
			Exterran Partners LP
	14,900,000		6.000%, 04/01/21		14,788,250		0.4
			Range Resources Corp
	22,825,000	g	5.750%, 06/01/21		23,395,625		0.7
			Tesoro Corp
	14,500,000	g	4.750%, 12/15/23		14,965,305		0.4
			Transocean, Inc
	15,650,000		8.125%, 12/15/21		16,354,250		0.5
			Other		394,312,693		11.1
					519,904,835		14.7
FOOD & STAPLES RETAILING
			Fresh Market, Inc
	30,685,000	g	9.750%, 05/01/23		24,778,137		0.7
			Other		35,570,950		1.0
					60,349,087		1.7
FOOD, BEVERAGE & TOBACCO					13,681,750		0.4
HEALTH CARE EQUIPMENT & SERVICES
			Change Healthcare Holdings LLC
	16,000,000	g	5.750%, 03/01/25		16,400,000		0.5
			HCA, Inc
	13,600,000		7.500%, 02/15/22		15,555,000		0.4
	41,200,000		4.500%-7.500%, 02/15/20-11/06/33		43,481,513		1.2
			Other		90,416,366		2.5
					165,852,879		4.6
HOUSEHOLD & PERSONAL PRODUCTS					4,704,000		0.1
INSURANCE					8,903,125		0.3
MATERIALS
			Berry Plastics Corp
	17,025,000		6.000%, 10/15/22		18,003,938		0.5
			Blue Cube Spinco, Inc
	20,000,000		9.750%, 10/15/23		23,950,000		0.7
			Eldorado Gold Corp
	14,400,000	g	6.125%, 12/15/20		14,760,000		0.4
			Other		224,483,545		6.3
					281,197,483		7.9

36 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments continued

High-Yield Fund  ■  March 31, 2017

						% of net
Principal			Issuer	Value		assets
MEDIA
			CCO Holdings LLC
$	20,900,000		5.750%, 01/15/24	$	21,736,000		0.6	%
	20,000,000	g	5.875%, 04/01/24		21,100,000		0.6
	16,150,000	g	5.125%, 05/01/27		16,261,031		0.5
			DISH DBS Corp
	15,000,000		6.750%, 06/01/21		16,190,625		0.5
			DISH Network Corp
	13,860,000	g	3.375%, 08/15/26		16,744,613		0.5
			Neptune Finco Corp
	14,250,000	g	10.125%, 01/15/23		16,530,000		0.5
	16,150,000	g	10.875%, 10/15/25		19,420,375		0.5
			Numericable Group S.A.
	17,000,000	g	6.000%, 05/15/22		17,616,250		0.5
			Time, Inc
	18,000,000	g	5.750%, 04/15/22		18,720,000		0.5
			Other		190,567,700		5.4
					354,886,594		10.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					29,455,083		0.8
REAL ESTATE					34,786,468		1.0
RETAILING
			Argos Merger Sub, Inc
	24,800,000	g	7.125%, 03/15/23		23,560,000		0.7
			Men’s Wearhouse, Inc
	19,570,000		7.000%, 07/01/22		17,368,375		0.5
			Other		60,057,084		1.6
					100,985,459		2.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					23,518,688		0.7
SOFTWARE & SERVICES
			Open Text Corp
	16,400,000	g	5.875%, 06/01/26		17,179,000		0.5
			Other		86,839,383		2.4
					104,018,383		2.9
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope, Inc
	23,700,000	g	6.000%, 06/15/25		24,825,750		0.7
			Other		43,422,868		1.2
					68,248,618		1.9
TELECOMMUNICATION SERVICES
			Altice Luxembourg S.A.
	18,900,000	g	7.750%, 05/15/22		20,057,625		0.6
			Frontier Communications Corp
	14,095,000		8.875%, 09/15/20		14,870,225		0.4
			Sprint Corp
	23,725,000		7.250%, 09/15/21		25,615,645		0.7
	19,950,000		7.625%, 02/15/25		21,795,375		0.6
			T-Mobile USA, Inc
	15,600,000		6.731%, 04/28/22		16,166,280		0.5
	22,000,000		5.125%, 04/15/25		22,770,000		0.6
			Other		144,165,186		4.1
					265,440,336		7.5

						% of net
Principal			Issuer	Value			assets
TRANSPORTATION
			Bombardier, Inc
$	14,800,000	g	7.500%, 03/15/25	$	15,207,000			0.4	%
			KLX, Inc
	16,250,000	g	5.875%, 12/01/22		16,757,812			0.5
			Virgin Australia Holdings Ltd
	15,000,000	g	7.875%, 10/15/21		15,562,500			0.4
			Other		63,755,644			1.8
					111,282,956			3.1
UTILITIES					53,417,791			1.5
		TOTAL CORPORATE BONDS (Cost $2,974,492,832)			3,021,185,361			85.2
		TOTAL BONDS (Cost $2,974,492,832)			3,021,185,361			85.2
Shares			Company
COMMON STOCKS
ENERGY					14,669,059			0.4
		TOTAL COMMON STOCKS (Cost $14,833,577)			14,669,059			0.4
PREFERRED STOCKS
ENERGY					889,875			0.0
		TOTAL PREFERRED STOCKS (Cost $889,875)			889,875			0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	38,850,000		0.450%-0.500%, 04/03/17		38,850,000			1.1
	23,025,000		0.611%, 05/04/17		23,010,517			0.6
					61,860,517			1.7
TREASURY DEBT
			United States Treasury Bill
	27,830,000		0.495%, 04/06/17		27,828,776			0.8
	21,800,000		0.498%, 04/13/17		21,795,640			0.6
	35,410,000		0.480%-0.556%, 04/20/17		35,397,819			1.0
	36,850,000		0.492%, 04/27/17		36,832,312			1.0
	19,920,000		0.707%, 05/25/17		19,899,642			0.6
	22,000,000		0.512%, 06/22/17		21,963,524			0.6
	30,470,000		0.846%, 08/24/17		30,372,252			0.9
					194,089,965			5.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $255,962,790)			255,950,482			7.2
		TOTAL PORTFOLIO (Cost $3,474,712,420)			3,520,194,407			99.2
		OTHER ASSETS & LIABILITIES, NET			28,713,515			0.8
		NET ASSETS		$	3,548,907,922			100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 37

Summary portfolio of investments concluded

High-Yield Fund  ■  March 31, 2017

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 3/31/17, the aggregate value of these securities, including those in “Other,” was $1,402,834,824 or 39.5% 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 portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

38 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments

Inflation-Linked Bond Fund   ■  March 31, 2017

Principal			Issuer	Value		% of net assets
BONDS
GOVERNMENT BONDS
AGENCY SECURITIES
			HNA 2015 LLC
$	2,715,659		2.369%, 09/18/27	$	2,688,122		0.1	%
			Montefiore Medical Center
	9,845,000		2.895%, 04/20/32		9,532,736		0.4
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,542,546		0.1
	3,000,000		3.250%, 06/15/25		3,088,791		0.1
			Reliance Industries Ltd
	5,921,053		2.444%, 01/15/26		5,914,226		0.2
			Tunisia Government AID Bonds
	4,375,000		1.416%, 08/05/21		4,247,583		0.2
			Ukraine Government AID Bonds
	3,000,000		1.847%, 05/29/20		3,005,022		0.1
	15,000,000		1.471%, 09/29/21		14,650,440		0.6
					46,669,466		1.8
MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	6,591,889		3.700%, 10/15/33		6,931,474		0.3
					6,931,474		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	137,488,197	k	0.125%, 04/15/18		138,652,722		5.5
	44,277,930	k	1.375%, 07/15/18		45,796,574		1.8
	43,421,247	k	2.125%, 01/15/19		45,676,156		1.8
	179,255,680	k	0.125%, 04/15/19		181,883,568		7.2
	53,342,967	k	1.875%, 07/15/19		56,663,354		2.2
	59,786,380	k	1.375%, 01/15/20		62,972,635		2.5
	158,627,340	k	0.125%, 04/15/20		160,997,233		6.4
	88,610,887	k	1.250%, 07/15/20		93,760,331		3.7
	88,881,902	k	1.125%, 01/15/21		93,577,977		3.7
	167,488,786	k	0.125%, 04/15/21		169,209,398		6.7
	109,806,247	k	0.625%, 07/15/21		113,881,267		4.5
	119,084,793	k	0.125%, 01/15/22		119,966,258		4.7
	116,136,900	k	0.125%, 07/15/22		117,019,540		4.6
	73,630,200	k	0.125%, 01/15/23		73,586,169		2.9
	107,459,900	k	0.375%, 07/15/23		109,170,447		4.3
	94,430,820	k	0.625%, 01/15/24		96,665,903		3.8
	81,801,600	k	0.125%, 07/15/24		81,041,663		3.2
	62,529,880	k	0.250%, 01/15/25		62,004,316		2.4
	79,027,020	k	2.375%, 01/15/25		91,149,765		3.6
	92,144,700	k	0.375%, 07/15/25		92,389,805		3.6
	54,666,835	k	0.625%, 01/15/26		55,673,743		2.2
	81,416,624	k	2.000%, 01/15/26		92,389,875		3.6
	67,864,300	k	0.125%, 07/15/26		66,225,717		2.6
	68,850,035	k	0.375%, 01/15/27		68,567,612		2.7
	39,739,982	k	2.375%, 01/15/27		46,981,719		1.9
	50,444,022	k	1.750%, 01/15/28		57,057,083		2.3
	27,116,593	k	3.625%, 04/15/28		36,051,727		1.4
	8,130,812	k	2.500%, 01/15/29		9,943,056		0.5
	19,182,107	k	3.875%, 04/15/29		26,535,261		1.1
					2,465,490,874		97.4
		TOTAL GOVERNMENT BONDS (Cost $2,471,745,775)			2,519,091,814		99.5
		TOTAL BONDS (Cost $2,471,745,775)			2,519,091,814		99.5

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	700,000		0.500%, 04/03/17	$	700,000		0.0	%
					700,000		0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $699,981)			700,000		0.0
		TOTAL PORTFOLIO (Cost $2,472,445,756)			2,519,791,814		99.5
		OTHER ASSETS & LIABILITIES, NET			12,349,506		0.5
		NET ASSETS		$	2,532,141,320		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   ■  2017 Annual Report 39

Summary portfolio of investments

Short-Term Bond Fund  ■  March 31, 2017

Principal				Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	2,893,738		0.2	%
COMMERCIAL & PROFESSIONAL SERVICES						497,692		0.0
CONSUMER DURABLES & APPAREL						626,568		0.0
CONSUMER SERVICES						7,511,954		0.4
DIVERSIFIED FINANCIALS						2,020,500		0.1
ENERGY						998,490		0.0
FOOD & STAPLES RETAILING						1,381,875		0.1
HEALTH CARE EQUIPMENT & SERVICES						3,081,711		0.2
MATERIALS						1,669,591		0.1
MEDIA						14,049,031		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,142,254		0.1
RETAILING						4,903,117		0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,506,962		0.1
SOFTWARE & SERVICES						1,964,729		0.1
TECHNOLOGY HARDWARE & EQUIPMENT						2,550,597		0.1
TRANSPORTATION						1,980,293		0.1
UTILITIES						1,985,075		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $51,588,087)				51,764,177		2.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						5,226,478		0.3
BANKS
				Bank of America Corp
$	9,350,000			2.000%, 01/11/18		9,373,964		0.5
				Bank of America NA
	10,000,000			1.650%, 03/26/18		10,005,610		0.5
				Bank of Montreal
	19,000,000		g	2.500%, 01/11/22		19,041,116		1.0
				Bank of Nova Scotia
	13,000,000			1.875%, 04/26/21		12,744,550		0.7
				SpareBank Boligkreditt AS.
	8,000,000		g	1.250%, 05/02/18		7,969,936		0.4
				Toronto-Dominion Bank
	10,000,000			1.450%, 09/06/18		9,977,090		0.5
				Other		128,282,274		7.0
						197,394,540		10.6
CAPITAL GOODS						25,103,443		1.4
COMMERCIAL & PROFESSIONAL SERVICES
				Daimler Finance North America LLC
	10,000,000		g	1.500%, 07/05/19		9,857,850		0.5
				Other		15,656,117		0.9
						25,513,967		1.4

Principal			Issuer	Value		% of net assets
CONSUMER DURABLES & APPAREL				$	2,399,867		0.1	%
CONSUMER SERVICES					7,509,978		0.4
DIVERSIFIED FINANCIALS
			General Motors Financial Co, Inc
$	10,000,000		2.400%, 05/09/19		10,020,660		0.5
			Morgan Stanley
	8,000,000		2.450%, 02/01/19		8,073,560		0.4
			Other		56,704,513		3.1
					74,798,733		4.0
ENERGY					46,849,957		2.5
FOOD & STAPLES RETAILING					8,257,889		0.4
FOOD, BEVERAGE & TOBACCO					12,715,127		0.7
HEALTH CARE EQUIPMENT & SERVICES					11,187,454		0.6
HOUSEHOLD & PERSONAL PRODUCTS					374,588		0.0
INSURANCE					11,674,742		0.6
MATERIALS					13,353,414		0.7
MEDIA					2,873,339		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					27,407,399		1.5
REAL ESTATE					11,258,845		0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,027,239		0.1
SOFTWARE & SERVICES					10,013,645		0.5
TECHNOLOGY HARDWARE & EQUIPMENT					29,798,690		1.6
TELECOMMUNICATION SERVICES					13,496,153		0.7
TRANSPORTATION					6,634,596		0.4
UTILITIES					56,225,074		3.0
		TOTAL CORPORATE BONDS (Cost $600,790,254)			601,095,157		32.3
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
	22,500,000		1.000%, 09/26/19		22,252,163		1.2
			Federal National Mortgage Association (FNMA)
	40,000,000		1.500%, 02/28/20		39,931,920		2.1
			Iraq Government AID Bond
	24,000,000		2.149%, 01/18/22		23,907,336		1.3
			Montefiore Medical Center
	11,485,000		2.152%, 10/20/26		11,027,334		0.6
			Reliance Industries Ltd
	11,842,105		2.444%, 01/15/26		11,828,451		0.6
			Ukraine Government AID Bonds
	15,000,000		1.471%, 09/29/21		14,650,440		0.9
			Other		17,620,974		0.9
					141,218,618		7.6

40 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
Short-Term Bond Fund  ■  March 31, 2017

Principal			Issuer	Value		% of net assets
FOREIGN GOVERNMENT BONDS
			Bermuda Government International Bond
$	7,000,000	g	4.138%, 01/03/23	$	7,168,770		0.4	%
			Instituto de Credito Oficial
	11,400,000	g	1.625%, 09/14/18		11,336,764		0.6
			Other		83,694,808		4.5
					102,200,342		5.5
MORTGAGE BACKED					3,653,698		0.2
MUNICIPAL BONDS					5,039,600		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	10,361,600	k	0.125%, 04/15/19		10,513,501		0.6
	35,768,910	k	0.125%, 04/15/20		36,303,297		2.0
	19,976,190	k	0.125%, 04/15/21		20,181,405		1.1
			United States Treasury Note
	7,550,000		1.000%, 12/15/17		7,549,706		0.3
	60,755,000		1.125%, 01/31/19		60,629,237		3.3
	81,090,000		1.125%, 02/28/19		80,899,925		4.4
	50,000,000		1.250%, 03/31/19		49,984,400		2.6
	108,718,000		0.875%, 09/15/19		107,375,985		5.8
	51,130,000		1.625%, 03/15/20		51,307,779		2.8
	32,095,000		0.625%-1.875%, 06/30/17-02/28/22		32,052,975		1.6
					456,798,210		24.5
		TOTAL GOVERNMENT BONDS (Cost $711,103,322)			708,910,468		38.1
STRUCTURED ASSETS
ASSET BACKED
			Ford Credit Auto Owner Trust
			Series 2014-2 (Class B)
	7,250,000	g	2.510%, 04/15/26		7,275,006		0.4
			Other		47,898,105		2.6
					55,173,111		3.0
OTHER MORTGAGE BACKED
			Bear Stearns Commercial Mortgage Securities Trust Series 2003-PWR2 (Class H)
	13,335,000	g,i	5.300%, 05/11/39		13,786,088		0.7
			Chase Mortgage Trust Series 2016-2 (Class M2)
	10,538,673	g,i	3.750%, 12/25/45		10,526,275		0.6
			Citigroup Commercial Mortgage Trust Series 2007-C6 (Class AMFX)
	10,000,000	g,i	5.779%, 12/10/49		10,051,785		0.5
			COBALT CMBS Commercial Mortgage Trust Series 2007-C3 (Class AM)
	8,670,000	i	5.771%, 05/15/46		8,804,609		0.5
			Connecticut Avenue Securities Series 2016-C01 (Class 1M1)
	7,599,052	i	2.932%, 08/25/28		7,690,140		0.4
			Series 2016-C05 (Class 2M1)
	7,638,080	i	2.332%, 01/25/29		7,680,841		0.4
			Series 2016-C04 (Class 1M1)
	12,499,602	i	2.432%, 01/25/29		12,636,218		0.7
			Series 2017-C01 (Class 1M1)
	12,865,150	g,i	2.165%, 07/25/29		12,927,268		0.7
	19,892,320	i	1.932%-3.132%, 05/25/24-09/25/29		20,048,956		1.1

Principal			Issuer	Value		% of net assets
OTHER MORTGAGE BACKED–continued
			Credit Suisse Commercial Mortgage Trust Series 2007-C4 (Class A1AJ)
$	10,000,000	i	5.903%, 09/15/39	$	10,053,360		0.5	%
			Series 2007-C2 (Class AJ)
	10,000,000	i	5.625%, 01/15/49		10,205,257		0.5
			JP Morgan Mortgage Trust Series 2017-1 (Class A3)
	12,454,812	g,i	3.500%, 01/25/47		12,678,126		0.7
			Morgan Stanley Capital I Trust Series 2007-IQ15 (Class AM)
	10,950,000	i	5.907%, 06/11/49		11,016,691		0.6
			Sequoia Mortgage Trust Series 2017-2 (Class A5)
	12,965,887	g,i	3.000%, 03/25/47		13,023,002		0.7
			Series 2017-3 (Class A4)
	16,500,000	g,i	3.500%, 04/25/47		16,739,762		0.9
			Shellpoint Co-Originator Trust Series 2017-1 (Class A4)
	7,750,000	g,i	3.500%, 04/25/44		7,855,352		0.4
			Structured Agency Credit Risk Debt Note (STACR) Series 2015-HQ1 (Class M2)
	7,126,910	i	3.182%, 03/25/25		7,226,627		0.4
			Series 2017-DNA1 (Class M1)
	11,395,326	i	2.182%, 07/25/29		11,438,686		0.6
	20,341,332	i	2.082%-3.382%, 01/25/25-03/25/29		20,423,008		1.1
			Wachovia Bank Commercial Mortgage Trust Series 2007-C32 (Class AMFX)
	9,635,000	g	5.703%, 06/15/49		9,731,623		0.6
			Other		104,942,268		5.7
					339,485,942		18.3
		TOTAL STRUCTURED ASSETS (Cost $395,773,141)			394,659,053		21.3
		TOTAL BONDS (Cost $1,707,666,717)			1,704,664,678		91.7
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
	16,650,000		0.605%, 04/06/17		16,649,268		0.9
	12,385,000	d	0.720%, 04/13/17		12,382,523		0.7
	33,200,000	d	0.556%-0.720%, 04/20/17		33,188,579		1.8
	18,900,000		0.680%, 04/27/17		18,890,928		1.0
	11,550,000		0.707%, 05/25/17		11,538,196		0.6
					92,649,494		5.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $92,647,971)			92,649,494		5.0
		TOTAL PORTFOLIO (Cost $1,851,902,775)			1,849,078,349		99.5
		OTHER ASSETS & LIABILITIES, NET			10,314,608		0.5
		NET ASSETS		$	1,859,392,957		100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds   ■  2017 Annual Report 41

Summary portfolio of investments	concluded
Short-Term Bond Fund   ■  March 31, 2017

d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
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 3/31/17, the aggregate value of these securities, including those in “Other,” was $362,678,403 or 19.5% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

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

42 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Short-Term Bond Index Fund  ■  March 31, 2017

Principal		Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	99,231		0.1	%
BANKS
		Bank of America Corp
$	483,000	1.950%, 05/12/18		484,049		0.3
	400,000	2.650%, 04/01/19		404,605		0.2
		Citigroup, Inc
	500,000	2.450%, 01/10/20		502,196		0.3
		Other		11,467,975		6.4
				12,858,825		7.2
CAPITAL GOODS				1,849,024		1.0
COMMERCIAL & PROFESSIONAL SERVICES				464,368		0.3
CONSUMER DURABLES & APPAREL				227,186		0.1
CONSUMER SERVICES				402,453		0.2
DIVERSIFIED FINANCIALS
		Goldman Sachs Group, Inc
	600,000	2.375%, 01/22/18		603,294		0.3
		Morgan Stanley
	500,000	2.125%, 04/25/18		501,915		0.3
	500,000	2.650%, 01/27/20		504,714		0.3
		Other		5,587,737		3.1
				7,197,660		4.0
ENERGY				3,183,319		1.8
FOOD & STAPLES RETAILING				649,338		0.4
FOOD, BEVERAGE & TOBACCO
		Anheuser-Busch InBev Finance, Inc
	650,000	1.900%, 02/01/19		650,894		0.4
		Other		1,530,993		0.8
				2,181,887		1.2
HEALTH CARE EQUIPMENT & SERVICES				579,171		0.3
HOUSEHOLD & PERSONAL PRODUCTS				200,748		0.1
INSURANCE				1,148,971		0.6
MATERIALS
		Lyondell Basell Industries NV
	400,000	5.000%, 04/15/19		421,257		0.2
		Other		319,744		0.2
				741,001		0.4
MEDIA				847,165		0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				2,671,654		1.5
REAL ESTATE				100,898		0.1
RETAILING				504,577		0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				250,163		0.1
SOFTWARE & SERVICES				1,617,958		0.9
TECHNOLOGY HARDWARE & EQUIPMENT				1,904,139		1.1

Principal			Issuer	Value		% of net assets
TELECOMMUNICATION SERVICES				$	1,313,539		0.7	%
TRANSPORTATION					712,473		0.3
UTILITIES					3,854,097		2.2
		TOTAL CORPORATE BONDS (Cost $45,576,865)			45,559,845		25.4
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Farm Credit Bank (FFCB)
$	750,000		0.750%, 04/18/18		746,915		0.4
			Federal Home Loan Bank (FHLB)
	500,000		1.125%, 04/25/18		499,853		0.3
	2,500,000		0.875%, 06/29/18		2,490,155		1.4
			Federal Home Loan Mortgage Corp (FHLMC)
	1,500,000		0.875%, 03/07/18		1,496,678		0.8
	2,300,000		1.250%, 08/01/19		2,290,855		1.3
			Federal National Mortgage Association (FNMA)
	1,050,000		0.875%, 08/02/19		1,036,229		0.6
	3,500,000		1.750%, 11/26/19		3,522,285		2.0
					12,082,970		6.8
FOREIGN GOVERNMENT BONDS
			European Investment Bank
	1,350,000		1.125%, 09/15/17		1,349,766		0.8
	500,000		1.000%, 06/15/18		497,948		0.3
	600,000		1.250%, 05/15/19		596,002		0.3
			Inter-American Development Bank
	500,000		1.750%, 10/15/19		500,863		0.3
			International Bank for Reconstruction & Development
	650,000		1.000%, 11/15/17		649,093		0.4
	600,000		1.250%, 07/26/19		595,622		0.3
	500,000		1.875%, 10/07/19		502,921		0.3
			International Finance Corp
	500,000		1.750%, 03/30/20		499,801		0.3
			KFW
	1,450,000		0.875%, 09/05/17		1,448,656		0.8
	1,000,000		1.000%, 07/15/19		987,274		0.6
			Other		6,437,395		3.5
					14,065,341		7.9
MUNICIPAL BONDS					100,792		0.1
U.S. TREASURY SECURITIES
			United States Treasury Note
	2,500,000		0.750%, 04/30/18		2,490,430		1.4
	5,350,000		0.875%, 05/31/18		5,334,533		3.0
	2,150,000		0.875%, 07/15/18		2,142,524		1.2
	1,500,000		0.750%, 07/31/18		1,492,091		0.8
	11,250,000		1.000%, 09/15/18		11,220,997		6.3
	1,700,000		0.875%, 10/15/18		1,691,832		0.9
	6,000,000		0.750%, 10/31/18		5,957,346		3.3
	2,800,000		1.250%, 11/15/18		2,801,750		1.6
	5,950,000		1.000%, 11/30/18		5,929,080		3.3
	3,000,000		1.250%, 12/15/18		3,001,407		1.7
	5,100,000		1.250%, 12/31/18		5,101,994		2.8
	2,400,000		0.750%, 02/15/19		2,378,251		1.3
	7,700,000		1.125%, 02/28/19		7,681,951		4.3
	2,750,000		1.000%, 03/15/19		2,735,714		1.5

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 43

Summary portfolio of investments concluded

Short-Term Bond Index Fund  ■  March 31, 2017 

Principal			Issuer	Value			% of net assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note–continued
$	3,700,000		0.875%, 04/15/19	$	3,669,649			2.0	%
	4,000,000		0.875%, 05/15/19		3,964,376			2.2
	3,000,000		0.875%, 06/15/19		2,970,819			1.7
	4,900,000		0.750%, 08/15/19		4,830,709			2.7
	3,300,000		0.875%, 09/15/19		3,259,265			1.8
	2,000,000		1.000%, 10/15/19		1,979,844			1.1
	5,500,000		1.000%, 11/15/19		5,438,769			3.0
	3,700,000		1.375%, 12/15/19		3,692,485			2.1
	6,700,000		1.375%, 01/15/20		6,683,511			3.7
	10,250,000		1.625%, 03/15/20		10,285,639			5.8
					106,734,966			59.5
		TOTAL GOVERNMENT BONDS (Cost $133,447,917)			132,984,069			74.3
		TOTAL BONDS (Cost $179,024,782)			178,543,914			99.7
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	1,800,000		0.500%, 04/03/17		1,800,000			1.0
					1,800,000			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,799,950)			1,800,000			1.0
		TOTAL PORTFOLIO (Cost $180,824,732)			180,343,914			100.7
		OTHER ASSETS & LIABILITIES, NET			(1,279,316	)		(0.7	)
		NET ASSETS			$179,064,598			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 3/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $793,223 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

44 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Social Choice Bond Fund  ■  March 31, 2017

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	957,415		0.1	%
ENERGY					986,090		0.1
MEDIA					3,990,730		0.4
TECHNOLOGY HARDWARE & EQUIPMENT
			MTS Systems Corp
$	4,975,000	i	5.080%, 07/05/23		5,030,968		0.4
					5,030,968		0.4
UTILITIES					2,529,544		0.2
		TOTAL BANK LOAN OBLIGATIONS (Cost $13,422,526)			13,494,747		1.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					5,787,255		0.5
BANKS
			Bank of America Corp
	6,200,000		2.151%, 11/09/20		6,143,196		0.5
			Citizens Bank NA
	5,000,000	i	1.604%, 03/02/20		5,011,025		0.4
			Mitsubishi UFJ Financial Group, Inc
	5,275,000		2.527%, 09/13/23		5,094,906		0.5
			Other		60,076,200		5.4
					76,325,327		6.8
CAPITAL GOODS					18,171,346		1.6
COMMERCIAL & PROFESSIONAL SERVICES					4,744,551		0.4
CONSUMER SERVICES					8,740,089		0.8
DIVERSIFIED FINANCIALS
			Morgan Stanley
	5,250,000		2.200%, 12/07/18		5,271,168		0.5
			Other		16,864,638		1.5
					22,135,806		2.0
ENERGY
			National Oilwell Varco, Inc
	7,000,000		3.950%, 12/01/42		5,665,429		0.5
			Other		12,745,812		1.1
					18,411,241		1.6
FOOD & STAPLES RETAILING					2,874,108		0.3
HEALTH CARE EQUIPMENT & SERVICES					2,515,301		0.2
INSURANCE					11,833,218		1.1
MATERIALS
			Inversiones CMPC S.A.
	7,500,000	g	4.375%, 04/04/27		7,462,510		0.7
			Other		13,558,856		1.2
					21,021,366		1.9

	Principal		Issuer		Value	% of net assets
MEDIA
			Walt Disney Co
$	5,000,000	i	1.490%, 03/04/22	$	5,015,080	0.4	%
			Other		7,749,949	0.7
					12,765,029	1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,828,045	0.5
REAL ESTATE
			Regency Centers LP
	5,000,000		3.750%, 06/15/24		5,070,760	0.5
			Other		19,182,569	1.7
					24,253,329	2.2
SOFTWARE & SERVICES					2,956,181	0.3
TECHNOLOGY HARDWARE & EQUIPMENT
			Apple, Inc
	5,000,000		2.850%, 02/23/23		5,045,155	0.5
					5,045,155	0.5
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	5,000,000	i	2.137%, 03/16/22		5,045,480	0.5
	6,125,000		5.250%, 03/16/37		6,326,396	0.6
			Other		6,351,792	0.5
					17,723,668	1.6
TRANSPORTATION
			Delta Air Lines, Inc
	5,925,000		3.625%, 03/15/22		6,047,598	0.5
			Union Pacific Railroad Co
	6,301,446		3.227%, 05/14/26		6,179,513	0.6
			Other		31,339,141	2.8
					43,566,252	3.9
UTILITIES
			Pattern Energy Group, Inc
	5,000,000	g	5.875%, 02/01/24		5,062,500	0.5
			Southern Power Co
	5,065,000		4.150%, 12/01/25		5,233,827	0.5
			Other		56,270,353	4.9
					66,566,680	5.9
		TOTAL CORPORATE BONDS (Cost $373,016,650)			371,263,947	33.2
GOVERNMENT BONDS
AGENCY SECURITIES
			NCUA Guaranteed Notes
	7,500,000		3.000%, 06/12/19		7,751,550	0.7
	6,035,000		3.450%, 06/12/21		6,359,133	0.6
			Overseas Private Investment Corp (OPIC)
	20,479,947		0.000%–3.938%, 11/11/17–07/31/33		20,449,623	1.8
			US Department of Housing and Urban Development (HUD)
	24,209,000		0.930%–5.380%, 08/01/17–08/01/27		24,586,206	2.2
			Other		42,585,627	3.8
					101,732,139	9.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 45

Summary portfolio of investments continued

Social Choice Bond Fund  ■  March 31, 2017

Principal			Issuer	Value		% of net assets
FOREIGN GOVERNMENT BONDS
			Inter-American Development Bank
$	5,000,000		1.185%, 07/09/18	$	4,946,810		0.4	%
			International Finance Corp
	5,000,000		1.750%, 03/30/20		4,998,005		0.5
			Kreditanstalt fuer Wiederaufbau
	5,000,000		2.000%, 11/30/21		4,977,570		0.4
			Nacional Financiera SNC
	4,900,000	g	3.375%, 11/05/20		4,971,050		0.4
			North American Development Bank
	5,420,000		2.300%, 10/10/18		5,469,896		0.5
			Other		69,541,949		6.3
					94,905,280		8.5
MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	8,000,000	h	3.000%, 05/25/32		8,189,375		0.7
	5,420,428		3.000%, 11/01/46		5,379,247		0.5
	5,894,666		3.000%, 12/01/46		5,849,883		0.5
	5,106,333		3.500%, 02/01/47		5,226,700		0.5
	5,000,000		3.000%, 05/25/47		4,949,219		0.4
	7,000,000	h	3.500%, 05/25/47		7,145,469		0.6
	6,000,000	h	4.000%, 05/25/47		6,281,250		0.6
	5,000,000		4.500%, 06/25/47		5,342,773		0.5
	49,927,620		2.500%–6.000%, 11/01/25–06/25/47		51,137,983		4.6
			Government National Mortgage Association (GNMA)
	6,967,566		3.000%, 01/20/47		7,036,873		0.6
	6,000,000		3.500%, 03/20/47		6,227,589		0.6
			Other		26,009,924		2.3
					138,776,285		12.4
MUNICIPAL BONDS
			California Pollution Control Financing Authority
	5,500,000	g	5.000%, 11/21/45		5,509,680		0.5
			City of San Francisco CA Public Utilities Commission Water Revenue
	5,000,000		4.185%, 11/01/46		5,006,000		0.4
			Vermont Educational & Health Buildings
			Financing Agency
	5,000,000		4.000%, 12/01/42		5,045,650		0.5
			Virgin Islands Water & Power Authority-Electric System
	5,000,000	g	5.500%, 11/15/18		4,992,850		0.4
			Other		137,459,343		12.3
					158,013,523		14.1
U.S. TREASURY SECURITIES
			United States Treasury Bond
	5,745,000		2.500%, 05/15/46		5,143,119		0.5
	37,120,000		2.875%, 11/15/46		36,003,505		3.2
			United States Treasury Note
	5,155,000		1.125%, 01/31/19		5,144,329		0.5
	9,430,000		1.875%, 02/28/22		9,408,632		0.8
	25,265,000		2.250%, 02/15/27		24,939,309		2.2
			Other		3,780,572		0.3
					84,419,466		7.5
		TOTAL GOVERNMENT BONDS (Cost $580,146,578)			577,846,693		51.6

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Toyota Auto Receivables Owner Trust Series 2016-B (Class A3)
$	5,000,000		1.300%, 04/15/20	$	4,983,978		0.4	%
			Other		27,636,917		2.5
					32,620,895		2.9
OTHER MORTGAGE BACKED
			BBCMS Trust
			Series 2015-MSQ (Class A)
	5,000,000	g	3.593%, 09/15/32		5,210,459		0.5
			COMM Mortgage Trust
			Series 2013-WWP (Class C)
	5,000,000	g	3.544%, 03/10/31		5,022,425		0.4
			GRACE Mortgage Trust
			Series 2014-GRCE (Class A)
	5,000,000	g	3.369%, 06/10/28		5,178,238		0.5
			Morgan Stanley Capital I Trust
			Series 2013-WLSR (Class A)
	5,000,000	g	2.695%, 01/11/32		5,027,353		0.4
	11,840,000	g,i	3.350%-6.110%, 07/13/29-12/12/49		11,825,679		1.1
			Wachovia Bank Commercial Mortgage Trust
	12,673,572	g,i	5.477%-6.219%, 01/15/45-02/15/51		12,610,249		1.1
			Other		50,785,562		4.5
					95,659,965		8.5
		TOTAL STRUCTURED ASSETS (Cost $128,706,193)			128,280,860		11.4
		TOTAL BONDS (Cost $1,081,869,421)			1,077,391,500		96.2
	Shares		Company
PREFERRED STOCKS
BANK					277,412		0.0
		TOTAL PREFERRED STOCKS (Cost $255,625)			277,412		0.0

46 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Social Choice Bond Fund  ■  March 31, 2017 

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	34,100,000		0.700%, 04/05/17	$	34,098,704			3.0	%
					34,098,704			3.0
TREASURY DEBT
			United States Treasury Bill
	33,200,000		0.445%–0.501%, 04/13/17		33,193,360			3.0
	10,000,000		0.711%–0.726%, 04/27/17		9,995,200			0.9
					43,188,560			3.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $77,286,686)			77,287,264			6.9
		TOTAL PORTFOLIO (Cost $1,172,834,258)			1,168,450,923			104.3
		OTHER ASSETS & LIABILITIES, NET			(48,630,607	)		(4.3	)
		NET ASSETS		$	1,119,820,316			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 3/31/17, the aggregate value of these securities, including those in “Other,” was $201,237,193 or 18.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 47

Summary portfolio of investments

Tax-Exempt Bond Fund  ■  March 31, 2017

Principal			Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
			University of South Alabama
$	2,395,000		5.000%, 11/01/31	$	2,745,844		1.0	%
					2,745,844		1.0
ALASKA
			Borough of Matanuska-Susitna AK
	2,570,000		5.000%, 09/01/25		2,984,515		1.1
			Other		557,075		0.2
					3,541,590		1.3
ARIZONA
			City of Tucson AZ, GO
	2,000,000		5.000%, 07/01/20		2,231,220		0.8
			Other		686,651		0.2
					2,917,871		1.0
CALIFORNIA
			City of Los Angeles Department of Airports
	2,000,000		5.000%, 05/15/27		2,341,100		0.8
			County of San Bernardino CA, COP
	2,000,000		5.250%, 08/01/19		2,162,860		0.8
			Elk Grove Finance Authority
	1,715,000		5.000%, 09/01/30		1,887,821		0.7
			State of California
	3,000,000		5.000%, 08/01/24		3,585,300		1.3
	3,000,000		5.000%, 09/01/24		3,586,920		1.3
			State of California, GO
	2,000,000		5.000%, 02/01/22		2,307,300		0.8
			Tender Option Bond Trust Receipts
	5,130,000	g,i	0.690%, 11/01/23		5,130,000		1.8
			West Contra Costa Unified School District, GO
	1,710,000		5.700%, 02/01/21		1,977,854		0.7
			Other		11,896,174		4.1
					34,875,329		12.3
COLORADO
			Colorado Health Facilities Authority
	2,155,000		5.000%, 01/01/32		2,319,836		0.8
			Other		1,854,975		0.7
					4,174,811		1.5
CONNECTICUT
			University of Connecticut
	2,000,000		5.000%, 03/15/28		2,304,940		0.8
			Other		3,030,230		1.1
					5,335,170		1.9
DISTRICT OF COLUMBIA					2,321,959		0.8
FLORIDA
			City of Miami Beach FL
	1,695,000		5.000%, 09/01/24		2,007,490		0.7
			Port St. Lucie Community Redevelopment Agency
	2,180,000		5.000%, 01/01/26		2,592,194		0.9
			Other		8,209,560		2.9
					12,809,244		4.5

Principal		Issuer	Value		% of net assets
GEORGIA			$	3,313,380		1.2	%
GUAM				1,103,910		0.4
HAWAII				1,090,800		0.4
ILLINOIS
		Chicago Midway International Airport
$	2,000,000	5.000%, 01/01/26		2,305,400		0.8
		Chicago State University
	2,085,000	5.500%, 12/01/23		2,233,389		0.8
		County of Cook IL
	1,750,000	5.000%, 11/15/31		1,923,617		0.7
		Metropolitan Water Reclamation District of Greater Chicago
	2,000,000	5.000%, 12/01/30		2,295,120		0.8
		State of Illinois
	2,000,000	5.000%, 02/01/18		2,050,780		0.7
	2,000,000	5.000%, 06/01/28		2,065,140		0.7
		Other		15,294,530		5.4
				28,167,976		9.9
INDIANA
		Indiana Bond Bank
	2,120,000	5.250%, 04/01/19		2,278,682		0.8
		Indianapolis Local Public Improvement Bond Bank
	1,940,000	5.500%, 01/01/21		2,196,099		0.8
				4,474,781		1.6
KANSAS				2,831,310		1.0
KENTUCKY
		Kentucky Turnpike Authority
	2,000,000	5.000%, 07/01/26		2,375,620		0.8
		Other		2,786,675		1.0
				5,162,295		1.8
LOUISIANA				2,348,830		0.8
MARYLAND				1,517,656		0.5
MASSACHUSETTS				4,393,744		1.6
MICHIGAN
		Michigan Finance Authority
	4,000,000	5.000%, 04/01/21		4,406,160		1.6
	2,000,000	5.000%, 04/01/25		2,282,260		0.8
	2,000,000	5.000%, 11/15/28		2,276,240		0.8
		Michigan Finance Authority, GO
	2,000,000	5.000%, 05/01/18		2,079,400		0.7
		Other		9,275,454		3.2
				20,319,514		7.1
MINNESOTA
		University of Minnesota
	1,715,000	5.000%, 08/01/21		1,962,938		0.7
		Other		3,344,540		1.2
				5,307,478		1.9
MISSISSIPPI				7,247,365		2.6

48 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Tax-Exempt Bond Fund  ■  March 31, 2017

Principal		Issuer	Value		% of net assets
MISSOURI
		Health & Educational Facilities Authority of the  State of Missouri
$	3,500,000	5.000%, 02/01/35	$	3,664,395		1.3	%
		St. Louis Municipal Finance Corp
	1,745,000	5.000%, 02/15/26		2,007,413		0.7
		Other		5,944,602		2.1
				11,616,410		4.1
NEBRASKA				2,218,165		0.8
NEVADA				1,144,060		0.4
NEW JERSEY				2,247,140		0.8
NEW YORK
		New York City Water & Sewer System
	5,000,000	5.250%, 06/15/40		5,388,500		1.9
		New York State Dormitory Authority
	2,250,000	5.000%, 10/01/17		2,296,238		0.8
		Other		13,724,362		4.8
				21,409,100		7.5
NORTH CAROLINA
		North Carolina Medical Care Commission
	2,000,000	5.000%, 06/01/34		2,141,940		0.8
		Other		3,013,836		1.0
				5,155,776		1.8
NORTH DAKOTA				969,920		0.3
OHIO
		State of Ohio, GO
	1,660,000	5.000%, 01/15/21		1,849,904		0.7
		Other		3,715,431		1.3
				5,565,335		2.0
OREGON				2,267,620		0.7
PENNSYLVANIA
		City of Chester PA
	2,500,000	7.250%, 12/15/17		2,500,000		0.9
		Commonwealth of Pennsylvania
	2,000,000	5.000%, 09/15/23		2,326,900		0.8
		Pennsylvania Economic Development Financing Authority
	2,000,000	5.000%, 12/31/25		2,297,100		0.8
		Pennsylvania State University
	2,500,000	5.000%, 03/01/40		2,723,950		1.0
		Other		5,070,011		1.8
				14,917,961		5.3
RHODE ISLAND
		Rhode Island Health & Educational Building Corp
	2,000,000	5.000%, 09/01/21		2,293,640		0.8
		State of Rhode Island, GO
	2,000,000	5.000%, 08/01/21		2,276,560		0.8
		Other		3,356,005		1.2
				7,926,205		2.8
SOUTH CAROLINA				290,720		0.1
SOUTH DAKOTA				2,076,422		0.6
TENNESSEE				378,938		0.1

Principal			Issuer	Value		% of net assets
TEXAS
			City of Lubbock TX
$	1,500,000		5.000%, 02/15/25	$	1,793,265		0.6	%
			State of Texas
	3,000,000		5.000%, 10/01/23		3,555,150		1.3
			Other		14,072,339		5.0
					19,420,754		6.9
UTAH					2,203,600		0.7
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25		2,213,400		0.8
	2,500,000	g	5.000%, 09/01/33		2,642,250		0.9
			Virgin Islands Water & Power Authority-Electric System
	6,000,000	g	5.500%, 11/15/18		5,991,420		2.1
					10,847,070		3.8
VIRGINIA					252,235		0.1
WASHINGTON
			Central Puget Sound Regional Transit Authority
	2,705,000		5.250%, 02/01/21		2,978,124		1.1
			Energy Northwest
	1,955,000		5.000%, 07/01/23		2,281,114		0.8
			Skagit County Public Hospital District No
	2,000,000		5.625%, 12/01/25		2,062,940		0.7
			State of Washington, GO
	3,000,000		5.250%, 02/01/22		3,498,570		1.2
					10,820,748		3.8
		TOTAL LONG-TERM MUNICIPAL BONDS (Cost $278,888,044)			277,729,036		97.7
		TOTAL PORTFOLIO (Cost $278,888,044)			277,729,036		97.7
		OTHER ASSETS & LIABILITIES, NET			6,430,961		2.3
		NET ASSETS		$	284,159,997		100.0	%

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 3/31/17, the aggregate value of these securities, including those in “Other,” was $20,858,817 or 7.3% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 49

Summary portfolio of investments

Money Market Fund  ■  March 31, 2017

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Agricultural Mortgage Corp (FAMC)
$	10,150,000	0.575%-0.700%, 06/01/17	$	10,139,493		1.1	%
		Federal Farm Credit Bank (FFCB)
	10,000,000	0.540%, 05/10/17		9,994,150		1.1
	20,690,000	0.490%-0.920%, 04/04/17-10/16/17		20,653,957		2.3
		Federal Home Loan Bank (FHLB)
	11,095,000	0.500%-0.630%, 04/04/17		11,094,520		1.2
	6,025,000	0.530%-0.560%, 04/05/17		6,024,641		0.7
	13,295,000	0.535%-0.730%, 04/07/17		13,293,725		1.4
	12,500,000	0.520%-0.545%, 04/10/17		12,498,349		1.4
	15,065,000	0.520%-0.530%, 04/11/17		15,062,796		1.6
	12,200,000	0.530%-0.690%, 04/18/17		12,196,886		1.3
	11,660,000	0.490%-0.780%, 04/24/17		11,655,586		1.3
	7,000,000	0.530%-0.650%, 04/25/17		6,997,367		0.8
	13,300,000	0.545%-0.630%, 04/26/17		13,294,914		1.4
	20,775,000	0.555%-0.760%, 04/28/17		20,763,755		2.3
	8,000,000	0.650%, 05/01/17		7,995,667		0.9
	7,500,000	0.670%-0.710%, 05/17/17		7,493,349		0.8
	14,000,000	0.555%-0.780%, 05/19/17		13,988,517		1.5
	11,596,000	0.760%-0.800%, 05/26/17		11,582,325		1.3
	6,000,000	0.800%, 06/14/17		5,990,133		0.7
	7,025,000	0.785%-0.810%, 06/21/17		7,012,478		0.8
	7,097,000	0.625%-0.775%, 07/05/17		7,083,316		0.8
	7,640,000	0.800%-0.850%, 07/12/17		7,622,606		0.8
	101,464,000	0.555%-0.900%, 04/06/17- 08/18/17		101,345,524		11.0
		Federal Home Loan Mortgage Corp (FHLMC)
	7,845,000	0.470%-0.515%, 04/21/17		7,842,826		0.9
	13,780,000	0.535%-0.650%, 05/22/17		13,768,247		1.5
	75,748,000	0.510%-0.920%, 04/06/17-10/02/17		75,638,299		8.2
		Federal National Mortgage Association (FNMA)
	11,309,000	0.470%-0.590%, 04/03/17		11,308,666		1.2
	11,060,000	0.500%-0.525%, 04/05/17		11,059,383		1.2
	12,585,000	0.503%-0.540%, 04/12/17		12,583,036		1.4
	10,560,000	0.475%-0.650%, 04/19/17		10,557,188		1.2
	6,050,000	0.720%, 05/03/17		6,046,128		0.6
	10,000,000	0.510%, 05/05/17		9,995,183		1.0
	10,000,000	0.540%, 05/12/17		9,993,850		1.0
	55,857,000	0.490%-0.780%, 04/17/17-08/01/17		55,804,055		6.0
		Other		13,450,735		1.4
				571,831,650		62.1
TREASURY DEBT
		United States Treasury Bill
	10,750,000	0.465%-0.535%, 04/13/17		10,748,207		1.2
	10,000,000	0.465%-0.570%, 04/20/17		9,997,172		1.1
	12,370,000	0.480%-0.595%, 04/27/17		12,365,504		1.3
	8,710,000	0.560%-0.630%, 05/04/17		8,705,309		1.0
	11,530,000	0.503%-0.677%, 05/11/17		11,523,034		1.3
	12,950,000	0.519%-0.725%, 05/18/17		12,939,260		1.4
	9,210,000	0.493%-0.702%, 05/25/17		9,202,514		1.0
	12,185,000	0.545%-0.705%, 06/08/17		12,169,753		1.3
	9,000,000	0.730%-0.760%, 06/22/17		8,984,803		1.0
	9,355,000	0.749%-0.788%, 06/29/17		9,337,297		1.0
	8,000,000	0.627%-0.635%, 08/10/17		7,981,660		0.9
	11,725,000	0.612%-0.785%, 08/17/17		11,694,304		1.3
	10,000,000	0.665%-0.794%, 08/24/17		9,970,998		1.1
	17,200,000	0.506%-0.803%, 04/06/17-08/31/17		17,173,506		1.8

Principal			Issuer	Value		% of net assets
TREASURY DEBT–continued
			United States Treasury Note
$	8,000,000		0.625%, 05/31/17	$	8,000,326		0.9	%
	8,000,000		0.625%, 08/31/17		7,997,917		0.9
	8,000,000		1.000%, 09/15/17		8,010,801		0.9
	20,460,000		0.500%-1.000%, 05/15/17-12/15/17		20,463,585		2.1
					197,265,950		21.5
VARIABLE RATE SECURITIES
			Federal Agricultural Mortgage Corp (FAMC)
	19,550,000		0.890%-1.030%, 06/07/17-03/23/18		19,550,000		2.1
			Federal Farm Credit Bank (FFCB)
	10,000,000		i 1.150%, 05/30/17		10,001,966		1.1
	14,000,000		i 0.907%, 06/15/17		13,999,722		1.5
	59,400,000		0.747%-1.150%, 04/10/17-11/14/18		59,393,213		6.5
			Federal Home Loan Bank (FHLB)
	7,000,000		i 0.830%, 01/18/19		7,000,355		0.8
			Federal Home Loan Mortgage Corp (FHLMC)
	7,000,000		i 1.106%, 07/21/17		6,999,781		0.8
			Federal National Mortgage Association (FNMA)
	7,000,000		i 0.840%, 10/05/17		6,998,272		0.8
			Other		25,743,551		2.7
					149,686,860		16.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $918,784,460)			918,784,460		99.9
		TOTAL PORTFOLIO (Cost $918,784,460)			918,784,460		99.9
		OTHER ASSETS & LIABILITIES, NET			679,097		0.1
		NET ASSETS		$	919,463,557		100.0	%

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

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

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

50 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

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TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 51

Statements of assets and liabilities

TIAA-CREF Funds  ■  March 31, 2017

	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			Money Market Fund
ASSETS
Portfolio investments, at value†	$	4,274,041,013		$	7,634,838,165		$	3,656,428,741		$	3,520,194,407		$	2,519,791,814		$	1,849,078,349		$	180,343,914		$	1,168,450,923		$	277,729,036		$	918,784,460
Cash		18,011,119			43,166			10,416,422			—			381,545			1,114,770			9,919			3,013,815			3,945,257			15,355
Receivable from securities transactions		15,033,899			24,399,698			15,518,053			26,286,003			—			2,037,201			3,707,588			2,086,187			—			—
Receivable for delayed delivery securities		171,878,411			—			125,176,481			—			—			1,746,710			—			52,925,806			—			—
Receivable from forward foreign currency contracts		—			—			—			—			—			5,000,000			—			—			—			—
Receivable from Fund shares sold		30,826,072			18,565,266			22,521,586			6,100,464			8,138,287			8,423,208			1,581,274			3,646,170			277,204			1,822,837
Dividends and interest receivable		22,600,588			39,316,177			24,218,002			53,025,348			4,403,775			6,187,976			601,809			6,971,660			3,142,729			175,177
Due from affiliates		—			—			—			—			131			—			1,375			—			451			2,314
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			—			156,064			—			—			—			—
Receivable for variation margin on open centrally cleared swap contracts		—			—			29,746			—			—			—			—			—			—			—
Unfunded loan commitment		80			—			—			—			—			—			—			—			—			—
Other		183,133			248,701			125,793			150,131			129,829			73,596			1,600			13,473			46,882			24,395
Total assets		4,532,574,315			7,717,411,173			3,854,434,824			3,605,756,353			2,532,845,381			1,873,817,874			186,247,479			1,237,108,034			285,141,559			920,824,538
LIABILITIES
Management fees payable		96,370			61,897			83,733			97,833			50,097			37,285			1,020			31,877			6,998			7,591
Service agreement fees payable		4,603			3,175			6,905			7,678			4,824			2,198			221			33,216			3			2,313
Distribution fees payable		22,526			8,293			60,886			147,107			27,225			29,756			423			25,190			59,619			72,395
Due to affiliates		41,836			61,254			39,993			40,133			34,986			30,421			21,802			27,064			15,545			1,065
Overdraft payable		—			—			—			3,923,789			—			—			—			—			—			—
Payable for securities transactions		61,156,853			67,847,076			22,076,726			15,198,555			—			4,079,770			6,898,038			9,979,764			—			718,277
Payable for delayed delivery securities		342,079,932			73,980,342			262,729,159			29,597,708			—			3,123,340			99,904			105,900,063			697,737			—
Payable for forward foreign currency contracts		—			—			—			—			—			5,000,000			—			—			—			—
Payable for Fund shares redeemed		698,306			3,061,591			96,420			4,042,951			310,750			662,239			2,002			923,595			87,586			463,843
Income distribution payable		7,614,195			3,865,304			6,336,105			3,080,128			—			1,066,247			153,508			269,947			47,153			2,217
Payable for variation margin on futures contracts		—			—			—			—			—			66,172			—			—			—			—
Payable for trustee compensation		230,339			306,242			160,508			177,378			150,104			99,030			2,650			21,399			41,905			29,403
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			—			154,182			—			—			—			—
Accrued expenses and other payables		208,811			334,965			169,521			535,171			126,075			74,277			3,313			75,603			25,016			63,877
Total liabilities		412,153,771			149,530,139			291,759,956			56,848,431			704,061			14,424,917			7,182,881			117,287,718			981,562			1,360,981
NET ASSETS	$	4,120,420,544		$	7,567,881,034		$	3,562,674,868		$	3,548,907,922		$	2,532,141,320		$	1,859,392,957		$	179,064,598		$	1,119,820,316		$	284,159,997		$	919,463,557
NET ASSETS CONSIST OF:
Paid-in-capital	$	4,154,723,806		$	7,566,620,106		$	3,600,463,115		$	3,619,167,258		$	2,470,412,244		$	1,863,095,864		$	179,653,390		$	1,130,321,094		$	286,110,681		$	919,480,264
Undistributed net investment income (loss)		(4,098,893	)		(342,290	)		(4,102,861	)		(249,817	)		15,305,379			(858,843	)		(106	)		(665,234	)		9,876			(16,478	)
Accumulated net realized gain (loss) on total investments		(22,225,366	)		(7,013,230	)		(20,390,292	)		(115,491,506	)		(922,361	)		(181,943	)		(107,868	)		(5,452,209	)		(801,552	)		(229	)
Net unrealized appreciation (depreciation) on total investments		(7,979,003	)		8,616,448			(13,295,094	)		45,481,987			47,346,058			(2,662,121	)		(480,818	)		(4,383,335	)		(1,159,008	)		—
NET ASSETS	$	4,120,420,544		$	7,567,881,034		$	3,562,674,868		$	3,548,907,922		$	2,532,141,320		$	1,859,392,957		$	179,064,598		$	1,119,820,316		$	284,159,997		$	919,463,557
INSTITUTIONAL CLASS:
Net assets	$	3,777,813,405		$	7,372,653,527		$	2,921,904,805		$	2,417,175,498		$	2,163,413,185		$	1,606,916,775		$	165,908,638		$	618,298,138		$	2,417,688		$	458,837,460
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		366,845,139			685,824,095			282,045,447			246,530,810			188,392,151			155,450,725			16,638,306			60,715,616			235,864			458,833,798
Net asset value per share		$10.30			$10.75			$10.36			$9.80			$11.48			$10.34			$9.97			$10.18			$10.25			$1.00
ADVISOR CLASS:
Net assets	$	210,234		$	4,636,187		$	1,658,023		$	5,133,069		$	224,914		$	100,425		$	171,422		$	113,376,258		$	99,465		$	100,006
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,408			431,071			159,924			523,958			19,585			9,716			17,194			11,127,572			9,703			100,006
Net asset value per share		$10.30			$10.76			$10.37			$9.80			$11.48			$10.34			$9.97			$10.19			$10.25			$1.00
PREMIER CLASS:
Net assets	$	27,651,318		$	30,001,066		$	41,848,591		$	144,572,822		$	11,361,380		$	14,966,327		$	362,089		$	17,333,782		$	—		$	32,043,917
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,683,720			2,791,417			4,040,489			14,737,227			992,221			1,446,467			36,331			1,701,350			—			32,043,826
Net asset value per share		$10.30			$10.75			$10.36			$9.81			$11.45			$10.35			$9.97			$10.19		$	—			$1.00
RETIREMENT CLASS:
Net assets	$	224,158,903		$	139,123,233		$	333,416,239		$	361,397,113		$	235,188,309		$	107,016,294		$	10,687,011		$	263,593,507		$	—		$	109,764,667
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,376,473			12,937,649			32,142,976			36,846,799			20,350,995			10,341,021			1,071,866			25,879,050			—			109,763,228
Net asset value per share		$10.49			$10.75			$10.37			$9.81			$11.56			$10.35			$9.97			$10.19		$	—			$1.00
RETAIL CLASS:
Net assets	$	90,586,684		$	21,467,021		$	263,847,210		$	620,629,420		$	121,953,532		$	130,393,136		$	1,935,438		$	107,218,631		$	281,642,844		$	318,717,507
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		8,646,675			1,996,252			25,418,095			63,020,397			10,892,740			12,604,250			194,130			10,534,994			27,445,584			318,705,752
Net asset value per share		$10.48			$10.75			$10.38			$9.85			$11.20			$10.35			$9.97			$10.18			$10.26			$1.00
† Portfolio investments, cost	$	4,282,027,862		$	7,626,221,717		$	3,666,072,634		$	3,474,712,420		$	2,472,445,756		$	1,851,902,775		$	180,824,732		$	1,172,834,258		$	278,888,044		$	918,784,460

52 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 53

Statements of operations

TIAA-CREF Funds  ■  For the year ended March 31, 2017

	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			Money Market Fund
INVESTMENT INCOME
Interest	$	110,601,613		$	165,124,705		$	110,967,814		$	202,112,348		$	62,662,903		$	34,422,342		$	1,606,291		$	24,941,448		$	7,719,385		$	4,144,613
Dividends		—			—			—			—			—			—			—			15,937			—			—
Total income		110,601,613			165,124,705			110,967,814			202,112,348			62,662,903			34,422,342			1,606,291			24,957,385			7,719,385			4,144,613
EXPENSES
Management fees		10,412,974			6,908,144			9,364,086			11,112,862			5,881,055			4,057,499			96,356			3,161,519			926,111			860,038
Shareholder servicing – Institutional Class		4,358			12,197			3,526			8,571			7,027			3,371			551			3,484			453			1,445
Shareholder servicing – Advisor Class		30			864			522			911			17			3			3			41,141			7			52
Shareholder servicing – Premier Class		127			187			89			246			55			59			55			297			—			71
Shareholder servicing – Retirement Class		583,962			335,995			630,870			760,337			684,761			247,536			17,623			643,577			—			268,019
Shareholder servicing – Retail Class		45,205			16,793			186,149			103,166			80,935			82,773			801			20,220			86,715			340,454
Distribution fees – Premier Class		44,160			51,474			55,923			159,385			16,348			19,975			1,002			55,481			—			41,929
Distribution fees – Retail Class		216,206			54,931			668,196			1,330,860			307,299			337,076			4,001			237,555			735,509			814,267
Administrative service fees		127,179			186,956			122,112			121,886			107,206			93,063			66,218			79,755			47,688			54,718
Registration fees		90,186			129,147			89,500			115,423			102,640			101,313			85,265			107,468			59,546			126,879
Professional fees		89,477			136,198			89,639			91,970			67,566			70,719			59,613			62,588			48,297			50,118
Custody and accounting fees		69,302			142,173			72,490			32,619			30,787			34,417			18,770			31,463			17,039			50,542
Trustee fees and expenses		37,379			70,007			32,400			32,688			24,937			16,629			1,440			9,595			2,955			6,763
Other expenses		293,559			463,497			232,464			239,811			176,696			127,708			16,146			177,318			37,874			44,073
Total expenses		12,014,104			8,508,563			11,547,966			14,110,735			7,487,329			5,192,141			367,844			4,631,461			1,962,194			2,659,368
Less: Expenses reimbursed by the investment adviser		—			—			—			—			(39,308	)		—			(179,152	)		(18,831	)		(53,295	)		—
Fee waiver by investment adviser and TPIS		—			—			—			—			—			—			—			—			—			(129,253	)
Net expenses		12,014,104			8,508,563			11,547,966			14,110,735			7,448,021			5,192,141			188,692			4,612,630			1,908,899			2,530,115
Net investment income (loss)		98,587,509			156,616,142			99,419,848			188,001,613			55,214,882			29,230,201			1,417,599			20,344,755			5,810,486			1,614,498
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments†		6,543,082			5,109,972			13,377,032			(23,258,112	)		11,428,409			1,541,764			7,559			1,502,999			2,716,231			29
Futures contracts		—			—			—			—			—			254,775			—			—			—			—
Swap contracts		—			—			(1,957,646	)		—			—			—			—			—			—			—
Foreign currency transactions		(1,346,708	)		—			(2,060,182	)		—			—			(13,596	)		—			—			—			—
Net realized gain (loss) on total investments		5,196,374			5,109,972			9,359,204			(23,258,112	)		11,428,409			1,782,943			7,559			1,502,999			2,716,231			29
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(34,185,745	)		(153,869,511	)		(10,749,726	)		291,907,272			(41,059,234	)		(1,824,495	)		(780,838	)		(9,769,527	)		(10,879,858	)		—
Foreign forward currency contracts		—			—			—			—			—			1,882			—			—			—			—
Futures contracts		—			—			—			—			—			519,567			—			—			—			—
Swap contracts		—			—			(3,659,556	)		—			—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		1,803			—			(2,369	)		—			—			5,124			—			—			—			—
Unfunded loan commitment		80			—			—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(34,183,862	)		(153,869,511	)		(14,411,651	)		291,907,272			(41,059,234	)		(1,297,922	)		(780,838	)		(9,769,527	)		(10,879,858	)		—
Net realized and unrealized gain (loss) on total investments		(28,987,488	)		(148,759,539	)		(5,052,447	)		268,649,160			(29,630,825	)		485,021			(773,279	)		(8,266,528	)		(8,163,627	)		29
Net increase (decrease) in net assets from operations	$	69,600,021		$	7,856,603		$	94,367,401		$	456,650,773		$	25,584,057		$	29,715,222		$	644,320		$	12,078,227		$	(2,353,141	)	$	1,614,527
† Includes realized gain (loss) from securities sold to affiliates of	$	470,967		$	—		$	40,476		$	176,553		$	—		$	—		$	—		$	—		$	—		$	—

54 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 55

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

		Bond Fund						Bond Index Fund						Bond Plus Fund						High-Yield Fund						Inflation-Linked Bond Fund						Short-Term Bond Fund
		March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016
OPERATIONS
Net investment income (loss)		$	98,587,509		$	78,068,396		$	156,616,142		$	136,892,037		$	99,419,848		$	88,538,957		$	188,001,613		$	181,078,079		$	55,214,882		$	29,203,234		$	29,230,201		$	23,676,381
Net realized gain (loss) on total investments			5,196,374			13,235,499			5,109,972			(7,275,087	)		9,359,204			7,195,790			(23,258,112	)		(79,535,853	)		11,428,409			(11,716,919	)		1,782,943			(3,799,304	)
Net change in unrealized appreciation (depreciation) on total investments			(34,183,862	)		(30,541,816	)		(153,869,511	)		(8,891,206	)		(14,411,651	)		(52,966,513	)		291,907,272			(241,572,549	)		(41,059,234	)		(4,164,492	)		(1,297,922	)		(3,396,068	)
Net increase (decrease) in net assets from operations			69,600,021			60,762,079			7,856,603			120,725,744			94,367,401			42,768,234			456,650,773			(140,030,323	)		25,584,057			13,321,823			29,715,222			16,481,009
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(90,350,670	)		(69,431,156	)		(152,745,977	)		(133,414,770	)		(82,037,530	)		(74,450,791	)		(135,624,876	)		(135,693,477	)		(32,333,443	)		(5,647,101	)		(25,344,343	)		(20,132,585	)
	Advisor Class†		(3,619	)		(821	)		(30,450	)		(664	)		(17,249	)		(905	)		(67,142	)		(1,843	)		(1,545	)		(31	)		(1,818	)		(479	)
	Premier Class		(769,953	)		(602,793	)		(723,020	)		(1,035,444	)		(1,082,741	)		(569,116	)		(5,993,113	)		(3,447,203	)		(149,109	)		(19,026	)		(220,257	)		(165,411	)
	Retirement Class		(5,868,365	)		(5,970,518	)		(2,709,279	)		(2,156,959	)		(7,084,465	)		(5,522,149	)		(16,863,480	)		(13,867,648	)		(2,821,524	)		(232,503	)		(1,545,903	)		(1,390,951	)
	Retail Class		(2,131,559	)		(1,867,282	)		(426,718	)		(370,560	)		(7,330,919	)		(7,140,185	)		(29,431,681	)		(29,429,749	)		(1,527,210	)		(111,992	)		(2,022,631	)		(1,934,409	)
From realized gains:	Institutional Class		(32,532,997	)		(32,160,808	)		—			(9,271,135	)		(25,681,195	)		(27,564,247	)		—			—			—			—			(215,260	)		(74,344	)
	Advisor Class†		(947	)		(121	)		—			(16	)		(2,058	)		(117	)		—			—			—			—			(15	)		(1	)
	Premier Class		(269,134	)		(274,659	)		—			(75,200	)		(402,250	)		(238,396	)		—			—			—			—			(2,105	)		(692	)
	Retirement Class		(2,097,922	)		(2,844,286	)		—			(169,073	)		(2,577,032	)		(2,277,980	)		—			—			—			—			(13,940	)		(5,946	)
	Retail Class		(811,546	)		(921,153	)		—			(30,259	)		(2,553,326	)		(3,057,484	)		—			—			—			—			(20,123	)		(8,466	)
Total distributions			(134,836,712	)		(114,073,597	)		(156,635,444	)		(146,524,080	)		(128,768,765	)		(120,821,370	)		(187,980,292	)		(182,439,920	)		(36,832,831	)		(6,010,653	)		(29,386,395	)		(23,713,284	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,529,430,162			652,746,688			2,030,197,289			1,342,867,185			925,918,552			673,180,618			781,043,557			888,584,590			611,730,080			475,249,131			544,814,379			328,894,566
	Advisor Class†		169,155			100,032			4,573,334			100,000			4,109,112			100,042			5,239,067			100,000			121,316			100,000			—			100,022
	Premier Class		3,919,015			13,382,168			12,048,502			10,029,094			21,753,865			12,698,577			85,892,558			68,778,854			2,603,534			3,814,798			5,429,960			6,089,336
	Retirement Class		24,373,447			19,024,492			42,837,490			38,755,961			140,609,109			35,713,637			85,621,721			37,445,368			51,040,109			66,681,478			45,002,491			17,687,695
	Retail Class		26,817,420			13,162,309			6,883,070			6,622,834			23,394,375			20,400,450			259,632,162			205,593,185			11,037,564			8,354,076			11,887,336			12,574,223
Reinvestments of distributions:	Institutional Class		43,382,339			41,566,056			117,958,279			117,579,053			34,958,959			38,886,265			88,730,109			70,557,269			20,853,317			3,895,420			15,010,153			12,293,339
	Advisor Class†		139			—			10			—			7,006			—			33,478			—			—			—			—			1
	Premier Class		1,026,953			874,862			711,290			1,100,084			1,418,222			807,512			5,934,828			3,394,458			148,262			18,895			222,265			165,899
	Retirement Class		7,965,892			8,814,419			2,709,266			2,323,130			9,661,494			7,800,024			16,862,450			13,866,573			2,820,522			232,503			1,559,833			1,396,882
	Retail Class		2,830,118			2,675,200			406,818			377,893			9,038,857			9,371,858			28,343,961			28,234,646			1,451,981			106,756			1,973,147			1,875,035
Redemptions:	Institutional Class		(464,319,422	)		(420,233,549	)		(746,148,041	)		(1,047,917,697	)		(460,814,441	)		(719,905,779	)		(902,524,179	)		(623,943,819	)		(362,705,710	)		(296,322,958	)		(235,261,197	)		(223,955,656	)
	Advisor Class†		(59,670	)		—			(70,774	)		—			(2,574,919	)		—			(276,707	)		—			—			—			—			—
	Premier Class		(6,862,816	)		(3,358,133	)		(34,886,159	)		(7,199,081	)		(7,582,458	)		(3,181,651	)		(27,999,972	)		(26,573,334	)		(1,839,082	)		(967,288	)		(2,390,669	)		(4,601,848	)
	Retirement Class		(39,218,528	)		(55,280,985	)		(24,115,953	)		(16,570,110	)		(11,397,826	)		(40,598,578	)		(13,386,667	)		(23,955,480	)		(34,690,121	)		(17,227,002	)		(36,649,873	)		(22,031,721	)
	Retail Class		(17,153,756	)		(13,629,425	)		(6,879,815	)		(3,720,584	)		(30,268,916	)		(28,840,712	)		(150,355,489	)		(277,852,765	)		(15,141,820	)		(21,920,335	)		(22,095,757	)		(27,216,303	)
Net increase (decrease) from shareholder transactions			1,112,300,448			259,844,134			1,406,224,606			444,347,762			658,230,991			6,432,263			262,790,877			364,229,545			287,429,952			222,015,474			329,502,068			103,271,470
Net increase (decrease) in net assets			1,047,063,757			206,532,616			1,257,445,765			418,549,426			623,829,627			(71,620,873	)		531,461,358			41,759,302			276,181,178			229,326,644			329,830,895			96,039,195
NET ASSETS
Beginning 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
End of period		$	4,120,420,544		$	3,073,356,787		$	7,567,881,034		$	6,310,435,269		$	3,562,674,868		$	2,938,845,241		$	3,548,907,922		$	3,017,446,564		$	2,532,141,320		$	2,255,960,142		$	1,859,392,957		$	1,529,562,062
Undistributed net investment income (loss) included in net assets		$	(4,098,893	)	$	(2,215,528	)	$	(342,290	)	$	(322,988	)	$	(4,102,861	)	$	(1,567,567	)	$	(249,817	)	$	(271,138	)	$	15,305,379		$	(3,178,390	)	$	(858,843	)	$	(981,881	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		145,586,789			62,509,769			186,312,627			123,876,558			88,202,232			64,062,156			81,767,761			94,557,578			53,109,292			42,118,082			52,675,769			31,816,484
	Advisor Class†		16,439			9,769			428,366			9,301			399,256			9,737			537,416			11,295			10,609			8,976			—			9,716
	Premier Class		372,335			1,294,730			1,104,896			924,763			2,059,935			1,219,051			8,929,770			7,264,533			226,189			339,433			524,053			589,183
	Retirement Class		2,283,294			1,788,953			3,898,193			3,562,087			13,402,175			3,381,028			8,913,684			3,960,144			4,398,774			5,853,267			4,347,061			1,708,926
	Retail Class		2,511,650			1,243,828			626,284			610,567			2,223,637			1,938,281			26,922,403			21,262,093			981,923			755,842			1,148,249			1,214,993
Shares reinvested:	Institutional Class		4,221,406			4,030,859			10,783,860			10,839,562			3,382,484			3,749,896			9,235,566			7,589,812			1,837,297			347,805			1,449,904			1,189,190
	Advisor Class†		13			—			1			—			677			—			3,420			—			—			—			—			—
	Premier Class		98,564			84,309			64,929			101,397			135,759			77,485			616,109			368,289			13,098			1,692			21,450			16,034
	Retirement Class		751,321			834,511			247,647			214,054			923,991			746,539			1,754,763			1,488,896			246,765			20,612			150,445			134,977
	Retail Class		267,389			253,599			37,169			34,822			862,587			896,796			2,937,099			3,009,016			131,164			9,767			190,441			181,257
Shares redeemed:	Institutional Class		(44,047,672	)		(40,387,123	)		(68,336,265	)		(96,833,757	)		(43,405,355	)		(68,603,132	)		(94,481,889	)		(68,909,754	)		(31,580,003	)		(26,216,383	)		(22,723,591	)		(21,676,916	)
	Advisor Class†		(5,813	)		—			(6,597	)		—			(249,746	)		—			(28,173	)		—			—			—			—			—
	Premier Class		(656,473	)		(324,406	)		(3,178,034	)		(664,267	)		(732,497	)		(303,337	)		(2,912,978	)		(2,901,763	)		(158,879	)		(85,867	)		(230,855	)		(445,214	)
	Retirement Class		(3,688,414	)		(5,211,733	)		(2,214,093	)		(1,527,119	)		(1,086,944	)		(3,865,969	)		(1,399,527	)		(2,570,129	)		(2,990,043	)		(1,512,699	)		(3,536,502	)		(2,129,971	)
	Retail Class		(1,615,547	)		(1,288,688	)		(628,637	)		(342,667	)		(2,879,536	)		(2,747,897	)		(15,602,053	)		(29,795,326	)		(1,345,281	)		(1,984,801	)		(2,133,122	)		(2,629,166	)
Net increase (decrease) from shareholder transactions			106,095,281			24,838,377			129,140,346			40,805,301			63,238,655			560,634			27,193,371			35,334,684			24,880,905			19,655,726			31,883,302			9,979,493

^† Advisor class commenced operations on December 4, 2015.

56 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 57

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the year ended

		Short-Term Bond Index Fund						Social Choice Bond Fund						Tax-Exempt Bond Fund						Money Market Fund
		March 31, 2017			March 31, 2016		*	March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017			March 31, 2016
OPERATIONS
Net investment income (loss)		$	1,417,599		$	489,256		$	20,344,755		$	13,567,296		$	5,810,486		$	6,161,799		$	1,614,498		$	282,838
Net realized gain (loss) on total investments			7,559			(112,953	)		1,502,999			(537,155	)		2,716,231			1,457,369			29			(25	)
Net change in unrealized appreciation (depreciation) on total investments			(780,838	)		300,020			(9,769,527	)		(1,608,163	)		(10,879,858	)		295,966			—			—
Net increase (decrease) in net assets from operations			644,320			676,323			12,078,227			11,421,978			(2,353,141	)		7,915,134			1,614,527			282,813
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,343,025	)		(469,894	)		(11,723,615	)		(8,210,972	)		(293,177	)		(964,298	)		(1,378,360	)		(282,815	)
	Advisor Class†		(1,165	)		(227	)		(775,089	)		(750	)		(2,161	)		(593	)		(289	)		(23	)
	Premier Class		(5,670	)		(4,453	)		(838,761	)		(379,652	)		—			—			(54,454	)		—
	Retirement Class		(56,086	)		(10,136	)		(5,606,457	)		(3,780,907	)		—			—			(98,101	)		—
	Retail Class		(11,653	)		(4,546	)		(2,059,202	)		(1,200,011	)		(5,515,895	)		(5,196,988	)		(83,294	)		—
From realized gains:	Institutional Class		—			(3,519	)		(3,359,011	)		(1,280,186	)		(101,922	)		(762,122	)		—			—
	Advisor Class†		—			—			(186,814	)		(39	)		(1,638	)		(147	)		—			—
	Premier Class		—			(33	)		(397,228	)		(81,004	)		—			—			—			—
	Retirement Class		—			(77	)		(1,694,733	)		(747,971	)		—			—			—			—
	Retail Class		—			(49	)		(638,558	)		(220,901	)		(4,810,416	)		(4,326,182	)		—			—
Total distributions			(1,417,599	)		(492,934	)		(27,279,468	)		(15,902,393	)		(10,725,209	)		(11,250,330	)		(1,614,498	)		(282,838	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		80,412,900			122,779,179			292,762,435			210,126,324			3,384,701			17,032,179			299,392,777			175,044,547
	Advisor Class†		73,161			100,000			120,831,535			100,000			3,000			100,004			—			100,000
	Premier Class		201,204			1,000,000			44,240,147			27,918,521			—			—			31,830,912			27,311,638
	Retirement Class		7,859,708			5,098,690			57,744,366			124,743,859			—			—			120,724,995			112,214,492
	Retail Class		1,323,803			1,842,421			66,131,405			42,799,030			25,970,402			23,173,369			156,375,513			166,382,490
Reinvestments of distributions:	Institutional Class		30,103			2,970			13,247,168			8,166,493			162,618			1,224,632			1,374,280			280,228
	Advisor Class†		121			1			572,470			—			19			—			—			6
	Premier Class		322			—			392,757			202,274			—			—			54,454			—
	Retirement Class		53,025			6,348			7,297,674			4,513,789			—			—			97,692			—
	Retail Class		7,867			1,367			2,658,279			1,376,705			9,407,170			8,616,723			82,024			—
Redemptions:	Institutional Class		(19,960,719	)		(16,784,968	)		(56,993,110	)		(114,442,643	)		(50,988,179	)		(11,668,897	)		(181,255,070	)		(152,666,146	)
	Advisor Class†		(2,000	)		—			(8,195,109	)		—			—			—			—			—
	Premier Class		(841,408	)		—			(55,160,282	)		(4,099,714	)		—			—			(25,063,040	)		(6,336,841	)
	Retirement Class		(2,161,673	)		(148,937	)		(20,957,452	)		(5,178,962	)		—			—			(105,188,857	)		(106,507,621	)
	Retail Class		(1,131,958	)		(107,039	)		(33,052,265	)		(17,151,162	)		(36,955,600	)		(38,683,506	)		(182,548,968	)		(187,426,228	)
Net increase (decrease) from shareholder transactions			65,864,456			113,790,032			431,520,018			279,074,514			(49,015,869	)		(205,496	)		115,876,712			28,396,565
Net increase (decrease) in net assets			65,091,177			113,973,421			416,318,777			274,594,099			(62,094,219	)		(3,540,692	)		115,876,741			28,396,540
NET ASSETS
Beginning of period			113,973,421			—			703,501,539			428,907,440			346,254,216			349,794,908			803,586,816			775,190,276
End of period		$	179,064,598		$	113,973,421		$	1,119,820,316		$	703,501,539		$	284,159,997		$	346,254,216		$	919,463,557		$	803,586,816
Undistributed net investment income (loss) included in net assets		$	(106	)	$	(106	)	$	(665,234	)	$	(6,582	)	$	9,876		$	10,623		$	(16,478	)	$	(16,478	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		8,044,924			12,262,162			28,377,379			20,491,091			313,239			1,591,926			299,392,777			175,044,547
	Advisor Class†		7,344			10,039			11,866,683			9,839			296			9,405			—			100,000
	Premier Class		20,128			100,000			4,258,486			2,727,186			—			—			31,830,912			27,311,638
	Retirement Class		786,400			510,212			5,562,076			12,140,614			—			—			120,724,995			112,214,492
	Retail Class		132,468			184,245			6,427,036			4,169,698			2,438,029			2,162,074			156,375,513			166,382,490
Shares reinvested:	Institutional Class		3,019			297			1,289,376			796,592			15,176			114,789			1,374,280			280,228
	Advisor Class†		12			—			56,121			—			2			—			—			6
	Premier Class		32			—			38,248			19,738			—			—			54,454			—
	Retirement Class		5,304			635			709,644			440,482			—			—			97,692			—
	Retail Class		787			137			258,924			134,373			905,941			806,855			82,024			—
Shares redeemed:	Institutional Class		(1,992,072	)		(1,680,023	)		(5,552,036	)		(11,184,573	)		(4,738,468	)		(1,090,940	)		(181,255,070	)		(152,666,146	)
	Advisor Class†		(201	)		—			(805,071	)		—			—			—			—			—
	Premier Class		(83,829	)		—			(5,452,886	)		(402,123	)		—			—			(25,063,040	)		(6,336,841	)
	Retirement Class		(215,794	)		(14,891	)		(2,044,890	)		(505,224	)		—			—			(105,188,857	)		(106,507,621	)
	Retail Class		(112,771	)		(10,736	)		(3,225,113	)		(1,674,798	)		(3,509,368	)		(3,610,976	)		(182,548,968	)		(187,426,228	)
Net increase (decrease) from shareholder transactions			6,595,751			11,362,077			41,763,977			27,162,895			(4,575,153	)		(16,867	)		115,876,712			28,396,565

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

58 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 59

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
BOND FUND
Institutional Class:	3/31/17			$10.45		$0.29			$(0.05	)		$0.24			$(0.29	)		$(0.10	)		$(0.39	)		$10.30
	3/31/16			10.65		0.28			(0.07	)		0.21			(0.28	)		(0.13	)		(0.41	)		10.45
	3/31/15			10.40		0.24			0.33			0.57			(0.24	)		(0.08	)		(0.32	)		10.65
	3/31/14			10.64		0.26			(0.16	)		0.10			(0.26	)		(0.08	)		(0.34	)		10.40
	3/31/13			10.59		0.27			0.34			0.61			(0.27	)		(0.29	)		(0.56	)		10.64
Advisor Class:	3/31/17			10.46		0.29			(0.06	)		0.23			(0.29	)		(0.10	)		(0.39	)		10.30
	3/31/16	‡		10.39		0.09			0.20			0.29			(0.09	)		(0.13	)		(0.22	)		10.46
Premier Class:	3/31/17			10.46		0.27			(0.06	)		0.21			(0.27	)		(0.10	)		(0.37	)		10.30
	3/31/16			10.66		0.27			(0.07	)		0.20			(0.27	)		(0.13	)		(0.40	)		10.46
	3/31/15			10.41		0.23			0.33			0.56			(0.23	)		(0.08	)		(0.31	)		10.66
	3/31/14			10.64		0.24			(0.15	)		0.09			(0.24	)		(0.08	)		(0.32	)		10.41
	3/31/13			10.59		0.26			0.33			0.59			(0.25	)		(0.29	)		(0.54	)		10.64
Retirement Class:	3/31/17			10.64		0.27			(0.05	)		0.22			(0.27	)		(0.10	)		(0.37	)		10.49
	3/31/16			10.84		0.26			(0.07	)		0.19			(0.26	)		(0.13	)		(0.39	)		10.64
	3/31/15			10.59		0.22			0.33			0.55			(0.22	)		(0.08	)		(0.30	)		10.84
	3/31/14			10.83		0.23			(0.16	)		0.07			(0.23	)		(0.08	)		(0.31	)		10.59
	3/31/13			10.77		0.25			0.35			0.60			(0.25	)		(0.29	)		(0.54	)		10.83
Retail Class:	3/31/17			10.63		0.26			(0.05	)		0.21			(0.26	)		(0.10	)		(0.36	)		10.48
	3/31/16			10.83		0.26			(0.08	)		0.18			(0.25	)		(0.13	)		(0.38	)		10.63
	3/31/15			10.58		0.22			0.32			0.54			(0.21	)		(0.08	)		(0.29	)		10.83
	3/31/14			10.81		0.23			(0.15	)		0.08			(0.23	)		(0.08	)		(0.31	)		10.58
	3/31/13			10.76		0.24			0.34			0.58			(0.24	)		(0.29	)		(0.53	)		10.81
BOND INDEX FUND
Institutional Class:	3/31/17			10.98		0.25			(0.23	)		0.02			(0.25	)		—			(0.25	)		10.75
	3/31/16			11.03		0.25			(0.03	)		0.22			(0.25	)		(0.02	)		(0.27	)		10.98
	3/31/15			10.67		0.24			0.37			0.61			(0.24	)		(0.01	)		(0.25	)		11.03
	3/31/14			10.93		0.21			(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)		10.67
	3/31/13			10.77		0.20			0.18			0.38			(0.21	)		(0.01	)		(0.22	)		10.93
Advisor Class:	3/31/17			10.98		0.25			(0.22	)		0.03			(0.25	)		—			(0.25	)		10.76
	3/31/16	‡		10.77		0.08			0.23			0.31			(0.08	)		(0.02	)		(0.10	)		10.98
Premier Class:	3/31/17			10.98		0.23			(0.23	)		0.00			(0.23	)		—			(0.23	)		10.75
	3/31/16			11.03		0.23			(0.03	)		0.20			(0.23	)		(0.02	)		(0.25	)		10.98
	3/31/15			10.67		0.22			0.37			0.59			(0.22	)		(0.01	)		(0.23	)		11.03
	3/31/14			10.93		0.19			(0.25	)		(0.06	)		(0.19	)		(0.01	)		(0.20	)		10.67
	3/31/13			10.77		0.19			0.17			0.36			(0.19	)		(0.01	)		(0.20	)		10.93
Retirement Class:	3/31/17			10.98		0.22			(0.23	)		(0.01	)		(0.22	)		—			(0.22	)		10.75
	3/31/16			11.04		0.22			(0.04	)		0.18			(0.22	)		(0.02	)		(0.24	)		10.98
	3/31/15			10.68		0.21			0.37			0.58			(0.21	)		(0.01	)		(0.22	)		11.04
	3/31/14			10.93		0.18			(0.24	)		(0.06	)		(0.18	)		(0.01	)		(0.19	)		10.68
	3/31/13			10.77		0.18			0.17			0.35			(0.18	)		(0.01	)		(0.19	)		10.93
Retail Class:	3/31/17			10.98		0.21			(0.23	)		(0.02	)		(0.21	)		—			(0.21	)		10.75
	3/31/16			11.04		0.21			(0.04	)		0.17			(0.21	)		(0.02	)		(0.23	)		10.98
	3/31/15			10.68		0.20			0.37			0.57			(0.20	)		(0.01	)		(0.21	)		11.04
	3/31/14			10.93		0.17			(0.24	)		(0.07	)		(0.17	)		(0.01	)		(0.18	)		10.68
	3/31/13			10.77		0.17			0.17			0.34			(0.17	)		(0.01	)		(0.18	)		10.93

60 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

						Ratios and supplemental data
																	Portfolio
	For the																turnover rate
	period					Net assets at			Ratios to average net assets						Portfolio		excluding
	or year					end of period			Gross		Net		Net investment		turnover		mortgage
	ended		Total return			(in thousands		)	expenses		expenses		income (loss	)	rate		dollar rolls
BOND FUND
Institutional Class:	3/31/17			2.29	%		$3,777,813		0.31	%	0.31	%	2.75	%	277	%	179	%
	3/31/16			2.05			2,729,221		0.31		0.31		2.72		309		166
	3/31/15			5.59			2,501,853		0.31		0.31		2.32		328		162
	3/31/14			0.96			1,882,776		0.32		0.32		2.46		307		156
	3/31/13			5.77			1,951,905		0.32		0.32		2.50		358		196
Advisor Class:	3/31/17			2.28			210		0.33		0.33		2.74		277		179
	3/31/16	‡		2.71	b		102		0.53	c	0.46	c	2.78	c	309		166
Premier Class:	3/31/17			2.04			27,651		0.46		0.46		2.60		277		179
	3/31/16			1.89			30,009		0.46		0.46		2.59		309		166
	3/31/15			5.43			19,336		0.47		0.47		2.17		328		162
	3/31/14			0.90			17,715		0.47		0.47		2.30		307		156
	3/31/13			5.61			21,595		0.47		0.47		2.35		358		196
Retirement Class:	3/31/17			2.04			224,159		0.56		0.56		2.50		277		179
	3/31/16			1.80			234,458		0.56		0.56		2.45		309		166
	3/31/15			5.27			266,855		0.56		0.56		2.06		328		162
	3/31/14			0.73			350,208		0.57		0.57		2.21		307		156
	3/31/13			5.55			354,693		0.57		0.57		2.25		358		196
Retail Class:	3/31/17			1.99			90,587		0.61		0.61		2.45		277		179
	3/31/16			1.75			79,566		0.62		0.62		2.41		309		166
	3/31/15			5.21			78,781		0.62		0.62		2.01		328		162
	3/31/14			0.75			74,396		0.63		0.63		2.13		307		156
	3/31/13			5.39			90,667		0.63		0.63		2.19		358		196
BOND INDEX FUND
Institutional Class:	3/31/17			0.15			7,372,654		0.12		0.12		2.27		14		14
	3/31/16			1.99			6,115,247		0.12		0.12		2.28		22		22
	3/31/15			5.73			5,727,975		0.12		0.12		2.18		20		20
	3/31/14			(0.39	)		4,964,509		0.12		0.12		1.98		23		23
	3/31/13			3.51			4,174,241		0.14		0.13		1.85		22		22
Advisor Class:	3/31/17			0.22			4,636		0.18		0.18		2.36		14		14
	3/31/16	‡		2.84	b		102		0.34	c	0.27	c	2.23	c	22		22
Premier Class:	3/31/17			0.00			30,001		0.27		0.27		2.10		14		14
	3/31/16			1.84			52,687		0.27		0.27		2.13		22		22
	3/31/15			5.58			48,961		0.27		0.27		2.04		20		20
	3/31/14			(0.54	)		31,048		0.27		0.27		1.82		23		23
	3/31/13			3.36			27,364		0.29		0.28		1.70		22		22
Retirement Class:	3/31/17			(0.10	)		139,123		0.37		0.37		2.02		14		14
	3/31/16			1.64			120,858		0.37		0.37		2.03		22		22
	3/31/15			5.47			96,643		0.37		0.37		1.93		20		20
	3/31/14			(0.55	)		73,881		0.37		0.37		1.72		23		23
	3/31/13			3.25			65,143		0.38		0.38		1.60		22		22
Retail Class:	3/31/17			(0.18	)		21,467		0.44		0.44		1.94		14		14
	3/31/16			1.55			21,540		0.46		0.46		1.94		22		22
	3/31/15			5.38			18,307		0.45		0.45		1.85		20		20
	3/31/14			(0.65	)		14,058		0.49		0.48		1.61		23		23
	3/31/13			3.15			14,344		0.50		0.48		1.52		22		22

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 61

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
BOND PLUS FUND
Institutional Class:	3/31/17			$10.47		$0.33			$(0.02	)		$0.31			$(0.32	)		$(0.10	)		$(0.42	)		$10.36
	3/31/16			10.75		0.32			(0.16	)		0.16			(0.32	)		(0.12	)		(0.44	)		10.47
	3/31/15			10.58		0.29			0.30			0.59			(0.29	)		(0.13	)		(0.42	)		10.75
	3/31/14			10.78		0.28			(0.16	)		0.12			(0.28	)		(0.04	)		(0.32	)		10.58
	3/31/13			10.56		0.33			0.37			0.70			(0.33	)		(0.15	)		(0.48	)		10.78
Advisor Class:	3/31/17			10.48		0.30			0.01			0.31			(0.32	)		(0.10	)		(0.42	)		10.37
	3/31/16	‡		10.45		0.10			0.15			0.25			(0.10	)		(0.12	)		(0.22	)		10.48
Premier Class:	3/31/17			10.47		0.31			(0.01	)		0.30			(0.31	)		(0.10	)		(0.41	)		10.36
	3/31/16			10.75		0.30			(0.16	)		0.14			(0.30	)		(0.12	)		(0.42	)		10.47
	3/31/15			10.58		0.27			0.30			0.57			(0.27	)		(0.13	)		(0.40	)		10.75
	3/31/14			10.78		0.27			(0.16	)		0.11			(0.27	)		(0.04	)		(0.31	)		10.58
	3/31/13			10.56		0.31			0.37			0.68			(0.31	)		(0.15	)		(0.46	)		10.78
Retirement Class:	3/31/17			10.49		0.30			(0.02	)		0.28			(0.30	)		(0.10	)		(0.40	)		10.37
	3/31/16			10.76		0.29			(0.15	)		0.14			(0.29	)		(0.12	)		(0.41	)		10.49
	3/31/15			10.59		0.26			0.30			0.56			(0.26	)		(0.13	)		(0.39	)		10.76
	3/31/14			10.80		0.26			(0.17	)		0.09			(0.26	)		(0.04	)		(0.30	)		10.59
	3/31/13			10.57		0.30			0.38			0.68			(0.30	)		(0.15	)		(0.45	)		10.80
Retail Class:	3/31/17			10.49		0.30			(0.02	)		0.28			(0.29	)		(0.10	)		(0.39	)		10.38
	3/31/16			10.77		0.29			(0.17	)		0.12			(0.28	)		(0.12	)		(0.40	)		10.49
	3/31/15			10.60		0.26			0.29			0.55			(0.25	)		(0.13	)		(0.38	)		10.77
	3/31/14			10.80		0.25			(0.16	)		0.09			(0.25	)		(0.04	)		(0.29	)		10.60
	3/31/13			10.58		0.29			0.37			0.66			(0.29	)		(0.15	)		(0.44	)		10.80
HIGH-YIELD FUND
Institutional Class:	3/31/17			9.02		0.56			0.78			1.34			(0.56	)		—			(0.56	)		9.80
	3/31/16			9.94		0.55			(0.92	)		(0.37	)		(0.55	)		—			(0.55	)		9.02
	3/31/15			10.38		0.55			(0.32	)		0.23			(0.55	)		(0.12	)		(0.67	)		9.94
	3/31/14			10.51		0.57			0.11			0.68			(0.57	)		(0.24	)		(0.81	)		10.38
	3/31/13			9.97		0.61			0.57			1.18			(0.61	)		(0.03	)		(0.64	)		10.51
Advisor Class:	3/31/17			9.01		0.53			0.81			1.34			(0.55	)		—			(0.55	)		9.80
	3/31/16	‡		9.17		0.18			(0.16	)		0.02			(0.18	)		—			(0.18	)		9.01
Premier Class:	3/31/17			9.02		0.54			0.79			1.33			(0.54	)		—			(0.54	)		9.81
	3/31/16			9.94		0.53			(0.91	)		(0.38	)		(0.54	)		—			(0.54	)		9.02
	3/31/15			10.39		0.54			(0.33	)		0.21			(0.54	)		(0.12	)		(0.66	)		9.94
	3/31/14			10.51		0.55			0.13			0.68			(0.56	)		(0.24	)		(0.80	)		10.39
	3/31/13			9.97		0.59			0.58			1.17			(0.60	)		(0.03	)		(0.63	)		10.51
Retirement Class:	3/31/17			9.02		0.53			0.79			1.32			(0.53	)		—			(0.53	)		9.81
	3/31/16			9.94		0.52			(0.91	)		(0.39	)		(0.53	)		—			(0.53	)		9.02
	3/31/15			10.38		0.52			(0.31	)		0.21			(0.53	)		(0.12	)		(0.65	)		9.94
	3/31/14			10.51		0.54			0.11			0.65			(0.54	)		(0.24	)		(0.78	)		10.38
	3/31/13			9.96		0.58			0.59			1.17			(0.59	)		(0.03	)		(0.62	)		10.51
Retail Class:	3/31/17			9.06		0.53			0.79			1.32			(0.53	)		—			(0.53	)		9.85
	3/31/16			9.98		0.52			(0.91	)		(0.39	)		(0.53	)		—			(0.53	)		9.06
	3/31/15			10.43		0.52			(0.32	)		0.20			(0.53	)		(0.12	)		(0.65	)		9.98
	3/31/14			10.56		0.54			0.11			0.65			(0.54	)		(0.24	)		(0.78	)		10.43
	3/31/13			10.01		0.58			0.58			1.16			(0.58	)		(0.03	)		(0.61	)		10.56

62 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
																	Portfolio
	For the																turnover rate
	period					Net assets at			Ratios to average net assets						Portfolio		excluding
	or year					end of period			Gross		Net		Net investment		turnover		mortgage
	ended		Total return			(in thousands		)	expenses		expenses		income (loss	)	rate		dollar rolls
BOND PLUS FUND
Institutional Class:	3/31/17			3.02	%		$2,921,905		0.31	%	0.31	%	3.12	%	246	%	154	%
	3/31/16			1.56			2,449,009		0.31		0.31		3.05		293		172
	3/31/15			5.66			2,522,232		0.32		0.32		2.71		285		133
	3/31/14			1.20			1,807,530		0.33		0.33		2.70		290		97
	3/31/13			6.69			846,872		0.34		0.34		3.05		268		108
Advisor Class:	3/31/17			2.98			1,658		0.40		0.40		2.98		246		154
	3/31/16	‡		2.46	b		102		0.53	c	0.46	c	3.06	c	293		172
Premier Class:	3/31/17			2.87			41,849		0.46		0.46		2.97		246		154
	3/31/16			1.41			26,983		0.46		0.46		2.92		293		172
	3/31/15			5.60			17,022		0.47		0.47		2.57		285		133
	3/31/14			0.95			12,140		0.48		0.48		2.51		290		97
	3/31/13			6.53			16,773		0.49		0.49		2.89		268		108
Retirement Class:	3/31/17			2.67			333,416		0.56		0.56		2.87		246		154
	3/31/16			1.41			198,216		0.56		0.56		2.80		293		172
	3/31/15			5.39			200,632		0.57		0.57		2.46		285		133
	3/31/14			0.86			194,476		0.58		0.58		2.44		290		97
	3/31/13			6.52			151,447		0.59		0.59		2.79		268		108
Retail Class:	3/31/17			2.69			263,847		0.63		0.63		2.80		246		154
	3/31/16			1.25			264,536		0.63		0.63		2.73		293		172
	3/31/15			5.31			270,579		0.64		0.64		2.39		285		133
	3/31/14			0.86			262,239		0.67		0.67		2.34		290		97
	3/31/13			6.32			288,131		0.68		0.68		2.71		268		108
HIGH-YIELD FUND
Institutional Class:	3/31/17			15.24			2,417,175		0.36		0.36		5.81		52		52
	3/31/16			(3.84	)		2,253,957		0.36		0.36		5.86		50		50
	3/31/15			2.33			2,154,591		0.36		0.36		5.41		71		71
	3/31/14			6.78			1,790,122		0.37		0.37		5.51		69		69
	3/31/13			12.21			1,493,399		0.38		0.38		5.96		83		83
Advisor Class:	3/31/17			15.17			5,133		0.43		0.43		5.55		52		52
	3/31/16	‡		0.23	b		102		0.58	c	0.51	c	6.31	c	50		50
Premier Class:	3/31/17			15.06			144,573		0.51		0.51		5.64		52		52
	3/31/16			(3.87	)		73,106		0.51		0.51		5.80		50		50
	3/31/15			2.08			33,545		0.51		0.51		5.26		71		71
	3/31/14			6.72			30,851		0.52		0.52		5.36		69		69
	3/31/13			12.05			32,381		0.53		0.53		5.80		83		83
Retirement Class:	3/31/17			14.95			361,397		0.61		0.61		5.55		52		52
	3/31/16			(3.97	)		248,713		0.61		0.61		5.61		50		50
	3/31/15			2.08			245,574		0.61		0.61		5.10		71		71
	3/31/14			6.51			402,054		0.62		0.62		5.26		69		69
	3/31/13			12.05			300,278		0.63		0.63		5.72		83		83
Retail Class:	3/31/17			15.01			620,629		0.63		0.63		5.53		52		52
	3/31/16			(4.06	)		441,569		0.63		0.63		5.55		50		50
	3/31/15			1.97			541,978		0.64		0.64		5.11		71		71
	3/31/14			6.48			600,237		0.65		0.65		5.23		69		69
	3/31/13			11.98			437,147		0.67		0.67		5.67		83		83

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 63

Financial highlights

TIAA-CREF Funds

			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
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
INFLATION-LINKED BOND FUND
Institutional Class:	3/31/17			$11.53		$ 0.27			$(0.14	)		$ 0.13			$(0.18	)	$	—			$(0.18	)		$11.48
	3/31/16			11.52		0.16			(0.11	)		0.05			(0.04	)		—			(0.04	)		11.53
	3/31/15			11.41		0.02			0.31			0.33			(0.21	)		(0.01	)		(0.22	)		11.52
	3/31/14			12.40		0.20			(1.01	)		(0.81	)		(0.17	)		(0.01	)		(0.18	)		11.41
	3/31/13			12.07		0.21			0.43			0.64			(0.25	)		(0.06	)		(0.31	)		12.40
Advisor Class:	3/31/17			11.53		0.30			(0.18	)		0.12			(0.17	)		—			(0.17	)		11.48
	3/31/16	‡		11.24		(0.04	)		0.37			0.33			(0.04	)		—			(0.04	)		11.53
Premier Class:	3/31/17			11.50		0.25			(0.14	)		0.11			(0.16	)		—			(0.16	)		11.45
	3/31/16			11.49		0.12			(0.09	)		0.03			(0.02	)		—			(0.02	)		11.50
	3/31/15			11.39		0.01			0.30			0.31			(0.20	)		(0.01	)		(0.21	)		11.49
	3/31/14			12.38		0.22			(1.05	)		(0.83	)		(0.15	)		(0.01	)		(0.16	)		11.39
	3/31/13			12.06		0.24			0.38			0.62			(0.24	)		(0.06	)		(0.30	)		12.38
Retirement Class:	3/31/17			11.61		0.24			(0.14	)		0.10			(0.15	)		—			(0.15	)		11.56
	3/31/16			11.60		0.14			(0.11	)		0.03			(0.02	)		—			(0.02	)		11.61
	3/31/15			11.50		0.04			0.27			0.31			(0.20	)		(0.01	)		(0.21	)		11.60
	3/31/14			12.50		0.18			(1.03	)		(0.85	)		(0.14	)		(0.01	)		(0.15	)		11.50
	3/31/13			12.18		0.19			0.42			0.61			(0.23	)		(0.06	)		(0.29	)		12.50
Retail Class:	3/31/17			11.25		0.23			(0.14	)		0.09			(0.14	)		—			(0.14	)		11.20
	3/31/16			11.24		0.14			(0.12	)		0.02			(0.01	)		—			(0.01	)		11.25
	3/31/15			11.16		0.01			0.27			0.28			(0.19	)		(0.01	)		(0.20	)		11.24
	3/31/14			12.13		0.18			(1.01	)		(0.83	)		(0.13	)		(0.01	)		(0.14	)		11.16
	3/31/13			11.84		0.17			0.41			0.58			(0.23	)		(0.06	)		(0.29	)		12.13
SHORT-TERM BOND FUND
Institutional Class:	3/31/17			10.34		0.19			—			0.19			(0.19	)		(0.00	)d		(0.19	)		10.34
	3/31/16			10.39		0.17			(0.05	)		0.12			(0.17	)		(0.00	)d		(0.17	)		10.34
	3/31/15			10.41		0.13			(0.01	)		0.12			(0.13	)		(0.01	)		(0.14	)		10.39
	3/31/14			10.52		0.15			(0.09	)		0.06			(0.15	)		(0.02	)		(0.17	)		10.41
	3/31/13			10.40		0.16			0.13			0.29			(0.16	)		(0.01	)		(0.17	)		10.52
Advisor Class:	3/31/17			10.33		0.19			0.01			0.20			(0.19	)		(0.00	)d		(0.19	)		10.34
	3/31/16	‡		10.31		0.05			0.02			0.07			(0.05	)		(0.00	)d		(0.05	)		10.33
Premier Class:	3/31/17			10.35		0.17			—			0.17			(0.17	)		(0.00	)d		(0.17	)		10.35
	3/31/16			10.40		0.16			(0.05	)		0.11			(0.16	)		(0.00	)d		(0.16	)		10.35
	3/31/15			10.42		0.12			(0.01	)		0.11			(0.12	)		(0.01	)		(0.13	)		10.40
	3/31/14			10.53		0.13			(0.09	)		0.04			(0.13	)		(0.02	)		(0.15	)		10.42
	3/31/13			10.41		0.15			0.13			0.28			(0.15	)		(0.01	)		(0.16	)		10.53
Retirement Class:	3/31/17			10.35		0.16			—			0.16			(0.16	)		(0.00	)d		(0.16	)		10.35
	3/31/16			10.40		0.15			(0.05	)		0.10			(0.15	)		(0.00	)d		(0.15	)		10.35
	3/31/15			10.42		0.11			(0.01	)		0.10			(0.11	)		(0.01	)		(0.12	)		10.40
	3/31/14			10.53		0.12			(0.09	)		0.03			(0.12	)		(0.02	)		(0.14	)		10.42
	3/31/13			10.41		0.13			0.14			0.27			(0.14	)		(0.01	)		(0.15	)		10.53
Retail Class:	3/31/17			10.34		0.16			0.01			0.17			(0.16	)		(0.00	)d		(0.16	)		10.35
	3/31/16			10.40		0.14			(0.06	)		0.08			(0.14	)		(0.00	)d		(0.14	)		10.34
	3/31/15			10.42		0.10			(0.01	)		0.09			(0.10	)		(0.01	)		(0.11	)		10.40
	3/31/14			10.53		0.12			(0.09	)		0.03			(0.12	)		(0.02	)		(0.14	)		10.42
	3/31/13			10.41		0.13			0.13			0.26			(0.13	)		(0.01	)		(0.14	)		10.53

64 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
INFLATION-LINKED BOND FUND
Institutional Class:	3/31/17			1.12	%		$2,163,413			0.26	%		0.26	%		2.31	%		28	%
	3/31/16			0.41			1,903,233			0.27			0.27			1.45			27
	3/31/15			2.92			1,713,985			0.26			0.26			0.16			17
	3/31/14			(6.55	)		1,472,700			0.27			0.27			1.68			10
	3/31/13			5.28			1,428,566			0.27			0.27			1.72			14
Advisor Class:	3/31/17			1.08			225			0.28			0.28			2.62			28
	3/31/16	‡		2.90	b		103			0.48	c		0.42	c		(1.16	)c		27
Premier Class:	3/31/17			0.97			11,361			0.41			0.41			2.20			28
	3/31/16			0.31			10,486			0.42			0.42			1.10			27
	3/31/15			2.76			7,545			0.42			0.42			0.08			17
	3/31/14			(6.72	)		7,433			0.42			0.42			1.90			10
	3/31/13			5.12			14,323			0.42			0.42			1.89			14
Retirement Class:	3/31/17			0.84			235,188			0.57			0.55			2.07			28
	3/31/16			0.22			217,000			0.52			0.52			1.20			27
	3/31/15			2.67			166,302			0.51			0.51			0.32			17
	3/31/14			(6.82	)		190,395			0.52			0.52			1.54			10
	3/31/13			5.02			220,926			0.52			0.52			1.48			14
Retail Class:	3/31/17			0.83			121,954			0.58			0.58			2.03			28
	3/31/16			0.18			125,137			0.58			0.58			1.27			27
	3/31/15			2.55			138,801			0.57			0.57			0.08			17
	3/31/14			(6.85	)		150,162			0.59			0.59			1.55			10
	3/31/13			4.90			220,169			0.58			0.58			1.43			14
SHORT-TERM BOND FUND
Institutional Class:	3/31/17			1.84			1,606,917			0.27			0.27			1.81			103
	3/31/16			1.18			1,282,105			0.27			0.27			1.66			93
	3/31/15			1.18			1,170,805			0.27			0.27			1.28			114
	3/31/14			0.56			938,244			0.28			0.28			1.42			112
	3/31/13			2.82			646,931			0.29			0.29			1.52			78
Advisor Class:	3/31/17			1.94			100			0.28			0.28			1.81			103
	3/31/16	‡		0.72	b		100			0.50	c		0.43	c		1.62	c		93
Premier Class:	3/31/17			1.69			14,966			0.42			0.42			1.66			103
	3/31/16			1.03			11,709			0.42			0.42			1.51			93
	3/31/15			1.02			10,103			0.42			0.42			1.13			114
	3/31/14			0.41			11,982			0.43			0.43			1.27			112
	3/31/13			2.67			16,257			0.44			0.44			1.42			78
Retirement Class:	3/31/17			1.59			107,016			0.52			0.52			1.57			103
	3/31/16			0.93			97,057			0.52			0.52			1.41			93
	3/31/15			0.92			100,515			0.52			0.52			1.04			114
	3/31/14			0.31			206,496			0.53			0.53			1.18			112
	3/31/13			2.56			334,477			0.54			0.54			1.26			78
Retail Class:	3/31/17			1.62			130,393			0.58			0.58			1.50			103
	3/31/16			0.78			138,591			0.58			0.58			1.35			93
	3/31/15			0.87			152,100			0.58			0.58			0.98			114
	3/31/14			0.25			169,391			0.60			0.60			1.10			112
	3/31/13			2.50			184,637			0.60			0.60			1.22			78

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 65

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
SHORT-TERM BOND INDEX FUND
Institutional Class:	3/31/17			$10.03		$0.10			$(0.06	)		$0.04			$(0.10	)		$    —			$(0.10	)		$ 9.97
	3/31/16	^		10.00		0.05			0.03			0.08			(0.05	)		(0.00	)d		(0.05	)		10.03
Advisor Class:	3/31/17			10.03		0.10			(0.06	)		0.04			(0.10	)		—			(0.10	)		9.97
	3/31/16	‡		9.97		0.02			0.06			0.08			(0.02	)		(0.00	)d		(0.02	)		10.03
Premier Class:	3/31/17			10.03		0.09			(0.06	)		0.03			(0.09	)		—			(0.09	)		9.97
	3/31/16	^		10.00		0.04			0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03
Retirement Class:	3/31/17			10.03		0.08			(0.06	)		0.02			(0.08	)		—			(0.08	)		9.97
	3/31/16	^		10.00		0.04			0.03			0.07			(0.04	)		(0.00	)d		(0.04	)		10.03
Retail Class:	3/31/17			10.03		0.07			(0.06	)		0.01			(0.07	)		—			(0.07	)		9.97
	3/31/16	^		10.00		0.03			0.03			0.06			(0.03	)		(0.00	)d		(0.03	)		10.03
SOCIAL CHOICE BOND FUND
Institutional Class:	3/31/17			10.32		0.24			(0.06	)		0.18			(0.25	)		(0.07	)		(0.32	)		10.18
	3/31/16			10.45		0.26			(0.09	)		0.17			(0.26	)		(0.04	)		(0.30	)		10.32
	3/31/15			9.98		0.21			0.60			0.81			(0.21	)		(0.13	)		(0.34	)		10.45
	3/31/14			10.03		0.17			(0.04	)		0.13			(0.17	)		(0.01	)		(0.18	)		9.98
	3/31/13	*		10.00		0.06			0.08			0.14			(0.06	)		(0.05	)		(0.11	)		10.03
Advisor Class:	3/31/17			10.32		0.21			(0.03	)		0.18			(0.24	)		(0.07	)		(0.31	)		10.19
	3/31/16	‡		10.20		0.08			0.16			0.24			(0.08	)		(0.04	)		(0.12	)		10.32
Premier Class:	3/31/17			10.31		0.23			(0.04	)		0.19			(0.24	)		(0.07	)		(0.31	)		10.19
	3/31/16			10.45		0.25			(0.11	)		0.14			(0.24	)		(0.04	)		(0.28	)		10.31
	3/31/15			9.98		0.20			0.60			0.80			(0.20	)		(0.13	)		(0.33	)		10.45
	3/31/14			10.03		0.16			(0.04	)		0.12			(0.16	)		(0.01	)		(0.17	)		9.98
	3/31/13	*		10.00		0.05			0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03
Retirement Class:	3/31/17			10.32		0.22			(0.05	)		0.17			(0.23	)		(0.07	)		(0.30	)		10.19
	3/31/16			10.45		0.23			(0.09	)		0.14			(0.23	)		(0.04	)		(0.27	)		10.32
	3/31/15			9.98		0.19			0.60			0.79			(0.19	)		(0.13	)		(0.32	)		10.45
	3/31/14			10.03		0.16			(0.05	)		0.11			(0.15	)		(0.01	)		(0.16	)		9.98
	3/31/13	*		10.00		0.05			0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03
Retail Class:	3/31/17			10.31		0.22			(0.06	)		0.16			(0.22	)		(0.07	)		(0.29	)		10.18
	3/31/16			10.45		0.23			(0.10	)		0.13			(0.23	)		(0.04	)		(0.27	)		10.31
	3/31/15			9.98		0.19			0.59			0.78			(0.18	)		(0.13	)		(0.31	)		10.45
	3/31/14			10.03		0.14			(0.04	)		0.10			(0.14	)		(0.01	)		(0.15	)		9.98
	3/31/13	*		10.00		0.05			0.07			0.12			(0.04	)		(0.05	)		(0.09	)		10.03
TAX-EXEMPT BOND FUND
Institutional Class:	3/31/17			10.72		0.22			(0.29	)		(0.07	)		(0.23	)		(0.17	)		(0.40	)		10.25
	3/31/16			10.82		0.22			0.06			0.28			(0.22	)		(0.16	)		(0.38	)		10.72
	3/31/15			10.51		0.24			0.41			0.65			(0.23	)		(0.11	)		(0.34	)		10.82
	3/31/14			11.08		0.25			(0.51	)		(0.26	)		(0.25	)		(0.06	)		(0.31	)		10.51
	3/31/13			10.86		0.32			0.30			0.62			(0.32	)		(0.08	)		(0.40	)		11.08
Advisor Class:	3/31/17			10.72		0.23			(0.30	)		(0.07	)		(0.23	)		(0.17	)		(0.40	)		10.25
	3/31/16	‡		10.75		0.07			0.13			0.20			(0.07	)		(0.16	)		(0.23	)		10.72
Retail Class:	3/31/17			10.73		0.20			(0.30	)		(0.10	)		(0.20	)		(0.17	)		(0.37	)		10.26
	3/31/16			10.84		0.19			0.05			0.24			(0.19	)		(0.16	)		(0.35	)		10.73
	3/31/15			10.52		0.20			0.43			0.63			(0.20	)		(0.11	)		(0.31	)		10.84
	3/31/14			11.10		0.22			(0.52	)		(0.30	)		(0.22	)		(0.06	)		(0.28	)		10.52
	3/31/13			10.88		0.29			0.30			0.59			(0.29	)		(0.08	)		(0.37	)		11.10

66 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

					Ratios and supplemental data
																			Portfolio
	For the																		turnover rate
	period					Net assets at			Ratios to average net assets								Portfolio		excluding
	or year					end of period				Gross		Net		Net investment			turnover		mortgage
	ended		Total return			(in thousands		)		expenses		expenses		income (loss		)	rate		dollar rolls
SHORT-TERM BOND INDEX FUND
Institutional Class:	3/31/17		0.44	%			$   165,909			0.25	%	0.12	%		1.05	%	61	%	61	%
	3/31/16	^	0.85	b			106,153			0.45	c	0.12	c		0.85	c	53	b	53	b
Advisor Class:	3/31/17		0.44				171			0.25		0.12			1.05		61		61
	3/31/16	‡	0.85	b			101			0.67	c	0.27	c		0.77	c	53	b	53	b
Premier Class:	3/31/17		0.28				362			0.41		0.27			0.85		61		61
	3/31/16	^	0.75	b			1,003			0.84	c	0.27	c		0.69	c	53	b	53	b
Retirement Class:	3/31/17		0.19				10,687			0.50		0.37			0.80		61		61
	3/31/16	^	0.69	b			4,975			0.80	c	0.37	c		0.63	c	53	b	53	b
Retail Class:	3/31/17		0.13				1,935			0.55		0.42			0.73		61		61
	3/31/16	^	0.62	b			1,742			1.02	c	0.47	c		0.50	c	53	b	53	b
SOCIAL CHOICE BOND FUND
Institutional Class:	3/31/17		1.73				618,298			0.40		0.40			2.36		182		115
	3/31/16		1.64				377,577			0.41		0.40			2.50		107		107
	3/31/15		8.19				276,997			0.45		0.40			2.08		459		459
	3/31/14		1.33				85,771			0.59		0.40			1.76		393		393
	3/31/13	*	1.41	b			50,034			1.29	c	0.40	c		1.18	c	186	b	186	b
Advisor Class:	3/31/17		1.68				113,376			0.53		0.52			2.13		182		115
	3/31/16	‡	2.40	b			102			0.63	c	0.55	c		2.53	c	107		107
Premier Class:	3/31/17		1.78				17,334			0.55		0.55			2.24		182		115
	3/31/16		1.39				29,475			0.56		0.55			2.43		107		107
	3/31/15		8.03				5,359			0.61		0.55			1.93		459		459
	3/31/14		1.18				2,019			0.75		0.55			1.64		393		393
	3/31/13	*	1.33	b			1,013			1.78	c	0.55	c		1.02	c	186	b	186	b
Retirement Class:	3/31/17		1.58				263,594			0.65		0.65			2.12		182		115
	3/31/16		1.39				223,415			0.66		0.65			2.28		107		107
	3/31/15		7.93				100,119			0.70		0.65			1.87		459		459
	3/31/14		1.08				6,631			0.85		0.65			1.56		393		393
	3/31/13	*	1.28	b			2,152			1.77	c	0.65	c		0.97	c	186	b	186	b
Retail Class:	3/31/17		1.56				107,219			0.67		0.67			2.10		182		115
	3/31/16		1.26				72,933			0.69		0.68			2.23		107		107
	3/31/15		7.99				46,434			0.73		0.68			1.83		459		459
	3/31/14		0.89				6,717			0.92		0.74			1.45		393		393
	3/31/13	*	1.22	b			2,755			1.94	c	0.75	c		0.88	c	186	b	186	b
TAX-EXEMPT BOND FUND
Institutional Class:	3/31/17		(0.63	)			2,418			0.37		0.35			2.04		59		59
	3/31/16		2.60				49,799			0.36		0.35			2.03		110		110
	3/31/15		6.27				43,616			0.35		0.35			2.19		155		155
	3/31/14		(2.33	)			9,626			0.35		0.35			2.33		155		155
	3/31/13		5.74				10,155			0.35		0.35			2.89		49		49
Advisor Class:	3/31/17		(0.63	)			99			0.38		0.36			2.15		59		59
	3/31/16	‡	1.85	b			101			0.58	c	0.50	c		2.00	c	110		110
Retail Class:	3/31/17		(0.90	)			281,643			0.65		0.63			1.87		59		59
	3/31/16		2.22				296,355			0.63		0.63			1.75		110		110
	3/31/15		6.07				306,179			0.63		0.63			1.90		155		155
	3/31/14		(2.69	)			327,779			0.63		0.63			2.06		155		155
	3/31/13		5.44				397,445			0.63		0.63			2.61		49		49

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 67

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and		Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain		(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total		investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments		operations			income			gains			distributions			period
MONEY MARKET FUND
Institutional Class:	3/31/17			$1.00		$0.00	d		$     —		$0.00	d		$(0.00	)d		$     —			$(0.00	)d		$1.00
	3/31/16			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/15			1.00		—			—		—			—			—			—			1.00
	3/31/14			1.00		0.00	d		—		0.00	d		(0.00	)d		(0.00	)d		(0.00	)d		1.00
	3/31/13			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
Advisor Class:	3/31/17			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16	‡		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
Premier Class:	3/31/17			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—		—			—			—			—			1.00
	3/31/15			1.00		—			—		—			—			—			—			1.00
	3/31/14			1.00		0.00	d		—		0.00	d		—			(0.00	)d		—			1.00
	3/31/13			1.00		—			—		—			—			—			—			1.00
Retirement Class:	3/31/17			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—		—			—			—			—			1.00
	3/31/15			1.00		—			—		—			—			—			—			1.00
	3/31/14			1.00		0.00	d		—		0.00	d		—			(0.00	)d		—			1.00
	3/31/13			1.00		—			—		—			—			—			—			1.00
Retail Class:	3/31/17			1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	3/31/16			1.00		—			—		—			—			—			—			1.00
	3/31/15			1.00		—			—		—			—			—			—			1.00
	3/31/14			1.00		0.00	d		—		0.00	d		—			(0.00	)d		—			1.00
	3/31/13			1.00		—			—		—			—			—			—			1.00

*	The Fund commenced operations on September 21, 2012.
^	The Fund commenced operations on August 7, 2015.
‡	Advisor Class commenced operations on December 4, 2015.
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.

68 2017 Annual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

concluded

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
MONEY MARKET FUND
Institutional Class:	3/31/17			0.34	%		$   458,837			0.14	%		0.14	%		0.35	%		—	%
	3/31/16			0.09			339,325			0.14			0.14			0.09			—
	3/31/15			0.00			316,667			0.14			0.12			0.00			—
	3/31/14			0.01			345,892			0.13			0.13			0.01			—
	3/31/13			0.05			293,090			0.14			0.14			0.05			—
Advisor Class:	3/31/17			0.29			100			0.19			0.19			0.29			—
	3/31/16	‡		0.02	b		100			0.36	c		0.29	c		0.08	c		—
Premier Class:	3/31/17			0.19			32,044			0.29			0.29			0.19			—
	3/31/16			0.00			25,222			0.29			0.24			0.00			—
	3/31/15			0.00			4,247			0.29			0.12			0.00			—
	3/31/14			0.00			5,371			0.28			0.14			0.00			—
	3/31/13			0.00			8,929			0.29			0.19			0.00			—
Retirement Class:	3/31/17			0.09			109,765			0.39			0.39			0.09			—
	3/31/16			0.00			94,131			0.39			0.23			0.00			—
	3/31/15			0.00			88,424			0.39			0.12			0.00			—
	3/31/14			0.00			90,363			0.38			0.14			0.00			—
	3/31/13			0.00			73,609			0.39			0.19			0.00			—
Retail Class:	3/31/17			0.03			318,718			0.49			0.45			0.03			—
	3/31/16			0.00			344,809			0.48			0.22			0.00			—
	3/31/15			0.00			365,853			0.48			0.12			0.00			—
	3/31/14			0.00			415,477			0.50			0.14			0.00			—
	3/31/13			0.00			429,522			0.51			0.19			0.00			—

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Annual Report 69

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, LLC (“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. Effective October 1, 2016, the name of Teachers Advisors, Inc. was changed to Teachers Advisors, LLC. 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. The Advisor class was made available for sale by certain Funds on December 4, 2015, 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. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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, 2017, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications,

70 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

deflation adjustments on Treasury Inflation-Protected Securities, and income generated from swaps were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the 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 March 2017, FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the premium amortization period on a purchased callable debt security from the security’s contractual life to the earliest call date. It is anticipated that this change will reduce losses recognized when a security is called on an earlier date. This guidance is effective for fiscal years beginning after December 15, 2018. Management is currently assessing the impact of the guidance on the Funds’ financial statements.

New rule issuances: 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. 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 to a government money market fund was effective on October 14, 2016.

In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently

assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This final rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

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 NAV 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, 2017, 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 at the official close of business of such market or exchange on the valuation

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 71

Notes to financial statements

date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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 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 as 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 as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized as Level 2 of the fair value hierarchy.

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

Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.

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

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of 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 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 as 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, 2017, the Bond Fund, Bond Plus Fund, Short-Term Bond Fund and Social Choice Bond Fund had material transfers from Level 2 to Level 3.

As of March 31, 2017, 100% of the value of investments in 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, 2017, based on the inputs used to value them:

Fund		Level 1		Level 2			Level 3		Total
Bond
Bank loan obligations	$	—	$	78,708,615		$	646,589	$	79,355,204
Corporate bonds		—		1,461,601,270			—		1,461,601,270
Government bonds		—		1,371,699,951			6,190,314		1,377,890,265
Structured assets		—		1,068,699,320			16,752,354		1,085,451,674
Common stocks		—		85,924			—		85,924
Preferred stocks		—		22,125			—		22,125
Short-term investments		—		269,634,551			—		269,634,551
Unfunded loan commitment		—		80			—		80
Total	$	—	$	4,250,451,836		$	23,589,257	$	4,274,041,093
Bond Index
Corporate bonds	$	—	$	1,951,910,608		$	184,148	$	1,952,094,756
Government bonds		—		5,403,780,581			—		5,403,780,581
Structured assets		—		177,256,846			—		177,256,846
Short-term investments		—		101,705,982			—		101,705,982
Total	$	—	$	7,634,654,017		$	184,148	$	7,634,838,165
Bond Plus
Bank loan obligations	$	—	$	119,888,924		$	2,937,078	$	122,826,002
Corporate bonds		—		1,156,183,382			5,810,260		1,161,993,642
Government bonds		—		1,609,675,347			6,190,314		1,615,865,661
Structured assets		—		530,432,770			27,392,305		557,825,075
Common stocks		—		343,709			—		343,709
Preferred stocks		—		88,450			—		88,450
Short-term investments		—		197,486,202			—		197,486,202
Credit default swap contracts*		—		(3,659,556	)		—		(3,659,556	)
Total	$	—	$	3,610,439,228		$	42,329,957	$	3,652,769,185

72 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

continued

Fund		Level 1		Level 2		Level 3		Total
High-Yield
Bank loan obligations	$	—	$	227,499,630	$	—	$	227,499,630
Corporate bonds		—		3,012,404,561		8,780,800		3,021,185,361
Common stocks		10,699,902		3,969,157		—		14,669,059
Preferred stocks		—		889,875		—		889,875
Short-term investments		—		255,950,482		—		255,950,482
Total	$	10,699,902	$	3,500,713,705	$	8,780,800	$	3,520,194,407
Short-Term Bond
Bank loan obligations	$	—	$	51,764,177	$	—	$	51,764,177
Corporate bonds		—		600,867,344		227,813		601,095,157
Government bonds		—		708,910,468		—		708,910,468
Structured assets		—		378,162,108		16,496,945		394,659,053
Short-term investments		—		92,649,494		—		92,649,494
Forward foreign currency contracts*		—		1,882		—		1,882
Futures*		155,299		—		—		155,299
Total	$	155,299	$	1,832,355,473	$	16,724,758	$	1,849,235,530
Social Choice Bond
Bank loan obligations	$	—	$	11,751,821	$	1,742,926	$	13,494,747
Corporate bonds		—		367,120,614		4,143,333		371,263,947
Government bonds		—		564,445,302		13,401,391		577,846,693
Structured assets		—		121,907,470		6,373,390		128,280,860
Preferred stocks		277,412		—		—		277,412
Short-term investments		—		77,287,264		—		77,287,264
Total	$	277,412	$	1,142,512,471	$	25,661,040	$	1,168,450,923

* Derivative instruments, excluding purchased options, are not reflected in the Summary portfolio of investments.

The following table is a reconcilation of the Funds’ investments in which significant unobservable inputs (Level 3) were used in determining value:

	Bond			Bond Plus			Short-Term Bond			Social Choice Bond
Balance as of March 31, 2016	$	3,329,625		$	7,445,661		$	5,199,508		$	5,432,922
Purchases		—			—			—			—
Sales		(2,721,479	)		(5,047,890	)		(3,501,627	)		(1,133,542	)
Gains (losses)		(27,101	)		(72,485	)		(26,710	)		263
Change in unrealized appreciation (depreciation)		89,462			316,372			526,836			206,227
Transfers out of Level 3		—			(1,557,149	)		—			(1,677,130	)
Transfers into Level 3		22,918,750			41,245,448			14,526,751			22,832,300
Balance as of March 31, 2017	$	23,589,257		$	42,329,957		$	16,724,758		$	25,661,040

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Funds’ as of March 31, 2017.

