N-CSRS

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: September 30, 2017

Item 1. Reports to Stockholders.

Semiannual Report

September 30, 2017

TIAA-CREF Real Estate Securities Fund

of the TIAA-CREF Funds

The semiannual report contains the financial statements (unaudited).

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
Financial statements (unaudited)
Statement of assets and liabilities	15
Statement of operations	17
Statements of changes in net assets	18
Financial highlights	20
Notes to financial statements	22
How to reach us	Inside back cover

Understanding your fund report

This semiannual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended September 30, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life 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 September 30, 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 Semiannual Report 3

Letter to investors

Real estate investment trusts (REITs) posted gains for the six months ended September 30, 2017. REITs advanced on moderate growth in the U.S. economy, favorable property fundamentals and the continuation of a historically low interest-rate environment. However, their momentum slowed from the same reporting period in 2016, primarily due to expectations of future interest-rate hikes, including the June 2017 increase to 1.00%–1.25% in the Federal Reserve’s federal funds target rate.

• REITs, as measured by the FTSE NAREIT All Equity REITs Index, returned 3.4% for the six months. For the one-year period ended September 30, 2017, REITs gained 2.6%.

• Most of the index’s 16 property sectors and subsectors advanced during the period, with the industrial, data centers and infrastructure sectors showing the greatest strength. However, the index’s performance was offset in part by weakness in retail real estate.

• TIAA-CREF Real Estate Securities Fund (Institutional Class) posted a solid single-digit return and surpassed its benchmark, mainly due to favorable security selection.

REITs continued to deliver positive returns during the period, benefiting from continued low interest rates and investors’ appetites for the potentially higher yields offered as a result of REITs’ mandatory dividend distributions. At the same time, however, they were constrained by the effects of rising interest rates, which can dampen the performance of this asset class.

REITs outperform bonds, but lag U.S. equities

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 sensitive to fluctuations in interest rates. At the same time, because they invest in individual companies, REITs trade like equity securities.

During the six-month period, the FTSE NAREIT All Equity REITs Index surpassed the 2.3% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. However, when compared with the 7.7% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index, REITs lagged by a fairly wide margin.

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

 

Brad Finkle

As a long-term investment,

REITs may have a role to play

Many of the fundamental attributes of REITs have remained stable over the past several years. REITs invest in a broad array of real estate properties, and each sector possesses unique characteristics, including their individual supply/demand dynamics. A professionally managed mutual fund of REIT securities, representing the various commercial and retail sectors of the REIT universe, has the potential to add value as a diversification tool when employed as part of a broader investment portfolio containing stocks, bonds and other investable assets. (Of course, diversification does not guarantee against market loss.)

REITs have delivered solid results over the past several years. They have meaningfully outperformed the broad U.S. investment-grade bond universe during the past three-, five- and ten-year periods, but trailed the broad U.S. stock market during those same time periods. (Past performance is no guarantee of future results.) As always, you can visit TIAA.org for more information on asset class performance.

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. We would be pleased to assist you.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments

TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual 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. The members of this team are responsible for the day-to-day investment management of the fund.

6 2017 Semiannual 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 (April 1, 2017–September 30, 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 Semiannual Report 7

Important information about expenses

Expense example

Six months ended September 30, 2017

					Expenses paid
Real Estate Securities Fund	Beginning account value (4/1/17)		Ending account value (9/30/17)		during period (4/1/17– 9/30/17)		*
Institutional Class
Actual return		$1,000.00		$1,052.82		$2.57
5% annual hypothetical return		1,000.00		1,022.56		2.54
Advisor Class
Actual return		1,000.00		1,052.15		3.29
5% annual hypothetical return		1,000.00		1,021.86		3.24
Premier Class
Actual return		1,000.00		1,052.59		3.34
5% annual hypothetical return		1,000.00		1,021.81		3.29
Retirement Class
Actual return		1,000.00		1,051.45		3.86
5% annual hypothetical return		1,000.00		1,021.31		3.80
Retail Class
Actual return		1,000.00		1,050.88		4.16
5% annual hypothetical return		1,000.00		1,021.01		4.10

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.50% for the Institutional Class, 0.64% for the Advisor Class, 0.65% for the Premier Class, 0.75% for the Retirement Class and 0.81% 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 International Limited (“FTSE”) © FTSE 2017. FTSE^® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. NAREIT^® is a trademark of the National Association of Real Estate Investment Trusts (“NAREIT”). All intellectual property rights in the Index vest in FTSE and NAREIT. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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

Real Estate Securities Fund

Performance for the six months ended September 30, 2017

The Real Estate Securities Fund returned 5.28% for the Institutional Class, compared with the 3.41% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2017, the fund returned 4.07%, versus 2.57% for the index. The table on the following page shows returns for all share classes of the fund.

REITs post gains as economy grows, Fed raises rates

During the six-month period, the U.S. economy grew at a moderate pace, driven by solid consumer spending and a robust labor market. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

REITs (real estate investment trusts), as measured by the FTSE NAREIT All Equity REITs Index, posted positive returns for the six months, supported by favorable property fundamentals and a historically low interest-rate environment. The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015.

For the six-month period, REITs trailed the 7.72% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index, but they outpaced the 2.31% return of the broad domestic bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. For the ten years ended September 30, 2017, the fund’s benchmark posted an average annual return of 6.06%, versus average annual gains of 7.57% for the Russell 3000 Index and 4.27% for the Aggregate Bond index for the same period.

Fund surpasses its benchmark

Among the benchmark’s 16 property sectors and subsectors, most advanced for the six months. The largest gains were seen in the industrial (up 19.3%), data centers (up 14.8%) and infrastructure (up 10.8%) sectors. The largest declines were seen in shopping centers (down 8.0%), regional malls (down 7.3%) and free standing retail (down 1.1%) as investors maintained their generally negative sentiment toward retail real estate.

Overweight positions in Rexford Industrial Realty and Terreno Realty, industrial REITs, contributed most to the fund’s relative performance, followed by an investment in enterprise data center provider CyrusOne.

Conversely, an overweight position in office REIT Boston Properties detracted most from the fund’s performance relative to its benchmark. The exclusion of wireless telecommunication services provider SBA Communications, followed by an overweight position in poorly performing office REIT SL Green Realty, detracted further.

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

Real Estate Securities Fund

Performance as of September 30, 2017

Real Estate Securities Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIREX	10/1/02		5.28	%		4.07	%		9.46	%		5.68	%		0.51	%		0.51	%
Advisor Class	TIRHX	12/4/15		5.21			3.97			9.43	†		5.67	†		0.60			0.60
Premier Class	TRRPX	9/30/09		5.26			3.97			9.30			5.56	†		0.66			0.66
Retirement Class	TRRSX	10/1/02		5.14			3.84			9.19			5.42			0.76			0.76
Retail Class	TCREX	10/1/02		5.09			3.77			9.11			5.39			0.82			0.82
FTSE NAREIT
All Equity REITs Index		—		3.41			2.57			9.97			6.06			—			—

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, 2018, 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 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Portfolio composition

Industry	% of net assets as of 9/30/2017
Specialized REITs		26.3
Residential REITs		18.3
Retail REITs		14.9
Office REITs		12.1
Industrial REITs		9.3
Health care REITs		6.2
Hotel & resort REITs		4.6
Diversified REITs		2.7
Mortgage REITs		0.7
Real estate services		0.7
IT consulting & other services		0.7
Homebuilding		0.5
Real estate development		0.4
Short-term investments, other assets & liabilities, net		2.6
Total		100.0

Fund profile

	as of 9/30/2017
Fund net assets		$2.06 billion
Number of holdings		61
Portfolio turnover rate		14%
Weighted median market capitalization		$10.43 billion
Price/earnings ratio (weighted 12-month trailing average)*		33.4

* 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 capitalization	% of equity investments as of 9/30/2017
More than $50 billion		10.0
More than $15 billion–$50 billion		34.6
More than $2 billion–$15 billion		50.3
$2 billion or less		5.1
Total		100.0

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

Portfolio of investments (unaudited)

Real Estate Securities Fund  ■  September 30, 2017

Shares			Company	Value
COMMON STOCKS—97.4%
DIVERSIFIED REITS—2.7%
	350,000		iShares Dow Jones US Real Estate Index Fund	$	27,958,000
	3,300,000		Spirit Realty Capital, Inc		28,281,000
			TOTAL DIVERSIFIED REITS		56,239,000
HEALTH CARE REITS—6.2%
	550,000		HCP, Inc		15,306,500
	1,250,000		Healthcare Trust of America, Inc		37,250,000
	410,000		Ventas, Inc		26,703,300
	675,000		Welltower, Inc		47,439,000
			TOTAL HEALTH CARE REITS		126,698,800
HOMEBUILDING—0.5%
	700,000	*	TRI Pointe Homes, Inc		9,667,000
			TOTAL HOMEBUILDING		9,667,000
HOTEL & RESORT REITS—4.6%
	1,250,000		DiamondRock Hospitality Co		13,687,500
	1,000,000		Host Marriott Corp		18,490,000
	550,000		MGM Growth Properties LLC		16,615,500
	625,000		Park Hotels & Resorts, Inc		17,225,000
	1,800,000		Sunstone Hotel Investors, Inc		28,926,000
			TOTAL HOTEL & RESORT REITS		94,944,000
INDUSTRIAL REITS—9.3%
	700,000		Duke Realty Corp		20,174,000
	1,325,000		Prologis, Inc		84,084,500
	2,200,000		Rexford Industrial Realty, Inc		62,964,000
	650,000		Terreno Realty Corp		23,517,000
			TOTAL INDUSTRIAL REITS		190,739,500
IT CONSULTING & OTHER SERVICES—0.7%
	275,000	*	InterXion Holding NV		14,005,750
			TOTAL IT CONSULTING & OTHER SERVICES		14,005,750
MORTGAGE REITS—0.7%
	700,000		Starwood Property Trust, Inc		15,204,000
			TOTAL MORTGAGE REITS		15,204,000
OFFICE REITS—12.1%
	260,000		Alexandria Real Estate Equities, Inc		30,932,200
	575,000		Boston Properties, Inc		70,656,000
	975,000		Hudson Pacific Properties		32,691,750
	660,000		Kilroy Realty Corp		46,939,200
	440,000		SL Green Realty Corp		44,580,800
	290,000		Vornado Realty Trust		22,295,200
			TOTAL OFFICE REITS		248,095,150
REAL ESTATE DEVELOPMENT—0.4%
	500,000	*,m	Forestar Group, Inc		8,875,000
			TOTAL REAL ESTATE DEVELOPMENT		8,875,000

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

Portfolio of investments (unaudited) continued

Real Estate Securities Fund  ■  September 30, 2017

Shares		Company	Value
REAL ESTATE SERVICES—0.7%
	800,000	Kennedy-Wilson Holdings, Inc	$	14,840,000
		TOTAL REAL ESTATE SERVICES		14,840,000
RESIDENTIAL REITS—18.3%
	550,000	American Homes 4 Rent		11,940,500
	775,000	Apartment Investment & Management Co (Class A)		33,991,500
	140,000	AvalonBay Communities, Inc		24,978,800
	300,000	Camden Property Trust		27,435,000
	600,000	Equity Lifestyle Properties, Inc		51,048,000
	825,000	Equity Residential		54,392,250
	195,000	Essex Property Trust, Inc		49,535,850
	550,000	Invitation Homes, Inc		12,457,500
	325,000	Mid-America Apartment Communities, Inc		34,736,000
	825,000	Starwood Waypoint Homes		30,005,250
	525,000	Sun Communities, Inc		44,982,000
		TOTAL RESIDENTIAL REITS		375,502,650
RETAIL REITS—14.9%
	400,000	Agree Realty Corp		19,632,000
	800,000	DDR Corp		7,328,000
	415,000	Federal Realty Investment Trust		51,547,150
	1,950,000	GGP, Inc		40,501,500
	200,000	Realty Income Corp		11,438,000
	625,000	Regency Centers Corp		38,775,000
	1,400,000	Retail Opportunities Investment Corp		26,614,000
	685,000	Simon Property Group, Inc		110,291,850
		TOTAL RETAIL REITS		306,127,500
SPECIALIZED REITS—26.3%
	660,000	American Tower Corp		90,208,800
	900,000	Crown Castle International Corp		89,982,000
	550,000	CyrusOne, Inc		32,411,500
	190,000	Digital Realty Trust, Inc		22,482,700
	195,000	Equinix, Inc		87,028,500
	360,000	Extra Space Storage, Inc		28,771,200
	1,050,000	Four Corners Property Trust, Inc		26,166,000
	225,000	Gaming and Leisure Properties, Inc		8,300,250
	325,000	Iron Mountain, Inc		12,642,500
	950,000	National Storage Affiliates Trust		23,028,000
	220,000	Public Storage, Inc		47,077,800
	700,000	QTS Realty Trust, Inc		36,652,000
	1,100,000	Weyerhaeuser Co		37,433,000
		TOTAL SPECIALIZED REITS		542,184,250
		TOTAL COMMON STOCKS (Cost $1,545,176,753)		2,003,122,600

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

Portfolio of investments (unaudited) concluded

Real Estate Securities Fund  ■  September 30, 2017

	Principal	Issuer	Rate		Maturity date		Value
SHORT-TERM INVESTMENTS—2.9%
GOVERNMENT AGENCY DEBT—1.3%
$	6,250,000	Federal Home Loan Bank (FHLB)	0.700	%	10/02/17	$	6,250,000
	20,680,000	FHLB	1.000		10/11/17		20,674,871
		TOTAL GOVERNMENT AGENCY DEBT					26,924,871
TREASURY DEBT—1.6%
	33,330,000	United States Treasury Bill	0.955		10/26/17		33,309,169
		TOTAL TREASURY DEBT					33,309,169
		TOTAL SHORT-TERM INVESTMENTS (Cost $60,232,030)					60,234,040
		TOTAL INVESTMENTS—100.3% (Cost $1,605,408,783)					2,063,356,640
		OTHER ASSETS & LIABILITIES, NET—(0.3)%					(7,085,050	)
		NET ASSETS—100.0%				$	2,056,271,590

Abbreviation(s):

REIT	Real Estate Investment Trust
*	Non-income producing
m	Indicates a security that has been deemed illiquid.

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

Statement of assets and liabilities (unaudited)

Real Estate Securities Fund  ■  September 30, 2017

ASSETS
Portfolio investments, at value†	$	2,063,356,640
Cash		38,792
Receivable from securities transactions		4,996,418
Receivable from Fund shares sold		588,106
Dividends and interest receivable		8,304,150
Other		163,234
Total assets		2,077,447,340
LIABILITIES
Management fees payable		109,554
Service agreement fee payable		9,893
Distribution fee payable		57,588
Due to affiliates		14,332
Payable for Fund shares redeemed		20,759,817
Payable for trustee compensation		116,026
Accrued expenses and other payables		108,540
Total liabilities		21,175,750
NET ASSETS	$	2,056,271,590
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,496,504,554
Undistributed net investment income (loss)		7,745,671
Accumulated net realized gain (loss) on total investments		94,073,508
Net unrealized appreciation (depreciation) on total investments		457,947,857
Net Assets	$	2,056,271,590
INSTITUTIONAL CLASS:
Net assets	$	1,388,104,344
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		86,789,185
Net asset value per share		$15.99
ADVISOR CLASS:
Net assets	$	919,411
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		57,446
Net asset value per share		$16.00
PREMIER CLASS:
Net assets	$	76,856,489
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,802,013
Net asset value per share		$16.01
RETIREMENT CLASS:
Net assets	$	359,659,647
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,652,888
Net asset value per share		$16.61

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

Statement of assets and liabilities (unaudited)	concluded
Real Estate Securities Fund  ■  September 30, 2017

RETAIL CLASS:
Net assets		$	230,731,699
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			14,528,582
Net asset value per share			$15.88
†	Portfolio investments, cost	$	1,605,408,783

16 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of operations (unaudited)

Real Estate Securities Fund  ■  For the period ended September 30, 2017

INVESTMENT INCOME
Dividends	$	26,026,189
Dividends from affiliated investments		1,160,000
Interest		241,251
Payment from affiliate		76,379
Total income		27,503,819
EXPENSES
Management fees		5,094,283
Shareholder servicing — Institutional Class		2,512
Shareholder servicing — Advisor Class		528
Shareholder servicing — Premier Class		79
Shareholder servicing — Retirement Class		440,464
Shareholder servicing — Retail Class		68,967
Distribution fees — Premier Class		69,733
Distribution fees — Retail Class		289,121
Administrative service fees		37,225
Trustee fees and expenses		11,027
Other expenses		167,567
Total expenses		6,181,506
Net investment income (loss)		21,322,313
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		41,719,666
Affiliated investments		19,778,088
Net realized gain (loss) on total investments		61,497,754
Change in unrealized appreciation (depreciation) on:
Portfolio investments		51,384,856
Affiliated investments		(26,452,319	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		24,932,537
Net realized and unrealized gain (loss) on total investments	$	86,430,291
Net increase (decrease) in net assets from operations	$	107,752,604

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

Statements of changes in net assets

Real Estate Securities Fund  ■  For the period or year ended

		September 30, 2017			March 31, 2017
		(unaudited)
OPERATIONS
Net investment income (loss)		$	21,322,313		$	34,982,744
Net realized gain (loss) on total investments			61,497,754			62,594,476
Net change in unrealized appreciation (depreciation) on total investments			24,932,537			(45,473,720	)
Net increase (decrease) in net assets from operations			107,752,604			52,103,500
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(11,436,013	)		(28,818,596	)
	Advisor Class		(6,178	)		(7,385	)
	Premier Class		(625,306	)		(1,885,839	)
	Retirement Class		(2,303,103	)		(5,895,740	)
	Retail Class		(1,508,561	)		(4,171,333	)
From realized gains:	Institutional Class		—			(20,650,555	)
	Advisor Class		—			(7,028	)
	Premier Class		—			(1,462,168	)
	Retirement Class		—			(4,800,516	)
	Retail Class		—			(3,451,287	)
Total distributions			(15,879,161	)		(71,150,447	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		120,236,458			256,340,891
	Advisor Class		309,168			480,513
	Premier Class		4,888,091			23,592,031
	Retirement Class		18,893,078			59,617,654
	Retail Class		8,119,313			24,604,837
Reinvestments of distributions:	Institutional Class		11,377,294			49,421,781
	Advisor Class		4,953			10,673
	Premier Class		625,278			3,348,007
	Retirement Class		2,303,088			10,694,528
	Retail Class		1,422,491			7,211,060
Redemptions:	Institutional Class		(254,671,003	)		(133,360,317	)
	Advisor Class		(3,164	)		(10,079	)
	Premier Class		(27,295,296	)		(16,656,470	)
	Retirement Class		(11,915,694	)		(48,327,359	)
	Retail Class		(14,595,962	)		(38,436,958	)
Net increase (decrease) from shareholder transactions			(140,301,907	)		198,530,792
Net increase (decrease) in net assets			(48,428,464	)		179,483,845
NET ASSETS
Beginning of period			2,104,700,054			1,925,216,209
End of period		$	2,056,271,590		$	2,104,700,054
Undistributed net investment income (loss) included in net assets		$	7,745,671		$	2,302,519

18 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statements of changes in net assets concluded

Real Estate Securities Fund  ■  For the period or year ended

		September 30, 2017			March 31, 2017
		(unaudited)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		7,553,406			16,578,617
	Advisor Class		19,573			30,830
	Premier Class		307,887			1,508,051
	Retirement Class		1,146,022			3,677,884
	Retail Class		516,046			1,594,295
Shares reinvested:	Institutional Class		713,596			3,280,867
	Advisor Class		311			713
	Premier Class		39,186			222,285
	Retirement Class		139,136			684,697
	Retail Class		89,843			482,686
Shares redeemed:	Institutional Class		(16,078,666	)		(8,705,835	)
	Advisor Class		(200	)		(686	)
	Premier Class		(1,695,045	)		(1,103,310	)
	Retirement Class		(722,967	)		(3,091,577	)
	Retail Class		(929,017	)		(2,526,893	)
Net increase (decrease) from shareholder transactions			(8,900,889	)		12,632,624

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual 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
9/30/17#	$15.31	$0.17		$0.64	$0.81		$(0.13	)		$    —			$(0.13	)	$15.99		5.28	%b		5.28	%b	$1,388,104		0.50	%c		0.50	%c		2.10	%c		2.09	%c		14	%b
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
9/30/17#	15.32	0.16		0.64	0.80		(0.12	)		—			(0.12	)	16.00		5.21	b		5.21	b	919		0.64	c		0.64	c		2.03	c		2.02	c		14	b
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
9/30/17#	15.32	0.16		0.65	0.81		(0.12	)		—			(0.12	)	16.01		5.26	b		5.26	b	76,856		0.65	c		0.65	c		1.96	c		1.95	c		14	b
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
9/30/17#	15.90	0.15		0.67	0.82		(0.11	)		—			(0.11	)	16.61		5.14	b		5.14	b	359,660		0.75	c		0.75	c		1.86	c		1.85	c		14	b
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
9/30/17#	15.21	0.14		0.63	0.77		(0.10	)		—			(0.10	)	15.88		5.09	b		5.09	b	230,732		0.81	c		0.81	c		1.80	c		1.79	c		14	b
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

#	Unaudited
‡	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 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual Report 21

Notes to financial statements (unaudited)

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, 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. 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 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.

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

22 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

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.

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

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

TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual Report 23

Notes to financial statements (unaudited)

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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but may have resulted in new disclosures in the schedule of investment for certain investment types. Please refer to Note 3 of the financial statement disclosure for details.

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 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 was September 5, 2017. This rule did not materially impact 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 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

24 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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.

In accordance with ASU 820, 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 September 30, 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 in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized 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.

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.

TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual Report 25

Notes to financial statements (unaudited)

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 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 September 30, 2017, based on the inputs used to value them:

	Level 1		Level 2		Level 3		Total
Equity investments:
Real estate development	$	—	$	8,875,000	$	—	$	8,875,000
All other equity investments*		1,994,247,600		—		—		1,994,247,600
Short-term investments		—		60,234,040		—		60,234,040
Total	$	1,994,247,600	$	69,109,040	$	—	$	2,063,356,640

* 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 0.35% 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 September 30, 2017. Prior to May 1, 2017, the investment management fee range was 0.38% to 50% of average daily net assets. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The Fund has also entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

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

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.57% of average daily net assets for the Institutional Class shares; 0.72% of average daily net assets for

26 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

the Advisor Class shares; 0.72% of average daily net assets for the Premier Class shares; 0.82% of average daily net assets for the Retirement Class shares; and 0.96% of the average daily net assets for the Retail Class shares. The expense reimbursement arrangements will continue through at least July 31, 2018, 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 period ended September 30, 2017, these transactions did not materially impact the Fund.

At September 30, 2017, TIAA Access, a registered separate account of TIAA, owned 11% of the Fund’s shares.

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Fund. As of September 30, 2017, one 529 Plan owned 12% of the Real Estate Securities Fund.

Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:

	Value at			Purchase		Sales			Realized
Issue	March 31, 2017			cost		proceeds			gain (loss		)
Rexford Industrial Realty, Inc	$	90,080,000		$	—	$	48,486,561		$	19,778,088
	Change in
	unrealized					Shares at			Value at
	appreciation			Dividend		September 30,			September 30,
	(depreciation		)	income		2017			2017
Rexford Industrial Realty, Inc		(26,452,319	)	$	1,160,000		N/A	*	$	N/A	*

* Not applicable—at September 30, 2017, the issuer was not an affiliated company of the Fund, but it was affiliated during the year.

TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual Report 27

Notes to financial statements (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At September 30, 2017, the cost of all investments for federal income tax purposes was $1,617,691,424. Net unrealized appreciation of investments for federal income tax purposes was $445,665,216, consisting of gross unrealized appreciation of $453,463,310 and gross unrealized depreciation of $(7,798,094).

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended September 30, 2017 were $283,197,273 and $400,695,769, respectively.

Note 5—distributions to shareholders and other tax items

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

			Long-term
	Ordinary income		capital gains		Total
3/31/2017		$40,778,893		$30,371,554		$71,150,447

The tax character of the fiscal year 2018 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 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

28 2017 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

concluded

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.

TIAA-CREF Real Estate Securities Fund  ■  2017 Semiannual Report 29

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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, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, 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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Semiannual Report

September 30, 2017

TIAA-CREF Funds

Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

 

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
Financial statements (unaudited)
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
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 semiannual report contains information about the TIAA-CREF Funds and describes their results for the twelve months ended September 30, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life 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 September 30, 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 Semiannual Report 3

Brad Finkle

Letter to investors

The U.S. bond market advanced at a moderate pace during the six months ended September 30, 2017. All sectors of the domestic bond market delivered positive performance during the period, reflecting some uncertainty with respect to the strength of the U.S. economic recovery and future monetary policy amid ongoing political turmoil and geopolitical tensions. Against this generally favorable backdrop for bond investors, all of the TIAA-CREF fixed-income funds generated positive returns for the six-month period.

• The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.3% for the six-month period. For the one-year period ended September 30, 2017, the index returned 0.1%, which trailed its average annual gains for the past three-, five- and ten-year periods.

• Institutional Class returns for four of the nine funds in operation throughout the period were positive and exceeded the returns of their respective benchmarks. (See page 8 for benchmark definitions.)

• The five remaining funds also posted positive returns but fell short of their respective benchmarks—some only slightly. (The Money Market Fund is technically not a fixed-income fund and does not have a benchmark.)

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, growth was tempered by the impact of three powerful hurricanes—two that struck the U.S. mainland and a third hitting Puerto Rico—all in the space of less than six weeks in August and September. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly. In June, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions, while those on longer-term maturities declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

All TIAA-CREF fixed-income funds post positive returns

All sectors of the broad U.S. bond market delivered positive returns for the six-month period, and all nine TIAA-CREF fixed-income funds ended the period with gains. Returns for the Institutional Class ranged from 0.2% for the Inflation-Linked Bond Fund to 3.2% for both the Tax-Exempt Bond Fund and the High-Yield Fund.

The Bond Index Fund, which seeks to replicate the characteristics of the Bloomberg Barclays U.S. Aggregate Bond Index, performed roughly in line with the index, returning 2.2% versus the index’s 2.3%. The Bond Fund and the Bond Plus Fund both outperformed the Aggregate index by modest amounts, returning 2.7% and 2.9%, respectively, mostly as a result of overweight positions in the strong-performing corporate sector.

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

The Social Choice Fund also outpaced its benchmark, posting a solid 2.6% return and benefiting from an overweight position in the index-leading municipals sector. Similarly, the Tax-Exempt Bond Fund delivered a strong 3.2% return, as yields for municipal debt remained high; however, the fund underperformed its benchmark due to unfavorable yield-curve positioning across several sectors.

The High-Yield Fund also returned a solid 3.2% for the period, but it, too, lagged its benchmark, falling short by approximately one full percentage point. This underperformance was primarily the result of certain sector allocations and security selections not performing as anticipated.

The Inflation-Linked Bond Fund marginally trailed its benchmark, mainly due to inopportune yield curve positioning and security selection in U.S. Treasuries. The Short-Term Bond Index Fund also slightly lagged its benchmark.

The Short-Term Bond Fund solidly outperformed its benchmark, reflecting its overweight allocation to commercial mortgage-backed securities.

The Money Market Fund posted a return of 0.4% for the six months, outperforming the 0.2% return of the All Government iMoneyNet Money Fund Average.

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.

Short term looks mostly favorable, longer term uncertain

Most forecasters suggest that the U.S. economy may continue to expand at a moderate pace through the remainder of 2017 and into 2018, extending what is now an eight-and-a-half-year growth trajectory since the Great Recession that began almost a decade ago. With 3.0% annualized growth reported in the third quarter of 2017, according to the U.S. government’s first estimate, expectations are that U.S. economic growth could exceed 2.5% for the full year and may continue at that pace in 2018. Of course, nothing is guaranteed, but so far, the fundamentals for ongoing economic growth remain in place. Looking farther out on the horizon, the picture is less clear, as we anticipate further monetary actions by the Federal Reserve and await uncertain federal policy decisions with regard to both domestic and international issues.

As long-term investors, we must bear in mind that uncertainty and the associated potential for risk will always be with us. In fact, it is hard to recall a time in recent market history that was completely free of some looming concern—from the stagflation of the 1970s to the “irrational exuberance” of the dot-com bubble in the 1990s to the housing market collapse and ensuing credit crisis of more recent memory. Long-term investors never grow complacent about the presence of market risk, but neither do we respond to changes in the market environment with knee-jerk reactions.

We have frequently reminded shareholders that in times of uncertainty it is especially important to follow a few key steps in evaluating their portfolios. In our view, there are three evergreen investment principles that all investors should bear in mind: first, that portfolio diversification, while not a guarantee, can be an effective way to mitigate risk, and that a professionally managed mutual fund is often a go-to vehicle for owning a diversified portfolio of fixed-income assets; second, that trying to make buy and sell decisions based on emotions or market events is rarely a winning strategy, even for seasoned investment professionals; and lastly, that one should always keep long-term investment goals in mind.

As always, if you ever need assistance with your investment strategy or have questions about your fixed-income investments, we encourage you to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to assist you.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments

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

Market monitor

Bond markets advance, Fed raises rates

All major fixed-income markets posted gains during the six-month period, advancing amid moderate economic growth and inflation that remained in check. Investors appeared to take an interest-rate increase by the Federal Reserve in stride as most fixed-income markets displayed relatively low levels of volatility throughout the period. Over the six months, investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 2.3%.

The growing economy, solid corporate profits and low interest rates continued to make high-yield bonds attractive to investors willing to take more risk for the potential of more income. U.S. high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, earned 4.2% for the period. Municipal bond investors continued to shake off concerns about the impact of possible federal tax reform. Municipal securities, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, advanced 3.4%. The Bloomberg Barclays U.S. 1–3 Government/Credit Bond Index returned 0.7%, while the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index gained 0.3%.

U.S. economy grows, inflation remains low

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 3.1% during the second quarter of 2017, its best quarterly performance in more than two years. In the third quarter, the economy grew at a rate of 3.0% (according to the U.S.

Shorter-term bonds underperform

due to greater yield increase*

U.S. Treasury yields: beginning and end of six-month period

 

*Bond prices move in the opposite direction of yields.

Source: U.S. Department of the Treasury

government’s first estimate), despite the impact of three powerful hurricanes that struck the U.S. mainland and Puerto Rico in August and September. The national unemployment rate declined from 4.4% in April to 4.2% in September, its lowest level in more than 16 years. The labor participation rate, which measures people who are either employed or unemployed and actively looking for work, improved slightly to 63.1%. Consumer spending saw impressive growth, hitting a record high during the first three months of the period. Consumer confidence, which had set a 16-year high earlier in the year, declined slightly during the six-month period.

Inflation remained tame throughout the period. Core inflation, which includes all items except food and energy, remained stable during the period and was at an annualized rate of 1.7% on September 30, 2017. Oil prices stayed within a narrow price range and ended the period slightly higher. The price of West Texas Intermediate Crude Oil rose from $50 per barrel to nearly $52 over the six months. The broad U.S. stock market, as measured by the Russell 3000 Index, gained 7.7% during the period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities declined (bond yields move in the opposite direction of prices).

Fed raises rates again

During the period, the Federal Reserve increased the federal funds target rate to 1.00%–1.25%. It was the second time the Fed increased the key short-term interest-rate measure in 2017. Policymakers indicated that another increase could occur by year-end, and that additional hikes were possible in 2018. The U.S. central bankers are in the process of slowly reversing strategies first launched nearly a decade ago to stimulate the economy amid the 2008 financial crisis. In September, the Fed said it would begin to reduce its large portfolio of bonds and other securities, purchased after the crisis, by phasing out reinvestments.

Overseas, other central bankers were also considering whether to raise interest rates and taper stimulus measures amid mostly stable economic growth around the world. The Bank of England said it might consider raising its benchmark interest rate in the “coming months.” Investors watched the European Central Bank closely for signs it would begin to curtail its bond-buying program next year.

6 2017 Semiannual 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. The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Semiannual 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.

8 2017 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2017–September 30, 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’ 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 Funds: Fixed-Income Funds  ■  2017 Semiannual Report 9

Bond Fund

Portfolio composition

% of net assets  as of 9/30/2017
Corporate bonds	24.0
Asset-backed securities	16.7
Mortgage-backed securities	15.3
Foreign government & corporate bonds denominated in U.S. dollars	12.9
U.S. Treasury securities	12.0
Commercial mortgage-backed securities	10.2
Municipal bonds	5.8
Bank loan obligations	1.4
U.S. agency securities	0.3
Short-term investments, other assets & liabilities, net	1.4
Total	100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Less than 1 year	6.4
1–3 years	16.0
3–5 years	21.3
5–10 years	39.4
Over 10 years	16.9
Total	100.0

Holdings by credit quality^#

% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Aaa/AAA	42.2
Aa/AA	8.0
A/A	13.6
Baa/BBB	26.3
Ba/BB	4.1
B/B	2.5
Below B/B	1.5
Non-rated	1.8
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 six months ended September 30, 2017

The Bond Fund returned 2.65% for the Institutional Class, compared with the 2.31% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2017, the fund returned 1.22%, versus 0.07% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Bond Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIBDX	7/1/99		2.65	%		1.22	%		2.88	%		4.65	%		0.31	%		0.31	%
Advisor Class	TIBHX	12/4/15		2.70			1.26			2.88	†		4.65	†		0.41			0.41
Premier Class	TIDPX	9/30/09		2.67			1.17			2.74			4.53	†		0.46			0.46
Retirement Class	TIDRX	3/31/06		2.50			1.00			2.62			4.38			0.56			0.56
Retail Class	TIORX	3/31/06		2.48			0.95			2.56			4.39			0.61			0.61
Bloomberg Barclays U.S. Aggregate Bond Index		—		2.31			0.07			2.06			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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Corporate bonds surge, driving benchmark returns

All sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for more than one-quarter of the index at period-end, gained 3.9%. Corporates benefited from the growing economy and strong earnings, offering higher returns to investors willing to accept more risk. Within the Aggregate index, government-related credit, commercial mortgage-backed securities (CMBS) and mortgage-backed securities (MBS) were the next best performers, with returns of 2.9%, 2.1% and 1.9%, respectively. U.S. Treasury securities, the largest weighting in the index at 36.9%, gained 1.6% for the period.

Favorable sector positioning fuels fund’s outperformance

The fund outpaced its benchmark during the period, mostly due to opportune positioning in several sectors. Of particular note, an overweight to the large, strong-performing corporate bond sector made it the top contributor to the fund’s relative outperformance. An overweight position also made the asset-backed securities sector the second-largest contributor to fund performance versus the benchmark. Fund results in the CMBS sector followed closely, due to strong security selection and an overweighted allocation.

By contrast, unfavorable yield curve positioning generally detracted from the fund’s performance relative to the benchmark. With respect to specific sectors, fund positions within the U.S. Treasury and MBS sectors detracted from relative performance, as did a small allocation to cash.

Expense example

Six months ended September 30, 2017

Bond Fund	Beginning account value (4/1/17)			Ending account value (9/30/17)			Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class		$	1,000.00		$	1,026.49		$	1.52
Advisor Class			1,000.00			1,027.04			1.98
Premier Class			1,000.00			1,026.70			2.29
Retirement Class			1,000.00			1,024.99			2.79
Retail Class			1,000.00			1,024.78			2.99
5% annual hypothetical return
Institutional Class			1,000.00			1,023.56			1.52
Advisor Class			1,000.00			1,023.11			1.98
Premier Class			1,000.00			1,022.81			2.28
Retirement Class			1,000.00			1,022.31			2.79
Retail Class			1,000.00			1,022.11			2.99

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.39% for the Advisor Class, 0.45% for the Premier Class, 0.55% for the Retirement Class and 0.59% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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

Fund profile

	as of 9/30/2017
Net assets		$4,396.75 million
Number of issues		1,479
Portfolio turnover rate†		77%
Portfolio turnover rate, excluding mortgage dollar roll transactions		61%
Option-adjusted duration‡		5.63 years
Average maturity§		8.12 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 11

Bond Index Fund

Portfolio composition

% of net assets as of 9/30/2017
U.S. Treasury securities	36.1
Mortgage-backed securities	28.1
Corporate bonds	21.0
Foreign government & corporate bonds denominated in U.S. dollars	8.9
U.S. agency securities	2.1
Commercial mortgage-backed securities	1.5
Municipal bonds	0.9
Asset-backed securities	0.8
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Less than 1 year	2.3
1–3 years	16.4
3–5 years	27.1
5–10 years	38.6
Over 10 years	15.6
Total	100.0

Holdings by credit quality^#

% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Aaa/AAA	71.0
Aa/AA	4.5
A/A	10.7
Baa/BBB	13.8
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 six months ended September 30, 2017

The Bond Index Fund returned 2.24% for the Institutional Class, compared with the 2.31% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2017, the fund returned –0.19%, versus 0.07% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Bond Index Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			Since inception			gross			net
Institutional Class	TBIIX	9/14/09		2.24	%		–0.19	%		1.92	%		3.46	%		0.12	%		0.12	%
Advisor Class	TBIAX	12/4/15		2.11			–0.26			1.89	†		3.44	†		0.21			0.21
Premier Class	TBIPX	9/30/09		2.07			–0.35			1.75			3.29	†		0.27			0.27
Retirement Class	TBIRX	9/14/09		2.12			–0.44			1.64			3.20			0.37			0.37
Retail Class	TBILX	9/14/09		2.08			–0.52			1.56			3.10			0.44			0.44
Bloomberg Barclays U.S. Aggregate Bond Index		—		2.31			0.07			2.06			3.65	‡		—			—

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 ae 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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Corporate bonds surge, driving benchmark returns

All sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for more than one-quarter of the index at period-end, gained 3.9%. Corporates benefited from the growing economy and strong earnings, offering higher returns to investors willing to accept more risk. Within the Aggregate index, government-related credit, commercial mortgage-backed securities and mortgage-backed securities were the next best performers, with returns of 2.9%, 2.1% and 1.9%, respectively. U.S. Treasury securities, the largest weighting in the index at 36.9%, gained 1.6% for the period.

The fund trails its benchmark index

For the six-month period, 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, 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.

Expense example

Six months ended September 30, 2017

Bond Index Fund	Beginning account value (4/1/17)			Ending account value (9/30/17)			Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class		$	1,000.00		$	1,022.44		$	0.56
Advisor Class			1,000.00			1,021.05			1.01
Premier Class			1,000.00			1,020.73			1.37
Retirement Class			1,000.00			1,021.16			1.87
Retail Class			1,000.00			1,020.82			2.18
5% annual hypothetical return
Institutional Class			1,000.00			1,024.52			0.56
Advisor Class			1,000.00			1,024.07			1.01
Premier Class			1,000.00			1,023.71			1.37
Retirement Class			1,000.00			1,023.21			1.88
Retail Class			1,000.00			1,022.91			2.18

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.11% for the Institutional Class, 0.20% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class and 0.43% 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 9/30/2017
Net assets		$8,511.73 million
Number of issues		6,051
Portfolio turnover rate†		6%
Option-adjusted duration‡		5.95 years
Average maturity§		7.94 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 13

Bond Plus Fund

Portfolio composition

	% of net assets
	as of 9/30/2017
Mortgage-backed securities		23.9
Corporate bonds		23.6
Foreign government & corporate bonds denominated in U.S. dollars		14.5
U.S. Treasury securities		13.7
Asset-backed securities		8.7
Municipal bonds		5.7
Commercial mortgage-backed securities		4.9
Bank loan obligations		3.6
Short-term investments, other assets & liabilities, net		1.4
Total		100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Less than 1 year		7.1
1–3 years		7.9
3–5 years		19.3
5–10 years		49.9
Over 10 years		15.8
Total		100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Aaa/AAA		42.7
Aa/AA		5.4
A/A		12.6
Baa/BBB		20.3
Ba/BB		7.4
B/B		6.0
Below B/B		2.9
Non-rated		2.7
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 six months ended September 30, 2017

The Bond Plus Fund returned 2.85% for the Institutional Class, compared with the 2.31% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2017, the fund returned 1.79%, versus 0.07% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Bond Plus Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIBFX	3/31/06		2.85	%		1.79	%		3.15	%		4.76	%		0.31	%		0.31	%
Advisor Class	TCBHX	12/4/15		2.80			1.79			3.14	†		4.76	†		0.41			0.41
Premier Class	TBPPX	9/30/09		2.68			1.55			2.97			4.63	†		0.46			0.46
Retirement Class	TCBRX	3/31/06		2.72			1.54			2.89			4.49			0.56			0.56
Retail Class	TCBPX	3/31/06		2.69			1.48			2.81			4.49			0.63			0.63
Bloomberg Barclays U.S. Aggregate Bond Index		—		2.31			0.07			2.06			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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Corporate bonds surge, driving benchmark returns

All sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for more than one-quarter of the index at period-end, gained 3.9%. Corporates benefited from the growing economy and strong earnings, offering higher returns to investors willing to accept more risk. Within the Aggregate index, government-related credit, commercial mortgage-backed securities (CMBS) and mortgage-backed securities (MBS) were the next best performers, with returns of 2.9%, 2.1% and 1.9%, respectively. U.S. Treasury securities, the largest weighting in the index at 36.9%, gained 1.6% for the period.

Favorable sector positioning fuels fund’s outperformance

The fund outpaced its benchmark during the period, mostly due to opportune positioning in several sectors. Of particular note, an overweight to the large, strong-performing corporate bond sector made it the top contributor to the fund’s relative outperformance. Astute security selection in the CMBS sector made it the second-largest contributor to fund performance versus the benchmark. Fund results in the overweighted asset-backed securities sector also made a positive contribution.

By contrast, unfavorable yield curve positioning generally detracted from the fund’s performance relative to the benchmark. With respect to specific sectors, fund positions within the MBS and U.S. Treasury sectors detracted from relative performance, as did a small allocation to cash.

Expense example

Six months ended September 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Bond Plus	value		value		(4/1/17–
Fund	(4/1/17)		(9/30/17)		9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,028.52		$1.53
Advisor Class		1,000.00		1,028.00		2.08
Premier Class		1,000.00		1,026.77		2.29
Retirement Class		1,000.00		1,027.23		2.85
Retail Class		1,000.00		1,026.89		3.15
5% annual hypothetical return
Institutional Class		1,000.00		1,023.56		1.52
Advisor Class		1,000.00		1,023.01		2.08
Premier Class		1,000.00		1,022.81		2.28
Retirement Class		1,000.00		1,022.26		2.84
Retail Class		1,000.00		1,021.96		3.14

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.41% for the Advisor Class, 0.45% 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 9/30/2017
Net assets	$3,899.37 million
Number of issues	1,451
Portfolio turnover rate†	86%
Portfolio turnover rate, excluding mortgage dollar roll transactions	59%
Option-adjusted duration‡	5.68 years
Average maturity§	8.27 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 15

High-Yield Fund

Portfolio composition

	% of net assets
	as of 9/30/2017
Corporate bonds		69.9
Foreign government & corporate bonds denominated in U.S. dollars		11.9
Bank loan obligations		7.1
U.S. Treasury securities		0.8
Common stocks & rights		0.5
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		9.7
Total		100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Less than 1 year	10.2
1–3 years	5.7
3–5 years	22.7
5–10 years	56.8
Over 10 years	4.6
Total	100.0

Holdings by credit quality^#

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Baa/BBB	1.7
Ba/BB	52.1
B/B	39.7
Below B/B	5.1
Non-rated	1.4
Total	100.0

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

Performance for the six months ended September 30, 2017

The High-Yield Fund returned 3.20% for the Institutional Class, compared with the 4.19% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2017, the fund returned 7.66%, versus 7.91% for the index. The table below shows returns for all share classes of the fund.

High-yield bonds advance amid continued economic growth and higher oil prices

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017. Assets offering risk premiums benefited from spread tightening (contraction of the yield gap between U.S. high-yield and Treasury 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.

For the six months, high-yield bonds outpaced the 2.31% 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 September 30, 2017, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index rose 7.25% on an average annual basis, outperforming the 4.27% average annual return of the broad domestic bond market for the same period.

Performance as of September 30, 2017

High-Yield Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIHYX	3/31/06		3.20	%		7.66	%		5.72	%		7.31	%		0.36	%		0.36	%
Advisor Class	TIHHX	12/4/15		3.02			7.43			5.66	†		7.28	†		0.46			0.46
Premier Class	TIHPX	9/30/09		3.02			7.50			5.56			7.18	†		0.51			0.51
Retirement Class	TIHRX	3/31/06		2.97			7.39			5.45			7.03			0.61			0.61
Retail Class	TIYRX	3/31/06		2.96			7.37			5.43			7.06			0.63			0.63
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		—		4.19			7.91			6.14			7.25			—			—

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

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

*

The 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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

High-yield bond issuance, default rates decline

New issuance in the high-yield bond market seesawed from April through July, then climbed higher in August and September. However, volumes still receded when compared to the same period last year. Overall, new high-yield debt issuance totaled more than $121 billion over the six months, down from about $145 billion over the same period in 2016. Investors gravitated toward riskier asset classes rather than the perceived safety of U.S. Treasuries and other higher-quality investment-grade bonds, resulting in advances across high-yield issues for the six months. Bonds rated “BB” and “B” rose 4.7% and 3.5%, respectively. Lower-quality bonds (those rated “CCC” and below) landed in the middle, gaining 3.9%. In a reversal from last year, U.S. default rates trended downward. The U.S. issuer-weighted speculative grade default rate declined to 3.3% on September 30, 2017, from 5.5% (revised from 5.4%) a year earlier, according to Moody’s Investor Service.

Fund advances but trails its benchmark

For the six months, the fund trailed its benchmark as certain sector allocations and security selections did not perform as anticipated. Security selection in the energy exploration & production sector was the largest detractor from relative returns versus the index. Next in line were disappointing security selections and overweight positions in food & drug retailers and specialty retail, both of which performed poorly. These negative effects were partially offset by positive contributions from holdings in oil refining & marketing, gaming and support services—all of which produced solid returns.

Among individual security allocations, the biggest detractor from relative performance came from an overweight position in food retailer The Fresh Market, which performed poorly. Next in line were an out-of-benchmark holding in energy transportation provider Gulfmark Offshore and an overweight position in retail pet supply chain PetSmart. Owning California Resources and EP Energy also hurt relative returns.

On the positive side, an overweight position in hydrocarbon products producer Calumet Specialty Products, which generated double-digit returns, and an underweight position in Frontier Communications, which performed poorly, were the largest contributors to relative returns. Overweight positions in retail holding company Tailored Brands and Southwestern Energy also benefited the fund’s relative performance.

Expense example

Six months ended September 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
High-Yield	value		value		(4/1/17–
Fund	(4/1/17)		(9/30/17)		9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,032.01		$1.83
Advisor Class		1,000.00		1,030.21		2.54
Premier Class		1,000.00		1,030.19		2.60
Retirement Class		1,000.00		1,029.68		3.10
Retail Class		1,000.00		1,029.59		3.15
5% annual hypothetical return
Institutional Class		1,000.00		1,023.26		1.83
Advisor Class		1,000.00		1,022.56		2.54
Premier Class		1,000.00		1,022.51		2.59
Retirement Class		1,000.00		1,022.01		3.09
Retail Class		1,000.00		1,021.96		3.14

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class, 0.50% 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 9/30/2017
Net assets	$4,045.68 million
Number of issues	522
Portfolio turnover rate†	17%
Option-adjusted duration‡	3.30 years
Average maturity§	6.19 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 17

Inflation-Linked Bond Fund

Portfolio composition

	% of net assets
	as of 9/30/2017
U.S. Treasury securities		96.0
U.S. agency securities		1.4
Mortgage-backed securities		0.3
Foreign government & corporate bonds denominated in U.S. dollars		0.2
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2017
Less than 1 year	2.0
1–3 years	22.8
3–5 years	25.1
5–10 years	39.2
Over 10 years	10.9
Total	100.0

Holdings by credit quality^#

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2017
Aaa/AAA	99.3
Aa/AA	0.4
Non-rated	0.3
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 six months ended September 30, 2017

The Inflation-Linked Bond Fund returned 0.17% for the Institutional Class, compared with the 0.30% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. For the one-year period ended September 30, 2017, the fund returned –0.52%, versus –0.14% for the index. The table below shows returns for all share classes of the fund.

U.S. economy grows, but inflation remains muted

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years.

Core inflation, which includes all items except food and energy, was at an annualized rate of 1.7% on September 30, 2017, where it has remained for the fifth month in a row. Crude oil prices, often considered an indicator of current inflationary pressure, rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017. Furthermore, the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.1% during the second quarter of 2017—its best quarterly performance in more than two years—and 3.0% during the third quarter (according to the U.S. government’s first estimate).

Performance as of September 30, 2017

Inflation-Linked Bond Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIILX	10/1/02		0.17	%		–0.52	%		–0.42	%		3.50	%		0.26	%		0.26	%
Advisor Class	TIIHX	12/4/15		0.09			–0.65			–0.45	†		3.48	†		0.37			0.37
Premier Class	TIKPX	9/30/09		0.09			–0.67			–0.56			3.37	†		0.41			0.41
Retirement Class	TIKRX	3/31/06		0.00			–0.78			–0.67			3.24			0.52			0.52
Retail Class	TCILX	10/1/02		–0.09			–0.94			–0.74			3.24			0.63			0.63
Bloomberg Barclays U.S. Treasury Inflation Protected Securities 1–10 Year Index		—		0.30			–0.14			0.08			3.27			—			—

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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Fed rate hikes continue

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions, while those on longer-term maturities declined (bond yields move in the opposite direction of prices).

Fund advances but trails its benchmark

The fund had a positive return for the six-month period but trailed its benchmark, primarily due to yield curve positioning in the overall portfolio.

By contrast, the fund’s relative performance was helped by its holdings in the mortgage-backed securities and government agency sectors.

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.

Expense example

Six months ended September 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Inflation-Linked	value		value		(4/1/17–
Bond Fund	(4/1/17)		(9/30/17)		9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,001.74		$1.30
Advisor Class		1,000.00		1,000.87		1.96
Premier Class		1,000.00		1,000.87		2.06
Retirement Class		1,000.00		1,000.00		2.61
Retail Class		1,000.00		999.11		2.96
5% annual hypothetical return
Institutional Class		1,000.00		1,023.76		1.32
Advisor Class		1,000.00		1,023.11		1.98
Premier Class		1,000.00		1,023.01		2.08
Retirement Class		1,000.00		1,022.46		2.64
Retail Class		1,000.00		1,022.11		2.99

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.26% for the Institutional Class, 0.39% for the Advisor Class, 0.41% for the Premier Class, 0.52% for the Retirement Class and 0.59% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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

Fund profile

	as of 9/30/2017
Net assets	$2,701.06 million
Number of issues		41
Portfolio turnover rate†		15%
Option-adjusted duration‡		5.27 years
Average maturity§		5.61 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 19

Short-Term Bond Fund

Portfolio composition

	% of net assets
	as of 9/30/2017
Corporate bonds		23.4
Asset-backed securities		21.5
Foreign government & corporate bonds denominated in U.S. dollars		19.6
U.S. Treasury securities		18.3
Commercial mortgage-backed securities		5.1
U.S. agency securities		4.1
Bank loan obligations		2.8
Municipal bonds		0.3
Mortgage-backed securities		0.1
Short-term investments, other assets & liabilities, net		4.8
Total		100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2017
Less than 1 year	18.9
1–3 years	48.9
3–5 years	19.0
5–10 years	8.9
Over 10 years	4.3
Total	100.0

Holdings by credit quality^#

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2017
Aaa/AAA	37.6
Aa/AA	9.5
A/A	16.8
Baa/BBB	26.5
Ba/BB	4.1
B/B	1.7
Below B/B	1.3
Non-rated	2.5
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 six months ended September 30, 2017

The Short-Term Bond Fund returned 1.09% for the Institutional Class, compared with the 0.65% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2017, the fund returned 1.48%, versus 0.66% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Short-Term Bond Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TISIX	3/31/06		1.09	%		1.48	%		1.33	%		2.69	%		0.27	%		0.27	%
Advisor Class	TCTHX	12/4/15		1.00			1.48			1.30	†		2.68	†		0.38			0.38
Premier Class	TSTPX	9/30/09		1.02			1.33			1.18			2.58	†		0.42			0.42
Retirement Class	TISRX	3/31/06		0.96			1.23			1.08			2.44			0.52			0.52
Retail Class	TCTRX	3/31/06		0.94			1.27			1.02			2.44			0.58			0.58
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		—		0.65			0.66			0.91			2.09			—			—

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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Short-term bonds lag the broader bond market

For the six-month period, the fund’s benchmark trailed the 2.31% 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 September 30, 2017, the average annual return of the Bloomberg Barclays 1–3 year index was 2.09%, versus 4.27% for the broad domestic bond market for the same period.

All of the sectors in the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index posted positive returns for the six-month period. Short-term corporate securities represented nearly one-quarter of the benchmark’s total market capitalization, and this sector was the index’s best performer with a gain of 1.2% for the period. Government credit securities and government agency securities both modestly surpassed the benchmark’s return, ending the period up roughly 0.7%. However, short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 62.0%—underperformed with a gain of 0.4%.

Favorable sector positioning drives the fund’s outperformance

The fund outperformed its benchmark during the period, primarily as a result of favorable positioning in several sectors. The fund’s sizable out-of-benchmark allocation to mortgage-backed securities was the primary driver of its outperformance. An overweight position in government agency securities was the next-largest contributor to the fund’s excess return. An out-of-benchmark stake in commercial mortgage-backed securities also proved constructive, as did an overweight position in the corporate bond sector. Advantageous yield curve positioning throughout the portfolio also helped the fund’s relative performance.

Conversely, unfavorable security selection within the short-term U.S. Treasury sector was the largest detractor from the fund’s relative return. A small allocation to cash, which trailed most bond sector returns during the period, also hurt the fund’s relative performance.

Expense example

Six months ended September 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Short-Term	value		value		(4/1/17–
Bond Fund	(4/1/17)		(9/30/17)		9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,010.91	$	1.36
Advisor Class		1,000.00		1,010.02		1.26
Premier Class		1,000.00		1,010.15		2.12
Retirement Class		1,000.00		1,009.65		2.62
Retail Class		1,000.00		1,009.38		2.87
5% annual hypothetical return
Institutional Class		1,000.00		1,023.71		1.37
Advisor Class		1,000.00		1,023.82		1.27
Premier Class		1,000.00		1,022.96		2.13
Retirement Class		1,000.00		1,022.46		2.64
Retail Class		1,000.00		1,022.21		2.89

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.25% for the Advisor Class, 0.42% for the Premier Class, 0.52% for the Retirement Class and 0.57% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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

Fund profile

	as of 9/30/2017
Net assets	$1,614.61 million
Number of issues		380
Portfolio turnover rate†		43%
Option-adjusted duration‡		1.78 years
Average maturity§		2.99 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 21

Short-Term Bond Index Fund

Portfolio composition
% of net assets as of 9/30/2017
U.S. Treasury securities	62.3
Corporate bonds	18.8
Foreign government & corporate bonds denominated in U.S. dollars	13.2
U.S. agency securities	5.3
Short-term investments, other assets & liabilities, net	0.4
Total	100.0
Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Less than 1 year	2.4
1–3 years	95.5
3–5 years	2.1
Total	100.0
Holdings by credit quality#
% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Aaa/AAA	70.6
Aa/AA	8.0
A/A	11.1
Baa/BBB	10.3
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 six months ended September 30, 2017

The Short-Term Bond Index Fund returned 0.54% for the Institutional Class, compared with the 0.65% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2017, the fund returned 0.38%, versus 0.66% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Short-Term Bond Index Fund									Average annual			Annual operating
			Total return						total return			expenses*
	Ticker	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	TNSHX	8/7/15		0.54	%		0.38	%		0.85	%		0.25	%		0.12	%
Advisor Class	TTBHX	12/4/15		0.48			0.40			0.80	†		0.34			0.21
Premier Class	TPSHX	8/7/15		0.47			0.23			0.70			0.41			0.27
Retirement Class	TESHX	8/7/15		0.42			0.23			0.60			0.50			0.37
Retail Class	TRSHX	8/7/15		0.36			0.03			0.52			0.55			0.42
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		–		0.65			0.66			1.08	‡		—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Short-term bonds lag the broader bond market

For the six-month period, the fund’s benchmark trailed the 2.31% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

All of the sectors in the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index posted positive returns for the six-month period. Short-term corporate securities represented nearly one-quarter of the benchmark’s total market capitalization, and this sector was the index’s best performer with a gain of 1.2% for the period. Government credit securities and government agency securities both modestly surpassed the benchmark’s return, ending the period up roughly 0.7%. However, short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 62.0%—underperformed with a gain of 0.4%.

Fund advances but slightly trails its benchmark

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

The fund seeks 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.

Expense example
Six months ended September 30, 2017
Short-Term Bond Index Fund	Beginning account value (4/1/17)		Ending account value (9/30/17)		Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,005.41	$	0.60
Advisor Class		1,000.00		1,004.75		1.36
Premier Class		1,000.00		1,004.66		1.36
Retirement Class		1,000.00		1,004.16		1.86
Retail Class		1,000.00		1,003.64		2.36
5% annual hypothetical return
Institutional Class		1,000.00		1,024.47		0.61
Advisor Class		1,000.00		1,023.71		1.37
Premier Class		1,000.00		1,023.71		1.37
Retirement Class		1,000.00		1,023.21		1.88
Retail Class		1,000.00		1,022.71		2.38

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.12% for the Institutional Class, 0.27% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class and 0.47% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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

Fund profile
as of 9/30/2017
Net assets	$272.10 million
Number of issues	472
Portfolio turnover rate†	32%
Option-adjusted duration‡	1.92 years
Average maturity§	1.97 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 23

Social Choice Bond Fund

Portfolio composition
% of net assets as of 9/30/2017
Corporate bonds	25.6
Foreign government & corporate bonds denominated in U.S. dollars	18.3
Municipal bonds	12.2
Mortgage-backed securities	11.2
U.S. agency securities	8.6
U.S. Treasury securities	7.5
Commercial mortgage-backed securities	6.4
Asset-backed securities	5.4
Bank loan obligations	0.8
Short-term investments, other assets & liabilities, net	4.0
Total	100.0
Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Less than 1 year	9.1
1–3 years	14.1
3–5 years	19.3
5–10 years	35.7
Over 10 years	21.8
Total	100.0
Holdings by credit quality#
% of fixed-income investments (excluding short-term investments) as of 9/30/2017
Aaa/AAA	42.2
Aa/AA	13.5
A/A	12.6
Baa/BBB	21.7
Ba/BB	3.3
B/B	1.0
Below B/B	1.1
Non-rated	4.6
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 six months ended September 30, 2017

The Social Choice Bond Fund returned 2.61% for the Institutional Class, compared with the 2.31% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2017, the fund returned 1.16%, versus 0.07% for the index. The fund utilizes certain environmental, social and governance criteria, while the benchmark does not. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities

Performance as of September 30, 2017

Social Choice Bond Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	TSBIX	9/21/12		2.61	%		1.16	%		3.17	%		3.34	%		0.40	%		0.40	%
Advisor Class	TSBHX	12/4/15		2.58			1.16			3.14	†		3.31	†		0.53			0.52
Premier Class	TSBPX	9/21/12		2.53			1.10			3.04			3.21			0.55			0.55
Retirement Class	TSBBX	9/21/12		2.38			0.91			2.92			3.09			0.65			0.65
Retail Class	TSBRX	9/21/12		2.47			0.99			2.87			3.04			0.67			0.67
Bloomberg Barclays U.S. Aggregate Bond Index		—		2.31			0.07			2.06			2.12	‡		—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

declined (bond yields move in the opposite direction of prices). High-yield bonds performed best, surpassing higher-rated securities by a solid margin. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also performed well.

Corporate bonds surge, driving benchmark returns

All sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for more than one-quarter of the index at period-end, gained 3.9%. Corporates benefited from the growing economy and strong earnings, offering higher returns to investors willing to accept more risk. Within the Aggregate index, government-related credit, commercial mortgage-backed securities and mortgage-backed securities were the next best performers, with returns of 2.9%, 2.1% and 1.9%, respectively. U.S. Treasury securities, the largest weighting in the index at 36.9%, gained 1.6% for the period.

Allocations to municipal and corporate bonds propel fund’s outperformance

The fund outpaced its benchmark, primarily as a result of an overweight position in the municipal bond sector. An overweight position in the strong-performing corporate bond sector made it the second-largest contributor to fund performance versus the benchmark.

Offsetting these positive factors, the fund’s yield curve positioning generally held back its results relative to the benchmark.

Expense example
Six months ended September 30, 2017
Social Choice Bond Fund	Beginning account value (4/1/17)		Ending account value (9/30/17)		Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,026.09	$	2.03
Advisor Class		1,000.00		1,025.75		2.34
Premier Class		1,000.00		1,025.31		2.79
Retirement Class		1,000.00		1,023.81		3.25
Retail Class		1,000.00		1,024.75		3.35
5% annual hypothetical return
Institutional Class		1,000.00		1,023.06		2.03
Advisor Class		1,000.00		1,022.76		2.33
Premier Class		1,000.00		1,022.31		2.79
Retirement Class		1,000.00		1,021.86		3.24
Retail Class		1,000.00		1,021.76		3.35

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.46% for the Advisor Class, 0.55% for the Premier Class, 0.64% for the Retirement Class and 0.66% 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 9/30/2017
Net assets		$1,495.24 million
Number of issues		551
Portfolio turnover rate†		61%
Portfolio turnover rate, excluding mortgage dollar roll transactions		44%
Option-adjusted duration‡		5.86 years
Average maturity§		9.05 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 25

Tax-Exempt Bond Fund

Portfolio composition

	% of net assets
	as of 9/30/2017
Municipal bonds		96.6
Short-term investments, other assets & liabilities, net		3.4
Total		100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Less than 1 year		6.7
1–3 years		6.8
3–5 years		21.1
5–10 years		40.4
Over 10 years		25.0
Total		100.0

Holdings by credit quality^§

	% of fixed-income investments
	(excluding short-term investments)
	as of 9/30/2017
Aaa/AA		3.3
Aa/AA		32.5
A/A		42.7
Baa/BBB		15.6
Ba/BB		1.0
Non-rated		4.9
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 six months ended September 30, 2017

The Tax-Exempt Bond Fund returned 3.20% for the Institutional Class, compared with the 3.44% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2017, the fund returned 0.20%, versus 0.77% for the index. The table below shows returns for all share classes of the fund.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008.

For the six-month period, the 10-year Municipal Bond index outperformed the 2.31% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Municipal bond investors were encouraged by the economy’s stable growth and low inflation. The market put aside concerns over how the potential for federal tax reform could affect municipal bonds—an issue that contributed to a post-election decline in municipal bond prices near the end of 2016.

Performance as of September 30, 2017

Tax-Exempt Bond Fund
					Total return						Average annual total return						Annual operating expenses*
	Ticker		Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		TITIX		3/31/06		3.20	%		0.20	%		2.02	%		3.95	%		0.37	%		0.35	%
Advisor Class		TIXHX		12/4/15		3.23			0.21			2.02	†		3.95	†		0.46			0.44
Retail Class		TIXRX		3/31/06		3.06			–0.08			1.74			3.72			0.65			0.63
Bloomberg Barclays 10-Year Municipal Bond Index				—		3.44			0.77			3.18			4.98			—			—

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, 2018, 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Broad sector gains lead benchmark to solid advance

All of the sectors in the Bloomberg Barclays 10-Year Municipal Bond Index produced positive results for the six-month period. Among the largest gains, the solid waste/resource recovery and leasing sectors each posted returns of 4.6%. The industrial revenue sector advanced 4.4%. Among the largest components in the benchmark, the state, transportation and local sectors returned 3.2%, 3.3% and 3.4%, respectively. Together, these three sectors accounted for more than one-half of the benchmark’s total market capitalization at period-end. Housing was the worst-performing sector at 2.7%.

On September 29, 2017, higher-rated 10-year AAA municipal bonds yielded 2.00%, compared with a 2.33% yield on the 10-year U.S. Treasury bond. New municipal bond issuance during the six-month period was $208 billion, up from $190 billion during the prior six months, from October 1, 2016, through March 31, 2017.

Fund advances but trails its benchmark

During the six-month period, the fund’s return trailed that of its benchmark, in large part due to yield curve positioning across the portfolio. The largest detractor from the fund’s relative returns was the state sector. An underweight position in the outperforming leasing sector also detracted from relative performance, as did fund positions in the local sector.

By contrast, fund positions in the health care, education and power sectors all contributed positively to its relative performance.

Expense example

Six months ended September 30, 2017

Tax-Exempt Bond Fund	Beginning account value (4/1/17)		Ending account value (9/30/17)		Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,032.03	$	1.78
Advisor Class		1,000.00		1,032.27		1.53
Retail Class		1,000.00		1,030.59		3.21
5% annual hypothetical return
Institutional Class		1,000.00		1,023.31		1.78
Advisor Class		1,000.00		1,023.56		1.52
Retail Class		1,000.00		1,021.91		3.19

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.30% 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 9/30/2017
Net assets		$279.34 million
Number of issues		210
Portfolio turnover rate†		7%
Option-adjusted duration‡		5.12 years
Average maturity§		8.05 years

†	The portfolio turnover rate covers the six-month period from April 1, 2017–September 30, 2017 and is not annualized.
‡	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 Semiannual Report 27

Money Market Fund

Portfolio composition

% of net assets
as of 9/30/2017
U.S. government agency securities	64.3
U.S. Treasury securities	19.3
Floating-rate securities, government	16.9
Other assets & liabilities, net	–0.5
Total	100.0

Net annualized yield

(for the 7 days ended 9/26/2017)*

	Current yield			Effective yield
Money Market Fund§
Institutional Class		0.93	%		0.93	%
Advisor Class		0.93			0.93
Premier Class		0.78			0.78
Retirement Class		0.67			0.68
Retail Class		0.57			0.58
iMoneyNet Money Fund
Averages—All Government‡		0.60			0.60

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

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

Performance for the six months ended September 30, 2017

The Money Market Fund returned 0.39% for the Institutional Class, compared with the 0.24% return of the iMoneyNet Money Fund Averages™—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.

Bonds gain as economy grows, Fed raises rates

The U.S. economy grew at a moderate pace during the six-month period, driven by solid consumer spending and a robust labor market. After a strong start, however, three powerful hurricanes struck the U.S. mainland and Puerto Rico in August and September, tempering the economy’s growth. The unemployment rate continued to decline, falling to 4.2%, its lowest level in more than 16 years. Core inflation, which includes all items except food and energy, remained below 2.0% for the period, though oil prices rose modestly from $50 a barrel on April 1, 2017, to nearly $52 a barrel on September 30, 2017.

Performance as of September 30, 2017

Money Market Fund
					Total return						Average annual total return						Annual operating expenses*
	Ticker		Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		TCIXX		7/1/99		0.39	%		0.58	%		0.17	%		0.56	%		0.14	%		0.14	%
Advisor Class		TMHXX		12/4/15		0.48			0.66			0.17	†		0.55	†		0.24			0.24
Premier Class		TPPXX		9/30/09		0.31			0.42			0.10			0.50	†		0.29			0.29
Retirement Class		TIEXX		3/31/06		0.26			0.32			0.07			0.43			0.39			0.39
Retail Class		TIRXX		3/31/06		0.21			0.24			0.05			0.45			0.49			0.49
iMoneyNet Money Fund  Averages—All Government‡				—		0.24			0.32			0.08			0.31			—			—

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, 2018, 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.

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

Fixed-income markets posted moderate gains, and all major bond categories advanced over the six-month period. Yields on shorter-term U.S. Treasury securities rose in response to the Fed’s actions while those on longer-term maturities declined (bond yields move in the opposite direction of prices).

The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2008. The Fed’s actions continued to influence yields on shorter-term LIBOR—a key interest-rate benchmark for money market funds. Over the six-month period, one-month LIBOR yields rose from 0.98% on March 31, 2017, to 1.23% on September 29, 2017.

Over the same period, three-month LIBOR rose from 1.14% to 1.33%; six-month LIBOR rose from 1.42% to 1.51%; and twelve-month LIBOR declined slightly from 1.80% to 1.78%. 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.

Change in supply and demand dynamics affects the money market

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”), which became effective on October 14, 2016. Many other U.S. money market funds also have restructured as government funds. During the six-month period, this significant change in the money market universe continued to produce a sharp increase in demand for short-term U.S. Treasuries and other short-term U.S. government securities, making it difficult to find attractive yields.

The fund outpaces the iMoneyNet average

In this environment of limited supply and increased demand, the return of the Money Market Fund surpassed that of the iMoneyNet government fund average for the period. In pursuit of additional yield, the fund held some longer-dated floating-rate government agency paper. This strategy was generally successful, as yields on most other short-term government securities were kept down by the increase in demand for these issues. As of September 26, 2017, the fund’s weighted average maturity was 47 days, versus 31 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 September 26 was the last date of release for the month.)

Expense example

Six months ended September 30, 2017

Money Market Fund	Beginning account value (4/1/17)		Ending account value (9/30/17)		Expenses paid during period* (4/1/17– 9/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,003.88	$	0.75
Advisor Class		1,000.00		1,004.76		0.15
Premier Class		1,000.00		1,003.13		1.51
Retirement Class		1,000.00		1,002.62		2.01
Retail Class		1,000.00		1,002.12		2.51
5% annual hypothetical return
Institutional Class		1,000.00		1,024.32		0.76
Advisor Class		1,000.00		1,024.92		0.15
Premier Class		1,000.00		1,023.56		1.52
Retirement Class		1,000.00		1,023.06		2.03
Retail Class		1,000.00		1,022.56		2.54

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.15% for the Institutional Class, 0.03% for the Advisor Class, 0.30% for the Premier Class, 0.40% for the Retirement Class and 0.50% 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 9/30/2017
Net assets	$866.13 million
Number of issues	177

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

Summary portfolio of investments(unaudited)

Bond Fund  ■  September 30, 2017

				% of net
Principal	Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS		$	190,357		0.0	%
CAPITAL GOODS			2,179,399		0.1
COMMERCIAL & PROFESSIONAL SERVICES			9,216,757		0.2
CONSUMER DURABLES & APPAREL			330,604		0.0
CONSUMER SERVICES			6,175,535		0.1
ENERGY			1,001,937		0.0
FOOD & STAPLES RETAILING			253,522		0.0
FOOD, BEVERAGE & TOBACCO			2,452,763		0.1
HEALTH CARE EQUIPMENT & SERVICES			9,475,237		0.2
INSURANCE			1,486,264		0.0
MATERIALS			4,149,902		0.1
MEDIA			5,771,417		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES			1,225,761		0.0
REAL ESTATE			228,044		0.0
RETAILING			2,502,315		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			1,486,856		0.0
SOFTWARE & SERVICES			4,384,479		0.1
TECHNOLOGY HARDWARE & EQUIPMENT			2,438,830		0.1
TELECOMMUNICATION SERVICES			387,620		0.0
TRANSPORTATION			2,817,888		0.1
UTILITIES			2,468,905		0.1
	TOTAL BANK LOAN OBLIGATIONS (Cost $61,210,552)		60,624,392		1.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			26,286,552		0.6
BANKS			230,038,002		5.2
CAPITAL GOODS			49,832,321		1.1
COMMERCIAL & PROFESSIONAL SERVICES			20,492,149		0.5
CONSUMER DURABLES & APPAREL			9,084,747		0.2
CONSUMER SERVICES			14,472,940		0.4
DIVERSIFIED FINANCIALS			172,178,829		3.9
ENERGY			118,275,720		2.7
FOOD & STAPLES RETAILING			19,471,077		0.4
FOOD, BEVERAGE & TOBACCO			35,673,530		0.8
HEALTH CARE EQUIPMENT & SERVICES			36,642,504		0.8
HOUSEHOLD & PERSONAL PRODUCTS			1,538,042		0.0
INSURANCE			60,541,463		1.4
MATERIALS			63,014,748		1.5

						% of net
Principal			Issuer	Value		assets
MEDIA				$	50,760,680		1.2	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					83,709,269		1.9
REAL ESTATE					53,714,266		1.2
RETAILING					39,528,513		0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					9,576,729		0.2
SOFTWARE & SERVICES
			Microsoft Corp
$	14,000,000		2.400%, 08/08/26		13,565,770		0.3
			Other		20,010,428		0.5
					33,576,198		0.8
TECHNOLOGY HARDWARE & EQUIPMENT					44,046,239		1.0
TELECOMMUNICATION SERVICES
			AT&T, Inc
	32,150,000		3.400%–5.450%, 02/15/21–02/14/50		32,452,347		0.7
			Other		26,578,708		0.6
					59,031,055		1.3
TRANSPORTATION					38,289,696		0.9
UTILITIES					188,436,735		4.3
		TOTAL CORPORATE BONDS (Cost $1,435,472,941)			1,458,212,004		33.2
GOVERNMENT BONDS
AGENCY SECURITIES					19,451,483		0.4
FOREIGN GOVERNMENT BONDS					152,817,972		3.4
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	14,157,770		3.500%, 10/01/45		14,700,285		0.3
	38,989,846		3.500%, 08/01/46		40,471,790		0.9
			Federal National Mortgage Association (FNMA)
	14,851,614		4.000%, 09/01/45		15,834,454		0.4
	21,465,804		3.000%, 11/01/46		21,539,779		0.5
	25,174,059		3.000%, 12/01/46		25,260,814		0.6
	19,753,495		3.000%, 01/01/47		19,821,569		0.5
	42,848,617		3.500%, 01/01/47		44,188,108		1.0
	30,769,115		4.000%, 07/01/47		32,400,021		0.7
	22,040,730		4.500%, 07/01/47		23,657,607		0.5
	13,868,773		4.000%, 08/01/47		14,603,887		0.3
	242,203,704		2.500%–8.000%, 07/01/24–10/25/47		254,746,256		5.8
			Government National Mortgage Association (GNMA)
	36,267,125		3.500%, 06/20/47		37,741,851		0.9
	46,291,963		3.000%, 08/20/47		46,975,234		1.1
	18,853,500		3.500%, 08/20/47		19,620,138		0.5
			Other		58,816,113		1.3
					670,377,906		15.3

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

Summary portfolio of investments(unaudited) continued

Bond Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
MUNICIPAL BONDS
			California State University
$	28,410,000		3.899%, 11/01/47	$	29,123,943		0.7	%
			Florida State Board of Administration Finance Corp
	15,000,000		2.163%, 07/01/19		15,064,200		0.4
			Ohio State University
	25,830,000		3.798%, 12/01/46		26,488,148		0.6
			University of California
	15,000,000		1.910%, 05/15/21		14,948,550		0.3
			Other		168,151,728		3.8
					253,776,569		5.8
U.S. TREASURY SECURITIES
			United States Treasury Bond
	61,050,000		3.500%, 02/15/39		68,891,109		1.6
	16,015,000		3.875%, 08/15/40		19,035,955		0.4
	29,030,000		3.000%, 05/15/47		29,849,871		0.7
	33,000,000		2.750%, 08/15/47		32,260,078		0.7
			United States Treasury Note
	70,000,000		1.250%, 06/30/19		69,745,703		1.6
	23,000,000		1.500%, 05/15/20		22,949,688		0.5
	30,000,000		1.500%, 07/15/20		29,912,109		0.7
	41,765,000		1.500%, 08/15/20		41,632,853		0.9
	61,810,000		1.375%, 09/15/20		61,370,569		1.4
	21,000,000		2.125%, 07/31/24		20,958,164		0.5
	17,000,000		2.000%, 09/30/24		16,946,875		0.4
	87,128,000		0.750%–2.250%, 05/31/18–08/15/27		86,514,312		2.0
			Other		26,049,822		0.6
					526,117,108		12.0
		TOTAL GOVERNMENT BONDS (Cost $1,619,580,980)			1,622,541,038		36.9
STRUCTURED ASSETS
ASSET BACKED
			Domino’s Pizza Master Issuer LLC
			Series 2017-1A (Class A2II)
	16,200,000	g	3.082%, 07/25/47		16,123,698		0.4
			New Residential Mortgage Loan Trust
			Series 2017-1A (Class A1)
	25,851,202	g,i	4.000%, 02/25/57		26,912,114		0.6
			Other		437,099,497		9.9
					480,135,309		10.9
OTHER MORTGAGE BACKED
			BANK
			Series 2017-BNK6 (Class A4)
	20,000,000		3.254%, 07/15/60		20,209,912		0.5
			CD Mortgage Trust
			Series 2017-CD5 (Class AS)
	22,068,000	i	3.684%, 08/15/50		22,655,000		0.5
			CGMS Commercial Mortgage Trust
			Series 2017-B1 (Class A3)
	21,000,000		3.197%, 08/15/50		21,086,489		0.5
			Connecticut Avenue Securities
			Series 2016-C05 (Class 2M1)
	13,515,403	i	2.587%, 01/25/29, LIBOR 1 M + 1.350%		13,587,845		0.3
			Series 2016-C04 (Class 1M1)

						% of net
Principal			Issuer	Value		assets
OTHER MORTGAGE BACKED—continued
$	14,926,135	i	2.687%, 01/25/29, LIBOR 1 M + 1.450%	$	15,064,928		0.3	%
			Series 2016-C06 (Class 1M1)
	14,857,341	i	2.537%, 04/25/29, LIBOR 1 M + 1.300%		15,030,521		0.3
			Series 2017-C01 (Class 1M1)
	38,328,996	g,i	2.530%, 07/25/29, LIBOR 1 M + 1.300%		38,693,662		0.9
			Series 2017-C03 (Class 1M1)
	14,366,601	i	2.187%, 10/25/29, LIBOR 1 M + 0.950%		14,436,068		0.3
			GS Mortgage Securities Trust
			Series 2017-GS7 (Class A3)
	20,000,000		3.167%, 08/10/50		19,995,052		0.5
			JPMBB Commercial Mortgage Securities Trust
			Series 2014-C21 (Class A4)
	20,000,000		3.493%, 08/15/47		20,716,716		0.5
			JPMCC Commercial Mortgage Securities Trust
			Series 2017-JP7 (Class A4)
	31,558,000		3.195%, 09/15/50		31,744,429		0.7
			MAD Mortgage Trust
			Series 2017-330M (Class A)
	25,000,000	g,i	3.294%, 08/15/34		25,272,228		0.6
			Sequoia Mortgage Trust
			Series 2017-3 (Class A4)
	13,460,912	g,i	3.500%, 04/25/47		13,762,208		0.3
			Structured Agency Credit Risk Debt Note (STACR)
			Series 2014-HQ2 (Class M2)
	17,005,000	i	3.437%, 09/25/24, LIBOR 1 M + 2.200%		17,561,089		0.4
			Series 2017-DNA3 (Class M1)
	29,000,000	h,i	1.984%, 03/25/30, LIBOR 1 M + 0.750%		29,047,577		0.7
	58,494,061	i	2.037%–5.037%, 01/25/25–07/25/29, LIBOR	$	59,233,653		1.3
			1M + 0.800%–LIBOR 1M + 3.800%
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C34 (Class AJ)
	23,750,038	i	6.274%, 05/15/46		24,121,268		0.5
			Other		311,070,736		7.1
					713,289,381		16.2
		TOTAL STRUCTURED ASSETS (Cost $1,194,314,587)			1,193,424,690		27.1
		TOTAL BONDS (Cost $4,249,368,508)			4,274,177,732		97.2
	Shares		Company
COMMON STOCKS
	ENERGY				230,658		0.0
		TOTAL COMMON STOCKS (Cost $109,354)			230,658		0.0
PREFERRED STOCKS
ENERGY					55,812		0.0
		TOTAL PREFERRED STOCKS (Cost $22,130)			55,812		0.0

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

Summary portfolio of investments (unaudited) concluded

Bond Fund  ■  September 30, 2017

						% of net
Principal		Issuer	Value			assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
		United States Treasury Bill
$	25,540,000	0.860%, 10/05/17	$	25,538,463			0.6	%
	26,785,000	0.961%, 10/12/17		26,778,148			0.6
	22,600,000	0.971%, 10/26/17		22,585,875			0.5
		Other		2,187,807			0.1
				77,090,293			1.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $77,042,186)		77,090,293			1.8
		TOTAL PORTFOLIO (Cost $4,387,752,730)		4,412,178,887			100.4
		OTHER ASSETS & LIABILITIES, NET		(15,433,572	)		(0.4	)
		NET ASSETS	$	4,396,745,315			100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/17, the aggregate value of these securities, including those in “Other,” was $884,962,967 or 20.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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.

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

Summary portfolio of investments (unaudited)

Bond Index Fund  ■  September 30, 2017

					% of net
	Principal	Issuer		Value		assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	12,519,788		0.1	%
BANKS
		Bank of America Corp
$	39,425,000	2.151%–5.875%, 01/15/19–01/20/48		40,993,194		1.1
		JPMorgan Chase & Co
	43,203,000	1.850%–6.000%, 01/28/19–12/30/49		45,022,410		1.2
		Other		251,262,016		1.7
				337,277,620		4.0
CAPITAL GOODS				81,481,120		1.0
COMMERCIAL & PROFESSIONAL SERVICES				27,215,157		0.3
CONSUMER DURABLES & APPAREL				13,596,384		0.2
CONSUMER SERVICES				19,795,627		0.2
DIVERSIFIED FINANCIALS				275,992,689		3.2
ENERGY				212,087,117		2.5
FOOD & STAPLES RETAILING				23,351,706		0.3
FOOD, BEVERAGE & TOBACCO				117,443,505		1.4
HEALTH CARE EQUIPMENT & SERVICES				55,839,203		0.7
HOUSEHOLD & PERSONAL PRODUCTS				11,493,666		0.1
INSURANCE				88,314,863		1.0
MATERIALS				66,843,064		0.8
MEDIA				84,661,877		1.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				132,483,076		1.6
REAL ESTATE				61,683,507		0.7
RETAILING				59,833,300		0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				15,963,024		0.2
SOFTWARE & SERVICES				80,587,605		0.9
TECHNOLOGY HARDWARE & EQUIPMENT				85,373,723		1.0
TELECOMMUNICATION SERVICES				118,935,530		1.4
TRANSPORTATION				49,603,473		0.6
UTILITIES				180,207,743		2.1
		TOTAL CORPORATE BONDS (Cost $2,152,426,922)		2,212,584,367		26.0
GOVERNMENT BONDS
AGENCY SECURITIES				178,454,087		2.1
FOREIGN GOVERNMENT BONDS				328,007,727		3.9
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
	30,292,368	3.000%, 04/01/46		30,416,256		0.4
	553,805,562	2.500%–8.000%, 12/01/17–07/01/47		572,953,205		6.7
		Federal National Mortgage Association (FNMA)
	33,885,530	3.000%, 06/01/32		34,830,187		0.4
	29,495,652	4.000%, 11/01/45		31,055,192		0.4
	970,391,688	1.743%–8.000%, 11/01/17–07/01/55		1,005,348,301		11.8

						% of net
Principal			Issuer	Value		assets
MORTGAGE BACKED—continued
			Government National Mortgage Association (GNMA)
$	36,873,482	h	3.500%, 05/20/46	$	38,375,235		0.5	%
	39,404,371		3.500%, 09/20/46		41,006,666		0.5
	28,878,929		3.000%, 02/20/47		29,305,182		0.3
	28,655,877		3.500%, 02/20/47		29,821,108		0.3
	548,695,971		2.125%–8.500%, 02/15/18–08/20/47		571,466,501		6.7
			Other		2,662,520		0.1
					2,387,240,353		28.1
MUNICIPAL BONDS					75,260,175		0.9
U.S. TREASURY SECURITIES
			United States Treasury Bond
	26,060,000		5.250%, 02/15/29		33,531,891		0.4
	61,983,000		3.500%, 02/15/39		69,943,942		0.8
	26,350,000		4.375%, 05/15/41		33,683,740		0.4
	400,429,000		2.250%–5.250%, 11/15/28–08/15/47		425,975,636		5.0
			United States Treasury Note
	40,350,000		1.500%, 08/31/18		40,397,285		0.5
	30,000,000		1.500%, 02/28/19		30,025,781		0.4
	40,750,000		1.500%, 05/31/19		40,786,611		0.5
	40,000,000		1.625%, 06/30/19		40,109,375		0.5
	50,500,000		1.625%, 08/31/19		50,640,059		0.6
	38,500,000		1.750%, 09/30/19		38,692,500		0.5
	29,000,000		1.500%, 10/31/19		28,996,601		0.3
	57,000,000		1.500%, 11/30/19		56,984,414		0.7
	33,500,000		1.625%, 12/31/19		33,570,664		0.4
	78,500,000		1.375%, 02/29/20		78,159,629		0.9
	50,000,000		1.500%, 05/31/20		49,880,860		0.6
	38,000,000		1.500%, 06/15/20		37,910,938		0.4
	45,000,000		1.625%, 06/30/20		45,028,125		0.5
	34,000,000		1.375%, 08/31/20		33,759,609		0.4
	30,000,000		1.375%, 09/30/20		29,771,484		0.3
	40,000,000		1.375%, 10/31/20		39,660,938		0.5
	50,000,000		1.625%, 11/30/20		49,917,969		0.6
	48,500,000		1.375%, 01/31/21		47,977,109		0.6
	50,000,000		1.250%, 03/31/21		49,175,781		0.6
	55,000,000		1.375%, 04/30/21		54,291,016		0.6
	65,000,000		1.375%, 05/31/21		64,101,172		0.8
	39,000,000		1.125%, 07/31/21		38,038,711		0.4
	40,000,000		1.125%, 08/31/21		38,973,438		0.5
	30,185,000		1.125%, 09/30/21		29,382,032		0.3
	50,000,000		1.250%, 10/31/21		48,867,188		0.6
	57,000,000		1.750%, 11/30/21		56,786,250		0.7
	51,700,000		2.000%, 12/31/21		52,002,930		0.6
	60,000,000		1.875%, 02/28/22		59,997,656		0.7
	51,000,000		1.875%, 03/31/22		50,964,141		0.6
	92,000,000		1.875%, 04/30/22		91,885,000		1.1
	33,000,000		1.750%, 05/31/22		32,773,125		0.4
	30,000,000		1.750%, 06/30/22		29,772,656		0.3
	63,000,000		1.875%, 07/31/22		62,842,500		0.7
	55,000,000		1.625%, 08/31/22		54,226,563		0.6
	42,005,000		2.250%, 11/15/24		42,198,617		0.5
	37,000,000		2.125%, 05/15/25		36,748,515		0.4
	37,000,000		2.000%, 08/15/25		36,351,055		0.4
	30,000,000		2.250%, 11/15/25		29,985,938		0.3
	44,500,000		1.625%, 02/15/26		42,287,168		0.5
	40,500,000		2.250%, 08/15/27		40,205,742		0.5
	702,558,100		0.750%–8.000%, 10/31/17–05/15/27		702,502,899		8.2
					3,079,765,253		36.1
		TOTAL GOVERNMENT BONDS (Cost $6,028,074,217)			6,048,727,595		71.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Semiannual Report 33

Summary portfolio of investments (unaudited) concluded

Bond Index Fund  ■  September 30, 2017

					% of net
Principal	Issuer	Value			assets
STRUCTURED ASSETS
ASSET BACKED		$	66,063,289			0.8	%
OTHER MORTGAGE BACKED			131,079,098			1.5
	TOTAL STRUCTURED ASSETS (Cost $196,468,397)		197,142,387			2.3
	TOTAL BONDS (Cost $8,376,969,536)		8,458,454,349			99.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT			39,541,393			0.4
			39,541,393			0.4
TREASURY DEBT			41,876,301			0.5
			41,876,301			0.5
	TOTAL SHORT-TERM INVESTMENTS (Cost $81,415,388)		81,417,694			0.9
	TOTAL PORTFOLIO (Cost $8,458,384,924)		8,539,872,043			100.3
	OTHER ASSETS & LIABILITIES, NET		(28,138,944	)		(0.3	)
	NET ASSETS	$	8,511,733,099			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 9 / 30/1 7, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $52,643,325 or 0.6% 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.

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

Summary portfolio of investments (unaudited)

Bond Plus Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	4,756,704		0.1	%
CAPITAL GOODS					4,374,450		0.1
COMMERCIAL & PROFESSIONAL SERVICES					16,794,788		0.5
CONSUMER DURABLES & APPAREL					1,719,397		0.0
CONSUMER SERVICES					25,387,540		0.7
ENERGY					4,520,058		0.1
FOOD & STAPLES RETAILING					6,081,460		0.2
FOOD, BEVERAGE & TOBACCO					1,599,096		0.0
HEALTH CARE EQUIPMENT & SERVICES					16,833,161		0.5
HOUSEHOLD & PERSONAL PRODUCTS					1,047,375		0.1
INSURANCE					3,879,362		0.1
MATERIALS					4,369,099		0.0
MEDIA					11,968,303		0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,412,634		0.1
REAL ESTATE					5,652,912		0.2
RETAILING					9,749,362		0.3
SOFTWARE & SERVICES					12,967,311		0.3
TECHNOLOGY HARDWARE & EQUIPMENT					2,340,392		0.0
TELECOMMUNICATION SERVICES					1,162,859		0.0
UTILITIES					966,459		0.0
		TOTAL BANK LOAN OBLIGATIONS (Cost $140,390,010)			139,582,722		3.6
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					30,720,288		0.8
BANKS					196,431,272		5.0
CAPITAL GOODS					32,643,568		0.8
COMMERCIAL & PROFESSIONAL SERVICES					25,019,718		0.6
CONSUMER DURABLES & APPAREL					15,073,755		0.4
CONSUMER SERVICES					35,298,704		0.9
DIVERSIFIED FINANCIALS
		General Motors Financial Co, Inc
$	15,000,000	2.400%, 04/10/18			15,047,763		0.4
		Wells Fargo & Co
	11,650,000	2.625%, 07/22/22			11,669,134		0.3
		Other			145,614,084		3.7
					172,330,981		4.4
ENERGY					125,425,970		3.2
FOOD & STAPLES RETAILING					18,847,708		0.5
FOOD, BEVERAGE & TOBACCO					29,814,632		0.8
HEALTH CARE EQUIPMENT & SERVICES					42,271,921		1.1

						% of net
Principal			Issuer	Value		assets
HOUSEHOLD & PERSONAL PRODUCTS				$	1,359,846		0.0	%
INSURANCE					42,084,916		1.1
MATERIALS					66,231,861		1.7
MEDIA					54,027,523		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					56,946,019		1.5
REAL ESTATE					38,195,879		1.0
RETAILING					30,438,243		0.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					6,970,571		0.2
SOFTWARE & SERVICES					24,846,055		0.6
TECHNOLOGY HARDWARE & EQUIPMENT					29,669,674		0.8
TELECOMMUNICATION SERVICES					53,447,690		1.4
TRANSPORTATION					35,277,513		0.9
UTILITIES					122,803,921		3.1
			TOTAL CORPORATE BONDS (Cost $1,263,949,703)		1,286,178,228		33.0
GOVERNMENT BONDS
FOREIGN GOVERNMENT BONDS
			Japan Government Two Year Bond
$	2,300,000,000		0.100%, 04/15/19		20,510,870		0.5
			Other		117,532,906		3.0
					138,043,776		3.5
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	11,117,476		3.500%, 10/01/45		11,543,489		0.3
	12,811,051		4.000%, 12/01/45		13,640,366		0.4
	37,729,881		3.500%, 08/01/46		39,163,935		1.0
			Federal National Mortgage Association (FNMA)
	22,355,617		3.000%, 07/01/32		22,978,844		0.6
	14,714,256		3.000%, 08/01/32		15,124,459		0.4
	14,580,203		3.000%, 11/01/46		14,630,449		0.4
	28,698,607		3.000%, 12/01/46		28,797,508		0.7
	11,892,857		3.500%, 12/01/46		12,264,640		0.3
	19,592,071		3.500%, 12/01/46		20,204,538		0.5
	37,579,819		3.000%, 01/01/47		37,709,327		1.0
	81,570,226		3.500%, 01/01/47		84,120,193		2.2
	47,578,949		4.000%, 07/01/47		50,100,854		1.3
	38,087,067		4.500%, 07/01/47		40,881,080		1.0
	27,737,546		4.000%, 08/01/47		29,207,774		0.8
	11,956,143	h	3.500%, 09/01/47		12,329,904		0.3
	40,000,000	h	4.500%, 10/01/47		42,922,113		1.1
	15,000,000	h	4.500%, 10/25/47		16,095,117		0.4
	231,817,574		2.500%–9.000%, 03/01/23–10/25/47		243,094,736		6.2
			Government National Mortgage Association (GNMA)
	48,116,633		3.500%, 06/20/47		50,073,193		1.3
	14,826,639		4.000%, 06/20/47		15,667,480		0.4
	70,954,406		3.000%, 08/20/47		72,001,695		1.8
	26,837,197	h	3.500%, 08/20/47		27,928,474		0.7
			Other		33,356,620		0.9
					933,836,788		24.0
MUNICIPAL BONDS					222,479,824		5.7

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

Summary portfolio of investments (unaudited) concluded

Bond Plus Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	15,000,000		5.000%, 05/15/37	$	20,490,234		0.5	%
	15,000,000		4.500%, 05/15/38		19,364,062		0.5
	25,000,000		4.375%, 11/15/39		31,796,875		0.8
	20,000,000		4.375%, 05/15/40		25,478,906		0.7
	15,000,000		2.500%, 05/15/46		13,929,492		0.4
	24,490,000		3.000%, 05/15/47		25,181,651		0.6
	40,000,000		2.750%, 08/15/47		39,103,125		1.0
			United States Treasury Note
	25,100,000		1.375%, 08/31/23		24,142,082		0.6
	24,400,000		2.250%, 12/31/23		24,618,266		0.6
	22,500,000		2.250%, 01/31/24		22,688,965		0.6
	25,000,000		2.125%, 02/29/24		25,008,789		0.6
	20,000,000		2.125%, 03/31/24		19,995,312		0.5
	20,000,000		2.000%, 04/30/24		19,838,281		0.5
	15,000,000		2.000%, 09/30/24		14,953,125		0.4
	30,000,000		2.000%, 08/15/25		29,473,828		0.8
	30,000,000		2.250%, 11/15/25		29,985,938		0.8
	53,990,000		2.250%, 08/15/27		53,597,729		1.4
	15,000,000		4.250%, 05/15/39		18,754,102		0.5
	62,938,000		1.250%–6.250%, 09/15/20–05/15/30		64,081,923		1.6
			Other		11,154,375		0.3
					533,637,060		13.7
			TOTAL GOVERNMENT BONDS (Cost $1,825,008,942)		1,827,997,448		46.9
STRUCTURED ASSETS
ASSET BACKED
			Wendys Funding LLC
			Series 2015-1A (Class A2I)
	11,760,000	g	3.371%, 06/15/45		11,865,487		0.3
			Other		302,541,995		7.7
					314,407,482		8.0
OTHER MORTGAGE BACKED
			Sequoia Mortgage Trust
			Series 2017-3 (Class A4)
	15,317,590	g,i	3.500%, 04/25/47		15,660,444		0.4
			Series 2017-5 (Class A4)
	14,637,156	g,i	3.500%, 08/25/47		14,973,928		0.4
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C32 (Class AJ)
	12,120,227	i	5.750%, 06/15/49		12,347,845		0.3
			Other		233,111,758		6.0
					276,093,975		7.1
			TOTAL STRUCTURED ASSETS (Cost $589,300,295)		590,501,457		15.1
			TOTAL BONDS (Cost $3,678,258,940)		3,704,677,133		95.0

						% of net
Shares		Company	Value			assets
COMMON STOCKS
ENERGY			$	922,895			0.0	%
		TOTAL COMMON STOCKS (Cost $437,456)		922,895			0.0
PREFERRED STOCKS
ENERGY				223,248			0.0
		TOTAL PREFERRED STOCKS (Cost $88,473)		223,248			0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	32,700,000	0.600%–0.700%, 10/02/17		32,700,000			0.8
				32,700,000			0.8
TREASURY DEBT
		United States Treasury Bill
	26,520,000	0.920%–1.008%, 10/05/17		26,518,403			0.7
	64,615,000	0.926%–0.961%, 10/12/17		64,598,470			1.7
	44,215,000	0.927%–0.971%, 10/26/17		44,187,366			1.1
		Other		7,417,068			0.2
				142,721,307			3.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $175,201,511)		175,421,307			4.5
		TOTAL PORTFOLIO (Cost $3,994,376,390)		4,020,827,305			103.1
		OTHER ASSETS & LIABILITIES, NET		(121,457,854	)		(3.1	)
		NET ASSETS	$	3,899,369,451			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/17, the aggregate value of these securities, including those in “Other,” was $740,135,675 or 19.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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.

Bilateral currency swap contracts outstanding as of September 30, 2017 were as follows (See Note 3):

								Upfront	Unrealized
Reference	Terms of payments	Terms of payments		Maturity		Notional		premiums	appreciation
entity	to be paid	to be received	Counterparty	date		amount	Value	received	(depreciation)
USD		Fixed semi-annual 1.94%	JP Morgan Chase Bank, N.A.	4/15/19	USD	20,664,870	$283,874	$(148,374)	$432,248
JPY	Fixed semi-annual 0.10%				JPY	2,300,000,000

Abbreviation(s):
JPY	Japanese Yen

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

Summary portfolio of investments (unaudited)

High-Yield Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	8,687,420		0.2	%
CAPITAL GOODS					1,675,953		0.0
COMMERCIAL & PROFESSIONAL SERVICES					15,134,513		0.4
CONSUMER DURABLES & APPAREL					7,503,267		0.2
CONSUMER SERVICES
			Spin Holdco, Inc
$	16,470,744	i	5.010%, 11/14/22, LIBOR 3 M + 3.750%		16,540,745		0.4
			Other		48,297,670		1.2
					64,838,415		1.6
DIVERSIFIED FINANCIALS					2,201,274		0.1
ENERGY					16,469,003		0.4
FOOD & STAPLES RETAILING					13,049,970		0.3
HEALTH CARE EQUIPMENT & SERVICES					11,120,963		0.3
INSURANCE					17,699,482		0.5
MATERIALS					28,018,796		0.7
MEDIA					8,266,299		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					13,749,904		0.3
REAL ESTATE					14,282,838		0.3
RETAILING					23,277,205		0.6
SOFTWARE & SERVICES					16,854,161		0.4
UTILITIES					23,180,118		0.6
			TOTAL BANK LOAN OBLIGATIONS (Cost $288,190,540)		286,009,581		7.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					52,318,119		1.3
BANKS					50,048,547		1.2
CAPITAL GOODS					67,651,319		1.7
COMMERCIAL & PROFESSIONAL SERVICES
			United Rentals North America, Inc
	16,425,000		5.500%, 07/15/25		17,635,522		0.4
	17,600,000		4.875%, 01/15/28		17,666,000		0.5
			Other		158,949,906		3.9
					194,251,428		4.8
CONSUMER DURABLES & APPAREL
			Lennar Corp
	16,000,000		4.500%, 04/30/24		16,476,480		0.4
			Other		60,181,739		1.5
					76,658,219		1.9

						% of net
Principal			Issuer	Value		assets
CONSUMER SERVICES
			International Game Technology
$	14,785,000	g	6.500%, 02/15/25	$	16,614,644		0.4	%
			Prime Security Services Borrower LLC
	52,225,000	g	9.250%, 05/15/23		57,633,421		1.4
			Scientific Games International, Inc
	16,000,000		10.000%, 12/01/22		17,720,000		0.5
			Six Flags Entertainment Corp
	22,500,000	g	4.875%, 07/31/24		22,893,750		0.6
			Other		195,152,006		4.8
					310,013,821		7.7
DIVERSIFIED FINANCIALS
			Navient Corp
	50,255,000		4.875%–7.250%, 01/15/19–03/25/24		52,742,004		1.3
			Other		120,617,562		2.9
					173,359,566		4.2
ENERGY
			AmeriGas Partners LP
	36,300,000		5.500%–5.875%, 05/20/24–05/20/27		37,485,969		1.0
			Exterran Partners LP
	16,900,000		6.000%, 04/01/21		16,562,000		0.4
			Genesis Energy LP
	17,900,000		6.500%, 10/01/25		17,698,625		0.4
			Murphy Oil Corp
	19,800,000		5.750%, 08/15/25		20,395,980		0.5
			Range Resources Corp
	22,825,000	g	5.750%, 06/01/21		23,738,000		0.6
			Southwestern Energy Co
	19,000,000		7.500%, 04/01/26		19,736,250		0.5
			Other		403,110,914		9.9
					538,727,738		13.3
FOOD & STAPLES RETAILING
			Fresh Market, Inc
	30,685,000	†,g	9.750%, 05/01/23		18,717,850		0.5
			Ingles Markets, Inc
	17,960,000		5.750%, 06/15/23		17,555,900		0.4
			Other		20,455,625		0.5
					56,729,375		1.4
FOOD, BEVERAGE & TOBACCO					14,115,475		0.4
HEALTH CARE EQUIPMENT & SERVICES
			Change Healthcare Holdings LLC
	16,000,000	g	5.750%, 03/01/25		16,300,000		0.4
			HCA, Inc
	66,350,000		4.500%–7.500%, 02/15/20–06/15/47		71,709,516		1.8
			Tenet Healthcare Corp
	27,200,000	g	4.625%, 07/15/24		26,894,000		0.6
			Other		113,445,721		2.9
					228,349,237		5.7
HOUSEHOLD & PERSONAL PRODUCTS					10,701,784		0.3
INSURANCE					921,375		0.0

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

Summary portfolio of investments (unaudited) continued

High-Yield Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
MATERIALS
			Berry Plastics Corp
$	17,025,000		6.000%, 10/15/22	$	18,067,781		0.4	%
			Blue Cube Spinco, Inc
	20,000,000		9.750%, 10/15/23		24,300,000		0.6
			Nova Chemicals Corp
	40,000,000	g	4.875%, 06/01/24		40,500,000		1.0
			Other		282,203,325		7.0
					365,071,106		9.0
MEDIA
			CCO Holdings LLC
	20,900,000		5.750%, 01/15/24		21,709,875		0.5
	20,000,000	g	5.875%, 04/01/24		21,225,000		0.5
	16,150,000	g	5.125%, 05/01/27		16,372,062		0.4
			DISH DBS Corp
	15,000,000		6.750%, 06/01/21		16,500,000		0.4
			Neptune Finco Corp
	14,250,000	g	10.125%, 01/15/23		16,440,938		0.4
	13,577,000	g	10.875%, 10/15/25		16,784,566		0.4
			Numericable Group S.A.
	17,000,000	g	6.000%, 05/15/22		17,765,000		0.5
			Time, Inc
	18,000,000	g	5.750%, 04/15/22		18,427,500		0.5
			Other		225,142,578		5.6
					370,367,519		9.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					29,625,050		0.7
REAL ESTATE					15,714,608		0.4
RETAILING
			Argos Merger Sub, Inc
	24,800,000	g	7.125%, 03/15/23		19,351,440		0.5
			Men’s Wearhouse, Inc
	19,570,000		7.000%, 07/01/22		18,640,425		0.4
			Other		97,051,404		2.4
					135,043,269		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					9,959,986		0.2
SOFTWARE & SERVICES
			Open Text Corp
	16,400,000	g	5.875%, 06/01/26		17,999,000		0.4
			Other		96,092,671		2.4
					114,091,671		2.8
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope, Inc
	23,700,000	g	6.000%, 06/15/25		25,329,375		0.6
			Other		40,570,040		1.0
					65,899,415		1.6

						% of net
Principal			Issuer	Value		assets
TELECOMMUNICATION SERVICES
			Altice Luxembourg S.A.
$	18,900,000	g	7.750%, 05/15/22	$	20,057,625		0.5	%
			Sprint Corp
	23,725,000		7.250%, 09/15/21		26,364,407		0.6
	19,950,000		7.625%, 02/15/25		22,942,500		0.6
			T-Mobile USA, Inc
	22,000,000		5.125%, 04/15/25		22,990,000		0.6
			Other		121,471,865		3.0
					213,826,397		5.3
TRANSPORTATION
			KLX, Inc
	16,250,000	g	5.875%, 12/01/22		17,025,125		0.4
			Park Aerospace Holdings Ltd
	20,025,000	g	5.250%, 08/15/22		20,803,472		0.5
			Other		118,805,191		3.0
					156,633,788		3.9
UTILITIES					61,275,061		1.5
			TOTAL CORPORATE BONDS (Cost $3,231,335,525)		3,311,353,873		81.8
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
			United States Treasury Note
	32,900,000		0.219%–0.278%, 01/31/18		32,868,021		0.8
					32,868,021		0.8
			TOTAL GOVERNMENT BONDS (Cost $32,872,259)		32,868,021		0.8
			TOTAL BONDS (Cost $3,264,207,784)		3,344,221,894		82.6
Shares			Company
COMMON STOCKS
ENERGY					21,946,738		0.5
			TOTAL COMMON STOCKS (Cost $15,989,265)		21,946,738		0.5
PREFERRED STOCKS
ENERGY					2,246,335		0.1
			TOTAL PREFERRED STOCKS (Cost $890,102)		2,246,335		0.1

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

Summary portfolio of investments (unaudited) concluded

High-Yield Fund  ■  September 30, 2017

					% of net
Principal		Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	16,000,000	1.032%, 10/04/17	$	15,999,120		0.4	%
	20,200,000	1.011%, 10/11/17		20,194,990		0.5
	20,375,000	1.032%, 10/25/17		20,362,103		0.5
	25,840,000	1.021%, 10/27/17		25,822,222		0.6
	34,820,000	1.053%, 11/15/17		34,777,450		0.9
	25,000,000	1.053%, 11/24/17		24,963,200		0.6
		Federal Home Loan Mortgage Corp (FHLMC)
	24,700,000	1.012%, 10/05/17		24,697,950		0.6
	30,000,000	1.008%, 11/06/17		29,970,840		0.7
		Federal National Mortgage Association (FNMA)
	31,070,000	1.032%, 10/02/17		31,070,000		0.8
		Other		31,215,560		0.8
				259,073,435		6.4
TREASURY DEBT
		United States Treasury Bill
	45,250,000	0.966%–0.981%, 10/12/17		45,238,424		1.2
	32,790,000	0.932%–0.956%, 10/26/17		32,769,506		0.8
		Other		16,814,389		0.4
				94,822,319		2.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $353,879,431)		353,895,754		8.8
		TOTAL PORTFOLIO (Cost $3,923,157,122)		4,008,320,302		99.1
		OTHER ASSETS & LIABILITIES, NET		37,358,454		0.9
		NET ASSETS	$	4,045,678,756		100.0	%

Abbreviation(s):

LIBOR London Interbank Offered Rate

M	Month
†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/17, the aggregate value of these securities, including those in “Other,” was $1,439,899,780 or 35.6% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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 Semiannual Report 39

Portfolio of investments (unaudited)

Inflation-Linked Bond Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
GOVERNMENT BONDS
AGENCY SECURITIES
			HNA 2015 LLC
$	2,600,013		2.369%, 09/18/27	$	2,596,874		0.1	%
			Montefiore Medical Center
	9,595,000		2.895%, 04/20/32		9,350,587		0.4
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,550,344		0.1
	3,000,000		3.250%, 06/15/25		3,151,263		0.1
			Reliance Industries Ltd
	5,592,105		2.444%, 01/15/26		5,616,176		0.2
			Ukraine Government AID Bonds
	3,000,000		1.847%, 05/29/20		3,002,142		0.1
	15,000,000		1.471%, 09/29/21		14,691,855		0.6
					41,959,241		1.6
MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	6,450,328		3.700%, 10/15/33		6,796,902		0.3
					6,796,902		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	43,778,724	k	2.125%, 01/15/19		45,142,248		1.7
	191,178,270	k	0.125%, 04/15/19		191,883,492		7.1
	53,782,054	k	1.875%, 07/15/19		56,024,203		2.1
	60,277,868	k	1.375%, 01/15/20		62,422,163		2.3
	159,932,430	k	0.125%, 04/15/20		160,681,069		5.9
	89,339,959	k	1.250%, 07/15/20		93,076,801		3.4
	89,613,041	k	1.125%, 01/15/21		93,148,692		3.4
	127,556,975	k	0.125%, 04/15/21		127,895,798		4.7
	116,139,915	k	0.625%, 07/15/21		119,326,016		4.4
	120,065,029	k	0.125%, 01/15/22		120,397,417		4.5
	75,492,000	k	0.125%, 04/15/22		75,455,161		2.8
	117,092,800	k	0.125%, 07/15/22		117,612,694		4.4
	95,446,800	k	0.125%, 01/15/23		95,165,434		3.5
	110,973,340	k	0.375%, 07/15/23		112,372,197		4.2
	95,207,640	k	0.625%, 01/15/24		97,170,883		3.6
	90,207,250	k	0.125%, 07/15/24		89,252,264		3.3
	82,680,800	k	0.250%, 01/15/25		81,808,571		3.0
	79,677,372	k	2.375%, 01/15/25		90,973,901		3.4
	92,902,500	k	0.375%, 07/15/25		92,854,490		3.4
	86,023,370	k	0.625%, 01/15/26		87,132,728		3.2
	57,419,843	d,k	2.000%, 01/15/26		64,530,347		2.4
	68,423,080	k	0.125%, 07/15/26		66,494,172		2.5
	83,603,850	k	0.375%, 01/15/27		82,542,868		3.1
	40,067,091	k	2.375%, 01/15/27		46,812,786		1.7
	31,522,365	k	0.375%, 07/15/27		31,195,149		1.1
	74,228,860	k	1.750%, 01/15/28		83,040,622		3.1
	42,474,583	k	3.625%, 04/15/28		55,552,152		2.1
	48,103,350	k	2.500%, 01/15/29		58,022,284		2.1
	64,011,711	k	3.875%, 04/15/29		87,004,729		3.2
			United States Treasury Note
	10,000,000		1.875%, 03/31/22		9,992,969		0.4
					2,594,984,300		96.0
			TOTAL GOVERNMENT BONDS (Cost $2,613,326,053)		2,643,740,443		97.9

					% of net
Principal		Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	26,850,000	0.700%, 10/02/17	$	26,850,000		1.0	%
				26,850,000		1.0
TREASURY DEBT
		United States Treasury Bill
	2,920,000	0.920%, 10/05/17		2,919,824		0.1
	15,800,000	0.925%, 10/12/17		15,795,958		0.6
				18,715,782		0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $45,564,714)		45,565,782		1.7
		TOTAL PORTFOLIO (Cost $2,658,890,767)		2,689,306,225		99.6
		OTHER ASSETS & LIABILITIES, NET		11,754,637		0.4
		NET ASSETS	$	2,701,060,862		100.0	%

d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

Futures contracts outstanding as of September 30, 2017 were as follows (See Note 3):

	Number
	of long				Unrealized
	(short)	Expiration	Notional		appreciation
Description	contracts	date	amount	Value	(depreciation)
US 10YR NOTE (CBT)	(250)	December 2017	$(31,368,921)	$(31,328,125)	$40,796

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

Summary portfolio of investments (unaudited)

Short-Term Bond Fund ■ September 30, 2017

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	752,437	0.0	%
COMMERCIAL & PROFESSIONAL SERVICES					6,107,443	0.4
CONSUMER DURABLES & APPAREL					625,086	0.1
CONSUMER SERVICES					6,019,901	0.3
FOOD & STAPLES RETAILING					1,111,585	0.1
HEALTH CARE EQUIPMENT & SERVICES					2,164,347	0.1
MATERIALS					1,665,621	0.1
MEDIA					12,360,410	0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,118,808	0.1
RETAILING					4,740,210	0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,486,856	0.1
SOFTWARE & SERVICES					1,951,554	0.1
TECHNOLOGY HARDWARE & EQUIPMENT					2,507,274	0.2
UTILITIES					990,430	0.1
			TOTAL BANK LOAN OBLIGATIONS (Cost $44,723,238)		44,601,962	2.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					5,538,892	0.3
BANKS
			Bank of America Corp
$	10,000,000		2.328%, 10/01/21		9,987,446	0.6
			Bank of America NA
	10,000,000		1.650%, 03/26/18		10,006,806	0.6
			Bank of Montreal
	9,000,000	g	2.500%, 01/11/22		9,045,375	0.6
			CitiBank NA
	15,000,000		1.850%, 09/18/19		14,996,179	0.9
			JPMorgan Chase & Co
	7,500,000		2.750%, 06/23/20		7,641,060	0.5
			SpareBank Boligkreditt AS.
	8,000,000	g	1.250%, 05/02/18		7,974,676	0.5
			Other		110,234,355	6.8
					169,885,897	10.5
CAPITAL GOODS					22,814,477	1.4
COMMERCIAL & PROFESSIONAL SERVICES					8,201,303	0.5
CONSUMER DURABLES & APPAREL					2,397,373	0.1
CONSUMER SERVICES					965,161	0.1
DIVERSIFIED FINANCIALS
			General Motors Financial Co, Inc
	10,000,000		2.400%, 05/09/19		10,042,974	0.6
			Goldman Sachs Group, Inc
	9,000,000		2.300%, 12/13/19		9,037,735	0.6

	Principal		Issuer		Value	% of net assets
DIVERSIFIED FINANCIALS—continued
			Morgan Stanley
$	8,000,000		2.450%, 02/01/19	$	8,055,188	0.5	%
	7,500,000		2.800%, 06/16/20		7,623,746	0.5
			Nederlandse Waterschapsbank NV
	7,000,000	g	1.875%, 03/13/19		7,018,578	0.4
			Other		39,177,467	2.4
					80,955,688	5.0
	ENERGY
			Reliance Industries Ltd
	8,947,368		1.870%, 01/15/26		8,777,870	0.6
			Other		53,696,968	3.3
					62,474,838	3.9
FOOD & STAPLES RETAILING					6,286,361	0.4
FOOD, BEVERAGE & TOBACCO					12,029,080	0.8
HEALTH CARE EQUIPMENT & SERVICES					21,213,018	1.3
HOUSEHOLD & PERSONAL PRODUCTS					374,921	0.0
INSURANCE					6,679,365	0.4
MATERIALS					17,379,003	1.0
MEDIA					6,677,062	0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					31,466,602	2.0
REAL ESTATE					5,682,031	0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,019,263	0.1
SOFTWARE & SERVICES					15,026,315	0.9
TECHNOLOGY HARDWARE & EQUIPMENT					21,462,395	1.3
TELECOMMUNICATION SERVICES					12,740,518	0.8
TRANSPORTATION					6,723,472	0.4
UTILITIES					47,550,942	2.9
			TOTAL CORPORATE BONDS (Cost $564,114,639)		565,543,977	34.9
GOVERNMENT BONDS
AGENCY SECURITIES
			Iraq Government AID Bond
	24,000,000		2.149%, 01/18/22		24,073,968	1.5
			Montefiore Medical Center
	10,975,000		2.152%, 10/20/26		10,587,486	0.6
			Reliance Industries Ltd
	11,184,211		2.444%, 01/15/26		11,232,351	0.7
			Ukraine Government AID Bonds
	15,000,000		1.471%, 09/29/21		14,691,855	0.9
			Other		17,059,867	1.1
					77,645,527	4.8

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

Summary portfolio of investments (unaudited) continued

Short-Term Bond Fund ■ September 30, 2017

	Principal		Issuer		Value	% of net assets
FOREIGN GOVERNMENT BONDS
			Bermuda Government International Bond
$	7,000,000	g	4.138%, 01/03/23	$	7,367,500	0.5	%
			Instituto de Credito Oficial
	11,400,000	g	1.625%, 09/14/18		11,359,450	0.7
			Saudi Government International Bond
	11,625,000	g	2.875%, 03/04/23		11,553,995	0.7
			Other		88,329,155	5.5
					118,610,100	7.4
MORTGAGE BACKED					1,898,771	0.1
MUNICIPAL BONDS					5,021,400	0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	25,610,095	k	0.125%, 04/15/20		25,729,975	1.6
	9,812,075	k	0.125%, 04/15/21		9,838,138	0.6
			United States Treasury Note
	7,550,000		1.000%, 12/15/17		7,547,816	0.5
	30,755,000		1.125%, 01/31/19		30,636,065	1.9
	81,090,000	d	1.125%, 02/28/19		80,760,572	5.0
	51,475,000		1.250%, 03/31/19		51,338,269	3.2
	14,000,000		1.250%, 08/31/19		13,938,750	0.9
	58,718,000	d	0.875%, 09/15/19		58,032,192	3.6
			Other		17,133,797	1.0
					294,955,574	18.3
			TOTAL GOVERNMENT BONDS (Cost $499,163,000)		498,131,372	30.9
STRUCTURED ASSETS
ASSET BACKED
			Domino’s Pizza Master Issuer LLC
			Series 2017-1A (Class A2II)
	15,000,000	g	3.082%, 07/25/47		14,929,350	0.9
			Ford Credit Auto Owner Trust
			Series 2014-2 (Class B)
	7,250,000	g	2.510%, 04/15/26		7,299,710	0.5
			Other		49,154,653	3.0
					71,383,713	4.4
OTHER MORTGAGE BACKED
			Bear Stearns Commercial Mortgage Securities Trust
			Series 2003-PWR2 (Class H)
	11,335,000	g,i	5.300%, 05/11/39		11,689,116	0.7
			Chase Mortgage Trust
			Series 2016-2 (Class M2)
	9,945,737	g,i	3.750%, 12/25/45		10,118,484	0.6
			Connecticut Avenue Securities
			Series 2016-C04 (Class 1M1)
	11,212,930	i	2.687%, 01/25/29, LIBOR 1 M + 1.450%		11,317,195	0.7
			Series 2017-C01 (Class 1M1)
	12,456,924	g,i	2.530%, 07/25/29, LIBOR 1 M + 1.300%		12,575,440	0.8
			Series 2017-C03 (Class 1M1)
	13,536,371	i	2.187%, 10/25/29, LIBOR 1 M + 0.950%		13,601,823	0.8
	28,508,006	i	2.187%–3.887%, 05/25/24–02/25/30,
			LIBOR 1 M + 0.950%–LIBOR 1 M + 2.650%		28,744,836	1.8
			Credit Suisse Commercial Mortgage Trust
			Series 2007-C2 (Class C)
	12,000,000	g,i	5.897%, 01/15/49		15,111,694	0.9

	Principal		Issuer		Value		% of net assets
OTHER MORTGAGE BACKED—continued
			Flagstar Mortgage Trust
			Series 2017-1 (Class 1A3)
$	14,635,580	g,i	3.500%, 03/25/47	$	14,889,990		0.9	%
			JP Morgan Mortgage Trust
			Series 2017-1 (Class A3)
	11,722,111	g,i	3.500%, 01/25/47		11,991,813		0.8
			Series 2017-3 (Class 1A5)
	13,368,792	g,i	3.500%, 08/25/47		13,668,026		0.9
			Sequoia Mortgage Trust
			Series 2017-2 (Class A5)
	12,298,252	g,i	3.000%, 03/25/47		12,361,071		0.8
			Series 2017-3 (Class A4)
	15,317,590	g,i	3.500%, 04/25/47		15,660,444		1.0
			Series 2017-5 (Class A5)
	9,758,104	g,i	3.000%, 08/25/47		9,853,207		0.6
			Series 2017-6 (Class A4)
	14,425,937	g,i	3.500%, 09/25/47		14,809,383		0.9
			Shellpoint Co-Originator Trust
			Series 2017-1 (Class A4)
	7,448,102	g,i	3.500%, 04/25/47		7,586,882		0.5
			Structured Agency Credit Risk Debt Note (STACR)
			Series 2017-DNA1 (Class M1)
	11,073,071	i	2.437%, 07/25/29, LIBOR 1 M + 1.200%		11,196,272		0.7
			Series 2017-DNA2 (Class M1)
	19,556,869	i	2.437%, 10/25/29, LIBOR 1 M + 1.200%		19,779,987		1.2
			Series 2017-DNA3 (Class M1)
	19,000,000	h,i	1.984%, 03/25/30, LIBOR 1 M + 0.750%		19,031,171		1.2
	19,592,641	i	1.959%–3.637%, 01/25/25–12/25/29,
			LIBOR 1 M + 0.800%–LIBOR 1 M + 2.400%		19,702,500		1.2
			Other		84,347,913		5.2
					358,037,247		22.2
			TOTAL STRUCTURED ASSETS (Cost $428,232,128)		429,420,960		26.6
			TOTAL BONDS (Cost $1,491,509,767)		1,493,096,309		92.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	21,050,000		0.700%, 10/02/17		21,050,000		1.3
	17,405,000		0.100%, 10/11/17		17,400,683		1.1
			Other		1,728,810		0.1
					40,179,493		2.5
TREASURY DEBT
			United States Treasury Bill
	42,670,000		0.926%–0.966%, 10/12/17		42,659,084		2.6
	30,810,000		0.927%–0.956%, 10/26/17		30,790,744		1.9
					73,449,828		4.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $113,625,889)		113,629,321		7.0
			TOTAL PORTFOLIO (Cost $1,649,858,894)		1,651,327,592		102.2
			OTHER ASSETS & LIABILITIES, NET		(36,717,685	)	(2.2	)
			NET ASSETS	$	1,614,609,907		100.0	%

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

Summary portfolio of investments (unaudited) concluded

Short-Term Bond Fund ■ September 30, 2017

Abbreviation(s):

LIBOR London Interbank Offered Rate

M	Month
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 9/30/17, the aggregate value of these securities, including those in “Other,” was $473,145,619 or 29.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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.

Futures contracts outstanding as of September 30, 2017 were as follows (see Note 3):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
US 10YR NOTE (CBT)	(115	)	December 2017	$(14,602,934	)	$(14,410,938	)	$191,996
US 5YR NOTE (CBT)	(450	)	December 2017	(53,391,857	)	(52,875,000	)	516,857
Total	(565	)		$(67,994,791	)	$(67,285,938	)	$708,853

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

Summary portfolio of investments(unaudited)

Short-Term Bond Index Fund ■ September 30, 2017

Principal		Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	99,366		0.0	%
BANKS
		Bank of America Corp
$	700,000	2.650%, 04/01/19		706,236		0.3
		JPMorgan Chase & Co
	500,000	2.750%, 06/23/20		509,404		0.2
		Other		16,922,229		6.2
				18,137,869		6.7
CAPITAL GOODS				2,564,313		0.9
COMMERCIAL & PROFESSIONAL SERVICES				333,829		0.1
CONSUMER DURABLES & APPAREL				202,240		0.1
CONSUMER SERVICES				100,464		0.0
DIVERSIFIED FINANCIALS
		Credit Suisse Group Funding Guernsey Ltd
	500,000	3.125%, 12/10/20		509,927		0.2
		Goldman Sachs Group, Inc
	1,200,000	2.300%, 12/13/19		1,205,031		0.4
		Morgan Stanley
	700,000	2.375%, 07/23/19		704,380		0.3
		Other		8,958,741		3.3
				11,378,079		4.2
ENERGY
		Shell International Finance BV
	600,000	1.375%, 09/12/19		596,101		0.2
		Other		4,554,040		1.7
				5,150,141		1.9
FOOD & STAPLES RETAILING				958,333		0.4
FOOD, BEVERAGE & TOBACCO
		Anheuser-Busch InBev Finance, Inc
	750,000	1.900%, 02/01/19		751,876		0.3
		Other		2,053,605		0.7
				2,805,481		1.0
HEALTH CARE EQUIPMENT & SERVICES				1,307,923		0.5
HOUSEHOLD & PERSONAL PRODUCTS				401,363		0.1
INSURANCE				1,494,682		0.5
MATERIALS				1,239,308		0.5
MEDIA				2,032,940		0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
		Actavis Funding SCS
	500,000	3.000%, 03/12/20		510,391		0.2
		Pfizer, Inc
	600,000	1.700%, 12/15/19		599,600		0.2
		Other		3,372,808		1.2
				4,482,799		1.6
REAL ESTATE				977,009		0.4

Principal		Issuer	Value		% of net assets
RETAILING			$	1,012,803		0.4	%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				503,256		0.2
SOFTWARE & SERVICES				2,401,742		0.9
TECHNOLOGY HARDWARE & EQUIPMENT				2,888,437		1.1
TELECOMMUNICATION SERVICES				2,858,403		1.1
TRANSPORTATION				757,443		0.3
UTILITIES				3,549,546		1.3
		TOTAL CORPORATE BONDS (Cost $67,628,728)		67,637,769		24.9
GOVERNMENT BONDS
AGENCY SECURITIES
		Federal Farm Credit Bank (FFCB)
$	750,000	0.750%, 04/18/18		748,108		0.3
		Federal Home Loan Bank (FHLB)
	2,500,000	0.875%, 06/29/18		2,493,198		0.9
	2,400,000	1.875%, 03/13/20		2,413,884		0.9
		Federal Home Loan Mortgage Corp (FHLMC)
	1,500,000	0.875%, 03/07/18		1,497,900		0.5
	2,300,000	1.250%, 08/01/19		2,288,827		0.8
		Federal National Mortgage Association (FNMA)
	1,050,000	0.875%, 08/02/19		1,037,507		0.4
	3,500,000	1.750%, 11/26/19		3,512,859		1.3
		Other		499,231		0.2
				14,491,514		5.3
FOREIGN GOVERNMENT BONDS
		European Bank for Reconstruction & Development
	600,000	1.750%, 11/26/19		600,142		0.2
		European Investment Bank
	600,000	1.250%, 05/15/19		596,524		0.2
		Inter-American Development Bank
	636,000	1.375%, 07/15/20		628,350		0.2
		International Bank for Reconstruction & Development
	600,000	1.250%, 07/26/19		596,059		0.2
	1,200,000	1.875%, 04/21/20		1,204,283		0.4
		KFW
	1,000,000	1.000%, 07/15/19		988,849		0.4
	1,500,000	1.875%, 06/30/20		1,504,245		0.6
		Province of Ontario Canada
	1,200,000	4.400%, 04/14/20		1,272,864		0.5
		Other		11,987,119		4.4
				19,378,435		7.1
MUNICIPAL BONDS				100,428		0.0
U.S. TREASURY SECURITIES
		United States Treasury Note
	5,950,000	1.000%, 11/30/18		5,922,807		2.2
	28,100,000	1.250%, 12/31/18		28,047,313		10.3
	2,400,000	0.750%, 02/15/19		2,378,063		0.9
	7,700,000	1.125%, 02/28/19		7,668,719		2.8
	2,750,000	1.000%, 03/15/19		2,733,457		1.0
	2,700,000	1.250%, 03/31/19		2,692,828		1.0
	3,700,000	0.875%, 04/15/19		3,668,203		1.3
	5,100,000	1.250%, 04/30/19		5,084,859		1.9

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

Summary portfolio of investments (unaudited) concluded

Short-Term Bond Index Fund  ■  September 30, 2017

Principal		Issuer	Value			% of net assets
U.S. TREASURY SECURITIES—continued
$	4,000,000	0.875%, 05/15/19	$	3,963,594		1.5	%
	3,000,000	0.875%, 06/15/19		2,970,820		1.1
	23,000,000	1.250%, 06/30/19		22,916,445		8.4
	4,000,000	1.375%, 07/31/19		3,993,125		1.5
	4,900,000	0.750%, 08/15/19		4,834,922		1.8
	9,000,000	1.250%, 08/31/19		8,960,625		3.3
	3,300,000	0.875%, 09/15/19		3,261,457		1.2
	2,000,000	1.000%, 10/15/19		1,980,078		0.7
	5,500,000	1.000%, 11/15/19		5,441,777		2.0
	3,000,000	1.375%, 12/15/19		2,990,508		1.1
	6,700,000	1.375%, 01/15/20		6,675,922		2.4
	13,500,000	1.625%, 03/15/20		13,518,984		5.0
	3,500,000	1.500%, 04/15/20		3,493,164		1.3
	4,400,000	1.500%, 05/15/20		4,390,375		1.6
	7,700,000	1.500%, 07/15/20		7,677,441		2.8
	9,200,000	1.500%, 08/15/20		9,170,891		3.4
	5,000,000	1.375%, 09/15/20		4,964,453		1.8
				169,400,830		62.3
		TOTAL GOVERNMENT BONDS (Cost $204,064,206)		203,371,207		74.7
		TOTAL BONDS (Cost $271,692,934)		271,008,976		99.6
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
	2,050,000	0.700%, 10/02/17		2,050,000		0.8
				2,050,000		0.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,049,960)		2,050,000		0.8
		TOTAL PORTFOLIO (Cost $273,742,894)		273,058,976		100.4
		OTHER ASSETS & LIABILITIES, NET		(960,385	)	(0.4	)
		NET ASSETS	$	272,098,591		100.0	%

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

At 9/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $899,752 or 0.3% 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 Semiannual Report 45

Summary portfolio of investments(unaudited)

Social Choice Bond Fund  ■  September 30, 2017

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	945,867		0.0	%
MEDIA					3,971,011		0.3
TECHNOLOGY HARDWARE & EQUIPMENT					4,993,516		0.4
UTILITIES					1,665,039		0.1
			TOTAL BANK LOAN OBLIGATIONS (Cost $11,627,257)		11,575,433		0.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Ford Motor Co
$	5,500,000		4.750%, 01/15/43		5,389,422		0.4
			Other		1,329,250		0.1
					6,718,672		0.5
BANKS
			Bank of America Corp
	6,200,000		2.151%, 11/09/20		6,181,335		0.4
			Toronto-Dominion Bank
	7,500,000		1.850%, 09/11/20		7,467,509		0.5
			Other		94,891,957		6.4
					108,540,801		7.3
CAPITAL GOODS
			WW Grainger, Inc
	5,650,000		4.200%, 05/15/47		5,717,436		0.4
			Other		7,466,853		0.5
					13,184,289		0.9
COMMERCIAL & PROFESSIONAL SERVICES					2,275,001		0.2
CONSUMER SERVICES					11,904,601		0.8
DIVERSIFIED FINANCIALS
			EDP Finance BV
	5,625,000	g	3.625%, 07/15/24		5,671,182		0.4
			Ford Foundation
	5,250,000		3.859%, 06/01/47		5,501,820		0.3
			Other		34,272,306		2.3
					45,445,308		3.0
ENERGY
			EQT Corp
	7,500,000	i	2.103%, 10/01/20, LIBOR 3 M + 0.770%		7,515,450		0.5
			National Oilwell Varco, Inc
	7,000,000		3.950%, 12/01/42		5,902,616		0.4
			Other		28,995,163		1.9
					42,413,229		2.8
HEALTH CARE EQUIPMENT & SERVICES
			Becton Dickinson and Co
	7,250,000		3.363%, 06/06/24		7,314,752		0.5
			Other		12,019,063		0.8
					19,333,815		1.3

Principal			Issuer	Value		% of net assets
INSURANCE				$	15,200,415		1.0	%
MATERIALS
			Klabin Finance S.A.
$	8,975,000	g	4.875%, 09/19/27		8,906,790		0.6
			WestRock Co
	6,350,000	g	3.000%, 09/15/24		6,338,455		0.4
			Other		19,304,317		1.3
					34,549,562		2.3
MEDIA					15,570,901		1.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Gilead Sciences, Inc
	7,500,000	i	1.576%, 09/20/19, LIBOR 3 M + 0.250%		7,515,745		0.5
			Other		1,646,722		0.1
					9,162,467		0.6
REAL ESTATE					22,492,968		1.6
TECHNOLOGY HARDWARE & EQUIPMENT					15,152,490		1.0
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	6,125,000		5.250%, 03/16/37		6,713,827		0.5
	16,105,000		2.321%–4.500%, 03/15/22–08/10/33		16,165,261		1.1
			Other		505,794		0.0
					23,384,882		1.6
TRANSPORTATION
			Delta Air Lines, Inc
	5,925,000		3.625%, 03/15/22		6,088,059		0.4
			Mexico City Airport Trust
	6,125,000	g	5.500%, 07/31/47		6,200,950		0.4
			Union Pacific Railroad Co
	6,068,661		3.227%, 05/14/26		6,216,555		0.4
			Other		37,137,258		2.5
					55,642,822		3.7
UTILITIES
			MidAmerican Energy Co
	5,746,000		3.950%, 08/01/47		5,988,354		0.4
			NorthWestern Corp
	5,248,000		4.176%, 11/15/44		5,498,441		0.4
			Pattern Energy Group, Inc
	5,000,000	g	5.875%, 02/01/24		5,275,000		0.3
			Southern Power Co
	5,065,000		4.150%, 12/01/25		5,326,746		0.4
			Other		69,058,995		4.6
					91,147,536		6.1
			TOTAL CORPORATE BONDS (Cost $526,124,908)		532,119,759		35.7
GOVERNMENT BONDS
AGENCY SECURITIES
			NCUA Guaranteed Notes
	11,400,000	†	3.000%, 06/12/19		11,687,280		0.8
	6,890,000		3.450%, 06/12/21		7,161,798		0.5
			Overseas Private Investment Corp (OPIC)
	32,718,614		0.000%–4.140%, 11/11/17–07/31/33		32,931,389		2.2

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

Summary portfolio of investments (unaudited) continued

Social Choice Bond Fund  ■  September 30, 2017

Principal			Issuer	Value		% of net assets
AGENCY SECURITIES—continued
			US Department of Housing and Urban Development (HUD)
$	16,616,000		1.330%–5.380%, 08/01/18–08/01/27	$	16,916,406		1.1	%
			VCH Lease S.A.
	7,082,895		1.736%, 05/15/25		6,928,133		0.5
			Other		53,170,108		3.5
					128,795,114		8.6
FOREIGN GOVERNMENT BONDS
			African Development Bank
	5,875,000		1.375%, 12/17/18		5,860,635		0.4
			Export Development Canada
	5,500,000		1.250%, 12/10/18		5,470,418		0.4
			North American Development Bank
	5,570,000		2.300%, 10/10/18		5,603,676		0.4
			Other		100,767,158		6.7
					117,701,887		7.9
MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	5,265,685		3.000%, 11/01/46		5,283,831		0.4
	5,705,841		3.000%, 12/01/46		5,725,504		0.4
	9,688,848		3.000%, 01/01/47		9,722,238		0.7
	16,291,223		3.500%, 01/01/47		16,800,503		1.1
	7,667,920		4.000%, 07/01/47		8,074,355		0.5
	7,934,663		4.500%, 07/01/47		8,516,739		0.6
	5,943,760		4.000%, 08/01/47		6,258,809		0.4
	59,652,023		2.500%–6.000%, 11/01/25–10/25/47		62,024,630		4.1
			Government National Mortgage Association (GNMA)
	9,823,544		3.500%, 06/20/47		10,222,998		0.7
	10,824,737		3.000%, 08/20/47		10,984,511		0.7
			Other		23,702,801		1.6
					167,316,919		11.2
MUNICIPAL BONDS
			California Pollution Control Financing Authority
	5,500,000	g	5.000%, 11/21/45		5,527,500		0.4
			City & County of San Francisco CA
	5,835,000		3.900%, 04/01/42		5,974,340		0.4
			Ohio State Water Development Authority
	5,080,000		4.879%, 12/01/34		5,878,373		0.4
			Other		164,711,341		11.0
					182,091,554		12.2
U.S. TREASURY SECURITIES
			United States Treasury Bond
	5,745,000		2.500%, 05/15/46		5,334,996		0.3
	19,740,000		2.875%, 11/15/46		19,792,434		1.3
	32,310,000		3.000%, 05/15/47		33,222,505		2.2
			United States Treasury Note
	20,779,000		1.625%, 08/31/22		20,486,795		1.4
	8,500,000		1.875%, 08/31/24		8,344,941		0.6
	18,655,000		2.250%, 08/15/27		18,519,460		1.2
			Other		5,961,592		0.5
					111,662,723		7.5
			TOTAL GOVERNMENT BONDS (Cost $706,114,274)		707,568,197		47.4

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
			HERO Funding Trust
$	16,744,460	g	3.080%–4.070%, 09/21/40–09/20/48	$	17,056,540		1.1	%
			Toyota Auto Receivables Owner Trust
			Series 2016-B (Class A3)
	9,020,000		1.300%, 04/15/20		8,999,741		0.6
			VOLT LVIII LLC (Step Bond)
			Series 2017-NPL5 (Class A1)
	6,187,294	g,i	3.375%, 05/28/47		6,225,807		0.4
			Other		36,149,610		2.4
					68,431,698		4.5
OTHER MORTGAGE BACKED
			GE Capital Commercial Mortgage Corp
			Series 2005-C4 (Class AJ)
	6,555,274	i	5.900%, 11/10/45		6,639,700		0.3
			Other		109,092,370		7.3
					115,732,070		7.6
			TOTAL STRUCTURED ASSETS (Cost $184,201,212)		184,163,768		12.1
			TOTAL BONDS (Cost $1,416,440,394)		1,423,851,724		95.2
	Shares		Company
PREFERRED STOCKS
BANKS					278,750		0.0
			TOTAL PREFERRED STOCKS (Cost $255,625)		278,750		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	12,850,000		0.700%, 10/02/17		12,850,000		0.9
					12,850,000		0.9
TREASURY DEBT
			United States Treasury Bill
	23,500,000		0.926%–0.961%, 10/12/17		23,493,989		1.6
	18,475,000		0.956%, 10/26/17		18,463,453		1.2
					41,957,442		2.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $54,805,732)		54,807,442		3.7
			TOTAL PORTFOLIO (Cost $1,483,129,008)		1,490,513,349		99.7
			OTHER ASSETS & LIABILITIES, NET		4,730,690		0.3
			NET ASSETS	$	1,495,244,039		100.0	%

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

Summary portfolio of investments (unaudited) concluded

Social Choice Bond Fund  ■  September 30, 2017

Abbreviation(s):

LIBOR London Interbank Offered Rate

M	Month
†	Security is categorized as Level 3 in the fair value hierarchy.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/17, the aggregate value of these securities, including those in “Other,” was $295,148,665 or 19.7% of net assets.

i Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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.

