N-CSR 1 c93381_ncsr.htm

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: March 31, 2019

Item 1. Reports to Stockholders.




	TIAA-CREF Funds		March 31, 2019

TIAA-CREF

Real Estate Securities Fund

The annual report contains the audited financial statements.

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

Annual
Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

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
Audited financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statements of changes in net assets	17
Financial highlights	20
Notes to financial statements	22
Report of independent registered public accounting firm	31
Important tax information	32
Trustees and officers	33
Approval of investment management agreement	38
How to reach us	Inside back cover

Understanding this report

This annual report contains information about the Real Estate Securities Fund and describes the Fund’s results for the twelve months ended March 31, 2019. The report contains four main sections:

•	A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
•	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 Fund had investments as of March 31, 2019.
•	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 Fund, please read the 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 ■ 2019 Annual Report

Letter to investors

Real estate investment trusts (REITs) posted strong returns for the twelve months ended March 31, 2019. REITs gained on continued U.S. economic growth and a robust labor market. The Federal Reserve raised the federal funds target rate three times during the period, pushing the key short-term interest-rate measure to 2.25%–2.50%. But policymakers shifted to a “patient” approach toward future rate increases in 2019 as the pace of economic growth slowed.

•	REITs, as measured by the FTSE Nareit All Equity REIT Index, rose 20.5% for the twelve months. Please see page 8 for the benchmark definition.
•	All but one of the index’s 16 property sectors and subsectors advanced, with the free standing retail, health care and manufactured home sectors recording the largest gains.
•	Although the TIAA-CREF Real Estate Securities Fund (Institutional Class) produced strong results, the Fund underperformed its benchmark, primarily due to investment decisions that did not perform as anticipated.

REITs outperformed U.S. equities and bonds

REITs are a unique asset class that share some of the characteristics of both stocks and bonds. Similar to bonds, REIT prices 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.

For the twelve-month period, the FTSE Nareit All Equity REITs Index soundly outpaced the 4.5% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. REITs also more than doubled the 8.8% gain of the broad U.S. stock market, as represented by the Russell 3000^® Index.

REITs have benefited from historically low interest rates and investors’ willingness to seek potentially higher yields through the asset class. While REITs performed well over the first nine months of the period, they received an additional boost in the final three months—gaining 17.2% during this period—when it became clear the Fed had taken a more cautious approach toward additional interest rate hikes.

4	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Brad Finkle

REITs can offer portfolio diversification

As investments, REITs can help investors build a more diversified portfolio. 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. REITs invest in different real estate sectors, from residential properties to many kinds of commercial assets, including timber. They have the potential to appreciate in value but can also provide a relatively stable source of income. While there is no guarantee that a diversified portfolio will avoid market losses, we believe a professionally managed mutual fund of REIT securities 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 earned double-digit average annual returns over the past five- and ten-year periods. Historically, they have generated performance that falls 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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

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-PORT or Form N-Q filings. Form N-CSR filings are as of March 31 or September 30; Form N-PORT or 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	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Important information about expenses

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

The expense example that appears in 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 (October 1, 2018–March 31, 2019).

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 ■ 2019 Annual Report

Important information about expenses

Expense example

Six months ended March 31, 2019

Real Estate Securities Fund	Beginning account value (10/1/18		)	Ending account value (3/31/19		)	Expenses paid during period (10/1/18–3/31/19		* )
Actual return
Institutional Class		$1,000.00			$1,103.45			$2.67
Advisor Class		1,000.00			1,102.78			3.36
Premier Class		1,000.00			1,102.59			3.46
Retirement Class		1,000.00			1,102.30			3.98
Retail Class		1,000.00			1,101.38			4.19
5% annual hypothetical return
Institutional Class		1,000.00			1,022.39			2.57
Advisor Class		1,000.00			1,021.74			3.23
Premier Class		1,000.00			1,021.64			3.33
Retirement Class		1,000.00			1,021.14			3.83
Retail Class		1,000.00			1,020.94			4.03

“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 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 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 0.80% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their 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 2019. 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	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2019

The Real Estate Securities Fund returned 18.91% for the Institutional Class, compared with the 20.46% return of its benchmark, the FTSE Nareit All Equity REITs Index. The performance table shows returns for all share classes of the Fund.

REITs posted sizable gains amid continued U.S. growth and interest rate hikes

During the twelve-month period, the U.S. economy expanded at a healthy but decelerating pace. REITs, as measured by the benchmark index, produced double-digit gains—supported by favorable property fundamentals, a strong labor market and upbeat consumer confidence.

For the period, the FTSE Nareit All Equity REITs Index outpaced the 8.77% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and the 4.48% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Sectors posted strong results

Among the benchmark’s 16 property sectors and subsectors, nearly all were positive during the period. The largest gains were seen in the free standing retail (up 43.9%), health care (up 36.5%) and manufactured homes (up 32.6%) sectors. Timber REITs (down 19.1%) was the only sector to suffer a loss.

Fund produced double-digit gains but trailed its benchmark

For the twelve-month period, the Fund produced solid gains but trailed its benchmark as certain investment decisions did not perform as anticipated. Underweight positions in telecommunication services company American Tower and retail REIT Realty Income detracted most from the Fund’s relative performance. The Fund was also hurt by an overweight position in lodging REIT Sunstone Hotel Investors, which was down modestly.

These negative effects were partly offset by an underweight position in specialized REIT Uniti Group, which suffered losses during the period. Overweight positions in residential REITs Sun Communities and Equity LifeStyle Properties and retail REIT Agree Realty also benefited the Fund’s relative performance.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Real Estate Securities Fund

Performance as of March 31, 2019

Real Estate Securities Fund			Total return			Average annual total return						Annual operating expenses*
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		18.91	%		10.37	%		18.76	%		0.51	%		0.51	%
Advisor Class		12/4/15		18.76			10.30	^†		18.72	^†		0.65			0.65
Premier Class		9/30/09		18.72			10.20			18.60	^†		0.66			0.66
Retirement Class		10/1/02		18.67			10.10			18.46			0.76			0.76
Retail Class		10/1/02		18.50			10.02			18.40			0.81			0.81
FTSE Nareit All Equity REITs Index		—		20.46			10.00			18.80			—			—

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 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 respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Institutional Class.

10	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

$10,000 over 10 years

Institutional Class

Ending amounts are as of March 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Portfolio composition
			% of net assets
Sector			as of 3/31/2019
Specialized REITs			26.4
Residential REITs			20.9
Retail REITs			12.8
Industrial REITs			11.0
Office REITs			10.1
Health care REITs			6.4
Hotel & resort REITs			3.9
Diversified REITs			2.4
Mortgage REITs			0.9
IT consulting & other services			0.4
Data processing & outsourced services			0.4
Casinos & gaming			0.3
Short-term investments, other assets & liabilities, net			4.1
Total			100.0

Fund profile
	as of 3/31/2019
Net assets		$2.34 billion
Portfolio turnover rate		34%
Number of holdings		56
Weighted median market capitalization		$19.06 billion
Price/earnings ratio (weighted 12-month trailing average)^†		40.8

^†	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
	% of equity investments
Market capitalization	as of 3/31/2019
More than $50 billion		16.2
More than $15 billion–$50 billion		39.8
More than $2 billion–$15 billion		43.4
$2 billion or less		0.6
Total		100.0

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Portfolio of investments

Real Estate Securities Fund ■ March 31, 2019

Shares			Company	Value
COMMON STOCKS-95.9%
CASINOS & GAMING—0.3%
	350,000	*	Penn National Gaming, Inc	$	7,035,000
			TOTAL CASINOS & GAMING		7,035,000
DATA PROCESSING & OUTSOURCED SERVICES—0.4%
	250,000	*	GDS Holdings Ltd (ADR)		8,922,500
			TOTAL DATA PROCESSING & OUTSOURCED SERVICES		8,922,500
DIVERSIFIED REITS—2.4%
	1,000,000		Colony Capital, Inc		5,320,000
	225,000		iShares Dow Jones US Real Estate Index Fund		19,584,000
	350,000		Vanguard Real Estate ETF		30,418,500
			TOTAL DIVERSIFIED REITS		55,322,500
HEALTH CARE REITS—6.4%
	1,450,000		HCP, Inc		45,385,000
	575,000		Healthcare Trust of America, Inc		16,439,250
	600,000		Ventas, Inc		38,286,000
	650,000		Welltower, Inc		50,440,000
			TOTAL HEALTH CARE REITS		150,550,250
HOTEL & RESORT REITS—3.9%
	2,700,000		Host Marriott Corp		51,030,000
	400,000		Pebblebrook Hotel Trust		12,424,000
	1,900,000		Sunstone Hotel Investors, Inc		27,360,000
			TOTAL HOTEL & RESORT REITS		90,814,000
INDUSTRIAL REITS—11.0%
	450,000		Americold Realty Trust		13,729,500
	170,000		EastGroup Properties, Inc		18,978,800
	1,575,000		Prologis, Inc		113,321,250
	2,350,000		Rexford Industrial Realty, Inc		84,153,500
	650,000		Terreno Realty Corp		27,326,000
			TOTAL INDUSTRIAL REITS		257,509,050
IT CONSULTING & OTHER SERVICES—0.4%
	150,000	*	InterXion Holding NV		10,009,500
			TOTAL IT CONSULTING & OTHER SERVICES		10,009,500
MORTGAGE REITS—0.9%
	900,000		Starwood Property Trust, Inc		20,115,000
			TOTAL MORTGAGE REITS		20,115,000
OFFICE REITS—10.1%
	460,000		Alexandria Real Estate Equities, Inc		65,577,600
	700,000		Boston Properties, Inc		93,716,000
	800,000		Hudson Pacific Properties		27,536,000
	460,000		Kilroy Realty Corp		34,941,600
	160,000		SL Green Realty Corp		14,387,200
			TOTAL OFFICE REITS		236,158,400

2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

See notes to financial statements

Portfolio of investments

continued

Real Estate Securities Fund ■ March 31, 2019

Shares			Company	Value
RESIDENTIAL REITS—20.9%
	1,750,000		American Homes 4 Rent	$	39,760,000
	500,000		AvalonBay Communities, Inc		100,365,000
	400,000		Camden Property Trust		40,600,000
	600,000		Equity Lifestyle Properties, Inc		68,580,000
	750,000		Equity Residential		56,490,000
	280,000		Essex Property Trust, Inc		80,987,200
	1,100,000		Invitation Homes, Inc		26,763,000
	650,000		Sun Communities, Inc		77,038,000
			TOTAL RESIDENTIAL REITS		490,583,200
RETAIL REITS—12.8%
	350,000		Agree Realty Corp		24,269,000
	350,000		Federal Realty Investment Trust		48,247,500
	210,000		Realty Income Corp		15,447,600
	875,000		Regency Centers Corp		59,053,750
	800,000		Simon Property Group, Inc		145,768,000
	120,000		Taubman Centers, Inc		6,345,600
			TOTAL RETAIL REITS		299,131,450
SPECIALIZED REITS—26.4%
	635,000		American Tower Corp		125,133,100
	725,000		Crown Castle International Corp		92,800,000
	450,000		CyrusOne, Inc		23,598,000
	350,000		Digital Realty Trust, Inc		41,650,000
	175,000		Equinix, Inc		79,303,000
	350,000		Extra Space Storage, Inc		35,668,500
	725,000		Four Corners Property Trust, Inc		21,460,000
	425,000		Gaming and Leisure Properties, Inc		16,392,250
	450,000		National Storage Affiliates Trust		12,829,500
	205,000		Public Storage, Inc		44,644,900
	675,000		QTS Realty Trust, Inc		30,368,250
	220,000	*	SBA Communications Corp		43,925,200
	600,000		VICI Properties, Inc		13,128,000
	1,500,000		Weyerhaeuser Co		39,510,000
			TOTAL SPECIALIZED REITS		620,410,700

			TOTAL COMMON STOCKS (Cost $1,582,908,956)		2,246,561,550

See notes to financial statements

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Portfolio of investments

concluded

Real Estate Securities Fund ■ March 31, 2019

Principal		Issuer	Rate			Maturity date	Value
SHORT-TERM INVESTMENTS—3.6%
GOVERNMENT AGENCY DEBT—1.1%
	$25,000,000	Federal Home Loan Bank (FHLB)		2.250	%	04/01/19	$	25,000,000
		TOTAL GOVERNMENT AGENCY DEBT						25,000,000
TREASURY DEBT—2.5%
	23,525,000	United States Treasury Bill		2.371		04/02/19		23,523,448
	18,825,000	United States Treasury Bill		2.398		04/11/19		18,812,513
	17,865,000	United States Treasury Bill		2.372		04/16/19		17,847,200
		TOTAL TREASURY DEBT						60,183,161

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $85,183,280)						85,183,161

		TOTAL INVESTMENTS-99.5%
		(Cost $1,668,092,236)						2,331,744,711
		OTHER ASSETS & LIABILITIES, NET—0.5%						11,752,844
		NET ASSETS-100.0%					$	2,343,497,555

Abbreviation(s):

ADR	American Depository Receipt
REIT	Real Estate Investment Trust

* Non-income producing

2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

See notes to financial statements

Statement of assets and liabilities

Real Estate Securities Fund ■ March 31, 2019

ASSETS
Portfolio investments, at value^†	$	2,331,744,711
Cash		19,074
Receivable from Fund shares sold		3,572,202
Dividends and interest receivable		8,757,488
Other		202,412
Total assets		2,344,295,887
LIABILITIES
Management fees payable		153,145
Service agreement fee payable		15,578
Distribution fee payable		62,329
Due to affiliates		35,336
Payable for Fund shares redeemed		271,067
Payable for trustee compensation		140,485
Accrued expenses and other payables		120,392
Total liabilities		798,332
NET ASSETS	$	2,343,497,555

NET ASSETS CONSIST OF:
Paid-in-capital	$	1,658,294,534
Total distributable earnings (loss)		685,203,021
NET ASSETS	$	2,343,497,555

INSTITUTIONAL CLASS:
Net assets	$	1,582,056,062
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		93,739,109
Net asset value per share	$	16.88

ADVISOR CLASS:
Net assets	$	5,366,125
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		317,763
Net asset value per share	$	16.89

PREMIER CLASS:
Net assets	$	77,572,494
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,592,836
Net asset value per share	$	16.89

RETIREMENT CLASS:
Net assets	$	424,963,038
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		24,151,288
Net asset value per share	$	17.60

RETAIL CLASS:
Net assets	$	253,539,836
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,141,979
Net asset value per share	$	16.74
^† Portfolio investments, cost	$	1,668,092,236

See notes to financial statements

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Statement of operations

Real Estate Securities Fund ■ For the year ended March 31, 2019

INVESTMENT INCOME
Dividends	$	54,070,947
Interest		996,909
Payment from affiliate		133,769
Total income		55,201,625

EXPENSES
Management fees		10,091,066
Shareholder servicing — Institutional Class		4,884
Shareholder servicing — Advisor Class		2,949
Shareholder servicing — Premier Class		123
Shareholder servicing — Retirement Class		943,042
Shareholder servicing — Retail Class		116,168
Distribution fees — Premier Class		104,056
Distribution fees — Retail Class		586,423
Administrative service fees		113,147
Trustee fees and expenses		27,128
Other expenses		419,185
Total expenses		12,408,171
Net investment income (loss)		42,793,454

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments		37,194,530
Net change in unrealized appreciation (depreciation) on total investments		288,809,624
Net realized and unrealized gain (loss) on total investments		326,004,154
Net increase (decrease) in net assets from operations	$	368,797,608

2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

See notes to financial statements

Statements of changes in net assets

Real Estate Securities Fund ■ For the year ended

		March 31, 2019			March 31, 2018^a
OPERATIONS
Net investment income (loss)		$	42,793,454		$	41,349,998
Net realized gain (loss) on total investments			37,194,530			89,574,025
Net change in unrealized appreciation (depreciation) on total investments			288,809,624			(58,172,469	)
Net increase (decrease) in net assets from operations			368,797,608			72,751,554
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(45,428,164	)		(103,938,461	)
	Advisor Class		(71,605	)		(76,480	)
	Premier Class		(2,130,333	)		(5,957,557	)
	Retirement Class		(10,747,325	)		(25,846,641	)
	Retail Class		(6,888,099	)		(17,297,796	)
Total distributions			(65,265,526	)		(153,116,935	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		235,149,394			227,163,059
	Advisor Class		4,227,302			686,249
	Premier Class		11,003,016			11,591,531
	Retirement Class		38,730,225			35,295,906
	Retail Class		24,347,837			23,562,126
Reinvestments of distributions:	Institutional Class		45,352,947			103,748,137
	Advisor Class		68,234			63,622
	Premier Class		2,130,079			5,957,025
	Retirement Class		10,746,952			25,846,507
	Retail Class		6,510,153			16,315,857
Redemptions:	Institutional Class		(202,117,221	)		(428,658,680	)
	Advisor Class		(591,761	)		(27,334	)
	Premier Class		(24,608,485	)		(30,222,658	)
	Retirement Class		(29,768,910	)		(30,632,909	)
	Retail Class		(33,963,216	)		(32,274,184	)
Net increase (decrease) from shareholder transactions			87,216,546			(71,585,746	)
Net increase (decrease) in net assets			390,748,628			(151,951,127	)
NET ASSETS
Beginning of period			1,952,748,927			2,104,700,054
End of period		$	2,343,497,555		$	1,952,748,927

See notes to financial statements

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Statements of changes in net assets

concluded

Real Estate Securities Fund ■ For the year ended

		March 31, 2019			March 31, 2018^a
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		15,301,662			14,613,058
	Advisor Class		267,847			44,245
	Premier Class		706,565			755,919
	Retirement Class		2,389,925			2,170,981
	Retail Class		1,593,547			1,537,000
Shares reinvested:	Institutional Class		2,872,596			6,720,395
	Advisor Class		4,286			4,128
	Premier Class		134,882			385,593
	Retirement Class		653,490			1,608,135
	Retail Class		415,946			1,064,397
Shares redeemed:	Institutional Class		(13,120,071	)		(27,249,380	)
	Advisor Class		(38,661	)		(1,844	)
	Premier Class		(1,657,992	)		(1,882,116	)
	Retirement Class		(1,860,513	)		(1,901,427	)
	Retail Class		(2,217,333	)		(2,103,288	)
Net increase (decrease) from shareholder transactions			5,446,176			(4,234,204	)

^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1—organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 5—distributions to shareholders and other tax items.
^c	For the fiscal year ended March 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1 – organization and significant accounting policies for further details.

2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

See notes to financial statements

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TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Financial highlights

Real Estate Securities Fund

		Selected per share data
				Gain (loss) from investment operations
For the		Net asset		Net			Net realized & unrealized			Total gain		Less distributions from						Total
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
Institutional Class
3/31/19			$14.65		$0.33			$2.40			$2.73		$(0.36	)		$(0.14	)		$(0.50	)
3/31/18			15.31		0.32			0.26			0.58		(0.28	)		(0.96	)		(1.24	)
3/31/17			15.44		0.27			0.15			0.42		(0.32	)		(0.23	)		(0.55	)
3/31/16			15.92		0.36			0.15			0.51		(0.34	)		(0.65	)		(0.99	)
3/31/15			13.20		0.26			2.97			3.23		(0.25	)		(0.26	)		(0.51	)
Advisor Class
3/31/19			14.66		0.18			2.54			2.72		(0.35	)		(0.14	)		(0.49	)
3/31/18			15.32		0.31			0.25			0.56		(0.26	)		(0.96	)		(1.22	)
3/31/17			15.44		0.18			0.24			0.42		(0.31	)		(0.23	)		(0.54	)
3/31/16	^‡		15.38		0.11			0.80			0.91		(0.20	)		(0.65	)		(0.85	)
Premier Class
3/31/19			14.66		0.30			2.41			2.71		(0.34	)		(0.14	)		(0.48	)
3/31/18			15.32		0.30			0.25			0.55		(0.25	)		(0.96	)		(1.21	)
3/31/17			15.44		0.25			0.16			0.41		(0.30	)		(0.23	)		(0.53	)
3/31/16			15.93		0.34			0.14			0.48		(0.32	)		(0.65	)		(0.97	)
3/31/15			13.21		0.25			2.96			3.21		(0.23	)		(0.26	)		(0.49	)
Retirement Class
3/31/19			15.25		0.30			2.51			2.81		(0.32	)		(0.14	)		(0.46	)
3/31/18			15.90		0.30			0.25			0.55		(0.24	)		(0.96	)		(1.20	)
3/31/17			16.00		0.25			0.16			0.41		(0.28	)		(0.23	)		(0.51	)
3/31/16			16.47		0.34			0.14			0.48		(0.30	)		(0.65	)		(0.95	)
3/31/15			13.64		0.23			3.07			3.30		(0.21	)		(0.26	)		(0.47	)
Retail Class
3/31/19			14.54		0.28			2.38			2.66		(0.32	)		(0.14	)		(0.46	)
3/31/18			15.21		0.28			0.24			0.52		(0.23	)		(0.96	)		(1.19	)
3/31/17			15.33		0.24			0.14			0.38		(0.27	)		(0.23	)		(0.50	)
3/31/16			15.82		0.32			0.14			0.46		(0.30	)		(0.65	)		(0.95	)
3/31/15			13.12		0.22			2.95			3.17		(0.21	)		(0.26	)		(0.47	)

^‡	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.

2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

See notes to financial statements

								Ratios and supplemental data

											Ratios to average net assets
Net asset value, end of period		Total return			Total return excluding payment from affiliates		^u	Net assets at end of period (in thousands		)	Gross expense			Net expense			Net investment income (loss		)	Net investment income (loss excluding payments from affiliates		) ^u	Portfolio turnover rate

	$16.88		18.91	%		18.90	%	$	1,582,056			0.51	%		0.51	%		2.13	%		2.12	%		34	%
	14.65		3.45			3.44			1,298,830			0.51			0.51			2.08			2.07			30
	15.31		2.82			2.79			1,448,714			0.51			0.50			1.79			1.76			52
	15.44		3.76			3.76			1,288,020			0.51			0.47			2.44			2.44			33
	15.92		24.80			24.80			1,379,388			0.52			0.52			1.79			1.79			29

	16.89		18.76			18.75			5,366			0.64			0.64			1.19			1.18			34
	14.66		3.31			3.30			1,235			0.65			0.65			1.98			1.98			30
	15.32		2.82			2.80			579			0.56			0.56			1.20			1.18			52
	15.44		6.37	^b		6.37	^b		107			0.73	^c		0.61	^c		2.47	^c		2.47	^c		33

	16.89		18.72			18.71			77,572			0.66			0.66			1.97			1.96			34
	14.66		3.28			3.27			79,281			0.66			0.66			1.94			1.94			30
	15.32		2.73			2.70			94,236			0.66			0.65			1.66			1.63			52
	15.44		3.54			3.54			85,298			0.66			0.61			2.31			2.31			33
	15.93		24.59			24.59			65,159			0.67			0.67			1.72			1.72			29

	17.60		18.67			18.66			424,963			0.76			0.76			1.88			1.87			34
	15.25		3.12			3.11			350,291			0.76			0.76			1.85			1.84			30
	15.90		2.66			2.63			335,327			0.76			0.75			1.58			1.55			52
	16.00		3.42			3.42			317,204			0.76			0.72			2.19			2.19			33
	16.47		24.50			24.50			370,757			0.77			0.77			1.53			1.53			29

	16.74		18.50			18.49			253,540			0.81			0.81			1.86			1.85			34
	14.54		3.09			3.08			223,112			0.81			0.81			1.79			1.78			30
	15.21		2.59			2.56			225,844			0.82			0.81			1.55			1.52			52
	15.33		3.40			3.40			234,588			0.82			0.77			2.15			2.15			33
	15.82		24.41			24.41			239,535			0.83			0.83			1.49			1.49			29

See notes to financial statements

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Notes to financial statements

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that is registered with the 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. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

22	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

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

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

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

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

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

For the year ended March 31, 2019, permanent book and tax differences resulting primarily from the utilization of tax equalization credits were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Notes to financial statements

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

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 removes or modifies certain disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management early implemented this accounting pronouncement as of December 31, 2018. This implementation did not have a material impact on the Fund’s financial statements and various filings. Refer to Note 2 for further details.

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 or results of operations.

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 establishment of the liquidity risk management program and the 15% illiquid investment limit, were implemented by the December 1, 2018 compliance date. This portion of the implementation did not have a material impact on the Funds’ financial statements and various filings. In February 2018, the Commission issued Release No. IC-33142, which delayed certain 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 these provisions on the Funds’ financial statements and various filings.

24	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

continued

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 or outdated 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. This final rule was effective for filings after November 5, 2018. Management has implemented the above changes for the current reporting period. In addition, certain amounts within each Fund’s Statement of changes in net assets for the prior fiscal period have been modified to conform to the current year’s presentation of distributable earnings. This change did not impact the total amount of distributable earnings from the prior period.

The Fund’s distributions from the prior fiscal period were paid from net investment income and realized gains as shown below in the following table:

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(24,195,778	)
Advisor Class		(16,146	)
Premier Class		(1,320,240	)
Retirement Class		(5,145,725	)
Retail Class		(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	$	(153,116,935	)

For the prior fiscal period, the following Undistributed net investment income (loss) included in net assets was disclosed:

Undistributed net investment income (loss) included in net assets	$	9,594,895

Note 2—valuation of investments

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Notes to financial statements

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.

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.

26	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

continued

The following table summarizes the market value of the Fund’s investments as of March 31, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Real Estate Securities
Equity investments*	$	2,246,561,550	$	—	$	—	$	2,246,561,550
Short-term investments		—		85,183,161		—		85,183,161
Total	$	2,246,561,550	$	85,183,161	$	—	$	2,331,744,711

* 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 March 31, 2019. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The Fund has also entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

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

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

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Notes to financial statements

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 year ended March 31, 2019, these transactions did not materially impact the Fund.

At March 31, 2019, TIAA Access, a registered separate account of TIAA, owned 13% of the Fund’s shares.

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 March 31, 2019, there were no affiliated investments.

Note 4—investments

Net unrealized appreciation (depreciation): At March 31, 2019, 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:

Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation	)	Net unrealized appreciation (depreciation	)
$1,678,641,622		$662,342,298		$(9,239,209	)	$653,103,089

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 the Fund for the year ended March 31, 2019 were as follows:


Non-U.S.		Non-U.S.
government		government
purchases		sales
$735,486,526		$698,482,163

28	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

continued

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2019, and the year ended March 31, 2018, was as follows:

		Long-term
	Ordinary income	capital gains	Total
3/31/2019	$47,026,913	$ 18,238,613	$ 65,265,526
3/31/2018	34,057,622	119,059,313	153,116,935

As of March 31, 2019, the components of accumulated earnings on a tax basis consisted of $3,911,506 of undistributed ordinary income, $28,312,280 of undistributed long-term capital gains, and $653,103,089 of unrealized appreciation.

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

Note 6—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Fund may participate in an inter-fund lending program. This program allows the Fund to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that the Fund may not borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, the Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended March 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 7—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 year ended March 31, 2019, there were no borrowings under this credit facility by the Fund.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Notes to financial statements

concluded

Note 8—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.

30	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Report of independent registered
public accounting firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of TIAA-CREF Real Estate Securities Fund (one of the funds constituting TIAA-CREF Funds, hereafter referred to as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 22, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Important tax information (unaudited)

For the year ended March 31, 2019, the Fund designates distributions of $0 and $19,151,849 (or the maximum amount allowable), as being from Section 1250 gains and net long-term capital gains, respectively.

For the year ended March 31, 2019, the Fund designates 0.76% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividend income.

For the year ended March 31, 2019, the Fund designates 0.76% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

For the year ended March 31, 2019, the Fund designates 73.44% (or the maximum amount allowable) of ordinary income dividends paid as qualified business income (“QBI”) for individuals under Section 199A of the Internal Revenue Code.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019, which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

32	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Trustees and officers (unaudited)

TIAA-CREF Funds ■ April 14, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ April 14, 2019

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

34	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958

Trustee

Indefinite term. Trustee since 2006.

President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).

Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949

Trustee

Indefinite term. Trustee since 1999.

Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer

(2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).

N/A

Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950

Trustee

Indefinite term. Trustee since 2006.

Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of of Texas at Austin.

Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement Business, University System of Texas.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ April 14, 2019

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.

36	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA- CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Approval of investment

management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Real Estate Securities 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. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to the TIAA-CREF Real Estate Securities Fund (the “Fund”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to the Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

38	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

Broadridge compared this data, as relevant, for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of the Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of the Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of the Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to the Fund pursuant to the Agreement.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s management fee rate and performance to any other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Approval of investment

management agreement (unaudited)

The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information, from Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

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

While the contract renewal process includes a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Fund by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Fund. Thus, in reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew

40	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

continued

the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

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

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

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Fund, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of the Fund over the one-, three-, five- and ten-year periods. The Board considered the Fund’s performance as compared to its peer group and peer universe and its benchmark index. For details

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Approval of investment

management agreement (unaudited)

regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate that permits Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial and other risks assumed by Advisors in managing the Fund. The Board considered that Advisors calculated that it had earned profits with respect to the Fund under the Agreement for the one-year period ended December 31, 2018. The Board concluded that the profits earned by Advisors in 2018 from its services to the Fund were reasonable in light of various relevant factors.

Fees charged by other advisers

The Board considered comparative information regarding the Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the synopsis below. The Board determined that the management fee rate charged to the Fund under the Agreement typically was lower than the management fee rates charged to most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Fund’s actual management fee rate compares to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rate under the Agreement with respect to the Fund was reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund, and whether any such economies are shared with the Fund. The Board also considered the extent to which the current fee rate schedule breakpoints of the Fund affected

42	2019 Annual Report ■ TIAA-CREF Real Estate Securities Fund

continued

Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to the Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered Advisor’ compensation of the Fund for some of the soft dollar amounts the Fund spend on research during the year, as well as Advisors’ commitment to compensate the Fund for a certain percentage of the Fund’s soft dollar expense in 2019. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and the Fund’s current asset level.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts. The Board considered that Advisors did not currently manage any other products with comparable investment strategies to the Fund’s investment strategy. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rate charged to the Fund may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may involve less entrepreneurial risk on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Fund to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to the commission arrangements made on behalf of the Fund (i.e., soft dollars). Additionally, the Fund may be utilized as an investment option for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

TIAA-CREF Real Estate Securities Fund ■ 2019 Annual Report

Approval of investment

management agreement (unaudited)

concluded

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding the Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to the Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements.

•	The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.483% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both the group and universe of comparable funds selected by Broadridge for expense comparison purposes.
•	The Fund was in the 2nd, 1st, 2nd and 3rd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes, for the one-, three-, five- and ten-year periods, respectively, and in the 1st quintile of the universe of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five- and ten-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period.

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

44	2019 Annual 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 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, sell or hold a security or an investment strategy, 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.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206

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	TIAA-CREF Funds		March 31, 2019

TIAA-CREF
Fixed-Income Funds

The annual report contains the audited financial statements.

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	—
Green Bond Fund	TGRNX	TGRKX	TGRLX	TGRMX	TGROX	—
High-Yield Fund	TIHYX	TIHHX	TIHPX	TIHRX	TIYRX	TIHWX
Inflation-Linked Bond Fund	TIILX	TIIHX	TIKPX	TIKRX	TCILX	TIIWX
Short Duration Impact Bond Fund	TSDJX	TSDHX	TSDFX	TSDDX	TSDBX	—
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	—

Annual
Report

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
Green Bond Fund	18
High-Yield Fund	20
Inflation-Linked Bond Fund	22
Short Duration Impact Bond Fund	24
Short-Term Bond Fund	26
Short-Term Bond Index Fund	28
Social Choice Bond Fund	30
Money Market Fund	32
Summary portfolios of investments	34
Audited financial statements
Statements of assets and liabilities	62
Statements of operations	66
Statements of changes in net assets	68
Financial highlights	76
Notes to financial statements	88
Report of independent registered public accounting firm	99
Important tax information	100
Trustees and officers	101
Approval of investment management agreements	104
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 annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended March 31, 2019. 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 March 31, 2019.
•	The financial statements provide detailed information about the operations and financial condition of each fund.

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Brad Finkle

Letter to investors

The U.S. bond market produced solid gains during the twelve-month period ended March 31, 2019. The overall advance was led by corporate debt securities, which continued to benefit from the long-running U.S. economic expansion, growing profits and investors in search of higher yields.

•	The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.5%, exceeding its average annual performance for the past three-, five- and ten-year periods.
•	Institutional Class returns for three of the eleven TIAA-CREF Fixed-Income Funds exceeded the returns of their respective benchmarks. Please see page 8 for benchmark definitions. The Money Market Fund also outperformed the iMoneyNet Money Fund Averages™—All Government.
•	Of the remaining eight funds, five trailed their benchmarks by one-tenth of a percentage point or less.
•	In November 2018, TIAA-CREF introduced two new fixed-income funds—the Short Duration Impact Bond Fund and the Green Bond Fund—that seek favorable long-term total returns while also giving special consideration to environmental criteria.

The U.S. economy continued to grow throughout the period. In response, the Federal Reserve raised the federal funds target rate three times, pushing the key short-term interest-rate measure to 2.25%–2.50%. In 2019, however, the Fed took a more “patient” position toward future rate increases as concerns mounted about the pace of the global economic expansion and ongoing international trade tensions.

Short-term bond yields rose during the period, reflecting the Fed’s rate hikes, while longer-term yields declined as investors digested reports of weaker economic data globally. In March 2019, shorter-term yields briefly exceeded longer-term yields to create an “inverted yield curve,” generally considered a signal of a potential economic slowdown.

Fixed-income markets generated gains across the board during the period, with strong performance in the second half. High-yield bonds performed best, with a gain of 6.3%, but this performance was nearly matched by returns in the municipal bond market. Shorter-term bonds produced more modest gains.

All TIAA-CREF Fixed-Income Funds produced gains

All nine of the TIAA-CREF Fixed-Income Funds open to investors for the full twelve-month period generated positive returns, as did the two new funds launched in November 2018. The High-Yield Fund recorded the highest absolute gain, returning 6.6% and outperforming its benchmark. A strong performance by the retail sector—especially food and drug retailers—helped propel the Fund’s returns. The 5–15 Year Laddered Tax-Exempt Bond Fund generated a return of 5.6%, driven by gains in nearly all sectors, but it trailed its benchmark.

The Bond Plus Fund exceeded the Bloomberg Barclays U.S. Aggregate Bond Index with a gain of 4.6%, helped by holdings of corporate bonds. The Social Choice Bond Fund also benefited from corporate bond holdings to nearly match its benchmark with a return of 4.5% over the twelve months.

The Bond Fund returned 4.4% for the period but modestly underperformed its benchmark, primarily due to the effect of expenses. The Bond Index Fund, which seeks to maintain the characteristics of the aggregate bond index, slightly outperformed the benchmark with a gain of 4.6%.

4	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

The Short-Term Bond Fund gained 3.0% during the twelve-month period but underperformed its benchmark by a small margin, mainly due to expenses. The Short-Term Bond Index Fund, which seeks to maintain the characteristics of the same Bloomberg Barclays 1–3 Year Government/Credit Bond Index benchmark, returned 2.9%.

The Money Market Fund gained 2.0% during the period, outpacing the 1.7% return of the iMoneyNet Money Fund Averages™—All Government.

The two new funds generated positive returns but underperformed their benchmarks between their inception on November 16, 2018, and March 31, 2019. The Green Bond Fund gained 4.7%, while the Short Duration Impact Bond Fund returned 2.0%.

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

The economy approaches a remarkable record

If the U.S. economy continues to grow through the summer of 2019, we will bear witness to the longest-running economic expansion in history. That growth over the past decade has rewarded investors, but, as we often say, past performance is no guarantee of future results. Growth in the U.S. economy, which seemed so powerful a year ago, has moderated. And recently, Federal Reserve chairman Jerome Powell cited slower growth in Europe and China as important influences prompting the Fed to take a more cautious approach toward further interest-rate increases during the remainder of 2019.

The future is always a changing landscape. A diversified portfolio can be an important investment strategy to manage those uncertainties, though it does not guarantee against market losses. We believe a diversified portfolio that includes professionally managed fixed-income mutual funds can help produce smoother long-term results for investors.

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

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Market monitor

Bond markets gained amid shifting economic prospects

U.S. fixed-income markets posted gains as long-term bond yields declined—despite rising short-term rates—over the twelve-month period ended March 31, 2019. Strong U.S. economic growth early in the period and a powerful labor market led the Federal Reserve to continue raising the federal funds target rate. However, as 2019 commenced, policymakers expressed a “patient” view toward further increases as concerns about global economic prospects grew. For the twelve months, U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 4.5%.

High-yield debt securities attracted investors willing to take on more risk for potentially greater returns. U.S. high-yield bonds, as measured by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index, gained 6.3%. Municipal bonds, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index, also advanced 6.3%. The Bloomberg Barclays 1–3 Year Government/Credit Bond Index returned 3.0%, and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index gained 2.7%.

U.S. economy expanded while inflation remained moderate

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% in the second calendar quarter of 2018. But the growth rate decelerated to 3.4% over the following three months and 2.2% in the fourth quarter of 2018. The unemployment rate fell from 3.9% in April 2018 to 3.8% in March 2019, declining to as low as 3.7% during the period. The labor market’s strongest performance in a half century led to wage increases.

Short-term rates rise as long-term rates decline

U.S. Treasury yields: March 31, 2018 vs. March 31, 2019

Source: U.S. Department of the Treasury

Core inflation, which includes all items except food and energy, remained moderate at an annualized rate of 2.0% at the end of March 2019. Oil prices were volatile but little changed by the end of the period. The price of West Texas Intermediate crude oil declined from $63 per barrel to $60 over the twelve months. The Organization of Petroleum Exporting Countries (OPEC), along with a coalition of oil producers led by Russia, agreed in December 2018 to reduce output in 2019 in an attempt to reduce the supply of global crude oil and raise prices.

The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 8.8% for the twelve months. A strong performance in the final three months of the period reversed earlier declines. Yields on short-term U.S. Treasury securities rose, while yields on longer-term government bonds declined. The yield on three-month Treasury bills exceeded the yield on 10-year Treasury bonds in March. The resulting “inverted yield curve”—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have preceded periods of slower growth.

Fed raised rates three times during the period

The Federal Reserve increased the federal funds target rate in June, September and December of 2018, pushing the key short-term interest-rate measure to 2.25%–2.50%. Fed officials, who have raised the rate nine times since December 2015, shifted to a more cautious approach in 2019 in the face of a decelerating U.S. economy. Chairman Jerome Powell cited slower economic growth in Europe and China as concerns.

In March, the European Central Bank announced it would hold historically low key benchmark interest rates at their present levels through 2019 and planned to offer a new round of long-term bank funding later in the year. The Bank of England, which increased its benchmark interest rate to 0.75% in August 2018, later cautioned that ongoing uncertainty over the United Kingdom’s exit from the European Union was acting as a brake on the country’s economy.

6	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Information for investors

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Funds’ 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-PORT or Form N-Q filings. Form N-CSR filings are as of March 31 or September 30; Form N-PORT or 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 ■ 2019 Annual Report

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).

The Bloomberg Barclays MSCI U.S. Green Bond Index measures the performance of the U.S. market for fixed-income securities issued to fund projects with direct environmental benefits.

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.

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.

8	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Important information about expenses

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

The expense examples that appear 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 (October 1, 2018–March 31, 2019). The examples for the funds launched on November 16, 2018, assume $1,000 was invested on that date and held until March 31, 2019.

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.

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.

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Bond Fund

Expense example

Six months ended March 31, 2019

Bond Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,046.11		$1.53
Advisor Class		1,000.00		1,045.35		2.24
Premier Class		1,000.00		1,046.34		2.30
Retirement Class		1,000.00		1,045.28		2.86
Retail Class		1,000.00		1,045.10		3.06
Class W		1,000.00		1,047.68		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.44		1.51
Advisor Class		1,000.00		1,022.74		2.22
Premier Class		1,000.00		1,022.69		2.27
Retirement Class		1,000.00		1,022.14		2.82
Retail Class		1,000.00		1,021.94		3.02
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.44% for the Advisor Class, 0.45% for the Premier Class, 0.56% for the Retirement Class, 0.60% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
Corporate bonds		24.7
Mortgage-backed securities		21.4
U.S. Treasury securities		16.3
Foreign government & corporate bonds denominated in U.S. dollars		11.7
Asset-backed securities		7.9
Commercial mortgage-backed securities		7.4
Municipal bonds		5.8
Bank loan obligations		2.0
U.S. agency securities		0.6
Short-term investments, other assets & liabilities, net		2.2
Total		100.0

Performance for the twelve months ended March 31, 2019

The Bond Fund returned 4.38% for the Institutional Class, compared with the 4.48% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

The U.S. economy expanded at a healthy but decelerating pace during the twelve-month period, driven by a strong labor market and upbeat consumer confidence. Increasing concerns about the potential for slower global growth, as well as continuing trade tensions, helped temper U.S. growth after a powerful start to the period. The unemployment rate declined from 3.9% in April 2018 to 3.8% in March 2019 amid solid year-over-year wage growth. Core inflation, which measures all items except food and energy, rose 2.0% over the twelve months. Oil prices fluctuated throughout the period before settling at $60 a barrel on March 31, 2019—only slightly below where they started.

The Federal Reserve raised the federal funds target rate three times during the period, boosting the key short-term interest-rate measure to 2.25%–2.50%. Shorter-term bond yields rose; however, longer-term yields declined, reflecting concerns of a potential economic slowdown and lower inflation. The resulting “inverted yield curve” in March 2019—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have preceded periods of slower growth.

Fixed-income markets generated gains across the board during the period. The Bloomberg Barclays Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a solid advance. High-yield bonds performed best but were nearly matched by municipal securities, as measured by the Bloomberg Barclays 10-Year Municipal Bond Index.

Corporate bonds and MBS drove the benchmark’s performance

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 5.0%. Corporates continued to benefit from economic growth in the United States, as well as from healthy earnings and a higher risk appetite (in exchange for higher yields) among investors. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 27.7%, gained 4.5%. U.S. Treasuries, the benchmark’s largest sector at 38.1%, returned 4.2%. Smaller sectors, including municipals, commercial mortgage-backed securities (CMBS) and government credit securities, also delivered strong gains, returning 5.7%, 5.4% and 4.8%, respectively.

Fund modestly underperformed its benchmark

The Fund slightly underperformed its benchmark during the twelve-month period, primarily due to the effect of expenses. Yield curve positioning in the U.S. Treasuries sector was the most significant detractor from the Fund’s relative results. The Fund’s MBS holdings also tempered relative returns, as did a small allocation to cash.

On the positive side, an overweight in corporate bonds made the largest contribution to the Fund’s relative performance, followed by overweight positions in the asset-backed securities and CMBS sectors. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial.

10	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Bond Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		4.38	%		3.22	%		4.42	%		0.30	%		0.30	%
Advisor Class	12/4/15		4.37			3.18	^†		4.40	^†		0.38			0.38
Premier Class	9/30/09		4.32			3.06			4.28	^†		0.45			0.45
Retirement Class	3/31/06		4.20			2.95			4.16			0.55			0.55
Retail Class	3/31/06		4.16			2.90			4.14			0.60			0.60
Class W	9/28/18		4.52	^†		3.24	^†		4.43	^†		0.30			0.00
Bloomberg Barclays U.S. Aggregate Bond Index	—		4.48			2.74			3.77			—			—

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

^†

The performance shown for the Advisor and Premier classes and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year			4.9
1–3 years			17.4
3–5 years			16.4
5–10 years			45.4
Over 10 years			15.9
Total			100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

U.S. Treasury & U.S. agency securities*			35.7
Aaa/AAA			9.5
Aa/AA			8.6
A/A			14.8
Baa/BBB			23.5
Ba/BB			2.8
B/B			3.0
Below B/B			0.4
Non-rated			1.7
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 3/31/2019

Net assets			$5.93 billion
Portfolio turnover rate			138%
Portfolio turnover rate, excluding mortgage dollar-roll transactions			125%
Number of issues			1,515
Option-adjusted duration^‡			5.66 years
Average maturity^§			7.97 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Bond Index Fund

Expense example

Six months ended March 31, 2019

Bond Index Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,046.33		$0.56
Advisor Class		1,000.00		1,045.81		1.07
Premier Class		1,000.00		1,046.56		1.33
Retirement Class		1,000.00		1,046.01		1.84
Retail Class		1,000.00		1,045.60		2.24
Class W		1,000.00		1,046.91		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.38		0.56
Advisor Class		1,000.00		1,023.88		1.06
Premier Class		1,000.00		1,023.64		1.31
Retirement Class		1,000.00		1,023.14		1.82
Retail Class		1,000.00		1,022.74		2.22
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.11% for the Institutional Class, 0.21% for the Advisor Class, 0.26% for the Premier Class, 0.36% for the Retirement Class, 0.44% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
U.S. Treasury securities		38.6
Mortgage-backed securities		27.6
Corporate bonds		20.3
Foreign government & corporate bonds denominated in U.S. dollars		8.3
Commercial mortgage-backed securities		1.8
U.S. agency securities		1.4
Asset-backed securities		0.7
Municipal bonds		0.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the twelve months ended March 31, 2019

The Bond Index Fund returned 4.55% for the Institutional Class, compared with the 4.48% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Corporate bonds and MBS drove the benchmark’s performance

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 5.0%. Corporates continued to benefit from economic growth in the United States, as well as from healthy earnings and a higher risk appetite (in exchange for higher yields) among investors. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 27.7%, gained 4.5%. U.S. Treasuries, the benchmark’s largest sector at 38.1%, returned 4.2%. Smaller sectors, including municipals, commercial mortgage-backed securities and government credit securities, also delivered strong gains, returning 5.7%, 5.4% and 4.8%, respectively.

Fund outperformed its benchmark

For the twelve-month period, the Fund slightly outperformed its benchmark. 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.

12	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Bond Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/14/09		4.55	%		2.64	%		3.24	%		0.12	%		0.12	%
Advisor Class	12/4/15		4.33			2.58	^†		3.21	^†		0.20			0.20
Premier Class	9/30/09		4.39			2.49			3.09	^†		0.27			0.27
Retirement Class	9/14/09		4.29			2.38			2.99			0.37			0.37
Retail Class	9/14/09		4.20			2.30			2.90			0.44			0.44
Class W	9/28/18		4.59	^†		2.65	^†		3.25	^†		0.12			0.00
Bloomberg Barclays U.S. Aggregate Bond Index	—		4.48			2.74			3.42	^‡		—			—

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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.
^‡	Performance is calculated from the inception date of the Institutional Class.

$10,000 invested at Fund’s inception

Institutional Class (inception September 14, 2009)

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year			2.7
1–3 years			17.8
3–5 years			26.8
5–10 years			36.6
Over 10 years			16.1
Total			100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

U.S. Treasury & U.S. agency securities*			67.5
Aaa/AAA			4.7
Aa/AA			3.8
A/A			10.7
Baa/BBB			13.3
Total			100.0

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

Fund profile

as of 3/31/2019

Net assets	$11.35 billion
Portfolio turnover rate		20%
Number of issues		6,387
Option-adjusted duration^‡	5.80 years
Average maturity^§	7.96 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Bond Plus Fund

Expense example

Six months ended March 31, 2019

Bond Plus Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,045.67		$1.53
Advisor Class		1,000.00		1,045.38		1.78
Premier Class		1,000.00		1,044.89		2.29
Retirement Class		1,000.00		1,045.35		2.80
Retail Class		1,000.00		1,045.06		3.06
Class W		1,000.00		1,048.25		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.44		1.51
Advisor Class		1,000.00		1,023.19		1.77
Premier Class		1,000.00		1,022.69		2.27
Retirement Class		1,000.00		1,022.19		2.77
Retail Class		1,000.00		1,021.94		3.02
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.35% for the Advisor Class, 0.45% for the Premier Class, 0.55% for the Retirement Class, 0.60% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
Mortgage-backed securities		24.6
Corporate bonds		21.6
U.S. Treasury securities		14.6
Foreign government & corporate bonds denominated in U.S. dollars		13.2
Asset-backed securities		7.2
Commercial mortgage-backed securities		6.7
Municipal bonds		4.5
Bank loan obligations		2.3
Common stocks & rights		0.1
Short-term investments, other assets & liabilities, net		5.2
Total		100.0

Performance for the twelve months ended March 31, 2019

The Bond Plus Fund returned 4.56% for the Institutional Class, compared with the 4.48% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Corporate bonds and MBS drove the benchmark’s performance

Fund outperformed its benchmark

The Fund outperformed its benchmark during the twelve-month period. An overweight position in the corporate bond sector, which outperformed the index, made the largest contribution to the Fund’s relative performance, followed by overweight positions in the asset-backed securities and CMBS sectors. Favorable security selection in the municipals sector also bolstered relative returns, as did the Fund’s overall yield curve positioning—or how it was invested across different bond maturities.

By contrast, the Fund’s position in the U.S. Treasuries sector detracted most from its relative results. Holdings in the government credit and MBS sectors also limited its relative performance, as did a small allocation to cash.

14	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Bond Plus Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		4.56	%		3.36	%		5.20	%		0.30	%		0.30	%
Advisor Class	12/4/15		4.51			3.34	^†		5.19	^†		0.37			0.37
Premier Class	9/30/09		4.41			3.23			5.05	^†		0.46			0.46
Retirement Class	3/31/06		4.30			3.13			4.95			0.55			0.55
Retail Class	3/31/06		4.33			3.06			4.90			0.62			0.62
Class W	9/28/18		4.80	^†		3.41	^†		5.23	^†		0.30			0.00
Bloomberg Barclays U.S. Aggregate Bond Index	—		4.48			2.74			3.77			—			—

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

^†

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year			2.9
1–3 years			15.3
3–5 years			19.0
5–10 years			45.5
Over 10 years			17.3
Total			100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

U.S. Treasury & U.S. agency securities*			39.2
Aaa/AAA			6.2
Aa/AA			6.1
A/A			12.7
Baa/BBB			19.6
Ba/BB			5.9
B/B			5.7
Below B/B			1.0
Non-rated			3.6
Total			100.0

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

Fund profile

as of 3/31/2019

Net assets	$4.29 billion
Portfolio turnover rate		106%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		90%
Number of issues		1,378
Option-adjusted duration^‡	5.54 years
Average maturity^§	8.01 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

5–15 Year Laddered Tax-Exempt Bond Fund

Expense example

Six months ended March 31, 2019

5–15 Year Laddered Tax-Exempt Bond Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,049.31		$1.53
Advisor Class		1,000.00		1,048.90		1.94
Retail Class		1,000.00		1,047.82		2.96
5% annual hypothetical return
Institutional Class		1,000.00		1,023.44		1.51
Advisor Class		1,000.00		1,023.04		1.92
Retail Class		1,000.00		1,022.04		2.92

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.38% for the Advisor Class and 0.58% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
Municipal bonds		94.6
Short-term investments, other assets & liabilities, net		5.4
Total		100.0

Performance for the twelve months ended March 31, 2019

The 5–15 Year Laddered Tax-Exempt Bond Fund returned 5.64% for the Institutional Class, compared with the 6.32% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The performance table shows returns for all the share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

The U.S. economy expanded at a healthy but decelerating pace during the twelve-month period, driven by a strong labor market and upbeat consumer confidence. The unemployment rate declined from 3.9% in April 2018 to 3.8% in March 2019 amid solid year-over-year wage growth. Core inflation, which measures all items except food and energy, rose 2.0% over the twelve months. Oil prices fluctuated throughout the period before settling at $60 a barrel on March 31, 2019—only slightly below where they started.

All benchmark sectors advanced

All of the sectors in the Bloomberg Barclays 10-Year Municipal Bond Index produced positive returns for the twelve-month period. Among the strongest performers, the leasing sector returned 7.1%. State municipals, the largest component of the benchmark by total market capitalization at period-end, gained 6.6%. The index’s next two largest sectors—local municipals and transportation—both posted solid gains of 6.3% and 6.2%, respectively. The housing sector was the weakest segment of the benchmark with a gain of 5.7%.

On March 29, 2019—the last day of trading for the period—higher-rated 10-year AAA municipal bonds yielded 2.14%, compared with a 2.41% yield on the 10-year U.S. Treasury bond. New municipal issuance during the twelve-month period was $346 million, down from $389 million for the prior period, from April 1, 2017, through March 31, 2018.

Fund advanced but underperformed its benchmark

For the twelve-month period, the Fund’s performance trailed that of its benchmark, primarily due to security selection and yield curve positioning. The largest detractor from the Fund’s relative performance was an underweight position in the state sector, which was limited by unfavorable yield curve positioning. The Fund’s holdings in the water and sewer sector, also restrained by yield curve positioning, detracted from relative performance as well. Underweight holdings in the local municipal and special tax sectors also hampered relative performance.

By contrast, the Fund’s overweight position and superior yield curve positioning in the transportation sector benefited its performance relative to the benchmark. Overweight positions in the health care and education sectors also contributed positively to the Fund’s relative returns.

16	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

5–15 Year Laddered Tax-Exempt Bond Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		5.64	%		3.24	%		4.17	%		0.33	%		0.30	%
Advisor Class	12/4/15		5.58			3.22	^†		4.16	^†		0.40			0.38
Retail Class	3/31/06		5.34			2.96			3.91			0.60			0.58
Bloomberg Barclays 10-Year Municipal Bond Index	—		6.32			3.88			4.82			—			—

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

^†

The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year			1.2
1–3 years			2.6
3–5 years			2.6
5–10 years			44.9
Over 10 years			48.7
Total			100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Aaa/AAA			0.2
Aa/AA			22.6
A/A			46.0
Baa/BBB			21.0
Ba/BB			2.1
B/B			1.3
Non-rated			6.8
Total			100.0

Fund profile

as of 3/31/2019

Net assets		$271.23 million
Portfolio turnover rate		43%
Number of issues		229
Option-adjusted duration^‡		6.02 years
Average maturity^§		10.22 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Green Bond Fund

Expense example

Period ended March 31, 2019

Green Bond Fund	Beginning account value (11/16/18)		Ending account value (3/31/19)		Expenses paid during period* (11/16/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,047.15		$1.70
Advisor Class		1,000.00		1,046.57		2.27
Premier Class		1,000.00		1,046.57		2.27
Retirement Class		1,000.00		1,046.51		2.35
Retail Class		1,000.00		1,046.16		2.69
5% annual hypothetical return
Institutional Class		1,000.00		1,022.69		2.27
Advisor Class		1,000.00		1,021.94		3.02
Premier Class		1,000.00		1,021.94		3.02
Retirement Class		1,000.00		1,021.84		3.13
Retail Class		1,000.00		1,021.39		3.58

“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 period, multiplied by 136/365. There were 136 days from the Fund’s inception on November 16, 2018, through March 31, 2019. The Fund’s annualized expense ratios for that period were 0.45% for the Institutional Class, 0.60% for the Advisor Class, 0.60% for the Premier Class, 0.62% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector		% of net assets as of 3/31/2019
Corporate bonds		30.0
Foreign government & corporate bonds denominated in U.S. dollars		28.2
Commercial mortgage-backed securities		19.7
Asset-backed securities		7.6
Municipal bonds		4.7
Bank loan obligations		4.1
U.S. agency securities		3.0
Short-term investments, other assets & liabilities, net		2.7
Total		100.0

Performance for the period ended March 31, 2019

The Green Bond Fund was launched on November 16, 2018. From its inception date through March 31, 2019, the Fund returned 4.71% for the Institutional Class, compared with the 5.59% return of its benchmark, the Bloomberg Barclays MSCI U.S. Green Bond Index. The performance table shows returns for all share classes of the Fund.

Fund targets bond investments designed to consider environmental criteria

The Fund seeks a favorable long-term total return, while giving special consideration to certain environmental criteria. It typically invests at least 80% of its assets in a broad range of investment-grade bonds. In general, the Fund invests primarily in “green” investments, which include, but are not limited to, securities of companies that develop or provide products or services that are designed to provide environmental solutions and/or support efforts to reduce their own environmental footprint, as well as investments that support environmental projects or structured securities that are collateralized by assets supporting environmental themes.

Bond markets rose amid continued growth and additional rate hikes

The U.S. economy continued to expand during the reporting period, driven by a strong labor market and upbeat consumer confidence. The unemployment rate remained low at 3.8% in March 2019 amid continued strength in wage growth. Core inflation, which measures all items except food and energy, rose 2.0% over the twelve months ended March 31, 2019.

The Federal Reserve raised the federal funds target rate during the reporting period, boosting the key short-term interest-rate measure to 2.25%–2.50%. Shorter-term bond yields rose; however, longer-term yields declined, reflecting concerns of a potential economic slowdown and lower inflation. The resulting “inverted yield curve” in March 2019—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have preceded periods of slower growth.

Fixed-income markets generated gains across the board during the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a solid advance. The Bloomberg Barclays MSCI U.S. Green Bond Index gained 5.59% from the Fund’s inception date through March 31, 2019, and 3.14% during the first quarter of 2019. The benchmark’s first-quarter results surpassed the return of the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 2.94%.

Fund trailed its benchmark

For the reporting period, the Fund trailed the return of its benchmark index. An overweight allocation to government agency bonds detracted most from the Fund’s relative results. An underweight allocation to the government credit sector also detracted, as did the Fund’s overall yield curve positioning, which indicates how it was invested across different bond maturities.

By contrast, an overweight position and security selection in corporate bonds contributed most to the Fund’s relative performance. Holdings in the commercial mortgage-backed securities and asset-backed securities sectors also benefited relative returns.

18	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Green Bond Fund		Total return			Annual operating expenses*
	Inception date	since inception			gross			net
Institutional Class	11/16/18		4.71	%		1.05	%		0.45	%
Advisor Class	11/16/18		4.66			1.12			0.53
Premier Class	11/16/18		4.66			1.19			0.60
Retirement Class	11/16/18		4.65			1.30			0.70
Retail Class	11/16/18		4.62			1.53			0.80
Bloomberg Barclays MSCI U.S. Green Bond Index	—		5.59	^‡		—			—

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 November 15, 2019, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^‡	Performance is calculated from the inception date of the Institutional Class.

$10,000 invested at Fund’s inception

Institutional Class (inception November 16, 2018)

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year		14.6
1–3 years		11.5
3–5 years		23.5
5–10 years		32.5
Over 10 years		17.9
Total		100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

U.S. Treasury & U.S. agency securities*	3.1
Aaa/AAA	24.4
Aa/AA	13.0
A/A	23.5
Baa/BBB	16.4
Ba/BB	6.2
B/B	1.8
Below B/B	1.6
Non-rated	10.0
Total	100.0

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

Fund profile

as of 3/31/2019

Net assets		$26.84 million
Portfolio turnover rate		31%
Number of issues		61
Option-adjusted duration^‡		5.06 years
Average maturity^§		7.68 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

High-Yield Fund

Expense example

Six months ended March 31, 2019

High-Yield Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,025.10		$1.82
Advisor Class		1,000.00		1,024.53		2.37
Premier Class		1,000.00		1,024.35		2.57
Retirement Class		1,000.00		1,023.83		3.08
Retail Class		1,000.00		1,023.73		3.18
Class W		1,000.00		1,026.91		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.14		1.82
Advisor Class		1,000.00		1,022.59		2.37
Premier Class		1,000.00		1,022.39		2.57
Retirement Class		1,000.00		1,021.89		3.07
Retail Class		1,000.00		1,021.79		3.18
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.36% for the Institutional Class, 0.47% for the Advisor Class, 0.51% for the Premier Class, 0.61% for the Retirement Class, 0.63% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector		% of net assets as of 3/31/2019
Corporate bonds		74.6
Foreign government & corporate bonds denominated in U.S. dollars		13.1
Bank loan obligations		7.1
Common stocks & rights		1.3
Short-term investments, other assets & liabilities, net		3.9
Total		100.0

Performance for the twelve months ended March 31, 2019

The High-Yield Fund returned 6.58% for the Institutional Class, compared with the 6.33% return of its benchmark, the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index. The performance table shows returns for all share classes of the Fund.

High-yield bonds posted gains amid economic growth and fluctuating oil prices

For the twelve-month period, high-yield bonds surpassed the 4.48% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Most sectors produced positive returns

During the twelve months, most sectors in the high-yield bond market advanced. The pharmaceuticals sector was the best performer, gaining 13.9%. However, department stores, one of the benchmark’s smallest sectors on March 31, 2019, was the worst performer, declining 20.6%.

Investors gravitated toward riskier asset classes rather than higher-rated bonds, such as U.S. Treasuries, resulting in advances across high-yield issues. Bonds rated “BB” and “B” rose 6.4% and 5.9%, respectively. Lower-quality bonds (those rated “CCC” and below) gained 2.0%. New high-yield debt issuance totaled just over $160 billion for the twelve months, down sizably from the $247 billion for the same period in 2018 as there was no new issuance in the month of December. The U.S. issuer-weighted speculative grade default rate declined to 2.4% on March 31, 2019, from 4.2% (revised from 3.9%) a year earlier, according to Moody’s Investors Service.

Fund produced gains and outperformed its benchmark

During the twelve-month period, the Fund rose and surpassed its benchmark mostly due to favorable allocation decisions. An overweight position in PetSmart was the biggest contributor to relative returns as the retail pet supply chain produced sizable gains during the period. Next in line was an out-of-benchmark allocation to food retailer The Fresh Market. Overweight positions in Staples and Talen Energy Supply also benefited the Fund’s relative performance.

These positive effects were partly offset by an out-of-benchmark position in Cloud Peak Energy, which generated double-digit losses, and an overweight position in EP Energy, which performed poorly. Overweight positions in industrial aviation services provider Bristow Group and Peabody Energy also hurt the Fund’s relative performance.

20	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

High-Yield Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		6.58	%		4.42	%		9.85	%		0.36	%		0.36	%
Advisor Class	12/4/15		6.34			4.34	^†		9.81	^†		0.46			0.46
Premier Class	9/30/09		6.41			4.27			9.71	^†		0.51			0.51
Retirement Class	3/31/06		6.20			4.16			9.58			0.61			0.61
Retail Class	3/31/06		6.17			4.13			9.58			0.62			0.62
Class W	9/28/18		6.73	^†		4.45	^†		9.87	^†		0.36			0.00
ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index	—		6.33			4.74			10.07			—			—

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

^†

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Less than 1 year		1.8
1–3 years		6.6
3–5 years		22.6
5–10 years		65.5
Over 10 years		3.5
Total		100.0

Holdings by credit quality

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2019

Baa/BBB	0.4
Ba/BB	37.1
B/B	58.2
Below B/B	4.0
Non-rated	0.3
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 3/31/2019

Net assets		$4.15 billion
Portfolio turnover rate		45%
Number of issues		447
Option-adjusted duration^‡		3.53 years
Average maturity^§		6.60 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Inflation-Linked Bond Fund

Expense example

Six months ended March 31, 2019

Inflation-Linked Bond Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,024.98		$1.31
Advisor Class		1,000.00		1,024.54		1.72
Premier Class		1,000.00		1,023.73		2.07
Retirement Class		1,000.00		1,023.24		2.57
Retail Class		1,000.00		1,022.94		2.87
Class W		1,000.00		1,025.64		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.64		1.31
Advisor Class		1,000.00		1,023.24		1.72
Premier Class		1,000.00		1,022.89		2.07
Retirement Class		1,000.00		1,022.39		2.57
Retail Class		1,000.00		1,022.09		2.87
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.26% for the Institutional Class, 0.34% for the Advisor Class, 0.41% for the Premier Class, 0.51% for the Retirement Class, 0.57% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
U.S. Treasury securities		97.0
U.S. agency securities		1.4
Mortgage-backed securities		0.9
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the twelve months ended March 31, 2019

The Inflation-Linked Bond Fund returned 2.67% for the Institutional Class, compared with the 2.72% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Core inflation, which measures all items except food and energy, rose 2.0% over the twelve months. Oil prices fluctuated throughout the period before settling at $60 a barrel on March 31, 2019—only slightly below where they started. Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a seasonally adjusted annualized rate of 2.2% during the fourth quarter of 2018. Earlier in the period, GDP grew by 3.4% in the third quarter and by a robust 4.2% in the second quarter.

Fed rate hikes continued

Inflation-protected bonds, as measured by the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, gained 2.72% over the twelve-month period, but they trailed the 4.48% return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund modestly underperformed its benchmark

The Fund’s return slightly lagged that of its benchmark, primarily due to the effect of expenses. Overall, positions in the mortgage-backed securities, U.S. Treasuries, and government agency sectors contributed to the Fund’s relative performance. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial, although it detracted within the U.S. Treasuries sector.

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.

22	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Inflation-Linked Bond Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		2.67	%		1.46	%		3.03	%		0.26	%		0.26	%
Advisor Class	12/4/15		2.52			1.40	^†		3.00	^†		0.42			0.41
Premier Class	9/30/09		2.44			1.30			2.87	^†		0.41			0.41
Retirement Class	3/31/06		2.31			1.20			2.77			0.51			0.51
Retail Class	10/1/02		2.32			1.14			2.74			0.59			0.59
Class W	9/28/18		2.74	^†		1.48	^†		3.04	^†		0.26			0.00
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index	—		2.72			1.50			2.73			—			—

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

^†

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
1–3 years			24.1
3–5 years			26.0
5–10 years			44.8
Over 10 years			5.1
Total			100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
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.

Fund profile

as of 3/31/2019
Net assets			$3.09 billion
Portfolio turnover rate			21%
Number of issues			47
Option-adjusted duration^‡			5.03 years
Average maturity^§			5.32 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Short Duration Impact Bond Fund

Expense example

Period ended March 31, 2019

Short Duration Impact Bond Fund	Beginning account value (11/16/18)		Ending account value (3/31/19)		Expenses paid during period* (11/16/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,019.90		$1.31
Advisor Class		1,000.00		1,019.33		1.87
Premier Class		1,000.00		1,019.33		1.87
Retirement Class		1,000.00		1,018.96		2.24
Retail Class		1,000.00		1,018.66		2.54
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		1.77
Advisor Class		1,000.00		1,022.44		2.52
Premier Class		1,000.00		1,022.44		2.52
Retirement Class		1,000.00		1,021.94		3.02
Retail Class		1,000.00		1,021.54		3.43

“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 period, multiplied by 136/365. There were 136 days from the Fund’s inception on November 16, 2018, through March 31, 2019. The Fund’s annualized expense ratios for that period were 0.35% for the Institutional Class, 0.50% for the Advisor Class, 0.50% for the Premier Class, 0.60% for the Retirement Class and 0.68% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
Corporate bonds		31.9
Foreign government & corporate bonds denominated in U.S. dollars		21.7
Commercial mortgage-backed securities		18.1
U.S. Treasury securities		13.0
Asset-backed securities		6.7
Bank loan obligations		4.1
U.S. agency securities		2.8
Municipal bonds		1.3
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the period ended March 31, 2019

The Short Duration Impact Bond Fund was launched on November 16, 2018. From its inception date through March 31, 2019, the Fund returned 1.99% for the Institutional Class, compared with the 2.08% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index. The performance table shows returns for all share classes of the Fund.

Fund targets bond investments designed to consider ESG criteria

The Fund seeks a favorable long-term total return through income and capital appreciation while giving special consideration to certain environmental, social and governance (“ESG”) criteria. It typically invests at least 80% of its assets in a broad range of investment-grade bonds with an average maturity of less than five years. In general, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government & public policy.

Bond markets rose amid continued growth and additional rate hikes

Fixed-income markets generated gains across the board during the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade fixed-rate bond market, posted a solid advance. The Bloomberg Barclays U.S. 1–3 Year Government/Credit Index gained 2.08% from the Fund’s inception date through March 31, 2019, and 1.21% during the first quarter of 2019. The benchmark’s first-quarter results trailed the return of the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 2.94%.

Fund trailed its benchmark

For the reporting period, the Fund trailed the return of its benchmark index, in part due to the effect of expenses. The Fund’s yield curve positioning within the U.S. Treasuries sector, which indicates how it was invested across different bond maturities, also detracted from its relative results.

By contrast, out-of-benchmark holdings in commercial mortgage-backed securities had the strongest positive effect on the Fund’s relative performance. Security selection within corporate bonds was also beneficial, as was an out-of-benchmark position in asset-backed securities.

24	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Short Duration Impact Bond Fund		Total return			Annual operating expenses*
	Inception date	since inception			gross			net
Institutional Class	11/16/18		1.99	%		0.87	%		0.35	%
Advisor Class	11/16/18		1.93			0.95			0.43
Premier Class	11/16/18		1.93			1.02			0.50
Retirement Class	11/16/18		1.90			1.12			0.60
Retail Class	11/16/18		1.87			1.33			0.70
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index	—		2.08	^‡		—			—

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 November 15, 2019, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^‡	Performance is calculated from the inception date of the Institutional Class.

$10,000 invested at Fund’s inception

Institutional Class (inception November 16, 2018)

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
Less than 1 year			18.6
1–3 years			38.9
3–5 years			40.3
5–10 years			1.8
Over 10 years			0.4
Total			100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
U.S. Treasury & U.S. agency securities*	15.9
Aaa/AAA		23.6
Aa/AA		12.5
A/A		15.4
Baa/BBB		24.5
Ba/BB		4.2
B/B		1.8
Non-rated		2.1
Total		100.0

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

Fund profile

	as of 3/31/2019
Net assets		$26.83 million
Portfolio turnover rate		39%
Number of issues		56
Option-adjusted duration^‡		1.84 years
Average maturity^§		2.78 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Short-Term Bond Fund

Expense example

Six months ended March 31, 2019

Short-Term Bond Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,022.43		$1.36
Advisor Class		1,000.00		1,022.83		2.07
Premier Class		1,000.00		1,021.66		2.12
Retirement Class		1,000.00		1,021.15		2.62
Retail Class		1,000.00		1,021.89		2.87
Class W		1,000.00		1,023.78		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.59		1.36
Advisor Class		1,000.00		1,022.89		2.07
Premier Class		1,000.00		1,022.84		2.12
Retirement Class		1,000.00		1,022.34		2.62
Retail Class		1,000.00		1,022.09		2.87
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.27% for the Institutional Class, 0.41% for the Advisor Class, 0.42% for the Premier Class, 0.52% for the Retirement Class, 0.57% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
U.S. Treasury securities		21.6
Foreign government & corporate bonds denominated in U.S. dollars		19.8
Mortgage-backed securities		16.6
Corporate bonds		16.7
Commercial mortgage-backed securities		7.3
Asset-backed securities		6.7
U.S. agency securities		3.6
Bank loan obligations		2.5
Municipal bonds		0.3
Short-term investments, other assets & liabilities, net		4.9
Total		100.0

Performance for the twelve months ended March 31, 2019

The Short-Term Bond Fund returned 2.99% for the Institutional Class, compared with the 3.03% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Short-term bonds lagged the broader bond market

For the twelve-month period, the Fund’s benchmark trailed the 4.48% 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 benchmark posted positive returns for the twelve-month period. The short-term corporate sector made up almost one-quarter of the index at period-end and was the benchmark’s best-performing component with a return of 3.8%. Government credit securities slightly outpaced the benchmark’s return with a gain of 3.1%, and government agency securities posted results in line with the index at 3.0%. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 64.0%—underperformed the total return of the index with a gain of 2.7%.

Fund modestly underperformed its benchmark

The Fund slightly trailed its benchmark during the twelve-month period, primarily due to the effect of expenses, but also due to the Fund’s position in Treasury Inflation Protected Securities, which underperformed.

On the positive side, out-of-index positions in mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities contributed most to the Fund’s relative performance. An overweight position in government agency securities also bolstered relative returns.

26	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Short-Term Bond Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		2.99	%		1.66	%		2.58	%		0.27	%		0.27	%
Advisor Class	12/4/15		3.00			1.63	^†		2.56	^†		0.35			0.35
Premier Class	9/30/09		2.83			1.51			2.44	^†		0.42			0.42
Retirement Class	3/31/06		2.73			1.41			2.32			0.52			0.52
Retail Class	3/31/06		2.67			1.35			2.29			0.57			0.57
Class W	9/28/18		3.11	^†		1.69	^†		2.59	^†		0.27			0.00
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index	—		3.03			1.22			1.59			—			—

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

^†

$10,000 over 10 years

Institutional Class

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
Less than 1 year			13.8
1–3 years			55.8
3–5 years			21.2
5–10 years			9.2
Total			100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
U.S. Treasury & U.S. agency securities*			35.6
Aaa/AAA			11.2
Aa/AA			10.7
A/A			14.9
Baa/BBB			17.7
Ba/BB			2.3
B/B			2.0
Below B/B			1.0
Non-rated			4.6
Total			100.0

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

Fund profile

as of 3/31/2019
Net assets			$1.99 billion
Portfolio turnover rate			118%
Number of issues			388
Option-adjusted duration^‡			1.92 years
Average maturity^§			2.46 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Short-Term Bond Index Fund

Expense example

Six months ended March 31, 2019

Short-Term Bond Index Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,023.03		$0.61
Advisor Class		1,000.00		1,022.35		1.31
Premier Class		1,000.00		1,022.28		1.36
Retirement Class		1,000.00		1,021.76		1.87
Retail Class		1,000.00		1,021.25		2.37
Class W		1,000.00		1,023.63		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.33		0.61
Advisor Class		1,000.00		1,023.64		1.31
Premier Class		1,000.00		1,023.59		1.36
Retirement Class		1,000.00		1,023.09		1.87
Retail Class		1,000.00		1,022.59		2.37
Class W		1,000.00		1,024.93		0.00

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.12% for the Institutional Class, 0.26% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class, 0.47% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
U.S. Treasury securities		63.5
Corporate bonds		19.0
Foreign government & corporate bonds denominated in U.S. dollars		12.6
U.S. agency securities		4.2
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the twelve months ended March 31, 2019

The Short-Term Bond Index Fund returned 2.92% for the Institutional Class, compared with the 3.03% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Short-term bonds lagged the broader bond market

All of the sectors in the benchmark posted positive returns for the twelve month period. The short-term corporate sector made up almost one-quarter of the index at period-end and was the benchmark’s best-performing component with a return of 3.8%. Government credit securities slightly outpaced the benchmark’s return with a gain of 3.1%, and government agency securities posted results in line with the index at 3.0%. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 64.0%—underperformed the total return of the index with a gain of 2.7%.

Fund modestly underperformed its benchmark

For the twelve-month period, the Fund slightly underperformed its benchmark primarily due to the effect of expenses. 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.

28	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Short-Term Bond Index Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	8/7/15		2.92	%		1.18	%		0.18	%		0.12	%
Advisor Class	12/4/15		2.78			1.09	^†		0.38			0.27
Premier Class	8/7/15		2.77			0.99			0.34			0.27
Retirement Class	8/7/15		2.66			0.92			0.43			0.37
Retail Class	8/7/15		2.56			0.84			0.64			0.47
Class W	9/28/18		2.97	^†		1.19	^†		0.18			0.00
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index	—		3.03			1.35	^‡		—			—

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 Class and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
^‡	Performance is calculated from the inception date of the Institutional Class.

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
Less than 1 year			4.1
1–3 years			93.7
3–5 years			2.2
Total			100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
U.S. Treasury & U.S. agency securities*			66.5
Aaa/AAA			5.4
Aa/AA			6.4
A/A			11.2
Baa/BBB			10.5
Total			100.0

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

Fund profile

as of 3/31/2019
Net assets			$496.15 million
Portfolio turnover rate			61%
Number of issues			613
Option-adjusted duration^‡			1.90 years
Average maturity^§			1.99 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Social Choice Bond Fund

Expense example

Six months ended March 31, 2019

Social Choice Bond Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,044.90		$1.89
Advisor Class		1,000.00		1,045.54		2.24
Premier Class		1,000.00		1,044.97		2.80
Retirement Class		1,000.00		1,044.62		3.16
Retail Class		1,000.00		1,044.48		3.31
5% annual hypothetical return
Institutional Class		1,000.00		1,023.09		1.87
Advisor Class		1,000.00		1,022.74		2.22
Premier Class		1,000.00		1,022.19		2.77
Retirement Class		1,000.00		1,021.84		3.13
Retail Class		1,000.00		1,021.69		3.28

“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 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.37% 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
Corporate bonds		29.3
Foreign government & corporate bonds denominated in U.S. dollars		15.9
U.S. agency securities		11.2
Mortgage-backed securities		10.4
U.S. Treasury securities		10.1
Municipal bonds		9.9
Commercial mortgage-backed securities		5.7
Asset-backed securities		3.5
Bank loan obligations		0.7
Short-term investments, other assets & liabilities, net		3.3
Total		100.0

Performance for the twelve months ended March 31, 2019

The Social Choice Bond Fund returned 4.47% for the Institutional Class, compared with the 4.48% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund utilizes certain environmental, social and governance criteria, while the benchmark does not. The performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

Corporate bonds and MBS drove the benchmark’s performance

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the reporting period. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 5.0%. Corporates continued to benefit from economic growth in the United States, as well as from healthy earnings and a higher risk appetite (in exchange for higher yields) among investors. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 27.7%, gained 4.5%. U.S. Treasuries, the benchmark’s largest sector at 38.1%, returned 4.2%. Smaller sectors, including municipals, commercial mortgage-backed securities and government credit securities, also delivered strong gains, returning 5.7%, 5.4% and 4.8%, respectively.

Fund slightly trailed its benchmark

The Fund marginally underperformed its benchmark over the twelve-month period. Yield curve positioning in the U.S. Treasuries sector was the most significant detractor from the Fund’s relative results. The Fund’s MBS holdings also tempered relative returns, as did a small allocation to cash.

By contrast, a sizeable position in strong-performing corporate bonds was the largest contributor to the Fund’s relative returns. Fund holdings of government agency securities and municipals also bolstered relative results. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial.

30	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Social Choice Bond Fund			Total return			Average annual total return						Annual operating expenses*
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/21/12		4.47	%		3.60	%		3.18	%		0.39	%		0.39	%
Advisor Class		12/4/15		4.39			3.56	^†		3.15	^†		0.44			0.44
Premier Class		9/21/12		4.28			3.46			3.04			0.54			0.54
Retirement Class		9/21/12		4.31			3.37			2.94			0.64			0.64
Retail Class		9/21/12		4.18			3.34			2.88			0.65			0.65
Bloomberg Barclays U.S. Aggregate Bond Index		—		4.48			2.74			2.15	^‡		—			—

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 Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	Performance is calculated from the inception date of the Institutional Class.

$10,000 invested at Fund’s inception

Institutional Class (inception September 21, 2012)

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
Less than 1 year			3.9
1–3 years			13.7
3–5 years			19.6
5–10 years			40.1
Over 10 years			22.7
Total			100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 3/31/2019
U.S. Treasury & U.S. agency securities*			31.2
Aaa/AAA			9.8
Aa/AA			14.3
A/A			14.9
Baa/BBB			21.2
Ba/BB			2.8
B/B			0.9
Below B/B			0.5
Non-rated			4.4
Total			100.0

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

Fund profile

as of 3/31/2019
Net assets			$3.19 billion
Portfolio turnover rate			90%
Portfolio turnover rate, excluding mortgage dollar-roll transactions			82%
Number of issues			799
Option-adjusted duration^‡			5.86 years
Average maturity^§			9.02 years

^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 ■ 2019 Annual Report

Money Market Fund

Expense example

Six months ended March 31, 2019

Money Market Fund	Beginning account value (10/1/18)		Ending account value (3/31/19)		Expenses paid during period* (10/1/18– 3/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,011.00		$0.70
Advisor Class		1,000.00		1,010.67		1.25
Premier Class		1,000.00		1,010.28		1.40
Retirement Class		1,000.00		1,010.28		1.40
Retail Class		1,000.00		1,009.43		2.25
5% annual hypothetical return
Institutional Class		1,000.00		1,024.23		0.71
Advisor Class		1,000.00		1,023.68		1.26
Premier Class		1,000.00		1,023.54		1.41
Retirement Class		1,000.00		1,023.54		1.41
Retail Class		1,000.00		1,022.69		2.27

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.14% for the Institutional Class, 0.25% for the Advisor Class, 0.28% for the Premier Class, 0.28% 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 3/31/2019
U.S. government agency securities*		84.3
U.S. Treasury securities*		18.5
Floating-rate securities, government*		18.2
Other assets & liabilities, net		–21.0
Total		100.0

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

Performance for the twelve months ended March 31, 2019

The Money Market Fund returned 1.98% for the Institutional Class, compared with the 1.67% 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 performance table shows returns for all share classes of the Fund.

Bond markets rose amid continued growth and additional rate hikes

The Fed’s actions continued to influence yields on shorter-term ICE LIBOR—a key interest-rate benchmark for money market funds. Over the twelve-month period, one-month LIBOR yields rose from 1.88% on March 31, 2018, to 2.49% on March 31, 2019. Over the same period, three-month LIBOR rose from 2.31% to 2.60%; six-month LIBOR rose from 2.45% to 2.66%; and twelve-month LIBOR rose from 2.66% to 2.71%. LIBOR is an indication of the interest rates that banks expect to pay other banks for loans on the London market and is the most widely used benchmark for short-term rates. A new rate, the “secured overnight financing rate” (SOFR), which represents actual dealer transactions in Treasury collateralized overnight repurchase agreements, is expected to replace LIBOR by 2021.

Rising short-term rates and increased supply benefited money market funds

The increase in short-term rates has benefited money market funds by boosting the income produced. Money market funds also benefited from a high issuance of short-term Treasury bills in December 2018, which lowered prices and increased yields, as well as from the introduction of a new two-month Treasury bill, which provided investors with increased supply and greater flexibility of maturities. As the global economy continues to show signs of slowing, the Federal Reserve has indicated that rate hikes in 2019 may be fewer than the central bank had previously indicated.

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 March 26, 2019, the Fund’s weighted average maturity was 43 days, versus 30 days for the iMoneyNet government fund average. This positioning also benefited the Fund’s performance. iMoneyNet releases their data on a weekly basis, and March 26 was the last date of release for the month.

32	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Performance as of March 31, 2019

Money Market Fund			Total return			Average annual total return						Annual operating expenses*
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		1.98	%		0.67	%		0.38	%		0.15	%		0.15	%
Advisor Class		12/4/15		1.94			0.66	^†		0.37	^†		0.23			0.23
Premier Class		9/30/09		1.83			0.56			0.30	^†		0.29			0.29
Retirement Class		3/31/06		1.83			0.52			0.27			0.40			0.40
Retail Class		3/31/06		1.66			0.46			0.24			0.48			0.48
iMoneyNet Money Fund Averages™—All Government^§		—		1.67			0.49			0.26			—			—

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 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 respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Institutional Class.
^§	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.

Net annualized yield

(for the 7 days ended March 26, 2019)^‡

	Current yield			Effective yield
Money Market Fund
Institutional Class		2.32	%		2.35	%
Advisor Class		2.18			2.20
Premier Class		2.18			2.20
Retirement Class		2.18			2.20
Retail Class		2.01			2.03
iMoneyNet Money Fund Averages™—All Government^§		2.01			2.03

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.

Fund profile

	as of 3/31/2019
Net assets	$1.25 billion
Number of issues	186

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

Bond Fund ■ March 31, 2019

Principal		Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS			$	3,618,049		0.1	%
BANKS				1,984,187		0.0
CAPITAL GOODS				5,170,190		0.1
COMMERCIAL & PROFESSIONAL SERVICES				15,082,789		0.3
CONSUMER DURABLES & APPAREL				2,836,285		0.0
CONSUMER SERVICES				19,507,211		0.3
ENERGY				679,361		0.0
FOOD & STAPLES RETAILING				698,410		0.0
FOOD, BEVERAGE & TOBACCO				1,187,559		0.0
HEALTH CARE EQUIPMENT & SERVICES				12,334,456		0.2
INSURANCE				4,416,670		0.1
MATERIALS				10,470,423		0.2
MEDIA & ENTERTAINMENT				5,438,121		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				6,465,582		0.1
REAL ESTATE				4,907,124		0.1
RETAILING				2,979,433		0.0
SOFTWARE & SERVICES				5,790,003		0.1
TECHNOLOGY HARDWARE & EQUIPMENT				7,067,211		0.1
TELECOMMUNICATION SERVICES				1,365,902		0.0
TRANSPORTATION				5,459,855		0.1
UTILITIES				3,983,051		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $123,633,297)		121,441,872		2.0

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS				19,302,692		0.3
BANKS
		Bank of America Corp
$	25,000,000	3.550%, 03/05/24		25,391,604		0.4
		JPMorgan Chase & Co
	20,000,000	3.797%, 07/23/24		20,545,367		0.3
		Other		342,192,966		5.8

				388,129,937		6.5
CAPITAL GOODS				49,860,772		0.8
COMMERCIAL & PROFESSIONAL SERVICES				27,954,188		0.5
CONSUMER DURABLES & APPAREL				6,584,254		0.1
CONSUMER SERVICES				25,222,470		0.4
DIVERSIFIED FINANCIALS				205,277,310		3.5
ENERGY				201,277,851		3.4
FOOD & STAPLES RETAILING				82,112,815		1.4

Principal			Issuer	Value		% of net assets
FOOD, BEVERAGE & TOBACCO				$	55,100,717		0.9	%
HEALTH CARE EQUIPMENT & SERVICES					39,823,183		0.7
INSURANCE					64,728,363		1.1
MATERIALS					73,186,105		1.2
MEDIA & ENTERTAINMENT					111,506,809		1.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					78,788,891		1.3
REAL ESTATE					72,311,894		1.2
RETAILING					22,684,869		0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					10,555,934		0.2
SOFTWARE & SERVICES
			Microsoft Corp
$	19,000,000		2.400%, 08/08/26		18,436,935		0.3
			Other		34,819,739		0.6
					53,256,674		0.9
TECHNOLOGY HARDWARE & EQUIPMENT					54,288,058		0.9
TELECOMMUNICATION SERVICES					98,824,586		1.7
TRANSPORTATION					48,178,141		0.8
UTILITIES					158,079,749		2.7
			TOTAL CORPORATE BONDS (Cost $1,923,414,408)		1,947,036,262		32.8

GOVERNMENT BONDS

AGENCY SECURITIES					38,500,942		0.6

FOREIGN GOVERNMENT BONDS					180,331,487		3.1

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
	69,372,417		2.784%–5.946%, 10/15/33–10/15/48		72,270,649		1.2
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	18,416,814		3.500%, 10/01/45		18,846,663		0.3
	37,197,809		3.500%, 08/01/46		38,066,032		0.7
	41,090,517	h	3.000%, 01/01/47		40,927,757		0.7
	31,965,619		3.000%, 02/01/47		31,839,003		0.5
	25,023,865		3.500%, 03/01/48		25,563,502		0.4
	22,795,807		4.000%, 03/01/48		23,867,830		0.4
	28,032,765		4.500%, 08/01/48		29,903,224		0.5
			Federal National Mortgage Association (FNMA)
	18,661,751		3.000%, 12/25/45		18,726,160		0.3
	47,175,994		3.500%, 01/01/47		47,876,282		0.8
	22,485,715		3.500%, 11/01/47		22,840,572		0.4
	30,658,447		3.000%, 02/25/48		30,824,150		0.5
	99,922,608		4.000%, 04/01/48		103,171,028		1.7
	33,775,981	h	4.000%, 08/01/48		34,818,810		0.6
	37,365,854		4.500%, 12/01/48		39,045,659		0.7
	214,629,204	h	3.000%–8.000%, 07/01/24–12/01/48		221,888,712		3.8
			Government National Mortgage Association (GNMA)
	32,775,779		3.000%, 12/20/47		32,942,708		0.6
	29,920,417		3.500%, 12/20/47		30,596,093		0.5
	40,004,291		3.500%, 01/20/48		40,904,885		0.7
			Other		85,270,908		1.4
					990,190,627		16.7

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

continued

Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
MUNICIPAL BONDS
			California State University
$	18,410,000		3.899%, 11/01/47	$	18,436,142		0.3	%
			Florida Hurricane Catastrophe Fund Finance Corp
	22,175,000		2.995%, 07/01/20		22,292,084		0.4
			The Ohio State University
	25,830,000		3.798%, 12/01/46		26,708,478		0.4
			Other		277,196,577		4.7
					344,633,281		5.8

U.S. TREASURY SECURITIES
			United States Treasury Bond
	47,950,000		3.500%, 02/15/39		54,426,996		0.9
	16,015,000		3.875%, 08/15/40		19,110,399		0.3
	50,095,000		2.750%, 11/15/47		49,492,295		0.8
	66,670,000		3.000%, 02/15/48		69,146,686		1.2
	19,070,000		3.000%, 08/15/48		19,786,615		0.3
	67,581,000		3.375%, 11/15/48		75,387,133		1.3
			United States Treasury Note
	50,000,000		0.875%, 06/15/19		49,835,861		0.8
	33,135,000		2.500%, 01/31/21		33,256,668		0.6
	119,225,000		2.625%, 07/15/21		120,193,703		2.0
	57,140,000		2.500%, 01/15/22		57,546,230		1.0
	51,340,000		2.500%, 02/15/22		51,731,067		0.9
	26,450,000		2.375%, 03/15/22		26,573,984		0.5
	20,000,000		2.000%, 11/30/22		19,843,750		0.3
	35,935,000		2.375%, 02/29/24		36,189,072		0.6
	64,840,000		2.750%, 06/30/25		66,542,050		1.1
	42,559,000		2.625%, 02/15/29		43,386,905		0.7
	38,600,000		3.000%, 02/15/49		40,073,133		0.7
	96,295,000		1.250%–2.875%, 04/30/19–02/15/28		97,580,333		1.7
			Other		37,429,829		0.6
					967,532,709		16.3
			TOTAL GOVERNMENT BONDS (Cost $2,487,601,764)		2,521,189,046		42.5

STRUCTURED ASSETS

ASSET BACKED
			Taco Bell Funding LLC
			Series-2018 1A (Class A2I)
	24,189,375	g	4.318%, 11/25/48		24,888,448		0.4
			Other		468,704,548		7.9
					493,592,996		8.3
OTHER MORTGAGE BACKED
			COMM Mortgage Trust
	80,553,384	g,i	2.853%–4.793%, 10/10/29–10/10/48		81,915,132		1.4
			Connecticut Avenue Securities Series-2017 C01 (Class 1M1)
	18,308,970	i	2.165%, 07/25/29, LIBOR 1 M + 1.300%		18,380,784		0.3
			Series-2017 C07 (Class 1M1)
	25,563,498	i	3.136%, 05/25/30, LIBOR 1 M + 0.650%		25,537,579		0.4
	72,579,286	g,i	3.086%–5.486%, 05/25/24–08/25/31,
			LIBOR 1 M + 0.600%–LIBOR 1 M + 3.000%		73,401,432		1.3
			One Market Plaza Trust Series-2017 1MKT (Class A)
	18,445,000	g	3.614%, 02/10/32		18,881,374		0.3

Principal			Issuer	Value			% of net assets
OTHER MORTGAGE BACKED—continued
			Structured Agency Credit Risk Debt Note (STACR) Series-2017 DNA3 (Class M1)
$	25,719,862	i	3.236%, 03/25/30, LIBOR 1 M + 0.750%	$	25,703,895			0.4	%
			Other		477,986,237			8.1
					721,806,433			12.2
			TOTAL STRUCTURED ASSETS (Cost $1,222,925,412)		1,215,399,429			20.5

			TOTAL BONDS (Cost $5,633,941,584)		5,683,624,737			95.8

	Shares		Company

COMMON STOCKS
ENERGY					274,687			0.0
			TOTAL COMMON STOCKS (Cost $133,601)		274,687			0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	24,870,000		2.250%, 04/01/19		24,870,000			0.4
					24,870,000			0.4
TREASURY DEBT
			United States Treasury Bill
	29,400,000		2.383%, 04/02/19		29,398,061			0.5
	42,100,000		2.378%, 04/09/19		42,077,663			0.7
	37,000,000		2.396%, 04/18/19		36,958,183			0.7
	79,900,000		2.235%, 05/28/19		79,603,509			1.3
			Other		5,356,089			0.1
					193,393,505			3.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $218,133,620)		218,263,505			3.7

			TOTAL PORTFOLIO (Cost $5,975,842,102)		6,023,604,801			101.5
			OTHER ASSETS & LIABILITIES, NET		(89,547,121	)		(1.5	)
			NET ASSETS	$	5,934,057,680			100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/19, the aggregate value of these securities, including those in “Other,” was $1,142,225,525 or 19.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
I	Floating or variable rate security 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.

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

concluded

Bond Fund ■ March 31, 2019

Bilateral credit default swap contracts outstanding as of March 31, 2019 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
premiums
paid
(received)

Unrealized
appreciation
(depreciation)

CDX-EMS31-V1-5Y Index

1.000%

Credit event as specified in contract

Citibank, N.A.

06/20/24

$15,000,000

$559,899

$493,937

$65,962

(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.

Centrally cleared credit default swap contracts outstanding as of March 31, 2019 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-NAHYS31V3-5Y Index	5.000%	Credit event as specified in contract	Citigroup Global Markets	12/20/23	$15,500,000		$ (62,088)	$(1,063,986)
CDX-NAHYS31V3-5Y Index	5.000	Credit event as specified in contract	Citigroup Global Markets	12/20/23	15,000,000		(61,717)	(91,559)
Total							$(123,805)	$(1,155,545)

(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.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

Bond Index Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS				$	12,378,173		0.1	%

BANKS
			Bank of America Corp
$	59,083,000		2.151%–5.000%, 10/19/20–03/15/50		59,699,710		0.5
			Other		388,513,992		3.4
					448,213,702		3.9
CAPITAL GOODS					115,469,789		1.0
COMMERCIAL & PROFESSIONAL SERVICES					32,197,770		0.3
CONSUMER DURABLES & APPAREL					9,968,012		0.1
CONSUMER SERVICES					51,436,545		0.4
DIVERSIFIED FINANCIALS					357,085,484		3.1
ENERGY					282,808,135		2.5
FOOD & STAPLES RETAILING					64,511,066		0.6
FOOD, BEVERAGE & TOBACCO					132,360,753		1.2
HEALTH CARE EQUIPMENT & SERVICES					107,832,686		0.9
HOUSEHOLD & PERSONAL PRODUCTS					13,988,599		0.1
INSURANCE					91,685,814		0.8
MATERIALS					86,306,891		0.8
MEDIA & ENTERTAINMENT					114,586,203		1.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					155,994,924		1.4
REAL ESTATE					86,630,526		0.8
RETAILING					57,286,331		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					24,134,538		0.2
SOFTWARE & SERVICES					90,310,695		0.8
TECHNOLOGY HARDWARE & EQUIPMENT					98,910,497		0.9
TELECOMMUNICATION SERVICES					124,298,609		1.1
TRANSPORTATION					79,306,377		0.7
UTILITIES					200,238,981		1.8
			TOTAL CORPORATE BONDS (Cost $2,803,459,950)		2,837,941,100		25.0
GOVERNMENT BONDS

AGENCY SECURITIES					155,119,464		1.4
FOREIGN GOVERNMENT BONDS					411,402,681		3.6
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	46,757,271	h	4.000%, 10/01/48		48,247,247		0.4
	773,343,045	h	2.500%–8.000%, 05/01/19–12/01/48		788,802,702		7.0
			Federal National Mortgage Association (FNMA)
	58,586,042		4.000%, 03/01/44		61,204,056		0.5
	47,470,414		4.000%, 07/01/48		48,943,611		0.4
	1,226,532,977	h	2.129%–8.000%, 05/01/19–07/01/55		1,251,487,163		11.0

Principal		Issuer	Value		% of net assets
MORTGAGE BACKED—continued
		Government National Mortgage Association (GNMA)
$	46,463,160	3.000%, 05/20/46	$	46,785,976		0.4	%
	849,060,416	2.500%–8.500%, 01/20/24–11/20/48		871,681,868		7.7
		Other		21,521,041		0.2
				3,138,673,664		27.6
MUNICIPAL BONDS				77,863,409		0.7

U.S. TREASURY SECURITIES
		United States Treasury Bond
	143,483,000	3.500%, 02/15/39		162,864,414		1.4
	60,300,000	3.125%, 11/15/41		64,273,676		0.6
	45,000,000	2.750%, 11/15/47		44,458,594		0.4
	48,500,000	3.125%, 05/15/48		51,548,301		0.5
	435,720,000	2.500%–5.000%, 02/15/36–11/15/48		477,630,512		4.2
		United States Treasury Note
	47,000,000	1.500%, 11/30/19		46,708,086		0.4
	78,500,000	1.375%, 02/29/20		77,760,996		0.7
	45,000,000	1.625%, 03/15/20		44,671,289		0.4
	50,000,000	1.500%, 05/31/20		49,490,234		0.4
	50,000,000	2.625%, 07/31/20		50,164,062		0.4
	49,500,000	2.875%, 10/31/20		49,907,988		0.4
	43,000,000	1.875%, 12/15/20		42,680,859		0.4
	48,500,000	1.375%, 01/31/21		47,691,035		0.4
	60,000,000	2.375%, 03/15/21		60,110,156		0.5
	50,000,000	1.250%, 03/31/21		49,017,578		0.4
	55,000,000	1.375%, 04/30/21		54,003,125		0.5
	65,000,000	1.375%, 05/31/21		63,783,789		0.6
	50,000,000	1.250%, 10/31/21		48,755,859		0.4
	50,000,000	2.875%, 11/15/21		50,796,875		0.5
	57,000,000	1.750%, 11/30/21		56,283,047		0.5
	70,000,000	2.625%, 12/15/21		70,724,609		0.6
	51,700,000	2.000%, 12/31/21		51,401,109		0.5
	60,000,000	1.875%, 02/28/22		59,402,344		0.5
	51,000,000	1.875%, 03/31/22		50,507,929		0.5
	92,000,000	1.875%, 04/30/22		91,036,875		0.8
	63,000,000	1.875%, 07/31/22		62,286,328		0.6
	55,000,000	1.625%, 08/31/22		53,912,891		0.5
	65,000,000	2.000%, 10/31/22		64,502,344		0.6
	108,000,000	2.000%, 11/30/22		107,156,250		0.9
	60,000,000	2.625%, 02/28/23		60,892,969		0.5
	80,000,000	2.500%, 03/31/23		80,840,625		0.7
	80,000,000	2.750%, 05/31/23		81,650,000		0.7
	91,500,000	2.625%, 06/30/23		92,965,429		0.8
	80,000,000	2.750%, 07/31/23		81,709,375		0.7
	116,000,000	2.750%, 08/31/23		118,532,969		1.0
	65,000,000	2.875%, 11/30/23		66,861,133		0.6
	55,000,000	2.625%, 12/31/23		55,962,500		0.5
	129,300,000	2.500%, 01/31/24		130,865,743		1.2
	70,000,000	2.375%, 02/29/24		70,494,922		0.6
	75,000,000	2.125%, 03/31/24		74,619,141		0.7
	44,500,000	1.625%, 02/15/26		42,544,434		0.4
	46,000,000	2.250%, 08/15/27		45,599,297		0.4
	47,000,000	2.750%, 02/15/28		48,384,297		0.4
	66,000,000	2.875%, 05/15/28		68,621,953		0.6
	63,000,000	2.875%, 08/15/28		65,524,922		0.6
	85,000,000	3.125%, 11/15/28		90,256,055		0.8
	897,979,100	1.125%–8.000%, 11/30/19–02/15/49		898,836,067		7.9
				4,378,692,985		38.6
		TOTAL GOVERNMENT BONDS (Cost $8,116,006,946)		8,161,752,203		71.9

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments	concluded

Bond Index Fund ■ March 31, 2019

Principal		Issuer	Value			% of net assets
STRUCTURED ASSETS

ASSET BACKED			$	85,781,522			0.7	%
OTHER MORTGAGE BACKED				199,008,722			1.8
		TOTAL STRUCTURED ASSETS (Cost $284,004,150)		284,790,244			2.5
		TOTAL BONDS (Cost $11,203,471,046)		11,284,483,547			99.4

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				40,000,000			0.4
				40,000,000			0.4
TREASURY DEBT
		United States Treasury Bill
$	45,300,000	2.384%, 04/09/19		45,275,966			0.4
		Other		52,482,867			0.4
				97,758,833			0.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $137,758,876)		137,758,833			1.2

		TOTAL PORTFOLIO (Cost $11,341,229,922)		11,422,242,380			100.6
		OTHER ASSETS & LIABILITIES, NET		(68,532,309	)		(0.6	)
		NET ASSETS	$	11,353,710,071			100.0	%

h	All or a portion of these securities were purchased on a delayed delivery basis.