Fund	Fair value as of March 31, 2017		Valuation technique		Unobservable input	Range (weighted average)
Bond
Bank loan obligations	$	646,589		Broker quote	*
Government bonds		6,190,314		Broker quote	*
Structured assets		4,003,465		Broker quote	*
Structured assets		12,748,889		Recent market transaction	†
Total	$	23,589,257
Bond Plus
Bank loan obligations	$	2,937,078		Broker quote	*
Corporate bonds		4,500,000		Broker quote	*
Government bonds		6,190,314		Broker quote	*
Structured assets		14,072,994		Broker quote	*
Corporate bonds		1,310,260		Recent market transaction	Discount		51.0% (51.0%)
Structured assets		13,319,311		Recent market transaction	†
Total	$	42,329,957
Short-Term Bond
Corporate bonds	$	227,813		Recent market transaction	Discount		69.6% (69.6%)
Structured assets		6,641,953		Broker quote	*
Structured assets		9,854,992		Recent market transaction	†
Total	$	16,724,758
Social Choice Bond
Bank loan obligations	$	1,742,926		Broker quote	*
Corporate bonds		4,143,333		Broker quote	*
Government bonds		13,401,391		Broker quote	*
Structured assets		5,373,680		Broker quote	*
Structured assets		999,710		Recent market transaction	†
Total	$	25,661,040

*	Single source broker quote.
†	Recent market transaction refers to the most recent known market transaction.

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 73

Notes to financial statements

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, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives			Liability derivatives
			Fair value				Fair value
Derivative contract	Location		amount	Location			amount
Bond Plus Fund
Fixed Income contracts	Swap contracts	*	$1,656,303	Swap contracts	*	$	5,315,859
Short-Term Bond Fund
Forward contracts	Forward foreign currency contracts		156,064	Forward foreign currency contracts			154,182
Interest rate contracts	—		—	Futures*			155,299

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

For the year ended March 31, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Bond Plus Fund
Credit contracts	Swap contracts	$	(1,957,646	)	$	(3,659,556	)
Short-Term Bond Fund
Forward contracts	Foreign forward currency contracts		—			1,882
Interest rate contracts	Futures contracts		254,775			519,567

Futures contracts: Certain 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 contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds,

guarantees the futures contracts against default. During the year ended March 31, 2017, the Short-Term Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 2% and 4% of net assets.

At March 31, 2017, the Funds held the following open futures contracts:

Fund	Futures contracts	Number of long (short) contracts			Settlement value			Expiration date		Unrealized gain (loss		)
Short-Term Bond	US 10YR NOTE (CBT)		(115	)	$	(14,324,687	)		June 2017		$  56,315
Short-Term Bond	US 5YR NOTE (CBT)		(250	)		(29,431,641	)		June 2017		98,984
Total			(365	)	$	(43,756,328	)				$155,299

Credit default swap contracts: Certain 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 Funds are 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 Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive 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 Funds keep the stream of payments with no payment obligations. When the Funds sell 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 Funds.

Certain Funds may also buy credit default swap contracts, in which case the Funds function 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 Funds 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.

74 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

continued

Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended March 31, 2017, the Bond Plus Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 6% of net assets.

At March 31, 2017, open centrally cleared credit default swap contracts purchased and sold by the Funds were as follows:

PURCHASED

Fund	Reference entity	Counterparty	Maturity Date	Implied credit spread at 3/31/17		(1)	Notional amount		(2)	Variation margin			Unrealized appreciation (depreciation		)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75	%		$	29,700,000		$	9,448		$	(1,882,125	)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				14,850,000			4,724			(987,395	)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				14,850,000			4,724			(732,338	)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				19,800,000			6,299			(851,689	)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				9,900,000			3,149			(461,974	)
Bond Plus	CDX-HY CDSI S27V2 5 Year Index	UBS Securities, LLC	12/20/21	3.10				9,900,000			(188	)		(248,026	)
Bond Plus	CDX-HY CDSI S27V2 5 Year Index	Goldman Sachs & Co.	12/20/21	3.10				10,000,000			(8,218	)		(74,990	)
Bond Plus	CDX-HY CDSI S27V2 5 Year Index	UBS Securities, LLC	12/20/21	3.10				10,000,000			(8,218	)		(58,857	)
Bond Plus	CDX-HY CDSI S28V1 5 Year Index	UBS Securities, LLC	6/20/22	3.38				10,000,000			(259	)		(18,465	)
							$	129,000,000		$	11,461		$	(5,315,859	)

SOLD

Fund	Reference entity	Counterparty	Maturity Date	Implied credit spread at 3/31/17		(1)	Notional amount		(2)	Variation margin			Unrealized appreciation (depreciation		)
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75	%		$	9,900,000		$	(3,149	)	$	540,011
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				9,900,000			(3,149	)		450,844
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				9,900,000			(3,149	)		197,926
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				20,000,000			11,097			154,905
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				10,000,000			5,545			38,431
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				10,000,000			5,545			119,874
Bond Plus	CDX-HY CDSI S26V2 5 Year Index	UBS Securities, LLC	6/20/21	2.75				10,000,000			5,545			154,312
							$	79,700,000		$	18,285		$	1,656,303
TOTALS							$	208,700,000		$	29,746		$	(3,659,556	)

(1)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(2)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts

from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended March 31, 2017, the Short-Term Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% and 1%.

At March 31, 2017, the Short-Term Bond Fund held the following open forward contracts:

Counterparty	Contract settlement date	Receive	Deliver		Unrealized appreciation (depreciation)
Morgan Stanley	5/31/2017	MXN 50,205,720		$ 2,500,000		$ 156,064
Goldman Sachs	5/31/2017	$ 2,500,000		MXN 50,170,138		(154,182	)
Total						$     1,882

Abbreviation(s):

MXN  Mexican Peso

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 75

Notes to financial statements

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. 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 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, 2017, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range			Investment management fee—effective rate			Service agreement fee			Distribution fee					Maximum expense amounts‡
Fund								Retirement Class			Premier Class		Retail Class			Institutional Class		Advisor Class		Premier Class		Retirement Class		Retail 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 will continue through at least July 31, 2017. 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, 2017, the Funds engaged in the following security transactions with affiliated entities:

As of March 31, 2017, 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 year ended March 31, 2017, TIAA received total proceeds of $13,759,198 from redemptions from the Short-Term Bond Index Fund.

Fund	Purchases		Sales		Realized gain (loss)
Bond	$	–	$	53,148,673	$	470,967
Bond Plus		593,204		3,143,680		40,476
High-Yield		–		4,326,553		176,553
Short-Term Bond		7,572,108		–		–

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of March 31, 2017:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Bond		79	%		–	%		1	%		–	%		1	%		81	%
Bond Index		–			25			–			–			1			26
Bond Plus		59			–			5			9			2			75
High-Yield		9			–			–			–			2			11
Inflation-Linked Bond		18			6			–			–			–			24
Short-Term Bond		33			–			3			–			2			38
Short-Term Bond Index		–			88			–			–			–			88
Money Market		–			–			–			–			2			2

76 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

continued

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, 2017, four 529 Plans owned 15%, 14%, 6% and 5%, respectively, of the Bond Index Fund, three 529 Plans owned 12%, 12%, and 6%, respectively, of the Inflation-Linked Bond Fund, three 529 Plans owned 8%, 7% and 5%, respectively, of the Short-Term Bond Fund and one 529 Plan owned 10% 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 roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

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, 2017, the Bond Fund held an unfunded loan commitment of $9,148. 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, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Bond	$	4,283,276,958	$	33,607,931	$	(42,843,876	)	$	(9,235,945	)
Bond Index		7,631,021,222		77,676,543		(73,859,600	)		3,816,943
Bond Plus		3,667,815,472		35,327,701		(46,714,432	)		(11,386,731	)
High-Yield		3,474,754,116		118,530,214		(73,089,923	)		45,440,291
Inflation-Linked Bond		2,472,968,755		57,397,706		(10,574,647	)		46,823,059
Short-Term Bond		1,852,040,251		5,047,114		(8,009,016	)		(2,961,902	)
Short-Term Bond Index		180,824,752		106,839		(587,677	)		(480,838	)
Social Choice Bond		1,173,443,121		6,176,449		(11,168,647	)		(4,992,198	)
Tax-Exempt Bond		278,888,044		3,319,939		(4,478,947	)		(1,159,008	)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended March 31, 2017 were as follows:

Fund		Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Bond	$	2,416,116,963	$	8,601,673,434	$	1,482,279,286	$	8,257,185,252
Bond Index		903,897,552		1,879,288,670		456,551,521		490,996,045
Bond Plus		1,826,739,129		6,637,406,734		1,536,822,605		6,214,884,869
High-Yield Bond		1,742,794,882		–		1,599,058,155		–
Inflation-Linked Bond		35,700,718		952,545,605		761,992		657,070,177
Short-Term Bond		774,121,447		1,346,156,816		643,364,826		959,662,553
Short-Term Bond Index		42,525,976		107,118,874		22,442,320		61,233,178
Social Choice Bond		697,549,072		1,367,443,410		377,695,172		1,237,221,091
Tax-Exempt Bond		176,518,972		–		216,609,169		–

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 77

Notes to financial statements

concluded

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2017 and March 31, 2016 was as follows:

	3/31/2017						3/31/2016
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Bond		$131,341,880		$3,494,832		$134,836,712		$104,849,094		$  9,224,503		$114,073,597
Bond Index		156,635,444		–		156,635,444		138,891,543		7,632,537		146,524,080
Bond Plus		128,768,765		–		128,768,765		109,123,177		11,698,193		120,821,370
High-Yield		187,980,292		–		187,980,292		182,439,920		–		182,439,920
Inflation-Linked Bond		36,832,831		–		36,832,831		6,010,653		–		6,010,653
Short-Term Bond		29,386,395		–		29,386,395		23,635,377		77,907		23,713,284
Short-Term Bond Index		1,417,599		–		1,417,599		492,934		–		492,934
Social Choice Bond		26,125,419		1,154,049		27,279,468		15,773,034		129,359		15,902,393
Tax-Exempt Bond *		8,004,604		2,720,605		10,725,209		8,950,772		2,299,558		11,250,330
Money Market		1,614,498		–		1,614,498		282,838		–		282,838

* Includes ordinary income which will not be taxable for federal income tax purposes in 2017 and 2016 of $5,799,921 and $6,158,474, respectively.

As of March 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Late-year loss deferrals			Total
Bond	$	7,717,917	$	–	$	(9,228,096	)	$	–		$	(24,241,653	)	$	(25,751,832	)
Bond Index		3,927,638		–		3,816,944			(2,369,649	)		–			5,374,933
Bond Plus		6,536,442		–		(11,378,379	)		–			(22,144,625	)		(26,986,562	)
High-Yield		2,967,109		–		45,440,291			(115,417,580	)		(32,230	)		(67,042,410	)
Inflation-Linked Bond		15,459,938		–		46,823,054			(260,362	)		–			62,022,630
Short-Term Bond		1,302,302		–		(2,954,896	)		–			(800,658	)		(2,453,252	)
Short-Term Bond Index		154,837		–		(480,838	)		(73,648	)		(34,200	)		(433,849	)
Social Choice Bond		286,229		–		(4,992,198	)		–			(4,843,346	)		(9,549,315	)
Tax-Exempt Bond		116,897		–		(1,159,009	)		–			(835,863	)		(1,877,975	)
Money Market		–		–		–			(229	)		–			(229	)

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 deflationary adjustments associated with Treasury Inflation-Protected Securities, and the treatment of short term gain as ordinary income for tax purposes.

At March 31, 2017, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	No expiration	Total
Bond Index	$ 2,369,649	$ 2,369,649
High-Yield	115,417,580	115,417,580
Inflation-Linked Bond	260,362	260,362
Short-Term Bond Index	73,648	73,648
Money Market	229	229

For the year ended March 31, 2017, Inflation-Linked Bond Fund, Short-Term Bond Fund, and Money Market Fund utilized $1,250,015, $769,086, and $29 of their respective capital loss carryovers available.

The capital loss carryover for Short-Term Bond Fund was reduced to zero as a result of its utilization.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2017, 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.

78 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments or 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 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”) as of March 31, 2017, the results of each of their operations for the year then ended, 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 as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 18, 2017

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 79

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  April 18, 2017

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).	88	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
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.	88	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).	88	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.	88	Director, Commonwealth.
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.	88	Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; 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).	88	Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; Regent, University of Edinburgh; Trustee, 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).	88	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

80 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

continued

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 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	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).	88	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

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 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. 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”).
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, President, TIAA Investments. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
J. Keith Morgan TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1951	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2015.	Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as 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 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior 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.

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 81

Trustees and officers(unaudited)

concluded

TIAA-CREF Funds   ■  April 18, 2017

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
Phillip T. Rollock TIAA 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, Senior General Counsel and Corporate Secretary of TIAA and Senior Managing Director and General Counsel of the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior 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.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; and Treasurer of CREF.

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.

82 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

Approval of investment management agreement (unaudited)

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

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors 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 (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 independent trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held meetings on March 9, 2017 and March 23, 2017, 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 Advisors, other Board members and legal counsel to the Trustees to develop guidance 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 Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the guidance and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance 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 guidance 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 compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commissions) 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 Advisors, 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 Advisors or the Board).

Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors 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 Advisors, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions at which no Advisors 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 Advisors’ services to the Funds is an ongoing one.

In advance of the Board meetings held on March 9 and March 23, 2017, legal counsel for the Trustees requested on behalf of the Board, and Advisors 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 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 other accounts with comparable

TIAA-CREF Funds: Fixed Income Funds  ■  2017 Annual Report 83

Approval of investment management agreement (unaudited)

strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ 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 Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors 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 Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission; and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow up questions presented by the Board after its initial review of the information described above.

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 Advisors 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 Advisors 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 Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as 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 23, 2017, 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ 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 Advisors 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 Advisors’ 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. With respect to the Bond Index and Short-Term Bond Index Funds, the Board’s emphasis was on their performance versus their benchmark indices. The Board also reviewed the three-year performance of each Fund before any reductions for fees or expenses. In this analysis, the Board considered the impact of net asset value rounding and 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 details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered

84 2017 Annual Report   ■  TIAA-CREF Funds: Fixed Income Funds

continued

that, in those cases in which a Fund had materially underperformed its peer group or peer universe of mutual funds for a specified period, or in the case of an index fund that had deviated from its benchmark by a specified amount, the Board had a dialogue with investment personnel of Advisors, including the pertinent chief investment officer, to consider the factors that contributed to 2016 and longer-term performance. Management also considered whether a closer examination of performance or remedial measures was warranted. Thus, the Board 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 Advisors for the calendar year 2016. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial risk Advisors assumes. The Board considered that Advisors had earned profits with respect to many of the Funds under the Agreement for the one-year period ended December 31, 2016, and expected this trend to continue. However, with respect to the Tax-Exempt Bond, Short-Term Bond Index and Money Market Funds, Advisors had incurred losses. The Board also recognized the future effect on Advisors’ profitability of an amendment to the Agreement effective on May 1, 2017 adding new breakpoints to the management fee rate schedule at the $7 billion and $10 billion levels (replacing an existing breakpoint at the $8 billion level) for the actively-managed Funds with existing management fee “rate breakpoints.” (Management fee rate “breakpoints” result in a Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.) With respect to those Funds for which the Agreement was profitable to Advisors in 2016, the Board concluded that those profits were reasonable in light of various relevant factors.

During its review of Advisors’ profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors for its portfolio management and other functions, including the impact of operations related to Nuveen Investments, an affiliate of Advisors, 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. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers,

regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer 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 Advisors 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 rate schedule breakpoints for many actively-managed Funds that were profitable to Advisors would have an effect on their fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position 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. The Board also considered the addition of new contractual breakpoints in the management fee rate schedules for many of the actively-managed managed Funds effective May 1, 2017. 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 Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide 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 particular, the Board reviewed the management fee rates Advisors charged to a separately managed account and a UCITS series that have similar mandates to the Social Choice Bond Fund. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board considered the management fee rates charged to other investment companies, UCITS and the other accounts that are managed using similar investment strategies. They also considered Advisors’ disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered Advisors’ 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 Advisors; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

TIAA-CREF Funds: Fixed Income Funds   ■  2017 Annual Report 85

Approval of investment management agreement (unaudited)

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

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, 2016. 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 any breakpoints in the management fee rate schedule for the Fund. Statements below regarding “net profit” or “net loss” refer to whether Advisors earned a profit or incurred a loss for the services that it rendered to a Fund during 2016 under the Agreement.

Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.288% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

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

• The Fund was in the 1st, 2nd, 2nd and 3rd 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.

• Advisors 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 expense ratio and contractual management fee rate were each in the 2nd quintile of its Expense Group, while the Fund’s actual management fee rate was in the 3rd quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were in the 3rd quintile of its Expense Universe, while the Fund’s actual management fee rate was in the 4th quintile of its Expense Universe.

• The Fund was in the 2nd quintile of its Performance Group for the one-year period. The Fund ranked 3rd out of 5 funds within its Performance Group for the three-year period and ranked 2nd out of 5 funds within its Performance Group for the five-year period. The Fund was in the 4th, 3rd and 4th 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) was equal to the performance of its benchmark, the Barclays U.S. Aggregate Bond Index.

• The Fund received an Overall Morningstar Rating of 2 stars.

• Both the Fund’s Performance Universe and Morningstar category include actively-managed funds, while the Fund utilizes a passive investment strategy.

• Advisors 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 starts at 0.30% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.289% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were in the 1st quintile of its Expense Universe, while its actual management fee rate was in the 2nd quintile of its Expense Universe.

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

86 2017 Annual Report   ■  TIAA-CREF Funds: Fixed Income Funds

continued

respectively. The Fund ranked 4 out of 5 funds within its Expense Group for the ten-year period. The Fund was in the 2nd, 1st, 2nd and 4th 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.

• Advisors 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 starts at 0.35% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.339% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

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

• Advisors 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 starts at 0.25% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.242% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 1st, and 4th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund ranked 2 out of 5 funds within its Performance Group for the ten-year period. The Fund was in the 4th, 2nd, 3rd 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.

• Advisors 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 starts at 0.25% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.246% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management

fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

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

Short-Term Bond Index Fund

• The Fund’s annual contractual management fee rate is 0.07% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 1st and 2nd quintiles, respectively, of both its Expense Group and Expense Universe.

• The Fund has no Performance Group. The Fund was in the 5th quintile of its Performance Universe for the one-year and since-inception periods. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.

• The Fund does not yet have a sufficient track record for a Morningstar rating.

• Advisors incurred a net loss 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 starts at 0.35% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, the Fund had not reached any of its management fee breakpoints. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles, respectively, of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 3rd and 1st quintiles, respectively, of its Expense Universe.

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

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

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

Tax-Exempt Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes a breakpoint schedule which reduces the rate as assets increase. At year-end asset levels, the Fund had not reached any of its

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Approval of investment management agreement (unaudited)

concluded

management fee breakpoints. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th quintile of its Performance Group for the one-, three- and five-year periods. The Fund ranked 2 out of 4 funds within its Performance Group for the ten-year period. The Fund was in the 4th, 3rd, 4th and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. In this regard, the Board considered Advisors’ discussion of the impact of average portfolio duration, security selection and certain other matters on the Fund’s performance, as well as Joel Levy becoming the sole portfolio manager of the Fund in April 2016.

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

• Advisors 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 expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 2nd and 1st quintiles of its Expense Universe, respectively.

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

• Money market funds are not rated by Morningstar.

• Advisors incurred a net loss 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 each Fund.

88 2017 Annual Report  ■  TIAA-CREF Funds: Fixed Income Funds

Important tax information(unaudited)

For the year ended March 31, 2017, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

	Long-term
Fund	capital gains
Bond	$3,494,832
Bond Index	–
Bond Plus	–
High-Yield	–
Inflation-Linked Bond	–
Short-Term Bond	–
Short-Term Bond Index	–
Social Choice Bond	1,154,049
Tax-Exempt Bond	2,720,605
Money Market	–

The Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2017 and the year ended March 31, 2016, totaling $10,725,209 and $11,250,330, of which $5,799,921 and $6,158,474, 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, 2017, which will be reported in conjunction with your 2017 Form 1099-DIV.

By early 2018, 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.

TIAA-CREF Funds: Fixed Income Funds   ■  2017 Annual Report 89

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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.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.

Nuveen 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.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

©2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended March 31, 2016 and March 31, 2017, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $503,350 and $518,550, 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, 2016 and March 31, 2017, 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, 2016 and March 31, 2017, PwC’s aggregate fees for tax services billed to the Registrant were $134,500 and $137,860, respectively.

For the fiscal years ended March 31, 2016 and March 31, 2017, 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, 2016 and March 31, 2017, PwC’s aggregate fees for all other services billed to the Registrant were $4,500 and $5,500, 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017 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, 2016 and March 31, 2017, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $340,720 and $233,774, 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, 2017

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 1.9%
AUTOMOBILES & COMPONENTS - 0.0%
$	181,818	i	CH Hold Corp		3.982	%	02/01/24	$	182,955
	439,914	i	Dealer Tire LLC		4.938		12/22/21		445,413
			TOTAL AUTOMOBILES & COMPONENTS						628,368
CAPITAL GOODS - 0.1%
	124,375	i	Aspen Merger Sub, Inc		5.250		09/27/23		125,370
	675,000	i	Avolon TLB Borrower  Luxembourg Sarl		3.730		01/20/22		683,721
	1,496,250	i	Leidos Holdings, Inc		3.250		08/16/23		1,508,594
	700,000	i	Milacron LLC		3.982		09/28/23		703,066
	990,389	i	TransDigm, Inc		4.037		05/14/22		985,972
	497,494	i	TransDigm, Inc		3.982		06/09/23		494,927
	343,200	i	Zebra Technologies Corp		3.600		10/27/21		345,726
			TOTAL CAPITAL GOODS						4,847,376
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	1,994,932	i	Advanced Disposal Services, Inc		3.698		11/10/23		2,005,326
	1,000,000	i	B/E Aerospace Inc		4.000		12/16/21		998,750
	750,000	i	Creative Artists Agency LLC		4.500		02/15/24		759,847
	3,616,227	i	TransUnion LLC		3.482		04/09/23		3,636,587
	1,012,923	i	USAGM HoldCo LLC		5.500		07/28/22		1,017,988
	123,050	i	USAGM HoldCo LLC		5.500		07/28/22		123,666
	427,406	i	XPO Logistics, Inc		2.250		11/01/21		428,406
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						8,970,570
CONSUMER DURABLES & APPAREL - 0.0%
	493,362	i	Academy Ltd		5.056		07/01/22		363,114
			TOTAL CONSUMER DURABLES & APPAREL						363,114
CONSUMER SERVICES - 0.2%
	100,000	i	Boyd Gaming Corp		3.500		09/15/23		100,484
	1,496,241	i	Hilton Worldwide Finance LLC		2.982		10/25/23		1,506,609
	882,000	i	Jackson Hewitt Tax Service, Inc		8.039		07/30/20		833,490
	1,267,948	i	KFC Holding Co		2.976		06/16/23		1,273,501
	886,545	i	Kindercare Education LLC		5.397		08/12/22		890,978
	375,000	i	Pinnacle Entertainment, Inc		3.990		04/28/23		378,986
	659,758	i	ProQuest LLC		5.250		10/24/21		668,830
	1,050,051	i	Spin Holdco, Inc		4.285		11/14/19		1,049,484
	641,776	i	Sterling Midco Holdings, Inc		5.897		06/20/22		646,589
	300,000	i	Travel Leaders Group LLC		6.232		01/25/24		303,564
			TOTAL CONSUMER SERVICES						7,652,515
ENERGY - 0.1%
	235,000	i	California Resources Corp		11.375		12/31/21		259,283

1

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	825,000	i	Dynegy, Inc		4.250	%	06/27/23	$	826,592
	994,987	i	NRG Energy, Inc		3.500		06/30/23		998,490
			TOTAL ENERGY						2,084,365
FOOD & STAPLES RETAILING - 0.0%
	1,019,188	i	Albertsons LLC		3.982		08/22/21		1,023,357
	76,000	i	Albertsons LLC		4.302		06/22/23		76,380
			TOTAL FOOD & STAPLES RETAILING						1,099,737
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,000,000	i	B&G Foods, Inc		3.232		11/02/22		1,007,290
	251,819	i	Hostess Brands LLC		4.000		08/03/22		254,085
			TOTAL FOOD, BEVERAGE & TOBACCO						1,261,375
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	1,000,000	i	Change Healthcare Holdings LLC		3.750		03/01/24		1,001,250
	1,193,567	i	DaVita HealthCare Partners, Inc		3.732		06/24/21		1,206,255
	1,995,000	i	Envision Healthcare Corp		4.150		12/01/23		2,009,962
	406,542	i	Greatbatch Ltd		4.500		10/27/22		406,033
	1,016,538	i	HCA, Inc		3.232		02/10/24		1,024,711
	497,500	i	inVentiv Group Holdings, Inc		4.804		11/09/23		498,535
	744,384	i	Nature’s Bounty Co		4.647		05/05/23		748,419
	4,000,000	i	Tennessee Merger Sub, Inc		3.750		02/06/24		3,968,320
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						10,863,485
INSURANCE - 0.0%
	1,484,697	i	HUB International Ltd		4.035		10/02/20		1,491,913
			TOTAL INSURANCE						1,491,913
MATERIALS - 0.2%
	2,900,000	i	American Builders & Contractors Supply Co, Inc		3.732		10/31/23		2,904,988
	1,075,168	i	Berry Plastics Corp		3.500		10/01/22		1,081,437
	1,250,000	i	Berry Plastics Corp		3.520		01/19/24		1,257,462
	222,750	i	GCP Applied Technologies, Inc		4.397		02/03/22		224,421
	296,001	i	PLZ Aeroscience Corp		4.642		07/29/22		297,481
	249,375	i	Quikrete Holdings, Inc		4.232		11/15/23		251,422
	360,000	i	Solenis International LP		7.804		07/29/22		355,277
	1,952,137	i	Tronox Pigments BV		4.647		03/19/20		1,962,717
			TOTAL MATERIALS						8,335,205
MEDIA - 0.3%
	249,379	i	AMC Entertainment Holdings, Inc		3.733		12/15/23		251,407
	135,118	i	CBS Radio, Inc		4.500		10/17/23		136,074
	886,500	i	CDS US Intermediate Holdings, Inc		5.147		07/08/22		892,227
	994,975	i	Charter Communications Operating LLC		3.232		01/15/24		999,263
	1,443,750	i	CSC Holdings LLC		3.943		10/11/24		1,439,693
	2,292,864	i	Lions Gate Entertainment Corp		3.982		12/08/23		2,305,039
	1,448,400	i	MTL Publishing LLC		3.580		08/19/22		1,452,818
	217,545	i	Nexstar Broadcasting, Inc		3.943		01/17/24		219,244
	21,091	i	Nexstar Broadcasting, Inc		3.943		01/17/24		21,256
	1,496,250	i	Nielsen Finance LLC		3.354		10/04/23		1,503,193
	1,754,991	i	Virgin Media Bristol LLC		3.662		01/31/25		1,758,834
			TOTAL MEDIA						10,979,048

2

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
$	657,082	i	Quintiles IMS, Inc		3.051	%	03/03/24	$	662,175
	461,923	i	Vizient, Inc		5.000		02/11/23		465,387
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,127,562
REAL ESTATE - 0.0%
	730,075	i	DTZ US Borrower LLC		4.304		11/04/21		733,843
			TOTAL REAL ESTATE						733,843
RETAILING - 0.1%
	246,253	i	CHI Doors Holdings Corp		4.250		07/31/22		245,842
	2,982,361	i	PetSmart, Inc		4.020		03/11/22		2,844,427
			TOTAL RETAILING						3,090,269
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	1,492,500	i	Versum Materials, Inc		3.647		09/29/23		1,506,962
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,506,962
SOFTWARE & SERVICES - 0.1%
	623,330	i	CSRA, Inc		3.482		11/30/23		628,397
	1,235,103	i	First Data Corp		3.984		03/24/21		1,244,144
	2,000,000	i	First Data Corp		3.984		07/08/22		2,014,580
	719,313	i	Mitchell International, Inc		4.539		10/13/20		725,910
	78,092	i	SS&C European Holdings SARL		3.232		07/08/22		78,434
	913,523	i	SS&C Technologies, Inc		3.232		07/08/22		917,524
			TOTAL SOFTWARE & SERVICES						5,608,989
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	986,625	i	CommScope, Inc		3.482		12/19/22		993,097
	298,505	i	MTS Systems Corp		5.080		07/05/23		301,864
	864,803	i	Sensata Technologies BV		3.131		10/14/21		869,439
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						2,164,400
TELECOMMUNICATION SERVICES - 0.0%
	396,008	i	CNT Holdings III Corp		4.280		01/22/23		398,316
			TOTAL TELECOMMUNICATION SERVICES						398,316
TRANSPORTATION - 0.1%
	989,899	i	American Airlines, Inc		3.381		10/10/21		990,146
	1,500,000	i	American Airlines, Inc		3.412		12/14/23		1,501,455
	444,805	i	Kenan Advantage Group, Inc		4.000		07/29/22		444,943
	1,462,514	i	Kenan Advantage Group, Inc		4.000		07/29/22		1,462,967
	250,000	i	Vouvray US Finance, LLC		4.180		01/17/24		249,687
			TOTAL TRANSPORTATION						4,649,198
UTILITIES - 0.0%
	500,000	i	Talen Energy Supply LLC		6.060		12/06/23		503,125
	185,714	i	Vistra Operations Co LLC		3.732		08/04/23		185,250
	812,250	i	Vistra Operations Co LLC		3.732		08/04/23		810,219
			TOTAL UTILITIES						1,498,594
			TOTAL BANK LOAN OBLIGATIONS						79,355,204
			(Cost $79,310,269)

3

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 95.3%
CORPORATE BONDS - 35.5%
AUTOMOBILES & COMPONENTS - 0.6%
$	120,000	g	Adient Global Holdings Ltd		4.875	%	08/15/26	$	117,750
	480,000	g	Allison Transmission, Inc		5.000		10/01/24		484,800
	250,000	g,h	Aston Martin Capital Holdings Ltd		6.500		04/15/22		250,937
	4,950,000	g	BMW US Capital LLC		2.000		04/11/21		4,851,604
	450,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		469,125
	1,125,000		Delphi Automotive plc		3.150		11/19/20		1,147,547
	1,750,000		Delphi Automotive plc		4.400		10/01/46		1,666,899
	2,850,000		Ford Motor Co		4.346		12/08/26		2,901,716
	129,000	g	Gates Global LLC		6.000		07/15/22		131,258
	1,700,000		General Motors Co		6.600		04/01/36		1,954,118
	1,200,000		General Motors Co		6.750		04/01/46		1,405,108
	150,000		Goodyear Tire & Rubber Co		5.000		05/31/26		153,750
	1,100,000	g	Hyundai Capital America		2.600		03/19/20		1,100,127
	2,600,000	g	Hyundai Capital America		2.550		04/03/20		2,599,737
	3,025,000	g	Hyundai Capital Services, Inc		3.000		03/06/22		3,020,659
	200,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		201,000
	1,750,000		Magna International, Inc		3.625		06/15/24		1,785,327
	200,000		Tenneco, Inc		5.000		07/15/26		195,874
	150,000	g	ZF North America Capital, Inc		4.500		04/29/22		156,188
	150,000	g	ZF North America Capital, Inc		4.750		04/29/25		155,250
			TOTAL AUTOMOBILES & COMPONENTS						24,748,774
BANKS - 5.5%
	1,900,000	g,i	Akbank TAS		7.200		03/16/27		1,973,577
	1,800,000	g	ANZ New Zealand Int’l Ltd		2.125		07/28/21		1,751,260
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,565,625
	1,900,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		1,930,875
	1,125,000		Bank of America Corp		6.000		09/01/17		1,145,216
	9,475,000		Bank of America Corp		2.151		11/09/20		9,388,190
	2,450,000		Bank of America Corp		3.875		08/01/25		2,493,193
	7,450,000		Bank of America Corp		3.248		10/21/27		7,090,947
	6,850,000	i	Bank of America Corp		3.824		01/20/28		6,863,926
	1,750,000		Bank of America Corp		4.750		04/21/45		1,757,978
	3,375,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		3,385,014
	1,500,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		1,497,471
	1,700,000		Barclays plc		3.650		03/16/25		1,655,380
	2,050,000	g	BNP Paribas S.A.		3.800		01/10/24		2,039,563
	650,000		Branch Banking & Trust Co		2.300		10/15/18		654,491
	2,000,000	g	Caixa Economica Federal		3.500		11/07/22		1,906,000
	375,000	g,i	Caixa Economica Federal		7.250		07/23/24		394,162
	2,550,000		Capital One Bank USA NA		2.950		07/23/21		2,570,094
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		1,065,694
	10,975,000		Citigroup, Inc		3.200		10/21/26		10,475,034
	6,800,000	i	Citigroup, Inc		3.887		01/10/28		6,829,566

4

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	750,000		Citizens Bank NA		2.550	%	05/13/21	$	745,671
	600,000		Citizens Financial Group, Inc		2.375		07/28/21		591,595
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		384,788
	1,300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,402,267
	3,350,000		Cooperatieve Rabobank UA		2.500		01/19/21		3,353,042
	3,800,000		Cooperatieve Rabobank UA		3.750		07/21/26		3,712,562
	1,250,000	g	Credit Agricole S.A.		2.500		04/15/19		1,257,537
	1,425,000	g	Credit Agricole S.A.		2.375		07/01/21		1,396,141
	6,775,000	g	Credit Agricole S.A.		3.375		01/10/22		6,774,519
	1,000,000	g	DBS Group Holdings Ltd		2.246		07/16/19		1,003,517
	1,025,000		Discover Bank		3.100		06/04/20		1,045,494
	1,000,000		Discover Bank		3.200		08/09/21		1,012,597
	2,250,000	g	GTH Finance BV		7.250		04/26/23		2,475,225
	1,320,000	g	HSBC Bank plc		4.125		08/12/20		1,393,973
	8,875,000		HSBC Holdings plc		2.650		01/05/22		8,753,688
	4,125,000	i	HSBC Holdings plc		3.262		03/13/23		4,144,957
	1,250,000		HSBC Holdings plc		3.900		05/25/26		1,262,458
	2,300,000		HSBC Holdings plc		4.375		11/23/26		2,317,611
	2,025,000	i	HSBC Holdings plc		4.041		03/13/28		2,046,690
	8,700,000		JPMorgan Chase & Co		2.750		06/23/20		8,812,395
	8,550,000		JPMorgan Chase & Co		2.295		08/15/21		8,460,345
	5,250,000		JPMorgan Chase & Co		3.200		06/15/26		5,096,978
	3,975,000		JPMorgan Chase & Co		2.950		10/01/26		3,778,913
	3,100,000	i	JPMorgan Chase & Co		4.260		02/22/48		3,094,560
	750,000	i	JPMorgan Chase & Co		5.150		12/30/49		756,563
	2,945,000		KeyBank NA		2.500		12/15/19		2,977,925
	875,000		Lloyds Banking Group plc		3.000		01/11/22		869,903
	900,000	g	Macquarie Bank Ltd		2.600		06/24/19		908,831
	2,550,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,544,482
	4,150,000		Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		4,198,431
	4,175,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		4,190,126
	3,500,000		National Australia Bank Ltd		2.500		07/12/26		3,276,949
	1,000,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,026,719
	2,000,000	g	PKO Finance AB		4.630		09/26/22		2,105,660
	2,075,000		PNC Bank NA		2.200		01/28/19		2,089,141
	2,425,000		PNC Bank NA		2.250		07/02/19		2,442,540
	4,150,000		PNC Bank NA		2.600		07/21/20		4,189,292
	1,750,000		PNC Bank NA		2.700		11/01/22		1,736,543
	3,050,000		PNC Bank NA		2.950		01/30/23		3,061,251
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,555,781
	835,000	g,i	Rabobank Nederland NV		11.000		12/30/49		974,863
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,621,618
	1,025,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		1,034,150
	1,700,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,706,623
	900,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		921,177
	8,150,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		8,055,256
	1,675,000		SunTrust Banks, Inc		2.900		03/03/21		1,695,016
	1,075,000		SunTrust Banks, Inc		2.750		05/01/23		1,061,731
	3,350,000		Toronto-Dominion Bank		2.500		12/14/20		3,377,584
	1,300,000	i	Toronto-Dominion Bank		3.625		09/15/31		1,273,025
	1,000,000	g	Turkiye Is Bankasi		5.500		04/21/19		1,023,067
	1,125,000	g	Turkiye Is Bankasi		5.500		04/21/22		1,105,714
	1,750,000		Union Bank NA		2.125		06/16/17		1,753,745

5

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,550,000		UnionBanCal Corp		3.500	%	06/18/22	$	1,586,924
	4,135,000		US Bank NA		2.800		01/27/25		4,059,412
	6,050,000		Westpac Banking Corp		2.700		08/19/26		5,754,700
	5,100,000	i	Westpac Banking Corp		4.322		11/23/31		5,153,045
			TOTAL BANKS						224,838,566
CAPITAL GOODS - 1.1%
	125,000	g	Cloud Crane LLC		10.125		08/01/24		133,438
	675,000		Eaton Corp		4.000		11/02/32		683,272
	1,650,000		Embraer Netherlands Finance BV		5.400		02/01/27		1,701,942
	1,150,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,155,750
	1,875,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		1,902,713
	525,000		Ingersoll-Rand Luxembourg Finance S.A.		4.650		11/01/44		541,367
	2,075,000		Lockheed Martin Corp		2.500		11/23/20		2,089,046
	1,275,000		Lockheed Martin Corp		3.550		01/15/26		1,294,232
	200,000		Manitowoc Foodservice, Inc		9.500		02/15/24		230,500
	1,625,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,635,730
	2,503,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		2,486,465
	607,985	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		224,954
	1,550,000	g	Parker-Hannifin Corp		3.250		03/01/27		1,543,707
	1,250,000		Rockwell Automation, Inc		2.050		03/01/20		1,245,390
	2,775,000	h	Rockwell Collins, Inc		3.500		03/15/27		2,775,869
	2,125,000		Roper Technologies, Inc		3.800		12/15/26		2,134,097
	6,200,000	g	Siemens Financieringsmaatschappij NV		1.700		09/15/21		5,976,856
	6,200,000	g	Siemens Financieringsmaatschappij NV		2.350		10/15/26		5,757,704
	2,290,000	g	Stena AB		7.000		02/01/24		2,141,150
	950,000		Textron, Inc		3.875		03/01/25		966,149
	2,775,000		Timken Co		3.875		09/01/24		2,728,374
	1,945,000	g	TSMC Global Ltd		1.625		04/03/18		1,939,981
	4,875,000		United Technologies Corp		3.750		11/01/46		4,575,519
			TOTAL CAPITAL GOODS						45,864,205
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	225,000		AECOM		5.750		10/15/22		235,969
	575,000		AECOM		5.875		10/15/24		610,937
	1,425,000		Air Lease Corp		3.875		04/01/21		1,477,092
	375,000		Clean Harbors, Inc		5.125		06/01/21		382,500
	2,625,000	g	Daimler Finance North America LLC		2.000		07/06/21		2,552,834
	8,225,000	g	Daimler Finance North America LLC		2.200		10/30/21		8,043,795
	1,000,000		Equifax, Inc		3.250		06/01/26		967,038
	270,000	g	Herc Rentals, Inc		7.500		06/01/22		286,875
	450,000	g	Herc Rentals, Inc		7.750		06/01/24		479,250
	2,000,000	g,i	Nakama Re Ltd		3.623		10/13/21		2,034,200
	1,495,000		Republic Services, Inc		3.800		05/15/18		1,527,570
	3,400,000		Republic Services, Inc		3.550		06/01/22		3,526,072
	1,700,000		Republic Services, Inc		3.200		03/15/25		1,693,472
	1,325,000		Republic Services, Inc		2.900		07/01/26		1,279,942
	100,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		102,250
	650,000		United Rentals North America, Inc		5.500		07/15/25		669,500
	1,800,000		Waste Management, Inc		2.900		09/15/22		1,830,794
	1,750,000		Waste Management, Inc		2.400		05/15/23		1,718,362
	500,000		Waste Management, Inc		3.900		03/01/35		497,560
	550,000		Waste Management, Inc		4.100		03/01/45		551,318

6

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	725,000	g	XPO Logistics, Inc		6.500	%	06/15/22	$	761,250
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						31,228,580
CONSUMER DURABLES & APPAREL - 0.2%
	1,000,000		Lennar Corp		4.750		04/01/21		1,042,500
	1,900,000		Newell Rubbermaid, Inc		3.150		04/01/21		1,943,664
	700,000		Newell Rubbermaid, Inc		3.900		11/01/25		717,728
	3,100,000		Newell Rubbermaid, Inc		4.200		04/01/26		3,225,987
	200,000		PulteGroup, Inc		5.500		03/01/26		207,000
	1,100,000		PVH Corp		4.500		12/15/22		1,111,000
	940,000		Standard Pacific Corp		5.875		11/15/24		987,000
	500,000		Whirlpool Corp		3.700		03/01/23		514,831
			TOTAL CONSUMER DURABLES & APPAREL						9,749,710
CONSUMER SERVICES - 0.5%
	250,000		ADT Corp		6.250		10/15/21		271,725
	1,675,000	g	Aramark Services, Inc		5.000		04/01/25		1,725,250
	300,000		Aramark Services, Inc		4.750		06/01/26		301,875
	1,650,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,662,870
	200,000		Boyd Gaming Corp		6.375		04/01/26		214,000
	1,200,000	g	Cott Holdings, Inc		5.500		04/01/25		1,221,360
	4,000,000		George Washington University		3.545		09/15/46		3,544,468
	200,000	g	Hilton Domestic Operating Co, Inc		4.250		09/01/24		197,500
	750,000	g	Hilton Worldwide Finance LLC		4.625		04/01/25		757,500
	550,000	g	International Game Technology		5.625		02/15/20		574,750
	500,000	g	International Game Technology		6.500		02/15/25		532,500
	200,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		200,000
	1,600,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		1,754,000
	700,000	g	ServiceMaster Co LLC		5.125		11/15/24		717,500
	600,000		Speedway Motorsports, Inc		5.125		02/01/23		606,000
	525,000		Trinity Acquisition plc		4.400		03/15/26		538,083
	6,600,000		Trustees of Dartmouth College		3.474		06/01/46		6,232,466
			TOTAL CONSUMER SERVICES						21,051,847
DIVERSIFIED FINANCIALS - 3.5%
	600,000		AerCap Ireland Capital Ltd		5.000		10/01/21		642,195
	1,400,000		Aircastle Ltd		4.125		05/01/24		1,401,750
	1,500,000		American Express Centurion Bank		6.000		09/13/17		1,529,803
	4,125,000		American Express Credit Corp		2.700		03/03/22		4,120,792
	2,000,000	g,i	Banco Mercantil del Norte S.A.		5.750		10/04/31		1,957,500
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		622,403
	2,575,000		Bank of New York Mellon Corp		2.500		04/15/21		2,581,502
	2,525,000	g	Bayer US Finance LLC		2.375		10/08/19		2,542,079
	1,775,000	g	Bayer US Finance LLC		3.375		10/08/24		1,784,090
	455,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		448,175
	3,075,000		Berkshire Hathaway, Inc		3.125		03/15/26		3,071,734
	3,075,000		Capital One Financial Corp		3.050		03/09/22		3,070,756
	3,075,000		Capital One Financial Corp		3.750		03/09/27		3,056,101
	1,475,000		Credit Suisse		2.300		05/28/19		1,480,160
	4,500,000	g	Credit Suisse Group AG.		3.574		01/09/23		4,490,955
	2,475,000	g	Credit Suisse Group AG.		4.282		01/09/28		2,462,855
	3,950,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		3,964,619
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,623,092

7

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,500,000		Ford Motor Credit Co LLC		3.000	%	06/12/17	$	2,507,075
	800,000		Ford Motor Credit Co LLC		6.625		08/15/17		814,384
	9,250,000		Ford Motor Credit Co LLC		2.597		11/04/19		9,299,136
	4,100,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,143,542
	3,125,000		Ford Motor Credit Co LLC		3.336		03/18/21		3,160,044
	3,325,000		Ford Motor Credit Co LLC		4.134		08/04/25		3,340,900
	10,313,000		GE Capital International Funding Co		2.342		11/15/20		10,352,798
	825,000		GE Capital International Funding Co		4.418		11/15/35		871,242
	232,000		General Electric Capital Corp		6.875		01/10/39		328,910
	1,210,000		General Motors Financial Co, Inc		3.500		07/10/19		1,243,015
	750,000		General Motors Financial Co, Inc		3.200		07/13/20		762,821
	5,725,000		General Motors Financial Co, Inc		4.200		03/01/21		5,975,423
	4,550,000		General Motors Financial Co, Inc		3.200		07/06/21		4,566,817
	360,000		General Motors Financial Co, Inc		4.375		09/25/21		378,526
	1,400,000		General Motors Financial Co, Inc		3.700		05/09/23		1,410,532
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,631,674
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		634,485
	2,985,000		Goldman Sachs Group, Inc		4.750		10/21/45		3,148,471
	2,000,000	g	GrupoSura Finance S.A.		5.500		04/29/26		2,110,000
	2,000,000		ICICI Bank Ltd		3.125		08/12/20		2,019,008
	1,900,000		International Lease Finance Corp		5.875		08/15/22		2,113,585
	350,000		Legg Mason, Inc		2.700		07/15/19		353,347
	475,000		Legg Mason, Inc		3.950		07/15/24		480,204
	250,000	g	Lincoln Finance Ltd		7.375		04/15/21		265,000
	1,400,000	g	LUKOIL International Finance BV		4.750		11/02/26		1,421,760
	2,650,000		Morgan Stanley		1.875		01/05/18		2,654,113
	5,475,000		Morgan Stanley		3.700		10/23/24		5,553,687
	6,075,000		Morgan Stanley		3.125		07/27/26		5,803,089
	5,225,000		Morgan Stanley		3.625		01/20/27		5,184,579
	565,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		639,801
	135,000		Navient Corp		6.625		07/26/21		139,725
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		1,506,194
	1,650,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,660,775
	5,925,000	g	UBS Group Funding Jersey Ltd		2.650		02/01/22		5,807,531
	3,000,000		Wells Fargo & Co		2.100		07/26/21		2,940,546
	6,850,000		Wells Fargo & Co		3.069		01/24/23		6,879,332
			TOTAL DIVERSIFIED FINANCIALS						145,952,632
ENERGY - 2.8%
	875,000		AmeriGas Partners LP		5.625		05/20/24		879,375
	1,325,000		AmeriGas Partners LP		5.875		08/20/26		1,318,375
	4,350,000		Anadarko Petroleum Corp		4.850		03/15/21		4,653,012
	2,050,000		Anadarko Petroleum Corp		5.550		03/15/26		2,274,838
	1,150,000		Apache Corp		3.250		04/15/22		1,155,773
	500,000		Ashland, Inc		4.750		08/15/22		517,500
	3,050,000		BP Capital Markets plc		1.375		05/10/18		3,041,673
	3,400,000		BP Capital Markets plc		2.315		02/13/20		3,428,013
	74,000	g	California Resources Corp		8.000		12/15/22		60,310
	58,000		California Resources Corp		6.000		11/15/24		40,600
	275,000		Calumet Specialty Products Partners LP		6.500		04/15/21		232,719
	1,200,000		Canadian Natural Resources Ltd		3.900		02/01/25		1,209,646
	90,000	g	Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		99,112
	750,000	g	Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		781,875

8

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,050,000		Cimarex Energy Co		4.375	%	06/01/24	$	2,129,323
	1,875,000		Concho Resources, Inc		5.500		04/01/23		1,934,812
	1,125,000	g	Crestwood Midstream Partners LP		5.750		04/01/25		1,148,906
	1,775,000		Devon Energy Corp		4.750		05/15/42		1,709,183
	800,000		Devon Energy Corp		5.000		06/15/45		802,446
	500,000		Dynegy, Inc		6.750		11/01/19		513,750
	1,500,000		Ecopetrol S.A.		5.375		06/26/26		1,534,200
	120,000		El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		108,792
	480,000		Enbridge Energy Partners LP		5.200		03/15/20		513,402
	850,000		Enbridge Energy Partners LP		4.375		10/15/20		895,920
	1,650,000		Enbridge Energy Partners LP		5.875		10/15/25		1,844,124
	3,350,000		EnCana Corp		3.900		11/15/21		3,422,109
	1,825,000		Enterprise Products Operating LLC		2.850		04/15/21		1,832,747
	2,250,000		Enterprise Products Operating LLC		3.750		02/15/25		2,262,634
	900,000		Enterprise Products Operating LLC		4.450		02/15/43		851,506
	1,500,000		Enterprise Products Operating LLC		5.100		02/15/45		1,566,267
	3,808,000	i	Enterprise Products Operating LLC		7.034		01/15/68		3,944,707
	1,250,000		EOG Resources, Inc		4.150		01/15/26		1,305,735
	675,000		EP Energy LLC		6.375		06/15/23		518,062
	1,425,000		Exterran Partners LP		6.000		10/01/22		1,403,625
	50,000		Exxon Mobil Corp		2.222		03/01/21		50,092
	550,000		Ferrellgas Partners LP		6.750		01/15/22		519,750
	1,500,000		Husky Energy, Inc		3.950		04/15/22		1,553,692
	250,000		Husky Energy, Inc		4.000		04/15/24		253,797
	775,000		Magellan Midstream Partners LP		4.250		09/15/46		725,710
	1,250,000		Marathon Oil Corp		2.700		06/01/20		1,241,060
	1,175,000		Marathon Petroleum Corp		3.625		09/15/24		1,156,716
	125,000		Murphy Oil Corp		6.875		08/15/24		132,500
	1,200,000		Newfield Exploration Co		5.750		01/30/22		1,273,500
	518,000		Noble Energy, Inc		5.625		05/01/21		533,625
	300,000		Noble Energy, Inc		3.900		11/15/24		303,914
	350,000		Noble Energy, Inc		5.250		11/15/43		363,961
	500,000		Noble Energy, Inc		5.050		11/15/44		509,916
	900,000		NRG Energy, Inc		6.250		05/01/24		897,187
	2,150,000		ONE Gas, Inc		2.070		02/01/19		2,157,697
	700,000		ONE Gas, Inc		3.610		02/01/24		722,111
	500,000	q	Peabody Energy Corp		6.000		11/15/18		125,000
	2,925,000	g	Pertamina Persero PT		4.300		05/20/23		3,019,586
	1,000,000		Petrobras Global Finance BV		8.375		05/23/21		1,131,250
	1,320,000		Petrobras Global Finance BV		6.125		01/17/22		1,384,020
	2,500,000		Petrobras Global Finance BV		8.750		05/23/26		2,893,750
	1,500,000		Petroleos Mexicanos		3.500		07/23/20		1,513,125
	2,050,000		Petroleos Mexicanos		6.375		02/04/21		2,223,697
	2,050,000		Petroleos Mexicanos		3.500		01/30/23		1,953,445
	800,000		Petroleos Mexicanos		4.250		01/15/25		768,000
	1,050,000	g	Petroleos Mexicanos		6.500		03/13/27		1,129,538
	1,880,000		Petroleos Mexicanos		5.500		06/27/44		1,659,194
	1,075,000		Petroleos Mexicanos		5.625		01/23/46		957,288
	1,500,000		Phillips 66		4.875		11/15/44		1,505,961
	615,000		Pioneer Natural Resources Co		7.500		01/15/20		696,034
	2,125,000		Pioneer Natural Resources Co		3.450		01/15/21		2,175,122
	1,675,000		Pioneer Natural Resources Co		4.450		01/15/26		1,762,788
	1,533,000		Plains All American Pipeline LP		3.600		11/01/24		1,483,763

9

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	650,000		Plains All American Pipeline LP		4.500	%	12/15/26	$	662,770
	1,500,000		QEP Resources, Inc		5.375		10/01/22		1,477,500
	468,000		Questar Market Resources, Inc		6.875		03/01/21		497,250
	575,000	g	Raizen Fuels Finance S.A.		5.300		01/20/27		582,906
	1,000,000	g	Range Resources Corp		5.750		06/01/21		1,025,000
	450,000		Regency Energy Partners LP		4.500		11/01/23		461,691
	2,125,000	g	Reliance Holdings USA		5.400		02/14/22		2,318,526
	500,000		Sabine Pass Liquefaction LLC		6.250		03/15/22		554,318
	3,125,000	g	Sabine Pass Liquefaction LLC		4.200		03/15/28		3,077,600
	1,325,000		Shell International Finance BV		3.250		05/11/25		1,337,733
	1,750,000		Shell International Finance BV		4.000		05/10/46		1,682,315
	675,000		Statoil ASA		1.200		01/17/18		673,369
	1,700,000		Statoil ASA		2.450		01/17/23		1,675,947
	1,600,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		1,559,901
	125,000	g	Targa Resources Partners LP		5.125		02/01/25		128,750
	1,000,000	g	Tesoro Corp		4.750		12/15/23		1,032,090
	90,000		Tesoro Logistics LP		6.125		10/15/21		94,163
	90,000		Tesoro Logistics LP		6.375		05/01/24		97,425
	550,000		Tesoro Logistics LP		5.250		01/15/25		574,063
	870,000		TransCanada PipeLines Ltd		5.850		03/15/36		1,032,464
	1,375,000	g	Ultrapar International S.A.		5.250		10/06/26		1,368,125
	1,000,000		Vale Overseas Ltd		6.250		08/10/26		1,086,250
	480,000		Vale Overseas Ltd		6.875		11/21/36		516,048
	500,000		WPX Energy, Inc		6.000		01/15/22		510,000
	2,500,000	g	YPF S.A.		8.500		07/28/25		2,711,750
			TOTAL ENERGY						115,449,814
FOOD & STAPLES RETAILING - 1.0%
	255,000	g	Albertsons Cos LLC		6.625		06/15/24		260,738
	1,500,000	g	CK Hutchison International 16 Ltd		1.875		10/03/21		1,444,800
	3,000,000	g	CK Hutchison International 16 Ltd		2.750		10/03/26		2,836,530
	4,825,000		CVS Health Corp		2.800		07/20/20		4,905,245
	4,100,000		CVS Health Corp		2.125		06/01/21		4,021,206
	4,484,000		CVS Health Corp		3.875		07/20/25		4,619,645
	4,100,000		CVS Health Corp		2.875		06/01/26		3,909,674
	790,000	g	Fresh Market, Inc		9.750		05/01/23		637,925
	1,600,000		Ingles Markets, Inc		5.750		06/15/23		1,612,000
	1,125,000		SYSCO Corp		2.500		07/15/21		1,121,133
	5,150,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		5,218,289
	1,725,000		Walgreens Boots Alliance, Inc		2.600		06/01/21		1,726,872
	5,650,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		5,765,045
	1,350,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		1,316,014
	400,000		Walgreens Boots Alliance, Inc		4.650		06/01/46		397,838
			TOTAL FOOD & STAPLES RETAILING						39,792,954
FOOD, BEVERAGE & TOBACCO - 0.8%
	1,500,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		1,381,408
	3,350,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		3,374,890
	1,575,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,602,799
	7,500,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		7,583,250
	2,525,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		2,726,341
	1,450,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,432,902
	3,225,000		Anheuser-Busch InBev Worldwide, Inc		4.950		01/15/42		3,478,791

10

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,800,000	g	Corp Lindley S.A.		4.625	%	04/12/23	$	1,854,000
	2,675,000	g	Heineken NV		3.500		01/29/28		2,688,942
	1,150,000	g	Heineken NV		4.350		03/29/47		1,152,138
	86,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		87,720
	100,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		102,000
	900,000		Mead Johnson Nutrition Co		3.000		11/15/20		917,271
	4,475,000		PepsiCo, Inc		3.450		10/06/46		4,047,526
	468,000	g	Pernod-Ricard S.A.		5.750		04/07/21		520,493
	1,475,000	g	Pernod-Ricard S.A.		4.250		07/15/22		1,557,967
	200,000		Philip Morris International, Inc		6.375		05/16/38		254,018
	100,000	g	TreeHouse Foods, Inc		6.000		02/15/24		104,750
			TOTAL FOOD, BEVERAGE & TOBACCO						34,867,206
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	500,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		512,500
	775,000		CHS/Community Health Systems		6.250		03/31/23		790,500
	750,000		Covidien International Finance S.A.		3.200		06/15/22		766,585
	2,425,000		Express Scripts Holding Co		3.500		06/15/24		2,388,256
	9,150,000		Express Scripts Holding Co		3.400		03/01/27		8,616,921
	2,200,000		HCA, Inc		6.500		02/15/20		2,407,636
	500,000		HCA, Inc		4.500		02/15/27		500,000
	195,000	g	LifePoint Health, Inc		5.375		05/01/24		198,315
	2,075,000		McKesson Corp		4.883		03/15/44		2,141,456
	4,725,000		Medtronic, Inc		4.625		03/15/45		5,075,104
	700,000	g	New Amethyst Corp		6.250		12/01/24		735,000
	525,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		529,391
	1,475,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		1,503,804
	825,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		826,501
	2,225,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		2,118,231
	2,970,000		Zimmer Holdings, Inc		3.550		04/01/25		2,936,495
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						32,046,695
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	800,000		Ecolab, Inc		1.450		12/08/17		799,121
	375,000		Ecolab, Inc		3.700		11/01/46		339,850
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,138,971
INSURANCE - 1.4%
	3,350,000		ACE INA Holdings, Inc		3.350		05/03/26		3,388,391
	750,000		Aetna, Inc		1.500		11/15/17		749,863
	285,000		Aetna, Inc		6.625		06/15/36		372,207
	1,025,000		Aetna, Inc		4.125		11/15/42		1,008,173
	1,225,000		Allstate Corp		3.150		06/15/23		1,244,515
	975,000		American Financial Group, Inc		3.500		08/15/26		946,396
	1,675,000		American International Group, Inc		2.300		07/16/19		1,681,038
	5,800,000		American International Group, Inc		3.300		03/01/21		5,917,786
	665,000		Aon plc		3.500		06/14/24		663,893
	1,525,000		Aon plc		3.875		12/15/25		1,551,773
	1,800,000		Children’s Hospital Medic		4.268		05/15/44		1,855,926
	500,000		Chubb Corp		6.000		05/11/37		633,226
	235,000		Cigna Corp		5.125		06/15/20		254,826
	2,000,000		Cigna Corp		4.500		03/15/21		2,135,206
	1,100,000		CNA Financial Corp		3.950		05/15/24		1,128,797

11

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,300,000	g	Five Corners Funding Trust		4.419	%	11/15/23	$	2,444,808
	1,550,000		Humana, Inc		3.850		10/01/24		1,586,836
	875,000		Humana, Inc		3.950		03/15/27		894,454
	1,050,000	g	Liberty Mutual Group, Inc		4.250		06/15/23		1,102,575
	1,950,000		Marsh & McLennan Cos, Inc		2.750		01/30/22		1,960,774
	4,400,000		Marsh & McLennan Cos, Inc		3.500		06/03/24		4,489,470
	1,000,000		Mercury General Corp		4.400		03/15/27		997,040
	1,775,000		Principal Financial Group, Inc		3.100		11/15/26		1,728,124
	630,000		Prudential Financial, Inc		7.375		06/15/19		702,336
	1,190,000	g	Prudential Funding LLC		6.750		09/15/23		1,410,328
	1,525,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		1,506,346
	615,000		Travelers Cos, Inc		5.800		05/15/18		643,489
	350,000		Travelers Cos, Inc		3.750		05/15/46		331,561
	1,625,000		UnitedHealth Group, Inc		3.750		07/15/25		1,696,851
	1,500,000		UnitedHealth Group, Inc		3.100		03/15/26		1,485,768
	2,875,000		UnitedHealth Group, Inc		3.450		01/15/27		2,915,624
	4,125,000		UnitedHealth Group, Inc		4.250		04/15/47		4,216,839
	3,000,000		WellPoint, Inc		3.125		05/15/22		3,015,024
	410,000		WR Berkley Corp		5.375		09/15/20		447,169
			TOTAL INSURANCE						57,107,432
MATERIALS - 1.7%
	1,550,000		Agrium, Inc		3.375		03/15/25		1,529,559
	900,000		Agrium, Inc		4.125		03/15/35		862,195
	6,375,000	g	Air Liquide Finance S.A.		1.750		09/27/21		6,149,625
	1,050,000		Albemarle Corp		5.450		12/01/44		1,162,297
	100,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		107,250
	100,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		108,750
	100,000		Alcoa, Inc		5.400		04/15/21		106,330
	125,000		Alcoa, Inc		5.125		10/01/24		129,125
	375,000		Barrick Gold Corp		3.850		04/01/22		392,745
	350,000		Barrick Gold Corp		4.100		05/01/23		375,228
	250,000		Berry Plastics Corp		6.000		10/15/22		264,375
	1,775,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		1,992,272
	450,000		Blue Cube Spinco, Inc		9.750		10/15/23		538,875
	235,000		Blue Cube Spinco, Inc		10.000		10/15/25		283,762
	1,000,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,125,210
	800,000		Corning, Inc		1.450		11/15/17		799,310
	2,125,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		2,134,234
	2,475,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		2,605,647
	1,815,000		Crown Americas LLC		4.500		01/15/23		1,855,837
	335,000		Eastman Chemical Co		5.500		11/15/19		362,952
	1,800,000		Fibria Overseas Finance Ltd		5.500		01/17/27		1,803,870
	325,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		368,875
	4,100,000	g	Georgia-Pacific LLC		2.539		11/15/19		4,132,390
	775,000	g	Glencore Funding LLC		4.125		05/30/23		789,441
	1,300,000	g	Glencore Funding LLC		4.625		04/29/24		1,350,484
	4,125,000	g	Glencore Funding LLC		4.000		03/27/27		4,069,156
	1,450,000		Hexion US Finance Corp		6.625		04/15/20		1,330,375
	3,100,000		International Paper Co		3.000		02/15/27		2,897,409
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,114,378
	1,175,000	g	Klabin Finance S.A.		5.250		07/16/24		1,181,815
	487,000		Lyondell Basell Industries NV		5.000		04/15/19		512,881

12

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	950,000		Newmont Mining Corp		3.500	%	03/15/22	$	976,746
	2,000,000		Newmont Mining Corp		4.875		03/15/42		2,009,652
	1,350,000		Nucor Corp		4.000		08/01/23		1,426,927
	1,025,000		Olin Corp		5.125		09/15/27		1,042,323
	720,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		761,850
	3,950,000		Packaging Corp of America		3.650		09/15/24		3,983,784
	1,125,000		Potash Corp of Saskatchewan, Inc		3.625		03/15/24		1,130,493
	175,000		Rio Tinto Finance USA plc		3.500		03/22/22		182,222
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,124,828
	2,075,000		RPM International, Inc		3.750		03/15/27		2,073,726
	175,000		RPM International, Inc		5.250		06/01/45		189,480
	845,000	g	Sealed Air Corp		5.250		04/01/23		887,250
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,502,255
	1,125,000	g	St. Marys Cement, Inc Canada		5.750		01/28/27		1,121,119
	300,000		Steel Dynamics, Inc		5.125		10/01/21		309,375
	600,000	g	Steel Dynamics, Inc		5.000		12/15/26		607,500
	520,000		Teck Resources Ltd		3.750		02/01/23		505,050
	335,000	g	Univar, Inc		6.750		07/15/23		347,563
	3,075,000		Vulcan Materials Co		3.900		04/01/27		3,105,904
			TOTAL MATERIALS						68,724,699
MEDIA - 1.5%
	4,500,000		21st Century Fox America, Inc		3.000		09/15/22		4,500,891
	110,000		21st Century Fox America, Inc		7.625		11/30/28		145,105
	85,000		21st Century Fox America, Inc		6.550		03/15/33		103,398
	1,330,000		21st Century Fox America, Inc		6.900		08/15/39		1,697,503
	1,400,000		AMC Entertainment, Inc		5.875		02/15/22		1,461,250
	1,700,000		CBS Corp		2.300		08/15/19		1,706,400
	1,100,000		CBS Corp		2.900		01/15/27		1,024,402
	125,000	g	CBS Radio, Inc		7.250		11/01/24		131,250
	1,000,000	g	CCO Holdings LLC		5.875		04/01/24		1,055,000
	2,750,000		Charter Communications Operating LLC		3.579		07/23/20		2,830,088
	5,180,000		Charter Communications Operating LLC		4.464		07/23/22		5,455,058
	8,425,000		Charter Communications Operating LLC		4.908		07/23/25		8,896,193
	1,175,000		Cinemark USA, Inc		4.875		06/01/23		1,187,338
	4,525,000		Comcast Corp		3.200		07/15/36		4,023,037
	285,000	g	CSC Holdings LLC		5.500		04/15/27		289,631
	575,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		626,750
	90,000	g	Gannett Co, Inc		4.875		09/15/21		91,350
	150,000	g	Gannett Co, Inc		5.500		09/15/24		153,563
	550,000	g	Gray Television, Inc		5.875		07/15/26		559,625
	725,000	g	LG FinanceCo Corp		5.875		11/01/24		752,188
	1,375,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		1,376,616
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,478,214
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,178,089
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		127,813
	1,250,000		Outfront Media Capital LLC		5.250		02/15/22		1,293,750
	500,000	g	Sirius XM Radio, Inc		5.375		07/15/26		511,250
	250,000		Time Warner Cable, Inc		5.875		11/15/40		265,327
	4,350,000		Time Warner, Inc		2.100		06/01/19		4,356,569
	5,000,000		Time Warner, Inc		3.600		07/15/25		4,943,325
	3,400,000		Time Warner, Inc		3.800		02/15/27		3,362,552
	475,000	g	Time, Inc		5.750		04/15/22		494,000

13

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,900,000		Viacom, Inc		2.250	%	02/04/22	$	2,788,051
	2,950,000		Viacom, Inc		3.450		10/04/26		2,799,650
	125,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		127,500
	1,850,000		Walt Disney Co		2.450		03/04/22		1,854,046
			TOTAL MEDIA						63,646,772
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.2%
	925,000		Abbott Laboratories		3.875		09/15/25		937,319
	10,750,000		Abbott Laboratories		3.750		11/30/26		10,735,305
	1,200,000		Abbott Laboratories		5.300		05/27/40		1,289,066
	4,325,000		AbbVie, Inc		2.500		05/14/20		4,353,973
	5,475,000		AbbVie, Inc		3.200		05/14/26		5,262,439
	8,125,000		Actavis Funding SCS		3.800		03/15/25		8,183,077
	3,000,000		Actavis Funding SCS		4.550		03/15/35		3,007,491
	2,750,000		Amgen, Inc		1.850		08/19/21		2,670,613
	4,550,000		Amgen, Inc		2.600		08/19/26		4,217,204
	1,650,000		Biogen, Inc		2.900		09/15/20		1,679,250
	3,100,000		Bristol-Myers Squibb Co		3.250		02/27/27		3,092,541
	1,850,000		Celgene Corp		2.875		08/15/20		1,878,053
	2,850,000		Celgene Corp		3.875		08/15/25		2,912,723
	2,275,000		Gilead Sciences, Inc		3.650		03/01/26		2,292,640
	4,825,000		Gilead Sciences, Inc		2.950		03/01/27		4,574,959
	2,950,000		Johnson & Johnson		2.950		03/03/27		2,949,431
	1,175,000		Johnson & Johnson		3.625		03/03/37		1,167,191
	1,000,000		Mylan NV		3.750		12/15/20		1,025,707
	3,925,000		Mylan NV		3.950		06/15/26		3,841,488
	6,100,000		Novartis Capital Corp		3.100		05/17/27		6,065,864
	1,675,000		Novartis Capital Corp		4.000		11/20/45		1,682,273
	3,000,000		Perrigo Finance plc		3.900		12/15/24		2,989,359
	650,000		Perrigo Finance plc		4.900		12/15/44		632,649
	4,975,000		Pfizer, Inc		4.125		12/15/46		4,977,841
	4,875,000	g	Roche Holdings, Inc		2.375		01/28/27		4,591,041
	2,250,000		Teva Pharmaceutical Finance Netherlands III BV		2.200		07/21/21		2,164,752
	1,500,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		1,382,121
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						90,556,370
REAL ESTATE - 1.4%
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		449,795
	675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		673,049
	2,525,000		American Tower Corp		3.300		02/15/21		2,560,216
	975,000		American Tower Corp		3.500		01/31/23		980,637
	600,000		American Tower Corp		4.400		02/15/26		620,625
	1,000,000		American Tower Corp		3.375		10/15/26		953,336
	2,000,000		AvalonBay Communities, Inc		2.900		10/15/26		1,902,776
	1,025,000		AvalonBay Communities, Inc		3.900		10/15/46		957,138
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,121,727
	1,100,000		Brixmor Operating Partnership LP		3.875		08/15/22		1,126,182
	1,550,000		Brixmor Operating Partnership LP		3.250		09/15/23		1,513,873
	2,225,000		Brixmor Operating Partnership LP		3.850		02/01/25		2,195,695
	700,000		Brixmor Operating Partnership LP		4.125		06/15/26		704,343
	630,000		Camden Property Trust		4.625		06/15/21		671,561
	1,650,000		Camden Property Trust		2.950		12/15/22		1,624,961
	2,600,000		Crown Castle International Corp		2.250		09/01/21		2,527,317

14

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	980,000		Crown Castle International Corp		4.875	%	04/15/22	$	1,054,063
	1,000,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		1,047,707
	750,000		DDR Corp		3.625		02/01/25		721,441
	975,000		DDR Corp		4.250		02/01/26		968,909
	2,000,000		Developers Diversified Realty Corp		4.750		04/15/18		2,045,252
	425,000		Duke Realty LP		3.250		06/30/26		411,934
	600,000		Equity One, Inc		3.750		11/15/22		617,069
	850,000		Essex Portfolio LP		3.375		01/15/23		851,380
	500,000		Healthcare Realty Trust, Inc		5.750		01/15/21		547,924
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		324,885
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,658,707
	825,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		836,615
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		676,669
	1,625,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,562,559
	600,000		Highwoods Realty LP		3.875		03/01/27		593,290
	450,000		Host Hotels & Resorts LP		4.500		02/01/26		465,494
	675,000		Kimco Realty Corp		3.400		11/01/22		681,184
	1,400,000		Liberty Property LP		3.250		10/01/26		1,341,830
	1,200,000		Mid-America Apartments LP		4.300		10/15/23		1,266,240
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,221,098
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,077,248
	575,000		National Retail Properties, Inc		3.800		10/15/22		593,566
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,074,790
	625,000		National Retail Properties, Inc		4.000		11/15/25		637,298
	1,850,000		National Retail Properties, Inc		3.600		12/15/26		1,825,021
	1,100,000		Regency Centers LP		3.900		11/01/25		1,119,914
	950,000		Regency Centers LP		3.600		02/01/27		942,462
	1,700,000	g	Trust F/1401		5.250		12/15/24		1,738,250
	400,000		Weingarten Realty Investors		3.375		10/15/22		403,303
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,878,784
	475,000		Weingarten Realty Investors		4.450		01/15/24		497,630
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		1,026,486
	700,000		Weingarten Realty Investors		3.250		08/15/26		667,064
	3,350,000		Welltower, Inc		4.000		06/01/25		3,395,232
			TOTAL REAL ESTATE						56,354,529
RETAILING - 1.1%
	200,000	g	Argos Merger Sub, Inc		7.125		03/15/23		190,000
	175,000		Asbury Automotive Group, Inc		6.000		12/15/24		180,687
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,790,045
	1,025,000		AutoNation, Inc		3.350		01/15/21		1,037,027
	3,200,000		AutoZone, Inc		2.500		04/15/21		3,173,206
	1,100,000		AutoZone, Inc		3.250		04/15/25		1,076,264
	145,000		Dollar Tree, Inc		5.750		03/01/23		154,425
	2,050,000		Enable Midstream Partners LP		4.400		03/15/27		2,034,477
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,164,895
	2,175,000		Home Depot, Inc		3.350		09/15/25		2,236,637
	1,275,000		Home Depot, Inc		3.000		04/01/26		1,272,639
	7,525,000		Home Depot, Inc		2.125		09/15/26		6,981,861
	1,625,000		Home Depot, Inc		3.500		09/15/56		1,414,550
	400,000	g	JC Penney Corp, Inc		5.875		07/01/23		400,000
	625,000		L Brands, Inc		6.875		11/01/35		603,125
	625,000		L Brands, Inc		6.750		07/01/36		595,500

15

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,950,000		Macy’s Retail Holdings, Inc		4.500	%	12/15/34	$	3,433,016
	620,000		Men’s Wearhouse, Inc		7.000		07/01/22		550,250
	6,215,000		O’Reilly Automotive, Inc		3.550		03/15/26		6,198,630
	715,000		Penske Automotive Group, Inc		5.500		05/15/26		700,700
	1,250,000	g	Rolls-Royce plc		2.375		10/14/20		1,245,389
	450,000	g	Rolls-Royce plc		3.625		10/14/25		452,606
	2,975,000		Target Corp		2.500		04/15/26		2,780,039
	2,900,000		Target Corp		3.625		04/15/46		2,616,580
			TOTAL RETAILING						43,282,548
SOFTWARE & SERVICES - 0.7%
	2,325,000	g	Activision Blizzard, Inc		2.300		09/15/21		2,276,249
	2,425,000	g	Activision Blizzard, Inc		3.400		09/15/26		2,367,799
	2,500,000		Fidelity National Information Services, Inc		3.625		10/15/20		2,597,582
	500,000	g	First Data Corp		7.000		12/01/23		536,250
	400,000	g	IMS Health, Inc		5.000		10/15/26		401,500
	14,000,000		Microsoft Corp		2.400		08/08/26		13,237,154
	1,200,000		Microsoft Corp		4.100		02/06/37		1,233,884
	1,750,000		Microsoft Corp		4.250		02/06/47		1,793,281
	325,000		NCR Corp		5.875		12/15/21		338,812
	300,000	g	Open Text Corp		5.625		01/15/23		312,000
	575,000	g	Open Text Corp		5.875		06/01/26		602,313
	3,500,000		Oracle Corp		1.900		09/15/21		3,440,098
	275,000		SS&C Technologies Holdings, Inc		5.875		07/15/23		290,813
	150,000	g	Symantec Corp		5.000		04/15/25		153,499
			TOTAL SOFTWARE & SERVICES						29,581,234
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	2,275,000		Amphenol Corp		3.125		09/15/21		2,321,738
	2,550,000		Apple, Inc		3.350		02/09/27		2,573,807
	1,100,000		Apple, Inc		4.650		02/23/46		1,179,524
	5,100,000	g	Broadcom Corp		3.875		01/15/27		5,132,150
	10,000,000		Cisco Systems, Inc		1.850		09/20/21		9,805,930
	725,000	g	CommScope, Inc		5.000		06/15/21		744,938
	725,000	g	CommScope, Inc		5.500		06/15/24		749,701
	1,575,000	g	Diamond Finance Corp		3.480		06/01/19		1,614,630
	3,375,000	g	Diamond Finance Corp		4.420		06/15/21		3,529,055
	225,000	g	Diamond Finance Corp		5.875		06/15/21		236,543
	225,000	g	Diamond Finance Corp		7.125		06/15/24		248,726
	3,550,000	g	Diamond Finance Corp		6.020		06/15/26		3,877,395
	415,000		General Electric Co		5.250		12/06/17		425,513
	2,075,000	g	Seagate HDD Cayman		4.250		03/01/22		2,054,175
	175,000	g	Sensata Technologies BV		5.625		11/01/24		182,438
	2,793,000		Tyco Electronics Group S.A.		2.375		12/17/18		2,817,673
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		3,090,720
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		536,401
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						41,121,057
TELECOMMUNICATION SERVICES - 1.4%
	1,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		1,005,555
	2,150,000		AT&T, Inc		4.600		02/15/21		2,287,333
	3,050,000		AT&T, Inc		4.450		04/01/24		3,188,321
	7,750,000		AT&T, Inc		3.400		05/15/25		7,499,055

16

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,300,000		AT&T, Inc		4.500	%	05/15/35	$	2,164,613
	2,075,000		AT&T, Inc		5.250		03/01/37		2,113,340
	1,175,000		AT&T, Inc		4.750		05/15/46		1,099,851
	2,075,000		AT&T, Inc		5.450		03/01/47		2,112,701
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,575,559
	15,000,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		14,488,410
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		920,026
	2,000,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		2,023,542
	750,000	g,q	Oi S.A.		5.750		02/10/22		240,000
	500,000		Orange S.A.		5.500		02/06/44		568,333
	675,000		Telefonica Emisiones SAU		4.103		03/08/27		679,376
	1,900,000		T-Mobile USA, Inc		6.731		04/28/22		1,968,970
	425,000		T-Mobile USA, Inc		6.375		03/01/25		457,937
	2,000,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,924,270
	925,000		Verizon Communications, Inc		3.450		03/15/21		949,993
	1,150,000		Verizon Communications, Inc		4.150		03/15/24		1,193,005
	11,097,000		Verizon Communications, Inc		4.272		01/15/36		10,246,204
	875,000		Verizon Communications, Inc		4.125		08/15/46		754,784
			TOTAL TELECOMMUNICATION SERVICES						59,461,178
TRANSPORTATION - 0.9%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		2,023,002
	1,635,000	g	Asciano Finance Ltd		5.000		04/07/18		1,673,916
	2,050,000		Burlington Northern Santa Fe LLC		4.125		06/15/47		2,043,573
	2,350,000		Canadian Pacific Railway Co		2.900		02/01/25		2,304,079
	5,775,000		CSX Corp		3.800		11/01/46		5,263,895
	3,475,000		Delta Air Lines, Inc		3.625		03/15/22		3,546,904
	1,400,000		FedEx Corp		3.250		04/01/26		1,387,354
	4,240,000		GATX Corp		2.500		03/15/19		4,276,015
	1,175,000		GATX Corp		5.200		03/15/44		1,198,890
	6,000,000		Kansas City Southern		2.350		05/15/20		5,943,792
	1,400,000		Kansas City Southern		4.950		08/15/45		1,408,166
	375,000		Northrop Grumman Corp		1.750		06/01/18		375,603
	1,975,000	g	Transnet SOC Ltd		4.000		07/26/22		1,891,124
	1,750,000	g	TTX Co		3.600		01/15/25		1,767,131
			TOTAL TRANSPORTATION						35,103,444
UTILITIES - 4.6%
	1,000,000	g	AEP Transmission Co LLC		3.100		12/01/26		987,221
	1,000,000	g	AEP Transmission Co LLC		4.000		12/01/46		995,144
	73,000	i	AES Corp		4.055		06/01/19		73,000
	485,000		AES Corp		7.375		07/01/21		548,050
	1,000,000		AES Corp		4.875		05/15/23		995,000
	2,075,000		AGL Capital Corp		3.875		11/15/25		2,111,790
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,229,044
	725,000		Alabama Power Co		4.150		08/15/44		724,546
	2,000,000		American Electric Power Co, Inc		2.950		12/15/22		2,009,914
	1,650,000		American Water Capital Corp		3.000		12/01/26		1,607,682
	1,400,000		American Water Capital Corp		4.000		12/01/46		1,420,257
	500,000	g	APT Pipelines Ltd		4.250		07/15/27		504,175
	775,000		Atmos Energy Corp		8.500		03/15/19		870,500
	1,075,000		Black Hills Corp		4.250		11/30/23		1,132,077
	850,000		Black Hills Corp		3.150		01/15/27		809,573

17

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,515,000		Carolina Power & Light Co		5.300	%	01/15/19	$	1,610,051
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		167,326
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		761,024
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,126,120
	1,500,000	g	Comision Federal de Electricidad		4.750		02/23/27		1,503,750
	395,000		Commonwealth Edison Co		5.900		03/15/36		486,349
	415,000		Connecticut Light & Power Co		5.500		02/01/19		441,383
	1,850,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		1,965,716
	1,750,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		1,680,343
	1,200,000		Consolidated Edison, Inc		2.000		05/15/21		1,178,682
	1,550,000		Dominion Resources, Inc		2.000		08/15/21		1,503,675
	2,825,000		Dominion Resources, Inc		4.700		12/01/44		2,910,787
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		277,703
	3,050,000		Duke Energy Corp		1.800		09/01/21		2,945,803
	4,575,000		Duke Energy Corp		2.650		09/01/26		4,245,325
	3,125,000		Duke Energy Corp		3.750		09/01/46		2,816,134
	8,451,639		Duke Energy Florida Project Finance LLC		1.196		03/01/20		8,399,467
	5,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		4,853,845
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		684,891
	3,400,000	g	Electricite de France S.A.		2.350		10/13/20		3,397,759
	1,500,000	g,i	Electricite de France S.A.		5.625		12/30/49		1,471,875
	2,550,000		Energy Transfer Partners LP		4.050		03/15/25		2,525,698
	4,775,000		Energy Transfer Partners LP		4.750		01/15/26		4,913,446
	1,375,000		Energy Transfer Partners LP		5.950		10/01/43		1,423,297
	1,575,000		Energy Transfer Partners LP		5.150		03/15/45		1,481,143
	3,450,000		Enersis Americas S.A.		4.000		10/25/26		3,417,225
	1,175,000		EnLink Midstream Partners LP		4.850		07/15/26		1,212,343
	1,000,000		EnLink Midstream Partners LP		5.050		04/01/45		941,426
	4,994,000		Entergy Corp		4.000		07/15/22		5,230,386
	3,075,000		Entergy Corp		2.950		09/01/26		2,917,741
	3,300,000	g	Equate Petrochemical BV		3.000		03/03/22		3,224,100
	1,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		1,606,859
	2,975,000		Exelon Generation Co LLC		3.400		03/15/22		2,998,901
	1,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		1,298,877
	4,650,000	g	Fortis, Inc		3.055		10/04/26		4,362,751
	2,050,000		Great Plains Energy, Inc		3.900		04/01/27		2,066,851
	630,000		Indiana Michigan Power Co		7.000		03/15/19		689,401
	900,000		Indiana Michigan Power Co		4.550		03/15/46		950,368
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		586,402
	1,350,000		Interstate Power & Light Co		3.700		09/15/46		1,258,926
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		214,177
	775,000		Kinder Morgan, Inc		9.000		02/01/19		866,865
	535,000		Kinder Morgan, Inc		5.300		12/01/34		538,466
	1,331,000		Kinder Morgan, Inc		5.000		03/01/43		1,263,054
	1,250,000		Kinder Morgan, Inc		5.400		09/01/44		1,235,704
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,181,065
	1,000,000	g	Listrindo Capital BV		4.950		09/14/26		975,000
	925,000		MidAmerican Energy Co		4.250		05/01/46		954,689
	2,250,000		MPLX LP		4.500		07/15/23		2,339,735
	945,000		MPLX LP		4.000		02/15/25		936,411
	1,175,000		MPLX LP		4.125		03/01/27		1,168,260
	1,225,000		MPLX LP		5.200		03/01/47		1,232,335
	630,000		Nevada Power Co		6.500		08/01/18		669,749

18

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	700,000		NiSource Finance Corp		4.800	%	02/15/44	$	735,625
	1,025,000		Northeast Utilities		1.450		05/01/18		1,021,184
	1,500,000	g	Novolipetsk Steel via Steel Funding Ltd		4.500		06/15/23		1,524,579
	1,450,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,457,320
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		205,046
	1,150,000		Pacific Gas & Electric Co		4.600		06/15/43		1,228,525
	2,750,000		Pacific Gas & Electric Co		4.250		03/15/46		2,814,103
	1,675,000		Pacific Gas & Electric Co		4.000		12/01/46		1,653,952
	1,800,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,912,792
	1,075,000		Phillips 66 Partners LP		3.550		10/01/26		1,026,677
	950,000		Phillips 66 Partners LP		4.900		10/01/46		904,251
	135,000		Potomac Electric Power Co		7.900		12/15/38		199,379
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		4,077,453
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,024,016
	565,000		Progress Energy, Inc		7.050		03/15/19		617,175
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,907,199
	440,000		Public Service Electric & Gas Co		5.300		05/01/18		457,907
	700,000		Public Service Electric & Gas Co		3.800		03/01/46		691,384
	1,785,000	g	Rumo Luxembourg Sarl		7.375		02/09/24		1,838,550
	1,150,000		Sempra Energy		2.875		10/01/22		1,145,377
	8,500,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		8,116,327
	1,750,000		Southern Co		4.400		07/01/46		1,672,143
	1,175,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,070,114
	4,950,000		Southern Power Co		2.500		12/15/21		4,837,388
	1,925,000		Southern Power Co		4.150		12/01/25		1,989,164
	1,350,000		Spectra Energy Partners LP		3.375		10/15/26		1,284,950
	2,025,000		Spectra Energy Partners LP		4.500		03/15/45		1,891,287
	2,000,000	g	Suzano Austria GmbH		5.750		07/14/26		2,037,000
	1,650,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		1,581,525
	550,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		554,125
	950,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		979,030
	845,000		Virginia Electric & Power Co		2.950		01/15/22		860,785
	2,075,000		Virginia Electric & Power Co		3.500		03/15/27		2,117,428
	2,350,000		Virginia Electric & Power Co		4.000		11/15/46		2,310,807
	425,000		Western Gas Partners LP		4.000		07/01/22		436,398
	1,434,000		Western Gas Partners LP		3.950		06/01/25		1,419,421
	3,550,000		Western Gas Partners LP		4.650		07/01/26		3,655,833
	925,000		Western Gas Partners LP		5.450		04/01/44		949,969
	850,000		Williams Partners LP		3.600		03/15/22		862,127
	825,000		Williams Partners LP		4.500		11/15/23		863,373
	625,000		Williams Partners LP		4.900		01/15/45		601,386
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		990,023
	1,800,000		Xcel Energy, Inc		3.350		12/01/26		1,799,541
	470,000		Xcel Energy, Inc		4.800		09/15/41		481,783
			TOTAL UTILITIES						189,932,053
			TOTAL CORPORATE BONDS						1,461,601,270
			(Cost $1,461,193,608)
GOVERNMENT BONDS - 33.6%
AGENCY SECURITIES - 0.6%
	2,872,676		AMAL Ltd		3.465		08/21/21		2,958,173

19

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,500,000		Amber Circle Funding Ltd		3.250	%	12/04/22	$	4,540,000
	10,325,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		10,472,771
	200,625		Totem Ocean Trailer Express, Inc		4.514		12/18/19		206,805
	1,720,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,758,786
	3,500,000		Tunisia Government AID Bonds		1.416		08/05/21		3,398,066
			TOTAL AGENCY SECURITIES						23,334,601
FOREIGN GOVERNMENT BONDS - 3.8%
	2,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		1,999,918
	2,200,000	g	Argentine Republic Government International Bond		5.625		01/26/22		2,252,800
	1,065,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		1,021,520
	1,500,000	g	Bermuda Government International Bond		4.854		02/06/24		1,579,995
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,320,728
	2,075,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		2,054,250
BRL	4,650,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,495,015
$	1,670,000		Brazilian Government International Bond		7.125		01/20/37		1,895,450
	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,486,555
	2,575,000		Colombia Government International Bond		2.625		03/15/23		2,475,219
	1,000,000		Colombia Government International Bond		4.500		01/28/26		1,055,000
	1,350,000		Colombia Government International Bond		6.125		01/18/41		1,539,000
	1,825,000		Colombia Government International Bond		5.000		06/15/45		1,830,475
	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,543,750
	2,900,000	g	Croatia Government International Bond		6.375		03/24/21		3,210,880
	2,425,000	g	Ecuador Government International Bond		9.650		12/13/26		2,509,875
	2,225,000	g	Egypt Government International Bond		6.125		01/31/22		2,315,433
	725,000	g	El Salvador Government International Bond		8.625		02/28/29		748,562
	395,000		European Investment Bank		4.875		02/15/36		490,874
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,501,740
	1,100,000	g	Export-Import Bank of India		3.375		08/05/26		1,052,898
	5,900,000		Export-Import Bank of Korea		2.250		01/21/20		5,892,737
	1,375,000		Export-Import Bank of Korea		2.625		05/26/26		1,317,363
	850,000	g	Guatemala Government International Bond		4.500		05/03/26		846,965
	760,000	g	Honduras Government International Bond		7.500		03/15/24		835,050
	600,000	g	Honduras Government International Bond		6.250		01/19/27		607,272
	1,500,000	g	Indonesia Government International Bond		4.125		01/15/25		1,540,558
	900,000	g	Indonesia Government International Bond		5.125		01/15/45		958,522
	1,205,000		Italy Government International Bond		6.875		09/27/23		1,399,144
	833,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		773,569
	1,525,000		Jamaica Government International Bond		8.000		03/15/39		1,747,086
	2,500,000		Japan Bank for International Cooperation		2.375		04/20/26		2,397,022
	1,280,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		1,259,680
	3,050,000	g	Kazakhstan Government International Bond		6.500		07/21/45		3,615,775
	3,000,000	g,i	Kommunalbanken AS.		1.232		02/20/18		3,004,170
	1,150,000	g	Kommunalbanken AS.		1.375		10/26/20		1,126,561
	1,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		1,005,997
	750,000		Korea Development Bank		2.500		03/11/20		752,921
	1,500,000		Korea Development Bank		3.000		01/13/26		1,491,418
	1,650,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,593,718
	3,550,000	g	Kuwait International Government Bond		2.750		03/20/22		3,558,978
	2,698,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		2,598,665
	1,000,000	g	Lithuania Government International Bond		6.625		02/01/22		1,172,272
MXN	19,270,000		Mexican Bonos		8.000		12/07/23		1,084,898
	39,000,000		Mexican Bonos		10.000		11/20/36		2,632,684

20

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,800,000		Mexico Government International Bond		4.000	%	10/02/23	$	1,854,000
	2,200,000		Mexico Government International Bond		4.150		03/28/27		2,238,500
	3,550,000		Mexico Government International Bond		4.750		03/08/44		3,452,375
	1,275,000	g	Mongolia Government International Bond		8.750		03/09/24		1,391,814
	1,400,000	g	Morocco Government International Bond		5.500		12/11/42		1,491,424
	700,000	g	Municipality Finance plc		1.125		09/16/19		689,396
	3,050,000	g	Nacional Financiera SNC		3.375		11/05/20		3,094,225
	2,825,000	g	Namibia Government International Bond		5.250		10/29/25		2,849,089
	1,050,000	g	Nigeria Government International Bond		7.875		02/16/32		1,094,625
	1,850,000	g	Oman Government International Bond		6.500		03/08/47		1,958,266
	1,950,000		Panama Government International Bond		6.700		01/26/36		2,457,000
	540,000	g	Paraguay Government International Bond		4.700		03/27/27		546,750
	1,500,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		1,504,125
PEN	2,768,000	g	Peruvian Government International Bond		8.200		08/12/26		1,004,375
	5,784,000	g	Peruvian Government International Bond		6.350		08/12/28		1,809,893
$	1,300,000		Peruvian Government International Bond		8.750		11/21/33		1,966,250
	850,000		Peruvian Government International Bond		5.625		11/18/50		1,012,562
	1,050,000		Poland Government International Bond		5.000		03/23/22		1,152,883
	620,000		Province of Quebec Canada		7.500		09/15/29		880,420
	2,700,000	g	Provincia de Buenos Aires		7.875		06/15/27		2,734,290
	1,500,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		1,567,725
	900,000	g	Republic of Angola		9.500		11/12/25		928,219
	1,500,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		1,509,906
	1,200,000	g	Republic of Ghana		7.875		08/07/23		1,161,365
	1,400,000	g	Republic of Paraguay		6.100		08/11/44		1,501,500
	1,600,000	g	Republic of Serbia		4.875		02/25/20		1,658,413
	1,000,000	g	Republic of Serbia		7.250		09/28/21		1,140,013
RUB	65,000,000		Russian Federal Bond - OFZ		7.000		01/25/23		1,111,956
	38,000,000		Russian Federal Bond - OFZ		7.000		08/16/23		646,042
$	2,500,000	g	Saudi Government International Bond		3.250		10/26/26		2,430,000
	2,000,000		South Africa Government International Bond		5.875		09/16/25		2,149,800
	400,000		South Africa Government International Bond		4.300		10/12/28		375,560
	2,325,000	g,h	Southern Gas Corridor CJSC		6.875		03/24/26		2,551,687
	1,500,000	g	Sri Lanka Government International Bond		5.750		01/18/22		1,541,318
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,606,112
	2,800,000	g	Trinidad & Tobago Government International Bond		4.500		08/04/26		2,780,652
	5,400,000		Turkey Government International Bond		3.250		03/23/23		4,950,461
	275,000		Turkey Government International Bond		5.750		03/22/24		285,232
	1,750,000		Turkey Government International Bond		6.000		03/25/27		1,820,457
	250,000		Turkey Government International Bond		6.875		03/17/36		271,553
	1,500,000		Turkey Government International Bond		6.625		02/17/45		1,595,856
	1,025,000		Uruguay Government International Bond		4.375		10/27/27		1,070,100
	2,000,000		Uruguay Government International Bond		5.100		06/18/50		1,925,000
	2,000,000	g	Zambia Government International Bond		8.500		04/14/24		2,054,038
	400,000	g	Zambia Government International Bond		8.970		07/30/27		418,000
			TOTAL FOREIGN GOVERNMENT BONDS						155,826,189
MORTGAGE BACKED - 15.8%
	6,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.500		03/15/28		6,190,314
	10,100,000		FHLMC		3.500		08/15/43		10,574,693
	6,256,312		FHLMC		3.500		07/15/46		1,297,385
	3,677		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		3,835
	4,175,516		FGLMC		3.500		03/01/27		4,354,230

21

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	186		FGLMC		6.500	%	10/01/28	$	207
	5,453		FGLMC		6.500		01/01/29		6,067
	1,638		FGLMC		6.500		03/01/29		1,839
	25,708		FGLMC		6.500		07/01/29		28,603
	1,070		FGLMC		8.000		01/01/31		1,217
	8,868		FGLMC		6.500		09/01/31		10,235
	28,464		FGLMC		8.000		09/01/31		32,459
	119,910		FGLMC		7.000		12/01/31		134,884
	126,517		FGLMC		4.500		07/01/33		136,123
	403,936		FGLMC		5.000		09/01/33		449,029
	163,849		FGLMC		5.500		09/01/33		185,805
	171,912		FGLMC		5.500		09/01/33		194,781
	252,745		FGLMC		5.500		10/01/33		285,872
	344,684		FGLMC		5.500		12/01/33		387,232
	856,169		FGLMC		7.000		12/01/33		1,003,494
	194,135		FGLMC		5.000		01/01/34		213,874
	281,386		FGLMC		4.500		04/01/35		302,494
	288,051		FGLMC		7.000		05/01/35		333,216
	47,794		FGLMC		5.000		02/01/36		52,178
	1,334		FGLMC		6.500		05/01/36		1,484
	233,093		FGLMC		5.000		04/01/38		256,011
	211,454		FGLMC		5.000		07/01/39		230,306
	2,331,765	w	FGLMC		4.500		11/01/40		2,533,974
	2,582,603	w	FGLMC		4.500		12/01/40		2,807,091
	246,078		FGLMC		4.500		11/01/44		268,679
	293,432		FGLMC		4.500		11/01/44		320,257
	110,022		FGLMC		4.500		12/01/44		118,799
	199,376		FGLMC		4.500		12/01/44		217,679
	1,684,989		FGLMC		3.500		04/01/45		1,733,797
	15,135,465		FGLMC		3.500		10/01/45		15,562,766
	12,898,153		FGLMC		4.000		12/01/45		13,637,986
	4,298,831		FGLMC		3.500		03/01/46		4,416,869
	1,864,283		FGLMC		4.000		05/01/46		1,970,650
	35,295,885		FGLMC		3.500		08/01/46		36,265,086
	504		Federal National Mortgage Association (FNMA)		8.000		07/01/24		580
	349		FNMA		7.500		01/01/29		389
	1,118		FNMA		6.500		04/01/29		1,243
	10,053		FNMA		7.500		07/01/29		10,335
	514		FNMA		7.500		02/01/31		532
	1,933		FNMA		7.500		03/01/31		2,195
	708		FNMA		7.500		05/01/31		715
	212,882		FNMA		2.500		07/01/31		213,155
	5,244,046		FNMA		2.500		07/01/31		5,250,782
	1,264,155		FNMA		2.500		08/01/31		1,265,780
	713		FNMA		6.500		09/01/31		793
	501,013		FNMA		2.500		10/01/31		501,658
	148,344		FNMA		2.500		10/01/31		148,560
	313,508		FNMA		2.500		11/01/31		313,916
	365,292		FNMA		2.500		11/01/31		365,817
	102,426		FNMA		2.500		11/01/31		102,559
	199,558		FNMA		2.500		11/01/31		199,818
	416,750		FNMA		2.500		11/01/31		417,287

22

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,291		FNMA		6.500	%	11/01/31	$	10,708
	188,982		FNMA		2.500		12/01/31		189,254
	615,994		FNMA		2.500		12/01/31		616,796
	800,909		FNMA		2.500		12/01/31		801,951
	142,083		FNMA		2.500		12/01/31		142,290
	283,996		FNMA		2.500		12/01/31		284,365
	11,731,151		FNMA		2.500		01/01/32		11,742,775
	5,972,633		FNMA		3.500		02/01/32		6,240,684
	18,000,000	h	FNMA		3.000		05/25/32		18,426,093
	150,266		FNMA		6.500		07/01/32		174,741
	2,021,192		FNMA		5.000		06/01/33		2,216,627
	3,448,253		FNMA		5.000		10/01/33		3,779,615
	1,523,744		FNMA		5.500		03/01/34		1,706,317
	20,303		FNMA		6.000		11/01/34		22,920
	2,016,595		FNMA		5.000		05/01/35		2,206,345
	1,499,943		FNMA		5.000		10/01/35		1,641,016
	6,795		FNMA		5.000		11/01/35		7,029
	798,479		FNMA		5.000		02/01/36		873,576
	583,331		FNMA		5.500		08/01/37		653,224
	194,182		FNMA		6.000		09/01/37		225,061
	1,457,927		FNMA		5.500		04/01/38		1,625,752
	785,463		FNMA		5.500		11/01/38		910,073
	45,132		FNMA		4.500		04/01/39		49,256
	814,195		FNMA		4.500		05/01/39		881,681
	117,282		FNMA		4.000		07/01/39		124,086
	618,169		FNMA		5.500		08/01/39		697,011
	67,377		FNMA		4.500		02/01/40		73,540
	1,873,744		FNMA		4.500		03/01/40		2,027,562
	477,795		FNMA		5.000		08/01/40		522,724
	1,027,178		FNMA		5.000		09/01/40		1,122,685
	20,413		FNMA		6.000		10/01/40		23,076
	191,725		FNMA		4.500		11/01/40		209,811
	315,358		FNMA		4.500		01/01/41		345,142
	1,920,166		FNMA		4.500		01/01/41		2,075,670
	4,833,709		FNMA		4.500		01/01/41		5,241,797
	271,227		FNMA		4.500		02/01/41		296,844
	1,279,100		FNMA		5.000		05/01/41		1,399,795
	339,504		FNMA		4.500		06/01/41		371,106
	311,849		FNMA		4.500		06/01/41		341,305
	1,398,845		FNMA		5.000		07/01/41		1,531,828
	821,627		FNMA		4.500		09/01/41		888,100
	314,520		FNMA		4.500		12/01/41		343,796
	7,576,441		FNMA		5.500		12/01/41		8,689,003
	728,165		FNMA		4.500		01/01/42		789,115
	343,920		FNMA		4.500		01/01/42		375,934
	293,702		FNMA		4.500		03/01/42		321,042
	6,003,024		FNMA		3.000		03/25/42		6,112,011
	1,139,773		FNMA		4.500		04/01/42		1,226,791
	300,784		FNMA		4.500		04/01/42		327,238
	389,731		FNMA		4.500		06/01/42		426,010
	1,004,556		FNMA		4.500		06/01/42		1,081,332
	5,023,986		FNMA		3.000		06/25/42		5,112,688

23

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	287,890		FNMA		4.500	%	07/01/42	$	314,688
	1,810,589		FNMA		4.500		08/01/42		1,960,093
	35,327		FNMA		3.000		10/01/42		35,234
	310,721		FNMA		3.000		10/01/42		309,903
	5,636,701		FNMA		3.500		11/25/42		1,140,104
	4,125,615	w	FNMA		3.000		01/01/43		4,114,775
	5,199,407	w	FNMA		3.000		02/01/43		5,185,715
	3,590,478		FNMA		3.000		02/25/43		3,655,645
	2,056		FNMA		3.000		04/01/43		2,051
	3,555,096		FNMA		3.000		08/25/43		3,633,337
	1,794,412		FNMA		4.500		10/01/43		1,940,517
	2,395,156		FNMA		4.000		04/01/44		2,534,278
	764,256		FNMA		4.000		06/01/44		808,574
	963,176		FNMA		4.000		06/01/44		1,018,746
	1,845,917		FNMA		4.500		06/01/44		2,011,153
	6,614,435		FNMA		4.500		06/01/44		7,205,538
	268,714		FNMA		4.000		07/01/44		284,308
	926,749		FNMA		4.000		07/01/44		980,537
	1,626,749		FNMA		4.000		08/01/44		1,721,126
	361,131		FNMA		4.000		08/01/44		381,857
	1,249,169		FNMA		4.000		08/01/44		1,321,652
	2,796,835		FNMA		4.000		08/01/44		2,959,157
	4,097,888		FNMA		4.500		08/01/44		4,463,875
	228,859		FNMA		4.000		09/01/44		242,582
	249,440		FNMA		4.000		09/01/44		264,215
	989,686		FNMA		4.000		10/01/44		1,048,956
	5,364,567		FNMA		4.500		10/01/44		5,877,213
	4,032,111		FNMA		4.500		11/01/44		4,417,173
	2,515,938		FNMA		4.000		12/01/44		2,666,622
	1,546,136		FNMA		4.000		12/01/44		1,625,754
	901,307		FNMA		4.500		12/01/44		987,157
	1,984,452		FNMA		4.000		01/01/45		2,103,358
	292,946		FNMA		3.500		03/01/45		300,963
	506,192		FNMA		3.500		03/01/45		520,588
	3,934,365		FNMA		3.500		05/01/45		4,052,703
	568,966		FNMA		4.000		05/01/45		603,066
	1,243,445		FNMA		4.000		06/01/45		1,317,982
	6,165,851		FNMA		4.000		07/01/45		6,516,275
	2,463,257		FNMA		4.000		08/01/45		2,586,079
	834,563		FNMA		4.000		08/01/45		884,598
	15,528,056		FNMA		4.000		09/01/45		16,454,327
	1,829,197		FNMA		4.000		11/01/45		1,938,971
	952,457		FNMA		4.000		12/01/45		1,009,647
	2,761,354		FNMA		4.000		12/01/45		2,914,286
	8,655,842		FNMA		3.500		01/01/46		8,894,297
	7,986,759		FNMA		4.000		01/01/46		8,443,765
	3,889,964		FNMA		3.500		02/01/46		3,988,730
	6,833,294		FNMA		3.500		06/01/46		7,021,853
	1,861,178		FNMA		3.500		10/25/46		531,081
	22,096,621		FNMA		3.000		11/01/46		21,928,747
	24,033,290		FNMA		3.000		12/01/46		23,850,702
	9,446,965		FNMA		3.500		02/01/47		9,669,649
	3,000,000	h	FNMA		3.000		04/25/47		2,975,156

24

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,000,000	h	FNMA		3.500	%	04/25/47	$	3,068,906
	4,000,000	h	FNMA		4.000		04/25/47		4,195,625
	11,000,000	h	FNMA		4.500		04/25/47		11,795,352
	7,000,000	h	FNMA		3.000		05/25/47		6,928,907
	22,000,000	h	FNMA		3.500		05/25/47		22,457,189
	29,000,000	h	FNMA		4.000		05/25/47		30,359,373
	24,000,000	h	FNMA		3.500		06/25/47		24,446,251
	12,000,000	h	FNMA		4.000		06/25/47		12,534,974
	13,000,000	h	FNMA		4.500		06/25/47		13,891,211
	78		Government National Mortgage Association (GNMA)		7.000		01/15/28		86
	1,532		GNMA		7.000		02/15/28		1,567
	540		GNMA		7.000		06/15/28		554
	738		GNMA		7.000		06/15/28		799
	2,413		GNMA		6.500		09/15/28		2,736
	1,133		GNMA		6.500		09/15/28		1,285
	5,249		GNMA		6.500		11/15/28		5,951
	2,806		GNMA		7.500		11/15/28		3,120
	531		GNMA		8.500		07/15/30		533
	15,995		GNMA		8.500		10/15/30		16,901
	8,027		GNMA		8.500		10/20/30		9,481
	927		GNMA		8.500		12/15/30		1,151
	1,544		GNMA		7.000		06/20/31		1,827
	3,644		GNMA		7.000		07/15/31		4,009
	3,483		GNMA		7.000		07/15/31		3,645
	450		GNMA		6.500		03/15/33		511
	85,604		GNMA		5.500		07/15/33		96,578
	314,028		GNMA		5.500		09/15/33		363,186
	88,014		GNMA		5.500		02/20/35		98,826
	501,584		GNMA		5.500		05/20/35		562,332
	149,096		GNMA		5.500		02/20/36		165,607
	24,076		GNMA		6.000		10/20/36		28,194
	26,664		GNMA		6.000		01/20/37		30,626
	92,399		GNMA		6.000		02/20/37		105,646
	25,557		GNMA		5.500		07/15/38		28,525
	160,880		GNMA		5.500		07/20/38		177,920
	61,752		GNMA		6.000		08/20/38		70,047
	81,211		GNMA		6.500		11/20/38		92,454
	13,637		GNMA		4.500		02/20/39		14,886
	658,636		GNMA		5.000		06/15/39		735,522
	1,398,865		GNMA		4.500		09/20/39		1,520,794
	19,035		GNMA		4.500		08/20/41		20,463
	66,747		GNMA		4.500		09/20/41		72,891
	7,748,939		GNMA		3.500		10/20/42		1,494,930
	14,207		GNMA		4.500		01/20/44		15,464
	17,590		GNMA		4.500		02/20/44		19,202
	28,309		GNMA		4.500		05/20/44		30,904
	214,495		GNMA		4.500		05/20/44		234,183
	212,337		GNMA		4.500		08/20/44		231,773
	214,698		GNMA		4.500		09/20/44		234,311
	76,549		GNMA		4.500		10/20/44		83,314
	68,884		GNMA		4.500		11/20/44		74,956
	144,898		GNMA		4.500		12/20/44		158,175
	214,656		GNMA		4.500		02/20/45		234,279

25

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	273,769		GNMA		4.500	%	08/20/45	$	298,957
	235,965		GNMA		4.500		08/20/45		257,687
	236,712		GNMA		4.500		12/20/45		258,495
	9,055,929		GNMA		3.500		11/20/46		1,841,615
	36,828,562		GNMA		3.000		01/20/47		37,194,899
	18,923,903		GNMA		3.500		01/20/47		19,641,716
	32,000,000	h	GNMA		3.500		03/20/47		33,213,811
	3,000,000	h	GNMA		3.000		04/20/47		3,026,250
	3,000,000	h	GNMA		3.500		04/20/47		3,110,273
	7,000,000	h	GNMA		4.000		05/20/47		7,380,488
			TOTAL MORTGAGE BACKED						649,414,286
MUNICIPAL BONDS - 5.4%
	28,410,000		California State University		3.899		11/01/47		28,138,968
	2,500,000		Commonwealth of Massachusetts		3.277		06/01/46		2,289,200
	1,875,000		County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,814,213
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,448,955
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,438,410
	3,500,000		County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,352,615
	3,500,000		County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,324,475
	2,500,000		County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,363,200
	4,265,000		Denver City & County School District No. 1		3.598		12/15/27		4,382,074
	15,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		15,118,800
	8,840,000		Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		8,548,722
	1,870,000		Imperial Irrigation District Electric System Revenue		0.995		11/01/17		1,865,549
	1,890,000		Imperial Irrigation District Electric System Revenue		1.095		11/01/18		1,878,358
	5,265,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,175,390
	2,350,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,273,601
	1,000,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		976,370
	4,805,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,402,629
	6,000,000		New York State Dormitory Authority		3.879		07/01/46		5,644,320
	10,000,000		Ohio State University		3.798		12/01/46		9,815,400
	7,500,000		Port of Morrow OR		1.582		09/01/20		7,412,325
	5,000,000		Port of Morrow OR		1.782		09/01/21		4,910,750
	1,000,000		Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		957,780
	1,000,000		Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		960,540
	1,250,000		Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,181,113
	1,785,000		Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,682,987
	1,600,000		Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,509,552
	700,000		Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		657,412

26

TIAA-CREF FUNDS - Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	905,000	Regents of the University of California Medical Center Pooled Revenue		2.759	%	05/15/29	$	846,374
	4,500,000	San Francisco City & County Redevelopment Agency		2.526		08/01/20		4,532,490
	5,000,000	San Francisco City & County Redevelopment Agency		2.813		08/01/21		5,032,500
	875,000	San Francisco City & County Redevelopment Agency		3.113		08/01/22		881,711
	4,500,000	South Carolina Public Service Authority		2.388		12/01/23		4,129,155
	3,460,000	State of Georgia		1.910		02/01/23		3,343,848
	1,200,000	State of Illinois		5.665		03/01/18		1,231,812
	8,800,000	State of Illinois		4.350		06/01/18		8,887,472
	1,845,000	State of Illinois		4.700		01/01/21		1,857,232
	13,000,000	State of Michigan		1.779		11/01/21		12,689,820
	7,000,000	State of Michigan		1.966		11/01/22		6,797,420
	1,763,000	State Public School Building Authority		5.000		09/15/27		1,880,328
	7,500,000	Texas A&M University		3.993		05/15/37		7,597,800
	640,000	Texas Public Finance Authority		5.250		07/01/17		640,077
	2,500,000	University of California		0.993		05/15/18		2,491,375
	1,185,000	University of California		1.228		05/15/19		1,173,719
	1,920,000	University of California		1.534		05/15/20		1,901,165
	1,000,000	University of California		1.784		05/15/21		986,460
	15,000,000	University of California		1.910		05/15/21		14,766,150
	3,000,000	University of California		2.020		05/15/22		2,953,980
	3,000,000	University of California		2.220		05/15/23		2,917,200
	2,000,000	University of California		2.439		05/15/24		1,941,580
	2,000,000	University of California		2.589		05/15/25		1,940,720
	6,635,000	University of California		3.552		05/15/39		6,202,995
		TOTAL MUNICIPAL BONDS						221,147,091
U.S. TREASURY SECURITIES - 8.0%
	2,560,000	United States Treasury Bond		5.250		11/15/28		3,270,700
	5,000,000	United States Treasury Bond		4.500		02/15/36		6,339,650
	2,250,000	United States Treasury Bond		4.750		02/15/37		2,936,952
	61,050,000	United States Treasury Bond		3.500		02/15/39		67,171,667
	16,015,000	United States Treasury Bond		3.875		08/15/40		18,509,208
	18,380,000	United States Treasury Bond		2.500		05/15/46		16,454,401
	45,920,000	United States Treasury Bond		2.875		11/15/46		44,538,818
	16,700,000	United States Treasury Bond		3.000		02/15/47		16,631,497
	2,900,000	United States Treasury Note		0.875		05/31/18		2,891,616
	1,600,000	United States Treasury Note		0.750		08/31/18		1,590,813
	4,375,000	United States Treasury Note		1.000		11/30/18		4,359,617
	2,550,000	United States Treasury Note		1.250		12/31/18		2,550,997
	450,000	United States Treasury Note		1.125		01/31/19		449,069
	740,000	United States Treasury Note		1.125		02/28/19		738,265
	3,550,000	United States Treasury Note		1.250		03/31/19		3,548,892
	810,000	United States Treasury Note		0.875		09/15/19		800,001
	2,280,000	United States Treasury Note		1.625		03/15/20		2,287,928
	310,000	United States Treasury Note		2.125		01/31/21		314,226
	1,775,000	United States Treasury Note		1.375		05/31/21		1,743,243
	715,000	United States Treasury Note		2.000		05/31/21		720,363
	280,000	United States Treasury Note		2.000		08/31/21		281,520
	5,730,000	United States Treasury Note		1.875		02/28/22		5,717,016
	885,000	United States Treasury Note		1.750		03/31/22		876,531
	1,900,000	United States Treasury Note		1.750		04/30/22		1,880,257
	1,930,000	United States Treasury Note		2.125		06/30/22		1,942,968

27

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,077,000		United States Treasury Note		1.875	%	08/31/22	$	1,068,586
	510,000		United States Treasury Note		1.375		06/30/23		487,130
	12,540,000		United States Treasury Note		1.250		07/31/23		11,866,464
	1,900,000		United States Treasury Note		1.375		08/31/23		1,810,195
	4,620,000		United States Treasury Note		1.375		09/30/23		4,396,401
	35,650,000		United States Treasury Note		2.250		12/31/23		35,769,748
	39,000,000		United States Treasury Note		2.125		02/29/24		38,780,625
	25,775,000		United States Treasury Note		2.250		02/15/27		25,442,734
			TOTAL U.S. TREASURY SECURITIES						328,168,098
			TOTAL GOVERNMENT BONDS						1,377,890,265
			(Cost $1,385,458,447)
STRUCTURED ASSETS - 26.2%
ASSET BACKED - 11.5%
	188,829	i	ACE Securities Corp Home Equity Loan Trust		1.717		08/25/35		187,373
			Series - 2005 HE5 (Class M2)
	3,800,000		Ally Auto Receivables Trust		2.100		03/15/22		3,799,785
			Series - 2017 2 (Class A4)
	1,474,348		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		1,474,438
			Series - 2013 1 (Class C)
	8,207,000		AmeriCredit Automobile Receivables Trust		3.000		07/08/19		8,281,331
			Series - 2013 3 (Class D)
	1,550,000		AmeriCredit Automobile Receivables Trust		2.400		01/08/21		1,563,159
			Series - 2015 2 (Class C)
	1,500,000		AmeriCredit Automobile Receivables Trust		1.460		05/10/21		1,495,723
			Series - 2016 3 (Class A3)
	5,250,000		AmeriCredit Automobile Receivables Trust		1.530		07/08/21		5,223,356
			Series - 2016 4 (Class A3)
	1,845,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		1,867,147
			Series - 2015 3 (Class D)
	3,500,000		AmeriCredit Automobile Receivables Trust		1.870		08/18/21		3,495,648
			Series - 2017 1 (Class A3)
	5,500,000		AmeriCredit Automobile Receivables Trust		2.740		12/08/22		5,459,932
			Series - 2016 4 (Class D)
	55,677	g,m	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	9,800,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040		03/20/19		9,874,242
			Series - 2012 3A (Class B)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.070		09/20/23		6,043,787
			Series - 2017 1A (Class A)
	1,500,000	g	Bowman Park CLO Ltd		3.545		11/23/25		1,497,593
			Series - 2014 1A (Class B2R)
	5,000,000		Capital Auto Receivables Asset Trust		1.620		03/20/19		5,005,101
			Series - 2015 4 (Class A2)
	1,500,000		Capital Auto Receivables Asset Trust		1.630		01/20/21		1,493,146
			Series - 2016 2 (Class A4)
	2,250,000		Capital Auto Receivables Asset Trust		1.690		03/20/21		2,237,864
			Series - 2016 3 (Class A4)
	11,128,698	g	Capital Automotive REIT		4.700		07/15/42		11,146,523
			Series - 2012 1A (Class A)
	6,000,000	g	Capital Automotive REIT		3.660		10/15/44		5,846,199
			Series - 2014 1A (Class A)

28

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	10,500,000	g,h,m	Capital Automotive REIT		3.870	%	04/15/47	$	10,496,956
			Series - 2017 1A (Class A1)
	10,000,000		Capital One Multi-Asset Execution Trust		2.430		01/15/25		10,000,000
			Series - 2017 A3 (Class A3)
	1,500,000		Carmax Auto Owner Trust		1.600		01/18/22		1,480,688
			Series - 2016 3 (Class A4)
	9,500,000		CarMax Auto Owner Trust		2.270		09/15/22		9,524,648
			Series - 2017 1 (Class A4)
	13,145,085	g,i	CBRE Realty Finance		1.309		04/07/52		5,059,906
			Series - 2007 1A (Class A2)
	671,712	i,m	CCR, Inc		1.303		07/10/17		670,507
			Series - 2010 CX (Class C)
	1,000,000	g	Cent CLO 21 Ltd		3.500		07/27/26		1,004,095
			Series - 2014 21A (Class A2BR)
	130,980	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		130,575
			Series - 2002 1 (Class AF6)
	1,423,789		Citigroup Commercial Mortgage Trust		1.847		11/10/48		1,420,672
			Series - 2015 GC35 (Class A1)
	2,250,000		CNH Equipment Trust		1.630		08/15/21		2,247,010
			Series - 2016 B (Class A3)
	3,500,000		CNH Equipment Trust		1.440		12/15/21		3,467,812
			Series - 2016 C (Class A3)
	3,500,000		CNH Equipment Trust		2.480		02/15/24		3,530,731
			Series - 2017 A (Class A4)
	2,250,000	g	DaimlerChrysler Capital Auto Receivables Trust		1.640		07/15/21		2,242,686
			Series - 2016 BA (Class A3)
	10,584,000	g	DB Master Finance LLC		3.262		02/20/45		10,639,587
			Series - 2015 1A (Class A2I)
	10,110,000	g,i	DB/UBS Mortgage Trust		5.686		11/10/46		11,095,200
			Series - 2011 LC1A (Class C)
	5,000,000		Discover Card Execution Note Trust		2.390		07/15/24		5,024,937
			Series - 2017 A2 (Class A2)
	12,437,215	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		12,599,309
			Series - 2012 1A (Class A2)
	2,962,500	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		2,963,786
			Series - 2015 1A (Class A2I)
	888,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		876,412
			Series - 2015 1A (Class A2II)
	2,250,000	g,h	FOCUS Brands Funding LLC		3.857		04/30/47		2,251,933
			Series - 2017 1A (Class A2I)
	5,000,000		Ford Credit Auto Lease Trust		1.880		04/15/20		5,000,301
			Series - 2017 A (Class A3)
	5,000,000	g	Ford Credit Auto Owner Trust		2.150		07/15/26		5,011,010
			Series - 2015 1 (Class A)
	9,693,000	g	Ford Credit Auto Owner Trust		2.440		01/15/27		9,774,181
			Series - 2015 2 (Class A)
	6,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		6,498,971
			Series - 2016 1 (Class A)
	11,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		10,848,684
			Series - 2016 2 (Class A)
	6,000,000	g	Ford Credit Auto Owner Trust		2.620		08/15/28		6,028,892
			Series - 2017 1 (Class A)

29

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000		Ford Credit Floorplan Master Owner Trust		2.390	%	08/15/22	$	5,031,648
			Series - 2015 5 (Class A)
	6,000,000		GM Financial Automobile Leasing Trust		2.060		05/20/20		6,028,808
			Series - 2017 1 (Class A3)
	1,500,000	g	GMF Floorplan Owner Revolving Trust		1.960		05/17/21		1,502,284
			Series - 2016 1 (Class A1)
	10,000,000	g	GMF Floorplan Owner Revolving Trust		2.220		01/18/22		10,016,822
			Series - 2017 1 (Class A1)
	4,500,000	g	Hertz Vehicle Financing LLC		1.830		08/25/19		4,485,590
			Series - 2013 1A (Class A2)
	2,625,000	g	Hertz Vehicle Financing LLC		2.270		07/25/20		2,604,568
			Series - 2016 3A (Class A)
	4,000,000	g	Hilton Grand Vacations Trust		2.660		12/26/28		3,996,664
			Series - 2017 AA (Class A)
	3,000,000	g,i	Hilton Grand Vacations Trust		2.960		12/26/28		2,994,832
			Series - 2017 AA (Class B)
	1,500,000		John Deere Owner Trust		2.110		12/15/23		1,504,471
			Series - 2017 A (Class A4)
	589,299	i	Lehman XS Trust		1.232		02/25/36		579,065
			Series - 2006 1 (Class 1A1)
	1,723,923	i	Lehman XS Trust		6.500		06/25/46		1,338,078
			Series - 2006 13 (Class 2A1)
	2,000,000	g	Madison Park Funding XIII Ltd		3.300		01/19/25		1,974,144
			Series - 2014 13A (Class B2R)
	1,250,000	i	Mountain View CLO II Ltd		1.418		01/12/21		1,229,813
			Series - 2006 2X (Class B)
	3,000,000	g,i	Navistar Financial Dealer Note Master Owner Trust II		2.332		09/27/21		3,007,186
			Series - 2016 1 (Class A)
	29,484,758	g,i	New Residential Mortgage Loan Trust		4.000		02/25/57		30,403,341
			Series - 2017 1A (Class A1)
	1,500,000	g	OHA Loan Funding LLC		3.600		10/20/26		1,496,793
			Series - 2014 1A (Class B2R)
	496,684	g	OneMain Direct Auto Receivables Trust		2.040		01/15/21		497,588
			Series - 2016 1A (Class A)
	626,655	g	Orange Lake Timeshare Trust		3.030		07/09/29		624,529
			Series - 2014 AA (Class B)
	269,234	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.762		01/25/36		268,619
			Series - 2005 WCH1 (Class M2)
	16,023	i	Residential Asset Securities Corp		6.489		10/25/30		16,345
			Series - 2001 KS2 (Class AI6)
	159,109	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		166,318
			Series - 2006 HI1 (Class M2)
	3,000,000	g,i	Sanders Re Ltd		4.752		05/05/17		2,999,700
			Series - 2013 144A (Class )
	1,000,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		1,002,339
			Series - 2013 2013-1 (Class D)
	2,500,000		Santander Drive Auto Receivables Trust		1.560		05/15/20		2,500,629
			Series - 2016 2 (Class A3)
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		801,609
			Series - 2015 5 (Class B)
	4,500,000		Santander Drive Auto Receivables Trust		1.770		09/15/20		4,496,667
			Series - 2017 1 (Class A3)

30

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	800,000		Santander Drive Auto Receivables Trust		2.740	%	12/15/21	$	805,170
			Series - 2015 5 (Class C)
	6,000,000		Santander Drive Auto Receivables Trust		2.800		08/15/22		5,968,431
			Series - 2016 3 (Class D)
	4,000,000		Santander Drive Auto Receivables Trust		3.170		04/17/23		4,007,468
			Series - 2017 1 (Class D)
	4,177,051	g,i	Shackleton II CLO Ltd		2.240		10/20/23		4,176,829
			Series - 2012 2A (Class A1R)
	2,500,000	g	Shackleton II CLO Ltd		3.010		10/20/23		2,498,763
			Series - 2012 2A (Class B2R)
	2,531,792	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		2,525,143
			Series - 2013 1A (Class A)
	612,960	g	Sierra Receivables Funding Co LLC		2.390		11/20/29		613,040
			Series - 2013 1A (Class B)
	4,887,685	g	Sierra Receivables Funding Co LLC		3.050		03/22/32		4,915,454
			Series - 2015 1A (Class B)
	18,425,000	g	Sierra Receivables Funding Co LLC		2.910		03/20/34		18,535,878
			Series - 2017 1A (Class A)
	1,250,000	g,i	Sierra Receivables Funding Co LLC		3.200		03/20/34		1,256,849
			Series - 2017 1A (Class B)
	2,239,289	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		2,246,587
			Series - 2015 3A (Class A)
	223,929	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		224,593
			Series - 2015 3A (Class B)
	3,898,707	g	Sierra Timeshare Receivables Funding LLC		3.080		03/21/33		3,940,687
			Series - 2016 1A (Class A)
	7,726,680	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		7,725,416
			Series - 2016 2A (Class A)
	992,296	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		991,777
			Series - 2016 2A (Class B)
	5,124,556	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		5,067,041
			Series - 2016 3A (Class A)
	3,153,573	g	Sierra Timeshare Receivables Funding LLC		2.630		10/20/33		3,109,116
			Series - 2016 3A (Class B)
	10,860,000	g	SMB Private Education Loan Trust		2.750		07/15/27		10,948,350
			Series - 2015 C (Class A2A)
	10,000,000	g	SMB Private Education Loan Trust		2.430		02/17/32		9,866,651
			Series - 2016 B (Class A2A)
	5,125,000	g	SMB Private Education Loan Trust		2.880		09/15/34		5,109,799
			Series - 2017 A (Class A2A)
	3,452,895	g	SoFi Professional Loan Program LLC		1.530		04/25/33		3,443,596
			Series - 2016 D (Class A2A)
	3,000,000	g	SoFi Professional Loan Program LLC		2.340		04/25/33		2,945,341
			Series - 2016 D (Class A2B)
	6,250,000	g	SoFi Professional Loan Program LLC		2.490		01/25/36		6,196,348
			Series - 2016 E (Class A2B)
	4,576,521	g	SoFi Professional Loan Program LLC		2.760		12/26/36		4,611,573
			Series - 2016 A (Class A2)
	1,350,000	g	SoFi Professional Loan Program LLC		1.550		03/26/40		1,347,333
			Series - 2017 A (Class A2A)
	1,825,000	g	SoFi Professional Loan Program LLC		2.400		03/26/40		1,795,216
			Series - 2017 A (Class A2B)
	8,500,000	g	SoFi Professional Loan Program LLC		1.830		05/25/40		8,499,357
			Series - 2017 B (Class A1FX)

31

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,075,000	g	SoFi Professional Loan Program LLC		2.740	%	05/25/40	$	5,073,777
			Series - 2017 B (Class A2FX)
	2,110,624	g	SolarCity LMC		4.800		11/20/38		2,083,918
			Series - 2013 1 (Class A)
	1,996,819	g	SolarCity LMC		4.020		07/20/44		1,932,507
			Series - 2014 2 (Class A)
	14,123,828	g	SpringCastle America Funding LLC		3.050		04/25/29		14,210,447
			Series - 2016 AA (Class A)
	2,500,000		Synchrony Credit Card Master Note Trust		2.210		05/15/24		2,489,663
			Series - 2016 2 (Class A)
	2,985,000	g	Taco Bell Funding LLC		3.832		05/25/46		3,025,939
			Series - 2016 1A (Class A2I)
	2,900,000	g	Verizon Owner Trust		1.680		05/20/21		2,889,983
			Series - 2016 2A (Class A)
	5,000,000	g	Verizon Owner Trust		2.060		09/20/21		5,015,496
			Series - 2017 1A (Class A)
	91,150	g,i	Wachovia Loan Trust		1.342		05/25/35		89,789
			Series - 2005 SD1 (Class A)
	5,417,500	g	Wendys Funding LLC		3.371		06/15/45		5,442,659
			Series - 2015 1A (Class A2I)
	1,000,000		World Financial Network Credit Card Master Trust		2.030		04/15/25		985,065
			Series - 2016 A (Class A)
	2,500,000		World Omni Automobile Lease Securitization Trust		1.610		01/15/22		2,486,540
			Series - 2016 A (Class A4)
			TOTAL ASSET BACKED						476,547,876
OTHER MORTGAGE BACKED - 14.7%
	1,768,667	g	7 WTC Depositor LLC Trust		4.082		03/13/31		1,788,890
			Series - 2012 7WTC (Class A)
	1,557,311	i	American Home Mortgage Investment Trust		2.857		10/25/34		1,518,006
			Series - 2004 3 (Class 4A)
	678,301	i	Banc of America Commercial Mortgage Trust		5.798		05/10/45		677,327
			Series - 2006 2 (Class C)
	189,799	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		188,746
			Series - 2007 1 (Class AM)
	9,324,093		Banc of America Commercial Mortgage Trust		1.559		07/15/49		9,244,962
			Series - 2016 UB10 (Class A1)
	6,000,000		Banc of America Commercial Mortgage Trust		3.366		02/15/50		6,152,693
			Series - 2017 BNK3 (Class ASB)
	6,250,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		5,905,796
			Series - 2007 4 (Class E)
	1,750,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		1,719,096
			Series - 2007 4 (Class D)
	1,378,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.768		06/11/40		1,381,445
			Series - 2007 PW16 (Class AJ)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.298		02/11/41		966,682
			Series - 2005 PWR7 (Class E)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.704		11/11/41		1,012,442
			Series - 2004 PWR6 (Class G)
	1,154,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.759		02/13/42		1,162,539
			Series - 2005 T18 (Class F)
	9,826,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.928		09/11/42		9,847,554
			Series - 2007 T28 (Class AJ)

32

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	700,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.387	%	02/13/46	$	703,481
			Series - 2004 T16 (Class G)
	2,500,000	i	CD Mortgage Trust		6.122		11/15/44		2,534,667
			Series - 2007 CD5 (Class B)
	9,000,000		CD Mortgage Trust		3.453		02/10/50		9,271,564
			Series - 2017 CD3 (Class AAB)
	1,371,794	i	CHL Mortgage Pass-Through Trust		3.312		02/20/35		1,377,662
			Series - 2004 HYB9 (Class 1A1)
	4,558,169	g,i	Citigroup Mortgage Loan Trust		0.958		05/25/37		4,409,646
			Series - 2015 8 (Class 1A1)
	12,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		12,973,587
			Series - 2007 C3 (Class AJ)
	32,439,400	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		32,943,048
			Series - 2007 C3 (Class AM)
	2,095,000		COMM Mortgage Trust		3.040		02/10/48		2,140,212
			Series - 2015 LC19 (Class ASB)
	8,028,000	g,i	COMM Mortgage Trust		5.808		12/10/49		7,957,537
			Series - 2007 C9 (Class G)
	3,365,000	i	COMM Mortgage Trust		5.808		12/10/49		3,371,848
			Series - 2007 C9 (Class C)
	11,301,662	i	Connecticut Avenue Securities		3.132		09/25/28		11,455,648
			Series - 2016 C02 (Class 1M1)
	5,604,636	i	Connecticut Avenue Securities		2.982		10/25/28		5,695,468
			Series - 2016 C03 (Class 1M1)
	17,185,679	i	Connecticut Avenue Securities		2.332		01/25/29		17,281,893
			Series - 2016 C05 (Class 2M1)
	15,384,125	i	Connecticut Avenue Securities		2.432		01/25/29		15,552,269
			Series - 2016 C04 (Class 1M1)
	8,785,607	i	Connecticut Avenue Securities		2.282		04/25/29		8,864,539
			Series - 2016 C06 (Class 1M1)
	39,585,077	i	Connecticut Avenue Securities		2.165		07/25/29		39,776,210
			Series - 2017 C01 (Class 1M1)
	5,000,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		5,026,680
			Series - 2007 C4 (Class A1AJ)
	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		6,062,287
			Series - 2007 C4 (Class AJ)
	5,250,000	i	Credit Suisse Commercial Mortgage Trust		5.953		09/15/39		5,283,619
			Series - 2007 C4 (Class A1AM)
	5,000,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		5,102,628
			Series - 2007 C2 (Class AJ)
	150,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		148,542
			Series - 2005 C5 (Class F)
	5,500,000		CSAIL Commercial Mortgage Trust		3.314		11/15/49		5,615,627
			Series - 2016 C7 (Class ASB)
	1,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		1,491,254
			Series - 2007 C1 (Class AM)
	7,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		7,249,533
			Series - 2014 GRCE (Class A)
	23,805,000	i	Greenwich Capital Commercial Funding Corp		5.867		12/10/49		24,086,763
			Series - 2007 GG11 (Class AM)
	1,000,000	g	GS Mortgage Securities Corp II		2.933		06/05/31		1,014,934
			Series - 2012 SHOP (Class A)

33

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,344,000	g	GS Mortgage Securities Corp II		3.551	%	04/10/34	$	1,405,991
			Series - 2012 ALOH (Class A)
	3,545,675		GS Mortgage Securities Trust		1.478		05/10/49		3,494,966
			Series - 2016 GS2 (Class A1)
	8,000,000		GS Mortgage Securities Trust		3.467		03/10/50		8,269,192
			Series - 2017 GS5 (Class AAB)
	3,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		3,334,858
			Series - 2016 10HY (Class C)
	3,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,906,889
			Series - 2016 10HY (Class B)
	306,411	i	Impac CMB Trust		1.642		03/25/35		282,150
			Series - 2004 11 (Class 2A1)
	310,416	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		310,108
			Series - 2005 LDP2 (Class C)
	6,950,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.622		02/15/46		7,276,256
			Series - 2011 C3 (Class D)
	2,035,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,064,407
			Series - 2007 LD12 (Class AM)
	560,905	i	LB-UBS Commercial Mortgage Trust		6.049		06/15/38		561,706
			Series - 2006 C4 (Class B)
	566,069	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		565,762
			Series - 2006 C3 (Class C)
	391,943	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		391,548
			Series - 2007 C1 (Class C)
	7,500,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		7,471,753
			Series - 2007 C1 (Class D)
	1,995,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		2,020,966
			Series - 2007 C6 (Class AM)
	3,330,877	g,i	LVII Resecuritization Trust		3.611		07/25/47		3,332,959
			Series - 2015 A (Class A)
	580,000	i	Merrill Lynch Mortgage Trust		6.301		02/12/51		588,676
			Series - 0 C1 (Class AJA)
	7,854,300	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		7,862,409
			Series - 2007 6 (Class AM)
	140,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.069		02/15/48		142,959
			Series - 2015 C20 (Class ASB)
	166,019	g,i	Morgan Stanley Capital I Trust		6.078		08/12/41		165,694
			Series - 2006 T23 (Class B)
	2,497,231	i	Morgan Stanley Capital I Trust		5.389		11/12/41		2,494,294
			Series - 2006 HQ10 (Class AJ)
	1,642,451	i	Morgan Stanley Capital I Trust		5.832		07/12/44		1,641,277
			Series - 2006 HQ9 (Class B)
	3,206,000	i	Morgan Stanley Capital I Trust		5.842		07/12/44		3,199,600
			Series - 2006 HQ9 (Class C)
	5,000,000	i	Morgan Stanley Capital I Trust		5.815		04/12/49		5,028,100
			Series - 2007 HQ12 (Class D)
	4,033,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		4,055,686
			Series - 2007 HQ12 (Class C)
	4,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		4,024,362
			Series - 2007 IQ15 (Class AM)
	9,350,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		8,845,053
			Series - 2007 IQ15 (Class AJ)
	13,000,000		Morgan Stanley Capital I Trust		2.606		08/15/49		12,783,508
			Series - 2016 UB11 (Class ASB)

34

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,907,000	i	Morgan Stanley Capital I Trust		6.115	%	12/12/49	$	4,557,711
			Series - 2007 IQ16 (Class AJ)
	11,232,850	g,i	Sequoia Mortgage Trust		3.500		03/25/47		11,308,323
			Series - 2017 2 (Class A1)
	7,480,320	g,i	Sequoia Mortgage Trust		3.500		03/25/47		7,595,741
			Series - 2017 2 (Class A4)
	14,500,000	g,i	Sequoia Mortgage Trust		3.500		04/25/47		14,710,699
			Series - 2017 3 (Class A4)
	17,005,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		09/25/24		17,496,813
			Series - 2014 HQ2 (Class M2)
	424,566	i	Structured Agency Credit Risk Debt Note (STACR)		3.382		01/25/25		427,087
			Series - 2015 DN1 (Class M2)
	6,414,219	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		03/25/25		6,503,964
			Series - 2015 HQ1 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.782		03/25/25		1,882,333
			Series - 2015 HQ1 (Class M3)
	656,029	i	Structured Agency Credit Risk Debt Note (STACR)		2.082		05/25/25		657,636
			Series - 2015 HQ2 (Class M1)
	3,475,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.932		05/25/25		3,547,937
			Series - 2015 HQ2 (Class M2)
	8,012,582	i	Structured Agency Credit Risk Debt Note (STACR)		3.582		12/25/27		8,207,196
			Series - 2015 DNA2 (Class M2)
	7,627,610	i	Structured Agency Credit Risk Debt Note (STACR)		3.632		03/25/28		7,815,909
			Series - 2015 HQA1 (Class M2)
	1,388,599	i	Structured Agency Credit Risk Debt Note (STACR)		2.432		07/25/28		1,394,924
			Series - 2016 DNA1 (Class M1)
	8,854,433	i	Structured Agency Credit Risk Debt Note (STACR)		2.232		10/25/28		8,877,469
			Series - 2016 DNA2 (Class M1)
	4,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		10/25/28		4,328,487
			Series - 2016 DNA2 (Class M2)
	17,324,394	i	Structured Agency Credit Risk Debt Note (STACR)		2.082		12/25/28		17,389,224
			Series - 2016 DNA3 (Class M1)
	8,618,460	i	Structured Agency Credit Risk Debt Note (STACR)		1.782		03/25/29		8,636,386
			Series - 2016 DNA4 (Class M1)
	2,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.282		03/25/29		2,758,013
			Series - 2016 DNA4 (Class M2)
	9,165,806	i	Structured Agency Credit Risk Debt Note (STACR)		2.182		07/25/29		9,200,683
			Series - 2017 DNA1 (Class M1)
	1,615,842	i	Wachovia Bank Commercial Mortgage Trust		5.477		01/15/45		1,613,197
			Series - 2006 C23 (Class F)
	6,164,702	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		6,217,211
			Series - 2006 C27 (Class AJ)
	230,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		233,712
			Series - 2007 C34 (Class AM)
	23,750,038	i	Wachovia Bank Commercial Mortgage Trust		6.132		05/15/46		23,832,439
			Series - 2007 C34 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.214		05/15/46		1,993,600
			Series - 2007 C34 (Class B)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		6.219		05/15/46		1,691,083
			Series - 2007 C34 (Class C)
	3,052,202	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		3,068,453
			Series - 2007 C31 (Class AM)

35

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,725,000	i	Wachovia Bank Commercial Mortgage Trust		5.748	%	04/15/47	$	1,717,549
			Series - 2007 C31 (Class C)
	22,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		22,220,623
			Series - 2007 C32 (Class AMFX)
	23,475,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		23,004,052
			Series - 2007 C32 (Class AJ)
	4,140,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		3,986,406
			Series - 2007 C32 (Class B)
	2,530,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		2,549,819
			Series - 2007 C33 (Class AM)
	2,000,000		Wells Fargo Commercial Mortgage Trust		2.827		11/15/49		1,979,365
			Series - 2016 NXS6 (Class ASB)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.185		03/15/59		2,027,164
			Series - 2016 C33 (Class ASB)
	2,000,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		1,994,137
			Series - 2016 C36 (Class ASB)
			TOTAL OTHER MORTGAGE BACKED						608,903,798
			TOTAL STRUCTURED ASSETS						1,085,451,674
			(Cost $1,086,323,899)
			TOTAL BONDS						3,924,943,209
			(Cost $3,932,975,954)
SHARES			COMPANY
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	6,249	*,m	Peabody Energy Corp						85,924
			TOTAL ENERGY						85,924
			TOTAL COMMON STOCKS						85,924
			(Cost $85,924)
PREFERRED STOCKS - 0.0%
ENERGY - 0.0%
	885	*,m	Peabody Energy Corp						22,125
			TOTAL ENERGY						22,125
			TOTAL PREFERRED STOCKS						22,125
			(Cost $22,125)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 6.5%
GOVERNMENT AGENCY DEBT - 1.2%
$	50,000,000	Federal Home Loan Bank (FHLB)	0.700	04/05/17	49,998,100
		TOTAL GOVERNMENT AGENCY DEBT			49,998,100
TREASURY DEBT - 5.3%
	25,000,000	United States Treasury Bill	0.463	04/06/17	24,998,900
	81,500,000	United States Treasury Bill	0.445-0.524	04/13/17	81,483,700
	60,200,000	United States Treasury Bill	0.531-0.705	04/20/17	60,179,291
	53,000,000	United States Treasury Bill	0.547-0.741	04/27/17	52,974,560
		TOTAL TREASURY DEBT			219,636,451

36

TIAA-CREF FUNDS - Bond Fund

	VALUE
TOTAL SHORT-TERM INVESTMENTS	$	269,634,551
(Cost $269,633,590)
TOTAL INVESTMENTS - 103.7%		4,274,041,013
(Cost $4,282,027,862)
OTHER ASSETS & LIABILITIES, NET - (3.7)%		(153,620,469	)
NET ASSETS - 100.0%	$	4,120,420,544

	Abbreviation(s):
BRL	Brazilian Real
MXN	Mexican Peso
PEN	Peruvian Sol
REIT	Real Estate Investment Trust
RUB	Russian Ruble
*	Non-income producing
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 3/31/2017, the aggregate value of these securities was $856,383,425 or 20.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond
q	In default
w	All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls.