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

Summary portfolio of investments(unaudited)

Tax-Exempt Bond Fund  ■  September 30, 2017

						% of net
Principal			Issuer	Value		assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
			University of South Alabama
$	2,395,000		5.000%, 11/01/31	$	2,848,541	1.0	%
			Other		1,123,619	0.4
					3,972,160	1.4
ALASKA
			Borough of Matanuska-Susitna AK
	2,570,000		5.000%, 09/01/25		3,048,817	1.1
			Other		572,665	0.2
					3,621,482	1.3
ARIZONA					701,670	0.3
CALIFORNIA
			City of Los Angeles Department of Airports
	2,000,000		5.000%, 05/15/27		2,409,460	0.9
			County of San Bernardino CA, COP
	2,000,000		5.250%, 08/01/19		2,150,120	0.8
			Elk Grove Finance Authority
	1,715,000		5.000%, 09/01/30		1,974,188	0.7
			State of California
	3,000,000		5.000%, 09/01/24		3,640,740	1.3
			State of California, GO
	2,000,000		5.000%, 02/01/22		2,307,660	0.8
			Tender Option Bond Trust Receipts
	4,130,000	g,i	0.690%, 11/01/23		4,130,000	1.5
			West Contra Costa Unified School District, GO
	1,710,000		5.700%, 02/01/21		1,965,696	0.7
			Other		9,534,457	3.4
					28,112,321	10.1
COLORADO
			Colorado Health Facilities Authority
	2,155,000		5.000%, 01/01/32		2,305,958	0.8
			Other		2,168,616	0.8
					4,474,574	1.6
CONNECTICUT
			University of Connecticut
	2,000,000		5.000%, 03/15/28		2,342,140	0.8
			Other		3,078,783	1.1
					5,420,923	1.9
DISTRICT OF COLUMBIA					2,363,185	0.8
FLORIDA
			City of Miami Beach FL
	1,695,000		5.000%, 09/01/24		2,024,084	0.7
			Port St. Lucie Community Redevelopment Agency
	2,180,000		5.000%, 01/01/26		2,589,055	0.9
			Other		7,962,108	2.9
					12,575,247	4.5
GEORGIA					1,198,630	0.4
GUAM					1,133,630	0.4
HAWAII					1,130,610	0.4

					% of net
Principal		Issuer	Value		assets
ILLINOIS
		Chicago Midway International Airport
$	2,000,000	5.000%, 01/01/26	$	2,337,880	0.8	%
		Chicago State University
	2,085,000	5.500%, 12/01/23		2,326,109	0.8
		County of Cook IL
	1,750,000	5.000%, 11/15/31		2,006,252	0.7
		Metropolitan Water Reclamation District of Greater Chicago
	2,000,000	5.000%, 12/01/30		2,353,300	0.8
		State of Illinois
	2,000,000	5.000%, 02/01/18		2,020,880	0.7
	2,000,000	5.000%, 06/01/28		2,183,320	0.8
		Other		20,094,757	7.3
				33,322,498	11.9
	INDIANA
		Indiana Bond Bank
	2,120,000	5.250%, 04/01/19		2,250,698	0.8
		Indianapolis Local Public Improvement Bond Bank
	1,940,000	5.500%, 01/01/21		2,176,913	0.8
		Other		1,514,280	0.5
				5,941,891	2.1
IOWA				564,642	0.2
KANSAS				1,158,930	0.4
KENTUCKY
		Kentucky Turnpike Authority
	2,000,000	5.000%, 07/01/26		2,423,700	0.9
		Other		2,829,475	1.0
				5,253,175	1.9
LOUISIANA				3,286,078	1.2
MARYLAND				1,586,200	0.6
MASSACHUSETTS				3,303,837	1.2
MICHIGAN
		Michigan Finance Authority
	4,000,000	5.000%, 04/01/21		4,404,480	1.6
	2,000,000	5.000%, 04/01/25		2,314,620	0.8
	2,000,000	5.000%, 11/15/28		2,360,620	0.8
	1,650,000	5.000%, 07/01/44		1,784,228	0.6
		Michigan Finance Authority, GO
	2,000,000	5.000%, 05/01/18		2,045,600	0.7
		Other		7,562,954	2.8
				20,472,502	7.3
MINNESOTA
		University of Minnesota
	1,715,000	5.000%, 08/01/21		1,951,859	0.7
		Other		3,340,760	1.2
				5,292,619	1.9
MISSISSIPPI
		Mississippi Development Bank
	1,500,000	5.000%, 03/01/24		1,752,765	0.6
		Other		5,591,523	2.0
				7,344,288	2.6

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

Summary portfolio of investments (unaudited) concluded

Tax-Exempt Bond Fund  ■  September 30, 2017

					% of net
Principal		Issuer	Value		assets
MISSOURI
		St. Louis Municipal Finance Corp
$	1,745,000	5.000%, 02/15/26	$	2,050,864	0.7	%
		Other		6,017,985	2.2
				8,068,849	2.9
NEBRASKA				2,244,953	0.8
NEVADA				1,184,900	0.4
NEW JERSEY				3,872,720	1.4
NEW YORK
		New York City Water & Sewer System
	2,500,000	5.250%, 06/15/40		2,668,950	1.0
		New York State Dormitory Authority
	2,250,000	5.000%, 10/01/17		2,250,000	0.8
		Other		14,028,141	5.0
				18,947,091	6.8
NORTH CAROLINA
		North Carolina Medical Care Commission
	2,000,000	5.000%, 06/01/34		2,136,420	0.8
		Other		3,623,081	1.3
				5,759,501	2.1
NORTH DAKOTA				994,790	0.4
OHIO
		State of Ohio, GO
	1,660,000	5.000%, 01/15/21		1,849,389	0.7
		Other		3,730,637	1.3
				5,580,026	2.0
OREGON				2,274,880	0.8
PENNSYLVANIA
		Commonwealth of Pennsylvania
	2,000,000	5.000%, 09/15/23		2,330,100	0.8
		Pennsylvania Economic Development Financing Authority
	2,000,000	5.000%, 12/31/25		2,378,560	0.9
		Pennsylvania State University
	2,500,000	5.000%, 03/01/40		2,708,275	1.0
		Other		5,666,315	2.0
				13,083,250	4.7
RHODE ISLAND
		Rhode Island Health & Educational Building Corp
	2,000,000	5.000%, 09/01/21		2,286,200	0.8
		State of Rhode Island, GO
	2,000,000	5.000%, 08/01/21		2,273,800	0.8
		Other		3,348,782	1.2
				7,908,782	2.8
SOUTH CAROLINA				294,458	0.1
SOUTH DAKOTA				2,092,558	0.8
TENNESSEE				377,555	0.1

						% of net
Principal			Issuer	Value		assets
TEXAS
			City of Lubbock TX
$	1,500,000		5.000%, 02/15/25	$	1,818,210	0.7	%
			State of Texas
	3,000,000		5.000%, 10/01/23		3,580,800	1.3
			Tarrant County Cultural Education Facilities Finance Corp
	1,750,000		5.000%, 11/15/35		1,841,683	0.7
			Texas Municipal Gas Acquisition & Supply Corp III
	1,545,000		5.000%, 12/15/32		1,715,475	0.6
			Other		10,748,726	3.8
					19,704,894	7.1
UTAH					2,235,950	0.8
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25		2,228,600	0.8
	2,500,000	g	5.000%, 09/01/33		2,664,400	1.0
			Virgin Islands Water & Power Authority-Electric System
	6,000,000	g	5.500%, 11/15/18		5,988,720	2.1
					10,881,720	3.9
VIRGINIA					1,336,170	0.5
WASHINGTON
			Central Puget Sound Regional Transit Authority
	2,705,000		5.250%, 02/01/21		2,946,286	1.1
			Energy Northwest
	1,955,000		5.000%, 07/01/23		2,284,437	0.8
			Skagit County Public Hospital District No
	2,000,000		5.625%, 12/01/25		2,014,980	0.7
			State of Washington, GO
	3,000,000		5.250%, 02/01/22		3,487,440	1.2
					10,733,143	3.8
		TOTAL LONG-TERM MUNICIPAL BONDS (Cost $265,800,361)			269,807,282	96.6
		TOTAL PORTFOLIO (Cost $265,800,361)			269,807,282	96.6
		OTHER ASSETS & LIABILITIES, NET			9,529,787	3.4
		NET ASSETS		$	279,337,069	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 9/30/17, the aggregate value of these securities, including those in “Other,” was $15,837,645 or 5.7% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Money Market Fund  ■  September 30, 2017

					% of net
Principal		Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Agricultural Mortgage Corp (FAMC)
$	22,915,000	1.030%–1.180%, 10/03/17–02/16/18	$	22,869,832	2.6	%
		Federal Farm Credit Bank (FFCB)
	6,337,000	0.720%–1.070%, 10/02/17		6,336,823	0.7
	8,230,000	0.990%, 10/12/17		8,227,510	1.0
	8,000,000	1.040%, 11/15/17		7,989,600	0.9
	6,100,000	1.100%, 02/13/18		6,074,838	0.7
	31,590,000	0.750%–1.180%, 10/16/17–03/29/18		31,548,835	3.6
		Federal Home Loan Bank (FHLB)
	12,132,000	1.055%–1.060%, 10/11/17		12,128,434	1.4
	7,210,000	1.050%–1.090%, 10/18/17		7,206,412	0.8
	12,227,000	1.030%–1.065%, 10/23/17		12,219,224	1.4
	12,057,000	1.015%–1.080%, 10/25/17		12,048,568	1.4
	9,765,000	1.040%–1.055%, 11/08/17		9,754,201	1.1
	5,350,000	1.040%–1.073%, 11/22/17		5,341,892	0.6
	10,800,000	1.035% –1.055%, 11/29/17		10,781,654	1.3
	5,300,000	1.020%, 12/06/17		5,290,089	0.6
	10,100,000	1.000%–1.050%, 10/03/17		10,099,430	1.2
	9,450,000	1.010%–1.020%, 10/10/17		9,447,604	1.1
	6,060,000	1.057%, 10/13/17		6,057,865	0.7
	6,750,000	1.080%–1.080%, 10/19/17		6,746,430	0.8
	11,000,000	0.990%–1.100%, 10/20/17		10,993,875	1.3
	6,962,000	0.970%–1.070%, 11/01/17		6,955,838	0.8
	7,000,000	1.025%–1.050%, 11/07/17		6,992,574	0.8
	11,720,000	1.005%–1.140%, 11/09/17		11,707,105	1.4
	15,585,000	1.055%–1.140%, 11/10/17		15,566,677	1.8
	9,645,000	1.035%–1.040%, 11/16/17		9,632,215	1.1
	10,300,000	1.020%–1.100%, 11/17/17		10,286,174	1.2
	75,920,000	1.015%–1.250%, 10/04/17–05/03/18		75,788,241	8.8
		Federal Home Loan Mortgage Corp (FHLMC)
	6,460,000	1.013%, 10/05/17		6,459,273	0.8
	6,415,000	0.990%–0.995%, 10/06/17		6,414,116	0.7
	8,000,000	1.020%–1.050%, 11/02/17		7,992,733	0.9
	6,300,000	1.000%–1.005%, 12/14/17		6,287,029	0.7
	10,735,000	1.020%–1.055%, 12/04/17		10,715,264	1.2
	9,655,000	0.995%–1.020%, 10/17/17		9,650,653	1.1
	8,900,000	1.000%, 10/24/17		8,894,314	1.0
	15,750,000	0.980%–1.005%, 10/26/17		15,739,164	1.8
	40,095,000	0.715%–1.050%, 10/02/17–12/18/17		40,059,598	4.6
		Federal National Mortgage Association (FNMA)
	7,000,000	1.060%, 10/30/17		6,994,023	0.8
	7,400,000	0.999%–1.050%, 10/04/17		7,399,382	0.9
	11,400,000	1.060%, 10/06/17		11,398,322	1.3
	18,681,000	0.990%–1.000%, 10/18/17		18,672,209	2.2
	8,910,000	0.980%–1.010%, 11/28/17		8,895,690	1.0
	6,050,000	0.990%, 12/12/17		6,038,021	0.7
	46,859,000	0.990%–1.140%, 10/03/17–12/27/17		46,805,340	5.4
		Other		809,955	0.1
				557,317,026	64.3
TREASURY DEBT
		United States Treasury Bill
	5,475,000	0.970%–0.990%, 11/16/17		5,468,119	0.6
	12,925,000	0.980%–1.030%, 12/07/17		12,900,639	1.5
	10,000,000	0.990%–1.016%, 12/21/17		9,977,433	1.2
	9,790,000	1.011%–1.030%, 01/04/18		9,763,607	1.1
	8,000,000	1.000%–1.102%, 01/25/18		7,973,245	0.9
	5,935,000	1.051%–1.126%, 02/08/18		5,911,611	0.7
	45,670,000	0.953%–1.130%, 10/05/17–03/08/18		45,588,045	5.3

							% of net
Principal			Issuer	Value			assets
TREASURY DEBT—continued
			United States Treasury Note
$	9,000,000		0.875%, 01/31/18	$	8,991,225		1.0	%
	10,055,000		0.750%, 02/28/18		10,037,573		1.1
	7,210,000		1.000%, 12/15/17		7,210,192		0.8
	8,500,000		1.000%, 02/15/18		8,494,584		1.0
	11,500,000		1.000%, 03/15/18		11,492,032		1.3
	18,000,000		0.625%–1.125%, 11/15/17–06/15/18		17,987,637		2.2
			Other		4,986,706		0.6
					166,782,648		19.3
VARIABLE RATE SECURITIES
			Federal Agricultural Mortgage Corp (FAMC)
	36,200,000	i	1.087%–1.296%, 10/27/17–02/04/19,		36,203,546		4.2
			LIBOR 3M – 0.230%–LIBOR 1M – 0.060%
			Federal Farm Credit Bank (FFCB)
	62,950,000	i	1.127%–1.400%, 11/13/17–08/16/19,
			LIBOR 1 M – 0.110%–FRED – 2.850%		62,954,412		7.3
			Federal Home Loan Bank (FHLB)
	7,000,000	i	1.104%, 01/18/19, LIBOR 3 M – 0.200%		7,000,256		0.8
	18,600,000	i	1.042%–1.196%, 02/23/18–03/06/19,
			LIBOR 3 M – 0.265%–LIBOR 1 M – 0.040%		18,601,103		2.1
			Federal Home Loan Mortgage Corp (FHLMC)
	9,200,000	i	1.077%–1.199%, 11/13/17–07/19/18,
			LIBOR 1 M – 0.160%–LIBOR 3 M – 0.110%		9,200,000		1.1
			Federal National Mortgage Association (FNMA)
	7,000,000	i	1.241%, 10/05/17, LIBOR 1 M + 0.010%		6,999,963		0.8
			Other		5,003,193		0.6
					145,962,473		16.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $870,062,147)			870,062,147		100.5
		TOTAL PORTFOLIO (Cost $870,062,147)			870,062,147		100.5
		OTHER ASSETS & LIABILITIES, NET			(3,936,535	)	(0.5	)
		NET ASSETS		$	866,125,612		100.0	%

Abbreviation(s):

FRED	Federal Reserve Bank Prime Loan
LIBOR	London Interbank Offered Rate
M	Month
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the 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 Semiannual Report 51

Statements of assets and liabilities(unaudited)

TIAA-CREF Funds  ■  September 30, 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†	$	4,412,178,887		$	8,539,872,043		$	4,020,827,305		$	4,008,320,302		$	2,689,306,225		$	1,651,327,592		$	273,058,976		$	1,490,513,349		$	269,807,282		$	870,062,147
Cash		18,105,705			—			11,876,387			748,941			287,500			1,973,766			29,297			3,007,839			8,456,032			15,436
Receivable from securities transactions		17,794,698			15,327,568			6,694,593			17,227,018			—			1,935,338			3,970,301			88,076			—			—
Receivable for delayed delivery securities		1,074,812			—			17,659,187			—			—			493,632			—			—			—			—
Receivable from Fund shares sold		19,990,639			36,417,122			14,252,700			9,309,977			6,180,663			3,710,168			2,692,612			6,324,141			138,949			570,023
Dividends and interest receivable		23,713,680			46,470,820			25,824,059			55,376,381			5,733,021			5,874,905			1,038,148			9,367,512			3,082,388			279,089
Due from affiliates		—			—			—			—			—			—			1,470			—			989			—
Receivable for variation margin on open futures contracts		—			—			—			—			58,594			100,782			—			—			—			—
Unrealized appreciation on cross currency swap contracts		—			—			432,248			—			—			—			—			—			—			—
Other		209,508			290,867			146,197			—			146,671			84,922			2,399			18,463			50,277			24,395
Total assets		4,493,067,929			8,638,378,420			4,097,712,676			4,090,982,619			2,701,712,674			1,665,501,105			280,793,203			1,509,319,380			281,535,917			870,951,090
LIABILITIES
Management fees payable		137,333			92,932			123,488			149,225			71,407			43,651			2,063			56,359			9,185			9,514
Service agreement fees payable		6,205			4,781			12,270			13,976			6,891			2,760			1,101			40,563			1			3,229
Distribution fees payable		23,575			8,387			58,754			155,509			25,875			28,233			453			31,090			57,244			65,427
Due to affiliates		18,803			27,362			17,762			17,745			15,282			13,667			9,614			11,787			6,820			11,904
Overdraft payable		—			11,804			—			—			135,442			—			—			—			—			—
Payable for securities transactions		40,876,260			53,108,982			42,650,596			—			—			15,513,014			8,353,494			7,500,000			532,878			—
Payable for delayed delivery securities		45,681,125			53,017,429			116,825,500			23,994,590			—			26,009,963			—			5,076,687			1,346,070			—
Payable for Fund shares redeemed		823,218			14,687,553			30,924,552			17,075,823			151,334			7,961,314			61,302			726,308			79,651			4,609,811
Payable for cross currency swaps premiums received		—			—			148,374			—			—			—			—			—			—			—
Income distribution payable		8,374,433			5,050,462			7,231,621			3,301,725			—			1,136,711			231,061			480,489			44,212			3,373
Payable for trustee compensation		220,146			279,770			162,692			176,886			156,116			94,478			2,915			56,139			51,918			34,861
Accrued expenses and other payables		161,516			355,859			187,616			418,384			89,465			87,407			32,609			95,919			70,869			87,359
Total liabilities		96,322,614			126,645,321			198,343,225			45,303,863			651,812			50,891,198			8,694,612			14,075,341			2,198,848			4,825,478
NET ASSETS	$	4,396,745,315		$	8,511,733,099		$	3,899,369,451		$	4,045,678,756		$	2,701,060,862		$	1,614,609,907		$	272,098,591		$	1,495,244,039		$	279,337,069		$	866,125,612
NET ASSETS CONSIST OF:
Paid-in-capital	$	4,382,270,643		$	8,435,488,379		$	3,892,599,749		$	4,097,223,159		$	2,635,577,595		$	1,614,790,508		$	272,994,444		$	1,490,064,821		$	275,668,992		$	866,142,391
Undistributed net investment income (loss)		(3,547,857	)		(522,809	)		(3,247,608	)		(498,233	)		36,074,176			(984,268	)		(106	)		(29,616	)		10,024			(16,502	)
Accumulated net realized gain (loss) on total investments		(6,395,758	)		(4,719,590	)		(16,861,707	)		(136,209,349	)		(1,047,163	)		(1,372,691	)		(211,828	)		(2,175,507	)		(348,871	)		(277	)
Net unrealized appreciation (depreciation) on total investments		24,418,287			81,487,119			26,879,017			85,163,179			30,456,254			2,176,358			(683,919	)		7,384,341			4,006,924			—
NET ASSETS	$	4,396,745,315		$	8,511,733,099		$	3,899,369,451		$	4,045,678,756		$	2,701,060,862		$	1,614,609,907		$	272,098,591		$	1,495,244,039		$	279,337,069		$	866,125,612
INSTITUTIONAL CLASS:
Net assets	$	4,048,210,899		$	8,302,816,546		$	3,182,911,999		$	2,805,576,722		$	2,351,463,427		$	1,371,775,184		$	252,167,090		$	848,966,858		$	2,017,044		$	414,631,617
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		388,441,750			764,820,965			303,471,891			284,644,959			204,459,110			132,449,499			25,314,825			82,251,840			192,919			414,628,004
Net asset value per share	$	10.42		$	10.86		$	10.49		$	9.86		$	11.50		$	10.36		$	9.96		$	10.32		$	10.46		$	1.00
ADVISOR CLASS:
Net assets	$	1,254,995		$	4,915,696		$	9,045,582		$	11,645,839		$	311,846		$	193,529		$	407,681		$	176,490,153		$	101,471		$	100,006
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		120,379			452,597			861,678			1,182,690			27,130			18,690			40,923			17,090,078			9,705			100,006
Net asset value per share	$	10.43		$	10.86		$	10.50		$	9.85		$	11.49		$	10.35		$	9.96		$	10.33		$	10.46		$	1.00
PREMIER CLASS:
Net assets	$	28,223,468		$	31,541,250		$	26,503,218		$	147,736,894		$	11,523,582		$	12,513,900		$	612,001		$	25,463,185		$	—		$	37,156,833
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,706,774			2,906,071			2,527,861			14,980,743			1,005,612			1,207,010			61,466			2,465,834			—			37,156,743
Net asset value per share	$	10.43		$	10.85		$	10.48		$	9.86		$	11.46		$	10.37		$	9.96		$	10.33		$	—		$	1.00
RETIREMENT CLASS:
Net assets	$	220,808,969		$	150,468,757		$	410,924,076		$	407,374,400		$	219,972,386		$	100,533,267		$	17,102,967		$	305,187,421		$	—		$	116,547,335
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,806,968			13,856,317			39,129,681			41,316,100			19,030,045			9,695,296			1,717,006			29,561,726			—			116,545,902
Net asset value per share	$	10.61		$	10.86		$	10.50		$	9.86		$	11.56		$	10.37		$	9.96		$	10.32		$	—		$	1.00
RETAIL CLASS:
Net assets	$	98,246,984		$	21,990,850		$	269,984,576		$	673,344,901		$	117,789,621		$	129,594,027		$	1,808,852		$	139,136,422		$	277,218,554		$	297,689,821
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,266,400			2,024,993			25,690,946			68,014,520			10,522,629			12,502,756			181,621			13,488,093			26,485,784			297,678,082
Net asset value per share	$	10.60		$	10.86		$	10.51		$	9.90		$	11.19		$	10.37		$	9.96		$	10.32		$	10.47		$	1.00
† Portfolio investments, cost	$	4,387,752,730		$	8,458,384,924		$	3,994,376,390		$	3,923,157,122		$	2,658,890,767		$	1,649,858,894		$	273,742,894		$	1,483,129,008		$	265,800,361		$	870,062,147

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

Statements of operations(unaudited)

TIAA-CREF Funds  ■  For the period ended September 30, 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	$	68,394,494		$	101,871,986	$	65,106,483		$	102,364,712		$	24,711,327		$	17,909,214		$	1,594,602		$	19,023,813	$	3,682,055		$	4,133,637
Dividends		459			—		—			200,941			—			—			—			7,969		—			—
Total income		68,394,953			101,871,986		65,106,483			102,565,653			24,711,327			17,909,214			1,594,602			19,031,782		3,682,055			4,133,637
EXPENSES
Management fees		6,050,247			4,057,231		5,381,022			6,377,131			3,195,670			2,165,189			79,296			2,252,670		425,336			449,683
Shareholder servicing – Institutional Class		2,646			5,975		1,668			5,024			3,462			1,643			429			4,789		131			592
Shareholder servicing – Advisor Class		286			2,081		1,301			5,308			1,056			—			867			45,196		—			—
Shareholder servicing – Premier Class		26			79		44			169			22			26			20			134		—			40
Shareholder servicing – Retirement Class		279,254			180,288		472,207			485,121			287,558			137,986			16,694			355,987		—			141,526
Shareholder servicing – Retail Class		20,524			7,388		84,709			45,734			57,692			34,901			1,589			8,241		36,579			156,579
Distribution fees – Premier Class		21,178			23,077		29,270			115,110			8,604			11,104			439			16,168		—			24,979
Distribution fees – Retail Class		118,088			27,430		335,285			821,801			169,212			162,815			2,492			154,401		351,577			382,041
Administrative service fees		51,180			73,290		46,912			47,285			40,779			36,312			26,130			32,517		18,012			55,455
Registration fees		51,134			80,100		44,164			62,734			48,298			49,206			39,763			63,112		29,137			65,736
Professional fees		40,740			58,155		40,215			40,916			30,076			32,831			29,935			30,804		23,309			28,591
Trustee fees and expenses		20,865			38,515		30,852			28,101			25,864			9,144			2,001			45,344		10,769			18,545
Other expenses		140,347			347,300		151,273			170,233			75,110			72,280			33,861			130,984		25,346			52,623
Total expenses		6,796,515			4,900,909		6,618,922			8,204,667			3,943,403			2,713,437			233,516			3,140,347		920,196			1,376,390
Less: Expenses reimbursed by the investment adviser		—			—		—			(461	)		(873	)		—			(76,633	)		—		(35,947	)		(639	)
Fee waiver by investment adviser and TPIS		—			—		—			—			—			—			—			—		—			(2,098	)
Net expenses		6,796,515			4,900,909		6,618,922			8,204,206			3,942,530			2,713,437			156,883			3,140,347		884,249			1,373,653
Net investment income (loss)		61,598,438			96,971,077		58,487,561			94,361,447			20,768,797			15,195,777			1,437,719			15,891,435		2,797,806			2,759,984
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		15,766,722			2,293,640		7,724,788			(20,717,843	)		(124,802	)		(543,706	)		(103,960	)		3,276,702		452,681			(48	)
Forward foreign currency contracts		—			—		—			—			—			1,903			—			—		—			—
Futures contracts		—			—		—			—			—			(659,602	)		—			—		—			—
Swap contracts		—			—		(4,008,638	)		—			—			—			—			—		—			—
Foreign currency transactions		62,886			—		(187,565	)		—			—			10,657			—			—		—			—
Net realized gain (loss) on total investments		15,829,608			2,293,640		3,528,585			(20,717,843	)		(124,802	)		(1,190,748	)		(103,960	)		3,276,702		452,681			(48	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		32,408,093			72,870,671		36,094,808			39,681,192			(16,930,600	)		4,293,124			(203,101	)		11,767,676		5,165,932			—
Forward foreign currency contracts		—			—		—			—			—			(1,882	)		—			—		—			—
Futures contracts		—			—		—			—			40,796			553,554			—			—		—			—
Swap Contracts		—			—		4,091,804			—			—			—			—			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(10,723	)		—		(12,501	)		—			—			(6,317	)		—			—		—			—
Unfunded loan commitment		(80	)		—		—			—			—			—			—			—		—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		32,397,290			72,870,671		40,174,111			39,681,192			(16,889,804	)		4,838,479			(203,101	)		11,767,676		5,165,932			—
Net realized and unrealized gain (loss) on total investments		48,226,898			75,164,311		43,702,696			18,963,349			(17,014,606	)		3,647,731			(307,061	)		15,044,378		5,618,613			(48	)
Net increase (decrease) in net assets from operations	$	109,825,336		$	172,135,388	$	102,190,257		$	113,324,796		$	3,754,191		$	18,843,508		$	1,130,658		$	30,935,813	$	8,416,419		$	2,759,936

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

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Bond Fund						Bond Index Fund						Bond Plus Fund						High-Yield Fund						Inflation-Linked Bond Fund						Short-Term Bond Fund
		September 30,			March 31,			September 30,			March 31,			September 30,			March 31,			September 30,			March 31,			September 30,			March 31,			September 30,			March 31,
		2017			2017			2017			2017			2017			2017			2017			2017			2017			2017			2017			2017
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	61,598,438		$	98,587,509		$	96,971,077		$	156,616,142		$	58,487,561		$	99,422,070		$	94,361,447		$	188,001,613		$	20,768,797		$	55,214,882		$	15,195,777		$	29,230,201
Net realized gain (loss) on total investments			15,829,608			5,196,374			2,293,640			5,109,972			3,528,585			9,356,982			(20,717,843	)		(23,258,112	)		(124,802	)		11,428,409			(1,190,748	)		1,782,943
Net change in unrealized appreciation (depreciation) on total investments			32,397,290			(34,183,862	)		72,870,671			(153,869,511	)		40,174,111			(14,411,651	)		39,681,192			291,907,272			(16,889,804	)		(41,059,234	)		4,838,479			(1,297,922	)
Net increase (decrease) in net assets from operations			109,825,336			69,600,021			172,135,388			7,856,603			102,190,257			94,367,401			113,324,796			456,650,773			3,754,191			25,584,057			18,843,508			29,715,222
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(56,447,309	)		(90,350,670	)		(94,973,706	)		(152,745,977	)		(47,773,812	)		(82,037,530	)		(65,418,069	)		(135,624,876	)		—			(32,333,443	)		(13,396,392	)		(25,344,343	)
	Advisor Class		(9,010	)		(3,619	)		(56,898	)		(30,450	)		(38,915	)		(17,249	)		(158,218	)		(67,142	)		—			(1,545	)		(1,278	)		(1,818	)
	Premier Class		(389,636	)		(769,953	)		(345,982	)		(723,020	)		(579,964	)		(1,082,741	)		(3,789,093	)		(5,993,113	)		—			(149,109	)		(120,079	)		(220,257	)
	Retirement Class		(2,964,152	)		(5,868,365	)		(1,546,641	)		(2,709,279	)		(5,460,628	)		(7,084,465	)		(9,383,569	)		(16,863,480	)		—			(2,821,524	)		(841,079	)		(1,545,903	)
	Retail Class		(1,237,295	)		(2,131,559	)		(228,369	)		(426,718	)		(3,778,989	)		(7,330,919	)		(15,860,914	)		(29,431,681	)		—			(1,527,210	)		(962,374	)		(2,022,631	)
From realized gains:	Institutional Class		—			(32,532,997	)		—			—			—			(25,681,195	)		—			—			—			—			—			(215,260	)
	Advisor Class		—			(947	)		—			—			—			(2,058	)		—			—			—			—			—			(15	)
	Premier Class		—			(269,134	)		—			—			—			(402,250	)		—			—			—			—			—			(2,105	)
	Retirement Class		—			(2,097,922	)		—			—			—			(2,577,032	)		—			—			—			—			—			(13,940	)
	Retail Class		—			(811,546	)		—			—			—			(2,553,326	)		—			—			—			—			—			(20,123	)
Total distributions			(61,047,402	)		(134,836,712	)		(97,151,596	)		(156,635,444	)		(57,632,308	)		(128,768,765	)		(94,609,863	)		(187,980,292	)		—			(36,832,831	)		(15,321,202	)		(29,386,395	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		451,487,585			1,529,430,162			1,510,166,403			2,030,197,289			390,836,017			925,918,552			491,352,890			781,043,557			520,697,533			611,730,080			218,747,627			544,814,379
	Advisor Class		1,044,731			169,155			537,672			4,573,334			8,088,516			4,109,112			9,410,529			5,239,067			94,343			121,316			92,499			—
	Premier Class		3,233,839			3,919,015			3,502,261			12,048,502			4,920,633			21,753,865			22,825,186			85,892,558			1,477,118			2,603,534			2,195,500			5,429,960
	Retirement Class		10,368,074			24,373,447			20,422,587			42,837,490			77,569,957			140,609,109			44,154,015			85,621,721			18,395,292			51,040,109			30,282,830			45,002,491
	Retail Class		12,504,378			26,817,420			2,925,166			6,883,070			13,665,566			23,394,375			110,963,086			259,632,162			33,458,979			11,037,564			6,936,647			11,887,336
Reinvestments of distributions:	Institutional Class		7,045,705			43,382,339			67,647,172			117,958,279			5,753,806			34,958,959			48,053,354			88,730,109			—			20,853,317			6,625,623			15,010,153
	Advisor Class		527			139			61			10			31,128			7,006			100,250			33,478			—			—			371			—
	Premier Class		389,636			1,026,953			345,870			711,290			579,964			1,418,222			3,788,376			5,934,828			—			148,262			120,079			222,265
	Retirement Class		2,963,903			7,965,892			1,546,582			2,709,266			5,460,588			9,661,494			9,383,269			16,862,450			—			2,820,522			841,062			1,559,833
	Retail Class		1,180,168			2,830,118			218,658			406,818			3,458,743			9,038,857			15,329,433			28,343,961			—			1,451,981			931,246			1,973,147
Redemptions:	Institutional Class		(232,820,721	)		(464,319,422	)		(720,741,678	)		(746,148,041	)		(172,080,725	)		(460,814,441	)		(163,686,723	)		(902,524,179	)		(336,320,839	)		(362,705,710	)		(463,517,183	)		(235,261,197	)
	Advisor Class		(3,332	)		(59,670	)		(303,035	)		(70,774	)		(734,118	)		(2,574,919	)		(3,021,278	)		(276,707	)		(7,664	)		—			—			—
	Premier Class		(3,386,321	)		(6,862,816	)		(2,601,686	)		(34,886,159	)		(21,387,662	)		(7,582,458	)		(24,177,186	)		(27,999,972	)		(1,322,021	)		(1,839,082	)		(4,798,777	)		(2,390,669	)
	Retirement Class		(19,344,383	)		(39,218,528	)		(11,961,529	)		(24,115,953	)		(9,776,175	)		(11,397,826	)		(9,479,101	)		(13,386,667	)		(33,559,828	)		(34,690,121	)		(37,841,994	)		(36,649,873	)
	Retail Class		(7,116,952	)		(17,153,756	)		(2,836,231	)		(6,879,815	)		(14,249,604	)		(30,268,916	)		(76,940,199	)		(150,355,489	)		(37,747,562	)		(15,141,820	)		(8,920,886	)		(22,095,757	)
Net increase (decrease) from shareholder transactions			227,546,837			1,112,300,448			868,868,273			1,406,224,606			292,136,634			658,230,991			478,055,901			262,790,877			165,165,351			287,429,952			(248,305,356	)		329,502,068
Net increase (decrease) in net assets			276,324,771			1,047,063,757			943,852,065			1,257,445,765			336,694,583			623,829,627			496,770,834			531,461,358			168,919,542			276,181,178			(244,783,050	)		329,830,895
NET ASSETS
Beginning 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
End of period		$	4,396,745,315		$	4,120,420,544		$	8,511,733,099		$	7,567,881,034		$	3,899,369,451		$	3,562,674,868		$	4,045,678,756		$	3,548,907,922		$	2,701,060,862		$	2,532,141,320		$	1,614,609,907		$	1,859,392,957
Undistributed net investment income (loss) included in net assets		$	(3,547,857	)	$	(4,098,893	)	$	(522,809	)	$	(342,290	)	$	(3,247,608	)	$	(4,102,861	)	$	(498,233	)	$	(249,817	)	$	36,074,176		$	15,305,379		$	(984,268	)	$	(858,843	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		43,305,912			145,586,789			139,055,000			186,312,627			37,310,599			88,202,232			49,859,205			81,767,761			45,278,053			53,109,292			21,125,531			52,675,769
	Advisor Class		100,240			16,439			49,449			428,366			768,704			399,256			956,716			537,416			8,208			10,609			8,938			—
	Premier Class		309,921			372,335			322,264			1,104,896			469,441			2,059,935			2,314,800			8,929,770			128,619			226,189			211,783			524,053
	Retirement Class		976,517			2,283,294			1,879,049			3,898,193			7,398,402			13,402,175			4,480,528			8,913,684			1,590,216			4,398,774			2,923,888			4,347,061
	Retail Class		1,180,789			2,511,650			269,307			626,284			1,301,580			2,223,637			11,214,625			26,922,403			2,995,740			981,923			669,445			1,148,249
Shares reinvested:	Institutional Class		676,132			4,221,406			6,228,951			10,783,860			548,805			3,382,484			4,871,320			9,235,566			—			1,837,297			639,773			1,449,904
	Advisor Class		50			13			6			1			2,965			677			10,170			3,420			—			—			36			—
	Premier Class		37,374			98,564			31,858			64,929			55,370			135,759			383,826			616,109			—			13,098			11,583			21,450
	Retirement Class		279,305			751,321			142,342			247,647			520,214			923,991			950,872			1,754,763			—			246,765			81,119			150,445
	Retail Class		111,314			267,389			20,125			37,169			329,236			862,587			1,547,148			2,937,099			—			131,164			89,830			190,441
Shares redeemed:	Institutional Class		(22,385,433	)		(44,047,672	)		(66,287,081	)		(68,336,265	)		(16,432,960	)		(43,405,355	)		(16,616,376	)		(94,481,889	)		(29,211,094	)		(31,580,003	)		(44,766,530	)		(22,723,591	)
	Advisor Class		(319	)		(5,813	)		(27,929	)		(6,597	)		(69,915	)		(249,746	)		(308,154	)		(28,173	)		(663	)		—			—			—
	Premier Class		(324,241	)		(656,473	)		(239,468	)		(3,178,034	)		(2,037,439	)		(732,497	)		(2,455,110	)		(2,912,978	)		(115,228	)		(158,879	)		(462,823	)		(230,855	)
	Retirement Class		(1,825,327	)		(3,688,414	)		(1,102,723	)		(2,214,093	)		(931,911	)		(1,086,944	)		(962,099	)		(1,399,527	)		(2,911,166	)		(2,990,043	)		(3,650,732	)		(3,536,502	)
	Retail Class		(672,378	)		(1,615,547	)		(260,691	)		(628,637	)		(1,357,965	)		(2,879,536	)		(7,767,650	)		(15,602,053	)		(3,365,851	)		(1,345,281	)		(860,769	)		(2,133,122	)
Net increase (decrease) from shareholder transactions			21,769,856			106,095,281			80,080,459			129,140,346			27,875,126			63,238,655			48,479,821			27,193,371			14,396,834			24,880,905			(23,978,928	)		31,883,302

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

Statements of changes in net assets concluded

TIAA-CREF Funds ■ For the period or year ended

		Short-Term Bond Index Fund						Social Choice Bond Fund						Tax-Exempt Bond Fund						Money Market Fund
		September 30,			March 31,			September 30,			March 31,			September 30,			March 31,			September 30,			March 31,
		2017			2017			2017			2017			2017			2017			2017			2017
		(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	1,437,719		$	1,417,599		$	15,891,435		$	20,344,755		$	2,797,806		$	5,810,486		$	2,759,984		$	1,614,498
Net realized gain (loss) on total investments			(103,960	)		7,559			3,276,702			1,502,999			452,681			2,716,231			(48	)		29
Net change in unrealized appreciation (depreciation) on total investments			(203,101	)		(780,838	)		11,767,676			(9,769,527	)		5,165,932			(10,879,858	)		—			—
Net increase (decrease) in net assets from operations			1,130,658			644,320			30,935,813			12,078,227			8,416,419			(2,353,141	)		2,759,936			1,614,527
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,354,816	)		(1,343,025	)		(8,858,183	)		(11,723,615	)		(24,645	)		(293,177	)		(1,719,478	)		(1,378,360	)
	Advisor Class		(1,434	)		(1,165	)		(1,707,238	)		(775,089	)		(1,163	)		(2,161	)		(475	)		(289	)
	Premier Class		(3,319	)		(5,670	)		(248,296	)		(838,761	)		—			—			(103,979	)		(54,454	)
	Retirement Class		(68,958	)		(56,086	)		(3,096,109	)		(5,606,457	)		—			—			(294,807	)		(98,101	)
	Retail Class		(9,192	)		(11,653	)		(1,345,991	)		(2,059,202	)		(2,771,850	)		(5,515,895	)		(641,269	)		(83,294	)
From realized gains:	Institutional Class		—			—			—			(3,359,011	)		—			(101,922	)		—			—
	Advisor Class		—			—			—			(186,814	)		—			(1,638	)		—			—
	Premier Class		—			—			—			(397,228	)		—			—			—			—
	Retirement Class		—			—			—			(1,694,733	)		—			—			—			—
	Retail Class		—			—			—			(638,558	)		—			(4,810,416	)		—			—
Total distributions			(1,437,719	)		(1,417,599	)		(15,255,817	)		(27,279,468	)		(2,797,658	)		(10,725,209	)		(2,760,008	)		(1,614,498	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		100,491,164			80,412,900			251,910,321			292,762,435			132,622			3,384,701			163,721,074			299,392,777
	Advisor Class		250,179			73,161			72,317,497			120,831,535			—			3,000			—			—
	Premier Class		373,658			201,204			8,184,585			44,240,147			—			—			13,144,273			31,830,912
	Retirement Class		7,124,454			7,859,708			37,723,310			57,744,366			—			—			46,408,751			120,724,995
	Retail Class		324,458			1,323,803			42,468,629			66,131,405			8,523,445			25,970,402			55,738,829			156,375,513
Reinvestments of distributions:	Institutional Class		178,023			30,103			7,689,396			13,247,168			7,932			162,618			1,704,722			1,374,280
	Advisor Class		858			121			599,987			572,470			36			19			—			—
	Premier Class		1,911			322			247,361			392,757			—			—			103,979			54,454
	Retirement Class		68,958			53,025			3,092,542			7,297,674			—			—			294,629			97,692
	Retail Class		8,799			7,867			1,310,235			2,658,279			2,514,048			9,407,170			632,168			82,024
Redemptions:	Institutional Class		(14,127,370	)		(19,960,719	)		(37,628,766	)		(56,993,110	)		(588,103	)		(50,988,179	)		(209,631,590	)		(181,255,070	)
	Advisor Class		(14,173	)		(2,000	)		(11,407,039	)		(8,195,109	)		(15	)		—			—			—
	Premier Class		(125,000	)		(841,408	)		(552,202	)		(55,160,282	)		—			—			(8,135,335	)		(25,063,040	)
	Retirement Class		(756,348	)		(2,161,673	)		(2,846,836	)		(20,957,452	)		—			—			(39,920,706	)		(105,188,857	)
	Retail Class		(458,517	)		(1,131,958	)		(13,365,293	)		(33,052,265	)		(21,031,654	)		(36,955,600	)		(77,398,667	)		(182,548,968	)
Net increase (decrease) from shareholder transactions			93,341,054			65,864,456			359,743,727			431,520,018			(10,441,689	)		(49,015,869	)		(53,337,873	)		115,876,712
Net increase (decrease) in net assets			93,033,993			65,091,177			375,423,723			416,318,777			(4,822,928	)		(62,094,219	)		(53,337,945	)		115,876,741
NET ASSETS
Beginning 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
End of period		$	272,098,591		$	179,064,598		$	1,495,244,039		$	1,119,820,316		$	279,337,069		$	284,159,997		$	866,125,612		$	919,463,557
Undistributed net investment income (loss) included in net assets		$	(106	)	$	(106	)	$	(29,616	)	$	(665,234	)	$	10,024		$	9,876		$	(16,502	)	$	(16,478	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		10,074,582			8,044,924			24,441,200			28,377,379			12,697			313,239			163,721,074			299,392,777
	Advisor Class		25,064			7,344			7,012,255			11,866,683			—			296			—			—
	Premier Class		37,481			20,128			794,129			4,258,486			—			—			13,144,273			31,830,912
	Retirement Class		714,073			786,400			3,659,303			5,562,076			—			—			46,408,751			120,724,995
	Retail Class		32,523			132,468			4,123,992			6,427,036			817,841			2,438,029			55,738,829			156,375,513
Shares reinvested:	Institutional Class		17,845			3,019			745,250			1,289,376			761			15,176			1,704,722			1,374,280
	Advisor Class		86			12			58,137			56,121			3			2			—			—
	Premier Class		192			32			23,968			38,248			—			—			103,979			54,454
	Retirement Class		6,912			5,304			299,760			709,644			—			—			294,629			97,692
	Retail Class		882			787			127,090			258,924			240,881			905,941			632,168			82,024
Shares redeemed:	Institutional Class		(1,415,908	)		(1,992,072	)		(3,650,226	)		(5,552,036	)		(56,403	)		(4,738,468	)		(209,631,590	)		(181,255,070	)
	Advisor Class		(1,421	)		(201	)		(1,107,886	)		(805,071	)		(1	)		—			—			—
	Premier Class		(12,538	)		(83,829	)		(53,613	)		(5,452,886	)		—			—			(8,135,335	)		(25,063,040	)
	Retirement Class		(75,845	)		(215,794	)		(276,387	)		(2,044,890	)		—			—			(39,920,706	)		(105,188,857	)
	Retail Class		(45,914	)		(112,771	)		(1,297,983	)		(3,225,113	)		(2,018,522	)		(3,509,368	)		(77,398,667	)		(182,548,968	)
Net increase (decrease) from shareholder transactions			9,358,014			6,595,751			34,898,989			41,763,977			(1,002,743	)		(4,575,153	)		(53,337,873	)		115,876,712

58 2017 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2017 Semiannual 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:	9/30/17	#		$10.30		$0.15			$  0.12			$  0.27			$(0.15	)		$       —			$(0.15	)		$10.42
	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:	9/30/17	#		10.30		0.15			0.13			0.28			(0.15	)		—			(0.15	)		10.43
	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:	9/30/17	#		10.30		0.15			0.12			0.27			(0.14	)		—			(0.14	)		10.43
	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:	9/30/17	#		10.49		0.14			0.12			0.26			(0.14	)		—			(0.14	)		10.61
	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:	9/30/17	#		10.48		0.14			0.12			0.26			(0.14	)		—			(0.14	)		10.60
	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:	9/30/17	#		10.75		0.13			0.11			0.24			(0.13	)		—			(0.13	)		10.86
	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:	9/30/17	#		10.76		0.13			0.10			0.23			(0.13	)		—			(0.13	)		10.86
	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:	9/30/17	#		10.75		0.12			0.10			0.22			(0.12	)		—			(0.12	)		10.85
	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:	9/30/17	#		10.75		0.12			0.11			0.23			(0.12	)		—			(0.12	)		10.86
	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:	9/30/17	#		10.75		0.11			0.11			0.22			(0.11	)		—			(0.11	)		10.86
	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 Semiannual 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:	9/30/17	#		2.65	%b	$	4,048,211			0.30	%c		0.30	%c		2.94	%c		77	%b		61	%b
	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:	9/30/17	#		2.70	b		1,255			0.39	c		0.39	c		2.90	c		77	b		61	b
	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:	9/30/17	#		2.67	b		28,223			0.45	c		0.45	c		2.79	c		77	b		61	b
	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:	9/30/17	#		2.50	b		220,809			0.55	c		0.55	c		2.69	c		77	b		61	b
	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:	9/30/17	#		2.48	b		98,247			0.59	c		0.59	c		2.65	c		77	b		61	b
	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:	9/30/17	#		2.24	b		8,302,817			0.11	c		0.11	c		2.40	c		6	b		6	b
	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:	9/30/17	#		2.11	b		4,916			0.20	c		0.20	c		2.31	c		6	b		6	b
	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:	9/30/17	#		2.07	b		31,541			0.27	c		0.27	c		2.24	c		6	b		6	b
	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:	9/30/17	#		2.12	b		150,469			0.37	c		0.37	c		2.14	c		6	b		6	b
	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:	9/30/17	#		2.08	b		21,991			0.43	c		0.43	c		2.08	c		6	b		6	b
	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 Semiannual 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:	9/30/17	#		$10.36		$0.17			$  0.12			$  0.29			$(0.16	)		$       —			$(0.16	)		$10.49
	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:	9/30/17	#		10.37		0.16			0.13			0.29			(0.16	)		—			(0.16	)		10.50
	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:	9/30/17	#		10.36		0.16			0.12			0.28			(0.16	)		—			(0.16	)		10.48
	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:	9/30/17	#		10.37		0.15			0.13			0.28			(0.15	)		—			(0.15	)		10.50
	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:	9/30/17	#		10.38		0.15			0.13			0.28			(0.15	)		—			(0.15	)		10.51
	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:	9/30/17	#		9.80		0.25			0.06			0.31			(0.25	)		—			(0.25	)		9.86
	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:	9/30/17	#		9.80		0.24			0.05			0.29			(0.24	)		—			(0.24	)		9.85
	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:	9/30/17	#		9.81		0.24			0.05			0.29			(0.24	)		—			(0.24	)		9.86
	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:	9/30/17	#		9.81		0.24			0.05			0.29			(0.24	)		—			(0.24	)		9.86
	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:	9/30/17	#		9.85		0.24			0.05			0.29			(0.24	)		—			(0.24	)		9.90
	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 Semiannual 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:	9/30/17	#		2.85	%b		$3,182,912			0.30	%c		0.30	%c		3.18	%c		86	%b		59	%b
	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:	9/30/17	#		2.80	b		9,046			0.41	c		0.41	c		3.11	c		86	b		59	b
	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:	9/30/17	#		2.68	b		26,503			0.45	c		0.45	c		3.02	c		86	b		59	b
	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:	9/30/17	#		2.72	b		410,924			0.56	c		0.56	c		2.93	c		86	b		59	b
	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:	9/30/17	#		2.69	b		269,985			0.62	c		0.62	c		2.86	c		86	b		59	b
	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:	9/30/17	#		3.20	b		2,805,577			0.36	c		0.36	c		5.08	c		17	b		17	b
	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:	9/30/17	#		3.02	b		11,646			0.52	c		0.50	c		4.88	c		17	b		17	b
	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:	9/30/17	#		3.02	b		147,737			0.51	c		0.51	c		4.93	c		17	b		17	b
	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:	9/30/17	#		2.97	b		407,374			0.61	c		0.61	c		4.83	c		17	b		17	b
	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:	9/30/17	#		2.96	b		673,345			0.62	c		0.62	c		4.81	c		17	b		17	b
	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 Semiannual Report 63

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
INFLATION-LINKED BOND FUND
Institutional Class:	9/30/17	#		$11.48		$  0.09			$(0.07	)		$0.02			$     —			$     —			$     —			$11.50
	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:	9/30/17	#		11.48		0.08			(0.07	)		0.01			—			—			—			11.49
	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:	9/30/17	#		11.45		0.09			(0.08	)		0.01			—			—			—			11.46
	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:	9/30/17	#		11.56		0.08			(0.08	)		0.00			—			—			—			11.56
	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:	9/30/17	#		11.20		0.07			(0.08	)		(0.01	)		—			—			—			11.19
	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:	9/30/17	#		10.34		0.09			0.02			0.11			(0.09	)		—			(0.09	)		10.36
	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:	9/30/17	#		10.34		0.09			0.01			0.10			(0.09	)		—			(0.09	)		10.35
	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:	9/30/17	#		10.35		0.08			0.02			0.10			(0.08	)		—			(0.08	)		10.37
	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:	9/30/17	#		10.35		0.08			0.02			0.10			(0.08	)		—			(0.08	)		10.37
	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:	9/30/17	#		10.35		0.08			0.02			0.10			(0.08	)		—			(0.08	)		10.37
	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 Semiannual 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:	9/30/17	#		0.17	%b	$	2,351,463		0.26	%c		0.26	%c		1.60	%c		15	%b
	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:	9/30/17	#		0.09	b		312		1.00	c		0.39	c		1.44	c		15	b
	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:	9/30/17	#		0.09	b		11,524		0.41	c		0.41	c		1.49	c		15	b
	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:	9/30/17	#		0.00	b		219,972		0.52	c		0.52	c		1.40	c		15	b
	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:	9/30/17	#		(0.09	)b		117,790		0.59	c		0.59	c		1.33	c		15	b
	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:	9/30/17	#		1.09	b		1,371,775		0.27	c		0.27	c		1.76	c		43	b
	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:	9/30/17	#		1.00	b		194		0.25	c		0.25	c		1.81	c		43	b
	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:	9/30/17	#		1.02	b		12,514		0.42	c		0.42	c		1.61	c		43	b
	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:	9/30/17	#		0.96	b		100,533		0.52	c		0.52	c		1.51	c		43	b
	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:	9/30/17	#		0.94	b		129,594		0.57	c		0.57	c		1.47	c		43	b
	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 Semiannual 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:	9/30/17	#		$9.97		$0.06		$(0.01	)		$0.05			$(0.06	)		$—			$(0.06	)		$9.96
	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:	9/30/17	#		9.97		0.06		(0.01	)		0.05			(0.06	)		—			(0.06	)		9.96
	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:	9/30/17	#		9.97		0.06		(0.01	)		0.05			(0.06	)		—			(0.06	)		9.96
	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:	9/30/17	#		9.97		0.05		(0.01	)		0.04			(0.05	)		—			(0.05	)		9.96
	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:	9/30/17	#		9.97		0.05		(0.01	)		0.04			(0.05	)		—			(0.05	)		9.96
	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:	9/30/17	#		10.18		0.13		0.13			0.26			(0.12	)		—			(0.12	)		10.32
	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:	9/30/17	#		10.19		0.13		0.13			0.26			(0.12	)		—			(0.12	)		10.33
	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:	9/30/17	#		10.19		0.12		0.14			0.26			(0.12	)		—			(0.12	)		10.33
	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:	9/30/17	#		10.19		0.12		0.12			0.24			(0.11	)		—			(0.11	)		10.32
	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:	9/30/17	#		10.18		0.12		0.13			0.25			(0.11	)		—			(0.11	)		10.32
	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:	9/30/17	#		10.25		0.12		0.21			0.33			(0.12	)		—			(0.12	)		10.46
	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:	9/30/17	#		10.25		0.12		0.21			0.33			(0.12	)		—			(0.12	)		10.46
	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:	9/30/17	#		10.26		0.10		0.21			0.31			(0.10	)		—			(0.10	)		10.47
	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 Semiannual 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:	9/30/17	#		0.54	%b		$ 252,167		0.19	%c		0.12	%c		1.29	%c		32	%b		32	%b
	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:	9/30/17	#		0.48	b		408		0.88	c		0.27	c		1.15	c		32	b		32	b
	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:	9/30/17	#		0.47	b		612		0.34	c		0.27	c		1.13	c		32	b		32	b
	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:	9/30/17	#		0.42	b		17,103		0.44	c		0.37	c		1.04	c		32	b		32	b
	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:	9/30/17	#		0.36	b		1,809		0.60	c		0.47	c		0.92	c		32	b		32	b
	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:	9/30/17	#		2.61	b		848,967		0.40	c		0.40	c		2.54	c		61	b		44	b
	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:	9/30/17	#		2.58	b		176,490		0.46	c		0.46	c		2.48	c		61	b		44	b
	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:	9/30/17	#		2.53	b		25,463		0.55	c		0.55	c		2.40	c		61	b		44	b
	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:	9/30/17	#		2.38	b		305,187		0.64	c		0.64	c		2.29	c		61	b		44	b
	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:	9/30/17	#		2.47	b		139,136		0.66	c		0.66	c		2.28	c		61	b		44	b
	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:	9/30/17	#		3.20	b		2,017		0.39	c		0.35	c		2.25	c		7	b		7	b
	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:	9/30/17	#		3.23	b		101		0.33	c		0.30	c		2.29	c		7	b		7	b
	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:	9/30/17	#		3.06	b		277,219		0.65	c		0.63	c		1.97	c		7	b		7	b
	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 Semiannual 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:	9/30/17	#		$1.00		$0.00	d		$  —		$0.00	d		$(0.00	)d		$      —			$(0.00	)d		$1.00
	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:	9/30/17	#		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	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:	9/30/17	#		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	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:	9/30/17	#		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	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:	9/30/17	#		1.00		0.00	d		—		0.00	d		(0.00	)d		—			(0.00	)d		1.00
	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

#	Unaudited
*	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 Semiannual 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:	9/30/17	#		0.39	%b		$414,632		0.15	%c		0.15	%c		0.77	%c		—	%
	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:	9/30/17	#		0.48	b		100		0.03	c		0.03	c		0.89	c		—
	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:	9/30/17	#		0.31	b		37,157		0.30	c		0.30	c		0.62	c		—
	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:	9/30/17	#		0.26	b		116,547		0.40	c		0.40	c		0.53	c		—
	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:	9/30/17	#		0.21	b		297,690		0.50	c		0.50	c		0.42	c		—
	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 Semiannual Report 69

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Short-Term Bond Index Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”).

The 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. 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 accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the

ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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.

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

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

New accounting 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. This guidance will not significantly impact the Funds’ financial statements.

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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but may have resulted in new disclosures in the schedules of investments for certain investment types. Please refer to the schedules of investments and Note 3 of the financial statement disclosures for details.

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 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 was September 5, 2017. This rule did not materially impact 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.

In accordance with ASC 820, 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 September 30, 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 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.

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

Notes to financial statements(unaudited)

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.

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

Unfunded loan commitment: Unfunded loan commitments are marked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments are generally categorized as Level 2 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 period ended September 30, 2017, the Bond Fund, Bond Plus Fund, High-Yield Fund, and Social Choice Bond Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Also, Bond Fund, Bond Plus Fund, Short-Term Bond Fund and Social Choice Bond Fund had transfers from Level 3 to Level 2 as a result of various market related factors.

As of September 30, 2017, 100% of the value of investments in the Bond Index Fund, 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 September 30, 2017, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Bond
Bank loan obligations	$	—	$	60,624,392	$	—	$	60,624,392
Corporate bonds		—		1,456,976,301		1,235,703		1,458,212,004
Government bonds		—		1,622,541,038		—		1,622,541,038
Structured assets		—		1,188,438,983		4,985,707		1,193,424,690
Common stocks		230,658		—		—		230,658
Preferred stocks		—		55,812		—		55,812
Short-term investments		—		77,090,293		—		77,090,293
Total	$	230,658	$	4,405,726,819	$	6,221,410	$	4,412,178,887
Bond Plus
Bank loan obligations	$	—	$	139,582,722	$	—	$	139,582,722
Corporate bonds		—		1,284,478,813		1,699,415		1,286,178,228
Government bonds		—		1,822,143,935		5,853,513		1,827,997,448
Structured assets		—		581,394,815		9,106,642		590,501,457
Common stocks		922,895		—		—		922,895
Preferred stocks		—		223,248		—		223,248
Short-term investments		—		175,421,307		—		175,421,307
Cross currency swap contracts**		—		432,248		—		432,248
Total	$	922,895	$	4,003,677,088	$	16,659,570	$	4,021,259,553
High-Yield
Bank loan obligations	$	—	$	286,009,581	$	—	$	286,009,581
Corporate bonds		—		3,271,756,202		39,597,671		3,311,353,873
Government bonds		—		32,868,021		—		32,868,021
Common stocks		21,946,738		—		—		21,946,738
Preferred stocks		2,246,335		—		—		2,246,335
Short-term investments		—		353,895,754		—		353,895,754
Total	$	24,193,073	$	3,944,529,558	$	39,597,671	$	4,008,320,302
Inflation-Linked Bond
Government bonds	$	—	$	2,643,740,443	$	—	$	2,643,740,443
Short-term investments		—		45,565,782		—		45,565,782
Futures contracts**		40,796		—		—		40,796
Total	$	40,796	$	2,689,306,225	$	—	$	2,689,347,021

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

continued

Fund	Level 1		Level 2		Level 3		Total
Short-Term Bond
Bank loan obligations	$	—	$	44,601,962	$	—	$	44,601,962
Corporate bonds		—		565,285,227		258,750		565,543,977
Government bonds		—		498,131,372		—		498,131,372
Structured assets		—		425,657,714		3,763,246		429,420,960
Short-term investments		—		113,629,321		—		113,629,321
Futures contracts**		708,853		—		—		708,853
Total	$	708,853	$	1,647,305,596	$	4,021,996	$	1,652,036,445
Social Choice Bond
Bank loan obligations	$	—	$	9,910,394	$	1,665,039	$	11,575,433
Corporate bonds		—		526,934,837		5,184,922		532,119,759
Government bonds		—		692,171,840		15,396,357		707,568,197
Structured assets		—		177,179,092		6,984,676		184,163,768
Preferred stocks		278,750		—		—		278,750
Short-term investments		—		54,807,442		—		54,807,442
Total	$	278,750	$	1,461,003,605	$	29,230,994	$	1,490,513,349

** Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio 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			High-Yield			Short-Term Bond			Social Choice Bond
Balance as of March 31, 2017	$	23,589,257		$	42,329,957		$	8,780,800		$	16,724,758		$	25,661,040
Purchases		1,233,908			9,250,000			—			7,175,000			6,791,142
Sales		(11,752,201	)		(7,665,615	)		—			(3,194,599	)		(3,592,619	)
Gains (losses)		1,516,016			1,969,499			—			(4,101	)		3,907
Change in unrealized appreciation (depreciation)		(2,425,892	)		(4,055,775	)		(4,300,800	)		(365,729	)		2,940,466
Transfers out of Level 3		(14,717,899	)		(36,487,897	)		—			(16,313,333	)		(5,985,290	)
Transfers into Level 3		8,778,221			11,319,401			35,117,671			—			3,412,348
Balance as of September 30, 2017	$	6,221,410		$	16,659,570		$	39,597,671		$	4,021,996		$	29,230,994

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Funds’ as of September 30, 2017.

Fund	Fair value as of September 30, 2017		Valuation technique	Unobservable input	Range (weighted average)
Bond
Corporate bonds	$	1,235,703	Broker quote	*
Structured assets		4,985,707	Recent market transaction	†
Total	$	6,221,410
Bond Plus
Corporate bonds	$	1,699,415	Recent market transaction	Discount		39.0%–65.0% (42.4%)
Government bonds		4,621,335	Recent market transaction	Discount		27.6% (27.6%)
Government bonds		1,232,178	Broker quote	*
Structured assets		7,127,260	Broker quote	*
Structured assets		1,979,382	Recent market transaction	Discount		38.3%–96.9% (56.6%)
Total	$	16,659,570
High-Yield
Corporate bonds	$	39,597,671	Recent market transaction	Discount		35.0%–75.0% (44.0%)
Total	$	39,597,671
Short-Term Bond
Corporate bonds	$	258,750	Recent market transaction	Discount		65.5% (65.5%)
Structured assets		3,763,246	Recent market transaction	†
Total	$	4,021,996
Social Choice Bond
Bank loan obligations	$	1,665,039	Broker quote	*
Corporate bonds		5,184,922	Broker quote	*
Government bonds		15,396,357	Broker quote	*
Structured assets		6,939,955	Broker quote	*
Structured assets		44,721	Recent market transaction	†
Total	$	29,230,994

* Single source broker quote.

† Recent market transaction refer to the most recent known market transaction.

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

Notes to financial statements (unaudited)

Note 3—derivative instruments

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

At September 30, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives			Liabilities derivatives
		Fair value			Fair value
Derivative contract	Location	amount		Location	amount
Bond Plus Fund
Currency contracts	Swap contracts*	$	432,248	Swap contracts*	$	148,374
Inflation-Linked Bond Fund
Interest-rate contracts				Futures contracts*		40,796
Short-Term Bond Fund
Interest-rate contracts				Futures contracts*		708,853

* The fair value presented includes cumulative gain (loss) on open futures contracts and cross currency 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 open cross currency swap contracts.

For the period ended September 30, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Bond Plus Fund
Credit and currency contracts	Swap contracts	$	(4,008,638	)		$4,091,804
Inflation-Linked Bond Fund
Interest-rate contracts	Futures contracts		—			40,796
Short-Term Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		1,903			(1,882	)
Interest-rate contracts	Futures contracts		(659,602	)		553,554

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 period ended September 30, 2017, the Inflation-Linked Bond Fund and the Short-Term Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1%, and 2% and 4% of net assets, respectively. The futures contracts outstanding as of September 30, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

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.

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

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

continued

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 period ended September 30, 2017, the Bond Plus Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. There are no credit default swap contracts outstanding as of September 30, 2017.

Cross currency swap contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use cross currency swap agreements to gain or mitigate exposure to foreign exchange markets. A cross currency swap is an agreement between two parties to exchange two different currencies with the understanding that the exchange will be reversed at a later date at specified exchange rates. Cross currency swaps are usually negotiated with commercial and investment banks. At the inception date of the contract the exchange of currencies takes place at the current spot rate. At maturity, the re-exchange may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. Payments to be paid and to be received are accrued daily and recorded as unrealized appreciation and depreciation until the payments are made, at which time they are realized. Upfront payments and receipts are reflected in the Statements of Assets and Liabilities and represent compensating factors between the stated terms of the cross currency swap contracts and prevailing market conditions. These upfront payments and receipts are amortized over the term of the contract and treated as a realized gain or loss in the Statements of Operations. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

Risks may arise upon entering into these contracts from the potential of default by counterparty and, depending on their terms, may be subject to foreign exchange risk. During the period ended September 30, 2017, the Bond Plus Fund had exposure to cross currency swap contracts, based on underlying notional values, generally between 0% and 1%. The cross currency swap contracts outstanding as of September 30, 2017 are disclosed in the summary portfolio of investments and full schedules of investments.

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 e 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 period ended September 30, 2017, the Short-Term Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% and 1%. There are no outstanding forward foreign currency contracts as of September 30, 2017.

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 September 30, 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:

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

Notes to financial statements (unaudited)

				Investment
	Investment			management
	management			fee—effective			Service
	fee range			rate			agreement fee			Distribution fee						Maximum expense amounts‡
							Retirement			Premier			Retail			Institutional			Advisor			Premier			Retirement			Retail
Fund							Class			Class			Class			Class			Class			Class			Class			Class
Bond*		0.25%–0.30	%a		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*		0.25–0.30	a		0.29			0.25			0.15			0.25			0.35			0.50			0.50			0.60			0.70
High-Yield*		0.30–0.35	b		0.34			0.25			0.15			0.25			0.40			0.55			0.55			0.65			0.75
Inflation-Linked Bond*		0.20–0.25	c		0.24			0.25			0.15			0.25			0.30			0.45			0.45			0.55			0.65
Short-Term Bond*		0.20–0.25	c		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*		0.30–0.35	b		0.35			0.25			0.15			0.25			0.40			0.55			0.55			0.65			0.75
Tax-Exempt Bond*		0.25–0.30	a		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.
a	Prior to May 1, 2017, the investment management fee range for the Bond Fund, the Bond Plus Fund, and the Tax-Exempt Bond Fund was 0.26%–0.30% of average daily net assets.
b	Prior to May 1, 2017, the investment management fee range for the High-Yield Fund and the Social Choice Bond Fund was 0.31%–0.35% of average daily net assets.
c	Prior to May 1, 2017, the investment management fee range for the Inflation-Linked Bond Fund and the Short-Term Bond Fund was 0.21%–0.25% of average daily net assets.
‡	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, 2018. 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 period ended September 30, 2017, these transactions did not materially impact the Funds.

As of September 30, 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.

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of September 30, 2017:

				TIAA-CREF						TIAA-CREF
	TIAA-CREF			Lifecycle Index			TIAA-CREF			Managed
Underlying Fund	Lifecycle Funds			Funds			Lifestyle Funds			Allocation Fund			TIAA Access			Total
Bond		77	%		—	%		1	%		—	%		1	%		79	%
Bond Index		—			30			—			—			1			31
Bond Plus		59			—			5			8			2			74
High-Yield		8			—			—			—			2			10
Inflation-Linked Bond		19			8			—			—			—			27
Short-Term Bond		38			—			4			—			2			44
Short-Term Bond Index		—			78			—			—			—			78
Money Market		—			—			—			—			2			2

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 September 30, 2017, four 529 Plans owned 14%, 13%, 6%, and 5%, respectively, of the Bond Index Fund, two 529 Plans owned 12%, and 11%, respectively, of the Inflation-Linked Bond Fund, one 529 Plan owned 8% of the Short-Term Bond Fund and one 529 Plan owned 10% of the Short-Term Bond Index 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.

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

continued

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 September 30, 2017, the High-Yield Fund held an unfunded loan commitment of $12,500,000. There was no unrealized appreciation (depreciation) at September 30, 2017 related to the unfunded loan commitment. 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 September 30, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:

								Net
			Gross		Gross			unrealized
	Tax		unrealized		unrealized			appreciation
Fund	cost		appreciation		(depreciation)			(depreciation)
Bond	$	4,389,127,159	$	47,958,365	$	(24,906,637	)	$	23,051,728
Bond Index		8,463,265,630		123,877,968		(47,271,555	)		76,606,413
Bond Plus		3,995,057,263		53,619,737		(27,565,821	)		26,053,916
High-Yield		3,923,199,595		161,532,367		(76,411,660	)		85,120,707
Inflation-Linked Bond		2,659,417,295		43,069,795		(13,140,068	)		29,929,727
Short-Term Bond		1,650,573,554		5,949,430		(4,486,540	)		1,462,890
Short-Term Bond Index Fund		273,744,211		112,138		(797,373	)		(685,235	)
Social Choice Bond		1,483,495,083		14,917,407		(7,899,141	)		7,018,266
Tax-Exempt Bond		265,800,361		5,543,217		(1,536,296	)		4,006,921

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront fees or

premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2017 were as follows:

	Non-U.S.		U.S.		Non-U.S.		U.S.
	government		government		government		government
Fund	purchases		purchases		sales		sales
Bond	$	915,166,316	$	2,751,526,707	$	733,601,225	$	2,449,348,789
Bond Index		473,971,006		1,066,680,611		207,110,331		293,221,104
Bond Plus		853,129,323		2,752,759,462		589,804,648		2,548,518,060
High-Yield		929,510,270		—		577,890,890		—
Inflation-Linked Bond		—		517,921,768		4,568,519		385,201,285
Short-Term Bond		367,195,496		341,256,121		305,852,463		503,942,286
Short-Term Bond Index		46,726,811		118,877,018		18,679,664		53,999,167
Social Choice Bond		431,678,602		691,288,966		135,624,012		630,702,347
Tax-Exempt Bond		18,362,984		—		27,993,050		—

Note 6—distributions to shareholders and other tax items

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

	Ordinary		Long-term
Fund	income		capital gains		Total
Bond	$	131,341,880	$	3,494,832	$	134,836,712
Bond Index		156,635,444		—		156,635,444
Bond Plus		128,768,765		—		128,768,765
High-Yield		187,980,292		—		187,980,292
Inflation-Linked Bond		36,832,831		—		36,832,831
Short-Term Bond		29,386,395		—		29,386,395
Short-Term Bond Index		1,417,599		—		1,417,599
Social Choice Bond		26,125,419		1,154,049		27,279,468
Tax-Exempt Bond*		8,004,604		2,720,605		10,725,209
Money Market		1,614,498		—		1,614,498

* Includes ordinary income which will not be taxable for federal income tax purposes in 2017 of $5,799,921.

The tax character of the fiscal year 2018 distributions will be determined at the end of the fiscal year.

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 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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

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

Notes to financial statements (unaudited) concluded

mutual funds. For the period ended September 30, 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.

Note 9—subsequent event

The Advisors has agreed to implement a voluntary waiver reducing the Short-Term Bond Index Fund management fee by 0.07% for one year effective October 1, 2017 through September 30, 2018. During this one-year period, the expense caps will be 0.05% for Institutional Class, 0.20% for Advisor Class, 0.20% for Premier Class, 0.30% for Retirement Class, and 0.40% for Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

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

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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, a subsidiary of TIAA, provides investment advice and portfolio management services through a

dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, 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-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.4%
AUTOMOBILES & COMPONENTS - 0.0%
$	188,941	i	CH Hold Corp	LIBOR 1 M + 3.000%		4.240	%	02/01/24	$	190,357
			TOTAL AUTOMOBILES & COMPONENTS							190,357
CAPITAL GOODS - 0.1%
	693,020	i	Milacron LLC	LIBOR 1 M + 3.000%		4.240		09/28/23		695,619
	985,584	i	TransDigm, Inc	LIBOR 1 and 3 M + 3.000%		4.330		05/14/22		987,604
	494,987	i	TransDigm, Inc	LIBOR 1 and 3 M + 3.000%		4.240		06/09/23		496,176
			TOTAL CAPITAL GOODS							2,179,399
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	1,978,041	i	Advanced Disposal Services, Inc	LIBOR 1 W + 2.750%		3.950		11/10/23		1,989,572
	989,899	i	American Airlines, Inc	LIBOR 1 M + 2.000%		3.240		10/10/21		989,760
	1,500,000	i	American Airlines, Inc	LIBOR 1 M + 2.500%		3.730		12/14/23		1,502,295
	244,887	i	C.H.I Overhead Doors Inc	LIBOR 3 M + 3.250%		4.580		07/31/22		243,969
	744,387	i	Creative Artists Agency LLC	LIBOR 1 and 3 M + 3.500%		6.750		02/15/24		746,717
	1,492,500	i	Leidos Holdings Inc	LIBOR 1 M + 2.000%		3.250		08/16/23		1,500,903
	656,319	i	ProQuest LLC	LIBOR 1 M + 3.750%		4.985		10/24/21		662,607
	1,156,921	i	Trans Union LLC	LIBOR 1 M + 2.000%		3.240		04/07/23		1,153,844
	426,344	i	XPO Logistics, Inc	LIBOR 3 M + 2.250%		3.550		11/01/21		427,090
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							9,216,757
CONSUMER DURABLES & APPAREL - 0.0%
	490,685	i	Academy Ltd	LIBOR 1 and 3 M + 4.000%		5.310		07/01/22		330,604
			TOTAL CONSUMER DURABLES & APPAREL							330,604
CONSUMER SERVICES - 0.1%
	1,133,098	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		5.080		07/28/22		1,129,087
	97,523	i	Boyd Gaming Corp	LIBOR 1 W + 2.500%		3.690		09/15/23		97,791
	837,621	i	Jackson Hewitt Tax Service, Inc	LIBOR 3 M + 7.000%		8.310		07/30/20		804,116
	1,264,767	i	KFC Holding Co	LIBOR 1 M + 2.000%		3.230		06/16/23		1,269,510
	882,605	i	KinderCare Education LLC	LIBOR 3 M + 3.750%		5.080		08/12/22		878,748
	1,050,051	i	Spin Holdco, Inc	LIBOR 2 M + 3.750%		5.010		11/14/22		1,054,513
	638,546	i	Sterling Midco Holdings, Inc	LIBOR 1 M + 4.750%		5.485		06/19/24		639,344
	298,507	i	Travel Leaders Group LLC	LIBOR 3 M + 4.500%		5.810		01/25/24		302,426
			TOTAL CONSUMER SERVICES							6,175,535
ENERGY - 0.0%
	235,000	i	California Resources Corp	LIBOR 1 M + 10.375%		11.610		12/31/21		250,158
	748,747	i	Dynegy, Inc	LIBOR 1 M + 3.250%		4.490		02/07/24		751,779
			TOTAL ENERGY							1,001,937

1

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 0.0%
$	187,823	i	Albertsons LLC	LIBOR 1 M + 2.750%		3.990	%	08/25/21	$	180,926
	75,621	i	Albertsons LLC	LIBOR 3 M + 3.000%		4.320		06/22/23		72,596
			TOTAL FOOD & STAPLES RETAILING							253,522
FOOD, BEVERAGE & TOBACCO - 0.1%
	997,516	i	B&G Foods, Inc	LIBOR 1 M + 2.250%		3.490		11/02/22		1,002,144
	250,565	i	Hostess Brands LLC	LIBOR 1 M + 2.500%		3.740		08/03/22		251,297
	1,197,000	i	Post Holdings, Inc	LIBOR 1 M + 2.250%		3.490		05/24/24		1,199,322
			TOTAL FOOD, BEVERAGE & TOBACCO							2,452,763
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	992,516	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.750%		3.990		03/01/24		994,749
	1,187,430	i	DaVita HealthCare Partners, Inc	LIBOR 1 M + 2.750%		3.990		06/24/21		1,194,353
	1,985,000	i	Envision Healthcare Corp	LIBOR 1 M + 3.000%		4.240		12/01/23		1,988,732
	376,309	i	Greatbatch Ltd	LIBOR 1 M + 3.500%		4.740		10/27/22		378,348
	1,011,455	i	HCA, Inc	LIBOR 1 M + 2.250%		3.490		02/10/24		1,016,148
	3,980,000	i	Tennessee Merger Sub, Inc	LIBOR 1 M + 2.750%		3.990		02/06/24		3,902,907
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							9,475,237
INSURANCE - 0.0%
	1,477,180	i	HUB International Ltd	LIBOR 3 M + 3.250%		4.310		10/02/20		1,486,264
			TOTAL INSURANCE							1,486,264
MATERIALS - 0.1%
	888,289	i	American Builders & Contractors Supply Co, Inc	LIBOR 1 M + 2.500%		3.740		10/31/23		891,300
	985,309	i	Berry Plastics Corp	LIBOR 1 M + 2.250%		3.490		10/01/22		987,772
	1,243,750	i	Berry Plastics Corp	LIBOR 1 M + 2.250%		3.490		01/19/24		1,244,446
	294,309	i	Plaze, Inc	LIBOR 3 M + 3.500%		4.830		07/29/22		295,413
	248,129	i	Quikrete Holdings, Inc	LIBOR 1 M + 2.750%		3.990		11/15/23		247,930
	360,000	i	Solenis International LP	LIBOR 3 M + 6.750%		8.070		07/29/22		357,599
	37,791	i	Tronox Blocked Borrower LLC	LIBOR 3 M + 3.000%		3.000		09/13/24		37,924
	87,209	i	Tronox Finance LLC	LIBOR 3 M + 3.000%		3.000		10/31/24		87,518
			TOTAL MATERIALS							4,149,902
MEDIA - 0.1%
	248,129	i	AMC Entertainment Holdings, Inc	LIBOR 1 M + 2.250%		3.480		12/15/23		246,888
	134,742	i	CBS Radio, Inc	LIBOR 1 M + 3.500%		4.740		10/17/23		135,669
	882,039	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		5.080		07/08/22		882,595
	989,950	i	Charter Communications Operating LLC	LIBOR 1 M + 2.250%		3.490		01/15/24		993,662
	1,440,141	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		3.480		07/17/25		1,430,881
	148,836	i	Lions Gate Entertainment Corp	LIBOR 1 M + 3.000%		4.240		12/08/23		149,953
	21,032	i	Mission Broadcasting, Inc	LIBOR 3 M + 2.500%		3.740		01/17/24		21,081
	168,007	i	Nexstar Broadcasting, Inc	LIBOR 1 M + 2.500%		3.740		01/17/24		168,397
	1,485,042	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.240		10/04/23		1,486,438
	254,991	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.750%		3.980		01/31/25		255,853
			TOTAL MEDIA							5,771,417
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	625,000	i	Alphabet Holding Co, Inc	LIBOR 3 M + 3.500%		4.830		09/15/24		617,188
	153,410	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		3.330		03/07/24		154,122

2

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	451,629	i	Vizient, Inc	LIBOR 1 M + 3.500%		4.740	%	02/13/23	$	454,451
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,225,761
REAL ESTATE - 0.0%
	227,636	i	DTZ US Borrower LLC	LIBOR 3 M + 3.250%		4.560		11/04/21		228,044
			TOTAL REAL ESTATE							228,044
RETAILING - 0.1%
	2,967,184	i	PetSmart, Inc	LIBOR 1 M + 3.000%		4.240		03/11/22		2,502,315
			TOTAL RETAILING							2,502,315
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	1,485,000	i	Versum Materials, Inc	LIBOR 3 M + 2.500%		3.830		09/29/23		1,486,856
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,486,856
SOFTWARE & SERVICES - 0.1%
	622,850	i	CSRA, Inc	LIBOR 3 M + 3.000%		3.333		11/30/23		624,276
	961,673	i	First Data Corp	LIBOR 1 M + 2.250%		3.490		07/08/22		963,009
	1,176,526	i	First Data Corp	LIBOR 1 M + 2.500%		3.740		04/26/24		1,180,102
	717,567	i	Mitchell International, Inc	LIBOR 3 M + 3.500%		4.810		10/13/20		721,004
	44,821	i	SS&C European Holdings SARL	LIBOR 1 M + 2.250%		3.490		07/08/22		45,008
	847,546	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		3.490		07/08/22		851,080
			TOTAL SOFTWARE & SERVICES							4,384,479
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	964,125	i	CommScope, Inc	LIBOR 1 M + 2.000%		3.235		12/29/22		966,053
	297,750	i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.490		07/05/23		299,611
	864,801	i	Sensata Technologies BV	LIBOR 1 M + 2.250%		3.490		10/14/21		869,956
	302,928	i	Zebra Technologies Corp	LIBOR 3 M + 2.000%		3.310		10/27/21		303,210
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,438,830
TELECOMMUNICATION SERVICES - 0.0%
	394,023	i	CNT Holdings III Corp	LIBOR 2 M + 3.250%		4.530		01/22/23		387,620
			TOTAL TELECOMMUNICATION SERVICES							387,620
TRANSPORTATION - 0.1%
	675,000	i	Avolon TLB Borrower  US LLC	LIBOR 1 M + 2.250%		3.990		03/21/22		676,262
	442,555	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		4.000		07/31/22		442,776
	1,455,124	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		4.240		08/01/22		1,455,851
	248,750	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		4.240		03/11/24		242,999
			TOTAL TRANSPORTATION							2,817,888
UTILITIES - 0.1%
	989,975	i	NRG Energy, Inc	LIBOR 3 M + 2.250%		3.583		06/30/23		990,430
	496,256	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		5.240		07/14/23		483,230
	808,179	i	Vistra Operations Co LLC	LIBOR 1 M + 2.750%		3.980		08/04/23		809,278
	185,714	i	Vistra Operations Co LLC	LIBOR 1 M + 2.750%		3.732		12/14/23		185,967
			TOTAL UTILITIES							2,468,905
			TOTAL BANK LOAN OBLIGATIONS							60,624,392
			(Cost $61,210,552)

3

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BONDS - 97.2%
CORPORATE BONDS - 33.2%
AUTOMOBILES & COMPONENTS - 0.6%
$	120,000	g	Adient Global Holdings Ltd			4.875	%	08/15/26	$	122,700
	480,000	g	Allison Transmission, Inc			5.000		10/01/24		498,168
	4,950,000	g	BMW US Capital LLC			2.000		04/11/21		4,913,691
	450,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		486,000
	1,125,000		Delphi Automotive plc			3.150		11/19/20		1,150,832
	3,550,000		General Motors Co			4.200		10/01/27		3,600,201
	1,700,000		General Motors Co			6.600		04/01/36		2,016,089
	825,000		General Motors Co			6.250		10/02/43		942,373
	475,000		General Motors Co			6.750		04/01/46		571,897
	2,050,000		General Motors Co			5.400		04/01/48		2,123,965
	150,000		Goodyear Tire & Rubber Co			5.000		05/31/26		156,375
	1,100,000	g	Hyundai Capital America			2.600		03/19/20		1,099,373
	2,600,000	g	Hyundai Capital America			2.550		04/03/20		2,595,027
	1,500,000	g	Hyundai Capital America			3.250		09/20/22		1,496,992
	2,000,000	g	Hyundai Capital Services, Inc			3.000		03/06/22		1,982,271
	200,000	g,o	IHO Verwaltungs GmbH			4.125		09/15/21		203,500
	1,750,000		Magna International, Inc			3.625		06/15/24		1,806,161
	200,000		Tenneco, Inc			5.000		07/15/26		205,000
	150,000	g	ZF North America Capital, Inc			4.500		04/29/22		157,687
	150,000	g	ZF North America Capital, Inc			4.750		04/29/25		158,250
			TOTAL AUTOMOBILES & COMPONENTS							26,286,552
BANKS - 5.2%
	1,900,000	g,i	Akbank TAS	USD SWAP SEMI 30/360 5 Y + 5.026%		7.200		03/16/27		2,013,624
	1,750,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		1,751,697
	1,500,000	g	Banco de Bogota S.A.			6.250		05/12/26		1,635,750
	1,650,000	g	Banco General S.A.			4.125		08/07/27		1,650,908
	2,000,000	g	Banco Inbursa S.A. Institucion de Banca Multiple			4.375		04/11/27		2,007,500
	1,900,000	g	Banco Nacional de Comercio Exterior SNC			4.375		10/14/25		1,985,500
	9,475,000		Bank of America Corp			2.151		11/09/20		9,446,475
	2,450,000		Bank of America Corp			3.875		08/01/25		2,565,486
	7,450,000		Bank of America Corp			3.248		10/21/27		7,297,404
	7,600,000		Bank of America Corp			3.593		07/21/28		7,660,371
	3,375,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd			2.350		09/08/19		3,393,859
	1,500,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd			3.250		09/08/24		1,523,974
	1,700,000		Barclays plc			3.650		03/16/25		1,703,732
	2,050,000	g	BNP Paribas S.A.			3.800		01/10/24		2,130,271
	1,025,000	g	BPCE S.A.			3.000		05/22/22		1,030,335
	650,000		Branch Banking & Trust Co			2.300		10/15/18		653,581
	2,550,000		Capital One Bank USA NA			2.950		07/23/21		2,583,504
	3,075,000		Capital One Bank USA NA			2.650		08/08/22		3,054,931
	1,068,000		Capital One Bank USA NA			3.375		02/15/23		1,083,486
	10,975,000		Citigroup, Inc			3.200		10/21/26		10,812,849
	6,800,000		Citigroup, Inc			3.668		07/24/28		6,850,498
	2,225,000		Citizens Bank NA			2.650		05/26/22		2,224,875
	2,050,000		Compass Bank			2.875		06/29/22		2,039,659

4

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950	%	11/09/22	$	393,434
	3,350,000		Cooperatieve Rabobank UA		2.500		01/19/21		3,383,843
	6,925,000		Cooperatieve Rabobank UA		3.750		07/21/26		7,022,904
	835,000	g	Cooperatieve Rabobank UA		11.000		12/30/49		943,550
	1,250,000	g	Credit Agricole S.A.		2.500		04/15/19		1,261,584
	1,425,000	g	Credit Agricole S.A.		2.375		07/01/21		1,424,517
	2,425,000	g	Credit Agricole S.A.		3.250		10/04/24		2,427,151
	1,000,000	g	DBS Group Holdings Ltd		2.246		07/16/19		1,001,215
	1,000,000		Discover Bank		3.200		08/09/21		1,019,992
	650,000		Discover Bank		3.450		07/27/26		638,690
	1,320,000	g	HSBC Bank plc		4.125		08/12/20		1,390,167
	4,625,000		HSBC Holdings plc		2.650		01/05/22		4,634,097
	4,125,000		HSBC Holdings plc		3.262		03/13/23		4,209,117
	1,250,000		HSBC Holdings plc		3.900		05/25/26		1,307,722
	2,300,000		HSBC Holdings plc		4.375		11/23/26		2,397,879
	2,025,000		HSBC Holdings plc		4.041		03/13/28		2,113,828
	1,025,000		HSBC Holdings plc		6.000		12/30/49		1,072,048
	4,100,000		Huntington National Bank		2.500		08/07/22		4,075,783
	8,700,000		JPMorgan Chase & Co		2.750		06/23/20		8,863,630
	8,550,000		JPMorgan Chase & Co		2.295		08/15/21		8,541,402
	3,425,000		JPMorgan Chase & Co		2.776		04/25/23		3,442,600
	5,250,000		JPMorgan Chase & Co		3.200		06/15/26		5,209,348
	3,975,000		JPMorgan Chase & Co		2.950		10/01/26		3,888,710
	1,825,000		JPMorgan Chase & Co		3.882		07/24/38		1,836,062
	750,000		JPMorgan Chase & Co		5.150		12/30/49		778,125
	2,945,000		KeyBank NA		2.500		12/15/19		2,978,852
	2,250,000		KeyBank NA		2.300		09/14/22		2,228,809
	875,000		Lloyds Banking Group plc		3.000		01/11/22		882,007
	900,000	g	Macquarie Bank Ltd		2.600		06/24/19		907,109
	2,550,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,552,127
	3,000,000		Mitsubishi UFJ Financial Group, Inc		3.287		07/25/27		2,986,025
	4,175,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		4,202,961
	3,500,000		National Australia Bank Ltd		2.500		07/12/26		3,328,439
	2,075,000		PNC Bank NA		2.200		01/28/19		2,085,839
	2,425,000		PNC Bank NA		2.250		07/02/19		2,442,888
	4,150,000		PNC Bank NA		2.600		07/21/20		4,212,315
	1,750,000		PNC Bank NA		2.700		11/01/22		1,762,350
	3,050,000		PNC Bank NA		2.950		01/30/23		3,085,593
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,578,299
	1,525,000	g	Santander Holdings USA, Inc		4.400		07/13/27		1,556,282
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,647,084
	1,025,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		1,032,009
	1,700,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,713,307
	900,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		932,757
	8,150,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		8,107,224
	1,675,000		SunTrust Banks, Inc		2.900		03/03/21		1,703,438
	1,075,000		SunTrust Banks, Inc		2.750		05/01/23		1,069,680
	875,000		Synchrony Bank		3.000		06/15/22		872,580
	2,100,000	g	TC Ziraat Bankasi AS.		5.125		09/29/23		2,100,000

5

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,350,000		Toronto-Dominion Bank			1.850	%	09/11/20	$	3,335,487
	1,300,000		Toronto-Dominion Bank			3.625		09/15/31		1,293,706
	2,500,000	g	Turkiye Garanti Bankasi AS.			6.125		05/24/27		2,503,625
	1,550,000		UnionBanCal Corp			3.500		06/18/22		1,601,295
	4,135,000		US Bank NA			2.800		01/27/25		4,107,091
	5,100,000		Westpac Banking Corp			4.322		11/23/31		5,237,670
	1,200,000		Westpac Banking Corp			5.000		12/30/49		1,198,362
	2,400,000	g	Yapi ve Kredi Bankasi AS.			5.850		06/21/24		2,415,125
			TOTAL BANKS							230,038,002
CAPITAL GOODS - 1.1%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd			3.950		01/19/22		2,052,318
	1,425,000		Air Lease Corp			3.875		04/01/21		1,487,974
	225,000	g	Cloud Crane LLC			10.125		08/01/24		249,750
	675,000		Eaton Corp			4.000		11/02/32		701,195
	1,650,000		Embraer Netherlands Finance BV			5.400		02/01/27		1,786,950
	415,000		General Electric Co			5.250		12/06/17		417,896
	525,000		Ingersoll-Rand Luxembourg Finance S.A.			4.650		11/01/44		570,533
	2,075,000		Lockheed Martin Corp			2.500		11/23/20		2,105,578
	1,275,000		Lockheed Martin Corp			3.550		01/15/26		1,319,211
	200,000		Manitowoc Foodservice, Inc			9.500		02/15/24		229,750
	1,625,000	g	Molex Electronic Technologies LLC			2.878		04/15/20		1,635,246
	2,503,000	g	Molex Electronic Technologies LLC			3.900		04/15/25		2,562,138
	2,200,000	g	Myriad International Holdings BV			4.850		07/06/27		2,274,367
	3,025,000	g	Parker-Hannifin Corp			3.250		03/01/27		3,045,943
	1,250,000		Rockwell Automation, Inc			2.050		03/01/20		1,244,759
	2,775,000		Rockwell Collins, Inc			3.500		03/15/27		2,828,106
	2,125,000		Roper Technologies, Inc			3.800		12/15/26		2,186,504
	6,200,000	g	Siemens Financieringsmaatschappij NV			1.700		09/15/21		6,088,902
	6,200,000	g	Siemens Financieringsmaatschappij NV			2.350		10/15/26		5,862,473
	790,000	g	Stena AB			7.000		02/01/24		756,425
	950,000		Textron, Inc			3.875		03/01/25		985,084
	2,775,000		Timken Co			3.875		09/01/24		2,801,388
	1,945,000	g	TSMC Global Ltd			1.625		04/03/18		1,941,646
	4,875,000		United Technologies Corp			3.750		11/01/46		4,698,185
			TOTAL CAPITAL GOODS							49,832,321
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	225,000		AECOM			5.750		10/15/22		234,450
	575,000		AECOM			5.875		10/15/24		636,927
	375,000		Clean Harbors, Inc			5.125		06/01/21		380,974
	225,000	g	Herc Rentals, Inc			7.750		06/01/24		244,125
	400,000	g	KAR Auction Services, Inc			5.125		06/01/25		416,000
	2,000,000	g,i	Nakama Re Ltd	LIBOR 6 M + 2.200%		3.706		10/13/21		2,032,800
	1,495,000		Republic Services, Inc			3.800		05/15/18		1,513,768
	3,400,000		Republic Services, Inc			3.550		06/01/22		3,543,525
	1,700,000		Republic Services, Inc			3.200		03/15/25		1,713,060
	2,225,000		Republic Services, Inc			2.900		07/01/26		2,178,618
	100,000	g	Ritchie Bros Auctioneers, Inc			5.375		01/15/25		105,750

6

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	650,000		United Rentals North America, Inc		5.500	%	07/15/25	$	697,905
	1,200,000		United Rentals North America, Inc		4.875		01/15/28		1,204,500
	2,000,000		Visa, Inc		3.650		09/15/47		1,981,683
	1,800,000		Waste Management, Inc		2.900		09/15/22		1,830,924
	475,000		Waste Management, Inc		2.400		05/15/23		469,348
	500,000		Waste Management, Inc		3.900		03/01/35		517,046
	550,000		Waste Management, Inc		4.100		03/01/45		580,746
	200,000	g	XPO Logistics, Inc		6.500		06/15/22		210,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						20,492,149
CONSUMER DURABLES & APPAREL - 0.2%
	500,000		Lennar Corp		4.750		04/01/21		526,250
	450,000		Lennar Corp		4.500		04/30/24		463,401
	1,900,000		Newell Rubbermaid, Inc		3.150		04/01/21		1,943,361
	3,100,000		Newell Rubbermaid, Inc		4.200		04/01/26		3,263,201
	200,000		PulteGroup, Inc		5.500		03/01/26		218,080
	1,100,000		PVH Corp		4.500		12/15/22		1,124,750
	940,000		Standard Pacific Corp		5.875		11/15/24		1,026,950
	500,000		Whirlpool Corp		3.700		03/01/23		518,754
			TOTAL CONSUMER DURABLES & APPAREL						9,084,747
CONSUMER SERVICES - 0.4%
	650,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		652,438
	250,000		ADT Corp		6.250		10/15/21		277,188
	1,175,000	g	Aramark Services, Inc		5.000		04/01/25		1,257,250
	300,000		Aramark Services, Inc		4.750		06/01/26		315,870
	200,000		Boyd Gaming Corp		6.375		04/01/26		218,250
	1,200,000	g	Cott Holdings, Inc		5.500		04/01/25		1,248,600
	4,000,000		George Washington University		3.545		09/15/46		3,782,817
	200,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		204,000
	750,000		Hilton Worldwide Finance LLC		4.625		04/01/25		772,500
	500,000	g	International Game Technology		6.500		02/15/25		561,875
	480,000	g	KFC Holding Co		4.750		06/01/27		494,400
	1,600,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		1,765,696
	700,000	g	ServiceMaster Co LLC		5.125		11/15/24		719,250
	600,000		Speedway Motorsports, Inc		5.125		02/01/23		619,500
	1,600,000		Trustees of Dartmouth College		3.474		06/01/46		1,583,306
			TOTAL CONSUMER SERVICES						14,472,940
DIVERSIFIED FINANCIALS - 3.9%
	600,000		AerCap Ireland Capital Ltd		5.000		10/01/21		647,266
	1,400,000		Aircastle Ltd		4.125		05/01/24		1,449,000
	3,375,000		American Express Co		2.500		08/01/22		3,370,106
	1,025,000		American Express Credit Corp		2.700		03/03/22		1,036,909
	3,075,000		American Express Credit Corp		3.300		05/03/27		3,102,741
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		612,763
	2,575,000		Bank of New York Mellon Corp		2.500		04/15/21		2,600,164
	2,525,000	g	Bayer US Finance LLC		2.375		10/08/19		2,539,296
	1,775,000	g	Bayer US Finance LLC		3.375		10/08/24		1,806,633
	455,000	g	BBVA Bancomer S.A.		5.350		11/12/29		461,825
	3,075,000		Berkshire Hathaway, Inc		3.125		03/15/26		3,108,683
	3,075,000		Capital One Financial Corp		3.750		03/09/27		3,107,494
	1,475,000		Credit Suisse		2.300		05/28/19		1,484,829

7

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	g	Credit Suisse Group AG.		2.997	%	12/14/23	$	2,491,776
	2,475,000	g	Credit Suisse Group AG.		4.282		01/09/28		2,577,423
	3,950,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		4,087,447
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,680,142
	8,225,000	g	Daimler Finance North America LLC		2.200		10/30/21		8,131,050
	2,300,000	g	EDP Finance BV		3.625		07/15/24		2,318,883
	9,250,000		Ford Motor Credit Co LLC		2.597		11/04/19		9,327,191
	4,100,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,181,669
	2,600,000		Ford Motor Credit Co LLC		3.339		03/28/22		2,641,356
	3,325,000		Ford Motor Credit Co LLC		4.134		08/04/25		3,414,398
	10,313,000		GE Capital International Funding Co		2.342		11/15/20		10,410,804
	825,000		GE Capital International Funding Co		4.418		11/15/35		899,258
	232,000		General Electric Capital Corp		6.875		01/10/39		339,813
	2,050,000		General Motors Financial Co, Inc		3.950		04/13/24		2,098,820
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,716,085
	1,150,000		Goldman Sachs Group, Inc		3.691		06/05/28		1,159,593
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		671,148
	2,985,000		Goldman Sachs Group, Inc		4.750		10/21/45		3,329,786
	2,000,000	g	GrupoSura Finance S.A.		5.500		04/29/26		2,185,000
	2,250,000	g	GTH Finance BV		7.250		04/26/23		2,551,806
	2,000,000		ICICI Bank Ltd		3.125		08/12/20		2,018,740
	1,900,000		International Lease Finance Corp		5.875		08/15/22		2,126,867
	350,000		Legg Mason, Inc		2.700		07/15/19		354,100
	475,000		Legg Mason, Inc		3.950		07/15/24		486,555
	250,000	g	Lincoln Finance Ltd		7.375		04/15/21		263,125
	2,650,000		Morgan Stanley		1.875		01/05/18		2,652,604
	2,800,000		Morgan Stanley		2.750		05/19/22		2,810,550
	5,475,000		Morgan Stanley		3.700		10/23/24		5,670,072
	6,075,000		Morgan Stanley		3.125		07/27/26		5,956,322
	5,225,000		Morgan Stanley		3.625		01/20/27		5,297,694
	565,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		616,226
	135,000		Navient Corp		6.625		07/26/21		144,450
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		1,503,981
	2,075,000		ORIX Corp		2.900		07/18/22		2,082,251
	2,050,000		Raymond James Financial, Inc		4.950		07/15/46		2,203,353
	8,500,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		8,375,975
	2,075,000		TD Ameritrade Holding Corp		3.300		04/01/27		2,095,268
	1,650,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,675,561
	5,925,000	g	UBS Group Funding Jersey Ltd		2.650		02/01/22		5,899,745
	3,075,000		Unilever Capital Corp		2.900		05/05/27		3,036,210
	3,000,000		Wells Fargo & Co		2.100		07/26/21		2,971,508
	9,075,000		Wells Fargo & Co		2.625		07/22/22		9,089,905
	6,850,000		Wells Fargo & Co		3.069		01/24/23		6,965,462
	3,300,000		Wells Fargo & Co		3.584		05/22/28		3,341,148
			TOTAL DIVERSIFIED FINANCIALS						172,178,829
ENERGY - 2.7%
	875,000		AmeriGas Partners LP		5.625		05/20/24		922,031
	1,075,000		AmeriGas Partners LP		5.875		08/20/26		1,118,000
	2,050,000		Anadarko Petroleum Corp		5.550		03/15/26		2,285,556
	3,050,000		BP Capital Markets plc		1.375		05/10/18		3,048,066
	3,400,000		BP Capital Markets plc		2.315		02/13/20		3,429,263

8

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,200,000		BP Capital Markets plc		2.520	%	09/19/22	$	1,200,856
	3,000,000		BP Capital Markets plc		3.588		04/14/27		3,084,927
	2,050,000		BP Capital Markets plc		3.279		09/19/27		2,046,056
	74,000	†,g	California Resources Corp		8.000		12/15/22		48,100
	58,000	†	California Resources Corp		6.000		11/15/24		26,390
	275,000		Calumet Specialty Products Partners LP		6.500		04/15/21		268,641
	3,000,000		Canadian Natural Resources Ltd		3.850		06/01/27		3,030,268
	2,050,000	g	Cenovus Energy, Inc		5.400		06/15/47		2,054,611
	90,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		102,262
	750,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		807,187
	1,125,000		Crestwood Midstream Partners LP		5.750		04/01/25		1,148,906
	2,000,000		Devon Energy Corp		4.750		05/15/42		2,023,730
	378,000		Dynegy, Inc		6.750		11/01/19		391,230
	1,000,000		Ecopetrol S.A.		5.375		06/26/26		1,065,000
	3,350,000		EnCana Corp		3.900		11/15/21		3,451,342
	1,175,000		EnLink Midstream Partners LP		4.850		07/15/26		1,229,048
	1,250,000		Enterprise Products Operating LLC		3.700		02/15/26		1,283,312
	900,000		Enterprise Products Operating LLC		4.450		02/15/43		924,697
	950,000		Enterprise Products Operating LLC		4.850		03/15/44		1,019,432
	3,808,000		Enterprise Products Operating LLC		7.034		01/15/68		3,846,080
	675,000	†	EP Energy LLC		6.375		06/15/23		416,812
	3,025,000		EQT Corp		3.900		10/01/27		3,024,201
	1,425,000		Exterran Partners LP		6.000		10/01/22		1,385,812
	50,000		Exxon Mobil Corp		2.222		03/01/21		50,367
	550,000		Ferrellgas Partners LP		6.750		01/15/22		533,500
	1,100,000		Genesis Energy LP		6.500		10/01/25		1,087,625
	1,075,000		Hess Corp		4.300		04/01/27		1,069,592
	1,500,000		Husky Energy, Inc		3.950		04/15/22		1,565,743
	775,000		Kinder Morgan, Inc		9.000		02/01/19		841,845
	535,000		Kinder Morgan, Inc		5.300		12/01/34		558,327
	1,250,000		Kinder Morgan, Inc		5.400		09/01/44		1,298,845
	1,000,000		Magellan Midstream Partners LP		4.200		10/03/47		982,149
	1,250,000		Marathon Oil Corp		2.700		06/01/20		1,249,752
	1,000,000		Marathon Oil Corp		5.200		06/01/45		1,006,517
	1,000,000		Marathon Petroleum Corp		4.750		09/15/44		994,266
	125,000		Murphy Oil Corp		6.875		08/15/24		133,280
	200,000		Murphy Oil USA, Inc		5.625		05/01/27		215,000
	1,200,000		Newfield Exploration Co		5.750		01/30/22		1,281,000
	125,000	g	NGPL PipeCo LLC		4.375		08/15/22		129,687
	518,000		Noble Energy, Inc		5.625		05/01/21		533,540
	300,000		Noble Energy, Inc		3.900		11/15/24		307,030
	3,000,000		Noble Energy, Inc		3.850		01/15/28		3,004,586
	2,150,000		ONE Gas, Inc		2.070		02/01/19		2,152,948
	700,000		ONE Gas, Inc		3.610		02/01/24		727,963
	500,000	m	Peabody Energy Corp		6.000		11/15/18		0
	2,925,000	g	Pertamina Persero PT		4.300		05/20/23		3,065,625
	3,320,000		Petrobras Global Finance BV		6.125		01/17/22		3,569,000
	1,167,000	g	Petrobras Global Finance BV		5.999		01/27/28		1,167,000
	600,000		Petrobras Global Finance BV		7.250		03/17/44		624,750
	1,500,000		Petroleos Mexicanos		3.500		07/23/20		1,531,500
	2,050,000		Petroleos Mexicanos		6.375		02/04/21		2,245,796
	2,050,000		Petroleos Mexicanos		3.500		01/30/23		2,019,250
	800,000		Petroleos Mexicanos		4.250		01/15/25		795,360

9

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,050,000	g	Petroleos Mexicanos		6.500	%	03/13/27	$	1,165,763
	1,075,000		Petroleos Mexicanos		5.625		01/23/46		999,750
	1,500,000		Phillips 66		4.875		11/15/44		1,633,849
	615,000		Pioneer Natural Resources Co		7.500		01/15/20		684,307
	2,125,000		Pioneer Natural Resources Co		3.450		01/15/21		2,172,314
	1,675,000		Pioneer Natural Resources Co		4.450		01/15/26		1,785,252
	2,000,000		Plains All American Pipeline LP		4.500		12/15/26		2,029,023
	1,000,000		QEP Resources, Inc		5.375		10/01/22		982,500
	468,000		Questar Market Resources, Inc		6.875		03/01/21		492,570
	1,000,000	g	Range Resources Corp		5.750		06/01/21		1,040,000
	450,000		Regency Energy Partners LP		4.500		11/01/23		471,406
	2,125,000	g	Reliance Holdings USA		5.400		02/14/22		2,334,330
	500,000		Sabine Pass Liquefaction LLC		6.250		03/15/22		562,231
	3,125,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		3,148,824
	1,325,000		Shell International Finance BV		3.250		05/11/25		1,356,359
	1,750,000		Shell International Finance BV		4.000		05/10/46		1,768,822
	2,000,000		Southwestern Energy Co		4.100		03/15/22		1,930,000
	675,000		Statoil ASA		1.200		01/17/18		674,615
	1,700,000		Statoil ASA		2.450		01/17/23		1,696,323
	1,975,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,966,721
	1,600,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		1,598,081
	125,000		Targa Resources Partners LP		5.125		02/01/25		128,713
	90,000		Tesoro Logistics LP		6.125		10/15/21		92,813
	90,000		Tesoro Logistics LP		6.375		05/01/24		97,650
	550,000		Tesoro Logistics LP		5.250		01/15/25		589,188
	870,000		TransCanada PipeLines Ltd		5.850		03/15/36		1,075,682
	2,000,000	g	Tullow Oil plc		6.250		04/15/22		1,945,000
	1,000,000		Vale Overseas Ltd		6.250		08/10/26		1,137,500
	480,000		Vale Overseas Ltd		6.875		11/21/36		549,600
	500,000		WPX Energy, Inc		6.000		01/15/22		516,875
	2,100,000	g	YPF S.A.		6.950		07/21/27		2,226,000
			TOTAL ENERGY						118,275,720
FOOD & STAPLES RETAILING - 0.4%
	1,375,000	g	Adecoagro S.A.		6.000		09/21/27		1,368,812
	255,000		Albertsons Cos LLC		6.625		06/15/24		237,469
	2,300,000	g	Cencosud S.A.		4.375		07/17/27		2,310,350
	3,784,000		CVS Health Corp		3.875		07/20/25		3,945,377
	4,100,000		CVS Health Corp		2.875		06/01/26		3,959,276
	790,000	†,g	Fresh Market, Inc		9.750		05/01/23		481,900
	1,600,000		Ingles Markets, Inc		5.750		06/15/23		1,564,000
	1,750,000		Kroger Co		3.700		08/01/27		1,731,324
	1,500,000		SYSCO Corp		3.250		07/15/27		1,494,665
	1,000,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		1,032,956
	1,350,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		1,344,948
			TOTAL FOOD & STAPLES RETAILING						19,471,077
FOOD, BEVERAGE & TOBACCO - 0.8%
	1,500,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		1,467,400
	3,350,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		3,403,581
	1,575,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,632,397
	1,075,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		1,111,685
	1,450,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,461,604

10

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,225,000		Anheuser-Busch InBev Worldwide, Inc		4.950	%	01/15/42	$	3,650,332
	4,100,000	g	BAT Capital Corp		3.557		08/15/27		4,112,476
	3,050,000		Constellation Brands, Inc		6.000		05/01/22		3,486,451
	2,000,000	g	Cosan Ltd		5.950		09/20/24		2,048,000
	2,675,000	g	Heineken NV		3.500		01/29/28		2,728,836
	1,150,000	g	Heineken NV		4.350		03/29/47		1,217,038
	86,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		89,655
	100,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		105,000
	900,000		Mead Johnson Nutrition Co		3.000		11/15/20		924,437
	4,475,000		PepsiCo, Inc		3.450		10/06/46		4,255,130
	1,475,000	g	Pernod-Ricard S.A.		4.250		07/15/22		1,584,212
	200,000		Philip Morris International, Inc		6.375		05/16/38		266,304
	100,000	g	TreeHouse Foods, Inc		6.000		02/15/24		106,875
	2,000,000		Tyson Foods, Inc		3.550		06/02/27		2,022,117
			TOTAL FOOD, BEVERAGE & TOBACCO						35,673,530
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	5,350,000		Becton Dickinson and Co		3.700		06/06/27		5,391,954
	4,275,000		Cardinal Health, Inc		3.410		06/15/27		4,287,769
	500,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		509,375
	775,000		CHS/Community Health Systems		6.250		03/31/23		765,313
	750,000		Covidien International Finance S.A.		3.200		06/15/22		773,451
	4,500,000		Express Scripts Holding Co		3.400		03/01/27		4,434,362
	2,200,000		HCA, Inc		6.500		02/15/20		2,395,250
	500,000		HCA, Inc		4.500		02/15/27		511,250
	195,000		LifePoint Health, Inc		5.375		05/01/24		202,556
	4,725,000		Medtronic, Inc		4.625		03/15/45		5,374,757
	700,000	g	New Amethyst Corp		6.250		12/01/24		751,625
	1,100,000	g	Tenet Healthcare Corp		4.625		07/15/24		1,087,625
	525,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		528,541
	1,475,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		1,524,894
	825,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		839,386
	2,225,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		2,176,724
	1,575,000		Thermo Fisher Scientific, Inc		3.200		08/15/27		1,549,790
	2,050,000		Thermo Fisher Scientific, Inc		4.100		08/15/47		2,054,106
	1,470,000		Zimmer Holdings, Inc		3.550		04/01/25		1,483,776
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						36,642,504
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	800,000		Ecolab, Inc		1.450		12/08/17		799,831
	400,000		Ecolab, Inc		2.700		11/01/26		384,174
	375,000		Ecolab, Inc		3.700		11/01/46		354,037
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,538,042
INSURANCE - 1.4%
	3,900,000		ACE INA Holdings, Inc		2.875		11/03/22		3,970,829
	750,000		Aetna, Inc		1.500		11/15/17		749,902
	285,000		Aetna, Inc		6.625		06/15/36		386,119
	1,700,000		Allstate Corp		3.280		12/15/26		1,730,079
	2,400,000		Allstate Corp		5.750		08/15/53		2,634,000
	975,000		American Financial Group, Inc		3.500		08/15/26		975,459
	1,675,000		American International Group, Inc		2.300		07/16/19		1,683,159
	5,800,000		American International Group, Inc		3.300		03/01/21		5,974,909

11

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	665,000		Aon plc			3.500	%	06/14/24	$	685,155
	2,550,000		Aon plc			3.875		12/15/25		2,682,742
	1,800,000		Children’s Hospital Medic			4.268		05/15/44		1,914,498
	235,000		Cigna Corp			5.125		06/15/20		252,692
	2,000,000		Cigna Corp			4.500		03/15/21		2,130,301
	1,100,000		CNA Financial Corp			3.950		05/15/24		1,146,184
	975,000		CNA Financial Corp			3.450		08/15/27		966,907
	7,500,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 2.000%		3.049		07/13/20		7,533,750
	2,300,000	g	Five Corners Funding Trust			4.419		11/15/23		2,490,686
	350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		362,445
	1,875,000		Humana, Inc			3.950		03/15/27		1,960,136
	1,050,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		1,121,125
	1,400,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,451,265
	1,000,000		Mercury General Corp			4.400		03/15/27		1,028,206
	1,775,000		MetLife, Inc			3.600		11/13/25		1,844,862
	630,000		Prudential Financial, Inc			7.375		06/15/19		686,961
	1,190,000	g	Prudential Funding LLC			6.750		09/15/23		1,411,817
	615,000		Travelers Cos, Inc			5.800		05/15/18		631,118
	1,500,000		Travelers Cos, Inc			4.000		05/30/47		1,552,945
	1,625,000		UnitedHealth Group, Inc			3.750		07/15/25		1,723,842
	1,500,000		UnitedHealth Group, Inc			3.100		03/15/26		1,516,941
	2,875,000		UnitedHealth Group, Inc			3.450		01/15/27		2,974,445
	800,000		UnitedHealth Group, Inc			4.250		04/15/47		862,932
	3,000,000		WellPoint, Inc			3.125		05/15/22		3,062,723
	410,000		WR Berkley Corp			5.375		09/15/20		442,329
			TOTAL INSURANCE							60,541,463
MATERIALS - 1.5%
	925,000		Agrium, Inc			3.375		03/15/25		930,322
	900,000		Agrium, Inc			4.125		03/15/35		913,953
	6,375,000	g	Air Liquide Finance S.A.			1.750		09/27/21		6,231,231
	1,050,000		Albemarle Corp			5.450		12/01/44		1,216,971
	100,000	g	Alcoa Nederland Holding BV			6.750		09/30/24		110,750
	100,000	g	Alcoa Nederland Holding BV			7.000		09/30/26		113,250
	375,000		Barrick Gold Corp			3.850		04/01/22		397,767
	250,000		Berry Plastics Corp			6.000		10/15/22		265,312
	975,000		BHP Billiton Finance USA Ltd			5.000		09/30/43		1,152,270
	450,000		Blue Cube Spinco, Inc			9.750		10/15/23		546,750
	235,000		Blue Cube Spinco, Inc			10.000		10/15/25		286,994
	1,000,000	g	Cemex SAB de C.V.			7.750		04/16/26		1,149,000
	800,000		Corning, Inc			1.450		11/15/17		799,581
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO			4.500		09/16/25		2,140,251
	1,750,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		1,744,977
	1,025,000	g	CRH America Finance, Inc			3.400		05/09/27		1,029,219
	865,000		Crown Americas LLC			4.500		01/15/23		910,412
	335,000		Eastman Chemical Co			5.500		11/15/19		357,856
	2,000,000	g	Equate Petrochemical BV			3.000		03/03/22		1,982,954
	150,000	g	FMG Resources August 2006 Pty Ltd			4.750		05/15/22		151,875
	325,000	g	GCP Applied Technologies, Inc			9.500		02/01/23		367,250
	1,000,000	g	Georgia-Pacific LLC			3.600		03/01/25		1,033,021
	850,000	g	Glencore Funding LLC			4.625		04/29/24		900,504
	2,125,000	g	Glencore Funding LLC			4.000		03/27/27		2,136,987
	2,000,000	g	Grupo Cementos de Chihuahua SAB de C.V.			5.250		06/23/24		2,080,000

12

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	950,000		Hexion US Finance Corp		6.625	%	04/15/20	$	850,250
	3,100,000		International Paper Co		3.000		02/15/27		3,010,170
	500,000		International Paper Co		4.400		08/15/47		505,453
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,163,759
	1,800,000	g	Klabin Finance S.A.		4.875		09/19/27		1,786,320
	1,025,000		LYB International Finance II BV		3.500		03/02/27		1,019,065
	950,000		Newmont Mining Corp		3.500		03/15/22		982,349
	2,000,000		Newmont Mining Corp		4.875		03/15/42		2,138,605
	1,000,000	g	Nova Chemicals Corp		4.875		06/01/24		1,012,500
	950,000		Nucor Corp		4.000		08/01/23		1,007,169
	475,000		Nucor Corp		5.200		08/01/43		552,464
	1,025,000		Olin Corp		5.125		09/15/27		1,071,125
	720,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		795,600
	3,950,000		Packaging Corp of America		3.650		09/15/24		4,024,086
	1,125,000		Potash Corp of Saskatchewan, Inc		3.625		03/15/24		1,142,949
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,119,398
	845,000	g	Sealed Air Corp		5.250		04/01/23		910,488
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,533,762
	1,450,000		Sherwin-Williams Co		3.450		06/01/27		1,456,136
	550,000		Sherwin-Williams Co		4.500		06/01/47		575,276
	300,000		Steel Dynamics, Inc		5.125		10/01/21		308,625
	2,000,000	g	Suzano Austria GmbH		5.750		07/14/26		2,148,600
	520,000		Teck Resources Ltd		3.750		02/01/23		526,604
	335,000	g	Univar, Inc		6.750		07/15/23		350,913
	1,050,000		Vulcan Materials Co		3.900		04/01/27		1,073,625
			TOTAL MATERIALS						63,014,748
MEDIA - 1.2%
	4,500,000		21st Century Fox America, Inc		3.000		09/15/22		4,585,302
	110,000		21st Century Fox America, Inc		7.625		11/30/28		145,254
	85,000		21st Century Fox America, Inc		6.550		03/15/33		107,645
	1,330,000		21st Century Fox America, Inc		6.900		08/15/39		1,794,174
	900,000		AMC Entertainment, Inc		5.875		02/15/22		906,750
	125,000		AMC Networks, Inc		4.750		08/01/25		126,250
	1,700,000		CBS Corp		2.300		08/15/19		1,709,100
	1,100,000		CBS Corp		2.900		01/15/27		1,039,648
	800,000		CBS Corp		3.375		02/15/28		779,586
	500,000	g	CBS Radio, Inc		7.250		11/01/24		533,750
	1,000,000	g	CCO Holdings LLC		5.875		04/01/24		1,061,250
	1,275,000		Charter Communications Operating LLC		3.579		07/23/20		1,308,655
	3,380,000		Charter Communications Operating LLC		4.464		07/23/22		3,569,571
	6,425,000		Charter Communications Operating LLC		4.908		07/23/25		6,866,095
	1,175,000		Cinemark USA, Inc		4.875		06/01/23		1,186,750
	4,525,000		Comcast Corp		3.200		07/15/36		4,245,094
	285,000	g	CSC Holdings LLC		5.500		04/15/27		296,400
	1,250,000		Discovery Communications LLC		2.950		03/20/23		1,250,978
	1,750,000		Discovery Communications LLC		3.950		03/20/28		1,745,182
	575,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		639,688
	125,000	g	EW Scripps Co		5.125		05/15/25		127,500
	90,000	g	Gannett Co, Inc		4.875		09/15/21		92,250
	150,000	g	Gannett Co, Inc		5.500		09/15/24		157,875
	550,000	g	Gray Television, Inc		5.875		07/15/26		566,500

13

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	725,000	g	LG FinanceCo Corp		5.875	%	11/01/24	$	761,250
	1,375,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		1,376,102
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,479,768
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,193,904
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		129,531
	750,000		Outfront Media Capital LLC		5.250		02/15/22		775,312
	500,000	g	Sirius XM Radio, Inc		3.875		08/01/22		511,350
	500,000	g	Sirius XM Radio, Inc		5.375		07/15/26		526,250
	250,000		Time Warner Cable, Inc		5.875		11/15/40		274,211
	4,350,000		Time Warner, Inc		2.100		06/01/19		4,356,729
	1,000,000		Time Warner, Inc		3.600		07/15/25		1,003,219
	3,400,000		Time Warner, Inc		3.800		02/15/27		3,400,401
	125,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		131,406
			TOTAL MEDIA						50,760,680
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
	925,000		Abbott Laboratories		3.875		09/15/25		955,659
	10,750,000		Abbott Laboratories		3.750		11/30/26		11,026,120
	1,200,000		Abbott Laboratories		5.300		05/27/40		1,352,298
	4,325,000		AbbVie, Inc		2.500		05/14/20		4,376,170
	6,200,000		AbbVie, Inc		3.200		05/14/26		6,210,104
	6,825,000		Actavis Funding SCS		3.800		03/15/25		7,085,437
	3,000,000		Actavis Funding SCS		4.550		03/15/35		3,199,337
	2,750,000		Amgen, Inc		1.850		08/19/21		2,701,684
	4,550,000		Amgen, Inc		2.600		08/19/26		4,319,705
	1,775,000		AstraZeneca plc		3.125		06/12/27		1,753,265
	1,050,000		Celgene Corp		3.625		05/15/24		1,093,542
	2,850,000		Celgene Corp		3.875		08/15/25		3,006,018
	4,825,000		Gilead Sciences, Inc		2.950		03/01/27		4,778,133
	1,175,000		Gilead Sciences, Inc		4.150		03/01/47		1,210,184
	2,950,000		Johnson & Johnson		2.950		03/03/27		2,991,333
	1,175,000		Johnson & Johnson		3.625		03/03/37		1,225,770
	1,000,000		Mylan NV		3.750		12/15/20		1,036,596
	1,075,000		Mylan NV		3.950		06/15/26		1,094,043
	3,050,000		Novartis Capital Corp		3.000		11/20/25		3,112,730
	3,475,000		Novartis Capital Corp		3.100		05/17/27		3,532,270
	3,000,000		Perrigo Finance plc		3.900		12/15/24		3,064,520
	478,000		Perrigo Finance plc		4.900		12/15/44		484,207
	3,825,000		Pfizer, Inc		4.125		12/15/46		4,081,949
	4,875,000	g	Roche Holdings, Inc		2.375		01/28/27		4,627,225
	5,850,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		5,390,970
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						83,709,269
REAL ESTATE - 1.2%
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		459,167
	675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		687,173
	2,525,000		American Tower Corp		3.300		02/15/21		2,586,758
	600,000		American Tower Corp		4.400		02/15/26		634,294
	1,200,000		American Tower Corp		3.550		07/15/27		1,191,773
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,129,474
	1,100,000		Brixmor Operating Partnership LP		3.875		08/15/22		1,133,009
	1,400,000		Brixmor Operating Partnership LP		3.650		06/15/24		1,392,490

14

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,225,000		Brixmor Operating Partnership LP		3.850	%	02/01/25	$	2,225,736
	700,000		Brixmor Operating Partnership LP		4.125		06/15/26		705,578
	630,000		Camden Property Trust		4.625		06/15/21		670,429
	1,650,000		Camden Property Trust		2.950		12/15/22		1,647,879
	2,600,000		Crown Castle International Corp		2.250		09/01/21		2,563,484
	980,000		Crown Castle International Corp		4.875		04/15/22		1,066,504
	1,200,000		Crown Castle International Corp		3.650		09/01/27		1,198,810
	1,000,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		1,053,242
	750,000		DDR Corp		3.625		02/01/25		728,880
	975,000		DDR Corp		4.250		02/01/26		977,531
	1,000,000		DDR Corp		4.700		06/01/27		1,029,819
	950,000		Digital Realty Trust LP		3.700		08/15/27		959,298
	425,000		Duke Realty LP		3.250		06/30/26		420,114
	600,000		Equity One, Inc		3.750		11/15/22		618,144
	850,000		Essex Portfolio LP		3.375		01/15/23		864,534
	1,375,000		Federal Realty Investment Trust		3.250		07/15/27		1,354,692
	500,000		Healthcare Realty Trust, Inc		5.750		01/15/21		548,306
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		330,367
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,688,036
	825,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		847,540
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		691,423
	1,625,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,589,539
	600,000		Highwoods Realty LP		3.875		03/01/27		605,055
	450,000		Host Hotels & Resorts LP		4.500		02/01/26		473,243
	675,000		Kimco Realty Corp		3.400		11/01/22		694,834
	1,400,000		Liberty Property LP		3.250		10/01/26		1,367,615
	1,200,000		Mid-America Apartments LP		4.300		10/15/23		1,272,012
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,236,782
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,090,763
	1,150,000		Mid-America Apartments LP		3.600		06/01/27		1,154,387
	575,000		National Retail Properties, Inc		3.800		10/15/22		597,288
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,089,996
	625,000		National Retail Properties, Inc		4.000		11/15/25		640,587
	1,850,000		National Retail Properties, Inc		3.600		12/15/26		1,830,958
	1,100,000		Regency Centers LP		3.900		11/01/25		1,125,389
	1,950,000		Regency Centers LP		3.600		02/01/27		1,946,397
	400,000		Weingarten Realty Investors		3.375		10/15/22		407,066
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,888,086
	475,000		Weingarten Realty Investors		4.450		01/15/24		498,750
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		1,036,693
	700,000		Weingarten Realty Investors		3.250		08/15/26		670,070
	1,050,000		Welltower, Inc		4.000		06/01/25		1,094,272
			TOTAL REAL ESTATE						53,714,266
RETAILING - 0.9%
	200,000	g	Argos Merger Sub, Inc		7.125		03/15/23		156,060
	175,000		Asbury Automotive Group, Inc		6.000		12/15/24		182,875
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,780,159
	3,200,000		AutoZone, Inc		2.500		04/15/21		3,197,690
	145,000		Dollar Tree, Inc		5.750		03/01/23		152,917
	2,050,000		Enable Midstream Partners LP		4.400		03/15/27		2,084,239
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,175,752
	2,175,000		Home Depot, Inc		3.350		09/15/25		2,248,872

15

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,275,000		Home Depot, Inc		3.000	%	04/01/26	$	1,278,950
	1,625,000		Home Depot, Inc		3.500		09/15/56		1,497,347
	400,000	g	JC Penney Corp, Inc		5.875		07/01/23		404,000
	625,000		L Brands, Inc		6.875		11/01/35		609,375
	625,000		L Brands, Inc		6.750		07/01/36		604,562
	250,000	g	Lithia Motors, Inc		5.250		08/01/25		259,688
	3,950,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		3,397,756
	620,000		Men’s Wearhouse, Inc		7.000		07/01/22		590,550
	6,215,000		O’Reilly Automotive, Inc		3.550		03/15/26		6,227,088
	2,175,000		O’Reilly Automotive, Inc		3.600		09/01/27		2,172,620
	715,000		Penske Automotive Group, Inc		5.500		05/15/26		739,239
	2,475,000		Priceline Group, Inc		3.550		03/15/28		2,475,725
	1,250,000	g	Rolls-Royce plc		2.375		10/14/20		1,248,272
	450,000	g	Rolls-Royce plc		3.625		10/14/25		465,260
	2,975,000		Target Corp		2.500		04/15/26		2,852,619
	2,900,000		Target Corp		3.625		04/15/46		2,726,898
			TOTAL RETAILING						39,528,513
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	5,125,000		Intel Corp		3.150		05/11/27		5,200,885
	2,050,000		Intel Corp		4.100		05/11/47		2,171,807
	1,100,000		Maxim Integrated Products, Inc		3.450		06/15/27		1,106,156
	1,100,000		Texas Instruments, Inc		2.625		05/15/24		1,097,881
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						9,576,729
SOFTWARE & SERVICES - 0.8%
	2,325,000		Activision Blizzard Inc		2.300		09/15/21		2,311,301
	2,425,000		Activision Blizzard Inc		3.400		09/15/26		2,452,388
	2,000,000		Baidu, Inc		2.875		07/06/22		2,005,310
	1,395,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,452,362
	500,000	g	First Data Corp		7.000		12/01/23		533,900
	400,000	g	IMS Health, Inc		5.000		10/15/26		424,000
	14,000,000		Microsoft Corp		2.400		08/08/26		13,565,770
	1,200,000		Microsoft Corp		4.100		02/06/37		1,309,608
	1,750,000		Microsoft Corp		4.250		02/06/47		1,933,549
	325,000		NCR Corp		5.875		12/15/21		335,806
	300,000	g	Open Text Corp		5.625		01/15/23		314,250
	575,000	g	Open Text Corp		5.875		06/01/26		631,063
	3,075,000		Oracle Corp		2.500		05/15/22		3,114,887
	150,000	g	Symantec Corp		5.000		04/15/25		156,845
	3,025,000		VMware, Inc		2.950		08/21/22		3,035,159
			TOTAL SOFTWARE & SERVICES						33,576,198
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	2,275,000		Amphenol Corp		3.125		09/15/21		2,318,144
	6,650,000		Apple, Inc		3.200		05/11/27		6,767,532
	1,100,000		Apple, Inc		4.650		02/23/46		1,248,756
	5,100,000	g	Broadcom Corp		3.875		01/15/27		5,250,451
	10,000,000		Cisco Systems, Inc		1.850		09/20/21		9,895,044
	475,000	g	CommScope, Inc		5.000		06/15/21		486,875
	725,000	g	CommScope, Inc		5.500		06/15/24		758,531
	1,575,000	g	Diamond Finance Corp		3.480		06/01/19		1,605,130
	3,375,000	g	Diamond Finance Corp		4.420		06/15/21		3,543,091

16

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	225,000	g	Diamond Finance Corp		5.875	%	06/15/21	$	235,220
	225,000	g	Diamond Finance Corp		7.125		06/15/24		248,564
	3,550,000	g	Diamond Finance Corp		6.020		06/15/26		3,941,036
	1,075,000	g	Millicom International Cellular S.A.		5.125		01/15/28		1,084,138
	175,000	g	Sensata Technologies BV		5.625		11/01/24		192,719
	2,793,000		Tyco Electronics Group S.A.		2.375		12/17/18		2,808,638
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		3,115,022
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		547,348
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						44,046,239
TELECOMMUNICATION SERVICES - 1.3%
	2,150,000		AT&T, Inc		4.600		02/15/21		2,283,495
	7,750,000		AT&T, Inc		3.400		05/15/25		7,625,999
	2,325,000		AT&T, Inc		4.250		03/01/27		2,388,612
	4,100,000		AT&T, Inc		3.900		08/14/27		4,104,629
	2,300,000		AT&T, Inc		4.500		05/15/35		2,269,759
	2,075,000		AT&T, Inc		5.250		03/01/37		2,175,089
	4,100,000		AT&T, Inc		4.900		08/14/37		4,148,318
	1,175,000		AT&T, Inc		4.750		05/15/46		1,131,308
	2,075,000		AT&T, Inc		5.450		03/01/47		2,193,762
	4,100,000		AT&T, Inc		5.150		02/14/50		4,131,376
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,579,752
	2,500,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,448,150
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		924,826
	500,000		France Telecom S.A.		5.375		01/13/42		586,110
	2,000,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		2,071,040
	750,000	†,g,q	Oi S.A.		5.750		02/10/22		262,500
	675,000		Telefonica Emisiones SAU		4.103		03/08/27		698,071
	425,000		T-Mobile USA, Inc		6.375		03/01/25		457,598
	2,000,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		2,043,106
	925,000		Verizon Communications, Inc		3.450		03/15/21		961,429
	1,150,000		Verizon Communications, Inc		4.150		03/15/24		1,217,189
	11,097,000		Verizon Communications, Inc		4.272		01/15/36		10,896,727
	875,000		Verizon Communications, Inc		4.125		08/15/46		794,962
	1,600,000	g	VimpelCom Holdings BV		4.950		06/16/24		1,637,248
			TOTAL TELECOMMUNICATION SERVICES						59,031,055
TRANSPORTATION - 0.9%
	1,635,000	g	Asciano Finance Ltd		5.000		04/07/18		1,657,931
	2,050,000		Burlington Northern Santa Fe LLC		4.125		06/15/47		2,164,224
	2,350,000		Canadian Pacific Railway Co		2.900		02/01/25		2,337,711
	3,275,000		CSX Corp		3.800		11/01/46		3,147,366
	3,475,000		Delta Air Lines, Inc		3.625		03/15/22		3,570,634
	1,400,000		FedEx Corp		3.250		04/01/26		1,417,992
	945,000		FedEx Corp		4.750		11/15/45		1,028,565
	4,240,000		GATX Corp		2.500		03/15/19		4,266,516
	900,000	g	Hertz Corp		7.625		06/01/22		928,125
	6,000,000		Kansas City Southern		2.350		05/15/20		5,982,723
	1,400,000		Kansas City Southern		4.950		08/15/45		1,557,426
	3,000,000		Norfolk Southern Corp		3.150		06/01/27		2,995,864
	375,000		Northrop Grumman Corp		1.750		06/01/18		375,449
	1,785,000	g	Rumo Luxembourg Sarl		7.375		02/09/24		1,932,263
	1,975,000	g	Transnet SOC Ltd		4.000		07/26/22		1,944,190

17

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,750,000	g	TTX Co		3.600	%	01/15/25	$	1,792,498
	1,175,000		Union Pacific Corp		3.600		09/15/37		1,190,219
			TOTAL TRANSPORTATION						38,289,696
UTILITIES - 4.3%
	1,000,000		AEP Transmission Co LLC		3.100		12/01/26		1,002,269
	1,000,000		AEP Transmission Co LLC		4.000		12/01/46		1,029,748
	485,000		AES Corp		7.375		07/01/21		554,161
	500,000		AES Corp		4.875		05/15/23		512,500
	2,075,000		AGL Capital Corp		3.875		11/15/25		2,134,352
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,280,480
	725,000		Alabama Power Co		4.150		08/15/44		763,525
	2,000,000		American Electric Power Co, Inc		2.950		12/15/22		2,039,192
	1,650,000		American Water Capital Corp		3.000		12/01/26		1,633,326
	1,400,000		American Water Capital Corp		4.000		12/01/46		1,438,685
	2,275,000		American Water Capital Corp		3.750		09/01/47		2,272,886
	500,000	g	APT Pipelines Ltd		4.250		07/15/27		514,195
	775,000		Atmos Energy Corp		8.500		03/15/19		847,885
	375,000		Atmos Energy Corp		4.125		10/15/44		392,780
	2,050,000		Baltimore Gas & Electric Co		3.750		08/15/47		2,039,782
	1,075,000		Black Hills Corp		4.250		11/30/23		1,145,680
	850,000		Black Hills Corp		3.150		01/15/27		828,090
	1,515,000		Carolina Power & Light Co		5.300		01/15/19		1,585,907
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		167,252
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		821,716
	1,525,000	g	Cerro del Aguila S.A.		4.125		08/16/27		1,519,357
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,149,553
	395,000		Commonwealth Edison Co		5.900		03/15/36		500,854
	415,000		Connecticut Light & Power Co		5.500		02/01/19		434,550
	1,750,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		1,773,312
	2,875,000		Consolidated Edison Co of New York, Inc		3.875		06/15/47		2,947,984
	1,200,000		Consolidated Edison, Inc		2.000		05/15/21		1,188,007
	1,550,000		Dominion Resources, Inc		2.000		08/15/21		1,523,953
	2,325,000		DTE Electric Co		3.750		08/15/47		2,347,822
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		275,543
	3,050,000		Duke Energy Corp		1.800		09/01/21		2,987,669
	4,575,000		Duke Energy Corp		2.650		09/01/26		4,373,286
	3,125,000		Duke Energy Corp		3.750		09/01/46		3,008,421
	6,902,459		Duke Energy Florida Project Finance LLC		1.196		03/01/20		6,847,884
	5,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		4,767,577
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		693,421
	4,775,000		Energy Transfer Partners LP		4.750		01/15/26		5,024,351
	725,000		Energy Transfer Partners LP		5.150		02/01/43		706,806
	1,375,000		Energy Transfer Partners LP		5.950		10/01/43		1,471,501
	2,225,000		Energy Transfer Partners LP		5.150		03/15/45		2,172,491
	1,000,000		Energy Transfer Partners LP		5.300		04/15/47		1,001,731
	4,994,000		Entergy Corp		4.000		07/15/22		5,284,497
	3,075,000		Entergy Corp		2.950		09/01/26		2,972,496
	4,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		4,664,400
	2,975,000		Exelon Generation Co LLC		3.400		03/15/22		3,056,157
	4,650,000		Fortis, Inc		3.055		10/04/26		4,475,670
	630,000		Indiana Michigan Power Co		7.000		03/15/19		674,479
	1,150,000		Indiana Michigan Power Co		3.750		07/01/47		1,129,827

18

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	555,000		Integrys Energy Group, Inc		4.170	%	11/01/20	$	585,449
	1,350,000		Interstate Power & Light Co		3.700		09/15/46		1,309,450
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		210,043
	2,000,000	g	KazMunayGas National Co JSC		3.875		04/19/22		2,017,602
	1,900,000	g	KazTransGas JSC		4.375		09/26/27		1,885,826
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,190,342
	925,000		MidAmerican Energy Co		4.250		05/01/46		990,150
	1,675,000	g	Minejesa Capital BV		4.625		08/10/30		1,707,219
	800,000	g	Minejesa Capital BV		5.625		08/10/37		837,906
	2,250,000		MPLX LP		4.500		07/15/23		2,392,977
	945,000		MPLX LP		4.000		02/15/25		960,659
	1,175,000		MPLX LP		4.125		03/01/27		1,195,871
	1,225,000		MPLX LP		5.200		03/01/47		1,281,844
	2,000,000	g	NBK SPC Ltd		2.750		05/30/22		1,982,386
	630,000		Nevada Power Co		6.500		08/01/18		654,828
	4,100,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		4,204,980
	250,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		255,312
	3,075,000		NiSource Finance Corp		3.490		05/15/27		3,111,180
	700,000		NiSource Finance Corp		4.800		02/15/44		774,326
	2,025,000		NiSource Finance Corp		3.950		03/30/48		1,994,492
	1,025,000		Northeast Utilities		1.450		05/01/18		1,024,623
	2,025,000		Northern States Power Co		3.600		09/15/47		1,996,223
	900,000		NRG Energy, Inc		6.250		05/01/24		936,000
	1,450,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,450,475
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		209,394
	800,000		ONEOK, Inc		4.000		07/13/27		809,578
	1,150,000		Pacific Gas & Electric Co		4.600		06/15/43		1,300,717
	2,750,000		Pacific Gas & Electric Co		4.250		03/15/46		2,957,545
	1,675,000		Pacific Gas & Electric Co		4.000		12/01/46		1,754,473
	1,800,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,940,175
	2,000,000	g	Petroleos del Peru S.A.		4.750		06/19/32		2,056,800
	2,125,000		Phillips 66 Partners LP		3.550		10/01/26		2,078,072
	950,000		Phillips 66 Partners LP		4.900		10/01/46		950,298
	135,000		Potomac Electric Power Co		7.900		12/15/38		203,816
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		4,148,036
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,025,324
	565,000		Progress Energy, Inc		7.050		03/15/19		605,552
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,891,035
	440,000		Public Service Electric & Gas Co		5.300		05/01/18		449,330
	700,000		Public Service Electric & Gas Co		3.800		03/01/46		707,937
	2,000,000	g	Saka Energi Indonesia PT		4.450		05/05/24		2,017,846
	1,150,000		Sempra Energy		2.875		10/01/22		1,153,576
	1,750,000		Southern Co		4.400		07/01/46		1,820,579
	1,175,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,121,143
	4,950,000		Southern Power Co		2.500		12/15/21		4,927,325
	1,925,000		Southern Power Co		4.150		12/01/25		2,024,479
	1,250,000		Spectra Energy Partners LP		3.500		03/15/25		1,257,905
	1,350,000		Spectra Energy Partners LP		3.375		10/15/26		1,334,675
	2,025,000		Spectra Energy Partners LP		4.500		03/15/45		2,038,698
	2,000,000	g	United Bank for Africa plc		7.750		06/08/22		1,990,808
	845,000		Virginia Electric & Power Co		2.950		01/15/22		861,695
	2,075,000		Virginia Electric & Power Co		3.500		03/15/27		2,150,924
	2,350,000		Virginia Electric & Power Co		4.000		11/15/46		2,415,586

19

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,850,000	g	VM Holding S.A.		5.375	%	05/04/27	$	1,942,500
	1,050,000		Western Gas Partners LP		4.650		07/01/26		1,100,120
	850,000		Williams Partners LP		3.600		03/15/22		877,981
	825,000		Williams Partners LP		4.500		11/15/23		877,819
	1,500,000		Williams Partners LP		3.750		06/15/27		1,497,181
	625,000		Williams Partners LP		4.900		01/15/45		633,799
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		1,036,096
	1,800,000		Xcel Energy, Inc		3.350		12/01/26		1,822,588
	470,000		Xcel Energy, Inc		4.800		09/15/41		517,157
			TOTAL UTILITIES						188,436,735
			TOTAL CORPORATE BONDS						1,458,212,004
			(Cost $1,435,472,941)
GOVERNMENT BONDS -  36.9%
AGENCY SECURITIES - 0.4%
	2,574,064		AMAL Ltd		3.465		08/21/21		2,650,354
	4,500,000		Amber Circle Funding Ltd		3.250		12/04/22		4,586,850
	10,325,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		10,456,138
	1,690,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,758,141
			TOTAL AGENCY SECURITIES						19,451,483
FOREIGN GOVERNMENT BONDS - 3.4%
	2,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		2,035,998
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		2,307,800
	1,065,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		1,036,129
	1,500,000	g	Bermuda Government International Bond		4.854		02/06/24		1,631,730
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,493,125
	2,075,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		2,106,125
BRL	4,650,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,522,427
$	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,496,966
	2,575,000		Colombia Government International Bond		2.625		03/15/23		2,526,719
	3,200,000		Colombia Government International Bond		5.000		06/15/45		3,292,000
	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,706,250
	2,425,000	g	Ecuador Government International Bond		9.650		12/13/26		2,558,375
	2,225,000	g	Egypt Government International Bond		6.125		01/31/22		2,302,503
	1,250,000	g	El Salvador Government International Bond		5.875		01/30/25		1,225,000
	725,000	g	El Salvador Government International Bond		8.625		02/28/29		813,812
	395,000		European Investment Bank		4.875		02/15/36		509,742
	1,800,000	g	Export Credit Bank of Turkey		4.250		09/18/22		1,776,528
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,500,607
	1,100,000	g	Export-Import Bank of India		3.375		08/05/26		1,082,453
	2,900,000		Export-Import Bank of Korea		2.250		01/21/20		2,887,910
	850,000	g	Guatemala Government International Bond		4.500		05/03/26		856,375
	2,725,000	g	Guatemala Government International Bond		4.375		06/05/27		2,697,750
	1,300,000	g	Honduras Government International Bond		7.500		03/15/24		1,478,750
	1,500,000	g	Indonesia Government International Bond		3.850		07/18/27		1,542,034
IDR	25,500,000,000		Indonesia Treasury Bond		7.500		08/15/32		1,983,165
$	1,205,000		Italy Government International Bond		6.875		09/27/23		1,422,641
	1,950,000	g	Ivory Coast Government International Bond		6.125		06/15/33		1,918,277