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

At 3/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $77,750,716 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

Bond Plus Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS				$	2,705,104		0.1	%
CAPITAL GOODS					4,847,490		0.1
COMMERCIAL & PROFESSIONAL SERVICES					16,488,592		0.4
CONSUMER DURABLES & APPAREL					311,892		0.0
CONSUMER SERVICES					13,064,839		0.3
DIVERSIFIED FINANCIALS					107,119		0.0
ENERGY					4,102,492		0.1
FOOD & STAPLES RETAILING					2,707,783		0.1
HEALTH CARE EQUIPMENT & SERVICES					7,500,072		0.2
INSURANCE					4,763,641		0.1
MATERIALS					6,048,564		0.1
MEDIA & ENTERTAINMENT					8,150,516		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,663,936		0.1
REAL ESTATE					3,725,885		0.1
RETAILING					8,929,707		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					727,650		0.0
SOFTWARE & SERVICES					8,277,069		0.2
TECHNOLOGY HARDWARE & EQUIPMENT					1,414,689		0.0
TELECOMMUNICATION SERVICES					1,144,562		0.0
UTILITIES					967,168		0.0
		TOTAL BANK LOAN OBLIGATIONS (Cost $101,381,000)			97,648,770		2.3

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS					25,353,611		0.6
BANKS					215,428,178		5.0
CAPITAL GOODS					26,515,845		0.6
COMMERCIAL & PROFESSIONAL SERVICES					30,464,052		0.7
CONSUMER DURABLES & APPAREL					10,355,806		0.2
CONSUMER SERVICES					28,574,893		0.7
DIVERSIFIED FINANCIALS
$	15,850,000		Wells Fargo & Co 2.625%, 07/22/22		15,737,741		0.4
			Other		141,214,893		3.3
					156,952,634		3.7
ENERGY					164,553,913		3.8
FOOD & STAPLES RETAILING					34,316,483		0.8
FOOD, BEVERAGE & TOBACCO					36,263,553		0.8
HEALTH CARE EQUIPMENT & SERVICES					39,131,195		0.9
HOUSEHOLD & PERSONAL PRODUCTS					403,987		0.0

Principal			Issuer	Value		% of net assets
INSURANCE				$	43,608,424		1.0	%
MATERIALS					61,127,194		1.4
MEDIA & ENTERTAINMENT					78,110,068		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					50,276,080		1.2
REAL ESTATE					37,908,099		0.9
RETAILING					26,398,358		0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,837,361		0.2
SOFTWARE & SERVICES					28,833,371		0.7
TECHNOLOGY HARDWARE & EQUIPMENT					35,493,458		0.8
TELECOMMUNICATION SERVICES					63,697,919		1.5
TRANSPORTATION					29,186,220		0.7
UTILITIES					104,997,340		2.4
		TOTAL CORPORATE BONDS (Cost $1,329,348,419)			1,335,788,042		31.0

GOVERNMENT BONDS

FOREIGN GOVERNMENT BONDS
JPY	2,300,000,000		Japan Government Two Year Bond 0.100%, 04/15/19		20,754,330		0.5
			Other		127,971,838		3.0
					148,726,168		3.5
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
$	14,009,634	i	2.784%, 06/15/48, LIBOR 1 M + 0.300%		13,865,678		0.3
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	25,058,292		3.500%, 08/01/46		25,643,170		0.6
	14,613,909		3.000%, 01/01/47		14,556,023		0.3
	38,129,558		3.000%, 02/01/47		37,978,526		0.9
	38,658,597		3.500%, 03/01/48		39,492,267		0.9
	13,041,531		4.000%, 03/01/48		13,654,838		0.3
	26,865,524		4.500%, 08/01/48		28,658,100		0.7
			Federal National Mortgage Association (FNMA)
	13,185,426		3.500%, 04/25/45		13,516,405		0.3
	12,675,607		3.000%, 12/25/45		12,719,355		0.3
	37,652,957	h	3.000%, 11/01/46		37,498,461		0.9
	57,514,356		3.500%, 01/01/47		58,368,109		1.4
	14,570,795		4.500%, 01/01/48		15,520,476		0.4
	23,131,743		3.000%, 02/25/48		23,256,765		0.5
	12,908,110		4.500%, 03/01/48		13,747,854		0.3
	55,901,753		4.000%, 04/01/48		57,719,084		1.3
	50,806,687	h	4.000%, 08/01/48		52,375,336		1.2
	20,228,308	h	4.500%, 12/01/48		21,137,683		0.5
	168,197,906	h	3.000%–9.000%, 11/01/25–04/25/49		174,316,645		4.1
			Government National Mortgage Association (GNMA)
	18,594,657		3.000%, 12/20/47		18,689,361		0.4
	33,326,068		3.500%, 12/20/47		34,078,651		0.8
	27,812,186		3.000%, 01/20/48		27,953,835		0.7
	29,909,189		3.500%, 01/20/48		30,582,518		0.7
	13,535,969		4.000%, 12/20/48		13,986,177		0.3
			Other		92,925,455		2.2
					872,240,772		20.3
MUNICIPAL BONDS					194,396,145		4.5

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

continued

Bond Plus Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	15,000,000		4.375%, 11/15/39	$	19,095,117	0.4	%
	20,000,000		4.375%, 05/15/40		25,492,188	0.6
	15,000,000		2.500%, 05/15/46		14,131,641	0.3
	24,400,000		2.750%, 08/15/47		24,110,250	0.6
	33,350,000		3.000%, 02/15/48		34,588,900	0.8
	70,080,000		3.000%, 08/15/48		72,713,475	1.7
	19,485,000		3.375%, 11/15/48		21,735,670	0.5
			United States Treasury Note
	45,000,000		1.625%, 06/30/20		44,578,125	1.0
	20,000,000		2.625%, 07/31/20		20,065,625	0.5
	45,000,000		2.625%, 08/15/20		45,154,687	1.1
	20,000,000		2.125%, 08/15/21		19,938,281	0.5
	45,000,000		2.000%, 12/31/21		44,739,844	1.0
	32,500,000		1.875%, 01/31/22		32,181,348	0.7
	34,215,000		2.500%, 02/15/22		34,475,622	0.8
	20,000,000		1.750%, 02/28/22		19,730,469	0.5
	24,860,000		2.625%, 02/15/29		25,343,604	0.6
	62,025,000		3.000%, 02/15/49		64,392,126	1.5
			Other		65,358,791	1.5
					627,825,763	14.6
		TOTAL GOVERNMENT BONDS (Cost $1,822,053,722)			1,843,188,848	42.9

STRUCTURED ASSETS

ASSET BACKED					320,709,870	7.5

OTHER MORTGAGE BACKED
	20,000,000	g	COMM Mortgage Trust Series-2012 CR2 (Class A3) 2.841%, 08/15/45		20,047,586	0.5
	60,385,872	g,i	2.972%–4.959%, 08/10/46–05/10/51		60,870,640	1.4
	14,346,000	i	GS Mortgage Securities Corp II Series-2018 GS9 (Class AAB) 3.978%, 03/10/51		15,095,019	0.4
			JP Morgan Mortgage Acquisition Trust Series-2007 CH5 (Class A1)
	13,032,985	i	2.646%, 06/25/37, LIBOR 1 M + 0.160%		12,784,870	0.3
			JP Morgan Mortgage Trust
	52,103,294	g,i	3.000%–4.628%, 11/25/33–05/25/49		52,003,314	1.2
	12,304,000		Morgan Stanley Bank of America Merrill Lynch Trust Series-2015 C20 (Class A4) 3.249%, 02/15/48		12,460,690	0.3
			Sequoia Mortgage Trust
	50,753,422	g,h,i	3.500%–4.000%, 06/25/46–06/25/48		50,681,243	1.2
			Other		244,552,368	5.7
					468,495,730	11.0
		TOTAL STRUCTURED ASSETS (Cost $792,178,326)			789,205,600	18.5

		TOTAL BONDS (Cost $3,943,580,467)			3,968,182,490	92.4

Shares			Company	Value		% of net assets
COMMON STOCKS

ENERGY				$	2,726,446		0.1	%
		TOTAL COMMON STOCKS (Cost $1,863,393)			2,726,446		0.1

RIGHTS / WARRANTS

ENERGY					324,814		0.0

		TOTAL RIGHTS / WARRANTS (Cost $270,181)			324,814		0.0

	Principal		Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
$	25,000,000		Federal Home Loan Bank (FHLB) 2.250%, 04/01/19		25,000,000		0.6
					25,000,000		0.6
TREASURY DEBT
			United States Treasury Bill
	36,440,000		2.383%, 04/02/19		36,437,596		0.8
	93,100,000		2.427%, 04/16/19		93,007,240		2.1
	29,100,000		2.395%, 04/30/19		29,044,033		0.7
	28,300,000		2.235%, 05/28/19		28,194,985		0.7
			Other		20,340,533		0.5
					207,024,387		4.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $231,970,042)			232,024,387		5.4

		TOTAL PORTFOLIO (Cost $4,279,065,083)			4,300,906,907		100.2
		OTHER ASSETS & LIABILITIES, NET			(6,791,386	)	(0.2	)
		NET ASSETS		$	4,294,115,521		100.0	%

Abbreviation(s):

JPY	Japanese Yen
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 3/31/19, the aggregate value of these securities, including those in “Other,” was $962,635,717 or 22.4% 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.

“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.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

concluded

Bond Plus Fund ■ March 31, 2019

Bilateral cross currency swap contracts outstanding as of March 31, 2019 were as follows (see Note 3):

Reference
entity

Terms of payments
to be paid

Terms of payments
to be received

Counterparty

Maturity
date

Notional
amount

Value

Upfront
premiums
paid
(received

)

Unrealized
appreciation
(depreciation

)

USD

Fixed semi-annual 1.94%

JP Morgan Securities

04/15/19

USD

20,664,870

$78,929

$(51,598

)

$130,527

JPY

Fixed semi-annual 0.10%

JPY

2,300,000,000

Abbreviation(s):

JPY	Japanese Yen

Centrally cleared credit default swap contracts outstanding as of March 31, 2019 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-NAHYS31V3-5Y Index	5.000%	Credit event as specified in contract	Citigroup Global Markets	12/20/23	$	25,000,000		$	(102,724	)	$	(231,929	)
CDX-NAHYS31V3-5Y Index	5.000	Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,731	)		(228,350	)
CDX-NAHYS31V3-5Y Index	5.000	Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,783	)		(197,947	)
CDX-NAHYS31V3-5Y Index	5.000	Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,750	)		(216,929	)
CDX-NAHYS31V3-5Y Index	5.000	Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,884	)		(140,410	)
Total								$	(513,872	)	$	(1,015,565	)

(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 ■ 2019 Annual Report

Summary portfolio of investments

5–15 Year Laddered Tax-Exempt Bond Fund ■ March 31, 2019

Principal		Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS

ALABAMA
$	2,395,000	University of South Alabama 5.000%, 11/01/31	$	2,779,134		1.0	%
		Other		1,983,403		0.8
				4,762,537		1.8
ALASKA
	2,570,000	Borough of Matanuska-Susitna AK 5.000%, 09/01/25		3,028,617		1.1
		Other		574,460		0.2
				3,603,077		1.3
ARIZONA				692,077		0.3
ARKANSAS				1,212,480		0.5
CALIFORNIA
	1,510,000	California Health Facilities Financing Authority 5.000%, 09/01/33		1,769,720		0.7
	2,000,000	City of Los Angeles Department of Airports 5.000%, 05/15/27		2,394,920		0.9
	1,715,000	Elk Grove Finance Authority 5.000%, 09/01/30		1,930,524		0.7
		Other		8,089,464		3.0
				14,184,628		5.3
COLORADO
	1,500,000	City & County of Denver CO Airport System Revenue 5.000%, 11/15/30		1,793,505		0.7
	2,155,000	Colorado Health Facilities Authority 5.000%, 01/01/32		2,204,587		0.8
		Other		2,378,762		0.9
				6,376,854		2.4
CONNECTICUT
	2,000,000	University of Connecticut 5.000%, 03/15/28		2,306,820		0.9
		Other		6,236,516		2.3
				8,543,336		3.2
DISTRICT OF COLUMBIA				1,162,445		0.4
FLORIDA
	1,375,000	Miami-Dade County Expressway Authority 5.000%, 07/01/31		1,617,220		0.6
	2,180,000	Port St. Lucie Community Redevelopment Agency 5.000%, 01/01/26		2,578,024		0.9
		Other		6,934,820		2.6
				11,130,064		4.1
GEORGIA				6,099,289		2.2
GUAM				457,384		0.2
HAWAII
	1,275,000	City & County of Honolulu HI 5.000%, 09/01/27		1,582,607		0.6
	2,000,000	State of Hawaii 5.000%, 01/01/25		2,361,500		0.9
		Other		2,333,070		0.8
				6,277,177		2.3

Principal			Issuer	Value		% of net assets
IDAHO				$	498,015		0.2	%

ILLINOIS
			Chicago Board of Education
$	1,500,000		5.000%, 12/01/26		1,630,125		0.6
	1,500,000		5.000%, 12/01/27		1,635,375		0.6
	6,000,000	g	1.950%, 12/01/30		6,000,000		2.2
	2,000,000		Chicago Midway International Airport 5.000%, 01/01/26		2,318,720		0.9
	1,500,000		City of Chicago IL Wastewater Transmission Revenue 5.000%, 01/01/22		1,620,585		0.6
	1,500,000		City of Chicago IL, GO 5.500%, 01/01/35		1,639,785		0.6
	1,750,000		County of Cook IL 5.000%, 11/15/31		1,968,995		0.7
	2,000,000		Metropolitan Water Reclamation District of Greater Chicago 5.000%, 12/01/30		2,340,680		0.9
	1,500,000		Sales Tax Securitization Corp 5.000%, 01/01/30		1,741,770		0.6
	2,000,000		State of Illinois 5.000%, 06/01/28		2,181,580		0.8
			Other		18,763,148		6.9
					41,840,763		15.4
INDIANA					1,200,000		0.4
IOWA					564,994		0.2
KENTUCKY
	2,000,000		Kentucky Turnpike Authority 5.000%, 07/01/26		2,374,240		0.9
			Other		2,838,775		1.0
					5,213,015		1.9
LOUISIANA
	1,250,000		St. Tammany Parish Hospital Service District No 5.000%, 07/01/33		1,474,775		0.5
			Other		2,701,268		1.0
					4,176,043		1.5
MAINE					778,605		0.3
MASSACHUSETTS					1,665,200		0.6
MICHIGAN
			Michigan Finance Authority
	2,000,000		5.000%, 04/01/25		2,316,640		0.9
	2,000,000		5.000%, 11/15/28		2,378,160		0.9
	1,650,000		5.000%, 07/01/44		1,764,048		0.6
	1,250,000		Wayne County Airport Authority 5.000%, 12/01/29		1,507,438		0.6
			Other		1,784,074		0.7
					9,750,360		3.7
MINNESOTA					2,526,680		0.9
MISSISSIPPI
	4,000,000		Mississippi Business Finance Corp 1.500%, 12/01/30		4,000,000		1.5
	1,500,000		Mississippi Development Bank 5.000%, 03/01/24		1,704,990		0.6
			Other		5,895,598		2.2
					11,600,588		4.3

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

concluded

5–15 Year Laddered Tax-Exempt Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
MISSOURI
$	1,500,000	g	Kansas City Land Clearance Redevelopment Authority 5.000%, 02/01/40	$	1,564,680		0.6	%
	1,745,000		St. Louis Municipal Finance Corp 5.000%, 02/15/26		2,057,250		0.8
			Other		4,258,268		1.5
					7,880,198		2.9
NEBRASKA					278,165		0.1
NEVADA					1,819,445		0.7
NEW JERSEY
	1,500,000		New Jersey Sports & Exposition Authority 5.000%, 09/01/24		1,671,240		0.6
	7,000,000		New Jersey Transportation Trust Fund Authority 5.000%, 06/15/34		7,829,010		2.9
			Other		4,893,132		1.8
					14,393,382		5.3
NEW YORK
	1,475,000		Metropolitan Transportation Authority 5.000%, 11/15/24		1,709,112		0.6
			Other		8,150,216		3.0
					9,859,328		3.6
NORTH CAROLINA
	1,355,000		County of Duplin NC 5.000%, 04/01/27		1,606,352		0.6
	2,000,000		North Carolina Medical Care Commission 5.000%, 06/01/34		2,068,120		0.8
			Other		3,087,203		1.1
					6,761,675		2.5
NORTH DAKOTA
	1,500,000		North Dakota Housing Finance Agency 2.410%, 01/01/49		1,500,000		0.5
			Other		1,007,240		0.4
					2,507,240		0.9
OHIO
	1,500,000		County of Miami OH 5.000%, 08/01/32		1,777,665		0.7
			Other		4,696,934		1.7
					6,474,599		2.4
OKLAHOMA
	1,500,000		Oklahoma Development Finance Authority 5.250%, 08/15/48		1,703,250		0.6
			Other		888,495		0.3
					2,591,745		0.9
OREGON
	3,000,000	g	Oregon State Business Development Commission 6.500%, 04/01/31		2,896,050		1.1
			Other		2,305,160		0.8
					5,201,210		1.9
PENNSYLVANIA
	2,000,000		Pennsylvania Economic Development Financing Authority 5.000%, 12/31/25		2,301,260		0.8

Principal			Issuer	Value		% of net assets
PENNSYLVANIA—continued
$	2,500,000		Pennsylvania State University 5.000%, 03/01/40	$	2,571,700		0.9	%
			Other		6,302,683		2.4
					11,175,643		4.1
RHODE ISLAND					1,835,286		0.7
SOUTH CAROLINA					284,840		0.1
SOUTH DAKOTA					1,133,713		0.4
TENNESSEE					1,173,817		0.4
TEXAS
	2,000,000		City of El Paso TX Airport Revenue 5.000%, 08/15/28		2,391,220		0.9
	1,970,000		City of Houston TX 5.000%, 03/01/32		2,337,425		0.9
	1,500,000		City of Lubbock TX 5.000%, 02/15/25		1,766,790		0.6
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III 5.000%, 12/15/32		1,668,492		0.6
			Other		15,798,420		5.8
					23,962,347		8.8
UTAH					2,944,438		1.1
VIRGIN ISLANDS
			Virgin Islands Public Finance Authority
	2,000,000	g	5.000%, 09/01/25$		2,223,200		0.8
	2,500,000	g	5.000%, 09/01/33		2,688,575		1.0
					4,911,775		1.8
WASHINGTON
	1,855,000	g	City of Bellingham WA Water & Sewer Revenue 1.700%, 08/01/19		1,855,000		0.7
			Other		1,167,670		0.4
					3,022,670		1.1
WEST VIRGINIA					3,568,844		1.3
WISCONSIN					553,675		0.2
		TOTAL LONG-TERM MUNICIPAL BONDS (Cost $251,099,107)			256,649,646		94.6

		TOTAL PORTFOLIO (Cost $251,099,107)			256,649,646		94.6
		OTHER ASSETS & LIABILITIES, NET			14,582,922		5.4
		NET ASSETS		$	271,232,568		100.0	%

Abbreviation(s):

GO	General Obligation
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/19, the aggregate value of these securities, including those in “Other,” was $21,788,720 or 8.0% 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.

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

Green Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

ENERGY
$	646,874	i	TerraForm Power Operating LLC 4.500%, 11/08/22, LIBOR 1 M + 2.000%	$	629,894		2.4	%
					629,894		2.4
UTILITIES
	500,000	i	ExGen Renewables IV LLC 5.630%, 11/28/24, LIBOR 3 M + 3.000%		467,500		1.7
					467,500		1.7
		TOTAL BANK LOAN OBLIGATIONS (Cost $1,141,363)			1,097,394		4.1

BONDS

CORPORATE BONDS

BANKS
	500,000		Bank of America Corp 2.151%, 11/09/20		494,961		1.8
	500,000		HSBC Holdings plc 3.033%, 11/22/23		497,579		1.9
	500,000	g	ING Groep NV 4.625%, 01/06/26		524,849		2.0
	550,000		Mitsubishi UFJ Financial Group, Inc 2.527%, 09/13/23		538,027		2.0
			Other		247,246		0.9
					2,302,662		8.6
CONSUMER SERVICES
	260,000	i	Nature Conservancy 3.736%, 02/01/24, LIBOR 3 M + 1.080%		259,770		1.0
					259,770		1.0
MATERIALS
	500,000		Fibria Overseas Finance Ltd 5.500%, 01/17/27		522,380		1.9
	525,000	g	Inversiones CMPC S.A. 4.375%, 04/04/27		527,828		2.0
	250,000	g	Klabin Austria GmbH 7.000%, 04/03/49		249,125		0.9
					1,299,333		4.8
REAL ESTATE
	500,000		Alexandria Real Estate Equities, Inc 4.000%, 01/15/24		517,382		1.9
			Digital Realty Trust LP
	500,000		3.950%, 07/01/22		513,197		1.9
					1,030,579		3.8
TECHNOLOGY HARDWARE & EQUIPMENT
			Apple, Inc
	500,000		2.850%, 02/23/23		504,525		1.9
	500,000		3.000%, 06/20/27		498,237		1.9
					1,002,762		3.8

Principal			Issuer	Value		% of net assets
UTILITIES
$	500,000		Avangrid, Inc 3.150%, 12/01/24	$	494,509		1.8	%
	500,000	g	Azure Power Energy Ltd 5.500%, 11/03/22		491,308		1.8
	550,000		DTE Electric Co 4.050%, 05/15/48		574,473		2.1
	500,000		Georgia Power Co 3.250%, 04/01/26		489,914		1.8
	500,000		Interstate Power & Light Co 4.100%, 09/26/28		523,113		1.9
			MidAmerican Energy Co
	500,000		3.950%, 08/01/47		511,077		1.9
	350,000		3.650%, 08/01/48		340,752		1.3
			Public Service Co of Colorado
	529,000		3.700%, 06/15/28		551,910		2.1
	500,000		4.100%, 06/15/48		527,356		2.0
	413,907	g	Topaz Solar Farms LLC 4.875%, 09/30/39		405,252		1.5
	500,000		Westar Energy, Inc 2.550%, 07/01/26		479,666		1.8
			Other		607,812		2.3
					5,997,142		22.3
		TOTAL CORPORATE BONDS (Cost $11,342,495)			11,892,248		44.3

GOVERNMENT BONDS

AGENCY SECURITIES
	286,353	g	Genesis Solar Pass Through Trust 3.875%, 02/15/38		289,933		1.1
			Overseas Private Investment Corp (OPIC)
	250,000		3.050%, 06/15/35		255,225		0.9
	250,000		3.590%, 06/15/35		262,355		1.0
					807,513		3.0
FOREIGN GOVERNMENT BONDS
	500,000		International Bank for Reconstruction & Development 2.125%, 03/03/25		493,480		1.8
	500,000	g	International Development Association 2.750%, 04/24/23		507,620		1.9
	1,000,000		North American Development Bank 4.375%, 02/11/20		1,013,986		3.8
			Perusahaan Penerbit SBSN Indonesia III
	300,000	g	3.750%, 03/01/23		302,394		1.1
	250,000	g	3.900%, 08/20/24		253,160		1.0
					2,570,640		9.6
MUNICIPAL BONDS
	250,000		Erie City Water Authority 2.800%, 06/01/19		250,020		0.9
	500,000	g	Ohio Air Quality Development Authority 4.500%, 01/15/48		520,975		2.0
	250,000	i	State of California 3.270%, 04/01/47, LIBOR 1 M + 0.780%		251,000		0.9
			Other		229,593		0.9
					1,251,588		4.7
		TOTAL GOVERNMENT BONDS (Cost $4,546,516)			4,629,741		17.3

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

concluded

Green Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS

ASSET BACKED
$	562,052	g	HERO Funding Trust Series-2016 3A (Class A2) 3.910%, 09/20/42	$	570,863		2.1	%
	330,536	g	Series-2017 3A (Class A1) 3.190%, 09/20/48		333,213		1.2
	666,031	g	Series-2017 3A (Class A2) 3.950%, 09/20/48		680,618		2.5
	244,968	g	Sunrun Athena Issuer LLC Series-2018 1 (Class A) 5.310%, 04/30/49		253,258		1.0
	1,000,000		Toyota Auto Receivables Owner Trust Series-2016 B (Class A4) 1.520%, 08/16/21		993,001		3.7
			Other		363,393		1.4
					3,194,346		11.9
OTHER MORTGAGE BACKED
	600,000	g,i	BBCMS Trust Series-2015 SRCH (Class D) 4.957%, 08/10/35		629,693		2.3
	500,000	g	COMM Mortgage Trust Series-2015 3BP (Class A) 3.178%, 02/10/35		505,362		1.9
	275,000	g	GRACE Mortgage Trust Series-2014 GRCE (Class A) 3.369%, 06/10/28		277,929		1.0
	500,000	g,i	Morgan Stanley Capital I Trust Series-2014 CPT (Class AM) 3.402%, 07/13/29		504,218		1.9
	300,000	g	Series-2013 WLSR (Class A) 2.695%, 01/11/32		298,674		1.1
	1,500,000	g	OBP Depositor LLC Trust Series-2010 OBP (Class A) 4.646%, 07/15/45		1,518,169		5.7
	780,000	g,i	Wells Fargo Commercial Mortgage Trust Series-2013 120B (Class A) 2.710%, 03/18/28		776,242		2.9
	500,000	g,i	Series-2017 SMP (Class A) 3.234%, 12/15/34, LIBOR 1 M + 0.750%		496,387		1.8
			Other		290,505		1.1
					5,297,179		19.7
		TOTAL STRUCTURED ASSETS (Cost $8,348,092)			8,491,525		31.6

		TOTAL BONDS (Cost $24,237,103)			25,013,514		93.2

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					170,000		0.6
					170,000		0.6

Principal			Issuer	Value		% of net assets
TREASURY DEBT
$	500,000		United States Treasury Bill 2.398% 04/11/19	$	499,668		1.9	%
					499,668		1.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $669,668)			669,668		2.5

		TOTAL PORTFOLIO (Cost $26,048,134)			26,780,576		99.8
		OTHER ASSETS & LIABILITIES, NET			59,440		0.2
		NET ASSETS		$	26,840,016		100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/19, the aggregate value of these securities, including those in “Other,” was $11,817,235 or 44.0% 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.

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

High-Yield Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS				$	8,406,384		0.2	%
CAPITAL GOODS					15,095,289		0.4
COMMERCIAL & PROFESSIONAL SERVICES					19,060,416		0.5
CONSUMER SERVICES					55,155,616		1.3
ENERGY					16,222,529		0.4
HEALTH CARE EQUIPMENT & SERVICES
			RegionalCare Hospital Partners Holdings, Inc
$	23,703,125	h,i	6.980%, 11/16/25, LIBOR 1 M + 4.500%		23,417,976		0.6
			Other		20,171,720		0.5
					43,589,696		1.1
INSURANCE					17,802,680		0.4
MATERIALS					20,254,175		0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,640,610		0.2
REAL ESTATE					14,406,356		0.3
RETAILING					31,505,261		0.8
SOFTWARE & SERVICES
			Dun & Bradstreet Corp
23,000,000		i	7.490%, 02/06/26, LIBOR 1 M + 5.000%		22,683,750		0.5
					22,683,750		0.5
UTILITIES					21,922,552		0.5
			TOTAL BANK LOAN OBLIGATIONS (Cost $303,377,288)		295,745,314		7.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Panther BF Aggregator 2 LP
22,900,000		g,h	8.500%, 05/15/27		22,957,250		0.5
			Other		52,780,281		1.3
					75,737,531		1.8
BANKS					34,083,326		0.8
CAPITAL GOODS
			Beacon Escrow Corp
22,950,000		g	4.875%, 11/01/25		21,802,500		0.6
			Other		104,522,412		2.5
					126,324,912		3.1
COMMERCIAL & PROFESSIONAL SERVICES
			Prime Security Services Borrower LLC
36,354,000		g	9.250%, 05/15/23		38,171,700		0.9
30,075,000		g,h	5.750%, 04/15/26		30,075,000		0.7
			United Rentals North America, Inc
17,500,000			6.500%, 12/15/26		18,418,750		0.4
			Other		153,687,810		3.8
					240,353,260		5.8

Principal			Issuer	Value		% of net assets
CONSUMER DURABLES & APPAREL
			Mattel, Inc
$	18,050,000	g	6.750%, 12/31/25	$	17,756,687		0.4	%
			Other		85,421,738		2.1
					103,178,425		2.5
CONSUMER SERVICES
			frontdoor, Inc
	22,800,000	g	6.750%, 08/15/26		23,313,000		0.6
			Six Flags Entertainment Corp
	22,500,000	g	4.875%, 07/31/24		22,148,438		0.5
			Other		140,845,229		3.4
					186,306,667		4.5
DIVERSIFIED FINANCIALS
			Icahn Enterprises LP
	21,200,000		6.250%, 02/01/22		21,748,020		0.5
			Quicken Loans, Inc
	27,850,000	g	5.250%, 01/15/28		26,074,563		0.7
			Other		141,256,153		3.4
					189,078,736		4.6
ENERGY
			AmeriGas Partners LP
	44,600,000		5.500%–5.875%, 05/20/24–05/20/27		44,505,812		1.1
			Exterran Partners LP
	29,335,000		6.000%, 04/01/21		29,312,999		0.7
			Genesis Energy LP
	22,500,000		6.250%, 05/15/26		21,262,500		0.5
			Hess Infrastructure Partners LP
	21,175,000	g	5.625%, 02/15/26		21,545,562		0.5
			Murphy Oil Corp
	19,800,000		5.750%, 08/15/25		20,445,743		0.5
			Nabors Industries, Inc
	23,750,000		5.750%, 02/01/25		21,285,463		0.5
			Oasis Petroleum, Inc
	42,597,000		6.250%–6.875%, 03/15/22–05/01/26		41,935,145		1.0
			Range Resources Corp
	22,825,000		5.750%, 06/01/21		23,167,375		0.6
			Southwestern Energy Co
	19,000,000		7.500%, 04/01/26		19,380,000		0.5
			Targa Resources Partners LP
	39,600,000		5.000%–6.875%, 02/01/25–01/15/29		41,003,656		1.0
			USA Compression Partners LP
	30,000,000		6.875%, 04/01/26		30,675,000		0.7
			Other		434,393,016		10.4
					748,912,271		18.0
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
	17,960,000		5.750%, 06/15/23		18,296,750		0.5
			Other		22,104,687		0.5
					40,401,437		1.0
FOOD, BEVERAGE & TOBACCO					17,425,513		0.4

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments	continued

High-Yield Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
			HCA, Inc
$	24,650,000		5.875%, 02/15/26	$	26,622,000		0.6	%
			MEDNAX, Inc
	19,950,000	g	6.250%, 01/15/27		20,174,438		0.5
			Tenet Healthcare Corp
	23,125,000		4.625%, 07/15/24		23,182,813		0.6
	51,900,000		6.250%–8.125%, 04/01/22–11/15/31		53,182,025		1.3
			Other		117,380,241		2.8
					240,541,517		5.8
HOUSEHOLD & PERSONAL PRODUCTS					10,307,108		0.2
INSURANCE					12,505,908		0.3
MATERIALS
			Nova Chemicals Corp
	40,000,000	g	4.875%, 06/01/24		39,300,000		1.0
			Tronox, Inc
	22,750,000	g	6.500%, 04/15/26		21,712,600		0.5
			Other		240,469,451		5.8
					301,482,051		7.3
MEDIA & ENTERTAINMENT
			Altice France S.A.
	28,175,000	g	8.125%, 02/01/27		28,456,750		0.7
			CCO Holdings LLC
	20,900,000		5.750%, 01/15/24		21,448,625		0.5
	20,000,000	g	5.875%, 04/01/24		20,902,200		0.5
			CSC Holdings LLC
	29,250,000	g	7.500%, 04/01/28		31,342,838		0.8
			DISH DBS Corp
	28,500,000		7.750%, 07/01/26		24,795,000		0.6
			Numericable-SFR S.A.
	19,150,000	g	7.375%, 05/01/26		18,767,000		0.4
			Other		285,437,340		6.9
					431,149,753		10.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Valeant Pharmaceuticals International, Inc
	38,800,000		5.500%–9.250%, 03/01/23–01/31/27		40,444,858		1.0
			VRX Escrow Corp
	17,825,000	g	5.875%, 05/15/23		18,003,250		0.4
	23,600,000	g	6.125%, 04/15/25		23,364,000		0.6
			Other		66,364,898		1.6
					148,177,006		3.6
REAL ESTATE
			WeWork Cos, Inc
	25,300,000	g	7.875%, 05/01/25		23,276,000		0.6
			Other		4,187,464		0.1
					27,463,464		0.7
RETAILING
			PetSmart, Inc
	24,800,000	†,g	7.125%, 03/15/23		18,476,000		0.5
			Staples, Inc
	28,100,000	g	8.500%, 09/15/25		30,629,000		0.7
			Other		83,677,321		2.0
					132,782,321		3.2

Principal			Issuer	Value		% of net assets
SOFTWARE & SERVICES				$	108,557,928		2.6	%
TECHNOLOGY HARDWARE & EQUIPMENT
			CommScope, Inc
$	23,700,000	g	6.000%, 06/15/25		23,041,140		0.5
			Other		20,637,618		0.5
					43,678,758		1.0
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
	43,500,000		5.800%–7.650%, 06/15/21–03/15/42		44,592,625		1.1
			Frontier Communications Corp
	26,575,000	g	8.500%, 04/01/26		24,681,531		0.6
	17,700,000	g	8.000%, 04/01/27		18,275,250		0.4
			T-Mobile USA, Inc
	22,000,000		5.125%, 04/15/25		22,522,500		0.5
			Vodafone Group plc
	20,000,000		7.000%, 04/04/79		20,328,362		0.5
			Other		95,582,260		2.3
					225,982,528		5.4
TRANSPORTATION
			Bombardier, Inc
	49,575,000		6.000%–7.875%, 10/15/22–04/15/27		50,490,781		1.2
			Other		20,250,608		0.5
					70,741,389		1.7
UTILITIES
			Calpine Corp
	22,125,000	g	5.250%, 06/01/26		22,014,375		0.5
			Talen Energy Supply LLC
	18,500,000	g	10.500%, 01/15/26		19,277,000		0.4
			Vistra Operations Co LLC
	19,600,000	g	5.625%, 02/15/27		20,359,500		0.5
			Other		64,574,969		1.6
					126,225,844		3.0
			TOTAL CORPORATE BONDS (Cost $3,667,374,266)		3,641,397,653		87.7

			TOTAL BONDS (Cost $3,667,374,266)		3,641,397,653		87.7

	Shares		Company

COMMON STOCKS

DIVERSIFIED FINANCIALS					24,924,114		0.6
ENERGY					23,463,468		0.6
			TOTAL COMMON STOCKS (Cost $39,636,810)		48,387,582		1.2

RIGHTS / WARRANTS
ENERGY					2,174,181		0.1
			TOTAL RIGHTS / WARRANTS (Cost $1,808,488)		2,174,181		0.1

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments	concluded

High-Yield Fund ■ March 31, 2019

Principal		Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT			$	7,000,000			0.2	%
				7,000,000			0.2
TREASURY DEBT
		United States Treasury Bill
$	19,355,000	2.370%, 04/02/19		19,353,723			0.5
	68,950,000	2.372%, 04/09/19		68,913,418			1.6
	43,700,000	2.414%, 04/11/19		43,671,012			1.0
	25,000,000	2.415%, 04/23/19		24,963,333			0.6
	20,300,000	2.374%, 04/25/19		20,268,332			0.5
		Other		15,834,208			0.4
				193,004,026			4.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $200,003,384)		200,004,026			4.8

		TOTAL PORTFOLIO (Cost $4,212,200,236)		4,187,708,756			100.9
		OTHER ASSETS & LIABILITIES, NET		(35,673,314	)		(0.9	)

		NET ASSETS	$	4,152,035,442			100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month

†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/19, the aggregate value of these securities, including those in “Other,” was $2,012,994,710 or 48.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security 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.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Portfolio of investments

Inflation-Linked Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS

AGENCY SECURITIES
$	4,287,500		Crowley Conro LLC 4.181%, 08/15/43	$	4,582,550		0.1	%
	2,244,567		HNA LLC 2.369%, 09/18/27		2,225,106		0.1
	8,825,000		Montefiore Medical Center 2.895%, 04/20/32		8,712,109		0.3
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,496,343		0.1
	3,000,000		3.250%, 06/15/25		3,099,450		0.1
	4,605,263		Reliance Industries Ltd 2.444%, 01/15/26		4,585,263		0.1
			Ukraine Government AID Bonds
	3,000,000		1.847%, 05/29/20		2,987,604		0.1
	15,000,000		1.471%, 09/29/21		14,696,925		0.5
					44,385,350		1.4

MORTGAGE BACKED
			Government National Mortgage Association (GNMA)
	12,239,928		3.600%, 09/15/31		12,451,191		0.4
	6,008,285		3.700%, 10/15/33		6,134,574		0.2
	1,718,402		3.380%, 07/15/35		1,720,456		0.1
	1,602,049		3.870%, 10/15/36		1,652,342		0.0
	5,790,546		3.940%, 03/15/37		6,022,429		0.2
					27,980,992		0.9

U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	97,268,500	k	0.125%, 04/15/20		96,650,954		3.1
	97,630,473	k	1.250%, 07/15/20		99,074,900		3.2
	115,153,199	k	1.125%, 01/15/21		116,632,297		3.8
	148,677,200	k	0.125%, 04/15/21		147,518,663		4.8
	119,416,311	k	0.625%, 07/15/21		120,490,923		3.9
	123,450,895	k	0.125%, 01/15/22		122,485,043		4.0
	183,705,400	k	0.125%, 04/15/22		181,842,778		5.9
	136,813,750	k	0.125%, 07/15/22		136,121,712		4.4
	109,044,000	k	0.125%, 01/15/23		107,835,220		3.5
	129,703,680	k	0.625%, 04/15/23		130,649,578		4.2
	136,816,075	k	0.375%, 07/15/23		137,200,227		4.4
	106,522,613	k	0.625%, 01/15/24		107,579,698		3.5
	107,592,030	k	0.125%, 07/15/24		106,282,778		3.4
	111,580,350	k	0.250%, 01/15/25		110,435,141		3.6
	101,953,969	k	2.375%, 01/15/25		113,254,427		3.7
	116,750,700	k	0.375%, 07/15/25		116,702,789		3.8
	92,157,360	k	0.625%, 01/15/26		93,234,234		3.0
	59,039,526	k	2.000%, 01/15/26		65,149,957		2.1
	80,853,080	k	0.125%, 07/15/26		79,115,081		2.6
	91,172,375	k	0.375%, 01/15/27		90,397,020		2.9
	41,197,285	k	2.375%, 01/15/27		47,118,484		1.5
	76,656,030	k	0.375%, 07/15/27		76,112,130		2.5
	121,937,800	k	0.500%, 01/15/28		121,719,209		3.9
	76,322,677	k	1.750%, 01/15/28		84,327,294		2.7
	49,897,356	k	3.625%, 04/15/28		63,365,846		2.0
	30,081,300	k	0.750%, 07/15/28		30,767,502		1.0
	82,735,230	k	0.875%, 01/15/29		85,440,743		2.8
	37,736,981	k	2.500%, 01/15/29		44,744,994		1.4
	102,562,647	k	3.875%, 04/15/29		135,543,459		4.4
	3,545,025	k	3.375%, 04/15/32		4,778,773		0.2

Principal		Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
		United States Treasury Note
$	10,000,000	2.500%, 01/31/21	$	10,036,719		0.3	%
	7,500,000	2.500%, 02/15/22		7,557,129		0.2
	10,000,000	2.625%, 02/15/29		10,194,531		0.3
				3,000,360,233		97.0
		TOTAL GOVERNMENT BONDS (Cost $3,043,727,955)		3,072,726,575		99.3

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
	550,000	Federal Home Loan Bank (FHLB) 2.250%, 04/01/19		550,000		0.0
				550,000		0.0

		TOTAL SHORT-TERM INVESTMENTS (Cost $550,000)		550,000		0.0

		TOTAL PORTFOLIO (Cost $3,044,277,955)		3,073,276,575		99.3

		OTHER ASSETS & LIABILITIES, NET		21,027,687		0.7
		NET ASSETS	$	3,094,304,262		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 March 31, 2019 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)		06/19/19		$(30,589,216	)		$(31,054,687	)		$(465,471	)

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

Short Duration Impact Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

ENERGY
			TerraForm Power Operating LLC
$	646,874	i	4.500%, 11/08/22, LIBOR 1 M + 2.000%	$	629,894		2.4	%
					629,894		2.4
UTILITIES
			ExGen Renewables IV LLC
	500,000	i	5.630%, 11/28/24, LIBOR 3 M + 3.000%		467,500		1.7
					467,500		1.7
			TOTAL BANK LOAN OBLIGATIONS (Cost $1,141,363)		1,097,394		4.1

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS
			Harley-Davidson Financial Services, Inc
	250,000	g	4.050%, 02/04/22		252,820		0.9
	500,000	g	2.400%, 09/15/19		498,427		1.9
					751,247		2.8
BANKS
			Cooperatieve Rabobank UA
	500,000	i	3.195%, 04/26/21, LIBOR 3 M + 0.430%		501,408		1.9
	500,000	i	3.263%, 01/10/23, LIBOR 3 M + 0.480%		496,104		1.8
			HSBC Holdings plc
	500,000		3.033%, 11/22/23		497,579		1.9
			M&T Bank Corp
	500,000	i	3.445%, 07/26/23, LIBOR 3 M + 0.680%		499,351		1.9
			Regions Bank
	500,000	i	2.972%, 04/01/21, LIBOR 3 M + 0.380%		496,935		1.8
	350,000	i	3.188%, 08/13/21, LIBOR 3 M + 0.500%		348,214		1.3
			Toronto-Dominion Bank
	500,000		1.850%, 09/11/20		494,634		1.8
			Zions Bancorp NA
	300,000		3.350%, 03/04/22		302,594		1.1
					3,636,819		13.5
CAPITAL GOODS
			Air Lease Corp
	500,000		3.875%, 07/03/23		505,667		1.9
			CNH Industrial Capital LLC
	500,000		4.200%, 01/15/24		513,419		1.9
			Trimble, Inc
	500,000		4.150%, 06/15/23		509,047		1.9
					1,528,133		5.7
CONSUMER SERVICES
			Nature Conservancy
	260,000	i	3.736%, 02/01/24, LIBOR 3 M + 1.080%		259,769		1.0
					259,769		1.0
DIVERSIFIED FINANCIALS
			Century Housing Corp
	250,000		3.995%, 11/01/21		250,810		0.9
					250,810		0.9

Principal			Issuer	Value		% of net assets
ENERGY
			Greenko Dutch BV
$	250,000	g	4.875%, 07/24/22	$	246,085		0.9	%
			Phillips 66
	500,000	g,i	3.537%, 04/15/20, LIBOR 3 M + 0.750%		500,172		1.9
					746,257		2.8
MATERIALS
			International Flavors & Fragrances, Inc
	500,000		3.400%, 09/25/20		503,066		1.9
					503,066		1.9	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			GlaxoSmithKline Capital plc
	500,000	i	3.043%, 05/14/21, LIBOR 3 M + 0.350%		501,235		1.9
			Zoetis, Inc
	500,000	i	3.084%, 08/20/21, LIBOR 3 M + 0.440%		496,480		1.8
					997,715		3.7
REAL ESTATE
			Alexandria Real Estate Equities, Inc
	500,000		4.000%, 01/15/24		517,382		1.9
					517,382		1.9
SOFTWARE & SERVICES
			Microsoft Corp
	500,000		2.400%, 02/06/22		499,577		1.9
					499,577		1.9
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	500,000	i	3.615%, 03/16/22, LIBOR 3 M + 1.000%		507,500		1.9
					507,500		1.9
TRANSPORTATION
			United Parcel Service, Inc
	500,000	i	3.074%, 05/16/22, LIBOR 3 M + 0.380%		501,025		1.9
					501,025		1.9
UTILITIES
			Korea Hydro & Nuclear Power Co Ltd
	300,000	g	3.750%, 07/25/23		309,134		1.2
			Southern Power Co
	500,000		1.950%, 12/15/19		496,707		1.8
			Other		345,510		1.3
					1,151,351		4.3
			TOTAL CORPORATE BONDS (Cost $11,738,234)		11,850,651		44.2

GOVERNMENT BONDS

AGENCY SECURITIES

			NCUA Guaranteed Notes
	500,000	†	3.450%, 06/12/21		508,300		1.9
			United States Department of Housing and Urban Development
	250,000		2.618%, 08/01/23		250,398		0.9
					758,698		2.8

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments	concluded

Short Duration Impact Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
FOREIGN GOVERNMENT BONDS
			International Development Association
$	500,000	g	2.750%, 04/24/23	$	507,620		1.9	%
			Korea Development Bank International Bond
	250,000	i	3.520%, 07/06/22, LIBOR 3 M + 0.725%		251,001		0.9
			Nederlandse Waterschapsbank NV
	250,000	g	3.125%, 12/05/22		256,357		0.9
			North American Development Bank
	1,000,000		4.375%, 02/11/20		1,013,986		3.8
			Perusahaan Penerbit SBSN Indonesia III
	500,000	g	3.750%, 03/01/23		503,990		1.9
					2,532,954		9.4

MUNICIPAL BONDS
			Erie City Water Authority
	250,000		2.800%, 06/01/19		250,020		0.9
			Other		101,268		0.4
					351,288		1.3

U.S. TREASURY SECURITIES
			United States Treasury Note
	750,000		2.500%, 01/31/21		752,754		2.8
	840,000		2.500%, 02/15/22		846,398		3.2
	1,850,000		2.625%, 12/31/23		1,882,375		7.0
					3,481,527		13.0

			TOTAL GOVERNMENT BONDS (Cost $7,044,891)		7,124,467		26.5

STRUCTURED ASSETS

ASSET BACKED
			HERO Funding Trust Series-2016 3A (Class A2)
	562,052	g	3.910%, 09/20/42		570,863		2.1
			Toyota Auto Receivables Owner Trust Series-2016 B (Class A4)
	1,000,000		1.520%, 08/16/21		993,001		3.7
			Other		225,166		0.9
					1,789,030		6.7

OTHER MORTGAGE BACKED
			DBUBS Mortgage Trust Series-2011 LC2A (Class D)
	250,000	g,i	5.532%, 07/10/44		259,132		1.0
			GRACE Mortgage Trust Series-2014 GRCE (Class A)
	275,000	g	3.369%, 06/10/28		277,929		1.0
			Morgan Stanley Capital I Trust Series-2014 CPT (Class AM)
	500,000	g,i	3.402%, 07/13/29		504,217		1.9
			Series-2013 WLSR (Class A)
	300,000	g	2.695%, 01/11/32		298,674		1.1
			Series-2011 C1 (Class D)
	250,000	g,i	5.376%, 09/15/47		259,488		1.0
			OBP Depositor LLC Trust Series-2010 OBP (Class A)
	1,500,000	g	4.646%, 07/15/45		1,518,169		5.7

Principal			Issuer	Value			% of net assets
OTHER MORTGAGE BACKED—continued
			Wells Fargo Commercial Mortgage Trust Series-2013 120B (Class A)
$	780,000	g,i	2.710%, 03/18/28	$	776,242			2.9	%
			Series-2017 SMP (Class A)
	500,000	g,i	3.234%, 12/15/34, LIBOR 1 M + 0.750%		496,387			1.8
			WFRBS Commercial Mortgage Trust Series-2011 C2 (Class B)
	250,000	g,i	5.174%, 02/15/44		257,138			1.0
			Other		200,951			0.7
					4,848,327			18.1
			TOTAL STRUCTURED ASSETS (Cost $6,603,358)		6,637,357			24.8

			TOTAL BONDS (Cost $25,386,483)		25,612,475			95.5

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					190,000			0.7
					190,000			0.7
			TOTAL SHORT-TERM INVESTMENTS (Cost $190,000)		190,000			0.7

			TOTAL PORTFOLIO (Cost $26,717,846)		26,899,869			100.3
			OTHER ASSETS & LIABILITIES, NET		(72,116	)		(0.3	)

			NET ASSETS	$	26,827,753			100.0	%

Abbreviation(s):

LIBOR	London Interbank Offered Rate
M	Month

†	Security is categorized as Level 3 in the fair value hierarchy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/19, the aggregate value of these securities, including those in “Other,” was $8,763,664 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.

“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.

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

Short-Term Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

CAPITAL GOODS				$	2,005,356		0.1	%
COMMERCIAL & PROFESSIONAL SERVICES					2,840,303		0.1
CONSUMER DURABLES & APPAREL					2,647,200		0.1
CONSUMER SERVICES					4,311,383		0.2
FOOD & STAPLES RETAILING					3,047,549		0.2
HEALTH CARE EQUIPMENT & SERVICES					4,390,309		0.2
MATERIALS					489,828		0.0
MEDIA & ENTERTAINMENT					11,780,044		0.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					942,442		0.0
RETAILING					4,656,616		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,457,630		0.1
SOFTWARE & SERVICES					4,995,107		0.3
TECHNOLOGY HARDWARE & EQUIPMENT					3,254,500		0.2
TRANSPORTATION					1,922,735		0.1
UTILITIES					962,643		0.1
			TOTAL BANK LOAN OBLIGATIONS (Cost $50,378,389)		49,703,645		2.5

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS					2,983,573		0.1

BANKS
			Bank Nederlandse Gemeenten NV
$	11,850,000	g	2.500%, 02/28/20		11,848,021		0.6
			Bank of America Corp
10,000,000			2.328%, 10/01/21		9,908,200		0.5
			CitiBank NA
10,000,000			1.850%, 09/18/19		9,960,353		0.5
			Dexia Credit Local S.A.
10,000,000		g	2.875%, 01/29/22		10,097,130		0.5
			JPMorgan Chase Bank NA
19,000,000			3.086%, 04/26/21		19,052,213		1.0
			Royal Bank of Canada
10,000,000		g	3.350%, 10/22/21		10,181,590		0.5
			Other		137,892,365		6.9
					208,939,872		10.5
CAPITAL GOODS					20,920,646		1.1
COMMERCIAL & PROFESSIONAL SERVICES					3,035,286		0.2
CONSUMER DURABLES & APPAREL					3,260,000		0.2
CONSUMER SERVICES					1,366,415		0.1
DIVERSIFIED FINANCIALS

			General Motors Financial Co, Inc
10,000,000			2.450%, 11/06/20		9,880,661		0.5
			Other		74,805,515		3.8
					84,686,176		4.3

Principal			Issuer	Value		% of net assets
ENERGY				$	29,361,941		1.5	%
FOOD & STAPLES RETAILING					20,990,198		1.0
FOOD, BEVERAGE & TOBACCO					8,780,176		0.4
HEALTH CARE EQUIPMENT & SERVICES					12,951,086		0.7
INSURANCE					5,504,227		0.3
MATERIALS					12,044,814		0.6
MEDIA & ENTERTAINMENT					8,268,941		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					22,079,957		1.1
REAL ESTATE					6,408,680		0.3
RETAILING					3,059,210		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					5,001,632		0.2
SOFTWARE & SERVICES					5,470,017		0.2
TECHNOLOGY HARDWARE & EQUIPMENT					6,912,978		0.3
TELECOMMUNICATION SERVICES					3,482,313		0.2
TRANSPORTATION					13,941,303		0.7
UTILITIES					16,950,040		0.9
			TOTAL CORPORATE BONDS (Cost $505,807,353)		506,399,481		25.5

GOVERNMENT BONDS

AGENCY SECURITIES
			Iraq Government AID International Bond
$	24,000,000		2.149%, 01/18/22		23,858,088		1.2
			Montefiore Medical Center
	9,405,000		2.152%, 10/20/26		9,215,005		0.5
			Reliance Industries Ltd
	23,578,947		1.870%–2.444%, 01/15/26–01/15/26		23,216,815		1.2
			Ukraine Government AID International Bonds
	15,000,000		1.471%, 09/29/21		14,696,925		0.7
			Other		15,499,851		0.8
					86,486,684		4.4
FOREIGN GOVERNMENT BONDS
			CPPIB Capital, Inc
	19,000,000	g	2.750%, 07/22/21		19,125,020		1.0
			Kommunalbanken AS.
	17,200,000	g	2.500%, 04/17/20		17,199,468		0.9
			Province of New Brunswick Canada
	26,000,000		2.500%, 12/12/22		25,878,623		1.3
			Other		139,929,956		7.0
					202,133,067		10.2
MORTGAGE BACKED					218,902		0.0

MUNICIPAL BONDS					4,994,700		0.3

U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	10,210,600	k	0.125%, 04/15/20		10,162,992		0.5
	23,363,560	k	0.125%, 04/15/21		23,181,504		1.2
	10,133,700	k	0.625%, 04/15/23		10,207,603		0.5

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments	continued

Short-Term Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	37,000,000		2.250%, 02/29/20	$	36,952,305		1.8	%
	20,750,000		2.250%, 03/31/20		20,718,388		1.0
	125,000,000		2.375%, 04/30/20		124,970,702		6.3
	27,100,000		2.500%, 05/31/20		27,137,051		1.4
	62,810,000		2.875%, 10/31/20		63,327,692		3.2
	19,460,000		2.500%, 01/31/21		19,531,455		1.0
	57,645,000		2.500%, 02/15/22		58,084,093		2.9
	11,475,000		2.375%, 02/29/24		11,556,132		0.6
	10,000,000		2.500%, 02/28/26		10,118,750		0.5
			Other		14,506,170		0.7
					430,454,837		21.6

			TOTAL GOVERNMENT BONDS (Cost $723,437,816)		724,288,190		36.5

STRUCTURED ASSETS

ASSET BACKED
			Domino’s Pizza Master Issuer LLC Series-2017 1A (Class A2II)
	14,775,000	g	3.082%, 07/25/47		14,596,223		0.7
			Hilton Grand Vacations Trust Series-2018 AA (Class A)
	10,435,091	g	3.540%, 02/25/32		10,580,751		0.5
			TES LLC Series-2017 1A (Class A)
	12,249,238	g	4.330%, 10/20/47		12,619,272		0.7
			Verizon Owner Trust Series-2018 A (Class B)
	15,905,000		3.380%, 04/20/23		16,184,985		0.8
			Other		79,002,518		4.0
					132,983,749		6.7

OTHER MORTGAGE BACKED
			20 TSQ GroundCo LLC
			Series-2018 20TS (Class D)
	10,000,000	g,i	3.100%, 05/15/35		9,687,690		0.5
			COMM Mortgage Trust
	25,295,895	g,i	2.972%–4.715%, 08/10/29–08/10/50		24,729,580		1.2
			Connecticut Avenue Securities Series-2017 C03 (Class 1M1)
	11,650,642	i	3.436%, 10/25/29, LIBOR 1 M + 0.950%		11,671,087		0.6
	39,262,517	g,i	2.165%–5.136%, 05/25/24–08/25/31,
			LIBOR 1 M + 1.300%–LIBOR 1 M + 2.650%		39,394,805		2.0
			Credit Suisse Commercial Mortgage Trust
			Series-2007 C2 (Class C)
	12,000,000	g,i	5.897%, 01/15/49		14,921,216		0.7
			JP Morgan Mortgage Trust
			Series-2018 9 (Class A15)
	16,299,978	g,i	4.000%, 02/25/49		16,505,801		0.8
			Series-2017 1 (Class A3)
	9,958,755	g,i	3.500%, 01/25/47		9,965,367		0.5
			Series-2017 3 (Class 1A5)
	9,586,392	g,i	3.500%, 08/25/47		9,592,758		0.5
			Series-2017 4 (Class A6)
	11,895,608	g,i	3.000%, 11/25/48		11,895,930		0.6
			Series-2018 8 (Class A15)
	10,902,638	g,i	4.000%, 01/25/49		11,041,477		0.6

Principal			Issuer	Value		% of net assets
OTHER MORTGAGE BACKED—continued
			Sequoia Mortgage Trust Series-2018 2 (Class A4)
$	15,840,389	g,i	3.500%, 02/25/48	$	15,872,371		0.8	%
			Series-2016 1 (Class A10)
	11,565,309	g,i	3.500%, 06/25/46		11,619,122		0.6
			Series-2017 2 (Class A5)
	10,175,433	g,i	3.000%, 02/25/47		9,996,284		0.5
			Series-2017 3 (Class A4)
	11,518,677	g,i	3.500%, 04/25/47		11,584,080		0.6
			Series-2017 6 (Class A4)
	12,952,555	g,i	3.500%, 09/25/47		12,973,363		0.7
			Series-2017 CH2 (Class A10)
	10,634,697	g,i	4.000%, 12/25/47		10,733,968		0.5
			Series-2018 3 (Class A4)
	11,621,676	g,i	3.500%, 03/25/48		11,651,055		0.6
			Series-2018 8 (Class A4)
	13,819,483	g,i	4.000%, 11/25/48		14,027,736		0.7
			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%		13,661,035		0.7
			Structured Agency Credit Risk Debt Note (STACR) Series-2017 DNA2 (Class M1)
	16,530,080	i	3.686%, 10/25/29, LIBOR 1 M + 1.200%		16,618,167		0.8
			Series-2017 DNA3 (Class M1)
	17,107,557	i	3.236%, 03/25/30, LIBOR 1 M + 0.750%		17,096,937		0.9
	22,136,129	i	1.959%–5.086%, 12/25/27–07/25/30, LIBOR 1 M + 0.800%–LIBOR 1 M + 2.600%		22,221,233		1.1
			Other		147,197,488		7.4
					474,658,550		23.9

			TOTAL STRUCTURED ASSETS (Cost $608,029,134)		607,642,299		30.6

			TOTAL BONDS (Cost $1,837,274,303)		1,838,329,970		92.6

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	39,800,000		2.250%, 04/01/19		39,800,000		2.0
					39,800,000		2.0

TREASURY DEBT
			United States Treasury Bill
	25,000,000		2.352%, 09/26/19		24,707,783		1.2
			Other		1,199,084		0.1
					25,906,867		1.3

			TOTAL SHORT-TERM INVESTMENTS (Cost $65,706,864)		65,706,867		3.3

			TOTAL PORTFOLIO (Cost $1,953,359,556)		1,953,740,482		98.4
			OTHER ASSETS & LIABILITIES, NET		31,409,209		1.6

			NET ASSETS	$	1,985,149,691		100.0	%

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments	concluded

Short-Term Bond Fund ■ March 31, 2019

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 3/31/19, the aggregate value of these securities, including those in “Other,” was $729,705,340 or 36.8% 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.

Futures contracts outstanding as of March 31, 2019 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)	(291	)	06/19/19	$(35,583,973	)	$(36,147,656	)	$(563,683	)
US 5 Year Note (CBT)	(510	)	06/28/19	(58,513,251	)	(59,072,344	)	(559,093	)
Total	(801	)		$(94,097,224	)	$(95,220,000	)	$(1,122,776	)


54	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Summary portfolio of investments

Short-Term Bond Index Fund ■ March 31, 2019

Principal		Issuer	Value		% of net assets
BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	297,672		0.1	%
BANKS				31,548,290		6.4
CAPITAL GOODS				5,277,861		1.1
COMMERCIAL & PROFESSIONAL SERVICES				1,066,695		0.2
CONSUMER DURABLES & APPAREL				99,358		0.0
CONSUMER SERVICES				953,716		0.2
DIVERSIFIED FINANCIALS

$	1,200,000	Goldman Sachs Group, Inc 2.300%, 12/13/19		1,196,030		0.2
		Other		22,902,731		4.6
				24,098,761		4.8
ENERGY				7,946,823		1.6
FOOD & STAPLES RETAILING				2,378,242		0.5
FOOD, BEVERAGE & TOBACCO				5,170,254		1.0
HEALTH CARE EQUIPMENT & SERVICES				3,491,382		0.7
HOUSEHOLD & PERSONAL PRODUCTS				308,036		0.1
INSURANCE				2,086,438		0.4
MATERIALS				2,228,274		0.4
MEDIA & ENTERTAINMENT				3,843,897		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				7,029,735		1.4
REAL ESTATE				1,995,378		0.4
RETAILING				1,820,133		0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				1,789,091		0.4
SOFTWARE & SERVICES				2,496,523		0.5
TECHNOLOGY HARDWARE & EQUIPMENT				4,267,826		0.9
TELECOMMUNICATION SERVICES				2,875,608		0.6
TRANSPORTATION				2,195,981		0.4
UTILITIES				5,663,263		1.1
		TOTAL CORPORATE BONDS (Cost $120,612,378)		120,929,237		24.4

GOVERNMENT BONDS

AGENCY SECURITIES
		Federal Home Loan Bank (FHLB)
	2,400,000	1.875%, 03/13/20		2,386,812		0.5
	3,000,000	2.625%, 05/28/20		3,006,740		0.6
	3,000,000	3.000%, 10/12/21		3,054,449		0.6
		Federal Home Loan Mortgage Corp (FHLMC)
	1,500,000	1.875%, 11/17/20		1,488,362		0.3
	2,500,000	2.375%, 01/13/22		2,508,929		0.5

Principal		Issuer	Value		% of net assets
AGENCY SECURITIES—continued
		Federal National Mortgage Association (FNMA)
$	3,000,000	1.500%, 11/30/20	$	2,958,305		0.6	%
	1,500,000	2.625%, 01/11/22		1,514,019		0.3
		Other		3,733,641		0.8
				20,651,257		4.2

FOREIGN GOVERNMENT BONDS
	1,500,000	Asian Development Bank 1.375%, 03/23/20		1,484,527		0.3
		European Investment Bank
	2,000,000	2.875%, 09/15/20		2,012,819		0.4
	2,000,000	2.375%, 05/13/21		1,999,206		0.4
	1,636,000	Inter-American Development Bank 1.375%, 07/15/20		1,614,979		0.3
		International Bank for Reconstruction & Development
	1,200,000	1.875%, 04/21/20		1,192,936		0.2
	2,000,000	1.625%, 02/10/22		1,962,582		0.4
		Kreditanstalt fuer Wiederaufbau
	1,400,000	4.000%, 01/27/20		1,417,367		0.3
	1,500,000	1.875%, 06/30/20		1,490,177		0.3
	2,000,000	2.625%, 04/12/21		2,009,880		0.4
	1,200,000	Province of Ontario Canada 4.400%, 04/14/20		1,222,306		0.3
		Other		19,327,823		3.9
				35,734,602		7.2

MUNICIPAL BONDS				99,894		0.0

U.S. TREASURY SECURITIES
		United States Treasury Note
	14,500,000	2.500%, 05/31/20		14,519,824		2.9
	7,000,000	2.500%, 06/30/20		7,009,844		1.4
	7,700,000	1.500%, 07/15/20		7,615,481		1.5
	2,200,000	2.625%, 07/31/20		2,207,219		0.5
	9,200,000	1.500%, 08/15/20		9,091,109		1.8
	17,000,000	2.625%, 08/31/20		17,061,117		3.4
	5,750,000	1.375%, 09/15/20		5,671,611		1.2
	15,000,000	2.750%, 09/30/20		15,087,891		3.0
	7,450,000	1.625%, 10/15/20		7,369,389		1.5
	2,000,000	2.875%, 10/31/20		2,016,484		0.4
	8,500,000	1.750%, 11/15/20		8,421,641		1.7
	2,000,000	2.750%, 11/30/20		2,013,750		0.4
	6,250,000	1.875%, 12/15/20		6,203,613		1.3
	7,000,000	2.500%, 12/31/20		7,022,148		1.4
	9,900,000	2.000%, 01/15/21		9,847,020		2.0
	2,500,000	2.500%, 01/31/21		2,509,180		0.5
	15,500,000	2.250%, 02/15/21		15,486,074		3.1
	5,900,000	2.500%, 02/28/21		5,923,738		1.2
	7,000,000	2.375%, 03/15/21		7,012,852		1.4
	22,500,000	2.250%, 03/31/21		22,492,969		4.5
	5,150,000	2.375%, 04/15/21		5,160,260		1.0
	11,600,000	2.625%, 05/15/21		11,683,375		2.4
	10,250,000	2.625%, 06/15/21		10,332,481		2.1
	16,250,000	2.625%, 07/15/21		16,382,031		3.3
	12,250,000	2.750%, 08/15/21		12,388,769		2.5
	11,500,000	2.750%, 09/15/21		11,637,910		2.4
	9,000,000	2.875%, 10/15/21		9,138,867		1.8
	17,750,000	2.875%, 11/15/21		18,032,891		3.6
	14,250,000	2.625%, 12/15/21		14,397,510		2.9
	20,500,000	2.500%, 01/15/22		20,645,742		4.2

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments	concluded

Short-Term Bond Index Fund ■ March 31, 2018

Principal		Issuer	Value			% of net assets
U.S. TREASURY SECURITIES—continued
$	10,000,000	United States Treasury Note—continued 2.375%, 03/15/22	$	10,046,875			2.0	%
		Other		1,007,617			0.2
				315,437,282			63.5
		TOTAL GOVERNMENT BONDS (Cost $370,599,679)		371,923,035			74.9

		TOTAL BONDS (Cost $491,212,057)		492,852,272			99.3

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

	3,500,000	Federal Home Loan Bank (FHLB) 2.250%, 04/01/19		3,500,000			0.7
				3,500,000			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,500,000)		3,500,000			0.7

		TOTAL PORTFOLIO (Cost $494,712,057)		496,352,272			100.0
		OTHER ASSETS & LIABILITIES, NET		(200,400	)		(0.0	)

		NET ASSETS	$	496,151,872			100.0	%

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

At 3/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,604,910 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

Social Choice Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS

COMMERCIAL & PROFESSIONAL SERVICES				$	3,440,959	0.1	%
CONSUMER DURABLES & APPAREL					443,459	0.0
ENERGY					7,133,223	0.2
MATERIALS					2,949,496	0.1
TECHNOLOGY HARDWARE & EQUIPMENT					4,199,601	0.1
UTILITIES					5,679,859	0.2
			TOTAL BANK LOAN OBLIGATIONS (Cost $24,561,908)		23,846,597	0.7
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					30,255,751	0.9
BANKS
			BB&T Corp
$	10,000,000		3.700%, 06/05/25		10,380,123	0.3
	12,000,000		3.875%, 03/19/29		12,133,723	0.4
			BNG Bank NV
	10,000,000	g	3.125%, 11/08/21		10,185,131	0.3
			ING Groep NV
	13,875,000	g	4.625%, 01/06/26		14,564,556	0.5
			KeyCorp
	10,000,000		4.100%, 04/30/28		10,421,518	0.3
			People’s United Bank NA
	10,310,000		4.000%, 07/15/24		10,416,843	0.3
			SVB Financial Group
	10,712,000		3.500%, 01/29/25		10,587,321	0.4
			Other		223,035,601	7.0
					301,724,816	9.5
CAPITAL GOODS					34,062,868	1.1
COMMERCIAL & PROFESSIONAL SERVICES					9,688,850	0.3
CONSUMER DURABLES & APPAREL					7,018,587	0.2
CONSUMER SERVICES					28,632,890	0.9
DIVERSIFIED FINANCIALS
			Unilever Capital Corp
	15,750,000		2.000%, 07/28/26		14,695,737	0.5
			Other		86,438,509	2.7
					101,134,246	3.2
ENERGY					90,182,852	2.9
HEALTH CARE EQUIPMENT & SERVICES					42,712,217	1.3
HOUSEHOLD & PERSONAL PRODUCTS					6,322,647	0.2
INSURANCE					22,850,778	0.7
MATERIALS
			Klabin Austria GmbH
	14,000,000	g	7.000%, 04/03/49		13,951,000	0.4
			WRKCo, Inc
	9,600,000		4.650%, 03/15/26		10,190,560	0.3
			Other		46,920,268	1.5
					71,061,828	2.2

Principal			Issuer	Value		% of net assets
MEDIA & ENTERTAINMENT				$	7,660,375	0.2	%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Merck & Co, Inc
$	11,500,000		3.900%, 03/07/39		11,857,193	0.4
			Other		49,571,702	1.5
					61,428,895	1.9
REAL ESTATE
			Kilroy Realty LP
	11,150,000		4.750%, 12/15/28		11,870,376	0.4
			Other		39,706,794	1.2
					51,577,170	1.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,312,409	0.2

TECHNOLOGY HARDWARE & EQUIPMENT					8,901,876	0.3

TELECOMMUNICATION SERVICES
			Telefonica Emisiones SAU
	11,000,000		5.520%, 03/01/49		11,528,734	0.4
			Verizon Communications, Inc
	11,000,000	i	3.784%, 05/15/25, LIBOR 3 M + 1.100%		11,001,100	0.3
	11,575,000		4.272%, 01/15/36		11,724,248	0.4
			Other		10,048,156	0.3
					44,302,238	1.4
TRANSPORTATION
			Union Pacific Railroad Co
	11,495,878		2.695%, 05/12/27		11,277,683	0.3
			United Parcel Service, Inc
	10,000,000		4.250%, 03/15/49		10,417,275	0.3
			Other		62,546,187	2.0
					84,241,145	2.6
UTILITIES
			Avista Corp
	10,025,000		4.350%, 06/01/48		10,645,777	0.3
			Brooklyn Union Gas Co
	10,000,000	g	4.487%, 03/04/49		10,779,673	0.4
			DTE Energy Co
	12,000,000		2.850%, 10/01/26		11,437,672	0.4
			MidAmerican Energy Co
	14,900,000		3.650%, 04/15/29		15,521,953	0.5
			Southern Power Co
	10,065,000		4.150%, 12/01/25		10,425,529	0.3
			Other		163,798,277	5.1
					222,608,881	7.0

			TOTAL CORPORATE BONDS (Cost $1,214,819,613)		1,233,681,319	38.6

GOVERNMENT BONDS

AGENCY SECURITIES
			Abay Leasing LLC
	11,431,250		2.654%, 11/09/26		11,465,912	0.4
			NCUA Guaranteed Notes
	13,360,000	†	3.000%, 06/12/19		13,368,951	0.4
	13,193,000	†	3.450%, 06/12/21		13,412,004	0.4

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

continued

Social Choice Bond Fund ■ March 31, 2019

Principal			Issuer	Value		% of net assets
AGENCY SECURITIES—continued
			Overseas Private Investment Corp (OPIC)
$	61,698,607	j	0.000%–4.140%, 07/23/19–06/15/35	$	63,303,181		2.0	%
			Ukraine Government AID International Bonds
	13,410,000		1.471%, 09/29/21		13,139,051		0.4
			Other		241,664,764		7.6
					356,353,863		11.2

FOREIGN GOVERNMENT BONDS
			Asian Development Bank
	11,000,000		3.125%, 09/26/28		11,529,423		0.4
			Province of Ontario Canada
	12,500,000		3.050%, 01/29/24		12,778,715		0.4
			Other		160,225,965		5.0
					184,534,103		5.8

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	20,722,670		3.500%, 03/01/48		21,169,552		0.7
			Federal National Mortgage Association (FNMA)
	10,000,000	i	3.325%, 06/25/28		10,288,880		0.3
	14,494,057	h	3.000%, 11/01/46		14,434,585		0.4
	12,591,845		3.500%, 01/01/47		12,778,761		0.4
	21,991,475		4.000%, 04/01/48		22,706,404		0.7
	17,820,398	h	4.000%, 08/01/48		18,370,600		0.6
	20,169,844	h	4.500%, 12/01/48		21,076,592		0.7
	62,901,342	h	1.625%–5.500%, 01/21/20–04/25/49		64,345,127		2.0
			Government National Mortgage Association (GNMA)
	10,636,950		3.500%, 12/20/47		10,877,159		0.3
			Other		71,949,469		2.3
					267,997,129		8.4

MUNICIPAL BONDS
			Chicago Housing Authority
	10,000,000		4.361%, 01/01/38		10,573,500		0.3
			Other		304,777,542		9.6
					315,351,042		9.9

U.S. TREASURY SECURITIES
			United States Treasury Bond
	19,740,000		2.875%, 11/15/46		20,029,931		0.6
	34,695,000		3.000%, 05/15/47		36,038,076		1.1
	49,246,000		3.375%, 11/15/48		54,934,297		1.7
			United States Treasury Note
	19,275,000		2.625%, 12/31/23		19,612,312		0.6
	33,065,000		2.375%, 02/29/24		33,298,780		1.0
	18,205,000		2.875%, 04/30/25		18,808,041		0.6
	17,040,000		2.750%, 06/30/25		17,487,300		0.5
	14,250,000		2.750%, 08/31/25		14,626,846		0.5
	49,115,000		2.500%, 02/28/26		49,698,241		1.6
	37,259,000		2.625%, 02/15/29		37,983,804		1.2
			Other		20,902,112		0.7
					323,419,740		10.1
			TOTAL GOVERNMENT BONDS (Cost $1,424,343,605)		1,447,655,877		45.4

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS

ASSET BACKED
			HERO Funding Trust
$	42,816,348	†,g	3.080%–4.670%, 09/21/40–09/20/48	$	43,566,993		1.4	%
			Other		96,009,930		3.0
					139,576,923		4.4
OTHER MORTGAGE BACKED					243,545,400		7.6
			TOTAL STRUCTURED ASSETS (Cost $384,040,784)		383,122,323		12.0

			TOTAL BONDS (Cost $3,023,204,002)		3,064,459,519		96.0

Shares			Company
PREFERRED STOCKS
BANKS					257,078		0.0
			TOTAL PREFERRED STOCKS (Cost $255,625)		257,078		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	50,000,000		2.250%, 04/01/19		50,000,000		1.6
					50,000,000		1.6
TREASURY DEBT
			United States Treasury Bill
	61,100,000		2.386%, 04/02/19		61,095,969		1.9
	24,625,000		2.371%, 04/09/19		24,611,935		0.8
			Other		2,291,465		0.1
					87,999,369		2.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $137,999,446)		137,999,369		4.4

			TOTAL PORTFOLIO (Cost $3,186,020,981)		3,226,562,563		101.1
			OTHER ASSETS & LIABILITIES, NET		(34,394,710	)	(1.1	)
			NET ASSETS	$	3,192,167,853		100.0	%

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments

concluded

Social Choice Bond Fund ■ March 31, 2019

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 3/31/19, the aggregate value of these securities, including those in “Other,” was $658,580,303 or 20.6% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
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.

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Summary portfolio of investments

Money Market Fund ■ March 31, 2019

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
		Federal Agricultural Mortgage Corp (FAMC)
$	30,055,000	0.010%, 04/01/19–07/25/19	$	29,954,865		2.4	%
		Federal Farm Credit Bank (FFCB)
	11,560,000	0.010%, 05/28/19		11,516,151		0.9
	79,520,000	0.010%, 04/02/19–07/03/19		79,283,553		6.4
		Federal Home Loan Bank (FHLB)
	270,000,000	0.010%, 04/01/19		270,000,000		21.5
	10,400,000	0.010%, 04/08/19		10,395,114		0.8
	10,690,000	0.010%, 04/09/19		10,684,284		0.9
	17,839,000	0.010%, 04/10/19		17,828,228		1.4
	9,707,000	0.010%, 04/12/19		9,699,828		0.8
	15,215,000	0.010%, 04/15/19		15,200,838		1.2
	9,490,000	0.010%, 04/22/19		9,476,663		0.8
	9,000,000	0.010%, 04/23/19		8,986,702		0.7
	10,000,000	0.010%, 04/29/19		9,981,294		0.8
	21,590,000	0.010%, 05/03/19		21,543,862		1.7
	9,000,000	0.010%, 05/06/19		8,978,976		0.7
	15,000,000	0.010%, 05/10/19		14,961,054		1.2
	15,950,000	0.010%, 05/22/19		15,895,340		1.3
	15,150,000	0.010%, 05/24/19		15,096,020		1.2
	9,132,000	0.010%, 05/29/19		9,096,245		0.7
	11,000,000	0.010%, 05/31/19		10,955,592		0.9
	11,840,000	0.010%, 06/03/19		11,790,123		0.9
	11,200,000	0.010%, 06/07/19		11,149,603		0.9
	12,425,000	0.010%, 06/11/19		12,366,016		1.0
	10,275,000	0.010%, 06/18/19		10,221,236		0.8
	10,000,000	0.010%, 06/28/19		9,940,752		0.8
	158,177,000	0.010%, 04/02/19–06/26/19		157,639,955		12.6
		Federal Home Loan Mortgage Corp (FHLMC)
	14,000,000	0.010%, 04/17/19		13,985,078		1.1
	11,650,000	0.010%, 04/24/19		11,632,211		0.9
	11,000,000	0.010%, 05/13/19		10,969,212		0.9
	10,000,000	0.010%, 05/21/19		9,966,944		0.8
	10,930,000	0.010%, 09/24/19		10,800,784		0.9
	63,295,000	0.010%, 04/02/19–06/19/19		63,073,821		5.0
		Federal National Mortgage Association (FNMA)
	10,505,000	0.010%, 04/03/19		10,503,602		0.8
	10,725,000	0.010%, 04/16/19		10,714,608		0.9
	13,375,000	0.010%, 05/01/19		13,348,435		1.1
	9,000,000	0.010%, 05/14/19		8,974,487		0.7
	14,250,000	0.010%, 05/15/19		14,208,267		1.1
	85,777,000	0.010%, 04/02/19–06/26/19		85,555,561		6.8
				1,056,375,304		84.3

TREASURY DEBT
		United States Treasury Bill
	20,655,000	0.010%, 04/04/19		20,650,915		1.6
	17,380,000	0.010%, 04/11/19		17,368,474		1.4
	9,010,000	0.010%, 04/18/19		8,999,851		0.7
	25,950,000	0.010%, 04/25/19		25,909,002		2.1
	14,000,000	0.010%, 05/02/19		13,971,385		1.1
	17,000,000	0.010%, 05/09/19		16,957,066		1.4
	14,000,000	0.010%, 05/16/19		13,958,262		1.1
	12,000,000	0.010%, 05/23/19		11,958,556		1.0
	15,000,000	0.010%, 05/30/19		14,941,568		1.2
	9,925,000	0.010%, 10/10/19		9,796,412		0.8
	14,450,000	0.010%, 11/07/19		14,233,831		1.1
	39,550,000	0.010%, 04/02/19–07/05/19		39,417,912		3.1

Principal			Issuer		Value		% of net assets
TREASURY DEBT—continued
			United States Treasury Note
$	12,665,000		1.000%, 11/15/19	$	12,544,749		1.0	%
			Other		11,939,859		0.9
					232,647,842		18.5

VARIABLE RATE SECURITIES
			Federal Agricultural Mortgage Corp (FAMC)
	40,500,000	i	2.420%–2.560%, 04/01/19–08/28/20,
			EFFR + 0.010%–EFFR + 0.150%		40,500,000		3.2
			Federal Farm Credit Bank (FFCB)
	9,755,000	i	2.480%, 01/27/20, US Treasury Bill 3 M + 0.055%		9,755,554		0.8
	11,500,000	i	2.520%, 02/20/20, FRED-2.980%		11,499,581		0.9
	61,000,000	i	2.356%–2.630%, 04/15/19–01/19/21,
			LIBOR 1 M–0.125%–FRED–2.870%		60,986,658		4.9
			Federal Home Loan Bank (FHLB)
	15,000,000	i	2.422%–2.490%, 05/15/19–09/10/19,
			LIBOR 1 M–0.070%–SOFR + 0.060%		14,999,988		1.2
			Federal Home Loan Mortgage Corp (FHLMC)
	11,250,000	i	2.392%, 08/08/19, LIBOR 1 M-0.100%		11,250,023		0.9
	19,500,000	i	2.414%–2.630%, 05/08/19–08/27/19,
			LIBOR 3 M–0.225%–LIBOR 3 M–0.165%		19,500,375		1.5
			United States Treasury Floating Rate Note
	14,000,000	i	2.473%, 10/31/19, US Treasury Bill 3 M + 0.048%		14,002,715		1.1
	23,000,000	i	2.473%, 04/30/20, US Treasury Bill 3 M + 0.033%		23,000,338		1.8
	12,000,000	i	2.473%, 10/31/20, US Treasury Bill 3 M + 0.045%		11,990,207		1.0
			Other		10,999,971		0.9
					228,485,410		18.2

			TOTAL SHORT-TERM INVESTMENTS (Cost $1,517,508,556)		1,517,508,556		121.0

			TOTAL PORTFOLIO (Cost $1,517,508,556)		1,517,508,556		121.0
			OTHER ASSETS & LIABILITIES, NET		(263,133,308	)	(21.0	)
			NET ASSETS	$	1,254,375,248		100.0	%

Abbreviation(s):

EFFR	Effective Federal Funds Rate
FRED	Federal Bank Prime Loan Rate
LIBOR	London Interbank Offered Rate
M	Month
SOFR	Secure Overnight Financing Rate

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.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Statements of assets and liabilities

TIAA-CREF Funds ■ March 31, 2019

Fund		Bond Fund			Bond Index Fund		Bond Plus Fund			5–15 Year Laddered Tax-Exempt Bond Fund			Green Bond Fund
ASSETS
Portfolio investments, at value^†		$	6,023,604,801		$	11,422,242,380	$	4,300,906,907			$	256,649,646	$	26,780,576
Cash^#§			96,409,250			55,733		37,945,598				11,363,710		7,114
Receivable from securities transactions			14,117,512			65,205,661		2,325,430				1,884,811		253,599
Receivable for delayed delivery securities			94,477,508			—		142,643,211				—		—
Receivable from Fund shares sold			4,687,292			4,786,517		10,499,283				14,506		5,011
Dividends and interest receivable			35,272,700			67,469,266		27,014,367				2,912,671		187,354
Due from affiliates			156,034			70,257		98,167				8,950		9,282
Swap premiums paid			493,937			—		—				—		—
Unrealized appreciation on swap contracts			65,962			—		130,527				—		—
Other			262,219			396,495		189,351				44,909		104
Total assets			6,269,547,215			11,560,226,309		4,521,752,841				272,879,203		27,243,040
LIABILITIES
Management fees payable			231,886			155,337		168,044				9,268		1,470
Service agreement fees payable			214,255			9,009		17,943				21		21
Distribution fees payable			21,246			7,674		55,362				55,974		407
Due to affiliates			50,012			75,440		46,541				17,798		21,823
Payable for securities transactions			80,704,248			108,333,173		36,373,330				—		246,150
Payable for delayed delivery securities			157,295,054			69,541,835		176,893,452				1,393,538		—
Payable for Fund shares redeemed			84,061,756			16,140,704		4,175,816				54,093		—
Income distribution payable			12,235,049			11,430,220		9,004,570				45,217		100,681
Payable for variation margin on futures contracts			—			—		—				—		—
Payable for variation margin on centrally cleared swap contracts			123,805			—		513,872				—		—
Payable for cross currency swap premiums received			—			—		51,598				—		—
Payable for trustee compensation			282,225			404,121		200,735				45,095		138
Unfunded loan commitment			1,407			—		—				—		—
Accrued expenses and other payables			268,592			418,725		136,057				25,631		32,334
Total liabilities			335,489,535			206,516,238		227,637,320				1,646,635		403,024
NET ASSETS		$	5,934,057,680		$	11,353,710,071	$	4,294,115,521			$	271,232,568	$	26,840,016
NET ASSETS CONSIST OF:
Paid-in-capital		$	5,957,038,971		$	11,315,496,401	$	4,342,854,100			$	265,395,195	$	25,997,463
Total distributable earnings (loss)			(22,981,291	)		38,213,670		(48,738,579	)			5,837,373		842,553
NET ASSETS		$	5,934,057,680		$	11,353,710,071	$	4,294,115,521			$	271,232,568	$	26,840,016
^†	Portfolio investments, cost	$	5,975,842,102		$	11,341,229,922	$	4,279,065,083			$	251,099,107	$	26,048,134
^#	Includes cash collateral for open futures or open swap contracts of	$	—		$	—	$	100,000			$	—	$	—
^§	Includes cash collateral for mortgage dollar rolls of	$	17,350,000		$	—	$	9,600,000			$	—	$	—

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

			Inflation-Linked		Short Duration		Short-Term			Short-Term Bond			Social Choice		Money Market
High-Yield Fund			Bond Fund		Impact Bond Fund		Bond Fund			Index Fund			Bond Fund		Fund

$	4,187,708,756		$	3,073,276,575	$	26,899,869	$	1,953,740,482		$	496,352,272		$	3,226,562,563	$	1,517,508,556
	2,222,190			863,050		13,370		2,087,399			36,653			5,419,124		17,197
	5,941,431			16,065,443		—		70,465			34,934,043			503,864		—
	—			—		—		—			—			47,464,700		—
	2,500,250			8,334,467		—		126,832,191			4,490,411			9,103,314		2,276,342
	63,057,910			6,992,921		136,475		10,245,018			3,133,020			20,963,268		782,212
	13,938			39,026		9,229		26,618			7,567			88		4,950
	—			—		—		—			—			—		—
	—			—		—		—			—			—		—
	—			176,224		104		102,662			6,628			43,283		—
	4,261,444,475			3,105,747,706		27,059,047		2,093,104,835			538,960,594			3,310,060,204		1,520,589,257

	190,541			101,263		1,103		62,393			4,696			147,796		20,012
	15,410			7,732		3		5,598			1,974			81,434		7,362
	72,963			21,844		363		24,759			618			40,307		68,954
	46,337			40,453		21,827		34,321			27,462			36,005		30,302
	23,742,465			10,211,537		—		96,115,130			41,893,380			21,911,888		—
	73,637,500			—		99,500		7,500,000			—			86,206,656		—
	8,178,071			318,556		3,731		775,305			15,815			7,017,417		265,979,085
	2,970,825			—		73,862		2,130,129			821,731			2,169,391		8,093
	—			464,844		—		1,120,766			—			—		—
	—			—		—		—			—			—		—
	—			—		—		—			—			—		—
	216,300			178,444		142		115,581			6,785			45,295		830
	2,785			—		—		—			—			—		—
	335,836			98,771		30,763		71,162			36,261			236,162		99,371
	109,409,033			11,443,444		231,294		107,955,144			42,808,722			117,892,351		266,214,009
$	4,152,035,442		$	3,094,304,262	$	26,827,753	$	1,985,149,691		$	496,151,872		$	3,192,167,853	$	1,254,375,248

$	4,311,778,827		$	3,077,704,145	$	26,609,412	$	1,994,886,676		$	497,318,959		$	3,163,952,356	$	1,254,384,006
	(159,743,385	)		16,600,117		218,341		(9,736,985	)		(1,167,087	)		28,215,497		(8,758	)
$	4,152,035,442		$	3,094,304,262	$	26,827,753	$	1,985,149,691		$	496,151,872		$	3,192,167,853	$	1,254,375,248
$	4,212,200,236		$	3,044,277,955	$	26,717,846	$	1,953,359,556		$	494,712,057		$	3,186,020,981	$	1,517,508,556

$	—		$	287,500	$	—	$	686,550		$	—		$	—	$	—
$	—		$	—	$	—	$	—		$	—		$	2,927,560	$	—

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Statements of assets and liabilities

TIAA-CREF Funds ■ March 31, 2019

Fund	Bond Fund		Bond Index Fund		Bond Plus Fund		5–15 Year Laddered Tax-Exempt Bond Fund			Green Bond Fund
INSTITUTIONAL CLASS:
Net assets	$	954,430,489	$	6,445,380,116	$	1,185,094,452		$	5,090,991	$	21,750,754
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		92,751,822		598,815,305		114,447,508			482,630		2,105,555
Net asset value per share	$	10.29	$	10.76	$	10.35		$	10.55	$	10.33
ADVISOR CLASS:
Net assets	$	933,420,350	$	1,138,557	$	35,007,158		$	228,253	$	1,033,018
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		90,651,625		105,787		3,377,689			21,642		100,000
Net asset value per share	$	10.30	$	10.76	$	10.36		$	10.55	$	10.33
PREMIER CLASS:
Net assets	$	14,728,647	$	21,378,693	$	10,707,246		$	—	$	1,033,019
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,430,645		1,986,688		1,034,098			—		100,000
Net asset value per share	$	10.30	$	10.76	$	10.35		$	—	$	10.33
RETIREMENT CLASS:
Net assets	$	197,645,320	$	258,786,635	$	436,641,117		$	—	$	1,620,384
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		18,862,113		24,035,273		42,113,748			—		156,850
Net asset value per share	$	10.48	$	10.77	$	10.37		$	—	$	10.33
RETAIL CLASS:
Net assets	$	92,454,824	$	21,543,755	$	256,549,271		$	265,913,324	$	1,402,841
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		8,831,436		2,000,823		24,727,006			25,183,556		135,790
Net asset value per share	$	10.47	$	10.77	$	10.38		$	10.56	$	10.33
CLASS W:
Net assets	$	3,741,378,050	$	4,605,482,315	$	2,370,116,277		$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		363,583,728		427,883,468		228,884,670			—		—
Net asset value per share	$	10.29	$	10.76	$	10.36		$	—	$	—

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

concluded

		Inflation-Linked		Short Duration		Short-Term		Short-Term Bond		Social Choice		Money Market
High-Yield Fund		Bond Fund		Impact Bond Fund		Bond Fund		Index Fund		Bond Fund		Fund

$	3,105,792,763	$	1,634,249,727	$	22,598,510	$	902,949,596	$	43,990,146	$	1,961,313,513	$	704,326,206

	323,323,440		144,806,948		2,241,512		87,740,513		4,439,328		190,703,563		704,322,932
$	9.61	$	11.29	$	10.08	$	10.29	$	9.91	$	10.28	$	1.00

$	13,909,617	$	300,487	$	1,008,188	$	7,874,852	$	867,956	$	554,142,874	$	1,426,235

	1,449,448		26,622		100,000		765,438		87,580		53,850,305		1,426,235
$	9.60	$	11.29	$	10.08	$	10.29	$	9.91	$	10.29	$	1.00

$	32,528,306	$	3,489,703	$	1,008,188	$	8,521,990	$	636,272	$	36,826,897	$	28,208,692

	3,382,235		309,910		100,000		827,266		64,245		3,578,910		28,208,620
$	9.62	$	11.26	$	10.08	$	10.30	$	9.90	$	10.29	$	1.00

$	385,205,159	$	222,320,949	$	1,094,538	$	110,522,898	$	52,082,407	$	467,437,075	$	210,962,550

	40,086,932		19,566,923		108,564		10,726,717		5,256,079		45,439,193		210,961,220
$	9.61	$	11.36	$	10.08	$	10.30	$	9.91	$	10.29	$	1.00

$	324,373,091	$	101,245,032	$	1,118,329	$	111,808,486	$	2,651,513	$	172,447,494	$	309,451,565

	33,617,850		9,208,436		110,927		10,855,856		267,620		16,777,213		309,440,025
$	9.65	$	10.99	$	10.08	$	10.30	$	9.91	$	10.28	$	1.00

$	290,226,506	$	1,132,698,364	$	—	$	843,471,869	$	395,923,578	$	—	$	—

	30,212,530		100,301,633		—		81,961,326		39,955,236		—		—
$	9.61	$	11.29	$	—	$	10.29	$	9.91	$	—	$	—

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Statements of operations

TIAA-CREF Funds ■ For the period or year ended March 31, 2019

											5–15 Year Laddered
											Tax-Exempt
Fund		Bond Fund			Bond Index Fund			Bond Plus Fund			Bond Fund			Green Bond Fund^§
INVESTMENT INCOME
Interest*		$	192,163,309		$	300,023,314		$	153,406,737		$	7,699,641		$	395,946
Dividends			22,786			—			91,180			—			—
Total income			192,186,095			300,023,314			153,497,917			7,699,641			395,946
EXPENSES
Management fees			15,341,171			10,390,024			11,805,834			700,896			38,024
Shareholder servicing – Institutional Class			3,691			9,788			3,367			106			1,744
Shareholder servicing – Advisor Class			898,413			839			13,890			110			1,506
Shareholder servicing – Premier Class			63			81			42			—			1,511
Shareholder servicing – Retirement Class			507,355			525,279			1,095,698			—			2,698
Shareholder servicing – Retail Class			42,111			16,671			166,442			72,272			2,944
Shareholder servicing – Class W^†			1,897			2,075			1,447			—			—
Distribution fees – Premier Class			21,762			43,261			16,192			—			562
Distribution fees – Retail Class			231,863			51,141			637,851			651,573			1,039
Registration fees			268,522			133,002			115,165			76,036			96,958
Administrative service fees			174,606			260,740			154,959			56,947			40,753
Shareholder reports			148,477			193,198			79,201			12,369			15,750
Professional fees			121,050			179,814			114,741			49,780			71,530
Trustee fees and expenses			71,719			137,604			55,057			3,480			119
Other expenses			340,982			475,678			153,080			32,881			21,153
Total expenses			18,173,682			12,419,195			14,412,966			1,656,450			296,291
^Less:	Expenses reimbursed by the investment adviser		(5,446,738	)		(2,275,774	)		(3,427,913	)		(97,971	)		(250,460	)
	Fee waiver by investment adviser and TPIS		—			—			—			—			—
Net expenses			12,726,944			10,143,421			10,985,053			1,558,479			45,831
Net investment income (loss)			179,459,151			289,879,893			142,512,864			6,141,162			350,115
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			(30,964,127	)		(29,370,450	)		(28,665,548	)		486,315			109,026
Futures contracts			—			—			—			—			—
Swap contracts			(2,159,265	)		—			(308,791	)		—			—
Foreign currency transactions			(1,594,877	)		—			(2,515,583	)		—			—
Net realized gain (loss) on total investments			(34,718,269	)		(29,370,450	)		(31,489,922	)		486,315			109,026
Change in unrealized appreciation (depreciation) on:
Portfolio investments^‡			109,089,938			226,670,357			74,388,670			7,133,946			732,442
Affiliated investments			—			—			—			—			—
Futures contracts			—			—			—			—			—
Swap contracts			(1,089,583	)		—			(29,297	)		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(1,467	)		—			2,319			—			—
Unfunded loan commitment			(1,407	)		—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			107,997,481			226,670,357			74,361,692			7,133,946			732,442
Net realized and unrealized gain (loss) on total investments			73,279,212			197,299,907			42,871,770			7,620,261			841,468
Net increase (decrease) in net assets from operations		$	252,738,363		$	487,179,800		$	185,384,634		$	13,761,423		$	1,191,583
*	Net of foreign withholding taxes of	$	68,262		$	8,281		$	71,326		$	—		$	—
^†	Class W commenced operations on September 28, 2018.
^‡	Includes net changes in unrealized foreign capital gains taxes of	$	2,316		$	—		$	—		$	—		$	—
^§	For the period November 16, 2018 to March 31, 2019.