37

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 99.5%
CORPORATE BONDS - 25.8%
AUTOMOBILES & COMPONENTS - 0.1%
$	50,000	BorgWarner, Inc		4.625	%	09/15/20	$	53,427
	200,000	BorgWarner, Inc		3.375		03/15/25		198,861
	200,000	BorgWarner, Inc		4.375		03/15/45		195,150
	100,000	Delphi Automotive plc		3.150		11/19/20		102,004
	250,000	Delphi Automotive plc		4.250		01/15/26		260,955
	100,000	Delphi Automotive plc		4.400		10/01/46		95,252
	100,000	Delphi Corp		4.150		03/15/24		104,414
	425,000	Ford Motor Co		4.346		12/08/26		432,712
	500,000	Ford Motor Co		7.450		07/16/31		630,579
	1,050,000	Ford Motor Co		4.750		01/15/43		986,189
	750,000	Ford Motor Co		5.291		12/08/46		750,984
	500,000	General Motors Co		6.600		04/01/36		574,741
	1,250,000	General Motors Co		6.250		10/02/43		1,377,169
	350,000	General Motors Co		6.750		04/01/46		409,823
	175,000	Harley-Davidson, Inc		3.500		07/28/25		177,724
	200,000	Harley-Davidson, Inc		4.625		07/28/45		202,123
	750,000	Honeywell International, Inc		1.400		10/30/19		744,232
	750,000	Honeywell International, Inc		1.850		11/01/21		735,278
	500,000	Honeywell International, Inc		3.350		12/01/23		516,782
	1,000,000	Honeywell International, Inc		2.500		11/01/26		946,071
	282,000	Honeywell International, Inc		5.700		03/15/37		351,260
	800,000	Lear Corp		4.750		01/15/23		828,671
	300,000	Magna International, Inc		3.625		06/15/24		306,056
	100,000	Magna International, Inc		4.150		10/01/25		105,594
		TOTAL AUTOMOBILES & COMPONENTS						11,086,051
BANKS - 3.9%
	500,000	Australia & New Zealand Banking Group Ltd		1.450		05/15/18		498,993
	300,000	Australia & New Zealand Banking Group Ltd		2.000		11/16/18		301,096
	400,000	Australia & New Zealand Banking Group Ltd		1.600		07/15/19		396,605
	500,000	Australia & New Zealand Banking Group Ltd		2.050		09/23/19		499,830
	300,000	Australia & New Zealand Banking Group Ltd		2.700		11/16/20		302,902
	750,000	Australia & New Zealand Banking Group Ltd		2.300		06/01/21		741,080
	500,000	Australia & New Zealand Banking Group Ltd		2.550		11/23/21		497,831
	200,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		208,259
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		354,428
	200,000	Bancolombia S.A.		5.950		06/03/21		219,250
	500,000	Bank of, NV Scotia		2.700		03/07/22		501,100
	2,900,000	Bank of America Corp		2.000		01/11/18		2,907,433
	500,000	Bank of America Corp		1.950		05/12/18		501,086
	2,525,000	Bank of America Corp		2.600		01/15/19		2,551,106
	2,750,000	Bank of America Corp		2.650		04/01/19		2,781,658
	1,000,000	Bank of America Corp		2.625		10/19/20		1,002,786
	200,000	Bank of America Corp		2.151		11/09/20		198,168
	2,300,000	Bank of America Corp		5.875		01/05/21		2,567,984

38

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,750,000		Bank of America Corp		2.625	%	04/19/21	$	1,745,534
	750,000		Bank of America Corp		2.503		10/21/22		730,484
	2,225,000		Bank of America Corp		3.300		01/11/23		2,238,515
	750,000	i	Bank of America Corp		3.124		01/20/23		752,884
	2,000,000		Bank of America Corp		4.125		01/22/24		2,088,908
	750,000		Bank of America Corp		4.000		04/01/24		777,535
	1,475,000		Bank of America Corp		4.200		08/26/24		1,501,891
	750,000		Bank of America Corp		4.000		01/22/25		749,143
	550,000		Bank of America Corp		3.950		04/21/25		547,566
	2,000,000		Bank of America Corp		3.875		08/01/25		2,035,260
	750,000		Bank of America Corp		4.450		03/03/26		769,084
	1,000,000		Bank of America Corp		3.500		04/19/26		986,486
	400,000		Bank of America Corp		4.250		10/22/26		406,126
	750,000		Bank of America Corp		3.248		10/21/27		713,854
	1,000,000		Bank of America Corp		4.183		11/25/27		1,003,571
	750,000	i	Bank of America Corp		3.824		01/20/28		751,525
	1,500,000		Bank of America Corp		5.000		01/21/44		1,634,247
	1,000,000		Bank of America Corp		4.875		04/01/44		1,078,236
	1,250,000	i	Bank of America Corp		4.443		01/20/48		1,251,422
	500,000		Bank of America NA		1.750		06/05/18		501,251
	700,000		Bank of America NA		2.050		12/07/18		703,840
	400,000		Bank of Montreal		1.450		04/09/18		399,872
	300,000		Bank of Montreal		1.400		04/10/18		299,461
	500,000		Bank of Montreal		1.800		07/31/18		500,956
	1,000,000		Bank of Montreal		1.350		08/28/18		995,277
	425,000		Bank of Montreal		2.100		12/12/19		426,890
	1,000,000		Bank of Montreal		1.900		08/27/21		973,959
	400,000		Bank of Montreal		2.550		11/06/22		396,944
	500,000		Bank of Nova Scotia		1.250		04/11/17		500,000
	350,000		Bank of Nova Scotia		1.450		04/25/18		349,422
	500,000		Bank of Nova Scotia		1.700		06/11/18		500,548
	500,000		Bank of Nova Scotia		2.050		10/30/18		502,994
	300,000		Bank of Nova Scotia		1.950		01/15/19		300,987
	700,000		Bank of Nova Scotia		1.650		06/14/19		695,498
	1,000,000		Bank of Nova Scotia		2.125		09/11/19		1,004,580
	500,000		Bank of Nova Scotia		2.350		10/21/20		501,114
	200,000		Bank of Nova Scotia		4.375		01/13/21		213,491
	300,000		Bank of Nova Scotia		2.450		03/22/21		299,876
	1,000,000		Bank of Nova Scotia		1.875		04/26/21		980,350
	800,000		Bank of Nova Scotia		2.800		07/21/21		809,583
	500,000		Bank of Nova Scotia		4.500		12/16/25		522,316
	1,000,000		Barclays plc		2.000		03/16/18		1,000,660
	500,000		Barclays plc		2.875		06/08/20		502,873
	600,000		Barclays plc		3.250		01/12/21		604,569
	1,500,000		Barclays plc		3.200		08/10/21		1,500,915
	500,000		Barclays plc		3.684		01/10/23		502,085
	1,225,000		Barclays plc		3.650		03/16/25		1,192,847
	600,000		Barclays plc		4.375		01/12/26		608,474
	1,500,000		Barclays plc		5.200		05/12/26		1,535,223
	500,000		Barclays plc		4.337		01/10/28		498,956
	500,000		Barclays plc		5.250		08/17/45		523,180
	500,000		Barclays plc		4.950		01/10/47		499,439

39

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	70,000	BB&T Corp		4.900	%	06/30/17	$	70,605
	200,000	BB&T Corp		2.050		06/19/18		200,916
	500,000	BB&T Corp		2.250		02/01/19		503,385
	400,000	BB&T Corp		6.850		04/30/19		438,334
	300,000	BB&T Corp		2.625		06/29/20		303,023
	300,000	BB&T Corp		2.850		04/01/21		304,577
	500,000	BB&T Corp		2.050		05/10/21		492,247
	200,000	BB&T Corp		3.950		03/22/22		210,027
	750,000	BB&T Corp		2.750		04/01/22		754,337
	500,000	BB&T Corp		3.800		10/30/26		519,344
	300,000	BPCE S.A.		1.625		01/26/18		299,669
	500,000	BPCE S.A.		2.500		12/10/18		503,345
	300,000	BPCE S.A.		2.500		07/15/19		301,273
	500,000	BPCE S.A.		2.250		01/27/20		496,555
	300,000	BPCE S.A.		2.650		02/03/21		298,576
	400,000	BPCE S.A.		2.750		12/02/21		396,625
	500,000	BPCE S.A.		4.000		04/15/24		518,891
	300,000	BPCE S.A.		3.375		12/02/26		295,734
	500,000	Branch Banking & Trust Co		1.450		05/10/19		494,777
	500,000	Branch Banking & Trust Co		2.100		01/15/20		500,587
	500,000	Branch Banking & Trust Co		2.625		01/15/22		501,305
	250,000	Branch Banking & Trust Co		3.625		09/16/25		256,083
	300,000	Canadian Imperial Bank of Commerce		1.550		01/23/18		299,927
	500,000	Canadian Imperial Bank of Commerce		1.600		09/06/19		495,506
	300,000	Capital One Bank USA NA		1.650		02/05/18		299,952
	250,000	Capital One Bank USA NA		1.500		03/22/18		249,405
	400,000	Capital One Bank USA NA		2.150		11/21/18		400,707
	300,000	Capital One Bank USA NA		2.250		02/13/19		300,433
	300,000	Capital One Bank USA NA		2.300		06/05/19		300,608
	800,000	Capital One Bank USA NA		2.400		09/05/19		802,438
	500,000	Capital One Bank USA NA		2.950		07/23/21		503,940
	972,000	Capital One Bank USA NA		3.375		02/15/23		969,901
	500,000	Capital One NA		2.350		08/17/18		503,123
	1,000,000	Capital One NA		2.250		09/13/21		978,340
	500,000	CitiBank NA		2.000		03/20/19		501,681
	500,000	Citigroup, Inc		1.800		02/05/18		500,261
	1,000,000	Citigroup, Inc		1.700		04/27/18		1,000,380
	750,000	Citigroup, Inc		1.750		05/01/18		749,754
	500,000	Citigroup, Inc		2.150		07/30/18		501,581
	300,000	Citigroup, Inc		2.500		09/26/18		302,664
	500,000	Citigroup, Inc		2.050		12/07/18		500,878
	500,000	Citigroup, Inc		2.550		04/08/19		504,913
	1,000,000	Citigroup, Inc		2.050		06/07/19		999,055
	500,000	Citigroup, Inc		2.450		01/10/20		502,196
	2,250,000	Citigroup, Inc		2.700		03/30/21		2,252,470
	750,000	Citigroup, Inc		2.350		08/02/21		738,292
	750,000	Citigroup, Inc		2.900		12/08/21		752,779
	2,700,000	Citigroup, Inc		4.500		01/14/22		2,889,148
	3,600,000	Citigroup, Inc		3.500		05/15/23		3,625,650
	500,000	Citigroup, Inc		4.000		08/05/24		505,455
	750,000	Citigroup, Inc		3.875		03/26/25		745,027
	1,000,000	Citigroup, Inc		3.300		04/27/25		979,375
	525,000	Citigroup, Inc		4.400		06/10/25		534,882
	1,000,000	Citigroup, Inc		3.700		01/12/26		1,000,828

40

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000		Citigroup, Inc		4.600	%	03/09/26	$	770,116
	1,000,000		Citigroup, Inc		3.400		05/01/26		972,726
	1,000,000		Citigroup, Inc		3.200		10/21/26		954,445
	1,100,000		Citigroup, Inc		4.300		11/20/26		1,110,427
	1,250,000		Citigroup, Inc		4.450		09/29/27		1,268,407
	500,000	i	Citigroup, Inc		3.887		01/10/28		502,174
	1,000,000		Citigroup, Inc		4.125		07/25/28		983,231
	200,000		Citigroup, Inc		5.875		01/30/42		243,095
	225,000		Citigroup, Inc		6.675		09/13/43		286,393
	525,000		Citigroup, Inc		4.650		07/30/45		547,674
	1,750,000		Citigroup, Inc		4.750		05/18/46		1,726,431
	300,000		Citizens Bank NA		2.300		12/03/18		301,478
	300,000		Citizens Bank NA		2.450		12/04/19		302,241
	750,000		Citizens Bank NA		2.250		03/02/20		748,917
	150,000		Citizens Bank NA		2.550		05/13/21		149,134
	100,000		Citizens Financial Group, Inc		2.375		07/28/21		98,599
	300,000		Citizens Financial Group, Inc		4.300		12/03/25		309,172
	200,000		Comerica Bank		4.000		07/27/25		202,146
	50,000		Comerica, Inc		5.200		08/22/17		50,683
	300,000		Comerica, Inc		2.500		06/02/20		300,100
	500,000		Commonwealth Bank of Australia		1.750		11/02/18		499,201
	1,250,000		Commonwealth Bank of Australia		2.250		03/13/19		1,257,941
	500,000		Commonwealth Bank of Australia		2.050		03/15/19		501,585
	500,000		Commonwealth Bank of Australia		2.300		09/06/19		503,180
	500,000		Commonwealth Bank of Australia		2.400		11/02/20		499,102
	300,000		Commonwealth Bank of Australia		2.550		03/15/21		299,847
	300,000		Compass Bank		2.750		09/29/19		301,801
	500,000		Compass Bank		3.875		04/10/25		490,774
	1,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/19		1,509,711
	500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/20		501,614
	1,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,578,846
	1,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		05/21/25		1,010,329
	400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		459,374
	1,100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,186,534
	500,000		Cooperatieve Rabobank UA		1.375		08/09/19		493,053
	1,000,000		Cooperatieve Rabobank UA		2.500		01/19/21		1,000,908
	625,000		Cooperatieve Rabobank UA		2.750		01/10/22		628,156
	350,000		Cooperatieve Rabobank UA		3.750		07/21/26		341,946
	200,000		Corpbanca S.A.		3.125		01/15/18		201,573
	1,300,000		Deutsche Bank AG		1.875		02/13/18		1,298,597
	1,750,000		Deutsche Bank AG		2.500		02/13/19		1,753,727
	250,000		Deutsche Bank AG		2.850		05/10/19		251,681
	300,000		Deutsche Bank AG		3.125		01/13/21		300,600
	500,000		Deutsche Bank AG		3.375		05/12/21		502,985
	800,000		Deutsche Bank AG		4.100		01/13/26		803,072
	400,000		Discover Bank		2.000		02/21/18		400,340
	500,000		Discover Bank		2.600		11/13/18		504,629
	215,000		Discover Bank		7.000		04/15/20		239,802
	300,000		Discover Bank		3.100		06/04/20		305,998
	300,000		Discover Bank		3.200		08/09/21		303,779
	400,000		Discover Bank		4.200		08/08/23		416,506
	200,000		Discover Bank		4.250		03/13/26		205,460
	825,000		Discover Bank		3.450		07/27/26		791,864
	500,000		Fifth Third Bancorp		2.150		08/20/18		502,891

41

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Fifth Third Bancorp		2.300	%	03/01/19	$	301,881
	250,000		Fifth Third Bancorp		2.300		03/15/19		251,671
	375,000		Fifth Third Bancorp		2.375		04/25/19		377,710
	400,000		Fifth Third Bancorp		2.875		07/27/20		404,448
	200,000		Fifth Third Bancorp		2.875		10/01/21		202,395
	200,000		Fifth Third Bancorp		3.500		03/15/22		205,106
	500,000		Fifth Third Bancorp		4.300		01/16/24		522,260
	600,000		Fifth Third Bancorp		3.850		03/15/26		604,731
	140,000		Fifth Third Bancorp		8.250		03/01/38		199,436
	500,000		Fifth Third Bank		1.625		09/27/19		493,835
	300,000		Fifth Third Bank		2.250		06/14/21		296,566
	200,000		First Horizon National Corp		3.500		12/15/20		205,475
	250,000		First Republic Bank		2.375		06/17/19		249,646
	175,000		First Republic Bank		4.375		08/01/46		168,327
	250,000		First Tennessee Bank NA		2.950		12/01/19		252,900
	750,000		HSBC Bank USA NA		4.875		08/24/20		803,169
	266,000		HSBC Bank USA NA		5.875		11/01/34		317,576
	33,000		HSBC Bank USA NA		7.000		01/15/39		44,432
	950,000		HSBC Holdings plc		3.400		03/08/21		971,497
	400,000		HSBC Holdings plc		2.950		05/25/21		401,926
	1,000,000		HSBC Holdings plc		2.650		01/05/22		986,331
	150,000		HSBC Holdings plc		4.875		01/14/22		162,479
	400,000	i	HSBC Holdings plc		3.262		03/13/23		401,935
	500,000		HSBC Holdings plc		3.600		05/25/23		508,001
	1,350,000		HSBC Holdings plc		4.250		03/14/24		1,366,635
	1,000,000		HSBC Holdings plc		4.250		08/18/25		1,006,840
	1,225,000		HSBC Holdings plc		4.300		03/08/26		1,275,352
	900,000		HSBC Holdings plc		3.900		05/25/26		908,969
	250,000		HSBC Holdings plc		4.375		11/23/26		251,914
	1,000,000	i	HSBC Holdings plc		4.041		03/13/28		1,010,711
	2,325,000		HSBC Holdings plc		6.500		09/15/37		2,862,782
	550,000		HSBC Holdings plc		6.100		01/14/42		687,989
	1,175,000		HSBC Holdings plc		5.250		03/14/44		1,269,719
	750,000		HSBC USA, Inc		2.625		09/24/18		757,603
	500,000		HSBC USA, Inc		2.250		06/23/19		502,104
	750,000		HSBC USA, Inc		2.375		11/13/19		753,412
	2,500,000		HSBC USA, Inc		2.350		03/05/20		2,508,675
	750,000		HSBC USA, Inc		2.750		08/07/20		757,862
	1,000,000		HSBC USA, Inc		3.500		06/23/24		1,018,730
	200,000		Huntington Bancshares, Inc		2.600		08/02/18		201,770
	500,000		Huntington Bancshares, Inc		3.150		03/14/21		508,600
	500,000		Huntington Bancshares, Inc		2.300		01/14/22		486,879
	300,000		Huntington National Bank		1.700		02/26/18		300,135
	250,000		Huntington National Bank		2.000		06/30/18		250,620
	400,000		Huntington National Bank		2.375		03/10/20		401,359
	750,000		Industrial & Commercial Bank of China Ltd		2.351		11/13/17		752,419
	300,000		Industrial & Commercial Bank of China Ltd		2.157		11/13/18		299,943
	250,000		Industrial & Commercial Bank of China Ltd		3.231		11/13/19		255,085
	1,300,000		Industrial & Commercial Bank of China Ltd		2.905		11/13/20		1,304,936
	300,000		Industrial & Commercial Bank of China Ltd		2.635		05/26/21		296,356
	250,000		Industrial & Commercial Bank of China Ltd		2.452		10/20/21		244,991
	750,000		ING Groep NV		3.150		03/29/22		751,920
	250,000		ING Groep NV		3.950		03/29/27		250,173
	625,000		Intesa Sanpaolo S.p.A		3.875		01/16/18		633,436
	500,000		Intesa Sanpaolo S.p.A		3.875		01/15/19		511,823
	200,000		Intesa Sanpaolo S.p.A		5.250		01/12/24		210,436

42

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		JPMorgan Chase & Co		2.350	%	01/28/19	$	1,009,863
	500,000		JPMorgan Chase & Co		1.850		03/22/19		500,096
	1,000,000		JPMorgan Chase & Co		2.200		10/22/19		1,005,034
	1,750,000		JPMorgan Chase & Co		2.250		01/23/20		1,755,553
	1,350,000		JPMorgan Chase & Co		2.750		06/23/20		1,367,441
	700,000		JPMorgan Chase & Co		4.400		07/22/20		746,252
	1,820,000		JPMorgan Chase & Co		4.250		10/15/20		1,929,833
	1,000,000		JPMorgan Chase & Co		2.550		10/29/20		1,004,320
	2,000,000		JPMorgan Chase & Co		2.550		03/01/21		2,000,556
	1,000,000		JPMorgan Chase & Co		2.400		06/07/21		994,214
	325,000		JPMorgan Chase & Co		2.295		08/15/21		321,592
	1,950,000		JPMorgan Chase & Co		4.350		08/15/21		2,087,142
	500,000		JPMorgan Chase & Co		4.500		01/24/22		538,789
	3,150,000		JPMorgan Chase & Co		3.250		09/23/22		3,206,927
	750,000		JPMorgan Chase & Co		2.972		01/15/23		749,241
	2,350,000		JPMorgan Chase & Co		3.200		01/25/23		2,373,617
	1,750,000		JPMorgan Chase & Co		3.375		05/01/23		1,752,625
	500,000		JPMorgan Chase & Co		2.700		05/18/23		489,038
	1,000,000		JPMorgan Chase & Co		3.625		05/13/24		1,021,497
	1,500,000		JPMorgan Chase & Co		3.875		09/10/24		1,520,241
	600,000		JPMorgan Chase & Co		3.900		07/15/25		620,149
	750,000		JPMorgan Chase & Co		3.300		04/01/26		735,226
	1,000,000		JPMorgan Chase & Co		3.200		06/15/26		970,853
	500,000		JPMorgan Chase & Co		2.950		10/01/26		475,335
	1,000,000		JPMorgan Chase & Co		4.125		12/15/26		1,018,795
	650,000		JPMorgan Chase & Co		4.250		10/01/27		667,055
	500,000		JPMorgan Chase & Co		3.625		12/01/27		486,418
	1,000,000	i	JPMorgan Chase & Co		3.782		02/01/28		1,009,256
	958,000		JPMorgan Chase & Co		5.500		10/15/40		1,124,016
	1,000,000		JPMorgan Chase & Co		5.625		08/16/43		1,140,087
	1,800,000		JPMorgan Chase & Co		4.950		06/01/45		1,895,456
	1,050,000	i	JPMorgan Chase & Co		4.260		02/22/48		1,048,157
	750,000	i	JPMorgan Chase & Co		6.000		12/30/49		782,100
	750,000		JPMorgan Chase Bank NA		1.650		09/23/19		746,032
	500,000		KeyBank NA		1.650		02/01/18		500,340
	200,000		KeyBank NA		2.350		03/08/19		201,555
	500,000		KeyBank NA		1.600		08/22/19		494,589
	250,000		KeyBank NA		2.500		12/15/19		252,795
	175,000		KeyBank NA		2.250		03/16/20		175,556
	500,000		KeyBank NA		2.500		11/22/21		496,965
	300,000		KeyBank NA		3.180		05/22/22		302,789
	500,000		KeyBank NA		3.300		06/01/25		500,792
	300,000		KeyBank NA		3.400		05/20/26		291,716
	400,000		KeyCorp		2.300		12/13/18		402,295
	200,000		KeyCorp		2.900		09/15/20		203,230
	150,000		KeyCorp		5.100		03/24/21		163,679
	800,000		Lloyds Bank plc		2.700		08/17/20		808,808
	850,000		Lloyds Banking Group plc		3.100		07/06/21		856,897
	300,000		Lloyds Banking Group plc		3.000		01/11/22		298,252
	2,500,000		Lloyds Banking Group plc		4.500		11/04/24		2,565,280
	300,000		Lloyds Banking Group plc		4.650		03/24/26		306,439
	300,000		Lloyds Banking Group plc		3.750		01/11/27		294,889
	200,000		Lloyds Banking Group plc		5.300		12/01/45		211,921
	200,000		Manufacturers & Traders Trust Co		1.450		03/07/18		199,714

43

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	650,000		Manufacturers & Traders Trust Co		2.300	%	01/30/19	$	655,580
	300,000		Manufacturers & Traders Trust Co		2.250		07/25/19		302,126
	150,000		Manufacturers & Traders Trust Co		2.100		02/06/20		149,675
	280,000	i	Manufacturers & Traders Trust Co		1.695		12/01/21		275,232
	100,000		Manufacturers & Traders Trust Co		2.900		02/06/25		98,317
	625,000		Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		630,574
	500,000		Mitsubishi UFJ Financial Group, Inc		2.190		09/13/21		489,073
	400,000		Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		403,630
	350,000		Mitsubishi UFJ Financial Group, Inc		2.527		09/13/23		338,051
	1,600,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		1,642,610
	300,000		Mitsubishi UFJ Financial Group, Inc		2.757		09/13/26		281,740
	400,000		Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		404,668
	750,000		Mizuho Financial Group, Inc		2.273		09/13/21		732,851
	200,000		Mizuho Financial Group, Inc		2.953		02/28/22		200,001
	750,000		Mizuho Financial Group, Inc		2.839		09/13/26		709,595
	200,000		Mizuho Financial Group, Inc		3.663		02/28/27		201,642
	200,000		MUFG Americas Holdings Corp		1.625		02/09/18		200,031
	500,000		MUFG Americas Holdings Corp		2.250		02/10/20		499,503
	200,000		MUFG Americas Holdings Corp		3.000		02/10/25		193,450
	350,000		National Australia Bank Ltd		1.875		07/23/18		351,247
	300,000		National Australia Bank Ltd		2.300		07/25/18		302,215
	300,000		National Australia Bank Ltd		2.000		01/14/19		300,670
	500,000		National Australia Bank Ltd		1.375		07/12/19		492,734
	500,000		National Australia Bank Ltd		2.250		01/10/20		500,565
	350,000		National Australia Bank Ltd		2.625		07/23/20		353,436
	300,000		National Australia Bank Ltd		2.625		01/14/21		301,316
	500,000		National Australia Bank Ltd		1.875		07/12/21		485,528
	500,000		National Australia Bank Ltd		2.800		01/10/22		503,061
	200,000		National Australia Bank Ltd		3.000		01/20/23		200,788
	300,000		National Australia Bank Ltd		3.375		01/14/26		302,721
	500,000		National Australia Bank Ltd		2.500		07/12/26		468,135
	400,000		National Bank of Canada		2.100		12/14/18		401,441
	350,000		Northern Trust Corp		2.375		08/02/22		346,995
	500,000		Northern Trust Corp		3.950		10/30/25		527,371
	300,000		People’s United Bank		4.000		07/15/24		298,661
	100,000		People’s United Financial, Inc		3.650		12/06/22		101,790
	300,000		PNC Bank NA		1.500		02/23/18		299,859
	300,000		PNC Bank NA		1.600		06/01/18		299,699
	375,000		PNC Bank NA		1.850		07/20/18		375,804
	300,000		PNC Bank NA		1.800		11/05/18		300,288
	300,000		PNC Bank NA		1.700		12/07/18		299,918
	150,000		PNC Bank NA		2.200		01/28/19		151,022
	500,000		PNC Bank NA		1.950		03/04/19		500,979
	800,000		PNC Bank NA		2.250		07/02/19		805,786
	500,000		PNC Bank NA		1.450		07/29/19		494,190
	600,000		PNC Bank NA		2.400		10/18/19		605,007
	300,000		PNC Bank NA		2.300		06/01/20		300,821
	300,000		PNC Bank NA		2.600		07/21/20		302,840
	300,000		PNC Bank NA		2.450		11/05/20		301,259
	500,000		PNC Bank NA		2.150		04/29/21		494,650
	500,000		PNC Bank NA		2.550		12/09/21		498,865
	500,000		PNC Bank NA		2.625		02/17/22		500,253
	750,000		PNC Bank NA		2.700		11/01/22		744,233
	500,000		PNC Bank NA		2.950		01/30/23		501,845

44

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		PNC Bank NA		2.950	%	02/23/25	$	296,063
	550,000		PNC Bank NA		3.250		06/01/25		552,847
	150,000	i	PNC Financial Services Group, Inc (Step Bond)		2.854		11/09/22		150,048
	300,000		PNC Financial Services Group, Inc		3.900		04/29/24		311,156
	645,000		PNC Funding Corp		5.125		02/08/20		697,657
	50,000		PNC Funding Corp		4.375		08/11/20		53,273
	500,000		Rabobank Nederland NV		4.500		01/11/21		536,180
	350,000		Rabobank Nederland NV		5.250		05/24/41		407,444
	250,000		Regions Bank		2.250		09/14/18		250,757
	1,350,000		Regions Financial Corp		3.200		02/08/21		1,372,726
	500,000		Royal Bank of Canada		1.200		09/19/17		499,810
	200,000		Royal Bank of Canada		1.500		06/07/18		199,815
	500,000		Royal Bank of Canada		2.200		07/27/18		503,454
	900,000		Royal Bank of Canada		1.800		07/30/18		901,238
	500,000		Royal Bank of Canada		2.000		10/01/18		502,415
	750,000		Royal Bank of Canada		2.000		12/10/18		752,723
	600,000		Royal Bank of Canada		2.150		03/15/19		603,693
	750,000		Royal Bank of Canada		1.625		04/15/19		745,820
	300,000		Royal Bank of Canada		1.500		07/29/19		296,898
	1,000,000		Royal Bank of Canada		2.200		09/23/19		1,004,961
	750,000		Royal Bank of Canada		1.875		02/05/20		746,232
	500,000		Royal Bank of Canada		2.125		03/02/20		500,161
	250,000		Royal Bank of Canada		2.150		03/06/20		249,947
	500,000		Royal Bank of Canada		2.100		10/14/20		497,995
	500,000		Royal Bank of Canada		2.350		10/30/20		500,903
	500,000		Royal Bank of Canada		2.500		01/19/21		503,389
	750,000		Royal Bank of Canada		2.300		03/22/21		750,615
	300,000		Royal Bank of Canada		2.750		02/01/22		302,712
	1,000,000		Royal Bank of Canada		4.650		01/27/26		1,057,922
	1,000,000		Royal Bank of Scotland Group plc		3.875		09/12/23		985,420
	750,000		Royal Bank of Scotland Group plc		4.800		04/05/26		767,416
	200,000		Santander Holdings USA, Inc		3.450		08/27/18		203,583
	400,000		Santander Holdings USA, Inc		2.700		05/24/19		401,860
	250,000		Santander Holdings USA, Inc		2.650		04/17/20		248,808
	500,000	g	Santander Holdings USA, Inc		3.700		03/28/22		500,688
	250,000		Santander Holdings USA, Inc		4.500		07/17/25		254,527
	400,000		Santander Issuances SAU		5.179		11/19/25		414,988
	300,000		Santander UK Group Holdings plc		2.875		10/16/20		300,337
	200,000		Santander UK Group Holdings plc		3.125		01/08/21		200,896
	750,000		Santander UK Group Holdings plc		2.875		08/05/21		740,345
	500,000		Santander UK Group Holdings plc		3.571		01/10/23		499,924
	500,000		Santander UK plc		3.050		08/23/18		507,983
	500,000		Santander UK plc		2.000		08/24/18		501,021
	500,000		Santander UK plc		2.500		03/14/19		503,970
	500,000		Santander UK plc		2.350		09/10/19		502,566
	500,000		Santander UK plc		4.000		03/13/24		523,407
	400,000		Skandinaviska Enskilda Banken AB		1.500		09/13/19		393,857
	300,000		Skandinaviska Enskilda Banken AB		2.300		03/11/20		300,692
	500,000		Skandinaviska Enskilda Banken AB		2.625		03/15/21		500,957
	400,000		Skandinaviska Enskilda Banken AB		1.875		09/13/21		387,530
	300,000		Skandinaviska Enskilda Banken AB		2.800		03/11/22		300,719
	400,000		Societe Generale S.A.		2.625		10/01/18		403,340
	250,000		Sovereign Bank		8.750		05/30/18		268,275
	300,000		Sumitomo Mitsui Banking Corp		1.500		01/18/18		299,685

45

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		Sumitomo Mitsui Banking Corp		2.500	%	07/19/18	$	252,232
	250,000		Sumitomo Mitsui Banking Corp		1.950		07/23/18		250,449
	500,000		Sumitomo Mitsui Banking Corp		1.762		10/19/18		498,136
	300,000		Sumitomo Mitsui Banking Corp		2.450		01/10/19		302,240
	500,000		Sumitomo Mitsui Banking Corp		2.050		01/18/19		499,986
	500,000		Sumitomo Mitsui Banking Corp		2.250		07/11/19		500,830
	250,000		Sumitomo Mitsui Banking Corp		2.650		07/23/20		251,553
	300,000		Sumitomo Mitsui Banking Corp		2.450		10/20/20		298,949
	250,000		Sumitomo Mitsui Banking Corp		3.200		07/18/22		254,024
	300,000		Sumitomo Mitsui Banking Corp		3.000		01/18/23		299,621
	300,000		Sumitomo Mitsui Banking Corp		3.950		01/10/24		313,685
	500,000		Sumitomo Mitsui Banking Corp		3.400		07/11/24		505,537
	250,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		255,883
	500,000		Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		504,147
	1,250,000		Sumitomo Mitsui Financial Group, Inc		2.058		07/14/21		1,216,675
	425,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		420,059
	700,000		Sumitomo Mitsui Financial Group, Inc		2.846		01/11/22		701,091
	500,000		Sumitomo Mitsui Financial Group, Inc		3.784		03/09/26		510,948
	500,000		Sumitomo Mitsui Financial Group, Inc		2.632		07/14/26		466,067
	500,000		Sumitomo Mitsui Financial Group, Inc		3.010		10/19/26		478,416
	500,000		Sumitomo Mitsui Financial Group, Inc		3.446		01/11/27		496,419
	500,000		SunTrust Bank		2.250		01/31/20		501,570
	200,000		SunTrust Bank		3.300		05/15/26		194,174
	300,000		SunTrust Banks, Inc		7.250		03/15/18		314,988
	200,000		SunTrust Banks, Inc		2.350		11/01/18		201,275
	300,000		SunTrust Banks, Inc		2.900		03/03/21		303,585
	500,000		SunTrust Banks, Inc		2.700		01/27/22		497,926
	225,000		SunTrust Banks, Inc		2.750		05/01/23		222,223
	50,000		SVB Financial Group		5.375		09/15/20		54,107
	300,000		Svenska Handelsbanken AB		2.875		04/04/17		300,000
	300,000		Svenska Handelsbanken AB		2.500		01/25/19		303,138
	500,000		Svenska Handelsbanken AB		2.250		06/17/19		502,770
	250,000		Svenska Handelsbanken AB		1.500		09/06/19		246,772
	800,000		Svenska Handelsbanken AB		2.400		10/01/20		799,894
	750,000		Svenska Handelsbanken AB		2.450		03/30/21		748,637
	250,000		Svenska Handelsbanken AB		1.875		09/07/21		242,885
	500,000		Toronto-Dominion Bank		1.625		03/13/18		500,616
	400,000		Toronto-Dominion Bank		1.400		04/30/18		399,426
	400,000		Toronto-Dominion Bank		1.750		07/23/18		400,881
	300,000		Toronto-Dominion Bank		1.450		09/06/18		299,313
	600,000		Toronto-Dominion Bank		2.625		09/10/18		608,260
	700,000		Toronto-Dominion Bank		1.950		01/22/19		703,129
	500,000		Toronto-Dominion Bank		2.125		07/02/19		502,439
	500,000		Toronto-Dominion Bank		1.450		08/13/19		494,427
	300,000		Toronto-Dominion Bank		2.250		11/05/19		301,964
	300,000		Toronto-Dominion Bank		2.500		12/14/20		302,470
	900,000		Toronto-Dominion Bank		2.125		04/07/21		891,941
	500,000		Toronto-Dominion Bank		1.800		07/13/21		486,453
	1,000,000	i	Toronto-Dominion Bank		3.625		09/15/31		979,250
	250,000		Union Bank NA		2.625		09/26/18		252,592
	225,000		UnionBanCal Corp		3.500		06/18/22		230,360
	1,000,000		US Bancorp		1.950		11/15/18		1,006,302
	500,000		US Bancorp		2.200		04/25/19		503,955
	700,000		US Bancorp		2.625		01/24/22		702,564
	200,000		US Bancorp		2.950		07/15/22		201,784

46

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	375,000		US Bancorp		3.700	%	01/30/24	$	393,552
	500,000		US Bancorp		3.600		09/11/24		514,855
	750,000		US Bancorp		3.100		04/27/26		736,341
	500,000		US Bancorp		2.375		07/22/26		467,540
	500,000		US Bank NA		1.350		01/26/18		499,393
	500,000		US Bank NA		2.125		10/28/19		502,312
	250,000		US Bank NA		2.000		01/24/20		250,903
	500,000		US Bank NA		2.800		01/27/25		490,860
	500,000		Wells Fargo Bank NA		1.800		11/28/18		501,280
	500,000		Wells Fargo Bank NA		1.750		05/24/19		498,469
	500,000		Wells Fargo Bank NA		2.150		12/06/19		501,810
	750,000		Westpac Banking Corp		1.600		01/12/18		750,234
	500,000		Westpac Banking Corp		2.250		07/30/18		503,414
	1,500,000		Westpac Banking Corp		1.950		11/23/18		1,502,576
	500,000		Westpac Banking Corp		2.250		01/17/19		502,977
	500,000		Westpac Banking Corp		1.650		05/13/19		496,268
	500,000		Westpac Banking Corp		1.600		08/19/19		494,615
	75,000		Westpac Banking Corp		4.875		11/19/19		80,305
	600,000		Westpac Banking Corp		2.300		05/26/20		600,283
	500,000		Westpac Banking Corp		2.100		05/13/21		490,979
	500,000		Westpac Banking Corp		2.000		08/19/21		488,585
	400,000		Westpac Banking Corp		2.800		01/11/22		402,357
	500,000		Westpac Banking Corp		2.850		05/13/26		482,541
	500,000		Westpac Banking Corp		2.700		08/19/26		475,595
	500,000		Westpac Banking Corp		3.350		03/08/27		498,041
	950,000	i	Westpac Banking Corp		4.322		11/23/31		959,881
			TOTAL BANKS						298,875,245
CAPITAL GOODS - 0.9%
	42,000		Agilent Technologies, Inc		6.500		11/01/17		43,084
	100,000		Agilent Technologies, Inc		5.000		07/15/20		107,964
	100,000		Agilent Technologies, Inc		3.200		10/01/22		101,106
	400,000		Agilent Technologies, Inc		3.875		07/15/23		415,291
	200,000		Agilent Technologies, Inc		3.050		09/22/26		190,464
	250,000		Applied Materials, Inc		2.625		10/01/20		253,849
	200,000		Applied Materials, Inc		4.300		06/15/21		214,979
	250,000		Applied Materials, Inc		3.900		10/01/25		263,716
	300,000		Applied Materials, Inc		3.300		04/01/27		300,356
	250,000		Applied Materials, Inc		5.100		10/01/35		279,647
	100,000		Applied Materials, Inc		5.850		06/15/41		121,867
	500,000		Applied Materials, Inc		4.350		04/01/47		505,736
	200,000		Arrow Electronics, Inc		5.125		03/01/21		213,683
	200,000		Arrow Electronics, Inc		3.500		04/01/22		201,566
	200,000		Arrow Electronics, Inc		4.000		04/01/25		201,341
	200,000		Avnet, Inc		3.750		12/01/21		202,248
	300,000		Avnet, Inc		4.875		12/01/22		315,083
	200,000		Avnet, Inc		4.625		04/15/26		202,534
	100,000		Carlisle Cos, Inc		3.750		11/15/22		100,709
	300,000		Caterpillar Financial Services Corp		1.500		02/23/18		299,572
	1,361,000		Caterpillar Financial Services Corp		7.150		02/15/19		1,490,107
	200,000		Caterpillar Financial Services Corp		1.900		03/22/19		200,037
	300,000		Caterpillar Financial Services Corp		1.350		05/18/19		296,347
	300,000		Caterpillar Financial Services Corp		2.100		06/09/19		301,312
	150,000		Caterpillar Financial Services Corp		2.250		12/01/19		151,152
	500,000		Caterpillar Financial Services Corp		2.100		01/10/20		500,034
	200,000		Caterpillar Financial Services Corp		2.000		03/05/20		199,438

47

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000		Caterpillar Financial Services Corp		1.700	%	08/09/21	$	723,302
	200,000		Caterpillar Financial Services Corp		2.750		08/20/21		201,283
	700,000		Caterpillar Financial Services Corp		3.750		11/24/23		736,779
	400,000		Caterpillar Financial Services Corp		3.300		06/09/24		403,456
	525,000		Caterpillar Financial Services Corp		3.250		12/01/24		533,197
	500,000		Caterpillar Financial Services Corp		2.400		08/09/26		473,061
	200,000		Caterpillar, Inc		3.900		05/27/21		211,629
	200,000		Caterpillar, Inc		3.400		05/15/24		205,355
	738,000		Caterpillar, Inc		3.803		08/15/42		700,248
	300,000		Caterpillar, Inc		4.300		05/15/44		305,463
	100,000		Crane Co		2.750		12/15/18		101,590
	300,000		CRH America, Inc		5.750		01/15/21		332,278
	200,000		Cummins, Inc		3.650		10/01/23		209,256
	200,000		Cummins, Inc		4.875		10/01/43		222,387
	300,000		Danaher Corp		2.400		09/15/20		303,103
	200,000		Danaher Corp		3.350		09/15/25		206,125
	200,000		Danaher Corp		4.375		09/15/45		210,557
	150,000		Deere & Co		2.600		06/08/22		150,171
	218,000		Deere & Co		5.375		10/16/29		261,203
	650,000		Deere & Co		3.900		06/09/42		647,013
	825,000		Dover Corp		3.150		11/15/25		829,954
	100,000		Dover Corp		5.375		03/01/41		117,791
	200,000		Eaton Corp		5.600		05/15/18		208,320
	1,075,000		Eaton Corp		2.750		11/02/22		1,067,373
	150,000		Eaton Corp		4.000		11/02/32		151,838
	250,000		Eaton Corp		4.150		11/02/42		245,804
	1,650,000		Embraer Netherlands Finance BV		5.400		02/01/27		1,701,942
	200,000		Emerson Electric Co		5.250		11/15/39		230,466
	300,000		Emerson Electric Co		5.250		10/15/18		316,706
	400,000		Emerson Electric Co		4.875		10/15/19		430,479
	350,000		Emerson Electric Co		2.625		02/15/23		349,560
	200,000		Emerson Electric Co		3.150		06/01/25		203,974
	200,000		FLIR Systems, Inc		3.125		06/15/21		201,088
	150,000		Flowserve Corp		3.500		09/15/22		151,187
	200,000		Flowserve Corp		4.000		11/15/23		206,365
	100,000	g	Fortive Corp		1.800		06/15/19		99,359
	200,000	g	Fortive Corp		2.350		06/15/21		197,531
	275,000	g	Fortive Corp		3.150		06/15/26		271,846
	250,000	g	Fortive Corp		4.300		06/15/46		249,797
	600,000		General Dynamics Corp		2.250		11/15/22		589,158
	300,000		General Dynamics Corp		1.875		08/15/23		285,450
	200,000		General Dynamics Corp		2.125		08/15/26		184,993
	225,000		General Dynamics Corp		3.600		11/15/42		214,205
	100,000		IDEX Corp		4.500		12/15/20		106,271
	200,000		IDEX Corp		4.200		12/15/21		207,715
	300,000		Illinois Tool Works, Inc		1.950		03/01/19		302,080
	100,000		Illinois Tool Works, Inc		6.250		04/01/19		109,067
	500,000		Illinois Tool Works, Inc		2.650		11/15/26		481,334
	200,000		Illinois Tool Works, Inc		4.875		09/15/41		225,740
	500,000		Illinois Tool Works, Inc		3.900		09/01/42		500,210

48

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	170,000		Ingersoll-Rand Global Holding Co Ltd		6.875	%	08/15/18	$	181,567
	250,000		Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		254,088
	300,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		319,456
	200,000		Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		237,277
	100,000		Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		100,922
	100,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		101,478
	800,000		John Deere Capital Corp		5.500		04/13/17		800,722
	350,000		John Deere Capital Corp		1.600		07/13/18		350,390
	1,000,000		John Deere Capital Corp		1.750		08/10/18		1,002,608
	200,000		John Deere Capital Corp		1.650		10/15/18		200,129
	200,000		John Deere Capital Corp		1.950		12/13/18		201,147
	300,000		John Deere Capital Corp		1.950		01/08/19		301,634
	300,000		John Deere Capital Corp		1.250		10/09/19		295,490
	350,000		John Deere Capital Corp		1.700		01/15/20		347,443
	200,000		John Deere Capital Corp		2.200		03/13/20		200,550
	125,000		John Deere Capital Corp		2.450		09/11/20		126,021
	175,000		John Deere Capital Corp		2.550		01/08/21		176,303
	400,000		John Deere Capital Corp		2.800		03/04/21		408,209
	200,000		John Deere Capital Corp		3.150		10/15/21		205,077
	500,000		John Deere Capital Corp		2.650		01/06/22		501,750
	200,000		John Deere Capital Corp		2.800		01/27/23		199,533
	600,000		John Deere Capital Corp		2.800		03/06/23		601,346
	300,000		John Deere Capital Corp		3.350		06/12/24		307,960
	125,000		John Deere Capital Corp		3.400		09/11/25		128,443
	300,000		Johnson Controls International plc		1.400		11/02/17		299,396
	160,000		Johnson Controls International plc		4.250		03/01/21		169,024
	300,000	i	Johnson Controls International plc (Step Bond)		3.625		07/02/24		306,280
	300,000		Johnson Controls International plc		3.900		02/14/26		311,404
	270,000		Johnson Controls International plc		6.000		01/15/36		321,935
	325,000	i	Johnson Controls International plc (Step Bond)		4.625		07/02/44		333,353
	200,000		Johnson Controls International plc		5.125		09/14/45		221,095
	125,000		Johnson Controls International plc		4.500		02/15/47		127,067
	100,000	i	Johnson Controls International plc (Step Bond)		4.950		07/02/64		101,885
	200,000		Kennametal, Inc		2.650		11/01/19		199,990
	150,000		Kennametal, Inc		3.875		02/15/22		149,544
	200,000		KLA-Tencor Corp		4.125		11/01/21		209,371
	200,000		KLA-Tencor Corp		4.650		11/01/24		212,932
	200,000		Lam Research Corp		2.750		03/15/20		202,301
	400,000		Lam Research Corp		2.800		06/15/21		401,330
	200,000		Lam Research Corp		3.800		03/15/25		200,750
	100,000		Legrand France S.A.		8.500		02/15/25		129,778
	100,000		Lennox International, Inc		3.000		11/15/23		98,267
	1,075,000		Lockheed Martin Corp		2.500		11/23/20		1,082,277
	500,000		Lockheed Martin Corp		3.100		01/15/23		506,775
	300,000		Lockheed Martin Corp		2.900		03/01/25		292,781
	1,200,000		Lockheed Martin Corp		3.550		01/15/26		1,218,101
	300,000		Lockheed Martin Corp		3.600		03/01/35		285,928
	500,000		Lockheed Martin Corp		4.500		05/15/36		530,891
	350,000		Lockheed Martin Corp		4.850		09/15/41		380,273
	1,108,000		Lockheed Martin Corp		4.070		12/15/42		1,087,368
	500,000		Lockheed Martin Corp		4.700		05/15/46		541,416
	300,000		Mosaic Co		4.250		11/15/23		310,791
	300,000		Mosaic Co		5.450		11/15/33		314,640
	100,000		Mosaic Co		4.875		11/15/41		92,722
	300,000		Mosaic Co		5.625		11/15/43		308,813

49

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		Parker-Hannifin Corp		3.500	%	09/15/22	$	261,307
	300,000		Parker-Hannifin Corp		3.300		11/21/24		305,025
	175,000	g	Parker-Hannifin Corp		3.250		03/01/27		174,290
	200,000		Parker-Hannifin Corp		4.200		11/21/34		205,687
	200,000		Parker-Hannifin Corp		4.450		11/21/44		211,067
	350,000	g	Parker-Hannifin Corp		4.100		03/01/47		352,690
	200,000		Pentair Finance S.A.		3.625		09/15/20		205,347
	100,000		Pentair Finance S.A.		3.150		09/15/22		99,289
	775,000		Precision Castparts Corp		2.500		01/15/23		764,696
	300,000		Precision Castparts Corp		3.250		06/15/25		302,939
	400,000		Precision Castparts Corp		4.200		06/15/35		409,199
	100,000		Precision Castparts Corp		3.900		01/15/43		98,089
	50,000		Raytheon Co		4.400		02/15/20		53,474
	450,000		Raytheon Co		3.125		10/15/20		464,966
	1,000,000		Raytheon Co		2.500		12/15/22		995,844
	300,000		Raytheon Co		3.150		12/15/24		306,038
	200,000		Raytheon Co		7.200		08/15/27		267,133
	100,000		Raytheon Co		4.700		12/15/41		110,774
	150,000		Raytheon Co		4.200		12/15/44		156,015
	300,000		Reliance Steel & Aluminum Co		4.500		04/15/23		313,031
	700,000		Rockwell Automation, Inc		2.050		03/01/20		697,418
	100,000	h	Rockwell Collins, Inc		1.950		07/15/19		100,065
	500,000	h	Rockwell Collins, Inc		2.800		03/15/22		501,160
	125,000		Rockwell Collins, Inc		3.700		12/15/23		128,908
	500,000	h	Rockwell Collins, Inc		3.200		03/15/24		498,912
	325,000	h	Rockwell Collins, Inc		3.500		03/15/27		325,102
	125,000		Rockwell Collins, Inc		4.800		12/15/43		133,757
	150,000	h	Rockwell Collins, Inc		4.350		04/15/47		149,944
	125,000		Roper Industries, Inc		2.050		10/01/18		125,387
	100,000		Roper Industries, Inc		6.250		09/01/19		109,363
	200,000		Roper Industries, Inc		3.125		11/15/22		201,732
	200,000		Roper Technologies, Inc		3.000		12/15/20		203,731
	100,000		Roper Technologies, Inc		2.800		12/15/21		100,102
	200,000		Roper Technologies, Inc		3.850		12/15/25		202,922
	1,100,000		Roper Technologies, Inc		3.800		12/15/26		1,104,709
	200,000		Snap-on, Inc		3.250		03/01/27		202,117
	200,000		Spirit AeroSystems, Inc		3.850		06/15/26		199,831
	200,000		Stanley Black & Decker, Inc		1.622		11/17/18		199,211
	200,000		Stanley Black & Decker, Inc		2.451		11/17/18		202,071
	250,000		Stanley Black & Decker, Inc		3.400		12/01/21		259,480
	600,000		Stanley Black & Decker, Inc		2.900		11/01/22		606,055
	100,000		Stanley Black & Decker, Inc		5.200		09/01/40		111,465
	150,000		Textron, Inc		4.000		03/15/26		152,783
	500,000		Textron, Inc		3.650		03/15/27		496,496
	250,000		Timken Co		3.875		09/01/24		245,800
	200,000		Trinity Industries, Inc		4.550		10/01/24		199,742
	200,000		Tupperware Brands Corp		4.750		06/01/21		213,136
	500,000	i	United Technologies Corp (Step Bond)		1.778		05/04/18		499,836
	500,000		United Technologies Corp		1.500		11/01/19		496,494
	500,000		United Technologies Corp		1.950		11/01/21		490,084
	1,325,000		United Technologies Corp		3.100		06/01/22		1,363,526
	1,000,000		United Technologies Corp		2.650		11/01/26		963,846
	145,000		United Technologies Corp		5.700		04/15/40		176,501
	1,650,000		United Technologies Corp		4.500		06/01/42		1,744,684
	1,000,000		United Technologies Corp		4.150		05/15/45		1,001,981

50

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	375,000		United Technologies Corp		3.750	%	11/01/46	$	351,963
	300,000	g	Wabtec Corp		3.450		11/15/26		291,701
	300,000		WW Grainger, Inc		4.600		06/15/45		323,661
	200,000		WW Grainger, Inc		3.750		05/15/46		189,800
	300,000		Xylem, Inc		4.875		10/01/21		325,665
	100,000		Xylem, Inc		3.250		11/01/26		98,735
	100,000		Xylem, Inc		4.375		11/01/46		99,015
			TOTAL CAPITAL GOODS						65,892,093
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	355,000		21st Century Fox America, Inc		7.250		05/18/18		376,059
	200,000		21st Century Fox America, Inc		4.000		10/01/23		209,049
	200,000		21st Century Fox America, Inc		3.700		09/15/24		204,477
	700,000		21st Century Fox America, Inc		3.700		10/15/25		710,331
	100,000		21st Century Fox America, Inc		3.375		11/15/26		97,932
	1,325,000		21st Century Fox America, Inc		6.200		12/15/34		1,561,895
	1,000,000		21st Century Fox America, Inc		6.150		02/15/41		1,188,000
	225,000		21st Century Fox America, Inc		5.400		10/01/43		245,492
	500,000		21st Century Fox America, Inc		4.750		09/15/44		504,838
	300,000		21st Century Fox America, Inc		4.950		10/15/45		310,414
	200,000		21st Century Fox America, Inc		4.750		11/15/46		200,409
	175,000		Air Lease Corp		2.125		01/15/18		175,329
	200,000		Air Lease Corp		2.625		09/04/18		201,665
	600,000		Air Lease Corp		3.375		01/15/19		613,868
	200,000		Air Lease Corp		2.125		01/15/20		198,467
	200,000		Air Lease Corp		3.875		04/01/21		207,311
	200,000		Air Lease Corp		3.375		06/01/21		203,859
	500,000		Air Lease Corp		3.750		02/01/22		514,928
	500,000		Air Lease Corp		3.625		04/01/27		485,920
	500,000		Daimler Finance North America LLC		8.500		01/18/31		754,842
	400,000		eBay, Inc		2.500		03/09/18		403,044
	300,000		eBay, Inc		2.200		08/01/19		300,971
	200,000		eBay, Inc		3.250		10/15/20		206,090
	300,000		eBay, Inc		2.875		08/01/21		303,138
	800,000		eBay, Inc		2.600		07/15/22		788,718
	400,000		eBay, Inc		3.450		08/01/24		400,188
	200,000		eBay, Inc		4.000		07/15/42		169,991
	150,000		Equifax, Inc		2.300		06/01/21		147,687
	200,000		Equifax, Inc		3.300		12/15/22		202,757
	200,000		Equifax, Inc		3.250		06/01/26		193,408
	300,000		Fluor Corp		3.500		12/15/24		307,432
	200,000		Fortune Brands Home & Security, Inc		3.000		06/15/20		202,404
	200,000		Fortune Brands Home & Security, Inc		4.000		06/15/25		206,749
	500,000		Howard Hughes Medical Institute		3.500		09/01/23		523,663
	200,000		Mastercard, Inc		2.000		11/21/21		198,225
	200,000		Mastercard, Inc		2.950		11/21/26		199,062
	200,000		Mastercard, Inc		3.800		11/21/46		196,913
	500,000		MasterCard, Inc		3.375		04/01/24		516,994
	200,000		Moody’s Corp		2.750		07/15/19		202,588
	400,000		Moody’s Corp		2.750		12/15/21		399,738
	400,000		Moody’s Corp		4.875		02/15/24		436,474
	200,000		Moody’s Corp		5.250		07/15/44		222,999
	100,000		Partners Healthcare System, Inc		4.117		07/01/55		95,303
	329,000		Reed Elsevier Capital, Inc		3.125		10/15/22		328,274

51

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	63,000	Republic Services, Inc		5.500	%	09/15/19	$	68,156
	615,000	Republic Services, Inc		5.000		03/01/20		664,164
	580,000	Republic Services, Inc		5.250		11/15/21		646,097
	250,000	Republic Services, Inc		3.550		06/01/22		259,270
	750,000	Republic Services, Inc		3.200		03/15/25		747,120
	400,000	Republic Services, Inc		2.900		07/01/26		386,398
	300,000	S&P Global, Inc		2.500		08/15/18		302,351
	300,000	S&P Global, Inc		3.300		08/14/20		306,447
	300,000	S&P Global, Inc		4.000		06/15/25		308,313
	925,000	S&P Global, Inc		4.400		02/15/26		981,617
	500,000	Svensk Exportkredit AB		2.375		03/09/22		503,277
	345,000	Thomson Reuters Corp		6.500		07/15/18		365,010
	600,000	Thomson Reuters Corp		4.300		11/23/23		633,744
	200,000	Thomson Reuters Corp		3.350		05/15/26		194,770
	145,000	Thomson Reuters Corp		5.850		04/15/40		161,766
	400,000	Thomson Reuters Corp		4.500		05/23/43		376,120
	200,000	Thomson Reuters Corp		5.650		11/23/43		221,988
	1,000,000	VEREIT Operating Partnership LP		4.125		06/01/21		1,023,570
	1,500,000	Visa, Inc		2.200		12/14/20		1,505,699
	600,000	Visa, Inc		2.800		12/14/22		605,139
	1,925,000	Visa, Inc		3.150		12/14/25		1,931,462
	1,800,000	Visa, Inc		4.300		12/14/45		1,889,343
	310,000	Waste Management, Inc		4.600		03/01/21		333,843
	850,000	Waste Management, Inc		2.900		09/15/22		864,542
	100,000	Waste Management, Inc		2.400		05/15/23		98,192
	1,000,000	Waste Management, Inc		3.500		05/15/24		1,033,266
	100,000	Waste Management, Inc		3.900		03/01/35		99,512
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						32,629,071
CONSUMER DURABLES & APPAREL - 0.1%
	400,000	DR Horton, Inc		3.750		03/01/19		409,901
	500,000	DR Horton, Inc		4.375		09/15/22		526,215
	200,000	Hasbro, Inc		3.150		05/15/21		203,634
	100,000	Hasbro, Inc		6.350		03/15/40		117,096
	200,000	Hasbro, Inc		5.100		05/15/44		203,523
	200,000	Leggett & Platt, Inc		3.400		08/15/22		199,475
	1,000,000	Masco Corp		4.450		04/01/25		1,043,740
	200,000	Mattel, Inc		2.350		05/06/19		200,383
	300,000	Mattel, Inc		2.350		08/15/21		293,151
	100,000	Mattel, Inc		5.450		11/01/41		101,878
	100,000	Mohawk Industries, Inc		3.850		02/01/23		102,454
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,416
	169,000	Newell Rubbermaid, Inc		2.600		03/29/19		171,076
	300,000	Newell Rubbermaid, Inc		2.875		12/01/19		305,300
	250,000	Newell Rubbermaid, Inc		3.150		04/01/21		255,745
	200,000	Newell Rubbermaid, Inc		4.000		06/15/22		207,944
	350,000	Newell Rubbermaid, Inc		3.850		04/01/23		362,268
	200,000	Newell Rubbermaid, Inc		4.000		12/01/24		206,539
	100,000	Newell Rubbermaid, Inc		3.900		11/01/25		102,533
	425,000	Newell Rubbermaid, Inc		4.200		04/01/26		442,272
	350,000	Newell Rubbermaid, Inc		5.375		04/01/36		392,872
	750,000	Newell Rubbermaid, Inc		5.500		04/01/46		852,179
	300,000	NIKE, Inc		2.250		05/01/23		295,252
	200,000	NIKE, Inc		2.375		11/01/26		187,004

52

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	NIKE, Inc		3.625	%	05/01/43	$	277,781
	500,000	NIKE, Inc		3.875		11/01/45		482,037
	200,000	NIKE, Inc		3.375		11/01/46		176,910
	150,000	NVR, Inc		3.950		09/15/22		155,191
	200,000	Ralph Lauren Corp		2.125		09/26/18		201,417
	200,000	Ralph Lauren Corp		2.625		08/18/20		201,704
	200,000	Signet UK Finance plc		4.700		06/15/24		193,588
	220,000	VF Corp		6.450		11/01/37		285,076
	150,000	Whirlpool Corp		4.700		06/01/22		162,855
	100,000	Whirlpool Corp		3.700		03/01/23		102,966
	100,000	Whirlpool Corp		4.000		03/01/24		104,496
	200,000	Whirlpool Corp		4.500		06/01/46		199,089
		TOTAL CONSUMER DURABLES & APPAREL						9,825,960
CONSUMER SERVICES - 0.3%
	100,000	Board of Trustees of The Leland Stanford Junior University		4.750		05/01/19		106,619
	300,000	Board of Trustees of The Leland Stanford Junior University		3.460		05/01/47		286,093
	200,000	California Institute of Technology		4.321		08/01/45		214,024
	500,000	Catholic Health Initiatives		2.950		11/01/22		483,433
	100,000	Children’s Hospital Corp		4.115		01/01/47		101,174
	400,000	Cintas Corp No 2		2.900		04/01/22		404,619
	400,000	Cintas Corp No 2		3.700		04/01/27		408,683
	100,000	Darden Restaurants, Inc		6.800		10/15/37		120,049
	45,000	Dartmouth College		4.750		06/01/19		47,854
	115,000	Duke University		3.299		10/01/46		101,877
	200,000	Dun & Bradstreet Corp		4.250		06/15/20		207,711
	100,000	George Washington University		3.485		09/15/22		102,912
	300,000	George Washington University		4.300		09/15/44		298,124
	200,000	George Washington University		4.868		09/15/45		216,010
	200,000	Hyatt Hotels Corp		3.375		07/15/23		201,457
	100,000	Hyatt Hotels Corp		4.850		03/15/26		107,015
	19,000	Johns Hopkins University		5.250		07/01/19		20,375
	200,000	Marriott International, Inc		3.000		03/01/19		203,352
	200,000	Marriott International, Inc		3.375		10/15/20		206,261
	300,000	Marriott International, Inc		2.875		03/01/21		303,289
	200,000	Marriott International, Inc		3.125		10/15/21		203,556
	200,000	Marriott International, Inc		2.300		01/15/22		195,477
	200,000	Marriott International, Inc		3.250		09/15/22		201,739
	200,000	Marriott International, Inc		3.750		03/15/25		203,239
	200,000	Marriott International, Inc		3.125		06/15/26		192,692
	250,000	Massachusetts Institute of Technology		5.600		07/01/11		308,611
	200,000	Massachusetts Institute of Technology		4.678		07/01/14		206,495
	300,000	Massachusetts Institute of Technology		3.885		07/01/16		259,618
	500,000	McDonald’s Corp		2.100		12/07/18		502,958
	300,000	McDonald’s Corp		1.875		05/29/19		301,033
	250,000	McDonald’s Corp		2.200		05/26/20		250,333
	720,000	McDonald’s Corp		3.500		07/15/20		753,501
	500,000	McDonald’s Corp		2.750		12/09/20		506,651
	550,000	McDonald’s Corp		2.625		01/15/22		549,453
	1,000,000	McDonald’s Corp		3.700		01/30/26		1,022,697
	500,000	McDonald’s Corp		4.700		12/09/35		523,807
	500,000	McDonald’s Corp		3.625		05/01/43		438,621
	250,000	McDonald’s Corp		4.600		05/26/45		255,017
	1,000,000	McDonald’s Corp		4.875		12/09/45		1,063,296

53

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	McDonald’s Corp		4.450	%	03/01/47	$	501,514
	200,000	Northwestern University		3.688		12/01/38		198,862
	200,000	Northwestern University		3.868		12/01/48		204,997
	750,000	President and Fellows of Harvard College		3.619		10/01/37		750,166
	200,000	President and Fellows of Harvard College		3.150		07/15/46		184,574
	200,000	President and Fellows of Harvard College		3.300		07/15/56		184,779
	100,000	Princeton University		4.950		03/01/19		106,119
	220,000	Princeton University		5.700		03/01/39		293,753
	200,000	Trinity Acquisition plc		3.500		09/15/21		203,308
	200,000	Trinity Acquisition plc		4.400		03/15/26		204,984
	200,000	Trustees of Dartmouth College		3.474		06/01/46		188,863
	200,000	University of Notre Dame du Lac		3.438		02/15/45		191,647
	500,000	Walt Disney Co		1.850		05/30/19		502,379
	1,400,000	Walt Disney Co		1.950		03/04/20		1,402,972
	200,000	Walt Disney Co		2.150		09/17/20		201,110
	300,000	Walt Disney Co		2.300		02/12/21		302,312
	850,000	Walt Disney Co		2.550		02/15/22		855,849
	700,000	Walt Disney Co		3.150		09/17/25		714,052
	300,000	Walt Disney Co		3.000		02/13/26		300,050
	300,000	Walt Disney Co		1.850		07/30/26		271,173
	100,000	Walt Disney Co		4.375		08/16/41		105,464
	200,000	Walt Disney Co		3.700		12/01/42		191,672
	800,000	Walt Disney Co		4.125		06/01/44		823,578
	100,000	Walt Disney Co		3.000		07/30/46		84,189
	200,000	Wesleyan University		4.781		07/01/16		185,130
	200,000	William Marsh Rice University		3.574		05/15/45		192,599
	200,000	William Marsh Rice University		3.774		05/15/55		190,054
	200,000	Wyndham Worldwide Corp		4.250		03/01/22		208,222
	200,000	Wyndham Worldwide Corp		3.900		03/01/23		201,963
	200,000	Wyndham Worldwide Corp		5.100		10/01/25		212,805
	200,000	Wyndham Worldwide Corp		4.500		04/01/27		201,484
	200,000	Yale University		2.086		04/15/19		202,023
		TOTAL CONSUMER SERVICES						22,642,371
DIVERSIFIED FINANCIALS - 3.2%
	150,000	ABN Amro Bank NV		4.650		06/04/18		153,511
	3,500,000	AerCap Ireland Capital Ltd		5.000		10/01/21		3,746,137
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		208,485
	20,000	Ahold Finance USA LLC		6.875		05/01/29		24,858
	190,000	American Express Co		7.000		03/19/18		199,508
	1,300,000	American Express Co		1.550		05/22/18		1,298,254
	300,000	American Express Co		3.625		12/05/24		301,660
	829,000	American Express Co		4.050		12/03/42		812,614
	1,175,000	American Express Credit Corp		2.125		07/27/18		1,181,244
	500,000	American Express Credit Corp		1.800		07/31/18		500,492
	750,000	American Express Credit Corp		2.125		03/18/19		753,619
	500,000	American Express Credit Corp		2.250		08/15/19		503,894
	300,000	American Express Credit Corp		1.700		10/30/19		298,142
	300,000	American Express Credit Corp		2.200		03/03/20		300,849
	575,000	American Express Credit Corp		2.375		05/26/20		578,326
	500,000	American Express Credit Corp		2.600		09/14/20		505,228
	300,000	American Express Credit Corp		2.700		03/03/22		299,694
	500,000	American Honda Finance Corp		1.600		07/13/18		500,856
	300,000	American Honda Finance Corp		2.125		10/10/18		302,280

54

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	American Honda Finance Corp		1.500	%	11/19/18	$	199,390
	200,000	American Honda Finance Corp		1.700		02/22/19		199,767
	300,000	American Honda Finance Corp		1.200		07/12/19		295,935
	500,000	American Honda Finance Corp		2.250		08/15/19		504,323
	200,000	American Honda Finance Corp		2.000		02/14/20		200,621
	700,000	American Honda Finance Corp		2.150		03/13/20		701,507
	300,000	American Honda Finance Corp		2.450		09/24/20		302,836
	300,000	American Honda Finance Corp		1.650		07/12/21		290,692
	200,000	American Honda Finance Corp		1.700		09/09/21		194,170
	200,000	American Honda Finance Corp		2.900		02/16/24		199,589
	100,000	American Honda Finance Corp		2.300		09/09/26		92,964
	295,000	Ameriprise Financial, Inc		5.300		03/15/20		320,457
	400,000	Ameriprise Financial, Inc		4.000		10/15/23		422,850
	300,000	Ameriprise Financial, Inc		3.700		10/15/24		309,357
	200,000	Ameriprise Financial, Inc		2.875		09/15/26		192,135
	300,000	Ares Capital Corp		4.875		11/30/18		311,241
	150,000	Ares Capital Corp		3.875		01/15/20		152,980
	200,000	Ares Capital Corp		3.625		01/19/22		198,270
	500,000	Bank of New York Mellon Corp		1.300		01/25/18		499,512
	1,000,000	Bank of New York Mellon Corp		2.300		09/11/19		1,009,384
	1,000,000	Bank of New York Mellon Corp		2.150		02/24/20		1,003,990
	300,000	Bank of New York Mellon Corp		2.600		08/17/20		303,825
	500,000	Bank of New York Mellon Corp		2.450		11/27/20		502,735
	375,000	Bank of New York Mellon Corp		2.500		04/15/21		375,947
	300,000	Bank of New York Mellon Corp		2.050		05/03/21		296,015
	500,000	Bank of New York Mellon Corp		3.550		09/23/21		520,758
	750,000	Bank of New York Mellon Corp		2.600		02/07/22		750,646
	500,000	Bank of New York Mellon Corp		2.200		08/16/23		479,957
	250,000	Bank of New York Mellon Corp		3.650		02/04/24		259,281
	800,000	Bank of New York Mellon Corp		3.250		09/11/24		807,854
	500,000	Bank of New York Mellon Corp		3.000		02/24/25		494,543
	500,000	Bank of New York Mellon Corp		2.800		05/04/26		484,288
	500,000	Bank of New York Mellon Corp		2.450		08/17/26		468,226
	100,000	Bank of New York Mellon Corp		3.000		10/30/28		95,136
	500,000	Barclays Bank plc		5.140		10/14/20		534,836
	300,000	Berkshire Hathaway, Inc		2.100		08/14/19		302,908
	750,000	Berkshire Hathaway, Inc		2.200		03/15/21		750,490
	200,000	Berkshire Hathaway, Inc		3.750		08/15/21		212,294
	300,000	Berkshire Hathaway, Inc		3.000		02/11/23		305,404
	750,000	Berkshire Hathaway, Inc		2.750		03/15/23		750,083
	750,000	Berkshire Hathaway, Inc		3.125		03/15/26		749,203
	800,000	Berkshire Hathaway, Inc		4.500		02/11/43		856,784
	790,000	BlackRock, Inc		5.000		12/10/19		855,217
	125,000	BlackRock, Inc		3.375		06/01/22		129,939
	500,000	BlackRock, Inc		3.500		03/18/24		521,154
	200,000	BlackRock, Inc		3.200		03/15/27		200,064
	200,000	Block Financial LLC		5.500		11/01/22		212,801
	200,000	Block Financial LLC		5.250		10/01/25		207,556
	1,000,000	BNP Paribas S.A.		2.700		08/20/18		1,010,405
	300,000	BNP Paribas S.A.		2.400		12/12/18		301,730
	500,000	BNP Paribas S.A.		2.450		03/17/19		503,506
	825,000	BNP Paribas S.A.		2.375		05/21/20		824,267
	700,000	BNP Paribas S.A.		5.000		01/15/21		757,703
	300,000	BNP Paribas S.A.		3.250		03/03/23		302,153

55

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	BNP Paribas S.A.		4.250	%	10/15/24	$	506,261
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		209,381
	200,000	Broadridge Financial Solutions, Inc		3.400		06/27/26		194,941
	300,000	Brookfield Asset Management, Inc		4.000		01/15/25		301,990
	500,000	Capital One Financial Corp		3.050		03/09/22		499,310
	500,000	Capital One Financial Corp		3.750		04/24/24		508,456
	200,000	Capital One Financial Corp		3.200		02/05/25		193,640
	500,000	Capital One Financial Corp		4.200		10/29/25		501,946
	300,000	Capital One Financial Corp		3.750		07/28/26		290,183
	500,000	Capital One Financial Corp		3.750		03/09/27		496,927
	200,000	CBOE Holdings, Inc		3.650		01/12/27		201,048
	500,000	Celanese US Holdings LLC		4.625		11/15/22		529,792
	100,000	Charles Schwab Corp		4.450		07/22/20		107,103
	200,000	Charles Schwab Corp		3.000		03/10/25		197,695
	500,000	Charles Schwab Corp		3.200		03/02/27		497,317
	350,000	CME Group, Inc		3.000		09/15/22		357,249
	300,000	CME Group, Inc		3.000		03/15/25		300,088
	200,000	CME Group, Inc		5.300		09/15/43		238,800
	750,000	Credit Suisse		1.700		04/27/18		748,976
	2,250,000	Credit Suisse		2.300		05/28/19		2,257,870
	2,250,000	Credit Suisse		5.400		01/14/20		2,413,951
	1,000,000	Credit Suisse		3.625		09/09/24		1,015,024
	750,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		754,054
	1,000,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		1,013,140
	450,000	Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		456,408
	475,000	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		476,758
	1,050,000	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,032,877
	750,000	Credit Suisse Group Funding Guernsey Ltd		4.550		04/17/26		775,088
	1,250,000	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,271,557
	1,850,000	Diageo Investment Corp		2.875		05/11/22		1,883,261
	100,000	Diageo Investment Corp		4.250		05/11/42		102,184
	100,000	Discover Financial Services		5.200		04/27/22		107,874
	200,000	Discover Financial Services		3.950		11/06/24		200,289
	17,000	Eaton Vance Corp		6.500		10/02/17		17,414
	300,000	Eaton Vance Corp		3.625		06/15/23		306,536
	1,000,000	Ford Motor Credit Co LLC		5.000		05/15/18		1,033,127
	1,500,000	Ford Motor Credit Co LLC		2.240		06/15/18		1,505,049
	400,000	Ford Motor Credit Co LLC		2.875		10/01/18		404,709
	400,000	Ford Motor Credit Co LLC		2.943		01/08/19		405,435
	500,000	Ford Motor Credit Co LLC		2.375		03/12/19		501,707
	300,000	Ford Motor Credit Co LLC		2.262		03/28/19		300,720
	300,000	Ford Motor Credit Co LLC		2.021		05/03/19		298,537
	300,000	Ford Motor Credit Co LLC		1.897		08/12/19		297,113
	500,000	Ford Motor Credit Co LLC		2.597		11/04/19		502,656
	300,000	Ford Motor Credit Co LLC		2.681		01/09/20		301,964
	1,000,000	Ford Motor Credit Co LLC		2.459		03/27/20		996,502
	300,000	Ford Motor Credit Co LLC		3.200		01/15/21		303,186
	1,550,000	Ford Motor Credit Co LLC		3.336		03/18/21		1,567,382
	500,000	Ford Motor Credit Co LLC		5.875		08/02/21		556,006
	350,000	Ford Motor Credit Co LLC		3.219		01/09/22		352,102
	300,000	Ford Motor Credit Co LLC		3.339		03/28/22		301,017
	450,000	Ford Motor Credit Co LLC		3.096		05/04/23		438,624
	200,000	Ford Motor Credit Co LLC		3.810		01/09/24		200,003

56

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Ford Motor Credit Co LLC		3.664	%	09/08/24	$	983,375
	925,000	Ford Motor Credit Co LLC		4.134		08/04/25		929,423
	500,000	Ford Motor Credit Co LLC		4.389		01/08/26		509,568
	150,000	Franklin Resources, Inc		2.800		09/15/22		150,578
	200,000	Franklin Resources, Inc		2.850		03/30/25		194,449
	200,000	FS Investment Corp		4.250		01/15/20		201,494
	2,452,000	GE Capital International Funding Co		2.342		11/15/20		2,461,462
	2,443,000	GE Capital International Funding Co		3.373		11/15/25		2,506,894
	3,444,000	GE Capital International Funding Co		4.418		11/15/35		3,637,040
	800,000	General Electric Capital Corp		2.300		04/27/17		800,510
	1,500,000	General Electric Capital Corp		2.300		01/14/19		1,518,919
	200,000	General Electric Capital Corp		2.100		12/11/19		201,863
	181,000	General Electric Capital Corp		5.500		01/08/20		198,353
	250,000	General Electric Capital Corp		2.200		01/09/20		252,672
	532,000	General Electric Capital Corp		4.375		09/16/20		571,728
	72,000	General Electric Capital Corp		4.625		01/07/21		78,102
	86,000	General Electric Capital Corp		5.300		02/11/21		95,213
	200,000	General Electric Capital Corp		4.650		10/17/21		219,511
	544,000	General Electric Capital Corp		3.150		09/07/22		561,719
	144,000	General Electric Capital Corp		3.100		01/09/23		147,988
	1,503,000	General Electric Capital Corp		3.450		05/15/24		1,564,225
	752,000	General Electric Capital Corp		6.750		03/15/32		1,013,673
	344,000	General Electric Capital Corp		5.875		01/14/38		433,905
	352,000	General Electric Capital Corp		6.875		01/10/39		499,036
	1,500,000	General Motors Financial Co, Inc		3.100		01/15/19		1,524,088
	500,000	General Motors Financial Co, Inc		2.400		05/09/19		501,033
	1,000,000	General Motors Financial Co, Inc		2.350		10/04/19		1,001,166
	200,000	General Motors Financial Co, Inc		3.200		07/13/20		203,419
	700,000	General Motors Financial Co, Inc		3.700		11/24/20		720,625
	500,000	General Motors Financial Co, Inc		4.200		03/01/21		521,871
	875,000	General Motors Financial Co, Inc		3.200		07/06/21		878,234
	750,000	General Motors Financial Co, Inc		3.450		01/14/22		756,743
	2,500,000	General Motors Financial Co, Inc		3.450		04/10/22		2,512,245
	825,000	General Motors Financial Co, Inc		3.700		05/09/23		831,206
	300,000	General Motors Financial Co, Inc		4.300		07/13/25		304,641
	225,000	General Motors Financial Co, Inc		5.250		03/01/26		241,720
	400,000	General Motors Financial Co, Inc		4.000		10/06/26		394,168
	500,000	General Motors Financial Co, Inc		4.350		01/17/27		504,095
	750,000	Goldman Sachs Group, Inc		2.900		07/19/18		759,308
	1,500,000	Goldman Sachs Group, Inc		2.625		01/31/19		1,516,803
	200,000	Goldman Sachs Group, Inc		2.000		04/25/19		199,614
	1,500,000	Goldman Sachs Group, Inc		2.550		10/23/19		1,513,527
	1,000,000	Goldman Sachs Group, Inc		2.300		12/13/19		1,000,505
	2,505,000	Goldman Sachs Group, Inc		5.375		03/15/20		2,712,279
	950,000	Goldman Sachs Group, Inc		2.600		04/23/20		955,241
	1,150,000	Goldman Sachs Group, Inc		6.000		06/15/20		1,271,897
	425,000	Goldman Sachs Group, Inc		2.750		09/15/20		428,465
	500,000	Goldman Sachs Group, Inc		2.600		12/27/20		500,024
	500,000	Goldman Sachs Group, Inc		2.875		02/25/21		503,640
	150,000	Goldman Sachs Group, Inc		2.625		04/25/21		149,575
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,425,852
	500,000	Goldman Sachs Group, Inc		2.350		11/15/21		490,005
	2,325,000	Goldman Sachs Group, Inc		5.750		01/24/22		2,618,229
	1,250,000	Goldman Sachs Group, Inc		3.000		04/26/22		1,251,256

57

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,800,000	Goldman Sachs Group, Inc		3.625	%	01/22/23	$	1,845,005
	1,500,000	Goldman Sachs Group, Inc		4.000		03/03/24		1,556,226
	500,000	Goldman Sachs Group, Inc		3.850		07/08/24		512,123
	3,050,000	Goldman Sachs Group, Inc		3.500		01/23/25		3,037,980
	600,000	Goldman Sachs Group, Inc		3.750		05/22/25		606,047
	250,000	Goldman Sachs Group, Inc		4.250		10/21/25		254,803
	800,000	Goldman Sachs Group, Inc		3.750		02/25/26		805,053
	1,050,000	Goldman Sachs Group, Inc		3.500		11/16/26		1,027,941
	3,000,000	Goldman Sachs Group, Inc		3.850		01/26/27		3,013,710
	65,000	Goldman Sachs Group, Inc		6.450		05/01/36		77,638
	2,150,000	Goldman Sachs Group, Inc		6.250		02/01/41		2,699,364
	1,075,000	Goldman Sachs Group, Inc		4.800		07/08/44		1,136,786
	1,075,000	Goldman Sachs Group, Inc		5.150		05/22/45		1,127,311
	1,075,000	Goldman Sachs Group, Inc		4.750		10/21/45		1,133,871
	1,282,000	HSBC Finance Corp		6.676		01/15/21		1,449,060
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		507,921
	500,000	Intercontinental Exchange, Inc		3.750		12/01/25		516,181
	200,000	IntercontinentalExchange Group, Inc		2.500		10/15/18		202,555
	200,000	IntercontinentalExchange Group, Inc		4.000		10/15/23		211,510
	1,710,000	International Lease Finance Corp		3.875		04/15/18		1,743,408
	125,000	Invesco Finance plc		3.125		11/30/22		125,781
	200,000	Invesco Finance plc		4.000		01/30/24		209,763
	200,000	Invesco Finance plc		3.750		01/15/26		205,656
	200,000	Invesco Finance plc		5.375		11/30/43		225,179
	300,000	Janus Capital Group, Inc		4.875		08/01/25		318,545
	200,000	Jefferies Group LLC		4.850		01/15/27		204,136
	825,000	Jefferies Group, Inc		8.500		07/15/19		934,496
	500,000	Jefferies Group, Inc		6.875		04/15/21		570,746
	600,000	Jefferies Group, Inc		6.450		06/08/27		678,651
	700,000	Korea Finance Corp		2.250		08/07/17		701,281
	500,000	Korea Finance Corp		2.875		08/22/18		506,781
	250,000	Lazard Group LLC		4.250		11/14/20		262,903
	150,000	Lazard Group LLC		3.750		02/13/25		149,097
	200,000	Lazard Group LLC		3.625		03/01/27		195,124
	400,000	Legg Mason, Inc		5.625		01/15/44		408,088
	1,050,000	Merrill Lynch & Co, Inc		6.875		04/25/18		1,104,855
	1,500,000	Merrill Lynch & Co, Inc		6.110		01/29/37		1,752,011
	550,000	Morgan Stanley		5.550		04/27/17		551,465
	325,000	Morgan Stanley		1.875		01/05/18		325,504
	600,000	Morgan Stanley		2.125		04/25/18		602,298
	500,000	Morgan Stanley		2.200		12/07/18		502,016
	1,450,000	Morgan Stanley		2.500		01/24/19		1,464,301
	500,000	Morgan Stanley		2.450		02/01/19		504,598
	796,000	Morgan Stanley		7.300		05/13/19		879,839
	4,000,000	Morgan Stanley		2.375		07/23/19		4,024,308
	300,000	Morgan Stanley		5.625		09/23/19		323,906
	590,000	Morgan Stanley		5.500		01/26/20		640,060
	700,000	Morgan Stanley		2.650		01/27/20		706,600
	1,000,000	Morgan Stanley		2.800		06/16/20		1,012,005
	1,200,000	Morgan Stanley		5.500		07/28/21		1,330,613
	1,250,000	Morgan Stanley		2.625		11/17/21		1,240,100
	2,500,000	Morgan Stanley		4.875		11/01/22		2,702,778
	2,850,000	Morgan Stanley		4.100		05/22/23		2,943,055
	1,000,000	Morgan Stanley		3.875		04/29/24		1,029,050
	1,100,000	Morgan Stanley		3.700		10/23/24		1,115,809

58

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	650,000		Morgan Stanley		4.000	%	07/23/25	$	670,504
	750,000		Morgan Stanley		5.000		11/24/25		805,260
	775,000		Morgan Stanley		3.125		07/27/26		740,312
	325,000		Morgan Stanley		4.350		09/08/26		330,749
	2,250,000		Morgan Stanley		3.625		01/20/27		2,232,594
	1,600,000		Morgan Stanley		3.950		04/23/27		1,584,245
	600,000		Morgan Stanley		7.250		04/01/32		814,263
	1,750,000		Morgan Stanley		4.300		01/27/45		1,732,673
	1,000,000		Morgan Stanley		4.375		01/22/47		993,515
	220,000		NASDAQ OMX Group, Inc		5.550		01/15/20		238,308
	250,000		NASDAQ OMX Group, Inc		4.250		06/01/24		258,762
	200,000		NASDAQ, Inc		3.850		06/30/26		198,905
	300,000		National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		299,835
	125,000		National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		126,164
	500,000		National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		500,665
	350,000		National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		357,848
	200,000		National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		198,118
	200,000		National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		205,743
	300,000		National Rural Utilities Cooperative Finance Corp		2.950		02/07/24		300,661
	400,000		National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		394,815
	200,000		National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		202,128
	500,000	i	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		511,250
	200,000	i	National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		208,309
	500,000		Nomura Holdings, Inc		2.750		03/19/19		505,212
	430,000		Nomura Holdings, Inc		6.700		03/04/20		478,080
	800,000		Oesterreichische Kontrollbank AG.		5.000		04/25/17		801,719
	1,000,000		Oesterreichische Kontrollbank AG.		1.125		05/29/18		997,046
	500,000		Oesterreichische Kontrollbank AG.		1.625		03/12/19		500,043
	500,000		Oesterreichische Kontrollbank AG.		1.125		04/26/19		494,642
	300,000		Oesterreichische Kontrollbank AG.		1.500		10/21/20		295,215
	500,000		Oesterreichische Kontrollbank AG.		2.375		10/01/21		503,752
	1,000,000		PACCAR Financial Corp		1.950		02/27/20		1,001,225
	500,000		Raymond James Financial, Inc		3.625		09/15/26		492,191
	500,000		Sasol Financing International plc		4.500		11/14/22		505,365
	150,000		State Street Corp		1.350		05/15/18		149,669
	300,000		State Street Corp		2.550		08/18/20		303,988
	300,000		State Street Corp		4.375		03/07/21		321,079
	500,000		State Street Corp		1.950		05/19/21		491,235
	400,000		State Street Corp		3.100		05/15/23		402,843
	350,000		State Street Corp		3.700		11/20/23		366,413
	500,000		State Street Corp		3.300		12/16/24		507,280
	225,000		State Street Corp		3.550		08/18/25		231,204
	500,000		State Street Corp		2.650		05/19/26		478,954
	200,000		Stifel Financial Corp		3.500		12/01/20		203,874
	100,000		Stifel Financial Corp		4.250		07/18/24		101,236
	300,000		Synchrony Financial		2.600		01/15/19		302,322
	250,000		Synchrony Financial		3.000		08/15/19		253,877
	275,000		Synchrony Financial		2.700		02/03/20		276,073
	300,000		Synchrony Financial		3.750		08/15/21		309,078
	250,000		Synchrony Financial		4.250		08/15/24		256,043
	600,000		Synchrony Financial		4.500		07/23/25		615,688
	300,000		Synchrony Financial		3.700		08/04/26		290,822
	300,000		Syngenta Finance NV		3.125		03/28/22		301,124
	300,000		TD Ameritrade Holding Corp		2.950		04/01/22		303,669

59

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	350,000	TD Ameritrade Holding Corp		3.625	%	04/01/25	$	358,857
	300,000	Toyota Motor Credit Corp		1.200		04/06/18		299,175
	300,000	Toyota Motor Credit Corp		1.550		07/13/18		300,301
	1,350,000	Toyota Motor Credit Corp		2.000		10/24/18		1,356,587
	500,000	Toyota Motor Credit Corp		1.700		01/09/19		500,901
	500,000	Toyota Motor Credit Corp		2.100		01/17/19		504,224
	300,000	Toyota Motor Credit Corp		1.700		02/19/19		300,532
	350,000	Toyota Motor Credit Corp		1.400		05/20/19		347,176
	400,000	Toyota Motor Credit Corp		2.125		07/18/19		402,827
	200,000	Toyota Motor Credit Corp		1.550		10/18/19		198,351
	500,000	Toyota Motor Credit Corp		2.150		03/12/20		502,384
	300,000	Toyota Motor Credit Corp		1.900		04/08/21		295,487
	750,000	Toyota Motor Credit Corp		2.750		05/17/21		762,338
	300,000	Toyota Motor Credit Corp		3.400		09/15/21		312,403
	750,000	Toyota Motor Credit Corp		2.600		01/11/22		753,585
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		302,072
	400,000	Toyota Motor Credit Corp		2.625		01/10/23		399,560
	400,000	Toyota Motor Credit Corp		2.250		10/18/23		386,465
	300,000	Toyota Motor Credit Corp		3.200		01/11/27		300,886
	162,000	UBS AG.		5.750		04/25/18		168,812
	1,750,000	UBS AG.		2.375		08/14/19		1,761,578
	1,000,000	UBS AG.		2.350		03/26/20		1,003,232
	250,000	Unilever Capital Corp		4.800		02/15/19		264,031
	300,000	Unilever Capital Corp		2.200		03/06/19		302,682
	250,000	Unilever Capital Corp		2.100		07/30/20		250,763
	250,000	Unilever Capital Corp		4.250		02/10/21		268,104
	300,000	Unilever Capital Corp		1.375		07/28/21		288,476
	450,000	Unilever Capital Corp		3.100		07/30/25		448,557
	225,000	Unilever Capital Corp		2.000		07/28/26		204,747
	330,000	Unilever Capital Corp		5.900		11/15/32		423,061
	425,000	Wells Fargo & Co		2.150		01/15/19		427,184
	1,000,000	Wells Fargo & Co		2.150		01/30/20		1,002,002
	750,000	Wells Fargo & Co		2.600		07/22/20		757,319
	450,000	Wells Fargo & Co		2.550		12/07/20		452,218
	1,000,000	Wells Fargo & Co		3.000		01/22/21		1,017,929
	1,000,000	Wells Fargo & Co		2.500		03/04/21		997,069
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,289,968
	750,000	Wells Fargo & Co		2.100		07/26/21		735,137
	3,500,000	Wells Fargo & Co		3.500		03/08/22		3,625,185
	750,000	Wells Fargo & Co		3.069		01/24/23		753,212
	700,000	Wells Fargo & Co		3.450		02/13/23		706,297
	500,000	Wells Fargo & Co		4.125		08/15/23		523,658
	334,000	Wells Fargo & Co		4.480		01/16/24		355,855
	2,200,000	Wells Fargo & Co		3.300		09/09/24		2,203,183
	2,550,000	Wells Fargo & Co		3.000		02/19/25		2,486,110
	500,000	Wells Fargo & Co		3.550		09/29/25		503,648
	2,500,000	Wells Fargo & Co		3.000		04/22/26		2,393,920
	650,000	Wells Fargo & Co		4.100		06/03/26		665,025
	750,000	Wells Fargo & Co		3.000		10/23/26		718,010
	750,000	Wells Fargo & Co		4.300		07/22/27		779,271
	264,000	Wells Fargo & Co		5.375		02/07/35		305,206
	725,000	Wells Fargo & Co		5.375		11/02/43		807,150
	1,143,000	Wells Fargo & Co		5.606		01/15/44		1,308,670
	300,000	Wells Fargo & Co		4.650		11/04/44		301,316

60

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	Wells Fargo & Co		3.900	%	05/01/45	$	1,435,736
	750,000	Wells Fargo & Co		4.900		11/17/45		785,198
	750,000	Wells Fargo & Co		4.400		06/14/46		724,661
	1,250,000	Wells Fargo & Co		4.750		12/07/46		1,277,785
		TOTAL DIVERSIFIED FINANCIALS						239,522,284
ENERGY - 2.3%
	965,000	Anadarko Petroleum Corp		8.700		03/15/19		1,082,402
	375,000	Anadarko Petroleum Corp		4.850		03/15/21		401,122
	200,000	Anadarko Petroleum Corp		3.450		07/15/24		194,990
	350,000	Anadarko Petroleum Corp		5.550		03/15/26		388,387
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,495,875
	200,000	Anadarko Petroleum Corp		4.500		07/15/44		188,606
	500,000	Anadarko Petroleum Corp		6.600		03/15/46		603,373
	400,000	Apache Corp		6.900		09/15/18		427,363
	1,200,000	Apache Corp		3.250		04/15/22		1,206,024
	980,000	Apache Corp		5.100		09/01/40		1,008,107
	300,000	Apache Corp		5.250		02/01/42		313,460
	350,000	Apache Corp		4.750		04/15/43		350,396
	300,000	Apache Corp		4.250		01/15/44		281,319
	129,000	Baker Hughes, Inc		3.200		08/15/21		132,134
	800,000	Baker Hughes, Inc		5.125		09/15/40		878,355
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		214,632
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		194,870
	200,000	Boardwalk Pipelines LP		5.950		06/01/26		221,453
	200,000	Boardwalk Pipelines LP		4.450		07/15/27		202,042
	500,000	BP Capital Markets plc		1.375		05/10/18		498,635
	300,000	BP Capital Markets plc		2.241		09/26/18		302,118
	225,000	BP Capital Markets plc		1.676		05/03/19		223,872
	500,000	BP Capital Markets plc		2.237		05/10/19		503,075
	1,450,000	BP Capital Markets plc		2.315		02/13/20		1,461,947
	300,000	BP Capital Markets plc		4.500		10/01/20		321,934
	150,000	BP Capital Markets plc		4.742		03/11/21		162,854
	500,000	BP Capital Markets plc		2.112		09/16/21		490,425
	650,000	BP Capital Markets plc		3.561		11/01/21		676,694
	1,200,000	BP Capital Markets plc		3.245		05/06/22		1,229,340
	850,000	BP Capital Markets plc		2.500		11/06/22		832,989
	300,000	BP Capital Markets plc		3.994		09/26/23		314,952
	800,000	BP Capital Markets plc		3.216		11/28/23		803,982
	500,000	BP Capital Markets plc		3.814		02/10/24		518,302
	500,000	BP Capital Markets plc		3.224		04/14/24		500,160
	300,000	BP Capital Markets plc		3.535		11/04/24		303,562
	500,000	BP Capital Markets plc		3.506		03/17/25		503,045
	500,000	BP Capital Markets plc		3.119		05/04/26		489,250
	200,000	BP Capital Markets plc		3.017		01/16/27		191,983
	500,000	BP Capital Markets plc		3.588		04/14/27		503,312
	300,000	BP Capital Markets plc		3.723		11/28/28		304,928
	200,000	Buckeye Partners LP		2.650		11/15/18		200,961
	200,000	Buckeye Partners LP		4.875		02/01/21		212,150
	200,000	Buckeye Partners LP		4.350		10/15/24		203,202
	300,000	Buckeye Partners LP		3.950		12/01/26		293,786
	200,000	Buckeye Partners LP		5.850		11/15/43		207,473
	100,000	Buckeye Partners LP		5.600		10/15/44		102,517
	575,000	Burlington Resources Finance Co		7.200		08/15/31		757,010

61

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Burlington Resources Finance Co		7.400	%	12/01/31	$	269,816
	300,000	Canadian Natural Resources Ltd		1.750		01/15/18		299,939
	100,000	Canadian Natural Resources Ltd		3.800		04/15/24		100,665
	700,000	Canadian Natural Resources Ltd		3.900		02/01/25		705,627
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		972,734
	750,000	Chevron Corp		1.718		06/24/18		752,416
	500,000	Chevron Corp		1.790		11/16/18		501,409
	200,000	Chevron Corp		4.950		03/03/19		212,123
	500,000	Chevron Corp		1.561		05/16/19		498,311
	1,000,000	Chevron Corp		2.193		11/15/19		1,008,712
	400,000	Chevron Corp		1.961		03/03/20		399,974
	300,000	Chevron Corp		1.991		03/03/20		300,346
	1,250,000	Chevron Corp		2.427		06/24/20		1,263,531
	750,000	Chevron Corp		2.100		05/16/21		744,254
	400,000	Chevron Corp		2.411		03/03/22		399,240
	300,000	Chevron Corp		2.498		03/03/22		301,516
	1,050,000	Chevron Corp		2.355		12/05/22		1,038,267
	500,000	Chevron Corp		2.566		05/16/23		495,732
	250,000	Chevron Corp		3.191		06/24/23		255,955
	300,000	Chevron Corp		2.895		03/03/24		301,286
	125,000	Chevron Corp		3.326		11/17/25		127,514
	750,000	Chevron Corp		2.954		05/16/26		740,947
	500,000	Cimarex Energy Co		4.375		06/01/24		519,347
	300,000	ConocoPhillips Co		1.500		05/15/18		299,399
	1,100,000	ConocoPhillips Co		5.750		02/01/19		1,177,295
	300,000	ConocoPhillips Co		2.200		05/15/20		300,896
	500,000	ConocoPhillips Co		4.200		03/15/21		533,098
	1,300,000	ConocoPhillips Co		2.875		11/15/21		1,310,913
	600,000	ConocoPhillips Co		2.400		12/15/22		585,982
	300,000	ConocoPhillips Co		3.350		11/15/24		302,396
	300,000	ConocoPhillips Co		4.150		11/15/34		299,806
	250,000	ConocoPhillips Co		5.900		05/15/38		302,075
	1,035,000	ConocoPhillips Co		6.500		02/01/39		1,317,904
	300,000	ConocoPhillips Co		4.300		11/15/44		298,572
	500,000	ConocoPhillips Co		5.950		03/15/46		620,254
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		645,559
	525,000	Devon Energy Corp		3.250		05/15/22		520,022
	885,000	Devon Energy Corp		5.600		07/15/41		931,770
	700,000	Devon Energy Corp		4.750		05/15/42		674,044
	300,000	Devon Energy Corp		5.000		06/15/45		300,917
	300,000	Ecopetrol S.A.		4.250		09/18/18		308,700
	550,000	Ecopetrol S.A.		7.625		07/23/19		610,500
	725,000	Ecopetrol S.A.		5.875		09/18/23		785,719
	1,000,000	Ecopetrol S.A.		4.125		01/16/25		968,500
	400,000	Ecopetrol S.A.		5.375		06/26/26		409,120
	200,000	Ecopetrol S.A.		7.375		09/18/43		214,200
	300,000	Ecopetrol S.A.		5.875		05/28/45		274,035
	300,000	El Paso Pipeline Partners Operating Co LLC		4.300		05/01/24		304,921
	400,000	El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		362,642
	495,000	Enbridge Energy Partners LP		5.200		03/15/20		529,446
	675,000	Enbridge Energy Partners LP		4.375		10/15/20		711,466
	200,000	Enbridge Energy Partners LP		5.875		10/15/25		223,530
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		298,835
	200,000	Enbridge Energy Partners LP		7.375		10/15/45		243,837
	1,000,000	EnCana Corp		3.900		11/15/21		1,021,525
	1,000,000	EnCana Corp		6.500		08/15/34		1,123,764

62

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Enterprise Products Operating LLC		1.650	%	05/07/18	$	299,666
	130,000	Enterprise Products Operating LLC		6.500		01/31/19		140,534
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		653,444
	100,000	Enterprise Products Operating LLC		2.850		04/15/21		100,424
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		420,648
	1,100,000	Enterprise Products Operating LLC		3.350		03/15/23		1,109,067
	800,000	Enterprise Products Operating LLC		3.900		02/15/24		818,720
	300,000	Enterprise Products Operating LLC		3.700		02/15/26		300,051
	1,300,000	Enterprise Products Operating LLC		3.950		02/15/27		1,325,416
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		557,550
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		302,165
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		94,612
	1,000,000	Enterprise Products Operating LLC		4.850		03/15/44		1,011,108
	500,000	Enterprise Products Operating LLC		5.100		02/15/45		522,089
	300,000	Enterprise Products Operating LLC		4.900		05/15/46		306,388
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		199,338
	700,000	EOG Resources, Inc		2.450		04/01/20		703,930
	440,000	EOG Resources, Inc		4.100		02/01/21		464,345
	600,000	EOG Resources, Inc		2.625		03/15/23		584,879
	150,000	EOG Resources, Inc		4.150		01/15/26		156,688
	200,000	EOG Resources, Inc		3.900		04/01/35		191,407
	200,000	EOG Resources, Inc		5.100		01/15/36		214,458
	50,000	EQT Corp		6.500		04/01/18		52,188
	550,000	EQT Corp		8.125		06/01/19		614,013
	500,000	Exxon Mobil Corp		1.439		03/01/18		500,464
	750,000	Exxon Mobil Corp		1.708		03/01/19		751,231
	500,000	Exxon Mobil Corp		1.819		03/15/19		502,707
	500,000	Exxon Mobil Corp		1.912		03/06/20		500,472
	750,000	Exxon Mobil Corp		2.222		03/01/21		751,381
	500,000	Exxon Mobil Corp		2.397		03/06/22		500,033
	1,000,000	Exxon Mobil Corp		2.726		03/01/23		1,003,031
	500,000	Exxon Mobil Corp		3.176		03/15/24		513,469
	500,000	Exxon Mobil Corp		2.709		03/06/25		493,008
	852,000	Exxon Mobil Corp		3.043		03/01/26		851,814
	500,000	Exxon Mobil Corp		3.567		03/06/45		470,038
	850,000	Exxon Mobil Corp		4.114		03/01/46		877,458
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		203,820
	400,000	Halliburton Co		2.000		08/01/18		400,457
	1,850,000	Halliburton Co		3.800		11/15/25		1,879,452
	500,000	Halliburton Co		4.850		11/15/35		527,823
	250,000	Halliburton Co		4.500		11/15/41		244,187
	600,000	Halliburton Co		4.750		08/01/43		608,072
	750,000	Halliburton Co		5.000		11/15/45		787,728
	200,000	Helmerich & Payne International Drilling Co		4.650		03/15/25		207,906
	200,000	Hess Corp		3.500		07/15/24		192,051
	1,100,000	Hess Corp		4.300		04/01/27		1,083,060
	940,000	Hess Corp		5.600		02/15/41		941,224
	300,000	Hess Corp		5.800		04/01/47		311,813
	200,000	HollyFrontier Corp		5.875		04/01/26		212,324
	30,000	Husky Energy, Inc		7.250		12/15/19		33,751
	200,000	Husky Energy, Inc		3.950		04/15/22		207,159
	500,000	Husky Energy, Inc		4.000		04/15/24		507,594
	130,000	Husky Energy, Inc		6.800		09/15/37		156,741

63

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Magellan Midstream Partners LP		6.550	%	07/15/19	$	219,010
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		131,878
	900,000		Magellan Midstream Partners LP		5.000		03/01/26		993,721
	100,000		Magellan Midstream Partners LP		4.250		09/15/46		93,640
	1,150,000		Marathon Oil Corp		2.800		11/01/22		1,104,797
	300,000		Marathon Oil Corp		3.850		06/01/25		294,915
	255,000		Marathon Oil Corp		6.600		10/01/37		289,286
	200,000		Marathon Oil Corp		5.200		06/01/45		197,092
	200,000		Marathon Petroleum Corp		2.700		12/14/18		201,721
	250,000		Marathon Petroleum Corp		3.400		12/15/20		256,293
	250,000		Marathon Petroleum Corp		5.125		03/01/21		270,422
	600,000		Marathon Petroleum Corp		3.625		09/15/24		590,663
	350,000		Marathon Petroleum Corp		6.500		03/01/41		390,498
	250,000		Marathon Petroleum Corp		4.750		09/15/44		226,037
	250,000		Marathon Petroleum Corp		5.850		12/15/45		249,553
	200,000		Marathon Petroleum Corp		5.000		09/15/54		174,302
	125,000		Nabors Industries, Inc		6.150		02/15/18		129,575
	850,000		Nabors Industries, Inc		4.625		09/15/21		857,437
	200,000	g	Nabors Industries, Inc		5.500		01/15/23		204,125
	100,000		Nabors Industries, Inc		5.100		09/15/23		101,000
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		287,086
	800,000		National Oilwell Varco, Inc		3.950		12/01/42		647,478
	935,000		Nexen, Inc		6.400		05/15/37		1,161,837
	150,000		Noble Energy, Inc		8.250		03/01/19		166,846
	750,000		Noble Energy, Inc		3.900		11/15/24		759,786
	700,000		Noble Energy, Inc		6.000		03/01/41		777,348
	300,000		Noble Energy, Inc		5.250		11/15/43		311,967
	250,000		Occidental Petroleum Corp		1.500		02/15/18		249,915
	250,000		Occidental Petroleum Corp		3.125		02/15/22		255,145
	200,000		Occidental Petroleum Corp		2.600		04/15/22		199,331
	550,000		Occidental Petroleum Corp		2.700		02/15/23		543,453
	750,000		Occidental Petroleum Corp		3.500		06/15/25		756,900
	600,000		Occidental Petroleum Corp		3.400		04/15/26		598,780
	150,000		Occidental Petroleum Corp		3.000		02/15/27		144,703
	300,000		Occidental Petroleum Corp		4.625		06/15/45		313,516
	240,000		Occidental Petroleum Corp		4.400		04/15/46		243,872
	300,000		Occidental Petroleum Corp		4.100		02/15/47		289,436
	200,000		Oceaneering International, Inc		4.650		11/15/24		200,027
	300,000		ONE Gas, Inc		2.070		02/01/19		301,074
	100,000		ONE Gas, Inc		3.610		02/01/24		103,159
	100,000		ONE Gas, Inc		4.658		02/01/44		105,775
	406,000		Panhandle Eastern Pipeline Co LP		7.000		06/15/18		426,372
	75,000		Petro-Canada		6.800		05/15/38		96,376
	400,000		Petroleos Mexicanos		3.500		07/18/18		406,040
	200,000		Petroleos Mexicanos		3.125		01/23/19		200,800
	350,000		Petroleos Mexicanos		5.500		02/04/19		367,500
	775,000		Petroleos Mexicanos		6.000		03/05/20		835,062
	500,000		Petroleos Mexicanos		3.500		07/23/20		504,375
	800,000		Petroleos Mexicanos		5.500		01/21/21		848,000
	300,000		Petroleos Mexicanos		6.375		02/04/21		325,419
	240,000		Petroleos Mexicanos		4.875		01/24/22		246,888
	2,000,000	g	Petroleos Mexicanos		5.375		03/13/22		2,101,900
	180,000		Petroleos Mexicanos		1.700		12/20/22		177,254
	180,000		Petroleos Mexicanos		2.000		12/20/22		178,698

64

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		Petroleos Mexicanos		3.500	%	01/30/23	$	381,160
	759,000		Petroleos Mexicanos		4.625		09/21/23		763,364
	1,500,000		Petroleos Mexicanos		4.875		01/18/24		1,513,500
	950,000		Petroleos Mexicanos		4.500		01/23/26		910,575
	500,000		Petroleos Mexicanos		6.875		08/04/26		555,000
	2,525,000	g	Petroleos Mexicanos		6.500		03/13/27		2,716,269
	2,040,000		Petroleos Mexicanos		6.500		06/02/41		2,019,600
	860,000		Petroleos Mexicanos		5.500		06/27/44		758,993
	575,000		Petroleos Mexicanos		6.375		01/23/45		560,682
	1,000,000		Petroleos Mexicanos		5.625		01/23/46		890,500
	2,015,000		Petroleos Mexicanos		6.750		09/21/47		2,045,447
	650,000		Phillips 66		4.300		04/01/22		689,051
	538,000		Phillips 66		4.650		11/15/34		544,608
	400,000		Phillips 66		5.875		05/01/42		457,681
	900,000		Phillips 66		4.875		11/15/44		903,577
	125,000		Pioneer Natural Resources Co		3.450		01/15/21		127,948
	375,000		Pioneer Natural Resources Co		3.950		07/15/22		390,312
	200,000		Pioneer Natural Resources Co		4.450		01/15/26		210,482
	550,000		Plains All American Pipeline LP		2.600		12/15/19		549,619
	700,000		Plains All American Pipeline LP		5.000		02/01/21		747,732
	200,000		Plains All American Pipeline LP		2.850		01/31/23		191,694
	400,000		Plains All American Pipeline LP		3.850		10/15/23		401,042
	200,000		Plains All American Pipeline LP		3.600		11/01/24		193,576
	300,000		Plains All American Pipeline LP		4.650		10/15/25		309,001
	500,000		Plains All American Pipeline LP		4.500		12/15/26		509,823
	100,000		Plains All American Pipeline LP		6.650		01/15/37		112,071
	250,000		Plains All American Pipeline LP		5.150		06/01/42		237,175
	300,000		Plains All American Pipeline LP		4.700		06/15/44		271,428
	300,000		Plains All American Pipeline LP		4.900		02/15/45		280,402
	1,500,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		1,616,058
	1,500,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		1,626,079
	1,500,000	g	Sabine Pass Liquefaction LLC		5.000		03/15/27		1,566,531
	375,000	g	Sabine Pass Liquefaction LLC		4.200		03/15/28		369,312
	750,000		Schlumberger Investment S.A.		3.650		12/01/23		782,184
	300,000		Shell International Finance BV		1.625		11/10/18		299,673
	500,000		Shell International Finance BV		2.000		11/15/18		502,168
	500,000		Shell International Finance BV		1.375		05/10/19		495,523
	500,000		Shell International Finance BV		1.375		09/12/19		493,973
	805,000		Shell International Finance BV		4.300		09/22/19		855,833
	1,280,000		Shell International Finance BV		4.375		03/25/20		1,363,749
	500,000		Shell International Finance BV		2.125		05/11/20		500,510
	300,000		Shell International Finance BV		2.250		11/10/20		301,036
	500,000		Shell International Finance BV		1.875		05/10/21		489,636
	500,000		Shell International Finance BV		1.750		09/12/21		485,969
	200,000		Shell International Finance BV		2.375		08/21/22		196,589
	500,000		Shell International Finance BV		2.250		01/06/23		486,528
	500,000		Shell International Finance BV		3.400		08/12/23		514,984
	2,300,000		Shell International Finance BV		3.250		05/11/25		2,322,103
	1,500,000		Shell International Finance BV		2.875		05/10/26		1,458,356
	500,000		Shell International Finance BV		2.500		09/12/26		471,636
	500,000		Shell International Finance BV		4.125		05/11/35		504,347
	421,000		Shell International Finance BV		6.375		12/15/38		543,651
	200,000		Shell International Finance BV		3.625		08/21/42		180,358

