UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number   File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

John M. McCann, Esq.

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, 2018

Item 1.  Reports to Stockholders.

Semiannual Report  ■  September 30, 2018

TIAA-CREF

Real Estate Securities Fund

of the TIAA-CREF Funds

The semiannual report contains the financial statements (unaudited).

	Institutional	Advisor	Premier	Retirement	Retail
Fund name	Class	Class	Class	Class	Class
Real Estate Securities Fund	TIREX	TIRHX	TRRPX	TRRSX	TCREX

Contents

Understanding this 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 this 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, 2018. 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 industries and types of securities in which the Real Estate Securities Fund had investments as of September 30, 2018.

• 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. To see the risks of investing in the TIAA-CREF Real Estate Securities Fund, please read 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  ■  2018 Semiannual Report 3

Letter to investors

Real estate investment trusts (REITs) posted gains for the six months ended September 30, 2018. REITs advanced on strong U.S. economic growth, favorable property fundamentals, a robust labor market and a high level of consumer confidence. The Federal Reserve raised the federal funds target rate twice during the period, pushing the key short-term interest-rate measure to 2.00%–2.25%—still low by historical standards. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities.

• REITs, as measured by the FTSE Nareit All Equity REITs Index, gained 9.1% for the six months. For the one-year period ended September 30, 2018, REITs gained 4.3%. Please see page 8 for the benchmark definition.

• All but one of the index’s 16 property sectors and subsectors posted gains, with the health care, specialty and lodging/resorts sectors showing the greatest strength. Timber REITs were the only sector that declined.

• While the TIAA-CREF Real Estate Securities Fund (Institutional Class) posted a solid gain, the Fund’s performance trailed its benchmark, primarily due to certain security allocations that did not perform as anticipated.

REITs outperformed bonds but trailed U.S. equities

REITs are a unique asset class that share some of the characteristics of both stocks and bonds. Similar to bonds, the price of REITs can be sensitive to fluctuations in interest rates. However, because REITs invest in individual companies, their performance is also tied to the overall health of the U.S. economy. REITs are required by law to distribute at least 90% of their taxable income to investors in the form of dividends. Therefore, they often appeal to investors who are seeking current income.

For the six-month period, the FTSE Nareit All Equity REITs Index surpassed the –0.1% 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 11.3% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index, REITs fell short.

REITs continued to benefit from historically low interest rates and investors’ desire to capture the potentially higher yields that the asset class may offer. However, a rise in interest rates, which can act as a headwind on the returns of REITs, did limit their gains when compared to the performance of U.S. equities.

4 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Brad Finkle

REITs offer additional opportunities to build a diversified portfolio  

Diversification offers a way to spread your investments among a variety of asset classes. While there is no guarantee that a diversified portfolio will avoid market losses, diversification may help reduce the risk of allocating too much of your portfolio to a single asset class, such as stocks or bonds. REITs have the potential to rise in value, like a stock, while also providing a steady source of income, similar to a bond. REITs invest in a broad array of real estate property sectors, each with their own unique characteristics and supply/demand dynamics, which can enhance their diversification benefits. As such, 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.

REITs have been a relatively stable source of income and return over the past few years. They have produced solid returns—for the past three-, five- and ten-year periods—that fell between those of U.S. stocks and investment-grade bonds. (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 happy 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  ■  2018 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 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 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 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 2018 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 this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. 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, 2018–September 30, 2018).

Actual expenses

The first line of the two lines listed for each share class in the table uses that 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  ■  2018 Semiannual Report 7

Important information about expenses

Expense example

Six months ended September 30, 2018

	Beginning account value	Ending account value	Expenses paid during period	*
Real Estate Securities Fund	(4/1/18)	(9/30/18)	(4/1/18–9/30/18)
Institutional Class
Actual return	$1,000.00	$1,077.63	$2.66
5% annual hypothetical return	1,000.00	1,022.51	2.59
Advisor Class
Actual return	1,000.00	1,076.89	3.33
5% annual hypothetical return	1,000.00	1,021.86	3.24
Premier Class
Actual return	1,000.00	1,076.78	3.44
5% annual hypothetical return	1,000.00	1,021.76	3.35
Retirement Class
Actual return	1,000.00	1,076.54	3.96
5% annual hypothetical return	1,000.00	1,021.26	3.85
Retail Class
Actual return	1,000.00	1,075.92	4.22
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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.51% for the Institutional Class, 0.64% for the Advisor Class, 0.66% for the Premier Class, 0.76% 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.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Fund’s latest prospectus.

FTSE International Limited (“FTSE”) © FTSE 2018. 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 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance for the six months ended September 30, 2018

The Real Estate Securities Fund returned 7.76% for the Institutional Class, compared with the 9.05% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the one-year period ended September 30, 2018, the Fund returned 5.89%, versus 4.31% for the index. The table on the following page shows returns for all share classes of the Fund.

REITs posted gains amid continued economic growth and higher interest rates

During the six-month period, the U.S. economy grew at a vigorous pace. REITs (real estate investment trusts), as measured by the benchmark index, posted positive returns, supported by favorable property fundamentals, a robust labor market, steady consumer optimism and, despite an upward trend, a generally low interest-rate environment.

In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

For the six-month period, REITs trailed the 11.29% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index, but substantially outpaced the -0.14% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund produced solid gains but trailed its benchmark

Among the benchmark’s 16 property sectors and subsectors, nearly all advanced for the six months. The largest gains were seen in the health care (up 17.2%), specialty (up 16.4%) and lodging/resorts (up 15.4%) sectors. The only sector that suffered a loss was timber REITs (down 6.3%). Infrastructure REITs (up 1.8%) and self-storage (up 3.3%) produced gains but were among the worst performers.

An out-of-benchmark investment in homebuilder TRI Pointe Group detracted most from the Fund’s performance relative to its benchmark. Overweight positions in residential leasing company Invitation Homes, followed by medical office REIT Healthcare Trust of America, also did not perform as anticipated.

Partly offsetting these detractors, not owning retail REIT Brookfield Property, followed by an out-of-benchmark position in technology service management company GDS Holdings, which produced double-digit gains, contributed most to the Fund’s relative performance. An underweight position in wireless telecommunications REIT American Tower also benefited relative returns.

TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 9

Real Estate Securities Fund

The Tax Cuts and Jobs Act

A large portion of the Fund’s portfolio holdings consist of REITs. For tax years beginning after December 31, 2017, the Tax Cuts and Jobs Act generally would allow a non-corporate taxpayer a deduction of 20% of the investor’s domestic qualified business income received from certain pass-through entities, including REITs. However, regulated investment companies (“RICs”) such as the Fund are not explicitly given the ability to pass the deduction through to their non-corporate shareholders. The U.S. Treasury has been approached to provide RICs the ability to report a portion of their distributions as qualified business income eligible for the 20% deduction. However, until such relief is provided, non-corporate investors will not be able to receive the tax benefit that they would otherwise receive investing directly in the individual REIT securities.

Performance as of September 30, 2018

Real Estate Securities Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		7.76	%		5.89	%		10.07	%		7.84	%		0.51	%		0.51	%
Advisor Class	12/4/15		7.69			5.74			10.01	†		7.81	†		0.65			0.65
Premier Class	9/30/09		7.68			5.66			9.90			7.70	†		0.66			0.66
Retirement Class	10/1/02		7.65			5.58			9.79			7.58			0.76			0.76
Retail Class	10/1/02		7.59			5.54			9.72			7.53			0.81			0.81
FTSE Nareit All Equity REITs Index	—		9.05			4.31			9.57			7.77			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

10 2018 Semiannual Report   ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Portfolio composition
Sector	% of net assets as of 9/30/2018
Specialized REITs		25.9
Residential REITs		20.1
Retail REITs		15.9
Office REITs		10.7
Industrial REITs		10.2
Health care REITs		5.8
Hotel & resort REITs		3.9
Mortgage REITs		1.6
Data processing & outsourced services		1.0
Real estate services		0.9
IT consulting & other services		0.9
Diversified REITs		0.5
Real estate operating companies		0.5
Homebuilding		0.4
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Fund profile
	as of 9/30/2018
Net assets		$2.11 billion
Portfolio turnover rate*			19%
Number of holdings		59
Weighted median market capitalization		$15.60 billion
Price/earnings ratio (weighted 12-month trailing average)†		43.0

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, and is not annualized.
†	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 9/30/2018
More than $50 billion		11.3
More than $15 billion–$50 billion		40.3
More than $2 billion–$15 billion		43.9
$2 billion or less		4.5
Total		100.0

TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 11

Portfolio of investments (unaudited)

Real Estate Securities Fund  ■  September 30, 2018

Shares			Company	Value
COMMON STOCKS—98.3%
DATA PROCESSING & OUTSOURCED SERVICES—1.0%
	575,000	*	GDS Holdings Ltd (ADR)	$	20,199,750
			TOTAL DATA PROCESSING & OUTSOURCED SERVICES		20,199,750
DIVERSIFIED REITS—0.5%
	1,000,000		Colony Capital, Inc		6,090,000
	500,000		Lexington Realty Trust		4,150,000
			TOTAL DIVERSIFIED REITS		10,240,000
HEALTH CARE REITS—5.8%
	1,400,000		HCP, Inc		36,848,000
	400,000		Healthcare Trust of America, Inc		10,668,000
	600,000		Ventas, Inc		32,628,000
	650,000		Welltower, Inc		41,808,000
			TOTAL HEALTH CARE REITS		121,952,000
HOMEBUILDING—0.4%
	700,000	*	TRI Pointe Homes, Inc		8,680,000
			TOTAL HOMEBUILDING		8,680,000
HOTEL & RESORT REITS—3.9%
	2,000,000		Host Marriott Corp		42,200,000
	300,000		Pebblebrook Hotel Trust		10,911,000
	1,800,000		Sunstone Hotel Investors, Inc		29,448,000
			TOTAL HOTEL & RESORT REITS		82,559,000
INDUSTRIAL REITS—10.2%
	107,849		Duke Realty Corp		3,059,676
	110,000		EastGroup Properties, Inc		10,518,200
	1,575,000		Prologis, Inc		106,769,250
	2,200,000		Rexford Industrial Realty, Inc		70,312,000
	650,000		Terreno Realty Corp		24,505,000
			TOTAL INDUSTRIAL REITS		215,164,126
IT CONSULTING & OTHER SERVICES—0.9%
	275,000	*	InterXion Holding NV		18,507,500
			TOTAL IT CONSULTING & OTHER SERVICES		18,507,500
MORTGAGE REITS—1.6%
	325,000		Hannon Armstrong Sustainable Infrastructure Capital, Inc		6,977,750
	1,275,000		Starwood Property Trust, Inc		27,438,000
			TOTAL MORTGAGE REITS		34,415,750
OFFICE REITS—10.7%
	455,000		lexandria Real Estate Equities, Inc		57,234,450
	650,000		Boston Properties, Inc		80,008,500
	800,000		Hudson Pacific Properties		26,176,000
	360,000		JBG SMITH Properties		13,258,800
	460,000		Kilroy Realty Corp		32,977,400
	160,000		SL Green Realty Corp		15,604,800
			TOTAL OFFICE REITS		225,259,950

12 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Portfolio of investments (unaudited)	continued
Real Estate Securities Fund  ■  September 30, 2018

Shares			Company	Value
REAL ESTATE OPERATING COMPANIES—0.5%
	700,000	*	Essential Properties Realty Trust, Inc	$	9,933,000
			TOTAL REAL ESTATE OPERATING COMPANIES		9,933,000
REAL ESTATE SERVICES—0.9%
	400,000		Kennedy-Wilson Holdings, Inc		8,600,000
	125,000		Vanguard REIT ETF		10,085,000
			TOTAL REAL ESTATE SERVICES		18,685,000
RESIDENTIAL REITS—20.1%
	1,700,000		American Homes 4 Rent		37,213,000
	455,000		AvalonBay Communities, Inc		82,423,250
	400,000		Camden Property Trust		37,428,000
	600,000		Equity Lifestyle Properties, Inc		57,870,000
	715,000		Equity Residential		47,375,900
	255,000		Essex Property Trust, Inc		62,911,050
	1,400,000		Invitation Homes, Inc		32,074,000
	650,000		Sun Communities, Inc		66,001,000
			TOTAL RESIDENTIAL REITS		423,296,200
RETAIL REITS—15.9%
	400,000		Agree Realty Corp		21,248,000
	1,150,000		DDR Corp		15,398,500
	350,000		Federal Realty Investment Trust		44,264,500
	160,000		Realty Income Corp		9,102,400
	875,000		Regency Centers Corp		56,586,250
	1,600,000		Retail Opportunities Investment Corp		29,872,000
	855,000		Simon Property Group, Inc		151,121,250
	110,000		Taubman Centers, Inc		6,581,300
			TOTAL RETAIL REITS		334,174,200
SPECIALIZED REITS—25.9%
	575,000		American Tower Corp		83,547,500
	725,000		Crown Castle International Corp		80,714,250
	360,000		CyrusOne, Inc		22,824,000
	285,000		Digital Realty Trust, Inc		32,056,800
	185,000		Equinix, Inc		80,084,650
	350,000		Extra Space Storage, Inc		30,324,000
	850,000		Four Corners Property Trust, Inc		21,836,500
	425,000		Gaming and Leisure Properties, Inc		14,981,250
	838,346		National Storage Affiliates Trust		21,327,522
	175,000		Public Storage, Inc		35,285,250
	650,000		QTS Realty Trust, Inc		27,735,500
	220,000	*	SBA Communications Corp		35,338,600
	325,000		Uniti Group, Inc		6,548,750
	1,775,000		Weyerhaeuser Co		57,279,250
			TOTAL SPECIALIZED REITS		549,883,822
			TOTAL COMMON STOCKS (Cost $1,593,154,483)		2,072,950,298

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 13

Portfolio of investments (unaudited)	concluded
Real Estate Securities Fund  ■  September 30, 2018

Principal		Issuer	Rate		Maturity date	Value
SHORT-TERM INVESTMENTS—0.8%
GOVERNMENT AGENCY DEBT—0.8%
	$16,150,000	Federal Home Loan Bank (FHLB)		2.000%	10/01/18	$	16,150,000
		TOTAL GOVERNMENT AGENCY DEBT					16,150,000
		TOTAL SHORT-TERM INVESTMENTS (Cost $16,150,000)					16,150,000
		TOTAL INVESTMENTS—99.1% (Cost $1,609,304,483)					2,089,100,298
		OTHER ASSETS & LIABILITIES, NET—0.9%					18,532,047
		NET ASSETS—100.0%				$	2,107,632,345

Abbreviation(s):
ADR	American Depository Receipt
REIT	Real Estate Investment Trust

* Non-income producing

14 2018 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, 2018

ASSETS
Portfolio investments, at value†	$	2,089,100,298
Cash		50,939
Receivable from securities transactions		29,107,512
Receivable from Fund shares sold		1,261,826
Dividends and interest receivable		8,661,434
Due from affiliates		8,438
Other		173,682
Total assets		2,128,364,129
LIABILITIES
Management fees payable		137,497
Service agreement fee payable		13,467
Distribution fee payable		58,035
Payable for securities transactions		20,096,427
Payable for Fund shares redeemed		169,518
Payable for trustee compensation		141,283
Accrued expenses and other payables		115,557
Total liabilities		20,731,784
NET ASSETS	$	2,107,632,345
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,597,855,907
Undistributed net investment income (loss)		18,630,374
Accumulated net realized gain (loss) on total investments		11,350,249
Net unrealized appreciation (depreciation) on total investments		479,795,815
Net Assets	$	2,107,632,345
INSTITUTIONAL CLASS:
Net assets	$	1,416,499,099
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		90,748,563
Net asset value per share	$	15.61
ADVISOR CLASS:
Net assets	$	2,045,729
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		130,972
Net asset value per share	$	15.62
PREMIER CLASS:
Net assets	$	69,681,325
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,460,759
Net asset value per share	$	15.62
RETIREMENT CLASS:
Net assets	$	381,647,803
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		23,469,821
Net asset value per share	$	16.26

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 15

Statement of assets and liabilities(unaudited)	concluded
Real Estate Securities Fund  ■  September 30, 2018

RETAIL CLASS:
Net assets	$	237,758,389
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,349,705
Net asset value per share	$	15.49
†   Portfolio investments, cost	$	1,609,304,483

16 2018 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, 2018

INVESTMENT INCOME
Dividends	$	37,267,398
Interest		384,048
Payment from affiliate		65,440
Total income		37,716,886
EXPENSES
Management fees		4,958,972
Shareholder servicing — Institutional Class		1,987
Shareholder servicing — Advisor Class		1,020
Shareholder servicing — Premier Class		51
Shareholder servicing — Retirement Class		462,684
Shareholder servicing — Retail Class		64,361
Distribution fees — Premier Class		51,097
Distribution fees — Retail Class		293,574
Administrative service fees		55,827
Trustee fees and expenses		10,580
Other expenses		189,730
Total expenses		6,089,883
Net investment income (loss)		31,627,003
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments		13,203,820
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		104,952,964
Net realized and unrealized gain (loss) on total investments		118,156,784
Net increase (decrease) in net assets from operations	$	149,783,787

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 17

Statements of changes in net assets

Real Estate Securities Fund  ■  For the period or year ended

		September 30, 2018				March 31, 2017
			(unaudited)
OPERATIONS
Net investment income (loss)			$	31,627,003		$	41,349,998
Net realized gain (loss) on total investments				13,203,820			89,574,025
Net change in unrealized appreciation (depreciation) on total investments				104,952,964			(58,172,469	)
Net increase (decrease) in net assets from operations				149,783,787			72,751,554
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(15,855,574	)		(24,195,778	)
	Advisor Class			(17,575	)		(16,146	)
	Premier Class			(723,370	)		(1,320,240	)
	Retirement Class			(3,635,519	)		(5,145,725	)
	Retail Class			(2,359,486	)		(3,379,733	)
From realized gains:	Institutional Class			—			(79,742,683	)
	Advisor Class			—			(60,334	)
	Premier Class			—			(4,637,317	)
	Retirement Class			—			(20,700,916	)
	Retail Class			—			(13,918,063	)
Total distributions				(22,591,524	)		(153,116,935	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			111,165,159			227,163,059
	Advisor Class			1,123,563			686,249
	Premier Class			6,039,782			11,591,531
	Retirement Class			18,654,744			35,295,906
	Retail Class			12,851,283			23,562,126
Reinvestments of distributions:	Institutional Class			15,834,146			103,748,137
	Advisor Class			16,420			63,622
	Premier Class			723,283			5,957,025
	Retirement Class			3,635,343			25,846,507
	Retail Class			2,224,587			16,315,857
Redemptions:	Institutional Class			(94,718,552	)		(428,658,680	)
	Advisor Class			(395,402	)		(27,334	)
	Premier Class			(20,331,924	)		(30,222,658	)
	Retirement Class			(13,999,020	)		(30,632,909	)
	Retail Class			(15,132,257	)		(32,274,184	)
Net increase (decrease) from shareholder transactions				27,691,155			(71,585,746	)
Net increase (decrease) in net assets				154,883,418			(151,951,127	)
NET ASSETS
Beginning of period				1,952,748,927			2,104,700,054
End of period			$	2,107,632,345		$	1,952,748,927
Undistributed net investment income (loss) included in net assets			$	18,630,374		$	9,594,895

18 2018 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, 2018				March 31, 2017
			(unaudited)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class			7,313,238			14,613,058
	Advisor Class			71,834			44,245
	Premier Class			389,253			755,919
	Retirement Class			1,169,159			2,170,981
	Retail Class			852,629			1,537,000
Shares reinvested:	Institutional Class			1,011,271			6,720,395
	Advisor Class			1,046			4,128
	Premier Class			46,162			385,593
	Retirement Class			222,906			1,608,135
	Retail Class			143,189			1,064,397
Shares redeemed:	Institutional Class			(6,260,868	)		(27,249,380	)
	Advisor Class			(26,199	)		(1,844	)
	Premier Class			(1,384,037	)		(1,882,116	)
	Retirement Class			(890,630	)		(1,901,427	)
	Retail Class			(995,932	)		(2,103,288	)
Net increase (decrease) from shareholder transactions				1,663,021			(4,234,204	)

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2018 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 affiliatesu			at end of period (in thousands)		Gross expense			Net expense			investment income (loss)			income (loss) excluding payments from affiliatesu			Portfolio turnover rate
Institutional Class
9/30/18#		$14.65		$0.24		$0.90		$1.14		$(0.18	)	$	—			$(0.18	)		$15.61		7.76	%b		7.76	%b		$1,416,499		0.51	%c		0.51	%c		3.17	%c		3.17	%c		19	%b
3/31/18		15.31		0.32		0.26		0.58		(0.28	)		(0.96	)		(1.24	)		14.65		3.45			3.44			1,298,830		0.51			0.51			2.08			2.07			30
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
Advisor Class
9/30/18#		14.66		0.21		0.92		1.13		(0.17	)		—			(0.17	)		15.62		7.69	b		7.69	b		2,046		0.64	c		0.64	c		2.74	c		2.74	c		19	b
3/31/18		15.32		0.31		0.25		0.56		(0.26	)		(0.96	)		(1.22	)		14.66		3.31			3.30			1,235		0.65			0.65			1.98			1.98			30
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
9/30/18#		14.66		0.23		0.90		1.13		(0.17	)		—			(0.17	)		15.62		7.68	b		7.68	b		69,681		0.66	c		0.66	c		2.98	c		2.97	c		19	b
3/31/18		15.32		0.30		0.25		0.55		(0.25	)		(0.96	)		(1.21	)		14.66		3.28			3.27			79,281		0.66			0.66			1.94			1.94			30
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
Retirement Class
9/30/18#		15.25		0.23		0.94		1.17		(0.16	)		—			(0.16	)		16.26		7.65	b		7.65	b		381,648		0.76	c		0.76	c		2.92	c		2.91	c		19	b
3/31/18		15.90		0.30		0.25		0.55		(0.24	)		(0.96	)		(1.20	)		15.25		3.12			3.11			350,291		0.76			0.76			1.85			1.84			30
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
Retail Class
9/30/18#		14.54		0.22		0.88		1.10		(0.15	)		—			(0.15	)		15.49		7.59	b		7.59	b		237,758		0.81	c		0.81	c		2.87	c		2.86	c		19	b
3/31/18		15.21		0.28		0.24		0.52		(0.23	)		(0.96	)		(1.19	)		14.54		3.09			3.08			223,112		0.81			0.81			1.79			1.78			30
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

#	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 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2018 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 U.S. 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.

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of the Fund are allocated on a pro rata basis to each class of shares of the Fund, except for service agreement fees, distribution fees and transfer agency fees

22 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

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 separately 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  ■  2018 Semiannual Report 23

Notes to financial statements (unaudited)

New accounting pronouncement: In August 2018, FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management is currently evaluating the impact of this guidance.

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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets.

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, in relation to the implementation of the liquidity risk management program and the 15% illiquid investment limit, must be adopted by December 1, 2018. In February 2018, the Commission issued Release No. IC-33142, which delayed the compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. Management is currently assessing the impact of this rule to the Funds’ financial statements and various filings.

In August 2018, the Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This final rule amends certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. GAAP or changes in the information environment. This rule eliminates the requirements for funds to present the components of distributable earnings on the balance sheet and parenthetically on the statement of changes in net assets. The final rule is effective November 5, 2018. Management will implement the above changes for year ends occurring after the effective date of this issuance.

Note 2—valuation of investments

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

24 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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

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

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

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

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.

TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 25

Notes to financial statements (unaudited)

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, 2018, 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, 2018, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Equity investments*	$	2,072,950,298	$	—	$	—	$	2,072,950,298
Short-term investments		—		16,150,000		—		16,150,000
Total	$	2,072,950,298	$	16,150,000	$	—	$	2,089,100,298

* 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, 2018. 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.

26 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.57% of average daily net assets for the Institutional Class shares; 0.72% of average daily net assets for the 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, 2019, unless changed with approval of the Board.

Income, reflected in Payment from affiliate on the Statement of Operations, 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 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, 2018, these transactions did not materially impact the Fund.

At September 30, 2018, TIAA Access, a registered separate account of TIAA, owned 13% 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, 2018, 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. As of September 30, 2018, there were no affiliated investments.

Note 4—investments

Net unrealized appreciation (depreciation): At September 30, 2018, 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:

	Gross	Gross	Net unrealized
	unrealized	unrealized	appreciation
Tax cost	appreciation	(depreciation)	(depreciation)
$1,619,772,011	$480,065,222	$(10,736,935)	$469,328,287

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

TIAA-CREF Real Estate Securities Fund  ■  2018 Semiannual Report 27

Notes to financial statements (unaudited) concluded

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 the Fund for the period ended September 30, 2018 were as follows:

Non-U.S.	Non-U.S.
government	government
purchases	sales
$438,348,821	$385,728,731

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2018 was as follows:

			Long-term
	Ordinary income		capital gains		Total
3/31/2018		$34,057,622		$119,059,313		$153,116,935

The tax character of the fiscal year 2019 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

The Fund participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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, 2018, there were no borrowings under this credit facility by the Fund.

Note 7—indemnification

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

28 2018 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

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How to reach us

Websites

TIAA.org

nuveen.com

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 Federal Deposit Insurance Corporation (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.

©2018 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, 2018

TIAA-CREF Funds

Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Bond Fund	TIBDX	TIBHX	TIDPX	TIDRX	TIORX	TBBWX
Bond Index Fund	TBIIX	TBIAX	TBIPX	TBIRX	TBILX	TBIWX
Bond Plus Fund	TIBFX	TCBHX	TBPPX	TCBRX	TCBPX	TCBWX
5–15 Year Laddered Tax-Exempt Bond Fund (formerly Tax-Exempt Bond Fund)	TITIX	TIXHX	—	—	TIXRX	—
High-Yield Fund	TIHYX	TIHHX	TIHPX	TIHRX	TIYRX	TIHWX
Inflation-Linked Bond Fund	TIILX	TIIHX	TIKPX	TIKRX	TCILX	TIIWX
Short-Term Bond Fund	TISIX	TCTHX	TSTPX	TISRX	TCTRX	TCTWX
Short-Term Bond Index Fund	TNSHX	TTBHX	TPSHX	TESHX	TRSHX	TTBWX
Social Choice Bond Fund	TSBIX	TSBHX	TSBPX	TSBBX	TSBRX	—
Money Market Fund	TCIXX	TMHXX	TPPXX	TIEXX	TIRXX	TMWXX

Contents

Understanding this report	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
5–15 Year Laddered Tax-Exempt Bond Fund	16
High-Yield Fund	18
Inflation-Linked Bond Fund	20
Short-Term Bond Fund	22
Short-Term Bond Index Fund	24
Social Choice Bond Fund	26
Money Market Fund	28
Summary portfolios of investments	30
Financial Statements (unaudited)
Statements of assets and liabilities	54
Statements of operations	56
Statements of changes in net assets	58
Financial highlights	62
Notes to financial statements	74
Approval of investment management agreement	83
How to reach us	Inside back cover

Understanding this report

For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF Fixed-Income Funds listed on the cover of this report.

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended September 30, 2018. 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, 2018.

• 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 read 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  ■  2018 Semiannual Report 3

Brad Finkle

Letter to investors

The U.S. bond market delivered mixed results during the six months ended September 30, 2018. Most sectors relied on interest income to offset pressure on bond prices as strong economic growth and U.S. monetary policy pushed yields higher (bond prices move in the opposite direction of yields). In this challenging bond market environment, five of the nine TIAA-CREF fixed-income funds generated positive returns, one was flat and three had modestly negative performance for the six-month period.

• The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned –0.1% for the six-month period. For the one-year period ended September 30, 2018, the index returned –1.2%, which trailed its average annual performance for the past three-, five- and ten-year periods.

• Institutional Class returns for seven of the nine funds in operation throughout the period exceeded or were in line with the performances of their respective benchmarks. (See page 8 for benchmark definitions.)

• One of the two remaining funds—the 5–15 Year Laddered Tax-Exempt Bond Fund (formerly Tax-Exempt Bond Fund)—generated a positive return but fell short of its respective benchmark. The other, Bond Fund, generated a slightly negative return. (The Money Market Fund is technically not a fixed-income fund and does not have a benchmark.)

The U.S. economy grew at a robust pace during the six-month period, driven by a strong labor market that helped push consumer confidence to an 18-year high. The unemployment rate declined to 3.7%, its lowest level since 1969, as the economy continued to expand despite ongoing trade tensions between the U.S. and China and the imposition of new tariffs on exports. Core inflation, which includes all items except food and energy, inched higher but remained moderate. However, oil prices rose during the period, reaching their highest level since 2014. The Federal Reserve raised the federal funds target rate twice, increasing the key short-term interest-rate measure to 2.00%–2.25%. The Fed has raised the rate eight times since December 2015, when it began to slowly reverse a policy of extremely low interest rates designed to stimulate the economy.

Fixed-income markets recorded mixed results, but several major bond categories achieved modest gains for the six-month period. Yields on U.S. Treasury securities rose, but those with shorter-term maturities saw larger increases as a result of the Fed’s actions. High-yield bonds performed best, exceeding returns of higher-rated securities by a wide margin. Municipal bonds, as measured by the Bloomberg Barclays 10-year Municipal Bond Index, produced more modest gains.

Five TIAA-CREF fixed-income funds recorded positive results

Individual sectors of the broad U.S. bond market produced mostly modest gains or slight losses for the six-month period, and five of the TIAA-CREF fixed-income funds ended the period with positive returns. Returns for the Institutional Class ranged from –0.2% for the Bond Fund to 4.0% for the High-Yield Fund.

4 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

The performance of the High-Yield Fund exceeded its benchmark by a solid margin. Favorable security selection in the energy exploration and production sector was the largest contributor to relative performance.

The Short-Term Bond Fund returned 0.7% to outpace its benchmark index, the Bloomberg Barclays 1–3 Year Government/Credit Bond Index. Sizable out-of-benchmark holdings of mortgage-backed securities helped the Fund’s relative performance. The Short-Term Bond Index Fund, which seeks to maintain characteristics of the same index, roughly matched its benchmark with a gain of 0.6%.

The 5–15 Year Laddered Tax-Exempt Bond Fund returned 0.7% for the period but trailed its benchmark. Underweight holdings in the state bond sector contributed to the Fund’s relative underperformance.

The Inflation-Linked Bond Fund slightly lagged its benchmark with a return of 0.2%, primarily due to the effect of expenses.

The Bond Index Fund, which seeks to replicate the characteristics of the Bloomberg Barclays Aggregate Bond Index, closely tracked the index. Both returned –0.1% for the period. The Bond Plus Fund modestly outperformed the Aggregate index with a return of 0.0%. Favorable security selection among corporate bonds helped the fund exceed its benchmark. The Bond Fund slightly underperformed the same index with a return of –0.2%.

The Social Choice Bond Fund essentially broke even during the six-month period, with a return of –0.0% that outperformed its benchmark. Overweight holdings in the corporate sector helped the Fund’s relative performance.

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.

Looking ahead at the economy

The cumulative effect of a U.S. economic recovery entering its 10th year has been remarkable. An unemployment rate at the lowest levels in nearly a half century and high consumer confidence have proven to be a powerful combination. While there are no guarantees, it appears the near-term future of the economy will remain upbeat, but as always, there are uncertainties ahead. U.S. monetary policymakers face an

ongoing challenge as they gradually wean the economy off very low interest rates designed to help the economy recover from the Great Recession. If they act too slowly, the economy may overheat, but if they raise rates too aggressively, growth could stall. Meanwhile, trade tensions between the U.S. and China remain unresolved. Though tariffs on exports appear to have had limited short-term impact on the economy, the uncertainty of longer-term consequences makes global trade conflicts a potential risk worthy of attention.

In extended periods of good and bad times, it can be easy for investors to look at the present and anticipate more of the same in the future. But the history of financial markets suggests that this may not be a prudent way to plan ahead. We believe diversification remains an important investment strategy to help mitigate the inevitable risks that lie ahead (though diversification does not guarantee against market loss). We believe that a professionally managed mutual fund of fixed-income securities can be a prudent and effective way to diversify your investment assets. Regardless of the market’s movements of the moment, investors should make investment decisions with their long-term goals in mind.

If you have any questions about your investment in the TIAA-CREF Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We would be happy 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  ■  2018 Semiannual Report 5

Market monitor

Bond markets posted mixed results as interest rates rose

Major fixed-income markets posted mixed results during the six-month period amid strong U.S. economic growth and rising interest rates. The lowest unemployment rate since 1969, combined with the Federal Reserve’s ongoing policy of gradually raising the federal funds target rate, contributed to higher bond yields. However, bond income helped offset price declines in some fixed-income categories. Over the six months, investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, fell by 0.1%.

High-yield debt securities appealed to investors willing to take more risk for potentially higher returns as the economy continued to strengthen. U.S. high-yield bonds, as represented by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index, gained 3.1%. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, returned 1.0%. Short-term bonds, as represented by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index, gained 0.6%, and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index advanced 0.2%.

U.S. economy expanded, unemployment dipped even lower

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 4.2% during the second quarter of 2018—its best quarterly performance in nearly four years. Strong retail sales growth in July indicated the economy began the third calendar quarter on solid footing. The national unemployment rate fell from 3.9% in April 2018 to 3.7% in September 2018, when reports showed that the economy had added jobs for

Interest rates continued to rise during the period

U.S. Treasury yields: March 31, 2018–September 30, 2018

Source: U.S. Department of the Treasury

the 96th consecutive month and consumer confidence had reached an 18-year high. Continued improvements in the economy and labor market took place despite ongoing trade tensions between the U.S. and China.

Core inflation, which includes all items except food and energy, increased slightly to an annualized rate of 2.2% in September 2018. During the period, oil prices rose moderately and reached their highest level since 2014. The price of West Texas Intermediate Crude Oil rose from $63 per barrel to more than $73 per barrel at period-end. In September, the International Energy Agency said oil prices could rise further unless other producers acted to offset deepening supply losses in Iran and Venezuela. The U.S. dollar appreciated against other major currencies over the six-month period.

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 11.3% during the period. Yields on U.S. Treasury bonds of all maturities rose during the period in response to the economy’s expansion, hindering bond performance (bond yields move in the opposite direction of prices). However, the largest increases took place among shorter-term securities in response to the Fed’s actions.

Fed raised rates again in June and September

During the period, the Federal Reserve raised the federal funds target rate twice—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Fed officials have now increased the rate eight times since December 2015, when they began to slowly reverse a policy favoring extremely low rates intended to stimulate the economy. Fed officials also raised their U.S. economic forecasts in September 2018 and signaled that further rate increases were likely.

In September, the European Central Bank announced plans to maintain key benchmark interest rates at their present levels at least through the summer of 2019; the bank also indicated that it expects to end its stimulative bond-buying policy by the end of 2018. Meanwhile, the Bank of England raised its key benchmark rate in August to 0.75%, its highest level in nearly a decade.

6 2018 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’ 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 sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at 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 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  ■  2018 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 ICE BofAML 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).

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Source: ICE Data Indices, LLC (“ICE DATA”), is used with permission. ice data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. neither ice data, its affiliates nor their respective third party providers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ice data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend tiaa-cref funds, 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. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

8 2018 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 in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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, 2018–September 30, 2018).

Actual expenses

The first section in 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 section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class 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  ■  2018 Semiannual Report 9

Bond Fund

Expense example

Six months ended September 30, 2018

Bond Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$997.82		$1.50
Advisor Class		1,000.00		998.42		2.20
Premier Class		1,000.00		997.04		2.25
Retirement Class		1,000.00		996.88		2.75
Retail Class		1,000.00		996.62		3.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.56		1.52
Advisor Class		1,000.00		1,022.86		2.23
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		1,022.06		3.04

* “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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.44% for the Advisor Class, 0.45% for the Premier Class, 0.55% for the Retirement Class and 0.60% 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.

Portfolio composition

Sector	% of net assets as of 9/30/2018
Corporate bonds		23.4
U.S. Treasury securities		17.0
Mortgage-backed securities		15.2
Foreign government & corporate bonds denominated in U.S. dollars		12.7
Asset-backed securities		12.5
Commercial mortgage-backed securities		6.7
Municipal bonds		5.6
Bank loan obligations		1.6
U.S. agency securities		0.3
Short-term investments, other assets & liabilities, net		5.0
Total		100.0

Performance for the six months ended September 30, 2018

The Bond Fund returned –0.22% for the Institutional Class, compared with the –0.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2018, the Fund returned –1.02%, versus –1.22% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield

Performance as of September 30, 2018

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		–0.22	%		–1.02	%		2.87	%		4.33	%		0.30	%		0.30	%
Advisor Class	TIBHX	12/4/15		–0.16			–1.09			2.85	†		4.32	†		0.38			0.38
Premier Class	TIDPX	9/30/09		–0.30			–1.26			2.71			4.19	†		0.45			0.45
Retirement Class	TIDRX	3/31/06		–0.31			–1.29			2.61			4.06			0.55			0.55
Retail Class	TIORX	3/31/06		–0.34			–1.34			2.56			4.04			0.60			0.60
Bloomberg Barclays U.S. Aggregate Bond Index		—		–0.14			–1.22			2.16			3.77			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

10 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

bonds performed best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Smaller benchmark sectors had the highest gains

Most of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the reporting period. Two of the smallest sectors delivered the highest gains, with asset-backed securities returning 0.9% and commercial mortgage-backed securities (CMBS) returning 0.4%. Mortgage-backed securities (MBS), which accounted for more than one-quarter of the index at period-end, was the next-best performing sector, returning 0.1%. U.S. Treasuries, the largest sector in the index at 37.6%, lagged due to rising yields (bond yields move in the opposite direction of prices) and returned –0.5%. Corporate bonds, which made up slightly more than one-quarter of the index at period-end, were flat. The benchmark’s smallest sector, municipal bonds, posted the most substantial loss during the period at –3.3%.

Fund modestly underperformed its benchmark

The Fund slightly underperformed its benchmark during the period, primarily due to the effect of expenses. An overweight position in the government credit sector was the most significant detracting component, while Fund positions in the CMBS and poorly performing municipals sectors also tempered relative results. The Fund had a small exposure to derivatives instruments during the period, which also limited its relative performance.

On the positive side, an underweight position in the lagging U.S. Treasuries sector helped the Fund’s relative returns, as did an overweight allocation and security selection in the corporate bond sector. Fund positions in the MBS and asset-backed securities sectors made further positive contributions. The Fund’s yield curve positioning—or how the Fund was invested across different bond maturities—was also beneficial.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	7.1
1–3 years	17.1
3–5 years	13.6
5–10 years	46.9
Over 10 years	15.3
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	33.9
Aaa/AAA	9.5
Aa/AA	9.5
A/A	14.8
Baa/BBB	23.9
Ba/BB	3.5
B/B	2.7
Below B/B	0.6
Non-rated	1.6
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile
	as of 9/30/2018
Net assets		$5.75 billion
Portfolio turnover rate*		88%
Portfolio turnover rate, excluding mortgage dollar roll transactions*		79%
Number of issues		1,480
Option-adjusted duration†		5.77 years
Average maturity‡		8.21 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 11

Bond Index Fund

Expense example

Six months ended September 30, 2018

Bond Index Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$999.19		$0.55
Advisor Class		1,000.00		997.59		1.30
Premier Class		1,000.00		997.48		1.30
Retirement Class		1,000.00		997.00		1.80
Retail Class		1,000.00		996.59		2.25
5% annual hypothetical return
Institutional Class		1,000.00		1,024.52		0.56
Advisor Class		1,000.00		1,023.76		1.32
Premier Class		1,000.00		1,023.76		1.32
Retirement Class		1,000.00		1,023.26		1.83
Retail Class		1,000.00		1,022.81		2.28

* “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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.11% for the Institutional Class, 0.26% for the Advisor Class, 0.26% for the Premier Class, 0.36% for the Retirement Class and 0.45% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Portfolio composition

Sector	% of net assets as of 9/30/2018
U.S. Treasury securities		37.9
Mortgage-backed securities		27.8
Corporate bonds		20.2
Foreign government & corporate bonds denominated in U.S. dollars		8.7
Commercial mortgage-backed securities		1.8
U.S. agency securities		1.5
Asset-backed securities		0.8
Municipal bonds		0.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the six months ended September 30, 2018

The Bond Index Fund returned –0.08% for the Institutional Class, compared with the –0.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2018, the Fund returned –1.40%, versus –1.22% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield bonds performed

Performance as of September 30, 2018

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		–0.08	%		–1.40	%		2.04	%		2.91	%		0.12	%		0.12	%
Advisor Class	TBIAX	12/4/15		–0.24			–1.54			1.99	†		2.88	†		0.20			0.20
Premier Class	TBIPX	9/30/09		–0.25			–1.56			1.85			2.74	†		0.27			0.27
Retirement Class	TBIRX	9/14/09		–0.30			–1.65			1.76			2.65			0.37			0.37
Retail Class	TBILX	9/14/09		–0.34			–1.73			1.68			2.56			0.44			0.44
Bloomberg Barclays U.S. Aggregate Bond Index		—		–0.14			–1.22			2.16			3.10	‡		—			—

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 would 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 will continue through at least July 31, 2019, 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 these 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 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Smaller benchmark sectors had the highest gains

Most of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the reporting period. Two of the smallest sectors delivered the highest gains, with asset-backed securities returning 0.9% and commercial mortgage-backed securities returning 0.4%. Mortgage-backed securities, which accounted for more than one-quarter of the index at period-end, was the next-best performing sector, returning 0.1%. U.S. Treasuries, the largest sector in the index at 37.6%, lagged due to rising yields (bond yields move in the opposite direction of prices) and returned –0.5%. Corporate bonds, which made up slightly more than one-quarter of the index at period-end, were flat. The benchmark’s smallest sector, municipal bonds, posted the most substantial loss during the period at –3.3%.

Fund declined but outperformed its benchmark

For the six-month period, the Fund’s performance was slightly negative, but it surpassed 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. 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.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	1.9
1–3 years	18.5
3–5 years	21.2
5–10 years	42.5
Over 10 years	15.9
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	67.3
Aaa/AAA	5.0
Aa/AA	3.9
A/A	10.8
Baa/BBB	13.0
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile
	as of 9/30/2018
Net assets	$10.40 billion
Portfolio turnover rate*	10%
Number of issues	6,233
Option-adjusted duration†	6.05 years
Average maturity‡	8.33 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 13

Bond Plus Fund

Expense example

Six months ended September 30, 2018

Bond Plus Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$999.97		$1.50
Advisor Class		1,000.00		999.74		1.75
Premier Class		1,000.00		999.21		2.26
Retirement Class		1,000.00		997.77		2.75
Retail Class		1,000.00		998.36		3.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.56		1.52
Advisor Class		1,000.00		1,023.31		1.78
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		1,021.91		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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.35% for the Advisor Class, 0.45% for the Premier Class, 0.55% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Portfolio composition

Sector	% of net assets as of 9/30/2018
U.S. Treasury securities		22.8
Corporate bonds		21.2
Mortgage-backed securities		16.9
Foreign government & corporate bonds denominated in U.S. dollars		13.2
Asset-backed securities		10.4
Commercial mortgage-backed securities		5.9
Municipal bonds		5.5
Bank loan obligations		2.4
Common stocks & rights		0.1
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Performance for the six months ended September 30, 2018

The Bond Plus Fund returned 0.00% for the Institutional Class, compared with the –0.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2018, the Fund returned –0.76%, versus –1.22% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield bonds performed

Performance as of September 30, 2018

Bond Plus 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	TIBFX	3/31/06		0.00	%		–0.76	%		3.06	%		4.81	%		0.30	%		0.30	%
Advisor Class	TCBHX	12/4/15		–0.03			–0.82			3.04	†		4.80	†		0.37			0.37
Premier Class	TBPPX	9/30/09		–0.08			–0.82			2.90			4.67	†		0.46			0.46
Retirement Class	TCBRX	3/31/06		–0.22			–1.01			2.78			4.55			0.55			0.55
Retail Class	TCBPX	3/31/06		–0.16			–1.07			2.73			4.51			0.62			0.62
Bloomberg Barclays U.S. Aggregate Bond Index		—		–0.14			–1.22			2.16			3.77			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

14 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Smaller benchmark sectors had the highest gains

Most of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the reporting period. Two of the smallest sectors delivered the highest gains, with asset-backed securities returning 0.9% and commercial mortgage-backed securities (CMBS) returning 0.4%. Mortgage-backed securities, which accounted for more than one-quarter of the index at period-end, was the next-best performing sector, returning 0.1%. U.S. Treasuries, the largest sector in the index at 37.6%, lagged due to rising yields (bond yields move in the opposite direction of prices) and returned –0.5%. Corporate bonds, which made up slightly more than one-quarter of the index at period-end, were flat. The benchmark’s smallest sector, municipal bonds, posted the most substantial loss during the period at –3.3%.

Fund outperformed its benchmark

During the six-month period, the Fund’s overweight position and favorable security selection in the corporate bond sector had the largest positive impact on its relative performance. An underweight allocation in the lagging U.S. Treasuries sector was the second-largest contributor, followed by an overweight position in the stronger-performing asset-backed securities sector. The Fund’s yield curve positioning—or how the Fund was invested across different bond maturities—was also beneficial. The Fund had a small exposure to derivatives instruments during the period, which had a modestly positive impact on its relative performance.

By contrast, the Fund’s relative performance was hurt most by an underweight position in the government credit sector. Fund positions in the CMBS sector also hurt, as did Fund holdings of government agency bonds.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	3.1
1–3 years	13.4
3–5 years	20.2
5–10 years	47.0
Over 10 years	16.3
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	40.5
Aaa/AAA	8.0
Aa/AA	6.1
A/A	11.5
Baa/BBB	17.8
Ba/BB	6.3
B/B	5.8
Below B/B	1.2
Non-rated	2.8
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile
	as of 9/30/2018
Net assets	$4.22 billion
Portfolio turnover rate*	49%
Portfolio turnover rate, excluding mortgage dollar roll transactions*	43%
Number of issues	1,379
Option-adjusted duration†	5.77 years
Average maturity‡	8.28 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 15

5–15 Year Laddered Tax-Exempt Bond Fund

Expense example

Six months ended September 30, 2018

5–15 Year Laddered Tax-Exempt Bond Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$1,006.76		$1.66
Advisor Class		1,000.00		1,006.54		1.91
Retail Class		1,000.00		1,005.36		3.12
5% annual hypothetical return
Institutional Class		1,000.00		1,023.41		1.67
Advisor Class		1,000.00		1,023.16		1.93
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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.33% for the Institutional Class, 0.38% for the Advisor 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.

Portfolio composition

Sector	% of net assets as of 9/30/2018
Municipal bonds		96.8
Short-term investments, other assets & liabilities, net		3.2
Total		100.0

Performance for the six months ended September 30, 2018

The 5–15 Year Laddered Tax-Exempt Bond Fund (formerly the Tax Exempt Bond Fund) returned 0.68% for the Institutional Class, compared with the 0.96% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2018, the Fund returned –0.03%, versus –0.14% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield

Performance as of September 30, 2018

5–15 Year Laddered 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		0.68	%		–0.03	%		2.59	%		4.03	%		0.33	%		0.30	%
Advisor Class	TIXHX	12/4/15		0.65			–0.07			2.57	†		4.03	†		0.40			0.38
Retail Class	TIXRX	3/31/06		0.54			–0.30			2.28			3.79			0.60			0.58
Bloomberg Barclays 10-Year Municipal Bond Index		—		0.96			–0.14			3.42			4.91			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.

16 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

bonds performed best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Broad sector gains supported benchmark advance

All sectors in the Bloomberg Barclays 10-Year Municipal Bond Index generated positive results for the six-month period. Among the largest gainers, the housing sector returned 1.7% and leasing gained 1.3%. State municipal bonds, the largest component of the benchmark by total market capitalization at period-end, returned 1.2%. The next two largest sectors, transportation and local securities, each gained 0.8%. The solid waste/resource recovery sector was the worst-performing segment of the benchmark, returning 0.5%, but the effect was minimal as this was the benchmark’s smallest component.

On September 28, 2018—the last day of trading for the month—higher-rated 10-year AAA municipal bonds yielded 2.60%, compared with a 3.06% yield on the 10-year U.S. Treasury bond. New municipal issuance during the six-month period was $180 billion, down from $192 billion during the prior six months, from October 1, 2017, through March 31, 2018.

Fund gained but trailed its benchmark

During the six-month period, the Fund’s return trailed that of its benchmark, primarily due to yield curve positioning, security selection and asset allocation. The largest detractor from the Fund’s relative performance was an underweight position in the state sector, which outperformed the benchmark. The Fund’s transportation holdings, hampered by security selection, also detracted from relative performance, as did its underweight position in the outperforming leasing sector. Yield curve positioning across the portfolio also limited the Fund’s results.

By contrast, the Fund’s overweight positions in the power, education and special tax sectors contributed positively to relative performance.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	5.1
1–3 years	4.6
3–5 years	8.4
5–10 years	39.7
Over 10 years	42.2
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Aaa/AA	1.6
Aa/AA	20.4
A/A	45.9
Baa/BBB	19.0
Ba/BB	2.1
B/B	1.3
Non-rated	9.7
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.

Fund profile

	as of 9/30/2018
Net assets	$0.26 billion
Portfolio turnover rate*		17%
Number of issues		240
Option-adjusted duration†		5.56 years
Average maturity‡		9.54 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 17

High-Yield Fund

Expense example

Six months ended September 30, 2018

High-Yield Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$1,039.67		$1.79
Advisor Class		1,000.00		1,037.98		2.40
Premier Class		1,000.00		1,038.78		2.61
Retirement Class		1,000.00		1,037.28		3.06
Retail Class		1,000.00		1,037.10		3.22
5% annual hypothetical return
Institutional Class		1,000.00		1,023.31		1.78
Advisor Class		1,000.00		1,022.71		2.38
Premier Class		1,000.00		1,022.51		2.59
Retirement Class		1,000.00		1,022.06		3.04
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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.47% for the Advisor Class, 0.51% for the Premier Class, 0.60% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Portfolio composition

Sector	% of net assets as of 9/30/2018
Corporate bonds		75.1
Foreign government & corporate bonds denominated in U.S. dollars		12.9
Bank loan obligations		5.7
Common stocks & rights		2.6
Short-term investments, other assets & liabilities, net		3.7
Total		100.0

Performance for the six months ended September 30, 2018

The High-Yield Fund returned 3.97% for the Institutional Class, compared with the 3.05% return of its benchmark, the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2018, the Fund returned 3.49%, versus 2.30% for the index. The table below shows returns for all share classes of the Fund.

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

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%.

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 from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018. 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 sizably outpaced the –0.14% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Performance as of September 30, 2018

High-Yield 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	TIHYX	3/31/06		3.97	%		3.49	%		5.28	%		8.59	%		0.36	%		0.36	%
Advisor Class	TIHHX	12/4/15		3.80			3.40			5.20	†		8.55	†		0.46			0.46
Premier Class	TIHPX	9/30/09		3.88			3.43			5.14			8.45	†		0.51			0.51
Retirement Class	TIHRX	3/31/06		3.73			3.23			5.02			8.32			0.61			0.61
Retail Class	TIYRX	3/31/06		3.71			3.22			5.00			8.33			0.62			0.62
ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index		—		3.05			2.30			5.38			8.54			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

18 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

High-yield bond issuance, default rates declined

New issuance in the high-yield bond market declined 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 nearly $91 billion over the six months, down from more than $121 billion over the same period in 2017. 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 2.2% and 3.8%, respectively. Lower-quality bonds (those rated “CCC” and below) performed best, gaining 5.5%. U.S. default rates continued to trend downward. The U.S. issuer-weighted speculative grade default rate declined to 3.1% on September 30, 2018, from 3.5% (revised from 3.3%) a year earlier, according to Moody’s Investor Service.

Fund gained and surpassed its benchmark

For the six months, the Fund outperformed its benchmark through a combination of favorable sector allocations and security selections. Security selection in the energy exploration & production sector was the largest contributor to the Fund’s relative returns versus the index. Next in line were favorable security selections in food & drug retailers and specialty retail, both of which performed well. These positive effects were partially offset by holdings in telecom wireline integrated & services, oil field equipment & services and multi-line insurance, which did not perform as anticipated.

Among individual security allocations, the biggest contributor to relative performance came from an overweight position in retail pet supply chain PetSmart, which produced double-digit returns. Next in line were out-of-benchmark holdings in food retailer The Fresh Market and energy transportation provider Gulfmark Offshore. Owning California Resources also benefited relative returns.

Conversely, an underweight position in pharmaceutical company Bausch Health, which performed well, and an investment in Frontier Communications were the largest detractors from relative returns. An overweight position in Tronox Finance and a small allocation to cash also impeded the Fund’s relative performance.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	3.1
1–3 years	4.5
3–5 years	25.5
5–10 years	62.4
Over 10 years	4.5
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Baa/BBB	0.5
Ba/BB	41.2
B/B	48.2
Below B/B	6.5
Non-rated	3.6
Total	100.0

Credit quality ratings are based on the ICE 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.

Fund profile

as of 9/30/2018
Net assets	$4.08 billion
Portfolio turnover rate*	25%
Number of issues	467
Option-adjusted duration†	3.78 years
Average maturity‡	6.61 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 19

Inflation-Linked Bond Fund

Expense example

Six months ended September 30, 2018

Inflation-Linked Bond Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$1,001.70		$1.30
Advisor Class		1,000.00		1,000.66		1.91
Premier Class		1,000.00		1,000.62		2.06
Retirement Class		1,000.00		999.85		2.56
Retail Class		1,000.00		1,000.26		2.91
5% annual hypothetical return
Institutional Class		1,000.00		1,023.76		1.32
Advisor Class		1,000.00		1,023.16		1.93
Premier Class		1,000.00		1,023.01		2.08
Retirement Class		1,000.00		1,022.51		2.59
Retail Class		1,000.00		1,022.16		2.94

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2018. The Fund’s annualized six-month expense ratio for that period was 0.26% for the Institutional Class, 0.38% for the Advisor Class, 0.41% for the Premier Class, 0.51% for the Retirement Class and 0.58% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Portfolio composition

Sector	% of net assets as of 9/30/2018
U.S. Treasury securities		97.4
U.S. agency securities		1.1
Mortgage-backed securities		0.3
Foreign government & corporate bonds denominated in U.S. dollars		0.2
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

Performance for the six months ended September 30, 2018

The Inflation-Linked Bond Fund returned 0.17% for the Institutional Class, compared with the 0.20% 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, 2018, the Fund returned 0.23%, versus 0.33% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August.

Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Crude oil prices, often considered an indicator of current inflationary pressure, rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018. 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 4.2% during the second quarter of 2018—its best quarterly performance in nearly four years—which was nearly double the 2.2% growth rate in the first quarter of 2018.

Performance as of September 30, 2018

Inflation-Linked 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	TIILX	10/1/02		0.17	%	0.23	%		0.93	%	2.90	%		0.26	%	0.26	%
Advisor Class	TIIHX	12/4/15		0.07		0.10			0.87	†	2.87	†		0.42		0.41
Premier Class	TIKPX	9/30/09		0.06		0.06			0.78		2.75	†		0.41		0.41
Retirement Class	TIKRX	3/31/06		–0.01		–0.05			0.67		2.64			0.51		0.51
Retail Class	TCILX	10/1/02		0.03		–0.02			0.63		2.63			0.59		0.59
Bloomberg Barclays U.S. Treasury Inflation Protected Securities 1–10 Year Index		—		0.20		0.33			0.94		2.52			—		—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

20 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Interest rates continued to climb

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline, returning –0.14%. However, inflation-protected bonds managed to post a small gain over the six-month period as the TIPS 1–10 Year index returned 0.20%.

Fund advanced but slightly lagged its benchmark

While the Fund posted gains during the period, its performance was slightly below that of its benchmark—primarily due to the effect of expenses. Small allocations to mortgage-backed securities and government agency bonds detracted from the Fund’s relative performance. However, the Fund had an underweight position in U.S. Treasuries, which aided returns, as did the Fund’s overall yield curve positioning, or how the Fund was invested across different bond maturities.

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.

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
1–3 years	24.0
3–5 years	26.7
5–10 years	43.2
Over 10 years	6.1
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	99.6
Non-rated	0.4
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile

as of 9/30/2018
Net assets	$3.01 billion
Portfolio turnover rate*	15%
Number of issues	40
Option-adjusted duration†	5.07 years
Average maturity‡	5.43 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 21

Short-Term Bond Fund

Expense example

Six months ended September 30, 2018

Short-Term Bond Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$1,007.27		$1.41
Advisor Class		1,000.00		1,006.97		1.71
Premier Class		1,000.00		1,006.50		2.16
Retirement Class		1,000.00		1,006.02		2.67
Retail Class		1,000.00		1,004.68		2.97
5% annual hypothetical return
Institutional Class		1,000.00		1,023.66		1.42
Advisor Class		1,000.00		1,023.36		1.72
Premier Class		1,000.00		1,022.91		2.18
Retirement Class		1,000.00		1,022.41		2.69
Retail Class		1,000.00		1,022.11		2.99

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2018. The Fund’s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.34% for the Advisor Class, 0.43% for the Premier Class, 0.53% for the Retirement Class and 0.59% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Portfolio composition
Sector	% of net assets as of 9/30/2018
U.S. Treasury securities	31.7
Asset-backed securities	21.8
Foreign government & corporate bonds denominated in U.S. dollars	19.4
Corporate bonds	15.8
Commercial mortgage-backed securities	6.6
U.S. agency securities	4.2
Bank loan obligations	2.7
Municipal bonds	0.3
Mortgage-backed securities	0.1
Short-term investments, other assets & liabilities, net	–2.6
Total	100.0

Performance for the six months ended September 30, 2018

The Short-Term Bond Fund returned 0.73% for the Institutional Class, compared with the 0.62% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2018, the Fund returned 0.78%, versus 0.20% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield bonds performed

Performance as of September 30, 2018
Short-Term 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	TISIX	3/31/06		0.73	%		0.78	%		1.41	%		2.58	%		0.27	%		0.27	%
Advisor Class	TCTHX	12/4/15		0.70			0.72			1.37	†		2.56	†		0.35			0.35
Premier Class	TSTPX	9/30/09		0.65			0.63			1.26			2.45	†		0.42			0.42
Retirement Class	TISRX	3/31/06		0.60			0.53			1.16			2.34			0.52			0.52
Retail Class	TCTRX	3/31/06		0.47			0.37			1.08			2.31			0.57			0.57
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		—		0.62			0.20			0.83			1.67			—			—

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 would 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 will continue through at least July 31, 2019, 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 these higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

22 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Short-term bonds outpaced the broader bond market

For the six-month period, the Fund’s benchmark outperformed the –0.14% 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. The short-term corporate sector represented nearly one-quarter of the benchmark’s total market capitalization and was the index’s best-performing component with a return of 1.2%. Government credit and government agency securities were mostly in line with the benchmark’s return, ending the period with a gain of 0.64%. However, short-term Treasuries—by far the largest sector in the benchmark with a weighting of 63.0%—underperformed with a gain of 0.4%.

Favorable sector positioning drove 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 allocations to mortgage-backed securities and commercial mortgage-backed securities were the primary drivers of its excess return. A smaller out-of-benchmark stake in asset-backed securities also proved constructive. The Fund had a small exposure to derivatives instruments during the period, which had a positive impact on its relative performance.

The U.S. Treasuries sector detracted the most from the Fund’s relative returns, primarily as a result of yield curve positioning. Security selection within the government agency securities sector also detracted.

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	11.3
1–3 years	59.9
3–5 years	19.7
5–10 years	9.1
Total	100.0

Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	34.2
Aaa/AAA	18.9
Aa/AA	8.6
A/A	12.4
Baa/BBB	17.2
Ba/BB	2.4
B/B	2.1
Below B/B	1.1
Non-rated	3.1
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile
	as of 9/30/2018
Net assets	$1.86 billion
Portfolio turnover rate*	59%
Number of issues	359
Option-adjusted duration†	1.98 years
Average maturity‡	2.74 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 23

Short-Term Bond Index Fund

Expense example
Six months ended September 30, 2018
Short-Term Bond Index Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$1,006.01		$0.25
Advisor Class		1,000.00		1,005.30		0.96
Premier Class		1,000.00		1,005.25		1.01
Retirement Class		1,000.00		1,004.76		1.51
Retail Class		1,000.00		1,004.25		2.01
5% annual hypothetical return
Institutional Class		1,000.00		1,024.82		0.25
Advisor Class		1,000.00		1,024.12		0.96
Premier Class		1,000.00		1,024.07		1.01
Retirement Class		1,000.00		1,023.56		1.52
Retail Class		1,000.00		1,023.06		2.03

* “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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.19% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.40% 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.

Portfolio composition
Sector	% of net assets as of 9/30/2018
U.S. Treasury securities	63.3
Corporate bonds	19.2
Foreign government & corporate bonds denominated in U.S. dollars	12.9
U.S. agency securities	3.7
Municipal bonds	0.1
Short-term investments, other assets & liabilities, net	0.8
Total	100.0

Performance for the six months ended September 30, 2018

The Short-Term Bond Index Fund returned 0.60% for the Institutional Class, compared with the 0.62% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2018, the Fund returned 0.17%, versus 0.20% for the index. The table below shows returns for all share classes of the Fund.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield bonds performed

Performance as of September 30, 2018
Short-Term Bond Index Fund			Total return						Average annual total return			Annual operating expenses*
	Ticker	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	TNSHX	8/7/15		0.60	%		0.17	%		0.63	%		0.18	%		0.12	%
Advisor Class	TTBHX	12/4/15		0.53			0.02			0.55	†		0.38			0.27
Premier Class	TPSHX	8/7/15		0.53			–0.09			0.45			0.34			0.27
Retirement Class	TESHX	8/7/15		0.48			–0.08			0.38			0.43			0.37
Retail Class	TRSHX	8/7/15		0.43			–0.18			0.30			0.64			0.47
Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index		—		0.62			0.20			0.80	‡		—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 will continue through at least July 31, 2019, 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 these 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.

24 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Short-term bonds outpaced the broader bond market

For the six-month period, the Fund’s benchmark outperformed the –0.14% 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. The short-term corporate sector represented nearly one-quarter of the benchmark’s total market capitalization and was the index’s best-performing component with a return of 1.2%. Government credit and government agency securities were mostly in line with the benchmark’s return, ending the period with a gain of 0.64%. However, short-term Treasuries—by far the largest sector in the benchmark with a weighting of 63.0%—underperformed with a gain of 0.4%.

Fund performed in line with its benchmark

For the six months, the Fund’s performance nearly matched 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.

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
Less than 1 year	2.4
1–3 years	96.0
3–5 years	1.5
5–10 years	0.1
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 9/30/2018
U.S. Treasury & U.S. agency securities*	66.0
Aaa/AAA	5.9
Aa/AA	7.1
A/A	11.3
Baa/BBB	9.7
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile
	as of 9/30/2018
Net assets	$0.43 billion
Portfolio turnover rate*	32%
Number of issues	593
Option-adjusted duration†	1.91 years
Average maturity‡	1.99 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 25

Social Choice Bond Fund

Expense example

Six months ended September 30, 2018

Social Choice Bond Fund	Beginning account value (4/1/18)		Ending account value (9/30/18)		Expenses paid during period* (4/1/18– 9/30/18)
Actual return
Institutional Class		$1,000.00		$999.77		$1.90
Advisor Class		1,000.00		998.46		2.20
Premier Class		1,000.00		997.94		2.75
Retirement Class		1,000.00		998.55		3.11
Retail Class		1,000.00		997.40		3.25
5% annual hypothetical return
Institutional Class		1,000.00		1,023.16		1.93
Advisor Class		1,000.00		1,022.86		2.23
Premier Class		1,000.00		1,022.31		2.79
Retirement Class		1,000.00		1,021.96		3.14
Retail Class		1,000.00		1,021.81		3.29

* “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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.38% for the Institutional Class, 0.44% for the Advisor Class, 0.55% for the Premier Class, 0.62% for the Retirement Class and 0.65% 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.

Portfolio composition

Sector	% of net assets as of 9/30/2018
Corporate bonds		28.9
Foreign government & corporate bonds denominated in U.S. dollars		15.3
U.S. agency securities		11.6
Municipal bonds		11.5
U.S. Treasury securities		11.3
Mortgage-backed securities		6.4
Asset-backed securities		6.3
Commercial mortgage-backed securities		5.6
Bank loan obligations		1.0
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

Performance for the six months ended September 30, 2018

The Social Choice Bond Fund returned –0.02% for the Institutional Class, compared with the –0.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2018, the Fund returned –0.48%, versus –1.22% 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.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

Performance as of September 30, 2018

Social Choice Bond Fund

Average annual

Annual operating

Total return

total return

expenses*

Inception

since

Ticker

date

6 months

1 year

5 years

inception

gross

net

Institutional Class

TSBIX

9/21/12

–0.02

%

–0.48

%

3.31

%

2.70

%

0.39

%

0.39

%

Advisor Class

TSBHX

12/4/15

–0.15

–0.63

3.25

†

2.65

†

0.44

0.44

Premier Class

TSBPX

9/21/12

–0.21

–0.73

3.15

2.54

0.54

0.54

Retirement Class

TSBBX

9/21/12

–0.15

–0.72

3.05

2.44

0.64

0.64

Retail Class

TSBRX

9/21/12

–0.26

–0.84

3.00

2.38

0.65

0.65

Bloomberg Barclays U.S. Aggregate Bond Index

—

–0.14

–1.22

2.16

1.56

‡

—

—

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 would 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 will continue through at least July 31, 2019, 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 these 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.

26 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Fixed-income markets produced mixed results during the period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a small decline. High-yield bonds performed best, far exceeding the returns of higher-rated securities. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, earned more modest gains.

Smaller benchmark sectors had the highest gains

Most of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the reporting period. Two of the smallest sectors delivered the highest gains, with asset-backed securities returning 0.9% and commercial mortgage-backed securities (CMBS) returning 0.4%. Mortgage-backed securities (MBS), which accounted for more than one-quarter of the index at period-end, was the next-best performing sector, returning 0.1%. U.S. Treasuries, the largest sector in the index at 37.6%, lagged due to rising yields (bond yields move in the opposite direction of prices) and returned –0.5%. Corporate bonds, which made up slightly more than one-quarter of the index at period-end, were flat. The benchmark’s smallest sector, municipal bonds, posted the most substantial loss during the period at –3.3%.

Fund outperformed with help from corporate and MBS sectors

The Fund modestly outpaced its benchmark over the past six months, primarily due to an overweight position in the corporate sector, along with advantageous security selection in the MBS sector. An underweight in the lagging U.S. Treasury sector and an overweight in the stronger-performing asset-backed securities sector also contributed. The Fund’s yield curve positioning—or how the Fund was invested across different bond maturities—also helped its relative performance.

Offsetting these positive factors, the Fund’s overweight position in the small but poorly performing municipal bond sector held back results relative to the benchmark, as did security selection among CMBS and a small position in cash.

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2018
Less than 1 year	5.1
1–3 years	13.8
3–5 years	15.2
5–10 years	44.5
Over 10 years	21.4
Total	100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 9/30/2018
U.S. Treasury & U.S. agency securities*	29.9
Aaa/AAA	11.0
Aa/AA	14.2
A/A	12.1
Baa/BBB	22.4
Ba/BB	3.2
B/B	1.0
Below B/B	0.3
Non-rated	5.9
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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.

Fund profile

as of 9/30/2018
Net assets	$2.57 billion
Portfolio turnover rate*	47%
Portfolio turnover rate, excluding mortgage dollar roll transactions*	44%
Number of issues	729
Option-adjusted duration†	5.77 years
Average maturity‡	9.26 years

*	The portfolio turnover rate covers the six-month period from April 1, 2018–September 30, 2018, 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 the 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  ■  2018 Semiannual Report 27

Money Market Fund

Expense example

Six months ended September 30, 2018

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Money	value		value		(4/1/18–
Market Fund	(4/1/18)		(9/30/18)		9/30/18)
Actual return
Institutional Class		$1,000.00		$1,008.68		$0.70
Advisor Class		1,000.00		1,008.60		0.81
Premier Class		1,000.00		1,007.98		1.41
Retirement Class		1,000.00		1,007.90		1.51
Retail Class		1,000.00		1,007.11		2.31
5% annual hypothetical return
Institutional Class		1,000.00		1,024.37		0.71
Advisor Class		1,000.00		1,024.27		0.81
Premier Class		1,000.00		1,023.66		1.42
Retirement Class		1,000.00		1,023.56		1.52
Retail Class		1,000.00		1,022.76		2.33

* “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, 2018. The Fund’s annualized six-month expense ratio for that period was 0.14% for the Institutional Class, 0.16% for the Advisor Class, 0.28% for the Premier Class, 0.30% for the Retirement Class and 0.46% for the Retail Class. The expense charges of one or more of the Fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and the Fund’s performance lower.

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

Net annualized yield

(for the 7 days ended 9/25/2018)^§

	Current yield			Effective yield
Money Market Fund
Institutional Class		1.91	%		1.93	%
Advisor Class		1.88			1.89
Premier Class		1.77			1.79
Retirement Class		1.77			1.79
Retail Class		1.60			1.61
iMoneyNet Money Fund Averages—All Government‡		1.57			1.59

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

^§ Typically, iMoneyNet reports its 7-day yields as of Tuesday of each week.

Performance for the six months ended September 30, 2018

The Money Market Fund returned 0.87% for the Institutional Class, compared with the 0.71% 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.

Bond yields rose as economic growth and Fed tightening continued

The U.S. economy grew at a vigorous pace for the six-month period, propelled by a robust labor market and steady consumer optimism. In September—the period’s final month—the unemployment rate fell to 3.7%, its lowest level since 1969, while the U.S. economy added jobs for the 96th consecutive month and consumer confidence hit an 18-year high. Meanwhile, wage growth reached its fastest pace in nine years during the previous month of August. Core inflation, which includes all items except food and energy, increased modestly to an annualized rate of 2.2% at the end of September 2018. Oil prices rose from $63 a barrel on April 1, 2018, to more than $73 per barrel on September 30, 2018.

Performance as of September 30, 2018

Money Market Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Ticker	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TCIXX	7/1/99		0.87	%		1.44	%		0.45	%		0.35	%		0.15	%		0.15	%
Advisor Class	TMHXX	12/4/15		0.86			1.42			0.44	†		0.35	†		0.23			0.23
Premier Class	TPPXX	9/30/09		0.80			1.29			0.36			0.28	†		0.29			0.29
Retirement Class	TIEXX	3/31/06		0.79			1.23			0.32			0.24			0.40			0.40
Retail Class	TIRXX	3/31/06		0.71			1.12			0.27			0.23			0.48			0.48
iMoneyNet Money Fund Averages—All Government‡		—		0.71			1.13			0.30			0.18			—			—

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, the 7-day current and effective annualized yields and total returns would have been lower.

You could lose money 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 current yield more closely reflects current earnings than does the total return.

*	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 will continue through at least July 31, 2019, 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 these 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. You cannot invest directly in it.

28 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

The Federal Reserve raised the federal funds target rate twice during the period—in June and September—pushing the key short-term interest-rate measure to 2.00%–2.25%. Bond yields rose across all maturities, but the largest increases took place among shorter-term securities in reaction to the Fed’s rate hikes. Fed officials have now raised the federal funds target rate eight times since December 2015.

The Fed’s actions continued to influence yields on shorter-term ICE LIBOR—a key interest-rate benchmark for money market funds. Over the six-month period, one-month LIBOR yields rose from 1.88% on March 31, 2018, to 2.26% on September 30, 2018. Over the same period, three-month LIBOR rose from 2.31% to 2.40%; six-month LIBOR rose from 2.45% to 2.60%; and twelve-month LIBOR rose from 2.66% to 2.92%. 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.

Tax cuts and strong economy contributed to rising rates, benefiting money market funds

With the passage of significant tax reform at the end of 2017 and the anticipation of continued strength in the U.S. economy through the remainder of 2018 and into 2019, interest rates on bonds of all maturities have risen, but shorter-term bond yields rose at a faster pace. The increase in short-term rates has benefited money market funds by boosting the income produced. In addition, higher rates have helped boost supply and new issuance of government securities, including Treasury Bills and short-term U.S. government agency securities. As a result, money market funds have seen relief from the significantly tighter supply that existed when rates were lower.

Fund outperformed the iMoneyNet average

During the period, the return of the Money Market Fund surpassed that of the iMoneyNet government fund average. In pursuit of additional yield, management continued its strategy of holding longer-dated floating-rate government agency paper, which benefited the Fund’s performance as interest rates increased. These securities remained a positive yield enhancer during the period. As of September 25, 2018, the Fund’s weighted average maturity was 44 days, versus 32 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 25 was the last date of release for the month.

Portfolio composition

Sector	% of net assets as of 9/30/2018
U.S. government agency securities*		60.5
U.S. Treasury securities*		21.0
Floating-rate securities, government*		18.3
Other assets & liabilities, net		0.2
Total		100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

Fund profile

	as of 9/30/2018
Net assets		$1.00 billion
Number of issues		186

TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 29

Summary portfolio of investments (unaudited)

Bond Fund  ■  September 30, 2018

Principal		Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS			$	2,203,184		0.1	%
CAPITAL GOODS				3,944,509		0.1
COMMERCIAL & PROFESSIONAL SERVICES				7,030,275		0.1
CONSUMER DURABLES & APPAREL				2,891,989		0.0
CONSUMER SERVICES				13,071,600		0.3
ENERGY				709,946		0.0
FOOD & STAPLES RETAILING				769,651		0.0
FOOD, BEVERAGE & TOBACCO				1,679,217		0.0
HEALTH CARE EQUIPMENT & SERVICES				3,475,822		0.1
INSURANCE				4,509,657		0.1
MATERIALS				9,141,544		0.2
MEDIA				5,848,256		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				6,982,429		0.1
REAL ESTATE				5,004,926		0.1
RETAILING				2,521,566		0.0
SOFTWARE & SERVICES				3,211,836		0.1
TECHNOLOGY HARDWARE & EQUIPMENT				5,386,786		0.1
TELECOMMUNICATION SERVICES				1,386,672		0.0
TRANSPORTATION				7,676,069		0.1
UTILITIES				2,547,990		0.0
		TOTAL BANK LOAN OBLIGATIONS (Cost $90,069,319)		89,993,924		1.6
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				19,268,768		0.3
BANKS
		Bank of America Corp
	$40,000,000	3.550%, 03/05/24		39,531,061		0.7
		JPMorgan Chase & Co
	35,000,000	3.797, 07/23/24		34,972,468		0.6
		Other		361,440,002		6.3
				435,943,531		7.6
CAPITAL GOODS				36,051,842		0.7
COMMERCIAL & PROFESSIONAL SERVICES				20,287,937		0.3
CONSUMER DURABLES & APPAREL				6,114,574		0.1
CONSUMER SERVICES				11,321,386		0.1
DIVERSIFIED FINANCIALS				163,600,362		2.8
ENERGY				198,908,218		3.5

Principal		Issuer	Value		% of net assets
FOOD & STAPLES RETAILING
		CVS Health Corp
	$17,825,000	0.300%, 03/25/28	$	17,649,087		0.3	%
		Other		32,494,095		0.6
				50,143,182		0.9
FOOD, BEVERAGE & TOBACCO
		Anheuser-Busch InBev Finance, Inc
	25,500,000	3.650%, 02/01/26		24,743,924		0.4
		Other		41,053,430		0.7
				65,797,354		1.1
HEALTH CARE EQUIPMENT & SERVICES				23,912,483		0.4
INSURANCE				66,788,961		1.1
MATERIALS				53,011,818		0.9
MEDIA				74,443,426		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				82,937,606		1.4
REAL ESTATE				70,596,375		1.1
RETAILING				50,792,758		0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				10,064,032		0.2
SOFTWARE & SERVICES
		Microsoft Corp
	19,000,000	2.400%, 08/08/26		17,509,842		0.3
		Other		34,614,704		0.7
				52,124,546		1.0
TECHNOLOGY HARDWARE & EQUIPMENT				53,724,094		0.9
TELECOMMUNICATION SERVICES				76,486,978		1.3
TRANSPORTATION				49,775,809		1.0
UTILITIES				174,938,547		3.1
		TOTAL CORPORATE BONDS (Cost $1,894,907,754)		1,847,034,587		32.1
GOVERNMENT BONDS
AGENCY SECURITIES				20,401,899		0.3
FOREIGN GOVERNMENT BONDS				184,685,825		3.2
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
	19,475,701	3.500%, 10/01/45		19,251,669		0.3
	39,281,801	3.500%, 08/01/46		38,884,151		0.7
	37,336,825	3.000%, 01/01/47		35,748,685		0.6
	33,184,262	3.000%, 02/01/47		31,782,654		0.6
	25,838,667	3.500%, 03/01/48		25,507,249		0.4
	23,813,153	4.000%, 03/01/48		24,197,283		0.4
	29,158,855	4.500%, 08/01/48		30,420,414		0.5
		Federal National Mortgage Association (FNMA)
	19,570,638	3.000%, 12/25/45		18,918,473		0.3
	41,778,831	3.500%, 01/01/47		41,224,473		0.7
	26,790,789	3.500%, 11/01/47		26,380,133		0.5
	32,406,099	3.000%, 02/25/48		31,340,855		0.6
	90,818,415	4.000%, 04/01/48		91,750,540		1.6
	218,791,067	3.000%–8.000%, 07/01/24–08/01/48		221,678,388		3.9

30 2018 Semiannual Report   ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Bond Fund  ■  September 30, 2018

Principal				Issuer	Value		% of net assets
MORTGAGE BACKED—continued
				Government National Mortgage Association (GNMA)
$	31,144,778			3.000%, 12/20/47	$	30,186,304	0.5	%
	29,363,566			3.500%, 12/20/47		29,220,112	0.5
	52,911,681			3.500%, 01/20/48		52,653,026	0.9
				Other		124,196,480	2.2
						873,340,889	15.2
MUNICIPAL BONDS
				California State University
	18,410,000			3.899%, 11/01/47		17,366,153	0.3
				State of Illinois
	22,575,000			5.100%, 06/01/33		21,666,356	0.4
				The Ohio State University
	25,830,000			3.798%, 12/01/46		24,261,603	0.4
				Other		255,551,195	4.5
						318,845,307	5.6
U.S. TREASURY SECURITIES
				United States Treasury Bond
	43,050,000			3.500%, 02/15/39		45,347,121	0.8
	16,015,000			3.875%, 08/15/40		17,779,152	0.3
	50,095,000			2.750%, 11/15/47		45,831,054	0.8
	66,670,000			3.000%, 02/15/48		64,133,414	1.1
	29,125,000			3.125%, 05/15/48		28,723,394	0.5
	101,500,000			3.000%, 08/15/48		97,626,348	1.7
				United States Treasury Note
	38,000,000			0.750%, 10/31/18		37,959,596	0.7
	27,000,000			1.250%, 11/15/18		26,971,682	0.5
	18,000,000			2.250%, 02/29/20		17,876,250	0.3
	27,975,000			2.625%, 08/31/20		27,875,558	0.5
	22,800,000			1.375%, 09/15/20		22,178,344	0.4
	17,760,000			2.625%, 05/15/21		17,650,387	0.3
	148,225,000			2.625%, 07/15/21		147,223,324	2.6
	29,160,000			2.750%, 09/15/21		29,050,650	0.5
	20,000,000			2.000%, 11/30/22		19,271,875	0.3
	43,330,000			2.750%, 04/30/23		42,977,944	0.7
	17,000,000			2.875%, 09/30/23		16,942,891	0.3
	81,125,000			2.750%, 06/30/25		79,844,746	1.4
	20,775,000			2.750%, 08/31/25		20,434,972	0.4
	58,832,000			2.875%, 08/15/28		57,940,327	1.0
	64,765,000			0.875%–2.875%, 11/30/18–02/15/28		63,815,581	1.1
				Other		48,061,538	0.8
						975,516,148	17.0
			TOTAL GOVERNMENT BONDS (Cost $2,426,229,709)			2,372,790,068	41.3
STRUCTURED ASSETS
ASSET BACKED
				New Residential Mortgage Loan Trust
				Series 2017-1A (Class A1)
	20,299,304	g,i		4.000%, 02/25/57		20,358,810	0.3
				Other		446,624,969	7.8
						466,983,779	8.1

Principal				Issuer	Value		% of net assets
OTHER MORTGAGE BACKED
				Connecticut Avenue Securities
				Series 2017-C01 (Class 1M1)
$	24,910,655	i		2.165%, 07/25/29, LIBOR 1 M + 1.300%	$	25,080,595	0.4	%
				Series 2017-C07 (Class 1M1)
	28,169,738	i		2.866%, 05/25/30, LIBOR 1 M + 0.650%		28,210,824	0.5
				Series 2018-C01 (Class 1M1)
	16,878,710	i		2.816%, 07/25/30, LIBOR 1 M + 0.600%		16,901,516	0.3
	68,536,982	i		2.896%–5.216%, 07/25/24–01/25/31,
				LIBOR 1 M + 0.680%–LIBOR 1 M + 3.000%		69,125,091	1.2
				One Market Plaza Trust
				Series 2017-1MKT (Class A)
	18,445,000	g		3.614%, 02/10/32		18,335,660	0.3
				Structured Agency Credit Risk Debt Note (STACR)
				Series 2017-DNA3 (Class M1)
	28,072,697	i		2.966%, 03/25/30, LIBOR 1 M + 0.750%		28,181,333	0.5
				Other		499,574,093	8.7
						685,409,112	11.9
			TOTAL STRUCTURED ASSETS (Cost $1,178,370,131)			1,152,392,891	20.0
			TOTAL BONDS (Cost $5,499,507,594)			5,372,217,546	93.4
	Shares			Company
COMMON STOCKS
ENERGY						345,565	0.0
			TOTAL COMMON STOCKS (Cost $133,600)			345,565	0.0
	Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
				United States Treasury Bill
$	40,000,000			2.045%, 11/01/18		39,928,959	0.7
				Other		4,838,247	0.1
						44,767,206	0.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $44,832,431)			44,767,206	0.8
			TOTAL PORTFOLIO (Cost $5,634,542,944)			5,507,324,241	95.8
				OTHER ASSETS & LIABILITIES, NET		239,355,919	4.2
				NET ASSETS	$	5,746,680,160	100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 31

Summary portfolio of investments(unaudited) concluded

Bond Fund  ■  September 30, 2018

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 9/30/18, the aggregate value of these securities, including those in “Other,” was $1,090,273,287 or 19.0% of net assets.
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.

“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 credit default swap contracts outstanding as of September 30, 2018 were as follows (see Note 3):

Purchased

Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date	Notional amount(1)		Value		Upfront receipts (payments)		Unrealized appreciation (depreciation)
CDX-EMS30V1–5 Year Index	1.000%	Credit event as specified in contract	Goldman Sachs	12/20/23	$	25,000,000	$	1,042,798	$	1,196,234		$(153,436	)
Total												$(153,436	)

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

32 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Bond Index Fund  ■  September 30, 2018

Principal		Issuer		Value	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	13,346,930	0.1	%
BANKS
		Bank of America Corp
$	54,164,000	2.151%–5.000%, 10/19/20–01/23/49		52,907,085	0.5
		Other		381,558,882	3.7
				434,465,967	4.2
CAPITAL GOODS				106,463,358	1.0
COMMERCIAL & PROFESSIONAL SERVICES				32,851,998	0.3
CONSUMER DURABLES & APPAREL				11,319,424	0.1
CONSUMER SERVICES				28,897,199	0.3
DIVERSIFIED FINANCIALS				320,267,219	3.1
ENERGY				263,516,672	2.5
FOOD & STAPLES RETAILING				44,633,303	0.4
FOOD, BEVERAGE & TOBACCO				140,742,969	1.4
HEALTH CARE EQUIPMENT & SERVICES				75,021,196	0.7
HOUSEHOLD & PERSONAL PRODUCTS				11,728,462	0.1
INSURANCE				102,357,892	1.0
MATERIALS				75,081,244	0.7
MEDIA				91,398,422	0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				143,124,340	1.4
REAL ESTATE				76,063,739	0.7
RETAILING				74,142,341	0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				17,687,814	0.2
SOFTWARE & SERVICES				89,236,772	0.9
TECHNOLOGY HARDWARE & EQUIPMENT				93,400,250	0.9
TELECOMMUNICATION SERVICES				106,038,760	1.0
TRANSPORTATION				71,195,223	0.7
UTILITIES				189,717,691	1.8
		TOTAL CORPORATE BONDS (Cost $2,674,706,342)		2,612,699,185	25.1
GOVERNMENT BONDS
AGENCY SECURITIES				155,718,872	1.5
FOREIGN GOVERNMENT BONDS				393,164,563	3.8
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
	38,764,560	3.000%, 08/01/45		37,439,749	0.3
	706,370,768	2.500%–8.000%, 01/01/19–07/01/48		699,966,664	6.7
		Federal National Mortgage Association (FNMA)
	62,602,481	4.000%, 03/01/44		63,722,490	0.6
	37,471,402	4.000%, 01/01/48		37,879,803	0.4
	1,205,385,880	2.136%–8.000%, 10/01/18–07/01/55		1,196,363,900	11.5

Principal			Issuer	Value		% of net assets
MORTGAGE BACKED–continued
			Government National Mortgage Association (GNMA)
$	38,011,968		3.500%, 11/20/47	$	37,826,317		0.4	%
	817,829,070		2.500%–8.500%, 01/20/24–09/20/48		820,272,963		7.9
			Other		1,725,558		0.0
					2,895,197,444		27.8
MUNICIPAL BONDS					74,154,960		0.7
U.S. TREASURY SECURITIES
			United States Treasury Bond
	37,400,000		5.000%, 05/15/37		47,328,531		0.4
	129,983,000		3.500%, 02/15/39		136,918,812		1.3
	38,300,000		3.125%, 11/15/41		37,912,512		0.4
	45,000,000		2.750%, 11/15/47		41,169,727		0.4
	48,500,000		3.125%, 05/15/48		47,831,231		0.5
	45,000,000		3.000%, 08/15/48		43,282,617		0.4
	362,935,000		2.500%–4.500%, 02/15/36–02/15/48		365,229,208		3.5
			United States Treasury Note
	40,750,000		1.500%, 05/31/19		40,482,578		0.4
	77,000,000		1.500%, 11/30/19		75,944,258		0.7
	78,500,000		1.375%, 02/29/20		77,006,660		0.7
	45,000,000		1.625%, 03/15/20		44,282,813		0.4
	50,000,000		1.500%, 05/31/20		48,955,078		0.5
	93,000,000		2.625%, 07/31/20		92,698,476		0.9
	40,000,000		1.375%, 10/31/20		38,823,438		0.4
	50,000,000		1.625%, 11/30/20		48,726,563		0.5
	43,000,000		1.875%, 12/15/20		42,118,164		0.4
	48,500,000		1.375%, 01/31/21		46,885,859		0.4
	60,000,000		2.375%, 03/15/21		59,322,656		0.6
	50,000,000		1.250%, 03/31/21		48,074,219		0.5
	55,000,000		1.375%, 04/30/21		52,974,023		0.5
	65,000,000		1.375%, 05/31/21		62,521,875		0.6
	40,000,000		1.125%, 08/31/21		38,045,312		0.4
	50,000,000		1.250%, 10/31/21		47,597,656		0.5
	57,000,000		1.750%, 11/30/21		55,036,172		0.5
	51,700,000		2.000%, 12/31/21		50,264,113		0.5
	60,000,000		1.875%, 02/28/22		58,000,782		0.5
	51,000,000		1.875%, 03/31/22		49,256,836		0.5
	92,000,000		1.875%, 04/30/22		88,772,813		0.8
	63,000,000		1.875%, 07/31/22		60,620,273		0.6
	55,000,000		1.625%, 08/31/22		52,368,164		0.5
	65,000,000		2.000%, 10/31/22		62,679,297		0.6
	108,000,000		2.000%, 11/30/22		104,068,125		1.0
	60,000,000		2.625%, 02/28/23		59,238,281		0.6
	80,000,000		2.500%, 03/31/23		78,525,000		0.7
	80,000,000		2.750%, 05/31/23		79,350,000		0.8
	91,500,000		2.625%, 06/30/23		90,209,707		0.9
	80,000,000		2.750%, 07/31/23		79,300,000		0.8
	116,000,000		2.750%, 08/31/23		114,994,062		1.1
	49,400,000		2.875%, 09/30/23		49,234,047		0.5
	40,005,000		2.250%, 11/15/24		38,342,292		0.4
	40,000,000		2.250%, 12/31/24		38,309,375		0.4
	44,500,000		1.625%, 02/15/26		40,390,703		0.4
	56,000,000		2.250%, 08/15/27		52,524,063		0.5
	47,000,000		2.750%, 02/15/28		45,837,852		0.4
	66,000,000		2.875%, 05/15/28		65,012,578		0.6
	88,000,000		2.875%, 08/15/28		86,666,250		0.8
	879,224,100		1.000%-8.000%, 02/28/19-08/15/26		855,500,994		8.2
					3,938,634,045		37.9
		TOTAL GOVERNMENT BONDS (Cost $7,667,403,661)			7,456,869,884		71.7

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 33

Summary portfolio of investments(unaudited) concluded

Bond Index Fund  ■  September 30, 2018

	Principal	Issuer		Value	% of net assets
STRUCTURED ASSETS
ASSET BACKED			$	86,772,439		0.8	%
OTHER MORTGAGE BACKED				182,640,019		1.8
		TOTAL STRUCTURED ASSETS (Cost $276,373,087)		269,412,458		2.6
		TOTAL BONDS (Cost $10,618,483,090)		10,338,981,527		99.4
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
	$39,250,000	2.000%, 10/01/18		39,250,000		0.4
		Other		7,992,432		0.1
				47,242,432		0.5
TREASURY DEBT				14,616,687		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $61,867,368)		61,859,119		0.6
		TOTAL PORTFOLIO (Cost $10,680,350,458)		10,400,840,646		100.0
		OTHER ASSETS & LIABILITIES, NET		3,595,298		0.0
		NET ASSETS	$	10,404,435,944		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 9/30/18, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $69,690,335 or 0.7% 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 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Bond Plus Fund  ■  September 30, 2018

					% of net
Principal		Issuer	Value		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS			$	4,624,035		0.2	%
CAPITAL GOODS				3,467,415		0.1
COMMERCIAL & PROFESSIONAL SERVICES				17,012,680		0.5
CONSUMER DURABLES & APPAREL				291,699		0.0
CONSUMER SERVICES				13,448,881		0.3
DIVERSIFIED FINANCIALS				161,250		0.0
ENERGY				4,287,375		0.1
FOOD & STAPLES RETAILING				3,500,661		0.1
HEALTH CARE EQUIPMENT & SERVICES				7,961,727		0.2
INSURANCE				5,038,852		0.1
MATERIALS				4,198,372		0.1
MEDIA				9,167,989		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				1,739,448		0.0
REAL ESTATE				3,798,407		0.1
RETAILING				9,060,461		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				747,183		0.0
SOFTWARE & SERVICES				8,827,314		0.2
TECHNOLOGY HARDWARE & EQUIPMENT				1,430,154		0.0
TELECOMMUNICATION SERVICES				1,161,966		0.0
TRANSPORTATION				1,508,267		0.0
UTILITIES				986,497		0.0
		TOTAL BANK LOAN OBLIGATIONS (Cost $103,895,609)		102,420,633		2.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				27,682,463		0.7
BANKS				200,431,556		4.7
CAPITAL GOODS				20,282,127		0.5
COMMERCIAL & PROFESSIONAL SERVICES				27,021,236		0.6
CONSUMER DURABLES & APPAREL				13,390,209		0.3
CONSUMER SERVICES				33,633,039		0.8
DIVERSIFIED FINANCIALS
		Wells Fargo & Co
	$15,850,000	2.625%, 07/22/22		15,305,904		0.4
		Other		131,099,815		3.1
				146,405,719		3.5
ENERGY				161,949,540		3.9
FOOD & STAPLES RETAILING				27,351,905		0.6
FOOD, BEVERAGE & TOBACCO				42,946,991		1.0

					% of net
Principal		Issuer	Value		assets
HEALTH CARE EQUIPMENT & SERVICES			$	34,263,369		0.8	%
HOUSEHOLD & PERSONAL PRODUCTS				404,494		0.0
INSURANCE				45,019,138		1.1
MATERIALS				56,940,745		1.4
MEDIA				58,443,524		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				48,252,857		1.1
REAL ESTATE				37,741,626		0.9
RETAILING				32,882,755		0.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				7,454,552		0.2
SOFTWARE & SERVICES				30,140,769		0.6
TECHNOLOGY HARDWARE & EQUIPMENT				37,742,774		0.9
TELECOMMUNICATION SERVICES				49,674,383		1.2
TRANSPORTATION				31,106,578		0.8
UTILITIES				104,017,014		2.5
		TOTAL CORPORATE BONDS (Cost $1,309,242,777)		1,275,179,363		30.3
GOVERNMENT BONDS
FOREIGN GOVERNMENT BONDS
	JPY	Japan Government Two Year Bond
	2,300,000,000	0.100%, 04/15/19		20,267,146		0.5
		Other		126,999,158		3.0
				147,266,304		3.5
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
	$ 26,462,173	3.500%, 08/01/46		26,194,296		0.6
	20,308,041	3.000%, 01/01/47		19,444,229		0.5
	39,583,192	3.000%, 02/01/47		37,911,312		0.9
	27,944,725	4.500%, 08/01/48		29,153,755		0.7
	59,308,739	3.500%–8.000%, 10/01/20–07/01/48		60,025,139		1.4
		Federal National Mortgage Association (FNMA)
	71,796,863	3.500%, 01/01/47		70,844,200		1.7
	14,913,788	4.500%, 01/01/48		15,539,726		0.4
	24,450,343	3.000%, 02/25/48		23,646,619		0.5
	58,466,404	4.000%, 04/01/48		59,066,480		1.4
	191,103,332	3.000%–9.000%, 11/01/25–08/01/48		193,546,135		4.6
		Government National Mortgage Association (GNMA)
	19,436,249	3.000%, 12/20/47		18,838,103		0.4
	34,945,228	3.500%, 12/20/47		34,774,505		0.8
	29,048,259	3.000%, 01/20/48		28,153,495		0.7
	37,712,586	3.500%, 01/20/48		37,528,230		0.9
	14,656,248	4.000%, 07/20/48		14,915,930		0.3
		Other		42,241,549		1.1
				711,823,703		16.9
MUNICIPAL BONDS
		State of California
	15,000,000	4.988%, 04/01/39		15,847,200		0.4
		Other		215,339,815		5.1
				231,187,015		5.5

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 35

Summary portfolio of investments (unaudited) continued

Bond Plus Fund  ■  September 30, 2018

						% of net
Principal			Issuer		Value	assets
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	15,000,000		4.500%, 02/15/36	$	17,798,438		0.4	%
	15,000,000		4.500%, 05/15/38		17,997,070		0.4
	15,000,000		4.250%, 05/15/39		17,487,305		0.4
	30,000,000		4.375%, 11/15/39		35,587,500		0.8
	20,000,000		4.375%, 05/15/40		23,757,812		0.6
	24,400,000		2.750%, 08/15/47		22,334,578		0.5
	33,350,000		3.000%, 02/15/48		32,081,137		0.8
	59,000,000		3.000%, 08/15/48		56,748,320		1.3
	50,645,000		2.500%–4.750%, 02/15/41–05/15/48		47,934,660		1.1
			United States Treasury Inflation Indexed Bonds
	15,949,200	k	0.125%, 04/15/21		15,623,051		0.4
			United States Treasury Note
	45,086,000		1.375%, 09/30/19		44,518,903		1.1
	16,000,000		1.750%, 09/30/19		15,857,500		0.4
	36,000,000		1.500%, 11/30/19		35,506,406		0.8
	20,000,000		1.750%, 11/30/19		19,784,375		0.5
	20,000,000		2.250%, 02/29/20		19,862,500		0.5
	32,000,000		1.125%, 07/31/21		30,481,250		0.7
	20,000,000		2.125%, 08/15/21		19,585,156		0.5
	20,000,000		2.000%, 08/31/21		19,512,500		0.5
	37,835,000		2.750%, 09/15/21		37,693,119		0.9
	35,000,000		2.125%, 09/30/21		34,238,477		0.8
	45,000,000		2.000%, 12/31/21		43,750,195		1.0
	52,500,000		1.875%, 01/31/22		50,789,649		1.2
	20,000,000		1.750%, 02/28/22		19,253,125		0.5
	15,000,000		1.875%, 02/28/22		14,500,195		0.3
	50,000,000		1.875%, 08/31/22		48,062,500		1.1
	20,000,000		1.750%, 01/31/23		19,036,719		0.4
	34,400,000		2.250%, 12/31/23		33,217,500		0.8
	22,500,000		2.250%, 01/31/24		21,708,984		0.5
	15,000,000		2.125%, 02/29/24		14,370,703		0.3
	20,000,000		2.125%, 03/31/24		19,146,875		0.5
	20,000,000		2.000%, 04/30/24		19,003,125		0.4
	35,000,000		2.500%, 05/15/24		34,141,406		0.8
	67,880,000		2.000%–2.875%, 03/31/20–08/15/28		66,371,293		1.6
					967,742,326		22.8
			TOTAL GOVERNMENT BONDS (Cost $2,112,319,790)		2,058,019,348		48.7
STRUCTURED ASSETS
ASSET BACKED					302,452,371		7.2
OTHER MORTGAGE BACKED
			COMM Mortgage Trust
			Series 2012-CR2 (Class A3)
	20,000,000	g	2.841%, 08/15/45		19,626,986		0.5
			S Mortgage Securities Corp II
			Series 2018-GS9 (Class AAB)
	14,346,000	i	3.978%, 03/10/51		14,548,521		0.3
			JP Morgan Mortgage Trust
	49,028,835	g,i	3.000%–4.000%, 11/25/33–01/25/49		47,924,640		1.1
			Morgan Stanley Bank of America Merrill Lynch Trust
			Series 2015-C20 (Class A4)
	15,262,000		3.249%, 02/15/48		14,843,786		0.4
			Sequoia Mortgage Trust
	47,315,616	g,i	3.500%–4.000%, 11/25/46–07/25/48		46,676,153		1.1
			Other		265,507,330		6.3
					409,127,416		9.7

				% of net
Principal	Issuer		Value	assets
	TOTAL STRUCTURED ASSETS (Cost $727,284,473)	$	711,579,787		16.9	%
	TOTAL BONDS (Cost $4,148,847,040)		4,044,778,498		95.9
Shares	Company
COMMON STOCKS
ENERGY			3,762,274		0.1
	TOTAL COMMON STOCKS (Cost $1,863,398)		3,762,274		0.1
RIGHTS / WARRANTS
ENERGY			467,172		0.0
	TOTAL RIGHTS / WARRANTS (Cost $270,181)		467,172		0.0
Principal	Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT			3,740,726		0.1
	TOTAL SHORT-TERM INVESTMENTS (Cost $3,754,873)		3,740,726		0.1
	TOTAL PORTFOLIO (Cost $4,258,631,101)		4,155,169,303		98.5
	OTHER ASSETS & LIABILITIES, NET		65,153,494		1.5
	NET ASSETS	$	4,220,322,797		100.0	%

Abbreviation(s):

JPY   Japanese Yen

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 9/30/18, the aggregate value of these securities, including those in “Other,” was $874,422,451 or 20.7% of net assets.
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.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

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

36 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Bond Plus Fund  ■  September 30, 2018

Bilateral cross currency swap contracts outstanding as of September 30, 2018 were as follows (see Note 3):

								Upfront		Unrealized
Reference	Terms of payments	Terms of payments		Maturity		Notional		receipts		appreciation
entity	to be paid	to be received	Counterparty	date		amount	Value	(payments	)	(depreciation	)
USD		Fixed semi-annual 1.940%	JP Morgan Chase Bank, N.A.	4/15/19	USD	20,664,870	$463,501	$(83,602	)	$547,103
JPY	Fixed semi-annual 0.100%				JPY	2,300,000,000

Abbreviation(s):

JPY Japanese Yen

USD United States Dollar

Centrally cleared credit default swap contracts outstanding as of September 30, 2018 were as follows (see Note 3):

PURCHASED

										Unrealized
Reference	Terms of payments	Terms of payments		Maturity		Notional	Variation			appreciation
entity	to be paid	to be received	Counterparty	date		amount(1)	margin			(depreciation		)
CDX-NAHYS30V1–5 Year Index	5.000%	Credit event as specified in contract	Goldman Sachs	06/20/23	$	15,000,000	$	(16,606	)	$	(248,989	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		15,000,000		(16,606	)		(255,450	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		15,000,000		(16,606	)		(236,177	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000		(11,071	)		(93,888	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000		(11,071	)		(94,133	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		20,000,000		(22,141	)		(152,256	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000		(11,071	)		(57,439	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets	06/20/23		15,000,000		(16,606	)		(89,141	)
CDX-NAHYS30V1–5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets	06/20/23		25,000,000		(13,559	)		(119,157	)
Total							$	(135,337	)	$	(1,346,630	)

SOLD

										Unrealized
Reference	Terms of payments	Terms of payments		Maturity	Notional		Variation			appreciation
entity	to be paid	to be received	Counterparty	date	amount(1)		margin			(depreciation		)
CDX-NAHYS30V1–5 Year Index	Credit event as specified in contract	5.000%	Goldman Sachs	6/20/23	$	15,000,000	$	16,606		$	230,540
CDX-NAHYS30V1–5 Year Index	Credit event as specified in contract	5.000	Goldman Sachs	6/20/23		20,000,000		10,847			228,547
Total							$	27,453		$	459,087
Totals							$	(107,884	)	$	(887,543	)

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 37

Summary portfolio of investments (unaudited)

5–15 Year Laddered Tax-Exempt Bond Fund  ■  September 30, 2018

Principal		Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
		University of South Alabama
$	2,395,000	5.000%, 11/01/31	$	2,716,170		1.0	%
		Other		1,161,660		0.4
				3,877,830		1.4
ALASKA
		Borough of Matanuska-Susitna AK
	2,570,000	5.000%, 09/01/25		2,924,840		1.1
		Other		1,459,970		0.6
				4,384,810		1.7
ARIZONA				669,440		0.3
ARKANSAS				1,146,520		0.4
CALIFORNIA
		California Health Facilities Financing Authority
	1,510,000	5.000%, 09/01/33		1,707,765		0.7
		City of Los Angeles Department of Airports
	2,000,000	5.000%, 05/15/27		2,297,000		0.9
		Elk Grove Finance Authority
	1,715,000	5.000%, 09/01/30		1,903,942		0.7
		Other		9,796,477		3.9
				15,705,184		6.2
	COLORADO
		City & County of Denver CO Airport System Revenue
	1,500,000	5.000%, 11/15/30		1,696,830		0.6
		Colorado Health Facilities Authority
	2,155,000	5.000%, 01/01/32		2,227,149		0.9
		Other		4,041,367		1.5
				7,965,346		3.0
CONNECTICUT
		University of Connecticut
	2,000,000	5.000%, 03/15/28		2,218,800		0.9
		Other		4,935,592		1.9
				7,154,392		2.8
DISTRICT OF COLUMBIA				1,111,333		0.4
FLORIDA
		Miami-Dade County Expressway Authority
	1,375,000	5.000%, 07/01/31		1,558,700		0.6
		Port St. Lucie Community Redevelopment Agency
	2,180,000	5.000%, 01/01/26		2,475,673		1.0
		Other		6,502,183		2.5
				10,536,556		4.1
GEORGIA				5,883,137		2.2
GUAM				442,208		0.2
HAWAII				2,245,820		0.9

Principal			Issuer	Value		% of net assets
ILLINOIS
			Chicago Board of Education
$	1,500,000		5.000%, 12/01/26	$	1,566,315		0.6	%
	1,500,000		5.000%, 12/01/27		1,570,650		0.6
	2,000,000	g	2.010%, 12/01/30		2,000,000		0.8
			Chicago Midway International Airport
	2,000,000		5.000%, 01/01/26		2,246,240		0.9
			Chicago State University
	2,085,000		5.500%, 12/01/23		2,247,004		0.9
			City of Chicago IL Wastewater Transmission Revenue
	1,500,000		5.000%, 01/01/22		1,611,840		0.6
			City of Chicago IL, GO
	1,500,000		5.500%, 01/01/35		1,600,980		0.6
			County of Cook IL
	1,750,000		5.000%, 11/15/31		1,944,513		0.7
			Metropolitan Water Reclamation District of Greater Chicago
	2,000,000		5.000%, 12/01/30		2,261,360		0.9
			Sales Tax Securitization Corp
	1,500,000		5.000%, 01/01/30		1,686,450		0.6
			State of Illinois
	2,000,000		5.000%, 06/01/28		2,094,460		0.8
			State of Illinois, GO
	1,500,000		5.000%, 06/15/19		1,527,180		0.6
			Other		18,020,783		6.9
					40,377,775		15.5
IOWA					539,396		0.2
KENTUCKY
			Kentucky Turnpike Authority
	2,000,000		5.000%, 07/01/26		2,318,040		0.9
			Other		2,727,725		1.0
					5,045,765		1.9
LOUISIANA					3,978,560		1.5
MAINE					768,818		0.3
MARYLAND
			Maryland Economic Development Corp
	1,400,000		5.000%, 03/31/36		1,514,884		0.6
					1,514,884		0.6
MASSACHUSETTS					1,651,039		0.6
MICHIGAN
			Michigan Finance Authority
	2,000,000		5.000%, 04/01/25		2,248,360		0.9
	2,000,000		5.000%, 11/15/28		2,275,480		0.9
	1,650,000		5.000%, 07/01/44		1,757,613		0.7
			Other		3,535,085		1.4
					9,816,538		3.9
MINNESOTA					3,418,195		1.3
MISSISSIPPI
			Mississippi Development Bank
	1,500,000		5.000%, 03/01/24		1,667,070		0.6
			Other		5,355,901		2.1
					7,022,971		2.7

38 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

5–15 Year Laddered Tax-Exempt Bond Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
MISSOURI
			Kansas City Land Clearance Redevelopment Authority
$	1,500,000	g	5.000%, 02/01/40	$	1,539,915		0.6	%
			St. Louis Municipal Finance Corp
	1,745,000		5.000%, 02/15/26		1,969,233		0.8
			Other		5,272,309		2.0
					8,781,457		3.4
NEBRASKA					1,801,779		0.7
NEVADA					1,766,427		0.7
NEW JERSEY					5,459,588		2.0
NEW YORK
			Town of Oyster Bay NY
	1,660,000		2.000%, 02/15/19		1,656,265		0.6
	2,000,000		4.000%, 02/15/20		2,038,200		0.8
			Troy Capital Resource Corp
	1,385,000		5.000%, 08/01/24		1,559,718		0.6
			Other		9,478,260		3.7
					14,732,443		5.7
NORTH CAROLINA
			County of Duplin NC
	1,355,000		5.000%, 04/01/27		1,545,499		0.6
			North Carolina Medical Care Commission
	2,000,000		5.000%, 06/01/34		2,080,920		0.8
			Other		1,928,448		0.7
					5,554,867		2.1
NORTH DAKOTA					961,790		0.4
OHIO					4,745,301		1.9
OKLAHOMA
			Oklahoma Development Finance Authority
	1,500,000		5.250%, 08/15/48		1,633,695		0.6
			Other		850,538		0.4
					2,484,233		1.0
	OREGON
			Oregon State Business Development Commission
	3,000,000	g	6.500%, 04/01/31		2,959,710		1.1
			Other		2,247,860		0.9
					5,207,570		2.0
PENNSYLVANIA
			Commonwealth of Pennsylvania
	2,000,000		5.000%, 09/15/23		2,228,580		0.9
			Pennsylvania Economic Development
			Financing Authority
	2,000,000		5.000%, 12/31/25		2,237,980		0.9
			Pennsylvania State University
	2,500,000		5.000%, 03/01/40		2,588,725		1.0
			Other		6,324,820		2.5
					13,380,105		5.3
RHODE ISLAND					2,649,132		1.0
SOUTH CAROLINA					280,155		0.1
SOUTH DAKOTA					1,994,868		0.8

Principal			Issuer	Value		% of net assets
TENNESSEE				$	2,309,579		0.9	%
TEXAS
			City of El Paso TX Airport Revenue
$	2,000,000		5.000%, 08/15/28		2,315,380		0.9
			City of Houston TX
	1,970,000		5.000%, 03/01/32		2,249,996		0.9
			City of Lubbock TX
	1,500,000		5.000%, 02/15/25		1,716,645		0.7
			Texas Municipal Gas Acquisition & Supply Corp III
	1,545,000		5.000%, 12/15/32		1,653,474		0.6
			Other		11,841,308		4.5
					19,776,803		7.6
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25		2,143,400		0.8
	2,500,000	g	5.000%, 09/01/33		2,602,100		1.0
			Virgin Islands Water & Power Authority-Electric System
	6,000,000	g	5.500%, 11/15/18		5,991,780		2.3
					10,737,280		4.1
VIRGINIA					1,054,100		0.4
WASHINGTON
			Central Puget Sound Regional Transit Authority
	2,705,000		5.250%, 02/01/21		2,813,903		1.1
			Energy Northwest
	1,955,000		5.000%, 07/01/23		2,164,107		0.8
			Tender Option Bond Trust Receipts
	2,000,000	g	1.910%, 02/01/19		2,000,000		0.8
			Other		1,117,550		0.4
					8,095,560		3.1
WEST VIRGINIA					3,388,327		1.3
WISCONSIN					536,290		0.2
			TOTAL LONG-TERM MUNICIPAL BONDS (Cost $254,477,213)		250,954,171		96.8
			TOTAL PORTFOLIO (Cost $254,477,213)		250,954,171		96.8
			OTHER ASSETS & LIABILITIES, NET		8,353,499		3.2
			NET ASSETS	$	259,307,670		100.0	%

Abbreviation(s):

GO General Obligation

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/18, the aggregate value of these securities, including those in “Other,” was $21,677,079 or 8.4% of net assets.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 39

Summary portfolio of investments (unaudited)

High-Yield Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	8,616,654		0.2	%
CAPITAL GOODS					5,986,399		0.1
COMMERCIAL & PROFESSIONAL SERVICES					31,200,436		0.8
CONSUMER SERVICES					42,202,475		1.1
ENERGY					16,901,784		0.4
HEALTH CARE EQUIPMENT & SERVICES					10,526,430		0.3
INSURANCE					18,077,971		0.4
MATERIALS					16,073,428		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,067,997		0.2
REAL ESTATE					15,973,101		0.4
RETAILING					28,785,260		0.7
SOFTWARE & SERVICES					5,108,527		0.1
UTILITIES					22,515,957		0.6
		TOTAL BANK LOAN OBLIGATIONS (Cost $233,141,208)			232,036,419		5.7
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					46,476,955		1.1
BANKS					55,032,266		1.3
CAPITAL GOODS					111,619,298		2.8
COMMERCIAL & PROFESSIONAL SERVICES					108,905,754		2.7
CONSUMER DURABLES & APPAREL
			Lennar Corp
$	46,050,000		4.125%–8.375%, 01/15/21–11/15/24		46,506,881		1.1
			Mattel, Inc
	18,050,000	g	6.750%, 12/31/25		17,689,000		0.4
			Other		34,653,391		0.9
					98,849,272		2.4
CONSUMER SERVICES
			Prime Security Services Borrower LLC
	41,210,000	g	9.250%, 05/15/23		44,074,095		1.1
			Six Flags Entertainment Corp
	22,500,000	g	4.875%, 07/31/24		22,038,750		0.5
			Other		193,270,624		4.8
					259,383,469		6.4
DIVERSIFIED FINANCIALS
			Icahn Enterprises LP
	21,200,000		6.250%, 02/01/22		21,730,000		0.5
			Quicken Loans, Inc
	27,850,000	g	5.250%, 01/15/28		25,865,688		0.7
			Other		126,778,325		3.1
					174,374,013		4.3

Principal			Issuer	Value		% of net assets
ENERGY
			AmeriGas Partners LP
$	42,600,000		5.500%–5.875%, 05/20/24–05/20/27	$	41,969,250		1.0	%
			Cheniere Energy Partners LP
	18,000,000	g	5.625%, 10/01/26		18,129,600		0.4
			Exterran Partners LP
	21,535,000		6.000%, 04/01/21		21,642,675		0.5
			Genesis Energy LP
	17,900,000		6.500%, 10/01/25		17,474,875		0.4
	22,500,000		6.250%, 05/15/26		21,431,250		0.5
			Hess Infrastructure Partners LP
	26,175,000	g	5.625%, 02/15/26		26,436,750		0.7
			Murphy Oil Corp
	19,800,000		5.750%, 08/15/25		20,114,880		0.5
			Nabors Industries, Inc
	23,750,000	h	5.750%, 02/01/25		22,761,499		0.6
			Oasis Petroleum, Inc
	17,250,000	g	6.250%, 05/01/26		17,607,938		0.4
			Range Resources Corp
	22,825,000		5.750%, 06/01/21		23,481,219		0.6
			Southwestern Energy Co
	19,000,000		7.500%, 04/01/26		19,902,500		0.5
			USA Compression Partners LP
	30,000,000	g	6.875%, 04/01/26		30,975,000		0.8
			Other		452,496,347		11.1
					734,423,783		18.0
FOOD & STAPLES RETAILING
			Fresh Market, Inc
	30,685,000	†,g	9.750%, 05/01/23		22,860,325		0.6
			Ingles Markets, Inc
	17,960,000		5.750%, 06/15/23		18,184,500		0.4
			Other		20,924,375		0.5
					61,969,200		1.5
FOOD, BEVERAGE & TOBACCO					17,013,756		0.4
HEALTH CARE EQUIPMENT & SERVICES
			Enterprise Merger Sub, Inc
	18,000,000	g	8.750%, 10/15/26		18,000,000		0.4
			HCA, Inc
	24,650,000		5.875%, 02/15/26		25,666,813		0.6
	46,200,000		5.000%–7.500%, 02/15/22–06/15/47		48,282,554		1.2
			Tenet Healthcare Corp
	23,125,000		4.625%, 07/15/24		22,477,500		0.6
			Other		138,672,000		3.4
					253,098,867		6.2
HOUSEHOLD & PERSONAL PRODUCTS					10,100,125		0.2
INSURANCE					2,035,000		0.1
MATERIALS
			Blue Cube Spinco, Inc
	20,000,000		9.750%, 10/15/23		22,625,000		0.6
			Nova Chemicals Corp
	40,000,000	g	4.875%, 06/01/24		38,510,000		0.9
			Tronox, Inc
	22,750,000	g	6.500%, 04/15/26		21,925,312		0.5
			Other		293,797,567		7.2
					376,857,879		9.2

40 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

High-Yield Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
MEDIA
			Altice France S.A.
$	28,175,000	g	8.125%, 02/01/27	$	28,949,812		0.7	%
			CCO Holdings LLC
	20,900,000		5.750%, 01/15/24		21,239,625		0.5
	20,000,000	g	5.875%, 04/01/24		20,425,000		0.5
			Cequel Communications Holdings I LLC
	19,750,000	g	7.500%, 04/01/28		20,688,125		0.5
			DISH DBS Corp
	19,000,000		7.750%, 07/01/26		18,002,500		0.4
			Numericable-SFR S.A.
	19,150,000	g	7.375%, 05/01/26		19,170,108		0.5
			Other		280,974,682		6.9
					409,449,852		10.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Valeant Pharmaceuticals International, Inc
	17,600,000	g	5.500%, 03/01/23		16,931,200		0.4
			VRX Escrow Corp
	17,825,000	g	5.875%, 05/15/23		17,303,619		0.4
			Other		81,438,975		2.1
					115,673,794		2.9
REAL ESTATE
			WeWork Cos, Inc
	25,300,000	g	7.875%, 05/01/25		24,604,250		0.6
			Other		6,541,469		0.2
					31,145,719		0.8
RETAILING
			PetSmart, Inc
	24,800,000		†,g 7.125%, 03/15/23		17,825,000		0.5
			Staples, Inc
	36,100,000	g	8.500%, 09/15/25		33,888,875		0.8
			Other		84,828,305		2.0
					136,542,180		3.3
SOFTWARE & SERVICES
			Open Text Corp
	16,400,000	g	5.875%, 06/01/26		16,922,832		0.4
			Other		99,554,418		2.5
					116,477,250		2.9
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope, Inc
	23,700,000	g	6.000%, 06/15/25		24,458,400		0.6
			Other		19,809,462		0.5
					44,267,862		1.1
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
	17,300,000		5.800%, 03/15/22		17,602,750		0.4
	16,400,000		7.500%, 04/01/24		17,527,500		0.4
			Frontier Communications Corp
	35,375,000	g	8.500%, 04/01/26		33,429,375		0.8
			T-Mobile USA, Inc
	22,000,000		5.125%, 04/15/25		22,165,000		0.6
			Other		125,582,702		3.1
					216,307,327		5.3

Principal			Issuer	Value			% of net assets
TRANSPORTATION
			Bombardier, Inc
$	16,825,000	g	6.125%, 01/15/23	$	16,898,609			0.4	%
			Other		66,003,913			1.6
					82,902,522			2.0
UTILITIES
			Calpine Corp
	27,125,000	g	5.250%, 06/01/26		25,124,531			0.6
			NRG Energy, Inc
	21,350,000	g	5.750%, 01/15/28		21,563,500			0.6
			Other		80,084,390			1.9
					126,772,421			3.1
		TOTAL CORPORATE BONDS (Cost $3,603,894,388)			3,589,678,564			88.0
		TOTAL BONDS (Cost $3,603,894,388)			3,589,678,564			88.0
	Shares		Company
COMMON STOCKS
DIVERSIFIED FINANCIALS
	406,574		iShares iBoxx $ High Yield Corporate Bond ETF		35,144,256			0.9
	971,552		SPDR Barclays High Yield Bond ETF		35,024,450			0.8
					70,168,706			1.7
ENERGY					31,746,141			0.8
		TOTAL COMMON STOCKS (Cost $85,083,819)			101,914,847			2.5
RIGHTS / WARRANTS
ENERGY					3,127,068			0.1
		TOTAL RIGHTS / WARRANTS (Cost $1,808,487)			3,127,068			0.1
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	20,000,000		1.966%, 10/10/18		19,989,440			0.5
			Other		14,950,000			0.4
					34,939,440			0.9
TREASURY DEBT
			United States Treasury Bill
	56,180,000		1.964%, 10/11/18		56,148,067			1.4
	27,875,000		1.997%, 10/18/18		27,847,785			0.7
	20,650,000		2.036%, 11/01/18		20,613,325			0.5
			Other		13,817,659			0.3
					118,426,836			2.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $153,369,898)			153,366,276			3.8
		TOTAL PORTFOLIO (Cost $4,077,297,800)			4,080,123,174			100.1
		OTHER ASSETS & LIABILITIES, NET			(2,392,791	)		(0.1	)
		NET ASSETS		$	4,077,730,383			100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2018 Semiannual Report 41

Summary portfolio of investments (unaudited) concluded

High-Yield Fund  ■  September 30, 2018

Abbreviation(s):
ETF	Exchange Traded Fund
SPDR	Standard & Poor’s Depository Receipts

†	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 9/30/18, the aggregate value of these securities, including those in “Other,” was $1,888,742,614 or 46.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

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

42 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments (unaudited)

Inflation-Linked Bond Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
			HNA LLC
$	2,364,460		2.369%, 09/18/27	$	2,262,865		0.1	%
			Montefiore Medical Center
	9,085,000		2.895%, 04/20/32		8,291,502		0.3
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,453,635		0.1
	3,000,000		3.250%, 06/15/25		2,984,643		0.1
			Reliance Industries Ltd
	4,934,211		2.444%, 01/15/26		4,792,290		0.1
			Ukraine Government AID Bonds
	3,000,000		1.847%, 05/29/20		2,950,770		0.1
	15,000,000		1.471%, 09/29/21		14,355,525		0.5
					39,091,230		1.3
MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	6,158,585		3.700%, 10/15/33		6,152,781		0.3
	1,632,784		3.870%, 10/15/36		1,648,107		0.0
					7,800,888		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	44,573,855	k	1.375%, 01/15/20		44,894,810		1.5
	164,646,360	k	0.125%, 04/15/20		162,511,102		5.4
	103,528,295	k	1.250%, 07/15/20		104,719,008		3.5
	115,294,313	k	1.125%, 01/15/21		115,993,837		3.8
	164,808,400	k	0.125%, 04/15/21		161,438,197		5.4
	119,562,808	k	0.625%, 07/15/21		119,259,813		4.0
	123,602,981	k	0.125%, 01/15/22		120,563,917		4.0
	183,930,825	k	0.125%, 04/15/22		178,726,637		5.8
	142,460,500	k	0.125%, 07/15/22		139,032,496		4.6
	109,177,000	k	0.125%, 01/15/23		105,710,612		3.5
	96,889,525	k	0.625%, 04/15/23		95,650,651		3.2
	136,984,320	k	0.375%, 07/15/23		134,325,331		4.5
	106,653,950	k	0.625%, 01/15/24		105,245,279		3.5
	107,723,980	k	0.125%, 07/15/24		103,509,722		3.4
	111,716,850	k	0.250%, 01/15/25		107,219,160		3.6
	102,079,190	k	2.375%, 01/15/25		111,238,115		3.7
	116,893,700	k	0.375%, 07/15/25		113,190,544		3.8
	92,270,460	k	0.625%, 01/15/26		90,306,109		3.0
	59,111,688	k	2.000%, 01/15/26		63,601,914		2.1
	80,952,410	k	0.125%, 07/15/26		76,346,134		2.5
	91,284,375	k	0.375%, 01/15/27		87,175,390		2.9
	41,247,787	k	2.375%, 01/15/27		45,966,665		1.5
	76,749,900	k	0.375%, 07/15/27		73,352,118		2.4
	122,087,175	k	0.500%, 01/15/28		117,203,688		3.9
	82,430,611	k	1.750%, 01/15/28		88,259,786		2.9
	49,958,598	k	3.625%, 04/15/28		62,005,255		2.1
	30,118,200	k	0.750%, 07/15/28		29,644,858		1.0
	37,783,334	k	2.500%, 01/15/29		43,428,696		1.4
	95,023,955	k	3.875%, 04/15/29		122,342,104		4.1
	3,549,375	k	3.375%, 04/15/32		4,610,028		0.1
			United States Treasury Note
	7,500,000		2.750%, 05/31/23		7,439,062		0.3
					2,934,911,038		97.4
		TOTAL GOVERNMENT BONDS (Cost $3,027,481,467)			2,981,803,156		99.0

Principal		Issuer	Value		% of net assets
	TOTAL PORTFOLIO (Cost $3,027,481,467)		$	2,981,803,156		99.0	%
	OTHER ASSETS & LIABILITIES, NET			29,541,656		1.0
	NET ASSETS		$	3,011,344,812		100.0	%

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, 2018 were as follows (see Note 3):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
US 10 Year Note (CBT)		(250)	12/19/18	$	(29,981,794)	$	(29,695,312)	$	286,482

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 43

Summary portfolio of investments(unaudited)

Short-Term Bond Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	2,063,262		0.1	%
COMMERCIAL & PROFESSIONAL SERVICES					3,028,023		0.2
CONSUMER DURABLES & APPAREL					2,679,022		0.1
CONSUMER SERVICES					4,565,060		0.2
FOOD & STAPLES RETAILING					3,089,338		0.2
HEALTH CARE EQUIPMENT & SERVICES					1,994,097		0.1
MATERIALS					501,565		0.0
MEDIA					13,749,644		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					949,983		0.1
RETAILING					4,743,952		0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,476,439		0.1
SOFTWARE & SERVICES					2,980,114		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					5,729,357		0.3
TRANSPORTATION					1,959,283		0.1
UTILITIES					980,773		0.0
			TOTAL BANK LOAN OBLIGATIONS (Cost $50,584,534)		50,489,912		2.7
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					2,907,409		0.2
BANKS
			Bank Nederlandse Gemeenten NV
$	11,850,000	g	2.500%, 02/28/20		11,779,611		0.7
			Bank of America Corp
	10,000,000		2.328%, 10/01/21		9,782,601		0.5
			Bank of Montreal
	9,000,000	g	2.500%, 01/11/22		8,784,079		0.5
			Canadian Imperial Bank of Commerce
	13,000,000	g	3.150%, 06/27/21		12,957,258		0.7
			CitiBank NA
	10,000,000		1.850%, 09/18/19		9,905,558		0.5
			Other		126,906,640		6.8
					180,115,747		9.7
CAPITAL GOODS					23,828,175		1.2
COMMERCIAL & PROFESSIONAL SERVICES					3,070,030		0.2
CONSUMER DURABLES & APPAREL					3,241,216		0.2
CONSUMER SERVICES					1,324,634		0.1
DIVERSIFIED FINANCIALS
			General Motors Financial Co, Inc
	10,000,000		2.450%, 11/06/20		9,800,680		0.5
			Goldman Sachs Group, Inc
	9,000,000		2.300%, 12/13/19		8,920,808		0.5
			Other		66,987,297		3.6
					85,708,785		4.6

Principal			Issuer	Value		% of net assets
ENERGY				$	24,185,421		1.3	%
FOOD & STAPLES RETAILING					13,893,793		0.7
FOOD, BEVERAGE & TOBACCO					2,581,993		0.2
HEALTH CARE EQUIPMENT & SERVICES					12,882,105		0.7
INSURANCE					5,468,589		0.3
MATERIALS					7,828,975		0.4
MEDIA					1,009,605		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					21,866,755		1.2
REAL ESTATE					8,140,568		0.4
RETAILING					8,087,048		0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					4,971,705		0.3
SOFTWARE & SERVICES					4,935,990		0.3
TECHNOLOGY HARDWARE & EQUIPMENT					9,514,498		0.5
TELECOMMUNICATION SERVICES					9,320,047		0.5
TRANSPORTATION					14,603,566		0.8
UTILITIES					17,656,551		0.9
			TOTAL CORPORATE BONDS (Cost $473,357,067)		467,143,205		25.1
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
$	15,000,000		2.625%, 10/01/20		14,926,080		0.8
			Iraq Government AID Bond
	24,000,000		2.149%, 01/18/22		23,272,440		1.3
			Montefiore Medical Center
	9,935,000		2.152%, 10/20/26		9,200,947		0.5
			Reliance Industries Ltd
	9,868,421		2.444%, 01/15/26		9,584,579		0.5
			Ukraine Government AID Bonds
	15,000,000		1.471%, 09/29/21		14,355,525		0.8
			Other		30,467,304		1.6
					101,806,875		5.5
FOREIGN GOVERNMENT BONDS
			International Development Association
	8,900,000	g	2.750%, 04/24/23		8,768,948		0.5
			KFW
	38,400,000		2.750%, 10/01/20		38,261,016		2.1
			Kommunalbanken AS.
	17,200,000	g	2.500%, 04/17/20		17,090,926		0.9
			Other		100,063,647		5.3
					164,184,537		8.8
MORTGAGE BACKED					1,279,117		0.1
MUNICIPAL BONDS					4,983,000		0.3
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	26,364,940	k	0.125%, 04/15/20		26,023,020		1.4
	39,341,360	k	0.125%, 04/15/21		38,536,860		2.1

44 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Short-Term Bond Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	14,000,000		1.250%, 08/31/19	$	13,826,094		0.7	%
	56,193,000		0.875%, 09/15/19		55,264,498		3.0
	15,120,000		1.375%, 09/30/19		14,929,819		0.8
	37,000,000		2.250%, 02/29/20		36,745,625		2.0
	20,750,000		2.250%, 03/31/20		20,594,375		1.1
	125,000,000		2.375%, 04/30/20		124,223,632		6.7
	27,100,000		2.500%, 05/31/20		26,971,910		1.4
	97,650,000		2.625%, 08/31/20		97,302,885		5.2
	117,950,000		2.750%, 09/15/21		117,507,688		6.3
			Other		17,688,702		1.0
					589,615,108		31.7
			TOTAL GOVERNMENT BONDS (Cost $871,020,255)		861,868,637		46.4
STRUCTURED ASSETS
ASSET BACKED
			Domino’s Pizza Master Issuer LLC
			Series 2017-1A (Class A2II)
	14,850,000	g	3.082%, 07/25/47		14,342,724		0.8
			Hilton Grand Vacations Trust
			Series 2018-AA (Class A)
	11,400,000	g	3.540%, 02/25/32		11,394,798		0.6
			TES LLC
			Series 2017-1A (Class A)
	12,334,838	g	4.330%, 10/20/47		12,047,013		0.6
			Other		49,767,110		2.7
					87,551,645		4.7
OTHER MORTGAGE BACKED
			20 TSQ GroundCo LLC
			Series 2018-20TS (Class D)
	10,000,000	g,i	3.203%, 05/15/35		9,481,727		0.5
			Chase Mortgage Trust
			Series 2016-2 (Class M2)
	8,876,721	g,i	3.750%, 12/25/45		8,686,289		0.5
			Connecticut Avenue Securities
			Series 2017-C03 (Class 1M1)
	9,797,497	i	3.166%, 10/25/29, LIBOR 1 M + 0.950%		9,857,825		0.5
			Series 2018-C01 (Class 1M1)
	23,719,378	i	2.816%, 07/25/30, LIBOR 1 M + 0.600%		23,751,428		1.3
	28,934,265	i	2.165%–4.866%, 05/25/24–12/25/30,
			LIBOR 1 M + 1.300%-LIBOR 1 M + 2.650%		29,225,145		1.6
			Credit Suisse Commercial Mortgage Trust
			Series 2007-C2 (Class C)
	12,000,000	g,i	5.897%, 01/15/49		15,424,878		0.8
			JP Morgan Mortgage Trust
			Series 2018-9 (Class A15)
	18,000,000	g,i	4.000%, 04/25/23		18,081,306		1.0
			Series 2017-1 (Class A3)
	10,409,731	g,i	3.500%, 01/25/47		10,234,389		0.5
			Series 2017-3 (Class 1A5)
	10,365,331	g,i	3.500%, 08/25/47		10,205,249		0.5
			Series 2017-4 (Class A6)
	12,668,309	g,i	3.000%, 11/25/48		12,385,742		0.7
			Series 2018-8 (Class A15)
	11,873,927	g,i	4.000%, 01/25/49		11,942,998		0.6

Principal			Issuer	Value			% of net assets
OTHER MORTGAGE BACKED—continued
			Sequoia Mortgage Trust
			Series 0-2 (Class A4)
$	16,632,418	g,i	3.500%, 02/25/48	$	16,435,423			0.9	%
			Series 2016-1 (Class A10)
	12,163,743	g,i	3.500%, 06/25/46		11,983,185			0.6
			Series 2017-2 (Class A5)
	10,755,152	g,i	3.000%, 02/25/47		10,423,151			0.6
			Series 2017-3 (Class A4)
	12,254,941	g,i	3.500%, 04/25/47		12,123,887			0.7
			Series 2017-6 (Class A4)
	13,736,479	g,i	3.500%, 09/25/47		13,607,402			0.7
			Series 2017-CH2 (Class A10)
	12,193,828	g,i	4.000%, 12/25/47		12,264,995			0.7
	20,491,444	g,i	3.000%–3.500%, 02/25/47–08/25/47		20,106,264			1.1
			Station Place Agency Securitization Trust
			Series 2017-LD1 (Class B)
	13,700,000	g,i	2.872%, 11/25/50, LIBOR 1 M + 1.000%		13,667,146			0.7
			Structured Agency Credit Risk Debt Note (STACR)
			Series 2017-DNA1 (Class M1)
	9,414,287	i	3.416%, 07/25/29, LIBOR 1 M + 1.200%		9,496,453			0.5
			Series 2017-DNA2 (Class M1)
	18,320,158	i	3.416%, 10/25/29, LIBOR 1 M + 1.200%		18,523,114			1.0
			Series 2017-DNA3 (Class M1)
	17,755,701	i	2.966%, 03/25/30, LIBOR 1 M + 0.750%		17,824,412			1.0
			Other		124,697,559			6.7
					440,429,967			23.7
			TOTAL STRUCTURED ASSETS (Cost $533,696,142)		527,981,612			28.4
			TOTAL BONDS (Cost $1,878,073,464)		1,856,993,454			99.9
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
	21,425,000		1.976%, 10/11/18		21,412,822			1.1
			Other		5,249,111			0.3
					26,661,933			1.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $26,662,406)		26,661,933			1.4
			TOTAL PORTFOLIO (Cost $1,955,320,404)		1,934,145,299			104.0
			OTHER ASSETS & LIABILITIES, NET		(75,495,811	)		(4.0	)
			NET ASSETS	$	1,858,649,488			100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 45

Summary portfolio of investments(unaudited) concluded

Short-Term Bond Fund  ■  September 30, 2018

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 9/30/18, the aggregate value of these securities, including those in “Other,” was $608,154,923 or 32.7% of net assets.
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.
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, 2018 were as follows (see Note 3):

Description	Number of long (short) contracts		Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US 10 Year Note (CBT)	(241	)	12/19/18	$	(28,902,449	)		$(28,626,281	)		$276,168
US 5 Year Note (CBT)	(510	)	12/31/18		(57,736,298	)		(57,363,047	)		373,251
Total	(751	)		$	(86,638,747	)		$(85,989,328	)		$649,419

46 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited)

Short-Term Bond Index Fund  ■  September 30, 2018

Principal		Issuer		Value	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	297,681		0.1	%
BANKS
		HSBC Holdings plc
$	1,000,000	2.950%, 05/25/21		986,376		0.3
		JPMorgan Chase & Co
	1,000,000	2.400%, 06/07/21		974,895		0.2
		Other		27,317,729		6.4
				29,279,000		6.9
CAPITAL GOODS				4,475,994		1.0
COMMERCIAL & PROFESSIONAL SERVICES				1,022,408		0.2
CONSUMER DURABLES & APPAREL				196,342		0.0
CONSUMER SERVICES				598,738		0.1
DIVERSIFIED FINANCIALS
		Goldman Sachs Group, Inc
	1,200,000	2.300%, 12/13/19		1,189,441		0.3
		Other		17,545,258		4.1
				18,734,699		4.4
	ENERGY
		Petroleos Mexicanos
	1,000,000	6.375%, 02/04/21		1,048,510		0.3
		Other		6,586,914		1.5
				7,635,424		1.8
FOOD & STAPLES RETAILING				1,576,218		0.4
FOOD, BEVERAGE & TOBACCO				5,517,165		1.3
HEALTH CARE EQUIPMENT & SERVICES				2,739,994		0.6
HOUSEHOLD & PERSONAL PRODUCTS				296,733		0.1
INSURANCE				2,362,150		0.6
MATERIALS				2,359,392		0.6
MEDIA				2,688,016		0.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				5,611,202		1.3
REAL ESTATE				1,407,152		0.3
RETAILING				2,378,748		0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				592,215		0.1
SOFTWARE & SERVICES				3,029,456		0.7
TECHNOLOGY HARDWARE & EQUIPMENT				4,511,363		1.1
TELECOMMUNICATION SERVICES				2,327,427		0.5
TRANSPORTATION				2,167,587		0.5
UTILITIES				4,697,425		1.1
		TOTAL CORPORATE BONDS (Cost $107,680,465)		106,502,529		24.9

Principal		Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
		Federal Farm Credit Bank (FFCB)
$	1,000,000	2.375%, 03/27/20	$	993,939		0.2	%
		Federal Home Loan Bank (FHLB)
	2,400,000	1.875%, 03/13/20		2,367,936		0.6
	3,000,000	2.625%, 05/28/20		2,991,435		0.7
		Federal Home Loan Mortgage Corp (FHLMC)
	1,500,000	1.875%, 11/17/20		1,469,972		0.4
		Federal National Mortgage Association (FNMA)
	1,050,000	0.875%, 08/02/19		1,035,265		0.2
	3,500,000	1.750%, 11/26/19		3,463,015		0.8
		Other		3,419,092		0.8
				15,740,654		3.7
FOREIGN GOVERNMENT BONDS
		Asian Development Bank
	1,500,000	1.375%, 03/23/20		1,468,103		0.3
		European Investment Bank
	1,200,000	1.625%, 08/14/20		1,171,932		0.3
	2,000,000	2.875%, 09/15/20		1,997,320		0.5
	2,000,000	2.375%, 05/13/21		1,969,754		0.5
		Inter-American Development Bank
	1,636,000	1.375%, 07/15/20		1,593,122		0.4
		International Bank for Reconstruction & Development
	1,200,000	1.875%, 04/21/20		1,182,145		0.3
		KFW
	1,000,000	1.000%, 07/15/19		987,199		0.2
	1,400,000	4.000%, 01/27/20		1,420,850		0.3
	1,500,000	1.875%, 06/30/20		1,473,779		0.3
	2,000,000	2.625%, 04/12/21		1,982,447		0.5
		Province of Ontario Canada
	1,200,000	4.400%, 04/14/20		1,225,265		0.3
		Other		14,175,484		3.3
				30,647,400		7.2
MUNICIPAL BONDS				347,806		0.1
U.S. TREASURY SECURITIES
		United States Treasury Note
	13,000,000	1.875%, 12/31/19		12,866,953		3.0
	6,700,000	1.375%, 01/15/20		6,586,152		1.5
	4,500,000	2.000%, 01/31/20		4,457,461		1.0
	9,000,000	2.250%, 02/29/20		8,938,125		2.1
	15,000,000	1.625%, 03/15/20		14,760,938		3.5
	9,500,000	2.250%, 03/31/20		9,428,750		2.2
	3,500,000	1.500%, 04/15/20		3,433,418		0.8
	11,750,000	2.375%, 04/30/20		11,677,021		2.7
	4,400,000	1.500%, 05/15/20		4,310,969		1.0
	14,500,000	2.500%, 05/31/20		14,431,465		3.4
	7,000,000	2.500%, 06/30/20		6,964,453		1.6
	7,700,000	1.500%, 07/15/20		7,525,246		1.8
	2,200,000	2.625%, 07/31/20		2,192,867		0.5
	9,200,000	1.500%, 08/15/20		8,981,859		2.1
	17,000,000	2.625%, 08/31/20		16,939,570		4.0
	5,750,000	1.375%, 09/15/20		5,593,223		1.3
	14,000,000	2.750%, 09/30/20		13,981,940		3.3
	7,450,000	1.625%, 10/15/20		7,272,772		1.7
	8,500,000	1.750%, 11/15/20		8,310,410		1.9
	6,250,000	1.875%, 12/15/20		6,121,826		1.4
	9,900,000	2.000%, 01/15/21		9,713,215		2.3

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 47

Summary portfolio of investments(unaudited) concluded

Short-Term Bond Index Fund  ■  September 30, 2018

Principal		Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
$	15,500,000	2.250%, 02/15/21	$	15,284,453		3.6	%
	7,000,000	2.375%, 03/15/21		6,920,977		1.6
	5,150,000	2.375%, 04/15/21		5,088,441		1.2
	11,600,000	2.625%, 05/15/21		11,528,406		2.7
	10,250,000	2.625%, 06/15/21		10,183,535		2.4
	17,750,000	2.625%, 07/15/21		17,630,049		4.1
	12,250,000	2.750%, 08/15/21		12,205,020		2.9
	7,500,000	2.750%, 09/15/21		7,471,875		1.7
				270,801,389		63.3
		TOTAL GOVERNMENT BONDS (Cost $320,779,085)		317,537,249		74.3
		TOTAL BONDS (Cost $428,459,550)		424,039,778		99.2
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				550,000		0.1
				550,000		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $550,000)		550,000		0.1
		TOTAL PORTFOLIO (Cost $429,009,550)		424,589,778		99.3
		OTHER ASSETS & LIABILITIES, NET		2,987,212		0.7
		NET ASSETS	$	427,576,990		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 9/30/18, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,303,150 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.