20

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,785,250	g	Ivory Coast Government International Bond (Step Bond)			5.750	%	12/31/32	$	1,743,932
	1,525,000		Jamaica Government International Bond			8.000		03/15/39		1,887,187
	2,500,000		Japan Bank for International Cooperation			2.375		04/20/26		2,432,064
	1,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		993,579
	1,280,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		1,265,890
	2,000,000	g	Kazakhstan Government International Bond			6.500		07/21/45		2,462,318
	3,000,000	g,i	Kommunalbanken AS.	LIBOR 3 M + 0.180%		1.496		02/20/18		3,002,235
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,133,714
	750,000		Korea Development Bank			2.500		03/11/20		748,848
	1,650,000	g	Korea Housing Finance Corp			2.000		10/11/21		1,598,967
	3,550,000	g	Kuwait International Government Bond			2.750		03/20/22		3,585,812
	2,698,000		Landwirtschaftliche Rentenbank			2.000		01/13/25		2,630,327
MXN	19,270,000		Mexican Bonos			8.000		12/07/23		1,126,062
$	1,800,000		Mexico Government International Bond			4.000		10/02/23		1,902,960
	2,200,000		Mexico Government International Bond			4.150		03/28/27		2,312,310
	3,550,000		Mexico Government International Bond			4.750		03/08/44		3,658,275
	2,000,000	g	Morocco Government International Bond			5.500		12/11/42		2,234,782
	2,000,000		Nigeria Government International Bond			5.625		06/27/22		2,035,400
	1,850,000	g	Oman Government International Bond			6.500		03/08/47		1,901,774
	1,950,000		Panama Government International Bond			6.700		01/26/36		2,578,875
	2,000,000		Panama Government International Bond			4.500		05/15/47		2,110,000
	1,500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.400		03/29/22		1,530,000
PEN	2,768,000	g	Peruvian Government International Bond			8.200		08/12/26		1,047,565
	5,784,000	g	Peruvian Government International Bond			6.350		08/12/28		1,916,812
$	1,300,000		Peruvian Government International Bond			8.750		11/21/33		2,046,200
	850,000		Peruvian Government International Bond			5.625		11/18/50		1,073,125
	1,050,000		Poland Government International Bond			5.000		03/23/22		1,160,130
	620,000		Province of Quebec Canada			7.500		09/15/29		883,534
	2,700,000	g	Provincia de Buenos Aires			7.875		06/15/27		2,926,260
	1,500,000	g	Provincia de Mendoza Argentina			8.375		05/19/24		1,654,875
	1,400,000	g	Republic of Paraguay			6.100		08/11/44		1,571,500
	1,000,000	g	Republic of Serbia			7.250		09/28/21		1,154,328
	2,475,000		Republic of South Africa Government International Bond			4.850		09/27/27		2,450,431
	7,750,000	g	Saudi Government International Bond			2.875		03/04/23		7,702,663
	2,500,000	g	Saudi Government International Bond			3.250		10/26/26		2,472,500
	1,200,000	g	Senegal Government International Bond			6.250		05/23/33		1,235,147
	2,000,000		South Africa Government International Bond			5.875		09/16/25		2,160,080
ZAR	22,000,000		South Africa Government International Bond			10.500		12/21/26		1,822,750
$	1,500,000	g	Sri Lanka Government International Bond			5.750		01/18/22		1,584,926
	1,550,000	g	Sri Lanka Government International Bond			6.850		11/03/25		1,701,393
	1,700,000		Svensk Exportkredit AB			1.750		05/18/20		1,694,757
	5,400,000		Turkey Government International Bond			3.250		03/23/23		5,131,669
	275,000		Turkey Government International Bond			5.750		03/22/24		292,143
	1,250,000		Turkey Government International Bond			6.000		03/25/27		1,340,563
	1,050,000		Turkey Government International Bond			6.875		03/17/36		1,184,192
	3,800,000	g	Ukraine Government International Bond			7.375		09/25/32		3,696,492
UYU	41,525,000	g	Uruguay Government International Bond			9.875		06/20/22		1,546,797
$	1,025,000		Uruguay Government International Bond			4.375		10/27/27		1,103,412
	2,000,000		Uruguay Government International Bond			5.100		06/18/50		2,109,000
	2,400,000	g	Zambia Government International Bond			8.500		04/14/24		2,568,226
			TOTAL FOREIGN GOVERNMENT BONDS							152,817,972

21

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MORTGAGE BACKED - 15.3%
$	5,676,483		Federal Home Loan Mortgage Corp (FHLMC)		3.500	%	08/15/42	$	5,863,664
	9,254,792		FHLMC		3.500		08/15/43		9,648,103
	3,018		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		3,122
	3,637,650		FGLMC		3.500		03/01/27		3,801,693
	166		FGLMC		6.500		10/01/28		184
	5,250		FGLMC		6.500		01/01/29		5,819
	1,472		FGLMC		6.500		03/01/29		1,649
	24,402		FGLMC		6.500		07/01/29		27,047
	997		FGLMC		8.000		01/01/31		1,121
	8,313		FGLMC		6.500		09/01/31		9,632
	27,804		FGLMC		8.000		09/01/31		31,540
	117,358		FGLMC		7.000		12/01/31		131,401
	113,688		FGLMC		4.500		07/01/33		122,654
	365,324		FGLMC		5.000		09/01/33		405,644
	159,672		FGLMC		5.500		09/01/33		179,941
	150,932		FGLMC		5.500		09/01/33		169,623
	247,026		FGLMC		5.500		10/01/33		278,463
	303,319		FGLMC		5.500		12/01/33		339,227
	774,944		FGLMC		7.000		12/01/33		896,582
	177,596		FGLMC		5.000		01/01/34		194,907
	255,202		FGLMC		4.500		04/01/35		274,638
	243,243		FGLMC		7.000		05/01/35		278,364
	42,038		FGLMC		5.000		02/01/36		46,113
	1,224		FGLMC		6.500		05/01/36		1,357
	211,309		FGLMC		5.000		04/01/38		233,264
	192,022		FGLMC		5.000		07/01/39		210,728
	2,110,481	w	FGLMC		4.500		11/01/40		2,307,330
	2,363,574	w	FGLMC		4.500		12/01/40		2,583,694
	237,745		FGLMC		4.500		11/01/44		259,648
	290,748		FGLMC		4.500		11/01/44		317,442
	98,956		FGLMC		4.500		12/01/44		106,806
	184,635		FGLMC		4.500		12/01/44		201,632
	1,575,635		FGLMC		3.500		04/01/45		1,636,922
	14,157,770		FGLMC		3.500		10/01/45		14,700,285
	11,966,754		FGLMC		4.000		12/01/45		12,741,413
	1,753,459		FGLMC		4.000		05/01/46		1,859,967
	38,989,846		FGLMC		3.500		08/01/46		40,471,790
	451		Federal National Mortgage Association (FNMA)		8.000		07/01/24		514
	314		FNMA		7.500		01/01/29		348
	1,041		FNMA		6.500		04/01/29		1,154
	142,130		FNMA		2.500		06/01/30		143,576
	1,803		FNMA		7.500		03/01/31		2,102
	694		FNMA		7.500		05/01/31		700
	505,034		FNMA		2.500		06/01/31		508,771
	201,630		FNMA		2.500		07/01/31		203,121
	4,943,652		FNMA		2.500		07/01/31		4,980,224
	1,185,773		FNMA		2.500		08/01/31		1,194,545
	273,714		FNMA		2.500		09/01/31		275,739
	335,142		FNMA		2.500		09/01/31		337,621
	220,401		FNMA		2.500		09/01/31		222,123

22

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	697	FNMA		6.500	%	09/01/31	$	773
	485,331	FNMA		2.500		10/01/31		488,921
	144,203	FNMA		2.500		10/01/31		145,331
	287,547	FNMA		2.500		11/01/31		289,674
	151,241	FNMA		2.500		11/01/31		152,360
	196,429	FNMA		2.500		11/01/31		197,882
	351,730	FNMA		2.500		11/01/31		354,484
	95,135	FNMA		2.500		11/01/31		95,839
	192,572	FNMA		2.500		11/01/31		193,997
	401,510	FNMA		2.500		11/01/31		404,481
	8,412	FNMA		6.500		11/01/31		9,587
	182,110	FNMA		2.500		12/01/31		183,537
	751,082	FNMA		2.500		12/01/31		756,639
	262,357	FNMA		2.500		12/01/31		264,298
	137,099	FNMA		2.500		12/01/31		138,174
	593,205	FNMA		2.500		12/01/31		597,594
	5,539,419	FNMA		3.500		02/01/32		5,777,466
	2,922,080	FNMA		3.500		05/01/32		3,052,204
	449,251	FNMA		2.500		06/01/32		452,579
	132,784	FNMA		2.500		06/01/32		133,830
	217,516	FNMA		2.500		07/01/32		219,128
	423,564	FNMA		2.500		07/01/32		426,899
	926,096	FNMA		2.500		07/01/32		932,958
	7,775,867	FNMA		3.000		07/01/32		7,992,641
	5,919,064	FNMA		3.500		07/01/32		6,174,819
	135,347	FNMA		6.500		07/01/32		153,830
	997,272	FNMA		2.500		08/01/32		1,005,125
	9,477,766	FNMA		3.000		08/01/32		9,741,986
	1,778,199	FNMA		5.000		06/01/33		1,959,244
	3,044,718	FNMA		5.000		10/01/33		3,354,447
	1,369,554	FNMA		5.500		03/01/34		1,535,204
	19,988	FNMA		6.000		11/01/34		22,480
	1,777,740	FNMA		5.000		05/01/35		1,958,923
	1,328,006	FNMA		5.000		10/01/35		1,463,728
	6,711	FNMA		5.000		11/01/35		6,919
	702,798	FNMA		5.000		02/01/36		774,439
	518,576	FNMA		5.500		08/01/37		582,530
	176,261	FNMA		6.000		09/01/37		203,527
	1,354,704	FNMA		5.500		04/01/38		1,508,320
	722,441	FNMA		5.500		11/01/38		834,325
	44,458	FNMA		4.500		04/01/39		48,380
	730,357	FNMA		4.500		05/01/39		794,798
	115,690	FNMA		4.000		07/01/39		122,815
	532,498	FNMA		5.500		08/01/39		597,369
	66,403	FNMA		4.500		02/01/40		72,261
	1,692,054	FNMA		4.500		03/01/40		1,841,794
	424,235	FNMA		5.000		08/01/40		463,360
	881,165	FNMA		5.000		09/01/40		962,111
	17,662	FNMA		6.000		10/01/40		20,125
	188,951	FNMA		4.500		11/01/40		206,339
	1,733,905	FNMA		4.500		01/01/41		1,886,774
	311,634	FNMA		4.500		01/01/41		340,316
	4,402,240	FNMA		4.500		01/01/41		4,806,675

23

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	268,148		FNMA		4.500	%	02/01/41	$	292,829
	1,143,916		FNMA		5.000		05/01/41		1,248,972
	335,627		FNMA		4.500		06/01/41		366,521
	272,739		FNMA		4.500		06/01/41		297,844
	1,226,655		FNMA		5.000		07/01/41		1,341,755
	753,728		FNMA		4.500		09/01/41		820,519
	290,932		FNMA		4.500		12/01/41		317,711
	6,936,328		FNMA		5.500		12/01/41		7,926,237
	667,826		FNMA		4.500		01/01/42		729,115
	340,260		FNMA		4.500		01/01/42		371,582
	290,639		FNMA		4.500		03/01/42		317,386
	297,398		FNMA		4.500		04/01/42		324,767
	1,023,544		FNMA		4.500		04/01/42		1,107,368
	385,611		FNMA		4.500		06/01/42		421,098
	896,436		FNMA		4.500		06/01/42		968,400
	278,965		FNMA		4.500		07/01/42		304,638
	1,625,806		FNMA		4.500		08/01/42		1,768,902
	33,618		FNMA		3.000		10/01/42		33,895
	293,568		FNMA		3.000		10/01/42		295,994
	3,871,671	w	FNMA		3.000		01/01/43		3,903,668
	1,033,159		FNMA		4.500		01/01/43		1,111,101
	4,915,499	w	FNMA		3.000		02/01/43		4,956,126
	3,363,478		FNMA		3.000		02/25/43		3,434,295
	1,934		FNMA		3.000		04/01/43		1,950
	3,326,533		FNMA		3.000		08/25/43		3,397,491
	1,603,530		FNMA		4.500		10/01/43		1,745,304
	2,258,325		FNMA		4.000		04/01/44		2,397,198
	917,969		FNMA		4.000		06/01/44		974,238
	705,587		FNMA		4.000		06/01/44		748,757
	1,733,766		FNMA		4.500		06/01/44		1,890,209
	6,165,948		FNMA		4.500		06/01/44		6,721,459
	899,247		FNMA		4.000		07/01/44		954,621
	265,788		FNMA		4.000		07/01/44		282,163
	1,106,806		FNMA		4.000		08/01/44		1,174,250
	356,871		FNMA		4.000		08/01/44		378,864
	2,695,689		FNMA		4.000		08/01/44		2,861,748
	1,511,455		FNMA		4.000		08/01/44		1,604,092
	3,974,127		FNMA		4.500		08/01/44		4,331,900
	247,093		FNMA		4.000		09/01/44		262,315
	226,543		FNMA		4.000		09/01/44		240,514
	939,431		FNMA		4.000		10/01/44		997,247
	5,005,716		FNMA		4.500		10/01/44		5,454,023
	3,842,480		FNMA		4.500		11/01/44		4,188,652
	2,375,291		FNMA		4.000		12/01/44		2,521,573
	842,537		FNMA		4.500		12/01/44		918,442
	1,883,476		FNMA		4.000		01/01/45		1,999,464
	10,209,032		FNMA		3.000		02/25/45		10,370,141
	408,427		FNMA		3.500		03/01/45		422,690
	289,688		FNMA		3.500		03/01/45		300,399
	2,959,191		FNMA		3.000		03/25/45		3,015,405
	3,734,273		FNMA		3.500		05/01/45		3,877,870
	557,595		FNMA		4.000		05/01/45		594,635
	1,221,125		FNMA		4.000		06/01/45		1,302,254

24

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,822,905		FNMA		4.000	%	07/01/45	$	6,217,045
	786,204		FNMA		4.000		08/01/45		838,424
	14,851,614		FNMA		4.000		09/01/45		15,834,454
	1,761,387		FNMA		4.000		11/01/45		1,878,424
	910,733		FNMA		4.000		12/01/45		971,272
	8,142,402		FNMA		3.500		01/01/46		8,440,687
	7,483,225		FNMA		4.000		01/01/46		7,966,595
	3,723,307		FNMA		3.500		02/01/46		3,857,823
	6,570,607		FNMA		3.500		06/01/46		6,812,902
	3,045,420		FNMA		3.500		08/01/46		3,140,623
	21,465,804		FNMA		3.000		11/01/46		21,539,779
	25,174,059		FNMA		3.000		12/01/46		25,260,814
	11,892,857		FNMA		3.500		12/01/46		12,264,640
	12,665,014		FNMA		3.500		12/01/46		13,060,935
	1,023,049		FNMA		4.000		12/01/46		1,093,765
	19,753,495		FNMA		3.000		01/01/47		19,821,569
	42,848,617		FNMA		3.500		01/01/47		44,188,108
	1,914,275		FNMA		3.500		02/01/47		1,974,118
	7,765,187		FNMA		3.000		04/01/47		7,791,947
	983,187		FNMA		3.000		04/01/47		986,575
	30,769,115		FNMA		4.000		07/01/47		32,400,021
	22,040,730		FNMA		4.500		07/01/47		23,657,607
	13,868,773		FNMA		4.000		08/01/47		14,603,887
	993,511		FNMA		4.500		09/01/47		1,066,090
	3,000,000	h	FNMA		4.500		10/25/47		3,219,023
	75		Government National Mortgage Association (GNMA)		7.000		01/15/28		82
	1,486		GNMA		7.000		02/15/28		1,517
	706		GNMA		7.000		06/15/28		761
	524		GNMA		7.000		06/15/28		536
	2,161		GNMA		6.500		09/15/28		2,385
	1,082		GNMA		6.500		09/15/28		1,194
	4,729		GNMA		6.500		11/15/28		5,219
	2,725		GNMA		7.500		11/15/28		3,014
	520		GNMA		8.500		07/15/30		522
	15,619		GNMA		8.500		10/15/30		16,427
	6,827		GNMA		8.500		10/20/30		7,934
	889		GNMA		8.500		12/15/30		1,098
	1,448		GNMA		7.000		06/20/31		1,727
	3,316		GNMA		7.000		07/15/31		3,457
	3,548		GNMA		7.000		07/15/31		3,886
	439		GNMA		6.500		03/15/33		487
	20,850		GNMA		6.000		10/20/36		23,345
	23,675		GNMA		6.000		01/20/37		27,122
	82,942		GNMA		6.000		02/20/37		94,499
	54,239		GNMA		6.000		08/20/38		61,419
	70,796		GNMA		6.500		11/20/38		81,473
	12,749		GNMA		4.500		02/20/39		14,066
	615,019		GNMA		5.000		06/15/39		686,263
	17,961		GNMA		4.500		08/20/41		19,821
	64,124		GNMA		4.500		09/20/41		70,805
	14,005		GNMA		4.500		01/20/44		15,466
	17,391		GNMA		4.500		02/20/44		19,204

25

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	27,051	GNMA		4.500	%	05/20/44	$	29,864
	201,105	GNMA		4.500		05/20/44		221,889
	210,112	GNMA		4.500		08/20/44		231,985
	212,217	GNMA		4.500		09/20/44		234,256
	75,532	GNMA		4.500		10/20/44		83,015
	57,282	GNMA		4.500		11/20/44		62,223
	132,118	GNMA		4.500		12/20/44		145,762
	212,356	GNMA		4.500		02/20/45		234,393
	233,864	GNMA		4.500		08/20/45		258,304
	250,023	GNMA		4.500		08/20/45		275,908
	233,978	GNMA		4.500		12/20/45		258,464
	36,267,125	GNMA		3.500		06/20/47		37,741,851
	9,884,426	GNMA		4.000		06/20/47		10,444,987
	46,291,963	GNMA		3.000		08/20/47		46,975,234
	18,853,500	GNMA		3.500		08/20/47		19,620,138
		TOTAL MORTGAGE BACKED						670,377,906
MUNICIPAL BONDS - 5.8%
	28,410,000	California State University		3.899		11/01/47		29,123,943
	2,500,000	Commonwealth of Massachusetts		3.277		06/01/46		2,394,075
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,841,287
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,473,270
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,467,105
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,407,670
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,379,250
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,410,025
	4,265,000	Denver City & County School District No. 1		3.598		12/15/27		4,408,517
	7,775,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		7,924,669
	15,000,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		15,064,200
	8,840,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		8,811,977
	1,870,000	Imperial Irrigation District Electric System Revenue		0.995		11/01/17		1,869,439
	1,890,000	Imperial Irrigation District Electric System Revenue		1.095		11/01/18		1,877,394
	5,265,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,196,239
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,280,393
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		982,080
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,599,490
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,072,600
	25,830,000	Ohio State University		3.798		12/01/46		26,488,148
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,410,150
	5,000,000	Port of Morrow OR		1.782		09/01/21		4,933,900
	2,000,000	Port of Seattle WA		3.471		05/01/31		2,025,080
	1,625,000	Port of Seattle WA		3.571		05/01/32		1,651,471
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		959,390

26

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259	%	05/15/24	$	959,250
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,191,638
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,683,612
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,502,368
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		653,149
	905,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		840,229
	4,500,000	San Francisco City & County Redevelopment Agency		2.526		08/01/20		4,525,515
	5,000,000	San Francisco City & County Redevelopment Agency		2.813		08/01/21		5,052,650
	875,000	San Francisco City & County Redevelopment Agency		3.113		08/01/22		894,591
	3,460,000	State of Georgia		1.910		02/01/23		3,384,641
	1,200,000	State of Illinois		5.665		03/01/18		1,216,836
	4,800,000	State of Illinois		4.350		06/01/18		4,856,592
	1,845,000	State of Illinois		4.700		01/01/21		1,913,247
	13,000,000	State of Michigan		1.779		11/01/21		12,853,100
	7,000,000	State of Michigan		1.966		11/01/22		6,900,950
	9,900,000	State of Wisconsin		3.154		05/01/27		10,024,146
	1,763,000	State Public School Building Authority		5.000		09/15/27		1,934,628
	7,500,000	Texas A&M University		3.993		05/15/37		7,708,350
	2,500,000	University of California		0.993		05/15/18		2,491,425
	1,185,000	University of California		1.228		05/15/19		1,174,501
	1,920,000	University of California		1.534		05/15/20		1,896,730
	1,000,000	University of California		1.784		05/15/21		984,280
	15,000,000	University of California		1.910		05/15/21		14,948,550
	3,000,000	University of California		2.020		05/15/22		2,949,900
	3,000,000	University of California		2.220		05/15/23		2,935,620
	2,000,000	University of California		2.439		05/15/24		1,953,000
	2,000,000	University of California		2.589		05/15/25		1,945,680
	6,635,000	University of California		3.552		05/15/39		6,349,629
		TOTAL MUNICIPAL BONDS						253,776,569
U.S. TREASURY SECURITIES - 12.0%
	2,560,000	United States Treasury Bond		5.250		11/15/28		3,282,000
	5,000,000	United States Treasury Bond		4.500		02/15/36		6,427,734
	2,250,000	United States Treasury Bond		4.750		02/15/37		2,986,348
	61,050,000	United States Treasury Bond		3.500		02/15/39		68,891,109
	16,015,000	United States Treasury Bond		3.875		08/15/40		19,035,955
	14,380,000	United States Treasury Bond		2.500		05/15/46		13,353,740
	29,030,000	United States Treasury Bond		3.000		05/15/47		29,849,871
	33,000,000	United States Treasury Bond		2.750		08/15/47		32,260,078
	2,900,000	United States Treasury Note		0.875		05/31/18		2,892,637
	1,600,000	United States Treasury Note		0.750		08/31/18		1,591,125
	4,375,000	United States Treasury Note		1.000		11/30/18		4,355,005
	2,550,000	United States Treasury Note		1.250		12/31/18		2,545,219
	740,000	United States Treasury Note		1.125		02/28/19		736,994

27

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,000,000		United States Treasury Note			1.250	%	03/31/19	$	997,344
	1,330,000		United States Treasury Note			1.250		04/30/19		1,326,052
	3,705,000		United States Treasury Note			1.250		05/31/19		3,693,132
	70,000,000		United States Treasury Note			1.250		06/30/19		69,745,703
	2,690,000		United States Treasury Note			1.375		07/31/19		2,685,377
	260,000		United States Treasury Note			0.875		09/15/19		256,963
	3,080,000		United States Treasury Note			1.625		03/15/20		3,084,331
	23,000,000		United States Treasury Note			1.500		05/15/20		22,949,688
	30,000,000		United States Treasury Note			1.500		07/15/20		29,912,109
	41,765,000		United States Treasury Note			1.500		08/15/20		41,632,853
	61,810,000		United States Treasury Note			1.375		09/15/20		61,370,569
	310,000		United States Treasury Note			2.125		01/31/21		314,238
	715,000		United States Treasury Note			2.000		05/31/21		721,200
	280,000		United States Treasury Note			2.000		08/31/21		282,133
	1,250,000		United States Treasury Note			1.750		04/30/22		1,241,846
	1,930,000		United States Treasury Note			2.125		06/30/22		1,947,792
	13,551,000		United States Treasury Note			1.875		07/31/22		13,517,122
	8,120,000		United States Treasury Note			1.625		08/31/22		8,005,812
	1,077,000		United States Treasury Note			1.875		08/31/22		1,073,845
	510,000		United States Treasury Note			1.375		06/30/23		491,572
	4,140,000		United States Treasury Note			1.250		07/31/23		3,958,552
	1,900,000		United States Treasury Note			1.375		08/31/23		1,827,488
	5,500,000		United States Treasury Note			2.250		12/31/23		5,549,199
	2,865,000		United States Treasury Note			2.000		04/30/24		2,841,834
	10,500,000		United States Treasury Note			2.000		06/30/24		10,401,973
	21,000,000		United States Treasury Note			2.125		07/31/24		20,958,164
	17,000,000		United States Treasury Note			2.000		09/30/24		16,946,875
	10,250,000		United States Treasury Note			2.250		08/15/27		10,175,527
			TOTAL U.S. TREASURY SECURITIES							526,117,108
			TOTAL GOVERNMENT BONDS							1,622,541,038
			(Cost $1,619,580,980)
STRUCTURED ASSETS - 27.1%
ASSET BACKED - 10.9%
	133,372	i	ACE Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.735%		1.972		08/25/35		133,545
			Series - 2005 HE5 (Class M2)
	3,800,000		Ally Auto Receivables Trust			2.100		03/15/22		3,811,123
			Series - 2017 2 (Class A4)
	8,207,000		AmeriCredit Automobile Receivables Trust			3.000		07/08/19		8,240,842
			Series - 2013 3 (Class D)
	1,550,000		AmeriCredit Automobile Receivables Trust			2.400		01/08/21		1,559,138
			Series - 2015 2 (Class C)
	1,500,000		AmeriCredit Automobile Receivables Trust			1.460		05/10/21		1,495,273
			Series - 2016 3 (Class A3)
	5,250,000		AmeriCredit Automobile Receivables Trust			1.530		07/08/21		5,229,869
			Series - 2016 4 (Class A3)
	1,845,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		1,870,683
			Series - 2015 3 (Class D)
	3,500,000		AmeriCredit Automobile Receivables Trust			1.870		08/18/21		3,498,305
			Series - 2017 1 (Class A3)
	5,500,000		AmeriCredit Automobile Receivables Trust			2.740		12/08/22		5,468,871
			Series - 2016 4 (Class D)

28

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,500,000	g,i	Ares XXXIV CLO Ltd	LIBOR 3 M + 5.200%		6.511	%	07/29/26	$	1,442,782
			Series - 2015 2A (Class E2)
	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		9,826,744
			Series - 2012 3A (Class B)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		6,046,113
			Series - 2017 1A (Class A)
	1,500,000	g	Bowman Park CLO Ltd			3.545		11/23/25		1,504,943
			Series - 2014 1A (Class B2R)
	2,439,500		Capital Auto Receivables Asset Trust			1.620		03/20/19		2,440,229
			Series - 2015 4 (Class A2)
	1,500,000		Capital Auto Receivables Asset Trust			1.630		01/20/21		1,494,353
			Series - 2016 2 (Class A4)
	2,250,000		Capital Auto Receivables Asset Trust			1.690		03/20/21		2,243,306
			Series - 2016 3 (Class A4)
	6,000,000	g	Capital Automotive REIT			3.660		10/15/44		6,070,076
			Series - 2014 1A (Class A)
	10,456,250	†,g	Capital Automotive REIT			3.870		04/15/47		10,543,186
			Series - 2017 1A (Class A1)
	9,000,000		Capital One Multi-Asset Execution Trust			2.430		01/15/25		9,098,482
			Series - 2017 A3 (Class A3)
	2,500,000	g,i	Carlyle Global Market Strategies Ltd	LIBOR 3 M + 5.300%		6.607		04/20/27		2,479,929
			Series - 2015 1A (Class E1)
	1,500,000		CarMax Auto Owner Trust			1.600		01/18/22		1,483,093
			Series - 2016 3 (Class A4)
	4,850,000		CarMax Auto Owner Trust			2.250		09/15/22		4,839,766
			Series - 2017 2 (Class A4)
	9,500,000		CarMax Auto Owner Trust			2.270		09/15/22		9,525,740
			Series - 2017 1 (Class A4)
	8,817,685	g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		1.603		04/07/52		272,517
			Series - 2007 1A (Class A2)
	1,000,000	g	Cent CLO 21 Ltd			3.500		07/27/26		1,004,155
			Series - 2014 21A (Class A2BR)
	1,250,000	g,i	CIFC Funding Ltd	LIBOR 3 M + 5.000%		6.313		01/22/27		1,198,383
			Series - 2015 1A (Class E1)
	113,470		CIT Group Home Equity Loan Trust (Step Bond)			6.200		02/25/30		115,568
			Series - 2002 1 (Class AF6)
	1,256,162		Citigroup Commercial Mortgage Trust			1.847		11/10/48		1,253,202
			Series - 2015 GC35 (Class A1)
	2,250,000		CNH Equipment Trust			1.630		08/15/21		2,245,340
			Series - 2016 B (Class A3)
	3,500,000		CNH Equipment Trust			1.440		12/15/21		3,476,650
			Series - 2016 C (Class A3)
	3,500,000		CNH Equipment Trust			2.480		02/15/24		3,527,541
			Series - 2017 A (Class A4)
	2,250,000	g	DaimlerChrysler Capital Auto Receivables Trust			1.640		07/15/21		2,243,308
			Series - 2016 BA (Class A3)
	10,530,000	g	DB Master Finance LLC			3.262		02/20/45		10,546,532
			Series - 2015 1A (Class A2I)
	6,825,000	g	DB Master Finance LLC			3.980		02/20/45		6,982,180
			Series - 2015 1A (Class A2II)

29

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,500,000	g,h	DB Master Finance LLC		3.629	%	11/20/47	$	7,525,688
			Series - 2017 1A (Class A2I)
	5,000,000		Discover Card Execution Note Trust		2.390		07/15/24		5,047,066
			Series - 2017 A2 (Class A2)
	2,962,500	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		2,993,488
			Series - 2015 1A (Class A2I)
	888,750	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		916,861
			Series - 2015 1A (Class A2II)
	16,200,000	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		16,123,698
			Series - 2017 1A (Class A2II)
	2,244,375	g	FOCUS Brands Funding LLC		3.857		04/30/47		2,269,422
			Series - 2017 1A (Class A2I)
	5,000,000		Ford Credit Auto Lease Trust		1.880		04/15/20		5,006,917
			Series - 2017 A (Class A3)
	5,000,000	g	Ford Credit Auto Owner Trust		2.150		07/15/26		5,018,346
			Series - 2015 1 (Class A)
	8,593,000	g	Ford Credit Auto Owner Trust		2.440		01/15/27		8,674,432
			Series - 2015 2 (Class A)
	6,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		6,528,541
			Series - 2016 1 (Class A)
	11,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		10,912,756
			Series - 2016 2 (Class A)
	6,000,000	g	Ford Credit Auto Owner Trust		2.620		08/15/28		6,058,739
			Series - 2017 1 (Class A)
	8,500,000	g	Ford Credit Auto Owner Trust		2.360		03/15/29		8,499,061
			Series - 2017 2 (Class A)
	1,500,000		Ford Credit Floorplan Master Owner Trust		2.070		05/15/22		1,504,481
			Series - 2017 1 (Class A1)
	5,000,000		Ford Credit Floorplan Master Owner Trust		2.390		08/15/22		5,044,665
			Series - 2015 5 (Class A)
	3,500,000		GM Financial Automobile Leasing Trust		2.020		09/21/20		3,504,900
			Series - 2017 2 (Class A3)
	4,000,000		GM Financial Automobile Leasing Trust		2.010		11/20/20		3,998,692
			Series - 2017 3 (Class A3)
	3,000,000	g	GMF Floorplan Owner Revolving Trust		2.130		07/15/20		2,990,489
			Series - 2017 2 (Class A1)
	1,500,000	g	GMF Floorplan Owner Revolving Trust		1.960		05/17/21		1,502,104
			Series - 2016 1 (Class A1)
	10,000,000	g	GMF Floorplan Owner Revolving Trust		2.220		01/18/22		10,036,835
			Series - 2017 1 (Class A1)
	988,240	g	HERO Funding Trust		3.280		09/20/48		993,997
			Series - 2017 2A (Class A1)
	1,976,479	g	HERO Funding Trust		4.070		09/20/48		2,026,878
			Series - 2017 2A (Class A2)
	4,500,000	g	Hertz Vehicle Financing LLC		1.830		08/25/19		4,483,549
			Series - 2013 1A (Class A2)
	5,625,000	g	Hertz Vehicle Financing LLC		2.270		07/25/20		5,597,771
			Series - 2016 3A (Class A)
	3,491,094	g	Hilton Grand Vacations Trust		2.660		12/26/28		3,493,867
			Series - 2017 AA (Class A)
	2,618,320	g,i	Hilton Grand Vacations Trust		2.960		12/26/28		2,621,819
			Series - 2017 AA (Class B)

30

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,500,000		John Deere Owner Trust			2.110	%	12/15/23	$	1,505,817
			Series - 2017 A (Class A4)
	498,913	i	Lehman XS Trust	LIBOR 1 M + 0.250%		1.487		02/25/36		493,389
			Series - 2006 1 (Class 1A1)
	1,534,804	i	Lehman XS Trust			6.500		06/25/46		1,297,798
			Series - 2006 13 (Class 2A1)
	2,000,000	g	Madison Park Funding XIII Ltd			3.300		01/19/25		1,998,964
			Series - 2014 13A (Class B2R)
	3,000,000	g,i	Navistar Financial Dealer Note Master Owner Trust II	LIBOR 1 M + 1.350%		2.587		09/27/21		3,021,035
			Series - 2016 1 (Class A)
	25,851,202	g,i	New Residential Mortgage Loan Trust			4.000		02/25/57		26,912,114
			Series - 2017 1A (Class A1)
	1,250,000	g,i	Octagon Investment Partners XXII Ltd	LIBOR 3 M + 6.000%		7.310		11/25/25		1,265,947
			Series - 2014 1A (Class E2R)
	1,500,000	g	OHA Loan Funding LLC			3.600		10/20/26		1,514,676
			Series - 2014 1A (Class B2R)
	247,441	g	OneMain Direct Auto Receivables Trust			2.040		01/15/21		247,576
			Series - 2016 1A (Class A)
	515,641	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		513,409
			Series - 2014 AA (Class B)
	129,732		Residential Funding Mortgage Securities II, Inc (Step Bond)			6.060		02/25/36		135,784
			Series - 2006 HI1 (Class M2)
	2,482,740		Santander Drive Auto Receivables Trust			1.560		05/15/20		2,482,987
			Series - 2016 2 (Class A3)
	662,510		Santander Drive Auto Receivables Trust			1.960		05/15/20		663,041
			Series - 2015 5 (Class B)
	4,500,000		Santander Drive Auto Receivables Trust			1.770		09/15/20		4,497,862
			Series - 2017 1 (Class A3)
	1,500,000		Santander Drive Auto Receivables Trust			1.870		12/15/20		1,500,722
			Series - 2017 2 (Class A3)
	3,000,000		Santander Drive Auto Receivables Trust			1.870		06/15/21		2,995,602
			Series - 2017 3 (Class A3)
	800,000		Santander Drive Auto Receivables Trust			2.740		12/15/21		806,116
			Series - 2015 5 (Class C)
	6,000,000		Santander Drive Auto Receivables Trust			2.800		08/15/22		5,998,036
			Series - 2016 3 (Class D)
	4,000,000		Santander Drive Auto Receivables Trust			3.170		04/17/23		4,013,010
			Series - 2017 1 (Class D)
	2,044,868	g	Sierra Receivables Funding Co LLC			1.590		11/20/29		2,043,269
			Series - 2013 1A (Class A)
	495,073	g	Sierra Receivables Funding Co LLC			2.390		11/20/29		495,033
			Series - 2013 1A (Class B)
	3,789,187	g	Sierra Receivables Funding Co LLC			3.050		03/22/32		3,803,390
			Series - 2015 1A (Class B)
	13,203,757	g	Sierra Receivables Funding Co LLC			2.910		03/20/34		13,274,809
			Series - 2017 1A (Class A)
	895,777	g	Sierra Receivables Funding Co LLC			3.200		03/20/34		900,297
			Series - 2017 1A (Class B)
	1,724,093	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		1,725,025
			Series - 2015 3A (Class A)
	172,409	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		172,653
			Series - 2015 3A (Class B)

31

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,949,763	g	Sierra Timeshare Receivables Funding LLC			3.080	%	03/21/33	$	2,974,890
			Series - 2016 1A (Class A)
	5,645,109	g	Sierra Timeshare Receivables Funding LLC			2.330		07/20/33		5,635,244
			Series - 2016 2A (Class A)
	724,971	g	Sierra Timeshare Receivables Funding LLC			2.780		07/20/33		723,487
			Series - 2016 2A (Class B)
	3,627,194	g	Sierra Timeshare Receivables Funding LLC			2.430		10/20/33		3,616,988
			Series - 2016 3A (Class A)
	2,232,120	g	Sierra Timeshare Receivables Funding LLC			2.630		10/20/33		2,202,883
			Series - 2016 3A (Class B)
	4,000,000	g	SMB Private Education Loan Trust			2.490		06/15/27		4,012,925
			Series - 2015 A (Class A2A)
	10,519,939	g	SMB Private Education Loan Trust			2.750		07/15/27		10,627,245
			Series - 2015 C (Class A2A)
	10,000,000	g	SMB Private Education Loan Trust			2.430		02/17/32		9,918,385
			Series - 2016 B (Class A2A)
	5,125,000	g	SMB Private Education Loan Trust			2.880		09/15/34		5,167,144
			Series - 2017 A (Class A2A)
	2,304,448	g	SoFi Professional Loan Program LLC			1.530		04/25/33		2,300,626
			Series - 2016 D (Class A2A)
	3,000,000	g	SoFi Professional Loan Program LLC			2.340		04/25/33		2,973,975
			Series - 2016 D (Class A2B)
	7,355,000	g	SoFi Professional Loan Program LLC			2.490		01/25/36		7,330,872
			Series - 2016 E (Class A2B)
	3,903,694	g	SoFi Professional Loan Program LLC			2.760		12/26/36		3,939,187
			Series - 2016 A (Class A2)
	1,033,698	g	SoFi Professional Loan Program LLC			1.550		03/26/40		1,030,941
			Series - 2017 A (Class A2A)
	1,825,000	g	SoFi Professional Loan Program LLC			2.400		03/26/40		1,809,112
			Series - 2017 A (Class A2B)
	6,830,053	g	SoFi Professional Loan Program LLC			1.830		05/25/40		6,831,810
			Series - 2017 B (Class A1FX)
	5,075,000	g	SoFi Professional Loan Program LLC			2.740		05/25/40		5,094,417
			Series - 2017 B (Class A2FX)
	1,000,000	g	SoFi Professional Loan Program LLC			2.630		07/25/40		997,944
			Series - 2017 C (Class A2B)
	1,996,926	g	SolarCity LMC			4.800		11/20/38		1,979,557
			Series - 2013 1 (Class A)
	1,939,848	†,g	SolarCity LMC			4.020		07/20/44		1,890,756
			Series - 2014 2 (Class A)
	2,600,000	g,i	Sound Point Clo XV Ltd	LIBOR 3 M + 5.960%		7.273		01/23/29		2,601,459
			Series - 2017 1A (Class E)
	13,016,281	g	SpringCastle America Funding LLC			3.050		04/25/29		13,102,996
			Series - 2016 AA (Class A)
	3,000,000	g	SpringCastle America Funding LLC			4.100		10/25/33		2,997,841
			Series - 2016 AA (Class B)
	2,500,000		Synchrony Credit Card Master Note Trust			2.210		05/15/24		2,497,739
			Series - 2016 2 (Class A)
	2,970,000	g	Taco Bell Funding LLC			3.832		05/25/46		3,027,915
			Series - 2016 1A (Class A2I)
	2,000,000	g	Verizon Owner Trust			2.060		09/20/21		2,005,226
			Series - 2017 1A (Class A)

32

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	9,000,000	g	Verizon Owner Trust			1.920	%	12/20/21	$	8,991,901
			Series - 2017 2A (Class A)
	2,000,000	g,i	VOLT LIX LLC (Step Bond)			5.375		05/25/47		1,989,466
			Series - 2017 NPL6 (Class A2)
	70,470	g	Wachovia Loan Trust	LIBOR 1 M + 0.360%		1.597		05/25/35		70,054
			Series - 2005 SD1 (Class A)
	5,390,000	g	Wendys Funding LLC			3.371		06/15/45		5,438,348
			Series - 2015 1A (Class A2I)
	1,000,000		World Financial Network Credit Card Master Trust			2.030		04/15/25		988,217
			Series - 2016 A (Class A)
	2,000,000		World Omni Auto Receivables Trust			2.240		06/15/23		2,008,492
			Series - 2017 A (Class A4)
	2,500,000		World Omni Automobile Lease Securitization Trust			1.610		01/15/22		2,492,076
			Series - 2016 A (Class A4)
			TOTAL ASSET BACKED							480,135,309
OTHER MORTGAGE BACKED - 16.2%
	1,177,250	g	7 WTC Depositor LLC Trust			4.082		03/13/31		1,185,712
			Series - 2012 7WTC (Class A)
	1,343,934	i	American Home Mortgage Investment Trust	LIBOR 6 M + 1.500%		2.955		10/25/34		1,329,385
			Series - 2004 3 (Class 4A)
	457,974	i	Banc of America Commercial Mortgage Trust			5.914		05/10/45		457,375
			Series - 2006 2 (Class C)
	171,241	g	Banc of America Commercial Mortgage Trust			5.416		01/15/49		172,123
			Series - 2007 1 (Class AM)
	8,485,965		Banc of America Commercial Mortgage Trust			1.559		07/15/49		8,422,755
			Series - 2016 UB10 (Class A1)
	6,000,000		Banc of America Commercial Mortgage Trust			3.366		02/15/50		6,187,555
			Series - 2017 BNK3 (Class ASB)
	2,085,000	g,i	Banc of America Commercial Mortgage Trust			5.821		02/10/51		2,079,261
			Series - 2007 4 (Class E)
	3,658,000	g,i	Banc of America Commercial Mortgage Trust			6.000		02/10/51		3,648,825
			Series - 2007 4 (Class D)
	6,000,000	g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		6,008,460
			Series - 2007 5 (Class B)
	20,000,000		BANK			3.254		07/15/60		20,209,912
			Series - 2017 BNK6 (Class A4)
	7,500,000		BANK 2017-BNK6 Class A-SB			3.289		07/15/60		7,694,880
			Series - 2017 BNK6 (Class ASB)
	2,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.471		02/11/41		1,940,116
			Series - 2005 PWR7 (Class E)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.887		11/11/41		1,034,589
			Series - 2004 PWR6 (Class G)
	1,154,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.759		02/13/42		1,195,754
			Series - 2005 T18 (Class F)
	9,826,000	i	Bear Stearns Commercial Mortgage Securities Trust			6.120		09/11/42		9,821,565
			Series - 2007 T28 (Class AJ)

33

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	623,668	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.387	%	02/13/46	$	629,330
			Series - 2004 T16 (Class G)
	2,500,000	i	CD Mortgage Trust			6.122		11/15/44		2,515,109
			Series - 2007 CD5 (Class B)
	9,000,000		CD Mortgage Trust			3.453		02/10/50		9,343,514
			Series - 2017 CD3 (Class AAB)
	22,068,000	i	CD Mortgage Trust			3.684		08/15/50		22,655,000
			Series - 2017 CD5 (Class AS)
	21,000,000		CGMS Commercial Mortgage Trust			3.197		08/15/50		21,086,489
			Series - 2017 B1 (Class A3)
	1,116,131	i	CHL Mortgage Pass-Through Trust			3.358		02/20/35		1,126,203
			Series - 2004 HYB9 (Class 1A1)
	3,959,852	g,i	Citigroup Mortgage Loan Trust	LIBOR 1 M + 0.180%		1.414		05/25/37		3,848,572
			Series - 2015 8 (Class 1A1)
	8,615,915	i	COBALT CMBS Commercial Mortgage Trust			5.771		05/15/46		8,743,431
			Series - 2007 C3 (Class AJ)
	2,095,000		COMM Mortgage Trust			3.040		02/10/48		2,141,861
			Series - 2015 LC19 (Class ASB)
	8,068,737	i	Connecticut Avenue Securities	LIBOR 1 M + 2.150%		3.387		09/25/28		8,157,123
			Series - 2016 C02 (Class 1M1)
	4,568,459	i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		3.237		10/25/28		4,645,775
			Series - 2016 C03 (Class 1M1)
	13,515,403	i	Connecticut Avenue Securities	LIBOR 1 M + 1.350%		2.587		01/25/29		13,587,845
			Series - 2016 C05 (Class 2M1)
	14,926,135	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		2.687		01/25/29		15,064,928
			Series - 2016 C04 (Class 1M1)
	14,857,341	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.537		04/25/29		15,030,521
			Series - 2016 C06 (Class 1M1)
	38,328,996	g,i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.530		07/25/29		38,693,662
			Series - 2017 C01 (Class 1M1)
	14,366,601	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		2.187		10/25/29		14,436,068
			Series - 2017 C03 (Class 1M1)
	4,676,346	i	Connecticut Avenue Securities	LIBOR 1 M + 0.550%		1.787		01/25/30		4,674,485
			Series - 2017 C05 (Class 1M1)
	195,037	i	Credit Suisse Commercial Mortgage Trust			5.903		09/15/39		196,014
			Series - 2007 C4 (Class A1AJ)
	477,081	i	Credit Suisse Commercial Mortgage Trust			5.625		01/15/49		488,992
			Series - 2007 C2 (Class AJ)
	150,000	i	Credit Suisse First Boston Mortgage Securities Corp			5.100		08/15/38		151,186
			Series - 2005 C5 (Class F)
	5,500,000		CSAIL Commercial Mortgage Trust			3.314		11/15/49		5,653,733
			Series - 2016 C7 (Class ASB)
	10,110,000	g,i	DBUBS Mortgage Trust			5.685		11/10/46		10,979,160
			Series - 2011 LC1A (Class C)
	3,884,546	i	GE Capital Commercial Mortgage Corp			5.900		11/10/45		3,934,575
			Series - 2005 C4 (Class AJ)
	750,000	i	GE Commercial Mortgage Corp			5.606		12/10/49		763,019
			Series - 2007 C1 (Class AM)

34

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	7,000,000	g	GRACE Mortgage Trust			3.369	%	06/10/28	$	7,241,175
			Series - 2014 GRCE (Class A)
	1,000,000	g	GS Mortgage Securities Corp II			2.933		06/05/31		1,013,766
			Series - 2012 SHOP (Class A)
	1,344,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		1,401,254
			Series - 2012 ALOH (Class A)
	3,227,251		GS Mortgage Securities Trust			1.478		05/10/49		3,186,798
			Series - 2016 GS2 (Class A1)
	8,000,000		GS Mortgage Securities Trust			3.467		03/10/50		8,302,129
			Series - 2017 GS5 (Class AAB)
	20,000,000		GS Mortgage Securities Trust			3.167		08/10/50		19,995,052
			Series - 2017 GS7 (Class A3)
	3,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		3,368,113
			Series - 2016 10HY (Class C)
	3,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,924,699
			Series - 2016 10HY (Class B)
	292,819	i	Impac CMB Trust	LIBOR 1 M + 0.660%		1.897		03/25/35		280,273
			Series - 2004 11 (Class 2A1)
	10,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.802		02/15/46		9,936,509
			Series - 2011 C3 (Class E)
	6,950,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.802		02/15/46		7,320,693
			Series - 2011 C3 (Class D)
	20,000,000		JPMBB Commercial Mortgage Securities Trust			3.493		08/15/47		20,716,716
			Series - 2014 C21 (Class A4)
	31,558,000		JPMCC Commercial Mortgage Securities Trust			3.195		09/15/50		31,744,429
			Series - 2017 JP7 (Class A4)
	1,697,292	i	LB-UBS Commercial Mortgage Trust			5.737		03/15/39		1,715,651
			Series - 2006 C3 (Class C)
	159,056	i	LB-UBS Commercial Mortgage Trust			5.533		02/15/40		158,956
			Series - 2007 C1 (Class C)
	7,500,000	i	LB-UBS Commercial Mortgage Trust			5.563		02/15/40		7,494,957
			Series - 2007 C1 (Class D)
	612,624	i	LB-UBS Commercial Mortgage Trust			6.114		07/15/40		612,438
			Series - 2007 C6 (Class AM)
	2,816,272	†,g,i	LVII Resecuritization Trust	LIBOR 1 M + 2.800%		4.039		07/25/47		2,822,434
			Series - 2015 A (Class A)
	25,000,000	g,i	MAD Mortgage Trust			3.294		08/15/34		25,272,228
			Series - 2017 330M (Class A)
	1,000,000	g,i	MAD Mortgage Trust			3.478		08/15/34		1,010,914
			Series - 2017 330M (Class B)
	580,000	i	Merrill Lynch Mortgage Trust			6.665		02/12/51		582,714
			Series - 0 C1 (Class AJA)
	7,854,300	i	ML-CFC Commercial Mortgage Trust			5.526		03/12/51		7,976,976
			Series - 2007 6 (Class AM)
	140,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.069		02/15/48		143,282
			Series - 2015 C20 (Class ASB)
	2,262,837	i	Morgan Stanley Capital I Trust			5.389		11/12/41		2,264,359
			Series - 2006 HQ10 (Class AJ)
	4,033,918	i	Morgan Stanley Capital I Trust			6.150		06/11/42		4,205,978
			Series - 2007 T27 (Class AJ)

35

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000	i	Morgan Stanley Capital I Trust			5.815	%	04/12/49	$	4,994,000
			Series - 2007 HQ12 (Class D)
	258,566	i	Morgan Stanley Capital I Trust			5.861		04/12/49		258,256
			Series - 2007 HQ12 (Class C)
	6,609,359	i	Morgan Stanley Capital I Trust			5.907		06/11/49		6,630,884
			Series - 2007 IQ15 (Class AJ)
	13,000,000		Morgan Stanley Capital I Trust			2.606		08/15/49		12,869,645
			Series - 2016 UB11 (Class ASB)
	4,907,000	i	Morgan Stanley Capital I Trust			6.115		12/12/49		4,606,446
			Series - 2007 IQ16 (Class AJ)
	12,000,000	g	MSSG Trust 2017-237P			3.865		09/13/39		11,687,509
			Series - 2017 237P (Class D)
	10,799,336	g,i	Sequoia Mortgage Trust			3.500		03/25/47		11,085,605
			Series - 2017 2 (Class A1)
	7,095,145	g,i	Sequoia Mortgage Trust			3.500		03/25/47		7,262,825
			Series - 2017 2 (Class A4)
	13,460,912	g,i	Sequoia Mortgage Trust			3.500		04/25/47		13,762,208
			Series - 2017 3 (Class A4)
	4,879,052	g,i	Sequoia Mortgage Trust			3.500		08/25/47		4,991,309
			Series - 2017 5 (Class A4)
	17,005,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		09/25/24		17,561,089
			Series - 2014 HQ2 (Class M2)
	125,418	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.400%		3.637		01/25/25		125,611
			Series - 2015 DN1 (Class M2)
	4,154,754	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		03/25/25		4,189,603
			Series - 2015 HQ1 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.800%		5.037		03/25/25		1,884,569
			Series - 2015 HQ1 (Class M3)
	135,349	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.100%		2.337		05/25/25		135,414
			Series - 2015 HQ2 (Class M1)
	3,475,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.950%		3.187		05/25/25		3,536,294
			Series - 2015 HQ2 (Class M2)
	6,315,393	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.600%		3.837		12/25/27		6,449,619
			Series - 2015 DNA2 (Class M2)
	5,894,547	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.650%		3.887		03/25/28		6,023,843
			Series - 2015 HQA1 (Class M2)
	673,062	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.450%		2.687		07/25/28		675,000
			Series - 2016 DNA1 (Class M1)
	2,754,504	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.250%		2.487		10/25/28		2,757,020
			Series - 2016 DNA2 (Class M1)
	4,250,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		10/25/28		4,319,254
			Series - 2016 DNA2 (Class M2)

36

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	9,972,573	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.100%		2.337	%	12/25/28	$	9,996,577
			Series - 2016 DNA3 (Class M1)
	6,482,309	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		2.037		03/25/29		6,486,716
			Series - 2016 DNA4 (Class M1)
	2,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.300%		2.537		03/25/29		2,784,375
			Series - 2016 DNA4 (Class M2)
	9,761,153	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		2.437		07/25/29		9,869,758
			Series - 2017 DNA1 (Class M1)
	29,000,000	h,i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.750%		1.984		03/25/30		29,047,577
			Series - 2017 DNA3 (Class M1)
	13,250,000	g	VOLT LXII LLC (Step Bond)			3.125		09/25/47		13,253,532
			Series - 2017 NPL9 (Class A1)
	5,000,000	g	VSE VOI Mortgage LLC			2.330		03/20/35		4,972,541
			Series - 2017 A (Class A)
	3,807,122	i	Wachovia Bank Commercial Mortgage Trust			5.825		07/15/45		3,849,323
			Series - 2006 C27 (Class AJ)
	80,418	i	Wachovia Bank Commercial Mortgage Trust			5.818		05/15/46		80,396
			Series - 2007 C34 (Class AM)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.214		05/15/46		1,998,046
			Series - 2007 C34 (Class B)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust			6.219		05/15/46		1,696,601
			Series - 2007 C34 (Class C)
	23,750,038	i	Wachovia Bank Commercial Mortgage Trust			6.274		05/15/46		24,121,268
			Series - 2007 C34 (Class AJ)
	1,725,000	i	Wachovia Bank Commercial Mortgage Trust			6.148		04/15/47		1,775,008
			Series - 2007 C31 (Class C)
	4,140,000	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		4,138,468
			Series - 2007 C32 (Class B)
	2,902,846	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		2,957,362
			Series - 2007 C32 (Class AJ)
	1,553,272	i	Wachovia Bank Commercial Mortgage Trust			5.953		02/15/51		1,551,939
			Series - 2007 C33 (Class AM)
	2,000,000		Wells Fargo Commercial Mortgage Trust			2.827		11/15/49		2,004,469
			Series - 2016 NXS6 (Class ASB)
	1,180,000		Wells Fargo Commercial Mortgage Trust			3.467		04/15/50		1,189,292
			Series - 2015 LC20 (Class AS)
	10,000,000		Wells Fargo Commercial Mortgage Trust			3.157		09/15/50		10,018,140
			Series - 2017 C39 (Class A4)
	2,000,000		Wells Fargo Commercial Mortgage Trust			3.185		03/15/59		2,049,091
			Series - 2016 C33 (Class ASB)
	2,000,000		Wells Fargo Commercial Mortgage Trust			2.933		11/15/59		2,015,544
			Series - 2016 C36 (Class ASB)
			TOTAL OTHER MORTGAGE BACKED							713,289,381
			TOTAL STRUCTURED ASSETS							1,193,424,690
			(Cost $1,194,314,587)
			TOTAL BONDS							4,274,177,732
			(Cost $4,249,368,508)

37

TIAA-CREF FUNDS - Bond Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	7,951	*	Peabody Energy Corp					$	230,658
			TOTAL ENERGY						230,658
			TOTAL COMMON STOCKS						230,658
			(Cost $109,354)
PREFERRED STOCKS - 0.0%
ENERGY - 0.0%
	890	*	Peabody Energy Corp						55,812
			TOTAL ENERGY						55,812
			TOTAL PREFERRED STOCKS						55,812
			(Cost $22,130)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 1.8%
TREASURY DEBT - 1.8%
EGP	40,000,000		Egypt Treasury Bills		0.000	%	12/12/17		2,187,807
$	25,540,000	j	United States Treasury Bill		0.860		10/05/17		25,538,463
	26,785,000		United States Treasury Bill		0.961		10/12/17		26,778,148
	22,600,000		United States Treasury Bill		0.971		10/26/17		22,585,875
			TOTAL TREASURY DEBT						77,090,293
			TOTAL SHORT-TERM INVESTMENTS						77,090,293
			(Cost $77,042,186)
			TOTAL INVESTMENTS - 100.4%						4,412,178,887
			(Cost $4,387,752,730)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(15,433,572	)
			NET ASSETS - 100.0%					$	4,396,745,315

	Abbreviation(s):
BRL	Brazilian real
DGS5	5-Year Treasury Constant Maturity Rate
EGP	Egyptian pound
ICE	Intercontinental Exchange
IDR	Indonesian rupiah
ISR	Intercontinental Exchange Swap Rate
LIBOR	London Interbank Offered Rate
M	Month
MXN	Mexican peso
PEN	Peruvian neuvo sol
REIT	Real Estate Investment Trust
UYU	Uruguayan peso
W	Week
Y	Year
ZAR	South American rand

38

TIAA-CREF FUNDS - Bond Fund

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $884,962,967 or 20.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon.
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.

39

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2017

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 99.4%
CORPORATE BONDS - 26.0%
AUTOMOBILES & COMPONENTS - 0.1%
$	200,000	BorgWarner, Inc		3.375	%	03/15/25	$	201,377
	200,000	BorgWarner, Inc		4.375		03/15/45		201,452
	100,000	Delphi Automotive plc		3.150		11/19/20		102,296
	250,000	Delphi Automotive plc		4.250		01/15/26		266,569
	100,000	Delphi Automotive plc		4.400		10/01/46		101,329
	600,000	Delphi Corp		4.150		03/15/24		636,359
	425,000	Ford Motor Co		4.346		12/08/26		441,645
	500,000	Ford Motor Co		7.450		07/16/31		647,227
	1,050,000	Ford Motor Co		4.750		01/15/43		1,028,890
	750,000	Ford Motor Co		5.291		12/08/46		782,124
	350,000	General Motors Co		4.200		10/01/27		354,949
	500,000	General Motors Co		6.600		04/01/36		592,967
	500,000	General Motors Co		5.150		04/01/38		512,410
	1,250,000	General Motors Co		6.250		10/02/43		1,427,839
	350,000	General Motors Co		6.750		04/01/46		421,398
	500,000	General Motors Co		5.400		04/01/48		518,040
	175,000	Harley-Davidson, Inc		3.500		07/28/25		179,658
	200,000	Harley-Davidson, Inc		4.625		07/28/45		211,524
	750,000	Honeywell International, Inc		1.400		10/30/19		745,246
	750,000	Honeywell International, Inc		1.850		11/01/21		740,761
	500,000	Honeywell International, Inc		3.350		12/01/23		524,893
	1,000,000	Honeywell International, Inc		2.500		11/01/26		958,230
	282,000	Honeywell International, Inc		5.700		03/15/37		357,137
	150,000	Lear Corp		3.800		09/15/27		149,365
	300,000	Magna International, Inc		3.625		06/15/24		309,628
	100,000	Magna International, Inc		4.150		10/01/25		106,475
		TOTAL AUTOMOBILES & COMPONENTS						12,519,788
BANKS - 4.0%
	300,000	Australia & New Zealand Banking Group Ltd		2.000		11/16/18		300,986
	400,000	Australia & New Zealand Banking Group Ltd		1.600		07/15/19		397,541
	500,000	Australia & New Zealand Banking Group Ltd		2.050		09/23/19		500,616
	300,000	Australia & New Zealand Banking Group Ltd		2.125		08/19/20		299,685
	300,000	Australia & New Zealand Banking Group Ltd		2.700		11/16/20		304,602
	750,000	Australia & New Zealand Banking Group Ltd		2.300		06/01/21		747,185
	500,000	Australia & New Zealand Banking Group Ltd		2.550		11/23/21		500,144
	300,000	Australia & New Zealand Banking Group Ltd		2.625		05/19/22		300,291
	200,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		211,738
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		356,844
	400,000	Banco Santander S.A.		3.500		04/11/22		409,530
	400,000	Banco Santander S.A.		4.250		04/11/27		414,973
	200,000	Bancolombia S.A.		5.950		06/03/21		221,040

40

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Bank of NV Scotia		2.150	%	07/14/20	$	1,002,532
	500,000	Bank of NV Scotia		2.700		03/07/22		504,836
	750,000	Bank of NV Scotia		2.450		09/19/22		746,295
	2,525,000	Bank of America Corp		2.600		01/15/19		2,545,160
	2,750,000	Bank of America Corp		2.650		04/01/19		2,774,496
	1,000,000	Bank of America Corp		2.625		10/19/20		1,010,487
	200,000	Bank of America Corp		2.151		11/09/20		199,398
	2,300,000	Bank of America Corp		5.875		01/05/21		2,546,632
	1,750,000	Bank of America Corp		2.625		04/19/21		1,763,124
	500,000	Bank of America Corp		2.369		07/21/21		499,945
	1,000,000	Bank of America Corp		2.328		10/01/21		998,745
	750,000	Bank of America Corp		2.503		10/21/22		742,700
	2,225,000	Bank of America Corp		3.300		01/11/23		2,278,661
	750,000	Bank of America Corp		3.124		01/20/23		761,469
	1,000,000	Bank of America Corp		2.816		07/21/23		999,994
	3,500,000	Bank of America Corp		4.125		01/22/24		3,723,907
	750,000	Bank of America Corp		4.000		04/01/24		792,097
	1,475,000	Bank of America Corp		4.200		08/26/24		1,550,121
	750,000	Bank of America Corp		4.000		01/22/25		775,830
	3,550,000	Bank of America Corp		3.950		04/21/25		3,655,189
	2,000,000	Bank of America Corp		3.875		08/01/25		2,094,274
	1,000,000	Bank of America Corp		3.093		10/01/25		998,828
	750,000	Bank of America Corp		4.450		03/03/26		791,435
	1,000,000	Bank of America Corp		3.500		04/19/26		1,016,469
	400,000	Bank of America Corp		4.250		10/22/26		418,305
	750,000	Bank of America Corp		3.248		10/21/27		734,638
	1,000,000	Bank of America Corp		4.183		11/25/27		1,036,055
	750,000	Bank of America Corp		3.824		01/20/28		769,889
	1,000,000	Bank of America Corp		3.593		07/21/28		1,007,944
	1,500,000	Bank of America Corp		5.000		01/21/44		1,737,715
	1,000,000	Bank of America Corp		4.875		04/01/44		1,145,274
	1,500,000	Bank of America Corp		4.443		01/20/48		1,624,413
	700,000	Bank of America NA		2.050		12/07/18		702,276
	500,000	Bank of Montreal		1.800		07/31/18		500,930
	500,000	Bank of Montreal		1.750		09/11/19		498,509
	425,000	Bank of Montreal		2.100		12/12/19		426,469
	500,000	Bank of Montreal		2.100		06/15/20		501,066
	1,000,000	Bank of Montreal		1.900		08/27/21		986,167
	500,000	Bank of Montreal		2.350		09/11/22		495,269
	400,000	Bank of Montreal		2.550		11/06/22		400,824
	500,000	Bank of Nova Scotia		2.050		10/30/18		502,033
	300,000	Bank of Nova Scotia		1.950		01/15/19		300,967
	700,000	Bank of Nova Scotia		1.650		06/14/19		698,034
	1,000,000	Bank of Nova Scotia		2.125		09/11/19		1,002,974
	500,000	Bank of Nova Scotia		2.350		10/21/20		503,416
	200,000	Bank of Nova Scotia		4.375		01/13/21		212,983
	300,000	Bank of Nova Scotia		2.450		03/22/21		301,775
	1,000,000	Bank of Nova Scotia		1.875		04/26/21		987,519
	800,000	Bank of Nova Scotia		2.800		07/21/21		814,695
	500,000	Bank of Nova Scotia		4.500		12/16/25		526,720
	300,000	Barclays plc		2.875		06/08/20		303,002
	600,000	Barclays plc		3.250		01/12/21		610,920
	2,000,000	Barclays plc		3.200		08/10/21		2,030,280

41

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	Barclays plc		3.684	%	01/10/23	$	1,537,951
	1,225,000	Barclays plc		3.650		03/16/25		1,227,689
	600,000	Barclays plc		4.375		01/12/26		626,819
	1,500,000	Barclays plc		5.200		05/12/26		1,601,871
	500,000	Barclays plc		4.337		01/10/28		516,037
	750,000	Barclays plc		4.836		05/09/28		777,127
	500,000	Barclays plc		5.250		08/17/45		569,940
	500,000	Barclays plc		4.950		01/10/47		546,111
	200,000	BB&T Corp		2.050		06/19/18		200,560
	1,000,000	BB&T Corp		2.250		02/01/19		1,006,050
	400,000	BB&T Corp		6.850		04/30/19		430,035
	300,000	BB&T Corp		2.625		06/29/20		304,837
	300,000	BB&T Corp		2.850		04/01/21		305,934
	500,000	BB&T Corp		2.050		05/10/21		497,864
	200,000	BB&T Corp		3.950		03/22/22		210,987
	750,000	BB&T Corp		2.750		04/01/22		762,749
	500,000	BB&T Corp		3.800		10/30/26		526,483
	500,000	BPCE S.A.		2.500		12/10/18		504,063
	300,000	BPCE S.A.		2.500		07/15/19		302,670
	500,000	BPCE S.A.		2.250		01/27/20		501,295
	300,000	BPCE S.A.		2.650		02/03/21		302,622
	400,000	BPCE S.A.		2.750		12/02/21		404,368
	500,000	BPCE S.A.		4.000		04/15/24		531,310
	300,000	BPCE S.A.		3.375		12/02/26		305,710
	500,000	Branch Banking & Trust Co		1.450		05/10/19		497,114
	500,000	Branch Banking & Trust Co		2.100		01/15/20		502,383
	500,000	Branch Banking & Trust Co		2.625		01/15/22		507,817
	250,000	Branch Banking & Trust Co		3.625		09/16/25		259,947
	500,000	Canadian Imperial Bank of Commerce		1.600		09/06/19		497,078
	300,000	Canadian Imperial Bank of Commerce		2.100		10/05/20		299,870
	1,000,000	Canadian Imperial Bank of Commerce		2.550		06/16/22		1,001,085
	400,000	Capital One Bank USA NA		2.150		11/21/18		400,994
	300,000	Capital One Bank USA NA		2.250		02/13/19		300,841
	300,000	Capital One Bank USA NA		2.300		06/05/19		300,815
	800,000	Capital One Bank USA NA		2.400		09/05/19		803,503
	900,000	Capital One Bank USA NA		2.950		07/23/21		911,825
	500,000	Capital One Bank USA NA		2.650		08/08/22		496,737
	972,000	Capital One Bank USA NA		3.375		02/15/23		986,094
	1,000,000	Capital One NA		2.250		09/13/21		986,107
	500,000	CitiBank NA		2.000		03/20/19		501,621
	750,000	CitiBank NA		1.850		09/18/19		749,809
	750,000	CitiBank NA		2.100		06/12/20		751,150
	500,000	Citigroup, Inc		2.150		07/30/18		501,422
	300,000	Citigroup, Inc		2.500		09/26/18		301,815
	500,000	Citigroup, Inc		2.050		12/07/18		500,606
	500,000	Citigroup, Inc		2.550		04/08/19		504,259
	1,000,000	Citigroup, Inc		2.050		06/07/19		1,000,668
	500,000	Citigroup, Inc		2.450		01/10/20		503,567
	4,250,000	Citigroup, Inc		2.700		03/30/21		4,296,420
	1,250,000	Citigroup, Inc		2.350		08/02/21		1,243,183
	750,000	Citigroup, Inc		2.900		12/08/21		759,043
	2,700,000	Citigroup, Inc		4.500		01/14/22		2,903,752

42

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	3,600,000	Citigroup, Inc		3.500	%	05/15/23	$	3,666,217
	1,000,000	Citigroup, Inc		2.876		07/24/23		1,000,971
	500,000	Citigroup, Inc		4.000		08/05/24		517,443
	750,000	Citigroup, Inc		3.875		03/26/25		767,122
	1,000,000	Citigroup, Inc		3.300		04/27/25		1,007,147
	525,000	Citigroup, Inc		4.400		06/10/25		553,786
	1,000,000	Citigroup, Inc		3.700		01/12/26		1,024,878
	750,000	Citigroup, Inc		4.600		03/09/26		798,180
	1,000,000	Citigroup, Inc		3.400		05/01/26		1,001,763
	1,000,000	Citigroup, Inc		3.200		10/21/26		985,225
	1,100,000	Citigroup, Inc		4.300		11/20/26		1,145,272
	1,250,000	Citigroup, Inc		4.450		09/29/27		1,321,881
	500,000	Citigroup, Inc		3.887		01/10/28		513,082
	1,000,000	Citigroup, Inc		3.668		07/24/28		1,007,426
	1,200,000	Citigroup, Inc		4.125		07/25/28		1,236,382
	200,000	Citigroup, Inc		5.875		01/30/42		254,747
	225,000	Citigroup, Inc		6.675		09/13/43		304,666
	525,000	Citigroup, Inc		4.650		07/30/45		580,863
	2,800,000	Citigroup, Inc		4.750		05/18/46		3,042,203
	300,000	Citizens Bank NA		2.300		12/03/18		301,103
	300,000	Citizens Bank NA		2.450		12/04/19		302,261
	750,000	Citizens Bank NA		2.250		03/02/20		750,886
	250,000	Citizens Bank NA		2.200		05/26/20		249,917
	150,000	Citizens Bank NA		2.550		05/13/21		150,594
	350,000	Citizens Bank NA		2.650		05/26/22		349,980
	100,000	Citizens Financial Group, Inc		2.375		07/28/21		99,342
	300,000	Citizens Financial Group, Inc		4.300		12/03/25		313,923
	200,000	Comerica Bank		4.000		07/27/25		206,465
	600,000	Comerica, Inc		2.500		06/02/20		603,166
	500,000	Commonwealth Bank of Australia		1.750		11/02/18		500,232
	1,250,000	Commonwealth Bank of Australia		2.250		03/13/19		1,257,531
	500,000	Commonwealth Bank of Australia		2.050		03/15/19		501,476
	500,000	Commonwealth Bank of Australia		2.300		09/06/19		503,863
	500,000	Commonwealth Bank of Australia		2.400		11/02/20		502,409
	300,000	Commonwealth Bank of Australia		2.550		03/15/21		301,930
	250,000	Compass Bank		2.875		06/29/22		248,739
	500,000	Compass Bank		3.875		04/10/25		498,778
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/19		1,511,026
	500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/20		503,434
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,589,754
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		05/21/25		1,540,932
	400,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		501,636
	1,100,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,307,781
	500,000	Cooperatieve Rabobank UA		1.375		08/09/19		495,738
	500,000	Cooperatieve Rabobank UA		4.500		01/11/21		535,556
	1,000,000	Cooperatieve Rabobank UA		2.500		01/19/21		1,010,102
	625,000	Cooperatieve Rabobank UA		2.750		01/10/22		633,739
	350,000	Cooperatieve Rabobank UA		3.750		07/21/26		354,948
	350,000	Cooperatieve Rabobank UA		5.250		05/24/41		428,195
	250,000	Deutsche Bank AG		2.850		05/10/19		252,471

43

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,300,000	Deutsche Bank AG		3.125	%	01/13/21	$	2,323,768
	500,000	Deutsche Bank AG		3.375		05/12/21		509,255
	1,800,000	Deutsche Bank AG		4.100		01/13/26		1,850,996
	500,000	Deutsche Bank AG.		2.700		07/13/20		501,936
	500,000	Discover Bank		2.600		11/13/18		503,222
	300,000	Discover Bank		3.100		06/04/20		306,956
	300,000	Discover Bank		3.200		08/09/21		305,998
	900,000	Discover Bank		4.200		08/08/23		954,678
	200,000	Discover Bank		4.250		03/13/26		206,845
	825,000	Discover Bank		3.450		07/27/26		810,644
	500,000	Fifth Third Bancorp		2.150		08/20/18		502,318
	300,000	Fifth Third Bancorp		2.300		03/01/19		301,709
	250,000	Fifth Third Bancorp		2.300		03/15/19		251,753
	375,000	Fifth Third Bancorp		2.375		04/25/19		378,070
	400,000	Fifth Third Bancorp		2.875		07/27/20		407,522
	200,000	Fifth Third Bancorp		2.875		10/01/21		203,497
	200,000	Fifth Third Bancorp		3.500		03/15/22		207,584
	750,000	Fifth Third Bancorp		2.600		06/15/22		749,294
	500,000	Fifth Third Bancorp		4.300		01/16/24		529,477
	600,000	Fifth Third Bancorp		3.850		03/15/26		616,170
	140,000	Fifth Third Bancorp		8.250		03/01/38		212,761
	500,000	Fifth Third Bank		1.625		09/27/19		496,864
	300,000	Fifth Third Bank		2.250		06/14/21		299,935
	200,000	First Horizon National Corp		3.500		12/15/20		205,878
	250,000	First Republic Bank		2.375		06/17/19		251,019
	500,000	First Republic Bank		2.500		06/06/22		496,538
	175,000	First Republic Bank		4.375		08/01/46		173,818
	750,000	HSBC Bank USA NA		4.875		08/24/20		806,577
	266,000	HSBC Bank USA NA		5.875		11/01/34		331,505
	33,000	HSBC Bank USA NA		7.000		01/15/39		47,155
	950,000	HSBC Holdings plc		3.400		03/08/21		979,364
	400,000	HSBC Holdings plc		2.950		05/25/21		406,130
	1,000,000	HSBC Holdings plc		2.650		01/05/22		1,001,967
	150,000	HSBC Holdings plc		4.875		01/14/22		163,826
	400,000	HSBC Holdings plc		3.262		03/13/23		408,157
	1,750,000	HSBC Holdings plc		3.600		05/25/23		1,820,508
	1,350,000	HSBC Holdings plc		4.250		03/14/24		1,410,922
	1,000,000	HSBC Holdings plc		4.250		08/18/25		1,039,447
	1,225,000	HSBC Holdings plc		4.300		03/08/26		1,315,721
	900,000	HSBC Holdings plc		3.900		05/25/26		941,560
	250,000	HSBC Holdings plc		4.375		11/23/26		260,639
	1,500,000	HSBC Holdings plc		4.041		03/13/28		1,565,798
	2,325,000	HSBC Holdings plc		6.500		09/15/37		3,074,436
	550,000	HSBC Holdings plc		6.100		01/14/42		732,692
	1,175,000	HSBC Holdings plc		5.250		03/14/44		1,379,940
	750,000	HSBC USA, Inc		2.625		09/24/18		757,109
	500,000	HSBC USA, Inc		2.250		06/23/19		502,949
	750,000	HSBC USA, Inc		2.375		11/13/19		755,242
	2,500,000	HSBC USA, Inc		2.350		03/05/20		2,515,581
	750,000	HSBC USA, Inc		2.750		08/07/20		763,800
	1,000,000	HSBC USA, Inc		3.500		06/23/24		1,030,036
	200,000	Huntington Bancshares, Inc		2.600		08/02/18		201,334
	500,000	Huntington Bancshares, Inc		3.150		03/14/21		512,534
	500,000	Huntington Bancshares, Inc		2.300		01/14/22		495,081
	400,000	Huntington National Bank		2.375		03/10/20		402,265

44

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,100,000	Huntington National Bank		2.875	%	08/20/20	$	1,119,481
	500,000	Huntington National Bank		2.500		08/07/22		497,047
	750,000	Industrial & Commercial Bank of China Ltd		2.351		11/13/17		750,379
	300,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		299,567
	250,000	Industrial & Commercial Bank of China Ltd		3.231		11/13/19		253,733
	1,300,000	Industrial & Commercial Bank of China Ltd		2.905		11/13/20		1,308,219
	300,000	Industrial & Commercial Bank of China Ltd		2.635		05/26/21		298,261
	250,000	Industrial & Commercial Bank of China Ltd		2.452		10/20/21		246,648
	750,000	ING Groep NV		3.150		03/29/22		764,056
	250,000	ING Groep NV		3.950		03/29/27		260,642
	500,000	Intesa Sanpaolo S.p.A		3.875		01/15/19		510,379
	500,000	Intesa Sanpaolo S.p.A		5.250		01/12/24		550,994
	1,000,000	JPMorgan Chase & Co		2.350		01/28/19		1,007,395
	500,000	JPMorgan Chase & Co		1.850		03/22/19		500,342
	1,000,000	JPMorgan Chase & Co		2.200		10/22/19		1,005,838
	1,750,000	JPMorgan Chase & Co		2.250		01/23/20		1,759,016
	1,750,000	JPMorgan Chase & Co		2.750		06/23/20		1,782,914
	700,000	JPMorgan Chase & Co		4.400		07/22/20		743,309
	1,820,000	JPMorgan Chase & Co		4.250		10/15/20		1,928,931
	1,000,000	JPMorgan Chase & Co		2.550		10/29/20		1,011,126
	2,000,000	JPMorgan Chase & Co		2.550		03/01/21		2,019,558
	1,000,000	JPMorgan Chase & Co		2.400		06/07/21		1,003,175
	325,000	JPMorgan Chase & Co		2.295		08/15/21		324,673
	1,950,000	JPMorgan Chase & Co		4.350		08/15/21		2,088,250
	500,000	JPMorgan Chase & Co		4.500		01/24/22		541,611
	3,150,000	JPMorgan Chase & Co		3.250		09/23/22		3,251,968
	750,000	JPMorgan Chase & Co		2.972		01/15/23		761,401
	2,350,000	JPMorgan Chase & Co		3.200		01/25/23		2,409,320
	1,750,000	JPMorgan Chase & Co		3.375		05/01/23		1,785,877
	500,000	JPMorgan Chase & Co		2.700		05/18/23		499,957
	1,000,000	JPMorgan Chase & Co		3.625		05/13/24		1,042,567
	2,100,000	JPMorgan Chase & Co		3.875		09/10/24		2,185,140
	750,000	JPMorgan Chase & Co		3.220		03/01/25		759,862
	1,600,000	JPMorgan Chase & Co		3.900		07/15/25		1,684,227
	750,000	JPMorgan Chase & Co		3.300		04/01/26		751,931
	1,000,000	JPMorgan Chase & Co		3.200		06/15/26		992,257
	500,000	JPMorgan Chase & Co		2.950		10/01/26		489,146
	1,000,000	JPMorgan Chase & Co		4.125		12/15/26		1,046,877
	650,000	JPMorgan Chase & Co		4.250		10/01/27		686,810
	500,000	JPMorgan Chase & Co		3.625		12/01/27		500,946
	1,000,000	JPMorgan Chase & Co		3.782		02/01/28		1,026,148
	1,000,000	JPMorgan Chase & Co		3.882		07/24/38		1,006,062
	958,000	JPMorgan Chase & Co		5.500		10/15/40		1,173,291
	1,000,000	JPMorgan Chase & Co		5.625		08/16/43		1,222,031
	1,800,000	JPMorgan Chase & Co		4.950		06/01/45		2,046,883
	2,050,000	JPMorgan Chase & Co		4.260		02/22/48		2,149,851
	1,000,000	JPMorgan Chase & Co		4.032		07/24/48		1,018,095
	750,000	JPMorgan Chase & Co		6.000		12/30/49		815,625
	750,000	JPMorgan Chase Bank NA		1.650		09/23/19		747,156
	200,000	KeyBank NA		2.350		03/08/19		201,615
	790,000	KeyBank NA		1.600		08/22/19		785,672
	250,000	KeyBank NA		2.500		12/15/19		252,874
	175,000	KeyBank NA		2.250		03/16/20		175,632
	500,000	KeyBank NA		2.500		11/22/21		503,307
	300,000	KeyBank NA		3.180		05/22/22		305,499

45

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	KeyBank NA		2.400	%	06/09/22	$	298,814
	300,000	KeyBank NA		2.300		09/14/22		297,174
	500,000	KeyBank NA		3.300		06/01/25		508,376
	300,000	KeyBank NA		3.400		05/20/26		298,429
	400,000	KeyCorp		2.300		12/13/18		402,113
	200,000	KeyCorp		2.900		09/15/20		204,305
	150,000	KeyCorp		5.100		03/24/21		163,443
	800,000	Lloyds Bank plc		2.700		08/17/20		812,899
	850,000	Lloyds Banking Group plc		3.100		07/06/21		864,075
	300,000	Lloyds Banking Group plc		3.000		01/11/22		302,402
	2,500,000	Lloyds Banking Group plc		4.500		11/04/24		2,625,588
	300,000	Lloyds Banking Group plc		4.650		03/24/26		317,071
	300,000	Lloyds Banking Group plc		3.750		01/11/27		305,104
	200,000	Lloyds Banking Group plc		5.300		12/01/45		233,963
	650,000	Manufacturers & Traders Trust Co		2.300		01/30/19		653,389
	300,000	Manufacturers & Traders Trust Co		2.250		07/25/19		301,487
	150,000	Manufacturers & Traders Trust Co		2.100		02/06/20		150,125
	250,000	Manufacturers & Traders Trust Co		2.050		08/17/20		249,560
	500,000	Manufacturers & Traders Trust Co		2.500		05/18/22		501,596
	100,000	Manufacturers & Traders Trust Co		2.900		02/06/25		99,130
	100,000	Manufacturers & Traders Trust Co		3.400		08/17/27		100,183
	1,125,000	Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		1,143,445
	500,000	Mitsubishi UFJ Financial Group, Inc		2.190		09/13/21		493,832
	400,000	Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		405,392
	500,000	Mitsubishi UFJ Financial Group, Inc		2.665		07/25/22		499,216
	350,000	Mitsubishi UFJ Financial Group, Inc		2.527		09/13/23		344,333
	1,600,000	Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		1,663,904
	300,000	Mitsubishi UFJ Financial Group, Inc		2.757		09/13/26		288,404
	400,000	Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		412,965
	500,000	Mitsubishi UFJ Financial Group, Inc		3.287		07/25/27		497,671
	750,000	Mizuho Financial Group, Inc		2.273		09/13/21		738,472
	200,000	Mizuho Financial Group, Inc		2.953		02/28/22		201,775
	300,000	Mizuho Financial Group, Inc		2.601		09/11/22		297,460
	750,000	Mizuho Financial Group, Inc		2.839		09/13/26		723,454
	200,000	Mizuho Financial Group, Inc		3.663		02/28/27		205,298
	300,000	Mizuho Financial Group, Inc		3.170		09/11/27		293,856
	500,000	MUFG Americas Holdings Corp		2.250		02/10/20		500,850
	200,000	MUFG Americas Holdings Corp		3.000		02/10/25		197,062
	350,000	National Australia Bank Ltd		1.875		07/23/18		350,793
	300,000	National Australia Bank Ltd		2.300		07/25/18		301,717
	300,000	National Australia Bank Ltd		2.000		01/14/19		300,798
	500,000	National Australia Bank Ltd		1.375		07/12/19		496,292
	500,000	National Australia Bank Ltd		2.250		01/10/20		502,180
	500,000	National Australia Bank Ltd		2.125		05/22/20		500,011
	350,000	National Australia Bank Ltd		2.625		07/23/20		354,569
	300,000	National Australia Bank Ltd		2.625		01/14/21		301,587
	500,000	National Australia Bank Ltd		1.875		07/12/21		490,481
	500,000	National Australia Bank Ltd		2.800		01/10/22		505,478
	500,000	National Australia Bank Ltd		2.500		05/22/22		499,183
	200,000	National Australia Bank Ltd		3.000		01/20/23		203,842
	300,000	National Australia Bank Ltd		3.375		01/14/26		305,037
	500,000	National Australia Bank Ltd		2.500		07/12/26		475,491

46

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	National Bank of Canada		2.100	%	12/14/18	$	400,910
	400,000	National Bank of Canada		2.150		06/12/20		399,794
	350,000	Northern Trust Corp		2.375		08/02/22		351,907
	500,000	Northern Trust Corp		3.950		10/30/25		530,541
	100,000	Northern Trust Corp		3.375		05/08/32		99,993
	300,000	People’s United Bank		4.000		07/15/24		306,867
	100,000	People’s United Financial, Inc		3.650		12/06/22		102,936
	375,000	PNC Bank NA		1.850		07/20/18		375,580
	300,000	PNC Bank NA		1.800		11/05/18		300,274
	300,000	PNC Bank NA		1.700		12/07/18		299,638
	150,000	PNC Bank NA		2.200		01/28/19		150,784
	500,000	PNC Bank NA		1.950		03/04/19		501,295
	800,000	PNC Bank NA		2.250		07/02/19		805,901
	500,000	PNC Bank NA		1.450		07/29/19		496,653
	600,000	PNC Bank NA		2.400		10/18/19		605,133
	750,000	PNC Bank NA		2.000		05/19/20		749,366
	300,000	PNC Bank NA		2.300		06/01/20		302,265
	300,000	PNC Bank NA		2.600		07/21/20		304,505
	300,000	PNC Bank NA		2.450		11/05/20		302,836
	500,000	PNC Bank NA		2.150		04/29/21		497,841
	500,000	PNC Bank NA		2.550		12/09/21		504,018
	500,000	PNC Bank NA		2.625		02/17/22		505,133
	500,000	PNC Bank NA		2.450		07/28/22		500,338
	750,000	PNC Bank NA		2.700		11/01/22		755,293
	500,000	PNC Bank NA		2.950		01/30/23		505,835
	600,000	PNC Bank NA		2.950		02/23/25		600,841
	550,000	PNC Bank NA		3.250		06/01/25		561,262
	300,000	PNC Financial Services Group, Inc		3.900		04/29/24		315,660
	300,000	PNC Financial Services Group, Inc		3.150		05/19/27		300,574
	150,000	PNC Financial Services Group, Inc (Step Bond)		2.854		11/09/22		151,611
	645,000	PNC Funding Corp		5.125		02/08/20		690,342
	50,000	PNC Funding Corp		4.375		08/11/20		53,175
	250,000	Regions Bank		2.250		09/14/18		251,051
	1,350,000	Regions Financial Corp		3.200		02/08/21		1,379,308
	500,000	Regions Financial Corp		2.750		08/14/22		498,987
	500,000	Royal Bank of Canada		2.000		10/01/18		501,528
	750,000	Royal Bank of Canada		2.000		12/10/18		752,082
	600,000	Royal Bank of Canada		2.150		03/15/19		603,202
	750,000	Royal Bank of Canada		1.625		04/15/19		747,609
	300,000	Royal Bank of Canada		1.500		07/29/19		298,232
	1,000,000	Royal Bank of Canada		2.200		09/23/19		1,004,889
	750,000	Royal Bank of Canada		1.875		02/05/20		748,149
	500,000	Royal Bank of Canada		2.125		03/02/20		502,103
	250,000	Royal Bank of Canada		2.150		03/06/20		250,765
	500,000	Royal Bank of Canada		2.100		10/14/20		499,947
	500,000	Royal Bank of Canada		2.350		10/30/20		503,596
	500,000	Royal Bank of Canada		2.500		01/19/21		504,286
	750,000	Royal Bank of Canada		2.300		03/22/21		752,405
	300,000	Royal Bank of Canada		2.750		02/01/22		305,032
	1,000,000	Royal Bank of Canada		4.650		01/27/26		1,070,292
	1,500,000	Royal Bank of Scotland Group plc		3.498		05/15/23		1,509,170

47

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Royal Bank of Scotland Group plc		3.875	%	09/12/23	$	1,022,918
	750,000		Royal Bank of Scotland Group plc		4.800		04/05/26		802,322
	400,000		Santander Holdings USA, Inc		2.700		05/24/19		403,117
	250,000		Santander Holdings USA, Inc		2.650		04/17/20		251,104
	1,150,000	g	Santander Holdings USA, Inc		3.700		03/28/22		1,171,348
	250,000		Santander Holdings USA, Inc		4.500		07/17/25		260,386
	250,000	g	Santander Holdings USA, Inc		4.400		07/13/27		255,128
	400,000		Santander Issuances SAU		5.179		11/19/25		430,415
	600,000		Santander UK Group Holdings plc		2.875		10/16/20		608,416
	200,000		Santander UK Group Holdings plc		3.125		01/08/21		203,543
	750,000		Santander UK Group Holdings plc		2.875		08/05/21		753,352
	500,000		Santander UK Group Holdings plc		3.571		01/10/23		511,344
	500,000		Santander UK plc		3.050		08/23/18		505,951
	500,000		Santander UK plc		2.500		03/14/19		504,496
	500,000		Santander UK plc		4.000		03/13/24		527,557
	400,000		Skandinaviska Enskilda Banken AB		1.500		09/13/19		395,936
	300,000		Skandinaviska Enskilda Banken AB		2.300		03/11/20		301,628
	500,000		Skandinaviska Enskilda Banken AB		2.625		03/15/21		504,455
	400,000		Skandinaviska Enskilda Banken AB		1.875		09/13/21		392,499
	300,000		Skandinaviska Enskilda Banken AB		2.800		03/11/22		304,673
	400,000		Societe Generale S.A.		2.625		10/01/18		403,415
	250,000		Sumitomo Mitsui Banking Corp		1.950		07/23/18		250,498
	500,000		Sumitomo Mitsui Banking Corp		1.762		10/19/18		499,969
	300,000		Sumitomo Mitsui Banking Corp		2.450		01/10/19		302,071
	500,000		Sumitomo Mitsui Banking Corp		2.050		01/18/19		501,707
	500,000		Sumitomo Mitsui Banking Corp		2.250		07/11/19		502,109
	500,000		Sumitomo Mitsui Banking Corp		2.650		07/23/20		506,192
	300,000		Sumitomo Mitsui Banking Corp		2.450		10/20/20		300,678
	250,000		Sumitomo Mitsui Banking Corp		3.200		07/18/22		255,271
	800,000		Sumitomo Mitsui Banking Corp		3.000		01/18/23		808,047
	300,000		Sumitomo Mitsui Banking Corp		3.950		01/10/24		317,391
	500,000		Sumitomo Mitsui Banking Corp		3.400		07/11/24		511,834
	250,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		259,099
	500,000		Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		508,094
	1,250,000		Sumitomo Mitsui Financial Group, Inc		2.058		07/14/21		1,228,906
	425,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		422,769
	700,000		Sumitomo Mitsui Financial Group, Inc		2.846		01/11/22		706,339
	500,000		Sumitomo Mitsui Financial Group, Inc		2.784		07/12/22		501,238
	1,000,000		Sumitomo Mitsui Financial Group, Inc		3.784		03/09/26		1,038,597
	500,000		Sumitomo Mitsui Financial Group, Inc		2.632		07/14/26		475,516
	500,000		Sumitomo Mitsui Financial Group, Inc		3.010		10/19/26		488,250
	500,000		Sumitomo Mitsui Financial Group, Inc		3.446		01/11/27		505,335
	500,000		Sumitomo Mitsui Financial Group, Inc		3.364		07/12/27		502,227
	500,000		SunTrust Bank		2.250		01/31/20		502,289
	1,000,000		SunTrust Bank		2.450		08/01/22		995,686
	200,000		SunTrust Bank		3.300		05/15/26		197,589
	200,000		SunTrust Banks, Inc		2.350		11/01/18		201,015
	800,000		SunTrust Banks, Inc		2.900		03/03/21		813,582
	500,000		SunTrust Banks, Inc		2.700		01/27/22		503,857
	225,000		SunTrust Banks, Inc		2.750		05/01/23		223,887
	50,000		SVB Financial Group		5.375		09/15/20		54,278
	300,000		Svenska Handelsbanken AB		2.500		01/25/19		302,683

48

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Svenska Handelsbanken AB		2.250	%	06/17/19	$	503,357
	250,000	Svenska Handelsbanken AB		1.500		09/06/19		248,232
	350,000	Svenska Handelsbanken AB		1.950		09/08/20		349,020
	800,000	Svenska Handelsbanken AB		2.400		10/01/20		807,375
	750,000	Svenska Handelsbanken AB		2.450		03/30/21		755,164
	250,000	Svenska Handelsbanken AB		1.875		09/07/21		246,084
	225,000	Synchrony Bank		3.000		06/15/22		224,378
	400,000	Toronto-Dominion Bank		1.750		07/23/18		400,285
	300,000	Toronto-Dominion Bank		1.450		09/06/18		299,549
	600,000	Toronto-Dominion Bank		2.625		09/10/18		605,857
	700,000	Toronto-Dominion Bank		1.950		01/22/19		701,583
	500,000	Toronto-Dominion Bank		2.125		07/02/19		502,482
	500,000	Toronto-Dominion Bank		1.450		08/13/19		496,523
	300,000	Toronto-Dominion Bank		2.250		11/05/19		302,263
	200,000	Toronto-Dominion Bank		1.850		09/11/20		199,134
	300,000	Toronto-Dominion Bank		2.500		12/14/20		303,490
	900,000	Toronto-Dominion Bank		2.125		04/07/21		897,235
	500,000	Toronto-Dominion Bank		1.800		07/13/21		492,218
	1,000,000	Toronto-Dominion Bank		3.625		09/15/31		995,159
	250,000	Union Bank NA		2.625		09/26/18		252,088
	225,000	UnionBanCal Corp		3.500		06/18/22		232,446
	1,000,000	US Bancorp		1.950		11/15/18		1,003,526
	500,000	US Bancorp		2.200		04/25/19		503,030
	700,000	US Bancorp		2.625		01/24/22		709,567
	200,000	US Bancorp		2.950		07/15/22		204,624
	375,000	US Bancorp		3.700		01/30/24		395,893
	500,000	US Bancorp		3.600		09/11/24		519,954
	750,000	US Bancorp		3.100		04/27/26		746,195
	500,000	US Bancorp		2.375		07/22/26		474,991
	1,000,000	US Bancorp		3.150		04/27/27		1,005,433
	500,000	US Bank NA		2.125		10/28/19		503,394
	1,050,000	US Bank NA		2.000		01/24/20		1,052,672
	500,000	US Bank NA		2.800		01/27/25		496,625
	500,000	Wells Fargo Bank NA		1.800		11/28/18		500,564
	500,000	Wells Fargo Bank NA		1.750		05/24/19		499,604
	500,000	Wells Fargo Bank NA		2.150		12/06/19		502,572
	1,500,000	Westpac Banking Corp		1.950		11/23/18		1,502,036
	500,000	Westpac Banking Corp		2.250		01/17/19		502,867
	500,000	Westpac Banking Corp		1.650		05/13/19		498,050
	500,000	Westpac Banking Corp		1.600		08/19/19		497,676
	75,000	Westpac Banking Corp		4.875		11/19/19		79,556
	800,000	Westpac Banking Corp		2.150		03/06/20		802,607
	600,000	Westpac Banking Corp		2.300		05/26/20		604,666
	500,000	Westpac Banking Corp		2.100		05/13/21		495,675
	500,000	Westpac Banking Corp		2.000		08/19/21		493,520
	400,000	Westpac Banking Corp		2.800		01/11/22		406,032
	750,000	Westpac Banking Corp		2.500		06/28/22		749,561
	500,000	Westpac Banking Corp		2.850		05/13/26		488,570
	500,000	Westpac Banking Corp		2.700		08/19/26		482,532
	500,000	Westpac Banking Corp		3.350		03/08/27		508,269
	950,000	Westpac Banking Corp		4.322		11/23/31		975,644
		TOTAL BANKS						337,277,620

49

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
CAPITAL GOODS - 1.0%
$	42,000	Agilent Technologies, Inc		6.500	%	11/01/17	$	42,137
	100,000	Agilent Technologies, Inc		5.000		07/15/20		106,338
	100,000	Agilent Technologies, Inc		3.200		10/01/22		100,985
	400,000	Agilent Technologies, Inc		3.875		07/15/23		414,077
	200,000	Agilent Technologies, Inc		3.050		09/22/26		192,931
	600,000	Air Lease Corp		3.375		01/15/19		609,936
	200,000	Air Lease Corp		2.125		01/15/20		199,654
	200,000	Air Lease Corp		3.875		04/01/21		208,838
	200,000	Air Lease Corp		3.375		06/01/21		206,249
	500,000	Air Lease Corp		3.750		02/01/22		521,257
	400,000	Air Lease Corp		2.625		07/01/22		397,012
	500,000	Air Lease Corp		3.625		04/01/27		500,125
	250,000	Applied Materials, Inc		2.625		10/01/20		254,595
	200,000	Applied Materials, Inc		4.300		06/15/21		214,530
	250,000	Applied Materials, Inc		3.900		10/01/25		267,009
	800,000	Applied Materials, Inc		3.300		04/01/27		814,470
	250,000	Applied Materials, Inc		5.100		10/01/35		294,046
	100,000	Applied Materials, Inc		5.850		06/15/41		127,430
	500,000	Applied Materials, Inc		4.350		04/01/47		534,725
	200,000	Arrow Electronics, Inc		3.500		04/01/22		203,844
	125,000	Arrow Electronics, Inc		3.250		09/08/24		123,429
	200,000	Arrow Electronics, Inc		4.000		04/01/25		204,010
	200,000	Arrow Electronics, Inc		3.875		01/12/28		199,483
	200,000	Avnet, Inc		3.750		12/01/21		204,280
	300,000	Avnet, Inc		4.875		12/01/22		316,633
	200,000	Avnet, Inc		4.625		04/15/26		207,689
	100,000	Carlisle Cos, Inc		3.750		11/15/22		102,115
	1,361,000	Caterpillar Financial Services Corp		7.150		02/15/19		1,458,831
	200,000	Caterpillar Financial Services Corp		1.900		03/22/19		200,470
	300,000	Caterpillar Financial Services Corp		1.350		05/18/19		298,013
	300,000	Caterpillar Financial Services Corp		2.100		06/09/19		301,991
	150,000	Caterpillar Financial Services Corp		2.250		12/01/19		151,064
	500,000	Caterpillar Financial Services Corp		2.100		01/10/20		502,426
	200,000	Caterpillar Financial Services Corp		2.000		03/05/20		200,234
	300,000	Caterpillar Financial Services Corp		1.850		09/04/20		299,058
	750,000	Caterpillar Financial Services Corp		1.700		08/09/21		735,505
	500,000	Caterpillar Financial Services Corp		2.400		06/06/22		500,680
	700,000	Caterpillar Financial Services Corp		3.750		11/24/23		744,439
	200,000	Caterpillar Financial Services Corp		3.300		06/09/24		206,634
	525,000	Caterpillar Financial Services Corp		3.250		12/01/24		538,458
	500,000	Caterpillar Financial Services Corp		2.400		08/09/26		479,271
	200,000	Caterpillar, Inc		3.900		05/27/21		212,025
	1,700,000	Caterpillar, Inc		3.400		05/15/24		1,778,154
	738,000	Caterpillar, Inc		3.803		08/15/42		755,023
	300,000	Caterpillar, Inc		4.300		05/15/44		324,802
	300,000	CRH America, Inc		5.750		01/15/21		328,588
	200,000	Cummins, Inc		3.650		10/01/23		210,310
	200,000	Cummins, Inc		4.875		10/01/43		229,527
	300,000	Danaher Corp		2.400		09/15/20		303,654
	200,000	Danaher Corp		3.350		09/15/25		207,833

50

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Danaher Corp		4.375	%	09/15/45	$	217,205
	150,000	Deere & Co		2.600		06/08/22		151,646
	218,000	Deere & Co		5.375		10/16/29		264,049
	650,000	Deere & Co		3.900		06/09/42		667,650
	825,000	Dover Corp		3.150		11/15/25		837,515
	100,000	Dover Corp		5.375		03/01/41		122,717
	1,075,000	Eaton Corp		2.750		11/02/22		1,082,288
	200,000	Eaton Corp		3.103		09/15/27		196,797
	150,000	Eaton Corp		4.000		11/02/32		155,821
	250,000	Eaton Corp		4.150		11/02/42		250,818
	200,000	Eaton Corp		3.915		09/15/47		196,443
	1,650,000	Embraer Netherlands Finance BV		5.400		02/01/27		1,786,950
	300,000	Emerson Electric Co		5.250		10/15/18		310,969
	400,000	Emerson Electric Co		4.875		10/15/19		423,352
	350,000	Emerson Electric Co		2.625		02/15/23		350,145
	200,000	Emerson Electric Co		3.150		06/01/25		205,565
	200,000	Emerson Electric Co		5.250		11/15/39		239,656
	200,000	FLIR Systems, Inc		3.125		06/15/21		202,588
	150,000	Flowserve Corp		3.500		09/15/22		151,063
	200,000	Flowserve Corp		4.000		11/15/23		205,239
	600,000	General Dynamics Corp		2.250		11/15/22		600,352
	300,000	General Dynamics Corp		1.875		08/15/23		292,087
	200,000	General Dynamics Corp		2.375		11/15/24		196,330
	200,000	General Dynamics Corp		2.125		08/15/26		187,548
	200,000	General Dynamics Corp		2.625		11/15/27		193,460
	225,000	General Dynamics Corp		3.600		11/15/42		223,027
	1,725,000	General Electric Co		2.700		10/09/22		1,757,116
	2,875,000	General Electric Co		4.125		10/09/42		3,031,081
	850,000	General Electric Co		4.500		03/11/44		951,989
	100,000	IDEX Corp		4.500		12/15/20		105,126
	200,000	IDEX Corp		4.200		12/15/21		207,921
	300,000	Illinois Tool Works, Inc		1.950		03/01/19		301,109
	500,000	Illinois Tool Works, Inc		6.250		04/01/19		533,179
	1,000,000	Illinois Tool Works, Inc		2.650		11/15/26		974,836
	200,000	Illinois Tool Works, Inc		4.875		09/15/41		233,332
	500,000	Illinois Tool Works, Inc		3.900		09/01/42		511,818
	170,000	Ingersoll-Rand Global Holding Co Ltd		6.875		08/15/18		177,381
	250,000	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		252,829
	300,000	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		323,114
	200,000	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		248,438
	500,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		504,373
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		103,142
	200,000	John Deere Capital Corp		1.650		10/15/18		200,116
	200,000	John Deere Capital Corp		1.950		12/13/18		200,713
	300,000	John Deere Capital Corp		1.950		01/08/19		301,165
	300,000	John Deere Capital Corp		1.250		10/09/19		296,870
	350,000	John Deere Capital Corp		1.700		01/15/20		348,650
	200,000	John Deere Capital Corp		2.200		03/13/20		201,464
	300,000	John Deere Capital Corp		1.950		06/22/20		300,249
	125,000	John Deere Capital Corp		2.450		09/11/20		126,401
	175,000	John Deere Capital Corp		2.550		01/08/21		177,191
	400,000	John Deere Capital Corp		2.800		03/04/21		408,063
	200,000	John Deere Capital Corp		3.150		10/15/21		206,615

51

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		John Deere Capital Corp		2.650	%	01/06/22	$	506,573
	400,000		John Deere Capital Corp		2.150		09/08/22		396,155
	200,000		John Deere Capital Corp		2.800		01/27/23		203,550
	600,000		John Deere Capital Corp		2.800		03/06/23		609,510
	300,000		John Deere Capital Corp		3.350		06/12/24		309,909
	750,000		John Deere Capital Corp		2.650		06/24/24		746,216
	125,000		John Deere Capital Corp		3.400		09/11/25		129,719
	200,000		John Deere Capital Corp		2.800		09/08/27		196,540
	160,000		Johnson Controls International plc		4.250		03/01/21		169,083
	300,000		Johnson Controls International plc		3.900		02/14/26		315,835
	270,000		Johnson Controls International plc		6.000		01/15/36		333,230
	200,000		Johnson Controls International plc		5.125		09/14/45		227,954
	125,000		Johnson Controls International plc		4.500		02/15/47		132,575
	300,000		Johnson Controls International plc (Step Bond)		3.625		07/02/24		310,702
	325,000		Johnson Controls International plc (Step Bond)		4.625		07/02/44		348,158
	100,000		Johnson Controls International plc (Step Bond)		4.950		07/02/64		106,744
	150,000		Kennametal, Inc		3.875		02/15/22		152,355
	1,366,000		KLA-Tencor Corp		4.125		11/01/21		1,443,196
	200,000		KLA-Tencor Corp		4.650		11/01/24		216,594
	509,000		Lam Research Corp		2.750		03/15/20		517,106
	400,000		Lam Research Corp		2.800		06/15/21		405,419
	200,000		Lam Research Corp		3.800		03/15/25		206,331
	100,000		Legrand France S.A.		8.500		02/15/25		128,293
	100,000		Lennox International, Inc		3.000		11/15/23		100,121
	1,075,000		Lockheed Martin Corp		2.500		11/23/20		1,090,842
	500,000		Lockheed Martin Corp		3.100		01/15/23		514,825
	300,000		Lockheed Martin Corp		2.900		03/01/25		298,398
	1,200,000		Lockheed Martin Corp		3.550		01/15/26		1,241,611
	300,000		Lockheed Martin Corp		3.600		03/01/35		295,564
	500,000		Lockheed Martin Corp		4.500		05/15/36		546,347
	1,108,000		Lockheed Martin Corp		4.070		12/15/42		1,125,663
	969,000	g	Lockheed Martin Corp		4.090		09/15/52		967,504
	300,000		Mosaic Co		4.250		11/15/23		311,426
	300,000		Mosaic Co		5.450		11/15/33		309,948
	100,000		Mosaic Co		4.875		11/15/41		94,144
	300,000		Mosaic Co		5.625		11/15/43		306,093
	250,000		Parker-Hannifin Corp		3.500		09/15/22		261,090
	300,000		Parker-Hannifin Corp		3.300		11/21/24		308,077
	175,000	g	Parker-Hannifin Corp		3.250		03/01/27		176,212
	200,000		Parker-Hannifin Corp		4.200		11/21/34		210,840
	200,000		Parker-Hannifin Corp		4.450		11/21/44		214,044
	350,000	g	Parker-Hannifin Corp		4.100		03/01/47		358,218
	775,000		Precision Castparts Corp		2.500		01/15/23		776,644
	300,000		Precision Castparts Corp		3.250		06/15/25		306,150
	400,000		Precision Castparts Corp		4.200		06/15/35		419,640
	100,000		Precision Castparts Corp		3.900		01/15/43		101,625
	50,000		Raytheon Co		4.400		02/15/20		52,839
	450,000		Raytheon Co		3.125		10/15/20		465,117
	1,000,000		Raytheon Co		2.500		12/15/22		1,006,536
	300,000		Raytheon Co		3.150		12/15/24		307,324
	200,000		Raytheon Co		7.200		08/15/27		269,152
	100,000		Raytheon Co		4.700		12/15/41		115,199

52

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Raytheon Co		4.200	%	12/15/44	$	162,212
	300,000	Reliance Steel & Aluminum Co		4.500		04/15/23		318,219
	700,000	Rockwell Automation, Inc		2.050		03/01/20		697,065
	100,000	Rockwell Collins, Inc		1.950		07/15/19		99,989
	500,000	Rockwell Collins, Inc		2.800		03/15/22		505,212
	125,000	Rockwell Collins, Inc		3.700		12/15/23		130,973
	500,000	Rockwell Collins, Inc		3.200		03/15/24		508,729
	1,325,000	Rockwell Collins, Inc		3.500		03/15/27		1,350,357
	125,000	Rockwell Collins, Inc		4.800		12/15/43		136,518
	150,000	Rockwell Collins, Inc		4.350		04/15/47		155,277
	125,000	Roper Industries, Inc		2.050		10/01/18		125,293
	100,000	Roper Industries, Inc		6.250		09/01/19		107,837
	200,000	Roper Technologies, Inc		3.000		12/15/20		204,010
	100,000	Roper Technologies, Inc		2.800		12/15/21		100,816
	1,100,000	Roper Technologies, Inc		3.800		12/15/26		1,131,838
	200,000	Snap-on, Inc		3.250		03/01/27		203,157
	200,000	Spirit AeroSystems, Inc		3.850		06/15/26		201,596
	200,000	Stanley Black & Decker, Inc		1.622		11/17/18		199,549
	200,000	Stanley Black & Decker, Inc		2.451		11/17/18		201,251
	250,000	Stanley Black & Decker, Inc		3.400		12/01/21		259,845
	600,000	Stanley Black & Decker, Inc		2.900		11/01/22		607,780
	100,000	Stanley Black & Decker, Inc		5.200		09/01/40		115,296
	150,000	Textron, Inc		4.000		03/15/26		156,475
	500,000	Textron, Inc		3.650		03/15/27		504,634
	100,000	Textron, Inc		3.375		03/01/28		99,239
	250,000	Timken Co		3.875		09/01/24		252,377
	200,000	Trinity Industries, Inc		4.550		10/01/24		202,073
	200,000	Tupperware Brands Corp		4.750		06/01/21		211,275
	500,000	United Technologies Corp		1.500		11/01/19		497,405
	300,000	United Technologies Corp		1.900		05/04/20		299,531
	500,000	United Technologies Corp		1.950		11/01/21		492,533
	300,000	United Technologies Corp		2.300		05/04/22		298,019
	1,325,000	United Technologies Corp		3.100		06/01/22		1,358,355
	400,000	United Technologies Corp		2.800		05/04/24		400,196
	1,000,000	United Technologies Corp		2.650		11/01/26		964,806
	500,000	United Technologies Corp		3.125		05/04/27		497,834
	145,000	United Technologies Corp		5.700		04/15/40		179,942
	1,650,000	United Technologies Corp		4.500		06/01/42		1,774,956
	1,500,000	United Technologies Corp		4.150		05/15/45		1,543,519
	375,000	United Technologies Corp		3.750		11/01/46		361,399
	500,000	United Technologies Corp		4.050		05/04/47		504,585
	300,000	Wabtec Corp		3.450		11/15/26		294,884
	300,000	WW Grainger, Inc		4.600		06/15/45		323,000
	200,000	WW Grainger, Inc		3.750		05/15/46		190,671
	125,000	WW Grainger, Inc		4.200		05/15/47		126,492
	300,000	Xylem, Inc		4.875		10/01/21		326,610
	100,000	Xylem, Inc		3.250		11/01/26		99,819
	100,000	Xylem, Inc		4.375		11/01/46		104,354
		TOTAL CAPITAL GOODS						81,481,120
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	500,000	Daimler Finance North America LLC		8.500		01/18/31		748,006
	300,000	eBay, Inc		2.200		08/01/19		301,201

53

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		eBay, Inc		2.150	%	06/05/20	$	200,415
	200,000		eBay, Inc		3.250		10/15/20		205,776
	300,000		eBay, Inc		2.875		08/01/21		304,024
	800,000		eBay, Inc		2.600		07/15/22		797,537
	200,000		eBay, Inc		2.750		01/30/23		199,304
	400,000		eBay, Inc		3.450		08/01/24		405,359
	1,200,000		eBay, Inc		3.600		06/05/27		1,193,056
	200,000		eBay, Inc		4.000		07/15/42		178,793
	150,000		Equifax, Inc		2.300		06/01/21		146,512
	200,000		Equifax, Inc		3.300		12/15/22		198,933
	300,000		Fluor Corp		3.500		12/15/24		308,971
	200,000		Fortune Brands Home & Security, Inc		3.000		06/15/20		202,954
	200,000		Fortune Brands Home & Security, Inc		4.000		06/15/25		209,704
	500,000		Howard Hughes Medical Institute		3.500		09/01/23		526,225
	200,000		Mastercard, Inc		2.000		11/21/21		198,980
	200,000		Mastercard, Inc		2.950		11/21/26		199,902
	200,000		Mastercard, Inc		3.800		11/21/46		203,234
	1,000,000		MasterCard, Inc		3.375		04/01/24		1,043,572
	200,000		Moody’s Corp		2.750		07/15/19		202,757
	400,000		Moody’s Corp		2.750		12/15/21		403,035
	200,000	g	Moody’s Corp		2.625		01/15/23		198,730
	400,000		Moody’s Corp		4.875		02/15/24		441,755
	200,000	g	Moody’s Corp		3.250		01/15/28		198,558
	200,000		Moody’s Corp		5.250		07/15/44		234,275
	100,000		Partners Healthcare System, Inc		4.117		07/01/55		101,536
	329,000		Reed Elsevier Capital, Inc		3.125		10/15/22		333,373
	63,000		Republic Services, Inc		5.500		09/15/19		67,191
	615,000		Republic Services, Inc		5.000		03/01/20		655,939
	580,000		Republic Services, Inc		5.250		11/15/21		640,173
	250,000		Republic Services, Inc		3.550		06/01/22		260,553
	750,000		Republic Services, Inc		3.200		03/15/25		755,762
	400,000		Republic Services, Inc		2.900		07/01/26		391,662
	300,000		S&P Global, Inc		3.300		08/14/20		307,690
	300,000		S&P Global, Inc		4.000		06/15/25		315,121
	925,000		S&P Global, Inc		4.400		02/15/26		1,000,671
	600,000		Thomson Reuters Corp		4.300		11/23/23		638,727
	200,000		Thomson Reuters Corp		3.350		05/15/26		199,066
	145,000		Thomson Reuters Corp		5.850		04/15/40		169,630
	400,000		Thomson Reuters Corp		4.500		05/23/43		400,703
	200,000		Thomson Reuters Corp		5.650		11/23/43		234,924
	1,000,000		VEREIT Operating Partnership LP		4.125		06/01/21		1,045,184
	250,000		VEREIT Operating Partnership LP		3.950		08/15/27		248,914
	1,500,000		Visa, Inc		2.200		12/14/20		1,514,208
	125,000		Visa, Inc		2.150		09/15/22		124,621
	600,000		Visa, Inc		2.800		12/14/22		613,954
	2,925,000		Visa, Inc		3.150		12/14/25		2,994,552
	200,000		Visa, Inc		2.750		09/15/27		196,351
	1,800,000		Visa, Inc		4.300		12/14/45		1,990,736
	125,000		Visa, Inc		3.650		09/15/47		123,855
	310,000		Waste Management, Inc		4.600		03/01/21		332,565
	850,000		Waste Management, Inc		2.900		09/15/22		864,603
	100,000		Waste Management, Inc		2.400		05/15/23		98,810

54

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Waste Management, Inc		3.500	%	05/15/24	$	1,039,106
	100,000	Waste Management, Inc		3.900		03/01/35		103,409
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						27,215,157
CONSUMER DURABLES & APPAREL - 0.2%
	300,000	Coach, Inc		3.000		07/15/22		299,558
	300,000	Coach, Inc		4.125		07/15/27		301,458
	400,000	DR Horton, Inc		3.750		03/01/19		407,476
	500,000	DR Horton, Inc		4.375		09/15/22		533,224
	200,000	Hasbro, Inc		3.150		05/15/21		204,214
	200,000	Hasbro, Inc		3.500		09/15/27		197,594
	100,000	Hasbro, Inc		6.350		03/15/40		122,160
	200,000	Hasbro, Inc		5.100		05/15/44		215,501
	200,000	Leggett & Platt, Inc		3.400		08/15/22		202,251
	1,000,000	Masco Corp		4.450		04/01/25		1,067,400
	200,000	Masco Corp		3.500		11/15/27		197,889
	200,000	Masco Corp		4.500		05/15/47		200,430
	200,000	Mattel, Inc		2.350		05/06/19		200,432
	300,000	Mattel, Inc		2.350		08/15/21		291,601
	100,000	Mattel, Inc		5.450		11/01/41		100,409
	100,000	Mohawk Industries, Inc		3.850		02/01/23		103,871
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,371
	300,000	Newell Rubbermaid, Inc		2.875		12/01/19		304,570
	250,000	Newell Rubbermaid, Inc		3.150		04/01/21		255,705
	350,000	Newell Rubbermaid, Inc		3.850		04/01/23		367,890
	200,000	Newell Rubbermaid, Inc		4.000		12/01/24		208,839
	100,000	Newell Rubbermaid, Inc		3.900		11/01/25		103,548
	925,000	Newell Rubbermaid, Inc		4.200		04/01/26		973,697
	350,000	Newell Rubbermaid, Inc		5.375		04/01/36		407,922
	750,000	Newell Rubbermaid, Inc		5.500		04/01/46		886,617
	300,000	NIKE, Inc		2.250		05/01/23		299,286
	200,000	NIKE, Inc		2.375		11/01/26		189,667
	300,000	NIKE, Inc		3.625		05/01/43		294,628
	500,000	NIKE, Inc		3.875		11/01/45		505,114
	200,000	NIKE, Inc		3.375		11/01/46		185,990
	150,000	NVR, Inc		3.950		09/15/22		157,233
	200,000	Ralph Lauren Corp		2.125		09/26/18		200,994
	200,000	Ralph Lauren Corp		2.625		08/18/20		202,662
	220,000	VF Corp		6.450		11/01/37		292,151
	150,000	Whirlpool Corp		4.700		06/01/22		163,272
	100,000	Whirlpool Corp		3.700		03/01/23		103,751
	100,000	Whirlpool Corp		4.000		03/01/24		105,297
	200,000	Whirlpool Corp		4.500		06/01/46		208,645
	1,167,000	Xerox Corp		4.070		03/17/22		1,194,903
	1,250,000	Xerox Corp		3.625		03/15/23		1,238,164
		TOTAL CONSUMER DURABLES & APPAREL						13,596,384
CONSUMER SERVICES - 0.2%
	100,000	Board of Trustees of The Leland Stanford Junior University		4.750		05/01/19		104,689
	300,000	Board of Trustees of The Leland Stanford Junior University		3.647		05/01/48		309,890

55

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	California Institute of Technology		4.321	%	08/01/45	$	225,178
	500,000	Catholic Health Initiatives		2.950		11/01/22		492,440
	100,000	Children’s Hospital Corp		4.115		01/01/47		105,471
	400,000	Cintas Corp No 2		2.900		04/01/22		407,376
	400,000	Cintas Corp No 2		3.700		04/01/27		417,595
	200,000	Darden Restaurants, Inc		3.850		05/01/27		203,731
	100,000	Darden Restaurants, Inc		6.800		10/15/37		129,468
	45,000	Dartmouth College		4.750		06/01/19		47,146
	115,000	Duke University		3.299		10/01/46		112,688
	100,000	George Washington University		3.485		09/15/22		103,859
	300,000	George Washington University		4.300		09/15/44		323,676
	200,000	George Washington University		4.868		09/15/45		233,601
	200,000	Hyatt Hotels Corp		3.375		07/15/23		205,447
	100,000	Hyatt Hotels Corp		4.850		03/15/26		109,070
	19,000	Johns Hopkins University		5.250		07/01/19		20,141
	200,000	Marriott International, Inc		3.000		03/01/19		202,503
	200,000	Marriott International, Inc		3.375		10/15/20		205,419
	300,000	Marriott International, Inc		2.875		03/01/21		304,164
	200,000	Marriott International, Inc		3.125		10/15/21		204,672
	200,000	Marriott International, Inc		2.300		01/15/22		197,393
	200,000	Marriott International, Inc		3.250		09/15/22		203,745
	200,000	Marriott International, Inc		3.750		03/15/25		205,873
	200,000	Marriott International, Inc		3.125		06/15/26		197,636
	250,000	Massachusetts Institute of Technology		5.600		07/01/11		328,957
	200,000	Massachusetts Institute of Technology		4.678		07/01/14		227,279
	300,000	Massachusetts Institute of Technology		3.885		07/01/16		280,690
	500,000	McDonald’s Corp		2.100		12/07/18		502,320
	300,000	McDonald’s Corp		1.875		05/29/19		300,327
	250,000	McDonald’s Corp		2.200		05/26/20		251,470
	720,000	McDonald’s Corp		3.500		07/15/20		747,213
	500,000	McDonald’s Corp		2.750		12/09/20		509,347
	550,000	McDonald’s Corp		2.625		01/15/22		553,809
	2,000,000	McDonald’s Corp		3.700		01/30/26		2,082,985
	500,000	McDonald’s Corp		4.700		12/09/35		550,957
	500,000	McDonald’s Corp		3.625		05/01/43		462,485
	250,000	McDonald’s Corp		4.600		05/26/45		272,686
	1,000,000	McDonald’s Corp		4.875		12/09/45		1,124,605
	500,000	McDonald’s Corp		4.450		03/01/47		528,994
	200,000	Northwestern University		3.688		12/01/38		208,141
	200,000	Northwestern University		3.868		12/01/48		211,201
	750,000	President and Fellows of Harvard College		3.619		10/01/37		780,890
	200,000	President and Fellows of Harvard College		3.150		07/15/46		192,787
	200,000	President and Fellows of Harvard College		3.300		07/15/56		191,311
	100,000	Princeton University		4.950		03/01/19		104,405
	220,000	Princeton University		5.700		03/01/39		297,124
	200,000	Starbucks Corp		2.000		12/05/18		200,948
	200,000	Starbucks Corp		2.100		02/04/21		200,791
	200,000	Starbucks Corp		2.700		06/15/22		203,466
	350,000	Starbucks Corp		3.850		10/01/23		376,327
	175,000	Starbucks Corp		2.450		06/15/26		168,172
	200,000	Starbucks Corp		4.300		06/15/45		217,320

56

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Trinity Acquisition plc		3.500	%	09/15/21	$	204,167
	200,000	Trinity Acquisition plc		4.400		03/15/26		211,967
	200,000	Trustees of Dartmouth College		3.474		06/01/46		197,913
	200,000	University of Notre Dame du Lac		3.438		02/15/45		197,575
	200,000	Wesleyan University		4.781		07/01/16		207,539
	200,000	William Marsh Rice University		3.574		05/15/45		203,716
	200,000	William Marsh Rice University		3.774		05/15/55		209,190
	200,000	Wyndham Worldwide Corp		4.250		03/01/22		202,405
	200,000	Wyndham Worldwide Corp		3.900		03/01/23		199,760
	200,000	Wyndham Worldwide Corp		5.100		10/01/25		209,452
	200,000	Wyndham Worldwide Corp		4.500		04/01/27		200,625
	200,000	Yale University		2.086		04/15/19		201,440
		TOTAL CONSUMER SERVICES						19,795,627
DIVERSIFIED FINANCIALS - 3.2%
	300,000	AerCap Ireland Capital DAC		3.650		07/21/27		298,754
	5,033,000	AerCap Ireland Capital Ltd		5.000		10/01/21		5,429,483
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		211,027
	20,000	Ahold Finance USA LLC		6.875		05/01/29		24,693
	850,000	American Express Co		2.500		08/01/22		848,767
	300,000	American Express Co		3.625		12/05/24		309,579
	829,000	American Express Co		4.050		12/03/42		851,053
	750,000	American Express Credit Corp		2.125		03/18/19		754,012
	750,000	American Express Credit Corp		1.875		05/03/19		750,717
	500,000	American Express Credit Corp		2.250		08/15/19		503,873
	300,000	American Express Credit Corp		1.700		10/30/19		299,019
	1,100,000	American Express Credit Corp		2.200		03/03/20		1,106,150
	575,000	American Express Credit Corp		2.375		05/26/20		581,077
	500,000	American Express Credit Corp		2.600		09/14/20		507,960
	1,050,000	American Express Credit Corp		2.700		03/03/22		1,062,200
	750,000	American Express Credit Corp		3.300		05/03/27		756,766
	300,000	American Honda Finance Corp		2.125		10/10/18		301,745
	200,000	American Honda Finance Corp		1.500		11/19/18		199,653
	200,000	American Honda Finance Corp		1.700		02/22/19		199,901
	300,000	American Honda Finance Corp		1.200		07/12/19		297,248
	500,000	American Honda Finance Corp		2.250		08/15/19		503,910
	200,000	American Honda Finance Corp		2.000		02/14/20		200,303
	700,000	American Honda Finance Corp		2.150		03/13/20		702,336
	300,000	American Honda Finance Corp		1.950		07/20/20		300,010
	300,000	American Honda Finance Corp		2.450		09/24/20		303,991
	300,000	American Honda Finance Corp		1.650		07/12/21		293,534
	200,000	American Honda Finance Corp		1.700		09/09/21		196,158
	200,000	American Honda Finance Corp		2.900		02/16/24		202,199
	100,000	American Honda Finance Corp		2.300		09/09/26		94,553
	595,000	Ameriprise Financial, Inc		5.300		03/15/20		639,606
	400,000	Ameriprise Financial, Inc		4.000		10/15/23		427,152
	300,000	Ameriprise Financial, Inc		3.700		10/15/24		313,175
	200,000	Ameriprise Financial, Inc		2.875		09/15/26		195,081
	300,000	Ares Capital Corp		4.875		11/30/18		308,506
	350,000	Ares Capital Corp		3.875		01/15/20		358,811
	200,000	Ares Capital Corp		3.625		01/19/22		202,872
	200,000	Ares Capital Corp		3.500		02/10/23		197,651
	2,000,000	Bank of New York Mellon Corp		2.300		09/11/19		2,015,288

57

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Bank of New York Mellon Corp		2.150	%	02/24/20	$	1,004,648
	300,000	Bank of New York Mellon Corp		2.600		08/17/20		304,393
	500,000	Bank of New York Mellon Corp		2.450		11/27/20		505,132
	375,000	Bank of New York Mellon Corp		2.500		04/15/21		378,665
	300,000	Bank of New York Mellon Corp		2.050		05/03/21		298,581
	500,000	Bank of New York Mellon Corp		3.550		09/23/21		522,817
	750,000	Bank of New York Mellon Corp		2.600		02/07/22		757,258
	150,000	Bank of New York Mellon Corp		2.661		05/16/23		150,579
	500,000	Bank of New York Mellon Corp		2.200		08/16/23		490,042
	250,000	Bank of New York Mellon Corp		3.650		02/04/24		261,635
	800,000	Bank of New York Mellon Corp		3.250		09/11/24		817,661
	500,000	Bank of New York Mellon Corp		3.000		02/24/25		502,196
	500,000	Bank of New York Mellon Corp		2.800		05/04/26		490,288
	500,000	Bank of New York Mellon Corp		2.450		08/17/26		475,751
	300,000	Bank of New York Mellon Corp		3.250		05/16/27		304,212
	100,000	Bank of New York Mellon Corp		3.000		10/30/28		97,007
	400,000	Bank of New York Mellon Corp		3.300		08/23/29		397,356
	500,000	Barclays Bank plc		5.140		10/14/20		534,684
	300,000	Berkshire Hathaway, Inc		2.100		08/14/19		302,878
	750,000	Berkshire Hathaway, Inc		2.200		03/15/21		754,982
	200,000	Berkshire Hathaway, Inc		3.750		08/15/21		211,657
	300,000	Berkshire Hathaway, Inc		3.000		02/11/23		309,628
	750,000	Berkshire Hathaway, Inc		2.750		03/15/23		761,114
	1,750,000	Berkshire Hathaway, Inc		3.125		03/15/26		1,769,169
	800,000	Berkshire Hathaway, Inc		4.500		02/11/43		893,674
	790,000	BlackRock, Inc		5.000		12/10/19		842,796
	125,000	BlackRock, Inc		3.375		06/01/22		131,063
	500,000	BlackRock, Inc		3.500		03/18/24		522,743
	200,000	BlackRock, Inc		3.200		03/15/27		203,108
	200,000	Block Financial LLC		5.500		11/01/22		217,605
	200,000	Block Financial LLC		5.250		10/01/25		215,652
	300,000	BNP Paribas S.A.		2.400		12/12/18		302,268
	500,000	BNP Paribas S.A.		2.450		03/17/19		504,280
	1,225,000	BNP Paribas S.A.		2.375		05/21/20		1,236,836
	700,000	BNP Paribas S.A.		5.000		01/15/21		759,772
	300,000	BNP Paribas S.A.		3.250		03/03/23		309,033
	500,000	BNP Paribas S.A.		4.250		10/15/24		522,199
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		209,340
	200,000	Broadridge Financial Solutions, Inc		3.400		06/27/26		198,101
	300,000	Brookfield Asset Management, Inc		4.000		01/15/25		308,278
	200,000	Brookfield Finance LLC		4.000		04/01/24		207,075
	200,000	Brookfield Finance, Inc		4.250		06/02/26		206,275
	200,000	Brookfield Finance, Inc		4.700		09/20/47		201,323
	700,000	Capital One Financial Corp		2.500		05/12/20		703,142
	1,250,000	Capital One Financial Corp		3.050		03/09/22		1,263,928
	500,000	Capital One Financial Corp		3.750		04/24/24		516,185
	200,000	Capital One Financial Corp		3.200		02/05/25		199,814
	500,000	Capital One Financial Corp		4.200		10/29/25		513,615
	300,000	Capital One Financial Corp		3.750		07/28/26		296,980
	650,000	Capital One Financial Corp		3.750		03/09/27		656,869
	200,000	CBOE Holdings, Inc		1.950		06/28/19		199,784
	200,000	CBOE Holdings, Inc		3.650		01/12/27		204,712

58

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Celanese US Holdings LLC		4.625	%	11/15/22	$	539,437
	100,000	Charles Schwab Corp		4.450		07/22/20		106,538
	200,000	Charles Schwab Corp		3.000		03/10/25		199,908
	500,000	Charles Schwab Corp		3.200		03/02/27		502,780
	350,000	CME Group, Inc		3.000		09/15/22		359,445
	300,000	CME Group, Inc		3.000		03/15/25		304,683
	200,000	CME Group, Inc		5.300		09/15/43		251,616
	2,250,000	Credit Suisse		2.300		05/28/19		2,264,993
	2,250,000	Credit Suisse		5.400		01/14/20		2,405,667
	1,150,000	Credit Suisse		3.625		09/09/24		1,193,804
	750,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		764,890
	1,000,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		1,026,145
	450,000	Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		466,972
	475,000	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		491,528
	1,050,000	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,069,181
	750,000	Credit Suisse Group Funding Guernsey Ltd		4.550		04/17/26		804,537
	1,250,000	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,396,152
	1,850,000	Diageo Investment Corp		2.875		05/11/22		1,895,923
	100,000	Diageo Investment Corp		4.250		05/11/42		106,840
	100,000	Discover Financial Services		5.200		04/27/22		108,670
	700,000	Discover Financial Services		3.950		11/06/24		716,338
	200,000	E*TRADE Financial Corp		2.950		08/24/22		200,384
	200,000	E*TRADE Financial Corp		3.800		08/24/27		202,303
	300,000	Eaton Vance Corp		3.625		06/15/23		312,915
	200,000	Eaton Vance Corp		3.500		04/06/27		202,762
	400,000	Ford Motor Credit Co LLC		2.875		10/01/18		404,013
	500,000	Ford Motor Credit Co LLC		2.375		03/12/19		502,435
	300,000	Ford Motor Credit Co LLC		2.262		03/28/19		301,018
	300,000	Ford Motor Credit Co LLC		2.021		05/03/19		299,794
	300,000	Ford Motor Credit Co LLC		1.897		08/12/19		298,500
	500,000	Ford Motor Credit Co LLC		2.597		11/04/19		504,172
	300,000	Ford Motor Credit Co LLC		2.681		01/09/20		302,593
	1,000,000	Ford Motor Credit Co LLC		2.459		03/27/20		1,000,624
	400,000	Ford Motor Credit Co LLC		2.425		06/12/20		399,969
	300,000	Ford Motor Credit Co LLC		3.200		01/15/21		305,976
	3,550,000	Ford Motor Credit Co LLC		3.336		03/18/21		3,629,834
	500,000	Ford Motor Credit Co LLC		5.875		08/02/21		556,023
	350,000	Ford Motor Credit Co LLC		3.219		01/09/22		354,499
	900,000	Ford Motor Credit Co LLC		3.339		03/28/22		914,316
	1,000,000	Ford Motor Credit Co LLC		2.979		08/03/22		999,228
	450,000	Ford Motor Credit Co LLC		3.096		05/04/23		445,884
	200,000	Ford Motor Credit Co LLC		3.810		01/09/24		203,897
	1,000,000	Ford Motor Credit Co LLC		3.664		09/08/24		1,003,042
	925,000	Ford Motor Credit Co LLC		4.134		08/04/25		949,870
	500,000	Ford Motor Credit Co LLC		4.389		01/08/26		519,876
	150,000	Franklin Resources, Inc		2.800		09/15/22		151,969
	200,000	Franklin Resources, Inc		2.850		03/30/25		198,362
	200,000	FS Investment Corp		4.250		01/15/20		204,968
	2,452,000	GE Capital International Funding Co		2.342		11/15/20		2,475,254
	3,443,000	GE Capital International Funding Co		3.373		11/15/25		3,560,474
	3,444,000	GE Capital International Funding Co		4.418		11/15/35		3,753,995
	1,500,000	General Electric Capital Corp		2.300		01/14/19		1,513,455
	200,000	General Electric Capital Corp		2.100		12/11/19		201,564

59

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	181,000	General Electric Capital Corp		5.500	%	01/08/20	$	195,277
	250,000	General Electric Capital Corp		2.200		01/09/20		252,500
	532,000	General Electric Capital Corp		4.375		09/16/20		569,680
	72,000	General Electric Capital Corp		4.625		01/07/21		77,814
	86,000	General Electric Capital Corp		5.300		02/11/21		94,748
	200,000	General Electric Capital Corp		4.650		10/17/21		218,958
	544,000	General Electric Capital Corp		3.150		09/07/22		564,835
	144,000	General Electric Capital Corp		3.100		01/09/23		150,376
	2,503,000	General Electric Capital Corp		3.450		05/15/24		2,621,676
	752,000	General Electric Capital Corp		6.750		03/15/32		1,044,404
	344,000	General Electric Capital Corp		5.875		01/14/38		449,943
	352,000	General Electric Capital Corp		6.875		01/10/39		515,579
	1,500,000	General Motors Financial Co, Inc		3.100		01/15/19		1,521,041
	500,000	General Motors Financial Co, Inc		2.400		05/09/19		502,149
	1,000,000	General Motors Financial Co, Inc		2.350		10/04/19		1,003,221
	500,000	General Motors Financial Co, Inc		2.650		04/13/20		503,881
	200,000	General Motors Financial Co, Inc		3.200		07/13/20		205,024
	700,000	General Motors Financial Co, Inc		3.700		11/24/20		724,555
	500,000	General Motors Financial Co, Inc		4.200		03/01/21		523,976
	875,000	General Motors Financial Co, Inc		3.200		07/06/21		890,173
	750,000	General Motors Financial Co, Inc		3.450		01/14/22		765,405
	2,500,000	General Motors Financial Co, Inc		3.450		04/10/22		2,540,388
	300,000	General Motors Financial Co, Inc		3.150		06/30/22		302,304
	825,000	General Motors Financial Co, Inc		3.700		05/09/23		840,463
	500,000	General Motors Financial Co, Inc		3.950		04/13/24		511,907
	300,000	General Motors Financial Co, Inc		4.300		07/13/25		309,640
	225,000	General Motors Financial Co, Inc		5.250		03/01/26		244,163
	400,000	General Motors Financial Co, Inc		4.000		10/06/26		400,565
	1,250,000	General Motors Financial Co, Inc		4.350		01/17/27		1,283,985
	1,500,000	Goldman Sachs Group, Inc		2.625		01/31/19		1,512,823
	200,000	Goldman Sachs Group, Inc		2.000		04/25/19		199,950
	125,000	Goldman Sachs Group, Inc		1.950		07/23/19		124,770
	1,500,000	Goldman Sachs Group, Inc		2.550		10/23/19		1,516,958
	1,000,000	Goldman Sachs Group, Inc		2.300		12/13/19		1,004,193
	2,505,000	Goldman Sachs Group, Inc		5.375		03/15/20		2,690,087
	950,000	Goldman Sachs Group, Inc		2.600		04/23/20		958,408
	1,150,000	Goldman Sachs Group, Inc		6.000		06/15/20		1,262,279
	425,000	Goldman Sachs Group, Inc		2.750		09/15/20		430,504
	500,000	Goldman Sachs Group, Inc		2.600		12/27/20		503,721
	500,000	Goldman Sachs Group, Inc		2.875		02/25/21		507,377
	150,000	Goldman Sachs Group, Inc		2.625		04/25/21		150,792
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,428,124
	500,000	Goldman Sachs Group, Inc		2.350		11/15/21		496,114
	2,325,000	Goldman Sachs Group, Inc		5.750		01/24/22		2,609,118
	1,250,000	Goldman Sachs Group, Inc		3.000		04/26/22		1,263,794
	1,800,000	Goldman Sachs Group, Inc		3.625		01/22/23		1,864,393
	1,000,000	Goldman Sachs Group, Inc		2.908		06/05/23		998,910
	750,000	Goldman Sachs Group, Inc		2.905		07/24/23		750,313
	1,500,000	Goldman Sachs Group, Inc		4.000		03/03/24		1,583,328
	500,000	Goldman Sachs Group, Inc		3.850		07/08/24		520,084
	3,050,000	Goldman Sachs Group, Inc		3.500		01/23/25		3,093,346
	600,000	Goldman Sachs Group, Inc		3.750		05/22/25		616,669

60

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	425,000	Goldman Sachs Group, Inc		3.272	%	09/29/25	$	425,223
	250,000	Goldman Sachs Group, Inc		4.250		10/21/25		260,541
	800,000	Goldman Sachs Group, Inc		3.750		02/25/26		818,675
	1,050,000	Goldman Sachs Group, Inc		3.500		11/16/26		1,052,758
	3,500,000	Goldman Sachs Group, Inc		3.850		01/26/27		3,575,085
	1,550,000	Goldman Sachs Group, Inc		3.691		06/05/28		1,562,930
	2,150,000	Goldman Sachs Group, Inc		6.250		02/01/41		2,856,175
	1,075,000	Goldman Sachs Group, Inc		4.800		07/08/44		1,202,474
	1,075,000	Goldman Sachs Group, Inc		5.150		05/22/45		1,229,936
	1,575,000	Goldman Sachs Group, Inc		4.750		10/21/45		1,756,922
	370,000	HSBC Finance Corp		6.676		01/15/21		418,439
	500,000	IBM Credit LLC		1.625		09/06/19		499,558
	500,000	IBM Credit LLC		1.800		01/20/21		496,733
	1,500,000	IBM Credit LLC		2.200		09/08/22		1,490,696
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		509,497
	300,000	Intercontinental Exchange, Inc		2.350		09/15/22		297,821
	500,000	Intercontinental Exchange, Inc		3.750		12/01/25		521,809
	300,000	Intercontinental Exchange, Inc		3.100		09/15/27		297,104
	200,000	IntercontinentalExchange Group, Inc		2.500		10/15/18		201,544
	200,000	IntercontinentalExchange Group, Inc		4.000		10/15/23		214,427
	125,000	Invesco Finance plc		3.125		11/30/22		127,709
	200,000	Invesco Finance plc		4.000		01/30/24		212,203
	200,000	Invesco Finance plc		3.750		01/15/26		208,240
	200,000	Invesco Finance plc		5.375		11/30/43		240,263
	300,000	Janus Capital Group, Inc		4.875		08/01/25		322,861
	200,000	Jefferies Group LLC		4.850		01/15/27		209,843
	825,000	Jefferies Group, Inc		8.500		07/15/19		912,352
	500,000	Jefferies Group, Inc		6.875		04/15/21		564,914
	600,000	Jefferies Group, Inc		6.450		06/08/27		694,454
	500,000	Korea Finance Corp		2.875		08/22/18		503,366
	250,000	Lazard Group LLC		4.250		11/14/20		264,059
	150,000	Lazard Group LLC		3.750		02/13/25		152,939
	200,000	Lazard Group LLC		3.625		03/01/27		198,299
	400,000	Legg Mason, Inc		5.625		01/15/44		434,206
	1,500,000	Merrill Lynch & Co, Inc		6.110		01/29/37		1,874,670
	500,000	Morgan Stanley		2.200		12/07/18		501,997
	1,450,000	Morgan Stanley		2.500		01/24/19		1,461,997
	500,000	Morgan Stanley		2.450		02/01/19		503,449
	796,000	Morgan Stanley		7.300		05/13/19		861,576
	4,000,000	Morgan Stanley		2.375		07/23/19		4,025,029
	300,000	Morgan Stanley		5.625		09/23/19		320,377
	590,000	Morgan Stanley		5.500		01/26/20		633,511
	700,000	Morgan Stanley		2.650		01/27/20		707,915
	1,200,000	Morgan Stanley		2.800		06/16/20		1,219,799
	1,200,000	Morgan Stanley		5.500		07/28/21		1,330,768
	1,250,000	Morgan Stanley		2.625		11/17/21		1,253,728
	1,025,000	Morgan Stanley		2.750		05/19/22		1,028,862
	2,500,000	Morgan Stanley		4.875		11/01/22		2,708,602
	2,850,000	Morgan Stanley		4.100		05/22/23		2,979,032
	1,000,000	Morgan Stanley		3.875		04/29/24		1,049,591
	2,592,000	Morgan Stanley		3.700		10/23/24		2,684,352
	650,000	Morgan Stanley		4.000		07/23/25		685,025
	750,000	Morgan Stanley		5.000		11/24/25		821,684
	775,000	Morgan Stanley		3.125		07/27/26		759,860
	325,000	Morgan Stanley		4.350		09/08/26		340,110