66	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

			Inflation-Linked			Short Duration			Short-Term			Short-Term Bond			Social Choice			Money Market
High-Yield Fund			Bond Fund			Impact Bond Fund		^§	Bond Fund			Index Fund			Bond Fund			Fund

$	244,195,658		$	58,782,594		$	337,166		$	50,964,952		$	9,531,611		$	86,746,262		$	22,659,227
	4,149,249			—			—			—			—			15,938			—
	248,344,907			58,782,594			337,166			50,964,952			9,531,611			86,762,200			22,659,227

	13,489,352			7,168,550			28,575			4,417,865			292,857			8,728,293			1,066,789
	7,253			4,362			1,745			1,932			900			17,399			697
	10,633			305			1,506			2,583			931			270,771			212
	94			35			1,511			39			37			8,891			46
	1,003,476			588,849			2,506			271,587			99,356			1,010,657			393,367
	95,444			75,458			2,915			69,605			4,035			48,353			273,289
	1,689			1,998			—			1,789			1,683			—			—
	55,428			5,897			555			12,415			967			49,840			39,898
	992,501			263,403			977			289,936			5,582			418,825			754,885
	144,335			104,020			96,958			125,192			94,731			148,186			131,875
	152,326			135,732			40,756			115,425			93,416			124,491			98,522
	155,617			65,292			15,742			48,578			16,467			76,900			28,397
	99,123			71,981			71,360			76,870			65,370			82,564			54,639
	52,972			39,719			123			23,851			5,494			33,121			13,867
	102,399			109,810			21,240			85,611			56,279			316,693			99,643
	16,362,642			8,635,411			286,469			5,543,278			738,105			11,334,984			2,956,126
	(490,839	)		(1,350,630	)		(249,699	)		(936,036	)		(335,611	)		(10,592	)		(248,997	)
	—			—			—			—			(136,644	)		—			—
	15,871,803			7,284,781			36,770			4,607,242			265,850			11,324,392			2,707,129
	232,473,104			51,497,813			300,396			46,357,710			9,265,761			75,437,808			19,952,098

	12,470,426			(3,235,359	)		35,298			(6,238,573	)		(2,072,523	)		(2,731,497	)		(164	)
	—			(602,268	)		—			(1,276,521	)		—			—			—
	—			—			—			—			—			—			—
	—			—			—			(136,182	)		—			—			—
	12,470,426			(3,837,627	)		35,298			(7,651,276	)		(2,072,523	)		(2,731,497	)		(164	)

	7,380,464			30,340,686			182,023			16,277,907			5,698,215			56,483,610			—
	(3,495,143	)		—			—			—			—			—			—
	—			(240,247	)		—			(581,646	)		—			—			—
	—			—			—			—			—			—			—

	—			—			—			(2,341	)		—			—			—
	(2,785	)		—			—			—			—			—			—

	3,882,536			30,100,439			182,023			15,693,920			5,698,215			56,483,610			—

	16,352,962			26,262,812			217,321			8,042,644			3,625,692			53,752,113			(164	)
$	248,826,066		$	77,760,625		$	517,717		$	54,400,354		$	12,891,453		$	129,189,921		$	19,951,934
$	—		$	—		$	—		$	—		$	1,188		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	—		$	—


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report	67

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Bond Fund						Bond Index Fund
		March 31,			March 31,			March 31,			March 31,
		2019			2018		^a	2019			2018		^a
OPERATIONS
Net investment income (loss)		$	179,459,151		$	128,869,718		$	289,879,893		$	210,999,466
Net realized gain (loss) on total investments			(34,718,269	)		(7,287,684	)		(29,370,450	)		(2,941,458	)
Net change in unrealized appreciation (depreciation) on total investments			107,997,481			(53,347,902	)		226,670,357			(154,274,347	)
Net increase (decrease) in net assets from operations			252,738,363			68,234,132			487,179,800			53,783,661
DISTRIBUTIONS TO SHAREHOLDERS^b,c
Dividends to shareholders:	Institutional Class		(84,264,953	)		(121,297,395	)		(222,285,213	)		(209,429,121	)
	Advisor Class		(20,187,157	)		(62,917	)		(20,766	)		(77,700	)
	Premier Class		(443,698	)		(774,622	)		(755,167	)		(747,711	)
	Retirement Class		(6,011,591	)		(6,020,602	)		(5,311,316	)		(3,422,435	)
	Retail Class		(2,712,783	)		(2,582,163	)		(498,977	)		(467,720	)
	Class W^†		(65,292,643	)		—			(60,994,591	)		—
Total distributions			(178,912,825	)		(130,737,699	)		(289,866,030	)		(214,144,687	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		902,949,225			1,116,877,120			2,051,352,268			3,388,731,688
	Advisor Class		1,009,711,596			5,321,986			1,124,623			755,683
	Premier Class		5,814,161			5,073,913			7,187,488			12,641,847
	Retirement Class		17,535,480			23,011,209			94,923,704			59,552,702
	Retail Class		9,556,773			23,763,171			3,215,759			4,891,405
	Class W^†		580,901,420			—			901,699,418			—
Reinvestments of distributions:	Institutional Class		20,730,066			17,869,423			169,808,559			144,564,864
	Advisor Class		19,930,219			2,944			18,178			1,315
	Premier Class		440,088			774,328			754,917			747,492
	Retirement Class		6,011,067			6,020,195			5,309,213			3,422,335
	Retail Class		2,563,860			2,453,307			479,732			446,117
	Class W^†		—			—			—			—
Transfers in connection with new class:	Institutional Class		(3,654,605,282	)		—			(3,995,413,006	)		—
	Class W^†		3,654,605,282			—			3,995,413,006			—
Redemptions:	Institutional Class		(607,787,245	)		(510,418,508	)		(1,393,079,061	)		(1,190,909,377	)
	Advisor Class		(119,001,545	)		(291,610	)		(321,821	)		(5,130,152	)
	Premier Class		(17,212,636	)		(7,622,657	)		(20,632,767	)		(9,106,133	)
	Retirement Class		(41,303,930	)		(37,101,164	)		(26,179,478	)		(19,435,596	)
	Retail Class		(17,658,717	)		(18,491,057	)		(3,440,606	)		(5,550,086	)
	Class W^†		(598,107,317	)		—			(428,967,937	)		—
Net increase (decrease) from shareholder transactions			1,175,072,565			627,242,600			1,363,252,189			2,385,624,104
Net increase (decrease) in net assets			1,248,898,103			564,739,033			1,560,565,959			2,225,263,078
NET ASSETS
Beginning of period			4,685,159,577			4,120,420,544			9,793,144,112			7,567,881,034
End of period		$	5,934,057,680		$	4,685,159,577		$	11,353,710,071		$	9,793,144,112


68	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Bond Plus Fund						5–15 Year Laddered Tax-Exempt Bond Fund						Green Bond Fund			High-Yield Fund
March 31,			March 31,			March 31,			March 31,			March 31,			March 31,			March 31,
2019			2018		^a	2019			2018		^a	2019		^§	2019			2018		^a

$	142,512,864		$	123,350,121		$	6,141,162		$	5,737,482		$	350,115		$	232,473,104		$	200,052,255
	(31,489,922	)		(13,243,192	)		486,315			860,126			109,026			12,470,426			(31,921,871	)
	74,361,692			(40,110,726	)		7,133,946			(424,399	)		732,442			3,882,536			(73,858,788	)
	185,384,634			69,996,203			13,761,423			6,173,209			1,191,583			248,826,066			94,271,596

	(75,669,394	)		(103,908,764	)		(50,820	)		(44,508	)		(291,739	)		(176,578,184	)		(140,358,469	)
	(921,140	)		(304,759	)		(4,545	)		(2,377	)		(13,320	)		(548,206	)		(338,084	)
	(349,181	)		(943,567	)		—			—			(13,320	)		(2,047,348	)		(7,409,837	)
	(13,805,398	)		(11,853,074	)		—			—			(17,027	)		(22,462,132	)		(19,853,651	)
	(7,878,516	)		(7,789,226	)		(6,321,080	)		(5,723,245	)		(14,648	)		(22,019,704	)		(32,153,348	)
	(42,908,150	)		—			—			—			—			(8,812,747	)		—
	(141,531,779	)		(124,799,390	)		(6,376,445	)		(5,770,130	)		(350,054	)		(232,468,321	)		(200,113,389	)

	501,049,755			940,334,285			4,101,579			187,575			21,056,448			1,283,532,173			983,448,702
	18,895,564			25,932,685			120,045			—			1,000,000			16,513,431			11,388,354
	2,722,362			6,763,971			—			—			1,000,010			36,659,447			32,903,109
	54,652,916			112,253,354			—			—			1,716,117			34,555,703			80,284,542
	16,273,666			28,460,220			17,083,620			17,519,516			1,433,029			81,258,023			176,573,016
	227,101,873			—			—			—			—			42,391,830			—
	17,375,150			14,038,157			39,379			17,347			224			149,440,194			103,813,020
	699,705			212,406			1,990			75			—			537,923			270,659
	349,064			943,567			—			—			—			2,035,397			7,408,446
	13,805,081			11,853,033			—			—			3,769			22,457,704			19,852,425
	7,240,197			7,132,833			5,765,931			5,203,945			1,576			20,793,022			31,082,856
	—			—			—			—			—			—			—

	(2,385,556,480	)		—			—			—			—			(290,771,079	)		—
	2,385,556,480			—			—			—			—			290,771,079			—
	(355,944,901	)		(396,621,619	)		(563,314	)		(1,237,031	)		(10	)		(895,635,158	)		(584,308,946	)
	(9,588,084	)		(2,805,380	)		(24	)		(32	)		—			(8,444,970	)		(11,433,430	)
	(14,530,322	)		(27,446,282	)		—			—			(10	)		(137,582,049	)		(51,053,584	)
	(63,515,547	)		(24,864,926	)		—			—			(142,568	)		(91,609,796	)		(31,940,489	)
	(34,335,024	)		(31,573,207	)		(30,897,676	)		(38,058,411	)		(70,098	)		(402,933,767	)		(188,744,366	)
	(304,473,567	)		—			—			—			—			(40,901,853	)		—
	77,777,888			664,613,097			(4,348,470	)		(16,367,016	)		25,998,487			113,067,254			579,544,314
	121,630,743			609,809,910			3,036,508			(15,963,937	)		26,840,016			129,424,999			473,702,521

	4,172,484,778			3,562,674,868			268,196,060			284,159,997			—			4,022,610,443			3,548,907,922
$	4,294,115,521		$	4,172,484,778		$	271,232,568		$	268,196,060		$	26,840,016		$	4,152,035,442		$	4,022,610,443


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report	69

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Bond Fund						Bond Index Fund
		March 31,			March 31,			March 31,			March 31,
			2019			2018	^a		2019			2018	^a
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		89,646,028			107,754,235			195,409,086			314,167,567
	Advisor Class		100,026,586			513,363			107,804			69,678
	Premier Class		577,689			488,207			684,663			1,170,529
	Retirement Class		1,712,610			2,177,322			9,039,173			5,535,302
	Retail Class		933,086			2,252,401			306,299			452,348
	Class W^†		57,806,619			—			85,700,826			—
Shares reinvested:	Institutional Class		2,059,912			1,725,060			16,161,332			13,412,048
	Advisor Class		1,979,972			286			1,728			123
	Premier Class		43,690			74,688			71,893			69,384
	Retirement Class		586,542			570,687			504,918			317,509
	Retail Class		250,401			232,797			45,642			41,350
	Class W^†		—			—			—			—
Shares transferred in connection with new class:	Institutional Class		(365,460,528	)		—			(383,069,320	)		—
	Class W^†		365,460,528			—			383,069,320			—
Shares redeemed:	Institutional Class		(60,404,924	)		(49,413,100	)		(132,802,987	)		(110,286,516	)
	Advisor Class		(11,860,654	)		(28,336	)		(30,398	)		(474,219	)
	Premier Class		(1,703,849	)		(733,500	)		(1,949,123	)		(852,075	)
	Retirement Class		(4,042,470	)		(3,519,051	)		(2,498,971	)		(1,800,307	)
	Retail Class		(1,728,860	)		(1,755,064	)		(327,638	)		(513,430	)
	Class W^†		(59,683,419	)		—			(40,886,678	)		—
Net increase (decrease) from shareholder transactions			116,198,959			60,339,995			129,537,569			221,309,291

^†	Class W commenced operations on September 28, 2018.
^§	For the period November 16, 2018 to March 31, 2019.
^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1 – organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 6 – distributions to shareholders and other tax items.
^c	For the fiscal year ended March 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1 – organization and significant accounting policies for further details.


70	2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

continued

	Bond Plus Fund					5–15 Year Laddered Tax-Exempt Bond Fund						Green Bond Fund			High-Yield Fund
March 31,			March 31,			March 31,			March 31,			March 31,			March 31,			March 31,
	2019			2018	^a		2019			2018	^a		2019	^§		2019			2018	^a

	49,465,863			90,107,112			397,241			18,014			2,105,534			134,728,162			100,111,806
	1,856,581			2,490,305			11,744			—			100,000			1,752,284			1,159,988
	268,370			647,113			—			—			100,001			3,866,390			3,344,422
	5,390,776			10,738,001			—			—			170,591			3,635,957			8,173,873
	1,604,300			2,721,175			1,659,056			1,684,188			142,619			8,519,231			17,896,804
	22,321,518			—			—			—			—			4,513,181			—
	1,714,857			1,346,868			3,796			1,672			22			15,752,192			10,590,999
	68,999			20,493			193			7			—			56,888			27,625
	34,463			90,456			—			—			—			213,984			754,772
	1,360,851			1,136,329			—			—			368			2,365,707			2,024,501
	713,211			683,086			559,995			500,990			153			2,178,996			3,155,526
	—			—			—			—			—			—			—

	(236,897,366	)		—			—			—			—			(30,100,526	)		—
	236,897,366			—			—			—			—			30,100,526			—
	(35,094,861	)		(38,240,412	)		(55,012	)		(118,945	)		(1	)		(94,439,592	)		(59,850,411	)
	(947,834	)		(270,779	)		(2	)		(3	)		—			(903,731	)		(1,167,564	)
	(1,428,517	)		(2,618,276	)		—			—			(1	)		(14,324,196	)		(5,210,364	)
	(6,269,023	)		(2,386,162	)		—			—			(14,109	)		(9,689,630	)		(3,270,275	)
	(3,387,478	)		(3,025,383	)		(3,007,781	)		(3,658,476	)		(6,982	)		(42,009,103	)		(19,144,001	)
	(30,334,214	)		—			—			—			—			(4,401,177	)		—
	7,337,862			63,439,926			(430,770	)		(1,572,553	)		2,598,195			11,815,543			58,597,701


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report	71

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Inflation-Linked Bond Fund						Short Duration Impact Bond Fund
		March 31, 2019			March 31, 2018		^a	March 31, 2019		^§
OPERATIONS
Net investment income (loss)		$	51,497,813		$	54,453,050		$	300,396
Net realized gain (loss) on total investments			(3,837,627	)		617,257			35,298
Net change in unrealized appreciation (depreciation) on total investments			30,100,439			(48,913,348	)		182,023
Net increase (decrease) in net assets from operations			77,760,625			6,156,959			517,717
DISTRIBUTIONS TO SHAREHOLDERS^b,c
Dividends to shareholders:	Institutional Class		(56,267,634	)		(47,137,362	)		(255,211	)
	Advisor Class		(7,276	)		(5,955	)		(11,223	)
	Premier Class		(83,013	)		(209,434	)		(11,224	)
	Retirement Class		(5,402,792	)		(3,793,378	)		(11,548	)
	Retail Class		(2,402,231	)		(1,898,878	)		(11,178	)
	Class W^†		(11,496,836	)		—			—
Total distributions			(75,659,782	)		(53,045,007	)		(300,384	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		579,134,919			947,547,969			22,414,851
	Advisor Class		112,087			105,268			1,000,000
	Premier Class		749,565			2,220,530			1,000,010
	Retirement Class		18,043,476			36,534,964			1,128,547
	Retail Class		5,012,646			36,716,708			1,143,741
	Class W^†		146,326,712			—			—
Reinvestments of distributions:	Institutional Class		38,796,612			30,129,367			7,847
	Advisor Class		4,871			4,028			—
	Premier Class		83,013			208,303			—
	Retirement Class		5,402,792			3,793,378			693
	Retail Class		2,286,440			1,804,322			604
	Class W^†		—			—			—
Transfers in connection with new class:	Institutional Class		(1,059,464,631	)		—			—
	Class W^†		1,059,464,631			—			—
Redemptions:	Institutional Class		(452,746,592	)		(558,079,571	)		(7,211	)
	Advisor Class		(87,634	)		(57,994	)		—
	Premier Class		(8,150,292	)		(2,778,339	)		(10	)
	Retirement Class		(32,163,862	)		(40,348,647	)		(43,652	)
	Retail Class		(16,163,076	)		(48,335,013	)		(35,000	)
	Class W^†		(89,156,803	)		—			—
Net increase (decrease) from shareholder transactions			197,484,874			409,465,273			26,610,420
Net increase (decrease) in net assets			199,585,717			362,577,225			26,827,753
NET ASSETS
Beginning of period			2,894,718,545			2,532,141,320			—
End of period		$	3,094,304,262		$	2,894,718,545		$	26,827,753

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

continued

Short-Term Bond Fund						Short-Term Bond Index Fund						Social Choice Bond Fund						Money Market Fund
March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a

$	46,357,710		$	32,592,540		$	9,265,761		$	3,882,358		$	75,437,808		$	37,891,038		$	19,952,098		$	7,196,696
	(7,651,276	)		707,972			(2,072,523	)		(627,055	)		(2,731,497	)		(4,151,697	)		(164	)		(274	)
	15,693,920			(13,773,649	)		5,698,215			(3,577,182	)		56,483,610			(11,558,693	)		—			—
	54,400,354			19,526,863			12,891,453			(321,879	)		129,189,921			22,180,648			19,951,934			7,196,422

	(30,633,225	)		(29,356,803	)		(4,062,710	)		(3,631,318	)		(47,487,195	)		(21,938,647	)		(11,559,032	)		(4,234,464	)
	(52,435	)		(3,470	)		(13,822	)		(4,550	)		(11,318,125	)		(4,443,016	)		(5,298	)		(1,032	)
	(198,250	)		(245,123	)		(13,032	)		(7,914	)		(943,350	)		(584,627	)		(482,820	)		(291,824	)
	(2,508,054	)		(1,793,563	)		(778,696	)		(218,280	)		(11,173,517	)		(7,015,931	)		(2,918,162	)		(818,473	)
	(2,599,779	)		(2,197,950	)		(40,983	)		(20,313	)		(4,567,095	)		(3,182,791	)		(4,987,078	)		(1,850,901	)
	(10,372,643	)		—			(4,356,251	)		—			—			—			—			—
	(46,364,386	)		(33,596,909	)		(9,265,494	)		(3,882,375	)		(75,489,282	)		(37,165,012	)		(19,952,390	)		(7,196,694	)

	504,903,526			450,927,902			82,488,779			192,598,918			1,020,498,408			673,795,518			767,794,237			331,993,033
	7,843,753			198,188			466,891			390,600			420,528,881			169,835,789			1,373,309			—
	4,347,877			4,228,898			357,891			545,448			10,074,765			14,766,694			26,888,792			31,856,805
	27,610,646			50,230,820			27,235,135			17,773,927			100,012,099			105,222,533			186,026,506			111,277,784
	8,019,319			17,527,366			1,324,124			663,858			93,657,404			94,464,700			144,104,584			135,617,137
	185,112,218			—			77,241,507			—			—			—			—			—
	18,474,112			14,023,114			911,519			509,650			36,072,603			18,921,337			11,543,770			4,219,709
	49,983			1,452			11,798			3,274			4,982,377			1,585,427			3,340			—
	198,249			245,117			8,071			4,764			896,475			574,885			482,851			291,821
	2,508,061			1,793,546			778,505			218,225			11,141,424			7,003,309			2,918,451			818,291
	2,516,850			2,128,733			39,597			19,546			4,338,899			3,083,755			4,896,550			1,823,271
	—			—			—			—			—			—			—			—

	(755,668,617	)		—			(342,173,951	)		—			—			—			—			—
	755,668,617			—			342,173,951			—			—			—			—			—
	(327,816,236	)		(597,257,558	)		(24,440,736	)		(26,993,368	)		(331,506,693	)		(99,079,130	)		(562,773,073	)		(307,288,542	)
	(359,768	)		(12,055	)		(113,303	)		(63,457	)		(120,927,964	)		(43,045,859	)		(50,421	)		—
	(7,756,864	)		(7,639,976	)		(377,324	)		(260,793	)		(4,800,810	)		(2,361,411	)		(43,711,140	)		(19,644,334	)
	(20,673,617	)		(57,674,964	)		(3,092,198	)		(1,632,267	)		(15,857,677	)		(8,773,379	)		(104,169,174	)		(95,673,867	)
	(25,155,790	)		(22,939,998	)		(720,984	)		(605,344	)		(104,961,457	)		(26,511,640	)		(142,704,460	)		(153,002,811	)
	(103,812,092	)		—			(27,626,684	)		—			—			—			—			—
	276,010,227			(144,219,415	)		134,492,588			183,172,981			1,124,148,734			909,482,528			292,624,122			42,288,297
	284,046,195			(158,289,461	)		138,118,547			178,968,727			1,177,849,373			894,498,164			292,623,666			42,288,025

	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
$	1,985,149,691		$	1,701,103,496		$	496,151,872		$	358,033,325		$	3,192,167,853		$	2,014,318,480		$	1,254,375,248		$	961,751,582

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Inflation-Linked Bond Fund						Short Duration Impact Bond Fund
		March 31, 2019			March 31, 2018		^a	March 31, 2019		^§
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		51,621,562			82,988,705			2,241,449
	Advisor Class		10,035			9,163			100,000
	Premier Class		66,841			194,302			100,001
	Retirement Class		1,594,716			3,181,601			112,855
	Retail Class		461,119			3,290,978			114,378
	Class W^†		13,185,468			—			—
Shares reinvested:	Institutional Class		3,492,947			2,663,958			780
	Advisor Class		439			356			—
	Premier Class		7,492			18,467			—
	Retirement Class		482,956			332,753			69
	Retail Class		211,187			163,435			60
	Class W^†		—			—			—

Shares transferred in connection with new class:	Institutional Class		(95,189,994	)		—			—
	Class W^†		95,189,994			—			—
Shares redeemed:	Institutional Class		(40,399,471	)		(48,762,910	)		(717	)
	Advisor Class		(7,824	)		(5,132	)		—
	Premier Class		(725,279	)		(244,134	)		(1	)
	Retirement Class		(2,871,074	)		(3,505,024	)		(4,360	)
	Retail Class		(1,488,832	)		(4,322,191	)		(3,511	)
	Class W^†		(8,073,829	)		—			—
Net increase (decrease) from shareholder transactions			17,568,453			36,004,327			2,661,003

^†	Class W commenced operations on September 28, 2018.
^§	For the period November 16, 2018 to March 31, 2019.
^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1 — organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 6 — distributions to shareholders and other tax items.
^c	For the fiscal year ended March 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1 — organization and significant accounting policies for further details.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

concluded

Short-Term Bond Fund						Short-Term Bond Index Fund						Social Choice Bond Fund						Money Market Fund
March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a	March 31, 2019			March 31, 2018		^a

	49,400,710			43,663,168			8,394,935			19,384,614			101,563,968			65,719,925			767,794,237			331,993,033
	767,750			19,259			47,503			39,284			41,810,099			16,518,983			1,373,309			—
	425,582			409,117			36,509			54,800			1,003,229			1,437,292			26,888,792			31,856,805
	2,699,601			4,860,439			2,773,092			1,789,663			9,947,402			10,258,753			186,026,506			111,277,784
	784,632			1,698,727			134,664			66,934			9,332,671			9,210,805			144,104,585			135,617,137
	18,025,332			—			7,844,245			—			—			—			—			—
	1,807,425			1,358,421			92,703			51,410			3,585,197			1,843,786			11,543,770			4,219,709
	4,874			141			1,200			331			494,750			154,497			3,341			—
	19,376			23,719			821			480			89,051			55,969			482,850			291,821
	245,147			173,575			79,147			22,026			1,107,079			682,202			2,918,452			818,291
	246,066			206,077			4,027			1,970			431,575			300,629			4,896,551			1,823,271
	—			—			—			—			—			—			—			—

	(74,085,158	)		—			(34,915,709	)		—			—			—			—			—
	74,085,158			—			34,915,709			—			—			—			—			—
	(32,097,813	)		(57,756,965	)		(2,488,333	)		(2,718,598	)		(33,065,837	)		(9,659,092	)		(562,773,073	)		(307,288,542	)
	(35,130	)		(1,172	)		(11,516	)		(6,416	)		(12,044,288	)		(4,211,308	)		(50,421	)		—
	(758,668	)		(738,327	)		(38,436	)		(26,260	)		(477,752	)		(230,229	)		(43,711,140	)		(19,644,334	)
	(2,022,582	)		(5,570,484	)		(315,142	)		(164,573	)		(1,581,721	)		(853,572	)		(104,169,174	)		(95,673,867	)
	(2,461,712	)		(2,222,184	)		(73,346	)		(60,759	)		(10,448,707	)		(2,584,754	)		(142,704,460	)		(153,002,811	)
	(10,149,164	)		—			(2,804,718	)		—			—			—			—			—
	26,901,426			(13,876,489	)		13,677,355			18,434,906			111,746,716			88,643,886			292,624,125			42,288,297

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)^a	investments			operations			income			gains			distributions			period

BOND FUND
Institutional Class:	3/31/19			$10.18		$0.32			$ 0.11			$ 0.43			$(0.32	)		$ —			$(0.32	)		$10.29
	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
Advisor Class:	3/31/19			10.18		0.31			0.12			0.43			(0.31	)		—			(0.31	)		10.30
	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:	3/31/19			10.18		0.31			0.12			0.43			(0.31	)		—			(0.31	)		10.30
	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
Retirement Class:	3/31/19			10.36		0.30			0.12			0.42			(0.30	)		—			(0.30	)		10.48
	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
Retail Class:	3/31/19			10.35		0.30			0.12			0.42			(0.30	)		—			(0.30	)		10.47
	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
Class W:	3/31/19	^††		10.00		0.18			0.29			0.47			(0.18	)		—			(0.18	)		10.29

BOND INDEX FUND
Institutional Class:	3/31/19			10.58		0.29			0.18			0.47			(0.29	)		—			(0.29	)		10.76
	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
Advisor Class:	3/31/19			10.59		0.28			0.17			0.45			(0.28	)		—			(0.28	)		10.76
	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:	3/31/19			10.58		0.27			0.18			0.45			(0.27	)		—			(0.27	)		10.76
	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
Retirement Class:	3/31/19			10.59		0.26			0.18			0.44			(0.26	)		—			(0.26	)		10.77
	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
Retail Class:	3/31/19			10.59		0.26			0.18			0.44			(0.26	)		—			(0.26	)		10.77
	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
Class W:	3/31/19	^††		10.43		0.16			0.32			0.48			(0.15	)		—			(0.15	)		10.76

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

						Ratios and supplemental data
																					Portfolio
	For the																				turnover rate
	period					Net assets at			Ratios to average net assets									Portfolio			excluding
	or year					end of period			Gross			Net			Net investment			turnover			mortgage
	ended		Total return			(in thousands		)	expenses			expenses			income (loss)			rate			dollar rolls

BOND FUND
Institutional Class:	3/31/19			4.38	%		$ 954,430			0.30	%		0.30	%		3.16	%		138	%		125	%
	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
Advisor Class:	3/31/19			4.37			933,420			0.44			0.44			3.15			138			125
	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:	3/31/19			4.32			14,729			0.45			0.45			3.05			138			125
	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
Retirement Class:	3/31/19			4.20			197,645			0.55			0.55			2.98			138			125
	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
Retail Class:	3/31/19			4.16			92,455			0.60			0.60			2.93			138			125
	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
Class W:	3/31/19	^††		4.77	^be		3,741,378			0.30	^c		0.00	^c		3.64	^c		138			125

BOND INDEX FUND
Institutional Class:	3/31/19			4.55			6,445,380			0.11			0.11			2.75			20			20
	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
Advisor Class:	3/31/19			4.33			1,139			0.22			0.22			2.74			20			20
	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:	3/31/19			4.39			21,379			0.26			0.26			2.61			20			20
	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
Retirement Class:	3/31/19			4.29			258,787			0.36			0.36			2.53			20			20
	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
Retail Class:	3/31/19			4.20			21,544			0.44			0.44			2.43			20			20
	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
Class W:	3/31/19	^††		4.69	^bf		4,605,482			0.11	^c		0.00	^c		2.97	^c		20			20

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)^a	investments			operations			income			gains			distributions			period

BOND PLUS FUND
Institutional Class:	3/31/19			$10.24		$0.35			$ 0.10			$ 0.45			$(0.34	)		$ —			$(0.34	)		$10.35
	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
Advisor Class:	3/31/19			10.25		0.34			0.11			0.45			(0.34	)		—			(0.34	)		10.36
	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:	3/31/19			10.24		0.33			0.11			0.44			(0.33	)		—			(0.33	)		10.35
	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
Retirement Class:	3/31/19			10.26		0.32			0.11			0.43			(0.32	)		—			(0.32	)		10.37
	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
Retail Class:	3/31/19			10.26		0.32			0.11			0.43			(0.31	)		—			(0.31	)		10.38
	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
Class W:	3/31/19	^††		10.07		0.19			0.29			0.48			(0.19	)		—			(0.19	)		10.36

5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	3/31/19			10.26		0.27			0.30			0.57			(0.27	)		(0.01	)		(0.28	)		10.55
	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
Advisor Class:	3/31/19			10.26		0.26			0.30			0.56			(0.26	)		(0.01	)		(0.27	)		10.55
	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:	3/31/19			10.27		0.24			0.30			0.54			(0.24	)		(0.01	)		(0.25	)		10.56
	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

GREEN BOND FUND
Institutional Class:	3/31/19	^§		10.00		0.14			0.33			0.47			(0.14	)		—			(0.14	)		10.33
Advisor Class:	3/31/19	^§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Premier Class:	3/31/19	^§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Retirement Class:	3/31/19	^§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33
Retail Class:	3/31/19	^§		10.00		0.13			0.33			0.46			(0.13	)		—			(0.13	)		10.33

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

continued

						Ratios and supplemental data
																					Portfolio
	For the																				turnover rate
	period					Net assets at			Ratios to average net assets									Portfolio			excluding
	or year					end of period			Gross			Net			Net investment			turnover			mortgage
	ended		Total return			(in thousands		)	expenses			expenses			income (loss)			rate			dollar rolls

BOND PLUS FUND
Institutional Class:	3/31/19			4.56	%		$ 1,185,094			0.30	%		0.30	%		3.39	%		106	%		90	%
	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
Advisor Class:	3/31/19			4.51			35,007			0.35			0.35			3.39			106			90
	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:	3/31/19			4.41			10,707			0.45			0.45			3.25			106			90
	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
Retirement Class:	3/31/19			4.30			436,641			0.55			0.55			3.18			106			90
	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
Retail Class:	3/31/19			4.33			256,549			0.62			0.62			3.11			106			90
	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
Class W:	3/31/19	^††		4.82	^bg		2,370,116			0.31	^c		0.00	^c		3.84	^c		106			90

5–15 YEAR LADDERED TAX-EXEMPT BOND FUND
Institutional Class:	3/31/19			5.64			5,091			0.35			0.31			2.71			43			43
	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
Advisor Class:	3/31/19			5.58			228			0.41			0.38			2.58			43			43
	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:	3/31/19			5.34			265,913			0.63			0.60			2.34			43			43
	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

GREEN BOND FUND
Institutional Class:	3/31/19	^§		4.71	^b		21,751			2.99	^c		0.45	^c		3.68	^c		31	^b		31	^b
Advisor Class:	3/31/19	^§		4.66	^b		1,033			3.37	^c		0.60	^c		3.53	^c		31	^b		31	^b
Premier Class:	3/31/19	^§		4.66	^b		1,033			3.52	^c		0.60	^c		3.53	^c		31	^b		31	^b
Retirement Class:	3/31/19	^§		4.65	^b		1,620			3.54	^c		0.62	^c		3.60	^c		31	^b		31	^b
Retail Class:	3/31/19	^§		4.62	^b		1,403			3.92	^c		0.71	^c		3.50	^c		31	^b		31	^b

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

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 or year ended			value, beginning of period		investment income (loss)		^a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period

HIGH-YIELD FUND
Institutional Class:		3/31/19			$ 9.56		$ 0.56			$ 0.05			$ 0.61			$(0.56	)		$ —			$(0.56	)		$ 9.61
		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
Advisor Class:		3/31/19			9.56		0.55			0.03			0.58			(0.54	)		—			(0.54	)		9.60
		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:		3/31/19			9.57		0.54			0.05			0.59			(0.54	)		—			(0.54	)		9.62
		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
Retirement Class:		3/31/19			9.57		0.53			0.04			0.57			(0.53	)		—			(0.53	)		9.61
		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
Retail Class:		3/31/19			9.61		0.53			0.04			0.57			(0.53	)		—			(0.53	)		9.65
		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
Class W:		3/31/19	^††		9.66		0.30			(0.05	)		0.25			(0.30	)		—			(0.30	)		9.61

INFLATION-LINKED BOND FUND
Institutional Class:		3/31/19			11.28		0.24			0.05			0.29			(0.28	)		—			(0.28	)		11.29
		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
Advisor Class:		3/31/19			11.28		0.16			0.12			0.28			(0.27	)		—			(0.27	)		11.29
		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:		3/31/19			11.25		0.21			0.06			0.27			(0.26	)		—			(0.26	)		11.26
		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
Retirement Class:		3/31/19			11.36		0.17			0.09			0.26			(0.26	)		—			(0.26	)		11.36
		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
Retail Class:		3/31/19			11.00		0.16			0.08			0.24			(0.25	)		—			(0.25	)		10.99
		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
Class W:		3/31/19	^††		11.13		0.02			0.26			0.28			(0.12	)		—			(0.12	)		11.29

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

continued

							Ratios and supplemental data

	For the period						Net assets at		Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate

HIGH-YIELD FUND
Institutional Class:		3/31/19			6.58	%		$3,105,793		0.36	%		0.36	%		5.86	%		45	%
		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
Advisor Class:		3/31/19			6.34			13,910		0.47			0.47			5.80			45
		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:		3/31/19			6.41			32,528		0.51			0.51			5.54			45
		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
Retirement Class:		3/31/19			6.20			385,205		0.61			0.61			5.60			45
		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
Retail Class:		3/31/19			6.17			324,373		0.63			0.63			5.55			45
		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
Class W:		3/31/19	^††		2.69	^bh		290,227		0.36	^c		0.00	^c		6.38	^c		45

INFLATION-LINKED BOND FUND
Institutional Class:		3/31/19			2.67			1,634,250		0.26			0.26			2.12			21
		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
Advisor Class:		3/31/19			2.52			300		0.36			0.36			1.47			21
		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:		3/31/19			2.44			3,490		0.41			0.41			1.86			21
		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
Retirement Class:		3/31/19			2.31			222,321		0.51			0.51			1.50			21
		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
Retail Class:		3/31/19			2.32			101,245		0.58			0.58			1.46			21
		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
Class W:		3/31/19	^††		2.56	^bi		1,132,698		0.26	^c		0.00	^c		0.31	^c		21

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

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 or year ended			value, beginning of period		investment income (loss)		^a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period

SHORT DURATION IMPACT BOND FUND
Institutional Class:		3/31/19	^§		$10.00		$0.12			$ 0.08			$ 0.20			$(0.12	)		$ —			$(0.12	)		$10.08
Advisor Class:		3/31/19	^§		10.00		0.11			0.08			0.19			(0.11	)		—			(0.11	)		10.08
Premier Class:		3/31/19	^§		10.00		0.11			0.08			0.19			(0.11	)		—			(0.11	)		10.08
Retirement Class:		3/31/19	^§		10.00		0.11			0.08			0.19			(0.11	)		—			(0.11	)		10.08
Retail Class:		3/31/19	^§		10.00		0.11			0.08			0.19			(0.11	)		—			(0.11	)		10.08

SHORT-TERM BOND FUND
Institutional Class:		3/31/19			10.25		0.26			0.04			0.30			(0.26	)		—			(0.26	)		10.29
		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
Advisor Class:		3/31/19			10.24		0.27			0.03			0.30			(0.25	)		—			(0.25	)		10.29
		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:		3/31/19			10.26		0.25			0.04			0.29			(0.25	)		—			(0.25	)		10.30
		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
Retirement Class:		3/31/19			10.26		0.24			0.04			0.28			(0.24	)		—			(0.24	)		10.30
		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
Retail Class:		3/31/19			10.26		0.23			0.04			0.27			(0.23	)		—			(0.23	)		10.30
		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
Class W:		3/31/19	^††		10.20		0.15			0.09			0.24			(0.15	)		—			(0.15	)		10.29

SHORT-TERM BOND INDEX FUND
Institutional Class:		3/31/19			9.84		0.20			0.08			0.28			(0.21	)		—			(0.21	)		9.91
		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:		3/31/19			9.84		0.20			0.07			0.27			(0.20	)		—			(0.20	)		9.91
		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:		3/31/19			9.83		0.20			0.07			0.27			(0.20	)		—			(0.20	)		9.90
		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:		3/31/19			9.84		0.19			0.07			0.26			(0.19	)		—			(0.19	)		9.91
		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:		3/31/19			9.84		0.18			0.07			0.25			(0.18	)		—			(0.18	)		9.91
		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:		3/31/19	^††		9.80		0.12			0.11			0.23			(0.12	)		—			(0.12	)		9.91

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

continued

							Ratios and supplemental data

	For the period						Net assets at		Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			turnover rate

SHORT DURATION IMPACT BOND FUND
Institutional Class:		3/31/19	^§		1.99	%^b	$	22,599		2.89	%^c		0.35	%^c		3.17	%^c		39	%^b
Advisor Class:		3/31/19	^§		1.93	^b		1,008		3.27	^c		0.50	^c		3.01	^c		39	^b
Premier Class:		3/31/19	^§		1.93	^b		1,008		3.42	^c		0.50	^c		3.01	^c		39	^b
Retirement Class:		3/31/19	^§		1.90	^b		1,095		3.50	^c		0.60	^c		2.91	^c		39	^b
Retail Class:		3/31/19	^§		1.87	^b		1,118		3.85	^c		0.68	^c		2.84	^c		39	^b

SHORT-TERM BOND FUND
Institutional Class:		3/31/19			2.99			902,950		0.27			0.27			2.52			118
		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
Advisor Class:		3/31/19			3.00			7,875		0.40			0.40			2.72			118
		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:		3/31/19			2.83			8,522		0.42			0.42			2.39			118
		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
Retirement Class:		3/31/19			2.73			110,523		0.52			0.52			2.31			118
		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
Retail Class:		3/31/19			2.67			111,808		0.58			0.58			2.24			118
		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
Class W:		3/31/19	^††		2.38	^bj		843,472		0.27	^c		0.00	^c		2.96	^c		118

SHORT-TERM BOND INDEX FUND
Institutional Class:		3/31/19			2.92			43,990		0.15			0.06			2.05			61
		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:		3/31/19			2.78			868		0.29			0.23			2.08			61
		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:		3/31/19			2.77			636		0.31			0.24			2.02			61
		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:		3/31/19			2.66			52,082		0.40			0.34			1.96			61
		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:		3/31/19			2.56			2,652		0.58			0.44			1.84			61
		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:		3/31/19	^††		2.36	^bk		395,924		0.14	^c		0.00	^c		2.46	^c		61

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

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:	3/31/19			$10.14		$0.30			$ 0.14			$0.44		$(0.30	)		$ —			$(0.30	)		$10.28
	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
Advisor Class:	3/31/19			10.15		0.30			0.14			0.44		(0.30	)		—			(0.30	)		10.29
	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:	3/31/19			10.15		0.28			0.14			0.42		(0.28	)		—			(0.28	)		10.29
	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
Retirement Class:	3/31/19			10.14		0.28			0.15			0.43		(0.28	)		—			(0.28	)		10.29
	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
Retail Class:	3/31/19			10.14		0.27			0.14			0.41		(0.27	)		—			(0.27	)		10.28
	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

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

continued

						Ratios and supplemental data
																					Portfolio
	For the																				turnover rate
	period					Net assets at			Ratios to average net assets									Portfolio			excluding
	or year					end of period			Gross			Net			Net investment			turnover			mortgage
	ended		Total return			(in thousands		)	expenses			expenses			income (loss)			rate			dollar rolls

SOCIAL CHOICE BOND FUND
Institutional Class:	3/31/19			4.47	%		$1,961,314			0.37	%		0.37	%		3.02	%		90	%		82	%
	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
Advisor Class:	3/31/19			4.39			554,143			0.44			0.44			2.97			90			82
	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:	3/31/19			4.28			36,827			0.55			0.55			2.84			90			82
	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
Retirement Class:	3/31/19			4.31			467,437			0.62			0.62			2.77			90			82
	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
Retail Class:	3/31/19			4.18			172,447			0.65			0.65			2.72			90			82
	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

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and		Total gain			Less distributions from					Total			Net asset
	period		value,		investment			unrealized gain		(loss) from			Net			Net		dividends			value,
	or year		beginning		income			(loss) on total		investment			investment			realized		and			end of
	ended		of period		(loss		)^a	investments		operations			income			gains		distributions			period

MONEY MARKET FUND
Institutional Class:	3/31/19			$ 1.00		$ 0.02			$ —		$0.02			$(0.02	)		$ —		$(0.02	)		$ 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
Advisor Class:	3/31/19			1.00		0.02			—		0.02			(0.02	)		—		(0.02	)		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:	3/31/19			1.00		0.02			—		0.02			(0.02	)		—		(0.02	)		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
Retirement Class:	3/31/19			1.00		0.02			—		0.02			(0.02	)		—		(0.02	)		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
Retail Class:	3/31/19			1.00		0.02			—		0.02			(0.02	)		—		(0.02	)		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

^{^}	The Fund commenced operations on August 7, 2015.
^§	The Fund commenced operations on November 16, 2018.
^‡	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.
^e	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 4.52%.
^f	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 4.59%.
^g	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 4.80%.
^h	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 6.73%.
ⁱ	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 2.74%.
^j	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 3.11%.
^k	The annual performance for Class W, including performance based on the Fund’s Institutional Class prior to inception of Class W, was 2.97%.

2019 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

See notes to financial statements

concluded

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate

MONEY MARKET FUND
Institutional Class:	3/31/19			1.98	%		$ 704,326			0.14	%		0.14	%		1.99	%		—	%
	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			—
Advisor Class:	3/31/19			1.94			1,426			0.23			0.23			2.14			—
	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:	3/31/19			1.83			28,209			0.29			0.28			1.82			—
	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			—
Retirement Class:	3/31/19			1.83			210,963			0.39			0.29			1.86			—
	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			—
Retail Class:	3/31/19			1.66			309,452			0.48			0.45			1.65			—
	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			—

See notes to financial statements

TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Annual Report

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the 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, Green Bond Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short Duration Impact 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”). The Green Bond Fund and Short Duration Impact Bond Fund commenced operations on November 16, 2018.

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. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

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.

88	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

For the period ended March 31, 2019, permanent book and tax differences resulting primarily from fund distribution reclasses and nondeductible 12b-1 fees were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included 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 removes or modifies certain disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management has early implemented this accounting pronouncement as of December 31, 2018. This implementation did not have a material impact on the Funds’ financial statements and various filings. Refer to Note 2 for further details.

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 or results of operations.

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 establishment of the liquidity risk management program and the 15% illiquid investment limit, were implemented by the December 1, 2018 compliance date. This portion of the implementation did not have a material impact on the Funds’ financial statements and various filings. In February 2018, the Commission issued Release No. IC-33142, which delayed certain 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 these provisions on the Funds’ financial statements and various filings.

The Funds’ distributions from the prior fiscal period were paid from net investment income unless indicated in the following table:

	Bond Fund			Bond Index Fund			Bond Plus Fund			5–15 Year Laddered Tax-Exempt Bond Fund			Short-Term Bond Fund
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(118,973,270	)	$	(206,392,668	)	$	(102,039,899	)	$	(44,321	)	$	(28,585,529	)
Advisor Class		(61,002	)		(77,448	)		(296,615	)		(2,365	)		(3,364	)
Premier Class		(759,431	)		(736,937	)		(930,272	)		—			(238,215	)
Retirement Class		(5,900,848	)		(3,368,099	)		(11,621,999	)		—			(1,743,409	)
Retail Class		(2,529,396	)		(460,182	)		(7,641,370	)		(5,688,986	)		(2,126,888	)
From realized gains:
Institutional Class		(2,324,125	)		(3,036,453	)		(1,868,865	)		(187	)		(771,274	)
Advisor Class		(1,915	)		(252	)		(8,144	)		(12	)		(106	)
Premier Class		(15,191	)		(10,774	)		(13,295	)		—			(6,908	)
Retirement Class		(119,754	)		(54,336	)		(231,075	)		—			(50,154	)
Retail Class		(52,767	)		(7,538	)		(147,856	)		(34,259	)		(71,062	)
Total distributions	$	(130,737,699	)	$	(214,144,687	)	$	(124,799,390	)	$	(5,770,130	)	$	(33,596,909	)

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Notes to financial statements

For the prior fiscal period, the following Undistributed net investment income (loss) included in net assets were disclosed:

		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
Undistributed net investment income (loss) included in net assets		$(3,400,242)		$(378,158)		$(3,732,862)		$11,538		$(310,951)		$16,717,188		$(941,382)		$(123)		$60,792		$(16,476)

Note 2—valuation of investments

•	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)

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.

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.

As of March 31, 2019, 100% of the value of investments in the 5–15 Year Laddered Tax Exempt Bond Fund, Green Bond Fund, Short-Term Bond Index, and Money Market Fund were valued based on Level 2 inputs.

90	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

The following table summarizes the market value of the Funds’ investments as of March 31, 2019, based on the inputs used to value them:

Fund	Level 1			Level 2			Level 3		Total
Bond
Bank loan obligations	$	—		$	121,441,872		$	—	$	121,441,872
Corporate bonds		—			1,946,680,842			355,420		1,947,036,262
Government bonds		—			2,521,088,421			100,625		2,521,189,046
Structured assets		—			1,214,476,028			923,401		1,215,399,429
Common stocks		274,687			—			—		274,687
Short-term investments		—			218,263,505			—		218,263,505
Credit default swap contracts**		—			(1,089,583	)		—		(1,089,583	)
Unfunded loan commitment***		—			(1,407	)		—		(1,407	)
Total	$	274,687		$	6,020,859,678		$	1,379,446	$	6,022,513,811
Bond Index
Corporate bonds	$	—		$	2,837,941,100		$	—	$	2,837,941,100
Government bonds		—			8,161,752,203			—		8,161,752,203
Structured assets		—			284,721,934			68,310		284,790,244
Short-term investments		—			137,758,833			—		137,758,833
Total	$	—		$	11,422,174,070		$	68,310	$	11,422,242,380
Bond Plus
Bank loan obligations	$	—		$	97,648,770		$	—	$	97,648,770
Corporate bonds		—			1,332,031,277			3,756,765		1,335,788,042
Government bonds		—			1,842,973,223			215,625		1,843,188,848
Structured assets		—			786,431,674			2,773,926		789,205,600
Common stocks		2,726,446			—			—		2,726,446
Rights / Warrants		324,814			—			—		324,814
Short-term investments		—			232,024,387			—		232,024,387
Credit default swap contracts**		—			(1,015,565	)		—		(1,015,565	)
Cross currency swap contracts**		—			130,527			—		130,527
Total	$	3,051,260		$	4,290,224,293		$	6,746,316	$	4,300,021,869
High-Yield
Bank loan obligations	$	—		$	295,745,314		$	—	$	295,745,314
Corporate bonds		—			3,605,661,236			35,736,417		3,641,397,653
Common stocks		48,387,582			—			—		48,387,582
Rights / Warrants		2,174,181			—			—		2,174,181
Short-term investments		—			200,004,026			—		200,004,026
Unfunded loan commitment***		—			(2,785	)		—		(2,785	)
Total	$	50,561,763		$	4,101,407,791		$	35,736,417	$	4,187,705,971
Inflation-Linked Bond
Government bonds	$	—		$	3,072,726,575		$	—	$	3,072,726,575
Short-term investments		—			550,000			—		550,000
Futures contracts**		(465,471	)		—			—		(465,471	)
Total	$	(465,471	)	$	3,073,276,575		$	—	$	3,072,811,104
Short Duration Impact Bond
Bank loan obligations	$	—		$	1,097,394		$	—	$	1,097,394
Corporate bonds		—			11,850,651			—		11,850,651
Government bonds		—			6,616,167			508,300		7,124,467
Structured assets		—			6,637,357			—		6,637,357
Short-term investments		—			190,000			—		190,000
Total	$	—		$	26,391,569		$	508,300	$	26,899,869
Short-Term Bond
Bank loan obligations	$	—		$	49,703,645		$	—	$	49,703,645
Corporate bonds		—			506,399,481			—		506,399,481
Government bonds		—			724,288,190			—		724,288,190
Structured assets		—			607,642,298			1		607,642,299
Short-term investments		—			65,706,867			—		65,706,867
Futures contracts**		(1,122,776	)		—			—		(1,122,776	)
Total	$	(1,122,776	)	$	1,953,740,481		$	1	$	1,952,617,706
Social Choice Bond
Bank loan obligations	$	—		$	22,338,878		$	1,507,719	$	23,846,597
Corporate bonds		—			1,233,681,319			—		1,233,681,319
Government bonds		—			1,420,874,922			26,780,955		1,447,655,877
Structured assets		—			380,419,129			2,703,194		383,122,323
Preferred stocks		257,078			—			—		257,078
Short-term investments		—			137,999,369			—		137,999,369
Total	$	257,078		$	3,195,313,617		$	30,991,868	$	3,226,562,563

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

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Notes to financial statements

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

	Short Duration Impact Bond Fund
Balance as of inception date	$	—
Purchases		505,395
Sales		—
Gains (losses)		—
Change in unrealized appreciation (depreciation)		2,905
Transfers out of Level 3		—
Transfers into Level 3		—
Balance as of March 31, 2019	$	508,300

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Funds as of March 31, 2019:

Fund	Fair value as of March 31, 2019	Valuation technique	Unobservable input
Short Duration Impact Bond
Government bonds	$508,300	Broker quote	*
Total	$508,300

*	Single source broker quote.

Note 3—derivative instruments

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

At March 31, 2019, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

Asset derivatives

Liabilities derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value
amount

Bond Fund

Fixed Income contracts

Credit default swap contracts

65,962

Credit default swap contracts*

(1,155,545

)

Bond Plus Fund

Fixed Income contracts

Cross currency swap contracts

130,527

Credit default swap contracts*

(1,015,565

)

Inflation-Linked Bond Fund

Interest-rate contracts

Futures contracts*

(465,471

)

Short-Term Bond Fund

Interest-rate contracts

Futures contracts*

(1,122,776

)

*	The fair value presented includes cumulative gain (loss) on open futures contracts 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 March 31, 2019, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contracts	Location	Realized gain (loss)		Change in unrealized appreciation (depreciation)
Bond Fund
Credit contracts	Swap contracts	$(2,159,265	)	$(1,089,583	)
Bond Plus Fund
Credit contracts	Swap contracts	(308,791	)	(29,297	)
Inflation-Linked Bond Fund
Interest rate contracts	Futures contracts	(602,268	)	(240,247	)
Short-Term Bond Fund
Interest rate contracts	Futures contracts	(1,276,521	)	(581,646	)

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 March 31, 2019, 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 March 31, 2019 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 predefined 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

92	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.

Certain Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments 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 March 31, 2019, 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 March 31, 2019 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 March 31, 2019, the Bond Plus Fund had exposure to cross currency swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The cross currency swap contracts outstanding as of March 31, 2019 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.

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions and 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 indefinitely, unless changed or terminated with approval of the Board of Trustees.

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Notes to financial statements

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of March 31, 2019,

the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range		Investment management fee—effective rate		Service agreement fee		Distribution fee				Maximum expense amounts^‡
Fund					Retirement Class		Premier Class		Retail Class		Institutional Class		Advisor Class		Premier Class		Retirement Class		Retail Class		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
Green Bond*	0.35–0.40		0.40		0.25		0.15		0.25		0.45		0.60		0.60		0.70	^a	0.80	^a	—
5–15 Year Laddered Tax-Exempt Bond*	0.20–0.25	^b	0.27		—		—		0.25		0.30	^c	0.45	^c	—		—		0.65	^c	—
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 Duration Impact Bond*	0.25–0.30		0.30		0.25		0.15		0.25		0.35		0.50		0.50		0.60		0.70	^d	—
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		0.07		0.25		0.15		0.25		0.12		0.27		0.27		0.37		0.47		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	^e	0.75		—
Money Market	0.10		0.10		0.25		0.15		0.25		0.15		0.30	^f	0.30	^f	0.40	^f	0.50	^f	—

*	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	Effective March 1, 2019 to April 30, 2020, Advisors agreed to implement a voluntary waiver reducing the expense caps. During the period, the expense caps will be 0.62% for the Retirement Class and 0.71% 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.
^b	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.
^c	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.
^d	Effective March 1, 2019 to April 30, 2020, Advisors agreed to implement a voluntary waiver reducing the expense caps. During the period, the expense caps will be 0.68% 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.
^e	Effective March 1, 2019 to April 30, 2019, Advisors agreed to implement a voluntary waiver reducing the expense caps. During the period, the expense caps 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.
^f	Effective March 1, 2019 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 and November 15, 2019 for the Green Bond Fund and the Short Duration Impact Bond Fund. 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 indefinitely, unless changed or terminated 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 March 31, 2019, these transactions did not materially impact the Funds.

As of March 31, 2019, 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 March 31, 2019:

Underlying Fund	TIAA		TIAA-CREF Lifecycle Funds		TIAA-CREF Lifecycle Index Funds		TIAA-CREF Lifestyle Funds		TIAA-CREF Managed Allocation Fund		TIAA Access		Total
Bond	—	%	63	%	—	%	1	%	—	%	—	%	64	%
Bond Index	—		—		41		—		—		1		42
Bond Plus	—		55		—		6		8		3		72
Green Bond	96		—		—		—		—		—		96
High-Yield	—		7		—		—		—		3		10
Inflation-Linked Bond	—		24		13		—		—		—		37
Short Duration Impact Bond	94		—		—		—		—		—		94
Short-Term Bond	—		42		—		4		—		2		48
Short-Term Bond Index	—		—		80		—		—		—		80
Money Market	—		—		—		—		—		3		3

94	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of March 31, 2019, three 529 Plans owned 12%, 11%, 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 6% of the Short-Term Bond Index Fund, and one 529 Plan owned 5% of the Money Market Fund.

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:

Issue	Value at March 31, 2018		Purchases cost		Sales proceeds	Realized gain (loss)		Exchanges			Change in unrealized appreciation (depreciation)			Dividend income	Shares at March 31, 2019	Value at March 31, 2019
High-Yield Fund
Common stock
Energy
Gulfmark Offshore, Inc	$	7,686,798		$—	$—		$—	$	(7,519,809	)	$	(166,989	)	$—	—	$—	**
Gulfmark Offshore, Inc (New Common)		4,719,460		—	—		—		(4,616,934	)		(102,526	)	—	—	—	**
Total	$	12,406,258		$—	$—		$—	$	(12,136,743	)	$	(269,515	)	$—	—	$—

**	At March 31, 2019, the issuer was not an affiliated company of the Fund, but it was affiliated during the year.

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 March 31, 2019, the Bond Fund and the High-Yield Fund held unfunded loan commitments of $145,409 and $101,935, 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.

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Notes to financial statements

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Bond	$	5,981,380,998		$ 85,239,727		$ (43,731,532	)		$ 41,508,195
Bond Index		11,345,636,806		161,629,989		(85,024,415	)		76,605,574
Bond Plus		4,279,410,267		65,978,408		(45,418,404	)		20,560,004
5-15 Year Laddered Tax-Exempt Bond		251,099,107		6,163,789		(613,250	)		5,550,539
Green Bond		26,048,134		787,972		(55,530	)		732,442
High-Yield		4,212,604,479		76,990,034		(101,885,757	)		(24,895,723	)
Inflation-Linked Bond		3,044,417,891		42,793,340		(14,400,127	)		28,393,213
Short Duration Impact Bond		26,717,846		247,084		(65,061	)		182,023
Short-Term Bond		1,952,359,860		8,825,735		(8,567,889	)		257,846
Short-Term Bond Index		494,726,938		2,492,680		(867,346	)		1,625,334
Social Choice Bond		3,187,043,471		52,907,669		(13,388,577	)		39,519,092

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended March 31, 2019 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Bond	$	2,188,081,965	$	6,539,836,896	$	1,450,005,195	$	5,839,574,221
Bond Index		904,948,792		2,961,474,036		682,475,055		1,423,333,639
Bond Plus		1,250,609,036		3,133,916,401		1,097,519,102		3,139,043,501
5–15 Year Laddered Tax-Exempt Bond		108,609,916		—		123,444,088		—
Green Bond		31,404,875		593,284		6,041,422		598,152
High-Yield		1,923,792,571		—		1,753,871,765		—
Inflation-Linked Bond		4,375,000		760,425,967		515,000		622,830,288
Short Duration Impact Bond		25,750,003		9,085,290		2,626,010		5,674,508
Short-Term Bond		680,995,277		1,724,785,929		381,752,262		1,706,503,237
Short-Term Bond Index		89,284,387		296,972,649		47,105,938		206,602,409
Social Choice Bond		1,365,670,383		2,064,855,985		406,260,683		1,857,351,383

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended March 31, 2019, and the year ended March 31, 2018 was as follows:

	3/31/2019						3/31/2018
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Bond	$	178,912,825	$	—	$	178,912,825	$	130,737,699	$	—	$	130,737,699
Bond Index		289,866,030		—		289,866,030		211,428,182		2,716,505		214,144,687
Bond Plus		141,531,779		—		141,531,779		124,799,390		—		124,799,390
5–15 Year Laddered Tax-Exempt Bond*		6,116,362		260,083		6,376,445		5,770,130		—		5,770,130
Green Bond		350,054		—		350,054		—		—		—
High-Yield		232,468,321		—		232,468,321		200,113,389		—		200,113,389
Inflation-Linked Bond		75,659,782		—		75,659,782		53,045,007		—		53,045,007
Short Duration Impact Bond		300,384		—		300,384		—		—		—
Short-Term Bond		46,364,386		—		46,364,386		33,596,909		—		33,596,909
Short-Term Bond Index		9,265,494		—		9,265,494		3,882,375		—		3,882,375
Social Choice Bond		75,489,282		—		75,489,282		37,165,012		—		37,165,012
Money Market		19,952,390		—		19,952,390		7,196,694		—		7,196,694

*	Includes ordinary income which will not be taxable for federal income tax purposes in 2019 and 2018 of $5,959,658 and $5,680,127, respectively.

96	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

As of March 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)			Capital loss carryover			Late-year loss deferrals			Total
Bond	$	8,354,797	$	—	$	41,507,065		$	(58,757,985	)	$	(427,347	)	$	(9,323,470	)
Bond Index		11,640,507		—		76,605,576			(38,027,609	)		—			50,218,474
Bond Plus		4,042,146		—		20,559,088			(62,668,933	)		(447,768	)		(38,515,467	)
5-15 Year Laddered Tax-Exempt Bond		423,276		—		5,550,538			—			(60,266	)		5,913,548
Green Bond		210,835		—		732,442			—			—			943,277
High-Yield		2,864,736		—		(24,898,508	)		(134,538,709	)		—			(156,572,481	)
Inflation-Linked Bond		—		—		28,393,208			(3,920,434	)		(7,144,637	)		17,328,137
Short Duration Impact Bond		110,272		—		182,023			—			—			292,295
Short-Term Bond		1,176,860		—		257,847			(8,720,395	)		—			(7,285,688	)
Short-Term Bond Index		828,338		—		1,625,334			(2,792,565	)		—			(338,893	)
Social Choice Bond		2,212,992		—		39,519,092			(11,312,913	)		—			30,419,171
Money Market		—		—		—			(667	)		—			(667	)

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

At March 31, 2019, the following Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
Bond	$	40,065,741	$	18,692,244	$	58,757,985
Bond Index		7,881,860		30,145,749		38,027,609
Bond Plus		43,159,193		19,509,740		62,668,933
High-Yield		25,866,904		108,651,805		134,518,709
Inflation-Linked Bond		1,124,423		2,796,011		3,920,434
Short-Term Bond		3,829,046		4,891,349		8,720,395
Short-Term Bond Index		1,410,750		1,381,815		2,792,565
Social Choice Bond		6,705,949		4,606,964		11,312,913
Money Market		667		—		667

For the year ended March 31, 2019, High-Yield Fund utilized $13,712,173 of its long-term capital loss carryover available.

Note 7—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended March 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 8—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 March 31, 2019, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

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

Note 10—subsequent events

Fund reorganizations

During April 2019, shareholders of the following Nuveen Funds approved the reorganizations into the corresponding TIAA-CREF Funds. The merger of these funds is scheduled to become effective at the close of business June 14, 2019.

Target Fund		Acquiring Fund
Nuveen Core Bond Fund	à	TIAA-CREF Bond Fund
Nuveen Core Plus Bond Fund	à	TIAA-CREF Bond Plus Fund
Nuveen Inflation Protected Securities Fund	à	TIAA-CREF Inflation-Linked Bond Fund
Nuveen Short Term Bond Fund	à	TIAA-CREF Short-Term Bond Fund

Upon the closing of the reorganizations, the Nuveen Core Bond Fund, Nuveen Core Bond Plus Fund, Nuveen Inflation Protected Securities Fund and Nuveen Short Term Bond Fund (the “Target Funds”) will transfer all of their assets and liabilities to the TIAA-CREF Bond Fund, TIAA-CREF Bond Plus Fund, TIAA-CREF Inflation-Linked Bond Fund and TIAA-CREF Short-Term Bond Fund (the “Acquiring Funds”) in exchange for Acquiring Fund Shares of equal value. Shares of the Acquiring Funds are then distributed to shareholders of the Target Funds and the Target Funds are terminated. As a result of these reorganizations, shareholders of the Target Funds become shareholders of the Acquiring

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Notes to financial statements

concluded

Funds. The shareholders of the Target Funds receive Acquiring Fund shares with a total value equal to the total value of their Target Fund shares immediately prior to the closing of each reorganization.

98	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Bond Fund, TIAA-CREF Bond Index Fund, TIAA-CREF Bond Plus Fund, TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund, TIAA-CREF Green Bond Fund, TIAA-CREF High-Yield Fund, TIAA-CREF Inflation-Linked Bond Fund, TIAA-CREF Short Duration Impact Bond Fund, TIAA-CREF Short-Term Bond Fund, TIAA-CREF Short-Term Bond Index Fund, TIAA-CREF Social Choice Bond Fund, and TIAA-CREF Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Bond Fund, TIAA-CREF Bond Index Fund, TIAA-CREF Bond Plus Fund, TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund, TIAA-CREF Green Bond Fund, TIAA-CREF High-Yield Fund, TIAA-CREF Short Duration Impact Bond Fund, TIAA-CREF Short-Term Bond Fund, TIAA-CREF Short-Term Bond Index Fund, TIAA-CREF Social Choice Bond Fund and TIAA-CREF Money Market Fund, and the portfolio of investments, of TIAA-CREF Inflation-Linked Bond Fund (twelve of the funds constituting TIAA-CREF Funds hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

TIAA-CREF Bond Fund⁽¹⁾	TIAA-CREF Inflation-Linked Bond Fund⁽¹⁾
TIAA-CREF Bond Index Fund⁽¹⁾	TIAA-CREF Short Duration Impact Bond Fund⁽²⁾
TIAA-CREF Bond Plus Fund⁽¹⁾	TIAA-CREF Short-Term Bond Fund⁽¹⁾
TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund⁽¹⁾	TIAA-CREF Short-Term Bond Index Fund⁽¹⁾
TIAA-CREF Green Bond Fund⁽²⁾	TIAA-CREF Social Choice Bond Fund⁽¹⁾
TIAA-CREF High-Yield Fund⁽¹⁾	TIAA-CREF Money Market Fund⁽¹⁾

(1)	Statement of operations for the year ended March 31, 2019 and statement of changes in net assets for the years ended March 31, 2019 and 2018
(2)	Statement of operations and statement of changes in net assets for the period November 16, 2018 (commencement of operations) through March 31, 2019

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 22, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

Important tax information (unaudited)

For the period ended March 31, 2019, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Bond	$	—
Bond Index		—
Bond Plus		—
5–15 Year Laddered Tax-Exempt Bond		260,083
Green Bond		—
High-Yield		—
Inflation-Linked Bond		—
Short Duration Impact Bond		—
Short-Term Bond		—
Short-Term Bond Index		—
Social Choice Bond		—
Money Market		—

The 5–15 Year Laddered Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2019 and the year ended March 31, 2018, totaling $6,376,445 and $5,770,130, of which $5,959,658 and $5,680,127, respectively, were exempt from federal income tax and have been designated as Exempt Interest Dividends.

The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying as Interest-Related Dividends and/or short-term capital gain dividends as defined in Internal Revenue Code Section 871(k) for the taxable period ended March 31, 2019.

Fund	% of Interest-Related Dividends
Bond		82.3	%
Bond Index		95.5
Bond Plus		79.3
5–15 Year Laddered Tax-Exempt Bond		94.9
Green Bond		67.1
High-Yield		76.2
Inflation-Linked Bond		99.6
Short Duration Impact Bond		78.5
Short-Term Bond		76.9
Short-Term Bond Index		89.3
Social Choice Bond		84.4
Money Market		100.0

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

100	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ April 14, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010– 2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

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101

Trustees and officers (unaudited)

TIAA-CREF Funds ■ April 14, 2019

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of of Texas at Austin.	89	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement Business, University System of Texas.

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, President, Global Investments, TIAA.

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concluded

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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103

Approval of investment management agreements (unaudited)

Board approval of the investment management agreement for the TIAA-CREF Green Bond Fund and the TIAA-CREF Short Duration Impact 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. Below is a summary of the process the Board undertook related to the initial approval of the Agreement with respect to the TIAA-CREF Green Bond Fund and the TIAA-CREF Short Duration Impact Bond Fund (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that 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 of the approval process

The Board held meetings on July 17, 2018 and October 2, 2018, at which it considered the approval of the Agreement with respect to each Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract approvals.

Among other matters, the Board requested and reviewed reports with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, comparative expense data regarding each Fund, including data relating to each Fund’s proposed management fee rate and anticipated total expense ratio. Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes. The Board discussed the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

In advance of the Board meetings held on July 17, 2018 and October 2, 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 Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) performance information related to any other fund, account or sleeve of an account with a similar investment strategy already managed by Advisors and a comparison of these products’ performance to a benchmark index and a peer group identified by Broadridge; (2) an explanation of the methodology for determining each Fund’s benchmark index; (3) a description of any proposed fee waiver or expense reimbursement arrangements; (4) a comparison of each Fund’s proposed management fee rate to any other accounts with comparable strategies managed by Advisors or certain of its affiliates; (5) any “fall-out” benefits that were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Fund’s direct payments to Advisors pursuant to the Agreement; (6) information regarding the Funds’ proposed portfolio management teams, Advisors’ overall staffing levels, capacity to manage the Funds at foreseeable asset levels, liquidity management, portfolio trading and best execution practices, use of derivatives and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (7) information as to any potential profits to be earned by Advisors in connection with its services pursuant to the Agreement; (8) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; and (9) proposed narrative explanations of reasons why the Board should approve the Agreement. The Trustees were given the opportunity to and did ask questions and request additional information throughout their deliberations, and they reviewed responses from Advisors to follow-up requests presented by the Board.

In considering whether to approve the Agreement with respect to each Fund, the Board reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services to be provided by Advisors to the Fund; (2) the investment performance of any similarly managed funds, accounts or sleeves of an account also managed by Advisors; (3) the costs of the services to be provided to the Fund and the potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits anticipated to be derived by Advisors

104	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to approve 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 approval of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract approval process included other Board and Committee meetings leading up to the October 2, 2018 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees will be ongoing. The Board also took into account the information provided to the Board in connection with the March 2018 renewal of the Agreement for certain existing series of the Trust. Additionally, the Board, as well as its Committees, had reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review since this last annual renewal of the Agreement with respect to the other existing series of the Trust. Many of these reports would apply to the proposed investment and operations of the Funds. Thus, in reaching its decisions regarding the approval of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees that would be applicable to the proposed operations of the Funds as well as information that was presented at other recent meetings.

In deciding whether to approve the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to approve the Agreement for each Fund. At its meeting on October 2, 2018, all Board members voted unanimously to approve the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner with respect to the existing series of the Trust. The Board also considered that Advisors has committed significant resources to supporting the Trust and its existing series. It also considered Advisors’ compliance program and resources and its compliance record with respect to the existing series of the Trust.

The Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates to existing series of the Trust. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

In assessing the potential performance of the Funds, the Board considered composite performance information based on the same strategies that would be utilized by each Fund, while recognizing the limitations of such composite information. This analysis included comparing each composite’s returns versus its benchmark index and Broadridge peers. The Board considered that the performance of each of these composites compared favorably to the returns of its Broadridge peers and had generated excess returns compared to its benchmark index during the time periods presented.

Cost and profitability

The Board considered pro forma financial and profitability data relating to Advisors’ services to the Funds for the Funds’ first two years of operations. The Board considered Advisors’ projected profit calculations with respect to its services to each Fund both before and after taking into account the costs to be incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which would permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks Advisors would assume in managing the Funds. The Board acknowledged that Advisors projections showed that it would incur a loss on the operation of each Fund during its first two years of operations.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and projected effective management fee rates and the contractual and effective management fee rates

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Approval of investment management agreements (unaudited)

paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate to be charged to each Fund under the Agreement typically was lower than the management fee rates charged to many other comparable mutual funds. The Board also acknowledged Advisors’ voluntary reductions of the expense caps on total expenses of certain classes of the Funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board also considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ management fee rates compare to those of peer mutual funds. Based on all factors considered, the Board concluded that the management fee rates to be charged under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered the extent to which the proposed management fee breakpoint schedule of each Fund might have a future effect on each Fund’s effective management fee rates. The Board also noted that the Advisor did not expect to earn a profit on either Fund during the initial two-year term of the Agreement. Based on all factors considered, the Board concluded that the Funds’ proposed management fee rate schedules were reasonable in light of current economies of scale considerations and projected asset levels.

Fee comparisons with other Advisors clients

The Board considered that Advisors provides investment management services to separately managed accounts that have similar investment strategies as the Funds. The Board considered the management fee rates of such accounts. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while management fee rates proposed to be charged to the Funds may differ from the management fee rates chargeable to these other accounts, this may be due in part to the fact that these other accounts: (1) may involve less entrepreneurial risk on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

Other benefits

America, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may potentially be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee and expense factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally will have lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class.

Green Bond Fund

•	The Fund’s proposed annual contractual management fee rate starts at 0.40% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds.
•	The Fund’s proposed actual management fee rate, contractual management fee rate and total expenses are each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

Short Duration Impact Bond Fund

•	The Fund’s proposed annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds.
•	The Fund’s proposed actual management fee rate, contractual management fee rate and total expenses are each in the 1st quintile of both its Expense Group and Expense Universe.

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

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continued

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

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. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also

compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance

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Approval of investment management agreements (unaudited)

ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information, from Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

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

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

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

Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

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

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the three-year performance of the Bond Index and Short-Term Bond Index

108	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

Funds (the “Index Funds”) before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable on each Index Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to most of the Funds under the Agreement for the one-year period ended December 31, 2018. However, with respect to the Short-Term Bond Index, 5-15 Year Laddered Tax-Exempt Bond and Money Market Funds, Advisors calculated that it had incurred losses.

The Board recognized the effect on Advisors’ profitability of an amendment to the Agreement effective on August 1, 2018 contractually reducing the management fee rate of the 5–15 Year Laddered Tax-Exempt Bond Fund by 0.050% going forward. The Board also considered Advisors’ voluntary reductions of certain Funds’ management fee rates: 0.010% for the High-Yield Fund and 0.020% for the Inflation-Linked Bond Fund. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2018, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the

inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for many actively-managed Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee reductions and one-year voluntary advisory fee waivers agreed to by Advisors noted above. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board reviewed the management fee rates Advisors charges to separately managed accounts and a UCITS series that have similar mandates to the Social Choice Bond Fund and the performance of such accounts/series. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may involve less entrepreneurial risk on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

109

Approval of investment management agreements (unaudited)

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. For reference, one basis point equals 0.01%. Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Bond Fund

•	The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.286% of average daily net assets.

•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), while the Fund’s actual management fee rate was in the 2nd quintile of its Expense Universe.
•	The Fund was in the 2nd, 2nd, 2nd and 5th quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 1st, 1st and 3rd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Bond Index Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 3rd, 3rd and 2nd quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 2nd quintile of its Expense Universe.
•	For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, differed by –4 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Both the Fund’s Performance Universe and Morningstar category include actively-managed funds, while the Fund utilizes a passive investment strategy.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Bond Plus Fund

•	The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.287% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 2nd, 3rd, 1st and 5th quintiles of its Performance Group and 2nd, 2nd, 1st and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

110	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

High-Yield Fund

•	The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.338% of average daily net assets. Effective May 1, 2019, Advisors has voluntarily agreed to reduce its management fee rate by 0.01% through April 30, 2020.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 4th, 3rd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Inflation-Linked Bond Fund

•	The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.241% of average daily net assets. Effective May 1, 2019, Advisors has voluntarily agreed to reduce its management fee rate by 0.02% through April 30, 2020.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were in the 1st quintile of its Expense Universe, while its actual management fee rate was in the 2nd quintile of its Expense Universe.

•	The Fund was in the 1st, 4th and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund ranked 2 out of 5 funds within its Performance Group for the ten-year period. The Fund was in the 1st, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Short-Term Bond Fund

•	The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.246% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

•	The Fund was in the 2nd, 2nd, 2nd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 2nd and 3rd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Short-Term Bond Index Fund

•	The Fund’s annual contractual management fee rate is 0.07% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of both its Expense Group and Expense Universe. The Fund’s actual management fee rate and contractual management fee rate ranked 1 out of 5 funds within its Expense Group and were in the 1st quintile of its Expense Universe.
•	For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Bloomberg Barclays 1-3 Year Government/Credit Bond Index, differed by -7 basis points. The Fund’s tracking error was attributable to transaction costs and an overweight sampling bias towards larger issuers and more liquid bonds.
•	The Fund received an Overall Morningstar Rating of 2 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

Social Choice Bond Fund

•	The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.347% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 2nd quintiles, respectively, of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 3rd and 2nd quintiles, respectively, of its Expense Universe.
•	The Fund was in the 1st, 2nd and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

TIAA-CREF Funds: Fixed Income Funds ■ 2019 Annual Report

111

Approval of investment management agreements (unaudited)

concluded

5–15 Year Laddered Tax-Exempt Bond Fund

•	The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, which includes breakpoints that would reduce the rate paid on assets above certain thresholds. This fee rate reflects a 0.05% contractual reduction that was implemented on August 1, 2018. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.218% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 1st, 2nd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

Money Market Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 2nd, 1st, 1st and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods.
•	Money market funds are not rated by Morningstar.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

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

112	2019 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended March 31, 2018 and March 31, 2019, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $531,515 and $635,310, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2018 and March 31, 2019, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended March 31, 2018 and March 31, 2019, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended March 31, 2018 and March 31, 2019, PwC’s aggregate fees for tax services billed to the Registrant were $141,150 and $171,380, respectively.

For the fiscal years ended March 31, 2018 and March 31, 2019, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended March 31, 2018 and March 31, 2019, PwC’s aggregate fees for all other services billed to the Registrant were $5,500 and $5,500, respectively.

For the fiscal years ended March 31, 2018 and March 31, 2019, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2018 and March 31, 2019 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2018 and March 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2018 and March 31, 2019 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2018 and March 31, 2019 on behalf of the Registrant.

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

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

For the fiscal years ended March 31, 2018 and March 31, 2019, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $586,250 and $220,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.0%

AUTOMOBILES & COMPONENTS - 0.1%
$	1,425,000	i	Dana, Inc	LIBOR 1 M + 2.250%		4.750	%	02/27/26	$	1,410,750
	1,984,887	i	Gates Global LLC	LIBOR 1 M + 2.750%		5.250		04/01/24		1,957,237
	250,000	i	Wand NewCo 3, Inc	LIBOR 1 M + 3.500%		5.980		02/05/26		250,062
			TOTAL AUTOMOBILES & COMPONENTS							3,618,049

BANKS - 0.0%
	1,995,000	i	First Eagle Holdings, Inc	LIBOR 3 M + 2.750%		5.350		12/01/24		1,984,187
			TOTAL BANKS							1,984,187

CAPITAL GOODS - 0.1%
	1,424,310	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 2.000%		4.490		01/15/25		1,411,335
	1,876,061	i	Milacron LLC	LIBOR 1 M + 2.500%		5.000		09/28/23		1,833,849
	487,587	i	TransDigm, Inc	LIBOR 1 M + 2.500%		5.000		06/09/23		475,763
	1,488,693	i	TransDigm, Inc	LIBOR 1 M + 2.500%		5.000		08/22/24		1,449,243
			TOTAL CAPITAL GOODS							5,170,190

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	1,496,231	i	Brightview Landscapes LLC	LIBOR 1 M + 2.500%		5.000		08/15/25		1,484,381
	1,496,122	i	Camelot Finance LP	LIBOR 1 M + 3.250%		5.750		10/03/23		1,486,771
	1,389,394	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		4.250		06/28/24		1,384,531
	2,000,000	h,i	Filtration Group Corp	LIBOR 1 M + 3.000%		5.500		03/28/25		1,985,420
	2,496,231	h,i	GFL Environmental, Inc	LIBOR 1 M + 3.000%		5.500		05/30/25		2,408,464
	123,802	i	Gopher Sub, Inc	LIBOR 1 M + 3.000%		5.500		02/03/25		119,623
	992,331	i	KAR Auction Services, Inc	LIBOR 3 M + 2.500%		5.130		03/09/23		988,610
	2,880,292	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		6.030		11/14/22		2,796,043
	496,231	i	West Corp	LIBOR 3 M + 4.000%		6.630		10/10/24		464,686
	2,000,000	i	XPO Logistics, Inc	LIBOR 1 M + 2.000%		4.500		02/24/25		1,964,260
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							15,082,789

CONSUMER DURABLES & APPAREL - 0.0%
	2,878,250	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		4.250		04/25/25		2,836,285
			TOTAL CONSUMER DURABLES & APPAREL							2,836,285

CONSUMER SERVICES - 0.3%
	2,486,251	i	1011778 BC / New Red Finance, Inc	LIBOR 1 M + 2.250%		4.750		02/16/24		2,444,805
	1,496,183	i	AlixPartners LLP	LIBOR 1 M + 2.750%		5.250		04/04/24		1,484,214
	2,606,858	i	Allied Universal Holdco LLC	LIBOR 1 M + 3.750%		6.250		07/28/22		2,515,618
	997,500	i	Allied Universal Holdco LLC	Prime 3 M + 3.250%		8.500		07/28/22		971,316
	2,090,907	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		4.660		09/15/23		2,070,667
	2,290,654	h,i	KUEHG Corp	LIBOR 3 M + 3.750%		6.350		02/21/25		2,258,677
	1,389,474	i	Las Vegas Sands LLC	LIBOR 1 M + 1.750%		4.250		03/27/25		1,363,560
	989,924	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		5.250		05/02/22		978,422
	99,000	i	Sarbacane Bidco, Inc	LIBOR 1 M + 3.000%		5.500		01/29/25		97,391

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,381,436	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.330	%	08/14/24	$	3,289,664
	2,117,580	i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		6.000		06/19/24		2,032,877
			TOTAL CONSUMER SERVICES							19,507,211

ENERGY - 0.0%
	235,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.870		12/31/21		247,486
	500,000	i	Ultra Resources, Inc	LIBOR 1 M + 4.000%		6.490		04/12/24		431,875
			TOTAL ENERGY							679,361

FOOD & STAPLES RETAILING - 0.0%
	74,670	i	Albertsons LLC	LIBOR 1 M + 3.000%		5.480		06/22/23		73,952
	124,960	i	Albertsons LLC	LIBOR 1 M + 3.000%		5.499		11/17/25		123,266
	505,194	i	YUM! Brands	LIBOR 1 M + 1.750%		4.230		04/03/25		501,192
			TOTAL FOOD & STAPLES RETAILING							698,410

FOOD, BEVERAGE & TOBACCO - 0.0%
	494,915	i	Hostess Brands LLC	LIBOR 1 and 3 M + 2.250%		4.990		08/03/22		480,315
	714,273	i	Post Holdings, Inc	LIBOR 1 M + 2.000%		4.490		05/24/24		707,244
			TOTAL FOOD, BEVERAGE & TOBACCO							1,187,559

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	3,000,000	h,i	Auris Luxembourg III Sarl	LIBOR 1 M + 3.750%		6.250		02/27/26		2,993,760
	2,992,500	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		6.250		10/10/25		2,795,504
	2,502,357	i	Gentiva Health Services, Inc	LIBOR 1 M + 3.750%		6.250		07/02/25		2,505,485
	260,428	i	Greatbatch Ltd	LIBOR 1 M + 3.000%		5.490		10/27/22		260,347
	13,696	i	Heartland Dental LLC	LIBOR 1 and 3 M + 3.750%		6.162		04/30/25		13,272
	714,851	i	Heartland Dental LLC	LIBOR 1 M + 3.750%		6.250		04/30/25		692,734
	617,320	i	NMN Holdings III Corp	LIBOR 2 M + 3.750%		6.320		11/13/25		609,604
	2,493,750	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 4.500%		6.980		11/16/25		2,463,750
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							12,334,456

INSURANCE - 0.1%
	1,389,500	i	Acrisure LLC	LIBOR 3 M + 3.750%		6.380		11/22/23		1,368,074
	2,977,500	i	Asurion LLC	LIBOR 1 M + 3.000%		5.500		11/03/24		2,953,561
	98,737	i	NFP Corp	LIBOR 1 M + 3.000%		5.500		01/05/24		95,035
			TOTAL INSURANCE							4,416,670

MATERIALS - 0.2%
	925,403	i	Berry Global, Inc	LIBOR 2 M + 2.000%		4.610		10/03/22		918,462
	93,910	i	Crown Americas LLC	LIBOR 1 M + 2.000%		4.480		04/03/25		94,045
	646,750	i	Flex Acquisition Co Inc	LIBOR 1 and 3 M + 3.250%		5.880		06/30/25		625,731
	1,372,896	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.490		10/21/24		1,346,729
	1,775,000	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		5.100		03/01/26		1,736,181
	992,443	i	Plastipak Holdings, Inc	LIBOR 1 M + 2.500%		5.000		10/15/24		974,301
	979,977	i	Plaze, Inc	LIBOR 1 M + 3.500%		5.990		07/29/22		971,403
	240,385	i	Quikrete Holdings, Inc	LIBOR 1 M + 2.750%		5.250		11/15/23		234,332
	1,300,000	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.250%		5.740		10/01/25		1,279,694

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	487,388	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.500	%	09/23/24	$	484,800
	1,052,607	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.500		09/23/24		1,047,018
	767,318	i	Univar USA, Inc	LIBOR 1 M + 2.250%		4.750		07/01/24		757,727
			TOTAL MATERIALS							10,470,423

MEDIA & ENTERTAINMENT - 0.1%
	245,000	i	AMC Entertainment Holdings, Inc	LIBOR 1 M + 2.250%		4.730		12/15/23		244,755
	1,141,288	i	CDS US Intermediate Holdings, Inc	LIBOR 1 and 3 M + 3.750%		6.250		07/08/22		1,045,226
	1,439,009	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.750		03/24/25		1,417,424
	1,392,911	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.490		10/04/23		1,365,833
	1,450,939	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		5.250		03/15/24		1,364,883
			TOTAL MEDIA & ENTERTAINMENT							5,438,121

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	615,625	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		6.000		09/26/24		569,841
	997,462	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		6.750		04/29/24		977,353
	1,583,159	i	Horizon Pharma, Inc	LIBOR 1 M + 3.000%		5.500		03/29/24		1,581,861
	625,354	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 3.000%		5.690		02/24/25		588,352
	68,912	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		4.600		03/07/24		68,553
	2,698,892	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		5.480		06/02/25		2,679,622
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							6,465,582

REAL ESTATE - 0.1%
	2,487,500	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.750		08/21/25		2,462,625
	2,480,818	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.500		03/23/25		2,444,499
			TOTAL REAL ESTATE							4,907,124

RETAILING - 0.0%
	482,516	i	Academy Ltd	LIBOR 1 M + 4.000%		6.490		07/01/22		345,964
	322,010	i	Avis Budget Car Rental LLC	LIBOR 1 M + 2.000%		4.500		02/13/25		314,765
	942,217	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.490		03/11/22		843,878
	500,000	h,i	Shutterfly, Inc	LIBOR 1 M + 2.750%		5.250		08/19/24		491,405
	992,462	i	Staples, Inc	LIBOR 1 M + 4.000%		6.490		09/12/24		983,421
			TOTAL RETAILING							2,979,433

SOFTWARE & SERVICES - 0.1%
	2,425,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 5.000%		7.490		02/06/26		2,391,656
	620,307	i	First Data Corp	LIBOR 1 M + 2.000%		4.490		07/08/22		618,744
	1,139,915	i	First Data Corp	LIBOR 1 M + 2.000%		4.486		04/26/24		1,136,336
	476,519	i	Leidos, Inc	LIBOR 1 M + 1.750%		4.250		08/22/25		474,584
	1,214,746	i	NeuStar, Inc	LIBOR 1 M + 3.500%		6.000		08/08/24		1,168,683
			TOTAL SOFTWARE & SERVICES							5,790,003

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	375,000	h,i	CommScope, Inc	LIBOR 3 M + 3.250%		4.250		02/06/26		374,374
	3,376,622	i	Dell International LLC	LIBOR 1 M + 2.000%		4.500		09/07/23		3,335,731
	254,521	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.740		07/05/23		251,976
	919,069	i	Plantronics, Inc	LIBOR 1 M + 2.500%		5.000		07/02/25		900,687
	2,000,000	h,i	VeriFone Systems, Inc	LIBOR 3 M + 4.000%		6.680		08/20/25		1,967,500
	243,748	i	Western Digital Corp	LIBOR 1 M + 1.750%		4.250		04/29/23		236,943
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							7,067,211

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
TELECOMMUNICATION SERVICES - 0.0%
$	1,389,340	i	CNT Holdings III Corp	LIBOR 1 M + 3.250%		5.750	%	01/22/23	$	1,365,902
			TOTAL TELECOMMUNICATION SERVICES							1,365,902

TRANSPORTATION - 0.1%
	1,484,848	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.480		12/14/23		1,455,152
	476,592	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		5.499		07/29/22		467,537
	2,004,143	i	Kenan Advantage Group, Inc	LIBOR 1 M + 3.000%		5.500		08/01/22		1,966,065
	1,687,089	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		5.500		03/11/24		1,571,101
			TOTAL TRANSPORTATION							5,459,855

UTILITIES - 0.1%
	992,268	i	Calpine Corp	LIBOR 3 M + 2.500%		5.110		01/15/24		981,621
	1,500,000	h,i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		6.500		04/15/24		1,484,070
	795,964	i	Vistra Operations Co LLC	LIBOR 1 M + 2.000%		4.500		08/04/23		786,118
	743,132	i	Vistra Operations Co LLC	LIBOR 1 M + 2.000%		4.482		12/31/25		731,242
			TOTAL UTILITIES							3,983,051

			TOTAL BANK LOAN OBLIGATIONS							121,441,872
			(Cost $123,633,297)

BONDS - 95.8%

CORPORATE BONDS - 32.8%

AUTOMOBILES & COMPONENTS - 0.3%
	1,000,000		Aptiv plc			4.350		03/15/29		1,015,887
	450,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		459,000
	3,550,000		General Motors Co			4.200		10/01/27		3,407,376
	1,700,000		General Motors Co			6.600		04/01/36		1,780,637
	825,000		General Motors Co			6.250		10/02/43		825,574
	2,050,000		General Motors Co			5.200		04/01/45		1,829,233
	475,000		General Motors Co			6.750		04/01/46		495,271
	3,000,000	g	Hyundai Capital America			3.950		02/01/22		3,042,885
	2,000,000	g	Hyundai Capital America			2.750		09/27/26		1,835,038
	1,750,000		Magna International, Inc			3.625		06/15/24		1,781,166
	1,875,000	g	Nemak SAB de C.V.			4.750		01/23/25		1,828,125
	1,000,000	g,h	Panther BF Aggregator 2 LP			8.500		05/15/27		1,002,500
			TOTAL AUTOMOBILES & COMPONENTS							19,302,692

BANKS - 6.5%
	1,900,000	g	Akbank TAS			7.200		03/16/27		1,627,899
	2,000,000	g	Akbank Turk AS.			6.797		04/27/28		1,645,704
	2,000,000	g	Banco de Bogota S.A.			4.375		08/03/27		1,972,520
	7,200,000	g	Banco del Estado de Chile			2.668		01/08/21		7,110,072
	2,000,000	g	Banco Internacional del Peru SAA Interbank			3.375		01/18/23		1,987,700
	2,000,000		Banco Santander S.A.			3.125		02/23/23		1,978,924
	1,200,000		Banco Santander S.A.			3.800		02/23/28		1,164,554
	9,475,000		Bank of America Corp			2.151		11/09/20		9,379,511
	25,000,000		Bank of America Corp			3.550		03/05/24		25,391,604

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	15,000,000		Bank of America Corp		3.864	%	07/23/24	$	15,414,705
	2,450,000		Bank of America Corp		3.875		08/01/25		2,538,323
	10,450,000		Bank of America Corp		3.248		10/21/27		10,240,381
	3,075,000		Bank of America Corp		3.419		12/20/28		3,009,663
	3,375,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		3,368,436
	2,100,000		Barclays plc		4.338		05/16/24		2,124,176
	1,700,000		Barclays plc		3.650		03/16/25		1,657,150
	3,000,000	g	BNG Bank NV		3.000		09/20/23		3,071,598
	5,845,000		Capital One Bank USA NA		2.650		08/08/22		5,777,210
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		1,067,927
	4,330,000		Capital One NA		2.350		01/31/20		4,308,244
	10,000,000		Citigroup, Inc		4.044		06/01/24		10,336,300
	10,975,000		Citigroup, Inc		3.200		10/21/26		10,758,138
	2,200,000		Citigroup, Inc		4.300		11/20/26		2,237,709
	6,800,000		Citigroup, Inc		3.668		07/24/28		6,789,360
	2,225,000		Citizens Bank NA		2.650		05/26/22		2,206,970
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		382,013
	2,700,000	g	Cooperatieve Rabobank UA		3.875		09/26/23		2,781,119
	4,775,000		Cooperatieve Rabobank UA		3.750		07/21/26		4,712,730
	1,250,000	g	Credit Agricole S.A.		2.500		04/15/19		1,249,875
	1,425,000	g	Credit Agricole S.A.		2.375		07/01/21		1,409,412
	7,475,000	g	Credit Agricole S.A.		3.250		10/04/24		7,351,442
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,579,316
	1,000,000		Discover Bank		3.200		08/09/21		1,004,897
	5,400,000		Discover Bank		3.450		07/27/26		5,233,745
	4,625,000		HSBC Holdings plc		2.650		01/05/22		4,584,796
	2,050,000		HSBC Holdings plc		3.262		03/13/23		2,055,685
	1,475,000		HSBC Holdings plc		3.033		11/22/23		1,467,857
	1,250,000		HSBC Holdings plc		3.900		05/25/26		1,266,602
	14,000,000		HSBC Holdings plc		4.292		09/12/26		14,446,812
	2,300,000		HSBC Holdings plc		4.375		11/23/26		2,357,851
	2,025,000		HSBC Holdings plc		4.041		03/13/28		2,042,184
	4,100,000		Huntington National Bank		2.500		08/07/22		4,060,884
	2,075,000	g	ING Groep NV		4.625		01/06/26		2,178,123
	3,000,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,928,000
	8,700,000		JPMorgan Chase & Co		2.750		06/23/20		8,705,307
	3,425,000		JPMorgan Chase & Co		2.776		04/25/23		3,406,873
	20,000,000		JPMorgan Chase & Co		3.797		07/23/24		20,545,367
	5,250,000		JPMorgan Chase & Co		3.200		06/15/26		5,220,091
	3,975,000		JPMorgan Chase & Co		2.950		10/01/26		3,887,380
	13,000,000		JPMorgan Chase & Co		4.203		07/23/29		13,574,179
	1,825,000		JPMorgan Chase & Co		3.882		07/24/38		1,793,827
	17,000,000		JPMorgan Chase Bank NA		3.086		04/26/21		17,046,717
	2,945,000		KeyBank NA		2.500		12/15/19		2,940,423
	900,000	g	Macquarie Bank Ltd		2.600		06/24/19		899,637
	2,550,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,537,635
	10,000,000		Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		10,272,498
	2,700,000		Mitsubishi UFJ Financial Group, Inc		3.741		03/07/29		2,772,218
	4,175,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		4,167,348
	1,550,000		MUFG Americas Holdings Corp		3.500		06/18/22		1,574,459
	4,150,000		PNC Bank NA		2.600		07/21/20		4,146,914
	1,800,000		PNC Bank NA		2.450		11/05/20		1,793,001

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,750,000		PNC Bank NA		2.700	%	11/01/22	$	1,742,164
	1,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		1,550,553
	10,000,000	g	Royal Bank of Canada		3.350		10/22/21		10,181,590
	5,100,000		Royal Bank of Canada		3.700		10/05/23		5,271,685
	5,000,000		Royal Bank of Scotland Group plc		3.498		05/15/23		4,966,194
	3,125,000		Santander Holdings USA, Inc		3.400		01/18/23		3,127,487
	1,525,000		Santander Holdings USA, Inc		4.400		07/13/27		1,512,748
	3,600,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		3,582,792
	1,700,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,695,659
	8,150,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		8,057,053
	1,675,000		SunTrust Bank		2.900		03/03/21		1,679,415
	10,000,000		SunTrust Bank		3.689		08/02/24		10,259,909
	1,800,000		SunTrust Bank		4.050		11/03/25		1,897,688
	1,075,000		SunTrust Banks, Inc		2.750		05/01/23		1,066,695
	3,350,000		Toronto-Dominion Bank		1.850		09/11/20		3,314,049
	1,300,000		Toronto-Dominion Bank		3.625		09/15/31		1,284,856
	2,500,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		2,111,700
	2,300,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,954,851
	1,050,000	g	UBS AG.		2.450		12/01/20		1,043,844
	9,100,000		Wells Fargo Bank NA		3.325		07/23/21		9,160,657
	5,100,000		Westpac Banking Corp		4.322		11/23/31		5,058,679
	2,400,000	g	Yapi ve Kredi Bankasi AS.		5.850		06/21/24		2,067,674
			TOTAL BANKS						388,129,937

CAPITAL GOODS - 0.8%
	5,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		5,014,300
	450,000	g	Anixter, Inc		6.000		12/01/25		472,500
	675,000	g	Cleaver-Brooks, Inc		7.875		03/01/23		624,375
	225,000	g	Cloud Crane LLC		10.125		08/01/24		241,875
	1,000,000		General Electric Co		4.125		10/09/42		869,302
	2,500,000		Illinois Tool Works, Inc		2.650		11/15/26		2,465,956
	7,000,000		John Deere Capital Corp		3.650		10/12/23		7,260,401
	1,550,000		Johnson Controls International plc		4.250		03/01/21		1,585,521
	1,350,000		Lam Research Corp		3.750		03/15/26		1,374,950
	1,525,000		Lam Research Corp		4.000		03/15/29		1,555,476
	2,075,000		Lockheed Martin Corp		2.500		11/23/20		2,068,769
	1,625,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,622,227
	2,503,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		2,526,415
	1,600,000		Mosaic Co		4.875		11/15/41		1,542,815
	2,500,000		Roper Technologies, Inc		3.800		12/15/26		2,531,237
	790,000	g	Stena AB		7.000		02/01/24		759,387
	950,000		Textron, Inc		3.875		03/01/25		957,305
	250,000		Trimble, Inc		4.900		06/15/28		255,642
	4,600,000		United Technologies Corp		2.800		05/04/24		4,544,539
	6,300,000		United Technologies Corp		4.125		11/16/28		6,565,867
	4,850,000		United Technologies Corp		4.450		11/16/38		5,021,913
			TOTAL CAPITAL GOODS						49,860,772

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,200,000		AECOM		5.125		03/15/27		2,125,750
	2,222,408	g	British Airways		3.800		09/20/31		2,263,967

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,000,000	g,i	Nakama Re Ltd	LIBOR 6 M + 2.200%		4.841	%	10/13/21	$	1,987,400
	2,467,000	g	Prime Security Services Borrower LLC			9.250		05/15/23		2,590,350
	5,125,000	g,h	Prime Security Services Borrower LLC			5.750		04/15/26		5,125,000
	3,400,000		Republic Services, Inc			3.550		06/01/22		3,476,578
	2,225,000		Republic Services, Inc			2.900		07/01/26		2,179,231
	100,000	g	Ritchie Bros Auctioneers, Inc			5.375		01/15/25		101,875
	1,150,000		United Rentals North America, Inc			5.500		07/15/25		1,175,875
	1,000,000		United Rentals North America, Inc			5.875		09/15/26		1,033,750
	1,800,000		Waste Management, Inc			2.900		09/15/22		1,806,728
	3,025,000		Waste Management, Inc			3.150		11/15/27		3,017,484
	500,000		Waste Management, Inc			3.900		03/01/35		501,727
	550,000		Waste Management, Inc			4.100		03/01/45		568,473
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							27,954,188

CONSUMER DURABLES & APPAREL - 0.1%
	1,575,000		Leggett & Platt, Inc			4.400		03/15/29		1,590,543
	800,000		Lennar Corp			4.500		04/30/24		811,360
	650,000	g	LGI Homes, Inc			6.875		07/15/26		648,375
	3,700,000		Newell Rubbermaid, Inc			4.200		04/01/26		3,533,976
			TOTAL CONSUMER DURABLES & APPAREL							6,584,254

CONSUMER SERVICES - 0.4%
	500,000		ADT Corp			4.125		06/15/23		482,250
	16,500,000	g	Anheuser-Busch Cos LLC			3.650		02/01/26		16,560,625
	200,000		Boyd Gaming Corp			6.375		04/01/26		207,000
	540,000		Boyd Gaming Corp			6.000		08/15/26		553,500
	1,500,000		George Washington University			3.545		09/15/46		1,448,816
	540,000	g	International Game Technology plc			6.250		01/15/27		553,500
	1,025,000		Sands China Ltd			5.125		08/08/25		1,068,804
	1,400,000		Sands China Ltd			5.400		08/08/28		1,467,945
	700,000	g	ServiceMaster Co LLC			5.125		11/15/24		702,625
	600,000		Speedway Motorsports, Inc			5.125		02/01/23		604,500
	1,600,000		Trustees of Dartmouth College			3.474		06/01/46		1,572,905
			TOTAL CONSUMER SERVICES							25,222,470

DIVERSIFIED FINANCIALS - 3.5%
	1,720,000		AerCap Ireland Capital DAC			3.500		01/15/25		1,659,783
	600,000		AerCap Ireland Capital Ltd			5.000		10/01/21		622,663
	5,025,000		American Express Co			3.000		02/22/21		5,050,864
	3,375,000		American Express Co			2.500		08/01/22		3,336,716
	2,000,000		American Express Credit Corp			3.300		05/03/27		2,027,569
	1,700,000		Ameriprise Financial, Inc			3.000		03/22/22		1,710,092
	1,750,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		1,739,699
	800,000	g	Avolon Holdings Funding Ltd			5.125		10/01/23		814,000
	3,750,000		Bank of Montreal			3.803		12/15/32		3,626,250
	580,000		Bank of New York Mellon Corp			5.450		05/15/19		581,920
	2,525,000	g	Bayer US Finance LLC			2.375		10/08/19		2,516,632
	455,000	g	BBVA Bancomer S.A.			5.350		11/12/29		436,390
	2,850,000	g	BBVA Bancomer S.A.			5.125		01/18/33		2,620,575
	3,075,000		Berkshire Hathaway, Inc			3.125		03/15/26		3,108,790
	775,000	g	BPCE S.A.			4.000		09/12/23		786,668
	1,825,000	g	BPCE S.A.			4.625		07/11/24		1,861,212