48 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Social Choice Bond Fund  ■  September 30, 2018

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	943,911	0.0	%
CONSUMER DURABLES & APPAREL					448,581	0.0
ENERGY					5,376,016	0.2
MATERIALS					3,211,179	0.1
MEDIA					4,986,839	0.2
TECHNOLOGY HARDWARE & EQUIPMENT					4,285,711	0.2
UTILITIES					5,977,380	0.3
			TOTAL BANK LOAN OBLIGATIONS (Cost $25,395,561)		25,229,617	1.0
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					5,321,825	0.2
BANKS
			BB&T Corp
$	10,000,000		3.700%, 06/05/25		9,960,284	0.4
			Canadian Imperial Bank of Commerce
	10,000,000	i	2.994%, 09/13/23, LIBOR 3 M + 0.660%		10,013,600	0.4
			KeyCorp
	10,000,000		4.100%, 04/30/28		9,942,400	0.4
			M&T Bank Corp
	10,000,000	i	3.015%, 07/26/23, LIBOR 3 M + 0.680%		10,067,737	0.4
			Manufacturers & Traders Trust Co
	8,280,000	i	2.605%, 01/25/21, LIBOR 3 M + 0.270%		8,281,002	0.3
			People’s United Bank
	10,310,000		4.000%, 07/15/24		10,182,776	0.4
			Regions Bank
	10,000,000	i	2.776%, 04/01/21, LIBOR 3 M + 0.380%		10,001,708	0.4
			SVB Financial Group
	10,712,000		3.500%, 01/29/25		10,352,868	0.4
			US Bank NA
	10,000,000	i	2.602%, 05/21/21, LIBOR 3 M + 0.290%		10,015,933	0.4
			Other		151,268,519	5.8
					240,086,827	9.3
CAPITAL GOODS					27,443,552	1.1
COMMERCIAL & PROFESSIONAL SERVICES					2,147,185	0.1
CONSUMER DURABLES & APPAREL					4,839,417	0.2
CONSUMER SERVICES					15,446,585	0.6
DIVERSIFIED FINANCIALS
			American Express Co
	10,000,000	i	3.098%, 08/03/23, LIBOR 3 M + 0.750%		10,004,343	0.4
			Unilever Capital Corp
	15,750,000		2.000%, 07/28/26		13,920,347	0.5
			Other		63,607,596	2.5
					87,532,286	3.4

Principal			Issuer	Value		% of net assets
ENERGY
			EQT Corp
$	10,000,000	i	2.103%, 10/01/20, LIBOR 3 M + 0.770%	$	9,996,295	0.4	%
			Other		63,259,403	2.5
					73,255,698	2.9
HEALTH CARE EQUIPMENT & SERVICES
			Halfmoon Parent, Inc
	10,000,000	g,i	3.224%, 07/15/23, LIBOR 3 M + 0.890%		10,000,460	0.4
	9,150,000	g	4.800%, 08/15/38		9,135,711	0.3
			Other		17,200,843	0.7
					36,337,014	1.4
INSURANCE					21,929,078	0.9
MATERIALS					44,353,621	1.7
MEDIA					17,650,366	0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					40,675,190	1.6
REAL ESTATE
			Regency Centers LP
	8,407,000		3.750%, 06/15/24		8,211,418	0.3
			Other		31,666,232	1.2
					39,877,650	1.5
RETAILING					5,916,078	0.2
TECHNOLOGY HARDWARE & EQUIPMENT					8,431,955	0.3
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	11,000,000	i	3.414%, 05/15/25, LIBOR 3 M + 1.100%		11,095,416	0.4
			Other		20,916,615	0.8
					32,012,031	1.2
TRANSPORTATION
			Union Pacific Railroad Co
	11,159,506		2.695%, 05/12/27		10,329,405	0.4
			Other		68,426,842	2.7
					78,756,247	3.1
UTILITIES
			Avista Corp
	10,025,000		4.350%, 06/01/48		10,004,022	0.4
			Southern Power Co
	10,065,000		4.150%, 12/01/25		9,909,803	0.4
			Topaz Solar Farms LLC
	8,278,130	g	4.875%, 09/30/39		8,083,847	0.3
			WGL Holdings, Inc
	10,000,000	i	2.717%, 11/29/19, LIBOR 3 M + 0.400%		10,002,627	0.4
			Other		135,737,497	5.2
					173,737,796	6.7
			TOTAL CORPORATE BONDS (Cost $974,112,048)		955,750,401	37.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 49

Summary portfolio of investments (unaudited) continued

Social Choice Bond Fund  ■  September 30, 2018

						% of net
Principal			Issuer	Value		assets
GOVERNMENT BONDS
AGENCY SECURITIES
			Abay Leasing LLC
$	12,168,750		2.654%, 11/09/26	$	11,871,863	0.5	%
			NCUA Guaranteed Notes
	13,360,000	†	3.000%, 06/12/19		13,398,744	0.5
	11,393,000	†	3.450%, 06/12/21		11,537,235	0.5
			Overseas Private Investment Corp (OPIC)
	41,072,957	j	0.000%–4.140%, 11/13/18–06/15/35		40,694,954	1.6
			Ukraine Government AID Bonds
	9,200,000		1.471%, 09/29/21		8,804,722	0.3
			Other		213,865,928	8.3
					300,173,446	11.7
FOREIGN GOVERNMENT BONDS
			Asian Development Bank
	10,000,000		3.125%, 09/26/28		9,917,873	0.4
			North American Development Bank
	10,570,000		2.300%, 10/10/18		10,570,666	0.4
			Other		127,744,169	5.0
					148,232,708	5.8
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	36,584,679		3.000%–5.000%, 03/01/27–08/01/48		36,413,954	1.4
			Federal National Mortgage Association (FNMA)
	15,428,072		3.500%, 01/01/47		15,223,359	0.6
	15,853,342		4.000%, 04/01/48		16,016,055	0.6
	59,500,078		1.625%–6.000%, 01/21/20–08/01/48		59,253,217	2.3
			Government National Mortgage Association (GNMA)
	9,047,541		3.500%, 01/20/48		9,003,312	0.3
			Other		29,633,604	1.2
					165,543,501	6.4
MUNICIPAL BONDS
			Chicago Housing Authority
	10,000,000		4.361%, 01/01/38		9,776,400	0.4
			New York Transportation Development Corp
	7,500,000		5.000%, 01/01/26		8,335,950	0.3
			State of California
	10,000,000	i	2.889%, 04/01/47, LIBOR 1 M + 0.780%		10,058,300	0.4
			Other		267,863,532	10.4
					296,034,182	11.5
U.S. TREASURY SECURITIES
			United States Treasury Bond
	19,740,000		2.875%, 11/15/46		18,557,142	0.7
	34,695,000		3.000%, 05/15/47		33,399,359	1.3
	51,520,000		3.125%, 05/15/48		50,809,588	2.0
			United States Treasury Note
	18,935,000		2.750%, 08/31/23		18,770,798	0.7
	21,000,000		2.500%, 01/31/25		20,398,711	0.8
	9,765,000		2.750%, 02/28/25		9,625,391	0.4
	18,205,000		2.875%, 04/30/25		18,064,907	0.7
	17,040,000		2.750%, 06/30/25		16,771,087	0.6
	24,250,000		2.750%, 08/31/25		23,853,096	0.9
	61,910,000		2.875%, 08/15/28		60,971,676	2.4
			Other		20,584,598	0.8
					291,806,353	11.3
			TOTAL GOVERNMENT BONDS (Cost $1,223,185,179)		1,201,790,190	46.7

						% of net
Principal			Issuer	Value		assets
STRUCTURED ASSETS
ASSET BACKED
			HERO Funding Trust
			Series 2018-1A (Class A2)
$	9,652,888	g	4.670%, 09/20/48	$	9,862,474	0.4	%
	30,999,942	g	3.080%–4.070%, 09/21/40–09/20/48		30,498,184	1.2
			TES LLC
			Series 2017-1A (Class A)
	9,867,870	g	4.330%, 10/20/47		9,637,610	0.3
			Other		81,708,927	3.2
					131,707,195	5.1
OTHER MORTGAGE BACKED
			CSMC Trust
			Series 2017-CALI (Class C)
	10,000,000	g,i	3.904%, 11/10/32		9,760,224	0.4
			Federal National Mortgage Association (FNMA)
			Series 2018-M8 (Class A2)
	10,000,000	i	3.436%, 06/25/28		9,759,798	0.4
			Natixis Commercial Mortgage Securities Trust
			Series 2018-850T (Class A)
	10,000,000	g,i	2.942%, 07/15/33, LIBOR 1 M + 0.784%		9,938,097	0.4
			Other		175,705,789	6.8
					205,163,908	8.0
			TOTAL STRUCTURED ASSETS (Cost $344,078,318)		336,871,103	13.1
			TOTAL BONDS (Cost $2,541,375,545)		2,494,411,694	96.9
	Shares		Company
PREFERRED STOCKS
BANKS					255,000	0.0
			TOTAL PREFERRED STOCKS (Cost $255,626)		255,000	0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	40,700,000		2.000%, 10/01/18		40,700,000	1.6
					40,700,000	1.6
TREASURY DEBT
			United States Treasury Bill
	10,280,000		1.930%, 10/04/18		10,278,259	0.4
					10,278,259	0.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $50,978,347)		50,978,259	2.0
			TOTAL PORTFOLIO (Cost $2,618,005,079)		2,570,874,570	99.9
			OTHER ASSETS & LIABILITIES, NET		2,440,087	0.1
			NET ASSETS	$	2,573,314,657	100.0	%

50 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Bond Fund  ■  September 30, 2018

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 9/30/18, the aggregate value of these securities, including those in “Other,” was $518,552,885 or 20.2% of net assets.
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.
j	Zero coupon

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 51

Summary portfolio of investments (unaudited)

Money Market Fund  ■  September 30, 2018

					% of net
Principal		Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Farm Credit Bank (FFCB)
$	7,500,000	0.010%, 10/05/18	$	7,498,367	0.8	%
	10,115,000	0.010%, 11/28/18		10,081,583	1.0
	10,470,000	0.010%, 12/10/18		10,426,781	1.0
	10,915,000	0.010%, 12/11/18		10,869,245	1.1
	70,790,000	0.010%, 10/01/18–03/21/19		70,518,536	7.1
		Federal Home Loan Bank (FHLB)
	9,200,000	0.010%, 10/01/18		9,200,000	0.9
	8,300,000	0.010%, 10/12/18		8,295,021	0.8
	9,875,000	0.010%, 10/19/18		9,865,195	1.0
	6,965,000	0.010%, 10/23/18		6,956,555	0.7
	8,700,000	0.010%, 10/24/18		8,688,866	0.9
	8,100,000	0.010%, 10/29/18		8,087,400	0.8
	9,106,000	0.010%, 10/30/18		9,091,374	0.9
	7,800,000	0.010%, 11/02/18		7,785,608	0.8
	15,900,000	0.010%, 11/07/18		15,866,353	1.6
	8,000,000	0.010%, 11/09/18		7,982,325	0.8
	8,000,000	0.010%, 11/14/18		7,980,023	0.8
	11,405,000	0.010%, 11/16/18		11,374,774	1.1
	7,000,000	0.010%, 11/21/18		6,979,458	0.7
	7,175,000	0.010%, 11/27/18		7,151,575	0.7
	8,356,000	0.010%, 12/03/18		8,324,903	0.8
	8,015,000	0.010%, 12/04/18		7,984,865	0.8
	9,200,000	0.010%, 12/05/18		9,165,007	0.9
	13,300,000	0.010%, 12/07/18		13,247,301	1.3
	12,290,000	0.010%, 12/14/18		12,236,033	1.2
	9,225,000	0.010%, 12/17/18		9,182,956	0.9
	9,840,000	0.010%, 12/21/18		9,792,510	1.0
	104,357,000	0.010%, 10/02/18–03/08/19		104,049,484	10.4
		Federal Home Loan Mortgage Corp (FHLMC)
	10,235,000	0.010%, 11/05/18		10,215,318	1.0
	8,950,000	0.010%, 11/06/18		8,932,071	0.9
	14,030,000	0.010%, 11/20/18		13,990,742	1.4
	8,000,000	0.010%, 12/19/18		7,962,848	0.8
	47,070,000	0.010%, 10/02/18–01/02/19		46,981,929	4.7
		Federal National Mortgage Association (FNMA)
	9,000,000	0.010%, 10/03/18		8,999,026	0.9
	10,085,000	0.010%, 10/16/18		10,076,829	1.0
	11,140,000	0.010%, 10/17/18		11,130,197	1.1
	69,678,000	0.010%–1.625%, 10/01/18–12/19/18		69,543,561	7.0
		Other		8,563,392	0.9
				605,078,011	60.5
TREASURY DEBT
		United States Treasury Bill
	16,065,000	0.010%, 10/04/18		16,062,433	1.6
	15,000,000	0.010%, 10/11/18		14,993,137	1.5
	14,850,000	0.010%, 10/18/18		14,836,365	1.5
	15,000,000	0.010%, 10/25/18		14,980,418	1.5
	15,535,000	0.010%, 11/08/18		15,507,432	1.5
	14,000,000	0.010%, 11/15/18		13,965,101	1.4
	14,000,000	0.010%, 11/29/18		13,953,466	1.4
	13,890,000	0.010%, 12/06/18		13,838,085	1.4
	14,140,000	0.010%, 12/13/18		14,080,804	1.4
	10,825,000	0.010%, 12/20/18		10,774,454	1.1
	8,220,000	0.010%, 01/03/19		8,174,918	0.8
	8,800,000	0.010%, 01/10/19		8,746,949	0.9
	6,945,000	0.010%, 01/24/19		6,895,948	0.7
	7,640,000	0.010%, 02/21/19		7,572,947	0.7
	23,845,000	0.010%, 11/01/18–02/14/19		23,721,541	2.4

						% of net
Principal			Issuer	Value		assets
TREASURY DEBT—continued
			United States Treasury Note
$	12,220,000		0.875%–1.500%, 10/15/18–01/31/19	$	12,193,242	1.2	%
					210,297,240	21.0
VARIABLE RATE SECURITIES
			Federal Agricultural Mortgage Corp (FAMC)
	43,400,000	i	1.999%–2.330%, 11/01/18–02/26/20,
			LIBOR 1 M – 0.105%–EFFR + 0.150%		43,400,000	4.3
			Federal Farm Credit Bank (FFCB)
	7,000,000	i	2.270%, 02/20/20, FRED – 2.980%		7,000,000	0.7
	72,000,000	i	1.928%–2.380%, 11/14/18–08/17/20,
			LIBOR 1 M – 0.145%–FRED – 2.870%		71,992,758	7.2
			Federal Home Loan Bank (FHLB)
	7,000,000	i	2.133%, 01/18/19, LIBOR 3 M – 0.200%		7,000,059	0.7
	14,100,000	i	2.069%–2.172%, 02/22/19–07/12/19,
			LIBOR 1 M – 0.070%–LIBOR 1 M – 0.040%		14,100,126	1.4
			Federal Home Loan Mortgage Corp (FHLMC)
	11,250,000	i	2.033%, 08/08/19, LIBOR 1 M – 0.100%		11,250,056	1.1
			United States Treasury Floating Rate Note
	7,500,000	i	2.362%, 10/31/18, US Treasury Bill 3 M + 0.170%		7,501,499	0.8
			Other		20,804,820	2.1
					183,049,318	18.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $998,424,569)		998,424,569	99.8
			TOTAL PORTFOLIO (Cost $998,424,569)		998,424,569	99.8
			OTHER ASSETS & LIABILITIES, NET		1,724,224	0.2
			NET ASSETS	$	1,000,148,793	100.0	%

Abbreviation(s):

EFFR	Effective Federal Funds Rate
FRED	Federal Bank Prime Loan Rate
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 the 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.

52 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

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TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 53

Statements of assets and liabilities(unaudited)

TIAA-CREF Funds  ■  September 30, 2018

		Bond Fund			Bond Index Fund			Bond Plus Fund			5–15 Year Laddered Tax-Exempt Bond Fund			High-Yield Fund			Inflation-Linked Bond Fund			Short-Term Bond Fund			Short-Term Bond Index Fund			Social Choice Bond Fund			Money Market Fund
ASSETS
Portfolio investments, at value†		$	5,507,324,241		$	10,400,840,646		$	4,155,169,303		$	250,954,171		$	4,064,166,159		$	2,981,803,156		$	1,934,145,299		$	424,589,778		$	2,570,874,570		$	998,424,569
Affiliated investments, at value‡			—			—			—			—			15,957,015			—			—			—			—			—
Cash#§			153,223,704			21,483,263			4,362,991			12,068,792			270,465			8,973,995			898,844			78,298			3,094,976			7,292
Receivable from securities transactions			2,497,626			29,209,364			16,876,743			—			24,203,811			13,579,235			71,150			18,700,596			1,375,415			—
Receivable for delayed delivery securities			62,536,217			—			76,758,817			—			8,901,249			—			1,937,896			—			14,308,300			—
Receivable from Fund shares sold			3,778,612,046			4,062,130,794			2,411,447,162			14,991			294,801,845			1,073,968,901			756,274,447			346,767,773			11,280,134			1,787,241
Dividends and interest receivable			35,144,900			62,088,288			29,413,544			2,810,723			62,933,350			6,869,305			9,361,126			2,359,992			17,341,969			461,899
Due from affiliates			11,594			16,018			10,895			5,885			10,427			8,785			7,718			11,535			7,331			12,717
Swap premiums paid			1,196,234			—			—			—			—			—			—			—			—			—
Receivable for variation margin on open futures contracts			—			—			—			—			—			287,109			651,304			—			—			—
Unrealized appreciation on cross currency swap contracts			—			—			547,103			—			—			—			—			—			—			—
Unfunded loan commitment			594			—			—			—			3,008			—			—			—			—			—
Other			259,887			382,876			187,269			47,456			—			177,549			103,805			5,231			34,875			24,395
Total assets			9,540,807,043			14,576,151,249			6,694,773,827			265,902,018			4,471,247,329			4,085,668,035			2,703,451,589			792,513,203			2,618,317,570			1,000,718,113
LIABILITIES
Management fees payable			217,376			141,419			164,528			8,867			187,401			98,474			65,186			4,051			119,345			13,641
Service agreement fees payable			267,944			7,184			19,000			10			16,438			8,350			3,886			1,633			76,421			4,965
Distribution fees payable			20,752			7,579			53,458			53,216			72,986			22,373			24,371			523			37,767			63,998
Payable for securities transactions			67,224,556			116,356,243			29,726,450			—			4,887,500			14,037,474			—			22,092,783			19,926,817			—
Payable for delayed delivery securities			59,847,644			45,622,943			49,958,389			6,345,154			87,068,006			—			1,937,896			—			21,783,727			—
Payable for Fund shares redeemed			3,656,078,499			3,999,507,527			2,385,733,125			35,669			297,671,065			1,059,874,742			840,647,129			342,178,212			1,404,713			332,375
Payable for variation margin on open centrally cleared swap contracts			—			—			107,884			—			—			—			—			—			—			—
Payable for cross currency swaps premium received			—			—			83,602			—			—			—			—			—			—			—
Unrealized depreciation on swap contracts			153,436			—			—			—			—			—			—			—			—			—
Income distribution payable			9,942,285			9,301,991			8,225,878			44,279			3,037,275			—			1,874,677			613,969			1,473,481			7,328
Payable for trustee compensation			276,360			383,068			196,013			47,464			213,681			177,666			115,721			5,090			35,050			24,414
Accrued expenses and other payables			98,031			387,351			182,703			59,689			362,594			104,144			133,235			39,952			145,592			122,599
Total liabilities			3,794,126,883			4,171,715,305			2,474,451,030			6,594,348			393,516,946			1,074,323,223			844,802,101			364,936,213			45,002,913			569,320
NET ASSETS		$	5,746,680,160		$	10,404,435,944		$	4,220,322,797		$	259,307,670		$	4,077,730,383		$	3,011,344,812		$	1,858,649,488		$	427,576,990		$	2,573,314,657		$	1,000,148,793
NET ASSETS CONSIST OF:
Paid-in-capital		$	5,934,999,230		$	10,713,991,945		$	4,382,826,557		$	262,258,687		$	4,216,112,363		$	3,037,079,305		$	1,885,411,272		$	433,952,905		$	2,633,512,274		$	1,000,165,882
Undistributed net investment income (loss)			(3,170,965	)		(517,315	)		(3,205,033	)		37,294			(308,594	)		22,302,816			(935,314	)		(59	)		(343,622	)		(16,450	)
Accumulated net realized gain (loss) on total investments			(57,764,697	)		(29,528,874	)		(55,488,505	)		534,731			(140,901,768	)		(2,645,480	)		(5,300,784	)		(1,956,084	)		(12,723,486	)		(639	)
Net unrealized appreciation (depreciation) on total investments			(127,383,408	)		(279,509,812	)		(103,810,222	)		(3,523,042	)		2,828,382			(45,391,829	)		(20,525,686	)		(4,419,772	)		(47,130,509	)		—
NET ASSETS		$	5,746,680,160		$	10,404,435,944		$	4,220,322,797		$	259,307,670		$	4,077,730,383		$	3,011,344,812		$	1,858,649,488		$	427,576,990		$	2,573,314,657		$	1,000,148,793
INSTITUTIONAL CLASS:
Net assets		$	867,726,811		$	6,153,728,452		$	1,094,631,778		$	1,183,001		$	2,990,341,452		$	1,601,256,507		$	870,105,044		$	41,790,753		$	1,589,038,849		$	534,820,823
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			86,813,022			590,357,903			108,683,818			115,959			309,604,502			143,826,613			85,376,882			4,265,437			159,114,963			534,817,354
Net asset value per share		$	10.00		$	10.42		$	10.07		$	10.20		$	9.66		$	11.13		$	10.19		$	9.80		$	9.99		$	1.00
ADVISOR CLASS:
Net assets		$	912,134,405		$	781,885		$	28,399,227		$	173,773		$	9,893,288		$	295,859		$	438,745		$	717,471		$	383,992,602		$	150,259
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			91,166,005			74,988			2,817,371			17,034			1,025,192			26,576			43,051			73,219			38,428,794			150,259
Net asset value per share		$	10.01		$	10.43		$	10.08		$	10.20		$	9.65		$	11.13		$	10.19		$	9.80		$	9.99		$	1.00
PREMIER CLASS:
Net assets		$	13,976,982		$	28,820,552		$	10,333,579		$	—		$	33,958,842		$	3,552,227		$	7,116,384		$	583,003		$	32,792,617		$	25,000,190
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,397,166			2,764,928			1,026,184			—			3,512,809			319,693			697,311			59,533			3,281,961			25,000,110
Net asset value per share		$	10.00		$	10.42		$	10.07		$	—		$	9.67		$	11.11		$	10.21		$	9.79		$	9.99		$	1.00
RETIREMENT CLASS:
Net assets		$	205,928,112		$	205,944,954		$	447,912,750		$	—		$	414,710,168		$	240,172,361		$	111,375,301		$	40,163,182		$	400,582,727		$	145,077,676
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			20,225,374			19,746,612			44,420,439			—			42,922,355			21,418,653			10,911,121			4,099,401			40,102,074			145,076,288
Net asset value per share		$	10.18		$	10.43		$	10.08		$	—		$	9.66		$	11.21		$	10.21		$	9.80		$	9.99		$	1.00
RETAIL CLASS:
Net assets		$	92,415,601		$	19,770,248		$	253,454,875		$	257,950,896		$	338,055,466		$	106,604,306		$	113,945,144		$	2,232,446		$	166,907,862		$	295,099,845
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			9,084,937			1,895,520			25,118,158			25,255,876			34,844,293			9,819,510			11,167,396			227,894			16,722,892			295,088,217
Net asset value per share		$	10.17		$	10.43		$	10.09		$	10.21		$	9.70		$	10.86		$	10.20		$	9.80		$	9.98		$	1.00
CLASS W:
Net assets		$	3,654,498,249		$	3,995,389,853		$	2,385,590,588		$	—		$	290,771,167		$	1,059,463,552		$	755,668,870		$	342,090,135		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			365,460,528			383,069,320			236,897,366			—			30,100,526			95,189,994			74,085,158			34,915,709			—			—
Net asset value per share		$	10.00		$	10.43		$	10.07		$	—		$	9.66		$	11.13		$	10.20		$	9.80		$	—		$	—
†	Portfolio investments, cost	$	5,634,542,944		$	10,680,350,458		$	4,258,631,101		$	254,477,213		$	4,068,386,685		$	3,027,481,467		$	1,955,320,404		$	429,009,550		$	2,618,005,079		$	998,424,569
‡	Affiliated investments, cost	$	—		$	—		$	—		$	—		$	8,911,115		$	—		$	—		$	—		$	—		$	—
#	includes cash collateral for open futures or open swap contracts of	$	—		$	—		$	—		$	—		$	—		$	262,500		$	599,850		$	—		$	—		$	—
§	Includes cash collateral for mortgage dollar rolls of	$	17,350,000		$	—		$	9,600,000		$	—		$	—		$	—		$	—		$	—		$	2,927,560		$	—

54 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 55

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended September 30, 2018

		Bond Fund			Bond Index Fund			Bond Plus Fund			5–15 Year Laddered Tax-Exempt Bond Fund			High-Yield Fund		Inflation-Linked Bond Fund			Short-Term Bond Fund			Short-Term Bond Index Fund			Social Choice Bond Fund			Money Market Fund
INVESTMENT INCOME
Interest*		$	88,497,242		$	142,825,318		$	75,449,543		$	3,794,307		$	120,962,187	$	54,218,815		$	24,163,454		$	4,040,637		$	37,973,213		$	9,308,171
Dividends			2,327			—			9,312			—			1,768,837		—			—			—			7,969			—
Total income			88,499,569			142,825,318			75,458,855			3,794,307			122,731,024		54,218,815			24,163,454			4,040,637			37,981,182			9,308,171
EXPENSES
Management fees			7,300,788			5,095,057			5,907,457			374,814			6,844,059		3,583,040			2,195,467			136,644			3,970,256			498,328
Shareholder servicing – Institutional Class			2,271			5,303			1,865			64			3,633		2,480			1,041			549			8,202			289
Shareholder servicing – Advisor Class			261,603			248			6,551			28			3,846		181			112			413			106,670			12
Shareholder servicing – Premier Class			30			42			21			—			51		21			19			19			3,734			24
Shareholder servicing – Retirement Class			259,891			243,704			546,031			—			520,605		300,379			133,969			42,025			479,842			170,180
Shareholder servicing – Retail Class			22,984			8,550			101,441			39,888			53,949		41,790			41,470			1,473			22,283			181,344
Distribution fees – Premier Class			10,850			21,653			8,462			—			33,359		3,280			6,342			485			23,949			19,899
Distribution fees – Retail Class			118,747			25,567			324,322			328,879			590,485		136,062			149,824			2,651			210,446			375,660
Registration fees			129,570			75,336			72,212			46,553			88,769		62,487			78,548			54,797			78,750			80,601
Administrative service fees			80,730			124,896			75,342			29,084			74,647		65,520			55,443			45,506			61,306			49,726
Professional fees			46,866			70,892			46,638			24,804			47,171		34,223			35,956			31,611			33,692			26,698
Trustee fees and expenses			26,166			53,395			21,745			1,400			21,395		15,656			9,266			2,028			11,871			5,233
Other expenses			211,800			400,788			126,137			14,995			117,822		91,704			89,001			33,462			186,323			54,106
Total expenses			8,472,296			6,125,431			7,238,224			860,509			8,399,791		4,336,823			2,796,458			351,663			5,197,324			1,462,100
Less: Expenses reimbursed by the investment adviser			—			—			—			(48,980	)		—		—			—			—			(9,322	)		(156,732	)
Fee waiver by investment adviser and TPIS			—			—			—			—			—		—			—			(207,108	)		—			—
Net expenses			8,472,296			6,125,431			7,238,224			811,529			8,399,791		4,336,823			2,796,458			144,555			5,188,002			1,305,368
Net investment income (loss)			80,027,273			136,699,887			68,220,631			2,982,778			114,331,233		49,881,992			21,366,996			3,896,082			32,793,180			8,002,803
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			(23,203,184	)		(16,464,833	)		(17,608,252	)		510,467			6,511,609		(1,952,392	)		(4,770,992	)		(1,221,161	)		(3,119,580	)		(136	)
Futures contracts			—			—			—			—			—		(33,352	)		2,191			—			—			—
Swap contracts			(1,911,421	)		—			(270,305	)		—			—		—			—			—			—			—
Foreign currency transactions			(570,410	)		—			(2,157,196	)		—			—		—			(136,182	)		—			—			—
Net realized gain (loss) on total investments			(25,685,015	)		(16,464,833	)		(20,035,753	)		510,467			6,511,609		(1,985,744	)		(4,904,983	)		(1,221,161	)		(3,119,580	)		(136	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			(65,891,464	)		(133,851,913	)		(50,914,218	)		(1,939,635	)		27,651,418		(44,336,245	)		(5,278,124	)		(361,772	)		(31,188,481	)		—
Affiliated investments			—			—			—			—			3,550,757		—			—			—			—			—
Futures contracts			—			—			—			—			—		511,706			1,190,549			—			—			—
Swap contracts			(153,436	)		—			515,301			—			—		—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(12,197	)		—			(4,751	)		—			—		—			(2,341	)		—			—			—
Unfunded loan commitment			594			—			(734	)		—			3,008		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(66,056,503	)		(133,851,913	)		(50,404,402	)		(1,939,635	)		31,205,183		(43,824,539	)		(4,089,916	)		(361,772	)		(31,188,481	)		—
Net realized and unrealized gain (loss) on total investments			(91,741,518	)		(150,316,746	)		(70,440,155	)		(1,429,168	)		37,716,792		(45,810,283	)		(8,994,899	)		(1,582,933	)		(34,308,061	)		(136	)
Net increase (decrease) in net assets from operations		$	(11,714,245	)	$	(13,616,859	)	$	(2,219,524	)	$	1,553,610		$	152,048,025	$	4,071,709		$	12,372,097		$	2,313,149		$	(1,514,881	)	$	8,002,667
*	Net of foreign withholding taxes of	$	3,480		$	5,586		$	—		$	—		$	—	$	—		$	—		$	747		$	—		$	—
‡	Includes net changes in unrealized foreign capital gains taxes of	$	2,316		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

56 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 57

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Bond Fund						Bond Index Fund						Bond Plus Fund						5–15 Year Laddered Tax-Exempt Bond Fund						High-Yield Fund						Inflation-Linked Bond Fund
		September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	80,027,273		$	128,869,718		$	136,699,887		$	210,999,466		$	68,220,631		$	123,350,121		$	2,982,778	$		5,737,482		$	114,331,233		$	200,052,255		$	49,881,992		$	54,453,050
Net realized gain (loss) on total investments			(25,685,015	)		(7,287,684	)		(16,464,833	)		(2,941,458	)		(20,035,753	)		(13,243,192	)		510,467			860,126			6,511,609			(31,921,871	)		(1,985,744	)		617,257
Net change in unrealized appreciation (depreciation) on total investments			(66,056,503	)		(53,347,902	)		(133,851,913	)		(154,274,347	)		(50,404,402	)		(40,110,726	)		(1,939,635	)		(424,399	)		31,205,183			(73,858,788	)		(43,824,539	)		(48,913,348	)
Net increase (decrease) in net assets from operations			(11,714,245	)		68,234,132			(13,616,859	)		53,783,661			(2,219,524	)		69,996,203			1,553,610			6,173,209			152,048,025			94,271,596			4,071,709			6,156,959
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(69,494,958	)		(118,973,270	)		(133,848,692	)		(206,392,668	)		(56,437,234	)		(102,039,899	)		(15,076	)		(44,321	)		(88,854,917	)		(140,358,469	)		(39,701,058	)		(47,137,362	)
	Advisor Class		(5,763,772	)		(61,002	)		(4,507	)		(77,448	)		(433,890	)		(296,615	)		(1,460	)		(2,365	)		(183,396	)		(338,084	)		(4,054	)		(5,955	)
	Premier Class		(212,810	)		(759,431	)		(366,243	)		(736,937	)		(177,973	)		(930,272	)		—			—			(1,182,362	)		(7,409,837	)		(47,516	)		(209,434	)
	Retirement Class		(2,984,504	)		(5,900,848	)		(2,378,790	)		(3,368,099	)		(6,740,979	)		(11,621,999	)		—			—			(11,328,659	)		(19,853,651	)		(3,146,161	)		(3,793,378	)
	Retail Class		(1,341,952	)		(2,529,396	)		(240,812	)		(460,182	)		(3,902,726	)		(7,641,370	)		(2,940,486	)		(5,688,986	)		(12,779,542	)		(32,153,348	)		(1,397,575	)		(1,898,878	)
From realized gains:	Institutional Class		—			(2,324,125	)		—			(3,036,453	)		—			(1,868,865	)		—			(187	)		—			—			—			—
	Advisor Class		—			(1,915	)		—			(252	)		—			(8,144	)		—			(12	)		—			—			—			—
	Premier Class		—			(15,191	)		—			(10,774	)		—			(13,295	)		—			—			—			—			—			—
	Retirement Class		—			(119,754	)		—			(54,336	)		—			(231,075	)		—			—			—			—			—			—
	Retail Class		—			(52,767	)		—			(7,538	)		—			(147,856	)		—			(34,259	)		—			—			—			—
Total distributions			(79,797,996	)		(130,737,699	)		(136,839,044	)		(214,144,687	)		(67,692,802	)		(124,799,390	)		(2,957,022	)		(5,770,130	)		(114,328,876	)		(200,113,389	)		(44,296,364	)		(53,045,007	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		747,320,471			1,116,877,120			1,473,842,118			3,388,731,688			341,064,564			940,334,285			201,954			187,575			822,429,333			983,448,702			431,848,048			947,547,969
	Advisor Class		942,812,349			5,321,986			503,488			755,683			8,123,604			25,932,685			75,045			—			5,358,498			11,388,354			59,971			105,268
	Premier Class		4,236,879			5,073,913			3,121,819			12,641,847			1,793,218			6,763,971			—			—			17,858,895			32,903,109			498,018			2,220,530
	Retirement Class		10,540,680			23,011,209			40,230,428			59,552,702			34,548,132			112,253,354			—			—			14,233,603			80,284,542			15,124,749			36,534,964
	Retail Class		4,913,696			23,763,171			1,429,447			4,891,405			7,705,700			28,460,220			7,250,300			17,519,516			40,201,129			176,573,016			2,484,012			36,716,708
Reinvestments of distributions:	Institutional Class		9,977,872			17,869,423			83,044,738			144,564,864			8,022,812			14,038,157			9,029			17,347			70,023,724			103,813,020			22,999,121			30,129,367
	Advisor Class		5,665,505			2,944			3,256			1,315			314,218			212,406			265			75			177,804			270,659			2,640			4,028
	Premier Class		211,108			774,328			366,121			747,492			177,973			943,567			—			—			1,177,164			7,408,446			47,516			208,303
	Retirement Class		2,984,357			6,020,195			2,376,679			3,422,335			6,740,959			11,853,033			—			—			11,328,345			19,852,425			3,146,161			3,793,378
	Retail Class		1,269,793			2,453,307			230,116			446,117			3,582,007			7,132,833			2,678,423			5,203,945			12,200,160			31,082,856			1,329,021			1,804,322
Transfers in connection with new class:	Institutional Class		(3,654,605,282	)		—			(3,995,413,006	)		—			(2,385,556,480	)		—			—			—			(290,771,079	)		—			(1,059,464,631	)		—
	Class W†		3,654,605,282			—			3,995,413,006			—			2,385,556,480			—			—			—			290,771,079			—			1,059,464,631			—
Redemptions:	Institutional Class		(501,762,399	)		(510,418,508	)		(819,311,924	)		(1,190,909,377	)		(245,452,461	)		(396,621,619	)		(421,733	)		(1,237,031	)		(484,604,157	)		(584,308,946	)		(300,536,612	)		(558,079,571	)
	Advisor Class		(32,806,704	)		(291,610	)		(228	)		(5,130,152	)		(4,220,631	)		(2,805,380	)		(8	)		(32	)		(907,883	)		(11,433,430	)		(33,435	)		(57,994	)
	Premier Class		(15,725,966	)		(7,622,657	)		(7,877,637	)		(9,106,133	)		(13,514,658	)		(27,446,282	)		—			—			(116,476,561	)		(51,053,584	)		(7,756,232	)		(2,778,339	)
	Retirement Class		(17,438,837	)		(37,101,164	)		(13,701,643	)		(19,435,596	)		(12,960,858	)		(24,864,926	)		—			—			(33,761,905	)		(31,940,489	)		(6,274,400	)		(40,348,647	)
	Retail Class		(9,165,980	)		(18,491,057	)		(2,509,043	)		(5,550,086	)		(18,174,234	)		(31,573,207	)		(17,278,253	)		(38,058,411	)		(341,837,358	)		(188,744,366	)		(6,087,656	)		(48,335,013	)
Net increase (decrease) from shareholder transactions			1,153,032,824			627,242,600			761,747,735			2,385,624,104			117,750,345			664,613,097			(7,484,978	)		(16,367,016	)		17,400,791			579,544,314			156,850,922			409,465,273
Net increase (decrease) in net assets			1,061,520,583			564,739,033			611,291,832			2,225,263,078			47,838,019			609,809,910			(8,888,390	)		(15,963,937	)		55,119,940			473,702,521			116,626,267			362,577,225
NET ASSETS
Beginning of period			4,685,159,577			4,120,420,544			9,793,144,112			7,567,881,034			4,172,484,778			3,562,674,868			268,196,060			284,159,997			4,022,610,443			3,548,907,922			2,894,718,545			2,532,141,320
End of period		$	5,746,680,160		$	4,685,159,577		$	10,404,435,944		$	9,793,144,112		$	4,220,322,797		$	4,172,484,778		$	259,307,670		$	268,196,060		$	4,077,730,383		$	4,022,610,443		$	3,011,344,812		$	2,894,718,545
Undistributed net investment income (loss) included in net assets		$	(3,170,965	)	$	(3,400,242	)	$	(517,315	)	$	(378,158	)	$	(3,205,033	)	$	(3,732,862	)	$	37,294		$	11,538		$	(308,594	)	$	(310,951	)	$	22,302,816		$	16,717,188
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		74,198,831			107,754,235			140,640,659			314,167,567			33,650,207			90,107,112			19,698			18,014			85,604,876			100,111,806			38,351,311			82,988,705
	Advisor Class		93,360,591			513,363			48,046			69,678			802,273			2,490,305			7,302			—			557,397			1,159,988			5,340			9,163
	Premier Class		420,044			488,207			297,809			1,170,529			176,933			647,113			—			—			1,856,942			3,344,422			44,237			194,302
	Retirement Class		1,030,685			2,177,322			3,835,151			5,535,302			3,401,353			10,738,001			—			—			1,481,330			8,173,873			1,332,887			3,181,601
	Retail Class		478,944			2,252,401			136,224			452,348			758,701			2,721,175			706,133			1,684,188			4,167,810			17,896,804			226,758			3,290,978
Shares reinvested:	Institutional Class		991,527			1,725,060			7,919,043			13,412,048			791,807			1,346,868			881			1,672			7,297,571			10,590,999			2,056,811			2,663,958
	Advisor Class		563,740			286			311			123			30,989			20,493			26			7			18,527			27,625			236			356
	Premier Class		20,961			74,688			34,925			69,384			17,569			90,456			—			—			122,735			754,772			4,259			18,467
	Retirement Class		291,201			570,687			226,618			317,509			664,488			1,136,329			—			—			1,180,339			2,024,501			279,472			332,753
	Retail Class		124,021			232,797			21,939			41,350			352,776			683,086			261,106			500,990			1,267,628			3,155,526			121,959			163,435
Shares transferred in connection with new class:	Institutional Class		(365,460,528	)		—			(383,069,320	)		—			(236,897,366	)		—			—			—			(30,100,526	)		—			(95,189,994	)		—
	Class W†		365,460,528			—			383,069,320			—			236,897,366			—			—			—			30,100,526			—			95,189,994			—
Shares redeemed:	Institutional Class		(49,828,142	)		(49,413,100	)		(78,249,673	)		(110,286,516	)		(24,119,845	)		(38,240,412	)		(41,225	)		(118,945	)		(50,580,623	)		(59,850,411	)		(26,673,419	)		(48,762,910	)
	Advisor Class		(3,264,047	)		(28,336	)		(22	)		(474,219	)		(415,834	)		(270,779	)		(1	)		(3	)		(94,739	)		(1,167,564	)		(2,972	)		(5,132	)
	Premier Class		(1,556,954	)		(733,500	)		(747,061	)		(852,075	)		(1,328,100	)		(2,618,276	)		—			—			(12,092,925	)		(5,210,364	)		(689,659	)		(244,134	)
	Retirement Class		(1,701,943	)		(3,519,051	)		(1,305,310	)		(1,800,307	)		(1,276,546	)		(2,386,162	)		—			—			(3,514,212	)		(3,270,275	)		(554,031	)		(3,505,024	)
	Retail Class		(894,837	)		(1,755,064	)		(239,163	)		(513,430	)		(1,790,292	)		(3,025,383	)		(1,683,649	)		(3,658,476	)		(35,519,871	)		(19,144,001	)		(554,169	)		(4,322,191	)
Net increase (decrease) from shareholder transactions			114,234,622			60,339,995			72,619,496			221,309,291			11,716,479			63,439,926			(729,729	)		(1,572,553	)		1,752,785			58,597,701			13,949,020			36,004,327
†    Class W commenced operations on September 28, 2018.

58 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 59

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Short-Term Bond Fund						Short-Term Bond Index Fund						Social Choice Bond Fund						Money Market Fund
		September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018			September 30, 2018			March 31, 2018
		(unaudited)						(unaudited)						(unaudited)							(unaudited)
OPERATIONS
Net investment income (loss)		$	21,366,996		$	32,592,540		$	3,896,082		$	3,882,358		$	32,793,180		$	37,891,038		$	8,002,803		$	7,196,696
Net realized gain (loss) on total investments			(4,904,983	)		707,972			(1,221,161	)		(627,055	)		(3,119,580	)		(4,151,697	)		(136	)		(274	)
Net change in unrealized appreciation (depreciation) on total investments			(4,089,916	)		(13,773,649	)		(361,772	)		(3,577,182	)		(31,188,481	)		(11,558,693	)		—			—
Net increase (decrease) in net assets from operations			12,372,097			19,526,863			2,313,149			(321,879	)		(1,514,881	)		22,180,648			8,002,667			7,196,422
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(18,837,468	)		(28,585,529	)		(3,567,795	)		(3,631,318	)		(20,822,137	)		(21,938,647	)		(4,599,012	)		(4,234,464	)
	Advisor Class		(4,278	)		(3,364	)		(5,349	)		(4,550	)		(4,549,945	)		(4,443,016	)		(1,109	)		(1,032	)
	Premier Class		(95,052	)		(238,215	)		(5,998	)		(7,914	)		(441,110	)		(584,627	)		(208,042	)		(291,824	)
	Retirement Class		(1,164,528	)		(1,743,409	)		(299,205	)		(218,280	)		(5,152,108	)		(7,015,931	)		(1,071,112	)		(818,473	)
	Retail Class		(1,259,602	)		(2,126,888	)		(17,671	)		(20,313	)		(2,232,294	)		(3,182,791	)		(2,123,502	)		(1,850,901	)
From realized gains:	Institutional Class		—			(771,274	)		—			—			—			—			—			—
	Advisor Class		—			(106	)		—			—			—			—			—			—
	Premier Class		—			(6,908	)		—			—			—			—			—			—
	Retirement Class		—			(50,154	)		—			—			—			—			—			—
	Retail Class		—			(71,062	)		—			—			—			—			—			—
Total distributions			(21,360,928	)		(33,596,909	)		(3,896,018	)		(3,882,375	)		(33,197,594	)		(37,165,012	)		(8,002,777	)		(7,196,694	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		369,785,903			450,927,902			74,698,745			192,598,918			515,752,445			673,795,518			250,868,193			331,993,033
	Advisor Class		151,474			198,188			303,346			390,600			189,961,684			169,835,789			50,000			—
	Premier Class		2,284,930			4,228,898			251,390			545,448			5,230,523			14,766,694			12,235,675			31,856,805
	Retirement Class		19,679,515			50,230,820			15,259,314			17,773,927			44,094,499			105,222,533			61,684,450			111,277,784
	Retail Class		3,871,492			17,527,366			626,311			663,858			54,619,538			94,464,700			61,071,686			135,617,137
Reinvestments of distributions:	Institutional Class		8,310,981			14,023,114			416,716			509,650			15,946,063			18,921,337			4,582,789			4,219,709
	Advisor Class		3,101			1,452			4,407			3,274			2,018,256			1,585,427			253			—
	Premier Class		95,052			245,117			3,712			4,764			410,095			574,885			208,041			291,821
	Retirement Class		1,164,528			1,793,546			299,117			218,225			5,136,948			7,003,309			1,070,940			818,291
	Retail Class		1,217,029			2,128,733			17,068			19,546			2,130,334			3,083,755			2,085,707			1,823,271
Transfers in connection with new class:	Institutional Class		(755,668,617	)		—			(342,173,950	)		—			—			—			—			—
	Class W†		755,668,617			—			342,173,950			—			—			—			—			—
Redemptions:	Institutional Class		(207,064,970	)		(597,257,558	)		(17,955,790	)		(26,993,368	)		(124,526,663	)		(99,079,130	)		(208,391,626	)		(307,288,542	)
	Advisor Class		(410	)		(12,055	)		(83,917	)		(63,457	)		(42,659,337	)		(43,045,859	)		—			—
	Premier Class		(6,917,786	)		(7,639,976	)		(312,356	)		(260,793	)		(2,438,058	)		(2,361,411	)		(31,991,724	)		(19,644,334	)
	Retirement Class		(9,518,232	)		(57,674,964	)		(2,009,666	)		(1,632,267	)		(7,648,978	)		(8,773,379	)		(43,864,538	)		(95,673,867	)
	Retail Class		(16,527,784	)		(22,939,998	)		(391,863	)		(605,344	)		(64,318,697	)		(26,511,640	)		(71,212,525	)		(153,002,811	)
Net increase (decrease) from shareholder transactions			166,534,823			(144,219,415	)		71,126,534			183,172,981			593,708,652			909,482,528			38,397,321			42,288,297
Net increase (decrease) in net assets			157,545,992			(158,289,461	)		69,543,665			178,968,727			558,996,177			894,498,164			38,397,211			42,288,025
NET ASSETS
Beginning of period			1,701,103,496			1,859,392,957			358,033,325			179,064,598			2,014,318,480			1,119,820,316			961,751,582			919,463,557
End of period		$	1,858,649,488		$	1,701,103,496		$	427,576,990		$	358,033,325		$	2,573,314,657		$	2,014,318,480		$	1,000,148,793		$	961,751,582
Undistributed net investment income (loss) included in net assets		$	(935,314	)	$	(941,382	)	$	(59	)	$	(123	)	$	(343,622	)	$	60,792		$	(16,450	)	$	(16,476	)
CHANGE IN FUND SHARES Shares sold:	Institutional Class		36,214,228			43,663,168			7,612,309			19,384,614			51,302,391			65,719,925			250,868,193			331,993,033
	Advisor Class		14,843			19,259			30,908			39,284			18,881,874			16,518,983			50,000			—
	Premier Class		223,608			409,117			25,636			54,800			519,712			1,437,292			12,235,675			31,856,805
	Retirement Class		1,923,612			4,860,439			1,554,798			1,789,663			4,385,850			10,258,753			61,684,450			111,277,784
	Retail Class		378,670			1,698,727			63,812			66,934			5,439,338			9,210,805			61,071,686			135,617,137
Shares reinvested:	Institutional Class		813,772			1,358,421			42,459			51,410			1,587,497			1,843,786			4,582,789			4,219,709
	Advisor Class		304			141			449			331			200,870			154,497			253			—
	Premier Class		9,297			23,719			379			480			40,804			55,969			208,041			291,821
	Retirement Class		113,913			173,575			30,478			22,026			511,129			682,202			1,070,940			818,291
	Retail Class		119,099			206,077			1,739			1,970			212,149			300,629			2,085,707			1,823,271
Shares transferred in connection with new class:	Institutional Class		(74,085,158	)		—			(34,915,709	)		—			—			—			—			—
	Class W†		74,085,158			—			34,915,709			—			—			—			—			—
Shares redeemed:	Institutional Class		(20,281,309	)		(57,756,965	)		(1,829,354	)		(2,718,598	)		(12,395,160	)		(9,659,092	)		(208,391,626	)		(307,288,542	)
	Advisor Class		(40	)		(1,172	)		(8,531	)		(6,416	)		(4,243,694	)		(4,211,308	)		—			—
	Premier Class		(676,570	)		(738,327	)		(31,833	)		(26,260	)		(242,937	)		(230,229	)		(31,991,724	)		(19,644,334	)
	Retirement Class		(930,955	)		(5,570,484	)		(204,857	)		(164,573	)		(761,338	)		(853,572	)		(43,864,538	)		(95,673,867	)
	Retail Class		(1,617,243	)		(2,222,184	)		(39,932	)		(60,759	)		(6,390,269	)		(2,584,754	)		(71,212,525	)		(153,002,811	)
Net increase (decrease) from shareholder transactions			16,305,229			(13,876,489	)		7,248,460			18,434,906			59,048,216			88,643,886			38,397,321			42,288,297

^† Class W commenced operations on September 28, 2018.

60 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 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 FUND
Institutional Class:	9/30/18	#		$10.18		$0.16			$(0.18	)		$(0.02	)		$(0.16	)		$     —			$(0.16	)		$10.00
	3/31/18			10.30		0.31			(0.12	)		0.19			(0.30	)		(0.01	)		(0.31	)		10.18
	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
Advisor Class:	9/30/18	#		10.18		0.15			(0.17	)		(0.02	)		(0.15	)		—			(0.15	)		10.01
	3/31/18			10.30		0.30			(0.11	)		0.19			(0.30	)		(0.01	)		(0.31	)		10.18
	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:	9/30/18	#		10.18		0.15			(0.18	)		(0.03	)		(0.15	)		—			(0.15	)		10.00
	3/31/18			10.30		0.29			(0.11	)		0.18			(0.29	)		(0.01	)		(0.30	)		10.18
	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
Retirement Class:	9/30/18	#		10.36		0.15			(0.18	)		(0.03	)		(0.15	)		—			(0.15	)		10.18
	3/31/18			10.49		0.28			(0.12	)		0.16			(0.28	)		(0.01	)		(0.29	)		10.36
	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
Retail Class:	9/30/18	#		10.35		0.15			(0.18	)		(0.03	)		(0.15	)		—			(0.15	)		10.17
	3/31/18			10.48		0.28			(0.12	)		0.16			(0.28	)		(0.01	)		(0.29	)		10.35
	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
Class W:	9/30/18	††		10.00		—			—			—			—			—			—			10.00
BOND INDEX FUND
Institutional Class:	9/30/18	#		10.58		0.14			(0.16	)		(0.02	)		(0.14	)		—			(0.14	)		10.42
	3/31/18			10.75		0.26			(0.17	)		0.09			(0.26	)		(0.00	)		(0.26	)		10.58
	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
Advisor Class:	9/30/18	#		10.59		0.13			(0.16	)		(0.03	)		(0.13	)		—			(0.13	)		10.43
	3/31/18			10.76		0.25			(0.17	)		0.08			(0.25	)		(0.00	)		(0.25	)		10.59
	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:	9/30/18	#		10.58		0.13			(0.16	)		(0.03	)		(0.13	)		—			(0.13	)		10.42
	3/31/18			10.75		0.25			(0.17	)		0.08			(0.25	)		(0.00	)		(0.25	)		10.58
	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
Retirement Class:	9/30/18	#		10.59		0.13			(0.16	)		(0.03	)		(0.13	)		—			(0.13	)		10.43
	3/31/18			10.75		0.24			(0.16	)		0.08			(0.24	)		(0.00	)		(0.24	)		10.59
	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
Retail Class:	9/30/18	#		10.59		0.12			(0.16	)		(0.04	)		(0.12	)		—			(0.12	)		10.43
	3/31/18			10.75		0.23			(0.16	)		0.07			(0.23	)		(0.00	)		(0.23	)		10.59
	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
Class W:	9/30/18	††		10.43		—			—			—			—			—			—			10.43

62 2018 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:	9/30/18	#		(0.22	)%b		$  867,727		0.30	%c		0.30	%c		3.13	%c		88	%b		79	%b
	3/31/18			1.83			4,343,864		0.30			0.30			2.95			155			130
	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
Advisor Class:	9/30/18	#		(0.16	)b		912,134		0.44	c		0.44	c		3.03	c		88	b		79	b
	3/31/18			1.74			5,148		0.38			0.38			2.95			155			130
	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:	9/30/18	#		(0.30	)b		13,977		0.45	c		0.45	c		2.95	c		88	b		79	b
	3/31/18			1.67			25,584		0.45			0.45			2.79			155			130
	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
Retirement Class:	9/30/18	#		(0.31	)b		205,928		0.55	c		0.55	c		2.88	c		88	b		79	b
	3/31/18			1.49			213,497		0.55			0.55			2.69			155			130
	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
Retail Class:	9/30/18	#		(0.34	)b		92,416		0.60	c		0.60	c		2.83	c		88	b		79	b
	3/31/18			1.45			97,066		0.60			0.60			2.65			155			130
	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
Class W:	9/30/18	††		—			3,654,498		—			—			—			88	b		79	b
BOND INDEX FUND
Institutional Class:	9/30/18	#		(0.08	)b		6,153,728		0.11	c		0.11	c		2.69	c		10	b		10	b
	3/31/18			0.89			9,558,420		0.12			0.12			2.45			15			15
	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
Advisor Class:	9/30/18	#		(0.24	)b		782		0.26	c		0.26	c		2.44	c		10	b		10	b
	3/31/18			0.78			282		0.20			0.20			2.30			15			15
	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:	9/30/18	#		(0.25	)b		28,821		0.26	c		0.26	c		2.53	c		10	b		10	b
	3/31/18			0.74			33,640		0.27			0.27			2.30			15			15
	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
Retirement Class:	9/30/18	#		(0.30	)b		205,945		0.36	c		0.36	c		2.44	c		10	b		10	b
	3/31/18			0.73			179,875		0.37			0.37			2.20			15			15
	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
Retail Class:	9/30/18	#		(0.34	)b		19,770		0.45	c		0.45	c		2.35	c		10	b		10	b
	3/31/18			0.66			20,927		0.44			0.44			2.12			15			15
	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
Class W:	9/30/18	††		—			3,995,390		—			—			—			10	b		10	b

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 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
BOND PLUS FUND
Institutional Class:	9/30/18	#		$10.24		$0.17			$(0.17	)		$0.00			$(0.17	)		$    —			$(0.17	)		$10.07
	3/31/18			10.36		0.33			(0.11	)		0.22			(0.33	)		(0.01	)		(0.34	)		10.24
	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
Advisor Class:	9/30/18	#		10.25		0.17			(0.17	)		0.00			(0.17	)		—			(0.17	)		10.08
	3/31/18			10.37		0.32			(0.11	)		0.21			(0.32	)		(0.01	)		(0.33	)		10.25
	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:	9/30/18	#		10.24		0.16			(0.17	)		(0.01	)		(0.16	)		—			(0.16	)		10.07
	3/31/18			10.36		0.32			(0.12	)		0.20			(0.31	)		(0.01	)		(0.32	)		10.24
	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
Retirement Class:	9/30/18	#		10.26		0.16			(0.18	)		(0.02	)		(0.16	)		—			(0.16	)		10.08
	3/31/18			10.37		0.31			(0.11	)		0.20			(0.30	)		(0.01	)		(0.31	)		10.26
	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
Retail Class:	9/30/18	#		10.26		0.15			(0.17	)		(0.02	)		(0.15	)		—			(0.15	)		10.09
	3/31/18			10.38		0.30			(0.11	)		0.19			(0.30	)		(0.01	)		(0.31	)		10.26
	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
Class W:	9/30/18	††		10.07		—			—			—			—			—			—			10.07
5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	9/30/18	#		10.26		0.13			(0.06	)		0.07			(0.13	)		—			(0.13	)		10.20
	3/31/18			10.25		0.24			0.01			0.25			(0.24	)		(0.00	)d		(0.24	)		10.26
	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
Advisor Class:	9/30/18	#		10.26		0.13			(0.06	)		0.07			(0.13	)		—			(0.13	)		10.20
	3/31/18			10.25		0.24			0.01			0.25			(0.24	)		(0.00	)d		(0.24	)		10.26
	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:	9/30/18	#		10.27		0.12			(0.06	)		0.06			(0.12	)		—			(0.12	)		10.21
	3/31/18			10.26		0.21			0.01			0.22			(0.21	)		(0.00	)d		(0.21	)		10.27
	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

64 2018 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:	9/30/18	#		0.00	%b		$1,094,632		0.30	%c	0.30	%c		3.36	%c	49	%b		43	%b
	3/31/18			2.07			3,434,043		0.30		0.30			3.19		156			116
	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
Advisor Class:	9/30/18	#		(0.03	)b		28,399		0.35	c	0.35	c		3.31	c	49	b		43	b
	3/31/18			1.99			24,604		0.37		0.37			3.17		156			116
	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:	9/30/18	#		(0.08	)b		10,334		0.45	c	0.45	c		3.17	c	49	b		43	b
	3/31/18			1.92			22,115		0.46		0.46			3.02		156			116
	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
Retirement Class:	9/30/18	#		(0.22	)b		447,913		0.55	c	0.55	c		3.11	c	49	b		43	b
	3/31/18			1.92			426,965		0.55		0.55			2.94		156			116
	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
Retail Class:	9/30/18	#		(0.16	)b		253,455		0.63	c	0.63	c		3.03	c	49	b		43	b
	3/31/18			1.75			264,757		0.62		0.62			2.87		156			116
	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
Class W:	9/30/18	††		—			2,385,591		—		—			—		49	b		43	b
5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	9/30/18	#		0.68	b		1,183		0.38	c	0.33	c		2.54	c	17	b		17	b
	3/31/18			2.48			1,401		0.38		0.35			2.31		29			29
	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
Advisor Class:	9/30/18	#		0.65	b		174		0.42	c	0.38	c		2.51	c	17	b		17	b
	3/31/18			2.49			100		0.37		0.34			2.34		29			29
	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:	9/30/18	#		0.54	b		257,951		0.65	c	0.62	c		2.25	c	17	b		17	b
	3/31/18			2.20			266,695		0.65		0.62			2.06		29			29
	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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 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
HIGH-YIELD FUND
Institutional Class:	9/30/18	#		$  9.56		$  0.27			$  0.10			$  0.37			$(0.27	)		$       —			$(0.27	)		$  9.66
	3/31/18			9.80		0.51			(0.24	)		0.27			(0.51	)		—			(0.51	)		9.56
	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
Advisor Class:	9/30/18	#		9.56		0.27			0.09			0.36			(0.27	)		—			(0.27	)		9.65
	3/31/18			9.80		0.49			(0.23	)		0.26			(0.50	)		—			(0.50	)		9.56
	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:	9/30/18	#		9.57		0.27			0.10			0.37			(0.27	)		—			(0.27	)		9.67
	3/31/18			9.81		0.49			(0.24	)		0.25			(0.49	)		—			(0.49	)		9.57
	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
Retirement Class:	9/30/18	#		9.57		0.26			0.09			0.35			(0.26	)		—			(0.26	)		9.66
	3/31/18			9.81		0.48			(0.24	)		0.24			(0.48	)		—			(0.48	)		9.57
	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
Retail Class:	9/30/18	#		9.61		0.26			0.09			0.35			(0.26	)		—			(0.26	)		9.70
	3/31/18			9.85		0.48			(0.24	)		0.24			(0.48	)		—			(0.48	)		9.61
	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
Class W:	9/30/18	††		9.66		—			—			—			—			—			—			9.66
INFLATION-LINKED BOND FUND
Institutional Class:	9/30/18	#		11.28		0.19			(0.17	)		0.02			(0.17	)		—			(0.17	)		11.13
	3/31/18			11.48		0.23			(0.20	)		0.03			(0.23	)		—			(0.23	)		11.28
	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
Advisor Class:	9/30/18	#		11.28		0.18			(0.17	)		0.01			(0.16	)		—			(0.16	)		11.13
	3/31/18			11.48		0.21			(0.20	)		0.01			(0.21	)		—			(0.21	)		11.28
	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:	9/30/18	#		11.25		0.20			(0.19	)		0.01			(0.15	)		—			(0.15	)		11.11
	3/31/18			11.45		0.22			(0.21	)		0.01			(0.21	)		—			(0.21	)		11.25
	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
Retirement Class:	9/30/18	#		11.36		0.18			(0.18	)		0.00			(0.15	)		—			(0.15	)		11.21
	3/31/18			11.56		0.21			(0.21	)		0.00			(0.20	)		—			(0.20	)		11.36
	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
Retail Class:	9/30/18	#		11.00		0.17			(0.17	)		0.00			(0.14	)		—			(0.14	)		10.86
	3/31/18			11.20		0.19			(0.20	)		(0.01	)		(0.19	)		—			(0.19	)		11.00
	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
Class W:	9/30/18	††		11.13		—			—			—			—			—			—			11.13

66 2018 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
HIGH-YIELD FUND
Institutional Class:	9/30/18	#		3.97	%b		$2,990,341			0.35	%c		0.35	%c		5.70	%c		25	%b
	3/31/18			2.72			2,844,390			0.36			0.36			5.19			40
	3/31/17			15.24			2,417,175			0.36			0.36			5.81			52
	3/31/16			(3.84	)		2,253,957			0.36			0.36			5.86			50
	3/31/15			2.33			2,154,591			0.36			0.36			5.41			71
	3/31/14			6.78			1,790,122			0.37			0.37			5.51			69
Advisor Class:	9/30/18	#		3.80	b		9,893			0.47	c		0.47	c		5.60	c		25	b
	3/31/18			2.62			5,199			0.46			0.46			5.03			40
	3/31/17			15.17			5,133			0.43			0.43			5.55			52
	3/31/16	‡		0.23	b		102			0.58	c		0.51	c		6.31	c		50
Premier Class:	9/30/18	#		3.88	b		33,959			0.51	c		0.51	c		5.32	c		25	b
	3/31/18			2.57			130,399			0.51			0.51			5.02			40
	3/31/17			15.06			144,573			0.51			0.51			5.64			52
	3/31/16			(3.87	)		73,106			0.51			0.51			5.80			50
	3/31/15			2.08			33,545			0.51			0.51			5.26			71
	3/31/14			6.72			30,851			0.52			0.52			5.36			69
Retirement Class:	9/30/18	#		3.73	b		414,710			0.60	c		0.60	c		5.44	c		25	b
	3/31/18			2.47			418,842			0.61			0.61			4.93			40
	3/31/17			14.95			361,397			0.61			0.61			5.55			52
	3/31/16			(3.97	)		248,713			0.61			0.61			5.61			50
	3/31/15			2.08			245,574			0.61			0.61			5.10			71
	3/31/14			6.51			402,054			0.62			0.62			5.26			69
Retail Class:	9/30/18	#		3.71	b		338,055			0.63	c		0.63	c		5.41	c		25	b
	3/31/18			2.47			623,780			0.62			0.62			4.91			40
	3/31/17			15.01			620,629			0.63			0.63			5.53			52
	3/31/16			(4.06	)		441,569			0.63			0.63			5.55			50
	3/31/15			1.97			541,978			0.64			0.64			5.11			71
	3/31/14			6.48			600,237			0.65			0.65			5.23			69
Class W:	9/30/18	††		—			290,771			—			—			—			25	b
INFLATION-LINKED BOND FUND
Institutional Class:	9/30/18	#		0.17	b		1,601,257			0.26	c		0.26	c		3.37	c		15	b
	3/31/18			0.23			2,542,095			0.26			0.26			2.05			17
	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
Advisor Class:	9/30/18	#		0.07	b		296			0.38	c		0.38	c		3.22	c		15	b
	3/31/18			0.12			270			0.42			0.41			1.88			17
	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:	9/30/18	#		0.06	b		3,552			0.41	c		0.41	c		3.43	c		15	b
	3/31/18			0.08			10,811			0.41			0.41			1.90			17
	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
Retirement Class:	9/30/18	#		(0.01	)b		240,172			0.51	c		0.51	c		3.12	c		15	b
	3/31/18			(0.03	)		231,263			0.51			0.51			1.81			17
	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
Retail Class:	9/30/18	#		0.03	b		106,604			0.58	c		0.58	c		3.07	c		15	b
	3/31/18			(0.14	)		110,279			0.59			0.59			1.70			17
	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
Class W:	9/30/18	††		—			1,059,464			—			—			—			15	b

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 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
SHORT-TERM BOND FUND
Institutional Class:	9/30/18	#		$10.25		$0.13			$(0.07	)		$  0.06			$(0.12	)		$       —			$(0.12	)		$10.19
	3/31/18			10.34		0.20			(0.08	)		0.12			(0.20	)		(0.01	)		(0.21	)		10.25
	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
Advisor Class:	9/30/18	#		10.24		0.12			(0.05	)		0.07			(0.12	)		—			(0.12	)		10.19
	3/31/18			10.34		0.20			(0.09	)		0.11			(0.20	)		(0.01	)		(0.21	)		10.24
	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:	9/30/18	#		10.26		0.12			(0.05	)		0.07			(0.12	)		—			(0.12	)		10.21
	3/31/18			10.35		0.18			(0.07	)		0.11			(0.19	)		(0.01	)		(0.20	)		10.26
	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
Retirement Class:	9/30/18	#		10.26		0.11			(0.05	)		0.06			(0.11	)		—			(0.11	)		10.21
	3/31/18			10.35		0.17			(0.07	)		0.10			(0.18	)		(0.01	)		(0.19	)		10.26
	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
Retail Class:	9/30/18	#		10.26		0.11			(0.06	)		0.05			(0.11	)		—			(0.11	)		10.20
	3/31/18			10.35		0.17			(0.08	)		0.09			(0.17	)		(0.01	)		(0.18	)		10.26
	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
Class W:	9/30/18	††		10.20		—			—			—			—			—			—			10.20
SHORT-TERM BOND INDEX FUND
Institutional Class:	9/30/18	#		9.84		0.10			(0.04	)		0.06			(0.10	)		—			(0.10	)		9.80
	3/31/18			9.97		0.14			(0.13	)		0.01			(0.14	)		—			(0.14	)		9.84
	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:	9/30/18	#		9.84		0.09			(0.04	)		0.05			(0.09	)		—			(0.09	)		9.80
	3/31/18			9.97		0.13			(0.13	)		0.00			(0.13	)		—			(0.13	)		9.84
	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:	9/30/18	#		9.83		0.09			(0.04	)		0.05			(0.09	)		—			(0.09	)		9.79
	3/31/18			9.97		0.13			(0.14	)		(0.01	)		(0.13	)		—			(0.13	)		9.83
	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:	9/30/18	#		9.84		0.09			(0.04	)		0.05			(0.09	)		—			(0.09	)		9.80
	3/31/18			9.97		0.12			(0.13	)		(0.01	)		(0.12	)		—			(0.12	)		9.84
	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:	9/30/18	#		9.84		0.08			(0.04	)		0.04			(0.08	)		—			(0.08	)		9.80
	3/31/18			9.97		0.11			(0.13	)		(0.02	)		(0.11	)		—			(0.11	)		9.84
	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
Class W:	9/30/18	††		9.80		—			—			—			—			—			—			9.80

68 2018 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
SHORT-TERM BOND FUND
Institutional Class:	9/30/18	#		0.73	%b		$    870,105			0.28	%c		0.28	%c		2.43	%c		59	%b
	3/31/18			1.14			1,462,512			0.27			0.27			1.95			77
	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
Advisor Class:	9/30/18	#		0.70	b		439			0.34	c		0.34	c		2.37	c		59	b
	3/31/18			1.02			286			0.29			0.29			1.98			77
	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:	9/30/18	#		0.65	b		7,116			0.43	c		0.43	c		2.25	c		59	b
	3/31/18			0.99			11,705			0.42			0.42			1.78			77
	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
Retirement Class:	9/30/18	#		0.60	b		111,375			0.53	c		0.53	c		2.18	c		59	b
	3/31/18			0.89			100,591			0.52			0.52			1.69			77
	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
Retail Class:	9/30/18	#		0.47	b		113,945			0.59	c		0.59	c		2.10	c		59	b
	3/31/18			0.84			126,010			0.57			0.57			1.65			77
	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
Class W:	9/30/18	††		—			755,669			—			—			—			59	b
SHORT-TERM BOND INDEX FUND
Institutional Class:	9/30/18	#		0.60	b		41,791			0.16	c		0.05	c		2.02	c		32	b
	3/31/18			0.11			328,156			0.18			0.08			1.45			57
	3/31/17			0.44			165,909			0.25			0.12			1.05			61
	3/31/16	^		0.85	b		106,153			0.45	c		0.12	c		0.85	c		53	b
Advisor Class:	9/30/18	#		0.53	b		717			0.30	c		0.19	c		1.90	c		32	b
	3/31/18			(0.03	)		496			0.38			0.22			1.32			57
	3/31/17			0.44			171			0.25			0.12			1.05			61
	3/31/16	‡		0.85	b		101			0.67	c		0.27	c		0.77	c		53	b
Premier Class:	9/30/18	#		0.53	b		583			0.31	c		0.20	c		1.86	c		32	b
	3/31/18			(0.14	)		643			0.34			0.23			1.28			57
	3/31/17			0.28			362			0.41			0.27			0.85			61
	3/31/16	^		0.75	b		1,003			0.84	c		0.27	c		0.69	c		53	b
Retirement Class:	9/30/18	#		0.48	b		40,163			0.41	c		0.30	c		1.78	c		32	b
	3/31/18			(0.14	)		26,749			0.43			0.33			1.22			57
	3/31/17			0.19			10,687			0.50			0.37			0.80			61
	3/31/16	^		0.69	b		4,975			0.80	c		0.37	c		0.63	c		53	b
Retail Class:	9/30/18	#		0.43	b		2,232			0.55	c		0.40	c		1.67	c		32	b
	3/31/18			(0.24	)		1,990			0.64			0.44			1.06			57
	3/31/17			0.13			1,935			0.55			0.42			0.73			61
	3/31/16	^		0.62	b		1,742			1.02	c		0.47	c		0.50	c		53	b
Class W:	9/30/18	††		—			342,090			—			—			—			32	b

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 69

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
SOCIAL CHOICE BOND FUND
Institutional Class:	9/30/18	#		$10.14		$0.15			$(0.15	)		$  0.00			$(0.15	)		$       —			$(0.15	)		$  9.99
	3/31/18			10.18		0.27			(0.05	)		0.22			(0.26	)		—			(0.26	)		10.14
	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
Advisor Class:	9/30/18	#		10.15		0.14			(0.16	)		(0.02	)		(0.14	)		—			(0.14	)		9.99
	3/31/18			10.19		0.26			(0.05	)		0.21			(0.25	)		—			(0.25	)		10.15
	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:	9/30/18	#		10.15		0.14			(0.16	)		(0.02	)		(0.14	)		—			(0.14	)		9.99
	3/31/18			10.19		0.25			(0.05	)		0.20			(0.24	)		—			(0.24	)		10.15
	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
Retirement Class:	9/30/18	#		10.14		0.13			(0.14	)		(0.01	)		(0.14	)		—			(0.14	)		9.99
	3/31/18			10.19		0.24			(0.06	)		0.18			(0.23	)		—			(0.23	)		10.14
	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
Retail Class:	9/30/18	#		10.14		0.13			(0.16	)		(0.03	)		(0.13	)		—			(0.13	)		9.98
	3/31/18			10.18		0.24			(0.05	)		0.19			(0.23	)		—			(0.23	)		10.14
	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

70 2018 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
SOCIAL CHOICE BOND FUND
Institutional Class:	9/30/18	#		(0.02	)%b		$1,589,039			0.38	%c		0.38	%c		2.91	%c		47	%b		44	%b
	3/31/18			2.14			1,203,023			0.39			0.39			2.61			112			89
	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
Advisor Class:	9/30/18	#		(0.15	)b		383,993			0.44	c		0.44	c		2.84	c		47	b		44	b
	3/31/18			2.09			239,374			0.44			0.44			2.55			112			89
	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:	9/30/18	#		(0.21	)b		32,793			0.55	c		0.55	c		2.73	c		47	b		44	b
	3/31/18			1.99			30,079			0.54			0.54			2.44			112			89
	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
Retirement Class:	9/30/18	#		(0.15	)b		400,583			0.63	c		0.62	c		2.66	c		47	b		44	b
	3/31/18			1.79			364,848			0.64			0.64			2.34			112			89
	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
Retail Class:	9/30/18	#		(0.26	)b		166,908			0.65	c		0.65	c		2.62	c		47	b		44	b
	3/31/18			1.88			176,995			0.65			0.65			2.33			112			89
	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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 71

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:	9/30/18	#		$1.00		$0.01			$—		$0.01			$(0.01	)		$       —			$(0.01	)		$1.00
	3/31/18			1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		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
Advisor Class:	9/30/18	#		1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		1.00
	3/31/18			1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		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:	9/30/18	#		1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		1.00
	3/31/18			1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		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
Retirement Class:	9/30/18	#		1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		1.00
	3/31/18			1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		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
Retail Class:	9/30/18	#		1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		1.00
	3/31/18			1.00		0.01			—		0.01			(0.01	)		—			(0.01	)		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

#	Unaudited
^	The Fund commenced operations on August 7, 2015.
‡	The Advisor Class commenced operations on December 4, 2015.
††	Class W commenced operations on September 28, 2018.
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.

72 2018 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:	9/30/18	#		0.87	%b		$534,821			0.14	%c		0.14	%c		1.72	%c		—	%
	3/31/18			0.96			487,762			0.15			0.15			0.95			—
	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			—
Advisor Class:	9/30/18	#		0.86	b		150			0.16	c		0.16	c		1.73	c		—
	3/31/18			1.04			100			0.06			0.06			1.03			—
	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:	9/30/18	#		0.80	b		25,000			0.29	c		0.28	c		1.57	c		—
	3/31/18			0.80			44,548			0.29			0.29			0.82			—
	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			—
Retirement Class:	9/30/18	#		0.79	b		145,078			0.39	c		0.30	c		1.58	c		—
	3/31/18			0.70			126,187			0.40			0.40			0.71			—
	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			—
Retail Class:	9/30/18	#		0.71	b		295,100			0.51	c		0.46	c		1.41	c		—
	3/31/18			0.62			303,155			0.48			0.48			0.61			—
	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			—

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 73

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 U.S. 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, 5–15 Year Laddered Tax-Exempt Bond Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Short-Term Bond Index Fund, Social Choice Bond Fund, and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). Effective August 1, 2018, Tax-Exempt Bond Fund changed its name to 5–15 Year Laddered Tax-Exempt Bond 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 six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting

purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

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

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

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

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

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

74 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately 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 August 2018, FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management is currently evaluating the impact of this guidance.

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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets.

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, in relation to the implementation of the liquidity risk management program and the 15% illiquid investment limit, must be adopted by December 1, 2018. In February 2018, the Commission issued Release No. IC-33142, which delayed the compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. Management is currently assessing the impact of this rule to the Funds’ financial statements and various filings.

In August 2018, the Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This final rule amends certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. GAAP or changes in the information environment. This rule eliminates the requirements for funds to present the components of

distributable earnings on the balance sheet and parenthetically on the statement of changes in net assets. The final rule is effective November 5, 2018. Management will implement the above changes for year ends occurring after the effective date of this issuance.

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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 75

Notes to financial statements (unaudited)

quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

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

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

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

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

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, 2018, the High-Yield Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Also, the High-Yield Fund and the Social Choice Bond Fund had transfers from Level 3 to Level 2 as a result of various market related factors. Please refer to the Level 3 reconciliation below.

As of September 30, 2018, 100% of the value of investments in the 5–15 Year Laddered Tax-Exempt Bond Fund, the Short-Term Bond Index 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, 2018, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Bond
Bank loan obligations	$	—	$	87,876,868		$	2,117,056	$	89,993,924
Corporate bonds		—		1,846,890,838			143,749		1,847,034,587
Government bonds		—		2,372,697,318			92,750		2,372,790,068
Structured assets		—		1,151,910,809			482,082		1,152,392,891
Common stocks		345,565		—			—		345,565
Short-term investments		—		44,767,206			—		44,767,206
Credit default swap contracts**		—		(153,436	)		—		(153,436	)
Unfunded loan commitment***		—		594			—		594
Total	$	345,565	$	5,503,990,197		$	2,835,637	$	5,507,171,399
Bond Index
Corporate bonds	$	—	$	2,612,699,185		$	—	$	2,612,699,185
Government bonds		—		7,456,869,884			—		7,456,869,884
Structured assets		—		269,107,464			304,994		269,412,458
Short-term investments		—		61,859,119			—		61,859,119
Total	$	—	$	10,400,535,652		$	304,994	$	10,400,840,646
Bond Plus
Bank loan obligations	$	—	$	98,901,392		$	3,519,241	$	102,420,633
Corporate bonds		—		1,270,934,025			4,245,338		1,275,179,363
Government bonds		—		2,057,820,598			198,750		2,058,019,348
Structured assets		—		708,899,305			2,680,482		711,579,787
Common stocks		2,857,413		904,861			—		3,762,274
Rights / Warrants		—		467,172			—		467,172
Short-term investments		—		3,740,726			—		3,740,726
Cross currency swap contracts**		—		547,103			—		547,103
Credit default swap contracts**		—		(887,543	)		—		(887,543	)
Total	$	2,857,413	$	4,141,327,639		$	10,643,811	$	4,154,828,863

76 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

Fund	Level 1		Level 2		Level 3		Total
High-Yield
Bank loan obligations	$	—	$	232,036,419	$	—	$	232,036,419
Corporate bonds		—		3,541,504,468		48,174,096		3,589,678,564
Common stocks		95,844,645		6,070,202		—		101,914,847
Rights / Warrants		—		3,127,068		—		3,127,068
Short-term investments		—		153,366,276		—		153,366,276
Unfunded loan commitment***		—		3,008		—		3,008
Total	$	95,844,645	$	3,936,107,441	$	48,174,096	$	4,080,126,182
Inflation-Linked Bond
Government bonds	$	—	$	2,981,803,156	$	—	$	2,981,803,156
Futures contracts**		286,482		—		—		286,482
Total	$	286,482	$	2,981,803,156	$	—	$	2,982,089,638
Short-Term Bond
Bank loan obligations	$	—	$	50,489,912	$	—	$	50,489,912
Corporate bonds		—		467,143,205		—		467,143,205
Government bonds		—		861,868,637		—		861,868,637
Structured assets		—		527,981,611		1		527,981,612
Short-term investments		—		26,661,933		—		26,661,933
Futures contracts**		649,419		—		—		649,419
Total	$	649,419	$	1,934,145,298	$	1	$	1,934,794,718
Social Choice Bond
Bank loan obligations	$	—	$	23,747,885	$	1,481,732	$	25,229,617
Corporate bonds		—		955,750,401		—		955,750,401
Government bonds		—		1,173,290,830		28,499,360		1,201,790,190
Structured assets		—		334,261,427		2,609,676		336,871,103
Preferred stocks		255,000		—		—		255,000
Short-term investments		—		50,978,259		—		50,978,259
Total	$	255,000	$	2,538,028,802	$	32,590,768	$	2,570,874,570

**	Derivative instruments are not reflected in the market value of portfolio of investments.
***	Unfunded loan commitments are not reflected in the market value of portfolio of investments.

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

	High-Yield Fund			Social Choice Bond Fund
Balance as of March 31, 2018	$	56,509,843		$	46,189,911
Purchases		198,842			1,981,478
Sales		(789,683	)		(1,515,472	)
Gains (losses)		—			12,479
Change in unrealized appreciation (depreciation)		14,787,056			(11,559,200	)
Transfers out of Level 3		(23,731,962	)		(2,518,428	)
Transfers into Level 3		1,200,000			—
Balance as of September 30, 2018	$	48,174,096		$	32,590,768

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Funds’ as of September 30, 2018:

Fund	Fair value as of September 30, 2018		Valuation technique	Unobservable input	Range (weighted average)
High-Yield
Corporate bonds	$	48,174,096	Recent market transaction	Discount	25.5%–60.0% (27.8%)
Total	$	48,174,096
Social Choice Bond
Bank loan obligations	$	1,481,732	Broker quote	*
Government bonds		28,499,360	Broker quote	*
Structured assets		2,530,565	Broker quote	*
Structured assets		79,111	Recent market transaction	Discount	94.5% (94.5%)
Total	$	32,590,768

* Single source broker quote.

TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 77

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, 2018, 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 Fund
Fixed Income contracts				Credit default swap contracts*	$	153,436
Bond Plus Fund
Fixed Income contracts	Cross currency swap contracts	$	547,103	Credit default swap contracts*		887,543
Inflation-Linked Bond Fund
Interest-rate contracts				Futures contracts*		286,482
Short-Term Bond Fund
Interest-rate contracts				Futures contracts*		649,419

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

For the period ended September 30, 2018, 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 Fund
Credit contracts	Swap contracts	$	(1,911,421	)	$	(153,436	)
Bond Plus Fund
Credit and currency contracts	Swap contracts		(270,305	)		515,301
Inflation-Linked Bond Fund
Interest rate contracts	Futures contracts		(33,352	)		511,706
Short-Term Bond Fund
Interest rate contracts	Futures contracts		2,191			1,190,549

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, 2018, 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 0% and 5% of net assets, respectively. The futures contracts outstanding as of September 30, 2018 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

78 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

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 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, 2018, the Bond Fund and the Bond Plus Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of September 30, 2018 are disclosed in the summary portfolio of investments and the full Schedule of Investments.

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 contracts 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, 2018, 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, 2018 are disclosed in the summary portfolio of investments and full Schedules of Investments.

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 contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with approval of the Board of Trustees.

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, 2018, 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  ■  2018 Semiannual Report 79

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			Class
Fund							Class			Class			Class			Class			Class			Class			Class			Class			W§
Bond*		0.25%–0.30	%		0.28	%		0.25	%		0.15	%		0.25	%		0.35	%		0.50	%		0.50	%		0.60	%		0.70	%		0.35	%
Bond Index		0.10			0.10			0.25			0.15			0.25			0.13			0.28			0.28			0.38			0.48			0.13
Bond Plus*		0.25–0.30			0.29			0.25			0.15			0.25			0.35			0.50			0.50			0.60			0.70			0.35
5–15 Year Laddered Tax-Exempt Bond*		0.20–0.25	a		0.28			—			—			0.25			0.30	b		0.45	b		—			—			0.65	b		—
High-Yield*		0.30–0.35			0.34			0.25			0.15			0.25			0.40			0.55			0.55			0.65			0.75			0.40
Inflation-Linked Bond*		0.20–0.25			0.24			0.25			0.15			0.25			0.30			0.45			0.45			0.55			0.65			0.30
Short-Term Bond*		0.20–0.25			0.25			0.25			0.15			0.25			0.30			0.45			0.45			0.55			0.65			0.30
Short-Term Bond Index		0.07	c		0.07			0.25			0.15			0.25			0.12	c		0.27	c		0.27	c		0.37	c		0.47	c		0.12
Social Choice Bond*		0.30–0.35			0.34			0.25			0.15			0.25			0.40			0.55			0.55			0.65	d		0.75			—
Money Market		0.10			0.10			0.25			0.15			0.25			0.15			0.30	e		0.30	e		0.40	e		0.50	e		—

*	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 8, 2018, the investment management fee range for the 5–15 Year Laddered Tax-Exempt Bond was 0.25%–0.30% of average daily net assets.
b	Prior to August 1, 2018, the expense caps were 0.35% for the Institutional Class, 0.50% for the Advisor Class, and 0.70% for the Retail Class.
c	Effective October 1, 2017 through September 30, 2018, Advisors agreed to voluntarily waive a portion of the investment management fee for the Short-Term Bond Index Fund. The investment management fee range after the waiver is 0.00% of average daily net assets. During this period, the expenses caps are 0.05% for the Institutional Class, 0.20% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, and 0.40% for the Retail Class. This is a voluntary waiver in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
d	Effective August 1, 2018 to April 30, 2019, Advisors agreed to implement a voluntary waiver reducing the expense caps. During the period, the expense cap will be 0.62% for the Retirement Class. This is a voluntary waiver in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
e	Effective August 1, 2018 to April 30, 2019, Advisors agreed to implement a voluntary waiver reducing the expense caps. During the period, the expense caps will be 0.27% for the Advisor Class, 0.28% for the Premier Class, 0.28% for the Retirement Class, and 0.45% for the Retail Class. This is a voluntary waiver in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
‡	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, 2019. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.
§	Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with 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, 2018, these transactions did not materially impact the Funds.

As of September 30, 2018, 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, 2018:

				TIAA-CREF						TIAA-CREF
	TIAA-CREF			Lifecycle Index			TIAA-CREF			Managed
Underlying Fund	Lifecycle Funds			Funds			Lifestyle Funds			Allocation Fund			TIAA Access			Total
Bond		64	%		—	%		1	%		—	%		—	%		65	%
Bond Index		—			38			—			—			1			39
Bond Plus		57			—			6			8			2			73
High-Yield		7			—			—			—			3			10
Inflation-Linked Bond		24			11			—			—			—			35
Short-Term Bond		41			—			4			—			2			47
Short-Term Bond Index		—			80			—			—			—			80
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, 2018, three 529 Plans owned 12%, 12%, and 5%, respectively, of the Bond Index Fund, two 529 Plans owned 11% and 11% respectively of the Inflation-Linked Bond Fund, one 529 Plan owned 9% of the Short-Term Bond Fund, one 529 Plan owned 7% of the Short-Term Bond Index Fund, and one 529 Plan owned 5% of the Money Market Fund.

80 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

Companies in which a 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:

										Change in
										unrealized					Shares at		Value at
	Value at		Purchases		Sales		Realized			appreciation			Dividend		September 30,		September 30,
Issue	March 31, 2018		cost		proceeds		gain (loss		)	(depreciation		)	income		2018		2018
High-Yield Fund
Common stock
Energy
Gulfmark Offshore, Inc*	$	7,686,798		$ —		$ —		$ —		$	2,200,015			$ —		265,062	$	9,886,813
Gulfmark Offshore, Inc (New Common)*m		4,719,460		—		—		—			1,350,742			—		162,740		6,070,202
Total	$	12,406,258		$ —		$ —		$ —		$	3,550,757			$ —		427,802	$	15,957,015

*	Non-income producing
m	Indicates a security that has been deemed illiquid.

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. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.

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, 2018, the Bond Fund and the High Yield Fund held an unfunded loan commitment of $97,826 and $631,136, respectively. 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, 2018, 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	$	5,640,370,223	$	3,025,385	$	(136,224,803	)	$	(133,199,418	)
Bond Index		10,684,146,343		21,991,174		(305,296,871	)		(283,305,697	)
Bond Plus		4,258,888,101		11,654,061		(115,796,901	)		(104,142,840	)
5–15 Year Laddered Tax-Exempt Bond		254,477,213		1,065,576		(4,588,618	)		(3,523,042	)
High-Yield		4,077,874,736		89,356,368		(87,107,930	)		2,248,438
Inflation-Linked Bond		3,028,389,674		14,948,974		(61,249,010	)		(46,300,036	)
Short-Term Bond		1,956,068,793		1,603,145		(22,877,220	)		(21,274,075	)
Short-Term Bond Index		429,026,644		8,178		(4,445,044	)		(4,436,866	)
Social Choice Bond		2,619,402,171		4,891,965		(53,419,566	)		(48,527,601	)

TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 81

Notes to financial statements (unaudited) concluded

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, 2018 were as follows:

	Non-U.S.		U.S.		Non-U.S.		U.S.
	government		government		government		government
Fund	purchases		purchases		sales		sales
Bond	$	1,397,870,599	$	4,142,282,416	$	847,271,397	$	3,553,015,858
Bond Index		421,806,793		1,603,736,431		364,665,597		673,010,569
Bond Plus		793,411,406		1,463,452,579		547,553,139		1,438,903,648
5–15 Year Laddered Tax-Exempt Bond		42,953,269		—		56,083,214		—
High-Yield		1,074,453,069		—		988,589,529		—
Inflation-Linked Bond		—		565,948,452		255,000		450,795,908
Short-Term Bond		316,686,040		1,021,683,905		203,699,599		830,671,973
Short-Term Bond Index		42,236,677		151,601,124		18,588,433		106,392,895
Social Choice Bond		714,154,538		999,596,847		182,268,193		887,200,967

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2018 was as follows:

	3/31/2018
	Ordinary		Long-term
Fund	income		capital gains		Total
Bond	$	130,737,699	$	—	$	130,737,699
Bond Index		211,428,182		2,716,505		214,144,687
Bond Plus		124,799,390		—		124,799,390
5–15 Year Laddered Tax-Exempt Bond*		5,770,130		—		5,770,130
High-Yield		200,113,389		—		200,113,389
Inflation-Linked Bond		53,045,007		—		53,045,007
Short-Term Bond		33,596,909		—		33,596,909
Short-Term Bond Index		3,882,375		—		3,882,375
Social Choice Bond		37,165,012		—		37,165,012
Money Market		7,196,694		—		7,196,694

* Includes ordinary income which will not be taxable for federal income tax purposes in 2018 of $5,680,127.

The tax character of the fiscal year 2019 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 $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2018, 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.

82 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Approval of investment management agreement (unaudited)

Board approval of the investment management agreement for the TIAA-CREF 5–15 Year Laddered Tax-Exempt Bond Fund (formerly, the TIAA-CREF Tax-Exempt Bond Fund)

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. The Agreement was recently renewed, as discussed in the March 31, 2018 annual report, and, due to the modifications discussed below, the Agreement was subsequently amended with respect to the TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund (“Fund”). Below is a summary of the process the Board undertook related to its approval of the amendment to the Agreement.

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires material amendments to the Agreement be approved by the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview

The Board held meetings in February and May 2018, at which it considered three key changes to the Fund: (1) modifying the Fund’s investment strategy to a 5–15 year laddered municipal strategy; (2) changing the Fund’s name from “TIAA-CREF Tax-Exempt Bond Fund” to “TIAA-CREF 5–15 Year Laddered Tax-Exempt Bond Fund;” and (3) amending the Agreement to reduce the Fund’s annual investment management fee rate under the Agreement from 0.30% to 0.25% of average daily net assets, each with breakpoints (collectively, the “Proposal”). (Management fee rate “breakpoints” result in the Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.)

In advance of the Board meeting held on May 8, 2018, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to approve the Proposal. A main component of this information was comparative reports produced by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during reviews of investment management agreements. Broadridge produced, among other things, comparative expense data for the Fund, including data relating to the Fund’s proposed lower investment management fee rate and projected total expense ratio. Broadridge compared this data, as relevant, for the Fund against a universe of investment companies (“Broadridge Expense Universe”) and against a more selective peer group of mutual funds (“Broadridge Expense Group”) that are considered to have intermediate municipal debt investment strategies, each of

which was selected by Broadridge independent of any input from Advisors or the Board.

In addition to the data provided by Broadridge, the information provided by Advisors included, but was not limited to, the following: (1) Advisors’ rationale for the Proposal; (2) alternatives to the Proposal considered by Advisors; (3) the implementation method and timeline for the Proposal; (4) the potential impact of the Proposal on shareholders; (5) a description of any related proposed expense reimbursement changes; (6) information regarding the investment professionals that service the Fund, including information on the potential impact to the Fund of the integration of municipal investment teams across Advisors’ parent company, Nuveen; (7) any “fall-out” benefits reasonably likely to accrue to Advisors or its affiliates with the implementation of the Proposal; (8) information as to the effect of the Proposal on Advisors’ profitability and to potential economies of scale; (9) legal analysis of the permissibility of effecting the Proposal without a vote of shareholders; (10) disclosures to be provided to shareholders about the Proposal; and (11) a copy of the amendment to the Agreement. Additionally, Advisors represented that, except as noted in the Board materials for the Proposal, none of the information provided to the Board as part of its March 2018 annual review of the Agreement that would be relevant to its consideration of the Proposal had materially changed. The Trustees were given the opportunity to ask questions and request additional information throughout their deliberations, and they reviewed responses from Advisors to follow-up requests presented by the Board after its initial review of the information described above.

In considering whether to approve the amendment to the Agreement, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided to the Fund, including whether these would change with the implementation of the Proposal; (2) the potential effect on the Fund’s investment performance of the Proposal; (3) the potential effect on profits to be realized (if any) by Advisors of the Proposal; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale are anticipated to be realized once the Proposal is implemented; (6) whether the proposed fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; and (7) any other benefits anticipated to be derived by Advisors or its affiliates from the Proposal. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to approve the amendment to the Agreement.

In addition to general session meetings that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed amendment of the Agreement. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to amending an investment management agreement under Section 15(c) of the 1940 Act and certain other legal authorities.

TIAA-CREF Funds: Fixed-Income Funds  ■  2018 Semiannual Report 83

Approval of investment management agreement (unaudited) concluded

In deciding whether to approve the amendment to the Agreement, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to approve the amendment to the Agreement. At its meeting on May 8, 2018, all Board members voted unanimously to approve the amendment to the Agreement. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered the professional experience and qualifications of Advisors’ personnel. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Fund, including conducting research, identifying investments and placing orders to buy and sell securities for the Fund’s investment portfolios; active daily monitoring of the Fund’s investment portfolios; reporting on the investment performance of the Fund to the Board on a regular basis; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered Advisors’ representation that while the nature of the services to be provided would change in order to implement the Fund’s new investment strategy, the extent and quality of the services would not change under the Proposal. The Board also considered the potential benefits that could accrue to the Fund due to the integration of Nuveen’s municipal investment teams, which would provide the Fund’s portfolio management team with access to enhanced municipal research and trading capabilities.

Investment performance

The Board considered the performance of the Fund over the past ten years ended December 31, 2017. The Fund was in the 3rd, 4th, 5th and 4th quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 3rd, 4th and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively. The Board considered that the new investment strategy, along with the enhanced municipal credit analysis and trading capabilities that the Fund’s portfolio management team will have access to with the integration of Nuveen’s municipal investment teams, could potentially benefit the Fund’s performance.

Cost and profitability

The Board considered that Advisors had previously provided information showing that Advisors has historically incurred a loss with respect to the services that it provides to the Fund at the most recent renewal of the Agreement in March 2018 and that such losses are expected to continue due to the proposed reduction of the Fund’s annual investment management fee rate from 0.30% to 0.25% of average daily net assets under the Proposal. The Board also considered that the Fund would bear the cost of implementing the Proposal, but because the Fund’s expenses had already reached their expense cap, such expenses would ultimately be borne by Advisors.

Fees charged by other advisers

The Board considered Broadridge’s comparison of the Fund’s projected total expense ratio, projected annual investment management fee rate of 0.25% of average daily net assets, and proposed contractual management fee rate to other investment companies within Lipper’s intermediate municipal debt strategies category. The projected total expense ratio, projected actual management fee rate and proposed contractual management fee rate of the Institutional Class of the Fund were each in the 1st quintile of both the Broadridge Expense Group and Broadridge Expense Universe. The Board also considered that, to the extent the Proposal increases the marketability of the Fund, causing Fund assets to increase, the Fund’s effective investment management fee rate could decline if its assets reach new breakpoints in its fee schedule. Based on this, the Board concluded that the proposed investment management fee rate of the Fund under the amendment to the Agreement was reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered that the proposed change in investment strategy and name of the Fund could promote additional sales of the Fund, thereby increasing Fund assets, and the Board considered that Advisors and existing Fund shareholders may benefit through management fee breakpoints and other efficiencies. Due to the existing breakpoints in the Fund’s investment management fee rate schedule, increases in Fund assets would lead to reductions in the Fund’s effective investment management fees under the amended Agreement. Based on all factors considered, the Board concluded that the Fund’s proposed investment management fee rate schedule was reasonable in light of current economies of scale considerations and its current asset level.

Fee and performance comparisons with other Advisors clients

The Board considered that neither Advisors nor any of its affiliates manages any other funds or accounts that have an investment strategy similar to the Fund’s proposed investment strategy.

Other benefits

The Board considered that the Proposal might also benefit Advisors and its parent Nuveen by rationalizing and clarifying its municipal product offerings in the marketplace.

Based primarily on the foregoing factors and considerations, the Board approved the amendment to the Agreement for the Fund.

84 2018 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

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How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (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.

©2018 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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Item 2.  Code of Ethics.

Not Applicable.

Item 3.  Audit Committee Financial Expert.

Not Applicable.

Item 4.  Principal Accountant Fees and Services.

Not Applicable.

Item 5.  Audit Committee of Listed Registrants.

Not Applicable.

Item 6.  Schedule of Investments.

TIAA-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 1.6%
AUTOMOBILES & COMPONENTS - 0.1%
$	195,848	i	CH Hold Corp	LIBOR 1 M + 3.000%		5.240	%	02/01/24	$	196,990
	1,994,962	i	Gates Global LLC	LIBOR 1 M + 2.750%		4.990		04/01/24		2,006,194
			TOTAL AUTOMOBILES & COMPONENTS							2,203,184
CAPITAL GOODS - 0.1%
	1,995,000	i	Avolon TLB Borrower  US LLC	LIBOR 1 M + 2.000%		4.170		01/15/25		2,000,845
	1,943,664	i	Milacron LLC	LIBOR 1 M + 2.500%		4.740		09/28/23		1,943,664
			TOTAL CAPITAL GOODS							3,944,509
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,396,465	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		3.990		06/28/24		1,399,523
	12,088	i	Gopher Sub, Inc	LIBOR 1 M + 3.000%		5.094		02/01/25		12,083
	112,339	i	Gopher Sub, Inc	LIBOR 1 M + 3.000%		5.240		02/03/25		112,292
	997,475	i	KAR Auction Services, Inc	LIBOR 3 M + 2.500%		4.940		03/09/23		1,001,634
	1,994,949	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.590		11/14/22		1,998,820
	498,744	i	West Corp	LIBOR 1 M + 4.000%		6.240		10/10/24		496,923
	2,000,000	i	XPO Logistics, Inc	LIBOR 1 M + 2.000%		4.230		02/24/25		2,009,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							7,030,275
CONSUMER DURABLES & APPAREL - 0.0%
	2,895,000	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		3.990		04/25/25		2,891,989
			TOTAL CONSUMER DURABLES & APPAREL							2,891,989
CONSUMER SERVICES - 0.3%
	2,493,658	i	1011778 BC / New Red Finance, Inc	LIBOR 1 M + 2.250%		4.490		02/16/24		2,494,281
	2,620,296	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		6.140		07/28/22		2,577,716
	91,157	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		4.420		09/15/23		91,582
	1,297,156	i	KUEHG Corp	LIBOR 3 M + 8.250%		6.140		02/21/25		1,302,566
	1,400,000	i	Las Vegas Sands LLC	LIBOR 1 M + 1.750%		3.990		03/27/25		1,398,390
	994,962	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		4.990		05/02/22		999,211
	99,500	i	Sarbacane Bidco, Inc	LIBOR 1 M + 3.000%		5.250		01/29/25		99,542
	1,994,987	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.040		08/14/24		1,991,257
	2,128,356	†,i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		5.740		06/19/24		2,117,055
			TOTAL CONSUMER SERVICES							13,071,600
ENERGY - 0.0%
	235,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.617		12/31/21		260,361
	500,000	i	Ultra Resources, Inc	LIBOR 1 M + 3.000%		5.170		04/12/24		449,585
			TOTAL ENERGY							709,946
FOOD & STAPLES RETAILING - 0.0%
	186,404	i	Albertsons LLC	LIBOR 1 M + 2.750%		4.990		08/25/21		186,559

1

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	75,050	i	Albertsons LLC	LIBOR 3 M + 3.000%		5.310	%	06/22/23	$	75,027
	507,745	i	YUM! Brands	LIBOR 1 M + 1.750%		3.910		04/03/25		508,065
			TOTAL FOOD & STAPLES RETAILING							769,651
FOOD, BEVERAGE & TOBACCO - 0.0%
	497,430	i	Hostess Brands LLC	LIBOR 1 M + 2.250%		4.490		08/03/22		497,430
	1,182,000	i	Post Holdings, Inc	LIBOR 1 M + 2.000%		3.250		05/24/24		1,181,787
			TOTAL FOOD, BEVERAGE & TOBACCO							1,679,217
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	2,514,932	i	Gentiva Health Services, Inc	LIBOR 1 M + 3.750%		6.000		07/02/25		2,543,225
	280,451	i	Greatbatch Ltd	LIBOR 1 M + 3.000%		5.140		10/27/22		282,053
	650,543	i	Heartland Dental LLC	LIBOR 1 M + 3.750%		5.990		04/30/25		650,544
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,475,822
INSURANCE - 0.1%
	1,396,500	i	Acrisure LLC	LIBOR 1 M + 3.750%		5.990		11/22/23		1,398,832
	2,992,500	i	Asurion LLC	LIBOR 1 M + 3.000%		5.240		11/03/24		3,011,682
	99,242	i	NFP Corp	LIBOR 1 M + 3.000%		5.240		01/05/24		99,143
			TOTAL INSURANCE							4,509,657
MATERIALS - 0.2%
	925,403	i	Berry Global, Inc	LIBOR 2 M + 2.000%		4.190		10/03/22		927,078
	174,563	i	Crown Americas LLC	LIBOR 1 W + 2.000%		4.160		04/03/25		175,341
	650,000	i	Flex Acquisition Co Inc	LIBOR 3 M + 3.250%		5.750		06/30/25		651,300
	1,468,224	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.170		10/21/24		1,466,213
	997,481	i	Plastipak Holdings, Inc	LIBOR 1 M + 2.500%		4.750		10/15/24		996,703
	979,977	i	Plaze, Inc	LIBOR 3 M + 3.500%		5.890		07/29/22		984,270
	240,385	i	Quikrete Holdings, Inc	LIBOR 1 M + 2.750%		4.990		11/15/23		240,837
	1,300,000	h,i	Starfruit US Holdco LLC	LIBOR 1 M + 3.250%		4.250		09/19/25		1,304,966
	489,856	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.240		09/23/24		491,590
	1,130,437	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.240		09/23/24		1,134,439
	767,318	i	Univar USA, Inc	LIBOR 1 M + 2.250%		4.490		07/01/24		768,807
			TOTAL MATERIALS							9,141,544
MEDIA - 0.1%
	246,250	i	AMC Entertainment Holdings, Inc	LIBOR 1 M + 2.250%		4.380		12/15/23		246,198
	1,147,096	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		6.140		07/08/22		1,125,301
	1,624,375	h,i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.490		03/24/25		1,625,723
	1,400,000	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.130		10/04/23		1,397,382
	1,495,912	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		4.990		03/15/24		1,453,652
			TOTAL MEDIA							5,848,256
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	618,750	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		5.740		09/26/24		595,702
	2,500,000	i	Horizon Pharma, Inc	LIBOR 1 M + 3.250%		5.500		03/29/24		2,518,750
	922,688	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 3.000%		5.520		02/24/25		922,835
	68,912	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		4.390		03/07/24		69,102
	2,862,500	h,i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		5.100		06/02/25		2,876,040
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							6,982,429

2

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
REAL ESTATE - 0.1%
$	2,500,000	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		4.500	%	08/21/25	$	2,509,375
	2,493,606	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.240		03/23/25		2,495,551
			TOTAL REAL ESTATE							5,004,926
RETAILING - 0.0%
	485,295	i	Academy Ltd	LIBOR 1 M + 4.000%		6.100		07/01/22		376,103
	323,641	i	Avis Budget Car Rental LLC	LIBOR 1 M + 2.000%		4.250		02/13/25		323,641
	947,112	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.120		03/11/22		824,953
	997,487	i	Staples, Inc	LIBOR 3 M + 4.000%		6.340		09/12/24		996,869
			TOTAL RETAILING							2,521,566
SOFTWARE & SERVICES - 0.1%
	844,778	i	First Data Corp	LIBOR 1 M + 2.000%		4.210		07/08/22		846,028
	1,139,915	i	First Data Corp	LIBOR 1 M + 2.000%		3.965		04/26/24		1,140,724
	1,223,995	h,i	NeuStar, Inc	LIBOR 1 M + 3.500%		5.740		08/08/24		1,225,084
			TOTAL SOFTWARE & SERVICES							3,211,836
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	478,901	i	Abacus Innovations Corp	LIBOR 1 M + 1.750%		4.000		08/22/25		480,797
	3,393,719	i	Dell International LLC	LIBOR 1 M + 2.000%		4.250		09/07/23		3,400,506
	256,021	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.410		07/05/23		257,143
	1,000,000	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.740		07/02/25		1,003,130
	244,980	i	Western Digital Corp	LIBOR 1 M + 1.750%		3.990		04/29/23		245,210
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							5,386,786
TELECOMMUNICATION SERVICES - 0.0%
	1,396,447	i	CNT Holdings III Corp	LIBOR 1 M + 3.250%		5.500		01/22/23		1,386,672
			TOTAL TELECOMMUNICATION SERVICES							1,386,672
TRANSPORTATION - 0.1%
	1,500,000	h,i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.160		12/14/23		1,490,940
	479,061	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		4.000		07/31/22		479,061
	2,014,517	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		5.240		08/01/22		2,014,517
	490,050	i	TransDigm, Inc	LIBOR 1 M + 2.500%		4.740		06/09/23		491,706
	1,500,000	h,i	TransDigm, Inc	LIBOR 1 M + 2.500%		4.740		08/22/24		1,504,095
	1,700,000	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		5.240		03/11/24		1,695,750
			TOTAL TRANSPORTATION							7,676,069
UTILITIES - 0.0%
	1,000,000	h,i	Calpine Corp	LIBOR 3 M + 2.500%		4.890		01/15/24		999,790
	800,036	i	Vistra Operations Co LLC	LIBOR 1 M + 2.000%		4.240		08/04/23		800,764
	746,875	i	Vistra Operations Co LLC	LIBOR 1 M + 2.000%		4.090		12/01/25		747,436
			TOTAL UTILITIES							2,547,990
			TOTAL BANK LOAN OBLIGATIONS							89,993,924
			(Cost $90,069,319)

3

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 93.4%
CORPORATE BONDS - 32.1%
AUTOMOBILES & COMPONENTS - 0.3%
$	1,125,000		Aptiv plc		3.150	%	11/19/20	$	1,116,022
	450,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		458,572
	3,550,000		General Motors Co		4.200		10/01/27		3,347,250
	1,700,000		General Motors Co		6.600		04/01/36		1,810,788
	825,000		General Motors Co		6.250		10/02/43		844,933
	2,050,000		General Motors Co		5.200		04/01/45		1,859,862
	475,000		General Motors Co		6.750		04/01/46		513,483
	2,600,000	g	Hyundai Capital America		2.550		04/03/20		2,556,296
	1,500,000	g	Hyundai Capital America		3.250		09/20/22		1,453,704
	2,000,000	g	Hyundai Capital America		2.750		09/27/26		1,749,192
	1,750,000		Magna International, Inc		3.625		06/15/24		1,730,541
	1,875,000	g	Nemak SAB de C.V.		4.750		01/23/25		1,828,125
			TOTAL AUTOMOBILES & COMPONENTS						19,268,768
BANKS - 7.6%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,581,919
	2,000,000	g	Akbank Turk AS.		6.797		04/27/28		1,566,960
	1,750,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		1,690,273
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,561,500
	2,000,000	g	Banco de Bogota S.A.		4.375		08/03/27		1,907,000
	7,200,000	g	Banco del Estado de Chile		2.668		01/08/21		7,029,072
	2,000,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		1,915,400
	2,000,000		Banco Santander S.A.		3.125		02/23/23		1,897,728
	1,200,000		Banco Santander S.A.		3.800		02/23/28		1,089,715
	9,475,000		Bank of America Corp		2.151		11/09/20		9,272,038
	40,000,000		Bank of America Corp		3.550		03/05/24		39,531,061
	15,000,000		Bank of America Corp		3.864		07/23/24		14,995,973
	2,450,000		Bank of America Corp		3.875		08/01/25		2,434,156
	10,450,000		Bank of America Corp		3.248		10/21/27		9,717,117
	3,075,000		Bank of America Corp		3.419		12/20/28		2,884,286
	3,750,000		Bank of Montreal		3.803		12/15/32		3,503,775
	3,375,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		3,355,484
	2,100,000		Barclays plc		4.338		05/16/24		2,074,051
	1,700,000		Barclays plc		3.650		03/16/25		1,594,285
	10,000,000	g	BNG Bank NV		3.000		09/20/23		9,917,173
	1,825,000	g	BNP Paribas S.A.		3.375		01/09/25		1,727,099
	3,375,000	g	BNP Paribas S.A.		4.375		03/01/33		3,206,317
	775,000	g	BPCE S.A.		4.000		09/12/23		764,362
	1,825,000	g	BPCE S.A.		4.625		07/11/24		1,806,842
	600,000	g	BPCE S.A.		4.500		03/15/25		586,603
	8,670,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		8,641,495
	5,845,000		Capital One Bank USA NA		2.650		08/08/22		5,616,762
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		1,038,885
	4,330,000		Capital One NA		2.350		01/31/20		4,281,746
	10,000,000		Citigroup, Inc		4.044		06/01/24		10,036,769
	10,975,000		Citigroup, Inc		3.200		10/21/26		10,244,816
	2,200,000		Citigroup, Inc		4.300		11/20/26		2,167,652
	6,800,000		Citigroup, Inc		3.668		07/24/28		6,476,019
	5,000,000		Citigroup, Inc		4.650		07/23/48		5,049,099
	2,225,000		Citizens Bank NA		2.650		05/26/22		2,139,124
	2,050,000		Compass Bank		2.875		06/29/22		1,977,033

4

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950	%	11/09/22	$	372,565
	2,700,000	g	Cooperatieve Rabobank UA		3.875		09/26/23		2,691,662
	6,925,000		Cooperatieve Rabobank UA		3.750		07/21/26		6,537,692
	1,250,000	g	Credit Agricole S.A.		2.500		04/15/19		1,248,280
	1,425,000	g	Credit Agricole S.A.		2.375		07/01/21		1,382,260
	7,475,000	g	Credit Agricole S.A.		3.250		10/04/24		7,009,809
	2,000,000	g	Credit Bank of Moscow Via CBOM Finance plc		5.550		02/14/23		1,834,302
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,539,064
	3,275,000		Deutsche Bank AG.		3.950		02/27/23		3,179,467
	1,000,000		Discover Bank		3.200		08/09/21		986,757
	5,400,000		Discover Bank		3.450		07/27/26		5,022,124
	4,625,000		HSBC Holdings plc		2.650		01/05/22		4,487,629
	2,050,000		HSBC Holdings plc		3.262		03/13/23		2,008,206
	1,475,000		HSBC Holdings plc		3.033		11/22/23		1,424,268
	12,800,000		HSBC Holdings plc		3.950		05/18/24		12,713,156
	1,250,000		HSBC Holdings plc		3.900		05/25/26		1,211,584
	5,100,000		HSBC Holdings plc		4.292		09/12/26		5,043,042
	2,300,000		HSBC Holdings plc		4.375		11/23/26		2,259,418
	2,025,000		HSBC Holdings plc		4.041		03/13/28		1,949,619
	4,100,000		Huntington National Bank		2.500		08/07/22		3,928,163
	3,000,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,746,500
	1,100,000	g	Intesa Sanpaolo S.p.A		3.875		01/12/28		931,610
	8,700,000		JPMorgan Chase & Co		2.750		06/23/20		8,634,401
	8,550,000		JPMorgan Chase & Co		2.295		08/15/21		8,311,773
	3,425,000		JPMorgan Chase & Co		2.776		04/25/23		3,326,338
	35,000,000		JPMorgan Chase & Co		3.797		07/23/24		34,972,468
	5,250,000		JPMorgan Chase & Co		3.200		06/15/26		4,973,737
	3,975,000		JPMorgan Chase & Co		2.950		10/01/26		3,691,073
	13,000,000		JPMorgan Chase & Co		4.203		07/23/29		12,936,220
	1,825,000		JPMorgan Chase & Co		3.882		07/24/38		1,704,488
	2,945,000		KeyBank NA		2.500		12/15/19		2,929,171
	900,000	g	Macquarie Bank Ltd		2.600		06/24/19		897,772
	2,550,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,519,098
	10,000,000		Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		9,946,675
	4,175,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		4,152,763
	3,800,000		Mizuho Financial Group, Inc		3.922		09/11/24		3,775,672
	4,150,000		PNC Bank NA		2.600		07/21/20		4,120,117
	1,800,000		PNC Bank NA		2.450		11/05/20		1,770,077
	1,750,000		PNC Bank NA		2.700		11/01/22		1,685,489
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,492,063
	5,000,000		Royal Bank of Scotland Group plc		3.498		05/15/23		4,844,048
	3,125,000		Santander Holdings USA, Inc		3.400		01/18/23		3,013,009
	1,525,000		Santander Holdings USA, Inc		4.400		07/13/27		1,457,380
	900,000		Santander UK Group Holdings plc		3.571		01/10/23		874,224
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,542,353
	1,700,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,684,519
	8,150,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		7,885,945
	10,000,000		SunTrust Bank		3.689		08/02/24		9,915,607
	1,675,000		SunTrust Banks, Inc		2.900		03/03/21		1,655,764
	1,075,000		SunTrust Banks, Inc		2.750		05/01/23		1,035,423
	2,600,000		SunTrust Banks, Inc		4.000		05/01/25		2,604,627
	3,350,000		Toronto-Dominion Bank		1.850		09/11/20		3,273,836

5

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,300,000		Toronto-Dominion Bank			3.625	%	09/15/31	$	1,220,857
	2,500,000	g	Turkiye Garanti Bankasi AS.			6.125		05/24/27		2,087,190
	2,300,000	g	Turkiye Is Bankasi			6.125		04/25/24		1,905,633
	2,000,000	g	Turkiye Vakiflar Bankasi TAO			5.750		01/30/23		1,710,684
	1,050,000	g	UBS AG.			2.450		12/01/20		1,028,182
	950,000	g	UBS AG.			4.500		06/26/48		981,963
	1,550,000		UnionBanCal Corp			3.500		06/18/22		1,539,991
	9,100,000		Wells Fargo Bank NA			3.325		07/23/21		9,089,037
	5,100,000		Westpac Banking Corp			4.322		11/23/31		4,911,580
	2,400,000	g	Yapi ve Kredi Bankasi AS.			5.850		06/21/24		2,055,518
			TOTAL BANKS							435,943,531
CAPITAL GOODS - 0.7%
	5,000,000	g	Adani Ports & Special Economic Zone Ltd			3.950		01/19/22		4,897,975
	675,000	g	Cleaver-Brooks, Inc			7.875		03/01/23		690,187
	225,000	g	Cloud Crane LLC			10.125		08/01/24		246,375
	3,000,000		General Electric Co			4.125		10/09/42		2,670,985
	2,500,000		Illinois Tool Works, Inc			2.650		11/15/26		2,312,088
	2,250,000		Ingersoll-Rand Global Holding Co Ltd			3.750		08/21/28		2,185,444
	1,675,000	g	Korea East-West Power Co Ltd			3.875		07/19/23		1,671,749
	2,075,000		Lockheed Martin Corp			2.500		11/23/20		2,046,007
	1,275,000		Lockheed Martin Corp			3.550		01/15/26		1,258,234
	1,625,000	g	Molex Electronic Technologies LLC			2.878		04/15/20		1,607,163
	2,503,000	g	Molex Electronic Technologies LLC			3.900		04/15/25		2,452,512
	1,600,000		Mosaic Co			4.875		11/15/41		1,469,880
	2,775,000		Rockwell Collins, Inc			3.500		03/15/27		2,635,448
	2,100,000		Roper Technologies, Inc			4.200		09/15/28		2,088,341
	790,000	g	Stena AB			7.000		02/01/24		746,550
	950,000		Textron, Inc			3.875		03/01/25		933,597
	250,000		Trimble, Inc			4.900		06/15/28		251,298
	900,000		United Technologies Corp			4.450		11/16/38		892,606
	4,875,000		United Technologies Corp			3.750		11/01/46		4,259,647
	750,000		Wabtec Corp			4.700		09/15/28		735,756
			TOTAL CAPITAL GOODS							36,051,842
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	500,000		AECOM			5.125		03/15/27		487,550
	2,249,529	g	British Airways			3.800		09/20/31		2,249,529
	1,000,000	g	Herc Rentals, Inc			7.750		06/01/24		1,076,060
	2,000,000	g,i	Nakama Re Ltd	LIBOR 6 M + 1.820%		4.280		10/13/21		2,023,200
	1,550,000		RELX Capital, Inc			3.500		03/16/23		1,529,863
	3,400,000		Republic Services, Inc			3.550		06/01/22		3,398,722
	2,225,000		Republic Services, Inc			2.900		07/01/26		2,068,915
	100,000	g	Ritchie Bros Auctioneers, Inc			5.375		01/15/25		99,950
	650,000		United Rentals North America, Inc			5.500		07/15/25		663,000
	1,000,000		United Rentals North America, Inc			5.875		09/15/26		1,026,250
	1,800,000		Waste Management, Inc			2.900		09/15/22		1,759,618
	3,025,000		Waste Management, Inc			3.150		11/15/27		2,877,785
	500,000		Waste Management, Inc			3.900		03/01/35		487,997
	550,000		Waste Management, Inc			4.100		03/01/45		539,498
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							20,287,937

6

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CONSUMER DURABLES & APPAREL - 0.1%
$	2,000,000		Lennar Corp		4.500	%	04/30/24	$	1,958,400
	650,000	g	LGI Homes, Inc		6.875		07/15/26		638,625
	3,700,000		Newell Rubbermaid, Inc		4.200		04/01/26		3,517,549
			TOTAL CONSUMER DURABLES & APPAREL						6,114,574
CONSUMER SERVICES - 0.1%
	250,000		ADT Corp		6.250		10/15/21		262,252
	500,000		ADT Corp		4.125		06/15/23		478,115
	200,000		Boyd Gaming Corp		6.375		04/01/26		205,900
	540,000		Boyd Gaming Corp		6.000		08/15/26		544,050
	4,000,000		George Washington University		3.545		09/15/46		3,581,955
	540,000	g	International Game Technology plc		6.250		01/15/27		547,087
	1,797,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		1,921,891
	1,025,000	g	Sands China Ltd		5.125		08/08/25		1,022,509
	700,000	g	ServiceMaster Co LLC		5.125		11/15/24		691,152
	600,000		Speedway Motorsports, Inc		5.125		02/01/23		599,250
	1,600,000		Trustees of Dartmouth College		3.474		06/01/46		1,467,225
			TOTAL CONSUMER SERVICES						11,321,386
DIVERSIFIED FINANCIALS - 2.8%
	2,150,000		AerCap Ireland Capital DAC		4.125		07/03/23		2,133,698
	600,000		AerCap Ireland Capital Ltd		5.000		10/01/21		617,128
	3,375,000		American Express Co		2.500		08/01/22		3,238,247
	1,025,000		American Express Credit Corp		2.700		03/03/22		998,521
	2,000,000		American Express Credit Corp		3.300		05/03/27		1,920,931
	800,000	g	Avolon Holdings Funding Ltd		5.125		10/01/23		807,000
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		589,733
	1,775,000		Bank of New York Mellon Corp		3.500		04/28/23		1,770,398
	2,525,000	g	Bayer US Finance LLC		2.375		10/08/19		2,508,308
	455,000	g	BBVA Bancomer S.A.		5.350		11/12/29		435,662
	2,850,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,589,937
	3,075,000		Berkshire Hathaway, Inc		3.125		03/15/26		2,965,315
	1,900,000	g	Comcel Trust		6.875		02/06/24		1,942,750
	2,500,000	g	Credit Suisse Group AG.		2.997		12/14/23		2,384,916
	2,475,000	g	Credit Suisse Group AG.		4.282		01/09/28		2,405,790
	3,950,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		3,903,829
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,590,753
	2,075,000		Ford Motor Credit Co LLC		3.096		05/04/23		1,945,922
	5,000,000		Ford Motor Credit Co LLC		3.664		09/08/24		4,675,952
	4,025,000		Ford Motor Credit Co LLC		3.815		11/02/27		3,598,654
	10,313,000		GE Capital International Funding Co		2.342		11/15/20		10,076,560
	5,500,000		GE Capital International Funding Co		3.373		11/15/25		5,233,560
	1,175,000		GE Capital International Funding Co		4.418		11/15/35		1,101,288
	232,000		General Electric Capital Corp		6.875		01/10/39		289,408
	2,050,000		General Motors Financial Co, Inc		3.950		04/13/24		1,995,999
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,502,341
	15,650,000		Goldman Sachs Group, Inc		3.691		06/05/28		14,887,471
	1,900,000		Goldman Sachs Group, Inc		4.017		10/31/38		1,759,031
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		613,027

7

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	GrupoSura Finance S.A.		5.500	%	04/29/26	$	2,043,000
	900,000		Icahn Enterprises LP		6.250		02/01/22		922,500
	6,675,000	g	ICICI Bank Ltd		3.800		12/14/27		5,993,069
	1,900,000		International Lease Finance Corp		5.875		08/15/22		2,009,467
	1,100,000		Jefferies Group LLC		4.150		01/23/30		987,778
	350,000		Legg Mason, Inc		2.700		07/15/19		349,590
	475,000		Legg Mason, Inc		3.950		07/15/24		468,332
	2,400,000		Morgan Stanley		3.125		01/23/23		2,337,660
	6,000,000		Morgan Stanley		3.737		04/24/24		5,957,494
	5,475,000		Morgan Stanley		3.700		10/23/24		5,388,968
	6,075,000		Morgan Stanley		3.125		07/27/26		5,656,777
	5,225,000		Morgan Stanley		3.625		01/20/27		5,014,293
	396,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		398,455
	2,000,000		National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		1,940,193
	135,000		Navient Corp		6.625		07/26/21		140,737
	2,000,000	g	Nederlandse Waterschapsbank NV		2.125		11/15/21		1,941,464
	1,525,000	g	Quicken Loans, Inc		5.250		01/15/28		1,416,344
	7,400,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		6,829,280
	2,075,000		TD Ameritrade Holding Corp		3.300		04/01/27		1,986,815
	1,650,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,634,259
	5,925,000	g	UBS Group Funding Jersey Ltd		2.650		02/01/22		5,726,456
	3,075,000		Unilever Capital Corp		2.900		05/05/27		2,895,893
	11,475,000		Wells Fargo & Co		2.625		07/22/22		11,081,089
	7,300,000		Wells Fargo & Co		3.584		05/22/28		6,998,320
			TOTAL DIVERSIFIED FINANCIALS						163,600,362
ENERGY - 3.5%
	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		1,411,183
	875,000		AmeriGas Partners LP		5.625		05/20/24		868,437
	1,075,000		AmeriGas Partners LP		5.875		08/20/26		1,066,937
	2,050,000		Anadarko Petroleum Corp		5.550		03/15/26		2,178,139
	1,950,000		Anadarko Petroleum Corp		4.500		07/15/44		1,783,359
	875,000		Andeavor Logistics LP		4.250		12/01/27		854,479
	1,000,000		Andeavor Logistics LP		5.200		12/01/47		997,223
	500,000	g	APT Pipelines Ltd		4.250		07/15/27		487,529
	2,200,000		BP Capital Markets America, Inc		3.796		09/21/25		2,206,974
	3,400,000		BP Capital Markets plc		2.315		02/13/20		3,368,557
	1,200,000		BP Capital Markets plc		2.520		09/19/22		1,159,245
	3,000,000		BP Capital Markets plc		3.588		04/14/27		2,932,326
	7,050,000		BP Capital Markets plc		3.279		09/19/27		6,740,618
	74,000	g	California Resources Corp		8.000		12/15/22		70,577
	58,000		California Resources Corp		6.000		11/15/24		49,300
	275,000		Calumet Specialty Products Partners LP		6.500		04/15/21		273,625
	2,000,000		Calumet Specialty Products Partners LP		7.625		01/15/22		2,005,000
	5,000,000		Canadian Natural Resources Ltd		3.850		06/01/27		4,867,035
	2,050,000		Cenovus Energy, Inc		4.450		09/15/42		1,794,482
	1,000,000	g	Cheniere Energy Partners LP		5.625		10/01/26		1,007,200
	4,467,000		Cimarex Energy Co		3.900		05/15/27		4,262,492
	2,200,000	g	Colonial Pipeline Co		4.250		04/15/48		2,104,664
	4,175,000		Concho Resources, Inc		3.750		10/01/27		3,983,076
	2,600,000		Continental Resources, Inc		3.800		06/01/24		2,548,944

8

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000		Continental Resources, Inc		4.375	%	01/15/28	$	4,959,661
	1,125,000		Crestwood Midstream Partners LP		5.750		04/01/25		1,148,906
	1,500,000	g	Denbury Resources, Inc		7.500		02/15/24		1,545,000
	1,300,000		Devon Energy Corp		5.000		06/15/45		1,298,586
	2,000,000		Ecopetrol S.A.		5.375		06/26/26		2,060,000
	5,000,000		Enbridge, Inc		3.700		07/15/27		4,826,570
	4,775,000		Energy Transfer Partners LP		4.750		01/15/26		4,822,702
	1,250,000		Enterprise Products Operating LLC		3.700		02/15/26		1,230,409
	900,000		Enterprise Products Operating LLC		4.450		02/15/43		871,372
	950,000		Enterprise Products Operating LLC		4.850		03/15/44		966,839
	1,425,000		Enterprise Products Operating LLC		4.250		02/15/48		1,339,316
	472,000	g	EP Energy LLC		9.375		05/01/24		389,400
	1,425,000		Exterran Partners LP		6.000		10/01/22		1,437,469
	50,000		Exxon Mobil Corp		2.222		03/01/21		49,031
	1,100,000		Genesis Energy LP		6.500		10/01/25		1,073,875
	2,125,000		Genesis Energy LP		6.250		05/15/26		2,024,062
	1,450,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		1,464,500
	1,100,000		HollyFrontier Corp		5.875		04/01/26		1,172,088
	1,500,000		Husky Energy, Inc		3.950		04/15/22		1,512,183
	1,200,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,220,166
	775,000		Kinder Morgan, Inc		9.000		02/01/19		790,113
	3,275,000		Kinder Morgan, Inc		4.300		03/01/28		3,244,615
	535,000		Kinder Morgan, Inc		5.300		12/01/34		552,385
	1,250,000		Kinder Morgan, Inc		5.400		09/01/44		1,281,334
	1,250,000		Marathon Oil Corp		2.700		06/01/20		1,233,736
	2,000,000		Marathon Oil Corp		4.400		07/15/27		1,998,858
	1,000,000		Marathon Oil Corp		5.200		06/01/45		1,041,027
	3,500,000		MPLX LP		4.125		03/01/27		3,407,488
	2,075,000		MPLX LP		4.000		03/15/28		1,994,692
	2,175,000		MPLX LP		4.500		04/15/38		2,047,405
	2,175,000		MPLX LP		4.700		04/15/48		2,033,638
	125,000		Murphy Oil Corp		6.875		08/15/24		132,309
	200,000		Murphy Oil USA, Inc		5.625		05/01/27		198,500
	300,000		Noble Energy, Inc		3.900		11/15/24		294,533
	8,000,000		Noble Energy, Inc		3.850		01/15/28		7,553,028
	2,200,000		Noble Energy, Inc		5.050		11/15/44		2,128,039
	500,000		Noble Energy, Inc		4.950		08/15/47		478,084
	1,000,000	g	Oasis Petroleum, Inc		6.250		05/01/26		1,020,750
	2,150,000		ONE Gas, Inc		2.070		02/01/19		2,142,311
	700,000		ONE Gas, Inc		3.610		02/01/24		693,840
	800,000		ONEOK, Inc		4.000		07/13/27		773,200
	2,175,000		ONEOK, Inc		4.550		07/15/28		2,184,603
	2,000,000	g	Pertamina Persero PT		5.625		05/20/43		1,965,110
	2,425,000	g	Peru LNG Srl		5.375		03/22/30		2,416,513
	600,000		Petrobras Global Finance BV		5.299		01/27/25		560,400
	1,167,000		Petrobras Global Finance BV		5.999		01/27/28		1,076,558
	2,000,000	g	Petroleos del Peru S.A.		4.750		06/19/32		1,938,400
	2,050,000		Petroleos Mexicanos		6.375		02/04/21		2,149,446
	2,050,000		Petroleos Mexicanos		3.500		01/30/23		1,943,400
	800,000		Petroleos Mexicanos		4.250		01/15/25		755,200
	3,050,000		Petroleos Mexicanos		6.500		03/13/27		3,115,575
	2,100,000	g	Petroleos Mexicanos		5.350		02/12/28		1,979,250

9

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,075,000		Petroleos Mexicanos		5.625	%	01/23/46	$	912,568
	2,075,000	g	Petroleos Mexicanos		6.350		02/12/48		1,900,700
	6,000,000		Phillips 66		3.900		03/15/28		5,914,861
	2,125,000		Phillips 66 Partners LP		3.550		10/01/26		2,003,368
	5,000,000		Phillips 66 Partners LP		3.750		03/01/28		4,758,097
	775,000		Phillips 66 Partners LP		4.680		02/15/45		733,312
	950,000		Phillips 66 Partners LP		4.900		10/01/46		931,081
	615,000		Pioneer Natural Resources Co		7.500		01/15/20		647,352
	2,125,000		Pioneer Natural Resources Co		3.450		01/15/21		2,124,312
	1,675,000		Pioneer Natural Resources Co		4.450		01/15/26		1,715,286
	450,000		Regency Energy Partners LP		4.500		11/01/23		456,383
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,294,925
	3,125,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		3,029,850
	1,325,000		Shell International Finance BV		3.250		05/11/25		1,299,382
	1,750,000		Shell International Finance BV		4.000		05/10/46		1,709,693
	1,125,000		SM Energy Co		6.625		01/15/27		1,162,969
	1,000,000		Southwestern Energy Co		7.500		04/01/26		1,047,500
	1,250,000		Spectra Energy Partners LP		3.500		03/15/25		1,203,916
	1,700,000		Statoil ASA		2.450		01/17/23		1,637,263
	1,300,000		Suncor Energy, Inc		4.000		11/15/47		1,223,477
	1,975,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,874,212
	450,000	g	Sunoco LP		4.875		01/15/23		445,500
	125,000		Targa Resources Partners LP		5.125		02/01/25		125,625
	475,000	g	Targa Resources Partners LP		5.875		04/15/26		489,844
	90,000		Tesoro Logistics LP		6.375		05/01/24		95,400
	550,000		Tesoro Logistics LP		5.250		01/15/25		563,299
	550,000	g	Transocean Guardian Ltd		5.875		01/15/24		554,813
	650,000	g	Transocean Pontus Ltd		6.125		08/01/25		660,556
	175,000	g	Transocean, Inc		7.500		01/15/26		180,688
	3,725,000	g	Tullow Oil plc		7.000		03/01/25		3,631,875
	1,260,000	g	USA Compression Partners LP		6.875		04/01/26		1,300,950
	480,000		Vale Overseas Ltd		6.875		11/21/36		558,240
	2,175,000		Valero Energy Partners LP		4.500		03/15/28		2,135,436
	1,350,000		Western Gas Partners LP		3.950		06/01/25		1,286,882
	1,050,000		Western Gas Partners LP		4.650		07/01/26		1,028,735
	400,000		Whiting Petroleum Corp		6.625		01/15/26		416,000
	850,000		Williams Partners LP		3.600		03/15/22		844,870
	1,500,000		Williams Partners LP		3.750		06/15/27		1,431,431
	625,000		Williams Partners LP		4.900		01/15/45		607,163
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,836,870
	3,250,000	g	YPF S.A.		7.000		12/15/47		2,575,658
			TOTAL ENERGY						198,908,218
FOOD & STAPLES RETAILING - 0.9%
	255,000		Albertsons Cos LLC		6.625		06/15/24		245,119
	13,275,000		CVS Health Corp		3.700		03/09/23		13,215,622
	5,425,000		CVS Health Corp		2.875		06/01/26		4,972,682
	17,825,000		CVS Health Corp		4.300		03/25/28		17,649,087
	7,250,000		CVS Health Corp		4.780		03/25/38		7,193,539
	1,450,000		CVS Health Corp		5.050		03/25/48		1,481,387
	1,600,000		Ingles Markets, Inc		5.750		06/15/23		1,620,000
	1,750,000		Kroger Co		3.700		08/01/27		1,675,415
	2,200,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		2,090,331
			TOTAL FOOD & STAPLES RETAILING						50,143,182

10

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 1.1%
$	3,350,000		Anheuser-Busch InBev Finance, Inc		2.650	%	02/01/21	$	3,301,961
	1,575,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,554,902
	25,500,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		24,743,924
	2,425,000		Anheuser-Busch InBev Worldwide, Inc		4.600		04/15/48		2,345,216
	4,100,000	g	BAT Capital Corp		3.557		08/15/27		3,815,996
	6,500,000		Constellation Brands, Inc		3.600		02/15/28		6,078,795
	425,000	g	Cosan Ltd		5.950		09/20/24		400,988
	2,000,000		Diageo Capital plc		3.500		09/18/23		2,006,230
	1,775,000		Diageo Capital plc		3.875		05/18/28		1,784,851
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,843,560
	2,675,000	g	Heineken NV		3.500		01/29/28		2,552,937
	1,150,000	g	Heineken NV		4.350		03/29/47		1,121,109
	5,000,000		Kellogg Co		3.400		11/15/27		4,644,793
	3,275,000		Mondelez International, Inc		4.125		05/07/28		3,234,281
	1,100,000		PepsiCo, Inc		3.450		10/06/46		987,006
	200,000		Philip Morris International, Inc		6.375		05/16/38		240,431
	1,150,000		Tyson Foods, Inc		3.900		09/28/23		1,154,258
	1,500,000		Tyson Foods, Inc		3.550		06/02/27		1,414,978
	2,525,000		Tyson Foods, Inc		5.100		09/28/48		2,571,138
			TOTAL FOOD, BEVERAGE & TOBACCO						65,797,354
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	4,250,000		Anthem, Inc		3.650		12/01/27		4,038,990
	5,350,000		Becton Dickinson and Co		3.700		06/06/27		5,114,759
	2,100,000		Cardinal Health, Inc		3.410		06/15/27		1,937,211
	500,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		496,250
	750,000		Covidien International Finance S.A.		3.200		06/15/22		742,297
	1,370,000		Dartmouth-Hitchcock Health		4.178		08/01/48		1,320,048
	500,000		Encompass Health Corp		5.750		09/15/25		503,750
	2,000,000		HCA, Inc		5.375		02/01/25		2,040,000
	1,300,000		Medtronic, Inc		4.625		03/15/45		1,374,577
	825,000		Tenet Healthcare Corp		4.625		07/15/24		801,900
	450,000		Tenet Healthcare Corp		6.875		11/15/31		402,840
	2,640,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		2,447,620
	575,000		Thermo Fisher Scientific, Inc		3.200		08/15/27		537,446
	750,000		Zimmer Biomet Holdings, Inc		3.700		03/19/23		744,887
	1,470,000		Zimmer Holdings, Inc		3.550		04/01/25		1,409,908
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						23,912,483
INSURANCE - 1.1%
	3,900,000		ACE INA Holdings, Inc		2.875		11/03/22		3,816,793
	285,000		Aetna, Inc		6.625		06/15/36		346,636
	1,700,000		Allstate Corp		3.280		12/15/26		1,636,203
	2,400,000		Allstate Corp		5.750		08/15/53		2,472,000
	975,000		American Financial Group, Inc		3.500		08/15/26		907,246
	2,400,000		American International Group, Inc		3.900		04/01/26		2,348,351
	4,725,000		American International Group, Inc		4.200		04/01/28		4,672,584
	3,740,000		Aon plc		3.500		06/14/24		3,646,819
	1,800,000		Children’s Hospital Medic		4.268		05/15/44		1,807,433

11

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,100,000		CNA Financial Corp			3.950	%	05/15/24	$	1,093,849
	975,000		CNA Financial Corp			3.450		08/15/27		902,332
	7,500,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.158		07/13/20		7,596,750
	2,300,000	g	Five Corners Funding Trust			4.419		11/15/23		2,359,902
	350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		331,186
	2,400,000		HCA, Inc			5.625		09/01/28		2,412,000
	1,875,000		Humana, Inc			3.950		03/15/27		1,842,086
	1,050,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		1,061,447
	850,000		Lincoln National Corp			3.800		03/01/28		820,101
	5,383,000		Markel Corp			3.500		11/01/27		5,010,751
	1,400,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,369,009
	1,775,000		MetLife, Inc			3.600		11/13/25		1,767,806
	630,000		Prudential Financial, Inc			7.375		06/15/19		649,853
	3,275,000		Prudential Financial, Inc			3.878		03/27/28		3,244,875
	1,190,000	g	Prudential Funding LLC			6.750		09/15/23		1,322,201
	3,675,000		Travelers Cos, Inc			4.000		05/30/47		3,517,302
	1,525,000		UnitedHealth Group, Inc			2.950		10/15/27		1,427,587
	1,375,000		UnitedHealth Group, Inc			3.750		10/15/47		1,276,139
	6,250,000	g,i	Vitality Re IX Ltd			3.796		01/10/22		6,300,000
	400,000	g	WellCare Health Plans, Inc			5.375		08/15/26		407,000
	410,000		WR Berkley Corp			5.375		09/15/20		422,720
			TOTAL INSURANCE							66,788,961
MATERIALS - 0.9%
	1,050,000		Albemarle Corp			5.450		12/01/44		1,094,437
	100,000	g	Alcoa Nederland Holding BV			6.750		09/30/24		105,750
	100,000	g	Alcoa Nederland Holding BV			7.000		09/30/26		107,375
	300,000	g	Alcoa Nederland Holding BV			6.125		05/15/28		308,250
	370,000		Bemis Co, Inc			3.100		09/15/26		334,484
	1,750,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		1,673,630
	1,025,000	g	CRH America Finance, Inc			3.400		05/09/27		955,487
	1,325,000	g	CRH America Finance, Inc			3.950		04/04/28		1,283,111
	900,000	g	CRH America Finance, Inc			4.500		04/04/48		824,434
	1,325,000		Dow Chemical Co			4.375		11/15/42		1,255,140
	335,000		Eastman Chemical Co			5.500		11/15/19		344,082
	150,000	g	FMG Resources Ltd			4.750		05/15/22		148,500
	2,125,000	g	Glencore Funding LLC			4.000		03/27/27		1,993,658
	1,975,000	g	Grupo Cementos de Chihuahua SAB de C.V.			5.250		06/23/24		1,967,100
	450,000		International Flavors & Fragrances, Inc			4.450		09/26/28		453,766
	1,000,000		International Flavors & Fragrances, Inc			5.000		09/26/48		1,000,035
	2,000,000		International Paper Co			5.000		09/15/35		2,031,324
	3,500,000		International Paper Co			5.150		05/15/46		3,601,043
	3,800,000		International Paper Co			4.350		08/15/48		3,460,584
	2,125,000	g	Inversiones CMPC S.A.			4.375		04/04/27		2,073,391
	375,000	g	Israel Chemicals Ltd			6.375		05/31/38		374,037
	500,000	g	James Hardie International Finance DAC			4.750		01/15/25		483,850
	1,800,000	g	Klabin Finance S.A.			4.875		09/19/27		1,590,750
	2,025,000		LYB International Finance II BV			3.500		03/02/27		1,894,002
	1,300,000		Martin Marietta Materials, Inc			4.250		12/15/47		1,108,436
	950,000		Newmont Mining Corp			3.500		03/15/22		941,794
	1,200,000		Newmont Mining Corp			4.875		03/15/42		1,166,518
	2,000,000	g	Nova Chemicals Corp			4.875		06/01/24		1,925,500
	1,100,000		Nucor Corp			3.950		05/01/28		1,097,745

12

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,725,000		Nutrien Ltd		3.375	%	03/15/25	$	1,634,980
	940,000	g	OCI NV		6.625		04/15/23		971,162
	2,000,000	g	OCP S.A.		4.500		10/22/25		1,918,534
	2,000,000		Olin Corp		5.125		09/15/27		1,925,000
	720,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		740,700
	1,650,000	g	POSCO		4.000		08/01/23		1,647,625
	1,500,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		1,508,275
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,045,009
	1,450,000		Sherwin-Williams Co		3.450		06/01/27		1,379,065
	1,000,000	g	Tronox Finance plc		5.750		10/01/25		927,500
	1,000,000	g	Tronox, Inc		6.500		04/15/26		963,750
	800,000		Westlake Chemical Corp		3.600		08/15/26		752,005
			TOTAL MATERIALS						53,011,818
MEDIA - 1.4%
	4,500,000		21st Century Fox America, Inc		3.000		09/15/22		4,431,343
	110,000		21st Century Fox America, Inc		7.625		11/30/28		138,853
	85,000		21st Century Fox America, Inc		6.550		03/15/33		106,930
	1,330,000		21st Century Fox America, Inc		6.900		08/15/39		1,807,891
	900,000		AMC Entertainment Holdings, Inc		5.875		02/15/22		906,750
	600,000	g	CBS Corp		2.900		06/01/23		570,623
	1,100,000		CBS Corp		2.900		01/15/27		983,586
	800,000		CBS Corp		3.375		02/15/28		732,691
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		960,980
	1,000,000	g	CCO Holdings LLC		5.875		04/01/24		1,021,250
	1,000,000	g	Cequel Communications Holdings I LLC		7.500		04/01/28		1,047,500
	1,275,000		Charter Communications Operating LLC		3.579		07/23/20		1,275,764
	8,380,000		Charter Communications Operating LLC		4.464		07/23/22		8,518,837
	9,425,000		Charter Communications Operating LLC		4.908		07/23/25		9,565,944
	4,000,000		Charter Communications Operating LLC		5.375		05/01/47		3,813,075
	10,300,000		Comcast Corp		2.350		01/15/27		9,057,240
	4,525,000		Comcast Corp		3.200		07/15/36		3,770,851
	1,000,000		Comcast Corp		3.900		03/01/38		914,521
	2,000,000	g	CSC Holdings LLC		6.625		10/15/25		2,107,500
	1,250,000		Discovery Communications LLC		2.950		03/20/23		1,197,357
	3,750,000		Discovery Communications LLC		3.950		03/20/28		3,560,000
	1,000,000		DISH DBS Corp		7.750		07/01/26		947,500
	575,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		618,844
	125,000	g	EW Scripps Co		5.125		05/15/25		120,156
	550,000	g	Gray Television, Inc		5.875		07/15/26		545,188
	960,000	g	Meredith Corp		6.875		02/01/26		984,000
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,468,382
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,141,750
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		121,999
	90,000	g	Tegna, Inc		4.875		09/15/21		90,112
	150,000	g	Tegna, Inc		5.500		09/15/24		151,688
	250,000		Time Warner Cable, Inc		5.875		11/15/40		252,040
	4,350,000		Time Warner, Inc		2.100		06/01/19		4,327,567
	1,000,000		Time Warner, Inc		2.950		07/15/26		906,250
	4,250,000		Time Warner, Inc		3.800		02/15/27		4,062,976
	2,000,000		Viacom, Inc		3.450		10/04/26		1,879,217

13

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Viacom, Inc		5.850	%	09/01/43	$	211,271
	125,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		125,000
			TOTAL MEDIA						74,443,426
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	925,000		Abbott Laboratories		3.875		09/15/25		930,529
	10,750,000		Abbott Laboratories		3.750		11/30/26		10,716,087
	1,200,000		Abbott Laboratories		5.300		05/27/40		1,329,926
	2,500,000		AbbVie, Inc		3.750		11/14/23		2,487,305
	5,500,000		AbbVie, Inc		3.200		05/14/26		5,119,489
	7,375,000		AbbVie, Inc		4.250		11/14/28		7,264,629
	2,072,000		AbbVie, Inc		4.400		11/06/42		1,915,500
	2,900,000		Actavis Funding SCS		3.800		03/15/25		2,838,685
	3,000,000		Actavis Funding SCS		4.550		03/15/35		2,912,955
	1,775,000		AstraZeneca plc		3.125		06/12/27		1,655,716
	3,625,000		AstraZeneca plc		4.000		01/17/29		3,558,747
	2,400,000	g	Bayer US Finance II LLC		4.375		12/15/28		2,349,884
	1,650,000	g	Bayer US Finance II LLC		4.875		06/25/48		1,600,459
	900,000		Celgene Corp		3.875		08/15/25		886,178
	4,500,000		Celgene Corp		3.450		11/15/27		4,199,113
	2,150,000		Celgene Corp		3.900		02/20/28		2,068,169
	4,825,000		Gilead Sciences, Inc		2.950		03/01/27		4,488,647
	635,000		Gilead Sciences, Inc		4.000		09/01/36		610,981
	875,000		Gilead Sciences, Inc		4.150		03/01/47		827,483
	6,550,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		6,614,531
	2,700,000		Johnson & Johnson		2.900		01/15/28		2,559,191
	1,250,000		Johnson & Johnson		3.400		01/15/38		1,162,947
	1,075,000		Mylan NV		3.950		06/15/26		1,016,928
	2,075,000	g	Mylan, Inc		4.550		04/15/28		2,016,343
	3,050,000		Novartis Capital Corp		3.000		11/20/25		2,926,953
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		6.000		04/15/24		3,045,742
	5,850,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		4,868,114
	500,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		481,000
	500,000	g	VRX Escrow Corp		5.875		05/15/23		485,375
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						82,937,606
REAL ESTATE - 1.1%
	5,450,000		Alexandria Real Estate Equities, Inc		3.450		04/30/25		5,209,369
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		433,751
	675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		647,329
	1,450,000		American Tower Corp		3.000		06/15/23		1,395,645
	600,000		American Tower Corp		3.375		10/15/26		558,492
	1,200,000		American Tower Corp		3.600		01/15/28		1,120,546
	3,000,000		Boston Properties LP		3.200		01/15/25		2,869,363
	1,975,000		Brandywine Operating Partnership LP		3.950		02/15/23		1,961,760
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,103,712
	900,000		Brandywine Operating Partnership LP		3.950		11/15/27		850,007
	2,225,000		Brixmor Operating Partnership LP		3.850		02/01/25		2,143,033
	1,340,000		Brixmor Operating Partnership LP		4.125		06/15/26		1,298,543
	1,075,000		Brixmor Operating Partnership LP		3.900		03/15/27		1,018,070

14

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	630,000		Camden Property Trust		4.625	%	06/15/21	$	645,899
	1,650,000		Camden Property Trust		2.950		12/15/22		1,603,411
	2,000,000		Camden Property Trust		4.250		01/15/24		2,022,384
	980,000		Crown Castle International Corp		4.875		04/15/22		1,010,995
	1,225,000		Crown Castle International Corp		3.700		06/15/26		1,170,080
	400,000		Crown Castle International Corp		3.650		09/01/27		375,633
	646,000		DDR Corp		3.625		02/01/25		611,834
	1,000,000		DDR Corp		4.700		06/01/27		1,005,054
	3,300,000		Digital Realty Trust LP		2.750		02/01/23		3,151,209
	1,950,000		Digital Realty Trust LP		3.700		08/15/27		1,851,345
	425,000		Duke Realty LP		3.250		06/30/26		399,619
	1,075,000		Duke Realty LP		4.000		09/15/28		1,055,278
	600,000		Equity One, Inc		3.750		11/15/22		594,939
	850,000		Essex Portfolio LP		3.375		01/15/23		831,969
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		317,817
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,624,571
	2,500,000		Healthcare Realty Trust, Inc		3.625		01/15/28		2,325,138
	825,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		818,568
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		661,672
	4,125,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		3,845,598
	600,000		Highwoods Realty LP		3.875		03/01/27		575,588
	1,025,000		Highwoods Realty LP		4.125		03/15/28		996,713
	2,337,000		Kimco Realty Corp		3.300		02/01/25		2,216,514
	400,000		Kimco Realty Corp		3.800		04/01/27		382,110
	1,200,000		Mid-America Apartments LP		4.300		10/15/23		1,213,548
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,175,606
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,032,991
	1,150,000		Mid-America Apartments LP		3.600		06/01/27		1,095,138
	575,000		National Retail Properties, Inc		3.800		10/15/22		574,306
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,047,875
	625,000		National Retail Properties, Inc		4.000		11/15/25		614,611
	1,850,000		National Retail Properties, Inc		3.600		12/15/26		1,760,639
	1,100,000		Regency Centers LP		3.900		11/01/25		1,072,895
	1,950,000		Regency Centers LP		3.600		02/01/27		1,850,268
	2,175,000		Ventas Realty LP		4.000		03/01/28		2,097,985
	400,000		Weingarten Realty Investors		3.375		10/15/22		392,770
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,840,996
	475,000		Weingarten Realty Investors		4.450		01/15/24		480,692
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		991,809
	700,000		Weingarten Realty Investors		3.250		08/15/26		642,673
	1,050,000		Welltower, Inc		4.000		06/01/25		1,035,515
	1,000,000	g	WeWork Cos, Inc		7.875		05/01/25		972,500
			TOTAL REAL ESTATE						70,596,375
RETAILING - 0.9%
	675,000		Asbury Automotive Group, Inc		6.000		12/15/24		681,750
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,709,796
	1,100,000		AutoNation, Inc		3.800		11/15/27		1,018,444
	3,200,000		AutoZone, Inc		2.500		04/15/21		3,116,826
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,120,230
	2,175,000		Home Depot, Inc		3.350		09/15/25		2,148,767
	1,275,000		Home Depot, Inc		3.000		04/01/26		1,223,503

15

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,625,000		Home Depot, Inc		3.500	%	09/15/56	$	1,414,767
	351,000		Men’s Wearhouse, Inc		7.000		07/01/22		360,653
	2,175,000		O’Reilly Automotive, Inc		3.600		09/01/27		2,062,180
	715,000		Penske Automotive Group, Inc		5.500		05/15/26		695,123
	200,000	†,g	PetSmart, Inc		7.125		03/15/23		143,750
	1,250,000	g	Rolls-Royce plc		2.375		10/14/20		1,223,544
	450,000	g	Rolls-Royce plc		3.625		10/14/25		438,331
	1,100,000	g	Staples, Inc		8.500		09/15/25		1,032,625
	2,900,000		Target Corp		3.625		04/15/46		2,625,907
	15,000,000		Walmart, Inc		3.400		06/26/23		15,050,180
	11,550,000		Walmart, Inc		3.700		06/26/28		11,557,443
	2,175,000		Walmart, Inc		3.950		06/28/38		2,168,939
			TOTAL RETAILING						50,792,758
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	5,600,000		Intel Corp		2.875		05/11/24		5,436,381
	1,500,000		Intel Corp		2.600		05/19/26		1,399,268
	1,150,000		Intel Corp		3.734		12/08/47		1,069,756
	1,100,000		Texas Instruments, Inc		2.625		05/15/24		1,057,183
	1,100,000		Texas Instruments, Inc		4.150		05/15/48		1,101,444
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						10,064,032
SOFTWARE & SERVICES - 1.0%
	2,325,000		Activision Blizzard, Inc		2.300		09/15/21		2,255,757
	2,675,000		Activision Blizzard, Inc		3.400		09/15/26		2,542,574
	2,000,000		Baidu, Inc		2.875		07/06/22		1,925,162
	850,000	g	Banff Merger Sub, Inc		9.750		09/01/26		862,325
	1,395,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,402,547
	2,000,000		Fidelity National Information Services, Inc		3.000		08/15/26		1,847,232
	850,000		IHS Markit Ltd		4.125		08/01/23		848,368
	1,450,000		IHS Markit Ltd		4.750		08/01/28		1,453,480
	19,000,000		Microsoft Corp		2.400		08/08/26		17,509,842
	1,200,000		Microsoft Corp		4.100		02/06/37		1,235,771
	1,860,000		Microsoft Corp		3.700		08/08/46		1,782,465
	325,000		NCR Corp		5.875		12/15/21		328,250
	3,075,000		Oracle Corp		2.500		05/15/22		2,992,375
	8,775,000		Oracle Corp		2.650		07/15/26		8,138,642
	1,625,000		Oracle Corp		3.800		11/15/37		1,546,214
	2,075,000		Oracle Corp		4.000		11/15/47		1,966,305
	725,000	g,h	Refinitiv US Holdings		8.250		11/15/26		720,607
	875,000		salesforce.com, Inc		3.700		04/11/28		866,967
	1,900,000		Total System Services, Inc		4.450		06/01/28		1,899,663
			TOTAL SOFTWARE & SERVICES						52,124,546
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	2,275,000		Amphenol Corp		3.125		09/15/21		2,243,063
	8,575,000		Apple, Inc		2.450		08/04/26		7,903,380
	11,850,000		Apple, Inc		3.200		05/11/27		11,449,734
	1,100,000		Apple, Inc		4.650		02/23/46		1,186,402
	2,550,000		Broadcom Corp		3.875		01/15/27		2,404,933
	500,000		Broadcom Corp		3.500		01/15/28		454,063
	10,000,000		Cisco Systems, Inc		1.850		09/20/21		9,646,300