61

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,250,000	Morgan Stanley		3.625	%	01/20/27	$	2,281,304
	1,600,000	Morgan Stanley		3.950		04/23/27		1,629,490
	1,000,000	Morgan Stanley		3.591		07/22/28		1,001,342
	600,000	Morgan Stanley		7.250		04/01/32		819,288
	525,000	Morgan Stanley		3.971		07/22/38		530,612
	1,750,000	Morgan Stanley		4.300		01/27/45		1,842,117
	1,500,000	Morgan Stanley		4.375		01/22/47		1,595,879
	220,000	NASDAQ OMX Group, Inc		5.550		01/15/20		236,274
	250,000	NASDAQ OMX Group, Inc		4.250		06/01/24		264,681
	200,000	NASDAQ, Inc		3.850		06/30/26		205,691
	300,000	National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		299,468
	125,000	National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		126,172
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		503,928
	350,000	National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		360,118
	500,000	National Rural Utilities Cooperative Finance Corp		2.400		04/25/22		502,985
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		09/15/22		496,450
	200,000	National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		199,784
	200,000	National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		208,028
	300,000	National Rural Utilities Cooperative Finance Corp		2.950		02/07/24		302,706
	400,000	National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		398,408
	200,000	National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		203,849
	500,000	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		518,989
	200,000	National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		212,920
	500,000	Nomura Holdings, Inc		2.750		03/19/19		504,456
	430,000	Nomura Holdings, Inc		6.700		03/04/20		472,712
	1,000,000	Oesterreichische Kontrollbank AG.		1.125		05/29/18		998,060
	500,000	Oesterreichische Kontrollbank AG.		1.625		03/12/19		499,852
	500,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		495,811
	1,550,000	Oesterreichische Kontrollbank AG.		1.500		10/21/20		1,532,237
	500,000	Oesterreichische Kontrollbank AG.		2.375		10/01/21		506,861
	125,000	ORIX Corp		2.900		07/18/22		125,437
	200,000	ORIX Corp		3.700		07/18/27		200,466
	1,000,000	PACCAR Financial Corp		1.950		02/27/20		1,000,404
	500,000	Raymond James Financial, Inc		3.625		09/15/26		500,559
	100,000	Raymond James Financial, Inc		4.950		07/15/46		107,481
	500,000	Sasol Financing International plc		4.500		11/14/22		517,325
	1,500,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		1,496,854
	1,500,000	Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		1,494,376
	1,500,000	Shire Acquisitions Investments Ireland DAC		2.875		09/23/23		1,492,046
	1,000,000	Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		985,409
	300,000	State Street Corp		2.550		08/18/20		305,142
	300,000	State Street Corp		4.375		03/07/21		321,156

62

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	State Street Corp		1.950	%	05/19/21	$	496,529
	500,000	State Street Corp		2.653		05/15/23		502,628
	400,000	State Street Corp		3.100		05/15/23		406,838
	350,000	State Street Corp		3.700		11/20/23		373,465
	500,000	State Street Corp		3.300		12/16/24		516,420
	225,000	State Street Corp		3.550		08/18/25		235,605
	500,000	State Street Corp		2.650		05/19/26		487,551
	200,000	Stifel Financial Corp		3.500		12/01/20		204,675
	100,000	Stifel Financial Corp		4.250		07/18/24		102,350
	700,000	Synchrony Financial		2.600		01/15/19		704,431
	250,000	Synchrony Financial		3.000		08/15/19		254,059
	275,000	Synchrony Financial		2.700		02/03/20		276,720
	300,000	Synchrony Financial		3.750		08/15/21		309,384
	250,000	Synchrony Financial		4.250		08/15/24		259,903
	600,000	Synchrony Financial		4.500		07/23/25		625,606
	300,000	Synchrony Financial		3.700		08/04/26		293,699
	300,000	Syngenta Finance NV		3.125		03/28/22		294,714
	300,000	TD Ameritrade Holding Corp		2.950		04/01/22		306,087
	350,000	TD Ameritrade Holding Corp		3.625		04/01/25		361,788
	350,000	TD Ameritrade Holding Corp		3.300		04/01/27		353,419
	1,350,000	Toyota Motor Credit Corp		2.000		10/24/18		1,356,424
	500,000	Toyota Motor Credit Corp		1.700		01/09/19		500,078
	500,000	Toyota Motor Credit Corp		2.100		01/17/19		502,502
	300,000	Toyota Motor Credit Corp		1.700		02/19/19		299,873
	350,000	Toyota Motor Credit Corp		1.400		05/20/19		348,398
	400,000	Toyota Motor Credit Corp		2.125		07/18/19		402,750
	200,000	Toyota Motor Credit Corp		1.550		10/18/19		198,897
	500,000	Toyota Motor Credit Corp		2.150		03/12/20		502,826
	300,000	Toyota Motor Credit Corp		1.950		04/17/20		300,059
	300,000	Toyota Motor Credit Corp		1.900		04/08/21		297,668
	750,000	Toyota Motor Credit Corp		2.750		05/17/21		765,334
	500,000	Toyota Motor Credit Corp		3.400		09/15/21		520,913
	750,000	Toyota Motor Credit Corp		2.600		01/11/22		758,620
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		305,841
	500,000	Toyota Motor Credit Corp		2.150		09/08/22		494,685
	400,000	Toyota Motor Credit Corp		2.625		01/10/23		403,832
	400,000	Toyota Motor Credit Corp		2.250		10/18/23		393,328
	300,000	Toyota Motor Credit Corp		2.900		04/17/24		305,037
	300,000	Toyota Motor Credit Corp		3.200		01/11/27		305,794
	1,750,000	UBS AG.		2.375		08/14/19		1,764,599
	1,000,000	UBS AG.		2.350		03/26/20		1,006,255
	250,000	Unilever Capital Corp		4.800		02/15/19		260,193
	300,000	Unilever Capital Corp		2.200		03/06/19		301,952
	300,000	Unilever Capital Corp		1.800		05/05/20		299,676
	250,000	Unilever Capital Corp		2.100		07/30/20		251,017
	250,000	Unilever Capital Corp		4.250		02/10/21		266,596
	300,000	Unilever Capital Corp		1.375		07/28/21		292,188
	400,000	Unilever Capital Corp		2.200		05/05/22		399,537
	400,000	Unilever Capital Corp		2.600		05/05/24		394,981
	450,000	Unilever Capital Corp		3.100		07/30/25		454,577
	225,000	Unilever Capital Corp		2.000		07/28/26		207,752
	400,000	Unilever Capital Corp		2.900		05/05/27		394,954
	330,000	Unilever Capital Corp		5.900		11/15/32		433,483
	425,000	Wells Fargo & Co		2.150		01/15/19		427,032

63

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Wells Fargo & Co		2.150	%	01/30/20	$	1,002,556
	1,550,000	Wells Fargo & Co		2.600		07/22/20		1,571,467
	450,000	Wells Fargo & Co		2.550		12/07/20		455,083
	1,000,000	Wells Fargo & Co		3.000		01/22/21		1,023,517
	1,000,000	Wells Fargo & Co		2.500		03/04/21		1,006,637
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,288,579
	750,000	Wells Fargo & Co		2.100		07/26/21		742,877
	3,500,000	Wells Fargo & Co		3.500		03/08/22		3,634,214
	1,000,000	Wells Fargo & Co		2.625		07/22/22		1,001,642
	750,000	Wells Fargo & Co		3.069		01/24/23		762,642
	700,000	Wells Fargo & Co		3.450		02/13/23		716,999
	500,000	Wells Fargo & Co		4.125		08/15/23		529,130
	334,000	Wells Fargo & Co		4.480		01/16/24		358,890
	2,200,000	Wells Fargo & Co		3.300		09/09/24		2,235,112
	2,550,000	Wells Fargo & Co		3.000		02/19/25		2,531,131
	500,000	Wells Fargo & Co		3.550		09/29/25		513,092
	2,500,000	Wells Fargo & Co		3.000		04/22/26		2,454,625
	650,000	Wells Fargo & Co		4.100		06/03/26		675,368
	1,750,000	Wells Fargo & Co		3.000		10/23/26		1,707,643
	750,000	Wells Fargo & Co		4.300		07/22/27		793,053
	1,325,000	Wells Fargo & Co		3.584		05/22/28		1,341,521
	264,000	Wells Fargo & Co		5.375		02/07/35		316,902
	725,000	Wells Fargo & Co		5.375		11/02/43		854,249
	1,143,000	Wells Fargo & Co		5.606		01/15/44		1,382,792
	300,000	Wells Fargo & Co		4.650		11/04/44		320,799
	1,500,000	Wells Fargo & Co		3.900		05/01/45		1,508,762
	750,000	Wells Fargo & Co		4.900		11/17/45		836,097
	750,000	Wells Fargo & Co		4.400		06/14/46		778,263
	1,750,000	Wells Fargo & Co		4.750		12/07/46		1,920,113
		TOTAL DIVERSIFIED FINANCIALS						275,992,689
ENERGY - 2.5%
	965,000	Anadarko Petroleum Corp		8.700		03/15/19		1,053,100
	375,000	Anadarko Petroleum Corp		4.850		03/15/21		397,600
	700,000	Anadarko Petroleum Corp		3.450		07/15/24		693,178
	350,000	Anadarko Petroleum Corp		5.550		03/15/26		390,217
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,538,783
	200,000	Anadarko Petroleum Corp		4.500		07/15/44		190,241
	500,000	Anadarko Petroleum Corp		6.600		03/15/46		618,713
	1,200,000	Apache Corp		3.250		04/15/22		1,216,838
	980,000	Apache Corp		5.100		09/01/40		1,024,499
	300,000	Apache Corp		5.250		02/01/42		317,247
	350,000	Apache Corp		4.750		04/15/43		351,755
	300,000	Apache Corp		4.250		01/15/44		281,975
	129,000	Baker Hughes, Inc		3.200		08/15/21		132,823
	800,000	Baker Hughes, Inc		5.125		09/15/40		924,747
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		211,968
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		199,531
	200,000	Boardwalk Pipelines LP		5.950		06/01/26		223,643
	200,000	Boardwalk Pipelines LP		4.450		07/15/27		203,552
	300,000	BP Capital Markets plc		2.241		09/26/18		301,806
	225,000	BP Capital Markets plc		1.676		05/03/19		224,923
	500,000	BP Capital Markets plc		2.237		05/10/19		503,615
	300,000	BP Capital Markets plc		1.768		09/19/19		300,087
	1,450,000	BP Capital Markets plc		2.315		02/13/20		1,462,480

64

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		BP Capital Markets plc		4.500	%	10/01/20	$	321,109
	150,000		BP Capital Markets plc		4.742		03/11/21		162,604
	500,000		BP Capital Markets plc		2.112		09/16/21		497,648
	1,450,000		BP Capital Markets plc		3.561		11/01/21		1,524,663
	1,200,000		BP Capital Markets plc		3.245		05/06/22		1,242,726
	175,000		BP Capital Markets plc		2.520		09/19/22		175,125
	850,000		BP Capital Markets plc		2.500		11/06/22		849,463
	300,000		BP Capital Markets plc		3.994		09/26/23		321,651
	800,000		BP Capital Markets plc		3.216		11/28/23		819,225
	500,000		BP Capital Markets plc		3.814		02/10/24		526,456
	500,000		BP Capital Markets plc		3.224		04/14/24		510,947
	300,000		BP Capital Markets plc		3.535		11/04/24		309,402
	500,000		BP Capital Markets plc		3.506		03/17/25		515,886
	500,000		BP Capital Markets plc		3.119		05/04/26		499,622
	200,000		BP Capital Markets plc		3.017		01/16/27		196,762
	500,000		BP Capital Markets plc		3.588		04/14/27		514,155
	250,000		BP Capital Markets plc		3.279		09/19/27		249,519
	300,000		BP Capital Markets plc		3.723		11/28/28		308,974
	200,000		Buckeye Partners LP		2.650		11/15/18		200,813
	200,000		Buckeye Partners LP		4.875		02/01/21		212,265
	200,000		Buckeye Partners LP		4.350		10/15/24		205,893
	300,000		Buckeye Partners LP		3.950		12/01/26		295,842
	200,000		Buckeye Partners LP		5.850		11/15/43		217,142
	100,000		Buckeye Partners LP		5.600		10/15/44		104,155
	575,000		Burlington Resources Finance Co		7.200		08/15/31		763,096
	200,000		Burlington Resources Finance Co		7.400		12/01/31		271,062
	300,000		Canadian Natural Resources Ltd		2.950		01/15/23		298,147
	600,000		Canadian Natural Resources Ltd		3.800		04/15/24		616,819
	700,000		Canadian Natural Resources Ltd		3.900		02/01/25		717,297
	750,000		Canadian Natural Resources Ltd		3.850		06/01/27		757,567
	850,000		Canadian Natural Resources Ltd		6.250		03/15/38		1,020,166
	300,000		Canadian Natural Resources Ltd		4.950		06/01/47		314,372
	500,000		Cenovus Energy, Inc		5.700		10/15/19		529,850
	550,000	g	Cenovus Energy, Inc		4.250		04/15/27		545,088
	750,000	g	Cenovus Energy, Inc		5.250		06/15/37		743,933
	500,000		Cenovus Energy, Inc		5.200		09/15/43		482,198
	750,000	g	Cenovus Energy, Inc		5.400		06/15/47		751,687
	500,000		Chevron Corp		1.790		11/16/18		500,903
	200,000		Chevron Corp		4.950		03/03/19		209,164
	500,000		Chevron Corp		1.561		05/16/19		499,205
	1,000,000		Chevron Corp		2.193		11/15/19		1,009,289
	400,000		Chevron Corp		1.961		03/03/20		401,502
	300,000		Chevron Corp		1.991		03/03/20		301,085
	1,250,000		Chevron Corp		2.427		06/24/20		1,268,259
	750,000		Chevron Corp		2.100		05/16/21		750,195
	400,000		Chevron Corp		2.411		03/03/22		402,518
	300,000		Chevron Corp		2.498		03/03/22		302,408
	1,050,000		Chevron Corp		2.355		12/05/22		1,051,601
	500,000		Chevron Corp		2.566		05/16/23		502,849
	250,000		Chevron Corp		3.191		06/24/23		259,596
	300,000		Chevron Corp		2.895		03/03/24		303,725
	125,000		Chevron Corp		3.326		11/17/25		128,456
	1,650,000		Chevron Corp		2.954		05/16/26		1,646,670
	500,000		Cimarex Energy Co		4.375		06/01/24		528,780
	100,000		Cimarex Energy Co		3.900		05/15/27		102,049

65

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Concho Resources, Inc		3.750	%	10/01/27	$	502,339
	400,000	Concho Resources, Inc		4.875		10/01/47		417,234
	300,000	ConocoPhillips Co		2.200		05/15/20		301,691
	500,000	ConocoPhillips Co		4.200		03/15/21		532,820
	1,300,000	ConocoPhillips Co		2.875		11/15/21		1,324,062
	600,000	ConocoPhillips Co		2.400		12/15/22		593,092
	1,800,000	ConocoPhillips Co		3.350		11/15/24		1,850,520
	300,000	ConocoPhillips Co		4.150		11/15/34		309,633
	250,000	ConocoPhillips Co		5.900		05/15/38		311,026
	1,035,000	ConocoPhillips Co		6.500		02/01/39		1,386,197
	300,000	ConocoPhillips Co		4.300		11/15/44		315,574
	500,000	ConocoPhillips Co		5.950		03/15/46		642,347
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		650,103
	1,025,000	Devon Energy Corp		3.250		05/15/22		1,036,843
	885,000	Devon Energy Corp		5.600		07/15/41		968,066
	700,000	Devon Energy Corp		4.750		05/15/42		708,305
	300,000	Devon Energy Corp		5.000		06/15/45		315,960
	300,000	Ecopetrol S.A.		4.250		09/18/18		306,000
	550,000	Ecopetrol S.A.		7.625		07/23/19		603,185
	725,000	Ecopetrol S.A.		5.875		09/18/23		805,112
	1,000,000	Ecopetrol S.A.		4.125		01/16/25		1,002,500
	400,000	Ecopetrol S.A.		5.375		06/26/26		426,000
	200,000	Ecopetrol S.A.		7.375		09/18/43		228,140
	300,000	Ecopetrol S.A.		5.875		05/28/45		293,250
	300,000	El Paso Pipeline Partners Operating Co LLC		4.300		05/01/24		312,091
	400,000	El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		384,160
	495,000	Enbridge Energy Partners LP		5.200		03/15/20		526,898
	675,000	Enbridge Energy Partners LP		4.375		10/15/20		709,359
	200,000	Enbridge Energy Partners LP		5.875		10/15/25		227,993
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		313,519
	200,000	Enbridge Energy Partners LP		7.375		10/15/45		257,515
	1,000,000	EnCana Corp		3.900		11/15/21		1,030,251
	1,000,000	EnCana Corp		6.500		08/15/34		1,169,754
	200,000	EnLink Midstream Partners LP		2.700		04/01/19		200,557
	200,000	EnLink Midstream Partners LP		4.400		04/01/24		206,593
	300,000	EnLink Midstream Partners LP		4.150		06/01/25		302,808
	100,000	EnLink Midstream Partners LP		4.850		07/15/26		104,600
	200,000	EnLink Midstream Partners LP		5.600		04/01/44		205,895
	400,000	EnLink Midstream Partners LP		5.450		06/01/47		412,652
	130,000	Enterprise Products Operating LLC		6.500		01/31/19		137,554
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		650,831
	100,000	Enterprise Products Operating LLC		2.850		04/15/21		101,544
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		423,329
	800,000	Enterprise Products Operating LLC		3.900		02/15/24		838,473
	300,000	Enterprise Products Operating LLC		3.700		02/15/26		307,995
	3,065,000	Enterprise Products Operating LLC		3.950		02/15/27		3,215,121
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		581,604
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		326,990
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		102,744
	1,000,000	Enterprise Products Operating LLC		4.850		03/15/44		1,073,086
	500,000	Enterprise Products Operating LLC		5.100		02/15/45		556,819
	300,000	Enterprise Products Operating LLC		4.900		05/15/46		327,554
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		211,759
	200,000	Enterprise Products Operating LLC		4.875		08/16/77		201,000

66

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Enterprise Products Operating LLC		5.250	%	08/16/77	$	201,750
	900,000	EOG Resources, Inc		2.450		04/01/20		907,112
	440,000	EOG Resources, Inc		4.100		02/01/21		463,395
	600,000	EOG Resources, Inc		2.625		03/15/23		595,312
	150,000	EOG Resources, Inc		4.150		01/15/26		158,902
	200,000	EOG Resources, Inc		3.900		04/01/35		199,344
	200,000	EOG Resources, Inc		5.100		01/15/36		222,435
	550,000	EQT Corp		8.125		06/01/19		603,463
	300,000	EQT Corp		2.500		10/01/20		301,059
	300,000	EQT Corp		3.000		10/01/22		300,466
	500,000	EQT Corp		3.900		10/01/27		499,868
	750,000	Exxon Mobil Corp		1.708		03/01/19		750,571
	500,000	Exxon Mobil Corp		1.819		03/15/19		502,759
	950,000	Exxon Mobil Corp		1.912		03/06/20		952,427
	750,000	Exxon Mobil Corp		2.222		03/01/21		755,501
	500,000	Exxon Mobil Corp		2.397		03/06/22		503,990
	1,000,000	Exxon Mobil Corp		2.726		03/01/23		1,017,899
	500,000	Exxon Mobil Corp		3.176		03/15/24		518,356
	500,000	Exxon Mobil Corp		2.709		03/06/25		501,851
	852,000	Exxon Mobil Corp		3.043		03/01/26		867,949
	500,000	Exxon Mobil Corp		3.567		03/06/45		492,481
	850,000	Exxon Mobil Corp		4.114		03/01/46		917,854
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		205,947
	400,000	Halliburton Co		2.000		08/01/18		400,591
	1,850,000	Halliburton Co		3.800		11/15/25		1,904,296
	500,000	Halliburton Co		4.850		11/15/35		541,811
	250,000	Halliburton Co		4.500		11/15/41		247,904
	600,000	Halliburton Co		4.750		08/01/43		633,056
	750,000	Halliburton Co		5.000		11/15/45		822,136
	200,000	Helmerich & Payne International Drilling Co		4.650		03/15/25		211,424
	200,000	Hess Corp		3.500		07/15/24		195,529
	1,100,000	Hess Corp		4.300		04/01/27		1,094,466
	940,000	Hess Corp		5.600		02/15/41		941,400
	300,000	Hess Corp		5.800		04/01/47		306,989
	200,000	HollyFrontier Corp		5.875		04/01/26		217,591
	30,000	Husky Energy, Inc		7.250		12/15/19		33,165
	200,000	Husky Energy, Inc		3.950		04/15/22		208,766
	500,000	Husky Energy, Inc		4.000		04/15/24		514,664
	130,000	Husky Energy, Inc		6.800		09/15/37		160,217
	2,400,000	Kinder Morgan, Inc		3.050		12/01/19		2,443,092
	1,200,000	Kinder Morgan, Inc		3.950		09/01/22		1,245,482
	1,000,000	Kinder Morgan, Inc		3.150		01/15/23		1,004,639
	350,000	Kinder Morgan, Inc		3.450		02/15/23		353,796
	200,000	Kinder Morgan, Inc		3.500		09/01/23		202,120
	300,000	Kinder Morgan, Inc		4.150		02/01/24		310,880
	500,000	Kinder Morgan, Inc		4.250		09/01/24		520,851
	1,950,000	Kinder Morgan, Inc		4.300		06/01/25		2,041,974
	1,900,000	Kinder Morgan, Inc		5.300		12/01/34		1,982,843
	535,000	Kinder Morgan, Inc		6.500		09/01/39		609,446
	300,000	Kinder Morgan, Inc		5.625		09/01/41		311,953
	200,000	Kinder Morgan, Inc		5.000		08/15/42		199,200
	500,000	Kinder Morgan, Inc		5.000		03/01/43		497,459
	400,000	Kinder Morgan, Inc		5.500		03/01/44		420,596

67

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Kinder Morgan, Inc		5.400	%	09/01/44	$	207,815
	800,000		Kinder Morgan, Inc		5.550		06/01/45		862,416
	200,000		Magellan Midstream Partners LP		6.550		07/15/19		214,915
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		131,846
	900,000		Magellan Midstream Partners LP		5.000		03/01/26		1,001,023
	100,000		Magellan Midstream Partners LP		4.250		09/15/46		99,089
	300,000		Magellan Midstream Partners LP		4.200		10/03/47		294,645
	1,150,000		Marathon Oil Corp		2.800		11/01/22		1,117,641
	300,000		Marathon Oil Corp		3.850		06/01/25		297,804
	300,000		Marathon Oil Corp		4.400		07/15/27		306,243
	255,000		Marathon Oil Corp		6.600		10/01/37		293,232
	200,000		Marathon Oil Corp		5.200		06/01/45		201,303
	200,000		Marathon Petroleum Corp		2.700		12/14/18		201,362
	250,000		Marathon Petroleum Corp		3.400		12/15/20		257,952
	250,000		Marathon Petroleum Corp		5.125		03/01/21		271,978
	600,000		Marathon Petroleum Corp		3.625		09/15/24		610,825
	350,000		Marathon Petroleum Corp		6.500		03/01/41		420,956
	250,000		Marathon Petroleum Corp		4.750		09/15/44		248,567
	250,000		Marathon Petroleum Corp		5.850		12/15/45		274,552
	200,000		Marathon Petroleum Corp		5.000		09/15/54		193,204
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		291,126
	800,000		National Oilwell Varco, Inc		3.950		12/01/42		674,585
	935,000		Nexen, Inc		6.400		05/15/37		1,198,324
	750,000		Noble Energy, Inc		3.900		11/15/24		767,575
	500,000		Noble Energy, Inc		3.850		01/15/28		500,764
	700,000		Noble Energy, Inc		6.000		03/01/41		799,145
	300,000		Noble Energy, Inc		5.250		11/15/43		314,670
	200,000		Noble Energy, Inc		4.950		08/15/47		203,770
	250,000		Occidental Petroleum Corp		3.125		02/15/22		257,265
	200,000		Occidental Petroleum Corp		2.600		04/15/22		201,176
	550,000		Occidental Petroleum Corp		2.700		02/15/23		553,861
	750,000		Occidental Petroleum Corp		3.500		06/15/25		767,321
	600,000		Occidental Petroleum Corp		3.400		04/15/26		614,887
	650,000		Occidental Petroleum Corp		3.000		02/15/27		639,653
	300,000		Occidental Petroleum Corp		4.625		06/15/45		327,911
	240,000		Occidental Petroleum Corp		4.400		04/15/46		254,918
	300,000		Occidental Petroleum Corp		4.100		02/15/47		308,633
	200,000		Oceaneering International, Inc		4.650		11/15/24		198,843
	300,000		ONE Gas, Inc		2.070		02/01/19		300,411
	100,000		ONE Gas, Inc		3.610		02/01/24		103,995
	100,000		ONE Gas, Inc		4.658		02/01/44		111,790
	75,000		Petro-Canada		6.800		05/15/38		100,363
	350,000		Petroleos Mexicanos		5.500		02/04/19		364,700
	775,000		Petroleos Mexicanos		6.000		03/05/20		832,738
	500,000		Petroleos Mexicanos		3.500		07/23/20		510,500
	800,000		Petroleos Mexicanos		5.500		01/21/21		853,600
	300,000		Petroleos Mexicanos		6.375		02/04/21		328,653
	240,000		Petroleos Mexicanos		4.875		01/24/22		251,700
	2,000,000	g	Petroleos Mexicanos		5.375		03/13/22		2,136,900
	165,000		Petroleos Mexicanos		1.700		12/20/22		162,984
	165,000		Petroleos Mexicanos		2.000		12/20/22		164,282
	400,000		Petroleos Mexicanos		3.500		01/30/23		394,000

68

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	759,000		Petroleos Mexicanos		4.625	%	09/21/23	$	783,971
	1,500,000		Petroleos Mexicanos		4.875		01/18/24		1,555,500
	1,950,000		Petroleos Mexicanos		4.500		01/23/26		1,946,685
	500,000		Petroleos Mexicanos		6.875		08/04/26		568,750
	1,125,000	g	Petroleos Mexicanos		6.500		03/13/27		1,249,031
	2,525,000	g	Petroleos Mexicanos		6.500		03/13/27		2,803,381
	2,040,000		Petroleos Mexicanos		6.500		06/02/41		2,132,820
	860,000		Petroleos Mexicanos		5.500		06/27/44		801,950
	575,000		Petroleos Mexicanos		6.375		01/23/45		585,063
	1,000,000		Petroleos Mexicanos		5.625		01/23/46		930,000
	2,015,000		Petroleos Mexicanos		6.750		09/21/47		2,143,759
	1,075,000	g	Petroleos Mexicanos		6.750		09/21/47		1,143,693
	650,000		Phillips 66		4.300		04/01/22		697,950
	538,000		Phillips 66		4.650		11/15/34		569,285
	400,000		Phillips 66		5.875		05/01/42		491,779
	900,000		Phillips 66		4.875		11/15/44		980,309
	125,000		Pioneer Natural Resources Co		3.450		01/15/21		127,783
	375,000		Pioneer Natural Resources Co		3.950		07/15/22		393,953
	200,000		Pioneer Natural Resources Co		4.450		01/15/26		213,164
	550,000		Plains All American Pipeline LP		2.600		12/15/19		548,808
	700,000		Plains All American Pipeline LP		5.000		02/01/21		736,043
	200,000		Plains All American Pipeline LP		2.850		01/31/23		192,161
	400,000		Plains All American Pipeline LP		3.850		10/15/23		401,394
	200,000		Plains All American Pipeline LP		3.600		11/01/24		195,315
	300,000		Plains All American Pipeline LP		4.650		10/15/25		308,839
	500,000		Plains All American Pipeline LP		4.500		12/15/26		507,256
	100,000		Plains All American Pipeline LP		6.650		01/15/37		110,669
	250,000		Plains All American Pipeline LP		5.150		06/01/42		235,740
	300,000		Plains All American Pipeline LP		4.700		06/15/44		271,329
	300,000		Plains All American Pipeline LP		4.900		02/15/45		278,749
	1,500,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		1,625,433
	1,500,000		Sabine Pass Liquefaction LLC		5.625		03/01/25		1,654,175
	2,500,000		Sabine Pass Liquefaction LLC		5.000		03/15/27		2,665,415
	375,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		377,859
	750,000		Schlumberger Investment S.A.		3.650		12/01/23		795,850
	300,000		Shell International Finance BV		1.625		11/10/18		300,197
	500,000		Shell International Finance BV		2.000		11/15/18		502,121
	500,000		Shell International Finance BV		1.375		05/10/19		498,162
	500,000		Shell International Finance BV		1.375		09/12/19		496,751
	805,000		Shell International Finance BV		4.300		09/22/19		844,328
	1,280,000		Shell International Finance BV		4.375		03/25/20		1,357,924
	500,000		Shell International Finance BV		2.125		05/11/20		503,772
	300,000		Shell International Finance BV		2.250		11/10/20		302,359
	500,000		Shell International Finance BV		1.875		05/10/21		496,324
	500,000		Shell International Finance BV		1.750		09/12/21		493,177
	200,000		Shell International Finance BV		2.375		08/21/22		200,496
	500,000		Shell International Finance BV		2.250		01/06/23		496,561
	500,000		Shell International Finance BV		3.400		08/12/23		524,197
	2,300,000		Shell International Finance BV		3.250		05/11/25		2,354,435
	1,500,000		Shell International Finance BV		2.875		05/10/26		1,487,915
	500,000		Shell International Finance BV		2.500		09/12/26		481,602
	500,000		Shell International Finance BV		4.125		05/11/35		527,763
	421,000		Shell International Finance BV		6.375		12/15/38		570,454

69

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Shell International Finance BV		3.625	%	08/21/42	$	191,266
	1,000,000		Shell International Finance BV		4.550		08/12/43		1,085,163
	1,000,000		Shell International Finance BV		4.375		05/11/45		1,070,467
	425,000		Shell International Finance BV		4.000		05/10/46		429,571
	1,750,000		Shell International Finance BV		3.750		09/12/46		1,717,766
	500,000		Statoil ASA		1.250		11/09/17		500,020
	375,000		Statoil ASA		1.200		01/17/18		374,786
	300,000		Statoil ASA		1.150		05/15/18		299,392
	300,000		Statoil ASA		1.950		11/08/18		300,774
	450,000		Statoil ASA		5.250		04/15/19		473,527
	500,000		Statoil ASA		2.250		11/08/19		503,948
	300,000		Statoil ASA		2.900		11/08/20		307,031
	500,000		Statoil ASA		2.750		11/10/21		509,586
	625,000		Statoil ASA		2.450		01/17/23		623,648
	300,000		Statoil ASA		2.650		01/15/24		296,917
	300,000		Statoil ASA		3.700		03/01/24		317,342
	500,000		Statoil ASA		3.250		11/10/24		513,623
	200,000		Statoil ASA		5.100		08/17/40		232,426
	400,000		Statoil ASA		4.250		11/23/41		417,461
	300,000		Statoil ASA		3.950		05/15/43		300,665
	1,300,000		Statoil ASA		4.800		11/08/43		1,470,530
	750,000		Suncor Energy, Inc		3.600		12/01/24		772,691
	1,400,000		Suncor Energy, Inc		6.500		06/15/38		1,819,069
	200,000		Sunoco Logistics Partners Operations LP		4.400		04/01/21		210,952
	1,181,000		Sunoco Logistics Partners Operations LP		3.450		01/15/23		1,190,446
	300,000		Sunoco Logistics Partners Operations LP		4.250		04/01/24		309,464
	200,000		Sunoco Logistics Partners Operations LP		5.950		12/01/25		226,475
	400,000		Sunoco Logistics Partners Operations LP		3.900		07/15/26		396,672
	500,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		497,904
	100,000		Sunoco Logistics Partners Operations LP		6.100		02/15/42		107,320
	300,000		Sunoco Logistics Partners Operations LP		5.300		04/01/44		297,974
	200,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		199,760
	500,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		508,922
	100,000	g	TechnipFMC plc		3.450		10/01/22		100,667
	900,000	g	Tesoro Corp		5.125		12/15/26		987,222
	300,000		Total Capital Canada Ltd		2.750		07/15/23		302,833
	300,000		Total Capital International S.A.		2.125		01/10/19		301,897
	500,000		Total Capital International S.A.		2.100		06/19/19		503,771
	300,000		Total Capital International S.A.		2.750		06/19/21		306,492
	1,000,000		Total Capital International S.A.		2.875		02/17/22		1,021,079
	400,000		Total Capital International S.A.		2.700		01/25/23		404,394
	600,000		Total Capital International S.A.		3.700		01/15/24		633,605
	300,000		Total Capital International S.A.		3.750		04/10/24		316,608
	700,000		Total Capital S.A.		4.450		06/24/20		747,292
	100,000		Total Capital S.A.		4.125		01/28/21		106,250
	500,000		TransCanada PipeLines Ltd		3.125		01/15/19		507,475
	600,000		TransCanada PipeLines Ltd		3.800		10/01/20		627,138
	1,000,000		TransCanada PipeLines Ltd		4.875		01/15/26		1,121,379
	1,700,000		TransCanada PipeLines Ltd		4.625		03/01/34		1,858,242
	340,000		TransCanada PipeLines Ltd		5.850		03/15/36		420,381
	469,000		TransCanada PipeLines Ltd		7.625		01/15/39		687,934
	200,000		TransCanada PipeLines Ltd		6.100		06/01/40		258,387

70

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	TransCanada PipeLines Ltd		5.000	%	10/16/43	$	230,153
	400,000	Vale Overseas Ltd		5.875		06/10/21		440,500
	1,542,000	Vale Overseas Ltd		4.375		01/11/22		1,607,442
	2,350,000	Vale Overseas Ltd		6.250		08/10/26		2,673,125
	150,000	Vale Overseas Ltd		8.250		01/17/34		189,188
	1,164,000	Vale Overseas Ltd		6.875		11/21/36		1,332,780
	680,000	Valero Energy Corp		6.125		02/01/20		739,447
	825,000	Valero Energy Corp		3.650		03/15/25		846,116
	500,000	Valero Energy Corp		3.400		09/15/26		493,056
	330,000	Valero Energy Corp		7.500		04/15/32		434,237
	500,000	Valero Energy Corp		6.625		06/15/37		630,589
	300,000	Valero Energy Corp		4.900		03/15/45		321,780
	200,000	Valero Energy Partners LP		4.375		12/15/26		206,312
		TOTAL ENERGY						212,087,117
FOOD & STAPLES RETAILING - 0.3%
	750,000	CVS Health Corp		2.250		08/12/19		753,539
	1,000,000	CVS Health Corp		2.800		07/20/20		1,017,339
	500,000	CVS Health Corp		4.125		05/15/21		528,017
	650,000	CVS Health Corp		2.125		06/01/21		643,191
	500,000	CVS Health Corp		3.500		07/20/22		519,989
	500,000	CVS Health Corp		2.750		12/01/22		500,994
	250,000	CVS Health Corp		4.000		12/05/23		264,990
	900,000	CVS Health Corp		3.375		08/12/24		919,308
	1,319,000	CVS Health Corp		3.875		07/20/25		1,375,252
	1,200,000	CVS Health Corp		2.875		06/01/26		1,158,812
	400,000	CVS Health Corp		5.300		12/05/43		467,366
	1,500,000	CVS Health Corp		5.125		07/20/45		1,724,101
	235,000	Delhaize Group S.A.		5.700		10/01/40		269,984
	55,000	Kroger Co		6.800		12/15/18		58,124
	100,000	Kroger Co		2.000		01/15/19		100,166
	1,225,000	Kroger Co		1.500		09/30/19		1,210,563
	445,000	Kroger Co		6.150		01/15/20		483,477
	200,000	Kroger Co		2.950		11/01/21		201,761
	200,000	Kroger Co		3.400		04/15/22		205,523
	125,000	Kroger Co		2.800		08/01/22		125,303
	200,000	Kroger Co		3.850		08/01/23		207,074
	300,000	Kroger Co		4.000		02/01/24		310,996
	100,000	Kroger Co		3.500		02/01/26		98,328
	300,000	Kroger Co		2.650		10/15/26		274,256
	175,000	Kroger Co		3.700		08/01/27		173,132
	100,000	Kroger Co		6.900		04/15/38		124,839
	250,000	Kroger Co		5.000		04/15/42		250,847
	300,000	Kroger Co		5.150		08/01/43		307,468
	300,000	Kroger Co		3.875		10/15/46		260,836
	500,000	Kroger Co		4.450		02/01/47		471,731
	200,000	Kroger Co		4.650		01/15/48		193,420
	300,000	SYSCO Corp		1.900		04/01/19		299,787
	500,000	SYSCO Corp		2.600		10/01/20		507,259
	125,000	SYSCO Corp		2.500		07/15/21		125,767
	250,000	SYSCO Corp		2.600		06/12/22		250,408
	225,000	SYSCO Corp		3.300		07/15/26		226,837
	100,000	SYSCO Corp		3.250		07/15/27		99,644

71

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		SYSCO Corp		5.375	%	09/21/35	$	117,388
	300,000		SYSCO Corp		4.850		10/01/45		329,547
	500,000		SYSCO Corp		4.500		04/01/46		525,774
	200,000		Walgreen Co		3.100		09/15/22		203,689
	200,000		Walgreen Co		4.400		09/15/42		201,165
	1,125,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		1,140,223
	500,000		Walgreens Boots Alliance, Inc		3.300		11/18/21		516,259
	400,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		413,183
	2,000,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		1,992,515
	400,000		Walgreens Boots Alliance, Inc		4.500		11/18/34		416,777
	400,000		Walgreens Boots Alliance, Inc		4.800		11/18/44		424,741
	125,000		Walgreens Boots Alliance, Inc		4.650		06/01/46		130,467
	200,000		Whole Foods Market, Inc		5.200		12/03/25		229,550
			TOTAL FOOD & STAPLES RETAILING						23,351,706
FOOD, BEVERAGE & TOBACCO - 1.4%
	228,000		Altria Group, Inc		9.250		08/06/19		258,192
	300,000		Altria Group, Inc		2.625		01/14/20		304,590
	1,800,000		Altria Group, Inc		4.750		05/05/21		1,950,522
	800,000		Altria Group, Inc		2.850		08/09/22		816,681
	200,000		Altria Group, Inc		2.950		05/02/23		202,849
	200,000		Altria Group, Inc		2.625		09/16/26		192,461
	800,000		Altria Group, Inc		4.250		08/09/42		818,735
	300,000		Altria Group, Inc		4.500		05/02/43		321,182
	600,000		Altria Group, Inc		5.375		01/31/44		720,060
	300,000		Altria Group, Inc		3.875		09/16/46		293,063
	2,000,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		2,005,002
	500,000		Anheuser-Busch InBev Finance, Inc		2.150		02/01/19		503,105
	2,000,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,031,989
	500,000		Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		502,647
	2,000,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		2,072,886
	500,000		Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		524,740
	10,600,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		10,961,727
	2,500,000		Anheuser-Busch InBev Finance, Inc		4.700		02/01/36		2,767,355
	1,000,000		Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		1,069,775
	3,825,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		4,353,176
	1,390,000		Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		1,492,761
	2,750,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		2,772,007
	500,000		Anheuser-Busch InBev Worldwide, Inc		3.750		07/15/42		483,866
	639,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		683,782
	1,400,000		Archer-Daniels-Midland Co		2.500		08/11/26		1,342,680
	740,000		Archer-Daniels-Midland Co		4.016		04/16/43		761,492
	200,000		Archer-Daniels-Midland Co		3.750		09/15/47		197,176
	750,000	g	BAT Capital Corp		2.297		08/14/20		752,232
	750,000	g	BAT Capital Corp		2.764		08/15/22		753,987
	1,000,000	g	BAT Capital Corp		3.222		08/15/24		1,002,056
	1,250,000	g	BAT Capital Corp		3.557		08/15/27		1,253,803
	1,000,000	g	BAT Capital Corp		4.390		08/15/37		1,018,692
	1,250,000	g	BAT Capital Corp		4.540		08/15/47		1,285,402
	200,000		Beam, Inc		3.250		05/15/22		204,637
	200,000		Brown-Forman Corp		4.500		07/15/45		215,239
	100,000		Bunge Ltd		8.500		06/15/19		110,440

72

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Bunge Ltd		3.500	%	11/24/20	$	514,539
	300,000	Bunge Ltd		3.000		09/25/22		299,848
	300,000	Bunge Ltd		3.750		09/25/27		299,378
	100,000	Campbell Soup Co		4.250		04/15/21		106,243
	650,000	Campbell Soup Co		2.500		08/02/22		650,685
	150,000	Campbell Soup Co		3.800		08/02/42		142,330
	300,000	Coca-Cola Bottling Co Consolidated		3.800		11/25/25		307,426
	300,000	Coca-Cola Co		1.650		11/01/18		300,648
	500,000	Coca-Cola Co		1.375		05/30/19		498,329
	500,000	Coca-Cola Co		1.875		10/27/20		500,188
	300,000	Coca-Cola Co		2.450		11/01/20		304,984
	410,000	Coca-Cola Co		3.150		11/15/20		426,194
	400,000	Coca-Cola Co		1.550		09/01/21		392,248
	300,000	Coca-Cola Co		2.500		04/01/23		301,508
	2,500,000	Coca-Cola Co		3.200		11/01/23		2,610,410
	500,000	Coca-Cola Co		2.875		10/27/25		503,575
	300,000	Coca-Cola Co		2.550		06/01/26		291,794
	400,000	Coca-Cola Co		2.250		09/01/26		379,019
	100,000	Coca-Cola Enterprises, Inc		3.500		09/15/20		103,542
	200,000	Coca-Cola Femsa SAB de C.V.		2.375		11/26/18		201,325
	400,000	Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		422,612
	500,000	Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		527,937
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		231,174
	572,000	ConAgra Foods, Inc		3.200		01/25/23		582,048
	100,000	ConAgra Foods, Inc		7.000		10/01/28		125,617
	600,000	Constellation Brands, Inc		3.875		11/15/19		622,578
	300,000	Constellation Brands, Inc		2.700		05/09/22		300,938
	750,000	Constellation Brands, Inc		3.700		12/06/26		766,795
	300,000	Constellation Brands, Inc		3.500		05/09/27		304,709
	300,000	Constellation Brands, Inc		4.500		05/09/47		314,680
	100,000	Corn Products International, Inc		4.625		11/01/20		106,680
	200,000	Diageo Capital plc		5.875		09/30/36		258,527
	400,000	Diageo Capital plc		3.875		04/29/43		406,822
	500,000	Dr Pepper Snapple Group, Inc		3.130		12/15/23		509,863
	200,000	Dr Pepper Snapple Group, Inc		3.400		11/15/25		202,827
	200,000	Dr Pepper Snapple Group, Inc		2.550		09/15/26		188,468
	500,000	Dr Pepper Snapple Group, Inc		4.420		12/15/46		524,478
	150,000	Flowers Foods, Inc		4.375		04/01/22		159,395
	100,000	Flowers Foods, Inc		3.500		10/01/26		98,203
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		199,127
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		304,443
	210,000	General Mills, Inc		5.650		02/15/19		220,647
	175,000	General Mills, Inc		2.200		10/21/19		176,090
	200,000	General Mills, Inc		3.150		12/15/21		205,143
	500,000	General Mills, Inc		3.650		02/15/24		523,049
	500,000	General Mills, Inc		3.200		02/10/27		494,645
	150,000	General Mills, Inc		5.400		06/15/40		173,780
	100,000	General Mills, Inc		4.150		02/15/43		99,394
	150,000	Hershey Co		4.125		12/01/20		159,481
	500,000	Hershey Co		2.300		08/15/26		470,473
	300,000	Hershey Co		3.375		08/15/46		274,991
	300,000	Ingredion, Inc		3.200		10/01/26		295,409
	175,000	JM Smucker Co		2.500		03/15/20		176,609

73

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		JM Smucker Co		3.500	%	10/15/21	$	103,882
	300,000		JM Smucker Co		3.000		03/15/22		304,542
	600,000		JM Smucker Co		3.500		03/15/25		613,788
	300,000		JM Smucker Co		4.250		03/15/35		312,596
	300,000		JM Smucker Co		4.375		03/15/45		313,007
	1,279,000		Kellogg Co		4.000		12/15/20		1,349,992
	500,000		Kellogg Co		2.650		12/01/23		496,599
	1,125,000		Kellogg Co		3.250		04/01/26		1,123,865
	150,000		Kellogg Co		4.500		04/01/46		155,838
	2,275,000		Kraft Foods Group, Inc		3.500		06/06/22		2,358,459
	300,000		Kraft Foods Group, Inc		6.500		02/09/40		377,326
	700,000		Kraft Foods Group, Inc		5.000		06/04/42		749,365
	1,900,000		Kraft Foods, Inc		5.375		02/10/20		2,033,066
	700,000		Kraft Heinz Foods Co		2.800		07/02/20		712,522
	200,000		Kraft Heinz Foods Co		3.500		07/15/22		206,923
	900,000		Kraft Heinz Foods Co		3.950		07/15/25		926,643
	1,000,000		Kraft Heinz Foods Co		3.000		06/01/26		958,896
	600,000		Kraft Heinz Foods Co		5.000		07/15/35		653,385
	1,000,000		Kraft Heinz Foods Co		5.200		07/15/45		1,094,805
	1,500,000		Kraft Heinz Foods Co		4.375		06/01/46		1,469,975
	250,000		McCormick & Co, Inc		2.700		08/15/22		251,104
	250,000		McCormick & Co, Inc		3.150		08/15/24		251,981
	250,000		McCormick & Co, Inc		3.400		08/15/27		250,777
	400,000		McCormick & Co, Inc		4.200		08/15/47		409,780
	385,000		Mead Johnson Nutrition Co		4.900		11/01/19		409,124
	100,000		Mead Johnson Nutrition Co		3.000		11/15/20		102,715
	225,000		Mead Johnson Nutrition Co		4.125		11/15/25		242,829
	350,000		Mead Johnson Nutrition Co		4.600		06/01/44		384,692
	350,000		Molson Coors Brewing Co		1.450		07/15/19		346,155
	500,000	g	Molson Coors Brewing Co		2.250		03/15/20		499,608
	500,000		Molson Coors Brewing Co		2.100		07/15/21		492,888
	150,000		Molson Coors Brewing Co		3.500		05/01/22		155,437
	750,000		Molson Coors Brewing Co		3.000		07/15/26		729,110
	300,000		Molson Coors Brewing Co		5.000		05/01/42		334,328
	750,000		Molson Coors Brewing Co		4.200		07/15/46		746,698
	400,000		PepsiCo, Inc		2.250		01/07/19		403,163
	100,000		PepsiCo, Inc		1.500		02/22/19		99,857
	350,000		PepsiCo, Inc		1.550		05/02/19		349,669
	300,000		PepsiCo, Inc		1.350		10/04/19		299,070
	100,000		PepsiCo, Inc		4.500		01/15/20		106,047
	500,000		PepsiCo, Inc		1.850		04/30/20		500,300
	300,000		PepsiCo, Inc		2.150		10/14/20		302,388
	400,000		PepsiCo, Inc		3.125		11/01/20		414,413
	200,000		PepsiCo, Inc		3.000		08/25/21		207,024
	1,300,000		PepsiCo, Inc		1.700		10/06/21		1,280,196
	400,000		PepsiCo, Inc		2.750		03/05/22		410,012
	500,000		PepsiCo, Inc		2.250		05/02/22		500,438
	300,000		PepsiCo, Inc		3.100		07/17/22		311,322
	500,000		PepsiCo, Inc		2.750		03/01/23		510,303
	1,000,000		PepsiCo, Inc		3.600		03/01/24		1,055,983
	300,000		PepsiCo, Inc		2.750		04/30/25		300,075
	425,000		PepsiCo, Inc		3.500		07/17/25		443,734

74

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	PepsiCo, Inc		2.850	%	02/24/26	$	99,471
	1,000,000	PepsiCo, Inc		2.375		10/06/26		958,455
	310,000	PepsiCo, Inc		4.875		11/01/40		362,542
	400,000	PepsiCo, Inc		4.000		03/05/42		409,756
	200,000	PepsiCo, Inc		3.600		08/13/42		197,672
	450,000	PepsiCo, Inc		4.600		07/17/45		508,361
	800,000	PepsiCo, Inc		4.450		04/14/46		886,739
	275,000	PepsiCo, Inc		3.450		10/06/46		261,488
	750,000	PepsiCo, Inc		4.000		05/02/47		785,477
	300,000	Philip Morris International, Inc		1.875		01/15/19		300,775
	800,000	Philip Morris International, Inc		1.625		02/21/19		799,380
	300,000	Philip Morris International, Inc		1.375		02/25/19		298,481
	300,000	Philip Morris International, Inc		2.000		02/21/20		300,312
	200,000	Philip Morris International, Inc		2.900		11/15/21		204,144
	300,000	Philip Morris International, Inc		2.625		02/18/22		302,453
	300,000	Philip Morris International, Inc		2.375		08/17/22		298,623
	200,000	Philip Morris International, Inc		2.500		08/22/22		199,960
	500,000	Philip Morris International, Inc		2.625		03/06/23		499,689
	300,000	Philip Morris International, Inc		2.125		05/10/23		292,088
	300,000	Philip Morris International, Inc		3.600		11/15/23		315,213
	500,000	Philip Morris International, Inc		3.250		11/10/24		509,483
	300,000	Philip Morris International, Inc		3.375		08/11/25		307,772
	700,000	Philip Morris International, Inc		2.750		02/25/26		683,755
	300,000	Philip Morris International, Inc		3.125		08/17/27		300,622
	240,000	Philip Morris International, Inc		6.375		05/16/38		319,565
	150,000	Philip Morris International, Inc		4.375		11/15/41		159,139
	200,000	Philip Morris International, Inc		4.500		03/20/42		216,504
	150,000	Philip Morris International, Inc		3.875		08/21/42		148,710
	300,000	Philip Morris International, Inc		4.125		03/04/43		307,898
	200,000	Philip Morris International, Inc		4.875		11/15/43		223,414
	1,300,000	Philip Morris International, Inc		4.250		11/10/44		1,355,521
	270,000	Reynolds American, Inc		6.875		05/01/20		300,796
	375,000	Reynolds American, Inc		3.250		06/12/20		385,294
	2,250,000	Reynolds American, Inc		4.000		06/12/22		2,376,241
	200,000	Reynolds American, Inc		4.850		09/15/23		219,435
	750,000	Reynolds American, Inc		5.700		08/15/35		879,160
	65,000	Reynolds American, Inc		7.250		06/15/37		88,982
	200,000	Reynolds American, Inc		6.150		09/15/43		250,670
	750,000	Reynolds American, Inc		5.850		08/15/45		916,951
	1,400,000	Tyson Foods, Inc		4.500		06/15/22		1,513,709
	500,000	Tyson Foods, Inc		3.950		08/15/24		525,808
	300,000	Tyson Foods, Inc		3.550		06/02/27		303,318
	500,000	Tyson Foods, Inc		5.150		08/15/44		569,307
	300,000	Tyson Foods, Inc		4.550		06/02/47		320,844
		TOTAL FOOD, BEVERAGE & TOBACCO						117,443,505
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	100,000	AmerisourceBergen Corp		3.500		11/15/21		103,639
	400,000	AmerisourceBergen Corp		3.400		05/15/24		412,012
	700,000	AmerisourceBergen Corp		3.250		03/01/25		706,787
	400,000	Ascension Health		3.945		11/15/46		407,629
	200,000	Ascension Health, Inc		4.847		11/15/53		228,667
	300,000	Baxter International, Inc		1.700		08/15/21		292,579

75

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Baxter International, Inc		2.600	%	08/15/26	$	285,176
	300,000	Baxter International, Inc		3.500		08/15/46		267,926
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		304,977
	200,000	Baylor Scott & White Holdings		3.967		11/15/46		202,511
	1,414,000	Becton Dickinson & Co		2.675		12/15/19		1,430,787
	150,000	Becton Dickinson & Co		3.250		11/12/20		154,021
	850,000	Becton Dickinson & Co		3.125		11/08/21		866,275
	151,000	Becton Dickinson & Co		3.734		12/15/24		154,189
	500,000	Becton Dickinson and Co		2.133		06/06/19		501,230
	750,000	Becton Dickinson and Co		2.404		06/05/20		752,499
	750,000	Becton Dickinson and Co		2.894		06/06/22		751,616
	750,000	Becton Dickinson and Co		3.363		06/06/24		756,698
	1,000,000	Becton Dickinson and Co		3.700		06/06/27		1,007,842
	500,000	Becton Dickinson and Co		4.685		12/15/44		528,240
	1,000,000	Becton Dickinson and Co		4.669		06/06/47		1,048,483
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		107,305
	650,000	Boston Scientific Corp		6.000		01/15/20		705,491
	300,000	Boston Scientific Corp		2.850		05/15/20		304,954
	300,000	Boston Scientific Corp		3.375		05/15/22		307,726
	150,000	Boston Scientific Corp		4.125		10/01/23		159,081
	1,400,000	Boston Scientific Corp		3.850		05/15/25		1,453,044
	500,000	Cardinal Health, Inc		1.948		06/14/19		500,457
	200,000	Cardinal Health, Inc		2.400		11/15/19		201,542
	100,000	Cardinal Health, Inc		4.625		12/15/20		106,875
	350,000	Cardinal Health, Inc		2.616		06/15/22		349,611
	100,000	Cardinal Health, Inc		3.200		06/15/22		102,088
	200,000	Cardinal Health, Inc		3.200		03/15/23		203,242
	500,000	Cardinal Health, Inc		3.079		06/15/24		503,283
	100,000	Cardinal Health, Inc		3.500		11/15/24		102,621
	200,000	Cardinal Health, Inc		3.750		09/15/25		207,006
	300,000	Cardinal Health, Inc		3.410		06/15/27		300,896
	100,000	Cardinal Health, Inc		4.600		03/15/43		104,804
	200,000	Cardinal Health, Inc		4.500		11/15/44		207,945
	200,000	Cardinal Health, Inc		4.900		09/15/45		220,339
	500,000	Cardinal Health, Inc		4.368		06/15/47		511,654
	100,000	Coventry Health Care, Inc		5.450		06/15/21		110,129
	650,000	Covidien International Finance S.A.		3.200		06/15/22		670,325
	100,000	CR Bard, Inc		4.400		01/15/21		105,043
	200,000	CR Bard, Inc		3.000		05/15/26		200,550
	200,000	Dignity Health		5.267		11/01/64		208,686
	100,000	Edwards Lifesciences Corp		2.875		10/15/18		101,059
	900,000	Express Scripts Holding Co		2.250		06/15/19		903,479
	150,000	Express Scripts Holding Co		3.300		02/25/21		154,246
	250,000	Express Scripts Holding Co		4.750		11/15/21		271,174
	525,000	Express Scripts Holding Co		3.900		02/15/22		552,606
	1,100,000	Express Scripts Holding Co		3.000		07/15/23		1,103,115
	300,000	Express Scripts Holding Co		3.500		06/15/24		304,306
	150,000	Express Scripts Holding Co		4.500		02/25/26		160,413
	500,000	Express Scripts Holding Co		3.400		03/01/27		492,707
	93,000	Express Scripts Holding Co		6.125		11/15/41		111,874
	750,000	Express Scripts Holding Co		4.800		07/15/46		791,496
	200,000	Hackensack Meridian Health, Inc		4.500		07/01/57		216,839

76

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Johns Hopkins Health System Corp		3.837	%	05/15/46	$	101,059
	100,000	Kaiser Foundation Hospitals		3.500		04/01/22		104,152
	500,000	Kaiser Foundation Hospitals		3.150		05/01/27		503,058
	100,000	Kaiser Foundation Hospitals		4.875		04/01/42		117,031
	515,000	Kaiser Foundation Hospitals		4.150		05/01/47		551,362
	200,000	Keysight Technologies, Inc		3.300		10/30/19		202,767
	200,000	Keysight Technologies, Inc		4.550		10/30/24		210,881
	300,000	Keysight Technologies, Inc		4.600		04/06/27		315,456
	250,000	Laboratory Corp of America Holdings		2.500		11/01/18		251,072
	150,000	Laboratory Corp of America Holdings		2.625		02/01/20		151,576
	300,000	Laboratory Corp of America Holdings		3.200		02/01/22		306,968
	200,000	Laboratory Corp of America Holdings		3.750		08/23/22		207,893
	700,000	Laboratory Corp of America Holdings		4.000		11/01/23		732,962
	200,000	Laboratory Corp of America Holdings		3.250		09/01/24		200,714
	100,000	Laboratory Corp of America Holdings		3.600		02/01/25		101,962
	300,000	Laboratory Corp of America Holdings		3.600		09/01/27		301,602
	300,000	Laboratory Corp of America Holdings		4.700		02/01/45		308,831
	200,000	Mayo Clinic		4.128		11/15/52		211,480
	200,000	Mayo Clinic Rochester		4.000		11/15/47		205,720
	180,000	McKesson Corp		4.750		03/01/21		192,941
	600,000	McKesson Corp		2.700		12/15/22		601,761
	200,000	McKesson Corp		2.850		03/15/23		200,978
	500,000	McKesson Corp		3.796		03/15/24		525,157
	100,000	McKesson Corp		6.000		03/01/41		124,954
	375,000	McKesson Corp		4.883		03/15/44		415,992
	325,000	Medtronic Global Holdings S.C.A		3.350		04/01/27		333,919
	875,000	Medtronic, Inc		2.500		03/15/20		888,095
	1,000,000	Medtronic, Inc		3.150		03/15/22		1,035,163
	1,000,000	Medtronic, Inc		3.625		03/15/24		1,054,277
	3,500,000	Medtronic, Inc		3.500		03/15/25		3,648,907
	936,000	Medtronic, Inc		4.375		03/15/35		1,029,875
	200,000	Medtronic, Inc		4.500		03/15/42		219,292
	1,000,000	Medtronic, Inc		4.625		03/15/44		1,116,311
	1,050,000	Medtronic, Inc		4.625		03/15/45		1,194,390
	300,000	New York and Presbyterian Hospital		4.024		08/01/45		308,669
	150,000	New York and Presbyterian Hospital		4.063		08/01/56		152,041
	140,000	Northwell Healthcare, Inc		3.979		11/01/46		132,396
	175,000	Northwell Healthcare, Inc		4.260		11/01/47		175,927
	350,000	NYU Hospitals Center		5.750		07/01/43		445,459
	250,000	NYU Hospitals Center		4.368		07/01/47		264,261
	150,000	PerkinElmer, Inc		5.000		11/15/21		162,552
	200,000	Providence St. Joseph Health Obligated Group		2.746		10/01/26		191,794
	100,000	Providence St. Joseph Health Obligated Group		3.744		10/01/47		96,121
	300,000	Quest Diagnostics, Inc		2.700		04/01/19		303,237
	200,000	Quest Diagnostics, Inc		2.500		03/30/20		200,943
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		428,911
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		127,376
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		315,195
	200,000	RWJ Barnabas Health, Inc		3.949		07/01/46		199,008
	200,000	SSM Health Care Corp		3.823		06/01/27		206,957
	125,000	Stryker Corp		2.000		03/08/19		125,252
	90,000	Stryker Corp		4.375		01/15/20		94,802
	850,000	Stryker Corp		2.625		03/15/21		859,966

77

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Stryker Corp		3.375	%	05/15/24	$	206,074
	200,000	Stryker Corp		3.375		11/01/25		204,740
	600,000	Stryker Corp		3.500		03/15/26		615,837
	200,000	Stryker Corp		4.100		04/01/43		199,750
	200,000	Stryker Corp		4.375		05/15/44		209,083
	250,000	Stryker Corp		4.625		03/15/46		272,241
	100,000	Texas Health Resources		4.330		11/15/55		104,237
	200,000	Thermo Fisher Scientific, Inc		2.150		12/14/18		200,873
	1,100,000	Thermo Fisher Scientific, Inc		2.400		02/01/19		1,107,419
	650,000	Thermo Fisher Scientific, Inc		3.300		02/15/22		671,987
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		254,359
	300,000	Thermo Fisher Scientific, Inc		3.000		04/15/23		304,856
	600,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		640,218
	150,000	Thermo Fisher Scientific, Inc		3.650		12/15/25		155,208
	775,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		758,185
	150,000	Thermo Fisher Scientific, Inc		3.200		08/15/27		147,599
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		236,256
	200,000	Thermo Fisher Scientific, Inc		4.100		08/15/47		200,401
	200,000	Trinity Health Corp		4.125		12/01/45		205,830
	500,000	Zimmer Holdings, Inc		2.700		04/01/20		504,910
	750,000	Zimmer Holdings, Inc		3.150		04/01/22		762,378
	1,125,000	Zimmer Holdings, Inc		3.550		04/01/25		1,135,543
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						55,839,203
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Clorox Co		3.800		11/15/21		104,948
	100,000	Clorox Co		3.050		09/15/22		102,665
	200,000	Clorox Co		3.500		12/15/24		206,407
	300,000	Clorox Co		3.100		10/01/27		298,421
	300,000	Colgate-Palmolive Co		1.750		03/15/19		300,457
	200,000	Colgate-Palmolive Co		2.300		05/03/22		201,359
	200,000	Colgate-Palmolive Co		1.950		02/01/23		196,506
	300,000	Colgate-Palmolive Co		3.250		03/15/24		310,376
	60,000	Colgate-Palmolive Co		6.450		06/16/28		75,105
	300,000	Colgate-Palmolive Co		4.000		08/15/45		310,537
	200,000	Colgate-Palmolive Co		3.700		08/01/47		197,030
	200,000	Ecolab, Inc		2.000		01/14/19		200,792
	375,000	Ecolab, Inc		2.250		01/12/20		377,456
	350,000	Ecolab, Inc		4.350		12/08/21		378,460
	300,000	Ecolab, Inc		2.375		08/10/22		299,577
	200,000	Ecolab, Inc		3.250		01/14/23		205,932
	625,000	Ecolab, Inc		2.700		11/01/26		600,272
	100,000	Ecolab, Inc		5.500		12/08/41		122,967
	200,000	Estee Lauder Cos, Inc		1.800		02/07/20		199,850
	200,000	Estee Lauder Cos, Inc		2.350		08/15/22		198,664
	200,000	Estee Lauder Cos, Inc		3.150		03/15/27		203,285
	100,000	Estee Lauder Cos, Inc		6.000		05/15/37		127,195
	300,000	Estee Lauder Cos, Inc		4.375		06/15/45		323,155
	200,000	Estee Lauder Cos, Inc		4.150		03/15/47		209,836
	300,000	Procter & Gamble Co		1.900		11/01/19		301,563
	500,000	Procter & Gamble Co		1.850		02/02/21		497,210
	800,000	Procter & Gamble Co		2.300		02/06/22		806,128

78

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Procter & Gamble Co		2.150	%	08/11/22	$	299,635
	600,000	Procter & Gamble Co		3.100		08/15/23		624,501
	750,000	Procter & Gamble Co		2.700		02/02/26		744,904
	1,750,000	Procter & Gamble Co		2.450		11/03/26		1,692,609
	750,000	Procter & Gamble Co		2.850		08/11/27		746,830
	22,000	Procter & Gamble Co		5.550		03/05/37		29,034
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						11,493,666
INSURANCE - 1.0%
	500,000	ACE INA Holdings, Inc		5.900		06/15/19		532,752
	500,000	ACE INA Holdings, Inc		2.300		11/03/20		503,564
	500,000	ACE INA Holdings, Inc		2.875		11/03/22		509,081
	250,000	ACE INA Holdings, Inc		2.700		03/13/23		251,876
	400,000	ACE INA Holdings, Inc		3.150		03/15/25		406,290
	675,000	ACE INA Holdings, Inc		3.350		05/03/26		691,757
	150,000	ACE INA Holdings, Inc		4.150		03/13/43		160,163
	1,100,000	ACE INA Holdings, Inc		4.350		11/03/45		1,208,079
	300,000	Aetna, Inc		2.200		03/15/19		301,440
	1,000,000	Aetna, Inc		2.750		11/15/22		1,007,818
	750,000	Aetna, Inc		2.800		06/15/23		753,769
	240,000	Aetna, Inc		6.625		06/15/36		325,153
	350,000	Aetna, Inc		4.500		05/15/42		384,687
	500,000	Aetna, Inc		4.125		11/15/42		521,897
	375,000	Aetna, Inc		3.875		08/15/47		379,842
	500,000	Aflac, Inc		2.400		03/16/20		503,532
	600,000	Aflac, Inc		3.625		06/15/23		632,223
	200,000	Aflac, Inc		3.625		11/15/24		210,835
	200,000	Aflac, Inc		2.875		10/15/26		196,097
	200,000	Aflac, Inc		4.000		10/15/46		199,429
	300,000	Alleghany Corp		4.950		06/27/22		329,134
	200,000	Alleghany Corp		4.900		09/15/44		210,447
	300,000	Allied World Assurance Co Holdings Ltd		4.350		10/29/25		304,725
	1,250,000	Allstate Corp		3.150		06/15/23		1,279,840
	100,000	Allstate Corp		3.280		12/15/26		101,769
	600,000	Allstate Corp		4.500		06/15/43		661,309
	300,000	Allstate Corp		4.200		12/15/46		318,798
	200,000	Allstate Corp		5.750		08/15/53		219,500
	100,000	American Financial Group, Inc		9.875		06/15/19		112,224
	100,000	American Financial Group, Inc		3.500		08/15/26		100,047
	100,000	American Financial Group, Inc		4.500		06/15/47		103,178
	1,325,000	American International Group, Inc		2.300		07/16/19		1,331,454
	300,000	American International Group, Inc		3.300		03/01/21		309,047
	1,600,000	American International Group, Inc		4.875		06/01/22		1,757,664
	200,000	American International Group, Inc		3.750		07/10/25		206,469
	800,000	American International Group, Inc		3.900		04/01/26		830,411
	1,500,000	American International Group, Inc		3.875		01/15/35		1,468,193
	300,000	American International Group, Inc		4.700		07/10/35		321,907
	800,000	American International Group, Inc		6.250		05/01/36		1,026,830
	500,000	American International Group, Inc		4.500		07/16/44		524,682
	300,000	American International Group, Inc		4.800		07/10/45		327,168
	200,000	American International Group, Inc		4.375		01/15/55		193,456
	50,000	Aon plc		5.000		09/30/20		53,823
	200,000	Aon plc		2.800		03/15/21		200,792

79

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Aon plc		4.000	%	11/27/23	$	212,951
	300,000		Aon plc		3.500		06/14/24		309,093
	800,000		Aon plc		3.875		12/15/25		841,645
	200,000		Aon plc		6.250		09/30/40		256,230
	250,000		Aon plc		4.750		05/15/45		271,724
	200,000		Arch Capital Group Ltd		4.011		12/15/26		207,321
	200,000		Arch Capital Group Ltd		5.031		12/15/46		222,687
	300,000		Arch Capital Group US, Inc		5.144		11/01/43		333,844
	200,000		Aspen Insurance Holdings Ltd		4.650		11/15/23		213,960
	100,000		Assurant, Inc		4.000		03/15/23		103,753
	38,000		Assurant, Inc		6.750		02/15/34		46,533
	200,000		Assured Guaranty US Holdings, Inc		5.000		07/01/24		217,860
	770,000		AXA S.A.		8.600		12/15/30		1,103,025
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		54,235
	600,000		Berkshire Hathaway Finance Corp		2.000		08/15/18		602,943
	750,000		Berkshire Hathaway Finance Corp		1.700		03/15/19		751,385
	425,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		421,915
	200,000		Berkshire Hathaway Finance Corp		2.900		10/15/20		205,841
	400,000		Berkshire Hathaway Finance Corp		3.000		05/15/22		413,307
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		329,169
	1,350,000	g	Brighthouse Financial, Inc		3.700		06/22/27		1,324,958
	350,000	g	Brighthouse Financial, Inc		4.700		06/22/47		341,705
	350,000		Chubb Corp		6.000		05/11/37		455,714
	540,000		Cigna Corp		5.125		06/15/20		580,654
	400,000		Cigna Corp		4.500		03/15/21		426,060
	900,000		Cigna Corp		3.250		04/15/25		911,144
	300,000		Cigna Corp		3.050		10/15/27		295,663
	300,000		Cigna Corp		3.875		10/15/47		298,774
	200,000		Cincinnati Financial Corp		6.920		05/15/28		257,016
	500,000		CNA Financial Corp		5.750		08/15/21		554,720
	125,000		CNA Financial Corp		3.950		05/15/24		130,248
	200,000		CNA Financial Corp		4.500		03/01/26		213,615
	125,000		CNA Financial Corp		3.450		08/15/27		123,962
	200,000		Enstar Group Ltd		4.500		03/10/22		206,851
	300,000		Everest Reinsurance Holdings, Inc		4.868		06/01/44		314,253
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		274,004
	200,000		Hanover Insurance Group, Inc		4.500		04/15/26		209,261
	175,000		Hartford Financial Services Group, Inc		5.500		03/30/20		188,469
	250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		277,081
	321,000		Hartford Financial Services Group, Inc		6.625		03/30/40		436,394
	400,000		Hartford Financial Services Group, Inc		4.300		04/15/43		414,223
	300,000		Humana, Inc		2.625		10/01/19		303,329
	100,000		Humana, Inc		3.150		12/01/22		101,791
	300,000		Humana, Inc		3.850		10/01/24		314,996
	100,000		Humana, Inc		3.950		03/15/27		104,541
	200,000		Humana, Inc		4.625		12/01/42		215,929
	300,000		Humana, Inc		4.950		10/01/44		339,506
	100,000		Humana, Inc		4.800		03/15/47		111,290
	200,000		ING US, Inc		5.700		07/15/43		233,305
	200,000		Kemper Corp		4.350		02/15/25		202,679
	400,000		Leucadia National Corp		5.500		10/18/23		427,642
	400,000		Lincoln National Corp		4.200		03/15/22		422,820

80

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	525,000	Lincoln National Corp		4.000	%	09/01/23	$	553,989
	175,000	Lincoln National Corp		3.350		03/09/25		176,309
	100,000	Lincoln National Corp		3.625		12/12/26		101,522
	2,000	Lincoln National Corp		6.150		04/07/36		2,418
	150,000	Lincoln National Corp		7.000		06/15/40		200,358
	200,000	Loews Corp		2.625		05/15/23		199,913
	200,000	Loews Corp		3.750		04/01/26		207,719
	200,000	Loews Corp		4.125		05/15/43		198,960
	100,000	Manulife Financial Corp		4.900		09/17/20		107,260
	700,000	Manulife Financial Corp		4.150		03/04/26		745,459
	300,000	Manulife Financial Corp		4.061		02/24/32		303,579
	200,000	Manulife Financial Corp		5.375		03/04/46		242,641
	150,000	Markel Corp		4.900		07/01/22		163,709
	150,000	Markel Corp		5.000		04/05/46		161,995
	500,000	Marsh & McLennan Cos, Inc		2.350		09/10/19		502,902
	1,500,000	Marsh & McLennan Cos, Inc		3.500		03/10/25		1,550,560
	100,000	Marsh & McLennan Cos, Inc		4.350		01/30/47		106,740
	200,000	Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		206,028
	500,000	Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		523,156
	200,000	Mercury General Corp		4.400		03/15/27		205,641
	1,050,000	MetLife, Inc		4.750		02/08/21		1,135,939
	700,000	MetLife, Inc		3.048		12/15/22		714,352
	325,000	MetLife, Inc		4.368		09/15/23		353,792
	500,000	MetLife, Inc		3.600		04/10/24		522,552
	700,000	MetLife, Inc		3.600		11/13/25		727,551
	550,000	MetLife, Inc		6.375		06/15/34		719,235
	405,000	MetLife, Inc		5.700		06/15/35		500,037
	130,000	MetLife, Inc		5.875		02/06/41		166,940
	200,000	MetLife, Inc		4.125		08/13/42		205,876
	600,000	MetLife, Inc		4.875		11/13/43		680,214
	500,000	MetLife, Inc		4.721		12/15/44		563,720
	300,000	MetLife, Inc		4.050		03/01/45		304,774
	450,000	MetLife, Inc		4.600		05/13/46		494,985
	200,000	Montpelier Re Holdings Ltd		4.700		10/15/22		213,111
	20,000	Nationwide Financial Services		6.750		05/15/37		22,200
	200,000	Old Republic International Corp		4.875		10/01/24		214,873
	100,000	Old Republic International Corp		3.875		08/26/26		101,217
	100,000	PartnerRe Ltd		5.500		06/01/20		107,829
	100,000	Primerica, Inc		4.750		07/15/22		108,081
	100,000	Principal Financial Group, Inc		3.300		09/15/22		102,453
	150,000	Principal Financial Group, Inc		3.125		05/15/23		152,485
	200,000	Principal Financial Group, Inc		3.400		05/15/25		204,190
	100,000	Principal Financial Group, Inc		3.100		11/15/26		99,284
	100,000	Principal Financial Group, Inc		4.625		09/15/42		109,883
	200,000	Principal Financial Group, Inc		4.350		05/15/43		209,317
	300,000	Principal Financial Group, Inc		4.300		11/15/46		312,044
	200,000	Principal Financial Group, Inc		4.700		05/15/55		205,460
	650,000	Progressive Corp		2.450		01/15/27		617,842
	120,000	Progressive Corp		6.250		12/01/32		155,615
	300,000	Progressive Corp		4.350		04/25/44		325,514
	300,000	Progressive Corp		3.700		01/26/45		294,482
	200,000	Progressive Corp		4.125		04/15/47		210,409

81

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Protective Life Corp		7.375	%	10/15/19	$	109,746
	100,000	Prudential Financial, Inc		2.300		08/15/18		100,646
	1,020,000	Prudential Financial, Inc		7.375		06/15/19		1,112,223
	200,000	Prudential Financial, Inc		2.350		08/15/19		201,392
	891,000	Prudential Financial, Inc		4.500		11/16/21		963,326
	450,000	Prudential Financial, Inc		6.200		11/15/40		581,178
	500,000	Prudential Financial, Inc		5.625		06/15/43		545,000
	150,000	Prudential Financial, Inc		5.100		08/15/43		174,064
	600,000	Prudential Financial, Inc		5.200		03/15/44		637,875
	1,300,000	Prudential Financial, Inc		4.600		05/15/44		1,431,400
	200,000	Prudential Financial, Inc		5.375		05/15/45		216,000
	300,000	Prudential Financial, Inc		4.500		09/15/47		304,530
	100,000	Reinsurance Group of America, Inc		5.000		06/01/21		108,074
	250,000	Reinsurance Group of America, Inc		4.700		09/15/23		270,985
	200,000	RenaissanceRe Finance, Inc		3.700		04/01/25		200,234
	200,000	RenaissanceRe Finance, Inc		3.450		07/01/27		197,030
	250,000	Torchmark Corp		3.800		09/15/22		257,665
	20,000	Transatlantic Holdings, Inc		8.000		11/30/39		27,125
	130,000	Travelers Cos, Inc		5.900		06/02/19		138,421
	600,000	Travelers Cos, Inc		5.350		11/01/40		743,121
	200,000	Travelers Cos, Inc		4.600		08/01/43		223,055
	250,000	Travelers Cos, Inc		4.300		08/25/45		270,467
	400,000	Travelers Cos, Inc		3.750		05/15/46		395,711
	300,000	Travelers Cos, Inc		4.000		05/30/47		310,589
	100,000	Travelers Property Casualty Corp		6.375		03/15/33		129,177
	200,000	UnitedHealth Group, Inc		1.700		02/15/19		199,857
	900,000	UnitedHealth Group, Inc		1.625		03/15/19		897,970
	500,000	UnitedHealth Group, Inc		2.300		12/15/19		504,413
	500,000	UnitedHealth Group, Inc		2.700		07/15/20		509,852
	700,000	UnitedHealth Group, Inc		4.700		02/15/21		753,907
	300,000	UnitedHealth Group, Inc		2.125		03/15/21		299,726
	500,000	UnitedHealth Group, Inc		2.875		12/15/21		512,762
	500,000	UnitedHealth Group, Inc		3.350		07/15/22		522,013
	325,000	UnitedHealth Group, Inc		2.750		02/15/23		328,469
	200,000	UnitedHealth Group, Inc		2.875		03/15/23		203,868
	500,000	UnitedHealth Group, Inc		3.750		07/15/25		530,413
	1,175,000	UnitedHealth Group, Inc		3.100		03/15/26		1,188,270
	300,000	UnitedHealth Group, Inc		3.375		04/15/27		308,443
	750,000	UnitedHealth Group, Inc		4.625		07/15/35		859,166
	365,000	UnitedHealth Group, Inc		6.625		11/15/37		506,804
	250,000	UnitedHealth Group, Inc		6.875		02/15/38		354,647
	150,000	UnitedHealth Group, Inc		4.625		11/15/41		168,221
	300,000	UnitedHealth Group, Inc		4.375		03/15/42		324,593
	350,000	UnitedHealth Group, Inc		3.950		10/15/42		358,879
	200,000	UnitedHealth Group, Inc		4.250		03/15/43		213,529
	1,250,000	UnitedHealth Group, Inc		4.750		07/15/45		1,445,900
	625,000	UnitedHealth Group, Inc		4.200		01/15/47		665,568
	300,000	UnitedHealth Group, Inc		4.250		04/15/47		323,599
	110,000	Unum Group		5.625		09/15/20		119,777
	200,000	Unum Group		3.000		05/15/21		202,630
	200,000	Unum Group		4.000		03/15/24		208,654
	100,000	Unum Group		5.750		08/15/42		118,990

82

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Verisk Analytics, Inc		5.800	%	05/01/21	$	220,796
	500,000		Verisk Analytics, Inc		4.000		06/15/25		522,839
	300,000		Verisk Analytics, Inc		5.500		06/15/45		340,222
	200,000		Voya Financial, Inc		3.125		07/15/24		197,300
	200,000		Voya Financial, Inc		3.650		06/15/26		200,396
	200,000		Voya Financial, Inc		4.800		06/15/46		209,929
	200,000		WellPoint, Inc		1.875		01/15/18		200,124
	300,000		WellPoint, Inc		2.250		08/15/19		301,256
	150,000		WellPoint, Inc		3.700		08/15/21		156,411
	800,000		WellPoint, Inc		3.125		05/15/22		816,726
	200,000		WellPoint, Inc		3.300		01/15/23		205,931
	300,000		WellPoint, Inc		3.500		08/15/24		308,530
	1,000,000		WellPoint, Inc		4.625		05/15/42		1,082,820
	700,000		WellPoint, Inc		4.650		01/15/43		755,087
	500,000		WellPoint, Inc		5.100		01/15/44		575,863
	300,000		WellPoint, Inc		4.650		08/15/44		327,095
	200,000		Willis Group Holdings plc		5.750		03/15/21		219,731
	275,000		Willis North America, Inc		3.600		05/15/24		281,209
	165,000		WR Berkley Corp		5.375		09/15/20		178,010
	250,000		WR Berkley Corp		4.625		03/15/22		269,748
	200,000		WR Berkley Corp		4.750		08/01/44		206,929
	350,000		XL Capital Ltd		6.375		11/15/24		409,511
	200,000		XLIT Ltd		2.300		12/15/18		200,763
	200,000		XLIT Ltd		4.450		03/31/25		204,730
	200,000		XLIT Ltd		5.250		12/15/43		220,670
			TOTAL INSURANCE						88,314,863
MATERIALS - 0.8%
	200,000		3M Co		1.375		08/07/18		199,845
	200,000		3M Co		1.625		09/19/21		197,087
	200,000		3M Co		2.000		06/26/22		198,532
	300,000	h	3M Co		2.250		03/15/23		299,790
	1,200,000		3M Co		3.000		08/07/25		1,214,934
	200,000		3M Co		2.250		09/19/26		189,307
	300,000	h	3M Co		2.875		10/15/27		298,362
	190,000		3M Co		5.700		03/15/37		248,674
	300,000		3M Co		3.875		06/15/44		305,341
	200,000		3M Co		3.125		09/19/46		181,118
	300,000	h	3M Co		3.625		10/15/47		297,126
	100,000		Agrium, Inc		6.750		01/15/19		105,841
	150,000		Agrium, Inc		3.150		10/01/22		153,334
	200,000		Agrium, Inc		3.500		06/01/23		205,959
	250,000		Agrium, Inc		3.375		03/15/25		251,438
	200,000		Agrium, Inc		4.125		03/15/35		203,101
	100,000		Agrium, Inc		6.125		01/15/41		123,528
	200,000		Agrium, Inc		4.900		06/01/43		218,341
	725,000		Agrium, Inc		5.250		01/15/45		830,347
	150,000		Air Products & Chemicals, Inc		3.000		11/03/21		154,489
	150,000		Air Products & Chemicals, Inc		2.750		02/03/23		153,411
	300,000		Air Products & Chemicals, Inc		3.350		07/31/24		311,491
	200,000		Airgas, Inc		3.650		07/15/24		208,049
	200,000		Albemarle Corp		4.150		12/01/24		211,516
	1,250,000		Barrick Gold Corp		5.250		04/01/42		1,430,212

83

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	361,000	Barrick North America Finance LLC		4.400	%	05/30/21	$	388,122
	300,000	Barrick North America Finance LLC		5.750		05/01/43		363,025
	100,000	Bemis Co, Inc		6.800		08/01/19		107,956
	100,000	Bemis Co, Inc		3.100		09/15/26		96,937
	500,000	BHP Billiton Finance USA Ltd		4.125		02/24/42		521,068
	500,000	BHP Billiton Finance USA Ltd		5.000		09/30/43		590,908
	600,000	Braskem Finance Ltd		6.450		02/03/24		676,200
	200,000	Cabot Corp		3.700		07/15/22		205,054
	100,000	Celulosa Arauco y Constitucion S.A.		5.000		01/21/21		106,611
	100,000	Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		105,708
	400,000	Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		421,199
	100,000	Church & Dwight Co, Inc		2.450		08/01/22		99,596
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		252,775
	100,000	Church & Dwight Co, Inc		3.150		08/01/27		98,977
	100,000	Church & Dwight Co, Inc		3.950		08/01/47		98,998
	225,000	Corning, Inc		4.250		08/15/20		236,702
	300,000	Corning, Inc		2.900		05/15/22		302,788
	100,000	Corning, Inc		5.750		08/15/40		119,045
	200,000	Corning, Inc		4.750		03/15/42		214,429
	150,000	Cytec Industries, Inc		3.500		04/01/23		155,272
	200,000	Domtar Corp		4.400		04/01/22		208,187
	591,000	Dow Chemical Co		8.550		05/15/19		652,648
	929,000	Dow Chemical Co		4.250		11/15/20		980,745
	500,000	Dow Chemical Co		4.125		11/15/21		529,629
	550,000	Dow Chemical Co		3.000		11/15/22		561,043
	1,400,000	Dow Chemical Co		3.500		10/01/24		1,443,396
	400,000	Dow Chemical Co		4.250		10/01/34		412,936
	350,000	Dow Chemical Co		5.250		11/15/41		394,375
	375,000	Dow Chemical Co		4.375		11/15/42		381,153
	400,000	Dow Chemical Co		4.625		10/01/44		426,152
	400,000	Eastman Chemical Co		2.700		01/15/20		404,754
	122,000	Eastman Chemical Co		3.600		08/15/22		126,894
	227,000	Eastman Chemical Co		3.800		03/15/25		233,965
	150,000	Eastman Chemical Co		4.800		09/01/42		159,253
	300,000	Eastman Chemical Co		4.650		10/15/44		317,295
	420,000	EI du Pont de Nemours & Co		4.625		01/15/20		444,989
	300,000	EI du Pont de Nemours & Co		2.200		05/01/20		301,879
	2,500,000	EI du Pont de Nemours & Co		2.800		02/15/23		2,527,299
	225,000	EI du Pont de Nemours & Co		4.150		02/15/43		227,539
	500,000	Fibria Overseas Finance Ltd		5.500		01/17/27		529,800
	100,000	FMC Corp		3.950		02/01/22		102,744
	200,000	FMC Corp		4.100		02/01/24		206,710
	300,000	Georgia-Pacific LLC		8.000		01/15/24		385,046
	250,000	Georgia-Pacific LLC		7.750		11/15/29		347,160
	250,000	Goldcorp, Inc		3.700		03/15/23		260,129
	300,000	Goldcorp, Inc		5.450		06/09/44		336,693
	100,000	Hexcel Corp		3.950		02/15/27		101,976
	100,000	Hubbell, Inc		3.625		11/15/22		104,830
	200,000	Hubbell, Inc		3.350		03/01/26		202,388
	500,000	Hubbell, Inc		3.150		08/15/27		499,510
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		304,293
	200,000	International Flavors & Fragrances, Inc		4.375		06/01/47		205,288

84

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	International Paper Co		3.650	%	06/15/24	$	1,038,398
	1,700,000	International Paper Co		3.000		02/15/27		1,650,738
	450,000	International Paper Co		6.000		11/15/41		551,451
	300,000	International Paper Co		4.800		06/15/44		322,445
	250,000	International Paper Co		5.150		05/15/46		279,705
	300,000	International Paper Co		4.400		08/15/47		303,272
	500,000	International Paper Co		4.350		08/15/48		505,262
	200,000	Kimberly-Clark Corp		1.400		02/15/19		199,232
	125,000	Kimberly-Clark Corp		2.400		03/01/22		125,683
	950,000	Kimberly-Clark Corp		3.050		08/15/25		965,421
	200,000	Kimberly-Clark Corp		6.625		08/01/37		279,466
	300,000	Kimberly-Clark Corp		3.200		07/30/46		271,969
	200,000	Kimberly-Clark Corp		3.900		05/04/47		205,990
	150,000	Lubrizol Corp		6.500		10/01/34		197,288
	300,000	LYB International Finance BV		4.000		07/15/23		317,321
	300,000	LYB International Finance BV		5.250		07/15/43		341,689
	300,000	LYB International Finance BV		4.875		03/15/44		326,417
	500,000	LYB International Finance II BV		3.500		03/02/27		497,105
	243,000	LyondellBasell Industries NV		5.000		04/15/19		252,115
	300,000	LyondellBasell Industries NV		6.000		11/15/21		338,374
	1,300,000	LyondellBasell Industries NV		5.750		04/15/24		1,489,519
	125,000	LyondellBasell Industries NV		4.625		02/26/55		128,754
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		212,149
	200,000	Martin Marietta Materials, Inc		3.450		06/01/27		198,510
	150,000	Methanex Corp		3.250		12/15/19		151,360
	150,000	Methanex Corp		4.250		12/01/24		148,797
	100,000	Methanex Corp		5.650		12/01/44		98,516
	200,000	Monsanto Co		1.850		11/15/18		199,695
	400,000	Monsanto Co		2.125		07/15/19		400,792
	100,000	Monsanto Co		2.200		07/15/22		97,826
	150,000	Monsanto Co		5.500		08/15/25		170,848
	100,000	Monsanto Co		3.600		07/15/42		88,932
	200,000	Monsanto Co		4.650		11/15/43		205,823
	500,000	Monsanto Co		4.400		07/15/44		511,946
	350,000	Monsanto Co		3.950		04/15/45		330,448
	500,000	Monsanto Co		4.700		07/15/64		505,267
	100,000	NewMarket Corp		4.100		12/15/22		103,905
	200,000	Newmont Mining Corp		5.125		10/01/19		210,438
	300,000	Newmont Mining Corp		3.500		03/15/22		310,215
	298,000	Newmont Mining Corp		5.875		04/01/35		350,259
	135,000	Newmont Mining Corp		6.250		10/01/39		167,833
	800,000	Newmont Mining Corp		4.875		03/15/42		855,442
	800,000	Nucor Corp		4.125		09/15/22		853,722
	300,000	Nucor Corp		5.200		08/01/43		348,925
	200,000	Owens Corning		4.200		12/15/22		212,170
	500,000	Owens Corning		4.200		12/01/24		526,453
	300,000	Owens Corning		3.400		08/15/26		295,705
	250,000	Owens Corning		4.300		07/15/47		238,331
	150,000	Packaging Corp of America		3.900		06/15/22		157,330
	250,000	Packaging Corp of America		4.500		11/01/23		270,653
	100,000	Packaging Corp of America		3.650		09/15/24		101,876
	650,000	Potash Corp of Saskatchewan, Inc		4.875		03/30/20		685,517
	400,000	Potash Corp of Saskatchewan, Inc		3.625		03/15/24		406,382

85

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Potash Corp of Saskatchewan, Inc		3.000	%	04/01/25	$	195,447
	200,000		Potash Corp of Saskatchewan, Inc		4.000		12/15/26		208,499
	200,000		Potash Corp of Saskatchewan, Inc		5.625		12/01/40		235,913
	300,000		PPG Industries, Inc		2.300		11/15/19		301,171
	300,000		PPG Industries, Inc		3.600		11/15/20		310,901
	1,200,000		Praxair, Inc		2.250		09/24/20		1,205,899
	250,000		Praxair, Inc		2.200		08/15/22		248,865
	300,000		Praxair, Inc		2.650		02/05/25		294,286
	100,000		Praxair, Inc		3.200		01/30/26		102,287
	625,000		Praxair, Inc		3.550		11/07/42		616,386
	2,750,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		2,901,598
	900,000		Rio Tinto Finance USA plc		4.125		08/21/42		937,492
	500,000		Rock Tenn Co		4.900		03/01/22		543,787
	500,000		Rock Tenn Co		4.000		03/01/23		526,481
	300,000		RPM International, Inc		3.450		11/15/22		313,756
	100,000		RPM International, Inc		3.750		03/15/27		101,316
	100,000		RPM International, Inc		5.250		06/01/45		111,571
	500,000		Sherwin-Williams Co		2.250		05/15/20		501,892
	150,000		Sherwin-Williams Co		4.200		01/15/22		158,571
	350,000		Sherwin-Williams Co		2.750		06/01/22		352,290
	500,000		Sherwin-Williams Co		3.125		06/01/24		502,313
	200,000		Sherwin-Williams Co		3.450		08/01/25		201,953
	200,000		Sherwin-Williams Co		3.950		01/15/26		207,687
	275,000		Sherwin-Williams Co		3.450		06/01/27		276,164
	200,000		Sherwin-Williams Co		4.000		12/15/42		190,025
	750,000		Sherwin-Williams Co		4.500		06/01/47		784,468
	150,000		Sonoco Products Co		5.750		11/01/40		178,237
	200,000		Southern Copper Corp		5.375		04/16/20		214,468
	300,000		Southern Copper Corp		3.875		04/23/25		309,754
	100,000		Southern Copper Corp		7.500		07/27/35		129,671
	680,000		Southern Copper Corp		6.750		04/16/40		834,079
	1,500,000		Southern Copper Corp		5.875		04/23/45		1,707,417
	850,000		Vale S.A.		5.625		09/11/42		861,050
	750,000		Vulcan Materials Co		4.500		04/01/25		799,993
	100,000		Vulcan Materials Co		3.900		04/01/27		102,250
	100,000		Vulcan Materials Co		4.500		06/15/47		101,386
	500,000		Westlake Chemical Corp		3.600		08/15/26		499,157
	500,000		Westlake Chemical Corp		5.000		08/15/46		543,560
	250,000	g	WestRock Co		3.000		09/15/24		249,545
	100,000	g	WestRock Co		3.375		09/15/27		99,559
	200,000		Yamana Gold, Inc		4.950		07/15/24		205,000
			TOTAL MATERIALS						66,843,064
MEDIA - 1.0%
	1,250,000		21st Century Fox America, Inc		3.000		09/15/22		1,273,695
	200,000		21st Century Fox America, Inc		4.000		10/01/23		211,950
	200,000		21st Century Fox America, Inc		3.700		09/15/24		207,460
	700,000		21st Century Fox America, Inc		3.700		10/15/25		720,945
	1,100,000		21st Century Fox America, Inc		3.375		11/15/26		1,098,523
	1,325,000		21st Century Fox America, Inc		6.200		12/15/34		1,646,321
	1,000,000		21st Century Fox America, Inc		6.150		02/15/41		1,249,326
	225,000		21st Century Fox America, Inc		5.400		10/01/43		260,614

86

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		21st Century Fox America, Inc		4.750	%	09/15/44	$	533,059
	300,000		21st Century Fox America, Inc		4.950		10/15/45		328,016
	200,000		21st Century Fox America, Inc		4.750		11/15/46		213,080
	200,000		CBS Corp		2.300		08/15/19		201,071
	50,000		CBS Corp		5.750		04/15/20		54,382
	445,000		CBS Corp		4.300		02/15/21		470,508
	500,000		CBS Corp		3.375		03/01/22		517,682
	200,000		CBS Corp		2.500		02/15/23		196,967
	200,000		CBS Corp		3.700		08/15/24		205,328
	300,000		CBS Corp		3.500		01/15/25		305,127
	125,000		CBS Corp		4.000		01/15/26		129,110
	650,000		CBS Corp		2.900		01/15/27		614,337
	200,000		CBS Corp		3.375		02/15/28		194,896
	200,000		CBS Corp		4.850		07/01/42		211,162
	200,000		CBS Corp		4.900		08/15/44		207,391
	500,000		CBS Corp		4.600		01/15/45		508,422
	675,000		Charter Communications Operating LLC		3.579		07/23/20		692,817
	610,000		Charter Communications Operating LLC		4.464		07/23/22		644,213
	2,850,000		Charter Communications Operating LLC		4.908		07/23/25		3,045,661
	700,000	g	Charter Communications Operating LLC		3.750		02/15/28		682,288
	500,000	g	Charter Communications Operating LLC		4.200		03/15/28		505,599
	500,000		Charter Communications Operating LLC		6.384		10/23/35		584,575
	1,000,000		Charter Communications Operating LLC		6.484		10/23/45		1,175,200
	1,000,000	g	Charter Communications Operating LLC		5.375		05/01/47		1,034,742
	500,000		Charter Communications Operating LLC		6.834		10/23/55		606,603
	1,000,000		Comcast Corp		5.150		03/01/20		1,076,571
	500,000		Comcast Corp		1.625		01/15/22		487,194
	1,350,000		Comcast Corp		3.125		07/15/22		1,397,849
	800,000		Comcast Corp		2.850		01/15/23		812,086
	600,000		Comcast Corp		2.750		03/01/23		606,390
	500,000		Comcast Corp		3.000		02/01/24		508,363
	600,000		Comcast Corp		3.375		02/15/25		616,934
	1,600,000		Comcast Corp		3.150		03/01/26		1,598,481
	750,000		Comcast Corp		2.350		01/15/27		699,721
	500,000		Comcast Corp		3.300		02/01/27		506,699
	750,000		Comcast Corp		3.150		02/15/28		746,882
	625,000		Comcast Corp		4.250		01/15/33		671,794
	345,000		Comcast Corp		5.650		06/15/35		423,051
	350,000		Comcast Corp		4.400		08/15/35		379,295
	2,750,000		Comcast Corp		3.200		07/15/36		2,579,891
	350,000		Comcast Corp		6.950		08/15/37		487,775
	780,000		Comcast Corp		6.400		03/01/40		1,043,128
	350,000		Comcast Corp		4.650		07/15/42		387,240
	300,000		Comcast Corp		4.500		01/15/43		319,525
	500,000		Comcast Corp		4.750		03/01/44		558,619
	900,000		Comcast Corp		4.600		08/15/45		990,645
	1,000,000		Comcast Corp		3.400		07/15/46		921,094
	500,000		Comcast Corp		4.000		08/15/47		508,145
	100,000		Discovery Communications LLC		2.200		09/20/19		100,320
	500,000		Discovery Communications LLC		3.300		05/15/22		503,909
	200,000		Discovery Communications LLC		2.950		03/20/23		200,157
	900,000		Discovery Communications LLC		3.250		04/01/23		903,318
	300,000		Discovery Communications LLC		3.800		03/13/24		309,089

87

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	350,000	Discovery Communications LLC		3.450	%	03/15/25	$	344,566
	500,000	Discovery Communications LLC		4.900		03/11/26		533,604
	1,450,000	Discovery Communications LLC		3.950		03/20/28		1,446,008
	100,000	Discovery Communications LLC		6.350		06/01/40		115,679
	100,000	Discovery Communications LLC		4.950		05/15/42		98,758
	125,000	Discovery Communications LLC		4.875		04/01/43		121,758
	750,000	Discovery Communications LLC		5.200		09/20/47		760,646
	550,000	Grupo Televisa SAB		6.625		03/18/25		655,135
	200,000	Grupo Televisa SAB		4.625		01/30/26		212,929
	600,000	Grupo Televisa SAB		5.000		05/13/45		599,323
	200,000	Grupo Televisa SAB		6.125		01/31/46		231,030
	131,000	Historic TW, Inc		6.625		05/15/29		163,330
	100,000	Interpublic Group of Cos, Inc		4.000		03/15/22		105,084
	200,000	Interpublic Group of Cos, Inc		4.200		04/15/24		210,028
	1,585,000	NBC Universal Media LLC		5.150		04/30/20		1,712,970
	820,000	NBC Universal Media LLC		4.375		04/01/21		882,261
	95,000	NBC Universal Media LLC		6.400		04/30/40		127,905
	150,000	NBC Universal Media LLC		5.950		04/01/41		194,266
	1,200,000	NBC Universal Media LLC		4.450		01/15/43		1,287,678
	500,000	Omnicom Group, Inc		4.450		08/15/20		531,077
	700,000	Omnicom Group, Inc		3.625		05/01/22		728,853
	200,000	Omnicom Group, Inc		3.650		11/01/24		204,541
	825,000	Omnicom Group, Inc		3.600		04/15/26		831,364
	300,000	Scripps Networks Interactive, Inc		2.750		11/15/19		303,363
	200,000	Scripps Networks Interactive, Inc		2.800		06/15/20		201,345
	200,000	Scripps Networks Interactive, Inc		3.500		06/15/22		204,832
	200,000	Scripps Networks Interactive, Inc		3.900		11/15/24		204,243
	200,000	Scripps Networks Interactive, Inc		3.950		06/15/25		203,220
	910,000	Time Warner Cable, Inc		8.750		02/14/19		988,399
	1,400,000	Time Warner Cable, Inc		8.250		04/01/19		1,522,044
	1,800,000	Time Warner Cable, Inc		4.000		09/01/21		1,869,663
	500,000	Time Warner Cable, Inc		6.550		05/01/37		587,024
	175,000	Time Warner Cable, Inc		6.750		06/15/39		209,878
	690,000	Time Warner Cable, Inc		5.875		11/15/40		756,823
	300,000	Time Warner Cable, Inc		5.500		09/01/41		311,346
	1,950,000	Time Warner Cable, Inc		4.500		09/15/42		1,847,118
	1,550,000	Time Warner, Inc		2.100		06/01/19		1,552,398
	450,000	Time Warner, Inc		4.750		03/29/21		484,425
	1,400,000	Time Warner, Inc		3.400		06/15/22		1,443,731
	650,000	Time Warner, Inc		4.050		12/15/23		684,327
	500,000	Time Warner, Inc		3.550		06/01/24		508,483
	500,000	Time Warner, Inc		3.875		01/15/26		507,571
	500,000	Time Warner, Inc		2.950		07/15/26		472,042
	850,000	Time Warner, Inc		3.800		02/15/27		850,100
	350,000	Time Warner, Inc		6.100		07/15/40		410,040
	150,000	Time Warner, Inc		6.250		03/29/41		179,606
	900,000	Time Warner, Inc		4.900		06/15/42		914,785
	200,000	Time Warner, Inc		5.350		12/15/43		215,332
	300,000	Time Warner, Inc		4.650		06/01/44		292,800
	1,200,000	Time Warner, Inc		4.850		07/15/45		1,218,861
	400,000	Viacom, Inc		3.875		12/15/21		410,978
	500,000	Viacom, Inc		3.125		06/15/22		495,581

88

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Viacom, Inc		3.250	%	03/15/23	$	196,811
	250,000	Viacom, Inc		4.250		09/01/23		256,803
	400,000	Viacom, Inc		3.875		04/01/24		400,408
	293,000	Viacom, Inc		4.850		12/15/34		275,997
	2,004,000	Viacom, Inc		4.375		03/15/43		1,725,496
	500,000	Viacom, Inc		5.250		04/01/44		478,614
	500,000	Walt Disney Co		1.850		05/30/19		501,223
	1,400,000	Walt Disney Co		1.950		03/04/20		1,404,460
	250,000	Walt Disney Co		1.800		06/05/20		249,638
	200,000	Walt Disney Co		2.150		09/17/20		201,405
	300,000	Walt Disney Co		2.300		02/12/21		302,518
	850,000	Walt Disney Co		2.550		02/15/22		858,051
	100,000	Walt Disney Co		2.450		03/04/22		101,141
	700,000	Walt Disney Co		3.150		09/17/25		713,401
	300,000	Walt Disney Co		3.000		02/13/26		301,911
	300,000	Walt Disney Co		1.850		07/30/26		275,839
	1,350,000	Walt Disney Co		2.950		06/15/27		1,346,346
	100,000	Walt Disney Co		4.375		08/16/41		107,752
	200,000	Walt Disney Co		3.700		12/01/42		194,621
	800,000	Walt Disney Co		4.125		06/01/44		838,216
	100,000	Walt Disney Co		3.000		07/30/46		86,837
	261,000	WPP Finance 2010		4.750		11/21/21		281,018
	300,000	WPP Finance 2010		3.625		09/07/22		310,969
	200,000	WPP Finance 2010		3.750		09/19/24		205,147
	200,000	WPP Finance 2010		5.625		11/15/43		222,869
		TOTAL MEDIA						84,661,877
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	350,000	Abbott Laboratories		5.125		04/01/19		366,581
	1,250,000	Abbott Laboratories		2.350		11/22/19		1,260,016
	600,000	Abbott Laboratories		2.800		09/15/20		610,122
	1,500,000	Abbott Laboratories		2.900		11/30/21		1,525,500
	200,000	Abbott Laboratories		3.250		04/15/23		204,181
	300,000	Abbott Laboratories		3.875		09/15/25		309,943
	1,500,000	Abbott Laboratories		3.750		11/30/26		1,538,528
	1,800,000	Abbott Laboratories		4.750		11/30/36		1,982,650
	500,000	Abbott Laboratories		5.300		05/27/40		563,458
	200,000	Abbott Laboratories		4.750		04/15/43		211,597
	1,500,000	Abbott Laboratories		4.900		11/30/46		1,674,413
	700,000	AbbVie, Inc		2.000		11/06/18		702,261
	850,000	AbbVie, Inc		2.500		05/14/20		860,056
	350,000	AbbVie, Inc		2.300		05/14/21		349,342
	2,000,000	AbbVie, Inc		3.200		11/06/22		2,050,145
	500,000	AbbVie, Inc		2.850		05/14/23		503,722
	1,000,000	AbbVie, Inc		3.600		05/14/25		1,036,417
	1,725,000	AbbVie, Inc		3.200		05/14/26		1,727,811
	1,500,000	AbbVie, Inc		4.500		05/14/35		1,613,443
	500,000	AbbVie, Inc		4.300		05/14/36		524,686
	1,375,000	AbbVie, Inc		4.400		11/06/42		1,439,041
	600,000	AbbVie, Inc		4.700		05/14/45		653,703
	500,000	AbbVie, Inc		4.450		05/14/46		525,979
	1,825,000	Actavis Funding SCS		3.000		03/12/20		1,862,929

89

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,500,000	Actavis Funding SCS		3.450	%	03/15/22	$	3,632,112
	2,450,000	Actavis Funding SCS		3.800		03/15/25		2,543,490
	1,225,000	Actavis Funding SCS		4.550		03/15/35		1,306,396
	1,510,000	Actavis Funding SCS		4.750		03/15/45		1,634,588
	300,000	Amgen, Inc		1.900		05/10/19		300,130
	1,100,000	Amgen, Inc		2.200		05/22/19		1,105,017
	75,000	Amgen, Inc		4.500		03/15/20		79,323
	400,000	Amgen, Inc		2.125		05/01/20		400,738
	300,000	Amgen, Inc		2.200		05/11/20		300,885
	250,000	Amgen, Inc		3.450		10/01/20		259,117
	700,000	Amgen, Inc		4.100		06/15/21		742,008
	175,000	Amgen, Inc		1.850		08/19/21		171,925
	400,000	Amgen, Inc		2.700		05/01/22		401,942
	1,000,000	Amgen, Inc		2.650		05/11/22		1,007,876
	1,000,000	Amgen, Inc		3.625		05/15/22		1,043,479
	2,300,000	Amgen, Inc		2.250		08/19/23		2,234,319
	500,000	Amgen, Inc		3.625		05/22/24		521,266
	400,000	Amgen, Inc		3.125		05/01/25		402,747
	800,000	Amgen, Inc		2.600		08/19/26		759,509
	1,500,000	Amgen, Inc		4.400		05/01/45		1,566,118
	1,928,000	Amgen, Inc		4.563		06/15/48		2,089,756
	447,000	Amgen, Inc		4.663		06/15/51		489,961
	300,000	AstraZeneca plc		1.750		11/16/18		299,902
	1,100,000	AstraZeneca plc		2.375		11/16/20		1,105,510
	500,000	AstraZeneca plc		2.375		06/12/22		495,599
	1,000,000	AstraZeneca plc		3.375		11/16/25		1,014,753
	800,000	AstraZeneca plc		3.125		06/12/27		790,204
	900,000	AstraZeneca plc		6.450		09/15/37		1,205,108
	450,000	AstraZeneca plc		4.000		09/18/42		451,095
	350,000	AstraZeneca plc		4.375		11/16/45		371,293
	500,000	Baxalta, Inc		4.000		06/23/25		524,326
	500,000	Baxalta, Inc		5.250		06/23/45		575,920
	1,000,000	Biogen, Inc		2.900		09/15/20		1,025,282
	300,000	Biogen, Inc		3.625		09/15/22		314,694
	500,000	Biogen, Inc		4.050		09/15/25		533,494
	700,000	Biogen, Inc		5.200		09/15/45		814,969
	783,000	Bristol-Myers Squibb Co		1.750		03/01/19		783,822
	200,000	Bristol-Myers Squibb Co		3.250		11/01/23		206,758
	500,000	Bristol-Myers Squibb Co		3.250		02/27/27		513,231
	650,000	Bristol-Myers Squibb Co		3.250		08/01/42		595,357
	200,000	Bristol-Myers Squibb Co		4.500		03/01/44		222,895
	400,000	Celgene Corp		2.125		08/15/18		401,663
	300,000	Celgene Corp		2.300		08/15/18		301,697
	676,000	Celgene Corp		2.250		05/15/19		678,831
	425,000	Celgene Corp		2.875		08/15/20		433,738
	200,000	Celgene Corp		3.950		10/15/20		210,704
	300,000	Celgene Corp		3.250		08/15/22		309,519
	750,000	Celgene Corp		3.550		08/15/22		786,255
	800,000	Celgene Corp		3.625		05/15/24		833,175
	300,000	Celgene Corp		5.250		08/15/43		343,799
	300,000	Celgene Corp		4.625		05/15/44		322,993
	1,000,000	Celgene Corp		5.000		08/15/45		1,129,834

90

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Eli Lilly & Co		1.950	%	03/15/19	$	200,959
	175,000	Eli Lilly & Co		2.350		05/15/22		175,228
	800,000	Eli Lilly & Co		2.750		06/01/25		798,158
	300,000	Eli Lilly & Co		3.100		05/15/27		301,602
	400,000	Eli Lilly & Co		3.700		03/01/45		401,473
	250,000	Eli Lilly & Co		3.950		05/15/47		258,543
	250,000	Gilead Sciences, Inc		1.850		09/04/18		250,609
	200,000	Gilead Sciences, Inc		2.050		04/01/19		200,871
	750,000	Gilead Sciences, Inc		1.850		09/20/19		750,585
	125,000	Gilead Sciences, Inc		2.350		02/01/20		126,369
	1,000,000	Gilead Sciences, Inc		2.550		09/01/20		1,017,666
	600,000	Gilead Sciences, Inc		4.500		04/01/21		644,400
	650,000	Gilead Sciences, Inc		4.400		12/01/21		703,087
	125,000	Gilead Sciences, Inc		1.950		03/01/22		123,160
	500,000	Gilead Sciences, Inc		3.250		09/01/22		517,751
	500,000	Gilead Sciences, Inc		2.500		09/01/23		494,776
	425,000	Gilead Sciences, Inc		3.700		04/01/24		448,723
	400,000	Gilead Sciences, Inc		3.500		02/01/25		416,422
	1,750,000	Gilead Sciences, Inc		3.650		03/01/26		1,826,664
	400,000	Gilead Sciences, Inc		2.950		03/01/27		396,115
	300,000	Gilead Sciences, Inc		4.600		09/01/35		331,066
	1,150,000	Gilead Sciences, Inc		4.000		09/01/36		1,191,476
	100,000	Gilead Sciences, Inc		5.650		12/01/41		124,088
	775,000	Gilead Sciences, Inc		4.800		04/01/44		872,052
	675,000	Gilead Sciences, Inc		4.500		02/01/45		724,855
	750,000	Gilead Sciences, Inc		4.750		03/01/46		843,015
	500,000	Gilead Sciences, Inc		4.150		03/01/47		514,972
	793,000	GlaxoSmithKline Capital plc		2.850		05/08/22		810,845
	725,000	GlaxoSmithKline Capital, Inc		2.800		03/18/23		736,932
	350,000	GlaxoSmithKline Capital, Inc		5.375		04/15/34		416,855
	743,000	GlaxoSmithKline Capital, Inc		6.375		05/15/38		1,018,617
	350,000	GlaxoSmithKline Capital, Inc		4.200		03/18/43		372,159
	1,100,000	Johnson & Johnson		1.650		12/05/18		1,101,855
	350,000	Johnson & Johnson		1.125		03/01/19		347,472
	300,000	Johnson & Johnson		1.875		12/05/19		301,625
	250,000	Johnson & Johnson		1.650		03/01/21		247,822
	200,000	Johnson & Johnson		2.450		12/05/21		202,550
	400,000	Johnson & Johnson		2.250		03/03/22		404,057
	300,000	Johnson & Johnson		2.050		03/01/23		297,137
	700,000	Johnson & Johnson		3.375		12/05/23		746,644
	500,000	Johnson & Johnson		2.450		03/01/26		490,774
	1,075,000	Johnson & Johnson		2.950		03/03/27		1,090,062
	850,000	Johnson & Johnson		4.375		12/05/33		967,725
	100,000	Johnson & Johnson		3.550		03/01/36		102,851
	225,000	Johnson & Johnson		3.625		03/03/37		234,722
	375,000	Johnson & Johnson		5.850		07/15/38		501,417
	300,000	Johnson & Johnson		4.500		12/05/43		344,415
	1,200,000	Johnson & Johnson		3.700		03/01/46		1,241,443
	900,000	Johnson & Johnson		3.750		03/03/47		940,223
	600,000	Life Technologies Corp		5.000		01/15/21		642,174
	375,000	Merck & Co, Inc		1.850		02/10/20		375,415
	1,500,000	Merck & Co, Inc		3.875		01/15/21		1,581,110
	750,000	Merck & Co, Inc		2.350		02/10/22		752,384

91

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Merck & Co, Inc		2.400	%	09/15/22	$	201,452
	1,100,000	Merck & Co, Inc		2.800		05/18/23		1,128,700
	1,000,000	Merck & Co, Inc		2.750		02/10/25		1,002,751
	100,000	Merck & Co, Inc		3.600		09/15/42		99,550
	750,000	Merck & Co, Inc		4.150		05/18/43		817,032
	1,350,000	Merck & Co, Inc		3.700		02/10/45		1,369,573
	100,000	Mylan NV		3.000		12/15/18		101,122
	350,000	Mylan NV		2.500		06/07/19		351,345
	100,000	Mylan NV		3.750		12/15/20		103,660
	1,000,000	Mylan NV		3.150		06/15/21		1,017,289
	750,000	Mylan NV		3.950		06/15/26		763,286
	750,000	Mylan NV		5.250		06/15/46		813,110
	100,000	Mylan, Inc		2.550		03/28/19		100,453
	200,000	Mylan, Inc		4.200		11/29/23		208,322
	200,000	Mylan, Inc		5.400		11/29/43		213,386
	1,200,000	Novartis Capital Corp		1.800		02/14/20		1,200,519
	500,000	Novartis Capital Corp		2.400		05/17/22		503,547
	300,000	Novartis Capital Corp		2.400		09/21/22		301,981
	750,000	Novartis Capital Corp		3.400		05/06/24		786,387
	500,000	Novartis Capital Corp		3.000		11/20/25		510,284
	375,000	Novartis Capital Corp		3.100		05/17/27		381,180
	400,000	Novartis Capital Corp		3.700		09/21/42		400,772
	750,000	Novartis Capital Corp		4.400		05/06/44		847,254
	500,000	Novartis Capital Corp		4.000		11/20/45		530,345
	1,500,000	Novartis Securities Investment Ltd		5.125		02/10/19		1,568,873
	100,000	Perrigo Co plc		4.000		11/15/23		104,492
	100,000	Perrigo Co plc		5.300		11/15/43		107,899
	200,000	Perrigo Finance plc		3.900		12/15/24		204,301
	221,000	Perrigo Finance plc		4.900		12/15/44		223,870
	200,000	Perrigo Finance Unlimited Co		4.375		03/15/26		207,339
	500,000	Pfizer, Inc		1.450		06/03/19		498,574
	200,000	Pfizer, Inc		1.700		12/15/19		199,867
	500,000	Pfizer, Inc		1.950		06/03/21		499,243
	200,000	Pfizer, Inc		2.200		12/15/21		201,084
	800,000	Pfizer, Inc		3.000		06/15/23		823,155
	900,000	Pfizer, Inc		3.400		05/15/24		946,186
	1,375,000	Pfizer, Inc		3.000		12/15/26		1,391,701
	250,000	Pfizer, Inc		4.000		12/15/36		268,002
	500,000	Pfizer, Inc		4.300		06/15/43		546,610
	1,100,000	Pfizer, Inc		4.400		05/15/44		1,213,696
	1,750,000	Pfizer, Inc		4.125		12/15/46		1,867,558
	750,000	Sanofi		4.000		03/29/21		794,300
	658,000	Teva Pharmaceutical Finance Co BV		2.950		12/18/22		638,930
	1,100,000	Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		1,085,201
	17,000	Teva Pharmaceutical Finance Co LLC		6.150		02/01/36		18,413
	675,000	Teva Pharmaceutical Finance Netherlands III BV		1.700		07/19/19		665,170
	1,125,000	Teva Pharmaceutical Finance Netherlands III BV		2.200		07/21/21		1,081,914
	2,000,000	Teva Pharmaceutical Finance Netherlands III BV		2.800		07/21/23		1,911,903
	750,000	Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		691,150
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV		4.100		10/01/46		905,018
	1,000,000	Wyeth LLC		6.450		02/01/24		1,219,281
	945,000	Wyeth LLC		5.950		04/01/37		1,242,462

92

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Zoetis, Inc		3.450	%	11/13/20	$	103,370
	650,000	Zoetis, Inc		3.250		02/01/23		671,928
	100,000	Zoetis, Inc		4.500		11/13/25		110,055
	200,000	Zoetis, Inc		3.000		09/12/27		196,866
	600,000	Zoetis, Inc		4.700		02/01/43		663,644
	250,000	Zoetis, Inc		3.950		09/12/47		248,105
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						132,483,076
REAL ESTATE - 0.7%
	150,000	Alexandria Real Estate Equities, Inc		4.600		04/01/22		160,019
	100,000	Alexandria Real Estate Equities, Inc		3.900		06/15/23		103,915
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		209,124
	625,000	Alexandria Real Estate Equities, Inc		3.950		01/15/28		636,271
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		210,512
	100,000	American Campus Communities Operating Partnership LP		3.750		04/15/23		102,891
	300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		314,121
	1,150,000	American Tower Corp		3.300		02/15/21		1,178,127
	200,000	American Tower Corp		3.450		09/15/21		206,918
	500,000	American Tower Corp		2.250		01/15/22		491,754
	200,000	American Tower Corp		4.700		03/15/22		216,628
	250,000	American Tower Corp		3.500		01/31/23		258,526
	800,000	American Tower Corp		5.000		02/15/24		882,451
	300,000	American Tower Corp		4.000		06/01/25		310,094
	200,000	American Tower Corp		4.400		02/15/26		211,431
	200,000	American Tower Corp		3.375		10/15/26		197,612
	500,000	American Tower Corp		3.125		01/15/27		479,453
	200,000	AvalonBay Communities, Inc		3.625		10/01/20		208,029
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		228,403
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		206,256
	200,000	AvalonBay Communities, Inc		3.450		06/01/25		204,567
	150,000	AvalonBay Communities, Inc		3.500		11/15/25		153,710
	200,000	AvalonBay Communities, Inc		2.950		05/11/26		196,813
	100,000	AvalonBay Communities, Inc		2.900		10/15/26		97,501
	200,000	AvalonBay Communities, Inc		3.350		05/15/27		201,933
	400,000	AvalonBay Communities, Inc		4.150		07/01/47		404,873
	750,000	Boston Properties LP		3.700		11/15/18		762,641
	1,175,000	Boston Properties LP		4.125		05/15/21		1,242,206
	500,000	Boston Properties LP		3.850		02/01/23		527,667
	425,000	Boston Properties LP		3.125		09/01/23		433,128
	200,000	Boston Properties LP		3.800		02/01/24		209,087
	100,000	Boston Properties LP		3.650		02/01/26		101,904
	400,000	Boston Properties LP		2.750		10/01/26		377,196
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		154,501
	250,000	Brixmor Operating Partnership LP		3.250		09/15/23		246,886
	200,000	Brixmor Operating Partnership LP		3.650		06/15/24		198,927
	200,000	Brixmor Operating Partnership LP		3.850		02/01/25		200,066
	100,000	Brixmor Operating Partnership LP		4.125		06/15/26		100,797
	300,000	Brixmor Operating Partnership LP		3.900		03/15/27		297,628
	200,000	Camden Property Trust		2.950		12/15/22		199,743
	250,000	CBL & Associates LP		4.600		10/15/24		238,240
	150,000	CBL & Associates LP		5.950		12/15/26		151,862

93

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	CBRE Services, Inc		4.875	%	03/01/26	$	538,753
	975,000	CC Holdings GS V LLC		3.849		04/15/23		1,020,022
	400,000	Columbia Property Trust Operating Partnership LP		3.650		08/15/26		391,883
	200,000	Corporate Office Properties LP		3.700		06/15/21		205,022
	350,000	Crown Castle International Corp		3.400		02/15/21		360,270
	700,000	Crown Castle International Corp		2.250		09/01/21		690,169
	500,000	Crown Castle International Corp		3.200		09/01/24		497,419
	750,000	Crown Castle International Corp		4.450		02/15/26		793,899
	125,000	Crown Castle International Corp		3.700		06/15/26		125,853
	100,000	Crown Castle International Corp		4.000		03/01/27		102,215
	300,000	Crown Castle International Corp		3.650		09/01/27		299,702
	200,000	Crown Castle International Corp		4.750		05/15/47		204,214
	100,000	CubeSmart LP		4.375		12/15/23		106,452
	200,000	CubeSmart LP		3.125		09/01/26		192,177
	200,000	DCT Industrial Operating Partnership LP		4.500		10/15/23		210,648
	200,000	DDR Corp		3.500		01/15/21		202,925
	500,000	DDR Corp		4.625		07/15/22		529,771
	200,000	DDR Corp		3.900		08/15/24		200,946
	150,000	DDR Corp		4.250		02/01/26		150,389
	200,000	DDR Corp		4.700		06/01/27		205,964
	200,000	Digital Realty Trust LP		3.400		10/01/20		206,206
	700,000	Digital Realty Trust LP		3.950		07/01/22		737,860
	300,000	Digital Realty Trust LP		3.625		10/01/22		311,597
	200,000	Digital Realty Trust LP		2.750		02/01/23		199,050
	200,000	Digital Realty Trust LP		4.750		10/01/25		216,659
	125,000	Digital Realty Trust LP		3.700		08/15/27		126,223
	200,000	Duke Realty LP		4.375		06/15/22		213,643
	100,000	Duke Realty LP		3.875		10/15/22		104,800
	100,000	Duke Realty LP		3.750		12/01/24		103,306
	100,000	Duke Realty LP		3.250		06/30/26		98,850
	100,000	EPR Properties		5.750		08/15/22		110,648
	200,000	EPR Properties		4.750		12/15/26		206,727
	200,000	EPR Properties		4.500		06/01/27		202,416
	200,000	Equity One, Inc		3.750		11/15/22		206,048
	700,000	ERP Operating LP		3.375		06/01/25		714,861
	200,000	ERP Operating LP		2.850		11/01/26		194,478
	1,150,000	ERP Operating LP		3.250		08/01/27		1,152,566
	300,000	ERP Operating LP		4.500		07/01/44		320,773
	100,000	ERP Operating LP		4.000		08/01/47		99,513
	100,000	Essex Portfolio LP		3.625		08/15/22		103,391
	100,000	Essex Portfolio LP		3.250		05/01/23		101,094
	400,000	Essex Portfolio LP		3.500		04/01/25		404,801
	100,000	Essex Portfolio LP		3.375		04/15/26		99,356
	200,000	Essex Portfolio LP		3.625		05/01/27		201,774
	200,000	Federal Realty Investment Trust		3.950		01/15/24		209,707
	150,000	Federal Realty Investment Trust		3.250		07/15/27		147,785
	200,000	Federal Realty Investment Trust		4.500		12/01/44		209,017
	250,000	HCP, Inc		2.625		02/01/20		251,972
	400,000	HCP, Inc		3.150		08/01/22		404,664
	1,300,000	HCP, Inc		4.000		12/01/22		1,366,815
	200,000	HCP, Inc		4.200		03/01/24		209,289
	800,000	HCP, Inc		3.875		08/15/24		823,973

94

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	30,000	HCP, Inc		6.750	%	02/01/41	$	38,824
	200,000	Health Care REIT, Inc		4.125		04/01/19		205,498
	440,000	Health Care REIT, Inc		6.125		04/15/20		482,629
	200,000	Health Care REIT, Inc		4.500		01/15/24		214,678
	200,000	Healthcare Trust of America Holdings LP		2.950		07/01/22		201,260
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		102,433
	300,000	Healthcare Trust of America Holdings LP		3.500		08/01/26		293,453
	100,000	Highwoods Realty LP		3.875		03/01/27		100,842
	400,000	Hospitality Properties Trust		4.250		02/15/21		416,614
	100,000	Hospitality Properties Trust		5.000		08/15/22		107,287
	300,000	Hospitality Properties Trust		4.500		06/15/23		317,976
	200,000	Hospitality Properties Trust		4.650		03/15/24		209,280
	100,000	Hospitality Properties Trust		4.950		02/15/27		104,725
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		613,330
	200,000	Host Hotels & Resorts LP		3.875		04/01/24		204,329
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		204,849
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		105,165
	250,000	Kilroy Realty LP		3.800		01/15/23		257,434
	200,000	Kilroy Realty LP		4.250		08/15/29		205,191
	200,000	Kimco Realty Corp		3.200		05/01/21		203,956
	100,000	Kimco Realty Corp		3.400		11/01/22		102,938
	300,000	Kimco Realty Corp		3.125		06/01/23		300,126
	200,000	Kimco Realty Corp		2.700		03/01/24		193,308
	300,000	Kimco Realty Corp		3.300		02/01/25		299,706
	200,000	Kimco Realty Corp		2.800		10/01/26		187,612
	200,000	Kimco Realty Corp		3.800		04/01/27		201,911
	200,000	Kimco Realty Corp		4.250		04/01/45		191,611
	175,000	Kimco Realty Corp		4.125		12/01/46		164,052
	100,000	Kimco Realty Corp		4.450		09/01/47		99,404
	220,000	Liberty Property LP		4.750		10/01/20		233,404
	150,000	Liberty Property LP		4.125		06/15/22		158,028
	100,000	Liberty Property LP		3.375		06/15/23		101,350
	200,000	Liberty Property LP		4.400		02/15/24		213,092
	100,000	Liberty Property LP		3.250		10/01/26		97,687
	150,000	Mack-Cali Realty LP		4.500		04/18/22		154,269
	200,000	Mid-America Apartments LP		4.300		10/15/23		212,002
	100,000	Mid-America Apartments LP		4.000		11/15/25		103,882
	250,000	Mid-America Apartments LP		3.600		06/01/27		250,954
	100,000	National Retail Properties, Inc		3.800		10/15/22		103,876
	100,000	National Retail Properties, Inc		3.300		04/15/23		101,395
	300,000	National Retail Properties, Inc		3.900		06/15/24		308,398
	100,000	National Retail Properties, Inc		4.000		11/15/25		102,494
	100,000	National Retail Properties, Inc		3.600		12/15/26		98,971
	300,000	National Retail Properties, Inc		3.500		10/15/27		293,501
	200,000	OMEGA Healthcare Investors, Inc		4.375		08/01/23		206,081
	200,000	OMEGA Healthcare Investors, Inc		4.500		01/15/25		202,885
	300,000	OMEGA Healthcare Investors, Inc		5.250		01/15/26		316,673
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		199,798
	700,000	OMEGA Healthcare Investors, Inc		4.750		01/15/28		702,485
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		197,998
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		207,319
	100,000	Plum Creek Timberlands LP		4.700		03/15/21		106,762
	300,000	Plum Creek Timberlands LP		3.250		03/15/23		305,681

95

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	150,000		ProLogis LP			4.250	%	08/15/23	$	162,887
	700,000		ProLogis LP			3.750		11/01/25		732,274
	200,000		Public Storage			2.370		09/15/22		199,321
	200,000		Public Storage			3.094		09/15/27		199,283
	200,000		Rayonier, Inc			3.750		04/01/22		202,660
	150,000		Realty Income Corp			2.000		01/31/18		150,130
	200,000		Realty Income Corp			3.250		10/15/22		204,671
	500,000		Realty Income Corp			4.650		08/01/23		543,275
	200,000		Realty Income Corp			4.125		10/15/26		207,048
	200,000		Realty Income Corp			3.000		01/15/27		190,401
	200,000		Realty Income Corp			4.650		03/15/47		207,849
	200,000		Regency Centers LP			3.600		02/01/27		199,630
	200,000		Regency Centers LP			4.400		02/01/47		199,101
	200,000		Select Income REIT			3.600		02/01/20		202,877
	200,000		Select Income REIT			4.150		02/01/22		203,160
	500,000		Select Income REIT			4.250		05/15/24		501,373
	200,000		Select Income REIT			4.500		02/01/25		202,019
	100,000		Senior Housing Properties Trust			6.750		12/15/21		111,709
	1,100,000		Simon Property Group LP			2.200		02/01/19		1,105,814
	250,000		Simon Property Group LP			2.500		09/01/20		252,994
	300,000		Simon Property Group LP			2.500		07/15/21		301,554
	1,850,000		Simon Property Group LP			2.350		01/30/22		1,846,158
	762,000		Simon Property Group LP			3.375		03/15/22		788,243
	200,000		Simon Property Group LP			2.625		06/15/22		200,751
	300,000		Simon Property Group LP			3.500		09/01/25		306,839
	300,000		Simon Property Group LP			3.300		01/15/26		301,134
	200,000		Simon Property Group LP			3.250		11/30/26		199,011
	200,000		Simon Property Group LP			3.375		06/15/27		200,887
	700,000		Simon Property Group LP			4.250		10/01/44		709,161
	300,000		Simon Property Group LP			4.250		11/30/46		306,103
	200,000		Sovran Acquisition LP			3.500		07/01/26		192,334
	100,000		Tanger Properties LP			3.125		09/01/26		93,904
	250,000		Tanger Properties LP			3.875		07/15/27		247,842
	200,000		UDR, Inc			3.700		10/01/20		206,535
	200,000		UDR, Inc			4.625		01/10/22		213,734
	200,000		UDR, Inc			4.000		10/01/25		208,218
	200,000		UDR, Inc			3.500		07/01/27		199,092
	100,000	g,i	USB Realty Corp	LIBOR 3 M + 1.147%		2.451		12/30/49		87,625
	300,000		Ventas Realty LP			4.750		06/01/21		320,861
	850,000		Ventas Realty LP			3.250		08/15/22		864,380
	200,000		Ventas Realty LP			3.100		01/15/23		200,888
	800,000		Ventas Realty LP			3.125		06/15/23		802,736
	350,000		Ventas Realty LP			3.750		05/01/24		358,741
	120,000		Ventas Realty LP			4.125		01/15/26		124,932
	200,000		Ventas Realty LP			3.250		10/15/26		194,600
	300,000		Ventas Realty LP			4.375		02/01/45		296,543
	200,000		Vornado Realty LP			2.500		06/30/19		201,173
	100,000		Vornado Realty LP			5.000		01/15/22		107,961
	300,000		Washington Prime Group LP			5.950		08/15/24		305,987
	100,000		Washington REIT			3.950		10/15/22		103,206
	100,000		Weingarten Realty Investors			3.375		10/15/22		101,767
	100,000		Weingarten Realty Investors			3.500		04/15/23		100,644

96

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	700,000		Welltower, Inc		4.000	%	06/01/25	$	729,515
	600,000		Welltower, Inc		4.250		04/01/26		634,045
	500,000		Weyerhaeuser Co		7.375		10/01/19		551,949
	200,000		Weyerhaeuser Co		4.625		09/15/23		217,822
	400,000		Weyerhaeuser Co		7.375		03/15/32		554,607
	200,000		WP Carey, Inc		4.600		04/01/24		209,492
	200,000		WP Carey, Inc		4.000		02/01/25		201,685
			TOTAL REAL ESTATE						61,683,507
RETAILING - 0.7%
	120,000		Advance Auto Parts, Inc		5.750		05/01/20		129,349
	250,000		Advance Auto Parts, Inc		4.500		12/01/23		261,850
	200,000	h	Allegion US Holding Co, Inc		3.200		10/01/24		198,954
	200,000	h	Allegion US Holding Co, Inc		3.550		10/01/27		198,568
	1,200,000		Amazon.com, Inc		2.600		12/05/19		1,222,302
	500,000	g	Amazon.com, Inc		1.900		08/21/20		501,125
	300,000		Amazon.com, Inc		3.300		12/05/21		312,580
	600,000		Amazon.com, Inc		2.500		11/29/22		605,364
	500,000	g	Amazon.com, Inc		2.400		02/22/23		498,608
	750,000	g	Amazon.com, Inc		2.800		08/22/24		751,131
	300,000		Amazon.com, Inc		3.800		12/05/24		320,521
	1,000,000	g	Amazon.com, Inc		3.150		08/22/27		1,003,846
	300,000		Amazon.com, Inc		4.800		12/05/34		339,668
	1,250,000	g	Amazon.com, Inc		3.875		08/22/37		1,263,031
	600,000		Amazon.com, Inc		4.950		12/05/44		692,504
	1,000,000	g	Amazon.com, Inc		4.050		08/22/47		1,011,114
	1,750,000	g	Amazon.com, Inc		4.250		08/22/57		1,794,345
	100,000		AutoNation, Inc		3.350		01/15/21		102,146
	244,000		AutoNation, Inc		4.500		10/01/25		257,728
	100,000		AutoZone, Inc		4.000		11/15/20		104,733
	200,000		AutoZone, Inc		3.700		04/15/22		208,243
	300,000		AutoZone, Inc		2.875		01/15/23		299,535
	150,000		AutoZone, Inc		3.125		07/15/23		151,963
	200,000		AutoZone, Inc		3.250		04/15/25		197,812
	100,000		AutoZone, Inc		3.125		04/21/26		96,954
	300,000		AutoZone, Inc		3.750		06/01/27		302,662
	200,000		Bed Bath & Beyond, Inc		3.749		08/01/24		199,684
	200,000		Bed Bath & Beyond, Inc		4.915		08/01/34		183,522
	250,000		Bed Bath & Beyond, Inc		5.165		08/01/44		217,891
	250,000		Costco Wholesale Corp		1.700		12/15/19		250,050
	400,000		Costco Wholesale Corp		1.750		02/15/20		398,917
	500,000		Costco Wholesale Corp		2.150		05/18/21		501,346
	200,000		Costco Wholesale Corp		2.250		02/15/22		200,640
	300,000		Costco Wholesale Corp		2.300		05/18/22		300,221
	400,000		Costco Wholesale Corp		2.750		05/18/24		400,752
	500,000		Costco Wholesale Corp		3.000		05/18/27		500,805
	300,000		Dollar General Corp		4.150		11/01/25		318,332
	300,000		Dollar General Corp		3.875		04/15/27		311,669
	300,000		Enable Midstream Partners LP		3.900		05/15/24		301,509
	200,000		Enable Midstream Partners LP		4.400		03/15/27		203,340
	100,000		Enable Midstream Partners LP		5.000		05/15/44		97,299
	800,000		Home Depot, Inc		2.000		06/15/19		804,910
	300,000		Home Depot, Inc		1.800		06/05/20		300,166

97

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Home Depot, Inc		3.950	%	09/15/20	$	423,030
	500,000	Home Depot, Inc		2.000		04/01/21		500,173
	350,000	Home Depot, Inc		4.400		04/01/21		375,620
	400,000	Home Depot, Inc		2.625		06/01/22		406,240
	500,000	Home Depot, Inc		2.700		04/01/23		507,504
	300,000	Home Depot, Inc		3.750		02/15/24		318,401
	100,000	Home Depot, Inc		3.350		09/15/25		103,396
	900,000	Home Depot, Inc		3.000		04/01/26		902,788
	1,300,000	Home Depot, Inc		2.125		09/15/26		1,220,254
	500,000	Home Depot, Inc		2.800		09/14/27		490,940
	960,000	Home Depot, Inc		5.875		12/16/36		1,246,382
	500,000	Home Depot, Inc		4.200		04/01/43		533,910
	300,000	Home Depot, Inc		4.875		02/15/44		350,802
	500,000	Home Depot, Inc		4.400		03/15/45		548,382
	600,000	Home Depot, Inc		4.250		04/01/46		646,765
	600,000	Home Depot, Inc		3.900		06/15/47		610,929
	675,000	Home Depot, Inc		3.500		09/15/56		621,975
	500,000	JD.com, Inc		3.875		04/29/26		502,104
	200,000	Kohl’s Corp		3.250		02/01/23		194,015
	200,000	Kohl’s Corp		4.750		12/15/23		209,824
	200,000	Kohl’s Corp		4.250		07/17/25		204,754
	200,000	Kohl’s Corp		5.550		07/17/45		192,706
	300,000	Lowe’s Cos, Inc		1.150		04/15/19		297,704
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		211,981
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		876,373
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		320,842
	400,000	Lowe’s Cos, Inc		3.125		09/15/24		408,896
	100,000	Lowe’s Cos, Inc		3.375		09/15/25		102,966
	500,000	Lowe’s Cos, Inc		2.500		04/15/26		480,225
	750,000	Lowe’s Cos, Inc		3.100		05/03/27		745,434
	100,000	Lowe’s Cos, Inc		4.650		04/15/42		110,683
	200,000	Lowe’s Cos, Inc		4.250		09/15/44		208,940
	200,000	Lowe’s Cos, Inc		4.375		09/15/45		213,065
	1,075,000	Lowe’s Cos, Inc		3.700		04/15/46		1,042,145
	1,000,000	Lowe’s Cos, Inc		4.050		05/03/47		1,026,759
	200,000	Macy’s Retail Holdings, Inc		3.450		01/15/21		200,558
	250,000	Macy’s Retail Holdings, Inc		3.875		01/15/22		250,839
	125,000	Macy’s Retail Holdings, Inc		2.875		02/15/23		117,840
	200,000	Macy’s Retail Holdings, Inc		4.375		09/01/23		200,827
	300,000	Macy’s Retail Holdings, Inc		3.625		06/01/24		287,298
	400,000	Macy’s Retail Holdings, Inc		6.900		04/01/29		423,654
	200,000	Macy’s Retail Holdings, Inc		4.500		12/15/34		172,038
	200,000	Macy’s Retail Holdings, Inc		6.375		03/15/37		204,955
	30,000	Nordstrom, Inc		4.750		05/01/20		31,105
	100,000	Nordstrom, Inc		4.000		10/15/21		102,447
	200,000	Nordstrom, Inc		4.000		03/15/27		198,382
	531,000	Nordstrom, Inc		5.000		01/15/44		521,503
	150,000	O’Reilly Automotive, Inc		4.875		01/14/21		160,578
	600,000	O’Reilly Automotive, Inc		3.800		09/01/22		626,320
	200,000	O’Reilly Automotive, Inc		3.850		06/15/23		208,990
	150,000	O’Reilly Automotive, Inc		3.600		09/01/27		149,836
	200,000	Priceline Group, Inc		2.750		03/15/23		200,194