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	600,000	g	BPCE S.A.		4.500	%	03/15/25	$	603,692
	8,670,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		8,776,048
	3,600,000		Capital One Financial Corp		3.900		01/29/24		3,680,500
	1,900,000	g	Comcel Trust		6.875		02/06/24		1,973,625
	2,500,000	g	Credit Suisse Group AG.		2.997		12/14/23		2,457,465
	2,475,000	g	Credit Suisse Group AG.		4.282		01/09/28		2,505,468
	3,950,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		4,013,343
	1,650,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		1,663,531
	3,275,000		Deutsche Bank AG.		3.950		02/27/23		3,232,378
	2,075,000		Ford Motor Credit Co LLC		3.096		05/04/23		1,946,649
	5,000,000		Ford Motor Credit Co LLC		3.664		09/08/24		4,610,450
	2,775,000		Ford Motor Credit Co LLC		3.815		11/02/27		2,418,402
	7,700,000		GE Capital International Funding Co		3.373		11/15/25		7,476,704
	3,750,000		GE Capital International Funding Co		4.418		11/15/35		3,474,950
	232,000		General Electric Capital Corp		6.875		01/10/39		274,712
	2,050,000		General Motors Financial Co, Inc		3.950		04/13/24		2,029,927
	5,000,000		Goldman Sachs Group, Inc		3.625		02/20/24		5,052,435
	4,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		4,637,163
	11,350,000		Goldman Sachs Group, Inc		3.691		06/05/28		11,238,380
	3,900,000		Goldman Sachs Group, Inc		3.814		04/23/29		3,866,217
	1,900,000		Goldman Sachs Group, Inc		4.017		10/31/38		1,821,922
	600,000		Goldman Sachs Group, Inc		4.800		07/08/44		635,799
	900,000		Icahn Enterprises LP		6.250		02/01/22		923,265
	6,675,000	g	ICICI Bank Ltd		3.800		12/14/27		6,492,826
	1,900,000		International Lease Finance Corp		5.875		08/15/22		2,049,123
	1,100,000		Jefferies Group LLC		4.150		01/23/30		1,008,142
	350,000		Legg Mason, Inc		2.700		07/15/19		349,776
	475,000		Legg Mason, Inc		3.950		07/15/24		480,813
	2,400,000		Morgan Stanley		3.125		01/23/23		2,408,330
	6,000,000		Morgan Stanley		3.737		04/24/24		6,123,694
	5,475,000		Morgan Stanley		3.700		10/23/24		5,573,585
	11,575,000		Morgan Stanley		3.125		07/27/26		11,282,955
	2,900,000		Morgan Stanley		4.431		01/23/30		3,060,939
	2,000,000		National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		2,030,318
	135,000		Navient Corp		6.625		07/26/21		141,075
	1,525,000	g	Quicken Loans, Inc		5.250		01/15/28		1,427,781
	7,400,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		7,155,645
	1,100,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		1,114,636
	1,800,000		Synchrony Financial		4.250		08/15/24		1,811,827
	2,075,000		TD Ameritrade Holding Corp		3.300		04/01/27		2,084,954
	1,650,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		1,649,653
	5,075,000	g	UBS Group Funding Switzerland AG.		2.859		08/15/23		5,001,615
	3,075,000		Unilever Capital Corp		2.900		05/05/27		3,030,299
	11,475,000		Wells Fargo & Co		2.625		07/22/22		11,393,727
	3,650,000		Wells Fargo & Co		3.750		01/24/24		3,757,472
	2,300,000		Wells Fargo & Co		3.550		09/29/25		2,341,159
	6,050,000		Wells Fargo & Co		3.000		04/22/26		5,916,650
	5,525,000		Wells Fargo & Co		4.150		01/24/29		5,777,468
			TOTAL DIVERSIFIED FINANCIALS						205,277,310

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
ENERGY - 3.4%
$	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600	%	11/02/47	$	1,496,026
	875,000		AmeriGas Partners LP		5.625		05/20/24		889,219
	1,075,000		AmeriGas Partners LP		5.875		08/20/26		1,073,656
	2,050,000		Anadarko Petroleum Corp		5.550		03/15/26		2,237,680
	1,950,000		Anadarko Petroleum Corp		4.500		07/15/44		1,840,784
	875,000		Andeavor Logistics LP		4.250		12/01/27		881,504
	1,000,000		Andeavor Logistics LP		5.200		12/01/47		1,001,320
	1,300,000	g	Antero Midstream Partners LP		5.750		03/01/27		1,319,500
	1,300,000		Apache Corp		4.750		04/15/43		1,227,486
	500,000	g	APT Pipelines Ltd		4.250		07/15/27		507,097
	1,100,000	g	Archrock Partners LP / Archrock Partners Finance Corp		6.875		04/01/27		1,121,670
	1,200,000		BP Capital Markets America, Inc		2.520		09/19/22		1,188,870
	2,200,000		BP Capital Markets America, Inc		3.796		09/21/25		2,282,201
	3,000,000		BP Capital Markets America, Inc		3.588		04/14/27		3,050,190
	7,050,000		BP Capital Markets plc		3.279		09/19/27		7,024,534
	74,000	g	California Resources Corp		8.000		12/15/22		58,112
	58,000	†	California Resources Corp		6.000		11/15/24		38,860
	275,000		Calumet Specialty Products Partners LP		6.500		04/15/21		269,500
	2,000,000		Calumet Specialty Products Partners LP		7.625		01/15/22		1,850,000
	2,050,000		Cenovus Energy, Inc		4.450		09/15/42		1,815,743
	1,000,000	g	Cheniere Energy Partners LP		5.625		10/01/26		1,025,000
	4,467,000		Cimarex Energy Co		3.900		05/15/27		4,458,349
	2,700,000		Cimarex Energy Co		4.375		03/15/29		2,780,496
	2,200,000	g	Colonial Pipeline Co		4.250		04/15/48		2,223,117
	4,175,000		Concho Resources, Inc		3.750		10/01/27		4,144,621
	5,000,000		Continental Resources, Inc		4.375		01/15/28		5,141,764
	1,125,000		Crestwood Midstream Partners LP		5.750		04/01/25		1,153,125
	1,500,000	g	Denbury Resources, Inc		7.500		02/15/24		1,280,625
	2,000,000		Ecopetrol S.A.		5.375		06/26/26		2,155,000
	1,850,000		Ecopetrol S.A.		5.875		05/28/45		1,917,062
	5,000,000		Enbridge, Inc		3.700		07/15/27		4,989,822
	2,475,000		Energy Transfer Operating LP		5.250		04/15/29		2,658,229
	2,700,000		Energy Transfer Operating LP		6.250		04/15/49		3,026,145
	4,775,000		Energy Transfer Partners LP		4.750		01/15/26		4,989,815
	1,250,000		Enterprise Products Operating LLC		3.700		02/15/26		1,281,103
	5,000,000		Enterprise Products Operating LLC		4.150		10/16/28		5,265,914
	1,425,000		Enterprise Products Operating LLC		4.250		02/15/48		1,397,915
	472,000	†,g	EP Energy LLC		9.375		05/01/24		167,560
	1,400,000		Exterran Partners LP		6.000		04/01/21		1,398,950
	1,425,000		Exterran Partners LP		6.000		10/01/22		1,435,687
	3,000,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		3,050,853
	1,100,000		Genesis Energy LP		6.500		10/01/25		1,069,750
	2,125,000		Genesis Energy LP		6.250		05/15/26		2,008,125
	1,450,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		1,475,375
	1,200,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,257,946
	1,250,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		1,326,011
	535,000		Kinder Morgan, Inc		5.300		12/01/34		580,273
	1,250,000		Marathon Oil Corp		2.700		06/01/20		1,244,289
	2,000,000		Marathon Oil Corp		4.400		07/15/27		2,060,362
	3,500,000		MPLX LP		4.125		03/01/27		3,524,890
	2,075,000		MPLX LP		4.000		03/15/28		2,063,024
	2,175,000		MPLX LP		4.500		04/15/38		2,070,929

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,175,000		MPLX LP		4.700	%	04/15/48	$	2,086,230
	125,000		Murphy Oil Corp		6.875		08/15/24		132,346
	200,000		Murphy Oil USA, Inc		5.625		05/01/27		207,000
	300,000		Noble Energy, Inc		3.900		11/15/24		302,978
	8,000,000		Noble Energy, Inc		3.850		01/15/28		7,887,321
	2,200,000		Noble Energy, Inc		5.050		11/15/44		2,189,527
	500,000		Noble Energy, Inc		4.950		08/15/47		494,707
	1,000,000	g	Oasis Petroleum, Inc		6.250		05/01/26		952,500
	700,000		ONE Gas, Inc		3.610		02/01/24		719,529
	2,300,000		ONEOK, Inc		4.000		07/13/27		2,306,466
	4,750,000		ONEOK, Inc		4.350		03/15/29		4,834,848
	2,000,000	g	Pertamina Persero PT		5.625		05/20/43		2,072,392
	2,425,000	g	Peru LNG Srl		5.375		03/22/30		2,522,000
	600,000		Petrobras Global Finance BV		5.299		01/27/25		608,706
	1,167,000		Petrobras Global Finance BV		5.999		01/27/28		1,181,004
	2,000,000		Petrobras Global Finance BV		6.900		03/19/49		1,978,800
	2,050,000		Petroleos Mexicanos		6.375		02/04/21		2,125,850
	2,050,000		Petroleos Mexicanos		3.500		01/30/23		1,957,955
	2,550,000		Petroleos Mexicanos		6.500		03/13/27		2,560,735
	2,100,000		Petroleos Mexicanos		5.350		02/12/28		1,948,800
	6,000,000		Phillips 66		3.900		03/15/28		6,110,113
	2,125,000		Phillips 66 Partners LP		3.550		10/01/26		2,088,066
	5,000,000		Phillips 66 Partners LP		3.750		03/01/28		4,930,915
	775,000		Phillips 66 Partners LP		4.680		02/15/45		760,728
	950,000		Phillips 66 Partners LP		4.900		10/01/46		968,704
	615,000		Pioneer Natural Resources Co		7.500		01/15/20		636,395
	2,125,000		Pioneer Natural Resources Co		3.450		01/15/21		2,147,323
	450,000		Range Resources Corp		5.750		06/01/21		456,750
	450,000		Regency Energy Partners LP		4.500		11/01/23		469,001
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,433,040
	3,125,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		3,153,305
	1,325,000		Shell International Finance BV		3.250		05/11/25		1,350,241
	1,750,000		Shell International Finance BV		4.000		05/10/46		1,825,819
	1,125,000		SM Energy Co		6.625		01/15/27		1,068,750
	1,000,000		Southwestern Energy Co		7.500		04/01/26		1,020,000
	1,250,000		Spectra Energy Partners LP		3.500		03/15/25		1,250,769
	1,975,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,960,346
	1,500,000	g	Sunoco LP / Sunoco Finance Corp		6.000		04/15/27		1,503,750
	125,000		Targa Resources Partners LP		5.125		02/01/25		127,500
	475,000	g	Targa Resources Partners LP		5.875		04/15/26		502,075
	300,000	g	Targa Resources Partners LP		6.500		07/15/27		323,625
	950,000	g	Targa Resources Partners LP		6.875		01/15/29		1,034,312
	90,000		Tesoro Logistics LP		6.375		05/01/24		94,275
	550,000		Tesoro Logistics LP		5.250		01/15/25		571,170
	5,800,000		TransCanada PipeLines Ltd		4.250		05/15/28		6,057,252
	519,750	g	Transocean Guardian Ltd		5.875		01/15/24		527,546
	614,250	g	Transocean Pontus Ltd		6.125		08/01/25		621,928
	175,000	g	Transocean, Inc		7.500		01/15/26		172,812
	1,500,000	g	Tullow Oil plc		7.000		03/01/25		1,508,925
	1,260,000		USA Compression Partners LP		6.875		04/01/26		1,288,350
	500,000	g	USA Compression Partners LP		6.875		09/01/27		508,125
	480,000		Vale Overseas Ltd		6.875		11/21/36		548,400

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,175,000		Valero Energy Partners LP		4.500	%	03/15/28	$	2,251,685
	1,350,000		Western Gas Partners LP		3.950		06/01/25		1,331,573
	1,050,000		Western Gas Partners LP		4.650		07/01/26		1,064,403
	400,000		Whiting Petroleum Corp		6.625		01/15/26		392,000
	850,000		Williams Partners LP		3.600		03/15/22		862,175
	625,000		Williams Partners LP		4.900		01/15/45		625,133
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,864,800
			TOTAL ENERGY						201,277,851

FOOD & STAPLES RETAILING - 1.4%
	255,000		Albertsons Cos LLC		6.625		06/15/24		257,550
	13,275,000		CVS Health Corp		3.700		03/09/23		13,487,128
	5,425,000		CVS Health Corp		2.875		06/01/26		5,135,870
	17,825,000		CVS Health Corp		4.300		03/25/28		18,078,050
	7,250,000		CVS Health Corp		4.780		03/25/38		7,190,098
	1,450,000		CVS Health Corp		5.050		03/25/48		1,461,504
	1,600,000		Ingles Markets, Inc		5.750		06/15/23		1,630,000
	1,750,000		Kroger Co		3.700		08/01/27		1,722,938
	1,050,000		Kroger Co		4.500		01/15/29		1,075,048
	2,200,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		2,154,711
	15,000,000		Walmart, Inc		3.400		06/26/23		15,470,578
	11,550,000		Walmart, Inc		3.700		06/26/28		12,160,356
	2,175,000		Walmart, Inc		3.950		06/28/38		2,288,984
			TOTAL FOOD & STAPLES RETAILING						82,112,815

FOOD, BEVERAGE & TOBACCO - 0.9%
	1,725,000		Altria Group, Inc		4.400		02/14/26		1,776,706
	1,500,000		Altria Group, Inc		4.800		02/14/29		1,547,828
	2,700,000		Altria Group, Inc		5.950		02/14/49		2,896,872
	1,636,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		1,633,543
	1,575,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,598,198
	2,850,000		Anheuser-Busch InBev Worldwide, Inc		4.150		01/23/25		2,971,451
	7,050,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		7,507,017
	2,575,000		Anheuser-Busch InBev Worldwide, Inc		5.450		01/23/39		2,789,152
	1,300,000		Campbell Soup Co		4.150		03/15/28		1,296,234
	2,700,000		ConAgra Brands, Inc		4.850		11/01/28		2,838,351
	750,000		Constellation Brands, Inc		4.400		11/15/25		787,917
	6,500,000		Constellation Brands, Inc		3.600		02/15/28		6,366,558
	2,000,000		Diageo Capital plc		3.500		09/18/23		2,072,608
	1,775,000		Diageo Capital plc		3.875		05/18/28		1,877,123
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,935,000
	2,675,000	g	Heineken NV		3.500		01/29/28		2,690,722
	1,150,000	g	Heineken NV		4.350		03/29/47		1,161,321
	5,000,000		Kellogg Co		3.400		11/15/27		4,808,605
	1,100,000		PepsiCo, Inc		3.450		10/06/46		1,061,761
	200,000		Philip Morris International, Inc		6.375		05/16/38		247,986
	1,150,000		Tyson Foods, Inc		3.900		09/28/23		1,185,264
	1,500,000		Tyson Foods, Inc		3.550		06/02/27		1,475,958
	2,525,000		Tyson Foods, Inc		5.100		09/28/48		2,574,542
			TOTAL FOOD, BEVERAGE & TOBACCO						55,100,717

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
$	4,250,000		Anthem, Inc			3.650	%	12/01/27	$	4,243,627
	5,350,000		Becton Dickinson and Co			3.700		06/06/27		5,335,004
	2,100,000		Boston Scientific Corp			4.000		03/01/29		2,167,846
	2,100,000		Cardinal Health, Inc			3.410		06/15/27		1,984,688
	500,000	g	Change Healthcare Holdings LLC			5.750		03/01/25		494,725
	750,000		Covidien International Finance S.A.			3.200		06/15/22		762,761
	1,370,000		Dartmouth-Hitchcock Health			4.178		08/01/48		1,396,839
	450,000	g	Enterprise Merger Sub, Inc			8.750		10/15/26		401,062
	2,000,000		HCA, Inc			5.375		02/01/25		2,120,000
	2,815,000		HCA, Inc			5.625		09/01/28		2,976,862
	1,250,000		HCA, Inc			5.875		02/01/29		1,346,812
	4,900,000		HCA, Inc			5.500		06/15/47		5,228,900
	1,425,000	g	MEDNAX, Inc			6.250		01/15/27		1,441,031
	228,000		Medtronic, Inc			4.625		03/15/45		260,960
	450,000		Tenet Healthcare Corp			8.125		04/01/22		484,132
	825,000		Tenet Healthcare Corp			4.625		07/15/24		827,063
	325,000	g	Tenet Healthcare Corp			6.250		02/01/27		337,188
	450,000		Tenet Healthcare Corp			6.875		11/15/31		423,000
	2,640,000		Thermo Fisher Scientific, Inc			2.950		09/19/26		2,546,211
	1,525,000		UnitedHealth Group, Inc			2.950		10/15/27		1,498,679
	1,375,000		UnitedHealth Group, Inc			3.750		10/15/47		1,338,076
	750,000		Zimmer Biomet Holdings, Inc			3.700		03/19/23		757,143
	1,470,000		Zimmer Holdings, Inc			3.550		04/01/25		1,450,574
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							39,823,183

INSURANCE - 1.1%
	3,900,000		ACE INA Holdings, Inc			2.875		11/03/22		3,932,563
	1,100,000	g	Acrisure LLC			8.125		02/15/24		1,139,776
	285,000		Aetna, Inc			6.625		06/15/36		338,039
	1,700,000		Allstate Corp			3.280		12/15/26		1,725,265
	2,400,000		Allstate Corp			5.750		08/15/53		2,442,000
	975,000		American Financial Group, Inc			3.500		08/15/26		941,553
	2,400,000		American International Group, Inc			3.900		04/01/26		2,417,394
	4,725,000		American International Group, Inc			4.200		04/01/28		4,803,706
	3,740,000		Aon plc			3.500		06/14/24		3,795,535
	1,500,000		Berkshire Hathaway Finance Corp			4.250		01/15/49		1,571,479
	1,800,000		Children’s Hospital Medic			4.268		05/15/44		1,899,833
	1,100,000		CNA Financial Corp			3.950		05/15/24		1,118,433
	975,000		CNA Financial Corp			3.450		08/15/27		952,550
	7,500,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.279		07/13/20		7,410,750
	2,300,000	g	Five Corners Funding Trust			4.419		11/15/23		2,429,271
	350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		349,596
	1,875,000		Humana, Inc			3.950		03/15/27		1,896,022
	232,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		240,486
	818,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		851,548
	850,000		Lincoln National Corp			3.800		03/01/28		862,195
	5,383,000		Markel Corp			3.500		11/01/27		5,129,378
	1,400,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,428,108
	1,775,000		MetLife, Inc			3.600		11/13/25		1,832,376
	630,000		Prudential Financial, Inc			7.375		06/15/19		635,526
	3,275,000		Prudential Financial, Inc			3.878		03/27/28		3,444,199
	1,190,000	g	Prudential Funding LLC			6.750		09/15/23		1,357,287

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	525,000		Verisk Analytics, Inc		4.125	%	03/15/29	$	538,805
	6,250,000	g,i	Vitality Re IX Ltd		3.981		01/10/22		6,206,250
	2,200,000	g	Vitality Re X Ltd		4.131		01/10/23		2,198,240
	400,000	g	WellCare Health Plans, Inc		5.375		08/15/26		418,500
	410,000		WR Berkley Corp		5.375		09/15/20		421,700
			TOTAL INSURANCE						64,728,363

MATERIALS - 1.2%
	1,050,000		Albemarle Corp		5.450		12/01/44		1,086,730
	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		107,812
	930,000		ArcelorMittal		6.250		02/25/22		1,003,517
	370,000		Bemis Co, Inc		3.100		09/15/26		350,261
	1,250,000	g	Corp Nacional del Cobre de Chile		4.375		02/05/49		1,266,000
	1,750,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		1,752,660
	1,025,000	g	CRH America Finance, Inc		3.400		05/09/27		982,191
	1,800,000	g	Dow Chemical Co		4.550		11/30/25		1,900,597
	1,325,000		Dow Chemical Co		4.375		11/15/42		1,266,460
	3,840,000		DowDuPont, Inc		4.725		11/15/28		4,147,195
	2,672,000		DowDuPont, Inc		5.319		11/15/38		2,974,805
	2,500,000		EI du Pont de Nemours & Co		2.200		05/01/20		2,491,096
	150,000	g	FMG Resources Ltd		4.750		05/15/22		150,000
	875,000	g	Glencore Funding LLC		4.000		03/27/27		849,810
	550,000		Goldcorp, Inc		5.450		06/09/44		604,888
	1,975,000	g	Grupo Cementos de Chihuahua SAB de C.V.		5.250		06/23/24		1,982,426
	2,000,000		International Paper Co		5.000		09/15/35		2,094,079
	3,500,000		International Paper Co		5.150		05/15/46		3,599,596
	3,800,000		International Paper Co		4.350		08/15/48		3,553,551
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,136,447
	500,000	g	James Hardie International Finance DAC		4.750		01/15/25		492,500
	175,000	g	James Hardie International Finance DAC		5.000		01/15/28		169,312
	1,800,000	g	Klabin Finance S.A.		4.875		09/19/27		1,746,000
	2,700,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		2,744,959
	2,700,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		2,789,510
	2,305,000		Newmont Mining Corp		3.500		03/15/22		2,337,543
	1,200,000		Newmont Mining Corp		4.875		03/15/42		1,258,974
	2,000,000	g	Nova Chemicals Corp		4.875		06/01/24		1,965,000
	1,725,000		Nutrien Ltd		3.375		03/15/25		1,702,264
	1,900,000	h	Nutrien Ltd		4.200		04/01/29		1,953,752
	1,440,000	g	OCI NV		6.625		04/15/23		1,491,201
	2,000,000	g	OCP S.A.		4.500		10/22/25		1,977,378
	2,000,000		Olin Corp		5.125		09/15/27		2,022,500
	720,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		754,128
	1,650,000	g	POSCO		4.000		08/01/23		1,698,805
	3,600,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		3,779,478
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,059,410
	1,550,000	g	SABIC Capital II BV		4.000		10/10/23		1,581,191
	1,075,000		SASOL Financing USA LLC		6.500		09/27/28		1,174,117
	1,450,000		Sherwin-Williams Co		3.450		06/01/27		1,425,793
	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		954,400
	800,000		Westlake Chemical Corp		3.600		08/15/26		774,519
			TOTAL MATERIALS						73,186,105

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MEDIA & ENTERTAINMENT - 1.9%
$	900,000		AMC Entertainment Holdings, Inc		5.875	%	02/15/22	$	914,625
	600,000		CBS Corp		2.900		06/01/23		592,936
	1,100,000		CBS Corp		2.900		01/15/27		1,028,086
	800,000		CBS Corp		3.375		02/15/28		762,771
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		995,000
	1,275,000		Charter Communications Operating LLC		3.579		07/23/20		1,284,397
	14,075,000		Charter Communications Operating LLC		4.908		07/23/25		14,842,135
	4,000,000		Charter Communications Operating LLC		5.375		05/01/47		3,985,080
	7,700,000		Comcast Corp		3.700		04/15/24		7,956,007
	5,100,000		Comcast Corp		3.950		10/15/25		5,335,936
	10,300,000		Comcast Corp		2.350		01/15/27		9,628,174
	5,000,000		Comcast Corp		4.150		10/15/28		5,271,468
	4,525,000		Comcast Corp		3.200		07/15/36		4,114,469
	1,000,000		Comcast Corp		3.900		03/01/38		984,159
	10,000,000		Comcast Corp		4.700		10/15/48		10,891,038
	2,000,000	g	CSC Holdings LLC		6.625		10/15/25		2,120,000
	1,500,000	g	CSC Holdings LLC		7.500		04/01/28		1,607,325
	1,250,000		Discovery Communications LLC		2.950		03/20/23		1,238,711
	3,750,000		Discovery Communications LLC		3.950		03/20/28		3,646,853
	1,000,000		DISH DBS Corp		7.750		07/01/26		870,000
	575,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		609,500
	125,000	g	EW Scripps Co		5.125		05/15/25		119,063
	1,125,000	g	Gray Escrow, Inc		7.000		05/15/27		1,195,312
	550,000	g	Gray Television, Inc		5.875		07/15/26		559,735
	2,785,000		Grupo Televisa SAB		6.625		01/15/40		3,255,001
	1,975,000	g	Indonesia Asahan Aluminium Persero PT		5.710		11/15/23		2,128,740
	1,500,000	g	International Airport Finance S.A.		12.000		03/15/33		1,599,000
	960,000		Meredith, Corp		6.875		02/01/26		1,010,400
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,474,611
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,179,812
	125,000	g	Nielsen Finance LLC		5.000		04/15/22		123,750
	500,000	g	Numericable Group S.A.		6.250		05/15/24		503,750
	150,000	g	Tegna, Inc		5.500		09/15/24		151,500
	250,000		Time Warner Cable, Inc		5.875		11/15/40		260,122
	4,350,000		Time Warner, Inc		2.100		06/01/19		4,344,003
	1,725,000		Time Warner, Inc		3.600		07/15/25		1,723,991
	1,000,000		Time Warner, Inc		2.950		07/15/26		947,215
	4,250,000		Time Warner, Inc		3.800		02/15/27		4,228,212
	1,250,000		Viacom, Inc		4.375		03/15/43		1,121,626
	200,000		Viacom, Inc		5.850		09/01/43		217,572
	4,500,000	g	Walt Disney Co		3.000		09/15/22		4,545,688
	110,000	g	Walt Disney Co		7.625		11/30/28		147,441
	85,000	g	Walt Disney Co		6.550		03/15/33		112,730
	1,330,000	g	Walt Disney Co		6.900		08/15/39		1,878,865
			TOTAL MEDIA & ENTERTAINMENT						111,506,809

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
$	925,000		Abbott Laboratories		3.875	%	09/15/25	$	967,780
	6,092,000		Abbott Laboratories		3.750		11/30/26		6,329,791
	1,200,000		Abbott Laboratories		5.300		05/27/40		1,404,429
	1,550,000		AbbVie, Inc		2.850		05/14/23		1,533,388
	950,000		AbbVie, Inc		3.750		11/14/23		975,684
	5,500,000		AbbVie, Inc		3.200		05/14/26		5,351,556
	7,375,000		AbbVie, Inc		4.250		11/14/28		7,539,731
	2,072,000		AbbVie, Inc		4.400		11/06/42		1,926,032
	2,900,000		Actavis Funding SCS		3.800		03/15/25		2,938,880
	3,000,000		Actavis Funding SCS		4.550		03/15/35		2,942,029
	1,775,000		AstraZeneca plc		3.125		06/12/27		1,738,657
	3,625,000		AstraZeneca plc		4.000		01/17/29		3,809,929
	2,400,000	g	Bayer US Finance II LLC		4.375		12/15/28		2,387,347
	1,650,000	g	Bayer US Finance II LLC		4.625		06/25/38		1,543,285
	900,000		Celgene Corp		3.875		08/15/25		923,905
	4,500,000		Celgene Corp		3.450		11/15/27		4,456,356
	4,825,000		Gilead Sciences, Inc		2.950		03/01/27		4,695,773
	635,000		Gilead Sciences, Inc		4.000		09/01/36		624,131
	875,000		Gilead Sciences, Inc		4.150		03/01/47		845,968
	3,450,000		GlaxoSmithKline Capital plc		3.000		06/01/24		3,470,536
	6,550,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		6,873,460
	2,700,000		Johnson & Johnson		2.900		01/15/28		2,689,019
	1,250,000		Johnson & Johnson		3.400		01/15/38		1,228,606
	2,075,000		Mylan, Inc		4.550		04/15/28		2,019,143
	3,050,000		Novartis Capital Corp		3.000		11/20/25		3,101,685
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		6.000		04/15/24		3,011,458
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		2,452,918
	500,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		502,415
	500,000	g	VRX Escrow Corp		5.875		05/15/23		505,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						78,788,891

REAL ESTATE - 1.2%
	5,450,000		Alexandria Real Estate Equities, Inc		3.450		04/30/25		5,428,563
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		454,313
	675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		679,746
	1,450,000		American Tower Corp		3.000		06/15/23		1,445,726
	600,000		American Tower Corp		3.375		10/15/26		585,249
	1,200,000		American Tower Corp		3.600		01/15/28		1,183,764
	3,000,000		Boston Properties LP		3.200		01/15/25		2,978,165
	1,975,000		Brandywine Operating Partnership LP		3.950		02/15/23		2,018,518
	1,125,000		Brandywine Operating Partnership LP		4.100		10/01/24		1,145,158
	900,000		Brandywine Operating Partnership LP		3.950		11/15/27		895,877
	2,225,000		Brixmor Operating Partnership LP		3.850		02/01/25		2,215,899
	1,340,000		Brixmor Operating Partnership LP		4.125		06/15/26		1,341,802
	1,075,000		Brixmor Operating Partnership LP		3.900		03/15/27		1,056,764
	630,000		Camden Property Trust		4.625		06/15/21		649,842
	2,000,000		Camden Property Trust		4.250		01/15/24		2,103,017
	980,000		Crown Castle International Corp		4.875		04/15/22		1,033,264
	1,225,000		Crown Castle International Corp		3.700		06/15/26		1,222,098
	400,000		Crown Castle International Corp		3.650		09/01/27		393,678
	646,000		DDR Corp		3.625		02/01/25		634,406
	1,000,000		DDR Corp		4.700		06/01/27		1,032,985

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,300,000		Digital Realty Trust LP		2.750	%	02/01/23	$	3,232,535
	1,950,000		Digital Realty Trust LP		3.700		08/15/27		1,932,455
	425,000		Duke Realty LP		3.250		06/30/26		419,126
	1,075,000		Duke Realty LP		4.000		09/15/28		1,111,828
	600,000		Equity One, Inc		3.750		11/15/22		611,042
	850,000		Essex Portfolio LP		3.375		01/15/23		854,850
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		327,268
	1,675,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,673,421
	2,500,000		Healthcare Realty Trust, Inc		3.625		01/15/28		2,427,899
	825,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		827,540
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		682,343
	4,125,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		4,001,964
	600,000		Highwoods Realty LP		3.875		03/01/27		597,062
	1,025,000		Highwoods Realty LP		4.125		03/15/28		1,037,847
	1,350,000		Highwoods Realty LP		4.200		04/15/29		1,369,207
	1,875,000		Kilroy Realty LP		4.750		12/15/28		1,996,139
	1,150,000		Liberty Property LP		4.375		02/01/29		1,200,318
	1,200,000		Mid-America Apartments LP		4.300		10/15/23		1,250,452
	1,200,000		Mid-America Apartments LP		3.750		06/15/24		1,223,267
	1,050,000		Mid-America Apartments LP		4.000		11/15/25		1,081,407
	1,150,000		Mid-America Apartments LP		3.600		06/01/27		1,144,141
	575,000		National Retail Properties, Inc		3.800		10/15/22		587,677
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,081,862
	625,000		National Retail Properties, Inc		4.000		11/15/25		641,193
	1,850,000		National Retail Properties, Inc		3.600		12/15/26		1,843,995
	1,100,000		Regency Centers LP		3.900		11/01/25		1,121,538
	1,950,000		Regency Centers LP		3.600		02/01/27		1,941,063
	2,175,000		Ventas Realty LP		4.000		03/01/28		2,204,576
	400,000		Weingarten Realty Investors		3.375		10/15/22		401,677
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,884,477
	475,000		Weingarten Realty Investors		4.450		01/15/24		491,915
	1,025,000		Weingarten Realty Investors		3.850		06/01/25		1,027,332
	700,000		Weingarten Realty Investors		3.250		08/15/26		663,644
	1,000,000	g	WeWork Cos, Inc		7.875		05/01/25		920,000
			TOTAL REAL ESTATE						72,311,894

RETAILING - 0.4%
	675,000		Asbury Automotive Group, Inc		6.000		12/15/24		694,204
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,699,901
	1,100,000		AutoNation, Inc		3.800		11/15/27		1,025,088
	2,175,000		Home Depot, Inc		2.000		04/01/21		2,151,642
	2,175,000		Home Depot, Inc		3.350		09/15/25		2,240,699
	1,275,000		Home Depot, Inc		3.000		04/01/26		1,281,647
	126,000		Men’s Wearhouse, Inc		7.000		07/01/22		124,110
	2,175,000		O’Reilly Automotive, Inc		3.600		09/01/27		2,168,122
	715,000		Penske Automotive Group, Inc		5.500		05/15/26		704,275
	200,000	†,g	PetSmart, Inc		7.125		03/15/23		149,000
	500,000	g	PetSmart, Inc		5.875		06/01/25		418,750
	1,250,000	g	Rolls-Royce plc		2.375		10/14/20		1,238,792
	450,000	g	Rolls-Royce plc		3.625		10/14/25		448,584
	1,600,000	g	Staples, Inc		8.500		09/15/25		1,744,000
	3,800,000		Target Corp		3.375		04/15/29		3,852,085

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,900,000		Target Corp		3.625	%	04/15/46	$	2,743,970
			TOTAL RETAILING						22,684,869

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	5,600,000		Intel Corp		2.875		05/11/24		5,645,049
	1,500,000		Intel Corp		2.600		05/19/26		1,467,995
	1,150,000		Intel Corp		3.734		12/08/47		1,161,805
	1,100,000		Texas Instruments, Inc		2.625		05/15/24		1,093,869
	1,100,000		Texas Instruments, Inc		4.150		05/15/48		1,187,216
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						10,555,934

SOFTWARE & SERVICES - 0.9%
	2,325,000		Activision Blizzard, Inc		2.300		09/15/21		2,292,913
	2,675,000		Activision Blizzard, Inc		3.400		09/15/26		2,622,701
	1,275,000		Baidu, Inc		4.375		05/14/24		1,321,692
	850,000	g	Banff Merger Sub, Inc		9.750		09/01/26		824,500
	1,395,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,409,828
	2,000,000		Fidelity National Information Services, Inc		3.000		08/15/26		1,917,649
	850,000		IHS Markit Ltd		4.125		08/01/23		866,864
	1,450,000		IHS Markit Ltd		4.750		08/01/28		1,517,150
	19,000,000		Microsoft Corp		2.400		08/08/26		18,436,935
	1,200,000		Microsoft Corp		4.100		02/06/37		1,307,143
	1,860,000		Microsoft Corp		3.700		08/08/46		1,904,125
	3,075,000		Oracle Corp		2.500		05/15/22		3,059,537
	8,775,000		Oracle Corp		2.650		07/15/26		8,491,065
	1,625,000		Oracle Corp		3.800		11/15/37		1,627,086
	2,075,000		Oracle Corp		4.000		11/15/47		2,088,922
	725,000	g	Refinitiv US Holdings		8.250		11/15/26		711,406
	875,000		salesforce.com, Inc		3.700		04/11/28		917,513
	1,900,000		Total System Services, Inc		4.450		06/01/28		1,939,645
			TOTAL SOFTWARE & SERVICES						53,256,674

TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	2,275,000		Amphenol Corp		3.125		09/15/21		2,294,768
	700,000		Amphenol Corp		4.350		06/01/29		740,729
	8,575,000		Apple, Inc		2.450		08/04/26		8,284,286
	11,850,000		Apple, Inc		3.200		05/11/27		11,958,504
	1,100,000		Apple, Inc		4.650		02/23/46		1,245,162
	2,550,000		Broadcom Corp		3.875		01/15/27		2,437,763
	10,000,000		Cisco Systems, Inc		1.850		09/20/21		9,833,769
	725,000	g	CommScope, Inc		5.500		06/15/24		709,847
	500,000	g	CommScope, Inc		6.000		06/15/25		486,100
	675,000		Corning, Inc		4.375		11/15/57		629,022
	3,375,000	g	Dell International LLC		4.420		06/15/21		3,463,144
	5,100,000	g	Dell International LLC		5.300		10/01/29		5,133,024
	1,100,000		L-3 Technologies, Inc		3.850		06/15/23		1,134,152
	2,250,000	g	NXP BV		4.875		03/01/24		2,374,245
	3,000,000		Tyco Electronics Group S.A.		3.500		02/03/22		3,032,513
	525,000		Tyco Electronics Group S.A.		3.700		02/15/26		531,030
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						54,288,058

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TELECOMMUNICATION SERVICES - 1.7%
$	13,025,000		AT&T, Inc		3.400	%	05/15/25	$	12,896,755
	10,000,000		AT&T, Inc		4.100		02/15/28		10,106,441
	825,000		AT&T, Inc		4.350		03/01/29		843,093
	8,425,000		AT&T, Inc		4.300		02/15/30		8,533,330
	2,300,000		AT&T, Inc		4.500		05/15/35		2,269,073
	6,000,000		AT&T, Inc		4.900		08/15/37		6,066,945
	1,175,000		AT&T, Inc		4.500		03/09/48		1,106,508
	2,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		1,967,391
	450,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		463,500
	2,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		2,005,000
	2,500,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,442,948
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		868,341
	2,000,000	g	ENTEL Chile S.A.		4.875		10/30/24		2,046,032
	2,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,032,534
	500,000		Orange S.A.		5.375		01/13/42		567,258
	2,400,000	g	Oztel Holdings SPC Ltd		5.625		10/24/23		2,385,178
	4,175,000		Telefonica Emisiones SAU		4.103		03/08/27		4,230,491
	206,000		Verizon Communications, Inc		3.376		02/15/25		208,859
	9,886,000		Verizon Communications, Inc		4.329		09/21/28		10,481,381
	7,300,000		Verizon Communications, Inc		3.875		02/08/29		7,505,066
	1,357,000	g	Verizon Communications, Inc		4.016		12/03/29		1,402,385
	11,097,000		Verizon Communications, Inc		4.272		01/15/36		11,240,085
	875,000		Verizon Communications, Inc		4.522		09/15/48		899,182
	6,150,000		Vodafone Group plc		4.375		05/30/28		6,256,810
			TOTAL TELECOMMUNICATION SERVICES						98,824,586

TRANSPORTATION - 0.8%
	1,600,000	g	Bombardier, Inc		7.875		04/15/27		1,650,000
	1,000,000		CSX Corp		2.600		11/01/26		949,652
	625,000		CSX Corp		3.250		06/01/27		617,466
	700,000		CSX Corp		3.800		03/01/28		718,691
	6,475,000		CSX Corp		4.250		03/15/29		6,881,600
	3,275,000		CSX Corp		3.800		11/01/46		3,097,640
	1,800,000		CSX Corp		4.300		03/01/48		1,838,279
	3,475,000		Delta Air Lines, Inc		3.625		03/15/22		3,498,861
	2,200,000		Delta Air Lines, Inc		3.800		04/19/23		2,224,073
	2,025,000	g	DP World Ltd		5.625		09/25/48		2,105,113
	700,000		FedEx Corp		4.100		02/01/45		634,592
	3,050,000		FedEx Corp		4.050		02/15/48		2,725,776
	6,000,000		Kansas City Southern		2.350		05/15/20		5,958,785
	1,243,000	g	Mexico City Airport Trust		4.250		10/31/26		1,195,144
	5,775,000		Northrop Grumman Corp		3.250		01/15/28		5,681,183
	1,075,000		Northrop Grumman Corp		4.030		10/15/47		1,064,361
	2,650,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		2,711,866
	2,200,000		Union Pacific Corp		3.950		09/10/28		2,309,305
	2,175,000		Union Pacific Corp		4.500		09/10/48		2,315,754
			TOTAL TRANSPORTATION						48,178,141

UTILITIES - 2.7%
	1,000,000		AEP Transmission Co LLC		3.100		12/01/26		989,708
	1,000,000		AEP Transmission Co LLC		4.000		12/01/46		1,008,464

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,075,000		AGL Capital Corp		3.875	%	11/15/25	$	2,099,710
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,252,648
	725,000		Alabama Power Co		4.150		08/15/44		749,927
	4,600,000		Ameren Corp		3.650		02/15/26		4,637,241
	1,650,000		American Water Capital Corp		3.000		12/01/26		1,600,248
	1,400,000		American Water Capital Corp		4.000		12/01/46		1,399,370
	2,275,000		American Water Capital Corp		3.750		09/01/47		2,207,112
	375,000		Atmos Energy Corp		4.125		10/15/44		391,959
	3,000,000		Avangrid, Inc		3.150		12/01/24		2,967,057
	2,050,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,984,207
	4,950,000		Berkshire Hathaway Energy Co		3.250		04/15/28		4,922,632
	1,075,000		Black Hills Corp		4.250		11/30/23		1,114,741
	850,000		Black Hills Corp		3.150		01/15/27		811,080
	1,625,000	g	Calpine Corp		5.250		06/01/26		1,616,875
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		163,015
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		777,007
	350,000	g	Clearway Energy Operating LLC		5.750		10/15/25		351,313
	1,125,000		CMS Energy Corp		3.600		11/15/25		1,129,965
	395,000		Commonwealth Edison Co		5.900		03/15/36		487,447
	1,550,000		Dominion Resources, Inc		2.000		08/15/21		1,513,297
	2,325,000		DTE Electric Co		3.750		08/15/47		2,317,486
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		265,152
	3,050,000		Duke Energy Corp		1.800		09/01/21		2,976,925
	7,575,000		Duke Energy Corp		2.650		09/01/26		7,218,707
	3,125,000		Duke Energy Corp		3.750		09/01/46		2,928,684
	2,189,959		Duke Energy Florida Project Finance LLC		1.196		03/01/20		2,167,881
	2,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		1,948,695
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		677,412
	3,000,000		Enel Chile S.A.		4.875		06/12/28		3,163,800
	4,994,000		Entergy Corp		4.000		07/15/22		5,132,479
	3,075,000		Entergy Corp		2.950		09/01/26		2,957,044
	3,600,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		3,548,632
	1,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		986,797
	1,325,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		1,363,232
	2,500,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		2,623,405
	2,975,000		Exelon Generation Co LLC		3.400		03/15/22		3,016,859
	2,700,000		Florida Power & Light Co		3.990		03/01/49		2,832,760
	4,650,000		Fortis, Inc		3.055		10/04/26		4,451,231
	1,150,000		Indiana Michigan Power Co		3.750		07/01/47		1,098,268
	2,000,000	g	Inkia Energy Ltd		5.875		11/09/27		1,952,520
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		561,865
	4,000,000	g	Israel Electric Corp Ltd		4.250		08/14/28		4,021,788
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		196,449
	2,200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		2,266,979
	2,000,000	g	Latam Finance Ltd		7.000		03/01/26		2,032,000
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,074,838
	2,175,000		MidAmerican Energy Co		3.650		08/01/48		2,117,532
	1,675,000	g	Minejesa Capital BV		4.625		08/10/30		1,624,112
	1,800,000	g	Minejesa Capital BV		5.625		08/10/37		1,785,704
	3,075,000		NiSource Finance Corp		3.490		05/15/27		3,070,019
	900,000		NRG Energy, Inc		6.250		05/01/24		928,125
	1,250,000		NRG Energy, Inc		5.750		01/15/28		1,325,000
	2,000,000		NSTAR Electric Co		3.200		05/15/27		2,002,953

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,175,000		Ohio Power Co		4.150	%	04/01/48	$	2,269,964
	1,450,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		1,448,741
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		207,562
	1,800,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,887,989
	135,000		Potomac Electric Power Co		7.900		12/15/38		205,610
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		3,976,743
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,006,105
	3,450,000		PSEG Power LLC		3.850		06/01/23		3,536,110
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,809,303
	1,775,000	g	Rio Oil Finance Trust		8.200		04/06/28		1,921,012
	1,750,000		Southern Co		4.400		07/01/46		1,764,059
	1,175,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,104,191
	4,950,000		Southern Power Co		2.500		12/15/21		4,897,193
	1,925,000		Southern Power Co		4.150		12/01/25		1,993,954
	2,625,000		Southwest Gas Corp		3.700		04/01/28		2,676,839
	1,966,000	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		1,970,138
	1,000,000	g	Suzano Austria GmbH		6.000		01/15/29		1,065,210
	1,325,000	g	Suzano Austria GmbH		7.000		03/16/47		1,477,375
	400,000		TC PipeLines LP		3.900		05/25/27		395,906
	845,000		Virginia Electric & Power Co		2.950		01/15/22		848,153
	1,025,000		Virginia Electric & Power Co		2.950		11/15/26		1,004,220
	1,050,000		Virginia Electric & Power Co		3.500		03/15/27		1,070,039
	2,350,000	g	Vistra Operations Co LLC		5.625		02/15/27		2,441,063
	1,000,000		Wisconsin Power & Light Co		4.100		10/15/44		987,540
	1,800,000		Xcel Energy, Inc		3.350		12/01/26		1,803,449
	470,000		Xcel Energy, Inc		4.800		09/15/41		500,925
			TOTAL UTILITIES						158,079,749

			TOTAL CORPORATE BONDS						1,947,036,262
			(Cost $1,923,414,408)

GOVERNMENT BONDS - 42.5%

AGENCY SECURITIES - 0.6%
	1,648,214		AMAL Ltd		3.465		08/21/21		1,660,761
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,499,580
	3,839,000		Canal Barge Co, Inc		4.500		11/12/34		4,145,659
	6,750,000		Overseas Private Investment Corp (OPIC)		3.520		09/20/32		7,051,869
	10,325,000		Private Export Funding Corp (PEFCO)		2.250		03/15/20		10,295,733
	11,000,000	g	PEFCO		3.266		11/08/21		11,207,468
	1,600,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,639,872
			TOTAL AGENCY SECURITIES						38,500,942

FOREIGN GOVERNMENT BONDS - 3.1%
	2,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		2,003,478
	1,500,000	g	Angolan Government International Bond		8.250		05/09/28		1,564,290
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,425,724
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		1,897,500
	1,600,000		Argentina Republic Government International Bond		5.875		01/11/28		1,227,200
	1,115,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		970,512
	175,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		100,625
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,402,562
	1,575,000	g	Bermuda Government International Bond		4.750		02/15/29		1,661,625
	1,867,500	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,916,055
	1,450,000		Brazilian Government International Bond		5.625		02/21/47		1,439,125
	1,500,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,489,215

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,500,000		Chile Government International Bond			3.240	%	02/06/28	$	5,593,500
	2,575,000		Colombia Government International Bond			2.625		03/15/23		2,517,062
	1,200,000		Colombia Government International Bond			5.000		06/15/45		1,259,040
	2,500,000	g	Costa Rica Government International Bond			7.158		03/12/45		2,412,500
DOP	121,500,000	g	Dominican Republic Government International Bond			8.900		02/15/23		2,346,035
	120,000,000	g	Dominican Republic Government International Bond			12.000		03/05/32		2,632,890
$	3,000,000	g	Dominican Republic Government International Bond			6.500		02/15/48		3,090,000
	2,425,000	g	Ecuador Government International Bond			9.650		12/13/26		2,540,187
	1,125,000	g	Egypt Government International Bond			5.577		02/21/23		1,117,133
	1,450,000	g	Egypt Government International Bond			7.600		03/01/29		1,489,717
	1,500,000	g	Egypt Government International Bond			8.500		01/31/47		1,531,098
	1,200,000	g	El Salvador Government International Bond			7.625		02/01/41		1,230,000
	395,000		European Investment Bank			4.875		02/15/36		500,340
	1,800,000	g	Export Credit Bank of Turkey			4.250		09/18/22		1,585,868
	1,500,000	g	Export-Import Bank of China			2.850		09/16/20		1,494,166
	6,600,000	g	Export-Import Bank of India			3.875		02/01/28		6,501,983
	2,200,000	g	Ghana Government International Bond			8.125		03/26/32		2,191,398
	1,500,000	g	Ghana Government International Bond			8.627		06/16/49		1,464,924
	850,000	g	Guatemala Government International Bond			4.500		05/03/26		829,812
	2,725,000	g	Guatemala Government International Bond			4.375		06/05/27		2,618,180
EUR	1,700,000	g	Hellenic Republic Government International Bond			3.375		02/15/25		1,946,093
$	1,300,000	g	Honduras Government International Bond			7.500		03/15/24		1,425,125
IDR	25,500,000,000		Indonesia Treasury Bond			7.500		08/15/32		1,710,309
$	3,100,000		Israel Government International Bond			3.250		01/17/28		3,134,680
	2,175,000		Israel Government International Bond			4.125		01/17/48		2,248,639
	3,371,125	g	Ivory Coast Government International Bond (Step Bond)			5.750		12/31/32		3,192,118
	1,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		990,858
	1,280,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		1,266,046
	1,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		1,519,260
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,130,956
	2,080,000	g	Kommunalbanken AS.			2.750		02/05/24		2,111,789
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		3.147		03/12/21		2,001,207
	1,650,000	g	Korea Housing Finance Corp			2.000		10/11/21		1,612,443
	1,500,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,488,865
	15,000,000		Kreditanstalt fuer Wiederaufbau			2.750		10/01/20		15,077,271
	1,800,000		Mexico Government International Bond			4.000		10/02/23		1,850,400
	2,200,000		Mexico Government International Bond			4.150		03/28/27		2,236,740
	3,424,000		Mexico Government International Bond			6.050		01/11/40		3,903,360
	2,000,000	g	Morocco Government International Bond			5.500		12/11/42		2,139,172
	2,000,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		1,987,630
	2,000,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		2,050,858

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,725,000	g	Nigeria Government International Bond			6.500	%	11/28/27	$	1,705,466
	700,000	g	Nigeria Government International Bond			7.143		02/23/30		700,497
	1,950,000		Panama Government International Bond			6.700		01/26/36		2,544,750
	2,000,000		Panama Government International Bond			4.500		05/15/47		2,109,400
	475,000	g	Paraguay Government International Bond			4.700		03/27/27		494,470
	725,000	g	Paraguay Government International Bond			5.400		03/30/50		759,438
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		3,442,976
	4,650,000	g	Perusahaan Penerbit SBSN Indonesia III			4.400		03/01/28		4,777,875
	1,300,000		Peruvian Government International Bond			8.750		11/21/33		2,037,750
	950,000	g	Petroamazonas EP			4.625		11/06/20		929,533
	2,600,000		Philippine Government International Bond			3.750		01/14/29		2,715,705
	620,000		Province of Quebec Canada			7.500		09/15/29		874,447
	1,500,000	g	Provincia de Mendoza Argentina			8.375		05/19/24		1,203,750
	2,450,000	g	Qatar Government International Bond			4.817		03/14/49		2,582,146
	1,400,000	g	Republic of Paraguay			6.100		08/11/44		1,585,528
	2,150,000	g	Republic of Uzbekistan Government International Bond			4.750		02/20/24		2,138,455
	6,400,000	g	Saudi Government International Bond			4.500		04/17/30		6,728,493
	1,200,000	g	Senegal Government International Bond			6.250		05/23/33		1,153,067
RSD	290,000,000		Serbia Treasury Bonds			5.875		02/08/28		2,957,691
$	2,000,000		South Africa Government International Bond			5.875		09/16/25		2,110,000
	1,500,000	g	Sri Lanka Government International Bond			5.750		01/18/22		1,495,598
	1,500,000	g	Sri Lanka Government International Bond			6.850		03/14/24		1,528,430
	1,700,000		Svensk Exportkredit AB			1.750		05/18/20		1,686,738
	2,700,000		Turkey Government International Bond			3.250		03/23/23		2,387,985
	1,275,000		Turkey Government International Bond			5.125		02/17/28		1,092,553
	1,050,000		Turkey Government International Bond			6.875		03/17/36		955,885
	2,800,000	g	Ukraine Government International Bond			7.375		09/25/32		2,496,012
UYU	41,525,000	g	Uruguay Government International Bond			9.875		06/20/22		1,230,807
$	1,025,000		Uruguay Government International Bond			4.375		10/27/27		1,079,838
	2,400,000	g	Zambia Government International Bond			8.500		04/14/24		1,758,641
			TOTAL FOREIGN GOVERNMENT BONDS							180,331,487

MORTGAGE BACKED - 16.7%
	9,825,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		9,815,833
	7,112,472		FHLMC			3.500		08/15/43		7,312,048
	2,591,327		FHLMC			3.000		03/15/44		2,596,805
	6,067,226		FHLMC			3.500		09/15/44		6,197,969
	9,103,625		FHLMC			3.500		01/15/45		9,289,867
	14,581,911	i	FHLMC	LIBOR 1 M + 0.300%		2.784		06/15/48		14,432,075
	9,113,694	i	FHLMC			5.946		06/15/48		10,343,287
	10,977,162	i	FHLMC			5.866		10/15/48		12,282,765
	1,011		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		1,014
	2,584,592		FGLMC			3.500		03/01/27		2,647,013
	805		FGLMC			8.000		01/01/31		853
	18,291		FGLMC			8.000		09/01/31		20,216
	80,389		FGLMC			7.000		12/01/31		89,052
	84,885		FGLMC			4.500		07/01/33		89,834

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	574,303		FGLMC		7.000	%	12/01/33	$	659,171
	195,781		FGLMC		4.500		04/01/35		207,251
	174,176		FGLMC		7.000		05/01/35		198,736
	3,437,796		FGLMC		5.000		06/01/36		3,704,478
	146,759		FGLMC		5.000		07/01/39		158,499
	3,143,212		FGLMC		5.000		08/01/44		3,383,796
	169,329		FGLMC		4.500		11/01/44		178,842
	246,254		FGLMC		4.500		11/01/44		260,095
	95,322		FGLMC		4.500		12/01/44		99,954
	156,447		FGLMC		4.500		12/01/44		165,208
	1,202,671		FGLMC		3.500		04/01/45		1,231,669
	18,416,814		FGLMC		3.500		10/01/45		18,846,663
	6,720,892		FGLMC		4.000		12/01/45		7,026,919
	37,197,809		FGLMC		3.500		08/01/46		38,066,032
	41,090,517	h	FGLMC		3.000		01/01/47		40,927,757
	31,965,619		FGLMC		3.000		02/01/47		31,839,003
	7,934,329		FGLMC		4.500		06/01/47		8,439,601
	7,042,449		FGLMC		4.000		09/01/47		7,295,710
	25,023,865		FGLMC		3.500		03/01/48		25,563,502
	22,795,807		FGLMC		4.000		03/01/48		23,867,830
	5,524,993		FGLMC		4.000		07/01/48		5,788,103
	28,032,765		FGLMC		4.500		08/01/48		29,903,224
	300		Federal National Mortgage Association (FNMA)		8.000		07/01/24		330
	218		FNMA		7.500		01/01/29		237
	1,502		FNMA		7.500		03/01/31		1,736
	4,231,444		FNMA		3.500		02/01/32		4,330,415
	2,304,513		FNMA		3.500		05/01/32		2,364,514
	4,593,959		FNMA		3.500		07/01/32		4,701,368
	2,582,183		FNMA		3.000		11/01/32		2,606,010
	939,017		FNMA		3.500		04/01/33		960,768
	1,347,042		FNMA		5.000		05/01/35		1,449,211
	999,545		FNMA		5.000		10/01/35		1,075,714
	523,745		FNMA		5.000		02/01/36		566,302
	492,180		FNMA		5.500		11/01/38		541,018
	24,671		FNMA		4.500		04/01/39		25,898
	39,314		FNMA		4.500		02/01/40		41,600
	324,123		FNMA		5.000		08/01/40		347,688
	703,336		FNMA		5.000		09/01/40		758,720
	151,461		FNMA		4.500		11/01/40		161,428
	273,788		FNMA		4.500		01/01/41		292,011
	177,177		FNMA		4.500		02/01/41		188,971
	912,931		FNMA		5.000		05/01/41		984,832
	261,361		FNMA		4.500		06/01/41		278,760
	263,212		FNMA		4.500		06/01/41		280,735
	902,317		FNMA		5.000		07/01/41		972,904
	208,497		FNMA		4.500		12/01/41		222,377
	282,041		FNMA		4.500		01/01/42		300,748
	177,079		FNMA		4.500		03/01/42		188,385
	247,238		FNMA		4.500		04/01/42		263,688
	799,779		FNMA		4.500		04/01/42		845,577
	270,675		FNMA		4.500		06/01/42		288,618
	678,389		FNMA		4.500		06/01/42		716,387
	227,678		FNMA		4.500		07/01/42		242,771
	7,398,435		FNMA		3.000		04/25/43		7,419,732
	191,800		FNMA		4.500		03/01/44		204,465

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,211,193		FNMA		4.500	%	06/01/44	$	1,273,776
	4,970,720		FNMA		4.500		06/01/44		5,224,915
	3,180,649		FNMA		4.500		08/01/44		3,344,253
	3,989,651		FNMA		4.500		10/01/44		4,195,649
	3,209,438		FNMA		4.500		11/01/44		3,375,145
	1,098,162		FNMA		5.000		11/01/44		1,184,065
	710,283		FNMA		4.500		12/01/44		746,938
	8,732,223		FNMA		3.000		02/25/45		8,819,776
	2,460,532		FNMA		3.000		02/25/45		2,484,894
	340,107		FNMA		3.500		03/01/45		348,106
	190,137		FNMA		3.500		03/01/45		193,691
	2,559,328		FNMA		3.000		03/25/45		2,579,688
	5,857,334		FNMA		3.500		04/25/45		6,010,943
	8,523,530		FNMA		3.500		04/25/45		8,737,487
	3,015,826		FNMA		3.500		05/01/45		3,087,935
	5,429,020	h	FNMA		4.000		06/01/45		5,630,843
	18,661,751		FNMA		3.000		12/25/45		18,726,160
	6,848,137		FNMA		3.500		01/01/46		7,003,844
	6,049,338		FNMA		4.000		01/01/46		6,319,707
	671,130	h	FNMA		4.000		03/01/46		696,701
	5,486,703		FNMA		3.500		06/01/46		5,609,582
	2,653,843		FNMA		3.500		08/01/46		2,701,693
	3,146,880		FNMA		3.500		10/01/46		3,217,360
	18,440,330		FNMA		3.000		11/01/46		18,364,667
	2,464,006	h	FNMA		3.000		12/01/46		2,456,898
	10,359,254		FNMA		3.500		12/01/46		10,527,388
	47,175,994		FNMA		3.500		01/01/47		47,876,282
	1,888,903	h	FNMA		3.000		02/01/47		1,883,454
	1,166,893	h	FNMA		3.000		03/01/47		1,163,526
	3,909,166		FNMA		3.000		04/25/47		3,918,791
	22,485,715		FNMA		3.500		11/01/47		22,840,572
	6,623,522		FNMA		3.500		12/01/47		6,727,688
	7,094,778		FNMA		4.500		01/01/48		7,557,194
	2,869,463		FNMA		4.500		02/01/48		3,056,140
	30,658,447		FNMA		3.000		02/25/48		30,824,150
	6,131,475		FNMA		4.000		03/01/48		6,411,396
	12,457,986		FNMA		4.500		03/01/48		13,268,446
	99,922,608		FNMA		4.000		04/01/48		103,171,028
	5,095,915		FNMA		4.500		05/01/48		5,427,448
	3,861,076		FNMA		4.500		05/01/48		4,112,277
	33,775,981	h	FNMA		4.000		08/01/48		34,818,810
	5,464,079	h	FNMA		4.500		08/01/48		5,714,007
	5,436,433		FNMA		5.000		08/01/48		5,888,844
	37,365,854		FNMA		4.500		12/01/48		39,045,659
	8,500,814	h	FNMA		5.000		12/01/48		8,999,639
	15,770		Government National Mortgage Association (GNMA)		6.000		10/20/36		17,495
	18,201		GNMA		6.000		01/20/37		20,180
	64,796		GNMA		6.000		02/20/37		71,859
	39,841		GNMA		6.000		08/20/38		44,078
	52,647		GNMA		6.500		11/20/38		59,869
	12,206		GNMA		4.500		02/20/39		12,961

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	517,346	GNMA		5.000	%	06/15/39	$	555,563
	17,274	GNMA		4.500		08/20/41		18,340
	59,667	GNMA		4.500		09/20/41		63,338
	13,490	GNMA		4.500		01/20/44		14,325
	13,550	GNMA		4.500		02/20/44		14,388
	26,033	GNMA		4.500		05/20/44		27,643
	167,630	GNMA		4.500		05/20/44		178,003
	191,164	GNMA		4.500		08/20/44		202,953
	130,352	GNMA		4.500		09/20/44		136,462
	72,340	GNMA		4.500		10/20/44		76,596
	38,954	GNMA		4.500		11/20/44		40,875
	118,312	GNMA		4.500		12/20/44		125,633
	173,712	GNMA		4.500		02/20/45		184,416
	227,254	GNMA		4.500		08/20/45		241,318
	185,810	GNMA		4.500		08/20/45		196,177
	200,217	GNMA		4.500		12/20/45		212,508
	6,552,557	GNMA		4.000		06/20/46		1,008,763
	32,775,779	GNMA		3.000		12/20/47		32,942,708
	29,920,417	GNMA		3.500		12/20/47		30,596,093
	16,469,522	GNMA		3.000		01/20/48		16,553,402
	40,004,291	GNMA		3.500		01/20/48		40,904,885
	9,360,517	GNMA		4.000		12/20/48		9,671,849
	13,586,217	GNMA		3.500		01/20/49		13,875,900
		TOTAL MORTGAGE BACKED						990,190,627

MUNICIPAL BONDS - 5.8%
	9,085,000	Alabama Economic Settlement Authority		3.163		09/15/25		9,140,146
	18,410,000	California State University		3.899		11/01/47		18,436,142
	990,000	Chicago Housing Authority		3.682		01/01/25		1,025,442
	550,000	City & County of San Francisco CA Community Facilities District		4.038		09/01/34		562,353
	380,000	City & County of San Francisco CA Community Facilities District		3.028		09/01/23		383,789
	3,670,000	City of Los Angeles CA		3.320		09/01/24		3,783,256
	3,670,000	City of Los Angeles CA		3.450		09/01/25		3,813,350
	3,935,000	Commonwealth Financing Authority		3.864		06/01/38		3,997,803
	2,500,000	Commonwealth of Massachusetts		3.277		06/01/46		2,372,900
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,842,619
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,481,115
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,483,545
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,564,925
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,469,270
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,306,565
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,444,280
	2,380,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,461,229
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,456,225
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		3,853,200
	4,265,000	Denver City & County School District No. 1		3.598		12/15/27		4,481,107
	22,175,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		22,292,084
	15,000,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		14,984,100

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	8,840,000	Health & Educational Facilities Authority of the State of Missouri		3.651	%	01/15/46	$	8,922,124
	5,075,000	Illinois Finance Authority		3.944		08/15/47		5,057,542
	5,265,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,233,357
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,295,292
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		982,830
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,705,056
	4,075,000	New York State Dormitory Authority		4.294		07/01/44		4,210,127
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,005,040
	850,000	Oklahoma City Economic Development Trust		3.172		09/01/21		860,506
	1,120,000	Oklahoma City Economic Development Trust		3.222		09/01/22		1,141,202
	810,000	Oklahoma City Economic Development Trust		3.440		09/01/24		835,321
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,391,625
	5,000,000	Port of Morrow OR		1.782		09/01/21		4,903,750
	2,000,000	Port of Seattle WA		3.471		05/01/31		2,015,180
	1,625,000	Port of Seattle WA		3.571		05/01/32		1,642,745
	4,355,000	Public Finance Authority		4.269		07/01/40		4,574,536
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		974,310
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		977,140
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,215,987
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,732,218
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,541,952
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		675,395
	905,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		869,334
	3,980,000	Rhode Island Convention Center Authority		3.195		05/15/26		4,008,537
	4,500,000	San Francisco City & County Redevelopment Agency		2.526		08/01/20		4,483,935
	5,000,000	San Francisco City & County Redevelopment Agency		2.813		08/01/21		5,008,550
	875,000	San Francisco City & County Redevelopment Agency		3.113		08/01/22		884,765
	6,365,000	San Jose Redevelopment Agency		3.375		08/01/34		6,359,526
	165,000	Santa Ana Community Redevelopment Agency Successor Agency		3.346		09/01/21		168,094
	660,000	Santa Ana Community Redevelopment Agency Successor Agency		3.467		09/01/22		679,265
	660,000	Santa Ana Community Redevelopment Agency Successor Agency		3.567		09/01/23		685,991
	13,060,000	State of California		4.600		04/01/38		13,913,602
	3,460,000	State of Georgia		1.910		02/01/23		3,378,828
	1,845,000	State of Illinois		4.700		01/01/21		1,886,512
	18,060,000	State of Illinois		5.100		06/01/33		17,746,117
	13,000,000	State of Michigan		1.779		11/01/21		12,786,800
	7,000,000	State of Michigan		1.966		11/01/22		6,878,270
	3,500,000	State of Texas		3.225		10/01/24		3,606,505
	1,000,000	State of Texas		3.295		10/01/25		1,034,370
	9,900,000	State of Wisconsin		3.154		05/01/27		9,954,945
	1,763,000	State Public School Building Authority		5.000		09/15/27		1,948,679
	7,500,000	Texas A&M University		3.993		05/15/37		7,749,900

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	25,830,000	The Ohio State University		3.798	%	12/01/46	$	26,708,478
	1,185,000	University of California		1.228		05/15/19		1,183,033
	1,920,000	University of California		1.534		05/15/20		1,897,824
	1,000,000	University of California		1.784		05/15/21		984,220
	15,000,000	University of California		1.910		05/15/21		14,829,450
	3,000,000	University of California		2.020		05/15/22		2,948,670
	3,000,000	University of California		2.220		05/15/23		2,948,820
	2,000,000	University of California		2.439		05/15/24		1,970,420
	2,000,000	University of California		2.589		05/15/25		1,973,460
	6,635,000	University of California		3.552		05/15/39		6,627,701
		TOTAL MUNICIPAL BONDS						344,633,281

U.S. TREASURY SECURITIES - 16.3%
	5,000,000	United States Treasury Bond		4.500		02/15/36		6,340,430
	2,250,000	United States Treasury Bond		4.750		02/15/37		2,956,728
	47,950,000	United States Treasury Bond		3.500		02/15/39		54,426,996
	16,015,000	United States Treasury Bond		3.875		08/15/40		19,110,399
	14,380,000	United States Treasury Bond		2.500		05/15/46		13,547,533
	10,450,000	United States Treasury Bond		3.000		05/15/47		10,854,529
	50,095,000	United States Treasury Bond		2.750		11/15/47		49,492,295
	66,670,000	United States Treasury Bond		3.000		02/15/48		69,146,686
	3,510,000	United States Treasury Bond		3.125		05/15/48		3,730,609
	19,070,000	United States Treasury Bond		3.000		08/15/48		19,786,615
	67,581,000	United States Treasury Bond		3.375		11/15/48		75,387,133
	1,330,000	United States Treasury Note		1.250		04/30/19		1,328,604
	200,000	United States Treasury Note		1.250		05/31/19		199,599
	50,000,000	United States Treasury Note		0.875		06/15/19		49,835,861
	695,000	United States Treasury Note		1.500		10/31/19		691,118
	14,800,000	United States Treasury Note		2.500		12/31/20		14,846,828
	310,000	United States Treasury Note		2.125		01/31/21		309,007
	33,135,000	United States Treasury Note		2.500		01/31/21		33,256,668
	12,450,000	United States Treasury Note		2.500		02/28/21		12,500,092
	715,000	United States Treasury Note		2.000		05/31/21		710,922
	119,225,000	United States Treasury Note		2.625		07/15/21		120,193,703
	57,140,000	United States Treasury Note		2.500		01/15/22		57,546,230
	51,340,000	United States Treasury Note		2.500		02/15/22		51,731,067
	26,450,000	United States Treasury Note		2.375		03/15/22		26,573,984
	1,250,000	United States Treasury Note		1.750		04/30/22		1,232,275
	20,000,000	United States Treasury Note		2.000		11/30/22		19,843,750
	16,430,000	United States Treasury Note		2.750		04/30/23		16,760,525
	4,595,000	United States Treasury Note		2.625		12/31/23		4,675,413
	35,935,000	United States Treasury Note		2.375		02/29/24		36,189,072
	5,985,000	United States Treasury Note		2.750		02/28/25		6,138,833
	3,665,000	United States Treasury Note		2.625		03/31/25		3,734,148
	985,000	United States Treasury Note		2.875		05/31/25		1,017,590
	64,840,000	United States Treasury Note		2.750		06/30/25		66,542,050
	1,775,000	United States Treasury Note		2.750		08/31/25		1,821,940
	12,460,000	United States Treasury Note		2.625		01/31/26		12,707,253
	16,675,000	United States Treasury Note		2.500		02/28/26		16,873,016
	1,975,000	United States Treasury Note		2.750		02/15/28		2,033,170
	42,559,000	United States Treasury Note		2.625		02/15/29		43,386,905
	38,600,000	United States Treasury Note		3.000		02/15/49		40,073,133
		TOTAL U.S. TREASURY SECURITIES						967,532,709

		TOTAL GOVERNMENT BONDS						2,521,189,046
		(Cost $2,487,601,764)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 20.5%

ASSET BACKED - 8.3%
$	742,295		AmeriCredit Automobile Receivables Trust			2.400	%	01/08/21	$	741,752
			Series - 2015 2 (Class C)
	344,252		AmeriCredit Automobile Receivables Trust			1.460		05/10/21		343,524
			Series - 2016 3 (Class A3)
	1,845,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		1,852,026
			Series - 2015 3 (Class D)
	5,500,000		AmeriCredit Automobile Receivables Trust			2.740		12/08/22		5,474,763
			Series - 2016 4 (Class D)
	3,950,000	g	Applebee’s Funding LLC			4.277		09/05/44		3,967,209
			Series - 2014 1 (Class A2)
	55,677	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		1
			Series - 2005 WMC1 (Class N1)
	10,000,000	g	Atrium XV			4.489		01/23/31		10,076,411
			Series - 2018 15A (Class A2)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.450		03/20/23		4,042,368
			Series - 2019 1A (Class A)
	6,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		6,006,553
			Series - 2017 1A (Class A)
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		8,472,368
			Series - 2017 2A (Class A)
	2,000,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.650%		3.146		02/28/41		1,958,979
			Series - 2006 A (Class M3)
	9,717,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		3.156		04/25/36		9,634,460
			Series - 2006 SD1 (Class M1)
	6,000,000	g	Capital Automotive REIT			3.660		10/15/44		6,004,780
			Series - 2014 1A (Class A)
	13,363,854	g	Capital Automotive REIT			3.870		04/15/47		13,457,215
			Series - 2017 1A (Class A1)
	2,550,000		CarMax Auto Owner Trust			2.150		03/15/21		2,543,870
			Series - 2015 2 (Class B)
	1,800,000		CarMax Auto Owner Trust			2.390		03/15/21		1,796,730
			Series - 2015 2 (Class C)
	773,701	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.566		07/25/36		761,618
			Series - 2006 CB6 (Class A1)
	8,817,685	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		3.095		04/07/52		0
			Series - 2007 1A (Class A2)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	65,860		CIT Group Home Equity Loan Trust (Step Bond)		6.200	%	02/25/30	$	66,994
			Series - 2002 1 (Class AF6)
	1,000,000		CNH Equipment Trust		2.930		12/15/21		1,001,458
			Series - 2018 B (Class A2)
	2,550,000		CNH Equipment Trust		3.220		01/15/26		2,583,166
			Series - 2019 A (Class A4)
	810,886	g	DaimlerChrysler Capital Auto Receivables Trust		1.640		07/15/21		808,446
			Series - 2016 BA (Class A3)
	6,720,000	g	DB Master Finance LLC		3.980		02/20/45		6,710,995
			Series - 2015 1A (Class A2II)
	12,343,750	g	DB Master Finance LLC		3.629		11/20/47		12,352,267
			Series - 2017 1A (Class A2I)
	1,640,000	g,h	DB Master Finance LLC		3.787		05/20/49		1,650,547
			Series - 2019 1A (Class A2I)
	2,820,000	g,h	DB Master Finance LLC		4.021		05/20/49		2,841,253
			Series - 2019 1A (Class A2II)
	1,125,000	g,h	DB Master Finance LLC		4.352		05/20/49		1,137,728
			Series - 2019 1A (Class A23)
	5,057,000	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		5,218,925
			Series - 2015 1A (Class A2II)
	13,519,125	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		13,355,544
			Series - 2017 1A (Class A2II)
	2,382,000	g	Domino’s Pizza Master Issuer LLC		4.116		07/25/48		2,417,897
			Series - 2018 1A (Class A2I)
	2,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		2,479,964
			Series - 2016 1 (Class A)
	7,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		6,886,365
			Series - 2016 2 (Class A)
	3,500,000	g	Ford Credit Auto Owner Trust		2.620		08/15/28		3,478,371
			Series - 2017 1 (Class A)
	750,000	g,i	FREMF Mortgage Trust		4.019		03/25/49		765,469
			Series - 2016 K53 (Class B)
	5,152,494		GM Financial Automobile Leasing Trust		2.890		09/21/20		5,157,151
			Series - 2018 3 (Class A2A)
	3,000,000	g	GMF Floorplan Owner Revolving Trust		2.130		07/15/20		2,973,972
			Series - 2017 2 (Class A1)
	1,950,000	g	GMF Floorplan Owner Revolving Trust		2.220		01/18/22		1,940,769
			Series - 2017 1 (Class A1)
	2,065,853	g	HERO Funding Trust		3.190		09/20/48		2,082,578
			Series - 2017 3A (Class A1)
	750,258	g	HERO Funding Trust		3.280		09/20/48		740,576
			Series - 2017 2A (Class A1)
	2,685,609	g	HERO Funding Trust		3.950		09/20/48		2,744,427
			Series - 2017 3A (Class A2)
	1,500,515	g	HERO Funding Trust		4.070		09/20/48		1,526,756
			Series - 2017 2A (Class A2)
	2,750,000	g	Hertz Vehicle Financing II LP		3.710		03/25/23		2,784,445
			Series - 2019 1A (Class A)
	15,500,000	g	Hertz Vehicle Financing II LP		3.290		02/25/24		15,435,890
			Series - 2018 1A (Class A)
	5,625,000	g	Hertz Vehicle Financing LLC		2.270		07/25/20		5,613,310
			Series - 2016 3A (Class A)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	7,500,000	g	Hertz Vehicle Financing LLC			4.030	%	07/25/24	$	7,688,941
			Series - 2018 3A (Class A)
	2,176,664	g	Hilton Grand Vacations Trust			2.660		12/26/28		2,159,968
			Series - 2017 AA (Class A)
	1,632,498	g	Hilton Grand Vacations Trust			2.960		12/26/28		1,609,175
			Series - 2017 AA (Class B)
	2,077,865	g	Hilton Grand Vacations Trust			4.000		02/25/32		2,105,245
			Series - 2018 AA (Class C)
	1,631,192	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 1.050%		3.266		12/27/33		1,629,545
			Series - 2004 NC1 (Class M1)
	897,365	g	MVW Owner Trust			2.520		12/20/32		888,035
			Series - 2015 1A (Class A)
	3,724,056	g	MVW Owner Trust			3.900		01/21/36		3,770,828
			Series - 2018 1A (Class C)
	1,253,000	g,i	Natixis Commercial Mortgage Securities Trust			3.790		11/15/32		1,263,518
			Series - 2018 285M (Class C)
	3,100,000	g	Navient Student Loan Trust			3.390		12/15/59		3,099,814
			Series - 2019 BA (Class A2A)
	289,135	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		285,223
			Series - 2014 AA (Class B)
	2,061,389	g	Orange Lake Timeshare Trust			3.100		11/08/30		2,067,667
			Series - 2018 A (Class A)
	6,218,750	g	Planet Fitness Master Issuer LLC			4.262		09/05/48		6,319,121
			Series - 2018 1A (Class A2I)
	3,795,925	g	Planet Fitness Master Issuer LLC			4.666		09/05/48		3,916,939
			Series - 2018 1A (Class A2II)
	2,325,000	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			5.000		03/27/33		2,312,940
			Series - 2018 NPL2 (Class A2)
	832,557	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.125		08/25/33		837,371
			Series - 2018 NPL3 (Class A1)
	1,932,662	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.213		07/25/60		1,939,218
			Series - 2019 NPL1 (Class A1)
	570,000	i	RASC	LIBOR 1 M + 0.590%		3.080		08/25/35		569,437
			Series - 2005 KS8 (Class M4)
	1,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		990,819
			Series - 2013 SMV (Class B)
	8,706,631	g	Renew			3.950		09/20/53		8,903,316
			Series - 2018 1 (Class A)
	1,014,713		Santander Drive Auto Receivables Trust			1.870		06/15/21		1,014,017
			Series - 2017 3 (Class A3)
	5,900,000		Santander Drive Auto Receivables Trust			2.970		07/15/21		5,902,005
			Series - 2018 5 (Class A2A)
	128,615		Santander Drive Auto Receivables Trust			2.740		12/15/21		128,579
			Series - 2015 5 (Class C)
	3,550,000		Santander Drive Auto Receivables Trust			3.190		03/15/22		3,565,861
			Series - 2018 5 (Class A3)
	6,000,000		Santander Drive Auto Receivables Trust			2.800		08/15/22		5,994,113
			Series - 2016 3 (Class D)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,000,000		Santander Drive Auto Receivables Trust		3.170	%	04/17/23	$	4,003,569
			Series - 2017 1 (Class D)
	3,000,000		Santander Drive Auto Receivables Trust		3.210		09/15/23		3,013,142
			Series - 2019 1 (Class B)
	1,931,810	g	Sierra Receivables Funding Co LLC		3.050		03/22/32		1,924,999
			Series - 2015 1A (Class B)
	5,825,958	g	Sierra Receivables Funding Co LLC		2.910		03/20/34		5,777,458
			Series - 2017 1A (Class A)
	395,248	g	Sierra Receivables Funding Co LLC		3.200		03/20/34		393,322
			Series - 2017 1A (Class B)
	889,025	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		884,225
			Series - 2015 3A (Class A)
	88,902	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		88,618
			Series - 2015 3A (Class B)
	1,405,314	g	Sierra Timeshare Receivables Funding LLC		3.080		03/21/33		1,402,852
			Series - 2016 1A (Class A)
	2,673,193	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		2,636,007
			Series - 2016 2A (Class A)
	343,304	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		339,020
			Series - 2016 2A (Class B)
	1,745,311	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		1,735,065
			Series - 2016 3A (Class A)
	1,074,038	g	Sierra Timeshare Receivables Funding LLC		2.630		10/20/33		1,058,401
			Series - 2016 3A (Class B)
	4,945,597	g	Sierra Timeshare Receivables Funding LLC		3.650		06/20/35		4,990,625
			Series - 2018 2A (Class B)
	4,552,839	g	Sierra Timeshare Receivables Funding LLC		4.170		09/20/35		4,644,500
			Series - 2018 3A (Class C)
	4,750,000	g	Sierra Timeshare Receivables Funding LLC		3.200		01/20/36		4,779,776
			Series - 2019 1A (Class A)
	7,000,000	g	Sierra Timeshare Receivables Funding LLC		3.770		01/20/36		7,041,037
			Series - 2019 1A (Class C)
	7,433,092	g	SMB Private Education Loan Trust		2.430		02/17/32		7,314,557
			Series - 2016 B (Class A2A)
	4,979,383	g	SMB Private Education Loan Trust		2.880		09/15/34		4,918,657
			Series - 2017 A (Class A2A)
	3,750,000	g	SMB Private Education Loan Trust		2.820		10/15/35		3,709,986
			Series - 2017 B (Class A2A)
	5,930,510	g	Sofi Professional Loan Program LLC		3.120		02/25/48		5,946,741
			Series - 2018 D (Class A1FX)
	2,750,000	g	Sofi Professional Loan Program LLC		3.690		06/15/48		2,826,987
			Series - 2019 A (Class A2FX)
	4,651,902	g	SoFi Professional Loan Program LLC		2.340		04/25/33		4,568,297
			Series - 2016 D (Class A2B)
	7,302,467	g	SoFi Professional Loan Program LLC		2.490		01/25/36		7,232,879
			Series - 2016 E (Class A2B)
	2,411,451	g	SoFi Professional Loan Program LLC		2.760		12/26/36		2,395,209
			Series - 2016 A (Class A2)
	188,342	g	SoFi Professional Loan Program LLC		1.550		03/26/40		187,613
			Series - 2017 A (Class A2A)
	3,825,000	g	SoFi Professional Loan Program LLC		2.400		03/26/40		3,756,237
			Series - 2017 A (Class A2B)
	1,279,858	g	SoFi Professional Loan Program LLC		1.830		05/25/40		1,274,831
			Series - 2017 B (Class A1FX)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,075,000	g	SoFi Professional Loan Program LLC			2.740	%	05/25/40	$	5,025,837
			Series - 2017 B (Class A2FX)
	2,250,000	g	SoFi Professional Loan Program LLC			2.630		07/25/40		2,209,326
			Series - 2017 C (Class A2B)
	3,750,000	g	SoFi Professional Loan Program LLC			2.720		11/26/40		3,707,737
			Series - 2017 E (Class A2B)
	6,750,000	g	SoFi Professional Loan Program LLC			2.840		01/25/41		6,711,061
			Series - 2017 F (Class A2FX)
	1,712,195	g	SolarCity LMC			4.800		11/20/38		1,771,512
			Series - 2013 1 (Class A)
	1,785,489	g	SolarCity LMC			4.020		07/20/44		1,791,552
			Series - 2014 2 (Class A)
	7,676,127	g	SpringCastle America Funding LLC			3.050		04/25/29		7,666,435
			Series - 2016 AA (Class A)
	3,000,000	g	SpringCastle America Funding LLC			4.100		10/25/33		3,049,360
			Series - 2016 AA (Class B)
	624,937	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		3.386		09/25/34		619,786
			Series - 2004 8 (Class M1)
	1,159,175	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		3.486		09/25/34		1,153,423
			Series - 2004 8 (Class A9)
	24,189,375	g	Taco Bell Funding LLC			4.318		11/25/48		24,888,448
			Series - 2018 1A (Class A2I)
	4,369,009	g	Tesla Auto Lease Trust			3.710		08/20/21		4,418,875
			Series - 2018 B (Class A)
	7,339,648	g	TLF National Tax Lien Trust			3.090		12/15/29		7,286,582
			Series - 2017 1A (Class A)
	903,341	g	TLF National Tax Lien Trust			3.840		12/15/29		898,154
			Series - 2017 1A (Class B)
	13,145,000	g	Verizon Owner Trust			2.060		09/20/21		13,104,227
			Series - 2017 1A (Class A)
	17,900,000		Verizon Owner Trust			3.230		04/20/23		18,117,605
			Series - 2018 A (Class A1A)
	5,853,618	g	VOLT LXII LLC (Step Bond)			3.125		09/25/47		5,831,659
			Series - 2017 NPL9 (Class A1)
	1,108,321	g	VOLT LXV LLC (Step Bond)			3.750		04/25/48		1,105,501
			Series - 2018 NPL1 (Class A1)
	3,245,426	g	VOLT LXXIII LLC (Step Bond)			4.458		10/25/48		3,266,930
			Series - 2018 NPL9 (Class A1A)
	1,660,244	g	VOLT LXXV LLC (Step Bond)			4.336		01/25/49		1,672,730
			Series - 2019 NPL1 (Class A1A)
	3,272,460	g	VOLT LXXV LLC (Step Bond)			3.967		02/25/49		3,276,582
			Series - 2019 NPL2 (Class A1)
	2,400,000	g	VOLT LXXV LLC (Step Bond)			3.967		03/25/49		2,402,618
			Series - 2019 NPL3 (Class A1)
	16,725	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		2.846		05/25/35		16,726
			Series - 2005 SD1 (Class A)
	16,407,313	g	Wendys Funding LLC			3.573		03/15/48		16,175,313
			Series - 2018 1A (Class A2I)
	493,750	g	Wendys Funding LLC			3.884		03/15/48		486,773
			Series - 2018 1A (Class A2II)
	11,850,000		World Omni Auto Receivables Trust			3.010		04/15/22		11,884,154
			Series - 2018 D (Class A2A)
	2,500,000		World Omni Auto Receivables Trust			3.330		04/15/24		2,546,510
			Series - 2018 D (Class A3)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	g,i	Worldwide Plaza Trust			3.596	%	11/10/36	$	2,811,385
			Series - 2017 WWP (Class E)
			TOTAL ASSET BACKED							493,592,996

OTHER MORTGAGE BACKED - 12.2%
	1,481,746	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		1,468,906
			Series - 2014 3 (Class A13)
	659,036	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		647,748
			Series - 2015 6 (Class A9)
	374,277	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.986		06/25/34		372,815
			Series - 2004 8CB (Class M1)
	846,959	i	American Home Mortgage Investment Trust	LIBOR 6 M + 1.500%		4.312		10/25/34		837,641
			Series - 2004 3 (Class 4A)
	1,080,000	i	Banc of America Commercial Mortgage Trust			4.362		09/15/48		1,140,835
			Series - 2015 UBS7 (Class B)
	2,625,000	i	Banc of America Commercial Mortgage Trust			4.362		09/15/48		2,693,849
			Series - 2015 UBS7 (Class C)
	5,071,748		Banc of America Commercial Mortgage Trust			1.559		07/15/49		5,009,545
			Series - 2016 UB10 (Class A1)
	6,000,000		Banc of America Commercial Mortgage Trust			3.366		02/15/50		6,095,518
			Series - 2017 BNK3 (Class ASB)
	277,839	g,i	Banc of America Commercial Mortgage Trust			5.678		02/10/51		281,551
			Series - 2007 4 (Class E)
	6,000,000	†,g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		923,400
			Series - 2007 5 (Class B)
	12,000,000		BANK			3.731		11/15/50		12,245,435
			Series - 2017 BNK8 (Class AS)
	7,500,000		BANK			3.289		07/15/60		7,583,812
			Series - 2017 BNK6 (Class ASB)
	2,000,000	g	BBCMS Mortgage Trust			3.821		09/05/32		2,009,396
			Series - 2013 TYSN (Class C)
	1,500,000	g,i	BBCMS Mortgage Trust			4.267		08/05/38		1,324,509
			Series - 2018 CHRS (Class E)
	2,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.122		02/11/41		1,700,100
			Series - 2005 PWR7 (Class E)
	1,000,000	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.701		11/11/41		1,001,197
			Series - 2004 PWR6 (Class G)
	641,003	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.886		02/13/42		649,469
			Series - 2005 T18 (Class F)
	2,350,000	g	BWAY Mortgage Trust			2.917		01/10/35		2,337,685
			Series - 2015 1740 (Class A)
	4,644,000	g,i	CD Commercial Mortgage Trust			6.020		11/15/44		4,658,641
			Series - 2007 CD5 (Class E)
	5,000,000	i	CD Commercial Mortgage Trust			3.879		11/10/49		5,088,764
			Series - 2016 CD2 (Class B)
	750,000	i	CD Commercial Mortgage Trust			4.029		11/10/49		747,449
			Series - 2016 CD2 (Class C)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,000,000		CD Commercial Mortgage Trust		3.453	%	02/10/50	$	9,223,034
			Series - 2017 CD3 (Class AAB)
	17,068,000	i	CD Commercial Mortgage Trust		3.684		08/15/50		17,309,186
			Series - 2017 CD5 (Class AS)
	537,020	i	CHL Mortgage Pass-Through Trust		4.263		02/20/35		540,288
			Series - 2004 HYB9 (Class 1A1)
	641,336		Citigroup Commercial Mortgage Trust		1.847		11/10/48		636,816
			Series - 2015 GC35 (Class A1)
	12,390,000	g,i	COMM Mortgage Trust		3.538		10/10/29		12,412,426
			Series - 2017 PANW (Class C)
	6,905,000		COMM Mortgage Trust		2.853		10/15/45		6,861,954
			Series - 2012 CR4 (Class A3)
	2,000,000	g	COMM Mortgage Trust		3.397		03/10/46		1,977,928
			Series - 2013 CR6 (Class B)
	1,500,000	g,i	COMM Mortgage Trust		4.793		08/10/46		1,564,129
			Series - 2013 CR10 (Class C)
	2,000,000	i	COMM Mortgage Trust		4.691		02/10/47		2,135,942
			Series - 2014 CR15 (Class B)
	5,000,000		COMM Mortgage Trust		3.691		03/10/47		5,177,191
			Series - 2014 UBS2 (Class A4)
	875,000		COMM Mortgage Trust		4.199		03/10/47		905,966
			Series - 2014 UBS2 (Class AM)
	1,074,089		COMM Mortgage Trust		4.701		03/10/47		1,121,548
			Series - 2014 UBS2 (Class B)
	2,000,000	i	COMM Mortgage Trust		4.456		07/15/47		2,081,990
			Series - 2014 CR18 (Class B)
	463,000	i	COMM Mortgage Trust		4.731		07/15/47		478,315
			Series - 2014 CR18 (Class C)
	1,500,000	i	COMM Mortgage Trust		4.714		08/10/47		1,554,268
			Series - 2014 CR19 (Class C)
	8,400,000		COMM Mortgage Trust		3.917		10/10/47		8,783,778
			Series - 2014 LC17 (Class A5)
	2,095,000		COMM Mortgage Trust		3.040		02/10/48		2,109,091
			Series - 2015 LC19 (Class ASB)
	3,600,000	g,i	COMM Mortgage Trust		4.118		03/10/48		3,406,663
			Series - 2015 CR22 (Class D)
	2,500,000	i	COMM Mortgage Trust		4.118		03/10/48		2,555,590
			Series - 2015 CR22 (Class C)
	5,000,000	g,i	COMM Mortgage Trust		3.685		05/10/48		5,027,443
			Series - 2015 CR23 (Class CMB)
	5,000,000		COMM Mortgage Trust		3.801		05/10/48		5,120,602
			Series - 2015 CR23 (Class AM)
	2,226,295	i	COMM Mortgage Trust		4.183		05/10/48		2,290,895
			Series - 2015 CR23 (Class B)
	1,025,000	i	COMM Mortgage Trust		4.252		05/10/48		1,052,375
			Series - 2015 CR23 (Class C)
	3,000,000	i	COMM Mortgage Trust		4.252		05/10/48		2,866,586
			Series - 2015 CR23 (Class D)
	7,500,000		COMM Mortgage Trust		3.630		10/10/48		7,734,253
			Series - 2015 CR26 (Class A4)
	1,000,000		COMM Mortgage Trust		3.984		10/10/48		1,034,482
			Series - 2015 CR27 (Class AM)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL

ISSUER

REFERENCE
RATE & SPREAD

RATE

MATURITY
DATE

VALUE

3,500,000

COMM Mortgage Trust

4.361

10/10/48

3,661,717

Series - 2015 CR27 (Class B)

5,000,000

Commercial Mortgage Pass Through Certificates

4.647

02/10/49

5,335,631

Series - 2016 CR28 (Class B)

5,005,000

Connecticut Avenue Securities

LIBOR 1 M + 2.600%

5.086

05/25/24

5,247,129

Series - 2014 C02 (Class 1M2)

8,479,069

Connecticut Avenue Securities

LIBOR 1 M + 3.000%

5.486

07/25/24

9,001,331

Series - 2014 C03 (Class 1M2)

1,780,126

Connecticut Avenue Securities

LIBOR 1 M + 2.000%

4.486

10/25/28

1,793,645

Series - 2016 C03 (Class 1M1)

1,382,072

Connecticut Avenue Securities

LIBOR 1 M + 1.350%

3.836

01/25/29

1,383,292

Series - 2016 C05 (Class 2M1)

4,082,173

Connecticut Avenue Securities

LIBOR 1 M + 1.450%

3.936

01/25/29

4,097,398

Series - 2016 C04 (Class 1M1)

9,123,050

Connecticut Avenue Securities

LIBOR 1 M + 1.300%

3.786

04/25/29

9,160,244

Series - 2016 C06 (Class 1M1)

18,308,970

Connecticut Avenue Securities

LIBOR 1 M + 1.300%

2.165

07/25/29

18,380,784

Series - 2017 C01 (Class 1M1)

10,399,956

Connecticut Avenue Securities

LIBOR 1 M + 0.950%

3.436

10/25/29

10,418,207

Series - 2017 C03 (Class 1M1)

2,787,877

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.336

11/25/29

2,791,100

Series - 2017 C04 (Class 2M1)

25,563,498

Connecticut Avenue Securities

LIBOR 1 M + 0.650%

3.136

05/25/30

25,537,579

Series - 2017 C07 (Class 1M1)

8,296,128

Connecticut Avenue Securities

LIBOR 1 M + 0.600%

3.086

07/25/30

8,277,179

Series - 2018 C01 (Class 1M1)

5,298,523

Connecticut Avenue Securities

LIBOR 1 M + 0.680%

3.166

10/25/30

5,296,263

Series - 2018 C03 (Class 1M1)

2,371,447

Connecticut Avenue Securities

LIBOR 1 M + 0.750%

3.236

12/25/30

2,371,168

Series - 2018 C04 (Class 2M1)

6,842,552

Connecticut Avenue Securities

LIBOR 1 M + 0.720%

3.206

01/25/31

6,840,837

Series - 2018 C05 (Class 1M1)

635,000

Connecticut Avenue Securities

LIBOR 1 M + 2.100%

4.586

03/25/31

626,875

Series - 2018 C06 (Class 2M2)

3,343,917

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.750%

3.236

04/25/31

3,342,756

Series - 2018 R07 (Class 1M1)

1,236,097

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.336

07/25/31

1,236,499

Series - 2019 R01 (Class 2M1)

275,000

g,i

Connecticut Avenue Securities

LIBOR 1 M + 2.450%

4.936

07/25/31

275,344

Series - 2019 R01 (Class 2M2)

1,241,299

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.336

08/25/31

1,242,165

Series - 2019 R02 (Class 1M1)

11,367

Credit Suisse First Boston Mortgage Securities Corp

5.100

08/15/38

11,463

Series - 2005 C5 (Class F)

4,000,000

CSAIL Commercial Mortgage Trust

3.314

11/15/49

4,061,612

Series - 2016 C7 (Class ASB)

1,490,000

g,i

CSMC Trust

3.811

11/15/34

1,528,374

Series - 2015 GLPB (Class B)

3,015,832

g,i

CSMC Trust

3.500

02/25/48

2,943,387

Series - 2018 J1 (Class A11)

7,800,000

g,i

DBUBS Mortgage Trust

5.532

07/10/44

8,084,911

Series - 2011 LC2A (Class D)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	10,110,000	g,i	DBUBS Mortgage Trust			5.699	%	11/10/46	$	10,536,501
			Series - 2011 LC1A (Class C)
	5,440,309	g,i	Flagstar Mortgage Trust			3.500		03/25/47		5,440,522
			Series - 2017 1 (Class 1A5)
	7,342,244	g,i	Flagstar Mortgage Trust			4.000		05/25/48		7,420,149
			Series - 2018 3INV (Class A3)
	2,012,052	g,i	Flagstar Mortgage Trust			4.000		09/25/48		2,009,869
			Series - 2018 5 (Class A11)
	7,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		7,074,564
			Series - 2014 GRCE (Class A)
	10,500,000	g	GS Mortgage Securities Corp II			3.419		10/10/32		10,663,292
			Series - 2017 SLP (Class A)
	1,344,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		1,369,225
			Series - 2012 ALOH (Class A)
	2,590,000	i	GS Mortgage Securities Corp II			3.777		05/10/50		2,649,578
			Series - 2015 GC30 (Class AS)
	2,500,000	i	GS Mortgage Securities Corp II			4.057		05/10/50		2,488,891
			Series - 2015 GC30 (Class C)
	2,058,460		GS Mortgage Securities Trust			1.478		05/10/49		2,029,362
			Series - 2016 GS2 (Class A1)
	8,000,000		GS Mortgage Securities Trust			3.467		03/10/50		8,195,377
			Series - 2017 GS5 (Class AAB)
	3,000,000		GS Mortgage Securities Trust			3.837		11/10/50		3,133,301
			Series - 2017 GS8 (Class ABP)
	1,927,495	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.102		08/19/45		1,880,096
			Series - 2005 11 (Class 2A1A)
	2,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		1,956,317
			Series - 2016 10HY (Class A)
	3,000,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		2,928,712
			Series - 2016 10HY (Class B)
	3,500,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		3,381,534
			Series - 2016 10HY (Class C)
	195,246	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.146		03/25/35		191,519
			Series - 2004 11 (Class 2A1)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Corp			4.166		12/15/46		1,581,321
			Series - 2013 C16 (Class A4)
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			4.003		01/15/46		1,683,653
			Series - 2013 C13 (Class D)
	6,950,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.662		02/15/46		7,083,794
			Series - 2011 C3 (Class D)
	500,000		JP Morgan Chase Commercial Mortgage Securities Trust			3.379		09/15/50		507,825
			Series - 2017 JP7 (Class A3)
	7,072,893	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.646		06/25/37		6,938,243
			Series - 2007 CH5 (Class A1)
	2,043,316	g,i	JP Morgan Mortgage Trust			3.623		12/25/44		2,041,888
			Series - 2015 1 (Class B1)
	512,482	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		505,434
			Series - 2015 3 (Class A19)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,026,514	g,i	JP Morgan Mortgage Trust		3.500	%	10/25/45	$	2,003,256
			Series - 2015 6 (Class A13)
	1,049,024	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		1,033,967
			Series - 2016 1 (Class A13)
	565,657	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		566,033
			Series - 2017 1 (Class A3)
	1,432,120	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		1,416,909
			Series - 2017 2 (Class A13)
	271,259	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		271,440
			Series - 2017 3 (Class 1A5)
	4,278,822	g,i	JP Morgan Mortgage Trust		3.500		06/25/48		4,281,663
			Series - 2018 1 (Class A5)
	1,398,895	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		1,399,824
			Series - 2018 3 (Class A5)
	2,636,932	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		2,638,683
			Series - 2018 4 (Class A5)
	1,183,717	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		1,184,503
			Series - 2018 5 (Class A5)
	3,247,726	g,i	JP Morgan Mortgage Trust		3.000		12/25/48		3,197,107
			Series - 2017 6 (Class A6)
	5,901,058	g,i	JP Morgan Mortgage Trust		3.500		12/25/48		5,904,976
			Series - 2018 6 (Class 1A3)
	2,081,005	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		2,081,244
			Series - 2018 8 (Class A13)
	1,940,596	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		1,947,012
			Series - 2018 9 (Class A13)
	4,500,000		JPMBB Commercial Mortgage Securities Trust		3.493		08/15/47		4,614,264
			Series - 2014 C21 (Class A4)
	5,000,000		JPMBB Commercial Mortgage Securities Trust		3.775		08/15/47		5,197,183
			Series - 2014 C21 (Class A5)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.344		02/15/48		1,016,184
			Series - 2015 C27 (Class C)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		3.917		05/15/48		2,058,140
			Series - 2015 C29 (Class AS)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		1,026,846
			Series - 2015 C29 (Class B)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		4.106		08/15/48		2,078,920
			Series - 2015 C31 (Class AS)
	2,200,000	i	JPMBB Commercial Mortgage Securities Trust		4.617		08/15/48		2,322,617
			Series - 2015 C31 (Class B)
	3,419,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		3,450,477
			Series - 2015 C28 (Class A4)
	28,540	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		28,540
			Series - 2007 C6 (Class AM)
	10,000,000	g,i	MAD Mortgage Trust		2.976		08/15/34		10,057,229
			Series - 2017 330M (Class A)
	5,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.476		11/15/45		5,055,037
			Series - 2012 C6 (Class AS)
	1,374,049	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		1,413,741
			Series - 2014 C19 (Class LNC1)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,678,563	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.750	%	12/15/46	$	4,913,165
			Series - 2014 C19 (Class LNC3)
	3,069,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.954		02/15/47		3,207,770
			Series - 2014 C14 (Class C)
	140,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.069		02/15/48		141,181
			Series - 2015 C20 (Class ASB)
	2,500,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.463		02/15/48		2,547,635
			Series - 2015 C20 (Class C)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.338		03/15/48		2,536,147
			Series - 2015 C21 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.652		03/15/48		3,063,353
			Series - 2015 C21 (Class AS)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.561		04/15/48		2,024,460
			Series - 2015 C22 (Class AS)
	2,130,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.059		12/15/48		2,127,959
			Series - 2013 C8 (Class C)
	6,000,000	g	Morgan Stanley Capital I Trust		3.350		07/13/29		6,076,763
			Series - 2014 CPT (Class A)
	3,140,000	g	Morgan Stanley Capital I Trust		2.695		01/11/32		3,126,120
			Series - 2013 WLSR (Class A)
	51,227	i	Morgan Stanley Capital I Trust		5.389		11/12/41		51,036
			Series - 2006 HQ10 (Class AJ)
	3,563,234	i	Morgan Stanley Capital I Trust		5.947		06/11/42		3,761,608
			Series - 2007 T27 (Class AJ)
	4,783,087	g,i	Morgan Stanley Capital I Trust		5.792		09/15/42		4,874,899
			Series - 2005 IQ10 (Class E)
	4,500,000	g	Morgan Stanley Capital I Trust		4.193		09/15/47		4,560,734
			Series - 2011 C1 (Class F)
	13,000,000		Morgan Stanley Capital I Trust		2.606		08/15/49		12,809,711
			Series - 2016 UB11 (Class ASB)
	3,725,355	i	Morgan Stanley Capital I Trust		6.113		12/12/49		2,806,324
			Series - 2007 IQ16 (Class AJ)
	4,000,000	g,i	MSDB Trust		3.316		07/11/39		4,020,631
			Series - 2017 712F (Class A)
	18,445,000	g	One Market Plaza Trust		3.614		02/10/32		18,881,374
			Series - 2017 1MKT (Class A)
	1,097,772	g,i	Sequoia Mortgage Trust		3.500		11/25/46		1,099,707
			Series - 2016 3 (Class A10)
	5,870,442	g,i	Sequoia Mortgage Trust		3.500		02/25/47		5,893,713
			Series - 2017 2 (Class A4)
	10,122,474	g,i	Sequoia Mortgage Trust		3.500		04/25/47		10,179,949
			Series - 2017 3 (Class A4)
	4,109,907	g,i	Sequoia Mortgage Trust		3.500		08/25/47		4,114,044
			Series - 2017 5 (Class A4)
	5,978,526	g,h,i	Sequoia Mortgage Trust		3.500		03/25/48		5,942,792
			Series - 2018 3 (Class A1)
	8,112,106	g,i	Sequoia Mortgage Trust		3.500		05/25/48		8,140,552
			Series - 2018 5 (Class A4)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,711,634	g,i	Sequoia Mortgage Trust			4.000	%	06/25/48	$	1,731,001
			Series - 2018 CH2 (Class A21)
	1,763,421	g,i	Sequoia Mortgage Trust			4.000		07/25/48		1,789,114
			Series - 2018 6 (Class A4)
	400,804	g,i	Shellpoint Co-Originator Trust			3.500		11/25/46		399,759
			Series - 2016 1 (Class 1A10)
	10,831,892	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.686		09/25/24		11,040,528
			Series - 2014 HQ2 (Class M2)
	1,719,864	i	STACR	LIBOR 1 M + 3.800%		6.286		03/25/25		1,812,244
			Series - 2015 HQ1 (Class M3)
	2,268,079	i	STACR	LIBOR 1 M + 1.950%		4.436		05/25/25		2,305,570
			Series - 2015 HQ2 (Class M2)
	2,751,599	i	STACR	LIBOR 1 M + 2.600%		5.086		12/25/27		2,785,917
			Series - 2015 DNA2 (Class M2)
	2,384,331	i	STACR	LIBOR 1 M + 2.650%		5.136		03/25/28		2,416,231
			Series - 2015 HQA1 (Class M2)
	3,800,000	i	STACR	LIBOR 1 M + 4.650%		7.136		10/25/28		4,241,310
			Series - 2016 DNA2 (Class M3)
	2,514,833	i	STACR	LIBOR 1 M + 1.300%		3.786		03/25/29		2,527,003
			Series - 2016 DNA4 (Class M2)
	8,900,023	i	STACR	LIBOR 1 M + 1.200%		3.686		07/25/29		8,937,809
			Series - 2017 DNA1 (Class M1)
	3,562,232	i	STACR	LIBOR 1 M + 1.200%		3.686		10/25/29		3,581,215
			Series - 2017 DNA2 (Class M1)
	25,719,862	i	STACR	LIBOR 1 M + 0.750%		3.236		03/25/30		25,703,895
			Series - 2017 DNA3 (Class M1)
	1,516,100	g,i	STACR			3.819		05/25/48		1,514,618
			Series - 2018 SPI2 (Class M1)
	5,890,638	g,i	STACR			4.167		08/25/48		5,931,644
			Series - 2018 SPI3 (Class M1)
	4,620,000	g,i	UBS-Barclays Commercial Mortgage Trust			3.875		04/10/46		4,715,592
			Series - 2013 C6 (Class B)
	1,525,000	g	UBS-Citigroup Commercial Mortgage Trust			5.154		01/10/45		1,603,969
			Series - 2011 C1 (Class AS)
	3,365,680	g	VSE VOI Mortgage LLC			2.330		03/20/35		3,305,749
			Series - 2017 A (Class A)
	2,895,600	g	VSE VOI Mortgage LLC			4.020		02/20/36		2,935,509
			Series - 2018 A (Class C)
	6,134,166	i	Wachovia Bank Commercial Mortgage Trust			5.876		05/15/46		6,170,480
			Series - 2007 C34 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust			5.951		05/15/46		2,013,840
			Series - 2007 C34 (Class B)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust			5.951		05/15/46		1,717,000
			Series - 2007 C34 (Class C)
	10,000,000		Wells Fargo Commercial Mortgage Trust			3.539		10/15/45		10,166,422
			Series - 2012 LC5 (Class AS)
	5,000,000		Wells Fargo Commercial Mortgage Trust			3.540		05/15/48		5,118,370
			Series - 2015 C28 (Class A4)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,100,000	i	Wells Fargo Commercial Mortgage Trust		3.658	%	05/15/48	$	2,102,723
			Series - 2015 NXS1 (Class B)
	5,055,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		5,028,979
			Series - 2016 LC24 (Class ASB)
	1,180,000		Wells Fargo Commercial Mortgage Trust		3.467		04/15/50		1,190,913
			Series - 2015 LC20 (Class AS)
	5,000,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		5,191,848
			Series - 2015 NXS2 (Class A5)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.185		03/15/59		2,020,297
			Series - 2016 C33 (Class ASB)
	1,000,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		996,845
			Series - 2016 C36 (Class ASB)
	1,600,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		1,619,154
			Series - 2013 C11 (Class B)
	1,000,000		WFRBS Commercial Mortgage Trust		3.345		05/15/45		1,006,678
			Series - 2013 C13 (Class AS)
	2,225,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,333,599
			Series - 2014 C20 (Class A5)
	1,250,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		1,284,325
			Series - 2014 C24 (Class A5)
			TOTAL OTHER MORTGAGE BACKED						721,806,433

			TOTAL STRUCTURED ASSETS						1,215,399,429
			(Cost $1,222,925,412)

			TOTAL BONDS						5,683,624,737
			(Cost $5,633,941,584)

SHARES			COMPANY
COMMON STOCKS - 0.0%

ENERGY - 0.0%
	9,696		Peabody Energy Corp						274,687
			TOTAL ENERGY						274,687

			TOTAL COMMON STOCKS						274,687
			(Cost $133,601)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.7%

GOVERNMENT AGENCY DEBT - 0.4%
$	24,870,000		Federal Home Loan Bank (FHLB)		2.250		04/01/19		24,870,000
			TOTAL GOVERNMENT AGENCY DEBT						24,870,000

TREASURY DEBT - 3.3%
EGP	51,550,000	j	Egypt Treasury Bill		0.000		09/03/19		2,775,805
	48,800,000	j	Egypt Treasury Bill		0.000		10/15/19		2,580,284
$	29,400,000		United States Treasury Bill		2.383		04/02/19		29,398,061
	42,100,000		United States Treasury Bill		2.378		04/09/19		42,077,663

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	37,000,000	United States Treasury Bill		2.396	%	04/18/19	$	36,958,183
	79,900,000	United States Treasury Bill		2.235		05/28/19		79,603,509
		TOTAL TREASURY DEBT						193,393,505

		TOTAL SHORT-TERM INVESTMENTS						218,263,505
		(Cost $218,133,620)

		TOTAL INVESTMENTS - 101.5%						6,023,604,801
		(Cost $5,975,842,102)
		OTHER ASSETS & LIABILITIES, NET - (1.5)%						(89,547,121	)
		NET ASSETS - 100.0%					$	5,934,057,680



		Abbreviation(s):
DOP		Dominican Republic Peso
EGP		Egyptian Pound
EUR		Euro
IDR		Indonesian Rupiah
LIBOR		London Interbank Offered Rate
M		Month
REIT		Real Estate Investment Trust
RSD		Serbian Dinar
UYU		Uruguayan Peso
W		Week

†		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 3/31/2019, the aggregate value of these securities was $1,142,225,525 or 19.2% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security 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
q		In default

Bilateral credit default swap contracts outstanding as of March 31, 2019 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
premiums
paid
(received)

Unrealized
appreciation
(depreciation)

CDX-EMS31-V1-5Y Index

1.000%

Credit event as specified in contract

Citibank, N.A.