16

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	725,000	g	CommScope, Inc		5.500	%	06/15/24	$	730,437
	500,000	g	CommScope, Inc		6.000		06/15/25		516,000
	675,000		Corning, Inc		4.375		11/15/57		590,088
	3,375,000	g	Dell International LLC		4.420		06/15/21		3,425,002
	3,550,000	g	Dell International LLC		6.020		06/15/26		3,780,559
	1,100,000		L3 Technologies, Inc		3.850		06/15/23		1,102,476
	1,075,000	g	Millicom International Cellular S.A.		5.125		01/15/28		989,000
	1,025,000		Motorola Solutions, Inc		4.600		02/23/28		1,001,647
	2,793,000		Tyco Electronics Group S.A.		2.375		12/17/18		2,791,450
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		2,997,038
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		512,522
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						53,724,094
TELECOMMUNICATION SERVICES - 1.3%
	14,750,000		AT&T, Inc		3.400		05/15/25		14,036,532
	8,425,000	g	AT&T, Inc		4.300		02/15/30		8,096,630
	2,300,000		AT&T, Inc		4.500		05/15/35		2,146,226
	6,000,000	g	AT&T, Inc		4.900		08/15/37		5,729,782
	2,075,000	g	AT&T, Inc		5.150		11/15/46		1,980,728
	1,175,000		AT&T, Inc		4.500		03/09/48		1,023,600
	2,500,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,388,867
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		845,530
	500,000		France Telecom S.A.		5.375		01/13/42		546,793
	2,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		1,953,844
	2,400,000	g	Oztel Holdings SPC Ltd		5.625		10/24/23		2,427,031
	4,175,000		Telefonica Emisiones SAU		4.103		03/08/27		4,010,902
	425,000		T-Mobile USA, Inc		6.375		03/01/25		442,765
	2,300,000	g	Turkcell Iletisim Hizmetleri AS.		5.800		04/11/28		2,005,625
	1,550,000		Verizon Communications, Inc		3.376		02/15/25		1,507,560
	9,886,000	g	Verizon Communications, Inc		4.329		09/21/28		9,942,420
	11,097,000		Verizon Communications, Inc		4.272		01/15/36		10,563,261
	875,000		Verizon Communications, Inc		4.125		08/15/46		783,029
	6,150,000		Vodafone Group plc		4.375		05/30/28		6,055,853
			TOTAL TELECOMMUNICATION SERVICES						76,486,978
TRANSPORTATION - 1.0%
	700,000		CSX Corp		3.800		03/01/28		689,614
	3,275,000		CSX Corp		3.800		11/01/46		2,956,402
	1,800,000		CSX Corp		4.300		03/01/48		1,759,156
	3,475,000		Delta Air Lines, Inc		3.625		03/15/22		3,431,496
	2,200,000		Delta Air Lines, Inc		3.800		04/19/23		2,154,838
	2,025,000	g	DP World Ltd		5.625		09/25/48		1,999,396
	700,000		FedEx Corp		4.100		02/01/45		637,809
	3,050,000		FedEx Corp		4.050		02/15/48		2,730,160
	4,240,000		GATX Corp		2.500		03/15/19		4,234,166
	6,000,000		Kansas City Southern		2.350		05/15/20		5,884,182
	1,275,000		Kansas City Southern		4.700		05/01/48		1,266,445
	3,000,000	g	Mexico City Airport Trust		5.500		07/31/47		2,677,500
	1,000,000		Norfolk Southern Corp		4.050		08/15/52		934,880
	5,775,000		Northrop Grumman Corp		3.250		01/15/28		5,430,419
	1,075,000		Northrop Grumman Corp		4.030		10/15/47		1,006,135

17

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,650,000	g	Pelabuhan Indonesia III Persero PT		4.500	%	05/02/23	$	2,643,136
	6,000,000		Union Pacific Corp		3.950		09/10/28		6,012,414
	3,275,000		Union Pacific Corp		4.500		09/10/48		3,327,661
			TOTAL TRANSPORTATION						49,775,809
UTILITIES - 3.1%
	1,000,000		AEP Transmission Co LLC		3.100		12/01/26		950,724
	1,000,000		AEP Transmission Co LLC		4.000		12/01/46		946,407
	2,075,000		AGL Capital Corp		3.875		11/15/25		2,017,762
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,199,324
	725,000		Alabama Power Co		4.150		08/15/44		703,120
	4,600,000		Ameren Corp		3.650		02/15/26		4,468,789
	1,650,000		American Water Capital Corp		3.000		12/01/26		1,543,495
	1,400,000		American Water Capital Corp		4.000		12/01/46		1,307,799
	2,275,000		American Water Capital Corp		3.750		09/01/47		2,063,200
	775,000		Atmos Energy Corp		8.500		03/15/19		794,236
	375,000		Atmos Energy Corp		4.125		10/15/44		364,181
	3,000,000		Avangrid, Inc		3.150		12/01/24		2,858,748
	2,050,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,877,437
	4,950,000		Berkshire Hathaway Energy Co		3.250		04/15/28		4,683,437
	1,075,000		Black Hills Corp		4.250		11/30/23		1,089,898
	850,000		Black Hills Corp		3.150		01/15/27		781,056
	2,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		1,995,000
	1,625,000	g	Calpine Corp		5.250		06/01/26		1,505,156
	1,515,000		Carolina Power & Light Co		5.300		01/15/19		1,525,784
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		161,834
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		755,630
	350,000	g,h	Clearway Energy Operating LLC		5.750		10/15/25		353,281
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,091,477
	395,000		Commonwealth Edison Co		5.900		03/15/36		469,835
	415,000		Connecticut Light & Power Co		5.500		02/01/19		418,837
	3,000,000		Consolidated Edison Co of New York, Inc		3.800		05/15/28		3,015,649
	1,200,000		Consolidated Edison, Inc		2.000		05/15/21		1,159,164
	1,550,000		Dominion Resources, Inc		2.000		08/15/21		1,481,010
	2,325,000		DTE Electric Co		3.750		08/15/47		2,154,228
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		265,892
	3,050,000		Duke Energy Corp		1.800		09/01/21		2,914,754
	7,575,000		Duke Energy Corp		2.650		09/01/26		6,845,358
	3,125,000		Duke Energy Corp		3.750		09/01/46		2,741,920
	3,833,894		Duke Energy Florida Project Finance LLC		1.196		03/01/20		3,774,986
	5,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		4,834,658
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		657,737
	3,000,000		Enel Chile S.A.		4.875		06/12/28		3,026,700
	4,994,000		Entergy Corp		4.000		07/15/22		5,051,888
	3,075,000		Entergy Corp		2.950		09/01/26		2,823,614
	4,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		4,471,632
	2,675,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		2,663,588
	2,500,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		2,497,802
	2,975,000		Exelon Generation Co LLC		3.400		03/15/22		2,947,747
	4,650,000		Fortis, Inc		3.055		10/04/26		4,264,472
	1,150,000		Indiana Michigan Power Co		3.750		07/01/47		1,046,570
	2,000,000	g	Inkia Energy Ltd		5.875		11/09/27		1,900,020
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		562,232

18

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000	g	Israel Electric Corp Ltd		4.250	%	08/14/28	$	4,741,660
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		200,121
	2,200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		2,183,806
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,046,214
	1,700,000	g	Listrindo Capital BV		4.950		09/14/26		1,574,200
	2,175,000		MidAmerican Energy Co		3.650		08/01/48		1,996,502
	1,675,000	g	Minejesa Capital BV		4.625		08/10/30		1,534,528
	2,800,000	g	Minejesa Capital BV		5.625		08/10/37		2,548,507
	4,100,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		3,942,407
	3,075,000		NiSource Finance Corp		3.490		05/15/27		2,914,839
	900,000		NRG Energy, Inc		6.250		05/01/24		936,000
	1,250,000	g	NRG Energy, Inc		5.750		01/15/28		1,262,500
	2,000,000		NSTAR Electric Co		3.200		05/15/27		1,914,176
	2,175,000		Ohio Power Co		4.150		04/01/48		2,149,804
	1,450,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,442,043
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		200,821
	1,675,000		Pacific Gas & Electric Co		3.750		08/15/42		1,423,929
	1,150,000		Pacific Gas & Electric Co		4.600		06/15/43		1,098,090
	2,750,000		Pacific Gas & Electric Co		4.250		03/15/46		2,516,133
	1,800,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,811,727
	135,000		Potomac Electric Power Co		7.900		12/15/38		194,026
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		3,927,835
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		993,044
	565,000		Progress Energy, Inc		7.050		03/15/19		575,809
	3,450,000		PSEG Power LLC		3.850		06/01/23		3,436,678
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,821,328
	1,775,000	g	Rio Oil Finance Trust		8.200		04/06/28		1,814,938
	1,075,000		SASOL Financing USA LLC		6.500		09/27/28		1,088,562
	1,150,000		Sempra Energy		2.875		10/01/22		1,114,816
	700,000		Southern California Edison Co		4.125		03/01/48		667,966
	1,750,000		Southern Co		4.400		07/01/46		1,664,138
	1,175,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,034,335
	4,950,000		Southern Power Co		2.500		12/15/21		4,791,050
	1,925,000		Southern Power Co		4.150		12/01/25		1,895,318
	2,625,000		Southwest Gas Corp		3.700		04/01/28		2,567,564
	3,000,000	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,836,695
	400,000		TC PipeLines LP		3.900		05/25/27		379,544
	845,000		Virginia Electric & Power Co		2.950		01/15/22		831,868
	1,025,000		Virginia Electric & Power Co		2.950		11/15/26		961,764
	1,050,000		Virginia Electric & Power Co		3.500		03/15/27		1,025,938
	675,000	g	Vistra Operations Co LLC		5.500		09/01/26		682,594
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		953,017
	1,800,000		Xcel Energy, Inc		3.350		12/01/26		1,725,912
	470,000		Xcel Energy, Inc		4.800		09/15/41		487,733
			TOTAL UTILITIES						174,938,547
			TOTAL CORPORATE BONDS						1,847,034,587
			(Cost $1,894,907,754)

19

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GOVERNMENT BONDS -  41.3%
AGENCY SECURITIES - 0.3%
$	1,961,915		AMAL Ltd		3.465	%	08/21/21	$	1,973,485
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,430,607
	3,959,000		Canal Barge Co, Inc		4.500		11/12/34		4,098,095
	10,325,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		10,238,693
	1,630,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,661,019
			TOTAL AGENCY SECURITIES						20,401,899
FOREIGN GOVERNMENT BONDS - 3.2%
	2,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		1,908,826
	1,500,000	g	Angolan Government International Bond		8.250		05/09/28		1,548,732
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,337,625
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		1,984,400
	1,600,000		Argentina Republic Government International Bond		5.875		01/11/28		1,267,200
	2,215,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		1,948,908
	175,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		92,750
	1,500,000	g	Bermuda Government International Bond		4.854		02/06/24		1,560,840
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,281,433
	2,075,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,986,812
BRL	4,650,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,163,528
$	1,650,000		Brazilian Government International Bond		5.625		02/21/47		1,459,425
	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,469,315
	5,500,000		Chile Government International Bond		3.240		02/06/28		5,269,000
	2,575,000		Colombia Government International Bond		2.625		03/15/23		2,448,825
	1,200,000		Colombia Government International Bond		5.000		06/15/45		1,197,000
	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,192,125
DOP	121,500,000	g	Dominican Republic International Bond		8.900		02/15/23		2,415,344
	120,000,000	g	Dominican Republic International Bond		12.000		03/05/32		2,631,938
$	3,000,000	g	Dominican Republic International Bond		6.500		02/15/48		2,940,000
	2,425,000	g	Ecuador Government International Bond		9.650		12/13/26		2,407,297
	1,125,000	g	Egypt Government International Bond		5.577		02/21/23		1,090,930
	1,500,000	g	Egypt Government International Bond		8.500		01/31/47		1,501,687
	1,250,000	g	El Salvador Government International Bond		5.875		01/30/25		1,165,900
	725,000	g	El Salvador Government International Bond		8.625		02/28/29		766,688
	395,000		European Investment Bank		4.875		02/15/36		474,461
	1,800,000	g	Export Credit Bank of Turkey		4.250		09/18/22		1,563,926
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,475,112
	7,000,000	g	Export-Import Bank of India		3.875		02/01/28		6,512,730
	1,500,000	g	Ghana Government International Bond		8.627		06/16/49		1,497,692
	850,000	g	Guatemala Government International Bond		4.500		05/03/26		809,549
	2,725,000	g	Guatemala Government International Bond		4.375		06/05/27		2,558,094
EUR	1,700,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		1,924,112
$	1,300,000	g	Honduras Government International Bond		7.500		03/15/24		1,397,864
IDR	25,500,000,000		Indonesia Treasury Bond		7.500		08/15/32		1,582,894
$	3,100,000		Israel Government International Bond		3.250		01/17/28		2,976,437
	2,175,000		Israel Government International Bond		4.125		01/17/48		2,072,599
	1,711,250	g	Ivory Coast Government International Bond (Step bond)		5.750		12/31/32		1,613,947
	1,950,000	g	Ivory Coast Government International Bond		6.125		06/15/33		1,778,747
	3,025,000		Jamaica Government International Bond		8.000		03/15/39		3,475,362
	1,000,000	g	Japan Finance Organization for Municipalities		2.000		09/08/20		976,031
	1,280,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		1,240,563

20

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,900,000	g	Kenya Government International Bond			7.250	%	02/28/28	$	2,818,971
	15,000,000		KFW			2.750		10/01/20		14,945,709
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,112,727
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		2.884		03/12/21		1,999,961
	1,650,000	g	Korea Housing Finance Corp			2.000		10/11/21		1,572,920
	1,500,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,452,908
	1,800,000		Mexico Government International Bond			4.000		10/02/23		1,811,970
	2,200,000		Mexico Government International Bond			4.150		03/28/27		2,164,800
	3,550,000		Mexico Government International Bond			4.750		03/08/44		3,392,025
	2,000,000	g	Morocco Government International Bond			5.500		12/11/42		2,092,098
	1,725,000	g	Nigeria Government International Bond			6.500		11/28/27		1,658,903
	700,000	g	Nigeria Government International Bond			7.143		02/23/30		682,294
	1,950,000		Panama Government International Bond			6.700		01/26/36		2,435,570
	2,000,000		Panama Government International Bond			4.500		05/15/47		2,003,020
	1,200,000	g	Paraguay Government International Bond			5.600		03/13/48		1,194,000
	1,500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.400		03/29/22		1,475,625
	6,100,000	g	Perusahaan Penerbit SBSN Indonesia III			4.400		03/01/28		5,970,680
	1,300,000		Peruvian Government International Bond			8.750		11/21/33		1,920,750
	850,000		Peruvian Government International Bond			5.625		11/18/50		1,008,950
	950,000	g	Petroamazonas EP			4.625		11/06/20		916,991
	620,000		Province of Quebec Canada			7.500		09/15/29		843,350
	1,500,000	g	Provincia de Mendoza Argentina			8.375		05/19/24		1,312,515
	1,400,000	g	Republic of Paraguay			6.100		08/11/44		1,462,300
	2,272,000	g	Romanian Government International Bond			5.125		06/15/48		2,227,503
RUB	160,000,000		Russian Federal Bond - Federal Loan Obligation			7.000		01/25/23		2,355,748
$	2,500,000	g	Saudi Government International Bond			3.250		10/26/26		2,348,790
	6,400,000	g	Saudi Government International Bond			4.500		04/17/30		6,425,261
	1,200,000	g	Senegal Government International Bond			6.250		05/23/33		1,116,912
	2,000,000	g	Senegal Government International Bond			6.750		03/13/48		1,785,060
RSD	290,000,000		Serbia Treasury Bonds			5.875		02/08/28		3,073,402
$	2,000,000		South Africa Government International Bond			5.875		09/16/25		2,032,500
	1,500,000	g	Sri Lanka Government International Bond			5.750		01/18/22		1,473,333
LKR	415,000,000		Sri Lanka Government International Bond			11.500		05/15/23		2,518,693
$	1,700,000		Svensk Exportkredit AB			1.750		05/18/20		1,667,124
	5,400,000		Turkey Government International Bond			3.250		03/23/23		4,691,493
	1,250,000		Turkey Government International Bond			6.000		03/25/27		1,137,259
	3,775,000		Turkey Government International Bond			5.125		02/17/28		3,207,002
	1,050,000		Turkey Government International Bond			6.875		03/17/36		954,127
	2,800,000	g	Ukraine Government International Bond			7.375		09/25/32		2,429,535
UYU	41,525,000	g	Uruguay Government International Bond			9.875		06/20/22		1,238,574
$	1,025,000		Uruguay Government International Bond			4.375		10/27/27		1,042,938
	2,000,000		Uruguay Government International Bond			5.100		06/18/50		2,040,000
	2,400,000	g	Zambia Government International Bond			8.500		04/14/24		1,704,886
			TOTAL FOREIGN GOVERNMENT BONDS							184,685,825
MORTGAGE BACKED - 15.2%
	7,692,535		Federal Home Loan Mortgage Corp (FHLMC)			3.500		08/15/43		7,704,401
	2,731,323		FHLMC			3.000		03/15/44		2,644,077
	6,342,381		FHLMC			3.500		09/15/44		6,287,157
	9,513,669		FHLMC			3.500		01/15/45		9,427,095
	9,520,427	i	FHLMC	LIBOR 1 M + 6.470%		8.731		06/15/48		9,882,754

21

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	11,360,000	i	FHLMC	LIBOR 1 M + 6.400%		8.661	%	10/15/48	$	11,359,330
	1,690		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		1,715
	2,898,091		FGLMC			3.500		03/01/27		2,915,434
	4,822		FGLMC			6.500		01/01/29		5,334
	1,176		FGLMC			6.500		03/01/29		1,301
	22,264		FGLMC			6.500		07/01/29		24,630
	830		FGLMC			8.000		01/01/31		878
	6,871		FGLMC			6.500		09/01/31		7,754
	26,426		FGLMC			8.000		09/01/31		29,259
	82,520		FGLMC			7.000		12/01/31		87,733
	91,631		FGLMC			4.500		07/01/33		95,284
	126,828		FGLMC			5.500		09/01/33		138,015
	126,132		FGLMC			5.500		09/01/33		136,133
	217,268		FGLMC			5.500		10/01/33		237,005
	243,670		FGLMC			5.500		12/01/33		264,083
	630,950		FGLMC			7.000		12/01/33		712,676
	207,216		FGLMC			4.500		04/01/35		214,893
	197,442		FGLMC			7.000		05/01/35		221,342
	3,761,000		FGLMC			5.000		06/01/36		3,992,690
	157,922		FGLMC			5.000		07/01/39		167,722
	3,386,968		FGLMC			5.000		08/01/44		3,593,342
	175,891		FGLMC			4.500		11/01/44		183,821
	255,214		FGLMC			4.500		11/01/44		266,630
	96,575		FGLMC			4.500		12/01/44		100,199
	158,143		FGLMC			4.500		12/01/44		165,255
	1,271,848		FGLMC			3.500		04/01/45		1,257,514
	19,475,701		FGLMC			3.500		10/01/45		19,251,669
	7,185,584		FGLMC			4.000		12/01/45		7,305,729
	39,281,801		FGLMC			3.500		08/01/46		38,884,151
	37,336,825		FGLMC			3.000		01/01/47		35,748,685
	33,184,262		FGLMC			3.000		02/01/47		31,782,654
	8,017,105		FGLMC			4.500		06/01/47		8,439,747
	7,182,153		FGLMC			4.000		09/01/47		7,355,619
	25,838,667		FGLMC			3.500		03/01/48		25,507,249
	23,813,153		FGLMC			4.000		03/01/48		24,197,283
	5,717,682	h	FGLMC			4.000		07/01/48		5,808,525
	29,158,855		FGLMC			4.500		08/01/48		30,420,414
	341		Federal National Mortgage Association (FNMA)			8.000		07/01/24		375
	238		FNMA			7.500		01/01/29		256
	1,616		FNMA			7.500		03/01/31		1,830
	664		FNMA			7.500		05/01/31		667
	663		FNMA			6.500		09/01/31		727
	6,626		FNMA			6.500		11/01/31		7,272
	4,582,578		FNMA			3.500		02/01/32		4,611,392
	2,454,702		FNMA			3.500		05/01/32		2,476,264
	5,003,570		FNMA			3.500		07/01/32		5,035,037
	107,804		FNMA			6.500		07/01/32		119,501
	6,106,061		FNMA			3.000		11/01/32		6,037,626
	999,999		FNMA			3.500		04/01/33		1,005,727
	5,806,921		FNMA			3.500		06/01/33		5,840,184
	2,507,060		FNMA			3.500		07/01/33		2,521,421

22

TIAA-CREF FUNDS - Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,135,590	FNMA		5.500	%	03/01/34	$	1,227,329
	19,327	FNMA		6.000		11/01/34		20,876
	1,454,086	FNMA		5.000		05/01/35		1,543,845
	1,081,187	FNMA		5.000		10/01/35		1,148,290
	566,223	FNMA		5.000		02/01/36		601,414
	421,109	FNMA		5.500		08/01/37		454,683
	147,309	FNMA		6.000		09/01/37		163,084
	2,764,904	FNMA		5.500		01/01/38		3,001,159
	1,026,656	FNMA		5.500		04/01/38		1,104,554
	502,730	FNMA		5.500		11/01/38		538,100
	34,769	FNMA		4.500		04/01/39		36,202
	406,209	FNMA		5.500		08/01/39		440,375
	40,047	FNMA		4.500		02/01/40		41,388
	381,035	FNMA		5.000		08/01/40		405,440
	746,908	FNMA		5.000		09/01/40		794,742
	13,810	FNMA		6.000		10/01/40		15,222
	153,982	FNMA		4.500		11/01/40		159,817
	277,468	FNMA		4.500		01/01/41		288,764
	179,483	FNMA		4.500		02/01/41		185,700
	947,742	FNMA		5.000		05/01/41		1,008,494
	264,590	FNMA		4.500		06/01/41		274,083
	266,467	FNMA		4.500		06/01/41		276,878
	982,398	FNMA		5.000		07/01/41		1,045,366
	211,861	FNMA		4.500		12/01/41		219,309
	5,693,016	FNMA		5.500		12/01/41		6,284,535
	285,561	FNMA		4.500		01/01/42		297,054
	207,228	FNMA		4.500		03/01/42		214,515
	251,421	FNMA		4.500		04/01/42		261,541
	850,132	FNMA		4.500		04/01/42		884,747
	273,886	FNMA		4.500		06/01/42		283,516
	733,248	FNMA		4.500		06/01/42		762,220
	230,473	FNMA		4.500		07/01/42		239,330
	197,215	FNMA		4.500		03/01/44		204,286
	1,084,639	FNMA		5.500		05/01/44		1,169,445
	1,282,506	FNMA		4.500		06/01/44		1,332,532
	5,501,882	FNMA		4.500		06/01/44		5,715,718
	3,428,210	FNMA		4.500		08/01/44		3,561,351
	4,365,203	FNMA		4.500		10/01/44		4,534,253
	3,337,025	FNMA		4.500		11/01/44		3,466,152
	1,196,375	FNMA		5.000		11/01/44		1,272,983
	724,385	FNMA		4.500		12/01/44		752,522
	9,297,225	FNMA		3.000		02/25/45		9,130,716
	2,569,339	FNMA		3.000		02/25/45		2,517,286
	371,276	FNMA		3.500		03/01/45		367,136
	260,723	FNMA		3.500		03/01/45		257,815
	2,714,357	FNMA		3.000		03/25/45		2,653,739
	6,051,631	FNMA		3.500		04/25/45		6,037,037
	9,062,760	FNMA		3.500		04/25/45		9,028,459
	3,271,502	FNMA		3.500		05/01/45		3,241,102
	19,570,638	FNMA		3.000		12/25/45		18,918,473
	7,250,751	FNMA		3.500		01/01/46		7,166,426
	6,440,892	FNMA		4.000		01/01/46		6,551,285

23

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,832,130		FNMA		3.500	%	06/01/46	$	5,760,769
	2,828,311		FNMA		3.500		08/01/46		2,795,462
	6,983,479		FNMA		3.000		10/01/46		6,689,172
	3,325,132		FNMA		3.500		10/01/46		3,283,072
	10,814,133		FNMA		3.500		12/01/46		10,672,316
	41,778,831		FNMA		3.500		01/01/47		41,224,474
	11,101,475		FNMA		3.000		02/01/47		10,633,405
	92,156		FNMA		3.500		08/01/47		90,799
	26,790,789		FNMA		3.500		11/01/47		26,380,133
	14,567,862		FNMA		3.500		12/01/47		14,344,561
	7,261,787		FNMA		4.500		01/01/48		7,566,567
	3,043,074		FNMA		4.500		02/01/48		3,171,279
	32,406,099		FNMA		3.000		02/25/48		31,340,855
	6,392,553		FNMA		4.000		03/01/48		6,495,239
	13,085,232		FNMA		4.500		03/01/48		13,640,745
	90,818,415		FNMA		4.000		04/01/48		91,750,540
	5,236,427		FNMA		4.500		05/01/48		5,460,437
	4,053,587	h	FNMA		4.500		05/01/48		4,227,000
	5,636,134		FNMA		5.000		08/01/48		6,006,471
	60		Government National Mortgage Association (GNMA)		7.000		01/15/28		64
	1,388		GNMA		7.000		02/15/28		1,406
	641		GNMA		7.000		06/15/28		671
	490		GNMA		7.000		06/15/28		497
	1,573		GNMA		6.500		09/15/28		1,726
	952		GNMA		6.500		09/15/28		1,045
	4,141		GNMA		6.500		11/15/28		4,544
	2,102		GNMA		7.500		11/15/28		2,184
	496		GNMA		8.500		07/15/30		497
	14,815		GNMA		8.500		10/15/30		15,349
	6,383		GNMA		8.500		10/20/30		7,288
	801		GNMA		8.500		12/15/30		949
	1,214		GNMA		7.000		06/20/31		1,391
	2,964		GNMA		7.000		07/15/31		3,043
	3,341		GNMA		7.000		07/15/31		3,576
	362		GNMA		6.500		03/15/33		397
	16,872		GNMA		6.000		10/20/36		18,420
	19,588		GNMA		6.000		01/20/37		21,449
	70,366		GNMA		6.000		02/20/37		76,859
	43,412		GNMA		6.000		08/20/38		47,328
	57,576		GNMA		6.500		11/20/38		64,350
	12,392		GNMA		4.500		02/20/39		13,087
	543,649		GNMA		5.000		06/15/39		579,482
	17,509		GNMA		4.500		08/20/41		18,483
	60,429		GNMA		4.500		09/20/41		63,784
	13,667		GNMA		4.500		01/20/44		14,432
	13,721		GNMA		4.500		02/20/44		14,483
	26,385		GNMA		4.500		05/20/44		27,863
	171,136		GNMA		4.500		05/20/44		180,639
	193,533		GNMA		4.500		08/20/44		204,277
	168,984		GNMA		4.500		09/20/44		176,233
	73,410		GNMA		4.500		10/20/44		77,258
	45,160		GNMA		4.500		11/20/44		47,129

24

TIAA-CREF FUNDS - Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	119,716	GNMA		4.500	%	12/20/44	$	126,362
	185,179	GNMA		4.500		02/20/45		195,459
	229,510	GNMA		4.500		08/20/45		242,437
	213,865	GNMA		4.500		08/20/45		224,626
	210,183	GNMA		4.500		12/20/45		221,304
	31,144,778	GNMA		3.000		12/20/47		30,186,304
	29,363,566	GNMA		3.500		12/20/47		29,220,112
	17,201,487	GNMA		3.000		01/20/48		16,671,634
	52,911,681	GNMA		3.500		01/20/48		52,653,026
	13,549,328	GNMA		4.000		07/20/48		13,789,398
		TOTAL MORTGAGE BACKED						873,340,889
MUNICIPAL BONDS - 5.6%
	9,085,000	Alabama Economic Settlement Authority		3.163		09/15/25		8,917,109
	18,410,000	California State University		3.899		11/01/47		17,366,153
	990,000	Chicago Housing Authority		3.682		01/01/25		986,713
	3,670,000	City of Los Angeles CA		3.320		09/01/24		3,654,549
	3,670,000	City of Los Angeles CA		3.450		09/01/25		3,660,238
	3,935,000	Commonwealth Financing Authority		3.864		06/01/38		3,790,704
	2,500,000	Commonwealth of Massachusetts		3.277		06/01/46		2,207,550
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,797,075
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,433,670
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,427,835
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,476,275
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,294,375
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,225,092
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,278,695
	2,380,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,349,369
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,322,975
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		3,697,575
	4,265,000	Denver City & County School District No. 1		3.598		12/15/27		4,185,671
	7,775,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		7,770,335
	15,000,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		14,949,000
	8,840,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		8,303,147
	5,075,000	Illinois Finance Authority		3.944		08/15/47		4,817,799
	1,890,000	Imperial Irrigation District Electric System Revenue		1.095		11/01/18		1,887,505
	5,265,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,188,815
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,240,184
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		953,040
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,377,932
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		5,610,480
	850,000	Oklahoma City Economic Development Trust		3.172		09/01/21		848,105
	1,120,000	Oklahoma City Economic Development Trust		3.222		09/01/22		1,116,461
	810,000	Oklahoma City Economic Development Trust		3.440		09/01/24		810,899

25

TIAA-CREF FUNDS - Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	7,500,000	Port of Morrow OR		1.582	%	09/01/20	$	7,289,025
	5,000,000	Port of Morrow OR		1.782		09/01/21		4,795,850
	2,000,000	Port of Seattle WA		3.471		05/01/31		1,892,100
	1,625,000	Port of Seattle WA		3.571		05/01/32		1,541,313
	1,955,000	Public Finance Authority		4.269		07/01/40		1,915,724
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		941,750
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		933,400
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,154,163
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,631,240
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,451,408
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		630,224
	905,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		811,604
	3,980,000	Rhode Island Convention Center Authority		3.195		05/15/26		3,814,273
	4,500,000	San Francisco City & County Redevelopment Agency		2.526		08/01/20		4,440,600
	5,000,000	San Francisco City & County Redevelopment Agency		2.813		08/01/21		4,916,000
	875,000	San Francisco City & County Redevelopment Agency		3.113		08/01/22		861,210
	11,365,000	San Jose Redevelopment Agency		3.375		08/01/34		10,527,059
	13,060,000	State of California		4.600		04/01/38		13,548,444
	3,460,000	State of Georgia		1.910		02/01/23		3,277,969
	1,845,000	State of Illinois		4.700		01/01/21		1,862,361
	22,575,000	State of Illinois		5.100		06/01/33		21,666,356
	13,000,000	State of Michigan		1.779		11/01/21		12,504,180
	7,000,000	State of Michigan		1.966		11/01/22		6,676,320
	3,500,000	State of Texas		3.225		10/01/24		3,470,425
	1,000,000	State of Texas		3.295		10/01/25		990,100
	9,900,000	State of Wisconsin		3.154		05/01/27		9,495,783
	1,763,000	State Public School Building Authority		5.000		09/15/27		1,884,488
	7,500,000	Texas A&M University		3.993		05/15/37		7,428,225
	25,830,000	The Ohio State University		3.798		12/01/46		24,261,603
	1,185,000	University of California		1.228		05/15/19		1,174,667
	1,920,000	University of California		1.534		05/15/20		1,876,301
	1,000,000	University of California		1.784		05/15/21		965,560
	15,000,000	University of California		1.910		05/15/21		14,578,500
	3,000,000	University of California		2.020		05/15/22		2,874,900
	3,000,000	University of California		2.220		05/15/23		2,860,890
	2,000,000	University of California		2.439		05/15/24		1,894,780
	2,000,000	University of California		2.589		05/15/25		1,880,220
	6,635,000	University of California		3.552		05/15/39		6,180,967
		TOTAL MUNICIPAL BONDS						318,845,307
U.S. TREASURY SECURITIES - 17.0%
	5,000,000	United States Treasury Bond		4.500		02/15/36		5,932,813
	2,250,000	United States Treasury Bond		4.750		02/15/37		2,763,369

26

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	43,050,000		United States Treasury Bond		3.500	%	02/15/39	$	45,347,121
	16,015,000		United States Treasury Bond		3.875		08/15/40		17,779,152
	14,380,000		United States Treasury Bond		2.500		05/15/46		12,534,192
	10,450,000		United States Treasury Bond		3.000		05/15/47		10,059,758
	50,095,000		United States Treasury Bond		2.750		11/15/47		45,831,054
	66,670,000		United States Treasury Bond		3.000		02/15/48		64,133,414
	29,125,000		United States Treasury Bond		3.125		05/15/48		28,723,394
	101,500,000		United States Treasury Bond		3.000		08/15/48		97,626,348
	17,470,215	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		16,771,406
	38,000,000		United States Treasury Note		0.750		10/31/18		37,959,596
	27,000,000		United States Treasury Note		1.250		11/15/18		26,971,682
	2,875,000		United States Treasury Note		1.000		11/30/18		2,869,518
	2,550,000		United States Treasury Note		1.250		12/31/18		2,543,810
	740,000		United States Treasury Note		1.125		02/28/19		736,300
	1,330,000		United States Treasury Note		1.250		04/30/19		1,320,908
	200,000		United States Treasury Note		1.250		05/31/19		198,367
	260,000		United States Treasury Note		0.875		09/15/19		255,704
	875,000		United States Treasury Note		1.500		10/31/19		864,029
	4,855,000		United States Treasury Note		1.750		11/30/19		4,802,657
	18,000,000		United States Treasury Note		2.250		02/29/20		17,876,250
	3,080,000		United States Treasury Note		1.625		03/15/20		3,030,913
	2,135,000		United States Treasury Note		2.250		03/31/20		2,118,988
	9,660,000		United States Treasury Note		2.375		04/30/20		9,600,002
	8,900,000		United States Treasury Note		1.500		05/15/20		8,719,914
	2,495,000		United States Treasury Note		2.500		05/31/20		2,483,207
	1,765,000		United States Treasury Note		2.125		08/31/20		1,742,179
	27,975,000		United States Treasury Note		2.625		08/31/20		27,875,558
	22,800,000		United States Treasury Note		1.375		09/15/20		22,178,344
	310,000		United States Treasury Note		2.125		01/31/21		304,914
	17,760,000		United States Treasury Note		2.625		05/15/21		17,650,387
	715,000		United States Treasury Note		2.000		05/31/21		699,136
	148,225,000		United States Treasury Note		2.625		07/15/21		147,223,324
	280,000		United States Treasury Note		2.000		08/31/21		273,175
	29,160,000		United States Treasury Note		2.750		09/15/21		29,050,650
	1,250,000		United States Treasury Note		1.750		04/30/22		1,200,781
	20,000,000		United States Treasury Note		2.000		11/30/22		19,271,875
	43,330,000		United States Treasury Note		2.750		04/30/23		42,977,944
	17,000,000		United States Treasury Note		2.875		09/30/23		16,942,891
	2,200,000		United States Treasury Note		2.125		07/31/24		2,099,453
	2,965,000		United States Treasury Note		2.750		02/28/25		2,922,610
	9,790,000		United States Treasury Note		2.625		03/31/25		9,571,637
	3,560,000		United States Treasury Note		2.875		05/31/25		3,531,214
	81,125,000		United States Treasury Note		2.750		06/30/25		79,844,746
	20,775,000		United States Treasury Note		2.750		08/31/25		20,434,972
	1,975,000		United States Treasury Note		2.750		02/15/28		1,926,165
	58,832,000		United States Treasury Note		2.875		08/15/28		57,940,327
			TOTAL U.S. TREASURY SECURITIES						975,516,148
			TOTAL GOVERNMENT BONDS						2,372,790,068
			(Cost $2,426,229,709)

27

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
STRUCTURED ASSETS - 20.0%
ASSET BACKED - 8.1%
$	1,550,000		AmeriCredit Automobile Receivables Trust			2.400	%	01/08/21	$	1,547,376
			Series - 2015 2 (Class C)
	891,006		AmeriCredit Automobile Receivables Trust			1.460		05/10/21		887,296
			Series - 2016 3 (Class A3)
	1,845,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		1,850,472
			Series - 2015 3 (Class D)
	5,500,000		AmeriCredit Automobile Receivables Trust			2.740		12/08/22		5,402,706
			Series - 2016 4 (Class D)
	3,500,000	g	Anchorage Capital CLO Ltd			3.300		10/15/27		3,469,778
			Series - 2015 7A (Class B2R)
	3,000,000	g	Apidos CLO XXIV			4.460		10/20/30		3,005,476
			Series - 2016 24A (Class A2FR)
	3,000,000	g	ARES XLVI CLO Ltd			3.570		01/15/30		2,814,961
			Series - 2017 46A (Class B2)
	1,500,000	g,i	ARES XXXIV CLO Ltd	LIBOR 3 M + 5.200%		7.539		07/29/26		1,500,798
			Series - 2015 2A (Class E2)
	55,677	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		5,847,800
			Series - 2017 1A (Class A)
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		8,238,997
			Series - 2017 2A (Class A)
	2,000,000	g	BBCMS Trust			3.821		09/05/32		1,994,971
			Series - 2013 TYSN (Class C)
	1,500,000	g	Bowman Park CLO Ltd			3.545		11/23/25		1,499,738
			Series - 2014 1A (Class B2R)
	6,000,000	g	Capital Automotive REIT			3.660		10/15/44		5,908,453
			Series - 2014 1A (Class A)
	13,431,979	g	Capital Automotive REIT			3.870		04/15/47		13,270,855
			Series - 2017 1A (Class A1)
	2,500,000	g,i	Carlyle Global Market Strategies Ltd	LIBOR 3 M + 5.300%		7.648		04/20/27		2,501,607
			Series - 2015 1A (Class E1)
	2,550,000		CarMax Auto Owner Trust			2.150		03/15/21		2,534,613
			Series - 2015 2 (Class B)
	1,800,000		CarMax Auto Owner Trust			2.390		03/15/21		1,792,436
			Series - 2015 2 (Class C)
	884,048	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.296		07/25/36		870,154
			Series - 2006 CB6 (Class A1)
	8,817,685	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		2.639		04/07/52		482,081
			Series - 2007 1A (Class A2)
	79,713	i	CIT Group Home Equity Loan Trust			6.200		02/25/30		81,208
			Series - 2002 1 (Class AF6)
	6,000,000		CNH Equipment Trust			2.930		12/15/21		5,999,265
			Series - 2018 B (Class A2)
	1,656,623	g	DaimlerChrysler Capital Auto Receivables Trust			1.640		07/15/21		1,647,864
			Series - 2016 BA (Class A3)
	6,755,000	g	DB Master Finance LLC			3.980		02/20/45		6,755,946
			Series - 2015 1A (Class A2II)
	12,406,250	g	DB Master Finance LLC			3.629		11/20/47		12,088,402
			Series - 2017 1A (Class A2I)

28

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	5,083,000	g	Domino’s Pizza Master Issuer LLC			4.474	%	10/25/45	$	5,121,173
			Series - 2015 1A (Class A2II)
	16,038,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		15,490,142
			Series - 2017 1A (Class A2II)
	2,394,000	g	Domino’s Pizza Master Issuer LLC			4.116		07/25/48		2,378,942
			Series - 2018 1A (Class A2I)
	4,500,000	g	Ford Credit Auto Owner Trust			2.310		08/15/27		4,404,343
			Series - 2016 1 (Class A)
	11,000,000	g	Ford Credit Auto Owner Trust			2.030		12/15/27		10,640,588
			Series - 2016 2 (Class A)
	6,000,000	g	Ford Credit Auto Owner Trust			2.620		08/15/28		5,844,557
			Series - 2017 1 (Class A)
	2,000,000	g	Ford Credit Auto Owner Trust			2.360		03/15/29		1,917,805
			Series - 2017 2 (Class A)
	2,250,000	g,i	FREMF Mortgage Trust			4.156		03/25/49		2,214,394
			Series - 2016 K53 (Class B)
	5,250,000		GM Financial Automobile Leasing Trust			2.890		09/21/20		5,249,339
			Series - 2018 3 (Class A2A)
	3,000,000	g	GMF Floorplan Owner Revolving Trust			2.130		07/15/20		2,943,976
			Series - 2017 2 (Class A1)
	1,950,000	g	GMF Floorplan Owner Revolving Trust			2.220		01/18/22		1,929,245
			Series - 2017 1 (Class A1)
	2,244,625	g	HERO Funding Trust			3.190		09/20/48		2,154,620
			Series - 2017 3A (Class A1)
	822,083	g	HERO Funding Trust			3.280		09/20/48		804,700
			Series - 2017 2A (Class A1)
	2,918,013	g	HERO Funding Trust			3.950		09/20/48		2,888,092
			Series - 2017 3A (Class A2)
	1,644,167	g	HERO Funding Trust			4.070		09/20/48		1,653,919
			Series - 2017 2A (Class A2)
	15,500,000	g	Hertz Vehicle Financing II LP			3.290		02/25/24		15,076,280
			Series - 2018 1A (Class A)
	5,625,000	g	Hertz Vehicle Financing LLC			2.270		07/25/20		5,587,606
			Series - 2016 3A (Class A)
	7,500,000	g	Hertz Vehicle Financing LLC			4.030		07/25/24		7,493,408
			Series - 2018 3A (Class A)
	2,566,680	g	Hilton Grand Vacations Trust			2.660		12/26/28		2,517,960
			Series - 2017 AA (Class A)
	1,925,010	g,i	Hilton Grand Vacations Trust			2.960		12/26/28		1,875,959
			Series - 2017 AA (Class B)
	2,270,000	g,h,i	Hilton Grand Vacations Trust			4.000		02/25/32		2,266,372
			Series - 2018 AA (Class C)
	6,750,000	g,i	Madison Park Funding Ltd	LIBOR 3 M + 1.750%		4.148		10/18/30		6,750,000
			Series - 2018 29A (Class B)
	1,071,686	g	MVW Owner Trust			2.520		12/20/32		1,049,142
			Series - 2015 1A (Class A)
	4,067,826	g	MVW Owner Trust			3.900		01/21/36		4,047,440
			Series - 2018 1A (Class C)
	2,500,000	g	Myers Park CLO Ltd			4.421		10/20/30		2,464,245
			Series - 2018 1A (Class B2)
	1,253,000	g,i	Natixis Commercial Mortgage Securities Trust			3.917		11/15/32		1,238,963
			Series - 2018 285M (Class C)

29

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	20,299,304	g,i	New Residential Mortgage Loan Trust		4.000	%	02/25/57	$	20,358,810
			Series - 2017 1A (Class A1)
	7,500,000	g	Octagon Investment Partners 38 Ltd		4.500		07/20/30		7,486,587
			Series - 2018 1A (Class A3B)
	352,178	g,i	Orange Lake Timeshare Trust		3.030		07/09/29		345,281
			Series - 2014 AA (Class B)
	2,428,614	g	Orange Lake Timeshare Trust		3.100		11/08/30		2,393,053
			Series - 2018 A (Class A)
	6,250,000	g	Planet Fitness Master Issuer LLC		4.262		09/05/48		6,237,187
			Series - 2018 1A (Class A2I)
	2,500,000	g	Planet Fitness Master Issuer LLC		4.666		09/05/48		2,474,550
			Series - 2018 1A (Class A2II)
	2,325,000	g	Pretium Mortgage Credit Partners I LLC		5.000		03/27/33		2,306,091
			Series - 2018 NPL2 (Class A2) (Step bond)
	946,478	g	Pretium Mortgage Credit Partners I LLC		4.125		08/27/33		945,515
			Series - 2018 NPL3 (Class A1) (Step bond)
	3,250,000	g	Prudential plc		4.660		07/15/31		3,199,607
			Series - 2018 1A (Class B1)
	2,000,000		PSNH Funding LLC		3.506		08/01/28		1,991,663
			Series - 2018 1 (Class A2)
	1,000,000	g	RBS Commercial Funding, Inc Trust		3.511		03/11/31		968,764
			Series - 2013 SMV (Class B)
	9,536,685	g	Renew		3.950		09/20/53		9,486,604
			Series - 2018 1 (Class A)
	2,051,475		Santander Drive Auto Receivables Trust		1.770		09/15/20		2,049,788
			Series - 2017 1 (Class A3)
	1,035,694		Santander Drive Auto Receivables Trust		1.870		12/15/20		1,034,683
			Series - 2017 2 (Class A3)
	3,000,000		Santander Drive Auto Receivables Trust		1.870		06/15/21		2,990,827
			Series - 2017 3 (Class A3)
	469,962		Santander Drive Auto Receivables Trust		2.740		12/15/21		469,893
			Series - 2015 5 (Class C)
	6,000,000		Santander Drive Auto Receivables Trust		2.800		08/15/22		5,933,087
			Series - 2016 3 (Class D)
	4,000,000		Santander Drive Auto Receivables Trust		3.170		04/17/23		3,975,146
			Series - 2017 1 (Class D)
	2,385,727	g	Sierra Receivables Funding Co LLC		3.050		03/22/32		2,373,889
			Series - 2015 1A (Class B)
	7,375,060	g	Sierra Receivables Funding Co LLC		2.910		03/20/34		7,280,855
			Series - 2017 1A (Class A)
	500,343	g	Sierra Receivables Funding Co LLC		3.200		03/20/34		488,765
			Series - 2017 1A (Class B)
	1,093,685	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		1,077,238
			Series - 2015 3A (Class A)
	109,368	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		108,238
			Series - 2015 3A (Class B)
	1,784,345	g	Sierra Timeshare Receivables Funding LLC		3.080		03/21/33		1,772,452
			Series - 2016 1A (Class A)
	3,372,849	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		3,307,187
			Series - 2016 2A (Class A)
	433,157	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		425,890
			Series - 2016 2A (Class B)
	2,168,559	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		2,124,115
			Series - 2016 3A (Class A)

30

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,334,498	g	Sierra Timeshare Receivables Funding LLC			2.630	%	10/20/33	$	1,292,367
			Series - 2016 3A (Class B)
	6,599,124	g	Sierra Timeshare Receivables Funding LLC			3.650		06/20/35		6,575,182
			Series - 2018 2A (Class B)
	8,659,595	g	SMB Private Education Loan Trust			2.430		02/17/32		8,367,692
			Series - 2016 B (Class A2A)
	5,125,000	g	SMB Private Education Loan Trust			2.880		09/15/34		5,007,646
			Series - 2017 A (Class A2A)
	3,750,000	g	SMB Private Education Loan Trust			2.820		10/15/35		3,628,212
			Series - 2017 B (Class A2A)
	7,000,000	g	Sofi Professional Loan Program LLC			3.120		02/25/48		6,998,944
			Series - 2018 D (Class A1FX)
	440,213	g	SoFi Professional Loan Program LLC			1.530		04/25/33		439,292
			Series - 2016 D (Class A2A)
	5,000,000	g	SoFi Professional Loan Program LLC			2.340		04/25/33		4,848,277
			Series - 2016 D (Class A2B)
	7,355,000	g	SoFi Professional Loan Program LLC			2.490		01/25/36		7,228,387
			Series - 2016 E (Class A2B)
	2,793,042	g	SoFi Professional Loan Program LLC			2.760		12/26/36		2,747,878
			Series - 2016 A (Class A2)
	408,620	g	SoFi Professional Loan Program LLC			1.550		03/26/40		405,442
			Series - 2017 A (Class A2A)
	3,825,000	g	SoFi Professional Loan Program LLC			2.400		03/26/40		3,700,484
			Series - 2017 A (Class A2B)
	2,725,203	g	SoFi Professional Loan Program LLC			1.830		05/25/40		2,708,278
			Series - 2017 B (Class A1FX)
	5,075,000	g	SoFi Professional Loan Program LLC			2.740		05/25/40		4,982,978
			Series - 2017 B (Class A2FX)
	2,250,000	g	SoFi Professional Loan Program LLC			2.630		07/25/40		2,179,088
			Series - 2017 C (Class A2B)
	3,750,000	g	SoFi Professional Loan Program LLC			2.720		11/26/40		3,621,305
			Series - 2017 E (Class A2B)
	6,750,000	g	SoFi Professional Loan Program LLC			2.840		01/25/41		6,544,477
			Series - 2017 F (Class A2FX)
	1,806,589	g	SolarCity LMC			4.800		11/20/38		1,816,284
			Series - 2013 1 (Class A)
	1,840,306	g	SolarCity LMC			4.020		07/20/44		1,803,428
			Series - 2014 2 (Class A)
	2,600,000	g,i	Sound Point Clo XV Ltd	LIBOR 3 M + 5.960%		8.307		01/23/29		2,609,771
			Series - 2017 1A (Class E)
	9,173,555	g	SpringCastle America Funding LLC			3.050		04/25/29		9,133,159
			Series - 2016 AA (Class A)
	3,000,000	g	SpringCastle America Funding LLC			4.100		10/25/33		2,951,602
			Series - 2016 AA (Class B)
	2,955,000	g	Taco Bell Funding LLC			3.832		05/25/46		2,954,882
			Series - 2016 1A (Class A2I)
	10,279,956	g	TLF National Tax Lien Trust			3.090		12/15/29		10,252,904
			Series - 2017 1A (Class A)
	1,265,225	g	TLF National Tax Lien Trust			3.840		12/15/29		1,254,899
			Series - 2017 1A (Class B)
	13,145,000	g	Verizon Owner Trust			2.060		09/20/21		13,025,955
			Series - 2017 1A (Class A)

31

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,000,000	g	VOLT LIX LLC			5.375	%	05/25/47	$	1,997,497
			Series - 2017 NPL6 (Class A2) (Step bond)
	6,951,606	g	VOLT LXII LLC			3.125		09/25/47		6,868,583
			Series - 2017 NPL9 (Class A1) (Step bond)
	1,344,460	g	VOLT LXV LLC			3.750		04/25/48		1,340,363
			Series - 2018 NPL1 (Class A1) (Step bond)
	2,500,000	g,h,i	Voya CLO Ltd	LIBOR 3 M + 1.650%		4.110		10/15/31		2,496,436
			Series - 2018 3A (Class B)
	29,119	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		2.576		05/25/35		29,102
			Series - 2005 SD1 (Class A)
	15,001,638	g	Wendys Funding LLC			3.573		03/15/48		14,434,576
			Series - 2018 1A (Class A2I)
	992,500	g	Wendys Funding LLC			3.884		03/15/48		952,691
			Series - 2018 1A (Class A2II)
	1,000,000		World Financial Network Credit Card Master Trust			2.030		04/15/25		964,066
			Series - 2016 A (Class A)
	10,000,000	g,i	Worldwide Plaza Trust			3.715		11/10/36		9,038,577
			Series - 2017 WWP (Class E)
	10,548,000	g,i	Worldwide Plaza Trust			3.715		11/10/36		10,180,846
			Series - 2017 WWP (Class B)
			TOTAL ASSET BACKED							466,983,779
OTHER MORTGAGE BACKED - 11.9%
	1,018,631	i	American Home Mortgage Investment Trust	LIBOR 6 M + 1.500%		4.031		10/25/34		1,008,354
			Series - 2004 3 (Class 4A)
	2,625,000	i	Banc of America Commercial Mortgage Trust			4.507		09/15/48		2,636,776
			Series - 2015 UBS7 (Class C)
	1,080,000	i	Banc of America Commercial Mortgage Trust			4.507		09/15/48		1,097,718
			Series - 2015 UBS7 (Class B)
	6,340,910		Banc of America Commercial Mortgage Trust			1.559		07/15/49		6,226,102
			Series - 2016 UB10 (Class A1)
	6,000,000		Banc of America Commercial Mortgage Trust			3.366		02/15/50		5,914,460
			Series - 2017 BNK3 (Class ASB)
	357,325	g,i	Banc of America Commercial Mortgage Trust			5.928		02/10/51		362,096
			Series - 2007 4 (Class E)
	6,000,000	g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		2,248,200
			Series - 2007 5 (Class B)
	12,000,000		BANK			3.731		11/15/50		11,748,521
			Series - 2017 BNK8 (Class AS)
	7,500,000		BANK			3.289		07/15/60		7,340,272
			Series - 2017 BNK6 (Class ASB)
	1,500,000	g,i	BBCMS Trust			4.409		08/05/38		1,294,983
			Series - 2018 CHRS (Class E)
	2,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.542		02/11/41		1,700,100
			Series - 2005 PWR7 (Class E)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.892		11/11/41		1,014,008
			Series - 2004 PWR6 (Class G)
	857,540	g,i	Bear Stearns Commercial Mortgage Securities Trust			6.027		02/13/42		873,326
			Series - 2005 T18 (Class F)

32

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,350,000	g	BWAY Mortgage Trust			2.917	%	01/10/35	$	2,257,490
			Series - 2015 1740 (Class A)
	5,000,000	i	CD Commercial Mortgage Trust			3.879		11/10/49		4,914,117
			Series - 2016 CD2 (Class B)
	750,000	i	CD Commercial Mortgage Trust			4.164		11/10/49		726,702
			Series - 2016 CD2 (Class C)
	9,000,000		CD Commercial Mortgage Trust			3.453		02/10/50		8,911,039
			Series - 2017 CD3 (Class AAB)
	17,068,000	i	CD Commercial Mortgage Trust			3.684		08/15/50		16,702,376
			Series - 2017 CD5 (Class AS)
	736,951	i	CHL Mortgage Pass-Through Trust			3.609		02/20/35		744,140
			Series - 2004 HYB9 (Class 1A1)
	2,000,000		Citigroup Commercial Mortgage Trust			4.023		03/10/47		2,045,438
			Series - 2014 2014-GC19 (Class A4)
	870,355		Citigroup Commercial Mortgage Trust			1.847		11/10/48		861,939
			Series - 2015 GC35 (Class A1)
	5,000,000		Citigroup Commercial Mortgage Trust			3.297		10/12/50		4,888,969
			Series - 2017 C4 (Class AAB)
	5,351,161	i	COBALT CMBS Commercial Mortgage Trust			6.015		05/15/46		5,445,769
			Series - 2007 C3 (Class AJ)
	12,390,000	g,i	COMM Mortgage Trust			3.712		10/10/29		11,917,817
			Series - 2017 PANW (Class C)
	2,000,000	g	COMM Mortgage Trust			3.397		03/10/46		1,955,025
			Series - 2013 CR6 (Class B)
	5,000,000		COMM Mortgage Trust			3.691		03/10/47		5,022,152
			Series - 2014 UBS2 (Class A4)
	2,000,000		COMM Mortgage Trust			3.828		07/15/47		2,025,376
			Series - 2014 CR18 (Class A5)
	5,000,000		COMM Mortgage Trust			3.917		10/10/47		5,079,182
			Series - 2014 LC17 (Class A5)
	2,095,000		COMM Mortgage Trust			3.040		02/10/48		2,060,839
			Series - 2015 LC19 (Class ASB)
	5,000,000		COMM Mortgage Trust			3.801		05/10/48		4,983,022
			Series - 2015 CR23 (Class AM)
	5,000,000	g,i	COMM Mortgage Trust			3.807		05/10/48		5,006,172
			Series - 2015 CR23 (Class CMB)
	1,000,000		COMM Mortgage Trust			3.984		10/10/48		1,003,763
			Series - 2015 CR27 (Class AM)
	3,000,000		COMM Mortgage Trust			4.228		05/10/51		3,083,792
			Series - 2018 COR3 (Class A3)
	3,436,660	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.216		07/25/24		3,684,487
			Series - 2014 C03 (Class 1M2)
	1,990,524	i	Connecticut Avenue Securities	LIBOR 1 M + 2.150%		4.366		09/25/28		1,998,480
			Series - 2016 C02 (Class 1M1)
	2,526,117	i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		4.216		10/25/28		2,555,851
			Series - 2016 C03 (Class 1M1)
	4,502,457	i	Connecticut Avenue Securities	LIBOR 1 M + 1.350%		3.566		01/25/29		4,515,029
			Series - 2016 C05 (Class 2M1)
	9,755,014	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		3.666		01/25/29		9,821,858
			Series - 2016 C04 (Class 1M1)

33

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	12,022,718	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		3.516	%	04/25/29	$	12,125,185
			Series - 2016 C06 (Class 1M1)
	24,910,655	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.165		07/25/29		25,080,595
			Series - 2017 C01 (Class 1M1)
	12,622,442	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.166		10/25/29		12,700,164
			Series - 2017 C03 (Class 1M1)
	3,586,091	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.066		11/25/29		3,598,477
			Series - 2017 C04 (Class 2M1)
	18,726	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		2.966		02/25/30		18,762
			Series - 2017 C06 (Class 1M1)
	28,169,738	i	Connecticut Avenue Securities	LIBOR 1 M + 0.650%		2.866		05/25/30		28,210,823
			Series - 2017 C07 (Class 1M1)
	16,878,710	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		2.816		07/25/30		16,901,516
			Series - 2018 C01 (Class 1M1)
	5,814,243	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		2.896		10/25/30		5,824,281
			Series - 2018 C03 (Class 1M1)
	5,071,280	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		2.966		12/25/30		5,078,813
			Series - 2018 C04 (Class 2M1)
	7,190,711	i	Connecticut Avenue Securities	LIBOR 1 M + 0.720%		2.936		01/25/31		7,203,704
			Series - 2018 C05 (Class 1M1)
	68,365	i	Credit Suisse First Boston Mortgage Securities Corp			5.100		08/15/38		68,947
			Series - 2005 C5 (Class F)
	4,000,000		CSAIL Commercial Mortgage Trust			3.314		11/15/49		3,962,690
			Series - 2016 C7 (Class ASB)
	7,800,000	g,i	DBUBS Mortgage Trust			5.718		07/10/44		8,024,029
			Series - 2011 LC2A (Class D)
	10,110,000	g,i	DBUBS Mortgage Trust			5.884		11/10/46		10,580,509
			Series - 2011 LC1A (Class C)
	5,746,982	g,i	Flagstar Mortgage Trust			3.500		03/25/47		5,643,714
			Series - 2017 1 (Class 1A5)
	7,640,080	g,i	Flagstar Mortgage Trust			4.000		05/25/48		7,600,973
			Series - 2018 3INV (Class A3)
	2,200,000	g,i	Flagstar Mortgage Trust			4.000		09/25/48		2,169,149
			Series - 2018 5 (Class A11)
	5,000,000	g	Galaxy XXVII CLO Ltd			4.193		05/16/31		4,855,041
			Series - 2018 27A (Class B2)
	652,442	i	GE Capital Commercial Mortgage Corp			5.939		11/10/45		658,966
			Series - 2005 C4 (Class AJ)
	7,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		7,003,104
			Series - 2014 GRCE (Class A)
	10,500,000	g	GS Mortgage Securities Corp II			3.419		10/10/32		10,411,993
			Series - 2017 SLP (Class A)
	1,344,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		1,348,423
			Series - 2012 ALOH (Class A)
	2,000,000		GS Mortgage Securities Corp II			3.382		05/10/50		1,967,496
			Series - 2015 GC30 (Class A4)
	2,590,000	i	GS Mortgage Securities Corp II			3.777		05/10/50		2,565,586
			Series - 2015 GC30 (Class AS)
	2,508,217		GS Mortgage Securities Trust			1.478		05/10/49		2,455,828
			Series - 2016 GS2 (Class A1)
	8,000,000		GS Mortgage Securities Trust			3.467		03/10/50		7,918,869
			Series - 2017 GS5 (Class AAB)

34

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,971,982	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		2.788	%	08/19/45	$	1,966,319
			Series - 2005 11 (Class 2A1A)
	3,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,791,215
			Series - 2016 10HY (Class B)
	3,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		3,221,011
			Series - 2016 10HY (Class C)
	224,185	i	Impac CMB Trust	LIBOR 1 M + 0.660%		2.876		03/25/35		219,690
			Series - 2004 11 (Class 2A1)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Corp			4.166		12/15/46		1,543,040
			Series - 2013 C16 (Class A4)
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			4.125		01/15/46		1,646,348
			Series - 2013 C13 (Class D)
	6,950,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.865		02/15/46		7,065,651
			Series - 2011 C3 (Class D)
	7,446,403	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.376		06/25/37		7,305,959
			Series - 2007 CH5 (Class A1)
	4,135,000	g,i	JP Morgan Mortgage Trust			4.000		09/25/40		4,082,184
			Series - 2018 9 (Class A13)
	531,312	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		511,222
			Series - 0 3 (Class A19)
	944,617	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		908,900
			Series - 0 6 (Class A13)
	1,086,775	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		1,045,003
			Series - 0 1 (Class A13)
	591,273	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		581,313
			Series - 2017 1 (Class A3)
	664,532	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		645,740
			Series - 2017 2 (Class A13)
	4,003,571	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		3,884,517
			Series - 2017 2 (Class A3)
	293,300	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		288,771
			Series - 2017 3 (Class 1A5)
	3,423,187	g,i	JP Morgan Mortgage Trust			3.000		12/25/48		3,312,467
			Series - 2017 6 (Class A6)
	6,286,047	g,i	JP Morgan Mortgage Trust			3.500		12/25/48		6,184,880
			Series - 2018 6 (Class 1A3)
	2,186,329	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		2,158,403
			Series - 2018 8 (Class A13)
	8,000,000		JPMBB Commercial Mortgage Securities Trust			3.493		08/15/47		7,971,569
			Series - 2014 C21 (Class A4)
	2,000,000		JPMBB Commercial Mortgage Securities Trust			3.775		08/15/47		2,018,013
			Series - 2014 C21 (Class A5)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.483		02/15/48		978,835
			Series - 2015 C27 (Class C)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust			3.917		05/15/48		1,997,370
			Series - 2015 C29 (Class AS)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.118		05/15/48		999,448
			Series - 2015 C29 (Class B)
	5,000,000		JPMBB Commercial Mortgage Securities Trust			3.801		08/15/48		5,041,652
			Series - 2015 C31 (Class A3)

35

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		JPMBB Commercial Mortgage Securities Trust		4.106	%	08/15/48	$	2,017,408
			Series - 2015 C31 (Class AS)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.771		08/15/48		2,069,977
			Series - 2015 C31 (Class B)
	3,419,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		3,327,635
			Series - 2015 C28 (Class A4)
	95,087	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		95,064
			Series - 2007 C6 (Class AM)
	10,000,000	g,i	MAD Mortgage Trust		3.294		08/15/34		9,721,216
			Series - 2017 330M (Class A)
	3,578,222	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		3,594,343
			Series - 2007 6 (Class AM)
	5,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.476		11/15/45		4,961,432
			Series - 2012 C6 (Class AS)
	1,076,944	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		1,071,032
			Series - 2014 C19 (Class LNC1)
	4,717,013	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.750		12/15/46		4,719,720
			Series - 2014 C19 (Class LNC3)
	3,069,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.982		02/15/47		3,129,501
			Series - 2014 C14 (Class C)
	140,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.069		02/15/48		138,212
			Series - 2015 C20 (Class ASB)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.338		03/15/48		2,445,285
			Series - 2015 C21 (Class A4)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.561		04/15/48		1,955,577
			Series - 2015 C22 (Class AS)
	2,130,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.194		12/15/48		2,056,119
			Series - 2013 C8 (Class C)
	1,442,485	i	Morgan Stanley Capital I Trust		5.389		11/12/41		1,436,168
			Series - 2006 HQ10 (Class AJ)
	3,620,349	i	Morgan Stanley Capital I Trust		6.145		06/11/42		3,796,846
			Series - 2007 T27 (Class AJ)
	5,000,000	g,i	Morgan Stanley Capital I Trust		5.792		09/15/42		5,109,351
			Series - 2005 IQ10 (Class E)
	2,207,555	i	Morgan Stanley Capital I Trust		6.328		06/11/49		2,227,135
			Series - 2007 IQ15 (Class AJ)
	13,000,000		Morgan Stanley Capital I Trust		2.606		08/15/49		12,359,798
			Series - 2016 UB11 (Class ASB)
	3,741,209	i	Morgan Stanley Capital I Trust		6.358		12/12/49		2,832,356
			Series - 2007 IQ16 (Class AJ)
	4,000,000	g,i	MSDB Trust		3.427		07/11/39		3,849,949
			Series - 2017 712F (Class A)
	18,445,000	g	One Market Plaza Trust		3.614		02/10/32		18,335,660
			Series - 2017 1MKT (Class A)

36

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,149,679	g,i	Sequoia Mortgage Trust			3.500	%	11/25/46	$	2,123,143
			Series - 2016 3 (Class A10)
	6,204,895	g,i	Sequoia Mortgage Trust			3.500		02/25/47		6,104,723
			Series - 2017 2 (Class A4)
	10,769,494	g,i	Sequoia Mortgage Trust			3.500		04/25/47		10,654,325
			Series - 2017 3 (Class A4)
	4,243,959	g,i	Sequoia Mortgage Trust			3.500		08/25/47		4,178,415
			Series - 2017 5 (Class A4)
	8,501,499	g,i	Sequoia Mortgage Trust			3.500		05/25/48		8,375,337
			Series - 2018 5 (Class A4)
	1,645,941	g,i	Sequoia Mortgage Trust			4.000		06/25/48		1,639,695
			Series - 2018 CH2 (Class A21)
	1,924,250	g,i	Sequoia Mortgage Trust			4.000		07/25/48		1,931,691
			Series - 0 6 (Class A4)
	430,074	i	Shellpoint Co-Originator Trust			3.500		11/21/46		423,260
			Series - 0 1 (Class 1A10)
	12,526,865	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		09/25/24		12,903,313
			Series - 2014 HQ2 (Class M2)
	815,736	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		03/25/25		817,901
			Series - 2015 HQ1 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.800%		6.016		03/25/25		1,870,783
			Series - 2015 HQ1 (Class M3)
	2,617,117	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.950%		4.166		05/25/25		2,686,156
			Series - 2015 HQ2 (Class M2)
	3,628,687	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.600%		4.816		12/25/27		3,703,004
			Series - 2015 DNA2 (Class M2)
	3,194,013	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.650%		4.866		03/25/28		3,246,824
			Series - 2015 HQA1 (Class M2)
	2,305,115	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		10/25/28		2,326,950
			Series - 2016 DNA2 (Class M2)
	1,117,527	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		3.016		03/25/29		1,118,058
			Series - 2016 DNA4 (Class M1)
	2,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.300%		3.516		03/25/29		2,775,838
			Series - 2016 DNA4 (Class M2)
	10,721,236	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		07/25/29		10,814,809
			Series - 2017 DNA1 (Class M1)
	3,947,994	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		10/25/29		3,991,731
			Series - 2017 DNA2 (Class M1)
	729,997	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		1.959		12/25/29		731,703
			Series - 2017 HQA2 (Class M1)

37

TIAA-CREF FUNDS - Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	28,072,697	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.750%		2.966	%	03/25/30	$	28,181,333
			Series - 2017 DNA3 (Class M1)
	1,641,846	g,i	Structured Agency Credit Risk Debt Note (STACR)			3.820		05/25/48		1,640,886
			Series - 2018 SPI2 (Class M1)
	6,360,000	g,i	Structured Agency Credit Risk Debt Note (STACR)			4.168		08/25/48		6,381,885
			Series - 2018 SPI3 (Class M1)
	4,620,000	g,i	UBS-Barclays Commercial Mortgage Trust			3.875		04/10/46		4,586,919
			Series - 2013 C6 (Class B)
	1,275,000	g	UBS-Citigroup Commercial Mortgage Trust			5.154		01/10/45		1,317,730
			Series - 2011 C1 (Class AS)
	3,732,329	g	VSE VOI Mortgage LLC			2.330		03/20/35		3,602,392
			Series - 2017 A (Class A)
	3,445,270	g	VSE VOI Mortgage LLC			4.020		02/20/36		3,435,457
			Series - 2018 A (Class C)
	12,840,667	i	Wachovia Bank Commercial Mortgage Trust			6.343		05/15/46		13,057,032
			Series - 2007 C34 (Class AJ)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust			6.418		05/15/46		1,736,618
			Series - 2007 C34 (Class C)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.418		05/15/46		2,035,060
			Series - 2007 C34 (Class B)
	323,794	i	Wachovia Bank Commercial Mortgage Trust			6.057		06/15/49		327,032
			Series - 2007 C32 (Class AJ)
	10,000,000		Wells Fargo Commercial Mortgage Trust			3.539		10/15/45		9,993,055
			Series - 2012 LC5 (Class AS)
	2,100,000	i	Wells Fargo Commercial Mortgage Trust			3.658		05/15/48		2,050,902
			Series - 2015 NXS1 (Class B)
	5,055,000		Wells Fargo Commercial Mortgage Trust			2.825		10/15/49		4,878,369
			Series - 2016 LC24 (Class ASB)
	2,000,000		Wells Fargo Commercial Mortgage Trust			2.827		11/15/49		1,927,424
			Series - 2016 NXS6 (Class ASB)
	1,180,000		Wells Fargo Commercial Mortgage Trust			3.467		04/15/50		1,143,271
			Series - 2015 LC20 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust			3.185		03/15/59		1,966,978
			Series - 2016 C33 (Class ASB)
	1,000,000		Wells Fargo Commercial Mortgage Trust			2.933		11/15/59		968,246
			Series - 2016 C36 (Class ASB)
	1,000,000		WFRBS Commercial Mortgage Trust			3.345		05/15/45		977,265
			Series - 2013 C13 (Class AS)
	2,225,281		WFRBS Commercial Mortgage Trust			3.995		05/15/47		2,267,052
			Series - 2014 C20 (Class A5)
	1,250,000		WFRBS Commercial Mortgage Trust			3.607		11/15/47		1,243,866
			Series - 2014 C24 (Class A5)
			TOTAL OTHER MORTGAGE BACKED							685,409,112
			TOTAL STRUCTURED ASSETS							1,152,392,891
			(Cost $1,178,370,131)
			TOTAL BONDS							5,372,217,546
			(Cost $5,499,507,594)

38

TIAA-CREF FUNDS - Bond Fund

							MATURITY
SHARES			COMPANY	RATE			DATE	VALUE
COMMON STOCKS - 0.0%
ENERGY - 0.0%
	9,696	*	Peabody Energy Corp					$	345,565
			TOTAL ENERGY						345,565
			TOTAL COMMON STOCKS						345,565
			(Cost $133,600)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 0.8%
TREASURY DEBT - 0.8%
EGP	44,500,000	j	Egypt Treasury Bills		0.000	%	01/22/19		2,344,430
	48,200,000	j	Egypt Treasury Bills		0.000		02/26/19		2,493,817
$	40,000,000		United States Treasury Bill		2.045		11/01/18		39,928,959
			TOTAL TREASURY DEBT						44,767,206
			TOTAL SHORT-TERM INVESTMENTS						44,767,206
			(Cost $44,832,431)
			TOTAL INVESTMENTS - 95.8%						5,507,324,241
			(Cost $5,634,542,944)
			OTHER ASSETS & LIABILITIES, NET - 4.2%						239,355,919
			NET ASSETS - 100.0%					$	5,746,680,160

	Abbreviation(s):
BRL	Brazilian Real
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
IDR	Indonesian Rupiah
LIBOR	London Interbank Offered Rate
LKR	Sri Lankan Rupee
M	Month
REIT	Real Estate Investment Trust
RSD	Serbian Dinar
RUB	Russian Ruble
UYU	Uruguayan Peso
W	Week
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.

39

TIAA-CREF FUNDS - Bond Fund

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2018, the aggregate value of these securities was $1,090,273,287 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 the underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
q	In default

Bilateral credit default swap contracts outstanding as of September 30, 2018 were as follows (see Note 3):

Purchased
Reference entity	Terms of payments to be paid		Terms of payments to be received	Counterparty	Maturity date	Notional amount(1)	Value		Upfront receipts (payments)		Unrealized appreciation (depreciation)
CDX-EMS30V1-5 Year Index	1.000	%	Credit event as specified in contract	Goldman Sachs	12/20/23	$25,000,000	$	1,042,798		$ 1,196,234	$	(153,436	)
Total											$	(153,436	)

⁽¹⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

40

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 99.4%
CORPORATE BONDS - 25.1%
AUTOMOBILES & COMPONENTS - 0.1%
$	100,000	Aptiv plc		3.150	%	11/19/20	$	99,202
	250,000	Aptiv plc		4.250		01/15/26		248,336
	100,000	Aptiv plc		4.400		10/01/46		89,629
	200,000	BorgWarner, Inc		3.375		03/15/25		192,679
	200,000	BorgWarner, Inc		4.375		03/15/45		188,171
	600,000	Delphi Corp		4.150		03/15/24		601,067
	425,000	Ford Motor Co		4.346		12/08/26		400,168
	500,000	Ford Motor Co		7.450		07/16/31		556,933
	1,050,000	Ford Motor Co		4.750		01/15/43		874,955
	750,000	Ford Motor Co		5.291		12/08/46		667,064
	350,000	General Motors Co		4.200		10/01/27		330,010
	500,000	General Motors Co		5.000		10/01/28		493,545
	500,000	General Motors Co		6.600		04/01/36		532,585
	500,000	General Motors Co		5.150		04/01/38		464,554
	350,000	General Motors Co		6.750		04/01/46		378,356
	500,000	General Motors Co		5.400		04/01/48		466,029
	250,000	General Motors Co		5.950		04/01/49		247,954
	175,000	Harley-Davidson, Inc		3.500		07/28/25		167,527
	200,000	Harley-Davidson, Inc		4.625		07/28/45		186,617
	750,000	Honeywell International, Inc		1.400		10/30/19		739,159
	500,000	Honeywell International, Inc		1.800		10/30/19		495,093
	750,000	Honeywell International, Inc		1.850		11/01/21		721,578
	500,000	Honeywell International, Inc		3.350		12/01/23		499,291
	1,000,000	Honeywell International, Inc		2.500		11/01/26		925,196
	782,000	Honeywell International, Inc		3.812		11/21/47		743,969
	800,000	Lear Corp		3.800		09/15/27		742,306
	300,000	Magna International, Inc		3.625		06/15/24		296,664
	100,000	Magna International, Inc		4.150		10/01/25		101,069
	300,000	Toyota Motor Corp		3.183		07/20/21		300,323
	300,000	Toyota Motor Corp		3.419		07/20/23		299,637
	300,000	Toyota Motor Corp		3.669		07/20/28		297,264
		TOTAL AUTOMOBILES & COMPONENTS						13,346,930
BANKS - 4.2%
	1,300,000	Australia & New Zealand Banking Group Ltd		2.250		11/09/20		1,272,227
	1,000,000	Australia & New Zealand Banking Group Ltd		3.300		05/17/21		995,525
	750,000	Australia & New Zealand Banking Group Ltd		2.300		06/01/21		727,830
	500,000	Australia & New Zealand Banking Group Ltd		2.550		11/23/21		485,285
	300,000	Australia & New Zealand Banking Group Ltd		2.625		05/19/22		289,761
	300,000	Australia & New Zealand Banking Group Ltd		2.625		11/09/22		288,807
	200,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		197,833
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		346,205
	1,000,000	Banco Santander S.A.		4.379		04/12/18		945,365

41

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	Banco Santander S.A.		3.500	%	04/11/22	$	391,921
	600,000	Banco Santander S.A.		3.125		02/23/23		569,318
	1,000,000	Banco Santander S.A.		3.848		04/12/23		976,859
	400,000	Banco Santander S.A.		5.179		11/19/25		401,731
	400,000	Banco Santander S.A.		4.250		04/11/27		377,598
	400,000	Banco Santander S.A.		3.800		02/23/28		363,238
	200,000	Bancolombia S.A.		5.950		06/03/21		209,400
	1,000,000	Bank of America Corp		2.625		10/19/20		987,879
	200,000	Bank of America Corp		2.151		11/09/20		195,716
	1,750,000	Bank of America Corp		2.625		04/19/21		1,721,271
	500,000	Bank of America Corp		2.369		07/21/21		491,218
	1,000,000	Bank of America Corp		2.328		10/01/21		978,260
	3,000,000	Bank of America Corp		2.738		01/23/22		2,950,015
	3,000,000	Bank of America Corp		3.499		05/17/22		2,998,145
	2,225,000	Bank of America Corp		3.300		01/11/23		2,191,560
	750,000	Bank of America Corp		3.124		01/20/23		736,429
	1,000,000	Bank of America Corp		2.816		07/21/23		966,160
	4,718,000	Bank of America Corp		3.004		12/20/23		4,577,429
	3,500,000	Bank of America Corp		4.125		01/22/24		3,554,874
	1,750,000	Bank of America Corp		3.550		03/05/24		1,729,484
	406,000	Bank of America Corp		4.000		04/01/24		409,518
	1,500,000	Bank of America Corp		3.864		07/23/24		1,499,597
	1,475,000	Bank of America Corp		4.200		08/26/24		1,481,608
	750,000	Bank of America Corp		4.000		01/22/25		739,824
	3,550,000	Bank of America Corp		3.950		04/21/25		3,474,330
	3,000,000	Bank of America Corp		3.093		10/01/25		2,857,058
	3,000,000	Bank of America Corp		3.366		01/23/26		2,883,848
	2,000,000	Bank of America Corp		3.593		07/21/28		1,905,622
	4,690,000	Bank of America Corp		3.419		12/20/28		4,399,123
	2,000,000	Bank of America Corp		3.970		03/05/29		1,951,007
	1,400,000	Bank of America Corp		4.271		07/23/29		1,397,035
	1,500,000	Bank of America Corp		5.000		01/21/44		1,601,326
	1,500,000	Bank of America Corp		4.443		01/20/48		1,488,598
	3,000,000	Bank of America Corp		3.946		01/23/49		2,740,151
	500,000	Bank of Montreal		1.750		09/11/19		494,717
	1,500,000	Bank of Montreal		2.100		06/15/20		1,475,537
	750,000	Bank of Montreal		3.100		07/13/20		750,568
	975,000	Bank of Montreal		3.100		04/13/21		970,466
	1,000,000	Bank of Montreal		1.900		08/27/21		960,687
	500,000	Bank of Montreal		2.350		09/11/22		479,452
	425,000	Bank of Montreal		3.803		12/15/32		397,094
	1,000,000	Bank of Nova Scotia		2.125		09/11/19		992,828
	1,000,000	Bank of Nova Scotia		2.150		07/14/20		983,242
	1,500,000	Bank of Nova Scotia		2.350		10/21/20		1,475,905
	500,000	Bank of Nova Scotia		2.500		01/08/21		491,241
	200,000	Bank of Nova Scotia		4.375		01/13/21		204,642
	300,000	Bank of Nova Scotia		2.450		03/22/21		293,759
	2,000,000	Bank of Nova Scotia		3.125		04/20/21		1,989,576
	1,000,000	Bank of Nova Scotia		1.875		04/26/21		966,867
	500,000	Bank of Nova Scotia		2.700		03/07/22		487,763
	750,000	Bank of Nova Scotia		2.450		09/19/22		721,913
	500,000	Bank of Nova Scotia		4.500		12/16/25		500,000
	1,500,000	Barclays Bank plc		2.650		01/11/21		1,470,417

42

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,000,000	Barclays plc		3.200	%	08/10/21	$	1,963,666
	1,500,000	Barclays plc		3.684		01/10/23		1,460,461
	300,000	Barclays plc		4.338		05/16/24		296,293
	1,225,000	Barclays plc		3.650		03/16/25		1,148,823
	600,000	Barclays plc		4.375		01/12/26		581,579
	1,500,000	Barclays plc		5.200		05/12/26		1,473,960
	500,000	Barclays plc		4.337		01/10/28		472,871
	1,750,000	Barclays plc		4.836		05/09/28		1,644,865
	500,000	Barclays plc		4.972		05/16/29		493,406
	500,000	Barclays plc		5.250		08/17/45		484,329
	300,000	BB&T Corp		2.625		06/29/20		297,321
	300,000	BB&T Corp		2.150		02/01/21		292,796
	300,000	BB&T Corp		2.850		04/01/21		296,720
	500,000	BB&T Corp		2.050		05/10/21		484,325
	750,000	BB&T Corp		3.200		09/03/21		745,501
	200,000	BB&T Corp		3.950		03/22/22		202,261
	750,000	BB&T Corp		2.750		04/01/22		734,613
	700,000	BB&T Corp		2.850		10/26/24		669,631
	750,000	BB&T Corp		3.700		06/05/25		747,021
	500,000	BB&T Corp		3.800		10/30/26		493,632
	500,000	BPCE S.A.		2.250		01/27/20		493,369
	1,300,000	BPCE S.A.		2.650		02/03/21		1,275,771
	400,000	BPCE S.A.		2.750		12/02/21		389,598
	500,000	BPCE S.A.		4.000		04/15/24		501,874
	300,000	BPCE S.A.		3.375		12/02/26		280,454
	500,000	Branch Banking & Trust Co		2.100		01/15/20		494,041
	500,000	Branch Banking & Trust Co		2.250		06/01/20		492,600
	500,000	Branch Banking & Trust Co		2.625		01/15/22		489,361
	250,000	Branch Banking & Trust Co		3.625		09/16/25		245,739
	300,000	Canadian Imperial Bank of Commerce		2.100		10/05/20		293,033
	1,000,000	Canadian Imperial Bank of Commerce		2.700		02/02/21		985,017
	500,000	Canadian Imperial Bank of Commerce		2.550		06/16/22		482,911
	500,000	Canadian Imperial Bank of Commerce		3.500		09/13/23		496,766
	900,000	Capital One Bank USA NA		2.950		07/23/21		884,895
	500,000	Capital One Bank USA NA		2.650		08/08/22		480,476
	1,000,000	Capital One NA		2.250		09/13/21		962,272
	750,000	CitiBank NA		1.850		09/18/19		742,917
	1,000,000	CitiBank NA		3.050		05/01/20		997,650
	750,000	CitiBank NA		2.100		06/12/20		736,287
	1,000,000	CitiBank NA		2.125		10/20/20		976,500
	3,000,000	CitiBank NA		2.850		02/12/21		2,966,985
	500,000	CitiBank NA		3.400		07/23/21		499,864
	4,250,000	Citigroup, Inc		2.700		03/30/21		4,177,294
	1,250,000	Citigroup, Inc		2.350		08/02/21		1,211,113
	2,700,000	Citigroup, Inc		4.500		01/14/22		2,775,842
	500,000	Citigroup, Inc		2.700		10/27/22		480,683
	500,000	Citigroup, Inc		3.142		01/24/23		490,390
	4,600,000	Citigroup, Inc		3.500		05/15/23		4,523,699
	1,000,000	Citigroup, Inc		2.876		07/24/23		967,211
	1,500,000	Citigroup, Inc		4.044		06/01/24		1,505,515
	500,000	Citigroup, Inc		4.000		08/05/24		495,787
	1,000,000	Citigroup, Inc		3.700		01/12/26		969,837

43

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	Citigroup, Inc		4.600	%	03/09/26	$	754,633
	1,000,000	Citigroup, Inc		3.400		05/01/26		948,788
	1,000,000	Citigroup, Inc		3.200		10/21/26		933,468
	1,100,000	Citigroup, Inc		4.300		11/20/26		1,083,826
	1,500,000	Citigroup, Inc		4.450		09/29/27		1,481,809
	500,000	Citigroup, Inc		3.887		01/10/28		485,087
	1,000,000	Citigroup, Inc		3.668		07/24/28		952,356
	1,700,000	Citigroup, Inc		4.125		07/25/28		1,641,392
	3,000,000	Citigroup, Inc		3.520		10/27/28		2,818,539
	4,000,000	Citigroup, Inc		4.075		04/23/29		3,923,410
	750,000	Citigroup, Inc		3.878		01/24/39		690,180
	200,000	Citigroup, Inc		5.875		01/30/42		232,119
	225,000	Citigroup, Inc		6.675		09/13/43		275,424
	525,000	Citigroup, Inc		4.650		07/30/45		527,770
	2,800,000	Citigroup, Inc		4.750		05/18/46		2,736,422
	1,500,000	Citigroup, Inc		4.650		07/23/48		1,514,730
	300,000	Citizens Bank NA		2.450		12/04/19		297,817
	750,000	Citizens Bank NA		2.250		03/02/20		739,910
	250,000	Citizens Bank NA		2.200		05/26/20		245,157
	300,000	Citizens Bank NA		2.250		10/30/20		292,233
	150,000	Citizens Bank NA		2.550		05/13/21		146,126
	350,000	Citizens Bank NA		2.650		05/26/22		336,491
	500,000	Citizens Bank NA		3.700		03/29/23		496,392
	100,000	Citizens Financial Group, Inc		2.375		07/28/21		96,470
	300,000	Citizens Financial Group, Inc		4.300		12/03/25		295,667
	200,000	Comerica Bank		4.000		07/27/25		196,586
	600,000	Comerica, Inc		2.500		06/02/20		591,749
	300,000	Comerica, Inc		3.700		07/31/23		298,303
	500,000	Commonwealth Bank of Australia		2.300		09/06/19		497,084
	500,000	Commonwealth Bank of Australia		2.400		11/02/20		490,414
	300,000	Commonwealth Bank of Australia		2.550		03/15/21		293,683
	500,000	Compass Bank		3.500		06/11/21		497,438
	250,000	Compass Bank		2.875		06/29/22		241,102
	500,000	Compass Bank		3.875		04/10/25		479,577
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/20		1,485,104
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,511,653
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		05/21/25		1,465,846
	400,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		446,066
	1,100,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,153,737
	500,000	Cooperatieve Rabobank UA		1.375		08/09/19		493,795
	500,000	Cooperatieve Rabobank UA		4.500		01/11/21		512,173
	1,000,000	Cooperatieve Rabobank UA		2.500		01/19/21		979,683
	1,000,000	Cooperatieve Rabobank UA		3.125		04/26/21		993,215
	625,000	Cooperatieve Rabobank UA		2.750		01/10/22		608,128
	500,000	Cooperatieve Rabobank UA		2.750		01/10/23		480,517
	1,850,000	Cooperatieve Rabobank UA		3.750		07/21/26		1,746,532
	350,000	Cooperatieve Rabobank UA		5.250		05/24/41		392,409
	500,000	Deutsche Bank AG.		2.700		07/13/20		489,765
	2,300,000	Deutsche Bank AG.		3.125		01/13/21		2,244,801
	2,000,000	Deutsche Bank AG.		3.150		01/22/21		1,954,229
	500,000	Deutsche Bank AG.		3.375		05/12/21		490,763
	500,000	Deutsche Bank AG.		3.300		11/16/22		475,478
	300,000	Deutsche Bank AG.		3.950		02/27/23		291,249

44

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,800,000	Deutsche Bank AG.		4.100	%	01/13/26	$	1,704,459
	300,000	Discover Bank		3.100		06/04/20		298,100
	300,000	Discover Bank		3.200		08/09/21		296,027
	1,000,000	Discover Bank		3.350		02/06/23		970,841
	900,000	Discover Bank		4.200		08/08/23		902,933
	200,000	Discover Bank		4.250		03/13/26		196,882
	825,000	Discover Bank		3.450		07/27/26		767,269
	300,000	Discover Bank		4.682		08/09/28		296,916
	350,000	Discover Bank		4.650		09/13/28		350,651
	400,000	Fifth Third Bancorp		2.875		07/27/20		397,456
	200,000	Fifth Third Bancorp		2.875		10/01/21		196,592
	200,000	Fifth Third Bancorp		3.500		03/15/22		199,385
	750,000	Fifth Third Bancorp		2.600		06/15/22		722,100
	1,600,000	Fifth Third Bancorp		3.850		03/15/26		1,560,911
	500,000	Fifth Third Bancorp		3.950		03/14/28		490,565
	140,000	Fifth Third Bancorp		8.250		03/01/38		190,721
	500,000	Fifth Third Bank		2.200		10/30/20		489,316
	300,000	Fifth Third Bank		2.250		06/14/21		291,159
	200,000	Fifth Third Bank		3.350		07/26/21		199,431
	300,000	Fifth Third Bank		3.950		07/28/25		299,514
	200,000	First Horizon National Corp		3.500		12/15/20		200,295
	500,000	First Republic Bank		2.500		06/06/22		480,494
	175,000	First Republic Bank		4.375		08/01/46		162,290
	500,000	Goldman Sachs Bank USA		3.200		06/05/20		501,323
	750,000	HSBC Bank USA NA		4.875		08/24/20		769,205
	266,000	HSBC Bank USA NA		5.875		11/01/34		300,984
	33,000	HSBC Bank USA NA		7.000		01/15/39		42,342
	1,400,000	HSBC Holdings plc		3.400		03/08/21		1,396,554
	400,000	HSBC Holdings plc		2.950		05/25/21		394,550
	1,000,000	HSBC Holdings plc		2.650		01/05/22		970,298
	150,000	HSBC Holdings plc		4.875		01/14/22		155,520
	1,400,000	HSBC Holdings plc		3.262		03/13/23		1,371,458
	1,750,000	HSBC Holdings plc		3.600		05/25/23		1,732,214
	200,000	HSBC Holdings plc		3.033		11/22/23		193,121
	1,350,000	HSBC Holdings plc		4.250		03/14/24		1,341,526
	2,000,000	HSBC Holdings plc		3.950		05/18/24		1,986,431
	1,000,000	HSBC Holdings plc		4.250		08/18/25		980,575
	1,225,000	HSBC Holdings plc		4.300		03/08/26		1,219,001
	1,900,000	HSBC Holdings plc		3.900		05/25/26		1,841,608
	750,000	HSBC Holdings plc		4.292		09/12/26		741,624
	250,000	HSBC Holdings plc		4.375		11/23/26		245,589
	3,500,000	HSBC Holdings plc		4.041		03/13/28		3,369,711
	1,200,000	HSBC Holdings plc		4.583		06/19/29		1,201,341
	2,325,000	HSBC Holdings plc		6.500		09/15/37		2,747,717
	550,000	HSBC Holdings plc		6.100		01/14/42		656,554
	1,175,000	HSBC Holdings plc		5.250		03/14/44		1,223,288
	750,000	HSBC USA, Inc		2.375		11/13/19		745,050
	2,500,000	HSBC USA, Inc		2.350		03/05/20		2,472,527
	750,000	HSBC USA, Inc		2.750		08/07/20		743,756
	1,000,000	HSBC USA, Inc		3.500		06/23/24		980,116
	2,000,000	Huntington Bancshares, Inc		3.150		03/14/21		1,982,611
	500,000	Huntington Bancshares, Inc		4.000		05/15/25		499,282

45

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	Huntington National Bank		2.375	%	03/10/20	$	395,849
	300,000	Huntington National Bank		3.250		05/14/21		298,269
	500,000	Huntington National Bank		3.550		10/06/23		494,325
	300,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		299,653
	250,000	Industrial & Commercial Bank of China Ltd		3.231		11/13/19		249,082
	1,300,000	Industrial & Commercial Bank of China Ltd		2.905		11/13/20		1,275,612
	300,000	Industrial & Commercial Bank of China Ltd		2.635		05/26/21		290,130
	250,000	Industrial & Commercial Bank of China Ltd		2.452		10/20/21		239,690
	4,000,000	Industrial & Commercial Bank of China Ltd		3.538		11/08/27		3,784,200
	750,000	ING Groep NV		3.150		03/29/22		731,908
	200,000	ING Groep NV		4.100		10/02/23		199,835
	1,250,000	ING Groep NV		3.950		03/29/27		1,199,158
	500,000	ING Groep NV		4.550		10/02/28		497,365
	500,000	Intesa Sanpaolo S.p.A		5.250		01/12/24		494,452
	1,000,000	JPMorgan Chase & Co		2.200		10/22/19		992,864
	1,750,000	JPMorgan Chase & Co		2.250		01/23/20		1,732,045
	1,750,000	JPMorgan Chase & Co		2.750		06/23/20		1,736,805
	700,000	JPMorgan Chase & Co		4.400		07/22/20		714,704
	1,820,000	JPMorgan Chase & Co		4.250		10/15/20		1,855,052
	2,000,000	JPMorgan Chase & Co		2.550		10/29/20		1,971,577
	2,000,000	JPMorgan Chase & Co		2.550		03/01/21		1,963,981
	1,000,000	JPMorgan Chase & Co		2.400		06/07/21		974,895
	325,000	JPMorgan Chase & Co		2.295		08/15/21		315,945
	500,000	JPMorgan Chase & Co		4.500		01/24/22		515,618
	1,000,000	JPMorgan Chase & Co		3.514		06/18/22		1,000,968
	3,150,000	JPMorgan Chase & Co		3.250		09/23/22		3,114,348
	2,350,000	JPMorgan Chase & Co		3.200		01/25/23		2,315,748
	4,000,000	JPMorgan Chase & Co		3.559		04/23/24		3,957,438
	1,000,000	JPMorgan Chase & Co		3.625		05/13/24		992,294
	1,000,000	JPMorgan Chase & Co		3.797		07/23/24		999,213
	2,100,000	JPMorgan Chase & Co		3.875		09/10/24		2,079,299
	750,000	JPMorgan Chase & Co		3.220		03/01/25		726,554
	1,600,000	JPMorgan Chase & Co		3.900		07/15/25		1,598,730
	2,500,000	JPMorgan Chase & Co		3.300		04/01/26		2,395,860
	1,000,000	JPMorgan Chase & Co		3.200		06/15/26		947,378
	500,000	JPMorgan Chase & Co		2.950		10/01/26		464,286
	1,000,000	JPMorgan Chase & Co		4.125		12/15/26		992,092
	1,000,000	JPMorgan Chase & Co		3.782		02/01/28		973,423
	750,000	JPMorgan Chase & Co		3.509		01/23/29		710,009
	4,000,000	JPMorgan Chase & Co		4.005		04/23/29		3,930,078
	1,500,000	JPMorgan Chase & Co		4.203		07/23/29		1,492,641
	1,000,000	JPMorgan Chase & Co		3.882		07/24/38		933,966
	958,000	JPMorgan Chase & Co		5.500		10/15/40		1,093,144
	1,000,000	JPMorgan Chase & Co		5.625		08/16/43		1,134,680
	1,800,000	JPMorgan Chase & Co		4.950		06/01/45		1,884,701
	2,050,000	JPMorgan Chase & Co		4.260		02/22/48		1,977,772
	1,000,000	JPMorgan Chase & Co		4.032		07/24/48		928,090
	1,500,000	JPMorgan Chase & Co		3.964		11/15/48		1,367,723
	1,750,000	JPMorgan Chase & Co		3.897		01/23/49		1,590,500
	750,000	JPMorgan Chase & Co		6.000		02/01/67		779,062
	750,000	JPMorgan Chase Bank NA		1.650		09/23/19		741,696
	3,000,000	JPMorgan Chase Bank NA		2.604		02/01/21		2,975,468
	1,000,000	JPMorgan Chase Bank NA		3.086		04/26/21		997,268

46

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	790,000	KeyBank NA		1.600	%	08/22/19	$	781,776
	175,000	KeyBank NA		2.250		03/16/20		172,747
	500,000	KeyBank NA		2.500		11/22/21		485,924
	300,000	KeyBank NA		3.180		05/22/22		295,437
	300,000	KeyBank NA		2.400		06/09/22		288,133
	300,000	KeyBank NA		2.300		09/14/22		286,689
	750,000	KeyBank NA		3.375		03/07/23		744,916
	500,000	KeyBank NA		3.300		06/01/25		482,326
	300,000	KeyBank NA		3.400		05/20/26		284,340
	1,200,000	KeyCorp		2.900		09/15/20		1,191,772
	500,000	KeyCorp		4.100		04/30/28		497,120
	800,000	Lloyds Bank plc		2.700		08/17/20		792,547
	1,000,000	Lloyds Bank plc		3.300		05/07/21		995,996
	300,000	Lloyds Banking Group plc		3.000		01/11/22		292,043
	750,000	Lloyds Banking Group plc		4.050		08/16/23		744,313
	500,000	Lloyds Banking Group plc		2.907		11/07/23		476,928
	2,500,000	Lloyds Banking Group plc		4.500		11/04/24		2,455,136
	1,000,000	Lloyds Banking Group plc		4.450		05/08/25		1,000,803
	300,000	Lloyds Banking Group plc		3.750		01/11/27		281,835
	2,500,000	Lloyds Banking Group plc		4.375		03/22/28		2,437,269
	500,000	Lloyds Banking Group plc		4.550		08/16/28		492,863
	1,550,000	Lloyds Banking Group plc		3.574		11/07/28		1,419,194
	750,000	Lloyds Banking Group plc		4.344		01/09/48		650,909
	300,000	M&T Bank Corp		3.550		07/26/23		298,325
	150,000	Manufacturers & Traders Trust Co		2.100		02/06/20		148,182
	250,000	Manufacturers & Traders Trust Co		2.050		08/17/20		244,739
	500,000	Manufacturers & Traders Trust Co		2.625		01/25/21		491,953
	500,000	Manufacturers & Traders Trust Co		2.500		05/18/22		482,375
	1,100,000	Manufacturers & Traders Trust Co		2.900		02/06/25		1,048,433
	1,222,000	Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		1,205,206
	300,000	Mitsubishi UFJ Financial Group, Inc		3.535		07/26/21		300,455
	500,000	Mitsubishi UFJ Financial Group, Inc		2.190		09/13/21		481,241
	400,000	Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		391,371
	500,000	Mitsubishi UFJ Financial Group, Inc		2.665		07/25/22		481,742
	1,500,000	Mitsubishi UFJ Financial Group, Inc		3.455		03/02/23		1,480,275
	800,000	Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		795,734
	1,500,000	Mitsubishi UFJ Financial Group, Inc		3.777		03/02/25		1,483,924
	1,600,000	Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		1,572,402
	400,000	Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		386,407
	500,000	Mitsubishi UFJ Financial Group, Inc		3.287		07/25/27		469,580
	1,000,000	Mitsubishi UFJ Financial Group, Inc		3.961		03/02/28		984,553
	300,000	Mitsubishi UFJ Financial Group, Inc		4.050		09/11/28		296,802
	300,000	Mitsubishi UFJ Financial Group, Inc		4.286		07/26/38		297,673
	1,800,000	Mizuho Financial Group, Inc		2.601		09/11/22		1,718,494
	500,000	Mizuho Financial Group, Inc		3.549		03/05/23		494,348
	500,000	Mizuho Financial Group, Inc		3.922		09/11/24		496,799
	750,000	Mizuho Financial Group, Inc		2.839		09/13/26		683,241
	200,000	Mizuho Financial Group, Inc		3.663		02/28/27		192,785
	300,000	Mizuho Financial Group, Inc		3.170		09/11/27		277,453
	500,000	Mizuho Financial Group, Inc		4.018		03/05/28		494,576
	400,000	Mizuho Financial Group, Inc		4.254		09/11/29		397,457
	500,000	MUFG Americas Holdings Corp		2.250		02/10/20		493,519

47

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	MUFG Americas Holdings Corp		3.000	%	02/10/25	$	189,887
	500,000	National Australia Bank Ltd		2.250		01/10/20		494,240
	500,000	National Australia Bank Ltd		2.125		05/22/20		491,760
	350,000	National Australia Bank Ltd		2.625		07/23/20		345,973
	300,000	National Australia Bank Ltd		2.500		01/12/21		293,840
	300,000	National Australia Bank Ltd		2.625		01/14/21		295,048
	500,000	National Australia Bank Ltd		1.875		07/12/21		479,172
	1,000,000	National Australia Bank Ltd		3.375		09/20/21		995,134
	500,000	National Australia Bank Ltd		2.800		01/10/22		487,527
	200,000	National Australia Bank Ltd		3.000		01/20/23		194,086
	500,000	National Australia Bank Ltd		2.875		04/12/23		482,113
	1,000,000	National Australia Bank Ltd		3.625		06/20/23		994,639
	300,000	National Australia Bank Ltd		3.375		01/14/26		289,042
	500,000	National Australia Bank Ltd		2.500		07/12/26		451,370
	400,000	National Bank of Canada		2.150		06/12/20		392,820
	300,000	National Bank of Canada		2.200		11/02/20		292,956
	350,000	Northern Trust Corp		2.375		08/02/22		337,290
	500,000	Northern Trust Corp		3.950		10/30/25		507,647
	500,000	Northern Trust Corp		3.650		08/03/28		494,961
	100,000	Northern Trust Corp		3.375		05/08/32		93,170
	300,000	People’s United Bank		4.000		07/15/24		296,298
	100,000	People’s United Financial, Inc		3.650		12/06/22		99,124
	600,000	PNC Bank NA		2.400		10/18/19		597,107
	750,000	PNC Bank NA		2.000		05/19/20		736,403
	300,000	PNC Bank NA		2.300		06/01/20		295,889
	300,000	PNC Bank NA		2.600		07/21/20		297,840
	550,000	PNC Bank NA		2.450		11/05/20		540,857
	500,000	PNC Bank NA		2.500		01/22/21		490,980
	500,000	PNC Bank NA		2.150		04/29/21		485,799
	500,000	PNC Bank NA		2.550		12/09/21		487,151
	500,000	PNC Bank NA		2.625		02/17/22		486,905
	1,500,000	PNC Bank NA		2.450		07/28/22		1,442,955
	750,000	PNC Bank NA		2.700		11/01/22		722,352
	500,000	PNC Bank NA		2.950		01/30/23		483,866
	1,000,000	PNC Bank NA		3.500		06/08/23		996,166
	600,000	PNC Bank NA		2.950		02/23/25		572,531
	550,000	PNC Bank NA		3.250		06/01/25		533,085
	500,000	PNC Bank NA		3.100		10/25/27		470,938
	500,000	PNC Bank NA		3.250		01/22/28		476,757
	550,000	PNC Bank NA		4.050		07/26/28		551,988
	150,000	PNC Financial Services Group, Inc (Step bond)		2.854		11/09/22		145,525
	300,000	PNC Financial Services Group, Inc		3.900		04/29/24		298,413
	300,000	PNC Financial Services Group, Inc		3.150		05/19/27		283,700
	645,000	PNC Funding Corp		5.125		02/08/20		661,540
	50,000	PNC Funding Corp		4.375		08/11/20		51,037
	500,000	Regions Bank		2.750		04/01/21		491,113
	250,000	Regions Bank		3.374		08/13/21		249,242
	1,350,000	Regions Financial Corp		3.200		02/08/21		1,343,666
	500,000	Regions Financial Corp		2.750		08/14/22		482,085
	500,000	Regions Financial Corp		3.800		08/14/23		497,293
	500,000	Royal Bank of Canada		2.000		10/01/18		500,000
	1,000,000	Royal Bank of Canada		2.200		09/23/19		993,342
	750,000	Royal Bank of Canada		1.875		02/05/20		738,429

48

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Royal Bank of Canada		2.125	%	03/02/20	$	494,746
	250,000	Royal Bank of Canada		2.150		03/06/20		246,991
	500,000	Royal Bank of Canada		2.100		10/14/20		489,202
	500,000	Royal Bank of Canada		2.150		10/26/20		489,974
	500,000	Royal Bank of Canada		2.350		10/30/20		491,841
	750,000	Royal Bank of Canada		2.300		03/22/21		733,494
	2,000,000	Royal Bank of Canada		3.200		04/30/21		1,996,247
	1,300,000	Royal Bank of Canada		2.750		02/01/22		1,274,286
	1,000,000	Royal Bank of Canada		4.650		01/27/26		1,022,419
	1,500,000	Royal Bank of Scotland Group plc		3.498		05/15/23		1,453,215
	1,000,000	Royal Bank of Scotland Group plc		3.875		09/12/23		971,605
	500,000	Royal Bank of Scotland Group plc		4.519		06/25/24		498,507
	750,000	Royal Bank of Scotland Group plc		4.800		04/05/26		748,821
	1,000,000	Royal Bank of Scotland Group plc		4.892		05/18/29		993,144
	3,000,000	Royal Bank of Scotland Group plc		5.076		01/27/30		3,004,509
	250,000	Santander Holdings USA, Inc		2.650		04/17/20		246,725
	1,150,000	Santander Holdings USA, Inc		3.700		03/28/22		1,133,805
	1,200,000	Santander Holdings USA, Inc		3.400		01/18/23		1,156,996
	250,000	Santander Holdings USA, Inc		4.500		07/17/25		246,772
	450,000	Santander Holdings USA, Inc		4.400		07/13/27		430,046
	600,000	Santander UK Group Holdings plc		2.875		10/16/20		592,093
	200,000	Santander UK Group Holdings plc		3.125		01/08/21		197,171
	1,500,000	Santander UK Group Holdings plc		3.571		01/10/23		1,457,040
	500,000	Santander UK Group Holdings plc		3.373		01/05/24		480,533
	300,000	Santander UK Group Holdings plc		3.823		11/03/28		274,703
	1,200,000	Santander UK plc		2.125		11/03/20		1,167,492
	200,000	Santander UK plc		2.500		01/05/21		195,716
	750,000	Santander UK plc		3.400		06/01/21		747,061
	500,000	Santander UK plc		4.000		03/13/24		500,815
	400,000	Skandinaviska Enskilda Banken AB		1.500		09/13/19		394,809
	300,000	Skandinaviska Enskilda Banken AB		2.300		03/11/20		296,241
	500,000	Skandinaviska Enskilda Banken AB		2.625		03/15/21		490,210
	400,000	Skandinaviska Enskilda Banken AB		1.875		09/13/21		381,947
	300,000	Skandinaviska Enskilda Banken AB		2.800		03/11/22		292,898
	300,000	Sumitomo Mitsui Banking Corp		2.092		10/18/19		296,157
	250,000	Sumitomo Mitsui Banking Corp		2.514		01/17/20		248,016
	500,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		494,232
	300,000	Sumitomo Mitsui Banking Corp		2.450		10/20/20		294,614
	250,000	Sumitomo Mitsui Banking Corp		3.200		07/18/22		245,359
	800,000	Sumitomo Mitsui Banking Corp		3.000		01/18/23		776,541
	300,000	Sumitomo Mitsui Banking Corp		3.950		01/10/24		301,760
	500,000	Sumitomo Mitsui Banking Corp		3.400		07/11/24		486,099
	250,000	Sumitomo Mitsui Banking Corp		3.650		07/23/25		245,110
	500,000	Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		493,237
	1,250,000	Sumitomo Mitsui Financial Group, Inc		2.058		07/14/21		1,201,657
	425,000	Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		411,230
	700,000	Sumitomo Mitsui Financial Group, Inc		2.846		01/11/22		682,796
	500,000	Sumitomo Mitsui Financial Group, Inc		2.784		07/12/22		483,906
	1,225,000	Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		1,178,037
	1,300,000	Sumitomo Mitsui Financial Group, Inc		3.102		01/17/23		1,264,800
	750,000	Sumitomo Mitsui Financial Group, Inc		3.748		07/19/23		747,846
	1,000,000	Sumitomo Mitsui Financial Group, Inc		3.784		03/09/26		978,952

49

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Sumitomo Mitsui Financial Group, Inc		2.632	%	07/14/26	$	450,813
	500,000	Sumitomo Mitsui Financial Group, Inc		3.010		10/19/26		461,480
	500,000	Sumitomo Mitsui Financial Group, Inc		3.446		01/11/27		476,248
	500,000	Sumitomo Mitsui Financial Group, Inc		3.364		07/12/27		472,176
	500,000	Sumitomo Mitsui Financial Group, Inc		3.352		10/18/27		470,382
	500,000	Sumitomo Mitsui Financial Group, Inc		3.544		01/17/28		478,281
	750,000	Sumitomo Mitsui Financial Group, Inc		3.944		07/19/28		739,182
	500,000	SunTrust Bank		2.250		01/31/20		494,399
	300,000	SunTrust Bank		2.590		01/29/21		296,900
	1,000,000	SunTrust Bank		2.450		08/01/22		960,217
	300,000	SunTrust Bank		3.502		08/02/22		298,969
	500,000	SunTrust Bank		3.000		02/02/23		487,664
	500,000	SunTrust Bank		3.689		08/02/24		495,780
	800,000	SunTrust Banks, Inc		2.900		03/03/21		790,813
	500,000	SunTrust Banks, Inc		4.000		05/01/25		500,890
	50,000	SVB Financial Group		5.375		09/15/20		51,801
	1,350,000	Svenska Handelsbanken AB		1.950		09/08/20		1,314,954
	750,000	Svenska Handelsbanken AB		2.450		03/30/21		732,977
	750,000	Svenska Handelsbanken AB		3.350		05/24/21		748,747
	250,000	Svenska Handelsbanken AB		1.875		09/07/21		239,209
	1,000,000	Synchrony Bank		3.650		05/24/21		991,022
	225,000	Synchrony Bank		3.000		06/15/22		215,665
	300,000	Synovus Financial Corp		3.125		11/01/22		288,126
	500,000	Toronto-Dominion Bank		1.450		08/13/19		494,344
	750,000	Toronto-Dominion Bank		1.900		10/24/19		742,302
	300,000	Toronto-Dominion Bank		2.250		11/05/19		297,912
	500,000	Toronto-Dominion Bank		3.000		06/11/20		499,396
	200,000	Toronto-Dominion Bank		1.850		09/11/20		195,453
	350,000	Toronto-Dominion Bank		3.150		09/17/20		350,420
	300,000	Toronto-Dominion Bank		2.500		12/14/20		295,560
	1,000,000	Toronto-Dominion Bank		2.550		01/25/21		985,002
	900,000	Toronto-Dominion Bank		2.125		04/07/21		875,303
	500,000	Toronto-Dominion Bank		3.250		06/11/21		499,802
	1,500,000	Toronto-Dominion Bank		1.800		07/13/21		1,442,105
	500,000	Toronto-Dominion Bank		3.500		07/19/23		498,979
	1,000,000	Toronto-Dominion Bank		3.625		09/15/31		939,120
	225,000	UnionBanCal Corp		3.500		06/18/22		223,547
	700,000	US Bancorp		2.625		01/24/22		684,061
	750,000	US Bancorp		3.100		04/27/26		708,767
	500,000	US Bancorp		2.375		07/22/26		452,650
	1,000,000	US Bancorp		3.150		04/27/27		954,066
	750,000	US Bancorp		3.900		04/26/28		757,099
	500,000	US Bank NA		2.125		10/28/19		496,094
	1,000,000	US Bank NA		2.350		01/23/20		991,722
	2,050,000	US Bank NA		2.000		01/24/20		2,024,469
	250,000	US Bank NA		3.050		07/24/20		249,703
	500,000	US Bank NA		2.050		10/23/20		489,675
	1,000,000	US Bank NA		3.150		04/26/21		998,071
	750,000	US Bank NA		3.104		05/21/21		748,030
	1,000,000	US Bank NA		2.850		01/23/23		973,619
	250,000	US Bank NA		3.400		07/24/23		248,904
	500,000	US Bank NA		2.800		01/27/25		474,519
	500,000	Wells Fargo Bank NA		2.150		12/06/19		495,178

50

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Wells Fargo Bank NA		2.400	%	01/15/20	$	992,084
	3,000,000	Wells Fargo Bank NA		2.600		01/15/21		2,949,197
	700,000	Wells Fargo Bank NA		3.325		07/23/21		699,157
	2,000,000	Wells Fargo Bank NA		3.550		08/14/23		1,990,096
	400,000	Western Union Co		5.253		04/01/20		410,282
	300,000	Western Union Co		3.600		03/15/22		296,529
	200,000	Western Union Co		4.250		06/09/23		199,375
	75,000	Westpac Banking Corp		4.875		11/19/19		76,592
	800,000	Westpac Banking Corp		2.150		03/06/20		789,753
	500,000	Westpac Banking Corp		3.050		05/15/20		499,457
	2,300,000	Westpac Banking Corp		2.300		05/26/20		2,271,900
	500,000	Westpac Banking Corp		2.650		01/25/21		492,077
	500,000	Westpac Banking Corp		2.100		05/13/21		483,806
	500,000	Westpac Banking Corp		2.000		08/19/21		480,689
	400,000	Westpac Banking Corp		2.800		01/11/22		390,946
	750,000	Westpac Banking Corp		2.500		06/28/22		721,052
	300,000	Westpac Banking Corp		2.750		01/11/23		289,376
	1,000,000	Westpac Banking Corp		3.650		05/15/23		1,000,634
	500,000	Westpac Banking Corp		2.850		05/13/26		462,448
	500,000	Westpac Banking Corp		2.700		08/19/26		456,184
	500,000	Westpac Banking Corp		3.350		03/08/27		476,365
	500,000	Westpac Banking Corp		3.400		01/25/28		476,557
	950,000	Westpac Banking Corp		4.322		11/23/31		914,902
		TOTAL BANKS						434,465,967
CAPITAL GOODS - 1.0%
	300,000	ABB Finance USA, Inc		2.800		04/03/20		298,621
	500,000	ABB Finance USA, Inc		2.875		05/08/22		490,650
	300,000	ABB Finance USA, Inc		3.375		04/03/23		298,806
	300,000	ABB Finance USA, Inc		3.800		04/03/28		300,861
	650,000	ABB Finance USA, Inc		4.375		05/08/42		658,547
	100,000	Agilent Technologies, Inc		5.000		07/15/20		102,983
	100,000	Agilent Technologies, Inc		3.200		10/01/22		98,260
	400,000	Agilent Technologies, Inc		3.875		07/15/23		398,858
	200,000	Agilent Technologies, Inc		3.050		09/22/26		186,010
	200,000	Air Lease Corp		2.125		01/15/20		196,845
	200,000	Air Lease Corp		2.500		03/01/21		195,354
	200,000	Air Lease Corp		3.875		04/01/21		201,100
	200,000	Air Lease Corp		3.375		06/01/21		198,699
	500,000	Air Lease Corp		3.500		01/15/22		496,276
	500,000	Air Lease Corp		3.750		02/01/22		500,835
	400,000	Air Lease Corp		2.625		07/01/22		382,798
	200,000	Air Lease Corp		2.750		01/15/23		189,613
	750,000	Air Lease Corp		3.875		07/03/23		743,037
	300,000	Air Lease Corp		3.250		03/01/25		280,312
	500,000	Air Lease Corp		3.625		04/01/27		461,463
	200,000	Air Lease Corp		3.625		12/01/27		183,949
	300,000	Air Lease Corp		4.625		10/01/28		295,510
	500,000	Aircastle Ltd		5.125		03/15/21		513,194
	200,000	Aircastle Ltd		4.400		09/25/23		199,981
	1,000,000	Aircastle Ltd		4.125		05/01/24		980,598
	250,000	Applied Materials, Inc		2.625		10/01/20		247,496

51

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	Applied Materials, Inc		4.300	%	06/15/21	$	411,258
	250,000	Applied Materials, Inc		3.900		10/01/25		250,937
	800,000	Applied Materials, Inc		3.300		04/01/27		769,954
	250,000	Applied Materials, Inc		5.100		10/01/35		274,086
	100,000	Applied Materials, Inc		5.850		06/15/41		118,105
	500,000	Applied Materials, Inc		4.350		04/01/47		496,833
	200,000	Arrow Electronics, Inc		3.500		04/01/22		196,523
	125,000	Arrow Electronics, Inc		3.250		09/08/24		118,118
	200,000	Arrow Electronics, Inc		4.000		04/01/25		193,723
	200,000	Arrow Electronics, Inc		3.875		01/12/28		186,208
	200,000	Avnet, Inc		3.750		12/01/21		199,403
	300,000	Avnet, Inc		4.875		12/01/22		307,743
	200,000	Avnet, Inc		4.625		04/15/26		198,590
	100,000	Carlisle Cos, Inc		3.750		11/15/22		98,535
	200,000	Carlisle Cos, Inc		3.500		12/01/24		191,518
	200,000	Carlisle Cos, Inc		3.750		12/01/27		189,461
	500,000	Caterpillar Financial Services Corp		2.100		01/10/20		494,621
	200,000	Caterpillar Financial Services Corp		2.000		03/05/20		197,220
	300,000	Caterpillar Financial Services Corp		2.950		05/15/20		299,882
	1,300,000	Caterpillar Financial Services Corp		1.850		09/04/20		1,268,455
	300,000	Caterpillar Financial Services Corp		2.900		03/15/21		297,869
	750,000	Caterpillar Financial Services Corp		1.700		08/09/21		719,564
	500,000	Caterpillar Financial Services Corp		2.400		06/06/22		484,606
	500,000	Caterpillar Financial Services Corp		2.550		11/29/22		485,171
	300,000	Caterpillar Financial Services Corp		3.450		05/15/23		299,977
	725,000	Caterpillar Financial Services Corp		3.250		12/01/24		712,875
	500,000	Caterpillar Financial Services Corp		2.400		08/09/26		452,071
	1,700,000	Caterpillar, Inc		3.400		05/15/24		1,689,370
	1,738,000	Caterpillar, Inc		3.803		08/15/42		1,660,893
	300,000	Caterpillar, Inc		4.300		05/15/44		309,869
	1,000,000	CNH Industrial Capital LLC		3.875		10/15/21		997,203
	300,000	CNH Industrial Capital LLC		4.200		01/15/24		298,412
	200,000	Crane Co		4.200		03/15/48		186,523
	300,000	CRH America, Inc		5.750		01/15/21		313,698
	200,000	Cummins, Inc		3.650		10/01/23		202,237
	200,000	Cummins, Inc		4.875		10/01/43		217,293
	300,000	Danaher Corp		2.400		09/15/20		295,119
	200,000	Danaher Corp		3.350		09/15/25		196,518
	200,000	Danaher Corp		4.375		09/15/45		203,256
	218,000	Deere & Co		5.375		10/16/29		245,255
	650,000	Deere & Co		3.900		06/09/42		633,241
	825,000	Dover Corp		3.150		11/15/25		785,347
	100,000	Dover Corp		5.375		03/01/41		110,165
	1,075,000	Eaton Corp		2.750		11/02/22		1,043,079
	200,000	Eaton Corp		3.103		09/15/27		186,501
	150,000	Eaton Corp		4.000		11/02/32		148,292
	750,000	Eaton Corp		4.150		11/02/42		711,464
	200,000	Eaton Corp		3.915		09/15/47		177,588
	1,650,000	Embraer Netherlands Finance BV		5.400		02/01/27		1,683,000
	400,000	Emerson Electric Co		4.875		10/15/19		408,206
	350,000	Emerson Electric Co		2.625		02/15/23		337,228
	200,000	Emerson Electric Co		3.150		06/01/25		193,248
	200,000	Emerson Electric Co		5.250		11/15/39		225,266

52

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	FLIR Systems, Inc		3.125	%	06/15/21	$	196,774
	150,000	Flowserve Corp		3.500		09/15/22		145,768
	200,000	Flowserve Corp		4.000		11/15/23		197,351
	200,000	Fortive Corp		2.350		06/15/21		193,767
	275,000	Fortive Corp		3.150		06/15/26		255,925
	250,000	Fortive Corp		4.300		06/15/46		237,502
	1,000,000	General Dynamics Corp		2.875		05/11/20		997,551
	1,000,000	General Dynamics Corp		3.000		05/11/21		994,470
	500,000	General Dynamics Corp		3.375		05/15/23		499,820
	300,000	General Dynamics Corp		1.875		08/15/23		279,564
	1,200,000	General Dynamics Corp		2.375		11/15/24		1,123,841
	750,000	General Dynamics Corp		3.500		05/15/25		748,637
	750,000	General Dynamics Corp		3.750		05/15/28		752,508
	225,000	General Dynamics Corp		3.600		11/15/42		211,851
	1,725,000	General Electric Co		2.700		10/09/22		1,664,244
	2,875,000	General Electric Co		4.125		10/09/42		2,559,695
	1,850,000	General Electric Co		4.500		03/11/44		1,742,349
	300,000	Huntington Ingalls Industries, Inc		3.483		12/01/27		280,980
	100,000	IDEX Corp		4.500		12/15/20		101,769
	200,000	IDEX Corp		4.200		12/15/21		201,815
	1,000,000	Illinois Tool Works, Inc		2.650		11/15/26		924,835
	200,000	Illinois Tool Works, Inc		4.875		09/15/41		218,710
	1,000,000	Illinois Tool Works, Inc		3.900		09/01/42		977,893
	300,000	Ingersoll-Rand Global Holding Co Ltd		2.900		02/21/21		296,469
	300,000	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		306,905
	400,000	Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		388,523
	200,000	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		229,498
	150,000	Ingersoll-Rand Global Holding Co Ltd		4.300		02/21/48		143,235
	500,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		495,176
	600,000	Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		585,937
	300,000	John Deere Capital Corp		1.250		10/09/19		295,624
	350,000	John Deere Capital Corp		1.700		01/15/20		344,657
	200,000	John Deere Capital Corp		2.200		03/13/20		197,586
	300,000	John Deere Capital Corp		1.950		06/22/20		294,915
	125,000	John Deere Capital Corp		2.450		09/11/20		123,488
	200,000	John Deere Capital Corp		2.350		01/08/21		196,557
	1,175,000	John Deere Capital Corp		2.550		01/08/21		1,159,505
	400,000	John Deere Capital Corp		2.800		03/04/21		396,782
	1,000,000	John Deere Capital Corp		2.875		03/12/21		992,089
	300,000	John Deere Capital Corp		3.125		09/10/21		299,026
	200,000	John Deere Capital Corp		3.150		10/15/21		199,402
	500,000	John Deere Capital Corp		2.650		01/06/22		489,861
	400,000	John Deere Capital Corp		2.150		09/08/22		381,579
	200,000	John Deere Capital Corp		2.700		01/06/23		194,229
	600,000	John Deere Capital Corp		2.800		03/06/23		586,433
	300,000	John Deere Capital Corp		3.450		06/07/23		299,277
	850,000	John Deere Capital Corp		2.650		06/24/24		807,856
	1,100,000	John Deere Capital Corp		3.450		03/13/25		1,087,173
	125,000	John Deere Capital Corp		3.400		09/11/25		122,463
	200,000	John Deere Capital Corp		2.800		09/08/27		185,731
	200,000	John Deere Capital Corp		3.050		01/06/28		188,894
	160,000	Johnson Controls International plc		4.250		03/01/21		162,628

53

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Johnson Controls International plc (Step bond)		3.625	%	07/02/24	$	295,971
	1,300,000		Johnson Controls International plc		3.900		02/14/26		1,277,612
	270,000		Johnson Controls International plc		6.000		01/15/36		306,764
	325,000		Johnson Controls International plc (Step bond)		4.625		07/02/44		317,954
	200,000		Johnson Controls International plc		5.125		09/14/45		207,269
	125,000		Johnson Controls International plc		4.500		02/15/47		119,703
	100,000		Johnson Controls International plc (Step bond)		4.950		07/02/64		95,008
	150,000		Kennametal, Inc		3.875		02/15/22		148,741
	200,000		Kennametal, Inc		4.625		06/15/28		195,808
	866,000		KLA-Tencor Corp		4.125		11/01/21		879,502
	509,000		Lam Research Corp		2.750		03/15/20		506,009
	400,000		Lam Research Corp		2.800		06/15/21		393,122
	200,000		Lam Research Corp		3.800		03/15/25		198,489
	100,000		Legrand France S.A.		8.500		02/15/25		123,135
	100,000		Lennox International, Inc		3.000		11/15/23		95,204
	1,075,000		Lockheed Martin Corp		2.500		11/23/20		1,059,980
	500,000		Lockheed Martin Corp		3.100		01/15/23		494,581
	300,000		Lockheed Martin Corp		2.900		03/01/25		286,690
	1,200,000		Lockheed Martin Corp		3.550		01/15/26		1,184,220
	300,000		Lockheed Martin Corp		3.600		03/01/35		280,224
	500,000		Lockheed Martin Corp		4.500		05/15/36		520,512
	1,608,000		Lockheed Martin Corp		4.070		12/15/42		1,560,793
	969,000		Lockheed Martin Corp		4.090		09/15/52		920,688
	200,000		Mosaic Co		3.250		11/15/22		195,286
	300,000		Mosaic Co		4.250		11/15/23		303,031
	300,000		Mosaic Co		4.050		11/15/27		290,093
	300,000		Mosaic Co		5.450		11/15/33		305,851
	100,000		Mosaic Co		4.875		11/15/41		91,868
	300,000		Mosaic Co		5.625		11/15/43		306,669
	200,000	g	Nvent Finance Sarl		3.950		04/15/23		196,437
	200,000	g	Nvent Finance Sarl		4.550		04/15/28		194,603
	250,000		Parker-Hannifin Corp		3.500		09/15/22		250,006
	300,000		Parker-Hannifin Corp		3.300		11/21/24		293,935
	175,000		Parker-Hannifin Corp		3.250		03/01/27		167,779
	200,000		Parker-Hannifin Corp		4.200		11/21/34		200,014
	200,000		Parker-Hannifin Corp		4.450		11/21/44		203,834
	350,000		Parker-Hannifin Corp		4.100		03/01/47		342,133
	775,000		Precision Castparts Corp		2.500		01/15/23		746,011
	300,000		Precision Castparts Corp		3.250		06/15/25		291,028
	400,000		Precision Castparts Corp		4.200		06/15/35		398,981
	100,000		Precision Castparts Corp		3.900		01/15/43		94,430
	50,000		Raytheon Co		4.400		02/15/20		50,944
	450,000		Raytheon Co		3.125		10/15/20		450,815
	1,000,000		Raytheon Co		2.500		12/15/22		968,577
	300,000		Raytheon Co		3.150		12/15/24		293,462
	200,000		Raytheon Co		7.200		08/15/27		249,571
	100,000		Raytheon Co		4.700		12/15/41		108,918
	150,000		Raytheon Co		4.200		12/15/44		153,359
	300,000		Reliance Steel & Aluminum Co		4.500		04/15/23		304,483
	700,000		Rockwell Automation, Inc		2.050		03/01/20		690,337
	500,000		Rockwell Collins, Inc		2.800		03/15/22		486,516
	500,000		Rockwell Collins, Inc		3.200		03/15/24		482,477
	1,325,000		Rockwell Collins, Inc		3.500		03/15/27		1,258,367

54

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	125,000	Rockwell Collins, Inc		4.800	%	12/15/43	$	128,018
	700,000	Rockwell Collins, Inc		4.350		04/15/47		666,910
	200,000	Roper Technologies, Inc		3.000		12/15/20		198,694
	100,000	Roper Technologies, Inc		2.800		12/15/21		97,717
	500,000	Roper Technologies, Inc		3.650		09/15/23		496,605
	1,100,000	Roper Technologies, Inc		3.800		12/15/26		1,068,982
	300,000	Roper Technologies, Inc		4.200		09/15/28		298,334
	200,000	Snap-on, Inc		3.250		03/01/27		192,278
	200,000	Snap-on, Inc		4.100		03/01/48		195,617
	250,000	Spirit AeroSystems, Inc		3.950		06/15/23		248,790
	200,000	Spirit AeroSystems, Inc		3.850		06/15/26		190,888
	250,000	Spirit AeroSystems, Inc		4.600		06/15/28		247,933
	250,000	Stanley Black & Decker, Inc		3.400		12/01/21		251,252
	600,000	Stanley Black & Decker, Inc		2.900		11/01/22		586,751
	100,000	Stanley Black & Decker, Inc		5.200		09/01/40		109,252
	150,000	Textron, Inc		4.000		03/15/26		147,650
	500,000	Textron, Inc		3.650		03/15/27		478,184
	100,000	Textron, Inc		3.375		03/01/28		92,261
	250,000	Timken Co		3.875		09/01/24		243,947
	200,000	Timken Co		4.500		12/15/28		196,311
	100,000	Trimble, Inc		4.150		06/15/23		100,044
	150,000	Trimble, Inc		4.900		06/15/28		150,779
	200,000	Trinity Industries, Inc		4.550		10/01/24		193,983
	200,000	Tupperware Brands Corp		4.750		06/01/21		203,764
	500,000	United Technologies Corp		1.500		11/01/19		492,246
	1,300,000	United Technologies Corp		1.900		05/04/20		1,273,770
	425,000	United Technologies Corp		3.350		08/16/21		424,389
	300,000	United Technologies Corp		2.300		05/04/22		287,177
	1,325,000	United Technologies Corp		3.100		06/01/22		1,304,465
	1,000,000	United Technologies Corp		3.650		08/16/23		995,028
	400,000	United Technologies Corp		2.800		05/04/24		379,180
	750,000	United Technologies Corp		3.950		08/16/25		745,240
	1,000,000	United Technologies Corp		2.650		11/01/26		901,961
	500,000	United Technologies Corp		3.125		05/04/27		466,835
	2,000,000	United Technologies Corp		4.125		11/16/28		1,986,544
	750,000	United Technologies Corp		4.450		11/16/38		743,839
	1,650,000	United Technologies Corp		4.500		06/01/42		1,631,003
	1,500,000	United Technologies Corp		4.150		05/15/45		1,392,713
	500,000	United Technologies Corp		4.050		05/04/47		456,214
	2,000,000	United Technologies Corp		4.625		11/16/48		2,000,127
	200,000	Valmont Industries, Inc		5.000		10/01/44		181,791
	200,000	Valmont Industries, Inc		5.250		10/01/54		173,042
	600,000	Wabtec Corp		4.150		03/15/24		594,547
	300,000	Wabtec Corp		3.450		11/15/26		275,166
	600,000	Wabtec Corp		4.700		09/15/28		588,605
	300,000	WW Grainger, Inc		4.600		06/15/45		311,681
	200,000	WW Grainger, Inc		3.750		05/15/46		181,417
	125,000	WW Grainger, Inc		4.200		05/15/47		122,489
	300,000	Xylem, Inc		4.875		10/01/21		310,232
	100,000	Xylem, Inc		3.250		11/01/26		93,871
	100,000	Xylem, Inc		4.375		11/01/46		95,698
		TOTAL CAPITAL GOODS						106,463,358

55

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
$	250,000	BGC Partners, Inc		5.375	%	07/24/23	$	249,929
	500,000	CNH Industrial NV		3.850		11/15/27		472,835
	500,000	Daimler Finance North America LLC		8.500		01/18/31		695,593
	300,000	eBay, Inc		2.200		08/01/19		298,474
	200,000	eBay, Inc		2.150		06/05/20		196,671
	200,000	eBay, Inc		3.250		10/15/20		199,224
	300,000	eBay, Inc		2.875		08/01/21		295,479
	800,000	eBay, Inc		2.600		07/15/22		772,152
	200,000	eBay, Inc		2.750		01/30/23		192,506
	400,000	eBay, Inc		3.450		08/01/24		390,089
	1,200,000	eBay, Inc		3.600		06/05/27		1,139,204
	200,000	eBay, Inc		4.000		07/15/42		164,343
	150,000	Equifax, Inc		2.300		06/01/21		144,657
	200,000	Equifax, Inc		3.600		08/15/21		198,716
	200,000	Equifax, Inc		3.300		12/15/22		195,055
	200,000	Equifax, Inc		3.950		06/15/23		198,598
	300,000	Fluor Corp		3.500		12/15/24		292,215
	500,000	Fluor Corp		4.250		09/15/28		488,415
	200,000	Fortune Brands Home & Security, Inc		3.000		06/15/20		198,413
	500,000	Fortune Brands Home & Security, Inc		4.000		09/21/23		501,482
	200,000	Fortune Brands Home & Security, Inc		4.000		06/15/25		196,775
	500,000	Howard Hughes Medical Institute		3.500		09/01/23		503,245
	400,000	Moody’s Corp		2.750		12/15/21		391,198
	200,000	Moody’s Corp		2.625		01/15/23		191,733
	1,200,000	Moody’s Corp		3.250		01/15/28		1,122,237
	200,000	Moody’s Corp		5.250		07/15/44		217,893
	100,000	Partners Healthcare System, Inc		3.765		07/01/48		90,555
	100,000	Partners Healthcare System, Inc		4.117		07/01/55		94,557
	329,000	Reed Elsevier Capital, Inc		3.125		10/15/22		321,490
	725,000	RELX Capital, Inc		3.500		03/16/23		715,581
	615,000	Republic Services, Inc		5.000		03/01/20		630,482
	580,000	Republic Services, Inc		5.250		11/15/21		610,249
	250,000	Republic Services, Inc		3.550		06/01/22		249,906
	750,000	Republic Services, Inc		3.200		03/15/25		721,312
	900,000	Republic Services, Inc		2.900		07/01/26		836,865
	100,000	Republic Services, Inc		3.375		11/15/27		95,317
	750,000	Republic Services, Inc		3.950		05/15/28		744,992
	300,000	S&P Global, Inc		3.300		08/14/20		299,787
	300,000	S&P Global, Inc		4.000		06/15/25		300,726
	1,425,000	S&P Global, Inc		4.400		02/15/26		1,461,262
	200,000	S&P Global, Inc		4.500		05/15/48		199,330
	1,600,000	Thomson Reuters Corp		4.300		11/23/23		1,635,186
	200,000	Thomson Reuters Corp		3.350		05/15/26		184,260
	145,000	Thomson Reuters Corp		5.850		04/15/40		156,719
	400,000	Thomson Reuters Corp		4.500		05/23/43		370,714
	200,000	Thomson Reuters Corp		5.650		11/23/43		210,779
	1,000,000	VEREIT Operating Partnership LP		4.125		06/01/21		1,009,053
	650,000	VEREIT Operating Partnership LP		3.950		08/15/27		611,017
	1,500,000	Visa, Inc		2.200		12/14/20		1,473,977
	125,000	Visa, Inc		2.150		09/15/22		119,837

56

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	600,000	Visa, Inc		2.800	%	12/14/22	$	588,230
	2,925,000	Visa, Inc		3.150		12/14/25		2,834,967
	700,000	Visa, Inc		2.750		09/15/27		651,523
	1,800,000	Visa, Inc		4.300		12/14/45		1,864,660
	625,000	Visa, Inc		3.650		09/15/47		582,015
	310,000	Waste Management, Inc		4.600		03/01/21		317,971
	850,000	Waste Management, Inc		2.900		09/15/22		830,931
	100,000	Waste Management, Inc		2.400		05/15/23		95,238
	1,000,000	Waste Management, Inc		3.500		05/15/24		986,446
	1,000,000	Waste Management, Inc		3.150		11/15/27		951,334
	100,000	Waste Management, Inc		3.900		03/01/35		97,599
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						32,851,998
CONSUMER DURABLES & APPAREL - 0.1%
	300,000	Coach, Inc		3.000		07/15/22		289,151
	300,000	Coach, Inc		4.125		07/15/27		284,972
	200,000	DR Horton, Inc		2.550		12/01/20		195,897
	500,000	DR Horton, Inc		4.375		09/15/22		506,683
	200,000	Hasbro, Inc		3.150		05/15/21		197,621
	200,000	Hasbro, Inc		3.500		09/15/27		185,567
	100,000	Hasbro, Inc		6.350		03/15/40		108,951
	200,000	Hasbro, Inc		5.100		05/15/44		188,292
	200,000	Leggett & Platt, Inc		3.400		08/15/22		196,483
	300,000	Leggett & Platt, Inc		3.500		11/15/27		280,067
	1,000,000	Masco Corp		4.450		04/01/25		1,009,434
	200,000	Masco Corp		3.500		11/15/27		183,231
	200,000	Masco Corp		4.500		05/15/47		171,569
	100,000	Mohawk Industries, Inc		3.850		02/01/23		100,040
	300,000	Newell Rubbermaid, Inc		2.875		12/01/19		299,456
	1,150,000	Newell Rubbermaid, Inc		3.150		04/01/21		1,131,523
	350,000	Newell Rubbermaid, Inc		3.850		04/01/23		342,513
	925,000	Newell Rubbermaid, Inc		4.200		04/01/26		879,387
	1,350,000	Newell Rubbermaid, Inc		5.375		04/01/36		1,299,779
	750,000	Newell Rubbermaid, Inc		5.500		04/01/46		716,094
	300,000	NIKE, Inc		2.250		05/01/23		286,768
	200,000	NIKE, Inc		2.375		11/01/26		181,570
	300,000	NIKE, Inc		3.625		05/01/43		277,357
	500,000	NIKE, Inc		3.875		11/01/45		481,364
	200,000	NIKE, Inc		3.375		11/01/46		175,352
	150,000	NVR, Inc		3.950		09/15/22		150,067
	200,000	Ralph Lauren Corp		2.625		08/18/20		197,850
	200,000	Ralph Lauren Corp		3.750		09/15/25		197,716
	220,000	VF Corp		6.450		11/01/37		277,144
	150,000	Whirlpool Corp		4.700		06/01/22		154,753
	100,000	Whirlpool Corp		3.700		03/01/23		98,954
	100,000	Whirlpool Corp		4.000		03/01/24		98,927
	200,000	Whirlpool Corp		4.500		06/01/46		174,892
		TOTAL CONSUMER DURABLES & APPAREL						11,319,424
CONSUMER SERVICES - 0.3%
	34,000	Board of Trustees of The Leland Stanford Junior University		4.750		05/01/19		34,410

57

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Board of Trustees of The Leland Stanford Junior University		3.647	%	05/01/48	$	286,194
	100,000		Boston University		4.061		10/01/48		98,987
	200,000		California Institute of Technology		4.321		08/01/45		209,806
	500,000		Catholic Health Initiatives		2.950		11/01/22		482,165
	100,000		Children’s Hospital Corp		4.115		01/01/47		98,570
	400,000		Cintas Corp No 2		2.900		04/01/22		390,147
	400,000		Cintas Corp No 2		3.700		04/01/27		389,400
	200,000		Darden Restaurants, Inc		3.850		05/01/27		193,596
	300,000		Darden Restaurants, Inc		4.550		02/15/48		280,594
	115,000		Duke University		3.299		10/01/46		100,905
	300,000		George Washington University		4.300		09/15/44		306,343
	200,000		George Washington University		4.868		09/15/45		222,454
	375,000		George Washington University		4.126		09/15/48		374,028
	500,000		GLP Capital LP		4.375		04/15/21		504,375
	1,100,000		GLP Capital LP		5.250		06/01/25		1,117,391
	750,000		GLP Capital LP		5.750		06/01/28		772,020
	200,000		GLP Capital LP		5.300		01/15/29		200,356
	200,000		Hyatt Hotels Corp		3.375		07/15/23		195,197
	100,000		Hyatt Hotels Corp		4.850		03/15/26		103,140
	200,000		Hyatt Hotels Corp		4.375		09/15/28		196,521
	19,000		Johns Hopkins University		5.250		07/01/19		19,301
	200,000		Marriott International, Inc		3.375		10/15/20		199,837
	300,000		Marriott International, Inc		2.875		03/01/21		295,465
	200,000		Marriott International, Inc		3.125		10/15/21		197,385
	200,000		Marriott International, Inc		2.300		01/15/22		191,751
	200,000		Marriott International, Inc		3.250		09/15/22		196,333
	1,250,000		Marriott International, Inc		4.000		04/15/28		1,222,927
	250,000		Massachusetts Institute of Technology		5.600		07/01/11		317,095
	200,000		Massachusetts Institute of Technology		4.678		07/01/14		214,276
	300,000		Massachusetts Institute of Technology		3.885		07/01/16		269,904
	250,000		McDonald’s Corp		2.200		05/26/20		246,471
	720,000		McDonald’s Corp		3.500		07/15/20		722,871
	500,000		McDonald’s Corp		2.750		12/09/20		497,050
	300,000		McDonald’s Corp		3.350		04/01/23		297,387
	2,500,000		McDonald’s Corp		3.700		01/30/26		2,475,780
	500,000		McDonald’s Corp		3.800		04/01/28		491,246
	2,000,000		McDonald’s Corp		4.700		12/09/35		2,076,730
	250,000		McDonald’s Corp		4.600		05/26/45		250,752
	1,000,000		McDonald’s Corp		4.875		12/09/45		1,044,217
	600,000		McDonald’s Corp		4.450		03/01/47		588,208
	500,000		McDonald’s Corp		4.450		09/01/48		493,139
	200,000		Northwestern University		3.688		12/01/38		192,784
	200,000		Northwestern University		3.868		12/01/48		196,425
	200,000		Northwestern University		3.662		12/01/57		190,417
	750,000		President and Fellows of Harvard College		3.619		10/01/37		727,757
	200,000		President and Fellows of Harvard College		3.150		07/15/46		176,853
	200,000		President and Fellows of Harvard College		3.300		07/15/56		175,986
	50,000		Princeton University		4.950		03/01/19		50,404
	220,000		Princeton University		5.700		03/01/39		273,209
	1,000,000	g	Sands China Ltd		4.600		08/08/23		999,724

58

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	525,000	g	Sands China Ltd		5.125	%	08/08/25	$	523,724
	775,000	g	Sands China Ltd		5.400		08/08/28		771,079
	200,000		Starbucks Corp		2.200		11/22/20		196,051
	200,000		Starbucks Corp		2.100		02/04/21		195,204
	200,000		Starbucks Corp		2.700		06/15/22		194,782
	750,000		Starbucks Corp		3.100		03/01/23		738,615
	350,000		Starbucks Corp		3.850		10/01/23		353,716
	500,000		Starbucks Corp		3.800		08/15/25		496,545
	175,000		Starbucks Corp		2.450		06/15/26		157,521
	750,000		Starbucks Corp		3.500		03/01/28		719,710
	500,000		Starbucks Corp		4.000		11/15/28		498,324
	200,000		Starbucks Corp		4.300		06/15/45		189,313
	200,000		Starbucks Corp		3.750		12/01/47		173,796
	500,000		Starbucks Corp		4.500		11/15/48		490,982
	200,000		Trinity Acquisition plc		3.500		09/15/21		198,312
	200,000		Trinity Acquisition plc		4.400		03/15/26		198,910
	200,000		Trustees of Dartmouth College		3.474		06/01/46		183,403
	200,000		Wesleyan University		4.781		07/01/16		195,979
	200,000		William Marsh Rice University		3.574		05/15/45		188,304
	200,000		William Marsh Rice University		3.774		05/15/55		185,167
	200,000		Yale University		2.086		04/15/19		199,479
			TOTAL CONSUMER SERVICES						28,897,199
DIVERSIFIED FINANCIALS - 3.1%
	200,000		AerCap Ireland Capital DAC		3.300		01/23/23		192,653
	300,000		AerCap Ireland Capital DAC		4.125		07/03/23		297,725
	1,300,000		AerCap Ireland Capital DAC		3.500		01/15/25		1,224,562
	300,000		AerCap Ireland Capital DAC		4.450		10/01/25		296,716
	200,000		AerCap Ireland Capital DAC		3.875		01/23/28		185,442
	5,333,000		AerCap Ireland Capital Ltd		5.000		10/01/21		5,485,236
	200,000		Affiliated Managers Group, Inc		4.250		02/15/24		202,262
	20,000		Ahold Finance USA LLC		6.875		05/01/29		23,182
	500,000		American Express Co		2.200		10/30/20		489,429
	1,000,000		American Express Co		3.375		05/17/21		1,000,482
	850,000		American Express Co		2.500		08/01/22		815,558
	3,000,000		American Express Co		3.400		02/27/23		2,953,023
	2,000,000		American Express Co		3.700		08/03/23		1,989,298
	500,000		American Express Co		3.000		10/30/24		477,443
	2,575,000		American Express Credit Corp		2.375		05/26/20		2,543,016
	1,050,000		American Express Credit Corp		2.700		03/03/22		1,022,875
	750,000		American Express Credit Corp		3.300		05/03/27		720,349
	500,000		American Honda Finance Corp		2.000		11/13/19		495,004
	200,000		American Honda Finance Corp		2.000		02/14/20		197,354
	700,000		American Honda Finance Corp		2.150		03/13/20		690,495
	300,000		American Honda Finance Corp		3.000		06/16/20		299,487
	300,000		American Honda Finance Corp		1.950		07/20/20		293,999
	300,000		American Honda Finance Corp		2.450		09/24/20		296,517
	500,000		American Honda Finance Corp		2.650		02/12/21		494,128
	300,000		American Honda Finance Corp		1.650		07/12/21		287,701
	200,000		American Honda Finance Corp		1.700		09/09/21		191,642
	750,000		American Honda Finance Corp		2.600		11/16/22		727,058
	300,000		American Honda Finance Corp		3.450		07/14/23		299,464
	200,000		American Honda Finance Corp		2.900		02/16/24		193,263

59

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	American Honda Finance Corp		2.300	%	09/09/26	$	90,146
	500,000	American Honda Finance Corp		3.500		02/15/28		488,996
	595,000	Ameriprise Financial, Inc		5.300		03/15/20		613,463
	400,000	Ameriprise Financial, Inc		4.000		10/15/23		405,880
	300,000	Ameriprise Financial, Inc		3.700		10/15/24		298,352
	200,000	Ameriprise Financial, Inc		2.875		09/15/26		185,473
	350,000	Ares Capital Corp		3.875		01/15/20		351,377
	200,000	Ares Capital Corp		3.625		01/19/22		195,523
	200,000	Ares Capital Corp		3.500		02/10/23		191,081
	300,000	Ares Capital Corp		4.250		03/01/25		287,577
	1,000,000	Bank of New York Mellon Corp		2.150		02/24/20		988,833
	300,000	Bank of New York Mellon Corp		2.600		08/17/20		297,622
	500,000	Bank of New York Mellon Corp		2.450		11/27/20		492,581
	675,000	Bank of New York Mellon Corp		2.500		04/15/21		662,724
	300,000	Bank of New York Mellon Corp		2.050		05/03/21		290,997
	500,000	Bank of New York Mellon Corp		3.550		09/23/21		504,525
	2,000,000	Bank of New York Mellon Corp		2.950		01/29/23		1,950,506
	500,000	Bank of New York Mellon Corp		3.500		04/28/23		498,704
	400,000	Bank of New York Mellon Corp		3.450		08/11/23		397,966
	500,000	Bank of New York Mellon Corp		2.200		08/16/23		468,372
	800,000	Bank of New York Mellon Corp		3.250		09/11/24		782,423
	500,000	Bank of New York Mellon Corp		3.000		02/24/25		478,744
	500,000	Bank of New York Mellon Corp		2.800		05/04/26		468,764
	500,000	Bank of New York Mellon Corp		2.450		08/17/26		454,887
	800,000	Bank of New York Mellon Corp		3.250		05/16/27		768,636
	1,000,000	Bank of New York Mellon Corp		3.400		01/29/28		971,003
	600,000	Bank of New York Mellon Corp		3.850		04/28/28		601,084
	100,000	Bank of New York Mellon Corp		3.000		10/30/28		91,567
	400,000	Bank of New York Mellon Corp		3.300		08/23/29		374,566
	750,000	Berkshire Hathaway, Inc		2.200		03/15/21		735,200
	750,000	Berkshire Hathaway, Inc		2.750		03/15/23		732,330
	3,750,000	Berkshire Hathaway, Inc		3.125		03/15/26		3,616,238
	800,000	Berkshire Hathaway, Inc		4.500		02/11/43		832,761
	790,000	BlackRock, Inc		5.000		12/10/19		809,855
	125,000	BlackRock, Inc		3.375		06/01/22		125,483
	500,000	BlackRock, Inc		3.500		03/18/24		501,019
	700,000	BlackRock, Inc		3.200		03/15/27		674,291
	200,000	Block Financial LLC		5.500		11/01/22		207,324
	200,000	Block Financial LLC		5.250		10/01/25		201,281
	2,225,000	BNP Paribas S.A.		2.375		05/21/20		2,194,762
	700,000	BNP Paribas S.A.		5.000		01/15/21		724,131
	300,000	BNP Paribas S.A.		3.250		03/03/23		294,657
	500,000	BNP Paribas S.A.		4.250		10/15/24		494,691
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		201,735
	200,000	Broadridge Financial Solutions, Inc		3.400		06/27/26		189,427
	300,000	Brookfield Asset Management, Inc		4.000		01/15/25		294,794
	200,000	Brookfield Finance LLC		4.000		04/01/24		199,163
	200,000	Brookfield Finance, Inc		4.250		06/02/26		197,362
	300,000	Brookfield Finance, Inc		3.900		01/25/28		284,994
	400,000	Brookfield Finance, Inc		4.700		09/20/47		382,982
	700,000	Capital One Financial Corp		2.500		05/12/20		691,271
	700,000	Capital One Financial Corp		2.400		10/30/20		685,319