65

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Shell International Finance BV		4.550	%	08/12/43	$	1,037,891
	1,000,000		Shell International Finance BV		4.375		05/11/45		1,014,784
	425,000		Shell International Finance BV		4.000		05/10/46		408,562
	750,000		Shell International Finance BV		3.750		09/12/46		689,486
	350,000		Statoil ASA		3.125		08/17/17		352,232
	500,000		Statoil ASA		1.250		11/09/17		499,396
	375,000		Statoil ASA		1.200		01/17/18		374,094
	300,000		Statoil ASA		1.150		05/15/18		298,599
	300,000		Statoil ASA		1.950		11/08/18		301,143
	450,000		Statoil ASA		5.250		04/15/19		479,628
	500,000		Statoil ASA		2.250		11/08/19		502,806
	300,000		Statoil ASA		2.900		11/08/20		306,724
	500,000		Statoil ASA		2.750		11/10/21		504,209
	625,000		Statoil ASA		2.450		01/17/23		616,157
	300,000		Statoil ASA		2.650		01/15/24		294,580
	300,000		Statoil ASA		3.700		03/01/24		312,471
	500,000		Statoil ASA		3.250		11/10/24		504,448
	200,000		Statoil ASA		5.100		08/17/40		227,054
	400,000		Statoil ASA		4.250		11/23/41		403,681
	300,000		Statoil ASA		3.950		05/15/43		290,063
	1,300,000		Statoil ASA		4.800		11/08/43		1,434,862
	550,000		Suncor Energy, Inc		6.100		06/01/18		578,908
	750,000		Suncor Energy, Inc		3.600		12/01/24		760,370
	1,400,000		Suncor Energy, Inc		6.500		06/15/38		1,759,912
	300,000		Sunoco Logistics Partners Operations LP		4.250		04/01/24		305,375
	300,000		Sunoco Logistics Partners Operations LP		5.300		04/01/44		291,133
	200,000		Sunoco Logistics Partners Operations LP		4.400		04/01/21		210,450
	300,000		Sunoco Logistics Partners Operations LP		3.450		01/15/23		295,759
	200,000		Sunoco Logistics Partners Operations LP		5.950		12/01/25		222,664
	400,000		Sunoco Logistics Partners Operations LP		3.900		07/15/26		386,438
	100,000		Sunoco Logistics Partners Operations LP		6.100		02/15/42		103,923
	200,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		194,988
	100,000	g	TechnipFMC plc		3.450		10/01/22		99,143
	200,000		Total Capital Canada Ltd		1.450		01/15/18		199,955
	300,000		Total Capital Canada Ltd		2.750		07/15/23		297,416
	300,000		Total Capital International S.A.		2.125		01/10/19		301,842
	500,000		Total Capital International S.A.		2.100		06/19/19		502,723
	300,000		Total Capital International S.A.		2.750		06/19/21		303,560
	1,000,000		Total Capital International S.A.		2.875		02/17/22		1,009,596
	400,000		Total Capital International S.A.		2.700		01/25/23		396,607
	300,000		Total Capital International S.A.		3.700		01/15/24		311,750
	300,000		Total Capital International S.A.		3.750		04/10/24		312,721
	500,000		TransCanada PipeLines Ltd		3.125		01/15/19		509,771
	600,000		TransCanada PipeLines Ltd		3.800		10/01/20		628,111
	1,000,000		TransCanada PipeLines Ltd		4.875		01/15/26		1,108,921
	1,700,000		TransCanada PipeLines Ltd		4.625		03/01/34		1,779,793
	340,000		TransCanada PipeLines Ltd		5.850		03/15/36		403,492
	469,000		TransCanada PipeLines Ltd		7.625		01/15/39		657,948
	200,000		TransCanada PipeLines Ltd		6.100		06/01/40		244,531
	200,000		TransCanada PipeLines Ltd		5.000		10/16/43		219,321
	300,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		279,375
	1,045,000		Vale Overseas Ltd		4.625		09/15/20		1,085,494
	400,000		Vale Overseas Ltd		5.875		06/10/21		428,648
	1,542,000		Vale Overseas Ltd		4.375		01/11/22		1,567,597

66

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Vale Overseas Ltd		6.250	%	08/10/26	$	814,688
	150,000	Vale Overseas Ltd		8.250		01/17/34		178,313
	1,164,000	Vale Overseas Ltd		6.875		11/21/36		1,251,416
	680,000	Valero Energy Corp		6.125		02/01/20		748,617
	400,000	Valero Energy Corp		3.650		03/15/25		396,908
	500,000	Valero Energy Corp		3.400		09/15/26		477,597
	330,000	Valero Energy Corp		7.500		04/15/32		419,385
	500,000	Valero Energy Corp		6.625		06/15/37		591,682
	300,000	Valero Energy Corp		4.900		03/15/45		299,668
	200,000	Valero Energy Partners LP		4.375		12/15/26		201,811
		TOTAL ENERGY						176,052,438
FOOD & STAPLES RETAILING - 0.3%
	1,000,000	CVS Health Corp		1.900		07/20/18		1,001,893
	750,000	CVS Health Corp		2.250		08/12/19		754,988
	1,000,000	CVS Health Corp		2.800		07/20/20		1,016,631
	500,000	CVS Health Corp		4.125		05/15/21		528,890
	650,000	CVS Health Corp		2.125		06/01/21		637,508
	500,000	CVS Health Corp		3.500		07/20/22		514,547
	500,000	CVS Health Corp		2.750		12/01/22		494,601
	250,000	CVS Health Corp		4.000		12/05/23		262,142
	900,000	CVS Health Corp		3.375		08/12/24		901,027
	1,319,000	CVS Health Corp		3.875		07/20/25		1,358,901
	600,000	CVS Health Corp		2.875		06/01/26		572,147
	400,000	CVS Health Corp		5.300		12/05/43		447,038
	1,500,000	CVS Health Corp		5.125		07/20/45		1,652,215
	235,000	Delhaize Group S.A.		5.700		10/01/40		267,830
	55,000	Kroger Co		6.800		12/15/18		59,491
	100,000	Kroger Co		2.000		01/15/19		100,183
	225,000	Kroger Co		1.500		09/30/19		221,720
	445,000	Kroger Co		6.150		01/15/20		490,690
	200,000	Kroger Co		2.950		11/01/21		201,193
	200,000	Kroger Co		3.400		04/15/22		204,333
	200,000	Kroger Co		3.850		08/01/23		207,117
	300,000	Kroger Co		4.000		02/01/24		311,492
	100,000	Kroger Co		3.500		02/01/26		100,242
	300,000	Kroger Co		2.650		10/15/26		276,319
	100,000	Kroger Co		6.900		04/15/38		130,297
	250,000	Kroger Co		5.000		04/15/42		261,794
	300,000	Kroger Co		5.150		08/01/43		321,445
	300,000	Kroger Co		3.875		10/15/46		269,173
	500,000	Kroger Co		4.450		02/01/47		490,203
	200,000	Starbucks Corp		2.000		12/05/18		201,992
	200,000	Starbucks Corp		2.100		02/04/21		200,573
	200,000	Starbucks Corp		2.700		06/15/22		203,253
	350,000	Starbucks Corp		3.850		10/01/23		375,628
	175,000	Starbucks Corp		2.450		06/15/26		167,656
	200,000	Starbucks Corp		4.300		06/15/45		212,028
	200,000	SYSCO Corp		5.250		02/12/18		206,344
	300,000	SYSCO Corp		1.900		04/01/19		300,234
	500,000	SYSCO Corp		2.600		10/01/20		504,104
	125,000	SYSCO Corp		2.500		07/15/21		124,570
	250,000	SYSCO Corp		2.600		06/12/22		245,893
	225,000	SYSCO Corp		3.300		07/15/26		220,367

67

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	SYSCO Corp		5.375	%	09/21/35	$	112,083
	300,000	SYSCO Corp		4.850		10/01/45		317,207
	500,000	SYSCO Corp		4.500		04/01/46		499,805
	25,000	Walgreen Co		5.250		01/15/19		26,371
	200,000	Walgreen Co		3.100		09/15/22		201,266
	200,000	Walgreen Co		4.400		09/15/42		192,594
	300,000	Walgreens Boots Alliance, Inc		1.750		05/30/18		300,351
	1,125,000	Walgreens Boots Alliance, Inc		2.700		11/18/19		1,139,918
	400,000	Walgreens Boots Alliance, Inc		2.600		06/01/21		400,434
	500,000	Walgreens Boots Alliance, Inc		3.300		11/18/21		512,895
	500,000	Walgreens Boots Alliance, Inc		3.100		06/01/23		499,240
	400,000	Walgreens Boots Alliance, Inc		3.800		11/18/24		408,145
	1,000,000	Walgreens Boots Alliance, Inc		3.450		06/01/26		974,825
	400,000	Walgreens Boots Alliance, Inc		4.500		11/18/34		399,315
	400,000	Walgreens Boots Alliance, Inc		4.800		11/18/44		409,026
	125,000	Walgreens Boots Alliance, Inc		4.650		06/01/46		124,325
	200,000	Whole Foods Market, Inc		5.200		12/03/25		212,339
		TOTAL FOOD & STAPLES RETAILING						23,748,831
FOOD, BEVERAGE & TOBACCO - 1.3%
	228,000	Altria Group, Inc		9.250		08/06/19		264,835
	300,000	Altria Group, Inc		2.625		01/14/20		303,698
	1,800,000	Altria Group, Inc		4.750		05/05/21		1,949,706
	800,000	Altria Group, Inc		2.850		08/09/22		801,526
	200,000	Altria Group, Inc		2.950		05/02/23		198,888
	200,000	Altria Group, Inc		2.625		09/16/26		189,089
	800,000	Altria Group, Inc		4.250		08/09/42		779,713
	300,000	Altria Group, Inc		4.500		05/02/43		304,180
	600,000	Altria Group, Inc		5.375		01/31/44		684,149
	300,000	Altria Group, Inc		3.875		09/16/46		277,529
	2,000,000	Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		2,002,752
	500,000	Anheuser-Busch InBev Finance, Inc		2.150		02/01/19		503,332
	2,000,000	Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,014,860
	500,000	Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		493,106
	2,000,000	Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		2,035,300
	500,000	Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		516,349
	9,600,000	Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		9,706,560
	2,500,000	Anheuser-Busch InBev Finance, Inc		4.700		02/01/36		2,646,642
	1,000,000	Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		1,039,679
	3,525,000	Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		3,806,080
	1,390,000	Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		1,502,416
	2,750,000	Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		2,717,572
	485,000	Anheuser-Busch InBev Worldwide, Inc		6.375		01/15/40		637,034
	500,000	Anheuser-Busch InBev Worldwide, Inc		3.750		07/15/42		457,772
	719,000	Archer-Daniels-Midland Co		5.450		03/15/18		745,732
	400,000	Archer-Daniels-Midland Co		2.500		08/11/26		379,878
	740,000	Archer-Daniels-Midland Co		4.016		04/16/43		732,581
	200,000	Beam, Inc		3.250		05/15/22		200,686
	200,000	Brown-Forman Corp		4.500		07/15/45		211,422
	100,000	Bunge Ltd		8.500		06/15/19		113,366
	500,000	Bunge Ltd		3.500		11/24/20		512,962
	100,000	Campbell Soup Co		4.250		04/15/21		106,482
	150,000	Campbell Soup Co		2.500		08/02/22		147,664
	150,000	Campbell Soup Co		3.800		08/02/42		139,246
	300,000	Coca-Cola Bottling Co Consolidated		3.800		11/25/25		306,132

68

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Coca-Cola Co		1.150	%	04/01/18	$	399,156
	300,000	Coca-Cola Co		2.500		04/01/23		299,001
	500,000	Coca-Cola Co		1.650		03/14/18		501,320
	300,000	Coca-Cola Co		1.650		11/01/18		301,361
	500,000	Coca-Cola Co		1.375		05/30/19		497,722
	500,000	Coca-Cola Co		1.875		10/27/20		499,755
	300,000	Coca-Cola Co		2.450		11/01/20		305,358
	410,000	Coca-Cola Co		3.150		11/15/20		428,268
	400,000	Coca-Cola Co		1.550		09/01/21		390,608
	1,000,000	Coca-Cola Co		3.200		11/01/23		1,030,827
	500,000	Coca-Cola Co		2.875		10/27/25		495,105
	300,000	Coca-Cola Co		2.550		06/01/26		288,931
	400,000	Coca-Cola Co		2.250		09/01/26		374,747
	100,000	Coca-Cola Enterprises, Inc		3.500		09/15/20		103,908
	200,000	Coca-Cola Femsa SAB de C.V.		2.375		11/26/18		201,140
	100,000	Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		105,478
	500,000	Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		514,194
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		220,547
	572,000	ConAgra Foods, Inc		3.200		01/25/23		574,354
	100,000	ConAgra Foods, Inc		7.000		10/01/28		124,773
	600,000	Constellation Brands, Inc		3.875		11/15/19		624,906
	750,000	Constellation Brands, Inc		3.700		12/06/26		749,158
	100,000	Corn Products International, Inc		4.625		11/01/20		107,379
	500,000	Diageo Capital plc		1.125		04/29/18		498,265
	200,000	Diageo Capital plc		5.875		09/30/36		244,897
	400,000	Diageo Capital plc		3.875		04/29/43		387,245
	500,000	Dr Pepper Snapple Group, Inc		3.130		12/15/23		501,816
	200,000	Dr Pepper Snapple Group, Inc		3.400		11/15/25		198,955
	200,000	Dr Pepper Snapple Group, Inc		2.550		09/15/26		186,432
	500,000	Dr Pepper Snapple Group, Inc		4.420		12/15/46		501,618
	150,000	Flowers Foods, Inc		4.375		04/01/22		159,097
	100,000	Flowers Foods, Inc		3.500		10/01/26		97,468
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		193,818
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		290,740
	210,000	General Mills, Inc		5.650		02/15/19		224,420
	175,000	General Mills, Inc		2.200		10/21/19		176,064
	200,000	General Mills, Inc		3.150		12/15/21		204,722
	500,000	General Mills, Inc		3.650		02/15/24		516,671
	500,000	General Mills, Inc		3.200		02/10/27		489,764
	150,000	General Mills, Inc		5.400		06/15/40		170,361
	100,000	General Mills, Inc		4.150		02/15/43		96,436
	150,000	Hershey Co		4.125		12/01/20		160,774
	500,000	Hershey Co		2.300		08/15/26		469,752
	300,000	Hershey Co		3.375		08/15/46		268,163
	300,000	Ingredion, Inc		3.200		10/01/26		292,924
	125,000	JM Smucker Co		1.750		03/15/18		125,133
	175,000	JM Smucker Co		2.500		03/15/20		176,407
	100,000	JM Smucker Co		3.500		10/15/21		104,541
	300,000	JM Smucker Co		3.000		03/15/22		304,113
	100,000	JM Smucker Co		3.500		03/15/25		101,496
	300,000	JM Smucker Co		4.250		03/15/35		301,277
	300,000	JM Smucker Co		4.375		03/15/45		299,215
	1,279,000	Kellogg Co		4.000		12/15/20		1,350,612
	500,000	Kellogg Co		2.650		12/01/23		488,300
	125,000	Kellogg Co		3.250		04/01/26		122,175
	150,000	Kellogg Co		4.500		04/01/46		146,940

69

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,275,000		Kraft Foods Group, Inc		3.500	%	06/06/22	$	2,326,890
	300,000		Kraft Foods Group, Inc		6.500		02/09/40		358,331
	700,000		Kraft Foods Group, Inc		5.000		06/04/42		708,273
	1,900,000		Kraft Foods, Inc		5.375		02/10/20		2,052,496
	475,000		Kraft Heinz Foods Co		2.000		07/02/18		476,130
	300,000		Kraft Heinz Foods Co		2.800		07/02/20		304,011
	200,000		Kraft Heinz Foods Co		3.500		07/15/22		204,328
	900,000		Kraft Heinz Foods Co		3.950		07/15/25		912,681
	1,000,000		Kraft Heinz Foods Co		3.000		06/01/26		939,643
	600,000		Kraft Heinz Foods Co		5.000		07/15/35		624,784
	1,000,000		Kraft Heinz Foods Co		5.200		07/15/45		1,036,435
	1,000,000		Kraft Heinz Foods Co		4.375		06/01/46		934,472
	385,000		Mead Johnson Nutrition Co		4.900		11/01/19		411,343
	100,000		Mead Johnson Nutrition Co		3.000		11/15/20		101,919
	225,000		Mead Johnson Nutrition Co		4.125		11/15/25		235,716
	350,000		Mead Johnson Nutrition Co		4.600		06/01/44		363,560
	350,000		Molson Coors Brewing Co		1.450		07/15/19		345,439
	500,000	g	Molson Coors Brewing Co		2.250		03/15/20		500,112
	500,000		Molson Coors Brewing Co		2.100		07/15/21		488,710
	150,000		Molson Coors Brewing Co		3.500		05/01/22		154,978
	750,000		Molson Coors Brewing Co		3.000		07/15/26		713,124
	300,000		Molson Coors Brewing Co		5.000		05/01/42		316,387
	750,000		Molson Coors Brewing Co		4.200		07/15/46		702,098
	400,000		PepsiCo, Inc		2.250		01/07/19		404,630
	100,000		PepsiCo, Inc		1.500		02/22/19		100,002
	300,000		PepsiCo, Inc		1.350		10/04/19		297,712
	100,000		PepsiCo, Inc		4.500		01/15/20		107,423
	500,000		PepsiCo, Inc		1.850		04/30/20		501,911
	300,000		PepsiCo, Inc		2.150		10/14/20		301,673
	400,000		PepsiCo, Inc		3.125		11/01/20		415,014
	200,000		PepsiCo, Inc		3.000		08/25/21		205,835
	1,300,000		PepsiCo, Inc		1.700		10/06/21		1,267,481
	400,000		PepsiCo, Inc		2.750		03/05/22		406,453
	300,000		PepsiCo, Inc		3.100		07/17/22		308,166
	500,000		PepsiCo, Inc		2.750		03/01/23		501,523
	1,000,000		PepsiCo, Inc		3.600		03/01/24		1,049,802
	300,000		PepsiCo, Inc		2.750		04/30/25		294,566
	425,000		PepsiCo, Inc		3.500		07/17/25		442,280
	100,000		PepsiCo, Inc		2.850		02/24/26		98,414
	1,000,000		PepsiCo, Inc		2.375		10/06/26		947,196
	310,000		PepsiCo, Inc		4.875		11/01/40		348,927
	400,000		PepsiCo, Inc		4.000		03/05/42		397,609
	200,000		PepsiCo, Inc		3.600		08/13/42		186,716
	450,000		PepsiCo, Inc		4.600		07/17/45		489,310
	800,000		PepsiCo, Inc		4.450		04/14/46		850,935
	275,000		PepsiCo, Inc		3.450		10/06/46		248,731
	1,300,000		Philip Morris International, Inc		5.650		05/16/18		1,358,599
	300,000		Philip Morris International, Inc		1.875		01/15/19		300,442
	300,000		Philip Morris International, Inc		1.625		02/21/19		298,913
	300,000		Philip Morris International, Inc		1.375		02/25/19		298,031
	300,000		Philip Morris International, Inc		2.000		02/21/20		299,279
	200,000		Philip Morris International, Inc		2.900		11/15/21		202,390
	300,000		Philip Morris International, Inc		2.625		02/18/22		299,661
	200,000		Philip Morris International, Inc		2.500		08/22/22		197,581
	500,000		Philip Morris International, Inc		2.625		03/06/23		490,133

70

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Philip Morris International, Inc		2.125	%	05/10/23	$	286,058
	300,000	Philip Morris International, Inc		3.600		11/15/23		310,447
	500,000	Philip Morris International, Inc		3.250		11/10/24		502,556
	300,000	Philip Morris International, Inc		3.375		08/11/25		303,153
	700,000	Philip Morris International, Inc		2.750		02/25/26		673,571
	240,000	Philip Morris International, Inc		6.375		05/16/38		304,821
	150,000	Philip Morris International, Inc		4.375		11/15/41		150,604
	200,000	Philip Morris International, Inc		4.500		03/20/42		203,601
	150,000	Philip Morris International, Inc		3.875		08/21/42		139,950
	300,000	Philip Morris International, Inc		4.125		03/04/43		288,921
	200,000	Philip Morris International, Inc		4.875		11/15/43		215,508
	1,300,000	Philip Morris International, Inc		4.250		11/10/44		1,286,571
	1,050,000	Reynolds American, Inc		2.300		06/12/18		1,056,254
	270,000	Reynolds American, Inc		6.875		05/01/20		304,270
	175,000	Reynolds American, Inc		3.250		06/12/20		179,538
	1,250,000	Reynolds American, Inc		4.000		06/12/22		1,311,806
	200,000	Reynolds American, Inc		4.850		09/15/23		216,979
	750,000	Reynolds American, Inc		5.700		08/15/35		857,288
	65,000	Reynolds American, Inc		7.250		06/15/37		86,219
	200,000	Reynolds American, Inc		6.150		09/15/43		240,990
	750,000	Reynolds American, Inc		5.850		08/15/45		881,433
	400,000	Tyson Foods, Inc		4.500		06/15/22		426,788
	500,000	Tyson Foods, Inc		3.950		08/15/24		509,842
	500,000	Tyson Foods, Inc		5.150		08/15/44		523,941
		TOTAL FOOD, BEVERAGE & TOBACCO						98,807,832
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	100,000	AmerisourceBergen Corp		3.500		11/15/21		103,188
	400,000	AmerisourceBergen Corp		3.400		05/15/24		405,096
	700,000	AmerisourceBergen Corp		3.250		03/01/25		703,982
	400,000	Ascension Health		3.945		11/15/46		389,355
	200,000	Ascension Health, Inc		4.847		11/15/53		220,324
	300,000	Baxter International, Inc		1.700		08/15/21		289,387
	300,000	Baxter International, Inc		2.600		08/15/26		281,074
	300,000	Baxter International, Inc		3.500		08/15/46		256,913
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		287,721
	200,000	Baylor Scott & White Holdings		3.967		11/15/46		190,207
	580,000	Becton Dickinson & Co		1.800		12/15/17		580,437
	1,414,000	Becton Dickinson & Co		2.675		12/15/19		1,433,988
	150,000	Becton Dickinson & Co		3.250		11/12/20		154,584
	850,000	Becton Dickinson & Co		3.125		11/08/21		866,111
	151,000	Becton Dickinson & Co		3.734		12/15/24		155,422
	500,000	Becton Dickinson & Co		4.685		12/15/44		521,776
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		106,707
	650,000	Boston Scientific Corp		6.000		01/15/20		712,075
	300,000	Boston Scientific Corp		2.850		05/15/20		304,127
	300,000	Boston Scientific Corp		3.375		05/15/22		305,630
	150,000	Boston Scientific Corp		4.125		10/01/23		156,935
	400,000	Boston Scientific Corp		3.850		05/15/25		406,077
	200,000	Cardinal Health, Inc		1.950		06/15/18		200,602
	200,000	Cardinal Health, Inc		2.400		11/15/19		201,257
	100,000	Cardinal Health, Inc		4.625		12/15/20		107,694
	100,000	Cardinal Health, Inc		3.200		06/15/22		100,887
	200,000	Cardinal Health, Inc		3.200		03/15/23		202,303

71

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Cardinal Health, Inc		3.500	%	11/15/24	$	101,614
	200,000		Cardinal Health, Inc		3.750		09/15/25		206,079
	100,000		Cardinal Health, Inc		4.600		03/15/43		99,256
	200,000		Cardinal Health, Inc		4.500		11/15/44		198,044
	200,000		Cardinal Health, Inc		4.900		09/15/45		206,844
	100,000		Coventry Health Care, Inc		5.450		06/15/21		110,682
	650,000		Covidien International Finance S.A.		3.200		06/15/22		664,374
	225,000		CR Bard, Inc		1.375		01/15/18		224,594
	100,000		CR Bard, Inc		4.400		01/15/21		107,146
	200,000		CR Bard, Inc		3.000		05/15/26		192,603
	200,000		Dignity Health		5.267		11/01/64		195,960
	100,000		Edwards Lifesciences Corp		2.875		10/15/18		101,323
	900,000		Express Scripts Holding Co		2.250		06/15/19		901,078
	150,000		Express Scripts Holding Co		3.300		02/25/21		152,580
	250,000		Express Scripts Holding Co		4.750		11/15/21		268,436
	525,000		Express Scripts Holding Co		3.900		02/15/22		544,048
	1,100,000		Express Scripts Holding Co		3.000		07/15/23		1,063,043
	300,000		Express Scripts Holding Co		3.500		06/15/24		295,454
	150,000		Express Scripts Holding Co		4.500		02/25/26		153,849
	500,000		Express Scripts Holding Co		3.400		03/01/27		470,870
	93,000		Express Scripts Holding Co		6.125		11/15/41		105,869
	750,000		Express Scripts Holding Co		4.800		07/15/46		718,229
	100,000		Johns Hopkins Health System Corp		3.837		05/15/46		97,808
	100,000		Kaiser Foundation Hospitals		3.500		04/01/22		103,377
	100,000		Kaiser Foundation Hospitals		4.875		04/01/42		111,102
	200,000		Keysight Technologies, Inc		3.300		10/30/19		203,070
	200,000		Keysight Technologies, Inc		4.550		10/30/24		204,435
	300,000	h	Keysight Technologies, Inc		4.600		04/06/27		301,760
	250,000		Laboratory Corp of America Holdings		2.500		11/01/18		252,160
	150,000		Laboratory Corp of America Holdings		2.625		02/01/20		150,774
	300,000		Laboratory Corp of America Holdings		3.200		02/01/22		301,746
	200,000		Laboratory Corp of America Holdings		3.750		08/23/22		204,766
	200,000		Laboratory Corp of America Holdings		4.000		11/01/23		205,594
	100,000		Laboratory Corp of America Holdings		3.600		02/01/25		98,876
	300,000		Laboratory Corp of America Holdings		4.700		02/01/45		289,501
	200,000		Mayo Clinic		4.128		11/15/52		197,989
	200,000		Mayo Clinic Rochester		4.000		11/15/47		195,001
	180,000		McKesson Corp		4.750		03/01/21		193,262
	600,000		McKesson Corp		2.700		12/15/22		588,543
	200,000		McKesson Corp		2.850		03/15/23		197,270
	500,000		McKesson Corp		3.796		03/15/24		518,832
	100,000		McKesson Corp		6.000		03/01/41		116,123
	375,000		McKesson Corp		4.883		03/15/44		387,010
	325,000		Medtronic Global Holdings S.C.A		3.350		04/01/27		327,282
	250,000		Medtronic, Inc		1.375		04/01/18		249,578
	875,000		Medtronic, Inc		2.500		03/15/20		887,252
	1,000,000		Medtronic, Inc		3.150		03/15/22		1,027,041
	1,000,000		Medtronic, Inc		3.625		03/15/24		1,037,273
	2,500,000		Medtronic, Inc		3.500		03/15/25		2,556,540
	936,000		Medtronic, Inc		4.375		03/15/35		979,742
	200,000		Medtronic, Inc		4.500		03/15/42		209,355
	1,000,000		Medtronic, Inc		4.625		03/15/44		1,067,729
	1,050,000		Medtronic, Inc		4.625		03/15/45		1,127,801

72

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	New York and Presbyterian Hospital		4.024	%	08/01/45	$	294,539
	150,000	New York and Presbyterian Hospital		4.063		08/01/56		140,618
	140,000	Northwell Healthcare, Inc		3.979		11/01/46		128,570
	350,000	NYU Hospitals Center		5.750		07/01/43		421,385
	150,000	PerkinElmer, Inc		5.000		11/15/21		162,573
	200,000	Providence St. Joseph Health Obligated Group		2.746		10/01/26		190,536
	100,000	Providence St. Joseph Health Obligated Group		3.744		10/01/47		92,845
	300,000	Quest Diagnostics, Inc		2.700		04/01/19		304,137
	200,000	Quest Diagnostics, Inc		2.500		03/30/20		201,227
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		429,721
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		123,757
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		302,479
	200,000	Stryker Corp		1.300		04/01/18		199,110
	125,000	Stryker Corp		2.000		03/08/19		125,324
	90,000	Stryker Corp		4.375		01/15/20		95,395
	850,000	Stryker Corp		2.625		03/15/21		854,849
	200,000	Stryker Corp		3.375		05/15/24		203,144
	200,000	Stryker Corp		3.375		11/01/25		200,809
	600,000	Stryker Corp		3.500		03/15/26		605,892
	200,000	Stryker Corp		4.100		04/01/43		190,121
	200,000	Stryker Corp		4.375		05/15/44		195,843
	250,000	Stryker Corp		4.625		03/15/46		257,006
	100,000	Texas Health Resources		4.330		11/15/55		101,527
	200,000	Thermo Fisher Scientific, Inc		2.150		12/14/18		200,690
	100,000	Thermo Fisher Scientific, Inc		2.400		02/01/19		100,836
	650,000	Thermo Fisher Scientific, Inc		3.300		02/15/22		662,693
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		250,455
	300,000	Thermo Fisher Scientific, Inc		3.000		04/15/23		297,678
	600,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		629,544
	150,000	Thermo Fisher Scientific, Inc		3.650		12/15/25		152,003
	775,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		737,811
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		226,887
	200,000	Trinity Health Corp		4.125		12/01/45		193,674
	750,000	Zimmer Holdings, Inc		1.450		04/01/17		750,000
	750,000	Zimmer Holdings, Inc		3.150		04/01/22		752,660
	1,125,000	Zimmer Holdings, Inc		3.550		04/01/25		1,112,309
	125,000	Zimmer Holdings, Inc		4.250		08/15/35		117,484
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						43,120,557
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Clorox Co		3.800		11/15/21		105,066
	100,000	Clorox Co		3.050		09/15/22		102,000
	200,000	Clorox Co		3.500		12/15/24		206,438
	100,000	Colgate-Palmolive Co		0.900		05/01/18		99,591
	300,000	Colgate-Palmolive Co		1.750		03/15/19		301,145
	200,000	Colgate-Palmolive Co		2.300		05/03/22		199,778
	200,000	Colgate-Palmolive Co		1.950		02/01/23		193,823
	300,000	Colgate-Palmolive Co		3.250		03/15/24		310,643
	60,000	Colgate-Palmolive Co		6.450		06/16/28		74,370
	300,000	Colgate-Palmolive Co		4.000		08/15/45		307,855
	200,000	Ecolab, Inc		2.000		01/14/19		201,337
	375,000	Ecolab, Inc		2.250		01/12/20		376,802
	350,000	Ecolab, Inc		4.350		12/08/21		377,891
	200,000	Ecolab, Inc		3.250		01/14/23		203,354

73

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	625,000		Ecolab, Inc		2.700	%	11/01/26	$	593,237
	100,000		Ecolab, Inc		5.500		12/08/41		118,167
	200,000		Estee Lauder Cos, Inc		1.800		02/07/20		200,159
	200,000		Estee Lauder Cos, Inc		2.350		08/15/22		197,523
	200,000		Estee Lauder Cos, Inc		3.150		03/15/27		199,228
	100,000		Estee Lauder Cos, Inc		6.000		05/15/37		121,239
	300,000		Estee Lauder Cos, Inc		4.375		06/15/45		310,686
	200,000		Estee Lauder Cos, Inc		4.150		03/15/47		200,393
	300,000		Procter & Gamble Co		1.900		11/01/19		302,246
	500,000		Procter & Gamble Co		1.850		02/02/21		497,815
	800,000		Procter & Gamble Co		2.300		02/06/22		804,773
	600,000		Procter & Gamble Co		3.100		08/15/23		618,709
	750,000		Procter & Gamble Co		2.700		02/02/26		733,626
	750,000		Procter & Gamble Co		2.450		11/03/26		717,364
	22,000		Procter & Gamble Co		5.550		03/05/37		28,728
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						8,703,986
INSURANCE - 1.1%
	500,000		ACE INA Holdings, Inc		5.900		06/15/19		543,498
	500,000		ACE INA Holdings, Inc		2.300		11/03/20		501,728
	500,000		ACE INA Holdings, Inc		2.875		11/03/22		503,967
	250,000		ACE INA Holdings, Inc		2.700		03/13/23		248,050
	400,000		ACE INA Holdings, Inc		3.150		03/15/25		400,684
	675,000		ACE INA Holdings, Inc		3.350		05/03/26		682,735
	150,000		ACE INA Holdings, Inc		4.150		03/13/43		152,964
	1,100,000		ACE INA Holdings, Inc		4.350		11/03/45		1,158,034
	750,000		Aetna, Inc		1.700		06/07/18		749,977
	300,000		Aetna, Inc		2.200		03/15/19		301,930
	500,000		Aetna, Inc		2.750		11/15/22		499,561
	750,000		Aetna, Inc		2.800		06/15/23		743,731
	240,000		Aetna, Inc		6.625		06/15/36		313,437
	350,000		Aetna, Inc		4.500		05/15/42		363,905
	500,000		Aetna, Inc		4.125		11/15/42		491,791
	200,000		Aflac, Inc		2.400		03/16/20		202,170
	600,000		Aflac, Inc		3.625		06/15/23		622,008
	200,000		Aflac, Inc		3.625		11/15/24		206,052
	200,000		Aflac, Inc		2.875		10/15/26		192,845
	200,000		Aflac, Inc		4.000		10/15/46		188,955
	300,000		Alleghany Corp		4.950		06/27/22		328,949
	200,000		Alleghany Corp		4.900		09/15/44		203,649
	300,000		Allied World Assurance Co Holdings Ltd		4.350		10/29/25		300,319
	1,250,000		Allstate Corp		3.150		06/15/23		1,269,914
	100,000		Allstate Corp		3.280		12/15/26		100,392
	600,000		Allstate Corp		4.500		06/15/43		637,177
	100,000		Allstate Corp		4.200		12/15/46		101,072
	200,000	i	Allstate Corp		5.750		08/15/53		214,620
	100,000		American Financial Group, Inc		9.875		06/15/19		116,114
	100,000		American Financial Group, Inc		3.500		08/15/26		97,066
	1,325,000		American International Group, Inc		2.300		07/16/19		1,329,777
	300,000		American International Group, Inc		3.300		03/01/21		306,092
	1,600,000		American International Group, Inc		4.875		06/01/22		1,731,200
	200,000		American International Group, Inc		3.750		07/10/25		198,866
	800,000		American International Group, Inc		3.900		04/01/26		801,438
	500,000		American International Group, Inc		3.875		01/15/35		456,774

74

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		American International Group, Inc		4.700	%	07/10/35	$	303,548
	800,000		American International Group, Inc		6.250		05/01/36		943,766
	500,000		American International Group, Inc		4.500		07/16/44		476,595
	300,000		American International Group, Inc		4.800		07/10/45		297,900
	200,000		American International Group, Inc		4.375		01/15/55		177,983
	50,000		Aon plc		5.000		09/30/20		54,069
	200,000		Aon plc		2.800		03/15/21		200,712
	200,000		Aon plc		4.000		11/27/23		209,617
	300,000		Aon plc		3.500		06/14/24		299,501
	800,000		Aon plc		3.875		12/15/25		814,045
	200,000		Aon plc		6.250		09/30/40		237,440
	250,000		Aon plc		4.750		05/15/45		249,648
	200,000		Arch Capital Group Ltd		4.011		12/15/26		205,056
	200,000		Arch Capital Group Ltd		5.031		12/15/46		213,851
	300,000		Arch Capital Group US, Inc		5.144		11/01/43		320,971
	200,000		Aspen Insurance Holdings Ltd		4.650		11/15/23		213,178
	100,000		Assurant, Inc		4.000		03/15/23		101,041
	38,000		Assurant, Inc		6.750		02/15/34		45,857
	200,000		Assured Guaranty US Holdings, Inc		5.000		07/01/24		215,206
	770,000		AXA S.A.		8.600		12/15/30		1,069,530
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		54,993
	750,000		Berkshire Hathaway Finance Corp		5.400		05/15/18		783,190
	600,000		Berkshire Hathaway Finance Corp		2.000		08/15/18		604,402
	750,000		Berkshire Hathaway Finance Corp		1.700		03/15/19		751,237
	425,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		420,891
	200,000		Berkshire Hathaway Finance Corp		2.900		10/15/20		206,572
	400,000		Berkshire Hathaway Finance Corp		3.000		05/15/22		410,212
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		315,034
	250,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		256,579
	40,000		Chubb Corp		5.750		05/15/18		41,851
	350,000		Chubb Corp		6.000		05/11/37		443,258
	300,000	i	Chubb Corp		6.375		04/15/37		290,220
	540,000		Cigna Corp		5.125		06/15/20		585,557
	400,000		Cigna Corp		4.500		03/15/21		427,041
	400,000		Cigna Corp		3.250		04/15/25		395,348
	400,000		Cigna Corp		5.375		02/15/42		463,849
	200,000		Cincinnati Financial Corp		6.920		05/15/28		254,243
	500,000		CNA Financial Corp		5.750		08/15/21		556,370
	125,000		CNA Financial Corp		3.950		05/15/24		128,272
	200,000		CNA Financial Corp		4.500		03/01/26		211,356
	200,000		Enstar Group Ltd		4.500		03/10/22		202,495
	300,000		Everest Reinsurance Holdings, Inc		4.868		06/01/44		299,019
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		263,979
	200,000		Hanover Insurance Group, Inc		4.500		04/15/26		207,635
	250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		275,988
	321,000		Hartford Financial Services Group, Inc		6.625		03/30/40		408,634
	400,000		Hartford Financial Services Group, Inc		4.300		04/15/43		386,670
	300,000		Humana, Inc		2.625		10/01/19		303,267
	100,000		Humana, Inc		3.150		12/01/22		100,427
	300,000		Humana, Inc		3.850		10/01/24		307,129
	100,000		Humana, Inc		3.950		03/15/27		102,223
	200,000		Humana, Inc		4.625		12/01/42		202,699
	300,000		Humana, Inc		4.950		10/01/44		316,143
	100,000		Humana, Inc		4.800		03/15/47		104,508

75

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	229,000		ING US, Inc		2.900	%	02/15/18	$	231,076
	200,000		ING US, Inc		5.700		07/15/43		221,570
	400,000		Leucadia National Corp		5.500		10/18/23		425,937
	62,000		Lincoln National Corp		8.750		07/01/19		70,718
	400,000		Lincoln National Corp		4.200		03/15/22		422,129
	525,000		Lincoln National Corp		4.000		09/01/23		548,377
	175,000		Lincoln National Corp		3.350		03/09/25		173,740
	100,000		Lincoln National Corp		3.625		12/12/26		99,578
	2,000		Lincoln National Corp		6.150		04/07/36		2,362
	150,000		Lincoln National Corp		7.000		06/15/40		193,730
	200,000		Loews Corp		2.625		05/15/23		196,458
	200,000		Loews Corp		3.750		04/01/26		204,738
	200,000		Loews Corp		4.125		05/15/43		191,829
	100,000		Manulife Financial Corp		4.900		09/17/20		107,220
	700,000		Manulife Financial Corp		4.150		03/04/26		737,068
	300,000	i	Manulife Financial Corp		4.061		02/24/32		300,513
	200,000		Manulife Financial Corp		5.375		03/04/46		231,700
	150,000		Markel Corp		4.900		07/01/22		163,388
	150,000		Markel Corp		5.000		04/05/46		154,683
	500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		503,474
	150,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		162,282
	1,500,000		Marsh & McLennan Cos, Inc		3.500		03/10/25		1,520,499
	100,000		Marsh & McLennan Cos, Inc		4.350		01/30/47		100,768
	200,000		Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		197,064
	500,000		Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		495,250
	200,000		Mercury General Corp		4.400		03/15/27		199,408
	1,050,000		MetLife, Inc		4.750		02/08/21		1,137,453
	700,000		MetLife, Inc		3.048		12/15/22		708,063
	325,000		MetLife, Inc		4.368		09/15/23		349,855
	500,000		MetLife, Inc		3.600		04/10/24		516,876
	700,000		MetLife, Inc		3.600		11/13/25		715,740
	50,000		MetLife, Inc		6.375		06/15/34		63,818
	405,000		MetLife, Inc		5.700		06/15/35		485,921
	130,000		MetLife, Inc		5.875		02/06/41		158,050
	200,000		MetLife, Inc		4.125		08/13/42		194,148
	600,000		MetLife, Inc		4.875		11/13/43		653,985
	500,000		MetLife, Inc		4.721		12/15/44		529,819
	300,000		MetLife, Inc		4.050		03/01/45		290,050
	450,000		MetLife, Inc		4.600		05/13/46		472,541
	200,000		Montpelier Re Holdings Ltd		4.700		10/15/22		214,360
	20,000		Nationwide Financial Services		6.750		05/15/37		20,800
	200,000		Old Republic International Corp		4.875		10/01/24		212,478
	100,000		Old Republic International Corp		3.875		08/26/26		98,612
	100,000		PartnerRe Ltd		5.500		06/01/20		109,259
	100,000		Primerica, Inc		4.750		07/15/22		106,599
	100,000		Principal Financial Group, Inc		3.300		09/15/22		101,800
	150,000		Principal Financial Group, Inc		3.125		05/15/23		150,208
	200,000		Principal Financial Group, Inc		3.400		05/15/25		199,406
	100,000		Principal Financial Group, Inc		3.100		11/15/26		97,359
	100,000		Principal Financial Group, Inc		4.625		09/15/42		105,666
	200,000		Principal Financial Group, Inc		4.350		05/15/43		202,781
	100,000		Principal Financial Group, Inc		4.300		11/15/46		100,615
	200,000	i	Principal Financial Group, Inc		4.700		05/15/55		203,000
	150,000		Progressive Corp		2.450		01/15/27		140,577

76

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	120,000		Progressive Corp		6.250	%	12/01/32	$	153,627
	300,000		Progressive Corp		4.350		04/25/44		314,310
	300,000		Progressive Corp		3.700		01/26/45		284,990
	100,000		Protective Life Corp		7.375		10/15/19		112,366
	100,000		Prudential Financial, Inc		2.300		08/15/18		100,676
	1,020,000		Prudential Financial, Inc		7.375		06/15/19		1,137,115
	200,000		Prudential Financial, Inc		2.350		08/15/19		201,929
	891,000		Prudential Financial, Inc		4.500		11/16/21		962,165
	450,000		Prudential Financial, Inc		6.200		11/15/40		562,788
	500,000	i	Prudential Financial, Inc		5.625		06/15/43		535,750
	150,000		Prudential Financial, Inc		5.100		08/15/43		166,554
	600,000	i	Prudential Financial, Inc		5.200		03/15/44		616,050
	1,300,000		Prudential Financial, Inc		4.600		05/15/44		1,370,994
	200,000	i	Prudential Financial, Inc		5.375		05/15/45		209,300
	100,000		Reinsurance Group of America, Inc		5.000		06/01/21		108,805
	250,000		Reinsurance Group of America, Inc		4.700		09/15/23		269,090
	200,000		RenaissanceRe Finance, Inc		3.700		04/01/25		192,801
	250,000		Torchmark Corp		3.800		09/15/22		257,141
	20,000		Transatlantic Holdings, Inc		8.000		11/30/39		26,460
	610,000		Travelers Cos, Inc		5.800		05/15/18		638,257
	130,000		Travelers Cos, Inc		5.900		06/02/19		141,087
	600,000		Travelers Cos, Inc		5.350		11/01/40		719,833
	200,000		Travelers Cos, Inc		4.600		08/01/43		217,374
	250,000		Travelers Cos, Inc		4.300		08/25/45		259,983
	100,000		Travelers Cos, Inc		3.750		05/15/46		94,732
	100,000		Travelers Property Casualty Corp		6.375		03/15/33		128,078
	324,000		UnitedHealth Group, Inc		6.000		02/15/18		336,475
	500,000		UnitedHealth Group, Inc		1.900		07/16/18		502,153
	200,000		UnitedHealth Group, Inc		1.700		02/15/19		199,999
	900,000		UnitedHealth Group, Inc		1.625		03/15/19		897,116
	500,000		UnitedHealth Group, Inc		2.300		12/15/19		504,470
	500,000		UnitedHealth Group, Inc		2.700		07/15/20		509,955
	700,000		UnitedHealth Group, Inc		4.700		02/15/21		758,291
	300,000		UnitedHealth Group, Inc		2.125		03/15/21		297,731
	500,000		UnitedHealth Group, Inc		2.875		12/15/21		509,624
	500,000		UnitedHealth Group, Inc		3.350		07/15/22		517,254
	325,000		UnitedHealth Group, Inc		2.750		02/15/23		324,137
	200,000		UnitedHealth Group, Inc		2.875		03/15/23		200,574
	500,000		UnitedHealth Group, Inc		3.750		07/15/25		522,108
	175,000		UnitedHealth Group, Inc		3.100		03/15/26		173,340
	300,000		UnitedHealth Group, Inc		3.375		04/15/27		302,327
	750,000		UnitedHealth Group, Inc		4.625		07/15/35		815,885
	365,000		UnitedHealth Group, Inc		6.625		11/15/37		485,647
	250,000		UnitedHealth Group, Inc		6.875		02/15/38		339,730
	150,000		UnitedHealth Group, Inc		4.625		11/15/41		159,184
	300,000		UnitedHealth Group, Inc		4.375		03/15/42		310,906
	350,000		UnitedHealth Group, Inc		3.950		10/15/42		340,195
	200,000		UnitedHealth Group, Inc		4.250		03/15/43		203,781
	1,250,000		UnitedHealth Group, Inc		4.750		07/15/45		1,369,451
	625,000		UnitedHealth Group, Inc		4.200		01/15/47		633,600
	300,000		UnitedHealth Group, Inc		4.250		04/15/47		306,679
	110,000		Unum Group		5.625		09/15/20		121,010
	200,000		Unum Group		3.000		05/15/21		200,208
	200,000		Unum Group		4.000		03/15/24		203,842

77

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Unum Group		5.750	%	08/15/42	$	111,781
	200,000	Verisk Analytics, Inc		5.800		05/01/21		221,521
	500,000	Verisk Analytics, Inc		4.000		06/15/25		507,435
	300,000	Verisk Analytics, Inc		5.500		06/15/45		325,703
	200,000	Voya Financial, Inc		3.650		06/15/26		197,015
	200,000	Voya Financial, Inc		4.800		06/15/46		197,619
	200,000	WellPoint, Inc		1.875		01/15/18		200,154
	1,250,000	WellPoint, Inc		2.300		07/15/18		1,255,494
	300,000	WellPoint, Inc		2.250		08/15/19		301,060
	150,000	WellPoint, Inc		3.700		08/15/21		155,376
	800,000	WellPoint, Inc		3.125		05/15/22		804,006
	200,000	WellPoint, Inc		3.300		01/15/23		201,692
	300,000	WellPoint, Inc		3.500		08/15/24		301,853
	300,000	WellPoint, Inc		4.625		05/15/42		304,693
	700,000	WellPoint, Inc		4.650		01/15/43		712,893
	500,000	WellPoint, Inc		5.100		01/15/44		538,213
	300,000	WellPoint, Inc		4.650		08/15/44		304,438
	200,000	Willis Group Holdings plc		5.750		03/15/21		219,440
	165,000	WR Berkley Corp		5.375		09/15/20		179,958
	250,000	WR Berkley Corp		4.625		03/15/22		268,275
	200,000	WR Berkley Corp		4.750		08/01/44		197,590
	350,000	XL Capital Ltd		6.375		11/15/24		408,413
	200,000	XLIT Ltd		2.300		12/15/18		201,252
	200,000	XLIT Ltd		4.450		03/31/25		201,766
	200,000	XLIT Ltd		5.250		12/15/43		214,189
		TOTAL INSURANCE						81,547,400
MATERIALS - 0.8%
	200,000	3M Co		1.375		08/07/18		200,131
	200,000	3M Co		1.625		09/19/21		195,397
	200,000	3M Co		2.000		06/26/22		197,205
	1,200,000	3M Co		3.000		08/07/25		1,215,272
	200,000	3M Co		2.250		09/19/26		187,276
	190,000	3M Co		5.700		03/15/37		235,754
	300,000	3M Co		3.875		06/15/44		299,259
	200,000	3M Co		3.125		09/19/46		176,122
	100,000	Agrium, Inc		6.750		01/15/19		107,643
	150,000	Agrium, Inc		3.150		10/01/22		150,388
	200,000	Agrium, Inc		3.500		06/01/23		201,343
	250,000	Agrium, Inc		3.375		03/15/25		246,703
	200,000	Agrium, Inc		4.125		03/15/35		191,599
	100,000	Agrium, Inc		6.125		01/15/41		117,228
	200,000	Agrium, Inc		4.900		06/01/43		207,742
	225,000	Agrium, Inc		5.250		01/15/45		244,023
	150,000	Air Products & Chemicals, Inc		3.000		11/03/21		153,864
	150,000	Air Products & Chemicals, Inc		2.750		02/03/23		150,049
	300,000	Air Products & Chemicals, Inc		3.350		07/31/24		308,625
	200,000	Airgas, Inc		1.650		02/15/18		200,286
	200,000	Airgas, Inc		3.650		07/15/24		206,520
	200,000	Albemarle Corp		4.150		12/01/24		207,904
	2,135,000	Barrick Gold Corp		4.100		05/01/23		2,288,893
	250,000	Barrick Gold Corp		5.250		04/01/42		271,057
	361,000	Barrick North America Finance LLC		4.400		05/30/21		386,929
	300,000	Barrick North America Finance LLC		5.750		05/01/43		347,572

78

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Bemis Co, Inc		6.800	%	08/01/19	$	110,478
	100,000	Bemis Co, Inc		3.100		09/15/26		96,648
	2,175,000	BHP Billiton Finance USA Ltd		3.850		09/30/23		2,309,382
	500,000	BHP Billiton Finance USA Ltd		4.125		02/24/42		500,576
	500,000	BHP Billiton Finance USA Ltd		5.000		09/30/43		561,203
	600,000	Braskem Finance Ltd		6.450		02/03/24		645,180
	200,000	Cabot Corp		3.700		07/15/22		205,242
	100,000	Celulosa Arauco y Constitucion S.A.		5.000		01/21/21		105,784
	100,000	Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		104,741
	400,000	Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		410,221
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		248,397
	100,000	Corning, Inc		1.450		11/15/17		99,914
	225,000	Corning, Inc		4.250		08/15/20		237,956
	300,000	Corning, Inc		2.900		05/15/22		301,053
	100,000	Corning, Inc		5.750		08/15/40		114,003
	200,000	Corning, Inc		4.750		03/15/42		201,148
	150,000	Cytec Industries, Inc		3.500		04/01/23		149,761
	200,000	Domtar Corp		4.400		04/01/22		209,163
	591,000	Dow Chemical Co		8.550		05/15/19		669,908
	929,000	Dow Chemical Co		4.250		11/15/20		985,218
	500,000	Dow Chemical Co		4.125		11/15/21		530,462
	550,000	Dow Chemical Co		3.000		11/15/22		555,577
	1,400,000	Dow Chemical Co		3.500		10/01/24		1,422,858
	400,000	Dow Chemical Co		4.250		10/01/34		398,487
	350,000	Dow Chemical Co		5.250		11/15/41		385,472
	375,000	Dow Chemical Co		4.375		11/15/42		370,848
	400,000	Dow Chemical Co		4.625		10/01/44		410,117
	165,000	Eastman Chemical Co		5.500		11/15/19		178,768
	400,000	Eastman Chemical Co		2.700		01/15/20		405,368
	122,000	Eastman Chemical Co		3.600		08/15/22		125,773
	227,000	Eastman Chemical Co		3.800		03/15/25		231,833
	150,000	Eastman Chemical Co		4.800		09/01/42		153,767
	300,000	Eastman Chemical Co		4.650		10/15/44		301,841
	420,000	EI du Pont de Nemours & Co		4.625		01/15/20		448,304
	2,500,000	EI du Pont de Nemours & Co		2.800		02/15/23		2,474,405
	225,000	EI du Pont de Nemours & Co		4.150		02/15/43		219,429
	100,000	FMC Corp		3.950		02/01/22		102,728
	200,000	FMC Corp		4.100		02/01/24		203,491
	300,000	Georgia-Pacific LLC		8.000		01/15/24		384,299
	250,000	Georgia-Pacific LLC		7.750		11/15/29		347,057
	250,000	Goldcorp, Inc		2.125		03/15/18		250,605
	250,000	Goldcorp, Inc		3.700		03/15/23		254,752
	300,000	Goldcorp, Inc		5.450		06/09/44		317,027
	100,000	Hexcel Corp		3.950		02/15/27		100,753
	100,000	Hubbell, Inc		3.625		11/15/22		104,130
	200,000	Hubbell, Inc		3.350		03/01/26		198,803
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		300,199
	1,000,000	International Paper Co		3.650		06/15/24		1,018,718
	1,700,000	International Paper Co		3.000		02/15/27		1,588,902
	450,000	International Paper Co		6.000		11/15/41		521,218
	300,000	International Paper Co		4.800		06/15/44		298,633
	250,000	International Paper Co		5.150		05/15/46		260,880
	300,000	International Paper Co		4.400		08/15/47		283,115

79

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	330,000	Kimberly-Clark Corp		6.250	%	07/15/18	$	349,675
	200,000	Kimberly-Clark Corp		1.400		02/15/19		199,306
	125,000	Kimberly-Clark Corp		2.400		03/01/22		124,010
	950,000	Kimberly-Clark Corp		3.050		08/15/25		952,391
	200,000	Kimberly-Clark Corp		6.625		08/01/37		273,920
	300,000	Kimberly-Clark Corp		3.200		07/30/46		263,031
	92,000	Lubrizol Corp		8.875		02/01/19		103,557
	150,000	Lubrizol Corp		6.500		10/01/34		192,882
	300,000	LYB International Finance BV		4.000		07/15/23		312,629
	300,000	LYB International Finance BV		5.250		07/15/43		324,277
	300,000	LYB International Finance BV		4.875		03/15/44		311,594
	500,000	LYB International Finance II BV		3.500		03/02/27		490,626
	243,000	Lyondell Basell Industries NV		5.000		04/15/19		255,914
	300,000	LyondellBasell Industries NV		6.000		11/15/21		339,607
	1,300,000	LyondellBasell Industries NV		5.750		04/15/24		1,485,715
	125,000	LyondellBasell Industries NV		4.625		02/26/55		117,627
	250,000	Martin Marietta Materials, Inc		6.600		04/15/18		261,379
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		206,505
	150,000	Methanex Corp		3.250		12/15/19		151,038
	150,000	Methanex Corp		4.250		12/01/24		149,827
	100,000	Methanex Corp		5.650		12/01/44		95,602
	200,000	Monsanto Co		1.850		11/15/18		199,710
	400,000	Monsanto Co		2.125		07/15/19		400,206
	100,000	Monsanto Co		2.200		07/15/22		95,864
	150,000	Monsanto Co		5.500		08/15/25		169,091
	100,000	Monsanto Co		3.600		07/15/42		85,027
	200,000	Monsanto Co		4.650		11/15/43		203,353
	200,000	Monsanto Co		4.400		07/15/44		194,530
	350,000	Monsanto Co		3.950		04/15/45		319,600
	500,000	Monsanto Co		4.700		07/15/64		467,626
	100,000	NewMarket Corp		4.100		12/15/22		101,903
	200,000	Newmont Mining Corp		5.125		10/01/19		213,827
	298,000	Newmont Mining Corp		5.875		04/01/35		328,665
	135,000	Newmont Mining Corp		6.250		10/01/39		156,599
	800,000	Newmont Mining Corp		4.875		03/15/42		803,861
	130,000	Nucor Corp		5.850		06/01/18		136,064
	800,000	Nucor Corp		4.125		09/15/22		858,030
	300,000	Nucor Corp		5.200		08/01/43		340,865
	8,000	Owens Corning		9.000		06/15/19		9,040
	200,000	Owens Corning		4.200		12/15/22		209,172
	500,000	Owens Corning		4.200		12/01/24		515,089
	300,000	Owens Corning		3.400		08/15/26		290,492
	150,000	Packaging Corp of America		3.900		06/15/22		156,715
	250,000	Packaging Corp of America		4.500		11/01/23		267,113
	100,000	Packaging Corp of America		3.650		09/15/24		100,855
	650,000	Potash Corp of Saskatchewan, Inc		4.875		03/30/20		688,694
	400,000	Potash Corp of Saskatchewan, Inc		3.625		03/15/24		401,953
	200,000	Potash Corp of Saskatchewan, Inc		3.000		04/01/25		190,324
	200,000	Potash Corp of Saskatchewan, Inc		4.000		12/15/26		204,731
	200,000	Potash Corp of Saskatchewan, Inc		5.625		12/01/40		224,152
	300,000	PPG Industries, Inc		2.300		11/15/19		302,627
	300,000	PPG Industries, Inc		3.600		11/15/20		314,012
	300,000	Praxair, Inc		2.250		09/24/20		301,713
	250,000	Praxair, Inc		2.200		08/15/22		245,639

80

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Praxair, Inc		2.650	%	02/05/25	$	295,051
	100,000		Praxair, Inc		3.200		01/30/26		101,792
	625,000		Praxair, Inc		3.550		11/07/42		593,816
	634,000		Rio Tinto Finance USA Ltd		3.750		09/20/21		664,954
	2,750,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		2,858,609
	900,000		Rio Tinto Finance USA plc		4.125		08/21/42		894,428
	500,000		Rock Tenn Co		4.900		03/01/22		541,367
	500,000		Rock Tenn Co		4.000		03/01/23		516,012
	100,000		RPM International, Inc		6.125		10/15/19		109,083
	300,000		RPM International, Inc		3.450		11/15/22		303,791
	100,000		RPM International, Inc		3.750		03/15/27		99,939
	100,000		RPM International, Inc		5.250		06/01/45		108,274
	200,000		Sherwin-Williams Co		3.450		08/01/25		200,827
	200,000		Sherwin-Williams Co		4.000		12/15/42		184,824
	150,000		Sonoco Products Co		5.750		11/01/40		173,160
	200,000		Southern Copper Corp		5.375		04/16/20		216,487
	300,000		Southern Copper Corp		3.875		04/23/25		301,603
	100,000		Southern Copper Corp		7.500		07/27/35		121,735
	680,000		Southern Copper Corp		6.750		04/16/40		766,697
	1,000,000		Southern Copper Corp		5.875		04/23/45		1,041,823
	850,000		Vale S.A.		5.625		09/11/42		803,080
	150,000		Valspar Corp		4.200		01/15/22		157,091
	200,000		Valspar Corp		3.950		01/15/26		202,617
	750,000		Vulcan Materials Co		4.500		04/01/25		788,687
	500,000	g	Westlake Chemical Corp		3.600		08/15/26		489,605
	500,000	g	Westlake Chemical Corp		5.000		08/15/46		513,265
	200,000		Yamana Gold, Inc		4.950		07/15/24		201,000
			TOTAL MATERIALS						61,817,250
MEDIA - 0.8%
	1,250,000		21st Century Fox America, Inc		3.000		09/15/22		1,250,248
	200,000		CBS Corp		2.300		08/15/19		200,753
	50,000		CBS Corp		5.750		04/15/20		54,886
	445,000		CBS Corp		4.300		02/15/21		470,142
	500,000		CBS Corp		3.375		03/01/22		510,128
	200,000		CBS Corp		3.700		08/15/24		202,533
	300,000		CBS Corp		3.500		01/15/25		298,637
	125,000		CBS Corp		4.000		01/15/26		127,977
	650,000		CBS Corp		2.900		01/15/27		605,329
	200,000		CBS Corp		4.850		07/01/42		201,129
	200,000		CBS Corp		4.900		08/15/44		202,735
	500,000		CBS Corp		4.600		01/15/45		487,750
	675,000		Charter Communications Operating LLC		3.579		07/23/20		694,658
	610,000		Charter Communications Operating LLC		4.464		07/23/22		642,391
	2,850,000		Charter Communications Operating LLC		4.908		07/23/25		3,009,395
	500,000		Charter Communications Operating LLC		6.384		10/23/35		568,517
	1,000,000		Charter Communications Operating LLC		6.484		10/23/45		1,153,731
	500,000	g,h	Charter Communications Operating LLC		5.375		05/01/47		502,144
	500,000		Charter Communications Operating LLC		6.834		10/23/55		580,792
	1,000,000		Comcast Corp		5.150		03/01/20		1,089,180
	500,000		Comcast Corp		1.625		01/15/22		479,416
	1,350,000		Comcast Corp		3.125		07/15/22		1,382,257
	800,000		Comcast Corp		2.850		01/15/23		803,155
	600,000		Comcast Corp		2.750		03/01/23		597,736

81

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Comcast Corp		3.000	%	02/01/24	$	499,670
	600,000	Comcast Corp		3.375		02/15/25		607,573
	1,600,000	Comcast Corp		3.150		03/01/26		1,574,061
	750,000	Comcast Corp		2.350		01/15/27		686,890
	500,000	Comcast Corp		3.300		02/01/27		494,963
	625,000	Comcast Corp		4.250		01/15/33		643,347
	345,000	Comcast Corp		5.650		06/15/35		407,276
	350,000	Comcast Corp		4.400		08/15/35		362,699
	1,750,000	Comcast Corp		3.200		07/15/36		1,555,871
	350,000	Comcast Corp		6.950		08/15/37		471,047
	780,000	Comcast Corp		6.400		03/01/40		1,000,294
	350,000	Comcast Corp		4.650		07/15/42		365,149
	300,000	Comcast Corp		4.500		01/15/43		305,129
	500,000	Comcast Corp		4.750		03/01/44		527,406
	900,000	Comcast Corp		4.600		08/15/45		927,646
	1,000,000	Comcast Corp		3.400		07/15/46		852,041
	500,000	Discovery Communications LLC		3.300		05/15/22		497,957
	900,000	Discovery Communications LLC		3.250		04/01/23		878,203
	300,000	Discovery Communications LLC		3.800		03/13/24		296,503
	350,000	Discovery Communications LLC		3.450		03/15/25		331,402
	500,000	Discovery Communications LLC		4.900		03/11/26		519,998
	100,000	Discovery Communications LLC		6.350		06/01/40		105,640
	100,000	Discovery Communications LLC		4.950		05/15/42		90,347
	125,000	Discovery Communications LLC		4.875		04/01/43		113,202
	550,000	Grupo Televisa SAB		6.625		03/18/25		638,581
	200,000	Grupo Televisa SAB		4.625		01/30/26		205,764
	600,000	Grupo Televisa SAB		5.000		05/13/45		546,969
	200,000	Grupo Televisa SAB		6.125		01/31/46		211,324
	131,000	Historic TW, Inc		6.625		05/15/29		159,782
	200,000	Interpublic Group of Cos, Inc		4.200		04/15/24		206,325
	100,000	Interpublic Group of Cos, Inc		4.000		03/15/22		104,031
	1,200,000	NBC Universal Media LLC		4.450		01/15/43		1,204,111
	1,585,000	NBC Universal Media LLC		5.150		04/30/20		1,729,774
	820,000	NBC Universal Media LLC		4.375		04/01/21		880,595
	95,000	NBC Universal Media LLC		6.400		04/30/40		121,223
	150,000	NBC Universal Media LLC		5.950		04/01/41		182,520
	200,000	Omnicom Group, Inc		4.450		08/15/20		213,117
	700,000	Omnicom Group, Inc		3.625		05/01/22		724,039
	200,000	Omnicom Group, Inc		3.650		11/01/24		203,188
	825,000	Omnicom Group, Inc		3.600		04/15/26		824,495
	300,000	Scripps Networks Interactive, Inc		2.750		11/15/19		303,553
	200,000	Scripps Networks Interactive, Inc		2.800		06/15/20		202,068
	200,000	Scripps Networks Interactive, Inc		3.500		06/15/22		203,729
	200,000	Scripps Networks Interactive, Inc		3.900		11/15/24		202,996
	200,000	Scripps Networks Interactive, Inc		3.950		06/15/25		203,312
	420,000	Time Warner Cable, Inc		6.750		07/01/18		444,099
	910,000	Time Warner Cable, Inc		8.750		02/14/19		1,017,137
	1,100,000	Time Warner Cable, Inc		8.250		04/01/19		1,226,255
	1,800,000	Time Warner Cable, Inc		4.000		09/01/21		1,865,716
	500,000	Time Warner Cable, Inc		6.550		05/01/37		573,223
	175,000	Time Warner Cable, Inc		6.750		06/15/39		205,495
	690,000	Time Warner Cable, Inc		5.875		11/15/40		732,303
	300,000	Time Warner Cable, Inc		5.500		09/01/41		306,620
	1,950,000	Time Warner Cable, Inc		4.500		09/15/42		1,771,041

82

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,550,000	Time Warner, Inc		2.100	%	06/01/19	$	1,552,341
	450,000	Time Warner, Inc		4.750		03/29/21		483,023
	1,400,000	Time Warner, Inc		3.400		06/15/22		1,424,373
	650,000	Time Warner, Inc		4.050		12/15/23		673,594
	500,000	Time Warner, Inc		3.550		06/01/24		500,762
	500,000	Time Warner, Inc		3.875		01/15/26		501,082
	500,000	Time Warner, Inc		2.950		07/15/26		465,536
	850,000	Time Warner, Inc		3.800		02/15/27		840,638
	350,000	Time Warner, Inc		6.100		07/15/40		394,189
	150,000	Time Warner, Inc		6.250		03/29/41		172,212
	900,000	Time Warner, Inc		4.900		06/15/42		879,155
	200,000	Time Warner, Inc		5.350		12/15/43		205,164
	300,000	Time Warner, Inc		4.650		06/01/44		283,550
	900,000	Time Warner, Inc		4.850		07/15/45		875,074
	300,000	Viacom, Inc		2.750		12/15/19		302,160
	400,000	Viacom, Inc		3.875		12/15/21		414,844
	500,000	Viacom, Inc		3.125		06/15/22		494,754
	200,000	Viacom, Inc		3.250		03/15/23		195,012
	250,000	Viacom, Inc		4.250		09/01/23		256,450
	400,000	Viacom, Inc		3.875		04/01/24		400,878
	650,000	Viacom, Inc		3.450		10/04/26		616,872
	300,000	Viacom, Inc		4.850		12/15/34		290,176
	200,000	Viacom, Inc		4.500		02/27/42		172,325
	504,000	Viacom, Inc		4.375		03/15/43		436,736
	100,000	Viacom, Inc		4.875		06/15/43		89,761
	500,000	Viacom, Inc		5.250		04/01/44		490,254
	100,000	Walt Disney Co		2.450		03/04/22		100,219
	261,000	WPP Finance 2010		4.750		11/21/21		280,901
	300,000	WPP Finance 2010		3.625		09/07/22		305,943
	200,000	WPP Finance 2010		3.750		09/19/24		202,742
	200,000	WPP Finance 2010		5.625		11/15/43		212,349
		TOTAL MEDIA						62,156,387
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	350,000	Abbott Laboratories		5.125		04/01/19		370,522
	1,250,000	Abbott Laboratories		2.350		11/22/19		1,255,007
	300,000	Abbott Laboratories		2.800		09/15/20		302,703
	1,500,000	Abbott Laboratories		2.900		11/30/21		1,506,402
	200,000	Abbott Laboratories		3.250		04/15/23		199,535
	300,000	Abbott Laboratories		3.875		09/15/25		303,995
	1,500,000	Abbott Laboratories		3.750		11/30/26		1,497,949
	1,800,000	Abbott Laboratories		4.750		11/30/36		1,855,291
	500,000	Abbott Laboratories		5.300		05/27/40		537,111
	200,000	Abbott Laboratories		4.750		04/15/43		201,175
	1,500,000	Abbott Laboratories		4.900		11/30/46		1,555,234
	1,975,000	AbbVie, Inc		1.800		05/14/18		1,977,133
	700,000	AbbVie, Inc		2.000		11/06/18		702,033
	850,000	AbbVie, Inc		2.500		05/14/20		855,694
	350,000	AbbVie, Inc		2.300		05/14/21		345,571
	1,000,000	AbbVie, Inc		3.200		11/06/22		1,011,125
	500,000	AbbVie, Inc		2.850		05/14/23		490,448
	1,000,000	AbbVie, Inc		3.600		05/14/25		1,000,095
	1,725,000	AbbVie, Inc		3.200		05/14/26		1,658,029
	1,500,000	AbbVie, Inc		4.500		05/14/35		1,497,067

83

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	AbbVie, Inc		4.300	%	05/14/36	$	483,753
	1,375,000	AbbVie, Inc		4.400		11/06/42		1,312,426
	600,000	AbbVie, Inc		4.700		05/14/45		598,239
	500,000	AbbVie, Inc		4.450		05/14/46		478,262
	1,000,000	Actavis Funding SCS		2.350		03/12/18		1,004,321
	1,825,000	Actavis Funding SCS		3.000		03/12/20		1,854,970
	3,000,000	Actavis Funding SCS		3.450		03/15/22		3,056,937
	1,450,000	Actavis Funding SCS		3.800		03/15/25		1,460,365
	1,225,000	Actavis Funding SCS		4.550		03/15/35		1,228,059
	1,525,000	Actavis Funding SCS		4.750		03/15/45		1,535,135
	1,100,000	Amgen, Inc		2.200		05/22/19		1,107,176
	75,000	Amgen, Inc		4.500		03/15/20		79,913
	400,000	Amgen, Inc		2.125		05/01/20		399,959
	250,000	Amgen, Inc		3.450		10/01/20		260,051
	700,000	Amgen, Inc		4.100		06/15/21		739,916
	175,000	Amgen, Inc		1.850		08/19/21		169,948
	400,000	Amgen, Inc		2.700		05/01/22		400,562
	1,000,000	Amgen, Inc		3.625		05/15/22		1,038,664
	300,000	Amgen, Inc		2.250		08/19/23		287,285
	500,000	Amgen, Inc		3.625		05/22/24		512,367
	400,000	Amgen, Inc		3.125		05/01/25		393,238
	800,000	Amgen, Inc		2.600		08/19/26		741,486
	1,500,000	Amgen, Inc		4.400		05/01/45		1,455,537
	1,928,000	Amgen, Inc		4.563		06/15/48		1,914,207
	447,000	Amgen, Inc		4.663		06/15/51		445,985
	300,000	AstraZeneca plc		1.750		11/16/18		300,083
	1,100,000	AstraZeneca plc		2.375		11/16/20		1,101,624
	1,000,000	AstraZeneca plc		3.375		11/16/25		1,006,745
	900,000	AstraZeneca plc		6.450		09/15/37		1,174,854
	450,000	AstraZeneca plc		4.000		09/18/42		435,434
	350,000	AstraZeneca plc		4.375		11/16/45		356,500
	500,000	Baxalta, Inc		2.000		06/22/18		500,816
	500,000	Baxalta, Inc		4.000		06/23/25		509,404
	500,000	Baxalta, Inc		5.250		06/23/45		546,812
	700,000	Biogen, Inc		2.900		09/15/20		712,409
	300,000	Biogen, Inc		3.625		09/15/22		309,379
	500,000	Biogen, Inc		4.050		09/15/25		518,072
	700,000	Biogen, Inc		5.200		09/15/45		756,561
	783,000	Bristol-Myers Squibb Co		1.750		03/01/19		783,893
	200,000	Bristol-Myers Squibb Co		3.250		11/01/23		205,190
	500,000	Bristol-Myers Squibb Co		3.250		02/27/27		498,797
	650,000	Bristol-Myers Squibb Co		3.250		08/01/42		568,067
	200,000	Bristol-Myers Squibb Co		4.500		03/01/44		212,345
	400,000	Celgene Corp		2.125		08/15/18		401,877
	300,000	Celgene Corp		2.300		08/15/18		302,202
	676,000	Celgene Corp		2.250		05/15/19		679,579
	425,000	Celgene Corp		2.875		08/15/20		431,445
	200,000	Celgene Corp		3.950		10/15/20		209,361
	300,000	Celgene Corp		3.250		08/15/22		304,610
	750,000	Celgene Corp		3.550		08/15/22		771,181
	300,000	Celgene Corp		3.625		05/15/24		303,640
	300,000	Celgene Corp		5.250		08/15/43		315,196

84

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Celgene Corp		4.625	%	05/15/44	$	296,224
	1,000,000	Celgene Corp		5.000		08/15/45		1,046,421
	200,000	Eli Lilly & Co		1.950		03/15/19		201,380
	800,000	Eli Lilly & Co		2.750		06/01/25		791,828
	400,000	Eli Lilly & Co		3.700		03/01/45		382,920
	250,000	Gilead Sciences, Inc		1.850		09/04/18		250,755
	200,000	Gilead Sciences, Inc		2.050		04/01/19		200,841
	125,000	Gilead Sciences, Inc		2.350		02/01/20		125,965
	1,000,000	Gilead Sciences, Inc		2.550		09/01/20		1,010,521
	600,000	Gilead Sciences, Inc		4.500		04/01/21		644,608
	650,000	Gilead Sciences, Inc		4.400		12/01/21		697,763
	125,000	Gilead Sciences, Inc		1.950		03/01/22		121,001
	500,000	Gilead Sciences, Inc		3.250		09/01/22		510,695
	500,000	Gilead Sciences, Inc		2.500		09/01/23		483,648
	425,000	Gilead Sciences, Inc		3.700		04/01/24		436,534
	400,000	Gilead Sciences, Inc		3.500		02/01/25		402,780
	750,000	Gilead Sciences, Inc		3.650		03/01/26		755,816
	400,000	Gilead Sciences, Inc		2.950		03/01/27		379,271
	300,000	Gilead Sciences, Inc		4.600		09/01/35		308,996
	1,150,000	Gilead Sciences, Inc		4.000		09/01/36		1,092,716
	100,000	Gilead Sciences, Inc		5.650		12/01/41		114,829
	775,000	Gilead Sciences, Inc		4.800		04/01/44		797,124
	675,000	Gilead Sciences, Inc		4.500		02/01/45		662,969
	750,000	Gilead Sciences, Inc		4.750		03/01/46		764,774
	500,000	Gilead Sciences, Inc		4.150		03/01/47		464,606
	793,000	GlaxoSmithKline Capital plc		2.850		05/08/22		799,821
	1,045,000	GlaxoSmithKline Capital, Inc		5.650		05/15/18		1,093,233
	225,000	GlaxoSmithKline Capital, Inc		2.800		03/18/23		225,654
	350,000	GlaxoSmithKline Capital, Inc		5.375		04/15/34		408,023
	743,000	GlaxoSmithKline Capital, Inc		6.375		05/15/38		976,425
	350,000	GlaxoSmithKline Capital, Inc		4.200		03/18/43		359,705
	1,100,000	Johnson & Johnson		1.650		12/05/18		1,105,512
	350,000	Johnson & Johnson		1.125		03/01/19		348,406
	300,000	Johnson & Johnson		1.875		12/05/19		302,063
	250,000	Johnson & Johnson		1.650		03/01/21		246,713
	200,000	Johnson & Johnson		2.450		12/05/21		203,465
	400,000	Johnson & Johnson		2.250		03/03/22		400,313
	300,000	Johnson & Johnson		2.050		03/01/23		293,067
	700,000	Johnson & Johnson		3.375		12/05/23		737,516
	500,000	Johnson & Johnson		2.450		03/01/26		479,866
	1,075,000	Johnson & Johnson		2.950		03/03/27		1,074,793
	850,000	Johnson & Johnson		4.375		12/05/33		936,677
	100,000	Johnson & Johnson		3.550		03/01/36		99,195
	225,000	Johnson & Johnson		3.625		03/03/37		223,505
	375,000	Johnson & Johnson		5.850		07/15/38		489,753
	300,000	Johnson & Johnson		4.500		12/05/43		330,960
	1,200,000	Johnson & Johnson		3.700		03/01/46		1,173,289
	400,000	Johnson & Johnson		3.750		03/03/47		396,499
	600,000	Life Technologies Corp		5.000		01/15/21		641,696
	200,000	Merck & Co, Inc		1.100		01/31/18		199,593
	550,000	Merck & Co, Inc		1.300		05/18/18		549,826
	375,000	Merck & Co, Inc		1.850		02/10/20		375,727
	1,500,000	Merck & Co, Inc		3.875		01/15/21		1,591,238
	750,000	Merck & Co, Inc		2.350		02/10/22		750,618

85

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Merck & Co, Inc		2.400	%	09/15/22	$	198,563
	1,100,000	Merck & Co, Inc		2.800		05/18/23		1,104,265
	500,000	Merck & Co, Inc		2.750		02/10/25		493,547
	100,000	Merck & Co, Inc		3.600		09/15/42		93,656
	750,000	Merck & Co, Inc		4.150		05/18/43		769,109
	1,350,000	Merck & Co, Inc		3.700		02/10/45		1,285,311
	100,000	Mylan NV		3.000		12/15/18		101,154
	350,000	Mylan NV		2.500		06/07/19		351,569
	100,000	Mylan NV		3.750		12/15/20		102,571
	500,000	Mylan NV		3.150		06/15/21		502,090
	750,000	Mylan NV		3.950		06/15/26		734,042
	750,000	Mylan NV		5.250		06/15/46		767,049
	100,000	Mylan, Inc		2.550		03/28/19		100,375
	200,000	Mylan, Inc		4.200		11/29/23		205,260
	200,000	Mylan, Inc		5.400		11/29/43		207,751
	500,000	Novartis Capital Corp		1.800		02/14/20		500,433
	500,000	Novartis Capital Corp		2.400		05/17/22		496,946
	300,000	Novartis Capital Corp		2.400		09/21/22		298,369
	750,000	Novartis Capital Corp		3.400		05/06/24		773,813
	500,000	Novartis Capital Corp		3.000		11/20/25		499,544
	375,000	Novartis Capital Corp		3.100		05/17/27		372,902
	400,000	Novartis Capital Corp		3.700		09/21/42		383,288
	750,000	Novartis Capital Corp		4.400		05/06/44		799,959
	500,000	Novartis Capital Corp		4.000		11/20/45		502,171
	1,500,000	Novartis Securities Investment Ltd		5.125		02/10/19		1,593,585
	100,000	Perrigo Co plc		2.300		11/08/18		100,487
	100,000	Perrigo Co plc		4.000		11/15/23		101,799
	100,000	Perrigo Co plc		5.300		11/15/43		102,423
	225,000	Perrigo Finance plc		3.500		12/15/21		228,541
	200,000	Perrigo Finance plc		3.900		12/15/24		199,291
	300,000	Perrigo Finance plc		4.900		12/15/44		291,992
	600,000	Perrigo Finance Unlimited Co		3.500		03/15/21		611,654
	200,000	Perrigo Finance Unlimited Co		4.375		03/15/26		203,405
	500,000	Pfizer, Inc		1.200		06/01/18		499,345
	300,000	Pfizer, Inc		1.500		06/15/18		300,560
	500,000	Pfizer, Inc		1.450		06/03/19		497,554
	200,000	Pfizer, Inc		1.700		12/15/19		199,807
	500,000	Pfizer, Inc		1.950		06/03/21		496,949
	200,000	Pfizer, Inc		2.200		12/15/21		199,727
	800,000	Pfizer, Inc		3.000		06/15/23		815,680
	900,000	Pfizer, Inc		3.400		05/15/24		934,735
	1,375,000	Pfizer, Inc		3.000		12/15/26		1,361,294
	250,000	Pfizer, Inc		4.000		12/15/36		252,270
	500,000	Pfizer, Inc		4.300		06/15/43		513,416
	1,100,000	Pfizer, Inc		4.400		05/15/44		1,148,228
	750,000	Pfizer, Inc		4.125		12/15/46		750,428
	742,000	Sanofi		1.250		04/10/18		741,042
	750,000	Sanofi		4.000		03/29/21		795,029
	658,000	Teva Pharmaceutical Finance Co BV		2.950		12/18/22		642,454
	1,100,000	Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		1,091,440
	17,000	Teva Pharmaceutical Finance Co LLC		6.150		02/01/36		18,825
	675,000	Teva Pharmaceutical Finance Netherlands III BV		1.700		07/19/19		667,243

86

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,125,000	Teva Pharmaceutical Finance Netherlands III BV		2.200	%	07/21/21	$	1,082,376
	2,000,000	Teva Pharmaceutical Finance Netherlands III BV		2.800		07/21/23		1,897,886
	750,000	Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		691,061
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV		4.100		10/01/46		925,727
	500,000	Wyeth LLC		5.450		04/01/17		500,000
	1,000,000	Wyeth LLC		6.450		02/01/24		1,215,266
	945,000	Wyeth LLC		5.950		04/01/37		1,166,824
	125,000	Zoetis, Inc		1.875		02/01/18		125,072
	100,000	Zoetis, Inc		3.450		11/13/20		102,416
	650,000	Zoetis, Inc		3.250		02/01/23		656,330
	100,000	Zoetis, Inc		4.500		11/13/25		107,705
	600,000	Zoetis, Inc		4.700		02/01/43		611,216
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						122,139,911
REAL ESTATE - 0.7%
	150,000	Alexandria Real Estate Equities, Inc		4.600		04/01/22		159,351
	100,000	Alexandria Real Estate Equities, Inc		3.900		06/15/23		102,327
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		205,194
	125,000	Alexandria Real Estate Equities, Inc		3.950		01/15/28		124,639
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		206,317
	100,000	American Campus Communities Operating Partnership LP		3.750		04/15/23		102,230
	300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		308,768
	1,150,000	American Tower Corp		4.500		01/15/18		1,174,501
	150,000	American Tower Corp		3.300		02/15/21		152,092
	200,000	American Tower Corp		3.450		09/15/21		203,586
	500,000	American Tower Corp		2.250		01/15/22		482,466
	200,000	American Tower Corp		4.700		03/15/22		214,167
	250,000	American Tower Corp		3.500		01/31/23		251,445
	800,000	American Tower Corp		5.000		02/15/24		863,765
	300,000	American Tower Corp		4.000		06/01/25		303,510
	200,000	American Tower Corp		4.400		02/15/26		206,875
	200,000	American Tower Corp		3.375		10/15/26		190,667
	500,000	American Tower Corp		3.125		01/15/27		467,949
	200,000	AvalonBay Communities, Inc		3.625		10/01/20		207,318
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		225,579
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		202,343
	200,000	AvalonBay Communities, Inc		3.450		06/01/25		200,876
	150,000	AvalonBay Communities, Inc		3.500		11/15/25		150,570
	200,000	AvalonBay Communities, Inc		2.950		05/11/26		191,729
	100,000	AvalonBay Communities, Inc		2.900		10/15/26		95,139
	750,000	Boston Properties LP		3.700		11/15/18		768,634
	1,175,000	Boston Properties LP		4.125		05/15/21		1,235,433
	500,000	Boston Properties LP		3.850		02/01/23		518,143
	425,000	Boston Properties LP		3.125		09/01/23		421,695
	200,000	Boston Properties LP		3.800		02/01/24		204,831
	100,000	Boston Properties LP		3.650		02/01/26		99,599
	400,000	Boston Properties LP		2.750		10/01/26		368,132
	115,000	Brandywine Operating Partnership LP		5.700		05/01/17		115,346
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		153,570
	250,000	Brixmor Operating Partnership LP		3.250		09/15/23		244,173

87

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Brixmor Operating Partnership LP		3.850	%	02/01/25	$	197,366
	100,000	Brixmor Operating Partnership LP		4.125		06/15/26		100,620
	300,000	Brixmor Operating Partnership LP		3.900		03/15/27		294,307
	200,000	Camden Property Trust		2.950		12/15/22		196,965
	250,000	CBL & Associates LP		4.600		10/15/24		227,665
	150,000	CBL & Associates LP		5.950		12/15/26		144,712
	500,000	CBRE Services, Inc		4.875		03/01/26		520,230
	975,000	CC Holdings GS V LLC		3.849		04/15/23		998,466
	400,000	Columbia Property Trust Operating Partnership LP		3.650		08/15/26		383,982
	200,000	Corporate Office Properties LP		3.700		06/15/21		203,799
	350,000	Crown Castle International Corp		3.400		02/15/21		355,991
	200,000	Crown Castle International Corp		2.250		09/01/21		194,409
	750,000	Crown Castle International Corp		4.450		02/15/26		779,813
	125,000	Crown Castle International Corp		3.700		06/15/26		122,656
	100,000	Crown Castle International Corp		4.000		03/01/27		100,830
	100,000	CubeSmart LP		4.375		12/15/23		104,395
	200,000	CubeSmart LP		3.125		09/01/26		187,839
	200,000	DCT Industrial Operating Partnership LP		4.500		10/15/23		209,541
	200,000	DDR Corp		3.500		01/15/21		202,210
	500,000	DDR Corp		4.625		07/15/22		524,521
	150,000	DDR Corp		4.250		02/01/26		149,063
	200,000	Digital Realty Trust LP		3.400		10/01/20		205,093
	200,000	Digital Realty Trust LP		3.950		07/01/22		208,269
	300,000	Digital Realty Trust LP		3.625		10/01/22		306,069
	200,000	Digital Realty Trust LP		4.750		10/01/25		211,062
	200,000	Duke Realty LP		4.375		06/15/22		212,566
	100,000	Duke Realty LP		3.875		10/15/22		103,906
	100,000	Duke Realty LP		3.750		12/01/24		101,783
	100,000	Duke Realty LP		3.250		06/30/26		96,926
	100,000	EPR Properties		5.750		08/15/22		108,433
	200,000	EPR Properties		4.750		12/15/26		201,159
	200,000	Equity One, Inc		3.750		11/15/22		205,690
	448,000	ERP Operating LP		4.625		12/15/21		482,911
	700,000	ERP Operating LP		3.375		06/01/25		693,283
	200,000	ERP Operating LP		2.850		11/01/26		188,549
	300,000	ERP Operating LP		4.500		07/01/44		305,898
	100,000	Essex Portfolio LP		3.625		08/15/22		102,448
	100,000	Essex Portfolio LP		3.250		05/01/23		99,597
	400,000	Essex Portfolio LP		3.500		04/01/25		396,221
	100,000	Essex Portfolio LP		3.375		04/15/26		97,153
	200,000	Federal Realty Investment Trust		3.950		01/15/24		207,604
	100,000	Federal Realty Investment Trust		4.500		12/01/44		101,898
	250,000	HCP, Inc		2.625		02/01/20		251,526
	400,000	HCP, Inc		3.150		08/01/22		398,954
	1,300,000	HCP, Inc		4.000		12/01/22		1,340,802
	200,000	HCP, Inc		4.200		03/01/24		204,786
	800,000	HCP, Inc		3.875		08/15/24		804,398
	30,000	HCP, Inc		6.750		02/01/41		36,760
	200,000	Health Care REIT, Inc		4.125		04/01/19		206,607
	440,000	Health Care REIT, Inc		6.125		04/15/20		486,618
	200,000	Health Care REIT, Inc		4.500		01/15/24		210,419
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		100,247

88

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Healthcare Trust of America Holdings LP		3.500	%	08/01/26	$	288,473
	100,000	Highwoods Realty LP		3.875		03/01/27		98,882
	400,000	Hospitality Properties Trust		4.250		02/15/21		415,578
	100,000	Hospitality Properties Trust		5.000		08/15/22		106,504
	300,000	Hospitality Properties Trust		4.500		06/15/23		310,247
	200,000	Hospitality Properties Trust		4.650		03/15/24		203,751
	100,000	Hospitality Properties Trust		4.950		02/15/27		102,671
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		604,580
	200,000	Host Hotels & Resorts LP		3.875		04/01/24		201,475
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		200,452
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		103,443
	250,000	Kilroy Realty LP		3.800		01/15/23		256,348
	200,000	Kilroy Realty LP		4.250		08/15/29		202,638
	200,000	Kimco Realty Corp		3.200		05/01/21		202,224
	100,000	Kimco Realty Corp		3.400		11/01/22		100,916
	300,000	Kimco Realty Corp		3.125		06/01/23		296,257
	200,000	Kimco Realty Corp		2.700		03/01/24		189,580
	200,000	Kimco Realty Corp		2.800		10/01/26		183,768
	200,000	Kimco Realty Corp		3.800		04/01/27		198,764
	200,000	Kimco Realty Corp		4.250		04/01/45		187,655
	175,000	Kimco Realty Corp		4.125		12/01/46		161,561
	220,000	Liberty Property LP		4.750		10/01/20		233,877
	150,000	Liberty Property LP		4.125		06/15/22		157,031
	100,000	Liberty Property LP		3.375		06/15/23		99,618
	200,000	Liberty Property LP		4.400		02/15/24		210,659
	100,000	Liberty Property LP		3.250		10/01/26		95,845
	150,000	Mack-Cali Realty LP		4.500		04/18/22		152,047
	200,000	Mid-America Apartments LP		4.300		10/15/23		211,040
	100,000	Mid-America Apartments LP		4.000		11/15/25		102,595
	100,000	National Retail Properties, Inc		3.800		10/15/22		103,229
	100,000	National Retail Properties, Inc		3.300		04/15/23		99,981
	300,000	National Retail Properties, Inc		3.900		06/15/24		307,622
	100,000	National Retail Properties, Inc		4.000		11/15/25		101,968
	100,000	National Retail Properties, Inc		3.600		12/15/26		98,650
	200,000	OMEGA Healthcare Investors, Inc		4.375		08/01/23		202,654
	200,000	OMEGA Healthcare Investors, Inc		4.500		01/15/25		199,580
	300,000	OMEGA Healthcare Investors, Inc		5.250		01/15/26		313,178
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		196,139
	200,000	OMEGA Healthcare Investors, Inc		4.750		01/15/28		197,516
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		193,042
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		203,836
	100,000	Plum Creek Timberlands LP		4.700		03/15/21		106,199
	300,000	Plum Creek Timberlands LP		3.250		03/15/23		301,202
	350,000	ProLogis LP		2.750		02/15/19		354,722
	201,000	ProLogis LP		3.350		02/01/21		206,949
	150,000	ProLogis LP		4.250		08/15/23		159,406
	200,000	ProLogis LP		3.750		11/01/25		204,362
	200,000	Rayonier, Inc		3.750		04/01/22		199,882
	150,000	Realty Income Corp		2.000		01/31/18		150,256
	200,000	Realty Income Corp		3.250		10/15/22		201,922

89

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Realty Income Corp		4.650	%	08/01/23	$	538,646
	200,000		Realty Income Corp		4.125		10/15/26		205,961
	200,000		Realty Income Corp		3.000		01/15/27		187,571
	200,000		Realty Income Corp		4.650		03/15/47		204,544
	100,000		Regency Centers LP		3.600		02/01/27		99,207
	100,000		Regency Centers LP		4.400		02/01/47		98,531
	100,000		Select Income REIT		2.850		02/01/18		100,637
	200,000		Select Income REIT		3.600		02/01/20		201,797
	200,000		Select Income REIT		4.150		02/01/22		201,824
	200,000		Select Income REIT		4.500		02/01/25		200,944
	300,000		Senior Housing Properties Trust		3.250		05/01/19		301,327
	100,000		Senior Housing Properties Trust		6.750		12/15/21		111,235
	1,100,000		Simon Property Group LP		2.200		02/01/19		1,106,568
	250,000		Simon Property Group LP		2.500		09/01/20		252,246
	300,000		Simon Property Group LP		2.500		07/15/21		298,986
	900,000		Simon Property Group LP		2.350		01/30/22		884,865
	762,000		Simon Property Group LP		3.375		03/15/22		782,396
	300,000		Simon Property Group LP		3.500		09/01/25		302,390
	300,000		Simon Property Group LP		3.300		01/15/26		296,045
	200,000		Simon Property Group LP		3.250		11/30/26		196,091
	700,000		Simon Property Group LP		4.250		10/01/44		679,057
	300,000		Simon Property Group LP		4.250		11/30/46		290,182
	200,000		Sovran Acquisition LP		3.500		07/01/26		191,344
	100,000		Tanger Properties LP		3.125		09/01/26		93,008
	200,000		UDR, Inc		3.700		10/01/20		206,144
	200,000		UDR, Inc		4.625		01/10/22		212,985
	200,000		UDR, Inc		4.000		10/01/25		203,987
	100,000	g,i	USB Realty Corp		2.169		12/30/49		85,000
	175,000		Ventas Realty LP		2.000		02/15/18		175,258
	300,000		Ventas Realty LP		4.750		06/01/21		321,122
	850,000		Ventas Realty LP		3.250		08/15/22		855,191
	200,000		Ventas Realty LP		3.100		01/15/23		198,674
	200,000		Ventas Realty LP		3.125		06/15/23		197,390
	350,000		Ventas Realty LP		3.750		05/01/24		351,527
	120,000		Ventas Realty LP		4.125		01/15/26		121,741
	200,000		Ventas Realty LP		3.250		10/15/26		189,752
	300,000		Ventas Realty LP		4.375		02/01/45		280,979
	200,000		Vornado Realty LP		2.500		06/30/19		201,114
	100,000		Vornado Realty LP		5.000		01/15/22		107,845
	100,000		Washington REIT		3.950		10/15/22		100,460
	100,000		Weingarten Realty Investors		3.375		10/15/22		100,826
	100,000		Weingarten Realty Investors		3.500		04/15/23		100,148
	700,000		Welltower, Inc		4.000		06/01/25		709,451
	600,000		Welltower, Inc		4.250		04/01/26		617,644
	500,000		Weyerhaeuser Co		7.375		10/01/19		560,399
	200,000		Weyerhaeuser Co		4.625		09/15/23		215,927
	400,000		Weyerhaeuser Co		7.375		03/15/32		525,900
	200,000		WP Carey, Inc		4.600		04/01/24		206,972
	200,000		WP Carey, Inc		4.000		02/01/25		197,514
			TOTAL REAL ESTATE						50,850,100

90

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
RETAILING - 0.6%
$	120,000		Advance Auto Parts, Inc		5.750	%	05/01/20	$	130,242
	250,000		Advance Auto Parts, Inc		4.500		12/01/23		263,141
	900,000		Amazon.com, Inc		2.600		12/05/19		917,770
	300,000		Amazon.com, Inc		3.300		12/05/21		311,584
	600,000		Amazon.com, Inc		2.500		11/29/22		597,507
	300,000		Amazon.com, Inc		3.800		12/05/24		317,623
	300,000		Amazon.com, Inc		4.800		12/05/34		332,121
	600,000		Amazon.com, Inc		4.950		12/05/44		678,243
	100,000		AutoNation, Inc		3.350		01/15/21		101,173
	100,000		AutoNation, Inc		4.500		10/01/25		103,320
	100,000		AutoZone, Inc		4.000		11/15/20		105,141
	200,000		AutoZone, Inc		3.700		04/15/22		207,379
	300,000		AutoZone, Inc		2.875		01/15/23		295,933
	150,000		AutoZone, Inc		3.125		07/15/23		149,070
	200,000		AutoZone, Inc		3.250		04/15/25		195,684
	100,000		AutoZone, Inc		3.125		04/21/26		95,347
	200,000		Bed Bath & Beyond, Inc		3.749		08/01/24		200,690
	200,000		Bed Bath & Beyond, Inc		4.915		08/01/34		188,456
	250,000		Bed Bath & Beyond, Inc		5.165		08/01/44		223,434
	500,000		Best Buy Co, Inc		5.000		08/01/18		519,470
	250,000		Costco Wholesale Corp		1.700		12/15/19		250,426
	200,000		Costco Wholesale Corp		1.750		02/15/20		200,343
	200,000		Costco Wholesale Corp		2.250		02/15/22		199,340
	500,000		Dollar General Corp		1.875		04/15/18		500,446
	300,000		Dollar General Corp		4.150		11/01/25		309,855
	300,000	h	Dollar General Corp		3.875		04/15/27		300,196
	300,000		Enable Midstream Partners LP		2.400		05/15/19		297,251
	300,000		Enable Midstream Partners LP		3.900		05/15/24		292,753
	200,000		Enable Midstream Partners LP		4.400		03/15/27		198,486
	100,000		Enable Midstream Partners LP		5.000		05/15/44		91,208
	800,000		Home Depot, Inc		2.000		06/15/19		806,138
	400,000		Home Depot, Inc		3.950		09/15/20		425,505
	500,000		Home Depot, Inc		2.000		04/01/21		497,677
	350,000		Home Depot, Inc		4.400		04/01/21		379,283
	400,000		Home Depot, Inc		2.625		06/01/22		403,216
	500,000		Home Depot, Inc		2.700		04/01/23		504,615
	300,000		Home Depot, Inc		3.750		02/15/24		317,780
	100,000		Home Depot, Inc		3.350		09/15/25		102,834
	900,000		Home Depot, Inc		3.000		04/01/26		898,333
	1,300,000		Home Depot, Inc		2.125		09/15/26		1,206,169
	960,000		Home Depot, Inc		5.875		12/16/36		1,215,394
	500,000		Home Depot, Inc		4.200		04/01/43		515,058
	300,000		Home Depot, Inc		4.875		02/15/44		340,421
	500,000		Home Depot, Inc		4.400		03/15/45		530,035
	600,000		Home Depot, Inc		4.250		04/01/46		624,560
	675,000		Home Depot, Inc		3.500		09/15/56		587,582
	500,000		JD.com, Inc		3.875		04/29/26		489,087
	200,000		Kohl’s Corp		3.250		02/01/23		190,574
	200,000		Kohl’s Corp		4.750		12/15/23		205,023
	200,000		Kohl’s Corp		4.250		07/17/25		191,997
	200,000		Kohl’s Corp		5.550		07/17/45		180,868
	300,000		Lowe’s Cos, Inc		1.150		04/15/19		296,488

91

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Lowe’s Cos, Inc		3.800	%	11/15/21	$	211,330
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		876,967
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		319,046
	400,000	Lowe’s Cos, Inc		3.125		09/15/24		407,306
	100,000	Lowe’s Cos, Inc		3.375		09/15/25		102,124
	500,000	Lowe’s Cos, Inc		2.500		04/15/26		474,873
	200,000	Lowe’s Cos, Inc		6.875		02/15/28		262,035
	175,000	Lowe’s Cos, Inc		5.500		10/15/35		206,711
	150,000	Lowe’s Cos, Inc		5.800		04/15/40		182,584
	150,000	Lowe’s Cos, Inc		5.125		11/15/41		171,305
	100,000	Lowe’s Cos, Inc		4.650		04/15/42		106,586
	300,000	Lowe’s Cos, Inc		5.000		09/15/43		339,391
	200,000	Lowe’s Cos, Inc		4.250		09/15/44		202,092
	200,000	Lowe’s Cos, Inc		4.375		09/15/45		206,651
	1,075,000	Lowe’s Cos, Inc		3.700		04/15/46		997,717
	200,000	Macy’s Retail Holdings, Inc		3.450		01/15/21		200,861
	250,000	Macy’s Retail Holdings, Inc		3.875		01/15/22		247,519
	125,000	Macy’s Retail Holdings, Inc		2.875		02/15/23		116,931
	200,000	Macy’s Retail Holdings, Inc		4.375		09/01/23		199,151
	300,000	Macy’s Retail Holdings, Inc		3.625		06/01/24		286,131
	400,000	Macy’s Retail Holdings, Inc		6.900		04/01/29		427,992
	200,000	Macy’s Retail Holdings, Inc		4.500		12/15/34		173,824
	200,000	Macy’s Retail Holdings, Inc		6.375		03/15/37		203,449
	300,000	Nordstrom, Inc		6.250		01/15/18		311,116
	30,000	Nordstrom, Inc		4.750		05/01/20		31,912
	100,000	Nordstrom, Inc		4.000		10/15/21		104,035
	200,000	Nordstrom, Inc		4.000		03/15/27		199,176
	531,000	Nordstrom, Inc		5.000		01/15/44		501,473
	150,000	O’Reilly Automotive, Inc		4.875		01/14/21		160,442
	100,000	O’Reilly Automotive, Inc		3.800		09/01/22		103,795
	200,000	O’Reilly Automotive, Inc		3.850		06/15/23		207,296
	300,000	Priceline Group, Inc		3.650		03/15/25		301,846
	300,000	Priceline Group, Inc		3.600		06/01/26		296,971
	200,000	QVC, Inc		3.125		04/01/19		203,075
	100,000	QVC, Inc		5.125		07/02/22		104,960
	100,000	QVC, Inc		4.375		03/15/23		100,275
	500,000	QVC, Inc		4.850		04/01/24		502,957
	200,000	QVC, Inc		4.450		02/15/25		193,927
	150,000	QVC, Inc		5.950		03/15/43		137,670
	150,000	Staples, Inc		2.750		01/12/18		150,750
	150,000	Staples, Inc		4.375		01/12/23		152,439
	1,150,000	Target Corp		3.875		07/15/20		1,212,773
	900,000	Target Corp		2.900		01/15/22		916,402
	500,000	Target Corp		3.500		07/01/24		511,994
	800,000	Target Corp		2.500		04/15/26		747,574
	850,000	Target Corp		4.000		07/01/42		825,026
	225,000	Target Corp		3.625		04/15/46		203,010
	300,000	TJX Cos, Inc		2.750		06/15/21		305,178
	300,000	TJX Cos, Inc		2.500		05/15/23		295,351
	300,000	TJX Cos, Inc		2.250		09/15/26		275,466
	350,000	Wal-Mart Stores, Inc		1.125		04/11/18		349,372
	300,000	Wal-Mart Stores, Inc		1.950		12/15/18		302,469
	1,400,000	Wal-Mart Stores, Inc		3.250		10/25/20		1,461,506
	1,950,000	Wal-Mart Stores, Inc		4.250		04/15/21		2,112,536

92

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Wal-Mart Stores, Inc		2.550	%	04/11/23	$	1,000,013
	800,000		Wal-Mart Stores, Inc		3.300		04/22/24		830,656
	69,000		Wal-Mart Stores, Inc		7.550		02/15/30		99,742
	1,095,000		Wal-Mart Stores, Inc		5.250		09/01/35		1,291,178
	160,000		Wal-Mart Stores, Inc		6.500		08/15/37		214,126
	900,000		Wal-Mart Stores, Inc		6.200		04/15/38		1,173,146
	65,000		Wal-Mart Stores, Inc		5.625		04/01/40		79,830
	345,000		Wal-Mart Stores, Inc		5.000		10/25/40		394,825
	1,850,000		Wal-Mart Stores, Inc		4.000		04/11/43		1,849,415
	900,000		Wal-Mart Stores, Inc		4.750		10/02/43		1,000,507
	650,000		Wal-Mart Stores, Inc		4.300		04/22/44		678,743
			TOTAL RETAILING						48,299,798
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	200,000		Altera Corp		4.100		11/15/23		215,806
	100,000		Analog Devices, Inc		2.500		12/05/21		99,031
	500,000		Analog Devices, Inc		2.875		06/01/23		492,467
	325,000		Analog Devices, Inc		3.125		12/05/23		323,358
	175,000		Analog Devices, Inc		3.500		12/05/26		173,297
	100,000		Analog Devices, Inc		4.500		12/05/36		100,041
	200,000		Analog Devices, Inc		5.300		12/15/45		220,535
	250,000		Intel Corp		2.450		07/29/20		253,987
	400,000		Intel Corp		1.700		05/19/21		391,553
	1,250,000		Intel Corp		3.100		07/29/22		1,284,558
	1,250,000		Intel Corp		2.700		12/15/22		1,254,532
	250,000		Intel Corp		3.700		07/29/25		261,346
	900,000		Intel Corp		2.600		05/19/26		863,257
	500,000		Intel Corp		4.000		12/15/32		524,302
	500,000		Intel Corp		4.800		10/01/41		552,419
	975,000		Intel Corp		4.900		07/29/45		1,091,096
	400,000		Intel Corp		4.100		05/19/46		399,032
	200,000		Maxim Integrated Products, Inc		2.500		11/15/18		201,621
	200,000		Maxim Integrated Products, Inc		3.375		03/15/23		200,776
	225,000		NVIDIA Corp		2.200		09/16/21		220,355
	300,000		NVIDIA Corp		3.200		09/16/26		290,955
	200,000		Texas Instruments, Inc		1.000		05/01/18		199,164
	200,000		Texas Instruments, Inc		1.650		08/03/19		199,622
	300,000		Texas Instruments, Inc		1.750		05/01/20		297,658
	200,000		Texas Instruments, Inc		2.250		05/01/23		194,135
	400,000		Xilinx, Inc		3.000		03/15/21		406,452
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						10,711,355
SOFTWARE & SERVICES - 1.0%
	175,000	g	Activision Blizzard, Inc		2.300		09/15/21		171,331
	200,000	g	Activision Blizzard, Inc		3.400		09/15/26		195,282
	20,000		Adobe Systems, Inc		4.750		02/01/20		21,523
	775,000		Adobe Systems, Inc		3.250		02/01/25		782,863
	250,000		Autodesk, Inc		4.375		06/15/25		257,595
	500,000		Automatic Data Processing, Inc		2.250		09/15/20		505,675
	500,000		Automatic Data Processing, Inc		3.375		09/15/25		515,907
	750,000		Baidu, Inc		2.750		06/09/19		756,751
	500,000		Baidu, Inc		3.000		06/30/20		506,957
	200,000		Baidu, Inc		3.500		11/28/22		203,895
	300,000		Baidu, Inc		4.125		06/30/25		312,467

93

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	CA, Inc		2.875	%	08/15/18	$	253,287
	300,000	CA, Inc		5.375		12/01/19		324,092
	250,000	CA, Inc		3.600		08/15/22		253,645
	150,000	CA, Inc		4.700		03/15/27		155,158
	200,000	Computer Sciences Corp		4.450		09/15/22		210,150
	300,000	Electronic Arts, Inc		3.700		03/01/21		311,361
	300,000	Expedia, Inc		7.456		08/15/18		321,234
	300,000	Expedia, Inc		4.500		08/15/24		314,007
	200,000	Expedia, Inc		5.000		02/15/26		213,729
	250,000	Fidelity National Information Services, Inc		2.000		04/15/18		250,514
	500,000	Fidelity National Information Services, Inc		2.850		10/15/18		506,872
	500,000	Fidelity National Information Services, Inc		2.250		08/15/21		489,586
	500,000	Fidelity National Information Services, Inc		4.500		10/15/22		533,505
	600,000	Fidelity National Information Services, Inc		3.875		06/05/24		616,468
	500,000	Fidelity National Information Services, Inc		5.000		10/15/25		543,760
	300,000	Fidelity National Information Services, Inc		3.000		08/15/26		282,627
	300,000	Fidelity National Information Services, Inc		4.500		08/15/46		291,113
	550,000	Fiserv, Inc		3.500		10/01/22		563,946
	500,000	Fiserv, Inc		3.850		06/01/25		513,299
	500,000	International Business Machines Corp		1.950		02/12/19		503,652
	200,000	International Business Machines Corp		1.875		05/15/19		201,057
	1,250,000	International Business Machines Corp		1.800		05/17/19		1,255,398
	800,000	International Business Machines Corp		8.375		11/01/19		930,634
	300,000	International Business Machines Corp		1.900		01/27/20		301,050
	300,000	International Business Machines Corp		1.625		05/15/20		297,662
	250,000	International Business Machines Corp		2.250		02/19/21		251,149
	500,000	International Business Machines Corp		2.900		11/01/21		512,650
	300,000	International Business Machines Corp		2.500		01/27/22		302,153
	300,000	International Business Machines Corp		1.875		08/01/22		290,181
	500,000	International Business Machines Corp		2.875		11/09/22		505,756
	700,000	International Business Machines Corp		3.375		08/01/23		726,037
	500,000	International Business Machines Corp		3.625		02/12/24		523,955
	400,000	International Business Machines Corp		7.000		10/30/25		512,879
	500,000	International Business Machines Corp		3.450		02/19/26		511,937
	300,000	International Business Machines Corp		3.300		01/27/27		301,900
	19,000	International Business Machines Corp		5.600		11/30/39		23,399
	835,000	International Business Machines Corp		4.000		06/20/42		835,209
	500,000	International Business Machines Corp		4.700		02/19/46		548,505
	200,000	Juniper Networks, Inc		3.125		02/26/19		203,742
	175,000	Juniper Networks, Inc		4.600		03/15/21		186,567
	200,000	Juniper Networks, Inc		4.500		03/15/24		209,693
	250,000	Juniper Networks, Inc		4.350		06/15/25		256,738
	500,000	Microsoft Corp		1.300		11/03/18		499,855
	400,000	Microsoft Corp		1.625		12/06/18		401,648
	925,000	Microsoft Corp		4.200		06/01/19		978,462
	1,000,000	Microsoft Corp		1.100		08/08/19		988,985
	1,000,000	Microsoft Corp		1.850		02/06/20		1,002,110
	300,000	Microsoft Corp		1.850		02/12/20		300,786
	540,000	Microsoft Corp		3.000		10/01/20		559,836
	500,000	Microsoft Corp		2.000		11/03/20		501,599
	450,000	Microsoft Corp		4.000		02/08/21		482,064
	850,000	Microsoft Corp		1.550		08/08/21		828,697
	1,000,000	Microsoft Corp		2.400		02/06/22		1,005,898
	1,300,000	Microsoft Corp		2.375		02/12/22		1,302,915

94

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Microsoft Corp		2.650	%	11/03/22	$	504,327
	400,000		Microsoft Corp		2.125		11/15/22		392,030
	1,000,000		Microsoft Corp		2.000		08/08/23		960,413
	400,000		Microsoft Corp		3.625		12/15/23		421,320
	1,000,000		Microsoft Corp		2.875		02/06/24		1,006,163
	500,000		Microsoft Corp		2.700		02/12/25		491,292
	750,000		Microsoft Corp		3.125		11/03/25		757,130
	2,300,000		Microsoft Corp		2.400		08/08/26		2,174,675
	725,000		Microsoft Corp		3.300		02/06/27		736,689
	925,000		Microsoft Corp		4.200		11/03/35		969,558
	2,000,000		Microsoft Corp		3.450		08/08/36		1,895,422
	575,000		Microsoft Corp		4.100		02/06/37		591,236
	500,000		Microsoft Corp		3.500		11/15/42		454,210
	300,000		Microsoft Corp		3.750		05/01/43		284,681
	750,000		Microsoft Corp		3.750		02/12/45		710,246
	575,000		Microsoft Corp		4.450		11/03/45		607,258
	1,000,000		Microsoft Corp		3.700		08/08/46		936,723
	1,350,000		Microsoft Corp		4.250		02/06/47		1,383,388
	1,750,000		Microsoft Corp		4.000		02/12/55		1,651,949
	500,000		Microsoft Corp		4.750		11/03/55		535,812
	1,000,000		Microsoft Corp		3.950		08/08/56		931,002
	1,500,000		Microsoft Corp		4.500		02/06/57		1,543,698
	320,000		Oracle Corp		5.750		04/15/18		334,052
	750,000		Oracle Corp		2.375		01/15/19		760,262
	750,000		Oracle Corp		2.250		10/08/19		759,107
	1,365,000		Oracle Corp		3.875		07/15/20		1,444,799
	500,000		Oracle Corp		2.800		07/08/21		510,191
	1,000,000		Oracle Corp		1.900		09/15/21		982,885
	1,300,000		Oracle Corp		2.500		05/15/22		1,296,242
	1,725,000		Oracle Corp		2.500		10/15/22		1,715,844
	1,000,000		Oracle Corp		2.400		09/15/23		971,731
	750,000		Oracle Corp		3.400		07/08/24		769,958
	1,250,000		Oracle Corp		2.950		05/15/25		1,233,715
	2,334,000		Oracle Corp		2.650		07/15/26		2,222,211
	400,000		Oracle Corp		3.250		05/15/30		394,662
	1,250,000		Oracle Corp		4.300		07/08/34		1,297,938
	500,000		Oracle Corp		3.900		05/15/35		493,638
	1,000,000		Oracle Corp		3.850		07/15/36		979,126
	470,000		Oracle Corp		6.125		07/08/39		593,136
	500,000		Oracle Corp		4.500		07/08/44		514,911
	1,500,000		Oracle Corp		4.000		07/15/46		1,430,585
	500,000		Oracle Corp		4.375		05/15/55		487,552
	250,000		Total System Services, Inc		2.375		06/01/18		251,029
	250,000		Total System Services, Inc		3.800		04/01/21		258,514
	125,000		Total System Services, Inc		3.750		06/01/23		125,431
	300,000		Total System Services, Inc		4.800		04/01/26		322,898
	100,000		Western Union Co		3.650		08/22/18		102,344
	400,000		Western Union Co		5.253		04/01/20		429,042
	200,000		Western Union Co		3.600		03/15/22		201,404
	415,000		Xerox Corp		2.750		09/01/20		411,168
	1,167,000	g	Xerox Corp		4.070		03/17/22		1,185,211
	200,000		Xerox Corp		6.750		12/15/39		206,956
			TOTAL SOFTWARE & SERVICES						72,849,121

95

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
$	100,000		Alphabet, Inc		3.625	%	05/19/21	$	106,169
	500,000		Alphabet, Inc		3.375		02/25/24		521,796
	1,000,000		Alphabet, Inc		1.998		08/15/26		923,425
	200,000		Amphenol Corp		2.550		01/30/19		202,553
	225,000		Amphenol Corp		2.200		04/01/20		225,045
	125,000		Amphenol Corp		3.125		09/15/21		127,568
	150,000		Amphenol Corp		4.000		02/01/22		158,047
	200,000		Amphenol Corp		3.200		04/01/24		200,256
	500,000		Apple, Inc		1.300		02/23/18		500,170
	500,000		Apple, Inc		1.550		02/08/19		500,865
	325,000		Apple, Inc		1.700		02/22/19		326,262
	1,000,000		Apple, Inc		2.100		05/06/19		1,010,769
	1,000,000		Apple, Inc		1.100		08/02/19		988,026
	500,000		Apple, Inc		1.900		02/07/20		501,319
	2,500,000		Apple, Inc		2.250		02/23/21		2,507,352
	2,000,000		Apple, Inc		1.550		08/04/21		1,939,530
	750,000		Apple, Inc		2.150		02/09/22		742,289
	500,000		Apple, Inc		2.500		02/09/22		502,161
	750,000		Apple, Inc		2.700		05/13/22		758,325
	400,000		Apple, Inc		2.850		02/23/23		403,612
	750,000		Apple, Inc		3.000		02/09/24		756,274
	2,250,000		Apple, Inc		3.450		05/06/24		2,325,269
	750,000		Apple, Inc		2.500		02/09/25		725,511
	750,000		Apple, Inc		3.200		05/13/25		757,620
	1,350,000		Apple, Inc		3.250		02/23/26		1,363,621
	1,000,000		Apple, Inc		2.450		08/04/26		945,842
	750,000		Apple, Inc		3.350		02/09/27		757,002
	375,000		Apple, Inc		4.500		02/23/36		405,052
	750,000		Apple, Inc		4.450		05/06/44		775,354
	1,350,000		Apple, Inc		3.450		02/09/45		1,209,333
	800,000		Apple, Inc		4.375		05/13/45		819,362
	1,250,000		Apple, Inc		4.650		02/23/46		1,340,369
	750,000		Apple, Inc		3.850		08/04/46		713,946
	1,000,000		Apple, Inc		4.250		02/09/47		1,011,745
	1,000,000	g	Broadcom Corp		2.375		01/15/20		999,770
	1,500,000	g	Broadcom Corp		3.000		01/15/22		1,495,485
	1,100,000	g	Broadcom Corp		3.625		01/15/24		1,107,868
	1,750,000	g	Broadcom Corp		3.875		01/15/27		1,761,032
	300,000		Cisco Systems, Inc		1.400		02/28/18		300,021
	400,000		Cisco Systems, Inc		1.650		06/15/18		401,234
	300,000		Cisco Systems, Inc		1.600		02/28/19		300,394
	200,000		Cisco Systems, Inc		1.400		09/20/19		198,365
	1,900,000		Cisco Systems, Inc		4.450		01/15/20		2,033,486
	400,000		Cisco Systems, Inc		2.450		06/15/20		406,398
	400,000		Cisco Systems, Inc		2.200		02/28/21		400,136
	1,250,000		Cisco Systems, Inc		2.900		03/04/21		1,283,283
	300,000		Cisco Systems, Inc		1.850		09/20/21		294,178
	400,000		Cisco Systems, Inc		3.000		06/15/22		409,495
	500,000		Cisco Systems, Inc		2.600		02/28/23		498,106
	300,000		Cisco Systems, Inc		2.200		09/20/23		290,405
	1,100,000		Cisco Systems, Inc		3.625		03/04/24		1,156,425
	400,000		Cisco Systems, Inc		3.500		06/15/25		415,096
	500,000		Cisco Systems, Inc		2.950		02/28/26		495,578

96

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Cisco Systems, Inc		2.500	%	09/20/26	$	1,424,039
	600,000		Cisco Systems, Inc		5.900		02/15/39		766,175
	2,650,000	g	Diamond Finance Corp		3.480		06/01/19		2,716,679
	1,175,000	g	Diamond Finance Corp		4.420		06/15/21		1,228,634
	1,000,000	g	Diamond Finance Corp		5.450		06/15/23		1,078,808
	1,000,000	g	Diamond Finance Corp		6.020		06/15/26		1,092,224
	1,000,000	g	Diamond Finance Corp		8.100		07/15/36		1,256,414
	1,000,000	g	Diamond Finance Corp		8.350		07/15/46		1,297,466
	300,000		Flextronics International Ltd		4.750		06/15/25		314,999
	1,725,000		General Electric Co		2.700		10/09/22		1,738,169
	2,875,000		General Electric Co		4.125		10/09/42		2,932,109
	850,000		General Electric Co		4.500		03/11/44		912,608
	300,000		Harris Corp		1.999		04/27/18		300,396
	205,000		Harris Corp		2.700		04/27/20		206,861
	300,000		Harris Corp		4.400		12/15/20		318,864
	300,000		Harris Corp		4.854		04/27/35		320,401
	300,000		Harris Corp		5.054		04/27/45		328,150
	113,000		Hewlett-Packard Co		3.750		12/01/20		117,562
	200,000		Hewlett-Packard Co		4.375		09/15/21		211,486
	100,000		Hewlett-Packard Co		4.650		12/09/21		107,129
	200,000		Hewlett-Packard Co		4.050		09/15/22		208,842
	850,000		Hewlett-Packard Co		6.000		09/15/41		864,194
	1,000,000		Jabil Circuit, Inc		4.700		09/15/22		1,030,000
	300,000		Koninklijke Philips Electronics NV		5.000		03/15/42		314,641
	800,000		Koninklijke Philips NV		3.750		03/15/22		833,736
	420,000		L-3 Communications Corp		5.200		10/15/19		450,017
	300,000		L-3 Communications Corp		4.950		02/15/21		322,324
	52,000		L-3 Communications Corp		3.950		05/28/24		53,564
	600,000		L-3 Communications Corp		3.850		12/15/26		608,282
	100,000		Motorola Solutions, Inc		3.500		09/01/21		101,016
	200,000		Motorola Solutions, Inc		3.750		05/15/22		203,027
	250,000		Motorola Solutions, Inc		3.500		03/01/23		246,000
	200,000		Motorola Solutions, Inc		4.000		09/01/24		200,336
	200,000		Motorola Solutions, Inc		5.500		09/01/44		192,820
	200,000		NetApp, Inc		3.375		06/15/21		204,056
	200,000		Pitney Bowes, Inc		3.375		10/01/21		196,528
	500,000		Pitney Bowes, Inc		4.625		03/15/24		493,654
	500,000		QUALCOMM, Inc		1.400		05/18/18		499,825
	1,400,000		QUALCOMM, Inc		2.250		05/20/20		1,403,063
	500,000		QUALCOMM, Inc		3.000		05/20/22		505,932
	500,000		QUALCOMM, Inc		3.450		05/20/25		507,219
	500,000		QUALCOMM, Inc		4.650		05/20/35		519,297
	500,000		QUALCOMM, Inc		4.800		05/20/45		521,390
	500,000	g	Seagate HDD Cayman		4.250		03/01/22		494,982
	750,000		Seagate HDD Cayman		4.750		01/01/25		734,531
	200,000		Seagate HDD Cayman		4.875		06/01/27		187,218
	200,000		Seagate HDD Cayman		5.750		12/01/34		181,000
	200,000		Tech Data Corp		3.700		02/15/22		201,041
	200,000		Tech Data Corp		4.950		02/15/27		201,870
	200,000		Telefonaktiebolaget LM Ericsson		4.125		05/15/22		204,067
	200,000		Tyco Electronics Group S.A.		2.375		12/17/18		201,767
	200,000		Tyco Electronics Group S.A.		2.350		08/01/19		201,146
	250,000		Tyco Electronics Group S.A.		3.500		02/03/22		257,560
	200,000		Tyco Electronics Group S.A.		3.450		08/01/24		201,594
	100,000		Tyco Electronics Group S.A.		3.700		02/15/26		102,172
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						73,616,478

97

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
TELECOMMUNICATION SERVICES - 1.4%
$	500,000	Alibaba Group Holding Ltd		2.500	%	11/28/19	$	502,777
	500,000	Alibaba Group Holding Ltd		3.125		11/28/21		505,667
	1,250,000	Alibaba Group Holding Ltd		3.600		11/28/24		1,260,879
	500,000	Alibaba Group Holding Ltd		4.500		11/28/34		519,366
	1,430,000	America Movil SAB de C.V.		5.000		03/30/20		1,532,606
	950,000	America Movil SAB de C.V.		3.125		07/16/22		957,053
	440,000	America Movil SAB de C.V.		6.125		03/30/40		513,208
	1,125,000	America Movil SAB de C.V.		4.375		07/16/42		1,069,663
	500,000	AT&T, Inc		1.750		01/15/18		500,319
	300,000	AT&T, Inc		2.375		11/27/18		301,939
	950,000	AT&T, Inc		5.800		02/15/19		1,014,375
	1,000,000	AT&T, Inc		2.300		03/11/19		1,004,782
	285,000	AT&T, Inc		5.200		03/15/20		307,856
	900,000	AT&T, Inc		2.450		06/30/20		899,822
	500,000	AT&T, Inc		4.600		02/15/21		531,938
	1,250,000	AT&T, Inc		2.800		02/17/21		1,253,601
	1,050,000	AT&T, Inc		5.000		03/01/21		1,132,733
	500,000	AT&T, Inc		4.450		05/15/21		532,508
	4,300,000	AT&T, Inc		3.000		02/15/22		4,289,590
	500,000	AT&T, Inc		3.200		03/01/22		503,774
	250,000	AT&T, Inc		3.800		03/15/22		258,562
	2,500,000	AT&T, Inc		3.000		06/30/22		2,485,390
	1,250,000	AT&T, Inc		3.600		02/17/23		1,265,837
	500,000	AT&T, Inc		3.800		03/01/24		505,352
	1,000,000	AT&T, Inc		4.450		04/01/24		1,045,351
	1,500,000	AT&T, Inc		3.400		05/15/25		1,451,430
	1,250,000	AT&T, Inc		4.125		02/17/26		1,267,500
	1,300,000	AT&T, Inc		4.250		03/01/27		1,318,915
	1,175,000	AT&T, Inc		4.500		05/15/35		1,105,835
	500,000	AT&T, Inc		5.250		03/01/37		509,238
	145,000	AT&T, Inc		6.000		08/15/40		158,921
	92,000	AT&T, Inc		5.350		09/01/40		94,505
	100,000	AT&T, Inc		6.375		03/01/41		114,219
	550,000	AT&T, Inc		5.150		03/15/42		545,547
	2,366,000	AT&T, Inc		4.300		12/15/42		2,103,092
	1,250,000	AT&T, Inc		4.800		06/15/44		1,170,989
	2,854,000	AT&T, Inc		4.350		06/15/45		2,508,001
	1,025,000	AT&T, Inc		4.750		05/15/46		959,444
	750,000	AT&T, Inc		5.650		02/15/47		786,436
	1,100,000	AT&T, Inc		5.450		03/01/47		1,119,986
	1,425,000	AT&T, Inc		4.500		03/09/48		1,276,075
	955,000	AT&T, Inc		4.550		03/09/49		856,400
	500,000	AT&T, Inc		5.700		03/01/57		516,389
	1,085,000	British Telecommunications plc		2.350		02/14/19		1,090,900
	1,150,000	British Telecommunications plc		9.125		12/15/30		1,725,407
	2,850,000	Deutsche Telekom International Finance BV		6.000		07/08/19		3,090,882
	1,240,000	Deutsche Telekom International Finance BV		8.750		06/15/30		1,810,844
	1,200,000	France Telecom S.A.		4.125		09/14/21		1,265,312
	745,000	France Telecom S.A.		9.000		03/01/31		1,094,474
	600,000	France Telecom S.A.		5.375		01/13/42		665,229

98

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Koninklijke KPN NV		8.375	%	10/01/30	$	335,038
	500,000		Orange S.A.		1.625		11/03/19		492,885
	400,000		Orange S.A.		5.500		02/06/44		454,666
	1,265,000		Qwest Corp		6.750		12/01/21		1,386,615
	125,000		Rogers Communications, Inc		4.500		03/15/43		124,097
	600,000		Rogers Communications, Inc		6.800		08/15/18		640,357
	200,000		Rogers Communications, Inc		4.100		10/01/23		210,427
	300,000		Rogers Communications, Inc		3.625		12/15/25		302,667
	200,000		Rogers Communications, Inc		2.900		11/15/26		188,348
	300,000		Rogers Communications, Inc		5.450		10/01/43		339,846
	600,000		Rogers Communications, Inc		5.000		03/15/44		644,570
	900,000		Telefonica Emisiones SAU		3.192		04/27/18		911,657
	2,020,000		Telefonica Emisiones SAU		5.134		04/27/20		2,175,570
	1,000,000		Telefonica Emisiones SAU		4.570		04/27/23		1,068,857
	1,175,000		Telefonica Emisiones SAU		4.103		03/08/27		1,182,618
	300,000		Telefonica Emisiones SAU		7.045		06/20/36		371,180
	500,000		Telefonica Emisiones SAU		5.213		03/08/47		507,865
	392,000		Telefonica Europe BV		8.250		09/15/30		532,853
	100,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		107,989
	200,000		TELUS Corp		2.800		02/16/27		187,389
	200,000		TELUS Corp		3.700		09/15/27		200,189
	2,500,000		Verizon Communications, Inc		4.500		09/15/20		2,665,718
	500,000		Verizon Communications, Inc		3.450		03/15/21		513,510
	950,000		Verizon Communications, Inc		3.500		11/01/21		974,602
	6,581,000	g	Verizon Communications, Inc		2.946		03/15/22		6,552,202
	750,000		Verizon Communications, Inc		3.125		03/16/22		752,492
	1,350,000		Verizon Communications, Inc		4.150		03/15/24		1,400,485
	2,500,000		Verizon Communications, Inc		3.500		11/01/24		2,478,770
	750,000		Verizon Communications, Inc		2.625		08/15/26		684,782
	750,000		Verizon Communications, Inc		4.125		03/16/27		762,870
	3,000,000		Verizon Communications, Inc		4.400		11/01/34		2,838,249
	3,400,000		Verizon Communications, Inc		4.272		01/15/36		3,139,325
	1,150,000		Verizon Communications, Inc		4.750		11/01/41		1,099,792
	1,425,000		Verizon Communications, Inc		3.850		11/01/42		1,192,763
	750,000		Verizon Communications, Inc		5.500		03/16/47		786,269
	1,818,000		Verizon Communications, Inc		4.522		09/15/48		1,654,751
	284,000	g	Verizon Communications, Inc		5.012		04/15/49		276,170
	2,676,000		Verizon Communications, Inc		5.012		08/21/54		2,546,086
	3,654,000		Verizon Communications, Inc		4.672		03/15/55		3,265,178
	1,500,000		Vodafone Group plc		5.450		06/10/19		1,606,013
	650,000		Vodafone Group plc		4.375		03/16/21		690,016
	500,000		Vodafone Group plc		2.500		09/26/22		487,921
	800,000		Vodafone Group plc		2.950		02/19/23		785,987
	150,000		Vodafone Group plc		6.150		02/27/37		172,400
	1,200,000		Vodafone Group plc		4.375		02/19/43		1,096,880
			TOTAL TELECOMMUNICATION SERVICES						104,089,832