06/20/24

$15,000,000

$559,899

$493,937

$65,962

(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.

TIAA-CREF FUNDS - Bond Fund

Centrally cleared credit default swap contracts outstanding as of March 31, 2019 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-NAHYS31V3-5Y Index		5.000	%	Credit event as specified in contract	Citigroup Global Markets	12/20/23		$15,500,000	$	(62,088	)	$	(1,063,986	)
CDX-NAHYS31V3-5Y Index		5.000		Credit event as specified in contract	Citigroup Global Markets	12/20/23		15,000,000		(61,717	)		(91,559	)
Total									$	(123,805	)	$	(1,155,545	)

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS
March 31, 2019

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 99.4%

CORPORATE BONDS - 25.0%

AUTOMOBILES & COMPONENTS - 0.1%
$	250,000	Aptiv plc		4.250	%	01/15/26	$	257,730
	100,000	Aptiv plc		4.350		03/15/29		101,589
	100,000	Aptiv plc		4.400		10/01/46		89,958
	175,000	Aptiv plc		5.400		03/15/49		180,877
	200,000	BorgWarner, Inc		3.375		03/15/25		198,549
	200,000	BorgWarner, Inc		4.375		03/15/45		184,978
	600,000	Delphi Corp		4.150		03/15/24		620,727
	425,000	Ford Motor Co		4.346		12/08/26		394,784
	500,000	Ford Motor Co		7.450		07/16/31		533,455
	1,050,000	Ford Motor Co		4.750		01/15/43		824,105
	750,000	Ford Motor Co		5.291		12/08/46		629,074
	350,000	General Motors Co		4.200		10/01/27		335,938
	500,000	General Motors Co		5.000		10/01/28		499,167
	500,000	General Motors Co		6.600		04/01/36		523,717
	500,000	General Motors Co		5.150		04/01/38		457,571
	350,000	General Motors Co		6.750		04/01/46		364,937
	500,000	General Motors Co		5.400		04/01/48		458,755
	250,000	General Motors Co		5.950		04/01/49		242,200
	175,000	Harley-Davidson, Inc		3.500		07/28/25		170,160
	200,000	Harley-Davidson, Inc		4.625		07/28/45		186,206
	750,000	Honeywell International, Inc		1.850		11/01/21		736,719
	500,000	Honeywell International, Inc		3.350		12/01/23		511,561
	1,000,000	Honeywell International, Inc		2.500		11/01/26		975,529
	782,000	Honeywell International, Inc		3.812		11/21/47		796,424
	800,000	Lear Corp		3.800		09/15/27		767,222
	300,000	Magna International, Inc		3.625		06/15/24		305,343
	100,000	Magna International, Inc		4.150		10/01/25		104,348
	300,000	Toyota Motor Corp		3.183		07/20/21		303,639
	300,000	Toyota Motor Corp		3.419		07/20/23		308,468
	300,000	Toyota Motor Corp		3.669		07/20/28		314,443
		TOTAL AUTOMOBILES & COMPONENTS						12,378,173

BANKS - 3.9%
	200,000	Aon Corp		4.500		12/15/28		211,806
	350,000	Banco Bilbao Vizcaya Argentaria S.A.		3.000		10/20/20		350,965
	400,000	Banco Santander S.A.		3.500		04/11/22		403,924
	600,000	Banco Santander S.A.		3.125		02/23/23		593,677
	1,000,000	Banco Santander S.A.		3.848		04/12/23		1,008,955
	400,000	Banco Santander S.A.		5.179		11/19/25		422,437
	400,000	Banco Santander S.A.		4.250		04/11/27		400,621
	400,000	Banco Santander S.A.		3.800		02/23/28		388,185
	1,000,000	Banco Santander S.A.		4.379		04/12/28		1,013,797
	200,000	Bancolombia S.A.		5.950		06/03/21		210,800

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Bank of America Corp		2.625	%	10/19/20	$	997,635
	200,000	Bank of America Corp		2.151		11/09/20		197,984
	1,750,000	Bank of America Corp		2.625		04/19/21		1,744,599
	500,000	Bank of America Corp		2.369		07/21/21		496,710
	1,000,000	Bank of America Corp		2.328		10/01/21		990,820
	3,000,000	Bank of America Corp		2.738		01/23/22		2,989,098
	3,000,000	Bank of America Corp		3.499		05/17/22		3,036,950
	2,225,000	Bank of America Corp		3.300		01/11/23		2,254,185
	750,000	Bank of America Corp		3.124		01/20/23		752,395
	500,000	Bank of America Corp		2.881		04/24/23		498,629
	1,000,000	Bank of America Corp		2.816		07/21/23		993,687
	4,718,000	Bank of America Corp		3.004		12/20/23		4,705,634
	3,500,000	Bank of America Corp		4.125		01/22/24		3,667,779
	1,750,000	Bank of America Corp		3.550		03/05/24		1,777,412
	1,500,000	Bank of America Corp		3.864		07/23/24		1,541,471
	1,475,000	Bank of America Corp		4.200		08/26/24		1,527,449
	2,000,000	Bank of America Corp		3.458		03/15/25		2,020,982
	3,550,000	Bank of America Corp		3.950		04/21/25		3,617,805
	3,000,000	Bank of America Corp		3.093		10/01/25		2,976,888
	4,000,000	Bank of America Corp		3.366		01/23/26		4,005,486
	2,000,000	Bank of America Corp		3.593		07/21/28		1,992,237
	5,690,000	Bank of America Corp		3.419		12/20/28		5,569,100
	1,250,000	Bank of America Corp		3.970		03/05/29		1,276,571
	1,400,000	Bank of America Corp		4.271		07/23/29		1,459,102
	1,075,000	Bank of America Corp		3.974		02/07/30		1,096,782
	1,500,000	Bank of America Corp		5.000		01/21/44		1,695,489
	1,500,000	Bank of America Corp		4.443		01/20/48		1,572,382
	3,000,000	Bank of America Corp		3.946		01/23/49		2,955,385
	1,250,000	Bank of America Corp		4.330		03/15/50		1,289,064
	300,000	Bank of America NA		3.335		01/25/23		303,838
	1,000,000	Bank of Nova Scotia		2.125		09/11/19		997,687
	1,000,000	Bank of Nova Scotia		2.150		07/14/20		994,492
	1,500,000	Bank of Nova Scotia		2.350		10/21/20		1,494,627
	500,000	Bank of Nova Scotia		2.500		01/08/21		498,462
	200,000	Bank of Nova Scotia		4.375		01/13/21		205,897
	300,000	Bank of Nova Scotia		2.450		03/22/21		298,572
	2,000,000	Bank of Nova Scotia		3.125		04/20/21		2,014,997
	1,000,000	Bank of Nova Scotia		1.875		04/26/21		985,391
	500,000	Bank of Nova Scotia		2.700		03/07/22		500,524
	750,000	Bank of Nova Scotia		2.450		09/19/22		743,604
	500,000	Bank of Nova Scotia		3.400		02/11/24		507,692
	500,000	Bank of Nova Scotia		4.500		12/16/25		520,187
	1,500,000	Barclays Bank plc		2.650		01/11/21		1,489,174
	2,000,000	Barclays plc		3.200		08/10/21		1,998,468
	1,500,000	Barclays plc		3.684		01/10/23		1,498,358
	1,500,000	Barclays plc		4.610		02/15/23		1,532,943
	300,000	Barclays plc		4.338		05/16/24		303,454
	1,225,000	Barclays plc		3.650		03/16/25		1,194,123
	600,000	Barclays plc		4.375		01/12/26		602,902
	500,000	Barclays plc		5.200		05/12/26		510,179
	500,000	Barclays plc		4.337		01/10/28		497,392
	1,750,000	Barclays plc		4.836		05/09/28		1,732,471
	500,000	Barclays plc		4.972		05/16/29		517,323

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Barclays plc		5.250	%	08/17/45	$	517,087
	300,000	BB&T Corp		2.625		06/29/20		299,748
	300,000	BB&T Corp		2.150		02/01/21		297,227
	300,000	BB&T Corp		2.850		04/01/21		300,497
	500,000	BB&T Corp		2.050		05/10/21		493,233
	750,000	BB&T Corp		3.200		09/03/21		758,390
	200,000	BB&T Corp		3.950		03/22/22		205,558
	750,000	BB&T Corp		2.750		04/01/22		750,392
	500,000	BB&T Corp		3.050		06/20/22		502,961
	500,000	BB&T Corp		3.750		12/06/23		519,079
	700,000	BB&T Corp		2.850		10/26/24		696,128
	750,000	BB&T Corp		3.700		06/05/25		778,509
	500,000	BB&T Corp		3.800		10/30/26		513,118
	500,000	BB&T Corp		3.875		03/19/29		505,572
	500,000	BPCE S.A.		2.250		01/27/20		497,775
	1,300,000	BPCE S.A.		2.650		02/03/21		1,295,915
	400,000	BPCE S.A.		2.750		12/02/21		397,765
	500,000	BPCE S.A.		4.000		04/15/24		514,522
	300,000	BPCE S.A.		3.375		12/02/26		295,393
	500,000	Branch Banking & Trust Co		2.250		06/01/20		497,498
	500,000	Branch Banking & Trust Co		2.625		01/15/22		499,878
	250,000	Branch Banking & Trust Co		3.625		09/16/25		255,651
	300,000	Canadian Imperial Bank of Commerce		2.100		10/05/20		297,530
	1,000,000	Canadian Imperial Bank of Commerce		2.700		02/02/21		1,000,843
	500,000	Canadian Imperial Bank of Commerce		2.550		06/16/22		498,899
	500,000	Canadian Imperial Bank of Commerce		3.500		09/13/23		512,307
	750,000	Canadian Imperial Bank of Commerce		3.100		04/02/24		747,006
	900,000	Capital One Bank USA NA		2.950		07/23/21		903,109
	500,000	Capital One Bank USA NA		2.650		08/08/22		494,201
	1,000,000	Capital One NA		2.250		09/13/21		984,249
	1,000,000	CitiBank NA		3.050		05/01/20		1,003,431
	750,000	CitiBank NA		2.100		06/12/20		744,584
	1,000,000	CitiBank NA		2.125		10/20/20		991,627
	3,000,000	CitiBank NA		2.850		02/12/21		3,011,180
	500,000	CitiBank NA		3.400		07/23/21		506,608
	1,000,000	CitiBank NA		3.165		02/19/22		1,003,703
	1,000,000	CitiBank NA		3.650		01/23/24		1,032,266
	4,250,000	Citigroup, Inc		2.700		03/30/21		4,246,350
	1,250,000	Citigroup, Inc		2.350		08/02/21		1,235,607
	2,700,000	Citigroup, Inc		4.500		01/14/22		2,816,833
	500,000	Citigroup, Inc		2.700		10/27/22		495,416
	500,000	Citigroup, Inc		3.142		01/24/23		501,874
	4,600,000	Citigroup, Inc		3.500		05/15/23		4,666,083
	1,000,000	Citigroup, Inc		2.876		07/24/23		993,963
	1,500,000	Citigroup, Inc		4.044		06/01/24		1,550,445
	500,000	Citigroup, Inc		4.000		08/05/24		516,016
	1,000,000	Citigroup, Inc		3.700		01/12/26		1,017,492
	750,000	Citigroup, Inc		4.600		03/09/26		784,023
	1,000,000	Citigroup, Inc		3.400		05/01/26		994,849
	1,100,000	Citigroup, Inc		4.300		11/20/26		1,118,855
	1,500,000	Citigroup, Inc		4.450		09/29/27		1,543,059
	500,000	Citigroup, Inc		3.887		01/10/28		508,162

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Citigroup, Inc		3.668	%	07/24/28	$	998,435
	1,700,000	Citigroup, Inc		4.125		07/25/28		1,711,056
	3,000,000	Citigroup, Inc		3.520		10/27/28		2,950,917
	4,000,000	Citigroup, Inc		4.075		04/23/29		4,104,813
	1,500,000	Citigroup, Inc		3.980		03/20/30		1,526,463
	750,000	Citigroup, Inc		3.878		01/24/39		733,685
	200,000	Citigroup, Inc		5.875		01/30/42		246,037
	225,000	Citigroup, Inc		6.675		09/13/43		288,379
	525,000	Citigroup, Inc		4.650		07/30/45		559,402
	2,800,000	Citigroup, Inc		4.750		05/18/46		2,896,220
	2,000,000	Citigroup, Inc		4.650		07/23/48		2,154,156
	300,000	Citizens Bank NA		2.450		12/04/19		299,273
	250,000	Citizens Bank NA		2.200		05/26/20		248,167
	300,000	Citizens Bank NA		2.250		10/30/20		297,477
	150,000	Citizens Bank NA		2.550		05/13/21		148,962
	250,000	Citizens Bank NA		3.250		02/14/22		252,380
	350,000	Citizens Bank NA		2.650		05/26/22		347,164
	500,000	Citizens Bank NA		3.700		03/29/23		513,224
	250,000	Citizens Bank NA		3.750		02/18/26		254,811
	100,000	Citizens Financial Group, Inc		2.375		07/28/21		98,665
	300,000	Citizens Financial Group, Inc		4.300		12/03/25		307,435
	200,000	Comerica Bank		4.000		07/27/25		206,511
	600,000	Comerica, Inc		2.500		06/02/20		597,504
	300,000	Comerica, Inc		3.700		07/31/23		308,248
	200,000	Comerica, Inc		4.000		02/01/29		208,043
	500,000	Commonwealth Bank of Australia		2.400		11/02/20		497,659
	300,000	Commonwealth Bank of Australia		2.550		03/15/21		298,438
	500,000	Compass Bank		3.500		06/11/21		504,345
	250,000	Compass Bank		2.875		06/29/22		247,470
	500,000	Compass Bank		3.875		04/10/25		495,354
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/20		1,494,922
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,543,130
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		05/21/25		1,520,645
	400,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		478,497
	1,100,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		1,243,163
	500,000	Cooperatieve Rabobank UA		4.500		01/11/21		515,213
	1,000,000	Cooperatieve Rabobank UA		2.500		01/19/21		995,315
	1,000,000	Cooperatieve Rabobank UA		3.125		04/26/21		1,004,655
	625,000	Cooperatieve Rabobank UA		2.750		01/10/22		624,596
	500,000	Cooperatieve Rabobank UA		2.750		01/10/23		495,692
	1,850,000	Cooperatieve Rabobank UA		3.750		07/21/26		1,825,875
	350,000	Cooperatieve Rabobank UA		5.250		05/24/41		423,625
	300,000	Discover Bank		3.100		06/04/20		300,694
	300,000	Discover Bank		3.200		08/09/21		301,469
	1,000,000	Discover Bank		3.350		02/06/23		1,005,535
	900,000	Discover Bank		4.200		08/08/23		936,124
	200,000	Discover Bank		4.250		03/13/26		203,217
	825,000	Discover Bank		3.450		07/27/26		799,600

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Discover Bank		4.682	%	08/09/28	$	304,908
	350,000	Discover Bank		4.650		09/13/28		366,683
	400,000	Fifth Third Bancorp		2.875		07/27/20		400,664
	200,000	Fifth Third Bancorp		2.875		10/01/21		200,196
	200,000	Fifth Third Bancorp		3.500		03/15/22		203,445
	750,000	Fifth Third Bancorp		2.600		06/15/22		745,210
	425,000	Fifth Third Bancorp		3.650		01/25/24		435,462
	1,600,000	Fifth Third Bancorp		3.850		03/15/26		1,629,519
	500,000	Fifth Third Bancorp		3.950		03/14/28		516,912
	140,000	Fifth Third Bancorp		8.250		03/01/38		195,260
	500,000	Fifth Third Bank		2.200		10/30/20		495,992
	300,000	Fifth Third Bank		2.250		06/14/21		296,859
	200,000	Fifth Third Bank		3.350		07/26/21		202,890
	300,000	Fifth Third Bank		3.950		07/28/25		314,595
	200,000	First Horizon National Corp		3.500		12/15/20		201,065
	500,000	First Republic Bank		2.500		06/06/22		495,622
	175,000	First Republic Bank		4.375		08/01/46		171,606
	500,000	Goldman Sachs Bank USA		3.200		06/05/20		503,137
	750,000	HSBC Bank USA NA		4.875		08/24/20		770,551
	266,000	HSBC Bank USA NA		5.875		11/01/34		318,297
	33,000	HSBC Bank USA NA		7.000		01/15/39		44,220
	1,400,000	HSBC Holdings plc		3.400		03/08/21		1,412,582
	400,000	HSBC Holdings plc		2.950		05/25/21		399,938
	1,000,000	HSBC Holdings plc		2.650		01/05/22		991,307
	150,000	HSBC Holdings plc		4.875		01/14/22		157,737
	1,900,000	HSBC Holdings plc		3.262		03/13/23		1,905,269
	1,750,000	HSBC Holdings plc		3.600		05/25/23		1,781,469
	200,000	HSBC Holdings plc		3.033		11/22/23		199,031
	1,350,000	HSBC Holdings plc		4.250		03/14/24		1,380,943
	2,000,000	HSBC Holdings plc		3.950		05/18/24		2,040,905
	2,500,000	HSBC Holdings plc		3.803		03/11/25		2,537,853
	1,225,000	HSBC Holdings plc		4.300		03/08/26		1,272,029
	1,900,000	HSBC Holdings plc		3.900		05/25/26		1,925,235
	750,000	HSBC Holdings plc		4.292		09/12/26		773,936
	250,000	HSBC Holdings plc		4.375		11/23/26		256,288
	3,500,000	HSBC Holdings plc		4.041		03/13/28		3,529,701
	2,200,000	HSBC Holdings plc		4.583		06/19/29		2,315,144
	2,325,000	HSBC Holdings plc		6.500		09/15/37		2,892,710
	550,000	HSBC Holdings plc		6.100		01/14/42		713,434
	1,175,000	HSBC Holdings plc		5.250		03/14/44		1,287,410
	750,000	HSBC USA, Inc		2.750		08/07/20		750,612
	1,000,000	HSBC USA, Inc		3.500		06/23/24		1,013,232
	2,000,000	Huntington Bancshares, Inc		3.150		03/14/21		2,016,931
	500,000	Huntington Bancshares, Inc		4.000		05/15/25		520,307
	300,000	Huntington National Bank		3.250		05/14/21		302,881
	300,000	Huntington National Bank		3.125		04/01/22		302,277
	500,000	Huntington National Bank		3.550		10/06/23		512,146
	250,000	Industrial & Commercial Bank of China Ltd		3.231		11/13/19		250,632
	1,300,000	Industrial & Commercial Bank of China Ltd		2.905		11/13/20		1,292,632
	300,000	Industrial & Commercial Bank of China Ltd		2.635		05/26/21		296,157
	250,000	Industrial & Commercial Bank of China Ltd		2.452		10/20/21		245,555
	4,000,000	Industrial & Commercial Bank of China Ltd		3.538		11/08/27		3,961,100

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	ING Groep NV		3.150	%	03/29/22	$	750,953
	200,000	ING Groep NV		4.100		10/02/23		205,665
	1,250,000	ING Groep NV		3.950		03/29/27		1,255,804
	500,000	ING Groep NV		4.550		10/02/28		526,151
	1,750,000	JPMorgan Chase & Co		2.250		01/23/20		1,743,623
	1,750,000	JPMorgan Chase & Co		2.750		06/23/20		1,751,068
	700,000	JPMorgan Chase & Co		4.400		07/22/20		715,785
	1,820,000	JPMorgan Chase & Co		4.250		10/15/20		1,862,237
	2,000,000	JPMorgan Chase & Co		2.550		10/29/20		1,994,936
	2,000,000	JPMorgan Chase & Co		2.550		03/01/21		1,994,212
	1,000,000	JPMorgan Chase & Co		2.400		06/07/21		992,802
	325,000	JPMorgan Chase & Co		2.295		08/15/21		321,291
	500,000	JPMorgan Chase & Co		4.500		01/24/22		522,897
	1,000,000	JPMorgan Chase & Co		3.514		06/18/22		1,014,126
	3,150,000	JPMorgan Chase & Co		2.972		01/15/23		3,150,003
	2,350,000	JPMorgan Chase & Co		3.200		01/25/23		2,383,311
	1,500,000	JPMorgan Chase & Co		3.207		04/01/23		1,509,676
	4,000,000	JPMorgan Chase & Co		3.559		04/23/24		4,070,045
	1,000,000	JPMorgan Chase & Co		3.625		05/13/24		1,028,323
	1,000,000	JPMorgan Chase & Co		3.797		07/23/24		1,027,268
	2,100,000	JPMorgan Chase & Co		3.875		09/10/24		2,154,219
	750,000	JPMorgan Chase & Co		4.023		12/05/24		778,617
	750,000	JPMorgan Chase & Co		3.220		03/01/25		751,192
	1,600,000	JPMorgan Chase & Co		3.900		07/15/25		1,658,341
	2,500,000	JPMorgan Chase & Co		3.300		04/01/26		2,504,955
	1,000,000	JPMorgan Chase & Co		3.200		06/15/26		994,303
	500,000	JPMorgan Chase & Co		2.950		10/01/26		488,979
	1,000,000	JPMorgan Chase & Co		4.125		12/15/26		1,033,075
	1,000,000	JPMorgan Chase & Co		3.960		01/29/27		1,034,347
	1,000,000	JPMorgan Chase & Co		3.782		02/01/28		1,019,556
	750,000	JPMorgan Chase & Co		3.509		01/23/29		745,784
	4,000,000	JPMorgan Chase & Co		4.005		04/23/29		4,112,337
	1,500,000	JPMorgan Chase & Co		4.203		07/23/29		1,566,251
	1,750,000	JPMorgan Chase & Co		4.452		12/05/29		1,868,476
	1,000,000	JPMorgan Chase & Co		3.882		07/24/38		982,919
	958,000	JPMorgan Chase & Co		5.500		10/15/40		1,145,456
	1,000,000	JPMorgan Chase & Co		5.625		08/16/43		1,188,884
	1,800,000	JPMorgan Chase & Co		4.950		06/01/45		1,999,900
	2,050,000	JPMorgan Chase & Co		4.260		02/22/48		2,106,234
	1,000,000	JPMorgan Chase & Co		4.032		07/24/48		989,341
	1,500,000	JPMorgan Chase & Co		3.964		11/15/48		1,465,364
	1,750,000	JPMorgan Chase & Co		3.897		01/23/49		1,695,106
	750,000	JPMorgan Chase & Co		6.000		N/A‡		781,935
	3,000,000	JPMorgan Chase Bank NA		2.604		02/01/21		2,994,003
	1,000,000	JPMorgan Chase Bank NA		3.086		04/26/21		1,002,748
	500,000	KeyBank NA		2.500		11/22/21		497,041
	500,000	KeyBank NA		3.300		02/01/22		508,600
	300,000	KeyBank NA		3.180		05/22/22		300,859
	300,000	KeyBank NA		2.400		06/09/22		297,355
	300,000	KeyBank NA		2.300		09/14/22		295,846
	750,000	KeyBank NA		3.375		03/07/23		765,315
	500,000	KeyBank NA		3.300		06/01/25		506,305
	300,000	KeyBank NA		3.400		05/20/26		297,535

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	KeyBank NA		3.900	%	04/13/29	$	254,210
	1,200,000	KeyCorp		2.900		09/15/20		1,202,963
	200,000	KeyCorp		4.150		10/29/25		210,688
	500,000	KeyCorp		4.100		04/30/28		521,076
	800,000	Lloyds Bank plc		2.700		08/17/20		798,962
	1,000,000	Lloyds Bank plc		3.300		05/07/21		1,007,975
	300,000	Lloyds Banking Group plc		3.000		01/11/22		298,242
	750,000	Lloyds Banking Group plc		4.050		08/16/23		765,122
	500,000	Lloyds Banking Group plc		2.907		11/07/23		487,214
	500,000	Lloyds Banking Group plc		3.900		03/12/24		506,533
	2,500,000	Lloyds Banking Group plc		4.500		11/04/24		2,541,873
	1,000,000	Lloyds Banking Group plc		4.450		05/08/25		1,038,538
	300,000	Lloyds Banking Group plc		3.750		01/11/27		295,295
	2,500,000	Lloyds Banking Group plc		4.375		03/22/28		2,562,275
	500,000	Lloyds Banking Group plc		4.550		08/16/28		518,261
	1,550,000	Lloyds Banking Group plc		3.574		11/07/28		1,489,739
	750,000	Lloyds Banking Group plc		4.344		01/09/48		677,017
	300,000	M&T Bank Corp		3.550		07/26/23		310,041
	150,000	Manufacturers & Traders Trust Co		2.100		02/06/20		149,273
	250,000	Manufacturers & Traders Trust Co		2.050		08/17/20		247,979
	500,000	Manufacturers & Traders Trust Co		2.625		01/25/21		500,428
	500,000	Manufacturers & Traders Trust Co		2.500		05/18/22		496,745
	1,100,000	Manufacturers & Traders Trust Co		2.900		02/06/25		1,099,346
	1,222,000	Mitsubishi UFJ Financial Group, Inc		2.950		03/01/21		1,224,414
	300,000	Mitsubishi UFJ Financial Group, Inc		3.535		07/26/21		304,306
	500,000	Mitsubishi UFJ Financial Group, Inc		2.190		09/13/21		491,301
	400,000	Mitsubishi UFJ Financial Group, Inc		2.998		02/22/22		400,953
	500,000	Mitsubishi UFJ Financial Group, Inc		3.218		03/07/22		503,842
	500,000	Mitsubishi UFJ Financial Group, Inc		2.665		07/25/22		495,954
	1,500,000	Mitsubishi UFJ Financial Group, Inc		3.455		03/02/23		1,521,187
	800,000	Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		821,800
	500,000	Mitsubishi UFJ Financial Group, Inc		3.407		03/07/24		506,865
	1,500,000	Mitsubishi UFJ Financial Group, Inc		3.777		03/02/25		1,545,855
	1,600,000	Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		1,656,671
	400,000	Mitsubishi UFJ Financial Group, Inc		3.677		02/22/27		411,466
	500,000	Mitsubishi UFJ Financial Group, Inc		3.287		07/25/27		499,833
	1,000,000	Mitsubishi UFJ Financial Group, Inc		3.961		03/02/28		1,047,044
	300,000	Mitsubishi UFJ Financial Group, Inc		4.050		09/11/28		316,813
	500,000	Mitsubishi UFJ Financial Group, Inc		3.741		03/07/29		513,374
	300,000	Mitsubishi UFJ Financial Group, Inc		4.286		07/26/38		317,703
	500,000	Mitsubishi UFJ Financial Group, Inc		4.153		03/07/39		516,953
	500,000	Mizuho Financial Group, Inc		2.953		02/28/22		499,940
	1,800,000	Mizuho Financial Group, Inc		2.601		09/11/22		1,777,475
	500,000	Mizuho Financial Group, Inc		3.549		03/05/23		509,714
	500,000	Mizuho Financial Group, Inc		3.922		09/11/24		514,970
	750,000	Mizuho Financial Group, Inc		2.839		09/13/26		726,235
	200,000	Mizuho Financial Group, Inc		3.663		02/28/27		205,537
	300,000	Mizuho Financial Group, Inc		3.170		09/11/27		296,654
	500,000	Mizuho Financial Group, Inc		4.018		03/05/28		528,635
	400,000	Mizuho Financial Group, Inc		4.254		09/11/29		424,652
	225,000	MUFG Americas Holdings Corp		3.500		06/18/22		228,550
	160,000	MUFG Americas Holdings Corp		3.000		02/10/25		157,328

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	MUFG Union Bank NA		3.150	%	04/01/22	$	756,501
	500,000	National Australia Bank Ltd		2.125		05/22/20		496,768
	350,000	National Australia Bank Ltd		2.625		07/23/20		349,394
	300,000	National Australia Bank Ltd		2.500		01/12/21		298,165
	300,000	National Australia Bank Ltd		2.625		01/14/21		299,038
	500,000	National Australia Bank Ltd		1.875		07/12/21		489,659
	1,000,000	National Australia Bank Ltd		3.375		09/20/21		1,011,536
	500,000	National Australia Bank Ltd		3.700		11/04/21		510,115
	500,000	National Australia Bank Ltd		2.800		01/10/22		499,684
	200,000	National Australia Bank Ltd		3.000		01/20/23		200,197
	500,000	National Australia Bank Ltd		2.875		04/12/23		497,050
	1,000,000	National Australia Bank Ltd		3.625		06/20/23		1,022,939
	300,000	National Australia Bank Ltd		3.375		01/14/26		301,572
	500,000	National Australia Bank Ltd		2.500		07/12/26		474,898
	400,000	National Bank of Canada		2.150		06/12/20		397,547
	300,000	National Bank of Canada		2.200		11/02/20		297,310
	350,000	Northern Trust Corp		2.375		08/02/22		346,011
	500,000	Northern Trust Corp		3.950		10/30/25		528,029
	500,000	Northern Trust Corp		3.650		08/03/28		523,552
	100,000	Northern Trust Corp		3.375		05/08/32		98,068
	300,000	People’s United Bank NA		4.000		07/15/24		303,109
	100,000	People’s United Financial, Inc		3.650		12/06/22		100,770
	750,000	PNC Bank NA		2.000		05/19/20		745,256
	300,000	PNC Bank NA		2.300		06/01/20		298,711
	300,000	PNC Bank NA		2.600		07/21/20		299,777
	550,000	PNC Bank NA		2.450		11/05/20		547,861
	500,000	PNC Bank NA		2.500		01/22/21		499,582
	500,000	PNC Bank NA		2.150		04/29/21		495,453
	500,000	PNC Bank NA		2.550		12/09/21		496,951
	500,000	PNC Bank NA		2.625		02/17/22		499,857
	1,500,000	PNC Bank NA		2.450		07/28/22		1,494,380
	750,000	PNC Bank NA		2.700		11/01/22		746,642
	500,000	PNC Bank NA		2.950		01/30/23		498,335
	1,000,000	PNC Bank NA		3.500		06/08/23		1,028,872
	600,000	PNC Bank NA		2.950		02/23/25		598,697
	550,000	PNC Bank NA		3.250		06/01/25		557,033
	500,000	PNC Bank NA		3.100		10/25/27		499,344
	500,000	PNC Bank NA		3.250		01/22/28		503,647
	550,000	PNC Bank NA		4.050		07/26/28		576,054
	645,000	PNC Financial Services Group, Inc		5.125		02/08/20		657,801
	50,000	PNC Financial Services Group, Inc		4.375		08/11/20		51,184
	500,000	PNC Financial Services Group, Inc		3.500		01/23/24		513,688
	300,000	PNC Financial Services Group, Inc		3.900		04/29/24		310,111
	300,000	PNC Financial Services Group, Inc		3.150		05/19/27		300,742
	150,000	PNC Financial Services Group, Inc (Step Bond)		2.854		11/09/22		149,817
	500,000	Regions Bank		2.750		04/01/21		498,407
	250,000	Regions Bank		3.374		08/13/21		251,199
	1,350,000	Regions Financial Corp		3.200		02/08/21		1,360,444
	500,000	Regions Financial Corp		2.750		08/14/22		496,270
	1,000,000	Regions Financial Corp		3.800		08/14/23		1,028,400
	1,000,000	Royal Bank of Canada		2.200		09/23/19		997,819
	750,000	Royal Bank of Canada		1.875		02/05/20		745,179
	250,000	Royal Bank of Canada		2.150		03/06/20		248,720

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Royal Bank of Canada		2.100	%	10/14/20	$	496,506
	500,000	Royal Bank of Canada		2.150		10/26/20		496,684
	500,000	Royal Bank of Canada		2.350		10/30/20		497,958
	750,000	Royal Bank of Canada		2.300		03/22/21		745,973
	2,000,000	Royal Bank of Canada		3.200		04/30/21		2,023,420
	1,300,000	Royal Bank of Canada		2.750		02/01/22		1,304,053
	500,000	Royal Bank of Canada		3.700		10/05/23		516,832
	1,000,000	Royal Bank of Canada		4.650		01/27/26		1,060,934
	1,500,000	Royal Bank of Scotland Group plc		3.498		05/15/23		1,489,858
	1,000,000	Royal Bank of Scotland Group plc		3.875		09/12/23		1,004,513
	500,000	Royal Bank of Scotland Group plc		4.519		06/25/24		511,522
	750,000	Royal Bank of Scotland Group plc		4.269		03/22/25		757,410
	750,000	Royal Bank of Scotland Group plc		4.800		04/05/26		779,662
	1,000,000	Royal Bank of Scotland Group plc		4.892		05/18/29		1,038,804
	3,000,000	Royal Bank of Scotland Group plc		5.076		01/27/30		3,159,620
	250,000	Santander Holdings USA, Inc		2.650		04/17/20		249,132
	500,000	Santander Holdings USA, Inc		4.450		12/03/21		514,889
	1,150,000	Santander Holdings USA, Inc		3.700		03/28/22		1,162,685
	1,200,000	Santander Holdings USA, Inc		3.400		01/18/23		1,200,955
	250,000	Santander Holdings USA, Inc		4.500		07/17/25		257,800
	450,000	Santander Holdings USA, Inc		4.400		07/13/27		446,385
	600,000	Santander UK Group Holdings plc		2.875		10/16/20		598,342
	200,000	Santander UK Group Holdings plc		3.125		01/08/21		199,903
	1,500,000	Santander UK Group Holdings plc		3.571		01/10/23		1,497,582
	500,000	Santander UK Group Holdings plc		3.373		01/05/24		490,589
	500,000	Santander UK Group Holdings plc		4.796		11/15/24		515,055
	300,000	Santander UK Group Holdings plc		3.823		11/03/28		290,759
	1,200,000	Santander UK plc		2.125		11/03/20		1,186,582
	200,000	Santander UK plc		2.500		01/05/21		198,555
	750,000	Santander UK plc		3.400		06/01/21		755,856
	200,000	Santander UK plc		3.750		11/15/21		203,578
	500,000	Santander UK plc		4.000		03/13/24		521,464
	300,000	Skandinaviska Enskilda Banken AB		2.300		03/11/20		298,794
	500,000	Skandinaviska Enskilda Banken AB		2.625		03/15/21		498,059
	400,000	Skandinaviska Enskilda Banken AB		1.875		09/13/21		389,713
	300,000	Skandinaviska Enskilda Banken AB		2.800		03/11/22		299,090
	500,000	Sumitomo Mitsui Banking Corp		2.650		07/23/20		499,368
	300,000	Sumitomo Mitsui Banking Corp		2.450		10/20/20		299,055
	250,000	Sumitomo Mitsui Banking Corp		3.200		07/18/22		251,785
	800,000	Sumitomo Mitsui Banking Corp		3.000		01/18/23		802,645
	300,000	Sumitomo Mitsui Banking Corp		3.950		01/10/24		313,380
	500,000	Sumitomo Mitsui Banking Corp		3.400		07/11/24		509,102
	250,000	Sumitomo Mitsui Banking Corp		3.650		07/23/25		257,440
	500,000	Sumitomo Mitsui Financial Group, Inc		2.934		03/09/21		501,263
	1,250,000	Sumitomo Mitsui Financial Group, Inc		2.058		07/14/21		1,228,626
	425,000	Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		420,153
	700,000	Sumitomo Mitsui Financial Group, Inc		2.846		01/11/22		700,812
	500,000	Sumitomo Mitsui Financial Group, Inc		2.784		07/12/22		497,591
	1,225,000	Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		1,218,832
	1,300,000	Sumitomo Mitsui Financial Group, Inc		3.102		01/17/23		1,304,831
	750,000	Sumitomo Mitsui Financial Group, Inc		3.748		07/19/23		770,943
	500,000	Sumitomo Mitsui Financial Group, Inc		3.936		10/16/23		518,921

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Sumitomo Mitsui Financial Group, Inc		3.784	%	03/09/26	$	1,033,276
	500,000	Sumitomo Mitsui Financial Group, Inc		2.632		07/14/26		478,985
	500,000	Sumitomo Mitsui Financial Group, Inc		3.010		10/19/26		490,732
	500,000	Sumitomo Mitsui Financial Group, Inc		3.446		01/11/27		505,392
	500,000	Sumitomo Mitsui Financial Group, Inc		3.364		07/12/27		501,118
	500,000	Sumitomo Mitsui Financial Group, Inc		3.352		10/18/27		501,133
	500,000	Sumitomo Mitsui Financial Group, Inc		3.544		01/17/28		508,753
	750,000	Sumitomo Mitsui Financial Group, Inc		3.944		07/19/28		786,386
	500,000	Sumitomo Mitsui Financial Group, Inc		4.306		10/16/28		539,070
	800,000	SunTrust Bank		2.900		03/03/21		802,109
	300,000	SunTrust Bank		3.525		10/26/21		303,159
	1,000,000	SunTrust Bank		2.450		08/01/22		987,286
	300,000	SunTrust Bank		3.502		08/02/22		304,273
	500,000	SunTrust Bank		3.000		02/02/23		500,941
	500,000	SunTrust Bank		3.200		04/01/24		503,883
	500,000	SunTrust Bank		3.689		08/02/24		512,995
	500,000	SunTrust Bank		4.000		05/01/25		523,455
	200,000	SunTrust Bank		4.050		11/03/25		210,854
	50,000	SVB Financial Group		5.375		09/15/20		51,747
	1,350,000	Svenska Handelsbanken AB		1.950		09/08/20		1,335,201
	750,000	Svenska Handelsbanken AB		2.450		03/30/21		746,603
	750,000	Svenska Handelsbanken AB		3.350		05/24/21		758,620
	250,000	Svenska Handelsbanken AB		1.875		09/07/21		245,061
	500,000	Svenska Handelsbanken AB		3.900		11/20/23		520,373
	1,000,000	Synchrony Bank		3.650		05/24/21		1,009,386
	225,000	Synchrony Bank		3.000		06/15/22		222,108
	300,000	Synovus Financial Corp		3.125		11/01/22		296,400
	200,000	Toronto-Dominion Bank		1.850		09/11/20		197,854
	350,000	Toronto-Dominion Bank		3.150		09/17/20		353,199
	300,000	Toronto-Dominion Bank		2.500		12/14/20		299,386
	1,000,000	Toronto-Dominion Bank		2.550		01/25/21		998,787
	900,000	Toronto-Dominion Bank		2.125		04/07/21		890,912
	500,000	Toronto-Dominion Bank		3.250		06/11/21		506,092
	1,500,000	Toronto-Dominion Bank		1.800		07/13/21		1,469,567
	500,000	Toronto-Dominion Bank		3.500		07/19/23		514,239
	1,000,000	Toronto-Dominion Bank		3.250		03/11/24		1,012,403
	1,000,000	Toronto-Dominion Bank		3.625		09/15/31		988,351
	3,700,000	US Bancorp		2.625		01/24/22		3,705,124
	750,000	US Bancorp		3.100		04/27/26		749,193
	500,000	US Bancorp		2.375		07/22/26		478,102
	1,000,000	US Bancorp		3.150		04/27/27		1,004,956
	750,000	US Bancorp		3.900		04/26/28		797,167
	250,000	US Bank NA		3.050		07/24/20		251,546
	500,000	US Bank NA		2.050		10/23/20		496,022
	1,000,000	US Bank NA		3.150		04/26/21		1,009,549
	750,000	US Bank NA		3.104		05/21/21		753,110
	1,000,000	US Bank NA		2.850		01/23/23		1,002,763
	1,000,000	US Bank NA		3.400		07/24/23		1,024,957
	500,000	US Bank NA		2.800		01/27/25		498,379
	200,000	Webster Financial Corp		4.100		03/25/29		200,169
	1,000,000	Wells Fargo Bank NA		2.400		01/15/20		997,774
	3,000,000	Wells Fargo Bank NA		2.600		01/15/21		2,990,984
	700,000	Wells Fargo Bank NA		3.325		07/23/21		704,666

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	Wells Fargo Bank NA		3.625	%	10/22/21	$	1,018,947
	2,000,000	Wells Fargo Bank NA		3.550		08/14/23		2,054,485
	400,000	Western Union Co		5.253		04/01/20		408,649
	300,000	Western Union Co		3.600		03/15/22		304,868
	200,000	Western Union Co		4.250		06/09/23		206,545
	500,000	Westpac Banking Corp		3.050		05/15/20		502,300
	2,300,000	Westpac Banking Corp		2.300		05/26/20		2,290,445
	500,000	Westpac Banking Corp		2.650		01/25/21		499,532
	500,000	Westpac Banking Corp		2.100		05/13/21		493,263
	500,000	Westpac Banking Corp		2.000		08/19/21		491,041
	400,000	Westpac Banking Corp		2.800		01/11/22		400,666
	750,000	Westpac Banking Corp		2.500		06/28/22		742,795
	300,000	Westpac Banking Corp		2.750		01/11/23		298,173
	1,000,000	Westpac Banking Corp		3.650		05/15/23		1,027,352
	500,000	Westpac Banking Corp		3.300		02/26/24		505,690
	500,000	Westpac Banking Corp		2.850		05/13/26		485,627
	500,000	Westpac Banking Corp		2.700		08/19/26		480,963
	500,000	Westpac Banking Corp		3.350		03/08/27		503,900
	500,000	Westpac Banking Corp		3.400		01/25/28		506,197
	950,000	Westpac Banking Corp		4.322		11/23/31		942,303
	300,000	Zions Bancorp NA		3.350		03/04/22		302,594
		TOTAL BANKS						448,213,702

CAPITAL GOODS - 1.0%
	300,000	ABB Finance USA, Inc		2.800		04/03/20		300,068
	500,000	ABB Finance USA, Inc		2.875		05/08/22		503,840
	300,000	ABB Finance USA, Inc		3.375		04/03/23		304,986
	300,000	ABB Finance USA, Inc		3.800		04/03/28		315,137
	650,000	ABB Finance USA, Inc		4.375		05/08/42		710,585
	100,000	Agilent Technologies, Inc		5.000		07/15/20		102,752
	100,000	Agilent Technologies, Inc		3.200		10/01/22		100,809
	400,000	Agilent Technologies, Inc		3.875		07/15/23		413,071
	200,000	Agilent Technologies, Inc		3.050		09/22/26		193,455
	200,000	Air Lease Corp		2.500		03/01/21		198,455
	200,000	Air Lease Corp		3.875		04/01/21		202,862
	200,000	Air Lease Corp		3.375		06/01/21		200,967
	500,000	Air Lease Corp		3.500		01/15/22		504,730
	500,000	Air Lease Corp		3.750		02/01/22		504,458
	400,000	Air Lease Corp		2.625		07/01/22		390,817
	200,000	Air Lease Corp		2.750		01/15/23		195,221
	750,000	Air Lease Corp		3.875		07/03/23		758,500
	300,000	Air Lease Corp		4.250		02/01/24		307,574
	300,000	Air Lease Corp		3.250		03/01/25		288,634
	500,000	Air Lease Corp		3.625		04/01/27		470,873
	200,000	Air Lease Corp		3.625		12/01/27		187,033
	300,000	Air Lease Corp		4.625		10/01/28		301,196
	500,000	Aircastle Ltd		5.125		03/15/21		515,975
	200,000	Aircastle Ltd		4.400		09/25/23		203,754
	1,000,000	Aircastle Ltd		4.125		05/01/24		1,001,609
	250,000	Applied Materials, Inc		2.625		10/01/20		249,628
	400,000	Applied Materials, Inc		4.300		06/15/21		414,992
	250,000	Applied Materials, Inc		3.900		10/01/25		263,058

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	800,000	Applied Materials, Inc		3.300	%	04/01/27	$	808,679
	250,000	Applied Materials, Inc		5.100		10/01/35		284,216
	100,000	Applied Materials, Inc		5.850		06/15/41		123,915
	500,000	Applied Materials, Inc		4.350		04/01/47		525,919
	200,000	Arrow Electronics, Inc		3.500		04/01/22		201,245
	125,000	Arrow Electronics, Inc		3.250		09/08/24		121,251
	200,000	Arrow Electronics, Inc		4.000		04/01/25		200,101
	200,000	Arrow Electronics, Inc		3.875		01/12/28		192,712
	200,000	Avnet, Inc		3.750		12/01/21		202,001
	300,000	Avnet, Inc		4.875		12/01/22		313,678
	200,000	Avnet, Inc		4.625		04/15/26		204,545
	100,000	Carlisle Cos, Inc		3.750		11/15/22		101,044
	200,000	Carlisle Cos, Inc		3.500		12/01/24		199,957
	200,000	Carlisle Cos, Inc		3.750		12/01/27		195,610
	200,000	Caterpillar Financial Services Corp		2.000		03/05/20		198,833
	300,000	Caterpillar Financial Services Corp		2.950		05/15/20		300,981
	1,300,000	Caterpillar Financial Services Corp		1.850		09/04/20		1,285,552
	300,000	Caterpillar Financial Services Corp		3.350		12/07/20		303,930
	300,000	Caterpillar Financial Services Corp		2.900		03/15/21		301,516
	1,000,000	Caterpillar Financial Services Corp		2.950		02/26/22		1,009,752
	500,000	Caterpillar Financial Services Corp		2.400		06/06/22		495,901
	300,000	Caterpillar Financial Services Corp		3.450		05/15/23		308,470
	500,000	Caterpillar Financial Services Corp		3.650		12/07/23		521,529
	500,000	Caterpillar Financial Services Corp		2.400		08/09/26		476,078
	1,700,000	Caterpillar, Inc		3.400		05/15/24		1,761,836
	1,738,000	Caterpillar, Inc		3.803		08/15/42		1,771,157
	300,000	Caterpillar, Inc		4.300		05/15/44		323,706
	1,000,000	CNH Industrial Capital LLC		3.875		10/15/21		1,010,600
	300,000	CNH Industrial Capital LLC		4.200		01/15/24		308,052
	200,000	Crane Co		4.200		03/15/48		189,130
	300,000	CRH America, Inc		5.750		01/15/21		310,172
	200,000	Cummins, Inc		3.650		10/01/23		208,564
	200,000	Cummins, Inc		4.875		10/01/43		227,346
	300,000	Danaher Corp		2.400		09/15/20		298,611
	200,000	Danaher Corp		3.350		09/15/25		202,477
	200,000	Danaher Corp		4.375		09/15/45		208,560
	218,000	Deere & Co		5.375		10/16/29		259,204
	650,000	Deere & Co		3.900		06/09/42		680,857
	825,000	Dover Corp		3.150		11/15/25		818,703
	100,000	Dover Corp		5.375		03/01/41		113,638
	1,075,000	Eaton Corp		2.750		11/02/22		1,071,343
	200,000	Eaton Corp		3.103		09/15/27		196,571
	150,000	Eaton Corp		4.000		11/02/32		155,709
	750,000	Eaton Corp		4.150		11/02/42		752,428
	200,000	Eaton Corp		3.915		09/15/47		190,627
	1,650,000	Embraer Netherlands Finance BV		5.400		02/01/27		1,777,875
	350,000	Emerson Electric Co		2.625		02/15/23		346,848
	200,000	Emerson Electric Co		3.150		06/01/25		199,971
	200,000	Emerson Electric Co		5.250		11/15/39		237,205
	200,000	FLIR Systems, Inc		3.125		06/15/21		199,384
	150,000	Flowserve Corp		3.500		09/15/22		150,816
	200,000	Flowserve Corp		4.000		11/15/23		202,332
	500,000	Fortive Corp		2.350		06/15/21		494,760

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	275,000	Fortive Corp		3.150	%	06/15/26	$	268,001
	250,000	Fortive Corp		4.300		06/15/46		245,519
	1,000,000	General Dynamics Corp		2.875		05/11/20		1,003,310
	1,000,000	General Dynamics Corp		3.000		05/11/21		1,008,426
	500,000	General Dynamics Corp		3.375		05/15/23		514,025
	300,000	General Dynamics Corp		1.875		08/15/23		290,851
	1,200,000	General Dynamics Corp		2.375		11/15/24		1,175,099
	750,000	General Dynamics Corp		3.500		05/15/25		775,726
	750,000	General Dynamics Corp		3.750		05/15/28		790,865
	225,000	General Dynamics Corp		3.600		11/15/42		224,013
	1,725,000	General Electric Co		2.700		10/09/22		1,694,004
	2,875,000	General Electric Co		4.125		10/09/42		2,499,243
	2,850,000	General Electric Co		4.500		03/11/44		2,608,097
	300,000	Huntington Ingalls Industries, Inc		3.483		12/01/27		293,370
	100,000	IDEX Corp		4.500		12/15/20		101,638
	200,000	IDEX Corp		4.200		12/15/21		203,499
	1,000,000	Illinois Tool Works, Inc		2.650		11/15/26		986,383
	200,000	Illinois Tool Works, Inc		4.875		09/15/41		233,962
	1,000,000	Illinois Tool Works, Inc		3.900		09/01/42		1,050,301
	300,000	Ingersoll-Rand Global Holding Co Ltd		2.900		02/21/21		300,530
	300,000	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		314,737
	400,000	Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		408,983
	200,000	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		239,070
	150,000	Ingersoll-Rand Global Holding Co Ltd		4.300		02/21/48		149,815
	500,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625		05/01/20		498,835
	600,000	Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		612,757
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		3.500		03/21/26		100,899
	375,000	Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		380,688
	300,000	Ingersoll-Rand Luxembourg Finance S.A.		4.500		03/21/49		308,531
	200,000	John Deere Capital Corp		2.200		03/13/20		199,196
	200,000	John Deere Capital Corp		2.350		01/08/21		199,131
	1,175,000	John Deere Capital Corp		2.550		01/08/21		1,173,766
	400,000	John Deere Capital Corp		2.800		03/04/21		401,375
	1,000,000	John Deere Capital Corp		2.875		03/12/21		1,004,802
	300,000	John Deere Capital Corp		3.125		09/10/21		303,420
	200,000	John Deere Capital Corp		3.150		10/15/21		202,336
	500,000	John Deere Capital Corp		2.650		01/06/22		499,784
	500,000	John Deere Capital Corp		3.200		01/10/22		508,336
	300,000	John Deere Capital Corp		2.950		04/01/22		302,816
	400,000	John Deere Capital Corp		2.150		09/08/22		393,307
	200,000	John Deere Capital Corp		2.700		01/06/23		199,679
	600,000	John Deere Capital Corp		2.800		03/06/23		602,383
	300,000	John Deere Capital Corp		3.450		06/07/23		308,745
	200,000	John Deere Capital Corp		3.650		10/12/23		207,440
	750,000	John Deere Capital Corp		3.450		01/10/24		770,850
	850,000	John Deere Capital Corp		2.650		06/24/24		842,226
	1,100,000	John Deere Capital Corp		3.450		03/13/25		1,134,797
	125,000	John Deere Capital Corp		3.400		09/11/25		128,317
	200,000	John Deere Capital Corp		2.800		09/08/27		195,671
	200,000	John Deere Capital Corp		3.050		01/06/28		199,263
	300,000	John Deere Capital Corp		3.450		03/07/29		308,145
	160,000	Johnson Controls International plc		4.250		03/01/21		163,667

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,300,000	Johnson Controls International plc		3.900	%	02/14/26	$	1,330,926
	270,000	Johnson Controls International plc		6.000		01/15/36		312,519
	200,000	Johnson Controls International plc		5.125		09/14/45		209,071
	125,000	Johnson Controls International plc		4.500		02/15/47		120,066
	300,000	Johnson Controls International plc (Step Bond)		3.625		07/02/24		303,628
	325,000	Johnson Controls International plc (Step Bond)		4.625		07/02/44		318,043
	100,000	Johnson Controls International plc (Step Bond)		4.950		07/02/64		92,831
	150,000	Kennametal, Inc		3.875		02/15/22		151,540
	200,000	Kennametal, Inc		4.625		06/15/28		200,653
	866,000	KLA-Tencor Corp		4.125		11/01/21		890,077
	300,000	KLA-Tencor Corp		4.100		03/15/29		306,680
	500,000	KLA-Tencor Corp		5.000		03/15/49		528,584
	509,000	Lam Research Corp		2.750		03/15/20		508,555
	400,000	Lam Research Corp		2.800		06/15/21		400,128
	200,000	Lam Research Corp		3.800		03/15/25		205,624
	150,000	Lam Research Corp		3.750		03/15/26		152,772
	275,000	Lam Research Corp		4.000		03/15/29		280,496
	825,000	Lam Research Corp		4.875		03/15/49		871,552
	100,000	Legrand France S.A.		8.500		02/15/25		124,496
	100,000	Lennox International, Inc		3.000		11/15/23		98,137
	1,075,000	Lockheed Martin Corp		2.500		11/23/20		1,071,772
	500,000	Lockheed Martin Corp		3.100		01/15/23		505,644
	300,000	Lockheed Martin Corp		2.900		03/01/25		299,292
	2,000,000	Lockheed Martin Corp		3.550		01/15/26		2,064,838
	300,000	Lockheed Martin Corp		3.600		03/01/35		296,935
	500,000	Lockheed Martin Corp		4.500		05/15/36		542,733
	1,608,000	Lockheed Martin Corp		4.070		12/15/42		1,639,749
	969,000	Lockheed Martin Corp		4.090		09/15/52		985,747
	200,000	Mosaic Co		3.250		11/15/22		200,522
	300,000	Mosaic Co		4.250		11/15/23		311,497
	300,000	Mosaic Co		4.050		11/15/27		299,730
	300,000	Mosaic Co		5.450		11/15/33		322,935
	100,000	Mosaic Co		4.875		11/15/41		96,426
	300,000	Mosaic Co		5.625		11/15/43		318,777
	250,000	Parker-Hannifin Corp		3.500		09/15/22		253,888
	300,000	Parker-Hannifin Corp		3.300		11/21/24		305,353
	175,000	Parker-Hannifin Corp		3.250		03/01/27		174,660
	200,000	Parker-Hannifin Corp		4.200		11/21/34		210,652
	200,000	Parker-Hannifin Corp		4.450		11/21/44		213,830
	350,000	Parker-Hannifin Corp		4.100		03/01/47		357,629
	775,000	Precision Castparts Corp		2.500		01/15/23		771,762
	300,000	Precision Castparts Corp		3.250		06/15/25		307,546
	400,000	Precision Castparts Corp		4.200		06/15/35		413,085
	100,000	Precision Castparts Corp		3.900		01/15/43		100,168
	50,000	Raytheon Co		4.400		02/15/20		50,778
	450,000	Raytheon Co		3.125		10/15/20		454,583
	1,000,000	Raytheon Co		2.500		12/15/22		997,430
	300,000	Raytheon Co		3.150		12/15/24		305,700
	200,000	Raytheon Co		7.200		08/15/27		258,111
	100,000	Raytheon Co		4.700		12/15/41		115,270
	150,000	Raytheon Co		4.200		12/15/44		163,287
	300,000	Reliance Steel & Aluminum Co		4.500		04/15/23		310,925
	700,000	Rockwell Automation, Inc		2.050		03/01/20		696,933

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Rockwell Automation, Inc		3.500	%	03/01/29	$	411,745
	300,000	Rockwell Automation, Inc		4.200		03/01/49		319,187
	500,000	Rockwell Collins, Inc		2.800		03/15/22		498,931
	500,000	Rockwell Collins, Inc		3.200		03/15/24		499,851
	1,325,000	Rockwell Collins, Inc		3.500		03/15/27		1,312,031
	125,000	Rockwell Collins, Inc		4.800		12/15/43		131,984
	700,000	Rockwell Collins, Inc		4.350		04/15/47		690,965
	200,000	Roper Technologies, Inc		3.000		12/15/20		200,424
	100,000	Roper Technologies, Inc		2.800		12/15/21		99,696
	500,000	Roper Technologies, Inc		3.650		09/15/23		510,981
	1,100,000	Roper Technologies, Inc		3.800		12/15/26		1,113,744
	300,000	Roper Technologies, Inc		4.200		09/15/28		311,256
	200,000	Snap-on, Inc		3.250		03/01/27		200,239
	200,000	Snap-on, Inc		4.100		03/01/48		209,051
	250,000	Spirit AeroSystems, Inc		3.950		06/15/23		254,297
	200,000	Spirit AeroSystems, Inc		3.850		06/15/26		192,416
	250,000	Spirit AeroSystems, Inc		4.600		06/15/28		251,827
	250,000	Stanley Black & Decker, Inc		3.400		12/01/21		253,751
	600,000	Stanley Black & Decker, Inc		2.900		11/01/22		604,842
	500,000	Stanley Black & Decker, Inc		3.400		03/01/26		507,739
	300,000	Stanley Black & Decker, Inc		4.250		11/15/28		323,056
	100,000	Stanley Black & Decker, Inc		5.200		09/01/40		113,321
	300,000	Stanley Black & Decker, Inc		4.850		11/15/48		335,658
	150,000	Textron, Inc		4.000		03/15/26		151,840
	500,000	Textron, Inc		3.650		03/15/27		489,979
	100,000	Textron, Inc		3.375		03/01/28		95,870
	250,000	Timken Co		3.875		09/01/24		252,062
	200,000	Timken Co		4.500		12/15/28		201,688
	100,000	Trimble, Inc		4.150		06/15/23		101,809
	150,000	Trimble, Inc		4.900		06/15/28		153,385
	200,000	Tupperware Brands Corp		4.750		06/01/21		205,794
	1,300,000	United Technologies Corp		1.900		05/04/20		1,289,143
	425,000	United Technologies Corp		3.350		08/16/21		430,767
	600,000	United Technologies Corp		2.300		05/04/22		591,111
	1,325,000	United Technologies Corp		3.100		06/01/22		1,333,987
	1,000,000	United Technologies Corp		3.650		08/16/23		1,026,688
	400,000	United Technologies Corp		2.800		05/04/24		395,177
	750,000	United Technologies Corp		3.950		08/16/25		779,440
	1,000,000	United Technologies Corp		2.650		11/01/26		951,908
	500,000	United Technologies Corp		3.125		05/04/27		488,972
	2,000,000	United Technologies Corp		4.125		11/16/28		2,084,402
	750,000	United Technologies Corp		4.450		11/16/38		776,584
	1,650,000	United Technologies Corp		4.500		06/01/42		1,706,223
	1,500,000	United Technologies Corp		4.150		05/15/45		1,462,236
	2,000,000	United Technologies Corp		4.625		11/16/48		2,126,739
	200,000	Valmont Industries, Inc		5.000		10/01/44		188,076
	200,000	Valmont Industries, Inc		5.250		10/01/54		187,845
	600,000	Wabtec Corp		4.400		03/15/24		610,285
	300,000	Wabtec Corp		3.450		11/15/26		278,960
	600,000	Wabtec Corp		4.950		09/15/28		608,698
	300,000	WW Grainger, Inc		4.600		06/15/45		320,398
	200,000	WW Grainger, Inc		3.750		05/15/46		186,468

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	125,000	WW Grainger, Inc		4.200	%	05/15/47	$	126,678
	300,000	Xylem, Inc		4.875		10/01/21		313,973
	100,000	Xylem, Inc		3.250		11/01/26		98,271
	100,000	Xylem, Inc		4.375		11/01/46		101,211
		TOTAL CAPITAL GOODS						115,469,789

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	250,000	BGC Partners, Inc		5.375		07/24/23		257,991
	500,000	CNH Industrial NV		3.850		11/15/27		479,401
	500,000	Daimler Finance North America LLC		8.500		01/18/31		713,439
	200,000	eBay, Inc		2.150		06/05/20		198,677
	200,000	eBay, Inc		3.250		10/15/20		200,873
	300,000	eBay, Inc		2.875		08/01/21		300,100
	800,000	eBay, Inc		2.600		07/15/22		789,152
	200,000	eBay, Inc		2.750		01/30/23		197,600
	400,000	eBay, Inc		3.450		08/01/24		401,275
	1,200,000	eBay, Inc		3.600		06/05/27		1,170,764
	200,000	eBay, Inc		4.000		07/15/42		170,306
	150,000	Equifax, Inc		2.300		06/01/21		147,247
	200,000	Equifax, Inc		3.600		08/15/21		201,882
	200,000	Equifax, Inc		3.300		12/15/22		200,398
	200,000	Equifax, Inc		3.950		06/15/23		204,819
	300,000	Fluor Corp		3.500		12/15/24		300,182
	500,000	Fluor Corp		4.250		09/15/28		500,478
	200,000	Fortune Brands Home & Security, Inc		3.000		06/15/20		200,236
	500,000	Fortune Brands Home & Security, Inc		4.000		09/21/23		514,033
	200,000	Fortune Brands Home & Security, Inc		4.000		06/15/25		204,364
	400,000	Moody’s Corp		2.750		12/15/21		400,039
	200,000	Moody’s Corp		2.625		01/15/23		197,164
	1,200,000	Moody’s Corp		3.250		01/15/28		1,173,665
	300,000	Moody’s Corp		4.250		02/01/29		314,790
	200,000	Moody’s Corp		5.250		07/15/44		226,280
	300,000	Moody’s Corp		4.875		12/17/48		329,227
	100,000	Partners Healthcare System, Inc		3.765		07/01/48		97,751
	100,000	Partners Healthcare System, Inc		4.117		07/01/55		102,525
	725,000	RELX Capital, Inc		3.500		03/16/23		734,866
	225,000	RELX Capital, Inc		4.000		03/18/29		229,224
	580,000	Republic Services, Inc		5.250		11/15/21		615,641
	250,000	Republic Services, Inc		3.550		06/01/22		255,631
	750,000	Republic Services, Inc		3.200		03/15/25		757,005
	900,000	Republic Services, Inc		2.900		07/01/26		881,487
	100,000	Republic Services, Inc		3.375		11/15/27		100,761
	750,000	Republic Services, Inc		3.950		05/15/28		786,041
	300,000	S&P Global, Inc		3.300		08/14/20		302,581
	300,000	S&P Global, Inc		4.000		06/15/25		315,882
	1,425,000	S&P Global, Inc		4.400		02/15/26		1,533,330
	200,000	S&P Global, Inc		4.500		05/15/48		217,347
	300,000	Steelcase, Inc		5.125		01/18/29		313,312
	600,000	Thomson Reuters Corp		4.300		11/23/23		624,473
	200,000	Thomson Reuters Corp		3.350		05/15/26		192,045
	145,000	Thomson Reuters Corp		5.850		04/15/40		161,942
	200,000	Thomson Reuters Corp		5.650		11/23/43		219,588
	1,000,000	VEREIT Operating Partnership LP		4.125		06/01/21		1,016,778

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	650,000	VEREIT Operating Partnership LP		3.950	%	08/15/27	$	640,878
	1,700,000	Visa, Inc		2.200		12/14/20		1,692,381
	125,000	Visa, Inc		2.150		09/15/22		123,723
	600,000	Visa, Inc		2.800		12/14/22		606,053
	2,925,000	Visa, Inc		3.150		12/14/25		2,976,526
	700,000	Visa, Inc		2.750		09/15/27		692,231
	1,800,000	Visa, Inc		4.300		12/14/45		1,990,122
	625,000	Visa, Inc		3.650		09/15/47		628,237
	310,000	Waste Management, Inc		4.600		03/01/21		320,495
	850,000	Waste Management, Inc		2.900		09/15/22		853,177
	100,000	Waste Management, Inc		2.400		05/15/23		98,343
	1,000,000	Waste Management, Inc		3.500		05/15/24		1,025,151
	1,000,000	Waste Management, Inc		3.150		11/15/27		997,516
	100,000	Waste Management, Inc		3.900		03/01/35		100,345
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						32,197,770

CONSUMER DURABLES & APPAREL - 0.1%
	300,000	Coach, Inc		3.000		07/15/22		295,304
	300,000	Coach, Inc		4.125		07/15/27		286,844
	200,000	DR Horton, Inc		2.550		12/01/20		198,717
	500,000	DR Horton, Inc		4.375		09/15/22		513,007
	200,000	Hasbro, Inc		3.150		05/15/21		200,702
	200,000	Hasbro, Inc		3.500		09/15/27		192,660
	100,000	Hasbro, Inc		6.350		03/15/40		110,412
	200,000	Hasbro, Inc		5.100		05/15/44		193,504
	200,000	Leggett & Platt, Inc		3.400		08/15/22		200,887
	300,000	Leggett & Platt, Inc		3.500		11/15/27		288,573
	175,000	Leggett & Platt, Inc		4.400		03/15/29		176,727
	1,000,000	Masco Corp		4.450		04/01/25		1,027,489
	200,000	Masco Corp		3.500		11/15/27		189,784
	200,000	Masco Corp		4.500		05/15/47		182,357
	100,000	Mohawk Industries, Inc		3.850		02/01/23		103,209
	350,000	Newell Rubbermaid, Inc		3.850		04/01/23		346,241
	925,000	Newell Rubbermaid, Inc		4.200		04/01/26		883,494
	1,039,000	Newell Rubbermaid, Inc		5.375		04/01/36		949,124
	300,000	NIKE, Inc		2.250		05/01/23		297,474
	200,000	NIKE, Inc		2.375		11/01/26		193,498
	300,000	NIKE, Inc		3.625		05/01/43		293,880
	500,000	NIKE, Inc		3.875		11/01/45		511,615
	200,000	NIKE, Inc		3.375		11/01/46		188,278
	150,000	NVR, Inc		3.950		09/15/22		154,058
	200,000	Ralph Lauren Corp		2.625		08/18/20		199,663
	200,000	Ralph Lauren Corp		3.750		09/15/25		205,890
	220,000	VF Corp		6.450		11/01/37		277,198
	150,000	Whirlpool Corp		4.700		06/01/22		156,971
	100,000	Whirlpool Corp		3.700		03/01/23		101,927
	100,000	Whirlpool Corp		4.000		03/01/24		102,222
	750,000	Whirlpool Corp		4.750		02/26/29		769,463
	200,000	Whirlpool Corp		4.500		06/01/46		176,840
		TOTAL CONSUMER DURABLES & APPAREL						9,968,012

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CONSUMER SERVICES - 0.4%
$	12,600,000	g	Anheuser-Busch Cos LLC		3.650	%	02/01/26	$	12,646,296
	2,500,000	g	Anheuser-Busch Cos LLC		4.700		02/01/36		2,500,986
	3,825,000	g	Anheuser-Busch Cos LLC		4.900		02/01/46		3,843,785
	300,000		Board of Trustees of The Leland Stanford Junior University		3.647		05/01/48		309,884
	100,000		Boston University		4.061		10/01/48		106,635
	200,000		California Institute of Technology		4.321		08/01/45		222,766
	500,000		Catholic Health Initiatives		2.950		11/01/22		496,747
	100,000		Children’s Hospital Corp		4.115		01/01/47		104,042
	400,000		Cintas Corp No 2		2.900		04/01/22		401,250
	400,000		Cintas Corp No 2		3.700		04/01/27		411,034
	200,000		Darden Restaurants, Inc		3.850		05/01/27		198,341
	300,000		Darden Restaurants, Inc		4.550		02/15/48		288,437
	115,000		Duke University		3.299		10/01/46		108,160
	300,000		George Washington University		4.300		09/15/44		327,357
	200,000		George Washington University		4.868		09/15/45		237,268
	375,000		George Washington University		4.126		09/15/48		393,855
	100,000		Georgetown University		4.315		04/01/49		109,602
	300,000		Georgetown University		5.215		10/01/18		339,588
	500,000		GLP Capital LP		4.375		04/15/21		507,155
	1,100,000		GLP Capital LP		5.250		06/01/25		1,152,404
	750,000		GLP Capital LP		5.750		06/01/28		805,275
	200,000		GLP Capital LP		5.300		01/15/29		210,036
	200,000		Hyatt Hotels Corp		3.375		07/15/23		200,818
	100,000		Hyatt Hotels Corp		4.850		03/15/26		105,737
	200,000		Hyatt Hotels Corp		4.375		09/15/28		204,675
	200,000		Marriott International, Inc		3.375		10/15/20		201,075
	300,000		Marriott International, Inc		2.875		03/01/21		299,541
	200,000		Marriott International, Inc		3.125		10/15/21		200,358
	300,000		Marriott International, Inc		4.150		12/01/23		312,092
	300,000		Marriott International, Inc		3.600		04/15/24		302,325
	1,250,000		Marriott International, Inc		4.000		04/15/28		1,266,427
	300,000		Marriott International, Inc		4.650		12/01/28		317,332
	250,000		Massachusetts Institute of Technology		5.600		07/01/11		348,098
	200,000		Massachusetts Institute of Technology		4.678		07/01/14		234,003
	300,000		Massachusetts Institute of Technology		3.885		07/01/16		290,216
	250,000		McDonald’s Corp		2.200		05/26/20		248,766
	720,000		McDonald’s Corp		3.500		07/15/20		727,904
	500,000		McDonald’s Corp		2.750		12/09/20		500,856
	300,000		McDonald’s Corp		3.350		04/01/23		306,294
	2,500,000		McDonald’s Corp		3.700		01/30/26		2,582,592
	500,000		McDonald’s Corp		3.800		04/01/28		516,985
	2,000,000		McDonald’s Corp		4.700		12/09/35		2,148,719
	250,000		McDonald’s Corp		4.600		05/26/45		259,722
	1,000,000		McDonald’s Corp		4.875		12/09/45		1,083,645
	600,000		McDonald’s Corp		4.450		03/01/47		616,919
	500,000		McDonald’s Corp		4.450		09/01/48		513,317
	200,000		Northwestern University		3.688		12/01/38		203,272
	200,000		Northwestern University		3.868		12/01/48		208,730
	200,000		Northwestern University		3.662		12/01/57		204,650
	750,000		President and Fellows of Harvard College		3.619		10/01/37		766,330
	200,000		President and Fellows of Harvard College		3.150		07/15/46		189,588

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	President and Fellows of Harvard College		3.300	%	07/15/56	$	188,104
	220,000	Princeton University		5.700		03/01/39		282,768
	500,000	Royal Caribbean Cruises Ltd		2.650		11/28/20		499,477
	500,000	Royal Caribbean Cruises Ltd		3.700		03/15/28		482,326
	1,000,000	Sands China Ltd		4.600		08/08/23		1,031,256
	1,025,000	Sands China Ltd		5.125		08/08/25		1,068,804
	775,000	Sands China Ltd		5.400		08/08/28		812,613
	200,000	Starbucks Corp		2.200		11/22/20		198,736
	200,000	Starbucks Corp		2.100		02/04/21		198,218
	200,000	Starbucks Corp		2.700		06/15/22		200,631
	750,000	Starbucks Corp		3.100		03/01/23		757,581
	350,000	Starbucks Corp		3.850		10/01/23		364,332
	500,000	Starbucks Corp		3.800		08/15/25		515,629
	175,000	Starbucks Corp		2.450		06/15/26		165,769
	750,000	Starbucks Corp		3.500		03/01/28		757,847
	500,000	Starbucks Corp		4.000		11/15/28		522,938
	200,000	Starbucks Corp		4.300		06/15/45		196,598
	200,000	Starbucks Corp		3.750		12/01/47		181,627
	500,000	Starbucks Corp		4.500		11/15/48		511,672
	200,000	Trinity Acquisition plc		3.500		09/15/21		201,669
	200,000	Trinity Acquisition plc		4.400		03/15/26		207,664
	200,000	Trustees of Dartmouth College		3.474		06/01/46		196,613
	200,000	Wesleyan University		4.781		07/01/16		211,279
	200,000	William Marsh Rice University		3.574		05/15/45		198,245
	200,000	William Marsh Rice University		3.774		05/15/55		202,311
	200,000	Yale University		2.086		04/15/19		199,949
		TOTAL CONSUMER SERVICES						51,436,545

DIVERSIFIED FINANCIALS - 3.1%
	300,000	AerCap Ireland Capital DAC		4.450		12/16/21		307,774
	200,000	AerCap Ireland Capital DAC		3.300		01/23/23		196,376
	300,000	AerCap Ireland Capital DAC		4.125		07/03/23		303,692
	600,000	AerCap Ireland Capital DAC		4.875		01/16/24		624,010
	1,300,000	AerCap Ireland Capital DAC		3.500		01/15/25		1,254,487
	300,000	AerCap Ireland Capital DAC		4.450		10/01/25		302,460
	500,000	AerCap Ireland Capital DAC		4.450		04/03/26		501,082
	200,000	AerCap Ireland Capital DAC		3.875		01/23/28		187,103
	4,083,000	AerCap Ireland Capital Ltd		5.000		10/01/21		4,237,222
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		206,971
	20,000	Ahold Finance USA LLC		6.875		05/01/29		24,081
	500,000	American Express Co		2.200		10/30/20		496,252
	350,000	American Express Co		3.000		02/22/21		351,801
	1,000,000	American Express Co		3.375		05/17/21		1,012,988
	200,000	American Express Co		3.700		11/05/21		204,421
	850,000	American Express Co		2.500		08/01/22		840,358
	3,000,000	American Express Co		3.400		02/27/23		3,046,991
	2,000,000	American Express Co		3.700		08/03/23		2,050,473
	1,000,000	American Express Co		3.400		02/22/24		1,016,621
	500,000	American Express Co		3.000		10/30/24		498,169
	1,000,000	American Express Co		4.200		11/06/25		1,058,210
	1,800,000	American Express Credit Corp		2.375		05/26/20		1,794,151
	1,050,000	American Express Credit Corp		2.700		03/03/22		1,051,430

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	American Express Credit Corp		3.300	%	05/03/27	$	760,339
	700,000	American Honda Finance Corp		2.150		03/13/20		696,725
	300,000	American Honda Finance Corp		3.000		06/16/20		301,113
	300,000	American Honda Finance Corp		1.950		07/20/20		297,010
	300,000	American Honda Finance Corp		2.450		09/24/20		298,935
	500,000	American Honda Finance Corp		2.650		02/12/21		499,678
	300,000	American Honda Finance Corp		1.650		07/12/21		293,214
	200,000	American Honda Finance Corp		1.700		09/09/21		195,502
	500,000	American Honda Finance Corp		3.375		12/10/21		508,881
	750,000	American Honda Finance Corp		2.600		11/16/22		748,067
	300,000	American Honda Finance Corp		3.450		07/14/23		308,419
	500,000	American Honda Finance Corp		3.625		10/10/23		517,988
	300,000	American Honda Finance Corp		3.550		01/12/24		309,106
	200,000	American Honda Finance Corp		2.900		02/16/24		199,797
	100,000	American Honda Finance Corp		2.300		09/09/26		94,753
	500,000	American Honda Finance Corp		3.500		02/15/28		511,879
	595,000	Ameriprise Financial, Inc		5.300		03/15/20		608,993
	150,000	Ameriprise Financial, Inc		3.000		03/22/22		150,890
	400,000	Ameriprise Financial, Inc		4.000		10/15/23		419,189
	300,000	Ameriprise Financial, Inc		3.700		10/15/24		310,293
	200,000	Ameriprise Financial, Inc		2.875		09/15/26		195,835
	200,000	Ares Capital Corp		3.625		01/19/22		200,461
	200,000	Ares Capital Corp		3.500		02/10/23		194,569
	300,000	Ares Capital Corp		4.250		03/01/25		292,973
	1,300,000	Australia & New Zealand Banking Group Ltd		2.250		11/09/20		1,290,422
	1,000,000	Australia & New Zealand Banking Group Ltd		3.300		05/17/21		1,010,618
	750,000	Australia & New Zealand Banking Group Ltd		2.300		06/01/21		742,071
	500,000	Australia & New Zealand Banking Group Ltd		2.550		11/23/21		496,846
	300,000	Australia & New Zealand Banking Group Ltd		2.625		05/19/22		298,234
	300,000	Australia & New Zealand Banking Group Ltd		2.625		11/09/22		297,394
	200,000	Australia & New Zealand Banking Group Ltd		3.700		11/16/25		207,303
	100,000	AXA Equitable Holdings, Inc		3.900		04/20/23		102,482
	1,100,000	AXA Equitable Holdings, Inc		4.350		04/20/28		1,117,748
	850,000	AXA Equitable Holdings, Inc		5.000		04/20/48		830,827
	1,500,000	Bank of Montreal		2.100		06/15/20		1,491,267
	750,000	Bank of Montreal		3.100		07/13/20		754,465
	975,000	Bank of Montreal		3.100		04/13/21		983,804
	1,000,000	Bank of Montreal		1.900		08/27/21		982,810
	1,500,000	Bank of Montreal		2.900		03/26/22		1,501,393
	500,000	Bank of Montreal		2.350		09/11/22		494,666
	500,000	Bank of Montreal		3.300		02/05/24		505,456
	750,000	Bank of Montreal		4.338		10/05/28		766,966
	425,000	Bank of Montreal		3.803		12/15/32		410,975
	1,000,000	Bank of New York Mellon Corp		2.150		02/24/20		995,564
	300,000	Bank of New York Mellon Corp		2.600		08/17/20		300,000
	500,000	Bank of New York Mellon Corp		2.450		11/27/20		497,804
	675,000	Bank of New York Mellon Corp		2.500		04/15/21		673,471
	300,000	Bank of New York Mellon Corp		2.050		05/03/21		296,162
	500,000	Bank of New York Mellon Corp		3.550		09/23/21		510,971
	2,000,000	Bank of New York Mellon Corp		2.950		01/29/23		2,011,368
	500,000	Bank of New York Mellon Corp		3.500		04/28/23		513,210
	400,000	Bank of New York Mellon Corp		3.450		08/11/23		410,697
	500,000	Bank of New York Mellon Corp		2.200		08/16/23		486,514

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	800,000	Bank of New York Mellon Corp		3.250	%	09/11/24	$	811,194
	500,000	Bank of New York Mellon Corp		3.000		02/24/25		500,203
	500,000	Bank of New York Mellon Corp		2.800		05/04/26		491,376
	500,000	Bank of New York Mellon Corp		2.450		08/17/26		479,587
	800,000	Bank of New York Mellon Corp		3.250		05/16/27		809,205
	1,000,000	Bank of New York Mellon Corp		3.400		01/29/28		1,022,706
	600,000	Bank of New York Mellon Corp		3.850		04/28/28		635,764
	400,000	Bank of New York Mellon Corp		3.300		08/23/29		399,905
	750,000	Berkshire Hathaway, Inc		2.200		03/15/21		746,691
	750,000	Berkshire Hathaway, Inc		2.750		03/15/23		754,982
	3,750,000	Berkshire Hathaway, Inc		3.125		03/15/26		3,791,208
	800,000	Berkshire Hathaway, Inc		4.500		02/11/43		875,066
	125,000	BlackRock, Inc		3.375		06/01/22		128,412
	500,000	BlackRock, Inc		3.500		03/18/24		520,047
	700,000	BlackRock, Inc		3.200		03/15/27		710,952
	200,000	Block Financial LLC		5.500		11/01/22		210,622
	200,000	Block Financial LLC		5.250		10/01/25		207,349
	2,225,000	BNP Paribas S.A.		2.375		05/21/20		2,217,784
	700,000	BNP Paribas S.A.		5.000		01/15/21		727,446
	300,000	BNP Paribas S.A.		3.250		03/03/23		304,507
	500,000	BNP Paribas S.A.		4.250		10/15/24		513,289
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		202,438
	200,000	Broadridge Financial Solutions, Inc		3.400		06/27/26		193,710
	300,000	Brookfield Asset Management, Inc		4.000		01/15/25		303,099
	200,000	Brookfield Finance LLC		4.000		04/01/24		202,938
	200,000	Brookfield Finance, Inc		4.250		06/02/26		201,942
	300,000	Brookfield Finance, Inc		3.900		01/25/28		290,387
	600,000	Brookfield Finance, Inc		4.850		03/29/29		617,271
	400,000	Brookfield Finance, Inc		4.700		09/20/47		385,161
	700,000	Capital One Financial Corp		2.500		05/12/20		697,836
	700,000	Capital One Financial Corp		2.400		10/30/20		696,082
	500,000	Capital One Financial Corp		3.450		04/30/21		506,150
	2,250,000	Capital One Financial Corp		3.050		03/09/22		2,261,675
	1,500,000	Capital One Financial Corp		3.200		01/30/23		1,502,546
	300,000	Capital One Financial Corp		3.900		01/29/24		306,708
	500,000	Capital One Financial Corp		3.300		10/30/24		495,463
	500,000	Capital One Financial Corp		4.250		04/30/25		519,293
	500,000	Capital One Financial Corp		4.200		10/29/25		508,778
	300,000	Capital One Financial Corp		3.750		07/28/26		292,432
	650,000	Capital One Financial Corp		3.750		03/09/27		639,914
	1,500,000	Capital One Financial Corp		3.800		01/31/28		1,481,615
	200,000	CBOE Holdings, Inc		3.650		01/12/27		202,581
	500,000	Celanese US Holdings LLC		4.625		11/15/22		517,612
	100,000	Charles Schwab Corp		4.450		07/22/20		102,308
	750,000	Charles Schwab Corp		3.250		05/21/21		759,533
	200,000	Charles Schwab Corp		2.650		01/25/23		200,096
	300,000	Charles Schwab Corp		3.550		02/01/24		312,051
	200,000	Charles Schwab Corp		3.000		03/10/25		201,559
	750,000	Charles Schwab Corp		3.850		05/21/25		788,715
	500,000	Charles Schwab Corp		3.200		03/02/27		503,311
	200,000	Charles Schwab Corp		3.200		01/25/28		199,850
	300,000	Charles Schwab Corp		4.000		02/01/29		319,515

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	350,000	CME Group, Inc		3.000	%	09/15/22	$	354,934
	300,000	CME Group, Inc		3.000		03/15/25		301,719
	500,000	CME Group, Inc		3.750		06/15/28		526,357
	200,000	CME Group, Inc		5.300		09/15/43		245,381
	500,000	CME Group, Inc		4.150		06/15/48		530,580
	1,150,000	Credit Suisse		3.625		09/09/24		1,171,142
	750,000	Credit Suisse Group Funding Guernsey Ltd		3.125		12/10/20		752,488
	1,000,000	Credit Suisse Group Funding Guernsey Ltd		3.450		04/16/21		1,010,597
	475,000	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		482,617
	2,050,000	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		2,066,811
	2,750,000	Credit Suisse Group Funding Guernsey Ltd		4.550		04/17/26		2,874,457
	1,250,000	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		1,359,728
	500,000	Deutsche Bank AG.		2.700		07/13/20		494,627
	2,300,000	Deutsche Bank AG.		3.125		01/13/21		2,271,742
	2,000,000	Deutsche Bank AG.		3.150		01/22/21		1,970,206
	500,000	Deutsche Bank AG.		4.250		02/04/21		501,991
	500,000	Deutsche Bank AG.		3.375		05/12/21		492,376
	500,000	Deutsche Bank AG.		5.000		02/14/22		511,233
	1,800,000	Deutsche Bank AG.		4.100		01/13/26		1,720,815
	1,850,000	Diageo Investment Corp		2.875		05/11/22		1,861,099
	100,000	Diageo Investment Corp		4.250		05/11/42		106,266
	100,000	Discover Financial Services		5.200		04/27/22		105,746
	700,000	Discover Financial Services		3.950		11/06/24		713,178
	200,000	Discover Financial Services		4.500		01/30/26		205,449
	200,000	E*TRADE Financial Corp		2.950		08/24/22		199,615
	200,000	E*TRADE Financial Corp		3.800		08/24/27		194,350
	300,000	E*TRADE Financial Corp		4.500		06/20/28		305,034
	300,000	Eaton Vance Corp		3.625		06/15/23		308,759
	200,000	Eaton Vance Corp		3.500		04/06/27		200,649
	400,000	Ford Motor Credit Co LLC		2.425		06/12/20		394,788
	300,000	Ford Motor Credit Co LLC		2.343		11/02/20		293,692
	200,000	Ford Motor Credit Co LLC		5.085		01/07/21		203,744
	2,000,000	Ford Motor Credit Co LLC		3.200		01/15/21		1,971,600
	3,550,000	Ford Motor Credit Co LLC		3.336		03/18/21		3,496,474
	600,000	Ford Motor Credit Co LLC		3.470		04/05/21		594,029
	200,000	Ford Motor Credit Co LLC		3.813		10/12/21		198,174
	200,000	Ford Motor Credit Co LLC		5.596		01/07/22		206,336
	350,000	Ford Motor Credit Co LLC		3.219		01/09/22		340,288
	900,000	Ford Motor Credit Co LLC		3.339		03/28/22		873,944
	1,000,000	Ford Motor Credit Co LLC		2.979		08/03/22		956,067
	1,750,000	Ford Motor Credit Co LLC		4.140		02/15/23		1,714,244
	450,000	Ford Motor Credit Co LLC		3.096		05/04/23		422,165
	200,000	Ford Motor Credit Co LLC		3.810		01/09/24		189,470
	500,000	Ford Motor Credit Co LLC		5.584		03/18/24		506,896
	1,000,000	Ford Motor Credit Co LLC		3.664		09/08/24		922,090
	1,200,000	Ford Motor Credit Co LLC		4.687		06/09/25		1,147,108
	925,000	Ford Motor Credit Co LLC		4.134		08/04/25		854,628
	500,000	Ford Motor Credit Co LLC		4.389		01/08/26		464,686
	500,000	Ford Motor Credit Co LLC		3.815		11/02/27		435,748
	150,000	Franklin Resources, Inc		2.800		09/15/22		148,973
	200,000	Franklin Resources, Inc		2.850		03/30/25		197,647
	200,000	FS Investment Corp		4.250		01/15/20		200,274
	2,452,000	GE Capital International Funding Co		2.342		11/15/20		2,421,353