60

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Capital One Financial Corp		3.450	%	04/30/21	$	499,431
	2,250,000	Capital One Financial Corp		3.050		03/09/22		2,199,518
	1,500,000	Capital One Financial Corp		3.200		01/30/23		1,453,308
	500,000	Capital One Financial Corp		3.750		04/24/24		491,037
	500,000	Capital One Financial Corp		3.300		10/30/24		475,847
	200,000	Capital One Financial Corp		3.200		02/05/25		188,120
	500,000	Capital One Financial Corp		4.250		04/30/25		497,739
	500,000	Capital One Financial Corp		4.200		10/29/25		488,336
	300,000	Capital One Financial Corp		3.750		07/28/26		279,795
	650,000	Capital One Financial Corp		3.750		03/09/27		613,211
	1,500,000	Capital One Financial Corp		3.800		01/31/28		1,416,037
	200,000	CBOE Holdings, Inc		3.650		01/12/27		191,479
	500,000	Celanese US Holdings LLC		4.625		11/15/22		509,431
	100,000	Charles Schwab Corp		4.450		07/22/20		102,485
	750,000	Charles Schwab Corp		3.250		05/21/21		750,040
	200,000	Charles Schwab Corp		2.650		01/25/23		193,494
	200,000	Charles Schwab Corp		3.000		03/10/25		191,388
	750,000	Charles Schwab Corp		3.850		05/21/25		755,113
	500,000	Charles Schwab Corp		3.200		03/02/27		475,516
	200,000	Charles Schwab Corp		3.200		01/25/28		189,908
	350,000	CME Group, Inc		3.000		09/15/22		345,034
	300,000	CME Group, Inc		3.000		03/15/25		288,998
	500,000	CME Group, Inc		3.750		06/15/28		499,749
	200,000	CME Group, Inc		5.300		09/15/43		230,049
	500,000	CME Group, Inc		4.150		06/15/48		498,487
	2,250,000	Credit Suisse		5.400		01/14/20		2,309,156
	1,150,000	Credit Suisse		3.625		09/09/24		1,133,055
	750,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		743,907
	1,000,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		995,891
	475,000	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		469,448
	2,050,000	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,976,390
	2,750,000	Credit Suisse Group Funding Guernsey Ltd		4.550		04/17/26		2,761,733
	1,250,000	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,266,298
	1,850,000	Diageo Investment Corp		2.875		05/11/22		1,816,781
	100,000	Diageo Investment Corp		4.250		05/11/42		100,949
	100,000	Discover Financial Services		5.200		04/27/22		103,495
	700,000	Discover Financial Services		3.950		11/06/24		684,170
	200,000	E*TRADE Financial Corp		2.950		08/24/22		193,385
	200,000	E*TRADE Financial Corp		3.800		08/24/27		189,998
	300,000	E*TRADE Financial Corp		4.500		06/20/28		300,030
	300,000	Eaton Vance Corp		3.625		06/15/23		299,070
	200,000	Eaton Vance Corp		3.500		04/06/27		191,783
	300,000	Ford Motor Credit Co LLC		2.681		01/09/20		296,871
	1,000,000	Ford Motor Credit Co LLC		2.459		03/27/20		983,274
	400,000	Ford Motor Credit Co LLC		2.425		06/12/20		391,576
	300,000	Ford Motor Credit Co LLC		2.343		11/02/20		291,613
	2,000,000	Ford Motor Credit Co LLC		3.200		01/15/21		1,970,241
	3,550,000	Ford Motor Credit Co LLC		3.336		03/18/21		3,499,580
	600,000	Ford Motor Credit Co LLC		3.470		04/05/21		592,693
	200,000	Ford Motor Credit Co LLC		3.813		10/12/21		198,576
	350,000	Ford Motor Credit Co LLC		3.219		01/09/22		338,499
	900,000	Ford Motor Credit Co LLC		3.339		03/28/22		869,719
	1,000,000	Ford Motor Credit Co LLC		2.979		08/03/22		948,392

61

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,750,000	Ford Motor Credit Co LLC		4.140	%	02/15/23	$	1,721,385
	450,000	Ford Motor Credit Co LLC		3.096		05/04/23		422,007
	200,000	Ford Motor Credit Co LLC		3.810		01/09/24		190,637
	1,000,000	Ford Motor Credit Co LLC		3.664		09/08/24		935,190
	200,000	Ford Motor Credit Co LLC		4.687		06/09/25		195,251
	925,000	Ford Motor Credit Co LLC		4.134		08/04/25		873,575
	500,000	Ford Motor Credit Co LLC		4.389		01/08/26		476,230
	500,000	Ford Motor Credit Co LLC		3.815		11/02/27		447,038
	150,000	Franklin Resources, Inc		2.800		09/15/22		145,804
	200,000	Franklin Resources, Inc		2.850		03/30/25		189,523
	200,000	FS Investment Corp		4.250		01/15/20		200,120
	2,452,000	GE Capital International Funding Co		2.342		11/15/20		2,395,785
	3,443,000	GE Capital International Funding Co		3.373		11/15/25		3,276,209
	3,444,000	GE Capital International Funding Co		4.418		11/15/35		3,227,946
	200,000	General Electric Capital Corp		2.100		12/11/19		197,847
	181,000	General Electric Capital Corp		5.500		01/08/20		186,224
	250,000	General Electric Capital Corp		2.200		01/09/20		247,347
	532,000	General Electric Capital Corp		4.375		09/16/20		543,488
	772,000	General Electric Capital Corp		4.625		01/07/21		795,359
	86,000	General Electric Capital Corp		5.300		02/11/21		89,613
	200,000	General Electric Capital Corp		4.650		10/17/21		206,516
	544,000	General Electric Capital Corp		3.150		09/07/22		536,173
	144,000	General Electric Capital Corp		3.100		01/09/23		140,993
	5,503,000	General Electric Capital Corp		3.450		05/15/24		5,417,413
	752,000	General Electric Capital Corp		6.750		03/15/32		908,831
	344,000	General Electric Capital Corp		5.875		01/14/38		383,525
	352,000	General Electric Capital Corp		6.875		01/10/39		439,102
	500,000	General Motors Financial Co, Inc		2.650		04/13/20		494,783
	300,000	General Motors Financial Co, Inc		2.450		11/06/20		294,020
	700,000	General Motors Financial Co, Inc		3.700		11/24/20		703,366
	500,000	General Motors Financial Co, Inc		4.200		03/01/21		506,183
	2,000,000	General Motors Financial Co, Inc		3.550		04/09/21		1,999,082
	875,000	General Motors Financial Co, Inc		3.200		07/06/21		864,458
	750,000	General Motors Financial Co, Inc		3.450		01/14/22		739,984
	2,500,000	General Motors Financial Co, Inc		3.450		04/10/22		2,460,315
	300,000	General Motors Financial Co, Inc		3.150		06/30/22		291,839
	300,000	General Motors Financial Co, Inc		3.250		01/05/23		289,522
	825,000	General Motors Financial Co, Inc		3.700		05/09/23		806,800
	500,000	General Motors Financial Co, Inc		4.150		06/19/23		498,451
	500,000	General Motors Financial Co, Inc		3.950		04/13/24		486,829
	1,300,000	General Motors Financial Co, Inc		3.500		11/07/24		1,224,279
	3,500,000	General Motors Financial Co, Inc		4.350		04/09/25		3,436,915
	300,000	General Motors Financial Co, Inc		4.300		07/13/25		291,965
	400,000	General Motors Financial Co, Inc		4.000		10/06/26		375,798
	1,250,000	General Motors Financial Co, Inc		4.350		01/17/27		1,193,721
	300,000	General Motors Financial Co, Inc		3.850		01/05/28		271,950
	1,500,000	Goldman Sachs Group, Inc		2.550		10/23/19		1,493,263
	1,000,000	Goldman Sachs Group, Inc		2.300		12/13/19		991,201
	2,505,000	Goldman Sachs Group, Inc		5.375		03/15/20		2,582,363
	1,150,000	Goldman Sachs Group, Inc		6.000		06/15/20		1,202,042
	500,000	Goldman Sachs Group, Inc		2.600		12/27/20		491,950
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,360,947

62

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Goldman Sachs Group, Inc		2.350	%	11/15/21	$	481,348
	2,325,000	Goldman Sachs Group, Inc		5.750		01/24/22		2,473,144
	1,000,000	Goldman Sachs Group, Inc		3.000		04/26/22		979,899
	1,000,000	Goldman Sachs Group, Inc		2.876		10/31/22		975,658
	1,800,000	Goldman Sachs Group, Inc		3.625		01/22/23		1,792,865
	6,000,000	Goldman Sachs Group, Inc		3.200		02/23/23		5,867,137
	1,000,000	Goldman Sachs Group, Inc		2.908		06/05/23		967,302
	750,000	Goldman Sachs Group, Inc		2.905		07/24/23		724,328
	1,500,000	Goldman Sachs Group, Inc		4.000		03/03/24		1,503,815
	600,000	Goldman Sachs Group, Inc		3.750		05/22/25		587,757
	1,925,000	Goldman Sachs Group, Inc		3.272		09/29/25		1,838,650
	250,000	Goldman Sachs Group, Inc		4.250		10/21/25		247,604
	800,000	Goldman Sachs Group, Inc		3.750		02/25/26		776,985
	3,500,000	Goldman Sachs Group, Inc		3.850		01/26/27		3,393,779
	4,050,000	Goldman Sachs Group, Inc		3.691		06/05/28		3,852,668
	6,000,000	Goldman Sachs Group, Inc		3.814		04/23/29		5,719,712
	2,000,000	Goldman Sachs Group, Inc		4.223		05/01/29		1,969,857
	625,000	Goldman Sachs Group, Inc		4.017		10/31/38		578,628
	2,000,000	Goldman Sachs Group, Inc		4.411		04/23/39		1,938,773
	2,150,000	Goldman Sachs Group, Inc		6.250		02/01/41		2,580,571
	1,075,000	Goldman Sachs Group, Inc		4.800		07/08/44		1,098,340
	1,075,000	Goldman Sachs Group, Inc		5.150		05/22/45		1,095,442
	500,000	IBM Credit LLC		1.625		09/06/19		494,791
	500,000	IBM Credit LLC		1.800		01/20/21		485,109
	1,750,000	IBM Credit LLC		2.650		02/05/21		1,730,174
	1,500,000	IBM Credit LLC		2.200		09/08/22		1,434,981
	2,000,000	IBM Credit LLC		3.000		02/06/23		1,965,651
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		495,733
	300,000	Intercontinental Exchange, Inc		2.350		09/15/22		288,168
	300,000	Intercontinental Exchange, Inc		3.450		09/21/23		298,419
	500,000	Intercontinental Exchange, Inc		3.750		12/01/25		499,281
	1,000,000	Intercontinental Exchange, Inc		3.100		09/15/27		945,554
	500,000	Intercontinental Exchange, Inc		3.750		09/21/28		493,661
	300,000	Intercontinental Exchange, Inc		4.250		09/21/48		295,118
	200,000	IntercontinentalExchange Group, Inc		4.000		10/15/23		204,438
	125,000	Invesco Finance plc		3.125		11/30/22		122,794
	200,000	Invesco Finance plc		4.000		01/30/24		200,588
	200,000	Invesco Finance plc		3.750		01/15/26		196,639
	200,000	Invesco Finance plc		5.375		11/30/43		221,349
	300,000	Janus Capital Group, Inc		4.875		08/01/25		305,710
	700,000	Jefferies Group LLC		4.850		01/15/27		688,046
	750,000	Jefferies Group LLC		4.150		01/23/30		673,485
	500,000	Jefferies Group, Inc		6.875		04/15/21		536,253
	600,000	Jefferies Group, Inc		6.450		06/08/27		649,664
	96,000	Lazard Group LLC		4.250		11/14/20		97,461
	150,000	Lazard Group LLC		3.750		02/13/25		144,608
	200,000	Lazard Group LLC		3.625		03/01/27		186,435
	200,000	Lazard Group LLC		4.500		09/19/28		196,497
	400,000	Legg Mason, Inc		5.625		01/15/44		404,386
	1,500,000	Merrill Lynch & Co, Inc		6.110		01/29/37		1,723,025
	1,200,000	Morgan Stanley		5.500		07/28/21		1,263,072
	1,250,000	Morgan Stanley		2.625		11/17/21		1,215,238
	2,025,000	Morgan Stanley		2.750		05/19/22		1,964,128

63

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,500,000	Morgan Stanley		4.875	%	11/01/22	$	2,589,645
	4,500,000	Morgan Stanley		3.125		01/23/23		4,383,112
	2,850,000	Morgan Stanley		4.100		05/22/23		2,866,917
	4,000,000	Morgan Stanley		3.737		04/24/24		3,971,663
	1,000,000	Morgan Stanley		3.875		04/29/24		995,157
	3,592,000	Morgan Stanley		3.700		10/23/24		3,535,557
	750,000	Morgan Stanley		5.000		11/24/25		776,419
	1,075,000	Morgan Stanley		4.350		09/08/26		1,065,897
	2,250,000	Morgan Stanley		3.625		01/20/27		2,159,265
	1,600,000	Morgan Stanley		3.950		04/23/27		1,534,781
	1,000,000	Morgan Stanley		3.591		07/22/28		948,265
	4,500,000	Morgan Stanley		3.772		01/24/29		4,317,038
	525,000	Morgan Stanley		3.971		07/22/38		489,500
	2,000,000	Morgan Stanley		4.457		04/22/39		1,984,031
	1,500,000	Morgan Stanley		4.375		01/22/47		1,460,002
	220,000	NASDAQ OMX Group, Inc		5.550		01/15/20		226,564
	250,000	NASDAQ OMX Group, Inc		4.250		06/01/24		252,140
	200,000	NASDAQ, Inc		3.850		06/30/26		192,871
	125,000	National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		124,230
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		490,880
	350,000	National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		346,721
	500,000	National Rural Utilities Cooperative Finance Corp		2.400		04/25/22		483,088
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		09/15/22		479,763
	200,000	National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		193,813
	200,000	National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		198,653
	300,000	National Rural Utilities Cooperative Finance Corp		2.950		02/07/24		290,308
	400,000	National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		381,370
	200,000	National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		194,594
	750,000	National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		727,572
	500,000	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		503,294
	200,000	National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		205,060
	430,000	Nomura Holdings, Inc		6.700		03/04/20		449,574
	500,000	Oesterreichische Kontrollbank AG.		1.625		03/12/19		497,915
	500,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		495,791
	1,550,000	Oesterreichische Kontrollbank AG.		1.500		10/21/20		1,504,537
	375,000	Oesterreichische Kontrollbank AG.		2.875		09/07/21		373,043
	500,000	Oesterreichische Kontrollbank AG.		2.375		10/01/21		490,009
	750,000	Oesterreichische Kontrollbank AG.		2.875		03/13/23		741,820
	125,000	ORIX Corp		2.900		07/18/22		120,867
	500,000	ORIX Corp		3.250		12/04/24		475,955
	200,000	ORIX Corp		3.700		07/18/27		191,619
	1,000,000	PACCAR Financial Corp		1.950		02/27/20		985,607
	300,000	PACCAR Financial Corp		2.800		03/01/21		296,864
	300,000	PACCAR Financial Corp		3.100		05/10/21		298,628
	200,000	PACCAR Financial Corp		3.150		08/09/21		199,176
	200,000	PACCAR Financial Corp		3.400		08/09/23		199,021
	500,000	Raymond James Financial, Inc		3.625		09/15/26		477,909
	100,000	Raymond James Financial, Inc		4.950		07/15/46		101,461
	1,500,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		1,483,995
	2,400,000	Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		2,318,760
	2,500,000	Shire Acquisitions Investments Ireland DAC		2.875		09/23/23		2,384,062
	1,000,000	Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		922,876

64

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	State Street Corp		2.550	%	08/18/20	$	297,688
	300,000	State Street Corp		4.375		03/07/21		308,240
	500,000	State Street Corp		1.950		05/19/21		483,740
	500,000	State Street Corp		2.653		05/15/23		484,091
	1,900,000	State Street Corp		3.100		05/15/23		1,859,489
	500,000	State Street Corp		3.300		12/16/24		491,609
	225,000	State Street Corp		3.550		08/18/25		222,969
	500,000	State Street Corp		2.650		05/19/26		462,915
	200,000	Stifel Financial Corp		3.500		12/01/20		198,978
	100,000	Stifel Financial Corp		4.250		07/18/24		99,878
	250,000	Synchrony Financial		3.000		08/15/19		249,496
	275,000	Synchrony Financial		2.700		02/03/20		271,908
	300,000	Synchrony Financial		3.750		08/15/21		297,946
	250,000	Synchrony Financial		4.250		08/15/24		241,701
	600,000	Synchrony Financial		4.500		07/23/25		578,615
	300,000	Synchrony Financial		3.700		08/04/26		270,836
	500,000	Synchrony Financial		3.950		12/01/27		453,016
	300,000	Syngenta Finance NV		3.125		03/28/22		290,431
	300,000	TD Ameritrade Holding Corp		2.950		04/01/22		294,165
	350,000	TD Ameritrade Holding Corp		3.625		04/01/25		344,114
	350,000	TD Ameritrade Holding Corp		3.300		04/01/27		335,126
	200,000	Toyota Motor Credit Corp		1.550		10/18/19		197,355
	300,000	Toyota Motor Credit Corp		2.200		01/10/20		297,387
	500,000	Toyota Motor Credit Corp		2.150		03/12/20		495,205
	300,000	Toyota Motor Credit Corp		1.950		04/17/20		295,473
	300,000	Toyota Motor Credit Corp		1.900		04/08/21		290,616
	1,500,000	Toyota Motor Credit Corp		2.950		04/13/21		1,492,721
	750,000	Toyota Motor Credit Corp		2.750		05/17/21		741,348
	500,000	Toyota Motor Credit Corp		3.400		09/15/21		502,590
	1,750,000	Toyota Motor Credit Corp		2.600		01/11/22		1,712,034
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		294,130
	500,000	Toyota Motor Credit Corp		2.150		09/08/22		476,765
	500,000	Toyota Motor Credit Corp		2.700		01/11/23		485,429
	500,000	Toyota Motor Credit Corp		3.450		09/20/23		498,583
	1,500,000	Toyota Motor Credit Corp		3.400		04/14/25		1,475,991
	300,000	Toyota Motor Credit Corp		3.050		01/11/28		283,257
	1,000,000	UBS AG.		2.350		03/26/20		987,989
	300,000	Unilever Capital Corp		1.800		05/05/20		294,217
	250,000	Unilever Capital Corp		2.100		07/30/20		245,528
	250,000	Unilever Capital Corp		4.250		02/10/21		256,284
	500,000	Unilever Capital Corp		2.750		03/22/21		495,166
	300,000	Unilever Capital Corp		1.375		07/28/21		284,922
	300,000	Unilever Capital Corp		3.000		03/07/22		296,993
	400,000	Unilever Capital Corp		2.200		05/05/22		384,714
	500,000	Unilever Capital Corp		3.125		03/22/23		493,410
	300,000	Unilever Capital Corp		3.250		03/07/24		295,264
	900,000	Unilever Capital Corp		2.600		05/05/24		854,193
	500,000	Unilever Capital Corp		3.375		03/22/25		492,237
	450,000	Unilever Capital Corp		3.100		07/30/25		434,990
	225,000	Unilever Capital Corp		2.000		07/28/26		198,862
	400,000	Unilever Capital Corp		2.900		05/05/27		376,701
	650,000	Unilever Capital Corp		3.500		03/22/28		636,900
	330,000	Unilever Capital Corp		5.900		11/15/32		403,644

65

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Wells Fargo & Co		2.150	%	01/30/20	$	988,136
	1,550,000	Wells Fargo & Co		2.600		07/22/20		1,533,400
	450,000	Wells Fargo & Co		2.550		12/07/20		442,897
	1,000,000	Wells Fargo & Co		3.000		01/22/21		991,544
	1,000,000	Wells Fargo & Co		2.500		03/04/21		979,213
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,233,917
	750,000	Wells Fargo & Co		2.100		07/26/21		722,141
	3,500,000	Wells Fargo & Co		3.500		03/08/22		3,494,279
	1,000,000	Wells Fargo & Co		2.625		07/22/22		965,672
	750,000	Wells Fargo & Co		3.069		01/24/23		731,814
	700,000	Wells Fargo & Co		3.450		02/13/23		687,435
	500,000	Wells Fargo & Co		4.125		08/15/23		505,198
	334,000	Wells Fargo & Co		4.480		01/16/24		341,727
	2,200,000	Wells Fargo & Co		3.300		09/09/24		2,132,053
	3,550,000	Wells Fargo & Co		3.000		02/19/25		3,361,952
	500,000	Wells Fargo & Co		3.550		09/29/25		487,060
	2,500,000	Wells Fargo & Co		3.000		04/22/26		2,325,254
	650,000	Wells Fargo & Co		4.100		06/03/26		641,479
	1,750,000	Wells Fargo & Co		3.000		10/23/26		1,622,954
	750,000	Wells Fargo & Co		4.300		07/22/27		746,756
	2,325,000	Wells Fargo & Co		3.584		05/22/28		2,228,917
	264,000	Wells Fargo & Co		5.375		02/07/35		294,773
	725,000	Wells Fargo & Co		5.375		11/02/43		777,689
	1,143,000	Wells Fargo & Co		5.606		01/15/44		1,260,835
	300,000	Wells Fargo & Co		4.650		11/04/44		293,734
	1,500,000	Wells Fargo & Co		3.900		05/01/45		1,392,207
	750,000	Wells Fargo & Co		4.900		11/17/45		759,393
	1,750,000	Wells Fargo & Co		4.400		06/14/46		1,644,020
	1,750,000	Wells Fargo & Co		4.750		12/07/46		1,740,459
		TOTAL DIVERSIFIED FINANCIALS						320,267,219
ENERGY - 2.5%
	375,000	Anadarko Petroleum Corp		4.850		03/15/21		385,323
	700,000	Anadarko Petroleum Corp		3.450		07/15/24		673,681
	1,350,000	Anadarko Petroleum Corp		5.550		03/15/26		1,434,385
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,467,469
	200,000	Anadarko Petroleum Corp		4.500		07/15/44		182,909
	500,000	Anadarko Petroleum Corp		6.600		03/15/46		587,220
	900,000	Andeavor		5.125		12/15/26		941,165
	200,000	Andeavor		3.800		04/01/28		190,081
	200,000	Andeavor		4.500		04/01/48		186,116
	200,000	Andeavor Logistics LP		3.500		12/01/22		196,888
	150,000	Andeavor Logistics LP		4.250		12/01/27		146,482
	200,000	Andeavor Logistics LP		5.200		12/01/47		199,445
	943,000	Apache Corp		3.250		04/15/22		928,156
	1,000,000	Apache Corp		4.375		10/15/28		983,148
	980,000	Apache Corp		5.100		09/01/40		968,000
	300,000	Apache Corp		5.250		02/01/42		301,169
	850,000	Apache Corp		4.750		04/15/43		801,940
	300,000	Apache Corp		4.250		01/15/44		267,131
	750,000	Baker Hughes a GE Co LLC		2.773		12/15/22		727,644
	500,000	Baker Hughes a GE Co LLC		3.337		12/15/27		469,829

66

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Baker Hughes a GE Co LLC		4.080	%	12/15/47	$	453,034
	129,000	Baker Hughes, Inc		3.200		08/15/21		128,321
	800,000	Baker Hughes, Inc		5.125		09/15/40		841,080
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		204,888
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		193,372
	200,000	Boardwalk Pipelines LP		5.950		06/01/26		211,566
	200,000	Boardwalk Pipelines LP		4.450		07/15/27		192,536
	500,000	BP Capital Markets America, Inc		3.796		09/21/25		501,585
	750,000	BP Capital Markets America, Inc		3.937		09/21/28		754,340
	300,000	BP Capital Markets plc		1.768		09/19/19		296,892
	2,450,000	BP Capital Markets plc		2.315		02/13/20		2,427,343
	300,000	BP Capital Markets plc		4.500		10/01/20		307,508
	150,000	BP Capital Markets plc		4.742		03/11/21		155,024
	500,000	BP Capital Markets plc		2.112		09/16/21		483,162
	1,450,000	BP Capital Markets plc		3.561		11/01/21		1,459,285
	1,200,000	BP Capital Markets plc		3.245		05/06/22		1,191,998
	175,000	BP Capital Markets plc		2.520		09/19/22		169,057
	850,000	BP Capital Markets plc		2.500		11/06/22		820,970
	300,000	BP Capital Markets plc		3.994		09/26/23		306,073
	800,000	BP Capital Markets plc		3.216		11/28/23		784,704
	500,000	BP Capital Markets plc		3.814		02/10/24		505,769
	1,750,000	BP Capital Markets plc		3.224		04/14/24		1,710,268
	300,000	BP Capital Markets plc		3.535		11/04/24		298,192
	500,000	BP Capital Markets plc		3.506		03/17/25		494,306
	200,000	BP Capital Markets plc		3.017		01/16/27		188,030
	500,000	BP Capital Markets plc		3.588		04/14/27		488,721
	750,000	BP Capital Markets plc		3.279		09/19/27		717,087
	300,000	BP Capital Markets plc		3.723		11/28/28		296,849
	200,000	Buckeye Partners LP		4.875		02/01/21		203,598
	200,000	Buckeye Partners LP		4.350		10/15/24		195,921
	300,000	Buckeye Partners LP		3.950		12/01/26		276,695
	200,000	Buckeye Partners LP		4.125		12/01/27		184,747
	200,000	Buckeye Partners LP		5.850		11/15/43		192,625
	100,000	Buckeye Partners LP		5.600		10/15/44		92,988
	575,000	Burlington Resources Finance Co		7.200		08/15/31		731,452
	200,000	Burlington Resources Finance Co		7.400		12/01/31		259,770
	300,000	Canadian Natural Resources Ltd		2.950		01/15/23		289,211
	600,000	Canadian Natural Resources Ltd		3.800		04/15/24		593,702
	700,000	Canadian Natural Resources Ltd		3.900		02/01/25		690,743
	750,000	Canadian Natural Resources Ltd		3.850		06/01/27		730,055
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		1,002,129
	300,000	Canadian Natural Resources Ltd		4.950		06/01/47		310,654
	500,000	Cenovus Energy, Inc		5.700		10/15/19		511,755
	550,000	Cenovus Energy, Inc		4.250		04/15/27		531,448
	1,750,000	Cenovus Energy, Inc		5.250		06/15/37		1,732,966
	500,000	Cenovus Energy, Inc		5.200		09/15/43		481,144
	750,000	Cenovus Energy, Inc		5.400		06/15/47		754,521
	300,000	Chevron Corp		1.991		03/03/20		296,246
	1,250,000	Chevron Corp		2.427		06/24/20		1,239,220
	2,750,000	Chevron Corp		2.100		05/16/21		2,682,244
	400,000	Chevron Corp		2.411		03/03/22		389,098
	300,000	Chevron Corp		2.498		03/03/22		292,936
	1,050,000	Chevron Corp		2.355		12/05/22		1,011,775

67

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Chevron Corp		2.566	%	05/16/23	$	483,334
	250,000	Chevron Corp		3.191		06/24/23		248,077
	300,000	Chevron Corp		2.895		03/03/24		291,939
	125,000	Chevron Corp		3.326		11/17/25		123,259
	1,650,000	Chevron Corp		2.954		05/16/26		1,575,033
	500,000	Cimarex Energy Co		4.375		06/01/24		504,220
	100,000	Cimarex Energy Co		3.900		05/15/27		95,422
	500,000	Concho Resources, Inc		3.750		10/01/27		477,015
	750,000	Concho Resources, Inc		4.300		08/15/28		746,602
	400,000	Concho Resources, Inc		4.875		10/01/47		404,081
	300,000	Concho Resources, Inc		4.850		08/15/48		300,438
	77,000	ConocoPhillips Co		4.150		11/15/34		75,893
	250,000	ConocoPhillips Co		5.900		05/15/38		300,809
	1,035,000	ConocoPhillips Co		6.500		02/01/39		1,343,172
	300,000	ConocoPhillips Co		4.300		11/15/44		308,650
	1,250,000	ConocoPhillips Co		5.950		03/15/46		1,578,805
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		624,011
	1,025,000	Devon Energy Corp		3.250		05/15/22		1,006,152
	885,000	Devon Energy Corp		5.600		07/15/41		937,351
	700,000	Devon Energy Corp		4.750		05/15/42		667,217
	800,000	Devon Energy Corp		5.000		06/15/45		799,130
	550,000	Ecopetrol S.A.		7.625		07/23/19		569,965
	725,000	Ecopetrol S.A.		5.875		09/18/23		772,488
	1,000,000	Ecopetrol S.A.		4.125		01/16/25		970,000
	400,000	Ecopetrol S.A.		5.375		06/26/26		412,000
	200,000	Ecopetrol S.A.		7.375		09/18/43		227,250
	1,000,000	Ecopetrol S.A.		5.875		05/28/45		989,000
	400,000	El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		375,520
	675,000	Enbridge Energy Partners LP		4.375		10/15/20		684,808
	1,200,000	Enbridge Energy Partners LP		5.875		10/15/25		1,320,828
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		321,623
	200,000	Enbridge Energy Partners LP		7.375		10/15/45		263,973
	800,000	Enbridge, Inc		2.900		07/15/22		775,843
	300,000	Enbridge, Inc		4.000		10/01/23		302,287
	100,000	Enbridge, Inc		4.250		12/01/26		100,594
	100,000	Enbridge, Inc		3.700		07/15/27		96,531
	300,000	Enbridge, Inc		4.500		06/10/44		290,722
	625,000	Enbridge, Inc		5.500		12/01/46		701,125
	500,000	Enbridge, Inc		6.250		03/01/78		482,540
	1,000,000	EnCana Corp		3.900		11/15/21		1,004,233
	1,500,000	EnCana Corp		6.500		08/15/34		1,747,426
	1,250,000	Energy Transfer Partners LP		4.150		10/01/20		1,266,206
	500,000	Energy Transfer Partners LP		4.650		06/01/21		511,983
	200,000	Energy Transfer Partners LP		5.200		02/01/22		207,693
	200,000	Energy Transfer Partners LP		3.600		02/01/23		196,525
	200,000	Energy Transfer Partners LP		4.200		09/15/23		201,550
	500,000	Energy Transfer Partners LP		4.900		02/01/24		515,227
	400,000	Energy Transfer Partners LP		4.050		03/15/25		391,430
	1,000,000	Energy Transfer Partners LP		4.750		01/15/26		1,009,990
	250,000	Energy Transfer Partners LP		4.200		04/15/27		241,369
	200,000	Energy Transfer Partners LP		4.950		06/15/28		203,507
	400,000	Energy Transfer Partners LP		4.900		03/15/35		375,713

68

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Energy Transfer Partners LP		5.800	%	06/15/38	$	518,734
	140,000	Energy Transfer Partners LP		7.500		07/01/38		166,931
	450,000	Energy Transfer Partners LP		6.500		02/01/42		493,575
	200,000	Energy Transfer Partners LP		5.150		02/01/43		189,781
	200,000	Energy Transfer Partners LP		5.950		10/01/43		207,645
	400,000	Energy Transfer Partners LP		5.150		03/15/45		377,069
	500,000	Energy Transfer Partners LP		6.125		12/15/45		532,576
	250,000	Energy Transfer Partners LP		5.300		04/15/47		241,850
	500,000	Energy Transfer Partners LP		6.000		06/15/48		532,320
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		621,533
	900,000	Enterprise Products Operating LLC		2.800		02/15/21		888,433
	100,000	Enterprise Products Operating LLC		2.850		04/15/21		98,738
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		405,749
	800,000	Enterprise Products Operating LLC		3.900		02/15/24		806,996
	300,000	Enterprise Products Operating LLC		3.700		02/15/26		295,298
	3,065,000	Enterprise Products Operating LLC		3.950		02/15/27		3,059,422
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		560,907
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		305,358
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		96,819
	1,500,000	Enterprise Products Operating LLC		4.850		03/15/44		1,526,587
	500,000	Enterprise Products Operating LLC		5.100		02/15/45		526,830
	300,000	Enterprise Products Operating LLC		4.900		05/15/46		309,784
	425,000	Enterprise Products Operating LLC		4.250		02/15/48		399,445
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		199,636
	200,000	Enterprise Products Operating LLC		4.875		08/16/77		190,059
	700,000	Enterprise Products Operating LLC		5.250		08/16/77		653,350
	400,000	Enterprise Products Operating LLC		5.375		02/15/78		369,852
	900,000	EOG Resources, Inc		2.450		04/01/20		891,332
	440,000	EOG Resources, Inc		4.100		02/01/21		447,310
	600,000	EOG Resources, Inc		2.625		03/15/23		578,056
	150,000	EOG Resources, Inc		4.150		01/15/26		153,343
	200,000	EOG Resources, Inc		3.900		04/01/35		194,995
	200,000	EOG Resources, Inc		5.100		01/15/36		221,707
	300,000	EQT Corp		2.500		10/01/20		292,824
	300,000	EQT Corp		3.000		10/01/22		290,710
	500,000	EQT Corp		3.900		10/01/27		468,295
	300,000	EQT Midstream Partners LP		4.750		07/15/23		304,132
	300,000	EQT Midstream Partners LP		4.000		08/01/24		286,306
	200,000	EQT Midstream Partners LP		4.125		12/01/26		187,899
	300,000	EQT Midstream Partners LP		5.500		07/15/28		307,598
	300,000	EQT Midstream Partners LP		6.500		07/15/48		317,381
	500,000	Equinor ASA		3.625		09/10/28		493,372
	950,000	Exxon Mobil Corp		1.912		03/06/20		938,583
	500,000	Exxon Mobil Corp		2.397		03/06/22		486,733
	1,000,000	Exxon Mobil Corp		2.726		03/01/23		978,850
	500,000	Exxon Mobil Corp		2.709		03/06/25		478,825
	3,602,000	Exxon Mobil Corp		3.043		03/01/26		3,492,324
	500,000	Exxon Mobil Corp		3.567		03/06/45		466,885
	850,000	Exxon Mobil Corp		4.114		03/01/46		861,280
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		199,618
	2,850,000	Halliburton Co		3.800		11/15/25		2,824,615
	500,000	Halliburton Co		4.850		11/15/35		522,417
	250,000	Halliburton Co		4.500		11/15/41		243,991

69

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	600,000	Halliburton Co		4.750	%	08/01/43	$	613,035
	750,000	Halliburton Co		5.000		11/15/45		799,721
	200,000	Helmerich & Payne International Drilling Co		4.650		03/15/25		204,466
	200,000	Hess Corp		3.500		07/15/24		188,992
	1,100,000	Hess Corp		4.300		04/01/27		1,066,090
	940,000	Hess Corp		5.600		02/15/41		950,846
	300,000	Hess Corp		5.800		04/01/47		315,487
	200,000	HollyFrontier Corp		5.875		04/01/26		213,107
	30,000	Husky Energy, Inc		7.250		12/15/19		31,420
	1,200,000	Husky Energy, Inc		3.950		04/15/22		1,209,746
	500,000	Husky Energy, Inc		4.000		04/15/24		498,955
	130,000	Husky Energy, Inc		6.800		09/15/37		159,887
	2,400,000	Kinder Morgan, Inc		3.050		12/01/19		2,396,227
	1,200,000	Kinder Morgan, Inc		3.950		09/01/22		1,207,630
	1,000,000	Kinder Morgan, Inc		3.150		01/15/23		972,588
	350,000	Kinder Morgan, Inc		3.450		02/15/23		343,123
	300,000	Kinder Morgan, Inc		4.150		02/01/24		300,794
	500,000	Kinder Morgan, Inc		4.250		09/01/24		503,806
	1,950,000	Kinder Morgan, Inc		4.300		06/01/25		1,965,537
	1,000,000	Kinder Morgan, Inc		4.300		03/01/28		990,722
	2,900,000	Kinder Morgan, Inc		5.300		12/01/34		2,994,236
	535,000	Kinder Morgan, Inc		6.500		09/01/39		602,743
	500,000	Kinder Morgan, Inc		5.000		03/01/43		488,491
	400,000	Kinder Morgan, Inc		5.500		03/01/44		415,398
	200,000	Kinder Morgan, Inc		5.400		09/01/44		205,013
	1,300,000	Kinder Morgan, Inc		5.550		06/01/45		1,372,175
	1,000,000	Kinder Morgan, Inc		5.200		03/01/48		1,018,362
	125,000	Magellan Midstream Partners LP		4.250		02/01/21		126,980
	900,000	Magellan Midstream Partners LP		5.000		03/01/26		956,367
	100,000	Magellan Midstream Partners LP		4.250		09/15/46		93,153
	300,000	Magellan Midstream Partners LP		4.200		10/03/47		274,149
	1,150,000	Marathon Oil Corp		2.800		11/01/22		1,105,110
	300,000	Marathon Oil Corp		3.850		06/01/25		293,139
	800,000	Marathon Oil Corp		4.400		07/15/27		799,543
	255,000	Marathon Oil Corp		6.600		10/01/37		300,598
	200,000	Marathon Oil Corp		5.200		06/01/45		208,205
	250,000	Marathon Petroleum Corp		3.400		12/15/20		250,167
	250,000	Marathon Petroleum Corp		5.125		03/01/21		259,325
	1,600,000	Marathon Petroleum Corp		3.625		09/15/24		1,578,534
	350,000	Marathon Petroleum Corp		6.500		03/01/41		409,049
	250,000	Marathon Petroleum Corp		4.750		09/15/44		241,317
	250,000	Marathon Petroleum Corp		5.850		12/15/45		262,713
	200,000	Marathon Petroleum Corp		5.000		09/15/54		189,456
	175,000	MPLX LP		3.375		03/15/23		171,208
	1,000,000	MPLX LP		4.875		12/01/24		1,038,558
	2,500,000	MPLX LP		4.875		06/01/25		2,581,984
	475,000	MPLX LP		4.000		03/15/28		456,616
	750,000	MPLX LP		4.500		04/15/38		706,002
	200,000	MPLX LP		5.200		03/01/47		200,117
	600,000	MPLX LP		4.700		04/15/48		561,004
	600,000	MPLX LP		4.900		04/15/58		542,135
	300,000	National Oilwell Varco, Inc		2.600		12/01/22		285,796

70

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	800,000		National Oilwell Varco, Inc		3.950	%	12/01/42	$	692,927
	935,000		Nexen, Inc		6.400		05/15/37		1,129,945
	750,000		Noble Energy, Inc		3.900		11/15/24		736,332
	500,000		Noble Energy, Inc		3.850		01/15/28		472,064
	700,000		Noble Energy, Inc		6.000		03/01/41		748,078
	300,000		Noble Energy, Inc		5.250		11/15/43		297,480
	200,000		Noble Energy, Inc		4.950		08/15/47		191,233
	200,000		Occidental Petroleum Corp		2.600		04/15/22		194,565
	750,000		Occidental Petroleum Corp		3.500		06/15/25		743,870
	600,000		Occidental Petroleum Corp		3.400		04/15/26		586,361
	1,650,000		Occidental Petroleum Corp		3.000		02/15/27		1,566,866
	300,000		Occidental Petroleum Corp		4.625		06/15/45		311,201
	240,000		Occidental Petroleum Corp		4.400		04/15/46		243,748
	300,000		Occidental Petroleum Corp		4.100		02/15/47		290,224
	1,000,000		Occidental Petroleum Corp		4.200		03/15/48		983,184
	137,000		ONE Gas, Inc		3.610		02/01/24		135,794
	100,000		ONE Gas, Inc		4.658		02/01/44		104,577
	1,300,000		ONEOK, Inc		4.000		07/13/27		1,256,450
	300,000		ONEOK, Inc		4.550		07/15/28		301,325
	675,000		ONEOK, Inc		4.950		07/13/47		669,681
	300,000		ONEOK, Inc		5.200		07/15/48		305,328
	75,000		Petro-Canada		6.800		05/15/38		95,500
	800,000		Petroleos Mexicanos		5.500		01/21/21		825,528
	2,000,000		Petroleos Mexicanos		5.375		03/13/22		2,060,000
	135,000		Petroleos Mexicanos		1.700		12/20/22		130,886
	135,000		Petroleos Mexicanos		2.000		12/20/22		131,746
	400,000		Petroleos Mexicanos		3.500		01/30/23		379,200
	759,000		Petroleos Mexicanos		4.625		09/21/23		752,169
	1,500,000		Petroleos Mexicanos		4.875		01/18/24		1,494,000
	1,950,000		Petroleos Mexicanos		4.500		01/23/26		1,823,250
	500,000		Petroleos Mexicanos		6.875		08/04/26		527,450
	6,150,000		Petroleos Mexicanos		6.500		03/13/27		6,282,225
	4,175,000	g	Petroleos Mexicanos		5.350		02/12/28		3,934,938
	2,040,000		Petroleos Mexicanos		6.500		06/02/41		1,912,500
	575,000		Petroleos Mexicanos		6.375		01/23/45		530,725
	3,090,000		Petroleos Mexicanos		6.750		09/21/47		2,948,447
	2,798,000	g	Petroleos Mexicanos		6.350		02/12/48		2,562,968
	650,000		Phillips 66		4.300		04/01/22		668,264
	1,000,000		Phillips 66		3.900		03/15/28		985,810
	538,000		Phillips 66		4.650		11/15/34		545,027
	1,650,000		Phillips 66		4.875		11/15/44		1,707,882
	200,000		Phillips 66 Partners LP		2.646		02/15/20		198,083
	100,000		Phillips 66 Partners LP		3.550		10/01/26		94,276
	175,000		Phillips 66 Partners LP		3.750		03/01/28		166,533
	425,000		Phillips 66 Partners LP		4.680		02/15/45		402,139
	100,000		Phillips 66 Partners LP		4.900		10/01/46		98,009
	1,125,000		Pioneer Natural Resources Co		3.450		01/15/21		1,124,636
	200,000		Pioneer Natural Resources Co		4.450		01/15/26		204,810
	550,000		Plains All American Pipeline LP		2.600		12/15/19		545,698
	700,000		Plains All American Pipeline LP		5.000		02/01/21		715,778
	200,000		Plains All American Pipeline LP		2.850		01/31/23		190,002
	400,000		Plains All American Pipeline LP		3.850		10/15/23		393,822
	200,000		Plains All American Pipeline LP		3.600		11/01/24		192,438

71

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Plains All American Pipeline LP		4.650	%	10/15/25	$	303,026
	1,000,000	Plains All American Pipeline LP		4.500		12/15/26		998,540
	100,000	Plains All American Pipeline LP		6.650		01/15/37		110,464
	250,000	Plains All American Pipeline LP		5.150		06/01/42		235,320
	300,000	Plains All American Pipeline LP		4.700		06/15/44		271,440
	300,000	Plains All American Pipeline LP		4.900		02/15/45		277,943
	2,250,000	Sabine Pass Liquefaction LLC		5.625		02/01/21		2,340,212
	1,500,000	Sabine Pass Liquefaction LLC		5.625		03/01/25		1,599,198
	2,500,000	Sabine Pass Liquefaction LLC		5.000		03/15/27		2,566,649
	375,000	Sabine Pass Liquefaction LLC		4.200		03/15/28		363,582
	750,000	Schlumberger Investment S.A.		3.650		12/01/23		755,754
	805,000	Shell International Finance BV		4.300		09/22/19		816,350
	2,280,000	Shell International Finance BV		4.375		03/25/20		2,324,846
	500,000	Shell International Finance BV		2.125		05/11/20		493,362
	300,000	Shell International Finance BV		2.250		11/10/20		295,436
	500,000	Shell International Finance BV		1.875		05/10/21		483,891
	500,000	Shell International Finance BV		1.750		09/12/21		480,756
	4,300,000	Shell International Finance BV		3.250		05/11/25		4,216,862
	1,500,000	Shell International Finance BV		2.875		05/10/26		1,423,834
	500,000	Shell International Finance BV		2.500		09/12/26		461,549
	500,000	Shell International Finance BV		4.125		05/11/35		505,788
	1,000,000	Shell International Finance BV		4.550		08/12/43		1,048,826
	1,000,000	Shell International Finance BV		4.375		05/11/45		1,036,865
	425,000	Shell International Finance BV		4.000		05/10/46		415,211
	3,180,000	Shell International Finance BV		3.750		09/12/46		2,985,317
	200,000	Spectra Energy Partners LP		4.750		03/15/24		206,632
	400,000	Spectra Energy Partners LP		3.500		03/15/25		385,253
	1,100,000	Spectra Energy Partners LP		3.375		10/15/26		1,035,231
	200,000	Spectra Energy Partners LP		5.950		09/25/43		225,172
	300,000	Spectra Energy Partners LP		4.500		03/15/45		286,531
	500,000	Statoil ASA		2.250		11/08/19		496,494
	300,000	Statoil ASA		2.900		11/08/20		298,275
	500,000	Statoil ASA		2.750		11/10/21		493,219
	625,000	Statoil ASA		2.450		01/17/23		601,935
	300,000	Statoil ASA		2.650		01/15/24		287,193
	300,000	Statoil ASA		3.700		03/01/24		302,441
	500,000	Statoil ASA		3.250		11/10/24		491,197
	200,000	Statoil ASA		5.100		08/17/40		226,035
	400,000	Statoil ASA		4.250		11/23/41		404,119
	300,000	Statoil ASA		3.950		05/15/43		291,803
	1,300,000	Statoil ASA		4.800		11/08/43		1,401,164
	750,000	Suncor Energy, Inc		3.600		12/01/24		742,985
	1,400,000	Suncor Energy, Inc		6.500		06/15/38		1,727,494
	750,000	Suncor Energy, Inc		4.000		11/15/47		705,852
	200,000	Sunoco Logistics Partners Operations LP		4.400		04/01/21		203,434
	1,181,000	Sunoco Logistics Partners Operations LP		3.450		01/15/23		1,153,400
	300,000	Sunoco Logistics Partners Operations LP		4.250		04/01/24		299,197
	200,000	Sunoco Logistics Partners Operations LP		5.950		12/01/25		215,004
	400,000	Sunoco Logistics Partners Operations LP		3.900		07/15/26		379,322
	1,500,000	Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,423,452
	100,000	Sunoco Logistics Partners Operations LP		6.100		02/15/42		105,334
	300,000	Sunoco Logistics Partners Operations LP		5.300		04/01/44		287,162

72

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Sunoco Logistics Partners Operations LP		5.350	%	05/15/45	$	194,727
	1,000,000	Sunoco Logistics Partners Operations LP		5.400		10/01/47		987,686
	100,000	TechnipFMC plc		3.450		10/01/22		97,404
	2,000,000	Tesoro Logistics LP		6.375		05/01/24		2,120,000
	300,000	Total Capital Canada Ltd		2.750		07/15/23		290,441
	300,000	Total Capital International S.A.		2.750		06/19/21		296,866
	1,000,000	Total Capital International S.A.		2.875		02/17/22		985,491
	400,000	Total Capital International S.A.		2.700		01/25/23		388,454
	600,000	Total Capital International S.A.		3.700		01/15/24		604,219
	300,000	Total Capital International S.A.		3.750		04/10/24		303,480
	700,000	Total Capital S.A.		4.450		06/24/20		717,116
	100,000	Total Capital S.A.		4.125		01/28/21		101,979
	500,000	TransCanada PipeLines Ltd		2.125		11/15/19		494,706
	600,000	TransCanada PipeLines Ltd		3.800		10/01/20		605,966
	1,000,000	TransCanada PipeLines Ltd		4.875		01/15/26		1,045,612
	750,000	TransCanada PipeLines Ltd		4.250		05/15/28		752,725
	1,700,000	TransCanada PipeLines Ltd		4.625		03/01/34		1,704,330
	500,000	TransCanada PipeLines Ltd		4.750		05/15/38		508,410
	469,000	TransCanada PipeLines Ltd		7.625		01/15/39		623,734
	1,200,000	TransCanada PipeLines Ltd		5.000		10/16/43		1,228,112
	750,000	TransCanada PipeLines Ltd		4.875		05/15/48		768,335
	489,000	Vale Overseas Ltd		4.375		01/11/22		492,668
	2,350,000	Vale Overseas Ltd		6.250		08/10/26		2,575,365
	150,000	Vale Overseas Ltd		8.250		01/17/34		191,813
	1,164,000	Vale Overseas Ltd		6.875		11/21/36		1,353,732
	680,000	Valero Energy Corp		6.125		02/01/20		705,405
	825,000	Valero Energy Corp		3.650		03/15/25		806,503
	500,000	Valero Energy Corp		3.400		09/15/26		474,513
	300,000	Valero Energy Corp		4.350		06/01/28		302,033
	330,000	Valero Energy Corp		7.500		04/15/32		420,026
	500,000	Valero Energy Corp		6.625		06/15/37		603,814
	300,000	Valero Energy Corp		4.900		03/15/45		305,291
	200,000	Valero Energy Partners LP		4.375		12/15/26		196,239
	300,000	Valero Energy Partners LP		4.500		03/15/28		294,543
	450,000	Western Gas Partners LP		4.000		07/01/22		447,955
	200,000	Western Gas Partners LP		3.950		06/01/25		190,649
	400,000	Western Gas Partners LP		4.650		07/01/26		391,899
	250,000	Western Gas Partners LP		4.500		03/01/28		239,685
	400,000	Western Gas Partners LP		4.750		08/15/28		390,943
	200,000	Western Gas Partners LP		5.450		04/01/44		187,158
	300,000	Western Gas Partners LP		5.300		03/01/48		274,554
	200,000	Western Gas Partners LP		5.500		08/15/48		188,231
	830,000	Williams Partners LP		5.250		03/15/20		851,757
	600,000	Williams Partners LP		4.000		11/15/21		605,465
	750,000	Williams Partners LP		3.600		03/15/22		745,474
	200,000	Williams Partners LP		3.350		08/15/22		196,360
	300,000	Williams Partners LP		4.500		11/15/23		305,469
	750,000	Williams Partners LP		4.000		09/15/25		737,643
	1,000,000	Williams Partners LP		3.750		06/15/27		954,288
	300,000	Williams Partners LP		5.800		11/15/43		323,488
	300,000	Williams Partners LP		5.400		03/04/44		309,578
	1,000,000	Williams Partners LP		4.900		01/15/45		971,460
	1,500,000	Williams Partners LP		4.850		03/01/48		1,447,732
		TOTAL ENERGY						263,516,672

73

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.4%
$	1,875,000	CVS Health Corp		3.125	%	03/09/20	$	1,875,112
	2,300,000	CVS Health Corp		3.350		03/09/21		2,295,625
	650,000	CVS Health Corp		2.125		06/01/21		627,374
	500,000	CVS Health Corp		3.500		07/20/22		496,112
	500,000	CVS Health Corp		2.750		12/01/22		482,121
	4,000,000	CVS Health Corp		3.700		03/09/23		3,982,108
	900,000	CVS Health Corp		3.375		08/12/24		868,934
	3,000,000	CVS Health Corp		4.100		03/25/25		2,990,681
	1,319,000	CVS Health Corp		3.875		07/20/25		1,299,040
	2,200,000	CVS Health Corp		2.875		06/01/26		2,016,571
	4,100,000	CVS Health Corp		4.300		03/25/28		4,059,538
	1,875,000	CVS Health Corp		4.780		03/25/38		1,860,398
	400,000	CVS Health Corp		5.300		12/05/43		417,435
	1,500,000	CVS Health Corp		5.125		07/20/45		1,540,154
	5,000,000	CVS Health Corp		5.050		03/25/48		5,108,230
	235,000	Delhaize Group S.A.		5.700		10/01/40		255,240
	1,225,000	Kroger Co		1.500		09/30/19		1,208,490
	445,000	Kroger Co		6.150		01/15/20		461,521
	200,000	Kroger Co		2.950		11/01/21		196,817
	200,000	Kroger Co		3.400		04/15/22		198,278
	125,000	Kroger Co		2.800		08/01/22		120,839
	200,000	Kroger Co		3.850		08/01/23		200,483
	300,000	Kroger Co		4.000		02/01/24		300,041
	100,000	Kroger Co		3.500		02/01/26		95,641
	300,000	Kroger Co		2.650		10/15/26		267,525
	175,000	Kroger Co		3.700		08/01/27		167,542
	100,000	Kroger Co		6.900		04/15/38		118,907
	250,000	Kroger Co		5.000		04/15/42		247,248
	300,000	Kroger Co		5.150		08/01/43		297,938
	300,000	Kroger Co		3.875		10/15/46		249,801
	500,000	Kroger Co		4.450		02/01/47		459,909
	700,000	Kroger Co		4.650		01/15/48		658,627
	500,000	SYSCO Corp		2.600		10/01/20		493,771
	125,000	SYSCO Corp		2.500		07/15/21		122,062
	250,000	SYSCO Corp		3.550		03/15/25		244,496
	225,000	SYSCO Corp		3.300		07/15/26		214,930
	1,600,000	SYSCO Corp		3.250		07/15/27		1,502,510
	300,000	SYSCO Corp		4.850		10/01/45		309,563
	500,000	SYSCO Corp		4.500		04/01/46		491,576
	250,000	SYSCO Corp		4.450		03/15/48		243,435
	200,000	Walgreen Co		4.400		09/15/42		182,744
	1,125,000	Walgreens Boots Alliance, Inc		2.700		11/18/19		1,121,636
	500,000	Walgreens Boots Alliance, Inc		3.300		11/18/21		497,935
	2,000,000	Walgreens Boots Alliance, Inc		3.450		06/01/26		1,900,301
	1,400,000	Walgreens Boots Alliance, Inc		4.500		11/18/34		1,376,878
	400,000	Walgreens Boots Alliance, Inc		4.800		11/18/44		387,786
	125,000	Walgreens Boots Alliance, Inc		4.650		06/01/46		119,400
		TOTAL FOOD & STAPLES RETAILING						44,633,303

74

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 1.4%
$	228,000		Altria Group, Inc		9.250	%	08/06/19	$	240,202
	300,000		Altria Group, Inc		2.625		01/14/20		298,249
	1,800,000		Altria Group, Inc		4.750		05/05/21		1,862,469
	800,000		Altria Group, Inc		2.850		08/09/22		781,671
	200,000		Altria Group, Inc		2.950		05/02/23		194,165
	700,000		Altria Group, Inc		2.625		09/16/26		639,191
	800,000		Altria Group, Inc		4.250		08/09/42		741,196
	300,000		Altria Group, Inc		4.500		05/02/43		289,351
	600,000		Altria Group, Inc		5.375		01/31/44		645,628
	300,000		Altria Group, Inc		3.875		09/16/46		263,194
	2,000,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		1,971,320
	500,000		Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		480,142
	2,000,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,974,478
	500,000		Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		498,387
	12,600,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		12,226,410
	2,500,000		Anheuser-Busch InBev Finance, Inc		4.700		02/01/36		2,500,369
	1,000,000		Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		960,384
	3,825,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		3,833,187
	3,300,000		Anheuser-Busch InBev Worldwide, Inc		3.500		01/12/24		3,264,842
	2,175,000		Anheuser-Busch InBev Worldwide, Inc		4.000		04/13/28		2,142,667
	1,500,000		Anheuser-Busch InBev Worldwide, Inc		4.375		04/15/38		1,441,652
	900,000		Anheuser-Busch InBev Worldwide, Inc		4.600		04/15/48		870,390
	1,539,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		1,442,157
	1,500,000		Anheuser-Busch InBev Worldwide, Inc		4.750		04/15/58		1,453,289
	1,400,000		Archer-Daniels-Midland Co		2.500		08/11/26		1,278,019
	740,000		Archer-Daniels-Midland Co		4.016		04/16/43		708,238
	200,000		Archer-Daniels-Midland Co		3.750		09/15/47		182,784
	750,000	g	BAT Capital Corp		2.297		08/14/20		734,953
	750,000	g	BAT Capital Corp		2.764		08/15/22		722,589
	1,000,000	g	BAT Capital Corp		3.222		08/15/24		952,877
	3,900,000	g	BAT Capital Corp		3.557		08/15/27		3,629,850
	1,000,000	g	BAT Capital Corp		4.390		08/15/37		929,254
	1,250,000	g	BAT Capital Corp		4.540		08/15/47		1,143,806
	200,000		Beam, Inc		3.250		05/15/22		196,022
	200,000		Brown-Forman Corp		3.500		04/15/25		197,914
	200,000		Brown-Forman Corp		4.000		04/15/38		197,901
	200,000		Brown-Forman Corp		4.500		07/15/45		209,938
	800,000		Bunge Ltd		3.500		11/24/20		797,467
	300,000		Bunge Ltd		3.000		09/25/22		287,010
	500,000		Bunge Ltd		4.350		03/15/24		494,920
	300,000		Bunge Ltd		3.750		09/25/27		275,734
	500,000		Campbell Soup Co		3.300		03/15/21		495,208
	100,000		Campbell Soup Co		4.250		04/15/21		101,621
	650,000		Campbell Soup Co		2.500		08/02/22		616,514
	500,000		Campbell Soup Co		3.650		03/15/23		490,297
	500,000		Campbell Soup Co		3.950		03/15/25		483,245
	500,000		Campbell Soup Co		4.150		03/15/28		475,956
	150,000		Campbell Soup Co		3.800		08/02/42		116,677
	500,000		Campbell Soup Co		4.800		03/15/48		453,340
	300,000		Coca-Cola Bottling Co Consolidated		3.800		11/25/25		290,732
	500,000		Coca-Cola Co		1.875		10/27/20		488,956
	300,000		Coca-Cola Co		2.450		11/01/20		296,727

75

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	410,000	Coca-Cola Co		3.150	%	11/15/20	$	411,179
	400,000	Coca-Cola Co		1.550		09/01/21		382,877
	300,000	Coca-Cola Co		2.500		04/01/23		290,196
	2,500,000	Coca-Cola Co		3.200		11/01/23		2,479,384
	500,000	Coca-Cola Co		2.875		10/27/25		478,451
	300,000	Coca-Cola Co		2.550		06/01/26		276,620
	400,000	Coca-Cola Co		2.250		09/01/26		363,839
	200,000	Coca-Cola Femsa SAB de C.V.		2.375		11/26/18		199,556
	400,000	Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		406,725
	500,000	Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		499,995
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		217,847
	572,000	ConAgra Foods, Inc		3.200		01/25/23		554,602
	100,000	ConAgra Foods, Inc		7.000		10/01/28		115,534
	200,000	Constellation Brands, Inc		2.000		11/07/19		198,165
	200,000	Constellation Brands, Inc		2.250		11/06/20		195,420
	300,000	Constellation Brands, Inc		2.700		05/09/22		289,238
	300,000	Constellation Brands, Inc		2.650		11/07/22		286,697
	1,250,000	Constellation Brands, Inc		3.200		02/15/23		1,210,637
	750,000	Constellation Brands, Inc		3.700		12/06/26		712,892
	300,000	Constellation Brands, Inc		3.500		05/09/27		280,098
	700,000	Constellation Brands, Inc		3.600		02/15/28		654,640
	300,000	Constellation Brands, Inc		4.500		05/09/47		279,500
	300,000	Constellation Brands, Inc		4.100		02/15/48		263,319
	100,000	Corn Products International, Inc		4.625		11/01/20		102,102
	500,000	Diageo Capital plc		3.000		05/18/20		499,175
	500,000	Diageo Capital plc		3.500		09/18/23		501,557
	425,000	Diageo Capital plc		3.875		05/18/28		427,359
	200,000	Diageo Capital plc		5.875		09/30/36		239,446
	400,000	Diageo Capital plc		3.875		04/29/43		381,028
	500,000	Dr Pepper Snapple Group, Inc		3.130		12/15/23		476,467
	200,000	Dr Pepper Snapple Group, Inc		3.400		11/15/25		188,612
	200,000	Dr Pepper Snapple Group, Inc		2.550		09/15/26		174,683
	500,000	Dr Pepper Snapple Group, Inc		4.420		12/15/46		455,461
	150,000	Flowers Foods, Inc		4.375		04/01/22		152,604
	100,000	Flowers Foods, Inc		3.500		10/01/26		92,982
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		191,251
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		291,676
	175,000	General Mills, Inc		2.200		10/21/19		173,722
	200,000	General Mills, Inc		3.150		12/15/21		197,795
	500,000	General Mills, Inc		2.600		10/12/22		479,311
	500,000	General Mills, Inc		3.650		02/15/24		491,766
	500,000	General Mills, Inc		3.200		02/10/27		458,212
	2,500,000	General Mills, Inc		4.200		04/17/28		2,465,700
	150,000	General Mills, Inc		5.400		06/15/40		156,051
	100,000	General Mills, Inc		4.150		02/15/43		88,222
	200,000	General Mills, Inc		4.700		04/17/48		191,627
	150,000	Hershey Co		4.125		12/01/20		153,470
	300,000	Hershey Co		3.100		05/15/21		299,895
	300,000	Hershey Co		3.375		05/15/23		299,518
	500,000	Hershey Co		2.300		08/15/26		450,462
	300,000	Hershey Co		3.375		08/15/46		263,654
	300,000	Ingredion, Inc		3.200		10/01/26		278,153

76

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		JM Smucker Co		2.200	%	12/06/19	$	197,933
	175,000		JM Smucker Co		2.500		03/15/20		173,321
	100,000		JM Smucker Co		3.500		10/15/21		100,553
	300,000		JM Smucker Co		3.000		03/15/22		293,219
	600,000		JM Smucker Co		3.500		03/15/25		577,168
	200,000		JM Smucker Co		3.375		12/15/27		185,256
	300,000		JM Smucker Co		4.250		03/15/35		282,689
	300,000		JM Smucker Co		4.375		03/15/45		275,581
	1,279,000		Kellogg Co		4.000		12/15/20		1,298,968
	300,000		Kellogg Co		3.250		05/14/21		298,567
	500,000		Kellogg Co		2.650		12/01/23		475,355
	1,125,000		Kellogg Co		3.250		04/01/26		1,059,188
	200,000		Kellogg Co		3.400		11/15/27		185,792
	300,000		Kellogg Co		4.300		05/15/28		297,759
	150,000		Kellogg Co		4.500		04/01/46		142,296
	2,275,000		Kraft Foods Group, Inc		3.500		06/06/22		2,260,450
	300,000		Kraft Foods Group, Inc		6.500		02/09/40		335,675
	700,000		Kraft Foods Group, Inc		5.000		06/04/42		667,432
	700,000		Kraft Heinz Foods Co		2.800		07/02/20		694,025
	500,000		Kraft Heinz Foods Co		3.375		06/15/21		497,326
	200,000		Kraft Heinz Foods Co		3.500		07/15/22		198,447
	750,000		Kraft Heinz Foods Co		4.000		06/15/23		751,305
	900,000		Kraft Heinz Foods Co		3.950		07/15/25		886,545
	1,500,000		Kraft Heinz Foods Co		3.000		06/01/26		1,368,523
	1,500,000		Kraft Heinz Foods Co		4.625		01/30/29		1,496,596
	600,000		Kraft Heinz Foods Co		5.000		07/15/35		592,027
	1,000,000		Kraft Heinz Foods Co		5.200		07/15/45		976,383
	1,500,000		Kraft Heinz Foods Co		4.375		06/01/46		1,322,682
	750,000	g	Maple Escrow Subsidiary, Inc		3.551		05/25/21		748,640
	1,000,000	g	Maple Escrow Subsidiary, Inc		4.057		05/25/23		1,001,231
	1,250,000	g	Maple Escrow Subsidiary, Inc		4.597		05/25/28		1,255,650
	750,000	g	Maple Escrow Subsidiary, Inc		5.085		05/25/48		764,655
	250,000		McCormick & Co, Inc		2.700		08/15/22		242,130
	250,000		McCormick & Co, Inc		3.150		08/15/24		240,209
	250,000		McCormick & Co, Inc		3.400		08/15/27		237,789
	400,000		McCormick & Co, Inc		4.200		08/15/47		377,586
	385,000		Mead Johnson Nutrition Co		4.900		11/01/19		392,487
	600,000		Mead Johnson Nutrition Co		3.000		11/15/20		597,874
	225,000		Mead Johnson Nutrition Co		4.125		11/15/25		227,677
	350,000		Mead Johnson Nutrition Co		4.600		06/01/44		353,618
	500,000		Molson Coors Brewing Co		2.250		03/15/20		492,683
	500,000		Molson Coors Brewing Co		2.100		07/15/21		480,748
	150,000		Molson Coors Brewing Co		3.500		05/01/22		148,695
	750,000		Molson Coors Brewing Co		3.000		07/15/26		680,115
	300,000		Molson Coors Brewing Co		5.000		05/01/42		298,321
	1,250,000		Molson Coors Brewing Co		4.200		07/15/46		1,107,023
	500,000		Mondelez International, Inc		3.000		05/07/20		498,636
	500,000		Mondelez International, Inc		3.625		05/07/23		497,461
	500,000		Mondelez International, Inc		4.125		05/07/28		493,783
	500,000		Mondelez International, Inc		4.625		05/07/48		484,812
	300,000		PepsiCo, Inc		1.350		10/04/19		295,733
	100,000		PepsiCo, Inc		4.500		01/15/20		102,048
	500,000		PepsiCo, Inc		1.850		04/30/20		492,038

77

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	PepsiCo, Inc		2.150	%	10/14/20	$	295,178
	600,000	PepsiCo, Inc		3.125		11/01/20		601,605
	300,000	PepsiCo, Inc		2.000		04/15/21		291,979
	200,000	PepsiCo, Inc		3.000		08/25/21		199,550
	1,300,000	PepsiCo, Inc		1.700		10/06/21		1,248,303
	400,000	PepsiCo, Inc		2.750		03/05/22		394,210
	500,000	PepsiCo, Inc		2.250		05/02/22		484,122
	300,000	PepsiCo, Inc		3.100		07/17/22		298,512
	500,000	PepsiCo, Inc		2.750		03/01/23		488,762
	1,000,000	PepsiCo, Inc		3.600		03/01/24		1,009,174
	300,000	PepsiCo, Inc		2.750		04/30/25		286,735
	425,000	PepsiCo, Inc		3.500		07/17/25		424,976
	100,000	PepsiCo, Inc		2.850		02/24/26		95,111
	1,000,000	PepsiCo, Inc		2.375		10/06/26		914,069
	2,500,000	PepsiCo, Inc		3.000		10/15/27		2,384,921
	310,000	PepsiCo, Inc		4.875		11/01/40		339,544
	400,000	PepsiCo, Inc		4.000		03/05/42		393,313
	200,000	PepsiCo, Inc		3.600		08/13/42		185,195
	450,000	PepsiCo, Inc		4.600		07/17/45		478,436
	800,000	PepsiCo, Inc		4.450		04/14/46		841,904
	275,000	PepsiCo, Inc		3.450		10/06/46		246,752
	750,000	PepsiCo, Inc		4.000		05/02/47		734,849
	300,000	Philip Morris International, Inc		1.875		11/01/19		296,654
	300,000	Philip Morris International, Inc		2.000		02/21/20		295,922
	200,000	Philip Morris International, Inc		2.900		11/15/21		197,512
	300,000	Philip Morris International, Inc		2.625		02/18/22		291,921
	300,000	Philip Morris International, Inc		2.375		08/17/22		287,997
	200,000	Philip Morris International, Inc		2.500		08/22/22		192,864
	300,000	Philip Morris International, Inc		2.500		11/02/22		288,205
	500,000	Philip Morris International, Inc		2.625		03/06/23		479,350
	300,000	Philip Morris International, Inc		2.125		05/10/23		281,705
	300,000	Philip Morris International, Inc		3.600		11/15/23		299,814
	500,000	Philip Morris International, Inc		3.250		11/10/24		488,324
	300,000	Philip Morris International, Inc		3.375		08/11/25		292,037
	700,000	Philip Morris International, Inc		2.750		02/25/26		650,033
	1,300,000	Philip Morris International, Inc		3.125		08/17/27		1,229,188
	1,500,000	Philip Morris International, Inc		3.125		03/02/28		1,418,168
	240,000	Philip Morris International, Inc		6.375		05/16/38		288,517
	150,000	Philip Morris International, Inc		4.375		11/15/41		144,532
	200,000	Philip Morris International, Inc		4.500		03/20/42		195,189
	150,000	Philip Morris International, Inc		3.875		08/21/42		134,764
	300,000	Philip Morris International, Inc		4.125		03/04/43		278,362
	200,000	Philip Morris International, Inc		4.875		11/15/43		203,687
	1,300,000	Philip Morris International, Inc		4.250		11/10/44		1,225,551
	270,000	Reynolds American, Inc		6.875		05/01/20		284,590
	375,000	Reynolds American, Inc		3.250		06/12/20		374,221
	2,250,000	Reynolds American, Inc		4.000		06/12/22		2,263,493
	200,000	Reynolds American, Inc		4.850		09/15/23		207,475
	750,000	Reynolds American, Inc		5.700		08/15/35		800,165
	65,000	Reynolds American, Inc		7.250		06/15/37		80,150
	200,000	Reynolds American, Inc		6.150		09/15/43		222,593
	750,000	Reynolds American, Inc		5.850		08/15/45		814,530

78

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,400,000	Tyson Foods, Inc		4.500	%	06/15/22	$	1,441,487
	100,000	Tyson Foods, Inc		3.900		09/28/23		100,370
	500,000	Tyson Foods, Inc		3.950		08/15/24		499,713
	300,000	Tyson Foods, Inc		3.550		06/02/27		282,996
	500,000	Tyson Foods, Inc		5.150		08/15/44		507,043
	300,000	Tyson Foods, Inc		4.550		06/02/47		278,292
	150,000	Tyson Foods, Inc		5.100		09/28/48		152,741
		TOTAL FOOD, BEVERAGE & TOBACCO						140,742,969
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	100,000	AmerisourceBergen Corp		3.500		11/15/21		99,896
	400,000	AmerisourceBergen Corp		3.400		05/15/24		390,006
	700,000	AmerisourceBergen Corp		3.250		03/01/25		666,965
	200,000	AmerisourceBergen Corp		3.450		12/15/27		186,536
	700,000	AmerisourceBergen Corp		4.300		12/15/47		633,086
	500,000	Anthem, Inc		2.500		11/21/20		492,066
	500,000	Anthem, Inc		2.950		12/01/22		486,051
	1,400,000	Anthem, Inc		3.350		12/01/24		1,359,880
	400,000	Anthem, Inc		3.650		12/01/27		380,140
	1,000,000	Anthem, Inc		4.101		03/01/28		984,451
	400,000	Anthem, Inc		4.375		12/01/47		378,704
	1,000,000	Anthem, Inc		4.550		03/01/48		966,785
	500,000	Ascension Health		3.945		11/15/46		484,277
	200,000	Ascension Health, Inc		4.847		11/15/53		219,471
	300,000	Baxter International, Inc		1.700		08/15/21		285,509
	300,000	Baxter International, Inc		2.600		08/15/26		272,544
	300,000	Baxter International, Inc		3.500		08/15/46		251,283
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		284,836
	200,000	Baylor Scott & White Holdings		3.967		11/15/46		189,556
	1,414,000	Becton Dickinson & Co		2.675		12/15/19		1,405,993
	750,000	Becton Dickinson & Co		3.363		06/06/24		724,413
	151,000	Becton Dickinson & Co		3.734		12/15/24		147,843
	500,000	Becton Dickinson & Co		4.685		12/15/44		492,227
	1,000,000	Becton Dickinson & Co		4.669		06/06/47		987,565
	750,000	Becton Dickinson and Co		2.404		06/05/20		738,590
	750,000	Becton Dickinson and Co		2.894		06/06/22		729,075
	2,000,000	Becton Dickinson and Co		3.700		06/06/27		1,912,059
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		102,672
	650,000	Boston Scientific Corp		6.000		01/15/20		672,669
	300,000	Boston Scientific Corp		2.850		05/15/20		297,834
	300,000	Boston Scientific Corp		3.375		05/15/22		296,786
	150,000	Boston Scientific Corp		4.125		10/01/23		151,899
	1,400,000	Boston Scientific Corp		3.850		05/15/25		1,394,380
	500,000	Boston Scientific Corp		4.000		03/01/28		493,748
	200,000	Cardinal Health, Inc		2.400		11/15/19		198,450
	100,000	Cardinal Health, Inc		4.625		12/15/20		102,092
	350,000	Cardinal Health, Inc		2.616		06/15/22		334,632
	100,000	Cardinal Health, Inc		3.200		06/15/22		97,665
	200,000	Cardinal Health, Inc		3.200		03/15/23		194,271
	500,000	Cardinal Health, Inc		3.079		06/15/24		472,202
	100,000	Cardinal Health, Inc		3.500		11/15/24		96,035
	200,000	Cardinal Health, Inc		3.750		09/15/25		192,451
	300,000	Cardinal Health, Inc		3.410		06/15/27		276,744

79

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Cardinal Health, Inc		4.600	%	03/15/43	$	91,166
	200,000		Cardinal Health, Inc		4.500		11/15/44		179,268
	200,000		Cardinal Health, Inc		4.900		09/15/45		190,346
	500,000		Cardinal Health, Inc		4.368		06/15/47		447,970
	450,000		Coventry Health Care, Inc		5.450		06/15/21		471,184
	150,000		Covidien International Finance S.A.		3.200		06/15/22		148,459
	100,000		Dartmouth-Hitchcock Health		4.178		08/01/48		96,354
	200,000		Dignity Health		5.267		11/01/64		196,989
	400,000		Duke University Health System, Inc		3.920		06/01/47		385,289
	300,000		Edwards Lifesciences Corp		4.300		06/15/28		299,684
	200,000		Express Scripts Holding Co		2.600		11/30/20		196,813
	150,000		Express Scripts Holding Co		3.300		02/25/21		149,227
	250,000		Express Scripts Holding Co		4.750		11/15/21		258,012
	525,000		Express Scripts Holding Co		3.900		02/15/22		527,882
	200,000		Express Scripts Holding Co		3.050		11/30/22		194,062
	1,100,000		Express Scripts Holding Co		3.000		07/15/23		1,059,013
	300,000		Express Scripts Holding Co		3.500		06/15/24		291,828
	150,000		Express Scripts Holding Co		4.500		02/25/26		151,280
	1,300,000		Express Scripts Holding Co		3.400		03/01/27		1,207,440
	93,000		Express Scripts Holding Co		6.125		11/15/41		104,147
	750,000		Express Scripts Holding Co		4.800		07/15/46		730,896
	200,000		Hackensack Meridian Health, Inc		4.211		07/01/48		196,401
	200,000		Hackensack Meridian Health, Inc		4.500		07/01/57		203,839
	500,000	g	Halfmoon Parent, Inc		3.200		09/17/20		498,105
	1,500,000	g	Halfmoon Parent, Inc		3.400		09/17/21		1,494,345
	1,500,000	g	Halfmoon Parent, Inc		3.750		07/15/23		1,494,293
	500,000	g	Halfmoon Parent, Inc		4.125		11/15/25		498,401
	3,000,000	g	Halfmoon Parent, Inc		4.375		10/15/28		2,989,581
	600,000	g	Halfmoon Parent, Inc		4.800		08/15/38		599,063
	575,000	g	Halfmoon Parent, Inc		4.900		12/15/48		574,275
	200,000		Indiana University Health, Inc Obligated Group		3.970		11/01/48		196,241
	100,000		Johns Hopkins Health System Corp		3.837		05/15/46		94,296
	100,000		Kaiser Foundation Hospitals		3.500		04/01/22		100,178
	500,000		Kaiser Foundation Hospitals		3.150		05/01/27		479,256
	100,000		Kaiser Foundation Hospitals		4.875		04/01/42		110,255
	1,265,000		Kaiser Foundation Hospitals		4.150		05/01/47		1,261,283
	200,000		Keysight Technologies, Inc		3.300		10/30/19		199,904
	200,000		Keysight Technologies, Inc		4.550		10/30/24		202,055
	300,000		Keysight Technologies, Inc		4.600		04/06/27		299,871
	550,000		Laboratory Corp of America Holdings		2.625		02/01/20		546,527
	300,000		Laboratory Corp of America Holdings		3.200		02/01/22		295,957
	200,000		Laboratory Corp of America Holdings		3.750		08/23/22		200,175
	700,000		Laboratory Corp of America Holdings		4.000		11/01/23		704,305
	200,000		Laboratory Corp of America Holdings		3.250		09/01/24		191,519
	100,000		Laboratory Corp of America Holdings		3.600		02/01/25		97,226
	300,000		Laboratory Corp of America Holdings		3.600		09/01/27		286,771
	300,000		Laboratory Corp of America Holdings		4.700		02/01/45		290,761
	200,000		Mayo Clinic		4.128		11/15/52		199,210
	200,000		Mayo Clinic Rochester		4.000		11/15/47		194,656
	600,000		McKesson Corp		2.700		12/15/22		574,450
	200,000		McKesson Corp		2.850		03/15/23		191,066
	1,000,000		McKesson Corp		3.796		03/15/24		992,628

80

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	McKesson Corp		3.950	%	02/16/28	$	482,561
	1,325,000	Medtronic Global Holdings S.C.A		3.350		04/01/27		1,292,931
	875,000	Medtronic, Inc		2.500		03/15/20		869,146
	1,100,000	Medtronic, Inc		3.150		03/15/22		1,092,410
	1,000,000	Medtronic, Inc		3.625		03/15/24		1,004,622
	4,500,000	Medtronic, Inc		3.500		03/15/25		4,463,974
	936,000	Medtronic, Inc		4.375		03/15/35		966,813
	200,000	Medtronic, Inc		4.500		03/15/42		206,187
	1,000,000	Medtronic, Inc		4.625		03/15/44		1,052,874
	1,050,000	Medtronic, Inc		4.625		03/15/45		1,110,236
	100,000	Mount Sinai Hospitals Group, Inc		3.981		07/01/48		93,749
	300,000	New York and Presbyterian Hospital		4.024		08/01/45		290,712
	150,000	New York and Presbyterian Hospital		4.063		08/01/56		143,137
	140,000	Northwell Healthcare, Inc		3.979		11/01/46		126,885
	175,000	Northwell Healthcare, Inc		4.260		11/01/47		166,075
	350,000	NYU Hospitals Center		5.750		07/01/43		425,388
	250,000	NYU Hospitals Center		4.368		07/01/47		251,931
	150,000	PerkinElmer, Inc		5.000		11/15/21		154,834
	200,000	Providence St. Joseph Health Obligated Group		2.746		10/01/26		183,022
	100,000	Providence St. Joseph Health Obligated Group		3.744		10/01/47		90,414
	350,000	Providence St. Joseph Health Obligated Group		3.930		10/01/48		325,758
	200,000	Quest Diagnostics, Inc		2.500		03/30/20		197,814
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		411,464
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		120,477
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		291,117
	200,000	RWJ Barnabas Health, Inc		3.949		07/01/46		185,343
	300,000	SSM Health Care Corp		3.688		06/01/23		300,207
	200,000	SSM Health Care Corp		3.823		06/01/27		197,330
	500,000	Stanford Health Care		3.795		11/15/48		472,345
	850,000	Stryker Corp		2.625		03/15/21		837,097
	200,000	Stryker Corp		3.375		11/01/25		192,200
	1,600,000	Stryker Corp		3.500		03/15/26		1,546,765
	500,000	Stryker Corp		3.650		03/07/28		482,340
	200,000	Stryker Corp		4.100		04/01/43		185,445
	200,000	Stryker Corp		4.375		05/15/44		192,711
	250,000	Stryker Corp		4.625		03/15/46		251,787
	200,000	Sutter Health		3.695		08/15/28		196,248
	200,000	Sutter Health		4.091		08/15/48		189,632
	100,000	Texas Health Resources		4.330		11/15/55		101,243
	650,000	Thermo Fisher Scientific, Inc		3.300		02/15/22		643,917
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		244,287
	1,300,000	Thermo Fisher Scientific, Inc		3.000		04/15/23		1,260,080
	600,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		611,021
	150,000	Thermo Fisher Scientific, Inc		3.650		12/15/25		146,812
	775,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		718,525
	1,150,000	Thermo Fisher Scientific, Inc		3.200		08/15/27		1,074,892
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		219,108
	200,000	Thermo Fisher Scientific, Inc		4.100		08/15/47		187,153
	300,000	Trinity Health Corp		4.125		12/01/45		287,413
	250,000	Zimmer Biomet Holdings, Inc		3.700		03/19/23		248,296
	500,000	Zimmer Holdings, Inc		2.700		04/01/20		495,110
	750,000	Zimmer Holdings, Inc		3.150		04/01/22		734,511
	1,925,000	Zimmer Holdings, Inc		3.550		04/01/25		1,846,308
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						75,021,196

81

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
$	100,000	Clorox Co		3.800	%	11/15/21	$	101,418
	100,000	Clorox Co		3.050		09/15/22		98,776
	200,000	Clorox Co		3.500		12/15/24		197,333
	300,000	Clorox Co		3.100		10/01/27		281,661
	500,000	Clorox Co		3.900		05/15/28		498,567
	200,000	Colgate-Palmolive Co		2.300		05/03/22		194,471
	200,000	Colgate-Palmolive Co		2.250		11/15/22		193,099
	200,000	Colgate-Palmolive Co		1.950		02/01/23		188,760
	300,000	Colgate-Palmolive Co		3.250		03/15/24		297,581
	60,000	Colgate-Palmolive Co		6.450		06/16/28		72,178
	300,000	Colgate-Palmolive Co		4.000		08/15/45		295,113
	200,000	Colgate-Palmolive Co		3.700		08/01/47		188,534
	375,000	Ecolab, Inc		2.250		01/12/20		370,979
	286,000	Ecolab, Inc		4.350		12/08/21		294,513
	300,000	Ecolab, Inc		2.375		08/10/22		287,539
	200,000	Ecolab, Inc		3.250		01/14/23		197,291
	625,000	Ecolab, Inc		2.700		11/01/26		578,260
	300,000	Ecolab, Inc		3.250		12/01/27		287,805
	14,000	Ecolab, Inc		5.500		12/08/41		16,288
	210,000	Ecolab, Inc		3.950		12/01/47		199,170
	200,000	Estee Lauder Cos, Inc		1.800		02/07/20		197,108
	200,000	Estee Lauder Cos, Inc		2.350		08/15/22		192,813
	200,000	Estee Lauder Cos, Inc		3.150		03/15/27		190,165
	100,000	Estee Lauder Cos, Inc		6.000		05/15/37		121,763
	300,000	Estee Lauder Cos, Inc		4.375		06/15/45		309,228
	200,000	Estee Lauder Cos, Inc		4.150		03/15/47		200,314
	300,000	Procter & Gamble Co		1.900		11/01/19		297,269
	500,000	Procter & Gamble Co		1.850		02/02/21		486,940
	800,000	Procter & Gamble Co		2.300		02/06/22		778,065
	300,000	Procter & Gamble Co		2.150		08/11/22		288,728
	600,000	Procter & Gamble Co		3.100		08/15/23		596,189
	750,000	Procter & Gamble Co		2.700		02/02/26		710,799
	1,750,000	Procter & Gamble Co		2.450		11/03/26		1,620,761
	750,000	Procter & Gamble Co		2.850		08/11/27		712,930
	200,000	Procter & Gamble Co		3.500		10/25/47		186,054
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						11,728,462
INSURANCE - 1.0%
	500,000	ACE INA Holdings, Inc		2.875		11/03/22		489,332
	250,000	ACE INA Holdings, Inc		2.700		03/13/23		241,645
	400,000	ACE INA Holdings, Inc		3.150		03/15/25		386,468
	1,675,000	ACE INA Holdings, Inc		3.350		05/03/26		1,627,330
	150,000	ACE INA Holdings, Inc		4.150		03/13/43		147,722
	1,600,000	ACE INA Holdings, Inc		4.350		11/03/45		1,631,321
	500,000	Aegon NV		5.500		04/11/48		483,800
	1,000,000	Aetna, Inc		2.750		11/15/22		964,269
	750,000	Aetna, Inc		2.800		06/15/23		718,529
	240,000	Aetna, Inc		6.625		06/15/36		291,904
	350,000	Aetna, Inc		4.500		05/15/42		336,075

82

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Aetna, Inc		4.125	%	11/15/42	$	457,383
	875,000		Aetna, Inc		3.875		08/15/47		770,219
	500,000		Aflac, Inc		2.400		03/16/20		495,283
	600,000		Aflac, Inc		3.625		06/15/23		601,156
	200,000		Aflac, Inc		3.625		11/15/24		199,159
	200,000		Aflac, Inc		2.875		10/15/26		184,567
	200,000		Aflac, Inc		4.000		10/15/46		184,306
	300,000		Alleghany Corp		4.950		06/27/22		311,967
	200,000		Alleghany Corp		4.900		09/15/44		199,094
	300,000		Allied World Assurance Co Holdings Ltd		4.350		10/29/25		291,857
	1,250,000		Allstate Corp		3.150		06/15/23		1,226,188
	100,000		Allstate Corp		3.280		12/15/26		96,247
	600,000		Allstate Corp		4.500		06/15/43		609,484
	800,000		Allstate Corp		4.200		12/15/46		780,535
	200,000		Allstate Corp		5.750		08/15/53		206,000
	300,000		American Financial Group, Inc		3.500		08/15/26		279,153
	200,000		American Financial Group, Inc		4.500		06/15/47		186,251
	300,000		American International Group, Inc		3.300		03/01/21		299,306
	1,600,000		American International Group, Inc		4.875		06/01/22		1,667,800
	200,000		American International Group, Inc		3.750		07/10/25		194,738
	800,000		American International Group, Inc		3.900		04/01/26		782,784
	575,000		American International Group, Inc		4.200		04/01/28		568,621
	1,500,000		American International Group, Inc		3.875		01/15/35		1,358,180
	300,000		American International Group, Inc		4.700		07/10/35		298,924
	800,000		American International Group, Inc		6.250		05/01/36		917,529
	500,000		American International Group, Inc		4.500		07/16/44		468,643
	300,000		American International Group, Inc		4.800		07/10/45		295,317
	1,000,000		American International Group, Inc		4.750		04/01/48		976,988
	300,000		American International Group, Inc		5.750		04/01/48		291,375
	200,000		American International Group, Inc		4.375		01/15/55		175,373
	50,000		Aon plc		5.000		09/30/20		51,469
	200,000		Aon plc		2.800		03/15/21		196,418
	200,000		Aon plc		4.000		11/27/23		202,078
	300,000		Aon plc		3.500		06/14/24		292,526
	1,800,000		Aon plc		3.875		12/15/25		1,782,037
	200,000		Aon plc		6.250		09/30/40		238,165
	250,000		Aon plc		4.750		05/15/45		249,725
	200,000		Arch Capital Group Ltd		4.011		12/15/26		197,473
	200,000		Arch Capital Group Ltd		5.031		12/15/46		208,663
	300,000		Arch Capital Group US, Inc		5.144		11/01/43		317,402
	200,000		Aspen Insurance Holdings Ltd		4.650		11/15/23		202,053
	100,000		Assurant, Inc		4.000		03/15/23		99,023
	300,000		Assurant, Inc		4.200		09/27/23		298,298
	300,000		Assurant, Inc		4.900		03/27/28		299,108
	38,000		Assurant, Inc		6.750		02/15/34		43,520
	200,000		Assured Guaranty US Holdings, Inc		5.000		07/01/24		206,140
	300,000		Athene Holding Ltd		4.125		01/12/28		280,142
	100,000	g	AXA Equitable Holdings, Inc		3.900		04/20/23		99,252
	500,000	g	AXA Equitable Holdings, Inc		4.350		04/20/28		483,457
	250,000	g	AXA Equitable Holdings, Inc		5.000		04/20/48		232,558
	770,000		AXA S.A.		8.600		12/15/30		1,001,000
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		51,826
	200,000		AXIS Specialty Finance plc		4.000		12/06/27		189,090

83

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	425,000		Berkshire Hathaway Finance Corp		1.300	%	08/15/19	$	419,884
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		305,342
	1,000,000		Berkshire Hathaway Finance Corp		4.200		08/15/48		991,568
	1,350,000		Brighthouse Financial, Inc		3.700		06/22/27		1,198,234
	350,000		Brighthouse Financial, Inc		4.700		06/22/47		289,216
	350,000		Chubb Corp		6.000		05/11/37		422,995
	500,000		Chubb INA Holdings, Inc		2.300		11/03/20		490,884
	540,000		Cigna Corp		5.125		06/15/20		556,323
	900,000		Cigna Corp		3.250		04/15/25		851,732
	300,000		Cigna Corp		3.050		10/15/27		270,974
	1,000,000		Cigna Corp		3.875		10/15/47		856,138
	200,000		Cincinnati Financial Corp		6.920		05/15/28		241,204
	500,000		CNA Financial Corp		5.750		08/15/21		529,083
	690,000		CNA Financial Corp		3.950		05/15/24		686,142
	200,000		CNA Financial Corp		4.500		03/01/26		202,160
	125,000		CNA Financial Corp		3.450		08/15/27		115,684
	200,000		Enstar Group Ltd		4.500		03/10/22		200,845
	300,000		Everest Reinsurance Holdings, Inc		4.868		06/01/44		298,572
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		265,478
	300,000	g	Fidelity National Financial, Inc		4.500		08/15/28		294,946
	200,000		Hanover Insurance Group, Inc		4.500		04/15/26		199,169
	175,000		Hartford Financial Services Group, Inc		5.500		03/30/20		180,268
	1,250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		1,310,778
	400,000		Hartford Financial Services Group, Inc		4.300		04/15/43		378,498
	300,000		Hartford Financial Services Group, Inc		4.400		03/15/48		289,037
	300,000		Humana, Inc		2.625		10/01/19		298,787
	150,000		Humana, Inc		2.500		12/15/20		147,228
	100,000		Humana, Inc		3.150		12/01/22		97,857
	400,000		Humana, Inc		2.900		12/15/22		387,493
	300,000		Humana, Inc		3.850		10/01/24		298,153
	100,000		Humana, Inc		3.950		03/15/27		98,245
	200,000		Humana, Inc		4.625		12/01/42		197,712
	300,000		Humana, Inc		4.950		10/01/44		312,160
	100,000		Humana, Inc		4.800		03/15/47		101,830
	200,000		ING US, Inc		5.700		07/15/43		219,133
	200,000		Kemper Corp		4.350		02/15/25		196,419
	400,000		Leucadia National Corp		5.500		10/18/23		414,182
	400,000		Lincoln National Corp		4.200		03/15/22		405,732
	625,000		Lincoln National Corp		4.000		09/01/23		631,913
	175,000		Lincoln National Corp		3.350		03/09/25		168,037
	600,000		Lincoln National Corp		3.625		12/12/26		573,936
	125,000		Lincoln National Corp		3.800		03/01/28		120,603
	2,000		Lincoln National Corp		6.150		04/07/36		2,279
	150,000		Lincoln National Corp		7.000		06/15/40		187,995
	250,000		Lincoln National Corp		4.350		03/01/48		232,729
	200,000		Loews Corp		2.625		05/15/23		192,017
	200,000		Loews Corp		3.750		04/01/26		198,218
	200,000		Loews Corp		4.125		05/15/43		186,653
	100,000		Manulife Financial Corp		4.900		09/17/20		102,978
	700,000		Manulife Financial Corp		4.150		03/04/26		705,788
	1,300,000		Manulife Financial Corp		4.061		02/24/32		1,237,927
	200,000		Manulife Financial Corp		5.375		03/04/46		224,587

84

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Markel Corp		4.900	%	07/01/22	$	154,423
	600,000	Markel Corp		3.500		11/01/27		558,508
	150,000	Markel Corp		5.000		04/05/46		153,167
	100,000	Markel Corp		4.300		11/01/47		91,427
	500,000	Marsh & McLennan Cos, Inc		2.350		09/10/19		497,348
	2,300,000	Marsh & McLennan Cos, Inc		3.500		03/10/25		2,235,580
	100,000	Marsh & McLennan Cos, Inc		4.350		01/30/47		95,424
	300,000	Marsh & McLennan Cos, Inc		4.200		03/01/48		282,518
	200,000	Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		196,949
	500,000	Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		499,667
	200,000	Mercury General Corp		4.400		03/15/27		192,509
	1,050,000	MetLife, Inc		4.750		02/08/21		1,083,102
	700,000	MetLife, Inc		3.048		12/15/22		688,528
	325,000	MetLife, Inc		4.368		09/15/23		337,409
	500,000	MetLife, Inc		3.600		04/10/24		501,897
	700,000	MetLife, Inc		3.600		11/13/25		697,163
	550,000	MetLife, Inc		6.375		06/15/34		662,410
	405,000	MetLife, Inc		5.700		06/15/35		464,270
	130,000	MetLife, Inc		5.875		02/06/41		153,166
	450,000	MetLife, Inc		4.125		08/13/42		426,024
	600,000	MetLife, Inc		4.875		11/13/43		630,070
	500,000	MetLife, Inc		4.721		12/15/44		513,744
	800,000	MetLife, Inc		4.050		03/01/45		747,625
	450,000	MetLife, Inc		4.600		05/13/46		456,845
	200,000	Montpelier Re Holdings Ltd		4.700		10/15/22		202,244
	20,000	Nationwide Financial Services		6.750		05/15/37		21,800
	200,000	Old Republic International Corp		4.875		10/01/24		205,710
	100,000	Old Republic International Corp		3.875		08/26/26		95,589
	100,000	Orlando Health Obligated Group		4.089		10/01/48		96,265
	100,000	PartnerRe Ltd		5.500		06/01/20		103,096
	100,000	Primerica, Inc		4.750		07/15/22		103,180
	100,000	Principal Financial Group, Inc		3.300		09/15/22		98,503
	150,000	Principal Financial Group, Inc		3.125		05/15/23		146,141
	200,000	Principal Financial Group, Inc		3.400		05/15/25		193,739
	100,000	Principal Financial Group, Inc		3.100		11/15/26		92,856
	100,000	Principal Financial Group, Inc		4.625		09/15/42		99,311
	200,000	Principal Financial Group, Inc		4.350		05/15/43		191,313
	300,000	Principal Financial Group, Inc		4.300		11/15/46		282,424
	200,000	Principal Financial Group, Inc		4.700		05/15/55		200,000
	650,000	Progressive Corp		2.450		01/15/27		589,251
	120,000	Progressive Corp		6.250		12/01/32		144,529
	300,000	Progressive Corp		4.350		04/25/44		299,762
	300,000	Progressive Corp		3.700		01/26/45		269,322
	200,000	Progressive Corp		4.125		04/15/47		194,918
	750,000	Progressive Corp		4.200		03/15/48		737,997
	100,000	Protective Life Corp		7.375		10/15/19		104,195
	200,000	Prudential Financial, Inc		2.350		08/15/19		199,158
	891,000	Prudential Financial, Inc		4.500		11/16/21		918,781
	300,000	Prudential Financial, Inc		3.878		03/27/28		297,240
	600,000	Prudential Financial, Inc		5.200		03/15/44		597,000
	1,300,000	Prudential Financial, Inc		4.600		05/15/44		1,306,801
	200,000	Prudential Financial, Inc		5.375		05/15/45		199,500
	2,300,000	Prudential Financial, Inc		4.500		09/15/47		2,121,750

85

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Prudential Financial, Inc		4.418	%	03/27/48	$	294,449
	500,000	Prudential Financial, Inc		5.700		09/15/48		498,290
	799,000	Prudential Financial, Inc		3.935		12/07/49		716,954
	100,000	Reinsurance Group of America, Inc		5.000		06/01/21		103,742
	250,000	Reinsurance Group of America, Inc		4.700		09/15/23		256,735
	200,000	RenaissanceRe Finance, Inc		3.700		04/01/25		194,847
	200,000	RenaissanceRe Finance, Inc		3.450		07/01/27		187,687
	250,000	Torchmark Corp		3.800		09/15/22		248,699
	20,000	Transatlantic Holdings, Inc		8.000		11/30/39		27,290
	600,000	Travelers Cos, Inc		5.350		11/01/40		684,204
	200,000	Travelers Cos, Inc		4.600		08/01/43		207,962
	250,000	Travelers Cos, Inc		4.300		08/25/45		250,719
	400,000	Travelers Cos, Inc		3.750		05/15/46		369,183
	1,100,000	Travelers Cos, Inc		4.000		05/30/47		1,052,798
	500,000	Travelers Cos, Inc		4.050		03/07/48		482,564
	100,000	Travelers Property Casualty Corp		6.375		03/15/33		123,806
	500,000	UnitedHealth Group, Inc		2.300		12/15/19		496,065
	500,000	UnitedHealth Group, Inc		2.700		07/15/20		496,839
	300,000	UnitedHealth Group, Inc		1.950		10/15/20		293,682
	700,000	UnitedHealth Group, Inc		4.700		02/15/21		721,169
	300,000	UnitedHealth Group, Inc		2.125		03/15/21		292,926
	500,000	UnitedHealth Group, Inc		3.150		06/15/21		498,743
	500,000	UnitedHealth Group, Inc		2.875		12/15/21		494,305
	500,000	UnitedHealth Group, Inc		3.350		07/15/22		499,228
	300,000	UnitedHealth Group, Inc		2.375		10/15/22		287,650
	325,000	UnitedHealth Group, Inc		2.750		02/15/23		315,175
	200,000	UnitedHealth Group, Inc		2.875		03/15/23		194,983
	500,000	UnitedHealth Group, Inc		3.500		06/15/23		500,913
	1,175,000	UnitedHealth Group, Inc		3.100		03/15/26		1,128,472
	300,000	UnitedHealth Group, Inc		3.375		04/15/27		291,306
	1,400,000	UnitedHealth Group, Inc		2.950		10/15/27		1,310,571
	2,000,000	UnitedHealth Group, Inc		3.850		06/15/28		2,003,870
	750,000	UnitedHealth Group, Inc		4.625		07/15/35		798,132
	365,000	UnitedHealth Group, Inc		6.625		11/15/37		473,521
	300,000	UnitedHealth Group, Inc		4.375		03/15/42		304,208
	350,000	UnitedHealth Group, Inc		3.950		10/15/42		333,277
	200,000	UnitedHealth Group, Inc		4.250		03/15/43		199,343
	1,250,000	UnitedHealth Group, Inc		4.750		07/15/45		1,335,690
	625,000	UnitedHealth Group, Inc		4.200		01/15/47		620,669
	300,000	UnitedHealth Group, Inc		4.250		04/15/47		300,531
	500,000	UnitedHealth Group, Inc		3.750		10/15/47		464,051
	1,500,000	UnitedHealth Group, Inc		4.250		06/15/48		1,497,564
	110,000	Unum Group		5.625		09/15/20		114,492
	200,000	Unum Group		3.000		05/15/21		196,761
	200,000	Unum Group		4.000		03/15/24		197,460
	100,000	Unum Group		5.750		08/15/42		104,684
	200,000	Verisk Analytics, Inc		5.800		05/01/21		210,446
	500,000	Verisk Analytics, Inc		4.000		06/15/25		493,661
	300,000	Verisk Analytics, Inc		5.500		06/15/45		302,767
	200,000	Voya Financial, Inc		3.125		07/15/24		188,634
	200,000	Voya Financial, Inc		3.650		06/15/26		190,455
	200,000	Voya Financial, Inc		4.800		06/15/46		198,100

86

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	WellPoint, Inc		2.250	%	08/15/19	$	298,374
	150,000	WellPoint, Inc		3.700		08/15/21		150,998
	800,000	WellPoint, Inc		3.125		05/15/22		787,284
	200,000	WellPoint, Inc		3.300		01/15/23		197,304
	1,000,000	WellPoint, Inc		4.625		05/15/42		975,748
	500,000	WellPoint, Inc		5.100		01/15/44		517,483
	300,000	WellPoint, Inc		4.650		08/15/44		294,749
	200,000	Willis Group Holdings plc		5.750		03/15/21		209,641
	275,000	Willis North America, Inc		3.600		05/15/24		267,153
	500,000	Willis North America, Inc		4.500		09/15/28		499,581
	300,000	Willis North America, Inc		5.050		09/15/48		299,053
	165,000	WR Berkley Corp		5.375		09/15/20		170,119
	250,000	WR Berkley Corp		4.625		03/15/22		256,586
	200,000	WR Berkley Corp		4.750		08/01/44		195,025
	350,000	XL Capital Ltd		6.375		11/15/24		390,698
	455,000	XLIT Ltd		4.450		03/31/25		450,586
	200,000	XLIT Ltd		5.250		12/15/43		215,100
		TOTAL INSURANCE						102,357,892
MATERIALS - 0.7%
	500,000	3M Co		3.000		09/14/21		499,112
	200,000	3M Co		1.625		09/19/21		191,067
	200,000	3M Co		2.000		06/26/22		191,880
	300,000	3M Co		2.250		03/15/23		288,509
	500,000	3M Co		3.250		02/14/24		498,198
	1,200,000	3M Co		3.000		08/07/25		1,169,344
	200,000	3M Co		2.250		09/19/26		181,661
	300,000	3M Co		2.875		10/15/27		283,660
	500,000	3M Co		3.625		09/14/28		499,137
	300,000	3M Co		3.875		06/15/44		288,315
	200,000	3M Co		3.125		09/19/46		169,765
	300,000	3M Co		3.625		10/15/47		282,324
	500,000	3M Co		4.000		09/14/48		500,226
	150,000	Air Products & Chemicals, Inc		3.000		11/03/21		149,093
	150,000	Air Products & Chemicals, Inc		2.750		02/03/23		145,429
	300,000	Air Products & Chemicals, Inc		3.350		07/31/24		297,518
	200,000	Airgas, Inc		3.650		07/15/24		200,272
	200,000	Albemarle Corp		4.150		12/01/24		201,681
	800,000	ArcelorMittal		5.500		03/01/21		830,112
	2,250,000	Barrick Gold Corp		5.250		04/01/42		2,343,137
	100,000	Bemis Co, Inc		6.800		08/01/19		103,035
	100,000	Bemis Co, Inc		3.100		09/15/26		90,401
	2,000,000	BHP Billiton Finance USA Ltd		2.875		02/24/22		1,967,623
	500,000	BHP Billiton Finance USA Ltd		4.125		02/24/42		492,397
	1,000,000	BHP Billiton Finance USA Ltd		5.000		09/30/43		1,108,471
	600,000	Braskem Finance Ltd		6.450		02/03/24		639,000
	200,000	Cabot Corp		3.700		07/15/22		197,812
	400,000	Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		401,600
	375,000	Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		354,750
	200,000	Celulosa Arauco y Constitucion S.A.		5.500		11/02/47		196,750
	100,000	Church & Dwight Co, Inc		2.450		08/01/22		95,916
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		243,045
	100,000	Church & Dwight Co, Inc		3.150		08/01/27		92,548

87

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Church & Dwight Co, Inc		3.950	%	08/01/47	$	89,960
	200,000	Domtar Corp		4.400		04/01/22		202,243
	929,000	Dow Chemical Co		4.250		11/15/20		945,957
	1,500,000	Dow Chemical Co		4.125		11/15/21		1,535,543
	1,400,000	Dow Chemical Co		3.500		10/01/24		1,369,879
	1,400,000	Dow Chemical Co		4.250		10/01/34		1,340,274
	875,000	Dow Chemical Co		4.375		11/15/42		828,866
	400,000	Dow Chemical Co		4.625		10/01/44		390,786
	400,000	Eastman Chemical Co		2.700		01/15/20		397,881
	122,000	Eastman Chemical Co		3.600		08/15/22		122,021
	727,000	Eastman Chemical Co		3.800		03/15/25		717,291
	150,000	Eastman Chemical Co		4.800		09/01/42		148,022
	300,000	Eastman Chemical Co		4.650		10/15/44		290,387
	300,000	EI du Pont de Nemours & Co		2.200		05/01/20		296,122
	3,000,000	EI du Pont de Nemours & Co		2.800		02/15/23		2,916,815
	225,000	EI du Pont de Nemours & Co		4.150		02/15/43		207,751
	500,000	Fibria Overseas Finance Ltd		4.000		01/14/25		463,313
	500,000	Fibria Overseas Finance Ltd		5.500		01/17/27		495,600
	100,000	FMC Corp		3.950		02/01/22		100,421
	200,000	FMC Corp		4.100		02/01/24		198,929
	300,000	Georgia-Pacific LLC		8.000		01/15/24		358,326
	250,000	Georgia-Pacific LLC		7.750		11/15/29		328,450
	250,000	Goldcorp, Inc		3.700		03/15/23		246,433
	300,000	Goldcorp, Inc		5.450		06/09/44		310,854
	100,000	Hexcel Corp		3.950		02/15/27		97,094
	100,000	Hubbell, Inc		3.625		11/15/22		99,372
	200,000	Hubbell, Inc		3.350		03/01/26		188,814
	500,000	Hubbell, Inc		3.150		08/15/27		458,089
	200,000	Hubbell, Inc		3.500		02/15/28		188,782
	100,000	International Flavors & Fragrances, Inc		3.400		09/25/20		100,110
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		290,368
	100,000	International Flavors & Fragrances, Inc		4.450		09/26/28		100,837
	200,000	International Flavors & Fragrances, Inc		4.375		06/01/47		181,376
	175,000	International Flavors & Fragrances, Inc		5.000		09/26/48		175,006
	1,000,000	International Paper Co		3.650		06/15/24		988,089
	1,700,000	International Paper Co		3.000		02/15/27		1,560,064
	450,000	International Paper Co		6.000		11/15/41		499,124
	300,000	International Paper Co		4.800		06/15/44		291,016
	250,000	International Paper Co		5.150		05/15/46		257,217
	300,000	International Paper Co		4.400		08/15/47		276,113
	1,500,000	International Paper Co		4.350		08/15/48		1,366,020
	125,000	Kimberly-Clark Corp		2.400		03/01/22		121,146
	950,000	Kimberly-Clark Corp		3.050		08/15/25		913,012
	200,000	Kimberly-Clark Corp		6.625		08/01/37		262,372
	300,000	Kimberly-Clark Corp		3.200		07/30/46		254,270
	200,000	Kimberly-Clark Corp		3.900		05/04/47		191,177
	150,000	Lubrizol Corp		6.500		10/01/34		190,900
	300,000	LYB International Finance BV		4.000		07/15/23		300,200
	300,000	LYB International Finance BV		5.250		07/15/43		305,774
	300,000	LYB International Finance BV		4.875		03/15/44		292,050
	1,000,000	LYB International Finance II BV		3.500		03/02/27		935,310
	300,000	LyondellBasell Industries NV		6.000		11/15/21		318,520

88

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,300,000	LyondellBasell Industries NV		5.750	%	04/15/24	$	1,402,127
	125,000	LyondellBasell Industries NV		4.625		02/26/55		112,140
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		201,142
	200,000	Martin Marietta Materials, Inc		3.450		06/01/27		183,614
	125,000	Martin Marietta Materials, Inc		3.500		12/15/27		114,541
	300,000	Martin Marietta Materials, Inc		4.250		12/15/47		255,793
	150,000	Methanex Corp		3.250		12/15/19		149,412
	150,000	Methanex Corp		4.250		12/01/24		146,609
	100,000	Methanex Corp		5.650		12/01/44		96,180
	100,000	NewMarket Corp		4.100		12/15/22		99,830
	200,000	Newmont Mining Corp		5.125		10/01/19		203,992
	1,300,000	Newmont Mining Corp		3.500		03/15/22		1,288,771
	298,000	Newmont Mining Corp		5.875		04/01/35		329,576
	135,000	Newmont Mining Corp		6.250		10/01/39		152,848
	800,000	Newmont Mining Corp		4.875		03/15/42		777,679
	800,000	Nucor Corp		4.125		09/15/22		816,804
	300,000	Nucor Corp		3.950		05/01/28		299,385
	300,000	Nucor Corp		5.200		08/01/43		325,771
	600,000	Nucor Corp		4.400		05/01/48		585,362
	650,000	Nutrien Ltd		4.875		03/30/20		663,100
	150,000	Nutrien Ltd		3.150		10/01/22		145,832
	200,000	Nutrien Ltd		3.500		06/01/23		194,788
	400,000	Nutrien Ltd		3.625		03/15/24		389,693
	250,000	Nutrien Ltd		3.375		03/15/25		236,954
	200,000	Nutrien Ltd		3.000		04/01/25		184,155
	700,000	Nutrien Ltd		4.000		12/15/26		676,430
	200,000	Nutrien Ltd		4.125		03/15/35		182,819
	200,000	Nutrien Ltd		5.625		12/01/40		213,814
	100,000	Nutrien Ltd		6.125		01/15/41		111,557
	200,000	Nutrien Ltd		4.900		06/01/43		196,603
	725,000	Nutrien Ltd		5.250		01/15/45		748,828
	200,000	Owens Corning		4.200		12/15/22		200,410
	500,000	Owens Corning		4.200		12/01/24		495,071
	300,000	Owens Corning		3.400		08/15/26		274,989
	250,000	Owens Corning		4.300		07/15/47		201,400
	350,000	Owens Corning		4.400		01/30/48		289,407
	300,000	Packaging Corp of America		2.450		12/15/20		294,154
	150,000	Packaging Corp of America		3.900		06/15/22		151,248
	250,000	Packaging Corp of America		4.500		11/01/23		256,897
	100,000	Packaging Corp of America		3.650		09/15/24		98,397
	150,000	Packaging Corp of America		3.400		12/15/27		140,910
	300,000	PPG Industries, Inc		2.300		11/15/19		297,810
	300,000	PPG Industries, Inc		3.600		11/15/20		303,253
	300,000	PPG Industries, Inc		3.200		03/15/23		295,184
	300,000	PPG Industries, Inc		3.750		03/15/28		295,650
	1,200,000	Praxair, Inc		2.250		09/24/20		1,179,752
	250,000	Praxair, Inc		2.200		08/15/22		240,145
	300,000	Praxair, Inc		2.650		02/05/25		283,800
	100,000	Praxair, Inc		3.200		01/30/26		97,479
	625,000	Praxair, Inc		3.550		11/07/42		575,328
	3,250,000	Rio Tinto Finance USA Ltd		3.750		06/15/25		3,267,930
	900,000	Rio Tinto Finance USA plc		4.125		08/21/42		879,465
	500,000	Rock Tenn Co		4.900		03/01/22		516,094

89

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Rock Tenn Co		4.000	%	03/01/23	$	500,535
	300,000		RPM International, Inc		3.450		11/15/22		294,976
	100,000		RPM International, Inc		3.750		03/15/27		94,978
	100,000		RPM International, Inc		5.250		06/01/45		100,623
	200,000		RPM International, Inc		4.250		01/15/48		175,100
	500,000		Sherwin-Williams Co		2.250		05/15/20		492,656
	150,000		Sherwin-Williams Co		4.200		01/15/22		152,450
	350,000		Sherwin-Williams Co		2.750		06/01/22		339,389
	1,500,000		Sherwin-Williams Co		3.125		06/01/24		1,440,475
	200,000		Sherwin-Williams Co		3.450		08/01/25		191,112
	200,000		Sherwin-Williams Co		3.950		01/15/26		197,900
	275,000		Sherwin-Williams Co		3.450		06/01/27		261,547
	200,000		Sherwin-Williams Co		4.000		12/15/42		177,894
	750,000		Sherwin-Williams Co		4.500		06/01/47		720,214
	150,000		Sonoco Products Co		5.750		11/01/40		165,564
	200,000		Southern Copper Corp		5.375		04/16/20		206,494
	300,000		Southern Copper Corp		3.875		04/23/25		291,696
	100,000		Southern Copper Corp		7.500		07/27/35		123,500
	680,000		Southern Copper Corp		6.750		04/16/40		801,857
	1,500,000		Southern Copper Corp		5.875		04/23/45		1,635,701
	750,000		Vulcan Materials Co		4.500		04/01/25		751,577
	100,000		Vulcan Materials Co		3.900		04/01/27		95,346
	100,000		Vulcan Materials Co		4.500		06/15/47		89,402
	200,000	g	Vulcan Materials Co		4.700		03/01/48		183,301
	500,000		Westlake Chemical Corp		3.600		08/15/26		470,003
	500,000		Westlake Chemical Corp		5.000		08/15/46		491,134
	200,000		Westlake Chemical Corp		4.375		11/15/47		177,384
	250,000	g	WestRock Co		3.000		09/15/24		236,268
	425,000	g	WestRock Co		3.750		03/15/25		417,527
	300,000	g	WestRock Co		3.375		09/15/27		280,922
	325,000	g	WestRock Co		4.000		03/15/28		319,407
	200,000		Yamana Gold, Inc		4.950		07/15/24		197,160
	200,000		Yamana Gold, Inc		4.625		12/15/27		188,096
			TOTAL MATERIALS						75,081,244
MEDIA - 0.9%
	1,250,000		21st Century Fox America, Inc		3.000		09/15/22		1,230,929
	700,000		21st Century Fox America, Inc		3.700		10/15/25		694,613
	4,100,000		21st Century Fox America, Inc		3.375		11/15/26		3,997,311
	1,325,000		21st Century Fox America, Inc		6.200		12/15/34		1,630,503
	1,000,000		21st Century Fox America, Inc		6.150		02/15/41		1,272,992
	225,000		21st Century Fox America, Inc		5.400		10/01/43		262,884
	500,000		21st Century Fox America, Inc		4.750		09/15/44		537,403
	300,000		21st Century Fox America, Inc		4.950		10/15/45		332,417
	200,000		21st Century Fox America, Inc		4.750		11/15/46		213,758
	200,000		CBS Corp		2.300		08/15/19		198,944
	445,000		CBS Corp		4.300		02/15/21		452,110
	200,000		CBS Corp		2.500		02/15/23		188,413
	500,000	g	CBS Corp		2.900		06/01/23		475,519
	200,000		CBS Corp		3.700		08/15/24		194,403
	300,000		CBS Corp		3.500		01/15/25		285,837
	125,000		CBS Corp		4.000		01/15/26		122,457

90

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	650,000		CBS Corp		2.900	%	01/15/27	$	581,210
	200,000		CBS Corp		3.375		02/15/28		183,173
	300,000	g	CBS Corp		3.700		06/01/28		281,347
	200,000		CBS Corp		4.850		07/01/42		193,392
	200,000		CBS Corp		4.900		08/15/44		194,316
	500,000		CBS Corp		4.600		01/15/45		471,638
	675,000		Charter Communications Operating LLC		3.579		07/23/20		675,405
	610,000		Charter Communications Operating LLC		4.464		07/23/22		620,106
	2,850,000		Charter Communications Operating LLC		4.908		07/23/25		2,892,620
	700,000		Charter Communications Operating LLC		3.750		02/15/28		644,314
	2,500,000		Charter Communications Operating LLC		4.200		03/15/28		2,390,139
	500,000		Charter Communications Operating LLC		6.384		10/23/35		538,575
	1,500,000		Charter Communications Operating LLC		5.375		04/01/38		1,451,917
	1,000,000		Charter Communications Operating LLC		6.484		10/23/45		1,073,619
	1,000,000		Charter Communications Operating LLC		5.375		05/01/47		953,269
	1,000,000		Charter Communications Operating LLC		5.750		04/01/48		999,382
	1,000,000		Comcast Corp		5.150		03/01/20		1,028,101
	1,350,000		Comcast Corp		3.125		07/15/22		1,333,410
	800,000		Comcast Corp		2.850		01/15/23		775,862
	600,000		Comcast Corp		2.750		03/01/23		580,061
	500,000		Comcast Corp		3.000		02/01/24		482,491
	600,000		Comcast Corp		3.375		02/15/25		580,539
	1,600,000		Comcast Corp		3.150		03/01/26		1,509,990
	750,000		Comcast Corp		2.350		01/15/27		659,508
	1,250,000		Comcast Corp		3.300		02/01/27		1,180,979
	750,000		Comcast Corp		3.150		02/15/28		694,978
	3,000,000		Comcast Corp		3.550		05/01/28		2,870,702
	1,625,000		Comcast Corp		4.250		01/15/33		1,591,602
	350,000		Comcast Corp		4.400		08/15/35		343,042
	3,250,000		Comcast Corp		3.200		07/15/36		2,708,346
	3,000,000		Comcast Corp		3.900		03/01/38		2,743,563
	900,000		Comcast Corp		4.600		08/15/45		879,922
	1,000,000		Comcast Corp		3.400		07/15/46		807,854
	500,000		Comcast Corp		4.000		08/15/47		447,282
	506,000		Comcast Corp		3.969		11/01/47		448,487
	1,500,000		Comcast Corp		4.000		03/01/48		1,350,611
	1,207,000		Comcast Corp		3.999		11/01/49		1,074,440
	100,000		Discovery Communications LLC		2.200		09/20/19		99,219
	300,000	g	Discovery Communications LLC		2.750		11/15/19		298,122
	200,000	g	Discovery Communications LLC		2.800		06/15/20		197,961
	500,000		Discovery Communications LLC		3.300		05/15/22		489,811
	200,000	g	Discovery Communications LLC		3.500		06/15/22		196,790
	200,000		Discovery Communications LLC		2.950		03/20/23		191,577
	900,000		Discovery Communications LLC		3.250		04/01/23		867,558
	300,000		Discovery Communications LLC		3.800		03/13/24		294,167
	200,000	g	Discovery Communications LLC		3.900		11/15/24		195,806
	350,000		Discovery Communications LLC		3.450		03/15/25		332,313
	200,000	g	Discovery Communications LLC		3.950		06/15/25		195,083
	500,000		Discovery Communications LLC		4.900		03/11/26		512,941
	1,950,000		Discovery Communications LLC		3.950		03/20/28		1,851,200
	100,000		Discovery Communications LLC		6.350		06/01/40		109,727
	100,000		Discovery Communications LLC		4.950		05/15/42		94,023
	125,000		Discovery Communications LLC		4.875		04/01/43		116,945

91

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	Discovery Communications LLC		5.200	%	09/20/47	$	734,816
	550,000	Grupo Televisa SAB		6.625		03/18/25		620,298
	200,000	Grupo Televisa SAB		4.625		01/30/26		203,798
	600,000	Grupo Televisa SAB		5.000		05/13/45		555,864
	200,000	Grupo Televisa SAB		6.125		01/31/46		217,507
	150,000	Interpublic Group of Cos, Inc		3.500		10/01/20		150,007
	150,000	Interpublic Group of Cos, Inc		3.750		10/01/21		150,291
	100,000	Interpublic Group of Cos, Inc		4.000		03/15/22		100,031
	200,000	Interpublic Group of Cos, Inc		4.200		04/15/24		200,494
	125,000	Interpublic Group of Cos, Inc		4.650		10/01/28		125,118
	300,000	Interpublic Group of Cos, Inc		5.400		10/01/48		297,799
	1,585,000	NBC Universal Media LLC		5.150		04/30/20		1,633,633
	1,200,000	NBC Universal Media LLC		4.450		01/15/43		1,143,451
	500,000	Omnicom Group, Inc		4.450		08/15/20		510,158
	700,000	Omnicom Group, Inc		3.625		05/01/22		695,936
	200,000	Omnicom Group, Inc		3.650		11/01/24		194,267
	825,000	Omnicom Group, Inc		3.600		04/15/26		783,248
	1,800,000	Time Warner Cable, Inc		4.000		09/01/21		1,810,792
	500,000	Time Warner Cable, Inc		6.550		05/01/37		541,718
	175,000	Time Warner Cable, Inc		6.750		06/15/39		190,650
	690,000	Time Warner Cable, Inc		5.875		11/15/40		695,631
	300,000	Time Warner Cable, Inc		5.500		09/01/41		288,534
	2,700,000	Time Warner Cable, Inc		4.500		09/15/42		2,301,158
	450,000	Time Warner, Inc		4.750		03/29/21		463,583
	1,400,000	Time Warner, Inc		3.400		06/15/22		1,384,527
	650,000	Time Warner, Inc		4.050		12/15/23		653,553
	500,000	Time Warner, Inc		3.550		06/01/24		484,769
	500,000	Time Warner, Inc		3.875		01/15/26		484,942
	500,000	Time Warner, Inc		2.950		07/15/26		453,125
	1,850,000	Time Warner, Inc		3.800		02/15/27		1,768,589
	900,000	Time Warner, Inc		4.900		06/15/42		840,100
	200,000	Time Warner, Inc		5.350		12/15/43		196,969
	300,000	Time Warner, Inc		4.650		06/01/44		269,451
	1,200,000	Time Warner, Inc		4.850		07/15/45		1,117,538
	400,000	Viacom, Inc		3.875		12/15/21		400,986
	250,000	Viacom, Inc		4.250		09/01/23		251,849
	2,248,000	Viacom, Inc		3.875		04/01/24		2,208,243
	2,004,000	Viacom, Inc		4.375		03/15/43		1,746,266
	1,400,000	Walt Disney Co		1.950		03/04/20		1,380,918
	250,000	Walt Disney Co		1.800		06/05/20		245,264
	200,000	Walt Disney Co		2.150		09/17/20		196,493
	300,000	Walt Disney Co		2.300		02/12/21		294,588
	850,000	Walt Disney Co		2.550		02/15/22		827,875
	100,000	Walt Disney Co		2.450		03/04/22		97,329
	700,000	Walt Disney Co		3.150		09/17/25		681,428
	300,000	Walt Disney Co		3.000		02/13/26		287,305
	300,000	Walt Disney Co		1.850		07/30/26		263,689
	1,350,000	Walt Disney Co		2.950		06/15/27		1,281,427
	100,000	Walt Disney Co		4.375		08/16/41		102,250
	200,000	Walt Disney Co		3.700		12/01/42		184,321
	800,000	Walt Disney Co		4.125		06/01/44		793,243
	100,000	Walt Disney Co		3.000		07/30/46		80,266

92

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	261,000	WPP Finance 2010		4.750	%	11/21/21	$	267,278
	300,000	WPP Finance 2010		3.625		09/07/22		295,506
	700,000	WPP Finance 2010		3.750		09/19/24		675,352
	200,000	WPP Finance 2010		5.625		11/15/43		204,273
		TOTAL MEDIA						91,398,422
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	1,600,000	Abbott Laboratories		2.800		09/15/20		1,584,487
	1,500,000	Abbott Laboratories		2.900		11/30/21		1,481,307
	200,000	Abbott Laboratories		3.250		04/15/23		198,455
	300,000	Abbott Laboratories		3.875		09/15/25		301,793
	2,750,000	Abbott Laboratories		3.750		11/30/26		2,741,325
	1,800,000	Abbott Laboratories		4.750		11/30/36		1,913,626
	500,000	Abbott Laboratories		5.300		05/27/40		554,136
	200,000	Abbott Laboratories		4.750		04/15/43		209,374
	1,500,000	Abbott Laboratories		4.900		11/30/46		1,626,857
	850,000	AbbVie, Inc		2.500		05/14/20		840,363
	350,000	AbbVie, Inc		2.300		05/14/21		340,643
	1,000,000	AbbVie, Inc		3.375		11/14/21		998,760
	2,000,000	AbbVie, Inc		3.200		11/06/22		1,965,460
	500,000	AbbVie, Inc		2.850		05/14/23		481,284
	500,000	AbbVie, Inc		3.750		11/14/23		497,461
	1,000,000	AbbVie, Inc		3.600		05/14/25		967,555
	3,725,000	AbbVie, Inc		3.200		05/14/26		3,467,291
	300,000	AbbVie, Inc		4.250		11/14/28		295,510
	1,500,000	AbbVie, Inc		4.500		05/14/35		1,439,113
	500,000	AbbVie, Inc		4.300		05/14/36		468,409
	1,875,000	AbbVie, Inc		4.400		11/06/42		1,733,380
	600,000	AbbVie, Inc		4.700		05/14/45		575,515
	500,000	AbbVie, Inc		4.450		05/14/46		462,613
	1,000,000	AbbVie, Inc		4.875		11/14/48		984,005
	825,000	Actavis Funding SCS		3.000		03/12/20		824,018
	3,500,000	Actavis Funding SCS		3.450		03/15/22		3,477,746
	2,450,000	Actavis Funding SCS		3.800		03/15/25		2,398,200
	2,725,000	Actavis Funding SCS		4.550		03/15/35		2,645,934
	510,000	Actavis Funding SCS		4.750		03/15/45		495,087
	75,000	Amgen, Inc		4.500		03/15/20		76,504
	400,000	Amgen, Inc		2.125		05/01/20		393,715
	300,000	Amgen, Inc		2.200		05/11/20		295,709
	250,000	Amgen, Inc		3.450		10/01/20		251,220
	700,000	Amgen, Inc		4.100		06/15/21		712,012
	175,000	Amgen, Inc		1.850		08/19/21		167,915
	400,000	Amgen, Inc		2.700		05/01/22		388,955
	1,000,000	Amgen, Inc		2.650		05/11/22		971,069
	1,000,000	Amgen, Inc		3.625		05/15/22		1,005,092
	2,300,000	Amgen, Inc		2.250		08/19/23		2,159,095
	500,000	Amgen, Inc		3.625		05/22/24		499,686
	400,000	Amgen, Inc		3.125		05/01/25		382,677
	800,000	Amgen, Inc		2.600		08/19/26		723,903
	500,000	Amgen, Inc		3.200		11/02/27		469,346
	2,250,000	Amgen, Inc		4.400		05/01/45		2,174,614
	1,928,000	Amgen, Inc		4.563		06/15/48		1,888,066

93

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	447,000	Amgen, Inc		4.663	%	06/15/51	$	439,996
	1,100,000	AstraZeneca plc		2.375		11/16/20		1,084,460
	500,000	AstraZeneca plc		2.375		06/12/22		480,173
	300,000	AstraZeneca plc		3.500		08/17/23		297,064
	1,000,000	AstraZeneca plc		3.375		11/16/25		967,053
	800,000	AstraZeneca plc		3.125		06/12/27		746,238
	1,500,000	AstraZeneca plc		4.000		01/17/29		1,472,585
	900,000	AstraZeneca plc		6.450		09/15/37		1,129,262
	450,000	AstraZeneca plc		4.000		09/18/42		423,352
	350,000	AstraZeneca plc		4.375		11/16/45		344,026
	750,000	AstraZeneca plc		4.375		08/17/48		727,369
	149,000	Baxalta, Inc		4.000		06/23/25		147,360
	149,000	Baxalta, Inc		5.250		06/23/45		159,794
	1,000,000	Biogen, Inc		2.900		09/15/20		994,781
	300,000	Biogen, Inc		3.625		09/15/22		300,644
	500,000	Biogen, Inc		4.050		09/15/25		501,179
	1,200,000	Biogen, Inc		5.200		09/15/45		1,271,531
	200,000	Bristol-Myers Squibb Co		3.250		11/01/23		198,856
	500,000	Bristol-Myers Squibb Co		3.250		02/27/27		486,713
	650,000	Bristol-Myers Squibb Co		3.250		08/01/42		557,302
	200,000	Bristol-Myers Squibb Co		4.500		03/01/44		208,453
	425,000	Celgene Corp		2.875		08/15/20		422,193
	200,000	Celgene Corp		3.950		10/15/20		202,591
	500,000	Celgene Corp		2.875		02/19/21		494,256
	300,000	Celgene Corp		3.250		08/15/22		295,820
	1,750,000	Celgene Corp		3.550		08/15/22		1,744,485
	300,000	Celgene Corp		2.750		02/15/23		287,545
	1,500,000	Celgene Corp		3.250		02/20/23		1,468,725
	225,000	Celgene Corp		3.450		11/15/27		209,956
	1,000,000	Celgene Corp		3.900		02/20/28		961,939
	300,000	Celgene Corp		5.250		08/15/43		303,339
	2,000,000	Celgene Corp		5.000		08/15/45		1,984,697
	500,000	Celgene Corp		4.350		11/15/47		446,900
	1,000,000	Celgene Corp		4.550		02/20/48		929,059
	175,000	Eli Lilly & Co		2.350		05/15/22		169,935
	800,000	Eli Lilly & Co		2.750		06/01/25		765,003
	800,000	Eli Lilly & Co		3.100		05/15/27		770,239
	400,000	Eli Lilly & Co		3.700		03/01/45		377,303
	250,000	Eli Lilly & Co		3.950		05/15/47		248,623
	750,000	Gilead Sciences, Inc		1.850		09/20/19		743,826
	125,000	Gilead Sciences, Inc		2.350		02/01/20		123,933
	1,200,000	Gilead Sciences, Inc		2.550		09/01/20		1,187,904
	600,000	Gilead Sciences, Inc		4.500		04/01/21		617,346
	650,000	Gilead Sciences, Inc		4.400		12/01/21		671,208
	125,000	Gilead Sciences, Inc		1.950		03/01/22		119,549
	500,000	Gilead Sciences, Inc		3.250		09/01/22		497,467
	500,000	Gilead Sciences, Inc		2.500		09/01/23		477,060
	425,000	Gilead Sciences, Inc		3.700		04/01/24		426,317
	400,000	Gilead Sciences, Inc		3.500		02/01/25		392,799
	1,750,000	Gilead Sciences, Inc		3.650		03/01/26		1,718,873
	400,000	Gilead Sciences, Inc		2.950		03/01/27		372,116
	300,000	Gilead Sciences, Inc		4.600		09/01/35		308,991

94

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,150,000		Gilead Sciences, Inc		4.000	%	09/01/36	$	1,106,501
	100,000		Gilead Sciences, Inc		5.650		12/01/41		114,780
	775,000		Gilead Sciences, Inc		4.800		04/01/44		796,836
	675,000		Gilead Sciences, Inc		4.500		02/01/45		669,459
	750,000		Gilead Sciences, Inc		4.750		03/01/46		771,943
	1,750,000		Gilead Sciences, Inc		4.150		03/01/47		1,654,965
	750,000		GlaxoSmithKline Capital plc		3.125		05/14/21		748,803
	793,000		GlaxoSmithKline Capital plc		2.850		05/08/22		779,479
	600,000		GlaxoSmithKline Capital plc		3.625		05/15/25		598,759
	725,000		GlaxoSmithKline Capital, Inc		2.800		03/18/23		706,766
	750,000		GlaxoSmithKline Capital, Inc		3.375		05/15/23		746,684
	600,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		605,911
	350,000		GlaxoSmithKline Capital, Inc		5.375		04/15/34		401,908
	743,000		GlaxoSmithKline Capital, Inc		6.375		05/15/38		953,821
	850,000		GlaxoSmithKline Capital, Inc		4.200		03/18/43		847,741
	300,000		Johnson & Johnson		1.875		12/05/19		297,001
	200,000		Johnson & Johnson		1.950		11/10/20		195,949
	250,000		Johnson & Johnson		1.650		03/01/21		242,208
	200,000		Johnson & Johnson		2.450		12/05/21		196,567
	400,000		Johnson & Johnson		2.250		03/03/22		390,452
	300,000		Johnson & Johnson		2.050		03/01/23		287,242
	700,000		Johnson & Johnson		3.375		12/05/23		707,464
	1,200,000		Johnson & Johnson		2.625		01/15/25		1,152,263
	500,000		Johnson & Johnson		2.450		03/01/26		467,243
	1,075,000		Johnson & Johnson		2.950		03/03/27		1,032,266
	1,500,000		Johnson & Johnson		2.900		01/15/28		1,421,773
	850,000		Johnson & Johnson		4.375		12/05/33		905,456
	100,000		Johnson & Johnson		3.550		03/01/36		95,411
	225,000		Johnson & Johnson		3.625		03/03/37		216,227
	500,000		Johnson & Johnson		3.400		01/15/38		465,179
	375,000		Johnson & Johnson		5.850		07/15/38		469,321
	300,000		Johnson & Johnson		4.500		12/05/43		321,310
	1,200,000		Johnson & Johnson		3.700		03/01/46		1,141,959
	900,000		Johnson & Johnson		3.750		03/03/47		863,199
	500,000		Johnson & Johnson		3.500		01/15/48		457,217
	600,000		Life Technologies Corp		5.000		01/15/21		614,179
	375,000		Merck & Co, Inc		1.850		02/10/20		369,849
	2,200,000		Merck & Co, Inc		3.875		01/15/21		2,238,172
	750,000		Merck & Co, Inc		2.350		02/10/22		729,997
	200,000		Merck & Co, Inc		2.400		09/15/22		193,819
	1,100,000		Merck & Co, Inc		2.800		05/18/23		1,076,590
	1,000,000		Merck & Co, Inc		2.750		02/10/25		961,445
	100,000		Merck & Co, Inc		3.600		09/15/42		94,219
	750,000		Merck & Co, Inc		4.150		05/18/43		765,367
	1,350,000		Merck & Co, Inc		3.700		02/10/45		1,286,509
	100,000		Mylan NV		3.750		12/15/20		100,066
	1,000,000		Mylan NV		3.150		06/15/21		984,365
	2,250,000		Mylan NV		3.950		06/15/26		2,128,453
	750,000		Mylan NV		5.250		06/15/46		700,434
	300,000	g	Mylan, Inc		4.550		04/15/28		291,519
	300,000	g	Mylan, Inc		5.200		04/15/48		277,337
	1,200,000		Novartis Capital Corp		1.800		02/14/20		1,182,727
	500,000		Novartis Capital Corp		2.400		05/17/22		485,041

95

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Novartis Capital Corp		2.400	%	09/21/22	$	289,891
	1,750,000	Novartis Capital Corp		3.400		05/06/24		1,754,099
	500,000	Novartis Capital Corp		3.000		11/20/25		479,828
	375,000	Novartis Capital Corp		3.100		05/17/27		359,632
	400,000	Novartis Capital Corp		3.700		09/21/42		381,184
	750,000	Novartis Capital Corp		4.400		05/06/44		797,543
	500,000	Novartis Capital Corp		4.000		11/20/45		500,840
	100,000	Perrigo Co plc		4.000		11/15/23		97,089
	100,000	Perrigo Co plc		5.300		11/15/43		93,173
	200,000	Perrigo Finance plc		3.900		12/15/24		193,231
	221,000	Perrigo Finance plc		4.900		12/15/44		199,295
	200,000	Perrigo Finance Unlimited Co		4.375		03/15/26		195,871
	1,200,000	Pfizer, Inc		1.700		12/15/19		1,183,814
	500,000	Pfizer, Inc		1.950		06/03/21		485,957
	500,000	Pfizer, Inc		3.000		09/15/21		499,750
	200,000	Pfizer, Inc		2.200		12/15/21		194,511
	800,000	Pfizer, Inc		3.000		06/15/23		790,543
	500,000	Pfizer, Inc		3.200		09/15/23		495,752
	900,000	Pfizer, Inc		3.400		05/15/24		899,827
	2,375,000	Pfizer, Inc		3.000		12/15/26		2,275,977
	750,000	Pfizer, Inc		3.600		09/15/28		740,655
	250,000	Pfizer, Inc		4.000		12/15/36		247,093
	500,000	Pfizer, Inc		4.100		09/15/38		497,159
	500,000	Pfizer, Inc		4.300		06/15/43		505,153
	1,100,000	Pfizer, Inc		4.400		05/15/44		1,129,267
	1,750,000	Pfizer, Inc		4.125		12/15/46		1,728,459
	1,000,000	Pfizer, Inc		4.200		09/15/48		1,000,114
	750,000	Sanofi		3.375		06/19/23		750,329
	500,000	Sanofi		3.625		06/19/28		495,497
	1,000,000	Wyeth LLC		6.450		02/01/24		1,141,306
	945,000	Wyeth LLC		5.950		04/01/37		1,144,146
	100,000	Zoetis, Inc		3.450		11/13/20		100,419
	500,000	Zoetis, Inc		3.250		08/20/21		499,225
	650,000	Zoetis, Inc		3.250		02/01/23		638,602
	100,000	Zoetis, Inc		4.500		11/13/25		103,233
	200,000	Zoetis, Inc		3.000		09/12/27		185,828
	500,000	Zoetis, Inc		3.900		08/20/28		494,496
	600,000	Zoetis, Inc		4.700		02/01/43		613,110
	250,000	Zoetis, Inc		3.950		09/12/47		227,085
	200,000	Zoetis, Inc		4.450		08/20/48		197,733
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						143,124,340
REAL ESTATE - 0.7%
	150,000	Alexandria Real Estate Equities, Inc		4.600		04/01/22		153,936
	100,000	Alexandria Real Estate Equities, Inc		3.900		06/15/23		100,352
	100,000	Alexandria Real Estate Equities, Inc		4.000		01/15/24		100,222
	100,000	Alexandria Real Estate Equities, Inc		3.450		04/30/25		95,585
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		198,176
	625,000	Alexandria Real Estate Equities, Inc		3.950		01/15/28		599,378
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		199,046
	100,000	Alexandria Real Estate Equities, Inc		4.700		07/01/30		100,948

96

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	American Campus Communities Operating Partnership LP		3.750	%	04/15/23	$	98,795
	300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		297,603
	200,000	American Campus Communities Operating Partnership LP		3.625		11/15/27		186,924
	1,150,000	American Tower Corp		3.300		02/15/21		1,142,966
	200,000	American Tower Corp		3.450		09/15/21		199,148
	500,000	American Tower Corp		2.250		01/15/22		477,208
	200,000	American Tower Corp		4.700		03/15/22		206,519
	250,000	American Tower Corp		3.500		01/31/23		246,175
	2,000,000	American Tower Corp		3.000		06/15/23		1,925,028
	300,000	American Tower Corp		4.000		06/01/25		294,784
	200,000	American Tower Corp		4.400		02/15/26		200,144
	200,000	American Tower Corp		3.375		10/15/26		186,164
	500,000	American Tower Corp		3.125		01/15/27		454,661
	500,000	American Tower Corp		3.600		01/15/28		466,894
	200,000	AvalonBay Communities, Inc		3.625		10/01/20		200,945
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		219,953
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		197,572
	200,000	AvalonBay Communities, Inc		2.950		05/11/26		187,851
	100,000	AvalonBay Communities, Inc		2.900		10/15/26		93,124
	1,200,000	AvalonBay Communities, Inc		3.350		05/15/27		1,150,597
	200,000	AvalonBay Communities, Inc		3.200		01/15/28		188,903
	400,000	AvalonBay Communities, Inc		4.150		07/01/47		383,567
	200,000	AvalonBay Communities, Inc		4.350		04/15/48		197,728
	1,175,000	Boston Properties LP		4.125		05/15/21		1,194,839
	500,000	Boston Properties LP		3.850		02/01/23		502,033
	425,000	Boston Properties LP		3.125		09/01/23		413,130
	200,000	Boston Properties LP		3.800		02/01/24		198,713
	1,300,000	Boston Properties LP		3.200		01/15/25		1,243,391
	100,000	Boston Properties LP		3.650		02/01/26		96,830
	400,000	Boston Properties LP		2.750		10/01/26		362,114
	100,000	Brandywine Operating Partnership LP		3.950		02/15/23		99,330
	100,000	Brandywine Operating Partnership LP		3.950		11/15/27		94,445
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		149,427
	250,000	Brixmor Operating Partnership LP		3.250		09/15/23		239,570
	800,000	Brixmor Operating Partnership LP		3.650		06/15/24		770,753
	200,000	Brixmor Operating Partnership LP		3.850		02/01/25		192,632
	100,000	Brixmor Operating Partnership LP		4.125		06/15/26		96,906
	300,000	Brixmor Operating Partnership LP		3.900		03/15/27		284,113
	200,000	Camden Property Trust		2.950		12/15/22		194,353
	500,000	CBRE Services, Inc		4.875		03/01/26		509,660
	975,000	CC Holdings GS V LLC		3.849		04/15/23		968,316
	400,000	Columbia Property Trust Operating Partnership LP		3.650		08/15/26		372,434
	200,000	Corporate Office Properties LP		3.700		06/15/21		197,754
	350,000	Crown Castle International Corp		3.400		02/15/21		349,091
	700,000	Crown Castle International Corp		2.250		09/01/21		672,352
	500,000	Crown Castle International Corp		3.150		07/15/23		481,746
	500,000	Crown Castle International Corp		3.200		09/01/24		475,526
	750,000	Crown Castle International Corp		4.450		02/15/26		753,596
	125,000	Crown Castle International Corp		3.700		06/15/26		119,396
	100,000	Crown Castle International Corp		4.000		03/01/27		96,830

97

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Crown Castle International Corp		3.650	%	09/01/27	$	281,725
	500,000	Crown Castle International Corp		3.800		02/15/28		473,908
	200,000	Crown Castle International Corp		4.750		05/15/47		189,292
	100,000	CubeSmart LP		4.375		12/15/23		101,667
	200,000	CubeSmart LP		3.125		09/01/26		182,392
	500,000	DDR Corp		4.625		07/15/22		511,149
	150,000	DDR Corp		4.250		02/01/26		146,423
	200,000	DDR Corp		4.700		06/01/27		201,011
	200,000	Digital Realty Trust LP		3.400		10/01/20		200,190
	700,000	Digital Realty Trust LP		3.950		07/01/22		704,251
	300,000	Digital Realty Trust LP		3.625		10/01/22		297,816
	800,000	Digital Realty Trust LP		2.750		02/01/23		763,929
	200,000	Digital Realty Trust LP		4.750		10/01/25		204,950
	125,000	Digital Realty Trust LP		3.700		08/15/27		118,676
	300,000	Digital Realty Trust LP		4.450		07/15/28		299,567
	200,000	Duke Realty LP		4.375		06/15/22		204,904
	100,000	Duke Realty LP		3.875		10/15/22		100,889
	100,000	Duke Realty LP		3.750		12/01/24		98,308
	100,000	Duke Realty LP		3.250		06/30/26		94,028
	500,000	Duke Realty LP		3.375		12/15/27		468,176
	100,000	Duke Realty LP		4.000		09/15/28		98,165
	100,000	EPR Properties		5.750		08/15/22		104,403
	700,000	EPR Properties		4.750		12/15/26		685,845
	200,000	EPR Properties		4.500		06/01/27		191,050
	200,000	Equity One, Inc		3.750		11/15/22		198,313
	700,000	ERP Operating LP		3.375		06/01/25		681,817
	200,000	ERP Operating LP		2.850		11/01/26		185,205
	1,150,000	ERP Operating LP		3.250		08/01/27		1,090,684
	500,000	ERP Operating LP		3.500		03/01/28		482,348
	300,000	ERP Operating LP		4.500		07/01/44		300,867
	100,000	ERP Operating LP		4.000		08/01/47		93,260
	100,000	Essex Portfolio LP		3.625		08/15/22		99,132
	100,000	Essex Portfolio LP		3.250		05/01/23		97,242
	400,000	Essex Portfolio LP		3.500		04/01/25		386,375
	100,000	Essex Portfolio LP		3.375		04/15/26		94,687
	200,000	Essex Portfolio LP		3.625		05/01/27		190,586
	300,000	Essex Portfolio LP		4.500		03/15/48		292,818
	200,000	Federal Realty Investment Trust		3.950		01/15/24		200,424
	250,000	Federal Realty Investment Trust		3.250		07/15/27		234,246
	200,000	Federal Realty Investment Trust		4.500		12/01/44		199,398
	1,300,000	HCP, Inc		4.000		12/01/22		1,302,180
	200,000	HCP, Inc		4.200		03/01/24		199,198
	1,600,000	HCP, Inc		3.875		08/15/24		1,564,151
	30,000	HCP, Inc		6.750		02/01/41		37,010
	100,000	Healthcare Realty Trust, Inc		3.625		01/15/28		93,006
	200,000	Healthcare Trust of America Holdings LP		2.950		07/01/22		193,413
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		98,025
	300,000	Healthcare Trust of America Holdings LP		3.500		08/01/26		279,680
	100,000	Highwoods Realty LP		3.875		03/01/27		95,931
	150,000	Highwoods Realty LP		4.125		03/15/28		145,860
	400,000	Hospitality Properties Trust		4.250		02/15/21		402,963
	100,000	Hospitality Properties Trust		5.000		08/15/22		102,426

98

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Hospitality Properties Trust		4.500	%	06/15/23	$	301,186
	700,000	Hospitality Properties Trust		4.650		03/15/24		695,652
	100,000	Hospitality Properties Trust		4.950		02/15/27		97,939
	300,000	Hospitality Properties Trust		3.950		01/15/28		271,499
	300,000	Hospitality Properties Trust		4.375		02/15/30		274,899
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		585,374
	700,000	Host Hotels & Resorts LP		3.875		04/01/24		683,455
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		193,825
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		99,569
	100,000	Hudson Pacific Properties LP		3.950		11/01/27		93,049
	250,000	Kilroy Realty LP		3.800		01/15/23		247,813
	125,000	Kilroy Realty LP		3.450		12/15/24		119,512
	200,000	Kilroy Realty LP		4.250		08/15/29		194,176
	200,000	Kimco Realty Corp		3.200		05/01/21		197,986
	100,000	Kimco Realty Corp		3.400		11/01/22		98,356
	300,000	Kimco Realty Corp		3.125		06/01/23		289,072
	200,000	Kimco Realty Corp		2.700		03/01/24		186,219
	900,000	Kimco Realty Corp		3.300		02/01/25		853,600
	200,000	Kimco Realty Corp		2.800		10/01/26		178,159
	200,000	Kimco Realty Corp		3.800		04/01/27		191,055
	200,000	Kimco Realty Corp		4.250		04/01/45		178,895
	175,000	Kimco Realty Corp		4.125		12/01/46		152,216
	100,000	Kimco Realty Corp		4.450		09/01/47		91,626
	220,000	Liberty Property LP		4.750		10/01/20		224,957
	150,000	Liberty Property LP		4.125		06/15/22		152,082
	100,000	Liberty Property LP		3.375		06/15/23		97,599
	700,000	Liberty Property LP		4.400		02/15/24		708,221
	100,000	Liberty Property LP		3.250		10/01/26		93,045
	200,000	Life Storage LP		3.875		12/15/27		188,105
	200,000	Mid-America Apartments LP		4.300		10/15/23		202,258
	100,000	Mid-America Apartments LP		4.000		11/15/25		98,380
	750,000	Mid-America Apartments LP		3.600		06/01/27		714,221
	200,000	Mid-America Apartments LP		4.200		06/15/28		198,632
	100,000	National Retail Properties, Inc		3.800		10/15/22		99,879
	1,300,000	National Retail Properties, Inc		3.500		10/15/27		1,219,264
	1,200,000	OMEGA Healthcare Investors, Inc		4.375		08/01/23		1,189,765
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		191,316
	700,000	OMEGA Healthcare Investors, Inc		4.750		01/15/28		679,465
	200,000	Physicians Realty LP		4.300		03/15/27		192,533
	200,000	Physicians Realty LP		3.950		01/15/28		186,585
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		192,123
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		200,086
	100,000	Plum Creek Timberlands LP		4.700		03/15/21		102,456
	300,000	Plum Creek Timberlands LP		3.250		03/15/23		291,604
	150,000	ProLogis LP		4.250		08/15/23		154,602
	700,000	ProLogis LP		3.750		11/01/25		699,743
	200,000	ProLogis LP		3.875		09/15/28		200,648
	100,000	ProLogis LP		4.375		09/15/48		100,896
	200,000	Public Storage		2.370		09/15/22		192,097
	200,000	Public Storage		3.094		09/15/27		186,948
	200,000	Rayonier, Inc		3.750		04/01/22		197,805
	300,000	Realty Income Corp		3.250		10/15/22		296,098
	500,000	Realty Income Corp		4.650		08/01/23		518,026