98

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Priceline Group, Inc		3.650	%	03/15/25	$	308,860
	300,000	Priceline Group, Inc		3.600		06/01/26		304,902
	150,000	Priceline Group, Inc		3.550		03/15/28		150,044
	200,000	QVC, Inc		3.125		04/01/19		202,020
	100,000	QVC, Inc		5.125		07/02/22		106,881
	100,000	QVC, Inc		4.375		03/15/23		103,833
	500,000	QVC, Inc		4.850		04/01/24		517,656
	200,000	QVC, Inc		4.450		02/15/25		202,801
	150,000	QVC, Inc		5.950		03/15/43		146,202
	1,150,000	Target Corp		3.875		07/15/20		1,210,432
	900,000	Target Corp		2.900		01/15/22		922,704
	500,000	Target Corp		3.500		07/01/24		522,794
	800,000	Target Corp		2.500		04/15/26		767,091
	850,000	Target Corp		4.000		07/01/42		858,503
	225,000	Target Corp		3.625		04/15/46		211,570
	300,000	TJX Cos, Inc		2.750		06/15/21		306,196
	300,000	TJX Cos, Inc		2.500		05/15/23		300,609
	300,000	TJX Cos, Inc		2.250		09/15/26		279,060
	300,000	Wal-Mart Stores, Inc		1.950		12/15/18		301,487
	1,400,000	Wal-Mart Stores, Inc		3.250		10/25/20		1,457,642
	1,950,000	Wal-Mart Stores, Inc		4.250		04/15/21		2,098,162
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		1,013,930
	800,000	Wal-Mart Stores, Inc		3.300		04/22/24		837,735
	69,000	Wal-Mart Stores, Inc		7.550		02/15/30		100,026
	1,095,000	Wal-Mart Stores, Inc		5.250		09/01/35		1,344,924
	713,000	Wal-Mart Stores, Inc		6.200		04/15/38		968,366
	65,000	Wal-Mart Stores, Inc		5.625		04/01/40		83,561
	345,000	Wal-Mart Stores, Inc		5.000		10/25/40		413,414
	2,350,000	Wal-Mart Stores, Inc		4.000		04/11/43		2,482,459
	900,000	Wal-Mart Stores, Inc		4.750		10/02/43		1,055,481
	650,000	Wal-Mart Stores, Inc		4.300		04/22/44		721,995
		TOTAL RETAILING						59,833,300
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	200,000	Altera Corp		4.100		11/15/23		215,377
	100,000	Analog Devices, Inc		2.500		12/05/21		100,181
	500,000	Analog Devices, Inc		2.875		06/01/23		501,213
	325,000	Analog Devices, Inc		3.125		12/05/23		329,559
	175,000	Analog Devices, Inc		3.500		12/05/26		176,656
	100,000	Analog Devices, Inc		4.500		12/05/36		104,142
	200,000	Analog Devices, Inc		5.300		12/15/45		231,544
	300,000	Intel Corp		1.850		05/11/20		300,581
	250,000	Intel Corp		2.450		07/29/20		254,713
	400,000	Intel Corp		1.700		05/19/21		396,089
	300,000	Intel Corp		2.350		05/11/22		302,055
	1,250,000	Intel Corp		3.100		07/29/22		1,299,773
	1,250,000	Intel Corp		2.700		12/15/22		1,274,156
	1,500,000	Intel Corp		3.700		07/29/25		1,585,708
	2,180,000	Intel Corp		2.600		05/19/26		2,132,136
	500,000	Intel Corp		4.800		10/01/41		581,900
	975,000	Intel Corp		4.900		07/29/45		1,164,381
	400,000	Intel Corp		4.100		05/19/46		419,411
	750,000	Intel Corp		4.100		05/11/47		794,564

99

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Maxim Integrated Products, Inc		2.500	%	11/15/18	$	201,205
	200,000		Maxim Integrated Products, Inc		3.375		03/15/23		203,712
	150,000		Maxim Integrated Products, Inc		3.450		06/15/27		150,839
	1,000,000		Micron Technology, Inc		7.500		09/15/23		1,111,250
	225,000		NVIDIA Corp		2.200		09/16/21		223,819
	300,000		NVIDIA Corp		3.200		09/16/26		298,316
	200,000		Texas Instruments, Inc		1.650		08/03/19		199,954
	300,000		Texas Instruments, Inc		1.750		05/01/20		298,938
	250,000		Texas Instruments, Inc		2.750		03/12/21		255,682
	200,000		Texas Instruments, Inc		2.250		05/01/23		197,860
	100,000		Texas Instruments, Inc		2.625		05/15/24		99,807
	400,000		Xilinx, Inc		3.000		03/15/21		407,396
	150,000		Xilinx, Inc		2.950		06/01/24		150,107
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						15,963,024
SOFTWARE & SERVICES - 0.9%
	175,000		Activision Blizzard Inc		2.300		09/15/21		173,969
	200,000		Activision Blizzard Inc		3.400		09/15/26		202,259
	100,000		Activision Blizzard, Inc		2.600		06/15/22		100,016
	300,000		Activision Blizzard, Inc		3.400		06/15/27		301,305
	300,000		Activision Blizzard, Inc		4.500		06/15/47		302,857
	20,000		Adobe Systems, Inc		4.750		02/01/20		21,291
	775,000		Adobe Systems, Inc		3.250		02/01/25		796,228
	250,000		Autodesk, Inc		4.375		06/15/25		265,231
	300,000		Autodesk, Inc		3.500		06/15/27		299,127
	500,000		Automatic Data Processing, Inc		2.250		09/15/20		505,170
	500,000		Automatic Data Processing, Inc		3.375		09/15/25		518,225
	750,000		Baidu, Inc		2.750		06/09/19		755,406
	500,000		Baidu, Inc		3.000		06/30/20		506,225
	700,000		Baidu, Inc		2.875		07/06/22		701,858
	200,000		Baidu, Inc		3.500		11/28/22		205,488
	300,000		Baidu, Inc		4.125		06/30/25		315,066
	300,000		Baidu, Inc		3.625		07/06/27		300,120
	500,000		CA, Inc		5.375		12/01/19		531,642
	250,000		CA, Inc		3.600		08/15/22		255,756
	150,000		CA, Inc		4.700		03/15/27		157,219
	200,000		DXC Technology Co		2.875		03/27/20		202,634
	200,000		DXC Technology Co		4.450		09/18/22		211,981
	200,000		DXC Technology Co		4.250		04/15/24		210,830
	200,000		DXC Technology Co		4.750		04/15/27		213,837
	300,000		Electronic Arts, Inc		3.700		03/01/21		312,359
	300,000		Expedia, Inc		7.456		08/15/18		314,338
	300,000		Expedia, Inc		4.500		08/15/24		316,394
	200,000		Expedia, Inc		5.000		02/15/26		217,425
	500,000	g	Expedia, Inc		3.800		02/15/28		495,359
	500,000		Fidelity National Information Services, Inc		2.850		10/15/18		505,825
	1,000,000		Fidelity National Information Services, Inc		2.250		08/15/21		993,029
	247,000		Fidelity National Information Services, Inc		4.500		10/15/22		266,786
	163,000		Fidelity National Information Services, Inc		3.875		06/05/24		170,418
	139,000		Fidelity National Information Services, Inc		5.000		10/15/25		155,074
	300,000		Fidelity National Information Services, Inc		3.000		08/15/26		291,073
	300,000		Fidelity National Information Services, Inc		4.500		08/15/46		311,923

100

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	550,000	Fiserv, Inc		3.500	%	10/01/22	$	569,210
	500,000	Fiserv, Inc		3.850		06/01/25		521,982
	500,000	International Business Machines Corp		1.950		02/12/19		502,391
	200,000	International Business Machines Corp		1.875		05/15/19		200,701
	1,250,000	International Business Machines Corp		1.800		05/17/19		1,254,328
	800,000	International Business Machines Corp		8.375		11/01/19		906,028
	300,000	International Business Machines Corp		1.900		01/27/20		300,338
	300,000	International Business Machines Corp		1.625		05/15/20		298,650
	250,000	International Business Machines Corp		2.250		02/19/21		250,703
	500,000	International Business Machines Corp		2.900		11/01/21		513,033
	300,000	International Business Machines Corp		2.500		01/27/22		302,862
	300,000	International Business Machines Corp		1.875		08/01/22		293,160
	500,000	International Business Machines Corp		2.875		11/09/22		511,631
	700,000	International Business Machines Corp		3.375		08/01/23		729,100
	500,000	International Business Machines Corp		3.625		02/12/24		524,492
	400,000	International Business Machines Corp		7.000		10/30/25		512,520
	500,000	International Business Machines Corp		3.450		02/19/26		516,542
	300,000	International Business Machines Corp		3.300		01/27/27		304,523
	19,000	International Business Machines Corp		5.600		11/30/39		23,255
	835,000	International Business Machines Corp		4.000		06/20/42		837,843
	500,000	International Business Machines Corp		4.700		02/19/46		561,161
	200,000	Juniper Networks, Inc		3.125		02/26/19		203,103
	175,000	Juniper Networks, Inc		4.600		03/15/21		186,379
	200,000	Juniper Networks, Inc		4.500		03/15/24		212,551
	250,000	Juniper Networks, Inc		4.350		06/15/25		261,616
	500,000	Microsoft Corp		1.300		11/03/18		499,160
	400,000	Microsoft Corp		1.625		12/06/18		400,594
	925,000	Microsoft Corp		4.200		06/01/19		964,675
	1,000,000	Microsoft Corp		1.100		08/08/19		990,876
	1,000,000	Microsoft Corp		1.850		02/06/20		1,003,955
	300,000	Microsoft Corp		1.850		02/12/20		301,319
	540,000	Microsoft Corp		3.000		10/01/20		559,665
	500,000	Microsoft Corp		2.000		11/03/20		502,861
	450,000	Microsoft Corp		4.000		02/08/21		479,472
	850,000	Microsoft Corp		1.550		08/08/21		834,782
	1,000,000	Microsoft Corp		2.400		02/06/22		1,011,796
	1,300,000	Microsoft Corp		2.375		02/12/22		1,311,457
	500,000	Microsoft Corp		2.650		11/03/22		508,707
	400,000	Microsoft Corp		2.125		11/15/22		397,546
	1,000,000	Microsoft Corp		2.000		08/08/23		979,373
	400,000	Microsoft Corp		3.625		12/15/23		425,778
	1,000,000	Microsoft Corp		2.875		02/06/24		1,022,925
	500,000	Microsoft Corp		2.700		02/12/25		504,675
	750,000	Microsoft Corp		3.125		11/03/25		772,952
	2,300,000	Microsoft Corp		2.400		08/08/26		2,228,662
	2,725,000	Microsoft Corp		3.300		02/06/27		2,824,460
	925,000	Microsoft Corp		4.200		11/03/35		1,027,483
	2,000,000	Microsoft Corp		3.450		08/08/36		2,013,459
	575,000	Microsoft Corp		4.100		02/06/37		627,521
	500,000	Microsoft Corp		3.500		11/15/42		486,817
	300,000	Microsoft Corp		3.750		05/01/43		299,642
	750,000	Microsoft Corp		3.750		02/12/45		766,233
	575,000	Microsoft Corp		4.450		11/03/45		647,180

101

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Microsoft Corp		3.700	%	08/08/46	$	1,007,889
	1,350,000	Microsoft Corp		4.250		02/06/47		1,491,595
	1,750,000	Microsoft Corp		4.000		02/12/55		1,816,971
	500,000	Microsoft Corp		4.750		11/03/55		588,593
	1,000,000	Microsoft Corp		3.950		08/08/56		1,029,726
	1,500,000	Microsoft Corp		4.500		02/06/57		1,693,074
	750,000	Oracle Corp		2.375		01/15/19		757,533
	750,000	Oracle Corp		2.250		10/08/19		759,206
	1,365,000	Oracle Corp		3.875		07/15/20		1,440,783
	500,000	Oracle Corp		2.800		07/08/21		511,184
	1,000,000	Oracle Corp		1.900		09/15/21		992,490
	1,300,000	Oracle Corp		2.500		05/15/22		1,316,863
	1,725,000	Oracle Corp		2.500		10/15/22		1,737,103
	1,000,000	Oracle Corp		2.400		09/15/23		993,968
	750,000	Oracle Corp		3.400		07/08/24		783,848
	1,250,000	Oracle Corp		2.950		05/15/25		1,260,044
	2,334,000	Oracle Corp		2.650		07/15/26		2,287,192
	400,000	Oracle Corp		3.250		05/15/30		399,879
	2,322,000	Oracle Corp		4.300		07/08/34		2,547,343
	500,000	Oracle Corp		3.900		05/15/35		524,123
	1,000,000	Oracle Corp		3.850		07/15/36		1,034,441
	470,000	Oracle Corp		6.125		07/08/39		635,807
	500,000	Oracle Corp		4.500		07/08/44		552,965
	1,500,000	Oracle Corp		4.000		07/15/46		1,551,093
	500,000	Oracle Corp		4.375		05/15/55		540,612
	250,000	Total System Services, Inc		3.800		04/01/21		259,869
	125,000	Total System Services, Inc		3.750		06/01/23		129,168
	300,000	Total System Services, Inc		4.800		04/01/26		327,730
	300,000	VMware, Inc		2.300		08/21/20		300,821
	1,250,000	VMware, Inc		2.950		08/21/22		1,254,198
	500,000	VMware, Inc		3.900		08/21/27		505,228
	100,000	Western Union Co		3.650		08/22/18		101,694
	400,000	Western Union Co		5.253		04/01/20		426,741
	300,000	Western Union Co		3.600		03/15/22		304,497
	415,000	Xerox Corp		2.750		09/01/20		414,286
	200,000	Xerox Corp		6.750		12/15/39		213,178
		TOTAL SOFTWARE & SERVICES						80,587,605
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	100,000	Alphabet, Inc		3.625		05/19/21		105,753
	500,000	Alphabet, Inc		3.375		02/25/24		523,871
	1,000,000	Alphabet, Inc		1.998		08/15/26		939,237
	200,000	Amphenol Corp		2.550		01/30/19		201,282
	225,000	Amphenol Corp		2.200		04/01/20		225,276
	125,000	Amphenol Corp		3.125		09/15/21		127,371
	150,000	Amphenol Corp		4.000		02/01/22		158,185
	200,000	Amphenol Corp		3.200		04/01/24		202,705
	500,000	Apple, Inc		1.550		02/08/19		500,114
	325,000	Apple, Inc		1.700		02/22/19		325,752
	1,000,000	Apple, Inc		2.100		05/06/19		1,007,834
	1,000,000	Apple, Inc		1.100		08/02/19		991,248
	300,000	Apple, Inc		1.500		09/12/19		299,415

102

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Apple, Inc		1.900	%	02/07/20	$	501,646
	200,000		Apple, Inc		1.800		05/11/20		200,055
	2,500,000		Apple, Inc		2.250		02/23/21		2,519,574
	2,000,000		Apple, Inc		1.550		08/04/21		1,960,217
	750,000		Apple, Inc		2.150		02/09/22		748,543
	500,000		Apple, Inc		2.500		02/09/22		506,481
	500,000		Apple, Inc		2.300		05/11/22		501,818
	750,000		Apple, Inc		2.700		05/13/22		763,941
	400,000		Apple, Inc		2.100		09/12/22		396,684
	400,000		Apple, Inc		2.850		02/23/23		409,527
	750,000		Apple, Inc		3.000		02/09/24		768,268
	2,250,000		Apple, Inc		3.450		05/06/24		2,358,549
	750,000		Apple, Inc		2.850		05/11/24		758,806
	750,000		Apple, Inc		2.500		02/09/25		741,043
	750,000		Apple, Inc		3.200		05/13/25		769,837
	1,350,000		Apple, Inc		3.250		02/23/26		1,386,184
	1,000,000		Apple, Inc		2.450		08/04/26		963,685
	750,000		Apple, Inc		3.350		02/09/27		771,852
	750,000		Apple, Inc		3.200		05/11/27		763,255
	1,000,000		Apple, Inc		3.000		06/20/27		1,000,709
	750,000		Apple, Inc		2.900		09/12/27		743,411
	375,000		Apple, Inc		4.500		02/23/36		421,760
	750,000		Apple, Inc		4.450		05/06/44		815,377
	1,350,000		Apple, Inc		3.450		02/09/45		1,283,892
	800,000		Apple, Inc		4.375		05/13/45		872,074
	1,250,000		Apple, Inc		4.650		02/23/46		1,419,041
	750,000		Apple, Inc		3.850		08/04/46		760,849
	1,000,000		Apple, Inc		4.250		02/09/47		1,074,931
	750,000		Apple, Inc		3.750		09/12/47		745,241
	1,000,000	g	Broadcom Corp		2.375		01/15/20		1,005,372
	1,500,000	g	Broadcom Corp		3.000		01/15/22		1,525,979
	1,100,000	g	Broadcom Corp		3.625		01/15/24		1,129,695
	1,750,000	g	Broadcom Corp		3.875		01/15/27		1,801,625
	300,000		Cisco Systems, Inc		1.600		02/28/19		299,771
	200,000		Cisco Systems, Inc		1.400		09/20/19		198,973
	1,900,000		Cisco Systems, Inc		4.450		01/15/20		2,011,690
	400,000		Cisco Systems, Inc		2.450		06/15/20		406,494
	400,000		Cisco Systems, Inc		2.200		02/28/21		402,034
	1,250,000		Cisco Systems, Inc		2.900		03/04/21		1,282,970
	300,000		Cisco Systems, Inc		1.850		09/20/21		296,851
	400,000		Cisco Systems, Inc		3.000		06/15/22		413,323
	500,000		Cisco Systems, Inc		2.600		02/28/23		505,288
	300,000		Cisco Systems, Inc		2.200		09/20/23		295,798
	1,100,000		Cisco Systems, Inc		3.625		03/04/24		1,167,283
	400,000		Cisco Systems, Inc		3.500		06/15/25		420,514
	500,000		Cisco Systems, Inc		2.950		02/28/26		503,698
	2,000,000		Cisco Systems, Inc		2.500		09/20/26		1,940,742
	600,000		Cisco Systems, Inc		5.900		02/15/39		789,876
	2,650,000	g	Diamond Finance Corp		3.480		06/01/19		2,700,695
	1,175,000	g	Diamond Finance Corp		4.420		06/15/21		1,233,521
	1,500,000	g	Diamond Finance Corp		5.450		06/15/23		1,645,152
	1,000,000	g	Diamond Finance Corp		6.020		06/15/26		1,110,151
	1,000,000	g	Diamond Finance Corp		8.100		07/15/36		1,251,020

103

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	g	Diamond Finance Corp		8.350	%	07/15/46	$	1,277,465
	300,000		Flextronics International Ltd		4.750		06/15/25		324,143
	205,000		Harris Corp		2.700		04/27/20		207,118
	300,000		Harris Corp		4.400		12/15/20		316,161
	300,000		Harris Corp		4.854		04/27/35		330,366
	300,000		Harris Corp		5.054		04/27/45		343,392
	750,000		Hewlett Packard Enterprise Co		2.850		10/05/18		757,474
	2,375,000		Hewlett Packard Enterprise Co		3.600		10/15/20		2,461,326
	750,000		Hewlett Packard Enterprise Co		4.400		10/15/22		799,014
	1,000,000		Hewlett Packard Enterprise Co		4.900		10/15/25		1,057,501
	750,000		Hewlett Packard Enterprise Co		6.200		10/15/35		804,209
	350,000		Hewlett Packard Enterprise Co		6.350		10/15/45		370,781
	113,000		Hewlett-Packard Co		3.750		12/01/20		117,468
	200,000		Hewlett-Packard Co		4.375		09/15/21		212,387
	100,000		Hewlett-Packard Co		4.650		12/09/21		107,727
	200,000		Hewlett-Packard Co		4.050		09/15/22		212,009
	850,000		Hewlett-Packard Co		6.000		09/15/41		907,197
	1,000,000		Jabil Circuit, Inc		4.700		09/15/22		1,063,750
	300,000		Koninklijke Philips Electronics NV		5.000		03/15/42		331,189
	800,000		Koninklijke Philips NV		3.750		03/15/22		843,014
	420,000		L-3 Communications Corp		5.200		10/15/19		446,302
	300,000		L-3 Communications Corp		4.950		02/15/21		321,679
	52,000		L-3 Communications Corp		3.950		05/28/24		54,295
	600,000		L-3 Communications Corp		3.850		12/15/26		622,266
	100,000		Motorola Solutions, Inc		3.500		09/01/21		102,956
	700,000		Motorola Solutions, Inc		3.750		05/15/22		722,248
	250,000		Motorola Solutions, Inc		3.500		03/01/23		252,346
	200,000		Motorola Solutions, Inc		4.000		09/01/24		204,174
	200,000		Motorola Solutions, Inc		5.500		09/01/44		201,169
	200,000		NetApp, Inc		3.375		06/15/21		204,999
	200,000		NetApp, Inc		3.300		09/29/24		199,653
	200,000		Pitney Bowes, Inc		3.625		09/15/20		200,384
	200,000		Pitney Bowes, Inc		3.625		10/01/21		196,788
	200,000		Pitney Bowes, Inc		4.700		04/01/23		195,770
	500,000		Pitney Bowes, Inc		4.625		03/15/24		483,335
	750,000		QUALCOMM, Inc		1.850		05/20/19		751,853
	750,000		QUALCOMM, Inc		2.100		05/20/20		755,579
	1,400,000		QUALCOMM, Inc		2.250		05/20/20		1,414,580
	500,000		QUALCOMM, Inc		3.000		05/20/22		514,192
	750,000		QUALCOMM, Inc		2.900		05/20/24		752,668
	500,000		QUALCOMM, Inc		3.450		05/20/25		515,669
	1,000,000		QUALCOMM, Inc		3.250		05/20/27		1,008,108
	500,000		QUALCOMM, Inc		4.650		05/20/35		545,342
	500,000		QUALCOMM, Inc		4.800		05/20/45		548,502
	1,000,000		QUALCOMM, Inc		4.300		05/20/47		1,022,584
	500,000	g	Seagate HDD Cayman		4.250		03/01/22		497,068
	1,250,000		Seagate HDD Cayman		4.750		01/01/25		1,216,446
	200,000		Seagate HDD Cayman		4.875		06/01/27		188,507
	200,000		Seagate HDD Cayman		5.750		12/01/34		187,755
	200,000		Tech Data Corp		3.700		02/15/22		201,625
	200,000		Tech Data Corp		4.950		02/15/27		206,209
	200,000		Tyco Electronics Group S.A.		2.375		12/17/18		201,120

104

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Tyco Electronics Group S.A.		3.500	%	02/03/22	$	259,585
	200,000	Tyco Electronics Group S.A.		3.450		08/01/24		206,692
	100,000	Tyco Electronics Group S.A.		3.700		02/15/26		104,257
	150,000	Tyco Electronics Group S.A.		3.125		08/15/27		149,519
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						85,373,723
TELECOMMUNICATION SERVICES - 1.4%
	500,000	Alibaba Group Holding Ltd		2.500		11/28/19		503,768
	500,000	Alibaba Group Holding Ltd		3.125		11/28/21		510,492
	1,250,000	Alibaba Group Holding Ltd		3.600		11/28/24		1,294,286
	500,000	Alibaba Group Holding Ltd		4.500		11/28/34		548,527
	1,680,000	America Movil SAB de C.V.		5.000		03/30/20		1,796,703
	950,000	America Movil SAB de C.V.		3.125		07/16/22		973,350
	440,000	America Movil SAB de C.V.		6.125		03/30/40		536,288
	1,125,000	America Movil SAB de C.V.		4.375		07/16/42		1,150,796
	300,000	AT&T, Inc		2.375		11/27/18		301,758
	950,000	AT&T, Inc		5.800		02/15/19		999,330
	1,000,000	AT&T, Inc		2.300		03/11/19		1,006,071
	285,000	AT&T, Inc		5.200		03/15/20		305,356
	900,000	AT&T, Inc		2.450		06/30/20		906,257
	500,000	AT&T, Inc		4.600		02/15/21		531,045
	1,250,000	AT&T, Inc		2.800		02/17/21		1,264,618
	1,050,000	AT&T, Inc		5.000		03/01/21		1,133,498
	500,000	AT&T, Inc		4.450		05/15/21		532,320
	4,300,000	AT&T, Inc		3.000		02/15/22		4,344,267
	500,000	AT&T, Inc		3.200		03/01/22		509,782
	250,000	AT&T, Inc		3.800		03/15/22		260,345
	2,500,000	AT&T, Inc		3.000		06/30/22		2,524,241
	1,250,000	AT&T, Inc		2.850		02/14/23		1,243,844
	1,250,000	AT&T, Inc		3.600		02/17/23		1,285,697
	500,000	AT&T, Inc		3.800		03/01/24		514,145
	1,000,000	AT&T, Inc		4.450		04/01/24		1,062,965
	1,250,000	AT&T, Inc		3.400		08/14/24		1,251,441
	1,500,000	AT&T, Inc		3.400		05/15/25		1,476,000
	1,250,000	AT&T, Inc		4.125		02/17/26		1,284,260
	1,300,000	AT&T, Inc		4.250		03/01/27		1,335,568
	1,500,000	AT&T, Inc		3.900		08/14/27		1,501,693
	1,175,000	AT&T, Inc		4.500		05/15/35		1,159,551
	500,000	AT&T, Inc		5.250		03/01/37		524,118
	1,500,000	AT&T, Inc		4.900		08/14/37		1,517,677
	145,000	AT&T, Inc		6.000		08/15/40		163,237
	92,000	AT&T, Inc		5.350		09/01/40		96,636
	100,000	AT&T, Inc		6.375		03/01/41		117,032
	550,000	AT&T, Inc		5.150		03/15/42		555,585
	2,366,000	AT&T, Inc		4.300		12/15/42		2,208,069
	1,250,000	AT&T, Inc		4.800		06/15/44		1,215,456
	2,854,000	AT&T, Inc		4.350		06/15/45		2,617,978
	1,025,000	AT&T, Inc		4.750		05/15/46		986,885
	750,000	AT&T, Inc		5.650		02/15/47		817,498
	2,100,000	AT&T, Inc		5.450		03/01/47		2,220,193
	1,425,000	AT&T, Inc		4.500		03/09/48		1,313,065
	955,000	AT&T, Inc		4.550		03/09/49		881,494
	1,250,000	AT&T, Inc		5.150		02/14/50		1,259,566

105

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		AT&T, Inc		5.700	%	03/01/57	$	538,279
	2,750,000		AT&T, Inc		5.300		08/14/58		2,771,153
	1,085,000		British Telecommunications plc		2.350		02/14/19		1,092,082
	1,150,000		British Telecommunications plc		9.125		12/15/30		1,739,609
	2,850,000		Deutsche Telekom International Finance BV		6.000		07/08/19		3,046,626
	1,240,000		Deutsche Telekom International Finance BV		8.750		06/15/30		1,820,293
	1,200,000		France Telecom S.A.		4.125		09/14/21		1,280,746
	745,000		France Telecom S.A.		9.000		03/01/31		1,130,375
	600,000		France Telecom S.A.		5.375		01/13/42		703,331
	250,000		Koninklijke KPN NV		8.375		10/01/30		347,475
	500,000		Orange S.A.		1.625		11/03/19		496,517
	400,000		Orange S.A.		5.500		02/06/44		480,926
	665,000		Qwest Corp		6.750		12/01/21		725,990
	200,000		Rogers Communications, Inc		4.100		10/01/23		212,771
	1,713,000		Rogers Communications, Inc		3.625		12/15/25		1,745,304
	200,000		Rogers Communications, Inc		2.900		11/15/26		191,413
	125,000		Rogers Communications, Inc		4.500		03/15/43		130,012
	300,000		Rogers Communications, Inc		5.450		10/01/43		356,593
	600,000		Rogers Communications, Inc		5.000		03/15/44		676,241
	2,020,000		Telefonica Emisiones SAU		5.134		04/27/20		2,166,480
	1,000,000		Telefonica Emisiones SAU		4.570		04/27/23		1,092,089
	1,175,000		Telefonica Emisiones SAU		4.103		03/08/27		1,215,161
	300,000		Telefonica Emisiones SAU		7.045		06/20/36		397,214
	1,300,000		Telefonica Emisiones SAU		5.213		03/08/47		1,429,876
	392,000		Telefonica Europe BV		8.250		09/15/30		550,395
	100,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		107,241
	200,000		TELUS Corp		2.800		02/16/27		188,087
	200,000		TELUS Corp		3.700		09/15/27		204,441
	6,581,000		Verizon Communications, Inc		2.946		03/15/22		6,690,927
	1,350,000		Verizon Communications, Inc		4.150		03/15/24		1,428,874
	2,500,000		Verizon Communications, Inc		3.500		11/01/24		2,544,669
	4,213,000	g	Verizon Communications, Inc		3.376		02/15/25		4,234,657
	1,750,000		Verizon Communications, Inc		4.125		03/16/27		1,826,281
	1,500,000		Verizon Communications, Inc		4.500		08/10/33		1,537,961
	3,000,000		Verizon Communications, Inc		4.400		11/01/34		3,017,013
	3,400,000		Verizon Communications, Inc		4.272		01/15/36		3,338,639
	1,150,000		Verizon Communications, Inc		4.750		11/01/41		1,159,743
	1,425,000		Verizon Communications, Inc		3.850		11/01/42		1,258,928
	750,000		Verizon Communications, Inc		5.500		03/16/47		832,156
	1,818,000		Verizon Communications, Inc		4.522		09/15/48		1,758,219
	284,000		Verizon Communications, Inc		5.012		04/15/49		292,655
	3,176,000		Verizon Communications, Inc		5.012		08/21/54		3,183,319
	3,654,000		Verizon Communications, Inc		4.672		03/15/55		3,478,606
	1,500,000		Vodafone Group plc		5.450		06/10/19		1,582,631
	650,000		Vodafone Group plc		4.375		03/16/21		692,738
	500,000		Vodafone Group plc		2.500		09/26/22		500,377
	800,000		Vodafone Group plc		2.950		02/19/23		812,166
	150,000		Vodafone Group plc		6.150		02/27/37		183,164
	1,200,000		Vodafone Group plc		4.375		02/19/43		1,202,336
			TOTAL TELECOMMUNICATION SERVICES						118,935,530

106

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
TRANSPORTATION - 0.6%
$	500,000	ABB Finance USA, Inc		2.875	%	05/08/22	$	509,679
	150,000	ABB Finance USA, Inc		4.375		05/08/42		160,756
	400,000	American Airlines, Inc		3.000		10/15/28		397,000
	300,000	Boeing Co		1.650		10/30/20		298,179
	500,000	Boeing Co		2.850		10/30/24		506,438
	400,000	Boeing Co		2.600		10/30/25		396,173
	200,000	Boeing Co		2.250		06/15/26		191,655
	250,000	Boeing Co		2.800		03/01/27		248,922
	350,000	Boeing Co		5.875		02/15/40		458,426
	300,000	Boeing Co		3.375		06/15/46		283,961
	250,000	Boeing Co		3.650		03/01/47		247,913
	555,000	Burlington Northern Santa Fe LLC		4.700		10/01/19		586,073
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		309,986
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		154,472
	500,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		536,925
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		531,947
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		156,433
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		304,641
	700,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		739,158
	150,000	Burlington Northern Santa Fe LLC		3.250		06/15/27		153,672
	360,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		458,328
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		298,700
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		218,359
	500,000	Burlington Northern Santa Fe LLC		5.150		09/01/43		602,509
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		582,680
	300,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		332,535
	1,000,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		1,060,343
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		225,325
	750,000	Burlington Northern Santa Fe LLC		3.900		08/01/46		772,437
	400,000	Burlington Northern Santa Fe LLC		4.125		06/15/47		422,288
	200,000	Canadian National Railway Co		5.550		03/01/19		210,460
	100,000	Canadian National Railway Co		2.850		12/15/21		101,985
	300,000	Canadian National Railway Co		2.250		11/15/22		296,752
	200,000	Canadian National Railway Co		2.950		11/21/24		203,214
	200,000	Canadian National Railway Co		6.900		07/15/28		267,615
	200,000	Canadian National Railway Co		6.250		08/01/34		263,213
	250,000	Canadian National Railway Co		3.500		11/15/42		239,203
	100,000	Canadian National Railway Co		4.500		11/07/43		111,250
	400,000	Canadian National Railway Co		3.200		08/02/46		365,486
	1,300,000	Canadian Pacific Railway Co		2.900		02/01/25		1,293,202
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		272,794
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		312,904
	100,000	Canadian Pacific Railway Co		4.800		08/01/45		114,010
	200,000	Canadian Pacific Railway Co		6.125		09/15/15		254,232
	200,000	Carnival Corp		3.950		10/15/20		210,634
	293,156	Continental Airlines, Inc		4.750		01/12/21		311,332
	25,046	Continental Airlines, Inc		5.983		04/19/22		27,550
	401,563	Continental Airlines, Inc		4.150		04/11/24		422,645
	164,463	Continental Airlines, Inc		4.000		10/29/24		172,275
	125,000	CSX Corp		3.700		11/01/23		131,313
	300,000	CSX Corp		3.400		08/01/24		307,580
	200,000	CSX Corp		3.350		11/01/25		203,695
	1,200,000	CSX Corp		2.600		11/01/26		1,145,213

107

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	CSX Corp		3.250	%	06/01/27	$	499,564
	100,000	CSX Corp		6.000		10/01/36		125,088
	200,000	CSX Corp		6.150		05/01/37		255,862
	400,000	CSX Corp		5.500		04/15/41		475,663
	350,000	CSX Corp		4.400		03/01/43		364,862
	100,000	CSX Corp		4.100		03/15/44		99,940
	675,000	CSX Corp		3.800		11/01/46		648,694
	200,000	CSX Corp		3.950		05/01/50		189,243
	300,000	CSX Corp		4.500		08/01/54		305,590
	150,000	CSX Corp		4.250		11/01/66		143,256
	114,306	Delta Air Lines		3.625		07/30/27		119,050
	241,332	Delta Air Lines, Inc		5.300		04/15/19		251,589
	150,000	Delta Air Lines, Inc		2.875		03/13/20		151,665
	126,997	Delta Air Lines, Inc		4.750		05/07/20		132,712
	700,000	Delta Air Lines, Inc		3.625		03/15/22		719,264
	134,000	FedEx Corp		8.000		01/15/19		144,354
	100,000	FedEx Corp		2.300		02/01/20		100,867
	300,000	FedEx Corp		4.000		01/15/24		321,881
	100,000	FedEx Corp		3.200		02/01/25		101,787
	300,000	FedEx Corp		3.250		04/01/26		303,855
	400,000	FedEx Corp		3.300		03/15/27		402,260
	1,000,000	FedEx Corp		4.900		01/15/34		1,122,488
	200,000	FedEx Corp		3.900		02/01/35		202,634
	600,000	FedEx Corp		3.875		08/01/42		572,621
	750,000	FedEx Corp		4.750		11/15/45		816,321
	300,000	FedEx Corp		4.550		04/01/46		319,334
	200,000	FedEx Corp		4.400		01/15/47		207,780
	200,000	FedEx Corp		4.500		02/01/65		199,683
	200,000	GATX Corp		2.500		03/15/19		201,251
	100,000	GATX Corp		2.600		03/30/20		100,897
	500,000	GATX Corp		3.250		09/15/26		492,342
	225,000	GATX Corp		5.200		03/15/44		243,965
	200,000	JB Hunt Transport Services, Inc		3.300		08/15/22		204,913
	100,000	Kansas City Southern		3.000		05/15/23		100,216
	100,000	Kansas City Southern		3.125		06/01/26		97,088
	100,000	Kansas City Southern		4.300		05/15/43		100,674
	175,000	Kansas City Southern		4.950		08/15/45		194,678
	100,000	Norfolk Southern Corp		3.250		12/01/21		103,279
	250,000	Norfolk Southern Corp		3.000		04/01/22		255,483
	1,291,000	Norfolk Southern Corp		2.903		02/15/23		1,308,965
	200,000	Norfolk Southern Corp		3.850		01/15/24		212,126
	81,000	Norfolk Southern Corp		5.590		05/17/25		92,911
	200,000	Norfolk Southern Corp		2.900		06/15/26		198,156
	300,000	Norfolk Southern Corp		3.150		06/01/27		299,586
	16,000	Norfolk Southern Corp		4.837		10/01/41		17,972
	750,000	Norfolk Southern Corp		3.950		10/01/42		747,581
	200,000	Norfolk Southern Corp		4.800		08/15/43		225,872
	300,000	Norfolk Southern Corp		4.450		06/15/45		322,496
	200,000	Norfolk Southern Corp		4.650		01/15/46		221,236
	650,000	Northrop Grumman Corp		3.500		03/15/21		675,997
	400,000	Northrop Grumman Corp		3.250		08/01/23		412,125
	300,000	Northrop Grumman Corp		3.200		02/01/27		301,739

108

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Northrop Grumman Corp		5.050	%	11/15/40	$	112,466
	400,000		Northrop Grumman Corp		4.750		06/01/43		444,341
	300,000		Northrop Grumman Corp		3.850		04/15/45		291,872
	200,000		Ryder System, Inc		2.450		11/15/18		201,119
	100,000		Ryder System, Inc		2.550		06/01/19		100,792
	200,000		Ryder System, Inc		2.450		09/03/19		201,415
	400,000		Ryder System, Inc		2.500		05/11/20		403,895
	200,000		Ryder System, Inc		2.250		09/01/21		198,287
	200,000		Ryder System, Inc		3.450		11/15/21		207,274
	500,000		Ryder System, Inc		2.500		09/01/22		496,316
	100,000		Southwest Airlines Co		2.750		11/06/19		101,322
	400,000		Southwest Airlines Co		2.650		11/05/20		405,266
	200,000		Southwest Airlines Co		3.000		11/15/26		195,263
	92,977		Spirit Airlines, Inc		4.100		04/01/28		97,625
	100,000		Union Pacific Corp		2.250		02/15/19		100,745
	450,000		Union Pacific Corp		2.250		06/19/20		452,998
	331,000		Union Pacific Corp		4.163		07/15/22		356,899
	500,000		Union Pacific Corp		2.950		01/15/23		511,142
	277,000		Union Pacific Corp		3.646		02/15/24		292,069
	200,000		Union Pacific Corp		3.750		03/15/24		212,112
	200,000		Union Pacific Corp		3.250		01/15/25		205,416
	200,000		Union Pacific Corp		3.250		08/15/25		205,673
	300,000		Union Pacific Corp		2.750		03/01/26		296,354
	500,000		Union Pacific Corp		3.000		04/15/27		502,790
	100,000		Union Pacific Corp		3.375		02/01/35		99,181
	100,000		Union Pacific Corp		3.600		09/15/37		101,295
	100,000		Union Pacific Corp		4.300		06/15/42		106,095
	150,000		Union Pacific Corp		4.250		04/15/43		159,905
	200,000		Union Pacific Corp		4.050		11/15/45		208,815
	200,000		Union Pacific Corp		3.350		08/15/46		184,889
	300,000		Union Pacific Corp		4.000		04/15/47		313,929
	770,000		Union Pacific Corp		3.799		10/01/51		754,218
	200,000		Union Pacific Corp		3.875		02/01/55		197,262
	300,000		Union Pacific Corp		4.375		11/15/65		318,646
	200,000		Union Pacific Corp		4.100		09/15/67		201,760
	186,266		Union Pacific Railroad Co		2.695		05/12/27		181,736
	300,000		United Parcel Service, Inc		5.125		04/01/19		315,044
	1,105,000		United Parcel Service, Inc		3.125		01/15/21		1,144,664
	500,000		United Parcel Service, Inc		2.350		05/16/22		503,814
	1,400,000		United Parcel Service, Inc		2.450		10/01/22		1,413,069
	125,000		United Parcel Service, Inc		2.400		11/15/26		120,726
	35,000		United Parcel Service, Inc		6.200		01/15/38		47,337
	450,000		United Parcel Service, Inc		3.625		10/01/42		445,520
	400,000		United Parcel Service, Inc		3.400		11/15/46		378,192
			TOTAL TRANSPORTATION						49,603,473
UTILITIES - 2.1%
	200,000	g	AEP Texas, Inc		2.400		10/01/22		198,855
	200,000	g	AEP Texas, Inc		3.800		10/01/47		198,418
	100,000		AEP Transmission Co LLC		3.100		12/01/26		100,227
	100,000	g	AEP Transmission Co LLC		3.100		12/01/26		100,207
	600,000		AEP Transmission Co LLC		4.000		12/01/46		617,849
	200,000	g	AEP Transmission Co LLC		3.750		12/01/47		199,189

109

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	370,000	AGL Capital Corp		5.250	%	08/15/19	$	391,052
	400,000	AGL Capital Corp		3.250		06/15/26		392,924
	275,000	AGL Capital Corp		4.400		06/01/43		281,706
	200,000	Alabama Power Co		2.450		03/30/22		200,043
	475,000	Alabama Power Co		3.550		12/01/23		495,845
	200,000	Alabama Power Co		3.850		12/01/42		198,265
	400,000	Alabama Power Co		3.750		03/01/45		400,833
	300,000	Alabama Power Co		4.300		01/02/46		322,543
	300,000	Ameren Corp		2.700		11/15/20		303,892
	600,000	Ameren Illinois Co		2.700		09/01/22		606,602
	370,000	Ameren Illinois Co		3.250		03/01/25		377,392
	125,000	Ameren Illinois Co		4.150		03/15/46		133,433
	500,000	American Water Capital Corp		3.850		03/01/24		528,114
	300,000	American Water Capital Corp		3.400		03/01/25		309,855
	200,000	American Water Capital Corp		2.950		09/01/27		199,172
	225,000	American Water Capital Corp		4.300		12/01/42		242,596
	150,000	American Water Capital Corp		4.300		09/01/45		161,632
	100,000	American Water Capital Corp		4.000		12/01/46		102,763
	825,000	American Water Capital Corp		3.750		09/01/47		824,233
	200,000	Appalachian Power Co		3.300		06/01/27		201,890
	140,000	Appalachian Power Co		7.000		04/01/38		195,591
	150,000	Arizona Public Service Co		8.750		03/01/19		163,841
	200,000	Arizona Public Service Co		2.950		09/15/27		197,977
	350,000	Arizona Public Service Co		4.500		04/01/42		384,218
	200,000	Arizona Public Service Co		4.350		11/15/45		216,586
	410,000	Arizona Public Service Co		3.750		05/15/46		402,485
	100,000	Atmos Energy Corp		8.500		03/15/19		109,405
	150,000	Atmos Energy Corp		3.000		06/15/27		150,033
	100,000	Atmos Energy Corp		5.500		06/15/41		122,913
	125,000	Atmos Energy Corp		4.150		01/15/43		132,436
	300,000	Atmos Energy Corp		4.125		10/15/44		314,224
	100,000	Baltimore Gas & Electric Co		3.500		11/15/21		104,371
	400,000	Baltimore Gas & Electric Co		3.350		07/01/23		413,684
	200,000	Baltimore Gas & Electric Co		2.400		08/15/26		189,064
	150,000	Baltimore Gas & Electric Co		3.500		08/15/46		143,568
	200,000	Baltimore Gas & Electric Co		3.750		08/15/47		199,003
	200,000	Berkshire Hathaway Energy Co		2.000		11/15/18		200,497
	325,000	Berkshire Hathaway Energy Co		2.400		02/01/20		327,959
	200,000	Berkshire Hathaway Energy Co		3.750		11/15/23		211,043
	350,000	Berkshire Hathaway Energy Co		3.500		02/01/25		361,983
	200,000	Berkshire Hathaway Energy Co		5.150		11/15/43		234,906
	500,000	Berkshire Hathaway Energy Co		4.500		02/01/45		540,348
	200,000	Black Hills Corp		4.250		11/30/23		213,150
	100,000	Black Hills Corp		3.950		01/15/26		103,808
	100,000	Black Hills Corp		3.150		01/15/27		97,422
	200,000	Black Hills Corp		4.200		09/15/46		198,956
	785,000	Carolina Power & Light Co		5.300		01/15/19		821,741
	350,000	Carolina Power & Light Co		3.000		09/15/21		359,674
	150,000	Carolina Power & Light Co		2.800		05/15/22		152,950
	100,000	Carolina Power & Light Co		4.100		05/15/42		104,591
	300,000	Carolina Power & Light Co		4.100		03/15/43		314,490
	400,000	CenterPoint Energy Houston Electric LLC		2.250		08/01/22		397,972

110

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	CenterPoint Energy Houston Electric LLC		2.400	%	09/01/26	$	191,384
	300,000	CenterPoint Energy Houston Electric LLC		3.000		02/01/27		297,994
	100,000	CenterPoint Energy Houston Electric LLC		6.950		03/15/33		136,016
	100,000	CenterPoint Energy Houston Electric LLC		3.550		08/01/42		96,917
	300,000	CenterPoint Energy Houston Electric LLC		4.500		04/01/44		338,034
	423,000	CenterPoint Energy Resources Corp		4.500		01/15/21		444,952
	200,000	CenterPoint Energy Resources Corp		4.100		09/01/47		202,234
	200,000	CenterPoint Energy, Inc		2.500		09/01/22		199,794
	200,000	Cleco Corporate Holdings LLC		3.743		05/01/26		201,332
	200,000	Cleco Corporate Holdings LLC		4.973		05/01/46		214,870
	300,000	CMS Energy Corp		3.450		08/15/27		300,998
	300,000	Columbia Pipeline Group, Inc		3.300		06/01/20		307,014
	300,000	Columbia Pipeline Group, Inc		4.500		06/01/25		320,389
	300,000	Columbia Pipeline Group, Inc		5.800		06/01/45		359,966
	775,000	Commonwealth Edison Co		4.000		08/01/20		812,788
	250,000	Commonwealth Edison Co		2.550		06/15/26		242,530
	200,000	Commonwealth Edison Co		2.950		08/15/27		198,997
	387,000	Commonwealth Edison Co		5.900		03/15/36		490,710
	200,000	Commonwealth Edison Co		3.800		10/01/42		200,383
	300,000	Commonwealth Edison Co		4.600		08/15/43		339,540
	300,000	Commonwealth Edison Co		4.700		01/15/44		343,690
	100,000	Commonwealth Edison Co		3.700		03/01/45		98,687
	250,000	Commonwealth Edison Co		3.650		06/15/46		245,831
	400,000	Commonwealth Edison Co		3.750		08/15/47		401,195
	200,000	Connecticut Light & Power Co		2.500		01/15/23		199,932
	125,000	Connecticut Light & Power Co		3.200		03/15/27		126,068
	400,000	Connecticut Light & Power Co		4.300		04/15/44		435,237
	250,000	Connecticut Light & Power Co		4.150		06/01/45		266,584
	60,000	Consolidated Edison Co of New York, Inc		6.650		04/01/19		64,123
	1,390,000	Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,475,891
	325,000	Consolidated Edison Co of New York, Inc		5.700		06/15/40		419,041
	200,000	Consolidated Edison Co of New York, Inc		4.200		03/15/42		212,101
	550,000	Consolidated Edison Co of New York, Inc		3.950		03/01/43		566,020
	600,000	Consolidated Edison Co of New York, Inc		4.450		03/15/44		664,918
	150,000	Consolidated Edison Co of New York, Inc		4.500		12/01/45		166,048
	400,000	Consolidated Edison Co of New York, Inc		3.850		06/15/46		405,328
	400,000	Consolidated Edison Co of New York, Inc		3.875		06/15/47		410,154
	200,000	Consolidated Edison Co of New York, Inc		4.625		12/01/54		222,415
	200,000	Consolidated Edison Co of New York, Inc		4.300		12/01/56		212,268
	200,000	Consolidated Edison, Inc		2.000		03/15/20		200,067
	100,000	Consolidated Edison, Inc		2.000		05/15/21		99,001
	730,000	Consumers Energy Co		6.125		03/15/19		774,125
	150,000	Consumers Energy Co		2.850		05/15/22		152,962
	200,000	Consumers Energy Co		3.375		08/15/23		208,737
	250,000	Consumers Energy Co		3.950		05/15/43		258,995
	100,000	Consumers Energy Co		3.250		08/15/46		91,923
	100,000	Consumers Energy Co		3.950		07/15/47		103,933
	200,000	Delmarva Power & Light Co		3.500		11/15/23		208,337
	200,000	Delmarva Power & Light Co		4.150		05/15/45		209,762
	500,000	Dominion Energy, Inc		2.579		07/01/20		503,448
	150,000	Dominion Gas Holdings LLC		2.500		12/15/19		151,195
	250,000	Dominion Gas Holdings LLC		2.800		11/15/20		254,065
	200,000	Dominion Gas Holdings LLC		3.550		11/01/23		205,508

111

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Dominion Gas Holdings LLC		3.600	%	12/15/24	$	204,319
	200,000	Dominion Gas Holdings LLC		4.800		11/01/43		215,826
	200,000	Dominion Gas Holdings LLC		4.600		12/15/44		209,279
	150,000	Dominion Resources, Inc		1.600		08/15/19		149,017
	1,700,000	Dominion Resources, Inc		4.450		03/15/21		1,818,420
	125,000	Dominion Resources, Inc		2.000		08/15/21		122,899
	200,000	Dominion Resources, Inc		3.625		12/01/24		206,777
	150,000	Dominion Resources, Inc		2.850		08/15/26		144,335
	200,000	Dominion Resources, Inc		5.950		06/15/35		246,302
	100,000	Dominion Resources, Inc		4.050		09/15/42		98,319
	200,000	Dominion Resources, Inc		4.700		12/01/44		217,948
	300,000	Dominion Resources, Inc		5.750		10/01/54		324,000
	400,000	Dominion Resources, Inc (Step Bond)		2.962		07/01/19		405,705
	600,000	Dominion Resources, Inc (Step Bond)		4.104		04/01/21		628,713
	100,000	DTE Electric Co		3.700		06/01/46		98,197
	500,000	DTE Electric Co		3.750		08/15/47		504,908
	200,000	DTE Energy Co		3.300		06/15/22		204,956
	200,000	DTE Energy Co		3.800		03/15/27		205,916
	400,000	DTE Energy Electric Company		3.450		10/01/20		414,967
	200,000	DTE Energy Electric Company		3.850		12/01/23		209,453
	200,000	DTE Energy Electric Company		3.650		03/15/24		211,473
	200,000	DTE Energy Electric Company		3.500		06/01/24		203,852
	200,000	DTE Energy Electric Company		4.000		04/01/43		209,131
	200,000	DTE Energy Electric Company		4.300		07/01/44		216,624
	300,000	DTE Energy Electric Company		3.700		03/15/45		297,801
	125,000	Duke Energy Carolinas LLC		4.300		06/15/20		132,473
	200,000	Duke Energy Carolinas LLC		2.500		03/15/23		201,199
	200,000	Duke Energy Carolinas LLC		2.950		12/01/26		199,237
	500,000	Duke Energy Carolinas LLC		4.000		09/30/42		523,073
	300,000	Duke Energy Carolinas LLC		3.750		06/01/45		301,578
	200,000	Duke Energy Carolinas LLC		3.875		03/15/46		205,156
	746,000	Duke Energy Corp		5.050		09/15/19		788,517
	250,000	Duke Energy Corp		1.800		09/01/21		244,891
	300,000	Duke Energy Corp		3.050		08/15/22		305,945
	300,000	Duke Energy Corp		3.950		10/15/23		317,692
	375,000	Duke Energy Corp		2.650		09/01/26		358,466
	300,000	Duke Energy Corp		4.800		12/15/45		333,834
	2,000,000	Duke Energy Corp		3.750		09/01/46		1,925,390
	1,200,000	Duke Energy Florida LLC		3.200		01/15/27		1,212,888
	500,000	Duke Energy Florida LLC		3.400		10/01/46		470,949
	300,000	Duke Energy Indiana LLC		3.750		05/15/46		298,711
	200,000	Duke Energy Indiana, Inc		4.900		07/15/43		231,733
	200,000	Duke Energy Ohio, Inc		3.700		06/15/46		197,545
	300,000	Duke Energy Progress LLC		3.250		08/15/25		307,572
	300,000	Duke Energy Progress LLC		4.200		08/15/45		323,357
	500,000	Duke Energy Progress LLC		3.700		10/15/46		494,639
	200,000	Duke Energy Progress LLC		3.600		09/15/47		195,239
	400,000	Duke Energy Progress, Inc		4.375		03/30/44		435,692
	500,000	Duke Energy Progress, Inc		4.150		12/01/44		532,986
	400,000	Duke University Health System, Inc		3.920		06/01/47		408,286
	200,000	Edison International		2.125		04/15/20		199,966
	200,000	Edison International		2.400		09/15/22		198,377

112

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Edison International		2.950	%	03/15/23	$	202,469
	200,000	El Paso Electric Co		5.000		12/01/44		219,292
	300,000	Emera US Finance LP		2.150		06/15/19		300,089
	300,000	Emera US Finance LP		2.700		06/15/21		301,546
	300,000	Emera US Finance LP		3.550		06/15/26		301,902
	300,000	Emera US Finance LP		4.750		06/15/46		321,513
	50,000	Empresa Nacional de Electricidad S.A.		4.250		04/15/24		52,463
	800,000	Enbridge, Inc		2.900		07/15/22		804,446
	300,000	Enbridge, Inc		4.000		10/01/23		315,429
	100,000	Enbridge, Inc		4.250		12/01/26		105,130
	100,000	Enbridge, Inc		3.700		07/15/27		101,149
	300,000	Enbridge, Inc		4.500		06/10/44		301,592
	625,000	Enbridge, Inc		5.500		12/01/46		717,539
	400,000	Enbridge, Inc		5.500		07/15/77		405,000
	44,000	Energy Transfer Partners LP		9.700		03/15/19		48,596
	1,250,000	Energy Transfer Partners LP		4.150		10/01/20		1,305,247
	500,000	Energy Transfer Partners LP		4.650		06/01/21		531,291
	200,000	Energy Transfer Partners LP		5.200		02/01/22		216,717
	200,000	Energy Transfer Partners LP		3.600		02/01/23		203,328
	500,000	Energy Transfer Partners LP		4.900		02/01/24		530,176
	400,000	Energy Transfer Partners LP		4.050		03/15/25		405,402
	1,000,000	Energy Transfer Partners LP		4.750		01/15/26		1,052,220
	250,000	Energy Transfer Partners LP		4.200		04/15/27		253,021
	400,000	Energy Transfer Partners LP		4.900		03/15/35		397,304
	140,000	Energy Transfer Partners LP		7.500		07/01/38		171,789
	450,000	Energy Transfer Partners LP		6.500		02/01/42		508,895
	200,000	Energy Transfer Partners LP		5.150		02/01/43		194,981
	200,000	Energy Transfer Partners LP		5.950		10/01/43		214,037
	400,000	Energy Transfer Partners LP		5.150		03/15/45		390,560
	500,000	Energy Transfer Partners LP		6.125		12/15/45		548,844
	250,000	Energy Transfer Partners LP		5.300		04/15/47		250,433
	125,000	Entergy Arkansas, Inc		3.750		02/15/21		130,597
	175,000	Entergy Arkansas, Inc		3.700		06/01/24		183,463
	600,000	Entergy Arkansas, Inc		3.500		04/01/26		619,038
	200,000	Entergy Corp		5.125		09/15/20		213,812
	200,000	Entergy Corp		4.000		07/15/22		211,634
	300,000	Entergy Corp		2.950		09/01/26		290,000
	200,000	Entergy Louisiana LLC		4.050		09/01/23		213,262
	200,000	Entergy Louisiana LLC		2.400		10/01/26		190,525
	200,000	Entergy Louisiana LLC		3.120		09/01/27		200,748
	200,000	Entergy Louisiana LLC		3.250		04/01/28		201,317
	300,000	Entergy Louisiana LLC		4.950		01/15/45		308,449
	200,000	Entergy Mississippi, Inc		2.850		06/01/28		192,907
	225,000	Entergy Texas, Inc		7.125		02/01/19		239,921
	300,000	EQT Midstream Partners LP		4.000		08/01/24		304,864
	200,000	EQT Midstream Partners LP		4.125		12/01/26		200,328
	200,000	Eversource Energy		2.750		03/15/22		202,167
	325,000	Exelon Corp		2.850		06/15/20		331,404
	1,122,000	Exelon Corp		2.450		04/15/21		1,121,845
	1,000,000	Exelon Corp		3.497		06/01/22		1,029,799
	300,000	Exelon Corp		3.950		06/15/25		313,267
	200,000	Exelon Corp		3.400		04/15/26		201,033
	500,000	Exelon Corp		4.950		06/15/35		553,497

113

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Exelon Corp		4.450	%	04/15/46	$	209,320
	150,000		Exelon Generation Co LLC		3.400		03/15/22		154,092
	200,000		Exelon Generation Co LLC		4.250		06/15/22		213,784
	371,000		Exelon Generation Co LLC		5.600		06/15/42		378,000
	500,000		FirstEnergy Corp		2.850		07/15/22		500,992
	1,750,000		FirstEnergy Corp		3.900		07/15/27		1,780,839
	500,000		FirstEnergy Corp		4.850		07/15/47		524,417
	400,000		Florida Power & Light Co		2.750		06/01/23		406,433
	500,000		Florida Power & Light Co		3.250		06/01/24		516,360
	907,000		Florida Power & Light Co		3.125		12/01/25		920,114
	400,000		Florida Power & Light Co		5.250		02/01/41		490,908
	100,000		Florida Power & Light Co		4.125		02/01/42		107,502
	200,000		Florida Power & Light Co		4.050		06/01/42		213,159
	450,000		Florida Power & Light Co		3.800		12/15/42		458,820
	400,000		Florida Power & Light Co		4.050		10/01/44		427,169
	29,000		Florida Power Corp		5.650		06/15/18		29,797
	1,200,000		Florida Power Corp		3.100		08/15/21		1,240,047
	165,000		Florida Power Corp		6.400		06/15/38		225,571
	300,000		Florida Power Corp		3.850		11/15/42		303,941
	175,000		Fortis, Inc		2.100		10/04/21		171,778
	275,000		Fortis, Inc		3.055		10/04/26		264,690
	100,000		Fortive Corp		1.800		06/15/19		99,898
	200,000		Fortive Corp		2.350		06/15/21		199,316
	275,000		Fortive Corp		3.150		06/15/26		273,978
	250,000		Fortive Corp		4.300		06/15/46		258,613
	500,000		Georgia Power Co		2.000		09/08/20		498,445
	100,000		Georgia Power Co		3.250		04/01/26		100,397
	700,000		Georgia Power Co		3.250		03/30/27		697,957
	177,000		Georgia Power Co		5.950		02/01/39		219,905
	700,000		Georgia Power Co		4.300		03/15/43		730,737
	200,000		Great Plains Energy, Inc		4.850		06/01/21		213,275
	200,000		Gulf Power Co		3.300		05/30/27		202,388
	100,000		Hudson Pacific Properties LP		3.950		11/01/27		99,586
	80,000		Indiana Michigan Power Co		7.000		03/15/19		85,648
	225,000		Indiana Michigan Power Co		4.550		03/15/46		249,840
	100,000		Indiana Michigan Power Co		3.750		07/01/47		98,246
	100,000		Interstate Power & Light Co		6.250		07/15/39		131,157
	100,000		Interstate Power & Light Co		3.700		09/15/46		96,996
	300,000		ITC Holdings Corp		3.650		06/15/24		308,574
	100,000		ITC Holdings Corp		3.250		06/30/26		98,830
	200,000		Kansas City Power & Light Co		3.650		08/15/25		204,996
	100,000		Kansas City Power & Light Co		5.300		10/01/41		117,028
	150,000		Kansas City Power & Light Co		4.200		06/15/47		155,731
	20,000	g	Kansas Gas & Electric		6.700		06/15/19		21,543
	250,000		KeySpan Corp		5.803		04/01/35		304,337
	320,000		LG&E and KU Energy LLC		3.750		11/15/20		332,732
	225,000		Louisville Gas & Electric Co		3.300		10/01/25		229,441
	880,000		Metropolitan Edison Co		7.700		01/15/19		939,769
	300,000		MidAmerican Energy Co		2.400		03/15/19		302,999
	300,000		MidAmerican Energy Co		3.500		10/15/24		314,921
	500,000		MidAmerican Energy Co		3.100		05/01/27		501,358
	200,000		MidAmerican Energy Co		4.800		09/15/43		232,473

114

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		MidAmerican Energy Co		4.400	%	10/15/44	$	219,768
	200,000		MidAmerican Energy Co		4.250		05/01/46		214,086
	500,000		MidAmerican Energy Co		3.950		08/01/47		521,089
	1,032,000		MidAmerican Energy Holdings Co		5.950		05/15/37		1,305,097
	300,000		MidAmerican Energy Holdings Co		6.500		09/15/37		400,698
	750,000		Mississippi Power Co		4.250		03/15/42		712,364
	1,000,000		MPLX LP		4.875		12/01/24		1,077,639
	1,500,000		MPLX LP		4.875		06/01/25		1,607,957
	200,000		MPLX LP		5.200		03/01/47		209,281
	100,000		National Fuel Gas Co		4.900		12/01/21		106,104
	200,000		National Fuel Gas Co		3.750		03/01/23		203,804
	300,000		National Fuel Gas Co		5.200		07/15/25		321,425
	200,000		National Fuel Gas Co		3.950		09/15/27		197,587
	45,000		Nevada Power Co		7.125		03/15/19		48,324
	125,000		NextEra Energy Capital Holdings, Inc		2.300		04/01/19		125,626
	100,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		101,183
	500,000		NextEra Energy Capital Holdings, Inc		4.500		06/01/21		531,893
	750,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		769,204
	800,000		NiSource Finance Corp		3.490		05/15/27		809,413
	100,000		NiSource Finance Corp		5.950		06/15/41		125,122
	200,000		NiSource Finance Corp		5.250		02/15/43		232,614
	150,000		NiSource Finance Corp		4.800		02/15/44		165,927
	815,000		NiSource Finance Corp		5.650		02/01/45		988,230
	200,000		NiSource Finance Corp		3.950		03/30/48		196,987
	300,000		Northeast Utilities		2.800		05/01/23		302,226
	800,000		Northern States Power Co		2.200		08/15/20		805,815
	150,000		Northern States Power Co		2.150		08/15/22		148,981
	300,000		Northern States Power Co		2.600		05/15/23		303,053
	425,000		Northern States Power Co		5.350		11/01/39		524,266
	200,000		Northern States Power Co		3.400		08/15/42		190,046
	150,000		Northern States Power Co		4.000		08/15/45		156,161
	175,000		Northern States Power Co		3.600		05/15/46		171,631
	300,000		Northern States Power Co		3.600		09/15/47		295,737
	200,000		NorthWestern Corp		4.176		11/15/44		209,544
	200,000		NSTAR Electric Co		2.375		10/15/22		199,475
	100,000		NSTAR Electric Co		3.200		05/15/27		100,599
	500,000		Oglethorpe Power Corp		5.250		09/01/50		561,918
	600,000		Ohio Power Co		5.375		10/01/21		667,538
	200,000		Oklahoma Gas & Electric Co		4.150		04/01/47		211,649
	200,000		Oklahoma Gas & Electric Co		3.850		08/15/47		201,100
	200,000		Oncor Electric Delivery Co LLC		6.800		09/01/18		209,103
	150,000		Oncor Electric Delivery Co LLC		4.100		06/01/22		159,884
	400,000		Oncor Electric Delivery Co LLC		2.950		04/01/25		399,289
	70,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		97,717
	100,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		120,148
	550,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		611,279
	150,000		Oncor Electric Delivery Co LLC		5.300		06/01/42		183,113
	300,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		298,169
	400,000	g	Oncor Electric Delivery Co LLC		3.800		09/30/47		402,579
	400,000		ONEOK Partners LP		3.375		10/01/22		404,060
	200,000		ONEOK Partners LP		5.000		09/15/23		215,904
	700,000		ONEOK Partners LP		4.900		03/15/25		748,382
	130,000		ONEOK Partners LP		6.650		10/01/36		157,038

115

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	ONEOK Partners LP		6.850	%	10/15/37	$	307,450
	100,000	ONEOK Partners LP		6.125		02/01/41		115,086
	1,300,000	ONEOK, Inc		4.000		07/13/27		1,315,564
	175,000	ONEOK, Inc		4.950		07/13/47		175,363
	355,000	Pacific Gas & Electric Co		8.250		10/15/18		377,941
	750,000	Pacific Gas & Electric Co		3.500		10/01/20		779,839
	400,000	Pacific Gas & Electric Co		3.250		06/15/23		413,681
	175,000	Pacific Gas & Electric Co		3.850		11/15/23		185,595
	200,000	Pacific Gas & Electric Co		3.750		02/15/24		211,621
	500,000	Pacific Gas & Electric Co		3.400		08/15/24		517,522
	900,000	Pacific Gas & Electric Co		3.500		06/15/25		928,550
	1,200,000	Pacific Gas & Electric Co		3.300		03/15/27		1,220,356
	420,000	Pacific Gas & Electric Co		6.050		03/01/34		546,610
	600,000	Pacific Gas & Electric Co		5.400		01/15/40		736,033
	150,000	Pacific Gas & Electric Co		3.750		08/15/42		151,121
	400,000	Pacific Gas & Electric Co		4.600		06/15/43		452,423
	200,000	Pacific Gas & Electric Co		5.125		11/15/43		239,825
	300,000	Pacific Gas & Electric Co		4.750		02/15/44		346,217
	300,000	Pacific Gas & Electric Co		4.300		03/15/45		326,754
	200,000	Pacific Gas & Electric Co		4.250		03/15/46		215,094
	600,000	Pacific Gas & Electric Co		4.000		12/01/46		628,468
	250,000	PacifiCorp		2.950		02/01/22		256,144
	200,000	PacifiCorp		2.950		06/01/23		205,003
	300,000	PacifiCorp		3.600		04/01/24		313,951
	850,000	PacifiCorp		6.000		01/15/39		1,115,742
	200,000	PECO Energy Co		1.700		09/15/21		195,892
	150,000	PECO Energy Co		2.375		09/15/22		149,874
	200,000	PECO Energy Co		3.150		10/15/25		203,008
	200,000	PECO Energy Co		4.150		10/01/44		212,626
	200,000	PECO Energy Co		3.700		09/15/47		200,051
	300,000	PG&E Corp		2.400		03/01/19		301,528
	200,000	Phillips 66 Partners LP		2.646		02/15/20		201,208
	100,000	Phillips 66 Partners LP		3.550		10/01/26		97,792
	300,000	Phillips 66 Partners LP		4.680		02/15/45		290,186
	100,000	Phillips 66 Partners LP		4.900		10/01/46		100,031
	200,000	Physicians Realty LP		4.300		03/15/27		204,399
	200,000	Piedmont Natural Gas Co, Inc		4.650		08/01/43		217,019
	200,000	Potomac Electric Power Co		3.600		03/15/24		210,180
	900,000	Potomac Electric Power Co		4.150		03/15/43		942,079
	300,000	PPL Capital Funding, Inc		4.200		06/15/22		321,138
	200,000	PPL Capital Funding, Inc		3.500		12/01/22		207,563
	400,000	PPL Capital Funding, Inc		3.400		06/01/23		411,701
	1,100,000	PPL Capital Funding, Inc		3.950		03/15/24		1,151,420
	175,000	PPL Capital Funding, Inc		3.100		05/15/26		172,041
	200,000	PPL Capital Funding, Inc		4.000		09/15/47		198,652
	300,000	PPL Electric Utilities Corp		4.750		07/15/43		346,382
	200,000	PPL Electric Utilities Corp		4.125		06/15/44		211,681
	275,000	PPL Electric Utilities Corp		4.150		10/01/45		292,952
	500,000	PPL Electric Utilities Corp		3.950		06/01/47		515,957
	300,000	Progress Energy, Inc		3.150		04/01/22		305,632
	900,000	Progress Energy, Inc		7.750		03/01/31		1,272,704
	500,000	PSEG Power LLC		3.000		06/15/21		509,027

116

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	150,000	Public Service Co of Colorado		2.250	%	09/15/22	$	149,136
	150,000	Public Service Co of Colorado		3.600		09/15/42		146,163
	100,000	Public Service Co of Colorado		4.300		03/15/44		108,151
	200,000	Public Service Co of Colorado		3.800		06/15/47		202,079
	200,000	Public Service Electric & Gas Co		2.300		09/15/18		201,303
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		99,020
	300,000	Public Service Electric & Gas Co		2.250		09/15/26		283,052
	200,000	Public Service Electric & Gas Co		3.000		05/15/27		199,288
	200,000	Public Service Electric & Gas Co		3.950		05/01/42		209,983
	100,000	Public Service Electric & Gas Co		3.650		09/01/42		99,061
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		200,711
	600,000	Public Service Electric & Gas Co		3.800		03/01/46		606,803
	200,000	Public Service Enterprise Group, Inc		1.600		11/15/19		197,793
	500,000	Public Service Enterprise Group, Inc		2.000		11/15/21		489,387
	1,585,000	Puget Energy, Inc		3.650		05/15/25		1,612,286
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		314,841
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		216,194
	150,000	San Diego Gas & Electric Co		3.000		08/15/21		154,770
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		422,273
	800,000	San Diego Gas & Electric Co		2.500		05/15/26		773,900
	300,000	San Diego Gas & Electric Co		3.750		06/01/47		306,036
	700,000	SCANA Corp		4.750		05/15/21		734,663
	100,000	SCANA Corp		4.125		02/01/22		102,993
	250,000	Scottish Power Ltd		5.810		03/15/25		284,894
	100,000	Sempra Energy		1.625		10/07/19		99,357
	200,000	Sempra Energy		2.850		11/15/20		203,072
	150,000	Sempra Energy		2.875		10/01/22		150,466
	500,000	Sempra Energy		4.050		12/01/23		528,858
	200,000	Sempra Energy		3.550		06/15/24		204,162
	200,000	Sempra Energy		3.750		11/15/25		205,732
	1,300,000	Sempra Energy		3.250		06/15/27		1,283,282
	260,000	Sempra Energy		6.000		10/15/39		328,524
	1,869,000	Sierra Pacific Power Co		2.600		05/01/26		1,807,413
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		58,077
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		147,061
	250,000	South Carolina Electric & Gas Co		4.350		02/01/42		258,602
	300,000	South Carolina Electric & Gas Co		4.600		06/15/43		324,009
	500,000	South Carolina Electric & Gas Co		4.100		06/15/46		503,843
	200,000	South Carolina Electric & Gas Co		4.500		06/01/64		211,841
	280,000	Southern California Edison Co		3.875		06/01/21		296,066
	500,000	Southern California Edison Co		2.400		02/01/22		501,621
	400,000	Southern California Edison Co		3.500		10/01/23		419,927
	185,000	Southern California Edison Co		6.050		03/15/39		247,067
	300,000	Southern California Edison Co		4.500		09/01/40		333,603
	200,000	Southern California Edison Co		4.050		03/15/42		209,584
	500,000	Southern California Edison Co		3.900		03/15/43		512,624
	500,000	Southern California Edison Co		4.650		10/01/43		575,931
	450,000	Southern California Edison Co		3.600		02/01/45		445,504
	700,000	Southern California Edison Co		4.000		04/01/47		737,026
	200,000	Southern California Gas Co		3.150		09/15/24		204,219
	200,000	Southern California Gas Co		3.200		06/15/25		202,858
	200,000	Southern California Gas Co		2.600		06/15/26		194,383
	150,000	Southern California Gas Co		3.750		09/15/42		152,666

117

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Southern Co		1.850	%	07/01/19	$	399,753
	300,000	Southern Co		2.750		06/15/20		304,891
	400,000	Southern Co		2.350		07/01/21		397,680
	400,000	Southern Co		2.950		07/01/23		401,900
	1,400,000	Southern Co		3.250		07/01/26		1,383,390
	400,000	Southern Co		4.250		07/01/36		413,689
	400,000	Southern Co		4.400		07/01/46		416,132
	300,000	Southern Co		5.500		03/15/57		317,313
	200,000	Southern Co Gas Capital Corp		2.450		10/01/23		195,566
	100,000	Southern Co Gas Capital Corp		3.950		10/01/46		95,416
	200,000	Southern Co Gas Capital Corp		4.400		05/30/47		206,540
	550,000	Southern Natural Gas Co		4.400		06/15/21		582,565
	300,000	Southern Power Co		1.950		12/15/19		299,342
	500,000	Southern Power Co		2.375		06/01/20		500,927
	300,000	Southern Power Co		2.500		12/15/21		298,626
	200,000	Southern Power Co		4.150		12/01/25		210,335
	300,000	Southern Power Co		4.950		12/15/46		318,806
	100,000	Southwest Gas Corp		3.800		09/29/46		96,446
	500,000	Southwestern Electric Power Co		2.750		10/01/26		483,205
	400,000	Southwestern Electric Power Co		6.200		03/15/40		525,453
	600,000	Southwestern Public Service Co		4.500		08/15/41		663,361
	300,000	Southwestern Public Service Co		3.400		08/15/46		283,724
	225,000	Southwestern Public Service Co		3.700		08/15/47		223,676
	200,000	Spectra Energy Partners LP		2.950		09/25/18		202,040
	200,000	Spectra Energy Partners LP		4.750		03/15/24		217,562
	400,000	Spectra Energy Partners LP		3.500		03/15/25		402,530
	100,000	Spectra Energy Partners LP		3.375		10/15/26		98,865
	200,000	Spectra Energy Partners LP		5.950		09/25/43		238,512
	300,000	Spectra Energy Partners LP		4.500		03/15/45		302,029
	100,000	Tampa Electric Co		4.100		06/15/42		100,333
	175,000	Tampa Electric Co		4.350		05/15/44		182,601
	300,000	TC PipeLines LP		4.375		03/13/25		313,414
	200,000	TC PipeLines LP		3.900		05/25/27		200,243
	200,000	TECO Finance, Inc		5.150		03/15/20		213,291
	200,000	Tennessee Gas Pipeline Co		7.000		10/15/28		241,579
	12,000	Toledo Edison Co		7.250		05/01/20		13,248
	300,000	Toledo Edison Co		6.150		05/15/37		368,587
	300,000	TransAlta Corp		4.500		11/15/22		303,837
	500,000	Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		645,656
	125,000	Transcontinental Gas Pipe Line Co LLC		4.450		08/01/42		127,654
	200,000	Tucson Electric Power Co		3.050		03/15/25		196,749
	300,000	Union Electric Co		3.500		04/15/24		311,367
	200,000	Union Electric Co		2.950		06/15/27		198,067
	100,000	Union Electric Co		8.450		03/15/39		160,015
	100,000	Union Electric Co		3.900		09/15/42		103,178
	100,000	Union Electric Co		3.650		04/15/45		98,718
	100,000	United Utilities plc		6.875		08/15/28		121,599
	825,000	Virginia Electric & Power Co		3.150		01/15/26		833,372
	200,000	Virginia Electric & Power Co		2.950		11/15/26		198,675
	1,100,000	Virginia Electric & Power Co		4.000		11/15/46		1,130,700
	200,000	Virginia Electric & Power Co		3.800		09/15/47		200,225
	409,000	Virginia Electric and Power Co		2.750		03/15/23		413,604

118

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Virginia Electric and Power Co		3.450	%	02/15/24	$	518,833
	200,000	Virginia Electric and Power Co		3.100		05/15/25		202,203
	350,000	Virginia Electric and Power Co		6.000		05/15/37		453,483
	160,000	Virginia Electric and Power Co		4.000		01/15/43		164,875
	250,000	Virginia Electric and Power Co		4.650		08/15/43		278,819
	400,000	Virginia Electric and Power Co		4.450		02/15/44		438,536
	200,000	Virginia Electric and Power Co		4.200		05/15/45		211,667
	200,000	Washington Gas Light Co		3.796		09/15/46		196,822
	125,000	WEC Energy Group, Inc		1.650		06/15/18		124,984
	200,000	WEC Energy Group, Inc		2.450		06/15/20		201,413
	520,000	WEC Energy Group, Inc		3.550		06/15/25		534,462
	100,000	Westar Energy, Inc		2.550		07/01/26		96,520
	500,000	Westar Energy, Inc		4.125		03/01/42		524,006
	175,000	Westar Energy, Inc		4.100		04/01/43		183,347
	450,000	Western Gas Partners LP		4.000		07/01/22		465,447
	200,000	Western Gas Partners LP		3.950		06/01/25		200,859
	400,000	Western Gas Partners LP		4.650		07/01/26		419,093
	200,000	Western Gas Partners LP		5.450		04/01/44		211,337
	830,000	Williams Partners LP		5.250		03/15/20		890,729
	600,000	Williams Partners LP		4.000		11/15/21		626,299
	750,000	Williams Partners LP		3.600		03/15/22		774,689
	200,000	Williams Partners LP		3.350		08/15/22		202,943
	300,000	Williams Partners LP		4.500		11/15/23		319,207
	300,000	Williams Partners LP		4.300		03/04/24		316,385
	500,000	Williams Partners LP		3.900		01/15/25		510,842
	750,000	Williams Partners LP		4.000		09/15/25		766,854
	500,000	Williams Partners LP		3.750		06/15/27		499,060
	300,000	Williams Partners LP		5.800		11/15/43		338,850
	300,000	Williams Partners LP		5.400		03/04/44		323,351
	1,000,000	Williams Partners LP		4.900		01/15/45		1,014,079
	200,000	Wisconsin Electric Power Co		5.625		05/15/33		242,211
	200,000	Wisconsin Public Service Corp		4.752		11/01/44		229,193
	100,000	Xcel Energy, Inc		4.700		05/15/20		105,652
	300,000	Xcel Energy, Inc		2.400		03/15/21		301,494
	300,000	Xcel Energy, Inc		2.600		03/15/22		301,796
	100,000	Xcel Energy, Inc		3.350		12/01/26		101,255
		TOTAL UTILITIES						180,207,743
		TOTAL CORPORATE BONDS						2,212,584,367
		(Cost $2,152,426,922)
GOVERNMENT BONDS - 71.1%
AGENCY SECURITIES - 2.1%
	9,250,000	Federal Farm Credit Bank (FFCB)		0.750		04/18/18		9,226,662
	1,145,000	FFCB		3.500		12/20/23		1,227,804
	2,745,000	Federal Home Loan Bank (FHLB)		5.000		11/17/17		2,758,242
	2,000,000	FHLB		1.000		12/19/17		1,999,690
	10,000,000	FHLB		1.625		06/14/19		10,015,520
	16,000,000	FHLB		1.875		03/13/20		16,092,560
	14,000,000	FHLB		1.125		07/14/21		13,671,994
	24,500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.875		03/07/18		24,465,700
	4,500,000	FHLMC		1.250		08/01/19		4,478,139
	25,500,000	FHLMC		2.375		01/13/22		25,943,751

119

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,000,000		Federal National Mortgage Association (FNMA)		1.125	%	07/20/18	$	7,985,128
	8,000,000		FNMA		1.625		11/27/18		8,009,864
	2,550,000		FNMA		0.875		08/02/19		2,519,660
	11,000,000	j	FNMA		0.000		10/09/19		10,603,702
	1,500,000		FNMA		1.750		11/26/19		1,505,511
	7,000,000		FNMA		1.500		11/30/20		6,951,623
	2,310,000	i	FNMA		2.301		09/25/22		2,310,560
	8,700,000		FNMA		2.625		09/06/24		8,895,907
	5,000,000		FNMA		6.625		11/15/30		7,071,510
	1,000,000		FNMA		5.625		07/15/37		1,381,407
	815,000		Financing Corp		9.400		02/08/18		838,599
	825,000		Financing Corp		9.800		04/06/18		861,406
	815,000		Financing Corp		10.350		08/03/18		875,672
	1,900,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		1,909,855
	500,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		512,682
	1,300,000		Hashemite Kingdom of Jordan Government AID Bond		3.000		06/30/25		1,364,169
	1,000,000		Iraq Government AID Bond		2.149		01/18/22		1,003,082
	800,000		Israel Government AID Bond		5.500		09/18/23		948,318
	300,000		Israel Government AID Bond		5.500		04/26/24		359,464
	375,000		Private Export Funding Corp (PEFCO)		1.450		08/15/19		373,861
	550,000		PEFCO		2.250		03/15/20		556,986
	200,000		PEFCO		2.300		09/15/20		202,877
	400,000		PEFCO		2.050		11/15/22		399,700
	200,000		PEFCO		3.250		06/15/25		210,084
	175,000		Tunisia Government AID Bonds		1.416		08/05/21		170,585
	250,000		Ukraine Government AID Bonds		1.844		05/16/19		251,456
	500,000		Ukraine Government AID Bonds		1.847		05/29/20		500,357
			TOTAL AGENCY SECURITIES						178,454,087
FOREIGN GOVERNMENT BONDS - 3.9%
	500,000		African Development Bank		0.750		11/03/17		499,691
	900,000		African Development Bank		1.625		10/02/18		900,760
	500,000		African Development Bank		1.000		11/02/18		497,048
	500,000		African Development Bank		1.375		02/12/20		496,115
	1,800,000		African Development Bank		1.875		03/16/20		1,805,867
	500,000		African Development Bank		1.250		07/26/21		486,976
	450,000		African Development Bank		2.375		09/23/21		456,941
	400,000		Agricultural Bank of China		2.000		05/21/18		399,685
	1,400,000		Agricultural Bank of China		2.750		05/21/20		1,405,125
	1,500,000		Asian Development Bank		1.125		06/05/18		1,497,015
	400,000		Asian Development Bank		0.875		10/05/18		397,432
	500,000		Asian Development Bank		1.375		01/15/19		498,737
	1,000,000		Asian Development Bank		1.875		04/12/19		1,004,306
	500,000		Asian Development Bank		1.750		01/10/20		500,685
	500,000		Asian Development Bank		1.500		01/22/20		497,845
	3,000,000		Asian Development Bank		1.375		03/23/20		2,977,227
	1,000,000		Asian Development Bank		1.625		08/26/20		995,485
	500,000		Asian Development Bank		1.625		03/16/21		495,610
	4,000,000		Asian Development Bank		1.750		06/08/21		3,977,840
	1,000,000		Asian Development Bank		2.125		11/24/21		999,824
	600,000		Asian Development Bank		1.875		02/18/22		596,055
	500,000		Asian Development Bank		1.875		08/10/22		495,326

120

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Asian Development Bank		1.750	%	09/13/22	$	738,742
	500,000	Asian Development Bank		2.000		01/22/25		488,854
	1,500,000	Asian Development Bank		2.000		04/24/26		1,448,302
	1,000,000	Asian Development Bank		2.625		01/12/27		1,013,548
	500,000	Asian Development Bank		2.375		08/10/27		495,785
	75,000	Asian Development Bank		5.820		06/16/28		93,955
	1,000,000	Canada Government International Bond		1.625		02/27/19		1,001,645
	300,000	Chile Government International Bond		2.250		10/30/22		299,100
	1,209,000	Chile Government International Bond		3.125		01/21/26		1,239,225
	48,000	Chile Government International Bond		3.625		10/30/42		47,521
	756,000	Chile Government International Bond		3.860		06/21/47		771,120
	450,000	Colombia Government International Bond		7.375		03/18/19		485,604
	900,000	Colombia Government International Bond		4.375		07/12/21		960,300
	600,000	Colombia Government International Bond		2.625		03/15/23		588,750
	1,250,000	Colombia Government International Bond		4.000		02/26/24		1,302,500
	1,000,000	Colombia Government International Bond		3.875		04/25/27		1,016,000
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,470,000
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,285,700
	2,800,000	Colombia Government International Bond		5.000		06/15/45		2,880,500
	500,000	Corp Andina de Fomento		2.000		05/10/19		499,623
	500,000	Corp Andina de Fomento		2.200		07/18/20		500,945
	500,000	Corp Andina de Fomento		2.125		09/27/21		496,800
	527,000	Corp Andina de Fomento		4.375		06/15/22		569,455
	500,000	Council of Europe Development Bank		1.125		05/31/18		498,719
	300,000	Council of Europe Development Bank		1.875		01/27/20		301,088
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		989,557
	500,000	Council Of Europe Development Bank		1.500		05/17/19		499,123
	500,000	European Bank for Reconstruction & Development		1.750		06/14/19		499,381
	3,600,000	European Bank for Reconstruction & Development		1.750		11/26/19		3,600,853
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,292,229
	750,000	European Bank for Reconstruction & Development		1.500		11/02/21		732,556
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		496,282
	5,000,000	European Investment Bank		1.000		06/15/18		4,983,399
	2,000,000	European Investment Bank		1.125		08/15/18		1,994,459
	1,000,000	European Investment Bank		1.875		03/15/19		1,003,892
	5,000,000	European Investment Bank		1.250		05/15/19		4,971,035
	1,500,000	European Investment Bank		1.375		06/15/20		1,484,483
	1,000,000	European Investment Bank		1.625		08/14/20		995,309
	1,000,000	European Investment Bank		2.875		09/15/20		1,029,904
	500,000	European Investment Bank		1.625		12/15/20		496,572
	1,750,000	European Investment Bank		2.000		03/15/21		1,756,122
	500,000	European Investment Bank		2.500		04/15/21		509,769
	1,000,000	European Investment Bank		1.625		06/15/21		989,253
	2,500,000	European Investment Bank		2.125		10/15/21		2,512,624
	1,000,000	European Investment Bank		2.375		06/15/22		1,013,647
	500,000	European Investment Bank		2.250		08/15/22		503,392
	6,750,000	European Investment Bank		3.250		01/29/24		7,127,649
	1,500,000	European Investment Bank		2.500		10/15/24		1,520,681
	400,000	European Investment Bank		2.375		05/24/27		396,277
	1,705,000	European Investment Bank		4.875		02/15/36		2,200,279
	1,300,000	Export Development Canada		0.750		12/15/17		1,298,508
	500,000	Export Development Canada		1.000		06/15/18		498,355
	125,000	Export Development Canada		1.250		12/10/18		124,328

121

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Export Development Canada		1.250	%	02/04/19	$	497,817
	500,000	Export Development Canada		1.750		08/19/19		500,967
	500,000	Export Development Canada		1.625		01/17/20		499,217
	200,000	Export Development Canada		1.625		06/01/20		199,346
	500,000	Export Development Canada		1.750		07/21/20		500,088
	300,000	Export Development Canada		1.500		05/26/21		295,548
	500,000	Export Development Canada		1.375		10/21/21		487,839
	500,000	Export Development Canada		2.000		05/17/22		498,181
	200,000	Export-Import Bank of Korea		1.750		02/27/18		199,775
	400,000	Export-Import Bank of Korea		2.875		09/17/18		402,644
	500,000	Export-Import Bank of Korea		1.750		05/26/19		495,728
	300,000	Export-Import Bank of Korea		1.500		10/21/19		295,129
	775,000	Export-Import Bank of Korea		5.125		06/29/20		827,287
	200,000	Export-Import Bank of Korea		2.125		02/11/21		196,154
	250,000	Export-Import Bank of Korea		2.500		05/10/21		247,727
	300,000	Export-Import Bank of Korea		1.875		10/21/21		289,456
	300,000	Export-Import Bank of Korea		5.000		04/11/22		327,278
	500,000	Export-Import Bank of Korea		4.000		01/14/24		526,572
	750,000	Export-Import Bank of Korea		2.875		01/21/25		732,897
	250,000	Export-Import Bank of Korea		3.250		11/10/25		250,056
	500,000	Export-Import Bank of Korea		2.625		05/26/26		476,406
	500,000	Export-Import Bank of Korea		3.250		08/12/26		499,397
	300,000	Export-Import Bank of Korea		2.375		04/21/27		277,882
	100,000	Finland Government International Bond		6.950		02/15/26		127,189
	2,750,000	FMS Wertmanagement AoeR		1.000		11/21/17		2,748,570
	1,000,000	FMS Wertmanagement AoeR		1.250		07/30/18		997,612
	450,000	FMS Wertmanagement AoeR		1.000		08/16/19		444,409
	750,000	FMS Wertmanagement AoeR		1.750		01/24/20		750,549
	500,000	FMS Wertmanagement AoeR		1.375		06/08/21		489,990
	1,000,000	FMS Wertmanagement AoeR		2.000		08/01/22		995,246
	2,250,000	Hungary Government International Bond		4.000		03/25/19		2,318,632
	2,500,000	Hungary Government International Bond		5.375		02/21/23		2,820,320
	750,000	Hungary Government International Bond		7.625		03/29/41		1,161,349
	270,000	Hydro Quebec		9.400		02/01/21		326,331
	200,000	Hydro Quebec		8.500		12/01/29		291,464
	3,000,000	Inter-American Development Bank		1.750		08/24/18		3,008,868
	2,000,000	Inter-American Development Bank		1.125		08/28/18		1,994,722
	750,000	Inter-American Development Bank		1.500		09/25/18		750,305
	500,000	Inter-American Development Bank		1.000		05/13/19		494,729
	1,105,000	Inter-American Development Bank		3.875		09/17/19		1,151,824
	3,000,000	Inter-American Development Bank		1.750		10/15/19		3,005,175
	3,350,000	Inter-American Development Bank		1.375		07/15/20		3,309,706
	500,000	Inter-American Development Bank		2.125		01/18/22		502,279
	500,000	Inter-American Development Bank		2.125		01/15/25		493,010
	1,500,000	Inter-American Development Bank		2.000		06/02/26		1,447,092
	1,000,000	Inter-American Development Bank		2.375		07/07/27		989,443
	1,450,000	Inter-American Development Bank		3.200		08/07/42		1,438,557
	300,000	Inter-American Development Bank		4.375		01/24/44		359,338
	1,000,000	International Bank for Reconstruction & Development		1.000		10/05/18		996,168
	1,500,000	International Bank for Reconstruction & Development		1.875		03/15/19		1,507,222
	5,750,000	International Bank for Reconstruction & Development		1.250		07/26/19		5,712,228
	3,500,000	International Bank for Reconstruction & Development		1.875		10/07/19		3,514,749

122

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	International Bank for Reconstruction & Development		1.875	%	04/21/20	$	2,007,138
	1,000,000	International Bank for Reconstruction & Development		1.125		08/10/20		982,606
	1,800,000	International Bank for Reconstruction & Development		1.625		09/04/20		1,792,546
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,721,196
	5,000,000	International Bank for Reconstruction & Development		1.375		05/24/21		4,908,820
	1,500,000	International Bank for Reconstruction & Development		2.000		01/26/22		1,498,207
	400,000	International Bank for Reconstruction & Development		7.625		01/19/23		507,429
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		495,530
	1,600,000	International Bank for Reconstruction & Development		2.500		11/25/24		1,610,224
	1,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		1,500,399
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		1,044,345
	2,000,000	International Finance Corp		1.750		09/04/18		2,004,130
	175,000	International Finance Corp		1.250		11/27/18		174,411
	1,000,000	International Finance Corp		1.750		09/16/19		1,002,234
	1,000,000	International Finance Corp		1.750		03/30/20		1,000,871
	2,750,000	International Finance Corp		1.625		07/16/20		2,741,123
	400,000	Israel Government International Bond		5.125		03/26/19		419,485
	705,000	Israel Government International Bond		4.000		06/30/22		756,873
	300,000	Israel Government International Bond		3.150		06/30/23		310,561
	1,000,000	Israel Government International Bond		2.875		03/16/26		1,008,228
	500,000	Israel Government International Bond		4.500		01/30/43		542,328
	1,374,000	Italian Republic		5.375		06/15/33		1,579,132
	500,000	Italy Government International Bond		6.875		09/27/23		590,308
	1,050,000	Japan Bank for International Cooperation		1.750		07/31/18		1,049,687
	1,000,000	Japan Bank for International Cooperation		2.250		02/24/20		1,004,635
	300,000	Japan Bank for International Cooperation		2.125		06/01/20		300,182
	1,350,000	Japan Bank for International Cooperation		2.125		07/21/20		1,353,462
	250,000	Japan Bank for International Cooperation		1.875		04/20/21		247,077
	750,000	Japan Bank for International Cooperation		1.500		07/21/21		730,103
	500,000	Japan Bank for International Cooperation		2.500		06/01/22		504,617
	1,250,000	Japan Bank for International Cooperation		2.375		07/21/22		1,254,601
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,101,132
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		483,308
	750,000	Japan Bank for International Cooperation		2.750		01/21/26		753,673
	400,000	Japan Bank for International Cooperation		2.375		04/20/26		389,130
	1,500,000	Japan Bank for International Cooperation		1.875		07/21/26		1,398,651
	1,000,000	Japan Bank for International Cooperation		2.875		06/01/27		1,008,681
	750,000	Japan Bank for International Cooperation		2.875		07/21/27		756,647
	350,000	Japan International Cooperation Agency		2.125		10/20/26		331,872
	1,000,000	KFW		0.875		12/15/17		999,099
	2,000,000	KFW		1.000		06/11/18		1,993,734
	1,105,000	KFW		4.500		07/16/18		1,130,660
	2,000,000	KFW		1.125		08/06/18		1,994,120
	300,000	KFW		1.500		02/06/19		299,635
	2,000,000	KFW		1.000		07/15/19		1,977,697
	500,000	KFW		1.750		10/15/19		500,838
	7,525,000	KFW		4.000		01/27/20		7,912,312
	3,650,000	KFW		1.750		03/31/20		3,651,784
	6,750,000	KFW		1.875		06/30/20		6,769,103
	1,000,000	KFW		2.750		10/01/20		1,027,546
	1,500,000	KFW		1.875		11/30/20		1,501,281
	1,500,000	KFW		1.500		06/15/21		1,478,168
	1,600,000	KFW		2.625		01/25/22		1,639,171

123

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,750,000	KFW		2.000	%	10/04/22	$	2,735,303
	2,000,000	KFW		2.500		11/20/24		2,019,599
	7,000,000	KFW		2.000		05/02/25		6,821,582
	300,000	Korea Development Bank		1.500		01/22/18		299,513
	400,000	Korea Development Bank		3.000		03/17/19		404,085
	500,000	Korea Development Bank		2.500		03/11/20		499,232
	300,000	Korea Development Bank		2.500		01/13/21		298,194
	500,000	Korea Development Bank		2.625		02/27/22		496,159
	200,000	Korea Development Bank		3.000		09/14/22		201,549
	500,000	Korea Development Bank		2.750		03/19/23		496,325
	500,000	Korea Development Bank		3.750		01/22/24		518,963
	200,000	Korea Development Bank		3.375		09/16/25		202,404
	400,000	Korea Development Bank		3.000		01/13/26		392,799
	500,000	Korea International Bond		2.750		01/19/27		484,840
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		1,501,184
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		03/07/22		1,003,473
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		06/15/22		1,002,044
	500,000	Landwirtschaftliche Rentenbank		1.750		04/15/19		501,164
	2,000,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		1,988,494
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		487,459
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		748,616
	1,000,000	Landwirtschaftliche Rentenbank		1.750		07/27/26		940,876
	1,000,000	Mexico Government International Bond		3.500		01/21/21		1,047,000
	1,500,000	Mexico Government International Bond		4.125		01/21/26		1,580,250
	8,910,000	Mexico Government International Bond		4.150		03/28/27		9,364,856
	461,000	Mexico Government International Bond		6.750		09/27/34		604,371
	730,000	Mexico Government International Bond		6.050		01/11/40		876,000
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,518,957
	1,678,000	Mexico Government International Bond		5.550		01/21/45		1,928,861
	505,000	Mexico Government International Bond		4.600		01/23/46		510,050
	500,000	Mexico Government International Bond		4.350		01/15/47		486,250
	950,000	Mexico Government International Bond		5.750		10/12/10		1,018,400
	2,500,000	Nordic Investment Bank		2.250		09/30/21		2,525,878
	2,300,000	North American Development Bank		2.400		10/26/22		2,291,952
	250,000	Panama Government International Bond		4.000		09/22/24		266,875
	1,000,000	Panama Government International Bond		3.750		03/16/25		1,045,000
	300,000	Panama Government International Bond		7.125		01/29/26		387,450
	1,000,000	Panama Government International Bond		3.875		03/17/28		1,047,500
	692,000	Panama Government International Bond		6.700		01/26/36		915,170
	750,000	Panama Government International Bond		4.500		05/15/47		791,250
	700,000	Panama Government International Bond		4.300		04/29/53		716,450
	520,000	Peruvian Government International Bond		7.125		03/30/19		563,160
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,214,525
	1,100,000	Peruvian Government International Bond		4.125		08/25/27		1,210,000
	1,100,000	Peruvian Government International Bond		6.550		03/14/37		1,479,500
	700,000	Peruvian Government International Bond		5.625		11/18/50		883,750
	225,000	Philippine Government International Bond		4.200		01/21/24		246,690
	4,083,000	Philippine Government International Bond		3.950		01/20/40		4,237,542
	300,000	Philippine Government International Bond		3.700		03/01/41		300,136
	3,793,000	Philippine Government International Bond		3.700		02/02/42		3,797,184
	2,285,000	Poland Government International Bond		6.375		07/15/19		2,467,683
	67,000	Poland Government International Bond		5.125		04/21/21		73,439

124

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	390,000	Poland Government International Bond		5.000	%	03/23/22	$	430,906
	990,000	Poland Government International Bond		3.000		03/17/23		1,012,755
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,075,669
	1,000,000	Poland Government International Bond		3.250		04/06/26		1,025,285
	500,000	Province of Alberta Canada		1.900		12/06/19		499,883
	1,000,000	Province of Alberta Canada		2.200		07/26/22		994,863
	200,000	Province of British Columbia Canada		2.650		09/22/21		204,533
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,780,402
	500,000	Province of Manitoba Canada		1.125		06/01/18		498,724
	500,000	Province of Manitoba Canada		1.750		05/30/19		500,002
	500,000	Province of Manitoba Canada		2.050		11/30/20		500,584
	300,000	Province of Manitoba Canada		3.050		05/14/24		309,230
	500,000	Province of Manitoba Canada		2.125		06/22/26		474,362
	200,000	Province of New Brunswick Canada		2.750		06/15/18		201,641
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		248,313
	1,000,000	Province of Ontario Canada		2.000		01/30/19		1,003,763
	300,000	Province of Ontario Canada		1.250		06/17/19		297,392
	1,000,000	Province of Ontario Canada		1.650		09/27/19		996,557
	4,530,000	Province of Ontario Canada		4.400		04/14/20		4,805,062
	1,000,000	Province of Ontario Canada		2.400		02/08/22		1,007,966
	800,000	Province of Ontario Canada		2.450		06/29/22		806,654
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,560,541
	1,000,000	Province of Ontario Canada		2.500		04/27/26		983,885
	1,420,000	Province of Quebec Canada		3.500		07/29/20		1,480,400
	1,100,000	Province of Quebec Canada		2.625		02/13/23		1,115,423
	200,000	Province of Quebec Canada		7.125		02/09/24		249,903
	500,000	Province of Quebec Canada		2.875		10/16/24		513,358
	2,500,000	Province of Quebec Canada		2.500		04/20/26		2,475,275
	500,000	Province of Quebec Canada		2.750		04/12/27		499,167
	201,000	Province of Quebec Canada		7.500		09/15/29		286,436
	100,000	Province of Saskatchewan Canada		8.500		07/15/22		126,286
	700,000	Republic of Korea		7.125		04/16/19		752,780
	500,000	Republic of Korea		3.875		09/11/23		530,805
	400,000	Republic of Korea		4.125		06/10/44		460,065
	200,000	Republic of the Philippines		6.500		01/20/20		220,545
	425,000	Svensk Exportkredit AB		1.125		04/05/18		424,210
	500,000	Svensk Exportkredit AB		1.250		04/12/19		496,711
	500,000	Svensk Exportkredit AB		1.875		06/17/19		501,430
	500,000	Svensk Exportkredit AB		1.750		05/18/20		498,458
	200,000	Svensk Exportkredit AB		1.875		06/23/20		200,261
	2,300,000	Svensk Exportkredit AB		1.750		08/28/20		2,290,332
	500,000	Svensk Exportkredit AB		1.750		03/10/21		496,415
	500,000	Svensk Exportkredit AB		2.375		03/09/22		504,827
	200,343	Uruguay Government International Bond		4.500		08/14/24		219,376
	1,700,000	Uruguay Government International Bond		4.375		10/27/27		1,830,050
	500,000	Uruguay Government International Bond		4.125		11/20/45		484,250
	1,313,907	Uruguay Government International Bond		5.100		06/18/50		1,385,515
		TOTAL FOREIGN GOVERNMENT BONDS						328,007,727
MORTGAGE BACKED - 28.1%
	28,608	Federal Home Loan Mortgage Corp (FHLMC)		3.041		04/01/35		30,126
	5,365	FHLMC		2.749		10/01/35		5,657
	92,275	FHLMC		2.923		02/01/36		97,516

125

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	32,182	i	FHLMC	LIBOR 12 M + 1.800%		3.577	%	07/01/36	$	33,856
	68,183		FHLMC			2.884		09/01/36		71,943
	85,969	i	FHLMC	LIBOR 6 M + 1.819%		3.304		09/01/36		89,927
	91,994	i	FHLMC	LIBOR 6 M + 1.847%		3.240		09/01/36		96,072
	18,877	i	FHLMC			2.941		01/01/37		19,878
	4,804		FHLMC			2.936		02/01/37		5,062
	6,634	i	FHLMC	LIBOR 12 M + 1.765%		3.447		02/01/37		6,939
	200,820		FHLMC			3.497		03/01/37		211,613
	113,196		FHLMC			2.987		04/01/37		119,806
	119,959	i	FHLMC	LIBOR 12 M + 1.677%		3.392		04/01/37		125,821
	15,145	i	FHLMC	LIBOR 12 M + 1.325%		3.075		05/01/37		15,441
	24,765	i	FHLMC	LIBOR 12 M + 2.111%		3.815		05/01/37		26,306
	115,222		FHLMC			3.222		06/01/37		121,733
	20,870	i	FHLMC	LIBOR 12 M + 1.750%		3.571		06/01/37		21,933
	126,001	i	FHLMC			3.036		08/01/37		129,638
	99,988	i	FHLMC			2.530		09/01/37		101,511
	140,293	i	FHLMC			2.735		09/01/37		143,783
	265	i	FHLMC			3.745		09/01/37		268
	10,405	i	FHLMC	LIBOR 12 M + 2.058%		3.808		02/01/38		11,075
	45,887	i	FHLMC	LIBOR 12 M + 1.756%		3.506		04/01/38		47,665
	109,307	i	FHLMC	LIBOR 12 M + 2.055%		3.805		04/01/38		115,983
	27,573	i	FHLMC	LIBOR 12 M + 2.004%		3.790		06/01/38		29,155
	11,219	i	FHLMC	LIBOR 12 M + 1.625%		3.375		07/01/38		11,709
	35,386		FHLMC			5.000		10/01/39		38,814
	15,691	i	FHLMC	LIBOR 12 M + 1.861%		3.668		06/01/40		16,530
	87,963	i	FHLMC	LIBOR 12 M + 1.880%		3.630		07/01/40		91,828
	131,407		FHLMC			2.942		01/01/41		137,503
	17,381	i	FHLMC	LIBOR 12 M + 1.880%		3.714		05/01/41		18,210
	356,542	i	FHLMC			3.449		08/01/41		374,399
	230,311	i	FHLMC			3.311		09/01/41		240,293
	52,058		FHLMC			3.109		10/01/41		54,527
	309		Federal Home Loan Mortgage Corp Gold (FGLMC)			5.000		12/01/17		317
	130		FGLMC			5.500		12/01/17		130
	977		FGLMC			5.000		03/01/18		1,001
	3,750		FGLMC			5.000		04/01/18		3,845
	3,587		FGLMC			4.500		06/01/18		3,667
	16,874		FGLMC			4.500		09/01/18		17,253
	13,149		FGLMC			4.000		11/01/18		13,582
	31,638		FGLMC			4.500		01/01/19		32,347
	3,439		FGLMC			4.000		05/01/19		3,553
	24,698		FGLMC			4.500		05/01/19		25,252
	56,197		FGLMC			4.500		06/01/19		57,457
	28,879		FGLMC			4.000		10/01/19		29,830
	9,607		FGLMC			5.500		11/01/19		9,871
	118,286		FGLMC			4.500		12/01/19		120,938
	13,155		FGLMC			4.500		01/01/20		13,515
	119,166		FGLMC			4.500		02/01/20		121,838
	6,243		FGLMC			4.500		02/01/20		6,420
	24,466		FGLMC			5.000		05/01/20		25,084
	65,733		FGLMC			5.000		05/01/20		67,391
	5,891		FGLMC			4.500		07/01/20		6,023
	48,997		FGLMC			5.000		07/01/20		50,265

126

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,566	FGLMC		7.000	%	10/01/20	$	1,620
	5,794	FGLMC		5.000		12/01/20		5,948
	203,198	FGLMC		4.000		05/01/21		209,893
	80,030	FGLMC		4.500		06/01/21		82,446
	138,747	FGLMC		4.500		06/01/21		142,109
	71,451	FGLMC		5.000		07/01/21		73,970
	11,228	FGLMC		5.500		07/01/21		11,729
	1,451,456	FGLMC		3.000		12/01/21		1,492,403
	8,409	FGLMC		5.000		10/01/22		8,905
	6,579	FGLMC		6.000		11/01/22		6,974
	62,945	FGLMC		5.000		04/01/23		67,289
	4,126	FGLMC		4.500		05/01/23		4,370
	56,244	FGLMC		5.000		05/01/23		61,064
	14,555	FGLMC		5.000		10/01/23		15,554
	9,190	FGLMC		5.500		10/01/23		10,118
	12,818	FGLMC		5.000		11/01/23		13,917
	25,921	FGLMC		5.000		03/01/24		28,143
	6,062	FGLMC		4.500		04/01/24		6,440
	2,681	FGLMC		4.500		05/01/24		2,848
	19,404	FGLMC		4.500		06/01/24		20,584
	174,231	FGLMC		4.000		07/01/24		182,426
	77,570	FGLMC		4.000		07/01/24		81,190
	27,413	FGLMC		5.500		07/01/24		29,113
	172,070	FGLMC		4.000		08/01/24		180,084
	26,469	FGLMC		4.500		09/01/24		28,128
	12,450	FGLMC		4.500		09/01/24		13,223
	6,695	FGLMC		4.500		09/01/24		7,103
	7,401	FGLMC		5.500		09/01/24		8,148
	210,356	FGLMC		4.000		10/01/24		220,261
	6,535	FGLMC		4.500		10/01/24		6,933
	27,391	FGLMC		4.500		10/01/24		29,345
	4,860	FGLMC		4.500		11/01/24		5,168
	19,816	FGLMC		4.500		12/01/24		21,082
	15,176	FGLMC		4.500		02/01/25		16,145
	288,917	FGLMC		4.000		03/01/25		302,556
	8,222	FGLMC		4.500		06/01/25		8,741
	13,728	FGLMC		4.500		07/01/25		14,586
	294,300	FGLMC		3.500		10/01/25		307,571
	162,248	FGLMC		4.000		10/01/25		169,852
	559,638	FGLMC		3.500		11/01/25		584,875
	346,921	FGLMC		3.500		11/01/25		362,565
	159,148	FGLMC		3.500		12/01/25		166,325
	86,005	FGLMC		3.000		01/01/26		88,432
	1,170,100	FGLMC		3.500		01/01/26		1,222,866
	95,988	FGLMC		4.000		04/01/26		100,522
	198,951	FGLMC		4.000		05/01/26		208,372
	47,382	FGLMC		5.500		07/01/26		52,167
	637,954	FGLMC		4.000		08/01/26		668,025
	4,410	FGLMC		6.000		08/01/26		4,961
	197,987	FGLMC		3.000		09/01/26		203,572
	534,950	FGLMC		3.000		10/01/26		550,042
	711,936	FGLMC		3.500		10/01/26		744,042
	21,652	FGLMC		5.000		10/01/26		23,508

127

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	5,697	FGLMC		5.500	%	10/01/26	$	6,272
	3,087,137	FGLMC		3.000		02/01/27		3,174,230
	1,825,932	FGLMC		2.500		05/01/27		1,851,549
	1,887,738	FGLMC		2.500		11/01/27		1,913,743
	78,761	FGLMC		6.000		12/01/27		88,600
	1,541,052	FGLMC		2.500		01/01/28		1,561,972
	3,919,546	FGLMC		2.500		03/01/28		3,972,556
	98,375	FGLMC		5.000		03/01/28		106,809
	2,123,651	FGLMC		2.500		05/01/28		2,152,334
	10,277	FGLMC		5.500		05/01/28		11,315
	5,886,257	FGLMC		2.500		07/01/28		5,965,776
	5,284,461	FGLMC		2.500		07/01/28		5,355,828
	1,424,193	FGLMC		3.000		10/01/28		1,464,372
	82	FGLMC		6.500		10/01/28		90
	75,775	FGLMC		5.500		01/01/29		83,433
	2,719	FGLMC		6.500		01/01/29		3,013
	12,911	FGLMC		4.000		02/01/29		13,657
	2,837,858	FGLMC		3.500		03/01/29		2,969,555
	757	FGLMC		6.500		03/01/29		847
	5,469,570	FGLMC		3.000		07/01/29		5,623,874
	12,523	FGLMC		6.500		07/01/29		13,880
	21,671	FGLMC		5.000		12/01/29		23,587
	14,158,254	FGLMC		2.500		05/01/30		14,266,449
	33,566	FGLMC		4.000		08/01/30		35,577
	217,221	FGLMC		4.500		01/01/31		233,605
	516	FGLMC		8.000		01/01/31		580
	243,945	FGLMC		4.000		03/01/31		259,400
	29,907	FGLMC		4.000		05/01/31		31,805
	217,227	FGLMC		4.500		05/01/31		233,584
	103,385	FGLMC		4.000		06/01/31		109,946
	282,914	FGLMC		4.000		08/01/31		300,831
	285,443	FGLMC		4.000		09/01/31		303,561
	4,311	FGLMC		6.500		09/01/31		4,995
	14,375	FGLMC		8.000		09/01/31		16,307
	140,745	FGLMC		3.500		11/01/31		147,066
	18,813,098	FGLMC		2.500		12/01/31		18,956,865
	60,705	FGLMC		7.000		12/01/31		67,969
	18,898	FGLMC		6.500		01/01/32		21,330
	44,784	FGLMC		6.000		02/01/32		51,079
	2,240,827	FGLMC		3.000		03/01/32		2,286,999
	19,817	FGLMC		7.000		04/01/32		22,943
	17,141	FGLMC		6.500		05/01/32		19,160
	1,604,479	FGLMC		3.500		09/01/32		1,676,806
	12,808	FGLMC		5.500		11/01/32		14,315
	16,492	FGLMC		6.000		02/01/33		18,817
	64,098	FGLMC		5.000		03/01/33		70,304
	28,242	FGLMC		6.000		03/01/33		31,769
	5,863	FGLMC		6.000		03/01/33		6,595
	33,354	FGLMC		6.000		03/01/33		37,520
	41,775	FGLMC		5.000		04/01/33		45,628
	7,323	FGLMC		6.000		04/01/33		8,353
	436,274	FGLMC		5.000		06/01/33		478,588

128

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	139,644	FGLMC		5.500	%	06/01/33	$	156,303
	2,892,306	FGLMC		3.500		07/01/33		3,022,644
	58,887	FGLMC		4.500		07/01/33		63,532
	5,088	FGLMC		5.000		08/01/33		5,564
	19,936	FGLMC		6.500		08/01/33		22,910
	189,633	FGLMC		5.000		09/01/33		210,562
	82,769	FGLMC		5.500		09/01/33		93,276
	98,735	FGLMC		5.500		09/01/33		112,366
	25,649	FGLMC		5.500		09/01/33		28,625
	78,372	FGLMC		5.500		09/01/33		88,078
	36,604	FGLMC		4.000		10/01/33		38,671
	9,480	FGLMC		5.000		10/01/33		10,345
	128,165	FGLMC		5.500		10/01/33		144,476
	104,625	FGLMC		5.500		12/01/33		117,011
	33,043	FGLMC		5.500		12/01/33		36,935
	401,249	FGLMC		7.000		12/01/33		464,230
	313,349	FGLMC		5.000		01/01/34		343,894
	7,185	FGLMC		5.500		02/01/34		8,048
	40,615	FGLMC		5.000		03/01/34		44,400
	43,122	FGLMC		5.500		03/01/34		48,278
	107,859	FGLMC		5.000		05/01/34		117,713
	48,212	FGLMC		4.500		06/01/34		51,885
	79,825	FGLMC		5.000		06/01/34		87,279
	29,651	FGLMC		5.500		06/01/34		33,075
	19,206	FGLMC		6.000		06/01/34		21,914
	68,507	FGLMC		6.000		09/01/34		77,727
	5,962,747	FGLMC		3.500		10/01/34		6,219,838
	9,670	FGLMC		5.000		11/01/34		10,609
	380,757	FGLMC		5.500		11/01/34		425,956
	301,613	FGLMC		5.000		12/01/34		329,683
	59,170	FGLMC		5.500		12/01/34		66,251
	24,872	FGLMC		5.500		12/01/34		27,662
	5,365	FGLMC		5.500		01/01/35		6,010
	2,782	FGLMC		5.500		01/01/35		3,115
	32,717	FGLMC		5.500		01/01/35		36,617
	132,196	FGLMC		4.500		04/01/35		142,264
	18,148	FGLMC		6.000		05/01/35		20,613
	163,292	FGLMC		6.000		05/01/35		186,484
	125,822	FGLMC		7.000		05/01/35		143,989
	27,053	FGLMC		5.500		06/01/35		30,289
	17,644	FGLMC		5.500		06/01/35		19,770
	6,664	FGLMC		5.000		07/01/35		7,268
	498,543	FGLMC		5.000		07/01/35		546,864
	36,669	FGLMC		6.000		07/01/35		41,250
	678,243	FGLMC		5.000		08/01/35		743,946
	15,807	FGLMC		5.500		08/01/35		17,403
	92,263	FGLMC		6.000		08/01/35		103,787
	9,664	FGLMC		4.500		09/01/35		10,399
	100,871	FGLMC		5.000		10/01/35		111,304
	61,304	FGLMC		5.000		10/01/35		67,027
	21,433	FGLMC		5.000		10/01/35		23,407
	343,929	FGLMC		5.500		10/01/35		380,215
	67,552	FGLMC		5.000		12/01/35		73,669

129

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	10,564	FGLMC		5.000	%	12/01/35	$	11,582
	37,643	FGLMC		6.000		01/01/36		42,448
	21,676	FGLMC		5.000		02/01/36		23,777
	8,703	FGLMC		5.000		02/01/36		9,544
	10,690	FGLMC		6.000		02/01/36		12,143
	133,859	FGLMC		5.500		04/01/36		149,895
	20,101	FGLMC		5.500		05/01/36		22,500
	633	FGLMC		6.500		05/01/36		702
	400,686	FGLMC		6.000		06/01/36		454,588
	95,020	FGLMC		5.000		07/01/36		104,180
	127,304	FGLMC		6.000		07/01/36		144,634
	16,328	FGLMC		6.000		08/01/36		18,532
	7,301	FGLMC		6.000		09/01/36		8,213
	429,915	FGLMC		5.500		10/01/36		479,735
	258,860	FGLMC		5.500		10/01/36		287,744
	55,609	FGLMC		6.500		10/01/36		61,637
	17,393	FGLMC		5.500		11/01/36		19,372
	40,798	FGLMC		6.000		11/01/36		46,267
	198,601	FGLMC		6.000		12/01/36		225,301
	325,707	FGLMC		5.500		03/01/37		363,211
	140,394	FGLMC		6.000		03/01/37		159,327
	14,510	FGLMC		6.500		03/01/37		16,176
	125,419	FGLMC		5.500		04/01/37		139,700
	15,852	FGLMC		5.000		05/01/37		17,374
	18,669	FGLMC		5.000		06/01/37		20,416
	57,858	FGLMC		5.500		06/01/37		64,399
	19,651,445	FGLMC		3.000		07/01/37		20,014,694
	232,442	FGLMC		6.000		07/01/37		263,703
	86,339	FGLMC		6.000		08/01/37		98,554
	37,331	FGLMC		6.000		09/01/37		42,239
	327,039	FGLMC		5.500		10/01/37		360,993
	12,626	FGLMC		6.000		11/01/37		14,274
	94,448	FGLMC		6.500		11/01/37		104,685
	43,943	FGLMC		6.000		01/01/38		49,773
	18,314	FGLMC		6.000		02/01/38		20,620
	149,379	FGLMC		6.000		02/01/38		169,316
	219,175	FGLMC		5.000		03/01/38		240,500
	616,648	FGLMC		5.000		03/01/38		676,148
	24,869	FGLMC		5.000		04/01/38		27,560
	257,594	FGLMC		5.000		04/01/38		284,358
	318,649	FGLMC		5.500		04/01/38		356,326
	65,329	FGLMC		5.500		05/01/38		72,699
	7,552	FGLMC		5.500		06/01/38		8,403
	21,339	FGLMC		6.000		07/01/38		24,121
	36,346	FGLMC		5.500		08/01/38		40,729
	248,981	FGLMC		5.500		08/01/38		277,294
	30,958	FGLMC		5.000		09/01/38		33,937
	408,351	FGLMC		5.500		09/01/38		454,806
	133,134	FGLMC		5.500		09/01/38		148,433
	7,596	FGLMC		5.500		10/01/38		8,448
	157,978	FGLMC		6.000		11/01/38		178,041
	1,140,178	FGLMC		5.500		01/01/39		1,270,614

130

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	910,970	FGLMC		4.500	%	02/01/39	$	979,408
	437,085	FGLMC		5.000		02/01/39		479,138
	30,277	FGLMC		5.500		02/01/39		33,615
	3,654	FGLMC		4.500		03/01/39		3,924
	171,604	FGLMC		5.000		03/01/39		189,521
	23,719	FGLMC		6.000		03/01/39		26,756
	30,249	FGLMC		4.500		04/01/39		32,803
	1,145,994	FGLMC		4.500		04/01/39		1,253,204
	306,010	FGLMC		4.000		05/01/39		322,846
	8,453	FGLMC		4.500		05/01/39		9,091
	177,223	FGLMC		4.500		05/01/39		190,563
	3,864,181	FGLMC		4.500		05/01/39		4,179,760
	441,786	FGLMC		4.500		05/01/39		474,383
	169,855	FGLMC		5.000		05/01/39		186,167
	381,244	FGLMC		4.000		06/01/39		402,148
	1,979,709	FGLMC		4.500		06/01/39		2,129,125
	63,430	FGLMC		4.500		06/01/39		68,208
	23,992	FGLMC		5.000		06/01/39		26,506
	11,823	FGLMC		5.500		06/01/39		13,145
	599,111	FGLMC		4.000		07/01/39		632,224
	256,148	FGLMC		4.500		07/01/39		275,523
	46,294	FGLMC		4.500		07/01/39		49,788
	21,331	FGLMC		4.500		07/01/39		22,945
	156,062	FGLMC		5.000		07/01/39		171,265
	225,183	FGLMC		5.500		07/01/39		250,941
	22,066	FGLMC		4.500		08/01/39		23,785
	51,418	FGLMC		5.000		08/01/39		56,404
	209,635	FGLMC		4.000		09/01/39		220,733
	1,159,857	FGLMC		5.000		09/01/39		1,271,591
	434,920	FGLMC		5.000		09/01/39		480,938
	6,711	FGLMC		5.500		09/01/39		7,434
	464,760	FGLMC		6.500		09/01/39		518,404
	93,003	FGLMC		4.500		10/01/39		101,369
	69,862	FGLMC		4.500		10/01/39		75,751
	171,772	FGLMC		4.500		10/01/39		184,743
	30,829	FGLMC		4.000		11/01/39		32,582
	117,533	FGLMC		4.500		11/01/39		126,454
	42,746	FGLMC		5.000		11/01/39		46,901
	10,941	FGLMC		5.000		11/01/39		11,880
	120,328	FGLMC		4.500		12/01/39		130,708
	220,029	FGLMC		4.500		12/01/39		236,607
	103,911	FGLMC		4.500		12/01/39		111,784
	373,054	FGLMC		4.500		12/01/39		405,311
	171,180	FGLMC		5.500		12/01/39		190,678
	222,185	FGLMC		4.500		01/01/40		239,046
	21,829	FGLMC		5.000		01/01/40		24,136
	35,001	FGLMC		5.500		01/01/40		38,710
	70,865	FGLMC		5.500		03/01/40		78,965
	1,145,327	FGLMC		4.000		04/01/40		1,210,346
	45,213	FGLMC		4.500		04/01/40		49,120
	169,900	FGLMC		4.500		04/01/40		182,805
	126,323	FGLMC		5.000		04/01/40		138,623
	267,693	FGLMC		5.000		04/01/40		293,439

131

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	943,643	FGLMC		6.000	%	04/01/40	$	1,066,641
	2,846,220	FGLMC		4.500		05/01/40		3,059,753
	1,565,758	FGLMC		5.000		05/01/40		1,728,622
	6,622	FGLMC		4.500		06/01/40		7,124
	673,549	FGLMC		5.500		06/01/40		746,954
	1,324,208	FGLMC		4.500		07/01/40		1,424,760
	26,215	FGLMC		4.500		08/01/40		28,254
	295,992	FGLMC		5.000		08/01/40		324,209
	669,593	FGLMC		5.000		08/01/40		731,736
	73,623	FGLMC		5.000		08/01/40		80,679
	3,742,112	FGLMC		5.500		08/01/40		4,164,418
	389,386	FGLMC		4.000		09/01/40		411,428
	4,296,686	FGLMC		4.000		11/01/40		4,562,603
	2,561,551	FGLMC		4.000		12/01/40		2,720,137
	548,185	FGLMC		3.500		01/01/41		568,047
	742,721	FGLMC		3.500		01/01/41		769,629
	423,221	FGLMC		4.000		01/01/41		447,258
	452,168	FGLMC		3.500		02/01/41		468,551
	1,724,118	FGLMC		4.000		02/01/41		1,821,953
	610,017	FGLMC		4.000		02/01/41		644,660
	2,490,314	FGLMC		4.000		04/01/41		2,631,572
	471,123	FGLMC		4.500		04/01/41		506,859
	104,045	FGLMC		5.000		04/01/41		113,541
	483,666	FGLMC		4.500		05/01/41		520,403
	541,216	FGLMC		4.500		06/01/41		582,325
	1,479,924	FGLMC		3.500		10/01/41		1,533,543
	1,107,760	FGLMC		5.000		10/01/41		1,209,552
	1,861,926	FGLMC		3.500		11/01/41		1,929,393
	713,987	FGLMC		4.500		12/01/41		768,184
	6,244,753	FGLMC		3.500		01/01/42		6,471,078
	1,851,751	FGLMC		3.500		02/01/42		1,918,904
	2,264,345	FGLMC		3.500		04/01/42		2,346,535
	3,940,547	FGLMC		4.000		05/01/42		4,184,700
	12,786,477	FGLMC		4.500		05/01/42		13,754,901
	2,867,792	FGLMC		3.500		07/01/42		2,971,793
	766,715	FGLMC		3.000		08/01/42		773,291
	4,630,151	FGLMC		3.000		10/01/42		4,671,288
	3,067,380	FGLMC		3.000		10/01/42		3,094,123
	1,329,622	FGLMC		3.500		12/01/42		1,377,862
	4,071,215	FGLMC		2.500		01/01/43		3,943,007
	8,770,634	FGLMC		3.000		01/01/43		8,849,488
	13,275,247	FGLMC		3.000		04/01/43		13,396,590
	4,452,662	FGLMC		3.500		05/01/43		4,614,283
	5,256,948	FGLMC		3.000		08/01/43		5,296,622
	3,454,090	FGLMC		3.000		08/01/43		3,480,158
	4,662,671	FGLMC		3.500		08/01/43		4,831,823
	2,069,499	FGLMC		4.500		10/01/43		2,221,541
	2,903,665	FGLMC		4.000		11/01/43		3,060,936
	5,175,868	FGLMC		3.500		02/01/44		5,363,314
	4,252,506	FGLMC		4.000		02/01/44		4,479,123
	2,058,475	FGLMC		4.000		04/01/44		2,167,906
	2,611,713	FGLMC		4.500		05/01/44		2,799,163

132

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,669,737	FGLMC		4.000	%	06/01/44	$	4,917,496
	7,095,921	FGLMC		4.000		08/01/44		7,471,575
	5,481,473	FGLMC		3.500		09/01/44		5,664,779
	6,688,990	FGLMC		3.500		11/01/44		6,904,862
	9,400,562	FGLMC		3.500		12/01/44		9,700,960
	6,066,397	FGLMC		3.500		01/01/45		6,260,251
	10,747,723	FGLMC		3.000		02/01/45		10,787,896
	14,356,111	FGLMC		3.500		03/01/45		14,814,865
	8,832,325	FGLMC		4.000		03/01/45		9,299,876
	5,049,721	FGLMC		3.000		04/01/45		5,068,596
	11,062,056	FGLMC		3.500		04/01/45		11,442,805
	10,461,891	FGLMC		4.000		11/01/45		11,015,705
	19,386,119	FGLMC		3.500		12/01/45		20,005,609
	15,497,023	FGLMC		3.500		03/01/46		15,992,235
	7,581,462	FGLMC		4.000		03/01/46		7,982,796
	30,292,368	FGLMC		3.000		04/01/46		30,416,256
	14,609,696	FGLMC		3.500		05/01/46		15,076,554
	17,380,679	FGLMC		4.000		09/01/46		18,300,748
	14,226,662	FGLMC		3.000		11/01/46		14,280,439
	14,440,718	FGLMC		3.000		11/01/46		14,495,303
	9,540,472	FGLMC		3.000		12/01/46		9,576,535
	19,314,818	FGLMC		3.000		02/01/47		19,387,015
	9,526,425	FGLMC		3.500		02/01/47		9,830,845
	9,216,017	FGLMC		4.000		02/01/47		9,703,879
	24,656,256	FGLMC		3.500		07/01/47		25,444,155
	2	Federal National Mortgage Association (FNMA)		6.000		11/01/17		2
	2,258	FNMA		5.000		12/01/17		2,310
	7,274	FNMA		5.000		12/01/17		7,443
	143	FNMA		5.000		12/01/17		147
	12,378	FNMA		5.000		01/01/18		12,665
	25,166	FNMA		4.500		02/01/18		25,738
	7,012	FNMA		4.500		04/01/18		7,172
	1,050	FNMA		5.000		04/01/18		1,075
	10,990	FNMA		5.500		04/01/18		11,038
	845	FNMA		5.500		04/01/18		849
	335	FNMA		5.500		05/01/18		335
	25,186	FNMA		4.500		06/01/18		25,759
	3,977	FNMA		4.000		08/01/18		4,112
	43,416	FNMA		4.000		08/01/18		44,889
	8,680	FNMA		4.500		09/01/18		8,878
	7,670	FNMA		4.500		10/01/18		7,844
	32,891	FNMA		5.000		11/01/18		33,652
	278	FNMA		5.000		01/01/19		285
	1,595	FNMA		6.000		01/01/19		1,794
	2,944	FNMA		4.500		05/01/19		3,011
	1,846	FNMA		4.500		06/01/19		1,888
	9,022	FNMA		4.500		06/01/19		9,228
	3,239	FNMA		5.000		07/01/19		3,314
	62,294	FNMA		5.000		10/01/19		63,878
	6,887	FNMA		4.500		11/01/19		7,044
	6,659	FNMA		4.500		12/01/19		6,811
	2,647	FNMA		5.000		03/01/20		2,708
	3,957	FNMA		5.000		04/01/20		4,054

133

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,680	FNMA		4.500	%	06/01/20	$	4,786
	3,719	FNMA		4.500		09/01/20		3,803
	5,506	FNMA		4.500		10/01/20		5,654
	6,359	FNMA		4.500		11/01/20		6,518
	17,729	FNMA		5.000		12/01/20		18,535
	206,430	FNMA		5.500		01/01/21		210,627
	2,271	FNMA		5.500		01/01/21		2,282
	8,329	FNMA		5.000		03/01/21		8,521
	15,914	FNMA		5.500		08/01/21		16,646
	3,746	FNMA		6.000		08/01/21		3,935
	2,886	FNMA		5.000		10/01/21		2,986
	4,146	FNMA		5.000		11/01/21		4,242
	2,769	FNMA		5.500		11/01/21		2,864
	11,664	FNMA		5.500		10/01/22		12,359
	5,434	FNMA		6.000		10/01/22		5,812
	3,223	FNMA		5.000		03/01/23		3,388
	8,583	FNMA		4.500		04/01/23		8,804
	89,019	FNMA		4.500		06/01/23		93,721
	7,554	FNMA		5.000		06/01/23		8,008
	9,633	FNMA		5.500		06/01/23		10,648
	15,671	FNMA		5.000		07/01/23		16,373
	80,895	FNMA		5.000		07/01/23		83,690
	8,622	FNMA		5.500		08/01/23		9,206
	18,004	FNMA		5.000		11/01/23		19,628
	4,572	FNMA		5.500		11/01/23		4,764
	191,724	FNMA		5.500		01/01/24		201,562
	18,867	FNMA		5.500		02/01/24		20,856
	85,464	FNMA		4.000		03/01/24		89,504
	6,431	FNMA		4.500		04/01/24		6,765
	293,752	FNMA		4.000		05/01/24		306,430
	99,283	FNMA		4.000		05/01/24		104,003
	8,132	FNMA		4.000		06/01/24		8,518
	10,161	FNMA		4.500		07/01/24		10,776
	9,512	FNMA		5.500		07/01/24		10,516
	220	FNMA		8.000		07/01/24		251
	57,538	FNMA		4.500		08/01/24		60,630
	51,518	FNMA		4.000		09/01/24		53,961
	203,345	FNMA		4.000		09/01/24		212,839
	20,960	FNMA		4.500		09/01/24		22,053
	480,088	FNMA		4.500		10/01/24		505,816
	24,697	FNMA		5.000		01/01/25		26,925
	41,298	FNMA		4.500		02/01/25		43,522
	356,721	FNMA		4.500		03/01/25		376,144
	4,914	FNMA		4.500		03/01/25		5,095
	103,110	FNMA		5.000		03/01/25		112,414
	220,294	FNMA		4.500		04/01/25		231,799
	99,436	FNMA		4.500		04/01/25		104,771
	1,091,445	FNMA		4.000		05/01/25		1,147,382
	369,473	FNMA		4.000		06/01/25		388,384
	303,575	FNMA		4.500		06/01/25		320,256
	105,928	FNMA		4.000		08/01/25		111,178
	49,462	FNMA		5.500		08/01/25		55,242

134

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	539,084		FNMA		3.500	%	09/01/25	$	561,386
	542,241		FNMA		4.000		09/01/25		567,987
	752,001		FNMA		3.500		10/01/25		783,079
	574,847		FNMA		3.500		10/01/25		598,603
	213,820		FNMA		5.000		10/01/25		233,114
	422,975		FNMA		4.000		11/01/25		444,618
	676,264		FNMA		3.500		12/01/25		704,212
	510,343		FNMA		3.500		02/01/26		531,483
	2,907,907		FNMA		3.500		02/01/26		3,028,343
	145,161		FNMA		4.000		03/01/26		152,607
	385,609		FNMA		4.000		06/01/26		405,400
	408,243		FNMA		3.500		08/01/26		425,115
	306,972		FNMA		3.500		09/01/26		319,658
	167,650		FNMA		4.000		09/01/26		176,275
	474,095		FNMA		3.500		10/01/26		493,713
	9,772		FNMA		6.000		10/01/26		10,989
	702,224		FNMA		3.000		11/01/26		723,315
	598,758		FNMA		3.000		12/01/26		616,743
	1,621,409		FNMA		3.000		01/01/27		1,670,115
	2,236,586		FNMA		4.000		01/01/27		2,351,733
	1,111,078		FNMA		3.500		02/01/27		1,156,995
	1,907,085		FNMA		3.000		04/01/27		1,964,458
	1,231,136		FNMA		3.000		04/01/27		1,268,204
	744,092		FNMA		3.500		05/01/27		775,486
	740,520		FNMA		2.500		06/01/27		750,313
	2,052,570		FNMA		3.000		06/01/27		2,111,237
	897,990		FNMA		2.500		07/01/27		909,921
	1,860,728		FNMA		2.500		09/01/27		1,885,437
	25,816		FNMA		5.500		09/01/27		28,530
	3,210,058		FNMA		2.500		10/01/27		3,252,675
	1,938,617		FNMA		3.000		11/01/27		1,996,904
	3,607		FNMA		5.500		01/01/28		3,988
	7,420,623		FNMA		2.500		02/01/28		7,518,877
	5,818,831		FNMA		2.500		02/01/28		5,894,223
	3,150		FNMA		5.000		02/01/28		3,434
	4,229,666		FNMA		2.500		04/01/28		4,284,362
	6,275,181		FNMA		2.500		04/01/28		6,356,385
	16,395		FNMA		5.500		06/01/28		18,119
	1,652,827		FNMA		2.500		07/01/28		1,674,161
	3,418,014		FNMA		2.500		08/01/28		3,462,124
	4,630,433		FNMA		3.000		10/01/28		4,766,245
	2,641		FNMA		5.500		11/01/28		2,918
	15		FNMA		7.500		01/01/29		16
	5,559,811		FNMA		3.000		03/01/29		5,722,952
	26,664		FNMA		4.000		03/01/29		28,249
	20,072,534	h	FNMA		3.000		04/01/29		20,661,767
	84,161		FNMA		4.500		04/01/29		90,563
	345		FNMA		6.500		04/01/29		382
	64,716		FNMA		4.000		05/01/29		68,568
	32,405		FNMA		4.500		06/01/29		34,865
	11,217		FNMA		4.000		07/01/29		11,885
	207,646		FNMA		4.500		08/01/29		223,418
	40,948		FNMA		4.500		09/01/29		44,059

135

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	32,514	FNMA		4.500	%	11/01/29	$	35,223
	11,184	FNMA		4.500		01/01/30		12,036
	3,281,170	FNMA		2.500		02/01/30		3,314,442
	29,673	FNMA		4.000		03/01/30		31,446
	12,297	FNMA		4.500		05/01/30		13,233
	17,503	FNMA		4.500		06/01/30		18,838
	7,270,043	FNMA		3.000		07/01/30		7,483,951
	160,469	FNMA		4.500		08/01/30		172,718
	33,303	FNMA		4.000		09/01/30		35,296
	201,531	FNMA		4.000		10/01/30		213,554
	1,924,221	FNMA		4.000		11/01/30		2,039,585
	316,834	FNMA		4.000		11/01/30		336,205
	74,207	FNMA		4.500		12/01/30		79,878
	7,392,277	FNMA		3.000		02/01/31		7,598,358
	103,983	FNMA		3.500		02/01/31		108,019
	115,590	FNMA		4.000		02/01/31		122,717
	924	FNMA		7.500		03/01/31		1,077
	8,123,568	FNMA		2.500		04/01/31		8,183,665
	305,955	FNMA		3.500		04/01/31		317,831
	35,562	FNMA		4.000		04/01/31		37,754
	6,920,702	FNMA		3.000		05/01/31		7,113,637
	3,608	FNMA		6.000		05/01/31		4,100
	362	FNMA		7.500		05/01/31		365
	8,431,922	FNMA		2.500		06/01/31		8,494,300
	1,213,921	FNMA		4.500		07/01/31		1,322,161
	183,822	FNMA		4.500		07/01/31		197,867
	1,083,860	FNMA		4.000		08/01/31		1,150,822
	10,910,549	FNMA		2.500		09/01/31		10,991,263
	5,866,326	FNMA		3.000		09/01/31		6,029,867
	75,244	FNMA		4.000		09/01/31		79,892
	357	FNMA		6.500		09/01/31		396
	34,049	FNMA		6.000		11/01/31		38,745
	4,369	FNMA		6.500		11/01/31		4,979
	11,063,573	FNMA		2.500		12/01/31		11,145,419
	1,974,638	FNMA		3.500		01/01/32		2,063,092
	11,910	FNMA		6.000		01/01/32		13,560
	2,776	FNMA		6.000		01/01/32		3,122
	835,515	FNMA		3.500		02/01/32		873,015
	11,010	FNMA		6.000		02/01/32		12,535
	9,317,496	FNMA		3.000		03/01/32		9,577,248
	36,038	FNMA		6.500		04/01/32		41,544
	33,885,530	FNMA		3.000		06/01/32		34,830,187
	70,313	FNMA		6.500		07/01/32		79,915
	9,708	FNMA		6.500		08/01/32		10,899
	877,636	FNMA		3.000		09/01/32		901,124
	24,838	FNMA		7.500		09/01/32		27,851
	2,608,405	FNMA		3.000		10/01/32		2,678,181
	46,421	FNMA		5.500		10/01/32		51,816
	39,459	FNMA		6.000		10/01/32		44,376
	15,663	FNMA		6.000		11/01/32		17,843
	20,931	FNMA		5.500		12/01/32		23,448
	1,892	FNMA		5.500		12/01/32		2,101

136

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	32,526	FNMA		6.000	%	12/01/32	$	36,957
	169,763	FNMA		5.500		01/01/33		189,360
	323,275	FNMA		6.000		01/01/33		366,790
	162,782	FNMA		5.000		02/01/33		179,369
	10,866	FNMA		5.000		02/01/33		11,914
	1,781,263	FNMA		3.000		04/01/33		1,826,743
	2,307,189	FNMA		3.500		04/01/33		2,410,511
	8,212	FNMA		6.000		04/01/33		9,363
	1,092,484	FNMA		5.500		05/01/33		1,222,389
	62,990	FNMA		5.000		06/01/33		69,398
	138,625	FNMA		5.500		06/01/33		155,226
	20,017	FNMA		4.500		07/01/33		21,559
	64,445	FNMA		5.000		07/01/33		70,989
	126,135	FNMA		4.500		08/01/33		135,836
	9,455	FNMA		4.500		08/01/33		10,144
	23,258	FNMA		5.000		08/01/33		25,548
	57,811	FNMA		5.500		09/01/33		63,920
	233,608	FNMA		5.500		09/01/33		261,894
	13,281	FNMA		6.000		09/01/33		14,937
	175,942	FNMA		4.500		10/01/33		189,668
	29,757	FNMA		5.000		10/01/33		32,782
	27,657	FNMA		5.000		10/01/33		30,376
	207,608	FNMA		5.500		10/01/33		230,143
	653,604	FNMA		5.500		10/01/33		744,504
	12,161	FNMA		4.500		11/01/33		13,089
	33,352	FNMA		5.000		11/01/33		36,747
	2,306,430	FNMA		5.000		11/01/33		2,541,196
	270,761	FNMA		5.000		12/01/33		298,297
	335,177	FNMA		5.500		12/01/33		377,127
	3,326,823	FNMA		3.000		01/01/34		3,411,257
	103,533	FNMA		5.000		02/01/34		114,064
	423,327	FNMA		6.000		02/01/34		484,085
	25,701	FNMA		5.000		03/01/34		28,240
	10,760	FNMA		5.000		03/01/34		11,855
	613,201	FNMA		5.000		03/01/34		675,597
	14,201	FNMA		5.000		03/01/34		15,646
	31,062	FNMA		5.000		03/01/34		34,222
	8,823	FNMA		5.000		03/01/34		9,722
	91,758	FNMA		5.000		04/01/34		101,101
	92,397	FNMA		5.500		04/01/34		103,592
	59,176	FNMA		4.500		05/01/34		63,738
	26,182	FNMA		4.500		05/01/34		28,218
	20,946	FNMA		5.500		07/01/34		23,483
	33,562	FNMA		5.500		07/01/34		37,632
	31,680	FNMA		7.000		07/01/34		36,465
	254,719	FNMA		5.000		08/01/34		279,935
	29,065	FNMA		5.000		08/01/34		32,023
	142,609	FNMA		6.000		08/01/34		163,197
	25,092	FNMA		6.000		08/01/34		28,701
	14,919	FNMA		4.500		09/01/34		16,088
	516,114	FNMA		5.500		09/01/34		578,038
	4,893	FNMA		5.500		11/01/34		5,471
	10,363	FNMA		6.000		11/01/34		11,655