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,443,000	GE Capital International Funding Co		3.373	%	11/15/25	$	3,343,155
	3,444,000	GE Capital International Funding Co		4.418		11/15/35		3,191,394
	200,000	General Electric Capital Corp		2.100		12/11/19		198,578
	181,000	General Electric Capital Corp		5.500		01/08/20		184,926
	532,000	General Electric Capital Corp		4.375		09/16/20		541,911
	772,000	General Electric Capital Corp		4.625		01/07/21		792,697
	86,000	General Electric Capital Corp		5.300		02/11/21		89,021
	200,000	General Electric Capital Corp		4.650		10/17/21		207,314
	544,000	General Electric Capital Corp		3.150		09/07/22		542,215
	5,503,000	General Electric Capital Corp		3.450		05/15/24		5,479,812
	752,000	General Electric Capital Corp		6.750		03/15/32		869,424
	2,000,000	General Motors Financial Co, Inc		3.550		04/09/21		2,010,608
	875,000	General Motors Financial Co, Inc		3.200		07/06/21		871,322
	500,000	General Motors Financial Co, Inc		4.200		11/06/21		509,544
	750,000	General Motors Financial Co, Inc		3.450		01/14/22		750,371
	2,500,000	General Motors Financial Co, Inc		3.450		04/10/22		2,500,928
	300,000	General Motors Financial Co, Inc		3.150		06/30/22		297,122
	300,000	General Motors Financial Co, Inc		3.250		01/05/23		294,249
	825,000	General Motors Financial Co, Inc		3.700		05/09/23		820,982
	500,000	General Motors Financial Co, Inc		4.150		06/19/23		504,913
	500,000	General Motors Financial Co, Inc		5.100		01/17/24		519,068
	500,000	General Motors Financial Co, Inc		3.950		04/13/24		495,104
	1,300,000	General Motors Financial Co, Inc		3.500		11/07/24		1,256,747
	5,000,000	General Motors Financial Co, Inc		4.350		04/09/25		4,981,503
	300,000	General Motors Financial Co, Inc		4.300		07/13/25		298,507
	400,000	General Motors Financial Co, Inc		4.000		10/06/26		383,464
	1,250,000	General Motors Financial Co, Inc		4.350		01/17/27		1,215,856
	1,100,000	General Motors Financial Co, Inc		3.850		01/05/28		1,017,899
	500,000	General Motors Financial Co, Inc		5.650		01/17/29		516,905
	1,150,000	Goldman Sachs Group, Inc		6.000		06/15/20		1,192,801
	500,000	Goldman Sachs Group, Inc		2.600		12/27/20		497,354
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,365,733
	500,000	Goldman Sachs Group, Inc		2.350		11/15/21		492,390
	5,325,000	Goldman Sachs Group, Inc		5.750		01/24/22		5,712,573
	1,000,000	Goldman Sachs Group, Inc		3.000		04/26/22		999,517
	1,000,000	Goldman Sachs Group, Inc		2.876		10/31/22		991,785
	1,800,000	Goldman Sachs Group, Inc		3.625		01/22/23		1,831,752
	6,000,000	Goldman Sachs Group, Inc		3.200		02/23/23		6,011,208
	1,000,000	Goldman Sachs Group, Inc		2.908		06/05/23		988,771
	750,000	Goldman Sachs Group, Inc		2.905		07/24/23		741,901
	600,000	Goldman Sachs Group, Inc		3.625		02/20/24		606,292
	1,500,000	Goldman Sachs Group, Inc		4.000		03/03/24		1,545,822
	600,000	Goldman Sachs Group, Inc		3.750		05/22/25		605,552
	1,925,000	Goldman Sachs Group, Inc		3.272		09/29/25		1,900,467
	250,000	Goldman Sachs Group, Inc		4.250		10/21/25		256,075
	800,000	Goldman Sachs Group, Inc		3.750		02/25/26		803,561
	3,500,000	Goldman Sachs Group, Inc		3.850		01/26/27		3,516,245
	4,050,000	Goldman Sachs Group, Inc		3.691		06/05/28		4,010,171
	7,500,000	Goldman Sachs Group, Inc		3.814		04/23/29		7,435,032
	625,000	Goldman Sachs Group, Inc		4.017		10/31/38		599,317
	2,000,000	Goldman Sachs Group, Inc		4.411		04/23/39		2,009,466
	2,150,000	Goldman Sachs Group, Inc		6.250		02/01/41		2,673,300

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,075,000	Goldman Sachs Group, Inc		4.800	%	07/08/44	$	1,139,140
	1,075,000	Goldman Sachs Group, Inc		5.150		05/22/45		1,139,787
	500,000	IBM Credit LLC		3.450		11/30/20		506,008
	500,000	IBM Credit LLC		1.800		01/20/21		492,444
	1,750,000	IBM Credit LLC		2.650		02/05/21		1,748,001
	500,000	IBM Credit LLC		3.600		11/30/21		510,702
	1,500,000	IBM Credit LLC		2.200		09/08/22		1,471,435
	2,000,000	IBM Credit LLC		3.000		02/06/23		2,015,869
	500,000	Intercontinental Exchange, Inc		2.750		12/01/20		500,674
	300,000	Intercontinental Exchange, Inc		2.350		09/15/22		295,642
	300,000	Intercontinental Exchange, Inc		3.450		09/21/23		307,003
	200,000	Intercontinental Exchange, Inc		4.000		10/15/23		210,162
	500,000	Intercontinental Exchange, Inc		3.750		12/01/25		519,584
	1,000,000	Intercontinental Exchange, Inc		3.100		09/15/27		990,831
	500,000	Intercontinental Exchange, Inc		3.750		09/21/28		518,468
	300,000	Intercontinental Exchange, Inc		4.250		09/21/48		314,929
	125,000	Invesco Finance plc		3.125		11/30/22		125,061
	200,000	Invesco Finance plc		4.000		01/30/24		206,834
	800,000	Invesco Finance plc		3.750		01/15/26		809,181
	200,000	Invesco Finance plc		5.375		11/30/43		212,937
	300,000	Janus Capital Group, Inc		4.875		08/01/25		310,409
	700,000	Jefferies Group LLC		4.850		01/15/27		704,119
	750,000	Jefferies Group LLC		4.150		01/23/30		687,370
	500,000	Jefferies Group, Inc		6.875		04/15/21		534,345
	600,000	Jefferies Group, Inc		6.450		06/08/27		655,584
	150,000	Lazard Group LLC		3.750		02/13/25		151,216
	200,000	Lazard Group LLC		3.625		03/01/27		193,993
	200,000	Lazard Group LLC		4.500		09/19/28		206,069
	300,000	Lazard Group LLC		4.375		03/11/29		302,595
	400,000	Legg Mason, Inc		5.625		01/15/44		395,986
	1,500,000	Merrill Lynch & Co, Inc		6.110		01/29/37		1,783,868
	1,200,000	Morgan Stanley		5.500		07/28/21		1,270,708
	1,250,000	Morgan Stanley		2.625		11/17/21		1,243,356
	4,025,000	Morgan Stanley		2.750		05/19/22		4,001,977
	2,500,000	Morgan Stanley		4.875		11/01/22		2,639,464
	4,500,000	Morgan Stanley		3.125		01/23/23		4,515,620
	2,850,000	Morgan Stanley		4.100		05/22/23		2,927,509
	4,000,000	Morgan Stanley		3.737		04/24/24		4,082,463
	1,000,000	Morgan Stanley		3.875		04/29/24		1,029,085
	3,592,000	Morgan Stanley		3.700		10/23/24		3,656,679
	750,000	Morgan Stanley		5.000		11/24/25		804,439
	2,250,000	Morgan Stanley		3.625		01/20/27		2,255,430
	1,600,000	Morgan Stanley		3.950		04/23/27		1,602,917
	1,000,000	Morgan Stanley		3.591		07/22/28		993,316
	4,500,000	Morgan Stanley		3.772		01/24/29		4,529,850
	725,000	Morgan Stanley		4.431		01/23/30		765,235
	525,000	Morgan Stanley		3.971		07/22/38		516,694
	2,000,000	Morgan Stanley		4.457		04/22/39		2,077,847
	1,500,000	Morgan Stanley		4.375		01/22/47		1,549,174
	250,000	NASDAQ, Inc		4.250		06/01/24		260,798
	200,000	NASDAQ, Inc		3.850		06/30/26		202,910
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		11/01/20		497,839
	350,000	National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		353,797

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	National Rural Utilities Cooperative Finance Corp		2.400	%	04/25/22	$	496,684
	500,000	National Rural Utilities Cooperative Finance Corp		2.300		09/15/22		492,608
	200,000	National Rural Utilities Cooperative Finance Corp		2.700		02/15/23		199,700
	200,000	National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		205,143
	300,000	National Rural Utilities Cooperative Finance Corp		2.950		02/07/24		301,432
	400,000	National Rural Utilities Cooperative Finance Corp		2.850		01/27/25		398,214
	200,000	National Rural Utilities Cooperative Finance Corp		3.250		11/01/25		202,970
	750,000	National Rural Utilities Cooperative Finance Corp		3.400		02/07/28		761,369
	200,000	National Rural Utilities Cooperative Finance Corp		3.900		11/01/28		211,683
	300,000	National Rural Utilities Cooperative Finance Corp		3.700		03/15/29		311,906
	500,000	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		481,650
	200,000	National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		200,765
	200,000	National Rural Utilities Cooperative Finance Corp		4.400		11/01/48		215,755
	300,000	National Rural Utilities Cooperative Finance Corp		4.300		03/15/49		318,678
	620,000	Nomura Holdings, Inc		6.700		03/04/20		641,215
	500,000	Oesterreichische Kontrollbank AG.		1.125		04/26/19		499,505
	1,550,000	Oesterreichische Kontrollbank AG.		1.500		10/21/20		1,524,348
	375,000	Oesterreichische Kontrollbank AG.		2.875		09/07/21		379,571
	500,000	Oesterreichische Kontrollbank AG.		2.375		10/01/21		500,115
	750,000	Oesterreichische Kontrollbank AG.		2.625		01/31/22		755,657
	750,000	Oesterreichische Kontrollbank AG.		2.875		03/13/23		764,326
	750,000	Oesterreichische Kontrollbank AG.		3.125		11/07/23		773,593
	125,000	ORIX Corp		2.900		07/18/22		124,983
	500,000	ORIX Corp		4.050		01/16/24		515,952
	500,000	ORIX Corp		3.250		12/04/24		499,666
	200,000	ORIX Corp		3.700		07/18/27		202,303
	1,000,000	PACCAR Financial Corp		1.950		02/27/20		993,778
	200,000	PACCAR Financial Corp		3.150		08/09/21		202,444
	300,000	PACCAR Financial Corp		2.850		03/01/22		302,458
	200,000	PACCAR Financial Corp		3.400		08/09/23		202,629
	500,000	Raymond James Financial, Inc		3.625		09/15/26		495,238
	100,000	Raymond James Financial, Inc		4.950		07/15/46		105,955
	1,600,000	Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		1,581,741
	2,500,000	Shire Acquisitions Investments Ireland DAC		2.875		09/23/23		2,470,349
	1,000,000	Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		966,979
	300,000	State Street Corp		2.550		08/18/20		299,865
	300,000	State Street Corp		4.375		03/07/21		310,108
	500,000	State Street Corp		1.950		05/19/21		493,464
	500,000	State Street Corp		2.653		05/15/23		497,274
	1,900,000	State Street Corp		3.100		05/15/23		1,927,752
	300,000	State Street Corp		3.776		12/03/24		311,713
	500,000	State Street Corp		3.300		12/16/24		512,943
	225,000	State Street Corp		3.550		08/18/25		233,455
	500,000	State Street Corp		2.650		05/19/26		489,398
	300,000	State Street Corp		4.141		12/03/29		322,280
	200,000	Stifel Financial Corp		3.500		12/01/20		201,181
	100,000	Stifel Financial Corp		4.250		07/18/24		102,982
	275,000	Synchrony Financial		2.700		02/03/20		274,636
	500,000	Synchrony Financial		4.375		03/19/24		506,707
	250,000	Synchrony Financial		4.250		08/15/24		251,643
	600,000	Synchrony Financial		4.500		07/23/25		602,639
	300,000	Synchrony Financial		3.700		08/04/26		282,873

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Synchrony Financial		3.950	%	12/01/27	$	472,757
	500,000	Synchrony Financial		5.150		03/19/29		507,530
	300,000	Syngenta Finance NV		3.125		03/28/22		296,621
	300,000	TD Ameritrade Holding Corp		2.950		04/01/22		302,723
	300,000	TD Ameritrade Holding Corp		3.750		04/01/24		310,620
	350,000	TD Ameritrade Holding Corp		3.625		04/01/25		359,852
	350,000	TD Ameritrade Holding Corp		3.300		04/01/27		351,679
	300,000	Toyota Motor Credit Corp		1.950		04/17/20		298,020
	500,000	Toyota Motor Credit Corp		3.050		01/08/21		504,282
	300,000	Toyota Motor Credit Corp		1.900		04/08/21		295,924
	1,500,000	Toyota Motor Credit Corp		2.950		04/13/21		1,510,374
	500,000	Toyota Motor Credit Corp		3.400		09/15/21		510,343
	1,750,000	Toyota Motor Credit Corp		2.600		01/11/22		1,751,191
	300,000	Toyota Motor Credit Corp		2.800		07/13/22		302,245
	500,000	Toyota Motor Credit Corp		2.150		09/08/22		493,171
	500,000	Toyota Motor Credit Corp		2.700		01/11/23		501,040
	500,000	Toyota Motor Credit Corp		3.450		09/20/23		515,579
	400,000	Toyota Motor Credit Corp		3.350		01/08/24		410,897
	1,500,000	Toyota Motor Credit Corp		3.400		04/14/25		1,547,625
	300,000	Toyota Motor Credit Corp		3.050		01/11/28		299,969
	400,000	Toyota Motor Credit Corp		3.650		01/08/29		417,691
	250,000	Unilever Capital Corp		2.100		07/30/20		248,501
	250,000	Unilever Capital Corp		4.250		02/10/21		257,718
	500,000	Unilever Capital Corp		2.750		03/22/21		501,845
	300,000	Unilever Capital Corp		1.375		07/28/21		292,544
	300,000	Unilever Capital Corp		3.000		03/07/22		303,044
	400,000	Unilever Capital Corp		2.200		05/05/22		395,289
	500,000	Unilever Capital Corp		3.125		03/22/23		505,545
	300,000	Unilever Capital Corp		3.250		03/07/24		305,638
	900,000	Unilever Capital Corp		2.600		05/05/24		889,306
	500,000	Unilever Capital Corp		3.375		03/22/25		510,678
	450,000	Unilever Capital Corp		3.100		07/30/25		454,587
	225,000	Unilever Capital Corp		2.000		07/28/26		209,939
	400,000	Unilever Capital Corp		2.900		05/05/27		394,185
	650,000	Unilever Capital Corp		3.500		03/22/28		668,283
	330,000	Unilever Capital Corp		5.900		11/15/32		416,001
	1,000,000	Wells Fargo & Co		2.150		01/30/20		995,351
	1,550,000	Wells Fargo & Co		2.600		07/22/20		1,547,809
	450,000	Wells Fargo & Co		2.550		12/07/20		448,805
	1,000,000	Wells Fargo & Co		3.000		01/22/21		1,004,410
	1,000,000	Wells Fargo & Co		2.500		03/04/21		995,308
	1,200,000	Wells Fargo & Co		4.600		04/01/21		1,239,679
	750,000	Wells Fargo & Co		2.100		07/26/21		738,288
	3,500,000	Wells Fargo & Co		3.500		03/08/22		3,567,231
	1,000,000	Wells Fargo & Co		2.625		07/22/22		992,917
	750,000	Wells Fargo & Co		3.069		01/24/23		751,290
	700,000	Wells Fargo & Co		3.450		02/13/23		707,797
	500,000	Wells Fargo & Co		4.125		08/15/23		518,347
	334,000	Wells Fargo & Co		4.480		01/16/24		351,734
	725,000	Wells Fargo & Co		3.750		01/24/24		746,347
	2,200,000	Wells Fargo & Co		3.300		09/09/24		2,218,295
	3,550,000	Wells Fargo & Co		3.000		02/19/25		3,511,538
	500,000	Wells Fargo & Co		3.550		09/29/25		508,948

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	Wells Fargo & Co		3.000	%	04/22/26	$	2,444,897
	650,000	Wells Fargo & Co		4.100		06/03/26		665,032
	1,750,000	Wells Fargo & Co		3.000		10/23/26		1,708,429
	750,000	Wells Fargo & Co		4.300		07/22/27		780,560
	3,000,000	Wells Fargo & Co		3.584		05/22/28		3,015,347
	1,750,000	Wells Fargo & Co		4.150		01/24/29		1,829,967
	264,000	Wells Fargo & Co		5.375		02/07/35		308,371
	725,000	Wells Fargo & Co		5.375		11/02/43		816,561
	1,143,000	Wells Fargo & Co		5.606		01/15/44		1,319,369
	300,000	Wells Fargo & Co		4.650		11/04/44		308,705
	1,500,000	Wells Fargo & Co		3.900		05/01/45		1,491,191
	750,000	Wells Fargo & Co		4.900		11/17/45		800,154
	2,750,000	Wells Fargo & Co		4.400		06/14/46		2,745,817
	1,750,000	Wells Fargo & Co		4.750		12/07/46		1,833,034
		TOTAL DIVERSIFIED FINANCIALS						357,085,484

ENERGY - 2.5%
	299,000	Anadarko Petroleum Corp		4.850		03/15/21		309,997
	1,350,000	Anadarko Petroleum Corp		5.550		03/15/26		1,473,594
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,489,452
	200,000	Anadarko Petroleum Corp		4.500		07/15/44		188,798
	1,000,000	Anadarko Petroleum Corp		6.600		03/15/46		1,217,854
	200,000	Andeavor Logistics LP		3.500		12/01/22		202,094
	150,000	Andeavor Logistics LP		4.250		12/01/27		151,115
	700,000	Andeavor Logistics LP		5.200		12/01/47		700,924
	1,000,000	Apache Corp		4.375		10/15/28		1,008,353
	980,000	Apache Corp		5.100		09/01/40		970,207
	300,000	Apache Corp		5.250		02/01/42		302,824
	850,000	Apache Corp		4.750		04/15/43		802,587
	300,000	Apache Corp		4.250		01/15/44		266,326
	750,000	Baker Hughes a GE Co LLC		2.773		12/15/22		745,397
	500,000	Baker Hughes a GE Co LLC		3.337		12/15/27		486,581
	500,000	Baker Hughes a GE Co LLC		4.080		12/15/47		457,811
	129,000	Baker Hughes, Inc		3.200		08/15/21		130,124
	800,000	Baker Hughes, Inc		5.125		09/15/40		840,794
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		196,141
	200,000	Boardwalk Pipelines LP		5.950		06/01/26		212,737
	200,000	Boardwalk Pipelines LP		4.450		07/15/27		195,216
	300,000	BP Capital Markets America, Inc		4.500		10/01/20		307,896
	150,000	BP Capital Markets America, Inc		4.742		03/11/21		155,831
	500,000	BP Capital Markets America, Inc		2.112		09/16/21		492,667
	1,200,000	BP Capital Markets America, Inc		3.245		05/06/22		1,218,835
	175,000	BP Capital Markets America, Inc		2.520		09/19/22		173,377
	800,000	BP Capital Markets America, Inc		3.216		11/28/23		809,856
	500,000	BP Capital Markets America, Inc		3.790		02/06/24		519,152
	1,750,000	BP Capital Markets America, Inc		3.224		04/14/24		1,773,333
	500,000	BP Capital Markets America, Inc		3.796		09/21/25		518,682
	500,000	BP Capital Markets America, Inc		3.410		02/11/26		510,592
	200,000	BP Capital Markets America, Inc		3.017		01/16/27		196,535
	500,000	BP Capital Markets America, Inc		3.588		04/14/27		508,365
	750,000	BP Capital Markets America, Inc		3.937		09/21/28		786,512
	1,000,000	BP Capital Markets America, Inc		4.234		11/06/28		1,070,588

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,450,000	BP Capital Markets plc		2.315	%	02/13/20	$	2,443,957
	850,000	BP Capital Markets plc		2.500		11/06/22		842,746
	300,000	BP Capital Markets plc		3.994		09/26/23		314,385
	500,000	BP Capital Markets plc		3.814		02/10/24		520,065
	300,000	BP Capital Markets plc		3.535		11/04/24		308,974
	500,000	BP Capital Markets plc		3.506		03/17/25		510,760
	750,000	BP Capital Markets plc		3.279		09/19/27		747,291
	300,000	BP Capital Markets plc		3.723		11/28/28		309,639
	200,000	Buckeye Partners LP		4.875		02/01/21		204,941
	200,000	Buckeye Partners LP		4.350		10/15/24		202,804
	300,000	Buckeye Partners LP		3.950		12/01/26		285,458
	200,000	Buckeye Partners LP		4.125		12/01/27		191,228
	200,000	Buckeye Partners LP		5.850		11/15/43		199,185
	100,000	Buckeye Partners LP		5.600		10/15/44		96,173
	575,000	Burlington Resources Finance Co		7.200		08/15/31		765,644
	200,000	Burlington Resources Finance Co		7.400		12/01/31		273,077
	300,000	Canadian Natural Resources Ltd		2.950		01/15/23		297,897
	600,000	Canadian Natural Resources Ltd		3.800		04/15/24		612,661
	700,000	Canadian Natural Resources Ltd		3.900		02/01/25		714,371
	750,000	Canadian Natural Resources Ltd		3.850		06/01/27		751,344
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		1,024,375
	800,000	Canadian Natural Resources Ltd		4.950		06/01/47		873,792
	550,000	Cenovus Energy, Inc		4.250		04/15/27		541,047
	1,750,000	Cenovus Energy, Inc		5.250		06/15/37		1,738,626
	500,000	Cenovus Energy, Inc		5.200		09/15/43		468,262
	750,000	Cenovus Energy, Inc		5.400		06/15/47		743,906
	300,000	Chevron Corp		1.991		03/03/20		298,375
	1,250,000	Chevron Corp		2.427		06/24/20		1,248,050
	2,750,000	Chevron Corp		2.100		05/16/21		2,730,744
	400,000	Chevron Corp		2.411		03/03/22		399,462
	300,000	Chevron Corp		2.498		03/03/22		300,143
	1,050,000	Chevron Corp		2.355		12/05/22		1,042,760
	500,000	Chevron Corp		2.566		05/16/23		500,916
	250,000	Chevron Corp		3.191		06/24/23		255,773
	300,000	Chevron Corp		2.895		03/03/24		303,801
	125,000	Chevron Corp		3.326		11/17/25		128,871
	1,650,000	Chevron Corp		2.954		05/16/26		1,661,113
	500,000	Cimarex Energy Co		4.375		06/01/24		519,735
	100,000	Cimarex Energy Co		3.900		05/15/27		99,806
	300,000	Cimarex Energy Co		4.375		03/15/29		308,944
	500,000	Concho Resources, Inc		3.750		10/01/27		496,362
	750,000	Concho Resources, Inc		4.300		08/15/28		774,270
	400,000	Concho Resources, Inc		4.875		10/01/47		425,250
	300,000	Concho Resources, Inc		4.850		08/15/48		314,930
	1,500,000	ConocoPhillips Co		4.950		03/15/26		1,672,371
	77,000	ConocoPhillips Co		4.150		11/15/34		78,982
	250,000	ConocoPhillips Co		5.900		05/15/38		314,825
	1,035,000	ConocoPhillips Co		6.500		02/01/39		1,396,180
	300,000	ConocoPhillips Co		4.300		11/15/44		321,253
	1,250,000	ConocoPhillips Co		5.950		03/15/46		1,652,507
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		648,205
	1,000,000	Continental Resources, Inc		5.000		09/15/22		1,007,473
	2,000,000	Continental Resources, Inc		4.375		01/15/28		2,056,706

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,025,000	Devon Energy Corp		3.250	%	05/15/22	$	1,033,400
	885,000	Devon Energy Corp		5.600		07/15/41		982,929
	700,000	Devon Energy Corp		4.750		05/15/42		706,772
	800,000	Devon Energy Corp		5.000		06/15/45		839,308
	725,000	Ecopetrol S.A.		5.875		09/18/23		791,881
	1,000,000	Ecopetrol S.A.		4.125		01/16/25		1,010,010
	400,000	Ecopetrol S.A.		5.375		06/26/26		431,000
	200,000	Ecopetrol S.A.		7.375		09/18/43		238,752
	1,000,000	Ecopetrol S.A.		5.875		05/28/45		1,036,250
	675,000	Enbridge Energy Partners LP		4.375		10/15/20		689,769
	1,200,000	Enbridge Energy Partners LP		5.875		10/15/25		1,359,588
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		337,061
	200,000	Enbridge Energy Partners LP		7.375		10/15/45		278,177
	800,000	Enbridge, Inc		2.900		07/15/22		797,840
	300,000	Enbridge, Inc		4.000		10/01/23		311,268
	100,000	Enbridge, Inc		4.250		12/01/26		104,344
	100,000	Enbridge, Inc		3.700		07/15/27		99,796
	300,000	Enbridge, Inc		4.500		06/10/44		303,261
	625,000	Enbridge, Inc		5.500		12/01/46		747,262
	500,000	Enbridge, Inc		6.250		03/01/78		496,500
	1,000,000	EnCana Corp		3.900		11/15/21		1,018,302
	1,500,000	EnCana Corp		6.500		08/15/34		1,794,448
	400,000	Energy Transfer Operating LP		4.500		04/15/24		417,918
	2,200,000	Energy Transfer Operating LP		5.250		04/15/29		2,362,870
	800,000	Energy Transfer Operating LP		6.250		04/15/49		896,635
	1,250,000	Energy Transfer Partners LP		4.150		10/01/20		1,270,269
	500,000	Energy Transfer Partners LP		4.650		06/01/21		515,802
	200,000	Energy Transfer Partners LP		5.200		02/01/22		210,118
	200,000	Energy Transfer Partners LP		3.600		02/01/23		201,776
	200,000	Energy Transfer Partners LP		4.200		09/15/23		206,804
	500,000	Energy Transfer Partners LP		4.900		02/01/24		528,084
	400,000	Energy Transfer Partners LP		4.050		03/15/25		406,416
	250,000	Energy Transfer Partners LP		4.200		04/15/27		251,325
	200,000	Energy Transfer Partners LP		4.950		06/15/28		209,957
	400,000	Energy Transfer Partners LP		4.900		03/15/35		380,677
	500,000	Energy Transfer Partners LP		5.800		06/15/38		535,960
	140,000	Energy Transfer Partners LP		7.500		07/01/38		170,165
	450,000	Energy Transfer Partners LP		6.500		02/01/42		500,590
	200,000	Energy Transfer Partners LP		5.150		02/01/43		192,278
	200,000	Energy Transfer Partners LP		5.950		10/01/43		211,249
	400,000	Energy Transfer Partners LP		5.150		03/15/45		385,701
	500,000	Energy Transfer Partners LP		6.125		12/15/45		544,606
	250,000	Energy Transfer Partners LP		5.300		04/15/47		246,409
	900,000	Energy Transfer Partners LP		6.000		06/15/48		973,252
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		620,071
	900,000	Enterprise Products Operating LLC		2.800		02/15/21		900,650
	100,000	Enterprise Products Operating LLC		2.850		04/15/21		100,037
	300,000	Enterprise Products Operating LLC		3.500		02/01/22		305,830
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		413,490
	800,000	Enterprise Products Operating LLC		3.900		02/15/24		830,953
	300,000	Enterprise Products Operating LLC		3.700		02/15/26		307,465
	3,065,000	Enterprise Products Operating LLC		3.950		02/15/27		3,180,952

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Enterprise Products Operating LLC		4.150	%	10/16/28	$	526,591
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		576,973
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		315,281
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		100,594
	1,500,000	Enterprise Products Operating LLC		4.850		03/15/44		1,595,093
	500,000	Enterprise Products Operating LLC		5.100		02/15/45		548,302
	300,000	Enterprise Products Operating LLC		4.900		05/15/46		322,319
	425,000	Enterprise Products Operating LLC		4.250		02/15/48		416,922
	1,250,000	Enterprise Products Operating LLC		4.800		02/01/49		1,327,388
	200,000	Enterprise Products Operating LLC		4.950		10/15/54		210,478
	200,000	Enterprise Products Operating LLC		4.875		08/16/77		184,830
	700,000	Enterprise Products Operating LLC		5.250		08/16/77		647,500
	400,000	Enterprise Products Operating LLC		5.375		02/15/78		356,820
	900,000	EOG Resources, Inc		2.450		04/01/20		896,317
	440,000	EOG Resources, Inc		4.100		02/01/21		450,438
	600,000	EOG Resources, Inc		2.625		03/15/23		595,895
	150,000	EOG Resources, Inc		4.150		01/15/26		158,914
	200,000	EOG Resources, Inc		3.900		04/01/35		204,241
	200,000	EOG Resources, Inc		5.100		01/15/36		227,639
	300,000	EQT Corp		2.500		10/01/20		296,055
	1,000,000	EQT Corp		3.000		10/01/22		981,769
	500,000	EQT Corp		3.900		10/01/27		467,823
	300,000	EQT Midstream Partners LP		4.750		07/15/23		306,102
	300,000	EQT Midstream Partners LP		4.000		08/01/24		293,638
	200,000	EQT Midstream Partners LP		4.125		12/01/26		186,770
	300,000	EQT Midstream Partners LP		5.500		07/15/28		303,306
	300,000	EQT Midstream Partners LP		6.500		07/15/48		303,336
	500,000	Equinor ASA		3.625		09/10/28		520,381
	950,000	Exxon Mobil Corp		1.912		03/06/20		944,285
	500,000	Exxon Mobil Corp		2.397		03/06/22		500,142
	1,000,000	Exxon Mobil Corp		2.726		03/01/23		1,007,252
	500,000	Exxon Mobil Corp		2.709		03/06/25		500,801
	3,602,000	Exxon Mobil Corp		3.043		03/01/26		3,654,710
	500,000	Exxon Mobil Corp		3.567		03/06/45		501,034
	850,000	Exxon Mobil Corp		4.114		03/01/46		920,733
	200,000	Gulf South Pipeline Co LP		4.000		06/15/22		201,335
	2,850,000	Halliburton Co		3.800		11/15/25		2,914,776
	500,000	Halliburton Co		4.850		11/15/35		524,786
	600,000	Halliburton Co		4.750		08/01/43		616,718
	1,750,000	Halliburton Co		5.000		11/15/45		1,864,856
	200,000	Helmerich & Payne, Inc		4.650		03/15/25		208,872
	200,000	Hess Corp		3.500		07/15/24		196,928
	1,100,000	Hess Corp		4.300		04/01/27		1,090,333
	940,000	Hess Corp		5.600		02/15/41		957,466
	300,000	Hess Corp		5.800		04/01/47		313,257
	200,000	HollyFrontier Corp		5.875		04/01/26		213,599
	30,000	Husky Energy, Inc		7.250		12/15/19		30,926
	1,200,000	Husky Energy, Inc		3.950		04/15/22		1,228,118
	500,000	Husky Energy, Inc		4.000		04/15/24		511,070
	500,000	Husky Energy, Inc		4.400		04/15/29		506,604
	130,000	Husky Energy, Inc		6.800		09/15/37		159,435
	300,000	Kinder Morgan Energy Partners LP		4.150		02/01/24		310,794
	500,000	Kinder Morgan Energy Partners LP		4.250		09/01/24		521,910

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	535,000		Kinder Morgan Energy Partners LP		6.500	%	09/01/39	$	627,808
	400,000		Kinder Morgan Energy Partners LP		4.700		11/01/42		390,138
	500,000		Kinder Morgan Energy Partners LP		5.000		03/01/43		501,280
	400,000		Kinder Morgan Energy Partners LP		5.500		03/01/44		429,468
	200,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		212,162
	3,000,000		Kinder Morgan, Inc		3.150		01/15/23		3,007,001
	1,950,000		Kinder Morgan, Inc		4.300		06/01/25		2,034,459
	1,000,000		Kinder Morgan, Inc		4.300		03/01/28		1,033,587
	2,900,000		Kinder Morgan, Inc		5.300		12/01/34		3,145,406
	1,300,000		Kinder Morgan, Inc		5.550		06/01/45		1,422,778
	1,000,000		Kinder Morgan, Inc		5.200		03/01/48		1,054,751
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		128,021
	900,000		Magellan Midstream Partners LP		5.000		03/01/26		977,274
	100,000		Magellan Midstream Partners LP		4.250		09/15/46		97,642
	300,000		Magellan Midstream Partners LP		4.200		10/03/47		290,414
	400,000		Magellan Midstream Partners LP		4.850		02/01/49		425,351
	1,150,000		Marathon Oil Corp		2.800		11/01/22		1,136,071
	300,000		Marathon Oil Corp		3.850		06/01/25		303,893
	800,000		Marathon Oil Corp		4.400		07/15/27		824,145
	255,000		Marathon Oil Corp		6.600		10/01/37		300,747
	200,000		Marathon Oil Corp		5.200		06/01/45		215,692
	250,000		Marathon Petroleum Corp		3.400		12/15/20		252,145
	250,000		Marathon Petroleum Corp		5.125		03/01/21		260,225
	1,600,000		Marathon Petroleum Corp		3.625		09/15/24		1,615,072
	200,000	g	Marathon Petroleum Corp		3.800		04/01/28		198,197
	350,000		Marathon Petroleum Corp		6.500		03/01/41		427,113
	250,000		Marathon Petroleum Corp		4.750		09/15/44		249,325
	250,000		Marathon Petroleum Corp		5.850		12/15/45		268,261
	200,000	g	Marathon Petroleum Corp		4.500		04/01/48		192,300
	200,000		Marathon Petroleum Corp		5.000		09/15/54		198,070
	175,000		MPLX LP		3.375		03/15/23		176,445
	1,000,000		MPLX LP		4.875		12/01/24		1,067,679
	2,500,000		MPLX LP		4.875		06/01/25		2,663,072
	475,000		MPLX LP		4.000		03/15/28		472,258
	500,000		MPLX LP		4.800		02/15/29		526,618
	750,000		MPLX LP		4.500		04/15/38		714,113
	200,000		MPLX LP		5.200		03/01/47		203,294
	600,000		MPLX LP		4.700		04/15/48		575,512
	500,000		MPLX LP		5.500		02/15/49		534,288
	600,000		MPLX LP		4.900		04/15/58		565,564
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		294,224
	800,000		National Oilwell Varco, Inc		3.950		12/01/42		676,459
	935,000		Nexen, Inc		6.400		05/15/37		1,203,457
	750,000		Noble Energy, Inc		3.900		11/15/24		757,444
	500,000		Noble Energy, Inc		3.850		01/15/28		492,958
	700,000		Noble Energy, Inc		6.000		03/01/41		775,768
	300,000		Noble Energy, Inc		5.250		11/15/43		306,403
	200,000		Noble Energy, Inc		4.950		08/15/47		197,883
	200,000		Occidental Petroleum Corp		2.600		04/15/22		199,941
	750,000		Occidental Petroleum Corp		3.500		06/15/25		771,040
	600,000		Occidental Petroleum Corp		3.400		04/15/26		613,388
	1,650,000		Occidental Petroleum Corp		3.000		02/15/27		1,642,593

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Occidental Petroleum Corp		4.625	%	06/15/45	$	328,680
	240,000	Occidental Petroleum Corp		4.400		04/15/46		254,768
	300,000	Occidental Petroleum Corp		4.100		02/15/47		306,714
	1,000,000	Occidental Petroleum Corp		4.200		03/15/48		1,044,004
	137,000	ONE Gas, Inc		3.610		02/01/24		140,822
	100,000	ONE Gas, Inc		4.658		02/01/44		111,597
	100,000	ONE Gas, Inc		4.500		11/01/48		110,565
	1,300,000	ONEOK, Inc		4.000		07/13/27		1,303,655
	300,000	ONEOK, Inc		4.550		07/15/28		310,540
	325,000	ONEOK, Inc		4.350		03/15/29		330,805
	675,000	ONEOK, Inc		4.950		07/13/47		666,504
	600,000	ONEOK, Inc		5.200		07/15/48		616,542
	75,000	Petro-Canada		6.800		05/15/38		97,235
	800,000	Petroleos Mexicanos		5.500		01/21/21		813,600
	2,000,000	Petroleos Mexicanos		5.375		03/13/22		2,038,000
	120,000	Petroleos Mexicanos		1.700		12/20/22		117,647
	120,000	Petroleos Mexicanos		2.000		12/20/22		118,478
	400,000	Petroleos Mexicanos		3.500		01/30/23		382,040
	759,000	Petroleos Mexicanos		4.625		09/21/23		747,623
	1,500,000	Petroleos Mexicanos		4.875		01/18/24		1,476,735
	1,950,000	Petroleos Mexicanos		4.500		01/23/26		1,813,110
	500,000	Petroleos Mexicanos		6.875		08/04/26		521,150
	6,150,000	Petroleos Mexicanos		6.500		03/13/27		6,175,892
	4,175,000	Petroleos Mexicanos		5.350		02/12/28		3,874,400
	625,000	Petroleos Mexicanos		6.500		01/23/29		619,375
	1,540,000	Petroleos Mexicanos		6.500		06/02/41		1,393,993
	575,000	Petroleos Mexicanos		6.375		01/23/45		507,897
	3,090,000	Petroleos Mexicanos		6.750		09/21/47		2,842,924
	2,798,000	Petroleos Mexicanos		6.350		02/12/48		2,466,857
	650,000	Phillips 66		4.300		04/01/22		678,223
	1,000,000	Phillips 66		3.900		03/15/28		1,018,352
	538,000	Phillips 66		4.650		11/15/34		578,482
	1,650,000	Phillips 66		4.875		11/15/44		1,811,957
	200,000	Phillips 66 Partners LP		2.646		02/15/20		199,350
	100,000	Phillips 66 Partners LP		3.550		10/01/26		98,262
	175,000	Phillips 66 Partners LP		3.750		03/01/28		172,582
	425,000	Phillips 66 Partners LP		4.680		02/15/45		417,173
	100,000	Phillips 66 Partners LP		4.900		10/01/46		101,969
	1,125,000	Pioneer Natural Resources Co		3.450		01/15/21		1,136,818
	200,000	Pioneer Natural Resources Co		4.450		01/15/26		209,865
	700,000	Plains All American Pipeline LP		5.000		02/01/21		719,563
	200,000	Plains All American Pipeline LP		2.850		01/31/23		195,220
	400,000	Plains All American Pipeline LP		3.850		10/15/23		404,009
	200,000	Plains All American Pipeline LP		3.600		11/01/24		199,448
	300,000	Plains All American Pipeline LP		4.650		10/15/25		312,750
	1,500,000	Plains All American Pipeline LP		4.500		12/15/26		1,537,946
	100,000	Plains All American Pipeline LP		6.650		01/15/37		112,389
	250,000	Plains All American Pipeline LP		5.150		06/01/42		240,929
	300,000	Plains All American Pipeline LP		4.700		06/15/44		279,115
	300,000	Plains All American Pipeline LP		4.900		02/15/45		288,258
	2,250,000	Sabine Pass Liquefaction LLC		5.625		02/01/21		2,337,824
	1,500,000	Sabine Pass Liquefaction LLC		5.625		03/01/25		1,649,445
	2,500,000	Sabine Pass Liquefaction LLC		5.000		03/15/27		2,650,244

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	375,000	Sabine Pass Liquefaction LLC		4.200	%	03/15/28	$	378,397
	750,000	Schlumberger Investment S.A.		3.650		12/01/23		777,752
	2,280,000	Shell International Finance BV		4.375		03/25/20		2,319,294
	500,000	Shell International Finance BV		1.875		05/10/21		493,222
	500,000	Shell International Finance BV		1.750		09/12/21		490,347
	750,000	Shell International Finance BV		3.500		11/13/23		775,718
	4,300,000	Shell International Finance BV		3.250		05/11/25		4,381,913
	1,500,000	Shell International Finance BV		2.875		05/10/26		1,494,977
	500,000	Shell International Finance BV		2.500		09/12/26		483,646
	750,000	Shell International Finance BV		3.875		11/13/28		795,358
	500,000	Shell International Finance BV		4.125		05/11/35		533,246
	1,000,000	Shell International Finance BV		4.550		08/12/43		1,113,548
	1,000,000	Shell International Finance BV		4.375		05/11/45		1,094,408
	425,000	Shell International Finance BV		4.000		05/10/46		443,413
	3,180,000	Shell International Finance BV		3.750		09/12/46		3,185,651
	200,000	Spectra Energy Partners LP		4.750		03/15/24		213,203
	400,000	Spectra Energy Partners LP		3.500		03/15/25		400,246
	1,100,000	Spectra Energy Partners LP		3.375		10/15/26		1,082,729
	200,000	Spectra Energy Partners LP		5.950		09/25/43		235,506
	300,000	Spectra Energy Partners LP		4.500		03/15/45		304,328
	500,000	Statoil ASA		2.250		11/08/19		498,498
	300,000	Statoil ASA		2.900		11/08/20		301,710
	500,000	Statoil ASA		2.750		11/10/21		503,176
	625,000	Statoil ASA		2.450		01/17/23		620,789
	300,000	Statoil ASA		2.650		01/15/24		298,789
	300,000	Statoil ASA		3.700		03/01/24		314,041
	500,000	Statoil ASA		3.250		11/10/24		512,031
	200,000	Statoil ASA		5.100		08/17/40		236,230
	400,000	Statoil ASA		4.250		11/23/41		425,979
	300,000	Statoil ASA		3.950		05/15/43		308,641
	1,300,000	Statoil ASA		4.800		11/08/43		1,516,647
	750,000	Suncor Energy, Inc		3.600		12/01/24		768,547
	1,400,000	Suncor Energy, Inc		6.500		06/15/38		1,772,791
	750,000	Suncor Energy, Inc		4.000		11/15/47		743,990
	200,000	Sunoco Logistics Partners Operations LP		4.400		04/01/21		205,328
	1,181,000	Sunoco Logistics Partners Operations LP		3.450		01/15/23		1,186,281
	300,000	Sunoco Logistics Partners Operations LP		4.250		04/01/24		308,751
	200,000	Sunoco Logistics Partners Operations LP		5.950		12/01/25		221,608
	400,000	Sunoco Logistics Partners Operations LP		3.900		07/15/26		398,183
	1,500,000	Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,488,871
	100,000	Sunoco Logistics Partners Operations LP		6.100		02/15/42		107,333
	300,000	Sunoco Logistics Partners Operations LP		5.300		04/01/44		294,482
	200,000	Sunoco Logistics Partners Operations LP		5.350		05/15/45		195,944
	1,000,000	Sunoco Logistics Partners Operations LP		5.400		10/01/47		997,765
	100,000	TechnipFMC plc		3.450		10/01/22		101,083
	1,000,000	Tesoro Logistics LP		6.375		05/01/24		1,047,500
	300,000	Total Capital Canada Ltd		2.750		07/15/23		300,657
	300,000	Total Capital International S.A.		2.750		06/19/21		300,738
	1,000,000	Total Capital International S.A.		2.875		02/17/22		1,008,586
	400,000	Total Capital International S.A.		2.700		01/25/23		399,745
	600,000	Total Capital International S.A.		3.700		01/15/24		623,211
	300,000	Total Capital International S.A.		3.750		04/10/24		312,582

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Total Capital International S.A.		3.455	%	02/19/29	$	307,483
	700,000	Total Capital S.A.		4.450		06/24/20		715,667
	100,000	Total Capital S.A.		4.125		01/28/21		102,729
	1,000,000	Total Capital S.A.		3.883		10/11/28		1,055,487
	600,000	TransCanada PipeLines Ltd		3.800		10/01/20		609,597
	1,000,000	TransCanada PipeLines Ltd		4.875		01/15/26		1,082,084
	850,000	TransCanada PipeLines Ltd		4.250		05/15/28		887,701
	1,700,000	TransCanada PipeLines Ltd		4.625		03/01/34		1,794,500
	500,000	TransCanada PipeLines Ltd		4.750		05/15/38		524,103
	1,200,000	TransCanada PipeLines Ltd		5.000		10/16/43		1,261,309
	750,000	TransCanada PipeLines Ltd		4.875		05/15/48		788,064
	400,000	TransCanada PipeLines Ltd		5.100		03/15/49		431,207
	193,000	Vale Overseas Ltd		4.375		01/11/22		196,764
	3,100,000	Vale Overseas Ltd		6.250		08/10/26		3,369,700
	150,000	Vale Overseas Ltd		8.250		01/17/34		188,016
	1,164,000	Vale Overseas Ltd		6.875		11/21/36		1,329,870
	825,000	Valero Energy Corp		3.650		03/15/25		837,217
	500,000	Valero Energy Corp		3.400		09/15/26		489,581
	300,000	Valero Energy Corp		4.350		06/01/28		311,770
	1,000,000	Valero Energy Corp		4.000		04/01/29		1,006,603
	330,000	Valero Energy Corp		7.500		04/15/32		421,541
	500,000	Valero Energy Corp		6.625		06/15/37		616,606
	300,000	Valero Energy Corp		4.900		03/15/45		316,946
	200,000	Valero Energy Partners LP		4.375		12/15/26		207,156
	300,000	Valero Energy Partners LP		4.500		03/15/28		310,577
	450,000	Western Gas Partners LP		4.000		07/01/22		456,525
	200,000	Western Gas Partners LP		3.950		06/01/25		197,270
	400,000	Western Gas Partners LP		4.650		07/01/26		405,487
	250,000	Western Gas Partners LP		4.500		03/01/28		248,137
	400,000	Western Gas Partners LP		4.750		08/15/28		406,401
	200,000	Western Gas Partners LP		5.450		04/01/44		191,456
	300,000	Western Gas Partners LP		5.300		03/01/48		284,563
	200,000	Western Gas Partners LP		5.500		08/15/48		195,506
	830,000	Williams Partners LP		5.250		03/15/20		847,618
	600,000	Williams Partners LP		4.000		11/15/21		615,904
	750,000	Williams Partners LP		3.600		03/15/22		760,742
	2,200,000	Williams Partners LP		3.350		08/15/22		2,217,210
	300,000	Williams Partners LP		4.500		11/15/23		315,034
	750,000	Williams Partners LP		4.000		09/15/25		770,796
	1,000,000	Williams Partners LP		3.750		06/15/27		993,890
	300,000	Williams Partners LP		5.800		11/15/43		332,555
	300,000	Williams Partners LP		5.400		03/04/44		320,229
	1,000,000	Williams Partners LP		4.900		01/15/45		1,000,213
	1,500,000	Williams Partners LP		4.850		03/01/48		1,497,146
		TOTAL ENERGY						282,808,135

FOOD & STAPLES RETAILING - 0.6%
	250,000	Costco Wholesale Corp		1.700		12/15/19		248,424
	500,000	Costco Wholesale Corp		2.150		05/18/21		497,388
	200,000	Costco Wholesale Corp		2.250		02/15/22		199,485
	1,300,000	Costco Wholesale Corp		2.300		05/18/22		1,293,895
	400,000	Costco Wholesale Corp		2.750		05/18/24		402,966
	500,000	Costco Wholesale Corp		3.000		05/18/27		499,904

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,875,000	CVS Health Corp		3.125	%	03/09/20	$	1,880,170
	2,300,000	CVS Health Corp		3.350		03/09/21		2,318,739
	650,000	CVS Health Corp		2.125		06/01/21		638,589
	500,000	CVS Health Corp		3.500		07/20/22		506,596
	500,000	CVS Health Corp		2.750		12/01/22		493,268
	4,000,000	CVS Health Corp		3.700		03/09/23		4,063,918
	900,000	CVS Health Corp		3.375		08/12/24		893,691
	3,000,000	CVS Health Corp		4.100		03/25/25		3,081,800
	1,319,000	CVS Health Corp		3.875		07/20/25		1,335,676
	2,200,000	CVS Health Corp		2.875		06/01/26		2,082,749
	3,500,000	CVS Health Corp		4.300		03/25/28		3,549,687
	2,375,000	CVS Health Corp		4.780		03/25/38		2,355,377
	400,000	CVS Health Corp		5.300		12/05/43		417,064
	1,500,000	CVS Health Corp		5.125		07/20/45		1,529,672
	5,000,000	CVS Health Corp		5.050		03/25/48		5,039,670
	69,000	Delhaize Group S.A.		5.700		10/01/40		76,299
	200,000	Kroger Co		2.950		11/01/21		200,387
	200,000	Kroger Co		3.400		04/15/22		202,623
	125,000	Kroger Co		2.800		08/01/22		124,411
	200,000	Kroger Co		3.850		08/01/23		206,188
	300,000	Kroger Co		4.000		02/01/24		310,009
	100,000	Kroger Co		3.500		02/01/26		98,926
	300,000	Kroger Co		2.650		10/15/26		276,344
	175,000	Kroger Co		3.700		08/01/27		172,294
	150,000	Kroger Co		4.500		01/15/29		153,578
	100,000	Kroger Co		6.900		04/15/38		119,540
	250,000	Kroger Co		5.000		04/15/42		244,750
	300,000	Kroger Co		5.150		08/01/43		297,677
	300,000	Kroger Co		3.875		10/15/46		250,048
	500,000	Kroger Co		4.450		02/01/47		454,971
	700,000	Kroger Co		4.650		01/15/48		649,758
	300,000	Kroger Co		5.400		01/15/49		311,813
	500,000	SYSCO Corp		2.600		10/01/20		499,274
	125,000	SYSCO Corp		2.500		07/15/21		123,952
	250,000	SYSCO Corp		3.550		03/15/25		253,639
	225,000	SYSCO Corp		3.300		07/15/26		223,547
	1,600,000	SYSCO Corp		3.250		07/15/27		1,574,208
	300,000	SYSCO Corp		4.850		10/01/45		322,293
	500,000	SYSCO Corp		4.500		04/01/46		515,744
	250,000	SYSCO Corp		4.450		03/15/48		255,052
	200,000	Walgreen Co		4.400		09/15/42		182,800
	800,000	Walgreens Boots Alliance, Inc		3.300		11/18/21		809,215
	2,000,000	Walgreens Boots Alliance, Inc		3.450		06/01/26		1,958,828
	1,400,000	Walgreens Boots Alliance, Inc		4.500		11/18/34		1,393,903
	400,000	Walgreens Boots Alliance, Inc		4.800		11/18/44		384,255
	125,000	Walgreens Boots Alliance, Inc		4.650		06/01/46		118,100
	300,000	Wal-Mart Stores, Inc		2.350		12/15/22		298,360
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		998,737
	800,000	Wal-Mart Stores, Inc		3.300		04/22/24		824,024
	1,500,000	Wal-Mart Stores, Inc		2.650		12/15/24		1,496,977
	4,500,000	Wal-Mart Stores, Inc		3.625		12/15/47		4,468,320
	500,000	Walmart, Inc		2.850		06/23/20		502,265

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,550,000	Walmart, Inc		1.900	%	12/15/20	$	2,528,311
	1,000,000	Walmart, Inc		3.125		06/23/21		1,014,212
	475,000	Walmart, Inc		3.400		06/26/23		489,902
	500,000	Walmart, Inc		3.550		06/26/25		519,331
	3,500,000	Walmart, Inc		3.700		06/26/28		3,684,956
	500,000	Walmart, Inc		3.950		06/28/38		526,203
	1,000,000	Walmart, Inc		4.050		06/29/48		1,066,314
		TOTAL FOOD & STAPLES RETAILING						64,511,066

FOOD, BEVERAGE & TOBACCO - 1.2%
	1,800,000	Altria Group, Inc		4.750		05/05/21		1,871,022
	400,000	Altria Group, Inc		3.490		02/14/22		406,441
	800,000	Altria Group, Inc		2.850		08/09/22		798,381
	200,000	Altria Group, Inc		2.950		05/02/23		198,735
	500,000	Altria Group, Inc		3.800		02/14/24		509,169
	150,000	Altria Group, Inc		4.400		02/14/26		154,496
	700,000	Altria Group, Inc		2.625		09/16/26		646,624
	2,500,000	Altria Group, Inc		4.800		02/14/29		2,579,713
	500,000	Altria Group, Inc		5.800		02/14/39		529,533
	800,000	Altria Group, Inc		4.250		08/09/42		696,849
	300,000	Altria Group, Inc		4.500		05/02/43		269,684
	600,000	Altria Group, Inc		5.375		01/31/44		603,301
	700,000	Altria Group, Inc		3.875		09/16/46		575,812
	1,000,000	Altria Group, Inc		5.950		02/14/49		1,072,916
	1,000,000	Altria Group, Inc		6.200		02/14/59		1,075,734
	1,000,000	Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		966,365
	425,000	Anheuser-Busch InBev Worldwide, Inc		4.150		01/23/25		443,111
	2,175,000	Anheuser-Busch InBev Worldwide, Inc		4.000		04/13/28		2,210,508
	2,000,000	Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		2,129,650
	500,000	Anheuser-Busch InBev Worldwide, Inc		4.900		01/23/31		538,982
	1,500,000	Anheuser-Busch InBev Worldwide, Inc		4.375		04/15/38		1,441,877
	2,325,000	Anheuser-Busch InBev Worldwide, Inc		5.450		01/23/39		2,518,361
	1,539,000	Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		1,450,567
	1,500,000	Anheuser-Busch InBev Worldwide, Inc		5.550		01/23/49		1,649,125
	1,500,000	Anheuser-Busch InBev Worldwide, Inc		4.750		04/15/58		1,432,494
	1,800,000	Anheuser-Busch InBev Worldwide, Inc		5.800		01/23/59		2,006,564
	300,000	Archer-Daniels-Midland Co		3.375		03/15/22		306,799
	1,400,000	Archer-Daniels-Midland Co		2.500		08/11/26		1,349,086
	740,000	Archer-Daniels-Midland Co		4.016		04/16/43		754,023
	200,000	Archer-Daniels-Midland Co		3.750		09/15/47		195,065
	300,000	Archer-Daniels-Midland Co		4.500		03/15/49		331,107
	750,000	BAT Capital Corp		2.297		08/14/20		742,654
	750,000	BAT Capital Corp		2.764		08/15/22		737,902
	1,000,000	BAT Capital Corp		3.222		08/15/24		978,322
	2,900,000	BAT Capital Corp		3.557		08/15/27		2,748,124
	1,000,000	BAT Capital Corp		4.390		08/15/37		902,999
	1,750,000	BAT Capital Corp		4.540		08/15/47		1,534,958
	200,000	Beam, Inc		3.250		05/15/22		200,161
	200,000	Brown-Forman Corp		3.500		04/15/25		205,326
	200,000	Brown-Forman Corp		4.000		04/15/38		206,942
	200,000	Brown-Forman Corp		4.500		07/15/45		220,902
	800,000	Bunge Ltd		3.500		11/24/20		803,973
	300,000	Bunge Ltd		3.000		09/25/22		298,624

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Bunge Ltd		4.350	%	03/15/24	$	506,600
	300,000	Bunge Ltd		3.750		09/25/27		275,291
	500,000	Campbell Soup Co		3.300		03/15/21		503,201
	100,000	Campbell Soup Co		4.250		04/15/21		102,245
	650,000	Campbell Soup Co		2.500		08/02/22		634,528
	500,000	Campbell Soup Co		3.650		03/15/23		507,220
	500,000	Campbell Soup Co		3.950		03/15/25		503,497
	500,000	Campbell Soup Co		4.150		03/15/28		498,551
	150,000	Campbell Soup Co		3.800		08/02/42		118,626
	500,000	Campbell Soup Co		4.800		03/15/48		466,766
	300,000	Coca-Cola Bottling Co Consolidated		3.800		11/25/25		305,658
	500,000	Coca-Cola Co		1.875		10/27/20		495,579
	300,000	Coca-Cola Co		2.450		11/01/20		300,177
	410,000	Coca-Cola Co		3.150		11/15/20		413,537
	1,200,000	Coca-Cola Co		1.550		09/01/21		1,172,707
	300,000	Coca-Cola Co		2.500		04/01/23		300,332
	2,500,000	Coca-Cola Co		3.200		11/01/23		2,570,218
	500,000	Coca-Cola Co		2.875		10/27/25		502,265
	300,000	Coca-Cola Co		2.550		06/01/26		292,486
	400,000	Coca-Cola Co		2.250		09/01/26		382,315
	400,000	Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		406,342
	500,000	Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		516,042
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		230,604
	350,000	ConAgra Brands, Inc		3.800		10/22/21		356,497
	750,000	ConAgra Brands, Inc		4.300		05/01/24		777,267
	275,000	ConAgra Brands, Inc		4.600		11/01/25		289,359
	750,000	ConAgra Brands, Inc		4.850		11/01/28		788,431
	750,000	ConAgra Brands, Inc		5.300		11/01/38		762,011
	750,000	ConAgra Brands, Inc		5.400		11/01/48		755,240
	572,000	ConAgra Foods, Inc		3.200		01/25/23		573,501
	100,000	ConAgra Foods, Inc		7.000		10/01/28		117,019
	200,000	Constellation Brands, Inc		2.250		11/06/20		197,994
	300,000	Constellation Brands, Inc		2.700		05/09/22		297,824
	300,000	Constellation Brands, Inc		2.650		11/07/22		296,286
	1,250,000	Constellation Brands, Inc		3.200		02/15/23		1,258,462
	100,000	Constellation Brands, Inc		4.400		11/15/25		105,056
	750,000	Constellation Brands, Inc		3.700		12/06/26		748,002
	300,000	Constellation Brands, Inc		3.500		05/09/27		293,149
	700,000	Constellation Brands, Inc		3.600		02/15/28		685,629
	300,000	Constellation Brands, Inc		4.650		11/15/28		317,949
	300,000	Constellation Brands, Inc		4.100		02/15/48		272,887
	300,000	Constellation Brands, Inc		5.250		11/15/48		318,734
	100,000	Corn Products International, Inc		4.625		11/01/20		102,339
	500,000	Diageo Capital plc		3.000		05/18/20		501,668
	500,000	Diageo Capital plc		3.500		09/18/23		518,152
	425,000	Diageo Capital plc		3.875		05/18/28		449,452
	200,000	Diageo Capital plc		5.875		09/30/36		249,917
	400,000	Diageo Capital plc		3.875		04/29/43		404,780
	150,000	Flowers Foods, Inc		4.375		04/01/22		155,521
	100,000	Flowers Foods, Inc		3.500		10/01/26		96,784
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		195,132
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		304,824

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		General Mills, Inc		3.150	%	12/15/21	$	201,612
	500,000		General Mills, Inc		2.600		10/12/22		494,292
	500,000		General Mills, Inc		3.650		02/15/24		510,824
	500,000		General Mills, Inc		3.200		02/10/27		485,162
	2,500,000		General Mills, Inc		4.200		04/17/28		2,599,444
	150,000		General Mills, Inc		5.400		06/15/40		160,476
	100,000		General Mills, Inc		4.150		02/15/43		91,247
	200,000		General Mills, Inc		4.700		04/17/48		200,265
	150,000		Hershey Co		4.125		12/01/20		153,615
	300,000		Hershey Co		3.100		05/15/21		303,044
	300,000		Hershey Co		3.375		05/15/23		310,938
	500,000		Hershey Co		2.300		08/15/26		476,889
	300,000		Hershey Co		3.375		08/15/46		281,689
	300,000		Ingredion, Inc		3.200		10/01/26		286,950
	175,000		JM Smucker Co		2.500		03/15/20		174,514
	100,000		JM Smucker Co		3.500		10/15/21		101,319
	300,000		JM Smucker Co		3.000		03/15/22		300,798
	600,000		JM Smucker Co		3.500		03/15/25		601,845
	200,000		JM Smucker Co		3.375		12/15/27		196,039
	300,000		JM Smucker Co		4.250		03/15/35		290,253
	300,000		JM Smucker Co		4.375		03/15/45		282,427
	300,000		Kellogg Co		3.250		05/14/21		303,193
	500,000		Kellogg Co		2.650		12/01/23		490,457
	1,125,000		Kellogg Co		3.250		04/01/26		1,094,187
	200,000		Kellogg Co		3.400		11/15/27		192,344
	300,000		Kellogg Co		4.300		05/15/28		308,075
	150,000		Kellogg Co		4.500		04/01/46		142,203
	750,000	g	Keurig Dr Pepper, Inc		3.551		05/25/21		758,170
	1,000,000	g	Keurig Dr Pepper, Inc		4.057		05/25/23		1,029,012
	500,000		Keurig Dr Pepper, Inc		3.130		12/15/23		497,606
	200,000		Keurig Dr Pepper, Inc		3.400		11/15/25		195,642
	200,000		Keurig Dr Pepper, Inc		2.550		09/15/26		182,475
	1,250,000	g	Keurig Dr Pepper, Inc		4.597		05/25/28		1,303,197
	500,000		Keurig Dr Pepper, Inc		4.420		12/15/46		458,139
	750,000	g	Keurig Dr Pepper, Inc		5.085		05/25/48		769,203
	500,000		Kraft Heinz Foods Co		3.375		06/15/21		504,182
	2,275,000		Kraft Heinz Foods Co		3.500		06/06/22		2,300,572
	200,000		Kraft Heinz Foods Co		3.500		07/15/22		201,964
	750,000		Kraft Heinz Foods Co		4.000		06/15/23		771,895
	900,000		Kraft Heinz Foods Co		3.950		07/15/25		907,095
	1,500,000		Kraft Heinz Foods Co		3.000		06/01/26		1,402,459
	1,500,000		Kraft Heinz Foods Co		4.625		01/30/29		1,544,434
	600,000		Kraft Heinz Foods Co		5.000		07/15/35		589,840
	300,000		Kraft Heinz Foods Co		6.500		02/09/40		327,853
	700,000		Kraft Heinz Foods Co		5.000		06/04/42		663,476
	1,000,000		Kraft Heinz Foods Co		5.200		07/15/45		964,733
	1,500,000		Kraft Heinz Foods Co		4.375		06/01/46		1,303,263
	250,000		McCormick & Co, Inc		2.700		08/15/22		248,702
	250,000		McCormick & Co, Inc		3.150		08/15/24		249,502
	250,000		McCormick & Co, Inc		3.400		08/15/27		245,609
	400,000		McCormick & Co, Inc		4.200		08/15/47		384,192
	600,000		Mead Johnson Nutrition Co		3.000		11/15/20		601,472
	225,000		Mead Johnson Nutrition Co		4.125		11/15/25		238,904

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	350,000	Mead Johnson Nutrition Co		4.600	%	06/01/44	$	382,858
	500,000	Molson Coors Brewing Co		2.250		03/15/20		496,802
	500,000	Molson Coors Brewing Co		2.100		07/15/21		490,491
	150,000	Molson Coors Brewing Co		3.500		05/01/22		151,974
	750,000	Molson Coors Brewing Co		3.000		07/15/26		710,343
	300,000	Molson Coors Brewing Co		5.000		05/01/42		294,634
	1,250,000	Molson Coors Brewing Co		4.200		07/15/46		1,113,109
	500,000	Mondelez International, Inc		3.000		05/07/20		501,373
	500,000	Mondelez International, Inc		3.625		05/07/23		512,199
	300,000	Mondelez International, Inc		3.625		02/13/26		304,215
	500,000	Mondelez International, Inc		4.125		05/07/28		522,729
	500,000	Mondelez International, Inc		4.625		05/07/48		506,856
	600,000	PepsiCo, Inc		3.125		11/01/20		606,132
	300,000	PepsiCo, Inc		2.000		04/15/21		297,481
	200,000	PepsiCo, Inc		3.000		08/25/21		201,600
	1,300,000	PepsiCo, Inc		1.700		10/06/21		1,272,958
	400,000	PepsiCo, Inc		2.750		03/05/22		403,842
	500,000	PepsiCo, Inc		2.250		05/02/22		496,676
	300,000	PepsiCo, Inc		3.100		07/17/22		305,738
	500,000	PepsiCo, Inc		2.750		03/01/23		506,208
	1,000,000	PepsiCo, Inc		3.600		03/01/24		1,045,232
	300,000	PepsiCo, Inc		2.750		04/30/25		300,142
	425,000	PepsiCo, Inc		3.500		07/17/25		441,421
	100,000	PepsiCo, Inc		2.850		02/24/26		99,370
	1,000,000	PepsiCo, Inc		2.375		10/06/26		959,352
	2,500,000	PepsiCo, Inc		3.000		10/15/27		2,485,768
	400,000	PepsiCo, Inc		4.000		03/05/42		417,702
	200,000	PepsiCo, Inc		3.600		08/13/42		198,328
	450,000	PepsiCo, Inc		4.600		07/17/45		512,398
	800,000	PepsiCo, Inc		4.450		04/14/46		892,170
	275,000	PepsiCo, Inc		3.450		10/06/46		265,440
	750,000	PepsiCo, Inc		4.000		05/02/47		785,114
	300,000	Philip Morris International, Inc		2.000		02/21/20		298,003
	200,000	Philip Morris International, Inc		2.900		11/15/21		201,106
	300,000	Philip Morris International, Inc		2.625		02/18/22		299,678
	300,000	Philip Morris International, Inc		2.375		08/17/22		296,183
	200,000	Philip Morris International, Inc		2.500		08/22/22		198,265
	300,000	Philip Morris International, Inc		2.500		11/02/22		297,460
	500,000	Philip Morris International, Inc		2.625		03/06/23		496,629
	300,000	Philip Morris International, Inc		2.125		05/10/23		292,231
	300,000	Philip Morris International, Inc		3.600		11/15/23		308,802
	500,000	Philip Morris International, Inc		3.250		11/10/24		507,582
	300,000	Philip Morris International, Inc		3.375		08/11/25		302,622
	700,000	Philip Morris International, Inc		2.750		02/25/26		682,198
	1,300,000	Philip Morris International, Inc		3.125		08/17/27		1,273,880
	1,500,000	Philip Morris International, Inc		3.125		03/02/28		1,462,592
	200,000	Philip Morris International, Inc		4.500		03/20/42		198,727
	150,000	Philip Morris International, Inc		3.875		08/21/42		137,971
	300,000	Philip Morris International, Inc		4.125		03/04/43		284,085
	200,000	Philip Morris International, Inc		4.875		11/15/43		209,318
	1,300,000	Philip Morris International, Inc		4.250		11/10/44		1,264,792
	270,000	Reynolds American, Inc		6.875		05/01/20		280,819

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	375,000	Reynolds American, Inc		3.250	%	06/12/20	$	375,571
	2,250,000	Reynolds American, Inc		4.000		06/12/22		2,298,753
	200,000	Reynolds American, Inc		4.850		09/15/23		211,067
	750,000	Reynolds American, Inc		5.700		08/15/35		776,668
	65,000	Reynolds American, Inc		7.250		06/15/37		75,961
	200,000	Reynolds American, Inc		6.150		09/15/43		209,010
	750,000	Reynolds American, Inc		5.850		08/15/45		770,533
	1,400,000	Tyson Foods, Inc		4.500		06/15/22		1,462,514
	100,000	Tyson Foods, Inc		3.900		09/28/23		103,066
	500,000	Tyson Foods, Inc		3.950		08/15/24		515,164
	300,000	Tyson Foods, Inc		4.000		03/01/26		306,464
	300,000	Tyson Foods, Inc		3.550		06/02/27		295,191
	300,000	Tyson Foods, Inc		4.350		03/01/29		309,741
	500,000	Tyson Foods, Inc		5.150		08/15/44		509,522
	300,000	Tyson Foods, Inc		4.550		06/02/47		284,945
	900,000	Tyson Foods, Inc		5.100		09/28/48		917,659
		TOTAL FOOD, BEVERAGE & TOBACCO						132,360,753

HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	200,000	Advocate Health & Hospitals Corp		3.829		08/15/28		210,518
	100,000	Advocate Health & Hospitals Corp		4.272		08/15/48		107,041
	100,000	AmerisourceBergen Corp		3.500		11/15/21		101,060
	400,000	AmerisourceBergen Corp		3.400		05/15/24		403,163
	700,000	AmerisourceBergen Corp		3.250		03/01/25		691,497
	200,000	AmerisourceBergen Corp		3.450		12/15/27		195,698
	700,000	AmerisourceBergen Corp		4.300		12/15/47		638,885
	500,000	Anthem, Inc		2.500		11/21/20		497,516
	500,000	Anthem, Inc		2.950		12/01/22		499,762
	1,400,000	Anthem, Inc		3.350		12/01/24		1,412,750
	400,000	Anthem, Inc		3.650		12/01/27		399,400
	1,000,000	Anthem, Inc		4.101		03/01/28		1,030,256
	400,000	Anthem, Inc		4.375		12/01/47		398,446
	1,000,000	Anthem, Inc		4.550		03/01/48		1,026,560
	500,000	Ascension Health, Inc		3.945		11/15/46		515,168
	200,000	Ascension Health, Inc		4.847		11/15/53		230,399
	300,000	Baxter International, Inc		1.700		08/15/21		292,056
	300,000	Baxter International, Inc		2.600		08/15/26		286,682
	300,000	Baxter International, Inc		3.500		08/15/46		259,823
	290,000	Baylor Scott & White Holdings		4.185		11/15/45		301,480
	200,000	Baylor Scott & White Holdings		3.967		11/15/46		199,357
	1,414,000	Becton Dickinson & Co		2.675		12/15/19		1,409,429
	750,000	Becton Dickinson & Co		3.363		06/06/24		750,919
	151,000	Becton Dickinson & Co		3.734		12/15/24		153,401
	1,000,000	Becton Dickinson & Co		4.669		06/06/47		1,048,602
	750,000	Becton Dickinson and Co		2.404		06/05/20		744,698
	750,000	Becton Dickinson and Co		2.894		06/06/22		746,057
	2,000,000	Becton Dickinson and Co		3.700		06/06/27		1,994,394
	500,000	Becton Dickinson and Co		4.685		12/15/44		516,751
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		102,809
	300,000	Boston Scientific Corp		3.375		05/15/22		304,125
	150,000	Boston Scientific Corp		4.125		10/01/23		156,370
	500,000	Boston Scientific Corp		3.450		03/01/24		509,270
	1,400,000	Boston Scientific Corp		3.850		05/15/25		1,442,138

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Boston Scientific Corp		3.750	%	03/01/26	$	510,293
	500,000		Boston Scientific Corp		4.000		03/01/28		514,458
	275,000		Boston Scientific Corp		4.000		03/01/29		283,885
	500,000		Boston Scientific Corp		4.550		03/01/39		523,149
	500,000		Boston Scientific Corp		4.700		03/01/49		532,767
	100,000		Cardinal Health, Inc		4.625		12/15/20		102,832
	350,000		Cardinal Health, Inc		2.616		06/15/22		345,555
	100,000		Cardinal Health, Inc		3.200		06/15/22		100,004
	200,000		Cardinal Health, Inc		3.200		03/15/23		198,750
	500,000		Cardinal Health, Inc		3.079		06/15/24		488,316
	100,000		Cardinal Health, Inc		3.500		11/15/24		99,900
	200,000		Cardinal Health, Inc		3.750		09/15/25		199,891
	300,000		Cardinal Health, Inc		3.410		06/15/27		283,527
	100,000		Cardinal Health, Inc		4.600		03/15/43		92,257
	200,000		Cardinal Health, Inc		4.500		11/15/44		181,451
	200,000		Cardinal Health, Inc		4.900		09/15/45		190,892
	500,000		Cardinal Health, Inc		4.368		06/15/47		442,882
	200,000		CHRISTUS Health		4.341		07/01/28		213,961
	450,000		Coventry Health Care, Inc		5.450		06/15/21		470,470
	150,000		Covidien International Finance S.A.		3.200		06/15/22		152,552
	100,000		Dartmouth-Hitchcock Health		4.178		08/01/48		101,959
	200,000		Dignity Health		5.267		11/01/64		211,471
	400,000		Duke University Health System, Inc		3.920		06/01/47		413,903
	300,000		Edwards Lifesciences Corp		4.300		06/15/28		314,914
	200,000		Express Scripts Holding Co		2.600		11/30/20		199,170
	150,000		Express Scripts Holding Co		3.300		02/25/21		151,032
	250,000		Express Scripts Holding Co		4.750		11/15/21		261,206
	525,000		Express Scripts Holding Co		3.900		02/15/22		539,391
	1,000,000		Express Scripts Holding Co		3.050		11/30/22		1,000,740
	1,100,000		Express Scripts Holding Co		3.000		07/15/23		1,093,784
	300,000		Express Scripts Holding Co		3.500		06/15/24		302,508
	150,000		Express Scripts Holding Co		4.500		02/25/26		157,138
	1,300,000		Express Scripts Holding Co		3.400		03/01/27		1,266,177
	93,000		Express Scripts Holding Co		6.125		11/15/41		110,306
	750,000		Express Scripts Holding Co		4.800		07/15/46		763,786
	200,000		Hackensack Meridian Health, Inc		4.211		07/01/48		212,629
	200,000		Hackensack Meridian Health, Inc		4.500		07/01/57		218,542
	500,000	g	Halfmoon Parent, Inc		3.200		09/17/20		502,400
	1,500,000	g	Halfmoon Parent, Inc		3.400		09/17/21		1,516,003
	1,500,000	g	Halfmoon Parent, Inc		3.750		07/15/23		1,538,656
	500,000	g	Halfmoon Parent, Inc		4.125		11/15/25		517,664
	4,000,000	g	Halfmoon Parent, Inc		4.375		10/15/28		4,145,888
	600,000	g	Halfmoon Parent, Inc		4.800		08/15/38		616,702
	575,000	g	Halfmoon Parent, Inc		4.900		12/15/48		595,066
	1,500,000		HCA, Inc		5.875		03/15/22		1,611,465
	2,500,000		HCA, Inc		5.000		03/15/24		2,647,228
	2,000,000		HCA, Inc		4.500		02/15/27		2,055,543
	500,000		HCA, Inc		5.500		06/15/47		533,561
	200,000		Indiana University Health, Inc Obligated Group		3.970		11/01/48		207,550
	100,000		Johns Hopkins Health System Corp		3.837		05/15/46		101,449
	100,000		Kaiser Foundation Hospitals		3.500		04/01/22		102,779
	500,000		Kaiser Foundation Hospitals		3.150		05/01/27		502,348

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Kaiser Foundation Hospitals		4.875	%	04/01/42	$	116,063
	1,265,000	Kaiser Foundation Hospitals		4.150		05/01/47		1,338,370
	200,000	Keysight Technologies, Inc		4.550		10/30/24		207,918
	300,000	Keysight Technologies, Inc		4.600		04/06/27		310,358
	550,000	Laboratory Corp of America Holdings		2.625		02/01/20		548,824
	300,000	Laboratory Corp of America Holdings		3.200		02/01/22		302,266
	200,000	Laboratory Corp of America Holdings		3.750		08/23/22		204,515
	700,000	Laboratory Corp of America Holdings		4.000		11/01/23		719,730
	200,000	Laboratory Corp of America Holdings		3.250		09/01/24		198,532
	100,000	Laboratory Corp of America Holdings		3.600		02/01/25		99,771
	300,000	Laboratory Corp of America Holdings		3.600		09/01/27		298,422
	300,000	Laboratory Corp of America Holdings		4.700		02/01/45		292,910
	200,000	Mayo Clinic		4.000		11/15/47		206,532
	200,000	Mayo Clinic		4.128		11/15/52		208,016
	300,000	McKesson Corp		3.650		11/30/20		303,667
	600,000	McKesson Corp		2.700		12/15/22		592,064
	200,000	McKesson Corp		2.850		03/15/23		197,842
	1,000,000	McKesson Corp		3.796		03/15/24		1,021,863
	500,000	McKesson Corp		3.950		02/16/28		500,468
	300,000	McKesson Corp		4.750		05/30/29		313,785
	200,000	McLaren Health Care Corp		4.386		05/15/48		213,572
	1,325,000	Medtronic Global Holdings S.C.A		3.350		04/01/27		1,349,827
	1,100,000	Medtronic, Inc		3.150		03/15/22		1,120,528
	1,000,000	Medtronic, Inc		3.625		03/15/24		1,039,774
	4,500,000	Medtronic, Inc		3.500		03/15/25		4,647,003
	936,000	Medtronic, Inc		4.375		03/15/35		1,022,725
	1,050,000	Medtronic, Inc		4.625		03/15/45		1,201,788
	200,000	Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		207,733
	500,000	Memorial Sloan-Kettering Cancer Center		4.200		07/01/55		529,078
	200,000	Mercy Health		4.302		07/01/28		215,324
	500,000	Montefiore Obligated Group		5.246		11/01/48		523,301
	100,000	Mount Sinai Hospitals Group, Inc		3.981		07/01/48		98,758
	300,000	New York and Presbyterian Hospital		4.024		08/01/45		314,567
	150,000	New York and Presbyterian Hospital		4.063		08/01/56		154,801
	140,000	Northwell Healthcare, Inc		3.979		11/01/46		135,586
	175,000	Northwell Healthcare, Inc		4.260		11/01/47		176,846
	350,000	NYU Hospitals Center		5.750		07/01/43		443,983
	250,000	NYU Hospitals Center		4.368		07/01/47		265,213
	100,000	Orlando Health Obligated Group		4.089		10/01/48		100,739
	200,000	PeaceHealth Obligated Group		4.787		11/15/48		228,599
	150,000	PerkinElmer, Inc		5.000		11/15/21		157,151
	200,000	Providence St. Joseph Health Obligated Group		2.746		10/01/26		190,098
	100,000	Providence St. Joseph Health Obligated Group		3.744		10/01/47		97,211
	350,000	Providence St. Joseph Health Obligated Group		3.930		10/01/48		351,855
	200,000	Quest Diagnostics, Inc		2.500		03/30/20		199,340
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		412,433
	125,000	Quest Diagnostics, Inc		3.500		03/30/25		125,100
	400,000	Quest Diagnostics, Inc		4.200		06/30/29		411,372
	300,000	Quest Diagnostics, Inc		4.700		03/30/45		299,166
	200,000	RWJ Barnabas Health, Inc		3.949		07/01/46		199,052
	300,000	SSM Health Care Corp		3.688		06/01/23		307,900
	200,000	SSM Health Care Corp		3.823		06/01/27		202,319
	500,000	Stanford Health Care		3.795		11/15/48		503,373

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	850,000	Stryker Corp		2.625	%	03/15/21	$	847,543
	200,000	Stryker Corp		3.375		11/01/25		203,363
	1,600,000	Stryker Corp		3.500		03/15/26		1,621,970
	500,000	Stryker Corp		3.650		03/07/28		513,295
	200,000	Stryker Corp		4.100		04/01/43		198,831
	200,000	Stryker Corp		4.375		05/15/44		206,698
	250,000	Stryker Corp		4.625		03/15/46		269,416
	200,000	Sutter Health		3.695		08/15/28		208,861
	200,000	Sutter Health		4.091		08/15/48		206,104
	100,000	Texas Health Resources		4.330		11/15/55		106,730
	650,000	Thermo Fisher Scientific, Inc		3.300		02/15/22		658,564
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		251,855
	1,300,000	Thermo Fisher Scientific, Inc		3.000		04/15/23		1,303,444
	600,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		627,321
	150,000	Thermo Fisher Scientific, Inc		3.650		12/15/25		153,892
	775,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		747,467
	1,150,000	Thermo Fisher Scientific, Inc		3.200		08/15/27		1,125,699
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		230,549
	200,000	Thermo Fisher Scientific, Inc		4.100		08/15/47		198,358
	300,000	Trinity Health Corp		4.125		12/01/45		303,149
	500,000	UnitedHealth Group, Inc		2.300		12/15/19		498,597
	500,000	UnitedHealth Group, Inc		2.700		07/15/20		501,086
	300,000	UnitedHealth Group, Inc		1.950		10/15/20		297,001
	700,000	UnitedHealth Group, Inc		4.700		02/15/21		722,794
	300,000	UnitedHealth Group, Inc		2.125		03/15/21		297,453
	500,000	UnitedHealth Group, Inc		3.150		06/15/21		505,481
	500,000	UnitedHealth Group, Inc		2.875		12/15/21		502,634
	500,000	UnitedHealth Group, Inc		3.350		07/15/22		510,932
	300,000	UnitedHealth Group, Inc		2.375		10/15/22		297,251
	325,000	UnitedHealth Group, Inc		2.750		02/15/23		325,145
	200,000	UnitedHealth Group, Inc		2.875		03/15/23		201,317
	500,000	UnitedHealth Group, Inc		3.500		06/15/23		515,465
	600,000	UnitedHealth Group, Inc		3.500		02/15/24		618,104
	500,000	UnitedHealth Group, Inc		3.700		12/15/25		519,039
	1,175,000	UnitedHealth Group, Inc		3.100		03/15/26		1,174,434
	300,000	UnitedHealth Group, Inc		3.375		04/15/27		304,062
	1,400,000	UnitedHealth Group, Inc		2.950		10/15/27		1,375,837
	2,000,000	UnitedHealth Group, Inc		3.850		06/15/28		2,095,092
	500,000	UnitedHealth Group, Inc		3.875		12/15/28		523,228
	750,000	UnitedHealth Group, Inc		4.625		07/15/35		842,440
	365,000	UnitedHealth Group, Inc		6.625		11/15/37		491,550
	300,000	UnitedHealth Group, Inc		4.375		03/15/42		319,849
	350,000	UnitedHealth Group, Inc		3.950		10/15/42		353,724
	200,000	UnitedHealth Group, Inc		4.250		03/15/43		210,306
	1,250,000	UnitedHealth Group, Inc		4.750		07/15/45		1,415,063
	625,000	UnitedHealth Group, Inc		4.200		01/15/47		651,281
	300,000	UnitedHealth Group, Inc		4.250		04/15/47		314,170
	500,000	UnitedHealth Group, Inc		3.750		10/15/47		486,573
	1,500,000	UnitedHealth Group, Inc		4.250		06/15/48		1,586,849
	500,000	UnitedHealth Group, Inc		4.450		12/15/48		544,551
	250,000	Zimmer Biomet Holdings, Inc		3.700		03/19/23		252,381
	500,000	Zimmer Holdings, Inc		2.700		04/01/20		498,775

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Zimmer Holdings, Inc		3.150	%	04/01/22	$	752,291
	1,925,000	Zimmer Holdings, Inc		3.550		04/01/25		1,899,561
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						107,832,686

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Clorox Co		3.800		11/15/21		102,994
	100,000	Clorox Co		3.050		09/15/22		101,380
	200,000	Clorox Co		3.500		12/15/24		207,217
	300,000	Clorox Co		3.100		10/01/27		295,701
	500,000	Clorox Co		3.900		05/15/28		525,195
	200,000	Colgate-Palmolive Co		2.300		05/03/22		199,346
	200,000	Colgate-Palmolive Co		2.250		11/15/22		198,895
	200,000	Colgate-Palmolive Co		1.950		02/01/23		196,987
	300,000	Colgate-Palmolive Co		3.250		03/15/24		308,438
	60,000	Colgate-Palmolive Co		6.450		06/16/28		74,614
	300,000	Colgate-Palmolive Co		4.000		08/15/45		320,916
	200,000	Colgate-Palmolive Co		3.700		08/01/47		206,728
	375,000	Ecolab, Inc		2.250		01/12/20		374,001
	286,000	Ecolab, Inc		4.350		12/08/21		298,511
	300,000	Ecolab, Inc		2.375		08/10/22		296,205
	200,000	Ecolab, Inc		3.250		01/14/23		202,715
	625,000	Ecolab, Inc		2.700		11/01/26		609,466
	300,000	Ecolab, Inc		3.250		12/01/27		301,808
	14,000	Ecolab, Inc		5.500		12/08/41		17,201
	210,000	Ecolab, Inc		3.950		12/01/47		215,540
	200,000	Estee Lauder Cos, Inc		1.800		02/07/20		198,573
	200,000	Estee Lauder Cos, Inc		2.350		08/15/22		199,392
	200,000	Estee Lauder Cos, Inc		3.150		03/15/27		200,514
	100,000	Estee Lauder Cos, Inc		6.000		05/15/37		127,421
	300,000	Estee Lauder Cos, Inc		4.375		06/15/45		325,612
	200,000	Estee Lauder Cos, Inc		4.150		03/15/47		212,652
	125,000	Kimberly-Clark Corp		2.400		03/01/22		124,306
	950,000	Kimberly-Clark Corp		3.050		08/15/25		964,884
	200,000	Kimberly-Clark Corp		3.950		11/01/28		214,327
	200,000	Kimberly-Clark Corp		6.625		08/01/37		272,425
	300,000	Kimberly-Clark Corp		3.200		07/30/46		273,333
	200,000	Kimberly-Clark Corp		3.900		05/04/47		205,009
	500,000	Procter & Gamble Co		1.850		02/02/21		494,499
	800,000	Procter & Gamble Co		2.300		02/06/22		799,036
	300,000	Procter & Gamble Co		2.150		08/11/22		297,167
	600,000	Procter & Gamble Co		3.100		08/15/23		616,910
	750,000	Procter & Gamble Co		2.700		02/02/26		746,853
	1,750,000	Procter & Gamble Co		2.450		11/03/26		1,706,454
	750,000	Procter & Gamble Co		2.850		08/11/27		755,329
	200,000	Procter & Gamble Co		3.500		10/25/47		200,045
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						13,988,599

INSURANCE - 0.8%
	500,000	ACE INA Holdings, Inc		2.875		11/03/22		504,175
	250,000	ACE INA Holdings, Inc		2.700		03/13/23		249,401
	400,000	ACE INA Holdings, Inc		3.150		03/15/25		403,716
	1,675,000	ACE INA Holdings, Inc		3.350		05/03/26		1,705,807

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	150,000	ACE INA Holdings, Inc		4.150	%	03/13/43	$	158,209
	1,600,000	ACE INA Holdings, Inc		4.350		11/03/45		1,744,131
	500,000	Aegon NV		5.500		04/11/48		499,465
	1,000,000	Aetna, Inc		2.750		11/15/22		986,977
	750,000	Aetna, Inc		2.800		06/15/23		736,848
	240,000	Aetna, Inc		6.625		06/15/36		284,665
	350,000	Aetna, Inc		4.500		05/15/42		331,731
	500,000	Aetna, Inc		4.125		11/15/42		448,772
	875,000	Aetna, Inc		3.875		08/15/47		757,788
	600,000	Aflac, Inc		3.625		06/15/23		623,792
	200,000	Aflac, Inc		3.625		11/15/24		207,436
	200,000	Aflac, Inc		2.875		10/15/26		195,768
	200,000	Aflac, Inc		4.000		10/15/46		197,905
	500,000	Aflac, Inc		4.750		01/15/49		553,508
	300,000	Alleghany Corp		4.950		06/27/22		318,218
	200,000	Alleghany Corp		4.900		09/15/44		203,510
	300,000	Allied World Assurance Co Holdings Ltd		4.350		10/29/25		298,935
	1,250,000	Allstate Corp		3.150		06/15/23		1,265,837
	100,000	Allstate Corp		3.280		12/15/26		101,486
	600,000	Allstate Corp		4.500		06/15/43		654,193
	800,000	Allstate Corp		4.200		12/15/46		830,687
	200,000	Allstate Corp		5.750		08/15/53		203,500
	300,000	American Financial Group, Inc		3.500		08/15/26		289,709
	200,000	American Financial Group, Inc		4.500		06/15/47		188,758
	300,000	American International Group, Inc		3.300		03/01/21		301,922
	1,600,000	American International Group, Inc		4.875		06/01/22		1,693,245
	200,000	American International Group, Inc		3.750		07/10/25		200,363
	800,000	American International Group, Inc		3.900		04/01/26		805,798
	575,000	American International Group, Inc		4.200		04/01/28		584,578
	500,000	American International Group, Inc		4.250		03/15/29		506,931
	1,500,000	American International Group, Inc		3.875		01/15/35		1,373,428
	300,000	American International Group, Inc		4.700		07/10/35		301,251
	800,000	American International Group, Inc		6.250		05/01/36		919,443
	500,000	American International Group, Inc		4.500		07/16/44		479,626
	300,000	American International Group, Inc		4.800		07/10/45		300,994
	1,000,000	American International Group, Inc		4.750		04/01/48		996,451
	300,000	American International Group, Inc		5.750		04/01/48		292,425
	200,000	American International Group, Inc		4.375		01/15/55		179,686
	50,000	Aon plc		5.000		09/30/20		51,707
	200,000	Aon plc		2.800		03/15/21		199,610
	200,000	Aon plc		4.000		11/27/23		207,862
	300,000	Aon plc		3.500		06/14/24		304,455
	1,800,000	Aon plc		3.875		12/15/25		1,859,393
	200,000	Aon plc		6.250		09/30/40		242,848
	250,000	Aon plc		4.750		05/15/45		260,176
	200,000	Arch Capital Group Ltd		4.011		12/15/26		208,027
	200,000	Arch Capital Group Ltd		5.031		12/15/46		222,962
	300,000	Arch Capital Group US, Inc		5.144		11/01/43		334,049
	200,000	Aspen Insurance Holdings Ltd		4.650		11/15/23		206,088
	100,000	Assurant, Inc		4.000		03/15/23		101,269
	300,000	Assurant, Inc		4.200		09/27/23		305,778
	300,000	Assurant, Inc		4.900		03/27/28		305,511

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	38,000		Assurant, Inc		6.750	%	02/15/34	$	43,820
	200,000		Assured Guaranty US Holdings, Inc		5.000		07/01/24		214,571
	300,000		Athene Holding Ltd		4.125		01/12/28		288,348
	770,000		AXA S.A.		8.600		12/15/30		1,008,700
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		51,514
	200,000		AXIS Specialty Finance plc		4.000		12/06/27		199,175
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		321,053
	1,750,000		Berkshire Hathaway Finance Corp		4.200		08/15/48		1,816,802
	725,000		Berkshire Hathaway Finance Corp		4.250		01/15/49		759,548
	1,350,000		Brighthouse Financial, Inc		3.700		06/22/27		1,217,672
	350,000		Brighthouse Financial, Inc		4.700		06/22/47		278,730
	500,000		Brown & Brown, Inc		4.500		03/15/29		505,830
	350,000		Chubb Corp		6.000		05/11/37		450,554
	500,000		Chubb INA Holdings, Inc		2.300		11/03/20		497,582
	540,000		Cigna Corp		5.125		06/15/20		554,540
	900,000		Cigna Corp		3.250		04/15/25		892,421
	300,000		Cigna Corp		3.050		10/15/27		284,408
	1,000,000		Cigna Corp		3.875		10/15/47		891,207
	200,000		Cincinnati Financial Corp		6.920		05/15/28		248,148
	500,000		CNA Financial Corp		5.750		08/15/21		531,754
	690,000		CNA Financial Corp		3.950		05/15/24		701,563
	200,000		CNA Financial Corp		4.500		03/01/26		208,904
	125,000		CNA Financial Corp		3.450		08/15/27		122,122
	200,000		Enstar Group Ltd		4.500		03/10/22		203,715
	300,000		Everest Reinsurance Holdings, Inc		4.868		06/01/44		308,867
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		265,040
	300,000	g	Fidelity National Financial, Inc		4.500		08/15/28		303,744
	200,000		Hanover Insurance Group, Inc		4.500		04/15/26		204,042
	175,000		Hartford Financial Services Group, Inc		5.500		03/30/20		179,510
	1,250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		1,334,112
	400,000		Hartford Financial Services Group, Inc		4.300		04/15/43		399,538
	300,000		Hartford Financial Services Group, Inc		4.400		03/15/48		303,839
	150,000		Humana, Inc		2.500		12/15/20		148,879
	100,000		Humana, Inc		3.150		12/01/22		100,451
	400,000		Humana, Inc		2.900		12/15/22		397,247
	300,000		Humana, Inc		3.850		10/01/24		305,819
	100,000		Humana, Inc		3.950		03/15/27		101,121
	200,000		Humana, Inc		4.625		12/01/42		205,935
	300,000		Humana, Inc		4.950		10/01/44		320,930
	100,000		Humana, Inc		4.800		03/15/47		105,535
	200,000		ING US, Inc		5.700		07/15/43		232,652
	200,000		Kemper Corp		4.350		02/15/25		204,772
	400,000		Leucadia National Corp		5.500		10/18/23		418,840
	400,000		Lincoln National Corp		4.200		03/15/22		415,083
	625,000		Lincoln National Corp		4.000		09/01/23		653,469
	175,000		Lincoln National Corp		3.350		03/09/25		175,761
	600,000		Lincoln National Corp		3.625		12/12/26		603,359
	125,000		Lincoln National Corp		3.800		03/01/28		126,793
	2,000		Lincoln National Corp		6.150		04/07/36		2,392
	150,000		Lincoln National Corp		7.000		06/15/40		198,998
	250,000		Lincoln National Corp		4.350		03/01/48		247,880
	200,000		Loews Corp		2.625		05/15/23		198,421
	200,000		Loews Corp		3.750		04/01/26		206,240

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Loews Corp		4.125	%	05/15/43	$	197,773
	700,000	Manulife Financial Corp		4.150		03/04/26		737,026
	1,300,000	Manulife Financial Corp		4.061		02/24/32		1,264,790
	200,000	Manulife Financial Corp		5.375		03/04/46		236,362
	150,000	Markel Corp		4.900		07/01/22		158,331
	600,000	Markel Corp		3.500		11/01/27		571,731
	150,000	Markel Corp		5.000		04/05/46		149,778
	100,000	Markel Corp		4.300		11/01/47		90,170
	100,000	Marsh & McLennan Cos, Inc		3.500		12/29/20		101,332
	500,000	Marsh & McLennan Cos, Inc		3.875		03/15/24		519,016
	2,300,000	Marsh & McLennan Cos, Inc		3.500		03/10/25		2,361,125
	1,300,000	Marsh & McLennan Cos, Inc		4.375		03/15/29		1,377,310
	250,000	Marsh & McLennan Cos, Inc		4.750		03/15/39		270,959
	100,000	Marsh & McLennan Cos, Inc		4.350		01/30/47		101,543
	300,000	Marsh & McLennan Cos, Inc		4.200		03/01/48		298,178
	500,000	Marsh & McLennan Cos, Inc		4.900		03/15/49		549,660
	200,000	Mercury General Corp		4.400		03/15/27		198,904
	450,000	MetLife, Inc		4.750		02/08/21		466,358
	700,000	MetLife, Inc		3.048		12/15/22		707,958
	325,000	MetLife, Inc		4.368		09/15/23		346,986
	500,000	MetLife, Inc		3.600		04/10/24		516,875
	700,000	MetLife, Inc		3.600		11/13/25		722,627
	550,000	MetLife, Inc		6.375		06/15/34		714,046
	405,000	MetLife, Inc		5.700		06/15/35		487,278
	130,000	MetLife, Inc		5.875		02/06/41		162,000
	450,000	MetLife, Inc		4.125		08/13/42		454,798
	600,000	MetLife, Inc		4.875		11/13/43		669,598
	500,000	MetLife, Inc		4.721		12/15/44		546,648
	800,000	MetLife, Inc		4.050		03/01/45		800,644
	450,000	MetLife, Inc		4.600		05/13/46		488,892
	200,000	Montpelier Re Holdings Ltd		4.700		10/15/22		205,433
	20,000	Nationwide Financial Services		6.750		05/15/37		20,600
	200,000	Old Republic International Corp		4.875		10/01/24		211,052
	100,000	Old Republic International Corp		3.875		08/26/26		98,704
	100,000	PartnerRe Ltd		5.500		06/01/20		102,618
	100,000	Primerica, Inc		4.750		07/15/22		105,279
	100,000	Principal Financial Group, Inc		3.300		09/15/22		100,745
	150,000	Principal Financial Group, Inc		3.125		05/15/23		150,591
	200,000	Principal Financial Group, Inc		3.400		05/15/25		201,008
	100,000	Principal Financial Group, Inc		3.100		11/15/26		97,471
	100,000	Principal Financial Group, Inc		4.625		09/15/42		103,544
	200,000	Principal Financial Group, Inc		4.350		05/15/43		203,996
	300,000	Principal Financial Group, Inc		4.300		11/15/46		298,131
	200,000	Principal Financial Group, Inc		4.700		05/15/55		196,440
	650,000	Progressive Corp		2.450		01/15/27		618,247
	250,000	Progressive Corp		4.000		03/01/29		267,229
	120,000	Progressive Corp		6.250		12/01/32		152,545
	300,000	Progressive Corp		4.350		04/25/44		318,547
	300,000	Progressive Corp		3.700		01/26/45		292,246
	200,000	Progressive Corp		4.125		04/15/47		208,335
	750,000	Progressive Corp		4.200		03/15/48		785,746
	891,000	Prudential Financial, Inc		4.500		11/16/21		929,931

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	Prudential Financial, Inc		3.878	%	03/27/28	$	315,499
	600,000	Prudential Financial, Inc		5.200		03/15/44		606,495
	1,300,000	Prudential Financial, Inc		4.600		05/15/44		1,382,399
	200,000	Prudential Financial, Inc		5.375		05/15/45		202,266
	2,300,000	Prudential Financial, Inc		4.500		09/15/47		2,170,625
	300,000	Prudential Financial, Inc		4.418		03/27/48		312,379
	500,000	Prudential Financial, Inc		5.700		09/15/48		506,025
	799,000	Prudential Financial, Inc		3.935		12/07/49		772,647
	450,000	Prudential Financial, Inc		4.350		02/25/50		465,867
	100,000	Reinsurance Group of America, Inc		5.000		06/01/21		104,085
	250,000	Reinsurance Group of America, Inc		4.700		09/15/23		267,420
	200,000	RenaissanceRe Finance, Inc		3.700		04/01/25		202,053
	200,000	RenaissanceRe Finance, Inc		3.450		07/01/27		197,604
	300,000	RenaissanceRe Holdings Ltd		3.600		04/15/29		295,203
	250,000	Torchmark Corp		3.800		09/15/22		254,683
	20,000	Transatlantic Holdings, Inc		8.000		11/30/39		27,783
	600,000	Travelers Cos, Inc		5.350		11/01/40		732,570
	200,000	Travelers Cos, Inc		4.600		08/01/43		222,446
	250,000	Travelers Cos, Inc		4.300		08/25/45		265,631
	400,000	Travelers Cos, Inc		3.750		05/15/46		392,327
	1,100,000	Travelers Cos, Inc		4.000		05/30/47		1,124,547
	500,000	Travelers Cos, Inc		4.050		03/07/48		514,111
	500,000	Travelers Cos, Inc		4.100		03/04/49		518,752
	100,000	Travelers Property Casualty Corp		6.375		03/15/33		129,810
	110,000	Unum Group		5.625		09/15/20		114,046
	200,000	Unum Group		3.000		05/15/21		199,969
	200,000	Unum Group		4.000		03/15/24		202,942
	100,000	Unum Group		5.750		08/15/42		106,948
	200,000	Verisk Analytics, Inc		5.800		05/01/21		211,319
	500,000	Verisk Analytics, Inc		4.000		06/15/25		521,880
	100,000	Verisk Analytics, Inc		4.125		03/15/29		102,630
	300,000	Verisk Analytics, Inc		5.500		06/15/45		334,813
	200,000	Voya Financial, Inc		3.125		07/15/24		197,170
	200,000	Voya Financial, Inc		3.650		06/15/26		198,690
	200,000	Voya Financial, Inc		4.800		06/15/46		207,495
	150,000	WellPoint, Inc		3.700		08/15/21		152,775
	800,000	WellPoint, Inc		3.125		05/15/22		806,866
	200,000	WellPoint, Inc		3.300		01/15/23		202,421
	1,000,000	WellPoint, Inc		4.625		05/15/42		1,033,823
	500,000	WellPoint, Inc		5.100		01/15/44		547,063
	300,000	WellPoint, Inc		4.650		08/15/44		312,618
	200,000	Willis Group Holdings plc		5.750		03/15/21		209,447
	275,000	Willis North America, Inc		3.600		05/15/24		276,900
	500,000	Willis North America, Inc		4.500		09/15/28		520,312
	300,000	Willis North America, Inc		5.050		09/15/48		312,736
	165,000	WR Berkley Corp		5.375		09/15/20		169,709
	250,000	WR Berkley Corp		4.625		03/15/22		261,192
	200,000	WR Berkley Corp		4.750		08/01/44		207,779
	455,000	XLIT Ltd		4.450		03/31/25		473,985
	200,000	XLIT Ltd		5.250		12/15/43		227,172
		TOTAL INSURANCE						91,685,814