99

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Realty Income Corp		3.875	%	04/15/25	$	198,294
	200,000	Realty Income Corp		4.125		10/15/26		200,281
	200,000	Realty Income Corp		3.000		01/15/27		184,191
	1,000,000	Realty Income Corp		3.650		01/15/28		962,108
	300,000	Realty Income Corp		4.650		03/15/47		300,977
	200,000	Regency Centers LP		3.600		02/01/27		189,771
	125,000	Regency Centers LP		4.125		03/15/28		122,770
	200,000	Regency Centers LP		4.400		02/01/47		189,450
	200,000	Select Income REIT		3.600		02/01/20		198,924
	200,000	Select Income REIT		4.150		02/01/22		197,996
	500,000	Select Income REIT		4.250		05/15/24		478,028
	200,000	Select Income REIT		4.500		02/01/25		191,711
	100,000	Senior Housing Properties Trust		6.750		12/15/21		106,437
	300,000	Senior Housing Properties Trust		4.750		02/15/28		289,927
	250,000	Simon Property Group LP		2.500		09/01/20		246,716
	300,000	Simon Property Group LP		2.500		07/15/21		293,641
	1,850,000	Simon Property Group LP		2.350		01/30/22		1,787,559
	762,000	Simon Property Group LP		3.375		03/15/22		758,861
	200,000	Simon Property Group LP		2.625		06/15/22		193,949
	300,000	Simon Property Group LP		2.750		06/01/23		289,151
	300,000	Simon Property Group LP		3.500		09/01/25		293,034
	300,000	Simon Property Group LP		3.300		01/15/26		288,414
	200,000	Simon Property Group LP		3.250		11/30/26		190,583
	200,000	Simon Property Group LP		3.375		06/15/27		191,535
	300,000	Simon Property Group LP		3.375		12/01/27		285,759
	1,500,000	Simon Property Group LP		4.250		10/01/44		1,459,549
	300,000	Simon Property Group LP		4.250		11/30/46		291,318
	200,000	SL Green Operating Partnership LP		3.250		10/15/22		193,934
	200,000	SL Green Realty Corp		4.500		12/01/22		202,194
	200,000	Sovran Acquisition LP		3.500		07/01/26		185,466
	100,000	Tanger Properties LP		3.125		09/01/26		89,713
	250,000	Tanger Properties LP		3.875		07/15/27		233,277
	200,000	UDR, Inc		3.700		10/01/20		200,577
	200,000	UDR, Inc		4.625		01/10/22		204,708
	200,000	UDR, Inc		4.000		10/01/25		199,360
	200,000	UDR, Inc		3.500		07/01/27		189,030
	200,000	UDR, Inc		3.500		01/15/28		188,579
	850,000	Ventas Realty LP		3.250		08/15/22		833,777
	200,000	Ventas Realty LP		3.100		01/15/23		194,171
	800,000	Ventas Realty LP		3.125		06/15/23		772,737
	120,000	Ventas Realty LP		4.125		01/15/26		118,069
	200,000	Ventas Realty LP		3.250		10/15/26		184,906
	1,000,000	Ventas Realty LP		4.000		03/01/28		964,591
	300,000	Ventas Realty LP		4.400		01/15/29		298,172
	300,000	Ventas Realty LP		4.375		02/01/45		272,259
	100,000	Vornado Realty LP		5.000		01/15/22		103,453
	200,000	Vornado Realty LP		3.500		01/15/25		191,387
	300,000	Washington Prime Group LP		5.950		08/15/24		283,386
	100,000	Washington REIT		3.950		10/15/22		100,024
	100,000	Weingarten Realty Investors		3.375		10/15/22		98,193
	100,000	Weingarten Realty Investors		3.500		04/15/23		98,134
	500,000	Welltower, Inc		3.950		09/01/23		499,779

100

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,700,000	Welltower, Inc		4.000	%	06/01/25	$	1,676,548
	600,000	Welltower, Inc		4.250		04/01/26		597,842
	600,000	Welltower, Inc		4.250		04/15/28		594,038
	300,000	Welltower, Inc		4.950		09/01/48		297,477
	500,000	Weyerhaeuser Co		7.375		10/01/19		520,874
	200,000	Weyerhaeuser Co		4.625		09/15/23		205,173
	400,000	Weyerhaeuser Co		7.375		03/15/32		505,586
	200,000	WP Carey, Inc		4.600		04/01/24		201,636
	200,000	WP Carey, Inc		4.000		02/01/25		195,049
		TOTAL REAL ESTATE						76,063,739
RETAILING - 0.7%
	120,000	Advance Auto Parts, Inc		5.750		05/01/20		123,708
	250,000	Advance Auto Parts, Inc		4.500		12/01/23		254,063
	200,000	Allegion US Holding Co, Inc		3.200		10/01/24		186,844
	200,000	Allegion US Holding Co, Inc		3.550		10/01/27		181,739
	1,200,000	Amazon.com, Inc		2.600		12/05/19		1,196,491
	500,000	Amazon.com, Inc		1.900		08/21/20		490,195
	300,000	Amazon.com, Inc		3.300		12/05/21		300,725
	600,000	Amazon.com, Inc		2.500		11/29/22		581,079
	500,000	Amazon.com, Inc		2.400		02/22/23		480,577
	750,000	Amazon.com, Inc		2.800		08/22/24		724,245
	300,000	Amazon.com, Inc		3.800		12/05/24		305,930
	200,000	Amazon.com, Inc		5.200		12/03/25		219,529
	1,500,000	Amazon.com, Inc		3.150		08/22/27		1,436,518
	300,000	Amazon.com, Inc		4.800		12/05/34		326,894
	2,250,000	Amazon.com, Inc		3.875		08/22/37		2,199,791
	600,000	Amazon.com, Inc		4.950		12/05/44		669,947
	1,000,000	Amazon.com, Inc		4.050		08/22/47		976,864
	1,750,000	Amazon.com, Inc		4.250		08/22/57		1,745,828
	100,000	AutoNation, Inc		3.350		01/15/21		99,119
	200,000	AutoNation, Inc		3.500		11/15/24		189,447
	244,000	AutoNation, Inc		4.500		10/01/25		241,922
	200,000	AutoNation, Inc		3.800		11/15/27		185,172
	100,000	AutoZone, Inc		4.000		11/15/20		101,212
	442,000	AutoZone, Inc		3.700		04/15/22		443,428
	300,000	AutoZone, Inc		2.875		01/15/23		288,976
	150,000	AutoZone, Inc		3.125		07/15/23		146,068
	200,000	AutoZone, Inc		3.250		04/15/25		188,616
	100,000	AutoZone, Inc		3.125		04/21/26		92,766
	300,000	AutoZone, Inc		3.750		06/01/27		288,620
	200,000	Bed Bath & Beyond, Inc		3.749		08/01/24		174,283
	200,000	Bed Bath & Beyond, Inc		4.915		08/01/34		148,792
	250,000	Bed Bath & Beyond, Inc		5.165		08/01/44		177,395
	250,000	Costco Wholesale Corp		1.700		12/15/19		246,619
	400,000	Costco Wholesale Corp		1.750		02/15/20		393,532
	500,000	Costco Wholesale Corp		2.150		05/18/21		489,103
	200,000	Costco Wholesale Corp		2.250		02/15/22		193,925
	1,300,000	Costco Wholesale Corp		2.300		05/18/22		1,258,580
	400,000	Costco Wholesale Corp		2.750		05/18/24		386,964
	500,000	Costco Wholesale Corp		3.000		05/18/27		475,339
	355,000	Dollar General Corp		4.150		11/01/25		355,993
	300,000	Dollar General Corp		3.875		04/15/27		291,529

101

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Dollar General Corp		4.125	%	05/01/28	$	492,845
	1,500,000	Dollar Tree, Inc		3.700		05/15/23		1,480,385
	500,000	Dollar Tree, Inc		4.000		05/15/25		490,170
	500,000	Dollar Tree, Inc		4.200		05/15/28		485,375
	300,000	Enable Midstream Partners LP		3.900		05/15/24		290,450
	200,000	Enable Midstream Partners LP		4.400		03/15/27		191,861
	750,000	Enable Midstream Partners LP		4.950		05/15/28		743,927
	100,000	Enable Midstream Partners LP		5.000		05/15/44		89,890
	300,000	Home Depot, Inc		1.800		06/05/20		295,194
	400,000	Home Depot, Inc		3.950		09/15/20		407,331
	500,000	Home Depot, Inc		2.000		04/01/21		487,409
	350,000	Home Depot, Inc		4.400		04/01/21		360,083
	400,000	Home Depot, Inc		2.625		06/01/22		391,509
	500,000	Home Depot, Inc		2.700		04/01/23		488,314
	300,000	Home Depot, Inc		3.750		02/15/24		305,701
	100,000	Home Depot, Inc		3.350		09/15/25		98,794
	1,700,000	Home Depot, Inc		3.000		04/01/26		1,631,337
	1,300,000	Home Depot, Inc		2.125		09/15/26		1,164,501
	2,000,000	Home Depot, Inc		2.800		09/14/27		1,871,453
	500,000	Home Depot, Inc		4.200		04/01/43		503,135
	300,000	Home Depot, Inc		4.875		02/15/44		331,560
	500,000	Home Depot, Inc		4.400		03/15/45		518,936
	600,000	Home Depot, Inc		4.250		04/01/46		611,964
	1,600,000	Home Depot, Inc		3.900		06/15/47		1,538,562
	675,000	Home Depot, Inc		3.500		09/15/56		587,672
	500,000	JD.com, Inc		3.875		04/29/26		462,565
	1,000,000	Kohl’s Corp		3.250		02/01/23		964,260
	55,000	Kohl’s Corp		4.750		12/15/23		55,987
	200,000	Kohl’s Corp		4.250		07/17/25		199,723
	200,000	Kohl’s Corp		5.550		07/17/45		191,832
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		203,567
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		844,749
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		305,196
	400,000	Lowe’s Cos, Inc		3.125		09/15/24		391,109
	100,000	Lowe’s Cos, Inc		3.375		09/15/25		98,373
	500,000	Lowe’s Cos, Inc		2.500		04/15/26		459,483
	750,000	Lowe’s Cos, Inc		3.100		05/03/27		715,331
	100,000	Lowe’s Cos, Inc		4.650		04/15/42		103,879
	200,000	Lowe’s Cos, Inc		4.250		09/15/44		197,235
	200,000	Lowe’s Cos, Inc		4.375		09/15/45		201,164
	1,075,000	Lowe’s Cos, Inc		3.700		04/15/46		974,641
	1,000,000	Lowe’s Cos, Inc		4.050		05/03/47		962,817
	200,000	Macy’s Retail Holdings, Inc		3.450		01/15/21		198,717
	250,000	Macy’s Retail Holdings, Inc		3.875		01/15/22		249,250
	125,000	Macy’s Retail Holdings, Inc		2.875		02/15/23		118,357
	200,000	Macy’s Retail Holdings, Inc		4.375		09/01/23		200,088
	300,000	Macy’s Retail Holdings, Inc		3.625		06/01/24		287,964
	400,000	Macy’s Retail Holdings, Inc		6.900		04/01/29		423,105
	200,000	Macy’s Retail Holdings, Inc		4.500		12/15/34		164,198
	103,000	Macy’s Retail Holdings, Inc		6.375		03/15/37		101,043
	30,000	Nordstrom, Inc		4.750		05/01/20		30,710
	100,000	Nordstrom, Inc		4.000		10/15/21		101,524

102

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	700,000	Nordstrom, Inc		4.000	%	03/15/27	$	678,686
	531,000	Nordstrom, Inc		5.000		01/15/44		488,956
	150,000	O’Reilly Automotive, Inc		4.875		01/14/21		154,558
	600,000	O’Reilly Automotive, Inc		3.800		09/01/22		602,473
	1,000,000	O’Reilly Automotive, Inc		3.600		09/01/27		948,129
	300,000	O’Reilly Automotive, Inc		4.350		06/01/28		301,004
	200,000	Priceline Group, Inc		2.750		03/15/23		191,603
	300,000	Priceline Group, Inc		3.650		03/15/25		294,645
	300,000	Priceline Group, Inc		3.600		06/01/26		290,900
	900,000	Priceline Group, Inc		3.550		03/15/28		859,826
	100,000	QVC, Inc		5.125		07/02/22		101,291
	100,000	QVC, Inc		4.375		03/15/23		98,756
	1,200,000	QVC, Inc		4.450		02/15/25		1,139,471
	150,000	QVC, Inc		5.950		03/15/43		135,864
	1,150,000	Target Corp		3.875		07/15/20		1,169,508
	1,400,000	Target Corp		2.500		04/15/26		1,296,126
	850,000	Target Corp		4.000		07/01/42		815,615
	225,000	Target Corp		3.625		04/15/46		203,734
	1,500,000	Target Corp		3.900		11/15/47		1,414,601
	1,000,000	TJX Cos, Inc		2.750		06/15/21		989,149
	300,000	TJX Cos, Inc		2.500		05/15/23		288,589
	300,000	TJX Cos, Inc		2.250		09/15/26		271,425
	1,419,000	Wal-Mart Stores, Inc		1.750		10/09/19		1,406,227
	2,550,000	Wal-Mart Stores, Inc		1.900		12/15/20		2,495,611
	300,000	Wal-Mart Stores, Inc		2.350		12/15/22		289,955
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		969,022
	800,000	Wal-Mart Stores, Inc		3.300		04/22/24		798,658
	1,500,000	Wal-Mart Stores, Inc		2.650		12/15/24		1,435,323
	4,500,000	Wal-Mart Stores, Inc		3.625		12/15/47		4,209,053
	500,000	Walmart, Inc		2.850		06/23/20		500,152
	1,000,000	Walmart, Inc		3.125		06/23/21		1,002,006
	475,000	Walmart, Inc		3.400		06/26/23		476,589
	500,000	Walmart, Inc		3.550		06/26/25		502,266
	1,500,000	Walmart, Inc		3.700		06/26/28		1,500,967
	500,000	Walmart, Inc		3.950		06/28/38		498,607
	1,000,000	Walmart, Inc		4.050		06/29/48		999,404
		TOTAL RETAILING						74,142,341
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	200,000	Altera Corp		4.100		11/15/23		206,557
	500,000	Analog Devices, Inc		2.950		01/12/21		495,595
	100,000	Analog Devices, Inc		2.500		12/05/21		96,215
	325,000	Analog Devices, Inc		3.125		12/05/23		314,185
	1,175,000	Analog Devices, Inc		3.500		12/05/26		1,124,743
	100,000	Analog Devices, Inc		4.500		12/05/36		97,206
	200,000	Analog Devices, Inc		5.300		12/15/45		213,369
	300,000	Intel Corp		1.850		05/11/20		295,198
	250,000	Intel Corp		2.450		07/29/20		247,850
	400,000	Intel Corp		1.700		05/19/21		386,385
	300,000	Intel Corp		2.350		05/11/22		291,769
	1,250,000	Intel Corp		3.100		07/29/22		1,241,525
	1,250,000	Intel Corp		2.700		12/15/22		1,222,688
	1,500,000	Intel Corp		3.700		07/29/25		1,508,897

103

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,180,000	Intel Corp		2.600	%	05/19/26	$	2,033,602
	400,000	Intel Corp		4.100		05/19/46		394,804
	750,000	Intel Corp		4.100		05/11/47		739,529
	2,578,000	Intel Corp		3.734		12/08/47		2,398,114
	200,000	Marvell Technology Group Ltd		4.200		06/22/23		198,968
	200,000	Marvell Technology Group Ltd		4.875		06/22/28		200,937
	200,000	Maxim Integrated Products, Inc		3.375		03/15/23		196,214
	150,000	Maxim Integrated Products, Inc		3.450		06/15/27		141,464
	225,000	NVIDIA Corp		2.200		09/16/21		218,632
	800,000	NVIDIA Corp		3.200		09/16/26		764,769
	200,000	Texas Instruments, Inc		1.650		08/03/19		198,237
	300,000	Texas Instruments, Inc		1.750		05/01/20		294,625
	100,000	Texas Instruments, Inc		2.625		05/15/24		96,108
	350,000	Texas Instruments, Inc		2.900		11/03/27		329,173
	1,200,000	Texas Instruments, Inc		4.150		05/15/48		1,201,576
	400,000	Xilinx, Inc		3.000		03/15/21		396,360
	150,000	Xilinx, Inc		2.950		06/01/24		142,520
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						17,687,814
SOFTWARE & SERVICES - 0.9%
	175,000	Activision Blizzard, Inc		2.300		09/15/21		169,788
	100,000	Activision Blizzard, Inc		2.600		06/15/22		96,836
	200,000	Activision Blizzard, Inc		3.400		09/15/26		190,099
	300,000	Activision Blizzard, Inc		3.400		06/15/27		283,735
	300,000	Activision Blizzard, Inc		4.500		06/15/47		283,040
	20,000	Adobe Systems, Inc		4.750		02/01/20		20,432
	775,000	Adobe Systems, Inc		3.250		02/01/25		756,863
	250,000	Autodesk, Inc		4.375		06/15/25		251,234
	300,000	Autodesk, Inc		3.500		06/15/27		279,257
	500,000	Automatic Data Processing, Inc		2.250		09/15/20		493,604
	500,000	Automatic Data Processing, Inc		3.375		09/15/25		495,888
	500,000	Baidu, Inc		3.000		06/30/20		495,585
	700,000	Baidu, Inc		2.875		07/06/22		673,807
	200,000	Baidu, Inc		3.500		11/28/22		196,304
	500,000	Baidu, Inc		3.875		09/29/23		494,558
	300,000	Baidu, Inc		4.125		06/30/25		295,766
	300,000	Baidu, Inc		3.625		07/06/27		280,721
	500,000	Baidu, Inc		4.375		03/29/28		492,450
	500,000	CA, Inc		5.375		12/01/19		511,058
	250,000	CA, Inc		3.600		08/15/22		248,152
	150,000	CA, Inc		4.700		03/15/27		150,035
	200,000	Citrix Systems, Inc		4.500		12/01/27		192,611
	200,000	DXC Technology Co		2.875		03/27/20		198,332
	200,000	DXC Technology Co		4.450		09/18/22		203,140
	200,000	DXC Technology Co		4.250		04/15/24		200,455
	200,000	DXC Technology Co		4.750		04/15/27		204,625
	300,000	Electronic Arts, Inc		3.700		03/01/21		302,358
	300,000	Expedia, Inc		4.500		08/15/24		301,635
	1,200,000	Expedia, Inc		5.000		02/15/26		1,221,793
	1,000,000	Fidelity National Information Services, Inc		2.250		08/15/21		965,582
	247,000	Fidelity National Information Services, Inc		4.500		10/15/22		253,890
	163,000	Fidelity National Information Services, Inc		3.875		06/05/24		162,731

104

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	139,000	Fidelity National Information Services, Inc		5.000	%	10/15/25	$	146,298
	1,000,000	Fidelity National Information Services, Inc		3.000		08/15/26		923,616
	100,000	Fidelity National Information Services, Inc		4.250		05/15/28		100,140
	300,000	Fidelity National Information Services, Inc		4.500		08/15/46		282,685
	300,000	Fidelity National Information Services, Inc		4.750		05/15/48		297,043
	1,350,000	Fiserv, Inc		3.500		10/01/22		1,342,874
	500,000	Fiserv, Inc		3.850		06/01/25		495,392
	100,000	IHS Markit Ltd		4.125		08/01/23		99,808
	100,000	IHS Markit Ltd		4.750		08/01/28		100,240
	300,000	International Business Machines Corp		1.900		01/27/20		296,352
	250,000	International Business Machines Corp		2.250		02/19/21		244,945
	500,000	International Business Machines Corp		2.900		11/01/21		492,590
	300,000	International Business Machines Corp		2.500		01/27/22		292,079
	300,000	International Business Machines Corp		1.875		08/01/22		284,357
	500,000	International Business Machines Corp		2.875		11/09/22		489,420
	300,000	International Business Machines Corp		3.300		01/27/27		292,706
	19,000	International Business Machines Corp		5.600		11/30/39		22,647
	835,000	International Business Machines Corp		4.000		06/20/42		809,939
	1,500,000	International Business Machines Corp		4.700		02/19/46		1,625,938
	175,000	Juniper Networks, Inc		4.600		03/15/21		178,728
	200,000	Juniper Networks, Inc		4.500		03/15/24		203,322
	750,000	Juniper Networks, Inc		4.350		06/15/25		747,509
	200,000	Mastercard, Inc		2.000		11/21/21		193,295
	1,000,000	Mastercard, Inc		3.375		04/01/24		999,570
	200,000	Mastercard, Inc		2.950		11/21/26		190,495
	200,000	Mastercard, Inc		3.800		11/21/46		191,300
	750,000	Mastercard, Inc		3.500		02/26/48		740,098
	300,000	Mastercard, Inc		3.950		02/26/48		295,341
	1,000,000	Microsoft Corp		1.100		08/08/19		987,198
	1,000,000	Microsoft Corp		1.850		02/06/20		987,842
	300,000	Microsoft Corp		1.850		02/12/20		296,173
	540,000	Microsoft Corp		3.000		10/01/20		542,575
	500,000	Microsoft Corp		2.000		11/03/20		491,101
	450,000	Microsoft Corp		4.000		02/08/21		461,335
	850,000	Microsoft Corp		1.550		08/08/21		816,516
	1,000,000	Microsoft Corp		2.400		02/06/22		976,655
	1,300,000	Microsoft Corp		2.375		02/12/22		1,268,789
	500,000	Microsoft Corp		2.650		11/03/22		489,685
	400,000	Microsoft Corp		2.125		11/15/22		385,155
	1,000,000	Microsoft Corp		2.000		08/08/23		944,945
	400,000	Microsoft Corp		3.625		12/15/23		406,121
	2,000,000	Microsoft Corp		2.875		02/06/24		1,954,629
	500,000	Microsoft Corp		2.700		02/12/25		479,056
	750,000	Microsoft Corp		3.125		11/03/25		733,845
	2,300,000	Microsoft Corp		2.400		08/08/26		2,119,612
	5,189,000	Microsoft Corp		3.300		02/06/27		5,094,487
	925,000	Microsoft Corp		4.200		11/03/35		963,852
	2,000,000	Microsoft Corp		3.450		08/08/36		1,905,269
	1,575,000	Microsoft Corp		4.100		02/06/37		1,621,949
	500,000	Microsoft Corp		3.500		11/15/42		465,199
	300,000	Microsoft Corp		3.750		05/01/43		290,027
	750,000	Microsoft Corp		3.750		02/12/45		724,942
	575,000	Microsoft Corp		4.450		11/03/45		614,757

105

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Microsoft Corp		3.700	%	08/08/46	$	958,315
	1,350,000	Microsoft Corp		4.250		02/06/47		1,415,003
	1,750,000	Microsoft Corp		4.000		02/12/55		1,730,968
	500,000	Microsoft Corp		4.750		11/03/55		564,254
	1,000,000	Microsoft Corp		3.950		08/08/56		976,550
	1,800,000	Microsoft Corp		4.500		02/06/57		1,938,740
	750,000	Oracle Corp		2.250		10/08/19		746,269
	1,365,000	Oracle Corp		3.875		07/15/20		1,387,162
	1,250,000	Oracle Corp		2.800		07/08/21		1,240,433
	1,000,000	Oracle Corp		1.900		09/15/21		965,053
	1,300,000	Oracle Corp		2.500		05/15/22		1,265,069
	1,725,000	Oracle Corp		2.500		10/15/22		1,673,336
	500,000	Oracle Corp		2.625		02/15/23		484,916
	2,000,000	Oracle Corp		2.400		09/15/23		1,908,748
	750,000	Oracle Corp		3.400		07/08/24		743,294
	500,000	Oracle Corp		2.950		11/15/24		482,741
	1,250,000	Oracle Corp		2.950		05/15/25		1,198,376
	2,334,000	Oracle Corp		2.650		07/15/26		2,164,740
	1,750,000	Oracle Corp		3.250		11/15/27		1,683,571
	400,000	Oracle Corp		3.250		05/15/30		377,081
	2,322,000	Oracle Corp		4.300		07/08/34		2,368,728
	500,000	Oracle Corp		3.900		05/15/35		483,309
	1,000,000	Oracle Corp		3.850		07/15/36		964,748
	3,000,000	Oracle Corp		3.800		11/15/37		2,854,548
	470,000	Oracle Corp		6.125		07/08/39		578,103
	500,000	Oracle Corp		4.500		07/08/44		511,994
	1,500,000	Oracle Corp		4.000		07/15/46		1,427,137
	750,000	Oracle Corp		4.000		11/15/47		710,713
	500,000	Oracle Corp		4.375		05/15/55		497,731
	725,000	salesforce.com, Inc		3.250		04/11/23		719,573
	800,000	salesforce.com, Inc		3.700		04/11/28		792,656
	250,000	Total System Services, Inc		3.800		04/01/21		250,847
	125,000	Total System Services, Inc		3.750		06/01/23		123,872
	500,000	Total System Services, Inc		4.000		06/01/23		503,154
	300,000	Total System Services, Inc		4.800		04/01/26		308,573
	500,000	Total System Services, Inc		4.450		06/01/28		499,911
	300,000	VMware, Inc		2.300		08/21/20		294,081
	1,250,000	VMware, Inc		2.950		08/21/22		1,202,921
	500,000	VMware, Inc		3.900		08/21/27		472,749
		TOTAL SOFTWARE & SERVICES						89,236,772
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	100,000	Alphabet, Inc		3.625		05/19/21		101,570
	500,000	Alphabet, Inc		3.375		02/25/24		503,021
	1,000,000	Alphabet, Inc		1.998		08/15/26		900,682
	225,000	Amphenol Corp		2.200		04/01/20		221,038
	125,000	Amphenol Corp		3.125		09/15/21		123,245
	150,000	Amphenol Corp		4.000		02/01/22		151,985
	200,000	Amphenol Corp		3.200		04/01/24		191,795
	1,000,000	Apple, Inc		1.100		08/02/19		987,095
	300,000	Apple, Inc		1.500		09/12/19		296,735
	200,000	Apple, Inc		1.800		11/13/19		197,882

106

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Apple, Inc		1.900	%	02/07/20	$	494,092
	200,000	Apple, Inc		1.800		05/11/20		196,652
	500,000	Apple, Inc		2.000		11/13/20		491,123
	2,500,000	Apple, Inc		2.250		02/23/21		2,454,197
	2,750,000	Apple, Inc		1.550		08/04/21		2,637,749
	750,000	Apple, Inc		2.150		02/09/22		724,993
	500,000	Apple, Inc		2.500		02/09/22		488,926
	500,000	Apple, Inc		2.300		05/11/22		484,473
	750,000	Apple, Inc		2.700		05/13/22		736,998
	400,000	Apple, Inc		2.100		09/12/22		383,076
	500,000	Apple, Inc		2.400		01/13/23		482,506
	400,000	Apple, Inc		2.850		02/23/23		392,862
	750,000	Apple, Inc		3.000		02/09/24		735,064
	2,250,000	Apple, Inc		3.450		05/06/24		2,252,060
	750,000	Apple, Inc		2.850		05/11/24		728,193
	1,500,000	Apple, Inc		2.750		01/13/25		1,436,505
	750,000	Apple, Inc		2.500		02/09/25		708,400
	750,000	Apple, Inc		3.200		05/13/25		735,285
	2,350,000	Apple, Inc		3.250		02/23/26		2,295,831
	1,000,000	Apple, Inc		2.450		08/04/26		921,677
	750,000	Apple, Inc		3.350		02/09/27		733,248
	750,000	Apple, Inc		3.200		05/11/27		724,667
	1,000,000	Apple, Inc		3.000		06/20/27		951,011
	1,500,000	Apple, Inc		2.900		09/12/27		1,412,735
	1,250,000	Apple, Inc		3.000		11/13/27		1,185,781
	1,375,000	Apple, Inc		4.500		02/23/36		1,476,646
	750,000	Apple, Inc		4.450		05/06/44		786,778
	1,350,000	Apple, Inc		3.450		02/09/45		1,209,184
	800,000	Apple, Inc		4.375		05/13/45		830,543
	1,250,000	Apple, Inc		4.650		02/23/46		1,348,184
	750,000	Apple, Inc		3.850		08/04/46		718,005
	1,000,000	Apple, Inc		4.250		02/09/47		1,018,875
	750,000	Apple, Inc		3.750		09/12/47		702,121
	750,000	Apple, Inc		3.750		11/13/47		703,264
	1,000,000	Broadcom Corp		2.375		01/15/20		988,268
	500,000	Broadcom Corp		2.200		01/15/21		484,433
	1,500,000	Broadcom Corp		3.000		01/15/22		1,461,117
	500,000	Broadcom Corp		2.650		01/15/23		471,981
	1,100,000	Broadcom Corp		3.625		01/15/24		1,066,774
	2,250,000	Broadcom Corp		3.125		01/15/25		2,089,497
	1,750,000	Broadcom Corp		3.875		01/15/27		1,650,444
	250,000	Broadcom Corp		3.500		01/15/28		227,031
	1,900,000	Cisco Systems, Inc		4.450		01/15/20		1,937,348
	1,250,000	Cisco Systems, Inc		2.900		03/04/21		1,245,469
	300,000	Cisco Systems, Inc		1.850		09/20/21		289,389
	400,000	Cisco Systems, Inc		3.000		06/15/22		397,864
	500,000	Cisco Systems, Inc		2.600		02/28/23		486,558
	1,300,000	Cisco Systems, Inc		2.200		09/20/23		1,237,039
	1,100,000	Cisco Systems, Inc		3.625		03/04/24		1,115,398
	400,000	Cisco Systems, Inc		3.500		06/15/25		399,109
	500,000	Cisco Systems, Inc		2.950		02/28/26		480,387
	2,500,000	Cisco Systems, Inc		2.500		09/20/26		2,311,418
	600,000	Cisco Systems, Inc		5.900		02/15/39		745,713

107

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	225,000		Corning, Inc		4.250	%	08/15/20	$	227,750
	300,000		Corning, Inc		2.900		05/15/22		293,399
	100,000		Corning, Inc		5.750		08/15/40		112,032
	200,000		Corning, Inc		4.750		03/15/42		199,972
	700,000		Corning, Inc		4.375		11/15/57		611,943
	1,175,000	g	Dell International LLC		4.420		06/15/21		1,192,408
	1,500,000	g	Dell International LLC		5.450		06/15/23		1,575,563
	2,000,000	g	Dell International LLC		6.020		06/15/26		2,129,893
	1,000,000	g	Dell International LLC		8.100		07/15/36		1,198,902
	1,000,000	g	Dell International LLC		8.350		07/15/46		1,241,632
	800,000		Flextronics International Ltd		4.750		06/15/25		803,813
	205,000		Harris Corp		2.700		04/27/20		202,966
	500,000		Harris Corp		4.400		06/15/28		501,511
	300,000		Harris Corp		4.854		04/27/35		307,536
	300,000		Harris Corp		5.054		04/27/45		315,191
	2,375,000		Hewlett Packard Enterprise Co		3.600		10/15/20		2,386,210
	500,000		Hewlett Packard Enterprise Co		3.500		10/05/21		499,421
	3,000,000		Hewlett Packard Enterprise Co		4.900		10/15/25		3,082,593
	350,000		Hewlett Packard Enterprise Co		6.350		10/15/45		359,191
	113,000		Hewlett-Packard Co		3.750		12/01/20		113,986
	200,000		Hewlett-Packard Co		4.050		09/15/22		202,605
	850,000		Hewlett-Packard Co		6.000		09/15/41		863,194
	1,000,000		Jabil Circuit, Inc		4.700		09/15/22		1,016,700
	100,000		Jabil, Inc		3.950		01/12/28		93,690
	755,000		Koninklijke Philips Electronics NV		5.000		03/15/42		817,119
	300,000		L-3 Communications Corp		4.950		02/15/21		308,544
	52,000		L-3 Communications Corp		3.950		05/28/24		51,248
	600,000		L-3 Communications Corp		3.850		12/15/26		576,907
	250,000		L3 Technologies, Inc		3.850		06/15/23		250,563
	500,000		L3 Technologies, Inc		4.400		06/15/28		498,263
	100,000		Motorola Solutions, Inc		3.500		09/01/21		99,238
	700,000		Motorola Solutions, Inc		3.750		05/15/22		693,915
	250,000		Motorola Solutions, Inc		3.500		03/01/23		243,450
	200,000		Motorola Solutions, Inc		4.000		09/01/24		195,985
	450,000		Motorola Solutions, Inc		4.600		02/23/28		439,747
	200,000		Motorola Solutions, Inc		5.500		09/01/44		187,530
	200,000		NetApp, Inc		3.375		06/15/21		199,259
	200,000		NetApp, Inc		3.300		09/29/24		190,922
	1,400,000		QUALCOMM, Inc		2.250		05/20/20		1,381,677
	500,000		QUALCOMM, Inc		3.000		05/20/22		492,851
	750,000		QUALCOMM, Inc		2.900		05/20/24		717,629
	500,000		QUALCOMM, Inc		3.450		05/20/25		485,890
	2,000,000		QUALCOMM, Inc		3.250		05/20/27		1,879,594
	500,000		QUALCOMM, Inc		4.650		05/20/35		508,043
	500,000		QUALCOMM, Inc		4.800		05/20/45		505,670
	1,000,000		QUALCOMM, Inc		4.300		05/20/47		941,997
	500,000		Seagate HDD Cayman		4.250		03/01/22		496,794
	1,250,000		Seagate HDD Cayman		4.750		01/01/25		1,198,032
	200,000		Seagate HDD Cayman		4.875		06/01/27		187,032
	200,000		Seagate HDD Cayman		5.750		12/01/34		180,884
	200,000		Tech Data Corp		3.700		02/15/22		195,733
	200,000		Tech Data Corp		4.950		02/15/27		195,548

108

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Tyco Electronics Group S.A.		3.500	%	02/03/22	$	249,753
	200,000		Tyco Electronics Group S.A.		3.450		08/01/24		194,517
	100,000		Tyco Electronics Group S.A.		3.700		02/15/26		97,623
	1,150,000		Tyco Electronics Group S.A.		3.125		08/15/27		1,068,993
	415,000		Xerox Corp		2.750		09/01/20		405,847
	1,250,000		Xerox Corp		3.625		03/15/23		1,189,936
	200,000		Xerox Corp		6.750		12/15/39		199,427
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						93,400,250
TELECOMMUNICATION SERVICES - 1.0%
	500,000		Alibaba Group Holding Ltd		2.500		11/28/19		497,399
	500,000		Alibaba Group Holding Ltd		3.125		11/28/21		494,112
	1,000,000		Alibaba Group Holding Ltd		2.800		06/06/23		962,701
	1,250,000		Alibaba Group Holding Ltd		3.600		11/28/24		1,229,082
	1,000,000		Alibaba Group Holding Ltd		3.400		12/06/27		931,658
	500,000		Alibaba Group Holding Ltd		4.500		11/28/34		490,487
	750,000		Alibaba Group Holding Ltd		4.000		12/06/37		687,809
	1,000,000		Alibaba Group Holding Ltd		4.200		12/06/47		910,428
	750,000		Alibaba Group Holding Ltd		4.400		12/06/57		685,671
	1,680,000		America Movil SAB de C.V.		5.000		03/30/20		1,720,604
	950,000		America Movil SAB de C.V.		3.125		07/16/22		930,089
	440,000		America Movil SAB de C.V.		6.125		03/30/40		518,034
	1,625,000		America Movil SAB de C.V.		4.375		07/16/42		1,582,922
	500,000		AT&T, Inc		3.200		03/01/22		492,489
	500,000		AT&T, Inc		3.800		03/01/24		494,955
	1,000,000		AT&T, Inc		4.450		04/01/24		1,017,301
	1,500,000		AT&T, Inc		3.400		05/15/25		1,427,444
	1,250,000		AT&T, Inc		4.125		02/17/26		1,234,531
	1,300,000		AT&T, Inc		4.250		03/01/27		1,282,497
	4,705,000	g	AT&T, Inc		4.100		02/15/28		4,559,766
	8,525,000	g	AT&T, Inc		4.300		02/15/30		8,192,732
	1,175,000		AT&T, Inc		4.500		05/15/35		1,096,442
	1,500,000		AT&T, Inc		5.250		03/01/37		1,493,167
	1,500,000	g	AT&T, Inc		4.900		08/15/37		1,432,446
	145,000		AT&T, Inc		6.000		08/15/40		155,038
	92,000		AT&T, Inc		5.350		09/01/40		91,129
	100,000		AT&T, Inc		6.375		03/01/41		110,060
	550,000		AT&T, Inc		5.150		03/15/42		530,148
	2,366,000		AT&T, Inc		4.300		12/15/42		2,045,757
	1,250,000		AT&T, Inc		4.800		06/15/44		1,151,150
	2,854,000		AT&T, Inc		4.350		06/15/45		2,454,963
	1,025,000		AT&T, Inc		4.750		05/15/46		935,027
	750,000		AT&T, Inc		5.650		02/15/47		768,134
	2,100,000		AT&T, Inc		5.450		03/01/47		2,098,257
	1,425,000		AT&T, Inc		4.500		03/09/48		1,241,387
	1,250,000	g	AT&T, Inc		5.150		02/15/50		1,181,162
	500,000		AT&T, Inc		5.700		03/01/57		506,191
	2,750,000	g	AT&T, Inc		5.300		08/15/58		2,620,465
	500,000		Bell Canada, Inc		4.464		04/01/48		490,505
	1,150,000		British Telecommunications plc		9.625		12/15/30		1,633,431
	1,240,000		Deutsche Telekom International Finance BV		8.750		06/15/30		1,664,217
	2,700,000		France Telecom S.A.		4.125		09/14/21		2,762,086
	745,000		France Telecom S.A.		9.000		03/01/31		1,056,782

109

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	600,000		France Telecom S.A.		5.375	%	01/13/42	$	656,152
	250,000		Koninklijke KPN NV		8.375		10/01/30		322,074
	400,000		Orange S.A.		5.500		02/06/44		445,329
	200,000		Rogers Communications, Inc		4.100		10/01/23		203,229
	1,713,000		Rogers Communications, Inc		3.625		12/15/25		1,672,622
	200,000		Rogers Communications, Inc		2.900		11/15/26		183,666
	125,000		Rogers Communications, Inc		4.500		03/15/43		122,441
	300,000		Rogers Communications, Inc		5.450		10/01/43		325,623
	600,000		Rogers Communications, Inc		5.000		03/15/44		626,961
	150,000		Rogers Communications, Inc		4.300		02/15/48		144,209
	2,020,000		Telefonica Emisiones SAU		5.134		04/27/20		2,075,996
	1,175,000		Telefonica Emisiones SAU		4.103		03/08/27		1,128,817
	300,000		Telefonica Emisiones SAU		7.045		06/20/36		361,508
	1,000,000		Telefonica Emisiones SAU		4.665		03/06/38		938,315
	1,300,000		Telefonica Emisiones SAU		5.213		03/08/47		1,260,996
	1,000,000		Telefonica Emisiones SAU		4.895		03/06/48		929,968
	392,000		Telefonica Europe BV		8.250		09/15/30		501,316
	100,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		102,417
	200,000		TELUS Corp		2.800		02/16/27		182,222
	200,000		TELUS Corp		3.700		09/15/27		194,517
	500,000		TELUS Corp		4.600		11/16/48		496,729
	1,409,000		Verizon Communications, Inc		4.600		04/01/21		1,452,919
	2,500,000		Verizon Communications, Inc		3.500		11/01/24		2,466,119
	5,213,000		Verizon Communications, Inc		3.376		02/15/25		5,070,266
	2,750,000		Verizon Communications, Inc		4.125		03/16/27		2,751,364
	4,841,000	g	Verizon Communications, Inc		4.329		09/21/28		4,868,628
	1,500,000		Verizon Communications, Inc		4.500		08/10/33		1,487,748
	3,000,000		Verizon Communications, Inc		4.400		11/01/34		2,922,183
	3,400,000		Verizon Communications, Inc		4.272		01/15/36		3,236,468
	1,150,000		Verizon Communications, Inc		4.750		11/01/41		1,129,301
	750,000		Verizon Communications, Inc		5.500		03/16/47		817,541
	650,000		Vodafone Group plc		4.375		03/16/21		664,751
	500,000		Vodafone Group plc		2.500		09/26/22		479,569
	800,000		Vodafone Group plc		2.950		02/19/23		771,419
	1,000,000		Vodafone Group plc		3.750		01/16/24		988,547
	750,000		Vodafone Group plc		4.125		05/30/25		743,898
	2,050,000		Vodafone Group plc		4.375		05/30/28		2,018,618
	150,000		Vodafone Group plc		6.150		02/27/37		165,463
	750,000		Vodafone Group plc		5.000		05/30/38		739,247
	1,700,000		Vodafone Group plc		4.375		02/19/43		1,526,479
	1,000,000		Vodafone Group plc		5.250		05/30/48		1,002,470
			TOTAL TELECOMMUNICATION SERVICES						106,038,760
TRANSPORTATION - 0.7%
	378,819		American Airlines, Inc		3.000		10/15/28		353,070
	1,300,000		Boeing Co		1.650		10/30/20		1,263,964
	750,000		Boeing Co		2.800		03/01/23		734,558
	400,000		Boeing Co		2.600		10/30/25		373,895
	200,000		Boeing Co		2.250		06/15/26		181,108
	250,000		Boeing Co		2.800		03/01/27		234,945
	500,000		Boeing Co		3.250		03/01/28		482,377
	500,000		Boeing Co		3.550		03/01/38		470,573

110

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	350,000	Boeing Co		5.875	%	02/15/40	$	432,109
	300,000	Boeing Co		3.375		06/15/46		266,679
	250,000	Boeing Co		3.650		03/01/47		231,185
	100,000	Boeing Co		3.625		03/01/48		91,929
	555,000	Burlington Northern Santa Fe LLC		4.700		10/01/19		564,960
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		296,766
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		148,397
	500,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		510,345
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		505,498
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		148,963
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		290,689
	700,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		702,949
	1,150,000	Burlington Northern Santa Fe LLC		3.250		06/15/27		1,122,019
	360,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		430,296
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		275,677
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		203,983
	500,000	Burlington Northern Santa Fe LLC		5.150		09/01/43		559,787
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		540,659
	300,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		311,935
	1,000,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		984,694
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		211,871
	750,000	Burlington Northern Santa Fe LLC		3.900		08/01/46		711,394
	400,000	Burlington Northern Santa Fe LLC		4.125		06/15/47		395,845
	1,175,000	Burlington Northern Santa Fe LLC		4.050		06/15/48		1,141,254
	200,000	Burlington Northern Santa Fe LLC		4.150		12/15/48		197,417
	500,000	Canadian National Railway Co		2.400		02/03/20		495,812
	100,000	Canadian National Railway Co		2.850		12/15/21		98,615
	300,000	Canadian National Railway Co		2.250		11/15/22		285,460
	200,000	Canadian National Railway Co		2.950		11/21/24		192,691
	200,000	Canadian National Railway Co		6.900		07/15/28		246,559
	200,000	Canadian National Railway Co		6.250		08/01/34		244,363
	250,000	Canadian National Railway Co		3.500		11/15/42		222,709
	100,000	Canadian National Railway Co		4.500		11/07/43		101,994
	400,000	Canadian National Railway Co		3.200		08/02/46		339,246
	500,000	Canadian National Railway Co		3.650		02/03/48		462,232
	1,800,000	Canadian Pacific Railway Co		2.900		02/01/25		1,710,889
	300,000	Canadian Pacific Railway Co		4.000		06/01/28		301,061
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		250,955
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		296,382
	200,000	Canadian Pacific Railway Co		6.125		09/15/15		236,082
	200,000	Carnival Corp		3.950		10/15/20		202,863
	300,000	CH Robinson Worldwide, Inc		4.200		04/15/28		296,019
	258,831	Continental Airlines, Inc		4.750		01/12/21		263,657
	23,846	Continental Airlines, Inc		5.983		04/19/22		25,109
	376,953	Continental Airlines, Inc		4.150		04/11/24		379,916
	154,511	Continental Airlines, Inc		4.000		10/29/24		154,511
	125,000	CSX Corp		3.700		11/01/23		125,260
	300,000	CSX Corp		3.400		08/01/24		296,661
	200,000	CSX Corp		3.350		11/01/25		193,783
	1,200,000	CSX Corp		2.600		11/01/26		1,090,815
	500,000	CSX Corp		3.250		06/01/27		473,561
	750,000	CSX Corp		3.800		03/01/28		738,873
	100,000	CSX Corp		6.000		10/01/36		118,216

111

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	CSX Corp		6.150	%	05/01/37	$	240,024
	400,000	CSX Corp		5.500		04/15/41		446,558
	350,000	CSX Corp		4.400		03/01/43		346,452
	100,000	CSX Corp		4.100		03/15/44		94,261
	675,000	CSX Corp		3.800		11/01/46		609,335
	750,000	CSX Corp		4.300		03/01/48		732,981
	200,000	CSX Corp		3.950		05/01/50		180,348
	300,000	CSX Corp		4.500		08/01/54		287,610
	150,000	CSX Corp		4.250		11/01/66		134,288
	300,000	CSX Corp		4.650		03/01/68		289,427
	203,757	Delta Air Lines, Inc		5.300		04/15/19		205,286
	150,000	Delta Air Lines, Inc		2.875		03/13/20		148,778
	96,988	Delta Air Lines, Inc		4.750		05/07/20		98,684
	125,000	Delta Air Lines, Inc		2.600		12/04/20		122,263
	100,000	Delta Air Lines, Inc		3.400		04/19/21		99,374
	700,000	Delta Air Lines, Inc		3.625		03/15/22		691,237
	300,000	Delta Air Lines, Inc		3.800		04/19/23		293,842
	108,827	Delta Air Lines, Inc		3.625		07/30/27		107,724
	200,000	Delta Air Lines, Inc		4.375		04/19/28		193,101
	100,000	FedEx Corp		2.300		02/01/20		99,116
	300,000	FedEx Corp		4.000		01/15/24		307,218
	100,000	FedEx Corp		3.200		02/01/25		97,359
	300,000	FedEx Corp		3.250		04/01/26		288,983
	400,000	FedEx Corp		3.300		03/15/27		382,043
	1,250,000	FedEx Corp		3.400		02/15/28		1,197,250
	1,000,000	FedEx Corp		4.900		01/15/34		1,058,967
	200,000	FedEx Corp		3.900		02/01/35		188,084
	600,000	FedEx Corp		3.875		08/01/42		531,574
	750,000	FedEx Corp		4.750		11/15/45		749,875
	300,000	FedEx Corp		4.550		04/01/46		293,606
	200,000	FedEx Corp		4.400		01/15/47		190,716
	550,000	FedEx Corp		4.050		02/15/48		492,324
	200,000	FedEx Corp		4.500		02/01/65		177,432
	100,000	GATX Corp		2.600		03/30/20		98,735
	500,000	GATX Corp		3.250		09/15/26		459,937
	200,000	GATX Corp		3.500		03/15/28		183,699
	200,000	GATX Corp		4.550		11/07/28		199,436
	225,000	GATX Corp		5.200		03/15/44		232,643
	200,000	JB Hunt Transport Services, Inc		3.300		08/15/22		196,129
	100,000	Kansas City Southern		3.000		05/15/23		96,156
	100,000	Kansas City Southern		3.125		06/01/26		91,919
	100,000	Kansas City Southern		4.300		05/15/43		93,775
	175,000	Kansas City Southern		4.950		08/15/45		179,679
	800,000	Kansas City Southern		4.700		05/01/48		794,632
	200,000	Kirby Corp		4.200		03/01/28		195,378
	100,000	Norfolk Southern Corp		3.250		12/01/21		99,695
	250,000	Norfolk Southern Corp		3.000		04/01/22		245,946
	1,291,000	Norfolk Southern Corp		2.903		02/15/23		1,258,669
	500,000	Norfolk Southern Corp		3.650		08/01/25		496,484
	200,000	Norfolk Southern Corp		2.900		06/15/26		187,714
	300,000	Norfolk Southern Corp		3.150		06/01/27		284,076
	500,000	Norfolk Southern Corp		3.800		08/01/28		494,506

112

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	16,000	Norfolk Southern Corp		4.837	%	10/01/41	$	16,813
	300,000	Norfolk Southern Corp		4.450		06/15/45		300,409
	200,000	Norfolk Southern Corp		4.650		01/15/46		205,882
	128,000	Norfolk Southern Corp		3.942		11/01/47		118,681
	1,275,000	Norfolk Southern Corp		4.150		02/28/48		1,230,000
	500,000	Norfolk Southern Corp		5.100		08/01/18		492,664
	750,000	Northrop Grumman Corp		2.080		10/15/20		733,100
	650,000	Northrop Grumman Corp		3.500		03/15/21		653,247
	1,000,000	Northrop Grumman Corp		2.550		10/15/22		963,367
	400,000	Northrop Grumman Corp		3.250		08/01/23		392,755
	750,000	Northrop Grumman Corp		2.930		01/15/25		711,944
	300,000	Northrop Grumman Corp		3.200		02/01/27		282,779
	850,000	Northrop Grumman Corp		3.250		01/15/28		799,282
	100,000	Northrop Grumman Corp		5.050		11/15/40		107,059
	400,000	Northrop Grumman Corp		4.750		06/01/43		414,482
	300,000	Northrop Grumman Corp		3.850		04/15/45		272,159
	1,150,000	Northrop Grumman Corp		4.030		10/15/47		1,076,330
	500,000	Royal Caribbean Cruises Ltd		2.650		11/28/20		491,634
	500,000	Royal Caribbean Cruises Ltd		3.700		03/15/28		463,401
	1,400,000	Ryder System, Inc		2.500		05/11/20		1,383,112
	500,000	Ryder System, Inc		3.500		06/01/21		499,525
	500,000	Ryder System, Inc		2.500		09/01/22		478,505
	200,000	Ryder System, Inc		3.400		03/01/23		197,351
	200,000	Ryder System, Inc		3.750		06/09/23		199,506
	100,000	Southwest Airlines Co		2.750		11/06/19		99,651
	400,000	Southwest Airlines Co		2.650		11/05/20		394,305
	200,000	Southwest Airlines Co		2.750		11/16/22		193,439
	200,000	Southwest Airlines Co		3.000		11/15/26		184,701
	200,000	Southwest Airlines Co		3.450		11/16/27		188,905
	86,392	Spirit Airlines, Inc		4.100		04/01/28		86,068
	450,000	Union Pacific Corp		2.250		06/19/20		443,994
	300,000	Union Pacific Corp		3.200		06/08/21		299,797
	331,000	Union Pacific Corp		4.163		07/15/22		339,156
	500,000	Union Pacific Corp		2.950		01/15/23		487,432
	300,000	Union Pacific Corp		3.500		06/08/23		299,144
	277,000	Union Pacific Corp		3.646		02/15/24		276,129
	200,000	Union Pacific Corp		3.750		03/15/24		200,452
	200,000	Union Pacific Corp		3.250		01/15/25		194,051
	500,000	Union Pacific Corp		3.750		07/15/25		499,820
	200,000	Union Pacific Corp		3.250		08/15/25		193,933
	300,000	Union Pacific Corp		2.750		03/01/26		279,787
	1,000,000	Union Pacific Corp		3.000		04/15/27		943,097
	1,000,000	Union Pacific Corp		3.950		09/10/28		1,002,069
	100,000	Union Pacific Corp		3.375		02/01/35		89,844
	100,000	Union Pacific Corp		3.600		09/15/37		91,454
	500,000	Union Pacific Corp		4.375		09/10/38		507,836
	100,000	Union Pacific Corp		4.300		06/15/42		98,060
	150,000	Union Pacific Corp		4.250		04/15/43		145,763
	200,000	Union Pacific Corp		4.050		11/15/45		189,547
	200,000	Union Pacific Corp		3.350		08/15/46		168,364
	300,000	Union Pacific Corp		4.000		04/15/47		282,891
	1,000,000	Union Pacific Corp		4.500		09/10/48		1,016,080
	770,000	Union Pacific Corp		3.799		10/01/51		682,944

113

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Union Pacific Corp		3.875	%	02/01/55	$	175,553
	500,000		Union Pacific Corp		4.800		09/10/58		513,727
	300,000		Union Pacific Corp		4.375		11/15/65		277,154
	200,000		Union Pacific Corp		4.100		09/15/67		176,735
	179,399		Union Pacific Railroad Co		2.695		05/12/27		166,054
	600,000		United Parcel Service, Inc		2.050		04/01/21		584,222
	500,000		United Parcel Service, Inc		2.350		05/16/22		483,065
	1,400,000		United Parcel Service, Inc		2.450		10/01/22		1,353,259
	500,000		United Parcel Service, Inc		2.500		04/01/23		482,053
	300,000		United Parcel Service, Inc		2.800		11/15/24		287,869
	125,000		United Parcel Service, Inc		2.400		11/15/26		114,080
	500,000		United Parcel Service, Inc		3.050		11/15/27		477,467
	35,000		United Parcel Service, Inc		6.200		01/15/38		43,843
	450,000		United Parcel Service, Inc		3.625		10/01/42		406,873
	400,000		United Parcel Service, Inc		3.400		11/15/46		345,643
	500,000		United Parcel Service, Inc		3.750		11/15/47		463,514
			TOTAL TRANSPORTATION						71,195,223
UTILITIES - 1.8%
	200,000		Advocate Health & Hospitals Corp		3.829		08/15/28		201,627
	100,000		Advocate Health & Hospitals Corp		4.272		08/15/48		100,447
	200,000		AEP Texas, Inc		2.400		10/01/22		191,198
	200,000	g	AEP Texas, Inc		3.950		06/01/28		198,606
	200,000		AEP Texas, Inc		3.800		10/01/47		178,949
	200,000		AEP Transmission Co LLC		3.100		12/01/26		190,145
	600,000		AEP Transmission Co LLC		4.000		12/01/46		567,844
	200,000		AEP Transmission Co LLC		3.750		12/01/47		182,498
	200,000		AEP Transmission Co LLC		4.250		09/15/48		199,282
	400,000		AGL Capital Corp		3.250		06/15/26		373,797
	275,000		AGL Capital Corp		4.400		06/01/43		263,851
	200,000		Alabama Power Co		2.450		03/30/22		193,793
	475,000		Alabama Power Co		3.550		12/01/23		474,435
	200,000		Alabama Power Co		3.850		12/01/42		186,706
	400,000		Alabama Power Co		3.750		03/01/45		366,994
	300,000		Alabama Power Co		4.300		01/02/46		298,160
	750,000		Alabama Power Co		3.700		12/01/47		675,806
	500,000		Alabama Power Co		4.300		07/15/48		500,165
	300,000		Ameren Corp		2.700		11/15/20		295,964
	600,000		Ameren Illinois Co		2.700		09/01/22		583,605
	300,000		Ameren Illinois Co		3.800		05/15/28		301,535
	125,000		Ameren Illinois Co		4.150		03/15/46		122,999
	1,000,000		Ameren Illinois Co		3.700		12/01/47		927,326
	125,000		American Electric Power Co, Inc		2.150		11/13/20		122,330
	200,000		American Electric Power Co, Inc		3.200		11/13/27		187,262
	500,000		American Water Capital Corp		3.850		03/01/24		504,575
	300,000		American Water Capital Corp		3.400		03/01/25		294,503
	200,000		American Water Capital Corp		2.950		09/01/27		187,038
	500,000		American Water Capital Corp		3.750		09/01/28		494,845
	225,000		American Water Capital Corp		4.300		12/01/42		221,322
	150,000		American Water Capital Corp		4.300		09/01/45		146,875
	100,000		American Water Capital Corp		4.000		12/01/46		93,414
	825,000		American Water Capital Corp		3.750		09/01/47		748,194

114

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		American Water Capital Corp		4.200	%	09/01/48	$	490,683
	200,000		Appalachian Power Co		3.300		06/01/27		191,116
	200,000		Arizona Public Service Co		2.950		09/15/27		186,670
	350,000		Arizona Public Service Co		4.500		04/01/42		360,141
	200,000		Arizona Public Service Co		4.350		11/15/45		200,512
	410,000		Arizona Public Service Co		3.750		05/15/46		373,098
	200,000		Arizona Public Service Co		4.200		08/15/48		197,186
	650,000		Atmos Energy Corp		3.000		06/15/27		614,117
	100,000		Atmos Energy Corp		5.500		06/15/41		113,784
	125,000		Atmos Energy Corp		4.150		01/15/43		121,261
	300,000		Atmos Energy Corp		4.125		10/15/44		291,345
	275,000		Avangrid, Inc		3.150		12/01/24		262,052
	150,000		Avista Corp		4.350		06/01/48		149,686
	100,000		Baltimore Gas & Electric Co		3.500		11/15/21		100,018
	200,000		Baltimore Gas & Electric Co		2.400		08/15/26		180,383
	150,000		Baltimore Gas & Electric Co		3.500		08/15/46		131,831
	200,000		Baltimore Gas & Electric Co		3.750		08/15/47		183,165
	200,000		Baltimore Gas & Electric Co		4.250		09/15/48		198,605
	1,150,000	g	Bayer US Finance II LLC		5.500		08/15/25		1,198,882
	200,000	g	Bayer US Finance II LLC		4.650		11/15/43		182,554
	350,000	g	Bayer US Finance II LLC		3.950		04/15/45		290,453
	325,000		Berkshire Hathaway Energy Co		2.400		02/01/20		322,306
	200,000		Berkshire Hathaway Energy Co		2.375		01/15/21		196,763
	200,000		Berkshire Hathaway Energy Co		2.800		01/15/23		194,408
	350,000		Berkshire Hathaway Energy Co		3.500		02/01/25		344,186
	175,000		Berkshire Hathaway Energy Co		3.250		04/15/28		165,576
	200,000		Berkshire Hathaway Energy Co		5.150		11/15/43		216,423
	500,000		Berkshire Hathaway Energy Co		4.500		02/01/45		499,515
	400,000		Berkshire Hathaway Energy Co		3.800		07/15/48		360,460
	400,000	g	Berkshire Hathaway Energy Co		4.450		01/15/49		398,268
	200,000		Black Hills Corp		4.250		11/30/23		202,772
	100,000		Black Hills Corp		3.950		01/15/26		97,844
	100,000		Black Hills Corp		3.150		01/15/27		91,889
	300,000		Black Hills Corp		4.350		05/01/33		293,630
	200,000		Black Hills Corp		4.200		09/15/46		184,161
	350,000		Carolina Power & Light Co		3.000		09/15/21		347,050
	150,000		Carolina Power & Light Co		2.800		05/15/22		147,109
	400,000		CenterPoint Energy Houston Electric LLC		2.250		08/01/22		381,892
	200,000		CenterPoint Energy Houston Electric LLC		2.400		09/01/26		181,372
	300,000		CenterPoint Energy Houston Electric LLC		3.000		02/01/27		283,366
	100,000		CenterPoint Energy Houston Electric LLC		6.950		03/15/33		128,849
	300,000		CenterPoint Energy Houston Electric LLC		3.950		03/01/48		289,969
	423,000		CenterPoint Energy Resources Corp		4.500		01/15/21		430,540
	200,000		CenterPoint Energy Resources Corp		3.550		04/01/23		198,014
	200,000		CenterPoint Energy Resources Corp		4.000		04/01/28		196,940
	700,000		CenterPoint Energy Resources Corp		4.100		09/01/47		641,335
	200,000		CenterPoint Energy, Inc		2.500		09/01/22		191,116
	200,000		Cleco Corporate Holdings LLC		3.743		05/01/26		188,697
	200,000		Cleco Corporate Holdings LLC		4.973		05/01/46		196,384
	790,000		CMS Energy Corp		3.450		08/15/27		756,843
	300,000		Columbia Pipeline Group, Inc		3.300		06/01/20		299,482
	300,000		Columbia Pipeline Group, Inc		4.500		06/01/25		303,205
	300,000		Columbia Pipeline Group, Inc		5.800		06/01/45		333,362

115

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	775,000	Commonwealth Edison Co		4.000	%	08/01/20	$	784,881
	250,000	Commonwealth Edison Co		2.550		06/15/26		229,189
	2,355,000	Commonwealth Edison Co		2.950		08/15/27		2,199,208
	300,000	Commonwealth Edison Co		3.700		08/15/28		299,093
	200,000	Commonwealth Edison Co		3.800		10/01/42		187,093
	300,000	Commonwealth Edison Co		4.700		01/15/44		318,595
	100,000	Commonwealth Edison Co		3.700		03/01/45		91,753
	250,000	Commonwealth Edison Co		3.650		06/15/46		226,101
	400,000	Commonwealth Edison Co		3.750		08/15/47		369,339
	1,000,000	Commonwealth Edison Co		4.000		03/01/48		963,202
	125,000	Connecticut Light & Power Co		3.200		03/15/27		120,099
	400,000	Connecticut Light & Power Co		4.300		04/15/44		408,632
	250,000	Connecticut Light & Power Co		4.150		06/01/45		250,372
	300,000	Connecticut Light & Power Co		4.000		04/01/48		295,122
	1,390,000	Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,415,928
	200,000	Consolidated Edison Co of New York, Inc		3.800		05/15/28		201,043
	200,000	Consolidated Edison Co of New York, Inc		4.200		03/15/42		195,603
	550,000	Consolidated Edison Co of New York, Inc		3.950		03/01/43		525,354
	600,000	Consolidated Edison Co of New York, Inc		4.450		03/15/44		615,384
	150,000	Consolidated Edison Co of New York, Inc		4.500		12/01/45		153,037
	400,000	Consolidated Edison Co of New York, Inc		3.850		06/15/46		372,318
	400,000	Consolidated Edison Co of New York, Inc		3.875		06/15/47		372,306
	200,000	Consolidated Edison Co of New York, Inc		4.625		12/01/54		203,085
	200,000	Consolidated Edison Co of New York, Inc		4.300		12/01/56		190,561
	1,300,000	Consolidated Edison Co of New York, Inc		4.000		11/15/57		1,164,805
	400,000	Consolidated Edison Co of New York, Inc		4.500		05/15/58		395,001
	200,000	Consolidated Edison, Inc		2.000		03/15/20		196,646
	100,000	Consolidated Edison, Inc		2.000		05/15/21		96,597
	150,000	Consumers Energy Co		2.850		05/15/22		147,804
	200,000	Consumers Energy Co		3.375		08/15/23		198,796
	600,000	Consumers Energy Co		3.950		07/15/47		581,083
	500,000	Consumers Energy Co		4.050		05/15/48		491,999
	200,000	Delmarva Power & Light Co		4.150		05/15/45		194,884
	500,000	Dominion Energy, Inc		2.579		07/01/20		493,495
	150,000	Dominion Gas Holdings LLC		2.500		12/15/19		148,867
	250,000	Dominion Gas Holdings LLC		2.800		11/15/20		246,200
	200,000	Dominion Gas Holdings LLC		3.550		11/01/23		197,413
	200,000	Dominion Gas Holdings LLC		3.600		12/15/24		195,117
	200,000	Dominion Gas Holdings LLC		4.800		11/01/43		202,203
	200,000	Dominion Gas Holdings LLC		4.600		12/15/44		196,432
	150,000	Dominion Resources, Inc		1.600		08/15/19		148,274
	1,700,000	Dominion Resources, Inc		4.450		03/15/21		1,731,488
	200,000	Dominion Resources, Inc		4.700		12/01/44		201,863
	100,000	DTE Electric Co		3.700		06/01/46		92,160
	500,000	DTE Electric Co		3.750		08/15/47		463,275
	1,000,000	DTE Electric Co		4.050		05/15/48		982,664
	200,000	DTE Energy Co		3.300		06/15/22		197,400
	500,000	DTE Energy Co		3.700		08/01/23		499,066
	200,000	DTE Energy Co		3.800		03/15/27		195,376
	400,000	DTE Energy Electric Company		3.450		10/01/20		401,251
	200,000	DTE Energy Electric Company		3.850		12/01/23		200,157
	200,000	DTE Energy Electric Company		3.650		03/15/24		200,299

116

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	DTE Energy Electric Company		3.500	%	06/01/24	$	196,867
	200,000	DTE Energy Electric Company		4.000		04/01/43		193,608
	125,000	Duke Energy Carolinas LLC		4.300		06/15/20		127,833
	200,000	Duke Energy Carolinas LLC		2.500		03/15/23		192,200
	2,000,000	Duke Energy Carolinas LLC		3.050		03/15/23		1,967,849
	200,000	Duke Energy Carolinas LLC		2.950		12/01/26		189,813
	300,000	Duke Energy Carolinas LLC		3.750		06/01/45		276,159
	200,000	Duke Energy Carolinas LLC		3.875		03/15/46		185,453
	1,750,000	Duke Energy Carolinas LLC		3.700		12/01/47		1,589,788
	1,500,000	Duke Energy Carolinas LLC		3.950		03/15/48		1,428,405
	746,000	Duke Energy Corp		5.050		09/15/19		760,265
	250,000	Duke Energy Corp		1.800		09/01/21		238,914
	300,000	Duke Energy Corp		3.050		08/15/22		293,870
	300,000	Duke Energy Corp		3.950		10/15/23		303,621
	1,375,000	Duke Energy Corp		2.650		09/01/26		1,242,557
	300,000	Duke Energy Corp		4.800		12/15/45		308,667
	2,000,000	Duke Energy Corp		3.750		09/01/46		1,754,829
	1,200,000	Duke Energy Florida LLC		3.200		01/15/27		1,153,223
	300,000	Duke Energy Florida LLC		3.800		07/15/28		299,504
	500,000	Duke Energy Florida LLC		3.400		10/01/46		433,707
	300,000	Duke Energy Florida LLC		4.200		07/15/48		297,937
	300,000	Duke Energy Indiana LLC		3.750		05/15/46		273,904
	200,000	Duke Energy Ohio, Inc		3.700		06/15/46		181,262
	300,000	Duke Energy Progress LLC		3.375		09/01/23		299,085
	300,000	Duke Energy Progress LLC		3.250		08/15/25		291,454
	300,000	Duke Energy Progress LLC		3.700		09/01/28		297,396
	300,000	Duke Energy Progress LLC		4.200		08/15/45		296,633
	500,000	Duke Energy Progress LLC		3.700		10/15/46		455,911
	200,000	Duke Energy Progress LLC		3.600		09/15/47		178,757
	400,000	Duke Energy Progress, Inc		4.375		03/30/44		404,899
	500,000	Duke Energy Progress, Inc		4.150		12/01/44		489,005
	200,000	Edison International		2.125		04/15/20		196,092
	200,000	Edison International		2.400		09/15/22		188,818
	300,000	Edison International		4.125		03/15/28		296,757
	200,000	El Paso Electric Co		5.000		12/01/44		202,447
	300,000	Emera US Finance LP		2.700		06/15/21		291,207
	800,000	Emera US Finance LP		3.550		06/15/26		753,107
	300,000	Emera US Finance LP		4.750		06/15/46		292,104
	50,000	Empresa Nacional de Electricidad S.A.		4.250		04/15/24		49,594
	125,000	Entergy Arkansas, Inc		3.750		02/15/21		125,845
	175,000	Entergy Arkansas, Inc		3.700		06/01/24		175,715
	600,000	Entergy Arkansas, Inc		3.500		04/01/26		590,933
	200,000	Entergy Corp		5.125		09/15/20		205,253
	200,000	Entergy Corp		4.000		07/15/22		202,318
	300,000	Entergy Corp		2.950		09/01/26		275,475
	200,000	Entergy Louisiana LLC		4.050		09/01/23		204,382
	200,000	Entergy Louisiana LLC		2.400		10/01/26		180,110
	200,000	Entergy Louisiana LLC		3.120		09/01/27		188,433
	1,500,000	Entergy Louisiana LLC		4.000		03/15/33		1,502,488
	300,000	Entergy Louisiana LLC		4.200		09/01/48		297,568
	500,000	Eversource Energy		2.500		03/15/21		491,138
	300,000	Eversource Energy		2.750		03/15/22		293,575
	300,000	Eversource Energy		2.900		10/01/24		284,717

117

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Eversource Energy		3.300	%	01/15/28	$	188,470
	825,000	Exelon Corp		2.850		06/15/20		817,714
	1,122,000	Exelon Corp		2.450		04/15/21		1,090,411
	1,000,000	Exelon Corp		3.497		06/01/22		982,441
	300,000	Exelon Corp		3.950		06/15/25		299,023
	200,000	Exelon Corp		3.400		04/15/26		191,283
	500,000	Exelon Corp		4.950		06/15/35		523,702
	200,000	Exelon Corp		4.450		04/15/46		193,581
	150,000	Exelon Generation Co LLC		3.400		03/15/22		148,626
	200,000	Exelon Generation Co LLC		4.250		06/15/22		202,944
	500,000	FirstEnergy Corp		2.850		07/15/22		483,261
	1,750,000	FirstEnergy Corp		3.900		07/15/27		1,701,456
	1,250,000	FirstEnergy Corp		4.850		07/15/47		1,269,509
	400,000	Florida Power & Light Co		2.750		06/01/23		388,462
	500,000	Florida Power & Light Co		3.250		06/01/24		492,523
	907,000	Florida Power & Light Co		3.125		12/01/25		880,008
	100,000	Florida Power & Light Co		4.125		02/01/42		100,256
	200,000	Florida Power & Light Co		4.050		06/01/42		197,269
	450,000	Florida Power & Light Co		3.800		12/15/42		427,579
	400,000	Florida Power & Light Co		4.050		10/01/44		397,172
	500,000	Florida Power & Light Co		3.700		12/01/47		459,683
	1,250,000	Florida Power & Light Co		3.950		03/01/48		1,222,019
	500,000	Florida Power & Light Co		4.125		06/01/48		500,375
	1,200,000	Florida Power Corp		3.100		08/15/21		1,196,139
	175,000	Fortis, Inc		2.100		10/04/21		167,173
	675,000	Fortis, Inc		3.055		10/04/26		619,036
	2,500,000	Georgia Power Co		2.000		09/08/20		2,437,301
	100,000	Georgia Power Co		3.250		04/01/26		94,394
	700,000	Georgia Power Co		3.250		03/30/27		652,618
	700,000	Georgia Power Co		4.300		03/15/43		661,410
	200,000	Great Plains Energy, Inc		4.850		06/01/21		204,225
	200,000	Gulf Power Co		3.300		05/30/27		190,159
	500,000	Indiana Michigan Power Co		3.850		05/15/28		498,385
	225,000	Indiana Michigan Power Co		4.550		03/15/46		230,754
	100,000	Indiana Michigan Power Co		3.750		07/01/47		91,006
	300,000	Indiana Michigan Power Co		4.250		08/15/48		295,056
	500,000	Interstate Power & Light Co		3.250		12/01/24		484,913
	100,000	Interstate Power & Light Co		6.250		07/15/39		125,384
	100,000	Interstate Power & Light Co		3.700		09/15/46		89,930
	300,000	ITC Holdings Corp		2.700		11/15/22		287,708
	300,000	ITC Holdings Corp		3.650		06/15/24		294,320
	100,000	ITC Holdings Corp		3.250		06/30/26		94,359
	700,000	ITC Holdings Corp		3.350		11/15/27		658,505
	200,000	Kansas City Power & Light Co		3.650		08/15/25		196,605
	100,000	Kansas City Power & Light Co		5.300		10/01/41		109,933
	650,000	Kansas City Power & Light Co		4.200		06/15/47		622,110
	100,000	Kansas City Power & Light Co		4.200		03/15/48		95,753
	250,000	KeySpan Corp		5.803		04/01/35		284,889
	320,000	LG&E and KU Energy LLC		3.750		11/15/20		321,288
	200,000	McLaren Health Care Corp		4.386		05/15/48		196,222
	1,500,000	MidAmerican Energy Co		3.100		05/01/27		1,428,255
	200,000	MidAmerican Energy Co		4.800		09/15/43		216,177

118

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		MidAmerican Energy Co		4.400	%	10/15/44	$	204,596
	200,000		MidAmerican Energy Co		4.250		05/01/46		200,828
	500,000		MidAmerican Energy Co		3.950		08/01/47		478,740
	1,000,000		MidAmerican Energy Co		3.650		08/01/48		917,932
	1,032,000		MidAmerican Energy Holdings Co		5.950		05/15/37		1,219,335
	500,000		Mississippi Power Co		3.950		03/30/28		489,005
	750,000		Mississippi Power Co		4.250		03/15/42		705,545
	500,000		Montefiore Obligated Group		5.246		11/01/48		498,997
	100,000		National Fuel Gas Co		4.900		12/01/21		102,223
	200,000		National Fuel Gas Co		3.750		03/01/23		196,063
	300,000		National Fuel Gas Co		5.200		07/15/25		304,531
	200,000		National Fuel Gas Co		3.950		09/15/27		184,314
	200,000		National Fuel Gas Co		4.750		09/01/28		194,847
	500,000		Nevada Power Co		2.750		04/15/20		498,571
	500,000		NextEra Energy Capital Holdings, Inc		3.342		09/01/20		501,014
	500,000		NextEra Energy Capital Holdings, Inc		4.500		06/01/21		509,438
	300,000		NextEra Energy Capital Holdings, Inc		2.800		01/15/23		289,960
	750,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		721,172
	150,000		NiSource Finance Corp		2.650		11/17/22		143,124
	800,000		NiSource Finance Corp		3.490		05/15/27		758,332
	100,000		NiSource Finance Corp		5.950		06/15/41		114,097
	200,000		NiSource Finance Corp		5.250		02/15/43		211,211
	150,000		NiSource Finance Corp		4.800		02/15/44		151,605
	815,000		NiSource Finance Corp		5.650		02/01/45		909,049
	200,000		NiSource Finance Corp		3.950		03/30/48		179,198
	500,000	g	NiSource, Inc		3.650		06/15/23		493,655
	800,000		Northern States Power Co		2.200		08/15/20		786,324
	150,000		Northern States Power Co		2.150		08/15/22		143,097
	300,000		Northern States Power Co		2.600		05/15/23		289,196
	425,000		Northern States Power Co		5.350		11/01/39		490,723
	175,000		Northern States Power Co		3.600		05/15/46		158,815
	1,550,000		Northern States Power Co		3.600		09/15/47		1,404,582
	200,000		NorthWestern Corp		4.176		11/15/44		196,066
	200,000		NSTAR Electric Co		2.375		10/15/22		192,165
	1,300,000		NSTAR Electric Co		3.200		05/15/27		1,244,214
	500,000		Oglethorpe Power Corp		5.250		09/01/50		531,914
	600,000		Ohio Power Co		5.375		10/01/21		635,069
	500,000		Ohio Power Co		4.150		04/01/48		494,208
	200,000		Oklahoma Gas & Electric Co		3.800		08/15/28		196,527
	200,000		Oklahoma Gas & Electric Co		4.150		04/01/47		190,319
	200,000		Oklahoma Gas & Electric Co		3.850		08/15/47		183,570
	150,000		Oncor Electric Delivery Co LLC		4.100		06/01/22		153,231
	400,000		Oncor Electric Delivery Co LLC		2.950		04/01/25		383,881
	500,000	g	Oncor Electric Delivery Co LLC		3.700		11/15/28		497,983
	70,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		93,716
	100,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		114,113
	550,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		584,277
	150,000		Oncor Electric Delivery Co LLC		5.300		06/01/42		172,729
	300,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		283,203
	400,000		Oncor Electric Delivery Co LLC		3.800		09/30/47		377,596
	200,000	g	Oncor Electric Delivery Co LLC		4.100		11/15/48		198,247
	400,000		ONEOK Partners LP		3.375		10/01/22		393,863
	200,000		ONEOK Partners LP		5.000		09/15/23		208,397

119

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	700,000		ONEOK Partners LP		4.900	%	03/15/25	$	726,263
	130,000		ONEOK Partners LP		6.650		10/01/36		152,031
	250,000		ONEOK Partners LP		6.850		10/15/37		297,818
	100,000		ONEOK Partners LP		6.125		02/01/41		109,894
	750,000		Pacific Gas & Electric Co		3.500		10/01/20		750,704
	400,000		Pacific Gas & Electric Co		3.250		06/15/23		386,170
	500,000	g	Pacific Gas & Electric Co		4.250		08/01/23		502,464
	175,000		Pacific Gas & Electric Co		3.850		11/15/23		173,555
	200,000		Pacific Gas & Electric Co		3.750		02/15/24		195,278
	500,000		Pacific Gas & Electric Co		3.400		08/15/24		477,786
	900,000		Pacific Gas & Electric Co		3.500		06/15/25		858,386
	1,200,000		Pacific Gas & Electric Co		3.300		03/15/27		1,103,412
	300,000		Pacific Gas & Electric Co		3.300		12/01/27		274,111
	750,000	g	Pacific Gas & Electric Co		4.650		08/01/28		753,505
	420,000		Pacific Gas & Electric Co		6.050		03/01/34		472,762
	600,000		Pacific Gas & Electric Co		5.400		01/15/40		639,948
	150,000		Pacific Gas & Electric Co		3.750		08/15/42		127,516
	400,000		Pacific Gas & Electric Co		4.600		06/15/43		381,944
	200,000		Pacific Gas & Electric Co		5.125		11/15/43		204,723
	300,000		Pacific Gas & Electric Co		4.750		02/15/44		291,410
	300,000		Pacific Gas & Electric Co		4.300		03/15/45		274,016
	200,000		Pacific Gas & Electric Co		4.250		03/15/46		182,992
	600,000		Pacific Gas & Electric Co		4.000		12/01/46		520,652
	800,000		Pacific Gas & Electric Co		3.950		12/01/47		693,521
	250,000		PacifiCorp		2.950		02/01/22		246,557
	850,000		PacifiCorp		6.000		01/15/39		1,051,299
	300,000		PacifiCorp		4.125		01/15/49		294,102
	200,000		PECO Energy Co		1.700		09/15/21		190,544
	150,000		PECO Energy Co		2.375		09/15/22		144,125
	200,000		PECO Energy Co		3.150		10/15/25		192,799
	200,000		PECO Energy Co		4.150		10/01/44		197,830
	200,000		PECO Energy Co		3.700		09/15/47		183,310
	1,200,000		PECO Energy Co		3.900		03/01/48		1,142,302
	200,000		Piedmont Natural Gas Co, Inc		4.650		08/01/43		207,823
	200,000		Pinnacle West Capital Corp		2.250		11/30/20		194,922
	200,000		Potomac Electric Power Co		3.600		03/15/24		199,835
	900,000		Potomac Electric Power Co		4.150		03/15/43		886,760
	300,000		PPL Capital Funding, Inc		4.200		06/15/22		304,090
	200,000		PPL Capital Funding, Inc		3.500		12/01/22		197,940
	400,000		PPL Capital Funding, Inc		3.400		06/01/23		392,836
	1,100,000		PPL Capital Funding, Inc		3.950		03/15/24		1,096,599
	175,000		PPL Capital Funding, Inc		3.100		05/15/26		162,657
	700,000		PPL Capital Funding, Inc		4.000		09/15/47		628,811
	200,000		PPL Electric Utilities Corp		4.125		06/15/44		196,707
	275,000		PPL Electric Utilities Corp		4.150		10/01/45		271,463
	500,000		PPL Electric Utilities Corp		3.950		06/01/47		481,440
	200,000		PPL Electric Utilities Corp		4.150		06/15/48		198,682
	300,000		Progress Energy, Inc		3.150		04/01/22		295,182
	500,000		PSEG Power LLC		3.000		06/15/21		492,215
	250,000		PSEG Power LLC		3.850		06/01/23		249,035
	150,000		Public Service Co of Colorado		2.250		09/15/22		143,330
	250,000		Public Service Co of Colorado		3.700		06/15/28		249,859

120

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Public Service Co of Colorado		3.800	%	06/15/47	$	189,243
	100,000	Public Service Co of Colorado		4.100		06/15/48		99,299
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		96,992
	300,000	Public Service Electric & Gas Co		3.250		09/01/23		297,654
	300,000	Public Service Electric & Gas Co		2.250		09/15/26		268,981
	1,450,000	Public Service Electric & Gas Co		3.000		05/15/27		1,371,271
	250,000	Public Service Electric & Gas Co		3.700		05/01/28		248,251
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		189,343
	600,000	Public Service Electric & Gas Co		3.800		03/01/46		568,584
	200,000	Public Service Electric & Gas Co		3.600		12/01/47		182,423
	250,000	Public Service Electric & Gas Co		4.050		05/01/48		247,937
	200,000	Public Service Enterprise Group, Inc		1.600		11/15/19		196,636
	500,000	Public Service Enterprise Group, Inc		2.000		11/15/21		476,131
	500,000	Public Service Enterprise Group, Inc		2.650		11/15/22		479,901
	1,585,000	Puget Energy, Inc		3.650		05/15/25		1,528,459
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		300,747
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		203,519
	300,000	Puget Sound Energy, Inc		4.223		06/15/48		300,701
	150,000	San Diego Gas & Electric Co		3.000		08/15/21		148,754
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		401,649
	800,000	San Diego Gas & Electric Co		2.500		05/15/26		733,864
	300,000	San Diego Gas & Electric Co		3.750		06/01/47		272,473
	300,000	San Diego Gas & Electric Co		4.150		05/15/48		293,511
	500,000	SASOL Financing USA LLC		5.875		03/27/24		509,339
	550,000	SASOL Financing USA LLC		6.500		09/27/28		556,939
	250,000	Scottish Power Ltd		5.810		03/15/25		273,321
	100,000	Sempra Energy		1.625		10/07/19		98,554
	200,000	Sempra Energy		2.400		02/01/20		197,501
	200,000	Sempra Energy		2.850		11/15/20		197,462
	150,000	Sempra Energy		2.875		10/01/22		145,411
	500,000	Sempra Energy		2.900		02/01/23		482,499
	500,000	Sempra Energy		4.050		12/01/23		502,734
	200,000	Sempra Energy		3.750		11/15/25		194,426
	1,300,000	Sempra Energy		3.250		06/15/27		1,211,201
	500,000	Sempra Energy		3.400		02/01/28		467,740
	500,000	Sempra Energy		3.800		02/01/38		450,463
	500,000	Sempra Energy		4.000		02/01/48		445,082
	1,869,000	Sierra Pacific Power Co		2.600		05/01/26		1,722,958
	200,000	South Carolina Electric & Gas Co		3.500		08/15/21		199,229
	200,000	South Carolina Electric & Gas Co		4.250		08/15/28		199,076
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		52,560
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		134,250
	250,000	South Carolina Electric & Gas Co		4.350		02/01/42		238,750
	300,000	South Carolina Electric & Gas Co		4.600		06/15/43		297,780
	1,000,000	South Carolina Electric & Gas Co		4.100		06/15/46		920,575
	200,000	South Carolina Electric & Gas Co		4.500		06/01/64		183,783
	500,000	Southern California Edison Co		2.900		03/01/21		495,257
	500,000	Southern California Edison Co		2.400		02/01/22		481,877
	100,000	Southern California Edison Co		3.400		06/01/23		99,018
	500,000	Southern California Edison Co		3.700		08/01/25		496,535
	750,000	Southern California Edison Co		3.650		03/01/28		732,203
	185,000	Southern California Edison Co		6.050		03/15/39		218,205
	300,000	Southern California Edison Co		4.500		09/01/40		302,488

121

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Southern California Edison Co		4.650	%	10/01/43	$	518,425
	450,000		Southern California Edison Co		3.600		02/01/45		395,916
	1,062,000		Southern California Edison Co		4.000		04/01/47		998,674
	1,350,000		Southern California Edison Co		4.125		03/01/48		1,288,220
	200,000		Southern California Gas Co		3.200		06/15/25		194,276
	200,000		Southern California Gas Co		2.600		06/15/26		183,888
	150,000		Southern California Gas Co		3.750		09/15/42		139,633
	500,000		Southern California Gas Co		4.125		06/01/48		494,832
	300,000		Southern California Gas Co		4.300		01/15/49		306,039
	400,000		Southern Co		2.350		07/01/21		387,839
	1,400,000		Southern Co		3.250		07/01/26		1,305,140
	400,000		Southern Co		4.250		07/01/36		379,942
	400,000		Southern Co		4.400		07/01/46		380,374
	200,000		Southern Co Gas Capital Corp		2.450		10/01/23		187,590
	100,000		Southern Co Gas Capital Corp		3.950		10/01/46		88,029
	200,000		Southern Co Gas Capital Corp		4.400		05/30/47		190,177
	550,000		Southern Natural Gas Co		4.400		06/15/21		562,432
	200,000		Southern Power Co		4.150		12/01/25		196,916
	300,000		Southern Power Co		4.950		12/15/46		294,963
	150,000		Southwest Gas Corp		3.700		04/01/28		146,718
	100,000		Southwest Gas Corp		3.800		09/29/46		89,611
	500,000		Southwestern Electric Power Co		2.750		10/01/26		457,071
	300,000		Southwestern Electric Power Co		4.100		09/15/28		299,865
	750,000		Southwestern Electric Power Co		3.850		02/01/48		670,720
	600,000		Southwestern Public Service Co		4.500		08/15/41		614,764
	300,000		Southwestern Public Service Co		3.400		08/15/46		261,667
	225,000		Southwestern Public Service Co		3.700		08/15/47		206,640
	500,000	g	Suzano Austria GmbH		6.000		01/15/29		502,000
	100,000		Tampa Electric Co		4.100		06/15/42		94,463
	175,000		Tampa Electric Co		4.350		05/15/44		170,017
	200,000		Tampa Electric Co		4.300		06/15/48		198,429
	300,000		TC PipeLines LP		4.375		03/13/25		297,823
	200,000		TC PipeLines LP		3.900		05/25/27		189,772
	200,000		TECO Finance, Inc		5.150		03/15/20		204,612
	12,000		Toledo Edison Co		7.250		05/01/20		12,653
	300,000		TransAlta Corp		4.500		11/15/22		294,609
	500,000		Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		608,824
	500,000		Transcontinental Gas Pipe Line Co LLC		4.000		03/15/28		488,305
	250,000		Transcontinental Gas Pipe Line Co LLC		4.600		03/15/48		242,892
	200,000		Tucson Electric Power Co		3.050		03/15/25		190,051
	200,000		Union Electric Co		2.950		06/15/27		187,121
	100,000		Union Electric Co		8.450		03/15/39		149,606
	100,000		Union Electric Co		3.900		09/15/42		95,928
	100,000		Union Electric Co		3.650		04/15/45		92,028
	200,000		Union Electric Co		4.000		04/01/48		193,588
	100,000		United Utilities plc		6.875		08/15/28		115,005
	825,000		Virginia Electric & Power Co		3.150		01/15/26		793,552
	900,000		Virginia Electric & Power Co		2.950		11/15/26		844,476
	3,000,000		Virginia Electric & Power Co		3.800		04/01/28		2,996,555
	1,100,000		Virginia Electric & Power Co		4.000		11/15/46		1,038,688
	700,000		Virginia Electric & Power Co		3.800		09/15/47		642,837
	409,000		Virginia Electric and Power Co		2.750		03/15/23		396,020

122

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Virginia Electric and Power Co		3.450	%	02/15/24	$	494,446
	250,000		Virginia Electric and Power Co		4.650		08/15/43		262,248
	400,000		Virginia Electric and Power Co		4.450		02/15/44		403,521
	200,000		Virginia Electric and Power Co		4.200		05/15/45		194,485
	200,000		Washington Gas Light Co		3.796		09/15/46		186,144
	200,000		WEC Energy Group, Inc		2.450		06/15/20		197,531
	200,000		WEC Energy Group, Inc		3.375		06/15/21		200,054
	1,520,000		WEC Energy Group, Inc		3.550		06/15/25		1,491,400
	100,000		Westar Energy, Inc		2.550		07/01/26		91,574
	500,000		Westar Energy, Inc		4.125		03/01/42		491,475
	175,000		Westar Energy, Inc		4.100		04/01/43		171,451
	200,000		Wisconsin Electric Power Co		5.625		05/15/33		227,675
	325,000		Wisconsin Power & Light Co		3.050		10/15/27		306,061
	200,000		Wisconsin Public Service Corp		4.752		11/01/44		215,411
	100,000		Xcel Energy, Inc		4.700		05/15/20		101,752
	300,000		Xcel Energy, Inc		2.400		03/15/21		293,880
	300,000		Xcel Energy, Inc		2.600		03/15/22		290,842
	100,000		Xcel Energy, Inc		3.350		12/01/26		95,884
	300,000		Xcel Energy, Inc		4.000		06/15/28		300,285
			TOTAL UTILITIES						189,717,691
			TOTAL CORPORATE BONDS						2,612,699,185
			(Cost $2,674,706,342)
GOVERNMENT BONDS -  71.7%
AGENCY SECURITIES - 1.5%
	4,000,000		Federal Farm Credit Bank (FFCB)		2.375		03/27/20		3,975,756
	1,145,000		FFCB		3.500		12/20/23		1,168,083
	6,000,000		Federal Home Loan Bank (FHLB)		2.125		02/11/20		5,949,660
	16,000,000		FHLB		1.875		03/13/20		15,786,240
	7,500,000		FHLB		2.625		05/28/20		7,478,587
	4,750,000		FHLB		2.625		10/01/20		4,726,592
	23,000,000		FHLB		1.125		07/14/21		21,929,948
	4,500,000		Federal Home Loan Mortgage Corp (FHLMC)		1.250		08/01/19		4,450,833
	5,500,000		FHLMC		1.875		11/17/20		5,389,896
	6,000,000		FHLMC		2.375		02/16/21		5,930,778
	25,500,000		FHLMC		2.375		01/13/22		25,055,484
	2,000,000		FHLMC		2.750		06/19/23		1,974,970
	1,500,000		Federal National Mortgage Association (FNMA)		1.750		11/26/19		1,484,149
	7,000,000		FNMA		1.500		11/30/20		6,803,580
	2,310,000	i	FNMA		2.301		09/25/22		2,227,556
	1,000,000		FNMA		2.000		10/05/22		961,820
	10,000,000		FNMA		2.375		01/19/23		9,746,330
	1,000,000		FNMA		2.875		09/12/23		992,753
	13,700,000		FNMA		2.625		09/06/24		13,350,075
	5,000,000		FNMA		6.625		11/15/30		6,584,490
	1,000,000		FNMA		5.625		07/15/37		1,296,772
	1,900,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		1,886,833
	500,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		495,351
	1,300,000		Hashemite Kingdom of Jordan Government AID Bond		3.000		06/30/25		1,277,283

123

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Iraq Government AID Bond		2.149	%	01/18/22	$	969,685
	800,000	Israel Government AID Bond		5.500		09/18/23		885,723
	300,000	Israel Government AID Bond		5.500		04/26/24		335,353
	375,000	Private Export Funding Corp (PEFCO)		1.450		08/15/19		370,653
	550,000	PEFCO		2.250		03/15/20		545,403
	200,000	PEFCO		2.300		09/15/20		197,351
	400,000	PEFCO		2.050		11/15/22		384,210
	200,000	PEFCO		3.250		06/15/25		198,976
	175,000	Tunisia Government AID Bonds		1.416		08/05/21		167,308
	250,000	Ukraine Government AID Bonds		1.844		05/16/19		248,596
	500,000	Ukraine Government AID Bonds		1.847		05/29/20		491,795
		TOTAL AGENCY SECURITIES						155,718,872
FOREIGN GOVERNMENT BONDS - 3.8%
	900,000	African Development Bank		1.625		10/02/18		900,000
	500,000	African Development Bank		1.000		11/02/18		499,470
	500,000	African Development Bank		1.375		02/12/20		490,212
	1,800,000	African Development Bank		1.875		03/16/20		1,774,279
	850,000	African Development Bank		2.625		03/22/21		842,263
	500,000	African Development Bank		1.250		07/26/21		476,203
	450,000	African Development Bank		2.375		09/23/21		441,404
	500,000	African Development Bank		2.125		11/16/22		481,858
	2,000,000	African Development Bank		3.000		09/20/23		1,988,295
	1,400,000	Agricultural Bank of China		2.750		05/21/20		1,381,618
	400,000	Asian Development Bank		0.875		10/05/18		399,956
	500,000	Asian Development Bank		1.375		01/15/19		498,500
	500,000	Asian Development Bank		1.750		01/10/20		493,372
	500,000	Asian Development Bank		1.500		01/22/20		491,585
	5,000,000	Asian Development Bank		1.375		03/23/20		4,893,675
	1,000,000	Asian Development Bank		1.625		08/26/20		976,232
	1,000,000	Asian Development Bank		2.250		01/20/21		984,130
	2,000,000	Asian Development Bank		1.625		03/16/21		1,936,520
	4,000,000	Asian Development Bank		1.750		06/08/21		3,871,360
	1,000,000	Asian Development Bank		2.125		11/24/21		972,298
	600,000	Asian Development Bank		1.875		02/18/22		577,351
	500,000	Asian Development Bank		1.875		08/10/22		478,588
	750,000	Asian Development Bank		1.750		09/13/22		713,119
	3,000,000	Asian Development Bank		2.750		03/17/23		2,956,451
	500,000	Asian Development Bank		2.000		01/22/25		467,039
	1,500,000	Asian Development Bank		2.000		04/24/26		1,379,845
	1,000,000	Asian Development Bank		2.625		01/12/27		957,532
	500,000	Asian Development Bank		2.375		08/10/27		468,462
	500,000	Asian Development Bank		2.500		11/02/27		472,298
	1,000,000	Asian Development Bank		2.750		01/19/28		963,795
	75,000	Asian Development Bank		5.820		06/16/28		88,646
	2,000,000	Canada Government International Bond		2.000		11/15/22		1,921,565
	3,715,000	Chile Government International Bond		3.240		02/06/28		3,558,970
	48,000	Chile Government International Bond		3.625		10/30/42		44,621
	756,000	Chile Government International Bond		3.860		06/21/47		718,200
	450,000	Colombia Government International Bond		7.375		03/18/19		459,225
	1,900,000	Colombia Government International Bond		4.375		07/12/21		1,934,200

124

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	600,000	Colombia Government International Bond		2.625	%	03/15/23	$	570,600
	2,250,000	Colombia Government International Bond		4.000		02/26/24		2,250,000
	2,500,000	Colombia Government International Bond		3.875		04/25/27		2,425,000
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,415,625
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,236,250
	2,800,000	Colombia Government International Bond		5.000		06/15/45		2,793,000
	500,000	Corp Andina de Fomento		2.200		07/18/20		489,775
	500,000	Corp Andina de Fomento		2.125		09/27/21		479,895
	527,000	Corp Andina de Fomento		4.375		06/15/22		540,723
	750,000	Corp Andina de Fomento		2.750		01/06/23		723,281
	500,000	Council of Europe Development Bank		1.500		05/17/19		496,305
	300,000	Council of Europe Development Bank		1.875		01/27/20		296,082
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		967,142
	1,000,000	Council of Europe Development Bank		2.625		02/13/23		980,572
	500,000	European Bank for Reconstruction & Development		1.750		06/14/19		496,914
	3,600,000	European Bank for Reconstruction & Development		1.750		11/26/19		3,556,872
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,274,387
	2,000,000	European Bank for Reconstruction & Development		2.750		04/26/21		1,987,728
	750,000	European Bank for Reconstruction & Development		1.500		11/02/21		716,574
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		480,948
	1,500,000	European Bank for Reconstruction & Development		2.750		03/07/23		1,477,511
	1,500,000	European Investment Bank		1.375		06/15/20		1,462,029
	4,000,000	European Investment Bank		1.625		08/14/20		3,906,440
	3,000,000	European Investment Bank		2.875		09/15/20		2,995,981
	500,000	European Investment Bank		1.625		12/15/20		486,118
	1,750,000	European Investment Bank		2.000		03/15/21		1,710,071
	500,000	European Investment Bank		2.500		04/15/21		494,218
	11,500,000	European Investment Bank		2.375		05/13/21		11,326,083
	1,000,000	European Investment Bank		1.625		06/15/21		964,730
	2,500,000	European Investment Bank		2.125		10/15/21		2,435,425
	1,000,000	European Investment Bank		2.375		06/15/22		975,841
	500,000	European Investment Bank		2.250		08/15/22		484,901
	3,000,000	European Investment Bank		2.500		03/15/23		2,923,361
	6,750,000	European Investment Bank		3.250		01/29/24		6,786,203
	1,500,000	European Investment Bank		2.500		10/15/24		1,445,903
	400,000	European Investment Bank		2.375		05/24/27		374,993
	1,705,000	European Investment Bank		4.875		02/15/36		2,047,989
	125,000	Export Development Canada		1.250		12/10/18		124,671
	500,000	Export Development Canada		1.250		02/04/19		497,760
	500,000	Export Development Canada		1.750		08/19/19		495,823
	500,000	Export Development Canada		1.625		01/17/20		492,052
	200,000	Export Development Canada		1.625		06/01/20		195,735
	500,000	Export Development Canada		1.750		07/21/20		489,659
	750,000	Export Development Canada		2.000		11/30/20		734,752
	300,000	Export Development Canada		1.500		05/26/21		288,422
	500,000	Export Development Canada		1.375		10/21/21		475,279
	500,000	Export Development Canada		2.000		05/17/22		481,466
	1,000,000	Export Development Canada		2.500		01/24/23		975,995
	1,000,000	Export Development Canada		2.750		03/15/23		985,589
	500,000	Export-Import Bank of Korea		1.750		05/26/19		496,136
	300,000	Export-Import Bank of Korea		1.500		10/21/19		295,070
	775,000	Export-Import Bank of Korea		5.125		06/29/20		797,561
	750,000	Export-Import Bank of Korea		2.500		11/01/20		735,829

125

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Export-Import Bank of Korea		2.125	%	02/11/21	$	193,679
	250,000	Export-Import Bank of Korea		2.500		05/10/21		243,461
	300,000	Export-Import Bank of Korea		1.875		10/21/21		284,664
	300,000	Export-Import Bank of Korea		5.000		04/11/22		313,138
	2,000,000	Export-Import Bank of Korea		3.000		11/01/22		1,947,754
	500,000	Export-Import Bank of Korea		4.000		01/14/24		502,524
	750,000	Export-Import Bank of Korea		2.875		01/21/25		703,540
	250,000	Export-Import Bank of Korea		3.250		11/10/25		238,349
	500,000	Export-Import Bank of Korea		2.625		05/26/26		454,637
	500,000	Export-Import Bank of Korea		3.250		08/12/26		473,331
	300,000	Export-Import Bank of Korea		2.375		04/21/27		263,428
	100,000	Finland Government International Bond		6.950		02/15/26		120,458
	450,000	FMS Wertmanagement AoeR		1.000		08/16/19		443,212
	750,000	FMS Wertmanagement AoeR		1.750		01/24/20		739,237
	500,000	FMS Wertmanagement AoeR		1.375		06/08/21		479,060
	1,000,000	FMS Wertmanagement AoeR		2.000		08/01/22		961,179
	4,500,000	Hungary Government International Bond		5.750		11/22/23		4,873,018
	750,000	Hungary Government International Bond		7.625		03/29/41		1,045,951
	1,270,000	Hydro Quebec		9.400		02/01/21		1,441,296
	200,000	Hydro Quebec		8.500		12/01/29		285,924
	750,000	Indonesia Government International Bond		2.950		01/11/23		716,387
	750,000	Indonesia Government International Bond		3.500		01/11/28		696,966
	875,000	Indonesia Government International Bond		4.350		01/11/48		799,891
	1,105,000	Inter-American Development Bank		3.875		09/17/19		1,117,014
	3,000,000	Inter-American Development Bank		1.750		10/15/19		2,969,541
	3,350,000	Inter-American Development Bank		1.375		07/15/20		3,262,200
	5,000,000	Inter-American Development Bank		2.625		04/19/21		4,954,235
	500,000	Inter-American Development Bank		2.125		01/18/22		485,665
	1,000,000	Inter-American Development Bank		3.000		09/26/22		996,815
	3,000,000	Inter-American Development Bank		2.500		01/18/23		2,930,958
	500,000	Inter-American Development Bank		2.125		01/15/25		470,678
	1,500,000	Inter-American Development Bank		2.000		06/02/26		1,381,932
	1,000,000	Inter-American Development Bank		2.375		07/07/27		937,608
	2,000,000	Inter-American Development Bank		3.125		09/18/28		1,982,436
	1,450,000	Inter-American Development Bank		3.200		08/07/42		1,397,751
	300,000	Inter-American Development Bank		4.375		01/24/44		348,096
	1,000,000	International Bank for Reconstruction & Development		1.000		10/05/18		999,890
	5,750,000	International Bank for Reconstruction & Development		1.250		07/26/19		5,686,830
	3,500,000	International Bank for Reconstruction & Development		1.875		10/07/19		3,471,219
	2,000,000	International Bank for Reconstruction & Development		1.875		04/21/20		1,970,242
	1,000,000	International Bank for Reconstruction & Development		1.125		08/10/20		968,026
	1,800,000	International Bank for Reconstruction & Development		1.625		09/04/20		1,757,558
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,632,775
	5,000,000	International Bank for Reconstruction & Development		1.375		05/24/21		4,800,320

126

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	International Bank for Reconstruction & Development		2.000	%	01/26/22	$	1,450,882
	5,400,000	International Bank for Reconstruction & Development		7.625		01/19/23		6,372,340
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		480,860
	1,600,000	International Bank for Reconstruction & Development		2.500		11/25/24		1,546,616
	4,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		4,323,217
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		989,405
	175,000	International Finance Corp		1.250		11/27/18		174,695
	1,000,000	International Finance Corp		1.750		09/16/19		990,716
	1,000,000	International Finance Corp		1.750		03/30/20		983,490
	2,750,000	International Finance Corp		1.625		07/16/20		2,688,493
	2,500,000	International Finance Corp		2.250		01/25/21		2,460,376
	500,000	International Finance Corp		2.000		10/24/22		479,883
	1,300,000	International Finance Corp		2.875		07/31/23		1,287,901
	705,000	Israel Government International Bond		4.000		06/30/22		719,225
	300,000	Israel Government International Bond		3.150		06/30/23		295,846
	1,000,000	Israel Government International Bond		2.875		03/16/26		944,594
	500,000	Israel Government International Bond		4.500		01/30/43		506,459
	500,000	Italy Government International Bond		6.875		09/27/23		541,304
	1,374,000	Italy Government International Bond		5.375		06/15/33		1,430,929
	1,000,000	Japan Bank for International Cooperation		2.250		02/24/20		989,749
	300,000	Japan Bank for International Cooperation		2.125		06/01/20		295,352
	1,350,000	Japan Bank for International Cooperation		2.125		07/21/20		1,326,074
	300,000	Japan Bank for International Cooperation		2.125		11/16/20		293,592
	250,000	Japan Bank for International Cooperation		1.875		04/20/21		241,784
	750,000	Japan Bank for International Cooperation		1.500		07/21/21		715,373
	500,000	Japan Bank for International Cooperation		2.500		06/01/22		486,097
	1,250,000	Japan Bank for International Cooperation		2.375		07/21/22		1,209,232
	300,000	Japan Bank for International Cooperation		2.375		11/16/22		289,313
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,051,700
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		462,907
	5,750,000	Japan Bank for International Cooperation		2.750		01/21/26		5,504,950
	400,000	Japan Bank for International Cooperation		2.375		04/20/26		372,162
	1,500,000	Japan Bank for International Cooperation		1.875		07/21/26		1,340,609
	1,000,000	Japan Bank for International Cooperation		2.875		06/01/27		956,618
	750,000	Japan Bank for International Cooperation		2.875		07/21/27		717,042
	300,000	Japan Bank for International Cooperation		2.750		11/16/27		283,069
	350,000	Japan International Cooperation Agency		2.125		10/20/26		316,808
	500,000	Japan International Cooperation Agency		3.375		06/12/28		494,740
	300,000	KFW		1.500		02/06/19		299,002
	2,000,000	KFW		1.000		07/15/19		1,974,398
	500,000	KFW		1.750		10/15/19		494,856
	7,525,000	KFW		4.000		01/27/20		7,637,066
	3,650,000	KFW		1.750		03/31/20		3,590,067
	6,750,000	KFW		1.875		06/30/20		6,632,006
	1,500,000	KFW		2.750		10/01/20		1,494,571
	1,500,000	KFW		1.875		11/30/20		1,466,460
	1,000,000	KFW		1.875		12/15/20		976,750

127

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	4,000,000	KFW		2.625	%	04/12/21	$	3,964,894
	1,500,000	KFW		1.500		06/15/21		1,441,530
	1,600,000	KFW		2.625		01/25/22		1,579,064
	2,750,000	KFW		2.000		10/04/22		2,638,805
	2,000,000	KFW		2.500		11/20/24		1,928,189
	7,000,000	KFW		2.000		05/02/25		6,522,553
	400,000	Korea Development Bank		3.000		03/17/19		400,119
	500,000	Korea Development Bank		2.500		03/11/20		494,291
	300,000	Korea Development Bank		2.500		01/13/21		293,768
	500,000	Korea Development Bank		2.625		02/27/22		483,898
	200,000	Korea Development Bank		3.000		09/14/22		194,840
	1,000,000	Korea Development Bank		3.375		03/12/23		984,351
	500,000	Korea Development Bank		2.750		03/19/23		478,617
	500,000	Korea Development Bank		3.750		01/22/24		498,106
	200,000	Korea Development Bank		3.375		09/16/25		193,020
	400,000	Korea Development Bank		3.000		01/13/26		373,827
	1,500,000	Korea International Bond		2.750		01/19/27		1,411,890
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		1,453,225
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		03/07/22		970,160
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		06/15/22		967,156
	2,900,000	Kreditanstalt fuer Wiederaufbau		2.375		12/29/22		2,817,580
	6,000,000	Kreditanstalt fuer Wiederaufbau		2.875		04/03/28		5,855,040
	500,000	Landwirtschaftliche Rentenbank		1.750		04/15/19		497,581
	2,000,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		1,971,976
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		466,770
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		714,456
	1,000,000	Landwirtschaftliche Rentenbank		1.750		07/27/26		899,199
	1,125,000	Mexico Government International Bond		4.125		01/21/26		1,114,571
	8,910,000	Mexico Government International Bond		4.150		03/28/27		8,767,440
	5,931,000	Mexico Government International Bond		3.750		01/11/28		5,649,278
	461,000	Mexico Government International Bond		6.750		09/27/34		550,895
	730,000	Mexico Government International Bond		6.050		01/11/40		810,300
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,408,407
	1,678,000	Mexico Government International Bond		5.550		01/21/45		1,782,875
	505,000	Mexico Government International Bond		4.600		01/23/46		470,913
	500,000	Mexico Government International Bond		4.350		01/15/47		453,255
	2,000,000	Mexico Government International Bond		4.600		02/10/48		1,880,000
	950,000	Mexico Government International Bond		5.750		10/12/10		958,313
	1,000,000	Nordic Investment Bank		2.250		02/01/21		983,468
	2,500,000	Nordic Investment Bank		2.250		09/30/21		2,442,435
	2,300,000	North American Development Bank		2.400		10/26/22		2,206,201
	250,000	Panama Government International Bond		4.000		09/22/24		253,378
	1,000,000	Panama Government International Bond		3.750		03/16/25		995,510
	300,000	Panama Government International Bond		7.125		01/29/26		357,750
	1,000,000	Panama Government International Bond		3.875		03/17/28		990,510
	692,000	Panama Government International Bond		6.700		01/26/36		864,315
	750,000	Panama Government International Bond		4.500		05/15/47		751,133
	1,500,000	Panama Government International Bond		4.500		04/16/50		1,487,265
	700,000	Panama Government International Bond		4.300		04/29/53		673,750
	520,000	Peruvian Government International Bond		7.125		03/30/19		533,000
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,134,059
	2,100,000	Peruvian Government International Bond		4.125		08/25/27		2,165,121

128

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,100,000	Peruvian Government International Bond		6.550	%	03/14/37	$	1,388,750
	700,000	Peruvian Government International Bond		5.625		11/18/50		830,900
	225,000	Philippine Government International Bond		4.200		01/21/24		231,158
	2,219,000	Philippine Government International Bond		3.000		02/01/28		2,065,589
	4,083,000	Philippine Government International Bond		3.950		01/20/40		3,936,326
	300,000	Philippine Government International Bond		3.700		03/01/41		278,277
	3,793,000	Philippine Government International Bond		3.700		02/02/42		3,516,084
	2,285,000	Poland Government International Bond		6.375		07/15/19		2,347,849
	67,000	Poland Government International Bond		5.125		04/21/21		70,057
	390,000	Poland Government International Bond		5.000		03/23/22		410,073
	990,000	Poland Government International Bond		3.000		03/17/23		971,570
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,019,476
	1,000,000	Poland Government International Bond		3.250		04/06/26		969,784
	2,500,000	Province of Alberta Canada		2.200		07/26/22		2,405,598
	500,000	Province of Alberta Canada		3.300		03/15/28		490,540
	200,000	Province of British Columbia Canada		2.650		09/22/21		197,242
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,719,328
	500,000	Province of Manitoba Canada		2.050		11/30/20		488,677
	1,300,000	Province of Manitoba Canada		3.050		05/14/24		1,277,597
	500,000	Province of Manitoba Canada		2.125		06/22/26		453,803
	500,000	Province of New Brunswick Canada		3.625		02/24/28		501,057
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		231,184
	1,000,000	Province of Ontario Canada		2.000		01/30/19		998,198
	4,530,000	Province of Ontario Canada		4.400		04/14/20		4,625,376
	500,000	Province of Ontario Canada		2.550		02/12/21		493,186
	2,000,000	Province of Ontario Canada		2.400		02/08/22		1,945,273
	800,000	Province of Ontario Canada		2.450		06/29/22		776,786
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,486,343
	1,000,000	Province of Ontario Canada		2.500		04/27/26		938,518
	1,420,000	Province of Quebec Canada		3.500		07/29/20		1,432,399
	3,100,000	Province of Quebec Canada		2.625		02/13/23		3,019,300
	200,000	Province of Quebec Canada		7.125		02/09/24		234,729
	500,000	Province of Quebec Canada		2.875		10/16/24		488,882
	3,500,000	Province of Quebec Canada		2.500		04/20/26		3,296,559
	500,000	Province of Quebec Canada		2.750		04/12/27		475,653
	201,000	Province of Quebec Canada		7.500		09/15/29		273,409
	100,000	Province of Saskatchewan Canada		8.500		07/15/22		116,944
	800,000	Republic of Hungary		6.250		01/29/20		830,758
	500,000	Republic of Korea		3.875		09/11/23		508,600
	400,000	Republic of Korea		4.125		06/10/44		409,848
	500,000	Svensk Exportkredit AB		1.750		05/18/20		490,331
	200,000	Svensk Exportkredit AB		1.875		06/23/20		196,307
	2,300,000	Svensk Exportkredit AB		1.750		08/28/20		2,247,518
	500,000	Svensk Exportkredit AB		1.750		03/10/21		484,982
	500,000	Svensk Exportkredit AB		2.875		05/22/21		497,643
	500,000	Svensk Exportkredit AB		2.375		03/09/22		487,504
	1,250,000	Svensk Exportkredit AB		2.875		03/14/23		1,233,902
	200,343	Uruguay Government International Bond		4.500		08/14/24		205,852
	2,700,000	Uruguay Government International Bond		4.375		10/27/27		2,747,250
	500,000	Uruguay Government International Bond		4.125		11/20/45		464,505
	1,313,907	Uruguay Government International Bond		5.100		06/18/50		1,340,185
	1,125,000	Uruguay Government International Bond		4.975		04/20/55		1,125,000
		TOTAL FOREIGN GOVERNMENT BONDS						393,164,563

129

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
MORTGAGE BACKED - 27.8%
$	24,946	i	Federal Home Loan Mortgage Corp (FHLMC)	DGS1 + 2.250%		4.060	%	04/01/35	$	26,287
	5,157	i	FHLMC	DGS1 + 2.125%		3.574		10/01/35		5,413
	84,853	i	FHLMC	DGS1 + 2.255%		3.647		02/01/36		89,713
	18,980	i	FHLMC	LIBOR 12 M + 1.791%		4.379		07/01/36		19,922
	56,508	i	FHLMC	DGS1 + 2.241%		3.636		09/01/36		59,553
	50,444	i	FHLMC	LIBOR 6 M + 1.595%		3.770		09/01/36		52,183
	60,593	i	FHLMC	LIBOR 6 M + 1.784%		4.270		09/01/36		63,027
	15,773	i	FHLMC	DGS1 + 2.250%		3.719		01/01/37		16,638
	3,674	i	FHLMC	DGS1 + 2.250%		3.684		02/01/37		3,868
	5,512	i	FHLMC	LIBOR 12 M + 1.765%		3.705		02/01/37		5,767
	158,991	i	FHLMC	LIBOR 12 M + 1.806%		3.736		03/01/37		166,981
	109,175	i	FHLMC	DGS1 + 2.250%		3.774		04/01/37		115,135
	50,589	i	FHLMC	LIBOR 12 M + 1.702%		4.048		04/01/37		52,526
	14,688	i	FHLMC	LIBOR 12 M + 1.325%		3.450		05/01/37		14,892
	16,327	i	FHLMC	LIBOR 12 M + 2.113%		4.283		05/01/37		17,299
	103,039	i	FHLMC	DGS1 + 2.275%		4.262		06/01/37		108,431
	10,731	i	FHLMC	LIBOR 12 M + 1.750%		4.369		06/01/37		11,242
	60,259	i	FHLMC	LIBOR 6 M + 1.482%		4.212		08/01/37		62,132
	77,357	i	FHLMC	LIBOR 12 M + 0.905%		3.409		09/01/37		78,344
	59,042	i	FHLMC	LIBOR 6 M + 1.325%		3.753		09/01/37		60,393
	246	i	FHLMC	LIBOR 12 M + 1.795%		4.473		09/01/37		248
	10,016	i	FHLMC	LIBOR 12 M + 2.058%		4.123		02/01/38		10,581
	69,663	i	FHLMC	LIBOR 12 M + 2.055%		4.370		04/01/38		73,264
	19,176	i	FHLMC	LIBOR 12 M + 2.004%		4.274		06/01/38		20,073
	8,791	i	FHLMC	LIBOR 12 M + 1.625%		4.375		07/01/38		9,180
	9,355	i	FHLMC	LIBOR 12 M + 1.861%		4.582		06/01/40		9,813
	38,052	i	FHLMC	LIBOR 12 M + 1.880%		4.630		07/01/40		39,506
	78,614	i	FHLMC	LIBOR 12 M + 1.884%		3.740		01/01/41		82,303
	5,998	i	FHLMC	LIBOR 12 M + 1.880%		4.278		05/01/41		6,227
	246,559	i	FHLMC	LIBOR 12 M + 1.864%		3.896		08/01/41		258,370
	144,897	i	FHLMC	LIBOR 12 M + 1.750%		4.128		09/01/41		151,122
	33,312	i	FHLMC	LIBOR 12 M + 1.860%		3.176		10/01/41		35,125
	5,277		Federal Home Loan Mortgage Corp Gold (FGLMC)			4.500		01/01/19		5,342
	920		FGLMC			4.000		05/01/19		940
	5,976		FGLMC			4.500		05/01/19		6,050
	18,162		FGLMC			4.500		06/01/19		18,387
	8,917		FGLMC			4.000		10/01/19		9,105
	3,338		FGLMC			5.500		11/01/19		3,358
	51,496		FGLMC			4.500		12/01/19		52,132
	5,675		FGLMC			4.500		01/01/20		5,745
	1,144		FGLMC			4.500		02/01/20		1,158
	2,829		FGLMC			4.500		02/01/20		2,864
	5,440		FGLMC			5.000		05/01/20		5,470
	25,132		FGLMC			5.000		05/01/20		25,269
	3,260		FGLMC			4.500		07/01/20		3,300
	15,030		FGLMC			5.000		07/01/20		15,113
	877		FGLMC			7.000		10/01/20		890
	2,639		FGLMC			5.000		12/01/20		2,683
	86,677		FGLMC			4.000		05/01/21		88,503
	41,391		FGLMC			4.500		06/01/21		41,941
	69,282		FGLMC			4.500		06/01/21		70,536

130

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	34,336	FGLMC		5.000	%	07/01/21	$	34,562
	6,474	FGLMC		5.500		07/01/21		6,607
	889,007	FGLMC		3.000		12/01/21		882,424
	5,378	FGLMC		5.000		10/01/22		5,494
	4,268	FGLMC		6.000		11/01/22		4,402
	42,042	FGLMC		5.000		04/01/23		43,404
	2,846	FGLMC		4.500		05/01/23		2,942
	39,169	FGLMC		5.000		05/01/23		41,132
	10,233	FGLMC		5.000		10/01/23		10,621
	6,269	FGLMC		5.500		10/01/23		6,677
	9,465	FGLMC		5.000		11/01/23		9,940
	19,145	FGLMC		5.000		03/01/24		20,104
	4,319	FGLMC		4.500		04/01/24		4,465
	2,003	FGLMC		4.500		05/01/24		2,071
	14,463	FGLMC		4.500		06/01/24		14,956
	127,177	FGLMC		4.000		07/01/24		130,160
	53,088	FGLMC		4.000		07/01/24		54,332
	19,026	FGLMC		5.500		07/01/24		19,640
	113,359	FGLMC		4.000		08/01/24		115,894
	19,172	FGLMC		4.500		09/01/24		19,824
	9,249	FGLMC		4.500		09/01/24		9,564
	5,121	FGLMC		4.500		09/01/24		5,295
	5,466	FGLMC		5.500		09/01/24		5,823
	155,671	FGLMC		4.000		10/01/24		159,324
	4,749	FGLMC		4.500		10/01/24		4,910
	20,227	FGLMC		4.500		10/01/24		20,888
	3,937	FGLMC		4.500		11/01/24		4,071
	15,313	FGLMC		4.500		12/01/24		15,836
	8,388	FGLMC		4.500		02/01/25		8,675
	219,854	FGLMC		4.000		03/01/25		225,008
	6,060	FGLMC		4.500		06/01/25		6,267
	10,569	FGLMC		4.500		07/01/25		10,928
	236,606	FGLMC		3.500		10/01/25		238,025
	123,189	FGLMC		4.000		10/01/25		126,081
	429,245	FGLMC		3.500		11/01/25		431,818
	267,521	FGLMC		3.500		11/01/25		269,126
	122,858	FGLMC		3.500		12/01/25		123,594
	66,671	FGLMC		3.000		01/01/26		66,193
	888,437	FGLMC		3.500		01/01/26		893,764
	73,785	FGLMC		4.000		04/01/26		75,525
	153,601	FGLMC		4.000		05/01/26		157,253
	31,682	FGLMC		5.500		07/01/26		33,747
	471,984	FGLMC		4.000		08/01/26		483,121
	3,880	FGLMC		6.000		08/01/26		4,217
	156,576	FGLMC		3.000		09/01/26		155,455
	419,541	FGLMC		3.000		10/01/26		416,534
	553,099	FGLMC		3.500		10/01/26		556,418
	16,497	FGLMC		5.000		10/01/26		17,323
	4,441	FGLMC		5.500		10/01/26		4,731
	2,415,983	FGLMC		3.000		02/01/27		2,398,662
	1,482,760	FGLMC		2.500		05/01/27		1,440,934
	1,541,831	FGLMC		2.500		11/01/27		1,498,327

131

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	62,300	FGLMC		6.000	%	12/01/27	$	67,717
	1,259,265	FGLMC		2.500		01/01/28		1,223,723
	3,204,621	FGLMC		2.500		03/01/28		3,114,143
	76,204	FGLMC		5.000		03/01/28		80,023
	1,747,331	FGLMC		2.500		05/01/28		1,697,998
	8,082	FGLMC		5.500		05/01/28		8,608
	4,929,776	FGLMC		2.500		07/01/28		4,790,580
	4,436,404	FGLMC		2.500		07/01/28		4,311,128
	1,163,001	FGLMC		3.000		10/01/28		1,152,636
	57,917	FGLMC		5.500		01/01/29		61,716
	2,497	FGLMC		6.500		01/01/29		2,762
	10,959	FGLMC		4.000		02/01/29		11,072
	2,368,350	FGLMC		3.500		03/01/29		2,386,968
	604	FGLMC		6.500		03/01/29		668
	4,471,932	FGLMC		3.000		07/01/29		4,429,494
	11,425	FGLMC		6.500		07/01/29		12,640
	16,952	FGLMC		5.000		12/01/29		17,841
	12,024,111	FGLMC		2.500		05/01/30		11,637,756
	28,589	FGLMC		4.000		08/01/30		29,057
	190,246	FGLMC		4.500		01/01/31		196,662
	429	FGLMC		8.000		01/01/31		454
	199,214	FGLMC		4.000		03/01/31		202,719
	24,592	FGLMC		4.000		05/01/31		25,026
	179,520	FGLMC		4.500		05/01/31		186,020
	86,740	FGLMC		4.000		06/01/31		88,269
	238,986	FGLMC		4.000		08/01/31		243,191
	235,922	FGLMC		4.000		09/01/31		240,082
	3,563	FGLMC		6.500		09/01/31		4,021
	13,663	FGLMC		8.000		09/01/31		15,128
	121,289	FGLMC		3.500		11/01/31		120,394
	16,586,532	FGLMC		2.500		12/01/31		16,004,657
	42,684	FGLMC		7.000		12/01/31		45,381
	15,612	FGLMC		6.500		01/01/32		17,446
	37,690	FGLMC		6.000		02/01/32		41,727
	1,927,400	FGLMC		3.000		03/01/32		1,898,862
	16,402	FGLMC		7.000		04/01/32		18,402
	13,859	FGLMC		6.500		05/01/32		15,332
	1,301,922	FGLMC		3.500		09/01/32		1,306,739
	10,363	FGLMC		5.500		11/01/32		11,228
	22,943,377	FGLMC		3.000		01/01/33		22,618,595
	13,602	FGLMC		6.000		02/01/33		15,060
	51,774	FGLMC		5.000		03/01/33		54,904
	17,083	FGLMC		6.000		03/01/33		18,569
	5,621	FGLMC		6.000		03/01/33		6,109
	20,631	FGLMC		6.000		03/01/33		22,424
	34,106	FGLMC		5.000		04/01/33		36,022
	6,014	FGLMC		6.000		04/01/33		6,658
	348,859	FGLMC		5.000		06/01/33		369,466
	114,567	FGLMC		5.500		06/01/33		124,134
	2,426,955	FGLMC		3.500		07/01/33		2,436,033
	47,463	FGLMC		4.500		07/01/33		49,355
	4,081	FGLMC		5.000		08/01/33		4,316
	16,763	FGLMC		6.500		08/01/33		18,557

132

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	155,510	FGLMC		5.000	%	09/01/33	$	165,945
	65,744	FGLMC		5.500		09/01/33		71,543
	88,455	FGLMC		5.500		09/01/33		97,205
	20,577	FGLMC		5.500		09/01/33		22,227
	65,495	FGLMC		5.500		09/01/33		70,688
	34,801	FGLMC		4.000		10/01/33		35,286
	7,353	FGLMC		5.000		10/01/33		7,761
	112,726	FGLMC		5.500		10/01/33		122,966
	84,050	FGLMC		5.500		12/01/33		91,091
	27,593	FGLMC		5.500		12/01/33		29,902
	326,692	FGLMC		7.000		12/01/33		369,008
	256,239	FGLMC		5.000		01/01/34		271,973
	5,808	FGLMC		5.500		02/01/34		6,295
	32,423	FGLMC		5.000		03/01/34		34,287
	35,240	FGLMC		5.500		03/01/34		38,183
	98,703	FGLMC		5.000		05/01/34		104,404
	36,561	FGLMC		4.500		06/01/34		37,916
	70,722	FGLMC		5.000		06/01/34		74,792
	24,503	FGLMC		5.500		06/01/34		26,494
	16,008	FGLMC		6.000		06/01/34		17,725
	54,316	FGLMC		6.000		09/01/34		60,142
	5,098,580	FGLMC		3.500		10/01/34		5,101,896
	8,039	FGLMC		5.000		11/01/34		8,529
	291,741	FGLMC		5.500		11/01/34		315,863
	287,062	FGLMC		5.000		12/01/34		303,556
	48,865	FGLMC		5.500		12/01/34		52,955
	23,771	FGLMC		5.500		12/01/34		25,578
	4,366	FGLMC		5.500		01/01/35		4,730
	2,255	FGLMC		5.500		01/01/35		2,444
	25,477	FGLMC		5.500		01/01/35		27,548
	107,339	FGLMC		4.500		04/01/35		111,315
	15,312	FGLMC		6.000		05/01/35		16,955
	87,052	FGLMC		6.000		05/01/35		94,620
	102,130	FGLMC		7.000		05/01/35		114,493
	21,948	FGLMC		5.500		06/01/35		23,788
	14,378	FGLMC		5.500		06/01/35		15,583
	6,435	FGLMC		5.000		07/01/35		6,809
	405,078	FGLMC		5.000		07/01/35		429,998
	35,538	FGLMC		6.000		07/01/35		38,628
	542,240	FGLMC		5.000		08/01/35		575,773
	15,287	FGLMC		5.500		08/01/35		16,283
	88,943	FGLMC		6.000		08/01/35		96,676
	7,654	FGLMC		4.500		09/01/35		7,938
	85,071	FGLMC		5.000		10/01/35		90,265
	47,386	FGLMC		5.000		10/01/35		50,143
	20,700	FGLMC		5.000		10/01/35		21,885
	271,643	FGLMC		5.500		10/01/35		289,659
	65,322	FGLMC		5.000		12/01/35		69,164
	8,736	FGLMC		5.000		12/01/35		9,276
	31,357	FGLMC		6.000		01/01/36		34,689
	17,391	FGLMC		5.000		02/01/36		18,461
	6,931	FGLMC		5.000		02/01/36		7,357

133

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	8,661	FGLMC		6.000	%	02/01/36	$	9,590
	100,331	FGLMC		5.500		04/01/36		108,670
	16,944	FGLMC		5.500		05/01/36		18,342
	324,987	FGLMC		6.000		06/01/36		359,867
	77,270	FGLMC		5.000		07/01/36		81,978
	106,745	FGLMC		6.000		07/01/36		118,113
	15,253	FGLMC		6.000		08/01/36		16,863
	7,077	FGLMC		6.000		09/01/36		7,693
	302,871	FGLMC		5.500		10/01/36		327,913
	185,958	FGLMC		5.500		10/01/36		200,577
	43,759	FGLMC		6.500		10/01/36		48,409
	13,741	FGLMC		5.500		11/01/36		14,870
	32,869	FGLMC		6.000		11/01/36		36,372
	189,262	FGLMC		6.000		12/01/36		209,579
	265,906	FGLMC		5.500		03/01/37		287,205
	112,398	FGLMC		6.000		03/01/37		124,473
	12,456	FGLMC		6.500		03/01/37		13,780
	99,418	FGLMC		5.500		04/01/37		107,360
	11,689	FGLMC		5.000		05/01/37		12,403
	12,436	FGLMC		5.000		06/01/37		13,167
	45,538	FGLMC		5.500		06/01/37		49,137
	18,065,854	FGLMC		3.000		07/01/37		17,585,176
	175,232	FGLMC		6.000		07/01/37		194,060
	75,367	FGLMC		6.000		08/01/37		83,364
	30,774	FGLMC		6.000		09/01/37		34,046
	259,507	FGLMC		5.500		10/01/37		277,989
	9,602	FGLMC		6.000		11/01/37		10,591
	77,878	FGLMC		6.500		11/01/37		86,155
	35,201	FGLMC		6.000		01/01/38		38,870
	16,125	FGLMC		6.000		02/01/38		17,836
	119,799	FGLMC		6.000		02/01/38		132,669
	178,299	FGLMC		5.000		03/01/38		189,252
	496,181	FGLMC		5.000		03/01/38		526,641
	20,666	FGLMC		5.000		04/01/38		22,017
	205,540	FGLMC		5.000		04/01/38		218,271
	242,382	FGLMC		5.500		04/01/38		262,689
	52,003	FGLMC		5.500		05/01/38		56,074
	6,008	FGLMC		5.500		06/01/38		6,481
	11,258	FGLMC		6.000		07/01/38		12,288
	28,629	FGLMC		5.500		08/01/38		31,021
	196,835	FGLMC		5.500		08/01/38		212,435
	25,084	FGLMC		5.000		09/01/38		26,624
	329,311	FGLMC		5.500		09/01/38		355,070
	100,823	FGLMC		5.500		09/01/38		108,275
	6,451	FGLMC		5.500		10/01/38		6,958
	124,622	FGLMC		6.000		11/01/38		137,174
	863,333	FGLMC		5.500		01/01/39		931,277
	739,074	FGLMC		4.500		02/01/39		767,936
	353,950	FGLMC		5.000		02/01/39		375,713
	23,293	FGLMC		5.500		02/01/39		25,042
	2,598	FGLMC		4.500		03/01/39		2,698
	145,436	FGLMC		5.000		03/01/39		154,422
	18,359	FGLMC		6.000		03/01/39		20,283

134

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	25,353	FGLMC		4.500	%	04/01/39	$	26,361
	983,468	FGLMC		4.500		04/01/39		1,026,520
	257,745	FGLMC		4.000		05/01/39		261,464
	7,083	FGLMC		4.500		05/01/39		7,380
	150,410	FGLMC		4.500		05/01/39		156,641
	3,137,380	FGLMC		4.500		05/01/39		3,258,344
	353,287	FGLMC		4.500		05/01/39		365,944
	135,515	FGLMC		5.000		05/01/39		143,886
	306,094	FGLMC		4.000		06/01/39		311,022
	1,596,569	FGLMC		4.500		06/01/39		1,661,168
	52,372	FGLMC		4.500		06/01/39		54,532
	20,555	FGLMC		5.000		06/01/39		21,841
	9,204	FGLMC		5.500		06/01/39		9,898
	516,386	FGLMC		4.000		07/01/39		524,504
	211,756	FGLMC		4.500		07/01/39		220,640
	39,653	FGLMC		4.500		07/01/39		41,367
	18,034	FGLMC		4.500		07/01/39		18,780
	128,348	FGLMC		5.000		07/01/39		136,312
	182,109	FGLMC		5.500		07/01/39		196,353
	18,725	FGLMC		4.500		08/01/39		19,536
	41,807	FGLMC		5.000		08/01/39		44,389
	164,607	FGLMC		4.000		09/01/39		166,954
	939,705	FGLMC		5.000		09/01/39		997,439
	376,710	FGLMC		5.000		09/01/39		400,179
	4,693	FGLMC		5.500		09/01/39		5,051
	366,743	FGLMC		6.500		09/01/39		405,718
	77,875	FGLMC		4.500		10/01/39		81,246
	59,554	FGLMC		4.500		10/01/39		61,927
	143,679	FGLMC		4.500		10/01/39		149,805
	33,216	FGLMC		5.000		10/01/39		35,268
	27,593	FGLMC		4.000		11/01/39		28,086
	95,139	FGLMC		4.500		11/01/39		99,192
	35,301	FGLMC		5.000		11/01/39		37,488
	10,671	FGLMC		5.000		11/01/39		11,206
	96,895	FGLMC		4.500		12/01/39		101,094
	192,239	FGLMC		4.500		12/01/39		200,588
	85,224	FGLMC		4.500		12/01/39		88,918
	312,978	FGLMC		4.500		12/01/39		326,571
	137,679	FGLMC		5.500		12/01/39		148,442
	190,412	FGLMC		4.500		01/01/40		198,679
	17,755	FGLMC		5.000		01/01/40		18,865
	27,768	FGLMC		5.500		01/01/40		29,775
	56,867	FGLMC		5.500		03/01/40		61,330
	964,790	FGLMC		4.000		04/01/40		982,619
	39,494	FGLMC		4.500		04/01/40		41,209
	142,740	FGLMC		4.500		04/01/40		148,939
	103,011	FGLMC		5.000		04/01/40		109,383
	219,874	FGLMC		5.000		04/01/40		233,517
	733,710	FGLMC		6.000		04/01/40		812,535
	2,394,401	FGLMC		4.500		05/01/40		2,498,364
	1,281,887	FGLMC		5.000		05/01/40		1,371,360
	6,013	FGLMC		4.500		06/01/40		6,274

135

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	525,407	FGLMC		5.500	%	06/01/40	$	565,651
	1,145,673	FGLMC		4.500		07/01/40		1,195,420
	21,691	FGLMC		4.500		08/01/40		22,633
	232,594	FGLMC		5.000		08/01/40		247,044
	537,611	FGLMC		5.000		08/01/40		571,009
	58,399	FGLMC		5.000		08/01/40		62,013
	2,968,840	FGLMC		5.500		08/01/40		3,200,256
	324,192	FGLMC		4.000		09/01/40		330,210
	3,749,034	FGLMC		4.000		11/01/40		3,818,657
	2,176,409	FGLMC		4.000		12/01/40		2,216,857
	474,007	FGLMC		3.500		01/01/41		470,060
	643,527	FGLMC		3.500		01/01/41		638,170
	366,123	FGLMC		4.000		01/01/41		372,928
	389,143	FGLMC		3.500		02/01/41		385,905
	1,458,139	FGLMC		4.000		02/01/41		1,485,244
	523,117	FGLMC		4.000		02/01/41		532,837
	2,175,580	FGLMC		4.000		04/01/41		2,216,032
	398,227	FGLMC		4.500		04/01/41		415,520
	83,921	FGLMC		5.000		04/01/41		89,138
	403,125	FGLMC		4.500		05/01/41		420,631
	460,196	FGLMC		4.500		06/01/41		480,181
	1,286,668	FGLMC		3.500		10/01/41		1,275,961
	908,071	FGLMC		5.000		10/01/41		964,532
	1,591,954	FGLMC		3.500		11/01/41		1,578,695
	594,460	FGLMC		4.500		12/01/41		620,278
	5,504,451	FGLMC		3.500		01/01/42		5,458,612
	1,622,706	FGLMC		3.500		02/01/42		1,609,193
	2,008,169	FGLMC		3.500		04/01/42		1,991,445
	3,468,212	FGLMC		4.000		05/01/42		3,532,744
	10,798,810	FGLMC		4.500		05/01/42		11,267,137
	2,473,273	FGLMC		3.500		07/01/42		2,452,752
	689,335	FGLMC		3.000		08/01/42		665,988
	4,146,265	FGLMC		3.000		10/01/42		4,004,422
	2,718,307	FGLMC		3.000		10/01/42		2,625,980
	1,142,508	FGLMC		3.500		12/01/42		1,133,001
	3,712,886	FGLMC		2.500		01/01/43		3,436,857
	7,874,341	FGLMC		3.000		01/01/43		7,602,185
	11,849,262	FGLMC		3.000		04/01/43		11,435,572
	3,850,233	FGLMC		3.500		05/01/43		3,818,169
	4,702,759	FGLMC		3.000		08/01/43		4,537,882
	3,087,197	FGLMC		3.000		08/01/43		2,978,851
	4,065,305	FGLMC		3.500		08/01/43		4,031,450
	1,698,478	FGLMC		4.500		10/01/43		1,759,145
	2,435,281	FGLMC		4.000		11/01/43		2,469,944
	4,490,038	FGLMC		3.500		02/01/44		4,452,657
	3,607,143	FGLMC		4.000		02/01/44		3,655,161
	22,490,832	FGLMC		4.000		02/01/44		22,865,177
	1,703,646	FGLMC		4.000		04/01/44		1,725,303
	2,129,338	FGLMC		4.500		05/01/44		2,201,402
	3,881,597	FGLMC		4.000		06/01/44		3,931,014
	5,900,319	FGLMC		4.000		08/01/44		5,975,438
	4,722,388	FGLMC		3.500		09/01/44		4,673,323
	5,735,364	FGLMC		3.500		11/01/44		5,668,669

136

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	8,432,409	FGLMC		3.500	%	12/01/44	$	8,327,663
	5,214,892	FGLMC		3.500		01/01/45		5,147,770
	9,573,774	FGLMC		3.000		02/01/45		9,211,777
	12,810,092	FGLMC		3.500		03/01/45		12,650,510
	6,940,075	FGLMC		4.000		03/01/45		7,027,680
	4,522,072	FGLMC		3.000		04/01/45		4,347,174
	9,600,184	FGLMC		3.500		04/01/45		9,472,652
	19,735,648	FGLMC		3.500		07/01/45		19,473,477
	13,082,056	FGLMC		4.500		07/01/45		13,580,738
	38,764,560	FGLMC		3.000		08/01/45		37,439,749
	8,491,229	FGLMC		4.000		11/01/45		8,589,662
	16,706,017	FGLMC		3.500		12/01/45		16,484,068
	13,421,186	FGLMC		3.500		03/01/46		13,239,416
	6,238,421	FGLMC		4.000		03/01/46		6,310,064
	27,293,007	FGLMC		3.000		04/01/46		26,155,899
	12,511,357	FGLMC		3.500		05/01/46		12,337,070
	14,845,392	FGLMC		4.000		09/01/46		15,015,957
	12,944,132	FGLMC		3.000		11/01/46		12,400,806
	13,078,764	FGLMC		3.000		11/01/46		12,529,802
	8,718,326	FGLMC		3.000		12/01/46		8,355,079
	13,425,757	FGLMC		3.500		12/01/46		13,226,613
	17,853,174	FGLMC		3.000		02/01/47		17,099,107
	8,477,145	FGLMC		3.500		02/01/47		8,350,379
	7,784,930	FGLMC		4.000		02/01/47		7,872,619
	22,569,289	FGLMC		3.500		07/01/47		22,227,398
	22,330,537	FGLMC		3.500		10/01/47		21,989,668
	19,092,678	FGLMC		3.000		12/01/47		18,279,012
	18,718,446	FGLMC		4.000		12/01/47		18,938,508
	19,500,723	FGLMC		4.000		05/01/48		19,701,432
	29,611,502	FGLMC		3.500		07/01/48		29,155,632
	25	Federal National Mortgage Association (FNMA)		4.500		10/01/18		25
	2,123	FNMA		5.000		11/01/18		2,187
	1	FNMA		5.000		01/01/19		1
	153	FNMA		6.000		01/01/19		165
	754	FNMA		4.500		05/01/19		764
	486	FNMA		4.500		06/01/19		492
	2,145	FNMA		4.500		06/01/19		2,172
	13	FNMA		5.000		07/01/19		13
	22,925	FNMA		5.000		10/01/19		23,615
	1,721	FNMA		4.500		11/01/19		1,742
	2,208	FNMA		4.500		12/01/19		2,236
	14	FNMA		5.000		03/01/20		14
	1,899	FNMA		5.000		04/01/20		1,956
	1,148	FNMA		4.500		06/01/20		1,162
	1,062	FNMA		4.500		09/01/20		1,076
	2,762	FNMA		4.500		10/01/20		2,799
	2,409	FNMA		4.500		11/01/20		2,439
	11,224	FNMA		5.000		12/01/20		11,600
	48,570	FNMA		5.500		01/01/21		48,857
	49	FNMA		5.500		01/01/21		49
	1,577	FNMA		5.000		03/01/21		1,624
	9,588	FNMA		5.500		08/01/21		9,806

137

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,624	FNMA		6.000	%	08/01/21	$	2,680
	1,578	FNMA		5.000		10/01/21		1,627
	1,269	FNMA		5.000		11/01/21		1,307
	1,005	FNMA		5.500		11/01/21		1,018
	7,336	FNMA		5.500		10/01/22		7,510
	3,304	FNMA		6.000		10/01/22		3,382
	2,141	FNMA		5.000		03/01/23		2,220
	5,195	FNMA		4.500		04/01/23		5,259
	54,676	FNMA		4.500		06/01/23		55,822
	5,125	FNMA		5.000		06/01/23		5,314
	7,084	FNMA		5.500		06/01/23		7,563
	11,180	FNMA		5.000		07/01/23		11,530
	59,326	FNMA		5.000		07/01/23		61,515
	6,434	FNMA		5.500		08/01/23		6,671
	13,110	FNMA		5.000		11/01/23		13,764
	2,521	FNMA		5.500		11/01/23		2,567
	123,383	FNMA		5.500		01/01/24		126,729
	13,899	FNMA		5.500		02/01/24		14,839
	61,336	FNMA		4.000		03/01/24		62,616
	4,791	FNMA		4.500		04/01/24		4,967
	218,125	FNMA		4.000		05/01/24		222,712
	74,848	FNMA		4.000		05/01/24		76,417
	6,132	FNMA		4.000		06/01/24		6,261
	7,454	FNMA		4.500		07/01/24		7,731
	7,081	FNMA		5.500		07/01/24		7,560
	167	FNMA		8.000		07/01/24		183
	39,825	FNMA		4.500		08/01/24		41,117
	40,488	FNMA		4.000		09/01/24		41,342
	157,926	FNMA		4.000		09/01/24		161,243
	15,851	FNMA		4.500		09/01/24		16,443
	356,322	FNMA		4.500		10/01/24		369,566
	18,781	FNMA		5.000		01/01/25		19,718
	30,246	FNMA		4.500		02/01/25		31,376
	268,752	FNMA		4.500		03/01/25		278,793
	3,691	FNMA		4.500		03/01/25		3,755
	77,535	FNMA		5.000		03/01/25		81,400
	157,902	FNMA		4.500		04/01/25		163,346
	73,204	FNMA		4.500		04/01/25		75,783
	812,432	FNMA		4.000		05/01/25		829,555
	277,308	FNMA		4.000		06/01/25		283,156
	200,519	FNMA		4.500		06/01/25		207,138
	80,012	FNMA		4.000		08/01/25		81,703
	39,087	FNMA		5.500		08/01/25		42,165
	399,183	FNMA		3.500		09/01/25		401,470
	399,539	FNMA		4.000		09/01/25		407,821
	577,357	FNMA		3.500		10/01/25		580,664
	451,378	FNMA		3.500		10/01/25		453,964
	171,810	FNMA		5.000		10/01/25		180,374
	321,677	FNMA		4.000		11/01/25		328,434
	523,584	FNMA		3.500		12/01/25		526,583
	380,948	FNMA		3.500		02/01/26		383,130
	2,272,701	FNMA		3.500		02/01/26		2,285,720
	112,550	FNMA		4.000		03/01/26		114,986

138

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	302,921	FNMA		4.000	%	06/01/26	$	309,521
	312,780	FNMA		3.500		08/01/26		314,571
	237,762	FNMA		3.500		09/01/26		239,124
	127,761	FNMA		4.000		09/01/26		130,528
	372,896	FNMA		3.500		10/01/26		375,032
	7,744	FNMA		6.000		10/01/26		8,367
	555,026	FNMA		3.000		11/01/26		551,602
	475,836	FNMA		3.000		12/01/26		472,900
	1,281,356	FNMA		3.000		01/01/27		1,273,450
	1,624,247	FNMA		4.000		01/01/27		1,658,368
	910,092	FNMA		3.500		02/01/27		915,306
	1,529,890	FNMA		3.000		04/01/27		1,520,446
	977,983	FNMA		3.000		04/01/27		971,946
	568,767	FNMA		3.500		05/01/27		573,216
	581,287	FNMA		2.500		06/01/27		565,547
	1,637,237	FNMA		3.000		06/01/27		1,627,117
	717,534	FNMA		2.500		07/01/27		698,103
	1,525,577	FNMA		2.500		09/01/27		1,484,299
	17,375	FNMA		5.500		09/01/27		18,550
	2,586,686	FNMA		2.500		10/01/27		2,516,630
	1,597,349	FNMA		3.000		11/01/27		1,587,478
	2,863	FNMA		5.500		01/01/28		3,057
	6,093,953	FNMA		2.500		02/01/28		5,928,914
	4,797,468	FNMA		2.500		02/01/28		4,667,495
	2,599	FNMA		5.000		02/01/28		2,728
	3,480,279	FNMA		2.500		04/01/28		3,383,835
	5,104,120	FNMA		2.500		04/01/28		4,962,659
	13,171	FNMA		5.500		06/01/28		14,062
	1,365,401	FNMA		2.500		07/01/28		1,327,542
	2,816,064	FNMA		2.500		08/01/28		2,737,985
	3,973,595	FNMA		3.000		10/01/28		3,939,245
	2,233	FNMA		5.500		11/01/28		2,384
	11	FNMA		7.500		01/01/29		12
	4,512,970	FNMA		3.000		03/01/29		4,473,959
	20,682	FNMA		4.000		03/01/29		20,894
	16,228,006	FNMA		3.000		04/01/29		16,087,724
	66,033	FNMA		4.500		04/01/29		68,317
	54,099	FNMA		4.000		05/01/29		54,653
	25,959	FNMA		4.500		06/01/29		26,860
	9,063	FNMA		4.000		07/01/29		9,155
	170,795	FNMA		4.500		08/01/29		176,729
	33,223	FNMA		4.500		09/01/29		34,376
	30,017	FNMA		4.500		11/01/29		31,143
	9,265	FNMA		4.500		01/01/30		9,589
	2,772,559	FNMA		2.500		02/01/30		2,687,897
	24,008	FNMA		4.000		03/01/30		24,431
	9,741	FNMA		4.500		05/01/30		10,088
	14,051	FNMA		4.500		06/01/30		14,552
	6,169,014	FNMA		3.000		07/01/30		6,115,625
	130,569	FNMA		4.500		08/01/30		135,223
	27,364	FNMA		4.000		09/01/30		27,846
	176,734	FNMA		4.000		10/01/30		179,847

139

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,599,668	FNMA		4.000	%	11/01/30	$	1,627,873
	273,817	FNMA		4.000		11/01/30		278,646
	60,702	FNMA		4.500		12/01/30		62,866
	6,175,601	FNMA		3.000		02/01/31		6,106,386
	87,763	FNMA		3.500		02/01/31		87,071
	95,718	FNMA		4.000		02/01/31		97,405
	828	FNMA		7.500		03/01/31		938
	6,807,816	FNMA		2.500		04/01/31		6,574,552
	261,276	FNMA		3.500		04/01/31		259,218
	29,452	FNMA		4.000		04/01/31		29,971
	5,957,210	FNMA		3.000		05/01/31		5,890,443
	3,045	FNMA		6.000		05/01/31		3,347
	346	FNMA		7.500		05/01/31		348
	7,290,581	FNMA		2.500		06/01/31		7,040,776
	1,069,909	FNMA		4.500		07/01/31		1,118,454
	151,180	FNMA		4.500		07/01/31		156,572
	873,759	FNMA		4.000		08/01/31		889,174
	9,305,132	FNMA		2.500		09/01/31		8,986,300
	4,980,182	FNMA		3.000		09/01/31		4,924,365
	62,950	FNMA		4.000		09/01/31		64,061
	340	FNMA		6.500		09/01/31		372
	27,649	FNMA		6.000		11/01/31		30,456
	3,442	FNMA		6.500		11/01/31		3,777
	9,637,295	FNMA		2.500		12/01/31		9,307,082
	1,672,907	FNMA		3.500		01/01/32		1,679,344
	9,932	FNMA		6.000		01/01/32		10,940
	2,331	FNMA		6.000		01/01/32		2,518
	707,014	FNMA		3.500		02/01/32		709,730
	9,565	FNMA		6.000		02/01/32		10,537
	8,004,793	FNMA		3.000		03/01/32		7,915,076
	28,548	FNMA		6.500		04/01/32		31,560
	29,355,961	FNMA		3.000		06/01/32		29,026,944
	56,004	FNMA		6.500		07/01/32		62,081
	8,417	FNMA		6.500		08/01/32		9,227
	755,519	FNMA		3.000		09/01/32		742,685
	23,480	FNMA		7.500		09/01/32		25,746
	2,247,426	FNMA		3.000		10/01/32		2,209,246
	44,026	FNMA		5.500		10/01/32		47,447
	37,879	FNMA		6.000		10/01/32		40,939
	14,898	FNMA		6.000		11/01/32		16,398
	18,791,380	FNMA		3.000		12/01/32		18,580,770
	17,775	FNMA		5.500		12/01/32		19,192
	1,206	FNMA		5.500		12/01/32		1,289
	24,142	FNMA		6.000		12/01/32		26,496
	138,145	FNMA		5.500		01/01/33		148,849
	300,512	FNMA		6.000		01/01/33		330,749
	140,619	FNMA		5.000		02/01/33		149,304
	9,030	FNMA		5.000		02/01/33		9,541
	1,539,642	FNMA		3.000		04/01/33		1,513,482
	1,921,571	FNMA		3.500		04/01/33		1,928,983
	6,692	FNMA		6.000		04/01/33		7,371
	18,978,872	FNMA		3.500		05/01/33		19,087,587
	886,601	FNMA		5.500		05/01/33		957,294