137

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	7,890		FNMA			5.000	%	12/01/34	$	8,692
	4,806		FNMA			5.500		12/01/34		5,385
	15,419		FNMA			6.000		12/01/34		17,477
	715,597		FNMA			4.500		01/01/35		771,574
	47,921		FNMA			5.500		01/01/35		53,537
	1,590,790		FNMA			5.500		02/01/35		1,783,287
	66,019		FNMA			5.500		02/01/35		74,009
	462,513		FNMA			5.500		04/01/35		518,946
	64,278		FNMA			6.000		04/01/35		73,384
	60,355		FNMA			6.000		04/01/35		69,020
	100,057		FNMA			6.000		05/01/35		114,053
	26,447		FNMA			5.000		06/01/35		29,141
	2,907	i	FNMA	LIBOR 12 M + 1.570%		3.352		07/01/35		3,038
	76,419		FNMA			5.000		07/01/35		84,728
	7,728,835		FNMA			3.000		08/01/35		7,887,997
	158,905		FNMA			4.500		08/01/35		171,333
	193,239		FNMA			5.000		08/01/35		211,580
	97,113		FNMA			5.000		08/01/35		106,600
	6,262		FNMA			4.500		09/01/35		6,746
	7,941		FNMA			4.500		09/01/35		8,553
	18,755		FNMA			5.500		09/01/35		21,027
	112,496		FNMA			5.000		10/01/35		123,921
	269,702		FNMA			5.500		10/01/35		303,520
	3,461		FNMA			5.000		11/01/35		3,568
	264,352		FNMA			5.500		11/01/35		295,018
	3,331		FNMA			4.500		12/01/35		3,574
	51,616		FNMA			5.500		12/01/35		57,043
	101,000		FNMA			6.000		12/01/35		113,587
	87,445	i	FNMA			3.238		02/01/36		91,111
	572,031		FNMA			5.000		02/01/36		630,342
	73,825		FNMA			6.500		02/01/36		81,805
	263,151		FNMA			6.000		03/01/36		300,521
	4,196,223		FNMA			3.500		05/01/36		4,367,137
	5,125		FNMA			5.000		05/01/36		5,609
	453,114		FNMA			6.000		06/01/36		514,046
	86,480	i	FNMA	LIBOR 12 M + 1.608%		3.352		07/01/36		90,524
	22,853		FNMA			6.000		07/01/36		26,060
	127,732		FNMA			6.500		07/01/36		145,734
	338,407		FNMA			5.500		08/01/36		375,761
	236,152		FNMA			6.500		08/01/36		267,958
	4,651,667		FNMA			3.000		09/01/36		4,739,001
	18,350		FNMA			5.500		09/01/36		20,573
	8,083		FNMA			6.500		09/01/36		9,154
	26,863		FNMA			6.500		09/01/36		30,907
	34,835		FNMA			6.000		10/01/36		39,705
	9,336,958		FNMA			3.000		11/01/36		9,512,261
	16,723		FNMA			6.500		11/01/36		19,143
	7,431	i	FNMA			3.299		12/01/36		7,848
	101,283		FNMA			6.000		12/01/36		115,228
	21,775	i	FNMA			3.432		01/01/37		22,950
	42,671		FNMA			5.500		01/01/37		47,679
	4,302	i	FNMA	LIBOR 6 M + 1.504%		2.952		02/01/37		4,439

138

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	316,581		FNMA			5.500	%	02/01/37	$	353,712
	16,566		FNMA			6.000		02/01/37		18,847
	21,020		FNMA			7.000		02/01/37		22,850
	6,083	i	FNMA	LIBOR 12 M + 1.809%		3.559		03/01/37		6,379
	1,823		FNMA			5.000		03/01/37		1,997
	110,608		FNMA			6.500		03/01/37		126,314
	56,815		FNMA			6.500		03/01/37		64,228
	100,908		FNMA			7.000		04/01/37		118,721
	82,243		FNMA			5.000		05/01/37		89,664
	3,537		FNMA			7.000		05/01/37		3,805
	29,833	i	FNMA	LIBOR 12 M + 1.782%		3.563		06/01/37		31,350
	24,720		FNMA			5.500		06/01/37		27,456
	29,614		FNMA			5.500		08/01/37		33,194
	10,688		FNMA			6.000		08/01/37		12,051
	43,008		FNMA			6.500		08/01/37		47,657
	12,785		FNMA			6.500		08/01/37		14,166
	16,295		FNMA			5.500		09/01/37		18,008
	54,747		FNMA			6.000		09/01/37		62,772
	91,278		FNMA			6.000		09/01/37		105,398
	48,882		FNMA			6.000		09/01/37		55,524
	162,003		FNMA			6.000		09/01/37		185,813
	220,718		FNMA			6.000		09/01/37		253,014
	50,529		FNMA			6.500		09/01/37		55,991
	6,691		FNMA			6.500		09/01/37		7,475
	312,387		FNMA			2.966		10/01/37		329,559
	18,162		FNMA			6.500		10/01/37		20,507
	224,331		FNMA			5.500		11/01/37		249,749
	378,936		FNMA			6.000		11/01/37		428,723
	20,909		FNMA			7.000		11/01/37		23,258
	1,493		FNMA			6.500		01/01/38		1,654
	122,190		FNMA			5.500		02/01/38		135,506
	28,668		FNMA			6.500		02/01/38		31,767
	19,868		FNMA			7.000		02/01/38		23,418
	47,075	i	FNMA	LIBOR 12 M + 1.770%		3.520		03/01/38		49,555
	10,745		FNMA			5.000		03/01/38		11,734
	5,661		FNMA			5.000		03/01/38		6,172
	22,926		FNMA			5.500		03/01/38		25,513
	7,641		FNMA			6.000		03/01/38		8,793
	8,193		FNMA			6.500		03/01/38		9,078
	187,201		FNMA			6.500		03/01/38		210,957
	5,463		FNMA			6.500		03/01/38		6,054
	21,976		FNMA			5.000		04/01/38		23,959
	321,897		FNMA			5.500		04/01/38		356,677
	340,045		FNMA			6.000		04/01/38		385,863
	31,426		FNMA			4.500		05/01/38		33,780
	1,197,588		FNMA			5.000		05/01/38		1,320,104
	358,382		FNMA			5.000		05/01/38		390,998
	918,878		FNMA			6.000		06/01/38		1,034,170
	1,346,353		FNMA			6.500		06/01/38		1,519,673
	287,560		FNMA			6.000		07/01/38		326,821
	6,369	i	FNMA	LIBOR 12 M + 1.603%		3.353		08/01/38		6,653
	3,930	i	FNMA	LIBOR 12 M + 1.750%		3.500		08/01/38		4,128
	886,859		FNMA			6.000		09/01/38		1,007,767

139

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	41,218		FNMA			2.618	%	10/01/38	$	42,430
	3,972		FNMA			6.000		10/01/38		4,467
	20,015		FNMA			5.500		11/01/38		22,252
	4,488		FNMA			5.000		12/01/38		4,904
	794,908		FNMA			5.500		12/01/38		889,854
	103,966		FNMA			4.500		01/01/39		111,772
	119,975		FNMA			5.000		01/01/39		130,801
	3,188,566		FNMA			5.000		01/01/39		3,513,178
	128,556		FNMA			5.500		01/01/39		142,965
	485,004		FNMA			5.500		01/01/39		540,749
	20,172		FNMA			6.000		01/01/39		22,755
	6,806		FNMA			6.000		01/01/39		7,654
	216,853		FNMA			4.500		02/01/39		233,013
	565,028		FNMA			4.500		02/01/39		607,835
	276,001		FNMA			4.500		02/01/39		296,836
	8,467		FNMA			5.500		02/01/39		9,421
	573,168		FNMA			4.000		04/01/39		606,556
	19,015		FNMA			5.500		04/01/39		21,188
	938,613		FNMA			4.500		05/01/39		1,021,351
	183,977		FNMA			4.500		05/01/39		197,997
	505,588		FNMA			4.500		06/01/39		543,942
	171,923		FNMA			4.500		06/01/39		185,012
	388,469		FNMA			5.500		06/01/39		434,123
	12,958	i	FNMA	LIBOR 12 M + 1.835%		3.585		07/01/39		13,637
	92,973		FNMA			4.500		07/01/39		100,315
	128,766		FNMA			4.500		07/01/39		138,575
	13,418		FNMA			5.000		07/01/39		14,662
	138,121	i	FNMA	LIBOR 12 M + 1.650%		3.400		08/01/39		144,287
	25,516	i	FNMA	LIBOR 12 M + 1.690%		3.452		08/01/39		26,699
	1,973,050		FNMA			4.000		08/01/39		2,087,090
	299,819		FNMA			4.000		08/01/39		316,984
	28,095		FNMA			4.500		08/01/39		30,665
	1,226,186		FNMA			4.500		08/01/39		1,334,293
	410,362		FNMA			4.500		08/01/39		441,583
	1,795,457		FNMA			5.000		08/01/39		1,958,652
	18,815		FNMA			5.000		08/01/39		20,544
	714,846		FNMA			4.000		09/01/39		755,801
	44,857		FNMA			5.000		09/01/39		48,971
	294,889		FNMA			5.500		09/01/39		331,154
	156,855		FNMA			6.000		09/01/39		178,425
	677,369		FNMA			6.500		10/01/39		775,004
	31,430		FNMA			5.000		11/01/39		34,868
	897,523		FNMA			4.000		12/01/39		948,825
	95,365		FNMA			4.500		12/01/39		103,989
	192,791		FNMA			4.500		12/01/39		207,877
	2,999,103		FNMA			4.500		12/01/39		3,230,227
	24,193		FNMA			3.440		01/01/40		25,411
	54,532		FNMA			4.500		01/01/40		58,758
	63,569		FNMA			5.000		01/01/40		69,491
	394,933		FNMA			6.000		02/01/40		447,376
	580,384		FNMA			4.500		03/01/40		626,830
	277,678		FNMA			4.500		03/01/40		300,186

140

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	29,156		FNMA			5.000	%	03/01/40	$	31,865
	26,537		FNMA			4.500		04/01/40		28,632
	1,035,355		FNMA			5.000		04/01/40		1,130,503
	763,957		FNMA			5.000		04/01/40		834,008
	136,261	i	FNMA			3.456		05/01/40		143,525
	193,242	i	FNMA	LIBOR 12 M + 1.792%		3.513		05/01/40		202,722
	59,848	i	FNMA	LIBOR 12 M + 1.882%		3.632		05/01/40		62,763
	24,032		FNMA			4.500		05/01/40		25,841
	69,099		FNMA			4.500		07/01/40		74,775
	72,778		FNMA			4.500		07/01/40		78,643
	88,861		FNMA			5.000		07/01/40		97,134
	31,649	i	FNMA	LIBOR 12 M + 1.805%		3.555		08/01/40		33,285
	574,219		FNMA			4.500		08/01/40		620,484
	789,983		FNMA			4.500		08/01/40		853,629
	600,483		FNMA			5.000		08/01/40		655,795
	1,350,825		FNMA			4.500		09/01/40		1,461,564
	519,512		FNMA			4.500		09/01/40		562,053
	1,173,693		FNMA			6.000		09/01/40		1,340,109
	214,387		FNMA			3.500		10/01/40		222,162
	938,365		FNMA			4.000		10/01/40		992,300
	2,249,160		FNMA			4.000		10/01/40		2,376,819
	1,328,535		FNMA			4.500		10/01/40		1,437,459
	1,755,687		FNMA			3.500		11/01/40		1,818,940
	1,874,441		FNMA			4.000		11/01/40		1,982,040
	1,722,732		FNMA			4.000		11/01/40		1,821,421
	1,064,965		FNMA			4.000		11/01/40		1,126,119
	196,861		FNMA			4.500		11/01/40		213,064
	155,420		FNMA			3.170		12/01/40		162,981
	570,899		FNMA			4.000		12/01/40		603,533
	4,433,993		FNMA			4.500		12/01/40		4,797,397
	63,685		FNMA			3.500		01/01/41		65,986
	88,096	i	FNMA			3.449		02/01/41		92,499
	337,545		FNMA			3.500		02/01/41		349,746
	1,605,525		FNMA			4.000		02/01/41		1,698,366
	1,480,566		FNMA			4.000		03/01/41		1,565,266
	1,121,089		FNMA			4.500		04/01/41		1,212,993
	1,535,814		FNMA			4.500		05/01/41		1,662,058
	247,476		FNMA			4.500		05/01/41		267,680
	808,257		FNMA			4.500		06/01/41		874,393
	203,557	i	FNMA	LIBOR 12 M + 1.780%		3.538		07/01/41		213,247
	985,450		FNMA			4.500		07/01/41		1,066,554
	2,708,497		FNMA			4.000		09/01/41		2,862,847
	1,449,464		FNMA			4.500		09/01/41		1,567,310
	499,878		FNMA			5.500		09/01/41		558,411
	67,859		FNMA			2.951		10/01/41		70,423
	297,232		FNMA			3.207		10/01/41		311,250
	889,005		FNMA			3.500		11/01/41		920,825
	980,991		FNMA			3.500		11/01/41		1,015,548
	749,807		FNMA			2.815		12/01/41		778,305
	5,711,685		FNMA			3.500		12/01/41		5,911,835
	1,029,976		FNMA			4.000		12/01/41		1,088,746
	2,629,046		FNMA			3.500		03/01/42		2,721,746
	1,777,790		FNMA			4.000		03/01/42		1,878,978

141

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,835,102	FNMA		3.500	%	04/01/42	$	5,005,737
	1,750,680	FNMA		3.500		04/01/42		1,818,519
	2,080,832	FNMA		4.500		04/01/42		2,251,242
	1,815,519	FNMA		5.000		04/01/42		2,022,308
	1,582,028	FNMA		4.000		05/01/42		1,672,518
	2,133,160	FNMA		5.000		05/01/42		2,330,146
	1,565,166	FNMA		3.000		06/01/42		1,578,075
	7,158,282	FNMA		3.500		06/01/42		7,410,532
	6,296,678	FNMA		4.000		06/01/42		6,652,961
	3,776,340	FNMA		4.000		06/01/42		3,990,843
	11,494,062	FNMA		3.500		07/01/42		11,897,778
	2,287,283	FNMA		4.500		07/01/42		2,470,557
	2,484,652	FNMA		3.500		08/01/42		2,572,186
	3,711,501	FNMA		3.000		09/01/42		3,742,138
	4,764,947	FNMA		3.500		09/01/42		4,931,094
	22,183,522	FNMA		4.500		09/01/42		23,961,828
	7,759,800	FNMA		3.000		10/01/42		7,823,926
	2,312,932	FNMA		3.500		10/01/42		2,392,776
	2,912,480	FNMA		2.500		01/01/43		2,831,512
	9,512,877	FNMA		3.000		01/01/43		9,591,036
	13,069,313	FNMA		3.000		02/01/43		13,177,156
	3,263,020	FNMA		3.000		04/01/43		3,289,821
	9,402,397	FNMA		3.000		04/01/43		9,479,859
	2,069,304	FNMA		2.120		06/01/43		2,100,701
	9,769,719	FNMA		3.000		06/01/43		9,848,745
	2,436,393	FNMA		1.743		07/01/43		2,507,184
	7,882,414	FNMA		3.000		07/01/43		7,945,823
	7,448,983	FNMA		3.500		07/01/43		7,693,990
	6,976,989	FNMA		3.000		08/01/43		7,033,150
	3,544,841	FNMA		4.000		08/01/43		3,770,914
	5,617,399	FNMA		3.000		09/01/43		5,662,381
	7,311,754	FNMA		3.500		09/01/43		7,550,569
	5,181,622	FNMA		3.500		10/01/43		5,354,530
	693,163	FNMA		4.500		10/01/43		745,026
	2,073,673	FNMA		4.000		11/01/43		2,186,761
	4,960,453	FNMA		4.000		11/01/43		5,232,500
	1,460,847	FNMA		4.500		12/01/43		1,570,344
	4,429,187	FNMA		4.500		12/01/43		4,761,765
	5,166,542	FNMA		4.000		01/01/44		5,444,304
	4,080,454	FNMA		4.000		05/01/44		4,298,046
	4,344,579	FNMA		4.000		07/01/44		4,577,665
	4,752,290	FNMA		4.000		07/01/44		5,006,954
	2,727,512	FNMA		3.500		09/01/44		2,812,776
	4,287,709	FNMA		4.000		09/01/44		4,517,068
	9,217,985	FNMA		3.500		10/01/44		9,506,148
	22,329,830	FNMA		5.000		11/01/44		24,380,516
	4,848,898	FNMA		4.000		12/01/44		5,107,519
	6,574,547	FNMA		3.000		01/01/45		6,625,782
	20,322,262	FNMA		3.000		01/01/45		20,488,910
	15,246,659	FNMA		3.500		02/01/45		15,723,285
	8,842,119	FNMA		3.000		04/01/45		8,882,758
	14,962,197	FNMA		3.500		05/01/45		15,429,930

142

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	12,210,478	FNMA		3.500	%	07/01/45	$	12,629,882
	16,698,691	FNMA		4.000		07/01/45		17,585,723
	11,084,614	FNMA		3.500		11/01/45		11,431,130
	29,495,652	FNMA		4.000		11/01/45		31,055,192
	8,701,159	FNMA		3.500		01/01/46		8,973,166
	7,890,646	FNMA		3.500		02/01/46		8,137,315
	14,940,988	FNMA		4.500		05/01/46		16,037,858
	8,838,205	FNMA		3.000		06/01/46		8,868,663
	17,282,938	FNMA		3.500		07/01/46		17,823,220
	16,797,155	FNMA		4.000		08/01/46		17,686,798
	14,029,094	FNMA		3.000		09/01/46		14,077,441
	14,275,021	FNMA		3.000		10/01/46		14,324,215
	28,490,888	FNMA		3.000		11/01/46		28,589,073
	9,389,623	FNMA		3.500		12/01/46		9,683,152
	13,725,790	FNMA		4.000		02/01/47		14,453,317
	14,625,770	FNMA		3.000		03/01/47		14,676,173
	14,403,907	FNMA		3.500		03/01/47		14,854,188
	4,678,312	FNMA		4.000		03/01/47		4,926,284
	19,412,968	FNMA		3.000		04/01/47		19,479,869
	19,392,441	FNMA		3.500		04/01/47		19,998,669
	9,671,144	FNMA		3.500		05/01/47		9,973,474
	18,712,797	FNMA		4.000		07/01/47		19,704,662
	20,821,838	FNMA		3.500		08/01/47		21,472,749
	8,835,236	FNMA		3.500		07/01/55		9,111,434
	248	Government National Mortgage Association (GNMA)		5.000		02/15/18		250
	1,221	GNMA		4.500		02/15/19		1,230
	4,303	GNMA		4.500		01/20/24		4,558
	31,647	GNMA		4.000		04/15/24		33,166
	6,468	GNMA		4.500		07/15/24		6,790
	121,481	GNMA		4.000		08/15/24		127,285
	28,826	GNMA		4.500		08/15/24		30,652
	97,492	GNMA		4.000		09/15/24		102,137
	16,959	GNMA		4.500		01/15/25		18,045
	138,168	GNMA		4.000		08/15/25		144,755
	76,527	GNMA		3.500		03/15/26		79,871
	92,898	GNMA		4.000		04/15/26		97,300
	75,853	GNMA		4.000		06/20/26		79,742
	119,516	GNMA		3.500		11/20/26		124,643
	622,670	GNMA		3.000		12/15/26		641,293
	1,942,273	GNMA		2.500		04/20/27		1,966,569
	1,234,529	GNMA		2.500		09/20/27		1,250,028
	1,118	GNMA		6.500		09/15/28		1,233
	448	GNMA		6.500		09/15/28		494
	2,460	GNMA		6.500		11/15/28		2,715
	1,089	GNMA		7.500		11/15/28		1,205
	1,870,820	GNMA		3.500		11/20/28		1,951,847
	7,877	GNMA		8.500		10/15/30		8,284
	3,543	GNMA		8.500		10/20/30		4,118
	450	GNMA		8.500		12/15/30		556
	593	GNMA		7.000		06/20/31		707
	1,707	GNMA		7.000		07/15/31		1,780
	1,833	GNMA		7.000		07/15/31		2,007
	9,905,575	GNMA		3.000		08/20/32		10,251,036

143

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	212,757	GNMA		6.000	%	10/15/32	$	241,942
	29,008	GNMA		5.500		12/20/32		32,385
	65,010	GNMA		5.500		05/15/33		72,503
	10,845	GNMA		5.000		07/15/33		11,940
	43,483	GNMA		5.500		07/15/33		49,056
	9,352	GNMA		5.000		07/20/33		10,221
	26,139	GNMA		5.000		08/15/33		28,541
	34,495	GNMA		5.000		08/15/33		37,793
	158,411	GNMA		5.500		09/15/33		184,768
	120,250	GNMA		6.000		11/20/33		137,398
	53,811	GNMA		5.500		05/20/34		60,165
	75,694	GNMA		6.000		09/20/34		87,577
	6,143	GNMA		5.000		10/20/34		6,716
	169,027	GNMA		5.500		11/15/34		190,570
	75,665	GNMA		6.500		01/15/35		88,251
	41,054	GNMA		5.500		02/20/35		45,835
	765,660	GNMA		5.000		03/20/35		844,667
	244,259	GNMA		5.000		04/15/35		268,795
	248,598	GNMA		5.500		05/20/35		277,558
	9,755	GNMA		5.000		09/20/35		10,662
	3,936	GNMA		5.000		11/15/35		4,298
	5,673	GNMA		5.000		11/15/35		6,246
	69,053	GNMA		5.500		02/20/36		76,737
	7,778	GNMA		5.500		03/15/36		8,836
	22,318	GNMA		5.500		05/20/36		24,629
	5,938	GNMA		6.500		06/15/36		6,865
	212,366	GNMA		5.500		06/20/36		233,811
	12,359	GNMA		5.000		09/15/36		13,607
	6,502	GNMA		6.000		09/15/36		7,329
	20,177	GNMA		6.000		10/20/36		22,590
	14,316	GNMA		5.000		12/15/36		15,760
	10,871	GNMA		5.500		01/15/37		12,112
	12,096	GNMA		6.000		01/20/37		13,857
	295,611	GNMA		5.500		02/15/37		332,284
	42,760	GNMA		6.000		02/20/37		48,718
	314,807	GNMA		6.000		04/15/37		357,247
	11,306	GNMA		6.500		04/15/37		12,532
	181,975	GNMA		6.000		04/20/37		206,063
	17,698	GNMA		6.000		06/15/37		19,948
	24,532	GNMA		6.000		08/20/37		27,730
	20,172	GNMA		6.500		08/20/37		23,671
	93,951	GNMA		6.500		11/20/37		110,879
	45,145	GNMA		6.000		12/15/37		50,886
	5,949	GNMA		5.000		02/20/38		6,503
	151,559	GNMA		5.000		04/15/38		166,841
	6,141	GNMA		5.500		05/20/38		6,768
	29,545	GNMA		5.500		06/15/38		33,584
	65,533	GNMA		6.000		06/20/38		74,290
	93,323	GNMA		5.500		07/15/38		104,113
	507,050	GNMA		5.000		07/20/38		554,271
	473,769	GNMA		5.500		07/20/38		521,879
	10,661	GNMA		5.500		08/15/38		11,893

144

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	205,589	GNMA		6.000	%	08/15/38	$	231,732
	79,091	GNMA		6.000		08/15/38		89,148
	47,661	GNMA		6.000		08/20/38		53,971
	188,455	GNMA		6.000		09/20/38		211,385
	65,090	GNMA		5.000		10/15/38		71,124
	16,531	GNMA		5.500		10/15/38		19,125
	21,275	GNMA		6.500		10/20/38		22,649
	9,075	GNMA		6.500		10/20/38		10,476
	2,688	GNMA		5.500		11/15/38		2,999
	36,564	GNMA		6.500		11/20/38		42,078
	181,987	GNMA		6.000		12/15/38		205,136
	3,771	GNMA		6.500		12/15/38		4,360
	37,107	GNMA		5.000		01/15/39		40,842
	876,587	GNMA		4.500		01/20/39		940,902
	92,719	GNMA		6.500		01/20/39		105,108
	36,159	GNMA		5.000		02/15/39		39,781
	13,277	GNMA		6.000		02/15/39		14,965
	32,691	GNMA		4.500		03/15/39		35,045
	280,782	GNMA		4.500		03/15/39		300,519
	46,822	GNMA		2.625		03/20/39		47,773
	11,074	GNMA		4.500		03/20/39		11,941
	180,204	GNMA		5.500		03/20/39		198,803
	18,410	GNMA		4.500		04/15/39		19,740
	281,116	GNMA		5.500		04/15/39		319,525
	6,892	GNMA		5.000		04/20/39		7,532
	37,665	GNMA		4.000		05/15/39		39,732
	531,208	GNMA		4.500		05/15/39		570,202
	260,143	GNMA		5.000		05/15/39		285,688
	38,085	GNMA		4.000		05/20/39		40,462
	100,201	GNMA		4.500		05/20/39		107,728
	2,040,103	GNMA		5.000		05/20/39		2,230,179
	15,745	GNMA		4.500		06/15/39		16,914
	1,526,143	GNMA		4.500		06/15/39		1,636,380
	1,689,465	GNMA		5.000		06/15/39		1,885,172
	1,570,403	GNMA		5.000		06/15/39		1,752,416
	33,858	GNMA		5.000		06/15/39		37,279
	15,132	GNMA		5.000		06/15/39		16,643
	17,871	GNMA		5.000		06/15/39		19,669
	23,333	GNMA		4.000		06/20/39		24,827
	13,635	GNMA		5.000		06/20/39		14,902
	1,908,830	GNMA		4.000		07/15/39		2,013,545
	21,203	GNMA		4.500		07/15/39		22,759
	45,000	GNMA		4.500		07/15/39		48,311
	1,987,395	GNMA		4.500		07/15/39		2,165,073
	18,703	GNMA		5.000		07/15/39		20,588
	228,417	GNMA		4.500		07/20/39		245,567
	197,603	GNMA		5.000		07/20/39		216,749
	20,279	GNMA		5.500		07/20/39		22,401
	95,355	GNMA		4.000		08/15/39		100,586
	254,587	GNMA		5.000		08/15/39		280,007
	16,963	GNMA		5.500		08/15/39		18,925
	109,823	GNMA		6.000		08/15/39		123,787
	65,749	GNMA		4.000		08/20/39		70,050

145

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	51,853	GNMA		5.000	%	08/20/39	$	56,669
	42,284	GNMA		5.000		09/15/39		46,497
	71,693	GNMA		5.000		09/20/39		78,352
	15,273	GNMA		4.500		10/15/39		16,399
	10,164	GNMA		5.000		10/15/39		11,189
	22,685	GNMA		4.500		10/20/39		24,478
	44,028	GNMA		4.500		11/15/39		47,853
	33,100	GNMA		4.500		11/20/39		35,650
	38,762	GNMA		5.000		11/20/39		42,363
	75,316	GNMA		4.500		12/15/39		80,610
	1,134,354	GNMA		4.500		12/15/39		1,217,900
	32,904	GNMA		4.500		12/20/39		35,503
	1,190,363	GNMA		5.000		12/20/39		1,305,130
	1,109,662	GNMA		4.500		01/20/40		1,197,363
	16,058	GNMA		5.500		01/20/40		17,714
	603,047	GNMA		5.500		02/15/40		673,233
	79,729	GNMA		4.000		03/15/40		84,102
	17,819	GNMA		5.000		03/15/40		19,586
	7,737	GNMA		4.500		04/15/40		8,284
	217,827	GNMA		5.000		04/15/40		240,436
	44,533	GNMA		4.500		04/20/40		48,055
	7,078	GNMA		4.500		05/15/40		7,615
	205,590	GNMA		5.000		05/15/40		225,871
	410,527	GNMA		2.625		05/20/40		423,239
	9,815	GNMA		4.500		05/20/40		10,552
	3,696,106	GNMA		4.500		06/15/40		3,976,565
	15,835	GNMA		4.500		06/15/40		16,987
	12,210	GNMA		4.500		06/15/40		13,113
	218,618	GNMA		5.000		06/20/40		241,056
	453,467	GNMA		4.500		07/15/40		486,982
	132,393	GNMA		4.500		07/15/40		142,427
	1,590,192	GNMA		4.500		07/20/40		1,717,079
	47,481	GNMA		5.000		07/20/40		51,892
	316,911	GNMA		4.000		08/15/40		334,931
	1,415,235	GNMA		4.000		08/15/40		1,499,714
	143,844	GNMA		4.500		08/15/40		156,541
	122,835	GNMA		4.500		08/20/40		132,660
	100,385	GNMA		4.500		09/20/40		107,962
	29,267	GNMA		5.500		09/20/40		32,308
	41,251	GNMA		6.500		09/20/40		47,353
	43,459	GNMA		4.000		10/15/40		46,094
	92,129	GNMA		6.000		10/20/40		105,363
	522,037	GNMA		4.000		11/15/40		553,799
	1,349,881	GNMA		4.000		11/20/40		1,428,643
	321,972	GNMA		3.500		12/15/40		335,353
	470,719	GNMA		5.500		12/20/40		519,884
	1,507,433	GNMA		4.000		01/15/41		1,597,117
	3,519,715	GNMA		4.000		01/20/41		3,736,525
	294,725	GNMA		4.000		02/15/41		311,971
	956,112	GNMA		4.500		02/20/41		1,027,998
	532,568	GNMA		4.500		03/15/41		572,972
	1,173,114	GNMA		4.500		04/20/41		1,261,217

146

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	237,047	GNMA		5.000	%	04/20/41	$	259,079
	108,736	GNMA		2.625		06/20/41		112,183
	251,237	GNMA		4.000		07/15/41		265,524
	465,979	GNMA		4.000		07/20/41		494,052
	1,511,258	GNMA		4.500		07/20/41		1,624,761
	1,295,396	GNMA		5.000		07/20/41		1,424,293
	365,785	GNMA		4.500		08/15/41		394,346
	591,789	GNMA		5.000		08/20/41		646,821
	788,020	GNMA		4.000		09/15/41		834,764
	58,327	GNMA		2.125		09/20/41		60,224
	2,100,244	GNMA		4.000		09/20/41		2,226,774
	128,117	GNMA		4.000		10/15/41		135,240
	138,134	GNMA		2.250		10/20/41		142,371
	79,223	GNMA		2.500		10/20/41		81,769
	2,690,702	GNMA		4.000		10/20/41		2,852,885
	323,001	GNMA		5.500		10/20/41		357,710
	831,461	GNMA		3.500		11/15/41		867,621
	1,864,678	GNMA		4.000		11/15/41		1,975,700
	3,454,917	GNMA		4.500		11/20/41		3,714,407
	1,442,620	GNMA		5.000		11/20/41		1,575,709
	424,397	GNMA		6.000		11/20/41		476,320
	1,818,280	GNMA		3.500		01/20/42		1,898,786
	449,744	GNMA		2.375		02/20/42		463,527
	889,309	GNMA		3.500		03/20/42		929,415
	1,427,770	GNMA		4.500		03/20/42		1,535,298
	1,635,508	GNMA		3.500		04/15/42		1,706,645
	2,673,026	GNMA		3.500		05/20/42		2,798,248
	8,483,483	GNMA		3.500		05/20/42		8,866,086
	1,929,416	GNMA		4.000		05/20/42		2,045,973
	4,187,373	GNMA		3.500		07/15/42		4,372,072
	469,415	GNMA		2.125		07/20/42		481,017
	1,990,444	GNMA		3.500		07/20/42		2,080,214
	2,444,140	GNMA		3.000		08/20/42		2,492,510
	2,779,189	GNMA		3.500		08/20/42		2,909,384
	8,336,233	GNMA		3.500		08/20/42		8,712,206
	1,456,538	GNMA		6.000		08/20/42		1,655,556
	3,241,193	GNMA		3.500		10/20/42		3,387,376
	3,555,647	GNMA		3.000		11/20/42		3,628,212
	3,002,662	GNMA		3.000		12/20/42		3,051,499
	4,123,754	GNMA		3.000		12/20/42		4,209,188
	2,470,964	GNMA		3.000		01/15/43		2,512,693
	5,330,311	GNMA		3.000		01/15/43		5,438,811
	3,136,883	GNMA		3.000		01/20/43		3,202,842
	5,332,281	GNMA		3.000		02/20/43		5,446,052
	3,213,458	GNMA		3.000		02/20/43		3,268,505
	1,017,559	GNMA		3.000		04/15/43		1,038,206
	1,015,254	GNMA		5.000		04/20/43		1,103,756
	2,172,838	GNMA		3.000		05/20/43		2,219,201
	3,365,904	GNMA		3.000		06/20/43		3,437,724
	6,492,242	GNMA		3.500		06/20/43		6,796,399
	7,255,916	GNMA		3.000		07/20/43		7,410,742
	3,383,104	GNMA		3.500		07/20/43		3,535,701
	4,951,636	GNMA		3.500		09/20/43		5,174,996

147

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,885,958		GNMA		4.000	%	09/20/43	$	2,001,339
	1,692,206		GNMA		4.000		10/20/43		1,800,704
	918,058		GNMA		3.500		11/20/43		959,471
	2,057,520		GNMA		4.000		11/20/43		2,183,400
	1,734,233		GNMA		4.500		12/20/43		1,851,326
	1,824,802		GNMA		4.500		01/20/44		1,948,010
	2,409,086		GNMA		3.500		02/20/44		2,517,763
	3,444,253		GNMA		4.000		02/20/44		3,654,975
	3,493,634		GNMA		4.000		05/20/44		3,706,582
	3,634,524		GNMA		4.000		06/20/44		3,855,784
	10,191,457		GNMA		3.500		07/20/44		10,627,402
	2,745,569		GNMA		4.500		10/20/44		2,930,945
	7,377,949		GNMA		3.500		11/20/44		7,678,600
	9,713,729		GNMA		3.000		12/20/44		9,863,203
	23,937,935		GNMA		3.500		02/20/45		24,921,951
	10,346,355		GNMA		3.000		04/20/45		10,499,068
	10,941,939		GNMA		3.000		06/20/45		11,103,443
	11,355,717		GNMA		3.000		07/20/45		11,523,327
	21,003,560		GNMA		4.000		11/20/45		22,269,562
	11,621,461		GNMA		3.000		12/20/45		11,792,994
	10,668,995		GNMA		3.500		12/20/45		11,106,789
	13,060,856		GNMA		4.000		04/20/46		13,815,659
	8,469,330		GNMA		3.000		05/20/46		8,594,337
	36,873,482	h	GNMA		3.500		05/20/46		38,375,235
	13,097,370		GNMA		3.000		06/20/46		13,290,688
	8,374,744		GNMA		3.500		06/20/46		8,715,286
	17,383,061		GNMA		3.500		08/20/46		18,089,906
	9,269,001		GNMA		3.000		09/20/46		9,405,812
	39,404,371		GNMA		3.500		09/20/46		41,006,666
	9,531,316		GNMA		3.000		12/20/46		9,671,999
	9,599,156		GNMA		3.000		01/20/47		9,740,840
	14,161,108		GNMA		3.500		01/20/47		14,736,940
	8,760,810		GNMA		4.000		01/20/47		9,238,441
	28,878,929		GNMA		3.000		02/20/47		29,305,182
	28,655,877		GNMA		3.500		02/20/47		29,821,108
	24,300,359		GNMA		4.000		04/20/47		25,665,160
	19,692,707		GNMA		3.500		05/20/47		20,493,470
	9,911,759		GNMA		3.500		06/20/47		10,314,799
	20,084,369		GNMA		3.000		08/20/47		20,380,815
	24,949,052		GNMA		3.500		08/20/47		25,963,553
			TOTAL MORTGAGE BACKED						2,387,240,353
MUNICIPAL BONDS - 0.9%
	200,000		Alabama Economic Settlement Authority		4.263		09/15/32		211,678
	300,000		American Municipal Power		7.834		02/15/41		458,337
	500,000		American Municipal Power		6.270		02/15/50		657,850
	500,000		Bay Area Toll Authority		6.263		04/01/49		719,145
	200,000		California State University		3.899		11/01/47		205,026
	720,000		Central Puget Sound Regional Transit Authority		5.491		11/01/39		912,038
	250,000		City of Chicago IL		7.375		01/01/33		286,992
	300,000		City of Chicago IL		5.432		01/01/42		288,816
	750,000		City Public Service Board of San Antonio TX		5.808		02/01/41		979,147

148

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	150,000	Colorado Bridge Enterprise		6.078	%	12/01/40	$	193,095
	200,000	Commonwealth Financing Authority		4.014		06/01/33		207,124
	100,000	Commonwealth Financing Authority		4.144		06/01/38		104,392
	200,000	Commonwealth of Massachusetts		4.200		12/01/21		211,124
	500,000	Commonwealth of Massachusetts		5.731		06/01/40		646,185
	100,000	Commonwealth of Massachusetts		3.277		06/01/46		95,763
	195,000	Commonwealth of Pennsylvania		5.850		07/15/30		211,864
	200,000	County of Clark NV		6.820		07/01/45		292,688
	350,000	Denver City & County School District No		4.242		12/15/37		367,836
	200,000	District of Columbia		5.591		12/01/34		248,386
	100,000	East Baton Rouge Sewerage Commission		6.087		02/01/45		107,858
	200,000	Energy Northwest		2.814		07/01/24		202,234
	500,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		509,625
	200,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		200,856
	200,000	Florida State Board of Administration Finance Corp		2.638		07/01/21		201,058
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		199,366
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.086		09/15/51		176,242
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.652		08/15/57		197,064
	12,962	Kentucky Asset Liability Commission		3.165		04/01/18		13,059
	630,000	Los Angeles Unified School District		5.750		07/01/34		806,016
	100,000	Massachusetts School Building Authority		5.715		08/15/39		126,262
	200,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd		4.053		07/01/26		208,142
	100,000	Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		134,032
	940,000	Metropolitan Transportation Authority		6.648		11/15/39		1,279,331
	650,000	Metropolitan Transportation Authority		7.336		11/15/39		987,298
	500,000	Missouri Highway & Transportation Commission		5.445		05/01/33		598,065
	250,000	Municipal Electric Authority of Georgia		6.637		04/01/57		315,935
	500,000	Municipal Electric Authority of Georgia		6.655		04/01/57		620,915
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,180,862
	335,000	New Jersey State Turnpike Authority		7.414		01/01/40		505,123
	1,000,000	New Jersey State Turnpike Authority		7.102		01/01/41		1,459,720
	800,000	New Jersey Transportation Trust Fund Authority		5.754		12/15/28		898,832
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		378,126
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		730,107
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,199,198
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		644,560
	600,000	New York State Dormitory Authority		5.289		03/15/33		705,564
	130,000	New York State Dormitory Authority		5.628		03/15/39		163,718
	545,000	New York State Dormitory Authority		5.600		03/15/40		693,425
	400,000	New York State Urban Development Corp		5.838		03/15/40		500,848
	100,000	Ohio State University		4.910		06/01/40		119,701
	500,000	Ohio State University		3.798		12/01/46		512,740
	200,000	Ohio State University		4.048		12/01/56		209,522
	675,000	Ohio State Water Development Authority		4.879		12/01/34		781,083
	750,000	Oregon School Boards Association		4.759		06/30/28		830,272
	250,000	Oregon School Boards Association		5.680		06/30/28		297,527
	100,000	Oregon State Department of Transportation		5.834		11/15/34		128,278
	200,000	Port Authority of New York & New Jersey		6.040		12/01/29		257,010

149

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Port Authority of New York & New Jersey		5.647	%	11/01/40	$	647,230
	300,000	Port Authority of New York & New Jersey		4.823		06/01/45		322,575
	1,000,000	Port Authority of New York & New Jersey		5.310		08/01/46		1,102,080
	400,000	Port Authority of New York & New Jersey		4.229		10/15/57		429,920
	200,000	Port Authority of New York & New Jersey		4.810		10/15/65		232,910
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		118,850
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		975,496
	500,000	South Carolina Public Service Authority		2.388		12/01/23		467,655
	600,000	State of California		6.200		10/01/19		651,894
	645,000	State of California		5.700		11/01/21		725,935
	250,000	State of California		7.500		04/01/34		363,232
	1,285,000	State of California		7.550		04/01/39		1,970,676
	3,400,000	State of California		7.300		10/01/39		4,997,932
	2,740,000	State of California		7.625		03/01/40		4,198,612
	200,000	State of California Department of Water Resources Power Supply Revenue		2.000		05/01/22		197,340
	300,000	State of Connecticut		5.090		10/01/30		330,717
	620,000	State of Connecticut		5.850		03/15/32		747,150
	5,950,000	State of Illinois		5.100		06/01/33		6,017,235
	1,295,000	State of Illinois		6.725		04/01/35		1,457,522
	500,000	State of Illinois		5.650		12/01/38		519,300
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		565,655
	272,060	State of Oregon		5.762		06/01/23		304,394
	600,000	State of Texas		4.631		04/01/33		678,108
	50,000	State of Texas		5.517		04/01/39		64,269
	1,000,000	State of Texas		4.681		04/01/40		1,172,160
	575,000	State of Texas Transportation Commission		5.028		04/01/26		656,144
	500,000	State of Utah		3.539		07/01/25		529,960
	200,000	State of Washington		5.090		08/01/33		236,046
	200,000	State of Wisconsin		3.154		05/01/27		202,508
	200,000	State of Wisconsin		3.954		05/01/36		205,250
	604,000	State Public School Building Authority		5.000		09/15/27		662,799
	100,000	Sumter Landing Community Development District		4.172		10/01/47		104,404
	2,000,000	Tennessee Valley Authority		4.500		04/01/18		2,031,870
	300,000	Tennessee Valley Authority		1.750		10/15/18		300,988
	750,000	Tennessee Valley Authority		3.875		02/15/21		799,444
	750,000	Tennessee Valley Authority		2.875		09/15/24		776,363
	200,000	Tennessee Valley Authority		2.875		02/01/27		205,098
	500,000	Tennessee Valley Authority		5.880		04/01/36		690,487
	500,000	Tennessee Valley Authority		5.500		06/15/38		669,365
	4,300,000	Tennessee Valley Authority		3.500		12/15/42		4,501,369
	1,750,000	Tennessee Valley Authority		4.625		09/15/60		2,119,422
	300,000	Tennessee Valley Authority		4.250		09/15/65		341,215
	500,000	University of California		1.796		07/01/19		500,205
	200,000	University of California		3.063		07/01/25		204,918
	200,000	University of California		5.770		05/15/43		256,086
	200,000	University of California		3.931		05/15/45		202,568
	200,000	University of California		4.131		05/15/45		207,218
	860,000	University of California		4.858		05/15/12		926,917
	200,000	University of California		4.767		05/15/15		209,760
	100,000	University of Pennsylvania		4.674		09/01/12		109,925

150

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	University of Southern California		3.028	%	10/01/39	$	280,853
	200,000	University of Southern California		3.841		10/01/47		208,833
	200,000	University of Southern California		5.250		10/01/11		244,262
	700,000	University of Texas		4.794		08/15/46		845,110
	200,000	University of Texas System		3.852		08/15/46		215,410
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		179,471
		TOTAL MUNICIPAL BONDS						75,260,175
U.S. TREASURY SECURITIES - 36.1%
	9,000,000	United States Treasury Bond		5.250		11/15/28		11,538,281
	26,060,000	United States Treasury Bond		5.250		02/15/29		33,531,891
	21,250,000	United States Treasury Bond		4.500		02/15/36		27,317,871
	6,400,000	United States Treasury Bond		5.000		05/15/37		8,742,500
	4,644,000	United States Treasury Bond		4.375		02/15/38		5,898,243
	61,983,000	United States Treasury Bond		3.500		02/15/39		69,943,942
	18,850,000	United States Treasury Bond		4.375		11/15/39		23,974,844
	12,585,000	United States Treasury Bond		3.875		08/15/40		14,958,944
	11,185,000	United States Treasury Bond		4.250		11/15/40		14,028,874
	26,350,000	United States Treasury Bond		4.375		05/15/41		33,683,740
	10,000,000	United States Treasury Bond		3.750		08/15/41		11,680,859
	13,300,000	United States Treasury Bond		3.125		11/15/41		14,062,672
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,809,315
	22,000,000	United States Treasury Bond		3.000		05/15/42		22,743,359
	10,000,000	United States Treasury Bond		2.750		08/15/42		9,873,828
	4,000,000	United States Treasury Bond		2.750		11/15/42		3,945,938
	10,250,000	United States Treasury Bond		2.875		05/15/43		10,325,273
	6,500,000	United States Treasury Bond		3.625		08/15/43		7,453,164
	2,000,000	United States Treasury Bond		3.750		11/15/43		2,342,734
	7,615,000	United States Treasury Bond		3.625		02/15/44		8,745,054
	2,500,000	United States Treasury Bond		3.375		05/15/44		2,754,102
	14,000,000	United States Treasury Bond		3.125		08/15/44		14,759,609
	16,750,000	United States Treasury Bond		3.000		11/15/44		17,248,574
	16,000,000	United States Treasury Bond		2.500		02/15/45		14,913,750
	22,000,000	United States Treasury Bond		3.000		05/15/45		22,638,516
	16,000,000	United States Treasury Bond		2.875		08/15/45		16,061,875
	10,750,000	United States Treasury Bond		3.000		11/15/45		11,055,703
	22,000,000	United States Treasury Bond		2.500		02/15/46		20,449,688
	27,000,000	United States Treasury Bond		2.500		05/15/46		25,073,086
	10,000,000	United States Treasury Bond		2.250		08/15/46		8,786,719
	18,300,000	United States Treasury Bond		2.875		11/15/46		18,348,609
	28,000,000	United States Treasury Bond		3.000		02/15/47		28,782,031
	3,500,000	United States Treasury Bond		3.000		05/15/47		3,598,848
	19,500,000	United States Treasury Bond		2.750		08/15/47		19,062,773
	8,500,000	United States Treasury Note		0.750		10/31/17		8,498,045
	7,862,000	United States Treasury Note		2.375		05/31/18		7,918,201
	15,000,000	United States Treasury Note		1.375		07/31/18		15,004,688
	13,065,000	United States Treasury Note		2.250		07/31/18		13,161,967
	40,350,000	United States Treasury Note		1.500		08/31/18		40,397,285

151

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	22,000,000	United States Treasury Note		1.375	%	09/30/18	$	21,998,281
	28,000,000	United States Treasury Note		1.250		10/31/18		27,958,437
	5,000,000	United States Treasury Note		1.000		11/30/18		4,977,148
	11,000,000	United States Treasury Note		1.250		11/30/18		10,981,094
	10,000,000	United States Treasury Note		0.750		02/15/19		9,908,594
	30,000,000	United States Treasury Note		1.500		02/28/19		30,025,781
	11,000,000	United States Treasury Note		1.625		03/31/19		11,030,937
	40,750,000	United States Treasury Note		1.500		05/31/19		40,786,611
	40,000,000	United States Treasury Note		1.625		06/30/19		40,109,375
	18,000,000	United States Treasury Note		1.625		07/31/19		18,049,922
	9,000,000	United States Treasury Note		1.250		08/31/19		8,960,625
	50,500,000	United States Treasury Note		1.625		08/31/19		50,640,059
	10,000,000	United States Treasury Note		0.875		09/15/19		9,883,203
	38,500,000	United States Treasury Note		1.750		09/30/19		38,692,500
	10,000,000	United States Treasury Note		1.000		10/15/19		9,900,391
	29,000,000	United States Treasury Note		1.500		10/31/19		28,996,601
	57,000,000	United States Treasury Note		1.500		11/30/19		56,984,414
	33,500,000	United States Treasury Note		1.625		12/31/19		33,570,664
	78,500,000	United States Treasury Note		1.375		02/29/20		78,159,629
	5,000,000	United States Treasury Note		1.375		03/31/20		4,975,977
	20,000,000	United States Treasury Note		1.375		04/30/20		19,896,094
	50,000,000	United States Treasury Note		1.500		05/31/20		49,880,860
	38,000,000	United States Treasury Note		1.500		06/15/20		37,910,938
	45,000,000	United States Treasury Note		1.625		06/30/20		45,028,125
	22,500,000	United States Treasury Note		1.625		07/31/20		22,507,031
	4,000,000	United States Treasury Note		2.000		07/31/20		4,042,500
	5,342,000	United States Treasury Note		2.625		08/15/20		5,492,452
	34,000,000	United States Treasury Note		1.375		08/31/20		33,759,609
	20,000,000	United States Treasury Note		1.375		09/15/20		19,857,812
	30,000,000	United States Treasury Note		1.375		09/30/20		29,771,484
	6,000,000	United States Treasury Note		2.000		09/30/20		6,062,578
	40,000,000	United States Treasury Note		1.375		10/31/20		39,660,938
	50,000,000	United States Treasury Note		1.625		11/30/20		49,917,969
	5,000,000	United States Treasury Note		2.000		11/30/20		5,049,609
	25,000,000	United States Treasury Note		1.750		12/31/20		25,041,015
	48,500,000	United States Treasury Note		1.375		01/31/21		47,977,109
	5,900,000	United States Treasury Note		3.625		02/15/21		6,272,668
	16,000,000	United States Treasury Note		1.125		02/28/21		15,683,750
	10,000,000	United States Treasury Note		2.000		02/28/21		10,094,141
	50,000,000	United States Treasury Note		1.250		03/31/21		49,175,781
	55,000,000	United States Treasury Note		1.375		04/30/21		54,291,016
	65,000,000	United States Treasury Note		1.375		05/31/21		64,101,172
	25,000,000	United States Treasury Note		1.125		06/30/21		24,414,063
	39,000,000	United States Treasury Note		1.125		07/31/21		38,038,711
	27,610,000	United States Treasury Note		2.125		08/15/21		27,954,047
	40,000,000	United States Treasury Note		1.125		08/31/21		38,973,438
	30,185,000	United States Treasury Note		1.125		09/30/21		29,382,032
	50,000,000	United States Treasury Note		1.250		10/31/21		48,867,188
	13,379,100	United States Treasury Note		8.000		11/15/21		16,666,387
	57,000,000	United States Treasury Note		1.750		11/30/21		56,786,250
	51,700,000	United States Treasury Note		2.000		12/31/21		52,002,930
	24,300,000	United States Treasury Note		1.875		01/31/22		24,303,797

152

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	60,000,000	United States Treasury Note		1.875	%	02/28/22	$	59,997,656
	3,000,000	United States Treasury Note		1.750		03/31/22		2,982,070
	51,000,000	United States Treasury Note		1.875		03/31/22		50,964,141
	92,000,000	United States Treasury Note		1.875		04/30/22		91,885,000
	33,000,000	United States Treasury Note		1.750		05/31/22		32,773,125
	30,000,000	United States Treasury Note		1.750		06/30/22		29,772,656
	63,000,000	United States Treasury Note		1.875		07/31/22		62,842,500
	55,000,000	United States Treasury Note		1.625		08/31/22		54,226,563
	10,500,000	United States Treasury Note		1.625		11/15/22		10,334,297
	12,000,000	United States Treasury Note		2.500		08/15/23		12,305,625
	11,000,000	United States Treasury Note		1.375		08/31/23		10,580,195
	13,000,000	United States Treasury Note		2.750		11/15/23		13,507,305
	20,000,000	United States Treasury Note		2.125		11/30/23		20,053,906
	15,000,000	United States Treasury Note		2.250		01/31/24		15,125,977
	25,000,000	United States Treasury Note		2.125		03/31/24		24,994,141
	26,000,000	United States Treasury Note		2.500		05/15/24		26,581,953
	15,000,000	United States Treasury Note		1.875		08/31/24		14,726,367
	42,005,000	United States Treasury Note		2.250		11/15/24		42,198,617
	14,000,000	United States Treasury Note		2.000		02/15/25		13,803,125
	37,000,000	United States Treasury Note		2.125		05/15/25		36,748,515
	37,000,000	United States Treasury Note		2.000		08/15/25		36,351,055
	30,000,000	United States Treasury Note		2.250		11/15/25		29,985,938
	44,500,000	United States Treasury Note		1.625		02/15/26		42,287,168
	30,000,000	United States Treasury Note		1.625		05/15/26		28,442,578
	25,000,000	United States Treasury Note		1.500		08/15/26		23,399,414
	15,600,000	United States Treasury Note		2.000		11/15/26		15,195,375
	27,000,000	United States Treasury Note		2.250		02/15/27		26,824,922
	27,000,000	United States Treasury Note		2.375		05/15/27		27,100,195
	40,500,000	United States Treasury Note		2.250		08/15/27		40,205,742
		TOTAL U.S. TREASURY SECURITIES						3,079,765,253
		TOTAL GOVERNMENT BONDS						6,048,727,595
		(Cost $6,028,074,217)
STRUCTURED ASSETS - 2.3%
ASSET BACKED - 0.8%
	291,792	American Airlines Pass Through Trust		4.950		01/15/23		312,605
	400,521	American Airlines Pass Through Trust		4.000		07/15/25		419,946
	257,349	American Airlines Pass Through Trust		3.700		10/01/26		265,713
	271,177	American Airlines Pass Through Trust		3.375		05/01/27		273,211
	185,796	American Airlines Pass Through Trust		3.600		09/22/27		191,565
	190,319	American Airlines Pass Through Trust		3.575		01/15/28		196,028
	170,450	American Airlines Pass Through Trust		3.200		06/15/28		170,501
	300,000	American Airlines Pass Through Trust		3.650		02/15/29		308,550
	1,885,000	American Express Credit Account Master Trust		1.930		09/15/22		1,887,324
		Series - 2017 1 (Class A)
	414,685	AmeriCredit Automobile Receivables Trust		2.420		05/08/19		414,758
		Series - 2013 2 (Class D)
	27,025	AmeriCredit Automobile Receivables Trust		2.380		06/10/19		27,034
		Series - 2013 3 (Class C)
	3,000,000	AmeriCredit Automobile Receivables Trust		2.510		01/08/21		3,021,088
		Series - 2015 1 (Class C)

153

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,565,000		AmeriCredit Automobile Receivables Trust		2.730	%	03/08/21	$	1,580,264
			Series - 2015 3 (Class C)
	955,000		AmeriCredit Automobile Receivables Trust		1.830		12/08/21		947,998
			Series - 2016 4 (Class B)
	1,000,000		BMW Vehicle Lease Trust		2.180		06/22/20		1,004,233
			Series - 2017 1 (Class A4)
	1,200,000		Capital One Multi-Asset Execution Trust		2.080		03/15/23		1,204,197
			Series - 2015 A2 (Class A2)
	1,000,000		CarMax Auto Owner Trust		1.520		02/16/21		997,872
			Series - 2016 2 (Class A3)
	118,865		CenterPoint Energy Transition		3.460		08/15/19		119,398
			Series - 0 1 (Class A2)
	434,983		CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		450,301
			Series - 2005 A (Class A5)
	593,279		CenterPoint Energy Transition Bond Co LLC		2.161		10/15/21		595,860
			Series - 2012 1 (Class A2)
	1,470,000		Chase Issuance Trust		1.370		06/15/21		1,460,153
			Series - 2016 A2 (Class A)
	2,500,000		Chase Issuance Trust		1.270		07/15/21		2,477,787
			Series - 2016 A5 (Class A5)
	1,600,000		Chase Issuance Trust		1.840		04/15/22		1,598,623
			Series - 2015 A4 (Class A4)
	1,000,000		Chase Issuance Trust		2.770		03/15/23		1,023,255
			Series - 2014 A2 (Class A2)
	1,000,000		Chase Issuance Trust		2.160		09/16/24		998,174
			Series - 2012 A7 (Class A7)
	310,000		CitiBank Credit Card Issuance Trust		5.350		02/07/20		314,342
			Series - 2008 A1 (Class A1)
	2,000,000		CitiBank Credit Card Issuance Trust		2.150		07/15/21		2,012,990
			Series - 2014 A6 (Class A6)
	2,000,000		CitiBank Credit Card Issuance Trust		2.880		01/23/23		2,054,839
			Series - 0 A1 (Class A1)
	1,250,000		CitiBank Credit Card Issuance Trust		2.190		11/20/23		1,251,532
			Series - 2016 A2 (Class A2)
	650,000	i	CSAIL Commercial Mortgage Trust		4.911		01/15/49		678,962
			Series - 2016 C6 (Class C)
	500,000		CSAIL Commercial Mortgage Trust		2.608		11/15/49		497,167
			Series - 2016 C7 (Class A3)
	1,250,000		CSAIL Commercial Mortgage Trust		2.970		04/15/50		1,269,537
			Series - 2015 C1 (Class A2)
	1,000,000		Discover Card Execution Note Trust		2.120		12/15/21		1,005,766
			Series - 2014 A4 (Class A4)
	3,500,000		Discover Card Execution Note Trust		1.880		02/15/23		3,492,083
			Series - 2017 A6 (Class A6)
	8,193		FHLMC Multifamily Structured Pass Through Certificates		3.342		12/25/19		8,218
			Series - 2010 K007 (Class A1)
	1,940,748		FHLMC Multifamily Structured Pass Through Certificates		1.459		09/25/21		1,924,696
			Series - 2012 K019 (Class A1)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		2.307		08/25/22		3,002,036
			Series - 2012 K023 (Class A2)

154

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	344,977		FHLMC Multifamily Structured Pass Through Certificates		2.779	%	09/25/22	$	351,133
			Series - 2013 K030 (Class A1)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		504,304
			Series - 2013 K026 (Class A2)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637		01/25/23		507,020
			Series - 2013 K027 (Class A2)
	75,460		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		76,775
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		3,101,078
			Series - 2013 K033 (Class A2)
	1,750,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		1,852,661
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,588,684
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		3,080,709
			Series - 2015 K045 (Class A2)
	1,135,000		Ford Credit Floorplan Master Owner Trust A		1.950		11/15/21		1,135,283
			Series - 2016 5 (Class A1)
	1,000,000		GM Financial Automobile Leasing Trust		1.620		09/20/19		999,643
			Series - 2016 2 (Class A3)
	227,000		Hyundai Auto Receivables Trust		2.100		11/15/19		227,835
			Series - 2014 B (Class C)
	1,500,000		Hyundai Auto Receivables Trust		1.770		01/18/22		1,496,942
			Series - 2017 B (Class A3)
	2,000,000		Hyundai Auto Receivables Trust		2.300		07/15/22		2,009,201
			Series - 2015 B (Class C)
	1,500,000		Hyundai Auto Receivables Trust		1.960		02/15/23		1,493,495
			Series - 2017 B (Class A4)
	950,000		Mercedes-Benz Auto Receivables Trust		1.260		02/16/21		944,854
			Series - 2016 1 (Class A3)
	1,000,000		Nissan Auto Receivables Owner Trust		1.180		01/15/21		992,722
			Series - 2016 C (Class A3)
	10,519		Residential Funding Mortgage Securities II, Inc (Step Bond)		6.060		02/25/36		11,010
			Series - 2006 HI1 (Class M2)
	544,741		Santander Drive Auto Receivables Trust		2.360		04/15/20		545,583
			Series - 2014 2014-1 (Class C)
	511,586		Santander Drive Auto Receivables Trust		2.460		06/15/20		513,567
			Series - 2014 5 (Class C)
	910,000		Santander Drive Auto Receivables Trust		3.090		04/15/22		920,186
			Series - 2016 1 (Class C)
	255,697		United Airlines Pass Through Trust		4.300		08/15/25		271,563
			Series - 0 2013-1 Cl (Class )
	265,589		United Airlines Pass Through Trust		3.750		09/03/26		275,044
			Series - 0 2014-2 Cl (Class )

155

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	190,330		United Airlines Pass Through Trust		3.450	%	12/01/27	$	194,841
	200,000		United Airlines Pass Through Trust		3.100		07/07/28		199,714
	200,000		United Airlines Pass Through Trust		3.450		07/07/28		202,750
	400,000		United Airlines Pass Through Trust		2.875		10/07/28		392,760
	147,653		US Airways Pass Through Trust		4.625		06/03/25		157,989
	241,665		US Airways Pass Through Trust		3.950		11/15/25		252,250
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,756
			Series - 2010 VNO (Class A2FX)
	1,215,000		World Financial Network Credit Card Master Trust		2.550		06/17/24		1,228,912
			Series - 2015 B (Class A)
	1,060,000		World Omni Auto Receivables Trust		1.680		12/15/20		1,060,419
			Series - 2014 B (Class A4)
			TOTAL ASSET BACKED						66,063,289
OTHER MORTGAGE BACKED - 1.5%
	3,000,000		Barclays Commercial Mortgage Trust		3.674		02/15/50		3,132,233
			Series - 2017 C1 (Class A4)
	37,373		Bear Stearns Commercial Mortgage Securities		5.700		06/11/50		37,357
			Series - 2007 PW18 (Class A4)
	1,000,000	i	CD Commercial Mortgage Trust		3.526		11/10/49		1,033,553
			Series - 2016 CD2 (Class A4)
	2,000,000		CD Commercial Mortgage Trust		3.631		02/10/50		2,082,185
			Series - 2017 CD3 (Class A4)
	1,000,000		CD Commercial Mortgage Trust		3.025		08/15/50		1,024,618
			Series - 2017 CD5 (Class A2)
	2,500,000		CD Commercial Mortgage Trust		3.431		08/15/50		2,555,953
			Series - 2017 CD5 (Class A4)
	1,000,000	i	CD Mortgage Trust		3.684		08/15/50		1,026,600
			Series - 2017 CD5 (Class AS)
	749,888		Citigroup Commercial Mortgage Trust		1.987		04/10/46		750,646
			Series - 2013 2013-GC11 (Class A2)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,080,035
			Series - 2013 2013-GC11 (Class AS)
	255,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		272,188
			Series - 2014 2014-GC19 (Class A4)
	440,887		Citigroup Commercial Mortgage Trust		3.622		07/10/47		460,495
			Series - 2014 GC23 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		520,900
			Series - 2014 2014-GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		1,006,998
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		1,015,581
			Series - 2015 GC27 (Class AS)
	1,000,000		Citigroup Commercial Mortgage Trust		3.616		02/10/49		1,037,275
			Series - 2016 GC36 (Class A5)
	2,000,000		Citigroup Commercial Mortgage Trust		3.314		04/10/49		2,029,215
			Series - 2016 GC37 (Class A4)
	500,000	i	Citigroup Commercial Mortgage Trust		3.576		04/10/49		502,032
			Series - 2016 GC37 (Class AS)
	1,500,000		Citigroup Commercial Mortgage Trust		2.832		08/10/49		1,464,692
			Series - 2016 C2 (Class A4)

156

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	48,964	i	Citigroup Commercial Mortgage Trust		6.427	%	12/10/49	$	48,940
			Series - 2008 2008-C7 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.465		09/15/50		1,022,773
			Series - 2017 P8 (Class A4)
	1,480,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		1,556,789
			Series - 2015 GC33 (Class A4)
	580,000		COMM Mortgage Trust		4.063		12/10/44		610,350
			Series - 2012 LC4 (Class AM)
	471,155		COMM Mortgage Trust		2.752		08/15/45		477,439
			Series - 2012 CR2 (Class ASB)
	529,281		COMM Mortgage Trust		1.906		01/10/46		529,255
			Series - 2013 LC6 (Class A2)
	400,000		COMM Mortgage Trust		2.941		01/10/46		405,532
			Series - 2013 LC6 (Class A4)
	524,000		COMM Mortgage Trust		3.213		03/10/46		538,065
			Series - 0 CR7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,070,312
			Series - 2013 CR12 (Class A4)
	2,000,000		COMM Mortgage Trust		3.039		11/12/46		2,025,850
			Series - 2013 CR13 (Class A2)
	1,000,000		COMM Mortgage Trust		2.928		02/10/47		1,012,471
			Series - 2014 CR15 (Class A2)
	500,000		COMM Mortgage Trust		3.961		03/10/47		529,649
			Series - 2014 A5 (Class A5)
	970,362		COMM Mortgage Trust		2.840		04/10/47		982,153
			Series - 2014 LC15 (Class A2)
	1,000,000		COMM Mortgage Trust		4.051		04/10/47		1,067,639
			Series - 2014 CR16 (Class A4)
	1,000,000		COMM Mortgage Trust		3.819		06/10/47		1,052,207
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,043,825
			Series - 2014 UBS4 (Class A5)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		1,038,361
			Series - 2014 CR20 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.339		12/10/47		1,047,036
			Series - 2014 CR21 (Class B)
	2,250,000		COMM Mortgage Trust		3.183		02/10/48		2,277,955
			Series - 2015 LC19 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.404		02/10/48		1,013,050
			Series - 2015 LC19 (Class C)
	1,700,000		COMM Mortgage Trust		3.708		07/10/48		1,779,126
			Series - 2015 LC21 (Class A4)
	1,000,000		COMM Mortgage Trust		3.432		08/10/48		1,023,372
			Series - 2015 CR24 (Class A4)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,050,399
			Series - 2015 CR25 (Class A4)
	1,500,000		COMM Mortgage Trust		3.221		10/10/48		1,536,734
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/48		1,570,223
			Series - 2015 LC23 (Class A4)
	300,000	i	COMM Mortgage Trust		6.267		12/10/49		299,691
			Series - 2008 LS1 (Class ASM)
	500,000		COMM Mortgage Trust		4.258		08/10/50		540,553
			Series - 2013 CR11 (Class A4)

157

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		DBJPM		2.691	%	05/10/49	$	2,020,599
			Series - 2016 C1 (Class A2)
	3,500,000		DBJPM		3.276		05/10/49		3,558,957
			Series - 2016 C1 (Class A4)
	1,000,000		DBJPM		3.539		05/10/49		1,011,941
			Series - 2016 C1 (Class AM)
	368,326		GS Mortgage Securities Corp II		3.314		01/10/45		374,761
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		304,603
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		304,383
			Series - 2013 GC10 (Class AS)
	800,000		GS Mortgage Securities Corp II		3.382		05/10/50		820,147
			Series - 2015 GC30 (Class A4)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,811,379
			Series - 2011 GC5 (Class A4)
	498,119		GS Mortgage Securities Trust		3.482		01/10/45		518,453
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		207,446
			Series - 0 GCJ7 (Class B)
	27,819		GS Mortgage Securities Trust		1.840		02/10/46		27,817
			Series - 2013 GC10 (Class A2)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		511,198
			Series - 2013 GC12 (Class A4)
	511,000		GS Mortgage Securities Trust		3.813		11/10/46		537,144
			Series - 2013 GC16 (Class AAB)
	178,443		GS Mortgage Securities Trust		2.924		01/10/47		180,482
			Series - 2014 GC18 (Class A2)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,068,110
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,538,859
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,918,443
			Series - 2015 GC28 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.178		11/10/49		1,510,331
			Series - 2016 GS4 (Class A3)
	1,350,000	i	GS Mortgage Securities Trust		3.924		11/10/49		1,337,918
			Series - 2016 GS4 (Class C)
	1,000,000		GS Mortgage Securities Trust		2.945		08/10/50		1,020,958
			Series - 2017 GS7 (Class A2)
	1,500,000		GS Mortgage Securities Trust		3.430		08/10/50		1,530,472
			Series - 2017 GS7 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		96,718
			Series - 2009 IWST (Class A2)
	1,289		JP Morgan Chase Commercial Mortgage Securities Corp		5.115		07/15/41		1,288
			Series - 2004 LN2 (Class A2)
	1,690	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.138		04/17/45		1,689
			Series - 2006 LDP7 (Class AM)

158

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.307	%	05/15/45	$	307,855
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		311,139
			Series - 2012 CBX (Class A4)
	500,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		532,506
			Series - 2013 C13 (Class A4)
	414,135		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		438,207
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		536,577
			Series - 2013 C16 (Class A4)
	413,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		417,718
			Series - 2013 C10 (Class ASB)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		303,182
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		511,611
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		582,994
			Series - 2013 C10 (Class AS)
	1,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.822		08/15/49		981,079
			Series - 2016 JP2 (Class A4)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.801		09/15/47		525,921
			Series - 2014 C22 (Class A4)
	1,500,000		JPMBB Commercial Mortgage Securities Trust		2.940		11/15/47		1,524,207
			Series - 2014 C24 (Class A2)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.322		07/15/48		2,071,072
			Series - 2015 C30 (Class A3)
	2,700,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		2,739,405
			Series - 2015 C28 (Class A4)
	1,100,000		JPMBB Commercial Mortgage Securities Trust		3.532		10/15/48		1,108,339
			Series - 2015 C28 (Class AS)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,099,630
			Series - 2015 C33 (Class A4)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		1,036,832
			Series - 2016 C1 (Class A5)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.970		03/15/49		520,581
			Series - 2016 C1 (Class AS)
	500,000	i	JPMBB Commercial Mortgage Securities Trust		4.905		03/15/49		536,516
			Series - 2016 C1 (Class B)
	1,000,000		JPMCC Commercial Mortgage Securities Trust		3.038		09/15/50		1,022,873
			Series - 2017 JP7 (Class A2)
	2,500,000		JPMCC Commercial Mortgage Securities Trust		3.454		09/15/50		2,564,883
			Series - 2017 JP7 (Class A5)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust		3.990		06/15/49		1,027,929
			Series - 2016 C2 (Class B)

159

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	154,028	i	LB-UBS Commercial Mortgage Trust		5.452	%	09/15/39	$	123,059
			Series - 2006 C6 (Class AJ)
	184,248	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		184,192
			Series - 2007 C6 (Class AM)
	164,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		164,954
			Series - 2012 2012-C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		61,029
			Series - 2013 2013-C7 (Class A4)
	750,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		760,976
			Series - 2013 2013-C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		510,173
			Series - 2013 2013-C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		241,043
			Series - 2013 2013-C9 (Class B)
	200,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		209,432
			Series - 2013 2013-C12 (Class ASB)
	388,879		Morgan Stanley Bank of America Merrill Lynch Trust		2.916		02/15/47		393,899
			Series - 2014 2014-C14 (Class A2)
	567,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.669		02/15/47		590,114
			Series - 2014 2014-C14 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,309,813
			Series - 2014 2014-C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,111,383
			Series - 2014 2014-C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,548,033
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		1,021,041
			Series - 2015 C22 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732		05/15/48		1,049,321
			Series - 2015 C24 (Class A4)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.599		05/15/50		2,069,553
			Series - 2017 C33 (Class A5)
	216,665		Morgan Stanley Capital I Trust		5.569		12/15/44		216,862
			Series - 2007 HQ13 (Class A3)
	1,250,000		Morgan Stanley Capital I Trust		3.244		03/15/45		1,288,476
			Series - 2012 C4 (Class A4)
	535,000		Morgan Stanley Capital I Trust		3.594		03/15/49		554,215
			Series - 2016 UBS9 (Class A4)
	44,906		Morgan Stanley Capital I Trust		4.770		07/15/56		44,865
			Series - 0 IQ9 (Class AJ)
	67,601	i	TIAA Seasoned Commercial Mortgage Trust		5.475		08/15/39		68,218
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,534,837
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		515,948
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,041,751
			Series - 2012 C2 (Class A4)
	357,264		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		369,898
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		108,601
			Series - 2012 C1 (Class B)

160

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		UBS Commercial Mortgage Trust		2.998	%	08/15/50	$	1,021,581
			Series - 2017 C3 (Class A2)
	1,500,000		UBS Commercial Mortgage Trust		3.426		08/15/50		1,531,436
			Series - 2017 C3 (Class A4)
	1,000,000	i	UBS Commercial Mortgage Trust		3.739		08/15/50		1,017,706
			Series - 2017 C3 (Class AS)
	1,000,000	h	UBS Commercial Mortgage Trust		3.147		10/15/50		1,029,980
			Series - 2017 C4 (Class A2)
	875,000	i	Wells Fargo Commercial Mortgage Trust		3.872		05/15/48		905,187
			Series - 2015 C28 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695		11/15/48		2,091,556
			Series - 2015 C31 (Class A4)
	480,000	i	Wells Fargo Commercial Mortgage Trust		4.224		12/15/48		499,676
			Series - 2015 NXS4 (Class B)
	2,000,000		Wells Fargo Commercial Mortgage Trust		2.652		08/15/49		1,935,676
			Series - 2016 BNK1 (Class A3)
	500,000		Wells Fargo Commercial Mortgage Trust		2.967		08/15/49		475,981
			Series - 2016 BNK1 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		3.377		11/15/49		998,352
			Series - 2016 NXS6 (Class AS)
	117,000		Wells Fargo Commercial Mortgage Trust		3.896		03/15/59		115,723
			Series - 2016 C33 (Class C)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.981		06/15/45		255,426
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		409,186
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		787,950
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		620,408
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		506,542
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,060,233
			Series - 2014 C19 (Class B)
	3,000,000		WF-RBS Commercial Mortgage Trust		3.635		05/15/47		3,113,597
			Series - 2014 C20 (Class A3)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		513,759
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						131,079,098
			TOTAL STRUCTURED ASSETS						197,142,387
			(Cost $196,468,397)
			TOTAL BONDS						8,458,454,349
			(Cost $8,376,969,536)

161

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.4%
$	25,000,000	Federal Home Loan Bank (FHLB)		0.700	%	10/02/17	$	25,000,000
	14,545,000	FHLB		1.001		10/11/17		14,541,393
		TOTAL GOVERNMENT AGENCY DEBT						39,541,393
TREASURY DEBT - 0.5%
	14,080,000	United States Treasury Bill		0.920		10/05/17		14,079,152
	12,270,000	United States Treasury Bill		0.961		10/12/17		12,266,861
	15,540,000	United States Treasury Bill		0.932		10/26/17		15,530,288
		TOTAL TREASURY DEBT						41,876,301
		TOTAL SHORT-TERM INVESTMENTS						81,417,694
		(Cost $81,415,388)
		TOTAL INVESTMENTS - 100.3%						8,539,872,043
		(Cost $8,458,384,924)
		OTHER ASSETS & LIABILITIES, NET - (0.3)%						(28,138,944	)
		NET ASSETS - 100.0%					$	8,511,733,099

	Abbreviation(s):
DGS1	1-Year Treasury Constant Maturity Rate
ISR	Intercontinental Exchange Swap Rate
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
Y	Year
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $52,643,325 or 0.6% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon

162

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2017

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 3.6%
AUTOMOBILES & COMPONENTS - 0.1%
$	1,945,350	i	Dealer Tire LLC	LIBOR 3 M + 3.750%		5.080	%	12/22/21	$	1,961,166
	2,785,094	i	Gates Global LLC	LIBOR 3 M + 3.250%		4.580		04/01/24		2,795,538
			TOTAL AUTOMOBILES & COMPONENTS							4,756,704
CAPITAL GOODS - 0.1%
	940,385	i	Manitowoc Foodservice, Inc	LIBOR 3 M + 2.750%		3.990		03/03/23		945,867
	398,006	i	Penn Engineering & Manufacturing Corp	LIBOR 1 M + 2.750%		3.990		06/27/24		398,878
	496,258	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 4.000%		5.240		11/20/23		500,292
	2,523,357	i	TransDigm, Inc	LIBOR 1 and 3 M + 3.000%		4.240		06/09/23		2,529,413
			TOTAL CAPITAL GOODS							4,374,450
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,597,532	i	C.H.I Overhead Doors Inc	LIBOR 3 M + 3.250%		4.580		07/31/22		2,587,791
	1,995,000	i	Clean Harbors, Inc	LIBOR 3 M + 2.000%		3.239		06/28/24		2,001,643
	2,977,547	i	Creative Artists Agency LLC	LIBOR 1 M + 3.500%		6.750		02/15/24		2,986,867
	300,000	i	Donnelley Financial Solutions, Inc	LIBOR 1 M + 4.000%		7.250		09/29/23		301,314
	3,148,076	i	ProQuest LLC	LIBOR 1 M + 3.750%		4.985		10/24/21		3,178,235
	3,198,399	i	Trans Union LLC	LIBOR 1 M + 2.000%		3.240		04/07/23		3,189,891
	201,037	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		4.250		05/14/22		201,667
	1,147,935	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		4.490		05/16/22		1,151,528
	1,193,763	i	XPO Logistics, Inc	LIBOR 3 M + 2.250%		3.550		11/01/21		1,195,852
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							16,794,788
CONSUMER DURABLES & APPAREL - 0.0%
	1,472,054	i	Academy Ltd	LIBOR 1 M + 4.000%		5.310		07/01/22		991,811
	984,887	i	FullBeauty Brands Holdings Corp	LIBOR 3 M + 4.750%		5.990		10/14/22		727,586
			TOTAL CONSUMER DURABLES & APPAREL							1,719,397
CONSUMER SERVICES - 0.7%
	2,786,306	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		5.080		07/28/22		2,776,442
	4,653,450	i	Jackson Hewitt Tax Service, Inc	LIBOR 3 M + 7.000%		8.310		07/30/20		4,467,312
	3,322,430	i	KinderCare Education LLC	LIBOR 3 M + 3.750%		5.080		08/12/22		3,307,911
	1,485,000	i	Monitronics International, Inc	LIBOR 3 M + 5.500%		6.830		09/30/22		1,472,006
	987,500	i	nThrive Inc	LIBOR 1 M + 4.500%		5.726		10/20/22		989,969
	1,646,673	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		3.990		05/02/22		1,659,945
	2,300,000	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 3.250%		4.490		08/14/24		2,302,162
	4,813,015	i	Spin Holdco, Inc	LIBOR 3 M + 3.750%		5.010		11/14/22		4,833,470
	3,573,856	i	Sterling Midco Holdings, Inc	LIBOR 3 M + 4.750%		5.485		06/19/24		3,578,323
			TOTAL CONSUMER SERVICES							25,387,540
ENERGY - 0.1%
	1,435,000	i	California Resources Corp	LIBOR 1 M + 10.375%		11.610		12/31/21		1,527,558

163

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	i	Ultra Resources, Inc	LIBOR 2 M + 3.000%		4.310	%	04/12/24	$	2,992,500
			TOTAL ENERGY							4,520,058
FOOD & STAPLES RETAILING - 0.2%
	2,384,068	i	Albertsons LLC	LIBOR 1 and 3 M + 2.750%		3.990		08/25/21		2,296,525
	113,432	i	Albertsons LLC	LIBOR 3 M + 3.000%		4.320		06/22/23		108,895
	1,150,000	i	Give & Go Prepared Foods Corp	LIBOR 3 M + 4.250%		5.560		07/29/23		1,164,375
	1,000,000	i	Rite Aid Corp	LIBOR 1 M + 4.750%		5.990		08/21/20		1,006,670
	1,500,000	i	Rite Aid Corp	LIBOR 1 M + 3.875%		5.105		06/21/21		1,504,995
			TOTAL FOOD & STAPLES RETAILING							6,081,460
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,596,000	i	Post Holdings, Inc	LIBOR 1 M + 2.250%		3.490		05/24/24		1,599,096
			TOTAL FOOD, BEVERAGE & TOBACCO							1,599,096
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	645,135	i	Change Healthcare Holdings LLC	LIBOR 3 M + 2.750%		3.990		03/01/24		646,587
	2,375,714	i	Cotiviti Corp	LIBOR 3 M + 2.500%		3.840		09/28/23		2,378,684
	99,499	i	Envision Healthcare Corp	LIBOR 1 M + 3.000%		4.240		12/01/23		99,686
	857,412	i	Greatbatch Ltd	LIBOR 1 M + 3.500%		4.740		10/27/22		862,059
	1,275,000	i	inVentiv Group Holdings, Inc	LIBOR 3 M + 2.250%		3.490		08/01/24		1,278,901
	1,969,849	i	Onex Schumacher Finance LP	LIBOR 1 M + 4.000%		5.240		07/29/22		1,964,925
	223,313	i	Press Ganey Holdings, Inc	LIBOR 1 M + 3.250%		4.490		10/23/23		224,291
	2,546,770	h,i	Surgery Center Holdings, Inc	LIBOR 1 M + 3.250%		4.490		09/03/24		2,524,486
	3,640,875	i	Tennessee Merger Sub, Inc	LIBOR 3 M + 2.750%		3.990		02/06/24		3,570,351
	3,258,750	i	VCVH Holding Corp	LIBOR 3 M + 5.000%		6.340		06/01/23		3,283,191
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							16,833,161
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,050,000	i	Sally Holdings LLC	LIBOR 1 M + 2.500%		3.750		07/05/24		1,047,375
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							1,047,375
INSURANCE - 0.1%
	224,438	i	Acrisure LLC	LIBOR 2 M + 5.000%		6.270		11/22/23		226,868
	483,045	i	AssuredPartners, Inc	LIBOR 1 M + 3.500%		4.730		10/21/22		483,446
	1,995,000	h,i	Asurion LLC	LIBOR 1 M + 2.750%		3.990		08/04/22		1,999,987
	350,145	i	Asurion LLC	LIBOR 1 M + 3.000%		4.267		11/03/23		351,557
	800,000	i	Asurion LLC	LIBOR 1 M + 6.000%		7.240		08/04/25		817,504
			TOTAL INSURANCE							3,879,362
MATERIALS - 0.0%
	798,000	i	Flex Acquisition Company, Inc	LIBOR 3 M + 3.000%		4.335		12/31/23		799,748
	1,373,445	i	Plaze, Inc	LIBOR 1 M + 3.500%		4.830		07/29/22		1,378,595
	744,387	i	Quikrete Holdings, Inc	LIBOR 3 M + 2.750%		3.990		11/15/23		743,791
	800,000	i	Solenis International LP	LIBOR 3 M + 6.750%		8.070		07/29/22		794,664
	196,512	h	Tronox Blocked Borrower LLC			3.000		09/13/24		197,207
	453,488	h	Tronox Finance LLC			3.000		10/31/24		455,094
			TOTAL MATERIALS							4,369,099
MEDIA - 0.3%
	2,428,776	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		5.080		07/08/22		2,430,306
	1,554,697	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		3.480		07/17/25		1,544,701

164

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	861,095	i	EIG Investors Corp	LIBOR 3 M + 4.000%		5.320	%	02/09/23	$	869,240
	520,313	i	Lions Gate Entertainment Corp	LIBOR 1 M + 3.000%		4.240		12/08/23		524,215
	63,097	i	Mission Broadcasting, Inc	LIBOR 3 M + 2.500%		3.740		01/17/24		63,244
	504,021	i	Nexstar Broadcasting, Inc	LIBOR 1 M + 2.500%		3.740		01/17/24		505,190
	1,542,096	i	Time, Inc	LIBOR 1 M + 3.250%		4.490		04/26/21		1,542,096
	3,167,799	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		3.990		03/15/24		3,138,117
	1,346,642	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.750%		3.980		01/31/25		1,351,194
			TOTAL MEDIA							11,968,303
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,825,000	i	Alphabet Holding Co, Inc	LIBOR 3 M + 3.500%		4.830		09/15/24		1,802,187
	136,488	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 4.750%		5.990		04/01/22		138,890
	1,462,417	i	Vizient, Inc	LIBOR 1 M + 3.500%		4.740		02/13/23		1,471,557
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,412,634
REAL ESTATE - 0.2%
	1,500,000	i	ACOF V DP Acquiror LLC	LIBOR 3 M + 3.000%		4.320		08/15/24		1,499,070
	3,825,946	i	DTZ US Borrower LLC	LIBOR 3 M + 3.250%		4.560		11/04/21		3,832,795
	320,125	i	MGM Growth Properties LLC	LIBOR 1 M + 2.250%		3.490		04/25/23		321,047
			TOTAL REAL ESTATE							5,652,912
RETAILING - 0.3%
	2,992,547	i	Bass Pro Group LLC	LIBOR 1 M + 5.000%		6.240		12/15/23		2,815,478
	979,426	i	Men’s Wearhouse, Inc	LIBOR 3 M + 3.500%		4.810		06/18/21		953,413
	2,957,160	i	PetSmart, Inc	LIBOR 1 M + 3.000%		4.240		03/11/22		2,493,861
	1,500,000		Sally Holdings LLC			4.500		07/05/24		1,496,250
	2,000,000	h,i	Staples, Inc	LIBOR 3 M + 4.000%		5.310		08/14/24		1,990,360
			TOTAL RETAILING							9,749,362
SOFTWARE & SERVICES - 0.3%
	2,673,043	i	DTI Holdco, Inc	LIBOR 3 M + 5.250%		6.560		09/30/23		2,559,438
	1,321,708	i	First Data Corp	LIBOR 1 M + 2.250%		3.490		07/08/22		1,323,546
	945,243	i	Infor US, Inc	LIBOR 3 M + 2.750%		4.080		02/01/22		942,587
	437,500	i	Match Group, Inc	LIBOR 3 M + 2.500%		3.810		11/16/22		440,234
	2,119,991	i	Mitchell International, Inc	LIBOR 3 M + 3.500%		4.810		10/13/20		2,130,146
	3,000,000	i	Mitchell International, Inc	LIBOR 3 M + 7.500%		8.810		10/11/21		3,019,680
	127,631	i	SS&C European Holdings SARL	LIBOR 1 M + 2.250%		3.490		07/08/22		128,163
	2,413,452	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		3.490		07/08/22		2,423,517
			TOTAL SOFTWARE & SERVICES							12,967,311
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,149,907	i	MKS Instruments, Inc	LIBOR 1 M + 2.250%		3.490		05/01/23		1,158,048
	1,175,000	i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.490		07/05/23		1,182,344
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,340,392
TELECOMMUNICATION SERVICES - 0.0%
	1,182,068	i	CNT Holdings III Corp	LIBOR 2 M + 3.250%		4.530		01/22/23		1,162,859
			TOTAL TELECOMMUNICATION SERVICES							1,162,859
UTILITIES - 0.0%
	992,513	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		5.240		07/14/23		966,459
			TOTAL UTILITIES							966,459
			TOTAL BANK LOAN OBLIGATIONS							139,582,722
			(Cost $140,390,010)

165

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BONDS - 95.0%
CORPORATE BONDS - 33.0%
AUTOMOBILES & COMPONENTS - 0.8%
$	350,000	g	Adient Global Holdings Ltd			4.875	%	08/15/26	$	357,875
	720,000	g	Allison Transmission, Inc			5.000		10/01/24		747,252
	1,900,000	g	BMW US Capital LLC			2.000		04/11/21		1,886,063
	1,500,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		1,620,000
	950,000		Delphi Automotive plc			3.150		11/19/20		971,814
	1,000,000		Ford Motor Co			7.450		07/16/31		1,294,453
	2,575,000		General Motors Co			3.500		10/02/18		2,616,730
	2,300,000		General Motors Co			4.200		10/01/27		2,332,524
	1,350,000		General Motors Co			6.600		04/01/36		1,601,012
	1,325,000		General Motors Co			6.250		10/02/43		1,513,509
	750,000		General Motors Co			6.750		04/01/46		902,996
	1,325,000		General Motors Co			5.400		04/01/48		1,372,806
	800,000		Goodyear Tire & Rubber Co			5.000		05/31/26		834,000
	2,000,000	g	Hyundai Capital America			3.250		09/20/22		1,995,989
	2,400,000	g	Hyundai Capital Services, Inc			3.000		03/06/22		2,378,725
	3,000,000	g	Hyundai Capital Services, Inc			3.000		08/29/22		2,958,536
	250,000	g,o	IHO Verwaltungs GmbH			4.125		09/15/21		254,375
	250,000	g,o	IHO Verwaltungs GmbH			4.500		09/15/23		254,375
	250,000	g,o	IHO Verwaltungs GmbH			4.750		09/15/26		254,688
	1,450,000		Magna International, Inc			3.625		06/15/24		1,496,534
	1,850,000	g	Schaeffler Finance BV			4.750		05/15/23		1,907,813
	600,000		Tenneco, Inc			5.000		07/15/26		615,000
	175,000	g	ZF North America Capital, Inc			4.500		04/29/22		183,969
	350,000	g	ZF North America Capital, Inc			4.750		04/29/25		369,250
			TOTAL AUTOMOBILES & COMPONENTS							30,720,288
BANKS - 5.0%
	1,900,000	g,i	Akbank TAS	USD SWAP SEMI 30/360 5 Y + 5.026%		7.200		03/16/27		2,013,624
	1,500,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		1,501,455
	1,500,000	g	Banco de Bogota S.A.			6.250		05/12/26		1,635,750
	1,650,000	g	Banco General S.A.			4.125		08/07/27		1,650,908
	3,000,000	g	Banco Nacional de Comercio Exterior SNC			4.375		10/14/25		3,135,000
	5,000,000		Bank of America Corp			1.950		05/12/18		5,007,086
	1,000,000		Bank of America Corp			5.490		03/15/19		1,044,806
	10,000,000		Bank of America Corp			2.250		04/21/20		10,020,591
	3,225,000		Bank of America Corp			2.151		11/09/20		3,215,291
	2,150,000		Bank of America Corp			3.875		08/01/25		2,251,344
	4,200,000		Bank of America Corp			3.248		10/21/27		4,113,973
	5,625,000		Bank of America Corp			3.593		07/21/28		5,669,683
	5,000,000	g	Bank of Montreal			2.500		01/11/22		5,025,208
	950,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd			2.350		09/08/19		955,308
	1,250,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd			3.250		09/08/24		1,269,978
	1,550,000		Barclays plc			3.650		03/16/25		1,553,402

166

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	650,000	g	BNP Paribas S.A.			3.800	%	01/10/24	$	675,452
	650,000	g	BPCE S.A.			3.000		05/22/22		653,383
	375,000		Branch Banking & Trust Co			2.300		10/15/18		377,066
	2,000,000		Capital One Bank USA NA			1.500		03/22/18		1,998,720
	2,350,000		Capital One Bank USA NA			2.950		07/23/21		2,380,876
	2,000,000		Capital One Bank USA NA			2.650		08/08/22		1,986,947
	300,000		Capital One Bank USA NA			3.375		02/15/23		304,350
	5,000,000		CitiBank NA			2.100		06/12/20		5,007,666
	9,200,000		Citigroup, Inc			3.200		10/21/26		9,064,074
	2,150,000		Citigroup, Inc			3.668		07/24/28		2,165,966
	1,525,000		Citizens Bank NA			2.650		05/26/22		1,524,914
	1,325,000		Compass Bank			2.875		06/29/22		1,318,316
	2,700,000		Cooperatieve Rabobank UA			2.500		01/19/21		2,727,277
	6,825,000		Cooperatieve Rabobank UA			3.750		07/21/26		6,921,490
	700,000	g	Cooperatieve Rabobank UA			11.000		12/30/49		791,000
	1,150,000	g	Credit Agricole S.A.			2.500		04/15/19		1,160,658
	1,075,000	g	Credit Agricole S.A.			2.375		07/01/21		1,074,636
	1,675,000	g	Credit Agricole S.A.			3.250		10/04/24		1,676,486
	1,206,000		Discover Bank			3.200		08/09/21		1,230,111
	450,000		Discover Bank			3.450		07/27/26		442,170
	500,000	g	HSBC Bank plc			4.125		08/12/20		526,578
	4,075,000		HSBC Holdings plc			2.650		01/05/22		4,083,015
	2,575,000		HSBC Holdings plc			3.262		03/13/23		2,627,509
	2,500,000		HSBC Holdings plc			3.900		05/25/26		2,615,445
	750,000		HSBC Holdings plc			4.375		11/23/26		781,917
	1,250,000		HSBC Holdings plc			4.041		03/13/28		1,304,832
	675,000	i	HSBC Holdings plc	USD ICE SWAP 11:00 NY 5 Y + 3.746%		6.000		12/30/49		705,983
	3,700,000		HSBC USA, Inc			1.625		01/16/18		3,701,378
	2,625,000		Huntington National Bank			2.500		08/07/22		2,609,495
	1,000,000		JPMorgan Chase & Co			1.800		01/25/18		1,000,771
	5,000,000		JPMorgan Chase & Co			2.250		01/23/20		5,025,759
	3,275,000		JPMorgan Chase & Co			2.295		08/15/21		3,271,707
	2,175,000		JPMorgan Chase & Co			2.776		04/25/23		2,186,177
	700,000		JPMorgan Chase & Co			2.700		05/18/23		699,940
	5,000,000		JPMorgan Chase & Co			3.875		09/10/24		5,202,714
	2,000,000		JPMorgan Chase & Co			3.200		06/15/26		1,984,514
	4,075,000		JPMorgan Chase & Co			2.950		10/01/26		3,986,540
	2,325,000		JPMorgan Chase & Co			3.882		07/24/38		2,339,093
	400,000		JPMorgan Chase & Co			5.150		12/30/49		415,000
	775,000		KeyBank NA			2.500		12/15/19		783,908
	2,750,000		KeyBank NA			2.300		09/14/22		2,724,100
	675,000		Lloyds Banking Group plc			3.000		01/11/22		680,405
	775,000	g	Macquarie Bank Ltd			2.600		06/24/19		781,122
	2,200,000		Manufacturers & Traders Trust Co			2.100		02/06/20		2,201,835
	4,000,000		Mitsubishi UFJ Financial Group, Inc			3.287		07/25/27		3,981,366
	1,725,000	g	Mitsubishi UFJ Trust & Banking Corp			2.450		10/16/19		1,736,553
	2,650,000		National Australia Bank Ltd			2.500		07/12/26		2,520,104
	1,675,000		PNC Bank NA			2.200		01/28/19		1,683,749
	2,025,000		PNC Bank NA			2.250		07/02/19		2,039,937
	3,500,000		PNC Bank NA			2.600		07/21/20		3,552,555
	3,000,000		PNC Bank NA			2.950		01/30/23		3,035,010
	2,500,000		PNC Financial Services Group, Inc			3.900		04/29/24		2,630,499

167

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	975,000	g	Santander Holdings USA, Inc			4.400	%	07/13/27	$	995,000
	3,000,000	g	Skandinaviska Enskilda Banken AB			2.625		11/17/20		3,039,237
	2,000,000		Sumitomo Mitsui Banking Corp			2.500		07/19/18		2,013,676
	1,500,000		Sumitomo Mitsui Banking Corp			2.450		01/16/20		1,511,741
	2,800,000		Sumitomo Mitsui Financial Group, Inc			2.442		10/19/21		2,785,304
	1,350,000		SunTrust Banks, Inc			2.900		03/03/21		1,372,920
	575,000		SunTrust Banks, Inc			2.750		05/01/23		572,155
	575,000		Synchrony Bank			3.000		06/15/22		573,410
	3,475,000	g	TC Ziraat Bankasi AS.			5.125		09/29/23		3,475,000
	2,700,000		Toronto-Dominion Bank			1.850		09/11/20		2,688,303
	475,000	i	Toronto-Dominion Bank	USD SWAP SEMI 30/360 5 Y + 2.205%		3.625		09/15/31		472,700
	2,500,000	g,i	Turkiye Garanti Bankasi AS.	USD SWAP SEMI 30/360 5 Y + 4.220%		6.125		05/24/27		2,503,625
	400,000		UnionBanCal Corp			3.500		06/18/22		413,237
	1,700,000	i	Westpac Banking Corp	ISR USD 11:00 5 Y + 2.236%		4.322		11/23/31		1,745,890
	825,000	i	Westpac Banking Corp	ISR USD 11:00 5 Y + 2.888%		5.000		12/30/49		823,874
	2,400,000	g	Yapi ve Kredi Bankasi AS.			5.850		06/21/24		2,415,125
	2,000,000	g	Zenith Bank plc			7.375		05/30/22		2,065,600
			TOTAL BANKS							196,431,272
CAPITAL GOODS - 0.8%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd			3.950		01/19/22		2,052,318
	1,200,000		Air Lease Corp			3.875		04/01/21		1,253,031
	1,300,000		Anixter, Inc			5.125		10/01/21		1,397,500
	600,000	g	Cloud Crane LLC			10.125		08/01/24		666,000
	150,000		Eaton Corp			4.000		11/02/32		155,821
	1,650,000		Embraer Netherlands Finance BV			5.400		02/01/27		1,786,950
	75,000		General Electric Co			5.250		12/06/17		75,523
	1,525,000	g	Gold Fields Orogen Holding BVI Ltd			4.875		10/07/20		1,566,937
	1,675,000		Lockheed Martin Corp			2.500		11/23/20		1,699,684
	750,000		Manitowoc Foodservice, Inc			9.500		02/15/24		861,563
	1,475,000	g	Molex Electronic Technologies LLC			2.878		04/15/20		1,484,300
	375,000	g	Molex Electronic Technologies LLC			3.900		04/15/25		383,860
	2,200,000	g	Myriad International Holdings BV			4.850		07/06/27		2,274,367
	1,675,000	g	Parker-Hannifin Corp			3.250		03/01/27		1,686,597
	1,750,000		Rockwell Collins, Inc			3.500		03/15/27		1,783,490
	675,000		Roper Technologies, Inc			3.800		12/15/26		694,537
	2,250,000	g	Siemens Financieringsmaatschappij NV			1.700		09/15/21		2,209,682
	2,250,000	g	Siemens Financieringsmaatschappij NV			2.350		10/15/26		2,127,510
	1,790,000	g	Stena AB			7.000		02/01/24		1,713,925
	475,000		Textron, Inc			3.875		03/01/25		492,542
	2,350,000		Timken Co			3.875		09/01/24		2,372,347
	1,570,000	g	TSMC Global Ltd			1.625		04/03/18		1,567,292
	710,000	g	Tupy Overseas S.A.			6.625		07/17/24		747,637
	1,650,000		United Technologies Corp			3.750		11/01/46		1,590,155
			TOTAL CAPITAL GOODS							32,643,568

168

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
$	750,000		AECOM		5.750	%	10/15/22	$	781,500
	3,150,000		AECOM		5.875		10/15/24		3,489,255
	1,975,000		Clean Harbors, Inc		5.125		06/01/21		2,006,462
	449,000	g	Herc Rentals, Inc		7.750		06/01/24		487,165
	2,000,000	g	JSL Europe S.A.		7.750		07/26/24		2,105,000
	400,000	g	KAR Auction Services, Inc		5.125		06/01/25		416,000
	670,000		Republic Services, Inc		3.800		05/15/18		678,411
	1,000,000		Republic Services, Inc		3.550		06/01/22		1,042,213
	1,525,000		Republic Services, Inc		3.200		03/15/25		1,536,716
	1,550,000		Republic Services, Inc		2.900		07/01/26		1,517,689
	200,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		211,500
	1,000,000		RR Donnelley & Sons Co		7.875		03/15/21		1,055,000
	25,000		RR Donnelley & Sons Co		7.000		02/15/22		25,750
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		654,750
	1,425,000		United Rentals North America, Inc		5.500		07/15/25		1,530,022
	1,600,000		United Rentals North America, Inc		4.875		01/15/28		1,606,000
	1,400,000		Visa, Inc		3.650		09/15/47		1,387,178
	1,550,000		Waste Management, Inc		2.900		09/15/22		1,576,629
	375,000		Waste Management, Inc		2.400		05/15/23		370,538
	475,000		Waste Management, Inc		3.900		03/01/35		491,193
	550,000		Waste Management, Inc		4.100		03/01/45		580,747
	1,400,000	g	XPO Logistics, Inc		6.500		06/15/22		1,470,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						25,019,718
CONSUMER DURABLES & APPAREL - 0.4%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,136,521
	325,000	g	Hanesbrands, Inc		4.625		05/15/24		338,406
	2,000,000		KB Home		4.750		05/15/19		2,057,500
	4,000,000		Lennar Corp		4.750		04/01/21		4,210,000
	2,250,000		Lennar Corp		4.500		04/30/24		2,317,005
	725,000		Newell Rubbermaid, Inc		3.150		04/01/21		741,546
	1,275,000		Newell Rubbermaid, Inc		4.200		04/01/26		1,342,123
	600,000		PulteGroup, Inc		5.500		03/01/26		654,240
	1,870,000		Standard Pacific Corp		5.875		11/15/24		2,042,975
	225,000		Whirlpool Corp		3.700		03/01/23		233,439
			TOTAL CONSUMER DURABLES & APPAREL						15,073,755
CONSUMER SERVICES - 0.9%
	1,300,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		1,304,875
	1,825,000		ADT Corp		6.250		10/15/21		2,023,469
	1,035,000		ADT Corp		3.500		07/15/22		1,035,000
	1,500,000		Aramark Services, Inc		5.125		01/15/24		1,591,875
	4,150,000	g	Aramark Services, Inc		5.000		04/01/25		4,440,500
	1,000,000		Aramark Services, Inc		4.750		06/01/26		1,052,900
	1,650,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,732,731
	2,225,000	g	Atento Luxco  S.A.		6.125		08/10/22		2,321,603
	600,000		Boyd Gaming Corp		6.375		04/01/26		654,750
	1,200,000	g	Cott Holdings, Inc		5.500		04/01/25		1,248,600
	600,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		612,000
	2,000,000		Hilton Worldwide Finance LLC		4.625		04/01/25		2,060,000
	480,000	g	International Game Technology		5.625		02/15/20		507,000
	1,070,000	g	International Game Technology		6.250		02/15/22		1,182,885
	2,070,000	g	International Game Technology		6.500		02/15/25		2,326,162

169

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	720,000	g	KFC Holding Co			4.750	%	06/01/27	$	741,600
	1,500,000		MGM Resorts International			6.750		10/01/20		1,653,750
	600,000		Pinnacle Entertainment, Inc			5.625		05/01/24		613,500
	2,350,000	g	Prime Security Services Borrower LLC			9.250		05/15/23		2,593,366
	1,000,000	g	Scientific Games International, Inc			7.000		01/01/22		1,061,250
	1,000,000		Scientific Games International, Inc			10.000		12/01/22		1,107,500
	2,000,000	g	ServiceMaster Co LLC			5.125		11/15/24		2,055,000
	1,335,000		Speedway Motorsports, Inc			5.125		02/01/23		1,378,388
			TOTAL CONSUMER SERVICES							35,298,704
DIVERSIFIED FINANCIALS - 4.4%
	2,000,000		AerCap Ireland Capital Ltd			4.625		07/01/22		2,143,052
	2,100,000		Aircastle Ltd			4.125		05/01/24		2,173,500
	3,000,000		Ally Financial, Inc			4.750		09/10/18		3,066,300
	6,200,000		American Express Co			2.500		08/01/22		6,191,009
	1,500,000		American Express Credit Corp			2.700		03/03/22		1,517,428
	1,975,000		American Express Credit Corp			3.300		05/03/27		1,992,817
	275,000		Bank of New York Mellon Corp			5.450		05/15/19		290,534
	2,050,000		Bank of New York Mellon Corp			2.500		04/15/21		2,070,034
	2,350,000	g	Bayer US Finance LLC			2.375		10/08/19		2,363,305
	2,775,000		Berkshire Hathaway, Inc			3.125		03/15/26		2,805,397
	4,000,000	g,i	CAELUS RE V Ltd	US Treasury Bill 3 M + 3.250%		4.291		06/05/20		4,026,400
	1,950,000		Capital One Financial Corp			3.750		03/09/27		1,970,606
	1,225,000		Credit Suisse			2.300		05/28/19		1,233,163
	2,500,000	g	Credit Suisse Group AG.			2.997		12/14/23		2,491,776
	775,000	g	Credit Suisse Group AG.			4.282		01/09/28		807,072
	4,075,000		Credit Suisse Group Funding Guernsey Ltd			3.800		06/09/23		4,216,797
	2,325,000		Credit Suisse Group Funding Guernsey Ltd			3.750		03/26/25		2,367,473
	2,750,000	g	Daimler Finance North America LLC			2.200		10/30/21		2,718,588
	1,475,000	g	EDP Finance BV			3.625		07/15/24		1,487,110
	1,550,000		Ford Motor Credit Co LLC			2.425		06/12/20		1,549,881
	3,600,000		Ford Motor Credit Co LLC			3.200		01/15/21		3,671,710
	1,000,000		Ford Motor Credit Co LLC			5.750		02/01/21		1,096,361
	2,200,000		Ford Motor Credit Co LLC			3.339		03/28/22		2,234,994
	2,800,000		Ford Motor Credit Co LLC			4.134		08/04/25		2,875,283
	4,088,000		GE Capital International Funding Co			2.342		11/15/20		4,126,769
	407,000		GE Capital International Funding Co			4.418		11/15/35		443,634
	115,000		General Electric Capital Corp			6.875		01/10/39		168,442
	15,000,000		General Motors Financial Co, Inc			2.400		04/10/18		15,047,763
	1,325,000		General Motors Financial Co, Inc			3.950		04/13/24		1,356,554
	2,890,000		Goldman Sachs Group, Inc			2.375		01/22/18		2,896,798
	1,050,000		Goldman Sachs Group, Inc			3.500		01/23/25		1,064,922
	725,000		Goldman Sachs Group, Inc			3.691		06/05/28		731,048
	1,425,000		Goldman Sachs Group, Inc			4.800		07/08/44		1,593,978
	4,350,000		Goldman Sachs Group, Inc			4.750		10/21/45		4,852,452
	2,000,000	g	GrupoSura Finance S.A.			5.500		04/29/26		2,185,000
	2,250,000	g	GTH Finance BV			7.250		04/26/23		2,551,806
	1,000,000		Icahn Enterprises LP			5.875		02/01/22		1,030,000
	2,000,000		ICICI Bank Ltd			3.125		08/12/20		2,018,740
	1,000,000	g	ICICI Bank Ltd			4.000		03/18/26		1,016,468
	1,300,000		International Lease Finance Corp			3.875		04/15/18		1,314,401
	2,000,000		International Lease Finance Corp			5.875		08/15/22		2,238,807

170

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	300,000		Legg Mason, Inc			2.700	%	07/15/19	$	303,515
	425,000		Legg Mason, Inc			3.950		07/15/24		435,339
	850,000	g	Lincoln Finance Ltd			7.375		04/15/21		894,625
	5,275,000		Morgan Stanley			1.875		01/05/18		5,280,182
	1,800,000		Morgan Stanley			2.750		05/19/22		1,806,782
	4,700,000		Morgan Stanley			3.700		10/23/24		4,867,459
	4,575,000		Morgan Stanley			3.125		07/27/26		4,485,625
	1,625,000		Morgan Stanley			3.625		01/20/27		1,647,608
	250,000		National Rural Utilities Cooperative Finance Corp			10.375		11/01/18		272,666
	1,575,000		Navient Corp			4.875		06/17/19		1,630,125
	400,000		Navient Corp			6.625		07/26/21		428,000
	1,500,000	g	Nederlandse Waterschapsbank NV			1.875		04/14/22		1,482,496
	1,325,000		ORIX Corp			2.900		07/18/22		1,329,630
	1,325,000		Raymond James Financial, Inc			4.950		07/15/46		1,424,118
	2,500,000	g,i	Residential Reinsurance 2016 Ltd	US Treasury Bill 3 M + 3.250%		4.291		06/06/20		2,508,250
	5,000,000	g	Sanders Re Ltd			4.177		12/06/21		5,027,000
	6,675,000		Shire Acquisitions Investments Ireland DAC			3.200		09/23/26		6,577,604
	1,325,000		TD Ameritrade Holding Corp			3.300		04/01/27		1,337,942
	1,770,000		Trustees of Boston College			2.912		07/01/23		1,775,177
	1,400,000	g	UBS Group Funding Jersey Ltd			2.950		09/24/20		1,421,689
	2,275,000	g	UBS Group Funding Jersey Ltd			2.650		02/01/22		2,265,303
	1,975,000		Unilever Capital Corp			2.900		05/05/27		1,950,086
	5,250,000		Wells Fargo & Co			2.100		07/26/21		5,200,139
	11,650,000		Wells Fargo & Co			2.625		07/22/22		11,669,134
	2,125,000		Wells Fargo & Co			3.069		01/24/23		2,160,818
	2,125,000		Wells Fargo & Co			3.584		05/22/28		2,151,497
			TOTAL DIVERSIFIED FINANCIALS							172,330,981
ENERGY - 3.2%
	600,000		AmeriGas Partners LP			5.625		05/20/24		632,250
	400,000		AmeriGas Partners LP			5.875		08/20/26		416,000
	800,000		Anadarko Petroleum Corp			5.550		03/15/26		891,924
	1,111,000		BP Capital Markets plc			2.315		02/13/20		1,120,562
	825,000		BP Capital Markets plc			2.520		09/19/22		825,588
	4,500,000		BP Capital Markets plc			3.588		04/14/27		4,627,391
	1,425,000		BP Capital Markets plc			3.279		09/19/27		1,422,259
	173,000	†	California Resources Corp			6.000		11/15/24		78,715
	430,000		Calumet Specialty Products Partners LP			6.500		04/15/21		420,056
	500,000		Calumet Specialty Products Partners LP			7.625		01/15/22		491,250
	400,000		Calumet Specialty Products Partners LP			7.750		04/15/23		390,000
	2,350,000		Canadian Natural Resources Ltd			3.850		06/01/27		2,373,710
	1,325,000	g	Cenovus Energy, Inc			5.400		06/15/47		1,327,980
	300,000		Cheniere Corpus Christi Holdings LLC			7.000		06/30/24		340,875
	1,500,000		Cheniere Corpus Christi Holdings LLC			5.875		03/31/25		1,614,375
	2,100,000		Cloud Peak Energy Resources LLC			12.000		11/01/21		2,205,000
	2,325,000		Crestwood Midstream Partners LP			5.750		04/01/25		2,374,406
	1,650,000		Devon Energy Corp			4.750		05/15/42		1,669,577
	1,323,000		Dynegy, Inc			6.750		11/01/19		1,369,305
	1,500,000		Ecopetrol S.A.			5.375		06/26/26		1,597,500
	1,075,000		EnCana Corp			3.900		11/15/21		1,107,520
	1,975,000		EnLink Midstream Partners LP			4.850		07/15/26		2,065,847

171

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,025,000		Enterprise Products Operating LLC		3.700	%	02/15/26	$	1,052,315
	750,000		Enterprise Products Operating LLC		4.450		02/15/43		770,581
	675,000		Enterprise Products Operating LLC		4.850		03/15/44		724,333
	5,000,000		Enterprise Products Operating LLC		7.034		01/15/68		5,050,000
	675,000		EP Energy LLC		9.375		05/01/20		561,937
	1,800,000	†	EP Energy LLC		6.375		06/15/23		1,111,500
	2,100,000		EQT Corp		3.900		10/01/27		2,099,445
	2,400,000		Exterran Partners LP		6.000		04/01/21		2,352,000
	1,100,000		Ferrellgas Partners LP		6.500		05/01/21		1,067,000
	1,000,000		Ferrellgas Partners LP		6.750		06/15/23		962,500
	2,175,000		Genesis Energy LP		6.500		10/01/25		2,150,531
	700,000		Hess Corp		4.300		04/01/27		696,478
	600,000		Husky Energy, Inc		3.950		04/15/22		626,297
	1,375,000		Kinder Morgan, Inc		2.000		12/01/17		1,375,454
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		1,010,846
	400,000		Kinder Morgan, Inc		5.300		12/01/34		417,441
	940,000		Kinder Morgan, Inc		5.400		09/01/44		976,732
	700,000		Magellan Midstream Partners LP		4.200		10/03/47		687,504
	975,000		Marathon Oil Corp		2.700		06/01/20		974,806
	975,000		Marathon Oil Corp		5.200		06/01/45		981,354
	1,000,000		Marathon Petroleum Corp		4.750		09/15/44		994,266
	375,000		Murphy Oil Corp		6.875		08/15/24		399,840
	500,000		Murphy Oil USA, Inc		6.000		08/15/23		526,250
	450,000		Murphy Oil USA, Inc		5.625		05/01/27		483,750
	300,000		Newfield Exploration Co		5.750		01/30/22		320,250
	900,000		Newfield Exploration Co		5.625		07/01/24		965,250
	225,000	g	NGPL PipeCo LLC		4.375		08/15/22		233,438
	621,000		Noble Energy, Inc		5.625		05/01/21		639,630
	300,000		Noble Energy, Inc		3.900		11/15/24		307,030
	2,350,000		Noble Energy, Inc		3.850		01/15/28		2,353,593
	750,000		Oasis Petroleum, Inc		6.875		03/15/22		763,125
	1,800,000		ONE Gas, Inc		2.070		02/01/19		1,802,468
	575,000		ONE Gas, Inc		3.610		02/01/24		597,969
	2,000,000	m	Peabody Energy Corp		6.000		11/15/18		0
	4,000,000		Petrobras Global Finance BV		6.125		01/17/22		4,300,000
	3,900,000		Petrobras Global Finance BV		7.375		01/17/27		4,293,900
	1,167,000	g	Petrobras Global Finance BV		5.999		01/27/28		1,167,000
	575,000		Petrobras Global Finance BV		7.250		03/17/44		598,719
	3,025,000		Petroleos Mexicanos		6.375		02/04/21		3,313,918
	7,500,000		Petroleos Mexicanos		3.500		01/30/23		7,387,500
	1,550,000	g	Petroleos Mexicanos		6.500		03/13/27		1,720,888
	675,000		Petroleos Mexicanos		5.625		01/23/46		627,750
	1,000,000		Petroleos Mexicanos		6.750		09/21/47		1,063,900
	1,200,000		Phillips 66		4.875		11/15/44		1,307,079
	800,000		Pioneer Natural Resources Co		7.500		01/15/20		890,156
	1,725,000		Pioneer Natural Resources Co		3.450		01/15/21		1,763,408
	1,350,000		Pioneer Natural Resources Co		4.450		01/15/26		1,438,860
	1,650,000		Plains All American Pipeline LP		4.500		12/15/26		1,673,944
	1,750,000		Questar Market Resources, Inc		6.875		03/01/21		1,841,875
	2,500,000	g	Range Resources Corp		5.750		06/01/21		2,600,000
	800,000		Regency Energy Partners LP		5.750		09/01/20		860,668
	600,000		Regency Energy Partners LP		6.500		07/15/21		612,000
	200,000		Regency Energy Partners LP		5.500		04/15/23		205,800

172

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	475,000		Regency Energy Partners LP		4.500	%	11/01/23	$	497,596
	750,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		812,717
	1,950,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		1,964,866
	1,300,000		Shell International Finance BV		3.250		05/11/25		1,330,768
	1,350,000		Shell International Finance BV		4.000		05/10/46		1,364,520
	1,400,000		SM Energy Co		6.125		11/15/22		1,403,500
	300,000		SM Energy Co		6.500		01/01/23		302,250
	2,500,000		Southwestern Energy Co		4.100		03/15/22		2,412,500
	200,000		Statoil ASA		1.200		01/17/18		199,886
	375,000		Statoil ASA		2.450		01/17/23		374,189
	1,400,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,394,131
	820,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		819,016
	1,000,000		Sunoco LP		6.250		04/15/21		1,047,850
	160,000		Tesoro Logistics LP		5.500		10/15/19		168,400
	225,000		Tesoro Logistics LP		6.125		10/15/21		232,031
	225,000		Tesoro Logistics LP		6.375		05/01/24		244,125
	550,000		Tesoro Logistics LP		5.250		01/15/25		589,188
	500,000		TransCanada PipeLines Ltd		5.850		03/15/36		618,208
	250,000		TransCanada PipeLines Ltd		3.525		05/15/67		231,173
	2,000,000	g	Tullow Oil plc		6.250		04/15/22		1,945,000
	1,500,000		Vale Overseas Ltd		6.250		08/10/26		1,706,250
	335,000		WPX Energy, Inc		7.500		08/01/20		364,313
	100,000		WPX Energy, Inc		8.250		08/01/23		112,125
	2,100,000	g	YPF S.A.		6.950		07/21/27		2,226,000
			TOTAL ENERGY						125,425,970
FOOD & STAPLES RETAILING - 0.5%
	1,400,000	g	Adecoagro S.A.		6.000		09/21/27		1,393,700
	860,000		Albertsons Cos LLC		6.625		06/15/24		800,875
	2,300,000	g	Cencosud S.A.		4.375		07/17/27		2,310,350
	2,275,000	g	CK Hutchison International 17 Ltd		2.250		09/29/20		2,267,296
	1,337,000		CVS Health Corp		3.875		07/20/25		1,394,019
	3,100,000		CVS Health Corp		2.875		06/01/26		2,993,599
	2,370,000	†,g	Fresh Market, Inc		9.750		05/01/23		1,445,700
	1,400,000		Ingles Markets, Inc		5.750		06/15/23		1,368,500
	1,150,000		Kroger Co		3.700		08/01/27		1,137,727
	1,325,000		SYSCO Corp		3.250		07/15/27		1,320,287
	1,350,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		1,394,491
	1,025,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		1,021,164
			TOTAL FOOD & STAPLES RETAILING						18,847,708
FOOD, BEVERAGE & TOBACCO - 0.8%
	2,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,743,185
	1,750,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,813,775
	1,315,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		1,359,875
	5,000,000		Anheuser-Busch InBev Worldwide, Inc		5.375		01/15/20		5,379,551
	1,100,000		Anheuser-Busch InBev Worldwide, Inc		4.950		01/15/42		1,245,074
	2,625,000	g	BAT Capital Corp		3.557		08/15/27		2,632,987
	1,975,000		Constellation Brands, Inc		6.000		05/01/22		2,257,620
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,858,500
	2,000,000	g	Cosan Ltd		5.950		09/20/24		2,048,000
	1,700,000	g	Heineken NV		3.500		01/29/28		1,734,214
	725,000	g	Heineken NV		4.350		03/29/47		767,263

173

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,275,000		Kraft Heinz Foods Co		2.000	%	07/02/18	$	1,277,589
	213,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		222,052
	210,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		220,500
	800,000		Mead Johnson Nutrition Co		3.000		11/15/20		821,722
	1,225,000		PepsiCo, Inc		3.450		10/06/46		1,164,812
	100,000		Philip Morris International, Inc		6.375		05/16/38		133,152
	200,000	g	TreeHouse Foods, Inc		6.000		02/15/24		213,750
	1,900,000		Tyson Foods, Inc		3.550		06/02/27		1,921,011
			TOTAL FOOD, BEVERAGE & TOBACCO						29,814,632
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	4,625,000		Becton Dickinson and Co		3.700		06/06/27		4,661,268
	3,500,000		Cardinal Health, Inc		3.410		06/15/27		3,510,454
	1,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		1,018,750
	1,175,000		CHS/Community Health Systems		6.250		03/31/23		1,160,312
	375,000		Covidien International Finance S.A.		3.200		06/15/22		386,726
	4,200,000		Express Scripts Holding Co		3.400		03/01/27		4,138,737
	2,000,000		HCA Holdings, Inc		6.250		02/15/21		2,165,000
	975,000		HCA, Inc		5.875		03/15/22		1,079,812
	750,000		HCA, Inc		4.500		02/15/27		766,875
	1,875,000		HCA, Inc		5.500		06/15/47		1,942,969
	925,000		HealthSouth Corp		5.750		11/01/24		949,975
	1,125,000		LifePoint Health, Inc		5.375		05/01/24		1,168,594
	2,225,000		LifePoint Hospitals, Inc		5.500		12/01/21		2,298,703
	2,100,000		Medtronic, Inc		4.625		03/15/45		2,388,781
	1,025,000	g	New Amethyst Corp		6.250		12/01/24		1,100,594
	5,250,000		New York and Presbyterian Hospital		4.024		08/01/45		5,401,709
	225,000		Tenet Healthcare Corp		6.000		10/01/20		239,785
	1,600,000	g	Tenet Healthcare Corp		4.625		07/15/24		1,582,000
	450,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		453,035
	700,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		723,679
	725,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		737,642
	775,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		758,185
	1,025,000		Thermo Fisher Scientific, Inc		3.200		08/15/27		1,008,593
	1,325,000		Thermo Fisher Scientific, Inc		4.100		08/15/47		1,327,654
	1,290,000		Zimmer Holdings, Inc		3.550		04/01/25		1,302,089
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						42,271,921
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	375,000		Ecolab, Inc		1.450		12/08/17		374,921
	280,000		Ecolab, Inc		2.700		11/01/26		268,922
	325,000		Ecolab, Inc		3.700		11/01/46		306,832
	405,000	g	First Quality Finance Co, Inc		4.625		05/15/21		409,171
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,359,846
INSURANCE - 1.1%
	3,600,000		ACE INA Holdings, Inc		2.875		11/03/22		3,665,381
	250,000		Aetna, Inc		1.500		11/15/17		249,967
	150,000		Aetna, Inc		6.625		06/15/36		203,221
	1,500,000		Allstate Corp		3.280		12/15/26		1,526,540
	2,000,000		Allstate Corp		5.750		08/15/53		2,195,000
	550,000		American Financial Group, Inc		3.500		08/15/26		550,259
	1,550,000		American International Group, Inc		2.300		07/16/19		1,557,550

174

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,350,000		American International Group, Inc			3.300	%	03/01/21	$	2,420,868
	1,160,000		American International Group, Inc			3.750		07/10/25		1,197,520
	1,500,000		Aon plc			3.500		06/14/24		1,545,463
	1,450,000		Aon plc			3.875		12/15/25		1,525,481
	80,000		Cigna Corp			5.125		06/15/20		86,023
	1,000,000		Cigna Corp			4.500		03/15/21		1,065,150
	700,000		CNA Financial Corp			3.950		05/15/24		729,390
	625,000		CNA Financial Corp			3.450		08/15/27		619,812
	5,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		3.049		07/13/20		5,022,500
	3,025,000	g	Five Corners Funding Trust			4.419		11/15/23		3,275,793
	250,000		Hartford Financial Services Group, Inc			4.300		04/15/43		258,889
	1,800,000		Humana, Inc			3.950		03/15/27		1,881,730
	650,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		694,030
	475,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		492,393
	375,000		Marsh & McLennan Cos, Inc			3.500		03/10/25		387,640
	650,000		Mercury General Corp			4.400		03/15/27		668,334
	875,000		MetLife, Inc			3.600		11/13/25		909,439
	300,000	g	Prudential Funding LLC			6.750		09/15/23		355,920
	2,250,000	g,i	Residential Reinsurance 2017 Ltd	US Treasury Bill 3 M + 3.000%		4.041		06/06/21		2,235,600
	300,000		Travelers Cos, Inc			5.800		05/15/18		307,862
	975,000		Travelers Cos, Inc			4.000		05/30/47		1,009,414
	1,375,000		UnitedHealth Group, Inc			3.750		07/15/25		1,458,635
	625,000		UnitedHealth Group, Inc			3.100		03/15/26		632,059
	925,000		UnitedHealth Group, Inc			3.450		01/15/27		956,996
	2,075,000		UnitedHealth Group, Inc			4.250		04/15/47		2,238,229
	150,000		WR Berkley Corp			5.375		09/15/20		161,828
			TOTAL INSURANCE							42,084,916
MATERIALS - 1.7%
	625,000		Agrium, Inc			3.375		03/15/25		628,596
	575,000		Agrium, Inc			4.125		03/15/35		583,914
	2,225,000	g	Air Liquide Finance S.A.			1.750		09/27/21		2,174,822
	675,000		Albemarle Corp			5.450		12/01/44		782,338
	200,000	g	Alcoa Nederland Holding BV			6.750		09/30/24		221,500
	200,000	g	Alcoa Nederland Holding BV			7.000		09/30/26		226,500
	400,000		Barrick Gold Corp			3.850		04/01/22		424,285
	800,000		Berry Plastics Corp			6.000		10/15/22		849,000
	835,000		BHP Billiton Finance USA Ltd			5.000		09/30/43		986,816
	1,500,000		Blue Cube Spinco, Inc			9.750		10/15/23		1,822,500
	855,000		Blue Cube Spinco, Inc			10.000		10/15/25		1,044,169
	900,000	g	Cemex SAB de C.V.			7.750		04/16/26		1,034,100
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		2,891,677
	675,000	g	CRH America Finance, Inc			3.400		05/09/27		677,778
	680,000		Crown Americas LLC			4.500		01/15/23		715,700
	2,550,000	g	Eldorado Gold Corp			6.125		12/15/20		2,591,438
	2,400,000	g	Equate Petrochemical BV			3.000		03/03/22		2,379,545
	300,000	g	FMG Resources August 2006 Pty Ltd			4.750		05/15/22		303,750
	1,000,000	g	GCP Applied Technologies, Inc			9.500		02/01/23		1,130,000
	650,000	g	Georgia-Pacific LLC			3.600		03/01/25		671,464
	1,375,000	g	Glencore Funding LLC			4.625		04/29/24		1,456,697
	1,325,000	g	Glencore Funding LLC			4.000		03/27/27		1,332,474
	2,000,000	g	Grupo Cementos de Chihuahua SAB de C.V.			5.250		06/23/24		2,080,000

175

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,075,000		Hexion US Finance Corp		6.625	%	04/15/20	$	2,752,125
	2,500,000		International Paper Co		3.000		02/15/27		2,427,556
	325,000		International Paper Co		4.400		08/15/47		328,544
	800,000		International Paper Co		4.350		08/15/48		808,419
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,163,759
	1,800,000	g	Klabin Finance S.A.		4.875		09/19/27		1,786,320
	650,000		LYB International Finance II BV		3.500		03/02/27		646,236
	650,000		Newmont Mining Corp		3.500		03/15/22		672,133
	1,450,000		Newmont Mining Corp		4.875		03/15/42		1,550,488
	3,000,000	g	Nova Chemicals Corp		4.875		06/01/24		3,037,500
	875,000		Nucor Corp		4.000		08/01/23		927,656
	400,000		Nucor Corp		5.200		08/01/43		465,233
	1,025,000		Olin Corp		5.125		09/15/27		1,071,125
	2,400,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		2,652,000
	550,000		Packaging Corp of America		3.650		09/15/24		560,316
	700,000		Potash Corp of Saskatchewan, Inc		3.625		03/15/24		711,169
	680,000		Rock Tenn Co		4.450		03/01/19		701,930
	820,000		Rock Tenn Co		4.900		03/01/22		891,811
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,533,762
	925,000		Sherwin-Williams Co		3.450		06/01/27		928,914
	575,000		Sherwin-Williams Co		4.500		06/01/47		601,425
	1,000,000		Steel Dynamics, Inc		5.125		10/01/21		1,028,750
	650,000		Steel Dynamics, Inc		5.250		04/15/23		674,375
	2,000,000	g	Suzano Austria GmbH		5.750		07/14/26		2,148,600
	255,000		Teck Resources Ltd		3.750		02/01/23		258,239
	3,125,000	g	Univar, Inc		6.750		07/15/23		3,273,438
	650,000		Vulcan Materials Co		3.900		04/01/27		664,625
	1,850,000		Westlake Chemical Corp		4.625		02/15/21		1,905,500
	1,000,000		Westlake Chemical Corp		4.875		05/15/23		1,040,000
	920,000	g	WR Grace & Co-Conn		5.625		10/01/24		1,010,850
			TOTAL MATERIALS						66,231,861
MEDIA - 1.4%
	125,000		21st Century Fox America, Inc		7.625		11/30/28		165,061
	90,000		21st Century Fox America, Inc		6.550		03/15/33		113,977
	575,000		21st Century Fox America, Inc		6.900		08/15/39		775,677
	2,500,000		AMC Entertainment, Inc		5.875		02/15/22		2,518,750
	125,000		AMC Networks, Inc		4.750		08/01/25		126,250
	1,400,000		CBS Corp		2.300		08/15/19		1,407,494
	850,000		CBS Corp		2.900		01/15/27		803,364
	525,000		CBS Corp		3.375		02/15/28		511,603
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		1,067,500
	4,000,000	g	CCO Holdings LLC		5.875		04/01/24		4,245,000
	1,075,000		Charter Communications Operating LLC		3.579		07/23/20		1,103,376
	345,000		Charter Communications Operating LLC		4.464		07/23/22		364,350
	4,500,000		Charter Communications Operating LLC		4.908		07/23/25		4,808,938
	2,975,000		Comcast Corp		3.200		07/15/36		2,790,973
	1,150,000	g	CSC Holdings LLC		5.500		04/15/27		1,196,000
	850,000		Discovery Communications LLC		2.950		03/20/23		850,665
	1,225,000		Discovery Communications LLC		3.950		03/20/28		1,221,628
	1,875,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		2,085,937
	325,000	g	EW Scripps Co		5.125		05/15/25		331,500

176

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,110,000	g	Gannett Co, Inc		4.875	%	09/15/21	$	2,162,750
	160,000	g	Gannett Co, Inc		5.500		09/15/24		168,400
	1,400,000	g	Gray Television, Inc		5.875		07/15/26		1,442,000
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,036,250
	1,850,000	g	LG FinanceCo Corp		5.875		11/01/24		1,942,500
	125,000		Match Group, Inc		6.375		06/01/24		136,094
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		702,263
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		958,531
	3,700,000		Outfront Media Capital LLC		5.250		02/15/22		3,824,875
	300,000		Outfront Media Capital LLC		5.625		02/15/24		312,750
	900,000		Regal Entertainment Group		5.750		06/15/23		927,000
	500,000		Regal Entertainment Group		5.750		02/01/25		506,250
	500,000	g	Sirius XM Radio, Inc		3.875		08/01/22		511,350
	2,700,000	g	Sirius XM Radio, Inc		5.375		07/15/26		2,841,750
	1,500,000		Time Warner Cable, Inc		5.875		11/15/40		1,645,267
	475,000		Time Warner Cable, Inc		4.500		09/15/42		449,939
	3,600,000		Time Warner, Inc		2.100		06/01/19		3,605,569
	1,276,000		Time Warner, Inc		4.875		03/15/20		1,358,013
	1,000,000		Time Warner, Inc		3.400		06/15/22		1,031,237
	1,100,000		Time Warner, Inc		3.800		02/15/27		1,100,130
	400,000	g	Univision Communications, Inc		5.125		02/15/25		403,500
	450,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		473,062
			TOTAL MEDIA						54,027,523
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	4,000,000		Abbott Laboratories		2.350		11/22/19		4,032,052
	1,225,000		Abbott Laboratories		3.875		09/15/25		1,265,602
	2,200,000		Abbott Laboratories		3.750		11/30/26		2,256,508
	450,000		Abbott Laboratories		5.300		05/27/40		507,112
	3,875,000		AbbVie, Inc		2.500		05/14/20		3,920,846
	3,725,000		AbbVie, Inc		3.200		05/14/26		3,731,070
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,911,254
	6,200,000		Actavis Funding SCS		3.800		03/15/25		6,436,588
	2,400,000		Actavis Funding SCS		4.550		03/15/35		2,559,470
	1,025,000		Amgen, Inc		1.850		08/19/21		1,006,991
	1,700,000		Amgen, Inc		2.600		08/19/26		1,613,956
	1,150,000		AstraZeneca plc		3.125		06/12/27		1,135,918
	1,300,000		Celgene Corp		2.125		08/15/18		1,305,403
	725,000		Celgene Corp		3.625		05/15/24		755,064
	2,400,000		Celgene Corp		3.875		08/15/25		2,531,384
	275,000	g	Endo Finance LLC		6.000		02/01/25		222,750
	1,725,000		Gilead Sciences, Inc		2.950		03/01/27		1,708,244
	2,000,000		Gilead Sciences, Inc		4.150		03/01/47		2,059,887
	750,000		Johnson & Johnson		3.625		03/03/37		782,407
	800,000		Mylan NV		3.750		12/15/20		829,277
	1,100,000		Mylan NV		3.950		06/15/26		1,119,486
	1,900,000		Novartis Capital Corp		3.000		11/20/25		1,939,077
	2,150,000		Novartis Capital Corp		3.100		05/17/27		2,185,433
	1,000,000		Perrigo Finance plc		3.900		12/15/24		1,021,507
	294,000		Perrigo Finance plc		4.900		12/15/44		297,818
	1,275,000		Pfizer, Inc		4.125		12/15/46		1,360,650
	1,650,000	g	Roche Holdings, Inc		2.375		01/28/27		1,566,138
	5,300,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		4,884,127
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						56,946,019

177

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REAL ESTATE - 1.0%
$	350,000		Alexandria Real Estate Equities, Inc		3.950	%	01/15/27	$	357,130
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		458,115
	2,025,000		American Tower Corp		3.300		02/15/21		2,074,528
	475,000		American Tower Corp		4.400		02/15/26		502,150
	1,200,000		American Tower Corp		3.550		07/15/27		1,191,773
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		953,778
	1,050,000		Brixmor Operating Partnership LP		3.650		06/15/24		1,044,368
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,750,579
	525,000		Brixmor Operating Partnership LP		4.125		06/15/26		529,183
	170,000		Camden Property Trust		4.625		06/15/21		180,909
	1,250,000		Camden Property Trust		2.950		12/15/22		1,248,393
	350,000	g	Communications Sales & Leasing, Inc		6.000		04/15/23		335,125
	950,000		Crown Castle International Corp		2.250		09/01/21		936,657
	780,000		Crown Castle International Corp		4.875		04/15/22		848,851
	775,000		Crown Castle International Corp		3.650		09/01/27		774,231
	725,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		763,601
	700,000		DDR Corp		3.625		02/01/25		680,288
	800,000		DDR Corp		4.250		02/01/26		802,077
	650,000		DDR Corp		4.700		06/01/27		669,383
	625,000		Digital Realty Trust LP		3.700		08/15/27		631,117
	325,000		Duke Realty LP		3.250		06/30/26		321,263
	750,000		Equinix, Inc		5.375		01/01/22		786,375
	550,000		Equity One, Inc		3.750		11/15/22		566,632
	775,000		Essex Portfolio LP		3.375		01/15/23		788,251
	900,000		Federal Realty Investment Trust		3.250		07/15/27		886,707
	200,000		Healthcare Realty Trust, Inc		5.750		01/15/21		219,323
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		152,477
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,511,674
	450,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		462,294
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		332,907
	1,225,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,198,268
	375,000		Highwoods Realty LP		3.875		03/01/27		378,159
	400,000		Host Hotels & Resorts LP		4.500		02/01/26		420,661
	600,000		Kimco Realty Corp		3.400		11/01/22		617,630
	500,000		Liberty Property LP		3.250		10/01/26		488,434
	1,500,000		Mid-America Apartments LP		4.300		10/15/23		1,590,015
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		1,030,652
	850,000		Mid-America Apartments LP		4.000		11/15/25		882,999
	750,000		Mid-America Apartments LP		3.600		06/01/27		752,861
	275,000		National Retail Properties, Inc		3.800		10/15/22		285,660
	525,000		National Retail Properties, Inc		3.300		04/15/23		532,324
	550,000		National Retail Properties, Inc		4.000		11/15/25		563,716
	600,000		National Retail Properties, Inc		3.600		12/15/26		593,824
	875,000		Regency Centers LP		3.900		11/01/25		895,196
	925,000		Regency Centers LP		3.600		02/01/27		923,291
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,170,316
	450,000		Weingarten Realty Investors		3.500		04/15/23		452,899
	400,000		Weingarten Realty Investors		4.450		01/15/24		420,000
	925,000		Weingarten Realty Investors		3.850		06/01/25		935,552
	300,000		Weingarten Realty Investors		3.250		08/15/26		287,173

178

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	975,000		Welltower, Inc		4.000	%	06/01/25	$	1,016,110
			TOTAL REAL ESTATE						38,195,879
RETAILING - 0.8%
	3,450,000	g	Argos Merger Sub, Inc		7.125		03/15/23		2,692,035
	1,700,000		Asbury Automotive Group, Inc		6.000		12/15/24		1,776,500
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,805,468
	480,000		Dollar Tree, Inc		5.750		03/01/23		506,208
	1,300,000		Enable Midstream Partners LP		4.400		03/15/27		1,321,712
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,775,614
	600,000		Home Depot, Inc		3.500		09/15/56		552,867
	1,000,000	g	JC Penney Corp, Inc		5.875		07/01/23		1,010,000
	2,100,000		L Brands, Inc		6.875		11/01/35		2,047,500
	2,100,000		L Brands, Inc		6.750		07/01/36		2,031,330
	250,000	g	Lithia Motors, Inc		5.250		08/01/25		259,687
	1,325,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		1,139,754
	1,870,000		Men’s Wearhouse, Inc		7.000		07/01/22		1,781,175
	950,000		O’Reilly Automotive, Inc		3.550		03/15/26		951,848
	1,400,000		O’Reilly Automotive, Inc		3.600		09/01/27		1,398,468
	2,145,000		Penske Automotive Group, Inc		5.500		05/15/26		2,217,716
	1,600,000		Priceline Group, Inc		3.550		03/15/28		1,600,469
	1,100,000	g	Rolls-Royce plc		2.375		10/14/20		1,098,479
	400,000	g	Rolls-Royce plc		3.625		10/14/25		413,565
	1,125,000		Target Corp		3.625		04/15/46		1,057,848
			TOTAL RETAILING						30,438,243
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	3,300,000		Intel Corp		3.150		05/11/27		3,348,863
	1,325,000		Intel Corp		4.100		05/11/47		1,403,729
	700,000		Maxim Integrated Products, Inc		3.450		06/15/27		703,917
	800,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		815,410
	700,000		Texas Instruments, Inc		2.625		05/15/24		698,652
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						6,970,571
SOFTWARE & SERVICES - 0.6%
	825,000		Activision Blizzard Inc		2.300		09/15/21		820,139
	875,000		Activision Blizzard Inc		3.400		09/15/26		884,882
	2,000,000		Baidu, Inc		2.875		07/06/22		2,005,310
	1,199,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,248,302
	1,500,000	g	First Data Corp		7.000		12/01/23		1,601,700
	600,000	g	IMS Health, Inc		5.000		10/15/26		636,000
	4,925,000		Microsoft Corp		2.400		08/08/26		4,772,244
	750,000		Microsoft Corp		4.100		02/06/37		818,505
	1,100,000		Microsoft Corp		4.250		02/06/47		1,215,374
	2,350,000		NCR Corp		5.875		12/15/21		2,428,138
	1,000,000	g	Open Text Corp		5.625		01/15/23		1,047,500
	1,925,000	g	Open Text Corp		5.875		06/01/26		2,112,688
	2,200,000		Oracle Corp		2.500		05/15/22		2,228,537
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		756,499
	300,000	g	Symantec Corp		5.000		04/15/25		313,689
	1,950,000		VMware, Inc		2.950		08/21/22		1,956,548
			TOTAL SOFTWARE & SERVICES						24,846,055

179

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
$	725,000		Amphenol Corp		3.125	%	09/15/21	$	738,749
	2,625,000		Apple, Inc		3.200		05/11/27		2,671,394
	875,000		Apple, Inc		4.650		02/23/46		993,328
	1,600,000	g	Broadcom Corp		3.875		01/15/27		1,647,200
	700,000	g	CommScope, Inc		5.000		06/15/21		717,500
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,255,500
	1,900,000	g	CommScope, Inc		6.000		06/15/25		2,030,625
	1,175,000	g	Diamond Finance Corp		3.480		06/01/19		1,197,478
	2,550,000	g	Diamond Finance Corp		4.420		06/15/21		2,677,002
	675,000	g	Diamond Finance Corp		5.875		06/15/21		705,659
	650,000	g	Diamond Finance Corp		7.125		06/15/24		718,075
	3,050,000	g	Diamond Finance Corp		6.020		06/15/26		3,385,960
	380,000		Hewlett Packard Enterprise Co		2.450		10/05/17		380,018
	1,600,000	g	Millicom International Cellular S.A.		5.125		01/15/28		1,613,600
	2,350,000	g	Sensata Technologies BV		5.625		11/01/24		2,587,938
	1,375,000		Tyco Electronics Group S.A.		2.375		12/17/18		1,382,699
	2,925,000		Tyco Electronics Group S.A.		2.350		08/01/19		2,940,282
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,557,511
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		469,156
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						29,669,674
TELECOMMUNICATION SERVICES - 1.4%
	1,975,000		AT&T, Inc		1.400		12/01/17		1,974,723
	1,950,000		AT&T, Inc		4.600		02/15/21		2,071,076
	6,625,000		AT&T, Inc		3.400		05/15/25		6,518,999
	1,875,000		AT&T, Inc		4.250		03/01/27		1,926,300
	2,625,000		AT&T, Inc		3.900		08/14/27		2,627,963
	2,085,000		AT&T, Inc		4.500		05/15/35		2,057,586
	1,275,000		AT&T, Inc		5.250		03/01/37		1,336,501
	2,625,000		AT&T, Inc		4.900		08/14/37		2,655,936
	1,050,000		AT&T, Inc		4.750		05/15/46		1,010,956
	1,275,000		AT&T, Inc		5.450		03/01/47		1,347,974
	2,625,000		AT&T, Inc		5.150		02/14/50		2,645,088
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,579,752
	3,000,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,937,780
	500,000		France Telecom S.A.		5.375		01/13/42		586,110
	1,600,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		1,656,832
	500,000	†,g,q	Oi S.A.		5.750		02/10/22		175,000
	2,075,000	g	SK Telecom Co Ltd		2.125		05/01/18		2,073,094
	450,000		Telefonica Emisiones SAU		4.103		03/08/27		465,381
	925,000		T-Mobile USA, Inc		6.375		03/01/25		995,948
	1,725,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,762,179
	1,600,000		Verizon Communications, Inc		3.450		03/15/21		1,663,013
	975,000		Verizon Communications, Inc		4.150		03/15/24		1,031,965
	9,113,000		Verizon Communications, Inc		4.272		01/15/36		8,948,533
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,148,496
	675,000		Verizon Communications, Inc		4.125		08/15/46		613,257
	1,600,000	g	VimpelCom Holdings BV		4.950		06/16/24		1,637,248
			TOTAL TELECOMMUNICATION SERVICES						53,447,690
TRANSPORTATION - 0.9%
	655,000	g	Asciano Finance Ltd		5.000		04/07/18		664,186