99

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
TRANSPORTATION - 0.7%
$	500,000	ABB Finance USA, Inc		2.875	%	05/08/22	$	505,600
	150,000	ABB Finance USA, Inc		4.375		05/08/42		157,401
	300,000	American Airlines 2017- Class AA Pass Through Trust		3.650		02/15/29		301,215
	400,000	American Airlines, Inc		3.000		10/15/28		383,000
	700,000	Boeing Capital Corp		2.900		08/15/18		712,854
	625,000	Boeing Co		0.950		05/15/18		623,013
	500,000	Boeing Co		2.850		10/30/24		500,202
	400,000	Boeing Co		2.600		10/30/25		389,530
	200,000	Boeing Co		2.250		06/15/26		189,305
	250,000	Boeing Co		2.800		03/01/27		244,368
	350,000	Boeing Co		5.875		02/15/40		447,976
	300,000	Boeing Co		3.375		06/15/46		273,772
	250,000	Boeing Co		3.650		03/01/47		238,612
	555,000	Burlington Northern Santa Fe LLC		4.700		10/01/19		592,607
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		307,273
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		153,514
	500,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		529,436
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		526,570
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		154,163
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		298,620
	700,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		729,094
	150,000	Burlington Northern Santa Fe LLC		3.250		06/15/27		151,101
	360,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		436,747
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		279,496
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		205,979
	500,000	Burlington Northern Santa Fe LLC		5.150		09/01/43		570,336
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		550,729
	300,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		316,285
	500,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		499,994
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		217,222
	750,000	Burlington Northern Santa Fe LLC		3.900		08/01/46		719,639
	400,000	Burlington Northern Santa Fe LLC		4.125		06/15/47		398,746
	200,000	Canadian National Railway Co		5.550		05/15/18		208,776
	200,000	Canadian National Railway Co		5.550		03/01/19		213,808
	100,000	Canadian National Railway Co		2.850		12/15/21		101,889
	300,000	Canadian National Railway Co		2.250		11/15/22		293,211
	200,000	Canadian National Railway Co		2.950		11/21/24		201,749
	200,000	Canadian National Railway Co		6.900		07/15/28		265,784
	200,000	Canadian National Railway Co		6.250		08/01/34		254,978
	250,000	Canadian National Railway Co		3.500		11/15/42		229,579
	100,000	Canadian National Railway Co		4.500		11/07/43		105,048
	400,000	Canadian National Railway Co		3.200		08/02/46		350,156
	200,000	Canadian Pacific Railway Co		7.250		05/15/19		221,087
	1,300,000	Canadian Pacific Railway Co		2.900		02/01/25		1,274,597
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		269,934
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		301,612
	100,000	Canadian Pacific Railway Co		4.800		08/01/45		108,026
	200,000	Canadian Pacific Railway Co		6.125		09/15/15		241,285
	200,000	Carnival Corp		3.950		10/15/20		210,400
	312,330	Continental Airlines, Inc		4.750		01/12/21		328,727
	25,651	Continental Airlines, Inc		5.983		04/19/22		28,216
	413,867	Continental Airlines, Inc		4.150		04/11/24		433,285
	169,440	Continental Airlines, Inc		4.000		10/29/24		176,006
	125,000	CSX Corp		3.700		11/01/23		130,284

100

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	CSX Corp		3.400	%	08/01/24	$	304,285
	200,000	CSX Corp		3.350		11/01/25		200,432
	1,200,000	CSX Corp		2.600		11/01/26		1,125,214
	100,000	CSX Corp		6.000		10/01/36		121,406
	200,000	CSX Corp		6.150		05/01/37		245,717
	400,000	CSX Corp		5.500		04/15/41		457,940
	350,000	CSX Corp		4.400		03/01/43		349,010
	100,000	CSX Corp		4.100		03/15/44		95,947
	175,000	CSX Corp		3.800		11/01/46		159,512
	200,000	CSX Corp		3.950		05/01/50		182,590
	300,000	CSX Corp		4.500		08/01/54		291,667
	150,000	CSX Corp		4.250		11/01/66		136,067
	117,045	Delta Air Lines		3.625		07/30/27		119,300
	260,120	Delta Air Lines, Inc		5.300		04/15/19		273,776
	150,000	Delta Air Lines, Inc		2.875		03/13/20		151,224
	136,669	Delta Air Lines, Inc		4.750		05/07/20		144,357
	200,000	Delta Air Lines, Inc		3.625		03/15/22		204,138
	134,000	FedEx Corp		8.000		01/15/19		147,697
	100,000	FedEx Corp		2.300		02/01/20		100,812
	300,000	FedEx Corp		4.000		01/15/24		317,501
	100,000	FedEx Corp		3.200		02/01/25		100,058
	300,000	FedEx Corp		3.250		04/01/26		297,290
	400,000	FedEx Corp		3.300		03/15/27		394,412
	1,000,000	FedEx Corp		4.900		01/15/34		1,071,405
	200,000	FedEx Corp		3.900		02/01/35		191,905
	200,000	FedEx Corp		3.875		08/01/42		182,531
	750,000	FedEx Corp		4.750		11/15/45		767,899
	300,000	FedEx Corp		4.550		04/01/46		300,132
	200,000	FedEx Corp		4.400		01/15/47		194,641
	200,000	FedEx Corp		4.500		02/01/65		182,849
	200,000	GATX Corp		2.500		03/15/19		201,699
	100,000	GATX Corp		2.600		03/30/20		101,271
	500,000	GATX Corp		3.250		09/15/26		476,168
	225,000	GATX Corp		5.200		03/15/44		229,575
	200,000	JB Hunt Transport Services, Inc		3.300		08/15/22		203,208
	100,000	Kansas City Southern		3.000		05/15/23		97,789
	100,000	Kansas City Southern		3.125		06/01/26		93,991
	100,000	Kansas City Southern		4.300		05/15/43		92,186
	175,000	Kansas City Southern		4.950		08/15/45		176,021
	210,000	Norfolk Southern Corp		5.750		04/01/18		218,517
	100,000	Norfolk Southern Corp		3.250		12/01/21		102,704
	250,000	Norfolk Southern Corp		3.000		04/01/22		253,311
	1,291,000	Norfolk Southern Corp		2.903		02/15/23		1,284,257
	200,000	Norfolk Southern Corp		3.850		01/15/24		209,389
	81,000	Norfolk Southern Corp		5.590		05/17/25		92,029
	200,000	Norfolk Southern Corp		2.900		06/15/26		193,086
	16,000	Norfolk Southern Corp		4.837		10/01/41		17,300
	750,000	Norfolk Southern Corp		3.950		10/01/42		722,000
	200,000	Norfolk Southern Corp		4.800		08/15/43		217,282
	300,000	Norfolk Southern Corp		4.450		06/15/45		311,986
	200,000	Norfolk Southern Corp		4.650		01/15/46		213,783
	550,000	Northrop Grumman Corp		1.750		06/01/18		550,884
	650,000	Northrop Grumman Corp		3.500		03/15/21		677,411
	400,000	Northrop Grumman Corp		3.250		08/01/23		407,958
	300,000	Northrop Grumman Corp		3.200		02/01/27		297,132
	100,000	Northrop Grumman Corp		5.050		11/15/40		111,009

101

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		Northrop Grumman Corp		4.750	%	06/01/43	$	432,436
	300,000		Northrop Grumman Corp		3.850		04/15/45		282,332
	200,000		Ryder System, Inc		2.450		11/15/18		201,650
	100,000		Ryder System, Inc		2.550		06/01/19		100,807
	200,000		Ryder System, Inc		2.450		09/03/19		201,029
	400,000		Ryder System, Inc		2.500		05/11/20		401,781
	200,000		Ryder System, Inc		2.250		09/01/21		195,847
	200,000		Ryder System, Inc		3.450		11/15/21		205,689
	100,000		Southwest Airlines Co		2.750		11/06/19		101,583
	400,000		Southwest Airlines Co		2.650		11/05/20		403,953
	200,000		Southwest Airlines Co		3.000		11/15/26		188,790
	96,605		Spirit Airlines, Inc		4.100		04/01/28		98,537
	100,000		Union Pacific Corp		2.250		02/15/19		101,157
	200,000		Union Pacific Corp		2.250		06/19/20		201,061
	331,000		Union Pacific Corp		4.163		07/15/22		357,350
	500,000		Union Pacific Corp		2.950		01/15/23		507,078
	277,000		Union Pacific Corp		3.646		02/15/24		290,165
	200,000		Union Pacific Corp		3.750		03/15/24		210,286
	200,000		Union Pacific Corp		3.250		01/15/25		203,570
	200,000		Union Pacific Corp		3.250		08/15/25		203,020
	300,000		Union Pacific Corp		2.750		03/01/26		292,571
	500,000		Union Pacific Corp		3.000		04/15/27		493,886
	100,000		Union Pacific Corp		3.375		02/01/35		96,410
	100,000		Union Pacific Corp		4.300		06/15/42		103,150
	150,000		Union Pacific Corp		4.250		04/15/43		151,905
	200,000		Union Pacific Corp		4.050		11/15/45		199,766
	200,000		Union Pacific Corp		3.350		08/15/46		181,690
	300,000		Union Pacific Corp		4.000		04/15/47		296,160
	770,000		Union Pacific Corp		3.799		10/01/51		718,799
	200,000		Union Pacific Corp		3.875		02/01/55		186,326
	300,000		Union Pacific Corp		4.375		11/15/65		301,546
	193,133		Union Pacific Railroad Co		2.695		05/12/27		184,148
	300,000		United Parcel Service, Inc		5.125		04/01/19		320,552
	1,105,000		United Parcel Service, Inc		3.125		01/15/21		1,145,207
	1,400,000		United Parcel Service, Inc		2.450		10/01/22		1,402,212
	125,000		United Parcel Service, Inc		2.400		11/15/26		119,390
	35,000		United Parcel Service, Inc		6.200		01/15/38		45,715
	450,000		United Parcel Service, Inc		3.625		10/01/42		423,810
	400,000		United Parcel Service, Inc		3.400		11/15/46		363,880
			TOTAL TRANSPORTATION						46,831,740
UTILITIES - 2.5%
	100,000	g	AEP Transmission Co LLC		3.100		12/01/26		98,722
	600,000	g	AEP Transmission Co LLC		4.000		12/01/46		597,086
	370,000		AGL Capital Corp		5.250		08/15/19		394,145
	275,000		AGL Capital Corp		3.875		11/15/25		279,876
	400,000		AGL Capital Corp		3.250		06/15/26		389,193
	275,000		AGL Capital Corp		4.400		06/01/43		270,390
	200,000		Alabama Power Co		2.450		03/30/22		197,917
	475,000		Alabama Power Co		3.550		12/01/23		497,264
	300,000		Alabama Power Co		5.200		06/01/41		330,260
	200,000		Alabama Power Co		3.850		12/01/42		192,112
	400,000		Alabama Power Co		3.750		03/01/45		374,980
	300,000		Alabama Power Co		4.300		01/02/46		307,455

102

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Ameren Corp		2.700	%	11/15/20	$	302,669
	600,000		Ameren Illinois Co		2.700		09/01/22		603,647
	370,000		Ameren Illinois Co		3.250		03/01/25		376,320
	100,000		Ameren Illinois Co		4.800		12/15/43		110,637
	200,000		Ameren Illinois Co		4.300		07/01/44		208,537
	125,000		Ameren Illinois Co		4.150		03/15/46		129,205
	500,000		American Water Capital Corp		3.850		03/01/24		525,102
	300,000		American Water Capital Corp		3.400		03/01/25		307,743
	225,000		American Water Capital Corp		4.300		12/01/42		235,035
	150,000		American Water Capital Corp		4.300		09/01/45		157,090
	100,000		American Water Capital Corp		4.000		12/01/46		101,447
	140,000		Appalachian Power Co		7.000		04/01/38		188,203
	150,000		Arizona Public Service Co		8.750		03/01/19		169,007
	350,000		Arizona Public Service Co		4.500		04/01/42		370,588
	200,000		Arizona Public Service Co		4.350		11/15/45		206,666
	410,000		Arizona Public Service Co		3.750		05/15/46		385,761
	100,000		Atmos Energy Corp		8.500		03/15/19		112,323
	100,000		Atmos Energy Corp		5.500		06/15/41		119,732
	125,000		Atmos Energy Corp		4.150		01/15/43		127,041
	200,000		Atmos Energy Corp		4.125		10/15/44		200,739
	100,000		Baltimore Gas & Electric Co		3.500		11/15/21		104,057
	400,000		Baltimore Gas & Electric Co		3.350		07/01/23		409,750
	200,000		Baltimore Gas & Electric Co		2.400		08/15/26		186,554
	150,000		Baltimore Gas & Electric Co		3.500		08/15/46		135,942
	200,000		Berkshire Hathaway Energy Co		2.000		11/15/18		200,614
	325,000		Berkshire Hathaway Energy Co		2.400		02/01/20		327,396
	200,000		Berkshire Hathaway Energy Co		3.750		11/15/23		208,991
	350,000		Berkshire Hathaway Energy Co		3.500		02/01/25		358,873
	200,000		Berkshire Hathaway Energy Co		5.150		11/15/43		226,386
	500,000		Berkshire Hathaway Energy Co		4.500		02/01/45		520,738
	200,000		Black Hills Corp		4.250		11/30/23		210,619
	100,000		Black Hills Corp		3.950		01/15/26		102,214
	100,000		Black Hills Corp		3.150		01/15/27		95,244
	200,000		Black Hills Corp		4.200		09/15/46		187,816
	200,000		Brookfield Finance LLC		4.000		04/01/24		201,141
	200,000		Brookfield Finance, Inc		4.250		06/02/26		200,954
	785,000		Carolina Power & Light Co		5.300		01/15/19		834,251
	350,000		Carolina Power & Light Co		3.000		09/15/21		358,030
	150,000		Carolina Power & Light Co		2.800		05/15/22		151,813
	100,000		Carolina Power & Light Co		4.100		05/15/42		101,419
	300,000		Carolina Power & Light Co		4.100		03/15/43		300,491
	400,000		CenterPoint Energy Houston Electric LLC		2.250		08/01/22		392,813
	200,000		CenterPoint Energy Houston Electric LLC		2.400		09/01/26		188,118
	300,000		CenterPoint Energy Houston Electric LLC		3.000		02/01/27		295,957
	100,000		CenterPoint Energy Houston Electric LLC		6.950		03/15/33		134,097
	100,000		CenterPoint Energy Houston Electric LLC		3.550		08/01/42		94,688
	300,000		CenterPoint Energy Houston Electric LLC		4.500		04/01/44		328,569
	423,000		CenterPoint Energy Resources Corp		4.500		01/15/21		445,151
	200,000	g	Cleco Corporate Holdings LLC		3.743		05/01/26		197,719
	200,000	g	Cleco Corporate Holdings LLC		4.973		05/01/46		205,981
	300,000		CMS Energy Corp		3.450		08/15/27		298,508
	100,000		CMS Energy Corp		4.700		03/31/43		102,562
	300,000		Columbia Pipeline Group, Inc		2.450		06/01/18		301,435
	300,000		Columbia Pipeline Group, Inc		3.300		06/01/20		305,680

103

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Columbia Pipeline Group, Inc		4.500	%	06/01/25	$	314,279
	300,000		Columbia Pipeline Group, Inc		5.800		06/01/45		349,762
	775,000		Commonwealth Edison Co		4.000		08/01/20		815,637
	200,000		Commonwealth Edison Co		3.100		11/01/24		200,190
	250,000		Commonwealth Edison Co		2.550		06/15/26		237,637
	387,000		Commonwealth Edison Co		5.900		03/15/36		476,499
	200,000		Commonwealth Edison Co		3.800		10/01/42		192,649
	300,000		Commonwealth Edison Co		4.600		08/15/43		325,322
	300,000		Commonwealth Edison Co		4.700		01/15/44		327,289
	100,000		Commonwealth Edison Co		3.700		03/01/45		94,472
	250,000		Commonwealth Edison Co		3.650		06/15/46		234,069
	200,000		Connecticut Light & Power Co		2.500		01/15/23		197,425
	125,000		Connecticut Light & Power Co		3.200		03/15/27		125,632
	200,000		Connecticut Light & Power Co		4.300		04/15/44		204,342
	250,000		Connecticut Light & Power Co		4.150		06/01/45		254,530
	60,000		Consolidated Edison Co of New York, Inc		6.650		04/01/19		65,559
	1,390,000		Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,487,763
	200,000		Consolidated Edison Co of New York, Inc		2.900		12/01/26		194,540
	325,000		Consolidated Edison Co of New York, Inc		5.700		06/15/40		396,819
	200,000		Consolidated Edison Co of New York, Inc		4.200		03/15/42		202,382
	550,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		537,134
	600,000		Consolidated Edison Co of New York, Inc		4.450		03/15/44		632,778
	150,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		159,382
	400,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		384,078
	200,000		Consolidated Edison Co of New York, Inc		4.625		12/01/54		212,732
	200,000		Consolidated Edison Co of New York, Inc		4.300		12/01/56		200,748
	200,000		Consolidated Edison, Inc		2.000		03/15/20		199,748
	100,000		Consolidated Edison, Inc		2.000		05/15/21		98,223
	730,000		Consumers Energy Co		6.125		03/15/19		790,938
	150,000		Consumers Energy Co		2.850		05/15/22		151,677
	200,000		Consumers Energy Co		3.375		08/15/23		207,263
	250,000		Consumers Energy Co		3.950		05/15/43		251,146
	200,000		Consumers Energy Co		4.100		11/15/45		203,663
	100,000		Consumers Energy Co		3.250		08/15/46		89,078
	100,000		Consumers Energy Co		3.950		07/15/47		101,378
	200,000		Delmarva Power & Light Co		3.500		11/15/23		206,946
	200,000		Delmarva Power & Light Co		4.150		05/15/45		205,183
	150,000		Dominion Gas Holdings LLC		2.500		12/15/19		151,665
	250,000		Dominion Gas Holdings LLC		2.800		11/15/20		253,068
	200,000		Dominion Gas Holdings LLC		3.550		11/01/23		203,644
	200,000		Dominion Gas Holdings LLC		3.600		12/15/24		202,141
	200,000		Dominion Gas Holdings LLC		4.800		11/01/43		210,147
	200,000		Dominion Gas Holdings LLC		4.600		12/15/44		200,489
	300,000		Dominion Resources, Inc		1.900		06/15/18		299,767
	400,000	i	Dominion Resources, Inc (Step Bond)		2.962		07/01/19		405,647
	150,000		Dominion Resources, Inc		1.600		08/15/19		148,109
	1,700,000		Dominion Resources, Inc		4.450		03/15/21		1,812,411
	200,000	i	Dominion Resources, Inc (Step Bond)		4.104		04/01/21		208,584
	125,000		Dominion Resources, Inc		2.000		08/15/21		121,264
	200,000		Dominion Resources, Inc		3.625		12/01/24		200,970
	150,000		Dominion Resources, Inc		2.850		08/15/26		140,049
	200,000		Dominion Resources, Inc		5.950		06/15/35		233,850
	100,000		Dominion Resources, Inc		4.050		09/15/42		93,819
	200,000		Dominion Resources, Inc		4.700		12/01/44		206,073

104

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000	i	Dominion Resources, Inc		5.750	%	10/01/54	$	310,500
	100,000		DTE Electric Co		3.700		06/01/46		96,134
	200,000		DTE Energy Co		3.300		06/15/22		203,045
	200,000		DTE Energy Co		3.800		03/15/27		202,797
	400,000		DTE Energy Electric Company		3.450		10/01/20		413,935
	100,000		DTE Energy Electric Company		2.650		06/15/22		99,892
	200,000		DTE Energy Electric Company		3.850		12/01/23		206,751
	200,000		DTE Energy Electric Company		3.650		03/15/24		210,691
	200,000		DTE Energy Electric Company		3.500		06/01/24		200,408
	100,000		DTE Energy Electric Company		3.950		06/15/42		98,264
	200,000		DTE Energy Electric Company		4.000		04/01/43		201,953
	200,000		DTE Energy Electric Company		4.300		07/01/44		210,238
	300,000		DTE Energy Electric Company		3.700		03/15/45		287,867
	623,000		Duke Energy Carolinas LLC		5.100		04/15/18		644,811
	125,000		Duke Energy Carolinas LLC		4.300		06/15/20		133,511
	200,000		Duke Energy Carolinas LLC		2.500		03/15/23		197,986
	200,000		Duke Energy Carolinas LLC		2.950		12/01/26		196,728
	500,000		Duke Energy Carolinas LLC		4.000		09/30/42		496,370
	300,000		Duke Energy Carolinas LLC		3.750		06/01/45		286,315
	200,000		Duke Energy Carolinas LLC		3.875		03/15/46		195,487
	500,000		Duke Energy Corp		2.100		06/15/18		501,919
	746,000		Duke Energy Corp		5.050		09/15/19		797,481
	250,000		Duke Energy Corp		1.800		09/01/21		241,459
	300,000		Duke Energy Corp		3.050		08/15/22		302,305
	300,000		Duke Energy Corp		3.950		10/15/23		314,069
	375,000		Duke Energy Corp		2.650		09/01/26		347,977
	300,000		Duke Energy Corp		4.800		12/15/45		316,689
	1,000,000		Duke Energy Corp		3.750		09/01/46		901,163
	200,000		Duke Energy Florida LLC		3.200		01/15/27		201,005
	500,000		Duke Energy Florida LLC		3.400		10/01/46		448,443
	300,000		Duke Energy Indiana LLC		3.750		05/15/46		284,380
	250,000		Duke Energy Indiana, Inc		4.200		03/15/42		253,276
	200,000		Duke Energy Indiana, Inc		4.900		07/15/43		224,376
	200,000		Duke Energy Ohio, Inc		3.700		06/15/46		187,016
	300,000		Duke Energy Progress LLC		3.250		08/15/25		303,858
	300,000		Duke Energy Progress LLC		4.200		08/15/45		305,454
	500,000		Duke Energy Progress LLC		3.700		10/15/46		477,779
	400,000		Duke Energy Progress, Inc		4.375		03/30/44		419,311
	500,000		Duke Energy Progress, Inc		4.150		12/01/44		507,584
	200,000		Edison International		2.125		04/15/20		200,206
	200,000		Edison International		2.950		03/15/23		199,754
	200,000		El Paso Electric Co		5.000		12/01/44		212,122
	300,000		Emera US Finance LP		2.150		06/15/19		299,883
	300,000		Emera US Finance LP		2.700		06/15/21		298,271
	300,000		Emera US Finance LP		3.550		06/15/26		294,877
	300,000		Emera US Finance LP		4.750		06/15/46		302,630
	50,000		Empresa Nacional de Electricidad S.A.		4.250		04/15/24		51,374
	100,000		Enbridge, Inc		5.600		04/01/17		100,000
	300,000		Enbridge, Inc		4.000		10/01/23		308,279
	100,000		Enbridge, Inc		4.250		12/01/26		102,072
	300,000		Enbridge, Inc		4.500		06/10/44		277,421
	625,000		Enbridge, Inc		5.500		12/01/46		664,314
	650,000		Energy Transfer Partners LP		2.500		06/15/18		653,173
	44,000		Energy Transfer Partners LP		9.700		03/15/19		50,030

105

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,250,000		Energy Transfer Partners LP		4.150	%	10/01/20	$	1,297,844
	500,000		Energy Transfer Partners LP		4.650		06/01/21		526,012
	200,000		Energy Transfer Partners LP		5.200		02/01/22		214,276
	200,000		Energy Transfer Partners LP		3.600		02/01/23		198,765
	500,000		Energy Transfer Partners LP		4.900		02/01/24		519,473
	400,000		Energy Transfer Partners LP		4.050		03/15/25		396,188
	1,000,000		Energy Transfer Partners LP		4.750		01/15/26		1,028,994
	250,000		Energy Transfer Partners LP		4.200		04/15/27		246,969
	400,000		Energy Transfer Partners LP		4.900		03/15/35		382,711
	140,000		Energy Transfer Partners LP		7.500		07/01/38		165,396
	450,000		Energy Transfer Partners LP		6.500		02/01/42		485,682
	200,000		Energy Transfer Partners LP		5.150		02/01/43		186,684
	200,000		Energy Transfer Partners LP		5.950		10/01/43		207,025
	400,000		Energy Transfer Partners LP		5.150		03/15/45		376,163
	500,000		Energy Transfer Partners LP		6.125		12/15/45		532,774
	250,000		Energy Transfer Partners LP		5.300		04/15/47		239,976
	200,000		EnLink Midstream Partners LP		2.700		04/01/19		200,444
	200,000		EnLink Midstream Partners LP		4.400		04/01/24		202,370
	300,000		EnLink Midstream Partners LP		4.150		06/01/25		296,363
	100,000		EnLink Midstream Partners LP		4.850		07/15/26		103,178
	200,000		EnLink Midstream Partners LP		5.600		04/01/44		200,839
	125,000		Entergy Arkansas, Inc		3.750		02/15/21		130,796
	175,000		Entergy Arkansas, Inc		3.700		06/01/24		182,609
	300,000		Entergy Arkansas, Inc		3.500		04/01/26		307,106
	200,000		Entergy Corp		5.125		09/15/20		216,035
	200,000		Entergy Corp		4.000		07/15/22		209,467
	300,000		Entergy Corp		2.950		09/01/26		284,658
	200,000		Entergy Louisiana LLC		4.050		09/01/23		210,994
	200,000		Entergy Louisiana LLC		2.400		10/01/26		187,488
	200,000		Entergy Louisiana LLC		3.250		04/01/28		197,618
	300,000		Entergy Louisiana LLC		4.950		01/15/45		307,635
	200,000		Entergy Mississippi, Inc		2.850		06/01/28		190,208
	225,000		Entergy Texas, Inc		7.125		02/01/19		244,515
	300,000		EQT Midstream Partners LP		4.000		08/01/24		298,889
	200,000		EQT Midstream Partners LP		4.125		12/01/26		198,044
	200,000	g	Everett Spinco, Inc		2.875		03/27/20		201,652
	200,000	g	Everett Spinco, Inc		4.250		04/15/24		203,349
	200,000	g	Everett Spinco, Inc		4.750		04/15/27		203,927
	200,000		Eversource Energy		2.750		03/15/22		200,518
	325,000		Exelon Corp		2.850		06/15/20		329,221
	1,122,000		Exelon Corp		2.450		04/15/21		1,108,462
	1,000,000		Exelon Corp		3.497		06/01/22		1,009,114
	300,000		Exelon Corp		3.950		06/15/25		308,321
	200,000		Exelon Corp		3.400		04/15/26		196,685
	500,000		Exelon Corp		4.950		06/15/35		529,135
	200,000		Exelon Corp		4.450		04/15/46		198,094
	150,000		Exelon Generation Co LLC		3.400		03/15/22		151,205
	200,000		Exelon Generation Co LLC		4.250		06/15/22		209,313
	371,000		Exelon Generation Co LLC		5.600		06/15/42		353,751
	400,000		Florida Power & Light Co		2.750		06/01/23		402,650
	500,000		Florida Power & Light Co		3.250		06/01/24		513,647
	907,000		Florida Power & Light Co		3.125		12/01/25		918,710
	400,000		Florida Power & Light Co		5.250		02/01/41		474,081
	100,000		Florida Power & Light Co		4.125		02/01/42		103,352

106

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Florida Power & Light Co		4.050	%	06/01/42	$	203,260
	450,000		Florida Power & Light Co		3.800		12/15/42		445,515
	400,000		Florida Power & Light Co		4.050		10/01/44		408,024
	29,000		Florida Power Corp		5.650		06/15/18		30,372
	1,200,000		Florida Power Corp		3.100		08/15/21		1,234,405
	165,000		Florida Power Corp		6.400		06/15/38		218,735
	300,000		Florida Power Corp		3.850		11/15/42		292,096
	175,000	g	Fortis, Inc		2.100		10/04/21		169,546
	275,000	g	Fortis, Inc		3.055		10/04/26		258,012
	100,000		Georgia Power Co		3.250		04/01/26		97,741
	300,000		Georgia Power Co		3.250		03/30/27		290,710
	177,000		Georgia Power Co		5.950		02/01/39		206,145
	700,000		Georgia Power Co		4.300		03/15/43		675,295
	250,000		Great Plains Energy, Inc		2.500		03/09/20		251,395
	200,000		Great Plains Energy, Inc		4.850		06/01/21		213,386
	500,000		Great Plains Energy, Inc		3.150		04/01/22		504,966
	750,000		Great Plains Energy, Inc		3.900		04/01/27		756,165
	750,000		Great Plains Energy, Inc		4.850		04/01/47		768,653
	750,000		Hewlett Packard Enterprise Co		2.850		10/05/18		758,893
	1,475,000		Hewlett Packard Enterprise Co		3.600		10/15/20		1,515,857
	750,000		Hewlett Packard Enterprise Co		4.400		10/15/22		785,345
	1,000,000		Hewlett Packard Enterprise Co		4.900		10/15/25		1,038,350
	750,000		Hewlett Packard Enterprise Co		6.200		10/15/35		786,148
	350,000		Hewlett Packard Enterprise Co		6.350		10/15/45		361,161
	80,000		Indiana Michigan Power Co		7.000		03/15/19		87,543
	225,000		Indiana Michigan Power Co		4.550		03/15/46		237,592
	70,000		Integrys Energy Group, Inc		4.170		11/01/20		73,961
	300,000		Interstate Power & Light Co		3.250		12/01/24		300,063
	100,000		Interstate Power & Light Co		6.250		07/15/39		127,100
	200,000		Interstate Power & Light Co		4.700		10/15/43		213,761
	100,000		Interstate Power & Light Co		3.700		09/15/46		93,254
	300,000		ITC Holdings Corp		3.650		06/15/24		302,241
	100,000		ITC Holdings Corp		3.250		06/30/26		97,134
	200,000		Kansas City Power & Light Co		3.650		08/15/25		200,768
	100,000		Kansas City Power & Light Co		5.300		10/01/41		106,233
	20,000	g	Kansas Gas & Electric		6.700		06/15/19		21,967
	250,000		KeySpan Corp		5.803		04/01/35		283,828
	300,000		Kinder Morgan, Inc		2.650		02/01/19		302,818
	500,000		Kinder Morgan, Inc		9.000		02/01/19		559,267
	2,400,000		Kinder Morgan, Inc		3.050		12/01/19		2,440,162
	1,200,000		Kinder Morgan, Inc		3.950		09/01/22		1,225,820
	350,000		Kinder Morgan, Inc		3.450		02/15/23		345,383
	200,000		Kinder Morgan, Inc		3.500		09/01/23		196,815
	300,000		Kinder Morgan, Inc		4.150		02/01/24		303,915
	500,000		Kinder Morgan, Inc		4.250		09/01/24		506,241
	1,950,000		Kinder Morgan, Inc		4.300		06/01/25		1,991,956
	1,300,000		Kinder Morgan, Inc		5.300		12/01/34		1,308,421
	535,000		Kinder Morgan, Inc		6.500		09/01/39		593,118
	300,000		Kinder Morgan, Inc		5.625		09/01/41		300,198
	200,000		Kinder Morgan, Inc		5.000		08/15/42		188,695
	500,000		Kinder Morgan, Inc		5.000		03/01/43		474,475
	400,000		Kinder Morgan, Inc		5.500		03/01/44		398,562
	200,000		Kinder Morgan, Inc		5.400		09/01/44		197,713
	300,000		Kinder Morgan, Inc		5.550		06/01/45		307,569

107

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	320,000	LG&E and KU Energy LLC		3.750	%	11/15/20	$	331,995
	225,000	Louisville Gas & Electric Co		3.300		10/01/25		226,895
	880,000	Metropolitan Edison Co		7.700		01/15/19		959,766
	300,000	MidAmerican Energy Co		3.500		10/15/24		311,056
	200,000	MidAmerican Energy Co		4.400		10/15/44		212,375
	300,000	MidAmerican Energy Co		2.400		03/15/19		303,591
	500,000	MidAmerican Energy Co		3.100		05/01/27		498,669
	200,000	MidAmerican Energy Co		4.800		09/15/43		224,359
	200,000	MidAmerican Energy Co		4.250		05/01/46		206,419
	500,000	MidAmerican Energy Co		3.950		08/01/47		497,381
	1,032,000	MidAmerican Energy Holdings Co		5.950		05/15/37		1,270,737
	300,000	MidAmerican Energy Holdings Co		6.500		09/15/37		390,173
	750,000	Mississippi Power Co		4.250		03/15/42		642,115
	1,000,000	MPLX LP		4.875		12/01/24		1,051,848
	1,500,000	MPLX LP		4.875		06/01/25		1,571,080
	200,000	MPLX LP		5.200		03/01/47		201,198
	100,000	National Fuel Gas Co		4.900		12/01/21		105,855
	200,000	National Fuel Gas Co		3.750		03/01/23		198,048
	300,000	National Fuel Gas Co		5.200		07/15/25		319,885
	820,000	Nevada Power Co		6.500		08/01/18		871,737
	45,000	Nevada Power Co		7.125		03/15/19		49,602
	100,000	NextEra Energy Capital Holdings, Inc		1.649		09/01/18		99,697
	125,000	NextEra Energy Capital Holdings, Inc		2.300		04/01/19		125,752
	100,000	NextEra Energy Capital Holdings, Inc		2.700		09/15/19		101,387
	500,000	NextEra Energy Capital Holdings, Inc		4.500		06/01/21		533,307
	150,000	NiSource Finance Corp		6.125		03/01/22		171,794
	100,000	NiSource Finance Corp		5.950		06/15/41		119,684
	200,000	NiSource Finance Corp		5.250		02/15/43		218,231
	150,000	NiSource Finance Corp		4.800		02/15/44		157,634
	815,000	NiSource Finance Corp		5.650		02/01/45		946,974
	300,000	Northeast Utilities		2.800		05/01/23		296,960
	500,000	Northern States Power Co		2.200		08/15/20		501,512
	150,000	Northern States Power Co		2.150		08/15/22		146,862
	300,000	Northern States Power Co		2.600		05/15/23		298,297
	425,000	Northern States Power Co		5.350		11/01/39		511,575
	200,000	Northern States Power Co		3.400		08/15/42		183,723
	150,000	Northern States Power Co		4.000		08/15/45		150,489
	175,000	Northern States Power Co		3.600		05/15/46		164,339
	200,000	NorthWestern Corp		4.176		11/15/44		197,620
	200,000	NSTAR Electric Co		2.375		10/15/22		196,755
	200,000	NSTAR Electric Co		3.250		11/15/25		199,906
	500,000	Oglethorpe Power Corp		4.200		12/01/42		468,102
	300,000	Oglethorpe Power Corp		4.550		06/01/44		295,976
	500,000	Oglethorpe Power Corp		5.250		09/01/50		544,886
	250,000	Ohio Edison Co		8.250		10/15/38		364,835
	600,000	Ohio Power Co		5.375		10/01/21		665,507
	200,000	Oklahoma Gas & Electric Co		4.150		04/01/47		199,660
	400,000	Oncor Electric Delivery Co LLC		2.950		04/01/25		396,184
	200,000	Oncor Electric Delivery Co LLC		6.800		09/01/18		213,832
	150,000	Oncor Electric Delivery Co LLC		4.100		06/01/22		159,804
	70,000	Oncor Electric Delivery Co LLC		7.250		01/15/33		95,688
	100,000	Oncor Electric Delivery Co LLC		5.250		09/30/40		117,200
	550,000	Oncor Electric Delivery Co LLC		4.550		12/01/41		589,795
	150,000	Oncor Electric Delivery Co LLC		5.300		06/01/42		178,441

108

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Oncor Electric Delivery Co LLC		3.750	%	04/01/45	$	284,555
	100,000	ONEOK Partners LP		2.000		10/01/17		100,118
	200,000	ONEOK Partners LP		3.200		09/15/18		202,780
	400,000	ONEOK Partners LP		3.375		10/01/22		400,320
	200,000	ONEOK Partners LP		5.000		09/15/23		214,360
	700,000	ONEOK Partners LP		4.900		03/15/25		740,921
	130,000	ONEOK Partners LP		6.650		10/01/36		151,276
	250,000	ONEOK Partners LP		6.850		10/15/37		298,556
	100,000	ONEOK Partners LP		6.125		02/01/41		110,985
	355,000	Pacific Gas & Electric Co		8.250		10/15/18		388,637
	400,000	Pacific Gas & Electric Co		3.250		06/15/23		407,152
	175,000	Pacific Gas & Electric Co		3.850		11/15/23		183,841
	200,000	Pacific Gas & Electric Co		3.750		02/15/24		209,094
	500,000	Pacific Gas & Electric Co		3.400		08/15/24		509,037
	900,000	Pacific Gas & Electric Co		3.500		06/15/25		920,675
	200,000	Pacific Gas & Electric Co		3.300		03/15/27		201,024
	420,000	Pacific Gas & Electric Co		6.050		03/01/34		525,695
	600,000	Pacific Gas & Electric Co		5.400		01/15/40		708,494
	400,000	Pacific Gas & Electric Co		4.500		12/15/41		416,903
	150,000	Pacific Gas & Electric Co		3.750		08/15/42		142,328
	400,000	Pacific Gas & Electric Co		4.600		06/15/43		427,313
	200,000	Pacific Gas & Electric Co		5.125		11/15/43		229,395
	300,000	Pacific Gas & Electric Co		4.750		02/15/44		329,436
	300,000	Pacific Gas & Electric Co		4.300		03/15/45		308,774
	200,000	Pacific Gas & Electric Co		4.250		03/15/46		204,662
	600,000	Pacific Gas & Electric Co		4.000		12/01/46		592,460
	250,000	PacifiCorp		2.950		02/01/22		254,730
	200,000	PacifiCorp		2.950		06/01/23		200,982
	300,000	PacifiCorp		3.600		04/01/24		311,368
	850,000	PacifiCorp		6.000		01/15/39		1,078,038
	200,000	PECO Energy Co		1.700		09/15/21		194,570
	150,000	PECO Energy Co		2.375		09/15/22		147,873
	200,000	PECO Energy Co		3.150		10/15/25		201,207
	200,000	PECO Energy Co		4.800		10/15/43		219,618
	200,000	PECO Energy Co		4.150		10/01/44		204,449
	300,000	PG&E Corp		2.400		03/01/19		302,111
	200,000	Phillips 66 Partners LP		2.646		02/15/20		201,068
	100,000	Phillips 66 Partners LP		3.550		10/01/26		95,505
	300,000	Phillips 66 Partners LP		4.680		02/15/45		277,182
	100,000	Phillips 66 Partners LP		4.900		10/01/46		95,184
	200,000	Physicians Realty LP		4.300		03/15/27		199,803
	200,000	Piedmont Natural Gas Co, Inc		4.650		08/01/43		208,752
	200,000	Potomac Electric Power Co		3.600		03/15/24		206,707
	65,000	Potomac Electric Power Co		7.900		12/15/38		95,997
	500,000	Potomac Electric Power Co		4.150		03/15/43		509,527
	300,000	PPL Capital Funding, Inc		4.200		06/15/22		315,674
	200,000	PPL Capital Funding, Inc		3.500		12/01/22		204,520
	400,000	PPL Capital Funding, Inc		3.400		06/01/23		403,856
	100,000	PPL Capital Funding, Inc		3.950		03/15/24		102,964
	175,000	PPL Capital Funding, Inc		3.100		05/15/26		168,060
	300,000	PPL Electric Utilities Corp		4.750		07/15/43		333,530
	200,000	PPL Electric Utilities Corp		4.125		06/15/44		202,383
	275,000	PPL Electric Utilities Corp		4.150		10/01/45		281,078
	300,000	Progress Energy, Inc		3.150		04/01/22		303,164

109

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	900,000	Progress Energy, Inc		7.750	%	03/01/31	$	1,253,161
	500,000	PSEG Power LLC		3.000		06/15/21		503,775
	150,000	Public Service Co of Colorado		2.250		09/15/22		147,013
	150,000	Public Service Co of Colorado		3.600		09/15/42		141,752
	100,000	Public Service Co of Colorado		4.300		03/15/44		104,881
	300,000	Public Service Co of New Hampshire		3.500		11/01/23		308,876
	220,000	Public Service Electric & Gas Co		5.300		05/01/18		228,954
	200,000	Public Service Electric & Gas Co		2.300		09/15/18		202,503
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		98,668
	300,000	Public Service Electric & Gas Co		2.250		09/15/26		279,361
	200,000	Public Service Electric & Gas Co		3.950		05/01/42		199,009
	100,000	Public Service Electric & Gas Co		3.650		09/01/42		95,228
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		195,744
	600,000	Public Service Electric & Gas Co		3.800		03/01/46		592,615
	200,000	Public Service Enterprise Group, Inc		1.600		11/15/19		197,855
	500,000	Public Service Enterprise Group, Inc		2.000		11/15/21		484,229
	300,000	Puget Energy, Inc		3.650		05/15/25		297,344
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		305,063
	700,000	Puget Sound Energy, Inc		4.434		11/15/41		723,381
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		208,959
	200,000	RWJ Barnabas Health, Inc		3.949		07/01/46		188,429
	150,000	San Diego Gas & Electric Co		3.000		08/15/21		153,504
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		417,601
	800,000	San Diego Gas & Electric Co		2.500		05/15/26		763,494
	300,000	SCANA Corp		4.750		05/15/21		313,311
	100,000	SCANA Corp		4.125		02/01/22		101,338
	250,000	Scottish Power Ltd		5.810		03/15/25		275,930
	605,000	Sempra Energy		2.300		04/01/17		605,000
	100,000	Sempra Energy		1.625		10/07/19		98,993
	200,000	Sempra Energy		2.850		11/15/20		202,293
	150,000	Sempra Energy		2.875		10/01/22		149,397
	500,000	Sempra Energy		4.050		12/01/23		520,962
	200,000	Sempra Energy		3.550		06/15/24		202,522
	200,000	Sempra Energy		3.750		11/15/25		203,625
	260,000	Sempra Energy		6.000		10/15/39		309,622
	1,500,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		1,488,038
	1,500,000	Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		1,468,931
	1,500,000	Shire Acquisitions Investments Ireland DAC		2.875		09/23/23		1,455,171
	1,000,000	Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		954,862
	869,000	Sierra Pacific Power Co		2.600		05/01/26		832,703
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		56,717
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		140,514
	250,000	South Carolina Electric & Gas Co		4.350		02/01/42		240,045
	300,000	South Carolina Electric & Gas Co		4.600		06/15/43		297,298
	500,000	South Carolina Electric & Gas Co		4.100		06/15/46		482,671
	200,000	South Carolina Electric & Gas Co		4.500		06/01/64		193,441
	412,973	Southaven Combined Cycle Generation LLC		3.846		08/15/33		419,071
	250,000	Southern California Edison Co		5.500		08/15/18		262,816
	280,000	Southern California Edison Co		3.875		06/01/21		295,962
	500,000	Southern California Edison Co		2.400		02/01/22		497,996
	400,000	Southern California Edison Co		3.500		10/01/23		416,473
	185,000	Southern California Edison Co		6.050		03/15/39		236,369
	300,000	Southern California Edison Co		4.500		09/01/40		321,181
	200,000	Southern California Edison Co		4.050		03/15/42		201,762

110

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Southern California Edison Co		3.900	%	03/15/43	$	496,587
	500,000		Southern California Edison Co		4.650		10/01/43		550,738
	450,000		Southern California Edison Co		3.600		02/01/45		424,952
	500,000		Southern California Edison Co		4.000		04/01/47		499,772
	200,000		Southern California Gas Co		3.150		09/15/24		203,540
	200,000		Southern California Gas Co		3.200		06/15/25		202,149
	200,000		Southern California Gas Co		2.600		06/15/26		193,105
	150,000		Southern California Gas Co		3.750		09/15/42		145,763
	400,000		Southern Co		1.850		07/01/19		397,789
	300,000		Southern Co		2.750		06/15/20		302,513
	400,000		Southern Co		2.350		07/01/21		392,710
	400,000		Southern Co		2.950		07/01/23		389,305
	1,400,000		Southern Co		3.250		07/01/26		1,335,443
	400,000		Southern Co		4.250		07/01/36		387,285
	400,000		Southern Co		4.400		07/01/46		382,204
	300,000	i	Southern Co		5.500		03/15/57		309,497
	200,000		Southern Co Gas Capital Corp		2.450		10/01/23		191,802
	100,000		Southern Co Gas Capital Corp		3.950		10/01/46		91,074
	108,000	g	Southern Natural Gas Co		5.900		04/01/17		108,000
	550,000		Southern Natural Gas Co		4.400		06/15/21		580,319
	300,000		Southern Power Co		1.950		12/15/19		297,760
	500,000		Southern Power Co		2.375		06/01/20		499,894
	300,000		Southern Power Co		2.500		12/15/21		293,175
	200,000		Southern Power Co		4.150		12/01/25		206,666
	300,000		Southern Power Co		4.950		12/15/46		296,551
	100,000		Southwest Gas Corp		3.800		09/29/46		92,141
	500,000		Southwestern Electric Power Co		2.750		10/01/26		472,846
	400,000		Southwestern Electric Power Co		6.200		03/15/40		497,363
	600,000		Southwestern Public Service Co		4.500		08/15/41		637,903
	300,000		Southwestern Public Service Co		3.400		08/15/46		270,524
	60,000		Spectra Energy Capital LLC		6.200		04/15/18		62,581
	600,000		Spectra Energy Capital LLC		3.300		03/15/23		592,857
	200,000		Spectra Energy Partners LP		2.950		09/25/18		202,646
	200,000		Spectra Energy Partners LP		4.750		03/15/24		211,751
	400,000		Spectra Energy Partners LP		3.500		03/15/25		389,478
	100,000		Spectra Energy Partners LP		3.375		10/15/26		95,182
	200,000		Spectra Energy Partners LP		5.950		09/25/43		223,757
	300,000		Spectra Energy Partners LP		4.500		03/15/45		280,191
	200,000		Tampa Electric Co		5.400		05/15/21		219,942
	100,000		Tampa Electric Co		2.600		09/15/22		98,439
	100,000		Tampa Electric Co		4.100		06/15/42		97,701
	175,000		Tampa Electric Co		4.350		05/15/44		173,428
	300,000		TC PipeLines LP		4.375		03/13/25		303,872
	200,000		TECO Finance, Inc		5.150		03/15/20		213,472
	200,000		Tennessee Gas Pipeline Co		7.000		10/15/28		238,463
	12,000		Toledo Edison Co		7.250		05/01/20		13,075
	300,000		Toledo Edison Co		6.150		05/15/37		361,478
	650,000		Total Capital S.A.		2.125		08/10/18		653,807
	200,000		Total Capital S.A.		4.450		06/24/20		214,268
	100,000		Total Capital S.A.		4.125		01/28/21		106,160
	350,000		TransAlta Corp		6.900		05/15/18		364,000
	300,000		TransAlta Corp		4.500		11/15/22		300,375
	500,000		Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		641,965
	125,000		Transcontinental Gas Pipe Line Co LLC		4.450		08/01/42		118,135

111

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Tucson Electric Power Co		3.050	%	03/15/25	$	193,476
	300,000	Union Electric Co		3.500		04/15/24		309,566
	100,000	Union Electric Co		8.450		03/15/39		156,130
	100,000	Union Electric Co		3.900		09/15/42		99,707
	100,000	Union Electric Co		3.650		04/15/45		94,818
	100,000	United Utilities plc		6.875		08/15/28		116,712
	825,000	Virginia Electric & Power Co		3.150		01/15/26		820,340
	200,000	Virginia Electric & Power Co		2.950		11/15/26		195,191
	1,100,000	Virginia Electric & Power Co		4.000		11/15/46		1,081,654
	200,000	Virginia Electric and Power Co		1.200		01/15/18		199,352
	309,000	Virginia Electric and Power Co		2.750		03/15/23		306,980
	500,000	Virginia Electric and Power Co		3.450		02/15/24		513,276
	200,000	Virginia Electric and Power Co		3.100		05/15/25		198,543
	350,000	Virginia Electric and Power Co		6.000		05/15/37		434,429
	160,000	Virginia Electric and Power Co		4.000		01/15/43		157,953
	250,000	Virginia Electric and Power Co		4.650		08/15/43		271,657
	400,000	Virginia Electric and Power Co		4.450		02/15/44		421,896
	200,000	Virginia Electric and Power Co		4.200		05/15/45		203,631
	125,000	WEC Energy Group, Inc		1.650		06/15/18		124,939
	200,000	WEC Energy Group, Inc		2.450		06/15/20		201,170
	100,000	WEC Energy Group, Inc		3.550		06/15/25		101,856
	200,000	Westar Energy, Inc		3.250		12/01/25		198,837
	100,000	Westar Energy, Inc		2.550		07/01/26		95,045
	500,000	Westar Energy, Inc		4.125		03/01/42		504,608
	175,000	Westar Energy, Inc		4.100		04/01/43		175,490
	450,000	Western Gas Partners LP		4.000		07/01/22		462,068
	200,000	Western Gas Partners LP		3.950		06/01/25		197,967
	100,000	Western Gas Partners LP		4.650		07/01/26		102,981
	200,000	Western Gas Partners LP		5.450		04/01/44		205,399
	225,000	Western Massachusetts Electric Co		3.500		09/15/21		231,883
	530,000	Williams Partners LP		5.250		03/15/20		570,184
	600,000	Williams Partners LP		4.000		11/15/21		620,806
	750,000	Williams Partners LP		3.600		03/15/22		760,700
	200,000	Williams Partners LP		3.350		08/15/22		199,637
	300,000	Williams Partners LP		4.500		11/15/23		313,954
	300,000	Williams Partners LP		4.300		03/04/24		308,665
	500,000	Williams Partners LP		3.900		01/15/25		499,289
	750,000	Williams Partners LP		4.000		09/15/25		753,089
	300,000	Williams Partners LP		5.800		11/15/43		320,645
	300,000	Williams Partners LP		5.400		03/04/44		305,967
	1,000,000	Williams Partners LP		4.900		01/15/45		962,218
	300,000	Wisconsin Electric Power Co		1.700		06/15/18		300,388
	200,000	Wisconsin Electric Power Co		3.100		06/01/25		198,063
	200,000	Wisconsin Electric Power Co		5.625		05/15/33		235,366
	200,000	Wisconsin Electric Power Co		3.650		12/15/42		185,838
	200,000	Wisconsin Public Service Corp		4.752		11/01/44		222,039
	100,000	Xcel Energy, Inc		4.700		05/15/20		106,230
	300,000	Xcel Energy, Inc		2.400		03/15/21		298,967
	300,000	Xcel Energy, Inc		2.600		03/15/22		298,594
	100,000	Xcel Energy, Inc		3.350		12/01/26		99,975
		TOTAL UTILITIES						186,278,665
		TOTAL CORPORATE BONDS						1,952,094,756
		(Cost $1,931,093,194)

112

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GOVERNMENT BONDS -  71.3%
AGENCY SECURITIES - 2.2%
$	9,250,000		Federal Farm Credit Bank (FFCB)		0.750	%	04/18/18	$	9,211,955
	1,145,000		FFCB		3.500		12/20/23		1,230,869
	500,000		Federal Home Loan Bank (FHLB)		4.875		05/17/17		502,542
	1,000,000		FHLB		0.750		09/08/17		999,093
	2,745,000		FHLB		5.000		11/17/17		2,811,080
	2,000,000		FHLB		1.000		12/19/17		1,999,570
	10,000,000		FHLB		1.625		06/14/19		10,042,780
	16,000,000		FHLB		1.875		03/13/20		16,120,416
	9,000,000		FHLB		1.125		07/14/21		8,717,400
	24,500,000		Federal Home Loan Mortgage Corp (FHLMC)		0.875		03/07/18		24,445,733
	4,500,000		FHLMC		1.250		08/01/19		4,482,108
	17,500,000		FHLMC		2.375		01/13/22		17,811,535
	150,000		Federal National Mortgage Association (FNMA)		5.000		05/11/17		150,664
	4,340,000		FNMA		5.375		06/12/17		4,377,788
	8,000,000		FNMA		1.125		07/20/18		7,994,584
	8,000,000		FNMA		1.625		11/27/18		8,047,320
	2,550,000		FNMA		0.875		08/02/19		2,516,557
	11,000,000	j	FNMA		0.000		10/09/19		10,494,033
	1,500,000		FNMA		1.750		11/26/19		1,509,551
	7,000,000		FNMA		1.500		11/30/20		6,948,137
	2,310,000	i	FNMA		2.301		09/25/22		2,257,621
	6,000,000		FNMA		2.625		09/06/24		6,091,104
	5,000,000		FNMA		6.625		11/15/30		7,049,905
	1,000,000		FNMA		5.625		07/15/37		1,343,401
	815,000		Financing Corp		9.400		02/08/18		870,449
	825,000		Financing Corp		9.800		04/06/18		896,079
	815,000		Financing Corp		10.350		08/03/18		913,306
	500,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		512,099
	1,300,000		Hashemite Kingdom of Jordan Government AID Bond		3.000		06/30/25		1,333,957
	800,000		Israel Government AID Bond		5.500		09/18/23		947,001
	300,000		Israel Government AID Bond		5.500		04/26/24		356,994
	590,000		Private Export Funding Corp (PEFCO)		2.250		12/15/17		594,389
	175,000		PEFCO		1.450		08/15/19		174,394
	550,000		PEFCO		2.250		03/15/20		557,872
	200,000		PEFCO		2.300		09/15/20		202,431
	400,000		PEFCO		2.050		11/15/22		392,620
	200,000		PEFCO		3.250		06/15/25		205,919
	250,000		Ukraine Government AID Bonds		1.844		05/16/19		252,515
	1,900,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		1,915,903
	1,000,000		Iraq Government AID Bond		2.149		01/18/22		996,139
	175,000		Tunisia Government AID Bonds		1.416		08/05/21		169,903
	500,000		Ukraine Government AID Bonds		1.847		05/29/20		500,837
			TOTAL AGENCY SECURITIES						168,948,553
FOREIGN GOVERNMENT BONDS - 4.1%
	500,000		African Development Bank		0.750		11/03/17		498,624
	900,000		African Development Bank		1.625		10/02/18		902,881
	500,000		African Development Bank		1.000		11/02/18		496,413

113

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	African Development Bank		1.375	%	02/12/20	$	495,125
	500,000	African Development Bank		1.250		07/26/21		482,292
	450,000	African Development Bank		2.375		09/23/21		454,595
	400,000	Agricultural Bank of China		2.000		05/21/18		399,947
	1,400,000	Agricultural Bank of China		2.750		05/21/20		1,401,695
	500,000	Asian Development Bank		0.875		04/26/18		498,140
	1,500,000	Asian Development Bank		1.125		06/05/18		1,497,351
	400,000	Asian Development Bank		0.875		10/05/18		397,043
	500,000	Asian Development Bank		1.375		01/15/19		499,587
	1,000,000	Asian Development Bank		1.875		04/12/19		1,007,605
	500,000	Asian Development Bank		1.750		01/10/20		502,110
	500,000	Asian Development Bank		1.500		01/22/20		498,211
	1,500,000	Asian Development Bank		1.375		03/23/20		1,485,858
	1,000,000	Asian Development Bank		1.625		08/26/20		993,867
	500,000	Asian Development Bank		1.625		03/16/21		493,632
	1,000,000	Asian Development Bank		2.125		11/24/21		999,515
	600,000	Asian Development Bank		1.875		02/18/22		593,473
	500,000	Asian Development Bank		2.000		01/22/25		483,116
	1,500,000	Asian Development Bank		2.000		04/24/26		1,432,276
	1,000,000	Asian Development Bank		2.625		01/12/27		1,007,490
	75,000	Asian Development Bank		5.820		06/16/28		93,340
	1,000,000	Canada Government International Bond		1.125		03/19/18		999,379
	1,000,000	Canada Government International Bond		1.625		02/27/19		1,005,270
	300,000	Chile Government International Bond		2.250		10/30/22		293,895
	1,209,000	Chile Government International Bond		3.125		01/21/26		1,227,739
	300,000	Chile Government International Bond		3.625		10/30/42		295,290
	450,000	Colombia Government International Bond		7.375		03/18/19		495,900
	900,000	Colombia Government International Bond		4.375		07/12/21		954,000
	600,000	Colombia Government International Bond		2.625		03/15/23		576,750
	1,250,000	Colombia Government International Bond		4.000		02/26/24		1,286,250
	1,000,000	Colombia Government International Bond		3.875		04/25/27		996,000
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,425,000
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,250,625
	2,800,000	Colombia Government International Bond		5.000		06/15/45		2,808,400
	500,000	Corp Andina de Fomento		1.500		08/08/17		500,150
	500,000	Corp Andina de Fomento		2.000		05/10/19		498,706
	500,000	Corp Andina de Fomento		2.125		09/27/21		491,885
	527,000	Corp Andina de Fomento		4.375		06/15/22		561,576
	500,000	Council of Europe Development Bank		1.500		06/19/17		500,379
	500,000	Council of Europe Development Bank		1.000		03/07/18		498,666
	500,000	Council of Europe Development Bank		1.125		05/31/18		498,708
	300,000	Council of Europe Development Bank		1.875		01/27/20		301,787
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		981,866
	500,000	European Bank for Reconstruction & Development		0.750		09/01/17		499,124
	500,000	European Bank for Reconstruction & Development		1.750		06/14/19		501,048
	1,300,000	European Bank for Reconstruction & Development		1.750		11/26/19		1,300,719
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,289,517
	750,000	European Bank for Reconstruction & Development		1.500		11/02/21		728,404
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		493,119
	2,500,000	European Investment Bank		0.875		04/18/17		2,499,950
	700,000	European Investment Bank		1.000		08/17/17		699,684
	750,000	European Investment Bank		1.000		03/15/18		748,346
	5,000,000	European Investment Bank		1.000		06/15/18		4,979,480
	2,000,000	European Investment Bank		1.125		08/15/18		1,994,064
	1,000,000	European Investment Bank		1.875		03/15/19		1,005,890
	5,000,000	European Investment Bank		1.250		05/15/19		4,966,685

114

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	European Investment Bank		1.375	%	06/15/20	$	1,475,026
	1,000,000	European Investment Bank		2.875		09/15/20		1,030,624
	500,000	European Investment Bank		1.625		12/15/20		493,913
	1,750,000	European Investment Bank		2.000		03/15/21		1,749,694
	500,000	European Investment Bank		2.500		04/15/21		508,476
	1,000,000	European Investment Bank		1.625		06/15/21		981,917
	2,500,000	European Investment Bank		2.125		10/15/21		2,496,475
	1,000,000	European Investment Bank		2.375		06/15/22		1,008,779
	500,000	European Investment Bank		2.250		08/15/22		499,016
	6,750,000	European Investment Bank		3.250		01/29/24		7,070,193
	1,500,000	European Investment Bank		2.500		10/15/24		1,499,337
	1,705,000	European Investment Bank		4.875		02/15/36		2,118,838
	1,300,000	Export Development Canada		0.750		12/15/17		1,295,995
	500,000	Export Development Canada		1.000		06/15/18		498,237
	125,000	Export Development Canada		1.250		12/10/18		125,299
	500,000	Export Development Canada		1.250		02/04/19		498,374
	500,000	Export Development Canada		1.750		08/19/19		501,940
	500,000	Export Development Canada		1.625		01/17/20		499,382
	500,000	Export Development Canada		1.750		07/21/20		499,567
	300,000	Export Development Canada		1.500		05/26/21		293,937
	500,000	Export Development Canada		1.375		10/21/21		484,282
	200,000	Export-Import Bank of Korea		1.750		02/27/18		199,955
	400,000	Export-Import Bank of Korea		2.875		09/17/18		405,373
	500,000	Export-Import Bank of Korea		1.750		05/26/19		497,078
	300,000	Export-Import Bank of Korea		1.500		10/21/19		296,019
	775,000	Export-Import Bank of Korea		5.125		06/29/20		839,434
	200,000	Export-Import Bank of Korea		2.125		02/11/21		195,909
	250,000	Export-Import Bank of Korea		2.500		05/10/21		247,956
	300,000	Export-Import Bank of Korea		1.875		10/21/21		289,258
	300,000	Export-Import Bank of Korea		5.000		04/11/22		330,094
	500,000	Export-Import Bank of Korea		4.000		01/14/24		527,654
	750,000	Export-Import Bank of Korea		2.875		01/21/25		736,357
	250,000	Export-Import Bank of Korea		3.250		11/10/25		251,738
	500,000	Export-Import Bank of Korea		2.625		05/26/26		479,041
	500,000	Export-Import Bank of Korea		3.250		08/12/26		502,870
	300,000	Export-Import Bank of Korea		2.375		04/21/27		279,424
	100,000	Finland Government International Bond		6.950		02/15/26		128,205
	2,750,000	FMS Wertmanagement AoeR		1.000		11/21/17		2,746,276
	1,000,000	FMS Wertmanagement AoeR		1.250		07/30/18		998,289
	450,000	FMS Wertmanagement AoeR		1.000		08/16/19		442,827
	750,000	FMS Wertmanagement AoeR		1.750		01/24/20		750,094
	500,000	FMS Wertmanagement AoeR		1.375		06/08/21		485,178
	2,250,000	Hungary Government International Bond		4.000		03/25/19		2,333,425
	2,000,000	Hungary Government International Bond		5.375		02/21/23		2,202,580
	750,000	Hungary Government International Bond		7.625		03/29/41		1,088,020
	1,800,000	Hydro Quebec		1.375		06/19/17		1,800,644
	270,000	Hydro Quebec		9.400		02/01/21		333,697
	200,000	Hydro Quebec		8.500		12/01/29		292,527
	1,500,000	Inter-American Development Bank		1.000		07/14/17		1,499,469
	500,000	Inter-American Development Bank		1.250		01/16/18		499,859
	3,000,000	Inter-American Development Bank		1.750		08/24/18		3,016,524
	2,000,000	Inter-American Development Bank		1.125		08/28/18		1,994,080
	750,000	Inter-American Development Bank		1.500		09/25/18		751,376
	500,000	Inter-American Development Bank		1.000		05/13/19		494,971
	1,105,000	Inter-American Development Bank		3.875		09/17/19		1,162,818
	3,000,000	Inter-American Development Bank		1.750		10/15/19		3,005,178

115

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,750,000	Inter-American Development Bank		1.375	%	07/15/20	$	2,712,683
	500,000	Inter-American Development Bank		2.125		01/18/22		501,840
	500,000	Inter-American Development Bank		2.125		01/15/25		487,568
	1,500,000	Inter-American Development Bank		2.000		06/02/26		1,430,523
	700,000	Inter-American Development Bank		3.200		08/07/42		672,769
	300,000	Inter-American Development Bank		4.375		01/24/44		350,602
	5,000,000	International Bank for Reconstruction & Development		1.000		06/15/18		4,982,275
	1,000,000	International Bank for Reconstruction & Development		1.000		10/05/18		994,765
	1,500,000	International Bank for Reconstruction & Development		1.875		03/15/19		1,511,582
	5,750,000	International Bank for Reconstruction & Development		1.250		07/26/19		5,708,042
	3,500,000	International Bank for Reconstruction & Development		1.875		10/07/19		3,520,444
	2,000,000	International Bank for Reconstruction & Development		1.875		04/21/20		2,009,982
	1,000,000	International Bank for Reconstruction & Development		1.125		08/10/20		978,677
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,700,699
	5,000,000	International Bank for Reconstruction & Development		1.375		05/24/21		4,875,140
	1,500,000	International Bank for Reconstruction & Development		2.000		01/26/22		1,495,031
	400,000	International Bank for Reconstruction & Development		7.625		01/19/23		514,520
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		494,601
	1,600,000	International Bank for Reconstruction & Development		2.500		11/25/24		1,602,694
	1,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		1,494,170
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		1,013,781
	500,000	International Finance Corp		1.250		07/16/18		499,717
	2,000,000	International Finance Corp		1.750		09/04/18		2,011,062
	175,000	International Finance Corp		1.250		11/27/18		174,700
	1,000,000	International Finance Corp		1.750		09/16/19		1,004,237
	1,000,000	International Finance Corp		1.750		03/30/20		999,601
	2,750,000	International Finance Corp		1.625		07/16/20		2,738,733
	400,000	Israel Government International Bond		5.125		03/26/19		425,924
	705,000	Israel Government International Bond		4.000		06/30/22		748,128
	300,000	Israel Government International Bond		3.150		06/30/23		304,302
	500,000	Israel Government International Bond		2.875		03/16/26		490,187
	500,000	Israel Government International Bond		4.500		01/30/43		514,799
	1,374,000	Italian Republic		5.375		06/15/33		1,489,722
	430,000	Italy Government International Bond		5.375		06/12/17		432,473
	500,000	Italy Government International Bond		6.875		09/27/23		580,558
	1,900,000	Japan Bank for International Cooperation		1.125		07/19/17		1,897,074
	1,050,000	Japan Bank for International Cooperation		1.750		07/31/18		1,050,371
	1,000,000	Japan Bank for International Cooperation		2.250		02/24/20		1,001,306
	250,000	Japan Bank for International Cooperation		1.875		04/20/21		244,700
	750,000	Japan Bank for International Cooperation		1.500		07/21/21		719,750
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,093,944
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		476,850
	750,000	Japan Bank for International Cooperation		2.750		01/21/26		744,443
	400,000	Japan Bank for International Cooperation		2.375		04/20/26		383,524
	1,500,000	Japan Bank for International Cooperation		1.875		07/21/26		1,381,077
	900,000	Japan Finance Organization for Municipalities		5.000		05/16/17		903,619
	350,000	Japan International Cooperation Agency		2.125		10/20/26		327,553
	1,000,000	KFW		0.875		12/15/17		997,903
	750,000	KFW		0.875		04/19/18		747,038
	2,000,000	KFW		1.000		06/11/18		1,992,692
	1,105,000	KFW		4.500		07/16/18		1,149,104
	2,000,000	KFW		1.125		08/06/18		1,994,250
	300,000	KFW		1.500		02/06/19		300,185
	2,000,000	KFW		1.000		07/15/19		1,974,548
	500,000	KFW		1.750		10/15/19		501,465
	6,925,000	KFW		4.000		01/27/20		7,360,271

116

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	KFW		1.875	%	06/30/20	$	1,503,078
	1,000,000	KFW		2.750		10/01/20		1,029,204
	1,500,000	KFW		1.875		11/30/20		1,496,148
	1,500,000	KFW		1.500		06/15/21		1,469,246
	1,600,000	KFW		2.625		01/25/22		1,635,166
	2,750,000	KFW		2.000		10/04/22		2,710,318
	2,000,000	KFW		2.500		11/20/24		2,013,752
	7,000,000	KFW		2.000		05/02/25		6,766,333
	400,000	Korea Development Bank		3.500		08/22/17		402,846
	300,000	Korea Development Bank		1.500		01/22/18		299,330
	400,000	Korea Development Bank		3.000		03/17/19		407,444
	500,000	Korea Development Bank		2.500		03/11/20		501,948
	300,000	Korea Development Bank		2.500		01/13/21		298,281
	500,000	Korea Development Bank		2.625		02/27/22		497,114
	200,000	Korea Development Bank		3.000		09/14/22		201,813
	500,000	Korea Development Bank		3.750		01/22/24		519,960
	200,000	Korea Development Bank		3.375		09/16/25		203,519
	400,000	Korea Development Bank		3.000		01/13/26		397,711
	500,000	Korea International Bond		2.750		01/19/27		491,300
	3,650,000	Kreditanstalt fuer Wiederaufbau		1.750		03/31/20		3,652,884
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		1,493,271
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		03/07/22		998,070
	500,000	Landwirtschaftliche Rentenbank		1.750		04/15/19		501,879
	1,000,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		993,199
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		481,591
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		740,256
	1,000,000	Landwirtschaftliche Rentenbank		1.750		07/27/26		929,316
	1,000,000	Mexico Government International Bond		3.500		01/21/21		1,037,000
	1,500,000	Mexico Government International Bond		4.125		01/21/26		1,542,000
	8,410,000	Mexico Government International Bond		4.150		03/28/27		8,557,175
	461,000	Mexico Government International Bond		6.750		09/27/34		575,522
	730,000	Mexico Government International Bond		6.050		01/11/40		834,025
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,433,465
	1,678,000	Mexico Government International Bond		5.550		01/21/45		1,812,240
	505,000	Mexico Government International Bond		4.600		01/23/46		483,538
	500,000	Mexico Government International Bond		4.350		01/15/47		460,000
	950,000	Mexico Government International Bond		5.750		10/12/10		945,250
	1,500,000	Nordic Investment Bank		0.750		01/17/18		1,494,248
	1,000,000	Nordic Investment Bank		2.250		09/30/21		1,006,557
	2,300,000	North American Development Bank		2.400		10/26/22		2,252,197
	1,100,000	Panama Government International Bond		5.200		01/30/20		1,188,000
	250,000	Panama Government International Bond		4.000		09/22/24		260,938
	1,000,000	Panama Government International Bond		3.750		03/16/25		1,021,250
	300,000	Panama Government International Bond		7.125		01/29/26		378,375
	500,000	Panama Government International Bond		3.875		03/17/28		508,125
	692,000	Panama Government International Bond		6.700		01/26/36		871,920
	700,000	Panama Government International Bond		4.300		04/29/53		663,250
	520,000	Peruvian Government International Bond		7.125		03/30/19		570,700
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,197,875
	600,000	Peruvian Government International Bond		4.125		08/25/27		645,000
	1,100,000	Peruvian Government International Bond		6.550		03/14/37		1,420,375
	700,000	Peruvian Government International Bond		5.625		11/18/50		833,875
	225,000	Philippine Government International Bond		4.200		01/21/24		243,792
	4,083,000	Philippine Government International Bond		3.950		01/20/40		4,207,576
	300,000	Philippine Government International Bond		3.700		03/01/41		297,864
	3,793,000	Philippine Government International Bond		3.700		02/02/42		3,758,032

117

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,985,000	Poland Government International Bond		6.375	%	07/15/19	$	2,177,652
	67,000	Poland Government International Bond		5.125		04/21/21		73,380
	390,000	Poland Government International Bond		5.000		03/23/22		428,214
	990,000	Poland Government International Bond		3.000		03/17/23		988,138
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,049,979
	1,000,000	Poland Government International Bond		3.250		04/06/26		993,280
	500,000	Province of Alberta Canada		1.900		12/06/19		500,313
	400,000	Province of British Columbia Canada		1.200		04/25/17		400,076
	200,000	Province of British Columbia Canada		2.650		09/22/21		204,427
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,766,117
	500,000	Province of Manitoba Canada		1.125		06/01/18		498,645
	500,000	Province of Manitoba Canada		1.750		05/30/19		500,980
	500,000	Province of Manitoba Canada		2.050		11/30/20		501,021
	300,000	Province of Manitoba Canada		3.050		05/14/24		307,648
	500,000	Province of Manitoba Canada		2.125		06/22/26		467,455
	200,000	Province of New Brunswick Canada		2.750		06/15/18		203,036
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		248,723
	1,300,000	Province of Ontario Canada		1.100		10/25/17		1,298,730
	1,000,000	Province of Ontario Canada		2.000		01/30/19		1,006,195
	300,000	Province of Ontario Canada		1.250		06/17/19		296,837
	1,000,000	Province of Ontario Canada		1.650		09/27/19		996,260
	230,000	Province of Ontario Canada		4.400		04/14/20		246,385
	1,000,000	Province of Ontario Canada		2.400		02/08/22		1,003,653
	800,000	Province of Ontario Canada		2.450		06/29/22		802,263
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,548,980
	1,000,000	Province of Ontario Canada		2.500		04/27/26		977,142
	1,135,000	Province of Quebec Canada		4.625		05/14/18		1,174,952
	1,120,000	Province of Quebec Canada		3.500		07/29/20		1,174,206
	1,100,000	Province of Quebec Canada		2.625		02/13/23		1,109,112
	200,000	Province of Quebec Canada		7.125		02/09/24		249,360
	500,000	Province of Quebec Canada		2.875		10/16/24		505,639
	2,500,000	Province of Quebec Canada		2.500		04/20/26		2,443,133
	201,000	Province of Quebec Canada		7.500		09/15/29		285,427
	100,000	Province of Saskatchewan Canada		8.500		07/15/22		126,533
	700,000	Republic of Korea		7.125		04/16/19		773,710
	500,000	Republic of Korea		3.875		09/11/23		534,450
	400,000	Republic of Korea		4.125		06/10/44		459,558
	1,810,000	South Africa Government International Bond		6.875		05/27/19		1,967,923
	225,000	South Africa Government International Bond		5.500		03/09/20		239,326
	500,000	South Africa Government International Bond		4.665		01/17/24		505,205
	300,000	South Africa Government International Bond		5.875		09/16/25		322,470
	975,000	South Africa Government International Bond		4.875		04/14/26		980,691
	1,000,000	South Africa Government International Bond		4.300		10/12/28		938,900
	300,000	South Africa Government International Bond		6.250		03/08/41		328,154
	525,000	South Africa Government International Bond		5.375		07/24/44		515,224
	500,000	South Africa Government International Bond		5.000		10/12/46		463,750
	1,000,000	Svensk Exportkredit AB		1.750		05/30/17		1,001,172
	425,000	Svensk Exportkredit AB		1.125		04/05/18		423,980
	500,000	Svensk Exportkredit AB		1.250		04/12/19		495,743
	500,000	Svensk Exportkredit AB		1.875		06/17/19		501,404
	200,000	Svensk Exportkredit AB		1.875		06/23/20		199,454
	500,000	Svensk Exportkredit AB		1.750		08/28/20		496,518
	500,000	Svensk Exportkredit AB		1.750		03/10/21		492,601
	200,343	Uruguay Government International Bond		4.500		08/14/24		212,614
	1,700,000	Uruguay Government International Bond		4.375		10/27/27		1,774,800
	500,000	Uruguay Government International Bond		4.125		11/20/45		441,000

118

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,313,907		Uruguay Government International Bond		5.100	%	06/18/50	$	1,264,635
			TOTAL FOREIGN GOVERNMENT BONDS						311,232,447
MORTGAGE BACKED - 28.0%
	19,646,794		Federal Home Loan Mortgage Corp (FHLMC)		2.500		12/01/31		19,672,029
	34,145	i	FHLMC		2.844		04/01/35		36,081
	5,473	i	FHLMC		2.649		10/01/35		5,769
	104,201	i	FHLMC		2.920		02/01/36		110,597
	41,683	i	FHLMC		3.028		07/01/36		44,317
	72,919	i	FHLMC		2.813		09/01/36		76,902
	104,380	i	FHLMC		3.100		09/01/36		110,460
	125,130	i	FHLMC		3.163		09/01/36		130,895
	25,073	i	FHLMC		2.895		01/01/37		26,548
	6,177	i	FHLMC		2.898		02/01/37		6,538
	11,929	i	FHLMC		3.446		02/01/37		12,631
	242,218	i	FHLMC		3.329		03/01/37		257,104
	115,255	i	FHLMC		3.298		04/01/37		121,466
	134,922	i	FHLMC		5.686		04/01/37		140,629
	30,152	i	FHLMC		2.450		05/01/37		30,734
	35,223	i	FHLMC		3.388		05/01/37		37,639
	128,237	i	FHLMC		2.828		06/01/37		135,308
	26,750	i	FHLMC		2.990		06/01/37		28,189
	154,764	i	FHLMC		2.866		08/01/37		160,029
	101,136	i	FHLMC		2.155		09/01/37		104,368
	187,146	i	FHLMC		2.585		09/01/37		193,671
	771	i	FHLMC		5.969		09/01/37		774
	15,507	i	FHLMC		4.561		02/01/38		16,242
	46,619	i	FHLMC		2.881		04/01/38		48,369
	125,237	i	FHLMC		3.180		04/01/38		132,387
	28,236	i	FHLMC		3.166		06/01/38		29,754
	12,328	i	FHLMC		2.875		07/01/38		13,118
	39,664		FHLMC		5.000		10/01/39		43,175
	16,047	i	FHLMC		3.111		06/01/40		16,881
	177,230	i	FHLMC		3.376		07/01/40		184,082
	158,869	i	FHLMC		2.969		01/01/41		167,914
	23,248	i	FHLMC		3.099		05/01/41		24,283
	427,709	i	FHLMC		3.286		08/01/41		452,442
	245,170	i	FHLMC		3.000		09/01/41		255,269
	62,175	i	FHLMC		3.125		10/01/41		65,353
	14,747,807		FHLMC		3.000		11/01/46		14,619,791
	9,877,469		FHLMC		3.000		12/01/46		9,791,729
	66		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.500		05/01/17		66
	532		FGLMC		5.500		06/01/17		533
	1,619		FGLMC		5.000		12/01/17		1,666
	638		FGLMC		5.500		12/01/17		642
	2,494		FGLMC		5.000		03/01/18		2,566
	8,735		FGLMC		5.000		04/01/18		8,989
	8,344		FGLMC		4.500		06/01/18		8,543
	30,639		FGLMC		4.500		09/01/18		31,371
	23,999		FGLMC		4.000		11/01/18		24,833
	50,416		FGLMC		4.500		01/01/19		51,678
	5,214		FGLMC		4.000		05/01/19		5,395
	40,586		FGLMC		4.500		05/01/19		41,559
	84,641		FGLMC		4.500		06/01/19		86,664
	40,244		FGLMC		4.000		10/01/19		41,642
	13,870		FGLMC		5.500		11/01/19		14,391

119

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	147,375	FGLMC		4.500	%	12/01/19	$	150,896
	17,604	FGLMC		4.500		01/01/20		18,050
	8,314	FGLMC		4.500		02/01/20		8,535
	221,567	FGLMC		4.500		02/01/20		226,861
	82,799	FGLMC		5.000		05/01/20		85,213
	48,784	FGLMC		5.000		05/01/20		50,207
	8,188	FGLMC		4.500		07/01/20		8,426
	78,921	FGLMC		5.000		07/01/20		81,619
	1,908	FGLMC		7.000		10/01/20		1,990
	7,975	FGLMC		5.000		12/01/20		8,280
	274,798	FGLMC		4.000		05/01/21		284,345
	190,647	FGLMC		4.500		06/01/21		197,798
	104,548	FGLMC		4.500		06/01/21		108,532
	90,720	FGLMC		5.000		07/01/21		94,554
	14,071	FGLMC		5.500		07/01/21		14,807
	1,786,213	FGLMC		3.000		12/01/21		1,833,243
	9,952	FGLMC		5.000		10/01/22		10,593
	8,089	FGLMC		6.000		11/01/22		8,648
	74,020	FGLMC		5.000		04/01/23		79,340
	4,822	FGLMC		4.500		05/01/23		5,136
	65,301	FGLMC		5.000		05/01/23		71,044
	17,269	FGLMC		5.000		10/01/23		18,505
	11,683	FGLMC		5.500		10/01/23		12,940
	14,859	FGLMC		5.000		11/01/23		16,165
	30,202	FGLMC		5.000		03/01/24		32,858
	7,090	FGLMC		4.500		04/01/24		7,547
	3,146	FGLMC		4.500		05/01/24		3,350
	22,771	FGLMC		4.500		06/01/24		24,264
	203,021	FGLMC		4.000		07/01/24		213,795
	92,626	FGLMC		4.000		07/01/24		97,516
	32,282	FGLMC		5.500		07/01/24		34,340
	191,907	FGLMC		4.000		08/01/24		201,044
	7,693	FGLMC		4.500		09/01/24		8,175
	30,868	FGLMC		4.500		09/01/24		32,795
	14,556	FGLMC		4.500		09/01/24		15,466
	8,342	FGLMC		5.500		09/01/24		9,242
	244,678	FGLMC		4.000		10/01/24		257,726
	7,656	FGLMC		4.500		10/01/24		8,135
	29,169	FGLMC		4.500		10/01/24		31,239
	5,255	FGLMC		4.500		11/01/24		5,562
	21,157	FGLMC		4.500		12/01/24		21,858
	16,381	FGLMC		4.500		02/01/25		17,454
	339,661	FGLMC		4.000		03/01/25		357,724
	9,647	FGLMC		4.500		06/01/25		10,279
	16,260	FGLMC		4.500		07/01/25		17,279
	358,776	FGLMC		3.500		10/01/25		373,836
	187,361	FGLMC		4.000		10/01/25		197,178
	643,600	FGLMC		3.500		11/01/25		670,848
	393,463	FGLMC		3.500		11/01/25		410,126
	178,973	FGLMC		3.500		12/01/25		186,556
	101,005	FGLMC		3.000		01/01/26		103,711
	1,338,991	FGLMC		3.500		01/01/26		1,395,709
	109,957	FGLMC		4.000		04/01/26		115,729
	225,536	FGLMC		4.000		05/01/26		237,576
	56,345	FGLMC		5.500		07/01/26		62,408
	741,334	FGLMC		4.000		08/01/26		780,578

120

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	4,849	FGLMC		6.000	%	08/01/26	$	5,475
	223,598	FGLMC		3.000		09/01/26		229,485
	599,391	FGLMC		3.000		10/01/26		615,173
	819,338	FGLMC		3.500		10/01/26		854,659
	24,778	FGLMC		5.000		10/01/26		26,957
	6,640	FGLMC		5.500		10/01/26		7,354
	3,454,009	FGLMC		3.000		02/01/27		3,544,951
	2,013,527	FGLMC		2.500		05/01/27		2,038,436
	2,080,633	FGLMC		2.500		11/01/27		2,106,380
	85,395	FGLMC		6.000		12/01/27		96,403
	1,692,702	FGLMC		2.500		01/01/28		1,712,609
	4,337,418	FGLMC		2.500		03/01/28		4,388,434
	109,430	FGLMC		5.000		03/01/28		119,086
	2,336,641	FGLMC		2.500		05/01/28		2,364,086
	11,190	FGLMC		5.500		05/01/28		12,394
	6,451,005	FGLMC		2.500		07/01/28		6,526,800
	5,948,770	FGLMC		2.500		07/01/28		6,018,624
	1,585,599	FGLMC		3.000		10/01/28		1,627,347
	91	FGLMC		6.500		10/01/28		102
	84,473	FGLMC		5.500		01/01/29		93,578
	2,824	FGLMC		6.500		01/01/29		3,142
	14,356	FGLMC		4.000		02/01/29		15,141
	3,188,115	FGLMC		3.500		03/01/29		3,327,317
	842	FGLMC		6.500		03/01/29		945
	6,052,126	FGLMC		3.000		07/01/29		6,211,475
	13,193	FGLMC		6.500		07/01/29		14,679
	24,903	FGLMC		5.000		12/01/29		27,161
	15,416,447	FGLMC		2.500		05/01/30		15,436,098
	36,789	FGLMC		4.000		08/01/30		39,081
	234,376	FGLMC		4.500		01/01/31		251,579
	554	FGLMC		8.000		01/01/31		630
	269,189	FGLMC		4.000		03/01/31		285,971
	32,407	FGLMC		4.000		05/01/31		34,434
	245,295	FGLMC		4.500		05/01/31		263,699
	112,607	FGLMC		4.000		06/01/31		119,652
	307,689	FGLMC		4.000		08/01/31		326,262
	318,468	FGLMC		4.000		09/01/31		338,397
	4,599	FGLMC		6.500		09/01/31		5,308
	14,717	FGLMC		8.000		09/01/31		16,782
	154,488	FGLMC		3.500		11/01/31		161,238
	62,025	FGLMC		7.000		12/01/31		69,770
	21,731	FGLMC		6.500		01/01/32		24,696
	50,324	FGLMC		6.000		02/01/32		57,621
	2,425,156	FGLMC		3.000		03/01/32		2,445,415
	21,825	FGLMC		7.000		04/01/32		25,688
	19,648	FGLMC		6.500		05/01/32		22,201
	1,757,507	FGLMC		3.500		09/01/32		1,832,058
	14,233	FGLMC		5.500		11/01/32		15,932
	18,292	FGLMC		6.000		02/01/33		20,933
	70,348	FGLMC		5.000		03/01/33		77,352
	28,819	FGLMC		6.000		03/01/33		32,534
	34,353	FGLMC		6.000		03/01/33		38,782
	5,978	FGLMC		6.000		03/01/33		6,749
	42,693	FGLMC		5.000		04/01/33		46,754
	8,162	FGLMC		6.000		04/01/33		9,345
	450,280	FGLMC		5.000		06/01/33		491,120

121

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	157,109	FGLMC		5.500	%	06/01/33	$	176,544
	3,144,569	FGLMC		3.500		07/01/33		3,278,119
	65,533	FGLMC		4.500		07/01/33		70,508
	39,633	FGLMC		5.000		08/01/33		43,118
	5,664	FGLMC		5.000		08/01/33		6,216
	21,796	FGLMC		6.500		08/01/33		25,468
	209,676	FGLMC		5.000		09/01/33		233,083
	26,363	FGLMC		5.500		09/01/33		29,564
	108,030	FGLMC		5.500		09/01/33		123,824
	89,266	FGLMC		5.500		09/01/33		101,141
	84,935	FGLMC		5.500		09/01/33		96,316
	39,324	FGLMC		4.000		10/01/33		41,298
	11,344	FGLMC		5.000		10/01/33		12,438
	131,133	FGLMC		5.500		10/01/33		148,320
	36,316	FGLMC		5.500		12/01/33		40,831
	118,893	FGLMC		5.500		12/01/33		133,570
	443,305	FGLMC		7.000		12/01/33		519,586
	342,531	FGLMC		5.000		01/01/34		377,359
	8,053	FGLMC		5.500		02/01/34		9,054
	44,125	FGLMC		5.000		03/01/34		48,356
	48,625	FGLMC		5.500		03/01/34		54,667
	127,029	FGLMC		5.000		05/01/34		139,241
	53,314	FGLMC		4.500		06/01/34		57,322
	81,840	FGLMC		5.000		06/01/34		89,455
	34,767	FGLMC		5.500		06/01/34		38,662
	19,913	FGLMC		6.000		06/01/34		22,560
	77,795	FGLMC		6.000		09/01/34		88,631
	6,501,251	FGLMC		3.500		10/01/34		6,746,743
	10,719	FGLMC		5.000		11/01/34		11,788
	406,791	FGLMC		5.500		11/01/34		456,815
	308,370	FGLMC		5.000		12/01/34		337,482
	25,402	FGLMC		5.500		12/01/34		28,469
	65,644	FGLMC		5.500		12/01/34		73,986
	33,301	FGLMC		5.500		01/01/35		37,397
	6,050	FGLMC		5.500		01/01/35		6,809
	3,099	FGLMC		5.500		01/01/35		3,485
	145,759	FGLMC		4.500		04/01/35		156,693
	165,785	FGLMC		6.000		05/01/35		189,622
	20,010	FGLMC		6.000		05/01/35		22,815
	148,999	FGLMC		7.000		05/01/35		172,362
	30,805	FGLMC		5.500		06/01/35		34,618
	19,773	FGLMC		5.500		06/01/35		22,253
	563,060	FGLMC		5.000		07/01/35		616,893
	7,879	FGLMC		5.000		07/01/35		8,577
	37,208	FGLMC		6.000		07/01/35		42,004
	767,381	FGLMC		5.000		08/01/35		837,750
	16,056	FGLMC		5.500		08/01/35		17,783
	93,648	FGLMC		6.000		08/01/35		105,720
	10,898	FGLMC		4.500		09/01/35		11,724
	65,676	FGLMC		5.000		10/01/35		71,720
	111,318	FGLMC		5.000		10/01/35		122,204
	21,782	FGLMC		5.000		10/01/35		23,810
	396,922	FGLMC		5.500		10/01/35		440,853
	12,225	FGLMC		5.000		12/01/35		13,342
	81,827	FGLMC		5.000		12/01/35		89,499
	51,185	FGLMC		6.000		01/01/36		58,335

122

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	9,624	FGLMC		5.000	%	02/01/36	$	10,505
	24,644	FGLMC		5.000		02/01/36		26,905
	11,881	FGLMC		6.000		02/01/36		13,534
	146,796	FGLMC		5.500		04/01/36		162,926
	23,000	FGLMC		5.500		05/01/36		25,847
	690	FGLMC		6.500		05/01/36		768
	453,822	FGLMC		6.000		06/01/36		515,829
	103,824	FGLMC		5.000		07/01/36		113,541
	135,303	FGLMC		6.000		07/01/36		153,664
	17,311	FGLMC		6.000		08/01/36		19,670
	11,227	FGLMC		6.000		09/01/36		12,674
	312,724	FGLMC		5.500		10/01/36		347,317
	505,639	FGLMC		5.500		10/01/36		567,299
	64,127	FGLMC		6.500		10/01/36		71,522
	20,430	FGLMC		5.500		11/01/36		22,678
	47,093	FGLMC		6.000		11/01/36		53,437
	225,523	FGLMC		6.000		12/01/36		254,595
	371,654	FGLMC		5.500		03/01/37		412,148
	160,639	FGLMC		6.000		03/01/37		182,628
	14,724	FGLMC		6.500		03/01/37		16,467
	144,157	FGLMC		5.500		04/01/37		159,760
	16,556	FGLMC		5.000		05/01/37		18,035
	19,788	FGLMC		5.000		06/01/37		21,608
	67,515	FGLMC		5.500		06/01/37		74,870
	256,103	FGLMC		6.000		07/01/37		290,142
	96,470	FGLMC		6.000		08/01/37		110,522
	46,208	FGLMC		6.000		09/01/37		52,773
	414,169	FGLMC		5.500		10/01/37		462,533
	14,664	FGLMC		6.000		11/01/37		16,643
	124,687	FGLMC		6.500		11/01/37		141,288
	49,052	FGLMC		6.000		01/01/38		55,375
	22,436	FGLMC		6.000		02/01/38		25,339
	172,272	FGLMC		6.000		02/01/38		194,836
	247,531	FGLMC		5.000		03/01/38		270,470
	698,436	FGLMC		5.000		03/01/38		763,066
	27,450	FGLMC		5.000		04/01/38		30,321
	284,150	FGLMC		5.000		04/01/38		312,088
	350,572	FGLMC		5.500		04/01/38		389,462
	75,487	FGLMC		5.500		05/01/38		83,754
	8,723	FGLMC		5.500		06/01/38		9,668
	21,630	FGLMC		6.000		07/01/38		24,447
	40,490	FGLMC		5.500		08/01/38		45,335
	287,575	FGLMC		5.500		08/01/38		318,821
	35,201	FGLMC		5.000		09/01/38		38,296
	144,850	FGLMC		5.500		09/01/38		160,798
	460,706	FGLMC		5.500		09/01/38		510,665
	8,994	FGLMC		5.500		10/01/38		9,978
	180,602	FGLMC		6.000		11/01/38		204,025
	1,262,878	FGLMC		5.500		01/01/39		1,401,067
	1,021,105	FGLMC		4.500		02/01/39		1,096,312
	498,003	FGLMC		5.000		02/01/39		541,796
	35,182	FGLMC		5.500		02/01/39		39,005
	4,376	FGLMC		4.500		03/01/39		4,702
	190,677	FGLMC		5.000		03/01/39		209,430
	26,663	FGLMC		6.000		03/01/39		30,135
	34,446	FGLMC		4.500		04/01/39		37,204

123

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,213,295	FGLMC		4.500	%	04/01/39	$	1,305,118
	343,819	FGLMC		4.000		05/01/39		361,576
	9,522	FGLMC		4.500		05/01/39		10,231
	195,575	FGLMC		4.500		05/01/39		210,220
	4,314,726	FGLMC		4.500		05/01/39		4,654,937
	498,552	FGLMC		4.500		05/01/39		534,255
	192,970	FGLMC		5.000		05/01/39		210,824
	424,609	FGLMC		4.000		06/01/39		447,152
	2,162,497	FGLMC		4.500		06/01/39		2,325,322
	71,506	FGLMC		4.500		06/01/39		76,752
	26,816	FGLMC		5.000		06/01/39		29,419
	13,780	FGLMC		5.500		06/01/39		15,277
	653,978	FGLMC		4.000		07/01/39		687,881
	52,184	FGLMC		4.500		07/01/39		56,066
	23,781	FGLMC		4.500		07/01/39		25,547
	284,435	FGLMC		4.500		07/01/39		305,673
	171,854	FGLMC		5.000		07/01/39		187,176
	249,742	FGLMC		5.500		07/01/39		277,040
	24,393	FGLMC		4.500		08/01/39		26,280
	58,609	FGLMC		5.000		08/01/39		63,797
	238,649	FGLMC		4.000		09/01/39		250,534
	1,318,689	FGLMC		5.000		09/01/39		1,434,795
	452,628	FGLMC		5.000		09/01/39		496,551
	8,228	FGLMC		5.500		09/01/39		9,214
	556,213	FGLMC		6.500		09/01/39		618,967
	191,127	FGLMC		4.500		10/01/39		205,377
	101,536	FGLMC		4.500		10/01/39		110,105
	77,254	FGLMC		4.500		10/01/39		83,769
	33,589	FGLMC		4.000		11/01/39		35,352
	131,056	FGLMC		4.500		11/01/39		140,810
	47,966	FGLMC		5.000		11/01/39		52,233
	11,070	FGLMC		5.000		11/01/39		12,045
	420,770	FGLMC		4.500		12/01/39		455,142
	113,422	FGLMC		4.500		12/01/39		121,885
	131,905	FGLMC		4.500		12/01/39		141,832
	239,520	FGLMC		4.500		12/01/39		257,415
	196,246	FGLMC		5.500		12/01/39		217,539
	250,140	FGLMC		4.500		01/01/40		268,833
	23,774	FGLMC		5.000		01/01/40		26,153
	38,526	FGLMC		5.500		01/01/40		42,736
	80,597	FGLMC		5.500		03/01/40		89,371
	1,244,024	FGLMC		4.000		04/01/40		1,309,811
	190,178	FGLMC		4.500		04/01/40		204,406
	50,161	FGLMC		4.500		04/01/40		54,261
	140,837	FGLMC		5.000		04/01/40		153,455
	299,666	FGLMC		5.000		04/01/40		327,936
	1,108,134	FGLMC		6.000		04/01/40		1,255,833
	3,175,699	FGLMC		4.500		05/01/40		3,415,687
	1,774,759	FGLMC		5.000		05/01/40		1,947,650
	7,384	FGLMC		4.500		06/01/40		7,941
	807,130	FGLMC		5.500		06/01/40		905,340
	1,497,371	FGLMC		4.500		07/01/40		1,609,556
	29,141	FGLMC		4.500		08/01/40		31,386
	329,372	FGLMC		5.000		08/01/40		359,186
	777,684	FGLMC		5.000		08/01/40		850,781
	82,461	FGLMC		5.000		08/01/40		89,945

124

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	4,314,160	FGLMC		5.500	%	08/01/40	$	4,781,854
	426,616	FGLMC		4.000		09/01/40		449,309
	4,653,676	FGLMC		4.000		11/01/40		4,911,279
	2,752,469	FGLMC		4.000		12/01/40		2,904,891
	800,828	FGLMC		3.500		01/01/41		822,910
	594,788	FGLMC		3.500		01/01/41		611,146
	462,177	FGLMC		4.000		01/01/41		486,821
	474,845	FGLMC		3.500		02/01/41		487,899
	663,362	FGLMC		4.000		02/01/41		698,721
	1,869,287	FGLMC		4.000		02/01/41		1,968,939
	2,770,130	FGLMC		4.000		04/01/41		2,917,882
	525,169	FGLMC		4.500		04/01/41		564,501
	115,713	FGLMC		5.000		04/01/41		126,266
	530,745	FGLMC		4.500		05/01/41		570,899
	583,785	FGLMC		4.500		06/01/41		627,201
	1,575,899	FGLMC		3.500		10/01/41		1,619,266
	1,251,959	FGLMC		5.000		10/01/41		1,370,165
	1,979,481	FGLMC		3.500		11/01/41		2,033,669
	793,988	FGLMC		4.500		12/01/41		854,089
	6,681,601	FGLMC		3.500		01/01/42		6,864,490
	1,991,220	FGLMC		3.500		02/01/42		2,045,724
	2,486,764	FGLMC		3.500		04/01/42		2,554,834
	4,318,551	FGLMC		4.000		05/01/42		4,558,151
	3,072,705	FGLMC		3.500		07/01/42		3,156,571
	806,478	FGLMC		3.000		08/01/42		803,982
	3,272,170	FGLMC		3.000		10/01/42		3,262,042
	4,904,580	FGLMC		3.000		10/01/42		4,889,399
	1,405,895	FGLMC		3.500		12/01/42		1,444,384
	4,280,472	FGLMC		2.500		01/01/43		4,085,084
	9,277,815	FGLMC		3.000		01/01/43		9,249,098
	14,139,353	FGLMC		3.000		04/01/43		14,095,586
	4,818,987	FGLMC		3.500		05/01/43		4,950,901
	3,687,168	FGLMC		3.000		08/01/43		3,668,162
	5,587,989	FGLMC		3.000		08/01/43		5,559,143
	5,024,891	FGLMC		3.500		08/01/43		5,162,439
	2,293,514	FGLMC		4.500		10/01/43		2,459,630
	3,205,134	FGLMC		4.000		11/01/43		3,364,758
	5,570,592	FGLMC		3.500		02/01/44		5,723,008
	4,693,792	FGLMC		4.000		02/01/44		4,929,435
	2,288,235	FGLMC		4.000		04/01/44		2,402,196
	2,939,387	FGLMC		4.500		05/01/44		3,151,040
	5,180,745	FGLMC		4.000		06/01/44		5,438,761
	7,883,706	FGLMC		4.000		08/01/44		8,276,336
	5,931,964	FGLMC		3.500		09/01/44		6,078,335
	7,237,229	FGLMC		3.500		11/01/44		7,410,917
	10,746,641	FGLMC		3.500		12/01/44		10,999,544
	6,559,317	FGLMC		3.500		01/01/45		6,713,679
	11,431,396	FGLMC		3.000		02/01/45		11,332,220
	15,235,053	FGLMC		3.500		03/01/45		15,593,583
	9,839,249	FGLMC		4.000		03/01/45		10,329,270
	5,351,413	FGLMC		3.000		04/01/45		5,304,986
	12,220,122	FGLMC		3.500		04/01/45		12,527,096
	11,545,449	FGLMC		4.000		11/01/45		12,120,444
	20,685,777	FGLMC		3.500		12/01/45		21,172,580
	16,575,547	FGLMC		3.500		03/01/46		16,965,623
	8,332,599	FGLMC		4.000		03/01/46		8,747,585

125

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	31,694,363	FGLMC		3.000	%	04/01/46	$	31,419,254
	18,770,064	FGLMC		4.000		09/01/46		19,704,865
	19,888,803	FGLMC		3.000		02/01/47		19,716,032
	9,950,690	FGLMC		3.500		02/01/47		10,184,862
	9,913,071	FGLMC		4.000		02/01/47		10,406,770
	7	Federal National Mortgage Association (FNMA)		6.500		04/01/17		7
	183	FNMA		6.000		05/01/17		183
	3,486	FNMA		5.000		09/01/17		3,582
	146	FNMA		6.000		11/01/17		146
	30,090	FNMA		5.000		12/01/17		30,922
	10,501	FNMA		5.000		12/01/17		10,791
	789	FNMA		5.000		12/01/17		810
	79,744	FNMA		5.000		01/01/18		81,949
	88,116	FNMA		4.500		02/01/18		90,365
	16,540	FNMA		4.500		04/01/18		16,962
	2,854	FNMA		5.000		04/01/18		2,933
	27,676	FNMA		5.500		04/01/18		28,001
	2,119	FNMA		5.500		04/01/18		2,140
	744	FNMA		5.500		05/01/18		747
	53,153	FNMA		4.500		06/01/18		54,510
	7,386	FNMA		4.000		08/01/18		7,634
	77,981	FNMA		4.000		08/01/18		80,596
	17,144	FNMA		4.500		09/01/18		17,582
	13,729	FNMA		4.500		10/01/18		14,080
	54,707	FNMA		5.000		11/01/18		56,219
	629	FNMA		5.000		01/01/19		646
	2,600	FNMA		6.000		01/01/19		2,935
	4,537	FNMA		4.500		05/01/19		4,653
	2,820	FNMA		4.500		06/01/19		2,892
	14,230	FNMA		4.500		06/01/19		14,593
	8,513	FNMA		5.000		07/01/19		8,748
	89,577	FNMA		5.000		10/01/19		92,645
	10,438	FNMA		4.500		11/01/19		10,704
	9,901	FNMA		4.500		12/01/19		10,154
	6,164	FNMA		5.000		03/01/20		6,334
	4,894	FNMA		5.000		04/01/20		5,059
	7,206	FNMA		4.500		06/01/20		7,390
	5,474	FNMA		4.500		09/01/20		5,614
	7,197	FNMA		4.500		10/01/20		7,403
	8,914	FNMA		4.500		11/01/20		9,175
	21,119	FNMA		5.000		12/01/20		22,243
	342,382	FNMA		5.500		01/01/21		351,618
	10,850	FNMA		5.500		01/01/21		10,937
	14,147	FNMA		5.000		03/01/21		14,551
	20,059	FNMA		5.500		08/01/21		21,215
	4,944	FNMA		6.000		08/01/21		5,262
	3,715	FNMA		5.000		10/01/21		3,914
	6,306	FNMA		5.000		11/01/21		6,500
	3,678	FNMA		5.500		11/01/21		3,837
	13,348	FNMA		5.500		10/01/22		14,105
	6,487	FNMA		6.000		10/01/22		7,013
	3,826	FNMA		5.000		03/01/23		4,091
	9,409	FNMA		4.500		04/01/23		9,652
	103,094	FNMA		4.500		06/01/23		108,795
	8,787	FNMA		5.000		06/01/23		9,358
	11,095	FNMA		5.500		06/01/23		12,308

126

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	104,978	FNMA		5.000	%	07/01/23	$	112,064
	18,824	FNMA		5.000		07/01/23		19,780
	9,741	FNMA		5.500		08/01/23		10,427
	20,815	FNMA		5.000		11/01/23		22,720
	5,807	FNMA		5.500		11/01/23		6,104
	235,903	FNMA		5.500		01/01/24		250,027
	21,587	FNMA		5.500		02/01/24		23,946
	98,864	FNMA		4.000		03/01/24		104,025
	7,696	FNMA		4.500		04/01/24		8,134
	370,981	FNMA		4.000		05/01/24		388,309
	115,920	FNMA		4.000		05/01/24		121,975
	9,400	FNMA		4.000		06/01/24		9,895
	11,731	FNMA		4.500		07/01/24		12,484
	10,856	FNMA		5.500		07/01/24		12,042
	247	FNMA		8.000		07/01/24		284
	65,123	FNMA		4.500		08/01/24		68,233
	59,850	FNMA		4.000		09/01/24		63,005
	238,349	FNMA		4.000		09/01/24		250,646
	24,820	FNMA		4.500		09/01/24		26,183
	546,081	FNMA		4.500		10/01/24		577,351
	28,531	FNMA		5.000		01/01/25		31,141
	47,177	FNMA		4.500		02/01/25		49,767
	403,377	FNMA		4.500		03/01/25		424,337
	7,081	FNMA		4.500		03/01/25		7,296
	118,315	FNMA		5.000		03/01/25		129,142
	253,024	FNMA		4.500		04/01/25		266,438
	119,573	FNMA		4.500		04/01/25		126,474
	1,241,582	FNMA		4.000		05/01/25		1,305,708
	421,771	FNMA		4.000		06/01/25		443,933
	332,468	FNMA		4.500		06/01/25		351,504
	124,211	FNMA		4.000		08/01/25		130,744
	56,375	FNMA		5.500		08/01/25		63,122
	610,276	FNMA		3.500		09/01/25		635,715
	626,728	FNMA		4.000		09/01/25		659,598
	644,928	FNMA		3.500		10/01/25		671,384
	837,992	FNMA		3.500		10/01/25		872,959
	248,558	FNMA		5.000		10/01/25		271,301
	479,179	FNMA		4.000		11/01/25		504,312
	764,471	FNMA		3.500		12/01/25		796,337
	561,966	FNMA		3.500		02/01/26		585,495
	3,346,696	FNMA		3.500		02/01/26		3,486,654
	165,154	FNMA		4.000		03/01/26		173,824
	449,923	FNMA		4.000		06/01/26		471,160
	463,301	FNMA		3.500		08/01/26		482,630
	348,564	FNMA		3.500		09/01/26		363,111
	189,285	FNMA		4.000		09/01/26		199,258
	527,610	FNMA		3.500		10/01/26		549,636
	11,214	FNMA		6.000		10/01/26		12,663
	790,599	FNMA		3.000		11/01/26		813,330
	672,184	FNMA		3.000		12/01/26		691,512
	1,814,379	FNMA		3.000		01/01/27		1,866,556
	2,557,925	FNMA		4.000		01/01/27		2,692,141
	1,280,272	FNMA		3.500		02/01/27		1,333,736
	1,353,532	FNMA		3.000		04/01/27		1,392,470
	2,117,469	FNMA		3.000		04/01/27		2,178,380
	831,714	FNMA		3.500		05/01/27		866,768

127

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	836,173	FNMA		2.500	%	06/01/27	$	845,737
	2,488,175	FNMA		3.000		06/01/27		2,560,087
	1,000,173	FNMA		2.500		07/01/27		1,011,668
	2,044,846	FNMA		2.500		09/01/27		2,068,327
	28,698	FNMA		5.500		09/01/27		31,834
	3,542,943	FNMA		2.500		10/01/27		3,583,535
	2,173,724	FNMA		3.000		11/01/27		2,236,223
	4,093	FNMA		5.500		01/01/28		4,540
	8,221,706	FNMA		2.500		02/01/28		8,316,676
	6,328,490	FNMA		2.500		02/01/28		6,401,608
	3,614	FNMA		5.000		02/01/28		3,944
	4,656,159	FNMA		2.500		04/01/28		4,709,580
	6,826,719	FNMA		2.500		04/01/28		6,904,876
	18,571	FNMA		5.500		06/01/28		20,600
	1,824,611	FNMA		2.500		07/01/28		1,845,516
	3,770,761	FNMA		2.500		08/01/28		3,813,959
	5,127,444	FNMA		3.000		10/01/28		5,261,192
	3,114	FNMA		5.500		11/01/28		3,454
	16	FNMA		7.500		01/01/29		18
	6,094,737	FNMA		3.000		03/01/29		6,253,716
	29,251	FNMA		4.000		03/01/29		30,892
	92,237	FNMA		4.500		04/01/29		99,125
	370	FNMA		6.500		04/01/29		411
	71,395	FNMA		4.000		05/01/29		75,400
	36,244	FNMA		4.500		06/01/29		38,944
	12,447	FNMA		4.000		07/01/29		13,145
	3,093	FNMA		7.500		07/01/29		3,180
	236,040	FNMA		4.500		08/01/29		253,634
	45,606	FNMA		4.500		09/01/29		49,010
	33,690	FNMA		4.500		11/01/29		36,478
	12,596	FNMA		4.500		01/01/30		13,538
	3,581,384	FNMA		2.500		02/01/30		3,600,369
	33,257	FNMA		4.000		03/01/30		35,130
	13,830	FNMA		4.500		05/01/30		14,864
	19,881	FNMA		4.500		06/01/30		21,365
	7,862,709	FNMA		3.000		07/01/30		8,067,804
	179,495	FNMA		4.500		08/01/30		192,913
	37,050	FNMA		4.000		09/01/30		39,205
	213,404	FNMA		4.000		10/01/30		225,797
	2,133,902	FNMA		4.000		11/01/30		2,258,150
	352,069	FNMA		4.000		11/01/30		372,583
	83,902	FNMA		4.500		12/01/30		90,185
	7,973,035	FNMA		3.000		02/01/31		8,181,008
	114,171	FNMA		3.500		02/01/31		117,763
	128,209	FNMA		4.000		02/01/31		135,663
	256	FNMA		7.500		02/01/31		266
	991	FNMA		7.500		03/01/31		1,125
	8,633,491	FNMA		2.500		04/01/31		8,641,959
	334,512	FNMA		3.500		04/01/31		345,032
	39,085	FNMA		4.000		04/01/31		41,360
	7,639,289	FNMA		3.000		05/01/31		7,838,557
	3,870	FNMA		6.000		05/01/31		4,413
	369	FNMA		7.500		05/01/31		373
	9,040,269	FNMA		2.500		06/01/31		9,049,156
	206,050	FNMA		4.500		07/01/31		221,547
	1,345,068	FNMA		4.500		07/01/31		1,464,238

128

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,196,540	FNMA		4.000	%	08/01/31	$	1,266,282
	11,673,320	FNMA		2.500		09/01/31		11,684,842
	6,408,147	FNMA		3.000		09/01/31		6,575,301
	82,962	FNMA		4.000		09/01/31		87,793
	366	FNMA		6.500		09/01/31		406
	37,460	FNMA		6.000		11/01/31		42,804
	4,826	FNMA		6.500		11/01/31		5,562
	11,682,092	FNMA		2.500		12/01/31		11,693,667
	2,157,373	FNMA		3.500		01/01/32		2,253,372
	11,671	FNMA		6.000		01/01/32		13,178
	13,188	FNMA		6.000		01/01/32		15,075
	911,559	FNMA		3.500		02/01/32		952,118
	11,564	FNMA		6.000		02/01/32		13,220
	9,933,039	FNMA		3.000		03/01/32		10,192,138
	39,451	FNMA		6.500		04/01/32		45,557
	78,064	FNMA		6.500		07/01/32		90,779
	9,977	FNMA		6.500		08/01/32		11,245
	947,109	FNMA		3.000		09/01/32		968,924
	130,514	FNMA		6.000		09/01/32		147,341
	25,479	FNMA		7.500		09/01/32		28,694
	2,818,669	FNMA		3.000		10/01/32		2,896,896
	51,109	FNMA		5.500		10/01/32		57,200
	40,209	FNMA		6.000		10/01/32		45,416
	16,415	FNMA		6.000		11/01/32		18,751
	23,774	FNMA		5.500		12/01/32		26,608
	1,987	FNMA		5.500		12/01/32		2,211
	37,885	FNMA		6.000		12/01/32		43,290
	183,805	FNMA		5.500		01/01/33		205,680
	382,150	FNMA		6.000		01/01/33		436,175
	12,228	FNMA		5.000		02/01/33		13,431
	174,028	FNMA		5.000		02/01/33		190,601
	1,918,082	FNMA		3.000		04/01/33		1,962,241
	2,566,198	FNMA		3.500		04/01/33		2,680,351
	9,132	FNMA		6.000		04/01/33		10,449
	1,231,309	FNMA		5.500		05/01/33		1,377,301
	70,553	FNMA		5.000		06/01/33		77,381
	153,930	FNMA		5.500		06/01/33		172,544
	20,475	FNMA		4.500		07/01/33		22,038
	68,611	FNMA		5.000		07/01/33		75,243
	147,118	FNMA		4.500		08/01/33		158,344
	9,646	FNMA		4.500		08/01/33		10,338
	27,401	FNMA		5.000		08/01/33		30,033
	58,948	FNMA		5.500		09/01/33		65,411
	239,026	FNMA		5.500		09/01/33		268,854
	17,624	FNMA		6.000		09/01/33		20,096
	196,565	FNMA		4.500		10/01/33		211,721
	32,854	FNMA		5.000		10/01/33		35,944
	32,786	FNMA		5.000		10/01/33		35,975
	267,723	FNMA		5.500		10/01/33		301,943
	697,581	FNMA		5.500		10/01/33		794,395
	14,305	FNMA		4.500		11/01/33		15,403
	2,577,239	FNMA		5.000		11/01/33		2,826,151
	37,566	FNMA		5.000		11/01/33		41,179
	305,697	FNMA		5.000		12/01/33		335,166
	362,363	FNMA		5.500		12/01/33		409,116
	3,678,654	FNMA		3.000		01/01/34		3,763,443

129

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	115,601		FNMA		5.000	%	02/01/34	$	126,727
	469,825		FNMA		6.000		02/01/34		537,165
	12,053		FNMA		5.000		03/01/34		13,212
	35,015		FNMA		5.000		03/01/34		38,385
	15,810		FNMA		5.000		03/01/34		17,332
	9,977		FNMA		5.000		03/01/34		10,940
	28,837		FNMA		5.000		03/01/34		31,524
	685,138		FNMA		5.000		03/01/34		751,091
	94,017		FNMA		5.000		04/01/34		102,875
	103,346		FNMA		5.500		04/01/34		115,724
	60,755		FNMA		4.500		05/01/34		65,173
	27,335		FNMA		4.500		05/01/34		29,441
	23,555		FNMA		5.500		07/01/34		26,371
	37,365		FNMA		5.500		07/01/34		41,853
	37,437		FNMA		7.000		07/01/34		44,264
	285,218		FNMA		5.000		08/01/34		311,362
	32,351		FNMA		5.000		08/01/34		35,425
	159,855		FNMA		6.000		08/01/34		182,630
	27,624		FNMA		6.000		08/01/34		31,588
	16,541		FNMA		4.500		09/01/34		17,826
	581,829		FNMA		5.500		09/01/34		651,309
	5,695		FNMA		5.500		11/01/34		6,376
	10,526		FNMA		6.000		11/01/34		11,883
	8,902		FNMA		5.000		12/01/34		9,747
	5,468		FNMA		5.500		12/01/34		6,121
	15,753		FNMA		6.000		12/01/34		17,925
	809,168		FNMA		4.500		01/01/35		871,872
	48,772		FNMA		5.500		01/01/35		54,505
	1,802,625		FNMA		5.500		02/01/35		2,017,982
	74,819		FNMA		5.500		02/01/35		83,754
	472,997		FNMA		5.500		04/01/35		530,510
	72,454		FNMA		6.000		04/01/35		82,343
	67,649		FNMA		6.000		04/01/35		77,134
	113,936		FNMA		6.000		05/01/35		129,444
	29,739		FNMA		5.000		06/01/35		32,540
	4,165	i	FNMA		2.820		07/01/35		4,429
	84,386		FNMA		5.000		07/01/35		93,390
	8,224,886		FNMA		3.000		08/01/35		8,345,781
	176,339		FNMA		4.500		08/01/35		189,994
	241,225		FNMA		5.000		08/01/35		263,798
	116,069		FNMA		5.000		08/01/35		126,942
	9,165		FNMA		4.500		09/01/35		9,868
	7,093		FNMA		4.500		09/01/35		7,629
	21,019		FNMA		5.500		09/01/35		23,526
	116,858		FNMA		5.000		10/01/35		127,635
	285,754		FNMA		5.500		10/01/35		321,491
	3,504		FNMA		5.000		11/01/35		3,625
	315,134		FNMA		5.500		11/01/35		352,323
	4,084		FNMA		4.500		12/01/35		4,394
	52,394		FNMA		5.500		12/01/35		58,120
	198,273		FNMA		6.000		12/01/35		223,836
	120,134	i	FNMA		3.276		02/01/36		126,709
	649,909		FNMA		5.000		02/01/36		711,033
	74,815		FNMA		6.500		02/01/36		83,150
	293,646		FNMA		6.000		03/01/36		331,957
	4,574,434		FNMA		3.500		05/01/36		4,747,133

130

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,399		FNMA		5.000	%	05/01/36	$	6,998
	542,217		FNMA		6.000		06/01/36		617,072
	100,386	i	FNMA		2.852		07/01/36		106,022
	23,194		FNMA		6.000		07/01/36		26,282
	129,394		FNMA		6.500		07/01/36		148,845
	424,340		FNMA		5.500		08/01/36		473,878
	265,540		FNMA		6.500		08/01/36		304,813
	4,907,382		FNMA		3.000		09/01/36		4,979,586
	20,043		FNMA		5.500		09/01/36		22,433
	9,040		FNMA		6.500		09/01/36		10,218
	27,397		FNMA		6.500		09/01/36		31,082
	40,220		FNMA		6.000		10/01/36		45,420
	9,795,998		FNMA		3.000		11/01/36		9,912,827
	19,393		FNMA		6.500		11/01/36		21,907
	7,561	i	FNMA		3.299		12/01/36		7,987
	116,469		FNMA		6.000		12/01/36		131,511
	29,110	i	FNMA		3.445		01/01/37		30,956
	47,827		FNMA		5.500		01/01/37		53,249
	6,169	i	FNMA		2.802		02/01/37		6,418
	362,102		FNMA		5.500		02/01/37		403,745
	16,779		FNMA		6.000		02/01/37		18,969
	21,293		FNMA		7.000		02/01/37		23,061
	12,724	i	FNMA		3.234		03/01/37		13,536
	1,855		FNMA		5.000		03/01/37		2,024
	127,192		FNMA		6.500		03/01/37		145,278
	63,990		FNMA		6.500		03/01/37		72,923
	1,751	i	FNMA		5.810		04/01/37		1,761
	102,597		FNMA		7.000		04/01/37		119,488
	104,572		FNMA		5.000		05/01/37		114,140
	3,579		FNMA		7.000		05/01/37		3,867
	40,641	i	FNMA		3.173		06/01/37		43,061
	30,318		FNMA		5.500		06/01/37		33,760
	33,796		FNMA		5.500		08/01/37		37,836
	14,004		FNMA		6.000		08/01/37		15,813
	43,576		FNMA		6.500		08/01/37		48,431
	17,278		FNMA		6.500		08/01/37		19,203
	16,506		FNMA		5.500		09/01/37		18,309
	64,913		FNMA		6.000		09/01/37		74,879
	188,646		FNMA		6.000		09/01/37		218,546
	54,257		FNMA		6.000		09/01/37		61,270
	100,558		FNMA		6.000		09/01/37		116,549
	258,431		FNMA		6.000		09/01/37		299,464
	59,186		FNMA		6.500		09/01/37		65,781
	6,767		FNMA		6.500		09/01/37		7,520
	374,319	i	FNMA		2.815		10/01/37		395,907
	20,677		FNMA		6.500		10/01/37		23,276
	236,385		FNMA		5.500		11/01/37		262,420
	457,854		FNMA		6.000		11/01/37		517,223
	21,177		FNMA		7.000		11/01/37		23,089
	1,512		FNMA		6.500		01/01/38		1,681
	139,704		FNMA		5.500		02/01/38		155,423
	28,985		FNMA		6.500		02/01/38		32,214
	23,766		FNMA		7.000		02/01/38		27,762
	49,743	i	FNMA		3.001		03/01/38		52,582
	11,717		FNMA		5.000		03/01/38		12,790
	7,027		FNMA		5.000		03/01/38		7,670

131

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	25,481		FNMA		5.500	%	03/01/38	$	28,417
	8,851		FNMA		6.000		03/01/38		10,259
	268,060		FNMA		6.500		03/01/38		302,026
	10,147		FNMA		6.500		03/01/38		11,386
	32,316		FNMA		6.500		03/01/38		35,917
	22,360		FNMA		5.000		04/01/38		24,406
	407,586		FNMA		5.500		04/01/38		453,435
	385,592		FNMA		6.000		04/01/38		435,361
	31,928		FNMA		4.500		05/01/38		34,307
	1,357,650		FNMA		5.000		05/01/38		1,485,333
	425,813		FNMA		5.000		05/01/38		464,776
	1,156,692		FNMA		6.000		06/01/38		1,308,722
	1,530,201		FNMA		6.500		06/01/38		1,720,364
	335,115		FNMA		6.000		07/01/38		378,484
	6,781	i	FNMA		2.853		08/01/38		7,174
	4,548	i	FNMA		3.000		08/01/38		4,812
	1,008,812		FNMA		6.000		09/01/38		1,138,878
	42,007	i	FNMA		2.646		10/01/38		44,122
	4,015		FNMA		6.000		10/01/38		4,533
	21,681		FNMA		5.500		11/01/38		24,050
	5,039		FNMA		5.000		12/01/38		5,500
	884,349		FNMA		5.500		12/01/38		989,537
	105,881		FNMA		4.500		01/01/39		113,477
	3,620,039		FNMA		5.000		01/01/39		3,951,280
	147,151		FNMA		5.000		01/01/39		160,616
	561,607		FNMA		5.500		01/01/39		625,754
	142,637		FNMA		5.500		01/01/39		159,017
	20,647		FNMA		6.000		01/01/39		23,314
	28,557		FNMA		6.000		01/01/39		32,239
	628,800		FNMA		4.500		02/01/39		675,887
	301,480		FNMA		4.500		02/01/39		323,718
	250,216		FNMA		4.500		02/01/39		268,483
	9,002		FNMA		5.500		02/01/39		10,043
	639,711		FNMA		4.000		04/01/39		673,767
	19,279		FNMA		5.500		04/01/39		21,556
	999,682		FNMA		4.500		05/01/39		1,082,159
	202,220		FNMA		4.500		05/01/39		217,408
	556,947		FNMA		4.500		06/01/39		598,325
	197,887		FNMA		4.500		06/01/39		212,337
	438,705		FNMA		5.500		06/01/39		489,393
	15,438	i	FNMA		3.085		07/01/39		16,402
	142,713		FNMA		4.500		07/01/39		153,304
	97,040		FNMA		4.500		07/01/39		104,144
	15,509		FNMA		5.000		07/01/39		17,020
	146,891	i	FNMA		2.900		08/01/39		154,917
	27,017	i	FNMA		2.940		08/01/39		28,807
	320,651		FNMA		4.000		08/01/39		336,590
	2,175,868		FNMA		4.000		08/01/39		2,287,003
	30,909		FNMA		4.500		08/01/39		33,558
	459,720		FNMA		4.500		08/01/39		493,875
	1,350,191		FNMA		4.500		08/01/39		1,462,007
	2,190,082		FNMA		5.000		08/01/39		2,395,811
	20,276		FNMA		5.000		08/01/39		22,156
	779,292		FNMA		4.000		09/01/39		817,647
	48,572		FNMA		5.000		09/01/39		53,112
	338,455		FNMA		5.500		09/01/39		382,398

132

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	175,475		FNMA		6.000	%	09/01/39	$	198,274
	763,797		FNMA		6.500		10/01/39		865,122
	35,083		FNMA		5.000		11/01/39		38,775
	1,019,714		FNMA		4.000		12/01/39		1,071,609
	3,419,153		FNMA		4.500		12/01/39		3,677,048
	217,170		FNMA		4.500		12/01/39		233,415
	96,723		FNMA		4.500		12/01/39		104,651
	27,222	i	FNMA		3.440		01/01/40		28,491
	59,312		FNMA		4.500		01/01/40		63,777
	71,550		FNMA		5.000		01/01/40		78,720
	458,983		FNMA		6.000		02/01/40		518,416
	627,344		FNMA		4.500		03/01/40		674,752
	309,954		FNMA		4.500		03/01/40		333,703
	32,594		FNMA		5.000		03/01/40		35,665
	30,948		FNMA		4.500		04/01/40		33,317
	1,174,069		FNMA		5.000		04/01/40		1,284,119
	915,503		FNMA		5.000		04/01/40		1,007,176
	85,545	i	FNMA		3.041		05/01/40		90,585
	235,438	i	FNMA		3.062		05/01/40		249,354
	157,703	i	FNMA		3.407		05/01/40		167,587
	32,435		FNMA		4.500		05/01/40		35,020
	76,167		FNMA		4.500		07/01/40		82,006
	80,253		FNMA		4.500		07/01/40		86,321
	102,665		FNMA		5.000		07/01/40		112,418
	31,649	i	FNMA		3.055		08/01/40		33,250
	642,291		FNMA		4.500		08/01/40		690,927
	880,938		FNMA		4.500		08/01/40		947,662
	669,262		FNMA		5.000		08/01/40		732,207
	1,505,498		FNMA		4.500		09/01/40		1,621,056
	581,710		FNMA		4.500		09/01/40		626,302
	1,316,648		FNMA		6.000		09/01/40		1,487,963
	227,160		FNMA		3.500		10/01/40		233,749
	1,011,397		FNMA		4.000		10/01/40		1,064,381
	2,460,951		FNMA		4.000		10/01/40		2,590,509
	1,484,581		FNMA		4.500		10/01/40		1,597,503
	1,859,425		FNMA		3.500		11/01/40		1,913,489
	1,158,798		FNMA		4.000		11/01/40		1,219,488
	1,884,828		FNMA		4.000		11/01/40		1,983,689
	2,013,849		FNMA		4.000		11/01/40		2,119,761
	207,723		FNMA		4.500		11/01/40		223,693
	175,882	i	FNMA		3.212		12/01/40		184,521
	614,741		FNMA		4.000		12/01/40		647,200
	4,852,644		FNMA		4.500		12/01/40		5,223,985
	67,365		FNMA		3.500		01/01/41		69,323
	98,570	i	FNMA		3.420		02/01/41		104,146
	368,501		FNMA		3.500		02/01/41		379,219
	1,745,954		FNMA		4.000		02/01/41		1,838,671
	1,626,594		FNMA		4.000		03/01/41		1,711,886
	1,247,178		FNMA		4.500		04/01/41		1,342,430
	280,876		FNMA		4.500		05/01/41		302,219
	1,685,832		FNMA		4.500		05/01/41		1,815,134
	903,300		FNMA		4.500		06/01/41		971,454
	240,588	i	FNMA		3.033		07/01/41		254,712
	1,056,998		FNMA		4.500		07/01/41		1,134,696
	2,959,978		FNMA		4.000		09/01/41		3,116,700
	1,615,664		FNMA		4.500		09/01/41		1,737,968