140

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	51,528	FNMA		5.000	%	06/01/33	$	54,705
	116,828	FNMA		5.500		06/01/33		126,157
	19,066	FNMA		4.500		07/01/33		19,757
	50,576	FNMA		5.000		07/01/33		53,680
	102,312	FNMA		4.500		08/01/33		106,042
	4,325	FNMA		4.500		08/01/33		4,463
	16,943	FNMA		5.000		08/01/33		17,858
	55,433	FNMA		5.500		09/01/33		59,182
	194,279	FNMA		5.500		09/01/33		209,290
	12,719	FNMA		6.000		09/01/33		13,738
	144,301	FNMA		4.500		10/01/33		149,684
	24,165	FNMA		5.000		10/01/33		25,654
	16,938	FNMA		5.000		10/01/33		17,975
	195,172	FNMA		5.500		10/01/33		210,628
	602,108	FNMA		5.500		10/01/33		663,301
	9,519	FNMA		4.500		11/01/33		9,868
	27,610	FNMA		5.000		11/01/33		29,316
	1,889,124	FNMA		5.000		11/01/33		2,011,952
	219,264	FNMA		5.000		12/01/33		232,796
	276,105	FNMA		5.500		12/01/33		300,277
	2,786,989	FNMA		3.000		01/01/34		2,739,626
	85,268	FNMA		5.000		02/01/34		90,534
	352,228	FNMA		6.000		02/01/34		387,978
	21,061	FNMA		5.000		03/01/34		22,401
	8,795	FNMA		5.000		03/01/34		9,338
	501,501	FNMA		5.000		03/01/34		532,456
	11,603	FNMA		5.000		03/01/34		12,320
	25,156	FNMA		5.000		03/01/34		26,790
	7,222	FNMA		5.000		03/01/34		7,668
	72,734	FNMA		5.000		04/01/34		77,222
	76,232	FNMA		5.500		04/01/34		82,394
	47,608	FNMA		4.500		05/01/34		49,346
	21,042	FNMA		4.500		05/01/34		21,828
	17,232	FNMA		5.500		07/01/34		18,626
	27,448	FNMA		5.500		07/01/34		29,659
	26,620	FNMA		7.000		07/01/34		29,800
	207,580	FNMA		5.000		08/01/34		220,394
	23,434	FNMA		5.000		08/01/34		24,881
	116,332	FNMA		6.000		08/01/34		128,127
	20,639	FNMA		6.000		08/01/34		22,723
	12,655	FNMA		4.500		09/01/34		13,134
	421,908	FNMA		5.500		09/01/34		455,604
	3,992	FNMA		5.500		11/01/34		4,314
	10,021	FNMA		6.000		11/01/34		10,824
	6,436	FNMA		5.000		12/01/34		6,833
	3,945	FNMA		5.500		12/01/34		4,264
	12,653	FNMA		6.000		12/01/34		13,723
	602,813	FNMA		4.500		01/01/35		625,478
	39,875	FNMA		5.500		01/01/35		42,840
	1,291,574	FNMA		5.500		02/01/35		1,395,792
	54,082	FNMA		5.500		02/01/35		58,551
	285,584	FNMA		5.500		04/01/35		306,864

141

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	51,845		FNMA			6.000	%	04/01/35	$	57,111
	49,033		FNMA			6.000		04/01/35		54,005
	85,969		FNMA			6.000		05/01/35		94,632
	21,455		FNMA			5.000		06/01/35		22,779
	1,940	i	FNMA	LIBOR 12 M + 1.570%		4.295		07/01/35		2,020
	64,029		FNMA			5.000		07/01/35		68,002
	6,794,598		FNMA			3.000		08/01/35		6,679,065
	130,434		FNMA			4.500		08/01/35		135,341
	139,797		FNMA			5.000		08/01/35		148,207
	82,803		FNMA			5.000		08/01/35		87,841
	5,140		FNMA			4.500		09/01/35		5,331
	6,376		FNMA			4.500		09/01/35		6,614
	15,277		FNMA			5.500		09/01/35		16,512
	82,567		FNMA			5.000		10/01/35		87,628
	168,187		FNMA			5.500		10/01/35		182,059
	3,370		FNMA			5.000		11/01/35		3,415
	206,262		FNMA			5.500		11/01/35		222,675
	1,821		FNMA			4.500		12/01/35		1,879
	49,988		FNMA			5.500		12/01/35		53,369
	8,972,872		FNMA			3.500		01/01/36		8,979,782
	55,169	i	FNMA	LIBOR 12 M + 1.519%		3.458		02/01/36		57,248
	460,868		FNMA			5.000		02/01/36		489,511
	71,747		FNMA			6.500		02/01/36		78,660
	212,543		FNMA			6.000		03/01/36		234,093
	3,457,128		FNMA			3.500		05/01/36		3,459,791
	3,868		FNMA			5.000		05/01/36		4,091
	405,223		FNMA			6.000		06/01/36		446,081
	66,414	i	FNMA	LIBOR 12 M + 1.571%		4.321		07/01/36		69,422
	22,093		FNMA			6.000		07/01/36		24,321
	110,734		FNMA			6.500		07/01/36		122,230
	218,753		FNMA			5.500		08/01/36		234,705
	191,045		FNMA			6.500		08/01/36		212,601
	4,078,221		FNMA			3.000		09/01/36		3,977,306
	15,335		FNMA			5.500		09/01/36		16,575
	5,942		FNMA			6.500		09/01/36		6,515
	17,824		FNMA			6.500		09/01/36		19,727
	27,364		FNMA			6.000		10/01/36		30,163
	8,324,018		FNMA			3.000		11/01/36		8,118,039
	13,032		FNMA			6.500		11/01/36		14,511
	4,435	i	FNMA	LIBOR 12 M + 1.725%		3.505		12/01/36		4,652
	78,065		FNMA			6.000		12/01/36		86,057
	12,564	i	FNMA	LIBOR 12 M + 1.820%		3.625		01/01/37		13,211
	35,088		FNMA			5.500		01/01/37		37,894
	2,959	i	FNMA	LIBOR 6 M + 1.522%		4.022		02/01/37		3,060
	248,689		FNMA			5.500		02/01/37		268,472
	13,092		FNMA			6.000		02/01/37		14,418
	13,592		FNMA			7.000		02/01/37		14,457
	4,812	i	FNMA	LIBOR 12 M + 1.795%		3.810		03/01/37		5,051
	1,678		FNMA			5.000		03/01/37		1,776
	90,099		FNMA			6.500		03/01/37		100,621
	47,889		FNMA			6.500		03/01/37		52,988
	72,856		FNMA			7.000		04/01/37		83,344
	65,069		FNMA			5.000		05/01/37		68,683

142

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	3,447		FNMA			7.000	%	05/01/37	$	3,630
	23,192	i	FNMA	LIBOR 12 M + 1.782%		4.145		06/01/37		24,331
	20,366		FNMA			5.500		06/01/37		21,940
	23,868		FNMA			5.500		08/01/37		25,792
	10,380		FNMA			6.000		08/01/37		11,420
	34,901		FNMA			6.500		08/01/37		38,264
	8,384		FNMA			6.500		08/01/37		9,192
	15,853		FNMA			5.500		09/01/37		16,925
	38,880		FNMA			6.000		09/01/37		42,821
	76,285		FNMA			6.000		09/01/37		84,454
	38,241		FNMA			6.000		09/01/37		42,061
	117,114		FNMA			6.000		09/01/37		128,297
	152,667		FNMA			6.000		09/01/37		165,965
	13,680		FNMA			6.500		09/01/37		14,997
	4,466		FNMA			6.500		09/01/37		4,896
	47,543	i	FNMA	DGS1 + 2.275%		4.322		10/01/37		49,644
	13,536		FNMA			6.500		10/01/37		14,901
	180,761		FNMA			5.500		11/01/37		194,669
	302,410		FNMA			6.000		11/01/37		333,354
	15,436		FNMA			7.000		11/01/37		16,666
	9,510,842		FNMA			3.000		12/01/37		9,231,134
	9,399,677		FNMA			4.000		01/01/38		9,574,530
	1,453		FNMA			6.500		01/01/38		1,593
	93,019		FNMA			5.500		02/01/38		99,948
	28,001		FNMA			6.500		02/01/38		30,699
	15,806		FNMA			7.000		02/01/38		18,367
	37,680	i	FNMA	LIBOR 12 M + 1.770%		3.881		03/01/38		39,541
	8,913		FNMA			5.000		03/01/38		9,411
	4,927		FNMA			5.000		03/01/38		5,201
	17,706		FNMA			5.500		03/01/38		18,996
	6,031		FNMA			6.000		03/01/38		6,690
	5,712		FNMA			6.500		03/01/38		6,288
	141,550		FNMA			6.500		03/01/38		155,187
	5,339		FNMA			6.500		03/01/38		5,854
	15,984		FNMA			5.000		04/01/38		16,781
	245,345		FNMA			5.500		04/01/38		264,068
	265,240		FNMA			6.000		04/01/38		291,822
	20,592		FNMA			4.500		05/01/38		21,360
	986,114		FNMA			5.000		05/01/38		1,047,437
	250,794		FNMA			5.000		05/01/38		264,677
	702,908		FNMA			6.000		06/01/38		773,869
	1,063,314		FNMA			6.500		06/01/38		1,185,034
	225,292		FNMA			6.000		07/01/38		248,318
	4,676	i	FNMA	LIBOR 12 M + 1.603%		4.353		08/01/38		4,884
	2,785	i	FNMA	LIBOR 12 M + 1.750%		4.625		08/01/38		2,929
	691,545		FNMA			6.000		09/01/38		762,052
	22,888	i	FNMA	LIBOR 12 M + 1.354%		3.104		10/01/38		23,583

143

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,790		FNMA			6.000	%	10/01/38	$	1,938
	12,659		FNMA			5.500		11/01/38		13,536
	3,450		FNMA			5.000		12/01/38		3,651
	623,785		FNMA			5.500		12/01/38		674,551
	94,021		FNMA			4.500		01/01/39		97,895
	96,319		FNMA			5.000		01/01/39		102,039
	2,568,258		FNMA			5.000		01/01/39		2,725,704
	93,088		FNMA			5.500		01/01/39		100,051
	384,823		FNMA			5.500		01/01/39		415,329
	19,184		FNMA			6.000		01/01/39		21,068
	1,765		FNMA			6.000		01/01/39		1,906
	163,961		FNMA			4.500		02/01/39		170,718
	474,701		FNMA			4.500		02/01/39		494,384
	224,797		FNMA			4.500		02/01/39		234,175
	6,621		FNMA			5.500		02/01/39		7,116
	483,291		FNMA			4.000		04/01/39		491,642
	18,366		FNMA			5.500		04/01/39		19,791
	791,533		FNMA			4.500		05/01/39		824,425
	152,217		FNMA			4.500		05/01/39		158,549
	424,069		FNMA			4.500		06/01/39		441,700
	152,190		FNMA			4.500		06/01/39		158,523
	311,407		FNMA			5.500		06/01/39		336,221
	87,122		FNMA			4.500		07/01/39		90,699
	107,661		FNMA			4.500		07/01/39		112,142
	10,023	i	FNMA	LIBOR 12 M + 1.835%		4.585		07/01/39		10,554
	10,978		FNMA			5.000		07/01/39		11,671
	1,631,971		FNMA			4.000		08/01/39		1,660,129
	257,021		FNMA			4.000		08/01/39		261,456
	91,606	i	FNMA	LIBOR 12 M + 1.650%		4.400		08/01/39		95,793
	16,953	i	FNMA	LIBOR 12 M + 1.690%		4.440		08/01/39		17,685
	23,090		FNMA			4.500		08/01/39		24,096
	1,034,443		FNMA			4.500		08/01/39		1,077,488
	334,046		FNMA			4.500		08/01/39		347,937
	1,487,079		FNMA			5.000		08/01/39		1,581,513
	13,937		FNMA			5.000		08/01/39		14,768
	628,667		FNMA			4.000		09/01/39		639,526
	37,128		FNMA			5.000		09/01/39		39,332
	236,233		FNMA			5.500		09/01/39		256,888
	125,937		FNMA			6.000		09/01/39		138,808
	510,781		FNMA			6.500		10/01/39		566,032
	26,033		FNMA			5.000		11/01/39		27,700
	748,477		FNMA			4.000		12/01/39		761,356
	68,089		FNMA			4.500		12/01/39		70,519
	161,034		FNMA			4.500		12/01/39		167,736
	2,466,005		FNMA			4.500		12/01/39		2,568,243
	19,444	i	FNMA	LIBOR 12 M + 1.815%		3.659		01/01/40		20,415
	45,765		FNMA			4.500		01/01/40		47,659
	52,820		FNMA			5.000		01/01/40		56,203
	316,660		FNMA			6.000		02/01/40		348,648
	466,578		FNMA			4.500		03/01/40		485,758
	246,129		FNMA			4.500		03/01/40		256,248
	23,007		FNMA			5.000		03/01/40		24,458
	23,011		FNMA			4.500		04/01/40		23,955

144

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	822,617		FNMA			5.000	%	04/01/40	$	874,840
	610,308		FNMA			5.000		04/01/40		649,258
	104,052	i	FNMA	LIBOR 12 M + 1.839%		3.713		05/01/40		109,416
	159,297	i	FNMA	LIBOR 12 M + 1.794%		3.925		05/01/40		167,205
	49,145	i	FNMA	LIBOR 12 M + 1.883%		4.234		05/01/40		51,735
	23,327		FNMA			4.500		05/01/40		24,288
	57,561		FNMA			4.500		07/01/40		59,916
	61,027		FNMA			4.500		07/01/40		63,530
	72,954		FNMA			5.000		07/01/40		77,616
	475,363		FNMA			4.500		08/01/40		494,901
	661,856		FNMA			4.500		08/01/40		689,058
	31,648	i	FNMA	LIBOR 12 M + 1.805%		4.555		08/01/40		32,942
	485,700		FNMA			5.000		08/01/40		516,807
	1,136,913		FNMA			4.500		09/01/40		1,183,314
	476,971		FNMA			4.500		09/01/40		496,389
	941,832		FNMA			6.000		09/01/40		1,037,933
	184,772		FNMA			3.500		10/01/40		183,268
	790,645		FNMA			4.000		10/01/40		804,387
	1,938,954		FNMA			4.000		10/01/40		1,972,664
	1,055,863		FNMA			4.500		10/01/40		1,098,733
	1,546,181		FNMA			3.500		11/01/40		1,533,735
	1,635,418		FNMA			4.000		11/01/40		1,663,849
	1,444,666		FNMA			4.000		11/01/40		1,469,781
	914,209		FNMA			4.000		11/01/40		930,102
	166,019		FNMA			4.500		11/01/40		172,778
	56,030	i	FNMA	LIBOR 12 M + 1.823%		3.573		12/01/40		58,583
	514,283		FNMA			4.000		12/01/40		523,217
	3,752,804		FNMA			4.500		12/01/40		3,905,590
	57,234		FNMA			3.500		01/01/41		56,774
	285,212		FNMA			3.500		02/01/41		282,916
	60,472	i	FNMA	LIBOR 12 M + 1.802%		3.675		02/01/41		63,386
	1,371,663		FNMA			4.000		02/01/41		1,396,347
	1,277,098		FNMA			4.000		03/01/41		1,299,304
	933,335		FNMA			4.500		04/01/41		971,332
	1,274,243		FNMA			4.500		05/01/41		1,326,121
	201,311		FNMA			4.500		05/01/41		209,345
	661,557		FNMA			4.500		06/01/41		688,453
	146,937	i	FNMA	LIBOR 12 M + 1.780%		4.348		07/01/41		153,983
	819,216		FNMA			4.500		07/01/41		852,570
	2,247,892		FNMA			4.000		09/01/41		2,286,981
	1,216,971		FNMA			4.500		09/01/41		1,266,267
	400,919		FNMA			5.500		09/01/41		432,912
	27,848	i	FNMA	LIBOR 12 M + 1.800%		2.970		10/01/41		29,024
	173,205	i	FNMA	LIBOR 12 M + 1.828%		3.734		10/01/41		180,998
	780,767		FNMA			3.500		11/01/41		774,510
	865,581		FNMA			3.500		11/01/41		858,609
	527,568	i	FNMA	LIBOR 12 M + 1.750%		2.949		12/01/41		553,012
	32,891,507		FNMA			3.500		12/01/41		32,626,585
	5,137,380		FNMA			3.500		12/01/41		5,096,155
	888,088		FNMA			4.000		12/01/41		903,531
	2,287,159		FNMA			3.500		03/01/42		2,268,740
	1,516,421		FNMA			4.000		03/01/42		1,542,782

145

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	4,245,527		FNMA			3.500	%	04/01/42	$	4,211,334
	1,534,854		FNMA			3.500		04/01/42		1,522,493
	1,728,291		FNMA			4.500		04/01/42		1,798,662
	1,576,479		FNMA			5.000		04/01/42		1,680,356
	1,341,120		FNMA			4.000		05/01/42		1,364,413
	1,715,902		FNMA			5.000		05/01/42		1,824,104
	1,384,923		FNMA			3.000		06/01/42		1,338,672
	6,219,781		FNMA			3.500		06/01/42		6,169,688
	5,255,756		FNMA			4.000		06/01/42		5,346,507
	3,268,810		FNMA			4.000		06/01/42		3,325,551
	10,042,508		FNMA			3.500		07/01/42		9,961,630
	1,957,499		FNMA			4.500		07/01/42		2,035,194
	2,059,348		FNMA			3.500		08/01/42		2,042,881
	3,354,395		FNMA			3.000		09/01/42		3,241,406
	4,119,679		FNMA			3.500		09/01/42		4,086,500
	18,869,152		FNMA			4.500		09/01/42		19,642,155
	6,926,809		FNMA			3.000		10/01/42		6,692,677
	2,026,427		FNMA			3.500		10/01/42		2,010,106
	2,672,730		FNMA			2.500		01/01/43		2,485,212
	8,370,397		FNMA			3.000		01/01/43		8,084,551
	11,666,842		FNMA			3.000		02/01/43		11,265,706
	33,167,059		FNMA			3.000		04/01/43		32,019,130
	2,933,606		FNMA			3.000		04/01/43		2,831,371
	8,450,617		FNMA			3.000		04/01/43		8,158,089
	1,638,465	i	FNMA	LIBOR 12 M + 1.695%		2.136		06/01/43		1,626,757
	8,587,437		FNMA			3.000		06/01/43		8,288,604
	7,057,630		FNMA			3.000		07/01/43		6,812,358
	6,385,112		FNMA			3.500		07/01/43		6,326,174
	504,168	i	FNMA	LIBOR 12 M + 1.550%		4.284		07/01/43		520,409
	6,222,649		FNMA			3.000		08/01/43		6,006,110
	2,850,572		FNMA			4.000		08/01/43		2,901,281
	4,950,223		FNMA			3.000		09/01/43		4,778,315
	6,287,553		FNMA			3.500		09/01/43		6,227,627
	4,552,440		FNMA			3.500		10/01/43		4,513,125
	540,818		FNMA			4.500		10/01/43		561,115
	1,714,981		FNMA			4.000		11/01/43		1,740,610
	4,117,967		FNMA			4.000		11/01/43		4,180,014
	1,201,796		FNMA			4.500		12/01/43		1,247,036
	3,605,376		FNMA			4.500		12/01/43		3,740,135
	4,461,339		FNMA			4.000		01/01/44		4,521,549
	62,602,481		FNMA			4.000		03/01/44		63,722,490
	3,394,654		FNMA			4.000		05/01/44		3,436,958
	3,646,822		FNMA			4.000		07/01/44		3,692,453
	3,960,219		FNMA			4.000		07/01/44		4,009,467
	2,350,605		FNMA			3.500		09/01/44		2,323,309
	3,382,506		FNMA			4.000		09/01/44		3,424,309
	7,848,056		FNMA			3.500		10/01/44		7,756,923
	17,433,669		FNMA			5.000		11/01/44		18,550,598
	3,831,690		FNMA			4.000		12/01/44		3,876,776
	5,815,556		FNMA			3.000		01/01/45		5,614,092
	18,121,828		FNMA			3.000		01/01/45		17,490,422
	36,800,540		FNMA			3.500		01/01/45		36,405,814
	12,775,435		FNMA			3.500		02/01/45		12,627,037

146

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	7,824,546		FNMA		3.000	%	04/01/45	$	7,526,368
	13,005,149		FNMA		3.500		05/01/45		12,854,083
	10,790,650		FNMA		3.500		07/01/45		10,665,313
	13,931,658		FNMA		4.000		07/01/45		14,091,255
	18,974,557		FNMA		3.000		11/01/45		18,228,751
	9,504,591		FNMA		3.500		11/01/45		9,394,179
	24,018,689		FNMA		4.000		11/01/45		24,288,844
	8,680,305		FNMA		3.500		12/01/45		8,579,469
	11,584,820		FNMA		3.500		12/01/45		11,450,248
	7,530,871		FNMA		3.500		01/01/46		7,443,388
	6,833,021		FNMA		3.500		02/01/46		6,752,940
	11,693,757		FNMA		4.500		05/01/46		12,076,470
	8,000,446		FNMA		3.000		06/01/46		7,666,182
	14,648,298		FNMA		3.500		07/01/46		14,467,548
	13,519,697		FNMA		4.000		08/01/46		13,665,515
	12,713,540		FNMA		3.000		09/01/46		12,180,386
	13,138,733		FNMA		3.000		10/01/46		12,586,404
	25,970,700		FNMA		3.000		11/01/46		24,878,927
	8,190,613		FNMA		3.500		12/01/46		8,085,312
	37,757,220		FNMA		3.000		01/01/47		36,166,055
	11,093,346		FNMA		4.000		02/01/47		11,209,828
	13,517,683		FNMA		3.000		03/01/47		12,947,741
	12,873,037		FNMA		3.500		03/01/47		12,699,532
	3,883,606		FNMA		4.000		03/01/47		3,924,309
	18,012,002		FNMA		3.000		04/01/47		17,252,555
	17,391,662		FNMA		3.500		04/01/47		17,153,659
	8,604,180		FNMA		3.500		05/01/47		8,488,211
	16,418,665		FNMA		4.000		07/01/47		16,589,050
	19,352,698		FNMA		3.500		08/01/47		19,067,861
	18,800,554		FNMA		3.500		11/01/47		18,512,374
	9,537,075		FNMA		3.500		01/01/48		9,390,887
	37,471,402		FNMA		4.000		01/01/48		37,879,803
	34,280,334		FNMA		4.500		07/01/48		35,377,182
	15,000,000	h	FNMA		4.000		10/01/48		15,160,545
	7,573,300		FNMA		3.500		07/01/55		7,478,289
	3,406		Government National Mortgage Association (GNMA)		4.500		01/20/24		3,532
	24,562		GNMA		4.000		04/15/24		25,052
	5,604		GNMA		4.500		07/15/24		5,807
	87,307		GNMA		4.000		08/15/24		89,038
	23,033		GNMA		4.500		08/15/24		24,011
	67,764		GNMA		4.000		09/15/24		69,106
	12,788		GNMA		4.500		01/15/25		13,330
	106,634		GNMA		4.000		08/15/25		108,763
	57,710		GNMA		3.500		03/15/26		58,688
	68,687		GNMA		4.000		04/15/26		70,054
	58,623		GNMA		4.000		06/20/26		60,038
	92,110		GNMA		3.500		11/20/26		93,468
	489,354		GNMA		3.000		12/15/26		487,617
	1,512,743		GNMA		2.500		04/20/27		1,475,590
	992,654		GNMA		2.500		09/20/27		968,269
	813		GNMA		6.500		09/15/28		892
	394		GNMA		6.500		09/15/28		433

147

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,155	GNMA		6.500	%	11/15/28	$	2,364
	840	GNMA		7.500		11/15/28		873
	1,480,494	GNMA		3.500		11/20/28		1,502,500
	7,471	GNMA		8.500		10/15/30		7,741
	3,313	GNMA		8.500		10/20/30		3,783
	406	GNMA		8.500		12/15/30		481
	497	GNMA		7.000		06/20/31		570
	1,525	GNMA		7.000		07/15/31		1,566
	1,726	GNMA		7.000		07/15/31		1,848
	8,681,543	GNMA		3.000		08/20/32		8,641,197
	192,427	GNMA		6.000		10/15/32		210,298
	24,836	GNMA		5.500		12/20/32		26,765
	51,140	GNMA		5.500		05/15/33		54,853
	8,781	GNMA		5.000		07/15/33		9,326
	30,915	GNMA		5.500		07/15/33		33,451
	7,427	GNMA		5.000		07/20/33		7,913
	24,913	GNMA		5.000		08/15/33		25,959
	27,204	GNMA		5.000		08/15/33		28,588
	128,448	GNMA		5.500		09/15/33		141,148
	100,042	GNMA		6.000		11/20/33		109,266
	44,815	GNMA		5.500		05/20/34		48,284
	65,312	GNMA		6.000		09/20/34		72,160
	5,098	GNMA		5.000		10/20/34		5,432
	145,555	GNMA		5.500		11/15/34		158,135
	64,331	GNMA		6.500		01/15/35		71,921
	33,358	GNMA		5.500		02/20/35		35,933
	654,048	GNMA		5.000		03/20/35		703,865
	203,805	GNMA		5.000		04/15/35		216,485
	210,232	GNMA		5.500		05/20/35		226,493
	7,896	GNMA		5.000		09/20/35		8,412
	3,802	GNMA		5.000		11/15/35		3,962
	4,844	GNMA		5.000		11/15/35		5,146
	56,350	GNMA		5.500		02/20/36		60,589
	6,485	GNMA		5.500		03/15/36		7,024
	18,398	GNMA		5.500		05/20/36		19,755
	5,188	GNMA		6.500		06/15/36		5,798
	168,075	GNMA		5.500		06/20/36		180,339
	10,454	GNMA		5.000		09/15/36		11,104
	6,292	GNMA		6.000		09/15/36		6,855
	16,327	GNMA		6.000		10/20/36		17,825
	11,962	GNMA		5.000		12/15/36		12,705
	10,559	GNMA		5.500		01/15/37		11,326
	10,008	GNMA		6.000		01/20/37		10,958
	231,716	GNMA		5.500		02/15/37		251,040
	36,277	GNMA		6.000		02/20/37		39,624
	264,693	GNMA		6.000		04/15/37		288,415
	10,895	GNMA		6.500		04/15/37		11,953
	142,195	GNMA		6.000		04/20/37		153,512
	17,229	GNMA		6.000		06/15/37		18,709
	19,874	GNMA		6.000		08/20/37		21,644
	16,700	GNMA		6.500		08/20/37		19,062
	75,324	GNMA		6.500		11/20/37		86,552
	27,386	GNMA		6.000		12/15/37		29,589

148

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	4,999		GNMA			5.000	%	02/20/38	$	5,309
	126,325		GNMA			5.000		04/15/38		134,236
	4,581		GNMA			5.500		05/20/38		4,883
	25,006		GNMA			5.500		06/15/38		27,209
	53,324		GNMA			6.000		06/20/38		58,365
	74,770		GNMA			5.500		07/15/38		80,366
	434,669		GNMA			5.000		07/20/38		463,421
	389,258		GNMA			5.500		07/20/38		417,714
	9,381		GNMA			5.500		08/15/38		10,088
	158,944		GNMA			6.000		08/15/38		173,048
	47,936		GNMA			6.000		08/15/38		51,791
	38,147		GNMA			6.000		08/20/38		41,588
	150,240		GNMA			6.000		09/20/38		163,234
	38,156		GNMA			5.000		10/15/38		39,767
	14,513		GNMA			5.500		10/15/38		16,144
	20,400		GNMA			6.500		10/20/38		21,129
	7,389		GNMA			6.500		10/20/38		8,278
	2,134		GNMA			5.500		11/15/38		2,295
	29,736		GNMA			6.500		11/20/38		33,235
	138,868		GNMA			6.000		12/15/38		150,093
	3,312		GNMA			6.500		12/15/38		3,718
	29,739		GNMA			5.000		01/15/39		31,590
	708,068		GNMA			4.500		01/20/39		742,300
	75,916		GNMA			6.500		01/20/39		84,565
	28,619		GNMA			5.000		02/15/39		30,395
	7,942		GNMA			6.000		02/15/39		8,581
	24,570		GNMA			4.500		03/15/39		25,636
	229,279		GNMA			4.500		03/15/39		239,145
	45,089	i	GNMA	DGS1 + 1.500%		3.625		03/20/39		44,987
	8,969		GNMA			4.500		03/20/39		9,406
	149,298		GNMA			5.500		03/20/39		160,145
	14,926		GNMA			4.500		04/15/39		15,572
	245,055		GNMA			5.500		04/15/39		266,544
	5,644		GNMA			5.000		04/20/39		6,018
	30,517		GNMA			4.000		05/15/39		31,044
	436,562		GNMA			4.500		05/15/39		455,422
	204,895		GNMA			5.000		05/15/39		217,673
	30,656		GNMA			4.000		05/20/39		31,455
	80,851		GNMA			4.500		05/20/39		84,764
	1,659,105		GNMA			5.000		05/20/39		1,768,296
	12,900		GNMA			4.500		06/15/39		13,455
	1,221,259		GNMA			4.500		06/15/39		1,274,162
	1,493,409		GNMA			5.000		06/15/39		1,591,843
	1,285,368		GNMA			5.000		06/15/39		1,369,523
	27,570		GNMA			5.000		06/15/39		29,282
	12,317		GNMA			5.000		06/15/39		13,081
	14,675		GNMA			5.000		06/15/39		15,585

149

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	18,375		GNMA			4.000	%	06/20/39	$	18,855
	11,011		GNMA			5.000		06/20/39		11,732
	1,444,664		GNMA			4.000		07/15/39		1,469,621
	17,358		GNMA			4.500		07/15/39		18,110
	36,768		GNMA			4.500		07/15/39		38,360
	1,614,554		GNMA			4.500		07/15/39		1,696,576
	15,548		GNMA			5.000		07/15/39		16,513
	185,019		GNMA			4.500		07/20/39		193,967
	158,458		GNMA			5.000		07/20/39		169,448
	16,693		GNMA			5.500		07/20/39		18,262
	80,326		GNMA			4.000		08/15/39		81,713
	197,981		GNMA			5.000		08/15/39		209,898
	12,862		GNMA			5.500		08/15/39		13,820
	95,294		GNMA			6.000		08/15/39		102,957
	54,368		GNMA			4.000		08/20/39		55,948
	41,632		GNMA			5.000		08/20/39		44,353
	30,612		GNMA			5.000		09/15/39		31,917
	57,437		GNMA			5.000		09/20/39		61,194
	12,599		GNMA			4.500		10/15/39		13,147
	8,179		GNMA			5.000		10/15/39		8,685
	18,255		GNMA			4.500		10/20/39		19,138
	36,095		GNMA			4.500		11/15/39		37,940
	27,042		GNMA			4.500		11/20/39		28,362
	31,299		GNMA			5.000		11/20/39		33,348
	45,064		GNMA			4.500		12/15/39		46,603
	892,788		GNMA			4.500		12/15/39		931,264
	26,718		GNMA			4.500		12/20/39		28,011
	955,297		GNMA			5.000		12/20/39		1,021,214
	902,086		GNMA			4.500		01/20/40		945,710
	12,738		GNMA			5.500		01/20/40		13,665
	477,573		GNMA			5.500		02/15/40		513,319
	67,542		GNMA			4.000		03/15/40		68,709
	14,934		GNMA			5.000		03/15/40		15,865
	7,519		GNMA			4.500		04/15/40		7,846
	158,414		GNMA			5.000		04/15/40		167,376
	36,156		GNMA			4.500		04/20/40		37,903
	5,828		GNMA			4.500		05/15/40		6,080
	170,878		GNMA			5.000		05/15/40		179,247
	348,834	i	GNMA	DGS1 + 1.500%		3.625		05/20/40		361,396
	7,894		GNMA			4.500		05/20/40		8,275
	3,025,861		GNMA			4.500		06/15/40		3,157,118
	13,384		GNMA			4.500		06/15/40		13,960
	9,924		GNMA			4.500		06/15/40		10,351
	176,333		GNMA			5.000		06/20/40		190,233
	369,934		GNMA			4.500		07/15/40		385,921
	98,118		GNMA			4.500		07/15/40		102,341
	1,289,278		GNMA			4.500		07/20/40		1,351,690
	38,214		GNMA			5.000		07/20/40		40,906

150

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	265,846		GNMA			4.000	%	08/15/40	$	272,029
	1,204,471		GNMA			4.000		08/15/40		1,232,730
	117,905		GNMA			4.500		08/15/40		123,692
	99,338		GNMA			4.500		08/20/40		104,139
	81,712		GNMA			4.500		09/20/40		85,667
	24,349		GNMA			5.500		09/20/40		26,137
	29,312		GNMA			6.500		09/20/40		32,644
	35,867		GNMA			4.000		10/15/40		36,722
	71,887		GNMA			6.000		10/20/40		78,492
	444,774		GNMA			4.000		11/15/40		455,409
	1,107,233		GNMA			4.000		11/20/40		1,136,189
	256,924		GNMA			3.500		12/15/40		256,627
	389,507		GNMA			5.500		12/20/40		417,972
	1,262,363		GNMA			4.000		01/15/41		1,291,900
	2,905,055		GNMA			4.000		01/20/41		2,981,150
	236,502		GNMA			4.000		02/15/41		242,015
	775,272		GNMA			4.500		02/20/41		812,742
	430,579		GNMA			4.500		03/15/41		449,180
	936,999		GNMA			4.500		04/20/41		982,325
	192,724		GNMA			5.000		04/20/41		205,199
	87,505	i	GNMA	DGS1 + 1.500%		3.625		06/20/41		89,681
	205,417		GNMA			4.000		07/15/41		210,192
	378,275		GNMA			4.000		07/20/41		388,144
	1,226,299		GNMA			4.500		07/20/41		1,285,392
	1,046,269		GNMA			5.000		07/20/41		1,125,524
	275,667		GNMA			4.500		08/15/41		287,564
	465,156		GNMA			5.000		08/20/41		494,329
	648,600		GNMA			4.000		09/15/41		663,716
	47,509	i	GNMA	DGS1 + 1.500%		2.750		09/20/41		48,785
	1,714,756		GNMA			4.000		09/20/41		1,759,605
	104,125		GNMA			4.000		10/15/41		106,541
	101,555	i	GNMA	DGS1 + 1.500%		3.125		10/20/41		104,296
	60,001	i	GNMA	DGS1 + 1.500%		3.125		10/20/41		61,612
	2,194,086		GNMA			4.000		10/20/41		2,251,403
	275,406		GNMA			5.500		10/20/41		296,555
	680,731		GNMA			3.500		11/15/41		679,944
	1,486,171		GNMA			4.000		11/15/41		1,520,924
	2,807,154		GNMA			4.500		11/20/41		2,942,144
	1,207,065		GNMA			5.000		11/20/41		1,286,409
	321,461		GNMA			6.000		11/20/41		345,006
	1,519,755		GNMA			3.500		01/20/42		1,521,102

151

TIAA-CREF FUNDS - Bond Index Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	343,786	i	GNMA	DGS1 + 1.500%		3.375	%	02/20/42	$	352,563
	740,571		GNMA			3.500		03/20/42		740,923
	1,183,513		GNMA			4.500		03/20/42		1,241,147
	1,354,230		GNMA			3.500		04/15/42		1,352,665
	2,248,795		GNMA			3.500		05/20/42		2,241,839
	7,071,013		GNMA			3.500		05/20/42		7,071,474
	1,582,396		GNMA			4.000		05/20/42		1,623,696
	3,213,721		GNMA			3.500		07/15/42		3,210,007
	355,952	i	GNMA	DGS1 + 1.500%		2.750		07/20/42		363,021
	1,647,874		GNMA			3.500		07/20/42		1,647,981
	2,055,487		GNMA			3.000		08/20/42		2,008,842
	2,343,671		GNMA			3.500		08/20/42		2,336,422
	6,940,485		GNMA			3.500		08/20/42		6,940,937
	1,182,124		GNMA			6.000		08/20/42		1,290,756
	2,704,550		GNMA			3.500		10/20/42		2,704,726
	2,993,741		GNMA			3.000		11/20/42		2,925,805
	2,499,377		GNMA			3.000		12/20/42		2,426,898
	3,488,036		GNMA			3.000		12/20/42		3,408,883
	2,055,961		GNMA			3.000		01/15/43		1,999,898
	4,534,338		GNMA			3.000		01/15/43		4,425,781
	2,659,668		GNMA			3.000		01/20/43		2,599,312
	4,527,657		GNMA			3.000		02/20/43		4,424,912
	2,807,484		GNMA			3.000		02/20/43		2,727,287
	849,646		GNMA			3.000		04/15/43		829,365
	788,632		GNMA			5.000		04/20/43		835,805
	1,833,172		GNMA			3.000		05/20/43		1,791,569
	2,833,821		GNMA			3.000		06/20/43		2,769,510
	5,547,576		GNMA			3.500		06/20/43		5,530,416
	6,133,613		GNMA			3.000		07/20/43		5,994,412
	2,831,842		GNMA			3.500		07/20/43		2,832,027
	13,599,859		GNMA			4.500		08/20/43		14,243,863
	4,140,795		GNMA			3.500		09/20/43		4,141,066
	1,504,054		GNMA			4.000		09/20/43		1,541,448
	17,347,497		GNMA			3.500		10/20/43		17,348,631
	9,271,308		GNMA			4.000		10/20/43		9,502,047
	766,042		GNMA			3.500		11/20/43		766,092
	1,645,810		GNMA			4.000		11/20/43		1,686,773
	1,392,694		GNMA			4.500		12/20/43		1,459,264
	1,477,919		GNMA			4.500		01/20/44		1,548,473
	1,998,756		GNMA			3.500		02/20/44		1,998,887
	2,765,792		GNMA			4.000		02/20/44		2,834,701
	2,797,381		GNMA			4.000		05/20/44		2,867,029
	2,902,788		GNMA			4.000		06/20/44		2,974,988

152

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	8,304,389		GNMA		3.500	%	07/20/44	$	8,292,135
	2,144,620		GNMA		4.500		10/20/44		2,246,768
	6,039,606		GNMA		3.500		11/20/44		6,020,319
	8,092,906		GNMA		3.000		12/20/44		7,893,460
	11,809,911		GNMA		4.000		12/20/44		12,104,008
	19,536,724		GNMA		3.500		02/20/45		19,477,787
	8,956,562		GNMA		4.000		03/20/45		9,179,825
	8,589,953		GNMA		3.000		04/20/45		8,354,228
	9,182,654		GNMA		3.000		06/20/45		8,928,768
	9,609,389		GNMA		3.000		07/20/45		9,342,712
	16,596,646		GNMA		4.000		11/20/45		17,009,860
	9,864,911		GNMA		3.000		12/20/45		9,586,043
	8,881,617		GNMA		3.500		12/20/45		8,854,822
	10,490,277		GNMA		4.000		04/20/46		10,745,115
	7,278,748		GNMA		3.000		05/20/46		7,076,357
	30,767,008		GNMA		3.500		05/20/46		30,650,470
	11,330,382		GNMA		3.000		06/20/46		10,996,088
	7,053,826		GNMA		3.500		06/20/46		7,024,933
	14,633,739		GNMA		3.500		08/20/46		14,571,542
	8,116,587		GNMA		3.000		09/20/46		7,880,816
	33,344,386		GNMA		3.500		09/20/46		33,197,523
	8,409,921		GNMA		3.000		12/20/46		8,156,562
	8,504,231		GNMA		3.000		01/20/47		8,247,617
	12,220,514		GNMA		3.500		01/20/47		12,161,020
	6,787,105		GNMA		4.000		01/20/47		6,907,108
	25,499,143		GNMA		3.000		02/20/47		24,729,702
	24,423,325		GNMA		3.500		02/20/47		24,304,390
	18,211,037		GNMA		4.000		04/20/47		18,554,330
	17,123,381		GNMA		3.500		05/20/47		17,039,937
	8,815,918		GNMA		3.500		06/20/47		8,772,931
	9,995,175	h	GNMA		3.000		07/20/47		9,693,750
	22,429,992		GNMA		4.500		07/20/47		23,207,369
	18,598,599		GNMA		3.000		08/20/47		18,030,574
	22,981,336		GNMA		3.500		08/20/47		22,869,150
	38,011,968		GNMA		3.500		11/20/47		37,826,317
	28,722,106		GNMA		3.500		12/20/47		28,581,785
	19,332,352		GNMA		3.500		01/20/48		19,237,847
	34,530,229		GNMA		4.000		05/20/48		35,143,756
	24,775,780		GNMA		4.000		06/20/48		25,215,995
	24,944,290		GNMA		4.000		08/20/48		25,386,261
	20,000,000	h	GNMA		4.500		09/20/48		20,695,300
			TOTAL MORTGAGE BACKED						2,895,197,444
MUNICIPAL BONDS - 0.7%
	200,000		Alabama Economic Settlement Authority		4.263		09/15/32		203,684
	300,000		American Municipal Power		7.834		02/15/41		429,228
	500,000		American Municipal Power		6.270		02/15/50		607,060
	500,000		Bay Area Toll Authority		6.263		04/01/49		682,150
	200,000		California State University		3.899		11/01/47		188,660
	720,000		Central Puget Sound Regional Transit Authority		5.491		11/01/39		868,745
	250,000		City of Chicago IL		7.375		01/01/33		271,910
	300,000		City of Chicago IL		5.432		01/01/42		269,022

153

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	190,000	City of Houston TX		3.961	%	03/01/47	$	179,160
	750,000	City Public Service Board of San Antonio TX		5.808		02/01/41		930,915
	150,000	Colorado Bridge Enterprise		6.078		12/01/40		184,398
	200,000	Commonwealth Financing Authority		4.014		06/01/33		198,126
	100,000	Commonwealth Financing Authority		3.864		06/01/38		96,333
	100,000	Commonwealth Financing Authority		4.144		06/01/38		98,176
	200,000	Commonwealth of Massachusetts		4.200		12/01/21		204,594
	500,000	Commonwealth of Massachusetts		5.731		06/01/40		610,350
	100,000	Commonwealth of Massachusetts		3.277		06/01/46		88,302
	195,000	Commonwealth of Pennsylvania		5.850		07/15/30		202,525
	200,000	County of Clark NV		6.820		07/01/45		282,272
	350,000	Denver City & County School District No		4.242		12/15/37		353,734
	200,000	District of Columbia		5.591		12/01/34		230,266
	100,000	East Baton Rouge Sewerage Commission		6.087		02/01/45		103,181
	10,000	Energy Northwest		2.814		07/01/24		9,662
	500,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		499,700
	200,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		199,320
	200,000	Florida State Board of Administration Finance Corp		2.638		07/01/21		198,008
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		187,854
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.086		09/15/51		165,816
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.652		08/15/57		184,576
	630,000	Los Angeles Unified School District		5.750		07/01/34		745,189
	100,000	Massachusetts School Building Authority		5.715		08/15/39		119,304
	200,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd		4.053		07/01/26		203,636
	100,000	Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		131,446
	940,000	Metropolitan Transportation Authority		6.648		11/15/39		1,208,605
	650,000	Metropolitan Transportation Authority		7.336		11/15/39		926,965
	500,000	Missouri Highway & Transportation Commission		5.445		05/01/33		569,315
	250,000	Municipal Electric Authority of Georgia		6.637		04/01/57		294,895
	499,000	Municipal Electric Authority of Georgia		6.655		04/01/57		590,596
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,135,661
	335,000	New Jersey State Turnpike Authority		7.414		01/01/40		479,315
	1,000,000	New Jersey State Turnpike Authority		7.102		01/01/41		1,378,090
	800,000	New Jersey Transportation Trust Fund Authority		5.754		12/15/28		879,512
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		376,211
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		713,006
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,143,186
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		600,845
	600,000	New York State Dormitory Authority		5.289		03/15/33		676,986
	130,000	New York State Dormitory Authority		5.628		03/15/39		150,965
	545,000	New York State Dormitory Authority		5.600		03/15/40		646,964
	200,000	New York State Dormitory Authority		4.946		08/01/48		201,672
	400,000	New York State Urban Development Corp		5.838		03/15/40		474,276
	675,000	Ohio State Water Development Authority		4.879		12/01/34		727,191
	750,000	Oregon School Boards Association		4.759		06/30/28		791,895
	250,000	Oregon School Boards Association		5.680		06/30/28		281,540
	100,000	Oregon State Department of Transportation		5.834		11/15/34		120,859

154

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Permanent University Fund-Texas A&M University System		3.660	%	07/01/47	$	279,255
	200,000	Permanent University Fund-University of Texas System		3.376		07/01/47		182,448
	200,000	Port Authority of New York & New Jersey		6.040		12/01/29		237,986
	500,000	Port Authority of New York & New Jersey		5.647		11/01/40		602,475
	300,000	Port Authority of New York & New Jersey		4.823		06/01/45		313,509
	1,000,000	Port Authority of New York & New Jersey		5.310		08/01/46		1,071,580
	200,000	Port Authority of New York & New Jersey		4.031		09/01/48		197,126
	400,000	Port Authority of New York & New Jersey		4.229		10/15/57		397,220
	200,000	Port Authority of New York & New Jersey		4.810		10/15/65		218,290
	200,000	Sales Tax Securitization Corp		3.587		01/01/43		182,580
	1,000,000	Sales Tax Securitization Corp		3.820		01/01/48		907,390
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		111,981
	100,000	San Jose Redevelopment Agency		3.375		08/01/34		92,627
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		925,288
	500,000	South Carolina Public Service Authority		2.388		12/01/23		464,720
	600,000	State of California		6.200		10/01/19		619,758
	300,000	State of California		2.800		04/01/21		299,004
	645,000	State of California		5.700		11/01/21		694,755
	200,000	State of California		3.375		04/01/25		198,100
	200,000	State of California		3.500		04/01/28		195,702
	300,000	State of California		4.500		04/01/33		311,889
	250,000	State of California		7.500		04/01/34		345,682
	225,000	State of California		4.600		04/01/38		233,415
	1,285,000	State of California		7.550		04/01/39		1,875,560
	3,400,000	State of California		7.300		10/01/39		4,747,114
	2,740,000	State of California		7.625		03/01/40		3,989,851
	200,000	State of California Department of Water Resources Power Supply Revenue		2.000		05/01/22		192,736
	300,000	State of Connecticut		5.090		10/01/30		316,935
	620,000	State of Connecticut		5.850		03/15/32		705,690
	5,950,000	State of Illinois		5.100		06/01/33		5,710,513
	1,295,000	State of Illinois		6.725		04/01/35		1,374,759
	500,000	State of Illinois		5.650		12/01/38		488,075
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		536,160
	239,800	State of Oregon		5.762		06/01/23		256,270
	600,000	State of Texas		4.631		04/01/33		641,538
	50,000	State of Texas		5.517		04/01/39		61,272
	1,000,000	State of Texas		4.681		04/01/40		1,093,600
	575,000	State of Texas Transportation Commission		5.028		04/01/26		618,315
	500,000	State of Utah		3.539		07/01/25		501,640
	200,000	State of Washington		5.090		08/01/33		222,732
	200,000	State of Wisconsin		3.154		05/01/27		191,834
	200,000	State of Wisconsin		3.954		05/01/36		197,540
	604,000	State Public School Building Authority		5.000		09/15/27		645,622
	100,000	Sumter Landing Community Development District		4.172		10/01/47		98,877
	300,000	Tennessee Valley Authority		1.750		10/15/18		299,942
	750,000	Tennessee Valley Authority		2.250		03/15/20		744,439
	750,000	Tennessee Valley Authority		3.875		02/15/21		766,308
	750,000	Tennessee Valley Authority		2.875		09/15/24		738,041
	200,000	Tennessee Valley Authority		2.875		02/01/27		192,755

155

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Tennessee Valley Authority		5.880	%	04/01/36	$	641,051
	500,000	Tennessee Valley Authority		5.500		06/15/38		624,947
	4,300,000	Tennessee Valley Authority		3.500		12/15/42		4,166,425
	1,750,000	Tennessee Valley Authority		4.625		09/15/60		2,040,213
	300,000	Tennessee Valley Authority		4.250		09/15/65		327,073
	100,000	The Ohio State University		4.910		06/01/40		112,533
	500,000	The Ohio State University		3.798		12/01/46		469,640
	200,000	The Ohio State University		4.048		12/01/56		189,604
	500,000	University of California		1.796		07/01/19		496,660
	200,000	University of California		3.063		07/01/25		194,100
	200,000	University of California		5.770		05/15/43		242,314
	200,000	University of California		3.931		05/15/45		193,364
	200,000	University of California		4.131		05/15/45		199,372
	860,000	University of California		4.858		05/15/12		870,716
	200,000	University of California		4.767		05/15/15		197,518
	300,000	University of Chicago		4.003		10/01/53		293,683
	200,000	University of Notre Dame du Lac		3.438		02/15/45		185,939
	200,000	University of Notre Dame du Lac		3.394		02/15/48		183,817
	100,000	University of Pennsylvania		4.674		09/01/12		100,822
	300,000	University of Southern California		3.028		10/01/39		266,259
	200,000	University of Southern California		3.841		10/01/47		196,910
	200,000	University of Southern California		5.250		10/01/11		231,230
	700,000	University of Texas		4.794		08/15/46		778,680
	200,000	University of Texas System		3.852		08/15/46		197,574
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		167,766
		TOTAL MUNICIPAL BONDS						74,154,960
U.S. TREASURY SECURITIES - 37.9%
	21,250,000	United States Treasury Bond		4.500		02/15/36		25,214,453
	37,400,000	United States Treasury Bond		5.000		05/15/37		47,328,531
	129,983,000	United States Treasury Bond		3.500		02/15/39		136,918,812
	18,850,000	United States Treasury Bond		4.375		11/15/39		22,360,812
	12,585,000	United States Treasury Bond		3.875		08/15/40		13,971,316
	11,185,000	United States Treasury Bond		4.250		11/15/40		13,085,139
	26,350,000	United States Treasury Bond		4.375		05/15/41		31,404,877
	10,000,000	United States Treasury Bond		3.750		08/15/41		10,912,500
	38,300,000	United States Treasury Bond		3.125		11/15/41		37,912,512
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,502,900
	22,000,000	United States Treasury Bond		3.000		05/15/42		21,304,766
	10,000,000	United States Treasury Bond		2.750		08/15/42		9,259,375
	4,000,000	United States Treasury Bond		2.750		11/15/42		3,700,156
	10,250,000	United States Treasury Bond		2.875		05/15/43		9,687,852
	6,500,000	United States Treasury Bond		3.625		08/15/43		6,971,504
	2,000,000	United States Treasury Bond		3.750		11/15/43		2,189,219
	7,615,000	United States Treasury Bond		3.625		02/15/44		8,175,714
	16,000,000	United States Treasury Bond		2.500		02/15/45		14,008,125
	22,000,000	United States Treasury Bond		3.000		05/15/45		21,219,687
	16,000,000	United States Treasury Bond		2.875		08/15/45		15,058,750
	27,000,000	United States Treasury Bond		2.500		05/15/46		23,534,297
	18,300,000	United States Treasury Bond		2.875		11/15/46		17,203,430
	28,000,000	United States Treasury Bond		3.000		02/15/47		26,968,594
	30,000,000	United States Treasury Bond		2.750		08/15/47		27,460,547

156

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	45,000,000	United States Treasury Bond		2.750	%	11/15/47	$	41,169,727
	38,500,000	United States Treasury Bond		3.000		02/15/48		37,035,195
	48,500,000	United States Treasury Bond		3.125		05/15/48		47,831,231
	45,000,000	United States Treasury Bond		3.000		08/15/48		43,282,617
	30,000,000	United States Treasury Note		1.500		02/28/19		29,895,703
	40,750,000	United States Treasury Note		1.500		05/31/19		40,482,578
	19,500,000	United States Treasury Note		1.625		08/31/19		19,324,043
	10,000,000	United States Treasury Note		1.000		10/15/19		9,830,078
	77,000,000	United States Treasury Note		1.500		11/30/19		75,944,258
	25,000,000	United States Treasury Note		1.750		11/30/19		24,730,469
	15,000,000	United States Treasury Note		1.875		12/31/19		14,846,484
	78,500,000	United States Treasury Note		1.375		02/29/20		77,006,660
	45,000,000	United States Treasury Note		1.625		03/15/20		44,282,813
	50,000,000	United States Treasury Note		1.500		05/31/20		48,955,078
	38,000,000	United States Treasury Note		1.500		06/15/20		37,188,047
	9,000,000	United States Treasury Note		2.500		06/30/20		8,954,297
	22,500,000	United States Treasury Note		1.625		07/31/20		22,025,391
	93,000,000	United States Treasury Note		2.625		07/31/20		92,698,476
	34,000,000	United States Treasury Note		1.375		08/31/20		33,090,234
	20,000,000	United States Treasury Note		1.375		09/15/20		19,454,688
	6,000,000	United States Treasury Note		2.000		09/30/20		5,904,141
	40,000,000	United States Treasury Note		1.375		10/31/20		38,823,438
	50,000,000	United States Treasury Note		1.625		11/30/20		48,726,563
	43,000,000	United States Treasury Note		1.875		12/15/20		42,118,164
	25,000,000	United States Treasury Note		1.750		12/31/20		24,408,203
	48,500,000	United States Treasury Note		1.375		01/31/21		46,885,859
	16,000,000	United States Treasury Note		1.125		02/28/21		15,356,875
	10,000,000	United States Treasury Note		2.000		02/28/21		9,800,391
	60,000,000	United States Treasury Note		2.375		03/15/21		59,322,656
	50,000,000	United States Treasury Note		1.250		03/31/21		48,074,219
	23,000,000	United States Treasury Note		2.375		04/15/21		22,725,078
	55,000,000	United States Treasury Note		1.375		04/30/21		52,974,023
	23,000,000	United States Treasury Note		2.625		05/15/21		22,858,047
	65,000,000	United States Treasury Note		1.375		05/31/21		62,521,875
	25,000,000	United States Treasury Note		1.125		06/30/21		23,853,515
	39,000,000	United States Treasury Note		1.125		07/31/21		37,149,023
	27,610,000	United States Treasury Note		2.125		08/15/21		27,037,308
	20,750,000	United States Treasury Note		2.750		08/15/21		20,673,808
	40,000,000	United States Treasury Note		1.125		08/31/21		38,045,312
	30,185,000	United States Treasury Note		1.125		09/30/21		28,669,855
	50,000,000	United States Treasury Note		1.250		10/31/21		47,597,656
	13,379,100	United States Treasury Note		8.000		11/15/21		15,411,573
	57,000,000	United States Treasury Note		1.750		11/30/21		55,036,172
	51,700,000	United States Treasury Note		2.000		12/31/21		50,264,113
	24,300,000	United States Treasury Note		1.875		01/31/22		23,508,352
	60,000,000	United States Treasury Note		1.875		02/28/22		58,000,782
	3,000,000	United States Treasury Note		1.750		03/31/22		2,884,922
	51,000,000	United States Treasury Note		1.875		03/31/22		49,256,836
	92,000,000	United States Treasury Note		1.875		04/30/22		88,772,813
	33,000,000	United States Treasury Note		1.750		05/31/22		31,669,687
	30,000,000	United States Treasury Note		1.750		06/30/22		28,766,016
	63,000,000	United States Treasury Note		1.875		07/31/22		60,620,273
	55,000,000	United States Treasury Note		1.625		08/31/22		52,368,164

157

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	35,000,000		United States Treasury Note		1.875	%	09/30/22	$	33,615,039
	65,000,000		United States Treasury Note		2.000		10/31/22		62,679,297
	108,000,000		United States Treasury Note		2.000		11/30/22		104,068,125
	60,000,000		United States Treasury Note		2.625		02/28/23		59,238,281
	80,000,000		United States Treasury Note		2.500		03/31/23		78,525,000
	30,000,000		United States Treasury Note		2.750		04/30/23		29,756,250
	80,000,000		United States Treasury Note		2.750		05/31/23		79,350,000
	91,500,000		United States Treasury Note		2.625		06/30/23		90,209,707
	80,000,000		United States Treasury Note		2.750		07/31/23		79,300,000
	116,000,000		United States Treasury Note		2.750		08/31/23		114,994,062
	49,400,000		United States Treasury Note		2.875		09/30/23		49,234,047
	13,000,000		United States Treasury Note		2.750		11/15/23		12,876,602
	10,000,000		United States Treasury Note		2.125		11/30/23		9,603,516
	30,000,000		United States Treasury Note		2.250		01/31/24		28,945,312
	25,000,000		United States Treasury Note		2.125		03/31/24		23,933,594
	26,000,000		United States Treasury Note		2.500		05/15/24		25,362,187
	40,005,000		United States Treasury Note		2.250		11/15/24		38,342,292
	40,000,000		United States Treasury Note		2.250		12/31/24		38,309,375
	18,000,000		United States Treasury Note		2.625		03/31/25		17,598,516
	20,000,000		United States Treasury Note		2.875		04/30/25		19,846,094
	17,000,000		United States Treasury Note		2.000		08/15/25		15,932,851
	20,000,000		United States Treasury Note		2.750		08/31/25		19,672,656
	30,000,000		United States Treasury Note		2.250		11/15/25		28,518,750
	44,500,000		United States Treasury Note		1.625		02/15/26		40,390,703
	30,000,000		United States Treasury Note		1.625		05/15/26		27,144,141
	3,000,000		United States Treasury Note		1.500		08/15/26		2,679,258
	56,000,000		United States Treasury Note		2.250		08/15/27		52,524,063
	47,000,000		United States Treasury Note		2.750		02/15/28		45,837,852
	66,000,000		United States Treasury Note		2.875		05/15/28		65,012,578
	88,000,000		United States Treasury Note		2.875		08/15/28		86,666,250
			TOTAL U.S. TREASURY SECURITIES						3,938,634,045
			TOTAL GOVERNMENT BONDS						7,456,869,884
			(Cost $7,667,403,661)
STRUCTURED ASSETS - 2.6%
ASSET BACKED - 0.8%
	266,559		American Airlines Pass Through Trust		4.950		01/15/23		273,128
	374,888		American Airlines Pass Through Trust		4.000		07/15/25		373,950
	241,202	†	American Airlines Pass Through Trust		3.700		10/01/26		235,389
	256,006		American Airlines Pass Through Trust		3.375		05/01/27		246,406
	176,322		American Airlines Pass Through Trust		3.600		09/22/27		171,847
	180,875		American Airlines Pass Through Trust		3.575		01/15/28		176,093
	161,350		American Airlines Pass Through Trust		3.200		06/15/28		153,579
	277,125		American Airlines Pass Through Trust		3.650		02/15/29		269,959
	1,885,000		American Express Credit Account Master Trust		1.930		09/15/22		1,858,868
			Series - 2017 1 (Class A)
	1,000,000		American Express Credit Account Master Trust		2.990		12/15/23		996,780
			Series - 2018 4 (Class A)
	2,557,051		AmeriCredit Automobile Receivables Trust		2.510		01/08/21		2,555,439
			Series - 2015 1 (Class C)

158

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,565,000		AmeriCredit Automobile Receivables Trust		2.730	%	03/08/21	$	1,563,640
			Series - 2015 3 (Class C)
	955,000		AmeriCredit Automobile Receivables Trust		1.830		12/08/21		942,727
			Series - 2016 4 (Class B)
	1,325,000		AmeriCredit Automobile Receivables Trust		2.600		09/18/23		1,295,106
			Series - 2017 4 (Class C)
	1,000,000		BMW Vehicle Lease Trust		2.180		06/22/20		993,144
			Series - 2017 1 (Class A4)
	1,200,000		Capital One Multi-Asset Execution Trust		2.080		03/15/23		1,182,808
			Series - 2015 A2 (Class A2)
	1,500,000		Capital One Multi-Asset Execution Trust		1.990		07/17/23		1,469,435
			Series - 2017 A4 (Class A4)
	593,330		CarMax Auto Owner Trust		1.520		02/16/21		589,717
			Series - 2016 2 (Class A3)
	1,000,000		CarMax Auto Owner Trust		2.480		11/15/22		988,573
			Series - 2018 1 (Class A3)
	575,000		CarMax Auto Owner Trust		2.410		12/15/22		560,479
			Series - 2017 2 (Class B)
	224,723		CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		227,010
			Series - 2005 A (Class A5)
	402,710		CenterPoint Energy Transition Bond Co II LLC		2.161		10/15/21		400,418
			Series - 2012 1 (Class A2)
	1,470,000		Chase Issuance Trust		1.370		06/15/21		1,455,997
			Series - 2016 A2 (Class A)
	2,500,000		Chase Issuance Trust		1.270		07/15/21		2,471,800
			Series - 2016 A5 (Class A5)
	1,600,000		Chase Issuance Trust		1.840		04/15/22		1,574,408
			Series - 2015 A4 (Class A4)
	1,500,000		Chase Issuance Trust		2.770		03/15/23		1,489,799
			Series - 2014 A2 (Class A2)
	1,000,000		Chase Issuance Trust		2.160		09/15/24		959,714
			Series - 2012 A7 (Class A7)
	2,000,000		CitiBank Credit Card Issuance Trust		2.150		07/15/21		1,990,172
			Series - 2014 A6 (Class A6)
	1,000,000		CitiBank Credit Card Issuance Trust		1.920		04/07/22		984,186
			Series - 2017 A3 (Class A3)
	2,000,000		CitiBank Credit Card Issuance Trust		1.860		08/07/22		1,958,266
			Series - 2017 A8 (Class A8)
	2,000,000		CitiBank Credit Card Issuance Trust		2.880		01/23/23		1,989,906
			Series - 0 A1 (Class A1)
	1,250,000		CitiBank Credit Card Issuance Trust		2.190		11/20/23		1,212,028
			Series - 2016 A2 (Class A2)
	650,000	i	CSAIL Commercial Mortgage Trust		4.910		01/15/49		652,359
			Series - 2016 C6 (Class C)
	500,000		CSAIL Commercial Mortgage Trust		2.608		11/15/49		481,581
			Series - 2016 C7 (Class A3)
	1,250,000		CSAIL Commercial Mortgage Trust		2.970		04/15/50		1,247,458
			Series - 2015 C1 (Class A2)
	2,000,000		CSAIL Commercial Mortgage Trust		4.224		08/15/51		2,056,516
			Series - 2018 CX12 (Class A4)
	1,000,000		Discover Card Execution Note Trust		2.120		12/15/21		995,492
			Series - 2014 A4 (Class A4)
	3,500,000		Discover Card Execution Note Trust		1.880		02/15/23		3,424,217
			Series - 2017 A6 (Class A6)

159

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	788,552		FHLMC Multifamily Structured Pass Through Certificates		1.459	%	09/25/21	$	779,859
			Series - 2012 K019 (Class A1)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		2.307		08/25/22		2,910,182
			Series - 2012 K023 (Class A2)
	282,223		FHLMC Multifamily Structured Pass Through Certificates		2.779		09/25/22		280,428
			Series - 2013 K030 (Class A1)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		487,267
			Series - 2013 K026 (Class A2)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637		01/25/23		489,344
			Series - 2013 K027 (Class A2)
	62,682		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		62,090
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		2,976,812
			Series - 2013 K033 (Class A2)
	1,750,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		1,772,005
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,518,038
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		2,946,785
			Series - 2015 K045 (Class A2)
	975,000		Ford Credit Auto Owner Trust		2.240		06/15/22		955,258
			Series - 2017 A (Class B)
	1,135,000		Ford Credit Floorplan Master Owner Trust		1.950		11/15/21		1,121,756
			Series - 2016 5 (Class A1)
	192,231		GM Financial Automobile Leasing Trust		1.620		09/20/19		191,988
			Series - 2016 2 (Class A3)
	1,400,000		GM Financial Automobile Leasing Trust		3.300		07/20/22		1,399,326
			Series - 2018 3 (Class A4)
	1,500,000		Hyundai Auto Receivables Trust		1.770		01/18/22		1,476,305
			Series - 2017 B (Class A3)
	2,000,000		Hyundai Auto Receivables Trust		2.300		07/15/22		1,991,329
			Series - 2015 B (Class C)
	1,500,000		Hyundai Auto Receivables Trust		1.960		02/15/23		1,457,406
			Series - 2017 B (Class A4)
	587,577		Mercedes-Benz Auto Receivables Trust		1.260		02/16/21		582,931
			Series - 2016 1 (Class A3)
	763,236		Nissan Auto Receivables Owner Trust		1.180		01/15/21		756,231
			Series - 2016 C (Class A3)
	48,061		Santander Drive Auto Receivables Trust		2.460		06/15/20		48,076
			Series - 2014 5 (Class C)
	1,000,000		Santander Drive Auto Receivables Trust		2.320		08/16/21		996,369
			Series - 2018 1 (Class A3)

160

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	910,000		Santander Drive Auto Receivables Trust		3.090	%	04/15/22	$	911,254
			Series - 2016 1 (Class C)
	240,746		United Airlines Pass Through Trust		4.300		08/15/25		245,291
			Series - 0 2013-1 Cl (Class )
	248,802		United Airlines Pass Through Trust		3.750		09/03/26		246,585
			Series - 0 2014-2 Cl (Class )
	180,659		United Airlines Pass Through Trust		3.450		12/01/27		174,340
	189,447		United Airlines Pass Through Trust		3.100		07/07/28		179,885
	189,447		United Airlines Pass Through Trust		3.450		07/07/28		181,438
	389,428		United Airlines Pass Through Trust		2.875		10/07/28		361,903
	1,500,000		United Airlines Pass Through Trust		3.500		03/01/30		1,446,160
	137,129		US Airways Pass Through Trust		4.625		06/03/25		140,196
	223,102		US Airways Pass Through Trust		3.950		11/15/25		220,993
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,255
			Series - 2010 VNO (Class A2FX)
	1,215,000		World Financial Network Credit Card Master Trust		2.550		06/17/24		1,199,637
			Series - 2015 B (Class A)
	8,000,000		World Financial Network Credit Card Master Trust		3.070		12/16/24		7,949,265
			Series - 2018 A (Class A)
	900,044		World Omni Auto Receivables Trust		1.680		12/15/20		898,557
			Series - 2014 B (Class A4)
	4,000,000		World Omni Auto Receivables Trust		2.500		04/17/23		3,948,760
			Series - 2018 A (Class A3)
	1,000,000		World Omni Auto Receivables Trust		2.730		02/15/24		984,741
			Series - 2018 A (Class A4)
			TOTAL ASSET BACKED						86,772,439
OTHER MORTGAGE BACKED - 1.8%
	2,000,000		BANK		3.538		11/15/54		1,949,483
			Series - 2017 BNK9 (Class A4)
	1,500,000		BANK		3.390		06/15/60		1,455,531
			Series - 2017 BNK5 (Class A5)
	5,000,000		BANK		3.641		02/15/61		4,976,351
			Series - 2018 BN10 (Class ASB)
	2,000,000	i	BANK		3.898		02/15/61		1,964,840
			Series - 2018 BN10 (Class AS)
	3,000,000		Barclays Commercial Mortgage Trust		3.674		02/15/50		2,962,368
			Series - 2017 C1 (Class A4)
	3,000,000		BENCHMARK Mortgage Trust		3.571		01/15/51		3,016,318
			Series - 2018 B1 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		3.878		01/15/51		994,617
			Series - 2018 B1 (Class AM)
	1,000,000		BENCHMARK Mortgage Trust		3.976		07/15/51		1,023,228
			Series - 2018 B4 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		4.717		07/15/51		1,012,060
			Series - 2018 B4 (Class C)
	1,000,000	i	CD Commercial Mortgage Trust		3.526		11/10/49		986,947
			Series - 2016 CD2 (Class A4)
	2,000,000		CD Commercial Mortgage Trust		3.631		02/10/50		1,981,261
			Series - 2017 CD3 (Class A4)
	1,000,000		CD Commercial Mortgage Trust		3.025		08/15/50		985,145
			Series - 2017 CD5 (Class A2)

161

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,500,000		CD Commercial Mortgage Trust		3.431	%	08/15/50	$	2,434,514
			Series - 2017 CD5 (Class A4)
	1,000,000	i	CD Commercial Mortgage Trust		3.684		08/15/50		978,578
			Series - 2017 CD5 (Class AS)
	1,750,000		CD Commercial Mortgage Trust		4.279		08/15/51		1,814,566
			Series - 2018 CD7 (Class A4)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,028,174
			Series - 2013 2013-GC11 (Class AS)
	755,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		772,153
			Series - 2014 2014-GC19 (Class A4)
	440,887		Citigroup Commercial Mortgage Trust		3.622		07/10/47		442,774
			Series - 2014 GC23 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		500,677
			Series - 2014 2014-GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		972,296
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		980,489
			Series - 2015 GC27 (Class AS)
	1,000,000		Citigroup Commercial Mortgage Trust		3.616		02/10/49		991,780
			Series - 2016 GC36 (Class A5)
	2,000,000		Citigroup Commercial Mortgage Trust		3.314		04/10/49		1,943,883
			Series - 2016 GC37 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.576		04/10/49		488,086
			Series - 2016 GC37 (Class AS)
	1,500,000		Citigroup Commercial Mortgage Trust		2.832		08/10/49		1,402,998
			Series - 2016 C2 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.465		09/15/50		972,263
			Series - 2017 P8 (Class A4)
	2,000,000		Citigroup Commercial Mortgage Trust		4.074		06/10/51		2,046,683
			Series - 2018 C5 (Class A2)
	1,480,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		1,494,190
			Series - 2015 GC33 (Class A4)
	580,000		COMM Mortgage Trust		4.063		12/10/44		586,511
			Series - 2012 LC4 (Class AM)
	325,448		COMM Mortgage Trust		2.752		08/15/45		323,879
			Series - 2012 CR2 (Class ASB)
	400,000		COMM Mortgage Trust		2.941		01/10/46		392,488
			Series - 2013 LC6 (Class A4)
	493,699		COMM Mortgage Trust		3.213		03/10/46		488,849
			Series - 0 CR7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,025,924
			Series - 2013 CR12 (Class A4)
	1,793,081		COMM Mortgage Trust		3.039		11/10/46		1,793,461
			Series - 2013 CR13 (Class A2)
	769,382		COMM Mortgage Trust		2.928		02/10/47		769,287
			Series - 2014 CR15 (Class A2)
	500,000		COMM Mortgage Trust		3.961		03/10/47		508,247
			Series - 2014 A5 (Class A5)
	970,362		COMM Mortgage Trust		2.840		04/10/47		970,126
			Series - 2014 LC15 (Class A2)
	1,000,000		COMM Mortgage Trust		4.051		04/10/47		1,024,256
			Series - 2014 CR16 (Class A4)

162

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		COMM Mortgage Trust		3.819	%	06/10/47	$	1,011,122
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,002,343
			Series - 2014 UBS4 (Class A5)
	924,000		COMM Mortgage Trust		3.326		11/10/47		911,879
			Series - 2014 CR20 (Class A3)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		999,483
			Series - 2014 CR20 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.339		12/10/47		1,001,947
			Series - 2014 CR21 (Class B)
	3,150,000		COMM Mortgage Trust		3.183		02/10/48		3,076,876
			Series - 2015 LC19 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.402		02/10/48		988,901
			Series - 2015 LC19 (Class C)
	1,700,000		COMM Mortgage Trust		3.708		07/10/48		1,703,515
			Series - 2015 LC21 (Class A4)
	1,000,000		COMM Mortgage Trust		3.432		08/10/48		989,231
			Series - 2015 CR24 (Class A4)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,005,701
			Series - 2015 CR25 (Class A4)
	1,500,000		COMM Mortgage Trust		3.221		10/10/48		1,498,940
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/48		1,509,124
			Series - 2015 LC23 (Class A4)
	18,822	i	COMM Mortgage Trust		6.253		12/10/49		18,792
			Series - 2008 LS1 (Class ASM)
	500,000		COMM Mortgage Trust		4.258		08/10/50		517,493
			Series - 2013 CR11 (Class A4)
	2,750,000		Commercial Mortgage Pass Through Certificates		3.955		02/10/47		2,810,803
			Series - 2014 CR14 (Class A3)
	2,000,000		DBJPM		2.691		05/10/49		1,970,360
			Series - 2016 C1 (Class A2)
	3,500,000		DBJPM		3.276		05/10/49		3,403,434
			Series - 2016 C1 (Class A4)
	1,000,000		DBJPM		3.539		05/10/49		976,030
			Series - 2016 C1 (Class AM)
	1,590,000		DBJPM		3.328		06/10/50		1,537,560
			Series - 2017 C6 (Class A5)
	275,929		GS Mortgage Securities Corp II		3.314		01/10/45		276,473
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		294,192
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		293,714
			Series - 2013 GC10 (Class AS)
	800,000		GS Mortgage Securities Corp II		3.382		05/10/50		786,998
			Series - 2015 GC30 (Class A4)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,747,806
			Series - 2011 GC5 (Class A4)
	498,119		GS Mortgage Securities Trust		3.482		01/10/45		500,293
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		198,919
			Series - 0 GCJ7 (Class B)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		492,850
			Series - 2013 GC12 (Class A4)

163

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	511,000		GS Mortgage Securities Trust		3.813	%	11/10/46	$	517,795
			Series - 2013 GC16 (Class AAB)
	12,830		GS Mortgage Securities Trust		2.924		01/10/47		12,826
			Series - 2014 GC18 (Class A2)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,025,362
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,487,035
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,849,955
			Series - 2015 GC28 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.178		11/10/49		1,444,874
			Series - 2016 GS4 (Class A3)
	1,350,000	i	GS Mortgage Securities Trust		3.924		11/10/49		1,279,623
			Series - 2016 GS4 (Class C)
	1,000,000		GS Mortgage Securities Trust		2.945		08/10/50		981,173
			Series - 2017 GS7 (Class A2)
	1,500,000		GS Mortgage Securities Trust		3.430		08/10/50		1,459,282
			Series - 2017 GS7 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		92,708
			Series - 2009 IWST (Class A2)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.312		05/15/45		293,437
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		300,355
			Series - 2012 CBX (Class A4)
	500,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		510,384
			Series - 2013 C13 (Class A4)
	374,108		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		381,386
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		514,347
			Series - 2013 C16 (Class A4)
	350,346		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		346,162
			Series - 2013 C10 (Class ASB)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		293,010
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		493,542
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		566,516
			Series - 2013 C10 (Class AS)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.960		04/15/46		1,467,976
			Series - 2013 LC11 (Class A5)

164

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.822	%	08/15/49	$	939,467
			Series - 2016 JP2 (Class A4)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.801		09/15/47		2,018,930
			Series - 2014 C22 (Class A4)
	1,225,018		JPMBB Commercial Mortgage Securities Trust		2.940		11/15/47		1,224,155
			Series - 2014 C24 (Class A2)
	1,875,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		1,873,966
			Series - 2015 C29 (Class B)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.322		07/15/48		1,985,033
			Series - 2015 C30 (Class A3)
	2,700,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		2,627,848
			Series - 2015 C28 (Class A4)
	1,100,000		JPMBB Commercial Mortgage Securities Trust		3.532		10/15/48		1,074,686
			Series - 2015 C28 (Class AS)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,002,015
			Series - 2015 C33 (Class A4)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		988,091
			Series - 2016 C1 (Class A5)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.970		03/15/49		500,232
			Series - 2016 C1 (Class AS)
	500,000	i	JPMBB Commercial Mortgage Securities Trust		4.902		03/15/49		520,661
			Series - 2016 C1 (Class B)
	1,400,000		JPMCC Commercial Mortgage Securities Trust		3.109		07/15/50		1,361,430
			Series - 2017 JP6 (Class A3)
	1,000,000		JPMCC Commercial Mortgage Securities Trust		3.038		09/15/50		985,692
			Series - 2017 JP7 (Class A2)
	2,500,000		JPMCC Commercial Mortgage Securities Trust		3.454		09/15/50		2,431,426
			Series - 2017 JP7 (Class A5)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust		3.990		06/15/49		991,292
			Series - 2016 C2 (Class B)
	5,922,824		JPMDB Commercial Mortgage Securities Trust		3.141		12/15/49		5,678,557
			Series - 2016 C4 (Class A3)
	100,877	†,i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		69,605
			Series - 2006 C6 (Class AJ)
	28,598	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		28,591
			Series - 2007 C6 (Class AM)
	74,788		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		74,238
			Series - 2012 2012-C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		58,728
			Series - 2013 2013-C7 (Class A4)
	628,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.834		05/15/46		610,739
			Series - 2013 C9 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		1,227,886
			Series - 2013 2013-C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		491,735
			Series - 2013 2013-C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		236,965
			Series - 2013 2013-C9 (Class B)
	200,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		202,424
			Series - 2013 2013-C12 (Class ASB)
	332,156		Morgan Stanley Bank of America Merrill Lynch Trust		2.916		02/15/47		332,015
			Series - 2014 2014-C14 (Class A2)

165

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	567,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.669	%	02/15/47	$	570,298
			Series - 2014 2014-C14 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,256,031
			Series - 2014 2014-C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,027,162
			Series - 2014 2014-C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,404,092
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		978,030
			Series - 2015 C22 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732		05/15/48		1,001,788
			Series - 2015 C24 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.134		12/15/48		2,961,034
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.599		05/15/50		1,963,465
			Series - 2017 C33 (Class A5)
	1,250,000		Morgan Stanley Capital I Trust		3.244		03/15/45		1,241,378
			Series - 2012 C4 (Class A4)
	535,000		Morgan Stanley Capital I Trust		3.594		03/15/49		530,586
			Series - 2016 UBS9 (Class A4)
	1,000,000		Morgan Stanley Capital I, Inc		3.997		07/15/51		1,018,990
			Series - 2018 H3 (Class A2)
	1,000,000	i	Morgan Stanley Capital I, Inc		5.013		07/15/51		1,001,012
			Series - 2018 H3 (Class C)
	28,844	i	TIAA Seasoned Commercial Mortgage Trust		5.481		08/15/39		28,918
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,483,908
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		495,072
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,001,461
			Series - 2012 C2 (Class A4)
	326,470		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		326,973
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		103,719
			Series - 2012 C1 (Class B)
	1,000,000		UBS Commercial Mortgage Trust		2.998		08/15/50		988,077
			Series - 2017 C3 (Class A2)
	1,500,000		UBS Commercial Mortgage Trust		3.426		08/15/50		1,453,136
			Series - 2017 C3 (Class A4)
	1,000,000	i	UBS Commercial Mortgage Trust		3.739		08/15/50		978,092
			Series - 2017 C3 (Class AS)
	1,000,000		UBS Commercial Mortgage Trust		3.147		10/15/50		989,524
			Series - 2017 C4 (Class A2)
	10,000,000		UBS Commercial Mortgage Trust		3.713		02/15/51		10,088,836
			Series - 2018 C8 (Class A2)
	2,000,000		UBS Commercial Mortgage Trust		4.296		08/15/51		2,061,836
			Series - 2018 C12 (Class A5)
	875,000	i	Wells Fargo Commercial Mortgage Trust		3.872		05/15/48		867,195
			Series - 2015 C28 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695		11/15/48		1,992,934
			Series - 2015 C31 (Class A4)
	480,000	i	Wells Fargo Commercial Mortgage Trust		4.224		12/15/48		482,178
			Series - 2015 NXS4 (Class B)

166

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Wells Fargo Commercial Mortgage Trust		2.652	%	08/15/49	$	1,856,745
			Series - 2016 BNK1 (Class A3)
	500,000		Wells Fargo Commercial Mortgage Trust		2.967		08/15/49		458,112
			Series - 2016 BNK1 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		3.377		11/15/49		957,262
			Series - 2016 NXS6 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		4.152		08/15/51		2,033,659
			Series - 2018 C46 (Class A4)
	117,000		Wells Fargo Commercial Mortgage Trust		3.896		03/15/59		111,708
			Series - 2016 C33 (Class C)
	1,075,000		WF-RBS Commercial Mortgage Trust		3.037		03/15/45		1,060,485
			Series - 2013 C11 (Class A4)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.977		06/15/45		249,509
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		393,986
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		761,936
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		595,907
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		497,785
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,024,149
			Series - 2014 C19 (Class B)
	3,000,000		WF-RBS Commercial Mortgage Trust		3.635		05/15/47		3,014,858
			Series - 2014 C20 (Class A3)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		493,978
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						182,640,019
			TOTAL STRUCTURED ASSETS						269,412,458
			(Cost $276,373,087)
			TOTAL BONDS						10,338,981,527
			(Cost $10,618,483,090)
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.5%
	39,250,000		Federal Home Loan Bank (FHLB)		2.000		10/01/18		39,250,000
	8,000,000		Federal National Mortgage Association (FNMA)		1.625		11/27/18		7,992,432
			TOTAL GOVERNMENT AGENCY DEBT						47,242,432

167

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
TREASURY DEBT - 0.1%
$	14,625,000	United States Treasury Bill		2.047	%	10/11/18	$	14,616,687
		TOTAL TREASURY DEBT						14,616,687
		TOTAL SHORT-TERM INVESTMENTS						61,859,119
		(Cost $61,867,368)
		TOTAL INVESTMENTS - 100.0%						10,400,840,646
		(Cost $10,680,350,458)
		OTHER ASSETS & LIABILITIES, NET - 0.0%						3,595,298
		NET ASSETS - 100.0%					$	10,404,435,944

	Abbreviation(s):
DGS1	1-Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust
†	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 9/30/2018, the aggregate value of these securities was $69,690,335 or 0.7% 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 the underlying asset of the security. Coupon rate reflects the rate at period end.

168

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS

BOND PLUS FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.4%
AUTOMOBILES & COMPONENTS - 0.2%
$	1,925,896	i	Dealer Tire LLC	LIBOR 1 and 3 M + 3.250%		5.500	%	12/22/21	$	1,851,268
	2,757,243	i	Gates Global LLC	LIBOR 1 M + 2.750%		4.990		04/01/24		2,772,767
			TOTAL AUTOMOBILES & COMPONENTS							4,624,035
CAPITAL GOODS - 0.1%
	2,571,098	i	CHI Overhead Doors, Inc	LIBOR 1 M + 3.250%		5.490		07/31/22		2,576,729
	395,000	i	Penn Engineering & Manufacturing Corp	LIBOR 1 M + 2.750%		4.990		06/27/24		397,962
	491,250	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 3.500%		5.680		11/20/23		492,724
			TOTAL CAPITAL GOODS							3,467,415
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	1,975,000	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		3.990		06/28/24		1,979,325
	2,947,725	i	Creative Artists Agency LLC	LIBOR 1 M + 3.000%		5.160		02/15/24		2,963,779
	3,115,088	i	ProQuest LLC	LIBOR 1 M + 3.750%		5.990		10/24/21		3,121,910
	1,767,966	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.590		11/14/22		1,771,396
	3,166,415	i	Trans Union LLC	LIBOR 1 M + 2.000%		4.240		04/07/23		3,171,576
	198,981	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		4.250		05/14/22		199,976
	1,136,191	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		5.490		05/16/22		1,141,872
	1,466,076	i	West Corp	LIBOR 1 M + 4.000%		6.240		10/10/24		1,460,725
	1,196,736	i	XPO Logistics, Inc	LIBOR 1 M + 2.000%		4.230		02/24/25		1,202,121
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							17,012,680
CONSUMER DURABLES & APPAREL - 0.0%
	977,218	i	FullBeauty Brands Holdings Corp	LIBOR 3 M + 4.750%		7.090		10/14/22		291,699
			TOTAL CONSUMER DURABLES & APPAREL							291,699
CONSUMER SERVICES - 0.3%
	2,758,018	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		6.140		07/28/22		2,713,200
	3,287,096	i	KUEHG Corp	LIBOR 3 M + 8.250%		6.140		02/21/25		3,300,804
	1,630,165	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		4.990		05/02/22		1,637,126
	2,282,779	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.040		08/14/24		2,278,510
	3,538,028	†,i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		5.740		06/19/24		3,519,241
			TOTAL CONSUMER SERVICES							13,448,881
DIVERSIFIED FINANCIALS - 0.0%
	161,250	i	Donnelley Financial Solutions, Inc	LIBOR 1 M + 3.000%		5.240		09/29/23		161,250
			TOTAL DIVERSIFIED FINANCIALS							161,250
ENERGY - 0.1%
	1,435,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.617		12/31/21		1,589,865
	3,000,000	i	Ultra Resources, Inc	LIBOR 1 M + 3.000%		5.170		04/12/24		2,697,510
			TOTAL ENERGY							4,287,375

169

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 0.1%
$	2,366,061	i	Albertsons LLC	LIBOR 1 M + 2.750%		4.990	%	08/25/21	$	2,368,025
	112,575	i	Albertsons LLC	LIBOR 3 M + 3.000%		5.310		06/22/23		112,540
	1,138,500	i	Give & Go Prepared Foods Corp	LIBOR 3 M + 4.250%		6.640		07/29/23		1,020,096
			TOTAL FOOD & STAPLES RETAILING							3,500,661
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	633,750	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.750%		4.990		03/01/24		635,632
	56,602	i	Envision Healthcare Corp	LIBOR 1 M + 3.000%		5.250		12/01/23		56,561
	639,003	i	Greatbatch Ltd	LIBOR 1 M + 3.000%		5.140		10/27/22		642,651
	1,466,977	i	Midwest Physician Administrative Services LLC	LIBOR 1 M + 2.750%		4.990		08/15/24		1,451,692
	1,915,582	i	Onex Schumacher Finance LP	LIBOR 1 M + 4.000%		6.240		07/29/22		1,929,949
	977,500	i	Precyse Acquisition Corp	LIBOR 1 M + 4.500%		6.740		10/20/22		983,609
	221,063	i	Press Ganey Holdings, Inc	LIBOR 1 M + 2.750%		4.990		10/23/23		221,892
	2,102,826	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		4.990		02/06/24		2,039,741
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							7,961,727
INSURANCE - 0.1%
	221,636	i	Acrisure LLC	LIBOR 3 M + 4.250%		6.590		11/22/23		222,283
	479,210	i	AssuredPartners, Inc	LIBOR 1 M + 3.250%		5.490		10/22/24		480,206
	1,917,131	i	Asurion LLC	LIBOR 1 M + 3.000%		5.240		08/04/22		1,932,200
	336,490	i	Asurion LLC	LIBOR 1 M + 3.000%		4.627		11/03/23		338,909
	800,000	i	Asurion LLC	LIBOR 1 M + 6.500%		7.240		08/04/25		821,504
	1,243,750	i	Deerfield Holdings Corp	LIBOR 1 M + 3.250%		5.490		02/13/25		1,243,750
			TOTAL INSURANCE							5,038,852
MATERIALS - 0.1%
	790,000	i	Flex Acquisition Co, Inc	LIBOR 3 M + 3.000%		5.340		12/31/23		789,123
	265,951	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.170		10/21/24		265,586
	420,750	i	Plastipak Holdings, Inc	LIBOR 1 M + 2.500%		4.750		10/15/24		420,422
	1,347,420	i	Plaze, Inc	LIBOR 3 M + 3.500%		5.830		07/29/22		1,353,322
	721,154	i	Quikrete Holdings, Inc	LIBOR 1 M + 2.750%		4.990		11/15/23		722,510
	195,038	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.240		09/23/24		195,728
	450,087	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.240		09/23/24		451,681
			TOTAL MATERIALS							4,198,372
MEDIA - 0.2%
	2,404,428	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		6.140		07/08/22		2,358,744
	1,539,111	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		4.410		07/17/25		1,538,465
	788,777	i	EIG Investors Corp	LIBOR 3 M + 3.750%		6.060		02/09/23		794,409
	472,625	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.490		03/24/25		473,017
	437,500	i	Match Group, Inc	LIBOR 1 M + 2.500%		4.670		11/16/22		440,781
	62,466	i	Mission Broadcasting, Inc	LIBOR 1 M + 2.500%		4.600		01/17/24		62,720
	445,400	i	Nexstar Broadcasting, Inc	LIBOR 1 M + 2.500%		4.600		01/17/24		447,209
	3,141,388	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		4.990		03/15/24		3,052,644
			TOTAL MEDIA							9,167,989
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,806,750	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		5.740		09/26/24		1,739,448
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,739,448

170

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
REAL ESTATE - 0.1%
$	2,800,000	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		4.500	%	08/21/25	$	2,810,500
	316,875	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.240		03/23/25		317,122
	671,625	i	Ten-X LLC	LIBOR 1 M Prime 3 M + 4.000%		6.240		09/29/24		670,785
			TOTAL REAL ESTATE							3,798,407
RETAILING - 0.2%
	1,455,884	i	Academy Ltd	LIBOR 1 M + 4.000%		6.100		07/01/22		1,128,310
	907,971	i	Men’s Wearhouse, Inc	LIBOR 1 M + 3.500%		5.600		04/09/25		909,678
	2,926,907	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.120		03/11/22		2,549,395
	1,500,000		Sally Holdings LLC			4.500		07/05/24		1,455,000
	1,042,125	i	Sally Holdings LLC	LIBOR 1 M + 2.250%		4.500		07/05/24		1,034,309
	1,985,000	i	Staples, Inc	LIBOR 3 M + 4.000%		6.340		09/12/24		1,983,769
			TOTAL RETAILING							9,060,461
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	746,250	i	Brooks Automation, Inc	LIBOR 3 M + 2.500%		4.850		10/04/24		747,183
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							747,183
SOFTWARE & SERVICES - 0.2%
	2,556,152	i	DTI Holdco, Inc	LIBOR 2 M + 4.750%		6.950		10/02/23		2,477,346
	1,161,050	i	First Data Corp	LIBOR 1 M + 2.000%		4.210		07/08/22		1,162,768
	930,644	i	Infor US, Inc	LIBOR 3 M + 2.750%		5.140		02/01/22		932,822
	2,139,250	i	Mitchell International, Inc	LIBOR 1 M + 3.250%		5.490		11/29/24		2,134,052
	2,111,752	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		4.490		07/08/22		2,120,326
			TOTAL SOFTWARE & SERVICES							8,827,314
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	893,497	i	MKS Instruments, Inc	LIBOR 1 M + 1.750%		3.990		05/01/23		896,570
	531,257	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.410		07/05/23		533,584
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,430,154
TELECOMMUNICATION SERVICES - 0.0%
	1,170,158	i	CNT Holdings III Corp	LIBOR 1 M + 3.250%		5.500		01/22/23		1,161,966
			TOTAL TELECOMMUNICATION SERVICES							1,161,966
TRANSPORTATION - 0.0%
	1,503,186	i	TransDigm, Inc	LIBOR 1 M + 2.500%		4.740		06/09/23		1,508,267
			TOTAL TRANSPORTATION							1,508,267
UTILITIES - 0.0%
	982,538	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		6.240		07/14/23		986,497
			TOTAL UTILITIES							986,497
			TOTAL BANK LOAN OBLIGATIONS							102,420,633
			(Cost $103,895,609)

171

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 95.9%
CORPORATE BONDS - 30.3%
AUTOMOBILES & COMPONENTS - 0.7%
$	350,000	g	Adient Global Holdings Ltd		4.875	%	08/15/26	$	311,062
	720,000	g	Allison Transmission, Inc		5.000		10/01/24		716,400
	950,000		Aptiv plc		3.150		11/19/20		942,419
	1,500,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		1,528,575
	1,000,000		Ford Motor Co		7.450		07/16/31		1,113,867
	1,000,000	g	Gates Global LLC		6.000		07/15/22		1,006,250
	2,575,000		General Motors Co		3.500		10/02/18		2,575,000
	2,300,000		General Motors Co		4.200		10/01/27		2,168,641
	1,350,000		General Motors Co		6.600		04/01/36		1,437,979
	1,325,000		General Motors Co		6.250		10/02/43		1,357,013
	1,325,000		General Motors Co		5.200		04/01/45		1,202,106
	750,000		General Motors Co		6.750		04/01/46		810,762
	800,000		Goodyear Tire & Rubber Co		5.000		05/31/26		752,200
	2,000,000	g	Hyundai Capital America		3.250		09/20/22		1,938,272
	4,000,000	g	Hyundai Capital America		4.125		06/08/23		3,970,700
	250,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		247,500
	250,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		242,215
	250,000	g,o	IHO Verwaltungs GmbH		4.750		09/15/26		235,625
	1,450,000		Magna International, Inc		3.625		06/15/24		1,433,877
	1,875,000	g	Nemak SAB de C.V.		4.750		01/23/25		1,828,125
	1,850,000	g	Schaeffler Finance BV		4.750		05/15/23		1,863,875
			TOTAL AUTOMOBILES & COMPONENTS						27,682,463
BANKS - 4.7%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,581,919
	2,000,000	g	Akbank Turk AS.		6.797		04/27/28		1,566,960
	1,500,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		1,448,805
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,561,500
	3,575,000	g	Banco del Estado de Chile		2.668		01/08/21		3,490,130
	2,000,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		1,915,400
	1,400,000		Banco Santander S.A.		3.125		02/23/23		1,328,410
	800,000		Banco Santander S.A.		3.800		02/23/28		726,477
	1,000,000		Bank of America Corp		5.490		03/15/19		1,012,352
	10,000,000		Bank of America Corp		2.250		04/21/20		9,866,600
	3,225,000		Bank of America Corp		2.151		11/09/20		3,155,918
	2,150,000		Bank of America Corp		3.875		08/01/25		2,136,096
	4,200,000		Bank of America Corp		3.248		10/21/27		3,905,444
	2,500,000		Bank of America Corp		3.419		12/20/28		2,344,948
	4,000,000		Bank of America Corp		3.970		03/05/29		3,902,015
	5,000,000	g	Bank of Montreal		2.500		01/11/22		4,880,044
	1,275,000		Bank of Montreal		3.803		12/15/32		1,191,284
	950,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		944,507
	1,500,000		Barclays plc		4.338		05/16/24		1,481,465
	1,550,000		Barclays plc		3.650		03/16/25		1,453,613
	1,325,000	g	BNP Paribas S.A.		3.375		01/09/25		1,253,921
	2,400,000	g	BNP Paribas S.A.		4.375		03/01/33		2,280,048
	500,000	g	BPCE S.A.		4.000		09/12/23		493,137
	1,300,000	g	BPCE S.A.		4.625		07/11/24		1,287,065
	435,000	g	BPCE S.A.		4.500		03/15/25		425,287
	3,000,000		Capital One Bank USA NA		2.650		08/08/22		2,882,855

172

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Capital One Bank USA NA		3.375	%	02/15/23	$	291,822
	4,000,000		Capital One NA		2.350		01/31/20		3,955,423
	5,000,000		CitiBank NA		2.100		06/12/20		4,908,579
	9,200,000		Citigroup, Inc		3.200		10/21/26		8,587,909
	1,650,000		Citigroup, Inc		4.300		11/20/26		1,625,739
	2,150,000		Citigroup, Inc		3.668		07/24/28		2,047,565
	2,000,000		Citigroup, Inc		4.650		07/23/48		2,019,640
	1,525,000		Citizens Bank NA		2.650		05/26/22		1,466,141
	1,325,000		Compass Bank		2.875		06/29/22		1,277,839
	1,400,000	g	Cooperatieve Rabobank UA		3.875		09/26/23		1,395,677
	6,825,000		Cooperatieve Rabobank UA		3.750		07/21/26		6,443,285
	1,150,000	g	Credit Agricole S.A.		2.500		04/15/19		1,148,417
	1,075,000	g	Credit Agricole S.A.		2.375		07/01/21		1,042,757
	2,325,000	g	Credit Agricole S.A.		3.250		10/04/24		2,180,309
	2,000,000	g	Credit Bank of Moscow Via CBOM Finance plc		5.550		02/14/23		1,834,302
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,539,064
	2,350,000		Deutsche Bank AG.		3.950		02/27/23		2,281,450
	1,206,000		Discover Bank		3.200		08/09/21		1,190,029
	450,000		Discover Bank		3.450		07/27/26		418,510
	4,075,000		HSBC Holdings plc		2.650		01/05/22		3,953,965
	1,275,000		HSBC Holdings plc		3.262		03/13/23		1,249,006
	1,100,000		HSBC Holdings plc		3.033		11/22/23		1,062,166
	2,000,000		HSBC Holdings plc		3.950		05/18/24		1,986,431
	2,500,000		HSBC Holdings plc		3.900		05/25/26		2,423,168
	2,900,000		HSBC Holdings plc		4.292		09/12/26		2,867,612
	750,000		HSBC Holdings plc		4.375		11/23/26		736,767
	1,250,000		HSBC Holdings plc		4.041		03/13/28		1,203,468
	2,625,000		Huntington National Bank		2.500		08/07/22		2,514,983
	1,000,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		915,500
	800,000	g	Intesa Sanpaolo S.p.A		3.875		01/12/28		677,534
	5,000,000		JPMorgan Chase & Co		2.250		01/23/20		4,948,699
	3,275,000		JPMorgan Chase & Co		2.295		08/15/21		3,183,749
	2,175,000		JPMorgan Chase & Co		2.776		04/25/23		2,112,346
	700,000		JPMorgan Chase & Co		2.700		05/18/23		673,161
	5,000,000		JPMorgan Chase & Co		3.875		09/10/24		4,950,712
	2,000,000		JPMorgan Chase & Co		3.200		06/15/26		1,894,757
	4,075,000		JPMorgan Chase & Co		2.950		10/01/26		3,783,930
	2,325,000		JPMorgan Chase & Co		3.882		07/24/38		2,171,471
	775,000		KeyBank NA		2.500		12/15/19		770,835
	775,000	g	Macquarie Bank Ltd		2.600		06/24/19		773,081
	2,200,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,173,339
	2,500,000		Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		2,486,669
	1,725,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		1,715,812
	2,200,000		Mizuho Financial Group, Inc		3.922		09/11/24		2,185,915
	3,500,000		PNC Bank NA		2.600		07/21/20		3,474,798
	1,275,000		PNC Bank NA		2.450		11/05/20		1,253,804
	2,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		2,486,771
	2,325,000		Santander Holdings USA, Inc		3.400		01/18/23		2,241,679
	975,000		Santander Holdings USA, Inc		4.400		07/13/27		931,767
	675,000		Santander UK Group Holdings plc		3.571		01/10/23		655,668
	3,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		2,951,961
	1,500,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,486,341

173

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,800,000		Sumitomo Mitsui Financial Group, Inc		2.442	%	10/19/21	$	2,709,282
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,534,112
	1,350,000		SunTrust Banks, Inc		2.900		03/03/21		1,334,496
	575,000		SunTrust Banks, Inc		2.750		05/01/23		553,831
	2,700,000		Toronto-Dominion Bank		1.850		09/11/20		2,638,614
	475,000		Toronto-Dominion Bank		3.625		09/15/31		446,082
	2,500,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		2,087,190
	2,300,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,905,633
	2,000,000	g	Turkiye Vakiflar Bankasi TAO		5.750		01/30/23		1,710,684
	850,000	g	UBS AG.		2.450		12/01/20		832,338
	675,000	g	UBS AG.		4.500		06/26/48		697,711
	400,000		UnionBanCal Corp		3.500		06/18/22		397,417
	5,000,000		Westpac Banking Corp		2.750		01/11/23		4,822,933
	1,700,000		Westpac Banking Corp		4.322		11/23/31		1,637,193
	2,400,000	g	Yapi ve Kredi Bankasi AS.		5.850		06/21/24		2,055,518
			TOTAL BANKS						200,431,556
CAPITAL GOODS - 0.5%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		1,959,190
	1,300,000		Anixter, Inc		5.125		10/01/21		1,322,750
	700,000	g	Cleaver-Brooks, Inc		7.875		03/01/23		715,750
	600,000	g	Cloud Crane LLC		10.125		08/01/24		657,000
	1,350,000		General Electric Co		4.125		10/09/42		1,201,943
	1,675,000		Lockheed Martin Corp		2.500		11/23/20		1,651,596
	1,475,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,458,809
	375,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		367,436
	467,000		Mosaic Co		4.875		11/15/41		429,021
	1,750,000		Rockwell Collins, Inc		3.500		03/15/27		1,661,994
	1,100,000		Roper Technologies, Inc		4.200		09/15/28		1,093,893
	1,790,000	g	Stena AB		7.000		02/01/24		1,691,550
	475,000		Textron, Inc		3.875		03/01/25		466,799
	2,000,000		TransDigm, Inc		6.000		07/15/22		2,032,500
	200,000		Trimble, Inc		4.900		06/15/28		201,038
	1,500,000		United Technologies Corp		4.450		11/16/38		1,487,677
	1,650,000		United Technologies Corp		3.750		11/01/46		1,441,727
	450,000		Wabtec Corp		4.700		09/15/28		441,454
			TOTAL CAPITAL GOODS						20,282,127
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	3,150,000		AECOM		5.875		10/15/24		3,336,291
	2,999,372	g	British Airways		3.800		09/20/31		2,999,372
	1,349,000	g	Herc Rentals, Inc		7.750		06/01/24		1,451,605
	400,000	g	KAR Auction Services, Inc		5.125		06/01/25		388,000
	1,100,000		RELX Capital, Inc		3.500		03/16/23		1,085,709
	1,000,000		Republic Services, Inc		3.550		06/01/22		999,624
	1,550,000		Republic Services, Inc		2.900		07/01/26		1,441,267
	200,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		199,900
	25,000		RR Donnelley & Sons Co		7.000		02/15/22		25,750
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		675,000
	5,000,000		United Airlines  Cl A Pass Through Trust		3.700		03/01/30		4,828,720
	1,425,000		United Rentals North America, Inc		5.500		07/15/25		1,453,500
	1,600,000		United Rentals North America, Inc		4.875		01/15/28		1,500,000

174

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,550,000		Waste Management, Inc		2.900	%	09/15/22	$	1,515,227
	2,100,000		Waste Management, Inc		3.150		11/15/27		1,997,801
	475,000		Waste Management, Inc		3.900		03/01/35		463,597
	550,000		Waste Management, Inc		4.100		03/01/45		539,498
	1,050,000	g	XPO Logistics, Inc		6.500		06/15/22		1,084,125
	1,000,000	g	XPO Logistics, Inc		6.125		09/01/23		1,036,250
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						27,021,236
CONSUMER DURABLES & APPAREL - 0.3%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,063,554
	325,000	g	Hanesbrands, Inc		4.625		05/15/24		315,859
	4,000,000		Lennar Corp		4.750		04/01/21		4,051,520
	2,250,000		Lennar Corp		4.500		04/30/24		2,203,200
	1,870,000		Lennar Corp		5.875		11/15/24		1,947,138
	1,600,000	g	LGI Homes, Inc		6.875		07/15/26		1,572,000
	1,725,000		Newell Rubbermaid, Inc		4.200		04/01/26		1,639,938
	600,000		PulteGroup, Inc		5.500		03/01/26		597,000
			TOTAL CONSUMER DURABLES & APPAREL						13,390,209
CONSUMER SERVICES - 0.8%
	1,300,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		1,233,869
	1,825,000		ADT Corp		6.250		10/15/21		1,914,443
	1,035,000		ADT Corp		3.500		07/15/22		979,369
	1,500,000		Aramark Services, Inc		5.125		01/15/24		1,516,125
	1,000,000		Aramark Services, Inc		4.750		06/01/26		980,000
	1,650,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,545,109
	600,000		Boyd Gaming Corp		6.375		04/01/26		617,700
	900,000		Boyd Gaming Corp		6.000		08/15/26		906,750
	1,200,000	g	Cott Holdings, Inc		5.500		04/01/25		1,171,500
	4,535,000		George Washington University		4.126		09/15/48		4,523,250
	600,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		580,680
	1,070,000	g	International Game Technology		6.250		02/15/22		1,108,787
	2,070,000	g	International Game Technology		6.500		02/15/25		2,147,625
	1,500,000		MGM Resorts International		6.750		10/01/20		1,576,875
	1,000,000		MGM Resorts International		6.625		12/15/21		1,059,500
	2,745,000		Northwestern University		3.812		12/01/50		2,575,859
	600,000		Pinnacle Entertainment, Inc		5.625		05/01/24		633,750
	1,905,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		2,037,398
	1,025,000	g	Sands China Ltd		5.125		08/08/25		1,022,509
	325,000	g	Scientific Games International, Inc		5.000		10/15/25		308,750
	3,000,000		Service Corp International		4.625		12/15/27		2,872,500
	1,000,000	g	ServiceMaster Co LLC		5.125		11/15/24		987,360
	1,335,000		Speedway Motorsports, Inc		5.125		02/01/23		1,333,331
			TOTAL CONSUMER SERVICES						33,633,039
DIVERSIFIED FINANCIALS - 3.5%
	1,550,000		AerCap Ireland Capital DAC		4.125		07/03/23		1,538,247
	2,000,000		AerCap Ireland Capital Ltd		4.625		07/01/22		2,040,227
	6,200,000		American Express Co		2.500		08/01/22		5,948,779
	1,500,000		American Express Credit Corp		2.700		03/03/22		1,461,250
	1,750,000	g	Avolon Holdings Funding Ltd		5.125		10/01/23		1,765,312

175

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	275,000		Bank of New York Mellon Corp			5.450	%	05/15/19	$	279,615
	1,400,000		Bank of New York Mellon Corp			3.500		04/28/23		1,396,371
	2,850,000	g	BBVA Bancomer S.A.			5.125		01/18/33		2,589,938
	2,775,000		Berkshire Hathaway, Inc			3.125		03/15/26		2,676,016
	4,000,000	g,i	Caelus Re V Ltd	US Treasury Bill 3 M + 3.210%		5.406		06/05/20		3,741,600
	2,850,000	g	Comcel Trust			6.875		02/06/24		2,914,125
	2,500,000	g	Credit Suisse Group AG.			2.997		12/14/23		2,384,916
	775,000	g	Credit Suisse Group AG.			4.282		01/09/28		753,328
	4,075,000		Credit Suisse Group Funding Guernsey Ltd			3.800		06/09/23		4,027,368
	2,325,000		Credit Suisse Group Funding Guernsey Ltd			3.750		03/26/25		2,241,515
	2,750,000	g	Daimler Finance North America LLC			2.200		10/30/21		2,634,967
	1,550,000		Ford Motor Credit Co LLC			2.425		06/12/20		1,517,356
	1,000,000		Ford Motor Credit Co LLC			5.750		02/01/21		1,039,581
	1,775,000		Ford Motor Credit Co LLC			3.096		05/04/23		1,664,584
	2,800,000		Ford Motor Credit Co LLC			3.815		11/02/27		2,503,411
	4,088,000		GE Capital International Funding Co			2.342		11/15/20		3,994,277
	1,307,000		GE Capital International Funding Co			4.418		11/15/35		1,225,007
	3,000,000		General Electric Capital Corp			3.450		05/15/24		2,953,342
	115,000		General Electric Capital Corp			6.875		01/10/39		143,457
	1,325,000		General Motors Financial Co, Inc			3.950		04/13/24		1,290,097
	1,050,000		Goldman Sachs Group, Inc			3.500		01/23/25		1,016,658
	11,225,000		Goldman Sachs Group, Inc			3.691		06/05/28		10,678,074
	1,300,000		Goldman Sachs Group, Inc			4.017		10/31/38		1,203,547
	1,425,000		Goldman Sachs Group, Inc			4.800		07/08/44		1,455,939
	2,000,000	g	GrupoSura Finance S.A.			5.500		04/29/26		2,043,000
	2,250,000	g	GTH Finance BV			7.250		04/26/23		2,340,000
	1,000,000		Icahn Enterprises LP			5.875		02/01/22		1,013,350
	1,000,000		Icahn Enterprises LP			6.250		02/01/22		1,025,000
	2,000,000		ICICI Bank Ltd			3.125		08/12/20		1,962,854
	2,650,000	g	ICICI Bank Ltd			3.800		12/14/27		2,379,271
	2,000,000		International Lease Finance Corp			5.875		08/15/22		2,115,229
	800,000		Jefferies Group LLC			4.150		01/23/30		718,384
	300,000		Legg Mason, Inc			2.700		07/15/19		299,649
	425,000		Legg Mason, Inc			3.950		07/15/24		419,034
	850,000	g	Lincoln Finance Ltd			7.375		04/15/21		877,693
	6,550,000		Morgan Stanley			3.125		01/23/23		6,379,863
	6,000,000		Morgan Stanley			3.737		04/24/24		5,957,494
	4,700,000		Morgan Stanley			3.700		10/23/24		4,626,146
	4,575,000		Morgan Stanley			3.125		07/27/26		4,260,042
	1,625,000		Morgan Stanley			3.625		01/20/27		1,559,469
	175,000		National Rural Utilities Cooperative Finance Corp			10.375		11/01/18		176,085
	400,000		Navient Corp			6.625		07/26/21		417,000
	1,500,000	g	Nederlandse Waterschapsbank NV			1.875		04/14/22		1,436,966
	1,850,000	g	Quicken Loans, Inc			5.250		01/15/28		1,718,188
	5,000,000	g,i	Sanders Re Ltd	LIBOR 6 M + 2.750%		5.253		12/06/21		5,017,000
	5,775,000		Shire Acquisitions Investments Ireland DAC			3.200		09/23/26		5,329,607
	1,325,000		TD Ameritrade Holding Corp			3.300		04/01/27		1,268,689
	1,400,000	g	UBS Group Funding Jersey Ltd			2.950		09/24/20		1,386,644
	2,275,000	g	UBS Group Funding Jersey Ltd			2.650		02/01/22		2,198,766
	1,975,000		Unilever Capital Corp			2.900		05/05/27		1,859,964
	15,850,000		Wells Fargo & Co			2.625		07/22/22		15,305,904

176

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,375,000		Wells Fargo & Co		3.584	%	05/22/28	$	3,235,524
			TOTAL DIVERSIFIED FINANCIALS						146,405,719
ENERGY - 3.9%
	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		1,411,184
	600,000		AmeriGas Partners LP		5.625		05/20/24		595,500
	400,000		AmeriGas Partners LP		5.875		08/20/26		397,000
	1,000,000		AmeriGas Partners LP		5.750		05/20/27		980,000
	800,000		Anadarko Petroleum Corp		5.550		03/15/26		850,006
	2,100,000		Anadarko Petroleum Corp		4.500		07/15/44		1,920,540
	600,000		Andeavor Logistics LP		4.250		12/01/27		585,928
	800,000		Andeavor Logistics LP		5.200		12/01/47		797,778
	300,000	g	APT Pipelines Ltd		4.250		07/15/27		292,517
	1,000,000		BP Capital Markets America, Inc		3.796		09/21/25		1,003,170
	1,111,000		BP Capital Markets plc		2.315		02/13/20		1,100,726
	825,000		BP Capital Markets plc		2.520		09/19/22		796,981
	4,500,000		BP Capital Markets plc		3.588		04/14/27		4,398,489
	1,425,000		BP Capital Markets plc		3.279		09/19/27		1,362,465
	173,000		California Resources Corp		6.000		11/15/24		147,050
	430,000		Calumet Specialty Products Partners LP		6.500		04/15/21		427,850
	500,000		Calumet Specialty Products Partners LP		7.625		01/15/22		501,250
	400,000		Calumet Specialty Products Partners LP		7.750		04/15/23		400,000
	1,325,000		Cenovus Energy, Inc		4.450		09/15/42		1,159,848
	300,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		328,500
	1,500,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		1,575,000
	2,250,000	g	Cheniere Energy Partners LP		5.625		10/01/26		2,266,200
	775,000		Cimarex Energy Co		3.900		05/15/27		739,519
	2,100,000		Cloud Peak Energy Resources LLC		12.000		11/01/21		2,110,479
	1,600,000	g	Colonial Pipeline Co		4.250		04/15/48		1,530,665
	1,550,000		Concho Resources, Inc		3.750		10/01/27		1,478,747
	2,150,000		Continental Resources, Inc		4.375		01/15/28		2,132,654
	2,325,000		Crestwood Midstream Partners LP		5.750		04/01/25		2,374,406
	2,500,000	g	Denbury Resources, Inc		7.500		02/15/24		2,575,000
	700,000		Devon Energy Corp		5.000		06/15/45		699,239
	2,150,000		Enbridge, Inc		3.700		07/15/27		2,075,425
	1,675,000		Energy Transfer Partners LP		4.750		01/15/26		1,691,733
	2,000,000		Energy Transfer Partners LP		4.950		06/15/28		2,035,067
	1,025,000		Enterprise Products Operating LLC		3.700		02/15/26		1,008,935
	750,000		Enterprise Products Operating LLC		4.450		02/15/43		726,143
	675,000		Enterprise Products Operating LLC		4.850		03/15/44		686,964
	1,025,000		Enterprise Products Operating LLC		4.250		02/15/48		963,368
	1,951,000	g	EP Energy LLC		9.375		05/01/24		1,609,575
	2,400,000		Exterran Partners LP		6.000		04/01/21		2,412,000
	2,175,000		Genesis Energy LP		6.500		10/01/25		2,123,344
	3,750,000		Genesis Energy LP		6.250		05/15/26		3,571,875
	2,925,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		2,954,250
	800,000		HollyFrontier Corp		5.875		04/01/26		852,428
	600,000		Husky Energy, Inc		3.950		04/15/22		604,873
	1,200,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,220,166
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		980,351
	2,350,000		Kinder Morgan, Inc		4.300		03/01/28		2,328,197
	400,000		Kinder Morgan, Inc		5.300		12/01/34		412,998

177

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	940,000		Kinder Morgan, Inc		5.400	%	09/01/44	$	963,563
	975,000		Marathon Oil Corp		2.700		06/01/20		962,314
	975,000		Marathon Oil Corp		5.200		06/01/45		1,015,002
	425,000		MPLX LP		5.500		02/15/23		433,556
	2,800,000		MPLX LP		4.125		03/01/27		2,725,990
	1,475,000		MPLX LP		4.000		03/15/28		1,417,914
	1,550,000		MPLX LP		4.500		04/15/38		1,459,070
	1,550,000		MPLX LP		4.700		04/15/48		1,449,259
	1,375,000		Murphy Oil Corp		6.875		08/15/24		1,455,398
	500,000		Murphy Oil USA, Inc		6.000		08/15/23		513,750
	450,000		Murphy Oil USA, Inc		5.625		05/01/27		446,625
	300,000		Noble Energy, Inc		3.900		11/15/24		294,533
	2,350,000		Noble Energy, Inc		3.850		01/15/28		2,218,702
	1,575,000		Noble Energy, Inc		5.050		11/15/44		1,523,482
	500,000		Noble Energy, Inc		4.950		08/15/47		478,084
	710,000		Oasis Petroleum, Inc		6.875		03/15/22		722,411
	1,500,000	g	Oasis Petroleum, Inc		6.250		05/01/26		1,531,125
	1,800,000		ONE Gas, Inc		2.070		02/01/19		1,793,562
	575,000		ONE Gas, Inc		3.610		02/01/24		569,940
	500,000		ONEOK, Inc		4.000		07/13/27		483,250
	1,550,000		ONEOK, Inc		4.550		07/15/28		1,556,844
	2,425,000	g	Peru LNG Srl		5.375		03/22/30		2,416,513
	3,900,000		Petrobras Global Finance BV		7.375		01/17/27		3,947,970
	2,000,000	g	Petroleos del Peru S.A.		4.750		06/19/32		1,938,400
	7,500,000		Petroleos Mexicanos		3.500		01/30/23		7,110,000
	1,550,000		Petroleos Mexicanos		6.500		03/13/27		1,583,325
	1,750,000	g	Petroleos Mexicanos		5.350		02/12/28		1,649,375
	2,000,000		Petroleos Mexicanos		6.750		09/21/47		1,908,380
	1,750,000	g	Petroleos Mexicanos		6.350		02/12/48		1,603,000
	1,425,000		Phillips 66 Partners LP		3.550		10/01/26		1,343,435
	1,025,000		Phillips 66 Partners LP		4.680		02/15/45		969,864
	300,000		Phillips 66 Partners LP		4.900		10/01/46		294,026
	800,000		Pioneer Natural Resources Co		7.500		01/15/20		842,084
	1,725,000		Pioneer Natural Resources Co		3.450		01/15/21		1,724,441
	1,350,000		Pioneer Natural Resources Co		4.450		01/15/26		1,382,469
	2,500,000		Range Resources Corp		5.750		06/01/21		2,571,875
	800,000		Regency Energy Partners LP		5.750		09/01/20		827,332
	475,000		Regency Energy Partners LP		4.500		11/01/23		481,738
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,294,925
	1,950,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		1,890,627
	1,300,000		Shell International Finance BV		3.250		05/11/25		1,274,865
	1,350,000		Shell International Finance BV		4.000		05/10/46		1,318,906
	1,400,000		SM Energy Co		6.125		11/15/22		1,442,000
	2,275,000		SM Energy Co		6.625		01/15/27		2,351,781
	2,500,000		Southwestern Energy Co		4.100		03/15/22		2,490,625
	800,000		Spectra Energy Partners LP		3.500		03/15/25		770,506
	375,000		Statoil ASA		2.450		01/17/23		361,161
	950,000		Suncor Energy, Inc		4.000		11/15/47		894,079
	1,400,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,328,555
	500,000	g	Sunoco LP		4.875		01/15/23		495,000
	1,500,000	g	Targa Resources Partners LP		5.875		04/15/26		1,546,875
	160,000		Tesoro Logistics LP		5.500		10/15/19		163,003
	225,000		Tesoro Logistics LP		6.375		05/01/24		238,500

178

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	550,000		Tesoro Logistics LP		5.250	%	01/15/25	$	563,299
	1,875,000	g	Transocean Guardian Ltd		5.875		01/15/24		1,891,406
	1,900,000	g	Transocean Pontus Ltd		6.125		08/01/25		1,930,856
	3,375,000	g	Tullow Oil plc		7.000		03/01/25		3,290,625
	1,600,000	g	USA Compression Partners LP		6.875		04/01/26		1,652,000
	1,550,000		Valero Energy Partners LP		4.500		03/15/28		1,521,805
	950,000		Western Gas Partners LP		3.950		06/01/25		905,584
	1,425,000		Western Gas Partners LP		4.650		07/01/26		1,396,141
	425,000		Whiting Petroleum Corp		6.625		01/15/26		442,000
	2,000,000		Williams Partners LP		3.750		06/15/27		1,908,575
	225,000		Williams Partners LP		4.900		01/15/45		218,579
	1,000,000		WPX Energy, Inc		6.000		01/15/22		1,036,250
	100,000		WPX Energy, Inc		8.250		08/01/23		113,500
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,836,870
	3,250,000	g	YPF S.A.		7.000		12/15/47		2,575,658
			TOTAL ENERGY						161,949,540
FOOD & STAPLES RETAILING - 0.6%
	860,000		Albertsons Cos LLC		6.625		06/15/24		826,675
	2,350,000		CVS Health Corp		3.700		03/09/23		2,339,489
	4,350,000		CVS Health Corp		2.875		06/01/26		3,987,312
	6,950,000		CVS Health Corp		4.300		03/25/28		6,881,411
	5,175,000		CVS Health Corp		4.780		03/25/38		5,134,699
	825,000		CVS Health Corp		5.050		03/25/48		842,858
	2,370,000	†,g	Fresh Market, Inc		9.750		05/01/23		1,765,650
	2,400,000		Ingles Markets, Inc		5.750		06/15/23		2,430,000
	1,150,000		Kroger Co		3.700		08/01/27		1,100,987
	2,150,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		2,042,824
			TOTAL FOOD & STAPLES RETAILING						27,351,905
FOOD, BEVERAGE & TOBACCO - 1.0%
	2,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		2,661,282
	1,750,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,727,668
	8,000,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		7,762,800
	2,725,000		Anheuser-Busch InBev Worldwide, Inc		4.600		04/15/48		2,635,346
	2,625,000	g	BAT Capital Corp		3.557		08/15/27		2,443,168
	2,100,000		Constellation Brands, Inc		3.600		02/15/28		1,963,918
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,822,500
	425,000	g	Cosan Ltd		5.950		09/20/24		400,988
	1,500,000		Diageo Capital plc		3.500		09/18/23		1,504,672
	1,275,000		Diageo Capital plc		3.875		05/18/28		1,282,076
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,843,560
	1,800,000	g	Grupo Bimbo SAB de C.V.		5.950		12/30/49		1,804,500
	1,700,000	g	Heineken NV		3.500		01/29/28		1,622,428
	725,000	g	Heineken NV		4.350		03/29/47		706,786
	1,000,000		Kellogg Co		3.400		11/15/27		928,959
	213,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		208,474
	2,725,000	g	MHP Lux S.A.		6.950		04/03/26		2,537,956
	2,350,000		Mondelez International, Inc		4.125		05/07/28		2,320,782
	775,000		PepsiCo, Inc		3.450		10/06/46		695,391
	100,000		Philip Morris International, Inc		6.375		05/16/38		120,215

179

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,650,000	g	Sigma Finance Netherlands BV			4.875	%	03/27/28	$	2,600,180
	650,000		Tyson Foods, Inc			3.900		09/28/23		652,407
	1,325,000		Tyson Foods, Inc			3.550		06/02/27		1,249,897
	1,425,000		Tyson Foods, Inc			5.100		09/28/48		1,451,038
			TOTAL FOOD, BEVERAGE & TOBACCO							42,946,991
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	3,500,000		Anthem, Inc			3.650		12/01/27		3,326,227
	4,625,000		Becton Dickinson and Co			3.700		06/06/27		4,421,637
	1,950,000		Cardinal Health, Inc			3.410		06/15/27		1,798,839
	1,000,000	g	Change Healthcare Holdings LLC			5.750		03/01/25		992,500
	375,000		Covidien International Finance S.A.			3.200		06/15/22		371,149
	5,000,000		Duke University Health System, Inc			3.920		06/01/47		4,816,117
	925,000		Encompass Health Corp			5.750		11/01/24		937,636
	2,000,000		HCA Holdings, Inc			6.250		02/15/21		2,085,000
	975,000		HCA, Inc			5.875		03/15/22		1,033,500
	1,875,000		HCA, Inc			5.500		06/15/47		1,900,781
	925,000		Medtronic, Inc			4.625		03/15/45		978,065
	5,250,000		New York and Presbyterian Hospital			4.024		08/01/45		5,087,460
	225,000		Tenet Healthcare Corp			6.000		10/01/20		232,031
	1,200,000		Tenet Healthcare Corp			4.625		07/15/24		1,166,400
	1,450,000		Tenet Healthcare Corp			6.875		11/15/31		1,298,040
	1,035,000		Thermo Fisher Scientific, Inc			2.950		09/19/26		959,578
	1,150,000		Thermo Fisher Scientific, Inc			3.200		08/15/27		1,074,892
	550,000		Zimmer Biomet Holdings, Inc			3.700		03/19/23		546,251
	1,290,000		Zimmer Holdings, Inc			3.550		04/01/25		1,237,266
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							34,263,369
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	405,000	g	First Quality Finance Co, Inc			4.625		05/15/21		404,494
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							404,494
INSURANCE - 1.1%
	3,600,000		ACE INA Holdings, Inc			2.875		11/03/22		3,523,194
	150,000		Aetna, Inc			6.625		06/15/36		182,440
	1,500,000		Allstate Corp			3.280		12/15/26		1,443,708
	2,000,000		Allstate Corp			5.750		08/15/53		2,060,000
	550,000		American Financial Group, Inc			3.500		08/15/26		511,780
	1,160,000		American International Group, Inc			3.750		07/10/25		1,129,482
	1,725,000		American International Group, Inc			3.900		04/01/26		1,687,877
	1,150,000		American International Group, Inc			4.200		04/01/28		1,137,243
	3,275,000		Aon plc			3.500		06/14/24		3,193,405
	700,000		CNA Financial Corp			3.950		05/15/24		696,086
	625,000		CNA Financial Corp			3.450		08/15/27		578,418
	5,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.158		07/13/20		5,064,500
	3,025,000	g	Five Corners Funding Trust			4.419		11/15/23		3,103,785
	250,000		Hartford Financial Services Group, Inc			4.300		04/15/43		236,561
	1,800,000		Humana, Inc			3.950		03/15/27		1,768,403
	650,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		657,086
	600,000		Lincoln National Corp			3.800		03/01/28		578,895
	700,000		Markel Corp			3.500		11/01/27		651,593
	475,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		464,485

180

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	375,000		Marsh & McLennan Cos, Inc			3.500	%	03/10/25	$	364,497
	875,000		MetLife, Inc			3.600		11/13/25		871,454
	500,000		Orlando Health Obligated Group			2.981		10/01/20		493,266
	2,350,000		Prudential Financial, Inc			3.878		03/27/28		2,328,384
	300,000	g	Prudential Funding LLC			6.750		09/15/23		333,328
	2,500,000	g,i	Residential Reinsurance 2016 Ltd	US Treasury Bill 3 M + 3.250%		5.446		06/06/20		2,531,750
	2,250,000	g,i	Residential Reinsurance 2017 Ltd	US Treasury Bill 3 M + 3.050%		5.246		06/06/21		2,262,150
	2,525,000		Travelers Cos, Inc			4.000		05/30/47		2,416,649
	2,650,000		UnitedHealth Group, Inc			2.950		10/15/27		2,480,724
	1,400,000		UnitedHealth Group, Inc			3.750		10/15/47		1,299,341
	800,000	g	WellCare Health Plans, Inc			5.375		08/15/26		814,000
	150,000		WR Berkley Corp			5.375		09/15/20		154,654
			TOTAL INSURANCE							45,019,138
MATERIALS - 1.4%
	675,000		Albemarle Corp			5.450		12/01/44		703,567
	200,000	g	Alcoa Nederland Holding BV			6.750		09/30/24		211,500
	200,000	g	Alcoa Nederland Holding BV			7.000		09/30/26		214,750
	900,000	g	Alcoa Nederland Holding BV			6.125		05/15/28		924,750
	270,000		Bemis Co, Inc			3.100		09/15/26		244,083
	2,000,000		Berry Plastics Corp			5.500		05/15/22		2,032,700
	1,000,000		Blue Cube Spinco, Inc			9.750		10/15/23		1,131,250
	855,000		Blue Cube Spinco, Inc			10.000		10/15/25		983,250
	1,300,000		Celulosa Arauco y Constitucion S.A.			5.500		11/02/47		1,278,875
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		2,773,444
	675,000	g	CRH America Finance, Inc			3.400		05/09/27		629,223
	950,000	g	CRH America Finance, Inc			3.950		04/04/28		919,966
	900,000	g	CRH America Finance, Inc			4.500		04/04/48		824,434
	680,000		Crown Americas LLC			4.500		01/15/23		682,720
	675,000		Dow Chemical Co			4.375		11/15/42		639,411
	2,550,000	g	Eldorado Gold Corp			6.125		12/15/20		2,422,500
	2,000,000	g	Equate Petrochemical BV			3.000		03/03/22		1,926,886
	300,000	g	FMG Resources Ltd			4.750		05/15/22		297,000
	1,325,000	g	Glencore Funding LLC			4.000		03/27/27		1,243,105
	250,000		International Flavors & Fragrances, Inc			4.450		09/26/28		252,092
	525,000		International Flavors & Fragrances, Inc			5.000		09/26/48		525,018
	275,000		International Paper Co			3.000		02/15/27		252,363
	1,500,000		International Paper Co			5.150		05/15/46		1,543,304
	2,225,000		International Paper Co			4.350		08/15/48		2,026,263
	2,125,000	g	Inversiones CMPC S.A.			4.375		04/04/27		2,073,391
	375,000	g	Israel Chemicals Ltd			6.375		05/31/38		374,037
	630,000	g	James Hardie International Finance DAC			4.750		01/15/25		609,651
	1,800,000	g	Klabin Finance S.A.			4.875		09/19/27		1,590,750
	650,000		LYB International Finance II BV			3.500		03/02/27		607,951
	700,000		Martin Marietta Materials, Inc			4.250		12/15/47		596,850
	650,000		Newmont Mining Corp			3.500		03/15/22		644,386
	1,050,000		Newmont Mining Corp			4.875		03/15/42		1,020,704
	3,000,000	g	Nova Chemicals Corp			4.875		06/01/24		2,888,250
	775,000		Nucor Corp			3.950		05/01/28		773,411
	1,125,000		Nutrien Ltd			3.375		03/15/25		1,066,291

181

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	g	OCI NV		6.625	%	04/15/23	$	1,549,726
	1,025,000		Olin Corp		5.125		09/15/27		986,563
	2,400,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		2,469,000
	1,650,000	g	POSCO		4.000		08/01/23		1,647,625
	1,100,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		1,106,069
	680,000		Rock Tenn Co		4.450		03/01/19		684,275
	820,000		Rock Tenn Co		4.900		03/01/22		846,395
	925,000		Sherwin-Williams Co		3.450		06/01/27		879,748
	2,450,000		Steel Dynamics, Inc		5.250		04/15/23		2,486,260
	2,000,000	g	Tronox Finance plc		5.750		10/01/25		1,855,000
	1,500,000	g	Tronox, Inc		6.500		04/15/26		1,445,625
	3,125,000	g	Univar, Inc		6.750		07/15/23		3,238,281
	400,000		Westlake Chemical Corp		3.600		08/15/26		376,002
	420,000	g	WR Grace & Co-Conn		5.625		10/01/24		442,050
			TOTAL MATERIALS						56,940,745
MEDIA - 1.4%
	125,000		21st Century Fox America, Inc		7.625		11/30/28		157,787
	90,000		21st Century Fox America, Inc		6.550		03/15/33		113,220
	575,000		21st Century Fox America, Inc		6.900		08/15/39		781,607
	2,500,000		AMC Entertainment Holdings, Inc		5.875		02/15/22		2,518,750
	425,000	g	CBS Corp		2.900		06/01/23		404,191
	850,000		CBS Corp		2.900		01/15/27		760,044
	525,000		CBS Corp		3.375		02/15/28		480,828
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		960,980
	4,000,000	g	CCO Holdings LLC		5.875		04/01/24		4,085,000
	1,075,000		Charter Communications Operating LLC		3.579		07/23/20		1,075,644
	345,000		Charter Communications Operating LLC		4.464		07/23/22		350,716
	4,500,000		Charter Communications Operating LLC		4.908		07/23/25		4,567,294
	2,500,000		Charter Communications Operating LLC		5.375		05/01/47		2,383,172
	4,750,000		Comcast Corp		2.350		01/15/27		4,176,883
	2,975,000		Comcast Corp		3.200		07/15/36		2,479,178
	1,000,000		Comcast Corp		3.900		03/01/38		914,521
	1,000,000		CSC Holdings LLC		6.750		11/15/21		1,053,750
	850,000		Discovery Communications LLC		2.950		03/20/23		814,203
	2,225,000		Discovery Communications LLC		3.950		03/20/28		2,112,267
	1,875,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		2,017,969
	325,000	g	EW Scripps Co		5.125		05/15/25		312,406
	1,400,000	g	Gray Television, Inc		5.875		07/15/26		1,387,750
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,015,000
	1,850,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		1,896,250
	125,000		Match Group, Inc		6.375		06/01/24		131,859
	975,000	g	Meredith Corp		6.875		02/01/26		999,375
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		696,859
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		902,791
	3,700,000		Outfront Media Capital LLC		5.250		02/15/22		3,746,250
	300,000		Outfront Media Capital LLC		5.625		02/15/24		303,300
	2,700,000	g	Sirius XM Radio, Inc		5.375		07/15/26		2,679,750
	2,110,000	g	Tegna, Inc		4.875		09/15/21		2,112,638
	160,000	g	Tegna, Inc		5.500		09/15/24		161,800
	1,500,000		Time Warner Cable, Inc		5.875		11/15/40		1,512,242
	475,000		Time Warner Cable, Inc		4.500		09/15/42		404,833

182

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,600,000		Time Warner, Inc		2.100	%	06/01/19	$	3,581,434
	1,000,000		Time Warner, Inc		3.400		06/15/22		988,948
	1,100,000		Time Warner, Inc		3.800		02/15/27		1,051,594
	400,000	g	Univision Communications, Inc		5.125		02/15/25		374,000
	950,000		Viacom, Inc		3.450		10/04/26		892,628
	600,000		Viacom, Inc		5.850		09/01/43		633,813
	450,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		450,000
			TOTAL MEDIA						58,443,524
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.1%
	1,225,000		Abbott Laboratories		3.875		09/15/25		1,232,323
	2,200,000		Abbott Laboratories		3.750		11/30/26		2,193,060
	450,000		Abbott Laboratories		5.300		05/27/40		498,722
	1,400,000		AbbVie, Inc		3.750		11/14/23		1,392,891
	3,725,000		AbbVie, Inc		3.200		05/14/26		3,467,291
	3,150,000		AbbVie, Inc		4.250		11/14/28		3,102,859
	1,450,000		AbbVie, Inc		4.400		11/06/42		1,340,480
	2,625,000		Actavis Funding SCS		3.800		03/15/25		2,569,500
	2,400,000		Actavis Funding SCS		4.550		03/15/35		2,330,364
	1,150,000		AstraZeneca plc		3.125		06/12/27		1,072,717
	2,200,000		AstraZeneca plc		4.000		01/17/29		2,159,791
	1,700,000	g	Bayer US Finance II LLC		4.375		12/15/28		1,664,501
	1,200,000	g	Bayer US Finance II LLC		4.875		06/25/48		1,163,970
	625,000		Celgene Corp		3.875		08/15/25		615,401
	3,150,000		Celgene Corp		3.450		11/15/27		2,939,379
	1,525,000		Celgene Corp		3.900		02/20/28		1,466,957
	1,725,000		Gilead Sciences, Inc		2.950		03/01/27		1,604,750
	450,000		Gilead Sciences, Inc		4.000		09/01/36		432,979
	1,500,000		Gilead Sciences, Inc		4.150		03/01/47		1,418,542
	2,000,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		2,019,704
	2,000,000		Johnson & Johnson		2.900		01/15/28		1,895,697
	900,000		Johnson & Johnson		3.400		01/15/38		837,322
	1,100,000		Mylan NV		3.950		06/15/26		1,040,577
	1,450,000	g	Mylan, Inc		4.550		04/15/28		1,409,010
	1,900,000		Novartis Capital Corp		3.000		11/20/25		1,823,348
	5,300,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		4,410,428
	1,100,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		1,058,200
	1,125,000	g	VRX Escrow Corp		5.875		05/15/23		1,092,094
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						48,252,857
REAL ESTATE - 0.9%
	350,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		337,362
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		431,552
	1,200,000		American Tower Corp		3.000		06/15/23		1,155,017
	475,000		American Tower Corp		3.375		10/15/26		442,140
	1,200,000		American Tower Corp		3.600		01/15/28		1,120,546
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		932,024
	650,000		Brandywine Operating Partnership LP		3.950		11/15/27		613,894
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,685,532
	525,000		Brixmor Operating Partnership LP		4.125		06/15/26		508,758

183

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	800,000		Brixmor Operating Partnership LP		3.900	%	03/15/27	$	757,634
	170,000		Camden Property Trust		4.625		06/15/21		174,290
	1,250,000		Camden Property Trust		2.950		12/15/22		1,214,705
	780,000		Crown Castle International Corp		4.875		04/15/22		804,670
	450,000		Crown Castle International Corp		3.700		06/15/26		429,825
	775,000		Crown Castle International Corp		3.650		09/01/27		727,789
	603,000		DDR Corp		3.625		02/01/25		571,108
	650,000		DDR Corp		4.700		06/01/27		653,285
	625,000		Digital Realty Trust LP		3.700		08/15/27		593,380
	325,000		Duke Realty LP		3.250		06/30/26		305,591
	625,000		Duke Realty LP		4.000		09/15/28		613,534
	750,000		Equinix, Inc		5.375		01/01/22		774,375
	550,000		Equity One, Inc		3.750		11/15/22		545,361
	775,000		Essex Portfolio LP		3.375		01/15/23		758,560
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		146,685
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,454,839
	450,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		446,492
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		318,583
	1,225,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,142,026
	375,000		Highwoods Realty LP		3.875		03/01/27		359,742
	725,000		Highwoods Realty LP		4.125		03/15/28		704,992
	350,000		Kimco Realty Corp		3.800		04/01/27		334,346
	1,500,000		Mid-America Apartments LP		4.300		10/15/23		1,516,935
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		979,672
	850,000		Mid-America Apartments LP		4.000		11/15/25		836,230
	750,000		Mid-America Apartments LP		3.600		06/01/27		714,221
	275,000		National Retail Properties, Inc		3.800		10/15/22		274,668
	525,000		National Retail Properties, Inc		3.300		04/15/23		511,753
	550,000		National Retail Properties, Inc		4.000		11/15/25		540,857
	600,000		National Retail Properties, Inc		3.600		12/15/26		571,018
	875,000		Regency Centers LP		3.900		11/01/25		853,440
	925,000		Regency Centers LP		3.600		02/01/27		877,691
	1,550,000		Ventas Realty LP		4.000		03/01/28		1,495,116
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,129,214
	450,000		Weingarten Realty Investors		3.500		04/15/23		441,603
	400,000		Weingarten Realty Investors		4.450		01/15/24		404,793
	925,000		Weingarten Realty Investors		3.850		06/01/25		895,047
	300,000		Weingarten Realty Investors		3.250		08/15/26		275,431
	975,000		Welltower, Inc		4.000		06/01/25		961,550
	3,500,000	g	WeWork Cos, Inc		7.875		05/01/25		3,403,750
			TOTAL REAL ESTATE						37,741,626
RETAILING - 0.8%
	1,700,000		Asbury Automotive Group, Inc		6.000		12/15/24		1,717,000
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,615,525
	900,000		AutoNation, Inc		3.800		11/15/27		833,273
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,730,303
	600,000		Home Depot, Inc		3.500		09/15/56		522,375
	2,100,000		L Brands, Inc		6.875		11/01/35		1,774,500
	2,100,000		L Brands, Inc		6.750		07/01/36		1,732,500
	250,000	g	Lithia Motors, Inc		5.250		08/01/25		239,375
	1,058,000		Men’s Wearhouse, Inc		7.000		07/01/22		1,087,095
	1,400,000		O’Reilly Automotive, Inc		3.600		09/01/27		1,327,380

184

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,145,000		Penske Automotive Group, Inc		5.500	%	05/15/26	$	2,085,369
	3,450,000	†,g	PetSmart, Inc		7.125		03/15/23		2,479,688
	1,100,000	g	Rolls-Royce plc		2.375		10/14/20		1,076,719
	400,000	g	Rolls-Royce plc		3.625		10/14/25		389,628
	3,200,000	g	Staples, Inc		8.500		09/15/25		3,004,000
	1,125,000		Target Corp		3.625		04/15/46		1,018,671
	5,700,000		Walmart, Inc		3.700		06/26/28		5,703,673
	1,550,000		Walmart, Inc		3.950		06/28/38		1,545,681
			TOTAL RETAILING						32,882,755
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	3,980,000		Intel Corp		2.875		05/11/24		3,863,713
	975,000		Intel Corp		2.600		05/19/26		909,524
	1,325,000		Intel Corp		3.734		12/08/47		1,232,545
	700,000		Texas Instruments, Inc		2.625		05/15/24		672,752
	775,000		Texas Instruments, Inc		4.150		05/15/48		776,018
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						7,454,552
SOFTWARE & SERVICES - 0.6%
	825,000		Activision Blizzard, Inc		2.300		09/15/21		800,430
	875,000		Activision Blizzard, Inc		3.400		09/15/26		831,683
	2,000,000		Baidu, Inc		2.875		07/06/22		1,925,162
	1,700,000	g	Banff Merger Sub, Inc		9.750		09/01/26		1,724,650
	1,199,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,205,487
	1,000,000	g	First Data Corp		5.750		01/15/24		1,012,750
	500,000		IHS Markit Ltd		4.125		08/01/23		499,040
	800,000		IHS Markit Ltd		4.750		08/01/28		801,920
	3,000,000		Microsoft Corp		2.400		08/08/26		2,764,712
	750,000		Microsoft Corp		4.100		02/06/37		772,357
	1,180,000		Microsoft Corp		3.700		08/08/46		1,130,811
	2,350,000		NCR Corp		5.875		12/15/21		2,373,500
	1,925,000	g	Open Text Corp		5.875		06/01/26		1,986,369
	2,200,000		Oracle Corp		2.500		05/15/22		2,140,886
	3,575,000		Oracle Corp		2.650		07/15/26		3,315,743
	1,175,000		Oracle Corp		3.800		11/15/37		1,118,031
	1,500,000		Oracle Corp		4.000		11/15/47		1,421,425
	1,600,000	g,h	Refinitiv US Holdings		8.250		11/15/26		1,590,304
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		731,715
	650,000		salesforce.com, Inc		3.700		04/11/28		644,033
	1,350,000		Total System Services, Inc		4.450		06/01/28		1,349,761
			TOTAL SOFTWARE & SERVICES						30,140,769
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	725,000		Amphenol Corp		3.125		09/15/21		714,823
	5,575,000		Apple, Inc		2.450		08/04/26		5,138,349
	7,825,000		Apple, Inc		3.200		05/11/27		7,560,689
	875,000		Apple, Inc		4.650		02/23/46		943,729
	800,000		Broadcom Corp		3.875		01/15/27		754,489
	1,775,000		Broadcom Corp		3.500		01/15/28		1,611,923
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,209,000
	1,900,000	g	CommScope, Inc		6.000		06/15/25		1,960,800

185

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	525,000		Corning, Inc		4.375	%	11/15/57	$	458,957
	2,550,000	g	Dell International LLC		4.420		06/15/21		2,587,779
	675,000	g	Dell International LLC		5.875		06/15/21		695,250
	650,000	g	Dell International LLC		7.125		06/15/24		698,165
	3,050,000	g	Dell International LLC		6.020		06/15/26		3,248,086
	800,000		L3 Technologies, Inc		3.850		06/15/23		801,801
	725,000		Motorola Solutions, Inc		4.600		02/23/28		708,482
	2,350,000	g	Sensata Technologies BV		5.625		11/01/24		2,426,375
	1,375,000		Tyco Electronics Group S.A.		2.375		12/17/18		1,374,237
	2,925,000		Tyco Electronics Group S.A.		2.350		08/01/19		2,912,017
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,498,519
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		439,304
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						37,742,774
TELECOMMUNICATION SERVICES - 1.2%
	6,625,000		AT&T, Inc		3.400		05/15/25		6,304,544
	8,375,000	g	AT&T, Inc		4.300		02/15/30		8,048,579
	2,085,000		AT&T, Inc		4.500		05/15/35		1,945,601
	1,275,000	g	AT&T, Inc		5.150		11/15/46		1,217,073
	1,050,000		AT&T, Inc		4.500		03/09/48		914,707
	3,000,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,866,640
	500,000		France Telecom S.A.		5.375		01/13/42		546,793
	2,150,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,100,382
	2,400,000	g	Oztel Holdings SPC Ltd		5.625		10/24/23		2,427,031
	450,000		Telefonica Emisiones SAU		4.103		03/08/27		432,313
	925,000		T-Mobile USA, Inc		6.375		03/01/25		963,665
	2,300,000	g	Turkcell Iletisim Hizmetleri AS.		5.800		04/11/28		2,005,625
	1,100,000		Verizon Communications, Inc		3.376		02/15/25		1,069,882
	4,270,000	g	Verizon Communications, Inc		4.329		09/21/28		4,294,369
	9,113,000		Verizon Communications, Inc		4.272		01/15/36		8,674,687
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,122,736
	675,000		Verizon Communications, Inc		4.125		08/15/46		604,051
	4,200,000		Vodafone Group plc		4.375		05/30/28		4,135,705
			TOTAL TELECOMMUNICATION SERVICES						49,674,383
TRANSPORTATION - 0.8%
	400,000	g	Bombardier, Inc		7.750		03/15/20		418,250
	600,000	g	Bombardier, Inc		6.125		01/15/23		602,625
	1,000,000	g	Bombardier, Inc		7.500		03/15/25		1,031,250
	225,000		Bristow Group, Inc		6.250		10/15/22		164,250
	700,000		CSX Corp		3.800		03/01/28		689,614
	1,950,000		CSX Corp		3.800		11/01/46		1,760,300
	1,500,000		CSX Corp		4.300		03/01/48		1,465,963
	1,950,000		Delta Air Lines, Inc		3.625		03/15/22		1,925,588
	1,575,000		Delta Air Lines, Inc		3.800		04/19/23		1,542,668
	2,025,000	g	DP World Ltd		5.625		09/25/48		1,999,396
	3,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		3,000,443
	900,000		FedEx Corp		4.100		02/01/45		820,040
	2,325,000		FedEx Corp		4.050		02/15/48		2,081,187
	4,900,000		Kansas City Southern		2.350		05/15/20		4,805,415
	650,000		Kansas City Southern		4.700		05/01/48		645,639
	1,400,000		Norfolk Southern Corp		4.050		08/15/52		1,308,832

186

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,925,000		Northrop Grumman Corp		3.250	%	01/15/28	$	1,810,140
	725,000		Northrop Grumman Corp		4.030		10/15/47		678,556
	2,100,000	g	Transnet SOC Ltd		4.000		07/26/22		1,968,634
	2,350,000		Union Pacific Corp		4.500		09/10/48		2,387,788
			TOTAL TRANSPORTATION						31,106,578
UTILITIES - 2.5%
	325,000		AEP Transmission Co LLC		3.100		12/01/26		308,985
	350,000		AEP Transmission Co LLC		4.000		12/01/46		331,242
	2,020,000	g	AES Argentina Generacion S.A.		7.750		02/02/24		1,760,935
	425,000		AES Corp		4.875		05/15/23		428,719
	1,800,000		AGL Capital Corp		3.875		11/15/25		1,750,347
	625,000		AGL Capital Corp		4.400		06/01/43		599,662
	700,000		Alabama Power Co		4.150		08/15/44		678,875
	1,850,000		Ameren Corp		3.650		02/15/26		1,797,231
	525,000		American Water Capital Corp		3.000		12/01/26		491,112
	500,000		American Water Capital Corp		4.000		12/01/46		467,071
	1,475,000		American Water Capital Corp		3.750		09/01/47		1,337,679
	250,000		Atmos Energy Corp		8.500		03/15/19		256,205
	250,000		Atmos Energy Corp		4.125		10/15/44		242,787
	1,325,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,213,465
	925,000		Black Hills Corp		4.250		11/30/23		937,819
	325,000		Black Hills Corp		3.150		01/15/27		298,639
	2,575,000	g	Calpine Corp		5.250		06/01/26		2,385,094
	250,000		Carolina Power & Light Co		5.300		01/15/19		251,780
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		343,468
	1,525,000	g	Cerro del Aguila S.A.		4.125		08/16/27		1,410,625
	1,125,000	g,h	Clearway Energy Operating LLC		5.750		10/15/25		1,135,547
	1,000,000		CMS Energy Corp		3.600		11/15/25		970,201
	200,000		Commonwealth Edison Co		5.900		03/15/36		237,891
	200,000		Connecticut Light & Power Co		5.500		02/01/19		201,849
	900,000		Consolidated Edison, Inc		2.000		05/15/21		869,373
	750,000		Dominion Resources, Inc		2.000		08/15/21		716,618
	1,825,000		DTE Electric Co		3.750		08/15/47		1,690,953
	1,175,000		Duke Energy Corp		1.800		09/01/21		1,122,897
	1,725,000		Duke Energy Corp		2.650		09/01/26		1,558,844
	1,175,000		Duke Energy Corp		3.750		09/01/46		1,030,962
	3,600,000		Enel Chile S.A.		4.875		06/12/28		3,632,040
	1,125,000		Entergy Corp		2.950		09/01/26		1,033,030
	2,675,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		2,663,588
	4,450,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		4,446,088
	1,850,000		Exelon Generation Co LLC		3.400		03/15/22		1,833,053
	1,625,000		Fortis, Inc		3.055		10/04/26		1,490,273
	2,000,000	g	Greenko Dutch BV		5.250		07/24/24		1,840,000
	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru		6.375		06/01/28		1,620,360
	750,000		Indiana Michigan Power Co		3.750		07/01/47		682,546
	2,000,000	g	Inkia Energy Ltd		5.875		11/09/27		1,900,020
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		126,629
	4,000,000	g	Israel Electric Corp Ltd		4.250		08/14/28		3,793,328
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		102,626
	1,900,000	g	KazTransGas JSC		4.375		09/26/27		1,807,721
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		351,408