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MATERIALS - 0.8%
$	500,000		3M Co		3.000	%	09/14/21	$	505,904
	300,000		3M Co		2.750		03/01/22		302,547
	300,000		3M Co		2.250		03/15/23		296,246
	600,000		3M Co		3.250		02/14/24		618,522
	1,200,000		3M Co		3.000		08/07/25		1,221,401
	300,000		3M Co		2.875		10/15/27		298,165
	500,000		3M Co		3.625		09/14/28		523,230
	500,000		3M Co		3.375		03/01/29		513,517
	200,000		3M Co		3.125		09/19/46		180,958
	300,000		3M Co		3.625		10/15/47		295,703
	600,000		3M Co		4.000		09/14/48		629,435
	150,000		Air Products & Chemicals, Inc		3.000		11/03/21		151,477
	150,000		Air Products & Chemicals, Inc		2.750		02/03/23		149,299
	300,000		Air Products & Chemicals, Inc		3.350		07/31/24		308,904
	200,000		Airgas, Inc		3.650		07/15/24		206,392
	200,000		Albemarle Corp		4.150		12/01/24		206,664
	2,000,000		ArcelorMittal		6.125		06/01/25		2,218,140
	500,000		ArcelorMittal		4.550		03/11/26		511,347
	300,000		Avery Dennison Corp		4.875		12/06/28		321,426
	2,250,000		Barrick Gold Corp		5.250		04/01/42		2,433,105
	100,000		Bemis Co, Inc		3.100		09/15/26		94,665
	2,000,000		BHP Billiton Finance USA Ltd		2.875		02/24/22		2,020,303
	500,000		BHP Billiton Finance USA Ltd		4.125		02/24/42		525,544
	1,000,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		1,177,094
	600,000		Braskem Finance Ltd		6.450		02/03/24		652,926
	200,000		Cabot Corp		3.700		07/15/22		202,731
	400,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		412,560
	375,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		360,754
	200,000		Celulosa Arauco y Constitucion S.A.		5.500		11/02/47		197,750
	100,000		Church & Dwight Co, Inc		2.450		08/01/22		98,467
	250,000		Church & Dwight Co, Inc		2.875		10/01/22		250,408
	100,000		Church & Dwight Co, Inc		3.150		08/01/27		97,068
	100,000		Church & Dwight Co, Inc		3.950		08/01/47		96,700
	200,000		Domtar Corp		4.400		04/01/22		204,369
	929,000		Dow Chemical Co		4.250		11/15/20		946,755
	1,500,000		Dow Chemical Co		4.125		11/15/21		1,543,712
	1,400,000		Dow Chemical Co		3.500		10/01/24		1,414,903
	200,000	g	Dow Chemical Co		4.550		11/30/25		211,177
	300,000	g	Dow Chemical Co		4.800		11/30/28		322,854
	1,400,000		Dow Chemical Co		4.250		10/01/34		1,371,241
	875,000		Dow Chemical Co		4.375		11/15/42		836,341
	400,000		Dow Chemical Co		4.625		10/01/44		392,963
	300,000	g	Dow Chemical Co		5.550		11/30/48		337,353
	500,000		DowDuPont, Inc		3.766		11/15/20		508,693
	1,250,000		DowDuPont, Inc		4.205		11/15/23		1,307,684
	1,250,000		DowDuPont, Inc		4.493		11/15/25		1,332,537
	1,500,000		DowDuPont, Inc		4.725		11/15/28		1,619,998
	1,500,000		DowDuPont, Inc		5.419		11/15/48		1,703,219
	100,000		Eastman Chemical Co		3.500		12/01/21		101,526
	122,000		Eastman Chemical Co		3.600		08/15/22		124,345
	727,000		Eastman Chemical Co		3.800		03/15/25		743,756
	200,000		Eastman Chemical Co		4.500		12/01/28		207,451

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	150,000	Eastman Chemical Co		4.800	%	09/01/42	$	148,622
	300,000	Eastman Chemical Co		4.650		10/15/44		293,577
	300,000	EI du Pont de Nemours & Co		2.200		05/01/20		298,932
	500,000	Fibria Overseas Finance Ltd		4.000		01/14/25		491,875
	500,000	Fibria Overseas Finance Ltd		5.500		01/17/27		522,380
	100,000	FMC Corp		3.950		02/01/22		102,112
	200,000	FMC Corp		4.100		02/01/24		204,023
	300,000	Georgia-Pacific LLC		8.000		01/15/24		366,949
	250,000	Georgia-Pacific LLC		7.750		11/15/29		339,995
	250,000	Goldcorp, Inc		3.700		03/15/23		254,157
	300,000	Goldcorp, Inc		5.450		06/09/44		329,939
	100,000	Hexcel Corp		3.950		02/15/27		100,132
	100,000	Hubbell, Inc		3.625		11/15/22		101,253
	200,000	Hubbell, Inc		3.350		03/01/26		195,359
	500,000	Hubbell, Inc		3.150		08/15/27		469,995
	200,000	Hubbell, Inc		3.500		02/15/28		193,134
	500,000	Huntsman International LLC		4.500		05/01/29		498,334
	100,000	International Flavors & Fragrances, Inc		3.400		09/25/20		100,613
	300,000	International Flavors & Fragrances, Inc		3.200		05/01/23		299,013
	100,000	International Flavors & Fragrances, Inc		4.450		09/26/28		105,105
	200,000	International Flavors & Fragrances, Inc		4.375		06/01/47		190,129
	175,000	International Flavors & Fragrances, Inc		5.000		09/26/48		184,048
	1,000,000	International Paper Co		3.650		06/15/24		1,028,551
	1,700,000	International Paper Co		3.000		02/15/27		1,637,894
	450,000	International Paper Co		6.000		11/15/41		503,526
	300,000	International Paper Co		4.800		06/15/44		297,324
	1,500,000	International Paper Co		4.350		08/15/48		1,402,718
	1,000,000	Kinross Gold Corp		4.500		07/15/27		950,000
	150,000	Lubrizol Corp		6.500		10/01/34		197,636
	300,000	LYB International Finance BV		4.000		07/15/23		307,160
	1,000,000	LYB International Finance BV		3.500		03/02/27		962,426
	300,000	LYB International Finance BV		5.250		07/15/43		308,717
	300,000	LYB International Finance BV		4.875		03/15/44		294,768
	300,000	LyondellBasell Industries NV		6.000		11/15/21		320,918
	1,300,000	LyondellBasell Industries NV		5.750		04/15/24		1,418,984
	125,000	LyondellBasell Industries NV		4.625		02/26/55		113,108
	200,000	Martin Marietta Materials, Inc		4.250		07/02/24		207,481
	200,000	Martin Marietta Materials, Inc		3.450		06/01/27		191,689
	125,000	Martin Marietta Materials, Inc		3.500		12/15/27		120,554
	300,000	Martin Marietta Materials, Inc		4.250		12/15/47		263,992
	150,000	Methanex Corp		4.250		12/01/24		149,827
	100,000	Methanex Corp		5.650		12/01/44		95,527
	100,000	NewMarket Corp		4.100		12/15/22		102,904
	1,300,000	Newmont Mining Corp		3.500		03/15/22		1,318,354
	298,000	Newmont Mining Corp		5.875		04/01/35		341,929
	135,000	Newmont Mining Corp		6.250		10/01/39		163,404
	800,000	Newmont Mining Corp		4.875		03/15/42		839,316
	800,000	Nucor Corp		4.125		09/15/22		836,151
	300,000	Nucor Corp		3.950		05/01/28		311,282
	300,000	Nucor Corp		5.200		08/01/43		342,028
	600,000	Nucor Corp		4.400		05/01/48		614,926
	650,000	Nutrien Ltd		4.875		03/30/20		662,824
	150,000	Nutrien Ltd		3.150		10/01/22		149,836

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Nutrien Ltd		3.500	%	06/01/23	$	201,729
	400,000		Nutrien Ltd		3.625		03/15/24		405,950
	250,000		Nutrien Ltd		3.375		03/15/25		246,705
	200,000		Nutrien Ltd		3.000		04/01/25		193,714
	700,000		Nutrien Ltd		4.000		12/15/26		708,954
	350,000	h	Nutrien Ltd		4.200		04/01/29		359,902
	200,000		Nutrien Ltd		4.125		03/15/35		189,006
	200,000		Nutrien Ltd		5.625		12/01/40		219,296
	100,000		Nutrien Ltd		6.125		01/15/41		115,311
	200,000		Nutrien Ltd		4.900		06/01/43		204,798
	725,000		Nutrien Ltd		5.250		01/15/45		768,373
	500,000	h	Nutrien Ltd		5.000		04/01/49		519,622
	200,000		Owens Corning		4.200		12/15/22		205,340
	500,000		Owens Corning		4.200		12/01/24		505,500
	300,000		Owens Corning		3.400		08/15/26		282,966
	250,000		Owens Corning		4.300		07/15/47		202,641
	350,000		Owens Corning		4.400		01/30/48		288,467
	300,000		Packaging Corp of America		2.450		12/15/20		297,983
	150,000		Packaging Corp of America		3.900		06/15/22		154,058
	250,000		Packaging Corp of America		4.500		11/01/23		264,306
	100,000		Packaging Corp of America		3.650		09/15/24		100,605
	150,000		Packaging Corp of America		3.400		12/15/27		146,087
	300,000		PPG Industries, Inc		3.600		11/15/20		304,264
	300,000		PPG Industries, Inc		3.200		03/15/23		303,998
	300,000		PPG Industries, Inc		3.750		03/15/28		306,422
	1,200,000		Praxair, Inc		2.250		09/24/20		1,194,204
	250,000		Praxair, Inc		2.200		08/15/22		247,213
	300,000		Praxair, Inc		2.650		02/05/25		298,030
	100,000		Praxair, Inc		3.200		01/30/26		101,770
	625,000		Praxair, Inc		3.550		11/07/42		607,308
	3,250,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		3,412,029
	900,000		Rio Tinto Finance USA plc		4.125		08/21/42		941,751
	300,000		RPM International, Inc		3.450		11/15/22		300,255
	100,000		RPM International, Inc		3.750		03/15/27		97,550
	300,000		RPM International, Inc		4.550		03/01/29		304,652
	100,000		RPM International, Inc		5.250		06/01/45		100,703
	200,000		RPM International, Inc		4.250		01/15/48		172,000
	500,000		SASOL Financing USA LLC		5.875		03/27/24		530,523
	550,000		SASOL Financing USA LLC		6.500		09/27/28		600,711
	500,000		Sherwin-Williams Co		2.250		05/15/20		497,076
	150,000		Sherwin-Williams Co		4.200		01/15/22		154,486
	350,000		Sherwin-Williams Co		2.750		06/01/22		347,994
	1,500,000		Sherwin-Williams Co		3.125		06/01/24		1,491,424
	200,000		Sherwin-Williams Co		3.450		08/01/25		200,187
	200,000		Sherwin-Williams Co		3.950		01/15/26		201,693
	275,000		Sherwin-Williams Co		3.450		06/01/27		270,409
	200,000		Sherwin-Williams Co		4.000		12/15/42		180,812
	750,000		Sherwin-Williams Co		4.500		06/01/47		740,378
	150,000		Sonoco Products Co		5.750		11/01/40		168,126
	200,000		Southern Copper Corp		5.375		04/16/20		205,249
	300,000		Southern Copper Corp		3.875		04/23/25		303,676
	100,000		Southern Copper Corp		7.500		07/27/35		125,720

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	680,000	Southern Copper Corp		6.750	%	04/16/40	$	816,424
	1,500,000	Southern Copper Corp		5.875		04/23/45		1,688,704
	1,000,000	Teck Resources Ltd		6.250		07/15/41		1,068,204
	750,000	Vulcan Materials Co		4.500		04/01/25		774,480
	100,000	Vulcan Materials Co		3.900		04/01/27		99,484
	100,000	Vulcan Materials Co		4.500		06/15/47		90,655
	200,000	Vulcan Materials Co		4.700		03/01/48		185,157
	500,000	Westlake Chemical Corp		3.600		08/15/26		484,074
	500,000	Westlake Chemical Corp		5.000		08/15/46		487,218
	200,000	Westlake Chemical Corp		4.375		11/15/47		177,481
	500,000	WestRock RKT LLC		4.900		03/01/22		522,637
	500,000	WestRock RKT LLC		4.000		03/01/23		509,958
	250,000	WRKCo, Inc		3.000		09/15/24		244,456
	425,000	WRKCo, Inc		3.750		03/15/25		429,063
	300,000	WRKCo, Inc		4.650		03/15/26		318,455
	300,000	WRKCo, Inc		3.375		09/15/27		289,766
	325,000	WRKCo, Inc		4.000		03/15/28		329,069
	500,000	WRKCo, Inc		4.900		03/15/29		542,612
	200,000	Yamana Gold, Inc		4.950		07/15/24		205,574
	200,000	Yamana Gold, Inc		4.625		12/15/27		195,835
		TOTAL MATERIALS						86,306,891

MEDIA & ENTERTAINMENT - 1.0%
	445,000	CBS Corp		4.300		02/15/21		454,472
	200,000	CBS Corp		2.500		02/15/23		195,256
	500,000	CBS Corp		2.900		06/01/23		494,113
	200,000	CBS Corp		3.700		08/15/24		203,373
	300,000	CBS Corp		3.500		01/15/25		298,867
	125,000	CBS Corp		4.000		01/15/26		127,080
	650,000	CBS Corp		2.900		01/15/27		607,505
	200,000	CBS Corp		3.375		02/15/28		190,693
	1,300,000	CBS Corp		3.700		06/01/28		1,266,640
	500,000	CBS Corp		4.200		06/01/29		503,412
	200,000	CBS Corp		4.850		07/01/42		199,276
	200,000	CBS Corp		4.900		08/15/44		197,255
	500,000	CBS Corp		4.600		01/15/45		477,748
	675,000	Charter Communications Operating LLC		3.579		07/23/20		679,975
	610,000	Charter Communications Operating LLC		4.464		07/23/22		631,315
	2,850,000	Charter Communications Operating LLC		4.908		07/23/25		3,005,335
	700,000	Charter Communications Operating LLC		3.750		02/15/28		676,393
	2,500,000	Charter Communications Operating LLC		4.200		03/15/28		2,482,933
	1,000,000	Charter Communications Operating LLC		5.050		03/30/29		1,053,995
	500,000	Charter Communications Operating LLC		6.384		10/23/35		558,481
	1,500,000	Charter Communications Operating LLC		5.375		04/01/38		1,510,163
	1,000,000	Charter Communications Operating LLC		6.484		10/23/45		1,122,009
	1,000,000	Charter Communications Operating LLC		5.375		05/01/47		996,270
	1,100,000	Charter Communications Operating LLC		5.750		04/01/48		1,151,536
	1,000,000	Comcast Corp		5.150		03/01/20		1,021,932
	1,000,000	Comcast Corp		3.300		10/01/20		1,009,541
	650,000	Comcast Corp		3.450		10/01/21		662,951
	1,350,000	Comcast Corp		3.125		07/15/22		1,368,852
	800,000	Comcast Corp		2.850		01/15/23		802,617
	600,000	Comcast Corp		2.750		03/01/23		599,245

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Comcast Corp		3.000	%	02/01/24	$	501,750
	1,500,000		Comcast Corp		3.700		04/15/24		1,549,872
	600,000		Comcast Corp		3.375		02/15/25		611,524
	1,000,000		Comcast Corp		3.950		10/15/25		1,046,262
	1,600,000		Comcast Corp		3.150		03/01/26		1,593,110
	750,000		Comcast Corp		2.350		01/15/27		701,081
	1,250,000		Comcast Corp		3.300		02/01/27		1,246,565
	750,000		Comcast Corp		3.150		02/15/28		734,904
	3,000,000		Comcast Corp		3.550		05/01/28		3,028,987
	2,000,000		Comcast Corp		4.150		10/15/28		2,108,587
	3,000,000		Comcast Corp		4.250		10/15/30		3,190,696
	1,625,000		Comcast Corp		4.250		01/15/33		1,719,479
	350,000		Comcast Corp		4.400		08/15/35		365,953
	3,250,000		Comcast Corp		3.200		07/15/36		2,955,143
	3,000,000		Comcast Corp		3.900		03/01/38		2,952,477
	1,000,000		Comcast Corp		4.600		10/15/38		1,072,130
	900,000		Comcast Corp		4.600		08/15/45		961,047
	1,000,000		Comcast Corp		3.400		07/15/46		887,553
	506,000		Comcast Corp		3.969		11/01/47		489,145
	1,500,000		Comcast Corp		4.000		03/01/48		1,473,076
	2,000,000		Comcast Corp		4.700		10/15/48		2,178,208
	1,207,000		Comcast Corp		3.999		11/01/49		1,176,723
	1,000,000		Comcast Corp		4.950		10/15/58		1,105,069
	200,000	g	Discovery Communications LLC		2.800		06/15/20		199,142
	500,000		Discovery Communications LLC		3.300		05/15/22		502,385
	200,000	g	Discovery Communications LLC		3.500		06/15/22		200,285
	200,000		Discovery Communications LLC		2.950		03/20/23		198,194
	900,000		Discovery Communications LLC		3.250		04/01/23		896,302
	300,000		Discovery Communications LLC		3.800		03/13/24		302,591
	200,000	g	Discovery Communications LLC		3.900		11/15/24		203,460
	350,000		Discovery Communications LLC		3.450		03/15/25		342,208
	200,000	g	Discovery Communications LLC		3.950		06/15/25		201,688
	500,000		Discovery Communications LLC		4.900		03/11/26		527,968
	1,950,000		Discovery Communications LLC		3.950		03/20/28		1,896,363
	100,000		Discovery Communications LLC		6.350		06/01/40		109,897
	100,000		Discovery Communications LLC		4.950		05/15/42		92,863
	125,000		Discovery Communications LLC		4.875		04/01/43		115,619
	1,250,000		Discovery Communications LLC		5.200		09/20/47		1,217,151
	150,000	g	Fox Corp		3.666		01/25/22		152,997
	300,000	g	Fox Corp		4.030		01/25/24		311,304
	1,000,000	g	Fox Corp		4.709		01/25/29		1,070,642
	750,000	g	Fox Corp		5.476		01/25/39		831,876
	500,000	g	Fox Corp		5.576		01/25/49		565,826
	550,000		Grupo Televisa SAB		6.625		03/18/25		618,637
	200,000		Grupo Televisa SAB		4.625		01/30/26		205,860
	600,000		Grupo Televisa SAB		5.000		05/13/45		588,014
	700,000		Grupo Televisa SAB		6.125		01/31/46		793,521
	150,000		Interpublic Group of Cos, Inc		3.500		10/01/20		151,311
	150,000		Interpublic Group of Cos, Inc		3.750		10/01/21		152,637
	100,000		Interpublic Group of Cos, Inc		4.000		03/15/22		102,072
	200,000		Interpublic Group of Cos, Inc		4.200		04/15/24		205,827
	125,000		Interpublic Group of Cos, Inc		4.650		10/01/28		130,254

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Interpublic Group of Cos, Inc		5.400	%	10/01/48	$	305,031
	1,585,000		NBC Universal Media LLC		5.150		04/30/20		1,624,924
	1,200,000		NBC Universal Media LLC		4.450		01/15/43		1,245,031
	500,000		Omnicom Group, Inc		4.450		08/15/20		510,773
	700,000		Omnicom Group, Inc		3.625		05/01/22		712,761
	200,000		Omnicom Group, Inc		3.650		11/01/24		202,054
	825,000		Omnicom Group, Inc		3.600		04/15/26		818,895
	329,000		Reed Elsevier Capital, Inc		3.125		10/15/22		331,642
	1,800,000		Time Warner Cable, Inc		4.000		09/01/21		1,829,730
	500,000		Time Warner Cable, Inc		6.550		05/01/37		553,089
	175,000		Time Warner Cable, Inc		6.750		06/15/39		195,433
	690,000		Time Warner Cable, Inc		5.875		11/15/40		717,936
	300,000		Time Warner Cable, Inc		5.500		09/01/41		296,942
	2,700,000		Time Warner Cable, Inc		4.500		09/15/42		2,368,628
	1,400,000		Time Warner, Inc		3.400		06/15/22		1,419,223
	650,000		Time Warner, Inc		4.050		12/15/23		676,625
	500,000		Time Warner, Inc		3.550		06/01/24		504,879
	500,000		Time Warner, Inc		3.875		01/15/26		502,064
	500,000		Time Warner, Inc		2.950		07/15/26		473,607
	1,850,000		Time Warner, Inc		3.800		02/15/27		1,840,516
	900,000		Time Warner, Inc		4.900		06/15/42		902,586
	200,000		Time Warner, Inc		5.350		12/15/43		210,474
	300,000		Time Warner, Inc		4.650		06/01/44		290,033
	1,100,000		Time Warner, Inc		4.850		07/15/45		1,108,938
	200,000		Toledo Hospital		5.325		11/15/28		211,276
	200,000		Toledo Hospital		5.750		11/15/38		220,200
	200,000		Toledo Hospital		6.015		11/15/48		223,377
	2,248,000		Viacom, Inc		3.875		04/01/24		2,290,141
	2,004,000		Viacom, Inc		4.375		03/15/43		1,798,190
	1,400,000		Walt Disney Co		1.950		03/04/20		1,390,599
	250,000		Walt Disney Co		1.800		06/05/20		247,691
	200,000		Walt Disney Co		2.150		09/17/20		198,908
	300,000		Walt Disney Co		2.300		02/12/21		298,653
	850,000		Walt Disney Co		2.550		02/15/22		849,987
	100,000		Walt Disney Co		2.450		03/04/22		99,748
	1,250,000	g	Walt Disney Co		3.000		09/15/22		1,262,691
	700,000		Walt Disney Co		3.150		09/17/25		714,465
	700,000	g	Walt Disney Co		3.700		10/15/25		726,602
	300,000		Walt Disney Co		3.000		02/13/26		301,462
	300,000		Walt Disney Co		1.850		07/30/26		278,053
	4,100,000	g	Walt Disney Co		3.375		11/15/26		4,188,131
	1,350,000		Walt Disney Co		2.950		06/15/27		1,338,063
	1,325,000	g	Walt Disney Co		6.200		12/15/34		1,731,481
	1,000,000	g	Walt Disney Co		6.150		02/15/41		1,336,727
	100,000		Walt Disney Co		4.375		08/16/41		108,473
	200,000		Walt Disney Co		3.700		12/01/42		199,104
	225,000	g	Walt Disney Co		5.400		10/01/43		278,839
	800,000		Walt Disney Co		4.125		06/01/44		853,016
	500,000	g	Walt Disney Co		4.750		09/15/44		574,132
	300,000	g	Walt Disney Co		4.950		10/15/45		357,561
	100,000		Walt Disney Co		3.000		07/30/46		88,147
	200,000	g	Walt Disney Co		4.750		11/15/46		232,780
	261,000		WPP Finance 2010		4.750		11/21/21		269,787

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	WPP Finance 2010		3.625	%	09/07/22	$	301,856
	700,000	WPP Finance 2010		3.750		09/19/24		690,732
	200,000	WPP Finance 2010		5.625		11/15/43		198,049
		TOTAL MEDIA & ENTERTAINMENT						114,586,203

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	2,300,000	Abbott Laboratories		2.900		11/30/21		2,310,100
	1,558,000	Abbott Laboratories		3.750		11/30/26		1,618,814
	2,300,000	Abbott Laboratories		4.750		11/30/36		2,588,678
	1,500,000	Abbott Laboratories		4.900		11/30/46		1,734,346
	850,000	AbbVie, Inc		2.500		05/14/20		847,444
	350,000	AbbVie, Inc		2.300		05/14/21		345,686
	1,000,000	AbbVie, Inc		3.375		11/14/21		1,011,246
	2,000,000	AbbVie, Inc		3.200		11/06/22		2,018,090
	500,000	AbbVie, Inc		2.850		05/14/23		494,641
	1,500,000	AbbVie, Inc		3.750		11/14/23		1,540,554
	1,000,000	AbbVie, Inc		3.600		05/14/25		1,002,871
	3,725,000	AbbVie, Inc		3.200		05/14/26		3,624,463
	300,000	AbbVie, Inc		4.250		11/14/28		306,701
	1,500,000	AbbVie, Inc		4.500		05/14/35		1,471,525
	500,000	AbbVie, Inc		4.300		05/14/36		476,901
	1,875,000	AbbVie, Inc		4.400		11/06/42		1,742,910
	600,000	AbbVie, Inc		4.700		05/14/45		578,555
	500,000	AbbVie, Inc		4.450		05/14/46		465,192
	1,000,000	AbbVie, Inc		4.875		11/14/48		985,109
	825,000	Actavis Funding SCS		3.000		03/12/20		824,507
	3,500,000	Actavis Funding SCS		3.450		03/15/22		3,530,602
	2,000,000	Actavis Funding SCS		3.800		03/15/25		2,026,814
	2,000,000	Actavis Funding SCS		4.550		03/15/35		1,961,353
	510,000	Actavis Funding SCS		4.750		03/15/45		509,370
	75,000	Amgen, Inc		4.500		03/15/20		76,275
	400,000	Amgen, Inc		2.125		05/01/20		398,508
	300,000	Amgen, Inc		2.200		05/11/20		298,570
	700,000	Amgen, Inc		4.100		06/15/21		720,464
	1,000,000	Amgen, Inc		2.650		05/11/22		997,016
	1,000,000	Amgen, Inc		3.625		05/15/22		1,024,685
	2,300,000	Amgen, Inc		2.250		08/19/23		2,248,416
	500,000	Amgen, Inc		3.625		05/22/24		514,550
	400,000	Amgen, Inc		3.125		05/01/25		402,857
	800,000	Amgen, Inc		2.600		08/19/26		757,393
	500,000	Amgen, Inc		3.200		11/02/27		490,575
	2,250,000	Amgen, Inc		4.400		05/01/45		2,218,701
	1,928,000	Amgen, Inc		4.563		06/15/48		1,937,596
	847,000	Amgen, Inc		4.663		06/15/51		853,959
	1,100,000	AstraZeneca plc		2.375		11/16/20		1,093,706
	500,000	AstraZeneca plc		2.375		06/12/22		492,735
	300,000	AstraZeneca plc		3.500		08/17/23		306,147
	800,000	AstraZeneca plc		3.125		06/12/27		783,620
	1,500,000	AstraZeneca plc		4.000		01/17/29		1,576,522
	900,000	AstraZeneca plc		6.450		09/15/37		1,144,929
	450,000	AstraZeneca plc		4.000		09/18/42		444,938

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	350,000	AstraZeneca plc		4.375	%	11/16/45	$	362,093
	750,000	AstraZeneca plc		4.375		08/17/48		779,760
	149,000	Baxalta, Inc		4.000		06/23/25		152,927
	149,000	Baxalta, Inc		5.250		06/23/45		163,540
	1,000,000	Biogen, Inc		2.900		09/15/20		999,739
	300,000	Biogen, Inc		3.625		09/15/22		304,821
	500,000	Biogen, Inc		4.050		09/15/25		511,801
	1,200,000	Biogen, Inc		5.200		09/15/45		1,273,234
	200,000	Bristol-Myers Squibb Co		3.250		11/01/23		203,491
	500,000	Bristol-Myers Squibb Co		3.250		02/27/27		497,815
	650,000	Bristol-Myers Squibb Co		3.250		08/01/42		564,587
	200,000	Bristol-Myers Squibb Co		4.500		03/01/44		208,273
	425,000	Celgene Corp		2.875		08/15/20		425,338
	200,000	Celgene Corp		3.950		10/15/20		203,502
	500,000	Celgene Corp		2.875		02/19/21		499,488
	300,000	Celgene Corp		3.250		08/15/22		303,172
	1,750,000	Celgene Corp		3.550		08/15/22		1,787,566
	300,000	Celgene Corp		2.750		02/15/23		297,242
	1,500,000	Celgene Corp		3.250		02/20/23		1,513,683
	225,000	Celgene Corp		3.450		11/15/27		222,818
	1,000,000	Celgene Corp		3.900		02/20/28		1,021,857
	300,000	Celgene Corp		5.250		08/15/43		321,618
	2,000,000	Celgene Corp		5.000		08/15/45		2,102,485
	500,000	Celgene Corp		4.350		11/15/47		488,057
	1,000,000	Celgene Corp		4.550		02/20/48		1,018,256
	175,000	Eli Lilly & Co		2.350		05/15/22		174,063
	800,000	Eli Lilly & Co		2.750		06/01/25		801,226
	800,000	Eli Lilly & Co		3.100		05/15/27		803,706
	500,000	Eli Lilly & Co		3.375		03/15/29		513,559
	500,000	Eli Lilly & Co		3.875		03/15/39		512,771
	400,000	Eli Lilly & Co		3.700		03/01/45		398,822
	250,000	Eli Lilly & Co		3.950		05/15/47		258,768
	750,000	Eli Lilly & Co		3.950		03/15/49		769,124
	750,000	Eli Lilly & Co		4.150		03/15/59		774,781
	125,000	Gilead Sciences, Inc		2.350		02/01/20		124,581
	1,200,000	Gilead Sciences, Inc		2.550		09/01/20		1,198,533
	600,000	Gilead Sciences, Inc		4.500		04/01/21		620,227
	1,150,000	Gilead Sciences, Inc		4.400		12/01/21		1,195,274
	125,000	Gilead Sciences, Inc		1.950		03/01/22		122,534
	500,000	Gilead Sciences, Inc		3.250		09/01/22		509,496
	500,000	Gilead Sciences, Inc		2.500		09/01/23		494,843
	425,000	Gilead Sciences, Inc		3.700		04/01/24		439,158
	400,000	Gilead Sciences, Inc		3.500		02/01/25		408,216
	1,750,000	Gilead Sciences, Inc		3.650		03/01/26		1,786,069
	400,000	Gilead Sciences, Inc		2.950		03/01/27		389,287
	300,000	Gilead Sciences, Inc		4.600		09/01/35		316,295
	1,150,000	Gilead Sciences, Inc		4.000		09/01/36		1,130,317
	100,000	Gilead Sciences, Inc		5.650		12/01/41		116,590
	775,000	Gilead Sciences, Inc		4.800		04/01/44		815,426
	675,000	Gilead Sciences, Inc		4.500		02/01/45		681,993
	750,000	Gilead Sciences, Inc		4.750		03/01/46		786,467
	1,750,000	Gilead Sciences, Inc		4.150		03/01/47		1,691,936
	750,000	GlaxoSmithKline Capital plc		3.125		05/14/21		756,950

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	793,000	GlaxoSmithKline Capital plc		2.850	%	05/08/22	$	795,788
	500,000	GlaxoSmithKline Capital plc		2.875		06/01/22		502,832
	275,000	GlaxoSmithKline Capital plc		3.000		06/01/24		276,637
	600,000	GlaxoSmithKline Capital plc		3.625		05/15/25		621,100
	500,000	GlaxoSmithKline Capital plc		3.375		06/01/29		504,511
	725,000	GlaxoSmithKline Capital, Inc		2.800		03/18/23		726,561
	750,000	GlaxoSmithKline Capital, Inc		3.375		05/15/23		767,476
	600,000	GlaxoSmithKline Capital, Inc		3.875		05/15/28		629,630
	350,000	GlaxoSmithKline Capital, Inc		5.375		04/15/34		418,239
	743,000	GlaxoSmithKline Capital, Inc		6.375		05/15/38		984,749
	850,000	GlaxoSmithKline Capital, Inc		4.200		03/18/43		892,358
	300,000	Johnson & Johnson		1.875		12/05/19		298,420
	200,000	Johnson & Johnson		1.950		11/10/20		198,510
	250,000	Johnson & Johnson		1.650		03/01/21		246,036
	200,000	Johnson & Johnson		2.450		12/05/21		199,702
	400,000	Johnson & Johnson		2.250		03/03/22		398,206
	300,000	Johnson & Johnson		2.050		03/01/23		295,301
	700,000	Johnson & Johnson		3.375		12/05/23		729,290
	1,200,000	Johnson & Johnson		2.625		01/15/25		1,200,414
	500,000	Johnson & Johnson		2.450		03/01/26		489,245
	1,075,000	Johnson & Johnson		2.950		03/03/27		1,079,468
	1,500,000	Johnson & Johnson		2.900		01/15/28		1,493,900
	850,000	Johnson & Johnson		4.375		12/05/33		954,931
	100,000	Johnson & Johnson		3.550		03/01/36		100,680
	225,000	Johnson & Johnson		3.625		03/03/37		228,465
	500,000	Johnson & Johnson		3.400		01/15/38		491,442
	375,000	Johnson & Johnson		5.850		07/15/38		491,707
	300,000	Johnson & Johnson		4.500		12/05/43		339,716
	1,200,000	Johnson & Johnson		3.700		03/01/46		1,214,439
	1,500,000	Johnson & Johnson		3.750		03/03/47		1,541,265
	500,000	Johnson & Johnson		3.500		01/15/48		489,574
	600,000	Life Technologies Corp		5.000		01/15/21		618,262
	375,000	Merck & Co, Inc		1.850		02/10/20		372,575
	2,200,000	Merck & Co, Inc		3.875		01/15/21		2,246,788
	750,000	Merck & Co, Inc		2.350		02/10/22		748,984
	200,000	Merck & Co, Inc		2.400		09/15/22		199,144
	1,100,000	Merck & Co, Inc		2.800		05/18/23		1,111,646
	300,000	Merck & Co, Inc		2.900		03/07/24		303,979
	1,000,000	Merck & Co, Inc		2.750		02/10/25		1,002,015
	300,000	Merck & Co, Inc		3.400		03/07/29		308,084
	750,000	Merck & Co, Inc		3.900		03/07/39		773,295
	100,000	Merck & Co, Inc		3.600		09/15/42		97,643
	750,000	Merck & Co, Inc		4.150		05/18/43		799,061
	1,350,000	Merck & Co, Inc		3.700		02/10/45		1,339,136
	1,000,000	Merck & Co, Inc		4.000		03/07/49		1,038,120
	100,000	Mylan NV		3.750		12/15/20		100,919
	1,000,000	Mylan NV		3.150		06/15/21		997,822
	2,250,000	Mylan NV		3.950		06/15/26		2,148,206
	750,000	Mylan NV		5.250		06/15/46		676,003
	300,000	Mylan, Inc		4.550		04/15/28		291,924
	300,000	Mylan, Inc		5.200		04/15/48		271,715
	1,200,000	Novartis Capital Corp		1.800		02/14/20		1,191,629

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Novartis Capital Corp		2.400	%	05/17/22	$	498,339
	300,000		Novartis Capital Corp		2.400		09/21/22		298,739
	1,750,000		Novartis Capital Corp		3.400		05/06/24		1,815,014
	500,000		Novartis Capital Corp		3.000		11/20/25		508,473
	1,125,000		Novartis Capital Corp		3.100		05/17/27		1,137,376
	400,000		Novartis Capital Corp		3.700		09/21/42		398,834
	750,000		Novartis Capital Corp		4.400		05/06/44		831,014
	500,000		Novartis Capital Corp		4.000		11/20/45		520,394
	100,000		Perrigo Co plc		4.000		11/15/23		96,828
	100,000		Perrigo Co plc		5.300		11/15/43		86,813
	200,000		Perrigo Finance plc		3.900		12/15/24		194,090
	221,000		Perrigo Finance plc		4.900		12/15/44		185,563
	200,000		Perrigo Finance Unlimited Co		4.375		03/15/26		195,031
	500,000		Pfizer, Inc		1.950		06/03/21		494,250
	500,000		Pfizer, Inc		3.000		09/15/21		506,795
	200,000		Pfizer, Inc		2.200		12/15/21		198,421
	750,000		Pfizer, Inc		2.800		03/11/22		756,885
	800,000		Pfizer, Inc		3.000		06/15/23		815,414
	500,000		Pfizer, Inc		3.200		09/15/23		511,747
	750,000		Pfizer, Inc		2.950		03/15/24		759,805
	900,000		Pfizer, Inc		3.400		05/15/24		933,609
	2,375,000		Pfizer, Inc		3.000		12/15/26		2,379,875
	750,000		Pfizer, Inc		3.600		09/15/28		782,786
	750,000		Pfizer, Inc		3.450		03/15/29		769,926
	250,000		Pfizer, Inc		4.000		12/15/36		259,528
	500,000		Pfizer, Inc		4.100		09/15/38		525,761
	750,000		Pfizer, Inc		3.900		03/15/39		768,891
	500,000		Pfizer, Inc		4.300		06/15/43		534,544
	1,100,000		Pfizer, Inc		4.400		05/15/44		1,197,056
	1,750,000		Pfizer, Inc		4.125		12/15/46		1,848,086
	1,000,000		Pfizer, Inc		4.200		09/15/48		1,072,790
	750,000		Pfizer, Inc		4.000		03/15/49		773,821
	1,750,000		Sanofi		3.375		06/19/23		1,797,934
	500,000		Sanofi		3.625		06/19/28		518,702
	325,000	g	Takeda Pharmaceutical Co Ltd		3.800		11/26/20		329,839
	250,000	g	Takeda Pharmaceutical Co Ltd		4.000		11/26/21		256,411
	600,000	g	Takeda Pharmaceutical Co Ltd		4.400		11/26/23		630,809
	1,500,000	g	Takeda Pharmaceutical Co Ltd		5.000		11/26/28		1,627,605
	1,000,000		Wyeth LLC		6.450		02/01/24		1,166,168
	100,000		Zoetis, Inc		3.450		11/13/20		100,923
	500,000		Zoetis, Inc		3.250		08/20/21		503,221
	650,000		Zoetis, Inc		3.250		02/01/23		657,222
	100,000		Zoetis, Inc		4.500		11/13/25		106,224
	200,000		Zoetis, Inc		3.000		09/12/27		192,363
	500,000		Zoetis, Inc		3.900		08/20/28		513,380
	600,000		Zoetis, Inc		4.700		02/01/43		638,302
	250,000		Zoetis, Inc		3.950		09/12/47		237,338
	200,000		Zoetis, Inc		4.450		08/20/48		207,634
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						155,994,924

REAL ESTATE - 0.8%
	150,000		Alexandria Real Estate Equities, Inc		4.600		04/01/22		156,700
	100,000		Alexandria Real Estate Equities, Inc		3.900		06/15/23		103,260

100

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Alexandria Real Estate Equities, Inc		4.000	%	01/15/24	$	258,691
	100,000	Alexandria Real Estate Equities, Inc		3.450		04/30/25		99,607
	200,000	Alexandria Real Estate Equities, Inc		4.300		01/15/26		207,469
	500,000	Alexandria Real Estate Equities, Inc		3.800		04/15/26		506,680
	625,000	Alexandria Real Estate Equities, Inc		3.950		01/15/28		629,395
	200,000	Alexandria Real Estate Equities, Inc		4.500		07/30/29		210,793
	100,000	Alexandria Real Estate Equities, Inc		4.700		07/01/30		107,070
	500,000	Alexandria Real Estate Equities, Inc		4.850		04/15/49		522,224
	100,000	American Campus Communities Operating Partnership LP		3.750		04/15/23		101,391
	300,000	American Campus Communities Operating Partnership LP		4.125		07/01/24		306,813
	200,000	American Campus Communities Operating Partnership LP		3.625		11/15/27		195,663
	500,000	American Homes 4 Rent LP		4.900		02/15/29		517,753
	1,150,000	American Tower Corp		3.300		02/15/21		1,160,890
	200,000	American Tower Corp		3.450		09/15/21		202,242
	500,000	American Tower Corp		2.250		01/15/22		492,516
	200,000	American Tower Corp		4.700		03/15/22		209,306
	250,000	American Tower Corp		3.500		01/31/23		253,783
	2,000,000	American Tower Corp		3.000		06/15/23		1,994,104
	350,000	American Tower Corp		3.375		05/15/24		351,807
	300,000	American Tower Corp		4.000		06/01/25		308,853
	200,000	American Tower Corp		4.400		02/15/26		208,876
	200,000	American Tower Corp		3.375		10/15/26		195,083
	500,000	American Tower Corp		3.125		01/15/27		479,586
	500,000	American Tower Corp		3.600		01/15/28		493,235
	350,000	American Tower Corp		3.950		03/15/29		351,930
	200,000	AvalonBay Communities, Inc		3.625		10/01/20		202,348
	225,000	AvalonBay Communities, Inc		2.950		09/15/22		226,502
	200,000	AvalonBay Communities, Inc		3.500		11/15/24		204,706
	200,000	AvalonBay Communities, Inc		2.950		05/11/26		196,331
	100,000	AvalonBay Communities, Inc		2.900		10/15/26		97,726
	1,200,000	AvalonBay Communities, Inc		3.350		05/15/27		1,210,313
	200,000	AvalonBay Communities, Inc		3.200		01/15/28		198,426
	400,000	AvalonBay Communities, Inc		4.150		07/01/47		411,451
	200,000	AvalonBay Communities, Inc		4.350		04/15/48		212,245
	1,175,000	Boston Properties LP		4.125		05/15/21		1,203,586
	425,000	Boston Properties LP		3.125		09/01/23		427,766
	200,000	Boston Properties LP		3.800		02/01/24		205,527
	1,300,000	Boston Properties LP		3.200		01/15/25		1,290,538
	100,000	Boston Properties LP		3.650		02/01/26		100,510
	400,000	Boston Properties LP		2.750		10/01/26		379,290
	300,000	Boston Properties LP		4.500		12/01/28		319,505
	100,000	Brandywine Operating Partnership LP		3.950		02/15/23		102,203
	100,000	Brandywine Operating Partnership LP		3.950		11/15/27		99,542
	150,000	Brixmor Operating Partnership LP		3.875		08/15/22		152,100
	250,000	Brixmor Operating Partnership LP		3.250		09/15/23		247,450
	800,000	Brixmor Operating Partnership LP		3.650		06/15/24		798,439
	200,000	Brixmor Operating Partnership LP		3.850		02/01/25		199,182
	100,000	Brixmor Operating Partnership LP		4.125		06/15/26		100,135
	300,000	Brixmor Operating Partnership LP		3.900		03/15/27		294,911

101

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Camden Property Trust		2.950	%	12/15/22	$	200,195
	100,000	Camden Property Trust		4.100		10/15/28		104,705
	500,000	CBRE Services, Inc		4.875		03/01/26		526,203
	975,000	CC Holdings GS V LLC		3.849		04/15/23		998,694
	400,000	Columbia Property Trust Operating Partnership LP		3.650		08/15/26		384,143
	200,000	Corporate Office Properties LP		3.700		06/15/21		199,601
	350,000	Crown Castle International Corp		3.400		02/15/21		352,951
	700,000	Crown Castle International Corp		2.250		09/01/21		690,064
	1,250,000	Crown Castle International Corp		3.150		07/15/23		1,249,370
	500,000	Crown Castle International Corp		3.200		09/01/24		496,466
	750,000	Crown Castle International Corp		4.450		02/15/26		783,728
	125,000	Crown Castle International Corp		3.700		06/15/26		124,704
	100,000	Crown Castle International Corp		4.000		03/01/27		100,774
	300,000	Crown Castle International Corp		3.650		09/01/27		295,258
	500,000	Crown Castle International Corp		3.800		02/15/28		497,448
	300,000	Crown Castle International Corp		4.300		02/15/29		309,446
	200,000	Crown Castle International Corp		4.750		05/15/47		197,934
	300,000	Crown Castle International Corp		5.200		02/15/49		316,260
	100,000	CubeSmart LP		4.375		12/15/23		104,030
	200,000	CubeSmart LP		3.125		09/01/26		190,194
	100,000	CubeSmart LP		4.375		02/15/29		102,460
	157,000	DDR Corp		4.625		07/15/22		161,908
	150,000	DDR Corp		4.250		02/01/26		151,258
	200,000	DDR Corp		4.700		06/01/27		206,597
	200,000	Digital Realty Trust LP		3.400		10/01/20		201,443
	700,000	Digital Realty Trust LP		3.950		07/01/22		718,476
	300,000	Digital Realty Trust LP		3.625		10/01/22		304,290
	800,000	Digital Realty Trust LP		2.750		02/01/23		783,645
	200,000	Digital Realty Trust LP		4.750		10/01/25		212,202
	125,000	Digital Realty Trust LP		3.700		08/15/27		123,875
	300,000	Digital Realty Trust LP		4.450		07/15/28		313,630
	200,000	Duke Realty LP		4.375		06/15/22		208,118
	100,000	Duke Realty LP		3.875		10/15/22		102,728
	100,000	Duke Realty LP		3.750		12/01/24		102,154
	100,000	Duke Realty LP		3.250		06/30/26		98,618
	500,000	Duke Realty LP		3.375		12/15/27		492,288
	100,000	Duke Realty LP		4.000		09/15/28		103,426
	100,000	EPR Properties		5.750		08/15/22		106,527
	700,000	EPR Properties		4.750		12/15/26		719,424
	200,000	EPR Properties		4.500		06/01/27		201,691
	200,000	Equity One, Inc		3.750		11/15/22		203,681
	700,000	ERP Operating LP		3.375		06/01/25		711,007
	200,000	ERP Operating LP		2.850		11/01/26		194,891
	1,150,000	ERP Operating LP		3.250		08/01/27		1,151,129
	500,000	ERP Operating LP		3.500		03/01/28		508,403
	200,000	ERP Operating LP		4.150		12/01/28		213,463
	300,000	ERP Operating LP		4.500		07/01/44		324,035
	100,000	ERP Operating LP		4.000		08/01/47		100,046
	100,000	Essex Portfolio LP		3.625		08/15/22		101,759
	100,000	Essex Portfolio LP		3.250		05/01/23		99,952
	400,000	Essex Portfolio LP		3.500		04/01/25		401,210
	100,000	Essex Portfolio LP		3.375		04/15/26		98,903
	200,000	Essex Portfolio LP		3.625		05/01/27		199,771

102

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Essex Portfolio LP		4.000	%	03/01/29	$	409,715
	300,000	Essex Portfolio LP		4.500		03/15/48		306,493
	200,000	Federal Realty Investment Trust		3.950		01/15/24		206,524
	250,000	Federal Realty Investment Trust		3.250		07/15/27		246,794
	200,000	Federal Realty Investment Trust		4.500		12/01/44		210,579
	1,300,000	HCP, Inc		4.000		12/01/22		1,335,883
	200,000	HCP, Inc		4.200		03/01/24		207,576
	1,600,000	HCP, Inc		3.875		08/15/24		1,631,540
	30,000	HCP, Inc		6.750		02/01/41		38,391
	100,000	Healthcare Realty Trust, Inc		3.625		01/15/28		97,116
	200,000	Healthcare Trust of America Holdings LP		2.950		07/01/22		197,977
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		101,088
	300,000	Healthcare Trust of America Holdings LP		3.500		08/01/26		291,052
	100,000	Highwoods Realty LP		3.875		03/01/27		99,510
	150,000	Highwoods Realty LP		4.125		03/15/28		151,880
	250,000	Highwoods Realty LP		4.200		04/15/29		253,557
	400,000	Hospitality Properties Trust		4.250		02/15/21		403,097
	100,000	Hospitality Properties Trust		5.000		08/15/22		103,548
	300,000	Hospitality Properties Trust		4.500		06/15/23		303,840
	700,000	Hospitality Properties Trust		4.650		03/15/24		713,653
	100,000	Hospitality Properties Trust		4.950		02/15/27		99,624
	300,000	Hospitality Properties Trust		3.950		01/15/28		275,147
	300,000	Hospitality Properties Trust		4.375		02/15/30		278,051
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		602,563
	700,000	Host Hotels & Resorts LP		3.875		04/01/24		702,791
	200,000	Host Hotels & Resorts LP		4.000		06/15/25		199,207
	100,000	Host Hotels & Resorts LP		4.500		02/01/26		101,925
	100,000	Hudson Pacific Properties LP		3.950		11/01/27		97,206
	100,000	Hudson Pacific Properties LP		4.650		04/01/29		101,968
	250,000	Kilroy Realty LP		3.800		01/15/23		254,122
	125,000	Kilroy Realty LP		3.450		12/15/24		123,896
	250,000	Kilroy Realty LP		4.750		12/15/28		266,152
	200,000	Kilroy Realty LP		4.250		08/15/29		204,159
	200,000	Kimco Realty Corp		3.200		05/01/21		200,627
	100,000	Kimco Realty Corp		3.400		11/01/22		100,933
	300,000	Kimco Realty Corp		3.125		06/01/23		297,479
	200,000	Kimco Realty Corp		2.700		03/01/24		193,478
	900,000	Kimco Realty Corp		3.300		02/01/25		892,296
	200,000	Kimco Realty Corp		2.800		10/01/26		188,334
	200,000	Kimco Realty Corp		3.800		04/01/27		201,037
	200,000	Kimco Realty Corp		4.250		04/01/45		191,568
	175,000	Kimco Realty Corp		4.125		12/01/46		164,235
	100,000	Kimco Realty Corp		4.450		09/01/47		98,910
	220,000	Liberty Property LP		4.750		10/01/20		224,759
	150,000	Liberty Property LP		4.125		06/15/22		154,746
	100,000	Liberty Property LP		3.375		06/15/23		100,748
	700,000	Liberty Property LP		4.400		02/15/24		735,714
	100,000	Liberty Property LP		3.250		10/01/26		97,149
	100,000	Liberty Property LP		4.375		02/01/29		104,376
	200,000	Life Storage LP		3.875		12/15/27		196,116
	200,000	Mid-America Apartments LP		4.300		10/15/23		208,409
	100,000	Mid-America Apartments LP		4.000		11/15/25		102,991

103

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Mid-America Apartments LP		3.600	%	06/01/27	$	746,179
	200,000	Mid-America Apartments LP		4.200		06/15/28		206,906
	300,000	Mid-America Apartments LP		3.950		03/15/29		305,115
	100,000	National Retail Properties, Inc		3.800		10/15/22		102,205
	1,300,000	National Retail Properties, Inc		3.500		10/15/27		1,280,495
	1,200,000	OMEGA Healthcare Investors, Inc		4.375		08/01/23		1,224,846
	200,000	OMEGA Healthcare Investors, Inc		4.500		04/01/27		200,757
	700,000	OMEGA Healthcare Investors, Inc		4.750		01/15/28		717,794
	200,000	Physicians Realty LP		4.300		03/15/27		199,032
	200,000	Physicians Realty LP		3.950		01/15/28		193,348
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		194,910
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		205,191
	150,000	ProLogis LP		4.250		08/15/23		158,615
	700,000	ProLogis LP		3.750		11/01/25		732,180
	200,000	ProLogis LP		3.875		09/15/28		211,337
	100,000	ProLogis LP		4.375		09/15/48		109,033
	200,000	Public Storage		2.370		09/15/22		197,966
	200,000	Public Storage		3.094		09/15/27		195,069
	200,000	Rayonier, Inc		3.750		04/01/22		200,993
	300,000	Realty Income Corp		3.250		10/15/22		305,137
	500,000	Realty Income Corp		4.650		08/01/23		535,286
	200,000	Realty Income Corp		3.875		04/15/25		207,189
	200,000	Realty Income Corp		4.125		10/15/26		209,672
	200,000	Realty Income Corp		3.000		01/15/27		194,547
	1,000,000	Realty Income Corp		3.650		01/15/28		1,017,031
	300,000	Realty Income Corp		4.650		03/15/47		327,577
	200,000	Regency Centers LP		3.600		02/01/27		199,083
	125,000	Regency Centers LP		4.125		03/15/28		128,453
	200,000	Regency Centers LP		4.400		02/01/47		200,720
	300,000	Regency Centers LP		4.650		03/15/49		311,403
	200,000	Select Income REIT		3.600		02/01/20		200,279
	200,000	Select Income REIT		4.150		02/01/22		201,314
	500,000	Select Income REIT		4.250		05/15/24		477,345
	200,000	Select Income REIT		4.500		02/01/25		191,296
	100,000	Senior Housing Properties Trust		6.750		12/15/21		105,409
	300,000	Senior Housing Properties Trust		4.750		02/15/28		278,942
	250,000	Simon Property Group LP		2.500		09/01/20		249,549
	300,000	Simon Property Group LP		2.500		07/15/21		299,232
	1,850,000	Simon Property Group LP		2.350		01/30/22		1,836,826
	762,000	Simon Property Group LP		3.375		03/15/22		775,350
	200,000	Simon Property Group LP		2.625		06/15/22		199,715
	300,000	Simon Property Group LP		2.750		06/01/23		299,621
	300,000	Simon Property Group LP		3.500		09/01/25		306,645
	300,000	Simon Property Group LP		3.300		01/15/26		301,486
	200,000	Simon Property Group LP		3.250		11/30/26		200,178
	200,000	Simon Property Group LP		3.375		06/15/27		201,619
	300,000	Simon Property Group LP		3.375		12/01/27		301,977
	1,500,000	Simon Property Group LP		4.250		10/01/44		1,554,801
	300,000	Simon Property Group LP		4.250		11/30/46		313,566
	200,000	SL Green Operating Partnership LP		3.250		10/15/22		199,215
	200,000	SL Green Realty Corp		4.500		12/01/22		206,839
	200,000	Sovran Acquisition LP		3.500		07/01/26		192,708
	100,000	Tanger Properties LP		3.125		09/01/26		92,651

104

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Tanger Properties LP		3.875	%	07/15/27	$	241,845
	200,000	UDR, Inc		3.700		10/01/20		202,068
	200,000	UDR, Inc		4.625		01/10/22		207,938
	200,000	UDR, Inc		4.000		10/01/25		205,551
	200,000	UDR, Inc		3.500		07/01/27		197,698
	200,000	UDR, Inc		3.500		01/15/28		197,127
	300,000	UDR, Inc		4.400		01/26/29		315,492
	850,000	Ventas Realty LP		3.250		08/15/22		857,674
	200,000	Ventas Realty LP		3.100		01/15/23		200,064
	800,000	Ventas Realty LP		3.125		06/15/23		803,629
	300,000	Ventas Realty LP		3.500		04/15/24		303,702
	120,000	Ventas Realty LP		4.125		01/15/26		123,270
	200,000	Ventas Realty LP		3.250		10/15/26		194,352
	1,000,000	Ventas Realty LP		4.000		03/01/28		1,013,598
	300,000	Ventas Realty LP		4.400		01/15/29		312,906
	300,000	Ventas Realty LP		4.375		02/01/45		289,901
	300,000	Ventas Realty LP		4.875		04/15/49		314,117
	200,000	Vornado Realty LP		3.500		01/15/25		198,675
	300,000	Washington Prime Group LP		5.950		08/15/24		281,400
	100,000	Washington REIT		3.950		10/15/22		102,356
	100,000	Weingarten Realty Investors		3.375		10/15/22		100,419
	100,000	Weingarten Realty Investors		3.500		04/15/23		100,452
	500,000	Welltower, Inc		3.950		09/01/23		518,816
	500,000	Welltower, Inc		3.625		03/15/24		508,864
	1,700,000	Welltower, Inc		4.000		06/01/25		1,749,353
	600,000	Welltower, Inc		4.250		04/01/26		619,825
	600,000	Welltower, Inc		4.250		04/15/28		618,833
	500,000	Welltower, Inc		4.125		03/15/29		510,160
	300,000	Welltower, Inc		4.950		09/01/48		317,249
	100,000	Weyerhaeuser Co		4.700		03/15/21		102,808
	300,000	Weyerhaeuser Co		3.250		03/15/23		300,560
	200,000	Weyerhaeuser Co		4.625		09/15/23		211,120
	500,000	Weyerhaeuser Co		4.000		11/15/29		515,049
	800,000	Weyerhaeuser Co		7.375		03/15/32		1,057,368
	200,000	WP Carey, Inc		4.600		04/01/24		208,026
	200,000	WP Carey, Inc		4.000		02/01/25		201,472
		TOTAL REAL ESTATE						86,630,526

RETAILING - 0.5%
	250,000	Advance Auto Parts, Inc		4.500		12/01/23		262,353
	200,000	Allegion US Holding Co, Inc		3.200		10/01/24		193,562
	200,000	Allegion US Holding Co, Inc		3.550		10/01/27		190,234
	500,000	Amazon.com, Inc		1.900		08/21/20		495,940
	300,000	Amazon.com, Inc		3.300		12/05/21		306,941
	600,000	Amazon.com, Inc		2.500		11/29/22		598,751
	500,000	Amazon.com, Inc		2.400		02/22/23		495,305
	750,000	Amazon.com, Inc		2.800		08/22/24		751,596
	300,000	Amazon.com, Inc		3.800		12/05/24		315,586
	200,000	Amazon.com, Inc		5.200		12/03/25		227,040
	2,250,000	Amazon.com, Inc		3.150		08/22/27		2,268,695
	300,000	Amazon.com, Inc		4.800		12/05/34		348,893
	2,250,000	Amazon.com, Inc		3.875		08/22/37		2,350,170

105

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	600,000	Amazon.com, Inc		4.950	%	12/05/44	$	718,336
	1,000,000	Amazon.com, Inc		4.050		08/22/47		1,057,687
	1,750,000	Amazon.com, Inc		4.250		08/22/57		1,886,365
	100,000	AutoNation, Inc		3.350		01/15/21		100,148
	200,000	AutoNation, Inc		3.500		11/15/24		194,081
	244,000	AutoNation, Inc		4.500		10/01/25		245,100
	200,000	AutoNation, Inc		3.800		11/15/27		186,380
	100,000	AutoZone, Inc		4.000		11/15/20		101,221
	442,000	AutoZone, Inc		3.700		04/15/22		451,053
	300,000	AutoZone, Inc		2.875		01/15/23		298,629
	150,000	AutoZone, Inc		3.125		07/15/23		150,437
	200,000	AutoZone, Inc		3.250		04/15/25		198,403
	100,000	AutoZone, Inc		3.125		04/21/26		97,446
	300,000	AutoZone, Inc		3.750		06/01/27		303,459
	500,000	Best Buy Co, Inc		4.450		10/01/28		506,865
	355,000	Dollar General Corp		4.150		11/01/25		370,329
	300,000	Dollar General Corp		3.875		04/15/27		303,422
	500,000	Dollar General Corp		4.125		05/01/28		512,937
	1,500,000	Dollar Tree, Inc		3.700		05/15/23		1,521,798
	500,000	Dollar Tree, Inc		4.000		05/15/25		505,740
	500,000	Dollar Tree, Inc		4.200		05/15/28		498,695
	300,000	Enable Midstream Partners LP		3.900		05/15/24		298,036
	200,000	Enable Midstream Partners LP		4.400		03/15/27		195,378
	750,000	Enable Midstream Partners LP		4.950		05/15/28		762,799
	100,000	Enable Midstream Partners LP		5.000		05/15/44		89,940
	300,000	Home Depot, Inc		1.800		06/05/20		297,817
	400,000	Home Depot, Inc		3.950		09/15/20		407,440
	500,000	Home Depot, Inc		2.000		04/01/21		494,630
	350,000	Home Depot, Inc		4.400		04/01/21		361,415
	300,000	Home Depot, Inc		3.250		03/01/22		306,903
	400,000	Home Depot, Inc		2.625		06/01/22		402,592
	500,000	Home Depot, Inc		2.700		04/01/23		502,678
	300,000	Home Depot, Inc		3.750		02/15/24		315,182
	100,000	Home Depot, Inc		3.350		09/15/25		103,021
	1,700,000	Home Depot, Inc		3.000		04/01/26		1,708,863
	1,300,000	Home Depot, Inc		2.125		09/15/26		1,229,596
	2,000,000	Home Depot, Inc		2.800		09/14/27		1,973,911
	500,000	Home Depot, Inc		3.900		12/06/28		532,133
	500,000	Home Depot, Inc		4.200		04/01/43		521,654
	300,000	Home Depot, Inc		4.875		02/15/44		344,887
	500,000	Home Depot, Inc		4.400		03/15/45		539,801
	600,000	Home Depot, Inc		4.250		04/01/46		637,889
	1,600,000	Home Depot, Inc		3.900		06/15/47		1,621,620
	1,250,000	Home Depot, Inc		4.500		12/06/48		1,388,053
	675,000	Home Depot, Inc		3.500		09/15/56		621,535
	500,000	JD.com, Inc		3.875		04/29/26		488,358
	1,000,000	Kohl’s Corp		3.250		02/01/23		994,524
	55,000	Kohl’s Corp		4.750		12/15/23		57,847
	200,000	Kohl’s Corp		4.250		07/17/25		205,085
	200,000	Kohl’s Corp		5.550		07/17/45		194,280
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		204,633
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		858,149
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		312,610

106

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		Lowe’s Cos, Inc		3.125	%	09/15/24	$	402,689
	100,000		Lowe’s Cos, Inc		3.375		09/15/25		100,497
	500,000		Lowe’s Cos, Inc		2.500		04/15/26		472,228
	750,000		Lowe’s Cos, Inc		3.100		05/03/27		729,504
	100,000		Lowe’s Cos, Inc		4.650		04/15/42		101,558
	200,000		Lowe’s Cos, Inc		4.250		09/15/44		191,261
	200,000		Lowe’s Cos, Inc		4.375		09/15/45		195,388
	1,075,000		Lowe’s Cos, Inc		3.700		04/15/46		953,489
	1,000,000		Lowe’s Cos, Inc		4.050		05/03/47		938,647
	200,000		Macy’s Retail Holdings, Inc		3.450		01/15/21		200,739
	550,000		Macy’s Retail Holdings, Inc		3.875		01/15/22		555,519
	125,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		121,056
	200,000		Macy’s Retail Holdings, Inc		4.375		09/01/23		201,663
	300,000		Macy’s Retail Holdings, Inc		3.625		06/01/24		289,443
	24,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		20,829
	30,000		Nordstrom, Inc		4.750		05/01/20		30,591
	100,000		Nordstrom, Inc		4.000		10/15/21		102,322
	700,000		Nordstrom, Inc		4.000		03/15/27		690,499
	531,000		Nordstrom, Inc		5.000		01/15/44		480,795
	150,000		O’Reilly Automotive, Inc		4.875		01/14/21		155,062
	600,000		O’Reilly Automotive, Inc		3.800		09/01/22		615,537
	1,000,000		O’Reilly Automotive, Inc		3.600		09/01/27		996,838
	300,000		O’Reilly Automotive, Inc		4.350		06/01/28		313,412
	200,000		Priceline Group, Inc		2.750		03/15/23		199,092
	300,000		Priceline Group, Inc		3.650		03/15/25		306,487
	300,000		Priceline Group, Inc		3.600		06/01/26		305,332
	900,000		Priceline Group, Inc		3.550		03/15/28		896,637
	100,000		QVC, Inc		5.125		07/02/22		104,807
	100,000		QVC, Inc		4.375		03/15/23		101,471
	1,200,000		QVC, Inc		4.450		02/15/25		1,198,681
	150,000		QVC, Inc		5.950		03/15/43		139,040
	1,150,000		Target Corp		3.875		07/15/20		1,170,450
	1,400,000		Target Corp		2.500		04/15/26		1,362,802
	500,000		Target Corp		3.375		04/15/29		506,853
	850,000		Target Corp		4.000		07/01/42		859,286
	225,000		Target Corp		3.625		04/15/46		212,894
	1,500,000		Target Corp		3.900		11/15/47		1,486,634
	1,000,000		TJX Cos, Inc		2.750		06/15/21		1,003,912
	300,000		TJX Cos, Inc		2.500		05/15/23		300,550
	300,000		TJX Cos, Inc		2.250		09/15/26		284,981
			TOTAL RETAILING						57,286,331

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	200,000		Altera Corp		4.100		11/15/23		212,692
	500,000		Analog Devices, Inc		2.950		01/12/21		501,498
	100,000		Analog Devices, Inc		2.500		12/05/21		99,100
	325,000		Analog Devices, Inc		3.125		12/05/23		327,487
	1,175,000		Analog Devices, Inc		3.500		12/05/26		1,165,947
	100,000		Analog Devices, Inc		4.500		12/05/36		100,010
	200,000		Analog Devices, Inc		5.300		12/15/45		223,844
	1,000,000	g	Broadcom, Inc		3.125		04/15/21		998,820
	750,000	g	Broadcom, Inc		3.125		10/15/22		746,573

107

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	g	Broadcom, Inc		3.625	%	10/15/24	$	992,180
	1,000,000	g	Broadcom, Inc		4.250		04/15/26		992,610
	1,000,000	g	Broadcom, Inc		4.750		04/15/29		995,250
	300,000		Intel Corp		1.850		05/11/20		297,692
	250,000		Intel Corp		2.450		07/29/20		249,708
	800,000		Intel Corp		1.700		05/19/21		786,396
	300,000		Intel Corp		2.350		05/11/22		298,609
	1,250,000		Intel Corp		3.100		07/29/22		1,272,532
	1,250,000		Intel Corp		2.700		12/15/22		1,257,867
	1,500,000		Intel Corp		3.700		07/29/25		1,573,306
	2,180,000		Intel Corp		2.600		05/19/26		2,133,486
	3,328,000		Intel Corp		3.734		12/08/47		3,362,163
	200,000		Marvell Technology Group Ltd		4.200		06/22/23		204,010
	200,000		Marvell Technology Group Ltd		4.875		06/22/28		206,937
	200,000		Maxim Integrated Products, Inc		3.375		03/15/23		200,615
	150,000		Maxim Integrated Products, Inc		3.450		06/15/27		144,688
	200,000		Micron Technology, Inc		4.640		02/06/24		205,268
	300,000		Micron Technology, Inc		4.975		02/06/26		305,651
	300,000		Micron Technology, Inc		5.327		02/06/29		308,388
	225,000		NVIDIA Corp		2.200		09/16/21		222,007
	800,000		NVIDIA Corp		3.200		09/16/26		796,648
	300,000		Texas Instruments, Inc		1.750		05/01/20		297,667
	100,000		Texas Instruments, Inc		2.625		05/15/24		99,443
	350,000		Texas Instruments, Inc		2.900		11/03/27		347,300
	350,000		Texas Instruments, Inc		3.875		03/15/39		363,027
	1,200,000		Texas Instruments, Inc		4.150		05/15/48		1,295,144
	400,000		Xilinx, Inc		3.000		03/15/21		400,876
	150,000		Xilinx, Inc		2.950		06/01/24		149,099
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						24,134,538

SOFTWARE & SERVICES - 0.8%
	175,000		Activision Blizzard, Inc		2.300		09/15/21		172,585
	100,000		Activision Blizzard, Inc		2.600		06/15/22		99,163
	200,000		Activision Blizzard, Inc		3.400		09/15/26		196,090
	300,000		Activision Blizzard, Inc		3.400		06/15/27		291,550
	300,000		Activision Blizzard, Inc		4.500		06/15/47		282,676
	775,000		Adobe Systems, Inc		3.250		02/01/25		793,414
	250,000		Autodesk, Inc		4.375		06/15/25		258,337
	300,000		Autodesk, Inc		3.500		06/15/27		292,371
	500,000		Automatic Data Processing, Inc		2.250		09/15/20		497,211
	500,000		Automatic Data Processing, Inc		3.375		09/15/25		518,029
	500,000		Baidu, Inc		3.000		06/30/20		499,729
	700,000		Baidu, Inc		2.875		07/06/22		690,903
	500,000		Baidu, Inc		3.875		09/29/23		510,847
	525,000		Baidu, Inc		4.375		05/14/24		544,226
	300,000		Baidu, Inc		3.625		07/06/27		293,723
	500,000		Baidu, Inc		4.375		03/29/28		514,372
	500,000		Baidu, Inc		4.875		11/14/28		534,224
	250,000		CA, Inc		3.600		08/15/22		251,850
	150,000		CA, Inc		4.700		03/15/27		149,198
	200,000		Citrix Systems, Inc		4.500		12/01/27		197,588
	200,000		DXC Technology Co		2.875		03/27/20		199,877
	200,000		DXC Technology Co		4.450		09/18/22		207,239

108

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	DXC Technology Co		4.250	%	04/15/24	$	203,039
	200,000	DXC Technology Co		4.750		04/15/27		203,301
	300,000	Electronic Arts, Inc		3.700		03/01/21		304,909
	300,000	Expedia, Inc		4.500		08/15/24		311,576
	1,200,000	Expedia, Inc		5.000		02/15/26		1,271,321
	1,000,000	Fidelity National Information Services, Inc		2.250		08/15/21		982,533
	247,000	Fidelity National Information Services, Inc		4.500		10/15/22		257,822
	163,000	Fidelity National Information Services, Inc		3.875		06/05/24		166,561
	139,000	Fidelity National Information Services, Inc		5.000		10/15/25		149,861
	1,000,000	Fidelity National Information Services, Inc		3.000		08/15/26		958,825
	100,000	Fidelity National Information Services, Inc		4.250		05/15/28		102,909
	300,000	Fidelity National Information Services, Inc		4.500		08/15/46		284,266
	300,000	Fidelity National Information Services, Inc		4.750		05/15/48		297,644
	1,350,000	Fiserv, Inc		3.500		10/01/22		1,367,851
	1,500,000	Fiserv, Inc		3.850		06/01/25		1,542,205
	100,000	IHS Markit Ltd		4.125		08/01/23		101,984
	100,000	IHS Markit Ltd		4.750		08/01/28		104,631
	250,000	International Business Machines Corp		2.250		02/19/21		247,930
	300,000	International Business Machines Corp		2.500		01/27/22		297,637
	300,000	International Business Machines Corp		1.875		08/01/22		291,388
	500,000	International Business Machines Corp		2.875		11/09/22		501,768
	19,000	International Business Machines Corp		5.600		11/30/39		22,878
	835,000	International Business Machines Corp		4.000		06/20/42		820,238
	1,500,000	International Business Machines Corp		4.700		02/19/46		1,641,152
	175,000	Juniper Networks, Inc		4.600		03/15/21		179,733
	200,000	Juniper Networks, Inc		4.500		03/15/24		208,254
	750,000	Juniper Networks, Inc		4.350		06/15/25		775,130
	200,000	Mastercard, Inc		2.000		11/21/21		197,440
	1,000,000	Mastercard, Inc		3.375		04/01/24		1,032,765
	200,000	Mastercard, Inc		2.950		11/21/26		200,786
	750,000	Mastercard, Inc		3.500		02/26/28		783,882
	200,000	Mastercard, Inc		3.800		11/21/46		207,486
	300,000	Mastercard, Inc		3.950		02/26/48		318,467
	300,000	Microsoft Corp		1.850		02/12/20		298,573
	540,000	Microsoft Corp		3.000		10/01/20		544,661
	500,000	Microsoft Corp		2.000		11/03/20		496,518
	450,000	Microsoft Corp		4.000		02/08/21		462,914
	850,000	Microsoft Corp		1.550		08/08/21		829,855
	1,000,000	Microsoft Corp		2.400		02/06/22		999,154
	1,300,000	Microsoft Corp		2.375		02/12/22		1,299,156
	500,000	Microsoft Corp		2.650		11/03/22		503,222
	400,000	Microsoft Corp		2.125		11/15/22		395,382
	1,000,000	Microsoft Corp		2.000		08/08/23		977,164
	400,000	Microsoft Corp		3.625		12/15/23		418,043
	2,000,000	Microsoft Corp		2.875		02/06/24		2,025,118
	500,000	Microsoft Corp		2.700		02/12/25		500,414
	750,000	Microsoft Corp		3.125		11/03/25		767,899
	2,300,000	Microsoft Corp		2.400		08/08/26		2,231,839
	5,189,000	Microsoft Corp		3.300		02/06/27		5,334,305
	925,000	Microsoft Corp		4.200		11/03/35		1,018,421
	2,000,000	Microsoft Corp		3.450		08/08/36		2,010,031
	1,575,000	Microsoft Corp		4.100		02/06/37		1,715,625

109

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Microsoft Corp		3.500	%	11/15/42	$	497,290
	300,000	Microsoft Corp		3.750		05/01/43		307,169
	750,000	Microsoft Corp		3.750		02/12/45		770,646
	575,000	Microsoft Corp		4.450		11/03/45		655,568
	1,000,000	Microsoft Corp		3.700		08/08/46		1,023,723
	1,350,000	Microsoft Corp		4.250		02/06/47		1,507,933
	1,750,000	Microsoft Corp		4.000		02/12/55		1,836,488
	500,000	Microsoft Corp		4.750		11/03/55		599,915
	1,000,000	Microsoft Corp		3.950		08/08/56		1,044,394
	2,800,000	Microsoft Corp		4.500		02/06/57		3,225,015
	1,250,000	Oracle Corp		2.800		07/08/21		1,255,360
	1,000,000	Oracle Corp		1.900		09/15/21		983,750
	1,300,000	Oracle Corp		2.500		05/15/22		1,293,463
	1,725,000	Oracle Corp		2.500		10/15/22		1,716,232
	500,000	Oracle Corp		2.625		02/15/23		500,163
	2,000,000	Oracle Corp		2.400		09/15/23		1,968,685
	750,000	Oracle Corp		3.400		07/08/24		768,273
	500,000	Oracle Corp		2.950		11/15/24		501,533
	1,250,000	Oracle Corp		2.950		05/15/25		1,249,198
	2,334,000	Oracle Corp		2.650		07/15/26		2,258,478
	1,750,000	Oracle Corp		3.250		11/15/27		1,760,787
	400,000	Oracle Corp		3.250		05/15/30		399,124
	2,322,000	Oracle Corp		4.300		07/08/34		2,495,160
	500,000	Oracle Corp		3.900		05/15/35		511,861
	1,000,000	Oracle Corp		3.850		07/15/36		1,010,961
	3,750,000	Oracle Corp		3.800		11/15/37		3,754,815
	470,000	Oracle Corp		6.125		07/08/39		603,937
	500,000	Oracle Corp		4.500		07/08/44		539,794
	1,500,000	Oracle Corp		4.000		07/15/46		1,508,341
	750,000	Oracle Corp		4.000		11/15/47		755,032
	500,000	Oracle Corp		4.375		05/15/55		528,343
	725,000	salesforce.com, Inc		3.250		04/11/23		742,680
	800,000	salesforce.com, Inc		3.700		04/11/28		838,869
	250,000	Total System Services, Inc		3.800		04/01/21		253,863
	125,000	Total System Services, Inc		3.750		06/01/23		126,948
	500,000	Total System Services, Inc		4.000		06/01/23		513,936
	300,000	Total System Services, Inc		4.800		04/01/26		315,411
	500,000	Total System Services, Inc		4.450		06/01/28		510,433
	300,000	VMware, Inc		2.300		08/21/20		297,257
	1,250,000	VMware, Inc		2.950		08/21/22		1,237,174
	500,000	VMware, Inc		3.900		08/21/27		481,025
		TOTAL SOFTWARE & SERVICES						90,310,695

TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	100,000	Alphabet, Inc		3.625		05/19/21		102,621
	500,000	Alphabet, Inc		3.375		02/25/24		520,156
	1,000,000	Alphabet, Inc		1.998		08/15/26		944,140
	225,000	Amphenol Corp		2.200		04/01/20		223,570
	125,000	Amphenol Corp		3.125		09/15/21		126,086
	150,000	Amphenol Corp		4.000		02/01/22		154,353
	200,000	Amphenol Corp		3.200		04/01/24		199,985
	100,000	Amphenol Corp		4.350		06/01/29		105,818
	500,000	Apple, Inc		1.900		02/07/20		497,666

110

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Apple, Inc		1.800	%	05/11/20	$	198,462
	500,000	Apple, Inc		2.000		11/13/20		496,460
	2,500,000	Apple, Inc		2.250		02/23/21		2,490,067
	2,750,000	Apple, Inc		1.550		08/04/21		2,693,185
	1,050,000	Apple, Inc		2.150		02/09/22		1,039,540
	500,000	Apple, Inc		2.500		02/09/22		499,539
	500,000	Apple, Inc		2.300		05/11/22		496,908
	750,000	Apple, Inc		2.700		05/13/22		754,396
	400,000	Apple, Inc		2.100		09/12/22		393,708
	500,000	Apple, Inc		2.400		01/13/23		496,475
	400,000	Apple, Inc		2.850		02/23/23		403,620
	750,000	Apple, Inc		3.000		02/09/24		760,608
	2,250,000	Apple, Inc		3.450		05/06/24		2,326,198
	750,000	Apple, Inc		2.850		05/11/24		752,644
	1,500,000	Apple, Inc		2.750		01/13/25		1,492,088
	750,000	Apple, Inc		2.500		02/09/25		736,845
	750,000	Apple, Inc		3.200		05/13/25		763,658
	2,350,000	Apple, Inc		3.250		02/23/26		2,393,357
	1,000,000	Apple, Inc		2.450		08/04/26		966,098
	750,000	Apple, Inc		3.350		02/09/27		765,654
	1,000,000	Apple, Inc		3.000		06/20/27		996,474
	1,500,000	Apple, Inc		2.900		09/12/27		1,480,085
	3,500,000	Apple, Inc		3.000		11/13/27		3,481,026
	1,375,000	Apple, Inc		4.500		02/23/36		1,541,549
	750,000	Apple, Inc		4.450		05/06/44		827,224
	1,350,000	Apple, Inc		3.450		02/09/45		1,287,607
	800,000	Apple, Inc		4.375		05/13/45		871,911
	1,250,000	Apple, Inc		4.650		02/23/46		1,414,957
	750,000	Apple, Inc		3.850		08/04/46		760,036
	1,000,000	Apple, Inc		4.250		02/09/47		1,068,830
	750,000	Apple, Inc		3.750		09/12/47		747,392
	750,000	Apple, Inc		3.750		11/13/47		749,994
	500,000	Broadcom Corp		2.200		01/15/21		492,232
	1,500,000	Broadcom Corp		3.000		01/15/22		1,493,999
	500,000	Broadcom Corp		2.650		01/15/23		486,945
	1,100,000	Broadcom Corp		3.625		01/15/24		1,097,734
	2,250,000	Broadcom Corp		3.125		01/15/25		2,157,855
	1,750,000	Broadcom Corp		3.875		01/15/27		1,672,975
	250,000	Broadcom Corp		3.500		01/15/28		230,283
	1,250,000	Cisco Systems, Inc		2.900		03/04/21		1,261,290
	300,000	Cisco Systems, Inc		1.850		09/20/21		295,013
	400,000	Cisco Systems, Inc		3.000		06/15/22		405,922
	500,000	Cisco Systems, Inc		2.600		02/28/23		502,839
	2,300,000	Cisco Systems, Inc		2.200		09/20/23		2,268,990
	1,100,000	Cisco Systems, Inc		3.625		03/04/24		1,155,763
	400,000	Cisco Systems, Inc		3.500		06/15/25		416,536
	500,000	Cisco Systems, Inc		2.950		02/28/26		501,783
	2,500,000	Cisco Systems, Inc		2.500		09/20/26		2,435,686
	600,000	Cisco Systems, Inc		5.900		02/15/39		789,361
	225,000	Corning, Inc		4.250		08/15/20		228,448
	300,000	Corning, Inc		2.900		05/15/22		298,480
	200,000	Corning, Inc		4.700		03/15/37		207,770

111

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Corning, Inc		5.750	%	08/15/40	$	114,818
	200,000		Corning, Inc		4.750		03/15/42		208,265
	200,000		Corning, Inc		5.350		11/15/48		229,035
	700,000		Corning, Inc		4.375		11/15/57		652,319
	200,000		Corning, Inc		5.850		11/15/68		218,155
	1,175,000	g	Dell International LLC		4.420		06/15/21		1,205,687
	3,500,000	g	Dell International LLC		5.450		06/15/23		3,729,932
	500,000	g	Dell International LLC		4.000		07/15/24		503,813
	2,000,000	g	Dell International LLC		6.020		06/15/26		2,151,187
	750,000	g	Dell International LLC		4.900		10/01/26		763,757
	750,000	g	Dell International LLC		5.300		10/01/29		754,856
	1,000,000	g	Dell International LLC		8.100		07/15/36		1,177,700
	1,000,000	g	Dell International LLC		8.350		07/15/46		1,208,693
	800,000		Flextronics International Ltd		4.750		06/15/25		824,052
	205,000		Harris Corp		2.700		04/27/20		204,250
	500,000		Harris Corp		4.400		06/15/28		526,322
	300,000		Harris Corp		4.854		04/27/35		322,393
	300,000		Harris Corp		5.054		04/27/45		331,466
	2,375,000		Hewlett Packard Enterprise Co		3.600		10/15/20		2,397,156
	500,000		Hewlett Packard Enterprise Co		3.500		10/05/21		506,664
	3,000,000		Hewlett Packard Enterprise Co		4.900		10/15/25		3,189,990
	350,000		Hewlett Packard Enterprise Co		6.350		10/15/45		367,164
	113,000		Hewlett-Packard Co		3.750		12/01/20		114,909
	500,000		Hewlett-Packard Co		4.650		12/09/21		521,385
	200,000		Hewlett-Packard Co		4.050		09/15/22		206,516
	850,000		Hewlett-Packard Co		6.000		09/15/41		914,829
	1,000,000		Jabil, Inc		4.700		09/15/22		1,027,650
	100,000		Jabil, Inc		3.950		01/12/28		93,300
	755,000		Koninklijke Philips Electronics NV		5.000		03/15/42		841,181
	300,000		L-3 Technologies, Inc		4.950		02/15/21		309,977
	250,000		L-3 Technologies, Inc		3.850		06/15/23		257,762
	52,000		L-3 Technologies, Inc		3.950		05/28/24		53,432
	600,000		L-3 Technologies, Inc		3.850		12/15/26		611,101
	500,000		L-3 Technologies, Inc		4.400		06/15/28		525,136
	100,000		Motorola Solutions, Inc		3.500		09/01/21		101,070
	700,000		Motorola Solutions, Inc		3.750		05/15/22		712,315
	250,000		Motorola Solutions, Inc		3.500		03/01/23		251,343
	200,000		Motorola Solutions, Inc		4.000		09/01/24		203,858
	450,000		Motorola Solutions, Inc		4.600		02/23/28		454,073
	200,000		Motorola Solutions, Inc		5.500		09/01/44		194,910
	200,000		NetApp, Inc		3.375		06/15/21		201,946
	200,000		NetApp, Inc		3.300		09/29/24		197,786
	200,000	g	NXP BV		4.875		03/01/24		211,044
	300,000	g	NXP BV		5.350		03/01/26		322,824
	300,000	g	NXP BV		5.550		12/01/28		324,903
	1,400,000		QUALCOMM, Inc		2.250		05/20/20		1,394,287
	500,000		QUALCOMM, Inc		3.000		05/20/22		504,286
	750,000		QUALCOMM, Inc		2.900		05/20/24		737,660
	500,000		QUALCOMM, Inc		3.450		05/20/25		503,991
	2,000,000		QUALCOMM, Inc		3.250		05/20/27		1,953,839
	500,000		QUALCOMM, Inc		4.650		05/20/35		515,902
	500,000		QUALCOMM, Inc		4.800		05/20/45		510,383
	1,000,000		QUALCOMM, Inc		4.300		05/20/47		955,153

112

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Seagate HDD Cayman		4.250	%	03/01/22	$	501,509
	1,250,000	Seagate HDD Cayman		4.750		01/01/25		1,220,685
	200,000	Seagate HDD Cayman		4.875		06/01/27		190,813
	200,000	Seagate HDD Cayman		5.750		12/01/34		183,416
	200,000	Tech Data Corp		3.700		02/15/22		201,369
	200,000	Tech Data Corp		4.950		02/15/27		202,475
	250,000	Tyco Electronics Group S.A.		3.500		02/03/22		252,709
	200,000	Tyco Electronics Group S.A.		3.450		08/01/24		202,735
	100,000	Tyco Electronics Group S.A.		3.700		02/15/26		101,149
	1,150,000	Tyco Electronics Group S.A.		3.125		08/15/27		1,116,318
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						98,910,497

TELECOMMUNICATION SERVICES - 1.1%
	500,000	Alibaba Group Holding Ltd		3.125		11/28/21		503,320
	1,000,000	Alibaba Group Holding Ltd		2.800		06/06/23		992,132
	1,250,000	Alibaba Group Holding Ltd		3.600		11/28/24		1,281,270
	1,000,000	Alibaba Group Holding Ltd		3.400		12/06/27		982,557
	500,000	Alibaba Group Holding Ltd		4.500		11/28/34		524,424
	750,000	Alibaba Group Holding Ltd		4.000		12/06/37		732,652
	1,000,000	Alibaba Group Holding Ltd		4.200		12/06/47		980,429
	750,000	Alibaba Group Holding Ltd		4.400		12/06/57		750,206
	1,680,000	America Movil SAB de C.V.		5.000		03/30/20		1,711,866
	950,000	America Movil SAB de C.V.		3.125		07/16/22		956,697
	440,000	America Movil SAB de C.V.		6.125		03/30/40		549,850
	1,625,000	America Movil SAB de C.V.		4.375		07/16/42		1,697,457
	500,000	AT&T, Inc		3.200		03/01/22		504,474
	500,000	AT&T, Inc		3.800		03/01/24		512,451
	1,000,000	AT&T, Inc		4.450		04/01/24		1,046,923
	1,500,000	AT&T, Inc		3.400		05/15/25		1,485,231
	1,250,000	AT&T, Inc		4.125		02/17/26		1,278,071
	1,300,000	AT&T, Inc		4.250		03/01/27		1,338,088
	4,705,000	AT&T, Inc		4.100		02/15/28		4,755,080
	1,225,000	AT&T, Inc		4.350		03/01/29		1,251,865
	8,525,000	AT&T, Inc		4.300		02/15/30		8,634,616
	1,175,000	AT&T, Inc		4.500		05/15/35		1,159,200
	1,500,000	AT&T, Inc		5.250		03/01/37		1,581,024
	1,500,000	AT&T, Inc		4.900		08/15/37		1,516,736
	1,000,000	AT&T, Inc		4.850		03/01/39		1,005,242
	550,000	AT&T, Inc		5.150		03/15/42		563,521
	2,366,000	AT&T, Inc		4.300		12/15/42		2,181,569
	1,250,000	AT&T, Inc		4.800		06/15/44		1,229,328
	2,854,000	AT&T, Inc		4.350		06/15/45		2,623,422
	2,100,000	AT&T, Inc		5.450		03/01/47		2,247,471
	1,425,000	AT&T, Inc		4.500		03/09/48		1,341,935
	1,250,000	AT&T, Inc		5.150		02/15/50		1,279,994
	2,750,000	AT&T, Inc		5.300		08/15/58		2,792,208
	500,000	Bell Canada, Inc		4.464		04/01/48		519,605
	750,000	British Telecommunications plc		4.500		12/04/23		784,712
	750,000	British Telecommunications plc		5.125		12/04/28		803,597
	1,150,000	British Telecommunications plc		9.625		12/15/30		1,645,248
	2,490,000	Deutsche Telekom International Finance BV		8.750		06/15/30		3,432,016
	250,000	Koninklijke KPN NV		8.375		10/01/30		318,167

113

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		Orange S.A.		4.125	%	09/14/21	$	2,068,600
	745,000		Orange S.A.		9.000		03/01/31		1,078,831
	600,000		Orange S.A.		5.375		01/13/42		680,709
	400,000		Orange S.A.		5.500		02/06/44		462,117
	200,000		Rogers Communications, Inc		4.100		10/01/23		209,338
	1,713,000		Rogers Communications, Inc		3.625		12/15/25		1,754,629
	200,000		Rogers Communications, Inc		2.900		11/15/26		194,087
	125,000		Rogers Communications, Inc		4.500		03/15/43		130,583
	300,000		Rogers Communications, Inc		5.450		10/01/43		348,917
	600,000		Rogers Communications, Inc		5.000		03/15/44		666,904
	150,000		Rogers Communications, Inc		4.300		02/15/48		152,433
	2,020,000		Telefonica Emisiones SAU		5.134		04/27/20		2,066,853
	1,175,000		Telefonica Emisiones SAU		4.103		03/08/27		1,190,617
	300,000		Telefonica Emisiones SAU		7.045		06/20/36		365,563
	1,000,000		Telefonica Emisiones SAU		4.665		03/06/38		955,867
	1,300,000		Telefonica Emisiones SAU		5.213		03/08/47		1,320,352
	1,000,000		Telefonica Emisiones SAU		4.895		03/06/48		974,403
	300,000		Telefonica Emisiones SAU		5.520		03/01/49		314,420
	392,000		Telefonica Europe BV		8.250		09/15/30		517,057
	100,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		101,480
	200,000		TELUS Corp		2.800		02/16/27		190,802
	200,000		TELUS Corp		3.700		09/15/27		202,336
	500,000		TELUS Corp		4.600		11/16/48		529,320
	692,000		Verizon Communications, Inc		3.376		02/15/25		701,606
	2,750,000		Verizon Communications, Inc		4.125		03/16/27		2,879,036
	4,841,000		Verizon Communications, Inc		4.329		09/21/28		5,132,548
	150,000		Verizon Communications, Inc		3.875		02/08/29		154,214
	8,305,000	g	Verizon Communications, Inc		4.016		12/03/29		8,582,762
	1,500,000		Verizon Communications, Inc		4.500		08/10/33		1,588,416
	3,000,000		Verizon Communications, Inc		4.400		11/01/34		3,125,165
	3,400,000		Verizon Communications, Inc		4.272		01/15/36		3,443,840
	750,000		Verizon Communications, Inc		5.500		03/16/47		879,403
	11,500,000		Verizon Communications, Inc		5.012		04/15/49		12,589,418
	650,000		Vodafone Group plc		4.375		03/16/21		668,309
	500,000		Vodafone Group plc		2.500		09/26/22		491,166
	800,000		Vodafone Group plc		2.950		02/19/23		793,018
	1,000,000		Vodafone Group plc		3.750		01/16/24		1,008,910
	750,000		Vodafone Group plc		4.125		05/30/25		764,428
	2,050,000		Vodafone Group plc		4.375		05/30/28		2,085,603
	150,000		Vodafone Group plc		6.150		02/27/37		166,580
	750,000		Vodafone Group plc		5.000		05/30/38		741,840
	1,700,000		Vodafone Group plc		4.375		02/19/43		1,531,353
	1,000,000		Vodafone Group plc		5.250		05/30/48		1,000,122
			TOTAL TELECOMMUNICATION SERVICES						124,298,609

TRANSPORTATION - 0.7%
	368,869		American Airlines, Inc		3.000		10/15/28		356,768
	1,300,000		Boeing Co		1.650		10/30/20		1,277,435
	750,000		Boeing Co		2.800		03/01/23		751,475
	300,000		Boeing Co		2.800		03/01/24		300,546
	400,000		Boeing Co		2.600		10/30/25		390,211
	200,000		Boeing Co		2.250		06/15/26		189,367
	250,000		Boeing Co		2.800		03/01/27		243,145

114

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Boeing Co		3.250	%	03/01/28	$	502,561
	125,000	Boeing Co		3.450		11/01/28		127,575
	300,000	Boeing Co		3.200		03/01/29		299,869
	500,000	Boeing Co		3.550		03/01/38		482,043
	300,000	Boeing Co		3.500		03/01/39		287,728
	350,000	Boeing Co		5.875		02/15/40		439,030
	300,000	Boeing Co		3.375		06/15/46		274,285
	250,000	Boeing Co		3.650		03/01/47		238,938
	100,000	Boeing Co		3.625		03/01/48		95,495
	100,000	Boeing Co		3.850		11/01/48		99,510
	125,000	Boeing Co		3.825		03/01/59		120,518
	300,000	Burlington Northern Santa Fe LLC		3.050		03/15/22		303,633
	150,000	Burlington Northern Santa Fe LLC		3.050		09/01/22		151,939
	500,000	Burlington Northern Santa Fe LLC		3.850		09/01/23		523,675
	500,000	Burlington Northern Santa Fe LLC		3.750		04/01/24		522,225
	150,000	Burlington Northern Santa Fe LLC		3.400		09/01/24		154,718
	300,000	Burlington Northern Santa Fe LLC		3.000		04/01/25		302,675
	700,000	Burlington Northern Santa Fe LLC		3.650		09/01/25		726,957
	1,150,000	Burlington Northern Santa Fe LLC		3.250		06/15/27		1,172,437
	360,000	Burlington Northern Santa Fe LLC		5.750		05/01/40		447,320
	250,000	Burlington Northern Santa Fe LLC		5.050		03/01/41		288,488
	200,000	Burlington Northern Santa Fe LLC		4.400		03/15/42		214,078
	500,000	Burlington Northern Santa Fe LLC		5.150		09/01/43		589,773
	500,000	Burlington Northern Santa Fe LLC		4.900		04/01/44		573,632
	300,000	Burlington Northern Santa Fe LLC		4.550		09/01/44		329,977
	1,000,000	Burlington Northern Santa Fe LLC		4.150		04/01/45		1,042,602
	200,000	Burlington Northern Santa Fe LLC		4.700		09/01/45		224,270
	750,000	Burlington Northern Santa Fe LLC		3.900		08/01/46		762,276
	400,000	Burlington Northern Santa Fe LLC		4.125		06/15/47		416,092
	1,175,000	Burlington Northern Santa Fe LLC		4.050		06/15/48		1,213,169
	200,000	Burlington Northern Santa Fe LLC		4.150		12/15/48		210,774
	500,000	Canadian National Railway Co		2.400		02/03/20		498,753
	100,000	Canadian National Railway Co		2.850		12/15/21		100,162
	300,000	Canadian National Railway Co		2.250		11/15/22		294,439
	200,000	Canadian National Railway Co		2.950		11/21/24		201,525
	200,000	Canadian National Railway Co		6.900		07/15/28		256,203
	200,000	Canadian National Railway Co		6.250		08/01/34		265,041
	250,000	Canadian National Railway Co		3.500		11/15/42		233,172
	100,000	Canadian National Railway Co		4.500		11/07/43		108,708
	400,000	Canadian National Railway Co		3.200		08/02/46		369,871
	500,000	Canadian National Railway Co		3.650		02/03/48		504,013
	1,800,000	Canadian Pacific Railway Co		2.900		02/01/25		1,765,228
	300,000	Canadian Pacific Railway Co		4.000		06/01/28		315,050
	200,000	Canadian Pacific Railway Co		7.125		10/15/31		265,766
	250,000	Canadian Pacific Railway Co		5.950		05/15/37		304,432
	200,000	Canadian Pacific Railway Co		6.125		09/15/15		248,529
	200,000	Carnival Corp		3.950		10/15/20		203,691
	300,000	CH Robinson Worldwide, Inc		4.200		04/15/28		310,869
	211,160	Continental Airlines, Inc		4.750		01/12/21		215,471
	23,252	Continental Airlines, Inc		5.983		04/19/22		24,458
	364,649	Continental Airlines, Inc		4.150		04/11/24		372,452
	149,689	Continental Airlines, Inc		4.000		10/29/24		152,189

115

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	125,000	CSX Corp		3.700	%	11/01/23	$	129,258
	300,000	CSX Corp		3.400		08/01/24		305,786
	200,000	CSX Corp		3.350		11/01/25		201,668
	1,200,000	CSX Corp		2.600		11/01/26		1,139,583
	500,000	CSX Corp		3.250		06/01/27		493,973
	750,000	CSX Corp		3.800		03/01/28		770,026
	600,000	CSX Corp		4.250		03/15/29		637,677
	100,000	CSX Corp		6.000		10/01/36		120,453
	200,000	CSX Corp		6.150		05/01/37		245,255
	400,000	CSX Corp		5.500		04/15/41		462,997
	350,000	CSX Corp		4.400		03/01/43		356,496
	100,000	CSX Corp		4.100		03/15/44		99,064
	675,000	CSX Corp		3.800		11/01/46		638,445
	750,000	CSX Corp		4.300		03/01/48		765,950
	150,000	CSX Corp		4.750		11/15/48		162,993
	500,000	CSX Corp		4.500		03/15/49		524,723
	200,000	CSX Corp		3.950		05/01/50		189,356
	300,000	CSX Corp		4.500		08/01/54		307,108
	150,000	CSX Corp		4.250		11/01/66		140,110
	300,000	CSX Corp		4.650		03/01/68		299,052
	184,970	Delta Air Lines, Inc		5.300		04/15/19		185,100
	150,000	Delta Air Lines, Inc		2.875		03/13/20		149,726
	84,876	Delta Air Lines, Inc		4.750		05/07/20		86,073
	125,000	Delta Air Lines, Inc		2.600		12/04/20		124,223
	100,000	Delta Air Lines, Inc		3.400		04/19/21		100,425
	700,000	Delta Air Lines, Inc		3.625		03/15/22		704,807
	300,000	Delta Air Lines, Inc		3.800		04/19/23		303,283
	106,088	Delta Air Lines, Inc		3.625		07/30/27		108,318
	200,000	Delta Air Lines, Inc		4.375		04/19/28		195,961
	100,000	FedEx Corp		2.300		02/01/20		99,572
	175,000	FedEx Corp		3.400		01/14/22		177,389
	300,000	FedEx Corp		4.000		01/15/24		314,558
	100,000	FedEx Corp		3.200		02/01/25		100,363
	300,000	FedEx Corp		3.250		04/01/26		298,753
	400,000	FedEx Corp		3.300		03/15/27		394,528
	1,250,000	FedEx Corp		3.400		02/15/28		1,238,202
	500,000	FedEx Corp		4.200		10/17/28		522,564
	1,000,000	FedEx Corp		4.900		01/15/34		1,073,526
	200,000	FedEx Corp		3.900		02/01/35		187,694
	750,000	FedEx Corp		4.750		11/15/45		746,886
	300,000	FedEx Corp		4.550		04/01/46		289,636
	200,000	FedEx Corp		4.400		01/15/47		188,453
	550,000	FedEx Corp		4.050		02/15/48		491,533
	500,000	FedEx Corp		4.950		10/17/48		515,368
	200,000	FedEx Corp		4.500		02/01/65		180,288
	100,000	GATX Corp		2.600		03/30/20		99,689
	200,000	GATX Corp		4.350		02/15/24		207,425
	500,000	GATX Corp		3.250		09/15/26		475,918
	200,000	GATX Corp		3.500		03/15/28		190,764
	200,000	GATX Corp		4.550		11/07/28		205,807
	200,000	GATX Corp		4.700		04/01/29		208,558
	225,000	GATX Corp		5.200		03/15/44		234,268
	200,000	JB Hunt Transport Services, Inc		3.300		08/15/22		201,983