180

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	g	Bombardier, Inc		7.750	%	03/15/20	$	426,000
	600,000	g	Bombardier, Inc		6.125		01/15/23		581,700
	1,000,000	g	Bombardier, Inc		7.500		03/15/25		997,500
	225,000		Bristow Group, Inc		6.250		10/15/22		157,309
	1,300,000		Burlington Northern Santa Fe LLC		4.125		06/15/47		1,372,435
	2,050,000		Canadian Pacific Railway Co		2.900		02/01/25		2,039,280
	1,950,000		CSX Corp		3.800		11/01/46		1,874,004
	1,950,000		Delta Air Lines, Inc		3.625		03/15/22		2,003,665
	3,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		3,024,259
	1,100,000		FedEx Corp		3.250		04/01/26		1,114,137
	825,000		FedEx Corp		4.750		11/15/45		897,953
	2,115,000		GATX Corp		2.375		07/30/18		2,123,084
	2,674,000	†,m,q	Gulfmark Offshore, Inc		6.375		03/15/22		668,500
	1,400,000	g	Hertz Corp		7.625		06/01/22		1,443,750
	4,900,000		Kansas City Southern		2.350		05/15/20		4,885,890
	1,800,000		Kansas City Southern		4.950		08/15/45		2,002,405
	1,500,000	g	KLX, Inc		5.875		12/01/22		1,571,550
	2,500,000		Norfolk Southern Corp		3.150		06/01/27		2,496,554
	375,000		Northrop Grumman Corp		1.750		06/01/18		375,449
	400,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		415,550
	400,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		420,000
	2,100,000	g	Transnet SOC Ltd		4.000		07/26/22		2,067,240
	800,000	g	TTX Co		3.600		01/15/25		819,428
	825,000		Union Pacific Corp		3.600		09/15/37		835,685
			TOTAL TRANSPORTATION						35,277,513
UTILITIES - 3.1%
	325,000		AEP Transmission Co LLC		3.100		12/01/26		325,737
	350,000		AEP Transmission Co LLC		4.000		12/01/46		360,412
	2,020,000	g	AES Argentina Generacion S.A.		7.750		02/02/24		2,165,076
	425,000		AES Corp		4.875		05/15/23		435,625
	1,800,000		AGL Capital Corp		3.875		11/15/25		1,851,486
	625,000		AGL Capital Corp		4.400		06/01/43		640,240
	700,000		Alabama Power Co		4.150		08/15/44		737,197
	3,000,000		American Electric Power Co, Inc		1.650		12/15/17		3,000,164
	525,000		American Water Capital Corp		3.000		12/01/26		519,694
	500,000		American Water Capital Corp		4.000		12/01/46		513,816
	1,475,000		American Water Capital Corp		3.750		09/01/47		1,473,629
	300,000	g	APT Pipelines Ltd		4.250		07/15/27		308,517
	250,000		Atmos Energy Corp		8.500		03/15/19		273,511
	250,000		Atmos Energy Corp		4.125		10/15/44		261,853
	1,325,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,318,395
	925,000		Black Hills Corp		4.250		11/30/23		985,818
	325,000		Black Hills Corp		3.150		01/15/27		316,623
	250,000		Carolina Power & Light Co		5.300		01/15/19		261,701
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		373,507
	1,525,000	g	Cerro del Aguila S.A.		4.125		08/16/27		1,519,357
	1,000,000		CMS Energy Corp		3.600		11/15/25		1,021,824
	200,000		Commonwealth Edison Co		5.900		03/15/36		253,597
	200,000		Connecticut Light & Power Co		5.500		02/01/19		209,422
	1,325,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		1,342,650
	1,475,000		Consolidated Edison Co of New York, Inc		3.875		06/15/47		1,512,444
	900,000		Consolidated Edison, Inc		2.000		05/15/21		891,005

181

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000		Dominion Resources, Inc		2.000	%	08/15/21	$	737,397
	1,825,000		DTE Electric Co		3.750		08/15/47		1,842,914
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,002,940
	1,175,000		Duke Energy Corp		1.800		09/01/21		1,150,987
	1,725,000		Duke Energy Corp		2.650		09/01/26		1,648,944
	1,175,000		Duke Energy Corp		3.750		09/01/46		1,131,166
	5,000,000		Duke University Health System, Inc		3.920		06/01/47		5,103,580
	1,675,000		Energy Transfer Partners LP		4.750		01/15/26		1,762,469
	575,000		Energy Transfer Partners LP		5.150		02/01/43		560,570
	1,075,000		Energy Transfer Partners LP		5.950		10/01/43		1,150,446
	1,050,000		Energy Transfer Partners LP		5.150		03/15/45		1,025,220
	325,000		Energy Transfer Partners LP		5.300		04/15/47		325,563
	1,125,000		Entergy Corp		2.950		09/01/26		1,087,499
	1,850,000		Exelon Generation Co LLC		3.400		03/15/22		1,900,467
	1,625,000		Fortis, Inc		3.055		10/04/26		1,564,078
	2,000,000	g	Greenko Dutch BV		5.250		07/24/24		2,068,096
	250,000		Indiana Michigan Power Co		7.000		03/15/19		267,650
	750,000		Indiana Michigan Power Co		3.750		07/01/47		736,844
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		131,858
	500,000		Interstate Power & Light Co		3.700		09/15/46		484,981
	2,500,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,552,500
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		107,714
	2,000,000	g	KazMunayGas National Co JSC		3.875		04/19/22		2,017,602
	1,900,000	g	KazTransGas JSC		4.375		09/26/27		1,885,826
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		363,925
	2,000,000	g	Medco Straits Services Pte Ltd		8.500		08/17/22		2,096,324
	1,000,000		MidAmerican Energy Co		4.250		05/01/46		1,070,432
	1,675,000	g	Minejesa Capital BV		4.625		08/10/30		1,707,219
	800,000	g	Minejesa Capital BV		5.625		08/10/37		837,906
	425,000		MPLX LP		5.500		02/15/23		437,325
	2,000,000		MPLX LP		4.500		07/15/23		2,127,091
	800,000		MPLX LP		4.000		02/15/25		813,257
	725,000		MPLX LP		4.125		03/01/27		737,878
	750,000		MPLX LP		5.200		03/01/47		784,803
	2,000,000	g	NBK SPC Ltd		2.750		05/30/22		1,982,386
	1,000,000		Nevada Power Co		5.450		05/15/41		1,209,166
	2,625,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		2,692,213
	550,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		561,687
	2,000,000		NiSource Finance Corp		3.490		05/15/27		2,023,532
	750,000		NiSource Finance Corp		4.800		02/15/44		829,635
	1,400,000		NiSource Finance Corp		3.950		03/30/48		1,378,908
	750,000		Northeast Utilities		1.600		01/15/18		749,960
	1,500,000		Northeast Utilities		1.450		05/01/18		1,499,449
	1,400,000		Northern States Power Co		3.600		09/15/47		1,380,105
	214,000		NRG Energy, Inc		7.875		05/15/21		220,152
	500,000		NRG Energy, Inc		6.625		03/15/23		516,875
	1,225,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,225,401
	500,000		ONEOK, Inc		4.000		07/13/27		505,986
	325,000		Pacific Gas & Electric Co		8.250		10/15/18		346,003
	1,275,000		Pacific Gas & Electric Co		4.250		03/15/46		1,371,226
	525,000		Pacific Gas & Electric Co		4.000		12/01/46		549,910
	2,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		1,998,748
	2,000,000	g	Petroleos del Peru S.A.		4.750		06/19/32		2,056,800

182

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,425,000		Phillips 66 Partners LP		3.550	%	10/01/26	$	1,393,531
	300,000		Phillips 66 Partners LP		4.900		10/01/46		300,094
	50,000		Potomac Electric Power Co		7.900		12/15/38		75,487
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		535,230
	275,000		Progress Energy, Inc		7.050		03/15/19		294,738
	550,000		Public Service Co of Colorado		4.750		08/15/41		618,139
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		424,952
	550,000		Public Service Electric & Gas Co		3.800		03/01/46		556,236
	2,000,000	g	Saka Energi Indonesia PT		4.450		05/05/24		2,017,846
	975,000		Sempra Energy		2.875		10/01/22		978,032
	5,000,000		Smith College		4.470		07/01/35		5,522,523
	2,894,671	g	Solar Star Funding LLC		3.950		06/30/35		2,784,010
	1,325,000		Southern Co		4.400		07/01/46		1,378,439
	425,000		Southern Co Gas Capital Corp		3.950		10/01/46		405,520
	1,650,000		Southern Power Co		2.500		12/15/21		1,642,442
	1,550,000		Southern Power Co		4.150		12/01/25		1,630,100
	800,000		Spectra Energy Partners LP		3.500		03/15/25		805,059
	450,000		Spectra Energy Partners LP		3.375		10/15/26		444,892
	1,675,000		Spectra Energy Partners LP		4.500		03/15/45		1,686,330
	1,300,000		Virginia Electric & Power Co		3.500		03/15/27		1,347,567
	775,000		Virginia Electric & Power Co		4.000		11/15/46		796,630
	1,850,000	g	VM Holding S.A.		5.375		05/04/27		1,942,500
	1,425,000		Western Gas Partners LP		4.650		07/01/26		1,493,019
	575,000		Williams Partners LP		4.500		11/15/23		611,813
	2,000,000		Williams Partners LP		3.750		06/15/27		1,996,241
	225,000		Williams Partners LP		4.900		01/15/45		228,168
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		880,682
	575,000		Xcel Energy, Inc		3.350		12/01/26		582,216
	215,000		Xcel Energy, Inc		4.800		09/15/41		236,572
			TOTAL UTILITIES						122,803,921
			TOTAL CORPORATE BONDS						1,286,178,228
			(Cost $1,263,949,703)
GOVERNMENT BONDS -  46.9%
FOREIGN GOVERNMENT BONDS - 3.5%
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		2,307,800
	5,000,000	g	Bermuda Government International Bond		4.854		02/06/24		5,439,100
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,493,125
BRL	5,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,637,018
	11,400,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		3,710,770
$	500,000		Colombia Government International Bond		4.500		01/28/26		534,000
	3,950,000		Colombia Government International Bond		5.000		06/15/45		4,063,562
	1,575,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,704,937
	1,375,000	g	Ecuador Government International Bond		9.650		12/13/26		1,450,625
	1,100,000	g	Egypt Government International Bond		6.125		01/31/22		1,138,316
	1,200,000	g	Egypt Government International Bond		7.500		01/31/27		1,304,165
	2,475,000	g	Egypt Government International Bond		8.500		01/31/47		2,761,652
	1,250,000	g	El Salvador Government International Bond		5.875		01/30/25		1,225,000
	950,000	g	El Salvador Government International Bond		8.625		02/28/29		1,066,375
TRY	3,425,000		European Investment Bank		5.750		04/03/18		937,673

183

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,800,000	g	Export Credit Bank of Turkey		4.250	%	09/18/22	$	1,776,528
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,500,607
	1,200,000	g	Guatemala Government International Bond		4.500		05/03/26		1,209,000
	3,100,000	g	Guatemala Government International Bond		4.375		06/05/27		3,069,000
	1,500,000	g	Indonesia Government International Bond		3.850		07/18/27		1,542,034
	1,950,000	g	Ivory Coast Government International Bond		6.125		06/15/33		1,918,277
	2,026,500	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,979,599
	3,025,000		Jamaica Government International Bond		8.000		03/15/39		3,743,438
	1,000,000	g	Japan Finance Organization for Municipalities		2.000		09/08/20		993,579
JPY	2,300,000,000		Japan Government Two Year Bond		0.100		04/15/19		20,510,870
$	775,000	g	Kommunalbanken AS.		1.375		10/26/20		764,024
	1,650,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,598,967
	3,550,000	g	Kuwait International Government Bond		2.750		03/20/22		3,585,812
MXN	81,000,000		Mexican Bonos		6.500		06/10/21		4,420,483
$	2,250,000		Mexico Government International Bond		3.625		03/15/22		2,358,000
	2,200,000		Mexico Government International Bond		4.150		03/28/27		2,312,310
	2,000,000		Nigeria Government International Bond		5.625		06/27/22		2,035,400
	1,700,000		Panama Government International Bond		6.700		01/26/36		2,248,250
	2,000,000		Panama Government International Bond		4.500		05/15/47		2,110,000
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		2,040,000
	2,500,000	g	Provincia de Buenos Aires		7.875		06/15/27		2,709,500
	1,500,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		1,654,875
	1,300,000	g	Republic of Ghana		7.875		08/07/23		1,381,311
	1,000,000	g	Republic of Paraguay		6.100		08/11/44		1,122,500
	85,155		Republic of Serbia (Step Bond)		6.750		11/01/24		86,665
	298,044	g	Republic of Serbia (Step Bond)		6.750		11/01/24		303,327
	2,475,000		Republic of South Africa Government International Bond		4.850		09/27/27		2,450,431
	3,875,000	g	Saudi Government International Bond		2.875		03/04/23		3,851,332
	2,500,000	g	Saudi Government International Bond		3.250		10/26/26		2,472,500
	1,200,000	g	Senegal Government International Bond		6.250		05/23/33		1,235,147
ZAR	22,000,000		South Africa Government International Bond		10.500		12/21/26		1,822,750
$	2,350,000		South Africa Government International Bond		4.300		10/12/28		2,213,700
	1,550,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,701,393
	1,625,000	g	Sri Lanka Government International Bond		6.200		05/11/27		1,707,886
TRY	6,750,000		Turkey Government International Bond		11.000		03/02/22		1,905,865
$	1,575,000		Turkey Government International Bond		6.000		03/25/27		1,689,109
	2,000,000		Turkey Government International Bond		6.875		03/17/36		2,255,604
	5,050,000	g	Ukraine Government International Bond		7.375		09/25/32		4,912,443
UYU	41,525,000	g	Uruguay Government International Bond		9.875		06/20/22		1,546,797
$	1,125,000		Uruguay Government International Bond		4.375		10/27/27		1,211,063
	2,000,000		Uruguay Government International Bond		5.100		06/18/50		2,109,000
	3,000,000	g	Zambia Government International Bond		8.500		04/14/24		3,210,282
			TOTAL FOREIGN GOVERNMENT BONDS						138,043,776
MORTGAGE BACKED - 24.0%
	5,676,483		Federal Home Loan Mortgage Corp (FHLMC)		3.500		08/15/42		5,863,664
	8,434,690		FHLMC		3.500		08/15/43		8,793,147
	5,105		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		5,281
	2,910,121		FGLMC		3.500		03/01/27		3,041,354
	17,658		FGLMC		6.500		01/01/29		19,572

184

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,565		FGLMC		8.000	%	01/01/31	$	1,760
	226,217		FGLMC		5.500		12/01/33		252,997
	340,980		FGLMC		7.000		12/01/33		394,501
	181,607		FGLMC		5.000		01/01/34		199,310
	65,352		FGLMC		4.500		10/01/34		70,276
	124,953		FGLMC		5.500		03/01/35		140,208
	106,959		FGLMC		7.000		05/01/35		122,403
	15,887		FGLMC		5.000		02/01/36		17,427
	365		FGLMC		6.500		05/01/36		404
	144,835		FGLMC		5.000		04/01/38		159,883
	191,862	w	FGLMC		4.500		11/01/40		209,757
	214,571	w	FGLMC		4.500		12/01/40		234,554
	1,483,000		FGLMC		4.500		10/01/44		1,619,421
	237,745		FGLMC		4.500		11/01/44		259,648
	290,748		FGLMC		4.500		11/01/44		317,442
	98,956		FGLMC		4.500		12/01/44		106,806
	184,635		FGLMC		4.500		12/01/44		201,632
	1,575,635		FGLMC		3.500		04/01/45		1,636,922
	11,117,476		FGLMC		3.500		10/01/45		11,543,489
	12,811,051		FGLMC		4.000		12/01/45		13,640,366
	1,753,459		FGLMC		4.000		05/01/46		1,859,967
	37,729,881		FGLMC		3.500		08/01/46		39,163,935
	1,213		Federal National Mortgage Association (FNMA)		8.000		03/01/23		1,215
	3,420		FNMA		9.000		11/01/25		3,790
	2,787		FNMA		7.500		01/01/29		3,088
	284,260		FNMA		2.500		06/01/30		287,152
	1,010,069		FNMA		2.500		06/01/31		1,017,541
	156,822		FNMA		2.500		07/01/31		157,982
	3,845,062		FNMA		2.500		07/01/31		3,873,507
	922,268		FNMA		2.500		08/01/31		929,091
	547,428		FNMA		2.500		09/01/31		551,478
	670,284		FNMA		2.500		09/01/31		675,243
	440,802		FNMA		2.500		09/01/31		444,247
	485,331		FNMA		2.500		10/01/31		488,921
	144,203		FNMA		2.500		10/01/31		145,331
	223,647		FNMA		2.500		11/01/31		225,301
	302,480		FNMA		2.500		11/01/31		304,718
	392,858		FNMA		2.500		11/01/31		395,764
	351,730		FNMA		2.500		11/01/31		354,484
	73,994		FNMA		2.500		11/01/31		74,541
	192,572		FNMA		2.500		11/01/31		193,997
	401,510		FNMA		2.500		11/01/31		404,481
	182,110		FNMA		2.500		12/01/31		183,537
	584,174		FNMA		2.500		12/01/31		588,496
	204,056		FNMA		2.500		12/01/31		205,565
	137,099		FNMA		2.500		12/01/31		138,174
	461,382		FNMA		2.500		12/01/31		464,795
	4,616,182		FNMA		3.500		02/01/32		4,814,555
	3,896,107		FNMA		3.500		05/01/32		4,069,606
	898,500		FNMA		2.500		06/01/32		905,157
	265,570		FNMA		2.500		06/01/32		267,661
	435,031		FNMA		2.500		07/01/32		438,254
	847,129		FNMA		2.500		07/01/32		853,800

185

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,852,192		FNMA		2.500	%	07/01/32	$	1,865,916
	22,355,617		FNMA		3.000		07/01/32		22,978,844
	6,905,574		FNMA		3.500		07/01/32		7,203,955
	87,831		FNMA		7.000		07/01/32		97,355
	5,968,373		FNMA		2.500		08/01/32		6,015,369
	14,714,256		FNMA		3.000		08/01/32		15,124,459
	3,000,000	h	FNMA		2.500		10/25/32		3,019,805
	3,000,000	h	FNMA		3.000		10/25/32		3,081,680
	1,185,466		FNMA		5.000		06/01/33		1,306,163
	104,108		FNMA		4.500		10/01/33		112,230
	2,527,237		FNMA		5.000		10/01/33		2,784,323
	119,303		FNMA		5.000		11/01/33		131,426
	149,465		FNMA		5.000		11/01/33		164,659
	107,001		FNMA		5.500		02/01/35		119,949
	4,740,641		FNMA		5.000		05/01/35		5,223,796
	2,656,012		FNMA		5.000		10/01/35		2,927,456
	2,032,298		FNMA		5.000		02/01/36		2,239,465
	3,116,298		FNMA		5.500		08/01/37		3,500,619
	20,580		FNMA		6.000		09/01/37		23,764
	16,978		FNMA		6.000		09/01/37		19,463
	45,995		FNMA		6.500		09/01/37		51,069
	1,444,881		FNMA		5.500		11/01/38		1,668,651
	769,132		FNMA		5.500		12/01/38		866,761
	2,191,070		FNMA		4.500		05/01/39		2,384,393
	115,690		FNMA		4.000		07/01/39		122,815
	212,999		FNMA		5.500		08/01/39		238,948
	391,687		FNMA		5.500		04/01/40		436,119
	424,235		FNMA		5.000		08/01/40		463,360
	881,165		FNMA		5.000		09/01/40		962,111
	113,458		FNMA		6.000		10/01/40		129,280
	2,080,685		FNMA		4.500		01/01/41		2,264,129
	5,686,227		FNMA		4.500		01/01/41		6,208,621
	1,143,916		FNMA		5.000		05/01/41		1,248,972
	753,728		FNMA		4.500		09/01/41		820,519
	3,963,616		FNMA		5.500		12/01/41		4,529,278
	1,469,251		FNMA		4.500		01/01/42		1,604,091
	387,520		FNMA		4.500		03/01/42		423,182
	1,377,848		FNMA		4.500		04/01/42		1,490,688
	1,075,723		FNMA		4.500		06/01/42		1,162,080
	2,317,081		FNMA		4.500		08/01/42		2,521,021
	33,618		FNMA		3.000		10/01/42		33,895
	1,833,828		FNMA		3.000		10/01/42		1,848,982
	6,452,785	w	FNMA		3.000		01/01/43		6,506,113
	2,066,318		FNMA		4.500		01/01/43		2,222,200
	8,192,500	w	FNMA		3.000		02/01/43		8,260,211
	2,522,608		FNMA		3.000		02/25/43		2,575,721
	217,680		FNMA		3.000		04/01/43		219,468
	2,772,111		FNMA		3.000		08/25/43		2,831,243
	2,285,334		FNMA		4.500		10/01/43		2,487,390
	2,077,922		FNMA		4.500		02/01/44		2,244,275
	214,436		FNMA		4.000		04/01/44		227,622
	748,675		FNMA		4.000		06/01/44		794,567
	705,587		FNMA		4.000		06/01/44		748,757

186

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,688,837		FNMA		4.500	%	06/01/44	$	1,840,990
	899,247		FNMA		4.000		07/01/44		954,621
	212,630		FNMA		4.000		07/01/44		225,730
	158,115		FNMA		4.000		08/01/44		167,750
	222,330		FNMA		4.000		08/01/44		236,032
	2,103,430		FNMA		4.000		08/01/44		2,233,004
	1,430,368		FNMA		4.000		08/01/44		1,518,036
	153,938		FNMA		4.000		09/01/44		163,421
	226,543		FNMA		4.000		09/01/44		240,514
	939,431		FNMA		4.000		10/01/44		997,247
	4,954,512		FNMA		4.500		10/01/44		5,398,234
	1,583,527		FNMA		4.000		12/01/44		1,681,049
	2,823,432		FNMA		4.000		01/01/45		2,997,305
	6,881,389		FNMA		3.000		02/25/45		6,989,984
	408,427		FNMA		3.500		03/01/45		422,690
	289,688		FNMA		3.500		03/01/45		300,399
	703,634		FNMA		4.500		03/01/45		771,388
	3,945,588		FNMA		3.000		03/25/45		4,020,540
	3,617,577		FNMA		3.500		05/01/45		3,756,686
	278,798		FNMA		4.000		05/01/45		297,317
	4,468,867		FNMA		4.000		06/01/45		4,765,773
	6,422,321		FNMA		4.000		07/01/45		6,857,035
	786,204		FNMA		4.000		08/01/45		838,424
	5,489,442		FNMA		4.000		09/01/45		5,852,718
	2,665,115		FNMA		4.000		11/01/45		2,842,201
	1,556,908		FNMA		4.000		12/01/45		1,660,400
	1,809,423		FNMA		3.500		01/01/46		1,875,709
	10,112,466		FNMA		4.000		01/01/46		10,765,669
	3,252,566		FNMA		3.500		02/01/46		3,370,075
	938,658		FNMA		3.500		06/01/46		973,272
	3,045,420		FNMA		3.500		08/01/46		3,140,623
	14,580,203		FNMA		3.000		11/01/46		14,630,449
	28,698,607		FNMA		3.000		12/01/46		28,797,508
	11,892,857		FNMA		3.500		12/01/46		12,264,640
	19,592,071		FNMA		3.500		12/01/46		20,204,538
	2,046,096		FNMA		4.000		12/01/46		2,187,529
	37,579,819		FNMA		3.000		01/01/47		37,709,327
	81,570,226		FNMA		3.500		01/01/47		84,120,193
	6,103,444		FNMA		3.000		02/01/47		6,124,478
	2,871,413		FNMA		3.500		02/01/47		2,961,176
	8,439,788		FNMA		3.000		04/01/47		8,468,873
	1,966,373		FNMA		3.000		04/01/47		1,973,150
	9,795,860		FNMA		3.000		06/01/47		9,829,618
	47,578,949		FNMA		4.000		07/01/47		50,100,854
	38,087,067		FNMA		4.500		07/01/47		40,881,080
	27,737,546		FNMA		4.000		08/01/47		29,207,774
	11,956,143	h	FNMA		3.500		09/01/47		12,329,904
	1,987,022		FNMA		4.500		09/01/47		2,132,179
	40,000,000	h	FNMA		4.500		10/01/47		42,922,113
	7,000,000	h	FNMA		4.000		10/25/47		7,367,500
	15,000,000	h	FNMA		4.500		10/25/47		16,095,117

187

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,185		Government National Mortgage Association (GNMA)		7.500	%	11/15/23	$	8,762
	2,220		GNMA		7.500		08/15/28		2,227
	10,888		GNMA		6.500		12/15/28		12,016
	39,768		GNMA		6.500		03/15/29		43,901
	12,502		GNMA		8.500		10/20/30		14,529
	3,694		GNMA		7.000		06/20/31		4,406
	109,734		GNMA		5.000		02/15/33		119,848
	368,038		GNMA		5.000		09/15/33		406,809
	4,607,377		GNMA		3.700		10/15/33		4,854,930
	26,304		GNMA		6.000		10/20/36		29,451
	29,802		GNMA		6.000		01/20/37		34,140
	46,980		GNMA		6.000		02/20/37		53,526
	40,186		GNMA		5.000		04/15/38		44,238
	21,261		GNMA		6.000		08/20/38		24,076
	12,749		GNMA		4.500		02/20/39		14,066
	17,961		GNMA		4.500		08/20/41		19,821
	64,124		GNMA		4.500		09/20/41		70,805
	14,005		GNMA		4.500		01/20/44		15,466
	17,391		GNMA		4.500		02/20/44		19,204
	27,051		GNMA		4.500		05/20/44		29,864
	201,105		GNMA		4.500		05/20/44		221,889
	210,112		GNMA		4.500		08/20/44		231,985
	212,217		GNMA		4.500		09/20/44		234,256
	75,532		GNMA		4.500		10/20/44		83,015
	57,282		GNMA		4.500		11/20/44		62,223
	132,118		GNMA		4.500		12/20/44		145,762
	212,356		GNMA		4.500		02/20/45		234,393
	233,864		GNMA		4.500		08/20/45		258,304
	250,023		GNMA		4.500		08/20/45		275,908
	233,978		GNMA		4.500		12/20/45		258,464
	48,116,633		GNMA		3.500		06/20/47		50,073,193
	14,826,639		GNMA		4.000		06/20/47		15,667,480
	70,954,406		GNMA		3.000		08/20/47		72,001,695
	26,837,197	h	GNMA		3.500		08/20/47		27,928,474
			TOTAL MORTGAGE BACKED						933,836,788
MUNICIPAL BONDS - 5.7%
	6,800,000		Alabama Economic Settlement Authority		4.263		09/15/32		7,197,052
	1,000,000		Anaheim City School District		3.825		08/01/23		1,067,630
	2,129,400		California Earthquake Authority		2.805		07/01/19		2,138,791
	5,000,000		California Housing Finance Agency		2.966		08/01/22		5,122,600
	1,040,000		City of Fort Worth TX		3.955		03/01/32		1,068,870
	1,390,000		City of Fort Worth TX		4.088		03/01/37		1,420,691
	500,000		City of San Angelo TX Water & Sewer Revenue		4.261		02/15/37		510,390
	2,000,000		City of San Angelo TX Water & Sewer Revenue		4.401		02/15/46		2,039,820
	3,750,000		City of San Francisco CA Public Utilities Commission Water Revenue		3.950		11/01/36		3,815,700
	9,800,000		Commonwealth Financing Authority		4.014		06/01/33		10,149,076
	2,995,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		2,941,629
	5,000,000		County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		4,890,350
	1,555,000		County of Miami-Dade FL Aviation Revenue		3.354		10/01/29		1,536,185

188

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	5,595,000	County of Miami-Dade FL Aviation Revenue		3.454	%	10/01/30	$	5,583,362
	5,235,000	County of Miami-Dade FL Aviation Revenue		3.504		10/01/31		5,240,759
	3,000,000	Denver City & County School District No		4.242		12/15/37		3,152,880
	750,000	Denver Health & Hospital Authority		2.250		12/01/17		750,083
	2,000,000	Florida Municipal Power Agency		2.769		10/01/23		1,976,180
	2,100,000	Florida Municipal Power Agency		2.919		10/01/24		2,087,547
	3,000,000	Florida Municipal Power Agency		3.059		10/01/25		3,003,150
	600,000	Grant County Public Utility District No 2		5.630		01/01/27		697,722
	250,000	Harris County Flood Control District		1.818		10/01/18		250,810
	895,000	Illinois Housing Development Authority		4.105		07/01/27		915,057
	2,430,000	Indiana Finance Authority		3.166		07/01/30		2,394,984
	3,000,000	Indiana Finance Authority		3.624		07/01/36		3,010,080
	2,270,000	Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,311,904
	1,250,000	Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,301,375
	2,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		1,964,160
	3,840,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		3,675,763
	1,250,000	Maryland Community Development Administration Housing Revenue		2.713		03/01/25		1,235,163
	7,440,000	Maryland Community Development Administration Housing Revenue		3.797		03/01/39		7,357,788
	5,000,000	Maryland Health & Higher Educational Facilities Authority		3.632		07/01/24		5,144,650
	340,000	Massachusetts Housing Finance Agency		1.876		12/01/17		339,918
	190,000	Massachusetts Housing Finance Agency		2.807		12/01/19		191,117
	770,000	Massachusetts Housing Finance Agency		4.786		12/01/32		795,972
	2,780,000	Michigan Finance Authority		3.610		11/01/32		2,734,158
	6,710,000	Michigan Finance Authority		3.585		11/01/35		6,509,170
	4,575,000	New Jersey Economic Development Authority		3.882		06/15/19		4,664,624
	7,500,000	New Jersey Economic Development Authority		4.271		06/15/20		7,703,550
	1,600,000	New Jersey Economic Development Authority		5.706		06/15/30		1,685,952
	3,000,000	New Jersey Economic Development Authority		5.756		06/15/31		3,153,030
	1,500,000	New Jersey Educational Facilities Authority		2.304		07/01/22		1,480,710
	1,415,000	New Jersey Educational Facilities Authority		2.504		07/01/23		1,394,483
	1,615,000	New Jersey Institute of Technology		4.177		07/01/37		1,644,797
	2,655,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,983,317
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,050,120
	3,000,000	New York State Dormitory Authority		3.879		07/01/46		3,036,300
	2,500,000	Palm Beach County Solid Waste Authority		2.636		10/01/24		2,473,550
	5,500,000	Palm Desert Redevelopment Agency		2.750		10/01/22		5,551,205
	6,155,000	Palm Desert Redevelopment Agency		3.000		10/01/23		6,152,538
	1,690,000	Port of Corpus Christi Authority of Nueces County		2.888		12/01/21		1,710,229
	2,000,000	Port of Seattle WA		3.471		05/01/31		2,025,080
	1,390,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		1,296,967
	1,800,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		1,671,174

189

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,535,000		Regents of the University of California Medical Center Pooled Revenue		2.859	%	05/15/30	$	3,277,581
	5,000,000		State of California		4.988		04/01/39		5,441,450
	2,000,000		State of Illinois		2.770		04/01/18		2,004,380
	1,000,000		State of Illinois		4.125		01/01/19		1,015,670
	10,000,000		State of Illinois		5.000		02/01/19		10,381,500
	4,000,000		State of Texas		3.721		10/01/31		4,180,400
	4,000,000		State of Texas		3.771		10/01/32		4,182,520
	4,050,000		Syracuse Industrial Development Agency		5.000		01/01/36		3,972,929
	500,000		University of California		2.676		05/15/21		507,550
	4,500,000		University of California		2.817		05/15/24		4,547,880
	7,000,000		University of California		3.063		07/01/25		7,172,130
	3,000,000		University of California		3.169		05/15/29		2,969,700
	4,420,000		University of California		3.552		05/15/39		4,229,896
	6,385,000		Virgin Islands Public Finance Authority		5.000		10/01/21		4,621,335
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		4,990,600
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,784,141
			TOTAL MUNICIPAL BONDS						222,479,824
U.S. TREASURY SECURITIES - 13.7%
	5,000,000		United States Treasury Bond		6.250		05/15/30		7,092,774
	15,000,000		United States Treasury Bond		5.000		05/15/37		20,490,234
	15,000,000		United States Treasury Bond		4.500		05/15/38		19,364,062
	15,000,000		United States Treasury Bond		4.250		05/15/39		18,754,102
	25,000,000		United States Treasury Bond		4.375		11/15/39		31,796,875
	20,000,000		United States Treasury Bond		4.375		05/15/40		25,478,906
	12,000,000		United States Treasury Bond		2.500		02/15/46		11,154,375
	15,000,000		United States Treasury Bond		2.500		05/15/46		13,929,492
	24,490,000		United States Treasury Bond		3.000		05/15/47		25,181,651
	40,000,000		United States Treasury Bond		2.750		08/15/47		39,103,125
	1,520,000		United States Treasury Note		1.375		09/15/20		1,509,194
	11,263,000		United States Treasury Note		1.625		08/31/22		11,104,614
	10,000,000		United States Treasury Note		1.250		07/31/23		9,561,719
	25,100,000		United States Treasury Note		1.375		08/31/23		24,142,082
	24,400,000		United States Treasury Note		2.250		12/31/23		24,618,266
	22,500,000		United States Treasury Note		2.250		01/31/24		22,688,965
	25,000,000		United States Treasury Note		2.125		02/29/24		25,008,789
	20,000,000		United States Treasury Note		2.125		03/31/24		19,995,312
	20,000,000		United States Treasury Note		2.000		04/30/24		19,838,281
	7,155,000		United States Treasury Note		2.000		05/31/24		7,093,232
	7,500,000		United States Treasury Note		2.000		06/30/24		7,429,980
	500,000		United States Treasury Note		2.125		07/31/24		499,004
	15,000,000		United States Treasury Note		2.000		09/30/24		14,953,125
	10,000,000		United States Treasury Note		2.000		02/15/25		9,859,375
	10,000,000		United States Treasury Note		2.125		05/15/25		9,932,031
	30,000,000		United States Treasury Note		2.000		08/15/25		29,473,828
	30,000,000		United States Treasury Note		2.250		11/15/25		29,985,938
	53,990,000		United States Treasury Note		2.250		08/15/27		53,597,729
			TOTAL U.S. TREASURY SECURITIES						533,637,060
			TOTAL GOVERNMENT BONDS						1,827,997,448
			(Cost $1,825,008,942)

190

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 15.1%
ASSET BACKED - 8.0%
$	133,372		ACE Securities Corp Home Equity Loan Trust			1.972	%	08/25/35	$	133,545
			Series - 2005 HE5 (Class M2)
	8,960,000		AmeriCredit Automobile Receivables Trust			2.570		07/08/20		9,022,378
			Series - 2014 2 (Class D)
	10,000,000		AmeriCredit Automobile Receivables Trust			2.710		09/08/22		9,972,914
			Series - 2016 3 (Class D)
	2,000,000	g,i	Apidos CLO XXIV	LIBOR 3 M + 2.000%		3.307		07/20/27		2,011,791
			Series - 2016 24A (Class A2)
	1,750,000	g,i	Ares XXVIII CLO Ltd	LIBOR 3 M + 2.100%		3.404		10/17/24		1,757,819
			Series - 2013 3A (Class C1R)
	4,000,000	g,i	Ares XXXIV CLO Ltd	LIBOR 3 M + 1.500%		2.811		07/29/26		3,995,704
			Series - 2015 2A (Class BR)
	1,290,626		Asset Backed Securities Corp Home Equity Loan Trust			1.183		03/25/35		1,296,975
			Series - 2005 HE1 (Class M1)
	7,500,000	g,i	Atrium XI	LIBOR 3 M + 1.500%		2.632		10/23/25		7,526,249
			Series - 2017 11A (Class BR)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.040		03/20/19		6,016,374
			Series - 2012 3A (Class B)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.780		06/20/22		3,010,996
			Series - 2016 1A (Class B)
	5,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.360		11/20/22		5,061,749
			Series - 2016 2A (Class B)
	3,500,000	g	Avis Budget Rental Car Funding AESOP LLC			4.830		11/20/22		3,544,634
			Series - 2016 2A (Class C)
	1,236,757	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.490%		1.727		07/25/35		1,230,514
			Series - 2005 SD3 (Class 1A)
	1,283,658	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.400%		1.637		02/25/36		1,285,065
			Series - 2006 EC2 (Class M1)
	2,000,000	g	Bowman Park CLO Ltd			3.545		11/23/25		2,006,590
			Series - 2014 1A (Class B2R)
	5,000,000	g	Canyon Capital			2.253		12/15/20		4,913,644
			Series - 2006 1A (Class D)
	1,100,000		Capital Auto Receivables Asset Trust			3.160		11/20/20		1,112,631
			Series - 2015 2 (Class D)
	2,250,000		Capital Auto Receivables Asset Trust			2.420		06/21/21		2,256,931
			Series - 2016 2 (Class C)
	3,000,000		Capital Auto Receivables Asset Trust			3.160		11/20/23		3,029,473
			Series - 2016 2 (Class D)
	5,000,000	g	Capital Automotive REIT			3.660		10/15/44		5,058,397
			Series - 2014 1A (Class A)
	4,979,167	g	Capital Automotive REIT			3.870		04/15/47		5,020,565
			Series - 2017 1A (Class A1)
	1,500,000	g,i	Carlyle Global Market Strategies CLO 2015-3 Ltd	LIBOR 3 M + 5.700%		7.014		07/28/28		1,505,463
			Series - 2015 3A (Class D)
	3,400,000	g,i	Carlyle Global Market Strategies CLO Ltd	LIBOR 3 M + 1.550%		2.854		07/15/25		3,400,191
			Series - 2013 3A (Class A2A)
	1,500,000	g	Carlyle Global Market Strategies CLO Ltd			3.530		07/15/25		1,501,230
			Series - 2013 3A (Class A2B)

191

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	6,451,318	†,g	CBRE Realty Finance			1.603	%	04/07/52	$	199,382
			Series - 2007 1A (Class A2)
	690,476	g	CCR, Inc			4.750		07/10/22		701,978
			Series - 2012 CA (Class C)
	1,500,000	g	Cent CLO 21 Ltd			3.500		07/27/26		1,506,232
			Series - 2014 21A (Class A2BR)
	51,135		Centex Home Equity			5.540		01/25/32		51,065
			Series - 2002 A (Class AF6)
	2,000,000	g,i	CIFC Funding Ltd	LIBOR 3 M + 5.000%		6.313		01/22/27		1,917,413
			Series - 2015 1A (Class E1)
	750,000	i	CIFC Funding Ltd	LIBOR 3 M + 5.000%		6.313		01/22/27		719,030
			Series - 2015 1X (Class E1)
	205,677		Countrywide Asset-Backed Certificates (Step Bond)			5.216		10/25/17		205,925
			Series - 2002 S4 (Class A5)
	4,875,000	g	DB Master Finance LLC			3.262		02/20/45		4,882,654
			Series - 2015 1A (Class A2I)
	7,312,500	g	DB Master Finance LLC			3.980		02/20/45		7,480,907
			Series - 2015 1A (Class A2II)
	5,000,000	g,h	DB Master Finance LLC			3.629		11/20/47		5,017,125
			Series - 2017 1A (Class A2I)
	1,975,000	g	Domino’s Pizza Master Issuer LLC			3.484		10/25/45		1,995,658
			Series - 2015 1A (Class A2I)
	3,000,000	g,i	Domino’s Pizza Master Issuer LLC	LIBOR 3 M + 1.250%		2.551		07/25/47		2,999,490
			Series - 2017 1A (Class A2I)
	5,000,000	g	Domino’s Pizza Master Issuer LLC			4.118		07/25/47		5,061,300
			Series - 2017 1A (Class A23)
	3,000,000	g,i	Dryden 45 Senior Loan Fund	LIBOR 3 M + 1.800%		3.104		07/15/27		3,001,604
			Series - 2016 45A (Class B)
	25,463	i	First Frankin Mortgage Loan Trust	LIBOR 1 M + 0.240%		1.477		01/25/36		25,461
			Series - 2006 FF1 (Class 2A3)
	3,241,875	g	FOCUS Brands Funding LLC			3.857		04/30/47		3,278,054
			Series - 2017 1A (Class A2I)
	4,100,000	g,i	Galaxy XIX CLO Ltd	LIBOR 3 M + 1.220%		2.537		07/24/30		4,097,825
			Series - 2015 19A (Class A1R)
	5,175,000	g,i	Galaxy XV CLO Ltd	LIBOR 3 M + 1.850%		3.154		04/15/25		5,222,849
			Series - 2013 15A (Class B)
	937,101		GSAMP Trust			0.607		02/25/36		936,548
			Series - 2006 NC1 (Class A2)
	4,015,340	i	GSAMP Trust	LIBOR 1 M + 0.490%		1.727		07/25/45		4,032,751
			Series - 2005 HE4 (Class M2)
	988,240	g	HERO Funding Trust			3.280		09/20/48		993,997
			Series - 2017 2A (Class A1)
	1,976,479	g	HERO Funding Trust			4.070		09/20/48		2,026,878
			Series - 2017 2A (Class A2)
	3,633,023	†,g	HERO Residual Funding			4.500		09/21/42		3,614,858
			Series - 2016 1R (Class A1)
	4,020,000	g	Hertz Vehicle Financing LLC			1.830		08/25/19		4,005,304
			Series - 2013 1A (Class A2)
	4,000,000	g	Hertz Vehicle Financing LLC			2.320		03/25/20		3,995,125
			Series - 2016 1A (Class A)
	6,000,000	g	Hertz Vehicle Financing LLC			3.110		07/25/20		5,950,445
			Series - 2016 3A (Class B)

192

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,000,000	g	Hertz Vehicle Financing LLC			4.430	%	07/25/20	$	1,985,161
			Series - 2016 3A (Class C)
	2,618,320	g	Hilton Grand Vacations Trust			2.660		12/26/28		2,620,401
			Series - 2017 AA (Class A)
	4,363,867	g,i	Hilton Grand Vacations Trust			2.960		12/26/28		4,369,699
			Series - 2017 AA (Class B)
	2,013,707	i	Home Equity Mortgage Loan Asset-Backed Trust	LIBOR 1 M + 0.370%		1.607		10/25/35		2,013,074
			Series - 2005 C (Class AII3)
	1,606,331	i	Lehman XS Trust	LIBOR 1 M + 0.560%		1.797		08/25/35		1,581,864
			Series - 2005 2 (Class 1A1)
	374,185	i	Lehman XS Trust	LIBOR 1 M + 0.250%		1.487		02/25/36		370,041
			Series - 2006 1 (Class 1A1)
	3,000,000	g	Madison Park Funding XIII Ltd			3.300		01/19/25		2,998,446
			Series - 2014 13A (Class B2R)
	1,231,801		MASTR Asset Backed Securities Trust			0.605		10/25/35		1,233,498
			Series - 2005 HE2 (Class M1)
	1,004,200		MASTR Asset Backed Securities Trust (Step Bond)			5.648		11/25/35		982,151
			Series - 2005 AB1 (Class A4)
	2,955,581	g	MVW Owner Trust			2.640		12/20/33		2,904,601
			Series - 2016 1A (Class B)
	3,468,909	g	MVW Owner Trust			2.420		12/20/34		3,462,314
			Series - 2017 1A (Class A)
	5,674,036		NovaStar Mortgage Funding Trust			1.650		09/25/33		5,666,047
			Series - 2003 2 (Class M1)
	950,906		Oakwood Mortgage Investors, Inc			5.410		11/15/32		984,370
			Series - 2002 C (Class A1)
	247,441	g	OneMain Direct Auto Receivables Trust			2.040		01/15/21		247,576
			Series - 2016 1A (Class A)
	515,641	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		513,409
			Series - 2014 AA (Class B)
	243,955		Renaissance Home Equity Loan Trust (Step Bond)			5.392		07/25/34		243,998
			Series - 2004 2 (Class AF4)
	2,850,000		Residential Funding Mortgage Securities II, Inc (Step Bond)			6.630		09/25/35		2,904,341
			Series - 2005 HI3 (Class M5)
	81,639		Residential Funding Mortgage Securities II, Inc (Step Bond)			6.010		02/25/36		81,986
			Series - 2006 HI1 (Class M1)
	2,454,386		Residential Funding Mortgage Securities II, Inc (Step Bond)			6.060		02/25/36		2,568,885
			Series - 2006 HI1 (Class M2)
	4,000,000		Santander Drive Auto Receivables Trust			2.660		11/15/21		4,033,120
			Series - 2016 2 (Class C)
	800,000		Santander Drive Auto Receivables Trust			2.740		12/15/21		806,116
			Series - 2015 5 (Class C)
	5,000,000		Santander Drive Auto Receivables Trust			3.090		04/15/22		5,055,968
			Series - 2016 1 (Class C)
	3,800,000		Santander Drive Auto Receivables Trust			3.390		04/15/22		3,852,157
			Series - 2016 2 (Class D)
	206,236		Saxon Asset Securities Trust (Step Bond)			6.120		11/25/30		214,663
			Series - 2002 2 (Class AF6)

193

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	763,663		Securitized Asset Backed Receivables LLC			0.747	%	10/25/35	$	763,226
			Series - 2005 OP2 (Class A2C)
	7,166,218	g	Sierra Receivables Funding Co LLC			3.200		03/20/34		7,202,377
			Series - 2017 1A (Class B)
	684,218	g	Sierra Timeshare Receivables Funding LLC			2.430		06/20/32		682,902
			Series - 2015 2A (Class A)
	2,710,275	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		2,711,739
			Series - 2015 3A (Class A)
	3,793,006	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		3,798,359
			Series - 2015 3A (Class B)
	2,416,571	g	Sierra Timeshare Receivables Funding LLC			2.330		07/20/33		2,412,348
			Series - 2016 2A (Class A)
	4,833,142	g	Sierra Timeshare Receivables Funding LLC			2.780		07/20/33		4,823,243
			Series - 2016 2A (Class B)
	606,210	g	SolarCity LMC			4.800		11/20/38		600,937
			Series - 2013 1 (Class A)
	761,651	g	SolarCity LMC			4.590		04/20/44		755,498
			Series - 2014 1 (Class A)
	1,264,170	†,g	SolarCity LMC			4.020		07/20/44		1,232,178
			Series - 2014 2 (Class A)
	4,500,000	g,i	Sound Point Clo XIV Ltd	LIBOR 3 M + 6.650%		7.963		01/23/29		4,519,301
			Series - 2016 3A (Class E)
	5,133,181	g	SpringCastle America Funding LLC			3.050		04/25/29		5,167,379
			Series - 2016 AA (Class A)
	8,300,000	g	SpringCastle America Funding LLC			4.100		10/25/33		8,294,027
			Series - 2016 AA (Class B)
	1,609,861	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		2.737		04/25/35		1,573,073
			Series - 2005 7XS (Class 2A1A)
	7,920,000	g	Taco Bell Funding LLC			3.832		05/25/46		8,074,440
			Series - 2016 1A (Class A2I)
	4,950,000	g	Taco Bell Funding LLC			4.970		05/25/46		5,241,506
			Series - 2016 1A (Class A23)
	2,261,905	g	THUNDERBOLT AIRCRAFT LEASE Ltd			4.500		05/17/32		2,088,935
			Series - 2017 A (Class C)
	9,273,810	g	THUNDERBOLT AIRCRAFT LEASE Ltd (Step Bond)			4.212		05/17/32		9,558,771
			Series - 2017 A (Class A)
	2,930,026	g	Vericrest Opportunity Loan Tra (Step Bond)			3.250		04/25/59		2,941,157
			Series - 2017 NPL7 (Class A1)
	3,500,000	g	Vericrest Opportunity Loan Tra (Step Bond)			5.375		04/25/59		3,481,961
			Series - 2017 NPL7 (Class A2)
	2,000,000	g	VOLT LIX LLC (Step Bond)			5.375		05/25/47		1,989,466
			Series - 2017 NPL6 (Class A2)
	3,748,651	g,i	VOLT LVII LLC (Step Bond)			3.375		04/25/47		3,769,015
			Series - 2017 NPL4 (Class A1)
	9,250,000	g	Voya CLO Ltd			4.540		10/14/26		9,249,858
			Series - 2014 4A (Class A2BR)
	285,569	†,g,m	Wachovia Amortization Controlled Heloc NIM			5.683		08/12/47		286,763
			Series - 2006 N1 (Class N1)
	38,195	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		1.597		05/25/35		37,970
			Series - 2005 SD1 (Class A)

194

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	11,760,000	g	Wendys Funding LLC			3.371	%	06/15/45	$	11,865,487
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED							314,407,482
OTHER MORTGAGE BACKED - 7.1%
	2,077,767	i	Adjustable Rate Mortgage Trust	LIBOR 1 M + 1.050%		2.287		05/25/35		2,008,970
			Series - 2005 1 (Class 5M1)
	2,687,869	i	American Home Mortgage Investment Trust	LIBOR 6 M + 1.500%		2.955		10/25/34		2,658,771
			Series - 2004 3 (Class 4A)
	578,980	i	Banc of America Commercial Mortgage Trust			5.914		05/10/45		578,224
			Series - 2006 2 (Class C)
	10,000,000		Banc of America Commercial Mortgage Trust			3.019		07/15/49		10,046,194
			Series - 2016 UB10 (Class ASB)
	1,340,000	g,i	Banc of America Commercial Mortgage Trust			5.821		02/10/51		1,336,312
			Series - 2007 4 (Class E)
	7,500,000	i	Banc of America Commercial Mortgage Trust			5.971		02/10/51		7,566,277
			Series - 2007 5 (Class AJ)
	1,965,000	g,i	Banc of America Commercial Mortgage Trust			6.000		02/10/51		1,960,071
			Series - 2007 4 (Class D)
	6,000,000	g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		6,008,460
			Series - 2007 5 (Class B)
	4,745,803	†,g,i	Bayview Opportunity Master Fund IVb Trust	LIBOR 1 M + 2.150%		3.387		10/25/28		4,737,356
			Series - 2017 CRT1 (Class M)
	2,226,000	i	Bear Stearns Commercial Mortgage Securities Trust			6.120		09/11/42		2,224,995
			Series - 2007 T28 (Class AJ)
	4,500,000		CD Mortgage Trust			2.622		08/10/49		4,446,373
			Series - 2016 CD1 (Class ASB)
	336,557		Citicorp Mortgage Securities, Inc			5.500		07/25/35		326,895
			Series - 2005 4 (Class 1A7)
	10,000,000		Citigroup Commercial Mortgage Trust			3.003		05/10/49		10,081,697
			Series - 2016 C1 (Class AAB)
	11,150,008	i	COBALT CMBS Commercial Mortgage Trust			5.771		05/15/46		11,315,028
			Series - 2007 C3 (Class AJ)
	9,044,000		COMM Mortgage Trust			2.972		10/10/49		9,090,392
			Series - 2016 COR1 (Class ASB)
	666,553		Countrywide Alternative Loan Trust			5.000		04/25/20		657,344
			Series - 2005 6CB (Class 2A1)
	845,440	i	Countrywide Alternative Loan Trust	LIBOR 1 M + 0.230%		1.466		07/20/35		826,000
			Series - 2005 24 (Class 4A1)
	893,273	i	Countrywide Home Loan Mortgage Pass Through Trust			3.346		11/20/34		899,704
			Series - 2004 HYB6 (Class A2)
	101,440		Countrywide Home Loan Mortgage Pass Through Trust			5.250		09/25/35		97,503
			Series - 2005 17 (Class 1A10)
	3,511	i	Credit Suisse Commercial Mortgage Trust			5.903		09/15/39		3,528
			Series - 2007 C4 (Class A1AJ)
	1,272,215	i	Credit Suisse Commercial Mortgage Trust			5.625		01/15/49		1,303,977
			Series - 2007 C2 (Class AJ)
	2,083,000	g,i	DBUBS Mortgage Trust			5.345		08/10/44		2,255,414
			Series - 2011 LC3A (Class B)
	4,354,232	g,i	Flagstar Mortgage Trust			3.500		03/25/47		4,454,414
			Series - 2017 1 (Class 1A5)

195

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	6,555,274	i	GE Capital Commercial Mortgage Corp			5.900	%	11/10/45	$	6,639,700
			Series - 2005 C4 (Class AJ)
	837,742		GSR Mortgage Loan Trust			6.000		01/25/35		845,633
			Series - 2005 1F (Class 3A3)
	219,521	i	Impac CMB Trust	LIBOR 1 M + 0.660%		1.897		03/25/35		210,115
			Series - 2004 11 (Class 2A1)
	1,818,991	i	Impac CMB Trust	LIBOR 1 M + 0.250%		1.487		05/25/35		1,791,991
			Series - 0 4 (Class 1A1B)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.581		07/15/46		332,278
			Series - 2011 C4 (Class C)
	10,000,000		JP Morgan Chase Commercial Mortgage Securities Trust			2.713		08/15/49		9,968,157
			Series - 2016 JP2 (Class ASB)
	1,350,310	i	JP Morgan Mortgage Trust			3.321		11/25/33		1,373,343
			Series - 2006 A2 (Class 5A3)
	7,033,266	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		7,195,088
			Series - 2017 1 (Class A3)
	9,609,440	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		9,788,492
			Series - 2017 2 (Class A3)
	2,408,200	i	LB-UBS Commercial Mortgage Trust			5.737		03/15/39		2,434,247
			Series - 2006 C3 (Class C)
	159,056	i	LB-UBS Commercial Mortgage Trust			5.533		02/15/40		158,956
			Series - 2007 C1 (Class C)
	3,000,000	i	LB-UBS Commercial Mortgage Trust			5.563		02/15/40		2,997,983
			Series - 2007 C1 (Class D)
	869,043		Lehman Mortgage Trust			5.500		11/25/35		819,620
			Series - 2005 1 (Class 2A4)
	3,218,597	†,g,i	LVII Resecuritization Trust	LIBOR 1 M + 2.800%		4.039		07/25/47		3,225,639
			Series - 2015 A (Class A)
	75,000	i	Merrill Lynch Mortgage Trust			6.665		02/12/51		75,351
			Series - 0 C1 (Class AJA)
	5,455,000	i	ML-CFC Commercial Mortgage Trust			5.526		03/12/51		5,540,202
			Series - 2007 6 (Class AM)
	925,000		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20			4.160		02/15/48		939,349
			Series - 2015 C20 (Class B)
	3,149,500		Morgan Stanley Capital I Trust			0.860		02/25/35		3,090,448
			Series - 2005 WMC2 (Class M3)
	1,891,924	i	Morgan Stanley Capital I Trust			5.389		11/12/41		1,893,197
			Series - 2006 HQ10 (Class AJ)
	96,169	i	Morgan Stanley Capital I Trust			5.861		04/12/49		96,054
			Series - 2007 HQ12 (Class C)
	6,405,546	i	Morgan Stanley Capital I Trust			5.907		06/11/49		6,426,407
			Series - 2007 IQ15 (Class AJ)
	10,000,000		Morgan Stanley Capital I Trust			2.606		08/15/49		9,899,727
			Series - 2016 UB11 (Class ASB)
	4,000,000	i	Morgan Stanley Capital I Trust			6.363		12/12/49		3,754,600
			Series - 2007 IQ16 (Class AJFX)
	10,000,000	g	MSSG Trust			3.690		09/13/39		10,180,088
			Series - 2017 237P (Class B)
	2,007,377		Option One Mortgage Loan Trust			0.950		05/25/34		2,004,367
			Series - 2004 2 (Class M1)

196

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	4,729,118	g,i	Sequoia Mortgage Trust			3.500	%	02/25/47	$	4,840,881
			Series - 2017 1 (Class A4)
	15,317,590	g,i	Sequoia Mortgage Trust			3.500		04/25/47		15,660,444
			Series - 2017 3 (Class A4)
	14,637,156	g,i	Sequoia Mortgage Trust			3.500		08/25/47		14,973,928
			Series - 2017 5 (Class A4)
	4,805,227	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		4,894,763
			Series - 2017 1 (Class A4)
	1,066,585	i	Structured Adjustable Rate Mortgage Loan Trust	LIBOR 1 M + 0.340%		1.577		08/25/35		1,057,193
			Series - 2005 16XS (Class A1)
	451,930	g,i	Terwin Mortgage Trust	LIBOR 1 M + 0.780%		2.017		03/25/35		446,813
			Series - 2005 3SL (Class M1)
	7,000,000	g	VOLT LXII LLC (Step Bond)			3.125		09/25/47		7,001,866
			Series - 2017 NPL9 (Class A1)
	284,576	i	Wachovia Bank Commercial Mortgage Trust			5.413		12/15/43		289,201
			Series - 2007 C30 (Class AJ)
	3,251,916	i	Wachovia Bank Commercial Mortgage Trust			5.825		07/15/45		3,287,963
			Series - 2006 C27 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.214		05/15/46		2,997,069
			Series - 2007 C34 (Class B)
	100,000	i	Wachovia Bank Commercial Mortgage Trust			6.219		05/15/46		99,800
			Series - 2007 C34 (Class C)
	6,650,000	i	Wachovia Bank Commercial Mortgage Trust			6.274		05/15/46		6,753,944
			Series - 2007 C34 (Class AJ)
	9,092,051	i	Wachovia Bank Commercial Mortgage Trust			5.660		04/15/47		9,229,432
			Series - 2007 C31 (Class AJ)
	6,440,000	i	Wachovia Bank Commercial Mortgage Trust			6.148		04/15/47		6,626,696
			Series - 2007 C31 (Class C)
	9,000,000	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		8,996,670
			Series - 2007 C32 (Class B)
	12,120,227	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		12,347,845
			Series - 2007 C32 (Class AJ)
	24,558	i	Wachovia Bank Commercial Mortgage Trust			5.953		02/15/51		24,536
			Series - 2007 C33 (Class AM)
			TOTAL OTHER MORTGAGE BACKED							276,093,975
			TOTAL STRUCTURED ASSETS							590,501,457
			(Cost $589,300,295)
			TOTAL BONDS							3,704,677,133
			(Cost $3,678,258,940)
SHARES			COMPANY
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	31,813	*	Peabody Energy Corp							922,895
			TOTAL ENERGY							922,895
			TOTAL COMMON STOCKS							922,895
			(Cost $437,456)

197

TIAA-CREF FUNDS - Bond Plus Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
PREFERRED STOCKS - 0.0%
ENERGY - 0.0%
	3,560	*	Peabody Energy Corp					$	223,248
			TOTAL ENERGY						223,248
			TOTAL PREFERRED STOCKS						223,248
			(Cost $88,473)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.5%
GOVERNMENT AGENCY DEBT - 0.8%
$	32,700,000		Federal Home Loan Bank (FHLB)	0.600%-0.700		%	10/02/17		32,700,000
			TOTAL GOVERNMENT AGENCY DEBT						32,700,000
TREASURY DEBT - 3.7%
EGP	60,000,000	j	Egypt Treasury Bills	0.000			12/12/17		3,281,711
NGN	1,700,000,000	j	Nigeria Treasury Bill		0.000		07/05/18		4,135,357
$	26,520,000		United States Treasury Bill	0.920-1.008			10/05/17		26,518,403
	64,615,000		United States Treasury Bill		0.926-0.961		10/12/17		64,598,470
	44,215,000		United States Treasury Bill		0.927-0.971		10/26/17		44,187,366
			TOTAL TREASURY DEBT						142,721,307
			TOTAL SHORT-TERM INVESTMENTS						175,421,307
			(Cost $175,201,511)
			TOTAL INVESTMENTS - 103.1%						4,020,827,305
			(Cost $3,994,376,390)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%						(121,457,854	)
			NET ASSETS - 100.0%					$	3,899,369,451
			Abbreviation(s):
	BRL		Brazilian real
	EGP		Egyptian pound
	ICE		Intercontinental Exchange
	ISR		Intercontinental Exchange Swap Rate
	JPY		Japanese yen
	LIBOR		London Interbank Offered Rate
	M		Month
	MXN		Mexican peso
	NGN		Nigerian naira
	REIT		Real Estate Investment Trust
	TRY		Trukish lira
	UYU		Uruguayan peso
	Y		Year
	ZAR		South American rand
	*		Non-income producing
	†		Security is categorized as Level 3 in the fair value hierarchy.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $740,135,675 or 19.0% of net assets.
	h		All or a portion of these securities were purchased on a delayed delivery basis.
	i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.

198

TIAA-CREF FUNDS - Bond Plus Fund

j	Zero coupon
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.

Bilateral currency swap contracts outstanding as of September 30, 2017 were as follows (see Note 3):
Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date	Notional amount		Value	Upfront premiums (received)	Unrealized appreciation (depreciation)
USD		Fixed semi-annual 1.94%	JP Morgan Chase Bank, N.A.	4/15/19	USD	20,664,870	$283,874	$(148,374)	$432,248
JPY	Fixed semi-annual 0.10%				JPY	2,300,000,000

	Abbreviation(s):
JPY	Japanese Yen

199

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2017

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 7.1%
AUTOMOBILES & COMPONENTS - 0.2%
$	8,654,964	i	Gates Global LLC	LIBOR 3 M + 3.250%		4.580	%	04/01/24	$	8,687,420
			TOTAL AUTOMOBILES & COMPONENTS							8,687,420
CAPITAL GOODS - 0.0%
	1,662,438	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 4.000%		5.240		11/20/23		1,675,953
			TOTAL CAPITAL GOODS							1,675,953
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	10,087,871	i	ProQuest LLC	LIBOR 1 M + 3.750%		4.985		10/24/21		10,184,513
	745,208	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		8.179		05/15/23		737,756
	4,254,792	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		8.240		05/15/23		4,212,244
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							15,134,513
CONSUMER DURABLES & APPAREL - 0.2%
	11,136,409	i	Academy Ltd	LIBOR 3 M + 4.000%		5.270		07/01/22		7,503,267
			TOTAL CONSUMER DURABLES & APPAREL							7,503,267
CONSUMER SERVICES - 1.6%
	12,280,091	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		5.080		07/28/22		12,236,619
	487,615	i	Boyd Gaming Corp	LIBOR 1 W + 2.500%		3.690		09/15/23		488,956
	13,275,000	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 8.250%		9.580		07/10/23		13,225,219
	9,905,662	i	KinderCare Education LLC	LIBOR 3 M + 3.750%		5.080		08/12/22		9,862,374
	8,800,000	i	KUEHG Corp	LIBOR 3 M + 8.250%		9.580		08/15/25		8,756,000
	3,725,000	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 3.250%		4.490		08/14/24		3,728,502
	16,470,744	i	Spin Holdco, Inc	LIBOR 2 M + 3.750%		5.010		11/14/22		16,540,745
			TOTAL CONSUMER SERVICES							64,838,415
DIVERSIFIED FINANCIALS - 0.1%
	2,175,000		GTCR Valor Companies, Inc			5.580		06/16/23		2,201,274
			TOTAL DIVERSIFIED FINANCIALS							2,201,274
ENERGY - 0.4%
	10,845,000	i	California Resources Corp	LIBOR 1 M + 10.375%		11.610		12/31/21		11,544,503
	4,900,000	i	Petrochoice Holdings, Inc	LIBOR 2 M + 5.000%		6.280		08/21/22		4,924,500
			TOTAL ENERGY							16,469,003
FOOD & STAPLES RETAILING - 0.3%
	2,000,000	i	Rite Aid Corp	LIBOR 1 M + 4.750%		5.990		08/21/20		2,013,340
	11,000,000	i	Rite Aid Corp	LIBOR 1 M + 3.875%		5.120		06/21/21		11,036,630
			TOTAL FOOD & STAPLES RETAILING							13,049,970
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	9,834,233	h,i	Greatbatch Ltd	LIBOR 3 M + 3.500%		4.740		10/27/22		9,887,535

200

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,225,000	i	West Street Merger Sub, Inc	LIBOR 3 M + 3.000%		3.000	%	09/27/24	$	1,233,428
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							11,120,963
INSURANCE - 0.5%
	11,975,000	i	Acrisure LLC	LIBOR 2 M + 5.000%		6.270		11/22/23		12,104,689
	5,475,000	i	Asurion LLC	LIBOR 1 M + 6.000%		7.240		08/04/25		5,594,793
			TOTAL INSURANCE							17,699,482
MATERIALS - 0.7%
	5,460,926	i	Plaze, Inc	LIBOR 3 M + 3.500%		4.830		07/29/22		5,481,405
	5,433,334	i	Road Infrastructure Investment LLC	LIBOR 1 M + 3.500%		4.709		06/13/23		5,449,200
	12,000,000	i	Solenis International LP	LIBOR 3 M + 6.750%		8.070		07/29/22		11,919,960
	1,556,977		Tronox Blocked Borrower LLC			3.000		09/13/24		1,562,488
	3,593,023		Tronox Finance LLC			3.000		10/31/24		3,605,743
			TOTAL MATERIALS							28,018,796
MEDIA - 0.2%
	8,266,299	i	Time, Inc	LIBOR 1 M + 3.250%		4.490		04/26/21		8,266,299
			TOTAL MEDIA							8,266,299
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	9,300,000	i	Alphabet Holding Co, Inc	LIBOR 3 M + 3.500%		4.830		09/15/24		9,183,750
	4,537,793	i	Vizient, Inc	LIBOR 1 M + 3.500%		4.740		02/13/23		4,566,154
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							13,749,904
REAL ESTATE - 0.3%
	12,757,873	i	DTZ US Borrower LLC	LIBOR 3 M + 3.250%		4.560		11/04/21		12,780,710
	1,502,128	i	DTZ US Borrower LLC	LIBOR 3 M + 8.250%		9.560		11/04/22		1,502,128
			TOTAL REAL ESTATE							14,282,838
RETAILING - 0.6%
	4,987,500	i	Bass Pro Group LLC	LIBOR 1 M + 5.000%		6.240		12/15/23		4,692,390
	10,650,000		Sally Holdings LLC			4.500		07/05/24		10,623,375
	8,000,000	i	Staples, Inc	LIBOR 3 M + 4.000%		5.310		08/14/24		7,961,440
			TOTAL RETAILING							23,277,205
SOFTWARE & SERVICES - 0.4%
	4,987,406	i	DTI Holdco, Inc	LIBOR 3 M + 5.250%		6.560		09/30/23		4,775,441
	12,000,000	i	Mitchell International, Inc	LIBOR 3 M + 7.500%		8.810		10/11/21		12,078,720
			TOTAL SOFTWARE & SERVICES							16,854,161
UTILITIES - 0.6%
	9,950,031	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		5.240		07/14/23		9,688,843
	13,448,375	i	Vistra Operations Co LLC	LIBOR 1 M + 2.750%		4.010		12/14/23		13,491,275
			TOTAL UTILITIES							23,180,118
			TOTAL BANK LOAN OBLIGATIONS							286,009,581
			(Cost $288,190,540)

201

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BONDS - 82.6%
CORPORATE BONDS - 81.8%
AUTOMOBILES & COMPONENTS - 1.3%
$	2,350,000	g	Adient Global Holdings Ltd			4.875	%	08/15/26	$	2,402,875
	3,600,000	g	Allison Transmission, Inc			5.000		10/01/24		3,736,260
	600,000	g	Allison Transmission, Inc			4.750		10/01/27		603,750
	5,700,000	g	Dana Financing Luxembourg Sarl			5.750		04/15/25		6,013,500
	7,500,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		8,100,000
	11,171,000	g	Gates Global LLC			6.000		07/15/22		11,478,202
	2,875,000		Goodyear Tire & Rubber Co			5.000		05/31/26		2,997,188
	1,100,000	g,o	IHO Verwaltungs GmbH			4.125		09/15/21		1,119,250
	1,100,000	g,o	IHO Verwaltungs GmbH			4.500		09/15/23		1,119,250
	1,100,000	g,o	IHO Verwaltungs GmbH			4.750		09/15/26		1,120,625
	7,550,000	g	Schaeffler Finance BV			4.750		05/15/23		7,785,938
	3,000,000		Tenneco, Inc			5.000		07/15/26		3,075,000
	825,000	g	ZF North America Capital, Inc			4.500		04/29/22		867,281
	1,800,000	g	ZF North America Capital, Inc			4.750		04/29/25		1,899,000
			TOTAL AUTOMOBILES & COMPONENTS							52,318,119
BANKS - 1.2%
	9,500,000	i	Citigroup, Inc	LIBOR 3 M + 4.478%		6.125		12/30/49		10,165,000
	3,700,000	i	ING Groep NV	USD SWAP SEMI 30/360 5 Y + 4.445%		6.000		12/30/49		3,809,520
	2,600,000		JPMorgan Chase & Co			7.900		12/30/49		2,678,000
	4,750,000	g	Lloyds Banking Group plc			6.657		12/30/49		5,438,750
	7,500,000	g,i	Nordea Bank AB	USD ICE SWAP 11:00 NY 5 Y + 3.563%		5.500		12/30/49		7,720,875
	6,250,000		Royal Bank of Scotland Group plc			6.125		12/15/22		6,887,159
	2,250,000		Royal Bank of Scotland Group plc			6.100		06/10/23		2,493,299
	5,500,000		Royal Bank of Scotland Group plc			6.000		12/19/23		6,116,038
	4,275,000	i	Royal Bank of Scotland Group plc	USD SWAP SEMI 30/360 5 Y + 7.598%		8.625		12/30/49		4,739,906
			TOTAL BANKS							50,048,547
CAPITAL GOODS - 1.7%
	3,000,000		Anixter, Inc			5.125		10/01/21		3,225,000
	2,500,000		Anixter, Inc			5.500		03/01/23		2,718,750
	10,015,000	g	Cloud Crane LLC			10.125		08/01/24		11,116,650
	4,335,000	g	Huntington Ingalls Industries, Inc			5.000		12/15/21		4,466,350
	3,100,000		Manitowoc Foodservice, Inc			9.500		02/15/24		3,561,125
	7,925,000		Orbital ATK, Inc			5.500		10/01/23		8,469,844
	4,150,000	g	SPX FLOW, Inc			5.625		08/15/24		4,347,125
	4,150,000	g	SPX FLOW, Inc			5.875		08/15/26		4,378,250
	13,130,000	g	Stena AB			7.000		02/01/24		12,571,975
	5,000,000		TransDigm, Inc			6.000		07/15/22		5,187,500
	5,000,000		TransDigm, Inc			6.500		07/15/24		5,162,500
	2,375,000		TransDigm, Inc			6.500		05/15/25		2,446,250
			TOTAL CAPITAL GOODS							67,651,319
COMMERCIAL & PROFESSIONAL SERVICES - 4.8%
	2,500,000		AECOM			5.750		10/15/22		2,605,000
	6,250,000		AECOM			5.875		10/15/24		6,923,125

202

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	11,500,000		AECOM		5.125	%	03/15/27	$	11,888,125
	13,500,000	g	Arch Merger Sub, Inc		8.500		09/15/25		13,128,750
	3,325,000	g	Ashtead Capital, Inc		4.125		08/15/25		3,424,750
	3,325,000	g	Ashtead Capital, Inc		4.375		08/15/27		3,424,750
	1,532,000		Clean Harbors, Inc		5.250		08/01/20		1,551,150
	7,925,000		Clean Harbors, Inc		5.125		06/01/21		8,051,245
	13,500,000	g	H&E Equipment Services, Inc		5.625		09/01/25		14,242,500
	10,911,000	g	Herc Rentals, Inc		7.500		06/01/22		11,797,519
	10,719,000	g	Herc Rentals, Inc		7.750		06/01/24		11,630,115
	1,000,000	g	IHS Markit Ltd		4.750		02/15/25		1,070,000
	8,675,000	g	Iron Mountain, Inc		4.875		09/15/27		8,837,656
	5,000,000	g	KAR Auction Services, Inc		5.125		06/01/25		5,200,000
	3,495,820	†,g,o	Neovia Logistics Intermediate Holdings LLC		10.000		04/01/20		1,538,161
	2,000,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		2,115,000
	7,825,000		RR Donnelley & Sons Co		7.875		03/15/21		8,255,375
	127,000		RR Donnelley & Sons Co		7.000		02/15/22		130,810
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		8,390,500
	5,800,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		4,872,000
	16,425,000		United Rentals North America, Inc		5.500		07/15/25		17,635,522
	6,675,000		United Rentals North America, Inc		4.625		10/15/25		6,758,437
	1,175,000		United Rentals North America, Inc		5.875		09/15/26		1,276,344
	1,500,000		United Rentals North America, Inc		5.500		05/15/27		1,599,375
	17,600,000		United Rentals North America, Inc		4.875		01/15/28		17,666,000
	11,000,000	g	XPO Logistics, Inc		6.500		06/15/22		11,550,000
	8,325,000	g	XPO Logistics, Inc		6.125		09/01/23		8,689,219
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						194,251,428
CONSUMER DURABLES & APPAREL - 1.9%
	2,125,000	g	Hanesbrands, Inc		4.625		05/15/24		2,212,656
	7,000,000		KB Home		4.750		05/15/19		7,201,250
	5,575,000		KB Home		7.000		12/15/21		6,257,938
	1,900,000		KB Home		7.625		05/15/23		2,173,030
	14,500,000		Lennar Corp		4.750		04/01/21		15,261,250
	5,600,000		Lennar Corp		4.125		01/15/22		5,782,000
	16,000,000		Lennar Corp		4.500		04/30/24		16,476,480
	1,500,000		PulteGroup, Inc		4.250		03/01/21		1,556,250
	3,000,000		PulteGroup, Inc		5.500		03/01/26		3,271,200
	1,800,000		Standard Pacific Corp		8.375		01/15/21		2,099,790
	13,150,000		Standard Pacific Corp		5.875		11/15/24		14,366,375
			TOTAL CONSUMER DURABLES & APPAREL						76,658,219
CONSUMER SERVICES - 7.7%
	15,000,000	g,h	1011778 BC ULC		5.000		10/15/25		15,262,500
	8,125,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		8,155,469
	6,351,000		ADT Corp		6.250		10/15/21		7,041,671
	7,575,000		ADT Corp		3.500		07/15/22		7,575,000
	8,350,000	g	Aramark Services, Inc		5.000		04/01/25		8,934,500
	4,000,000		Boyd Gaming Corp		6.375		04/01/26		4,365,000
	2,800,000	g	CEDAR FAIR		5.375		04/15/27		2,940,000
	6,000,000	g	Cott Holdings, Inc		5.500		04/01/25		6,243,000
	1,750,000		GLP Capital LP		4.375		04/15/21		1,820,000
	1,000,000		GLP Capital LP		5.375		04/15/26		1,091,250
	3,000,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		3,060,000

203

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	13,500,000		Hilton Worldwide Finance LLC			4.625	%	04/01/25	$	13,905,000
	9,210,000	g	International Game Technology			5.625		02/15/20		9,728,062
	8,035,000	g	International Game Technology			6.250		02/15/22		8,882,692
	14,785,000	g	International Game Technology			6.500		02/15/25		16,614,644
	3,600,000	g	KFC Holding Co			4.750		06/01/27		3,708,000
	2,500,000	g	Live Nation Entertainment, Inc			4.875		11/01/24		2,587,500
	2,000,000		MGM Resorts International			5.250		03/31/20		2,117,500
	4,250,000		MGM Resorts International			6.750		10/01/20		4,685,625
	11,250,000		MGM Resorts International			6.000		03/15/23		12,403,125
	9,500,000	g	Penn National Gaming, Inc			5.625		01/15/27		9,856,250
	13,700,000		Pinnacle Entertainment, Inc			5.625		05/01/24		14,008,250
	52,225,000	g	Prime Security Services Borrower LLC			9.250		05/15/23		57,633,421
	4,000,000		Scientific Games International, Inc			6.250		09/01/20		4,050,000
	14,500,000	g	Scientific Games International, Inc			7.000		01/01/22		15,388,125
	16,000,000		Scientific Games International, Inc			10.000		12/01/22		17,720,000
	8,750,000	g	ServiceMaster Co LLC			5.125		11/15/24		8,990,625
	22,500,000	g	Six Flags Entertainment Corp			4.875		07/31/24		22,893,750
	4,665,000		Speedway Motorsports, Inc			5.125		02/01/23		4,816,612
	13,000,000	g	Wynn Las Vegas LLC			5.500		03/01/25		13,536,250
			TOTAL CONSUMER SERVICES							310,013,821
DIVERSIFIED FINANCIALS - 4.2%
	4,750,000		Aircastle Ltd			5.000		04/01/23		5,082,500
	6,200,000		Aircastle Ltd			4.125		05/01/24		6,417,000
	5,000,000		Ally Financial, Inc			3.250		02/13/18		5,036,500
	6,000,000		Ally Financial, Inc			4.750		09/10/18		6,132,600
	5,000,000		Ally Financial, Inc			4.125		02/13/22		5,165,500
	1,003,000	g	CIT Group, Inc			5.500		02/15/19		1,048,135
	5,000,000		CIT Group, Inc			3.875		02/19/19		5,093,750
	4,750,000		CIT Group, Inc			5.000		08/01/23		5,118,125
	5,600,000	g,i	Credit Suisse Group AG.	USD SWAP SEMI 30/360 5 Y + 3.455%		6.250		12/30/49		5,962,768
	831,000		General Motors Acceptance Corp LLC			8.000		11/01/31		1,069,912
	10,000,000		GMAC, Inc			8.000		11/01/31		12,899,000
	6,750,000		Icahn Enterprises LP			6.000		08/01/20		6,965,663
	11,425,000		Icahn Enterprises LP			5.875		02/01/22		11,767,750
	5,200,000		Icahn Enterprises LP			6.250		02/01/22		5,421,000
	6,500,000		Icahn Enterprises LP			6.750		02/01/24		6,857,500
	3,000,000		International Lease Finance Corp			6.250		05/15/19		3,188,348
	3,600,000		International Lease Finance Corp			8.250		12/15/20		4,205,826
	2,000,000		International Lease Finance Corp			4.625		04/15/21		2,124,560
	3,550,000	g	Lincoln Finance Ltd			7.375		04/15/21		3,736,375
	5,500,000	g	MSCI, Inc			4.750		08/01/26		5,788,750
	11,325,000		Navient Corp			5.500		01/15/19		11,703,029
	13,100,000		Navient Corp			4.875		06/17/19		13,558,500
	8,330,000		Navient Corp			6.625		07/26/21		8,913,100
	9,500,000		Navient Corp			7.250		09/25/23		10,319,375
	8,000,000		Navient Corp			6.125		03/25/24		8,248,000
	11,200,000		NewStar Financial, Inc			7.250		05/01/20		11,536,000
			TOTAL DIVERSIFIED FINANCIALS							173,359,566
ENERGY - 13.3%
	5,925,000		AmeriGas Partners LP			5.625		05/20/24		6,243,469

204

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	14,500,000		AmeriGas Partners LP		5.500	%	05/20/25	$	14,898,750
	6,375,000		AmeriGas Partners LP		5.875		08/20/26		6,630,000
	9,500,000		AmeriGas Partners LP		5.750		05/20/27		9,713,750
	2,000,000		Ashland, Inc		6.875		05/15/43		2,220,000
	2,183,000	†	California Resources Corp		5.500		09/15/21		1,222,480
	5,180,000	†,g	California Resources Corp		8.000		12/15/22		3,367,000
	4,151,000	†	California Resources Corp		6.000		11/15/24		1,888,705
	8,565,000		Calumet Specialty Products Partners LP		6.500		04/15/21		8,366,934
	4,585,000		Calumet Specialty Products Partners LP		7.625		01/15/22		4,504,762
	8,600,000		Calumet Specialty Products Partners LP		7.750		04/15/23		8,385,000
	1,400,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		1,590,750
	12,185,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		13,114,106
	10,878,000		Cloud Peak Energy Resources LLC		12.000		11/01/21		11,421,900
	2,450,000		Concho Resources, Inc		5.500		04/01/23		2,519,335
	3,000,000		Concho Resources, Inc		4.375		01/15/25		3,157,500
	11,500,000		Continental Resources, Inc		5.000		09/15/22		11,686,875
	4,945,000		Crestwood Midstream Partners LP		6.250		04/01/23		5,099,531
	11,050,000		Crestwood Midstream Partners LP		5.750		04/01/25		11,284,812
	1,800,000	g	Denbury Resources, Inc		9.000		05/15/21		1,757,250
	1,900,000		Denbury Resources, Inc		6.375		08/15/21		1,140,000
	4,750,000		Denbury Resources, Inc		5.500		05/01/22		2,719,375
	10,000,000		Diamond Offshore Drilling, Inc		7.875		08/15/25		10,575,000
	14,734,000		Dynegy, Inc		6.750		11/01/19		15,249,690
	5,000,000		Dynegy, Inc		7.375		11/01/22		5,225,000
	5,000,000		Dynegy, Inc		7.625		11/01/24		5,181,250
	6,925,000	g	Dynegy, Inc		8.000		01/15/25		7,167,375
	2,100,000		EP Energy LLC		9.375		05/01/20		1,748,250
	6,030,000	†	EP Energy LLC		7.750		09/01/22		3,813,975
	7,400,000	†	EP Energy LLC		6.375		06/15/23		4,569,500
	16,900,000		Exterran Partners LP		6.000		04/01/21		16,562,000
	9,250,000		Exterran Partners LP		6.000		10/01/22		8,995,625
	7,380,000		Ferrellgas Partners LP		6.500		05/01/21		7,158,600
	4,550,000		Ferrellgas Partners LP		6.750		01/15/22		4,413,500
	7,500,000		Ferrellgas Partners LP		6.750		06/15/23		7,218,750
	17,900,000		Genesis Energy LP		6.500		10/01/25		17,698,625
	4,375,000		Murphy Oil Corp		6.875		08/15/24		4,664,800
	19,800,000		Murphy Oil Corp		5.750		08/15/25		20,395,980
	2,500,000		Murphy Oil USA, Inc		6.000		08/15/23		2,631,250
	1,650,000		Murphy Oil USA, Inc		5.625		05/01/27		1,773,750
	3,000,000		Newfield Exploration Co		5.750		01/30/22		3,202,500
	3,600,000		Newfield Exploration Co		5.375		01/01/26		3,788,928
	1,500,000	g	NGPL PipeCo LLC		4.375		08/15/22		1,556,250
	950,000	g	NGPL PipeCo LLC		4.875		08/15/27		995,457
	11,900,000		Oasis Petroleum, Inc		6.875		03/15/22		12,108,250
	1,845,000		Oasis Petroleum, Inc		6.875		01/15/23		1,872,675
	4,800,000	m	Peabody Energy Corp		6.000		11/15/18		0
	5,500,000	m	Peabody Energy Corp		6.500		09/15/20		0
	9,500,000	m	Peabody Energy Corp		6.250		11/15/21		0
	4,750,000	m	Peabody Energy Corp		10.000		03/15/22		0
	2,562,000		Precision Drilling Corp		5.250		11/15/24		2,357,040
	5,300,470		Precision Drilling Trust		6.625		11/15/20		5,320,347
	5,000,000		QEP Resources, Inc		5.375		10/01/22		4,912,500
	9,335,000		Questar Market Resources, Inc		6.875		03/01/21		9,825,087

205

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	22,825,000	g	Range Resources Corp		5.750	%	06/01/21	$	23,738,000
	1,900,000	g	Range Resources Corp		5.000		08/15/22		1,897,625
	4,000,000		Regency Energy Partners LP		5.750		09/01/20		4,303,340
	3,923,000		Regency Energy Partners LP		5.875		03/01/22		4,341,163
	5,835,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		6,322,936
	9,000,000		SM Energy Co		6.500		11/15/21		9,090,000
	5,850,000		SM Energy Co		6.125		11/15/22		5,864,625
	5,795,000		SM Energy Co		6.500		01/01/23		5,838,462
	10,900,000		Southwestern Energy Co		4.100		03/15/22		10,518,500
	4,750,000		Southwestern Energy Co		6.700		01/23/25		4,821,250
	19,000,000		Southwestern Energy Co		7.500		04/01/26		19,736,250
	10,200,000		Suburban Propane Partners LP		5.750		03/01/25		10,098,000
	8,175,000		Suburban Propane Partners LP		5.875		03/01/27		8,093,250
	10,000,000		Sunoco LP		5.500		08/01/20		10,300,000
	4,000,000		Sunoco LP		6.250		04/15/21		4,191,400
	6,800,000		Sunoco LP		6.375		04/01/23		7,225,000
	9,825,000		Targa Resources Partners LP		5.125		02/01/25		10,116,803
	4,350,000		Tesoro Corp		5.375		10/01/22		4,479,458
	9,500,000	g	Tesoro Corp		4.750		12/15/23		10,247,856
	4,800,000		Tesoro Logistics LP		5.500		10/15/19		5,052,000
	2,000,000		Tesoro Logistics LP		5.875		10/01/20		2,035,000
	2,450,000		Tesoro Logistics LP		6.125		10/15/21		2,526,563
	2,000,000		Tesoro Logistics LP		6.250		10/15/22		2,127,500
	2,450,000		Tesoro Logistics LP		6.375		05/01/24		2,658,250
	5,600,000		Tesoro Logistics LP		5.250		01/15/25		5,999,000
	1,114,000		Transocean, Inc		6.000		03/15/18		1,130,710
	1,900,000		Transocean, Inc		5.800		10/15/22		1,866,750
	6,220,000		Transocean, Inc		6.800		03/15/38		5,069,300
	5,650,000		Whiting Petroleum Corp		5.000		03/15/19		5,651,695
	5,355,000		WPX Energy, Inc		7.500		08/01/20		5,823,563
	6,750,000		WPX Energy, Inc		6.000		01/15/22		6,977,813
	5,950,000		WPX Energy, Inc		8.250		08/01/23		6,671,438
			TOTAL ENERGY						538,727,738
FOOD & STAPLES RETAILING - 1.4%
	8,500,000		Albertsons Cos LLC		6.625		06/15/24		7,915,625
	14,250,000		Albertsons Cos LLC		5.750		03/15/25		12,540,000
	30,685,000	†,g	Fresh Market, Inc		9.750		05/01/23		18,717,850
	17,960,000		Ingles Markets, Inc		5.750		06/15/23		17,555,900
			TOTAL FOOD & STAPLES RETAILING						56,729,375
FOOD, BEVERAGE & TOBACCO - 0.4%
	2,120,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		2,210,100
	2,130,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		2,236,500
	4,750,000	g	Post Holdings, Inc		5.500		03/01/25		4,928,125
	3,150,000	g	Post Holdings, Inc		5.750		03/01/27		3,244,500
	1,400,000	g	TreeHouse Foods, Inc		6.000		02/15/24		1,496,250
			TOTAL FOOD, BEVERAGE & TOBACCO						14,115,475
HEALTH CARE EQUIPMENT & SERVICES - 5.7%
	16,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		16,300,000
	14,500,000		CHS/Community Health Systems		5.125		08/01/21		14,318,750
	11,875,000		CHS/Community Health Systems		6.250		03/31/23		11,726,562

206

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		DaVita, Inc		5.125	%	07/15/24	$	4,978,125
	10,000,000		DaVita, Inc		5.000		05/01/25		9,862,500
	575,000		HCA Holdings, Inc		6.250		02/15/21		622,437
	10,000,000		HCA, Inc		6.500		02/15/20		10,887,500
	13,600,000		HCA, Inc		7.500		02/15/22		15,601,784
	1,800,000		HCA, Inc		5.875		03/15/22		1,993,500
	13,350,000		HCA, Inc		5.375		02/01/25		14,067,562
	14,650,000		HCA, Inc		5.875		02/15/26		15,726,482
	5,500,000		HCA, Inc		4.500		02/15/27		5,623,750
	900,000		HCA, Inc		7.500		11/06/33		1,021,500
	6,550,000		HCA, Inc		5.500		06/15/47		6,787,438
	7,125,000		HealthSouth Corp		5.125		03/15/23		7,363,331
	4,625,000		HealthSouth Corp		5.750		11/01/24		4,749,875
	2,000,000		HealthSouth Corp		5.750		09/15/25		2,080,600
	6,425,000		LifePoint Health, Inc		5.875		12/01/23		6,788,334
	4,425,000		LifePoint Health, Inc		5.375		05/01/24		4,596,469
	8,075,000		LifePoint Hospitals, Inc		5.500		12/01/21		8,342,484
	14,000,000		MPT Operating Partnership LP		5.000		10/15/27		14,350,000
	11,425,000	g	New Amethyst Corp		6.250		12/01/24		12,267,594
	3,000,000		Tenet Healthcare Corp		6.750		02/01/20		3,090,000
	4,450,000		Tenet Healthcare Corp		6.000		10/01/20		4,742,410
	2,000,000		Tenet Healthcare Corp		8.125		04/01/22		2,035,000
	27,200,000	g	Tenet Healthcare Corp		4.625		07/15/24		26,894,000
	1,750,000		Tenet Healthcare Corp		6.875		11/15/31		1,531,250
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						228,349,237
HOUSEHOLD & PERSONAL PRODUCTS - 0.3%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,849,440
	5,675,000	g	First Quality Finance Co, Inc		5.000		07/01/25		5,852,344
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						10,701,784
INSURANCE - 0.0%
	900,000	g	AssuredPartners, Inc		7.000		08/15/25		921,375
			TOTAL INSURANCE						921,375
MATERIALS - 9.0%
	1,600,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		1,772,000
	1,600,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		1,812,000
	1,900,000		Alcoa, Inc		6.150		08/15/20		2,075,264
	6,550,000		Alcoa, Inc		5.400		04/15/21		7,026,840
	4,750,000		Alcoa, Inc		5.125		10/01/24		5,054,475
	4,750,000		ArcelorMittal		6.000		03/01/21		5,213,125
	2,750,000		ArcelorMittal		6.750		02/25/22		3,140,775
	3,700,000		ArcelorMittal		7.500		10/15/39		4,440,000
	5,700,000		ArcelorMittal		7.250		03/01/41		6,747,375
	2,000,000	g	Belden, Inc		5.250		07/15/24		2,085,000
	4,750,000		Berry Plastics Corp		5.500		05/15/22		4,959,000
	17,025,000		Berry Plastics Corp		6.000		10/15/22		18,067,781
	1,900,000		Berry Plastics Corp		5.125		07/15/23		1,985,500
	20,000,000		Blue Cube Spinco, Inc		9.750		10/15/23		24,300,000
	11,400,000		Blue Cube Spinco, Inc		10.000		10/15/25		13,922,250
	10,425,000	g	Cemex SAB de C.V.		7.750		04/16/26		11,978,325
	2,000,000		Crown Americas LLC		4.500		01/15/23		2,105,000

207

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,500,000	g	CVR Partners LP		9.250	%	06/15/23	$	4,792,500
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		14,634,000
	7,050,000	g	Evolution Escrow Issuer LLC		7.500		03/15/22		7,428,937
	4,750,000	g	First Quantum Minerals Ltd		7.250		04/01/23		4,892,500
	4,750,000	g	First Quantum Minerals Ltd		7.500		04/01/25		4,856,875
	900,000	g	FMG Resources August 2006 Pty Ltd		9.750		03/01/22		1,012,050
	4,250,000	g	FMG Resources August 2006 Pty Ltd		4.750		05/15/22		4,303,125
	10,000,000		Freeport-McMoRan, Inc		3.875		03/15/23		9,850,000
	2,000,000		Freeport-McMoRan, Inc		4.550		11/14/24		2,002,000
	7,350,000	g	GCP Applied Technologies, Inc		9.500		02/01/23		8,305,500
	2,500,000		Graphic Packaging International, Inc		4.125		08/15/24		2,583,750
	15,460,000		Hexion US Finance Corp		6.625		04/15/20		13,836,700
	1,250,000		Kaiser Aluminum Corp		5.875		05/15/24		1,337,500
	40,000,000	g	Nova Chemicals Corp		4.875		06/01/24		40,500,000
	6,450,000		Olin Corp		5.125		09/15/27		6,740,250
	11,250,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		12,431,250
	1,650,000		PolyOne Corp		5.250		03/15/23		1,754,643
	5,000,000	g	Standard Industries, Inc		5.125		02/15/21		5,156,250
	9,500,000	g	Standard Industries, Inc		5.500		02/15/23		10,058,125
	3,350,000	g	Standard Industries, Inc		5.000		02/15/27		3,492,375
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,723,156
	5,000,000	g	Steel Dynamics, Inc		4.125		09/15/25		5,040,600
	3,000,000		Steel Dynamics, Inc		5.000		12/15/26		3,202,500
	6,650,000		Teck Resources Ltd		6.125		10/01/35		7,448,000
	9,500,000		Teck Resources Ltd		6.250		07/15/41		10,728,540
	9,000,000	g	Trinseo Materials Operating S.C.A		5.375		09/01/25		9,258,750
	13,950,000	g	Tronox Finance plc		5.750		10/01/25		14,298,750
	13,370,000	g	Univar, Inc		6.750		07/15/23		14,005,075
	1,000,000	g	Valvoline, Inc		5.500		07/15/24		1,067,500
	2,000,000	g	Valvoline, Inc		4.375		08/15/25		2,035,200
	4,749,000	g	Versum Materials, Inc		5.500		09/30/24		5,033,940
	3,641,000		Westlake Chemical Corp		4.625		02/15/21		3,750,230
	3,500,000		Westlake Chemical Corp		4.875		05/15/23		3,640,000
	6,540,000	g	WR Grace & Co-Conn		5.625		10/01/24		7,185,825
			TOTAL MATERIALS						365,071,106
MEDIA - 9.2%
	9,500,000	g	Altice Financing S.A.		6.500		01/15/22		9,880,000
	3,550,000	g	Altice Financing S.A.		6.625		02/15/23		3,763,000
	1,600,000		AMC Entertainment Holdings, Inc		5.875		11/15/26		1,572,000
	7,475,000		AMC Entertainment Holdings, Inc		6.125		05/15/27		7,381,562
	7,500,000		AMC Entertainment, Inc		5.875		02/15/22		7,556,250
	5,000,000		AMC Entertainment, Inc		5.750		06/15/25		4,912,500
	1,800,000		AMC Networks, Inc		4.750		08/01/25		1,818,000
	10,615,000	g	CBS Radio, Inc		7.250		11/01/24		11,331,512
	20,900,000		CCO Holdings LLC		5.750		01/15/24		21,709,875
	20,000,000	g	CCO Holdings LLC		5.875		04/01/24		21,225,000
	4,750,000	g	CCO Holdings LLC		5.375		05/01/25		4,922,757
	16,150,000	g	CCO Holdings LLC		5.125		05/01/27		16,372,062
	4,075,000		Cinemark USA, Inc		4.875		06/01/23		4,115,750
	940,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		925,900
	13,110,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		12,946,125
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,062,763

208

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,850,000	g	CSC Holdings LLC		5.500	%	04/15/27	$	11,284,000
	15,000,000		DISH DBS Corp		6.750		06/01/21		16,500,000
	6,550,000		DISH DBS Corp		5.875		07/15/22		6,959,375
	4,030,000		DISH DBS Corp		5.000		03/15/23		4,138,306
	13,860,000		DISH Network Corp		3.375		08/15/26		15,505,875
	12,275,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		13,655,938
	2,775,000	g	EW Scripps Co		5.125		05/15/25		2,830,500
	1,400,000	g	Gannett Co, Inc		4.875		09/15/21		1,435,000
	3,375,000	g	Gannett Co, Inc		5.500		09/15/24		3,552,188
	5,060,000	g	Gray Television, Inc		5.125		10/15/24		5,085,300
	11,600,000	g	Gray Television, Inc		5.875		07/15/26		11,948,000
	2,000,000		Lamar Media Corp		5.750		02/01/26		2,170,000
	10,325,000	g	LG FinanceCo Corp		5.875		11/01/24		10,841,250
	1,900,000	g	Lynx II Corp		6.375		04/15/23		1,983,125
	825,000		Match Group, Inc		6.375		06/01/24		898,219
	14,250,000	g	Neptune Finco Corp		10.125		01/15/23		16,440,938
	13,577,000	g	Neptune Finco Corp		10.875		10/15/25		16,784,566
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		12,305,469
	17,000,000	g	Numericable Group S.A.		6.000		05/15/22		17,765,000
	9,650,000	g	Numericable-SFR S.A.		7.375		05/01/26		10,397,875
	850,000		Outfront Media Capital LLC		5.250		02/15/22		878,688
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,407,375
	5,650,000		Regal Entertainment Group		5.750		06/15/23		5,819,500
	750,000		Regal Entertainment Group		5.750		02/01/25		759,375
	2,850,000	g	Sirius XM Radio, Inc		3.875		08/01/22		2,914,695
	8,100,000	g	Sirius XM Radio, Inc		5.375		07/15/26		8,525,250
	18,000,000	g	Time, Inc		5.750		04/15/22		18,427,500
	2,425,000	g	Univision Communications, Inc		5.125		05/15/23		2,473,500
	4,300,000	g	Univision Communications, Inc		5.125		02/15/25		4,337,625
	3,425,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		3,600,531
	6,000,000	g	Virgin Media Secured Finance plc		5.250		01/15/26		6,247,500
			TOTAL MEDIA						370,367,519
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
	1,800,000	g	Endo Dac		5.875		10/15/24		1,885,500
	1,352,000	g	Endo Finance LLC		7.250		01/15/22		1,264,120
	2,375,000	g	Endo Finance LLC		5.375		01/15/23		1,935,625
	6,700,000	g	Endo Finance LLC		6.000		02/01/25		5,427,000
	6,875,000	g	Mallinckrodt International Finance S.A.		5.750		08/01/22		6,720,312
	7,342,000		Mallinckrodt International Finance S.A.		4.750		04/15/23		6,259,055
	4,750,000	g	Mallinckrodt International Finance S.A.		5.625		10/15/23		4,423,438
	1,900,000	g	Mallinckrodt International Finance S.A.		5.500		04/15/25		1,710,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						29,625,050
REAL ESTATE - 0.4%
	6,300,000	g	Communications Sales & Leasing, Inc		6.000		04/15/23		6,032,250
	2,375,000		Equinix, Inc		5.375		01/01/22		2,490,187
	3,975,000		Equinix, Inc		5.875		01/15/26		4,367,531
	2,800,000	g	MGM Growth Properties Operating Partnership LP		4.500		01/15/28		2,824,640
			TOTAL REAL ESTATE						15,714,608

209

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RETAILING - 3.3%
$	24,800,000	g	Argos Merger Sub, Inc		7.125	%	03/15/23	$	19,351,440
	14,475,000		Asbury Automotive Group, Inc		6.000		12/15/24		15,126,375
	1,675,000		CDW LLC		5.000		09/01/25		1,758,750
	3,440,000		Dollar Tree, Inc		5.750		03/01/23		3,627,824
	11,025,000		JC Penney Corp, Inc		5.650		06/01/20		10,832,062
	5,800,000	g	JC Penney Corp, Inc		5.875		07/01/23		5,858,000
	3,000,000		JC Penney Corp, Inc		6.375		10/15/36		2,122,500
	6,650,000		L Brands, Inc		6.875		11/01/35		6,483,750
	9,550,000		L Brands, Inc		6.750		07/01/36		9,237,715
	5,400,000	g	Lithia Motors, Inc		5.250		08/01/25		5,609,250
	19,570,000		Men’s Wearhouse, Inc		7.000		07/01/22		18,640,425
	2,500,000		Penske Automotive Group, Inc		3.750		08/15/20		2,550,000
	5,670,000		Penske Automotive Group, Inc		5.375		12/01/24		5,840,100
	9,145,000		Penske Automotive Group, Inc		5.500		05/15/26		9,455,015
	7,725,000	g	PetSmart, Inc		5.875		06/01/25		6,740,063
	5,000,000	g	PetSmart, Inc		8.875		06/01/25		3,968,750
	5,000,000		Sally Holdings LLC		5.625		12/01/25		5,125,000
	2,650,000		Sonic Automotive, Inc		6.125		03/15/27		2,716,250
			TOTAL RETAILING						135,043,269
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	1,313,000		Micron Technology, Inc		5.500		02/01/25		1,399,986
	8,000,000	g	NXP BV		4.625		06/15/22		8,560,000
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						9,959,986
SOFTWARE & SERVICES - 2.8%
	335,000	g	CDK Global, Inc		4.875		06/01/27		344,212
	9,500,000	g	First Data Corp		7.000		12/01/23		10,144,100
	4,500,000	g	First Data Corp		5.000		01/15/24		4,672,350
	6,750,000	g	First Data Corp		5.750		01/15/24		7,062,188
	1,175,000	g	Gartner, Inc		5.125		04/01/25		1,239,625
	4,000,000	g	IMS Health, Inc		5.000		10/15/26		4,240,000
	6,350,000		NCR Corp		5.875		12/15/21		6,561,138
	5,000,000		NCR Corp		5.000		07/15/22		5,112,500
	4,750,000		NCR Corp		6.375		12/15/23		5,066,350
	10,000,000	g	Nielsen Co Luxembourg SARL		5.000		02/01/25		10,412,500
	5,000,000	g	Open Text Corp		5.625		01/15/23		5,237,500
	16,400,000	g	Open Text Corp		5.875		06/01/26		17,999,000
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		4,041,570
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		2,055,000
	14,000,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		14,518,000
	8,400,000		SS&C Technologies Holdings, Inc		5.875		07/15/23		8,865,570
	4,275,000	g	Symantec Corp		5.000		04/15/25		4,470,068
	2,000,000	g	WEX, Inc		4.750		02/01/23		2,050,000
			TOTAL SOFTWARE & SERVICES						114,091,671
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
	3,500,000	g	CommScope, Inc		5.000		06/15/21		3,587,500
	23,700,000	g	CommScope, Inc		6.000		06/15/25		25,329,375
	6,650,000	g	Diamond Finance Corp		5.875		06/15/21		6,952,043
	4,750,000	g	Diamond Finance Corp		5.450		06/15/23		5,209,647
	6,575,000	g	Diamond Finance Corp		7.125		06/15/24		7,263,601

210

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,750,000	g	Diamond Finance Corp		8.350	%	07/15/46	$	6,067,957
	9,500,000	g	Western Digital Corp		7.375		04/01/23		10,407,250
	1,022,000		Zebra Technologies Corp		7.250		10/15/22		1,082,042
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						65,899,415
TELECOMMUNICATION SERVICES - 5.3%
	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		6,243,180
	7,300,000		CenturyLink, Inc		5.800		03/15/22		7,272,625
	2,750,000		Citizens Communications Co		9.000		08/15/31		2,138,125
	3,705,000		Frontier Communications Corp		8.500		04/15/20		3,593,850
	4,750,000		Frontier Communications Corp		10.500		09/15/22		4,144,375
	3,225,000		Frontier Communications Corp		7.125		01/15/23		2,467,125
	5,225,000		Frontier Communications Corp		11.000		09/15/25		4,441,250
	9,600,000		Level 3 Financing, Inc		5.250		03/15/26		9,837,024
	8,257,000		Sprint Capital Corp		6.875		11/15/28		9,247,840
	8,525,000		Sprint Capital Corp		8.750		03/15/32		10,901,344
	23,725,000		Sprint Corp		7.250		09/15/21		26,364,407
	6,900,000		Sprint Corp		7.875		09/15/23		8,004,000
	19,950,000		Sprint Corp		7.625		02/15/25		22,942,500
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		10,113,750
	4,750,000		T-Mobile USA, Inc		6.125		01/15/22		4,940,000
	525,000		T-Mobile USA, Inc		6.836		04/28/23		554,531
	8,100,000		T-Mobile USA, Inc		6.500		01/15/24		8,630,550
	8,865,000		T-Mobile USA, Inc		6.000		04/15/24		9,407,981
	6,950,000		T-Mobile USA, Inc		6.375		03/01/25		7,483,065
	22,000,000		T-Mobile USA, Inc		5.125		04/15/25		22,990,000
	14,250,000		Windstream Corp		7.750		10/01/21		10,616,250
	2,000,000		Windstream Corp		7.500		04/01/23		1,435,000
			TOTAL TELECOMMUNICATION SERVICES						213,826,397
TRANSPORTATION - 3.9%
	12,050,000	g	American Airlines Group, Inc		4.625		03/01/20		12,396,437
	5,700,000	g	Bombardier, Inc		7.750		03/15/20		6,070,500
	4,500,000	g	Bombardier, Inc		6.000		10/15/22		4,370,625
	7,825,000	g	Bombardier, Inc		6.125		01/15/23		7,586,337
	14,800,000	g	Bombardier, Inc		7.500		03/15/25		14,763,000
	2,525,000		Bristow Group, Inc		6.250		10/15/22		1,765,354
	17,920,000	†,m,q	Gulfmark Offshore, Inc		6.375		03/15/22		4,480,000
	13,870,000	g	Hertz Corp		7.625		06/01/22		14,303,438
	6,175,000		Hertz Corp		6.250		10/15/22		5,866,250
	3,325,000	g	Hertz Corp		5.500		10/15/24		2,992,500
	16,250,000	g	KLX, Inc		5.875		12/01/22		17,025,125
	3,750,000	g	Meccanica Holdings USA, Inc		6.250		07/15/19		3,984,375
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		2,200,500
	7,600,000	g	NCL Corp Ltd		4.750		12/15/21		7,885,000
	20,025,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		20,803,472
	12,500,000	g	Park Aerospace Holdings Ltd		4.500		03/15/23		12,482,625
	3,975,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		4,173,750
	10,850,000		United Continental Holdings, Inc		4.250		10/01/22		10,931,375
	2,500,000		United Continental Holdings, Inc		5.000		02/01/24		2,553,125
			TOTAL TRANSPORTATION						156,633,788

211

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	$	12,734,277
	2,000,000		AES Corp		5.500		04/15/25		2,102,500
	11,400,000	g	Calpine Corp		5.250		06/01/26		11,343,000
	5,300,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		5,412,625
	9,250,000		NGL Energy Partners LP		5.125		07/15/19		9,250,000
	899,000		NRG Energy, Inc		7.875		05/15/21		924,846
	5,000,000		NRG Energy, Inc		6.250		07/15/22		5,250,000
	6,750,000		NRG Energy, Inc		6.625		03/15/23		6,977,813
	7,000,000		NRG Energy, Inc		6.250		05/01/24		7,280,000
			TOTAL UTILITIES						61,275,061
			TOTAL CORPORATE BONDS						3,311,353,873
			(Cost $3,231,335,525)
GOVERNMENT BONDS -  0.8%
U.S. TREASURY SECURITIES - 0.8%
	32,900,000		United States Treasury Note		0.219-0.278		01/31/18		32,868,021
			TOTAL U.S. TREASURY SECURITIES						32,868,021
			TOTAL GOVERNMENT BONDS						32,868,021
			(Cost $32,872,259)
			TOTAL BONDS						3,344,221,894
			(Cost $3,264,207,784)
SHARES			COMPANY
COMMON STOCKS - 0.5%
ENERGY - 0.5%
	155,206		Arch Coal, Inc						11,134,479
	372,708	*	Peabody Energy Corp						10,812,259
			TOTAL ENERGY						21,946,738
			TOTAL COMMON STOCKS						21,946,738
			(Cost $15,989,265)
PREFERRED STOCKS - 0.1%
ENERGY - 0.1%
	35,821	*	Peabody Energy Corp						2,246,335
			TOTAL ENERGY						2,246,335
			TOTAL PREFERRED STOCKS						2,246,335
			(Cost $890,102)

212

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 8.8%
GOVERNMENT AGENCY DEBT - 6.4%
$	16,000,000	Federal Home Loan Bank (FHLB)		1.032	%	10/04/17	$	15,999,120
	20,200,000	FHLB		1.011		10/11/17		20,194,990
	20,375,000	FHLB		1.032		10/25/17		20,362,103
	25,840,000	FHLB		1.021		10/27/17		25,822,222
	34,820,000	FHLB		1.053		11/15/17		34,777,450
	25,000,000	FHLB		1.053		11/24/17		24,963,200
	10,675,000	FHLB		1.043		12/04/17		10,655,572
	24,700,000	Federal Home Loan Mortgage Corp (FHLMC)		1.012		10/05/17		24,697,950
	30,000,000	FHLMC		1.008		11/06/17		29,970,840
	12,040,000	FHLMC		1.018		11/21/17		12,023,276
	31,070,000	Federal National Mortgage Association (FNMA)		1.032		10/02/17		31,070,000
	8,540,000	FNMA		0.951		10/16/17		8,536,712
		TOTAL GOVERNMENT AGENCY DEBT						259,073,435
TREASURY DEBT - 2.4%
	1,480,000	United States Treasury Bill		0.911		10/05/17		1,479,911
	45,250,000	United States Treasury Bill		0.966-0.981		10/12/17		45,238,424
	32,790,000	United States Treasury Bill		0.932-0.956		10/26/17		32,769,506
	15,350,000	United States Treasury Bill		0.971		11/09/17		15,334,478
		TOTAL TREASURY DEBT						94,822,319
		TOTAL SHORT-TERM INVESTMENTS						353,895,754
		(Cost $353,879,431)
		TOTAL INVESTMENTS - 99.1%						4,008,320,302
		(Cost $3,923,157,122)
		OTHER ASSETS & LIABILITIES, NET - 0.9%						37,358,454
		NET ASSETS - 100.0%					$	4,045,678,756

	Abbreviation(s):
ICE	International Exchange
LIBOR	London Interbank Offered Rate
M	Month
W	Week
Y	Year
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $1,439,899,780 or 35.6% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the 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

213

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GOVERNMENT BONDS -  97.9%
AGENCY SECURITIES - 1.6%
$	2,600,013		HNA 2015 LLC		2.369	%	09/18/27	$	2,596,874
	9,595,000		Montefiore Medical Center		2.895		04/20/32		9,350,587
	3,500,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		3,550,344
	3,000,000		PEFCO		3.250		06/15/25		3,151,263
	5,592,105		Reliance Industries Ltd		2.444		01/15/26		5,616,176
	3,000,000		Ukraine Government AID Bonds		1.847		05/29/20		3,002,142
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,691,855
			TOTAL AGENCY SECURITIES						41,959,241
MORTGAGE BACKED - 0.3%
	6,450,328		Government National Mortgage Association (GNMA)		3.700		10/15/33		6,796,902
			TOTAL MORTGAGE BACKED						6,796,902
U.S. TREASURY SECURITIES - 96.0%
	43,778,724	k	United States Treasury Inflation Indexed Bonds		2.125		01/15/19		45,142,248
	191,178,270	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/19		191,883,492
	53,782,054	k	United States Treasury Inflation Indexed Bonds		1.875		07/15/19		56,024,203
	60,277,868	k	United States Treasury Inflation Indexed Bonds		1.375		01/15/20		62,422,163
	159,932,430	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		160,681,069
	89,339,959	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		93,076,801
	89,613,041	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		93,148,692
	127,556,975	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		127,895,798
	116,139,915	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		119,326,016
	120,065,029	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		120,397,417
	75,492,000	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		75,455,161
	117,092,800	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		117,612,694
	95,446,800	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		95,165,434
	110,973,340	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		112,372,197
	95,207,640	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		97,170,883
	90,207,250	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		89,252,264
	82,680,800	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		81,808,571
	79,677,372	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		90,973,901
	92,902,500	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		92,854,490
	86,023,370	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		87,132,728
	57,419,843	d,k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		64,530,347
	68,423,080	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		66,494,172
	83,603,850	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		82,542,868
	40,067,091	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		46,812,786
	31,522,365	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		31,195,149
	74,228,860	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		83,040,622
	42,474,583	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		55,552,152

214

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	48,103,350	k	United States Treasury Inflation Indexed Bonds		2.500	%	01/15/29	$	58,022,284
	64,011,711	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		87,004,729
	10,000,000		United States Treasury Note		1.875		03/31/22		9,992,969
			TOTAL U.S. TREASURY SECURITIES						2,594,984,300
			TOTAL GOVERNMENT BONDS						2,643,740,443
			(Cost $2,613,326,053)
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 1.0%
	26,850,000		Federal Home Loan Bank (FHLB)		0.700		10/02/17		26,850,000
			TOTAL GOVERNMENT AGENCY DEBT						26,850,000
TREASURY DEBT - 0.7%
	2,920,000		United States Treasury Bill		0.920		10/05/17		2,919,824
	15,800,000		United States Treasury Bill		0.925		10/12/17		15,795,958
			TOTAL TREASURY DEBT						18,715,782
			TOTAL SHORT-TERM INVESTMENTS						45,565,782
			(Cost $45,564,714)
			TOTAL INVESTMENTS - 99.6%						2,689,306,225
			(Cost $2,658,890,767)
			OTHER ASSETS & LIABILITIES, NET - 0.4%						11,754,637
			NET ASSETS - 100.0%					$	2,701,060,862

d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

Futures contracts outstanding as of September 30, 2017 were as follows (see Note 3):

Description	Number of long (short) contracts			Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US 10YR NOTE (CBT)		(250	)	12/19/17	$	(31,368,921	)	$	(31,328,125	)		$40,796

215

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 2.8%
CAPITAL GOODS - 0.0%
$	750,000	i	Avolon TLB Borrower  US LLC	LIBOR 1 M + 2.250%		3.490	%	09/16/20	$	752,437
			TOTAL CAPITAL GOODS							752,437
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,979,798	i	American Airlines, Inc	LIBOR 1 M + 2.000%		3.240		10/10/21		1,979,521
	1,995,000	h,i	Clean Harbors, Inc	LIBOR 1 M + 2.000%		3.239		06/28/24		2,001,643
	2,114,375		Leidos Holdings Inc			3.250		08/16/23		2,126,279
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							6,107,443
CONSUMER DURABLES & APPAREL - 0.1%
	448,324	i	Hanesbrands, Inc	LIBOR 1 M + 2.500%		3.740		04/29/22		450,753
	173,250	i	Tumi Holdings, Inc	LIBOR 1 M + 2.250%		3.490		08/01/23		174,333
			TOTAL CONSUMER DURABLES & APPAREL							625,086
CONSUMER SERVICES - 0.3%
	2,454,775		Hilton Worldwide Finance LLC			3.237		10/25/23		2,464,447
	3,118,540	i	KFC Holding Co	LIBOR 1 M + 2.000%		3.230		06/16/23		3,130,234
	421,820	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		3.990		05/02/22		425,220
			TOTAL CONSUMER SERVICES							6,019,901
FOOD & STAPLES RETAILING - 0.1%
	1,108,348	i	Aramark Services, Inc	LIBOR 1 M + 2.000%		3.240		03/28/24		1,111,585
			TOTAL FOOD & STAPLES RETAILING							1,111,585
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	89,687	i	CHS/Community Health Systems	LIBOR 3 M + 3.000%		4.320		01/27/21		89,040
	299,986	i	DaVita HealthCare Partners, Inc	LIBOR 1 M + 2.750%		3.990		06/24/21		301,735
	750,028	i	HCA, Inc	LIBOR 1 M + 2.000%		2.982		03/18/23		752,279
	1,016,576	i	HCA, Inc	LIBOR 1 M + 2.250%		3.490		02/10/24		1,021,293
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							2,164,347
MATERIALS - 0.1%
	794,000	i	American Builders & Contractors Supply Co, Inc	LIBOR 1 M + 2.500%		3.740		10/31/23		796,692
	867,481	i	WR Grace & Co-Conn	LIBOR 3 M + 2.000%		3.310		02/03/21		868,929
			TOTAL MATERIALS							1,665,621
MEDIA - 0.8%
	1,425,000	i	AMC Entertainment Holdings, Inc	LIBOR 1 M + 2.250%		3.480		12/15/22		1,421,323
	1,970,000	i	Charter Communications Operating LLC	LIBOR 1 M + 2.000%		3.240		01/14/22		1,974,689
	2,972,394	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		3.480		07/17/25		2,953,282
	1,887,008	i	MTL Publishing LLC	LIBOR 1 M + 2.500%		3.730		08/21/23		1,890,178
	1,351,564	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.240		10/04/23		1,352,835
	2,475,000	i	Outfront Media Capital LLC	LIBOR 1 M + 2.250%		3.490		03/18/24		2,485,321

216

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	285,457	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		3.990	%	03/15/24	$	282,782
			TOTAL MEDIA							12,360,410
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	2,109,022	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		3.330		03/07/24		2,118,808
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							2,118,808
RETAILING - 0.3%
	3,934,215	i	Avis Budget Car Rental LLC	LIBOR 3 M + 2.000%		3.340		03/15/22		3,909,626
	984,887	i	PetSmart, Inc	LIBOR 1 M + 3.000%		4.240		03/11/22		830,584
			TOTAL RETAILING							4,740,210
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,485,000	i	Versum Materials, Inc	LIBOR 3 M + 2.500%		3.830		09/29/23		1,486,856
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,486,856
SOFTWARE & SERVICES - 0.1%
	1,944,747	i	GXS Group, Inc	LIBOR 1 M + 2.000%		3.235		01/16/21		1,951,554
			TOTAL SOFTWARE & SERVICES							1,951,554
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	1,564,025	i	CommScope, Inc	LIBOR 1 M + 2.000%		3.235		12/29/22		1,567,153
	934,551	i	Sensata Technologies BV	LIBOR 1 M + 2.250%		3.490		10/14/21		940,121
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,507,274
UTILITIES - 0.1%
	989,975	i	NRG Energy, Inc	LIBOR 1 M + 2.000%		3.583		06/30/23		990,430
			TOTAL UTILITIES							990,430
			TOTAL BANK LOAN OBLIGATIONS							44,601,962
			(Cost $44,723,238)
BONDS - 92.4%
CORPORATE BONDS - 34.9%
AUTOMOBILES & COMPONENTS - 0.3%
	1,950,000	g	Hyundai Capital America			2.550		04/03/20		1,946,270
	1,500,000	g	Hyundai Capital America			3.250		09/20/22		1,496,992
	2,125,000	g	Hyundai Capital Services, Inc			3.000		08/29/22		2,095,630
			TOTAL AUTOMOBILES & COMPONENTS							5,538,892
BANKS - 10.5%
	750,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		750,727
	3,000,000	g	Bank Nederlandse Gemeenten NV			1.250		10/29/18		2,988,087
	3,500,000		Bank of America Corp			2.250		04/21/20		3,507,207
	1,925,000		Bank of America Corp			2.151		11/09/20		1,919,205
	5,000,000		Bank of America Corp			2.369		07/21/21		4,999,451
	10,000,000		Bank of America Corp			2.328		10/01/21		9,987,446
	10,000,000		Bank of America NA			1.650		03/26/18		10,006,806
	5,000,000		Bank of America NA			1.750		06/05/18		5,005,267

217

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,000,000	g	Bank of Montreal		2.500	%	01/11/22	$	9,045,375
	2,000,000	g	Caixa Economica Federal		3.500		11/07/22		1,960,000
	1,500,000		Capital One Bank USA NA		1.650		02/05/18		1,499,789
	15,000,000		CitiBank NA		1.850		09/18/19		14,996,179
	5,000,000		CitiBank NA		2.100		06/12/20		5,007,666
	5,000,000		Citigroup, Inc		2.450		01/10/20		5,035,670
	3,000,000		Citizens Bank NA		2.250		03/02/20		3,003,544
	2,000,000		Deutsche Bank AG.		2.700		07/13/20		2,007,746
	5,000,000	g	Dexia Credit Local S.A.		1.875		03/28/19		4,993,683
	4,000,000	g	Dexia Credit Local S.A.		2.375		09/20/22		3,987,815
	5,000,000	g	DNB Boligkreditt AS.		2.000		05/28/20		4,994,650
	3,700,000		HSBC USA, Inc		1.625		01/16/18		3,701,378
	1,500,000		Huntington National Bank		2.375		03/10/20		1,508,495
	6,500,000		JPMorgan Chase & Co		1.700		03/01/18		6,501,944
	7,500,000		JPMorgan Chase & Co		2.750		06/23/20		7,641,060
	3,500,000		KeyBank NA		2.350		03/08/19		3,528,261
	5,000,000		PNC Bank NA		1.500		02/23/18		5,000,365
	3,800,000		PNC Bank NA		1.850		07/20/18		3,805,880
	3,000,000		Royal Bank of Canada		1.875		02/05/20		2,992,598
	5,000,000		Royal Bank of Canada		2.125		03/02/20		5,021,026
	8,000,000	g	SpareBank Boligkreditt AS.		1.250		05/02/18		7,974,676
	4,000,000		Sumitomo Mitsui Banking Corp		1.950		07/23/18		4,007,966
	2,000,000		SunTrust Banks, Inc		2.500		05/01/19		2,016,880
	3,000,000		Toronto-Dominion Bank		1.850		09/11/20		2,987,003
	1,500,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,532,511
	1,500,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		1,475,274
	500,000	g	Turkiye Is Bankasi		3.875		11/07/17		500,252
	1,000,000	g	Turkiye Is Bankasi		5.375		10/06/21		1,017,300
	5,000,000		Wells Fargo Bank NA		1.650		01/22/18		5,004,041
	5,000,000		Westpac Banking Corp		1.600		08/19/19		4,976,756
	3,000,000	g	Westpac Banking Corp		2.100		02/25/21		2,995,918
			TOTAL BANKS						169,885,897
CAPITAL GOODS - 1.4%
	4,400,000		Air Lease Corp		2.125		01/15/18		4,404,784
	2,000,000		Eaton Corp		1.500		11/02/17		1,999,855
	1,500,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,541,250
	800,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		805,044
	981,000		Pentair Finance S.A.		2.900		09/15/18		988,644
	1,125,000		Rockwell Collins, Inc		1.950		07/15/19		1,124,875
	5,000,000		Roper Industries, Inc		2.050		10/01/18		5,011,740
	5,000,000	g	Siemens Financieringsmaatschappij NV		1.300		09/13/19		4,941,734
	2,000,000	g	TSMC Global Ltd		1.625		04/03/18		1,996,551
			TOTAL CAPITAL GOODS						22,814,477
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	3,000,000		Republic Services, Inc		5.500		09/15/19		3,199,580
	5,000,000		Visa, Inc		1.200		12/14/17		5,001,723
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						8,201,303
CONSUMER DURABLES & APPAREL - 0.1%
	2,025,000		Newell Rubbermaid, Inc		2.150		10/15/18		2,032,509
	362,000		Newell Rubbermaid, Inc		2.600		03/29/19		364,864
			TOTAL CONSUMER DURABLES & APPAREL						2,397,373

218

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CONSUMER SERVICES - 0.1%
$	925,000	g	Atento Luxco  S.A.		6.125	%	08/10/22	$	965,161
			TOTAL CONSUMER SERVICES						965,161
DIVERSIFIED FINANCIALS - 5.0%
	4,100,000		American Express Co		2.500		08/01/22		4,094,054
	3,400,000		American Express Credit Corp		1.875		11/05/18		3,403,109
	1,000,000	g	Bayer US Finance LLC		1.500		10/06/17		1,000,000
	3,000,000	g	Daimler Finance North America LLC		2.000		08/03/18		3,008,071
	4,800,000		Ford Motor Credit Co LLC		2.425		06/12/20		4,799,632
	1,000,000		General Motors Financial Co, Inc		2.400		04/10/18		1,003,184
	10,000,000		General Motors Financial Co, Inc		2.400		05/09/19		10,042,974
	2,000,000		Goldman Sachs Group, Inc		2.000		04/25/19		1,999,501
	2,775,000		Goldman Sachs Group, Inc		1.950		07/23/19		2,769,904
	9,000,000		Goldman Sachs Group, Inc		2.300		12/13/19		9,037,735
	1,500,000	g	ICICI Bank Ltd		3.500		03/18/20		1,525,765
	2,000,000		ICICI Bank Ltd		3.125		08/12/20		2,018,740
	300,000		International Lease Finance Corp		3.875		04/15/18		303,323
	3,300,000		Morgan Stanley		1.875		01/05/18		3,303,242
	8,000,000		Morgan Stanley		2.450		02/01/19		8,055,188
	7,500,000		Morgan Stanley		2.800		06/16/20		7,623,746
	7,000,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		7,018,578
	3,000,000		Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		2,993,708
	410,000		Toyota Motor Credit Corp		1.250		10/05/17		409,998
	3,000,000		Unilever Capital Corp		1.800		05/05/20		2,996,761
	3,500,000		Wells Fargo & Co		2.600		07/22/20		3,548,475
			TOTAL DIVERSIFIED FINANCIALS						80,955,688
ENERGY - 3.9%
	1,600,000		BP Capital Markets plc		1.375		05/10/18		1,598,985
	2,025,000		BP Capital Markets plc		1.676		05/03/19		2,024,310
	1,284,000		Canadian Natural Resources Ltd		1.750		01/15/18		1,284,909
	2,000,000		Chevron Corp		1.104		12/05/17		1,999,040
	5,000,000		Chevron Corp		1.365		03/02/18		4,999,444
	1,300,000		Ecopetrol S.A.		4.250		09/18/18		1,326,000
	3,000,000		Enterprise Products Operating LLC		1.650		05/07/18		2,998,904
	2,000,000		Enterprise Products Operating LLC		7.034		01/15/68		2,020,000
	2,000,000		EQT Corp		2.500		10/01/20		2,007,061
	5,000,000		Exxon Mobil Corp		1.439		03/01/18		5,001,967
	2,000,000		Husky Energy, Inc		7.250		12/15/19		2,211,019
	600,000		Kinder Morgan, Inc		2.000		12/01/17		600,198
	2,200,000	g	Pertamina Persero PT		4.875		05/03/22		2,356,790
	3,320,000		Petrobras Global Finance BV		6.125		01/17/22		3,569,000
	4,407,000	g	Petrobras Global Finance BV		5.999		01/27/28		4,407,000
	3,000,000		Petroleos Mexicanos		5.500		02/04/19		3,126,000
	2,000,000	g	Petroleos Mexicanos		5.375		03/13/22		2,136,900
	1,112,000		Petroleos Mexicanos		2.378		04/15/25		1,119,234
	8,947,368		Reliance Industries Ltd		1.870		01/15/26		8,777,870
	750,000		Statoil ASA		1.200		01/17/18		749,572
	1,500,000		Vale Overseas Ltd		5.875		06/10/21		1,651,875
	5,800,000	g	YPF S.A.		8.500		03/23/21		6,508,760
			TOTAL ENERGY						62,474,838

219

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.4%
$	3,425,000	g	CK Hutchison International 17 Ltd		2.250	%	09/29/20	$	3,413,401
	2,875,000		SYSCO Corp		1.900		04/01/19		2,872,960
			TOTAL FOOD & STAPLES RETAILING						6,286,361
FOOD, BEVERAGE & TOBACCO - 0.8%
	5,000,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		5,012,505
	1,650,000		JM Smucker Co		1.750		03/15/18		1,651,595
	675,000		Kraft Heinz Foods Co		2.000		07/02/18		676,371
	2,050,000		PepsiCo, Inc		1.000		10/13/17		2,049,884
	1,350,000		PepsiCo, Inc		1.350		10/04/19		1,345,816
	1,300,000		Tyson Foods, Inc		2.250		08/23/21		1,292,909
			TOTAL FOOD, BEVERAGE & TOBACCO						12,029,080
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
	5,000,000		Becton Dickinson and Co		2.404		06/05/20		5,016,660
	5,000,000		Cardinal Health, Inc		1.948		06/14/19		5,004,572
	3,000,000		Express Scripts Holding Co		2.250		06/15/19		3,011,597
	3,175,000		Medtronic, Inc		1.500		03/15/18		3,175,061
	5,000,000		Zimmer Holdings, Inc		2.000		04/01/18		5,005,128
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						21,213,018
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	375,000		Ecolab, Inc		1.450		12/08/17		374,921
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						374,921
INSURANCE - 0.4%
	750,000		Aetna, Inc		1.500		11/15/17		749,903
	4,025,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		3,995,780
	1,500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		1,508,705
	425,000		UnitedHealth Group, Inc		1.400		10/15/17		424,977
			TOTAL INSURANCE						6,679,365
MATERIALS - 1.0%
	300,000		Corning, Inc		1.450		11/15/17		299,843
	2,400,000		EI du Pont de Nemours & Co		2.200		05/01/20		2,415,034
	2,000,000	g	Equate Petrochemical BV		3.000		03/03/22		1,982,954
	2,000,000		Kimberly-Clark Corp		1.400		02/15/19		1,992,316
	2,000,000	g	Phosagro OAO via Phosagro Bond Funding DAC		3.950		11/03/21		2,028,172
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,533,762
	5,000,000		Sherwin-Williams Co		2.250		05/15/20		5,018,922
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,108,000
			TOTAL MATERIALS						17,379,003
MEDIA - 0.4%
	1,009,000		Charter Communications Operating LLC		3.579		07/23/20		1,035,633
	625,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		625,501
	5,000,000		Walt Disney Co		1.950		03/04/20		5,015,928
			TOTAL MEDIA						6,677,062

220

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.0%
$	5,000,000		Abbott Laboratories		2.350	%	11/22/19	$	5,040,065
	4,800,000		AbbVie, Inc		1.800		05/14/18		4,806,622
	3,900,000		Actavis Funding SCS		2.350		03/12/18		3,911,254
	900,000		Actavis Funding SCS		3.800		03/15/25		934,343
	1,300,000		Celgene Corp		2.125		08/15/18		1,305,404
	5,000,000		Gilead Sciences, Inc		1.850		09/20/19		5,003,899
	1,000,000		Johnson & Johnson		1.125		03/01/19		992,778
	2,500,000		Mylan NV		3.000		12/15/18		2,528,039
	5,000,000		Novartis Capital Corp		1.800		02/14/20		5,002,163
	2,000,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		1,942,035
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						31,466,602
REAL ESTATE - 0.4%
	1,900,000		Brandywine Operating Partnership LP		4.950		04/15/18		1,925,614
	1,329,000		ERP Operating LP		2.375		07/01/19		1,339,640
	1,815,000		Health Care REIT, Inc		4.125		04/01/19		1,864,893
	536,000		Highwoods Realty LP		7.500		04/15/18		551,884
			TOTAL REAL ESTATE						5,682,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,000,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		1,019,263
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,019,263
SOFTWARE & SERVICES - 0.9%
	5,000,000		Fidelity National Information Services, Inc		2.850		10/15/18		5,058,246
	5,000,000		Microsoft Corp		1.100		08/08/19		4,954,381
	5,000,000		VMware, Inc		2.300		08/21/20		5,013,688
			TOTAL SOFTWARE & SERVICES						15,026,315
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3%
	3,000,000		Apple, Inc		1.000		05/03/18		2,992,952
	2,225,000		Apple, Inc		1.700		02/22/19		2,230,150
	2,000,000		Apple, Inc		1.900		02/07/20		2,006,584
	5,000,000	g	Broadcom Corp		2.375		01/15/20		5,026,860
	3,000,000		Cisco Systems, Inc		1.400		09/20/19		2,984,592
	4,000,000	g	Diamond Finance Corp		3.480		06/01/19		4,076,520
	1,667,000		Hewlett Packard Enterprise Co		2.450		10/05/17		1,667,077
	475,000		Tyco Electronics Group S.A.		2.375		12/17/18		477,660
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						21,462,395
TELECOMMUNICATION SERVICES - 0.8%
MXN	56,730,000		America Movil SAB de C.V.		6.450		12/05/22		2,963,262
	1,330,000		AT&T, Inc		1.400		12/01/17		1,329,814
	5,000,000		AT&T, Inc		2.300		03/11/19		5,030,356
	3,050,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		3,158,336
	750,000	†,g,q	Telemar Norte Leste S.A.		5.500		10/23/20		258,750
			TOTAL TELECOMMUNICATION SERVICES						12,740,518
TRANSPORTATION - 0.4%
	2,245,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		2,282,824

221

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,250,000		Delta Air Lines, Inc		2.875	%	03/13/20	$	2,274,968
	2,200,000	g	Transnet SOC Ltd		4.000		07/26/22		2,165,680
			TOTAL TRANSPORTATION						6,723,472
UTILITIES - 2.9%
	2,150,000		American Electric Power Co, Inc		1.650		12/15/17		2,150,118
	5,000,000		Consolidated Edison, Inc		2.000		03/15/20		5,001,669
	3,000,000		Dominion Energy, Inc		2.579		07/01/20		3,020,687
	3,700,000		Dominion Resources, Inc		1.600		08/15/19		3,675,742
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,002,940
	2,600,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,654,600
	2,000,000	g	KSA Sukuk Ltd		2.894		04/20/22		2,009,254
	2,000,000	g	NBK SPC Ltd		2.750		05/30/22		1,982,386
	1,700,000		NextEra Energy Capital Holdings, Inc		1.649		09/01/18		1,699,210
	4,225,000		Northeast Utilities		1.600		01/15/18		4,224,777
	1,500,000		Northeast Utilities		1.450		05/01/18		1,499,449
	2,200,000		Sempra Energy		1.625		10/07/19		2,185,860
	2,000,000		Southern Co		1.850		07/01/19		1,998,766
	2,825,000		Southern Power Co		1.850		12/01/17		2,826,094
	5,000,000		Southern Power Co		1.950		12/15/19		4,989,041
	5,000,000	g	State Grid Overseas Investment 2016 Ltd		2.750		05/04/22		5,005,553
	1,625,000		WEC Energy Group, Inc		1.650		06/15/18		1,624,796
			TOTAL UTILITIES						47,550,942
			TOTAL CORPORATE BONDS						565,543,977
			(Cost $564,114,639)
GOVERNMENT BONDS -  30.9%
AGENCY SECURITIES - 4.8%
	5,850,000	g	Hospital for Special Surgery		3.500		01/01/23		5,987,029
	24,000,000		Iraq Government AID Bond		2.149		01/18/22		24,073,968
	10,975,000		Montefiore Medical Center		2.152		10/20/26		10,587,486
	2,000,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		2,025,402
	3,000,000		PEFCO		2.300		09/15/20		3,043,152
	11,184,211		Reliance Industries Ltd		2.444		01/15/26		11,232,351
	6,000,000		Ukraine Government AID Bonds		1.847		05/29/20		6,004,284
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,691,855
			TOTAL AGENCY SECURITIES						77,645,527
FOREIGN GOVERNMENT BONDS - 7.4%
	2,725,000		Argentine Republic Government International Bond		6.875		04/22/21		2,967,525
	7,000,000	g	Bermuda Government International Bond		4.138		01/03/23		7,367,500
	1,250,000		Brazilian Government International Bond		4.875		01/22/21		1,337,550
	3,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		01/13/20		3,002,926
	1,500,000		Colombia Government International Bond		4.375		07/12/21		1,600,500
	5,800,000	g	CPPIB Capital, Inc		2.250		01/25/22		5,825,152
	2,000,000	g	Croatia Government International Bond		6.750		11/05/19		2,167,130
	500,000	g	Dominican Republic International Bond		7.500		05/06/21		556,250
	1,425,000	g	Export Credit Bank of Turkey		4.250		09/18/22		1,406,418
	5,000,000		Export-Import Bank of Korea		1.500		10/21/19		4,918,815
	500,000		Hungary Government International Bond		4.125		02/19/18		504,400

222

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	11,400,000	g	Instituto de Credito Oficial		1.625	%	09/14/18	$	11,359,450
	1,500,000		Japan Bank for International Cooperation		1.875		04/20/21		1,482,461
	3,000,000	g	Japan Finance Organization for Municipalities		2.000		09/08/20		2,980,738
	3,200,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		3,168,020
	1,700,000	g	Kommunalbanken AS.		1.625		01/15/20		1,693,870
	1,150,000	g	Kommunalbanken AS.		1.375		10/26/20		1,133,714
	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,712,414
	2,500,000	g	Kommuninvest I Sverige AB		1.000		01/29/18		2,496,345
	2,000,000		Korea Development Bank		1.500		01/22/18		1,996,752
	410,000	g	Korea Housing Finance Corp		1.625		09/15/18		407,273
	6,700,000	g	Korea Housing Finance Corp		2.000		10/11/21		6,492,776
	5,000,000		Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		5,003,946
	2,025,000	g	Morocco Government International Bond		4.250		12/11/22		2,148,217
	1,400,000	g	Municipality Finance plc		1.125		09/16/19		1,382,783
	1,450,000	g	Nacional Financiera SNC		3.375		11/05/20		1,502,562
	5,000,000	g	Ontario Teachers’ Finance Trust		2.125		09/19/22		4,972,421
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		2,040,000
	2,000,000		Poland Government International Bond		5.000		03/23/22		2,209,772
	500,000		Republic of Hungary		6.250		01/29/20		545,038
	5,625,000	g	Saudi Government International Bond		2.375		10/26/21		5,544,011
	11,625,000	g	Saudi Government International Bond		2.875		03/04/23		11,553,995
	625,000	g	Slovenia Government International Bond		4.125		02/18/19		642,754
	2,500,000	g	Spain Government International Bond		4.000		03/06/18		2,514,777
	3,525,000		Svensk Exportkredit AB		1.125		04/05/18		3,518,449
	6,500,000		Svensk Exportkredit AB		1.750		03/10/21		6,453,396
			TOTAL FOREIGN GOVERNMENT BONDS						118,610,100
MORTGAGE BACKED - 0.1%
	554		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		555
	1,415,493		Federal National Mortgage Association (FNMA)		3.000		11/01/24		1,455,094
	301,228		Government National Mortgage Association (GNMA)		2.176		05/16/39		301,373
	141,843		GNMA		2.120		05/16/40		141,749
			TOTAL MORTGAGE BACKED						1,898,771
MUNICIPAL BONDS - 0.3%
	5,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		5,021,400
			TOTAL MUNICIPAL BONDS						5,021,400
U.S. TREASURY SECURITIES - 18.3%
	25,610,095	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		25,729,975
	9,812,075	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		9,838,138
	1,140,000		United States Treasury Note		0.875		11/30/17		1,139,581
	7,550,000		United States Treasury Note		1.000		12/15/17		7,547,816
	4,070,000		United States Treasury Note		0.750		01/31/18		4,064,381
	3,200,000		United States Treasury Note		0.875		03/31/18		3,193,992
	5,000,000		United States Treasury Note		1.375		09/30/18		4,999,609
	30,755,000		United States Treasury Note		1.125		01/31/19		30,636,065
	81,090,000	d	United States Treasury Note		1.125		02/28/19		80,760,572
	51,475,000		United States Treasury Note		1.250		03/31/19		51,338,269
	550,000		United States Treasury Note		1.375		07/31/19		549,055