187

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,550,000		MidAmerican Energy Co		3.650	%	08/01/48	$	1,422,795
	1,675,000	g	Minejesa Capital BV		4.625		08/10/30		1,534,528
	800,000	g	Minejesa Capital BV		5.625		08/10/37		728,145
	1,000,000		Nevada Power Co		5.450		05/15/41		1,135,086
	2,625,000		NextEra Energy Capital Holdings, Inc		3.550		05/01/27		2,524,102
	550,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		539,000
	1,700,000		NiSource Finance Corp		3.490		05/15/27		1,611,456
	1,400,000		Northern States Power Co		3.600		09/15/47		1,268,654
	1,000,000		NRG Energy, Inc		6.250		05/01/24		1,040,000
	1,350,000	g	NRG Energy, Inc		5.750		01/15/28		1,363,500
	1,550,000		Ohio Power Co		4.150		04/01/48		1,532,045
	1,225,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,218,277
	525,000		Pacific Gas & Electric Co		3.750		08/15/42		446,306
	1,275,000		Pacific Gas & Electric Co		4.250		03/15/46		1,166,571
	2,000,000	g	Pelabuhan Indonesia III PT		4.875		10/01/24		1,988,000
	2,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		1,872,707
	1,800,000	g	Perusahaan Listrik Negara PT		5.450		05/21/28		1,848,105
	50,000		Potomac Electric Power Co		7.900		12/15/38		71,861
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		506,817
	275,000		Progress Energy, Inc		7.050		03/15/19		280,261
	2,475,000		PSEG Power LLC		3.850		06/01/23		2,465,443
	550,000		Public Service Co of Colorado		4.750		08/15/41		577,063
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		409,287
	1,775,000	g	Rio Oil Finance Trust		8.200		04/06/28		1,814,938
	2,150,000		SASOL Financing USA LLC		6.500		09/27/28		2,177,124
	975,000		Sempra Energy		2.875		10/01/22		945,170
	2,799,226	g	Solar Star Funding LLC		3.950		06/30/35		2,568,758
	500,000		Southern California Edison Co		4.125		03/01/48		477,119
	1,325,000		Southern Co		4.400		07/01/46		1,259,990
	425,000		Southern Co Gas Capital Corp		3.950		10/01/46		374,121
	1,650,000		Southern Power Co		2.500		12/15/21		1,597,017
	1,550,000		Southern Power Co		4.150		12/01/25		1,526,100
	1,875,000		Southwest Gas Corp		3.700		04/01/28		1,833,975
	3,000,000	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,836,695
	650,000		Virginia Electric & Power Co		2.950		11/15/26		609,899
	650,000		Virginia Electric & Power Co		3.500		03/15/27		635,104
	775,000		Virginia Electric & Power Co		3.800		09/15/47		711,713
	1,350,000	g	Vistra Operations Co LLC		5.500		09/01/26		1,365,188
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		810,064
	575,000		Xcel Energy, Inc		3.350		12/01/26		551,333
	215,000		Xcel Energy, Inc		4.800		09/15/41		223,112
			TOTAL UTILITIES						104,017,014
			TOTAL CORPORATE BONDS						1,275,179,363
			(Cost $1,309,242,777)
GOVERNMENT BONDS - 48.7%
FOREIGN GOVERNMENT BONDS - 3.5%
	3,000,000	g	Angolan Government International Bond		8.250		05/09/28		3,097,464
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,337,625
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		1,984,400

188

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,600,000		Argentina Republic Government International Bond		5.875	%	01/11/28	$	1,267,200
	375,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		198,750
	5,000,000	g	Bermuda Government International Bond		4.854		02/06/24		5,202,800
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,281,433
	1,650,000		Brazilian Government International Bond		5.625		02/21/47		1,459,425
	3,300,000		Chile Government International Bond		3.240		02/06/28		3,161,400
	2,450,000		Colombia Government International Bond		5.000		06/15/45		2,443,875
	1,575,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,381,039
DOP	81,200,000	g	Dominican Republic International Bond		8.900		02/15/23		1,614,205
	160,000,000	g	Dominican Republic International Bond		12.000		03/05/32		3,509,251
$	3,000,000	g	Dominican Republic International Bond		6.500		02/15/48		2,940,000
	2,625,000	g	Ecuador Government International Bond		8.875		10/23/27		2,490,338
	1,125,000	g	Egypt Government International Bond		5.577		02/21/23		1,090,931
	2,475,000	g	Egypt Government International Bond		8.500		01/31/47		2,477,784
	1,250,000	g	El Salvador Government International Bond		5.875		01/30/25		1,165,900
	1,800,000	g	Export Credit Bank of Turkey		4.250		09/18/22		1,563,926
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,475,112
	2,000,000	g	Export-Import Bank of India		3.875		02/01/28		1,860,780
	1,500,000	g	Ghana Government International Bond		8.627		06/16/49		1,497,692
	3,100,000	g	Guatemala Government International Bond		4.375		06/05/27		2,910,125
EUR	2,500,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		2,829,576
$	3,100,000		Israel Government International Bond		3.250		01/17/28		2,976,437
	2,175,000		Israel Government International Bond		4.125		01/17/48		2,072,599
	1,942,500	g	Ivory Coast Government International Bond (Step bond)		5.750		12/31/32		1,832,048
	3,025,000		Jamaica Government International Bond		8.000		03/15/39		3,475,362
	1,000,000	g	Japan Finance Organization for Municipalities		2.000		09/08/20		976,031
JPY	2,300,000,000		Japan Government Two Year Bond		0.100		04/15/19		20,267,146
$	975,000	g	Jordan Government International Bond		7.375		10/10/47		915,026
	900,000	g	Kenya Government International Bond		7.250		02/28/28		874,853
	775,000	g	Kommunalbanken AS.		1.375		10/26/20		749,881
	1,650,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,572,920
	1,500,000	g	Korea Housing Finance Corp		3.000		10/31/22		1,452,908
	3,550,000	g	Kuwait International Government Bond		2.750		03/20/22		3,466,571
	2,200,000		Mexico Government International Bond		4.150		03/28/27		2,164,800
	1,725,000	g	Nigeria Government International Bond		6.500		11/28/27		1,658,903
	700,000	g	Nigeria Government International Bond		7.143		02/23/30		682,294
	2,000,000		Panama Government International Bond		4.500		05/15/47		2,003,020
	2,400,000	g	Paraguay Government International Bond		5.600		03/13/48		2,388,000
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		1,967,500
	4,250,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		4,159,900
	925,000	g	Petroamazonas EP		4.625		11/06/20		892,860
	1,650,000	g	Provincia de Buenos Aires		7.875		06/15/27		1,371,992
	1,500,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		1,312,515
	1,300,000	g	Republic of Ghana		7.875		08/07/23		1,359,098
	2,475,000		Republic of South Africa Government International Bond		4.850		09/27/27		2,327,257
	2,272,000	g	Romanian Government International Bond		5.125		06/15/48		2,227,503
	2,500,000	g	Saudi Government International Bond		3.250		10/26/26		2,348,790
	3,175,000	g	Saudi Government International Bond		4.500		04/17/30		3,187,532

189

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,200,000	g	Senegal Government International Bond			6.250	%	05/23/33	$	1,116,912
	2,000,000	g	Senegal Government International Bond			6.750		03/13/48		1,785,060
	2,350,000		South Africa Government International Bond			4.300		10/12/28		2,107,292
LKR	415,000,000		Sri Lanka Government International Bond			11.500		05/15/23		2,518,693
$	1,550,000	g	Sri Lanka Government International Bond			6.850		11/03/25		1,529,918
	1,600,000	g	Sri Lanka Government International Bond			6.750		04/18/28		1,543,338
	1,575,000		Turkey Government International Bond			6.000		03/25/27		1,432,946
	2,000,000		Turkey Government International Bond			6.875		03/17/36		1,817,384
	3,550,000	g	Ukraine Government International Bond			7.375		09/25/32		3,080,303
UYU	41,525,000	g	Uruguay Government International Bond			9.875		06/20/22		1,238,574
$	2,000,000		Uruguay Government International Bond			5.100		06/18/50		2,040,000
	3,000,000	g	Zambia Government International Bond			8.500		04/14/24		2,131,107
			TOTAL FOREIGN GOVERNMENT BONDS							147,266,304
MORTGAGE BACKED - 16.9%
	7,010,870		Federal Home Loan Mortgage Corp (FHLMC)			3.500		08/15/43		7,021,684
	5,196,725		FHLMC			3.000		03/15/44		5,030,728
	6,543,657		FHLMC			3.500		09/15/44		6,486,680
	9,146,791	i	FHLMC	LIBOR 1 M + 6.470%		8.731		06/15/48		9,494,899
	7,300,000	i	FHLMC	LIBOR 1 M + 6.400%		8.661		10/15/48		7,299,569
	2,860		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		2,901
	2,318,473		FGLMC			3.500		03/01/27		2,332,347
	16,218		FGLMC			6.500		01/01/29		17,941
	1,303		FGLMC			8.000		01/01/31		1,379
	181,730		FGLMC			5.500		12/01/33		196,954
	277,621		FGLMC			7.000		12/01/33		313,581
	55,403		FGLMC			4.500		10/01/34		57,470
	98,526		FGLMC			5.500		03/01/35		106,763
	86,819		FGLMC			7.000		05/01/35		97,329
	2,753,423		FGLMC			5.000		06/01/36		2,923,043
	1,348,245		FGLMC			4.500		10/01/44		1,408,911
	175,891		FGLMC			4.500		11/01/44		183,821
	255,214		FGLMC			4.500		11/01/44		266,630
	96,575		FGLMC			4.500		12/01/44		100,199
	158,143		FGLMC			4.500		12/01/44		165,255
	1,271,848		FGLMC			3.500		04/01/45		1,257,514
	9,708,513		FGLMC			3.500		10/01/45		9,596,834
	7,692,553		FGLMC			4.000		12/01/45		7,821,175
	26,462,173		FGLMC			3.500		08/01/46		26,194,296
	20,308,041		FGLMC			3.000		01/01/47		19,444,229
	39,583,192		FGLMC			3.000		02/01/47		37,911,312
	2,580,506		FGLMC			4.500		06/01/47		2,716,544
	3,171,340		FGLMC			4.000		09/01/47		3,247,936
	9,755,504		FGLMC			3.500		03/01/48		9,630,375
	13,623,558		FGLMC			4.000		03/01/48		13,843,319
	3,678,474	h	FGLMC			4.000		07/01/48		3,736,918
	27,944,725		FGLMC			4.500		08/01/48		29,153,755
	2,784		Federal National Mortgage Association (FNMA)			9.000		11/01/25		2,993
	2,112		FNMA			7.500		01/01/29		2,268
	3,818,815		FNMA			3.500		02/01/32		3,842,827
	3,272,936		FNMA			3.500		05/01/32		3,301,686
	5,837,498		FNMA			3.500		07/01/32		5,874,210

190

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	83,327	FNMA		7.000	%	07/01/32	$	90,413
	14,197,115	FNMA		3.000		11/01/32		14,037,996
	85,385	FNMA		4.500		10/01/33		88,570
	86,875	FNMA		5.500		02/01/35		93,885
	3,877,562	FNMA		5.000		05/01/35		4,116,919
	2,162,373	FNMA		5.000		10/01/35		2,296,579
	1,637,362	FNMA		5.000		02/01/36		1,739,123
	2,530,586	FNMA		5.500		08/01/37		2,732,341
	17,200	FNMA		6.000		09/01/37		19,041
	11,744	FNMA		6.000		09/01/37		12,766
	30,018	FNMA		6.500		09/01/37		33,260
	1,005,460	FNMA		5.500		11/01/38		1,076,201
	643,784	FNMA		5.500		12/01/38		700,914
	162,484	FNMA		5.500		08/01/39		176,150
	299,183	FNMA		5.500		04/01/40		323,768
	381,035	FNMA		5.000		08/01/40		405,440
	746,908	FNMA		5.000		09/01/40		794,742
	88,714	FNMA		6.000		10/01/40		97,780
	947,742	FNMA		5.000		05/01/41		1,008,494
	3,253,152	FNMA		5.500		12/01/41		3,591,163
	276,305	FNMA		4.500		03/01/42		286,020
	1,144,409	FNMA		4.500		04/01/42		1,191,006
	879,897	FNMA		4.500		06/01/42		914,665
	1,815,485	FNMA		4.500		02/01/44		1,885,859
	1,506,951	FNMA		4.500		06/01/44		1,565,520
	4,320,552	FNMA		4.500		10/01/44		4,487,872
	6,266,786	FNMA		3.000		02/25/45		6,154,551
	5,793,865	FNMA		3.000		02/25/45		5,676,484
	371,276	FNMA		3.500		03/01/45		367,136
	260,723	FNMA		3.500		03/01/45		257,815
	572,661	FNMA		4.500		03/01/45		594,809
	3,619,143	FNMA		3.000		03/25/45		3,538,319
	4,789,181	FNMA		3.500		04/25/45		4,777,631
	14,019,585	FNMA		3.500		04/25/45		13,966,522
	3,169,268	FNMA		3.500		05/01/45		3,139,818
	13,292,949	FNMA		3.000		12/25/45		12,849,980
	1,611,278	FNMA		3.500		01/01/46		1,592,539
	8,703,908	FNMA		4.000		01/01/46		8,853,088
	833,161	FNMA		3.500		06/01/46		822,967
	2,828,311	FNMA		3.500		08/01/46		2,795,462
	2,651,954	FNMA		3.000		10/01/46		2,540,192
	2,902,694	FNMA		3.500		10/01/46		2,865,977
	10,814,133	FNMA		3.500		12/01/46		10,672,316
	71,796,863	FNMA		3.500		01/01/47		70,844,200
	4,091,687	FNMA		3.000		02/01/47		3,919,169
	1,561,349	FNMA		3.500		12/01/47		1,537,416
	14,913,788	FNMA		4.500		01/01/48		15,539,726
	3,155,261	FNMA		4.500		02/01/48		3,288,193
	24,450,343	FNMA		3.000		02/25/48		23,646,619
	6,141,106	FNMA		4.000		03/01/48		6,239,753
	13,558,020	FNMA		4.500		03/01/48		14,133,605
	58,466,404	FNMA		4.000		04/01/48		59,066,480

191

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,772,078		FNMA		4.500	%	05/01/48	$	11,232,900
	8,332,645	h	FNMA		4.500		05/01/48		8,689,118
	5,864,559		FNMA		5.000		08/01/48		6,249,905
	4,736		Government National Mortgage Association (GNMA)		7.500		11/15/23		4,934
	1,578		GNMA		7.500		08/15/28		1,581
	9,878		GNMA		6.500		12/15/28		10,838
	36,422		GNMA		6.500		03/15/29		39,961
	11,689		GNMA		8.500		10/20/30		13,346
	3,098		GNMA		7.000		06/20/31		3,550
	99,945		GNMA		5.000		02/15/33		104,141
	319,274		GNMA		5.000		09/15/33		339,020
	4,398,989		GNMA		3.700		10/15/33		4,394,843
	21,285		GNMA		6.000		10/20/36		23,238
	24,657		GNMA		6.000		01/20/37		26,999
	39,856		GNMA		6.000		02/20/37		43,534
	33,495		GNMA		5.000		04/15/38		35,593
	17,017		GNMA		6.000		08/20/38		18,552
	12,392		GNMA		4.500		02/20/39		13,087
	17,509		GNMA		4.500		08/20/41		18,483
	60,429		GNMA		4.500		09/20/41		63,784
	13,667		GNMA		4.500		01/20/44		14,432
	13,721		GNMA		4.500		02/20/44		14,483
	26,385		GNMA		4.500		05/20/44		27,863
	171,136		GNMA		4.500		05/20/44		180,639
	193,533		GNMA		4.500		08/20/44		204,277
	168,984		GNMA		4.500		09/20/44		176,233
	73,410		GNMA		4.500		10/20/44		77,259
	45,160		GNMA		4.500		11/20/44		47,129
	119,716		GNMA		4.500		12/20/44		126,363
	185,179		GNMA		4.500		02/20/45		195,459
	229,510		GNMA		4.500		08/20/45		242,438
	213,865		GNMA		4.500		08/20/45		224,626
	210,183		GNMA		4.500		12/20/45		221,303
	19,436,249		GNMA		3.000		12/20/47		18,838,103
	34,945,228		GNMA		3.500		12/20/47		34,774,505
	29,048,259		GNMA		3.000		01/20/48		28,153,495
	37,712,586		GNMA		3.500		01/20/48		37,528,230
	14,656,248		GNMA		4.000		07/20/48		14,915,930
			TOTAL MORTGAGE BACKED						711,823,703
MUNICIPAL BONDS - 5.5%
	1,000,000		Anaheim City School District		3.825		08/01/23		1,009,080
	1,064,700		California Earthquake Authority		2.805		07/01/19		1,064,764
	5,000,000		California Housing Finance Agency		2.966		08/01/22		4,906,650
	2,000,000		California State University		3.803		11/01/30		1,979,860
	9,745,000		Chicago Housing Authority		3.922		01/01/27		9,705,143
	7,500,000		Chicago Housing Authority		4.361		01/01/38		7,332,300
	1,620,000		City & County of San Francisco CA Community Facilities District No 2014		3.000		09/01/25		1,547,213
	1,200,000		City & County of San Francisco CA Community Facilities District No 2014		3.250		09/01/27		1,158,672
	1,040,000		City of Fort Worth TX		3.955		03/01/32		1,019,585

192

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,390,000		City of Fort Worth TX		4.088	%	03/01/37	$	1,366,370
	2,500,000		City of Inglewood CA		4.300		09/01/40		2,484,000
	500,000		City of San Angelo TX Water & Sewer Revenue		4.261		02/15/37		510,670
	3,750,000		City of San Francisco CA Public Utilities Commission Water Revenue		3.950		11/01/36		3,697,500
	9,800,000		Commonwealth Financing Authority		4.014		06/01/33		9,708,174
	2,995,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		2,862,561
	5,000,000		County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		4,759,450
	1,555,000		County of Miami-Dade FL Aviation Revenue		3.354		10/01/29		1,470,175
	5,000,000		County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		4,935,900
	3,000,000		Denver City & County School District No		4.242		12/15/37		3,032,010
	2,000,000		Florida Municipal Power Agency		2.769		10/01/23		1,904,000
	2,100,000		Florida Municipal Power Agency		2.919		10/01/24		2,001,405
	3,000,000		Florida Municipal Power Agency		3.059		10/01/25		2,870,670
	600,000		Grant County Public Utility District No 2		5.630		01/01/27		683,454
	250,000		Harris County Flood Control District		1.818		10/01/18		250,000
	845,000		Illinois Housing Development Authority		4.105		07/01/27		844,468
	2,430,000		Indiana Finance Authority		3.166		07/01/30		2,259,633
	2,270,000		Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,254,110
	1,250,000		Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,246,800
	2,000,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		1,906,080
	3,840,000		Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		3,498,701
	1,250,000		Maryland Community Development Administration Housing Revenue		2.713		03/01/25		1,188,662
	7,440,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		6,930,509
	5,000,000		Maryland Health & Higher Educational Facilities Authority		3.632		07/01/24		4,951,100
	135,000		Massachusetts Housing Finance Agency		2.807		12/01/19		134,441
	525,000		Massachusetts Housing Finance Agency		4.786		12/01/32		532,329
	6,710,000		Michigan Finance Authority		3.585		11/01/35		6,158,841
	500,000		New Jersey Economic Development Authority		3.300		06/15/19		501,105
	575,000		New Jersey Economic Development Authority		3.500		06/15/20		576,961
	7,500,000		New Jersey Economic Development Authority		4.271		06/15/20		7,583,250
	500,000		New Jersey Economic Development Authority		3.700		06/15/21		503,870
	1,500,000		New Jersey Educational Facilities Authority		2.304		07/01/22		1,432,710
	1,415,000		New Jersey Educational Facilities Authority		2.504		07/01/23		1,346,967
	1,615,000		New Jersey Institute of Technology		4.177		07/01/37		1,576,321
	2,655,000		New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,823,380
	1,000,000		New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,006,020
	2,495,000		New York Transportation Development Corp		5.000		01/01/27		2,791,306
	5,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		4,932,850
	2,500,000		Palm Beach County Solid Waste Authority		2.636		10/01/24		2,398,225
	5,500,000		Palm Desert Redevelopment Agency		2.750		10/01/22		5,357,275
	6,155,000		Palm Desert Redevelopment Agency		3.000		10/01/23		6,002,971

193

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,690,000		Port of Corpus Christi Authority of Nueces County		2.888	%	12/01/21	$	1,680,350
	2,000,000		Port of Seattle WA		3.471		05/01/31		1,892,100
	3,975,000		Public Finance Authority		4.269		07/01/40		3,895,142
	1,390,000		Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		1,251,445
	1,800,000		Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		1,614,240
	3,535,000		Regents of the University of California Medical Center Pooled Revenue		2.859		05/15/30		3,167,572
	5,000,000		Rhode Island Convention Center Authority		3.195		05/15/26		4,791,800
	3,750,000		Rhode Island Convention Center Authority		3.265		05/15/27		3,575,887
	5,000,000		San Jose Redevelopment Agency		3.250		08/01/29		4,698,100
	15,000,000		State of California		4.988		04/01/39		15,847,200
	2,100,000		State of Colorado		4.047		09/01/38		2,093,007
	1,000,000		State of Illinois		4.125		01/01/19		1,002,760
	10,000,000		State of Illinois		5.000		02/01/19		10,078,600
	500,000		University of California		2.676		05/15/21		493,905
	4,500,000		University of California		2.817		05/15/24		4,351,635
	7,000,000		University of California		3.063		07/01/25		6,793,500
	3,000,000		University of California		3.169		05/15/29		2,801,130
	4,420,000		University of California		3.552		05/15/39		4,117,539
	6,385,000		Virgin Islands Public Finance Authority		5.000		10/01/21		6,305,188
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		4,993,150
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,744,274
			TOTAL MUNICIPAL BONDS						231,187,015
U.S. TREASURY SECURITIES - 22.8%
	15,000,000		United States Treasury Bond		4.500		02/15/36		17,798,438
	15,000,000		United States Treasury Bond		4.500		05/15/38		17,997,070
	15,000,000		United States Treasury Bond		4.250		05/15/39		17,487,305
	30,000,000		United States Treasury Bond		4.375		11/15/39		35,587,500
	20,000,000		United States Treasury Bond		4.375		05/15/40		23,757,812
	5,000,000		United States Treasury Bond		4.750		02/15/41		6,255,469
	12,000,000		United States Treasury Bond		2.500		02/15/46		10,468,125
	15,000,000		United States Treasury Bond		2.500		05/15/46		13,074,609
	10,675,000		United States Treasury Bond		3.000		05/15/47		10,276,356
	24,400,000		United States Treasury Bond		2.750		08/15/47		22,334,578
	33,350,000		United States Treasury Bond		3.000		02/15/48		32,081,137
	7,970,000		United States Treasury Bond		3.125		05/15/48		7,860,101
	59,000,000		United States Treasury Bond		3.000		08/15/48		56,748,320
	15,949,200	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		15,623,051
	45,086,000		United States Treasury Note		1.375		09/30/19		44,518,903
	16,000,000		United States Treasury Note		1.750		09/30/19		15,857,500
	36,000,000		United States Treasury Note		1.500		11/30/19		35,506,406
	20,000,000		United States Treasury Note		1.750		11/30/19		19,784,375
	20,000,000		United States Treasury Note		2.250		02/29/20		19,862,500
	2,485,000		United States Treasury Note		2.250		03/31/20		2,466,363
	895,000		United States Treasury Note		2.375		04/30/20		889,441
	510,000		United States Treasury Note		2.625		08/31/20		508,187
	32,000,000		United States Treasury Note		1.125		07/31/21		30,481,250
	20,000,000		United States Treasury Note		2.125		08/15/21		19,585,156

194

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	20,000,000		United States Treasury Note			2.000	%	08/31/21	$	19,512,500
	37,835,000		United States Treasury Note			2.750		09/15/21		37,693,119
	35,000,000		United States Treasury Note			2.125		09/30/21		34,238,477
	45,000,000		United States Treasury Note			2.000		12/31/21		43,750,195
	52,500,000		United States Treasury Note			1.875		01/31/22		50,789,649
	20,000,000		United States Treasury Note			1.750		02/28/22		19,253,125
	15,000,000		United States Treasury Note			1.875		02/28/22		14,500,195
	50,000,000		United States Treasury Note			1.875		08/31/22		48,062,500
	1,600,000		United States Treasury Note			2.000		11/30/22		1,541,750
	20,000,000		United States Treasury Note			1.750		01/31/23		19,036,719
	10,050,000		United States Treasury Note			2.750		08/31/23		9,962,848
	10,000,000		United States Treasury Note			2.875		09/30/23		9,966,406
	34,400,000		United States Treasury Note			2.250		12/31/23		33,217,500
	22,500,000		United States Treasury Note			2.250		01/31/24		21,708,984
	15,000,000		United States Treasury Note			2.125		02/29/24		14,370,703
	20,000,000		United States Treasury Note			2.125		03/31/24		19,146,875
	20,000,000		United States Treasury Note			2.000		04/30/24		19,003,125
	35,000,000		United States Treasury Note			2.500		05/15/24		34,141,406
	7,155,000		United States Treasury Note			2.000		05/31/24		6,792,778
	7,500,000		United States Treasury Note			2.000		06/30/24		7,114,453
	500,000		United States Treasury Note			2.125		07/31/24		477,149
	7,840,000		United States Treasury Note			2.750		08/31/25		7,711,681
	1,820,000		United States Treasury Note			2.250		11/15/25		1,730,138
	5,150,000		United States Treasury Note			2.750		02/15/28		5,022,658
	12,375,000		United States Treasury Note			2.875		08/15/28		12,187,441
			TOTAL U.S. TREASURY SECURITIES							967,742,326
			TOTAL GOVERNMENT BONDS							2,058,019,348
			(Cost $2,112,319,790)
STRUCTURED ASSETS - 16.9%
ASSET BACKED - 7.2%
	8,960,000		AmeriCredit Automobile Receivables Trust Series - 2014 2 (Class D)			2.570		07/08/20		8,958,369
	10,000,000		AmeriCredit Automobile Receivables Trust Series - 2016 3 (Class D)			2.710		09/08/22		9,829,713
	4,750,000	g	Anchorage Capital CLO Ltd Series - 2015 7A (Class B2R)			3.300		10/15/27		4,708,984
	1,941,192	g	Apollo Aviation Securitization Equity Trust Series - 2018 1A (Class C)			6.413		01/16/38		1,926,483
	4,000,000	g,i	Ares XXXIV CLO Ltd Series - 2015 2A (Class BR)	LIBOR 3 M + 1.500%		2.811		07/29/26		3,999,724
	898,270	i	Asset Backed Securities Corp Home Equity Loan Trust Series - 2005 HE1 (Class M1)	LIBOR 1 M + 0.750%		2.966		03/25/35		901,588
	5,000,000	g,i	Atrium XI Series - 2017 11A (Class BR)	LIBOR 3 M + 1.500%		2.632		10/23/25		4,998,042
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 1A (Class B)			3.780		06/20/22		2,990,865
	5,000,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 2A (Class B)			3.360		11/20/22		4,894,850

195

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2016 2A (Class C)			4.830	%	11/20/22	$	3,528,395
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2017 2A (Class A)			2.970		03/20/24		8,238,997
	648,338	i	Bear Stearns Asset Backed Securities Trust Series - 2005 SD3 (Class 1A)	LIBOR 1 M + 0.490%		2.706		07/25/35		646,948
	788,108	i	Bear Stearns Asset Backed Securities Trust Series - 2006 EC2 (Class M1)	LIBOR 1 M + 0.600%		2.816		02/25/36		788,568
	2,000,000	g	Bowman Park CLO Ltd Series - 2014 1A (Class B2R)			3.545		11/23/25		1,999,650
	1,100,000		Capital Auto Receivables Asset Trust Series - 2015 2 (Class D)			3.160		11/20/20		1,101,591
	2,250,000		Capital Auto Receivables Asset Trust Series - 2016 2 (Class C)			2.420		06/21/21		2,229,817
	3,000,000		Capital Auto Receivables Asset Trust Series - 2016 2 (Class D)			3.160		11/20/23		2,992,503
	5,000,000	g	Capital Automotive REIT Series - 2014 1A (Class A)			3.660		10/15/44		4,923,710
	4,929,167	g	Capital Automotive REIT Series - 2017 1A (Class A1)			3.870		04/15/47		4,870,038
	1,815,633	i	C-BASS Trust Series - 2006 CB6 (Class A1)	LIBOR 1 M + 0.080%		2.296		07/25/36		1,787,096
	6,451,318	†,g,i	CBRE Realty Finance Series - 2007 1A (Class A2)	LIBOR 3 M + 0.300%		2.639		04/07/52		352,707
	547,619	g	CCR, Inc Series - 2012 CA (Class C)			4.750		07/10/22		544,196
	34,456		Centex Home Equity Series - 2002 A (Class AF6)			5.540		01/25/32		34,729
	40,734		Countrywide Asset-Backed Certificates Series - 2002 S4 (Class A5) (Step bond)			5.216		10/25/27		41,265
	7,237,500	g	DB Master Finance LLC Series - 2015 1A (Class A2II)			3.980		02/20/45		7,238,513
	4,962,500	g	DB Master Finance LLC Series - 2017 1A (Class A2I)			3.629		11/20/47		4,835,361
	7,325,254	g	Diamond Resorts Owner Trust Series - 2018 1 (Class A)			3.700		01/21/31		7,288,882
	1,953,401	g	Diamond Resorts Owner Trust Series - 2018 1 (Class D)			5.900		01/21/31		1,952,307
	2,970,000	g,i	Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2I)	LIBOR 3 M + 1.250%		2.551		07/25/47		2,978,049
	4,950,000	g	Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A23)			4.118		07/25/47		4,868,275
	1,596,000	g	Domino’s Pizza Master Issuer LLC Series - 2018 1A (Class A2I)			4.116		07/25/48		1,585,961
	4,100,000	g,i	Galaxy XIX CLO Ltd Series - 2015 19A (Class A1R)	LIBOR 3 M + 1.220%		2.585		07/24/30		4,105,428
	822,083	g	HERO Funding Trust Series - 2017 2A (Class A1)			3.280		09/20/48		804,700
	1,644,167	g	HERO Funding Trust Series - 2017 2A (Class A2)			4.070		09/20/48		1,653,919
	2,339,472	†,g	HERO Residual Funding Series - 2016 1R (Class A1)			4.500		09/21/42		2,327,775
	4,000,000	g	Hertz Vehicle Financing LLC Series - 2016 1A (Class A)			2.320		03/25/20		3,988,899

196

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	6,000,000	g	Hertz Vehicle Financing LLC Series - 2016 3A (Class B)			3.110	%	07/25/20	$	5,979,107
	2,000,000	g	Hertz Vehicle Financing LLC Series - 2016 3A (Class C)			4.430		07/25/20		2,005,633
	10,000,000	g	Hertz Vehicle Financing LLC Series - 2018 3A (Class A)			4.030		07/25/24		9,991,211
	1,925,010	g	Hilton Grand Vacations Trust Series - 2017 AA (Class A)			2.660		12/26/28		1,888,470
	3,208,350	g,i	Hilton Grand Vacations Trust Series - 2017 AA (Class B)			2.960		12/26/28		3,126,598
	2,270,000	g,i	Hilton Grand Vacations Trust Series - 2018 AA (Class C)			4.000		02/25/32		2,266,372
	523,838	i	Home Equity Mortgage Loan Asset-Backed Trust Series - 2005 C (Class AII3)	LIBOR 1 M + 0.370%		2.586		10/25/35		523,850
	230,363	i	MASTR Asset Backed Securities Trust Series - 2005 HE2 (Class M1)	LIBOR 1 M + 0.675%		2.891		10/25/35		230,460
	810,695		MASTR Asset Backed Securities Trust Series - 2005 AB1 (Class A4) (Step bond)			5.648		11/25/35		793,826
	2,758,727	g	Mosaic Solar Loans LLC Series - 2017 2A (Class A)			3.820		06/22/43		2,715,569
	1,327,973	g	MVW Owner Trust Series - 2015 1A (Class A)			2.520		12/20/32		1,300,037
	1,851,832	g	MVW Owner Trust Series - 2016 1A (Class B)			2.640		12/20/33		1,804,779
	2,757,016	g	MVW Owner Trust Series - 2017 1A (Class A)			2.420		12/20/34		2,667,201
	4,067,826	g	MVW Owner Trust Series - 2018 1A (Class C)			3.900		01/21/36		4,047,440
	2,138,986	i	NovaStar Mortgage Funding Trust Series - 2003 2 (Class M1)	LIBOR 1 M + 1.125%		1.650		09/25/33		2,147,362
	766,255		Oakwood Mortgage Investors, Inc Series - 2002 C (Class A1)			5.410		11/15/32		789,036
	5,000,000	g	Octagon Investment Partners 38 Ltd Series - 2018 1A (Class A3B)			0.000		07/20/30		4,991,058
	352,178	g,i	Orange Lake Timeshare Trust Series - 2014 AA (Class B)			3.030		07/09/29		345,281
	1,619,076	g	Orange Lake Timeshare Trust Series - 2018 A (Class A)			3.100		11/08/30		1,595,369
	4,250,000	g	Planet Fitness Master Issuer LLC Series - 2018 1A (Class A2I)			4.262		09/05/48		4,241,287
	2,500,000	g	Planet Fitness Master Issuer LLC Series - 2018 1A (Class A2II)			4.666		09/05/48		2,474,550
	1,200,000	g	Pretium Mortgage Credit Partners I LLC Series - 2018 NPL2 (Class A2) (Step bond)			5.000		03/27/33		1,190,241
	3,500,000		PSNH Funding LLC Series - 2018 1 (Class A2)			3.506		08/01/28		3,485,410
	4,000,000		Santander Drive Auto Receivables Trust Series - 2016 2 (Class C)			2.660		11/15/21		3,990,159
	469,962		Santander Drive Auto Receivables Trust Series - 2015 5 (Class C)			2.740		12/15/21		469,893

197

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		Santander Drive Auto Receivables Trust Series - 2016 1 (Class C)			3.090	%	04/15/22	$	5,006,891
	3,800,000		Santander Drive Auto Receivables Trust Series - 2016 2 (Class D)			3.390		04/15/22		3,801,574
	186,782		Saxon Asset Securities Trust Series - 2002 2 (Class AF6) (Step bond)			6.120		11/25/30		192,959
	183,764	i	Securitized Asset Backed Receivables LLC Series - 2005 OP2 (Class A2C)	LIBOR 1 M + 0.320%		2.536		10/25/35		183,758
	4,002,746	g	Sierra Receivables Funding Co LLC Series - 2017 1A (Class B)			3.200		03/20/34		3,910,121
	434,819	g	Sierra Timeshare Receivables Funding LLC Series - 2015 2A (Class A)			2.430		06/20/32		430,632
	1,719,272	g	Sierra Timeshare Receivables Funding LLC Series - 2015 3A (Class A)			2.580		09/20/32		1,693,419
	2,406,106	g	Sierra Timeshare Receivables Funding LLC Series - 2015 3A (Class B)			3.080		09/20/32		2,381,247
	1,443,857	g	Sierra Timeshare Receivables Funding LLC Series - 2016 2A (Class A)			2.330		07/20/33		1,415,748
	2,887,713	g	Sierra Timeshare Receivables Funding LLC Series - 2016 2A (Class B)			2.780		07/20/33		2,839,266
	3,413,340	g	Sierra Timeshare Receivables Funding LLC Series - 2018 2A (Class B)			3.650		06/20/35		3,400,956
	1,650,000	g	SoFi Professional Loan Program LLC Series - 2017 C (Class A2B)			2.630		07/25/40		1,597,998
	548,429	g	SolarCity LMC Series - 2013 1 (Class A)			4.800		11/20/38		551,372
	711,991	g	SolarCity LMC Series - 2014 1 (Class A)			4.590		04/20/44		712,809
	1,199,301	g	SolarCity LMC Series - 2014 2 (Class A)			4.020		07/20/44		1,175,268
	10,853,220	g	SpringCastle America Funding LLC Series - 2016 AA (Class A)			3.050		04/25/29		10,805,428
	8,300,000	g	SpringCastle America Funding LLC Series - 2016 AA (Class B)			4.100		10/25/33		8,166,099
	1,273,740	i	Structured Asset Securities Corp Mortgage Loan Trust Series - 2005 7XS (Class 2A1A)	LIBOR 1 M + 1.500%		3.604		04/25/35		1,246,578
	3,500,000		Synchrony Credit Card Master Note Trust Series - 2017 2 (Class A)			2.620		10/15/25		3,392,660
	7,880,000	g	Taco Bell Funding LLC Series - 2016 1A (Class A2I)			3.832		05/25/46		7,879,685
	7,461,375	g	Taco Bell Funding LLC Series - 2016 1A (Class A23)			4.970		05/25/46		7,676,785
	7,400,903	g	TES LLC Series - 2017 1A (Class A)			4.330		10/20/47		7,228,208
	2,500,000	g	TES LLC Series - 2017 1A (Class B)			7.740		10/20/47		2,518,427
	8,595,238	g	Thunderbolt Aircraft Lease Ltd Series - 2017 A (Class A) (Step bond)			4.212		05/17/32		8,614,807
	1,922,619	g	Thunderbolt Aircraft Lease Ltd Series - 2017 A (Class C)			4.500		05/17/32		1,828,923
	2,000,000	g	VOLT LIX LLC Series - 2017 NPL6 (Class A2) (Step bond)			5.375		05/25/47		1,997,497

198

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,564,784	g	VOLT LX LLC Series - 2017 NPL7 (Class A1) (Step bond)			3.250	%	06/25/47	$	1,554,387
	3,500,000	g	VOLT LX LLC Series - 2017 NPL7 (Class A2) (Step bond)			5.375		06/25/47		3,495,139
	3,654,001	g	VOLT LXII LLC Series - 2017 NPL9 (Class A1) (Step bond)			3.125		09/25/47		3,610,361
	708,632	g	VOLT LXV LLC Series - 2018 NPL1 (Class A1) (Step bond)			3.750		04/25/48		706,473
	232,362	g	Wachovia Amortization Controlled Heloc NIM Series - 2006 N1 (Class N1)			5.683		08/12/47		227,648
	15,782	g,i	Wachovia Loan Trust Series - 2005 SD1 (Class A)	LIBOR 1 M + 0.360%		2.576		05/25/35		15,773
	8,932,500	g	Wendys Funding LLC Series - 2018 1A (Class A2I)			3.573		03/15/48		8,594,851
	7,940,000	g	Wendys Funding LLC Series - 2018 1A (Class A2II)			3.884		03/15/48		7,621,528
			TOTAL ASSET BACKED							302,452,371
OTHER MORTGAGE BACKED - 9.7%
	10,000,000	g,i	20 TSQ GroundCo LLC Series - 2018 20TS (Class D)			3.203		05/15/35		9,481,727
	2,037,262	i	American Home Mortgage Investment Trust Series - 2004 3 (Class 4A)	LIBOR 6 M + 1.500%		4.031		10/25/34		2,016,708
	10,400,000		Banc of America Commercial Mortgage Trust Series - 2016 UB10 (Class ASB)			3.019		07/15/49		10,142,291
	229,648	g,i	Banc of America Commercial Mortgage Trust Series - 2007 4 (Class E)			5.928		02/10/51		232,714
	6,000,000	g,i	Banc of America Commercial Mortgage Trust Series - 2007 5 (Class B)			6.038		02/10/51		2,248,200
	5,384,956	i	Banc of America Commercial Mortgage Trust Series - 2007 5 (Class AJ)			6.235		02/10/51		5,513,495
	5,000,000	g,i	BBCMS Trust Series - 2018 CHRS (Class E)			4.409		08/05/38		4,316,611
	4,500,000		CD Mortgage Trust Series - 2016 CD1 (Class ASB)			2.622		08/10/49		4,291,053
	5,000,000	i	CFCRE Commercial Mortgage Trust Series - 2016 C6 (Class AM)			3.502		11/10/49		4,814,571
	286,625		Citicorp Mortgage Securities, Inc Series - 2005 4 (Class 1A7)			5.500		07/25/35		279,481
	6,000,000		Citigroup Commercial Mortgage Trust Series - 2015 GC29 (Class A4)			3.192		04/10/48		5,848,850
	10,000,000		Citigroup Commercial Mortgage Trust Series - 2016 C1 (Class AAB)			3.003		05/10/49		9,731,532
	6,925,032	i	COBALT CMBS Commercial Mortgage Trust Series - 2007 C3 (Class AJ)			6.015		05/15/46		7,047,466
	20,000,000	g	COMM Mortgage Trust Series - 2012 CR2 (Class A3)			2.841		08/15/45		19,626,986
	925,000	g,i	COMM Mortgage Trust Series - 2013 CR10 (Class B)			4.972		08/10/46		958,355
	7,000,000		COMM Mortgage Trust Series - 2014 CR18 (Class A5)			3.828		07/15/47		7,088,817
	2,700,000		COMM Mortgage Trust Series - 2014 LC17 (Class A5)			3.917		10/10/47		2,742,759

199

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	9,044,000		COMM Mortgage Trust Series - 2016 COR1 (Class ASB)			2.972	%	10/10/49	$	8,763,720
	10,000,000		COMM Mortgage Trust Series - 2018 COR3 (Class ASB)			4.181		05/10/51		10,205,736
	7,063,242	i	Connecticut Avenue Securities Series - 2014 C03 (Class 1M2)	LIBOR 1 M + 3.000%		5.216		07/25/24		7,572,591
	1,721,094	i	Connecticut Avenue Securities Series - 2017 C03 (Class 1M1)	LIBOR 1 M + 0.950%		3.166		10/25/29		1,731,691
	6,761,752	i	Connecticut Avenue Securities Series - 2017 C04 (Class 2M1)	LIBOR 1 M + 0.850%		3.066		11/25/29		6,785,105
	16,385	i	Connecticut Avenue Securities Series - 2017 C06 (Class 1M1)	LIBOR 1 M + 0.750%		2.966		02/25/30		16,417
	4,943,118	i	Connecticut Avenue Securities Series - 2018 C01 (Class 1M1)	LIBOR 1 M + 0.600%		2.816		07/25/30		4,949,798
	6,234,166	i	Connecticut Avenue Securities Series - 2018 C03 (Class 1M1)	LIBOR 1 M + 0.680%		2.896		10/25/30		6,244,929
	109,551	i	Connecticut Avenue Securities Series - 2018 C04 (Class 2M1)	LIBOR 1 M + 0.750%		2.966		12/25/30		109,713
	3,848,827	i	Connecticut Avenue Securities Series - 2018 C05 (Class 1M1)	LIBOR 1 M + 0.720%		2.936		01/25/31		3,855,782
	363,909		Countrywide Alternative Loan Trust Series - 2005 6CB (Class 2A1)			5.000		04/25/20		358,599
	658,213	i	Countrywide Alternative Loan Trust Series - 2005 24 (Class 4A1)	LIBOR 1 M + 0.230%		2.395		07/20/35		650,924
	648,809	i	Countrywide Home Loan Mortgage Pass Through Trust Series - 2004 HYB6 (Class A2)			3.975		11/20/34		661,634
	83,054		Countrywide Home Loan Mortgage Pass Through Trust Series - 2005 17 (Class 1A10)			5.250		09/25/35		80,876
	4,000,000		DBJPM Series - 2016 C1 (Class AM)			3.539		05/10/49		3,904,122
	2,083,000	g,i	DBUBS Mortgage Trust Series - 2011 LC3A (Class B)			5.516		08/10/44		2,151,087
	3,836,437	g,i	Flagstar Mortgage Trust Series - 2017 1 (Class 1A5)			3.500		03/25/47		3,767,500
	6,884,678	g,i	Flagstar Mortgage Trust Series - 2018 3INV (Class A3)			4.000		05/25/48		6,849,437
	1,500,000	g,i	Flagstar Mortgage Trust Series - 2018 5 (Class A11)			4.000		09/25/48		1,478,965
	3,708,811	i	GE Capital Commercial Mortgage Corp Series - 2005 C4 (Class AJ)			5.939		11/10/45		3,745,900
	14,346,000	i	GS Mortgage Securities Corp II Series - 2018 GS9 (Class AAB)			3.978		03/10/51		14,548,521
	693,200		GSR Mortgage Loan Trust Series - 2005 1F (Class 3A3)			6.000		01/25/35		707,787
	2,792,435	i	HarborView Mortgage Loan Trust Series - 2005 11 (Class 2A1A)	LIBOR 1 M + 0.620%		2.788		08/19/45		2,784,416
	168,068	i	Impac CMB Trust Series - 2004 11 (Class 2A1)	LIBOR 1 M + 0.660%		2.876		03/25/35		164,697
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2013 C13 (Class D)			4.125		01/15/46		1,646,348

200

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2011 C4 (Class C)			5.583	%	07/15/46	$	322,387
	10,000,000		JP Morgan Chase Commercial Mortgage Securities Trust Series - 2016 JP2 (Class ASB)			2.713		08/15/49		9,621,660
	13,721,239	i	JP Morgan Mortgage Acquisition Trust Series - 2007 CH5 (Class A1)	LIBOR 1 M + 0.160%		2.376		06/25/37		13,462,448
	955,530	i	JP Morgan Mortgage Trust Series - 2006 A2 (Class 5A3)			3.978		11/25/33		977,160
	2,675,000	g,i	JP Morgan Mortgage Trust Series - 2018 9 (Class A13)			4.000		09/25/40		2,640,832
	514,880	g,i	JP Morgan Mortgage Trust Series - 0 3 (Class A19)			3.500		05/25/45		495,411
	909,513	g,i	JP Morgan Mortgage Trust Series - 0 6 (Class A13)			3.500		10/25/45		875,123
	1,047,729	g,i	JP Morgan Mortgage Trust Series - 0 1 (Class A13)			3.500		05/25/46		1,007,458
	9,276,495	g,i	JP Morgan Mortgage Trust Series - 2017 1 (Class A3)			3.500		01/25/47		9,120,242
	639,537	g,i	JP Morgan Mortgage Trust Series - 2017 2 (Class A13)			3.500		05/25/47		621,451
	12,497,691	g,i	JP Morgan Mortgage Trust Series - 2017 2 (Class A3)			3.500		05/25/47		12,126,047
	1,187,415	g,i	JP Morgan Mortgage Trust Series - 2017 3 (Class 1A5)			3.500		08/25/47		1,169,076
	7,925,471	g,i	JP Morgan Mortgage Trust Series - 2017 6 (Class A6)			3.000		12/25/48		7,669,129
	9,412,003	g,i	JP Morgan Mortgage Trust Series - 2018 6 (Class 1A3)			3.500		12/25/48		9,260,526
	1,987,572	g,i	JP Morgan Mortgage Trust Series - 2018 8 (Class A13)			4.000		01/25/49		1,962,185
	1,000,000		JPMBB Commercial Mortgage Securities Trust Series - 2014 C23 (Class ASB)			3.657		09/15/47		1,008,650
	5,000,000		JPMBB Commercial Mortgage Securities Trust Series - 0 C27 (Class AS)			3.634		02/15/48		4,918,567
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust Series - 2015 C27 (Class C)			4.483		02/15/48		978,835
	5,450,000		JPMBB Commercial Mortgage Securities Trust Series - 2015 C28 (Class A4)			3.227		10/15/48		5,304,361
	10,000,000		JPMBB Commercial Mortgage Securities Trust Series - 2016 C1 (Class A5)			3.576		03/15/49		9,880,912
	752,179		Lehman Mortgage Trust Series - 2005 1 (Class 2A4)			5.500		11/25/35		711,260
	4,763,036	i	ML-CFC Commercial Mortgage Trust Series - 2007 6 (Class AM)			5.526		03/12/51		4,784,495
	1,958,079	g	Morgan Stanley Bank of America Merrill Lynch Trust Series - 2014 C19 (Class LNC3)			4.750		12/15/46		1,959,203

201

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	15,262,000		Morgan Stanley Bank of America Merrill Lynch Trust Series - 2015 C20 (Class A4)			3.249	%	02/15/48	$	14,843,786
	925,000		Morgan Stanley Bank of America Merrill Lynch Trust Series - 2015 C20 (Class B)			4.160		02/15/48		917,183
	3,149,500	i	Morgan Stanley Capital I Trust Series - 2005 WMC2 (Class M3)	LIBOR 1 M + 0.705%		2.921		02/25/35		3,144,901
	1,206,040	i	Morgan Stanley Capital I Trust Series - 2006 HQ10 (Class AJ)			5.389		11/12/41		1,200,758
	2,139,481	i	Morgan Stanley Capital I Trust Series - 2007 IQ15 (Class AJ)			6.328		06/11/49		2,158,456
	10,000,000		Morgan Stanley Capital I Trust Series - 2016 UB11 (Class ASB)			2.606		08/15/49		9,507,537
	1,906,057	i	Morgan Stanley Capital I Trust Series - 2007 IQ16 (Class AJFX)			6.358		12/12/49		1,443,018
	1,759,734	i	Option One Mortgage Loan Trust Series - 2004 2 (Class M1)	LIBOR 1 M + 0.795%		3.011		05/25/34		1,712,891
	10,968,470	g,i	Sequoia Mortgage Trust Series - 2016 3 (Class A10)			3.500		11/25/46		10,833,075
	4,461,305	g,i	Sequoia Mortgage Trust Series - 2017 1 (Class A4)			3.500		02/25/47		4,404,004
	3,267,818	g,i	Sequoia Mortgage Trust Series - 2017 2 (Class A19)			3.500		02/25/47		3,146,297
	12,254,941	g,i	Sequoia Mortgage Trust Series - 2017 3 (Class A4)			3.500		04/25/47		12,123,887
	12,731,877	g,i	Sequoia Mortgage Trust Series - 2017 5 (Class A4)			3.500		08/25/47		12,535,246
	1,514,530	g,i	Sequoia Mortgage Trust Series - 2018 CH2 (Class A21)			4.000		06/25/48		1,508,783
	2,116,675	g,i	Sequoia Mortgage Trust Series - 0 6 (Class A4)			4.000		07/25/48		2,124,861
	822,422	i	Shellpoint Co-Originator Trust Series - 0 1 (Class 1A10)			3.500		11/21/46		809,391
	4,151,003	g,i	Shellpoint Co-Originator Trust Series - 2017 1 (Class A4)			3.500		04/25/47		4,081,602
	625,031	i	Structured Adjustable Rate Mortgage Loan Trust Series - 2005 16XS (Class A1)	LIBOR 1 M + 0.340%		2.556		08/25/35		624,821
	205,477	i	Structured Agency Credit Risk Debt Note (STACR) Series - 2017 DNA1 (Class M1)	LIBOR 1 M + 1.200%		3.416		07/25/29		207,270
	3,054,886	i	Structured Agency Credit Risk Debt Note (STACR) Series - 2017 DNA2 (Class M1)	LIBOR 1 M + 1.200%		3.416		10/25/29		3,088,729
	1,399,160	i	Structured Agency Credit Risk Debt Note (STACR) Series - 2017 HQA2 (Class M1)	LIBOR 1 M + 0.800%		1.959		12/25/29		1,402,431
	1,735,666	g,i	Structured Agency Credit Risk Debt Note (STACR) Series - 2018 SPI2 (Class M1)			3.820		05/25/48		1,734,651
	3,850,000	g,i	Structured Agency Credit Risk Debt Note (STACR) Series - 2018 SPI3 (Class M1)			4.168		08/25/48		3,863,248

202

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,445,270	g	VSE VOI Mortgage LLC Series - 2018 A (Class C)		4.020	%	02/20/36	$	3,435,457
	120,376	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C30 (Class AJ)		5.413		12/15/43		120,940
	3,595,381	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class AJ)		6.343		05/15/46		3,655,963
	100,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class C)		6.418		05/15/46		102,154
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class B)		6.418		05/15/46		3,052,590
	1,351,932	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AJ)		6.057		06/15/49		1,365,452
	9,027,000		WFRBS Commercial Mortgage Trust Series - 2014 C24 (Class A5)		3.607		11/15/47		8,982,705
			TOTAL OTHER MORTGAGE BACKED						409,127,416
			TOTAL STRUCTURED ASSETS						711,579,787
			(Cost $727,284,473)
			TOTAL BONDS						4,044,778,498
			(Cost $4,148,847,040)
SHARES			COMPANY
COMMON STOCKS - 0.1%
ENERGY - 0.1%
	39,533	*	Gulfmark Offshore, Inc						1,474,581
	24,259	*,m	Gulfmark Offshore, Inc						904,861
	38,800	*	Peabody Energy Corp						1,382,832
			TOTAL ENERGY						3,762,274
			TOTAL COMMON STOCKS						3,762,274
			(Cost $1,863,398)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	9,625		Gulfmark Offshore, Inc						346,500
	3,352		Gulfmark Offshore, Inc						120,672
			TOTAL ENERGY						467,172
			TOTAL RIGHTS / WARRANTS						467,172
			(Cost $270,181)

203

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.1%
TREASURY DEBT - 0.1%
EGP	72,300,000	j	Egypt Treasury Bills		0.000	%	02/26/19	$	3,740,726
			TOTAL TREASURY DEBT						3,740,726
			TOTAL SHORT-TERM INVESTMENTS						3,740,726
			(Cost $3,754,873)
			TOTAL INVESTMENTS - 98.5%						4,155,169,303
			(Cost $4,258,631,101)
			OTHER ASSETS & LIABILITIES, NET - 1.5%						65,153,494
			NET ASSETS - 100.0%					$	4,220,322,797

	Abbreviation(s):
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
LKR	Sri Lankan Rupee
M	Month
REIT	Real Estate Investment Trust
UYU	Uruguayan Peso

*	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 9/30/2018, the aggregate value of these securities was $874,422,451 or 20.7% 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 the underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond
q	In default

204

TIAA-CREF FUNDS - Bond Plus Fund

Bilateral cross currency swap contracts outstanding as of September 30, 2018 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 receipts (payments)	Unrealized appreciation (depreciation)
USD		Fixed semi-annual 1.940%	JP Morgan Chase Bank, N.A.	4/15/19		USD	20,664,870	$463,501	$(83,602)	$547,103
JPY	Fixed semi-annual 0.100%					JPY	2,300,000,000

	Abbreviation(s):
JPY	Japanese Yen
USD	United States Dollar

Centrally cleared credit default swap contracts outstanding as of September 30, 2018 were as follows (see Note 3):

Purchased
Reference entity	Terms of payments to be paid		Terms of payments to be received	Counterparty	Maturity date	Notional amount(1)		Variation margin	Unrealized appreciation (depreciation)
CDX-NAHYS30V1-5 Year Index	5.000	%	Credit event as specified in contract	Goldman Sachs	06/20/23	$	15,000,000	$  (16,606)	$   (248,989)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		15,000,000	(16,606)	(255,450)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		15,000,000	(16,606)	(236,177)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000	(11,071)	(93,888)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000	(11,071)	(94,133)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		20,000,000	(22,141)	(152,256)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Goldman Sachs	06/20/23		10,000,000	(11,071)	(57,439)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Citigroup Global Markets	06/20/23		15,000,000	(16,606)	(89,141)
CDX-NAHYS30V1-5 Year Index	5.000		Credit event as specified in contract	Cititgroup Global Markets	06/20/23		25,000,000	(13,559)	(119,157)
Total								$(135,337)	$(1,346,630)

Sold
Reference entity	Terms of payments to be paid	Terms of payments to be received		Counterparty	Maturity date	Notional amount(1)		Variation margin	Unrealized appreciation (depreciation)
CDX-NAHYS30V1-5 Year Index	Credit event as specified in contract	5.000	%	Goldman Sachs	6/20/23	$	15,000,000	$     16,606	$         230,540
CDX-NAHYS30V1-5 Year Index	Credit event as specified in contract	5.000		Goldman Sachs	6/20/23		20,000,000	10,847	228,547
Total								$     27,453	$         459,087
Totals								$(107,884)	$      (887,543)

⁽¹⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

205

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

TIAA-CREF FUNDS

5-15 YEAR LADDERED TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 96.8%
ALABAMA - 1.4%
$	500,000		City of Birmingham AL		5.000	%	12/01/29	$	581,965
	500,000		City of Birmingham AL		5.000		12/01/30		579,695
	2,395,000		University of South Alabama		5.000		11/01/31		2,716,170
			TOTAL ALABAMA						3,877,830
ALASKA - 1.7%
	840,000		Alaska Industrial Development & Export Authority		5.000		01/01/23		907,880
	500,000		Alaska Municipal Bond Bank Authority		5.000		12/01/31		552,090
	2,570,000		Borough of Matanuska-Susitna AK		5.000		09/01/25		2,924,840
			TOTAL ALASKA						4,384,810
ARIZONA - 0.3%
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/24		226,490
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		229,656
	190,000		Pinal County Electric District No 3		5.000		07/01/33		213,294
			TOTAL ARIZONA						669,440
ARKANSAS - 0.4%
	1,000,000		City of Fort Smith AR Water & Sewer Revenue		5.000		10/01/32		1,146,520
			TOTAL ARKANSAS						1,146,520
CALIFORNIA - 6.2%
	365,000		California Educational Facilities Authority		5.000		12/01/29		426,440
	1,510,000		California Health Facilities Financing Authority		5.000		09/01/33		1,707,765
	715,000	g	California School Finance Authority		5.000		08/01/25		787,837
	225,000	g	California Statewide Communities Development Authority		5.000		12/01/28		251,482
	2,000,000		City of Los Angeles Department of Airports		5.000		05/15/27		2,297,000
	1,715,000		Elk Grove Finance Authority		5.000		09/01/30		1,903,942
	1,250,000		Golden State Tobacco Securitization Corp		5.000		06/01/47		1,279,300
	700,000		Kern County Water Agency Improvement District No 4		5.000		05/01/24		803,579
	450,000		Palmdale Community Redevelopment Agency		5.000		09/01/25		523,188
	550,000		Palmdale Community Redevelopment Agency		5.000		09/01/26		647,730
	415,000		Palmdale Community Redevelopment Agency		5.000		09/01/31		477,806
	1,000,000		Port of Oakland		5.000		11/01/21		1,074,890
	750,000		San Diego Public Facilities Financing Authority		5.000		10/15/31		859,860
	800,000		San Francisco City & County Redevelopment Agency		5.000		08/01/25		924,840
	500,000		Santee CDC Successor Agency		5.000		08/01/27		585,665

206

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	State of California		5.000	%	09/01/24	$	1,153,860
		TOTAL CALIFORNIA						15,705,184
COLORADO - 3.0%
	1,500,000	City & County of Denver CO Airport System Revenue		5.000		11/15/30		1,696,830
	1,000,000	City & County of Denver CO Airport System Revenue		5.000		12/01/32		1,134,640
	2,155,000	Colorado Health Facilities Authority		5.000		01/01/32		2,227,149
	250,000	Colorado Health Facilities Authority		5.000		12/01/41		273,950
	310,000	Denver Health & Hospital Authority		5.000		12/01/28		347,494
	1,000,000	Denver Urban Renewal Authority		5.000		12/01/24		1,140,120
	470,000	Eagle County Airport Terminal Corp		4.000		05/01/24		500,696
	580,000	Park Creek Metropolitan District		5.000		12/01/23		644,467
		TOTAL COLORADO						7,965,346
CONNECTICUT - 2.8%
	1,180,000	Capital Region Development Authority		5.000		06/15/29		1,322,438
	765,000	Capital Region Development Authority		5.000		06/15/33		844,101
	1,250,000	City of New Haven CT		5.000		08/15/24		1,412,288
	495,000	Connecticut State Health & Educational Facility Authority		5.000		07/01/27		569,007
	350,000	Connecticut State Health & Educational Facility Authority		5.000		07/01/32		394,586
	350,000	Connecticut State Health & Educational Facility Authority		5.000		07/01/33		393,172
	2,000,000	University of Connecticut		5.000		03/15/28		2,218,800
		TOTAL CONNECTICUT						7,154,392
DISTRICT OF COLUMBIA - 0.4%
	955,000	District of Columbia		5.000		04/01/27		1,111,333
		TOTAL DISTRICT OF COLUMBIA						1,111,333
FLORIDA - 4.1%
	250,000	County of Broward FL Airport System Revenue		5.000		10/01/27		289,597
	250,000	County of Broward FL Airport System Revenue		5.000		10/01/28		287,470
	1,100,000	Greater Orlando Aviation Authority		5.000		10/01/26		1,259,599
	400,000	Hillsborough County Port District		5.000		06/01/29		455,504
	1,000,000	Hillsborough County Port District		5.000		06/01/33		1,119,430
	1,225,000	JEA Electric System Revenue		5.000		10/01/21		1,321,371
	210,000	Miami-Dade County Educational Facilities Authority		5.000		04/01/28		244,486
	1,375,000	Miami-Dade County Expressway Authority		5.000		07/01/31		1,558,700
	2,180,000	Port St. Lucie Community Redevelopment Agency		5.000		01/01/26		2,475,673
	500,000	School District of Broward County		5.000		07/01/31		564,590
	130,000	Volusia County Educational Facility Authority		5.000		10/15/23		144,962
	105,000	Volusia County Educational Facility Authority		5.000		10/15/24		118,679
	75,000	Volusia County Educational Facility Authority		5.000		10/15/25		85,728
	540,000	Volusia County Educational Facility Authority		5.000		10/15/32		610,767
		TOTAL FLORIDA						10,536,556

207

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GEORGIA - 2.2%
$	1,000,000		City of Atlanta Department of Aviation		5.000	%	01/01/24	$	1,130,070
	1,000,000		Dahlonega Downtown Development Authority		4.000		07/01/37		1,015,460
	1,250,000		Dahlonega Downtown Development Authority		4.000		07/01/38		1,266,537
	1,000,000		Dahlonega Downtown Development Authority		5.000		07/01/39		1,111,340
	250,000		Georgia Municipal Association, Inc		5.000		12/01/30		286,770
	1,000,000		Glynn-Brunswick Memorial Hospital Authority		5.000		08/01/47		1,072,960
			TOTAL GEORGIA						5,883,137
GUAM - 0.2%
	200,000		Port Authority of Guam		5.000		07/01/29		221,794
	200,000		Port Authority of Guam		5.000		07/01/30		220,414
			TOTAL GUAM						442,208
HAWAII - 0.9%
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/29		1,153,280
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/41		1,092,540
			TOTAL HAWAII						2,245,820
ILLINOIS - 15.5%
	1,500,000		Chicago Board of Education		5.000		12/01/26		1,566,315
	1,500,000		Chicago Board of Education		5.000		12/01/27		1,570,650
	2,000,000	g	Chicago Board of Education		2.010		12/01/30		2,000,000
	500,000		Chicago Housing Authority		5.000		01/01/33		560,045
	2,000,000		Chicago Midway International Airport		5.000		01/01/26		2,246,240
	400,000		Chicago O’Hare International Airport		5.000		01/01/22		430,468
	750,000		Chicago O’Hare International Airport		5.000		01/01/25		841,650
	300,000		Chicago O’Hare International Airport		5.000		01/01/28		340,953
	1,000,000		Chicago O’Hare International Airport		5.000		01/01/32		1,088,150
	400,000		Chicago Park District		5.000		01/01/23		435,996
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,099,570
	2,085,000		Chicago State University		5.500		12/01/23		2,247,004
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,314,465
	1,000,000		Chicago Transit Authority		5.000		06/01/25		1,112,290
	1,000,000		City of Chicago IL Motor Fuel Tax Revenue		5.000		01/01/24		1,067,330
	500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		537,280
	1,500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,611,840
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/23		1,089,990
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/25		1,110,110
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/26		1,120,370
	1,500,000		City of Chicago IL, GO		5.500		01/01/35		1,600,980
	650,000		City of Chicago IL, GO		5.500		01/01/37		691,190
	500,000		City of Chicago IL, GO		5.500		01/01/42		529,720
	500,000		Cook County School District No 25 Arlington Heights		5.000		12/15/23		558,540
	1,750,000		County of Cook IL		5.000		11/15/31		1,944,513
	400,000		Illinois Finance Authority		5.000		05/01/21		422,572
	500,000		Illinois Finance Authority		5.000		11/01/21		533,305
	2,000,000		Metropolitan Water Reclamation District of Greater Chicago		5.000		12/01/30		2,261,360

208

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Sales Tax Securitization Corp		5.000	%	01/01/30	$	1,686,450
	695,000		State of Illinois		5.000		06/15/24		764,271
	2,000,000		State of Illinois		5.000		06/01/28		2,094,460
	1,500,000		State of Illinois, GO		5.000		06/15/19		1,527,180
	405,000		State of Illinois, GO		6.250		12/15/20		415,676
	250,000		Village of Broadview IL		5.000		12/01/28		284,635
	200,000		Village of Broadview IL		5.000		12/01/29		226,352
	545,000		Village of Broadview IL		5.000		12/01/30		612,684
	745,000		Village of Broadview IL		5.000		12/01/33		833,171
			TOTAL ILLINOIS						40,377,775
IOWA - 0.2%
	475,000		Iowa Higher Education Loan Authority		5.000		10/01/27		539,396
			TOTAL IOWA						539,396
KENTUCKY - 1.9%
	2,000,000		Kentucky Turnpike Authority		5.000		07/01/26		2,318,040
	1,250,000		Paducah Electric Plant Board		5.000		10/01/34		1,366,125
	1,250,000		Paducah Electric Plant Board		5.000		10/01/35		1,361,600
			TOTAL KENTUCKY						5,045,765
LOUISIANA - 1.5%
	750,000		Louisiana Local Government Environmental Facilities & Community Development Auth		5.000		10/01/27		859,867
	500,000	h	New Orleans Aviation Board		5.000		10/01/33		563,675
	1,250,000		St. Tammany Parish Hospital Service District No		5.000		07/01/33		1,395,988
	1,000,000		State of Louisiana		5.000		08/01/26		1,159,030
			TOTAL LOUISIANA						3,978,560
MAINE - 0.3%
	750,000	g	Finance Authority of Maine		5.375		12/15/33		768,818
			TOTAL MAINE						768,818
MARYLAND - 0.6%
	1,400,000		Maryland Economic Development Corp		5.000		03/31/36		1,514,884
			TOTAL MARYLAND						1,514,884
MASSACHUSETTS - 0.6%
	1,040,000		Massachusetts Department of Transportation		5.000		01/01/32		1,073,644
	500,000		Massachusetts Development Finance Agency		5.000		12/01/29		577,395
			TOTAL MASSACHUSETTS						1,651,039
MICHIGAN - 3.9%
	275,000		Lansing Community College		5.000		05/01/32		299,090
	915,000		Lansing Community College		5.000		05/01/32		1,004,725

209

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Michigan Finance Authority		5.000	%	04/01/25	$	2,248,360
	2,000,000		Michigan Finance Authority		5.000		11/15/28		2,275,480
	1,100,000		Michigan Finance Authority		5.000		07/01/35		1,190,090
	1,650,000		Michigan Finance Authority		5.000		07/01/44		1,757,613
	1,000,000		Michigan Finance Authority, GO		5.000		05/01/20		1,041,180
			TOTAL MICHIGAN						9,816,538
MINNESOTA - 1.3%
	1,055,000	h	City of Minneapolis MN		5.000		11/15/33		1,195,315
	500,000		Northern Municipal Power Agency		5.000		01/01/26		572,735
	500,000		Northern Municipal Power Agency		5.000		01/01/28		561,905
	1,000,000		Western Minnesota Municipal Power Agency		5.000		01/01/22		1,088,240
			TOTAL MINNESOTA						3,418,195
MISSISSIPPI - 2.7%
	750,000		Mississippi Development Bank		5.000		04/01/23		828,952
	1,500,000		Mississippi Development Bank		5.000		03/01/24		1,667,070
	750,000		Mississippi Development Bank		5.000		04/01/24		840,015
	1,250,000		Mississippi Development Bank		5.000		03/01/25		1,402,600
	1,045,000		Mississippi Development Bank		5.000		03/01/26		1,183,724
	1,000,000		Mississippi Development Bank		5.000		03/01/35		1,100,610
			TOTAL MISSISSIPPI						7,022,971
MISSOURI - 3.4%
	1,225,000		City of Kansas City MO		5.000		10/01/26		1,396,010
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/24		1,130,510
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/25		1,143,970
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/26		1,141,860
	1,500,000	g	Kansas City Land Clearance Redevelopment Authority		5.000		02/01/40		1,539,915
	450,000		St. Louis Land Clearance for Redevelopment Authority		4.000		06/01/20		459,959
	1,745,000		St. Louis Municipal Finance Corp		5.000		02/15/26		1,969,233
			TOTAL MISSOURI						8,781,457
NEBRASKA - 0.7%
	250,000		Omaha Airport Authority		5.000		12/15/22		275,198
	350,000		Omaha Airport Authority		5.000		12/15/23		390,796
	1,050,000		Public Power Generation Agency		5.000		01/01/22		1,135,785
			TOTAL NEBRASKA						1,801,779
NEVADA - 0.7%
	1,000,000		Las Vegas Redevelopment Agency		5.000		06/15/26		1,134,390
	625,000	g	State of Nevada Department of Business & Industry		6.950		02/15/38		632,037
			TOTAL NEVADA						1,766,427
NEW JERSEY - 2.0%
	250,000		New Jersey Economic Development Authority		5.000		06/15/19		254,670

210

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		New Jersey Economic Development Authority		5.000	%	06/15/20	$	260,773
	1,000,000		New Jersey Economic Development Authority		5.000		06/15/27		1,112,440
	1,000,000		New Jersey Educational Facilities Authority		5.000		07/01/27		1,149,970
	1,000,000		New Jersey Transportation Trust Fund Authority		5.000		06/15/20		1,044,290
	1,000,000		New Jersey Transportation Trust Fund Authority		5.000		06/15/29		1,104,720
	500,000		South Jersey Port Corp		5.000		01/01/48		532,725
			TOTAL NEW JERSEY						5,459,588
NEW YORK - 5.7%
	1,000,000		Brooklyn Arena Local Development Corp		5.000		07/15/25		1,123,240
	1,000,000		Brooklyn Arena Local Development Corp		5.000		07/15/26		1,132,720
	1,000,000		County of Nassau NY		5.000		10/01/26		1,155,880
	1,235,000		Metropolitan Transportation Authority		5.000		11/15/38		1,342,198
	375,000		New York Transportation Development Corp		5.000		07/01/30		405,863
	1,000,000		New York Transportation Development Corp		5.000		08/01/31		1,038,130
	715,000		New York Transportation Development Corp		5.000		01/01/36		778,421
	1,660,000		Town of Oyster Bay NY		2.000		02/15/19		1,656,265
	2,000,000		Town of Oyster Bay NY		4.000		02/15/20		2,038,200
	1,385,000		Troy Capital Resource Corp		5.000		08/01/24		1,559,718
	1,230,000		Westchester County Local Development Corp		5.000		11/01/24		1,373,738
	1,000,000		Westchester County Local Development Corp		5.000		11/01/25		1,128,070
			TOTAL NEW YORK						14,732,443
NORTH CAROLINA - 2.1%
	150,000		City of Charlotte NC Airport Revenue		5.000		07/01/22		163,891
	160,000		City of Charlotte NC Airport Revenue		5.000		07/01/23		177,870
	100,000		City of Charlotte NC Airport Revenue		5.000		07/01/24		112,789
	100,000		City of Charlotte NC Airport Revenue		5.000		07/01/25		114,229
	1,355,000		County of Duplin NC		5.000		04/01/27		1,545,499
	900,000		North Carolina Medical Care Commission		5.000		10/01/18		900,000
	240,000		North Carolina Medical Care Commission		4.000		10/01/19		243,785
	2,000,000		North Carolina Medical Care Commission		5.000		06/01/34		2,080,920
	200,000		North Carolina Turnpike Authority		5.000		01/01/22		215,884
			TOTAL NORTH CAROLINA						5,554,867
NORTH DAKOTA - 0.4%
	1,000,000		North Dakota Housing Finance Agency		2.400		01/01/26		961,790
			TOTAL NORTH DAKOTA						961,790
OHIO - 1.9%
	1,200,000		City of Cleveland OH Airport System Revenue		5.000		01/01/24		1,343,496
	1,000,000	h	City of Cleveland OH Airport System Revenue		5.000		01/01/27		1,134,100
	200,000		City of Cleveland OH Income Tax Revenue		5.000		10/01/27		234,088
	250,000		City of Cleveland OH Income Tax Revenue		5.000		10/01/28		292,180
	240,000		City of Toledo OH		4.000		12/01/29		252,278
	250,000		City of Toledo OH		4.000		12/01/30		261,695
	200,000		City of Toledo OH		4.000		12/01/31		208,484

211

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Cleveland-Cuyahoga County Port Authority		5.000	%	08/01/44	$	1,018,980
			TOTAL OHIO						4,745,301
OKLAHOMA - 1.0%
	750,000		Oklahoma Development Finance Authority		5.000		08/15/28		850,538
	1,500,000		Oklahoma Development Finance Authority		5.250		08/15/48		1,633,695
			TOTAL OKLAHOMA						2,484,233
OREGON - 2.0%
	3,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		2,959,710
	1,000,000		Oregon State Business Development Commission		11.500		04/01/31		1,082,740
	1,000,000		Tri-County Metropolitan Transportation District of Oregon		5.000		10/01/28		1,165,120
			TOTAL OREGON						5,207,570
PENNSYLVANIA - 5.3%
	1,100,000		Allegheny County Higher Education Building Authority		5.000		03/01/29		1,238,237
	480,000		Borough of Columbia PA		4.000		06/15/38		492,782
	250,000		Coatesville School District		4.000		08/01/20		256,572
	500,000		Coatesville School District		5.000		08/01/21		532,105
	740,000		Coatesville School District		5.000		08/01/25		831,249
	2,000,000		Commonwealth of Pennsylvania		5.000		09/15/23		2,228,580
	300,000		Commonwealth of Pennsylvania		5.000		07/01/24		333,285
	350,000		County of Luzerne PA		5.000		12/15/22		383,226
	2,000,000		Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,237,980
	2,500,000		Pennsylvania State University		5.000		03/01/40		2,588,725
	1,155,000		State Public School Building Authority		5.000		05/01/25		1,309,689
	915,000		Township of Northampton PA		4.000		05/15/33		947,675
			TOTAL PENNSYLVANIA						13,380,105
RHODE ISLAND - 1.0%
	825,000		Rhode Island Commerce Corp		5.000		06/15/27		956,002
	810,000		Rhode Island Health & Educational Building Corp		4.000		05/15/20		829,148
	815,000		Rhode Island Health & Educational Building Corp		5.000		05/15/21		863,982
			TOTAL RHODE ISLAND						2,649,132
SOUTH CAROLINA - 0.1%
	250,000		Piedmont Municipal Power Agency		5.000		01/01/24		280,155
			TOTAL SOUTH CAROLINA						280,155
SOUTH DAKOTA - 0.8%
	390,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/22		429,663
	415,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/23		464,626
	500,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/24		567,080

212

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	465,000		South Dakota Health & Educational Facilities Authority		5.000	%	11/01/25	$	533,499
			TOTAL SOUTH DAKOTA						1,994,868
TENNESSEE - 0.9%
	350,000		Knox County Health Educational & Housing Facility Board		5.000		04/01/20		361,994
	1,025,000		Memphis-Shelby County Airport Authority		5.000		07/01/33		1,154,601
	755,000		Tennessee Energy Acquisition Corp		4.000		11/01/49		792,984
			TOTAL TENNESSEE						2,309,579
TEXAS - 7.6%
	800,000		Austin Convention Enterprises, Inc		5.000		01/01/22		865,616
	400,000		City of Austin TX Airport System Revenue		5.000		11/15/27		462,248
	900,000		City of Austin TX Airport System Revenue		5.000		11/15/39		974,268
	2,000,000	h	City of El Paso TX Airport Revenue		5.000		08/15/28		2,315,380
	1,970,000		City of Houston TX		5.000		03/01/32		2,249,996
	1,500,000		City of Lubbock TX		5.000		02/15/25		1,716,645
	500,000		County of Galveston TX		4.000		02/01/38		512,455
	550,000		Dallas County Utility & Reclamation District		5.000		02/15/26		630,839
	425,000		Harris County Cultural Education Facilities Finance Corp		5.000		11/15/22		469,667
	1,105,000		Love Field Airport Modernization Corp		5.250		11/01/40		1,162,305
	1,000,000		North Texas Tollway Authority		2.000		01/01/23		981,540
	420,000		Port Freeport TX		5.000		06/01/28		476,788
	825,000		Port Freeport TX		5.000		06/01/29		930,741
	865,000		Port Freeport TX		5.000		06/01/30		970,573
	935,000		Port Freeport TX		5.000		06/01/32		1,041,001
	665,000		Southlake Community Enhancement & Development Corp		5.000		02/15/23		734,845
	455,000		Tarrant County Cultural Education Facilities Finance Corp		4.000		11/15/18		455,792
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,653,474
	1,000,000		University of North Texas		5.000		04/15/27		1,172,630
			TOTAL TEXAS						19,776,803
VIRGIN ISLANDS - 4.1%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,143,400
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,602,100
	6,000,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		5,991,780
			TOTAL VIRGIN ISLANDS						10,737,280
VIRGINIA - 0.4%
	1,000,000		Virginia Small Business Financing Authority		5.000		07/01/34		1,054,100
			TOTAL VIRGINIA						1,054,100
WASHINGTON - 3.1%
	2,705,000		Central Puget Sound Regional Transit Authority		5.250		02/01/21		2,813,903
	1,955,000		Energy Northwest		5.000		07/01/23		2,164,107

213

TIAA-CREF FUNDS - 5–15 Year Laddered Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000	h	Pend Oreille County Public Utility District No  Box Canyon		5.000	%	01/01/29	$	1,117,550
	2,000,000	g	Tender Option Bond Trust Receipts		1.910		02/01/19		2,000,000
			TOTAL WASHINGTON						8,095,560
WEST VIRGINIA - 1.3%
	1,000,000		West Virginia Higher Education Policy Commission		5.000		07/01/27		1,164,530
	750,000		West Virginia Hospital Finance Authority		5.000		01/01/29		853,058
	1,215,000		West Virginia Hospital Finance Authority		5.000		01/01/30		1,370,739
			TOTAL WEST VIRGINIA						3,388,327
WISCONSIN - 0.2%
	500,000		Public Finance Authority		5.000		09/30/49		536,290
			TOTAL WISCONSIN						536,290
			TOTAL LONG-TERM MUNICIPAL BONDS						250,954,171
			(Cost $254,477,213)
			TOTAL INVESTMENTS - 96.8%						250,954,171
			(Cost $254,477,213)
			OTHER ASSETS & LIABILITIES, NET - 3.2%						8,353,499
			NET ASSETS - 100.0%					$	259,307,670

	Abbreviation(s):
GO	General Obligation
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2018, the aggregate value of these securities was $21,677,079 or 8.4% of net assets.
h	All or portion of these securities were purchased on a delayed delivery basis.

214

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 5.7%
AUTOMOBILES & COMPONENTS - 0.2%
$	8,568,414	i	Gates Global LLC	LIBOR 1 M + 2.750%		4.990	%	04/01/24	$	8,616,654
			TOTAL AUTOMOBILES & COMPONENTS							8,616,654
CAPITAL GOODS - 0.1%
	1,645,688	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 3.500%		5.840		11/20/23		1,650,625
	4,466,278	i	Titan Acquisition Ltd	LIBOR 1 M + 3.000%		5.240		03/28/25		4,335,774
			TOTAL CAPITAL GOODS							5,986,399
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	9,982,161	i	ProQuest LLC	LIBOR 1 M + 3.750%		5.990		10/24/21		10,004,022
	16,264,860	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.590		11/14/22		16,296,414
	745,208	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		8.179		05/15/23		730,304
	4,254,792	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		9.240		05/15/23		4,169,696
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							31,200,436
CONSUMER SERVICES - 1.1%
	7,155,420	i	Allied Universal Holdco LLC	LIBOR 3 M + 3.750%		6.140		07/28/22		7,039,144
	13,275,000	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 8.250%		10.640		07/10/23		12,721,831
	9,800,438	i	KUEHG Corp	LIBOR 3 M + 8.250%		6.140		02/21/25		9,841,305
	8,800,000	i	KUEHG Corp	LIBOR 3 M + 8.250%		10.580		08/16/25		8,910,000
	3,697,109	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.040		08/14/24		3,690,195
			TOTAL CONSUMER SERVICES							42,202,475
ENERGY - 0.4%
	10,845,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.617		12/31/21		12,015,392
	4,850,017	i	Petrochoice Holdings, Inc	LIBOR 2 M + 5.000%		7.200		08/21/22		4,886,392
			TOTAL ENERGY							16,901,784
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	6,175,000	i	Gentiva Health Services, Inc	LIBOR 3 M + 7.000%		9.340		07/02/26		6,329,375
	4,197,055	i	Heartland Dental LLC	LIBOR 1 M + 3.750%		5.990		04/30/25		4,197,055
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							10,526,430
INSURANCE - 0.4%
	12,419,538	i	Acrisure LLC	LIBOR 3 M + 4.250%		6.590		11/22/23		12,455,803
	5,475,000	i	Asurion LLC	LIBOR 1 M + 6.500%		8.740		08/04/25		5,622,168
			TOTAL INSURANCE							18,077,971
MATERIALS - 0.4%
	3,840,375	i	Berlin Packaging LLC	LIBOR 1 and 3 M + 3.000%		5.110		11/07/25		3,838,570
	7,074,403	i	Plaze, Inc	LIBOR 3 M + 3.500%		5.840		07/29/22		7,105,389

215

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,545,299	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.240	%	09/23/24	$	1,550,770
	3,566,076	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.240		09/23/24		3,578,699
			TOTAL MATERIALS							16,073,428
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	9,207,000	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		5.740		09/26/24		8,864,039
	1,212,750	i	PAREXEL International Corp	LIBOR 1 M + 2.750%		4.990		09/27/24		1,203,958
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							10,067,997
REAL ESTATE - 0.4%
	14,625,000	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		4.500		08/21/25		14,679,844
	1,324,719	i	Road Infrastructure Investment LLC	LIBOR 1 M + 3.500%		5.740		06/13/23		1,293,257
			TOTAL REAL ESTATE							15,973,101
RETAILING - 0.7%
	11,014,081	i	Academy Ltd	LIBOR 1 M + 4.000%		6.100		07/01/22		8,535,913
	10,650,000		Sally Holdings LLC			4.500		07/05/24		10,330,500
	9,925,000	i	Staples, Inc	LIBOR 3 M + 4.000%		6.340		09/12/24		9,918,847
			TOTAL RETAILING							28,785,260
SOFTWARE & SERVICES - 0.1%
	3,677,737	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		4.490		04/16/25		3,680,054
	1,427,574	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		4.590		04/16/25		1,428,473
			TOTAL SOFTWARE & SERVICES							5,108,527
UTILITIES - 0.6%
	3,579,552	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.320		11/28/24		3,606,399
	9,850,031	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		6.240		07/14/23		9,889,726
	9,001,379	i	Vistra Operations Co LLC	LIBOR 1 M + 2.250%		4.490		12/14/23		9,019,832
			TOTAL UTILITIES							22,515,957
			TOTAL BANK LOAN OBLIGATIONS							232,036,419
			(Cost $233,141,208)
BONDS - 88.0%
CORPORATE BONDS - 88.0%
AUTOMOBILES & COMPONENTS - 1.1%
	7,950,000	g	Adient Global Holdings Ltd			4.875		08/15/26		7,065,562
	3,600,000	g	Allison Transmission, Inc			5.000		10/01/24		3,582,000
	600,000	g	Allison Transmission, Inc			4.750		10/01/27		566,250
	5,700,000	g	Dana Financing Luxembourg Sarl			5.750		04/15/25		5,598,540
	7,500,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		7,642,875
	8,176,000	g	Gates Global LLC			6.000		07/15/22		8,227,100
	2,875,000		Goodyear Tire & Rubber Co			5.000		05/31/26		2,703,219
	1,100,000	g,o	IHO Verwaltungs GmbH			4.125		09/15/21		1,089,000
	1,100,000	g,o	IHO Verwaltungs GmbH			4.500		09/15/23		1,065,746
	1,100,000	g,o	IHO Verwaltungs GmbH			4.750		09/15/26		1,036,750
	7,550,000	g	Schaeffler Finance BV			4.750		05/15/23		7,606,625
	330,000		Tenneco, Inc			5.000		07/15/26		293,288
			TOTAL AUTOMOBILES & COMPONENTS							46,476,955

216

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANKS - 1.3%
$	4,400,000		Barclays plc		7.750	%	12/15/66	$	4,411,000
	9,500,000		Citigroup, Inc		6.125		05/15/67		9,897,812
	5,600,000	g	Credit Suisse Group AG.		6.250		12/18/66		5,513,659
	3,700,000		ING Groep NV		6.000		10/16/66		3,690,380
	4,750,000	g	Lloyds Banking Group plc		6.657		05/21/67		4,842,055
	7,500,000	g	Nordea Bank AB		5.500		03/23/67		7,481,250
	6,250,000		Royal Bank of Scotland Group plc		6.125		12/15/22		6,543,623
	2,250,000		Royal Bank of Scotland Group plc		6.100		06/10/23		2,342,612
	5,500,000		Royal Bank of Scotland Group plc		6.000		12/19/23		5,730,281
	4,275,000		Royal Bank of Scotland Group plc		8.625		09/30/67		4,579,594
			TOTAL BANKS						55,032,266
CAPITAL GOODS - 2.8%
	3,000,000		Anixter, Inc		5.125		10/01/21		3,052,500
	2,500,000		Anixter, Inc		5.500		03/01/23		2,581,250
	17,950,000	g	Beacon Escrow Corp		4.875		11/01/25		16,536,437
	13,475,000	g	Cleaver-Brooks, Inc		7.875		03/01/23		13,778,187
	10,015,000	g	Cloud Crane LLC		10.125		08/01/24		10,966,425
	15,500,000		H&E Equipment Services, Inc		5.625		09/01/25		15,461,250
	7,450,000	g	SPX FLOW, Inc		5.625		08/15/24		7,486,430
	4,150,000	g	SPX FLOW, Inc		5.875		08/15/26		4,170,750
	13,130,000	g	Stena AB		7.000		02/01/24		12,407,850
	2,750,000	g	TransDigm UK Holdings plc		6.875		05/15/26		2,822,188
	5,000,000		TransDigm, Inc		6.000		07/15/22		5,081,250
	14,500,000		TransDigm, Inc		6.500		07/15/24		14,855,250
	2,375,000		TransDigm, Inc		6.500		05/15/25		2,419,531
			TOTAL CAPITAL GOODS						111,619,298
COMMERCIAL & PROFESSIONAL SERVICES - 2.7%
	7,250,000		AECOM		5.875		10/15/24		7,678,765
	7,000,000		AECOM		5.125		03/15/27		6,825,700
	8,487,000	g	Herc Rentals, Inc		7.500		06/01/22		8,975,002
	8,337,000	g	Herc Rentals, Inc		7.750		06/01/24		8,971,112
	8,675,000	g	Iron Mountain, Inc		4.875		09/15/27		7,948,469
	5,000,000	g	KAR Auction Services, Inc		5.125		06/01/25		4,850,000
	3,898,219	†,g,o	Neovia Logistics Intermediate Holdings LLC		10.000		04/01/20		2,689,771
	2,000,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		1,999,000
	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		8,650,000
	16,425,000		United Rentals North America, Inc		5.500		07/15/25		16,753,500
	6,675,000		United Rentals North America, Inc		4.625		10/15/25		6,474,750
	1,175,000		United Rentals North America, Inc		5.875		09/15/26		1,205,844
	1,500,000		United Rentals North America, Inc		5.500		05/15/27		1,483,125
	7,600,000		United Rentals North America, Inc		4.875		01/15/28		7,125,000
	8,250,000	g	XPO Logistics, Inc		6.500		06/15/22		8,518,125
	8,325,000	g	XPO Logistics, Inc		6.125		09/01/23		8,626,781
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						108,905,754

217

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CONSUMER DURABLES & APPAREL - 2.4%
$	2,125,000	g	Hanesbrands, Inc		4.625	%	05/15/24	$	2,065,235
	3,000,000	g	Hanesbrands, Inc		4.875		05/15/26		2,868,750
	5,575,000		KB Home		7.000		12/15/21		5,874,656
	1,900,000		KB Home		7.625		05/15/23		2,042,500
	1,800,000		Lennar Corp		8.375		01/15/21		1,959,660
	9,500,000		Lennar Corp		4.750		04/01/21		9,622,360
	5,600,000		Lennar Corp		4.125		01/15/22		5,565,224
	16,000,000		Lennar Corp		4.500		04/30/24		15,667,200
	13,150,000		Lennar Corp		5.875		11/15/24		13,692,437
	12,800,000	g	LGI Homes, Inc		6.875		07/15/26		12,576,000
	18,050,000	g	Mattel, Inc		6.750		12/31/25		17,689,000
	1,500,000		PulteGroup, Inc		4.250		03/01/21		1,503,750
	3,000,000		PulteGroup, Inc		5.500		03/01/26		2,985,000
	5,000,000		PulteGroup, Inc		5.000		01/15/27		4,737,500
			TOTAL CONSUMER DURABLES & APPAREL						98,849,272
CONSUMER SERVICES - 6.4%
	8,125,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		7,711,681
	15,000,000	g	1011778 BC ULC / New Red Finance Inc		5.000		10/15/25		14,362,650
	6,851,000		ADT Corp		6.250		10/15/21		7,186,768
	7,575,000		ADT Corp		3.500		07/15/22		7,167,844
	12,350,000	g	ADT Corp		4.875		07/15/32		9,997,325
	4,000,000		Boyd Gaming Corp		6.375		04/01/26		4,118,000
	6,300,000		Boyd Gaming Corp		6.000		08/15/26		6,347,250
	2,800,000		Cedar Fair LP		5.375		04/15/27		2,723,000
	11,000,000	g	Cott Holdings, Inc		5.500		04/01/25		10,738,750
	3,000,000		GLP Capital LP		5.250		06/01/25		3,047,430
	1,000,000		GLP Capital LP		5.375		04/15/26		1,015,510
	3,000,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		2,903,400
	8,500,000		Hilton Worldwide Finance LLC		4.625		04/01/25		8,347,000
	8,035,000	g	International Game Technology		6.250		02/15/22		8,326,269
	14,785,000	g	International Game Technology		6.500		02/15/25		15,339,437
	4,650,000	g	International Game Technology plc		6.250		01/15/27		4,711,031
	2,500,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		2,456,250
	3,500,000		MGM Resorts International		6.750		10/01/20		3,679,375
	11,250,000		MGM Resorts International		6.000		03/15/23		11,643,750
	16,000,000	g	Penn National Gaming, Inc		5.625		01/15/27		15,435,200
	13,700,000		Pinnacle Entertainment, Inc		5.625		05/01/24		14,470,625
	41,210,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		44,074,095
	4,000,000		Scientific Games International, Inc		6.250		09/01/20		3,980,000
	4,650,000	g	Scientific Games International, Inc		5.000		10/15/25		4,417,500
	6,000,000	g	ServiceMaster Co LLC		5.125		11/15/24		5,924,160
	22,500,000	g	Six Flags Entertainment Corp		4.875		07/31/24		22,038,750
	4,665,000		Speedway Motorsports, Inc		5.125		02/01/23		4,659,169
	13,000,000	g	Wynn Las Vegas LLC		5.500		03/01/25		12,561,250
			TOTAL CONSUMER SERVICES						259,383,469
DIVERSIFIED FINANCIALS - 4.3%
	5,000,000		Ally Financial, Inc		4.125		02/13/22		4,993,750
	14,450,000	g	Avolon Holdings Funding Ltd		5.125		10/01/23		14,576,437
	4,750,000		CIT Group, Inc		5.000		08/01/23		4,845,475
	2,000,000		CIT Group, Inc		5.250		03/07/25		2,040,000

218

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	900,000		CIT Group, Inc		6.125	%	03/09/28	$	940,500
	831,000		General Motors Acceptance Corp LLC		8.000		11/01/31		1,006,549
	10,000,000		GMAC, Inc		8.000		11/01/31		12,112,500
	11,425,000		Icahn Enterprises LP		5.875		02/01/22		11,577,524
	21,200,000		Icahn Enterprises LP		6.250		02/01/22		21,730,000
	6,500,000		Icahn Enterprises LP		6.750		02/01/24		6,654,375
	3,550,000	g	Lincoln Finance Ltd		7.375		04/15/21		3,665,659
	8,330,000		Navient Corp		6.625		07/26/21		8,684,025
	9,500,000		Navient Corp		7.250		09/25/23		10,070,000
	8,000,000		Navient Corp		6.125		03/25/24		7,980,000
	12,025,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		12,145,250
	12,500,000	g	Park Aerospace Holdings Ltd		4.500		03/15/23		12,203,125
	12,975,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		13,283,156
	27,850,000	g	Quicken Loans, Inc		5.250		01/15/28		25,865,688
			TOTAL DIVERSIFIED FINANCIALS						174,374,013
ENERGY - 18.0%
	8,425,000		AmeriGas Partners LP		5.625		05/20/24		8,361,812
	14,500,000		AmeriGas Partners LP		5.500		05/20/25		14,246,250
	6,375,000		AmeriGas Partners LP		5.875		08/20/26		6,327,188
	13,300,000		AmeriGas Partners LP		5.750		05/20/27		13,034,000
	2,000,000		Ashland, Inc		6.875		05/15/43		2,050,000
	2,183,000		California Resources Corp		5.500		09/15/21		1,975,615
	5,180,000	g	California Resources Corp		8.000		12/15/22		4,940,425
	4,151,000		California Resources Corp		6.000		11/15/24		3,528,350
	13,065,000		Calumet Specialty Products Partners LP		6.500		04/15/21		12,999,675
	4,585,000		Calumet Specialty Products Partners LP		7.625		01/15/22		4,596,462
	10,600,000		Calumet Specialty Products Partners LP		7.750		04/15/23		10,600,000
	1,400,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		1,533,000
	12,185,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		12,794,250
	18,000,000	g	Cheniere Energy Partners LP		5.625		10/01/26		18,129,600
	14,250,000		Chesapeake Energy Corp		7.000		10/01/24		14,250,000
	9,100,000		Chesapeake Energy Corp		7.500		10/01/26		9,100,000
	10,878,000		Cloud Peak Energy Resources LLC		12.000		11/01/21		10,932,281
	9,845,000		Crestwood Midstream Partners LP		6.250		04/01/23		10,164,962
	11,050,000		Crestwood Midstream Partners LP		5.750		04/01/25		11,284,812
	3,600,000	g	Denbury Resources, Inc		9.000		05/15/21		3,892,500
	4,750,000		Denbury Resources, Inc		5.500		05/01/22		4,370,000
	525,000		Denbury Resources, Inc		4.625		07/15/23		461,675
	14,750,000	g	Denbury Resources, Inc		7.500		02/15/24		15,192,500
	10,000,000		Diamond Offshore Drilling, Inc		7.875		08/15/25		10,387,500
	3,000,000		Dynegy, Inc		7.375		11/01/22		3,120,540
	4,875,000		Dynegy, Inc		7.625		11/01/24		5,246,719
	6,650,000		Ensco plc		7.750		02/01/26		6,600,125
	11,551,000	g	EP Energy LLC		9.375		05/01/24		9,529,575
	14,250,000	g	EP Energy LLC		7.750		05/15/26		14,588,438
	21,535,000		Exterran Partners LP		6.000		04/01/21		21,642,675
	11,293,000		Exterran Partners LP		6.000		10/01/22		11,391,814
	17,900,000		Genesis Energy LP		6.500		10/01/25		17,474,875
	22,500,000		Genesis Energy LP		6.250		05/15/26		21,431,250
	26,175,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		26,436,750
	6,875,000		Murphy Oil Corp		6.875		08/15/24		7,276,989

219

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	19,800,000		Murphy Oil Corp		5.750	%	08/15/25	$	20,114,880
	2,500,000		Murphy Oil USA, Inc		6.000		08/15/23		2,568,750
	1,650,000		Murphy Oil USA, Inc		5.625		05/01/27		1,637,625
	23,750,000	h	Nabors Industries, Inc		5.750		02/01/25		22,761,499
	15,752,000		Oasis Petroleum, Inc		6.875		03/15/22		16,027,345
	9,595,000		Oasis Petroleum, Inc		6.875		01/15/23		9,762,913
	17,250,000	g	Oasis Petroleum, Inc		6.250		05/01/26		17,607,938
	12,000,000	g	Parkland Fuel Corp		6.000		04/01/26		12,030,000
	4,750,000	m	Peabody Energy Corp		10.000		03/15/22		0
	4,362,000		Precision Drilling Corp		5.250		11/15/24		4,165,710
	2,850,000	g	Precision Drilling Corp		7.125		01/15/26		2,928,375
	22,825,000		Range Resources Corp		5.750		06/01/21		23,481,219
	1,900,000		Range Resources Corp		5.000		08/15/22		1,881,000
	2,375,000		Range Resources Corp		4.875		05/15/25		2,247,344
	5,850,000		SM Energy Co		6.125		11/15/22		6,025,500
	1,900,000		SM Energy Co		6.750		09/15/26		1,973,625
	16,000,000		SM Energy Co		6.625		01/15/27		16,540,000
	10,900,000		Southwestern Energy Co		4.100		03/15/22		10,859,125
	4,750,000		Southwestern Energy Co		6.200		01/23/25		4,711,406
	19,000,000		Southwestern Energy Co		7.500		04/01/26		19,902,500
	4,750,000		Southwestern Energy Co		7.750		10/01/27		5,011,250
	5,000,000		Suburban Propane Partners LP		5.500		06/01/24		4,912,500
	10,200,000		Suburban Propane Partners LP		5.750		03/01/25		9,894,000
	8,175,000		Suburban Propane Partners LP		5.875		03/01/27		7,766,250
	6,575,000	g	Sunoco LP		4.875		01/15/23		6,509,250
	2,500,000	g	Sunoco LP		5.500		02/15/26		2,415,000
	2,000,000	g	Sunoco LP		5.875		03/15/28		1,920,000
	9,825,000		Targa Resources Partners LP		5.125		02/01/25		9,874,125
	11,500,000	g	Targa Resources Partners LP		5.875		04/15/26		11,859,375
	15,000,000	g	Targa Resources Partners LP		5.000		01/15/28		14,580,000
	10,000,000	g	TerraForm Power Operating LLC		5.000		01/31/28		9,300,000
	15,975,000	g	Transocean Guardian Ltd		5.875		01/15/24		16,114,781
	12,800,000	g	Transocean Pontus Ltd		6.125		08/01/25		13,007,872
	1,900,000		Transocean, Inc		5.800		10/15/22		1,892,875
	2,850,000	g	Transocean, Inc		9.000		07/15/23		3,099,375
	2,575,000	g	Transocean, Inc		7.500		01/15/26		2,658,688
	6,220,000		Transocean, Inc		6.800		03/15/38		5,380,300
	30,000,000	g	USA Compression Partners LP		6.875		04/01/26		30,975,000
	11,750,000		Whiting Petroleum Corp		6.250		04/01/23		12,155,375
	8,975,000		Whiting Petroleum Corp		6.625		01/15/26		9,334,000
	1,825,000		WPX Energy, Inc		6.000		01/15/22		1,891,156
	5,950,000		WPX Energy, Inc		8.250		08/01/23		6,753,250
			TOTAL ENERGY						734,423,783
FOOD & STAPLES RETAILING - 1.5%
	8,500,000		Albertsons Cos LLC		6.625		06/15/24		8,170,625
	14,250,000		Albertsons Cos LLC		5.750		03/15/25		12,753,750
	30,685,000	†,g	Fresh Market, Inc		9.750		05/01/23		22,860,325
	17,960,000		Ingles Markets, Inc		5.750		06/15/23		18,184,500
			TOTAL FOOD & STAPLES RETAILING						61,969,200

220

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 0.4%
$	2,120,000	g	Lamb Weston Holdings, Inc		4.625	%	11/01/24	$	2,074,950
	7,250,000	g	Post Holdings, Inc		5.500		03/01/25		7,192,000
	2,375,000	g	Post Holdings, Inc		5.000		08/15/26		2,245,681
	3,150,000	g	Post Holdings, Inc		5.750		03/01/27		3,094,875
	2,500,000	g	Post Holdings, Inc		5.625		01/15/28		2,406,250
			TOTAL FOOD, BEVERAGE & TOBACCO						17,013,756
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	16,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		15,880,000
	14,500,000		CHS/Community Health Systems		5.125		08/01/21		14,101,250
	11,875,000		CHS/Community Health Systems		6.250		03/31/23		11,296,094
	5,000,000		DaVita, Inc		5.125		07/15/24		4,825,000
	14,500,000		DaVita, Inc		5.000		05/01/25		13,915,505
	7,125,000		Encompass Health Corp		5.125		03/15/23		7,142,813
	4,625,000		Encompass Health Corp		5.750		11/01/24		4,688,177
	5,000,000		Encompass Health Corp		5.750		09/15/25		5,037,500
	18,000,000	g,h	Enterprise Merger Sub, Inc		8.750		10/15/26		18,000,000
	575,000		HCA Holdings, Inc		6.250		02/15/21		599,437
	13,600,000		HCA, Inc		7.500		02/15/22		14,892,000
	1,800,000		HCA, Inc		5.875		03/15/22		1,908,000
	10,000,000		HCA, Inc		5.000		03/15/24		10,250,000
	13,350,000		HCA, Inc		5.375		02/01/25		13,617,000
	24,650,000		HCA, Inc		5.875		02/15/26		25,666,813
	900,000		HCA, Inc		7.500		11/06/33		975,492
	6,550,000		HCA, Inc		5.500		06/15/47		6,640,062
	6,075,000		LifePoint Health, Inc		5.875		12/01/23		6,340,781
	5,650,000		LifePoint Health, Inc		5.375		05/01/24		5,876,000
	5,000,000		MPT Operating Partnership LP		5.000		10/15/27		4,834,850
	5,950,000	g	New Amethyst Corp		6.250		12/01/24		6,396,250
	3,000,000		Tenet Healthcare Corp		6.750		02/01/20		3,100,800
	4,450,000		Tenet Healthcare Corp		6.000		10/01/20		4,589,063
	11,500,000		Tenet Healthcare Corp		8.125		04/01/22		12,118,700
	10,000,000		Tenet Healthcare Corp		6.750		06/15/23		9,962,500
	23,125,000		Tenet Healthcare Corp		4.625		07/15/24		22,477,500
	8,900,000		Tenet Healthcare Corp		6.875		11/15/31		7,967,280
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						253,098,867
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,794,000
	5,675,000	g	First Quality Finance Co, Inc		5.000		07/01/25		5,306,125
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						10,100,125
INSURANCE - 0.1%
	2,000,000	g	WellCare Health Plans, Inc		5.375		08/15/26		2,035,000
			TOTAL INSURANCE						2,035,000
MATERIALS - 9.2%
	1,600,000	g	Alcoa Nederland Holding BV		6.750		09/30/24		1,692,000
	1,600,000	g	Alcoa Nederland Holding BV		7.000		09/30/26		1,718,000
	6,000,000	g	Alcoa Nederland Holding BV		6.125		05/15/28		6,165,000
	6,550,000		Alcoa, Inc		5.400		04/15/21		6,756,521

221

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,750,000		Alcoa, Inc		5.125	%	10/01/24	$	4,782,015
	4,250,000	g	Berry Global, Inc		4.500		02/15/26		4,037,500
	4,750,000		Berry Plastics Corp		5.500		05/15/22		4,827,662
	14,000,000		Berry Plastics Corp		6.000		10/15/22		14,420,000
	1,900,000		Berry Plastics Corp		5.125		07/15/23		1,920,425
	20,000,000		Blue Cube Spinco, Inc		9.750		10/15/23		22,625,000
	11,400,000		Blue Cube Spinco, Inc		10.000		10/15/25		13,110,000
	7,625,000	g	Commercial Metals Co		5.750		04/15/26		7,396,250
	2,000,000		Crown Americas LLC		4.500		01/15/23		2,008,000
	3,000,000	g	Crown Americas LLC		4.750		02/01/26		2,872,500
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		13,680,000
	4,750,000	g	First Quantum Minerals Ltd		7.250		04/01/23		4,524,375
	4,750,000	g	First Quantum Minerals Ltd		7.500		04/01/25		4,506,562
	9,500,000	g	First Quantum Minerals Ltd		6.875		03/01/26		8,621,250
	4,250,000	g	FMG Resources Ltd		4.750		05/15/22		4,207,500
	11,400,000	g	FMG Resources Ltd		5.125		03/15/23		11,271,750
	10,000,000		Freeport-McMoRan, Inc		3.875		03/15/23		9,674,200
	2,000,000		Freeport-McMoRan, Inc		4.550		11/14/24		1,940,000
	3,100,000		Freeport-McMoRan, Inc		5.400		11/14/34		2,914,000
	14,250,000		Freeport-McMoRan, Inc		5.450		03/15/43		12,931,875
	6,650,000	g	GCP Applied Technologies, Inc		5.500		04/15/26		6,541,937
	5,828,000	g	James Hardie International Finance DAC		4.750		01/15/25		5,639,756
	4,250,000	g	James Hardie International Finance DAC		5.000		01/15/28		4,016,250
	1,250,000		Kaiser Aluminum Corp		5.875		05/15/24		1,277,750
	40,000,000	g	Nova Chemicals Corp		4.875		06/01/24		38,510,000
	16,000,000	g	OCI NV		6.625		04/15/23		16,530,416
	6,450,000		Olin Corp		5.125		09/15/27		6,208,125
	11,250,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		11,573,438
	1,650,000		PolyOne Corp		5.250		03/15/23		1,707,800
	9,500,000	g	Standard Industries, Inc		5.500		02/15/23		9,606,875
	2,000,000	g	Standard Industries, Inc		5.000		02/15/27		1,882,500
	4,725,000	g,h	Starfruit Finco BV		8.000		10/01/26		4,789,969
	5,000,000		Steel Dynamics, Inc		4.125		09/15/25		4,788,500
	3,000,000		Steel Dynamics, Inc		5.000		12/15/26		2,985,000
	6,650,000		Teck Resources Ltd		6.125		10/01/35		6,999,125
	9,500,000		Teck Resources Ltd		6.250		07/15/41		9,975,000
	9,000,000	g	Trinseo Materials Operating S.C.A		5.375		09/01/25		8,676,450
	15,950,000	g	Tronox Finance plc		5.750		10/01/25		14,793,625
	22,750,000	g	Tronox, Inc		6.500		04/15/26		21,925,312
	13,370,000	g	Univar, Inc		6.750		07/15/23		13,854,663
	5,000,000	g	USG Corp		4.875		06/01/27		5,055,050
	1,000,000		Valvoline, Inc		5.500		07/15/24		1,002,500
	2,000,000		Valvoline, Inc		4.375		08/15/25		1,860,000
	4,749,000	g	Versum Materials, Inc		5.500		09/30/24		4,855,853
	3,040,000	g	WR Grace & Co-Conn		5.625		10/01/24		3,199,600
			TOTAL MATERIALS						376,857,879
MEDIA - 10.0%
	3,550,000	g	Altice Financing S.A.		6.625		02/15/23		3,576,625
	28,175,000	g	Altice France S.A.		8.125		02/01/27		28,949,812
	7,500,000		AMC Entertainment Holdings, Inc		5.875		02/15/22		7,556,250
	1,600,000		AMC Entertainment Holdings, Inc		5.875		11/15/26		1,532,000
	7,475,000		AMC Entertainment Holdings, Inc		6.125		05/15/27		7,162,919

222

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,000,000		AMC Entertainment, Inc		5.750	%	06/15/25	$	9,570,000
	10,615,000	g	CBS Radio, Inc		7.250		11/01/24		10,200,803
	10,725,000	g	CCO Holdings LLC		4.000		03/01/23		10,267,042
	20,900,000		CCO Holdings LLC		5.750		01/15/24		21,239,625
	20,000,000	g	CCO Holdings LLC		5.875		04/01/24		20,425,000
	4,750,000	g	CCO Holdings LLC		5.375		05/01/25		4,714,375
	6,650,000	g	CCO Holdings LLC		5.125		05/01/27		6,304,931
	19,750,000	g	Cequel Communications Holdings I LLC		7.500		04/01/28		20,688,125
	10,075,000		Cinemark USA, Inc		4.875		06/01/23		9,911,281
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,047,687
	9,500,000		CSC Holdings LLC		6.750		11/15/21		10,010,625
	10,850,000	g	CSC Holdings LLC		5.500		04/15/27		10,555,748
	4,030,000		DISH DBS Corp		5.000		03/15/23		3,656,943
	19,000,000		DISH DBS Corp		7.750		07/01/26		18,002,500
	7,500,000	g	DISH Network Corp		2.375		03/15/24		6,647,505
	13,860,000		DISH Network Corp		3.375		08/15/26		13,219,197
	12,275,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		13,210,969
	7,525,000	g	EW Scripps Co		5.125		05/15/25		7,233,406
	14,990,000	g	Gray Television, Inc		5.125		10/15/24		14,484,087
	11,600,000	g	Gray Television, Inc		5.875		07/15/26		11,498,500
	5,000,000		Lamar Media Corp		5.750		02/01/26		5,184,200
	10,325,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		10,583,125
	1,209,000	g	Lynx II Corp		6.375		04/15/23		1,237,714
	825,000		Match Group, Inc		6.375		06/01/24		870,268
	14,710,000	g	Meredith Corp		6.875		02/01/26		15,077,750
	14,250,000	g	Neptune Finco Corp		10.125		01/15/23		15,589,500
	13,577,000	g	Neptune Finco Corp		10.875		10/15/25		15,766,291
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		11,589,881
	4,750,000	g	Numericable Group S.A.		6.250		05/15/24		4,694,188
	19,150,000	g	Numericable-SFR S.A.		7.375		05/01/26		19,170,108
	850,000		Outfront Media Capital LLC		5.250		02/15/22		860,625
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,364,850
	8,100,000	g	Sirius XM Radio, Inc		5.375		07/15/26		8,039,250
	1,400,000	g	Tegna, Inc		4.875		09/15/21		1,401,750
	3,375,000	g	Tegna, Inc		5.500		09/15/24		3,412,969
	4,325,000	g	Univision Communications, Inc		5.125		05/15/23		4,141,188
	9,100,000	g	Univision Communications, Inc		5.125		02/15/25		8,508,500
	3,425,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		3,425,000
	6,000,000	g	Virgin Media Secured Finance plc		5.250		01/15/26		5,866,740
			TOTAL MEDIA						409,449,852
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.9%
	1,800,000	g	Endo Dac		5.875		10/15/24		1,813,500
	2,375,000	g	Endo Finance LLC		5.375		01/15/23		2,090,000
	4,100,000	g	Endo Finance LLC		6.000		02/01/25		3,534,200
	6,875,000	g	Mallinckrodt International Finance S.A.		5.750		08/01/22		6,342,187
	3,342,000		Mallinckrodt International Finance S.A.		4.750		04/15/23		2,850,247
	4,750,000	g	Mallinckrodt International Finance S.A.		5.625		10/15/23		4,203,750
	1,900,000	g	Mallinckrodt International Finance S.A.		5.500		04/15/25		1,604,550
	5,000,000		Teva Pharmaceutical Finance Netherlands III BV		2.800		07/21/23		4,451,363

223

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,900,000		Teva Pharmaceutical Finance Netherlands III BV		6.000	%	04/15/24	$	8,020,454
	8,975,000		Teva Pharmaceutical Finance Netherlands III BV		6.750		03/01/28		9,461,996
	4,750,000	g	Valeant Pharmaceuticals International, Inc		7.500		07/15/21		4,839,063
	9,000,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		8,966,250
	17,600,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		16,931,200
	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.000		12/15/25		5,112,377
	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.250		04/01/26		5,124,063
	3,800,000	g	Valeant Pharmaceuticals International, Inc		8.500		01/31/27		3,990,000
	17,825,000	g	VRX Escrow Corp		5.875		05/15/23		17,303,619
	9,500,000	g	VRX Escrow Corp		6.125		04/15/25		9,034,975
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						115,673,794
REAL ESTATE - 0.8%
	2,375,000		Equinix, Inc		5.375		01/01/22		2,452,188
	3,975,000		Equinix, Inc		5.875		01/15/26		4,089,281
	25,300,000	g	WeWork Cos, Inc		7.875		05/01/25		24,604,250
			TOTAL REAL ESTATE						31,145,719
RETAILING - 3.3%
	14,475,000		Asbury Automotive Group, Inc		6.000		12/15/24		14,619,750
	1,675,000		CDW LLC		5.000		09/01/25		1,668,719
	3,000,000	†	JC Penney Corp, Inc		6.375		10/15/36		1,200,000
	6,650,000		L Brands, Inc		5.250		02/01/28		5,720,995
	6,650,000		L Brands, Inc		6.875		11/01/35		5,619,250
	9,550,000		L Brands, Inc		6.750		07/01/36		7,878,750
	5,400,000	g	Lithia Motors, Inc		5.250		08/01/25		5,170,500
	11,077,000		Men’s Wearhouse, Inc		7.000		07/01/22		11,381,617
	5,670,000		Penske Automotive Group, Inc		5.375		12/01/24		5,556,600
	9,145,000		Penske Automotive Group, Inc		5.500		05/15/26		8,890,769
	24,800,000	†,g	PetSmart, Inc		7.125		03/15/23		17,825,000
	7,725,000	g	PetSmart, Inc		5.875		06/01/25		6,332,105
	5,000,000	†,g	PetSmart, Inc		8.875		06/01/25		3,599,000
	5,000,000		Sonic Automotive, Inc		5.000		05/15/23		4,712,500
	2,650,000		Sonic Automotive, Inc		6.125		03/15/27		2,477,750
	36,100,000	g	Staples, Inc		8.500		09/15/25		33,888,875
			TOTAL RETAILING						136,542,180
SOFTWARE & SERVICES - 2.9%
	15,725,000	g	Banff Merger Sub, Inc		9.750		09/01/26		15,953,012
	3,000,000		CDK Global, Inc		5.875		06/15/26		3,098,640
	4,500,000	g	First Data Corp		5.000		01/15/24		4,525,875
	6,750,000	g	First Data Corp		5.750		01/15/24		6,836,062
	1,175,000	g	Gartner, Inc		5.125		04/01/25		1,181,310
	6,350,000		NCR Corp		5.875		12/15/21		6,413,500
	5,000,000		NCR Corp		5.000		07/15/22		4,959,375
	4,750,000		NCR Corp		6.375		12/15/23		4,839,062
	8,500,000	g	Nielsen Co Luxembourg SARL		5.000		02/01/25		8,330,000
	16,400,000	g	Open Text Corp		5.875		06/01/26		16,922,832
	16,475,000	g,h	Refinitiv US Holdings		6.250		05/15/26		16,464,703
	14,900,000	g,h	Refinitiv US Holdings		8.250		11/15/26		14,809,706
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		3,909,165
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		2,000,000

224

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,275,000	g	Symantec Corp		5.000	%	04/15/25	$	4,236,508
	2,000,000	g	WEX, Inc		4.750		02/01/23		1,997,500
			TOTAL SOFTWARE & SERVICES						116,477,250
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	23,700,000	g	CommScope, Inc		6.000		06/15/25		24,458,400
	6,650,000	g	Dell International LLC		5.875		06/15/21		6,849,502
	6,575,000	g	Dell International LLC		7.125		06/15/24		7,062,207
	4,750,000	g	Dell International LLC		8.350		07/15/46		5,897,753
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						44,267,862
TELECOMMUNICATION SERVICES - 5.3%
	16,900,000	g	Altice Luxembourg S.A.		7.750		05/15/22		16,447,925
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,225,000
	17,300,000		CenturyLink, Inc		5.800		03/15/22		17,602,750
	16,400,000		CenturyLink, Inc		7.500		04/01/24		17,527,500
	3,800,000		CenturyLink, Inc		7.650		03/15/42		3,391,500
	4,550,000		CenturyTel, Inc		7.600		09/15/39		4,060,875
	35,375,000	g	Frontier Communications Corp		8.500		04/01/26		33,429,375
	4,750,000		Level 3 Financing, Inc		5.375		01/15/24		4,758,265
	9,600,000		Level 3 Financing, Inc		5.250		03/15/26		9,444,480
	13,007,000		Sprint Capital Corp		6.875		11/15/28		13,068,003
	13,275,000		Sprint Capital Corp		8.750		03/15/32		14,930,260
	6,900,000		Sprint Corp		7.875		09/15/23		7,433,784
	10,450,000		Sprint Corp		7.625		02/15/25		11,082,225
	9,500,000		Sprint Corp		7.625		03/01/26		10,053,375
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		9,032,625
	8,100,000		T-Mobile USA, Inc		6.500		01/15/24		8,413,875
	6,950,000		T-Mobile USA, Inc		6.375		03/01/25		7,240,510
	22,000,000		T-Mobile USA, Inc		5.125		04/15/25		22,165,000
			TOTAL TELECOMMUNICATION SERVICES						216,307,327
TRANSPORTATION - 2.0%
	5,700,000	g	Bombardier, Inc		7.750		03/15/20		5,960,062
	14,500,000	g	Bombardier, Inc		6.000		10/15/22		14,536,250
	16,825,000	g	Bombardier, Inc		6.125		01/15/23		16,898,609
	14,800,000	g	Bombardier, Inc		7.500		03/15/25		15,262,500
	2,525,000		Bristow Group, Inc		6.250		10/15/22		1,843,250
	8,540,000	g	Bristow Group, Inc		8.750		03/01/23		8,347,850
	6,345,000	g	Hertz Corp		7.625		06/01/22		6,265,688
	3,075,000		Hertz Corp		6.250		10/15/22		2,852,063
	3,325,000	g	Hertz Corp		5.500		10/15/24		2,759,750
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		2,088,000
	6,150,000		United Continental Holdings, Inc		4.250		10/01/22		6,088,500
			TOTAL TRANSPORTATION						82,902,522
UTILITIES - 3.1%
	13,200,000		AES Corp		4.500		03/15/23		13,233,000
	6,750,000		AES Corp		5.500		04/15/25		6,918,750
	27,125,000	g	Calpine Corp		5.250		06/01/26		25,124,531
	9,125,000	g,h	Clearway Energy Operating LLC		5.750		10/15/25		9,210,547

225

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,300,000	g	NextEra Energy Operating Partners LP		4.250	%	09/15/24	$	5,194,000
	9,250,000		NGL Energy Partners LP		5.125		07/15/19		9,296,250
	2,498,000		NRG Energy, Inc		6.250		07/15/22		2,577,187
	7,000,000		NRG Energy, Inc		6.250		05/01/24		7,280,000
	21,350,000	g	NRG Energy, Inc		5.750		01/15/28		21,563,500
	18,500,000	g	Talen Energy Supply LLC		10.500		01/15/26		16,742,500
	9,525,000	g	Vistra Operations Co LLC		5.500		09/01/26		9,632,156
			TOTAL UTILITIES						126,772,421
			TOTAL CORPORATE BONDS						3,589,678,564
			(Cost $3,603,894,388)
			TOTAL BONDS						3,589,678,564
			(Cost $3,603,894,388)
SHARES			COMPANY
COMMON STOCKS - 2.5%
DIVERSIFIED FINANCIALS - 1.7%
	406,574		iShares iBoxx $ High Yield Corporate Bond ETF						35,144,256
	971,552		SPDR Barclays High Yield Bond ETF						35,024,450
			TOTAL DIVERSIFIED FINANCIALS						70,168,706
ENERGY - 0.8%
	265,062	*,a	Gulfmark Offshore, Inc						9,886,813
	162,740	*,a,m	Gulfmark Offshore, Inc						6,070,202
	443,017		Peabody Energy Corp						15,789,126
			TOTAL ENERGY						31,746,141
			TOTAL COMMON STOCKS						101,914,847
			(Cost $85,083,819)
RIGHTS / WARRANTS - 0.1%
ENERGY - 0.1%
	64,426		Gulfmark Offshore, Inc						2,319,336
	22,437	m	Gulfmark Offshore, Inc						807,732
			TOTAL ENERGY						3,127,068
			TOTAL RIGHTS / WARRANTS						3,127,068
			(Cost $1,808,487)

226

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.8%
GOVERNMENT AGENCY DEBT - 0.9%
$	14,950,000	Federal Home Loan Bank (FHLB)		2.000	%	10/01/18	$	14,950,000
	20,000,000	FHLB		1.966		10/10/18		19,989,440
		TOTAL GOVERNMENT AGENCY DEBT						34,939,440
TREASURY DEBT - 2.9%
	13,820,000	United States Treasury Bill		1.962		10/04/18		13,817,659
	56,180,000	United States Treasury Bill		1.961-1.964		10/11/18		56,148,067
	27,875,000	United States Treasury Bill		1.997		10/18/18		27,847,785
	20,650,000	United States Treasury Bill		2.036		11/01/18		20,613,325
		TOTAL TREASURY DEBT						118,426,836
		TOTAL SHORT-TERM INVESTMENTS						153,366,276
		(Cost $153,369,898)
		TOTAL INVESTMENTS - 100.1%						4,080,123,174
		(Cost $4,077,297,800)
		OTHER ASSETS & LIABILITIES, NET - (0.1)%						(2,392,791	)
		NET ASSETS - 100.0%					$	4,077,730,383

	Abbreviation(s):
ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
M	Month
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
a	Affiliated holding
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 9/30/2018, the aggregate value of these securities was $1,888,742,614 or 46.3% 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 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

227

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS -  99.0%
AGENCY SECURITIES - 1.3%
$	2,364,460		HNA LLC		2.369	%	09/18/27	$	2,262,865
	9,085,000		Montefiore Medical Center		2.895		04/20/32		8,291,502
	3,500,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		3,453,635
	3,000,000		PEFCO		3.250		06/15/25		2,984,643
	4,934,211		Reliance Industries Ltd		2.444		01/15/26		4,792,290
	3,000,000		Ukraine Government AID Bonds		1.847		05/29/20		2,950,770
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,355,525
			TOTAL AGENCY SECURITIES						39,091,230
MORTGAGE BACKED - 0.3%
	6,158,585		Government National Mortgage Association (GNMA)		3.700		10/15/33		6,152,781
	1,632,784		GNMA		3.870		10/15/36		1,648,107
			TOTAL MORTGAGE BACKED						7,800,888
U.S. TREASURY SECURITIES - 97.4%
	44,573,855	k	United States Treasury Inflation Indexed Bonds		1.375		01/15/20		44,894,810
	164,646,360	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		162,511,102
	103,528,295	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		104,719,008
	115,294,313	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		115,993,837
	164,808,400	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		161,438,197
	119,562,808	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		119,259,813
	123,602,981	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		120,563,917
	183,930,825	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		178,726,637
	142,460,500	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		139,032,496
	109,177,000	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		105,710,612
	96,889,525	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		95,650,651
	136,984,320	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		134,325,331
	106,653,950	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		105,245,279
	107,723,980	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		103,509,722
	111,716,850	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		107,219,160
	102,079,190	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		111,238,115
	116,893,700	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		113,190,544
	92,270,460	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		90,306,109
	59,111,688	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		63,601,914
	80,952,410	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		76,346,134
	91,284,375	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		87,175,390
	41,247,787	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		45,966,665
	76,749,900	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		73,352,118
	122,087,175	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		117,203,688
	82,430,611	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		88,259,786
	49,958,598	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		62,005,255

228

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	30,118,200	k	United States Treasury Inflation Indexed Bonds		0.750	%	07/15/28	$	29,644,858
	37,783,334	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		43,428,696
	95,023,955	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		122,342,104
	3,549,375	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		4,610,028
	7,500,000		United States Treasury Note		2.750		05/31/23		7,439,062
			TOTAL U.S. TREASURY SECURITIES						2,934,911,038
			TOTAL GOVERNMENT BONDS						2,981,803,156
			(Cost $3,027,481,467)
			TOTAL INVESTMENTS - 99.0%						2,981,803,156
			(Cost $3,027,481,467)
			OTHER ASSETS & LIABILITIES, NET - 1.0%						29,541,656
			NET ASSETS - 100.0%					$	3,011,344,812

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, 2018 were as follows (See Note 3):

Description	Number of long (short) contracts	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation)
US 10 Year Note (CBT)	(250)	12/19/18	$(29,981,794)	$(29,695,312)	$286,482

229

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.7%
CAPITAL GOODS - 0.1%
$	1,275,872	i	AECOM	LIBOR 1 M + 1.750%		3.990	%	03/13/25	$	1,277,862
	788,000	i	American Builders & Contractors Supply Co, Inc	LIBOR 1 M + 2.000%		4.240		10/31/23		785,400
			TOTAL CAPITAL GOODS							2,063,262
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	1,047,389	i	Aramark Services, Inc	LIBOR 3 M + 1.750%		4.080		03/28/24		1,048,698
	1,975,000	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		3.990		06/28/24		1,979,325
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							3,028,023
CONSUMER DURABLES & APPAREL - 0.1%
	2,493,719	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		3.990		12/16/24		2,504,641
	174,563	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		3.990		04/25/25		174,381
			TOTAL CONSUMER DURABLES & APPAREL							2,679,022
CONSUMER SERVICES - 0.2%
	2,130,847	i	Hilton Worldwide Finance LLC	LIBOR 1 M + 1.750%		3.970		10/25/23		2,140,265
	417,592	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		4.990		05/02/22		419,375
	2,000,000	i	Wyndham Hotels & Resorts, Inc	LIBOR 1 M + 1.750%		3.990		05/30/25		2,005,420
			TOTAL CONSUMER SERVICES							4,565,060
FOOD & STAPLES RETAILING - 0.2%
	3,087,393	i	YUM! Brands	LIBOR 1 M + 1.750%		3.910		04/03/25		3,089,338
			TOTAL FOOD & STAPLES RETAILING							3,089,338
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	69,448	i	CHS/Community Health Systems	LIBOR 3 M + 3.250%		5.560		01/27/21		68,500
	296,885	i	DaVita HealthCare Partners, Inc	LIBOR 1 M + 2.750%		4.990		06/24/21		297,767
	621,407	i	HCA, Inc	LIBOR 1 M + 1.750%		3.627		03/18/23		625,925
	995,000	i	HCA, Inc	LIBOR 1 M + 2.000%		4.240		03/13/25		1,001,905
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,994,097
MATERIALS - 0.0%
	315,789	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		4.084		04/03/25		316,778
	184,211	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		4.140		04/03/25		184,787
			TOTAL MATERIALS							501,565
MEDIA - 0.8%
	1,410,496	i	AMC Entertainment, Inc	LIBOR 1 M + 2.250%		4.380		12/15/22		1,409,326
	3,556,916	i	Charter Communications Operating LLC	LIBOR 1 M + 2.000%		4.250		04/30/25		3,561,362
	2,942,596	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		4.410		07/17/25		2,941,360
	1,738,807	i	MTL Publishing LLC	LIBOR 1 M + 2.250%		4.420		08/21/23		1,739,346
	1,341,393	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.130		10/04/23		1,338,885
	2,475,000	i	Outfront Media Capital LLC	LIBOR 1 M + 2.000%		4.070		03/18/24		2,484,281

230

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	283,081	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		4.990	%	03/15/24	$	275,084
			TOTAL MEDIA							13,749,644
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	947,378	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		4.390		03/07/24		949,983
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							949,983
RETAILING - 0.3%
	3,894,872	i	Avis Budget Car Rental LLC	LIBOR 1 M + 2.000%		4.250		02/13/25		3,894,872
	974,811	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.120		03/11/22		849,080
			TOTAL RETAILING							4,743,952
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,470,000	i	Versum Materials, Inc	LIBOR 3 M + 2.000%		3.250		09/29/23		1,476,439
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,476,439
SOFTWARE & SERVICES - 0.1%
	1,047,375	i	IQVIA, Inc	LIBOR 3 M + 1.750%		4.140		06/11/25		1,046,506
	1,925,425	h,i	Open Text Corp	LIBOR 1 M + 1.750%		3.990		05/30/25		1,933,608
			TOTAL SOFTWARE & SERVICES							2,980,114
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	2,077,295	i	Abacus Innovations Corp	LIBOR 1 M + 1.750%		4.000		08/22/25		2,085,522
	709,925	i	CommScope, Inc	LIBOR 1 M + 2.000%		4.240		12/29/22		712,587
	1,000,000	i	Dell International LLC	LIBOR 1 M + 2.000%		4.250		09/07/23		1,002,000
	926,951	i	Sensata Technologies BV	LIBOR 1 M + 1.750%		3.900		10/14/21		930,817
	997,494	i	Western Digital Corp	LIBOR 1 M + 1.750%		3.990		04/29/23		998,431
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							5,729,357
TRANSPORTATION - 0.1%
	1,959,596	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.130		10/10/21		1,959,283
			TOTAL TRANSPORTATION							1,959,283
UTILITIES - 0.0%
	979,950	i	NRG Energy, Inc	LIBOR 3 M + 1.750%		4.140		06/30/23		980,773
			TOTAL UTILITIES							980,773
			TOTAL BANK LOAN OBLIGATIONS							50,489,912
			(Cost $50,584,534)
BONDS - 99.9%
CORPORATE BONDS - 25.1%
AUTOMOBILES & COMPONENTS - 0.2%
	3,000,000	g	Hyundai Capital America			3.250		09/20/22		2,907,409
			TOTAL AUTOMOBILES & COMPONENTS							2,907,409
BANKS - 9.7%
	750,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		724,403
	3,575,000	g	Banco del Estado de Chile			2.668		01/08/21		3,490,129

231

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,000,000	g	Banco Internacional del Peru SAA Interbank			3.375	%	01/18/23	$	1,915,400
	5,000,000	g	Banco Nacional de Costa Rica			4.875		11/01/18		4,964,000
	750,000	g	Banco Santander Mexico S.A.			4.125		11/09/22		745,125
	1,000,000	g	Bank Nederlandse Gemeenten NV			1.250		10/29/18		999,154
	11,850,000	g	Bank Nederlandse Gemeenten NV			2.500		02/28/20		11,779,611
	3,500,000		Bank of America Corp			2.250		04/21/20		3,453,310
	1,925,000		Bank of America Corp			2.151		11/09/20		1,883,765
	5,000,000		Bank of America Corp			2.369		07/21/21		4,912,176
	10,000,000		Bank of America Corp			2.328		10/01/21		9,782,601
	9,000,000	g	Bank of Montreal			2.500		01/11/22		8,784,079
	3,000,000		BB&T Corp			2.150		02/01/21		2,927,959
	5,000,000	g	BNG Bank NV			3.000		09/20/23		4,958,586
	2,000,000	g	Caixa Economica Federal			3.500		11/07/22		1,882,500
	13,000,000	g	Canadian Imperial Bank of Commerce			3.150		06/27/21		12,957,258
	10,000,000		CitiBank NA			1.850		09/18/19		9,905,558
	5,000,000		CitiBank NA			2.100		06/12/20		4,908,579
	5,000,000		CitiBank NA			2.125		10/20/20		4,882,500
	3,000,000		Citizens Bank NA			2.250		10/30/20		2,922,326
	2,000,000		Deutsche Bank AG.			2.700		07/13/20		1,959,060
	5,000,000	g	Dexia Credit Local S.A.			1.875		03/28/19		4,980,069
	4,000,000	g	Dexia Credit Local S.A.			2.375		09/20/22		3,860,627
	5,000,000	g	DNB Boligkreditt AS.			2.000		05/28/20		4,894,565
	5,000,000	g	DNB Boligkreditt AS.			3.250		06/28/23		4,959,530
	2,000,000		Fifth Third Bank			2.200		10/30/20		1,957,264
	1,500,000		Huntington National Bank			2.375		03/10/20		1,484,434
	7,500,000		JPMorgan Chase & Co			2.750		06/23/20		7,443,449
	3,500,000		KeyBank NA			2.350		03/08/19		3,496,608
	2,000,000	g	NBK SPC Ltd			2.750		05/30/22		1,924,834
	6,050,000		PNC Bank NA			2.450		11/05/20		5,949,425
	3,000,000		Royal Bank of Canada			1.875		02/05/20		2,953,716
	5,000,000		Royal Bank of Canada			2.150		10/26/20		4,899,735
	2,500,000		Santander UK plc			2.125		11/03/20		2,432,275
	4,000,000		Sumitomo Mitsui Banking Corp			2.092		10/18/19		3,948,756
	2,000,000		SunTrust Banks, Inc			2.500		05/01/19		1,997,131
	3,000,000		Toronto-Dominion Bank			1.850		09/11/20		2,931,793
	1,500,000	g	Turkiye Garanti Bankasi AS.			4.750		10/17/19		1,462,910
	1,000,000	g	Turkiye Is Bankasi			5.375		10/06/21		860,300
	2,100,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		2.827		04/23/21		2,103,899
	3,000,000		US Bank NA			2.050		10/23/20		2,938,051
	2,275,000		Wells Fargo Bank NA			3.325		07/23/21		2,272,259
	5,000,000		Westpac Banking Corp			1.600		08/19/19		4,948,024
	3,000,000	g	Westpac Banking Corp			2.100		02/25/21		2,917,614
	2,000,000	g	Yapi ve Kredi Bankasi AS.			6.100		03/16/23		1,760,400
			TOTAL BANKS							180,115,747
CAPITAL GOODS - 1.2%
	3,000,000	g	Adani Ports & Special Economic Zone Ltd			3.950		01/19/22		2,938,785
	5,000,000		Caterpillar Financial Services Corp			3.150		09/07/21		4,991,450
	1,500,000	g	Gold Fields Orogen Holding BVI Ltd			4.875		10/07/20		1,485,000
	5,000,000		John Deere Capital Corp			3.125		09/10/21		4,983,760
	1,675,000	g	Korea East-West Power Co Ltd			3.875		07/19/23		1,671,749
	800,000	g	Molex Electronic Technologies LLC			2.878		04/15/20		791,218
	1,125,000		Rockwell Collins, Inc			1.950		07/15/19		1,117,436

232

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		Roper Industries, Inc		2.050	%	10/01/18	$	5,000,000
	850,000		United Technologies Corp		3.350		08/16/21		848,777
			TOTAL CAPITAL GOODS						23,828,175
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	3,000,000		Republic Services, Inc		5.500		09/15/19		3,070,030
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,070,030
CONSUMER DURABLES & APPAREL - 0.2%
	3,200,000		Lennar Corp		4.750		04/01/21		3,241,216
			TOTAL CONSUMER DURABLES & APPAREL						3,241,216
CONSUMER SERVICES - 0.1%
	1,325,000	g	Sands China Ltd		4.600		08/08/23		1,324,634
			TOTAL CONSUMER SERVICES						1,324,634
DIVERSIFIED FINANCIALS - 4.6%
	3,000,000		American Express Co		2.200		10/30/20		2,936,576
	3,400,000		American Express Credit Corp		1.875		11/05/18		3,399,334
	3,000,000		Capital One Financial Corp		2.400		10/30/20		2,937,080
	1,200,000	g	Federation des Caisses Desjardins du Quebec		2.250		10/30/20		1,173,653
	4,800,000		Ford Motor Credit Co LLC		2.425		06/12/20		4,698,907
	4,500,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,433,042
	2,466,000		General Electric Capital Corp		4.625		01/07/21		2,540,616
	10,000,000		General Motors Financial Co, Inc		2.450		11/06/20		9,800,680
	2,000,000		Goldman Sachs Group, Inc		2.000		04/25/19		1,992,463
	2,775,000		Goldman Sachs Group, Inc		1.950		07/23/19		2,755,640
	9,000,000		Goldman Sachs Group, Inc		2.300		12/13/19		8,920,808
	1,500,000	g	ICICI Bank Ltd		3.500		03/18/20		1,488,456
	2,000,000		ICICI Bank Ltd		3.125		08/12/20		1,962,854
	8,000,000		Morgan Stanley		2.450		02/01/19		7,994,809
	7,500,000		Morgan Stanley		2.800		06/16/20		7,440,825
	3,500,000	g	Nederlandse Waterschapsbank NV		2.125		11/15/21		3,397,562
	3,519,410		San Clemente Leasing LLC		3.030		11/22/22		3,512,920
	3,000,000		Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		2,967,991
	3,000,000		Unilever Capital Corp		1.800		05/05/20		2,942,171
	5,000,000		Unilever Capital Corp		3.000		03/07/22		4,949,883
	3,500,000		Wells Fargo & Co		2.600		07/22/20		3,462,515
			TOTAL DIVERSIFIED FINANCIALS						85,708,785
ENERGY - 1.3%
	2,025,000		BP Capital Markets plc		1.676		05/03/19		2,013,331
	3,000,000		Continental Resources, Inc		5.000		09/15/22		3,043,500
	1,825,000		Enterprise Products Operating LLC		2.800		02/15/21		1,801,544
	2,000,000		EQT Corp		2.500		10/01/20		1,952,162
	2,000,000		Husky Energy, Inc		7.250		12/15/19		2,094,669
	2,200,000	g	Pertamina Persero PT		4.875		05/03/22		2,247,333
	1,127,000		Petrobras Global Finance BV		6.125		01/17/22		1,163,458
	2,000,000		Petroleos Mexicanos		5.375		03/13/22		2,060,000
	1,192,500		Petroleos Mexicanos		2.000		12/20/22		1,163,753
	973,000		Petroleos Mexicanos		2.378		04/15/25		947,775
	2,709,000		Plains All American Pipeline LP		3.650		06/01/22		2,675,396

233

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000	g	YPF S.A.		8.500	%	03/23/21	$	3,022,500
			TOTAL ENERGY						24,185,421
FOOD & STAPLES RETAILING - 0.7%
	3,425,000	g	CK Hutchison International 17 Ltd		2.250		09/29/20		3,346,123
	7,700,000		CVS Health Corp		3.350		03/09/21		7,685,353
	2,875,000		SYSCO Corp		1.900		04/01/19		2,862,317
			TOTAL FOOD & STAPLES RETAILING						13,893,793
FOOD, BEVERAGE & TOBACCO - 0.2%
	1,350,000		PepsiCo, Inc		1.350		10/04/19		1,330,799
	1,300,000		Tyson Foods, Inc		2.250		08/23/21		1,251,194
			TOTAL FOOD, BEVERAGE & TOBACCO						2,581,993
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	5,000,000		Becton Dickinson and Co		2.404		06/05/20		4,923,931
	5,000,000		Cardinal Health, Inc		1.948		06/14/19		4,971,996
	3,000,000		Express Scripts Holding Co		2.250		06/15/19		2,986,178
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						12,882,105
INSURANCE - 0.3%
	4,025,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		3,976,544
	1,500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		1,492,045
			TOTAL INSURANCE						5,468,589
MATERIALS - 0.4%
	4,900,000		EI du Pont de Nemours & Co		2.200		05/01/20		4,836,663
	1,000,000		International Flavors & Fragrances, Inc		3.400		09/25/20		1,001,100
	2,000,000		Kimberly-Clark Corp		1.400		02/15/19		1,991,212
			TOTAL MATERIALS						7,828,975
MEDIA - 0.0%
	1,009,000		Charter Communications Operating LLC		3.579		07/23/20		1,009,605
			TOTAL MEDIA						1,009,605
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
	6,000,000		AbbVie, Inc		2.300		05/14/21		5,839,590
	525,000		Actavis Funding SCS		3.800		03/15/25		513,900
	3,300,000	g	Bayer US Finance II LLC		3.500		06/25/21		3,292,107
	2,000,000		Celgene Corp		2.875		02/19/21		1,977,022
	2,500,000		Gilead Sciences, Inc		1.850		09/20/19		2,479,420
	1,000,000		Johnson & Johnson		1.950		11/10/20		979,747
	5,000,000		Novartis Capital Corp		1.800		02/14/20		4,928,030
	2,000,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		1,856,939
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						21,866,755
REAL ESTATE - 0.4%
	1,000,000		Duke Realty LP		3.875		02/15/21		1,008,880
	3,127,000		Duke Realty LP		3.875		10/15/22		3,154,810
	1,329,000		ERP Operating LP		2.375		07/01/19		1,323,750
	850,000		Highwoods Realty LP		3.625		01/15/23		832,176

234

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,815,000		Welltower, Inc		4.125	%	04/01/19	$	1,820,952
			TOTAL REAL ESTATE						8,140,568
RETAILING - 0.4%
	3,000,000		AutoNation, Inc		5.500		02/01/20		3,077,017
	5,000,000		Walmart, Inc		3.125		06/23/21		5,010,031
			TOTAL RETAILING						8,087,048
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
	5,000,000		Analog Devices, Inc		2.850		03/12/20		4,971,705
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						4,971,705
SOFTWARE & SERVICES - 0.3%
	5,000,000		Microsoft Corp		1.100		08/08/19		4,935,990
			TOTAL SOFTWARE & SERVICES						4,935,990
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	2,225,000		Apple, Inc		1.700		02/22/19		2,219,063
	2,000,000		Apple, Inc		1.900		02/07/20		1,976,366
	5,000,000		Broadcom Corp		2.200		01/15/21		4,844,333
	475,000		Tyco Electronics Group S.A.		2.375		12/17/18		474,736
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						9,514,498
TELECOMMUNICATION SERVICES - 0.5%
	5,000,000		AT&T, Inc		2.300		03/11/19		4,992,290
	3,050,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		2,941,597
	1,400,000	g	SK Telecom Co Ltd		3.750		04/16/23		1,386,160
			TOTAL TELECOMMUNICATION SERVICES						9,320,047
TRANSPORTATION - 0.8%
	2,500,000		CSX Corp		3.700		10/30/20		2,524,757
	2,250,000		Delta Air Lines, Inc		2.875		03/13/20		2,231,664
	1,100,000		Delta Air Lines, Inc		3.400		04/19/21		1,093,111
	2,100,000		Norfolk Southern Corp		3.250		12/01/21		2,093,585
	2,000,000		Northrop Grumman Corp		2.080		10/15/20		1,954,934
	2,650,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		2,643,136
	2,200,000	g	Transnet SOC Ltd		4.000		07/26/22		2,062,379
			TOTAL TRANSPORTATION						14,603,566
UTILITIES - 0.9%
	5,000,000		Consolidated Edison, Inc		2.000		03/15/20		4,916,158
	3,000,000		Dominion Energy, Inc		2.579		07/01/20		2,960,967
	2,000,000	g	KSA Sukuk Ltd		2.894		04/20/22		1,947,914
	5,000,000		Southern Power Co		1.950		12/15/19		4,931,669
	3,000,000	g	State Grid Overseas Investment Ltd		2.750		05/04/22		2,899,843
			TOTAL UTILITIES						17,656,551
			TOTAL CORPORATE BONDS						467,143,205
			(Cost $473,357,067)

235

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS -  46.4%
AGENCY SECURITIES - 5.5%
$	15,000,000		Federal Home Loan Bank (FHLB)			2.625	%	10/01/20	$	14,926,080
	4,915,000	g	Hospital for Special Surgery			3.500		01/01/23		4,916,935
	24,000,000		Iraq Government AID Bond			2.149		01/18/22		23,272,440
	9,935,000		Montefiore Medical Center			2.152		10/20/26		9,200,947
	2,000,000		Private Export Funding Corp (PEFCO)			2.250		03/15/20		1,983,282
	3,000,000		PEFCO			2.300		09/15/20		2,960,259
	7,894,737		Reliance Industries Ltd			1.870		01/15/26		7,507,404
	7,500,000		Reliance Industries Ltd			2.060		01/15/26		7,197,884
	9,868,421		Reliance Industries Ltd			2.444		01/15/26		9,584,579
	6,000,000		Ukraine Government AID Bonds			1.847		05/29/20		5,901,540
	15,000,000		Ukraine Government AID Bonds			1.471		09/29/21		14,355,525
			TOTAL AGENCY SECURITIES							101,806,875
FOREIGN GOVERNMENT BONDS - 8.8%
	3,325,000	g	Arab Petroleum Investments Corp			4.125		09/18/23		3,337,625
	2,725,000		Argentine Republic Government International Bond			6.875		04/22/21		2,603,765
	7,000,000	g	Bermuda Government International Bond			4.138		01/03/23		7,093,800
	1,250,000		Brazilian Government International Bond			4.875		01/22/21		1,264,387
	3,000,000	g	Caisse d’Amortissement de la Dette Sociale			1.875		01/13/20		2,961,341
	5,800,000	g	CPPIB Capital, Inc			2.250		01/25/22		5,633,580
	500,000	g	Dominican Republic Government International Bond			7.500		05/06/21		523,125
	1,725,000	g	Egypt Government International Bond			5.577		02/21/23		1,672,760
	1,425,000	g	Export Credit Bank of Turkey			4.250		09/18/22		1,238,108
	5,000,000		Export-Import Bank of Korea			1.500		10/21/19		4,917,835
	500,000	g	Honduras Government International Bond			8.750		12/16/20		546,150
	8,900,000	g	International Development Association			2.750		04/24/23		8,768,948
	1,500,000		Japan Bank for International Cooperation			1.875		04/20/21		1,450,705
	3,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		2,928,094
	3,200,000	g	Japan Finance Organization for Municipalities			2.125		02/12/21		3,111,289
	6,650,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		6,625,079
	38,400,000		KFW			2.750		10/01/20		38,261,016
	1,700,000	g	Kommunalbanken AS.			1.625		01/15/20		1,672,149
	17,200,000	g	Kommunalbanken AS.			2.500		04/17/20		17,090,926
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,112,727
	3,750,000	g	Kommunalbanken AS.			1.625		02/10/21		3,631,928
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		2.884		03/12/21		1,999,961
	6,700,000	g	Korea Housing Finance Corp			2.000		10/11/21		6,387,010
	1,875,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,816,135
	2,025,000	g	Morocco Government International Bond			4.250		12/11/22		2,027,430
	1,400,000	g	Municipality Finance plc			1.125		09/16/19		1,376,943
	5,000,000	g	Ontario Teachers’ Finance Trust			2.125		09/19/22		4,778,855
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III			3.400		03/29/22		1,967,500
	5,000,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		4,912,500
	2,000,000		Poland Government International Bond			5.000		03/23/22		2,102,938
	1,300,000		Province of New Brunswick Canada			8.750		05/01/22		1,515,550
	500,000		Republic of Hungary			6.250		01/29/20		519,224
	5,625,000	g	Saudi Government International Bond			2.375		10/26/21		5,428,339
	5,625,000	g	Saudi Government International Bond			2.875		03/04/23		5,432,597
	500,000	g	Senegal Goverment International Bond			8.750		05/13/21		542,595
	625,000	g	Slovenia Government International Bond			4.125		02/18/19		626,859
	6,500,000		Svensk Exportkredit AB			1.750		03/10/21		6,304,764
			TOTAL FOREIGN GOVERNMENT BONDS							164,184,537

236

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
MORTGAGE BACKED - 0.1%
$	1,030,394		Federal National Mortgage Association (FNMA)			3.000	%	11/01/24	$	1,028,151
	233,179		Government National Mortgage Association (GNMA)			2.176		05/16/39		231,558
	19,435		GNMA			2.120		05/16/40		19,408
			TOTAL MORTGAGE BACKED							1,279,117
MUNICIPAL BONDS - 0.3%
	5,000,000		Florida State Board of Administration Finance Corp			2.163		07/01/19		4,983,000
			TOTAL MUNICIPAL BONDS							4,983,000
U.S. TREASURY SECURITIES - 31.7%
	26,364,940	k	United States Treasury Inflation Indexed Bonds			0.125		04/15/20		26,023,020
	39,341,360	k	United States Treasury Inflation Indexed Bonds			0.125		04/15/21		38,536,860
	7,771,725	k	United States Treasury Inflation Indexed Bonds			0.125		04/15/22		7,551,830
	550,000		United States Treasury Note			1.375		07/31/19		544,564
	14,000,000		United States Treasury Note			1.250		08/31/19		13,826,094
	56,193,000		United States Treasury Note			0.875		09/15/19		55,264,498
	15,120,000		United States Treasury Note			1.375		09/30/19		14,929,819
	37,000,000		United States Treasury Note			2.250		02/29/20		36,745,625
	20,750,000		United States Treasury Note			2.250		03/31/20		20,594,375
	125,000,000		United States Treasury Note			2.375		04/30/20		124,223,632
	27,100,000		United States Treasury Note			2.500		05/31/20		26,971,910
	97,650,000		United States Treasury Note			2.625		08/31/20		97,302,885
	117,950,000		United States Treasury Note			2.750		09/15/21		117,507,688
	5,305,000		United States Treasury Note			2.750		08/31/23		5,258,996
	4,400,000		United States Treasury Note			2.875		08/15/28		4,333,312
			TOTAL U.S. TREASURY SECURITIES							589,615,108
			TOTAL GOVERNMENT BONDS							861,868,637
			(Cost $871,020,255)
STRUCTURED ASSETS - 28.4%
ASSET BACKED - 4.7%
	161,526	i	Aames Mortgage Trust			7.396		06/25/32		161,645
			Series - 2002 1 (Class A3)
	55,677	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	1,257,578	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.750%		2.966		03/25/35		1,262,224
			Series - 2005 HE1 (Class M1)
	929,000	g,i	Aventura Mall Trust			3.867		12/05/32		941,395
			Series - 2013 AVM (Class E)
	2,400,000	g,i	Aventura Mall Trust			3.867		12/05/32		2,432,022
			Series - 2013 AVM (Class B)
	1,000,000	g	BBCMS Trust			3.631		09/05/32		991,248
			Series - 2013 TYSN (Class D)
	1,971,667	g	Capital Automotive REIT			3.870		04/15/47		1,948,015
			Series - 2017 1A (Class A1)
	4,594		Centex Home Equity			5.540		01/25/32		4,631
			Series - 2002 A (Class AF6)

237

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	87,920	i	Centex Home Equity	LIBOR 1 M + 0.645%		2.861	%	03/25/34	$	86,832
			Series - 2004 B (Class M1)
	122,341	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		115,845
			Series - 2004 2 (Class 1M2)
	2,554,631	g,i	COMM Mortgage Trust			3.577		08/10/29		2,505,948
			Series - 2016 GCT (Class D)
	1,140,000	g	Core Industrial Trust			3.555		02/10/34		1,132,397
			Series - 2015 CALW (Class C)
	3,500,000	g	Core Industrial Trust			3.732		02/10/34		3,494,984
			Series - 2015 TEXW (Class C)
	4,962,500	g	DB Master Finance LLC			3.629		11/20/47		4,835,361
			Series - 2017 1A (Class A2I)
	14,850,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		14,342,724
			Series - 2017 1A (Class A2II)
	2,107,891		Entergy Louisiana Investment Recovery Funding I LLC			2.040		09/01/23		2,079,818
			Series - 2011 A (Class A1)
	7,250,000	g	Ford Credit Auto Owner Trust			2.510		04/15/26		7,208,111
			Series - 2014 2 (Class B)
	11,400,000	g	Hilton Grand Vacations Trust			3.540		02/25/32		11,394,798
			Series - 2018 AA (Class A)
	2,000,000		Hyundai Auto Receivables Trust			2.010		06/15/21		1,990,577
			Series - 2015 B (Class B)
	4,332,454	g	MVW Owner Trust			2.420		12/20/34		4,191,316
			Series - 2017 1A (Class A)
	3,500,000	g,i	Natixis Commercial Mortgage Securities Trust			3.917		11/15/32		3,460,790
			Series - 2018 285M (Class C)
	2,500,000	g	Palisades Center Trust			3.357		04/13/33		2,456,252
			Series - 2016 PLSD (Class B)
	318,892	i	People’s Choice Home Loan Securities Trust	LIBOR 1 M + 0.900%		3.116		10/25/34		319,415
			Series - 2004 2 (Class M1)
	321,144	i	RAMP	LIBOR 1 M + 0.765%		2.981		06/25/35		321,178
			Series - 2005 RS6 (Class M2)
	2,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		1,937,527
			Series - 2013 SMV (Class B)
	186,782	i	Saxon Asset Securities Trust			6.120		11/25/30		192,959
			Series - 2002 2 (Class AF6)
	775,230	g	SpringCastle America Funding LLC			3.050		04/25/29		771,816
			Series - 2016 AA (Class A)
	4,925,000	g	Taco Bell Funding LLC			3.832		05/25/46		4,924,803
			Series - 2016 1A (Class A2I)
	12,334,838	g	TES LLC			4.330		10/20/47		12,047,013
			Series - 2017 1A (Class A)
			TOTAL ASSET BACKED							87,551,645
OTHER MORTGAGE BACKED - 23.7%
	5,000,000	g,i	20 TSQ GroundCo LLC			3.203		05/15/35		4,844,124
			Series - 2018 20TS (Class B)
	10,000,000	g,i	20 TSQ GroundCo LLC			3.203		05/15/35		9,481,727
			Series - 2018 20TS (Class D)
	368,541	i	Banc of America Funding	LIBOR 1 M + 0.800%		2.965		02/20/35		367,375
			Series - 2005 A (Class 5A3)

238

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,394,562	i	Bear Stearns ALT-A Trust	LIBOR 1 M + 0.600%		2.816	%	06/25/34	$	3,385,780
			Series - 2004 4 (Class A1)
	4,526,941	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.300		05/11/39		4,553,718
			Series - 2003 PWR2 (Class H)
	8,876,721	g,i	Chase Mortgage Trust			3.750		12/25/45		8,686,289
			Series - 2016 2 (Class M2)
	3,623,360	g	COMM Mortgage Trust			3.397		03/10/46		3,541,880
			Series - 2013 CR6 (Class B)
	53,000		COMM Mortgage Trust			2.972		10/10/49		51,357
			Series - 2016 COR1 (Class ASB)
	1,000,000	i	COMM Mortgage Trust			4.715		08/10/50		1,044,437
			Series - 2013 CR11 (Class AM)
	1,045,540	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.166		05/25/24		1,047,394
			Series - 2014 C02 (Class 1M1)
	1,141,616	i	Connecticut Avenue Securities	LIBOR 1 M + 1.950%		4.166		08/25/28		1,145,348
			Series - 2016 C01 (Class 1M1)
	942,880	i	Connecticut Avenue Securities	LIBOR 1 M + 2.150%		4.366		09/25/28		946,649
			Series - 2016 C02 (Class 1M1)
	1,515,670	i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		4.216		10/25/28		1,533,510
			Series - 2016 C03 (Class 1M1)
	2,001,092	i	Connecticut Avenue Securities	LIBOR 1 M + 1.350%		3.566		01/25/29		2,006,679
			Series - 2016 C05 (Class 2M1)
	5,798,021	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		3.666		01/25/29		5,837,751
			Series - 2016 C04 (Class 1M1)
	7,713,149	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.165		07/25/29		7,765,768
			Series - 2017 C01 (Class 1M1)
	3,621,803	i	Connecticut Avenue Securities	LIBOR 1 M + 1.150%		3.366		09/25/29		3,643,725
			Series - 2017 C02 (Class 2M1)
	9,797,497	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.166		10/25/29		9,857,825
			Series - 2017 C03 (Class 1M1)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.650%		4.866		02/25/30		3,140,625
			Series - 2017 C06 (Class 1M2)
	23,719,378	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		2.816		07/25/30		23,751,428
			Series - 2018 C01 (Class 1M1)
	2,154,495	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		2.966		12/25/30		2,157,696
			Series - 2018 C04 (Class 2M1)
	2,825,000	g	Credit Suisse Commercial Mortgage Trust			3.304		09/15/37		2,773,346
			Series - 2014 USA (Class A1)
	1,469,725	g,i	Credit Suisse Commercial Mortgage Trust			5.676		02/15/39		1,480,589
			Series - 2006 C1 (Class H)
	12,000,000	g,i	Credit Suisse Commercial Mortgage Trust			5.897		01/15/49		15,424,878
			Series - 2007 C2 (Class C)
	3,435,000	g,i	DBUBS Mortgage Trust			5.718		07/10/44		3,585,612
			Series - 2011 LC2A (Class C)
	3,900,000	g,i	DBUBS Mortgage Trust			5.718		07/10/44		4,012,015
			Series - 2011 LC2A (Class D)
	1,120,000	g,i	DBUBS Mortgage Trust			5.884		11/10/46		1,164,722
			Series - 2011 LC1A (Class D)
	3,130,000	g,i	DBUBS Mortgage Trust			5.884		11/10/46		3,275,667
			Series - 2011 LC1A (Class C)
	467,148	i	Deutsche Mortgage Securities, Inc Mortgage Loan Trust			5.440		07/25/34		474,808
			Series - 2004 5 (Class A5B)

239

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	447,584	g,i	Flagstar Mortgage Trust			3.500	%	03/25/47	$	439,542
			Series - 2017 1 (Class 1A5)
	2,000,000	g,i	GS Mortgage Securities Corp II			3.550		12/10/27		1,980,637
			Series - 2013 KING (Class D)
	1,050,000	g	GS Mortgage Securities Corp II			3.419		10/10/32		1,041,199
			Series - 2017 SLP (Class A)
	3,000,000	g	GS Mortgage Securities Corp II			2.954		11/05/34		2,921,799
			Series - 2012 BWTR (Class A)
	750,000	g	GS Mortgage Securities Trust			2.994		11/10/29		735,993
			Series - 2016 GS4 (Class 225B)
	168,068	i	Impac CMB Trust	LIBOR 1 M + 0.660%		2.876		03/25/35		164,697
			Series - 2004 11 (Class 2A1)
	600,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.021		07/05/32		603,890
			Series - 2012 HSBC (Class C)
	1,500,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			5.023		08/05/32		1,528,224
			Series - 2010 CNTR (Class B)
	2,793,483	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.787		01/12/39		2,808,350
			Series - 2004 CB8 (Class H)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.013		02/15/46		2,040,796
			Series - 2011 C3 (Class B)
	6,170,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.360		02/15/46		6,300,399
			Series - 2011 C3 (Class C)
	18,000,000	g,i	JP Morgan Mortgage Trust			4.000		04/25/23		18,081,306
			Series - 2018 9 (Class A15)
	10,409,731	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		10,234,389
			Series - 2017 1 (Class A3)
	10,365,331	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		10,205,249
			Series - 2017 3 (Class 1A5)
	12,668,309	g,i	JP Morgan Mortgage Trust			3.000		11/25/48		12,385,742
			Series - 2017 4 (Class A6)
	11,873,927	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		11,942,998
			Series - 2018 8 (Class A15)
	6,000,000	g,i	LB-UBS Commercial Mortgage Trust			5.964		12/15/39		6,047,785
			Series - 2004 C8 (Class H)
	2,151,315	i	Morgan Stanley Capital I Trust			5.389		11/12/41		2,141,893
			Series - 2006 HQ10 (Class AJ)
	6,500,000	g,i	Morgan Stanley Capital I Trust			6.145		06/11/42		6,846,153
			Series - 2007 T27 (Class B)
	468,884	i	Morgan Stanley Capital I Trust			6.367		10/15/42		467,794
			Series - 2006 IQ11 (Class AJ)
	4,214,000	g,i	Morgan Stanley Capital I Trust			5.785		06/12/47		4,281,299
			Series - 2005 T19 (Class F)
	466,796	i	Morgan Stanley Capital I Trust			6.328		06/11/49		470,936
			Series - 2007 IQ15 (Class AJ)
	1,198,683	i	Morgan Stanley Capital I Trust			5.273		10/12/52		1,206,146
			Series - 2006 T21 (Class AJ)
	493,740		Morgan Stanley Capital I Trust			4.860		07/15/56		494,354
			Series - 2005 IQ9 (Class B)

240

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,250,000		Morgan Stanley Capital I Trust			5.000	%	07/15/56	$	1,233,697
			Series - 2005 IQ9 (Class D)
	852,598	g,i	Morgan Stanley Dean Witter Capital I Trust			7.587		07/15/33		897,863
			Series - 2001 TOP3 (Class E)
	2,724,525	i	Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates	LIBOR 1 M + 0.675%		2.891		04/25/35		2,715,313
			Series - 2005 2 (Class M2)
	12,163,743	g,i	Sequoia Mortgage Trust			3.500		06/25/46		11,983,185
			Series - 2016 1 (Class A10)
	10,755,152	g,i	Sequoia Mortgage Trust			3.000		02/25/47		10,423,151
			Series - 2017 2 (Class A5)
	492,255	g,i	Sequoia Mortgage Trust			3.500		02/25/47		484,308
			Series - 2017 2 (Class A4)
	5,873,488	g,i	Sequoia Mortgage Trust			3.500		02/25/47		5,778,355
			Series - 2017 2 (Class A10)
	12,254,941	g,i	Sequoia Mortgage Trust			3.500		04/25/47		12,123,887
			Series - 2017 3 (Class A4)
	5,637,782	g,i	Sequoia Mortgage Trust			3.500		07/25/47		5,569,952
			Series - 2017 4 (Class A4)
	8,487,918	g,i	Sequoia Mortgage Trust			3.000		08/25/47		8,273,649
			Series - 2017 5 (Class A5)
	13,736,479	g,i	Sequoia Mortgage Trust			3.500		09/25/47		13,607,402
			Series - 2017 6 (Class A4)
	12,193,828	g,i	Sequoia Mortgage Trust			4.000		12/25/47		12,264,995
			Series - 2017 CH2 (Class A10)
	16,632,418	g,i	Sequoia Mortgage Trust			3.500		02/25/48		16,435,423
			Series - 0 2 (Class A4)
	6,434,054	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		6,326,483
			Series - 2017 1 (Class A4)
	13,700,000	g,i	Station Place Agency Securitization Trust	LIBOR 1 M + 1.000%		2.872		11/25/50		13,667,146
			Series - 2017 LD1 (Class B)
	2,078,865	i	Structured Adjustable Rate Mortgage Loan Trust	LIBOR 1 M + 0.370%		2.586		07/25/34		2,082,203
			Series - 2004 9XS (Class A)
	906,374	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		03/25/25		908,779
			Series - 2015 HQ1 (Class M2)
	3,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.300%		3.516		03/25/29		3,785,234
			Series - 2016 DNA4 (Class M2)
	9,414,287	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		07/25/29		9,496,453
			Series - 2017 DNA1 (Class M1)
	18,320,158	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		10/25/29		18,523,114
			Series - 2017 DNA2 (Class M1)
	4,055,537	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		1.959		12/25/29		4,065,018
			Series - 2017 HQA2 (Class M1)
	17,755,701	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.750%		2.966		03/25/30		17,824,412
			Series - 2017 DNA3 (Class M1)
	2,846,909	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.450%		2.666		07/25/30		2,842,638
			Series - 2018 DNA1 (Class M1)
	2,257,928	g	Tax Ease Funding LLC			3.131		06/15/28		2,251,751
			Series - 2016 1A (Class A)

241

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	g	VNDO Mortgage Trust		3.808	%	12/13/29	$	2,521,892
			Series - 2013 PENN (Class A)
	7,855,972	g	VSE Voi Mortgage LLC		3.560		02/20/36		7,833,954
			Series - 2018 A (Class A)
	775,000	i	Wachovia Bank Commercial Mortgage Trust		6.376		05/15/46		800,087
			Series - 2007 C34 (Class E)
	1,530,000	i	Wachovia Bank Commercial Mortgage Trust		6.418		05/15/46		1,562,956
			Series - 2007 C34 (Class C)
	3,215,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		3,212,767
			Series - 2012 LC5 (Class AS)
	114,800	g	WFRBS Commercial Mortgage Trust		4.394		06/15/44		115,214
			Series - 2011 C4 (Class A3)
	4,500,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		4,464,394
			Series - 2013 C11 (Class B)
			TOTAL OTHER MORTGAGE BACKED						440,429,967
			TOTAL STRUCTURED ASSETS						527,981,612
			(Cost $533,696,142)
			TOTAL BONDS						1,856,993,454
			(Cost $1,878,073,464)
SHORT-TERM INVESTMENTS - 1.4%
TREASURY DEBT - 1.4%
	5,250,000		United States Treasury Bill		1.921		10/04/18		5,249,111
	21,425,000		United States Treasury Bill		1.976		10/11/18		21,412,822
			TOTAL TREASURY DEBT						26,661,933
			TOTAL SHORT-TERM INVESTMENTS						26,661,933
			(Cost $26,662,406)
			TOTAL INVESTMENTS - 104.0%						1,934,145,299
			(Cost $1,955,320,404)
			OTHER ASSETS & LIABILITIES, NET - (4.0)%						(75,495,811	)
			NET ASSETS - 100.0%					$	1,858,649,488

	Abbreviation(s):
LIBOR	London Interbank Offered Rate
M	Month
REIT	Real Estate Investment Trust

†	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 9/30/2018, the aggregate value of these securities was $608,154,923 or 32.7% 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 the 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.