133

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	571,033		FNMA		5.500	%	09/01/41	$	637,010
	94,558	i	FNMA		3.017		10/01/41		99,409
	319,953	i	FNMA		3.134		10/01/41		339,783
	1,046,635		FNMA		3.500		11/01/41		1,076,460
	951,462		FNMA		3.500		11/01/41		978,869
	900,210	i	FNMA		2.815		12/01/41		937,928
	6,090,319		FNMA		3.500		12/01/41		6,264,487
	1,120,267		FNMA		4.000		12/01/41		1,179,577
	2,817,819		FNMA		3.500		03/01/42		2,897,233
	1,943,284		FNMA		4.000		03/01/42		2,046,128
	5,196,740		FNMA		3.500		04/01/42		5,343,210
	1,914,344		FNMA		3.500		04/01/42		1,972,776
	2,317,122		FNMA		4.500		04/01/42		2,494,026
	2,036,738		FNMA		5.000		04/01/42		2,266,897
	1,733,730		FNMA		4.000		05/01/42		1,824,758
	2,307,308		FNMA		5.000		05/01/42		2,522,756
	1,662,897		FNMA		3.000		06/01/42		1,658,518
	7,764,770		FNMA		3.500		06/01/42		7,980,671
	6,880,073		FNMA		4.000		06/01/42		7,237,211
	4,062,193		FNMA		4.000		06/01/42		4,275,827
	12,461,088		FNMA		3.500		07/01/42		12,808,356
	2,387,931		FNMA		4.500		07/01/42		2,568,671
	2,689,610		FNMA		3.500		08/01/42		2,764,882
	3,933,515		FNMA		3.000		09/01/42		3,923,157
	5,081,219		FNMA		3.500		09/01/42		5,222,860
	8,231,697		FNMA		3.000		10/01/42		8,210,035
	2,515,367		FNMA		3.500		10/01/42		2,585,487
	3,055,858		FNMA		2.500		01/01/43		2,927,371
	10,230,713		FNMA		3.000		01/01/43		10,203,772
	13,864,184		FNMA		3.000		02/01/43		13,827,676
	10,030,529		FNMA		3.000		04/01/43		10,004,114
	3,460,279		FNMA		3.000		04/01/43		3,450,813
	2,296,988	i	FNMA		2.136		06/01/43		2,335,389
	10,495,335		FNMA		3.000		06/01/43		10,466,125
	2,694,659	i	FNMA		1.739		07/01/43		2,761,207
	8,469,641		FNMA		3.000		07/01/43		8,445,627
	7,978,623		FNMA		3.500		07/01/43		8,196,793
	7,429,801		FNMA		3.000		08/01/43		7,408,714
	3,701,706		FNMA		4.000		08/01/43		3,911,738
	5,939,957		FNMA		3.000		09/01/43		5,922,783
	7,872,943		FNMA		3.500		09/01/43		8,087,307
	5,501,462		FNMA		3.500		10/01/43		5,653,102
	771,230		FNMA		4.500		10/01/43		827,117
	5,469,412		FNMA		4.000		11/01/43		5,740,084
	2,304,749		FNMA		4.000		11/01/43		2,417,813
	4,952,679		FNMA		4.500		12/01/43		5,309,852
	1,637,713		FNMA		4.500		12/01/43		1,757,443
	5,714,545		FNMA		4.000		01/01/44		5,994,236
	4,473,117		FNMA		4.000		05/01/44		4,691,917
	4,743,310		FNMA		4.000		07/01/44		4,976,488
	5,264,071		FNMA		4.000		07/01/44		5,522,618
	2,968,031		FNMA		3.500		09/01/44		3,040,700
	4,921,786		FNMA		4.000		09/01/44		5,163,245
	10,047,104		FNMA		3.500		10/01/44		10,298,222
	5,683,050		FNMA		4.000		12/01/44		5,961,896
	21,618,195		FNMA		3.000		01/01/45		21,559,094

134

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,986,696		FNMA		3.000	%	01/01/45	$	6,964,689
	16,764,239		FNMA		3.500		02/01/45		17,159,195
	9,383,066		FNMA		3.000		04/01/45		9,322,753
	16,309,852		FNMA		3.500		05/01/45		16,694,104
	12,893,694		FNMA		3.500		07/01/45		13,217,930
	18,107,402		FNMA		4.000		07/01/45		18,997,974
	11,906,594		FNMA		3.500		11/01/45		12,187,106
	9,228,410		FNMA		3.500		01/01/46		9,445,827
	8,395,190		FNMA		3.500		02/01/46		8,592,976
	17,100,019		FNMA		4.500		05/01/46		18,376,763
	9,290,853		FNMA		3.000		06/01/46		9,220,268
	18,606,334		FNMA		3.500		07/01/46		19,044,689
	18,305,433		FNMA		4.000		08/01/46		19,208,977
	14,556,797		FNMA		3.000		09/01/46		14,446,204
	14,742,915		FNMA		3.000		10/01/46		14,630,910
	29,483,204		FNMA		3.000		11/01/46		29,259,212
	9,877,144		FNMA		3.500		12/01/46		10,109,844
	14,916,384		FNMA		4.000		02/01/47		15,652,809
	14,964,330		FNMA		3.000		03/01/47		14,850,560
	14,953,424		FNMA		3.500		03/01/47		15,305,906
	4,988,632		FNMA		4.000		03/01/47		5,243,142
	20,000,000	h	FNMA		3.000		04/01/47		19,846,922
	20,000,000	h	FNMA		3.500		04/01/47		20,471,448
	9,483,364		FNMA		3.500		07/01/55		9,706,787
	1,002		Government National Mortgage Association (GNMA)		5.000		02/15/18		1,028
	4,671		GNMA		4.500		02/15/19		4,728
	5,006		GNMA		4.500		01/20/24		5,263
	35,691		GNMA		4.000		04/15/24		37,398
	8,197		GNMA		4.500		07/15/24		8,640
	134,811		GNMA		4.000		08/15/24		141,215
	34,292		GNMA		4.500		08/15/24		36,320
	107,415		GNMA		4.000		09/15/24		112,504
	19,603		GNMA		4.500		01/15/25		20,883
	152,381		GNMA		4.000		08/15/25		159,667
	87,198		GNMA		3.500		03/15/26		90,771
	110,201		GNMA		4.000		04/15/26		115,320
	86,899		GNMA		4.000		06/20/26		91,224
	136,874		GNMA		3.500		11/20/26		143,065
	718,999		GNMA		3.000		12/15/26		745,543
	2,197,133		GNMA		2.500		04/20/27		2,224,855
	1,386,007		GNMA		2.500		09/20/27		1,403,498
	1,248		GNMA		6.500		09/15/28		1,415
	469		GNMA		6.500		09/15/28		532
	2,731		GNMA		6.500		11/15/28		3,096
	1,121		GNMA		7.500		11/15/28		1,247
	2,136,000		GNMA		3.500		11/20/28		2,237,817
	8,066		GNMA		8.500		10/15/30		8,523
	4,166		GNMA		8.500		10/20/30		4,921
	469		GNMA		8.500		12/15/30		583
	632		GNMA		7.000		06/20/31		748
	1,792		GNMA		7.000		07/15/31		1,876
	1,882		GNMA		7.000		07/15/31		2,071
	240,028		GNMA		6.000		10/15/32		277,634
	32,482		GNMA		5.500		12/20/32		36,485
	72,247		GNMA		5.500		05/15/33		81,356
	11,688		GNMA		5.000		07/15/33		12,913

135

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	44,451	GNMA		5.500	%	07/15/33	$	50,149
	10,553	GNMA		5.000		07/20/33		11,756
	40,442	GNMA		5.000		08/15/33		44,251
	26,727	GNMA		5.000		08/15/33		29,211
	162,558	GNMA		5.500		09/15/33		188,004
	132,782	GNMA		6.000		11/20/33		153,060
	59,183	GNMA		5.500		05/20/34		66,341
	83,775	GNMA		6.000		09/20/34		96,807
	7,067	GNMA		5.000		10/20/34		7,773
	190,459	GNMA		5.500		11/15/34		214,751
	83,198	GNMA		6.500		01/15/35		95,194
	45,524	GNMA		5.500		02/20/35		51,116
	859,621	GNMA		5.000		03/20/35		956,871
	275,111	GNMA		5.000		04/15/35		303,936
	277,793	GNMA		5.500		05/20/35		311,437
	10,837	GNMA		5.000		09/20/35		12,059
	5,409	GNMA		5.000		11/15/35		5,914
	6,152	GNMA		5.000		11/15/35		6,795
	77,396	GNMA		5.500		02/20/36		85,967
	8,559	GNMA		5.500		03/15/36		9,666
	25,347	GNMA		5.500		05/20/36		28,157
	6,316	GNMA		6.500		06/15/36		7,161
	245,583	GNMA		5.500		06/20/36		272,275
	13,723	GNMA		5.000		09/15/36		15,163
	8,755	GNMA		6.000		09/15/36		9,916
	23,298	GNMA		6.000		10/20/36		27,283
	15,863	GNMA		5.000		12/15/36		17,529
	11,020	GNMA		5.500		01/15/37		12,277
	13,623	GNMA		6.000		01/20/37		15,647
	332,135	GNMA		5.500		02/15/37		373,796
	47,636	GNMA		6.000		02/20/37		54,465
	353,970	GNMA		6.000		04/15/37		404,888
	11,533	GNMA		6.500		04/15/37		13,075
	184,542	GNMA		6.000		04/20/37		210,577
	21,485	GNMA		6.000		06/15/37		24,747
	27,622	GNMA		6.000		08/20/37		31,362
	22,889	GNMA		6.500		08/20/37		26,652
	105,983	GNMA		6.500		11/20/37		122,069
	53,000	GNMA		6.000		12/15/37		59,987
	6,385	GNMA		5.000		02/20/38		7,024
	168,855	GNMA		5.000		04/15/38		186,288
	7,059	GNMA		5.500		05/20/38		7,811
	34,114	GNMA		5.500		06/15/38		38,622
	74,501	GNMA		6.000		06/20/38		84,651
	108,880	GNMA		5.500		07/15/38		121,524
	568,285	GNMA		5.000		07/20/38		628,133
	538,354	GNMA		5.500		07/20/38		595,376
	12,044	GNMA		5.500		08/15/38		13,443
	79,968	GNMA		6.000		08/15/38		90,597
	233,895	GNMA		6.000		08/15/38		264,645
	54,263	GNMA		6.000		08/20/38		61,552
	219,158	GNMA		6.000		09/20/38		248,594
	65,924	GNMA		5.000		10/15/38		72,119
	18,733	GNMA		5.500		10/15/38		21,771
	21,689	GNMA		6.500		10/20/38		23,176
	10,405	GNMA		6.500		10/20/38		11,821

136

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,223		GNMA		5.500	%	11/15/38	$	3,597
	41,942		GNMA		6.500		11/20/38		47,749
	197,485		GNMA		6.000		12/15/38		223,896
	4,030		GNMA		6.500		12/15/38		4,633
	40,884		GNMA		5.000		01/15/39		45,073
	1,032,846		GNMA		4.500		01/20/39		1,112,517
	109,533		GNMA		6.500		01/20/39		125,265
	39,462		GNMA		5.000		02/15/39		43,532
	17,597		GNMA		6.000		02/15/39		19,920
	39,945		GNMA		4.500		03/15/39		42,708
	322,287		GNMA		4.500		03/15/39		344,569
	47,762	i	GNMA		2.125		03/20/39		48,509
	12,646		GNMA		4.500		03/20/39		13,671
	201,544		GNMA		5.500		03/20/39		222,727
	21,430		GNMA		4.500		04/15/39		22,965
	285,854		GNMA		5.500		04/15/39		322,975
	7,856		GNMA		5.000		04/20/39		8,661
	41,815		GNMA		4.000		05/15/39		44,162
	615,256		GNMA		4.500		05/15/39		659,309
	310,739		GNMA		5.000		05/15/39		341,859
	43,183		GNMA		4.000		05/20/39		45,852
	113,714		GNMA		4.500		05/20/39		122,743
	2,317,015		GNMA		5.000		05/20/39		2,549,197
	17,105		GNMA		4.500		06/15/39		18,330
	1,783,927		GNMA		4.500		06/15/39		1,912,834
	1,809,280		GNMA		5.000		06/15/39		2,020,488
	1,633,792		GNMA		5.000		06/15/39		1,824,641
	19,501		GNMA		5.000		06/15/39		21,423
	17,388		GNMA		5.000		06/15/39		19,183
	37,785		GNMA		5.000		06/15/39		41,647
	26,672		GNMA		4.000		06/20/39		28,409
	15,617		GNMA		5.000		06/20/39		17,158
	2,222,686		GNMA		4.000		07/15/39		2,347,434
	24,605		GNMA		4.500		07/15/39		26,342
	2,222,160		GNMA		4.500		07/15/39		2,403,458
	51,182		GNMA		4.500		07/15/39		54,847
	20,924		GNMA		5.000		07/15/39		23,080
	259,682		GNMA		4.500		07/20/39		281,317
	226,419		GNMA		5.000		07/20/39		247,240
	22,350		GNMA		5.500		07/20/39		24,779
	105,981		GNMA		4.000		08/15/39		111,929
	294,923		GNMA		5.000		08/15/39		324,461
	19,162		GNMA		5.500		08/15/39		21,380
	111,061		GNMA		6.000		08/15/39		125,729
	72,108		GNMA		4.000		08/20/39		76,775
	59,503		GNMA		5.000		08/20/39		65,437
	48,789		GNMA		5.000		09/15/39		53,795
	81,992		GNMA		5.000		09/20/39		90,746
	17,518		GNMA		4.500		10/15/39		18,730
	11,211		GNMA		5.000		10/15/39		12,306
	25,613		GNMA		4.500		10/20/39		27,747
	50,070		GNMA		4.500		11/15/39		54,038
	37,382		GNMA		4.500		11/20/39		40,424
	44,177		GNMA		5.000		11/20/39		48,735
	1,296,999		GNMA		4.500		12/15/39		1,390,213
	98,103		GNMA		4.500		12/15/39		105,195

137

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	37,150		GNMA		4.500	%	12/20/39	$	40,220
	1,355,097		GNMA		5.000		12/20/39		1,489,869
	1,246,998		GNMA		4.500		01/20/40		1,350,900
	18,103		GNMA		5.500		01/20/40		20,014
	677,695		GNMA		5.500		02/15/40		756,594
	90,190		GNMA		4.000		03/15/40		95,252
	19,093		GNMA		5.000		03/15/40		20,986
	12,629		GNMA		4.500		04/15/40		13,521
	261,246		GNMA		5.000		04/15/40		289,579
	50,762		GNMA		4.500		04/20/40		54,996
	8,184		GNMA		4.500		05/15/40		8,761
	231,157		GNMA		5.000		05/15/40		254,264
	489,617	i	GNMA		2.125		05/20/40		503,182
	11,170		GNMA		4.500		05/20/40		12,057
	19,020		GNMA		4.500		06/15/40		20,362
	14,609		GNMA		4.500		06/15/40		15,640
	4,199,842		GNMA		4.500		06/15/40		4,500,803
	248,048		GNMA		5.000		06/20/40		274,140
	149,650		GNMA		4.500		07/15/40		160,184
	530,324		GNMA		4.500		07/15/40		568,430
	1,808,186		GNMA		4.500		07/20/40		1,960,275
	54,325		GNMA		5.000		07/20/40		59,678
	368,775		GNMA		4.000		08/15/40		390,673
	1,584,174		GNMA		4.000		08/15/40		1,677,915
	158,970		GNMA		4.500		08/15/40		172,094
	140,319		GNMA		4.500		08/20/40		152,149
	113,375		GNMA		4.500		09/20/40		122,424
	32,244		GNMA		5.500		09/20/40		35,632
	45,897		GNMA		6.500		09/20/40		52,750
	47,716		GNMA		4.000		10/15/40		50,711
	100,996		GNMA		6.000		10/20/40		113,611
	584,814		GNMA		4.000		11/15/40		621,579
	1,509,390		GNMA		4.000		11/20/40		1,615,746
	369,568		GNMA		3.500		12/15/40		383,188
	520,163		GNMA		5.500		12/20/40		576,678
	1,693,219		GNMA		4.000		01/15/41		1,793,521
	3,943,438		GNMA		4.000		01/20/41		4,203,001
	333,614		GNMA		4.000		02/15/41		352,625
	1,080,045		GNMA		4.500		02/20/41		1,165,820
	600,986		GNMA		4.500		03/15/41		644,026
	1,335,819		GNMA		4.500		04/20/41		1,441,908
	269,025		GNMA		5.000		04/20/41		295,123
	119,715	i	GNMA		3.000		06/20/41		123,738
	292,065		GNMA		4.000		07/15/41		308,579
	528,787		GNMA		4.000		07/20/41		562,230
	1,714,360		GNMA		4.500		07/20/41		1,850,518
	1,478,791		GNMA		5.000		07/20/41		1,624,089
	427,950		GNMA		4.500		08/15/41		458,185
	668,860		GNMA		5.000		08/20/41		733,947
	864,868		GNMA		4.000		09/15/41		916,016
	68,718	i	GNMA		2.125		09/20/41		70,844
	2,380,627		GNMA		4.000		09/20/41		2,530,007
	155,987		GNMA		4.000		10/15/41		164,798
	167,573	i	GNMA		2.250		10/20/41		172,410
	92,743	i	GNMA		2.500		10/20/41		95,917
	3,021,710		GNMA		4.000		10/20/41		3,210,663

138

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	362,495		GNMA		5.500	%	10/20/41	$	403,725
	931,585		GNMA		3.500		11/15/41		967,835
	2,069,513		GNMA		4.000		11/15/41		2,192,000
	3,904,460		GNMA		4.500		11/20/41		4,214,716
	1,609,057		GNMA		5.000		11/20/41		1,789,221
	484,902		GNMA		6.000		11/20/41		549,874
	2,026,596		GNMA		3.500		01/20/42		2,109,487
	530,661	i	GNMA		3.000		02/20/42		547,649
	990,868		GNMA		3.500		03/20/42		1,031,702
	1,577,860		GNMA		4.500		03/20/42		1,700,675
	1,848,380		GNMA		3.500		04/15/42		1,920,311
	2,914,480		GNMA		3.500		05/20/42		3,031,894
	9,472,409		GNMA		3.500		05/20/42		9,862,779
	2,168,773		GNMA		4.000		05/20/42		2,301,778
	4,772,025		GNMA		3.500		07/15/42		4,960,242
	568,178	i	GNMA		2.125		07/20/42		584,161
	2,228,359		GNMA		3.500		07/20/42		2,320,194
	2,698,026		GNMA		3.000		08/20/42		2,732,396
	3,045,694		GNMA		3.500		08/20/42		3,168,458
	9,291,732		GNMA		3.500		08/20/42		9,674,666
	1,784,651		GNMA		6.000		08/20/42		2,054,348
	3,581,424		GNMA		3.500		10/20/42		3,729,026
	3,900,471		GNMA		3.000		11/20/42		3,950,157
	3,249,130		GNMA		3.000		12/20/42		3,285,561
	4,524,294		GNMA		3.000		12/20/42		4,581,927
	5,458,178		GNMA		3.000		01/15/43		5,528,054
	2,749,030		GNMA		3.000		01/15/43		2,784,109
	3,436,042		GNMA		3.000		01/20/43		3,479,813
	3,471,174		GNMA		3.000		02/20/43		3,509,212
	5,826,860		GNMA		3.000		02/20/43		5,901,087
	1,132,734		GNMA		3.000		04/15/43		1,147,189
	1,146,650		GNMA		5.000		04/20/43		1,235,346
	2,385,024		GNMA		3.000		05/20/43		2,415,408
	3,702,517		GNMA		3.000		06/20/43		3,749,685
	7,081,287		GNMA		3.500		06/20/43		7,366,764
	7,967,917		GNMA		3.000		07/20/43		8,069,425
	3,753,742		GNMA		3.500		07/20/43		3,908,458
	5,500,071		GNMA		3.500		09/20/43		5,726,780
	2,156,760		GNMA		4.000		09/20/43		2,281,735
	1,922,678		GNMA		4.000		10/20/43		2,038,975
	1,026,316		GNMA		3.500		11/20/43		1,068,621
	2,346,604		GNMA		4.000		11/20/43		2,480,968
	1,970,173		GNMA		4.500		12/20/43		2,105,209
	2,075,287		GNMA		4.500		01/20/44		2,217,527
	2,673,113		GNMA		3.500		02/20/44		2,782,479
	3,904,901		GNMA		4.000		02/20/44		4,133,950
	3,978,000		GNMA		4.000		05/20/44		4,204,888
	4,138,967		GNMA		4.000		06/20/44		4,375,037
	11,498,498		GNMA		3.500		07/20/44		11,944,137
	3,150,472		GNMA		4.500		10/20/44		3,366,405
	8,286,871		GNMA		3.500		11/20/44		8,601,205
	10,743,771		GNMA		3.000		12/20/44		10,850,751
	26,965,901		GNMA		3.500		02/20/45		27,988,761
	11,375,018		GNMA		3.000		04/20/45		11,488,166
	11,967,667		GNMA		3.000		06/20/45		12,086,711
	12,274,659		GNMA		3.000		07/20/45		12,396,756

139

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	23,966,100		GNMA		4.000	%	11/20/45	$	25,333,025
	12,453,036		GNMA		3.000		12/20/45		12,576,907
	11,625,278		GNMA		3.500		12/20/45		12,066,243
	14,942,356		GNMA		4.000		04/20/46		15,794,605
	9,017,277		GNMA		3.000		05/20/46		9,106,972
	8,819,290		GNMA		3.500		05/20/46		9,153,820
	13,879,628		GNMA		3.000		06/20/46		14,017,690
	9,084,945		GNMA		3.500		06/20/46		9,429,551
	18,859,554		GNMA		3.500		08/20/46		19,574,927
	9,745,799		GNMA		3.000		09/20/46		9,842,742
	33,384,084		GNMA		3.500		09/20/46		34,650,396
	9,926,361		GNMA		3.000		12/20/46		10,025,099
	9,953,666		GNMA		3.000		01/20/47		10,052,675
	14,939,923		GNMA		3.500		01/20/47		15,506,618
	9,953,113		GNMA		4.000		01/20/47		10,523,007
	29,931,028		GNMA		3.000		02/20/47		30,228,755
	29,937,409	h	GNMA		3.500		02/20/47		31,072,982
			TOTAL MORTGAGE BACKED						2,118,004,656
MUNICIPAL BONDS - 0.9%
	200,000		Alabama Economic Settlement Authority		4.263		09/15/32		204,526
	300,000		American Municipal Power		7.834		02/15/41		430,695
	500,000		American Municipal Power		6.270		02/15/50		599,140
	500,000		Bay Area Toll Authority		6.263		04/01/49		682,440
	200,000		California State University		3.899		11/01/47		198,092
	720,000		Central Puget Sound Regional Transit Authority		5.491		11/01/39		900,252
	250,000		City of Chicago IL		7.375		01/01/33		252,447
	300,000		City of Chicago IL		5.432		01/01/42		245,079
	750,000		City Public Service Board of San Antonio TX		5.808		02/01/41		941,025
	150,000		Colorado Bridge Enterprise		6.078		12/01/40		188,465
	200,000		Commonwealth Financing Authority		4.014		06/01/33		198,076
	100,000		Commonwealth Financing Authority		4.144		06/01/38		96,971
	200,000		Commonwealth of Massachusetts		4.200		12/01/21		213,194
	500,000		Commonwealth of Massachusetts		5.731		06/01/40		637,820
	100,000		Commonwealth of Massachusetts		3.277		06/01/46		91,568
	195,000		Commonwealth of Pennsylvania		5.850		07/15/30		215,105
	200,000		County of Clark NV		6.820		07/01/45		284,358
	350,000		Denver City & County School District No		4.242		12/15/37		359,751
	200,000		District of Columbia		5.591		12/01/34		244,314
	100,000		East Baton Rouge Sewerage Commission		6.087		02/01/45		109,114
	200,000		Energy Northwest		2.814		07/01/24		200,664
	500,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		513,950
	200,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		201,584
	200,000		Florida State Board of Administration Finance Corp		2.638		07/01/21		201,540
	200,000		Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		193,410
	200,000		Health & Educational Facilities Authority of the State of Missouri		3.086		09/15/51		168,166
	28,529		Kentucky Asset Liability Commission		3.165		04/01/18		28,658
	630,000		Los Angeles Unified School District		5.750		07/01/34		779,556
	100,000		Massachusetts School Building Authority		5.715		08/15/39		124,882
	200,000		Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd		4.053		07/01/26		207,186
	100,000		Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		132,263
	940,000		Metropolitan Transportation Authority		6.648		11/15/39		1,244,682
	650,000		Metropolitan Transportation Authority		7.336		11/15/39		955,812

140

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Missouri Highway & Transportation Commission		5.445	%	05/01/33	$	591,230
	250,000	Municipal Electric Authority of Georgia		6.637		04/01/57		280,640
	500,000	Municipal Electric Authority of Georgia		6.655		04/01/57		561,870
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,139,279
	335,000	New Jersey State Turnpike Authority		7.414		01/01/40		481,931
	1,000,000	New Jersey State Turnpike Authority		7.102		01/01/41		1,395,600
	800,000	New Jersey Transportation Trust Fund Authority		5.754		12/15/28		831,224
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		374,209
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		737,674
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,215,808
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		618,100
	600,000	New York State Dormitory Authority		5.289		03/15/33		704,706
	130,000	New York State Dormitory Authority		5.628		03/15/39		159,721
	545,000	New York State Dormitory Authority		5.600		03/15/40		670,399
	400,000	New York State Urban Development Corp		5.838		03/15/40		488,148
	100,000	Ohio State University		4.910		06/01/40		116,063
	500,000	Ohio State University		3.798		12/01/46		490,770
	200,000	Ohio State University		4.048		12/01/56		193,660
	675,000	Ohio State Water Development Authority		4.879		12/01/34		765,234
	750,000	Oregon School Boards Association		4.759		06/30/28		826,598
	250,000	Oregon School Boards Association		5.680		06/30/28		291,595
	100,000	Oregon State Department of Transportation		5.834		11/15/34		126,518
	200,000	Port Authority of New York & New Jersey		6.040		12/01/29		249,586
	500,000	Port Authority of New York & New Jersey		5.647		11/01/40		618,950
	300,000	Port Authority of New York & New Jersey		4.823		06/01/45		315,486
	1,000,000	Port Authority of New York & New Jersey		5.310		08/01/46		1,073,520
	200,000	Port Authority of New York & New Jersey		4.810		10/15/65		218,864
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		115,288
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		981,048
	500,000	South Carolina Public Service Authority		2.388		12/01/23		458,795
	600,000	State of California		6.200		10/01/19		665,658
	645,000	State of California		5.700		11/01/21		734,532
	250,000	State of California		7.500		04/01/34		354,195
	1,285,000	State of California		7.550		04/01/39		1,884,568
	3,400,000	State of California		7.300		10/01/39		4,804,404
	2,740,000	State of California		7.625		03/01/40		4,012,538
	200,000	State of California Department of Water Resources Power Supply Revenue		2.000		05/01/22		195,890
	300,000	State of Connecticut		5.090		10/01/30		337,305
	620,000	State of Connecticut		5.850		03/15/32		745,277
	5,950,000	State of Illinois		5.100		06/01/33		5,428,899
	1,295,000	State of Illinois		6.725		04/01/35		1,345,932
	500,000	State of Illinois		5.650		12/01/38		462,040
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		554,005
	300,000	State of Oregon		5.762		06/01/23		334,275
	600,000	State of Texas		4.631		04/01/33		682,020
	50,000	State of Texas		5.517		04/01/39		62,981
	1,000,000	State of Texas		4.681		04/01/40		1,138,190
	575,000	State of Texas Transportation Commission		5.028		04/01/26		646,800
	500,000	State of Utah		3.539		07/01/25		524,290
	200,000	State of Washington		5.090		08/01/33		233,056
	200,000	State of Wisconsin		3.954		05/01/36		202,746
	604,000	State Public School Building Authority		5.000		09/15/27		644,196
	100,000	Sumter Landing Community Development District		4.172		10/01/47		97,092
	2,000,000	Tennessee Valley Authority		4.500		04/01/18		2,065,552

141

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Tennessee Valley Authority		1.750	%	10/15/18	$	302,291
	750,000	Tennessee Valley Authority		3.875		02/15/21		806,126
	750,000	Tennessee Valley Authority		2.875		09/15/24		773,375
	200,000	Tennessee Valley Authority		2.875		02/01/27		200,694
	500,000	Tennessee Valley Authority		5.880		04/01/36		666,530
	500,000	Tennessee Valley Authority		5.500		06/15/38		644,281
	1,300,000	Tennessee Valley Authority		3.500		12/15/42		1,308,132
	1,750,000	Tennessee Valley Authority		4.625		09/15/60		1,996,029
	300,000	Tennessee Valley Authority		4.250		09/15/65		314,608
	500,000	University of California		1.796		07/01/19		502,695
	200,000	University of California		5.770		05/15/43		244,838
	200,000	University of California		3.931		05/15/45		199,390
	200,000	University of California		4.131		05/15/45		198,226
	860,000	University of California		4.858		05/15/12		845,363
	200,000	University of California		4.767		05/15/15		191,778
	100,000	University of Pennsylvania		4.674		09/01/12		100,770
	300,000	University of Southern California		3.028		10/01/39		270,644
	200,000	University of Southern California		5.250		10/01/11		233,369
	700,000	University of Texas		4.794		08/15/46		807,660
	200,000	University of Texas System		3.852		08/15/46		203,734
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		175,980
		TOTAL MUNICIPAL BONDS						68,280,253
U.S. TREASURY SECURITIES - 36.1%
	9,000,000	United States Treasury Bond		5.250		11/15/28		11,498,553
	26,060,000	United States Treasury Bond		5.250		02/15/29		33,405,662
	21,250,000	United States Treasury Bond		4.500		02/15/36		26,943,512
	6,400,000	United States Treasury Bond		5.000		05/15/37		8,605,498
	4,644,000	United States Treasury Bond		4.375		02/15/38		5,793,390
	41,983,000	United States Treasury Bond		3.500		02/15/39		46,192,761
	18,850,000	United States Treasury Bond		4.375		11/15/39		23,389,457
	12,585,000	United States Treasury Bond		3.875		08/15/40		14,545,013
	11,185,000	United States Treasury Bond		4.250		11/15/40		13,652,254
	26,350,000	United States Treasury Bond		4.375		05/15/41		32,806,778
	10,000,000	United States Treasury Bond		3.750		08/15/41		11,339,450
	8,300,000	United States Treasury Bond		3.125		11/15/41		8,491,937
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,654,332
	10,000,000	United States Treasury Bond		3.000		05/15/42		9,995,700
	10,000,000	United States Treasury Bond		2.750		08/15/42		9,530,470
	4,000,000	United States Treasury Bond		2.750		11/15/42		3,807,656
	10,250,000	United States Treasury Bond		2.875		05/15/43		9,977,330
	6,500,000	United States Treasury Bond		3.625		08/15/43		7,236,073
	2,000,000	United States Treasury Bond		3.750		11/15/43		2,275,234
	7,615,000	United States Treasury Bond		3.625		02/15/44		8,482,691
	2,500,000	United States Treasury Bond		3.375		05/15/44		2,667,090
	14,000,000	United States Treasury Bond		3.125		08/15/44		14,267,974
	16,750,000	United States Treasury Bond		3.000		11/15/44		16,668,863
	16,000,000	United States Treasury Bond		2.500		02/15/45		14,372,496
	22,000,000	United States Treasury Bond		3.000		05/15/45		21,865,074
	16,000,000	United States Treasury Bond		2.875		08/15/45		15,511,248
	10,750,000	United States Treasury Bond		3.000		11/15/45		10,680,297
	22,000,000	United States Treasury Bond		2.500		02/15/46		19,708,898
	27,000,000	United States Treasury Bond		2.500		05/15/46		24,171,318
	10,000,000	United States Treasury Bond		2.250		08/15/46		8,460,160
	18,300,000	United States Treasury Bond		2.875		11/15/46		17,749,573
	5,000,000	United States Treasury Bond		3.000		02/15/47		4,979,490

142

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	58,500,000	United States Treasury Note		0.750	%	10/31/17	$	58,431,438
	7,862,000	United States Treasury Note		2.375		05/31/18		7,972,555
	15,000,000	United States Treasury Note		1.375		07/31/18		15,042,780
	13,065,000	United States Treasury Note		2.250		07/31/18		13,252,809
	40,350,000	United States Treasury Note		1.500		08/31/18		40,528,105
	22,000,000	United States Treasury Note		1.375		09/30/18		22,062,744
	28,000,000	United States Treasury Note		1.250		10/31/18		28,019,684
	5,000,000	United States Treasury Note		1.000		11/30/18		4,982,420
	11,000,000	United States Treasury Note		1.250		11/30/18		11,006,446
	25,000,000	United States Treasury Note		1.500		12/31/18		25,115,225
	15,000,000	United States Treasury Note		1.125		01/31/19		14,968,950
	25,000,000	United States Treasury Note		1.500		01/31/19		25,114,250
	10,000,000	United States Treasury Note		0.750		02/15/19		9,909,380
	2,802,400	United States Treasury Note		2.750		02/15/19		2,880,890
	30,000,000	United States Treasury Note		1.500		02/28/19		30,138,270
	36,000,000	United States Treasury Note		1.625		03/31/19		36,248,904
	40,750,000	United States Treasury Note		1.500		05/31/19		40,918,746
	40,000,000	United States Treasury Note		1.625		06/30/19		40,254,680
	18,000,000	United States Treasury Note		1.625		07/31/19		18,111,798
	50,500,000	United States Treasury Note		1.625		08/31/19		50,795,879
	10,000,000	United States Treasury Note		0.875		09/15/19		9,876,560
	38,500,000	United States Treasury Note		1.750		09/30/19		38,835,373
	10,000,000	United States Treasury Note		1.000		10/15/19		9,899,220
	29,000,000	United States Treasury Note		1.500		10/31/19		29,053,244
	2,000,000	United States Treasury Note		1.000		11/15/19		1,977,734
	57,000,000	United States Treasury Note		1.500		11/30/19		57,089,034
	10,000,000	United States Treasury Note		1.375		12/15/19		9,979,690
	33,500,000	United States Treasury Note		1.625		12/31/19		33,647,869
	36,500,000	United States Treasury Note		1.250		01/31/20		36,261,910
	78,500,000	United States Treasury Note		1.375		02/29/20		78,190,318
	20,000,000	United States Treasury Note		1.625		03/15/20		20,069,540
	5,000,000	United States Treasury Note		1.375		03/31/20		4,977,735
	20,000,000	United States Treasury Note		1.375		04/30/20		19,890,620
	50,000,000	United States Treasury Note		1.500		05/31/20		49,869,150
	45,000,000	United States Treasury Note		1.625		06/30/20		45,033,390
	22,500,000	United States Treasury Note		1.625		07/31/20		22,500,878
	4,000,000	United States Treasury Note		2.000		07/31/20		4,049,688
	5,342,000	United States Treasury Note		2.625		08/15/20		5,513,526
	34,000,000	United States Treasury Note		1.375		08/31/20		33,682,576
	30,000,000	United States Treasury Note		1.375		09/30/20		29,697,660
	6,000,000	United States Treasury Note		2.000		09/30/20		6,069,612
	40,000,000	United States Treasury Note		1.375		10/31/20		39,559,360
	50,000,000	United States Treasury Note		1.625		11/30/20		49,847,650
	5,000,000	United States Treasury Note		2.000		11/30/20		5,050,975
	25,000,000	United States Treasury Note		1.750		12/31/20		25,016,600
	48,500,000	United States Treasury Note		1.375		01/31/21		47,816,053
	5,900,000	United States Treasury Note		3.625		02/15/21		6,316,227
	16,000,000	United States Treasury Note		1.125		02/28/21		15,609,376
	10,000,000	United States Treasury Note		2.000		02/28/21		10,087,500
	50,000,000	United States Treasury Note		1.250		03/31/21		48,960,950
	55,000,000	United States Treasury Note		1.375		04/30/21		54,071,875
	65,000,000	United States Treasury Note		1.375		05/31/21		63,837,085
	25,000,000	United States Treasury Note		1.125		06/30/21		24,274,425
	39,000,000	United States Treasury Note		1.125		07/31/21		37,819,353
	27,610,000	United States Treasury Note		2.125		08/15/21		27,933,562
	40,000,000	United States Treasury Note		1.125		08/31/21		38,750,000

143

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	30,185,000	United States Treasury Note		1.125	%	09/30/21	$	29,200,456
	50,000,000	United States Treasury Note		1.250		10/31/21		48,595,700
	13,379,100	United States Treasury Note		8.000		11/15/21		16,984,139
	57,000,000	United States Treasury Note		1.750		11/30/21		56,623,686
	51,700,000	United States Treasury Note		2.000		12/31/21		51,893,875
	24,300,000	United States Treasury Note		1.875		01/31/22		24,244,936
	5,000,000	United States Treasury Note		1.750		02/28/22		4,955,275
	60,000,000	United States Treasury Note		1.875		02/28/22		59,864,040
	3,000,000	United States Treasury Note		1.750		03/31/22		2,971,290
	46,000,000	United States Treasury Note		1.875		03/31/22		45,874,236
	10,500,000	United States Treasury Note		1.625		11/15/22		10,256,778
	12,000,000	United States Treasury Note		2.500		08/15/23		12,240,468
	11,000,000	United States Treasury Note		1.375		08/31/23		10,480,074
	13,000,000	United States Treasury Note		2.750		11/15/23		13,457,535
	20,000,000	United States Treasury Note		2.125		11/30/23		19,927,340
	15,000,000	United States Treasury Note		2.250		01/31/24		15,042,780
	26,000,000	United States Treasury Note		2.500		05/15/24		26,458,042
	42,005,000	United States Treasury Note		2.250		11/15/24		41,886,882
	14,000,000	United States Treasury Note		2.000		02/15/25		13,686,638
	37,000,000	United States Treasury Note		2.125		05/15/25		36,433,456
	37,000,000	United States Treasury Note		2.000		08/15/25		36,021,535
	30,000,000	United States Treasury Note		2.250		11/15/25		29,738,670
	44,500,000	United States Treasury Note		1.625		02/15/26		41,833,471
	30,000,000	United States Treasury Note		1.625		05/15/26		28,134,360
	25,000,000	United States Treasury Note		1.500		08/15/26		23,127,925
	15,600,000	United States Treasury Note		2.000		11/15/26		15,066,184
	22,000,000	United States Treasury Note		2.250		02/15/27		21,716,398
		TOTAL U.S. TREASURY SECURITIES						2,737,314,672
		TOTAL GOVERNMENT BONDS						5,403,780,581
		(Cost $5,415,741,957)
STRUCTURED ASSETS - 2.4%
ASSET BACKED - 0.9%
	304,471	American Airlines Pass Through Trust		4.950		01/15/23		323,844
	412,812	American Airlines Pass Through Trust		4.000		07/15/25		426,064
	265,618	American Airlines Pass Through Trust		3.700		10/01/26		266,946
	278,768	American Airlines Pass Through Trust		3.375		05/01/27		273,193
	190,533	American Airlines Pass Through Trust		3.600		09/22/27		191,581
	194,942	American Airlines Pass Through Trust		3.575		01/15/28		194,454
	175,000	American Airlines Pass Through Trust		3.200		06/15/28		171,182
	1,780,000	American Express Credit Account Master Trust		1.930		09/15/22		1,783,391
		Series - 2017 1 (Class A)
	98,183	AmeriCredit Automobile Receivables Trust		1.790		03/08/19		98,239
		Series - 2013 2 (Class C)
	500,000	AmeriCredit Automobile Receivables Trust		2.420		05/08/19		501,701
		Series - 2013 2 (Class D)
	116,121	AmeriCredit Automobile Receivables Trust		2.380		06/10/19		116,457
		Series - 2013 3 (Class C)
	3,000,000	AmeriCredit Automobile Receivables Trust		2.510		01/08/21		3,030,194
		Series - 2015 1 (Class C)
	1,565,000	AmeriCredit Automobile Receivables Trust		2.730		03/08/21		1,574,817
		Series - 2015 3 (Class C)
	955,000	AmeriCredit Automobile Receivables Trust		1.830		12/08/21		945,114
		Series - 2016 4 (Class B)

144

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		BMW Vehicle Lease Trust		2.180	%	06/22/20	$	1,004,656
			Series - 2017 1 (Class A4)
	401,253		Capital Auto Receivables Asset Trust		2.190		09/20/21		401,462
			Series - 0 1 (Class D)
	1,000,000		Capital One Multi-Asset Execution Trust		1.480		07/15/20		1,000,959
			Series - 2014 A5 (Class A)
	660,000		Capital One Multi-Asset Execution Trust		5.750		07/15/20		673,154
			Series - 2007 A7 (Class A7)
	1,200,000		Capital One Multi-Asset Execution Trust		2.080		03/15/23		1,203,461
			Series - 2015 A2 (Class A2)
	1,000,000		CarMax Auto Owner Trust		1.520		02/16/21		996,531
			Series - 2016 2 (Class A3)
	205,921		CenterPoint Energy Transition		3.460		08/15/19		208,588
			Series - 0 1 (Class A2)
	500,000		CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		523,411
			Series - 2005 A (Class A5)
	600,000		CenterPoint Energy Transition Bond Co LLC		2.161		10/15/21		603,475
			Series - 2012 1 (Class A2)
	1,500,000		Chase Issuance Trust		1.270		07/15/21		1,483,913
			Series - 2016 A5 (Class A5)
	1,600,000		Chase Issuance Trust		1.840		04/15/22		1,596,517
			Series - 2015 A4 (Class A4)
	1,000,000		Chase Issuance Trust		2.770		03/15/23		1,021,003
			Series - 2014 A2 (Class A2)
	1,000,000		Chase Issuance Trust		2.160		09/16/24		984,580
			Series - 2012 A7 (Class A7)
	750,000		CitiBank Credit Card Issuance Trust		5.650		09/20/19		765,118
			Series - 2007 A8 (Class A8)
	310,000		CitiBank Credit Card Issuance Trust		5.350		02/07/20		320,111
			Series - 2008 A1 (Class A1)
	1,000,000		CitiBank Credit Card Issuance Trust		2.150		07/15/21		1,008,594
			Series - 2014 A6 (Class A6)
	2,000,000		CitiBank Credit Card Issuance Trust		2.880		01/23/23		2,054,796
			Series - 0 A1 (Class A1)
	1,250,000		CitiBank Credit Card Issuance Trust		2.190		11/20/23		1,248,161
			Series - 2016 A2 (Class A2)
	650,000	i	CSAIL Commercial Mortgage Trust		4.753		01/15/49		673,840
			Series - 2016 C6 (Class C)
	1,250,000		CSAIL Commercial Mortgage Trust		2.970		04/15/50		1,274,118
			Series - 2015 C1 (Class A2)
	1,000,000		Discover Card Execution Note Trust		2.120		12/15/21		1,008,367
			Series - 2014 A4 (Class A4)
	3,000,000		Discover Card Master Trust		5.650		03/16/20		3,057,603
			Series - 2007 A1 (Class A1)
	16,232		FHLMC Multifamily Structured Pass Through Certificates		3.342		12/25/19		16,364
			Series - 2010 K007 (Class A1)
	2,187,200		FHLMC Multifamily Structured Pass Through Certificates		1.459		09/25/21		2,157,130
			Series - 2012 K019 (Class A1)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		2.307		08/25/22		2,994,662
			Series - 2012 K023 (Class A2)

145

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	373,791		FHLMC Multifamily Structured Pass Through Certificates		2.779	%	09/25/22	$	381,444
			Series - 2013 K030 (Class A1)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		502,003
			Series - 2013 K026 (Class A2)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637		01/25/23		505,612
			Series - 2013 K027 (Class A2)
	81,517		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		82,697
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		3,085,880
			Series - 2013 K033 (Class A2)
	500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		527,715
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,585,877
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		3,055,050
			Series - 2015 K045 (Class A2)
	820,000		Ford Credit Auto Owner Trust		1.320		01/15/19		819,864
			Series - 2013 2013-B (Class C)
	500,000		Ford Credit Auto Owner Trust		1.820		11/15/19		500,451
			Series - 2013 2013-B (Class D)
	1,135,000		Ford Credit Floorplan Master Owner Trust A		1.950		11/15/21		1,134,466
			Series - 2016 5 (Class A1)
	1,900,000		GE Capital Credit Card Master Note Trust		1.360		08/17/20		1,901,348
			Series - 2012 6 (Class A)
	1,000,000		GM Financial Automobile Leasing Trust		1.620		09/20/19		999,849
			Series - 2016 2 (Class A3)
	227,000		Hyundai Auto Receivables Trust		2.100		11/15/19		227,399
			Series - 2014 B (Class C)
	2,000,000		Hyundai Auto Receivables Trust		2.300		07/15/22		1,997,532
			Series - 2015 B (Class C)
	950,000		Mercedes-Benz Auto Receivables Trust		1.260		02/16/21		944,834
			Series - 2016 1 (Class A3)
	1,000,000		Nissan Auto Receivables Owner Trust		1.180		01/15/21		990,880
			Series - 2016 C (Class A3)
	4,420	i	Residential Asset Securities Corp		6.489		10/25/30		4,509
			Series - 2001 KS2 (Class AI6)
	12,901	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		13,485
			Series - 2006 HI1 (Class M2)
	155,182		Santander Drive Auto Receivables Trust		3.300		09/17/18		155,292
			Series - 2012 2012-5 (Class D)
	1,500,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		1,503,508
			Series - 2013 2013-1 (Class D)
	67,855		Santander Drive Auto Receivables Trust		1.950		03/15/19		67,913
			Series - 2013 2013-2 (Class C)
	1,332,944		Santander Drive Auto Receivables Trust		2.360		04/15/20		1,337,360
			Series - 2014 2014-1 (Class C)
	572,000		Santander Drive Auto Receivables Trust		2.460		06/15/20		575,648
			Series - 2014 5 (Class C)

146

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	910,000		Santander Drive Auto Receivables Trust		3.090	%	04/15/22	$	920,993
			Series - 2016 1 (Class C)
	263,172		United Airlines Pass Through Trust		4.300		08/15/25		274,028
			Series - 0 2013-1 Cl (Class )
	274,136		United Airlines Pass Through Trust		3.750		09/03/26		278,270
			Series - 0 2014-2 Cl (Class )
	195,165		United Airlines Pass Through Trust		3.450		12/01/27		193,945
	200,000		United Airlines Pass Through Trust		3.100		07/07/28		196,750
	200,000		United Airlines Pass Through Trust		3.450		07/07/28		196,000
	400,000		United Airlines Pass Through Trust		2.875		10/07/28		386,528
	152,915		US Airways Pass Through Trust		4.625		06/03/25		160,560
	251,721		US Airways Pass Through Trust		3.950		11/15/25		257,556
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,869
			Series - 2010 VNO (Class A2FX)
	1,215,000		World Financial Network Credit Card Master Trust		2.550		06/17/24		1,232,474
			Series - 2015 B (Class A)
	1,060,000		World Omni Auto Receivables Trust		1.680		12/15/20		1,061,221
			Series - 2014 B (Class A4)
			TOTAL ASSET BACKED						66,252,561
OTHER MORTGAGE BACKED - 1.5%
	2,000,000		Barclays Commercial Mortgage Trust		3.674		02/15/50		2,059,558
			Series - 2017 C1 (Class A4)
	781,942	i	Bear Stearns Commercial Mortgage Securities		5.694		06/11/50		787,500
			Series - 2007 PW17 (Class A4)
	423,929		Bear Stearns Commercial Mortgage Securities		5.700		06/11/50		429,004
			Series - 2007 PW18 (Class A4)
	2,000,000		CD Commercial Mortgage Trust		3.631		02/10/50		2,060,376
			Series - 2017 CD3 (Class A4)
	750,000		Citigroup Commercial Mortgage Trust		1.987		04/10/46		752,167
			Series - 2013 2013-GC11 (Class A2)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,070,502
			Series - 2013 2013-GC11 (Class AS)
	255,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		270,042
			Series - 2014 2014-GC19 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		515,771
			Series - 2014 2014-GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		996,330
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		996,831
			Series - 2015 GC27 (Class AS)
	1,000,000		Citigroup Commercial Mortgage Trust		3.616		02/10/49		1,026,228
			Series - 2016 GC36 (Class A5)
	2,000,000		Citigroup Commercial Mortgage Trust		3.314		04/10/49		2,001,947
			Series - 2016 GC37 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.576		04/10/49		495,841
			Series - 2016 GC37 (Class AS)
	1,500,000		Citigroup Commercial Mortgage Trust		2.832		08/10/49		1,442,929
			Series - 2016 C2 (Class A4)
	568,391	i	Citigroup Commercial Mortgage Trust		6.127		12/10/49		574,148
			Series - 2008 2008-C7 (Class A4)
	1,480,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		1,535,885
			Series - 2015 GC33 (Class A4)
	2,000,000		COMM Mortgage Trust		3.039		12/10/18		2,037,390
			Series - 2013 CR13 (Class A2)
	580,000		COMM Mortgage Trust		4.063		12/10/44		611,013
			Series - 2012 LC4 (Class AM)

147

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		COMM Mortgage Trust		2.752	%	08/15/45	$	506,790
			Series - 2012 CR2 (Class ASB)
	749,000		COMM Mortgage Trust		1.906		01/10/46		751,156
			Series - 2013 LC6 (Class A2)
	400,000		COMM Mortgage Trust		2.941		01/10/46		404,780
			Series - 2013 LC6 (Class A4)
	524,000		COMM Mortgage Trust		3.213		03/10/46		533,880
			Series - 0 CR7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,062,971
			Series - 2013 CR12 (Class A4)
	1,000,000		COMM Mortgage Trust		2.928		02/10/47		1,017,473
			Series - 2014 CR15 (Class A2)
	500,000		COMM Mortgage Trust		3.961		03/10/47		525,152
			Series - 2014 A5 (Class A5)
	970,362		COMM Mortgage Trust		2.840		04/10/47		984,826
			Series - 2014 LC15 (Class A2)
	1,000,000		COMM Mortgage Trust		4.051		04/10/47		1,059,357
			Series - 2014 CR16 (Class A4)
	1,000,000		COMM Mortgage Trust		3.819		06/10/47		1,038,758
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,031,492
			Series - 2014 UBS4 (Class A5)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		1,028,565
			Series - 2014 CR20 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.339		12/10/47		1,036,689
			Series - 2014 CR21 (Class B)
	1,000,000	i	COMM Mortgage Trust		4.263		02/10/48		1,013,581
			Series - 2015 LC19 (Class C)
	1,700,000		COMM Mortgage Trust		3.708		07/10/48		1,754,439
			Series - 2015 LC21 (Class A4)
	1,000,000		COMM Mortgage Trust		3.432		08/10/48		1,014,483
			Series - 2015 CR24 (Class A4)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,036,377
			Series - 2015 CR25 (Class A4)
	1,500,000		COMM Mortgage Trust		3.221		10/10/48		1,539,006
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/48		1,551,733
			Series - 2015 LC23 (Class A4)
	68,292	i	COMM Mortgage Trust		5.808		12/10/49		68,542
			Series - 2007 C9 (Class A4)
	300,000	i	COMM Mortgage Trust		6.101		12/10/49		303,546
			Series - 2008 LS1 (Class ASM)
	500,000		COMM Mortgage Trust		4.258		08/10/50		537,110
			Series - 2013 CR11 (Class A4)
	2,000,000		DBJPM		2.691		05/10/49		2,020,299
			Series - 2016 C1 (Class A2)
	3,500,000		DBJPM		3.276		05/10/49		3,513,721
			Series - 2016 C1 (Class A4)
	1,000,000		DBJPM		3.539		05/10/49		1,007,970
			Series - 2016 C1 (Class AM)
	1,301,957		Greenwich Capital Commercial Funding Corp		5.736		12/10/49		1,308,757
			Series - 2007 GG11 (Class A4)
	411,440		GS Mortgage Securities Corp II		3.314		01/10/45		419,990
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		302,932
			Series - 2013 GC10 (Class A5)

148

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		GS Mortgage Securities Corp II		3.279	%	02/10/46	$	303,003
			Series - 2013 GC10 (Class AS)
	800,000		GS Mortgage Securities Corp II		3.382		05/10/50		810,062
			Series - 2015 GC30 (Class A4)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,814,321
			Series - 2011 GC5 (Class A4)
	498,119		GS Mortgage Securities Trust		3.482		01/10/45		519,276
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		207,094
			Series - 0 GCJ7 (Class B)
	147,378		GS Mortgage Securities Trust		1.840		02/10/46		147,583
			Series - 2013 GC10 (Class A2)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		508,614
			Series - 2013 GC12 (Class A4)
	511,000		GS Mortgage Securities Trust		3.813		11/10/46		538,035
			Series - 2013 GC16 (Class AAB)
	191,342		GS Mortgage Securities Trust		2.924		01/10/47		193,298
			Series - 2014 GC18 (Class A2)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,059,355
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,524,912
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,895,307
			Series - 2015 GC28 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.178		11/10/49		1,492,653
			Series - 2016 GS4 (Class A3)
	1,350,000	i	GS Mortgage Securities Trust 2016-GS4		3.804		11/10/49		1,327,259
			Series - 2016 GS4 (Class C)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		98,148
			Series - 2009 IWST (Class A2)
	6,443		JP Morgan Chase Commercial Mortgage Securities Corp		5.115		07/15/41		6,431
			Series - 2004 LN2 (Class A2)
	5,570	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.939		04/17/45		5,561
			Series - 2006 LDP7 (Class AM)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.153		05/15/45		306,563
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		311,495
			Series - 2012 CBX (Class A4)
	500,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		531,581
			Series - 2013 C13 (Class A4)
	93,443		JP Morgan Chase Commercial Mortgage Securities Corp		1.855		04/15/46		93,518
			Series - 2013 LC11 (Class A2)
	421,277		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		447,894
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		534,508
			Series - 2013 C16 (Class A4)
	413,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		418,755
			Series - 2013 C10 (Class ASB)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		301,047
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		508,539
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		578,171
			Series - 2013 C10 (Class AS)
	406,964	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.841		06/15/49		407,098
			Series - 2007 LD11 (Class A4)

149

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		JPMBB Commercial Mortgage Securities Trust		3.801	%	09/15/47	$	518,291
			Series - 2014 C22 (Class A4)
	1,500,000		JPMBB Commercial Mortgage Securities Trust		2.940		11/15/47		1,530,673
			Series - 2014 C24 (Class A2)
	2,700,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		2,703,035
			Series - 2015 C28 (Class A4)
	1,100,000		JPMBB Commercial Mortgage Securities Trust		3.532		10/15/48		1,102,220
			Series - 2015 C28 (Class AS)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,073,221
			Series - 2015 C33 (Class A4)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		1,023,431
			Series - 2016 C1 (Class A5)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.970		03/15/49		518,972
			Series - 2016 C1 (Class AS)
	500,000	i	JPMBB Commercial Mortgage Securities Trust		4.747		03/15/49		538,433
			Series - 2016 C1 (Class B)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust		3.990		06/15/49		1,025,328
			Series - 2016 C2 (Class B)
	157,809	i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		139,462
			Series - 2006 C6 (Class AJ)
	600,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		607,809
			Series - 2007 C6 (Class AM)
	264,835	i	LB-UBS Commercial Mortgage Trust		5.866		09/15/45		268,809
			Series - 2007 C7 (Class A3)
	164,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		165,253
			Series - 2012 2012-C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		60,589
			Series - 2013 2013-C7 (Class A4)
	750,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		758,769
			Series - 2013 2013-C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		506,747
			Series - 2013 2013-C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		242,479
			Series - 2013 2013-C9 (Class B)
	200,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		210,308
			Series - 2013 2013-C12 (Class ASB)
	400,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.916		02/15/47		406,104
			Series - 2014 2014-C14 (Class A2)
	567,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.669		02/15/47		590,093
			Series - 2014 2014-C14 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,312,589
			Series - 2014 2014-C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,103,254
			Series - 2014 2014-C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,516,724
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		1,007,020
			Series - 2015 C22 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732		05/15/48		1,036,096
			Series - 2015 C24 (Class A4)
	602,702		Morgan Stanley Capital I Trust		5.569		12/15/44		608,773
			Series - 2007 HQ13 (Class A3)
	1,250,000		Morgan Stanley Capital I Trust		3.244		03/15/45		1,285,826
			Series - 2012 C4 (Class A4)
	535,000		Morgan Stanley Capital I Trust		3.594		03/15/49		549,094
			Series - 2016 UBS9 (Class A4)

150

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,042,494		Morgan Stanley Capital I Trust		5.809	%	12/12/49	$	1,048,655
			Series - 2007 IQ16 (Class A4)
	85,371		Morgan Stanley Capital I Trust		4.770		07/15/56		84,972
			Series - 0 IQ9 (Class AJ)
	74,132	i	TIAA Seasoned Commercial Mortgage Trust		5.474		08/15/39		74,876
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,529,755
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		511,421
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,041,529
			Series - 2012 C2 (Class A4)
	400,000		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		414,699
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		108,666
			Series - 2012 C1 (Class B)
	227,090		Wachovia Bank Commercial Mortgage Trust		5.678		05/15/46		228,005
			Series - 2007 2007-C34 (Class A3)
	238,761	i	Wachovia Bank Commercial Mortgage Trust		6.053		02/15/51		238,492
			Series - 2007 2007-C33 (Class A4)
	200,000	i	Wachovia Bank Commercial Mortgage Trust		6.053		02/15/51		201,152
			Series - 2007 2007-C33 (Class A5)
	875,000	i	Wells Fargo Commercial Mortgage Trust		3.872		05/15/48		898,419
			Series - 2015 C28 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695		11/15/48		2,057,762
			Series - 2015 C31 (Class A4)
	480,000	i	Wells Fargo Commercial Mortgage Trust		4.224		12/15/48		494,691
			Series - 2015 NXS4 (Class B)
	2,000,000		Wells Fargo Commercial Mortgage Trust		2.652		08/15/49		1,905,996
			Series - 2016 BNK1 (Class A3)
	500,000		Wells Fargo Commercial Mortgage Trust		2.967		08/15/49		472,151
			Series - 2016 BNK1 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		3.377		11/15/49		984,742
			Series - 2016 NXS6 (Class AS)
	117,000		Wells Fargo Commercial Mortgage Trust		3.896		03/15/59		112,360
			Series - 2016 C33 (Class C)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.836		06/15/45		262,247
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		407,165
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		785,067
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		615,085
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		504,243
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,057,301
			Series - 2014 C19 (Class B)
	3,000,000		WF-RBS Commercial Mortgage Trust		3.635		05/15/47		3,117,798
			Series - 2014 C20 (Class A3)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		509,716
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						111,004,285

151

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
			TOTAL STRUCTURED ASSETS					$	177,256,846
			(Cost $177,681,866)
			TOTAL BONDS						7,533,132,183
			(Cost $7,524,517,017)
SHORT-TERM INVESTMENTS - 1.3%
CORPORATE DEBT - 0.0%
$	100,000	g	TechnipFMC plc		2.000	%	10/01/17		99,966
			TOTAL CORPORATE DEBT						99,966
GOVERNMENT AGENCY DEBT - 0.1%
	9,350,000		Federal Home Loan Bank (FHLB)		0.500		04/03/17		9,350,000
			TOTAL GOVERNMENT AGENCY DEBT						9,350,000
TREASURY DEBT - 1.2%
	23,660,000		United States Treasury Bill		0.497		04/06/17		23,658,959
	36,740,000		United States Treasury Bill		0.540-0.700		04/20/17		36,727,362
	31,885,000		United States Treasury Bill		0.680-0.745		04/27/17		31,869,695
			TOTAL TREASURY DEBT						92,256,016
			TOTAL SHORT-TERM INVESTMENTS						101,705,982
			(Cost $101,704,700)
			TOTAL INVESTMENTS - 100.8%						7,634,838,165
			(Cost $7,626,221,717)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%						(66,957,131	)
			NET ASSETS - 100.0%					$	7,567,881,034

	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 3/31/2017, the aggregate value of these securities was $36,674,810 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

152

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS

BOND PLUS FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 3.5%
AUTOMOBILES & COMPONENTS - 0.2%
$	1,955,175	i	Dealer Tire LLC		4.938	%	12/22/21	$	1,979,615
	3,843,246	i	Gates Global LLC		4.397		07/06/21		3,846,129
			TOTAL AUTOMOBILES & COMPONENTS						5,825,744
CAPITAL GOODS - 0.1%
	348,250	i	Aspen Merger Sub, Inc		5.250		09/27/23		351,036
	949,125	i	Manitowoc Foodservice, Inc		4.000		03/03/23		957,430
	500,000	i	Proampac PG Borrower LLC		5.057		11/20/23		503,500
	2,536,133	i	TransDigm, Inc		3.982		06/09/23		2,523,047
			TOTAL CAPITAL GOODS						4,335,013
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,387,713	i	Cotiviti Corp		3.900		09/28/23		2,387,713
	3,000,000	i	Creative Artists Agency LLC		4.500		02/15/24		3,039,390
	450,000	i	Donnelley Financial Solutions, Inc		5.000		09/29/23		453,748
	3,206,651		TransUnion LLC		3.482		04/09/23		3,224,705
	302,583	i	USAGM HoldCo LLC		5.500		07/28/22		304,096
	2,490,795	i	USAGM HoldCo LLC		5.500		07/28/22		2,503,249
	1,153,821	i	WASH Multifamily Laundry Systems LLC		4.250		05/16/22		1,153,821
	202,068	i	WASH Multifamily Laundry Systems LLC		4.250		05/16/22		202,068
	1,196,736	i	XPO Logistics, Inc		2.250		11/01/21		1,199,536
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						14,468,326
CONSUMER DURABLES & APPAREL - 0.1%
	1,480,078	i	Academy Ltd		5.056		07/01/22		1,089,337
	990,000	i	FullBeauty Brands Holdings Corp		5.750		10/14/22		821,700
			TOTAL CONSUMER DURABLES & APPAREL						1,911,037
CONSUMER SERVICES - 0.7%
	4,900,000	i	Jackson Hewitt Tax Service, Inc		8.039		07/30/20		4,630,500
	3,337,260	i	Kindercare Education LLC		5.397		08/12/22		3,353,946
	1,492,500	i	Monitronics International, Inc		6.647		09/30/22		1,505,559
	1,647,608	i	Prime Security Services Borrower LLC		4.250		05/02/22		1,663,392
	3,164,571		ProQuest LLC		5.250		10/24/21		3,208,083
	2,302,622	i	Scientific Games International, Inc		4.846		10/01/21		2,331,037
	3,813,015	i	Spin Holdco, Inc		4.285		11/14/19		3,810,956
	2,915,214	i	Sterling Midco Holdings, Inc		5.897		06/20/22		2,937,078
			TOTAL CONSUMER SERVICES						23,440,551
ENERGY - 0.0%
	1,435,000	i	California Resources Corp		11.375		12/31/21		1,583,279
			TOTAL ENERGY						1,583,279

153

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.3%
$	2,601,280	i	Albertsons LLC		3.982	%	08/22/21	$	2,611,919
	114,000	i	Albertsons LLC		4.302		06/22/23		114,570
	1,592,000	i	Give & Go Prepared Foods Corp		6.647		07/29/23		1,607,920
	1,000,000	i	Rite Aid Corp		5.750		08/21/20		1,001,250
	1,500,000	i	Rite Aid Corp		4.875		06/21/21		1,501,875
			TOTAL FOOD & STAPLES RETAILING						6,837,534
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	1,188,910	i	Capsugel Holdings US, Inc		4.000		07/31/21		1,189,160
	650,000	i	Change Healthcare Holdings LLC		3.750		03/01/24		650,812
	926,297	i	Greatbatch Ltd		4.500		10/27/22		925,139
	337,500	i	inVentiv Group Holdings, Inc		4.804		11/09/23		338,202
	2,133,902	i	Nature’s Bounty Co		4.647		05/05/23		2,145,468
	1,979,899	i	Onex Schumacher Finance LP		5.000		07/29/22		1,985,463
	992,500	i	Precyse Acquisition Corp		6.500		10/20/22		995,607
	224,438	i	Press Ganey Holdings, Inc		4.250		10/23/23		224,859
	3,650,000	i	Tennessee Merger Sub, Inc		3.750		02/06/24		3,621,092
	3,275,250	i	VCVH Holding Corp		6.150		06/01/23		3,262,968
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						15,338,770
INSURANCE - 0.1%
	1,485,056	i	AssuredPartners, Inc		5.250		10/21/22		1,494,709
	1,100,000	i	Asurion LLC		8.500		03/03/21		1,112,375
	346,392	i	Asurion LLC		4.233		07/08/20		348,269
	2,033,193	i	USI, Inc		4.250		12/27/19		2,032,827
			TOTAL INSURANCE						4,988,180
MATERIALS - 0.2%
	800,000	i	Flex Acquisition Co, Inc		4.398		12/31/23		804,248
	693,000	i	GCP Applied Technologies, Inc		4.397		02/03/22		698,197
	1,381,334	i	PLZ Aeroscience Corp		4.642		07/29/22		1,388,241
	748,125	i	Quikrete Holdings, Inc		4.232		11/15/23		754,267
	800,000	i	Solenis International LP		7.804		07/29/22		789,504
	1,620,843	i	Tronox Pigments BV		4.647		03/19/20		1,629,628
			TOTAL MATERIALS						6,064,085
MEDIA - 0.3%
	2,040,041	i	CDS US Intermediate Holdings, Inc		5.147		07/08/22		2,053,220
	1,558,594	i	CSC Holdings LLC		3.943		10/11/24		1,554,214
	897,202	i	Lions Gate Entertainment Corp		3.982		12/08/23		901,966
	437,500		Match Group, Inc		4.097		11/16/22		442,151
	652,636	i	Nexstar Broadcasting, Inc		3.943		01/17/24		657,733
	63,273	i	Nexstar Broadcasting, Inc		3.943		01/17/24		63,767
	1,585,175	i	Time, Inc		4.250		04/26/21		1,589,138
	686,162	i	Univision Communications, Inc		3.750		03/15/24		681,585
	1,346,642	i	Virgin Media Bristol LLC		3.662		01/31/25		1,349,592
			TOTAL MEDIA						9,293,366
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	160,734	i	Valeant Pharmaceuticals International, Inc		5.740		04/01/22		161,089
	1,495,750	i	Vizient, Inc		5.000		02/11/23		1,506,968
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,668,057

154

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
REAL ESTATE - 0.1%
$	3,845,516	i	DTZ US Borrower LLC		4.304	%	11/04/21	$	3,865,359
	321,750	i	MGM Growth Properties LLC		3.482		04/25/23		323,092
			TOTAL REAL ESTATE						4,188,451
RETAILING - 0.2%
	2,992,538	i	Bass Pro Group LLC		6.147		12/15/23		2,878,462
	960,388	i	CHI Doors Holdings Corp		4.250		07/31/22		958,784
	991,927	i	Men’s Wearhouse, Inc		4.528		06/18/21		940,674
	2,972,286	i	PetSmart, Inc		4.020		03/11/22		2,834,818
			TOTAL RETAILING						7,612,738
SOFTWARE & SERVICES - 0.3%
	2,679,784	i	DTI Holdco, Inc		6.289		09/30/23		2,642,937
	952,371	i	Infor US, Inc		3.900		02/01/22		948,628
	2,130,493	i	Mitchell International, Inc		4.539		10/13/20		2,150,030
	3,000,000	i	Mitchell International, Inc		8.539		10/11/21		3,001,890
	222,373	i	SS&C European Holdings SARL		3.232		07/08/22		223,347
	2,601,326	i	SS&C Technologies, Inc		3.232		07/08/22		2,612,720
			TOTAL SOFTWARE & SERVICES						11,579,552
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,474,446	i	MKS Instruments, Inc		3.732		05/01/23		1,490,120
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,490,120
TELECOMMUNICATION SERVICES - 0.0%
	1,188,023	i	CNT Holdings III Corp		4.280		01/22/23		1,194,949
			TOTAL TELECOMMUNICATION SERVICES						1,194,949
UTILITIES - 0.0%
	1,000,000	i	Talen Energy Supply LLC		6.060		12/06/23		1,006,250
			TOTAL UTILITIES						1,006,250
			TOTAL BANK LOAN OBLIGATIONS						122,826,002
			(Cost $122,554,921)
BONDS - 93.6%
CORPORATE BONDS - 32.6%
AUTOMOBILES & COMPONENTS - 0.8%
	350,000	g	Adient Global Holdings Ltd		4.875		08/15/26		343,437
	720,000	g	Allison Transmission, Inc		5.000		10/01/24		727,200
	550,000	g,h	Aston Martin Capital Holdings Ltd		6.500		04/15/22		552,063
	1,900,000	g	BMW US Capital LLC		2.000		04/11/21		1,862,232
	1,500,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		1,563,750
	950,000		Delphi Automotive plc		3.150		11/19/20		969,040
	625,000		Delphi Automotive plc		4.400		10/01/46		595,321
	900,000		Ford Motor Co		4.346		12/08/26		916,331
	1,000,000		Ford Motor Co		7.450		07/16/31		1,261,158

155

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Ford Motor Co		4.750	%	01/15/43	$	1,408,842
	522,000	g	Gates Global LLC		6.000		07/15/22		531,135
	2,575,000		General Motors Co		3.500		10/02/18		2,629,021
	1,350,000		General Motors Co		6.600		04/01/36		1,551,799
	1,975,000		General Motors Co		6.750		04/01/46		2,312,573
	800,000		Goodyear Tire & Rubber Co		5.000		05/31/26		820,000
	1,075,000	g	Hyundai Capital America		2.000		07/01/19		1,065,115
	2,400,000	g	Hyundai Capital Services, Inc		3.000		03/06/22		2,396,556
	250,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		251,250
	250,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		247,188
	250,000	g,o	IHO Verwaltungs GmbH		4.750		09/15/26		243,750
	1,450,000		Magna International, Inc		3.625		06/15/24		1,479,271
	1,850,000	g	Schaeffler Finance BV		4.750		05/15/23		1,900,875
	600,000		Tenneco, Inc		5.000		07/15/26		587,622
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		182,219
	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		362,250
			TOTAL AUTOMOBILES & COMPONENTS						26,759,998
BANKS - 4.4%
	1,900,000	g,i	Akbank TAS		7.200		03/16/27		1,973,577
	1,350,000	g	ANZ New Zealand Int’l Ltd		2.125		07/28/21		1,313,445
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,565,625
	3,000,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		3,048,750
	25,000		Bank of America Corp		6.000		09/01/17		25,449
	5,000,000		Bank of America Corp		1.950		05/12/18		5,010,865
	1,000,000		Bank of America Corp		5.490		03/15/19		1,058,293
	3,225,000		Bank of America Corp		2.151		11/09/20		3,195,453
	2,150,000		Bank of America Corp		3.875		08/01/25		2,187,904
	4,200,000		Bank of America Corp		3.248		10/21/27		3,997,581
	2,125,000	i	Bank of America Corp		3.824		01/20/28		2,129,320
	1,925,000		Bank of America Corp		4.750		04/21/45		1,933,776
	5,000,000	g	Bank of Montreal		2.500		01/11/22		5,010,820
	950,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		952,819
	1,250,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		1,247,892
	1,550,000		Barclays plc		3.650		03/16/25		1,509,317
	650,000	g	BNP Paribas S.A.		3.800		01/10/24		646,691
	375,000		Branch Banking & Trust Co		2.300		10/15/18		377,591
	2,000,000	g	Caixa Economica Federal		3.500		11/07/22		1,906,000
	375,000	g,i	Caixa Economica Federal		7.250		07/23/24		394,162
	2,000,000		Capital One Bank USA NA		1.500		03/22/18		1,995,240
	2,350,000		Capital One Bank USA NA		2.950		07/23/21		2,368,518
	300,000		Capital One Bank USA NA		3.375		02/15/23		299,352
	9,200,000		Citigroup, Inc		3.200		10/21/26		8,780,894
	2,150,000	i	Citigroup, Inc		3.887		01/10/28		2,159,348
	575,000		Citizens Bank NA		2.550		05/13/21		571,681
	475,000		Citizens Financial Group, Inc		2.375		07/28/21		468,346
	1,125,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,213,500
	2,700,000		Cooperatieve Rabobank UA		2.500		01/19/21		2,702,452
	4,125,000		Cooperatieve Rabobank UA		3.750		07/21/26		4,030,084
	1,150,000	g	Credit Agricole S.A.		2.500		04/15/19		1,156,934
	1,075,000	g	Credit Agricole S.A.		2.375		07/01/21		1,053,229
	2,150,000	g	Credit Agricole S.A.		3.375		01/10/22		2,149,847
	400,000		Discover Bank		3.100		06/04/20		407,998

156

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,206,000		Discover Bank		3.200	%	08/09/21	$	1,221,192
	2,250,000	g	GTH Finance BV		7.250		04/26/23		2,475,225
	500,000	g	HSBC Bank plc		4.125		08/12/20		528,020
	4,075,000		HSBC Holdings plc		2.650		01/05/22		4,019,299
	2,575,000	i	HSBC Holdings plc		3.262		03/13/23		2,587,458
	2,500,000		HSBC Holdings plc		3.900		05/25/26		2,524,915
	750,000		HSBC Holdings plc		4.375		11/23/26		755,743
	1,250,000	i	HSBC Holdings plc		4.041		03/13/28		1,263,389
	3,700,000		HSBC USA, Inc		1.625		01/16/18		3,697,706
	3,000,000		JPMorgan Chase & Co		2.000		08/15/17		3,006,861
	1,000,000		JPMorgan Chase & Co		1.800		01/25/18		1,001,545
	3,275,000		JPMorgan Chase & Co		2.295		08/15/21		3,240,658
	700,000		JPMorgan Chase & Co		2.700		05/18/23		684,653
	5,000,000		JPMorgan Chase & Co		3.875		09/10/24		5,067,470
	2,000,000		JPMorgan Chase & Co		3.200		06/15/26		1,941,706
	4,075,000		JPMorgan Chase & Co		2.950		10/01/26		3,873,980
	1,925,000	i	JPMorgan Chase & Co		4.260		02/22/48		1,921,622
	400,000	i	JPMorgan Chase & Co		5.150		12/30/49		403,500
	775,000		KeyBank NA		2.500		12/15/19		783,665
	675,000		Lloyds Banking Group plc		3.000		01/11/22		671,068
	775,000	g	Macquarie Bank Ltd		2.600		06/24/19		782,604
	2,200,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,195,239
	2,575,000		Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		2,605,050
	1,725,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		1,731,250
	2,650,000		National Australia Bank Ltd		2.500		07/12/26		2,481,118
	1,000,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,026,719
	1,675,000		PNC Bank NA		2.200		01/28/19		1,686,415
	2,025,000		PNC Bank NA		2.250		07/02/19		2,039,647
	3,500,000		PNC Bank NA		2.600		07/21/20		3,533,138
	3,000,000		PNC Bank NA		2.950		01/30/23		3,011,067
	2,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		2,592,968
	700,000	g,i	Rabobank Nederland NV		11.000		12/30/49		817,250
	3,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,018,015
	2,000,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		2,017,854
	1,500,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,505,844
	2,800,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		2,767,450
	1,350,000		SunTrust Banks, Inc		2.900		03/03/21		1,366,133
	575,000		SunTrust Banks, Inc		2.750		05/01/23		567,903
	2,700,000		Toronto-Dominion Bank		2.500		12/14/20		2,722,232
	475,000	i	Toronto-Dominion Bank		3.625		09/15/31		465,144
	1,075,000	g	Turkiye Halk Bankasi AS.		3.875		02/05/20		1,023,721
	1,000,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		958,010
	1,125,000	g	Turkiye Is Bankasi		5.500		04/21/22		1,105,714
	500,000		Union Bank NA		2.125		06/16/17		501,070
	400,000		UnionBanCal Corp		3.500		06/18/22		409,529
	1,700,000	i	Westpac Banking Corp		4.322		11/23/31		1,717,682
			TOTAL BANKS						155,161,194
CAPITAL GOODS - 0.7%
	1,300,000		Anixter, Inc		5.125		10/01/21		1,352,000
	500,000	g	Cloud Crane LLC		10.125		08/01/24		533,750
	150,000		Eaton Corp		4.000		11/02/32		151,838
	1,650,000		Embraer Netherlands Finance BV		5.400		02/01/27		1,701,942

157

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,525,000	g	Gold Fields Orogen Holding BVI Ltd		4.875	%	10/07/20	$	1,532,625
	900,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		913,302
	1,675,000		Lockheed Martin Corp		2.500		11/23/20		1,686,338
	750,000		Manitowoc Foodservice, Inc		9.500		02/15/24		864,375
	1,475,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,484,739
	375,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		372,523
	607,985	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		224,954
	620,175	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		229,465
	975,000	g	Parker-Hannifin Corp		3.250		03/01/27		971,041
	1,750,000	h	Rockwell Collins, Inc		3.500		03/15/27		1,750,548
	675,000		Roper Technologies, Inc		3.800		12/15/26		677,890
	2,250,000	g	Siemens Financieringsmaatschappij NV		1.700		09/15/21		2,169,020
	2,250,000	g	Siemens Financieringsmaatschappij NV		2.350		10/15/26		2,089,490
	1,790,000	g	Stena AB		7.000		02/01/24		1,673,650
	475,000		Textron, Inc		3.875		03/01/25		483,075
	2,350,000		Timken Co		3.875		09/01/24		2,310,515
	1,570,000	g	TSMC Global Ltd		1.625		04/03/18		1,565,949
	1,650,000		United Technologies Corp		3.750		11/01/46		1,548,637
			TOTAL CAPITAL GOODS						26,287,666
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	750,000		AECOM		5.750		10/15/22		786,562
	3,150,000		AECOM		5.875		10/15/24		3,346,875
	1,200,000		Air Lease Corp		3.875		04/01/21		1,243,867
	1,975,000		Clean Harbors, Inc		5.125		06/01/21		2,014,500
	1,975,000	g	Daimler Finance North America LLC		2.000		07/06/21		1,920,703
	2,750,000	g	Daimler Finance North America LLC		2.200		10/30/21		2,689,415
	725,000		Equifax, Inc		3.250		06/01/26		701,103
	900,000	g	Herc Rentals, Inc		7.500		06/01/22		956,250
	899,000	g	Herc Rentals, Inc		7.750		06/01/24		957,435
	670,000		Republic Services, Inc		3.800		05/15/18		684,597
	1,000,000		Republic Services, Inc		3.550		06/01/22		1,037,080
	1,525,000		Republic Services, Inc		3.200		03/15/25		1,519,144
	875,000		Republic Services, Inc		2.900		07/01/26		845,245
	200,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		204,500
	1,000,000		RR Donnelley & Sons Co		7.875		03/15/21		1,075,000
	25,000		RR Donnelley & Sons Co		7.000		02/15/22		25,375
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		654,750
	975,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		855,563
	1,425,000		United Rentals North America, Inc		5.500		07/15/25		1,467,750
	1,550,000		Waste Management, Inc		2.900		09/15/22		1,576,517
	1,325,000		Waste Management, Inc		2.400		05/15/23		1,301,045
	475,000		Waste Management, Inc		3.900		03/01/35		472,682
	550,000		Waste Management, Inc		4.100		03/01/45		551,318
	3,400,000	g	XPO Logistics, Inc		6.500		06/15/22		3,570,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						30,457,276
CONSUMER DURABLES & APPAREL - 0.4%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,121,590
	1,800,000	g	Golden Legacy Pte Ltd		8.250		06/07/21		1,908,620
	325,000	g	Hanesbrands, Inc		4.625		05/15/24		320,531
	2,000,000		KB Home		4.750		05/15/19		2,055,000
	4,000,000		Lennar Corp		4.750		04/01/21		4,170,000

158

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	725,000		Newell Rubbermaid, Inc		3.150	%	04/01/21	$	741,661
	625,000		Newell Rubbermaid, Inc		3.900		11/01/25		640,829
	1,275,000		Newell Rubbermaid, Inc		4.200		04/01/26		1,326,817
	600,000		PulteGroup, Inc		5.500		03/01/26		621,000
	1,870,000		Standard Pacific Corp		5.875		11/15/24		1,963,500
	225,000		Whirlpool Corp		3.700		03/01/23		231,674
			TOTAL CONSUMER DURABLES & APPAREL						15,101,222
CONSUMER SERVICES - 1.1%
	1,825,000		ADT Corp		6.250		10/15/21		1,983,593
	1,035,000		ADT Corp		3.500		07/15/22		991,012
	4,000,000		Amherst College		4.100		11/01/45		4,105,012
	1,500,000		Aramark Services, Inc		5.125		01/15/24		1,573,125
	4,150,000	g	Aramark Services, Inc		5.000		04/01/25		4,274,500
	1,000,000		Aramark Services, Inc		4.750		06/01/26		1,006,250
	1,650,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,662,870
	600,000		Boyd Gaming Corp		6.375		04/01/26		642,000
	1,200,000	g	Cott Holdings, Inc		5.500		04/01/25		1,221,360
	2,815,000		Duke University		3.299		10/01/46		2,493,769
	600,000	g	Hilton Domestic Operating Co, Inc		4.250		09/01/24		592,500
	2,000,000	g	Hilton Worldwide Finance LLC		4.625		04/01/25		2,020,000
	480,000	g	International Game Technology		5.625		02/15/20		501,600
	1,070,000	g	International Game Technology		6.250		02/15/22		1,142,225
	2,070,000	g	International Game Technology		6.500		02/15/25		2,204,550
	625,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		625,000
	1,500,000		MGM Resorts International		6.750		10/01/20		1,650,000
	600,000	g	Pinnacle Entertainment, Inc		5.625		05/01/24		608,250
	2,350,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		2,576,188
	1,000,000	g	Scientific Games International, Inc		7.000		01/01/22		1,068,750
	1,000,000		Scientific Games International, Inc		10.000		12/01/22		1,066,250
	2,000,000	g	ServiceMaster Co LLC		5.125		11/15/24		2,050,000
	1,335,000		Speedway Motorsports, Inc		5.125		02/01/23		1,348,350
	325,000		Trinity Acquisition plc		4.400		03/15/26		333,099
			TOTAL CONSUMER SERVICES						37,740,253
DIVERSIFIED FINANCIALS - 4.0%
	2,000,000		AerCap Ireland Capital Ltd		4.625		07/01/22		2,109,446
	2,100,000		Aircastle Ltd		4.125		05/01/24		2,102,625
	3,000,000		Ally Financial, Inc		4.750		09/10/18		3,082,500
	875,000		American Express Centurion Bank		6.000		09/13/17		892,385
	2,600,000		American Express Credit Corp		2.700		03/03/22		2,597,348
	2,000,000	g,i	Banco Mercantil del Norte S.A.		5.750		10/04/31		1,957,500
	275,000		Bank of New York Mellon Corp		5.450		05/15/19		295,105
	2,050,000		Bank of New York Mellon Corp		2.500		04/15/21		2,055,176
	2,350,000	g	Bayer US Finance LLC		2.375		10/08/19		2,365,895
	2,775,000		Berkshire Hathaway, Inc		3.125		03/15/26		2,772,053
	1,950,000		Capital One Financial Corp		3.050		03/09/22		1,947,309
	1,950,000		Capital One Financial Corp		3.750		03/09/27		1,938,015
	1,225,000		Credit Suisse		2.300		05/28/19		1,229,285
	1,400,000	g	Credit Suisse Group AG.		3.574		01/09/23		1,397,186
	775,000	g	Credit Suisse Group AG.		4.282		01/09/28		771,197
	4,075,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		4,090,082
	2,325,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		2,287,084

159

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Ford Motor Credit Co LLC		3.000	%	06/12/17	$	1,504,245
	2,050,000		Ford Motor Credit Co LLC		2.551		10/05/18		2,066,150
	3,600,000		Ford Motor Credit Co LLC		3.200		01/15/21		3,638,232
	1,000,000		Ford Motor Credit Co LLC		5.750		02/01/21		1,101,377
	2,625,000		Ford Motor Credit Co LLC		3.336		03/18/21		2,654,437
	2,800,000		Ford Motor Credit Co LLC		4.134		08/04/25		2,813,390
	4,088,000		GE Capital International Funding Co		2.342		11/15/20		4,103,776
	407,000		GE Capital International Funding Co		4.418		11/15/35		429,813
	115,000		General Electric Capital Corp		6.875		01/10/39		163,037
	15,000,000		General Motors Financial Co, Inc		2.400		04/10/18		15,076,020
	2,325,000		General Motors Financial Co, Inc		4.200		03/01/21		2,426,700
	3,450,000		General Motors Financial Co, Inc		3.200		07/06/21		3,462,751
	1,175,000		General Motors Financial Co, Inc		4.375		09/25/21		1,235,468
	3,000,000		General Motors Financial Co, Inc		3.450		04/10/22		3,014,694
	1,075,000		General Motors Financial Co, Inc		3.700		05/09/23		1,083,087
	150,000		General Motors Financial Co, Inc		4.250		05/15/23		154,766
	2,890,000		Goldman Sachs Group, Inc		2.375		01/22/18		2,905,866
	1,050,000		Goldman Sachs Group, Inc		3.500		01/23/25		1,045,862
	1,425,000		Goldman Sachs Group, Inc		4.800		07/08/44		1,506,902
	4,350,000		Goldman Sachs Group, Inc		4.750		10/21/45		4,588,223
	2,000,000	g	GrupoSura Finance S.A.		5.500		04/29/26		2,110,000
	1,000,000		Icahn Enterprises LP		5.875		02/01/22		1,015,000
	2,000,000		ICICI Bank Ltd		3.125		08/12/20		2,019,008
	1,000,000	g	ICICI Bank Ltd		4.000		03/18/26		996,912
	1,300,000		International Lease Finance Corp		3.875		04/15/18		1,325,398
	2,000,000		International Lease Finance Corp		5.875		08/15/22		2,224,826
	300,000		Legg Mason, Inc		2.700		07/15/19		302,869
	425,000		Legg Mason, Inc		3.950		07/15/24		429,656
	850,000	g	Lincoln Finance Ltd		7.375		04/15/21		901,000
	1,400,000	g	LUKOIL International Finance BV		4.750		11/02/26		1,421,760
	5,275,000		Morgan Stanley		1.875		01/05/18		5,283,187
	4,700,000		Morgan Stanley		3.700		10/23/24		4,767,548
	4,575,000		Morgan Stanley		3.125		07/27/26		4,370,228
	1,625,000		Morgan Stanley		3.625		01/20/27		1,612,429
	250,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		283,098
	1,575,000		Navient Corp		4.875		06/17/19		1,612,406
	400,000		Navient Corp		6.625		07/26/21		414,000
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		1,464,774
	400,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		416,000
	400,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		416,000
	2,500,000	g,i	Residential Reinsurance 2016 Ltd		4.002		06/06/20		2,503,500
	4,500,000	g,i	Sanders Re Ltd		4.105		12/06/21		4,500,000
	1,000,000	g	SUAM Finance BV		4.875		04/17/24		1,038,200
	1,485,000		Synchrony Financial		1.875		08/15/17		1,485,560
	1,770,000		Trustees of Boston College		2.912		07/01/23		1,769,733
	1,400,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,409,142
	2,275,000	g	UBS Group Funding Jersey Ltd		2.650		02/01/22		2,229,896
	5,250,000		Wells Fargo & Co		2.100		07/26/21		5,145,956
	2,125,000		Wells Fargo & Co		3.069		01/24/23		2,134,099
			TOTAL DIVERSIFIED FINANCIALS						144,467,172
ENERGY - 3.1%
	600,000		AmeriGas Partners LP		5.625		05/20/24		603,000

160

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		AmeriGas Partners LP		5.875	%	08/20/26	$	398,000
	1,700,000		Anadarko Petroleum Corp		4.850		03/15/21		1,818,419
	800,000		Anadarko Petroleum Corp		5.550		03/15/26		887,742
	1,200,000		Apache Corp		3.250		04/15/22		1,206,024
	173,000		California Resources Corp		6.000		11/15/24		121,100
	430,000		Calumet Specialty Products Partners LP		6.500		04/15/21		363,887
	500,000		Calumet Specialty Products Partners LP		7.625		01/15/22		421,250
	400,000		Calumet Specialty Products Partners LP		7.750		04/15/23		336,000
	1,200,000		Canadian Natural Resources Ltd		3.900		02/01/25		1,209,646
	300,000	g	Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		330,375
	1,500,000	g	Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		1,563,750
	1,735,000		Cimarex Energy Co		4.375		06/01/24		1,802,134
	2,100,000		Cloud Peak Energy Resources LLC		12.000		11/01/21		2,262,750
	1,950,000		Concho Resources, Inc		5.500		04/01/23		2,012,205
	2,325,000	g	Crestwood Midstream Partners LP		5.750		04/01/25		2,374,406
	1,350,000		Devon Energy Corp		4.750		05/15/42		1,299,942
	700,000		Devon Energy Corp		5.000		06/15/45		702,141
	1,750,000		Dynegy, Inc		6.750		11/01/19		1,798,125
	1,500,000		Ecopetrol S.A.		5.375		06/26/26		1,534,200
	95,000		El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		86,127
	725,000		Enbridge Energy Partners LP		4.375		10/15/20		764,167
	1,400,000		Enbridge Energy Partners LP		5.875		10/15/25		1,564,711
	1,075,000		EnCana Corp		3.900		11/15/21		1,098,139
	700,000		Enterprise Products Operating LLC		2.850		04/15/21		702,971
	2,100,000		Enterprise Products Operating LLC		3.750		02/15/25		2,111,791
	750,000		Enterprise Products Operating LLC		4.450		02/15/43		709,588
	750,000		Enterprise Products Operating LLC		5.100		02/15/45		783,133
	5,000,000	i	Enterprise Products Operating LLC		7.034		01/15/68		5,179,500
	1,025,000		EOG Resources, Inc		4.150		01/15/26		1,070,703
	675,000		EP Energy LLC		9.375		05/01/20		636,187
	1,800,000		EP Energy LLC		6.375		06/15/23		1,381,500
	2,400,000		Exterran Partners LP		6.000		04/01/21		2,382,000
	1,100,000		Ferrellgas Partners LP		6.500		05/01/21		1,045,000
	1,000,000		Ferrellgas Partners LP		6.750		06/15/23		940,000
	600,000		Husky Energy, Inc		3.950		04/15/22		621,477
	750,000		Husky Energy, Inc		4.000		04/15/24		761,391
	275,000		Magellan Midstream Partners LP		4.250		09/15/46		257,510
	975,000		Marathon Oil Corp		2.700		06/01/20		968,027
	800,000		Marathon Petroleum Corp		3.625		09/15/24		787,551
	375,000		Murphy Oil Corp		6.875		08/15/24		397,500
	500,000		Murphy Oil USA, Inc		6.000		08/15/23		523,750
	300,000		Newfield Exploration Co		5.750		01/30/22		318,375
	900,000		Newfield Exploration Co		5.625		07/01/24		948,375
	621,000		Noble Energy, Inc		5.625		05/01/21		639,732
	300,000		Noble Energy, Inc		3.900		11/15/24		303,914
	275,000		Noble Energy, Inc		5.250		11/15/43		285,970
	500,000		Noble Energy, Inc		5.050		11/15/44		509,916
	750,000		Oasis Petroleum, Inc		6.875		03/15/22		766,875
	1,800,000		ONE Gas, Inc		2.070		02/01/19		1,806,444
	575,000		ONE Gas, Inc		3.610		02/01/24		593,163
	2,000,000	q	Peabody Energy Corp		6.000		11/15/18		500,000
	1,675,000	g	Pertamina Persero PT		4.300		05/20/23		1,729,164
	1,000,000		Petrobras Global Finance BV		8.375		05/23/21		1,131,250

161

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Petrobras Global Finance BV		6.125	%	01/17/22	$	2,097,000
	1,000,000		Petrobras Global Finance BV		8.750		05/23/26		1,157,500
	3,900,000		Petrobras Global Finance BV		7.375		01/17/27		4,123,080
	1,525,000		Petroleos Mexicanos		5.500		02/04/19		1,601,250
	3,025,000		Petroleos Mexicanos		6.375		02/04/21		3,281,308
	2,500,000		Petroleos Mexicanos		3.500		01/30/23		2,382,250
	1,550,000	g	Petroleos Mexicanos		6.500		03/13/27		1,667,413
	675,000		Petroleos Mexicanos		5.625		01/23/46		601,087
	1,000,000		Petroleos Mexicanos		6.750		09/21/47		1,015,110
	1,200,000		Phillips 66		4.875		11/15/44		1,204,769
	800,000		Pioneer Natural Resources Co		7.500		01/15/20		905,410
	1,725,000		Pioneer Natural Resources Co		3.450		01/15/21		1,765,688
	1,350,000		Pioneer Natural Resources Co		4.450		01/15/26		1,420,755
	1,535,000		Plains All American Pipeline LP		3.600		11/01/24		1,485,699
	400,000		Plains All American Pipeline LP		4.500		12/15/26		407,858
	1,750,000		Questar Market Resources, Inc		6.875		03/01/21		1,859,375
	575,000	g	Raizen Fuels Finance S.A.		5.300		01/20/27		582,906
	2,500,000	g	Range Resources Corp		5.750		06/01/21		2,562,500
	800,000		Regency Energy Partners LP		5.750		09/01/20		864,037
	600,000		Regency Energy Partners LP		6.500		07/15/21		619,900
	200,000		Regency Energy Partners LP		5.500		04/15/23		207,750
	475,000		Regency Energy Partners LP		4.500		11/01/23		487,340
	1,000,000	g	Reliance Holdings USA		5.400		02/14/22		1,091,071
	750,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		808,029
	150,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		162,608
	1,950,000	g	Sabine Pass Liquefaction LLC		4.200		03/15/28		1,920,422
	1,300,000		Shell International Finance BV		3.250		05/11/25		1,312,493
	1,350,000		Shell International Finance BV		4.000		05/10/46		1,297,786
	1,400,000		SM Energy Co		6.125		11/15/22		1,410,500
	300,000		SM Energy Co		6.500		01/01/23		304,500
	200,000		Statoil ASA		1.200		01/17/18		199,517
	375,000		Statoil ASA		2.450		01/17/23		369,694
	820,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		799,449
	1,000,000		Sunoco LP		6.250		04/15/21		1,022,500
	2,500,000	g	Tesoro Corp		4.750		12/15/23		2,580,225
	160,000		Tesoro Logistics LP		5.500		10/15/19		168,800
	225,000		Tesoro Logistics LP		6.125		10/15/21		235,406
	225,000		Tesoro Logistics LP		6.375		05/01/24		243,563
	550,000		Tesoro Logistics LP		5.250		01/15/25		574,063
	500,000		TransCanada PipeLines Ltd		5.850		03/15/36		593,370
	250,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		232,813
	1,375,000	g	Ultrapar International S.A.		5.250		10/06/26		1,368,125
	1,500,000		Vale Overseas Ltd		6.250		08/10/26		1,629,375
	500,000		WPX Energy, Inc		7.500		08/01/20		530,000
	100,000		WPX Energy, Inc		8.250		08/01/23		111,250
	1,400,000	g	YPF S.A.		8.500		03/23/21		1,534,414
			TOTAL ENERGY						110,150,955
FOOD & STAPLES RETAILING - 0.8%
	860,000	g	Albertsons Cos LLC		6.625		06/15/24		879,350
	4,075,000		CVS Health Corp		2.800		07/20/20		4,142,771
	3,100,000		CVS Health Corp		2.125		06/01/21		3,040,424
	1,337,000		CVS Health Corp		3.875		07/20/25		1,377,445

162

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,100,000		CVS Health Corp		2.875	%	06/01/26	$	2,956,095
	2,370,000	g	Fresh Market, Inc		9.750		05/01/23		1,913,775
	1,400,000		Ingles Markets, Inc		5.750		06/15/23		1,410,500
	2,000,000	g	MARB BondCo plc		7.000		03/15/24		1,985,000
	475,000		SYSCO Corp		2.500		07/15/21		473,367
	1,750,000		Walgreen Co		4.400		09/15/42		1,685,196
	2,400,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		2,431,824
	1,325,000		Walgreens Boots Alliance, Inc		2.600		06/01/21		1,326,438
	2,600,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		2,652,941
	1,025,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		999,196
	300,000		Walgreens Boots Alliance, Inc		4.650		06/01/46		298,379
			TOTAL FOOD & STAPLES RETAILING						27,572,701
FOOD, BEVERAGE & TOBACCO - 0.8%
	1,100,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		1,013,033
	2,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,720,061
	1,750,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,780,888
	9,200,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		9,302,120
	2,050,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		2,213,465
	1,100,000		Anheuser-Busch InBev Worldwide, Inc		4.950		01/15/42		1,186,564
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,854,000
	1,700,000	g	Heineken NV		3.500		01/29/28		1,708,860
	725,000	g	Heineken NV		4.350		03/29/47		726,348
	1,275,000		Kraft Heinz Foods Co		2.000		07/02/18		1,278,033
	213,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		217,260
	210,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		214,200
	800,000		Mead Johnson Nutrition Co		3.000		11/15/20		815,352
	3,725,000		PepsiCo, Inc		3.450		10/06/46		3,369,169
	100,000		Philip Morris International, Inc		6.375		05/16/38		127,009
	200,000	g	TreeHouse Foods, Inc		6.000		02/15/24		209,500
			TOTAL FOOD, BEVERAGE & TOBACCO						28,735,862
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	1,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		1,025,000
	1,175,000		CHS/Community Health Systems		6.250		03/31/23		1,198,500
	375,000		Covidien International Finance S.A.		3.200		06/15/22		383,293
	925,000		Express Scripts Holding Co		3.500		06/15/24		910,984
	4,125,000		Express Scripts Holding Co		3.400		03/01/27		3,884,677
	2,000,000		HCA Holdings, Inc		6.250		02/15/21		2,158,750
	975,000		HCA, Inc		5.875		03/15/22		1,072,500
	750,000		HCA, Inc		4.500		02/15/27		750,000
	925,000		HealthSouth Corp		5.750		11/01/24		931,937
	1,125,000	g	LifePoint Health, Inc		5.375		05/01/24		1,144,125
	2,225,000		LifePoint Hospitals, Inc		5.500		12/01/21		2,308,437
	1,725,000		McKesson Corp		4.883		03/15/44		1,780,247
	2,100,000		Medtronic, Inc		4.625		03/15/45		2,255,602
	1,025,000	g	New Amethyst Corp		6.250		12/01/24		1,076,250
	5,250,000		New York and Presbyterian Hospital		4.024		08/01/45		5,154,440
	225,000		Tenet Healthcare Corp		6.000		10/01/20		237,938
	450,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		453,763
	700,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		713,670
	725,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		726,319
	775,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		737,811

163

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,490,000		Zimmer Holdings, Inc		3.550	%	04/01/25	$	2,461,910
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						31,366,153
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	375,000		Ecolab, Inc		1.450		12/08/17		374,588
	325,000		Ecolab, Inc		3.700		11/01/46		294,537
	405,000	g	First Quality Finance Co, Inc		4.625		05/15/21		396,900
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,066,025
INSURANCE - 0.9%
	3,000,000		ACE INA Holdings, Inc		2.875		11/03/22		3,023,802
	1,075,000		ACE INA Holdings, Inc		3.350		05/03/26		1,087,320
	250,000		Aetna, Inc		1.500		11/15/17		249,955
	150,000		Aetna, Inc		6.625		06/15/36		195,898
	625,000		Aetna, Inc		4.125		11/15/42		614,739
	1,675,000		Allstate Corp		3.150		06/15/23		1,701,684
	550,000		American Financial Group, Inc		3.500		08/15/26		533,865
	1,550,000		American International Group, Inc		2.300		07/16/19		1,555,588
	2,350,000		American International Group, Inc		3.300		03/01/21		2,397,724
	1,160,000		American International Group, Inc		3.750		07/10/25		1,153,422
	1,500,000		Aon plc		3.500		06/14/24		1,497,504
	550,000		Aon plc		3.875		12/15/25		559,656
	400,000		Chubb Corp		6.000		05/11/37		506,581
	80,000		Cigna Corp		5.125		06/15/20		86,749
	1,000,000		Cigna Corp		4.500		03/15/21		1,067,603
	700,000		CNA Financial Corp		3.950		05/15/24		718,325
	3,025,000	g	Five Corners Funding Trust		4.419		11/15/23		3,215,454
	950,000		Humana, Inc		3.850		10/01/24		972,577
	550,000		Humana, Inc		3.950		03/15/27		562,228
	650,000	g	Liberty Mutual Group, Inc		4.250		06/15/23		682,546
	1,450,000		Marsh & McLennan Cos, Inc		2.750		01/30/22		1,458,011
	475,000		Marsh & McLennan Cos, Inc		3.500		06/03/24		484,659
	375,000		Marsh & McLennan Cos, Inc		3.500		03/10/25		380,125
	650,000		Mercury General Corp		4.400		03/15/27		648,076
	875,000		Principal Financial Group, Inc		3.100		11/15/26		851,892
	300,000	g	Prudential Funding LLC		6.750		09/15/23		355,545
	175,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		172,859
	300,000		Travelers Cos, Inc		5.800		05/15/18		313,897
	250,000		Travelers Cos, Inc		3.750		05/15/46		236,829
	1,375,000		UnitedHealth Group, Inc		3.750		07/15/25		1,435,797
	625,000		UnitedHealth Group, Inc		3.100		03/15/26		619,070
	925,000		UnitedHealth Group, Inc		3.450		01/15/27		938,070
	2,575,000		UnitedHealth Group, Inc		4.250		04/15/47		2,632,330
	150,000		WR Berkley Corp		5.375		09/15/20		163,599
			TOTAL INSURANCE						33,073,979
MATERIALS - 2.0%
	975,000		Agrium, Inc		3.375		03/15/25		962,142
	575,000		Agrium, Inc		4.125		03/15/35		550,847
	2,225,000	g	Air Liquide Finance S.A.		1.750		09/27/21		2,146,340
	675,000		Albemarle Corp		5.450		12/01/44		747,191
	200,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		214,500
	200,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		217,500

164

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Alcoa, Inc		5.400	%	04/15/21	$	531,650
	425,000		Alcoa, Inc		5.125		10/01/24		439,025
	400,000		Barrick Gold Corp		3.850		04/01/22		418,928
	350,000		Barrick Gold Corp		4.100		05/01/23		375,228
	450,000	g	Belden, Inc		5.500		09/01/22		459,000
	800,000		Berry Plastics Corp		6.000		10/15/22		846,000
	850,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		954,046
	1,500,000		Blue Cube Spinco, Inc		9.750		10/15/23		1,796,250
	855,000		Blue Cube Spinco, Inc		10.000		10/15/25		1,032,412
	900,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,012,689
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		1,684,459
	680,000		Crown Americas LLC		4.500		01/15/23		695,300
	2,550,000	g	Eldorado Gold Corp		6.125		12/15/20		2,613,750
	1,800,000		Fibria Overseas Finance Ltd		5.500		01/17/27		1,803,870
	1,000,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		1,135,000
	1,925,000	g	Georgia-Pacific LLC		2.539		11/15/19		1,940,207
	275,000	g	Glencore Funding LLC		4.125		05/30/23		280,124
	2,125,000	g	Glencore Funding LLC		4.625		04/29/24		2,207,522
	2,625,000	g	Glencore Funding LLC		4.000		03/27/27		2,589,463
	2,500,000	g	GTL Trade Finance, Inc		5.893		04/29/24		2,506,250
	3,075,000		Hexion US Finance Corp		6.625		04/15/20		2,821,312
	2,500,000		International Paper Co		3.000		02/15/27		2,336,620
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,114,378
	1,975,000	g	Klabin Finance S.A.		5.250		07/16/24		1,986,455
	1,949,000		Lyondell Basell Industries NV		5.000		04/15/19		2,052,576
	650,000		Newmont Mining Corp		3.500		03/15/22		668,300
	1,450,000		Newmont Mining Corp		4.875		03/15/42		1,456,998
	1,125,000		Nucor Corp		4.000		08/01/23		1,189,106
	1,025,000		Olin Corp		5.125		09/15/27		1,042,322
	2,400,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		2,539,500
	550,000		Packaging Corp of America		3.650		09/15/24		554,704
	700,000		Potash Corp of Saskatchewan, Inc		3.625		03/15/24		703,418
	125,000		Rio Tinto Finance USA plc		3.500		03/22/22		130,159
	680,000		Rock Tenn Co		4.450		03/01/19		709,700
	820,000		Rock Tenn Co		4.900		03/01/22		887,841
	1,300,000		RPM International, Inc		3.750		03/15/27		1,299,202
	100,000		RPM International, Inc		5.250		06/01/45		108,274
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,502,255
	1,125,000	g	St. Marys Cement, Inc Canada		5.750		01/28/27		1,121,119
	1,000,000		Steel Dynamics, Inc		5.125		10/01/21		1,031,250
	650,000		Steel Dynamics, Inc		5.250		04/15/23		669,500
	600,000	g	Steel Dynamics, Inc		5.000		12/15/26		607,500
	255,000		Teck Resources Ltd		3.750		02/01/23		247,669
	550,000		Tronox Finance LLC		6.375		08/15/20		552,063
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,080,000
	3,125,000	g	Univar, Inc		6.750		07/15/23		3,242,188
	1,950,000		Vulcan Materials Co		3.900		04/01/27		1,969,598
	1,850,000	g	Westlake Chemical Corp		4.625		02/15/21		1,921,173
	1,000,000	g	Westlake Chemical Corp		4.875		05/15/23		1,040,971
	920,000	g	WR Grace & Co-Conn		5.625		10/01/24		969,450
			TOTAL MATERIALS						69,715,294

165

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MEDIA - 1.6%
$	125,000		21st Century Fox America, Inc		7.625	%	11/30/28	$	164,892
	90,000		21st Century Fox America, Inc		6.550		03/15/33		109,480
	575,000		21st Century Fox America, Inc		6.900		08/15/39		733,883
	2,500,000		AMC Entertainment, Inc		5.875		02/15/22		2,609,375
	1,400,000		CBS Corp		2.300		08/15/19		1,405,271
	850,000		CBS Corp		2.900		01/15/27		791,584
	375,000	g	CBS Radio, Inc		7.250		11/01/24		393,750
	4,000,000	g	CCO Holdings LLC		5.875		04/01/24		4,220,000
	2,325,000		Charter Communications Operating LLC		3.579		07/23/20		2,392,711
	545,000		Charter Communications Operating LLC		4.464		07/23/22		573,939
	4,500,000		Charter Communications Operating LLC		4.908		07/23/25		4,751,676
	2,975,000		Comcast Corp		3.200		07/15/36		2,644,980
	1,150,000	g	CSC Holdings LLC		5.500		04/15/27		1,168,687
	1,875,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		2,043,750
	2,110,000	g	Gannett Co, Inc		4.875		09/15/21		2,141,650
	160,000	g	Gannett Co, Inc		5.500		09/15/24		163,800
	1,400,000	g	Gray Television, Inc		5.875		07/15/26		1,424,500
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,030,000
	1,850,000	g	LG FinanceCo Corp		5.875		11/01/24		1,919,375
	125,000		Match Group, Inc		6.375		06/01/24		135,234
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		701,525
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		945,813
	3,700,000		Outfront Media Capital LLC		5.250		02/15/22		3,829,500
	300,000		Outfront Media Capital LLC		5.625		02/15/24		313,500
	900,000		Regal Entertainment Group		5.750		06/15/23		933,750
	500,000		Regal Entertainment Group		5.750		02/01/25		516,250
	2,700,000	g	Sirius XM Radio, Inc		5.375		07/15/26		2,760,750
	1,500,000		Time Warner Cable, Inc		5.875		11/15/40		1,591,962
	475,000		Time Warner Cable, Inc		4.500		09/15/42		431,407
	3,600,000		Time Warner, Inc		2.100		06/01/19		3,605,436
	1,276,000		Time Warner, Inc		4.875		03/15/20		1,368,701
	1,000,000		Time Warner, Inc		3.400		06/15/22		1,017,409
	1,100,000		Time Warner, Inc		3.800		02/15/27		1,087,885
	1,500,000	g	Time, Inc		5.750		04/15/22		1,560,000
	400,000	g	Univision Communications, Inc		5.125		02/15/25		393,500
	2,000,000		Viacom, Inc		2.250		02/04/22		1,922,794
	2,025,000		Viacom, Inc		3.450		10/04/26		1,921,794
	450,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		459,000
	1,150,000		Walt Disney Co		2.450		03/04/22		1,152,515
			TOTAL MEDIA						57,332,028
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	1,225,000		Abbott Laboratories		3.875		09/15/25		1,241,315
	2,200,000		Abbott Laboratories		3.750		11/30/26		2,196,993
	450,000		Abbott Laboratories		5.300		05/27/40		483,400
	3,875,000		AbbVie, Inc		2.500		05/14/20		3,900,959
	3,000,000		AbbVie, Inc		3.200		05/14/26		2,883,528
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,916,852
	6,950,000		Actavis Funding SCS		3.800		03/15/25		6,999,679
	2,400,000		Actavis Funding SCS		4.550		03/15/35		2,405,993
	1,025,000		Amgen, Inc		1.850		08/19/21		995,410
	1,700,000		Amgen, Inc		2.600		08/19/26		1,575,659
	1,650,000		Biogen, Inc		2.900		09/15/20		1,679,250

166

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,950,000		Bristol-Myers Squibb Co		3.250	%	02/27/27	$	1,945,308
	1,300,000		Celgene Corp		2.125		08/15/18		1,306,100
	1,550,000		Celgene Corp		2.875		08/15/20		1,573,504
	2,400,000		Celgene Corp		3.875		08/15/25		2,452,819
	275,000	g	Endo Finance LLC		6.000		02/01/25		234,437
	1,925,000		Gilead Sciences, Inc		3.650		03/01/26		1,939,926
	1,725,000		Gilead Sciences, Inc		2.950		03/01/27		1,635,607
	1,875,000		Johnson & Johnson		2.950		03/03/27		1,874,638
	750,000		Johnson & Johnson		3.625		03/03/37		745,015
	800,000		Mylan NV		3.750		12/15/20		820,566
	1,750,000		Mylan NV		3.950		06/15/26		1,712,765
	3,800,000		Novartis Capital Corp		3.100		05/17/27		3,778,735
	1,350,000		Novartis Capital Corp		4.000		11/20/45		1,355,862
	1,000,000		Perrigo Finance plc		3.900		12/15/24		996,453
	400,000		Perrigo Finance plc		4.900		12/15/44		389,322
	1,650,000		Pfizer, Inc		4.125		12/15/46		1,650,942
	1,650,000	g	Roche Holdings, Inc		2.375		01/28/27		1,553,891
	1,700,000		Teva Pharmaceutical Finance Netherlands III BV		2.200		07/21/21		1,635,590
	1,500,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		1,382,121
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						57,262,639
REAL ESTATE - 1.0%
	350,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		349,841
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		448,699
	2,025,000		American Tower Corp		3.300		02/15/21		2,053,243
	550,000		American Tower Corp		3.500		01/31/23		553,179
	475,000		American Tower Corp		4.400		02/15/26		491,328
	800,000		American Tower Corp		3.375		10/15/26		762,669
	700,000		AvalonBay Communities, Inc		2.900		10/15/26		665,972
	375,000		AvalonBay Communities, Inc		3.900		10/15/46		350,172
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		947,236
	1,150,000		Brixmor Operating Partnership LP		3.250		09/15/23		1,123,196
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,726,951
	525,000		Brixmor Operating Partnership LP		4.125		06/15/26		528,257
	170,000		Camden Property Trust		4.625		06/15/21		181,215
	1,250,000		Camden Property Trust		2.950		12/15/22		1,231,031
	350,000	g	Communications Sales & Leasing, Inc		6.000		04/15/23		363,125
	950,000		Crown Castle International Corp		2.250		09/01/21		923,443
	780,000		Crown Castle International Corp		4.875		04/15/22		838,948
	725,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		759,588
	700,000		DDR Corp		3.625		02/01/25		673,345
	800,000		DDR Corp		4.250		02/01/26		795,002
	1,000,000		Developers Diversified Realty Corp		4.750		04/15/18		1,022,626
	500,000		Developers Diversified Realty Corp		7.875		09/01/20		578,263
	325,000		Duke Realty LP		3.250		06/30/26		315,008
	750,000		Equinix, Inc		5.375		01/01/22		789,375
	550,000		Equity One, Inc		3.750		11/15/22		565,646
	775,000		Essex Portfolio LP		3.375		01/15/23		776,259
	200,000		Healthcare Realty Trust, Inc		5.750		01/15/21		219,170
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		149,947
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,485,409
	450,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		456,336
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		325,804

167

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,225,000		Healthcare Trust of America Holdings LP		3.500	%	08/01/26	$	1,177,929
	375,000		Highwoods Realty LP		3.875		03/01/27		370,806
	400,000		Host Hotels & Resorts LP		4.500		02/01/26		413,773
	600,000		Kimco Realty Corp		3.400		11/01/22		605,497
	500,000		Liberty Property LP		3.250		10/01/26		479,225
	1,500,000		Mid-America Apartments LP		4.300		10/15/23		1,582,800
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		1,017,582
	850,000		Mid-America Apartments LP		4.000		11/15/25		872,057
	275,000		National Retail Properties, Inc		3.800		10/15/22		283,879
	525,000		National Retail Properties, Inc		3.300		04/15/23		524,898
	550,000		National Retail Properties, Inc		4.000		11/15/25		560,822
	600,000		National Retail Properties, Inc		3.600		12/15/26		591,899
	875,000		Regency Centers LP		3.900		11/01/25		890,841
	275,000		Regency Centers LP		3.600		02/01/27		272,818
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,159,496
	450,000		Weingarten Realty Investors		3.500		04/15/23		450,668
	400,000		Weingarten Realty Investors		4.450		01/15/24		419,057
	925,000		Weingarten Realty Investors		3.850		06/01/25		926,341
	300,000		Weingarten Realty Investors		3.250		08/15/26		285,884
	975,000		Welltower, Inc		4.000		06/01/25		988,164
			TOTAL REAL ESTATE						36,324,719
RETAILING - 0.8%
	3,450,000	g	Argos Merger Sub, Inc		7.125		03/15/23		3,277,500
	1,700,000		Asbury Automotive Group, Inc		6.000		12/15/24		1,755,250
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,832,154
	875,000		AutoNation, Inc		3.350		01/15/21		885,267
	1,000,000		AutoZone, Inc		3.250		04/15/25		978,422
	480,000		Dollar Tree, Inc		5.750		03/01/23		511,200
	1,300,000		Enable Midstream Partners LP		4.400		03/15/27		1,290,157
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,766,753
	600,000		Home Depot, Inc		3.500		09/15/56		522,295
	1,000,000	g	JC Penney Corp, Inc		5.875		07/01/23		1,000,000
	2,100,000		L Brands, Inc		6.875		11/01/35		2,026,500
	2,100,000		L Brands, Inc		6.750		07/01/36		2,000,880
	1,325,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		1,151,581
	1,870,000		Men’s Wearhouse, Inc		7.000		07/01/22		1,659,625
	950,000		O’Reilly Automotive, Inc		3.550		03/15/26		947,498
	2,145,000		Penske Automotive Group, Inc		5.500		05/15/26		2,102,100
	1,100,000	g	Rolls-Royce plc		2.375		10/14/20		1,095,942
	400,000	g	Rolls-Royce plc		3.625		10/14/25		402,316
	1,125,000		Target Corp		3.625		04/15/46		1,015,053
			TOTAL RETAILING						29,220,493
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	800,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		821,791
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						821,791
SOFTWARE & SERVICES - 0.7%
	825,000	g	Activision Blizzard, Inc		2.300		09/15/21		807,701
	875,000	g	Activision Blizzard, Inc		3.400		09/15/26		854,360
	2,150,000		Fidelity National Information Services, Inc		3.625		10/15/20		2,233,921
	1,500,000	g	First Data Corp		7.000		12/01/23		1,608,750

168

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	600,000	g	IMS Health, Inc		5.000	%	10/15/26	$	602,250
	4,925,000		Microsoft Corp		2.400		08/08/26		4,656,642
	750,000		Microsoft Corp		4.100		02/06/37		771,178
	1,100,000		Microsoft Corp		4.250		02/06/47		1,127,205
	2,350,000		NCR Corp		5.875		12/15/21		2,449,875
	1,000,000	g	Open Text Corp		5.625		01/15/23		1,040,000
	1,925,000	g	Open Text Corp		5.875		06/01/26		2,016,438
	2,675,000		Oracle Corp		1.900		09/15/21		2,629,217
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		746,425
	1,900,000		SS&C Technologies Holdings, Inc		5.875		07/15/23		2,009,250
	300,000	g	Symantec Corp		5.000		04/15/25		306,998
			TOTAL SOFTWARE & SERVICES						23,860,210
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	3,000,000		Amphenol Corp		1.550		09/15/17		3,000,108
	725,000		Amphenol Corp		3.125		09/15/21		739,895
	875,000		Apple, Inc		4.650		02/23/46		938,258
	1,600,000	g	Broadcom Corp		3.875		01/15/27		1,610,087
	700,000	g	CommScope, Inc		5.000		06/15/21		719,250
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,240,884
	1,900,000	g	CommScope, Inc		6.000		06/15/25		1,990,250
	1,175,000	g	Diamond Finance Corp		3.480		06/01/19		1,204,565
	2,550,000	g	Diamond Finance Corp		4.420		06/15/21		2,666,397
	675,000	g	Diamond Finance Corp		5.875		06/15/21		709,628
	650,000	g	Diamond Finance Corp		7.125		06/15/24		718,541
	3,050,000	g	Diamond Finance Corp		6.020		06/15/26		3,331,283
	75,000		General Electric Co		5.250		12/06/17		76,900
	1,140,000		Hewlett Packard Enterprise Co		2.450		10/05/17		1,143,338
	1,275,000	g	Seagate HDD Cayman		4.250		03/01/22		1,262,204
	2,350,000	g	Sensata Technologies BV		5.625		11/01/24		2,449,875
	1,375,000		Tyco Electronics Group S.A.		2.375		12/17/18		1,387,147
	2,925,000		Tyco Electronics Group S.A.		2.350		08/01/19		2,941,757
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,545,360
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		459,773
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						30,135,500
TELECOMMUNICATION SERVICES - 1.3%
	1,975,000		AT&T, Inc		1.400		12/01/17		1,973,418
	1,950,000		AT&T, Inc		4.600		02/15/21		2,074,558
	2,475,000		AT&T, Inc		4.450		04/01/24		2,587,244
	6,625,000		AT&T, Inc		3.400		05/15/25		6,410,482
	2,085,000		AT&T, Inc		4.500		05/15/35		1,962,269
	1,275,000		AT&T, Inc		5.250		03/01/37		1,298,558
	1,050,000		AT&T, Inc		4.750		05/15/46		982,845
	1,275,000		AT&T, Inc		5.450		03/01/47		1,298,165
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,575,560
	7,500,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		7,244,205
	1,600,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		1,618,834
	500,000	g,q	Oi S.A.		5.750		02/10/22		160,000
	500,000		Orange S.A.		5.500		02/06/44		568,333
	450,000		Telefonica Emisiones SAU		4.103		03/08/27		452,917
	925,000		T-Mobile USA, Inc		6.375		03/01/25		996,688
	1,725,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,659,683

169

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,600,000		Verizon Communications, Inc		3.450	%	03/15/21	$	1,643,230
	975,000		Verizon Communications, Inc		4.150		03/15/24		1,011,461
	9,113,000		Verizon Communications, Inc		4.272		01/15/36		8,414,315
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,088,135
	675,000		Verizon Communications, Inc		4.125		08/15/46		582,262
			TOTAL TELECOMMUNICATION SERVICES						45,603,162
TRANSPORTATION - 0.9%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		2,023,002
	655,000	g	Asciano Finance Ltd		5.000		04/07/18		670,590
	400,000	g	Bombardier, Inc		7.750		03/15/20		427,000
	600,000	g	Bombardier, Inc		6.125		01/15/23		588,000
	1,000,000	g	Bombardier, Inc		7.500		03/15/25		1,027,500
	225,000		Bristow Group, Inc		6.250		10/15/22		181,125
	1,300,000		Burlington Northern Santa Fe LLC		4.125		06/15/47		1,295,925
	2,050,000		Canadian Pacific Railway Co		2.900		02/01/25		2,009,941
	2,650,000		CSX Corp		3.800		11/01/46		2,415,467
	1,950,000		Delta Air Lines, Inc		3.625		03/15/22		1,990,349
	3,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		3,036,084
	1,100,000		FedEx Corp		3.250		04/01/26		1,090,064
	2,115,000		GATX Corp		2.375		07/30/18		2,128,669
	1,000,000		GATX Corp		5.200		03/15/44		1,020,332
	2,674,000		Gulfmark Offshore, Inc		6.375		03/15/22		1,310,260
	4,900,000		Kansas City Southern		2.350		05/15/20		4,854,097
	1,800,000		Kansas City Southern		4.950		08/15/45		1,810,499
	1,500,000	g	KLX, Inc		5.875		12/01/22		1,546,875
	375,000		Northrop Grumman Corp		1.750		06/01/18		375,603
	2,100,000	g	Transnet SOC Ltd		4.000		07/26/22		2,010,815
	800,000	g	TTX Co		3.600		01/15/25		807,831
			TOTAL TRANSPORTATION						32,620,028
UTILITIES - 3.1%
	325,000	g	AEP Transmission Co LLC		3.100		12/01/26		320,847
	350,000	g	AEP Transmission Co LLC		4.000		12/01/46		348,300
	2,020,000	g	AES Argentina Generacion S.A.		7.750		02/02/24		2,036,099
	245,000	i	AES Corp		4.055		06/01/19		245,000
	425,000		AES Corp		4.875		05/15/23		422,875
	1,800,000		AGL Capital Corp		3.875		11/15/25		1,831,914
	625,000		AGL Capital Corp		4.400		06/01/43		614,522
	700,000		Alabama Power Co		4.150		08/15/44		699,562
	3,000,000		American Electric Power Co, Inc		1.650		12/15/17		2,999,130
	525,000		American Water Capital Corp		3.000		12/01/26		511,535
	500,000		American Water Capital Corp		4.000		12/01/46		507,234
	300,000	g	APT Pipelines Ltd		4.250		07/15/27		302,505
	250,000		Atmos Energy Corp		8.500		03/15/19		280,806
	925,000		Black Hills Corp		4.250		11/30/23		974,113
	325,000		Black Hills Corp		3.150		01/15/27		309,543
	250,000		Carolina Power & Light Co		5.300		01/15/19		265,685
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		345,920
	1,100,000	g	CEZ AS.		4.250		04/03/22		1,134,739
	1,000,000		CMS Energy Corp		3.600		11/15/25		1,000,996
	1,500,000	g	Comision Federal de Electricidad		4.750		02/23/27		1,503,750
	200,000		Commonwealth Edison Co		5.900		03/15/36		246,253