223

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	14,000,000		United States Treasury Note			1.250	%	08/31/19	$	13,938,750
	58,718,000	d	United States Treasury Note			0.875		09/15/19		58,032,192
	3,210,000		United States Treasury Note			1.375		09/15/20		3,187,179
			TOTAL U.S. TREASURY SECURITIES							294,955,574
			TOTAL GOVERNMENT BONDS							498,131,372
			(Cost $499,163,000)
STRUCTURED ASSETS - 26.6%
ASSET BACKED - 4.4%
	182,385		Aames Mortgage Trust (Step Bond)			5.592		06/25/32		183,006
			Series - 2002 1 (Class A3)
	2,073,906	i	ACE Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.290%		1.527		08/25/35		2,076,771
			Series - 2005 AG1 (Class A1B2)
	106,928	i	ACE Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.735%		1.972		08/25/35		107,066
			Series - 2005 HE5 (Class M2)
	55,677	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	1,806,876		Asset Backed Securities Corp Home Equity Loan Trust			1.183		03/25/35		1,815,766
			Series - 2005 HE1 (Class M1)
	1,991,667	†,g	Capital Automotive REIT			3.870		04/15/47		2,008,226
			Series - 2017 1A (Class A1)
	6,818		Centex Home Equity			5.540		01/25/32		6,809
			Series - 2002 A (Class AF6)
	101,792	i	Centex Home Equity	LIBOR 1 M + 0.645%		1.882		03/25/34		101,638
			Series - 2004 B (Class M1)
	126,367	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		119,609
			Series - 2004 2 (Class 1M2)
	417,836		Countrywide Asset-Backed Certificates			1.007		06/25/35		417,979
			Series - 2004 14 (Class M2)
	2,730,000	g	DB Master Finance LLC			3.262		02/20/45		2,734,286
			Series - 2015 1A (Class A2I)
	5,000,000	g,h	DB Master Finance LLC			3.629		11/20/47		5,017,125
			Series - 2017 1A (Class A2I)
	15,000,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		14,929,350
			Series - 2017 1A (Class A2II)
	2,782,471		Entergy Louisiana Investment Recovery Funding I LLC			2.040		09/01/23		2,768,031
			Series - 2011 A (Class A1)
	3,000,000		Ford Credit Auto Owner Trust			1.540		03/15/19		3,000,050
			Series - 2013 D (Class B)
	7,250,000	g	Ford Credit Auto Owner Trust			2.510		04/15/26		7,299,710
			Series - 2014 2 (Class B)
	2,000,000		Hyundai Auto Receivables Trust			2.010		06/15/21		2,000,841
			Series - 2015 B (Class B)
	374,185	i	Lehman XS Trust	LIBOR 1 M + 0.250%		1.487		02/25/36		370,041
			Series - 2006 1 (Class 1A1)
	5,451,143	g	MVW Owner Trust			2.420		12/20/34		5,440,779
			Series - 2017 1A (Class A)
	5,000,000	g	Palisades Center Trust			3.357		04/13/33		5,026,374
			Series - 2016 PLSD (Class B)

224

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	876,305		People’s Choice Home Loan Securities Trust			1.097	%	10/25/34	$	879,042
			Series - 2004 2 (Class M1)
	2,524,930	i	RAMP	LIBOR 1 M + 0.765%		2.002		06/25/35		2,525,387
			Series - 2005 RS6 (Class M2)
	350,627		Residential Funding Mortgage Securities II, Inc (Step Bond)			6.060		02/25/36		366,984
			Series - 2006 HI1 (Class M2)
	206,236		Saxon Asset Securities Trust (Step Bond)			6.120		11/25/30		214,663
			Series - 2002 2 (Class AF6)
	315,887	g	Sierra Timeshare Receivables Funding LLC			2.660		08/20/29		315,925
			Series - 2012 3A (Class B)
	2,020,800	g	Sierra Timeshare Receivables Funding LLC			2.420		03/20/30		2,018,716
			Series - 2014 1A (Class B)
	515,399	g	SLM Student Loan Trust			3.480		10/15/30		519,346
			Series - 2012 B (Class A2)
	1,099,967	g	SpringCastle America Funding LLC			3.050		04/25/29		1,107,295
			Series - 2016 AA (Class A)
	4,950,000	g	Taco Bell Funding LLC			3.832		05/25/46		5,046,525
			Series - 2016 1A (Class A2I)
	2,940,000	g	Wendys Funding LLC			3.371		06/15/45		2,966,372
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED							71,383,713
OTHER MORTGAGE BACKED - 22.2%
	2,996,722	g	Banc of America Commercial Mortgage Trust			5.416		01/15/49		3,012,147
			Series - 2007 1 (Class AM)
	1,712,412	i	Banc of America Commercial Mortgage Trust			5.482		01/15/49		1,710,011
			Series - 2007 1 (Class AMFX)
	660,957	i	Banc of America Funding	LIBOR 1 M + 0.800%		2.036		02/20/35		658,727
			Series - 2005 A (Class 5A3)
	4,417,371	i	Bear Stearns ALT-A Trust	LIBOR 1 M + 0.600%		1.837		06/25/34		4,407,754
			Series - 2004 4 (Class A1)
	11,335,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.300		05/11/39		11,689,116
			Series - 2003 PWR2 (Class H)
	5,000,000	i	CD Mortgage Trust			6.122		11/15/44		5,030,218
			Series - 2007 CD5 (Class B)
	2,248,722	i	CD Mortgage Trust			6.124		11/15/44		2,247,651
			Series - 2007 CD5 (Class AJ)
	9,945,737	g,i	Chase Mortgage Trust			3.750		12/25/45		10,118,484
			Series - 2016 2 (Class M2)
	4,264,455	g	Citigroup Mortgage Loan Trust			1.414		05/25/37		4,144,616
			Series - 2015 8 (Class 1A1)
	2,715,754		Connecticut Avenue Securities			2.187		05/25/24		2,726,150
			Series - 2014 C02 (Class 1M1)
	75,625	i	Connecticut Avenue Securities	LIBOR 1 M + 1.600%		2.837		04/25/28		75,647
			Series - 2015 C04 (Class 1M1)
	5,332,389	i	Connecticut Avenue Securities	LIBOR 1 M + 1.950%		3.187		08/25/28		5,379,695
			Series - 2016 C01 (Class 1M1)
	3,822,033	i	Connecticut Avenue Securities	LIBOR 1 M + 2.150%		3.387		09/25/28		3,863,901
			Series - 2016 C02 (Class 1M1)
	2,741,075	i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		3.237		10/25/28		2,787,465
			Series - 2016 C03 (Class 1M1)

225

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	6,006,846		Connecticut Avenue Securities			2.587	%	01/25/29	$	6,039,042
			Series - 2016 C05 (Class 2M1)
	11,212,930	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		2.687		01/25/29		11,317,195
			Series - 2016 C04 (Class 1M1)
	12,456,924	g,i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.530		07/25/29		12,575,440
			Series - 2017 C01 (Class 1M1)
	4,814,283	i	Connecticut Avenue Securities	LIBOR 1 M + 1.150%		2.387		09/25/29		4,848,389
			Series - 2017 C02 (Class 2M1)
	13,536,371	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		2.187		10/25/29		13,601,823
			Series - 2017 C03 (Class 1M1)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.650%		3.887		02/25/30		3,024,547
			Series - 2017 C06 (Class 1M2)
	6,400,000	g	Core Industrial Trust			3.732		02/10/34		6,552,385
			Series - 2015 TEXW (Class C)
	1,651,000	g,i	Credit Suisse Commercial Mortgage Trust			5.676		02/15/39		1,652,710
			Series - 2006 C1 (Class H)
	390,074	i	Credit Suisse Commercial Mortgage Trust			5.903		09/15/39		392,028
			Series - 2007 C4 (Class A1AJ)
	1,590,269	i	Credit Suisse Commercial Mortgage Trust			5.625		01/15/49		1,629,972
			Series - 2007 C2 (Class AJ)
	12,000,000	g,i	Credit Suisse Commercial Mortgage Trust			5.897		01/15/49		15,111,694
			Series - 2007 C2 (Class C)
	1,985,000	i	Credit Suisse First Boston Mortgage Securities Corp			5.736		05/15/36		2,036,010
			Series - 2004 C2 (Class E)
	742,597	g	Credit Suisse First Boston Mortgage Securities Corp			6.000		05/17/40		748,067
			Series - 1998 C1 (Class F)
	3,130,000	g,i	DBUBS Mortgage Trust			5.685		11/10/46		3,399,087
			Series - 2011 LC1A (Class C)
	957,885		Deutsche Mortgage Securities, Inc Mortgage Loan Trust (Step Bond)			5.440		07/25/34		976,816
			Series - 2004 5 (Class A5B)
	14,635,580	g,i	Flagstar Mortgage Trust			3.500		03/25/47		14,889,990
			Series - 2017 1 (Class 1A3)
	350,431	i	Homestar Mortgage Acceptance Corp	LIBOR 1 M + 0.900%		2.137		10/25/34		353,692
			Series - 2004 5 (Class A1)
	219,521	i	Impac CMB Trust	LIBOR 1 M + 0.660%		1.897		03/25/35		210,115
			Series - 2004 11 (Class 2A1)
	714,381	g	Jefferies Resecuritization Trust			5.625		09/01/37		718,730
			Series - 2009 R13 (Class 1A1)
	1,146,400	i	JP Morgan Alternative Loan Trust	LIBOR 1 M + 0.640%		1.877		01/25/36		1,111,558
			Series - 2005 A2 (Class 1A2)
	3,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.787		01/12/39		3,073,672
			Series - 2004 CB8 (Class H)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.013		02/15/46		2,118,990
			Series - 2011 C3 (Class B)
	3,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.802		02/15/46		2,980,953
			Series - 2011 C3 (Class E)

226

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	269,890	g,i	JP Morgan Mortgage Trust			2.685	%	06/25/46	$	270,998
			Series - 2016 2 (Class A1)
	248,286	g,i	JP Morgan Mortgage Trust			2.859		06/25/46		249,973
			Series - 2016 2 (Class 2A1)
	11,722,111	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		11,991,813
			Series - 2017 1 (Class A3)
	13,368,792	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		13,668,026
			Series - 2017 3 (Class 1A5)
	3,755,030	†,g,i	LVII Resecuritization Trust	LIBOR 1 M + 2.800%		4.039		07/25/47		3,763,246
			Series - 2015 A (Class A)
	3,374,783	i	Morgan Stanley Capital I Trust			5.389		11/12/41		3,377,054
			Series - 2006 HQ10 (Class AJ)
	746,806	i	Morgan Stanley Capital I Trust			5.834		10/15/42		745,427
			Series - 2006 IQ11 (Class AJ)
	4,214,000	g,i	Morgan Stanley Capital I Trust			5.775		06/12/47		4,441,394
			Series - 2005 T19 (Class F)
	1,397,574	i	Morgan Stanley Capital I Trust			5.907		06/11/49		1,402,125
			Series - 2007 IQ15 (Class AJ)
	109,974		Morgan Stanley Capital I Trust			4.770		07/15/56		109,875
			Series - 0 IQ9 (Class AJ)
	500,000		Morgan Stanley Capital I Trust			4.860		07/15/56		506,522
			Series - 2005 IQ9 (Class B)
	1,250,000		Morgan Stanley Capital I Trust			5.000		07/15/56		1,249,024
			Series - 2005 IQ9 (Class D)
	2,724,525	i	Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates	LIBOR 1 M + 0.450%		1.687		04/25/35		2,720,324
			Series - 2005 2 (Class M2)
	12,298,252	g,i	Sequoia Mortgage Trust			3.000		03/25/47		12,361,071
			Series - 2017 2 (Class A5)
	15,317,590	g,i	Sequoia Mortgage Trust			3.500		04/25/47		15,660,444
			Series - 2017 3 (Class A4)
	6,561,116	g,i	Sequoia Mortgage Trust			3.500		07/25/47		6,718,225
			Series - 2017 4 (Class A4)
	9,758,104	g,i	Sequoia Mortgage Trust			3.000		08/25/47		9,853,207
			Series - 2017 5 (Class A5)
	14,425,937	g,i	Sequoia Mortgage Trust			3.500		09/25/47		14,809,383
			Series - 2017 6 (Class A4)
	7,448,102	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		7,586,882
			Series - 2017 1 (Class A4)
	2,811,110	i	Structured Adjustable Rate Mortgage Loan Trust	LIBOR 1 M + 0.370%		1.607		07/25/34		2,820,181
			Series - 2004 9XS (Class A)
	1,304,344	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.400%		3.637		01/25/25		1,306,358
			Series - 2015 DN1 (Class M2)
	4,616,394	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		03/25/25		4,655,114
			Series - 2015 HQ1 (Class M2)
	601,553	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.100%		2.337		05/25/25		601,839
			Series - 2015 HQ2 (Class M1)

227

TIAA-CREF FUNDS - Short-Term Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,692,246	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.450%		2.687	%	07/25/28	$	2,699,999
			Series - 2016 DNA1 (Class M1)
	486,089	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.250%		2.487		10/25/28		486,533
			Series - 2016 DNA2 (Class M1)
	1,233,720	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.100%		2.337		12/25/28		1,236,690
			Series - 2016 DNA3 (Class M1)
	3,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.300%		2.537		03/25/29		3,796,875
			Series - 2016 DNA4 (Class M2)
	11,073,071	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		2.437		07/25/29		11,196,272
			Series - 2017 DNA1 (Class M1)
	19,556,869	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		2.437		10/25/29		19,779,987
			Series - 2017 DNA2 (Class M1)
	4,908,295	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		1.959		12/25/29		4,919,092
			Series - 2017 HQA2 (Class M1)
	19,000,000	h,i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.750%		1.984		03/25/30		19,031,171
			Series - 2017 DNA3 (Class M1)
	3,122,200	g	Tax Ease Funding LLC			3.131		06/15/28		3,140,733
			Series - 2016 1A (Class A)
	393,350	i	Wachovia Bank Commercial Mortgage Trust			5.818		05/15/46		393,242
			Series - 2007 C34 (Class AM)
	2,468,046	i	Wachovia Bank Commercial Mortgage Trust			5.953		02/15/51		2,465,926
			Series - 2007 C33 (Class AM)
	790,869	g	WFRBS Commercial Mortgage Trust			4.394		06/15/44		807,735
			Series - 2011 C4 (Class A3)
			TOTAL OTHER MORTGAGE BACKED							358,037,247
			TOTAL STRUCTURED ASSETS							429,420,960
			(Cost $428,232,128)
			TOTAL BONDS							1,493,096,309
			(Cost $1,491,509,767)

228

TIAA-CREF FUNDS - Short-Term Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 7.0%
GOVERNMENT AGENCY DEBT - 2.5%
$	21,050,000	Federal Home Loan Bank (FHLB)		0.700	%	10/02/17	$	21,050,000
	17,405,000	FHLB		0.100		10/11/17		17,400,683
	1,730,000	FHLB		0.102		10/27/17		1,728,810
		TOTAL GOVERNMENT AGENCY DEBT						40,179,493
TREASURY DEBT - 4.5%
	42,670,000	United States Treasury Bill		0.926-0.966		10/12/17		42,659,084
	30,810,000	United States Treasury Bill		0.927-0.956		10/26/17		30,790,744
		TOTAL TREASURY DEBT						73,449,828
		TOTAL SHORT-TERM INVESTMENTS						113,629,321
		(Cost $113,625,889)
		TOTAL INVESTMENTS - 102.2%						1,651,327,592
		(Cost $1,649,858,894)
		OTHER ASSETS & LIABILITIES, NET - (2.2)%						(36,717,685	)
		NET ASSETS - 100.0%					$	1,614,609,907

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
MXN	Mexican Peso
REIT	Real Estate Investment Trust
†	Security is categorized as Level 3 in the fair value hierarchy.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $473,145,619 or 29.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
q	In default

Futures contracts outstanding as of September 30, 2017 were as follows (see Note 3):

Description	Number of long (short) contracts			Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US 10YR NOTE (CBT)		(115	)	12/19/17	$	(14,602,934	)	$	(14,410,938	)		$ 191,996
US 5YR NOTE (CBT)		(450	)	12/29/17		(53,391,857	)		(52,875,000	)		516,857
Total		(565	)		$	(67,994,791	)	$	(67,285,938	)		$ 708,853

229

TIAA-CREF FUNDS - Short-Term Bond Index Fund

TIAA-CREF FUNDS
SHORT-TERM BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2017

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BONDS - 99.6%
CORPORATE BONDS - 24.9%
AUTOMOBILES & COMPONENTS - 0.0%
$	100,000		Honeywell International, Inc			1.400	%	10/30/19	$	99,366
			TOTAL AUTOMOBILES & COMPONENTS							99,366
BANKS - 6.7%
	250,000		Australia & New Zealand Banking Group Ltd			2.050		09/23/19		250,308
	100,000		Bank of NV Scotia			2.150		07/14/20		100,253
	700,000		Bank of America Corp			2.650		04/01/19		706,236
	250,000	i	Bank of America Corp	LIBOR 3 M + 0.660%		2.369		07/21/21		249,973
	400,000	i	Bank of America Corp	LIBOR 3 M + 0.630%		2.328		10/01/21		399,498
	250,000		Bank of America NA			2.050		12/07/18		250,813
	100,000		Bank of Montreal			1.500		07/18/19		99,355
	100,000		Bank of Montreal			1.750		09/11/19		99,702
	100,000		Bank of Montreal			2.100		12/12/19		100,346
	100,000		Bank of Montreal			2.100		06/15/20		100,213
	100,000		Bank of Nova Scotia			1.950		01/15/19		100,322
	300,000		Bank of Nova Scotia			1.650		06/14/19		299,157
	300,000		Barclays plc			2.750		11/08/19		303,148
	250,000		BPCE S.A.			2.500		12/10/18		252,032
	250,000		Branch Banking & Trust Co			1.450		05/10/19		248,557
	250,000		Branch Banking & Trust Co			2.100		01/15/20		251,192
	100,000		Canadian Imperial Bank of Commerce			1.600		09/06/19		99,416
	100,000		Canadian Imperial Bank of Commerce			2.100		10/05/20		99,957
	300,000		Capital One Bank USA NA			2.950		07/23/21		303,942
	250,000		CitiBank NA			2.000		03/20/19		250,811
	250,000		CitiBank NA			1.850		09/18/19		249,936
	250,000		CitiBank NA			2.100		06/12/20		250,383
	100,000		Citigroup, Inc			2.050		12/07/18		100,121
	100,000		Citigroup, Inc			2.050		06/07/19		100,067
	500,000		Citigroup, Inc			2.450		01/10/20		503,567
	250,000		Citizens Bank NA			2.250		03/02/20		250,295
	200,000		Comerica, Inc			2.500		06/02/20		201,055
	250,000		Commonwealth Bank of Australia			2.050		03/15/19		250,738
	250,000		Commonwealth Bank of Australia			2.300		09/06/19		251,931
	250,000		Cooperatieve Rabobank UA			1.375		08/09/19		247,869
	300,000		Deutsche Bank AG			2.850		05/10/19		302,965
	100,000		Deutsche Bank AG			2.700		07/13/20		100,387
	100,000		Discover Bank			2.600		11/13/18		100,644
	250,000		Discover Bank			3.100		06/04/20		255,797
	150,000		Fifth Third Bancorp			2.300		03/15/19		151,052
	200,000		Fifth Third Bank			1.625		09/27/19		198,745
	300,000		HSBC USA, Inc			2.350		03/05/20		301,870
	200,000		HSBC USA, Inc			2.750		08/07/20		203,680

230

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Huntington National Bank		2.375	%	03/10/20	$	251,416
	250,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		249,639
	200,000	Intesa Sanpaolo S.p.A		3.875		01/15/19		204,151
	200,000	JPMorgan Chase & Co		1.850		03/22/19		200,137
	500,000	JPMorgan Chase & Co		2.750		06/23/20		509,404
	200,000	JPMorgan Chase & Co		2.550		10/29/20		202,225
	250,000	JPMorgan Chase Bank NA		1.450		09/21/18		249,567
	250,000	JPMorgan Chase Bank NA		1.650		09/23/19		249,052
	175,000	KeyBank NA		2.350		03/08/19		176,413
	250,000	KeyBank NA		2.250		03/16/20		250,903
	100,000	Lloyds Bank plc		2.700		08/17/20		101,612
	150,000	Manufacturers & Traders Trust Co		2.300		01/30/19		150,782
	250,000	Manufacturers & Traders Trust Co		2.050		08/17/20		249,560
	100,000	MUFG Americas Holdings Corp		2.250		02/10/20		100,170
	100,000	National Australia Bank Ltd		1.375		07/12/19		99,258
	250,000	National Australia Bank Ltd		2.250		01/10/20		251,090
	250,000	National Bank of Canada		2.100		12/14/18		250,569
	250,000	PNC Bank NA		1.950		03/04/19		250,648
	250,000	PNC Bank NA		1.450		07/29/19		248,326
	250,000	PNC Bank NA		2.000		05/19/20		249,789
	250,000	PNC Bank NA		2.450		11/05/20		252,363
	200,000	Royal Bank of Canada		2.000		12/10/18		200,555
	100,000	Royal Bank of Canada		1.625		04/15/19		99,681
	300,000	Royal Bank of Canada		1.500		07/29/19		298,232
	100,000	Royal Bank of Canada		2.125		03/02/20		100,421
	100,000	Santander Holdings USA, Inc		2.700		05/24/19		100,779
	200,000	Santander UK Group Holdings plc		2.875		10/16/20		202,805
	100,000	Santander UK plc		2.500		03/14/19		100,899
	250,000	Skandinaviska Enskilda Banken AB		1.500		09/13/19		247,460
	250,000	Sumitomo Mitsui Banking Corp		1.762		10/19/18		249,985
	100,000	Sumitomo Mitsui Banking Corp		2.050		01/18/19		100,341
	250,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		253,096
	100,000	SunTrust Bank		2.250		01/31/20		100,458
	250,000	Svenska Handelsbanken AB		1.500		09/06/19		248,232
	250,000	Svenska Handelsbanken AB		1.950		09/08/20		249,300
	100,000	Toronto-Dominion Bank		1.450		09/06/18		99,850
	300,000	Toronto-Dominion Bank		1.950		01/22/19		300,678
	100,000	Toronto-Dominion Bank		1.450		08/13/19		99,305
	100,000	Toronto-Dominion Bank		1.850		09/11/20		99,567
	450,000	US Bank NA		2.000		01/24/20		451,145
	250,000	Wells Fargo Bank NA		1.750		05/24/19		249,802
	250,000	Wells Fargo Bank NA		2.150		12/06/19		251,286
	100,000	Westpac Banking Corp		1.950		11/23/18		100,136
	100,000	Westpac Banking Corp		1.650		05/13/19		99,610
	100,000	Westpac Banking Corp		1.600		08/19/19		99,535
	400,000	Westpac Banking Corp		2.150		03/06/20		401,304
		TOTAL BANKS						18,137,869
CAPITAL GOODS - 0.9%
	200,000	Air Lease Corp		2.125		01/15/20		199,654
	100,000	Caterpillar Financial Services Corp		1.900		03/22/19		100,235
	100,000	Caterpillar Financial Services Corp		1.350		05/18/19		99,338
	100,000	Caterpillar Financial Services Corp		2.100		01/10/20		100,485

231

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Caterpillar Financial Services Corp		2.000	%	03/05/20	$	200,234
	100,000	Caterpillar Financial Services Corp		1.850		09/04/20		99,686
	200,000	Danaher Corp		1.650		09/15/18		200,247
	100,000	Illinois Tool Works, Inc		6.250		04/01/19		106,636
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		100,874
	200,000	John Deere Capital Corp		1.650		10/15/18		200,116
	100,000	John Deere Capital Corp		1.950		01/08/19		100,388
	100,000	John Deere Capital Corp		2.200		03/13/20		100,732
	300,000	Lam Research Corp		2.750		03/15/20		304,778
	100,000	Lockheed Martin Corp		1.850		11/23/18		100,077
	100,000	Rockwell Collins, Inc		1.950		07/15/19		99,989
	100,000	Roper Technologies, Inc		3.000		12/15/20		102,005
	100,000	Stanley Black & Decker, Inc		1.622		11/17/18		99,774
	150,000	United Technologies Corp		1.500		11/01/19		149,221
	100,000	United Technologies Corp		1.900		05/04/20		99,844
		TOTAL CAPITAL GOODS						2,564,313
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	100,000	eBay, Inc		2.150		06/05/20		100,208
	150,000	Republic Services, Inc		5.000		03/01/20		159,985
	70,000	Thomson Reuters Corp		4.700		10/15/19		73,636
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						333,829
CONSUMER DURABLES & APPAREL - 0.1%
	100,000	DR Horton, Inc		3.750		03/01/19		101,869
	100,000	Newell Rubbermaid, Inc		2.150		10/15/18		100,371
		TOTAL CONSUMER DURABLES & APPAREL						202,240
CONSUMER SERVICES - 0.0%
	100,000	McDonald’s Corp		2.100		12/07/18		100,464
		TOTAL CONSUMER SERVICES						100,464
DIVERSIFIED FINANCIALS - 4.2%
	75,000	American Express Credit Corp		1.875		11/05/18		75,069
	200,000	American Express Credit Corp		1.875		05/03/19		200,191
	100,000	American Express Credit Corp		1.700		10/30/19		99,673
	300,000	American Express Credit Corp		2.200		03/03/20		301,677
	100,000	American Honda Finance Corp		1.500		11/19/18		99,826
	100,000	American Honda Finance Corp		1.200		07/12/19		99,083
	100,000	American Honda Finance Corp		2.000		02/14/20		100,151
	100,000	American Honda Finance Corp		1.950		07/20/20		100,003
	200,000	Ameriprise Financial, Inc		5.300		03/15/20		214,993
	100,000	Ares Capital Corp		3.875		01/15/20		102,517
	100,000	Bank of New York Mellon Corp		2.300		09/11/19		100,764
	250,000	Bank of New York Mellon Corp		2.150		02/24/20		251,162
	100,000	BlackRock, Inc		5.000		12/10/19		106,683
	200,000	BNP Paribas S.A.		2.400		12/12/18		201,512
	200,000	BNP Paribas S.A.		2.375		05/21/20		201,932
	100,000	CBOE Holdings, Inc		1.950		06/28/19		99,892
	100,000	Credit Suisse		2.300		05/28/19		100,666
	500,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		509,927
	200,000	Ford Motor Credit Co LLC		2.262		03/28/19		200,679
	200,000	Ford Motor Credit Co LLC		2.021		05/03/19		199,863

232

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Ford Motor Credit Co LLC		1.897	%	08/12/19	$	99,500
	200,000	Ford Motor Credit Co LLC		2.681		01/09/20		201,729
	175,000	Ford Motor Credit Co LLC		2.425		06/12/20		174,987
	400,000	General Electric Capital Corp		2.200		01/09/20		404,000
	100,000	General Motors Financial Co, Inc		3.100		01/15/19		101,403
	100,000	General Motors Financial Co, Inc		2.400		05/09/19		100,430
	100,000	General Motors Financial Co, Inc		2.350		10/04/19		100,322
	300,000	General Motors Financial Co, Inc		2.650		04/13/20		302,329
	100,000	Goldman Sachs Group, Inc		2.000		04/25/19		99,975
	100,000	Goldman Sachs Group, Inc		1.950		07/23/19		99,816
	1,200,000	Goldman Sachs Group, Inc		2.300		12/13/19		1,205,031
	200,000	IBM Credit LLC		1.625		09/06/19		199,823
	100,000	Jefferies Group, Inc		8.500		07/15/19		110,588
	100,000	Morgan Stanley		2.450		02/01/19		100,690
	700,000	Morgan Stanley		2.375		07/23/19		704,380
	500,000	Morgan Stanley		2.650		01/27/20		505,654
	300,000	Morgan Stanley		2.800		06/16/20		304,950
	100,000	National Rural Utilities Cooperative Finance Corp		1.650		02/08/19		99,823
	250,000	National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		252,344
	116,000	Nomura Holdings, Inc		6.700		03/04/20		127,522
	50,000	Oesterreichische Kontrollbank AG.		1.125		05/29/18		49,903
	100,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		99,162
	250,000	Oesterreichische Kontrollbank AG.		1.500		10/21/20		247,135
	100,000	PACCAR Financial Corp		1.950		02/27/20		100,040
	200,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		199,581
	300,000	State Street Corp		2.550		08/18/20		305,142
	200,000	Synchrony Financial		2.600		01/15/19		201,266
	100,000	Toyota Motor Credit Corp		1.700		01/09/19		100,016
	100,000	Toyota Motor Credit Corp		1.700		02/19/19		99,958
	100,000	Toyota Motor Credit Corp		1.400		05/20/19		99,542
	100,000	Toyota Motor Credit Corp		1.550		10/18/19		99,448
	100,000	Toyota Motor Credit Corp		1.950		04/17/20		100,020
	200,000	Toyota Motor Credit Corp		3.400		09/15/21		208,365
	250,000	UBS AG.		2.350		03/26/20		251,564
	150,000	Unilever Capital Corp		1.800		05/05/20		149,838
	400,000	Wells Fargo & Co		2.600		07/22/20		405,540
		TOTAL DIVERSIFIED FINANCIALS						11,378,079
ENERGY - 1.9%
	100,000	Anadarko Petroleum Corp		8.700		03/15/19		109,130
	100,000	BP Capital Markets plc		1.676		05/03/19		99,966
	100,000	BP Capital Markets plc		1.768		09/19/19		100,029
	200,000	BP Capital Markets plc		2.315		02/13/20		201,721
	200,000	BP Capital Markets plc		3.561		11/01/21		210,298
	100,000	Cenovus Energy, Inc		5.700		10/15/19		105,970
	100,000	Chevron Corp		1.790		11/16/18		100,181
	100,000	Chevron Corp		1.561		05/16/19		99,841
	100,000	Chevron Corp		1.991		03/03/20		100,362
	300,000	Chevron Corp		2.427		06/24/20		304,382
	150,000	ConocoPhillips Co		2.200		05/15/20		150,845
	100,000	Enbridge Energy Partners LP		4.375		10/15/20		105,090
	200,000	Enterprise Products Operating LLC		5.200		09/01/20		216,944
	100,000	EOG Resources, Inc		2.450		04/01/20		100,790

233

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		EQT Corp		2.500	%	10/01/20	$	100,353
	100,000		Exxon Mobil Corp		1.708		03/01/19		100,076
	150,000		Exxon Mobil Corp		1.912		03/06/20		150,383
	360,000		Kinder Morgan, Inc		3.050		12/01/19		366,464
	100,000		Marathon Petroleum Corp		2.700		12/14/18		100,681
	375,000		Petroleos Mexicanos		5.500		02/04/19		390,750
	150,000		Plains All American Pipeline LP		2.600		12/15/19		149,675
	100,000		Shell International Finance BV		1.625		11/10/18		100,066
	100,000		Shell International Finance BV		1.375		05/10/19		99,632
	600,000		Shell International Finance BV		1.375		09/12/19		596,101
	150,000		Shell International Finance BV		4.375		03/25/20		159,132
	300,000		Statoil ASA		1.950		11/08/18		300,774
	300,000		Total Capital S.A.		4.450		06/24/20		320,268
	100,000		TransCanada PipeLines Ltd		3.125		01/15/19		101,495
	100,000		Valero Energy Corp		6.125		02/01/20		108,742
			TOTAL ENERGY						5,150,141
FOOD & STAPLES RETAILING - 0.4%
	350,000		CVS Health Corp		2.800		07/20/20		356,069
	100,000		Kroger Co		2.000		01/15/19		100,166
	100,000		Kroger Co		1.500		09/30/19		98,821
	150,000		SYSCO Corp		1.900		04/01/19		149,894
	250,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		253,383
			TOTAL FOOD & STAPLES RETAILING						958,333
FOOD, BEVERAGE & TOBACCO - 1.0%
	100,000		Altria Group, Inc		9.250		08/06/19		113,242
	100,000		Altria Group, Inc		2.625		01/14/20		101,530
	750,000		Anheuser-Busch InBev Finance, Inc		1.900		02/01/19		751,876
	200,000		Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		214,786
	100,000	g	BAT Capital Corp		2.297		08/14/20		100,298
	100,000		Coca-Cola Co		1.375		05/30/19		99,666
	200,000		Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		211,306
	100,000		General Mills, Inc		2.200		10/21/19		100,623
	100,000		Kraft Foods, Inc		5.375		02/10/20		107,003
	100,000		Kraft Heinz Foods Co		2.800		07/02/20		101,789
	100,000		Molson Coors Brewing Co		1.450		07/15/19		98,901
	100,000	g	Molson Coors Brewing Co		2.250		03/15/20		99,921
	100,000		PepsiCo, Inc		1.500		02/22/19		99,857
	100,000		PepsiCo, Inc		1.550		05/02/19		99,905
	100,000		PepsiCo, Inc		1.350		10/04/19		99,690
	100,000		Philip Morris International, Inc		1.375		02/25/19		99,494
	100,000		Philip Morris International, Inc		2.000		02/21/20		100,104
	200,000		Reynolds American, Inc		3.250		06/12/20		205,490
			TOTAL FOOD, BEVERAGE & TOBACCO						2,805,481
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	100,000		Becton Dickinson and Co		2.133		06/06/19		100,246
	200,000		Becton Dickinson and Co		2.404		06/05/20		200,666
	100,000		Cardinal Health, Inc		1.948		06/14/19		100,091
	100,000		Express Scripts Holding Co		2.250		06/15/19		100,387
	100,000		McKesson Corp		2.284		03/15/19		100,570
	200,000		Medtronic, Inc		2.500		03/15/20		202,993

234

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Stryker Corp		2.000	%	03/08/19	$	100,202
	100,000	Thermo Fisher Scientific, Inc		2.150		12/14/18		100,437
	200,000	Thermo Fisher Scientific, Inc		2.400		02/01/19		201,349
	100,000	Zimmer Holdings, Inc		2.700		04/01/20		100,982
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						1,307,923
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Ecolab, Inc		2.000		01/14/19		100,396
	100,000	Estee Lauder Cos, Inc		1.800		02/07/20		99,925
	200,000	Procter & Gamble Co		1.900		11/01/19		201,042
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						401,363
INSURANCE - 0.5%
	200,000	Aflac, Inc		2.400		03/16/20		201,413
	100,000	American International Group, Inc		2.300		07/16/19		100,487
	100,000	Berkshire Hathaway Finance Corp		1.700		03/15/19		100,185
	100,000	Berkshire Hathaway Finance Corp		1.300		08/15/19		99,274
	260,000	Hartford Financial Services Group, Inc		5.500		03/30/20		280,010
	100,000	MetLife, Inc		7.717		02/15/19		107,911
	100,000	Prudential Financial, Inc		2.350		08/15/19		100,696
	100,000	UnitedHealth Group, Inc		1.700		02/15/19		99,928
	200,000	UnitedHealth Group, Inc		2.700		07/15/20		203,941
	200,000	WellPoint, Inc		2.250		08/15/19		200,837
		TOTAL INSURANCE						1,494,682
MATERIALS - 0.5%
	100,000	Dow Chemical Co		8.550		05/15/19		110,431
	100,000	EI du Pont de Nemours & Co		4.625		01/15/20		105,950
	100,000	EI du Pont de Nemours & Co		2.200		05/01/20		100,626
	100,000	Kimberly-Clark Corp		1.400		02/15/19		99,616
	400,000	LyondellBasell Industries NV		5.000		04/15/19		415,005
	200,000	Newmont Mining Corp		3.500		03/15/22		206,810
	100,000	Praxair, Inc		2.250		09/24/20		100,492
	100,000	Sherwin-Williams Co		2.250		05/15/20		100,378
		TOTAL MATERIALS						1,239,308
MEDIA - 0.7%
	200,000	CBS Corp		2.300		08/15/19		201,070
	200,000	Charter Communications Operating LLC		3.579		07/23/20		205,279
	100,000	Comcast Corp		5.150		03/01/20		107,657
	100,000	Discovery Communications LLC		5.050		06/01/20		106,752
	200,000	NBC Universal Media LLC		5.150		04/30/20		216,148
	200,000	Omnicom Group, Inc		4.450		08/15/20		212,431
	400,000	Time Warner Cable, Inc		8.250		04/01/19		434,870
	150,000	Time Warner, Inc		2.100		06/01/19		150,232
	100,000	Walt Disney Co		0.875		07/12/19		98,472
	100,000	Walt Disney Co		1.950		03/04/20		100,319
	200,000	Walt Disney Co		1.800		06/05/20		199,710
		TOTAL MEDIA						2,032,940

235

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
$	100,000		Abbott Laboratories		2.000	%	09/15/18	$	100,256
	200,000		Abbott Laboratories		2.350		11/22/19		201,603
	200,000		Abbott Laboratories		2.800		09/15/20		203,374
	450,000		AbbVie, Inc		2.500		05/14/20		455,324
	500,000		Actavis Funding SCS		3.000		03/12/20		510,391
	200,000		Amgen, Inc		2.200		05/22/19		200,912
	200,000		Amgen, Inc		2.125		05/01/20		200,369
	150,000		Amgen, Inc		2.200		05/11/20		150,443
	100,000		AstraZeneca plc		1.750		11/16/18		99,967
	200,000		Biogen, Inc		2.900		09/15/20		205,056
	100,000		Bristol-Myers Squibb Co		1.600		02/27/19		99,938
	100,000		Celgene Corp		2.250		05/15/19		100,419
	100,000		Gilead Sciences, Inc		1.850		09/04/18		100,244
	100,000		Gilead Sciences, Inc		1.850		09/20/19		100,078
	100,000		Johnson & Johnson		1.125		03/01/19		99,278
	100,000		Merck & Co, Inc		1.850		02/10/20		100,111
	100,000		Mylan NV		3.000		12/15/18		101,121
	100,000		Mylan NV		2.500		06/07/19		100,384
	300,000		Novartis Capital Corp		1.800		02/14/20		300,130
	150,000		Novartis Securities Investment Ltd		5.125		02/10/19		156,887
	100,000		Pfizer, Inc		1.450		06/03/19		99,715
	600,000		Pfizer, Inc		1.700		12/15/19		599,600
	100,000		Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		98,655
	100,000		Teva Pharmaceutical Finance Netherlands III BV		1.700		07/19/19		98,544
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4,482,799
REAL ESTATE - 0.4%
	100,000		Boston Properties LP		3.700		11/15/18		101,685
	250,000		HCP, Inc		2.625		02/01/20		251,972
	300,000		Health Care REIT, Inc		4.125		04/01/19		308,247
	100,000		Simon Property Group LP		2.500		09/01/20		101,198
	200,000		Ventas Realty LP		4.750		06/01/21		213,907
			TOTAL REAL ESTATE						977,009
RETAILING - 0.4%
	200,000		Amazon.com, Inc		2.600		12/05/19		203,717
	100,000	g	Amazon.com, Inc		1.900		08/21/20		100,225
	100,000		Costco Wholesale Corp		1.750		02/15/20		99,729
	100,000		Home Depot, Inc		2.000		06/15/19		100,614
	100,000		Home Depot, Inc		1.800		06/05/20		100,055
	100,000		Lowe’s Cos, Inc		1.150		04/15/19		99,235
	100,000		Target Corp		2.300		06/26/19		100,993
	200,000		Wal-Mart Stores, Inc		3.250		10/25/20		208,235
			TOTAL RETAILING						1,012,803
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	100,000		Intel Corp		1.850		05/11/20		100,194
	200,000		Intel Corp		2.450		07/29/20		203,770
	200,000		Texas Instruments, Inc		1.750		05/01/20		199,292
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						503,256
SOFTWARE & SERVICES - 0.9%
	250,000		Adobe Systems, Inc		4.750		02/01/20		266,136

236

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Baidu, Inc		3.000	%	06/30/20	$	101,245
	200,000		CA, Inc		5.375		12/01/19		212,657
	100,000		DXC Technology Co		2.875		03/27/20		101,317
	100,000		Fidelity National Information Services, Inc		2.850		10/15/18		101,165
	300,000		International Business Machines Corp		1.800		05/17/19		301,039
	100,000		International Business Machines Corp		1.900		01/27/20		100,113
	100,000		Juniper Networks, Inc		3.125		02/26/19		101,551
	100,000		Microsoft Corp		1.300		11/03/18		99,832
	200,000		Microsoft Corp		1.100		08/08/19		198,175
	300,000		Microsoft Corp		1.850		02/06/20		301,186
	300,000		Oracle Corp		3.875		07/15/20		316,656
	100,000		VMware, Inc		2.300		08/21/20		100,274
	100,000		Xerox Corp		2.750		03/15/19		100,396
			TOTAL SOFTWARE & SERVICES						2,401,742
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	100,000		Amphenol Corp		2.200		04/01/20		100,123
	100,000		Apple, Inc		1.550		02/08/19		100,023
	200,000		Apple, Inc		1.100		08/02/19		198,249
	200,000		Apple, Inc		1.500		09/12/19		199,610
	100,000		Apple, Inc		1.900		02/07/20		100,329
	100,000		Apple, Inc		1.800		05/11/20		100,028
	292,000	g	Broadcom Corp		2.375		01/15/20		293,569
	100,000		Cisco Systems, Inc		1.600		02/28/19		99,924
	100,000		Cisco Systems, Inc		1.400		09/20/19		99,486
	200,000		Cisco Systems, Inc		4.450		01/15/20		211,757
	300,000		Cisco Systems, Inc		2.450		06/15/20		304,870
	300,000	g	Diamond Finance Corp		3.480		06/01/19		305,739
	100,000		Hewlett Packard Enterprise Co		2.850		10/05/18		100,997
	100,000		Hewlett Packard Enterprise Co		3.600		10/15/20		103,635
	250,000		L-3 Communications Corp		4.950		02/15/21		268,066
	100,000		QUALCOMM, Inc		1.850		05/20/19		100,247
	100,000		QUALCOMM, Inc		2.100		05/20/20		100,744
	100,000		QUALCOMM, Inc		2.250		05/20/20		101,041
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						2,888,437
TELECOMMUNICATION SERVICES - 1.1%
	200,000		Alibaba Group Holding Ltd		2.500		11/28/19		201,507
	250,000		America Movil SAB de C.V.		5.000		03/30/20		267,366
	300,000		American Tower Corp		3.400		02/15/19		305,447
	400,000		AT&T, Inc		2.300		03/11/19		402,428
	264,000		AT&T, Inc		5.200		03/15/20		282,856
	200,000		AT&T, Inc		2.450		06/30/20		201,390
	197,000		Deutsche Telekom International Finance BV		6.000		07/08/19		210,591
	300,000		Orange S.A.		1.625		11/03/19		297,911
	250,000		Telefonica Emisiones SAU		5.134		04/27/20		268,129
	200,000		Verizon Communications, Inc		4.500		09/15/20		214,615
	99,000		Verizon Communications, Inc		2.946		03/15/22		100,654
	100,000		Vodafone Group plc		5.450		06/10/19		105,509
			TOTAL TELECOMMUNICATION SERVICES						2,858,403
TRANSPORTATION - 0.3%
	200,000		Boeing Co		1.650		10/30/20		198,786

237

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Delta Air Lines, Inc		2.875	%	03/13/20	$	101,110
	100,000	FedEx Corp		2.300		02/01/20		100,867
	250,000	Union Pacific Corp		2.250		06/19/20		251,666
	100,000	United Parcel Service, Inc		5.125		04/01/19		105,014
		TOTAL TRANSPORTATION						757,443
UTILITIES - 1.3%
	300,000	AerCap Ireland Capital DAC		4.250		07/01/20		313,361
	200,000	Berkshire Hathaway Energy Co		2.400		02/01/20		201,821
	100,000	Consolidated Edison, Inc		2.000		03/15/20		100,033
	100,000	Consumers Energy Co		6.125		03/15/19		106,044
	100,000	Dominion Energy, Inc		2.579		07/01/20		100,690
	100,000	Dominion Resources, Inc		1.875		01/15/19		99,866
	75,000	Dominion Resources, Inc		1.600		08/15/19		74,508
	100,000	Dominion Resources, Inc (Step Bond)		2.962		07/01/19		101,426
	100,000	Edison International		2.125		04/15/20		99,983
	100,000	Emera US Finance LP		2.150		06/15/19		100,030
	200,000	Energy Transfer Partners LP		4.150		10/01/20		208,840
	200,000	Exelon Generation Co LLC		2.950		01/15/20		203,511
	100,000	Fortive Corp		1.800		06/15/19		99,897
	100,000	Georgia Power Co		2.000		03/30/20		100,081
	100,000	Georgia Power Co		2.000		09/08/20		99,689
	200,000	Indiana Michigan Power Co		7.000		03/15/19		214,120
	200,000	Medtronic Global Holdings S.C.A		1.700		03/28/19		199,876
	100,000	NextEra Energy Capital Holdings, Inc		2.300		04/01/19		100,501
	100,000	Northern States Power Co		2.200		08/15/20		100,727
	300,000	Pacific Gas & Electric Co		3.500		10/01/20		311,936
	100,000	Public Service Enterprise Group, Inc		1.600		11/15/19		98,897
	100,000	Sempra Energy		1.625		10/07/19		99,357
	100,000	Southern Co		1.850		07/01/19		99,938
	100,000	Southern Power Co		1.950		12/15/19		99,781
	200,000	Williams Partners LP		5.250		03/15/20		214,633
		TOTAL UTILITIES						3,549,546
		TOTAL CORPORATE BONDS						67,637,769
		(Cost $67,628,728)
GOVERNMENT BONDS -  74.7%
AGENCY SECURITIES - 5.3%
	750,000	Federal Farm Credit Bank (FFCB)		0.750		04/18/18		748,108
	2,500,000	Federal Home Loan Bank (FHLB)		0.875		06/29/18		2,493,198
	2,400,000	FHLB		1.875		03/13/20		2,413,884
	1,500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.875		03/07/18		1,497,900
	2,300,000	FHLMC		1.250		08/01/19		2,288,827
	1,050,000	Federal National Mortgage Association (FNMA)		0.875		08/02/19		1,037,507
	3,500,000	FNMA		1.750		11/26/19		3,512,859
	300,000	Private Export Funding Corp (PEFCO)		1.450		08/15/19		299,088
	200,000	Ukraine Government AID Bonds		1.847		05/29/20		200,143
		TOTAL AGENCY SECURITIES						14,491,514
FOREIGN GOVERNMENT BONDS - 7.1%
	100,000	African Development Bank		0.750		11/03/17		99,938

238

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	African Development Bank		1.625	%	10/02/18	$	100,084
	200,000	African Development Bank		1.000		11/02/18		198,819
	200,000	African Development Bank		1.875		03/16/20		200,652
	200,000	Asian Development Bank		0.875		10/05/18		198,716
	100,000	Asian Development Bank		1.375		01/15/19		99,747
	400,000	Asian Development Bank		1.875		04/12/19		401,722
	300,000	Asian Development Bank		1.750		01/10/20		300,411
	500,000	Asian Development Bank		1.375		03/23/20		496,205
	200,000	Canada Government International Bond		1.625		02/27/19		200,329
	200,000	Colombia Government International Bond		7.375		03/18/19		215,824
	100,000	Corp Andina de Fomento		2.000		05/10/19		99,925
	100,000	Corp Andina de Fomento		2.200		07/18/20		100,189
	300,000	Council Of Europe Development Bank		1.000		02/04/19		297,556
	100,000	Council Of Europe Development Bank		1.500		05/17/19		99,825
	600,000	European Bank for Reconstruction & Development		1.750		11/26/19		600,142
	500,000	European Investment Bank		1.000		06/15/18		498,340
	600,000	European Investment Bank		1.250		05/15/19		596,524
	200,000	European Investment Bank		1.625		08/14/20		199,062
	50,000	Export Development Canada		0.750		12/15/17		49,943
	100,000	Export Development Canada		1.000		11/01/18		99,398
	100,000	Export Development Canada		1.250		12/10/18		99,462
	100,000	Export Development Canada		1.250		02/04/19		99,563
	100,000	Export Development Canada		1.625		01/17/20		99,843
	100,000	Export Development Canada		1.625		06/01/20		99,673
	200,000	Export-Import Bank of Korea		1.750		05/26/19		198,291
	200,000	FMS Wertmanagement AoeR		1.000		08/16/19		197,515
	350,000	FMS Wertmanagement AoeR		1.750		01/24/20		350,256
	100,000	Hungary Government International Bond		4.000		03/25/19		103,050
	100,000	Inter-American Development Bank		1.125		08/28/18		99,736
	100,000	Inter-American Development Bank		1.000		05/13/19		98,946
	500,000	Inter-American Development Bank		1.750		10/15/19		500,863
	636,000	Inter-American Development Bank		1.375		07/15/20		628,350
	100,000	International Bank for Reconstruction & Development		1.000		10/05/18		99,617
	600,000	International Bank for Reconstruction & Development		1.250		07/26/19		596,059
	500,000	International Bank for Reconstruction & Development		1.875		10/07/19		502,107
	1,200,000	International Bank for Reconstruction & Development		1.875		04/21/20		1,204,283
	200,000	International Bank for Reconstruction & Development		1.625		09/04/20		199,172
	75,000	International Finance Corp		1.250		11/27/18		74,748
	500,000	International Finance Corp		1.750		03/30/20		500,436
	200,000	Israel Government International Bond		5.125		03/26/19		209,743
	400,000	Japan Bank for International Cooperation		2.250		02/24/20		401,854
	100,000	Japan Bank for International Cooperation		2.125		06/01/20		100,061
	150,000	Japan Bank for International Cooperation		2.125		07/21/20		150,385
	100,000	KFW		1.500		02/06/19		99,878
	1,000,000	KFW		1.000		07/15/19		988,849
	400,000	KFW		4.000		01/27/20		420,588
	350,000	KFW		1.750		03/31/20		350,171
	1,500,000	KFW		1.875		06/30/20		1,504,245
	300,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		298,274
	300,000	Mexico Government International Bond		3.500		01/21/21		314,100
	500,000	Nordic Investment Bank		2.250		09/30/21		505,176
	200,000	Poland Government International Bond		6.375		07/15/19		215,990
	200,000	Province of Alberta Canada		1.900		12/06/19		199,953

239

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Province of Ontario Canada		1.650	%	09/27/19	$	298,967
	1,200,000	Province of Ontario Canada		4.400		04/14/20		1,272,864
	200,000	Province of Quebec Canada		3.500		07/29/20		208,507
	200,000	Republic of Korea		7.125		04/16/19		215,080
	200,000	Republic of the Philippines		6.500		01/20/20		220,545
	100,000	Svensk Exportkredit AB		1.250		04/12/19		99,342
	200,000	Svensk Exportkredit AB		1.750		05/18/20		199,383
	200,000	Svensk Exportkredit AB		1.750		08/28/20		199,159
		TOTAL FOREIGN GOVERNMENT BONDS						19,378,435
MUNICIPAL BONDS - 0.0%
	100,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		100,428
		TOTAL MUNICIPAL BONDS						100,428
U.S. TREASURY SECURITIES - 62.3%
	5,950,000	United States Treasury Note		1.000		11/30/18		5,922,807
	28,100,000	United States Treasury Note		1.250		12/31/18		28,047,313
	2,400,000	United States Treasury Note		0.750		02/15/19		2,378,063
	7,700,000	United States Treasury Note		1.125		02/28/19		7,668,719
	2,750,000	United States Treasury Note		1.000		03/15/19		2,733,457
	2,700,000	United States Treasury Note		1.250		03/31/19		2,692,828
	3,700,000	United States Treasury Note		0.875		04/15/19		3,668,203
	5,100,000	United States Treasury Note		1.250		04/30/19		5,084,859
	4,000,000	United States Treasury Note		0.875		05/15/19		3,963,594
	3,000,000	United States Treasury Note		0.875		06/15/19		2,970,820
	23,000,000	United States Treasury Note		1.250		06/30/19		22,916,445
	4,000,000	United States Treasury Note		1.375		07/31/19		3,993,125
	4,900,000	United States Treasury Note		0.750		08/15/19		4,834,922
	9,000,000	United States Treasury Note		1.250		08/31/19		8,960,625
	3,300,000	United States Treasury Note		0.875		09/15/19		3,261,457
	2,000,000	United States Treasury Note		1.000		10/15/19		1,980,078
	5,500,000	United States Treasury Note		1.000		11/15/19		5,441,777
	3,000,000	United States Treasury Note		1.375		12/15/19		2,990,508
	6,700,000	United States Treasury Note		1.375		01/15/20		6,675,922
	13,500,000	United States Treasury Note		1.625		03/15/20		13,518,984
	3,500,000	United States Treasury Note		1.500		04/15/20		3,493,164
	4,400,000	United States Treasury Note		1.500		05/15/20		4,390,375
	7,700,000	United States Treasury Note		1.500		07/15/20		7,677,441
	9,200,000	United States Treasury Note		1.500		08/15/20		9,170,891
	5,000,000	United States Treasury Note		1.375		09/15/20		4,964,453
		TOTAL U.S. TREASURY SECURITIES						169,400,830
		TOTAL GOVERNMENT BONDS						203,371,207
		(Cost $204,064,206)
		TOTAL BONDS						271,008,976
		(Cost $271,692,934)

240

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.8%
$	2,050,000	Federal Home Loan Bank (FHLB)		0.700	%	10/02/17	$	2,050,000
		TOTAL GOVERNMENT AGENCY DEBT						2,050,000
		TOTAL SHORT-TERM INVESTMENTS						2,050,000
		(Cost $2,049,960)
		TOTAL INVESTMENTS - 100.4%						273,058,976
		(Cost $273,742,894)
		OTHER ASSETS & LIABILITIES, NET - (0.4)%						(960,385	)
		NET ASSETS - 100.0%					$	272,098,591

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $899,752 or 0.3% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.

241

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.8%
CAPITAL GOODS - 0.0%
$	940,385	i	Manitowoc Foodservice, Inc	LIBOR 3 M + 2.750%		3.990	%	03/03/23	$	945,867
			TOTAL CAPITAL GOODS							945,867
MEDIA - 0.3%
	2,654,674	i	Charter Communications Operating LLC	LIBOR 3 M + 2.000%		3.240		01/14/22		2,660,992
	1,305,125	i	Charter Communications Operating LLC	LIBOR 3 M + 2.250%		3.490		01/15/24		1,310,019
			TOTAL MEDIA							3,971,011
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	4,962,500	i	MTS Systems Corp	LIBOR 3 M + 3.250%		4.490		07/05/23		4,993,516
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,993,516
UTILITIES - 0.1%
	1,839,822	†,i	Terra-Gen Finance Co LLC	LIBOR 3 M + 4.250%		5.490		12/09/21		1,665,039
			TOTAL UTILITIES							1,665,039
			TOTAL BANK LOAN OBLIGATIONS							11,575,433
			(Cost $11,627,257)
BONDS - 95.2%
CORPORATE BONDS - 35.7%
AUTOMOBILES & COMPONENTS - 0.5%
	1,300,000	g	Adient Global Holdings Ltd			4.875		08/15/26		1,329,250
	5,500,000		Ford Motor Co			4.750		01/15/43		5,389,422
			TOTAL AUTOMOBILES & COMPONENTS							6,718,672
BANKS - 7.3%
	5,000,000		Bank of America Corp			1.950		05/12/18		5,007,086
	6,200,000		Bank of America Corp			2.151		11/09/20		6,181,335
	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.250%		1.567		09/11/19		4,998,337
	3,000,000	g	Bank of Montreal			2.500		01/11/22		3,015,125
	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.630%		1.947		09/11/22		5,003,725
	1,000,000		Bank of Nova Scotia			2.125		09/11/19		1,002,974
	3,000,000	g	Bank of Nova Scotia			1.875		09/20/21		2,941,466
	2,166,000		Citizens Bank NA			1.600		12/04/17		2,165,583
	5,000,000	i	Citizens Bank NA	LIBOR 3 M + 0.540%		1.856		03/02/20		5,002,350
	1,125,000		Citizens Financial Group, Inc			2.375		07/28/21		1,117,602
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA			3.950		11/09/22		262,290
	2,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA			4.375		08/04/25		2,099,449
	1,850,000		Cooperatieve Rabobank UA			2.750		01/10/22		1,875,868
	3,037,000		Cooperatieve Rabobank UA			3.750		07/21/26		3,079,936

242

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,300,000		Discover Bank		3.450	%	07/27/26	$	3,242,578
	4,435,000	g	ING Bank NV		2.000		11/26/18		4,437,119
	500,000	g	Intesa Sanpaolo S.p.A		5.017		06/26/24		508,147
	2,500,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		2,633,737
	2,100,000		KeyBank NA		2.350		03/08/19		2,116,956
	4,500,000		KeyBank NA		3.300		06/01/25		4,575,388
	1,000,000		Manufacturers & Traders Trust Co		2.900		02/06/25		991,301
	2,725,000		Manufacturers & Traders Trust Co		3.400		08/17/27		2,729,977
	5,275,000		Mitsubishi UFJ Financial Group, Inc		2.527		09/13/23		5,189,596
	2,310,000		People’s United Bank		4.000		07/15/24		2,362,873
	2,088,000		People’s United Financial, Inc		3.650		12/06/22		2,149,306
	5,000,000		Regions Financial Corp		2.750		08/14/22		4,989,873
	2,000,000		Royal Bank of Canada		1.875		02/05/20		1,995,065
	3,000,000		Royal Bank of Canada		2.100		10/14/20		2,999,680
	500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		499,002
	4,962,000		SVB Financial Group		3.500		01/29/25		4,968,785
	2,500,000		Toronto-Dominion Bank		1.450		08/13/19		2,482,615
	3,000,000	g	Toronto-Dominion Bank		1.950		04/02/20		2,991,160
	7,500,000		Toronto-Dominion Bank		1.850		09/11/20		7,467,509
	2,500,000		Toronto-Dominion Bank		1.800		07/13/21		2,461,090
	3,000,000	g	Westpac Banking Corp		2.100		02/25/21		2,995,918
			TOTAL BANKS						108,540,801
CAPITAL GOODS - 0.9%
	1,000,000		Air Lease Corp		4.250		09/15/24		1,054,081
	1,150,000		Anixter, Inc		5.500		03/01/23		1,250,625
	3,000,000		CNH Industrial Capital LLC		3.875		10/15/21		3,082,875
	1,000,000		Parker-Hannifin Corp		4.200		11/21/34		1,054,200
	500,000		Pentair Finance S.A.		2.650		12/01/19		501,180
	500,000		Rockwell Collins, Inc		3.700		12/15/23		523,892
	5,650,000		WW Grainger, Inc		4.200		05/15/47		5,717,436
			TOTAL CAPITAL GOODS						13,184,289
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	2,200,000		Waste Management, Inc		3.900		03/01/35		2,275,001
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						2,275,001
CONSUMER SERVICES - 0.8%
	3,540,000		Henry J Kaiser Family Foundation		3.356		12/01/25		3,471,759
	2,000,000		Metropolitan Museum of Art		3.400		07/01/45		1,913,852
	3,350,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		3,526,850
	100,000		Salvation Army		5.637		09/01/26		109,195
	3,000,000		Starbucks Corp		2.450		06/15/26		2,882,945
			TOTAL CONSUMER SERVICES						11,904,601
DIVERSIFIED FINANCIALS - 3.0%
	2,125,000		Bank of New York Mellon Corp		2.661		05/16/23		2,133,199
	1,000,000	g	EDP Finance BV		4.125		01/15/20		1,037,233
	500,000	g	EDP Finance BV		5.250		01/14/21		539,899
	5,625,000	g	EDP Finance BV		3.625		07/15/24		5,671,182
	5,250,000		Ford Foundation		3.859		06/01/47		5,501,820
	500,000		Ford Motor Credit Co LLC		2.375		01/16/18		501,065

243

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,500,000		Ford Motor Credit Co LLC			2.943	%	01/08/19	$	2,527,958
	1,000,000	i	Ford Motor Credit Co LLC	LIBOR 3 M + 0.930%		2.243		11/04/19		1,006,930
	1,000,000		Ford Motor Credit Co LLC			3.219		01/09/22		1,012,853
	2,100,000		Ford Motor Credit Co LLC			4.389		01/08/26		2,183,480
	5,250,000		Morgan Stanley			2.200		12/07/18		5,270,967
	1,000,000		Northern Trust Corp			3.375		08/23/21		1,038,004
	1,500,000		Reinvestment Fund, Inc			3.166		11/01/23		1,497,785
	2,500,000		Reinvestment Fund, Inc			3.366		11/01/24		2,495,787
	5,000,000		Reinvestment Fund, Inc			3.513		11/01/25		5,000,008
	5,000,000		State Street Corp			2.653		05/15/23		5,026,282
	3,250,000		Unilever Capital Corp			2.000		07/28/26		3,000,856
			TOTAL DIVERSIFIED FINANCIALS							45,445,308
ENERGY - 2.8%
	2,880,000		Apache Corp			3.250		04/15/22		2,920,411
	5,000,000	g	Cenovus Energy, Inc			5.250		06/15/37		4,959,556
	1,500,000		Cimarex Energy Co			3.900		05/15/27		1,530,741
	1,000,000		EOG Resources, Inc			3.900		04/01/35		996,722
	7,500,000	i	EQT Corp	LIBOR 3 M + 0.770%		2.103		10/01/20		7,515,450
	5,000,000	i	Kinder Morgan, Inc	LIBOR 3 M + 1.280%		2.589		01/15/23		5,007,836
	2,000,000		National Oilwell Varco, Inc			1.350		12/01/17		1,997,885
	7,000,000		National Oilwell Varco, Inc			3.950		12/01/42		5,902,616
	1,100,000	g,i	Phillips 66	LIBOR 3 M + 0.750%		2.054		04/15/20		1,101,582
	1,000,000	i	Statoil ASA	LIBOR 3 M + 0.200%		1.511		11/09/17		1,000,235
	500,000		Statoil ASA			3.150		01/23/22		515,444
	1,000,000		Statoil ASA			2.450		01/17/23		997,837
	500,000		Statoil ASA			2.650		01/15/24		494,862
	3,000,000		Statoil ASA			3.950		05/15/43		3,006,651
	4,500,000	g	Woodside Finance Ltd			3.700		03/15/28		4,465,401
			TOTAL ENERGY							42,413,229
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
	5,000,000	i	Becton Dickinson and Co	LIBOR 3 M + 1.030%		2.346		06/06/22		5,027,137
	7,250,000		Becton Dickinson and Co			3.363		06/06/24		7,314,752
	4,250,000		Becton Dickinson and Co			4.669		06/06/47		4,456,051
	500,000		Laboratory Corp of America Holdings			2.500		11/01/18		502,144
	1,000,000		Laboratory Corp of America Holdings			2.625		02/01/20		1,010,504
	1,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		1,023,227
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							19,333,815
INSURANCE - 1.0%
	2,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 2.000%		3.049		07/13/20		2,009,000
	3,000,000	g	Five Corners Funding Trust			4.419		11/15/23		3,248,720
	1,750,000		Progressive Corp			3.700		01/26/45		1,717,811
	2,000,000		Prudential Financial, Inc			5.375		05/15/45		2,160,000
	5,000,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		5,042,774
	1,000,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		1,022,110
			TOTAL INSURANCE							15,200,415
MATERIALS - 2.3%
	2,000,000		Agrium, Inc			3.500		06/01/23		2,059,589
	1,000,000		Agrium, Inc			5.250		01/15/45		1,145,306
	4,500,000		Fibria Overseas Finance Ltd			5.500		01/17/27		4,768,200

244

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,000,000		International Paper Co			5.000	%	09/15/35	$	2,217,440
	1,184,000		International Paper Co			4.800		06/15/44		1,272,585
	5,000,000	g	Inversiones CMPC S.A.			4.375		04/04/27		5,091,197
	8,975,000	g	Klabin Finance S.A.			4.875		09/19/27		8,906,790
	2,500,000	g	Sealed Air Corp			5.500		09/15/25		2,750,000
	6,350,000	g	WestRock Co			3.000		09/15/24		6,338,455
			TOTAL MATERIALS							34,549,562
MEDIA - 1.0%
	3,000,000		Charter Communications Operating LLC			3.579		07/23/20		3,079,188
	3,000,000		Charter Communications Operating LLC			4.464		07/23/22		3,168,259
	2,725,000		Discovery Communications LLC			5.000		09/20/37		2,769,336
	5,000,000	i	Walt Disney Co	LIBOR 3 M + 0.390%		1.706		03/04/22		5,037,010
	1,500,000		Walt Disney Co			2.450		03/04/22		1,517,108
			TOTAL MEDIA							15,570,901
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	500,000		Bristol-Myers Squibb Co			3.250		08/01/42		457,967
	7,500,000	i	Gilead Sciences, Inc	LIBOR 3 M + 0.250%		1.576		09/20/19		7,515,745
	1,150,000		Zoetis, Inc			3.450		11/13/20		1,188,755
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							9,162,467
REAL ESTATE - 1.6%
	4,500,000		Brixmor Operating Partnership LP			3.650		06/15/24		4,475,861
	3,525,000		Brixmor Operating Partnership LP			3.850		02/01/25		3,526,167
	1,848,000		Digital Realty Trust LP			3.950		07/01/22		1,947,950
	3,000,000		Kimco Realty Corp			6.875		10/01/19		3,267,112
	3,557,000		Mid-America Apartments LP			4.000		11/15/25		3,695,091
	5,000,000		Regency Centers LP			3.750		06/15/24		5,105,595
	450,000		Washington REIT			4.950		10/01/20		475,192
			TOTAL REAL ESTATE							22,492,968
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	5,000,000		Apple, Inc			2.850		02/23/23		5,119,087
	5,000,000		Apple, Inc			3.000		06/20/27		5,003,546
	5,000,000	i	Discovery Communications LLC	LIBOR 3 M + 0.710%		2.036		09/20/19		5,029,857
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							15,152,490
TELECOMMUNICATION SERVICES - 1.6%
	500,000		CenturyLink, Inc			6.750		12/01/23		505,794
	3,105,000		Verizon Communications, Inc			2.946		03/15/22		3,156,865
	5,000,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.000%		2.321		03/16/22		5,072,390
	3,000,000		Verizon Communications, Inc			2.625		08/15/26		2,809,470
	5,000,000		Verizon Communications, Inc			4.500		08/10/33		5,126,536
	6,125,000		Verizon Communications, Inc			5.250		03/16/37		6,713,827
			TOTAL TELECOMMUNICATION SERVICES							23,384,882
TRANSPORTATION - 3.7%
	2,000,000	i	Canadian National Railway Co	LIBOR 3 M + 0.170%		1.479		11/14/17		2,000,457
	2,450,000		CSX Corp			4.250		11/01/66		2,339,848
	2,034,880		Delta Air Lines			4.250		07/30/23		2,120,344

245

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,853,074		Delta Air Lines			3.625	%	07/30/27	$	2,971,476
	5,925,000		Delta Air Lines, Inc			3.625		03/15/22		6,088,059
	3,800,000	g	Hertz Corp			7.625		06/01/22		3,918,750
	2,500,000		Kansas City Southern			4.300		05/15/43		2,516,850
	2,500,000		Kansas City Southern			4.950		08/15/45		2,781,118
	2,050,000	g	Mexico City Airport Trust			4.250		10/31/26		2,106,375
	5,000,000	g	Mexico City Airport Trust			5.500		10/31/46		5,104,000
	6,125,000	g	Mexico City Airport Trust			5.500		07/31/47		6,200,950
	1,027,391		Spirit Airlines, Inc			4.100		04/01/28		1,078,761
	6,068,661		Union Pacific Railroad Co			3.227		05/14/26		6,216,555
	5,314,162	†	Union Pacific Railroad Co			2.695		05/12/27		5,184,922
	5,000,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.380%		1.694		05/16/22		5,014,357
			TOTAL TRANSPORTATION							55,642,822
UTILITIES - 6.1%
	950,000	g	APT Pipelines Ltd			4.250		07/15/27		976,970
	2,500,000	g	Colorado Interstate Gas Co LLC			4.150		08/15/26		2,484,741
	3,864,546	g	Continental Wind LLC			6.000		02/28/33		4,082,165
	3,000,000	g	Electricite de France S.A.			3.625		10/13/25		3,082,458
	1,700,000		Fortis, Inc			2.100		10/04/21		1,668,704
	2,900,000		Fortis, Inc			3.055		10/04/26		2,791,278
	5,000,000		Georgia Power Co			3.250		04/01/26		5,019,840
	5,000,000	g	Greenko Dutch BV			4.875		07/24/22		5,151,980
	1,043,680	g	Harper Lake Solar Funding Corp			7.645		12/31/18		1,080,208
	5,000,000		MidAmerican Energy Co			3.100		05/01/27		5,013,584
	5,746,000		MidAmerican Energy Co			3.950		08/01/47		5,988,354
	1,000,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		1,021,250
	1,875,000	g	NextEra Energy Operating Partners LP			4.500		09/15/27		1,910,156
	5,248,000		NorthWestern Corp			4.176		11/15/44		5,498,441
	1,925,000		ONEOK, Inc			4.000		07/13/27		1,948,046
	3,350,000		ONEOK, Inc			4.950		07/13/47		3,356,955
	5,000,000	g	Pattern Energy Group, Inc			5.875		02/01/24		5,275,000
	1,000,000		Public Service Co of New Hampshire			3.500		11/01/23		1,045,838
	2,250,010		San Diego Gas & Electric Co			1.914		02/01/22		2,235,843
	1,000,000		Sempra Energy			2.875		10/01/22		1,003,109
	2,894,671	g	Solar Star Funding LLC			3.950		06/30/35		2,784,010
	4,876,194	g	Solar Star Funding LLC			5.375		06/30/35		5,250,413
	2,825,000		Southern Power Co			1.850		12/01/17		2,826,094
	2,000,000		Southern Power Co			1.950		12/15/19		1,995,617
	2,000,000		Southern Power Co			2.500		12/15/21		1,990,838
	5,065,000		Southern Power Co			4.150		12/01/25		5,326,746
	1,500,000	g	TerraForm Power Operating LLC (Step Bond)			6.375		02/01/23		1,560,000
	2,624,862	g	Topaz Solar Farms LLC			4.875		09/30/39		2,712,852
	222,074	g	Topaz Solar Farms LLC			5.750		09/30/39		245,337
	5,000,000		Westar Energy, Inc			2.550		07/01/26		4,826,006
	1,000,000		WGL Holdings, Inc			2.250		11/01/19		994,703
			TOTAL UTILITIES							91,147,536
			TOTAL CORPORATE BONDS							532,119,759
			(Cost $526,124,908)

246

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS -  47.4%
AGENCY SECURITIES - 8.6%
$	786,463		Ethiopian Leasing LLC			2.566	%	08/14/26	$	792,539
	668,866		Export Lease Ten Co LLC			1.650		05/07/25		652,190
	3,000,000		Federal National Mortgage Association (FNMA)			1.625		01/21/20		3,003,378
	1,000,000		FNMA			2.625		09/06/24		1,022,518
	3,436,239	†,g	Genesis Solar Pass Through Trust			3.875		02/15/38		3,709,077
	1,375,000	j	Government Trust Certificate			0.000		04/01/21		1,276,409
	2,000,000		Hashemite Kingdom of Jordan Government AID Bond			1.945		06/23/19		2,010,374
	1,694,000		Hashemite Kingdom of Jordan Government AID Bond			2.578		06/30/22		1,734,391
	3,500,000		Hashemite Kingdom of Jordan Government AID Bond			3.000		06/30/25		3,672,762
	670,000	g	Hospital for Special Surgery			3.500		01/01/23		685,694
	2,030,000	i	Housing and Urban Development Corp Ltd	LIBOR 6 M + 0.035%		1.491		09/15/30		2,025,329
	3,000,000		Iraq Government AID Bond			2.149		01/18/22		3,009,246
	791,667		Mexican Aircraft Finance V LLC			2.329		01/14/27		790,635
	2,760,000		Montefiore Medical Center			2.152		10/20/26		2,662,548
	2,032,882		MSN 41079 and 41084 Ltd			1.631		12/14/24		1,983,425
	11,400,000	†	NCUA Guaranteed Notes			3.000		06/12/19		11,687,280
	6,890,000		NCUA Guaranteed Notes			3.450		06/12/21		7,161,798
	2,690,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		2,615,197
	775,000	j	Overseas Private Investment Corp (OPIC)			1.000		11/11/17		787,669
	3,000,000	j	OPIC			1.000		11/13/17		3,022,412
	3,000,000	j	OPIC			0.000		02/11/18		3,030,018
	2,000,000	j	OPIC			0.000		07/23/19		1,996,300
	1,085,000	j	OPIC			0.000		11/15/19		1,167,719
	5,000,000	j	OPIC			0.000		07/17/21		4,970,200
	2,299,249		OPIC			2.290		09/15/26		2,308,779
	2,218,944		OPIC			2.040		12/15/26		2,203,885
	1,985,230		OPIC			2.740		09/15/29		1,959,038
	2,977,845		OPIC			3.220		09/15/29		2,996,564
	992,615		OPIC			3.280		09/15/29		1,014,676
	834,000		OPIC			4.140		05/15/30		894,329
	187,501		OPIC			3.540		06/15/30		196,684
	197,761		OPIC			3.370		12/15/30		205,241
	455,181		OPIC			3.820		12/20/32		478,754
	227,591		OPIC			3.938		12/20/32		241,499
	938,969		OPIC			3.330		05/15/33		951,677
	945,649		OPIC			3.160		06/01/33		945,298
	1,199,360		OPIC			2.810		07/31/33		1,167,310
	959,488		OPIC			2.940		07/31/33		943,510
	1,439,232		OPIC			3.250		07/31/33		1,449,827
	2,000,000		Private Export Funding Corp (PEFCO)			2.300		09/15/20		2,028,768
	1,000,000		PEFCO			3.550		01/15/24		1,071,209
	1,000,000		PEFCO			3.250		06/15/25		1,050,421
	2,707,534		Safina Ltd			1.550		01/15/22		2,686,412
	1,221,545		Tagua Leasing LLC			1.900		07/12/24		1,206,463
	4,398,214		Tagua Leasing LLC			1.581		11/16/24		4,285,849
	1,413,711		Tortola Leasing LLC			1.581		11/16/24		1,377,594
	2,700,000		Ukraine Government AID Bonds			1.847		05/29/20		2,701,928
	5,000,000		Ukraine Government AID Bonds			1.471		09/29/21		4,897,285
	210,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		218,467

247

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	622,000		US Department of Housing and Urban Development (HUD)			1.330	%	08/01/18	$	621,665
	1,000,000		HUD			1.770		08/01/18		1,003,434
	4,050,000		HUD			3.120		08/01/18		4,109,737
	2,600,000		HUD			4.620		08/01/18		2,670,244
	510,000		HUD			2.050		08/01/19		512,072
	450,000		HUD			4.870		08/01/19		474,600
	3,663,000		HUD			1.980		08/01/20		3,683,721
	410,000		HUD			2.450		08/01/20		417,705
	150,000		HUD			3.430		08/01/20		156,877
	1,361,000		HUD			2.450		08/01/22		1,379,519
	500,000		HUD			2.910		08/01/23		509,699
	1,300,000		HUD			5.380		08/01/27		1,377,133
	7,082,895		VCH Lease S.A.			1.736		05/15/25		6,928,133
			TOTAL AGENCY SECURITIES							128,795,114
FOREIGN GOVERNMENT BONDS - 7.9%
	5,875,000		African Development Bank			1.375		12/17/18		5,860,635
	1,000,000		African Development Bank			2.375		09/23/21		1,015,424
	2,000,000		Asian Development Bank			2.125		03/19/25		1,967,077
	3,000,000		Canada Government International Bond			1.125		03/19/18		2,996,968
	159,773	g	Carpintero Finance Ltd			2.004		09/18/24		158,091
	2,750,000		Council Of Europe Development Bank			1.000		02/04/19		2,727,599
	2,895,000		European Bank for Reconstruction & Development			1.625		04/10/18		2,896,450
	5,000,000		European Bank for Reconstruction & Development			0.875		07/22/19		4,915,950
	2,225,000		European Investment Bank			2.000		03/15/21		2,232,784
	5,000,000		European Investment Bank			2.375		05/24/27		4,953,464
	5,500,000		Export Development Canada			1.250		12/10/18		5,470,418
	1,000,000		Export Development Canada			1.625		12/03/19		998,767
	1,350,000		Export-Import Bank of Korea			1.750		02/27/18		1,348,483
	5,000,000		Inter-American Development Bank			1.185		07/09/18		4,965,280
	1,000,000		Inter-American Development Bank			1.500		09/25/18		1,000,407
	5,000,000		International Finance Corp			1.750		03/30/20		5,004,356
	5,000,000		International Finance Corp			1.546		11/04/21		4,839,710
	2,500,000		International Finance Corp			2.125		04/07/26		2,444,663
	5,000,000	i	Japan Bank for International Cooperation	LIBOR 3 M + 0.480%		1.796		06/01/20		4,997,248
	2,500,000		Japan Bank for International Cooperation			1.875		04/20/21		2,470,768
	3,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		2,966,929
	3,000,000		KFW			1.000		01/26/18		2,996,591
	1,000,000		KFW			1.750		10/15/19		1,001,676
	3,000,000		KFW			1.500		04/20/20		2,982,240
	3,000,000		KFW			1.875		11/30/20		3,002,563
	3,050,000	g	Kommunalbanken AS.			1.375		10/26/20		3,006,806
	2,000,000	g	Kommunalbanken AS.			2.125		02/11/25		1,957,828
	4,000,000	g	Kommuninvest I Sverige AB			1.500		04/23/19		3,990,564
	5,000,000	i	Korea Development Bank	LIBOR 3 M + 0.725%		2.027		07/06/22		5,003,513
	5,000,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		5,003,946
	2,875,000	g	Nacional Financiera SNC			3.375		11/05/20		2,979,219
	5,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		4,916,510
	5,570,000		North American Development Bank			2.300		10/10/18		5,603,676
	3,100,000		North American Development Bank			4.375		02/11/20		3,268,519
	500,000		Province of Manitoba Canada			3.050		05/14/24		515,384
	250,000		Province of Ontario Canada			1.200		02/14/18		249,714

248

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		Province of Quebec Canada		2.750	%	04/12/27	$	4,991,667
			TOTAL FOREIGN GOVERNMENT BONDS						117,701,887
MORTGAGE BACKED - 11.2%
	1,892,161		Federal Home Loan Mortgage Corp (FHLMC)		3.500		08/15/42		1,954,555
	2,015,895		FHLMC		3.500		08/15/43		2,101,567
	727,530		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500		03/01/27		760,338
	393,909		FGLMC		3.500		04/01/45		409,230
	2,151,100		FGLMC		3.500		10/01/45		2,233,528
	2,825,272		FGLMC		4.000		12/01/45		3,008,164
	4,834,414		FGLMC		3.500		08/01/46		5,018,162
	154,860		Federal National Mortgage Association (FNMA)		3.500		11/01/25		161,836
	5,000,000	i	FNMA		2.877		02/25/27		4,981,643
	44,806		FNMA		2.500		07/01/31		45,138
	1,098,589		FNMA		2.500		07/01/31		1,106,716
	263,505		FNMA		2.500		08/01/31		265,455
	63,899		FNMA		2.500		11/01/31		64,372
	21,141		FNMA		2.500		11/01/31		21,298
	166,907		FNMA		2.500		12/01/31		168,141
	58,301		FNMA		2.500		12/01/31		58,733
	131,823		FNMA		2.500		12/01/31		132,799
	1,846,473		FNMA		3.500		02/01/32		1,925,822
	974,027		FNMA		3.500		05/01/32		1,017,401
	2,488,277		FNMA		3.000		07/01/32		2,557,645
	1,973,021		FNMA		3.500		07/01/32		2,058,273
	497,364		FNMA		2.500		08/01/32		501,281
	3,492,009		FNMA		3.000		08/01/32		3,589,359
	252,724		FNMA		5.000		10/01/33		278,432
	268,180		FNMA		5.500		01/01/38		300,480
	313,561		FNMA		5.500		11/01/38		362,123
	641,131		FNMA		4.500		08/01/39		699,692
	437,074		FNMA		4.500		10/01/39		478,614
	391,270		FNMA		4.500		04/01/40		427,131
	114,908		FNMA		5.500		04/01/40		127,943
	201,610		FNMA		5.500		07/01/40		225,857
	881,165		FNMA		5.000		09/01/40		962,111
	107,036		FNMA		6.000		10/01/40		121,962
	121,373		FNMA		4.500		01/01/41		132,074
	1,067,794		FNMA		5.000		04/01/41		1,176,916
	62,751		FNMA		4.500		06/01/42		67,788
	642,813		FNMA		4.500		08/01/42		699,391
	634,005		FNMA		4.500		10/01/43		690,060
	150,762		FNMA		4.500		06/01/44		164,366
	710,084		FNMA		4.500		06/01/44		774,058
	345,576		FNMA		4.500		08/01/44		376,686
	643,384		FNMA		4.500		11/01/44		701,347
	1,615,408		FNMA		4.000		12/01/44		1,714,893
	866,521		FNMA		4.000		01/01/45		919,882
	511,189		FNMA		3.000		02/25/45		519,256
	820,827		FNMA		4.500		03/01/45		899,865
	986,397		FNMA		3.000		03/25/45		1,005,135
	2,568,929		FNMA		4.000		07/01/45		2,742,814
	3,167,878		FNMA		4.000		09/01/45		3,377,520

249

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,809,423		FNMA		3.500	%	01/01/46	$	1,875,708
	404,499		FNMA		4.000		01/01/46		430,627
	2,815,974		FNMA		3.500		06/01/46		2,919,815
	5,265,685		FNMA		3.000		11/01/46		5,283,831
	5,705,841		FNMA		3.000		12/01/46		5,725,504
	2,973,214		FNMA		3.500		12/01/46		3,066,160
	4,784,963		FNMA		3.500		12/01/46		4,934,545
	9,688,848		FNMA		3.000		01/01/47		9,722,238
	16,291,223		FNMA		3.500		01/01/47		16,800,503
	957,138		FNMA		3.500		02/01/47		987,059
	5,168,703		FNMA		3.000		04/01/47		5,186,515
	2,938,758		FNMA		3.000		06/01/47		2,948,885
	7,667,920		FNMA		4.000		07/01/47		8,074,355
	7,934,663		FNMA		4.500		07/01/47		8,516,739
	5,943,760		FNMA		4.000		08/01/47		6,258,809
	1,000,000	h	FNMA		4.500		10/25/47		1,073,008
	818,729		Government National Mortgage Association (GNMA)		2.690		06/15/33		805,103
	85,899		GNMA		5.000		10/20/39		94,741
	91,052		GNMA		5.000		06/20/42		98,984
	328,480		GNMA		3.500		07/15/43		344,541
	701,328		GNMA		3.500		09/20/44		733,538
	9,823,544		GNMA		3.500		06/20/47		10,222,998
	1,976,885		GNMA		4.000		06/20/47		2,088,997
	10,824,737		GNMA		3.000		08/20/47		10,984,511
	3,893,050		GNMA		3.500		08/20/47		4,051,353
			TOTAL MORTGAGE BACKED						167,316,919
MUNICIPAL BONDS - 12.2%
	2,070,000		American Municipal Power, Inc		5.514		02/15/21		2,223,263
	3,000,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		3,011,760
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		2,007,800
	840,000		California Earthquake Authority		2.805		07/01/19		843,704
	2,000,000		California Housing Finance Agency		2.966		08/01/22		2,049,040
	250,000	g	California Pollution Control Financing Authority		5.000		07/01/27		251,250
	500,000	g	California Pollution Control Financing Authority		5.000		07/01/37		502,500
	5,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		5,527,500
	500,000		Chelan County Public Utility District No		3.603		07/01/21		524,730
	2,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		2,531,300
	1,580,000		City & County of Honolulu HI		1.506		10/01/20		1,558,875
	950,000		City & County of Honolulu HI		2.141		10/01/23		932,824
	1,000,000		City & County of Honolulu HI		2.368		10/01/24		981,250
	935,000		City & County of San Francisco CA		3.700		04/01/34		933,626
	440,000		City & County of San Francisco CA		3.750		04/01/35		440,053
	5,835,000		City & County of San Francisco CA		3.900		04/01/42		5,974,340
	3,000,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		3,014,610
	3,000,000		City of Chicago IL		7.750		01/01/42		3,247,440
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		2,038,540
	2,000,000		City of Florence SC		4.250		12/01/34		2,028,840
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		253,237
	3,075,000		City of Norfolk VA		3.000		10/01/35		2,818,422

250

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		City of San Angelo TX Water & Sewer Revenue		4.401	%	02/15/46	$	2,039,820
	3,955,000		City of San Francisco CA Public Utilities Commission Water Revenue		2.400		11/01/22		3,935,739
	5,000,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.185		11/01/46		5,161,700
	1,140,000		City of San Juan Capistrano CA		4.090		08/01/36		1,177,141
	885,000		City of San Juan Capistrano CA		4.190		08/01/40		914,798
	345,000		Commonwealth Financing Authority		2.428		06/01/20		345,890
	355,000		Commonwealth Financing Authority		2.675		06/01/21		357,581
	5,000,000		Commonwealth of Massachusetts		3.277		06/01/46		4,788,150
	1,415,000		County of Miami-Dade FL Aviation Revenue		1.183		10/01/18		1,407,699
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,473,270
	1,085,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		1,219,941
	2,250,000		Florida Department of Environmental Protection		5.456		07/01/19		2,394,135
	3,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		3,012,840
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		449,450
	100,000		Guadalupe-Blanco River Authority Industrial Development Corp		1.909		04/15/18		100,112
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,823,938
	3,000,000		Imperial Irrigation District Electric System Revenue		4.500		11/01/40		3,307,770
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,032,780
	1,000,000		Lavaca-Navidad River Authority		4.430		08/01/35		1,019,300
	3,720,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,678,894
	3,000,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		3,484,050
	3,025,000		Metropolitan Council		1.550		09/01/19		3,016,318
	500,000		Michigan Finance Authority		5.000		07/01/22		561,530
	4,000,000		Michigan Finance Authority		3.610		11/01/32		3,934,040
	2,115,000		New York State Environmental Facilities Corp		3.420		07/15/26		2,172,126
	250,000	g	Niagara Area Development Corp		4.000		11/01/24		250,145
	5,080,000		Ohio State Water Development Authority		4.879		12/01/34		5,878,373
	250,000		Oklahoma Water Resources Board		3.071		04/01/22		259,662
	5,000,000		Palm Beach County Solid Waste Authority		2.436		10/01/23		4,950,000
	2,225,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		2,305,923
	3,000,000		Pittsburgh Water & Sewer Authority		6.610		09/01/24		3,415,680
	3,350,000		Sacramento Area Flood Control Agency		2.224		10/01/20		3,333,250
	440,000		San Francisco City & County Redevelopment Agency		3.113		08/01/22		449,852
	1,000,000		San Francisco City & County Redevelopment Agency		3.533		08/01/25		1,026,810
	1,000,000		San Francisco City & County Redevelopment Agency		4.375		08/01/44		1,048,630
	2,000,000		South Dakota Conservancy District		1.898		08/01/19		2,005,000
	1,000,000		South Dakota Conservancy District		1.920		08/01/19		1,002,890
	1,000,000		South Davis Sewer District		4.125		12/01/32		1,019,480
	1,100,000		South Davis Sewer District		4.500		12/01/37		1,136,894
	1,000,000		State of California		1.800		04/01/20		994,270
	2,665,000		State of California		2.367		04/01/22		2,690,291
	1,000,000		State of California		3.750		10/01/37		1,027,270
	2,480,000		State of California		4.988		04/01/39		2,698,959
	3,000,000		State of Illinois		5.000		02/01/19		3,114,450
	1,000,000		State of Texas		0.863		08/01/18		995,550
	1,000,000		State of Texas		1.737		08/01/22		975,470
	2,475,000		State of Texas		2.749		10/01/23		2,510,912

251

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,000,000		State of Texas			3.576	%	08/01/34	$	1,015,250
	1,000,000		State of Texas			3.726		08/01/43		986,030
	3,000,000		Suffolk County Water Authority			4.000		06/01/39		3,216,630
	1,650,000		Syracuse Industrial Development Agency			5.000		01/01/36		1,618,601
	1,000,000	h	Texas Water Development Board			3.500		10/15/37		996,140
	2,000,000	h	Texas Water Development Board			3.700		10/15/47		1,998,340
	3,000,000		Texas Water Development Board			4.648		04/15/50		3,187,050
	500,000		University of California			2.676		05/15/21		507,550
	1,230,000		University of Cincinnati			3.500		06/01/32		1,259,754
	2,000,000		University of New Mexico			3.532		06/20/32		2,027,580
	2,000,000		University of Virginia			3.570		04/01/45		2,046,280
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,121,300
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System			5.500		11/15/18		4,990,600
	655,000		Washington County Clean Water Services			4.828		10/01/22		725,229
	530,000		Washington County Clean Water Services			5.078		10/01/24		606,124
	2,000,000	g	Washington Economic Development Finance Authority			7.500		01/01/32		2,219,880
	1,245,000		Water Works Board of the City of Birmingham			1.509		01/01/19		1,236,273
	3,000,000		Water Works Board of the City of Birmingham			1.788		01/01/20		2,959,110
	2,005,000		Water Works Board of the City of Birmingham			2.392		01/01/23		1,959,948
	250,000		West Virginia Water Development Authority			5.000		11/01/21		283,318
	1,500,000		Yuba City Public Financing Authority			4.320		06/01/42		1,515,810
	1,000,000		Yuba Levee Financing Authority			3.170		09/01/22		1,021,080
			TOTAL MUNICIPAL BONDS							182,091,554
U.S. TREASURY SECURITIES - 7.5%
	5,745,000		United States Treasury Bond			2.500		05/15/46		5,334,996
	19,740,000		United States Treasury Bond			2.875		11/15/46		19,792,434
	32,310,000		United States Treasury Bond			3.000		05/15/47		33,222,505
	5,205,000		United States Treasury Note			1.375		09/15/20		5,167,996
	410,000		United States Treasury Note			1.375		05/31/21		404,330
	20,779,000		United States Treasury Note			1.625		08/31/22		20,486,795
	400,000		United States Treasury Note			1.500		03/31/23		389,266
	8,500,000		United States Treasury Note			1.875		08/31/24		8,344,941
	18,655,000		United States Treasury Note			2.250		08/15/27		18,519,460
			TOTAL U.S. TREASURY SECURITIES							111,662,723
			TOTAL GOVERNMENT BONDS							707,568,197
			(Cost $706,114,274)
STRUCTURED ASSETS - 12.1%
ASSET BACKED - 4.5%
	133,372	i	ACE Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.735%		1.972		08/25/35		133,545
			Series - 2005 HE5 (Class M2)
	150,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		152,088
			Series - 2015 3 (Class D)
	925,000	i	Basic Asset Backed Securities Trust	LIBOR 1 M + 0.310%		1.547		04/25/36		885,086
			Series - 2006 1 (Class A3)
	1,000,000	g	Capital Automotive REIT			3.660		10/15/44		1,011,679
			Series - 2014 1A (Class A)

252

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	995,833	†,g	Capital Automotive REIT			3.870	%	04/15/47	$	1,004,113
			Series - 2017 1A (Class A1)
	1,447,025	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		1.603		04/07/52		44,721
			Series - 2007 1A (Class A2)
	975,000	g	DB Master Finance LLC			3.262		02/20/45		976,531
			Series - 2015 1A (Class A2I)
	1,950,000	g	DB Master Finance LLC			3.980		02/20/45		1,994,909
			Series - 2015 1A (Class A2II)
	1,000,000	g,h	DB Master Finance LLC			3.629		11/20/47		1,003,425
			Series - 2017 1A (Class A2I)
	987,500	g	Domino’s Pizza Master Issuer LLC			3.484		10/25/45		997,829
			Series - 2015 1A (Class A2I)
	888,750	g	Domino’s Pizza Master Issuer LLC			4.474		10/25/45		916,861
			Series - 2015 1A (Class A2II)
	3,100,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		3,085,399
			Series - 2017 1A (Class A2II)
	1,790,967	†,g	HERO Funding Trust			3.840		09/21/40		1,860,367
			Series - 2015 1A (Class A)
	579,239	†,g	HERO Funding Trust			3.990		09/21/40		592,253
			Series - 2014 2A (Class A)
	3,441,394	g	HERO Funding Trust			3.750		09/20/41		3,496,671
			Series - 2016 2A (Class A)
	1,428,389	†,g	HERO Funding Trust			4.050		09/20/41		1,503,379
			Series - 2016 1A (Class A)
	2,076,115	g	HERO Funding Trust			3.080		09/20/42		2,066,790
			Series - 2016 3A (Class A1)
	4,710,697	g	HERO Funding Trust			3.710		09/20/47		4,750,123
			Series - 2017 1A (Class A1)
	2,717,659	g	HERO Funding Trust			4.070		09/20/48		2,786,957
			Series - 2017 2A (Class A2)
	1,089,907	†,g	HERO Residual Funding			4.500		09/21/42		1,084,457
			Series - 2016 1R (Class A1)
	416,667	g	Hertz Vehicle Financing LLC			6.440		02/25/19		420,765
			Series - 2010 1A (Class B3)
	62,337	i	Lehman XS Trust	LIBOR 1 M + 0.250%		1.487		02/25/36		61,647
			Series - 2006 1 (Class 1A1)
	5,000,000	g,i	MAD Mortgage Trust			3.600		08/15/34		5,030,169
			Series - 2017 330M (Class C)
	1,734,454	g	MVW Owner Trust			2.420		12/20/34		1,731,157
			Series - 2017 1A (Class A)
	103,128	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		102,682
			Series - 2014 AA (Class B)
	2,363,333	g	Renew			3.670		09/20/52		2,355,669
			Series - 2017 1A (Class A)
	121,242	g	SolarCity LMC			4.800		11/20/38		120,187
			Series - 2013 1 (Class A)
	382,884	g	SolarCity LMC			4.590		04/20/44		379,791
			Series - 2014 1 (Class A)
	845,686	†,g	SolarCity LMC			4.020		07/20/44		824,285
			Series - 2014 2 (Class A)
	1,481,006	g	SolarCity LMC			4.800		09/20/48		1,498,196
			Series - 2016 A (Class A)
	366,656	g	SpringCastle America Funding LLC			3.050		04/25/29		369,099
			Series - 2016 AA (Class A)

253

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	571,721	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		2.737	%	04/25/35	$	558,656
			Series - 2005 7XS (Class 2A1A)
	926,770		Toyota Auto Receivables Owner Trust			1.270		05/15/19		926,259
			Series - 2015 B (Class A3)
	9,020,000		Toyota Auto Receivables Owner Trust			1.300		04/15/20		8,999,741
			Series - 2016 B (Class A3)
	4,000,000		Toyota Auto Receivables Owner Trust			1.740		09/15/20		4,004,706
			Series - 2015 B (Class A4)
	2,000,000	g	VOLT LIX LLC (Step Bond)			5.375		05/25/47		1,989,466
			Series - 2017 NPL6 (Class A2)
	6,187,294	g	VOLT LVIII LLC (Step Bond)			3.375		05/28/47		6,225,807
			Series - 2017 NPL5 (Class A1)
	2,500,000	g	VOLT LVIII LLC (Step Bond)			5.375		05/28/47		2,486,233
			Series - 2017 NPL5 (Class A2)
			TOTAL ASSET BACKED							68,431,698
OTHER MORTGAGE BACKED - 7.6%
	45,279	g	7 WTC Depositor LLC Trust			4.082		03/13/31		45,604
			Series - 2012 7WTC (Class A)
	115,796	i	Banc of America Commercial Mortgage Trust			5.914		05/10/45		115,645
			Series - 2006 2 (Class C)
	171,241	i	Banc of America Commercial Mortgage Trust			5.482		01/15/49		171,001
			Series - 2007 1 (Class AMFX)
	250,000	g,i	Banc of America Commercial Mortgage Trust			5.821		02/10/51		249,312
			Series - 2007 4 (Class E)
	2,000,000	i	Banc of America Commercial Mortgage Trust			5.971		02/10/51		2,017,674
			Series - 2007 5 (Class AJ)
	725,000	g,i	Banc of America Commercial Mortgage Trust			6.000		02/10/51		723,181
			Series - 2007 4 (Class D)
	3,000,000	g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		3,004,230
			Series - 2007 5 (Class B)
	5,000,000	g	BBCMS Trust			3.593		09/15/32		5,203,224
			Series - 2015 MSQ (Class A)
	2,500,000	g	BBCMS Trust			3.894		09/15/32		2,579,297
			Series - 2015 MSQ (Class B)
	1,120,000	i	Bear Stearns Commercial Mortgage Securities Trust			6.120		09/11/42		1,119,494
			Series - 2007 T28 (Class AJ)
	4,250,000	g,i	Cityline Commercial Mortgage Trust			2.871		11/10/31		4,236,753
			Series - 2016 CLNE (Class A)
	1,013,637	i	COBALT CMBS Commercial Mortgage Trust			5.771		05/15/46		1,028,639
			Series - 2007 C3 (Class AJ)
	3,850,000	g	COMM Mortgage Trust			2.681		08/10/29		3,885,230
			Series - 2016 GCT (Class A)
	2,815,000	g	COMM Mortgage Trust			4.353		08/10/30		3,040,954
			Series - 2013 300P (Class A1)
	5,000,000	g	COMM Mortgage Trust			3.544		03/10/31		5,126,089
			Series - 2013 WWP (Class C)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.250%		5.487		01/25/29		3,288,578
			Series - 2016 C04 (Class 1M2)
	2,250,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		5.687		01/25/29		2,465,481
			Series - 2016 C05 (Class 2M2)

254

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	206,140	i	Countrywide Home Loan Mortgage Pass Through Trust			3.346	%	11/20/34	$	207,624
			Series - 2004 HYB6 (Class A2)
	26,135	i	Credit Suisse Commercial Mortgage Trust			5.903		09/15/39		26,266
			Series - 2007 C4 (Class A1AJ)
	198,784	i	Credit Suisse Commercial Mortgage Trust			5.625		01/15/49		203,746
			Series - 2007 C2 (Class AJ)
	5,000,000	†,g,i	CSAIL Commercial Mortgage Trust			3.800		06/15/37		4,981,178
			Series - 2017 C8 (Class 85BB)
	6,555,274	i	GE Capital Commercial Mortgage Corp			5.900		11/10/45		6,639,700
			Series - 2005 C4 (Class AJ)
	750,000	i	GE Commercial Mortgage Corp			5.606		12/10/49		763,019
			Series - 2007 C1 (Class AM)
	5,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		5,172,268
			Series - 2014 GRCE (Class A)
	2,500,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		2,439,309
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,437,249
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		4,811,591
			Series - 2016 10HY (Class C)
	36,649	i	Impac CMB Trust	LIBOR 1 M + 0.660%		1.897		03/25/35		35,079
			Series - 2004 11 (Class 2A1)
	1,519,565	i	LB-UBS Commercial Mortgage Trust			5.737		03/15/39		1,536,001
			Series - 2006 C3 (Class C)
	710,000	i	LB-UBS Commercial Mortgage Trust			5.563		02/15/40		709,523
			Series - 2007 C1 (Class D)
	1,072,866	†,g,i	LVII Resecuritization Trust	LIBOR 1 M + 2.800%		4.039		07/25/47		1,075,213
			Series - 2015 A (Class A)
	1,000,000	i	ML-CFC Commercial Mortgage Trust			5.526		03/12/51		1,015,619
			Series - 2007 6 (Class AM)
	5,000,000	g	Morgan Stanley Capital I Trust			3.350		07/13/29		5,161,138
			Series - 2014 CPT (Class A)
	1,090,000	g,i	Morgan Stanley Capital I Trust			3.560		07/13/29		1,117,700
			Series - 2014 CPT (Class B)
	5,000,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		5,024,471
			Series - 2013 WLSR (Class A)
	96,169	i	Morgan Stanley Capital I Trust			5.861		04/12/49		96,053
			Series - 2007 HQ12 (Class C)
	1,746,967	i	Morgan Stanley Capital I Trust			5.907		06/11/49		1,752,657
			Series - 2007 IQ15 (Class AJ)
	2,000,000	i	Morgan Stanley Capital I Trust			6.363		12/12/49		1,877,300
			Series - 2007 IQ16 (Class AJFX)
	2,500,000	g,i	MSDB Trust			3.427		07/11/39		2,523,695
			Series - 2017 712F (Class A)
	2,750,000	g,i	MSDB Trust			3.568		07/11/39		2,775,927
			Series - 2017 712F (Class B)
	3,000,000	g	OBP Depositor LLC Trust			4.646		07/15/45		3,167,933
			Series - 2010 OBP (Class A)
	2,088,762	g,i	Sequoia Mortgage Trust			3.500		04/25/47		2,135,515
			Series - 2017 3 (Class A4)
	4,879,052	g,i	Sequoia Mortgage Trust			3.000		08/25/47		4,926,603
			Series - 2017 5 (Class A5)

255

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	62,709	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.400%		3.637	%	01/25/25	$	62,806
			Series - 2015 DN1 (Class M2)
	461,639	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		03/25/25		465,511
			Series - 2015 HQ1 (Class M2)
	250,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.800%		5.037		03/25/25		269,224
			Series - 2015 HQ1 (Class M3)
	3,500,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		3.437		10/25/28		3,557,033
			Series - 2016 DNA2 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.350%		2.587		03/25/29		1,771,664
			Series - 2016 HQA3 (Class M2)
	713,835	i	Wachovia Bank Commercial Mortgage Trust			5.825		07/15/45		721,748
			Series - 2006 C27 (Class AJ)
	24,475	i	Wachovia Bank Commercial Mortgage Trust			5.818		05/15/46		24,468
			Series - 2007 C34 (Class AM)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.214		05/15/46		999,023
			Series - 2007 C34 (Class B)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.219		05/15/46		1,996,001
			Series - 2007 C34 (Class C)
	750,000	i	Wachovia Bank Commercial Mortgage Trust			6.274		05/15/46		761,723
			Series - 2007 C34 (Class AJ)
	1,375,268	i	Wachovia Bank Commercial Mortgage Trust			5.660		04/15/47		1,396,049
			Series - 2007 C31 (Class AJ)
	500,000	i	Wachovia Bank Commercial Mortgage Trust			6.148		04/15/47		514,495
			Series - 2007 C31 (Class C)
	1,232,254	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		1,255,395
			Series - 2007 C32 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust			5.750		06/15/49		999,630
			Series - 2007 C32 (Class B)
	24,558	i	Wachovia Bank Commercial Mortgage Trust			5.953		02/15/51		24,537
			Series - 2007 C33 (Class AM)
			TOTAL OTHER MORTGAGE BACKED							115,732,070
			TOTAL STRUCTURED ASSETS							184,163,768
			(Cost $184,201,212)
			TOTAL BONDS							1,423,851,724
			(Cost $1,416,440,394)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	250	*	M&T Bank Corp							278,750
			TOTAL BANKS							278,750
			TOTAL PREFERRED STOCKS							278,750
			(Cost $255,625)

256

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.7%
GOVERNMENT AGENCY DEBT - 0.9%
$	12,850,000	Federal Home Loan Bank (FHLB)		0.700	%	10/02/17	$	12,850,000
		TOTAL GOVERNMENT AGENCY DEBT						12,850,000
TREASURY DEBT - 2.8%
	23,500,000	United States Treasury Bill		0.926-0.961		10/12/17		23,493,989
	18,475,000	United States Treasury Bill		0.956		10/26/17		18,463,453
		TOTAL TREASURY DEBT						41,957,442
		TOTAL SHORT-TERM INVESTMENTS						54,807,442
		(Cost $54,805,732)
		TOTAL INVESTMENTS - 99.7%						1,490,513,349
		(Cost $1,483,129,008)
		OTHER ASSETS & LIABILITIES, NET - 0.3%						4,730,690
		NET ASSETS - 100.0%					$	1,495,244,039

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2017, the aggregate value of these securities was $295,148,665 or 19.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon

257

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

TIAA-CREF FUNDS

TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 96.6%
ALABAMA - 1.4%
$	975,000		County of Jefferson AL		5.000	%	09/15/22	$	1,123,619
	2,395,000		University of South Alabama		5.000		11/01/31		2,848,541
			TOTAL ALABAMA						3,972,160
ALASKA - 1.3%
	500,000		Alaska Municipal Bond Bank Authority		5.000		12/01/31		572,665
	2,570,000		Borough of Matanuska-Susitna AK		5.000		09/01/25		3,048,817
			TOTAL ALASKA						3,621,482
ARIZONA - 0.3%
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/24		239,488
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		242,204
	190,000		Pinal County Electric District No 3		5.000		07/01/33		219,978
			TOTAL ARIZONA						701,670
CALIFORNIA - 10.1%
	715,000	g	California School Finance Authority		5.000		08/01/25		825,925
	2,000,000		City of Los Angeles Department of Airports		5.000		05/15/27		2,409,460
	2,000,000		County of San Bernardino CA, COP		5.250		08/01/19		2,150,120
	1,715,000		Elk Grove Finance Authority		5.000		09/01/30		1,974,188
	700,000		Kern County Water Agency Improvement District No 4		5.000		05/01/24		843,178
	1,185,000		Livermore Redevelopment Agency		5.000		08/01/21		1,347,227
	450,000		Palmdale Community Redevelopment Agency		5.000		09/01/25		545,387
	550,000		Palmdale Community Redevelopment Agency		5.000		09/01/26		672,496
	415,000		Palmdale Community Redevelopment Agency		5.000		09/01/31		487,625
	1,000,000		Port of Oakland		5.000		11/01/21		1,137,080
	750,000		San Diego Public Facilities Financing Authority		5.000		10/15/31		889,290
	800,000		San Francisco City & County Redevelopment Agency		5.000		08/01/25		971,144
	500,000		Santee CDC Successor Agency		5.000		08/01/27		601,525
	3,000,000		State of California		5.000		09/01/24		3,640,740
	1,000,000		State of California		5.000		09/01/24		1,213,580
	2,000,000		State of California, GO		5.000		02/01/22		2,307,660
	4,130,000	g,i	Tender Option Bond Trust Receipts		0.690		11/01/23		4,130,000
	1,710,000		West Contra Costa Unified School District, GO		5.700		02/01/21		1,965,696
			TOTAL CALIFORNIA						28,112,321
COLORADO - 1.6%
	2,155,000		Colorado Health Facilities Authority		5.000		01/01/32		2,305,958
	250,000		Colorado Health Facilities Authority		5.000		12/01/41		280,777

258

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Denver Urban Renewal Authority		5.000	%	12/01/24	$	1,212,580
	580,000	Park Creek Metropolitan District		5.000		12/01/23		675,259
		TOTAL COLORADO						4,474,574
CONNECTICUT - 1.9%
	1,250,000	City of New Haven CT		5.000		08/15/24		1,461,475
	1,400,000	Connecticut State Health & Educational Facility Authority		5.000		07/01/22		1,617,308
	2,000,000	University of Connecticut		5.000		03/15/28		2,342,140
		TOTAL CONNECTICUT						5,420,923
DISTRICT OF COLUMBIA - 0.8%
	1,000,000	District of Columbia		5.000		04/01/24		1,193,950
	955,000	District of Columbia		5.000		04/01/27		1,169,235
		TOTAL DISTRICT OF COLUMBIA						2,363,185
FLORIDA - 4.5%
	1,695,000	City of Miami Beach FL		5.000		09/01/24		2,024,084
	1,000,000	County of Orange FL		5.000		10/01/21		1,144,410
	1,100,000	Greater Orlando Aviation Authority		5.000		10/01/26		1,335,092
	1,225,000	JEA Electric System Revenue		5.000		10/01/21		1,399,330
	1,250,000	Miami Beach Redevelopment Agency		5.000		02/01/24		1,487,363
	1,375,000	Miami-Dade County Expressway Authority		5.000		07/01/31		1,626,859
	2,180,000	Port St. Lucie Community Redevelopment Agency		5.000		01/01/26		2,589,055
	500,000	School District of Broward County		5.000		07/01/31		598,920
	130,000	Volusia County Educational Facility Authority		5.000		10/15/23		153,520
	105,000	Volusia County Educational Facility Authority		5.000		10/15/24		125,799
	75,000	Volusia County Educational Facility Authority		5.000		10/15/25		90,815
		TOTAL FLORIDA						12,575,247
GEORGIA - 0.4%
	1,000,000	City of Atlanta Department of Aviation		5.000		01/01/24		1,198,630
		TOTAL GEORGIA						1,198,630
GUAM - 0.4%
	1,000,000	Territory of Guam		5.000		12/01/30		1,133,630
		TOTAL GUAM						1,133,630
HAWAII - 0.4%
	1,000,000	State of Hawaii Airports System Revenue		5.000		07/01/41		1,130,610
		TOTAL HAWAII						1,130,610
ILLINOIS - 11.9%
	2,000,000	Chicago Midway International Airport		5.000		01/01/26		2,337,880
	400,000	Chicago O’Hare International Airport		5.000		01/01/22		452,768

259

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Chicago O’Hare International Airport		5.000	%	01/01/25	$	883,845
	300,000	Chicago O’Hare International Airport		5.000		01/01/28		355,296
	400,000	Chicago Park District		5.000		01/01/23		459,236
	1,000,000	Chicago Public Building Commission		5.250		03/01/24		1,153,620
	2,085,000	Chicago State University		5.500		12/01/23		2,326,109
	1,220,000	Chicago Transit Authority		5.250		12/01/24		1,366,632
	1,000,000	Chicago Transit Authority		5.000		06/01/25		1,167,220
	1,000,000	City of Chicago IL Motor Fuel Tax Revenue		5.000		01/01/24		1,099,910
	500,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		562,685
	1,500,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,688,055
	1,000,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/23		1,142,200
	1,000,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/25		1,163,960
	1,000,000	City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/26		1,172,170
	1,500,000	City of Chicago IL, GO		5.500		01/01/35		1,635,270
	650,000	City of Chicago IL, GO		5.500		01/01/37		705,224
	500,000	City of Chicago IL, GO		5.500		01/01/42		537,940
	500,000	Cook County School District No 25 Arlington Heights		5.000		12/15/23		588,955
	1,750,000	County of Cook IL		5.000		11/15/31		2,006,252
	400,000	Illinois Finance Authority		5.000		05/01/21		445,332
	500,000	Illinois Finance Authority		5.000		11/01/21		564,310
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago		5.000		12/01/30		2,353,300
	2,000,000	State of Illinois		5.000		02/01/18		2,020,880
	695,000	State of Illinois		5.000		06/15/24		805,734
	2,000,000	State of Illinois		5.000		06/01/28		2,183,320
	1,500,000	State of Illinois, GO		5.000		06/15/19		1,585,680
	525,000	State of Illinois, GO		6.250		12/15/20		558,715
		TOTAL ILLINOIS						33,322,498
INDIANA - 2.1%
	1,500,000	City of Rockport IN		2.050		04/01/25		1,514,280
	2,120,000	Indiana Bond Bank		5.250		04/01/19		2,250,698
	1,940,000	Indianapolis Local Public Improvement Bond Bank		5.500		01/01/21		2,176,913
		TOTAL INDIANA						5,941,891
IOWA - 0.2%
	475,000	Iowa Higher Education Loan Authority		5.000		10/01/27		564,642
		TOTAL IOWA						564,642
KANSAS - 0.4%
	1,000,000	Wyandotte County-Kansas City Unified Government Utility System Revenue		5.000		09/01/22		1,158,930
		TOTAL KANSAS						1,158,930
KENTUCKY - 1.9%
	2,000,000	Kentucky Turnpike Authority		5.000		07/01/26		2,423,700
	1,250,000	Paducah Electric Plant Board		5.000		10/01/34		1,417,337

260

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,250,000	Paducah Electric Plant Board		5.000	%	10/01/35	$	1,412,138
		TOTAL KENTUCKY						5,253,175
LOUISIANA - 1.2%
	750,000	Louisiana Local Government Environmental Facilities & Community Development Auth		5.000		10/01/27		904,598
	1,000,000	Louisiana Public Facilities Authority		5.250		10/01/24		1,157,070
	1,000,000	State of Louisiana		5.000		08/01/26		1,224,410
		TOTAL LOUISIANA						3,286,078
MARYLAND - 0.6%
	1,400,000	Maryland Economic Development Corp		5.000		03/31/36		1,586,200
		TOTAL MARYLAND						1,586,200
MASSACHUSETTS - 1.2%
	1,040,000	Massachusetts Department of Transportation		5.000		01/01/32		1,118,104
	625,000	Massachusetts Development Finance Agency		5.000		07/01/21		700,225
	500,000	Massachusetts Development Finance Agency		5.000		12/01/29		597,695
	750,000	Massachusetts Development Finance Agency		5.000		12/01/31		887,813
		TOTAL MASSACHUSETTS						3,303,837
MICHIGAN - 7.3%
	1,190,000	Lansing Community College		5.000		05/01/32		1,340,963
	4,000,000	Michigan Finance Authority		5.000		04/01/21		4,404,480
	1,500,000	Michigan Finance Authority		5.000		07/01/22		1,702,665
	2,000,000	Michigan Finance Authority		5.000		04/01/25		2,314,620
	2,000,000	Michigan Finance Authority		5.000		11/15/28		2,360,620
	1,100,000	Michigan Finance Authority		5.000		07/01/35		1,226,819
	1,650,000	Michigan Finance Authority		5.000		07/01/44		1,784,228
	2,000,000	Michigan Finance Authority, GO		5.000		05/01/18		2,045,600
	1,000,000	Michigan Finance Authority, GO		5.000		05/01/20		1,085,250
	1,000,000	Michigan Finance Authority, GO		5.000		10/01/22		1,171,490
	500,000	Michigan State Building Authority		5.000		04/15/22		576,180
	425,000	Rochester Community School District		4.500		05/01/20		459,587
		TOTAL MICHIGAN						20,472,502
MINNESOTA - 1.9%
	1,000,000	Minnesota Rural Water Finance Authority, Inc		2.000		10/01/17		1,000,000
	500,000	Northern Municipal Power Agency		5.000		01/01/26		599,180
	500,000	Northern Municipal Power Agency		5.000		01/01/28		594,640
	1,715,000	University of Minnesota		5.000		08/01/21		1,951,859
	1,000,000	Western Minnesota Municipal Power Agency		5.000		01/01/22		1,146,940
		TOTAL MINNESOTA						5,292,619
MISSISSIPPI - 2.6%
	750,000	Mississippi Development Bank		5.000		04/01/23		868,215

261

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	Mississippi Development Bank		5.000	%	03/01/24	$	1,752,765
	750,000	Mississippi Development Bank		5.000		04/01/24		882,397
	1,250,000	Mississippi Development Bank		5.000		03/01/25		1,476,875
	1,045,000	Mississippi Development Bank		5.000		03/01/26		1,245,546
	1,000,000	Mississippi Development Bank		5.000		03/01/35		1,118,490
		TOTAL MISSISSIPPI						7,344,288
MISSOURI - 2.9%
	1,225,000	City of Kansas City MO		5.000		10/01/26		1,457,395
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/24		1,190,610
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/25		1,198,210
	1,000,000	City of St. Louis MO Parking Revenue		5.000		12/15/26		1,189,180
	500,000	St. Louis Land Clearance for Redevelopment Authority		3.000		06/01/18		505,540
	450,000	St. Louis Land Clearance for Redevelopment Authority		4.000		06/01/20		477,050
	1,745,000	St. Louis Municipal Finance Corp		5.000		02/15/26		2,050,864
		TOTAL MISSOURI						8,068,849
NEBRASKA - 0.8%
	300,000	Omaha Airport Authority		5.000		12/15/21		343,236
	250,000	Omaha Airport Authority		5.000		12/15/22		291,293
	350,000	Omaha Airport Authority		5.000		12/15/23		414,516
	1,050,000	Public Power Generation Agency		5.000		01/01/22		1,195,908
		TOTAL NEBRASKA						2,244,953
NEVADA - 0.4%
	1,000,000	Las Vegas Redevelopment Agency		5.000		06/15/26		1,184,900
		TOTAL NEVADA						1,184,900
NEW JERSEY - 1.4%
	250,000	New Jersey Economic Development Authority		5.000		06/15/19		263,415
	250,000	New Jersey Economic Development Authority		5.000		06/15/20		269,365
	1,000,000	New Jersey Economic Development Authority		4.000		07/01/22		1,064,380
	1,000,000	New Jersey Educational Facilities Authority		5.000		07/01/27		1,199,580
	1,000,000	New Jersey Transportation Trust Fund Authority		5.000		06/15/20		1,075,980
		TOTAL NEW JERSEY						3,872,720
NEW YORK - 6.8%
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/25		1,190,590
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/26		1,195,140
	1,000,000	County of Nassau NY		5.000		10/01/26		1,213,720
	1,000,000	Metropolitan Transportation Authority		5.000		11/15/20		1,118,500
	1,235,000	Metropolitan Transportation Authority		5.000		11/15/38		1,420,423
	2,500,000	New York City Water & Sewer System		5.250		06/15/40		2,668,950
	1,245,000	New York Counties Tobacco Trust VI		2.450		06/01/42		1,276,337
	2,250,000	New York State Dormitory Authority		5.000		10/01/17		2,250,000
	375,000	New York Transportation Development Corp		5.000		07/01/30		422,299
	1,000,000	New York Transportation Development Corp		5.000		08/01/31		1,067,290

262

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,385,000	Troy Capital Resource Corp		5.000	%	08/01/24	$	1,631,488
	750,000	Utility Debt Securitization Authority		5.000		06/15/24		874,988
	1,230,000	Westchester County Local Development Corp		5.000		11/01/24		1,438,756
	1,000,000	Westchester County Local Development Corp		5.000		11/01/25		1,178,610
		TOTAL NEW YORK						18,947,091
NORTH CAROLINA - 2.1%
	150,000	City of Charlotte NC Airport Revenue		5.000		07/01/22		172,837
	160,000	City of Charlotte NC Airport Revenue		5.000		07/01/23		187,533
	100,000	City of Charlotte NC Airport Revenue		5.000		07/01/24		118,976
	100,000	City of Charlotte NC Airport Revenue		5.000		07/01/25		120,229
	1,355,000	County of Duplin NC		5.000		04/01/27		1,623,114
	900,000	North Carolina Medical Care Commission		5.000		10/01/18		926,181
	240,000	North Carolina Medical Care Commission		4.000		10/01/19		248,527
	2,000,000	North Carolina Medical Care Commission		5.000		06/01/34		2,136,420
	200,000	North Carolina Turnpike Authority		5.000		01/01/22		225,684
		TOTAL NORTH CAROLINA						5,759,501
NORTH DAKOTA - 0.4%
	1,000,000	North Dakota Housing Finance Agency		2.400		01/01/26		994,790
		TOTAL NORTH DAKOTA						994,790
OHIO - 2.0%
	115,000	American Municipal Power, Inc		5.250		02/15/33		116,569
	1,200,000	City of Cleveland OH Airport System Revenue		5.000		01/01/24		1,419,588
	1,000,000	Cleveland-Cuyahoga County Port Authority		5.000		08/01/44		1,053,550
	1,660,000	State of Ohio, GO		5.000		01/15/21		1,849,389
	1,000,000	State of Ohio, GO		5.000		08/01/21		1,140,930
		TOTAL OHIO						5,580,026
OREGON - 0.8%
	1,000,000	Port of Portland OR		5.000		07/01/21		1,126,570
	1,000,000	Port of Portland OR		5.000		07/01/22		1,148,310
		TOTAL OREGON						2,274,880
PENNSYLVANIA - 4.7%
	1,100,000	Allegheny County Higher Education Building Authority		5.000		03/01/29		1,287,396
	480,000	Borough of Columbia PA		4.000		06/15/38		501,950
	250,000	Coatesville School District		4.000		08/01/20		267,092
	500,000	Coatesville School District		5.000		08/01/21		562,470
	740,000	Coatesville School District		5.000		08/01/25		886,461
	2,000,000	Commonwealth of Pennsylvania		5.000		09/15/23		2,330,100
	795,000	Montgomery County Industrial Development Authority		3.000		01/01/18		795,517
	2,000,000	Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,378,560
	2,500,000	Pennsylvania State University		5.000		03/01/40		2,708,275

263

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,155,000	State Public School Building Authority		5.000	%	05/01/25	$	1,365,429
		TOTAL PENNSYLVANIA						13,083,250
RHODE ISLAND - 2.8%
	810,000	Rhode Island Health & Educational Building Corp		4.000		05/15/20		854,696
	815,000	Rhode Island Health & Educational Building Corp		5.000		05/15/21		900,477
	2,000,000	Rhode Island Health & Educational Building Corp		5.000		09/01/21		2,286,200
	1,420,000	Rhode Island Health & Educational Building Corp		5.000		05/15/22		1,593,609
	2,000,000	State of Rhode Island, GO		5.000		08/01/21		2,273,800
		TOTAL RHODE ISLAND						7,908,782
SOUTH CAROLINA - 0.1%
	250,000	Piedmont Municipal Power Agency		5.000		01/01/24		294,458
		TOTAL SOUTH CAROLINA						294,458
SOUTH DAKOTA - 0.8%
	390,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/22		450,707
	415,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/23		487,210
	500,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/24		594,535
	465,000	South Dakota Health & Educational Facilities Authority		5.000		11/01/25		560,106
		TOTAL SOUTH DAKOTA						2,092,558
TENNESSEE - 0.1%
	350,000	Knox County Health Educational & Housing Facility Board		5.000		04/01/20		377,555
		TOTAL TENNESSEE						377,555
TEXAS - 7.1%
	800,000	Austin Convention Enterprises, Inc		5.000		01/01/22		896,136
	400,000	City of Austin TX Airport System Revenue		5.000		11/15/27		488,356
	900,000	City of Austin TX Airport System Revenue		5.000		11/15/39		1,002,348
	1,165,000	City of Frisco TX, GO		5.500		02/15/25		1,184,467
	1,500,000	City of Lubbock TX		5.000		02/15/25		1,818,210
	550,000	Dallas County Utility & Reclamation District		5.000		02/15/26		660,104
	1,105,000	Love Field Airport Modernization Corp		5.250		11/01/40		1,219,787
	665,000	Southlake Community Enhancement & Development Corp		5.000		02/15/23		775,975
	3,000,000	State of Texas		5.000		10/01/23		3,580,800
	455,000	Tarrant County Cultural Education Facilities Finance Corp		4.000		11/15/18		464,127
	1,750,000	Tarrant County Cultural Education Facilities Finance Corp		5.000		11/15/35		1,841,683
	1,400,000	Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/22		1,635,046
	1,545,000	Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,715,475
	1,000,000	University of North Texas		5.000		04/15/24		1,194,360
	1,000,000	University of North Texas		5.000		04/15/27		1,228,020
		TOTAL TEXAS						19,704,894

264

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UTAH - 0.8%
$	1,000,000		Salt Lake City Corp Airport Revenue		5.000	%	07/01/22	$	1,152,740
	1,000,000		Utah Transit Authority		4.000		12/15/31		1,083,210
			TOTAL UTAH						2,235,950
VIRGIN ISLANDS - 3.9%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,228,600
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,664,400
	6,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		5,988,720
			TOTAL VIRGIN ISLANDS						10,881,720
VIRGINIA - 0.5%
	250,000		Alexandria Industrial Development Authority		3.000		10/01/17		250,000
	1,000,000		Virginia Small Business Financing Authority		5.000		07/01/34		1,086,170
			TOTAL VIRGINIA						1,336,170
WASHINGTON - 3.8%
	2,705,000		Central Puget Sound Regional Transit Authority		5.250		02/01/21		2,946,286
	1,955,000		Energy Northwest		5.000		07/01/23		2,284,437
	2,000,000		Skagit County Public Hospital District No		5.625		12/01/25		2,014,980
	3,000,000		State of Washington, GO		5.250		02/01/22		3,487,440
			TOTAL WASHINGTON						10,733,143
			TOTAL LONG-TERM MUNICIPAL BONDS						269,807,282
			(Cost $265,800,361)
			TOTAL INVESTMENTS - 96.6%						269,807,282
			(Cost $265,800,361)
			OTHER ASSETS & LIABILITIES, NET - 3.4%						9,529,787
			NET ASSETS - 100.0%					$	279,337,069

	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 9/30/2017, the aggregate value of these securities was $15,837,645 or 5.7% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.

265

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2017

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 100.5%
GOVERNMENT AGENCY DEBT - 64.3%
$	2,000,000	Federal Agricultural Mortgage Corp (FAMC)		1.030	%	10/03/17	$	1,999,886
	2,000,000	FAMC		1.040		10/16/17		1,999,133
	2,000,000	FAMC		1.070		11/03/17		1,998,038
	4,000,000	FAMC		1.040		11/20/17		3,994,222
	4,075,000	FAMC		1.030		11/30/17		4,068,005
	3,000,000	FAMC		1.040		12/01/17		2,994,713
	2,840,000	FAMC		1.110		01/30/18		2,829,405
	3,000,000	FAMC		1.180		02/16/18		2,986,430
	6,337,000	Federal Farm Credit Bank (FFCB)		0.720-1.070		10/02/17		6,336,823
	8,230,000	FFCB		0.990		10/12/17		8,227,510
	2,000,000	FFCB		0.750		10/16/17		1,999,375
	2,000,000	FFCB		1.000		10/17/17		1,999,111
	500,000	FFCB		1.040		10/18/17		499,754
	5,000,000	FFCB		0.960-1.000		10/19/17		4,997,540
	2,500,000	FFCB		1.050		10/27/17		2,498,104
	2,000,000	FFCB		1.000		10/30/17		1,998,389
	4,000,000	FFCB		1.040		11/01/17		3,996,418
	1,265,000	FFCB		1.050		11/07/17		1,263,635
	8,000,000	FFCB		1.040		11/15/17		7,989,600
	4,000,000	FFCB		1.050		12/05/17		3,992,417
	5,000,000	FFCB		1.020		12/13/17		4,989,658
	2,000,000	FFCB		1.040		12/28/17		1,994,916
	1,000,000	FFCB		1.100		01/26/18		996,425
	6,100,000	FFCB		1.100		02/13/18		6,074,838
	325,000	FFCB		1.180		03/29/18		323,093
	10,100,000	Federal Home Loan Bank (FHLB)		1.030-1.050		10/03/17		10,099,430
	4,400,000	FHLB		1.020-1.040		10/04/17		4,399,624
	9,450,000	FHLB		1.010-1.020		10/10/17		9,447,604
	12,132,000	FHLB		1.055-1.060		10/11/17		12,128,434
	6,060,000	FHLB		1.057		10/13/17		6,057,865
	1,000,000	FHLB		1.015		10/16/17		999,577
	2,000,000	FHLB		1.045		10/17/17		1,999,071
	7,210,000	FHLB		1.050-1.090		10/18/17		7,206,412
	6,750,000	FHLB		1.005-1.080		10/19/17		6,746,430
	11,000,000	FHLB		0.990-1.100		10/20/17		10,993,875
	12,227,000	FHLB		1.030-1.065		10/23/17		12,219,224
	3,420,000	FHLB		1.015-1.020		10/24/17		3,417,779
	12,057,000	FHLB		1.015-1.080		10/25/17		12,048,568
	2,490,000	FHLB		1.040		10/27/17		2,488,130
	4,600,000	FHLB		1.030		10/31/17		4,596,052
	6,962,000	FHLB		0.970-1.070		11/01/17		6,955,838
	3,710,000	FHLB		1.045-1.070		11/02/17		3,706,534
	4,540,000	FHLB		1.030-1.050		11/03/17		4,535,672
	2,000,000	FHLB		1.015		11/06/17		1,997,970
	7,000,000	FHLB		1.025-1.050		11/07/17		6,992,574

266

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	9,765,000	FHLB		1.040%-1.055	%	11/08/17	$	9,754,201
	11,720,000	FHLB		1.005-1.140		11/09/17		11,707,105
	15,585,000	FHLB		1.045-1.140		11/10/17		15,566,677
	4,925,000	FHLB		1.040-1.077		11/13/17		4,918,784
	2,000,000	FHLB		1.045		11/15/17		1,997,387
	9,645,000	FHLB		1.035-1.040		11/16/17		9,632,215
	10,300,000	FHLB		1.020-1.100		11/17/17		10,286,174
	5,000,000	FHLB		1.040		11/20/17		4,992,778
	2,065,000	FHLB		1.035		11/21/17		2,061,972
	5,350,000	FHLB		1.040-1.073		11/22/17		5,341,892
	1,015,000	FHLB		1.050		11/24/17		1,013,401
	3,000,000	FHLB		1.070-1.080		11/27/17		2,994,886
	1,000,000	FHLB		1.040		11/28/17		998,324
	10,800,000	FHLB		1.035-1.055		11/29/17		10,781,654
	5,300,000	FHLB		1.020		12/06/17		5,290,089
	3,000,000	FHLB		1.090		12/07/17		2,993,914
	4,000,000	FHLB		1.045		12/20/17		3,990,711
	4,000,000	FHLB		1.045		12/22/17		3,990,479
	4,775,000	FHLB		1.055		12/27/17		4,762,826
	2,200,000	FHLB		1.045-1.140		12/29/17		2,194,269
	2,000,000	FHLB		1.060		01/02/18		1,994,523
	4,000,000	FHLB		1.050-1.145		01/03/18		3,988,537
	750,000	FHLB		1.150		01/26/18		747,197
	3,000,000	FHLB		1.145		03/02/18		2,985,497
	1,030,000	FHLB		1.250		05/03/18		1,022,347
	3,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.715		10/02/17		2,999,941
	6,460,000	FHLMC		1.013		10/05/17		6,459,273
	6,415,000	FHLMC		0.990-0.995		10/06/17		6,414,116
	2,000,000	FHLMC		0.950		10/10/17		1,999,525
	2,000,000	FHLMC		0.990		10/11/17		1,999,450
	5,000,000	FHLMC		1.010		10/12/17		4,998,457
	5,000,000	FHLMC		0.995		10/13/17		4,998,342
	1,300,000	FHLMC		1.030		10/16/17		1,299,442
	9,655,000	FHLMC		0.995-1.020		10/17/17		9,650,653
	3,500,000	FHLMC		1.020		10/18/17		3,498,314
	1,520,000	FHLMC		1.025		10/19/17		1,519,221
	8,900,000	FHLMC		1.000		10/24/17		8,894,314
	15,750,000	FHLMC		0.980-1.005		10/26/17		15,739,164
	8,000,000	FHLMC		1.015-1.050		11/02/17		7,992,733
	2,000,000	FHLMC		0.995		11/09/17		1,997,844
	5,000,000	FHLMC		1.005		11/21/17		4,992,881
	5,000,000	FHLMC		1.020		12/01/17		4,991,358
	10,735,000	FHLMC		1.020-1.055		12/04/17		10,715,264
	1,775,000	FHLMC		1.030		12/06/17		1,771,648
	6,300,000	FHLMC		1.000-1.005		12/14/17		6,287,029
	3,000,000	FHLMC		1.050		12/18/17		2,993,175
	3,000,000	Federal National Mortgage Association (FNMA)		1.030		10/03/17		2,999,828
	7,400,000	FNMA		0.999-1.050		10/04/17		7,399,382
	11,400,000	FNMA		1.060		10/06/17		11,398,322
	4,700,000	FNMA		1.035		10/11/17		4,698,649
	4,550,000	FNMA		1.020		10/16/17		4,548,066
	18,681,000	FNMA		0.990-1.000		10/18/17		18,672,209
	4,000,000	FNMA		1.030		10/25/17		3,997,253
	7,000,000	FNMA		1.060		10/30/17		6,994,023

267

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		FNMA			1.040	%	10/31/17	$	4,995,667
	3,000,000		FNMA			1.010		11/01/17		2,997,391
	5,024,000		FNMA			1.020		11/08/17		5,018,591
	2,750,000		FNMA			1.000-1.010		11/27/17		2,745,620
	8,910,000		FNMA			0.980-1.010		11/28/17		8,895,690
	3,000,000		FNMA			1.000		12/01/17		2,994,917
	2,360,000		FNMA			0.990		12/08/17		2,355,587
	500,000		FNMA			0.990		12/11/17		499,024
	6,050,000		FNMA			0.990		12/12/17		6,038,021
	3,000,000		FNMA			1.030		12/13/17		2,993,734
	5,185,000		FNMA			1.025		12/20/17		5,173,190
	790,000		FNMA			1.140		12/27/17		787,823
	810,000		Tennessee Valley Authority (TVA)			1.010		10/03/17		809,955
			TOTAL GOVERNMENT AGENCY DEBT							557,317,026
TREASURY DEBT - 19.3%
	5,000,000		United States Cash Management Bill			1.026-1.030		01/02/18		4,986,706
	4,980,000		United States Treasury Bill			0.950-0.968		10/05/17		4,979,470
	2,000,000		United States Treasury Bill			0.966		10/12/17		1,999,410
	2,400,000		United States Treasury Bill			0.970-0.985		10/19/17		2,398,833
	2,000,000		United States Treasury Bill			0.955		10/26/17		1,998,674
	3,000,000		United States Treasury Bill			0.970		11/02/17		2,997,413
	3,000,000		United States Treasury Bill			0.980		11/09/17		2,996,815
	5,475,000		United States Treasury Bill			0.970-0.990		11/16/17		5,468,119
	5,000,000		United States Treasury Bill			0.986-1.000		11/24/17		4,992,565
	2,000,000		United States Treasury Bill			0.985		11/30/17		1,996,717
	12,925,000		United States Treasury Bill			0.980-1.030		12/07/17		12,900,639
	4,475,000		United States Treasury Bill			0.953		12/14/17		4,466,234
	10,000,000		United States Treasury Bill			0.990-1.016		12/21/17		9,977,433
	4,565,000		United States Treasury Bill			1.003-1.041		12/28/17		4,553,629
	9,790,000		United States Treasury Bill			1.011-1.030		01/04/18		9,763,607
	5,000,000		United States Treasury Bill			1.085		01/11/18		4,984,629
	5,000,000		United States Treasury Bill			1.022		01/18/18		4,984,528
	8,000,000		United States Treasury Bill			1.000-1.102		01/25/18		7,973,245
	250,000		United States Treasury Bill			1.116		02/01/18		249,047
	5,935,000		United States Treasury Bill			1.108-1.126		02/08/18		5,911,611
	2,000,000		United States Treasury Bill			1.130		03/08/18		1,990,081
	2,000,000		United States Treasury Note			0.875		11/15/17		1,999,864
	4,000,000		United States Treasury Note			0.625		11/30/17		3,997,404
	4,000,000		United States Treasury Note			0.875		11/30/17		3,999,164
	7,210,000		United States Treasury Note			1.000		12/15/17		7,210,192
	4,000,000		United States Treasury Note			0.750		01/31/18		3,994,842
	9,000,000		United States Treasury Note			0.875		01/31/18		8,991,225
	8,500,000		United States Treasury Note			1.000		02/15/18		8,494,584
	10,055,000		United States Treasury Note			0.750		02/28/18		10,037,573
	11,500,000		United States Treasury Note			1.000		03/15/18		11,492,032
	4,000,000		United States Treasury Note			1.125		06/15/18		3,996,363
			TOTAL TREASURY DEBT							166,782,648
VARIABLE RATE SECURITIES - 16.9%
	5,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.060%		1.220		10/27/17		5,000,000
	5,000,000	i	FAMC	EFFR + 0.120%		1.280		03/23/18		5,000,000
	5,000,000	i	FAMC	LIBOR 3 M - 0.230%		1.087		04/27/18		5,000,000
	5,000,000	i	FAMC	LIBOR 1 M - 0.120%		1.114		06/15/18		5,000,000

268

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	i	FAMC	LIBOR 1 M + 0.060%		1.296	%	06/22/18	$	3,003,546
	5,000,000	i	FAMC	LIBOR 1 M - 0.120%		1.112		08/03/18		5,000,000
	4,500,000	i	FAMC	LIBOR 1 M - 0.100%		1.136		11/01/18		4,500,000
	3,700,000	i	FAMC	LIBOR 1 M - 0.075%		1.157		02/04/19		3,700,000
	2,200,000	i	Federal Farm Credit Bank (FFCB)	EFFR + 0.225%		1.278		11/13/17		2,199,986
	3,000,000	i	FFCB	EFFR + 0.110%		1.270		01/22/18		3,001,556
	3,400,000	i	FFCB	LIBOR 1 M + 0.050%		1.282		02/02/18		3,398,727
	3,000,000	i	FFCB	LIBOR 1 M + 0.150%		1.387		02/23/18		2,999,821
	2,900,000	i	FFCB	FRED - 2.980%		1.270		03/09/18		2,898,084
	2,000,000	i	FFCB	LIBOR 1 M + 0.035%		1.271		03/22/18		1,999,052
	4,000,000	i	FFCB	FRED - 2.870%		1.380		05/17/18		4,000,505
	5,000,000	i	FFCB	LIBOR 1 M - 0.100%		1.132		08/08/18		5,000,042
	4,700,000	i	FFCB	FRED - 2.850%		1.400		08/10/18		4,700,813
	3,000,000	i	FFCB	LIBOR 1 M + 0.030%		1.267		08/27/18		2,999,857
	4,500,000	i	FFCB	LIBOR 1 M - 0.050%		1.184		09/17/18		4,499,564
	2,000,000	i	FFCB	LIBOR 3 M - 0.150%		1.159		11/14/18		1,999,830
	4,500,000	i	FFCB	FRED - 3.020%		1.230		01/14/19		4,506,383
	4,500,000	i	FFCB	LIBOR 3 M - 0.160%		1.144		01/15/19		4,500,000
	4,500,000	i	FFCB	LIBOR 1 M - 0.110%		1.127		01/25/19		4,500,294
	4,750,000	i	FFCB	FRED - 3.080%		1.170		06/27/19		4,750,825
	5,000,000	i	FFCB	FRED - 3.080%		1.170		08/16/19		4,999,073
	5,000,000	i	Federal Home Loan Bank (FHLB)	LIBOR 3 M - 0.150%		1.164		02/23/18		5,000,274
	4,000,000	i	FHLB	LIBOR 3 M - 0.265%		1.042		04/20/18		4,000,085
	7,000,000	i	FHLB	LIBOR 3 M - 0.200%		1.104		01/18/19		7,000,256
	5,000,000	i	FHLB	LIBOR 1 M - 0.040%		1.196		02/22/19		5,003,884
	4,600,000	i	FHLB	LIBOR 3 M - 0.235%		1.081		03/06/19		4,596,860
	4,700,000	i	Federal Home Loan Mortgage Corp (FHLMC)	LIBOR 3 M - 0.110%		1.199		11/13/17		4,700,000
	4,500,000	i	FHLMC	LIBOR 1 M - 0.160%		1.077		07/19/18		4,500,000
	7,000,000	i	Federal National Mortgage Association (FNMA)	LIBOR 1 M + 0.010%		1.241		10/05/17		6,999,963
	5,000,000	i	FNMA	LIBOR 3 M - 0.030%		1.275		01/11/18		5,003,193
			TOTAL VARIABLE RATE SECURITIES							145,962,473
			TOTAL SHORT-TERM INVESTMENTS							870,062,147
			(Cost $870,062,147)
			TOTAL INVESTMENTS- 100.5%							870,062,147
			(Cost $870,062,147)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%							(3,936,535	)
			NET ASSETS - 100.0%						$	866,125,612

	Abbreviation(s):
EFFR	Effective Federal Funds Rate
FRED	FED Bank Prime Loan
LIBOR	London Interbank Offered Rate
M	Month
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end.

269

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: November 15, 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: November 15, 2017	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: November 15, 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)(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-99.906 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: November 15, 2017	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: November 15, 2017	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)