242

TIAA-CREF FUNDS - Short-Term Bond Fund

Futures contracts outstanding as of September 30, 2018 were as follows (See Note 3):

Description	Number of long (short) contracts	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation)
US 10 Year Note (CBT)	(241)	12/19/18	$(28,902,449)	$(28,626,281)	$276,168
US 5 Year Note (CBT)	(510)	12/31/18	(57,736,298)	(57,363,047)	373,251
Total	(751)		$(86,638,747)	$(85,989,328)	$649,419

243

TIAA-CREF FUNDS - Short-Term Bond Index Fund

TIAA-CREF FUNDS

SHORT-TERM BOND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 99.2%
CORPORATE BONDS - 24.9%
AUTOMOBILES & COMPONENTS - 0.1%
$	100,000	Honeywell International, Inc		1.400	%	10/30/19	$	98,555
	100,000	Honeywell International, Inc		1.800		10/30/19		99,018
	100,000	Toyota Motor Corp		3.183		07/20/21		100,108
		TOTAL AUTOMOBILES & COMPONENTS						297,681
BANKS - 6.9%
	250,000	Australia & New Zealand Banking Group Ltd		2.050		09/23/19		247,989
	250,000	Australia & New Zealand Banking Group Ltd		2.250		11/09/20		244,659
	250,000	Australia & New Zealand Banking Group Ltd		3.300		05/17/21		248,881
	200,000	Bank of America Corp		2.151		11/09/20		195,716
	300,000	Bank of America Corp		5.875		01/05/21		316,670
	250,000	Bank of America Corp		2.369		07/21/21		245,609
	400,000	Bank of America Corp		2.328		10/01/21		391,304
	300,000	Bank of America Corp		2.738		01/23/22		295,001
	300,000	Bank of America Corp		3.499		05/17/22		299,814
	100,000	Bank of Montreal		1.750		09/11/19		98,943
	100,000	Bank of Montreal		2.100		12/12/19		99,022
	100,000	Bank of Montreal		2.100		06/15/20		98,369
	100,000	Bank of Montreal		3.100		07/13/20		100,076
	125,000	Bank of Montreal		3.100		04/13/21		124,419
	100,000	Bank of Nova Scotia		2.150		07/14/20		98,324
	100,000	Bank of Nova Scotia		2.500		01/08/21		98,248
	298,000	Bank of Nova Scotia		2.450		03/22/21		291,800
	200,000	Bank of Nova Scotia		3.125		04/20/21		198,958
	200,000	Barclays Bank plc		2.650		01/11/21		196,056
	300,000	Barclays plc		2.750		11/08/19		298,224
	200,000	Barclays plc		3.250		01/12/21		197,309
	100,000	BB&T Corp		2.150		02/01/21		97,599
	100,000	BB&T Corp		3.200		09/03/21		99,400
	300,000	BPCE S.A.		2.650		02/03/21		294,409
	250,000	Branch Banking & Trust Co		2.100		01/15/20		247,020
	250,000	Branch Banking & Trust Co		2.250		06/01/20		246,300
	100,000	Canadian Imperial Bank of Commerce		2.100		10/05/20		97,678
	150,000	Canadian Imperial Bank of Commerce		2.700		02/02/21		147,752
	300,000	Capital One Bank USA NA		2.950		07/23/21		294,965
	250,000	CitiBank NA		1.850		09/18/19		247,639
	250,000	CitiBank NA		3.050		05/01/20		249,412
	250,000	CitiBank NA		2.100		06/12/20		245,429
	100,000	CitiBank NA		2.125		10/20/20		97,650
	500,000	CitiBank NA		2.850		02/12/21		494,497
	250,000	CitiBank NA		3.400		07/23/21		249,932
	500,000	Citigroup, Inc		2.450		01/10/20		495,703

244

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Citigroup, Inc		2.700	%	03/30/21	$	196,579
	250,000	Citizens Bank NA		2.250		03/02/20		246,637
	250,000	Citizens Bank NA		2.250		10/30/20		243,527
	200,000	Comerica, Inc		2.500		06/02/20		197,250
	250,000	Commonwealth Bank of Australia		2.300		09/06/19		248,542
	250,000	Compass Bank		3.500		06/11/21		248,719
	250,000	Cooperatieve Rabobank UA		1.375		08/09/19		246,898
	300,000	Cooperatieve Rabobank UA		2.500		01/19/21		293,905
	250,000	Cooperatieve Rabobank UA		3.125		04/26/21		248,304
	100,000	Deutsche Bank AG.		2.700		07/13/20		97,953
	200,000	Deutsche Bank AG.		3.125		01/13/21		195,200
	300,000	Deutsche Bank AG.		3.150		01/22/21		293,134
	250,000	Discover Bank		3.100		06/04/20		248,417
	200,000	Fifth Third Bank		2.200		10/30/20		195,726
	200,000	Fifth Third Bank		3.350		07/26/21		199,431
	100,000	Goldman Sachs Bank USA		3.200		06/05/20		100,265
	1,000,000	HSBC Holdings plc		2.950		05/25/21		986,376
	300,000	HSBC USA, Inc		2.350		03/05/20		296,703
	200,000	HSBC USA, Inc		2.750		08/07/20		198,335
	250,000	Huntington National Bank		2.375		03/10/20		247,406
	250,000	Huntington National Bank		3.250		05/14/21		248,558
	250,000	Industrial & Commercial Bank of China Ltd		2.157		11/13/18		249,711
	500,000	JPMorgan Chase & Co		2.750		06/23/20		496,230
	700,000	JPMorgan Chase & Co		2.550		10/29/20		690,052
	1,000,000	JPMorgan Chase & Co		2.400		06/07/21		974,895
	200,000	JPMorgan Chase & Co		3.514		06/18/22		200,194
	250,000	JPMorgan Chase Bank NA		1.650		09/23/19		247,232
	250,000	JPMorgan Chase Bank NA		2.604		02/01/21		247,956
	300,000	JPMorgan Chase Bank NA		3.086		04/26/21		299,180
	250,000	KeyBank NA		2.250		03/16/20		246,782
	250,000	KeyBank NA		3.375		03/07/23		248,305
	100,000	Lloyds Bank plc		2.700		08/17/20		99,068
	500,000	Lloyds Bank plc		3.300		05/07/21		497,998
	250,000	Manufacturers & Traders Trust Co		2.050		08/17/20		244,739
	100,000	Mitsubishi UFJ Financial Group, Inc		3.535		07/26/21		100,152
	300,000	Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		293,528
	100,000	MUFG Americas Holdings Corp		2.250		02/10/20		98,704
	250,000	National Australia Bank Ltd		2.250		01/10/20		247,120
	250,000	National Australia Bank Ltd		2.500		01/12/21		244,867
	250,000	National Australia Bank Ltd		3.375		09/20/21		248,784
	250,000	National Bank of Canada		2.200		11/02/20		244,130
	250,000	PNC Bank NA		2.000		05/19/20		245,468
	250,000	PNC Bank NA		2.450		11/05/20		245,844
	250,000	PNC Bank NA		2.500		01/22/21		245,490
	250,000	Regions Bank		2.750		04/01/21		245,557
	250,000	Regions Bank		3.374		08/13/21		249,242
	100,000	Royal Bank of Canada		2.125		03/02/20		98,949
	300,000	Royal Bank of Canada		2.150		10/26/20		293,984
	300,000	Royal Bank of Canada		3.200		04/30/21		299,437
	200,000	Santander UK Group Holdings plc		2.875		10/16/20		197,364
	200,000	Santander UK plc		2.125		11/03/20		194,582
	200,000	Santander UK plc		2.500		01/05/21		195,716
	200,000	Santander UK plc		3.400		06/01/21		199,216

245

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Skandinaviska Enskilda Banken AB		1.500	%	09/13/19	$	246,756
	250,000	Sumitomo Mitsui Banking Corp		2.092		10/18/19		246,797
	250,000	Sumitomo Mitsui Banking Corp		2.514		01/17/20		248,016
	250,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		247,116
	100,000	SunTrust Bank		2.250		01/31/20		98,880
	100,000	SunTrust Bank		2.590		01/29/21		98,967
	200,000	SunTrust Bank		3.502		08/02/22		199,312
	250,000	Svenska Handelsbanken AB		1.950		09/08/20		243,510
	250,000	Svenska Handelsbanken AB		3.350		05/24/21		249,582
	250,000	Synchrony Bank		3.650		05/24/21		247,755
	100,000	Toronto-Dominion Bank		1.450		08/13/19		98,869
	100,000	Toronto-Dominion Bank		1.900		10/24/19		98,974
	250,000	Toronto-Dominion Bank		3.000		06/11/20		249,698
	100,000	Toronto-Dominion Bank		1.850		09/11/20		97,726
	150,000	Toronto-Dominion Bank		3.150		09/17/20		150,180
	300,000	Toronto-Dominion Bank		2.500		12/14/20		295,560
	100,000	Toronto-Dominion Bank		2.550		01/25/21		98,500
	250,000	Toronto-Dominion Bank		3.250		06/11/21		249,901
	250,000	US Bank NA		2.350		01/23/20		247,931
	450,000	US Bank NA		2.000		01/24/20		444,396
	250,000	US Bank NA		3.050		07/24/20		249,703
	250,000	US Bank NA		3.104		05/21/21		249,343
	250,000	Wells Fargo Bank NA		2.150		12/06/19		247,589
	850,000	Wells Fargo Bank NA		2.600		01/15/21		835,606
	250,000	Wells Fargo Bank NA		3.325		07/23/21		249,699
	400,000	Westpac Banking Corp		2.150		03/06/20		394,876
	100,000	Westpac Banking Corp		3.050		05/15/20		99,891
	300,000	Westpac Banking Corp		2.300		05/26/20		296,335
	100,000	Westpac Banking Corp		2.650		01/25/21		98,415
		TOTAL BANKS						29,279,000
CAPITAL GOODS - 1.0%
	200,000	Air Lease Corp		2.125		01/15/20		196,845
	100,000	Air Lease Corp		2.500		03/01/21		97,677
	100,000	Air Lease Corp		3.500		01/15/22		99,255
	250,000	Aircastle Ltd		5.125		03/15/21		256,597
	300,000	Applied Materials, Inc		4.300		06/15/21		308,444
	100,000	Caterpillar Financial Services Corp		2.000		11/29/19		98,917
	100,000	Caterpillar Financial Services Corp		2.100		01/10/20		98,924
	200,000	Caterpillar Financial Services Corp		2.000		03/05/20		197,221
	100,000	Caterpillar Financial Services Corp		2.950		05/15/20		99,961
	100,000	Caterpillar Financial Services Corp		1.850		09/04/20		97,573
	100,000	Caterpillar Financial Services Corp		2.900		03/15/21		99,290
	200,000	Caterpillar Financial Services Corp		3.150		09/07/21		199,658
	150,000	General Dynamics Corp		2.875		05/11/20		149,633
	200,000	General Dynamics Corp		3.000		05/11/21		198,894
	100,000	Ingersoll-Rand Global Holding Co Ltd		2.900		02/21/21		98,823
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		99,035
	100,000	John Deere Capital Corp		2.200		03/13/20		98,793
	100,000	John Deere Capital Corp		2.350		01/08/21		98,279
	500,000	John Deere Capital Corp		2.550		01/08/21		493,407
	100,000	John Deere Capital Corp		2.875		03/12/21		99,209
	100,000	John Deere Capital Corp		3.125		09/10/21		99,675

246

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Lam Research Corp		2.750	%	03/15/20	$	298,237
	250,000	Lockheed Martin Corp		2.500		11/23/20		246,507
	175,000	Raytheon Co		3.125		10/15/20		175,317
	100,000	Roper Technologies, Inc		3.000		12/15/20		99,347
	150,000	United Technologies Corp		1.500		11/01/19		147,674
	100,000	United Technologies Corp		1.900		05/04/20		97,982
	125,000	United Technologies Corp		3.350		08/16/21		124,820
		TOTAL CAPITAL GOODS						4,475,994
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	200,000	21st Century Fox America, Inc		4.500		02/15/21		205,647
	100,000	eBay, Inc		2.150		06/05/20		98,336
	100,000	Equifax, Inc		3.600		08/15/21		99,358
	100,000	Moody’s Corp		3.250		06/07/21		99,480
	150,000	Republic Services, Inc		5.000		03/01/20		153,776
	70,000	Thomson Reuters Corp		4.700		10/15/19		71,016
	300,000	Visa, Inc		2.200		12/14/20		294,795
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,022,408
CONSUMER DURABLES & APPAREL - 0.0%
	100,000	DR Horton, Inc		2.550		12/01/20		97,949
	100,000	Newell Rubbermaid, Inc		3.150		04/01/21		98,393
		TOTAL CONSUMER DURABLES & APPAREL						196,342
CONSUMER SERVICES - 0.1%
	250,000	GLP Capital LP		4.375		04/15/21		252,187
	250,000	McDonald’s Corp		2.750		12/09/20		248,525
	100,000	Starbucks Corp		2.200		11/22/20		98,026
		TOTAL CONSUMER SERVICES						598,738
DIVERSIFIED FINANCIALS - 4.4%
	300,000	AerCap Ireland Capital DAC		4.250		07/01/20		303,015
	200,000	AerCap Ireland Capital Ltd		5.000		10/01/21		205,709
	100,000	American Express Co		2.200		10/30/20		97,886
	300,000	American Express Co		3.375		05/17/21		300,145
	100,000	American Express Credit Corp		1.700		10/30/19		98,758
	300,000	American Express Credit Corp		2.200		03/03/20		296,631
	200,000	American Express Credit Corp		2.375		05/26/20		197,516
	200,000	American Honda Finance Corp		2.000		11/13/19		198,001
	100,000	American Honda Finance Corp		2.000		02/14/20		98,677
	100,000	American Honda Finance Corp		3.000		06/16/20		99,829
	100,000	American Honda Finance Corp		1.950		07/20/20		98,000
	100,000	American Honda Finance Corp		2.650		02/12/21		98,826
	200,000	Ameriprise Financial, Inc		5.300		03/15/20		206,206
	100,000	Ares Capital Corp		3.875		01/15/20		100,393
	250,000	Bank of New York Mellon Corp		2.150		02/24/20		247,208
	300,000	Bank of New York Mellon Corp		2.500		04/15/21		294,544
	200,000	Berkshire Hathaway, Inc		2.200		03/15/21		196,053
	100,000	BlackRock, Inc		5.000		12/10/19		102,513
	200,000	BNP Paribas S.A.		2.375		05/21/20		197,282
	250,000	BNP Paribas S.A.		5.000		01/15/21		258,618
	400,000	Capital One Financial Corp		2.400		10/30/20		391,611
	100,000	Capital One Financial Corp		3.450		04/30/21		99,886

247

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Charles Schwab Corp		3.250	%	05/21/21	$	200,011
	651,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		645,711
	250,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		248,973
	200,000	Ford Motor Credit Co LLC		2.681		01/09/20		197,914
	175,000	Ford Motor Credit Co LLC		2.425		06/12/20		171,314
	200,000	Ford Motor Credit Co LLC		2.343		11/02/20		194,409
	300,000	Ford Motor Credit Co LLC		3.200		01/15/21		295,536
	200,000	Ford Motor Credit Co LLC		3.470		04/05/21		197,564
	300,000	Ford Motor Credit Co LLC		3.813		10/12/21		297,864
	500,000	GE Capital International Funding Co		2.342		11/15/20		488,537
	400,000	General Electric Capital Corp		2.200		01/09/20		395,754
	500,000	General Electric Capital Corp		4.625		01/07/21		515,129
	100,000	General Motors Financial Co, Inc		2.350		10/04/19		99,354
	300,000	General Motors Financial Co, Inc		2.650		04/13/20		296,870
	100,000	General Motors Financial Co, Inc		2.450		11/06/20		98,007
	300,000	General Motors Financial Co, Inc		4.200		03/01/21		303,710
	200,000	General Motors Financial Co, Inc		3.550		04/09/21		199,908
	1,200,000	Goldman Sachs Group, Inc		2.300		12/13/19		1,189,441
	200,000	Goldman Sachs Group, Inc		2.600		12/27/20		196,780
	300,000	Goldman Sachs Group, Inc		2.875		02/25/21		295,977
	200,000	IBM Credit LLC		1.625		09/06/19		197,916
	250,000	IBM Credit LLC		2.650		02/05/21		247,168
	300,000	Intercontinental Exchange, Inc		2.750		12/01/20		297,440
	500,000	Morgan Stanley		2.650		01/27/20		496,782
	750,000	Morgan Stanley		2.800		06/16/20		744,082
	800,000	Morgan Stanley		5.500		07/28/21		842,048
	250,000	National Rural Utilities Cooperative Finance Corp		2.300		11/15/19		248,459
	116,000	Nomura Holdings, Inc		6.700		03/04/20		121,280
	100,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		99,158
	250,000	Oesterreichische Kontrollbank AG.		1.500		10/21/20		242,667
	125,000	Oesterreichische Kontrollbank AG.		2.875		09/07/21		124,348
	100,000	PACCAR Financial Corp		1.950		02/27/20		98,561
	100,000	PACCAR Financial Corp		2.800		03/01/21		98,955
	100,000	PACCAR Financial Corp		3.100		05/10/21		99,543
	100,000	PACCAR Financial Corp		3.150		08/09/21		99,588
	400,000	Shire Acquisitions Investments Ireland DAC		1.900		09/23/19		395,732
	300,000	State Street Corp		2.550		08/18/20		297,688
	200,000	Synchrony Financial		3.750		08/15/21		198,631
	100,000	Toyota Motor Credit Corp		1.550		10/18/19		98,678
	100,000	Toyota Motor Credit Corp		2.200		01/10/20		99,129
	350,000	Toyota Motor Credit Corp		1.950		04/17/20		344,718
	200,000	Toyota Motor Credit Corp		2.950		04/13/21		199,030
	200,000	Toyota Motor Credit Corp		3.400		09/15/21		201,036
	500,000	UBS AG.		2.350		03/26/20		493,995
	150,000	Unilever Capital Corp		1.800		05/05/20		147,109
	200,000	Unilever Capital Corp		2.750		03/22/21		198,066
	100,000	Unilever Capital Corp		3.000		03/07/22		98,998
	900,000	Wells Fargo & Co		2.600		07/22/20		890,361
	300,000	Wells Fargo & Co		3.000		01/22/21		297,463
		TOTAL DIVERSIFIED FINANCIALS						18,734,699
ENERGY - 1.8%
	200,000	Anadarko Petroleum Corp		4.850		03/15/21		205,506

248

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		BP Capital Markets plc		1.768	%	09/19/19	$	98,964
	400,000		BP Capital Markets plc		2.315		02/13/20		396,301
	200,000		BP Capital Markets plc		3.561		11/01/21		201,281
	100,000		Cenovus Energy, Inc		5.700		10/15/19		102,351
	200,000		Chevron Corp		1.961		03/03/20		197,420
	100,000		Chevron Corp		1.991		03/03/20		98,749
	300,000		Chevron Corp		2.427		06/24/20		297,413
	100,000		Enbridge Energy Partners LP		4.375		10/15/20		101,453
	200,000		Energy Transfer Partners LP		4.150		10/01/20		202,593
	200,000		Enterprise Products Operating LLC		5.200		09/01/20		207,178
	100,000		Enterprise Products Operating LLC		2.800		02/15/21		98,715
	100,000		EOG Resources, Inc		2.450		04/01/20		99,037
	200,000		EOG Resources, Inc		4.100		02/01/21		203,323
	100,000		EQT Corp		2.500		10/01/20		97,608
	150,000		Exxon Mobil Corp		1.912		03/06/20		148,197
	200,000		Exxon Mobil Corp		2.222		03/01/21		196,124
	100,000		Husky Energy, Inc		3.950		04/15/22		100,812
	360,000		Kinder Morgan, Inc		3.050		12/01/19		359,434
	250,000		Kinder Morgan, Inc		3.950		09/01/22		251,589
	400,000		Magellan Midstream Partners LP		4.250		02/01/21		406,337
	200,000		Marathon Petroleum Corp		5.125		03/01/21		207,460
	100,000		Occidental Petroleum Corp		3.125		02/15/22		99,040
	1,000,000		Petroleos Mexicanos		6.375		02/04/21		1,048,510
	150,000		Plains All American Pipeline LP		2.600		12/15/19		148,827
	250,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		260,023
	600,000		Shell International Finance BV		1.375		09/12/19		592,087
	150,000		Shell International Finance BV		4.375		03/25/20		152,950
	250,000		Shell International Finance BV		1.875		05/10/21		241,946
	300,000		Total Capital S.A.		4.450		06/24/20		307,335
	200,000		TransCanada PipeLines Ltd		2.125		11/15/19		197,882
	100,000		Valero Energy Corp		6.125		02/01/20		103,736
	200,000		Williams Partners LP		5.250		03/15/20		205,243
			TOTAL ENERGY						7,635,424
FOOD & STAPLES RETAILING - 0.4%
	300,000		CVS Health Corp		3.125		03/09/20		300,018
	350,000		CVS Health Corp		2.800		07/20/20		346,583
	375,000		CVS Health Corp		3.350		03/09/21		374,287
	100,000		Kroger Co		1.500		09/30/19		98,652
	200,000		Kroger Co		6.150		01/15/20		207,425
	250,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		249,253
			TOTAL FOOD & STAPLES RETAILING						1,576,218
FOOD, BEVERAGE & TOBACCO - 1.3%
	100,000		Altria Group, Inc		9.250		08/06/19		105,352
	100,000		Altria Group, Inc		2.625		01/14/20		99,416
	200,000		Altria Group, Inc		4.750		05/05/21		206,941
	800,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		788,528
	100,000	g	BAT Capital Corp		2.297		08/14/20		97,994
	200,000		Bunge Ltd		3.500		11/24/20		199,367
	200,000		Campbell Soup Co		3.300		03/15/21		198,083
	300,000		Coca-Cola Co		3.150		11/15/20		300,863
	200,000		Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		203,363

249

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Constellation Brands, Inc		2.000	%	11/07/19	$	99,083
	100,000		Constellation Brands, Inc		2.250		11/06/20		97,710
	200,000		Diageo Capital plc		3.000		05/18/20		199,670
	100,000		General Mills, Inc		2.200		10/21/19		99,270
	100,000		General Mills, Inc		3.200		04/16/21		99,348
	100,000		Hershey Co		2.900		05/15/20		99,860
	100,000		Hershey Co		3.100		05/15/21		99,965
	100,000		JM Smucker Co		2.200		12/06/19		98,967
	200,000		Kellogg Co		4.000		12/15/20		203,122
	100,000		Kellogg Co		3.250		05/14/21		99,522
	300,000		Kraft Heinz Foods Co		2.800		07/02/20		297,439
	100,000		Kraft Heinz Foods Co		3.375		06/15/21		99,465
	200,000	g	Maple Escrow Subsidiary, Inc		3.551		05/25/21		199,637
	138,000		Mead Johnson Nutrition Co		3.000		11/15/20		137,511
	100,000		Molson Coors Brewing Co		2.250		03/15/20		98,537
	100,000		Mondelez International, Inc		3.000		05/07/20		99,727
	100,000		PepsiCo, Inc		1.350		10/04/19		98,578
	300,000		PepsiCo, Inc		3.125		11/01/20		300,802
	200,000		PepsiCo, Inc		2.000		04/15/21		194,653
	100,000		Philip Morris International, Inc		1.875		11/01/19		98,885
	300,000		Philip Morris International, Inc		2.000		02/21/20		295,922
	200,000		Reynolds American, Inc		3.250		06/12/20		199,585
			TOTAL FOOD, BEVERAGE & TOBACCO						5,517,165
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	100,000		Anthem, Inc		2.500		11/21/20		98,413
	200,000		Becton Dickinson and Co		2.404		06/05/20		196,957
	200,000		Boston Scientific Corp		2.850		05/15/20		198,556
	250,000		Coventry Health Care, Inc		5.450		06/15/21		261,769
	100,000		Express Scripts Holding Co		2.600		11/30/20		98,407
	200,000	g	Halfmoon Parent, Inc		3.200		09/17/20		199,242
	300,000	g	Halfmoon Parent, Inc		3.400		09/17/21		298,869
	100,000		Laboratory Corp of America Holdings		2.625		02/01/20		99,369
	200,000		Medtronic, Inc		2.500		03/15/20		198,662
	400,000		Medtronic, Inc		3.150		03/15/22		397,240
	200,000		Quest Diagnostics, Inc		2.500		03/30/20		197,814
	100,000		Stryker Corp		2.625		03/15/21		98,482
	300,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		297,192
	100,000		Zimmer Holdings, Inc		2.700		04/01/20		99,022
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						2,739,994
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000		Estee Lauder Cos, Inc		1.800		02/07/20		98,554
	200,000		Procter & Gamble Co		1.900		11/01/19		198,179
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						296,733
INSURANCE - 0.6%
	200,000		Aflac, Inc		2.400		03/16/20		198,113
	300,000		American International Group, Inc		3.300		03/01/21		299,306
	100,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		98,796
	200,000		Chubb INA Holdings, Inc		2.300		11/03/20		196,354
	260,000		Hartford Financial Services Group, Inc		5.500		03/30/20		267,827
	100,000		Humana, Inc		2.500		12/15/20		98,152

250

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	MetLife, Inc		4.750	%	02/08/21	$	103,153
	100,000	Prudential Financial, Inc		2.350		08/15/19		99,579
	200,000	Travelers Cos, Inc		3.900		11/01/20		202,726
	200,000	UnitedHealth Group, Inc		2.700		07/15/20		198,735
	100,000	UnitedHealth Group, Inc		1.950		10/15/20		97,894
	200,000	UnitedHealth Group, Inc		3.150		06/15/21		199,497
	200,000	WellPoint, Inc		2.250		08/15/19		198,916
	100,000	WR Berkley Corp		5.375		09/15/20		103,102
		TOTAL INSURANCE						2,362,150
MATERIALS - 0.6%
	100,000	3M Co		3.000		09/14/21		99,822
	400,000	3M Co		1.625		09/19/21		382,135
	200,000	ArcelorMittal		5.500		03/01/21		207,528
	275,000	Dow Chemical Co		4.250		11/15/20		280,020
	100,000	EI du Pont de Nemours & Co		4.625		01/15/20		102,056
	300,000	EI du Pont de Nemours & Co		2.200		05/01/20		296,122
	100,000	International Flavors & Fragrances, Inc		3.400		09/25/20		100,110
	400,000	Methanex Corp		3.250		12/15/19		398,431
	200,000	Newmont Mining Corp		3.500		03/15/22		198,273
	100,000	Packaging Corp of America		2.450		12/15/20		98,051
	100,000	Praxair, Inc		2.250		09/24/20		98,313
	100,000	Sherwin-Williams Co		2.250		05/15/20		98,531
		TOTAL MATERIALS						2,359,392
MEDIA - 0.6%
	200,000	CBS Corp		2.300		08/15/19		198,944
	200,000	Charter Communications Operating LLC		3.579		07/23/20		200,120
	100,000	Comcast Corp		5.150		03/01/20		102,810
	300,000	Discovery Communications LLC		5.050		06/01/20		308,119
	100,000	Interpublic Group of Cos, Inc		3.500		10/01/20		100,005
	100,000	Interpublic Group of Cos, Inc		3.750		10/01/21		100,194
	500,000	NBC Universal Media LLC		5.150		04/30/20		515,341
	200,000	Omnicom Group, Inc		4.450		08/15/20		204,063
	250,000	Time Warner Cable, Inc		4.000		09/01/21		251,499
	400,000	Time Warner, Inc		4.750		03/29/21		412,073
	100,000	Walt Disney Co		1.950		03/04/20		98,637
	200,000	Walt Disney Co		1.800		06/05/20		196,211
		TOTAL MEDIA						2,688,016
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
	200,000	Abbott Laboratories		2.800		09/15/20		198,061
	450,000	AbbVie, Inc		2.500		05/14/20		444,898
	400,000	AbbVie, Inc		3.375		11/14/21		399,504
	500,000	Actavis Funding SCS		3.000		03/12/20		499,405
	200,000	Amgen, Inc		2.125		05/01/20		196,858
	150,000	Amgen, Inc		2.200		05/11/20		147,854
	200,000	AstraZeneca plc		2.375		11/16/20		197,175
	200,000	Biogen, Inc		2.900		09/15/20		198,956
	500,000	Celgene Corp		2.875		02/19/21		494,256
	100,000	Gilead Sciences, Inc		1.850		09/20/19		99,177
	200,000	Gilead Sciences, Inc		2.550		09/01/20		197,984

251

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	GlaxoSmithKline Capital plc		3.125	%	05/14/21	$	199,681
	100,000	Johnson & Johnson		1.950		11/10/20		97,975
	250,000	Johnson & Johnson		1.650		03/01/21		242,208
	100,000	Merck & Co, Inc		1.850		02/10/20		98,626
	300,000	Merck & Co, Inc		3.875		01/15/21		305,205
	200,000	Mylan NV		3.750		12/15/20		200,132
	300,000	Novartis Capital Corp		1.800		02/14/20		295,682
	600,000	Pfizer, Inc		1.700		12/15/19		591,907
	100,000	Pfizer, Inc		3.000		09/15/21		99,950
	300,000	Sanofi		4.000		03/29/21		305,863
	100,000	Zoetis, Inc		3.250		08/20/21		99,845
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						5,611,202
REAL ESTATE - 0.3%
	250,000	American Tower Corp		3.300		02/15/21		248,471
	200,000	Boston Properties LP		4.125		05/15/21		203,377
	200,000	Digital Realty Trust LP		3.400		10/01/20		200,190
	400,000	ERP Operating LP		4.750		07/15/20		408,578
	250,000	HCP, Inc		2.625		02/01/20		247,850
	100,000	Simon Property Group LP		2.500		09/01/20		98,686
		TOTAL REAL ESTATE						1,407,152
RETAILING - 0.6%
	200,000	Amazon.com, Inc		2.600		12/05/19		199,415
	100,000	Amazon.com, Inc		1.900		08/21/20		98,039
	100,000	AutoZone, Inc		4.000		11/15/20		101,212
	100,000	Costco Wholesale Corp		1.750		02/15/20		98,383
	400,000	Costco Wholesale Corp		2.150		05/18/21		391,282
	350,000	Home Depot, Inc		1.800		06/05/20		344,394
	400,000	Lowe’s Cos, Inc		3.750		04/15/21		405,190
	450,000	Wal-Mart Stores, Inc		1.900		12/15/20		440,402
	100,000	Walmart, Inc		2.850		06/23/20		100,030
	200,000	Walmart, Inc		3.125		06/23/21		200,401
		TOTAL RETAILING						2,378,748
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	100,000	Analog Devices, Inc		2.950		01/12/21		99,119
	100,000	Intel Corp		1.850		05/11/20		98,399
	200,000	Intel Corp		2.450		07/29/20		198,280
	200,000	Texas Instruments, Inc		1.750		05/01/20		196,417
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						592,215
SOFTWARE & SERVICES - 0.7%
	250,000	Adobe Systems, Inc		4.750		02/01/20		255,404
	100,000	Baidu, Inc		3.000		06/30/20		99,117
	200,000	CA, Inc		5.375		12/01/19		204,423
	100,000	DXC Technology Co		2.875		03/27/20		99,166
	100,000	Fidelity National Information Services, Inc		2.250		08/15/21		96,558
	200,000	Fiserv, Inc		3.500		10/01/22		198,944
	100,000	International Business Machines Corp		1.900		01/27/20		98,784
	200,000	Microsoft Corp		1.100		08/08/19		197,440
	300,000	Microsoft Corp		1.850		02/06/20		296,353
	500,000	Microsoft Corp		2.000		11/03/20		491,101

252

TIAA-CREF FUNDS - Short-Term Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Oracle Corp		3.875	%	07/15/20	$	508,118
	400,000		Oracle Corp		1.900		09/15/21		386,021
	100,000		VMware, Inc		2.300		08/21/20		98,027
			TOTAL SOFTWARE & SERVICES						3,029,456
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	100,000		Amphenol Corp		2.200		04/01/20		98,239
	200,000		Apple, Inc		1.100		08/02/19		197,419
	200,000		Apple, Inc		1.500		09/12/19		197,823
	100,000		Apple, Inc		1.800		11/13/19		98,941
	100,000		Apple, Inc		1.900		02/07/20		98,818
	100,000		Apple, Inc		1.800		05/11/20		98,326
	100,000		Apple, Inc		2.000		11/13/20		98,225
	400,000		Apple, Inc		2.250		02/23/21		392,672
	250,000		Apple, Inc		1.550		08/04/21		239,795
	292,000		Broadcom Corp		2.375		01/15/20		288,574
	100,000		Broadcom Corp		2.200		01/15/21		96,887
	100,000		Cisco Systems, Inc		1.400		09/20/19		98,696
	200,000		Cisco Systems, Inc		4.450		01/15/20		203,931
	500,000		Cisco Systems, Inc		2.450		06/15/20		496,037
	250,000		Cisco Systems, Inc		1.850		09/20/21		241,158
	500,000	g	Dell International LLC		4.420		06/15/21		507,408
	300,000		Hewlett Packard Enterprise Co		3.600		10/15/20		301,416
	100,000		Hewlett Packard Enterprise Co		3.500		10/05/21		99,884
	250,000		L-3 Communications Corp		4.950		02/15/21		257,120
	100,000		QUALCOMM, Inc		2.250		05/20/20		98,691
	300,000		Xerox Corp		4.500		05/15/21		301,303
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						4,511,363
TELECOMMUNICATION SERVICES - 0.5%
	200,000		Alibaba Group Holding Ltd		2.500		11/28/19		198,960
	250,000		America Movil SAB de C.V.		5.000		03/30/20		256,042
	264,000		AT&T, Inc		5.200		03/15/20		271,697
	200,000		AT&T, Inc		2.450		06/30/20		197,276
	550,000		AT&T, Inc		3.200		03/01/22		541,738
	300,000		Orange S.A.		1.625		11/03/19		295,433
	250,000		Telefonica Emisiones SAU		5.134		04/27/20		256,930
	300,000		Verizon Communications, Inc		4.600		04/01/21		309,351
			TOTAL TELECOMMUNICATION SERVICES						2,327,427
TRANSPORTATION - 0.5%
	200,000		Boeing Co		1.650		10/30/20		194,456
	200,000		Canadian National Railway Co		2.400		02/03/20		198,325
	100,000		Delta Air Lines, Inc		2.875		03/13/20		99,185
	100,000		Delta Air Lines, Inc		2.600		12/04/20		97,811
	100,000		Delta Air Lines, Inc		3.400		04/19/21		99,374
	100,000		FedEx Corp		2.300		02/01/20		99,116
	200,000		Northrop Grumman Corp		2.080		10/15/20		195,493
	100,000		Royal Caribbean Cruises Ltd		2.650		11/28/20		98,327
	250,000		Ryder System, Inc		2.500		05/11/20		246,984
	200,000		Ryder System, Inc		3.500		06/01/21		199,810
	250,000		Union Pacific Corp		2.250		06/19/20		246,663
	100,000		Union Pacific Corp		3.200		06/08/21		99,932

253

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	United Parcel Service, Inc		2.050	%	04/01/21	$	292,111
		TOTAL TRANSPORTATION						2,167,587
UTILITIES - 1.1%
	200,000	Berkshire Hathaway Energy Co		2.400		02/01/20		198,342
	100,000	Berkshire Hathaway Energy Co		2.375		01/15/21		98,382
	200,000	CMS Energy Corp		6.250		02/01/20		207,814
	200,000	Commonwealth Edison Co		4.000		08/01/20		202,550
	100,000	Consolidated Edison, Inc		2.000		03/15/20		98,323
	400,000	Dominion Energy, Inc		2.579		07/01/20		394,796
	250,000	Dominion Gas Holdings LLC		2.800		11/15/20		246,200
	75,000	Dominion Resources, Inc		1.600		08/15/19		74,137
	300,000	Duke Energy Carolinas LLC		4.300		06/15/20		306,798
	100,000	Edison International		2.125		04/15/20		98,046
	100,000	Eversource Energy		2.500		03/15/21		98,228
	200,000	Exelon Generation Co LLC		2.950		01/15/20		199,449
	100,000	Georgia Power Co		2.000		03/30/20		98,139
	100,000	Georgia Power Co		2.000		09/08/20		97,492
	200,000	LG&E and KU Energy LLC		3.750		11/15/20		200,805
	100,000	Nevada Power Co		2.750		04/15/20		99,714
	200,000	NextEra Energy Capital Holdings, Inc		3.342		09/01/20		200,405
	100,000	Northern States Power Co		2.200		08/15/20		98,291
	300,000	Pacific Gas & Electric Co		3.500		10/01/20		300,282
	100,000	Pinnacle West Capital Corp		2.250		11/30/20		97,461
	100,000	Public Service Enterprise Group, Inc		1.600		11/15/19		98,318
	100,000	Sempra Energy		1.625		10/07/19		98,554
	200,000	Sempra Energy		2.400		02/01/20		197,501
	100,000	South Carolina Electric & Gas Co		3.500		08/15/21		99,615
	300,000	Southern Co		2.350		07/01/21		290,879
	100,000	Southern Power Co		1.950		12/15/19		98,633
	100,000	WEC Energy Group, Inc		3.375		06/15/21		100,027
	300,000	ZB NA		3.500		08/27/21		298,244
		TOTAL UTILITIES						4,697,425
		TOTAL CORPORATE BONDS						106,502,529
		(Cost $107,680,465)
GOVERNMENT BONDS -  74.3%
AGENCY SECURITIES - 3.7%
	1,000,000	Federal Farm Credit Bank (FFCB)		2.375		03/27/20		993,939
	500,000	Federal Home Loan Bank (FHLB)		2.125		02/11/20		495,805
	2,400,000	FHLB		1.875		03/13/20		2,367,936
	3,000,000	FHLB		2.625		05/28/20		2,991,435
	250,000	FHLB		2.625		10/01/20		248,768
	750,000	FHLB		1.125		07/14/21		715,107
	1,500,000	Federal Home Loan Mortgage Corp (FHLMC)		1.875		11/17/20		1,469,972
	500,000	FHLMC		2.375		02/16/21		494,232
	1,050,000	Federal National Mortgage Association (FNMA)		0.875		08/02/19		1,035,265
	3,500,000	FNMA		1.750		11/26/19		3,463,015
	1,000,000	FNMA		1.500		11/30/20		971,940
	300,000	Private Export Funding Corp (PEFCO)		1.450		08/15/19		296,522
	200,000	Ukraine Government AID Bonds		1.847		05/29/20		196,718
		TOTAL AGENCY SECURITIES						15,740,654

254

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
FOREIGN GOVERNMENT BONDS - 7.2%
$	100,000	African Development Bank		1.625	%	10/02/18	$	100,000
	200,000	African Development Bank		1.000		11/02/18		199,788
	200,000	African Development Bank		1.875		03/16/20		197,142
	150,000	African Development Bank		2.625		03/22/21		148,635
	200,000	Asian Development Bank		0.875		10/05/18		199,978
	100,000	Asian Development Bank		1.375		01/15/19		99,700
	300,000	Asian Development Bank		1.750		01/10/20		296,023
	1,500,000	Asian Development Bank		1.375		03/23/20		1,468,103
	500,000	Asian Development Bank		1.625		03/16/21		484,130
	200,000	Colombia Government International Bond		7.375		03/18/19		204,100
	100,000	Corp Andina de Fomento		2.200		07/18/20		97,955
	100,000	Council of Europe Development Bank		1.500		05/17/19		99,261
	300,000	Council Of Europe Development Bank		1.000		02/04/19		298,387
	600,000	European Bank for Reconstruction & Development		1.750		11/26/19		592,812
	300,000	European Bank for Reconstruction & Development		2.750		04/26/21		298,159
	1,200,000	European Investment Bank		1.625		08/14/20		1,171,932
	2,000,000	European Investment Bank		2.875		09/15/20		1,997,320
	2,000,000	European Investment Bank		2.375		05/13/21		1,969,754
	100,000	Export Development Canada		1.000		11/01/18		99,884
	100,000	Export Development Canada		1.250		12/10/18		99,737
	100,000	Export Development Canada		1.250		02/04/19		99,552
	100,000	Export Development Canada		1.625		01/17/20		98,410
	100,000	Export Development Canada		1.625		06/01/20		97,868
	250,000	Export Development Canada		2.000		11/30/20		244,917
	200,000	Export-Import Bank of Korea		1.750		05/26/19		198,455
	250,000	Export-Import Bank of Korea		2.500		11/01/20		245,276
	200,000	FMS Wertmanagement AoeR		1.000		08/16/19		196,983
	350,000	FMS Wertmanagement AoeR		1.750		01/24/20		344,978
	250,000	Hungary Government International Bond		5.750		11/22/23		270,723
	500,000	Inter-American Development Bank		1.750		10/15/19		494,924
	1,636,000	Inter-American Development Bank		1.375		07/15/20		1,593,122
	200,000	Inter-American Development Bank		2.625		04/19/21		198,169
	100,000	International Bank for Reconstruction & Development		1.000		10/05/18		99,989
	600,000	International Bank for Reconstruction & Development		1.250		07/26/19		593,408
	500,000	International Bank for Reconstruction & Development		1.875		10/07/19		495,889
	1,200,000	International Bank for Reconstruction & Development		1.875		04/21/20		1,182,145
	200,000	International Bank for Reconstruction & Development		1.625		09/04/20		195,284
	1,000,000	International Bank for Reconstruction & Development		1.625		03/09/21		968,740
	500,000	International Bank for Reconstruction & Development		2.000		01/26/22		483,628
	75,000	International Finance Corp		1.250		11/27/18		74,870
	500,000	International Finance Corp		1.750		03/30/20		491,745
	500,000	International Finance Corp		2.250		01/25/21		492,075
	400,000	Japan Bank for International Cooperation		2.250		02/24/20		395,899
	100,000	Japan Bank for International Cooperation		2.125		06/01/20		98,451
	150,000	Japan Bank for International Cooperation		2.125		07/21/20		147,342
	200,000	Japan Bank for International Cooperation		2.125		11/16/20		195,728
	100,000	KFW		1.500		02/06/19		99,667
	1,000,000	KFW		1.000		07/15/19		987,199
	1,400,000	KFW		4.000		01/27/20		1,420,850
	350,000	KFW		1.750		03/31/20		344,253

255

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	KFW		1.875	%	06/30/20	$	1,473,779
	100,000	KFW		2.750		10/01/20		99,638
	100,000	KFW		1.875		12/15/20		97,675
	2,000,000	KFW		2.625		04/12/21		1,982,447
	300,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		295,796
	300,000	Mexico Government International Bond		3.500		01/21/21		300,558
	100,000	Nordic Investment Bank		2.250		02/01/21		98,347
	500,000	Nordic Investment Bank		2.250		09/30/21		488,487
	200,000	Poland Government International Bond		6.375		07/15/19		205,501
	200,000	Province of Alberta Canada		1.900		12/06/19		197,624
	1,200,000	Province of Ontario Canada		4.400		04/14/20		1,225,265
	200,000	Province of Quebec Canada		3.500		07/29/20		201,746
	200,000	Republic of Hungary		6.250		01/29/20		207,689
	200,000	Republic of the Philippines		6.500		01/20/20		208,884
	200,000	Svensk Exportkredit AB		1.750		05/18/20		196,132
	200,000	Svensk Exportkredit AB		1.750		08/28/20		195,436
	200,000	Svensk Exportkredit AB		2.875		05/22/21		199,057
		TOTAL FOREIGN GOVERNMENT BONDS						30,647,400
MUNICIPAL BONDS - 0.1%
	100,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		99,660
	250,000	Tennessee Valley Authority		2.250		03/15/20		248,146
		TOTAL MUNICIPAL BONDS						347,806
U.S. TREASURY SECURITIES - 63.3%
	13,000,000	United States Treasury Note		1.875		12/31/19		12,866,953
	6,700,000	United States Treasury Note		1.375		01/15/20		6,586,152
	4,500,000	United States Treasury Note		2.000		01/31/20		4,457,461
	9,000,000	United States Treasury Note		2.250		02/29/20		8,938,125
	15,000,000	United States Treasury Note		1.625		03/15/20		14,760,938
	9,500,000	United States Treasury Note		2.250		03/31/20		9,428,750
	3,500,000	United States Treasury Note		1.500		04/15/20		3,433,418
	11,750,000	United States Treasury Note		2.375		04/30/20		11,677,021
	4,400,000	United States Treasury Note		1.500		05/15/20		4,310,969
	14,500,000	United States Treasury Note		2.500		05/31/20		14,431,465
	7,000,000	United States Treasury Note		2.500		06/30/20		6,964,453
	7,700,000	United States Treasury Note		1.500		07/15/20		7,525,246
	2,200,000	United States Treasury Note		2.625		07/31/20		2,192,867
	9,200,000	United States Treasury Note		1.500		08/15/20		8,981,859
	17,000,000	United States Treasury Note		2.625		08/31/20		16,939,570
	5,750,000	United States Treasury Note		1.375		09/15/20		5,593,223
	14,000,000	United States Treasury Note		2.750		09/30/20		13,981,940
	7,450,000	United States Treasury Note		1.625		10/15/20		7,272,772
	8,500,000	United States Treasury Note		1.750		11/15/20		8,310,410
	6,250,000	United States Treasury Note		1.875		12/15/20		6,121,826
	9,900,000	United States Treasury Note		2.000		01/15/21		9,713,215
	15,500,000	United States Treasury Note		2.250		02/15/21		15,284,453
	7,000,000	United States Treasury Note		2.375		03/15/21		6,920,977
	5,150,000	United States Treasury Note		2.375		04/15/21		5,088,441
	11,600,000	United States Treasury Note		2.625		05/15/21		11,528,406
	10,250,000	United States Treasury Note		2.625		06/15/21		10,183,535
	17,750,000	United States Treasury Note		2.625		07/15/21		17,630,049
	12,250,000	United States Treasury Note		2.750		08/15/21		12,205,020

256

TIAA-CREF FUNDS - Short-Term Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	7,500,000	United States Treasury Note		2.750	%	09/15/21	$	7,471,875
		TOTAL U.S. TREASURY SECURITIES						270,801,389
		TOTAL GOVERNMENT BONDS						317,537,249
		(Cost $320,779,085)
		TOTAL BONDS						424,039,778
		(Cost $428,459,550)
SHORT-TERM INVESTMENTS - 0.1%
GOVERNMENT AGENCY DEBT - 0.1%
	550,000	Federal Home Loan Bank (FHLB)		2.000		10/01/18		550,000
		TOTAL GOVERNMENT AGENCY DEBT						550,000
		TOTAL SHORT-TERM INVESTMENTS						550,000
		(Cost $550,000)
		TOTAL INVESTMENTS - 99.3%						424,589,778
		(Cost $429,009,550)
		OTHER ASSETS & LIABILITIES, NET - 0.7%						2,987,212
		NET ASSETS - 100.0%					$	427,576,990

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 9/30/2018, the aggregate value of these securities was $1,303,150 or 0.3% of net assets.

257

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 1.0%
CAPITAL GOODS - 0.0%
$	940,385	i	Manitowoc Foodservice, Inc	LIBOR 1 M + 2.750%		4.990	%	03/03/23	$	943,911
			TOTAL CAPITAL GOODS							943,911
CONSUMER DURABLES & APPAREL - 0.0%
	446,625	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		3.990		12/16/24		448,581
			TOTAL CONSUMER DURABLES & APPAREL							448,581
ENERGY - 0.2%
	5,362,609	i	TerraForm Power Operating LLC	LIBOR 1 M + 2.000%		4.240		11/08/22		5,376,016
			TOTAL ENERGY							5,376,016
MATERIALS - 0.1%
	3,215,584	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.170		10/21/24		3,211,179
			TOTAL MATERIALS							3,211,179
MEDIA - 0.2%
	4,980,613	i	Charter Communications Operating LLC	LIBOR 1 M + 2.000%		4.250		04/30/25		4,986,839
			TOTAL MEDIA							4,986,839
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	4,267,022	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.410		07/05/23		4,285,711
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,285,711
UTILITIES - 0.3%
	4,462,182	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.320		11/28/24		4,495,648
	1,806,990	†,i	Terra-Gen Finance Co LLC	LIBOR 1 M + 4.250%		6.490		12/09/21		1,481,732
			TOTAL UTILITIES							5,977,380
			TOTAL BANK LOAN OBLIGATIONS							25,229,617
			(Cost $25,395,561)
BONDS - 96.9%
CORPORATE BONDS - 37.1%
AUTOMOBILES & COMPONENTS - 0.2%
	1,300,000	g	Adient Global Holdings Ltd			4.875		08/15/26		1,155,375
	5,000,000		Ford Motor Co			4.750		01/15/43		4,166,450
			TOTAL AUTOMOBILES & COMPONENTS							5,321,825
BANKS - 9.3%
	6,200,000		Bank of America Corp			2.151		11/09/20		6,067,191
	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.250%		2.581		09/11/19		5,007,284
	3,000,000	g	Bank of Montreal			2.500		01/11/22		2,928,026

258

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.630%		2.961	%	09/11/22	$	5,026,230
	1,000,000		Bank of Nova Scotia			2.125		09/11/19		992,828
	3,000,000	g	Bank of Nova Scotia			1.875		09/20/21		2,880,024
	10,000,000		BB&T Corp			3.700		06/05/25		9,960,284
	5,000,000	g	Canadian Imperial Bank of Commerce			3.150		06/27/21		4,983,561
	10,000,000	i	Canadian Imperial Bank of Commerce	LIBOR 3 M + 0.660%		2.994		09/13/23		10,013,600
	5,000,000	i	Citizens Bank NA	LIBOR 3 M + 0.540%		2.861		03/02/20		5,015,607
	250,000	i	Citizens Bank NA	LIBOR 3 M + 0.570%		2.881		05/26/20		250,769
	1,125,000		Citizens Financial Group, Inc			2.375		07/28/21		1,085,284
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA			3.950		11/09/22		248,377
	6,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.430%		2.765		04/26/21		6,012,612
	1,850,000		Cooperatieve Rabobank UA			2.750		01/10/22		1,800,058
	5,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.480%		2.811		01/10/23		4,988,157
	3,037,000		Cooperatieve Rabobank UA			3.750		07/21/26		2,867,144
	3,150,000		Discover Bank			3.350		02/06/23		3,058,150
	3,300,000		Discover Bank			3.450		07/27/26		3,069,076
	7,800,000		Discover Bank			4.650		09/13/28		7,814,500
	5,000,000		HSBC Holdings plc			3.033		11/22/23		4,828,029
	4,435,000	g	ING Bank NV			2.000		11/26/18		4,431,329
	500,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		451,080
	2,500,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		2,279,691
	2,100,000		KeyBank NA			2.350		03/08/19		2,097,965
	10,000,000		KeyCorp			4.100		04/30/28		9,942,400
	10,000,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		3.015		07/26/23		10,067,737
	8,280,000	i	Manufacturers & Traders Trust Co	LIBOR 3 M + 0.270%		2.605		01/25/21		8,281,002
	1,000,000		Manufacturers & Traders Trust Co			2.900		02/06/25		953,121
	3,530,000		Manufacturers & Traders Trust Co			3.400		08/17/27		3,389,176
	5,725,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		5,380,623
	10,310,000		People’s United Bank			4.000		07/15/24		10,182,776
	5,500,000		People’s United Financial, Inc			3.650		12/06/22		5,451,844
	5,290,000	i	PNC Bank NA	LIBOR 3 M + 0.250%		2.597		01/22/21		5,290,447
	7,750,000		PNC Bank NA			2.700		11/01/22		7,464,307
	2,993,000		PNC Bank NA			2.950		01/30/23		2,896,423
	10,000,000	i	Regions Bank	LIBOR 3 M + 0.380%		2.776		04/01/21		10,001,708
	6,000,000	i	Regions Bank	LIBOR 3 M + 0.500%		2.838		08/13/21		6,004,662
	5,000,000		Regions Financial Corp			2.750		08/14/22		4,820,848
	2,000,000		Royal Bank of Canada			1.875		02/05/20		1,969,144
	3,000,000		Royal Bank of Canada			2.100		10/14/20		2,935,214
	10,712,000		SVB Financial Group			3.500		01/29/25		10,352,868
	2,500,000		Toronto-Dominion Bank			1.450		08/13/19		2,471,721
	3,000,000	g	Toronto-Dominion Bank			1.950		04/02/20		2,948,954
	5,000,000		Toronto-Dominion Bank			1.850		09/11/20		4,886,322
	6,000,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.260%		2.594		09/17/20		6,006,646
	2,500,000		Toronto-Dominion Bank			1.800		07/13/21		2,403,509
	5,000,000		US Bancorp			2.950		07/15/22		4,894,972
	10,000,000	i	US Bank NA	LIBOR 3 M + 0.290%		2.602		05/21/21		10,015,933
	3,000,000	g	Westpac Banking Corp			2.100		02/25/21		2,917,614
			TOTAL BANKS							240,086,827
CAPITAL GOODS - 1.1%
	4,500,000	i	3M Co	LIBOR 3 M + 0.300%		2.519		02/14/24		4,490,718
	5,000,000		Air Lease Corp			3.875		07/03/23		4,953,578
	1,000,000		Air Lease Corp			4.250		09/15/24		994,733

259

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,150,000		Anixter, Inc			5.500	%	03/01/23	$	1,187,375
	3,000,000		CNH Industrial Capital LLC			3.875		10/15/21		2,991,610
	4,000,000		CNH Industrial Capital LLC			4.200		01/15/24		3,978,821
	1,000,000		Parker-Hannifin Corp			4.200		11/21/34		1,000,071
	500,000		Pentair Finance S.A.			2.650		12/01/19		497,517
	500,000		Rockwell Collins, Inc			3.700		12/15/23		497,367
	1,825,000		Trimble, Inc			4.150		06/15/23		1,825,810
	5,000,000		Trimble, Inc			4.900		06/15/28		5,025,952
			TOTAL CAPITAL GOODS							27,443,552
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	2,200,000		Waste Management, Inc			3.900		03/01/35		2,147,185
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							2,147,185
CONSUMER DURABLES & APPAREL - 0.2%
	4,956,507		Rimon LLC			2.623		06/25/26		4,839,417
			TOTAL CONSUMER DURABLES & APPAREL							4,839,417
CONSUMER SERVICES - 0.6%
	4,040,000		Henry J Kaiser Family Foundation			3.356		12/01/25		3,902,498
	3,350,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		3,286,547
	100,000		Salvation Army			5.637		09/01/26		107,873
	5,000,000		Salvation Army			4.528		09/01/48		4,909,243
	3,600,000		Starbucks Corp			2.450		06/15/26		3,240,424
			TOTAL CONSUMER SERVICES							15,446,585
DIVERSIFIED FINANCIALS - 3.4%
	10,000,000	i	American Express Co	LIBOR 3 M + 0.750%		3.098		08/03/23		10,004,343
	5,000,000		American Express Co			3.000		10/30/24		4,774,432
	2,125,000		Bank of New York Mellon Corp			2.661		05/16/23		2,057,422
	567,000	g	EDP Finance BV			4.125		01/15/20		570,011
	500,000	g	EDP Finance BV			5.250		01/14/21		513,420
	5,625,000	g	EDP Finance BV			3.625		07/15/24		5,364,979
	5,250,000		Ford Foundation			3.859		06/01/47		5,074,891
	2,500,000		Ford Motor Credit Co LLC			2.943		01/08/19		2,502,549
	1,000,000	i	Ford Motor Credit Co LLC	LIBOR 3 M + 0.930%		3.271		11/04/19		1,002,531
	3,211,000		Ford Motor Credit Co LLC			3.157		08/04/20		3,179,740
	1,000,000		Ford Motor Credit Co LLC			3.339		03/28/22		966,355
	5,000,000		Morgan Stanley			2.200		12/07/18		4,997,200
	5,000,000	g	Pattern Energy Group, Inc			5.875		02/01/24		5,050,000
	1,500,000		Reinvestment Fund, Inc			3.166		11/01/23		1,466,680
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		2,974,947
	2,500,000		Reinvestment Fund, Inc			3.366		11/01/24		2,438,453
	5,000,000		Reinvestment Fund, Inc			3.513		11/01/25		4,879,829
	5,000,000		Reinvestment Fund, Inc			3.880		02/15/27		4,945,528
	5,000,000		State Street Corp			2.653		05/15/23		4,840,907
	6,000,000	i	Toyota Motor Credit Corp	LIBOR 3 M + 0.280%		2.617		04/13/21		6,007,722
	15,750,000		Unilever Capital Corp			2.000		07/28/26		13,920,347
			TOTAL DIVERSIFIED FINANCIALS							87,532,286

260

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
ENERGY - 2.9%
$	2,264,000		Apache Corp			3.250	%	04/15/22	$	2,228,363
	5,000,000		Cenovus Energy, Inc			5.250		06/15/37		4,951,330
	1,500,000		Cimarex Energy Co			3.900		05/15/27		1,431,327
	2,500,000	g	Colorado Interstate Gas Co LLC			4.150		08/15/26		2,446,094
	3,616,800	g	Continental Wind LLC			6.000		02/28/33		3,700,040
	1,000,000		EOG Resources, Inc			3.900		04/01/35		974,977
	10,000,000	i	EQT Corp	LIBOR 3 M + 0.770%		2.103		10/01/20		9,996,295
	4,700,000	g	Greenko Dutch BV			4.875		07/24/22		4,465,000
	5,000,000	i	Kinder Morgan, Inc	LIBOR 3 M + 1.280%		3.619		01/15/23		5,078,969
	8,000,000		National Oilwell Varco, Inc			3.950		12/01/42		6,929,268
	1,925,000		ONEOK, Inc			4.000		07/13/27		1,860,513
	3,350,000		ONEOK, Inc			4.950		07/13/47		3,323,601
	6,100,000	g,i	Phillips 66	LIBOR 3 M + 0.750%		3.089		04/15/20		6,102,483
	500,000		Statoil ASA			3.150		01/23/22		497,700
	1,000,000		Statoil ASA			2.450		01/17/23		963,096
	500,000		Statoil ASA			2.650		01/15/24		478,655
	3,000,000		Statoil ASA			3.950		05/15/43		2,918,026
	5,000,000	g	TerraForm Power Operating LLC			5.000		01/31/28		4,650,000
	6,000,000		Valero Energy Corp			4.350		06/01/28		6,040,653
	4,500,000	g	Woodside Finance Ltd			3.700		03/15/28		4,219,308
			TOTAL ENERGY							73,255,698
HEALTH CARE EQUIPMENT & SERVICES - 1.4%
	5,000,000	i	Becton Dickinson & Co	LIBOR 3 M + 1.030%		3.351		06/06/22		5,027,732
	7,250,000		Becton Dickinson & Co			3.363		06/06/24		7,002,660
	4,250,000		Becton Dickinson & Co			4.685		12/15/44		4,183,927
	10,000,000	g,i	Halfmoon Parent, Inc	LIBOR 3 M + 0.890%		3.224		07/15/23		10,000,460
	9,150,000	g	Halfmoon Parent, Inc			4.800		08/15/38		9,135,711
	1,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		986,524
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							36,337,014
INSURANCE - 0.9%
	2,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.158		07/13/20		2,025,800
	3,000,000	g	Five Corners Funding Trust			4.419		11/15/23		3,078,134
	5,000,000		Progressive Corp			3.700		01/26/45		4,488,698
	2,000,000		Prudential Financial, Inc			5.375		05/15/45		1,995,000
	5,000,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		4,848,322
	5,653,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		5,493,124
			TOTAL INSURANCE							21,929,078
MATERIALS - 1.7%
	4,150,000	g	Commercial Metals Co			5.750		04/15/26		4,025,500
	4,500,000		Fibria Overseas Finance Ltd			5.500		01/17/27		4,460,400
	1,350,000		International Flavors & Fragrances, Inc			3.400		09/25/20		1,351,485
	3,650,000		International Flavors & Fragrances, Inc			5.000		09/26/48		3,650,127
	2,000,000		International Paper Co			5.000		09/15/35		2,031,324
	1,184,000		International Paper Co			4.800		06/15/44		1,148,541
	5,000,000	g	Inversiones CMPC S.A.			4.375		04/04/27		4,878,568
	7,225,000	g	Klabin Finance S.A.			4.875		09/19/27		6,385,094
	2,000,000		Nutrien Ltd			3.500		06/01/23		1,947,875
	1,000,000		Nutrien Ltd			5.250		01/15/45		1,032,867

261

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,500,000	g	Sealed Air Corp			5.500	%	09/15/25	$	2,553,125
	6,350,000	g	WestRock Co			3.000		09/15/24		6,001,199
	4,975,000	g	WestRock Co			3.750		03/15/25		4,887,516
			TOTAL MATERIALS							44,353,621
MEDIA - 0.7%
	2,775,000	g	CCO Holdings LLC			4.000		03/01/23		2,656,508
	3,000,000		Charter Communications Operating LLC			3.579		07/23/20		3,001,798
	4,250,000		Charter Communications Operating LLC			4.464		07/23/22		4,320,412
	5,000,000	i	Discovery Communications LLC	LIBOR 3 M + 0.710%		3.048		09/20/19		5,020,890
	2,725,000		Discovery Communications LLC			5.000		09/20/37		2,650,758
			TOTAL MEDIA							17,650,366
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	4,500,000		Bristol-Myers Squibb Co			3.250		08/01/42		3,858,242
	5,000,000		Celgene Corp			2.750		02/15/23		4,792,425
	5,000,000		Celgene Corp			3.450		11/15/27		4,665,681
	4,000,000		GlaxoSmithKline Capital plc			2.693		05/14/21		4,025,760
	5,750,000		GlaxoSmithKline Capital plc			3.625		05/15/25		5,738,110
	5,674,000	g	Roche Holdings, Inc			2.375		01/28/27		5,149,475
	1,150,000		Zoetis, Inc			3.450		11/13/20		1,154,821
	7,200,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		2.762		08/20/21		7,212,434
	4,125,000		Zoetis, Inc			4.450		08/20/48		4,078,242
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							40,675,190
REAL ESTATE - 1.5%
	4,000,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		4,008,870
	1,975,000		Brandywine Operating Partnership LP			3.950		02/15/23		1,961,760
	4,300,000		Brandywine Operating Partnership LP			3.950		11/15/27		4,061,144
	6,325,000		Brixmor Operating Partnership LP			3.900		03/15/27		5,990,040
	5,000,000		Digital Realty Trust LP			3.950		07/01/22		5,030,365
	2,300,000		Healthcare Realty Trust, Inc			3.625		01/15/28		2,139,127
	4,725,000		Kilroy Realty LP			3.450		12/15/24		4,517,536
	3,557,000		Mid-America Apartments LP			4.000		11/15/25		3,499,378
	8,407,000		Regency Centers LP			3.750		06/15/24		8,211,418
	450,000		Washington REIT			4.950		10/01/20		458,012
			TOTAL REAL ESTATE							39,877,650
RETAILING - 0.2%
	5,768,000		AutoNation, Inc			5.500		02/01/20		5,916,078
			TOTAL RETAILING							5,916,078
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	5,000,000		Apple, Inc			3.000		06/20/27		4,755,053
	4,206,000		Corning, Inc			4.375		11/15/57		3,676,902
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							8,431,955
TELECOMMUNICATION SERVICES - 1.2%
	500,000		CenturyLink, Inc			6.750		12/01/23		519,375
	5,000,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.000%		3.334		03/16/22		5,105,525

262

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,550,000		Verizon Communications, Inc			3.500	%	11/01/24	$	1,528,994
	11,000,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.100%		3.414		05/15/25		11,095,416
	3,000,000		Verizon Communications, Inc			2.625		08/15/26		2,718,652
	4,750,000		Verizon Communications, Inc			4.272		01/15/36		4,521,537
	6,125,000		Verizon Communications, Inc			5.250		03/16/37		6,522,532
			TOTAL TELECOMMUNICATION SERVICES							32,012,031
TRANSPORTATION - 3.1%
	2,450,000		CSX Corp			4.250		11/01/66		2,193,375
	5,925,000		Delta Air Lines, Inc			3.625		03/15/22		5,850,825
	1,877,299		Delta Air Lines, Inc			4.250		07/30/23		1,873,622
	2,789,452		Delta Air Lines, Inc			3.625		07/30/27		2,761,169
	2,500,000		Kansas City Southern			4.300		05/15/43		2,344,387
	2,500,000		Kansas City Southern			4.950		08/15/45		2,566,849
	825,000	g	Mexico City Airport Trust			4.250		10/31/26		775,500
	5,000,000	g	Mexico City Airport Trust			5.500		10/31/46		4,400,000
	6,125,000	g	Mexico City Airport Trust			5.500		07/31/47		5,466,563
	4,599,751		Spirit Airlines Pass Through Trust			3.800		02/15/26		4,448,346
	5,887,195		Spirit Airlines Pass Through Trust			3.375		02/15/30		5,627,011
	954,633		Spirit Airlines, Inc			4.100		04/01/28		951,053
	6,000,000		Union Pacific Corp			4.375		09/10/38		6,094,030
	5,250,000		Union Pacific Corp			4.375		11/15/65		4,850,197
	5,835,877		Union Pacific Railroad Co			3.227		05/14/26		5,651,788
	11,159,506		Union Pacific Railroad Co			2.695		05/12/27		10,329,405
	5,000,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.380%		2.695		05/16/22		5,041,298
	7,500,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.450%		2.846		04/01/23		7,530,829
			TOTAL TRANSPORTATION							78,756,247
UTILITIES - 6.7%
	5,300,000		Avangrid, Inc			3.150		12/01/24		5,050,455
	10,025,000		Avista Corp			4.350		06/01/48		10,004,022
	300,000	g	Azure Power Energy Ltd			5.500		11/03/22		284,559
	7,500,000	g	Brooklyn Union Gas Co			4.273		03/15/48		7,390,990
	4,675,000	g,h	Clearway Energy Operating LLC			5.750		10/15/25		4,718,828
	1,200,000	g,i	Dominion Energy, Inc	LIBOR 3 M + 0.600%		2.914		05/15/20		1,200,504
	3,000,000	g	Electricite de France S.A.			3.625		10/13/25		2,900,929
	3,600,000	i	Enbridge, Inc	LIBOR 3 M + 0.700%		3.034		06/15/20		3,613,139
	1,700,000		Fortis, Inc			2.100		10/04/21		1,623,965
	2,900,000		Fortis, Inc			3.055		10/04/26		2,659,563
	5,000,000		Georgia Power Co			3.250		04/01/26		4,719,701
	541,960	g	Harper Lake Solar Funding Corp			7.645		12/31/18		546,025
	7,350,000	g	Korea Hydro & Nuclear Power Co Ltd			3.750		07/25/23		7,295,897
	5,000,000		MidAmerican Energy Co			3.100		05/01/27		4,760,849
	5,746,000		MidAmerican Energy Co			3.950		08/01/47		5,501,679
	1,000,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		980,000
	1,875,000	g	NextEra Energy Operating Partners LP			4.500		09/15/27		1,795,312
	5,248,000		NorthWestern Corp			4.176		11/15/44		5,144,767
	5,925,000		PSEG Power LLC			3.850		06/01/23		5,902,121
	3,750,000		Public Service Co of Colorado			4.100		06/15/48		3,723,728
	1,000,000		Public Service Co of New Hampshire			3.500		11/01/23		997,111
	1,750,014		San Diego Gas & Electric Co			1.914		02/01/22		1,707,133
	7,500,000		San Diego Gas & Electric Co			4.150		05/15/48		7,337,773

263

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	6,000,000	i	Sempra Energy	LIBOR 3 M + 0.250%		2.589	%	07/15/19	$	6,002,725
	1,000,000		Sempra Energy			2.875		10/01/22		969,405
	2,799,226	g	Solar Star Funding LLC			3.950		06/30/35		2,568,758
	4,745,548	g	Solar Star Funding LLC			5.375		06/30/35		4,840,387
	4,700,000		Southern California Edison Co			3.400		06/01/23		4,653,853
	4,700,000		Southern California Edison Co			4.125		03/01/48		4,484,915
	2,000,000		Southern Power Co			1.950		12/15/19		1,972,667
	2,000,000		Southern Power Co			2.500		12/15/21		1,935,778
	10,065,000		Southern Power Co			4.150		12/01/25		9,909,803
	7,500,000	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		7,091,737
	5,000,000		Tampa Electric Co			4.300		06/15/48		4,960,734
	8,278,130	g	Topaz Solar Farms LLC			4.875		09/30/39		8,083,847
	971,256	g	Topaz Solar Farms LLC			5.750		09/30/39		1,011,655
	5,000,000		Westar Energy, Inc			2.550		07/01/26		4,578,711
	1,000,000		WGL Holdings, Inc			2.250		11/01/19		985,933
	10,000,000	i	WGL Holdings, Inc	LIBOR 3 M + 0.400%		2.717		11/29/19		10,002,627
	5,000,000	i	WGL Holdings, Inc	LIBOR 3 M + 0.550%		2.884		03/12/20		5,003,602
	4,850,000		ZB NA			3.500		08/27/21		4,821,609
			TOTAL UTILITIES							173,737,796
			TOTAL CORPORATE BONDS							955,750,401
			(Cost $974,112,048)
GOVERNMENT BONDS - 46.7%
AGENCY SECURITIES - 11.7%
	12,168,750		Abay Leasing LLC			2.654		11/09/26		11,871,863
	782,609		ALEX Alpha LLC			1.617		08/15/24		747,527
	1,568,321		Altitude Investments 12 LLC			2.454		12/09/25		1,523,724
	4,589,266		Altitude Investments 16 LLC			2.492		03/14/26		4,458,231
	2,000,000		Canal Barge Co, Inc			4.500		11/12/34		2,070,268
	7,698,322		CES MU2 LLC			2.166		12/16/26		7,341,023
	4,064,527		CES MU2 LLC			1.994		05/13/27		3,836,216
	6,416,667		DY9 Leasing LLC			2.415		06/30/27		6,180,230
	705,015		Ethiopian Leasing LLC			2.566		08/14/26		678,627
	617,484		Excalibur One 77B LLC			1.492		01/01/25		586,846
	587,421		Export Lease Ten Co LLC			1.650		05/07/25		557,546
	5,032,848		Export Leasing LLC			1.859		08/28/21		4,944,490
	3,436,239	†,g	Genesis Solar Pass Through Trust			3.875		02/15/38		3,563,380
	1,375,000	j	Government Trust Certificate			0.000		04/01/21		1,275,040
	2,000,000		Hashemite Kingdom of Jordan Government AID Bond			1.945		06/23/19		1,986,140
	1,694,000		418097AE1			2.578		06/30/22		1,668,080
	7,909,000		Hashemite Kingdom of Jordan Government AID Bond			3.000		06/30/25		7,770,796
	1,199,472		Helios Leasing I LLC			1.734		07/24/24		1,149,749
	2,893,691		Helios Leasing II LLC			2.668		03/18/25		2,840,881
	3,846,645		HNA LLC			2.291		06/30/27		3,673,200
	7,408,641		HNA LLC			2.369		09/18/27		7,090,311
	560,000	g	Hospital for Special Surgery			3.500		01/01/23		560,220
	1,880,000	i	Housing and Urban Development Corp Ltd	LIBOR 6 M + 0.350%		2.602		09/15/30		1,881,515
	3,330,000		Iraq Government AID Bond			2.149		01/18/22		3,229,051

264

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,222,221	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		2.562	%	08/19/23	$	2,220,082
	2,777,775	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		2.606		09/22/23		2,772,605
	6,416,300		Lulwa Ltd			1.888		02/15/25		6,149,035
	2,276,780		Lulwa Ltd			1.831		03/26/25		2,173,980
	4,965,823		Mexican Aircraft Finance IV LLC			2.537		07/13/25		4,850,723
	7,688,250		Mexican Aircraft Finance V LLC			2.329		01/14/27		7,399,593
	2,500,000		Montefiore Medical Center			2.152		10/20/26		2,315,286
	6,331,893		MSN 41079 and 41084 Ltd			1.717		07/13/24		6,064,370
	1,765,430		MSN 41079 and 41084 Ltd			1.631		12/14/24		1,679,538
	13,360,000	†	NCUA Guaranteed Notes			3.000		06/12/19		13,398,744
	11,393,000	†	NCUA Guaranteed Notes			3.450		06/12/21		11,537,235
	2,540,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		2,432,556
	2,080,000	j	Overseas Private Investment Corp (OPIC)			0.000		11/13/18		2,107,987
	2,000,000	j	OPIC			0.010		07/23/19		2,012,325
	3,150,000	j	OPIC			0.000		09/30/19		3,165,295
	830,516	j	OPIC			0.000		11/15/19		897,606
	7,500,000	j	OPIC			0.000		01/26/21		7,508,557
	3,881,000	j	OPIC			0.000		07/17/21		3,831,659
	2,026,620		OPIC			2.290		09/15/26		1,956,930
	1,899,080		OPIC			2.040		12/15/26		1,828,305
	3,025,210		OPIC			2.740		09/15/29		2,909,919
	2,904,202		OPIC			3.220		09/15/29		2,884,693
	968,067		OPIC			3.280		09/15/29		964,044
	774,000		OPIC			4.140		05/15/30		800,749
	172,796		OPIC			3.540		06/15/30		174,839
	182,836		OPIC			3.370		12/15/30		183,205
	435,081		OPIC			3.820		12/20/32		442,006
	217,540		OPIC			3.938		12/20/32		222,883
	933,197		OPIC			3.330		05/15/33		916,440
	904,260		OPIC			3.160		06/01/33		873,936
	1,146,187		OPIC			2.810		07/31/33		1,082,165
	916,949		OPIC			2.940		07/31/33		874,260
	1,375,416		OPIC			3.250		07/31/33		1,341,931
	3,750,000		OPIC			3.480		06/15/35		3,715,220
	4,366,011		Penta Aircraft Leasing LLC			1.691		04/29/25		4,153,049
	1,477,891		Phoenix LLC			1.607		07/03/24		1,413,219
	4,090,907	i	Pluto Aircraft Leasing LLC	LIBOR 3 M + 0.210%		2.553		02/07/23		4,088,266
	2,102,726		Portmarnock Leasing LLC			1.741		10/22/24		2,012,130
	2,000,000		Private Export Funding Corp (PEFCO)			2.300		09/15/20		1,973,506
	1,000,000		PEFCO			3.550		01/15/24		1,018,333
	1,000,000		PEFCO			3.250		06/15/25		994,881
	6,939,777		Safina Ltd			1.550		01/15/22		6,772,761
	3,798,608		Safina Ltd			2.000		12/30/23		3,685,461
	6,148,468		Sandalwood LLC			2.897		07/10/25		6,079,035
	4,385,450		Sandalwood LLC			2.821		02/12/26		4,315,042
	7,982,558		Santa Rosa Leasing LLC			1.472		11/03/24		7,571,237
	2,779,394		Tagua Leasing LLC			1.900		07/12/24		2,678,602
	3,944,242		Tagua Leasing LLC			1.732		09/18/24		3,771,362
	4,055,367		Tagua Leasing LLC			1.581		11/16/24		3,856,875
	1,354,000		Ukraine Government AID Bonds			1.844		05/16/19		1,346,396
	2,700,000		Ukraine Government AID Bonds			1.847		05/29/20		2,655,693
	9,200,000		Ukraine Government AID Bonds			1.471		09/29/21		8,804,722

265

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	3,150,000		Ulani MSN 35940 LLC			2.227	%	05/16/25	$	3,050,035
	4,407,609		Ulani MSN 37894			2.184		12/20/24		4,269,627
	4,688,102		Union 11 Leasing LLC			2.405		01/23/24		4,594,259
	2,065,695		Union 12 Leasing LLC			2.164		02/17/24		2,009,673
	730,401		Union 13 Leasing LLC			1.870		06/28/24		702,611
	2,837,892		Union 16 Leasing LLC			1.863		01/22/25		2,720,397
	200,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		203,806
	510,000		US Department of Housing and Urban Development (HUD)			2.050		08/01/19		507,139
	416,000		HUD			4.870		08/01/19		423,212
	989,000		HUD			5.450		08/01/19		998,108
	3,663,000		HUD			1.980		08/01/20		3,601,194
	410,000		HUD			2.450		08/01/20		406,116
	150,000		HUD			3.430		08/01/20		151,505
	1,361,000		HUD			2.450		08/01/22		1,332,136
	2,000,000		HUD			2.800		08/01/23		1,973,900
	500,000		HUD			2.910		08/01/23		494,452
	1,719,000		HUD			5.380		08/01/27		1,754,765
	2,053,018		VCA Lease LLC			1.859		03/08/25		1,963,842
	6,218,954		VCH Lease S.A.			1.736		05/15/25		5,917,673
	1,500,000		VCM Lease S.A.			2.516		09/28/27		1,446,299
	857,000		Vessel Management Services, Inc			3.432		08/15/36		799,248
	301,000		Vessel Management Services, Inc			3.477		01/16/37		281,922
	1,660,833	i	Washington Aircraft 2 Co Ltd	LIBOR 3 M + 0.430%		2.804		06/26/24		1,666,378
	2,746,517		Windermere Aviation LLC			2.351		05/27/26		2,650,871
	3,998,135		Zarapito Leasing LLC			2.628		11/12/26		3,890,053
			TOTAL AGENCY SECURITIES							300,173,446
FOREIGN GOVERNMENT BONDS - 5.8%
	5,000,000		African Development Bank			1.375		12/17/18		4,989,995
	1,000,000		African Development Bank			2.375		09/23/21		980,899
	2,000,000		Asian Development Bank			2.125		03/19/25		1,877,912
	2,000,000		Asian Development Bank			1.750		08/14/26		1,800,219
	10,000,000		Asian Development Bank			3.125		09/26/28		9,917,873
	5,000,000	g	Bank Nederlandse Gemeenten NV			2.125		12/14/20		4,906,729
	138,451	g	Carpintero Finance Ltd			2.004		09/18/24		133,488
	5,000,000	g	CPPIB Capital, Inc			2.750		11/02/27		4,732,011
	5,000,000		European Bank for Reconstruction & Development			0.875		07/22/19		4,929,265
	2,225,000		European Investment Bank			2.000		03/15/21		2,174,233
	3,750,000	g	European Investment Bank			2.875		06/13/25		3,681,909
	1,250,000		European Investment Bank			2.375		05/24/27		1,171,852
	2,000,000	g	European Stability Mechanism			2.125		11/03/22		1,924,778
	5,500,000		Export Development Canada			1.250		12/10/18		5,485,520
	1,000,000		Export Development Canada			1.625		12/03/19		986,276
	5,000,000		Export Development Canada			2.000		11/30/20		4,898,350
	5,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		2.349		01/15/22		4,996,837
	2,900,000		International Bank for Reconstruction & Development			2.750		05/31/36		2,502,451
	6,000,000	g	International Development Association			2.750		04/24/23		5,911,650
	5,000,000		International Finance Corp			1.750		03/30/20		4,917,448
	5,000,000		International Finance Corp			1.546		11/04/21		4,744,115
	2,500,000		International Finance Corp			2.125		04/07/26		2,329,702
	5,000,000	i	Japan Bank for International Cooperation	LIBOR 3 M + 0.480%		2.801		06/01/20		5,023,938

266

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,500,000		Japan Bank for International Cooperation			1.875	%	04/20/21	$	2,417,842
	3,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		2,907,570
	3,350,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		3,337,446
	3,050,000	g	Kommunalbanken AS.			1.375		10/26/20		2,951,146
	2,000,000	g	Kommunalbanken AS.			2.125		02/11/25		1,871,706
	4,000,000	g	Kommuninvest I Sverige AB			1.500		04/23/19		3,975,264
	5,000,000	i	Korea Development Bank	LIBOR 3 M + 0.725%		3.062		07/06/22		5,005,313
	5,000,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		4,844,083
	2,875,000	g	Nacional Financiera SNC			3.375		11/05/20		2,849,872
	5,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		4,704,645
	10,570,000		North American Development Bank			2.300		10/10/18		10,570,666
	3,100,000		North American Development Bank			4.375		02/11/20		3,143,791
	4,000,000		North American Development Bank			2.400		10/26/22		3,836,872
	5,650,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		5,551,125
	500,000		Province of Manitoba Canada			3.050		05/14/24		491,383
	5,000,000		Province of Quebec Canada			2.750		04/12/27		4,756,534
			TOTAL FOREIGN GOVERNMENT BONDS							148,232,708
MORTGAGE BACKED - 6.4%
	1,675,602		Federal Home Loan Mortgage Corp (FHLMC)			3.500		08/15/43		1,678,186
	1,338,619		FHLMC			3.000		03/15/44		1,295,860
	1,876,318		FHLMC			3.500		09/15/44		1,859,980
	2,076,831	i	FHLMC	LIBOR 1 M + 6.470%		8.731		06/15/48		2,155,871
	1,940,000	i	FHLMC	LIBOR 1 M + 6.400%		8.661		10/15/48		1,939,886
	579,618		Federal Home Loan Mortgage Corp Gold (FGLMC)			3.500		03/01/27		583,086
	213,588		FGLMC			5.000		06/01/36		226,745
	1,935,541		FGLMC			5.000		08/01/44		2,053,477
	317,962		FGLMC			3.500		04/01/45		314,378
	1,878,482		FGLMC			3.500		10/01/45		1,856,874
	1,696,469		FGLMC			4.000		12/01/45		1,724,835
	4,010,713		FGLMC			3.500		08/01/46		3,970,113
	3,721,062		FGLMC			3.000		01/01/47		3,562,785
	7,801,891		FGLMC			3.000		02/01/47		7,472,362
	400,856		FGLMC			4.500		06/01/47		421,988
	629,604		FGLMC			4.000		09/01/47		644,811
	5,295,735		FGLMC			3.500		03/01/48		5,227,809
	2,644,093		FGLMC			4.000		03/01/48		2,686,745
	997,385	h	FGLMC			4.000		07/01/48		1,013,231
	4,461,680		FGLMC			4.500		08/01/48		4,654,715
	3,000,000		Federal National Mortgage Association (FNMA)			1.625		01/21/20		2,957,229
	119,256		FNMA			3.500		11/01/25		120,156
	5,000,000	i	FNMA			2.878		02/25/27		4,735,253
	1,527,526		FNMA			3.500		02/01/32		1,537,131
	818,234		FNMA			3.500		05/01/32		825,421
	1,667,856		FNMA			3.500		07/01/32		1,678,346
	2,451,751		FNMA			3.000		11/01/32		2,424,272
	225,058		FNMA			5.500		01/01/38		243,059
	218,200		FNMA			5.500		11/01/38		233,552
	87,770		FNMA			5.500		04/01/40		94,983
	163,961		FNMA			5.500		07/01/40		177,208
	998,786		FNMA			5.000		09/01/40		1,062,750
	83,693		FNMA			6.000		10/01/40		92,245
	858,834		FNMA			5.000		04/01/41		913,827

267

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	51,327		FNMA		4.500	%	06/01/42	$	53,356
	111,522		FNMA		4.500		06/01/44		115,872
	633,609		FNMA		4.500		06/01/44		658,235
	298,105		FNMA		4.500		08/01/44		309,682
	558,751		FNMA		4.500		11/01/44		580,372
	465,533		FNMA		3.000		02/25/45		457,195
	864,456		FNMA		3.000		02/25/45		846,943
	668,039		FNMA		4.500		03/01/45		693,876
	904,786		FNMA		3.000		03/25/45		884,580
	3,423,997		FNMA		3.500		04/25/45		3,411,037
	4,800,790		FNMA		3.000		12/25/45		4,640,810
	1,611,278		FNMA		3.500		01/01/46		1,592,539
	348,156		FNMA		4.000		01/01/46		354,124
	2,499,484		FNMA		3.500		06/01/46		2,468,901
	883,985		FNMA		3.000		10/01/46		846,731
	2,703,533		FNMA		3.500		12/01/46		2,668,079
	15,428,072		FNMA		3.500		01/01/47		15,223,359
	2,591,700		FNMA		3.500		01/01/47		2,557,310
	1,749,049		FNMA		3.000		02/01/47		1,675,304
	1,259,768		FNMA		3.500		08/01/47		1,241,227
	235,007		FNMA		3.500		11/01/47		231,405
	118,284		FNMA		3.500		12/01/47		116,471
	2,531,632		FNMA		4.500		01/01/48		2,637,886
	500,167		FNMA		4.500		02/01/48		521,239
	5,038,606		FNMA		3.000		02/25/48		4,872,978
	1,402,300		FNMA		4.000		03/01/48		1,424,825
	2,149,034		FNMA		4.500		03/01/48		2,240,268
	15,853,342		FNMA		4.000		04/01/48		16,016,055
	1,833,956		FNMA		4.500		05/01/48		1,912,411
	1,411,648	h	FNMA		4.500		05/01/48		1,472,039
	630,651		FNMA		5.000		08/01/48		672,090
	777,238		Government National Mortgage Association (GNMA)		2.690		06/15/33		716,380
	69,271		GNMA		5.000		10/20/39		73,977
	74,562		GNMA		5.000		06/20/42		79,020
	4,632,234		GNMA		3.000		12/20/47		4,489,678
	8,090,060		GNMA		3.500		12/20/47		8,050,536
	4,430,319		GNMA		3.000		01/20/48		4,293,853
	9,047,541		GNMA		3.500		01/20/48		9,003,312
	2,948,141		GNMA		4.000		07/20/48		3,000,377
			TOTAL MORTGAGE BACKED						165,543,501
MUNICIPAL BONDS - 11.5%
	2,070,000		American Municipal Power, Inc		5.514		02/15/21		2,122,599
	3,000,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		2,990,610
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,941,320
	420,000		California Earthquake Authority		2.805		07/01/19		420,025
	2,000,000		California Housing Finance Agency		2.966		08/01/22		1,962,660
	250,000	g	California Pollution Control Financing Authority		5.000		07/01/27		256,352
	495,000	g	California Pollution Control Financing Authority		5.000		07/01/37		498,183
	5,430,000	g	California Pollution Control Financing Authority		5.000		11/21/45		5,490,653
	500,000		Chelan County Public Utility District No		3.603		07/01/21		504,220

268

TIAA-CREF FUNDS - Social Choice Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000		Chicago Board of Education		5.000	%	12/01/20	$	5,136,900
	10,000,000		Chicago Housing Authority		4.361		01/01/38		9,776,400
	2,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		2,414,440
	1,000,000	h	Chicago Park District		4.095		01/01/26		1,000,760
	625,000		Chula Vista Municipal Financing Authority		3.775		12/01/33		600,725
	1,350,000		Chula Vista Municipal Financing Authority		3.975		12/01/38		1,285,726
	740,000		Chula Vista Municipal Financing Authority		4.075		12/01/41		708,365
	4,300,000		Chula Vista Municipal Financing Authority		4.275		12/01/48		4,216,623
	3,000,000		City & County Honolulu HI Wastewater System Revenue		2.780		07/01/21		2,969,550
	3,500,000		City & County Honolulu HI Wastewater System Revenue		3.200		07/01/26		3,417,015
	1,580,000		City & County of Honolulu HI		1.506		10/01/20		1,535,223
	950,000		City & County of Honolulu HI		2.141		10/01/23		901,189
	1,000,000		City & County of Honolulu HI		2.368		10/01/24		946,420
	5,730,000		City & County of Honolulu HI		3.944		09/01/34		5,709,487
	935,000		City & County of San Francisco CA		3.700		04/01/34		866,960
	440,000		City & County of San Francisco CA		3.750		04/01/35		408,690
	1,655,000		City & County of San Francisco CA		3.750		09/01/37		1,571,505
	5,835,000		City & County of San Francisco CA		3.900		04/01/42		5,646,063
	5,000,000		City & County of San Francisco CA		4.000		09/01/48		4,779,050
	3,000,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		2,972,850
	3,000,000		City of Chicago IL		7.750		01/01/42		3,215,250
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		1,965,280
	2,000,000		City of Florence SC		4.250		12/01/34		1,976,560
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		248,385
	5,000,000		City of Los Angeles CA		3.320		09/01/24		4,978,950
	5,000,000		City of Los Angeles CA		3.450		09/01/25		4,986,700
	4,000,000		City of Los Angeles CA		3.500		09/01/37		3,663,480
	7,500,000		City of Los Angeles CA		3.880		09/01/38		7,238,475
	5,000,000		City of New York NY		3.250		12/01/23		4,967,000
	3,075,000		City of Norfolk VA		3.000		10/01/35		2,709,905
	2,000,000		City of San Angelo TX Water & Sewer Revenue		4.401		02/15/46		2,047,780
	3,955,000		City of San Francisco CA Public Utilities Commission Water Revenue		2.400		11/01/22		3,803,524
	5,000,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.185		11/01/46		5,057,900
	1,140,000		City of San Juan Capistrano CA		4.090		08/01/36		1,149,234
	885,000		City of San Juan Capistrano CA		4.190		08/01/40		892,753
	345,000		Commonwealth Financing Authority		2.428		06/01/20		340,753
	355,000		Commonwealth Financing Authority		2.675		06/01/21		348,354
	2,730,000		Commonwealth Financing Authority		3.864		06/01/38		2,629,891
	5,000,000		County of Alameda CA		3.820		08/01/38		4,809,550
	1,415,000		County of Miami-Dade FL Aviation Revenue		1.183		10/01/18		1,415,000
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,433,670
	1,085,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		1,180,643
	1,550,000	g	Finance Authority of Maine		5.375		12/15/33		1,588,889
	2,250,000		Florida Department of Environmental Protection		5.456		07/01/19		2,291,872
	3,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		2,989,800
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		449,070
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,770,507

269

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	3,000,000		Imperial Irrigation District Electric System Revenue			4.500	%	11/01/40	$	3,093,810
	2,000,000		Kern County Water Agency Improvement District No 4			4.276		05/01/36		2,016,200
	1,000,000		Lavaca-Navidad River Authority			4.430		08/01/35		1,012,490
	3,720,000		Maryland Community Development Administration Housing Revenue			3.797		03/01/39		3,465,254
	3,000,000		Massachusetts St. Water Pollution Abatement			5.192		08/01/40		3,258,390
	3,025,000		Metropolitan Council			1.550		09/01/19		2,992,209
	500,000		Michigan Finance Authority			5.000		07/01/22		539,960
	2,115,000		New York State Environmental Facilities Corp			3.420		07/15/26		2,101,633
	7,500,000		New York Transportation Development Corp			5.000		01/01/26		8,335,950
	1,500,000	g	Ohio Air Quality Development Authority			4.250		01/15/38		1,511,385
	5,080,000		Ohio State Water Development Authority			4.879		12/01/34		5,472,786
	250,000		Oklahoma Water Resources Board			3.071		04/01/22		248,887
	5,000,000	g	Oregon State Business Development Commission			6.500		04/01/31		4,932,850
	2,000,000		Oregon State Business Development Commission			11.500		04/01/31		2,165,480
	5,000,000		Palm Beach County Solid Waste Authority			2.436		10/01/23		4,824,050
	2,225,000		Pend Oreille County Public Utility District No Box Canyon			5.000		01/01/30		2,239,841
	3,350,000		Sacramento Area Flood Control Agency			2.224		10/01/20		3,283,536
	440,000		San Francisco City & County Redevelopment Agency			3.113		08/01/22		433,066
	1,000,000		San Francisco City & County Redevelopment Agency			3.533		08/01/25		975,750
	1,000,000		San Francisco City & County Redevelopment Agency			4.375		08/01/44		986,140
	1,900,000		Santa Cruz County Capital Financing Authority			3.375		06/01/31		1,793,467
	1,465,000		Santa Cruz County Capital Financing Authority			3.625		06/01/35		1,377,466
	2,000,000		South Dakota Conservancy District			1.898		08/01/19		1,986,940
	1,000,000		South Dakota Conservancy District			1.920		08/01/19		993,640
	1,000,000		South Davis Sewer District			4.125		12/01/32		974,680
	1,100,000		South Davis Sewer District			4.500		12/01/37		1,100,847
	1,000,000		State of California			1.800		04/01/20		984,640
	2,665,000		State of California			2.367		04/01/22		2,600,161
	2,780,000		State of California			2.250		10/01/23		2,654,761
	1,000,000		State of California			3.750		10/01/37		1,022,120
	5,595,000		State of California			4.600		04/01/38		5,804,253
	2,480,000		State of California			4.988		04/01/39		2,620,070
	5,000,000	i	State of California			2.193		04/01/47		4,931,350
	10,000,000	i	State of California	LIBOR 1 M + 0.780%		2.889		04/01/47		10,058,300
	3,000,000		State of Illinois			5.000		02/01/19		3,023,580
	1,000,000		State of Texas			1.737		08/01/22		951,260
	2,475,000		State of Texas			2.749		10/01/23		2,416,714
	1,000,000		State of Texas			3.576		08/01/34		960,920
	1,000,000		State of Texas			3.726		08/01/43		973,190
	3,000,000		Suffolk County Water Authority			4.000		06/01/39		3,100,980
	1,650,000		Syracuse Industrial Development Agency			5.000		01/01/36		1,605,269
	1,000,000		Texas Water Development Board			3.500		10/15/37		932,940
	7,500,000	h	Texas Water Development Board			4.190		10/15/43		7,535,400
	3,000,000		Texas Water Development Board			3.700		10/15/47		2,808,330
	3,000,000		Texas Water Development Board			4.648		04/15/50		3,103,770
	500,000		University of California			2.676		05/15/21		493,905
	1,230,000		University of Cincinnati			3.500		06/01/32		1,224,662
	2,000,000		University of New Mexico			3.532		06/20/32		1,941,680

270

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,000,000		University of Virginia			3.570	%	04/01/45	$	1,959,640
	1,500,000		Upper Santa Clara Valley Joint Powers Authority			3.750		08/01/38		1,424,190
	3,400,000		Upper Santa Clara Valley Joint Powers Authority			3.875		08/01/48		3,163,020
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,026,050
	5,000,000	g	Virgin Islands Water & Power Authority-Electric System			5.500		11/15/18		4,993,150
	655,000		Washington County Clean Water Services			4.828		10/01/22		688,169
	530,000		Washington County Clean Water Services			5.078		10/01/24		570,672
	2,000,000	g	Washington Economic Development Finance Authority			7.500		01/01/32		2,261,880
	1,245,000		Water Works Board of the City of Birmingham			1.509		01/01/19		1,241,477
	3,000,000		Water Works Board of the City of Birmingham			1.788		01/01/20		2,951,130
	2,005,000		Water Works Board of the City of Birmingham			2.392		01/01/23		1,916,579
	250,000		West Virginia Water Development Authority			5.000		11/01/21		269,805
	1,500,000		Yuba City Public Financing Authority			4.320		06/01/42		1,507,320
	1,000,000		Yuba Levee Financing Authority			3.170		09/01/22		996,400
			TOTAL MUNICIPAL BONDS							296,034,182
U.S. TREASURY SECURITIES - 11.3%
	19,740,000		United States Treasury Bond			2.875		11/15/46		18,557,142
	34,695,000		United States Treasury Bond			3.000		05/15/47		33,399,359
	51,520,000		United States Treasury Bond			3.125		05/15/48		50,809,588
	410,000		United States Treasury Note			1.375		05/31/21		394,369
	2,075,000		United States Treasury Note			2.750		09/15/21		2,067,219
	18,935,000		United States Treasury Note			2.750		08/31/23		18,770,798
	5,000,000		United States Treasury Note			2.875		09/30/23		4,983,203
	1,092,000		United States Treasury Note			1.875		08/31/24		1,026,821
	2,387,000		United States Treasury Note			2.125		09/30/24		2,274,550
	2,370,000		United States Treasury Note			2.250		10/31/24		2,272,886
	2,700,000		United States Treasury Note			2.125		11/30/24		2,568,480
	21,000,000		United States Treasury Note			2.500		01/31/25		20,398,711
	9,765,000		United States Treasury Note			2.750		02/28/25		9,625,391
	18,205,000		United States Treasury Note			2.875		04/30/25		18,064,907
	17,040,000		United States Treasury Note			2.750		06/30/25		16,771,087
	24,250,000		United States Treasury Note			2.750		08/31/25		23,853,096
	5,000,000		United States Treasury Note			3.000		09/30/25		4,997,070
	61,910,000		United States Treasury Note			2.875		08/15/28		60,971,676
			TOTAL U.S. TREASURY SECURITIES							291,806,353
			TOTAL GOVERNMENT BONDS							1,201,790,190
			(Cost $1,223,185,179)
STRUCTURED ASSETS - 13.1%
ASSET BACKED - 5.1%
	150,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		150,445
			Series - 2015 3 (Class D)
	1,000,000	g	Capital Automotive REIT			3.660		10/15/44		984,742
			Series - 2014 1A (Class A)
	985,833	g	Capital Automotive REIT			3.870		04/15/47		974,008
			Series - 2017 1A (Class A1)
	308,982	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.296		07/25/36		304,126
			Series - 2006 CB6 (Class A1)

271

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	1,447,025	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		2.639	%	04/07/52	$	79,112
			Series - 2007 1A (Class A2)
	1,930,000	g	DB Master Finance LLC			3.980		02/20/45		1,930,270
			Series - 2015 1A (Class A2II)
	992,500	g	DB Master Finance LLC			3.629		11/20/47		967,072
			Series - 2017 1A (Class A2I)
	879,750	g	Domino’s Pizza Master Issuer LLC			4.474		10/25/45		886,357
			Series - 2015 1A (Class A2II)
	3,069,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		2,964,163
			Series - 2017 1A (Class A2II)
	798,000	g	Domino’s Pizza Master Issuer LLC			4.116		07/25/48		792,981
			Series - 2018 1A (Class A2I)
	1,328,240	†,g	HERO Funding Trust			3.840		09/21/40		1,370,738
			Series - 2015 1A (Class A)
	451,041	†,g	HERO Funding Trust			3.990		09/21/40		461,495
			Series - 2014 2A (Class A)
	2,561,629	g	HERO Funding Trust			3.750		09/20/41		2,533,097
			Series - 2016 2A (Class A)
	1,595,532	g	HERO Funding Trust			4.050		09/20/41		1,601,720
			Series - 2016 1A (Class A)
	5,035,981	g	HERO Funding Trust			3.080		09/20/42		4,860,480
			Series - 2016 3A (Class A1)
	4,661,597	g	HERO Funding Trust			3.570		09/20/47		4,574,764
			Series - 2016 4A (Class A1)
	3,677,765	g	HERO Funding Trust			3.710		09/20/47		3,624,972
			Series - 2017 1A (Class A1)
	4,489,251	g	HERO Funding Trust			3.190		09/20/48		4,309,239
			Series - 2017 3A (Class A1)
	4,938,176	g	HERO Funding Trust			3.950		09/20/48		4,887,540
			Series - 2017 3A (Class A2)
	2,260,729	g	HERO Funding Trust			4.070		09/20/48		2,274,139
			Series - 2017 2A (Class A2)
	9,652,888	g	HERO Funding Trust			4.670		09/20/48		9,862,474
			Series - 2018 1A (Class A2)
	701,842	†,g	HERO Residual Funding			4.500		09/21/42		698,332
			Series - 2016 1R (Class A1)
	2,800,000	g	Houston Galleria Mall Trust			3.087		03/05/37		2,686,176
			Series - 2015 HGLR (Class A1A2)
	5,000,000	g,i	MAD Mortgage Trust			3.600		08/15/34		4,817,060
			Series - 2017 330M (Class C)
	5,123,349	g	Mosaic Solar Loans LLC			3.820		06/22/43		5,043,200
			Series - 2017 2A (Class A)
	1,378,508	g	MVW Owner Trust			2.420		12/20/34		1,333,601
			Series - 2017 1A (Class A)
	7,000,000	g,i	Navient Student Loan Trust	LIBOR 1 M + 0.250%		2.389		06/27/67		7,001,189
			Series - 2018 4A (Class A1)
	70,436	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		69,056
			Series - 2014 AA (Class B)
	4,000,000		PSNH Funding LLC			3.506		08/01/28		3,983,326
			Series - 2018 1 (Class A2)
	1,877,076	g	Renew			3.670		09/20/52		1,847,721
			Series - 2017 1A (Class A)

272

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	4,768,343	g	Renew			3.950	%	09/20/53	$	4,743,302
			Series - 2018 1 (Class A)
	109,686	g	SolarCity LMC			4.800		11/20/38		110,274
			Series - 2013 1 (Class A)
	357,920	g	SolarCity LMC			4.590		04/20/44		358,331
			Series - 2014 1 (Class A)
	802,291	g	SolarCity LMC			4.020		07/20/44		786,214
			Series - 2014 2 (Class A)
	1,228,294	g	SolarCity LMC			4.800		09/20/48		1,240,591
			Series - 2016 A (Class A)
	258,410	g	SpringCastle America Funding LLC			3.050		04/25/29		257,272
			Series - 2016 AA (Class A)
	452,352	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		3.604		04/25/35		442,705
			Series - 2005 7XS (Class 2A1A)
	9,867,870	g	TES LLC			4.330		10/20/47		9,637,610
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,518,427
			Series - 2017 1A (Class B)
	3,662,417	g	TES LLC			4.120		02/20/48		3,550,294
			Series - 2017 2A (Class A)
	4,870,113	g	Tesla Auto Lease Trust			2.320		12/20/19		4,856,939
			Series - 2018 A (Class A)
	2,000,000	g	Tesla Auto Lease Trust			4.940		03/22/21		2,003,327
			Series - 0 A (Class E)
	3,670,267		Toyota Auto Receivables Owner Trust			1.300		04/15/20		3,654,239
			Series - 2016 B (Class A3)
	2,810,627		Toyota Auto Receivables Owner Trust			1.740		09/15/20		2,805,275
			Series - 2015 B (Class A4)
	5,000,000	g	Vivint Colar Financing V LLC			4.730		04/30/48		4,956,703
			Series - 2018 1A (Class A)
	5,000,000	g	Vivint Colar Financing V LLC			7.370		04/30/48		5,103,180
			Series - 2018 1A (Class B)
	2,000,000	g	VOLT LIX LLC			5.375		05/25/47		1,997,497
			Series - 2017 NPL6 (Class A2) (Step bond)
	913,758	g	VOLT LXIII LLC			3.000		10/25/47		903,545
			Series - 2017 NP10 (Class A1) (Step bond)
	2,500,000	g	VOLT LXIII LLC			4.625		10/25/47		2,475,400
			Series - 2017 NP10 (Class A2) (Step bond)
	1,488,750	g	Wendys Funding LLC			3.573		03/15/48		1,432,475
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED							131,707,195
OTHER MORTGAGE BACKED - 8.0%
	3,000,000	g,i	20 TSQ GroundCo LLC			3.203		05/15/35		2,906,474
			Series - 2018 20TS (Class B)
	42,845	g,i	Banc of America Commercial Mortgage Trust			5.928		02/10/51		43,417
			Series - 2007 4 (Class E)
	3,000,000	g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		1,124,100
			Series - 2007 5 (Class B)
	1,435,988	i	Banc of America Commercial Mortgage Trust			6.235		02/10/51		1,470,265
			Series - 2007 5 (Class AJ)
	5,000,000	g	BBCMS Trust			3.593		09/15/32		4,990,383
			Series - 2015 MSQ (Class A)

273

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,500,000	g	BBCMS Trust			3.894	%	09/15/32	$	2,491,105
			Series - 2015 MSQ (Class B)
	5,000,000	g,i	BBCMS Trust			4.409		08/05/38		4,316,611
			Series - 2018 CHRS (Class E)
	5,000,000	g	BWAY Mortgage Trust			2.917		01/10/35		4,803,170
			Series - 2015 1740 (Class A)
	2,500,000	g	BWAY Mortgage Trust			3.342		01/10/35		2,394,868
			Series - 2015 1740 (Class C)
	2,000,000	i	CD Commercial Mortgage Trust			3.879		11/10/49		1,965,647
			Series - 2016 CD2 (Class B)
	4,250,000	g,i	Cityline Commercial Mortgage Trust			2.871		11/10/31		4,096,383
			Series - 2016 CLNE (Class A)
	2,518,193	i	COBALT CMBS Commercial Mortgage Trust			6.015		05/15/46		2,562,715
			Series - 2007 C3 (Class AJ)
	5,250,000	g	COMM Mortgage Trust			2.681		08/10/29		5,128,366
			Series - 2016 GCT (Class A)
	270,000	g	COMM Mortgage Trust			3.086		08/10/29		264,688
			Series - 2016 GCT (Class B)
	5,000,000	g,i	COMM Mortgage Trust			3.712		10/10/29		4,809,450
			Series - 2017 PANW (Class C)
	2,815,000	g	COMM Mortgage Trust			4.353		08/10/30		2,917,031
			Series - 2013 300P (Class A1)
	1,198,309	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.216		07/25/24		1,284,723
			Series - 2014 C03 (Class 1M2)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.250%		6.466		01/25/29		3,384,244
			Series - 2016 C04 (Class 1M2)
	2,250,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		6.666		01/25/29		2,518,535
			Series - 2016 C05 (Class 2M2)
	202,482	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.166		10/25/29		203,728
			Series - 2017 C03 (Class 1M1)
	2,582,815	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.066		11/25/29		2,591,735
			Series - 2017 C04 (Class 2M1)
	1,987,684	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		2.816		07/25/30		1,990,370
			Series - 2018 C01 (Class 1M1)
	1,750,000	i	Connecticut Avenue Securities	LIBOR 1 M + 3.550%		5.766		07/25/30		1,793,852
			Series - 2018 C01 (Class 1B1)
	6,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		3.965		08/25/30		6,077,395
			Series - 2018 C02 (Class 2M2)
	2,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.000%		5.897		08/25/30		2,055,357
			Series - 2018 C02 (Class 2B1)
	2,510,850	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		2.896		10/25/30		2,515,184
			Series - 2018 C03 (Class 1M1)
	205,407	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		2.966		12/25/30		205,712
			Series - 2018 C04 (Class 2M1)
	772,718	i	Connecticut Avenue Securities	LIBOR 1 M + 0.720%		2.936		01/25/31		774,115
			Series - 2018 C05 (Class 1M1)
	149,725	i	Countrywide Home Loan Mortgage Pass Through Trust			3.975		11/20/34		152,685
			Series - 2004 HYB6 (Class A2)
	5,000,000	g,i	CSAIL Commercial Mortgage Trust			3.800		06/15/37		4,818,558
			Series - 2017 C8 (Class 85BB)

274

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	5,000,000	g,i	CSMC Trust			3.854	%	11/10/32	$	4,919,132
			Series - 2017 CALI (Class B)
	10,000,000	g,i	CSMC Trust			3.904		11/10/32		9,760,224
			Series - 2017 CALI (Class C)
	10,000,000	i	Federal National Mortgage Association (FNMA)			3.436		06/25/28		9,759,798
			Series - 2018 M8 (Class A2)
	1,682,921	g,i	Flagstar Mortgage Trust			4.000		05/25/48		1,674,307
			Series - 2018 3INV (Class A3)
	400,000	g,i	Flagstar Mortgage Trust			4.000		09/25/48		394,391
			Series - 2018 5 (Class A11)
	3,708,811	i	GE Capital Commercial Mortgage Corp			5.939		11/10/45		3,745,900
			Series - 2005 C4 (Class AJ)
	3,600,000	g	GRACE Mortgage Trust			3.369		06/10/28		3,601,596
			Series - 2014 GRCE (Class A)
	3,500,000	g,i	GS Mortgage Securities Trust			5.354		12/10/43		3,549,877
			Series - 2010 C2 (Class D)
	529,179	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		2.788		08/19/45		527,659
			Series - 2005 11 (Class 2A1A)
	2,500,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		2,330,079
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,326,012
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		4,601,444
			Series - 2016 10HY (Class C)
	28,059	i	Impac CMB Trust	LIBOR 1 M + 0.660%		2.876		03/25/35		27,496
			Series - 2004 11 (Class 2A1)
	1,600,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			4.125		01/15/46		1,549,504
			Series - 2013 C13 (Class D)
	2,294,770	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.376		06/25/37		2,251,489
			Series - 2007 CH5 (Class A1)
	440,000	g,i	JP Morgan Mortgage Trust			4.000		09/25/40		434,380
			Series - 2018 9 (Class A13)
	93,117	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		89,596
			Series - 0 3 (Class A19)
	446,778	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		429,885
			Series - 0 6 (Class A13)
	188,721	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		181,468
			Series - 0 1 (Class A13)
	195,703	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		192,407
			Series - 2017 1 (Class A3)
	495,598	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		480,860
			Series - 2017 2 (Class A3)
	116,358	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		113,067
			Series - 2017 2 (Class A13)
	1,369,275	g,i	JP Morgan Mortgage Trust			3.000		12/25/48		1,324,987
			Series - 2017 6 (Class A6)
	2,095,024	g,i	JP Morgan Mortgage Trust			3.500		12/25/48		2,061,307
			Series - 2018 6 (Class 1A3)
	397,514	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		392,437
			Series - 2018 8 (Class A13)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.483		02/15/48		978,835
			Series - 2015 C27 (Class C)
	455,575	i	ML-CFC Commercial Mortgage Trust			5.526		03/12/51		457,627
			Series - 2007 6 (Class AM)

275

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	5,000,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.899	%	11/15/46	$	5,179,515
			Series - 2013 C13 (Class B)
	1,958,079	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.750		12/15/46		1,959,203
			Series - 2014 C19 (Class LNC3)
	5,000,000	g	Morgan Stanley Capital I Trust			3.350		07/13/29		4,997,775
			Series - 2014 CPT (Class A)
	1,090,000	g,i	Morgan Stanley Capital I Trust			3.560		07/13/29		1,078,848
			Series - 2014 CPT (Class B)
	5,000,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		4,955,611
			Series - 2013 WLSR (Class A)
	583,495	i	Morgan Stanley Capital I Trust			6.328		06/11/49		588,670
			Series - 2007 IQ15 (Class AJ)
	1,524,846	i	Morgan Stanley Capital I Trust			6.358		12/12/49		1,154,414
			Series - 2007 IQ16 (Class AJFX)
	2,500,000	g,i	MSDB Trust			3.427		07/11/39		2,406,218
			Series - 2017 712F (Class A)
	3,600,000	g,i	MSDB Trust			3.568		07/11/39		3,422,529
			Series - 2017 712F (Class B)
	10,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 0.784%		2.942		07/15/33		9,938,097
			Series - 2018 850T (Class A)
	3,000,000	g	OBP Depositor LLC Trust			4.646		07/15/45		3,058,215
			Series - 2010 OBP (Class A)
	715,250	g,i	Sequoia Mortgage Trust			3.500		11/25/46		706,421
			Series - 2016 3 (Class A10)
	1,671,128	g,i	Sequoia Mortgage Trust			3.500		04/25/47		1,653,257
			Series - 2017 3 (Class A4)
	4,243,959	g,i	Sequoia Mortgage Trust			3.000		08/25/47		4,136,825
			Series - 2017 5 (Class A5)
	2,833,833	g,i	Sequoia Mortgage Trust			3.500		05/25/48		2,791,779
			Series - 2018 5 (Class A4)
	343,180	g,i	Sequoia Mortgage Trust			4.000		06/25/48		341,878
			Series - 2018 CH2 (Class A21)
	384,850	g,i	Sequoia Mortgage Trust			4.000		07/25/48		386,338
			Series - 0 6 (Class A4)
	90,637	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		03/25/25		90,878
			Series - 2015 HQ1 (Class M2)
	250,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.800%		6.016		03/25/25		267,255
			Series - 2015 HQ1 (Class M3)
	1,898,330	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.416		10/25/28		1,916,312
			Series - 2016 DNA2 (Class M2)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.350%		3.566		03/25/29		1,776,228
			Series - 2016 HQA3 (Class M2)
	18,010	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		07/25/29		18,167
			Series - 2017 DNA1 (Class M1)
	471,744	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		3.416		10/25/29		476,970
			Series - 2017 DNA2 (Class M1)
	527,220	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 0.800%		1.959		12/25/29		528,452
			Series - 2017 HQA2 (Class M1)

276

TIAA-CREF FUNDS - Social Choice Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	8,000,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.800%		4.016	%	07/25/30	$	7,949,372
			Series - 2018 DNA1 (Class M2)
	3,000,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.150%		5.366		07/25/30		2,934,326
			Series - 2018 DNA1 (Class B1)
	375,279	g,i	Structured Agency Credit Risk Debt Note (STACR)			3.820		05/25/48		375,060
			Series - 2018 SPI2 (Class M1)
	840,000	g,i	Structured Agency Credit Risk Debt Note (STACR)			4.168		08/25/48		842,891
			Series - 2018 SPI3 (Class M1)
	405,494	i	Wachovia Bank Commercial Mortgage Trust			6.343		05/15/46		412,327
			Series - 2007 C34 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.418		05/15/46		1,017,530
			Series - 2007 C34 (Class B)
	2,153,000	i	Wachovia Bank Commercial Mortgage Trust			6.418		05/15/46		2,199,376
			Series - 2007 C34 (Class C)
	137,450	i	Wachovia Bank Commercial Mortgage Trust			6.057		06/15/49		138,824
			Series - 2007 C32 (Class AJ)
	650,000	i	WFRBS Commercial Mortgage Trust			4.841		12/15/46		657,717
			Series - 2013 C18 (Class C)
			TOTAL OTHER MORTGAGE BACKED							205,163,908
			TOTAL STRUCTURED ASSETS							336,871,103
			(Cost $344,078,318)
			TOTAL BONDS							2,494,411,694
			(Cost $2,541,375,545)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	250	*	M&T Bank Corp							255,000
			TOTAL BANKS							255,000
			TOTAL PREFERRED STOCKS							255,000
			(Cost $255,626)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 2.0%
GOVERNMENT AGENCY DEBT - 1.6%
$	40,700,000		Federal Home Loan Bank (FHLB)			2.000		10/01/18		40,700,000
			TOTAL GOVERNMENT AGENCY DEBT							40,700,000
TREASURY DEBT - 0.4%
	10,280,000		United States Treasury Bill			1.923-1.930		10/04/18		10,278,259
			TOTAL TREASURY DEBT							10,278,259
			TOTAL SHORT-TERM INVESTMENTS							50,978,259
			(Cost $50,978,347)

277

TIAA-CREF FUNDS - Social Choice Bond Fund

ISSUER	VALUE
TOTAL INVESTMENTS - 99.9%	$	2,570,874,570
(Cost $2,618,005,079)
OTHER ASSETS & LIABILITIES, NET - 0.1%		2,440,087
NET ASSETS - 100.0%	$	2,573,314,657

	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 9/30/2018, the aggregate value of these securities was $518,552,885 or 20.2% of net assets.
h	All or 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.
j	Zero coupon

278

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2018

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 99.8%
GOVERNMENT AGENCY DEBT - 60.5%
$	400,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%	10/02/18	$	399,977
	730,000	FAMC		0.010		11/01/18		728,743
	2,000,000	FAMC		0.010		11/19/18		1,994,392
	1,965,000	FAMC		0.010		12/03/18		1,957,848
	1,490,000	FAMC		0.010		12/07/18		1,484,149
	2,500,000	Federal Farm Credit Bank (FFCB)		0.010		10/01/18		2,500,000
	2,600,000	FFCB		0.010		10/04/18		2,599,580
	7,500,000	FFCB		0.010		10/05/18		7,498,367
	5,000,000	FFCB		0.010		10/10/18		4,997,562
	4,000,000	FFCB		0.010		10/12/18		3,997,617
	5,000,000	FFCB		0.010		10/15/18		4,996,208
	2,400,000	FFCB		0.010		10/26/18		2,396,683
	5,000,000	FFCB		0.010		11/01/18		4,991,518
	300,000	FFCB		0.010		11/02/18		299,467
	2,665,000	FFCB		0.010		11/09/18		2,659,110
	4,500,000	FFCB		0.010		11/19/18		4,487,750
	4,500,000	FFCB		0.010		11/21/18		4,486,867
	2,930,000	FFCB		0.010		11/26/18		2,920,429
	1,250,000	FFCB		0.010		11/27/18		1,245,844
	10,115,000	FFCB		0.010		11/28/18		10,081,583
	6,290,000	FFCB		0.010		12/04/18		6,266,995
	10,470,000	FFCB		0.010		12/10/18		10,426,781
	10,915,000	FFCB		0.010		12/11/18		10,869,245
	2,000,000	FFCB		0.010		01/07/19		1,988,349
	4,280,000	FFCB		0.010		01/11/19		4,253,928
	2,000,000	FFCB		0.010		02/08/19		1,984,039
	1,000,000	FFCB		0.010		02/14/19		991,311
	4,000,000	FFCB		0.010		02/19/19		3,963,966
	4,775,000	FFCB		0.010		02/27/19		4,731,126
	2,000,000	FFCB		0.010		03/07/19		1,979,852
	1,800,000	FFCB		0.010		03/21/19		1,780,335
	9,200,000	Federal Home Loan Bank (FHLB)		0.010		10/01/18		9,200,000
	3,000,000	FHLB		0.010		10/02/18		2,999,838
	3,618,000	FHLB		0.010		10/03/18		3,617,598
	3,700,000	FHLB		0.010		10/05/18		3,699,190
	5,067,000	FHLB		0.010		10/09/18		5,064,766
	5,550,000	FHLB		0.010		10/10/18		5,547,251
	8,300,000	FHLB		0.010		10/12/18		8,295,021
	4,250,000	FHLB		0.010		10/15/18		4,246,685
	3,600,000	FHLB		0.010		10/16/18		3,597,035
	4,000,000	FHLB		0.010		10/17/18		3,996,413
	9,875,000	FHLB		0.010		10/19/18		9,865,195
	750,000	FHLB		0.010		10/22/18		749,108
	6,965,000	FHLB		0.010		10/23/18		6,956,555
	8,700,000	FHLB		0.010		10/24/18		8,688,866
	4,355,000	FHLB		0.010		10/26/18		4,348,901

279

TIAA-CREF FUNDS - Money Market Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	8,100,000	FHLB		0.010	%	10/29/18	$	8,087,400
	9,106,000	FHLB		0.010		10/30/18		9,091,374
	6,000,000	FHLB		0.010		10/31/18		5,989,620
	7,800,000	FHLB		0.010		11/02/18		7,785,608
	2,000,000	FHLB		0.010		11/05/18		1,995,868
	4,755,000	FHLB		0.010		11/06/18		4,745,455
	15,900,000	FHLB		0.010		11/07/18		15,866,353
	8,000,000	FHLB		0.010		11/09/18		7,982,325
	6,625,000	FHLB		0.010		11/13/18		6,609,148
	8,000,000	FHLB		0.010		11/14/18		7,980,023
	11,405,000	FHLB		0.010		11/16/18		11,374,774
	7,000,000	FHLB		0.010		11/21/18		6,979,458
	2,000,000	FHLB		0.010		11/23/18		1,993,846
	2,000,000	FHLB		0.010		11/26/18		1,993,436
	7,175,000	FHLB		0.010		11/27/18		7,151,575
	5,000,000	FHLB		0.010		11/28/18		4,982,874
	5,887,000	FHLB		0.010		11/30/18		5,866,856
	8,356,000	FHLB		0.010		12/03/18		8,324,903
	8,015,000	FHLB		0.010		12/04/18		7,984,865
	9,200,000	FHLB		0.010		12/05/18		9,165,007
	13,300,000	FHLB		0.010		12/07/18		13,247,301
	5,000,000	FHLB		0.010		12/11/18		4,978,897
	5,000,000	FHLB		0.010		12/12/18		4,978,700
	12,290,000	FHLB		0.010		12/14/18		12,236,033
	9,225,000	FHLB		0.010		12/17/18		9,182,956
	6,185,000	FHLB		0.010		12/18/18		6,156,188
	9,840,000	FHLB		0.010		12/21/18		9,792,510
	2,645,000	FHLB		0.010		12/26/18		2,631,175
	2,040,000	FHLB		0.010		01/02/19		2,028,986
	3,450,000	FHLB		0.010		01/22/19		3,426,176
	2,000,000	FHLB		0.010		02/20/19		1,982,723
	2,280,000	FHLB		0.010		02/27/19		2,259,051
	3,600,000	FHLB		0.010		03/08/19		3,563,700
	261,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010		10/02/18		260,986
	1,695,000	FHLMC		0.010		10/03/18		1,694,822
	6,860,000	FHLMC		0.010		10/09/18		6,857,020
	6,000,000	FHLMC		0.010		10/11/18		5,996,733
	1,175,000	FHLMC		0.010		10/18/18		1,173,896
	2,000,000	FHLMC		0.010		10/19/18		1,998,035
	2,240,000	FHLMC		0.010		10/22/18		2,237,452
	5,000,000	FHLMC		0.010		10/26/18		4,993,125
	650,000	FHLMC		0.010		11/01/18		648,875
	5,000,000	FHLMC		0.010		11/02/18		4,991,200
	10,235,000	FHLMC		0.010		11/05/18		10,215,318
	8,950,000	FHLMC		0.010		11/06/18		8,932,071
	6,189,000	FHLMC		0.010		11/13/18		6,173,894
	14,030,000	FHLMC		0.010		11/20/18		13,990,742
	5,000,000	FHLMC		0.010		12/03/18		4,981,931
	8,000,000	FHLMC		0.010		12/19/18		7,962,848
	3,000,000	FHLMC		0.010		12/24/18		2,984,810
	2,000,000	FHLMC		0.010		01/02/19		1,989,150
	1,440,000	Federal National Mortgage Association (FNMA)		0.010		10/01/18		1,440,000
	5,000,000	FNMA		0.010		10/02/18		4,999,735
	9,000,000	FNMA		0.010		10/03/18		8,999,026

280

TIAA-CREF FUNDS - Money Market Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	2,388,000		FNMA			0.010	%	10/09/18	$	2,386,960
	3,065,000		FNMA		0.010			10/10/18		3,063,510
	3,000,000		FNMA		0.010			10/15/18		2,997,754
	10,085,000		FNMA		0.010			10/16/18		10,076,829
	11,140,000		FNMA		0.010			10/17/18		11,130,197
	3,000,000		FNMA		0.010			10/19/18		2,997,105
	6,500,000		FNMA		0.010			10/22/18		6,492,635
	5,000,000		FNMA		0.010			10/24/18		4,993,691
	2,890,000		FNMA		0.010			10/29/18		2,885,605
	2,000,000		FNMA		0.010			10/30/18		1,996,729
	2,000,000		FNMA		0.010			11/05/18		1,996,053
	2,000,000		FNMA		0.010			11/13/18		1,995,079
	4,000,000		FNMA		0.010			11/14/18		3,989,978
	3,525,000		FNMA		0.010			11/16/18		3,515,772
	4,000,000		FNMA		0.010			11/19/18		3,988,812
	6,000,000		FNMA		0.010			11/26/18		5,980,493
	3,700,000		FNMA		1.625			11/27/18		3,697,334
	2,170,000		FNMA		0.010			12/05/18		2,161,737
	5,000,000		FNMA		0.010			12/12/18		4,978,700
	3,000,000		FNMA		0.010			12/19/18		2,985,879
	2,000,000		Tennessee Valley Authority		0.010			10/16/18		1,998,283
			TOTAL GOVERNMENT AGENCY DEBT							605,078,011
TREASURY DEBT - 21.0%
	16,065,000		United States Treasury Bill		0.010			10/04/18		16,062,433
	15,000,000		United States Treasury Bill		0.010			10/11/18		14,993,137
	14,850,000		United States Treasury Bill		0.010			10/18/18		14,836,365
	15,000,000		United States Treasury Bill		0.010			10/25/18		14,980,418
	4,285,000		United States Treasury Bill		0.010			11/01/18		4,277,691
	15,535,000		United States Treasury Bill		0.010			11/08/18		15,507,432
	14,000,000		United States Treasury Bill		0.010			11/15/18		13,965,101
	3,910,000		United States Treasury Bill		0.010			11/23/18		3,898,514
	14,000,000		United States Treasury Bill		0.010			11/29/18		13,953,466
	13,890,000		United States Treasury Bill		0.010			12/06/18		13,838,085
	14,140,000		United States Treasury Bill		0.010			12/13/18		14,080,804
	10,825,000		United States Treasury Bill		0.010			12/20/18		10,774,454
	6,000,000		United States Treasury Bill		0.010			12/27/18		5,969,555
	8,220,000		United States Treasury Bill		0.010			01/03/19		8,174,918
	8,800,000		United States Treasury Bill		0.010			01/10/19		8,746,949
	2,650,000		United States Treasury Bill		0.010			01/17/19		2,632,860
	6,945,000		United States Treasury Bill		0.010			01/24/19		6,895,948
	2,000,000		United States Treasury Bill		0.010			02/07/19		1,984,477
	5,000,000		United States Treasury Bill		0.010			02/14/19		4,958,444
	7,640,000		United States Treasury Bill		0.010			02/21/19		7,572,947
	1,700,000		United States Treasury Note		0.875			10/15/18		1,699,272
	1,520,000		United States Treasury Note		1.000			11/30/18		1,517,279
	1,000,000		United States Treasury Note		1.250			12/15/18		998,856
	3,000,000		United States Treasury Note		1.500			12/31/18		2,994,855
	5,000,000		United States Treasury Note		1.250			01/31/19		4,982,980
			TOTAL TREASURY DEBT							210,297,240
VARIABLE RATE SECURITIES - 18.3%
	4,500,000	i	Federal Agricultural Mortgage Corp (FAMC)	LIBOR 1 M - 0.100%	2.004			11/01/18		4,500,000

281

TIAA-CREF FUNDS - Money Market Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	4,500,000	i	FAMC	LIBOR 1 M - 0.120%		2.048	%	11/19/18	$	4,500,000
	4,700,000	i	FAMC	EFFR + 0.100%		2.280		11/30/18		4,700,000
	5,000,000	i	FAMC	EFFR + 0.120%		2.300		12/28/18		5,000,000
	3,700,000	i	FAMC	LIBOR 1 M - 0.075%		2.039		02/04/19		3,700,000
	4,500,000	i	FAMC	LIBOR 1 M - 0.105%		1.999		03/01/19		4,500,000
	3,000,000	i	FAMC	EFFR + 0.010%		2.190		04/01/19		3,000,000
	4,000,000	i	FAMC	LIBOR 1 M - 0.050%		2.054		07/01/19		4,000,000
	4,500,000	i	FAMC	EFFR + 0.150%		2.330		09/27/19		4,500,000
	5,000,000	i	FAMC	EFFR + 0.120%		2.300		02/26/20		5,000,000
	2,000,000	i	Federal Farm Credit Bank (FFCB)	LIBOR 3 M - 0.150%		2.169		11/14/18		1,999,982
	2,000,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.242		12/05/18		2,000,197
	4,500,000	i	FFCB	FRED - 3.020%		2.230		01/14/19		4,501,426
	4,500,000	i	FFCB	LIBOR 3 M - 0.160%		2.179		01/15/19		4,500,000
	4,500,000	i	FFCB	LIBOR 1 M - 0.110%		2.106		01/25/19		4,500,071
	4,000,000	i	FFCB	FRED - 3.020%		2.230		03/27/19		4,002,147
	4,500,000	i	FFCB	LIBOR 1 M - 0.145%		1.928		03/29/19		4,499,889
	2,000,000	i	FFCB	EFFR - 0.000%		2.180		04/15/19		1,999,557
	5,000,000	i	FFCB	LIBOR 1 M - 0.125%		1.996		06/07/19		5,000,000
	4,750,000	i	FFCB	FRED - 3.080%		2.170		06/27/19		4,750,350
	5,000,000	i	FFCB	FRED - 3.080%		2.170		08/16/19		4,999,568
	5,000,000	i	FFCB	FRED - 3.075%		2.175		09/25/19		4,996,050
	4,000,000	i	FFCB	FRED - 3.080%		2.170		10/10/19		3,996,301
	3,000,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.242		10/18/19		3,000,000
	4,750,000	i	FFCB	FRED - 3.065%		2.185		12/26/19		4,747,644
	5,000,000	i	FFCB	US Treasury Bill 3 M + 0.055%		2.247		01/27/20		5,000,000
	7,000,000	i	FFCB	FRED - 2.980%		2.270		02/20/20		7,000,000
	3,000,000	i	FFCB	FRED - 2.870%		2.380		05/29/20		3,000,000
	4,500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		2.237		08/17/20		4,499,575
	7,000,000	i	Federal Home Loan Bank (FHLB)	LIBOR 3 M - 0.200%		2.133		01/18/19		7,000,059
	5,000,000	i	FHLB	LIBOR 1 M - 0.040%		2.172		02/22/19		5,001,099
	4,600,000	i	FHLB	LIBOR 3 M - 0.235%		2.088		03/06/19		4,599,060
	4,500,000	i	FHLB	LIBOR 1 M - 0.070%		2.069		07/12/19		4,499,967
	3,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	LIBOR 3 M - 0.165%		2.172		07/05/19		3,001,093
	11,250,000	i	FHLMC	LIBOR 1 M - 0.100%		2.033		08/08/19		11,250,056
	5,000,000	i	FHLMC	LIBOR 3 M - 0.225%		2.086		08/27/19		5,000,000
	4,800,000	i	Federal National Mortgage Association (FNMA)	LIBOR 1 M - 0.000%		2.242		02/28/19		4,802,973
	7,500,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.170%		2.362		10/31/18		7,501,499
	3,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M - 0.000%		2.192		01/31/20		2,999,953
	5,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.033%		2.225		04/30/20		5,000,802
			TOTAL VARIABLE RATE SECURITIES							183,049,318
			TOTAL SHORT-TERM INVESTMENTS							998,424,569
			(Cost $998,424,569)
			TOTAL INVESTMENTS- 99.8%							998,424,569
			(Cost $998,424,569)
			OTHER ASSETS & LIABILITIES, NET - 0.2%							1,724,224
			NET ASSETS - 100.0%						$	1,000,148,793

282

TIAA-CREF FUNDS - Money Market Fund

	Abbreviation(s):
EFFR	Effective Federal Funds Rate
FRED	Federal Bank Prime Loan Rate
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 the underlying asset of the security. Coupon rate reflects the rate at period end.

283

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, 2018	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, 2018	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: November 15, 2018	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