170

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Connecticut Light & Power Co		5.500	%	02/01/19	$	212,715
	1,475,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		1,567,260
	1,325,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		1,272,260
	900,000		Consolidated Edison, Inc		2.000		05/15/21		884,011
	750,000		Dominion Resources, Inc		2.000		08/15/21		727,585
	1,275,000		Dominion Resources, Inc		4.700		12/01/44		1,313,718
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,003,838
	1,175,000		Duke Energy Corp		1.800		09/01/21		1,134,858
	1,725,000		Duke Energy Corp		2.650		09/01/26		1,600,696
	1,175,000		Duke Energy Corp		3.750		09/01/46		1,058,867
	2,950,000	g	Electricite de France S.A.		2.350		10/13/20		2,948,056
	1,250,000	g,i	Electricite de France S.A.		5.625		12/30/49		1,226,563
	1,615,000		Energy Transfer Partners LP		4.050		03/15/25		1,599,609
	1,675,000		Energy Transfer Partners LP		4.750		01/15/26		1,723,565
	1,075,000		Energy Transfer Partners LP		5.950		10/01/43		1,112,759
	550,000		Energy Transfer Partners LP		5.150		03/15/45		517,224
	1,450,000		Enersis Americas S.A.		4.000		10/25/26		1,436,225
	1,975,000		EnLink Midstream Partners LP		4.850		07/15/26		2,037,767
	325,000		EnLink Midstream Partners LP		5.050		04/01/45		305,963
	1,125,000		Entergy Corp		2.950		09/01/26		1,067,466
	3,300,000	g	Equate Petrochemical BV		3.000		03/03/22		3,224,100
	2,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,611,146
	1,850,000		Exelon Generation Co LLC		3.400		03/15/22		1,864,863
	675,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		701,394
	1,625,000	g	Fortis, Inc		3.055		10/04/26		1,524,617
	2,000,000	g	Genneia S.A.		8.750		01/20/22		2,085,000
	1,300,000		Great Plains Energy, Inc		3.900		04/01/27		1,310,686
	250,000		Indiana Michigan Power Co		7.000		03/15/19		273,572
	900,000		Indiana Michigan Power Co		4.550		03/15/46		950,368
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		132,073
	500,000		Interstate Power & Light Co		3.700		09/15/46		466,269
	2,500,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,596,250
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		109,835
	1,375,000		Kinder Morgan, Inc		2.000		12/01/17		1,376,020
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		986,810
	400,000		Kinder Morgan, Inc		5.300		12/01/34		402,591
	1,050,000		Kinder Morgan, Inc		5.000		03/01/43		996,399
	940,000		Kinder Morgan, Inc		5.400		09/01/44		929,249
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		363,120
	1,000,000		MidAmerican Energy Co		4.250		05/01/46		1,032,096
	425,000		MPLX LP		5.500		02/15/23		438,175
	2,000,000		MPLX LP		4.500		07/15/23		2,079,764
	800,000		MPLX LP		4.000		02/15/25		792,729
	725,000		MPLX LP		4.125		03/01/27		720,841
	750,000		MPLX LP		5.200		03/01/47		754,491
	1,000,000		Nevada Power Co		5.450		05/15/41		1,165,224
	750,000		NiSource Finance Corp		4.800		02/15/44		788,170
	750,000		Northeast Utilities		1.600		01/15/18		749,505
	1,500,000		Northeast Utilities		1.450		05/01/18		1,494,416
	1,500,000	g	Novolipetsk Steel via Steel Funding Ltd		4.500		06/15/23		1,524,579
	214,000		NRG Energy, Inc		7.875		05/15/21		219,885
	500,000		NRG Energy, Inc		6.625		03/15/23		511,563
	1,225,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,231,184

171

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	325,000		Pacific Gas & Electric Co		8.250	%	10/15/18	$	355,795
	1,275,000		Pacific Gas & Electric Co		4.250		03/15/46		1,304,720
	525,000		Pacific Gas & Electric Co		4.000		12/01/46		518,403
	1,000,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,062,662
	375,000		Phillips 66 Partners LP		3.550		10/01/26		358,143
	300,000		Phillips 66 Partners LP		4.900		10/01/46		285,553
	50,000		Potomac Electric Power Co		7.900		12/15/38		73,844
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		526,123
	275,000		Progress Energy, Inc		7.050		03/15/19		300,395
	550,000		Public Service Co of Colorado		4.750		08/15/41		603,780
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		428,584
	550,000		Public Service Electric & Gas Co		3.800		03/01/46		543,230
	1,785,000	g	Rumo Luxembourg Sarl		7.375		02/09/24		1,838,550
	975,000		Sempra Energy		2.875		10/01/22		971,081
	2,975,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		2,840,714
	2,913,546	g	Solar Star Funding LLC		3.950		06/30/35		2,744,175
	1,325,000		Southern Co		4.400		07/01/46		1,266,051
	425,000		Southern Co Gas Capital Corp		3.950		10/01/46		387,062
	1,650,000		Southern Power Co		2.500		12/15/21		1,612,463
	1,550,000		Southern Power Co		4.150		12/01/25		1,601,665
	450,000		Spectra Energy Partners LP		3.375		10/15/26		428,317
	1,675,000		Spectra Energy Partners LP		4.500		03/15/45		1,564,398
	2,000,000	g	Suzano Austria GmbH		5.750		07/14/26		2,037,000
	1,650,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		1,581,525
	850,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		875,974
	1,300,000		Virginia Electric & Power Co		3.500		03/15/27		1,326,581
	775,000		Virginia Electric & Power Co		4.000		11/15/46		762,075
	120,000		Western Gas Partners LP		4.000		07/01/22		123,218
	525,000		Western Gas Partners LP		3.950		06/01/25		519,662
	1,425,000		Western Gas Partners LP		4.650		07/01/26		1,467,482
	325,000		Western Gas Partners LP		5.450		04/01/44		333,773
	575,000		Williams Partners LP		4.500		11/15/23		601,745
	225,000		Williams Partners LP		4.900		01/15/45		216,499
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		841,520
	575,000		Xcel Energy, Inc		3.350		12/01/26		574,853
	215,000		Xcel Energy, Inc		4.800		09/15/41		220,390
			TOTAL UTILITIES						111,157,322
			TOTAL CORPORATE BONDS						1,161,993,642
			(Cost $1,155,869,712)
GOVERNMENT BONDS - 45.4%
AGENCY SECURITIES - 0.1%
	2,625,000		Tunisia Government AID Bonds		1.416		08/05/21		2,548,549
			TOTAL AGENCY SECURITIES						2,548,549
FOREIGN GOVERNMENT BONDS - 2.9%
	2,200,000	g	Argentine Republic Government International Bond		5.625		01/26/22		2,252,800
	5,000,000	g	Bermuda Government International Bond		4.854		02/06/24		5,266,650
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,320,728
BRL	5,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,607,543
	11,400,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		3,653,479

172

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Colombia Government International Bond		4.500	%	01/28/26	$	527,500
	2,800,000		Colombia Government International Bond		6.125		01/18/41		3,192,000
	1,125,000		Colombia Government International Bond		5.000		06/15/45		1,128,375
	1,575,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,602,563
	1,375,000	g	Ecuador Government International Bond		9.650		12/13/26		1,423,125
	1,100,000	g	Egypt Government International Bond		6.125		01/31/22		1,144,708
	2,750,000	g	Egypt Government International Bond		7.500		01/31/27		2,922,914
	950,000	g	El Salvador Government International Bond		8.625		02/28/29		980,875
TRY	3,425,000		European Investment Bank		5.750		04/03/18		894,310
$	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,501,740
	1,100,000	g	Export-Import Bank of India		3.375		08/05/26		1,052,898
	1,200,000	g	Guatemala Government International Bond		4.500		05/03/26		1,195,716
	1,700,000	g	Honduras Government International Bond		7.500		03/15/24		1,867,875
	1,700,000	g	Honduras Government International Bond		6.250		01/19/27		1,720,604
	1,078,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,001,089
	3,025,000		Jamaica Government International Bond		8.000		03/15/39		3,465,531
	775,000	g	Kommunalbanken AS.		1.375		10/26/20		759,204
	1,650,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,593,719
	3,550,000	g	Kuwait International Government Bond		2.750		03/20/22		3,558,978
MXN	81,000,000		Mexican Bonos		8.500		12/13/18		4,447,888
	81,000,000		Mexican Bonos		6.500		06/10/21		4,272,107
$	2,250,000		Mexico Government International Bond		3.625		03/15/22		2,314,125
	2,200,000		Mexico Government International Bond		4.150		03/28/27		2,238,500
	1,275,000	g	Mongolia Government International Bond		8.750		03/09/24		1,391,814
	1,600,000	g	Morocco Government International Bond		5.500		12/11/42		1,704,485
	1,825,000	g	Namibia Government International Bond		5.250		10/29/25		1,840,562
	1,050,000	g	Nigeria Government International Bond		7.875		02/16/32		1,094,625
	1,850,000	g	Oman Government International Bond		6.500		03/08/47		1,958,266
	1,700,000		Panama Government International Bond		6.700		01/26/36		2,142,000
	540,000	g	Paraguay Government International Bond		4.700		03/27/27		546,750
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		2,005,500
	2,500,000	g	Provincia de Buenos Aires		7.875		06/15/27		2,531,750
	1,500,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		1,567,725
	1,000,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		1,006,604
	1,300,000	g	Republic of Ghana		7.875		08/07/23		1,258,145
	1,000,000	g	Republic of Paraguay		6.100		08/11/44		1,072,500
	2,350,000	g	Republic of Serbia		4.875		02/25/20		2,435,794
	90,832	i	Republic of Serbia (Step Bond)		6.750		11/01/24		91,614
	317,914	g,i	Republic of Serbia (Step Bond)		6.750		11/01/24		320,648
	2,500,000	g	Saudi Government International Bond		3.250		10/26/26		2,430,000
	2,350,000		South Africa Government International Bond		4.300		10/12/28		2,206,415
	2,325,000	g,h	Southern Gas Corridor CJSC		6.875		03/24/26		2,551,688
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,606,112
	1,300,000	g	Trinidad & Tobago Government International Bond		4.500		08/04/26		1,291,017
	2,350,000		Turkey Government International Bond		6.000		03/25/27		2,444,613
	1,225,000		Turkey Government International Bond		6.875		03/17/36		1,330,608
	1,500,000		Turkey Government International Bond		6.625		02/17/45		1,595,856
	1,125,000		Uruguay Government International Bond		4.375		10/27/27		1,174,500
	2,000,000		Uruguay Government International Bond		5.100		06/18/50		1,925,000
	3,000,000	g	Zambia Government International Bond		8.500		04/14/24		3,081,057
			TOTAL FOREIGN GOVERNMENT BONDS						105,513,192

173

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MORTGAGE BACKED - 15.4%
$	6,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.500	%	03/15/28	$	6,190,314
	9,205,000		FHLMC		3.500		08/15/43		9,637,629
	14,398,621		FHLMC		3.500		07/15/46		2,985,872
	6,221		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		6,488
	3,340,413		FGLMC		3.500		03/01/27		3,483,384
	18,341		FGLMC		6.500		01/01/29		20,407
	1,680		FGLMC		8.000		01/01/31		1,910
	257,067		FGLMC		5.500		12/01/33		288,800
	376,719		FGLMC		7.000		12/01/33		441,543
	198,520		FGLMC		5.000		01/01/34		218,705
	77,690		FGLMC		4.500		10/01/34		83,509
	139,928		FGLMC		5.500		03/01/35		157,577
	126,662		FGLMC		7.000		05/01/35		146,522
	18,062		FGLMC		5.000		02/01/36		19,719
	397		FGLMC		6.500		05/01/36		442
	159,766		FGLMC		5.000		04/01/38		175,475
	211,979	w	FGLMC		4.500		11/01/40		230,361
	234,455	w	FGLMC		4.500		12/01/40		254,835
	1,699,194		FGLMC		4.500		10/01/44		1,853,942
	246,078		FGLMC		4.500		11/01/44		268,679
	293,432		FGLMC		4.500		11/01/44		320,257
	199,376		FGLMC		4.500		12/01/44		217,679
	110,022		FGLMC		4.500		12/01/44		118,799
	1,684,989		FGLMC		3.500		04/01/45		1,733,797
	11,885,217		FGLMC		3.500		10/01/45		12,220,757
	13,808,163		FGLMC		4.000		12/01/45		14,600,195
	1,647,131		FGLMC		3.500		03/01/46		1,692,358
	1,864,283		FGLMC		4.000		05/01/46		1,970,650
	37,796,927	h	FGLMC		3.500		08/01/46		38,834,805
	1,832		Federal National Mortgage Association (FNMA)		8.000		03/01/23		1,837
	3,994		FNMA		9.000		11/01/25		4,483
	3,094		FNMA		7.500		01/01/29		3,445
	4,078,702		FNMA		2.500		07/01/31		4,083,941
	165,574		FNMA		2.500		07/01/31		165,786
	983,232		FNMA		2.500		08/01/31		984,497
	148,344		FNMA		2.500		10/01/31		148,560
	501,013		FNMA		2.500		10/01/31		501,658
	79,665		FNMA		2.500		11/01/31		79,768
	199,558		FNMA		2.500		11/01/31		199,818
	365,292		FNMA		2.500		11/01/31		365,817
	243,839		FNMA		2.500		11/01/31		244,156
	416,750		FNMA		2.500		11/01/31		417,287
	220,886		FNMA		2.500		12/01/31		221,173
	188,982		FNMA		2.500		12/01/31		189,254
	479,107		FNMA		2.500		12/01/31		479,730
	142,083		FNMA		2.500		12/01/31		142,290
	622,929		FNMA		2.500		12/01/31		623,739
	7,820,767		FNMA		2.500		01/01/32		7,828,517
	4,977,194		FNMA		3.500		02/01/32		5,200,570
	16,000,000	h	FNMA		3.000		05/25/32		16,378,749
	90,165		FNMA		7.000		07/01/32		98,814

174

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,347,461		FNMA		5.000	%	06/01/33	$	1,477,751
	116,311		FNMA		4.500		10/01/33		125,278
	2,862,187		FNMA		5.000		10/01/33		3,137,230
	122,274		FNMA		5.000		11/01/33		134,768
	167,477		FNMA		5.000		11/01/33		184,579
	121,250		FNMA		5.500		02/01/35		135,735
	5,377,585		FNMA		5.000		05/01/35		5,883,588
	2,999,886		FNMA		5.000		10/01/35		3,282,031
	2,308,981		FNMA		5.000		02/01/36		2,526,142
	3,505,429		FNMA		5.500		08/01/37		3,925,442
	22,672		FNMA		6.000		09/01/37		26,278
	19,879		FNMA		6.000		09/01/37		23,036
	53,629		FNMA		6.500		09/01/37		60,174
	1,570,926		FNMA		5.500		11/01/38		1,820,147
	831,549		FNMA		5.500		12/01/38		939,040
	2,442,584		FNMA		4.500		05/01/39		2,645,042
	117,282		FNMA		4.000		07/01/39		124,086
	247,268		FNMA		5.500		08/01/39		278,805
	475,709		FNMA		5.500		04/01/40		529,022
	477,795		FNMA		5.000		08/01/40		522,724
	1,027,178		FNMA		5.000		09/01/40		1,122,685
	131,125		FNMA		6.000		10/01/40		148,235
	6,243,541		FNMA		4.500		01/01/41		6,770,655
	2,304,199		FNMA		4.500		01/01/41		2,490,804
	1,279,100		FNMA		5.000		05/01/41		1,399,795
	821,627		FNMA		4.500		09/01/41		888,100
	4,329,395		FNMA		5.500		12/01/41		4,965,145
	1,602,000		FNMA		4.500		01/01/42		1,736,093
	391,603		FNMA		4.500		03/01/42		428,057
	4,287,874		FNMA		3.000		03/25/42		4,365,722
	1,534,310		FNMA		4.500		04/01/42		1,651,450
	1,205,468		FNMA		4.500		06/01/42		1,297,599
	3,276,513		FNMA		3.000		06/25/42		3,334,362
	2,580,432		FNMA		4.500		08/01/42		2,793,504
	35,327		FNMA		3.000		10/01/42		35,234
	1,940,977		FNMA		3.000		10/01/42		1,935,866
	6,263,001		FNMA		3.500		11/25/42		1,266,782
	6,876,024	w	FNMA		3.000		01/01/43		6,857,957
	8,665,679	w	FNMA		3.000		02/01/43		8,642,859
	2,692,858		FNMA		3.000		02/25/43		2,741,733
	231,370		FNMA		3.000		04/01/43		230,737
	2,962,580		FNMA		3.000		08/25/43		3,027,781
	2,557,378		FNMA		4.500		10/01/43		2,765,605
	2,194,841		FNMA		4.500		02/01/44		2,391,482
	227,428		FNMA		4.000		04/01/44		240,638
	785,545		FNMA		4.000		06/01/44		830,867
	764,256		FNMA		4.000		06/01/44		808,574
	1,811,676		FNMA		4.500		06/01/44		1,973,578
	214,971		FNMA		4.000		07/01/44		227,447
	926,749		FNMA		4.000		07/01/44		980,537
	1,539,477		FNMA		4.000		08/01/44		1,628,791
	224,984		FNMA		4.000		08/01/44		237,896
	178,453		FNMA		4.000		08/01/44		188,808

175

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,182,353		FNMA		4.000	%	08/01/44	$	2,309,012
	155,400		FNMA		4.000		09/01/44		164,605
	228,859		FNMA		4.000		09/01/44		242,582
	989,686		FNMA		4.000		10/01/44		1,048,956
	5,309,693		FNMA		4.500		10/01/44		5,817,095
	1,677,292		FNMA		4.000		12/01/44		1,777,748
	1,546,136		FNMA		4.000		12/01/44		1,625,754
	2,974,801		FNMA		4.000		01/01/45		3,153,047
	292,946		FNMA		3.500		03/01/45		300,963
	506,192		FNMA		3.500		03/01/45		520,588
	756,842		FNMA		4.500		03/01/45		830,143
	3,811,416		FNMA		3.500		05/01/45		3,926,056
	284,483		FNMA		4.000		05/01/45		301,533
	4,550,551		FNMA		4.000		06/01/45		4,823,329
	6,800,571		FNMA		4.000		07/01/45		7,187,068
	3,284,343		FNMA		4.000		08/01/45		3,448,106
	834,563		FNMA		4.000		08/01/45		884,598
	5,739,468		FNMA		4.000		09/01/45		6,081,835
	2,767,716		FNMA		4.000		11/01/45		2,933,813
	2,761,354		FNMA		4.000		12/01/45		2,914,286
	1,628,235		FNMA		4.000		12/01/45		1,726,003
	1,923,521		FNMA		3.500		01/01/46		1,976,511
	10,792,917		FNMA		4.000		01/01/46		11,410,493
	3,398,152		FNMA		3.500		02/01/46		3,484,432
	976,185		FNMA		3.500		06/01/46		1,003,122
	745,153		FNMA		3.500		10/25/46		212,627
	15,008,672		FNMA		3.000		11/01/46		14,894,647
	26,194,080	h	FNMA		3.000		12/01/46		25,995,075
	10,441,382		FNMA		3.500		02/01/47		10,687,506
	3,000,000	h	FNMA		3.000		04/25/47		2,975,156
	2,000,000	h	FNMA		3.500		04/25/47		2,045,938
	2,000,000	h	FNMA		4.000		04/25/47		2,097,812
	9,000,000	h	FNMA		4.500		04/25/47		9,650,742
	5,000,000	h	FNMA		3.000		05/25/47		4,949,219
	13,000,000	h	FNMA		3.500		05/25/47		13,270,157
	15,000,000	h	FNMA		4.000		05/25/47		15,703,124
	20,000,000	h	FNMA		3.500		06/25/47		20,371,876
	6,000,000	h	FNMA		4.000		06/25/47		6,267,487
	11,000,000	h	FNMA		4.500		06/25/47		11,754,102
	10,428		Government National Mortgage Association (GNMA)		7.500		11/15/23		11,319
	2,520		GNMA		7.500		08/15/28		2,527
	14,714		GNMA		6.500		12/15/28		16,682
	45,065		GNMA		6.500		03/15/29		51,091
	14,699		GNMA		8.500		10/20/30		17,362
	3,938		GNMA		7.000		06/20/31		4,662
	113,971		GNMA		5.000		02/15/33		124,596
	32,367		GNMA		5.500		07/15/33		36,517
	392,688		GNMA		5.000		09/15/33		434,429
	4,708,492		GNMA		3.700		10/15/33		4,951,053
	62,860		GNMA		5.500		11/20/33		70,464
	252,615		GNMA		5.500		02/20/35		283,647
	83,829		GNMA		5.500		03/20/35		94,127
	30,373		GNMA		6.000		10/20/36		35,569

176

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	33,564		GNMA		6.000	%	01/20/37	$	38,551
	52,336		GNMA		6.000		02/20/37		59,839
	44,772		GNMA		5.000		04/15/38		49,395
	33,609		GNMA		5.500		07/15/38		37,512
	61,095		GNMA		5.500		07/20/38		67,566
	24,206		GNMA		6.000		08/20/38		27,458
	13,637		GNMA		4.500		02/20/39		14,886
	19,035		GNMA		4.500		08/20/41		20,463
	66,747		GNMA		4.500		09/20/41		72,891
	8,292,062		GNMA		3.500		10/20/42		1,599,710
	14,207		GNMA		4.500		01/20/44		15,464
	17,590		GNMA		4.500		02/20/44		19,202
	214,495		GNMA		4.500		05/20/44		234,183
	28,309		GNMA		4.500		05/20/44		30,904
	212,337		GNMA		4.500		08/20/44		231,773
	214,698		GNMA		4.500		09/20/44		234,311
	76,549		GNMA		4.500		10/20/44		83,314
	68,884		GNMA		4.500		11/20/44		74,956
	144,898		GNMA		4.500		12/20/44		158,175
	214,656		GNMA		4.500		02/20/45		234,279
	235,965		GNMA		4.500		08/20/45		257,687
	273,769		GNMA		4.500		08/20/45		298,957
	236,712		GNMA		4.500		12/20/45		258,495
	7,038,031		GNMA		3.500		11/20/46		1,431,255
	29,860,997		GNMA		3.000		01/20/47		30,158,027
	15,935,918		GNMA		3.500		01/20/47		16,540,393
	25,000,000	h	GNMA		3.500		03/20/47		25,948,290
	3,000,000	h	GNMA		3.000		04/20/47		3,026,250
	3,000,000	h	GNMA		3.500		04/20/47		3,110,273
	4,000,000	h	GNMA		4.000		05/20/47		4,217,422
	1,500,000	i	Federal Home Loan Mortgage Corp Structured Agency Credit Risk Debt Notes		10.982		07/25/29		1,522,469
	7,500,000	i	Federal National Mortgage Association Connecticut Avenue Securities		4.627		09/25/29		7,550,008
			TOTAL MORTGAGE BACKED						549,251,124
MUNICIPAL BONDS - 6.3%
	6,800,000		Alabama Economic Settlement Authority		4.263		09/15/32		6,953,884
	1,000,000		Anaheim City School District		3.825		08/01/23		1,053,090
	2,535,000		California Earthquake Authority		2.805		07/01/19		2,557,891
	5,000,000		California Housing Finance Agency		2.966		08/01/22		5,035,550
	3,750,000		City of San Francisco CA Public Utilities Commission Water Revenue		3.950		11/01/36		3,689,700
	9,800,000		Commonwealth Financing Authority		4.014		06/01/33		9,705,724
	2,995,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		2,893,080
	5,000,000		County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		4,794,700
	1,000,000		Denver City & County School District No		4.242		12/15/37		1,027,860
	750,000		Denver Health & Hospital Authority		2.250		12/01/17		750,825
	600,000		Grant County Public Utility District No 2		5.630		01/01/27		705,108
	250,000		Harris County Flood Control District		1.818		10/01/18		252,415
	895,000		Illinois Housing Development Authority		4.105		07/01/27		909,248
	2,430,000		Indiana Finance Authority		3.166		07/01/30		2,322,570

177

TIAA-CREF FUNDS - Bond Plus Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	3,000,000	Indiana Finance Authority		3.624	%	07/01/36	$	2,955,930
	2,270,000	Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,308,295
	1,250,000	Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,280,463
	2,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		1,952,740
	3,840,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		3,518,438
	3,000,000	Maine Municipal Bond Bank		3.668		06/01/20		3,130,680
	1,250,000	Maryland Community Development Administration Housing Revenue		2.713		03/01/25		1,199,538
	7,440,000	Maryland Community Development Administration Housing Revenue		3.797		03/01/39		7,096,272
	5,000,000	Maryland Health & Higher Educational Facilities Authority		3.632		07/01/24		5,100,250
	315,000	Massachusetts Housing Finance Agency		1.776		06/01/17		315,107
	345,000	Massachusetts Housing Finance Agency		1.876		12/01/17		345,279
	190,000	Massachusetts Housing Finance Agency		2.807		12/01/19		192,514
	965,000	Massachusetts Housing Finance Agency		4.786		12/01/32		977,748
	2,780,000	Michigan Finance Authority		3.610		11/01/32		2,644,419
	6,710,000	Michigan Finance Authority		3.585		11/01/35		6,217,687
	4,575,000	New Jersey Economic Development Authority		3.882		06/15/19		4,652,180
	7,500,000	New Jersey Economic Development Authority		4.271		06/15/20		7,634,475
	1,600,000	New Jersey Economic Development Authority		5.706		06/15/30		1,604,016
	3,000,000	New Jersey Economic Development Authority		5.756		06/15/31		3,009,060
	1,500,000	New Jersey Educational Facilities Authority		2.304		07/01/22		1,455,960
	1,415,000	New Jersey Educational Facilities Authority		2.504		07/01/23		1,376,922
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		3.100		02/01/22		3,085,500
	2,655,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,992,238
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,039,270
	3,000,000	New York State Dormitory Authority		3.879		07/01/46		2,822,160
	1,500,000	Oklahoma Water Resources Board		2.794		04/01/21		1,546,755
	5,500,000	Palm Desert Redevelopment Agency		2.750		10/01/22		5,563,855
	6,155,000	Palm Desert Redevelopment Agency		3.000		10/01/23		6,118,932
	1,690,000	Port of Corpus Christi Authority of Nueces County		2.888		12/01/21		1,704,686
	1,390,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		1,305,432
	1,800,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		1,683,396
	3,535,000	Regents of the University of California Medical Center Pooled Revenue		2.859		05/15/30		3,300,559
	5,000,000	Regents of the University of California Medical Center Pooled Revenue		3.290		05/15/36		4,577,250
	2,000,000	San Francisco Bay Area Rapid Transit District		3.477		07/01/27		1,987,320
	5,000,000	State of California		4.988		04/01/39		5,274,050
	1,000,000	State of Illinois		4.125		01/01/19		1,016,080
	15,000,000	State of Illinois		5.000		02/01/19		15,557,250
	9,700,000	State of Illinois		5.000		02/01/20		10,188,589
	10,000,000	State of Illinois		5.100		06/01/33		9,124,200
	5,000,000	State of Illinois		4.620		06/15/38		5,429,100
	4,000,000	State of Texas		3.721		10/01/31		4,100,000
	4,000,000	State of Texas		3.771		10/01/32		4,076,720

178

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,050,000		Syracuse Industrial Development Agency		5.000	%	01/01/36	$	3,940,691
	640,000		Texas Public Finance Authority		5.250		07/01/17		640,077
	1,310,000		Trustees of Boston College		3.519		07/01/21		1,376,037
	5,000,000		University of California		1.910		05/15/21		4,922,050
	500,000		University of California		2.676		05/15/21		510,705
	4,420,000		University of California		3.552		05/15/39		4,132,214
	6,385,000		Virgin Islands Public Finance Authority		5.000		10/01/21		5,507,063
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		4,992,850
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,770,359
			TOTAL MUNICIPAL BONDS						222,905,006
U.S. TREASURY SECURITIES - 20.7%
	15,000,000		United States Treasury Bond		4.500		05/15/38		19,019,535
	40,000,000		United States Treasury Bond		4.375		11/15/39		49,632,800
	25,000,000		United States Treasury Bond		4.375		05/15/40		31,033,200
	11,165,000	l	United States Treasury Bond		2.875		08/15/45		10,823,943
	27,815,000		United States Treasury Bond		2.500		02/15/46		24,918,318
	25,716,000		United States Treasury Bond		2.500		05/15/46		23,021,838
	9,970,000		United States Treasury Bond		2.875		11/15/46		9,670,122
	8,000,000		United States Treasury Bond		3.000		02/15/47		7,967,184
	585,000		United States Treasury Note		1.125		02/28/19		583,629
	80,000		United States Treasury Note		1.625		03/15/20		80,278
	30,000,000		United States Treasury Note		1.375		01/31/21		29,576,940
	15,000,000		United States Treasury Note		2.250		07/31/21		15,246,090
	10,000,000		United States Treasury Note		2.000		08/31/21		10,054,300
	20,000,000		United States Treasury Note		2.125		09/30/21		20,204,680
	10,000,000		United States Treasury Note		1.250		10/31/21		9,719,140
	30,000,000		United States Treasury Note		2.000		10/31/21		30,133,590
	14,290,000		United States Treasury Note		1.875		02/28/22		14,257,619
	10,000,000		United States Treasury Note		1.875		05/31/22		9,951,560
	10,000,000		United States Treasury Note		1.625		08/15/22		9,794,530
	55,000,000		United States Treasury Note		1.875		08/31/22		54,570,340
	60,000,000		United States Treasury Note		1.875		10/31/22		59,423,460
	25,000,000		United States Treasury Note		2.000		11/30/22		24,902,350
	1,505,000		United States Treasury Note		1.625		05/31/23		1,460,556
	34,490,000		United States Treasury Note		1.375		06/30/23		32,943,330
	37,205,000		United States Treasury Note		1.250		07/31/23		35,206,682
	43,100,000		United States Treasury Note		1.375		08/31/23		41,062,835
	20,120,000		United States Treasury Note		1.375		09/30/23		19,146,232
	15,000,000		United States Treasury Note		2.750		11/15/23		15,527,925
	34,400,000		United States Treasury Note		2.250		12/31/23		34,515,550
	22,500,000		United States Treasury Note		2.250		01/31/24		22,564,170
	25,000,000		United States Treasury Note		2.125		02/29/24		24,859,375
	20,000,000		United States Treasury Note		2.125		03/31/24		19,875,780
	11,844,000		United States Treasury Note		2.250		02/15/27		11,691,319
	10,000,000		United States Treasury Note		4.250		05/15/39		12,208,590
			TOTAL U.S. TREASURY SECURITIES						735,647,790
			TOTAL GOVERNMENT BONDS						1,615,865,661
			(Cost $1,631,217,265)

179

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
STRUCTURED ASSETS - 15.6%
ASSET BACKED - 7.1%
$	188,829	i	ACE Securities Corp Home Equity Loan Trust Series - 2005 HE5 (Class M2)		1.717	%	08/25/35	$	187,373
	8,960,000		AmeriCredit Automobile Receivables Trust Series - 2014 2 (Class D)		2.570		07/08/20		8,991,361
	10,000,000		AmeriCredit Automobile Receivables Trust Series - 2016 3 (Class D)		2.710		09/08/22		9,925,192
	1,500,000	g,i	Anchorage Capital Ltd Series - 2015 6A (Class E1)		5.923		04/15/27		1,410,232
	1,575,641	i	Asset Backed Securities Corp Home Equity Loan Trust Series - 2005 HE1 (Class M1)		1.183		03/25/35		1,547,554
	186,834	i	Asset Backed Securities Corp Home Equity Loan Trust Series - 2005 HE3 (Class M3)		1.687		04/25/35		186,662
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2012 3A (Class B)		3.040		03/20/19		6,045,454
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 1A (Class B)		3.780		06/20/22		3,081,870
	5,000,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 2A (Class B)		3.360		11/20/22		5,044,686
	3,500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 2A (Class C)		4.830		11/20/22		3,529,292
	1,556,324	i	Bear Stearns Asset Backed Securities Trust Series - 2005 SD3 (Class 1A)		1.472		07/25/35		1,544,100
	1,522,024	i	Bear Stearns Asset Backed Securities Trust Series - 2006 EC2 (Class M1)		1.382		02/25/36		1,470,114
	2,000,000	g	Bowman Park CLO Ltd Series - 2014 1A (Class B2R)		3.545		11/23/25		1,996,791
	4,000,000	g,i	Callidus Debt Partners Ltd Series - 2007 6A (Class D)		7.041		10/23/21		3,999,479
	5,000,000	g,i	Canyon Capital Series - 2006 1A (Class D)		2.253		12/15/20		4,892,254
	1,100,000		Capital Auto Receivables Asset Trust Series - 2015 2 (Class D)		3.160		11/20/20		1,112,121
	2,250,000		Capital Auto Receivables Asset Trust Series - 2016 2 (Class C)		2.420		06/21/21		2,240,584
	3,000,000		Capital Auto Receivables Asset Trust Series - 2016 2 (Class D)		3.160		11/20/23		3,015,906
	1,668,377	g	Capital Automotive REIT Series - 2012 1A (Class A)		4.700		07/15/42		1,671,050
	5,000,000	g	Capital Automotive REIT Series - 2014 1A (Class A)		3.660		10/15/44		4,871,832
	5,000,000	g,h,m	Capital Automotive REIT Series - 2017 1A (Class A1)		3.870		04/15/47		4,998,551
	1,500,000	g	Carlyle Global Market Strategies CLO 2013-3 Ltd Series - 2013 3A (Class A2B)		3.530		07/15/25		1,503,975
	9,617,391	g,i	CBRE Realty Finance Series - 2007 1A (Class A2)		1.309		04/07/52		3,701,999
	761,273	i,m	CCR, Inc Series - 2010 CX (Class C)		1.303		07/10/17		759,908
	761,905	g	CCR, Inc Series - 2012 CA (Class C)		4.750		07/10/22		770,519
	1,500,000	g	Cent CLO 21 Ltd Series - 2014 21A (Class A2BR)		3.500		07/27/26		1,506,143

180

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	63,720		Centex Home Equity Series - 2002 A (Class AF6)		5.540	%	01/25/32	$	63,623
	750,000	i	CIFC Funding 2015-I Ltd Series - 2015 1X (Class E1)		6.041		01/22/27		716,327
	2,000,000	g,i	CIFC Funding 2015-I Ltd Series - 2015 1A (Class E1)		6.041		01/22/27		1,910,204
	339,253		Countrywide Asset-Backed Certificates Series - 2002 S4 (Class A5)		5.216		10/25/17		337,927
	4,900,000	g	DB Master Finance LLC Series - 2015 1A (Class A2I)		3.262		02/20/45		4,925,735
	4,045,563	g	Domino’s Pizza Master Issuer LLC Series - 2012 1A (Class A2)		5.216		01/25/42		4,098,288
	1,975,000	g	Domino’s Pizza Master Issuer LLC Series - 2015 1A (Class A2I)		3.484		10/25/45		1,975,857
	511,674	i	First Frankin Mortgage Loan Trust Series - 2006 FF1 (Class 2A3)		1.222		01/25/36		509,445
	3,250,000	g,h	FOCUS Brands Funding LLC Series - 2017 1A (Class A2I)		3.857		04/30/47		3,252,792
	273	i	Greenpoint Mortgage Funding Trust Series - 2007 AR2 (Class 1A1)		0.576		04/25/47		273
	1,134,679	i	GSAMP Trust Series - 2004 HE1 (Class M1)		0.980		05/25/34		1,058,665
	1,927,006	i	GSAMP Trust Series - 2006 NC1 (Class A2)		0.607		02/25/36		1,902,702
	4,576,125	i	GSAMP Trust Series - 2005 HE4 (Class M2)		1.472		07/25/45		4,447,103
	4,289,682	g	HERO Residual Funding Series - 2016 1R (Class A1)		4.500		09/21/42		4,250,807
	4,020,000	g	Hertz Vehicle Financing LLC Series - 2013 1A (Class A2)		1.830		08/25/19		4,007,127
	4,000,000	g	Hertz Vehicle Financing LLC Series - 2016 1A (Class A)		2.320		03/25/20		3,984,139
	6,000,000	g	Hertz Vehicle Financing LLC Series - 2016 3A (Class B)		3.110		07/25/20		5,969,464
	2,000,000	g	Hertz Vehicle Financing LLC Series - 2016 3A (Class C)		4.430		07/25/20		2,011,217
	3,000,000	g	Hilton Grand Vacations Trust Series - 2017 AA (Class A)		2.660		12/26/28		2,997,498
	5,000,000	g,i	Hilton Grand Vacations Trust Series - 2017 AA (Class B)		2.960		12/26/28		4,991,388
	2,631,272	i	Home Equity Mortgage Loan Asset-Backed Trust Series - 2005 C (Class AII3)		1.352		10/25/35		2,598,258
	2,168,438	i	Lehman XS Trust Series - 2005 2 (Class 1A1)		1.542		08/25/35		2,096,872
	441,974	i	Lehman XS Trust Series - 2006 1 (Class 1A1)		1.232		02/25/36		434,299
	3,000,000	g	Madison Park Funding XIII Ltd Series - 2014 13A (Class B2R)		3.300		01/19/25		2,961,216
	1,602,885	i	MASTR Asset Backed Securities Trust Series - 2005 HE2 (Class M1)		0.605		10/25/35		1,592,248
	1,125,000		MASTR Asset Backed Securities Trust Series - 2005 AB1 (Class A4)		5.648		11/25/35		1,103,726
	3,503,321	g	MVW Owner Trust Series - 2016 1A (Class B)		2.640		12/20/33		3,441,918

181

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,674,036	i	NovaStar Mortgage Funding Trust Series - 2003 2 (Class M1)		1.650	%	09/25/33	$	5,630,908
	1,040,974		Oakwood Mortgage Investors, Inc Series - 2002 C (Class A1)		5.410		11/15/32		1,059,388
	496,684	g	OneMain Direct Auto Receivables Trust Series - 2016 1A (Class A)		2.040		01/15/21		497,588
	626,655	g	Orange Lake Timeshare Trust Series - 2014 AA (Class B)		3.030		07/09/29		624,529
	696,295	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates Series - 2005 WCH1 (Class M2)		1.762		01/25/36		694,704
	403,107		Renaissance Home Equity Loan Trust Series - 2004 2 (Class AF4)		5.392		07/25/34		404,270
	27,626	i	Residential Asset Securities Corp Series - 2001 KS2 (Class AI6)		6.489		10/25/30		28,181
	2,850,000		Residential Funding Mortgage Securities II, Inc Series - 2005 HI3 (Class M5)		6.130		09/25/35		2,909,910
	81,639		Residential Funding Mortgage Securities II, Inc Series - 2006 HI1 (Class M1)		6.010		02/25/36		81,950
	3,010,179		Residential Funding Mortgage Securities II, Inc Series - 2006 HI1 (Class M2)		6.060		02/25/36		3,146,565
	1,000,000	g,i	Sanders Re Ltd Series - 2013 144A (Class )		4.752		05/05/17		999,900
	4,000,000		Santander Drive Auto Receivables Trust Series - 2016 2 (Class C)		2.660		11/15/21		4,021,527
	800,000		Santander Drive Auto Receivables Trust Series - 2015 5 (Class C)		2.740		12/15/21		805,170
	5,000,000		Santander Drive Auto Receivables Trust Series - 2016 1 (Class C)		3.090		04/15/22		5,060,401
	3,800,000		Santander Drive Auto Receivables Trust Series - 2016 2 (Class D)		3.390		04/15/22		3,849,623
	231,397		Saxon Asset Securities Trust Series - 2002 2 (Class AF6)		6.120		11/25/30		240,875
	886,471	i	Securitized Asset Backed Receivables LLC Series - 2005 OP2 (Class A2C)		0.747		10/25/35		878,531
	8,354,102	g,i	Shackleton II CLO Ltd Series - 2012 2A (Class A1R)		2.240		10/20/23		8,353,659
	5,000,000	g	Shackleton II CLO Ltd Series - 2012 2A (Class B2R)		3.010		10/20/23		4,997,526
	10,000,000	g,i	Sierra Receivables Funding Co LLC Series - 2017 1A (Class B)		3.200		03/20/34		10,054,790
	895,645	g	Sierra Timeshare Receivables Funding LLC Series - 2015 2A (Class A)		2.430		06/20/32		894,962
	3,520,162	g	Sierra Timeshare Receivables Funding LLC Series - 2015 3A (Class A)		2.580		09/20/32		3,531,635
	4,926,435	g	Sierra Timeshare Receivables Funding LLC Series - 2015 3A (Class B)		3.080		09/20/32		4,941,036
	3,307,654	g	Sierra Timeshare Receivables Funding LLC Series - 2016 2A (Class A)		2.330		07/20/33		3,307,113
	6,615,308	g	Sierra Timeshare Receivables Funding LLC Series - 2016 2A (Class B)		2.780		07/20/33		6,611,847
	640,725	g	SolarCity LMC Series - 2013 1 (Class A)		4.800		11/20/38		632,618

182

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	788,274	g	SolarCity LMC Series - 2014 1 (Class A)		4.590	%	04/20/44	$	779,635
	1,301,298	g	SolarCity LMC Series - 2014 2 (Class A)		4.020		07/20/44		1,259,386
	2,500,000	g,i	Sound Point Clo XIV Ltd Series - 2016 3A (Class E)		7.531		01/23/29		2,500,001
	6,084,111	g	SpringCastle America Funding LLC Series - 2016 AA (Class A)		3.050		04/25/29		6,121,423
	1,870,050	i	Structured Asset Securities Corp Mortgage Loan Trust Series - 2005 7XS (Class 2A1A)		2.284		04/25/35		1,764,511
	7,960,000	g	Taco Bell Funding LLC Series - 2016 1A (Class A2I)		3.832		05/25/46		8,069,171
	3,993,321	g	Vericrest Opportunity Loan Trust 2015-NPL3 Series - 2015 NPL3 (Class A1)		3.375		10/25/58		3,977,663
	321,318	g,m	Wachovia Amortization Controlled Heloc NIM Series - 2006 N1 (Class N1)		5.683		08/12/47		324,602
	49,404	g,i	Wachovia Loan Trust Series - 2005 SD1 (Class A)		1.342		05/25/35		48,666
	6,895,000	g	Wendys Funding LLC Series - 2015 1A (Class A2I)		3.371		06/15/45		6,927,020
			TOTAL ASSET BACKED						253,675,404
OTHER MORTGAGE BACKED - 8.5%
	2,403,814	i	Adjustable Rate Mortgage Trust Series - 2005 1 (Class 5M1)		2.032		05/25/35		2,282,452
	3,114,621	i	American Home Mortgage Investment Trust Series - 2004 3 (Class 4A)		2.857		10/25/34		3,036,013
	857,524	i	Banc of America Commercial Mortgage Trust Series - 2006 2 (Class C)		5.798		05/10/45		856,292
	10,000,000		Banc of America Commercial Mortgage Trust Series - 2016 UB10 (Class ASB)		3.019		07/15/49		9,975,574
	4,000,000	g,i	Banc of America Commercial Mortgage Trust Series - 2007 4 (Class E)		5.821		02/10/51		3,779,710
	7,500,000	i	Banc of America Commercial Mortgage Trust Series - 2007 5 (Class AJ)		5.971		02/10/51		7,497,663
	750,000	g,i	Banc of America Commercial Mortgage Trust Series - 2007 4 (Class D)		6.000		02/10/51		736,755
	1,485,772	g,i	Banc of America Large Loan, Inc Series - 2010 UB3 (Class A4B3)		6.049		02/15/51		1,483,434
	4,926,168	g,i	Bayview Opportunity Master Fund IVb Trust 2017-CRT1 Series - 2017 CRT1 (Class M)		3.132		10/25/28		4,928,582
	2,226,000	i	Bear Stearns Commercial Mortgage Securities Trust Series - 2007 T28 (Class AJ)		5.928		09/11/42		2,230,883
	4,500,000		CD Mortgage Trust Series - 2016 CD1 (Class ASB)		2.622		08/10/49		4,406,760
	360,312		Citicorp Mortgage Securities, Inc Series - 2005 4 (Class 1A7)		5.500		07/25/35		347,696
	10,000,000		Citigroup Commercial Mortgage Trust Series - 2016 C1 (Class AAB)		3.003		05/10/49		10,020,098
	365,000	i	COBALT CMBS Commercial Mortgage Trust Series - 2007 C3 (Class AM)		5.771		05/15/46		370,667
	16,500,000	i	COBALT CMBS Commercial Mortgage Trust Series - 2007 C3 (Class AJ)		5.771		05/15/46		16,789,347

183

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,044,000		COMM Mortgage Trust Series - 2016 COR1 (Class ASB)		2.972	%	10/10/49	$	8,975,612
	5,000,000	g,i	COMM Mortgage Trust Series - 2007 C9 (Class AJFL)		1.548		12/10/49		4,936,065
	4,265,000	i	Commercial Mortgage Trust Series - 2007 GG11 (Class B)		6.147		12/10/49		4,222,068
	168,322	i	Connecticut Avenue Securities Series - 2015 C03 (Class 1M1)		2.482		07/25/25		168,378
	882,550		Countrywide Alternative Loan Trust Series - 2005 6CB (Class 2A1)		5.000		04/25/20		866,148
	970,384	i	Countrywide Alternative Loan Trust Series - 2005 24 (Class 4A1)		1.206		07/20/35		901,883
	1,015,459	i	Countrywide Home Loan Mortgage Pass Through Trust Series - 2004 HYB6 (Class A2)		3.124		11/20/34		998,428
	120,479		Countrywide Home Loan Mortgage Pass Through Trust Series - 2005 17 (Class 1A10)		5.250		09/25/35		118,690
	90,000	i	Credit Suisse Commercial Mortgage Trust Series - 2007 C4 (Class A1AJ)		5.903		09/15/39		90,480
	6,000,000	i	Credit Suisse Commercial Mortgage Trust Series - 2007 C4 (Class AJ)		5.949		09/15/39		6,062,287
	10,000,000	i	Credit Suisse Commercial Mortgage Trust Series - 2007 C4 (Class A1AM)		5.953		09/15/39		10,064,036
	8,000,000	i	Credit Suisse Commercial Mortgage Trust Series - 2007 C2 (Class AJ)		5.625		01/15/49		8,164,206
	2,083,000	g,i	DBUBS Mortgage Trust Series - 2011 LC3A (Class B)		5.346		08/10/44		2,270,522
	5,270,249		GS Mortgage Securities Trust Series - 2006 GG8 (Class AJ)		5.622		11/10/39		4,962,467
	884,194		GSR Mortgage Loan Trust Series - 2005 1F (Class 3A3)		6.000		01/25/35		891,714
	533,517	i	GSR Mortgage Loan Trust Series - 2006 OA1 (Class 2A1)		1.172		08/25/46		529,358
	229,711	i	Impac CMB Trust Series - 2004 11 (Class 2A1)		1.642		03/25/35		211,523
	2,003,320	i	Impac CMB Trust Series - 0 4 (Class 1A1B)		1.232		05/25/35		1,876,259
	1,834,091	i	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2005 LDP2 (Class C)		4.911		07/15/42		1,832,272
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2011 C4 (Class C)		5.397		07/15/46		332,766
	10,000,000		JP Morgan Chase Commercial Mortgage Securities Trust Series - 2016 JP2 (Class ASB)		2.713		08/15/49		9,897,853
	7,472,887	g,i	JP Morgan Mortgage Trust Series - 2017 1 (Class A3)		3.500		01/25/47		7,606,876
	1,583,427	i	JP Morgan Mortgage Trust 2006-A2 Series - 2006 A2 (Class 5A3)		3.118		11/25/33		1,605,109
	1,078,664	i	LB-UBS Commercial Mortgage Trust Series - 2006 C4 (Class B)		6.049		06/15/38		1,080,203
	1,698,206	i	LB-UBS Commercial Mortgage Trust Series - 2006 C3 (Class C)		5.737		03/15/39		1,697,286
	391,943	i	LB-UBS Commercial Mortgage Trust Series - 2007 C1 (Class C)		5.533		02/15/40		391,548

184

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,000,000	i	LB-UBS Commercial Mortgage Trust Series - 2007 C1 (Class D)		5.563	%	02/15/40	$	2,988,701
	949,407		Lehman Mortgage Trust Series - 2005 1 (Class 2A4)		5.500		11/25/35		878,305
	3,806,717	g,i	LVII Resecuritization Trust Series - 2015 A (Class A)		3.611		07/25/47		3,809,096
	75,000	i	Merrill Lynch Mortgage Trust Series - 0 C1 (Class AJA)		6.301		02/12/51		76,122
	5,455,000	i	ML-CFC Commercial Mortgage Trust Series - 2007 6 (Class AM)		5.526		03/12/51		5,460,632
	3,149,500	i	Morgan Stanley Capital I Trust Series - 2005 WMC2 (Class M3)		0.860		02/25/35		2,995,436
	370,991	g,i	Morgan Stanley Capital I Trust Series - 2006 T23 (Class B)		6.078		08/12/41		370,265
	2,087,897	i	Morgan Stanley Capital I Trust Series - 2006 HQ10 (Class AJ)		5.389		11/12/41		2,085,442
	938,028	i	Morgan Stanley Capital I Trust Series - 2006 HQ9 (Class B)		5.832		07/12/44		937,358
	1,830,000	i	Morgan Stanley Capital I Trust Series - 2006 HQ9 (Class C)		5.842		07/12/44		1,826,347
	1,500,000	i	Morgan Stanley Capital I Trust Series - 2007 HQ12 (Class C)		5.861		04/12/49		1,508,437
	9,000,000	i	Morgan Stanley Capital I Trust Series - 2007 IQ15 (Class AJ)		5.907		06/11/49		8,513,955
	10,000,000		Morgan Stanley Capital I Trust Series - 2016 UB11 (Class ASB)		2.606		08/15/49		9,833,468
	4,000,000	i	Morgan Stanley Capital I Trust Series - 2007 IQ16 (Class AJFX)		6.110		12/12/49		3,693,788
	2,147,770	i	Option One Mortgage Loan Trust Series - 2004 2 (Class M1)		0.950		05/25/34		2,012,185
	211,309	i	RALI Trust Series - 2005 QA1 (Class A1)		1.282		01/25/35		208,842
	4,944,091	g,i	Sequoia Mortgage Trust Series - 2017 1 (Class A4)		3.500		02/25/47		5,040,713
	16,500,000	g,i	Sequoia Mortgage Trust Series - 2017 3 (Class A4)		3.500		04/25/47		16,739,762
	5,000,000	g,i	Shellpoint Co-Originator Trust Series - 2017 1 (Class A4)		3.500		04/25/44		5,067,969
	1,267,257	i	Structured Adjustable Rate Mortgage Loan Trust Series - 2005 16XS (Class A1)		1.322		08/25/35		1,226,496
	760,802	g,i	Terwin Mortgage Trust Series - 2005 3SL (Class M1)		1.762		03/25/35		747,011
	455,315	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C30 (Class AJ)		5.413		12/15/43		458,159
	3,590,759	i	Wachovia Bank Commercial Mortgage Trust Series - 2006 C23 (Class F)		5.477		01/15/45		3,584,881
	5,265,683	i	Wachovia Bank Commercial Mortgage Trust Series - 2006 C27 (Class AJ)		5.825		07/15/45		5,310,534
	6,650,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class AJ)		6.132		05/15/46		6,673,072
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class B)		6.214		05/15/46		2,990,400
	100,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class C)		6.219		05/15/46		99,476

185

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	14,875,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C31 (Class AJ)		5.660	%	04/15/47	$	14,924,599
	6,440,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C31 (Class C)		5.748		04/15/47		6,412,181
	10,000,000	g	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AMFX)		5.703		06/15/49		10,100,283
	9,000,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class B)		5.750		06/15/49		8,666,100
	19,770,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AJ)		5.750		06/15/49		19,373,380
	40,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C33 (Class AM)		5.953		02/15/51		40,313
			TOTAL OTHER MORTGAGE BACKED						304,149,671
			TOTAL STRUCTURED ASSETS						557,825,075
			(Cost $558,513,550)
			TOTAL BONDS						3,335,684,378
			(Cost $3,345,600,527)

SHARES			COMPANY
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	24,997	*,m	Peabody Energy Corp	343,709
			TOTAL ENERGY	343,709
			TOTAL COMMON STOCKS	343,709
			(Cost $343,709)
PREFERRED STOCKS - 0.0%
ENERGY - 0.0%
	3,538	*,m	Peabody Energy Corp	88,450
			TOTAL ENERGY	88,450
			TOTAL PREFERRED STOCKS	88,450
			(Cost $88,450)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 5.5%
GOVERNMENT AGENCY DEBT - 0.9%
$	32,100,000	Federal Home Loan Bank (FHLB)	0.700	04/05/17	32,098,780
		TOTAL GOVERNMENT AGENCY DEBT			32,098,780
TREASURY DEBT - 4.6%
	5,600,000	United States Treasury Bill	0.715	04/20/17	5,598,074
	137,300,000	United States Treasury Bill	0.501-0741	04/27/17	137,234,096
	22,600,000	United States Treasury Bill	0.691	07/06/17	22,555,252
		TOTAL TREASURY DEBT			165,387,422
		TOTAL SHORT-TERM INVESTMENTS			197,486,202
		(Cost $197,485,027)

186

TIAA-CREF FUNDS - Bond Plus Fund

	VALUE
TOTAL INVESTMENTS - 102.6%	$	3,656,428,741
(Cost $3,666,072,634)
OTHER ASSETS & LIABILITIES, NET - (2.6)%		(93,753,873	)
NET ASSETS - 100.0%	$	3,562,674,868

	Abbreviation(s):
BRL	Brazilian Real
MXN	Mexican Peso
REIT	Real Estate Investment Trust
TRY	Turkish Lira
*	Non-income producing
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 3/31/2017, the aggregate value of these securities was $623,743,953 or 17.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond
q	In default
w	All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls.

187

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 6.4%
AUTOMOBILES & COMPONENTS - 0.3%
$	11,943,278	i	Gates Global LLC		4.397	%	07/06/21	$	11,952,236
			TOTAL AUTOMOBILES & COMPONENTS						11,952,236
CAPITAL GOODS - 0.1%
	1,675,000	i	Proampac PG Borrower LLC		5.057		11/20/23		1,686,725
			TOTAL CAPITAL GOODS						1,686,725
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	13,275,000	i	SterlingBackcheck		8.897		06/19/23		12,909,938
	1,008,609	i	USAGM HoldCo LLC		5.500		07/28/22		1,013,652
	8,302,649	i	USAGM HoldCo LLC		5.500		07/28/22		8,344,162
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						22,267,752
CONSUMER DURABLES & APPAREL - 0.2%
	11,196,959	i	Academy Ltd		5.056		07/01/22		8,240,961
			TOTAL CONSUMER DURABLES & APPAREL						8,240,961
CONSUMER SERVICES - 1.1%
	500,000	i	Boyd Gaming Corp		3.500		09/15/23		502,420
	13,275,000	i	CDS US Intermediate Holdings, Inc		9.397		07/10/23		13,142,250
	9,950,000	i	Kindercare Education LLC		5.397		08/12/22		9,999,750
	3,721,998	i	Scientific Games International, Inc		4.846		10/01/21		3,767,927
	11,470,744	i	Spin Holdco, Inc		4.285		11/14/19		11,464,550
			TOTAL CONSUMER SERVICES						38,876,897
ENERGY - 0.6%
	10,845,000	i	California Resources Corp		11.375		12/31/21		11,965,614
	4,900,000	i	Granite Acquisition, Inc		8.397		12/19/22		4,832,625
	4,925,000	i	Petrochoice Holdings, Inc		6.000		08/21/22		4,974,250
			TOTAL ENERGY						21,772,489
FOOD & STAPLES RETAILING - 0.4%
	2,000,000	i	Rite Aid Corp		5.750		08/21/20		2,002,500
	11,000,000	i	Rite Aid Corp		4.875		06/21/21		11,013,750
			TOTAL FOOD & STAPLES RETAILING						13,016,250
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	10,917,638	i	Nature’s Bounty Co		4.647		05/05/23		10,976,811
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						10,976,811
INSURANCE - 0.2%
	4,800,000	i	Asurion LLC		8.500		03/03/21		4,854,000
	3,414,279	i	USI, Inc		4.250		12/27/19		3,413,665
			TOTAL INSURANCE						8,267,665

188

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MATERIALS - 0.6%
$	4,891,829	i	PLZ Aeroscience Corp		4.642	%	07/29/22	$	4,916,288
	5,454,699	i	Road Infrastructure Investment LLC		4.500		06/13/23		5,486,064
	12,000,000	i	Solenis International LP		7.804		07/29/22		11,842,560
			TOTAL MATERIALS						22,244,912
MEDIA - 0.3%
	8,497,219	i	Time, Inc		4.250		04/26/21		8,518,462
			TOTAL MEDIA						8,518,462
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	4,641,224	i	Vizient, Inc		5.000		02/11/23		4,676,033
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4,676,033
REAL ESTATE - 0.3%
	7,810,376	i	DTZ US Borrower LLC		4.304		11/04/21		7,850,678
	1,502,128	i	DTZ US Borrower LLC		9.289		11/04/22		1,497,126
			TOTAL REAL ESTATE						9,347,804
RETAILING - 0.2%
	5,000,000	i	Bass Pro Group LLC		6.147		12/15/23		4,809,400
			TOTAL RETAILING						4,809,400
SOFTWARE & SERVICES - 0.6%
	12,000,000	i	Mitchell International, Inc		8.539		10/11/21		12,007,560
	10,140,726	i	ProQuest LLC		5.250		10/24/21		10,280,161
			TOTAL SOFTWARE & SERVICES						22,287,721
UTILITIES - 0.5%
	5,000,000	i	Talen Energy Supply LLC		6.060		12/06/23		5,031,250
	13,516,125	i	Vistra Operations Co LLC		4.193		12/14/23		13,526,262
			TOTAL UTILITIES						18,557,512
			TOTAL BANK LOAN OBLIGATIONS						227,499,630
			(Cost $228,533,346)
BONDS - 85.2%
CORPORATE BONDS - 85.2%
AUTOMOBILES & COMPONENTS - 1.6%
	2,350,000	g	Adient Global Holdings Ltd		4.875		08/15/26		2,305,937
	3,600,000	g	Allison Transmission, Inc		5.000		10/01/24		3,636,000
	3,900,000	g,h	Aston Martin Capital Holdings Ltd		6.500		04/15/22		3,914,625
	5,700,000	g,h	Dana Financing Luxembourg Sarl		5.750		04/15/25		5,749,875
	7,500,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		7,818,750
	12,327,000	g	Gates Global LLC		6.000		07/15/22		12,542,723
	2,875,000		Goodyear Tire & Rubber Co		5.000		05/31/26		2,946,875
	1,100,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		1,105,500
	1,100,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		1,087,625

189

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,100,000	g,o	IHO Verwaltungs GmbH		4.750	%	09/15/26	$	1,072,500
	7,550,000	g	Schaeffler Finance BV		4.750		05/15/23		7,757,625
	3,000,000		Tenneco, Inc		5.000		07/15/26		2,938,110
	825,000	g	ZF North America Capital, Inc		4.500		04/29/22		859,031
	1,800,000	g	ZF North America Capital, Inc		4.750		04/29/25		1,863,000
			TOTAL AUTOMOBILES & COMPONENTS						55,598,176
BANKS - 1.4%
	9,500,000	i	Citigroup, Inc		6.125		12/30/49		10,022,500
	3,700,000	i	ING Groep NV		6.000		12/30/49		3,686,310
	2,600,000	i	JPMorgan Chase & Co		7.900		12/30/49		2,694,250
	4,750,000	g,i	Lloyds Banking Group plc		6.657		12/30/49		5,165,625
	7,500,000	g,i	Nordea Bank AB		5.500		12/30/49		7,518,750
	6,250,000		Royal Bank of Scotland Group plc		6.125		12/15/22		6,617,469
	2,250,000		Royal Bank of Scotland Group plc		6.100		06/10/23		2,390,746
	5,500,000		Royal Bank of Scotland Group plc		6.000		12/19/23		5,812,713
	4,275,000	i	Royal Bank of Scotland Group plc		8.625		12/30/49		4,456,688
			TOTAL BANKS						48,365,051
CAPITAL GOODS - 1.9%
	3,000,000		Anixter, Inc		5.125		10/01/21		3,120,000
	2,500,000		Anixter, Inc		5.500		03/01/23		2,593,750
	8,965,000	g	Cloud Crane LLC		10.125		08/01/24		9,570,137
	4,335,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		4,492,144
	3,100,000		Manitowoc Foodservice, Inc		9.500		02/15/24		3,572,750
	7,925,000		Orbital ATK, Inc		5.500		10/01/23		8,162,750
	4,150,000	g	SPX FLOW, Inc		5.625		08/15/24		4,186,312
	4,150,000	g	SPX FLOW, Inc		5.875		08/15/26		4,186,313
	14,130,000	g	Stena AB		7.000		02/01/24		13,211,550
	5,000,000		TransDigm, Inc		6.000		07/15/22		5,065,500
	5,000,000		TransDigm, Inc		6.500		07/15/24		5,062,500
	2,375,000	g	TransDigm, Inc		6.500		05/15/25		2,395,781
			TOTAL CAPITAL GOODS						65,619,487
COMMERCIAL & PROFESSIONAL SERVICES - 3.8%
	2,500,000		AECOM		5.750		10/15/22		2,621,875
	6,250,000		AECOM		5.875		10/15/24		6,640,625
	14,500,000	g	AECOM		5.125		03/15/27		14,536,250
	1,929,000		Clean Harbors, Inc		5.250		08/01/20		1,962,757
	7,925,000		Clean Harbors, Inc		5.125		06/01/21		8,083,500
	10,651,000	g	Herc Rentals, Inc		7.500		06/01/22		11,316,687
	10,219,000	g	Herc Rentals, Inc		7.750		06/01/24		10,883,235
	1,900,000	g	IHS Markit Ltd		4.750		02/15/25		1,957,000
	3,495,820		Neovia Logistics Intermediate Holdings LLC		1.000		04/01/20		1,909,592
	2,000,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		2,045,000
	7,825,000		RR Donnelley & Sons Co		7.875		03/15/21		8,411,875
	127,000		RR Donnelley & Sons Co		7.000		02/15/22		128,905
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		8,390,500
	15,025,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		13,184,438
	16,425,000		United Rentals North America, Inc		5.500		07/15/25		16,917,750
	1,175,000		United Rentals North America, Inc		5.875		09/15/26		1,224,938
	1,500,000		United Rentals North America, Inc		5.500		05/15/27		1,515,000

190

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	16,000,000	g	XPO Logistics, Inc		6.500	%	06/15/22	$	16,800,000
	3,325,000	g	XPO Logistics, Inc		6.125		09/01/23		3,458,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						131,987,927
CONSUMER DURABLES & APPAREL - 1.6%
	2,125,000	g	Hanesbrands, Inc		4.625		05/15/24		2,095,781
	7,000,000		KB Home		4.750		05/15/19		7,192,500
	5,575,000		KB Home		7.000		12/15/21		6,158,647
	1,900,000		KB Home		7.625		05/15/23		2,056,750
	14,500,000		Lennar Corp		4.750		04/01/21		15,116,250
	5,600,000		Lennar Corp		4.125		01/15/22		5,648,944
	1,500,000		PulteGroup, Inc		4.250		03/01/21		1,541,250
	3,000,000		PulteGroup, Inc		5.500		03/01/26		3,105,000
	1,800,000		Standard Pacific Corp		8.375		01/15/21		2,088,000
	13,150,000		Standard Pacific Corp		5.875		11/15/24		13,807,500
			TOTAL CONSUMER DURABLES & APPAREL						58,810,622
CONSUMER SERVICES - 7.8%
	6,351,000		ADT Corp		6.250		10/15/21		6,902,902
	7,575,000		ADT Corp		3.500		07/15/22		7,253,062
	8,350,000	g	Aramark Services, Inc		5.000		04/01/25		8,600,500
	4,000,000		Boyd Gaming Corp		6.375		04/01/26		4,280,000
	6,000,000	g	Cott Holdings, Inc		5.500		04/01/25		6,106,800
	1,750,000		GLP Capital LP		4.375		04/15/21		1,798,125
	1,000,000		GLP Capital LP		5.375		04/15/26		1,032,500
	3,000,000	g	Hilton Domestic Operating Co, Inc		4.250		09/01/24		2,962,500
	13,500,000	g	Hilton Worldwide Finance LLC		4.625		04/01/25		13,635,000
	5,000,000		International Game Technology		7.500		06/15/19		5,425,000
	9,210,000	g	International Game Technology		5.625		02/15/20		9,624,450
	8,035,000	g	International Game Technology		6.250		02/15/22		8,577,362
	14,785,000	g	International Game Technology		6.500		02/15/25		15,746,025
	2,500,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		2,500,000
	2,000,000		MGM Resorts International		5.250		03/31/20		2,105,000
	4,250,000		MGM Resorts International		6.750		10/01/20		4,675,000
	11,250,000		MGM Resorts International		6.000		03/15/23		12,107,813
	9,500,000	g	Penn National Gaming, Inc		5.625		01/15/27		9,428,750
	13,700,000	g	Pinnacle Entertainment, Inc		5.625		05/01/24		13,888,375
	52,225,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		57,251,656
	4,000,000		Scientific Games International, Inc		6.250		09/01/20		3,790,000
	14,500,000	g	Scientific Games International, Inc		7.000		01/01/22		15,496,875
	16,000,000		Scientific Games International, Inc		10.000		12/01/22		17,060,000
	8,750,000	g	ServiceMaster Co LLC		5.125		11/15/24		8,968,750
	22,500,000	g,h	Six Flags Entertainment Corp		4.875		07/31/24		22,204,688
	4,665,000		Speedway Motorsports, Inc		5.125		02/01/23		4,711,650
	13,000,000	g	Wynn Las Vegas LLC		5.500		03/01/25		13,211,250
			TOTAL CONSUMER SERVICES						279,344,033
DIVERSIFIED FINANCIALS - 5.1%
	4,750,000		Aircastle Ltd		5.000		04/01/23		4,999,375
	6,200,000		Aircastle Ltd		4.125		05/01/24		6,207,750
	5,000,000		Ally Financial, Inc		3.250		02/13/18		5,032,750
	6,000,000		Ally Financial, Inc		4.750		09/10/18		6,165,000
	5,000,000		Ally Financial, Inc		4.125		02/13/22		5,009,350

191

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000	g	CIT Group, Inc		5.500	%	02/15/19	$	3,153,750
	5,000,000		CIT Group, Inc		3.875		02/19/19		5,128,000
	4,750,000		CIT Group, Inc		5.000		08/01/23		4,951,875
	5,600,000	g,i	Credit Suisse Group AG.		6.250		12/30/49		5,690,664
	831,000		General Motors Acceptance Corp LLC		8.000		11/01/31		986,812
	10,000,000		GMAC, Inc		8.000		11/01/31		11,950,000
	6,750,000		Icahn Enterprises LP		6.000		08/01/20		6,952,500
	11,425,000		Icahn Enterprises LP		5.875		02/01/22		11,596,375
	5,200,000	g	Icahn Enterprises LP		6.250		02/01/22		5,278,000
	6,500,000	g	Icahn Enterprises LP		6.750		02/01/24		6,703,125
	3,000,000		International Lease Finance Corp		6.250		05/15/19		3,232,206
	3,600,000		International Lease Finance Corp		8.250		12/15/20		4,248,389
	2,000,000		International Lease Finance Corp		4.625		04/15/21		2,108,734
	3,550,000	g	Lincoln Finance Ltd		7.375		04/15/21		3,763,000
	11,325,000		Navient Corp		5.500		01/15/19		11,732,700
	13,100,000		Navient Corp		4.875		06/17/19		13,411,125
	8,330,000		Navient Corp		6.625		07/26/21		8,621,550
	9,500,000		Navient Corp		7.250		09/25/23		9,547,500
	8,000,000		Navient Corp		6.125		03/25/24		7,620,000
	11,200,000		NewStar Financial, Inc		7.250		05/01/20		11,396,000
	10,775,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		11,206,000
	3,975,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		4,134,000
			TOTAL DIVERSIFIED FINANCIALS						180,826,530
ENERGY - 14.7%
	5,925,000		AmeriGas Partners LP		5.625		05/20/24		5,954,625
	14,500,000		AmeriGas Partners LP		5.500		05/20/25		14,391,250
	6,375,000		AmeriGas Partners LP		5.875		08/20/26		6,343,125
	9,500,000		AmeriGas Partners LP		5.750		05/20/27		9,378,875
	2,000,000		Ashland, Inc		6.875		05/15/43		2,140,000
	2,183,000		California Resources Corp		5.500		09/15/21		1,615,420
	5,180,000	g	California Resources Corp		8.000		12/15/22		4,221,700
	4,151,000		California Resources Corp		6.000		11/15/24		2,905,700
	8,565,000		Calumet Specialty Products Partners LP		6.500		04/15/21		7,248,131
	4,585,000		Calumet Specialty Products Partners LP		7.625		01/15/22		3,862,862
	8,600,000		Calumet Specialty Products Partners LP		7.750		04/15/23		7,224,000
	1,400,000	g	Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		1,541,750
	12,185,000	g	Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		12,702,862
	10,878,000		Cloud Peak Energy Resources LLC		12.000		11/01/21		11,721,045
	2,450,000		Concho Resources, Inc		5.500		04/01/23		2,528,155
	3,000,000		Concho Resources, Inc		4.375		01/15/25		3,018,750
	6,500,000		Continental Resources, Inc		5.000		09/15/22		6,565,000
	4,945,000		Crestwood Midstream Partners LP		6.250		04/01/23		5,130,437
	11,050,000	g	Crestwood Midstream Partners LP		5.750		04/01/25		11,284,812
	1,800,000	g	Denbury Resources, Inc		9.000		05/15/21		1,899,000
	1,900,000		Denbury Resources, Inc		6.375		08/15/21		1,558,000
	4,750,000		Denbury Resources, Inc		5.500		05/01/22		3,705,000
	19,485,000		Dynegy, Inc		6.750		11/01/19		20,020,837
	5,000,000		Dynegy, Inc		7.375		11/01/22		4,962,500
	5,000,000		Dynegy, Inc		7.625		11/01/24		4,768,750
	6,925,000	g	Dynegy, Inc		8.000		01/15/25		6,630,687
	2,100,000		EP Energy LLC		9.375		05/01/20		1,979,250
	6,030,000		EP Energy LLC		7.750		09/01/22		5,050,125

192

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,400,000		EP Energy LLC		6.375	%	06/15/23	$	5,679,500
	14,900,000		Exterran Partners LP		6.000		04/01/21		14,788,250
	9,250,000		Exterran Partners LP		6.000		10/01/22		9,111,250
	3,358,000		Ferrellgas Partners LP		8.625		06/15/20		3,215,285
	5,480,000		Ferrellgas Partners LP		6.500		05/01/21		5,206,000
	4,550,000		Ferrellgas Partners LP		6.750		01/15/22		4,299,750
	7,500,000		Ferrellgas Partners LP		6.750		06/15/23		7,050,000
	4,375,000		Murphy Oil Corp		6.875		08/15/24		4,637,500
	2,500,000		Murphy Oil USA, Inc		6.000		08/15/23		2,618,750
	3,000,000		Newfield Exploration Co		5.750		01/30/22		3,183,750
	3,600,000		Newfield Exploration Co		5.375		01/01/26		3,759,840
	7,000,000		NRG Energy, Inc		6.250		05/01/24		6,978,125
	11,900,000		Oasis Petroleum, Inc		6.875		03/15/22		12,167,750
	1,845,000		Oasis Petroleum, Inc		6.875		01/15/23		1,877,288
	4,800,000	q	Peabody Energy Corp		6.000		11/15/18		1,200,000
	5,500,000	q	Peabody Energy Corp		6.500		09/15/20		1,375,000
	9,500,000	q	Peabody Energy Corp		6.250		11/15/21		2,375,000
	4,750,000	g,q	Peabody Energy Corp		10.000		03/15/22		2,992,500
	3,000,000	q	Peabody Energy Corp		4.750		12/15/41		120,000
	2,562,000		Precision Drilling Corp		5.250		11/15/24		2,421,090
	5,300,470		Precision Drilling Trust		6.625		11/15/20		5,326,973
	5,000,000		QEP Resources, Inc		5.375		10/01/22		4,925,000
	9,335,000		Questar Market Resources, Inc		6.875		03/01/21		9,918,438
	22,825,000	g	Range Resources Corp		5.750		06/01/21		23,395,625
	4,000,000		Regency Energy Partners LP		5.750		09/01/20		4,320,184
	3,923,000		Regency Energy Partners LP		5.875		03/01/22		4,313,299
	10,835,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		11,673,326
	7,500,000		Sabine Pass Liquefaction LLC		5.625		04/15/23		8,135,753
	1,000,000		Sabine Pass Liquefaction LLC		5.750		05/15/24		1,089,982
	8,100,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		8,780,829
	9,000,000		SM Energy Co		6.500		11/15/21		9,225,000
	5,850,000		SM Energy Co		6.125		11/15/22		5,893,875
	5,795,000		SM Energy Co		6.500		01/01/23		5,881,925
	10,200,000		Suburban Propane Partners LP		5.750		03/01/25		10,047,000
	8,175,000		Suburban Propane Partners LP		5.875		03/01/27		8,052,375
	10,000,000		Sunoco LP		5.500		08/01/20		10,100,000
	4,000,000		Sunoco LP		6.250		04/15/21		4,090,000
	6,800,000		Sunoco LP		6.375		04/01/23		6,902,000
	9,825,000	g	Targa Resources Partners LP		5.125		02/01/25		10,119,750
	4,350,000		Tesoro Corp		5.375		10/01/22		4,502,250
	14,500,000	g	Tesoro Corp		4.750		12/15/23		14,965,305
	5,000,000	g	Tesoro Corp		5.125		12/15/26		5,245,000
	4,800,000		Tesoro Logistics LP		5.500		10/15/19		5,064,000
	2,000,000		Tesoro Logistics LP		5.875		10/01/20		2,055,000
	2,450,000		Tesoro Logistics LP		6.125		10/15/21		2,563,313
	2,000,000		Tesoro Logistics LP		6.250		10/15/22		2,112,500
	2,450,000		Tesoro Logistics LP		6.375		05/01/24		2,652,125
	5,600,000		Tesoro Logistics LP		5.250		01/15/25		5,845,000
	6,300,000		Transocean, Inc		6.000		03/15/18		6,422,094
	15,650,000		Transocean, Inc		8.125		12/15/21		16,354,250
	1,900,000		Transocean, Inc		5.550		10/15/22		1,787,188
	6,220,000		Transocean, Inc		6.800		03/15/38		5,115,950
	5,650,000		Whiting Petroleum Corp		5.000		03/15/19		5,635,875

193

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,000,000		WPX Energy, Inc		7.500	%	08/01/20	$	8,480,000
	6,750,000		WPX Energy, Inc		6.000		01/15/22		6,885,000
	5,950,000		WPX Energy, Inc		8.250		08/01/23		6,619,375
			TOTAL ENERGY						519,904,835
FOOD & STAPLES RETAILING - 1.7%
	8,500,000	g	Albertsons Cos LLC		6.625		06/15/24		8,691,250
	14,250,000	g	Albertsons Cos LLC		5.750		03/15/25		13,822,500
	30,685,000	g	Fresh Market, Inc		9.750		05/01/23		24,778,137
	12,960,000		Ingles Markets, Inc		5.750		06/15/23		13,057,200
			TOTAL FOOD & STAPLES RETAILING						60,349,087
FOOD, BEVERAGE & TOBACCO - 0.4%
	2,120,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		2,162,400
	2,130,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		2,172,600
	4,750,000	g	Post Holdings, Inc		5.500		03/01/25		4,738,125
	3,150,000	g	Post Holdings, Inc		5.750		03/01/27		3,142,125
	1,400,000	g	TreeHouse Foods, Inc		6.000		02/15/24		1,466,500
			TOTAL FOOD, BEVERAGE & TOBACCO						13,681,750
HEALTH CARE EQUIPMENT & SERVICES - 4.6%
	16,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		16,400,000
	14,500,000		CHS/Community Health Systems		5.125		08/01/21		14,336,875
	11,875,000		CHS/Community Health Systems		6.250		03/31/23		12,112,500
	575,000		HCA Holdings, Inc		6.250		02/15/21		620,641
	10,000,000		HCA, Inc		6.500		02/15/20		10,943,800
	13,600,000		HCA, Inc		7.500		02/15/22		15,555,000
	1,800,000		HCA, Inc		5.875		03/15/22		1,980,000
	13,350,000		HCA, Inc		5.375		02/01/25		13,884,000
	9,650,000		HCA, Inc		5.875		02/15/26		10,189,338
	5,500,000		HCA, Inc		4.500		02/15/27		5,500,000
	900,000		HCA, Inc		7.500		11/06/33		984,375
	7,125,000		HealthSouth Corp		5.125		03/15/23		7,125,000
	4,625,000		HealthSouth Corp		5.750		11/01/24		4,659,687
	6,425,000		LifePoint Health, Inc		5.875		12/01/23		6,617,750
	4,425,000	g	LifePoint Health, Inc		5.375		05/01/24		4,500,225
	8,075,000		LifePoint Hospitals, Inc		5.500		12/01/21		8,377,813
	11,425,000	g	New Amethyst Corp		6.250		12/01/24		11,996,250
	7,500,000		Tenet Healthcare Corp		6.750		02/01/20		7,612,500
	4,450,000		Tenet Healthcare Corp		6.000		10/01/20		4,705,875
	6,000,000		Tenet Healthcare Corp		8.125		04/01/22		6,255,000
	1,750,000		Tenet Healthcare Corp		6.875		11/15/31		1,496,250
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						165,852,879
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,704,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						4,704,000
INSURANCE - 0.3%
	8,750,000	g	Onex USI Acquisition Corp		7.750		01/15/21		8,903,125
			TOTAL INSURANCE						8,903,125

194

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MATERIALS - 7.9%
$	1,600,000	g	Alcoa Nederland Holding BV		6.750	%	09/30/24	$	1,716,000
	1,600,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		1,740,000
	1,900,000		Alcoa, Inc		6.150		08/15/20		2,054,375
	6,550,000		Alcoa, Inc		5.400		04/15/21		6,964,615
	4,750,000		Alcoa, Inc		5.125		10/01/24		4,906,750
	4,750,000		ArcelorMittal		6.250		03/01/21		5,130,000
	2,750,000		ArcelorMittal		7.000		02/25/22		3,127,795
	3,700,000		ArcelorMittal		7.750		10/15/39		4,199,500
	5,700,000		ArcelorMittal		7.500		03/01/41		6,369,750
	6,685,000	g	Belden, Inc		5.500		09/01/22		6,818,700
	2,000,000	g	Belden, Inc		5.250		07/15/24		1,995,000
	4,750,000		Berry Plastics Corp		5.500		05/15/22		4,934,062
	17,025,000		Berry Plastics Corp		6.000		10/15/22		18,003,938
	1,900,000		Berry Plastics Corp		5.125		07/15/23		1,947,500
	20,000,000		Blue Cube Spinco, Inc		9.750		10/15/23		23,950,000
	11,400,000		Blue Cube Spinco, Inc		10.000		10/15/25		13,765,500
	10,425,000	g	Cemex SAB de C.V.		7.750		04/16/26		11,730,314
	2,000,000		Crown Americas LLC		4.500		01/15/23		2,045,000
	4,500,000	g	CVR Partners LP		9.250		06/15/23		4,618,125
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		14,760,000
	7,050,000	g	Evolution Escrow Issuer LLC		7.500		03/15/22		7,261,500
	900,000	g	FMG Resources August 2006 Pty Ltd		9.750		03/01/22		1,031,625
	7,350,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		8,342,250
	2,500,000		Graphic Packaging International, Inc		4.125		08/15/24		2,478,125
	15,460,000		Hexion US Finance Corp		6.625		04/15/20		14,184,550
	13,200,000		Hexion US Finance Corp		9.000		11/15/20		9,966,000
	1,250,000		Kaiser Aluminum Corp		5.875		05/15/24		1,302,737
	6,450,000		Olin Corp		5.125		09/15/27		6,559,005
	11,250,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		11,903,906
	1,650,000		PolyOne Corp		5.250		03/15/23		1,662,375
	5,000,000	g	Standard Industries, Inc		5.125		02/15/21		5,200,000
	9,500,000	g	Standard Industries, Inc		5.500		02/15/23		9,713,750
	3,350,000	g	Standard Industries, Inc		5.000		02/15/27		3,283,000
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,727,344
	650,000		Steel Dynamics, Inc		6.375		08/15/22		676,812
	3,000,000	g	Steel Dynamics, Inc		5.000		12/15/26		3,037,500
	6,650,000		Teck Resources Ltd		6.125		10/01/35		6,866,125
	9,500,000		Teck Resources Ltd		6.250		07/15/41		9,881,900
	6,440,000		Tronox Finance LLC		6.375		08/15/20		6,464,150
	13,370,000	g	Univar, Inc		6.750		07/15/23		13,871,375
	1,000,000	g	Valvoline, Inc		5.500		07/15/24		1,050,000
	4,749,000	g	Versum Materials, Inc		5.500		09/30/24		4,909,279
	3,641,000	g	Westlake Chemical Corp		4.625		02/15/21		3,781,077
	3,500,000	g	Westlake Chemical Corp		4.875		05/15/23		3,643,399
	1,540,000	g	WR Grace & Co-Conn		5.625		10/01/24		1,622,775
			TOTAL MATERIALS						281,197,483
MEDIA - 10.1%
	9,500,000	g	Altice Financing S.A.		6.500		01/15/22		9,955,905
	3,550,000	g	Altice Financing S.A.		6.625		02/15/23		3,692,000
	1,600,000	g	AMC Entertainment Holdings, Inc		5.875		11/15/26		1,618,000
	7,475,000	g	AMC Entertainment Holdings, Inc		6.125		05/15/27		7,540,406

195

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,500,000		AMC Entertainment, Inc		5.875	%	02/15/22	$	7,828,125
	5,000,000		AMC Entertainment, Inc		5.750		06/15/25		5,125,000
	6,965,000	g	CBS Radio, Inc		7.250		11/01/24		7,313,250
	20,900,000		CCO Holdings LLC		5.750		01/15/24		21,736,000
	20,000,000	g	CCO Holdings LLC		5.875		04/01/24		21,100,000
	4,750,000	g	CCO Holdings LLC		5.375		05/01/25		4,874,687
	16,150,000	g	CCO Holdings LLC		5.125		05/01/27		16,261,031
	4,075,000		Cinemark USA, Inc		4.875		06/01/23		4,117,787
	940,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		932,950
	13,110,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		13,224,713
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,040,150
	10,850,000	g	CSC Holdings LLC		5.500		04/15/27		11,026,312
	15,000,000		DISH DBS Corp		6.750		06/01/21		16,190,625
	6,550,000		DISH DBS Corp		5.875		07/15/22		6,881,561
	4,030,000		DISH DBS Corp		5.000		03/15/23		4,048,135
	13,860,000	g	DISH Network Corp		3.375		08/15/26		16,744,613
	12,275,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		13,379,750
	1,400,000	g	Gannett Co, Inc		4.875		09/15/21		1,421,000
	3,375,000	g	Gannett Co, Inc		5.500		09/15/24		3,455,156
	11,600,000	g	Gray Television, Inc		5.875		07/15/26		11,803,000
	7,325,000	g	LG FinanceCo Corp		5.875		11/01/24		7,599,688
	1,900,000	g	Lynx II Corp		6.375		04/15/23		1,980,750
	825,000		Match Group, Inc		6.375		06/01/24		892,543
	14,250,000	g	Neptune Finco Corp		10.125		01/15/23		16,530,000
	16,150,000	g	Neptune Finco Corp		10.875		10/15/25		19,420,375
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		12,142,188
	17,000,000	g	Numericable Group S.A.		6.000		05/15/22		17,616,250
	9,650,000	g	Numericable-SFR S.A.		7.375		05/01/26		9,939,500
	850,000		Outfront Media Capital LLC		5.250		02/15/22		879,750
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,410,750
	5,650,000		Regal Entertainment Group		5.750		06/15/23		5,861,875
	750,000		Regal Entertainment Group		5.750		02/01/25		774,375
	8,100,000	g	Sirius XM Radio, Inc		5.375		07/15/26		8,282,250
	18,000,000	g	Time, Inc		5.750		04/15/22		18,720,000
	4,146,000	g	Univision Communications, Inc		6.750		09/15/22		4,349,113
	2,425,000	g	Univision Communications, Inc		5.125		05/15/23		2,415,906
	4,300,000	g	Univision Communications, Inc		5.125		02/15/25		4,230,125
	3,425,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		3,493,500
	6,000,000	g	Virgin Media Secured Finance plc		5.250		01/15/26		6,037,500
			TOTAL MEDIA						354,886,594
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	2,577,000	g	Endo Finance LLC		7.250		01/15/22		2,435,265
	2,375,000	g	Endo Finance LLC		5.375		01/15/23		2,049,910
	6,700,000	g	Endo Finance LLC		6.000		02/01/25		5,711,750
	6,875,000	g	Mallinckrodt International Finance S.A.		5.750		08/01/22		6,775,313
	7,342,000		Mallinckrodt International Finance S.A.		4.750		04/15/23		6,222,345
	4,750,000	g	Mallinckrodt International Finance S.A.		5.625		10/15/23		4,512,500
	1,900,000	g	Mallinckrodt International Finance S.A.		5.500		04/15/25		1,748,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						29,455,083

196

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REAL ESTATE - 1.0%
$	6,300,000	g	Communications Sales & Leasing, Inc		6.000	%	04/15/23	$	6,536,250
	3,800,000		Communications Sales & Leasing, Inc		8.250		10/15/23		4,009,000
	14,250,000	g	Communications Sales & Leasing, Inc		7.125		12/15/24		14,463,750
	2,975,000		Equinix, Inc		4.875		04/01/20		3,049,375
	2,375,000		Equinix, Inc		5.375		01/01/22		2,499,687
	3,975,000		Equinix, Inc		5.875		01/15/26		4,228,406
			TOTAL REAL ESTATE						34,786,468
RETAILING - 2.8%
	24,800,000	g	Argos Merger Sub, Inc		7.125		03/15/23		23,560,000
	9,475,000		Asbury Automotive Group, Inc		6.000		12/15/24		9,782,937
	1,675,000		CDW LLC		5.000		09/01/25		1,702,219
	3,440,000		Dollar Tree, Inc		5.750		03/01/23		3,663,600
	6,025,000		JC Penney Corp, Inc		5.650		06/01/20		5,964,750
	5,800,000	g	JC Penney Corp, Inc		5.875		07/01/23		5,800,000
	3,000,000		JC Penney Corp, Inc		6.375		10/15/36		2,287,500
	6,650,000		L Brands, Inc		6.875		11/01/35		6,417,250
	9,550,000		L Brands, Inc		6.750		07/01/36		9,099,240
	19,570,000		Men’s Wearhouse, Inc		7.000		07/01/22		17,368,375
	5,670,000		Penske Automotive Group, Inc		5.375		12/01/24		5,684,175
	7,145,000		Penske Automotive Group, Inc		5.500		05/15/26		7,002,100
	2,650,000	g	Sonic Automotive, Inc		6.125		03/15/27		2,653,313
			TOTAL RETAILING						100,985,459
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
	5,000,000		Micron Technology, Inc		5.500		02/01/25		5,187,500
	4,500,000	g	Micron Technology, Inc		5.625		01/15/26		4,736,250
	8,000,000	g	NXP BV		4.625		06/15/22		8,460,000
	4,850,000	g	NXP BV		4.625		06/01/23		5,134,938
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						23,518,688
SOFTWARE & SERVICES - 2.9%
	9,500,000	g	First Data Corp		7.000		12/01/23		10,188,750
	4,500,000	g	First Data Corp		5.000		01/15/24		4,578,750
	6,750,000	g	First Data Corp		5.750		01/15/24		6,962,625
	1,175,000	g	Gartner, Inc		5.125		04/01/25		1,197,031
	4,000,000	g	IMS Health, Inc		5.000		10/15/26		4,015,000
	6,350,000		NCR Corp		5.875		12/15/21		6,619,875
	4,750,000		NCR Corp		6.375		12/15/23		4,999,375
	10,000,000	g	Nielsen Co Luxembourg SARL		5.000		02/01/25		9,962,500
	5,000,000	g	Open Text Corp		5.625		01/15/23		5,200,000
	16,400,000	g	Open Text Corp		5.875		06/01/26		17,179,000
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		3,987,750
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		2,045,000
	14,000,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		13,825,000
	8,400,000		SS&C Technologies Holdings, Inc		5.875		07/15/23		8,883,000
	4,275,000	g	Symantec Corp		5.000		04/15/25		4,374,727
			TOTAL SOFTWARE & SERVICES						104,018,383
TECHNOLOGY HARDWARE & EQUIPMENT - 1.9%
	3,500,000	g	CommScope, Inc		5.000		06/15/21		3,596,250
	23,700,000	g	CommScope, Inc		6.000		06/15/25		24,825,750
	6,650,000	g	Diamond Finance Corp		5.875		06/15/21		6,991,152
	4,750,000	g	Diamond Finance Corp		5.450		06/15/23		5,124,338

197

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	6,575,000	g	Diamond Finance Corp		7.125	%	06/15/24	$	7,268,321
	4,750,000	g	Diamond Finance Corp		8.350		07/15/46		6,162,963
	9,500,000	g	Western Digital Corp		7.375		04/01/23		10,414,375
	3,575,000		Zebra Technologies Corp		7.250		10/15/22		3,865,469
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						68,248,618
TELECOMMUNICATION SERVICES - 7.5%
	18,900,000	g	Altice Luxembourg S.A.		7.750		05/15/22		20,057,625
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,374,340
	7,300,000		CenturyLink, Inc		5.800		03/15/22		7,523,161
	2,750,000		Citizens Communications Co		9.000		08/15/31		2,358,125
	9,400,000		Frontier Communications Corp		8.500		04/15/20		9,917,000
	14,095,000		Frontier Communications Corp		8.875		09/15/20		14,870,225
	4,750,000		Frontier Communications Corp		10.500		09/15/22		4,809,375
	3,225,000		Frontier Communications Corp		7.125		01/15/23		2,828,938
	5,225,000		Frontier Communications Corp		11.000		09/15/25		5,064,984
	9,600,000		Level 3 Financing, Inc		5.250		03/15/26		9,660,000
	8,257,000		Sprint Capital Corp		6.875		11/15/28		8,721,456
	8,525,000		Sprint Capital Corp		8.750		03/15/32		10,251,313
	23,725,000		Sprint Corp		7.250		09/15/21		25,615,645
	6,900,000		Sprint Corp		7.875		09/15/23		7,641,750
	19,950,000		Sprint Corp		7.625		02/15/25		21,795,375
	11,400,000	g	Sprint Nextel Corp		7.000		03/01/20		12,426,000
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		9,404,625
	4,750,000		T-Mobile USA, Inc		6.125		01/15/22		5,017,188
	15,600,000		T-Mobile USA, Inc		6.731		04/28/22		16,166,280
	525,000		T-Mobile USA, Inc		6.836		04/28/23		561,750
	8,100,000		T-Mobile USA, Inc		6.500		01/15/24		8,748,000
	8,865,000		T-Mobile USA, Inc		6.000		04/15/24		9,452,306
	6,950,000		T-Mobile USA, Inc		6.375		03/01/25		7,488,625
	22,000,000		T-Mobile USA, Inc		5.125		04/15/25		22,770,000
	14,250,000		Windstream Corp		7.750		10/01/21		14,036,250
	2,000,000		Windstream Corp		7.500		04/01/23		1,880,000
			TOTAL TELECOMMUNICATION SERVICES						265,440,336
TRANSPORTATION - 3.1%
	12,050,000	g	American Airlines Group, Inc		4.625		03/01/20		12,200,625
	5,700,000	g	Bombardier, Inc		7.750		03/15/20		6,084,750
	4,500,000	g	Bombardier, Inc		6.000		10/15/22		4,435,875
	7,825,000	g	Bombardier, Inc		6.125		01/15/23		7,668,500
	14,800,000	g	Bombardier, Inc		7.500		03/15/25		15,207,000
	2,525,000		Bristow Group, Inc		6.250		10/15/22		2,032,625
	17,920,000		Gulfmark Offshore, Inc		6.375		03/15/22		8,780,800
	6,175,000		Hertz Corp		6.250		10/15/22		5,866,250
	3,325,000	g	Hertz Corp		5.500		10/15/24		2,888,594
	16,250,000	g	KLX, Inc		5.875		12/01/22		16,757,812
	3,750,000	g	Meccanica Holdings USA, Inc		6.250		07/15/19		4,040,625
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		2,043,000
	7,600,000	g	NCL Corp Ltd		4.750		12/15/21		7,714,000
	15,000,000	g	Virgin Australia Holdings Ltd		7.875		10/15/21		15,562,500
			TOTAL TRANSPORTATION						111,282,956

198

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UTILITIES - 1.5%
$	11,145,000		AES Corp		7.375	%	07/01/21	$	12,593,850
	2,000,000		AES Corp		5.500		04/15/25		2,025,000
	11,400,000	g	Calpine Corp		5.250		06/01/26		11,571,000
	14,250,000		NGL Energy Partners LP		5.125		07/15/19		14,285,625
	899,000		NRG Energy, Inc		7.875		05/15/21		923,722
	5,000,000		NRG Energy, Inc		6.250		07/15/22		5,112,500
	6,750,000		NRG Energy, Inc		6.625		03/15/23		6,906,094
			TOTAL UTILITIES						53,417,791
			TOTAL CORPORATE BONDS						3,021,185,361
			(Cost $2,974,492,832)
			TOTAL BONDS						3,021,185,361
			(Cost $2,974,492,832)
SHARES			COMPANY
COMMON STOCKS - 0.4%
ENERGY - 0.4%
	155,206	*	Arch Coal, Inc						10,699,901
	288,666	*,m	Peabody Energy Corp						3,969,158
			TOTAL ENERGY						14,669,059
			TOTAL COMMON STOCKS						14,669,059
			(Cost $14,833,577)
PREFERRED STOCKS - 0.0%
ENERGY - 0.0%
	35,595	*,m	Peabody Energy Corp						889,875
			TOTAL ENERGY						889,875
			TOTAL PREFERRED STOCKS						889,875
			(Cost $889,875)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 7.2%
GOVERNMENT AGENCY DEBT - 1.7%
$	38,850,000		Federal Home Loan Bank (FHLB)		0.450-0.500		04/03/17		38,850,000
	23,025,000		FHLB		0.611		05/04/17		23,010,517
			TOTAL GOVERNMENT AGENCY DEBT						61,860,517
TREASURY DEBT - 5.5%
	27,830,000		United States Treasury Bill		0.495		04/06/17		27,828,776
	21,800,000		United States Treasury Bill		0.498		04/13/17		21,795,640
	35,410,000		United States Treasury Bill		0.480-0.556		04/20/17		35,397,819
	36,850,000		United States Treasury Bill		0.492		04/27/17		36,832,312
	19,920,000		United States Treasury Bill		0.707		05/25/17		19,899,642
	22,000,000		United States Treasury Bill		0.512		06/22/17		21,963,524
	30,470,000		United States Treasury Bill		0.846		08/24/17		30,372,252
			TOTAL TREASURY DEBT						194,089,965
			TOTAL SHORT-TERM INVESTMENTS						255,950,482
			(Cost $255,962,790)

199

TIAA-CREF FUNDS - High-Yield Fund

	VALUE
TOTAL INVESTMENTS - 99.2%	$	3,520,194,407
(Cost $3,474,712,420)
OTHER ASSETS & LIABILITIES, NET - 0.8%		28,713,515
NET ASSETS - 100.0%	$	3,548,907,922

*	Non-income producing
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 3/31/2017, the aggregate value of these securities was $1,402,834,824 or 39.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond
q	In default

200

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 99.5%
GOVERNMENT BONDS -  99.5%
AGENCY SECURITIES - 1.8%
$	3,500,000		Private Export Funding Corp (PEFCO)		2.300	%	09/15/20	$	3,542,546
	3,000,000		PEFCO		3.250		06/15/25		3,088,791
	2,715,659		HNA 2015 LLC		2.369		09/18/27		2,688,122
	9,845,000		Montefiore Medical Center		2.895		04/20/32		9,532,736
	5,921,053		Reliance Industries Ltd		2.444		01/15/26		5,914,226
	4,375,000		Tunisia Government AID Bonds		1.416		08/05/21		4,247,583
	3,000,000		Ukraine Government AID Bonds		1.847		05/29/20		3,005,022
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,650,440
			TOTAL AGENCY SECURITIES						46,669,466
MORTGAGE BACKED - 0.3%
	6,591,889		Government National Mortgage Association (GNMA)		3.700		10/15/33		6,931,474
			TOTAL MORTGAGE BACKED						6,931,474
U.S. TREASURY SECURITIES - 97.4%
	137,488,197	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/18		138,652,722
	44,277,930	k	United States Treasury Inflation Indexed Bonds		1.375		07/15/18		45,796,574
	43,421,247	k	United States Treasury Inflation Indexed Bonds		2.125		01/15/19		45,676,156
	179,255,680	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/19		181,883,568
	53,342,967	k	United States Treasury Inflation Indexed Bonds		1.875		07/15/19		56,663,354
	59,786,380	k	United States Treasury Inflation Indexed Bonds		1.375		01/15/20		62,972,635
	158,627,340	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		160,997,233
	88,610,887	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		93,760,331
	88,881,902	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		93,577,977
	167,488,786	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		169,209,398
	109,806,247	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		113,881,267
	119,084,793	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		119,966,258
	116,136,900	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		117,019,540
	73,630,200	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		73,586,169
	107,459,900	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		109,170,447
	94,430,820	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		96,665,903
	81,801,600	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		81,041,663
	62,529,880	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		62,004,316
	79,027,020	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		91,149,765
	92,144,700	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		92,389,805
	54,666,835	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		55,673,743
	81,416,624	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		92,389,875
	67,864,300	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		66,225,717
	68,850,035	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		68,567,612
	39,739,982	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		46,981,719
	50,444,022	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		57,057,083

201

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	27,116,593	k	United States Treasury Inflation Indexed Bonds		3.625	%	04/15/28	$	36,051,727
	8,130,812	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		9,943,056
	19,182,107	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		26,535,261
			TOTAL U.S. TREASURY SECURITIES						2,465,490,874
			TOTAL GOVERNMENT BONDS						2,519,091,814
			(Cost $2,471,745,775)
			TOTAL BONDS						2,519,091,814
			(Cost $2,471,745,775)
SHORT-TERM INVESTMENTS - 0.0%
GOVERNMENT AGENCY DEBT - 0.0%
	700,000		Federal Home Loan Bank (FHLB)		0.500		04/03/17		700,000
			TOTAL GOVERNMENT AGENCY DEBT						700,000
			TOTAL SHORT-TERM INVESTMENTS						700,000
			(Cost $699,981)
			TOTAL INVESTMENTS - 99.5%						2,519,791,814
			(Cost $2,472,445,756)
			OTHER ASSETS & LIABILITIES, NET - 0.5%						12,349,506
			NET ASSETS - 100.0%					$	2,532,141,320

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

202

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 2.8%
CAPITAL GOODS - 0.2%
$	750,000	i	Avolon TLB Borrower  US LLC		3.228	%	09/16/20	$	756,563
	2,119,688	i	Leidos Holdings, Inc		3.250		08/16/23		2,137,175
			TOTAL CAPITAL GOODS						2,893,738
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	494,906	i	Trans Union LLC		3.482		04/09/23		497,692
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						497,692
CONSUMER DURABLES & APPAREL - 0.0%
	448,331	i	Hanesbrands, Inc		3.482		04/29/22		451,245
	174,125	i	Tumi Holdings, Inc		3.232		08/01/23		175,323
			TOTAL CONSUMER DURABLES & APPAREL						626,568
CONSUMER SERVICES - 0.4%
	2,467,110	i	Hilton Worldwide Finance LLC		2.982		10/25/23		2,484,207
	3,126,415	i	KFC Holding Co		2.976		06/16/23		3,140,109
	1,134,857	i	La Quinta Intermediate Holdings LLC		3.772		04/14/21		1,140,769
	316,333	i	Pinnacle Entertainment, Inc		3.990		04/28/23		319,696
	423,120	i	Prime Security Services Borrower LLC		4.250		05/02/22		427,173
			TOTAL CONSUMER SERVICES						7,511,954
DIVERSIFIED FINANCIALS - 0.1%
	2,000,000	i	Delos Finance Sarl		3.397		10/06/23		2,020,500
			TOTAL DIVERSIFIED FINANCIALS						2,020,500
ENERGY - 0.0%
	994,987	i	NRG Energy, Inc		3.500		06/30/23		998,490
			TOTAL ENERGY						998,490
FOOD & STAPLES RETAILING - 0.1%
	1,375,000	i	Aramark Services, Inc		2.983		03/31/24		1,381,875
			TOTAL FOOD & STAPLES RETAILING						1,381,875
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	869,722	i	Capsugel Holdings US, Inc		4.000		07/31/21		869,904
	121,856	i	CHS/Community Health Systems		4.048		01/27/21		120,120
	301,536	i	DaVita HealthCare Partners, Inc		3.732		06/24/21		304,742
	753,797	i	HCA, Inc		2.982		03/17/23		757,046
	1,021,685	i	HCA, Inc		3.232		02/10/24		1,029,899
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						3,081,711

203

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MATERIALS - 0.1%
$	800,000	i	American Builders & Contractors Supply Co, Inc		3.732	%	10/31/23	$	801,376
	867,495	i	WR Grace & Co-Conn		3.035		02/03/21		868,215
			TOTAL MATERIALS						1,669,591
MEDIA - 0.8%
	2,939,885	i	AMC Entertainment, Inc		3.662		12/15/22		2,963,169
	1,980,000	i	Charter Communications Operating LLC		2.990		01/14/22		1,983,841
	2,979,844	i	CSC Holdings LLC		3.943		10/11/24		2,971,471
	1,982,600	i	MTL Publishing LLC		3.580		08/19/22		1,988,647
	1,361,786	i	Nielsen Finance LLC		3.354		10/04/23		1,368,105
	2,475,000	i	Outfront Media Capital LLC		3.178		03/18/24		2,487,994
	287,724	i	Univision Communications, Inc		3.750		03/15/24		285,804
			TOTAL MEDIA						14,049,031
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	2,124,959	i	Quintiles IMS, Inc		3.051		03/03/24		2,141,428
	824	i	Valeant Pharmaceuticals International, Inc		5.740		04/01/22		826
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,142,254
RETAILING - 0.3%
	3,954,034	i	Avis Budget Car Rental LLC		3.150		03/15/22		3,958,977
	989,924	i	PetSmart, Inc		4.020		03/11/22		944,140
			TOTAL RETAILING						4,903,117
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,492,500	i	Versum Materials, Inc		3.647		09/29/23		1,506,962
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,506,962
SOFTWARE & SERVICES - 0.1%
	1,954,546	i	GXS Group, Inc		2.982		01/16/21		1,964,729
			TOTAL SOFTWARE & SERVICES						1,964,729
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	1,600,525	i	CommScope, Inc		3.482		12/29/22		1,611,024
	934,564	i	Sensata Technologies BV		3.131		10/14/21		939,573
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						2,550,597
TRANSPORTATION - 0.1%
	1,979,798	i	American Airlines, Inc		3.381		10/10/21		1,980,293
			TOTAL TRANSPORTATION						1,980,293
UTILITIES - 0.1%
	985,000	i	Calpine Corp		3.900		01/15/24		988,694
	992,500	i	Calpine Corp		3.900		05/31/23		996,381
			TOTAL UTILITIES						1,985,075
			TOTAL BANK LOAN OBLIGATIONS						51,764,177
			(Cost $51,588,087)
BONDS - 91.7%
CORPORATE BONDS - 32.3%
AUTOMOBILES & COMPONENTS - 0.3%
	1,125,000	g	Hyundai Capital America		2.400		10/30/18		1,129,778

204

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,175,000	g	Hyundai Capital America		2.000	%	07/01/19	$	1,164,196
	1,000,000	g	Hyundai Capital America		1.750		09/27/19		982,701
	1,950,000	g	Hyundai Capital America		2.550		04/03/20		1,949,803
			TOTAL AUTOMOBILES & COMPONENTS						5,226,478
BANKS - 10.6%
	5,000,000	g	ABN AMRO Bank NV		2.100		01/18/19		5,001,605
	825,000	g	ANZ New Zealand Int’l Ltd		2.125		07/28/21		802,661
	3,000,000	g	Bank Nederlandse Gemeenten NV		1.250		10/29/18		2,987,130
	9,350,000		Bank of America Corp		2.000		01/11/18		9,373,964
	1,925,000		Bank of America Corp		2.151		11/09/20		1,907,363
	10,000,000		Bank of America NA		1.650		03/26/18		10,005,610
	5,000,000		Bank of America NA		1.750		06/05/18		5,012,515
	5,125,000		Bank of Montreal		1.500		07/18/19		5,071,362
	19,000,000	g	Bank of Montreal		2.500		01/11/22		19,041,116
	13,000,000		Bank of Nova Scotia		1.875		04/26/21		12,744,550
	5,000,000	g	Bank of Nova Scotia		1.875		09/20/21		4,902,130
	5,000,000		BB&T Corp		1.350		10/01/17		5,000,165
	2,000,000	g	Caixa Economica Federal		2.375		11/06/17		2,000,240
	3,000,000	g	Caixa Economica Federal		3.500		11/07/22		2,859,000
	1,500,000		Capital One Bank USA NA		1.650		02/05/18		1,499,760
	7,000,000		Citigroup, Inc		1.800		02/05/18		7,003,654
	2,000,000		Citigroup, Inc		1.700		04/27/18		2,000,760
	5,000,000		Citigroup, Inc		2.450		01/10/20		5,021,960
	3,000,000		Citizens Bank NA		2.250		03/02/20		2,995,668
	300,000		Citizens Financial Group, Inc		2.375		07/28/21		295,797
	5,000,000	g	Dexia Credit Local S.A.		1.875		03/28/19		4,974,915
	5,000,000	g	DNB Boligkreditt AS.		2.000		05/28/20		4,976,445
	2,500,000		Fifth Third Bancorp		1.350		06/01/17		2,500,365
	3,700,000		HSBC USA, Inc		1.625		01/16/18		3,697,706
	1,500,000		Huntington National Bank		2.375		03/10/20		1,505,097
	6,500,000		JPMorgan Chase & Co		1.700		03/01/18		6,501,508
	3,500,000		KeyBank NA		2.350		03/08/19		3,527,205
	5,000,000		PNC Bank NA		1.500		02/23/18		4,997,655
	3,800,000		PNC Bank NA		1.850		07/20/18		3,808,151
	5,000,000		Royal Bank of Canada		2.000		12/10/18		5,018,150
	3,000,000		Royal Bank of Canada		1.875		02/05/20		2,984,928
	5,000,000		Royal Bank of Canada		2.125		03/02/20		5,001,610
	8,000,000	g	SpareBank Boligkreditt AS.		1.250		05/02/18		7,969,936
	4,000,000		Sumitomo Mitsui Banking Corp		1.950		07/23/18		4,007,176
	2,000,000		SunTrust Banks, Inc		2.500		05/01/19		2,020,626
	10,000,000		Toronto-Dominion Bank		1.450		09/06/18		9,977,090
	3,000,000	g	Toronto-Dominion Bank		2.500		01/18/22		3,004,926
	1,500,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,522,615
	1,500,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		1,437,015
	500,000	g	Turkiye Is Bankasi		3.875		11/07/17		502,402
	1,000,000	g	Turkiye Is Bankasi		5.375		10/06/21		987,500
	500,000		Union Bank NA		2.125		06/16/17		501,070
	500,000		US Bancorp		1.650		05/15/17		500,044
	5,000,000		Wells Fargo Bank NA		1.650		01/22/18		4,997,245
	5,000,000		Westpac Banking Corp		1.600		08/19/19		4,946,150
			TOTAL BANKS						197,394,540

205

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CAPITAL GOODS - 1.4%
$	2,000,000	g	Alpek S.A. de C.V.		4.500	%	11/20/22	$	2,032,500
	3,000,000		Caterpillar Financial Services Corp		1.250		08/18/17		3,000,735
	475,000		Caterpillar, Inc		1.500		06/26/17		475,110
	2,000,000		Eaton Corp		1.500		11/02/17		1,999,748
	800,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		805,282
	1,225,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		1,216,908
	2,000,000		Pentair Finance S.A.		2.900		09/15/18		2,020,090
	1,125,000	h	Rockwell Collins, Inc		1.950		07/15/19		1,125,732
	5,000,000		Roper Industries, Inc		2.050		10/01/18		5,015,485
	5,000,000	g	Siemens Financieringsmaatschappij NV		1.300		09/13/19		4,916,525
	2,000,000	g	TSMC Global Ltd		1.625		04/03/18		1,994,839
	500,000		United Technologies Corp		1.800		06/01/17		500,489
			TOTAL CAPITAL GOODS						25,103,443
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	4,400,000		Air Lease Corp		2.125		01/15/18		4,408,281
	3,000,000	g	Daimler Finance North America LLC		2.000		08/03/18		3,006,924
	10,000,000	g	Daimler Finance North America LLC		1.500		07/05/19		9,857,850
	3,000,000		Republic Services, Inc		5.500		09/15/19		3,245,532
	5,000,000		Visa, Inc		1.200		12/14/17		4,995,380
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						25,513,967
CONSUMER DURABLES & APPAREL - 0.1%
	2,025,000		Newell Rubbermaid, Inc		2.150		10/15/18		2,033,420
	362,000		Newell Rubbermaid, Inc		2.600		03/29/19		366,447
			TOTAL CONSUMER DURABLES & APPAREL						2,399,867
CONSUMER SERVICES - 0.4%
	2,500,000		Walt Disney Co		0.875		05/30/17		2,499,363
	5,000,000		Walt Disney Co		1.950		03/04/20		5,010,615
			TOTAL CONSUMER SERVICES						7,509,978
DIVERSIFIED FINANCIALS - 4.0%
	500,000		American Express Centurion Bank		6.000		09/13/17		509,934
	3,000,000		American Express Credit Corp		1.550		09/22/17		3,002,466
	3,400,000		American Express Credit Corp		1.875		11/05/18		3,405,124
	1,000,000	g	Bayer US Finance LLC		1.500		10/06/17		999,175
	3,250,000		Ford Motor Credit Co LLC		3.000		06/12/17		3,259,197
	825,000		Ford Motor Credit Co LLC		6.625		08/15/17		839,833
	2,000,000		Ford Motor Credit Co LLC		1.684		09/08/17		1,999,512
	2,000,000		Ford Motor Credit Co LLC		2.240		06/15/18		2,006,732
	4,750,000		Ford Motor Credit Co LLC		2.551		10/05/18		4,787,421
	2,750,000		General Motors Financial Co, Inc		2.625		07/10/17		2,757,766
	1,000,000		General Motors Financial Co, Inc		2.400		04/10/18		1,005,068
	10,000,000		General Motors Financial Co, Inc		2.400		05/09/19		10,020,660
	2,000,000		Goldman Sachs Group, Inc		2.000		04/25/19		1,996,140
	4,000,000		Goldman Sachs Group, Inc		2.550		10/23/19		4,036,072
	5,000,000		Goldman Sachs Group, Inc		2.300		12/13/19		5,002,525
	1,500,000	g	ICICI Bank Ltd		3.500		03/18/20		1,525,331

206

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		ICICI Bank Ltd		3.125	%	08/12/20	$	2,019,008
	300,000		International Lease Finance Corp		3.875		04/15/18		305,861
	3,300,000		Morgan Stanley		1.875		01/05/18		3,305,122
	8,000,000		Morgan Stanley		2.450		02/01/19		8,073,560
	7,000,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		7,028,903
	1,000,000		Synchrony Financial		1.875		08/15/17		1,000,377
	410,000		Toyota Motor Credit Corp		1.250		10/05/17		409,854
	2,000,000		UBS AG.		1.375		08/14/17		2,000,558
	3,500,000		Wells Fargo & Co		2.100		05/08/17		3,502,534
			TOTAL DIVERSIFIED FINANCIALS						74,798,733
ENERGY - 2.5%
	1,600,000		BP Capital Markets plc		1.375		05/10/18		1,595,632
	2,025,000		BP Capital Markets plc		1.676		05/03/19		2,014,847
	1,284,000		Canadian Natural Resources Ltd		1.750		01/15/18		1,283,741
	2,000,000		Chevron Corp		1.104		12/05/17		1,996,694
	5,000,000		Chevron Corp		1.365		03/02/18		4,997,155
	3,300,000		Ecopetrol S.A.		4.250		09/18/18		3,395,700
	3,000,000		Enterprise Products Operating LLC		1.650		05/07/18		2,996,658
	2,000,000	i	Enterprise Products Operating LLC		7.034		01/15/68		2,071,800
	5,000,000		Exxon Mobil Corp		1.439		03/01/18		5,004,640
	2,000,000		Husky Energy, Inc		7.250		12/15/19		2,250,098
	2,200,000	g	Pertamina Persero PT		4.875		05/03/22		2,332,662
	3,775,000		Petrobras Global Finance BV		8.375		05/23/21		4,270,469
	1,320,000		Petrobras Global Finance BV		6.125		01/17/22		1,384,020
	2,000,000		Petroleos Mexicanos		3.500		07/18/18		2,030,200
	3,000,000		Petroleos Mexicanos		5.500		02/04/19		3,150,000
	1,181,500		Petroleos Mexicanos		2.378		04/15/25		1,179,360
	750,000		Statoil ASA		1.200		01/17/18		748,187
	1,000,000		Tesoro Corp		4.250		10/01/17		1,006,250
	1,500,000		Vale Overseas Ltd		5.875		06/10/21		1,607,430
	1,400,000	g	YPF S.A.		8.500		03/23/21		1,534,414
			TOTAL ENERGY						46,849,957
FOOD & STAPLES RETAILING - 0.4%
	2,875,000		SYSCO Corp		1.900		04/01/19		2,877,242
	2,450,000		Walgreens Boots Alliance, Inc		1.750		11/17/17		2,452,225
	2,925,000		Walgreens Boots Alliance, Inc		1.750		05/30/18		2,928,422
			TOTAL FOOD & STAPLES RETAILING						8,257,889
FOOD, BEVERAGE & TOBACCO - 0.7%
	5,000,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		5,006,880
	2,000,000		Diageo Capital plc		1.125		04/29/18		1,993,060
	1,650,000		JM Smucker Co		1.750		03/15/18		1,651,750
	675,000		Kraft Heinz Foods Co		2.000		07/02/18		676,606
	2,050,000		PepsiCo, Inc		1.000		10/13/17		2,047,126
	1,350,000		PepsiCo, Inc		1.350		10/04/19		1,339,705
			TOTAL FOOD, BEVERAGE & TOBACCO						12,715,127
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	3,000,000		Express Scripts Holding Co		2.250		06/15/19		3,003,594
	3,175,000		Medtronic, Inc		1.500		03/15/18		3,175,660
	5,000,000		Zimmer Holdings, Inc		2.000		04/01/18		5,008,200
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						11,187,454

207

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
$	375,000		Ecolab, Inc		1.450	%	12/08/17	$	374,588
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						374,588
INSURANCE - 0.6%
	750,000		Aetna, Inc		1.500		11/15/17		749,864
	4,025,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		3,986,086
	1,500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		1,510,424
	5,000,000		UnitedHealth Group, Inc		1.450		07/17/17		5,003,405
	425,000		UnitedHealth Group, Inc		1.400		10/15/17		424,963
			TOTAL INSURANCE						11,674,742
MATERIALS - 0.7%
	300,000		Corning, Inc		1.450		11/15/17		299,741
	2,375,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		2,482,469
	2,000,000		Kimberly-Clark Corp		1.400		02/15/19		1,993,060
	5,000,000		Monsanto Co		1.150		06/30/17		4,995,890
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,502,254
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,080,000
			TOTAL MATERIALS						13,353,414
MEDIA - 0.2%
	2,184,000		Charter Communications Operating LLC		3.579		07/23/20		2,247,605
	625,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		625,734
			TOTAL MEDIA						2,873,339
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	5,000,000		Abbott Laboratories		2.350		11/22/19		5,020,030
	4,800,000		AbbVie, Inc		1.800		05/14/18		4,805,184
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,916,852
	900,000		Actavis Funding SCS		3.800		03/15/25		906,433
	1,000,000		Amgen, Inc		1.250		05/22/17		999,964
	1,300,000		Celgene Corp		2.125		08/15/18		1,306,100
	1,000,000		Johnson & Johnson		1.125		03/01/19		995,445
	2,500,000		Mylan NV		3.000		12/15/18		2,528,842
	5,000,000		Novartis Capital Corp		1.800		02/14/20		5,004,325
	2,000,000		Teva Pharmaceutical Finance Netherlands III BV		2.200		07/21/21		1,924,224
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						27,407,399
REAL ESTATE - 0.6%
	2,162,000		Brandywine Operating Partnership LP		5.700		05/01/17		2,168,499
	1,900,000		Brandywine Operating Partnership LP		4.950		04/15/18		1,951,847
	110,000		Developers Diversified Realty Corp		4.750		04/15/18		112,489
	1,329,000		ERP Operating LP		2.375		07/01/19		1,337,504
	555,000		Health Care REIT, Inc		4.700		09/15/17		562,292
	1,815,000		Health Care REIT, Inc		4.125		04/01/19		1,874,955
	536,000		Highwoods Realty LP		7.500		04/15/18		566,009
	1,500,000		ProLogis LP		7.375		10/30/19		1,685,256
	1,000,000		Ventas Realty LP		1.250		04/17/17		999,994
			TOTAL REAL ESTATE						11,258,845

208

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
$	1,000,000	g	Semiconductor Manufacturing International Corp		4.125	%	10/07/19	$	1,027,239
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,027,239
SOFTWARE & SERVICES - 0.5%
	5,000,000		Fidelity National Information Services, Inc		2.850		10/15/18		5,068,720
	5,000,000		Microsoft Corp		1.100		08/08/19		4,944,925
			TOTAL SOFTWARE & SERVICES						10,013,645
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
	5,000,000		Amphenol Corp		1.550		09/15/17		5,000,180
	3,000,000		Apple, Inc		1.000		05/03/18		2,990,793
	2,225,000		Apple, Inc		1.700		02/22/19		2,233,640
	2,000,000		Apple, Inc		1.900		02/07/20		2,005,274
	5,000,000	g	Broadcom Corp		2.375		01/15/20		4,998,850
	3,000,000		Cisco Systems, Inc		1.400		09/20/19		2,975,469
	4,000,000	g	Diamond Finance Corp		3.480		06/01/19		4,100,648
	5,000,000		Hewlett Packard Enterprise Co		2.450		10/05/17		5,014,640
	475,000		Tyco Electronics Group S.A.		2.375		12/17/18		479,196
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						29,798,690
TELECOMMUNICATION SERVICES - 0.7%
	1,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		1,005,555
MXN	56,730,000		America Movil SAB de C.V.		6.450		12/05/22		2,824,039
$	1,330,000		AT&T, Inc		1.400		12/01/17		1,328,935
	5,000,000		AT&T, Inc		2.300		03/11/19		5,023,910
	3,050,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		3,085,902
	750,000	g,q	Telemar Norte Leste S.A.		5.500		10/23/20		227,812
			TOTAL TELECOMMUNICATION SERVICES						13,496,153
TRANSPORTATION - 0.4%
	2,245,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		2,259,671
	2,250,000		Delta Air Lines, Inc		2.875		03/13/20		2,268,357
	2,200,000	g	Transnet SOC Ltd		4.000		07/26/22		2,106,568
			TOTAL TRANSPORTATION						6,634,596
UTILITIES - 3.0%
	2,000,000		AerCap Ireland Capital Ltd		2.750		05/15/17		2,002,620
	2,150,000		American Electric Power Co, Inc		1.650		12/15/17		2,149,376
	5,000,000		Berkshire Hathaway Energy Co		1.100		05/15/17		4,999,890
	5,000,000		Consolidated Edison, Inc		2.000		03/15/20		4,993,705
	2,000,000		Dominion Resources, Inc		1.400		09/15/17		1,998,052
	3,700,000		Dominion Resources, Inc		1.600		08/15/19		3,653,347
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,003,838
	2,000,000	g	Equate Petrochemical BV		3.000		03/03/22		1,954,000
	1,325,000		Exelon Corp		1.550		06/09/17		1,325,040
	1,350,000		Great Plains Energy, Inc		2.500		03/09/20		1,357,536
	2,600,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,700,100
	600,000		Kinder Morgan, Inc		2.000		12/01/17		600,445
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,518,084
	1,700,000		NextEra Energy Capital Holdings, Inc		1.649		09/01/18		1,694,854

209

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,225,000		Northeast Utilities		1.600	%	01/15/18	$	4,222,212
	1,500,000		Northeast Utilities		1.450		05/01/18		1,494,415
	2,000,000		Sempra Energy		2.300		04/01/17		2,000,000
	2,200,000		Sempra Energy		1.625		10/07/19		2,177,848
	3,000,000		Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		2,976,075
	2,000,000		Southern Co		1.850		07/01/19		1,988,944
	2,825,000		Southern Power Co		1.850		12/01/17		2,827,819
	5,000,000		Southern Power Co		1.950		12/15/19		4,962,670
	1,625,000		WEC Energy Group, Inc		1.650		06/15/18		1,624,204
			TOTAL UTILITIES						56,225,074
			TOTAL CORPORATE BONDS						601,095,157
			(Cost $600,790,254)
GOVERNMENT BONDS -  38.1%
AGENCY SECURITIES - 7.6%
	22,500,000		Federal Home Loan Bank (FHLB)		1.000		09/26/19		22,252,163
	40,000,000		Federal National Mortgage Association (FNMA)		1.500		02/28/20		39,931,920
	6,385,000	g	Hospital for Special Surgery		3.500		01/01/23		6,545,838
	2,000,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		2,028,624
	3,000,000		PEFCO		2.300		09/15/20		3,036,468
	24,000,000		Iraq Government AID Bond		2.149		01/18/22		23,907,336
	11,485,000		Montefiore Medical Center		2.152		10/20/26		11,027,334
	11,842,105		Reliance Industries Ltd		2.444		01/15/26		11,828,451
	6,000,000		Ukraine Government AID Bonds		1.847		05/29/20		6,010,044
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,650,440
			TOTAL AGENCY SECURITIES						141,218,618
FOREIGN GOVERNMENT BONDS - 5.5%
	2,725,000	g	Argentine Republic Government International Bond		6.875		04/22/21		2,922,562
	7,000,000	g	Bermuda Government International Bond		4.138		01/03/23		7,168,770
	1,250,000		Brazilian Government International Bond		4.875		01/22/21		1,315,625
	3,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		01/13/20		2,995,533
	1,500,000		Colombia Government International Bond		4.375		07/12/21		1,590,000
	5,800,000	g	CPPIB Capital, Inc		2.250		01/25/22		5,786,718
	2,000,000	g	Croatia Government International Bond		6.750		11/05/19		2,177,484
	500,000	g	Dominican Republic International Bond		7.500		05/06/21		552,500
	5,000,000		Export Development Canada		1.375		10/21/21		4,842,820
	2,125,000		Export-Import Bank of Korea		1.750		02/27/18		2,124,518
	5,000,000		Export-Import Bank of Korea		1.500		10/21/19		4,933,655
	500,000		Hungary Government International Bond		4.125		02/19/18		510,004
	11,400,000	g	Instituto de Credito Oficial		1.625		09/14/18		11,336,764
	1,500,000		Japan Bank for International Cooperation		1.875		04/20/21		1,468,197
	3,200,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		3,146,694
	1,700,000	g	Kommunalbanken AS.		1.625		01/15/20		1,690,946
	1,150,000	g	Kommunalbanken AS.		1.375		10/26/20		1,126,561
	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,687,446
	2,500,000	g	Kommuninvest I Sverige AB		1.000		01/29/18		2,493,625
	2,000,000		Korea Development Bank		1.500		01/22/18		1,995,532
	410,000	g	Korea Housing Finance Corp		1.625		09/15/18		407,561
	6,700,000	g	Korea Housing Finance Corp		2.000		10/11/21		6,471,463
	5,000,000		Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		4,977,570

210

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,025,000	g	Morocco Government International Bond		4.250	%	12/11/22	$	2,095,956
	1,400,000	g	Municipality Finance plc		1.125		09/16/19		1,378,791
	1,450,000	g	Nacional Financiera SNC		3.375		11/05/20		1,471,025
	2,000,000	g	Qatar Government International Bond		2.375		06/02/21		1,978,826
	500,000		Republic of Hungary		6.250		01/29/20		547,800
	350,000	g	Republic of Serbia		4.875		02/25/20		362,778
	5,625,000	g	Saudi Government International Bond		2.375		10/26/21		5,529,645
	625,000	g	Slovenia Government International Bond		4.125		02/18/19		647,661
	2,500,000	g	Spain Government International Bond		4.000		03/06/18		2,544,953
	3,525,000		Svensk Exportkredit AB		1.125		04/05/18		3,516,540
	6,500,000		Svensk Exportkredit AB		1.750		03/10/21		6,403,819
			TOTAL FOREIGN GOVERNMENT BONDS						102,200,342
MORTGAGE BACKED - 0.2%
	2,081		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		2,100
	1,134,689		Federal National Mortgage Association (FNMA)		1.510		06/01/17		1,134,068
	1,611,970		FNMA		3.000		11/01/24		1,659,893
	515,194		Government National Mortgage Association (GNMA)		2.176		05/16/39		516,312
	340,845		GNMA		2.120		05/16/40		341,325
			TOTAL MORTGAGE BACKED						3,653,698
MUNICIPAL BONDS - 0.3%
	5,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		5,039,600
			TOTAL MUNICIPAL BONDS						5,039,600
U.S. TREASURY SECURITIES - 24.5%
	10,361,600	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/19		10,513,501
	35,768,910	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		36,303,297
	19,976,190	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		20,181,405
	2,900,000		United States Treasury Note		0.625		06/30/17		2,898,640
	7,000,000		United States Treasury Note		0.625		08/31/17		6,992,888
	1,140,000		United States Treasury Note		0.875		11/30/17		1,139,199
	7,550,000		United States Treasury Note		1.000		12/15/17		7,549,706
	4,070,000		United States Treasury Note		0.750		01/31/18		4,060,142
	3,200,000		United States Treasury Note		0.875		03/31/18		3,193,501
	5,000,000		United States Treasury Note		1.375		09/30/18		5,014,260
	1,100,000		United States Treasury Note		1.250		12/31/18		1,100,430
	60,755,000		United States Treasury Note		1.125		01/31/19		60,629,237
	81,090,000		United States Treasury Note		1.125		02/28/19		80,899,925
	50,000,000		United States Treasury Note		1.250		03/31/19		49,984,400
	108,718,000		United States Treasury Note		0.875		09/15/19		107,375,985
	1,750,000		United States Treasury Note		1.000		10/15/19		1,732,364
	51,130,000		United States Treasury Note		1.625		03/15/20		51,307,779
	5,935,000		United States Treasury Note		1.875		02/28/22		5,921,551
			TOTAL U.S. TREASURY SECURITIES						456,798,210
			TOTAL GOVERNMENT BONDS						708,910,468
			(Cost $711,103,322)
STRUCTURED ASSETS - 21.3%
ASSET BACKED - 3.0%
	192,874	i	Aames Mortgage Trust (Step Bond)		5.606		06/25/32		182,793
			Series - 2002 1 (Class A3)

211

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,321,916	i	ACE Securities Corp Home Equity Loan Trust		1.272	%	08/25/35	$	3,289,491
			Series - 2005 AG1 (Class A1B2)
	151,389	i	ACE Securities Corp Home Equity Loan Trust		1.717		08/25/35		150,221
			Series - 2005 HE5 (Class M2)
	1,000,000		Ally Master Owner Trust		1.540		09/15/19		1,000,731
			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)
	2,205,897	i	Asset Backed Securities Corp Home Equity Loan Trust		1.183		03/25/35		2,166,576
			Series - 2005 HE1 (Class M1)
	1,044,167	g	Capital Automotive REIT		5.610		11/15/39		1,044,736
			Series - 2011 1A (Class A)
	2,000,000	g,h,m	Capital Automotive REIT		3.870		04/15/47		1,999,420
			Series - 2017 1A (Class A1)
	1,155,344	i,m	CCR, Inc		1.303		07/10/17		1,153,272
			Series - 2010 CX (Class C)
	8,496		Centex Home Equity		5.540		01/25/32		8,483
			Series - 2002 A (Class AF6)
	108,112	i	Centex Home Equity		1.627		03/25/34		101,671
			Series - 2004 B (Class M1)
	202,872	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		181,499
			Series - 2004 2 (Class 1M2)
	2,374,863	i	Countrywide Asset-Backed Certificates		1.007		06/25/35		2,372,870
			Series - 2004 14 (Class M2)
	2,744,000	g	DB Master Finance LLC		3.262		02/20/45		2,758,412
			Series - 2015 1A (Class A2I)
	1,733,813	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		1,756,409
			Series - 2012 1A (Class A2)
	3,087,803		Entergy Louisiana Investment Recovery Funding I LLC		2.040		09/01/23		3,088,450
			Series - 2011 A (Class A1)
	3,000,000		Ford Credit Auto Owner Trust		1.540		03/15/19		3,001,308
			Series - 2013 D (Class B)
	7,250,000	g	Ford Credit Auto Owner Trust		2.510		04/15/26		7,275,006
			Series - 2014 2 (Class B)
	1,000,000		Ford Credit Floorplan Master Owner Trust		2.140		09/15/19		1,002,727
			Series - 2012 5 (Class C)
	2,000,000		Hyundai Auto Receivables Trust		2.010		06/15/21		2,002,500
			Series - 2015 B (Class B)
	441,974	i	Lehman XS Trust		1.232		02/25/36		434,299
			Series - 2006 1 (Class 1A1)
	464,196	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.762		01/25/36		463,136
			Series - 2005 WCH1 (Class M2)
	1,258,307	i	People’s Choice Home Loan Securities Trust		1.097		10/25/34		1,254,308
			Series - 2004 2 (Class M1)
	3,955,743	i	RAMP		1.747		06/25/35		3,905,601
			Series - 2005 RS6 (Class M2)
	614,629	i	RAMP		1.382		11/25/35		613,769
			Series - 2005 RZ4 (Class A3)
	430,026	i	Residential Funding Mortgage Securities II, Inc (Step Bond)		6.060		02/25/36		449,509
			Series - 2006 HI1 (Class M2)

212

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	231,397	i	Saxon Asset Securities Trust (Step Bond)		6.120	%	11/25/30	$	240,875
			Series - 2002 2 (Class AF6)
	390,093	g	Sierra Timeshare Receivables Funding LLC		2.660		08/20/29		390,693
			Series - 2012 3A (Class B)
	2,634,978	g	Sierra Timeshare Receivables Funding LLC		2.420		03/20/30		2,633,675
			Series - 2014 1A (Class B)
	871,759	g	SLM Student Loan Trust		3.480		10/15/30		880,676
			Series - 2012 B (Class A2)
	1,303,738	g	SpringCastle America Funding LLC		3.050		04/25/29		1,311,734
			Series - 2016 AA (Class A)
	46,372	i	Structured Asset Investment Loan Trust		2.042		11/25/34		46,305
			Series - 2004 10 (Class A9)
	4,975,000	g	Taco Bell Funding LLC		3.832		05/25/46		5,043,232
			Series - 2016 1A (Class A2I)
	2,955,000	g	Wendys Funding LLC		3.371		06/15/45		2,968,723
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						55,173,111
OTHER MORTGAGE BACKED - 18.3%
	1,296,711	i	American Home Mortgage Investment Trust		1.582		02/25/45		1,285,970
			Series - 2004 4 (Class 3A)
	3,321,484	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,303,064
			Series - 2007 1 (Class AM)
	1,897,991	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		1,895,363
			Series - 2007 1 (Class AMFX)
	860,653	i	Banc of America Funding		1.778		02/20/35		823,592
			Series - 2005 A (Class 5A3)
	5,328,807	i	Bear Stearns ALT-A Trust		1.582		06/25/34		5,243,468
			Series - 2004 4 (Class A1)
	13,335,000	g,i	Bear Stearns Commercial Mortgage Securities Trust		5.300		05/11/39		13,786,088
			Series - 2003 PWR2 (Class H)
	5,000,000	i	CD Mortgage Trust		6.122		11/15/44		5,069,334
			Series - 2007 CD5 (Class B)
	3,950,000	i	CD Mortgage Trust		6.124		11/15/44		4,008,281
			Series - 2007 CD5 (Class AJ)
	10,538,673	g,i	Chase Mortgage Trust		3.750		12/25/45		10,526,275
			Series - 2016 2 (Class M2)
	10,000,000	g,i	Citigroup Commercial Mortgage Trust		5.779		12/10/49		10,051,785
			Series - 2007 C6 (Class AMFX)
	4,908,798	g,i	Citigroup Mortgage Loan Trust		0.958		05/25/37		4,748,850
			Series - 2015 8 (Class 1A1)
	1,321,512	i	COBALT CMBS Commercial Mortgage Trust		5.761		05/15/46		1,326,703
			Series - 2007 C3 (Class A1A)
	8,670,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		8,804,609
			Series - 2007 C3 (Class AM)
	6,840,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		6,874,884
			Series - 2007 C2 (Class AMFX)
	4,000,000	i	COMM Mortgage Trust		5.796		12/10/49		4,013,572
			Series - 2007 C9 (Class B)
	3,685,897	i	Connecticut Avenue Securities		1.932		05/25/24		3,700,181
			Series - 2014 C02 (Class 1M1)
	2,490,222	i	Connecticut Avenue Securities		2.582		04/25/28		2,496,306
			Series - 2015 C04 (Class 1M1)

213

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	7,599,052	i	Connecticut Avenue Securities		2.932	%	08/25/28	$	7,690,140
			Series - 2016 C01 (Class 1M1)
	5,353,419	i	Connecticut Avenue Securities		3.132		09/25/28		5,426,360
			Series - 2016 C02 (Class 1M1)
	3,362,782	i	Connecticut Avenue Securities		2.982		10/25/28		3,417,281
			Series - 2016 C03 (Class 1M1)
	7,638,080	i	Connecticut Avenue Securities		2.332		01/25/29		7,680,841
			Series - 2016 C05 (Class 2M1)
	12,499,602	i	Connecticut Avenue Securities		2.432		01/25/29		12,636,218
			Series - 2016 C04 (Class 1M1)
	12,865,150	i	Connecticut Avenue Securities		2.165		07/25/29		12,927,268
			Series - 2017 C01 (Class 1M1)
	5,000,000	i	Connecticut Avenue Securities		2.127		09/25/29		5,008,828
			Series - 2017 C02 (Class 2M1)
	10,000,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		10,053,360
			Series - 2007 C4 (Class A1AJ)
	2,017,993	i	Credit Suisse Commercial Mortgage Trust		1.173		01/15/49		2,017,170
			Series - 2007 C2 (Class AMFL)
	10,000,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		10,205,257
			Series - 2007 C2 (Class AJ)
	1,985,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.736		05/15/36		2,024,911
			Series - 2004 C2 (Class E)
	1,083,848	g	Credit Suisse First Boston Mortgage Securities Corp		6.000		05/17/40		1,104,582
			Series - 1998 C1 (Class F)
	1,321,959	i	Deutsche Mortgage Securities, Inc Mortgage Loan Trust (Step Bond)		5.440		07/25/34		1,348,160
			Series - 2004 5 (Class A5B)
	220	i,m	Greenpoint Mortgage Funding Trust		1.082		09/25/46		220
			Series - 2006 AR4 (Class A1A)
	2,000,000	i	Greenwich Capital Commercial Funding Corp		5.867		12/10/49		2,023,673
			Series - 2007 GG11 (Class AM)
	271,885	i	GSR Mortgage Loan Trust		1.172		08/25/46		269,766
			Series - 2006 OA1 (Class 2A1)
	536,071	i	Homestar Mortgage Acceptance Corp		1.882		10/25/34		534,565
			Series - 2004 5 (Class A1)
	229,711	i	Impac CMB Trust		1.642		03/25/35		211,523
			Series - 2004 11 (Class 2A1)
	1,372,932	g	Jefferies Resecuritization Trust		5.625		09/01/37		1,389,505
			Series - 2009 R13 (Class 1A1)
	1,380,116	i	JP Morgan Alternative Loan Trust		1.622		01/25/36		1,284,457
			Series - 2005 A2 (Class 1A2)
	3,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.787		01/12/39		3,106,313
			Series - 2004 CB8 (Class H)
	3,160,092	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.520		05/15/45		3,157,426
			Series - 2006 LDP8 (Class B)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.013		02/15/46		2,140,321
			Series - 2011 C3 (Class B)
	6,200,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		6,289,594
			Series - 2007 LD12 (Class AM)
	282,862	g,i	JP Morgan Mortgage Trust		2.682		06/25/46		281,843
			Series - 2016 2 (Class A1)
	255,926	g,i	JP Morgan Mortgage Trust		2.860		06/25/46		255,260
			Series - 2016 2 (Class 2A1)
	12,454,812	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		12,678,126
			Series - 2017 1 (Class A3)

214

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,079,257	g,i	LB-UBS Commercial Mortgage Trust		5.151	%	10/15/36	$	4,095,063
			Series - 2004 C7 (Class K)
	4,441,169	g,i	LVII Resecuritization Trust		3.611		07/25/47		4,443,945
			Series - 2015 A (Class A)
	3,724,357	i	Morgan Stanley Capital I Trust		5.389		11/12/41		3,719,978
			Series - 2006 HQ10 (Class AJ)
	1,212,358	i	Morgan Stanley Capital I Trust		5.834		10/15/42		1,215,099
			Series - 2006 IQ11 (Class AJ)
	10,950,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		11,016,691
			Series - 2007 IQ15 (Class AM)
	2,400,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		2,270,388
			Series - 2007 IQ15 (Class AJ)
	2,250,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		2,294,979
			Series - 2007 IQ16 (Class AM)
	209,072		Morgan Stanley Capital I Trust		4.770		07/15/56		208,096
			Series - 0 IQ9 (Class AJ)
	1,250,000		Morgan Stanley Capital I Trust		5.000		07/15/56		1,256,644
			Series - 2005 IQ9 (Class D)
	2,724,525	i	Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates		1.432		04/25/35		2,576,503
			Series - 2005 2 (Class M2)
	12,965,887	g,i	Sequoia Mortgage Trust		3.000		03/25/47		13,023,002
			Series - 2017 2 (Class A5)
	16,500,000	g,i	Sequoia Mortgage Trust		3.500		04/25/47		16,739,762
			Series - 2017 3 (Class A4)
	7,750,000	g,i	Shellpoint Co-Originator Trust		3.500		04/25/44		7,855,352
			Series - 2017 1 (Class A4)
	3,197,265	i	Structured Adjustable Rate Mortgage Loan Trust		1.352		07/25/34		3,089,048
			Series - 2004 9XS (Class A)
	4,415,483	i	Structured Agency Credit Risk Debt Note (STACR)		3.382		01/25/25		4,441,701
			Series - 2015 DN1 (Class M2)
	7,126,910	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		03/25/25		7,226,627
			Series - 2015 HQ1 (Class M2)
	2,915,683	i	Structured Agency Credit Risk Debt Note (STACR)		2.082		05/25/25		2,922,828
			Series - 2015 HQ2 (Class M1)
	5,554,395	i	Structured Agency Credit Risk Debt Note (STACR)		2.432		07/25/28		5,579,697
			Series - 2016 DNA1 (Class M1)
	1,562,547	i	Structured Agency Credit Risk Debt Note (STACR)		2.232		10/25/28		1,566,612
			Series - 2016 DNA2 (Class M1)
	2,143,224	i	Structured Agency Credit Risk Debt Note (STACR)		2.082		12/25/28		2,151,244
			Series - 2016 DNA3 (Class M1)
	3,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.282		03/25/29		3,760,926
			Series - 2016 DNA4 (Class M2)
	11,395,326	i	Structured Agency Credit Risk Debt Note (STACR)		2.182		07/25/29		11,438,686
			Series - 2017 DNA1 (Class M1)
	3,822,778	g	Tax Ease Funding LLC		3.131		06/15/28		3,825,339
			Series - 2016 1A (Class A)
	714,054	i	Wachovia Bank Commercial Mortgage Trust		5.608		05/15/46		719,702
			Series - 2007 C34 (Class A1A)
	1,125,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		1,143,157
			Series - 2007 C34 (Class AM)
	3,091,277	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		3,107,736
			Series - 2007 C31 (Class AM)

215

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,635,000	g	Wachovia Bank Commercial Mortgage Trust		5.703	%	06/15/49	$	9,731,623
			Series - 2007 C32 (Class AMFX)
	4,020,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		4,051,491
			Series - 2007 C33 (Class AM)
	868,899	g	WFRBS Commercial Mortgage Trust		4.394		06/15/44		892,730
			Series - 2011 C4 (Class A3)
			TOTAL OTHER MORTGAGE BACKED						339,485,942
			TOTAL STRUCTURED ASSETS						394,659,053
			(Cost $395,773,141)
			TOTAL BONDS						1,704,664,678
			(Cost $1,707,666,717)
SHORT-TERM INVESTMENTS - 5.0%
TREASURY DEBT - 5.0%
	16,650,000		United States Treasury Bill		0.605		04/06/17		16,649,268
	12,385,000	d	United States Treasury Bill		0.720		04/13/17		12,382,523
	33,200,000	d	United States Treasury Bill		0.556-0.720		04/20/17		33,188,579
	18,900,000		United States Treasury Bill		0.680		04/27/17		18,890,928
	11,550,000		United States Treasury Bill		0.707		05/25/17		11,538,196
			TOTAL TREASURY DEBT						92,649,494
			TOTAL SHORT-TERM INVESTMENTS						92,649,494
			(Cost $92,647,971)
			TOTAL INVESTMENTS - 99.5%						1,849,078,349
			(Cost $1,851,902,775)
			OTHER ASSETS & LIABILITIES, NET - 0.5%						10,314,608
			NET ASSETS - 100.0%					$	1,859,392,957

	Abbreviation(s):
MXN	Mexican Peso
REIT	Real Estate Investment Trust
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
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 3/31/2017, the aggregate value of these securities was $362,678,403 or 19.5% 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.
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.
q	In default

216

TIAA-CREF FUNDS - Short-Term Bond Index Fund

TIAA-CREF FUNDS

SHORT-TERM BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 99.7%
CORPORATE BONDS - 25.4%
AUTOMOBILES & COMPONENTS - 0.1%
$	100,000	Honeywell International, Inc		1.400	%	10/30/19	$	99,231
		TOTAL AUTOMOBILES & COMPONENTS						99,231
BANKS - 7.2%
	250,000	Australia & New Zealand Banking Group Ltd		2.050		09/23/19		249,915
	483,000	Bank of America Corp		1.950		05/12/18		484,049
	400,000	Bank of America Corp		2.650		04/01/19		404,605
	250,000	Bank of America NA		2.050		12/07/18		251,371
	200,000	Bank of Montreal		1.400		04/10/18		199,641
	100,000	Bank of Montreal		1.350		08/28/18		99,528
	100,000	Bank of Montreal		1.500		07/18/19		98,953
	100,000	Bank of Montreal		2.100		12/12/19		100,445
	200,000	Bank of Nova Scotia		1.450		04/25/18		199,670
	100,000	Bank of Nova Scotia		1.950		01/15/19		100,329
	100,000	Bank of Nova Scotia		1.650		06/14/19		99,357
	300,000	Barclays plc		2.750		11/08/19		302,142
	250,000	BPCE S.A.		2.500		12/10/18		251,673
	250,000	Branch Banking & Trust Co		1.450		05/10/19		247,389
	250,000	Branch Banking & Trust Co		2.100		01/15/20		250,293
	100,000	Canadian Imperial Bank of Commerce		1.600		09/06/19		99,101
	250,000	Capital One NA		2.350		08/17/18		251,561
	250,000	CitiBank NA		2.000		03/20/19		250,840
	150,000	Citigroup, Inc		1.800		02/05/18		150,078
	100,000	Citigroup, Inc		2.050		12/07/18		100,176
	100,000	Citigroup, Inc		2.050		06/07/19		99,905
	500,000	Citigroup, Inc		2.450		01/10/20		502,196
	250,000	Citizens Bank NA		2.250		03/02/20		249,639
	250,000	Commonwealth Bank of Australia		2.050		03/15/19		250,793
	250,000	Cooperatieve Rabobank UA		1.375		08/09/19		246,527
	250,000	Deutsche Bank AG		1.875		02/13/18		249,730
	100,000	Deutsche Bank AG		2.850		05/10/19		100,672
	100,000	Discover Bank		2.600		11/13/18		100,926
	150,000	Fifth Third Bancorp		2.300		03/15/19		151,003
	200,000	Fifth Third Bank		1.625		09/27/19		197,534
	100,000	HSBC USA, Inc		1.625		01/16/18		99,938
	250,000	Huntington National Bank		2.375		03/10/20		250,849
	250,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		249,952
	100,000	Intesa Sanpaolo S.p.A		3.875		01/16/18		101,350
	200,000	JPMorgan Chase & Co		1.850		03/22/19		200,039
	250,000	JPMorgan Chase Bank NA		1.450		09/21/18		249,673
	250,000	JPMorgan Chase Bank NA		1.650		09/23/19		248,677
	175,000	KeyBank NA		2.350		03/08/19		176,360

217

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Lloyds Bank plc		2.700	%	08/17/20	$	101,101
	150,000		Manufacturers & Traders Trust Co		2.300		01/30/19		151,288
	100,000		National Australia Bank Ltd		1.375		07/12/19		98,547
	250,000		National Australia Bank Ltd		2.250		01/10/20		250,283
	250,000		National Bank of Canada		2.100		12/14/18		250,901
	250,000		PNC Bank NA		1.950		03/04/19		250,490
	250,000		PNC Bank NA		1.450		07/29/19		247,095
	100,000		Royal Bank of Canada		1.500		06/07/18		99,907
	200,000		Royal Bank of Canada		2.000		12/10/18		200,726
	100,000		Royal Bank of Canada		1.625		04/15/19		99,443
	100,000		Royal Bank of Canada		1.500		07/29/19		98,966
	100,000		Royal Bank of Canada		2.125		03/02/20		100,032
	100,000		Santander Holdings USA, Inc		2.700		05/24/19		100,465
	100,000		Santander UK plc		2.000		08/24/18		100,204
	100,000		Santander UK plc		2.500		03/14/19		100,794
	250,000		Skandinaviska Enskilda Banken AB		1.500		09/13/19		246,161
	250,000		Sumitomo Mitsui Banking Corp		1.762		10/19/18		249,068
	100,000		Sumitomo Mitsui Banking Corp		2.050		01/18/19		99,997
	100,000		SunTrust Bank		2.250		01/31/20		100,314
	250,000		Svenska Handelsbanken AB		1.500		09/06/19		246,772
	100,000		Toronto-Dominion Bank		1.450		09/06/18		99,771
	300,000		Toronto-Dominion Bank		1.950		01/22/19		301,341
	100,000		Toronto-Dominion Bank		1.450		08/13/19		98,885
	250,000		US Bank NA		2.000		01/24/20		250,903
	250,000		Wells Fargo Bank NA		1.750		05/24/19		249,234
	250,000		Wells Fargo Bank NA		2.150		12/06/19		250,905
	100,000		Westpac Banking Corp		1.950		11/23/18		100,172
	100,000		Westpac Banking Corp		1.650		05/13/19		99,254
	100,000		Westpac Banking Corp		1.600		08/19/19		98,923
	200,000		Westpac Banking Corp		2.150		03/06/20		200,004
			TOTAL BANKS						12,858,825
CAPITAL GOODS - 1.0%
	200,000		Caterpillar Financial Services Corp		1.500		02/23/18		199,715
	100,000		Caterpillar Financial Services Corp		1.900		03/22/19		100,018
	100,000		Caterpillar Financial Services Corp		1.350		05/18/19		98,782
	100,000		Caterpillar Financial Services Corp		2.100		01/10/20		100,007
	200,000		Danaher Corp		1.650		09/15/18		200,045
	100,000	g	Fortive Corp		1.800		06/15/19		99,359
	100,000		John Deere Capital Corp		1.750		08/10/18		100,261
	200,000		John Deere Capital Corp		1.650		10/15/18		200,129
	100,000		John Deere Capital Corp		1.950		01/08/19		100,545
	100,000		John Deere Capital Corp		2.200		03/13/20		100,275
	100,000		Lockheed Martin Corp		1.850		11/23/18		100,265
	100,000		Pentair Finance S.A.		2.900		09/15/18		101,004
	100,000	h	Rockwell Collins, Inc		1.950		07/15/19		100,065
	100,000		Stanley Black & Decker, Inc		1.622		11/17/18		99,606
	150,000		United Technologies Corp		1.500		11/01/19		148,948
			TOTAL CAPITAL GOODS						1,849,024
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	100,000		Air Lease Corp		2.625		09/04/18		100,832
	100,000		eBay, Inc		2.500		03/09/18		100,761

218

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Republic Services, Inc		5.000	%	03/01/20	$	161,991
	100,000	S&P Global, Inc		2.500		08/15/18		100,784
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						464,368
CONSUMER DURABLES & APPAREL - 0.1%
	100,000	DR Horton, Inc		3.750		03/01/19		102,475
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,416
	24,000	Newell Rubbermaid, Inc		2.600		03/29/19		24,295
		TOTAL CONSUMER DURABLES & APPAREL						227,186
CONSUMER SERVICES - 0.2%
	100,000	McDonald’s Corp		5.350		03/01/18		103,403
	100,000	McDonald’s Corp		2.100		12/07/18		100,592
	100,000	Walt Disney Co		0.875		07/12/19		98,246
	100,000	Walt Disney Co		1.950		03/04/20		100,212
		TOTAL CONSUMER SERVICES						402,453
DIVERSIFIED FINANCIALS - 4.0%
	100,000	American Express Co		1.550		05/22/18		99,866
	75,000	American Express Credit Corp		1.875		11/05/18		75,113
	100,000	American Express Credit Corp		1.700		10/30/19		99,381
	100,000	American Express Credit Corp		2.200		03/03/20		100,283
	200,000	American Honda Finance Corp		1.550		12/11/17		200,340
	100,000	American Honda Finance Corp		1.500		11/19/18		99,695
	100,000	American Honda Finance Corp		1.200		07/12/19		98,645
	100,000	American Honda Finance Corp		2.000		02/14/20		100,310
	100,000	Bank of New York Mellon Corp		1.300		01/25/18		99,902
	250,000	Bank of New York Mellon Corp		2.150		02/24/20		250,997
	100,000	Berkshire Hathaway, Inc		1.150		08/15/18		99,491
	100,000	BlackRock, Inc		5.000		12/10/19		108,255
	200,000	BNP Paribas S.A.		2.400		12/12/18		201,154
	300,000	Credit Suisse		1.750		01/29/18		300,226
	100,000	Credit Suisse		2.300		05/28/19		100,350
	200,000	Ford Motor Credit Co LLC		2.943		01/08/19		202,718
	200,000	Ford Motor Credit Co LLC		2.262		03/28/19		200,480
	200,000	Ford Motor Credit Co LLC		2.021		05/03/19		199,024
	100,000	Ford Motor Credit Co LLC		1.897		08/12/19		99,038
	200,000	Ford Motor Credit Co LLC		2.681		01/09/20		201,310
	200,000	General Electric Capital Corp		2.200		01/09/20		202,138
	200,000	General Motors Financial Co, Inc		2.400		04/10/18		201,014
	100,000	General Motors Financial Co, Inc		3.100		01/15/19		101,606
	100,000	General Motors Financial Co, Inc		2.400		05/09/19		100,207
	100,000	General Motors Financial Co, Inc		2.350		10/04/19		100,117
	600,000	Goldman Sachs Group, Inc		2.375		01/22/18		603,294
	100,000	Goldman Sachs Group, Inc		2.000		04/25/19		99,807
	300,000	Goldman Sachs Group, Inc		2.300		12/13/19		300,151
	250,000	International Lease Finance Corp		3.875		04/15/18		254,884
	100,000	Jefferies Group, Inc		8.500		07/15/19		113,272
	500,000	Morgan Stanley		2.125		04/25/18		501,915
	100,000	Morgan Stanley		2.450		02/01/19		100,920
	500,000	Morgan Stanley		2.650		01/27/20		504,714
	100,000	National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		99,945
	116,000	Nomura Holdings, Inc		6.700		03/04/20		128,970

219

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	50,000	Oesterreichische Kontrollbank AG.		1.125	%	05/29/18	$	49,852
	100,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		98,928
	100,000	PACCAR Financial Corp		1.950		02/27/20		100,123
	100,000	Synchrony Financial		2.600		01/15/19		100,774
	100,000	Toyota Motor Credit Corp		1.200		04/06/18		99,725
	100,000	Toyota Motor Credit Corp		1.700		01/09/19		100,180
	100,000	Toyota Motor Credit Corp		1.700		02/19/19		100,177
	100,000	Toyota Motor Credit Corp		1.400		05/20/19		99,193
	100,000	Toyota Motor Credit Corp		1.550		10/18/19		99,176
		TOTAL DIVERSIFIED FINANCIALS						7,197,660
ENERGY - 1.8%
	100,000	Anadarko Petroleum Corp		8.700		03/15/19		112,166
	200,000	BP Capital Markets plc		1.375		05/10/18		199,454
	100,000	BP Capital Markets plc		1.676		05/03/19		99,499
	200,000	BP Capital Markets plc		2.315		02/13/20		201,648
	200,000	Chevron Corp		1.718		06/24/18		200,644
	100,000	Chevron Corp		1.790		11/16/18		100,282
	100,000	Chevron Corp		1.561		05/16/19		99,662
	100,000	Chevron Corp		1.991		03/03/20		100,115
	100,000	ConocoPhillips Co		5.750		02/01/19		107,027
	100,000	Enbridge Energy Partners LP		4.375		10/15/20		105,402
	200,000	Enterprise Products Operating LLC		1.650		05/07/18		199,777
	100,000	Exxon Mobil Corp		1.439		03/01/18		100,093
	100,000	Exxon Mobil Corp		1.708		03/01/19		100,164
	100,000	Marathon Petroleum Corp		2.700		12/14/18		100,861
	50,000	Nabors Industries, Inc		6.150		02/15/18		51,830
	75,000	Petroleos Mexicanos		5.500		02/04/19		78,750
	150,000	Plains All American Pipeline LP		2.600		12/15/19		149,896
	100,000	Shell International Finance BV		1.625		11/10/18		99,891
	100,000	Shell International Finance BV		1.375		05/10/19		99,105
	100,000	Shell International Finance BV		1.375		09/12/19		98,795
	150,000	Shell International Finance BV		4.375		03/25/20		159,814
	300,000	Statoil ASA		1.950		11/08/18		301,143
	100,000	Suncor Energy, Inc		6.100		06/01/18		105,256
	100,000	TransCanada PipeLines Ltd		3.125		01/15/19		101,954
	100,000	Valero Energy Corp		6.125		02/01/20		110,091
		TOTAL ENERGY						3,183,319
FOOD & STAPLES RETAILING - 0.4%
	200,000	CVS Health Corp		1.900		07/20/18		200,379
	100,000	Kroger Co		2.000		01/15/19		100,183
	100,000	Kroger Co		1.500		09/30/19		98,542
	150,000	SYSCO Corp		1.900		04/01/19		150,117
	100,000	Walgreens Boots Alliance, Inc		1.750		05/30/18		100,117
		TOTAL FOOD & STAPLES RETAILING						649,338
FOOD, BEVERAGE & TOBACCO - 1.2%
	100,000	Altria Group, Inc		9.250		08/06/19		116,156
	650,000	Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		650,894
	50,000	Coca-Cola Co		1.150		04/01/18		49,894
	100,000	Coca-Cola Co		1.375		05/30/19		99,545
	100,000	Hershey Co		1.600		08/21/18		100,342

220

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Kraft Foods, Inc		5.375	%	02/10/20	$	108,026
	150,000		Kraft Heinz Foods Co		2.000		07/02/18		150,357
	100,000		Molson Coors Brewing Co		1.450		07/15/19		98,697
	100,000	g	Molson Coors Brewing Co		2.250		03/15/20		100,022
	100,000		PepsiCo, Inc		1.500		02/22/19		100,002
	100,000		PepsiCo, Inc		1.350		10/04/19		99,237
	200,000		Philip Morris International, Inc		5.650		05/16/18		209,015
	100,000		Philip Morris International, Inc		1.375		02/25/19		99,344
	100,000		Philip Morris International, Inc		2.000		02/21/20		99,760
	100,000		Reynolds American, Inc		2.300		06/12/18		100,596
			TOTAL FOOD, BEVERAGE & TOBACCO						2,181,887
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	78,000		Becton Dickinson & Co		1.800		12/15/17		78,059
	100,000		Express Scripts Holding Co		2.250		06/15/19		100,120
	100,000		McKesson Corp		2.284		03/15/19		100,557
	100,000		Medtronic, Inc		1.375		04/01/18		99,831
	100,000		Stryker Corp		2.000		03/08/19		100,259
	100,000		Thermo Fisher Scientific, Inc		2.150		12/14/18		100,345
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						579,171
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000		Ecolab, Inc		2.000		01/14/19		100,668
	100,000		Estee Lauder Cos, Inc		1.800		02/07/20		100,080
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						200,748
INSURANCE - 0.6%
	100,000		Aetna, Inc		1.700		06/07/18		99,997
	100,000		American International Group, Inc		2.300		07/16/19		100,360
	100,000		Berkshire Hathaway Finance Corp		1.700		03/15/19		100,165
	100,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		99,033
	37,000		ING US, Inc		2.900		02/15/18		37,335
	100,000		MetLife, Inc		7.717		02/15/19		110,407
	100,000		Prudential Financial, Inc		2.350		08/15/19		100,965
	200,000		UnitedHealth Group, Inc		1.400		12/15/17		200,003
	100,000		UnitedHealth Group, Inc		1.700		02/15/19		99,999
	200,000		WellPoint, Inc		2.250		08/15/19		200,707
			TOTAL INSURANCE						1,148,971
MATERIALS - 0.4%
	100,000		Dow Chemical Co		8.550		05/15/19		113,352
	100,000		EI du Pont de Nemours & Co		4.625		01/15/20		106,739
	100,000		Kimberly-Clark Corp		1.400		02/15/19		99,653
	400,000		Lyondell Basell Industries NV		5.000		04/15/19		421,257
			TOTAL MATERIALS						741,001
MEDIA - 0.5%
	100,000		Comcast Corp		5.150		03/01/20		108,918
	250,000		Time Warner Cable, Inc		6.750		07/01/18		264,345
	200,000		Time Warner Cable, Inc		8.250		04/01/19		222,955
	150,000		Time Warner, Inc		2.100		06/01/19		150,227
	100,000		Viacom, Inc		2.750		12/15/19		100,720
			TOTAL MEDIA						847,165

221

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
$	100,000	Abbott Laboratories		2.000	%	09/15/18	$	100,049
	200,000	Abbott Laboratories		2.350		11/22/19		200,801
	100,000	AbbVie, Inc		1.800		05/14/18		100,108
	100,000	AbbVie, Inc		2.500		05/14/20		100,670
	200,000	Actavis Funding SCS		2.350		03/12/18		200,864
	200,000	Amgen, Inc		2.200		05/22/19		201,305
	100,000	AstraZeneca plc		1.750		11/16/18		100,028
	100,000	Bristol-Myers Squibb Co		1.600		02/27/19		99,860
	100,000	Celgene Corp		2.250		05/15/19		100,529
	100,000	Gilead Sciences, Inc		1.850		09/04/18		100,302
	200,000	GlaxoSmithKline Capital, Inc		5.650		05/15/18		209,231
	100,000	Johnson & Johnson		1.125		03/01/19		99,544
	150,000	Merck & Co, Inc		1.300		05/18/18		149,953
	100,000	Mylan NV		3.000		12/15/18		101,154
	100,000	Mylan NV		2.500		06/07/19		100,448
	150,000	Novartis Securities Investment Ltd		5.125		02/10/19		159,359
	100,000	Pfizer, Inc		1.200		06/01/18		99,869
	50,000	Pfizer, Inc		1.500		06/15/18		50,093
	100,000	Pfizer, Inc		1.450		06/03/19		99,511
	100,000	Pfizer, Inc		1.700		12/15/19		99,903
	100,000	Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		99,222
	100,000	Teva Pharmaceutical Finance Netherlands III BV		1.700		07/19/19		98,851
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,671,654
REAL ESTATE - 0.1%
	100,000	Simon Property Group LP		2.500		09/01/20		100,898
		TOTAL REAL ESTATE						100,898
RETAILING - 0.3%
	100,000	Best Buy Co, Inc		5.000		08/01/18		103,894
	100,000	Home Depot, Inc		2.000		06/15/19		100,767
	100,000	Lowe’s Cos, Inc		1.150		04/15/19		98,829
	100,000	Target Corp		2.300		06/26/19		101,266
	100,000	Wal-Mart Stores, Inc		1.125		04/11/18		99,821
		TOTAL RETAILING						504,577
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	250,000	Intel Corp		1.350		12/15/17		250,163
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						250,163
SOFTWARE & SERVICES - 0.9%
	100,000	Baidu, Inc		3.000		06/30/20		101,392
	100,000	Fidelity National Information Services, Inc		2.850		10/15/18		101,374
	300,000	International Business Machines Corp		1.800		05/17/19		301,295
	100,000	International Business Machines Corp		1.900		01/27/20		100,350
	100,000	Juniper Networks, Inc		3.125		02/26/19		101,871
	100,000	Microsoft Corp		1.300		11/03/18		99,971
	200,000	Microsoft Corp		1.100		08/08/19		197,797
	200,000	Microsoft Corp		1.850		02/06/20		200,422

222

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Oracle Corp		5.750	%	04/15/18	$	313,174
	100,000		Xerox Corp		2.750		03/15/19		100,312
			TOTAL SOFTWARE & SERVICES						1,617,958
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	100,000		Amphenol Corp		2.200		04/01/20		100,020
	200,000		Apple, Inc		1.000		05/03/18		199,386
	100,000		Apple, Inc		1.550		02/08/19		100,173
	200,000		Apple, Inc		1.100		08/02/19		197,605
	100,000		Apple, Inc		1.900		02/07/20		100,264
	292,000	g	Broadcom Corp		2.375		01/15/20		291,933
	200,000		Cisco Systems, Inc		1.650		06/15/18		200,617
	100,000		Cisco Systems, Inc		1.600		02/28/19		100,132
	100,000		Cisco Systems, Inc		1.400		09/20/19		99,182
	100,000		Cisco Systems, Inc		4.450		01/15/20		107,026
	100,000	g	Diamond Finance Corp		3.480		06/01/19		102,516
	200,000		General Electric Co		5.250		12/06/17		205,066
	100,000		QUALCOMM, Inc		2.250		05/20/20		100,219
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,904,139
TELECOMMUNICATION SERVICES - 0.7%
	200,000		Alibaba Group Holding Ltd		2.500		11/28/19		201,111
	300,000		American Tower Corp		3.400		02/15/19		306,683
	300,000		AT&T, Inc		1.400		12/01/17		299,760
	100,000		AT&T, Inc		2.300		03/11/19		100,478
	100,000		Orange S.A.		1.625		11/03/19		98,577
	100,000		Telefonica Emisiones SAU		3.192		04/27/18		101,295
	99,000	g	Verizon Communications, Inc		2.946		03/15/22		98,567
	100,000		Vodafone Group plc		5.450		06/10/19		107,068
			TOTAL TELECOMMUNICATION SERVICES						1,313,539
TRANSPORTATION - 0.3%
	200,000		Boeing Capital Corp		2.900		08/15/18		203,673
	100,000		Delta Air Lines, Inc		2.875		03/13/20		100,816
	100,000		FedEx Corp		2.300		02/01/20		100,812
	200,000		Northrop Grumman Corp		1.750		06/01/18		200,322
	100,000		United Parcel Service, Inc		5.125		04/01/19		106,850
			TOTAL TRANSPORTATION						712,473
UTILITIES - 2.2%
	100,000		American Electric Power Co, Inc		1.650		12/15/17		99,971
	100,000		Consolidated Edison, Inc		2.000		03/15/20		99,874
	100,000		Consumers Energy Co		6.125		03/15/19		108,348
	100,000		Dominion Resources, Inc		1.875		01/15/19		99,881
	100,000	i	Dominion Resources, Inc (Step Bond)		2.962		07/01/19		101,412
	75,000		Dominion Resources, Inc		1.600		08/15/19		74,054
	100,000		Duke Energy Carolinas LLC		5.100		04/15/18		103,501
	200,000		Duke Energy Florida LLC		1.850		01/15/20		199,828
	100,000		Edison International		2.125		04/15/20		100,103
	100,000		Emera US Finance LP		2.150		06/15/19		99,961
	250,000		Energy Transfer Partners LP		2.500		06/15/18		251,221
	100,000	g	Everett Spinco, Inc		2.875		03/27/20		100,826
	200,000		Exelon Generation Co LLC		2.950		01/15/20		202,727

223

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Georgia Power Co		2.000	%	03/30/20	$	99,334
	100,000	Great Plains Energy, Inc		2.500		03/09/20		100,558
	100,000	Hewlett Packard Enterprise Co		2.850		10/05/18		101,186
	200,000	Kinder Morgan, Inc		3.050		12/01/19		203,347
	200,000	Medtronic Global Holdings S.C.A		1.700		03/28/19		199,902
	200,000	MidAmerican Energy Holdings Co		5.750		04/01/18		207,853
	100,000	NextEra Energy Capital Holdings, Inc		1.649		09/01/18		99,697
	100,000	NextEra Energy Capital Holdings, Inc		2.300		04/01/19		100,601
	300,000	ONEOK Partners LP		3.200		09/15/18		304,169
	100,000	Public Service Enterprise Group, Inc		1.600		11/15/19		98,928
	100,000	Sempra Energy		1.625		10/07/19		98,993
	200,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		198,405
	100,000	Southern Co		1.850		07/01/19		99,447
	100,000	Southern Power Co		1.950		12/15/19		99,253
	150,000	Total Capital S.A.		2.125		08/10/18		150,879
	50,000	Virginia Electric and Power Co		1.200		01/15/18		49,838
		TOTAL UTILITIES						3,854,097
		TOTAL CORPORATE BONDS						45,559,845
		(Cost $45,576,865)
GOVERNMENT BONDS -  74.3%
AGENCY SECURITIES - 6.8%
	750,000	Federal Farm Credit Bank (FFCB)		0.750		04/18/18		746,915
	500,000	Federal Home Loan Bank (FHLB)		1.125		04/25/18		499,853
	2,500,000	FHLB		0.875		06/29/18		2,490,155
	1,500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.875		03/07/18		1,496,678
	2,300,000	FHLMC		1.250		08/01/19		2,290,855
	1,050,000	Federal National Mortgage Association (FNMA)		0.875		08/02/19		1,036,229
	3,500,000	FNMA		1.750		11/26/19		3,522,285
		TOTAL AGENCY SECURITIES						12,082,970
FOREIGN GOVERNMENT BONDS - 7.9%
	100,000	African Development Bank		0.750		11/03/17		99,725
	100,000	African Development Bank		1.625		10/02/18		100,320
	200,000	African Development Bank		1.000		11/02/18		198,565
	100,000	Asian Development Bank		0.875		04/26/18		99,628
	200,000	Asian Development Bank		0.875		10/05/18		198,522
	100,000	Asian Development Bank		1.375		01/15/19		99,917
	400,000	Asian Development Bank		1.875		04/12/19		403,042
	300,000	Asian Development Bank		1.750		01/10/20		301,266
	250,000	Canada Government International Bond		1.125		03/19/18		249,845
	100,000	Corp Andina de Fomento		2.000		05/10/19		99,741
	300,000	Council Of Europe Development Bank		1.000		02/04/19		297,003
	100,000	European Bank for Reconstruction & Development		0.750		09/01/17		99,825
	200,000	European Bank for Reconstruction & Development		1.750		11/26/19		200,111
	1,350,000	European Investment Bank		1.125		09/15/17		1,349,766
	500,000	European Investment Bank		1.000		06/15/18		497,948
	600,000	European Investment Bank		1.250		05/15/19		596,002
	50,000	Export Development Canada		0.750		12/15/17		49,846
	100,000	Export Development Canada		1.000		11/01/18		99,409
	100,000	Export Development Canada		1.250		12/10/18		100,239

224

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Export Development Canada		1.250	%	02/04/19	$	99,675
	100,000	Export Development Canada		1.625		01/17/20		99,876
	200,000	Export-Import Bank of Korea		1.750		05/26/19		198,831
	200,000	FMS Wertmanagement AoeR		1.000		08/16/19		196,812
	100,000	FMS Wertmanagement AoeR		1.750		01/24/20		100,013
	100,000	Hungary Government International Bond		4.000		03/25/19		103,708
	100,000	Inter-American Development Bank		1.125		08/28/18		99,704
	100,000	Inter-American Development Bank		1.000		05/13/19		98,994
	500,000	Inter-American Development Bank		1.750		10/15/19		500,863
	650,000	International Bank for Reconstruction & Development		1.000		11/15/17		649,093
	100,000	International Bank for Reconstruction & Development		1.000		10/05/18		99,476
	600,000	International Bank for Reconstruction & Development		1.250		07/26/19		595,622
	500,000	International Bank for Reconstruction & Development		1.875		10/07/19		502,921
	200,000	International Bank for Reconstruction & Development		1.875		04/21/20		200,998
	75,000	International Finance Corp		1.250		11/27/18		74,871
	500,000	International Finance Corp		1.750		03/30/20		499,801
	200,000	Italy Government International Bond		5.375		06/12/17		201,150
	400,000	Japan Bank for International Cooperation		2.250		02/24/20		400,522
	1,450,000	KFW		0.875		09/05/17		1,448,656
	100,000	KFW		0.875		04/19/18		99,605
	100,000	KFW		1.500		02/06/19		100,062
	1,000,000	KFW		1.000		07/15/19		987,274
	350,000	Kreditanstalt fuer Wiederaufbau		1.750		03/31/20		350,277
	100,000	Landwirtschaftliche Rentenbank		2.375		09/13/17		100,508
	200,000	Province of Alberta Canada		1.900		12/06/19		200,125
	300,000	Province of Ontario Canada		1.100		10/25/17		299,707
	300,000	Province of Ontario Canada		1.650		09/27/19		298,878
	200,000	South Africa Government International Bond		6.875		05/27/19		217,450
	100,000	Svensk Exportkredit AB		1.250		04/12/19		99,149
		TOTAL FOREIGN GOVERNMENT BONDS						14,065,341
MUNICIPAL BONDS - 0.1%
	100,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		100,792
		TOTAL MUNICIPAL BONDS						100,792
U.S. TREASURY SECURITIES - 59.5%
	2,500,000	United States Treasury Note		0.750		04/30/18		2,490,430
	5,350,000	United States Treasury Note		0.875		05/31/18		5,334,533
	2,150,000	United States Treasury Note		0.875		07/15/18		2,142,524
	1,500,000	United States Treasury Note		0.750		07/31/18		1,492,091
	11,250,000	United States Treasury Note		1.000		09/15/18		11,220,997
	1,700,000	United States Treasury Note		0.875		10/15/18		1,691,832
	6,000,000	United States Treasury Note		0.750		10/31/18		5,957,346
	2,800,000	United States Treasury Note		1.250		11/15/18		2,801,750
	5,950,000	United States Treasury Note		1.000		11/30/18		5,929,080
	3,000,000	United States Treasury Note		1.250		12/15/18		3,001,407
	5,100,000	United States Treasury Note		1.250		12/31/18		5,101,994
	2,400,000	United States Treasury Note		0.750		02/15/19		2,378,251
	7,700,000	United States Treasury Note		1.125		02/28/19		7,681,951
	2,750,000	United States Treasury Note		1.000		03/15/19		2,735,714
	3,700,000	United States Treasury Note		0.875		04/15/19		3,669,649
	4,000,000	United States Treasury Note		0.875		05/15/19		3,964,376
	3,000,000	United States Treasury Note		0.875		06/15/19		2,970,819

225

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	4,900,000	United States Treasury Note		0.750	%	08/15/19	$	4,830,709
	3,300,000	United States Treasury Note		0.875		09/15/19		3,259,265
	2,000,000	United States Treasury Note		1.000		10/15/19		1,979,844
	5,500,000	United States Treasury Note		1.000		11/15/19		5,438,769
	3,700,000	United States Treasury Note		1.375		12/15/19		3,692,485
	6,700,000	United States Treasury Note		1.375		01/15/20		6,683,511
	10,250,000	United States Treasury Note		1.625		03/15/20		10,285,639
		TOTAL U.S. TREASURY SECURITIES						106,734,966
		TOTAL GOVERNMENT BONDS						132,984,069
		(Cost $133,447,917)
		TOTAL BONDS						178,543,914
		(Cost $179,024,782)
SHORT-TERM INVESTMENTS - 1.0%
GOVERNMENT AGENCY DEBT - 1.0%
	1,800,000	Federal Home Loan Bank (FHLB)		0.500		04/03/17		1,800,000
		TOTAL GOVERNMENT AGENCY DEBT						1,800,000
		TOTAL SHORT-TERM INVESTMENTS						1,800,000
		(Cost $1,799,950)
		TOTAL INVESTMENTS - 100.7%						180,343,914
		(Cost $180,824,732)
		OTHER ASSETS & LIABILITIES, NET - (0.7)%						(1,279,316	)
		NET ASSETS - 100.0%					$	179,064,598

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 3/31/2017, the aggregate value of these securities was $793,223 or 0.4% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

226

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.2%
CAPITAL GOODS - 0.1%
$	949,111	i	Manitowoc Foodservice, Inc		4.000	%	03/03/23	$	957,415
			TOTAL CAPITAL GOODS						957,415
ENERGY - 0.1%
	42,146	i	Granite Acquisition, Inc		5.147		12/17/21		42,475
	936,303	i	Granite Acquisition, Inc		5.147		12/19/21		943,615
			TOTAL ENERGY						986,090
MEDIA - 0.4%
	2,668,150	i	Charter Communications Operating LLC		2.990		01/14/22		2,673,326
	1,311,750	i	Charter Communications Operating LLC		3.232		01/15/24		1,317,404
			TOTAL MEDIA						3,990,730
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	4,975,000	i	MTS Systems Corp		5.080		07/05/23		5,030,968
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						5,030,968
UTILITIES - 0.2%
	782,706	i	ExGen Renewables I LLC		5.272		02/06/21		786,619
	1,849,257	i	Terra-Gen Finance Co LLC		5.250		12/09/21		1,742,925
			TOTAL UTILITIES						2,529,544
			TOTAL BANK LOAN OBLIGATIONS						13,494,747
			(Cost $13,422,526)
BONDS - 96.2%
CORPORATE BONDS - 33.2%
AUTOMOBILES & COMPONENTS - 0.5%
	1,300,000	g	Adient Global Holdings Ltd		4.875		08/15/26		1,275,625
	2,125,000		Ford Motor Co		4.346		12/08/26		2,163,560
	2,500,000		Ford Motor Co		4.750		01/15/43		2,348,070
			TOTAL AUTOMOBILES & COMPONENTS						5,787,255
BANKS - 6.8%
	3,000,000		Bank of America Corp		1.950		05/12/18		3,006,519
	6,200,000		Bank of America Corp		2.151		11/09/20		6,143,196
	3,000,000	g	Bank of Montreal		2.500		01/11/22		3,006,492
	1,000,000		Bank of Nova Scotia		2.125		09/11/19		1,004,580
	3,000,000		Bank of Nova Scotia		1.875		04/26/21		2,941,050
	3,000,000	g	Bank of Nova Scotia		1.875		09/20/21		2,941,278
	5,000,000	i	Citizens Bank NA		1.604		03/02/20		5,011,025

227

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,125,000		Citizens Financial Group, Inc		2.375	%	07/28/21	$	1,109,240
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		256,525
	2,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.375		08/04/25		2,051,214
	1,850,000		Cooperatieve Rabobank UA		2.750		01/10/22		1,859,342
	3,037,000		Cooperatieve Rabobank UA		3.750		07/21/26		2,967,119
	3,300,000		Discover Bank		3.450		07/27/26		3,167,455
	4,435,000	g	ING Bank NV		2.000		11/26/18		4,431,962
	500,000	g	Intesa Sanpaolo S.p.A		5.017		06/26/24		470,328
	2,500,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		2,422,515
	2,100,000		KeyBank NA		2.350		03/08/19		2,116,323
	1,850,000	i	Manufacturers & Traders Trust Co		1.338		07/25/17		1,851,375
	1,000,000		Manufacturers & Traders Trust Co		2.900		02/06/25		983,170
	5,275,000		Mitsubishi UFJ Financial Group, Inc		2.527		09/13/23		5,094,906
	2,310,000		People’s United Bank		4.000		07/15/24		2,299,693
	2,088,000		People’s United Financial, Inc		3.650		12/06/22		2,125,373
	2,000,000		Royal Bank of Canada		1.875		02/05/20		1,989,952
	3,000,000		Royal Bank of Canada		2.100		10/14/20		2,987,970
	250,000		Silicon Valley Bank		6.050		06/01/17		251,659
	500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		498,140
	2,500,000		SVB Financial Group		3.500		01/29/25		2,443,233
	2,500,000		Toronto-Dominion Bank		1.450		08/13/19		2,472,135
	3,000,000	g	Toronto-Dominion Bank		1.950		04/02/20		2,984,370
	2,500,000		Toronto-Dominion Bank		1.800		07/13/21		2,432,262
	3,000,000	g	Toronto-Dominion Bank		2.500		01/18/22		3,004,926
			TOTAL BANKS						76,325,327
CAPITAL GOODS - 1.6%
	1,150,000		Anixter, Inc		5.500		03/01/23		1,193,125
	3,000,000		CNH Industrial Capital LLC		3.875		10/15/21		3,001,530
	3,750,000	g	LafargeHolcim Finance US LLC		4.750		09/22/46		3,752,996
	1,000,000		Parker-Hannifin Corp		4.200		11/21/34		1,028,435
	250,000		Pentair Finance S.A.		1.875		09/15/17		250,124
	2,150,000		Pentair Finance S.A.		2.900		09/15/18		2,171,597
	500,000		Pentair Finance S.A.		2.650		12/01/19		503,328
	820,000		Pentair, Inc		5.000		05/15/21		870,232
	1,000,000		Rockwell Automation, Inc		2.050		03/01/20		996,312
	500,000		Rockwell Collins, Inc		3.700		12/15/23		515,630
	3,000,000		Roper Industries, Inc		2.050		10/01/18		3,009,291
	875,000		Roper Technologies, Inc		3.800		12/15/26		878,746
			TOTAL CAPITAL GOODS						18,171,346
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,000,000		Air Lease Corp		2.125		01/15/18		1,001,882
	500,000		Air Lease Corp		3.875		04/01/21		518,278
	1,000,000		Air Lease Corp		4.250		09/15/24		1,035,127
	2,200,000		Waste Management, Inc		3.900		03/01/35		2,189,264
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						4,744,551
CONSUMER SERVICES - 0.8%
	3,540,000		Henry J Kaiser Family Foundation		3.356		12/01/25		3,453,960
	2,000,000		Metropolitan Museum of Art		3.400		07/01/45		1,835,674
	3,350,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		3,341,297
	100,000		Salvation Army		5.637		09/01/26		109,158
			TOTAL CONSUMER SERVICES						8,740,089

228

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
DIVERSIFIED FINANCIALS - 2.0%
$	3,000,000		American Express Credit Corp		2.200	%	03/03/20	$	3,008,487
	3,000,000		American Express Credit Corp		2.700		03/03/22		2,996,940
	1,000,000	g	EDP Finance BV		4.125		01/15/20		1,026,665
	500,000	g	EDP Finance BV		5.250		01/14/21		533,846
	500,000		Ford Motor Credit Co LLC		2.375		01/16/18		502,167
	2,500,000		Ford Motor Credit Co LLC		2.943		01/08/19		2,533,970
	1,000,000	i	Ford Motor Credit Co LLC		1.964		11/04/19		1,005,204
	1,000,000		Ford Motor Credit Co LLC		3.219		01/09/22		1,006,007
	5,250,000		Morgan Stanley		2.200		12/07/18		5,271,168
	1,000,000		Northern Trust Corp		3.375		08/23/21		1,040,139
	250,000	g	RCI Banque S.A.		3.500		04/03/18		253,758
	3,250,000		Unilever Capital Corp		2.000		07/28/26		2,957,455
			TOTAL DIVERSIFIED FINANCIALS						22,135,806
ENERGY - 1.6%
	2,880,000		Apache Corp		3.250		04/15/22		2,894,458
	1,000,000		EOG Resources, Inc		3.900		04/01/35		957,036
	2,000,000		National Oilwell Varco, Inc		1.350		12/01/17		1,994,464
	7,000,000		National Oilwell Varco, Inc		3.950		12/01/42		5,665,429
	1,000,000		Southwestern Energy Co		5.800		01/23/20		1,009,375
	1,000,000	i	Statoil ASA		1.238		11/09/17		1,001,238
	500,000		Statoil ASA		3.150		01/23/22		511,789
	1,000,000		Statoil ASA		2.450		01/17/23		985,851
	500,000		Statoil ASA		2.650		01/15/24		490,967
	3,000,000		Statoil ASA		3.950		05/15/43		2,900,634
			TOTAL ENERGY						18,411,241
FOOD & STAPLES RETAILING - 0.3%
	3,000,000		Starbucks Corp		2.450		06/15/26		2,874,108
			TOTAL FOOD & STAPLES RETAILING						2,874,108
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	500,000		Laboratory Corp of America Holdings		2.500		11/01/18		504,319
	1,000,000		Laboratory Corp of America Holdings		2.625		02/01/20		1,005,163
	1,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		1,005,819
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						2,515,301
INSURANCE - 1.1%
	3,000,000	g	Five Corners Funding Trust		4.419		11/15/23		3,188,880
	1,750,000		Progressive Corp		3.700		01/26/45		1,662,439
	2,000,000	i	Prudential Financial, Inc		5.375		05/15/45		2,093,000
	3,950,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		3,901,683
	1,000,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		987,216
			TOTAL INSURANCE						11,833,218
MATERIALS - 1.9%
	2,000,000		Agrium, Inc		3.500		06/01/23		2,013,432
	1,000,000		Agrium, Inc		5.250		01/15/45		1,084,548
	4,500,000		Fibria Overseas Finance Ltd		5.500		01/17/27		4,509,675
	2,000,000		International Paper Co		5.000		09/15/35		2,122,596

229

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,184,000		International Paper Co		4.800	%	06/15/44	$	1,178,605
	7,500,000	g	Inversiones CMPC S.A.		4.375		04/04/27		7,462,510
	2,500,000	g	Sealed Air Corp		5.500		09/15/25		2,650,000
			TOTAL MATERIALS						21,021,366
MEDIA - 1.1%
	3,000,000		Charter Communications Operating LLC		3.579		07/23/20		3,087,369
	3,000,000		Charter Communications Operating LLC		4.464		07/23/22		3,159,300
	5,000,000	i	Walt Disney Co		1.490		03/04/22		5,015,080
	1,500,000		Walt Disney Co		2.450		03/04/22		1,503,280
			TOTAL MEDIA						12,765,029
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	1,100,000		Biogen, Inc		2.900		09/15/20		1,119,500
	3,000,000		Biogen, Inc		3.625		09/15/22		3,093,792
	500,000		Bristol-Myers Squibb Co		3.250		08/01/42		436,975
	1,150,000		Zoetis, Inc		3.450		11/13/20		1,177,778
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						5,828,045
REAL ESTATE - 2.2%
	3,525,000		Brixmor Operating Partnership LP		3.850		02/01/25		3,478,572
	3,401,000		Equity One, Inc		3.750		11/15/22		3,497,752
	3,000,000		Kimco Realty Corp		6.875		10/01/19		3,340,848
	5,000,000		Kimco Realty Corp		2.700		03/01/24		4,739,495
	3,557,000		Mid-America Apartments LP		4.000		11/15/25		3,649,304
	5,000,000		Regency Centers LP		3.750		06/15/24		5,070,760
	450,000		Washington REIT		4.950		10/01/20		476,598
			TOTAL REAL ESTATE						24,253,329
SOFTWARE & SERVICES - 0.3%
	2,875,000		Microsoft Corp		4.100		02/06/37		2,956,181
			TOTAL SOFTWARE & SERVICES						2,956,181
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	5,000,000		Apple, Inc		2.850		02/23/23		5,045,155
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						5,045,155
TELECOMMUNICATION SERVICES - 1.6%
	500,000		CenturyLink, Inc		6.750		12/01/23		521,250
	3,105,000	g	Verizon Communications, Inc		2.946		03/15/22		3,091,413
	5,000,000	i	Verizon Communications, Inc		2.137		03/16/22		5,045,480
	3,000,000		Verizon Communications, Inc		2.625		08/15/26		2,739,129
	6,125,000		Verizon Communications, Inc		5.250		03/16/37		6,326,396
			TOTAL TELECOMMUNICATION SERVICES						17,723,668
TRANSPORTATION - 3.9%
	2,000,000	i	Canadian National Railway Co		1.206		11/14/17		2,001,180
	2,450,000		CSX Corp		4.250		11/01/66		2,222,434
	2,113,670		Delta Air Lines		4.250		07/30/23		2,166,512
	2,921,450		Delta Air Lines		3.625		07/30/27		2,977,717

230

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,475,000		Delta Air Lines, Inc		2.875	%	03/13/20	$	4,511,510
	5,925,000		Delta Air Lines, Inc		3.625		03/15/22		6,047,598
	500,000		GATX Corp		5.200		03/15/44		510,166
	2,500,000		Kansas City Southern		4.300		05/15/43		2,304,645
	2,500,000		Kansas City Southern		4.950		08/15/45		2,514,582
	2,050,000	g	Mexico City Airport Trust		4.250		10/31/26		2,078,188
	5,000,000	g	Mexico City Airport Trust		5.500		10/31/46		4,923,500
	966,053		Spirit Airlines, Inc		4.100		04/01/28		985,374
	6,301,446		Union Pacific Railroad Co		3.227		05/14/26		6,179,513
	4,345,485		Union Pacific Railroad Co		2.695		05/12/27		4,143,333
			TOTAL TRANSPORTATION						43,566,252
UTILITIES - 5.9%
	950,000	g	APT Pipelines Ltd		4.250		07/15/27		957,934
	2,500,000	g	Colorado Interstate Gas Co LLC		4.150		08/15/26		2,443,108
	3,976,144	g	Continental Wind LLC		6.000		02/28/33		4,163,412
	3,000,000	g	Electricite de France S.A.		3.625		10/13/25		3,018,189
	1,700,000	g	Fortis, Inc		2.100		10/04/21		1,647,020
	2,900,000	g	Fortis, Inc		3.055		10/04/26		2,720,855
	3,000,000		Georgia Power Co		3.250		04/01/26		2,932,242
	1,043,680	g	Harper Lake Solar Funding Corp		7.645		12/31/18		1,080,208
	5,000,000	g	Massachusetts Electric Co		4.004		08/15/46		4,864,545
	250,000		Northeast Utilities		1.450		05/01/18		249,069
	4,783,000		NorthWestern Corp		4.176		11/15/44		4,726,087
	5,000,000	g	Pattern Energy Group, Inc		5.875		02/01/24		5,062,500
	1,000,000		Public Service Co of New Hampshire		3.500		11/01/23		1,029,588
	2,500,008		San Diego Gas & Electric Co		1.914		02/01/22		2,469,490
	1,000,000		Sempra Energy		2.875		10/01/22		995,980
	2,913,546	g	Solar Star Funding LLC		3.950		06/30/35		2,744,176
	2,931,324	g	Solar Star Funding LLC		5.375		06/30/35		3,097,413
	2,825,000		Southern Power Co		1.850		12/01/17		2,827,819
	2,000,000		Southern Power Co		1.950		12/15/19		1,985,068
	2,000,000		Southern Power Co		2.500		12/15/21		1,954,500
	5,065,000		Southern Power Co		4.150		12/01/25		5,233,827
	1,500,000	g,i	TerraForm Power Operating LLC (Step Bond)		6.375		02/01/23		1,558,125
	2,718,087	g	Topaz Solar Farms LLC		4.875		09/30/39		2,804,286
	229,425	g	Topaz Solar Farms LLC		5.750		09/30/39		253,326
	5,000,000		Westar Energy, Inc		2.550		07/01/26		4,752,260
	1,000,000		WGL Holdings, Inc		2.250		11/01/19		995,653
			TOTAL UTILITIES						66,566,680
			TOTAL CORPORATE BONDS						371,263,947
			(Cost $373,016,650)
GOVERNMENT BONDS -  51.6%
AGENCY SECURITIES - 9.1%
	826,413		Ethiopian Leasing LLC		2.566		08/14/26		824,360
	709,074		Export Lease Ten Co LLC		1.650		05/07/25		686,913
	500,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		500,105
	3,000,000		Federal National Mortgage Association (FNMA)		1.625		01/21/20		3,005,199
	1,000,000		FNMA		2.625		09/06/24		1,015,184
	3,436,239	g	Genesis Solar Pass Through Trust		3.875		02/15/38		3,586,403

231

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,225,000	j	Government Trust Certificate		0.000	%	04/01/21	$	1,120,434
	1,694,000		Hashemite Kingdom of Jordan Government AID Bond		2.578		06/30/22		1,724,973
	730,000	g	Hospital for Special Surgery		3.500		01/01/23		748,389
	833,333		Mexican Aircraft Finance V LLC		2.329		01/14/27		826,597
	7,500,000		NCUA Guaranteed Notes		3.000		06/12/19		7,751,550
	6,035,000		NCUA Guaranteed Notes		3.450		06/12/21		6,359,133
	2,765,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		2,674,875
	775,000		Overseas Private Investment Corp (OPIC)		1.000		11/11/17		780,807
	3,000,000		OPIC		1.000		11/13/17		2,996,418
	3,000,000	j	OPIC		0.000		02/11/18		3,011,661
	1,000,000	j	OPIC		0.000		11/15/19		1,051,187
	2,000,000		OPIC		2.740		09/15/29		1,932,962
	3,000,000		OPIC		3.220		09/15/29		2,997,816
	1,000,000		OPIC		3.280		09/15/29		1,003,371
	194,854		OPIC		3.540		06/15/30		202,046
	205,224		OPIC		3.370		12/15/30		209,064
	473,466		OPIC		3.820		12/20/32		494,552
	236,733		OPIC		3.938		12/20/32		249,545
	941,855		OPIC		3.330		05/15/33		947,006
	967,749		OPIC		3.160		06/01/33		958,528
	1,228,355		OPIC		2.810		07/31/33		1,184,410
	982,684		OPIC		2.940		07/31/33		957,637
	1,474,026		OPIC		3.250		07/31/33		1,472,613
	2,000,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		2,024,312
	1,000,000		PEFCO		3.550		01/15/24		1,064,804
	1,000,000		PEFCO		3.250		06/15/25		1,029,597
	215,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		219,848
	3,871,000		US Department of Housing and Urban Development (HUD)		0.930		08/01/17		3,871,155
	3,176,000		HUD		1.540		08/01/17		3,180,789
	3,000,000		HUD		2.910		08/01/17		3,020,298
	446,000		HUD		5.300		08/01/17		449,711
	122,000		HUD		1.330		08/01/18		122,097
	1,000,000		HUD		1.770		08/01/18		1,006,565
	4,050,000		HUD		3.120		08/01/18		4,148,780
	2,200,000		HUD		4.620		08/01/18		2,296,914
	510,000		HUD		2.050		08/01/19		513,643
	450,000		HUD		4.870		08/01/19		482,083
	1,663,000		HUD		1.980		08/01/20		1,670,814
	410,000		HUD		2.450		08/01/20		419,120
	150,000		HUD		3.430		08/01/20		158,067
	1,361,000		HUD		2.450		08/01/22		1,379,157
	500,000		HUD		2.910		08/01/23		509,857
	1,300,000		HUD		5.380		08/01/27		1,357,156
	2,080,000	i	Housing and Urban Development Corp Ltd		1.467		09/15/30		2,076,564
	3,000,000		Iraq Government AID Bond		2.149		01/18/22		2,988,417
	2,890,000		Montefiore Medical Center		2.152		10/20/26		2,774,836
	2,165,114		MSN 41079 and 41084 Ltd		1.631		12/14/24		2,099,561
	1,504,948		Tortola Leasing LLC		1.581		11/16/24		1,457,707
	2,625,000		Tunisia Government AID Bonds		1.416		08/05/21		2,548,549
	2,700,000		Ukraine Government AID Bonds		1.847		05/29/20		2,704,520
	5,000,000		Ukraine Government AID Bonds		1.471		09/29/21		4,883,480
			TOTAL AGENCY SECURITIES						101,732,139

232

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FOREIGN GOVERNMENT BONDS - 8.5%
$	1,000,000		African Development Bank		2.375	%	09/23/21	$	1,010,211
	2,000,000		Asian Development Bank		2.125		03/19/25		1,944,500
	3,000,000		Canada Government International Bond		1.125		03/19/18		2,998,137
	170,253	g	Carpintero Finance Ltd		2.004		09/18/24		167,647
	2,750,000		Council Of Europe Development Bank		1.000		02/04/19		2,722,525
	2,895,000		European Bank for Reconstruction & Development		1.625		04/10/18		2,892,319
	5,000,000		European Bank for Reconstruction & Development		0.875		07/22/19		4,913,365
	2,225,000		European Investment Bank		2.000		03/15/21		2,224,611
	3,000,000		European Investment Bank		2.125		04/13/26		2,872,617
	3,000,000		Export Development Canada		1.250		12/10/18		3,007,173
	1,000,000		Export Development Canada		1.625		12/03/19		998,358
	1,350,000		Export-Import Bank of Korea		1.750		02/27/18		1,349,694
	5,000,000		Inter-American Development Bank		1.185		07/09/18		4,946,810
	1,000,000		Inter-American Development Bank		1.500		09/25/18		1,001,834
	1,080,000		International Bank for Reconstruction & Development		0.625		07/12/17		1,077,321
	5,000,000		International Finance Corp		1.750		03/30/20		4,998,005
	5,000,000		International Finance Corp		1.546		11/04/21		4,800,065
	2,500,000		International Finance Corp		2.125		04/07/26		2,412,300
	2,500,000		Japan Bank for International Cooperation		1.875		04/20/21		2,446,995
	3,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		2,952,375
	3,000,000		KFW		1.000		01/26/18		2,995,266
	1,000,000		KFW		1.750		10/15/19		1,002,930
	3,000,000		KFW		1.500		04/20/20		2,975,880
	3,000,000		KFW		1.875		11/30/20		2,992,296
	3,050,000	g	Kommunalbanken AS.		1.375		10/26/20		2,987,835
	2,000,000	g	Kommunalbanken AS.		2.125		02/11/25		1,922,204
	4,000,000	g	Kommuninvest I Sverige AB		1.500		04/23/19		3,981,808
	5,000,000		Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		4,977,570
	4,900,000	g	Nacional Financiera SNC		3.375		11/05/20		4,971,050
	5,000,000	g	Nederlandse Waterschapsbank NV		2.375		03/24/26		4,840,120
	5,420,000		North American Development Bank		2.300		10/10/18		5,469,896
	3,100,000		North American Development Bank		4.375		02/11/20		3,289,199
	500,000		Province of Manitoba Canada		3.050		05/14/24		512,746
	250,000		Province of Ontario Canada		1.200		02/14/18		249,618
			TOTAL FOREIGN GOVERNMENT BONDS						94,905,280
MORTGAGE BACKED - 12.4%
	2,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.500		03/15/28		2,063,438
	2,200,000		FHLMC		3.500		08/15/43		2,303,398
	1,934,902		FHLMC		3.500		07/15/46		401,245
	835,103		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500		03/01/27		870,846
	421,247		FGLMC		3.500		04/01/45		433,449
	2,299,649		FGLMC		3.500		10/01/45		2,364,572
	3,045,169	h	FGLMC		4.000		12/01/45		3,219,839
	3,174,620		FGLMC		3.500		08/01/46		3,261,793
	185,362		Federal National Mortgage Association (FNMA)		3.500		11/01/25		194,030
	5,000,000	i	FNMA		2.784		02/25/27		4,917,587
	47,307		FNMA		2.500		07/01/31		47,368
	1,165,343		FNMA		2.500		07/01/31		1,166,840
	280,924		FNMA		2.500		08/01/31		281,285
	69,668		FNMA		2.500		11/01/31		69,759
	22,762		FNMA		2.500		11/01/31		22,791

233

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	63,110		FNMA		2.500	%	12/01/31	$	63,192
	136,888		FNMA		2.500		12/01/31		137,066
	177,979		FNMA		2.500		12/01/31		178,211
	1,955,192		FNMA		2.500		01/01/32		1,957,129
	1,990,878		FNMA		3.500		02/01/32		2,080,228
	400,000	h	FNMA		3.000		04/01/32		410,434
	8,000,000	h	FNMA		3.000		05/25/32		8,189,375
	286,219		FNMA		5.000		10/01/33		313,723
	307,242		FNMA		5.500		01/01/38		344,153
	340,915		FNMA		5.500		11/01/38		395,000
	695,354		FNMA		4.500		08/01/39		754,997
	470,616		FNMA		4.500		10/01/39		512,431
	423,876		FNMA		4.500		04/01/40		460,037
	139,557		FNMA		5.500		04/01/40		155,198
	228,697		FNMA		5.500		07/01/40		256,181
	1,027,178		FNMA		5.000		09/01/40		1,122,685
	123,703		FNMA		6.000		10/01/40		139,844
	134,412		FNMA		4.500		01/01/41		145,297
	1,240,606		FNMA		5.000		04/01/41		1,382,642
	70,319		FNMA		4.500		06/01/42		75,693
	546,086		FNMA		3.000		06/25/42		555,727
	715,873		FNMA		4.500		08/01/42		774,984
	1,002,080		FNMA		3.500		11/25/42		202,685
	709,476		FNMA		4.500		10/01/43		767,244
	160,514		FNMA		4.500		06/01/44		174,882
	761,733		FNMA		4.500		06/01/44		829,806
	356,338		FNMA		4.500		08/01/44		388,163
	675,136		FNMA		4.500		11/01/44		739,610
	1,711,061		FNMA		4.000		12/01/44		1,813,539
	912,976		FNMA		4.000		01/01/45		967,680
	882,897		FNMA		4.500		03/01/45		968,406
	2,720,228		FNMA		4.000		07/01/45		2,874,827
	3,312,165		FNMA		4.000		09/01/45		3,509,740
	1,923,521		FNMA		3.500		01/01/46		1,976,511
	431,717		FNMA		4.000		01/01/46		456,420
	2,928,555		FNMA		3.500		06/01/46		3,009,365
	193,161		FNMA		3.500		10/25/46		55,118
	5,420,428		FNMA		3.000		11/01/46		5,379,247
	5,894,666		FNMA		3.000		12/01/46		5,849,883
	5,106,333		FNMA		3.500		02/01/47		5,226,700
	2,000,000	h	FNMA		3.000		04/25/47		1,983,438
	1,000,000	h	FNMA		3.500		04/25/47		1,022,969
	1,000,000	h	FNMA		4.000		04/25/47		1,048,906
	4,000,000	h	FNMA		4.500		04/25/47		4,289,219
	5,000,000	h	FNMA		3.000		05/25/47		4,949,219
	7,000,000	h	FNMA		3.500		05/25/47		7,145,469
	6,000,000	h	FNMA		4.000		05/25/47		6,281,250
	3,000,000	h	FNMA		3.500		06/25/47		3,055,781
	2,000,000	h	FNMA		4.000		06/25/47		2,089,162
	5,000,000	h	FNMA		4.500		06/25/47		5,342,773
	839,023		Government National Mortgage Association (GNMA)		2.690		06/15/33		821,038
	98,986		GNMA		5.000		10/20/39		109,534
	103,909		GNMA		5.000		06/20/42		111,859

234

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,325,794		GNMA		3.500	%	10/20/42	$	255,773
	369,259		GNMA		3.500		07/15/43		384,692
	758,140		GNMA		3.500		09/20/44		788,841
	1,624,161		GNMA		3.500		11/20/46		330,290
	6,967,566		GNMA		3.000		01/20/47		7,036,873
	3,983,980		GNMA		3.500		01/20/47		4,135,098
	6,000,000		GNMA		3.500		03/20/47		6,227,589
	1,000,000	h	GNMA		3.000		04/20/47		1,008,750
	1,000,000	h	GNMA		3.500		04/20/47		1,036,758
	2,000,000	h	GNMA		4.000		05/20/47		2,108,711
			TOTAL MORTGAGE BACKED						138,776,285
MUNICIPAL BONDS - 14.1%
	2,070,000		American Municipal Power, Inc		5.514		02/15/21		2,237,525
	3,000,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		2,986,110
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,995,040
	1,000,000		California Earthquake Authority		2.805		07/01/19		1,009,030
	2,000,000		California Housing Finance Agency		2.966		08/01/22		2,014,220
	250,000	g	California Pollution Control Financing Authority		5.000		07/01/27		250,952
	500,000	g	California Pollution Control Financing Authority		5.000		07/01/37		501,000
	5,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		5,509,680
	500,000		Chelan County Public Utility District No		3.603		07/01/21		527,310
	2,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		2,407,840
	1,580,000		City & County of Honolulu HI		1.506		10/01/20		1,554,515
	950,000		City & County of Honolulu HI		2.141		10/01/23		930,240
	1,000,000		City & County of Honolulu HI		2.368		10/01/24		972,380
	3,000,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		3,025,200
	3,000,000		City of Chicago IL		7.750		01/01/42		3,085,260
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		2,045,120
	3,200,000	g	City of Compton CA		2.000		06/01/17		3,197,600
	2,000,000		City of Florence SC		4.250		12/01/34		1,895,780
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		254,605
	3,075,000		City of Norfolk VA		3.000		10/01/35		2,869,498
	3,955,000		City of San Francisco CA Public Utilities Commission Water Revenue		2.400		11/01/22		3,949,740
	5,000,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.185		11/01/46		5,006,000
	1,140,000		City of San Juan Capistrano CA		4.090		08/01/36		1,163,256
	885,000		City of San Juan Capistrano CA		4.190		08/01/40		903,036
	345,000		Commonwealth Financing Authority		2.428		06/01/20		346,439
	355,000		Commonwealth Financing Authority		2.675		06/01/21		357,595
	5,000,000		Commonwealth of Massachusetts		3.277		06/01/46		4,578,400
	1,415,000		County of Miami-Dade FL Aviation Revenue		1.183		10/01/18		1,409,425
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,448,955
	1,085,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		1,108,056
	2,250,000		Florida Department of Environmental Protection		5.456		07/01/19		2,440,530
	3,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		3,023,760
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		424,720
	195,000		Guadalupe-Blanco River Authority Industrial Development Corp		1.909		04/15/18		195,856
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,805,287

235

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000		Imperial Irrigation District Electric System Revenue		4.500	%	11/01/40	$	3,040,320
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,022,080
	1,000,000		Lavaca-Navidad River Authority		4.430		08/01/35		1,015,330
	3,720,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,548,136
	2,575,000		Metropolitan Council		1.200		09/01/17		2,576,030
	3,025,000		Metropolitan Council		1.550		09/01/19		3,027,722
	500,000		Michigan Finance Authority		5.000		07/01/22		560,740
	4,000,000		Michigan Finance Authority		3.610		11/01/32		3,804,920
	1,920,000		Midpeninsula Regional Open Space District		0.730		09/01/17		1,917,274
	2,115,000		New York State Environmental Facilities Corp		3.420		07/15/26		2,172,042
	250,000	g	Niagara Area Development Corp		4.000		11/01/24		250,782
	2,805,000		Ohio State Water Development Authority		4.879		12/01/34		3,179,972
	250,000		Oklahoma Water Resources Board		3.071		04/01/22		258,822
	2,225,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		2,303,409
	3,000,000		Pittsburgh Water & Sewer Authority		6.610		09/01/24		3,449,160
	3,350,000		Sacramento Area Flood Control Agency		2.224		10/01/20		3,330,737
	440,000		San Francisco City & County Redevelopment Agency		3.113		08/01/22		443,375
	1,000,000		San Francisco City & County Redevelopment Agency		3.533		08/01/25		1,012,740
	1,425,000		San Francisco City & County Redevelopment Agency		4.375		08/01/44		1,434,077
	2,000,000		South Dakota Conservancy District		1.898		08/01/19		2,011,200
	1,000,000		South Dakota Conservancy District		1.920		08/01/19		1,006,790
	1,000,000		State of California		1.800		04/01/20		990,180
	1,000,000		State of California		3.750		10/01/37		1,017,000
	2,480,000		State of California		4.988		04/01/39		2,615,929
	3,000,000		State of Illinois		5.000		02/01/19		3,111,450
	1,000,000		State of Texas		0.863		08/01/18		992,700
	1,000,000		State of Texas		1.737		08/01/22		967,740
	2,475,000		State of Texas		2.749		10/01/23		2,505,789
	1,000,000		State of Texas		3.576		08/01/34		1,009,440
	1,000,000		State of Texas		3.726		08/01/43		978,420
	3,000,000		Suffolk County Water Authority		4.000		06/01/39		3,127,170
	1,650,000		Syracuse Industrial Development Agency		5.000		01/01/36		1,605,467
	255,000		Texas Public Finance Authority		5.250		07/01/17		255,031
	3,000,000		Texas Water Development Board		4.648		04/15/50		2,965,860
	500,000		University of California		2.676		05/15/21		510,705
	1,230,000		University of Cincinnati		3.500		06/01/32		1,231,599
	2,000,000		University of New Mexico		3.532		06/20/32		2,015,380
	2,000,000		University of Virginia		3.570		04/01/45		2,012,460
	5,000,000		Vermont Educational & Health Buildings Financing Agency		4.000		12/01/42		5,045,650
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		4,992,850
	655,000		Washington County Clean Water Services		4.828		10/01/22		728,805
	530,000		Washington County Clean Water Services		5.078		10/01/24		607,290
	1,245,000		Water Works Board of the City of Birmingham		1.509		01/01/19		1,235,961
	3,000,000		Water Works Board of the City of Birmingham		1.788		01/01/20		2,956,920
	2,005,000		Water Works Board of the City of Birmingham		2.392		01/01/23		1,947,196
	250,000		West Virginia Water Development Authority		5.000		11/01/21		282,963
	1,500,000	h	Yuba City Public Financing Authority		4.320		06/01/42		1,499,010
	1,000,000		Yuba Levee Financing Authority		3.170		09/01/22		1,008,940
			TOTAL MUNICIPAL BONDS						158,013,523

236

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
U.S. TREASURY SECURITIES - 7.5%
$	5,745,000		United States Treasury Bond		2.500	%	05/15/46	$	5,143,119
	37,120,000		United States Treasury Bond		2.875		11/15/46		36,003,505
	5,155,000		United States Treasury Note		1.125		01/31/19		5,144,329
	410,000		United States Treasury Note		1.375		05/31/21		402,665
	9,430,000		United States Treasury Note		1.875		02/28/22		9,408,632
	3,000,000		United States Treasury Note		1.875		03/31/22		2,991,798
	400,000		United States Treasury Note		1.500		03/31/23		386,109
	25,265,000		United States Treasury Note		2.250		02/15/27		24,939,309
			TOTAL U.S. TREASURY SECURITIES						84,419,466
			TOTAL GOVERNMENT BONDS						577,846,693
			(Cost $580,146,578)
STRUCTURED ASSETS - 11.4%
ASSET BACKED - 2.9%
	188,829	i	ACE Securities Corp Home Equity Loan Trust		1.717		08/25/35		187,372
			Series - 2005 HE5 (Class M2)
	13,550		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		13,551
			Series - 2013 1 (Class C)
	150,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		151,801
			Series - 2015 3 (Class D)
	925,000	i	Basic Asset Backed Securities Trust		1.292		04/25/36		880,085
			Series - 2006 1 (Class A3)
	1,000,000	g	Capital Automotive REIT		3.660		10/15/44		974,366
			Series - 2014 1A (Class A)
	1,000,000	g,h,m	Capital Automotive REIT		3.870		04/15/47		999,710
			Series - 2017 1A (Class A1)
	2,157,172	g,i	CBRE Realty Finance		1.309		04/07/52		830,355
			Series - 2007 1A (Class A2)
	980,000	g	DB Master Finance LLC		3.262		02/20/45		985,147
			Series - 2015 1A (Class A2I)
	987,500	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		987,929
			Series - 2015 1A (Class A2I)
	888,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		876,412
			Series - 2015 1A (Class A2II)
	2,107,714	g	HERO Funding Trust		3.840		09/21/40		2,149,868
			Series - 2015 1A (Class A)
	674,861	g	HERO Funding Trust		3.990		09/21/40		678,871
			Series - 2014 2A (Class A)
	4,029,516	g	HERO Funding Trust		3.750		09/20/41		4,095,734
			Series - 2016 2A (Class A)
	1,677,308	g	HERO Funding Trust		4.050		09/20/41		1,723,434
			Series - 2016 1A (Class A)
	2,319,067	g	HERO Funding Trust		3.080		09/20/42		2,290,079
			Series - 2016 3A (Class A1)
	1,286,905	g	HERO Residual Funding		4.500		09/21/42		1,275,242
			Series - 2016 1R (Class A1)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		513,805
			Series - 2010 1A (Class B3)
	73,630	i	Lehman XS Trust		1.232		02/25/36		72,352
			Series - 2006 1 (Class 1A1)
	125,331	g	Orange Lake Timeshare Trust		3.030		07/09/29		124,906
			Series - 2014 AA (Class B)

237

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	31,565	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.762	%	01/25/36	$	31,493
			Series - 2005 WCH1 (Class M2)
	128,145	g	SolarCity LMC		4.800		11/20/38		126,524
			Series - 2013 1 (Class A)
	396,267	g	SolarCity LMC		4.590		04/20/44		391,925
			Series - 2014 1 (Class A)
	870,523	g	SolarCity LMC		4.020		07/20/44		842,486
			Series - 2014 2 (Class A)
	1,615,404	g	SolarCity LMC		4.800		09/20/48		1,623,940
			Series - 2016 A (Class A)
	434,579	g	SpringCastle America Funding LLC		3.050		04/25/29		437,245
			Series - 2016 AA (Class A)
	664,123	i	Structured Asset Securities Corp Mortgage Loan Trust		2.284		04/25/35		626,642
			Series - 2005 7XS (Class 2A1A)
	1,741,062		Toyota Auto Receivables Owner Trust		1.270		05/15/19		1,740,145
			Series - 2015 B (Class A3)
	5,000,000		Toyota Auto Receivables Owner Trust		1.300		04/15/20		4,983,978
			Series - 2016 B (Class A3)
	2,000,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		2,005,498
			Series - 2015 B (Class A4)
			TOTAL ASSET BACKED						32,620,895
OTHER MORTGAGE BACKED - 8.5%
	68,026	g	7 WTC Depositor LLC Trust		4.082		03/13/31		68,803
			Series - 2012 7WTC (Class A)
	171,505	i	Banc of America Commercial Mortgage Trust		5.798		05/10/45		171,258
			Series - 2006 2 (Class C)
	189,799	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		189,536
			Series - 2007 1 (Class AMFX)
	1,000,000	i	Banc of America Commercial Mortgage Trust		5.809		02/10/51		1,021,064
			Series - 2007 4 (Class AJ)
	750,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		708,696
			Series - 2007 4 (Class E)
	2,000,000	i	Banc of America Commercial Mortgage Trust		5.971		02/10/51		1,999,377
			Series - 2007 5 (Class AJ)
	500,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		491,170
			Series - 2007 4 (Class D)
	5,000,000	g	BBCMS Trust		3.593		09/15/32		5,210,459
			Series - 2015 MSQ (Class A)
	2,500,000	g	BBCMS Trust		3.894		09/15/32		2,574,577
			Series - 2015 MSQ (Class B)
	1,120,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.928		09/11/42		1,122,457
			Series - 2007 T28 (Class AJ)
	65,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		66,009
			Series - 2007 C3 (Class AM)
	1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		1,526,304
			Series - 2007 C3 (Class AJ)
	5,000,000	g	COMM Mortgage Trust		3.544		03/10/31		5,022,425
			Series - 2013 WWP (Class C)
	1,510,000	i	Commercial Mortgage Trust		6.147		12/10/49		1,494,800
			Series - 2007 GG11 (Class B)
	3,000,000	i	Connecticut Avenue Securities		5.232		01/25/29		3,184,741
			Series - 2016 C04 (Class 1M2)

238

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,250,000	i	Connecticut Avenue Securities		5.432	%	01/25/29	$	2,404,253
			Series - 2016 C05 (Class 2M2)
	234,337	i	Countrywide Home Loan Mortgage Pass Through Trust		3.124		11/20/34		230,407
			Series - 2004 HYB6 (Class A2)
	670,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		673,575
			Series - 2007 C4 (Class A1AJ)
	2,500,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		2,525,953
			Series - 2007 C4 (Class AJ)
	208,544	i	Credit Suisse Commercial Mortgage Trust		1.173		01/15/49		208,459
			Series - 2007 C2 (Class AMFL)
	1,250,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		1,275,657
			Series - 2007 C2 (Class AJ)
	1,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		1,491,254
			Series - 2007 C1 (Class AM)
	5,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		5,178,238
			Series - 2014 GRCE (Class A)
	2,000,000	i	Greenwich Capital Commercial Funding Corp		5.867		12/10/49		2,023,673
			Series - 2007 GG11 (Class AM)
	2,500,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		2,408,710
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		4,764,082
			Series - 2016 10HY (Class C)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,422,408
			Series - 2016 10HY (Class B)
	38,350	i	Impac CMB Trust		1.642		03/25/35		35,314
			Series - 2004 11 (Class 2A1)
	431,466	i	LB-UBS Commercial Mortgage Trust		6.049		06/15/38		432,081
			Series - 2006 C4 (Class B)
	283,034	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		282,881
			Series - 2006 C3 (Class C)
	710,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		707,326
			Series - 2007 C1 (Class D)
	1,268,906	g,i	LVII Resecuritization Trust		3.611		07/25/47		1,269,699
			Series - 2015 A (Class A)
	1,000,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		1,001,032
			Series - 2007 6 (Class AM)
	4,250,000	g	Morgan Stanley Capital I Trust		3.350		07/13/29		4,398,542
			Series - 2014 CPT (Class A)
	1,090,000	g,i	Morgan Stanley Capital I Trust		3.446		07/13/29		1,113,629
			Series - 2014 CPT (Class B)
	5,000,000	g	Morgan Stanley Capital I Trust		2.695		01/11/32		5,027,353
			Series - 2013 WLSR (Class A)
	1,500,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		1,508,438
			Series - 2007 HQ12 (Class C)
	1,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		945,995
			Series - 2007 IQ15 (Class AJ)
	2,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		2,012,181
			Series - 2007 IQ15 (Class AM)
	2,000,000	i	Morgan Stanley Capital I Trust		6.110		12/12/49		1,846,894
			Series - 2007 IQ16 (Class AJFX)
	3,000,000	g	OBP Depositor LLC Trust		4.646		07/15/45		3,195,619
			Series - 2010 OBP (Class A)

239

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,250,000	g,i	Sequoia Mortgage Trust		3.500	%	04/25/47	$	2,282,695
			Series - 2017 3 (Class A4)
	212,283	i	Structured Agency Credit Risk Debt Note (STACR)		3.382		01/25/25		213,543
			Series - 2015 DN1 (Class M2)
	712,691	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		03/25/25		722,663
			Series - 2015 HQ1 (Class M2)
	250,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.782		03/25/25		268,905
			Series - 2015 HQ1 (Class M3)
	3,500,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.182		10/25/28		3,564,636
			Series - 2016 DNA2 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.332		03/25/29		1,761,945
			Series - 2016 HQA3 (Class M2)
	897,690	i	Wachovia Bank Commercial Mortgage Trust		5.477		01/15/45		896,220
			Series - 2006 C23 (Class F)
	1,155,882	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		1,165,727
			Series - 2006 C27 (Class AJ)
	70,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		71,130
			Series - 2007 C34 (Class AM)
	750,000	i	Wachovia Bank Commercial Mortgage Trust		6.132		05/15/46		752,602
			Series - 2007 C34 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.214		05/15/46		996,800
			Series - 2007 C34 (Class B)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.219		05/15/46		1,989,510
			Series - 2007 C34 (Class C)
	2,250,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		2,257,503
			Series - 2007 C31 (Class AJ)
	500,000	i	Wachovia Bank Commercial Mortgage Trust		5.748		04/15/47		497,840
			Series - 2007 C31 (Class C)
	1,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		1,010,028
			Series - 2007 C32 (Class AMFX)
	2,010,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		1,969,676
			Series - 2007 C32 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		962,900
			Series - 2007 C32 (Class B)
	40,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		40,313
			Series - 2007 C33 (Class AM)
			TOTAL OTHER MORTGAGE BACKED						95,659,965
			TOTAL STRUCTURED ASSETS						128,280,860
			(Cost $128,706,193)
			TOTAL BONDS						1,077,391,500
			(Cost $1,081,869,421)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	250	*	M&T Bank Corp		6.375		12/30/49		277,412
			TOTAL BANKS						277,412
			TOTAL PREFERRED STOCKS						277,412
			(Cost $255,625)

240

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 6.9%
GOVERNMENT AGENCY DEBT - 3.0%
$	34,100,000	Federal Home Loan Bank (FHLB)		0.700	%	04/05/17	$	34,098,704
		TOTAL GOVERNMENT AGENCY DEBT						34,098,704
TREASURY DEBT - 3.9%
	33,200,000	United States Treasury Bill		0.445-0.501		04/13/17		33,193,360
	10,000,000	United States Treasury Bill		0.711-0.726		04/27/17		9,995,200
		TOTAL TREASURY DEBT						43,188,560
		TOTAL SHORT-TERM INVESTMENTS						77,287,264
		(Cost $77,286,686)
		TOTAL INVESTMENTS - 104.3%						1,168,450,923
		(Cost $1,172,834,258)
		OTHER ASSETS & LIABILITIES, NET - (4.3)%						(48,630,607	)
		NET ASSETS - 100.0%					$	1,119,820,316

	Abbreviation(s):
REIT	Real Estate Investment Trust

*	Non-income producing
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 3/31/2017, the aggregate value of these securities was $201,237,193 or 18.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.

241

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

TIAA-CREF FUNDS

TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 97.7%
ALABAMA - 1.0%
$	2,395,000		University of South Alabama		5.000	%	11/01/31	$	2,745,844
			TOTAL ALABAMA						2,745,844
ALASKA - 1.3%
	500,000		Alaska Municipal Bond Bank Authority		5.000		12/01/31		557,075
	2,570,000		Borough of Matanuska-Susitna AK		5.000		09/01/25		2,984,515
			TOTAL ALASKA						3,541,590
ARIZONA - 1.0%
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/24		235,084
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		236,196
	2,000,000		City of Tucson AZ, GO		5.000		07/01/20		2,231,220
	190,000		Pinal County Electric District No 3		5.000		07/01/33		215,371
			TOTAL ARIZONA						2,917,871
CALIFORNIA - 12.3%
	715,000	g	California School Finance Authority		5.000		08/01/25		807,793
	1,395,000	g	City of Compton CA		2.000		06/01/17		1,393,954
	2,000,000		City of Los Angeles Department of Airports		5.000		05/15/27		2,341,100
	2,000,000		County of San Bernardino CA, COP		5.250		08/01/19		2,162,860
	1,715,000		Elk Grove Finance Authority		5.000		09/01/30		1,887,821
	700,000		Kern County Water Agency Improvement District No 4		5.000		05/01/24		832,251
	1,185,000		Livermore Redevelopment Agency		5.000		08/01/21		1,341,444
	450,000		Palmdale Community Redevelopment Agency		5.000		09/01/25		529,578
	550,000		Palmdale Community Redevelopment Agency		5.000		09/01/26		651,431
	415,000		Palmdale Community Redevelopment Agency		5.000		09/01/31		475,246
	1,000,000		Palomar Health		5.000		11/01/25		1,114,940
	750,000		San Diego Public Facilities Financing Authority		5.000		10/15/31		860,903
	800,000		San Francisco City & County Redevelopment Agency		5.000		08/01/25		950,064
	500,000		Santee CDC Successor Agency		5.000		08/01/27		585,210
	3,000,000		State of California		5.000		08/01/24		3,585,300
	3,000,000		State of California		5.000		09/01/24		3,586,920
	1,000,000		State of California		5.000		09/01/24		1,195,640
	2,000,000		State of California, GO		5.000		02/01/22		2,307,300
	1,000,000		State of California, GO		5.000		04/01/22		1,157,720
	5,130,000	g,i	Tender Option Bond Trust Receipts		0.690		11/01/23		5,130,000
	1,710,000		West Contra Costa Unified School District, GO		5.700		02/01/21		1,977,854
			TOTAL CALIFORNIA						34,875,329

242

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COLORADO - 1.5%
$	2,155,000		Colorado Health Facilities Authority		5.000	%	01/01/32	$	2,319,836
	1,000,000		Denver Urban Renewal Authority		5.000		12/01/24		1,189,280
	580,000		Park Creek Metropolitan District		5.000		12/01/23		665,695
			TOTAL COLORADO						4,174,811
CONNECTICUT - 1.9%
	1,250,000		City of New Haven CT		5.000		08/15/24		1,424,612
	1,400,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/22		1,605,618
	2,000,000		University of Connecticut		5.000		03/15/28		2,304,940
			TOTAL CONNECTICUT						5,335,170
DISTRICT OF COLUMBIA - 0.8%
	1,000,000		District of Columbia		5.000		04/01/24		1,177,630
	955,000		District of Columbia		5.000		04/01/27		1,144,329
			TOTAL DISTRICT OF COLUMBIA						2,321,959
FLORIDA - 4.5%
	1,260,000		City of Lakeland FL		5.000		11/15/26		1,462,167
	1,695,000		City of Miami Beach FL		5.000		09/01/24		2,007,490
	1,000,000		County of Orange FL		5.000		10/01/21		1,134,630
	1,225,000		JEA Electric System Revenue		5.000		10/01/21		1,402,992
	1,250,000		Miami Beach Redevelopment Agency		5.000		02/01/24		1,468,825
	1,375,000		Miami-Dade County Expressway Authority		5.000		07/01/31		1,582,226
	500,000		Orange County Health Facilities Authority		5.000		10/01/27		582,495
	2,180,000		Port St. Lucie Community Redevelopment Agency		5.000		01/01/26		2,592,194
	500,000		School District of Broward County		5.000		07/01/31		576,225
			TOTAL FLORIDA						12,809,244
GEORGIA - 1.2%
	1,000,000		City of Atlanta Department of Aviation		5.000		01/01/24		1,183,380
	1,130,000		Private Colleges & Universities Authority		5.000		04/01/17		1,130,000
	1,000,000	g,i	Tender Option Bond Trust Receipts		0.940		08/01/17		1,000,000
			TOTAL GEORGIA						3,313,380
GUAM - 0.4%
	1,000,000		Territory of Guam		5.000		12/01/30		1,103,910
			TOTAL GUAM						1,103,910
HAWAII - 0.4%
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/41		1,090,800
			TOTAL HAWAII						1,090,800
ILLINOIS - 9.9%
	2,000,000		Chicago Midway International Airport		5.000		01/01/26		2,305,400
	400,000		Chicago Park District		5.000		01/01/23		447,012
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,084,150
	2,085,000		Chicago State University		5.500		12/01/23		2,233,389
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,352,382

243

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		City of Chicago IL Motor Fuel Tax Revenue		5.000	%	01/01/24	$	1,064,580
	1,500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,651,740
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/23		1,108,570
	1,500,000		City of Chicago IL, GO		5.500		01/01/35		1,483,125
	650,000		City of Chicago IL, GO		5.500		01/01/37		637,669
	500,000		City of Chicago IL, GO		5.500		01/01/42		486,775
	500,000		Cook County School District No 25 Arlington Heights		5.000		12/15/23		586,690
	1,750,000		County of Cook IL		5.000		11/15/31		1,923,617
	400,000		Illinois Finance Authority		5.000		05/01/21		442,896
	500,000		Illinois Finance Authority		5.000		11/01/21		559,880
	1,200,000		Illinois Finance Authority		5.000		08/15/25		1,411,188
	2,000,000		Metropolitan Water Reclamation District of Greater Chicago		5.000		12/01/30		2,295,120
	2,000,000		State of Illinois		5.000		02/01/18		2,050,780
	695,000		State of Illinois		5.000		06/15/24		799,354
	2,000,000		State of Illinois		5.000		06/01/28		2,065,140
	1,500,000		State of Illinois, GO		5.000		06/15/19		1,613,220
	525,000		State of Illinois, GO		6.250		12/15/20		565,299
			TOTAL ILLINOIS						28,167,976
INDIANA - 1.6%
	2,120,000		Indiana Bond Bank		5.250		04/01/19		2,278,682
	1,940,000		Indianapolis Local Public Improvement Bond Bank		5.500		01/01/21		2,196,099
			TOTAL INDIANA						4,474,781
KANSAS - 1.0%
	1,680,000	g,i	JPMorgan Chase Putters		1.160		06/01/32		1,680,000
	1,000,000		Wyandotte County-Kansas City Unified Government Utility System Revenue		5.000		09/01/22		1,151,310
			TOTAL KANSAS						2,831,310
KENTUCKY - 1.8%
	2,000,000		Kentucky Turnpike Authority		5.000		07/01/26		2,375,620
	1,250,000		Paducah Electric Plant Board		5.000		10/01/34		1,396,000
	1,250,000		Paducah Electric Plant Board		5.000		10/01/35		1,390,675
			TOTAL KENTUCKY						5,162,295
LOUISIANA - 0.8%
	1,000,000		Louisiana Public Facilities Authority		5.250		10/01/24		1,163,150
	1,000,000		State of Louisiana		5.000		08/01/26		1,185,680
			TOTAL LOUISIANA						2,348,830
MARYLAND - 0.5%
	1,400,000		Maryland Economic Development Corp		5.000		03/31/36		1,517,656
			TOTAL MARYLAND						1,517,656
MASSACHUSETTS - 1.6%
	1,040,000		Massachusetts Department of Transportation		5.000		01/01/32		1,126,778
	625,000	h	Massachusetts Development Finance Agency		5.000		07/01/21		697,738
	1,000,000		Massachusetts Development Finance Agency		5.000		04/15/25		1,108,610
	500,000		Massachusetts Development Finance Agency		5.000		12/01/29		583,730

244

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Massachusetts Development Finance Agency		5.000	%	12/01/31	$	866,737
	10,000	Massachusetts School Building Authority		5.000		08/15/37		10,151
		TOTAL MASSACHUSETTS						4,393,744
MICHIGAN - 7.1%
	1,190,000	Lansing Community College		5.000		05/01/32		1,340,547
	4,000,000	Michigan Finance Authority		5.000		04/01/21		4,406,160
	1,500,000	Michigan Finance Authority		5.000		07/01/22		1,697,970
	2,000,000	Michigan Finance Authority		5.000		04/01/25		2,282,260
	2,000,000	Michigan Finance Authority		5.000		11/15/28		2,276,240
	1,100,000	Michigan Finance Authority		5.000		07/01/35		1,184,502
	1,650,000	Michigan Finance Authority		5.000		07/01/44		1,751,211
	2,000,000	Michigan Finance Authority, GO		5.000		05/01/18		2,079,400
	1,000,000	Michigan Finance Authority, GO		5.000		05/01/20		1,095,840
	1,000,000	Michigan Finance Authority, GO		5.000		10/01/22		1,168,810
	500,000	Michigan State Building Authority		5.000		04/15/22		574,505
	425,000	Rochester Community School District		4.500		05/01/20		462,069
		TOTAL MICHIGAN						20,319,514
MINNESOTA - 1.9%
	1,000,000	Minnesota Rural Water Finance Authority, Inc		2.000		10/01/17		1,004,620
	500,000	Northern Municipal Power Agency		5.000		01/01/26		604,105
	500,000	Northern Municipal Power Agency		5.000		01/01/28		584,725
	1,715,000	University of Minnesota		5.000		08/01/21		1,962,938
	1,000,000	Western Minnesota Municipal Power Agency		5.000		01/01/22		1,151,090
		TOTAL MINNESOTA						5,307,478
MISSISSIPPI - 2.6%
	750,000	Mississippi Development Bank		5.000		04/01/23		851,902
	1,500,000	Mississippi Development Bank		5.000		03/01/24		1,737,480
	750,000	Mississippi Development Bank		5.000		04/01/24		857,655
	1,250,000	Mississippi Development Bank		5.000		03/01/25		1,460,188
	1,045,000	Mississippi Development Bank		5.000		03/01/26		1,228,680
	1,000,000	Mississippi Development Bank		5.000		03/01/35		1,111,460
		TOTAL MISSISSIPPI						7,247,365
MISSOURI - 4.1%
	1,225,000	City of Kansas City MO		5.000		10/01/26		1,428,374
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/24		1,178,570
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/25		1,184,800
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/26		1,175,440
	3,500,000	Health & Educational Facilities Authority of the State of Missouri		5.000		02/01/35		3,664,395
	500,000	St. Louis Land Clearance for Redevelopment Authority		3.000		06/01/18		506,650
	450,000	St. Louis Land Clearance for Redevelopment Authority		4.000		06/01/20		470,768
	1,745,000	St. Louis Municipal Finance Corp		5.000		02/15/26		2,007,413
		TOTAL MISSOURI						11,616,410

245

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
NEBRASKA - 0.8%
$	300,000	Omaha Airport Authority		5.000	%	12/15/21	$	341,571
	250,000	Omaha Airport Authority		5.000		12/15/22		287,842
	350,000	Omaha Airport Authority		5.000		12/15/23		406,662
	1,050,000	Public Power Generation Agency		5.000		01/01/22		1,182,090
		TOTAL NEBRASKA						2,218,165
NEVADA - 0.4%
	1,000,000	Las Vegas Redevelopment Agency		5.000		06/15/26		1,144,060
		TOTAL NEVADA						1,144,060
NEW JERSEY - 0.8%
	1,000,000	New Jersey Educational Facilities Authority		5.000		07/01/27		1,185,120
	1,000,000	New Jersey Transportation Trust Fund Authority		5.000		06/15/20		1,062,020
		TOTAL NEW JERSEY						2,247,140
NEW YORK - 7.5%
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/25		1,156,700
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/26		1,160,000
	1,000,000	County of Nassau NY		5.000		10/01/26		1,190,470
	1,000,000	Metropolitan Transportation Authority		5.000		11/15/20		1,128,210
	1,235,000	Metropolitan Transportation Authority		5.000		11/15/38		1,372,690
	5,000,000	New York City Water & Sewer System		5.250		06/15/40		5,388,500
	1,495,000	New York Counties Tobacco Trust VI		2.450		06/01/42		1,512,163
	2,250,000	New York State Dormitory Authority		5.000		10/01/17		2,296,238
	375,000	New York Transportation Development Corp		5.000		07/01/30		415,605
	1,000,000	New York Transportation Development Corp		5.000		08/01/31		1,044,930
	1,385,000	Troy Capital Resource Corp		5.000		08/01/24		1,602,279
	750,000	Utility Debt Securitization Authority		5.000		06/15/24		871,725
	1,000,000	Westchester County Local Development Corp		5.000		11/01/24		1,132,380
	1,000,000	Westchester County Local Development Corp		5.000		11/01/25		1,137,210
		TOTAL NEW YORK						21,409,100
NORTH CAROLINA - 1.8%
	1,355,000	County of Duplin NC		5.000		04/01/27		1,602,260
	900,000	North Carolina Medical Care Commission		5.000		10/01/18		936,171
	240,000	North Carolina Medical Care Commission		4.000		10/01/19		249,283
	2,000,000	North Carolina Medical Care Commission		5.000		06/01/34		2,141,940
	200,000	North Carolina Turnpike Authority		5.000		01/01/22		226,122
		TOTAL NORTH CAROLINA						5,155,776
NORTH DAKOTA - 0.3%
	1,000,000	North Dakota Housing Finance Agency		2.400		01/01/26		969,920
		TOTAL NORTH DAKOTA						969,920
OHIO - 2.0%
	115,000	American Municipal Power, Inc		5.250		02/15/33		118,603
	1,200,000	City of Cleveland OH Airport System Revenue		5.000		01/01/24		1,385,748
	1,000,000	Cleveland-Cuyahoga County Port Authority		5.000		08/01/44		1,065,600
	1,660,000	State of Ohio, GO		5.000		01/15/21		1,849,904
	1,000,000	State of Ohio, GO		5.000		08/01/21		1,145,480
		TOTAL OHIO						5,565,335

246

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
OREGON - 0.7%
$	1,000,000	Port of Portland OR		5.000	%	07/01/21	$	1,126,090
	1,000,000	Port of Portland OR		5.000		07/01/22		1,141,530
		TOTAL OREGON						2,267,620
PENNSYLVANIA - 5.3%
	1,100,000	Allegheny County Higher Education Building Authority		5.000		03/01/29		1,270,786
	480,000	Borough of Columbia PA		4.000		06/15/38		493,819
	2,500,000	City of Chester PA		7.250		12/15/17		2,500,000
	250,000	Coatesville School District		4.000		08/01/20		269,585
	500,000	Coatesville School District		5.000		08/01/21		567,795
	2,000,000	Commonwealth of Pennsylvania		5.000		09/15/23		2,326,900
	795,000	Montgomery County Industrial Development Authority		3.000		01/01/18		795,382
	2,000,000	Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,297,100
	2,500,000	Pennsylvania State University		5.000		03/01/40		2,723,950
	340,000	Scranton School District		3.000		06/15/20		340,629
	1,155,000	State Public School Building Authority		5.000		05/01/25		1,332,015
		TOTAL PENNSYLVANIA						14,917,961
RHODE ISLAND - 2.8%
	810,000	Rhode Island Health & Educational Building Corp		4.000		05/15/20		858,867
	815,000	Rhode Island Health & Educational Building Corp		5.000		05/15/21		904,210
	2,000,000	Rhode Island Health & Educational Building Corp		5.000		09/01/21		2,293,640
	1,420,000	Rhode Island Health & Educational Building Corp		5.000		05/15/22		1,592,928
	2,000,000	State of Rhode Island, GO		5.000		08/01/21		2,276,560
		TOTAL RHODE ISLAND						7,926,205
SOUTH CAROLINA - 0.1%
	250,000	Piedmont Municipal Power Agency		5.000		01/01/24		290,720
		TOTAL SOUTH CAROLINA						290,720
SOUTH DAKOTA - 0.6%
	390,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/22		450,286
	415,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/23		484,355
	500,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/24		588,380
	465,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/25		553,401
		TOTAL SOUTH DAKOTA						2,076,422
TENNESSEE - 0.1%
	350,000	Knox County Health Educational & Housing Facility Board		5.000		04/01/20		378,938
		TOTAL TENNESSEE						378,938
TEXAS - 6.9%
	400,000	City of Austin TX Airport System Revenue		5.000		11/15/27		478,536
	900,000	City of Austin TX Airport System Revenue		5.000		11/15/39		985,077
	1,165,000	City of Frisco TX, GO		5.500		02/15/25		1,210,854
	1,500,000	City of Lubbock TX		5.000		02/15/25		1,793,265
	550,000	Dallas County Utility & Reclamation District		5.000		02/15/26		648,136
	1,105,000	Love Field Airport Modernization Corp		5.250		11/01/40		1,188,218

247

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	665,000		Southlake Community Enhancement & Development Corp		5.000	%	02/15/23	$	764,484
	3,000,000		State of Texas		5.000		10/01/23		3,555,150
	455,000		Tarrant County Cultural Education Facilities Finance Corp		4.000		11/15/18		464,760
	1,750,000		Tarrant County Cultural Education Facilities Finance Corp		5.000		11/15/35		1,724,887
	1,000,000		Tarrant County Cultural Education Facilities Finance Corp		5.000		11/15/36		980,350
	1,400,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/22		1,595,804
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,643,123
	1,000,000		University of North Texas		5.000		04/15/24		1,181,390
	1,000,000		University of North Texas		5.000		04/15/27		1,206,720
			TOTAL TEXAS						19,420,754
UTAH - 0.7%
	1,000,000		Salt Lake City Corp Airport Revenue		5.000		07/01/22		1,145,260
	1,000,000		Utah Transit Authority		4.000		12/15/31		1,058,340
			TOTAL UTAH						2,203,600
VIRGIN ISLANDS - 3.8%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,213,400
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,642,250
	6,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		5,991,420
			TOTAL VIRGIN ISLANDS						10,847,070
VIRGINIA - 0.1%
	250,000		Alexandria Industrial Development Authority		3.000		10/01/17		252,235
			TOTAL VIRGINIA						252,235
WASHINGTON - 3.8%
	2,705,000		Central Puget Sound Regional Transit Authority		5.250		02/01/21		2,978,124
	1,955,000		Energy Northwest		5.000		07/01/23		2,281,114
	2,000,000		Skagit County Public Hospital District No		5.625		12/01/25		2,062,940
	3,000,000		State of Washington, GO		5.250		02/01/22		3,498,570
			TOTAL WASHINGTON						10,820,748
			TOTAL LONG-TERM MUNICIPAL BONDS						277,729,036
			(Cost $278,888,044)
			TOTAL INVESTMENTS - 97.7%						277,729,036
			(Cost $278,888,044)
			OTHER ASSETS & LIABILITIES, NET - 2.3%						6,430,961
			NET ASSETS - 100.0%					$	284,159,997

	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 3/31/2017, the aggregate value of these securities was $20,858,817 or 7.3% 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.

248

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

March 31, 2017

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 99.9%
GOVERNMENT AGENCY DEBT - 62.1%
$	2,220,000	Federal Agricultural Mortgage Corp (FAMC)		0.550	%	04/03/17	$	2,219,932
	2,250,000	FAMC		0.740		05/10/17		2,248,196
	10,150,000	FAMC		0.575-0.700		06/01/17		10,139,493
	2,000,000	FAMC		0.760		06/09/17		1,997,087
	2,000,000	FAMC		0.850		06/23/17		1,996,081
	5,000,000	FAMC		0.630-0.740		07/27/17		4,989,439
	2,390,000	Federal Farm Credit Bank (FFCB)		0.490		04/04/17		2,389,902
	2,000,000	FFCB		0.720		04/25/17		1,999,040
	3,435,000	FFCB		0.730		05/09/17		3,432,353
	10,000,000	FFCB		0.540		05/10/17		9,994,150
	200,000	FFCB		0.720		05/25/17		199,784
	5,000,000	FFCB		0.580		07/06/17		4,992,267
	783,000	FFCB		0.650		07/12/17		781,558
	3,500,000	FFCB		0.810		07/25/17		3,490,944
	600,000	FFCB		0.900-0.920		09/08/17		597,582
	500,000	FFCB		0.920		09/19/17		497,815
	282,000	FFCB		0.720		10/02/17		280,962
	2,000,000	FFCB		0.750		10/16/17		1,991,750
	11,095,000	Federal Home Loan Bank (FHLB)		0.500-0.630		04/04/17		11,094,520
	6,025,000	FHLB		0.530-0.560		04/05/17		6,024,641
	2,000,000	FHLB		0.570		04/06/17		1,999,842
	13,295,000	FHLB		0.535-0.730		04/07/17		13,293,725
	12,500,000	FHLB		0.520-0.545		04/10/17		12,498,349
	15,065,000	FHLB		0.520-0.530		04/11/17		15,062,796
	3,400,000	FHLB		0.500-0.600		04/13/17		3,399,360
	12,200,000	FHLB		0.530-0.690		04/18/17		12,196,886
	3,874,000	FHLB		0.540-0.770		04/19/17		3,872,690
	3,400,000	FHLB		0.660		04/20/17		3,398,816
	5,250,000	FHLB		0.525-0.750		04/21/17		5,248,062
	11,660,000	FHLB		0.490-0.780		04/24/17		11,655,586
	7,000,000	FHLB		0.530-0.650		04/25/17		6,997,367
	13,300,000	FHLB		0.545-0.630		04/26/17		13,294,914
	20,775,000	FHLB		0.555-0.760		04/28/17		20,763,755
	8,000,000	FHLB		0.650		05/01/17		7,995,667
	3,570,000	FHLB		0.700		05/02/17		3,567,848
	2,520,000	FHLB		0.750		05/03/17		2,518,320
	5,000,000	FHLB		0.620		05/04/17		4,997,158
	3,000,000	FHLB		0.770		05/05/17		2,997,818
	5,000,000	FHLB		0.650-0.755		05/08/17		4,996,336
	4,570,000	FHLB		0.760		05/09/17		4,566,334
	1,185,000	FHLB		0.555		05/12/17		1,184,251
	4,550,000	FHLB		0.670-0.780		05/15/17		4,545,868
	2,260,000	FHLB		0.760		05/16/17		2,257,853
	7,500,000	FHLB		0.670-0.710		05/17/17		7,493,349

249

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	14,000,000	FHLB		0.555-0.780	%	05/19/17	$	13,988,517
	5,000,000	FHLB		0.760		05/23/17		4,994,511
	5,000,000	FHLB		0.765		05/24/17		4,994,369
	11,596,000	FHLB		0.760-0.800		05/26/17		11,582,325
	700,000	FHLB		0.800		05/31/17		699,067
	2,000,000	FHLB		0.725		06/02/17		1,997,503
	3,285,000	FHLB		0.765		06/06/17		3,280,393
	2,000,000	FHLB		0.790		06/07/17		1,997,059
	980,000	FHLB		0.670-0.800		06/09/17		978,541
	6,000,000	FHLB		0.800		06/14/17		5,990,133
	4,000,000	FHLB		0.790		06/16/17		3,993,329
	7,025,000	FHLB		0.785-0.810		06/21/17		7,012,478
	5,800,000	FHLB		0.650-0.830		06/28/17		5,790,432
	565,000	FHLB		0.820		06/30/17		563,842
	7,097,000	FHLB		0.625-0.775		07/05/17		7,083,316
	7,640,000	FHLB		0.800-0.850		07/12/17		7,622,606
	1,320,000	FHLB		0.830-0.850		07/14/17		1,316,839
	4,000,000	FHLB		0.640		07/19/17		3,992,249
	4,300,000	FHLB		0.650-0.840		07/25/17		4,290,889
	3,250,000	FHLB		0.640		07/26/17		3,243,298
	5,000,000	FHLB		0.635		07/28/17		4,989,593
	1,220,000	FHLB		0.650		08/02/17		1,217,291
	2,365,000	FHLB		0.643-0.645		08/09/17		2,359,502
	500,000	FHLB		0.900		08/15/17		498,300
	600,000	FHLB		0.880		08/18/17		597,961
	4,500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.560		04/06/17		4,499,650
	5,910,000	FHLMC		0.520		04/17/17		5,908,634
	7,845,000	FHLMC		0.470-0.515		04/21/17		7,842,826
	3,000,000	FHLMC		0.510		04/25/17		2,998,980
	3,417,000	FHLMC		0.740		04/26/17		3,415,244
	3,580,000	FHLMC		0.670-0.680		05/03/17		3,577,863
	2,000,000	FHLMC		0.750		05/11/17		1,998,333
	5,492,000	FHLMC		0.515-0.770		05/15/17		5,487,027
	13,780,000	FHLMC		0.535-0.650		05/22/17		13,768,247
	4,000,000	FHLMC		0.620-0.790		06/01/17		3,995,222
	5,000,000	FHLMC		0.675		06/05/17		4,993,906
	2,235,000	FHLMC		0.740		06/09/17		2,231,830
	280,000	FHLMC		0.770		06/15/17		279,551
	3,000,000	FHLMC		0.720		06/19/17		2,995,260
	5,000,000	FHLMC		0.750		06/20/17		4,991,667
	3,050,000	FHLMC		0.755		06/22/17		3,044,755
	5,000,000	FHLMC		0.800		06/26/17		4,990,444
	4,839,000	FHLMC		0.790		07/03/17		4,829,124
	3,000,000	FHLMC		0.600		07/17/17		2,994,650
	810,000	FHLMC		0.640		07/20/17		808,416
	3,000,000	FHLMC		0.820		08/03/17		2,991,527
	4,000,000	FHLMC		0.800		08/08/17		3,988,533
	500,000	FHLMC		0.750		08/24/17		498,490
	1,135,000	FHLMC		0.920		09/15/17		1,130,156
	3,000,000	FHLMC		0.715		10/02/17		2,989,037
	11,309,000	Federal National Mortgage Association (FNMA)		0.470-0.590		04/03/17		11,308,666
	11,060,000	FNMA		0.500-0.525		04/05/17		11,059,383
	12,585,000	FNMA		0.503-0.540		04/12/17		12,583,036

250

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	5,050,000	FNMA		0.520	%	04/17/17	$	5,048,833
	1,520,000	FNMA		0.510		04/18/17		1,519,634
	10,560,000	FNMA		0.475-0.650		04/19/17		10,557,188
	1,952,000	FNMA		0.540		04/21/17		1,951,414
	3,215,000	FNMA		0.490		04/24/17		3,213,994
	2,000,000	FNMA		0.720		05/01/17		1,998,800
	5,000,000	FNMA		0.720		05/02/17		4,996,900
	6,050,000	FNMA		0.720		05/03/17		6,046,128
	10,000,000	FNMA		0.510		05/05/17		9,995,183
	5,000,000	FNMA		0.540		05/08/17		4,997,225
	10,000,000	FNMA		0.540		05/12/17		9,993,850
	5,000,000	FNMA		0.730		05/16/17		4,995,437
	5,250,000	FNMA		0.550-0.650		05/17/17		5,245,735
	3,870,000	FNMA		0.660		05/24/17		3,866,240
	5,000,000	FNMA		0.550		06/14/17		4,994,347
	4,000,000	FNMA		0.775		06/21/17		3,993,025
	2,000,000	FNMA		0.780		06/28/17		1,996,187
	5,000,000	FNMA		0.595		07/12/17		4,991,571
	2,000,000	FNMA		0.780		08/01/17		1,994,713
		TOTAL GOVERNMENT AGENCY DEBT						571,831,650
TREASURY DEBT - 21.5%
	5,000,000	United States Treasury Bill		0.506		04/06/17		4,999,649
	10,750,000	United States Treasury Bill		0.465-0.535		04/13/17		10,748,207
	10,000,000	United States Treasury Bill		0.465-0.570		04/20/17		9,997,172
	12,370,000	United States Treasury Bill		0.480-0.595		04/27/17		12,365,504
	8,710,000	United States Treasury Bill		0.560-0.630		05/04/17		8,705,309
	11,530,000	United States Treasury Bill		0.503-0.677		05/11/17		11,523,034
	12,950,000	United States Treasury Bill		0.519-0.725		05/18/17		12,939,260
	9,210,000	United States Treasury Bill		0.493-0.702		05/25/17		9,202,514
	12,185,000	United States Treasury Bill		0.545-0.705		06/08/17		12,169,753
	2,000,000	United States Treasury Bill		0.775		06/15/17		1,996,771
	9,000,000	United States Treasury Bill		0.730-0.760		06/22/17		8,984,803
	9,355,000	United States Treasury Bill		0.749-0.788		06/29/17		9,337,297
	6,000,000	United States Treasury Bill		0.579-0.586		07/13/17		5,989,986
	2,000,000	United States Treasury Bill		0.791		08/03/17		1,994,554
	8,000,000	United States Treasury Bill		0.627-0.635		08/10/17		7,981,660
	11,725,000	United States Treasury Bill		0.612-0.785		08/17/17		11,694,304
	10,000,000	United States Treasury Bill		0.665-0.794		08/24/17		9,970,998
	2,200,000	United States Treasury Bill		0.803		08/31/17		2,192,546
	1,250,000	United States Treasury Note		0.875		05/15/17		1,250,425
	8,000,000	United States Treasury Note		0.625		05/31/17		8,000,326
	2,000,000	United States Treasury Note		0.750		06/30/17		2,000,738
	2,000,000	United States Treasury Note		0.500		07/31/17		1,999,244
	5,000,000	United States Treasury Note		0.625		07/31/17		4,999,429
	5,000,000	United States Treasury Note		0.875		08/15/17		5,003,777
	8,000,000	United States Treasury Note		0.625		08/31/17		7,997,917
	8,000,000	United States Treasury Note		1.000		09/15/17		8,010,801
	2,000,000	United States Treasury Note		0.875		11/15/17		1,999,312
	3,210,000	United States Treasury Note		1.000		12/15/17		3,210,660
		TOTAL TREASURY DEBT						197,265,950

251

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
VARIABLE RATE SECURITIES - 16.3%
$	4,800,000	i	Federal Agricultural Mortgage Corp (FAMC)		0.992	%	06/07/17	$	4,800,000
	4,750,000	i	FAMC		0.890		09/06/17		4,750,000
	5,000,000	i	FAMC		0.970		10/27/17		5,000,000
	5,000,000	i	FAMC		1.030		03/23/18		5,000,000
	3,000,000	i	Federal Farm Credit Bank (FFCB)		1.000		04/10/17		3,000,000
	10,000,000	i	FFCB		1.150		05/30/17		10,001,966
	14,000,000	i	FFCB		0.907		06/15/17		13,999,722
	4,000,000	i	FFCB		1.040		06/27/17		3,999,230
	3,000,000	i	FFCB		0.923		07/17/17		2,999,941
	4,700,000	i	FFCB		0.870		08/04/17		4,698,541
	5,000,000	i	FFCB		0.809		08/15/17		5,000,000
	2,200,000	i	FFCB		1.007		11/13/17		2,199,927
	3,000,000	i	FFCB		1.020		01/22/18		3,004,076
	3,400,000	i	FFCB		0.839		02/02/18		3,396,848
	3,000,000	i	FFCB		1.127		02/23/18		2,999,596
	2,900,000	i	FFCB		1.020		03/09/18		2,895,878
	2,000,000	i	FFCB		1.012		03/22/18		1,998,043
	4,000,000	i	FFCB		1.130		05/17/18		4,000,910
	5,000,000	i	FFCB		0.747		08/08/18		5,000,066
	4,700,000	i	FFCB		1.150		08/10/18		4,701,289
	3,000,000	i	FFCB		1.012		08/27/18		2,999,778
	4,500,000	i	FFCB		0.893		09/17/18		4,499,337
	2,000,000	i	FFCB		0.886		11/14/18		1,999,753
	5,000,000	i	Federal Home Loan Bank (FHLB)		0.903		02/23/18		5,000,620
	4,000,000	i	FHLB		0.765		04/20/18		4,000,163
	7,000,000	i	FHLB		0.830		01/18/19		7,000,355
	3,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		1.022		04/27/17		2,999,956
	7,000,000	i	FHLMC		1.106		07/21/17		6,999,781
	4,700,000	i	FHLMC		0.924		11/13/17		4,700,000
	4,044,000	i	Federal National Mortgage Association (FNMA)		0.998		07/20/17		4,043,002
	5,000,000	i	FNMA		0.938		08/16/17		4,999,810
	7,000,000	i	FNMA		0.840		10/05/17		6,998,272
			TOTAL VARIABLE RATE SECURITIES						149,686,860
			TOTAL SHORT-TERM INVESTMENTS						918,784,460
			(Cost $918,784,460)
			TOTAL INVESTMENTS- 99.9%						918,784,460
			(Cost $918,784,460)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						679,097
			NET ASSETS - 100.0%					$	919,463,557

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

252

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 or portfolio 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, Money Market Fund and Real Estate Securities Fund (eleven of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”), as of March 31, 2017, the results of each of their operations for the year then ended, 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 as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 18, 2017

253

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 18, 2017	By:	/s/Bradley Finkle
		Bradley Finkle
		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 18, 2017	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated:  May 18, 2017	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		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

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Bradley Finkle, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: May 18, 2017	/s/Bradley Finkle
	Bradley Finkle
	Principal Executive Officer and President
	(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: May 18, 2017	/s/E. Scott Wickerham
	E. Scott Wickerham
	Principal Financial Officer, Principal Accounting
	Officer and Treasurer
	(principal financial officer)

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION

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

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

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

Dated: May 18, 2017	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: May 18, 2017	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)