116

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	JB Hunt Transport Services, Inc		3.875	%	03/01/26	$	507,555
	100,000	Kansas City Southern		3.000		05/15/23		100,177
	100,000	Kansas City Southern		3.125		06/01/26		96,201
	100,000	Kansas City Southern		4.300		05/15/43		97,790
	175,000	Kansas City Southern		4.950		08/15/45		188,468
	800,000	Kansas City Southern		4.700		05/01/48		838,186
	200,000	Kirby Corp		4.200		03/01/28		201,907
	100,000	Norfolk Southern Corp		3.250		12/01/21		100,903
	250,000	Norfolk Southern Corp		3.000		04/01/22		251,474
	1,291,000	Norfolk Southern Corp		2.903		02/15/23		1,292,369
	500,000	Norfolk Southern Corp		3.650		08/01/25		515,493
	200,000	Norfolk Southern Corp		2.900		06/15/26		195,998
	300,000	Norfolk Southern Corp		3.150		06/01/27		295,805
	500,000	Norfolk Southern Corp		3.800		08/01/28		516,520
	16,000	Norfolk Southern Corp		4.837		10/01/41		17,456
	300,000	Norfolk Southern Corp		4.450		06/15/45		312,421
	200,000	Norfolk Southern Corp		4.650		01/15/46		215,322
	128,000	Norfolk Southern Corp		3.942		11/01/47		125,140
	1,275,000	Norfolk Southern Corp		4.150		02/28/48		1,294,897
	500,000	Norfolk Southern Corp		5.100		08/01/18		523,772
	750,000	Northrop Grumman Corp		2.080		10/15/20		743,089
	650,000	Northrop Grumman Corp		3.500		03/15/21		659,834
	1,000,000	Northrop Grumman Corp		2.550		10/15/22		990,648
	400,000	Northrop Grumman Corp		3.250		08/01/23		404,989
	750,000	Northrop Grumman Corp		2.930		01/15/25		740,145
	300,000	Northrop Grumman Corp		3.200		02/01/27		295,557
	1,350,000	Northrop Grumman Corp		3.250		01/15/28		1,328,069
	100,000	Northrop Grumman Corp		5.050		11/15/40		111,464
	400,000	Northrop Grumman Corp		4.750		06/01/43		433,239
	300,000	Northrop Grumman Corp		3.850		04/15/45		288,342
	1,150,000	Northrop Grumman Corp		4.030		10/15/47		1,138,619
	400,000	Ryder System, Inc		2.500		05/11/20		398,840
	500,000	Ryder System, Inc		3.500		06/01/21		506,170
	500,000	Ryder System, Inc		2.500		09/01/22		488,758
	200,000	Ryder System, Inc		3.400		03/01/23		202,432
	200,000	Ryder System, Inc		3.750		06/09/23		204,857
	200,000	Ryder System, Inc		3.875		12/01/23		205,623
	300,000	Ryder System, Inc		3.650		03/18/24		306,002
	400,000	Southwest Airlines Co		2.650		11/05/20		399,418
	200,000	Southwest Airlines Co		2.750		11/16/22		199,106
	200,000	Southwest Airlines Co		3.000		11/15/26		193,289
	200,000	Southwest Airlines Co		3.450		11/16/27		199,615
	83,100	Spirit Airlines, Inc		4.100		04/01/28		84,737
	450,000	Union Pacific Corp		2.250		06/19/20		448,085
	300,000	Union Pacific Corp		3.200		06/08/21		303,066
	300,000	Union Pacific Corp		2.950		03/01/22		302,459
	331,000	Union Pacific Corp		4.163		07/15/22		345,177
	500,000	Union Pacific Corp		2.950		01/15/23		501,444
	300,000	Union Pacific Corp		3.500		06/08/23		307,691
	277,000	Union Pacific Corp		3.646		02/15/24		285,981
	300,000	Union Pacific Corp		3.150		03/01/24		304,613
	200,000	Union Pacific Corp		3.750		03/15/24		207,595

117

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Union Pacific Corp		3.250	%	01/15/25	$	202,591
	500,000	Union Pacific Corp		3.750		07/15/25		520,244
	200,000	Union Pacific Corp		3.250		08/15/25		202,588
	300,000	Union Pacific Corp		2.750		03/01/26		292,589
	1,000,000	Union Pacific Corp		3.000		04/15/27		980,569
	1,000,000	Union Pacific Corp		3.950		09/10/28		1,049,684
	500,000	Union Pacific Corp		3.700		03/01/29		514,055
	100,000	Union Pacific Corp		3.375		02/01/35		93,883
	100,000	Union Pacific Corp		3.600		09/15/37		95,868
	500,000	Union Pacific Corp		4.375		09/10/38		521,580
	100,000	Union Pacific Corp		4.300		06/15/42		101,601
	150,000	Union Pacific Corp		4.250		04/15/43		149,501
	200,000	Union Pacific Corp		4.050		11/15/45		194,968
	200,000	Union Pacific Corp		3.350		08/15/46		176,904
	300,000	Union Pacific Corp		4.000		04/15/47		296,934
	1,000,000	Union Pacific Corp		4.500		09/10/48		1,064,714
	500,000	Union Pacific Corp		4.300		03/01/49		516,904
	770,000	Union Pacific Corp		3.799		10/01/51		724,268
	200,000	Union Pacific Corp		3.875		02/01/55		184,927
	500,000	Union Pacific Corp		4.800		09/10/58		547,697
	300,000	Union Pacific Corp		4.375		11/15/65		290,795
	200,000	Union Pacific Corp		4.100		09/15/67		183,297
	179,399	Union Pacific Railroad Co		2.695		05/12/27		175,994
	600,000	United Parcel Service, Inc		2.050		04/01/21		594,795
	500,000	United Parcel Service, Inc		2.350		05/16/22		496,993
	1,400,000	United Parcel Service, Inc		2.450		10/01/22		1,395,861
	500,000	United Parcel Service, Inc		2.500		04/01/23		498,633
	300,000	United Parcel Service, Inc		2.800		11/15/24		301,775
	125,000	United Parcel Service, Inc		2.400		11/15/26		120,093
	500,000	United Parcel Service, Inc		3.050		11/15/27		500,045
	500,000	United Parcel Service, Inc		3.400		03/15/29		509,146
	35,000	United Parcel Service, Inc		6.200		01/15/38		45,051
	450,000	United Parcel Service, Inc		3.625		10/01/42		424,535
	400,000	United Parcel Service, Inc		3.400		11/15/46		359,354
	1,250,000	United Parcel Service, Inc		3.750		11/15/47		1,199,771
	300,000	United Parcel Service, Inc		4.250		03/15/49		312,518
		TOTAL TRANSPORTATION						79,306,377

UTILITIES - 1.8%
	200,000	AEP Texas, Inc		2.400		10/01/22		197,239
	200,000	AEP Texas, Inc		3.950		06/01/28		208,559
	200,000	AEP Texas, Inc		3.800		10/01/47		190,582
	200,000	AEP Transmission Co LLC		3.100		12/01/26		197,942
	600,000	AEP Transmission Co LLC		4.000		12/01/46		605,078
	200,000	AEP Transmission Co LLC		3.750		12/01/47		197,033
	200,000	AEP Transmission Co LLC		4.250		09/15/48		212,649
	275,000	AGL Capital Corp		4.400		06/01/43		275,583
	200,000	Alabama Power Co		2.450		03/30/22		198,947
	475,000	Alabama Power Co		3.550		12/01/23		491,909
	200,000	Alabama Power Co		3.850		12/01/42		196,413
	400,000	Alabama Power Co		3.750		03/01/45		387,896
	300,000	Alabama Power Co		4.300		01/02/46		317,114
	750,000	Alabama Power Co		3.700		12/01/47		732,348

118

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	Alabama Power Co		4.300	%	07/15/48	$	531,142
	300,000	Ameren Corp		2.700		11/15/20		298,697
	600,000	Ameren Illinois Co		2.700		09/01/22		600,189
	300,000	Ameren Illinois Co		3.800		05/15/28		315,485
	125,000	Ameren Illinois Co		4.150		03/15/46		131,830
	1,000,000	Ameren Illinois Co		3.700		12/01/47		983,949
	400,000	Ameren Illinois Co		4.500		03/15/49		447,119
	125,000	American Electric Power Co, Inc		2.150		11/13/20		123,844
	300,000	American Electric Power Co, Inc		3.650		12/01/21		306,099
	300,000	American Electric Power Co, Inc		4.300		12/01/28		318,518
	500,000	American Water Capital Corp		3.850		03/01/24		519,238
	300,000	American Water Capital Corp		3.400		03/01/25		306,317
	200,000	American Water Capital Corp		2.950		09/01/27		194,640
	500,000	American Water Capital Corp		3.750		09/01/28		524,125
	225,000	American Water Capital Corp		4.300		12/01/42		235,866
	150,000	American Water Capital Corp		4.300		09/01/45		156,398
	100,000	American Water Capital Corp		4.000		12/01/46		99,955
	825,000	American Water Capital Corp		3.750		09/01/47		800,381
	500,000	American Water Capital Corp		4.200		09/01/48		523,737
	200,000	Appalachian Power Co		3.300		06/01/27		197,653
	300,000	Appalachian Power Co		4.500		03/01/49		312,766
	200,000	Arizona Public Service Co		2.950		09/15/27		195,995
	350,000	Arizona Public Service Co		4.500		04/01/42		370,428
	200,000	Arizona Public Service Co		4.350		11/15/45		210,735
	410,000	Arizona Public Service Co		3.750		05/15/46		393,756
	200,000	Arizona Public Service Co		4.200		08/15/48		206,309
	200,000	Arizona Public Service Co		4.250		03/01/49		207,915
	200,000	Atlantic City Electric Co		4.000		10/15/28		211,527
	650,000	Atmos Energy Corp		3.000		06/15/27		644,461
	100,000	Atmos Energy Corp		5.500		06/15/41		120,821
	125,000	Atmos Energy Corp		4.150		01/15/43		129,505
	300,000	Atmos Energy Corp		4.125		10/15/44		313,567
	500,000	Atmos Energy Corp		4.300		10/01/48		533,588
	300,000	Atmos Energy Corp		4.125		03/15/49		311,137
	275,000	Avangrid, Inc		3.150		12/01/24		271,980
	150,000	Avista Corp		4.350		06/01/48		159,288
	100,000	Baltimore Gas & Electric Co		3.500		11/15/21		101,800
	200,000	Baltimore Gas & Electric Co		2.400		08/15/26		189,956
	150,000	Baltimore Gas & Electric Co		3.500		08/15/46		141,306
	200,000	Baltimore Gas & Electric Co		3.750		08/15/47		193,581
	200,000	Baltimore Gas & Electric Co		4.250		09/15/48		210,607
	325,000	Berkshire Hathaway Energy Co		2.400		02/01/20		324,413
	200,000	Berkshire Hathaway Energy Co		2.375		01/15/21		199,164
	200,000	Berkshire Hathaway Energy Co		2.800		01/15/23		200,551
	350,000	Berkshire Hathaway Energy Co		3.500		02/01/25		358,594
	175,000	Berkshire Hathaway Energy Co		3.250		04/15/28		174,032
	200,000	Berkshire Hathaway Energy Co		5.150		11/15/43		231,581
	500,000	Berkshire Hathaway Energy Co		4.500		02/01/45		532,478
	400,000	Berkshire Hathaway Energy Co		3.800		07/15/48		383,086
	400,000	Berkshire Hathaway Energy Co		4.450		01/15/49		424,787
	200,000	Black Hills Corp		4.250		11/30/23		207,394
	100,000	Black Hills Corp		3.950		01/15/26		101,653

119

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Black Hills Corp		3.150	%	01/15/27	$	95,421
	300,000	Black Hills Corp		4.350		05/01/33		309,613
	200,000	Black Hills Corp		4.200		09/15/46		193,688
	350,000	Carolina Power & Light Co		3.000		09/15/21		352,736
	150,000	Carolina Power & Light Co		2.800		05/15/22		150,889
	400,000	CenterPoint Energy Houston Electric LLC		2.250		08/01/22		394,359
	200,000	CenterPoint Energy Houston Electric LLC		2.400		09/01/26		189,735
	300,000	CenterPoint Energy Houston Electric LLC		3.000		02/01/27		296,128
	100,000	CenterPoint Energy Houston Electric LLC		6.950		03/15/33		135,854
	300,000	CenterPoint Energy Houston Electric LLC		3.950		03/01/48		307,841
	500,000	CenterPoint Energy Houston Electric LLC		4.250		02/01/49		542,908
	423,000	CenterPoint Energy Resources Corp		4.500		01/15/21		433,682
	200,000	CenterPoint Energy Resources Corp		3.550		04/01/23		203,651
	200,000	CenterPoint Energy Resources Corp		4.000		04/01/28		206,368
	700,000	CenterPoint Energy Resources Corp		4.100		09/01/47		690,299
	300,000	CenterPoint Energy, Inc		3.600		11/01/21		304,500
	200,000	CenterPoint Energy, Inc		2.500		09/01/22		195,911
	300,000	CenterPoint Energy, Inc		3.850		02/01/24		306,094
	300,000	CenterPoint Energy, Inc		4.250		11/01/28		311,017
	200,000	Cleco Corporate Holdings LLC		3.743		05/01/26		196,176
	200,000	Cleco Corporate Holdings LLC		4.973		05/01/46		204,601
	790,000	CMS Energy Corp		3.450		08/15/27		792,645
	300,000	Columbia Pipeline Group, Inc		3.300		06/01/20		301,281
	300,000	Columbia Pipeline Group, Inc		4.500		06/01/25		313,301
	300,000	Columbia Pipeline Group, Inc		5.800		06/01/45		341,963
	775,000	Commonwealth Edison Co		4.000		08/01/20		787,078
	250,000	Commonwealth Edison Co		2.550		06/15/26		241,928
	1,355,000	Commonwealth Edison Co		2.950		08/15/27		1,331,715
	300,000	Commonwealth Edison Co		3.700		08/15/28		314,844
	200,000	Commonwealth Edison Co		3.800		10/01/42		197,588
	300,000	Commonwealth Edison Co		4.700		01/15/44		335,938
	100,000	Commonwealth Edison Co		3.700		03/01/45		97,602
	250,000	Commonwealth Edison Co		3.650		06/15/46		243,849
	400,000	Commonwealth Edison Co		3.750		08/15/47		394,196
	1,000,000	Commonwealth Edison Co		4.000		03/01/48		1,027,255
	300,000	Commonwealth Edison Co		4.000		03/01/49		307,075
	125,000	Connecticut Light & Power Co		3.200		03/15/27		125,022
	400,000	Connecticut Light & Power Co		4.300		04/15/44		430,466
	250,000	Connecticut Light & Power Co		4.150		06/01/45		267,651
	400,000	Connecticut Light & Power Co		4.000		04/01/48		415,485
	1,390,000	Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,418,892
	200,000	Consolidated Edison Co of New York, Inc		3.800		05/15/28		209,045
	300,000	Consolidated Edison Co of New York, Inc		4.000		12/01/28		320,009
	200,000	Consolidated Edison Co of New York, Inc		4.200		03/15/42		205,429
	550,000	Consolidated Edison Co of New York, Inc		3.950		03/01/43		546,754
	600,000	Consolidated Edison Co of New York, Inc		4.450		03/15/44		633,398
	150,000	Consolidated Edison Co of New York, Inc		4.500		12/01/45		161,005
	400,000	Consolidated Edison Co of New York, Inc		3.850		06/15/46		389,602
	400,000	Consolidated Edison Co of New York, Inc		3.875		06/15/47		391,219
	300,000	Consolidated Edison Co of New York, Inc		4.650		12/01/48		330,949
	200,000	Consolidated Edison Co of New York, Inc		4.625		12/01/54		213,104
	200,000	Consolidated Edison Co of New York, Inc		4.300		12/01/56		202,735
	1,300,000	Consolidated Edison Co of New York, Inc		4.000		11/15/57		1,257,869

120

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Consolidated Edison Co of New York, Inc		4.500	%	05/15/58	$	420,329
	200,000	Consolidated Edison, Inc		2.000		03/15/20		198,287
	100,000	Consolidated Edison, Inc		2.000		05/15/21		98,471
	150,000	Consumers Energy Co		2.850		05/15/22		150,896
	200,000	Consumers Energy Co		3.375		08/15/23		205,365
	250,000	Consumers Energy Co		3.800		11/15/28		263,670
	600,000	Consumers Energy Co		3.950		07/15/47		620,717
	500,000	Consumers Energy Co		4.050		05/15/48		529,902
	250,000	Consumers Energy Co		4.350		04/15/49		278,458
	200,000	Delmarva Power & Light Co		4.150		05/15/45		205,202
	500,000	Dominion Energy, Inc		2.579		07/01/20		497,289
	500,000	Dominion Energy, Inc		4.250		06/01/28		524,914
	500,000	Dominion Energy, Inc		4.600		03/15/49		519,307
	150,000	Dominion Gas Holdings LLC		2.500		12/15/19		149,583
	250,000	Dominion Gas Holdings LLC		2.800		11/15/20		249,987
	200,000	Dominion Gas Holdings LLC		3.550		11/01/23		204,825
	200,000	Dominion Gas Holdings LLC		3.600		12/15/24		203,122
	200,000	Dominion Gas Holdings LLC		4.800		11/01/43		214,241
	200,000	Dominion Gas Holdings LLC		4.600		12/15/44		210,576
	200,000	Dominion Resources, Inc		4.700		12/01/44		212,258
	100,000	DTE Electric Co		3.700		06/01/46		97,176
	500,000	DTE Electric Co		3.750		08/15/47		498,384
	1,000,000	DTE Electric Co		4.050		05/15/48		1,044,496
	300,000	DTE Electric Co		3.950		03/01/49		309,153
	200,000	DTE Energy Co		3.300		06/15/22		201,733
	500,000	DTE Energy Co		3.700		08/01/23		512,100
	400,000	DTE Energy Electric Company		3.450		10/01/20		403,890
	200,000	DTE Energy Electric Company		3.850		12/01/23		206,623
	200,000	DTE Energy Electric Company		3.650		03/15/24		207,455
	200,000	DTE Energy Electric Company		3.500		06/01/24		202,584
	200,000	DTE Energy Electric Company		4.000		04/01/43		206,845
	125,000	Duke Energy Carolinas LLC		4.300		06/15/20		127,477
	300,000	Duke Energy Carolinas LLC		3.350		05/15/22		309,184
	200,000	Duke Energy Carolinas LLC		2.500		03/15/23		198,804
	2,000,000	Duke Energy Carolinas LLC		3.050		03/15/23		2,029,152
	200,000	Duke Energy Carolinas LLC		2.950		12/01/26		198,065
	500,000	Duke Energy Carolinas LLC		3.950		11/15/28		532,921
	300,000	Duke Energy Carolinas LLC		3.750		06/01/45		297,718
	200,000	Duke Energy Carolinas LLC		3.875		03/15/46		201,785
	1,750,000	Duke Energy Carolinas LLC		3.700		12/01/47		1,718,384
	1,500,000	Duke Energy Carolinas LLC		3.950		03/15/48		1,537,360
	250,000	Duke Energy Corp		1.800		09/01/21		244,010
	300,000	Duke Energy Corp		3.050		08/15/22		302,487
	300,000	Duke Energy Corp		3.950		10/15/23		311,119
	1,375,000	Duke Energy Corp		2.650		09/01/26		1,310,326
	300,000	Duke Energy Corp		4.800		12/15/45		325,482
	2,000,000	Duke Energy Corp		3.750		09/01/46		1,874,358
	1,200,000	Duke Energy Florida LLC		3.200		01/15/27		1,209,730
	300,000	Duke Energy Florida LLC		3.800		07/15/28		313,489
	500,000	Duke Energy Florida LLC		3.400		10/01/46		464,051
	300,000	Duke Energy Florida LLC		4.200		07/15/48		316,078
	300,000	Duke Energy Indiana LLC		3.750		05/15/46		292,565

121

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Duke Energy Ohio, Inc		3.650	%	02/01/29	$	207,833
	200,000	Duke Energy Ohio, Inc		3.700		06/15/46		194,980
	200,000	Duke Energy Ohio, Inc		4.300		02/01/49		214,120
	300,000	Duke Energy Progress LLC		3.375		09/01/23		308,466
	300,000	Duke Energy Progress LLC		3.250		08/15/25		306,861
	300,000	Duke Energy Progress LLC		3.700		09/01/28		313,232
	2,000,000	Duke Energy Progress LLC		3.450		03/15/29		2,049,529
	300,000	Duke Energy Progress LLC		4.200		08/15/45		314,723
	500,000	Duke Energy Progress LLC		3.700		10/15/46		489,028
	200,000	Duke Energy Progress LLC		3.600		09/15/47		191,604
	400,000	Duke Energy Progress, Inc		4.375		03/30/44		432,286
	500,000	Duke Energy Progress, Inc		4.150		12/01/44		521,653
	200,000	Edison International		2.125		04/15/20		198,479
	200,000	Edison International		2.400		09/15/22		185,306
	300,000	Edison International		4.125		03/15/28		283,454
	200,000	El Paso Electric Co		5.000		12/01/44		210,916
	300,000	Emera US Finance LP		2.700		06/15/21		297,333
	800,000	Emera US Finance LP		3.550		06/15/26		791,164
	300,000	Emera US Finance LP		4.750		06/15/46		311,807
	50,000	Empresa Nacional de Electricidad S.A.		4.250		04/15/24		51,082
	200,000	Entergy Arkansas LLC		4.200		04/01/49		206,913
	125,000	Entergy Arkansas, Inc		3.750		02/15/21		126,926
	175,000	Entergy Arkansas, Inc		3.700		06/01/24		181,702
	600,000	Entergy Arkansas, Inc		3.500		04/01/26		611,550
	200,000	Entergy Corp		5.125		09/15/20		204,297
	200,000	Entergy Corp		4.000		07/15/22		205,546
	300,000	Entergy Corp		2.950		09/01/26		288,492
	200,000	Entergy Louisiana LLC		4.050		09/01/23		208,818
	200,000	Entergy Louisiana LLC		2.400		10/01/26		189,032
	200,000	Entergy Louisiana LLC		3.120		09/01/27		198,023
	1,500,000	Entergy Louisiana LLC		4.000		03/15/33		1,577,223
	300,000	Entergy Louisiana LLC		4.200		09/01/48		312,605
	300,000	Entergy Louisiana LLC		4.200		04/01/50		313,429
	200,000	Entergy Texas, Inc		4.000		03/30/29		207,724
	200,000	Entergy Texas, Inc		4.500		03/30/39		210,890
	500,000	Eversource Energy		2.500		03/15/21		497,156
	300,000	Eversource Energy		2.750		03/15/22		299,937
	300,000	Eversource Energy		3.800		12/01/23		310,788
	300,000	Eversource Energy		2.900		10/01/24		297,849
	200,000	Eversource Energy		3.300		01/15/28		197,887
	300,000	Eversource Energy		4.250		04/01/29		318,963
	825,000	Exelon Corp		2.850		06/15/20		824,183
	1,122,000	Exelon Corp		2.450		04/15/21		1,109,164
	1,000,000	Exelon Corp		3.497		06/01/22		1,010,491
	300,000	Exelon Corp		3.950		06/15/25		310,725
	200,000	Exelon Corp		3.400		04/15/26		199,890
	500,000	Exelon Corp		4.950		06/15/35		531,561
	200,000	Exelon Corp		4.450		04/15/46		206,488
	150,000	Exelon Generation Co LLC		3.400		03/15/22		152,111
	200,000	Exelon Generation Co LLC		4.250		06/15/22		207,527
	500,000	FirstEnergy Corp		2.850		07/15/22		496,658
	1,750,000	FirstEnergy Corp		3.900		07/15/27		1,776,995
	1,250,000	FirstEnergy Corp		4.850		07/15/47		1,343,007

122

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		Florida Power & Light Co		2.750	%	06/01/23	$	402,391
	500,000		Florida Power & Light Co		3.250		06/01/24		512,619
	907,000		Florida Power & Light Co		3.125		12/01/25		920,963
	100,000		Florida Power & Light Co		4.125		02/01/42		106,016
	200,000		Florida Power & Light Co		4.050		06/01/42		210,522
	450,000		Florida Power & Light Co		3.800		12/15/42		454,507
	400,000		Florida Power & Light Co		4.050		10/01/44		420,696
	500,000		Florida Power & Light Co		3.700		12/01/47		500,520
	1,250,000		Florida Power & Light Co		3.950		03/01/48		1,306,188
	500,000		Florida Power & Light Co		4.125		06/01/48		535,506
	500,000		Florida Power & Light Co		3.990		03/01/49		524,585
	1,200,000		Florida Power Corp		3.100		08/15/21		1,208,430
	175,000		Fortis, Inc		2.100		10/04/21		171,212
	675,000		Fortis, Inc		3.055		10/04/26		646,146
	2,500,000		Georgia Power Co		2.000		09/08/20		2,477,180
	100,000		Georgia Power Co		3.250		04/01/26		97,983
	700,000		Georgia Power Co		3.250		03/30/27		678,601
	700,000		Georgia Power Co		4.300		03/15/43		684,962
	200,000		Great Plains Energy, Inc		4.850		06/01/21		206,098
	200,000		Gulf Power Co		3.300		05/30/27		200,917
	500,000		Indiana Michigan Power Co		3.850		05/15/28		522,113
	225,000		Indiana Michigan Power Co		4.550		03/15/46		240,913
	100,000		Indiana Michigan Power Co		3.750		07/01/47		95,502
	300,000		Indiana Michigan Power Co		4.250		08/15/48		309,177
	500,000		Interstate Power & Light Co		3.250		12/01/24		502,711
	325,000		Interstate Power & Light Co		3.600		04/01/29		326,167
	100,000		Interstate Power & Light Co		6.250		07/15/39		125,885
	100,000		Interstate Power & Light Co		3.700		09/15/46		93,152
	1,000,000		IPALCO Enterprises, Inc		3.700		09/01/24		1,006,763
	300,000		ITC Holdings Corp		2.700		11/15/22		294,694
	300,000		ITC Holdings Corp		3.650		06/15/24		302,109
	100,000		ITC Holdings Corp		3.250		06/30/26		97,956
	700,000		ITC Holdings Corp		3.350		11/15/27		691,903
	200,000		Kansas City Power & Light Co		3.650		08/15/25		206,219
	100,000		Kansas City Power & Light Co		5.300		10/01/41		116,983
	650,000		Kansas City Power & Light Co		4.200		06/15/47		679,624
	100,000		Kansas City Power & Light Co		4.200		03/15/48		104,050
	300,000		Kansas City Power & Light Co		4.125		04/01/49		311,585
	300,000	h	Kentucky Utilities Co		4.375		10/01/45		321,202
	250,000		KeySpan Corp		5.803		04/01/35		285,074
	320,000		LG&E and KU Energy LLC		3.750		11/15/20		323,560
	300,000	h	Louisville Gas & Electric Co		4.250		04/01/49		315,763
	1,500,000		MidAmerican Energy Co		3.100		05/01/27		1,509,246
	400,000		MidAmerican Energy Co		3.650		04/15/29		416,697
	200,000		MidAmerican Energy Co		4.800		09/15/43		227,897
	200,000		MidAmerican Energy Co		4.400		10/15/44		218,690
	200,000		MidAmerican Energy Co		4.250		05/01/46		212,468
	500,000		MidAmerican Energy Co		3.950		08/01/47		511,077
	1,000,000		MidAmerican Energy Co		3.650		08/01/48		973,578
	300,000		MidAmerican Energy Co		4.250		07/15/49		319,435
	1,032,000		MidAmerican Energy Holdings Co		5.950		05/15/37		1,280,143
	500,000		Mississippi Power Co		3.950		03/30/28		506,368

123

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000		Mississippi Power Co		4.250	%	03/15/42	$	723,707
	100,000		National Fuel Gas Co		4.900		12/01/21		102,902
	200,000		National Fuel Gas Co		3.750		03/01/23		200,679
	300,000		National Fuel Gas Co		5.200		07/15/25		318,731
	200,000		National Fuel Gas Co		3.950		09/15/27		192,176
	200,000		National Fuel Gas Co		4.750		09/01/28		202,786
	500,000		Nevada Power Co		2.750		04/15/20		500,553
	1,000,000		Nevada Power Co		3.700		05/01/29		1,034,413
	500,000		NextEra Energy Capital Holdings, Inc		3.342		09/01/20		503,706
	500,000		NextEra Energy Capital Holdings, Inc		4.500		06/01/21		515,445
	500,000		NextEra Energy Capital Holdings, Inc		2.900		04/01/22		500,594
	300,000		NextEra Energy Capital Holdings, Inc		2.800		01/15/23		297,915
	450,000		NextEra Energy Capital Holdings, Inc		3.150		04/01/24		452,244
	750,000		NextEra Energy Capital Holdings, Inc		3.250		04/01/26		750,216
	300,000		NextEra Energy Capital Holdings, Inc		3.500		04/01/29		299,795
	150,000		NiSource Finance Corp		2.650		11/17/22		147,750
	500,000		NiSource Finance Corp		3.650		06/15/23		508,871
	800,000		NiSource Finance Corp		3.490		05/15/27		798,704
	100,000		NiSource Finance Corp		5.950		06/15/41		117,240
	200,000		NiSource Finance Corp		5.250		02/15/43		220,046
	150,000		NiSource Finance Corp		4.800		02/15/44		157,984
	815,000		NiSource Finance Corp		5.650		02/01/45		948,616
	200,000		NiSource Finance Corp		3.950		03/30/48		190,744
	800,000		Northern States Power Co		2.200		08/15/20		796,248
	150,000		Northern States Power Co		2.150		08/15/22		147,508
	300,000		Northern States Power Co		2.600		05/15/23		299,143
	425,000		Northern States Power Co		5.350		11/01/39		512,865
	175,000		Northern States Power Co		3.600		05/15/46		171,499
	1,550,000		Northern States Power Co		3.600		09/15/47		1,517,083
	200,000		NorthWestern Corp		4.176		11/15/44		204,262
	200,000		NSTAR Electric Co		2.375		10/15/22		198,509
	1,300,000		NSTAR Electric Co		3.200		05/15/27		1,301,919
	200,000		Nvent Finance Sarl		3.950		04/15/23		199,524
	200,000		Nvent Finance Sarl		4.550		04/15/28		201,144
	300,000	g	Oglethorpe Power Corp		5.050		10/01/48		329,979
	500,000		Oglethorpe Power Corp		5.250		09/01/50		547,087
	600,000		Ohio Power Co		5.375		10/01/21		639,168
	500,000		Ohio Power Co		4.150		04/01/48		521,831
	200,000		Oklahoma Gas & Electric Co		3.800		08/15/28		204,899
	200,000		Oklahoma Gas & Electric Co		4.150		04/01/47		203,340
	200,000		Oklahoma Gas & Electric Co		3.850		08/15/47		193,279
	150,000		Oncor Electric Delivery Co LLC		4.100		06/01/22		155,982
	400,000		Oncor Electric Delivery Co LLC		2.950		04/01/25		399,844
	500,000		Oncor Electric Delivery Co LLC		3.700		11/15/28		522,357
	70,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		96,862
	100,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		120,208
	550,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		611,400
	150,000		Oncor Electric Delivery Co LLC		5.300		06/01/42		181,540
	300,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		301,285
	400,000		Oncor Electric Delivery Co LLC		3.800		09/30/47		403,544
	200,000		Oncor Electric Delivery Co LLC		4.100		11/15/48		214,427
	400,000		ONEOK Partners LP		3.375		10/01/22		403,532
	200,000		ONEOK Partners LP		5.000		09/15/23		212,665

124

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	700,000	ONEOK Partners LP		4.900	%	03/15/25	$	744,994
	130,000	ONEOK Partners LP		6.650		10/01/36		148,905
	250,000	ONEOK Partners LP		6.850		10/15/37		295,887
	100,000	ONEOK Partners LP		6.125		02/01/41		111,939
	250,000	PacifiCorp		2.950		02/01/22		252,241
	500,000	PacifiCorp		3.500		06/15/29		511,463
	850,000	PacifiCorp		6.000		01/15/39		1,076,595
	300,000	PacifiCorp		4.125		01/15/49		310,714
	300,000	PacifiCorp		4.150		02/15/50		311,374
	200,000	PECO Energy Co		1.700		09/15/21		195,384
	150,000	PECO Energy Co		2.375		09/15/22		148,694
	200,000	PECO Energy Co		3.150		10/15/25		202,030
	200,000	PECO Energy Co		4.150		10/01/44		207,982
	200,000	PECO Energy Co		3.700		09/15/47		195,901
	1,200,000	PECO Energy Co		3.900		03/01/48		1,215,738
	200,000	Piedmont Natural Gas Co, Inc		4.650		08/01/43		215,391
	200,000	Pinnacle West Capital Corp		2.250		11/30/20		197,881
	200,000	Potomac Electric Power Co		3.600		03/15/24		206,827
	900,000	Potomac Electric Power Co		4.150		03/15/43		938,726
	300,000	PPL Capital Funding, Inc		4.200		06/15/22		307,877
	200,000	PPL Capital Funding, Inc		3.500		12/01/22		201,004
	400,000	PPL Capital Funding, Inc		3.400		06/01/23		402,885
	1,100,000	PPL Capital Funding, Inc		3.950		03/15/24		1,126,053
	175,000	PPL Capital Funding, Inc		3.100		05/15/26		168,871
	700,000	PPL Capital Funding, Inc		4.000		09/15/47		659,584
	200,000	PPL Electric Utilities Corp		4.125		06/15/44		208,100
	275,000	PPL Electric Utilities Corp		4.150		10/01/45		286,777
	500,000	PPL Electric Utilities Corp		3.950		06/01/47		517,073
	200,000	PPL Electric Utilities Corp		4.150		06/15/48		211,241
	300,000	Progress Energy, Inc		3.150		04/01/22		302,195
	500,000	PSEG Power LLC		3.000		06/15/21		497,754
	250,000	PSEG Power LLC		3.850		06/01/23		256,240
	150,000	Public Service Co of Colorado		2.250		09/15/22		148,115
	250,000	Public Service Co of Colorado		3.700		06/15/28		260,827
	200,000	Public Service Co of Colorado		3.800		06/15/47		199,728
	100,000	Public Service Co of Colorado		4.100		06/15/48		105,471
	300,000	Public Service Co of Colorado		4.050		09/15/49		313,545
	100,000	Public Service Electric & Gas Co		1.900		03/15/21		98,883
	300,000	Public Service Electric & Gas Co		3.250		09/01/23		307,483
	300,000	Public Service Electric & Gas Co		2.250		09/15/26		282,382
	1,450,000	Public Service Electric & Gas Co		3.000		05/15/27		1,429,133
	250,000	Public Service Electric & Gas Co		3.700		05/01/28		260,486
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		200,340
	600,000	Public Service Electric & Gas Co		3.800		03/01/46		600,118
	200,000	Public Service Electric & Gas Co		3.600		12/01/47		195,100
	250,000	Public Service Electric & Gas Co		4.050		05/01/48		261,787
	500,000	Public Service Enterprise Group, Inc		2.000		11/15/21		485,547
	500,000	Public Service Enterprise Group, Inc		2.650		11/15/22		495,965
	1,585,000	Puget Energy, Inc		3.650		05/15/25		1,576,006
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		309,045
	200,000	Puget Sound Energy, Inc		4.300		05/20/45		213,385
	300,000	Puget Sound Energy, Inc		4.223		06/15/48		319,541

125

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	150,000	San Diego Gas & Electric Co		3.000	%	08/15/21	$	150,798
	400,000	San Diego Gas & Electric Co		3.600		09/01/23		408,137
	800,000	San Diego Gas & Electric Co		2.500		05/15/26		755,089
	300,000	San Diego Gas & Electric Co		3.750		06/01/47		281,598
	300,000	San Diego Gas & Electric Co		4.150		05/15/48		301,058
	250,000	Scottish Power Ltd		5.810		03/15/25		276,933
	200,000	Sempra Energy		2.400		02/01/20		199,099
	200,000	Sempra Energy		2.850		11/15/20		199,623
	150,000	Sempra Energy		2.875		10/01/22		147,862
	500,000	Sempra Energy		2.900		02/01/23		492,848
	500,000	Sempra Energy		4.050		12/01/23		511,730
	200,000	Sempra Energy		3.750		11/15/25		199,621
	1,300,000	Sempra Energy		3.250		06/15/27		1,244,834
	500,000	Sempra Energy		3.400		02/01/28		482,702
	500,000	Sempra Energy		3.800		02/01/38		458,927
	500,000	Sempra Energy		4.000		02/01/48		456,233
	869,000	Sierra Pacific Power Co		2.600		05/01/26		835,217
	200,000	South Carolina Electric & Gas Co		4.250		08/15/28		215,953
	50,000	South Carolina Electric & Gas Co		5.300		05/15/33		57,014
	125,000	South Carolina Electric & Gas Co		5.450		02/01/41		148,881
	121,000	South Carolina Electric & Gas Co		4.350		02/01/42		128,540
	300,000	South Carolina Electric & Gas Co		4.600		06/15/43		326,665
	500,000	Southern California Edison Co		2.900		03/01/21		496,388
	500,000	Southern California Edison Co		2.400		02/01/22		485,327
	100,000	Southern California Edison Co		3.400		06/01/23		99,260
	500,000	Southern California Edison Co		3.700		08/01/25		497,167
	750,000	Southern California Edison Co		3.650		03/01/28		736,954
	500,000	Southern California Edison Co		4.200		03/01/29		507,291
	185,000	Southern California Edison Co		6.050		03/15/39		214,388
	300,000	Southern California Edison Co		4.500		09/01/40		300,072
	500,000	Southern California Edison Co		4.650		10/01/43		511,340
	450,000	Southern California Edison Co		3.600		02/01/45		394,830
	1,062,000	Southern California Edison Co		4.000		04/01/47		994,172
	1,350,000	Southern California Edison Co		4.125		03/01/48		1,294,048
	500,000	Southern California Edison Co		4.875		03/01/49		529,182
	200,000	Southern California Gas Co		3.200		06/15/25		199,492
	200,000	Southern California Gas Co		2.600		06/15/26		191,086
	150,000	Southern California Gas Co		3.750		09/15/42		145,510
	500,000	Southern California Gas Co		4.125		06/01/48		514,943
	300,000	Southern California Gas Co		4.300		01/15/49		321,947
	400,000	Southern Co		2.350		07/01/21		395,380
	1,400,000	Southern Co		3.250		07/01/26		1,373,652
	400,000	Southern Co		4.250		07/01/36		395,223
	400,000	Southern Co		4.400		07/01/46		403,213
	200,000	Southern Co Gas Capital Corp		2.450		10/01/23		194,430
	400,000	Southern Co Gas Capital Corp		3.250		06/15/26		390,450
	100,000	Southern Co Gas Capital Corp		3.950		10/01/46		93,974
	200,000	Southern Co Gas Capital Corp		4.400		05/30/47		201,395
	550,000	Southern Natural Gas Co		4.400		06/15/21		565,782
	200,000	Southern Power Co		4.150		12/01/25		207,164
	300,000	Southern Power Co		4.950		12/15/46		303,266
	150,000	Southwest Gas Corp		3.700		04/01/28		152,962
	100,000	Southwest Gas Corp		3.800		09/29/46		93,995

126

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Southwestern Electric Power Co		2.750	%	10/01/26	$	476,190
	300,000		Southwestern Electric Power Co		4.100		09/15/28		312,217
	750,000		Southwestern Electric Power Co		3.850		02/01/48		707,227
	600,000		Southwestern Public Service Co		4.500		08/15/41		648,127
	300,000		Southwestern Public Service Co		3.400		08/15/46		275,998
	225,000		Southwestern Public Service Co		3.700		08/15/47		217,675
	200,000		Southwestern Public Service Co		4.400		11/15/48		215,567
	500,000	g	Suzano Austria GmbH		6.000		01/15/29		532,605
	100,000		Tampa Electric Co		4.100		06/15/42		99,784
	175,000		Tampa Electric Co		4.350		05/15/44		177,927
	200,000		Tampa Electric Co		4.300		06/15/48		201,319
	200,000		Tampa Electric Co		4.450		06/15/49		206,839
	300,000		TC PipeLines LP		4.375		03/13/25		308,040
	200,000		TC PipeLines LP		3.900		05/25/27		197,953
	200,000		TECO Finance, Inc		5.150		03/15/20		204,090
	12,000		Toledo Edison Co		7.250		05/01/20		12,494
	300,000		TransAlta Corp		4.500		11/15/22		303,230
	500,000		Transcontinental Gas Pipe Line Co LLC		7.850		02/01/26		625,566
	500,000		Transcontinental Gas Pipe Line Co LLC		4.000		03/15/28		510,672
	250,000		Transcontinental Gas Pipe Line Co LLC		4.600		03/15/48		254,410
	200,000		Tucson Electric Power Co		3.050		03/15/25		196,555
	200,000		Tucson Electric Power Co		4.850		12/01/48		222,056
	200,000		Union Electric Co		2.950		06/15/27		197,814
	300,000		Union Electric Co		3.500		03/15/29		307,847
	100,000		Union Electric Co		8.450		03/15/39		154,062
	100,000		Union Electric Co		3.900		09/15/42		101,968
	100,000		Union Electric Co		3.650		04/15/45		97,936
	200,000		Union Electric Co		4.000		04/01/48		207,980
	100,000		United Utilities plc		6.875		08/15/28		119,027
	825,000		Virginia Electric & Power Co		3.150		01/15/26		826,273
	900,000		Virginia Electric & Power Co		2.950		11/15/26		881,754
	3,000,000		Virginia Electric & Power Co		3.800		04/01/28		3,105,772
	1,100,000		Virginia Electric & Power Co		4.000		11/15/46		1,105,961
	700,000		Virginia Electric & Power Co		3.800		09/15/47		676,596
	400,000		Virginia Electric & Power Co		4.600		12/01/48		442,403
	409,000		Virginia Electric and Power Co		2.750		03/15/23		408,259
	500,000		Virginia Electric and Power Co		3.450		02/15/24		513,811
	250,000		Virginia Electric and Power Co		4.650		08/15/43		273,069
	400,000		Virginia Electric and Power Co		4.450		02/15/44		424,823
	200,000		Virginia Electric and Power Co		4.200		05/15/45		205,749
	200,000		Washington Gas Light Co		3.796		09/15/46		192,431
	200,000		WEC Energy Group, Inc		2.450		06/15/20		199,391
	200,000		WEC Energy Group, Inc		3.375		06/15/21		202,398
	500,000		WEC Energy Group, Inc		3.100		03/08/22		504,090
	1,520,000		WEC Energy Group, Inc		3.550		06/15/25		1,546,795
	100,000		Westar Energy, Inc		2.550		07/01/26		95,933
	500,000		Westar Energy, Inc		4.125		03/01/42		513,821
	175,000		Westar Energy, Inc		4.100		04/01/43		179,699
	200,000		Wisconsin Electric Power Co		5.625		05/15/33		241,978
	200,000		Wisconsin Electric Power Co		4.300		10/15/48		215,681
	325,000		Wisconsin Power & Light Co		3.050		10/15/27		322,043
	200,000		Wisconsin Public Service Corp		3.350		11/21/21		203,387

127

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,000		Wisconsin Public Service Corp		4.752	%	11/01/44	$	226,111
	100,000		Xcel Energy, Inc		4.700		05/15/20		101,218
	300,000		Xcel Energy, Inc		2.400		03/15/21		297,860
	300,000		Xcel Energy, Inc		2.600		03/15/22		298,232
	100,000		Xcel Energy, Inc		3.350		12/01/26		100,192
	300,000		Xcel Energy, Inc		4.000		06/15/28		313,341
			TOTAL UTILITIES						200,238,981

			TOTAL CORPORATE BONDS						2,837,941,100
			(Cost $2,803,459,950)

GOVERNMENT BONDS - 71.9%

AGENCY SECURITIES - 1.4%
	4,000,000		Federal Farm Credit Bank (FFCB)		2.375		03/27/20		4,008,220
	3,000,000		FFCB		2.875		07/17/23		3,067,065
	1,145,000		FFCB		3.500		12/20/23		1,204,363
	16,000,000		Federal Home Loan Bank (FHLB)		1.875		03/13/20		15,912,080
	7,500,000		FHLB		2.625		05/28/20		7,516,851
	4,750,000		FHLB		2.625		10/01/20		4,769,496
	20,000,000		FHLB		1.125		07/14/21		19,476,830
	5,000,000		FHLB		3.250		11/16/28		5,257,553
	29,500,000		Federal Home Loan Mortgage Corp (FHLMC)		2.375		01/13/22		29,605,361
	2,000,000		FHLMC		2.750		06/19/23		2,035,693
	5,000,000		Federal National Mortgage Association (FNMA)		1.500		11/30/20		4,930,508
	1,000,000		FNMA		2.625		01/11/22		1,009,346
	2,310,000	i	FNMA		2.301		09/25/22		2,289,872
	1,000,000		FNMA		2.000		10/05/22		990,936
	10,000,000		FNMA		2.375		01/19/23		10,038,377
	1,000,000		FNMA		2.875		09/12/23		1,023,829
	2,500,000		FNMA		2.500		02/05/24		2,524,620
	13,700,000		FNMA		2.625		09/06/24		13,902,846
	5,000,000		FNMA		6.625		11/15/30		6,890,532
	1,000,000		FNMA		5.625		07/15/37		1,352,998
	500,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		500,952
	1,300,000		Hashemite Kingdom of Jordan Government AID Bond		3.000		06/30/25		1,335,673
	1,000,000		Iraq Government AID International Bond		2.149		01/18/22		994,087
	800,000		Israel Government AID Bond		5.500		09/18/23		907,352
	300,000		Israel Government AID Bond		5.500		04/26/24		344,133
	375,000		Private Export Funding Corp (PEFCO)		1.450		08/15/19		373,514
	550,000		PEFCO		2.250		03/15/20		548,441
	200,000		PEFCO		2.300		09/15/20		199,791
	400,000		PEFCO		2.050		11/15/22		394,595
	200,000		PEFCO		3.250		06/15/25		206,630
	750,000		Tennessee Valley Authority (TVA)		2.250		03/15/20		748,339
	750,000		TVA		3.875		02/15/21		770,343
	750,000		TVA		2.875		09/15/24		767,968
	200,000		TVA		2.875		02/01/27		202,717
	500,000		TVA		5.880		04/01/36		670,731
	500,000		TVA		5.500		06/15/38		655,506
	4,300,000		TVA		3.500		12/15/42		4,420,078

128

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,750,000	TVA		4.625	%	09/15/60	$	2,243,830
	300,000	TVA		4.250		09/15/65		358,163
	175,000	Tunisia Government AID Bonds		1.416		08/05/21		171,311
	500,000	Ukraine Government AID Bonds		1.847		05/29/20		497,934
		TOTAL AGENCY SECURITIES						155,119,464

FOREIGN GOVERNMENT BONDS - 3.6%
	500,000	African Development Bank		1.375		02/12/20		495,277
	1,800,000	African Development Bank		1.875		03/16/20		1,789,572
	850,000	African Development Bank		2.625		03/22/21		853,953
	500,000	African Development Bank		1.250		07/26/21		487,816
	450,000	African Development Bank		2.375		09/23/21		450,392
	500,000	African Development Bank		2.125		11/16/22		496,291
	2,000,000	African Development Bank		3.000		09/20/23		2,051,511
	1,400,000	Agricultural Bank of China		2.750		05/21/20		1,396,645
	500,000	Asian Development Bank		1.750		01/10/20		497,047
	500,000	Asian Development Bank		1.500		01/22/20		496,062
	5,000,000	Asian Development Bank		1.375		03/23/20		4,948,425
	1,000,000	Asian Development Bank		1.625		08/26/20		988,874
	1,000,000	Asian Development Bank		2.250		01/20/21		997,543
	2,000,000	Asian Development Bank		1.625		03/16/21		1,971,071
	4,000,000	Asian Development Bank		1.750		06/08/21		3,947,703
	1,000,000	Asian Development Bank		2.125		11/24/21		994,570
	600,000	Asian Development Bank		1.875		02/18/22		592,880
	500,000	Asian Development Bank		1.875		08/10/22		492,650
	750,000	Asian Development Bank		1.750		09/13/22		735,992
	3,000,000	Asian Development Bank		2.750		03/17/23		3,046,686
	500,000	Asian Development Bank		2.000		01/22/25		489,461
	1,500,000	Asian Development Bank		2.000		04/24/26		1,454,760
	1,000,000	Asian Development Bank		2.625		01/12/27		1,009,621
	500,000	Asian Development Bank		2.375		08/10/27		494,101
	500,000	Asian Development Bank		2.500		11/02/27		499,238
	1,000,000	Asian Development Bank		2.750		01/19/28		1,017,260
	75,000	Asian Development Bank		5.820		06/16/28		93,393
	1,600,000	Canada Government International Bond		2.625		01/25/22		1,616,408
	2,000,000	Canada Government International Bond		2.000		11/15/22		1,978,462
	3,715,000	Chile Government International Bond		3.240		02/06/28		3,778,155
	48,000	Chile Government International Bond		3.625		10/30/42		47,842
	756,000	Chile Government International Bond		3.860		06/21/47		768,482
	1,900,000	Colombia Government International Bond		4.375		07/12/21		1,952,250
	600,000	Colombia Government International Bond		2.625		03/15/23		586,500
	2,250,000	Colombia Government International Bond		4.000		02/26/24		2,319,772
	2,500,000	Colombia Government International Bond		3.875		04/25/27		2,538,775
	912,000	Colombia Government International Bond		4.500		03/15/29		963,072
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,476,887
	1,150,000	Colombia Government International Bond		5.625		02/26/44		1,296,280
	3,100,000	Colombia Government International Bond		5.000		06/15/45		3,252,520
	750,000	Colombia Government International Bond		5.200		05/15/49		806,850
	500,000	Corp Andina de Fomento		2.200		07/18/20		494,820
	500,000	Corp Andina de Fomento		2.125		09/27/21		489,130
	500,000	Corp Andina de Fomento		3.250		02/11/22		501,850
	527,000	Corp Andina de Fomento		4.375		06/15/22		546,504

129

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Corp Andina de Fomento		2.750	%	01/06/23	$	740,610
	750,000	Corp Andina de Fomento		3.750		11/23/23		770,917
	300,000	Council of Europe Development Bank		1.875		01/27/20		298,495
	1,000,000	Council of Europe Development Bank		1.625		03/16/21		985,369
	1,000,000	Council of Europe Development Bank		2.625		02/13/23		1,009,917
	1,000,000	Council Of Europe Development Bank		2.500		02/27/24		1,005,588
	3,600,000	European Bank for Reconstruction & Development		1.750		11/26/19		3,580,956
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,288,521
	2,000,000	European Bank for Reconstruction & Development		2.750		04/26/21		2,015,261
	750,000	European Bank for Reconstruction & Development		1.500		11/02/21		734,437
	500,000	European Bank for Reconstruction & Development		1.875		02/23/22		493,561
	1,500,000	European Bank for Reconstruction & Development		2.750		03/07/23		1,522,648
	1,500,000	European Investment Bank		1.375		06/15/20		1,482,253
	4,000,000	European Investment Bank		1.625		08/14/20		3,957,453
	3,000,000	European Investment Bank		2.875		09/15/20		3,019,228
	500,000	European Investment Bank		1.625		12/15/20		493,512
	1,750,000	European Investment Bank		2.000		03/15/21		1,736,924
	500,000	European Investment Bank		2.500		04/15/21		501,269
	11,500,000	European Investment Bank		2.375		05/13/21		11,495,433
	1,000,000	European Investment Bank		1.625		06/15/21		983,452
	2,500,000	European Investment Bank		2.125		10/15/21		2,487,808
	2,000,000	European Investment Bank		2.625		05/20/22		2,018,188
	1,000,000	European Investment Bank		2.375		06/15/22		1,001,915
	500,000	European Investment Bank		2.250		08/15/22		498,829
	3,000,000	European Investment Bank		2.500		03/15/23		3,019,175
	1,500,000	European Investment Bank		3.125		12/14/23		1,551,912
	5,000,000	European Investment Bank		3.250		01/29/24		5,203,745
	1,500,000	European Investment Bank		2.625		03/15/24		1,519,244
	1,500,000	European Investment Bank		2.500		10/15/24		1,508,675
	400,000	European Investment Bank		2.375		05/24/27		396,731
	1,705,000	European Investment Bank		4.875		02/15/36		2,159,696
	500,000	Export Development Canada		1.625		01/17/20		496,708
	200,000	Export Development Canada		1.625		06/01/20		198,195
	500,000	Export Development Canada		1.750		07/21/20		495,667
	750,000	Export Development Canada		2.000		11/30/20		745,278
	300,000	Export Development Canada		1.500		05/26/21		294,541
	500,000	Export Development Canada		1.375		10/21/21		487,886
	500,000	Export Development Canada		2.000		05/17/22		494,631
	1,000,000	Export Development Canada		2.500		01/24/23		1,004,793
	1,000,000	Export Development Canada		2.750		03/15/23		1,014,791
	800,000	Export Development Canada		2.625		02/21/24		809,670
	500,000	Export-Import Bank of Korea		1.750		05/26/19		499,390
	300,000	Export-Import Bank of Korea		1.500		10/21/19		298,142
	775,000	Export-Import Bank of Korea		5.125		06/29/20		797,863
	750,000	Export-Import Bank of Korea		2.500		11/01/20		747,880
	200,000	Export-Import Bank of Korea		2.125		02/11/21		197,503
	250,000	Export-Import Bank of Korea		2.500		05/10/21		248,328
	300,000	Export-Import Bank of Korea		1.875		10/21/21		293,161
	300,000	Export-Import Bank of Korea		3.500		11/27/21		305,229
	300,000	Export-Import Bank of Korea		5.000		04/11/22		317,837
	2,000,000	Export-Import Bank of Korea		3.000		11/01/22		2,004,606
	200,000	Export-Import Bank of Korea		3.625		11/27/23		205,453
	500,000	Export-Import Bank of Korea		4.000		01/14/24		522,641

130

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	Export-Import Bank of Korea		2.875	%	01/21/25	$	742,402
	250,000	Export-Import Bank of Korea		3.250		11/10/25		252,798
	500,000	Export-Import Bank of Korea		2.625		05/26/26		482,176
	500,000	Export-Import Bank of Korea		3.250		08/12/26		499,546
	300,000	Export-Import Bank of Korea		2.375		04/21/27		282,201
	100,000	Finland Government International Bond		6.950		02/15/26		124,204
	450,000	FMS Wertmanagement AoeR		1.000		08/16/19		447,420
	750,000	FMS Wertmanagement AoeR		1.750		01/24/20		745,617
	500,000	FMS Wertmanagement AoeR		1.375		06/08/21		489,182
	1,000,000	FMS Wertmanagement AoeR		2.000		08/01/22		989,190
	1,500,000	FMS Wertmanagement AoeR		2.750		01/30/24		1,525,936
	4,500,000	Hungary Government International Bond		5.750		11/22/23		4,981,198
	750,000	Hungary Government International Bond		7.625		03/29/41		1,112,321
	1,270,000	Hydro Quebec		9.400		02/01/21		1,422,308
	200,000	Hydro Quebec		8.500		12/01/29		294,904
	750,000	Indonesia Government International Bond		2.950		01/11/23		741,754
	500,000	Indonesia Government International Bond		4.450		02/11/24		520,688
	750,000	Indonesia Government International Bond		3.500		01/11/28		729,172
	700,000	Indonesia Government International Bond		4.750		02/11/29		748,955
	875,000	Indonesia Government International Bond		4.350		01/11/48		861,282
	600,000	Indonesia Government International Bond		5.350		02/11/49		665,204
	3,350,000	Inter-American Development Bank		1.375		07/15/20		3,306,956
	5,000,000	Inter-American Development Bank		2.625		04/19/21		5,025,751
	500,000	Inter-American Development Bank		2.125		01/18/22		497,702
	1,000,000	Inter-American Development Bank		3.000		09/26/22		1,022,852
	3,000,000	Inter-American Development Bank		2.500		01/18/23		3,020,375
	1,500,000	Inter-American Development Bank		2.625		01/16/24		1,517,977
	500,000	Inter-American Development Bank		2.125		01/15/25		491,223
	1,500,000	Inter-American Development Bank		2.000		06/02/26		1,456,952
	1,000,000	Inter-American Development Bank		2.375		07/07/27		990,336
	2,000,000	Inter-American Development Bank		3.125		09/18/28		2,092,982
	1,450,000	Inter-American Development Bank		3.200		08/07/42		1,486,231
	300,000	Inter-American Development Bank		4.375		01/24/44		368,847
	2,000,000	International Bank for Reconstruction & Development		1.875		04/21/20		1,988,227
	1,000,000	International Bank for Reconstruction & Development		1.125		08/10/20		983,366
	1,800,000	International Bank for Reconstruction & Development		1.625		09/04/20		1,780,774
	3,750,000	International Bank for Reconstruction & Development		1.625		03/09/21		3,698,692
	9,250,000	International Bank for Reconstruction & Development		1.375		05/24/21		9,062,751
	1,500,000	International Bank for Reconstruction & Development		2.000		01/26/22		1,488,353
	5,400,000	International Bank for Reconstruction & Development		7.625		01/19/23		6,417,862
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		496,852
	2,000,000	International Bank for Reconstruction & Development		2.500		03/19/24		2,016,175

131

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,600,000	International Bank for Reconstruction & Development		2.500	%	11/25/24	$	1,610,009
	4,500,000	International Bank for Reconstruction & Development		2.500		07/29/25		4,518,628
	500,000	International Bank for Reconstruction & Development		3.125		11/20/25		520,765
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		1,030,349
	1,000,000	International Finance Corp		1.750		03/30/20		992,554
	2,750,000	International Finance Corp		1.625		07/16/20		2,721,513
	2,500,000	International Finance Corp		2.250		01/25/21		2,494,625
	500,000	International Finance Corp		2.000		10/24/22		494,402
	1,300,000	International Finance Corp		2.875		07/31/23		1,326,563
	705,000	Israel Government International Bond		4.000		06/30/22		734,653
	300,000	Israel Government International Bond		3.150		06/30/23		305,148
	1,000,000	Israel Government International Bond		2.875		03/16/26		997,167
	1,500,000	Israel Government International Bond		4.500		01/30/43		1,621,645
	1,500,000	Italy Government International Bond		6.875		09/27/23		1,667,530
	1,374,000	Italy Government International Bond		5.375		06/15/33		1,467,734
	1,000,000	Japan Bank for International Cooperation		2.250		02/24/20		997,523
	300,000	Japan Bank for International Cooperation		2.125		06/01/20		298,575
	1,350,000	Japan Bank for International Cooperation		2.125		07/21/20		1,343,601
	300,000	Japan Bank for International Cooperation		2.125		11/16/20		298,053
	250,000	Japan Bank for International Cooperation		1.875		04/20/21		246,866
	750,000	Japan Bank for International Cooperation		1.500		07/21/21		733,917
	500,000	Japan Bank for International Cooperation		2.500		06/01/22		499,189
	1,250,000	Japan Bank for International Cooperation		2.375		07/21/22		1,242,809
	300,000	Japan Bank for International Cooperation		2.375		11/16/22		298,198
	1,050,000	Japan Bank for International Cooperation		3.375		07/31/23		1,083,089
	750,000	Japan Bank for International Cooperation		3.375		10/31/23		774,280
	500,000	Japan Bank for International Cooperation		2.125		02/10/25		484,779
	5,750,000	Japan Bank for International Cooperation		2.750		01/21/26		5,758,566
	400,000	Japan Bank for International Cooperation		2.375		04/20/26		391,792
	1,500,000	Japan Bank for International Cooperation		1.875		07/21/26		1,412,565
	1,000,000	Japan Bank for International Cooperation		2.875		06/01/27		1,002,288
	750,000	Japan Bank for International Cooperation		2.875		07/21/27		751,202
	300,000	Japan Bank for International Cooperation		2.750		11/16/27		297,495
	750,000	Japan Bank for International Cooperation		3.500		10/31/28		790,105
	350,000	Japan International Cooperation Agency		2.125		10/20/26		333,653
	500,000	Japan International Cooperation Agency		3.375		06/12/28		519,933
	500,000	Korea Development Bank		2.500		03/11/20		498,787
	300,000	Korea Development Bank		2.500		01/13/21		298,652
	500,000	Korea Development Bank		2.625		02/27/22		497,356
	500,000	Korea Development Bank		3.000		03/19/22		502,752
	200,000	Korea Development Bank		3.000		09/14/22		200,949
	1,000,000	Korea Development Bank		3.375		03/12/23		1,020,147
	500,000	Korea Development Bank		2.750		03/19/23		498,469
	500,000	Korea Development Bank		3.750		01/22/24		519,785
	500,000	Korea Development Bank		3.250		02/19/24		508,538
	200,000	Korea Development Bank		3.375		09/16/25		204,473
	400,000	Korea Development Bank		3.000		01/13/26		394,174
	500,000	Korea Government International Bond		3.875		09/11/23		530,160
	1,500,000	Korea Government International Bond		2.750		01/19/27		1,484,310

132

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	400,000	Korea Government International Bond		4.125	%	06/10/44	$	445,250
	7,525,000	Kreditanstalt fuer Wiederaufbau		4.000		01/27/20		7,618,348
	3,650,000	Kreditanstalt fuer Wiederaufbau		1.750		03/31/20		3,624,769
	6,750,000	Kreditanstalt fuer Wiederaufbau		1.875		06/30/20		6,705,798
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.750		10/01/20		1,507,727
	1,500,000	Kreditanstalt fuer Wiederaufbau		1.875		11/30/20		1,488,056
	1,000,000	Kreditanstalt fuer Wiederaufbau		1.875		12/15/20		991,369
	4,000,000	Kreditanstalt fuer Wiederaufbau		2.625		04/12/21		4,019,760
	1,500,000	Kreditanstalt fuer Wiederaufbau		1.500		06/15/21		1,472,518
	1,500,000	Kreditanstalt fuer Wiederaufbau		2.000		11/30/21		1,488,015
	1,600,000	Kreditanstalt fuer Wiederaufbau		2.625		01/25/22		1,613,346
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.500		02/15/22		1,005,042
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		03/07/22		995,002
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125		06/15/22		994,388
	2,750,000	Kreditanstalt fuer Wiederaufbau		2.000		10/04/22		2,718,928
	2,900,000	Kreditanstalt fuer Wiederaufbau		2.375		12/29/22		2,905,397
	2,000,000	Kreditanstalt fuer Wiederaufbau		2.500		11/20/24		2,013,419
	7,000,000	Kreditanstalt fuer Wiederaufbau		2.000		05/02/25		6,840,097
	6,000,000	Kreditanstalt fuer Wiederaufbau		2.875		04/03/28		6,181,740
	1,000,000	Landwirtschaftliche Rentenbank		3.125		11/14/23		1,032,053
	500,000	Landwirtschaftliche Rentenbank		2.000		01/13/25		488,191
	750,000	Landwirtschaftliche Rentenbank		2.375		06/10/25		746,681
	1,000,000	Landwirtschaftliche Rentenbank		1.750		07/27/26		948,327
	1,125,000	Mexico Government International Bond		4.125		01/21/26		1,148,625
	8,010,000	Mexico Government International Bond		4.150		03/28/27		8,143,767
	5,931,000	Mexico Government International Bond		3.750		01/11/28		5,858,049
	1,000,000	Mexico Government International Bond		4.500		04/22/29		1,035,500
	461,000	Mexico Government International Bond		6.750		09/27/34		561,549
	730,000	Mexico Government International Bond		6.050		01/11/40		832,200
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,447,468
	1,678,000	Mexico Government International Bond		5.550		01/21/45		1,835,732
	505,000	Mexico Government International Bond		4.600		01/23/46		486,568
	500,000	Mexico Government International Bond		4.350		01/15/47		467,500
	2,000,000	Mexico Government International Bond		4.600		02/10/48		1,932,000
	950,000	Mexico Government International Bond		5.750		10/12/10		972,325
	1,000,000	Nordic Investment Bank		2.250		02/01/21		997,192
	2,500,000	Nordic Investment Bank		2.250		09/30/21		2,493,625
	2,300,000	North American Development Bank		2.400		10/26/22		2,271,252
	250,000	Panama Government International Bond		4.000		09/22/24		261,125
	1,000,000	Panama Government International Bond		3.750		03/16/25		1,031,510
	300,000	Panama Government International Bond		7.125		01/29/26		366,000
	1,000,000	Panama Government International Bond		3.875		03/17/28		1,038,510
	692,000	Panama Government International Bond		6.700		01/26/36		903,060
	750,000	Panama Government International Bond		4.500		05/15/47		791,025
	1,750,000	Panama Government International Bond		4.500		04/16/50		1,827,000
	700,000	Panama Government International Bond		4.300		04/29/53		714,210
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,164,113
	2,100,000	Peruvian Government International Bond		4.125		08/25/27		2,291,121
	1,100,000	Peruvian Government International Bond		6.550		03/14/37		1,480,875
	700,000	Peruvian Government International Bond		5.625		11/18/50		898,100
	225,000	Philippine Government International Bond		4.200		01/21/24		237,193
	2,219,000	Philippine Government International Bond		3.000		02/01/28		2,190,808

133

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	650,000	Philippine Government International Bond		3.750	%	01/14/29	$	678,926
	4,083,000	Philippine Government International Bond		3.950		01/20/40		4,288,906
	300,000	Philippine Government International Bond		3.700		03/01/41		304,406
	3,793,000	Philippine Government International Bond		3.700		02/02/42		3,847,043
	2,285,000	Poland Government International Bond		6.375		07/15/19		2,307,887
	67,000	Poland Government International Bond		5.125		04/21/21		70,183
	1,140,000	Poland Government International Bond		5.000		03/23/22		1,208,568
	990,000	Poland Government International Bond		3.000		03/17/23		996,012
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,045,390
	1,000,000	Poland Government International Bond		3.250		04/06/26		1,015,351
	2,500,000	Province of Alberta Canada		2.200		07/26/22		2,466,743
	750,000	Province of Alberta Canada		3.350		11/01/23		774,568
	500,000	Province of Alberta Canada		2.950		01/23/24		508,269
	500,000	Province of Alberta Canada		3.300		03/15/28		519,093
	200,000	Province of British Columbia Canada		2.650		09/22/21		201,042
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,772,564
	500,000	Province of Manitoba Canada		2.050		11/30/20		496,042
	1,300,000	Province of Manitoba Canada		3.050		05/14/24		1,328,120
	500,000	Province of Manitoba Canada		2.125		06/22/26		478,645
	500,000	Province of New Brunswick Canada		3.625		02/24/28		527,582
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		233,835
	4,530,000	Province of Ontario Canada		4.400		04/14/20		4,614,205
	500,000	Province of Ontario Canada		2.550		02/12/21		500,580
	2,000,000	Province of Ontario Canada		2.400		02/08/22		1,995,990
	800,000	Province of Ontario Canada		2.450		06/29/22		798,150
	500,000	Province of Ontario Canada		3.400		10/17/23		517,687
	1,000,000	Province of Ontario Canada		3.050		01/29/24		1,022,297
	1,500,000	Province of Ontario Canada		3.200		05/16/24		1,544,685
	1,000,000	Province of Ontario Canada		2.500		04/27/26		987,028
	1,420,000	Province of Quebec Canada		3.500		07/29/20		1,438,719
	3,100,000	Province of Quebec Canada		2.625		02/13/23		3,111,999
	200,000	Province of Quebec Canada		7.125		02/09/24		238,902
	500,000	Province of Quebec Canada		2.875		10/16/24		507,558
	3,500,000	Province of Quebec Canada		2.500		04/20/26		3,464,534
	500,000	Province of Quebec Canada		2.750		04/12/27		501,160
	201,000	Province of Quebec Canada		7.500		09/15/29		283,490
	100,000	Province of Saskatchewan Canada		8.500		07/15/22		117,399
	800,000	Republic of Hungary International Bond		6.250		01/29/20		822,827
	500,000	Svensk Exportkredit AB		1.750		05/18/20		496,100
	200,000	Svensk Exportkredit AB		1.875		06/23/20		198,634
	2,300,000	Svensk Exportkredit AB		1.750		08/28/20		2,277,976
	500,000	Svensk Exportkredit AB		1.750		03/10/21		493,635
	500,000	Svensk Exportkredit AB		2.875		05/22/21		504,652
	400,000	Svensk Exportkredit AB		3.125		11/08/21		407,276
	500,000	Svensk Exportkredit AB		2.375		03/09/22		499,118
	1,250,000	Svensk Exportkredit AB		2.875		03/14/23		1,270,553
	200,343	Uruguay Government International Bond		4.500		08/14/24		210,360
	1,064,001	Uruguay Government International Bond		4.375		10/27/27		1,120,925
	2,436,286	Uruguay Government International Bond		4.375		01/23/31		2,553,228
	500,000	Uruguay Government International Bond		4.125		11/20/45		487,500
	1,313,907	Uruguay Government International Bond		5.100		06/18/50		1,396,026
	1,125,000	Uruguay Government International Bond		4.975		04/20/55		1,172,813
		TOTAL FOREIGN GOVERNMENT BONDS						411,402,681

134

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
MORTGAGE BACKED - 27.6%
$	24,391	i	Federal Home Loan Mortgage Corp (FHLMC)	DGS1 + 2.250%		4.275	%	04/01/35	$	25,697
	4,260	i	FHLMC	DGS1 + 2.125%		4.513		10/01/35		4,471
	78,552	i	FHLMC	DGS1 + 2.255%		4.867		02/01/36		82,784
	18,582	i	FHLMC	LIBOR 12 M + 1.791%		4.381		07/01/36		19,493
	34,960	i	FHLMC	LIBOR 6 M + 1.595%		4.281		09/01/36		36,016
	53,728	i	FHLMC	LIBOR 6 M + 1.751%		4.526		09/01/36		55,894
	47,287	i	FHLMC	DGS1 + 2.247%		4.685		09/01/36		49,645
	14,118	i	FHLMC	DGS1 + 2.250%		4.846		01/01/37		14,868
	3,236	i	FHLMC	DGS1 + 2.250%		4.823		02/01/37		3,409
	5,049	i	FHLMC	LIBOR 12 M + 1.765%		4.890		02/01/37		5,304
	153,935	i	FHLMC	LIBOR 12 M + 1.804%		4.666		03/01/37		161,825
	48,850	i	FHLMC	LIBOR 12 M + 1.702%		4.048		04/01/37		50,845
	107,211	i	FHLMC	DGS1 + 2.250%		4.851		04/01/37		112,878
	14,441	i	FHLMC	LIBOR 12 M + 2.117%		4.727		05/01/37		15,359
	9,158	i	FHLMC	LIBOR 12 M + 1.750%		4.349		06/01/37		9,606
	88,699	i	FHLMC	DGS1 + 2.279%		4.431		06/01/37		93,610
	46,816	i	FHLMC	LIBOR 6 M + 1.525%		4.310		08/01/37		48,269
	72,110	i	FHLMC	LIBOR 12 M + 0.905%		3.655		09/01/37		73,095
	22,866	i	FHLMC	LIBOR 6 M + 1.422%		4.264		09/01/37		23,271
	239	i	FHLMC	LIBOR 12 M + 1.795%		4.545		09/01/37		241
	9,797	i	FHLMC	LIBOR 12 M + 2.058%		4.662		02/01/38		10,379
	49,341	i	FHLMC	LIBOR 12 M + 2.055%		4.363		04/01/38		51,995
	18,832	i	FHLMC	LIBOR 12 M + 2.004%		4.274		06/01/38		19,766
	7,349	i	FHLMC	LIBOR 12 M + 1.625%		4.375		07/01/38		7,660
	5,698	i	FHLMC	LIBOR 12 M + 1.861%		4.564		06/01/40		5,970
	36,763	i	FHLMC	LIBOR 12 M + 1.880%		4.630		07/01/40		38,194
	62,644	i	FHLMC	LIBOR 12 M + 1.885%		4.987		01/01/41		65,406
	4,238	i	FHLMC	LIBOR 12 M + 1.880%		4.287		05/01/41		4,401
	213,334	i	FHLMC	LIBOR 12 M + 1.865%		4.656		08/01/41		223,038
	111,368	i	FHLMC	LIBOR 12 M + 1.750%		4.500		09/01/41		115,472
	25,852	i	FHLMC	LIBOR 12 M + 1.860%		4.610		10/01/41		26,926
	19,443,671	h	FHLMC			4.000		08/01/48		20,065,254
	133		Federal Home Loan Mortgage Corp Gold (FGLMC)			4.000		05/01/19		138
	610		FGLMC			4.500		05/01/19		621
	3,985		FGLMC			4.500		06/01/19		4,056
	4,373		FGLMC			4.000		10/01/19		4,515
	1,181		FGLMC			5.500		11/01/19		1,183
	26,870		FGLMC			4.500		12/01/19		27,349
	3,369		FGLMC			4.500		01/01/20		3,429
	12		FGLMC			4.500		02/01/20		12
	1,516		FGLMC			4.500		02/01/20		1,543
	2,176		FGLMC			5.000		05/01/20		2,191
	15,282		FGLMC			5.000		05/01/20		15,385
	1,888		FGLMC			4.500		07/01/20		1,922
	4,222		FGLMC			5.000		07/01/20		4,250
	525		FGLMC			7.000		10/01/20		526
	1,525		FGLMC			5.000		12/01/20		1,549
	46,202		FGLMC			4.000		05/01/21		47,695
	26,859		FGLMC			4.500		06/01/21		27,337
	44,147		FGLMC			4.500		06/01/21		44,933

135

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	20,494	FGLMC		5.000	%	07/01/21	$	20,632
	4,648	FGLMC		5.500		07/01/21		4,733
	679,361	FGLMC		3.000		12/01/21		686,103
	4,294	FGLMC		5.000		10/01/22		4,427
	3,359	FGLMC		6.000		11/01/22		3,473
	34,454	FGLMC		5.000		04/01/23		35,779
	2,340	FGLMC		4.500		05/01/23		2,411
	32,715	FGLMC		5.000		05/01/23		34,618
	8,694	FGLMC		5.000		10/01/23		9,033
	5,130	FGLMC		5.500		10/01/23		5,494
	7,997	FGLMC		5.000		11/01/23		8,462
	16,399	FGLMC		5.000		03/01/24		17,352
	3,677	FGLMC		4.500		04/01/24		3,789
	1,660	FGLMC		4.500		05/01/24		1,711
	12,099	FGLMC		4.500		06/01/24		12,470
	108,062	FGLMC		4.000		07/01/24		111,555
	46,054	FGLMC		4.000		07/01/24		47,543
	15,489	FGLMC		5.500		07/01/24		16,077
	98,025	FGLMC		4.000		08/01/24		101,194
	16,350	FGLMC		4.500		09/01/24		16,849
	7,935	FGLMC		4.500		09/01/24		8,176
	4,413	FGLMC		4.500		09/01/24		4,548
	4,679	FGLMC		5.500		09/01/24		5,011
	132,836	FGLMC		4.000		10/01/24		137,130
	4,098	FGLMC		4.500		10/01/24		4,224
	17,987	FGLMC		4.500		10/01/24		18,772
	3,250	FGLMC		4.500		11/01/24		3,338
	13,544	FGLMC		4.500		12/01/24		13,961
	7,157	FGLMC		4.500		02/01/25		7,362
	185,901	FGLMC		4.000		03/01/25		191,910
	5,213	FGLMC		4.500		06/01/25		5,373
	9,327	FGLMC		4.500		07/01/25		9,614
	213,751	FGLMC		3.500		10/01/25		218,913
	109,376	FGLMC		4.000		10/01/25		112,912
	373,757	FGLMC		3.500		11/01/25		382,784
	235,695	FGLMC		3.500		11/01/25		241,387
	105,576	FGLMC		3.500		12/01/25		108,126
	61,386	FGLMC		3.000		01/01/26		62,198
	779,187	FGLMC		3.500		01/01/26		798,005
	66,640	FGLMC		4.000		04/01/26		68,799
	136,096	FGLMC		4.000		05/01/26		140,555
	28,872	FGLMC		5.500		07/01/26		30,917
	415,323	FGLMC		4.000		08/01/26		428,866
	3,130	FGLMC		6.000		08/01/26		3,388
	140,882	FGLMC		3.000		09/01/26		142,747
	376,581	FGLMC		3.000		10/01/26		381,559
	498,497	FGLMC		3.500		10/01/26		510,536
	14,272	FGLMC		5.000		10/01/26		15,102
	4,119	FGLMC		5.500		10/01/26		4,410
	2,157,179	FGLMC		3.000		02/01/27		2,185,712
	1,344,564	FGLMC		2.500		05/01/27		1,344,910
	1,409,710	FGLMC		2.500		11/01/27		1,410,074
	55,890	FGLMC		6.000		12/01/27		60,494

136

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,129,690	FGLMC		2.500	%	01/01/28	$	1,129,981
	2,904,016	FGLMC		2.500		03/01/28		2,904,765
	66,138	FGLMC		5.000		03/01/28		69,985
	1,590,319	FGLMC		2.500		05/01/28		1,590,728
	7,336	FGLMC		5.500		05/01/28		7,855
	4,492,973	FGLMC		2.500		07/01/28		4,494,127
	4,107,914	FGLMC		2.500		07/01/28		4,108,970
	1,052,148	FGLMC		3.000		10/01/28		1,066,092
	50,894	FGLMC		5.500		01/01/29		54,499
	2,369	FGLMC		6.500		01/01/29		2,623
	9,633	FGLMC		4.000		02/01/29		9,917
	2,129,515	FGLMC		3.500		03/01/29		2,184,542
	550	FGLMC		6.500		03/01/29		611
	4,095,825	FGLMC		3.000		07/01/29		4,150,043
	10,847	FGLMC		6.500		07/01/29		12,011
	14,915	FGLMC		5.000		12/01/29		15,795
	11,165,474	FGLMC		2.500		05/01/30		11,138,594
	26,457	FGLMC		4.000		08/01/30		27,526
	176,867	FGLMC		4.500		01/01/31		186,070
	416	FGLMC		8.000		01/01/31		441
	183,296	FGLMC		4.000		03/01/31		190,708
	22,784	FGLMC		4.000		05/01/31		23,706
	164,166	FGLMC		4.500		05/01/31		172,714
	80,638	FGLMC		4.000		06/01/31		83,902
	220,106	FGLMC		4.000		08/01/31		229,002
	217,754	FGLMC		4.000		09/01/31		226,572
	3,239	FGLMC		6.500		09/01/31		3,728
	9,457	FGLMC		8.000		09/01/31		10,452
	113,153	FGLMC		3.500		11/01/31		116,457
	15,453,678	FGLMC		2.500		12/01/31		15,373,804
	41,582	FGLMC		7.000		12/01/31		46,064
	14,073	FGLMC		6.500		01/01/32		16,090
	34,601	FGLMC		6.000		02/01/32		38,143
	1,810,496	FGLMC		3.000		03/01/32		1,832,383
	15,000	FGLMC		7.000		04/01/32		17,221
	13,404	FGLMC		6.500		05/01/32		14,884
	1,230,182	FGLMC		3.500		09/01/32		1,266,123
	9,158	FGLMC		5.500		11/01/32		10,026
	21,490,913	FGLMC		3.000		01/01/33		21,704,207
	12,282	FGLMC		6.000		02/01/33		13,540
	47,439	FGLMC		5.000		03/01/33		51,091
	16,705	FGLMC		6.000		03/01/33		18,081
	20,089	FGLMC		6.000		03/01/33		21,744
	33,352	FGLMC		5.000		04/01/33		35,820
	5,499	FGLMC		6.000		04/01/33		6,063
	336,280	FGLMC		5.000		06/01/33		360,380
	106,714	FGLMC		5.500		06/01/33		117,117
	2,302,701	FGLMC		3.500		07/01/33		2,369,991
	43,968	FGLMC		4.500		07/01/33		46,532
	11,168,248	FGLMC		4.000		08/01/33		11,530,775
	3,743	FGLMC		5.000		08/01/33		4,032
	14,025	FGLMC		6.500		08/01/33		15,744

137

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	141,390	FGLMC		5.000	%	09/01/33	$	153,875
	57,702	FGLMC		5.500		09/01/33		63,663
	80,578	FGLMC		5.500		09/01/33		89,747
	19,946	FGLMC		5.500		09/01/33		21,636
	63,750	FGLMC		5.500		09/01/33		69,684
	28,073	FGLMC		4.000		10/01/33		28,975
	7,162	FGLMC		5.000		10/01/33		7,716
	109,887	FGLMC		5.500		10/01/33		121,676
	8,888,257	FGLMC		3.500		11/01/33		9,107,603
	77,726	FGLMC		5.500		12/01/33		85,224
	25,198	FGLMC		5.500		12/01/33		27,695
	297,361	FGLMC		7.000		12/01/33		341,304
	239,699	FGLMC		5.000		01/01/34		258,370
	4,121,185	FGLMC		3.000		02/01/34		4,162,087
	5,398	FGLMC		5.500		02/01/34		5,935
	29,910	FGLMC		5.000		03/01/34		32,218
	32,406	FGLMC		5.500		03/01/34		35,613
	91,474	FGLMC		5.000		05/01/34		98,563
	33,918	FGLMC		4.500		06/01/34		35,910
	69,037	FGLMC		5.000		06/01/34		74,372
	20,888	FGLMC		5.500		06/01/34		22,895
	15,451	FGLMC		6.000		06/01/34		17,037
	50,186	FGLMC		6.000		09/01/34		55,344
	4,740,664	FGLMC		3.500		10/01/34		4,870,430
	7,348	FGLMC		5.000		11/01/34		7,918
	255,852	FGLMC		5.500		11/01/34		280,996
	245,356	FGLMC		5.000		12/01/34		263,917
	46,588	FGLMC		5.500		12/01/34		51,224
	11,965	FGLMC		5.500		12/01/34		12,813
	4,098	FGLMC		5.500		01/01/35		4,507
	2,067	FGLMC		5.500		01/01/35		2,273
	24,962	FGLMC		5.500		01/01/35		27,420
	101,415	FGLMC		4.500		04/01/35		107,357
	13,841	FGLMC		6.000		05/01/35		15,253
	85,520	FGLMC		6.000		05/01/35		92,975
	90,096	FGLMC		7.000		05/01/35		102,800
	20,370	FGLMC		5.500		06/01/35		22,398
	13,316	FGLMC		5.500		06/01/35		14,640
	6,316	FGLMC		5.000		07/01/35		6,801
	373,510	FGLMC		5.000		07/01/35		402,604
	34,944	FGLMC		6.000		07/01/35		37,822
	496,088	FGLMC		5.000		08/01/35		534,672
	15,015	FGLMC		5.500		08/01/35		16,079
	87,056	FGLMC		6.000		08/01/35		94,228
	7,150	FGLMC		4.500		09/01/35		7,569
	78,226	FGLMC		5.000		10/01/35		84,589
	43,119	FGLMC		5.000		10/01/35		46,443
	20,320	FGLMC		5.000		10/01/35		21,830
	254,300	FGLMC		5.500		10/01/35		272,433
	64,156	FGLMC		5.000		12/01/35		69,104
	8,128	FGLMC		5.000		12/01/35		8,760
	30,793	FGLMC		6.000		01/01/36		33,922
	15,938	FGLMC		5.000		02/01/36		17,178

138

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	6,312	FGLMC		5.000	%	02/01/36	$	6,802
	7,745	FGLMC		6.000		02/01/36		8,527
	78,806	FGLMC		5.500		04/01/36		85,077
	15,910	FGLMC		5.500		05/01/36		17,471
	277,555	FGLMC		6.000		06/01/36		304,185
	71,504	FGLMC		5.000		07/01/36		77,078
	98,365	FGLMC		6.000		07/01/36		108,377
	14,540	FGLMC		6.000		08/01/36		16,008
	6,972	FGLMC		6.000		09/01/36		7,546
	287,295	FGLMC		5.500		10/01/36		315,516
	159,918	FGLMC		5.500		10/01/36		175,216
	43,049	FGLMC		6.500		10/01/36		48,280
	12,640	FGLMC		5.500		11/01/36		13,888
	29,760	FGLMC		6.000		11/01/36		32,818
	181,810	FGLMC		6.000		12/01/36		200,510
	244,365	FGLMC		5.500		03/01/37		268,640
	103,251	FGLMC		6.000		03/01/37		113,860
	12,236	FGLMC		6.500		03/01/37		13,548
	91,197	FGLMC		5.500		04/01/37		100,206
	11,466	FGLMC		5.000		05/01/37		12,347
	12,188	FGLMC		5.000		06/01/37		13,119
	41,694	FGLMC		5.500		06/01/37		45,810
	17,358,673	FGLMC		3.000		07/01/37		17,536,778
	157,669	FGLMC		6.000		07/01/37		173,811
	70,002	FGLMC		6.000		08/01/37		77,110
	28,988	FGLMC		6.000		09/01/37		31,935
	231,334	FGLMC		5.500		10/01/37		249,219
	8,515	FGLMC		6.000		11/01/37		9,385
	76,723	FGLMC		6.500		11/01/37		84,952
	32,764	FGLMC		6.000		01/01/38		36,115
	14,072	FGLMC		6.000		02/01/38		15,487
	107,073	FGLMC		6.000		02/01/38		117,987
	167,918	FGLMC		5.000		03/01/38		180,908
	457,542	FGLMC		5.000		03/01/38		493,170
	18,210	FGLMC		5.000		04/01/38		19,768
	188,075	FGLMC		5.000		04/01/38		203,401
	227,058	FGLMC		5.500		04/01/38		249,582
	47,889	FGLMC		5.500		05/01/38		52,369
	5,481	FGLMC		5.500		06/01/38		5,994
	11,065	FGLMC		6.000		07/01/38		12,171
	25,999	FGLMC		5.500		08/01/38		28,581
	180,190	FGLMC		5.500		08/01/38		197,997
	23,150	FGLMC		5.000		09/01/38		24,937
	301,939	FGLMC		5.500		09/01/38		329,848
	88,463	FGLMC		5.500		09/01/38		96,749
	6,172	FGLMC		5.500		10/01/38		6,749
	115,289	FGLMC		6.000		11/01/38		126,982
	800,004	FGLMC		5.500		01/01/39		876,403
	687,206	FGLMC		4.500		02/01/39		727,591
	327,952	FGLMC		5.000		02/01/39		353,256
	22,022	FGLMC		5.500		02/01/39		24,061
	2,056	FGLMC		4.500		03/01/39		2,159

139

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	135,284	FGLMC		5.000	%	03/01/39	$	146,235
	16,273	FGLMC		6.000		03/01/39		17,923
	22,429	FGLMC		4.500		04/01/39		23,906
	952,920	FGLMC		4.500		04/01/39		1,017,587
	241,393	FGLMC		4.000		05/01/39		250,562
	6,606	FGLMC		4.500		05/01/39		6,995
	145,710	FGLMC		4.500		05/01/39		154,312
	2,929,771	FGLMC		4.500		05/01/39		3,111,619
	346,664	FGLMC		4.500		05/01/39		366,946
	126,224	FGLMC		5.000		05/01/39		135,944
	297,939	FGLMC		4.000		06/01/39		309,242
	1,442,233	FGLMC		4.500		06/01/39		1,527,368
	49,367	FGLMC		4.500		06/01/39		52,281
	19,422	FGLMC		5.000		06/01/39		21,016
	8,390	FGLMC		5.500		06/01/39		9,168
	486,380	FGLMC		4.000		07/01/39		504,885
	198,042	FGLMC		4.500		07/01/39		209,717
	35,909	FGLMC		4.500		07/01/39		38,016
	17,056	FGLMC		4.500		07/01/39		18,061
	119,275	FGLMC		5.000		07/01/39		128,816
	171,981	FGLMC		5.500		07/01/39		188,639
	17,485	FGLMC		4.500		08/01/39		18,514
	39,037	FGLMC		5.000		08/01/39		42,157
	160,954	FGLMC		4.000		09/01/39		167,029
	867,972	FGLMC		5.000		09/01/39		935,066
	356,960	FGLMC		5.000		09/01/39		386,272
	4,633	FGLMC		5.500		09/01/39		5,012
	339,042	FGLMC		6.500		09/01/39		383,708
	74,575	FGLMC		4.500		10/01/39		79,608
	56,275	FGLMC		4.500		10/01/39		60,007
	133,401	FGLMC		4.500		10/01/39		141,253
	32,736	FGLMC		5.000		10/01/39		35,346
	26,650	FGLMC		4.000		11/01/39		27,666
	88,372	FGLMC		4.500		11/01/39		93,574
	33,066	FGLMC		5.000		11/01/39		35,715
	10,531	FGLMC		5.000		11/01/39		11,146
	91,478	FGLMC		4.500		12/01/39		97,274
	177,455	FGLMC		4.500		12/01/39		187,896
	79,503	FGLMC		4.500		12/01/39		84,157
	307,386	FGLMC		4.500		12/01/39		326,921
	127,424	FGLMC		5.500		12/01/39		139,299
	180,107	FGLMC		4.500		01/01/40		190,737
	16,548	FGLMC		5.000		01/01/40		17,911
	23,574	FGLMC		5.500		01/01/40		25,705
	52,997	FGLMC		5.500		03/01/40		58,004
	891,083	FGLMC		4.000		04/01/40		924,966
	37,571	FGLMC		4.500		04/01/40		39,958
	134,308	FGLMC		4.500		04/01/40		142,235
	96,105	FGLMC		5.000		04/01/40		103,822
	210,126	FGLMC		5.000		04/01/40		226,999
	675,423	FGLMC		6.000		04/01/40		744,754
	2,258,094	FGLMC		4.500		05/01/40		2,391,370
	1,156,653	FGLMC		5.000		05/01/40		1,249,529

140

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	5,755	FGLMC		4.500	%	06/01/40	$	6,094
	494,052	FGLMC		5.500		06/01/40		539,753
	1,057,793	FGLMC		4.500		07/01/40		1,120,225
	20,236	FGLMC		4.500		08/01/40		21,431
	210,924	FGLMC		5.000		08/01/40		227,862
	497,276	FGLMC		5.000		08/01/40		537,211
	51,795	FGLMC		5.000		08/01/40		55,954
	2,714,706	FGLMC		5.500		08/01/40		2,967,123
	306,170	FGLMC		4.000		09/01/40		317,826
	3,511,161	FGLMC		4.000		11/01/40		3,649,262
	2,042,609	FGLMC		4.000		12/01/40		2,122,997
	445,595	FGLMC		3.500		01/01/41		455,477
	608,426	FGLMC		3.500		01/01/41		621,918
	346,993	FGLMC		4.000		01/01/41		360,221
	378,116	FGLMC		3.500		02/01/41		386,501
	1,377,055	FGLMC		4.000		02/01/41		1,429,558
	492,218	FGLMC		4.000		02/01/41		510,975
	2,082,340	FGLMC		4.000		04/01/41		2,161,694
	375,800	FGLMC		4.500		04/01/41		397,983
	75,524	FGLMC		5.000		04/01/41		81,589
	375,707	FGLMC		4.500		05/01/41		397,875
	441,191	FGLMC		4.500		06/01/41		467,131
	1,214,145	FGLMC		3.500		10/01/41		1,241,070
	855,516	FGLMC		5.000		10/01/41		924,225
	1,443,007	FGLMC		3.500		11/01/41		1,475,013
	564,685	FGLMC		4.500		12/01/41		598,000
	5,250,153	FGLMC		3.500		01/01/42		5,366,594
	1,544,631	FGLMC		3.500		02/01/42		1,578,889
	1,908,696	FGLMC		3.500		04/01/42		1,951,030
	3,301,517	FGLMC		4.000		05/01/42		3,439,653
	9,939,757	FGLMC		4.500		05/01/42		10,525,371
	2,371,782	FGLMC		3.500		07/01/42		2,424,388
	662,098	FGLMC		3.000		08/01/42		662,746
	3,964,414	FGLMC		3.000		10/01/42		3,968,300
	2,606,769	FGLMC		3.000		10/01/42		2,609,324
	1,085,016	FGLMC		3.500		12/01/42		1,109,086
	3,528,217	FGLMC		2.500		01/01/43		3,446,972
	7,547,466	FGLMC		3.000		01/01/43		7,554,864
	11,341,766	FGLMC		3.000		04/01/43		11,352,884
	3,652,699	FGLMC		3.500		05/01/43		3,732,399
	4,497,300	FGLMC		3.000		08/01/43		4,501,709
	2,949,410	FGLMC		3.000		08/01/43		2,952,301
	3,876,019	FGLMC		3.500		08/01/43		3,959,890
	1,549,805	FGLMC		4.500		10/01/43		1,625,967
	2,281,439	FGLMC		4.000		11/01/43		2,365,135
	4,271,377	FGLMC		3.500		02/01/44		4,359,911
	3,394,770	FGLMC		4.000		02/01/44		3,517,165
	21,035,652	FGLMC		4.000		02/01/44		21,993,346
	1,592,486	FGLMC		4.000		04/01/44		1,649,247
	1,948,924	FGLMC		4.500		05/01/44		2,044,704
	3,674,422	FGLMC		4.000		06/01/44		3,803,879
	5,545,823	FGLMC		4.000		08/01/44		5,736,650

141

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,477,420		FGLMC		3.500	%	09/01/44	$	4,563,541
	5,456,996		FGLMC		3.500		11/01/44		5,559,432
	7,888,713		FGLMC		3.500		12/01/44		8,036,674
	4,936,107		FGLMC		3.500		01/01/45		5,027,264
	9,132,342		FGLMC		3.000		02/01/45		9,127,154
	12,372,996		FGLMC		3.500		03/01/45		12,603,394
	6,392,926		FGLMC		4.000		03/01/45		6,605,009
	4,334,369		FGLMC		3.000		04/01/45		4,329,893
	9,010,229		FGLMC		3.500		04/01/45		9,185,687
	18,859,361		FGLMC		3.500		07/01/45		19,226,608
	12,722,593		FGLMC		4.500		07/01/45		13,347,356
	36,814,285		FGLMC		3.000		08/01/45		36,850,254
	7,916,219		FGLMC		4.000		11/01/45		8,178,854
	15,833,811		FGLMC		3.500		12/01/45		16,121,358
	12,708,120		FGLMC		3.500		03/01/46		12,937,582
	5,852,489		FGLMC		4.000		03/01/46		6,045,758
	26,165,505		FGLMC		3.000		04/01/46		26,093,908
	11,797,222		FGLMC		3.500		05/01/46		12,005,376
	13,951,808		FGLMC		4.000		09/01/46		14,408,245
	12,390,402		FGLMC		3.000		11/01/46		12,341,324
	12,565,209		FGLMC		3.000		11/01/46		12,527,059
	8,366,120		FGLMC		3.000		12/01/46		8,332,981
	12,619,061		FGLMC		3.500		12/01/46		12,832,616
	17,197,543		FGLMC		3.000		02/01/47		17,129,423
	8,083,883		FGLMC		3.500		02/01/47		8,219,881
	7,354,666		FGLMC		4.000		02/01/47		7,594,080
	21,785,030		FGLMC		3.500		07/01/47		22,131,610
	21,567,591		FGLMC		3.500		10/01/47		21,921,560
	18,541,722		FGLMC		3.000		12/01/47		18,473,762
	17,866,132		FGLMC		4.000		12/01/47		18,446,827
	15,058,898		FGLMC		3.500		03/01/48		15,304,431
	18,777,213		FGLMC		4.000		05/01/48		19,391,301
	28,756,871		FGLMC		3.500		07/01/48		29,225,827
	46,757,271	h	FGLMC		4.000		10/01/48		48,247,247
	28,142,014		FGLMC		4.500		12/01/48		29,461,649
	142		Federal National Mortgage Association (FNMA)		4.500		05/01/19		145
	79		FNMA		4.500		06/01/19		80
	217		FNMA		4.500		06/01/19		221
	1		FNMA		5.000		07/01/19		1
	8,841		FNMA		5.000		10/01/19		9,041
	194		FNMA		4.500		11/01/19		198
	658		FNMA		4.500		12/01/19		669
	1,175		FNMA		5.000		04/01/20		1,202
	109		FNMA		4.500		06/01/20		111
	240		FNMA		4.500		09/01/20		244
	1,766		FNMA		4.500		10/01/20		1,800
	1,062		FNMA		4.500		11/01/20		1,081
	7,991		FNMA		5.000		12/01/20		8,184
	16,822		FNMA		5.500		01/01/21		16,836
	5		FNMA		5.500		01/01/21		5
	553		FNMA		5.000		03/01/21		565
	7,080		FNMA		5.500		08/01/21		7,220
	1,788		FNMA		6.000		08/01/21		1,817

142

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,063	FNMA		5.000	%	10/01/21	$	1,087
	477	FNMA		5.000		11/01/21		488
	812	FNMA		5.500		11/01/21		822
	5,446	FNMA		5.500		10/01/22		5,580
	2,842	FNMA		6.000		10/01/22		2,919
	1,697	FNMA		5.000		03/01/23		1,741
	3,219	FNMA		4.500		04/01/23		3,275
	41,517	FNMA		4.500		06/01/23		42,369
	3,952	FNMA		5.000		06/01/23		4,055
	5,998	FNMA		5.500		06/01/23		6,401
	9,575	FNMA		5.000		07/01/23		9,796
	51,132	FNMA		5.000		07/01/23		52,548
	5,089	FNMA		5.500		08/01/23		5,265
	11,042	FNMA		5.000		11/01/23		11,665
	1,686	FNMA		5.500		11/01/23		1,709
	94,321	FNMA		5.500		01/01/24		96,616
	11,905	FNMA		5.500		02/01/24		12,705
	50,881	FNMA		4.000		03/01/24		52,420
	4,123	FNMA		4.500		04/01/24		4,241
	192,048	FNMA		4.000		05/01/24		197,877
	62,031	FNMA		4.000		05/01/24		63,904
	5,119	FNMA		4.000		06/01/24		5,273
	6,403	FNMA		4.500		07/01/24		6,636
	6,151	FNMA		5.500		07/01/24		6,565
	147	FNMA		8.000		07/01/24		162
	35,394	FNMA		4.500		08/01/24		36,404
	35,126	FNMA		4.000		09/01/24		36,191
	132,301	FNMA		4.000		09/01/24		136,297
	13,678	FNMA		4.500		09/01/24		14,069
	309,223	FNMA		4.500		10/01/24		318,061
	16,537	FNMA		5.000		01/01/25		17,471
	26,421	FNMA		4.500		02/01/25		27,175
	232,395	FNMA		4.500		03/01/25		239,026
	2,898	FNMA		4.500		03/01/25		2,948
	68,756	FNMA		5.000		03/01/25		72,638
	134,843	FNMA		4.500		04/01/25		138,678
	61,587	FNMA		4.500		04/01/25		63,319
	713,725	FNMA		4.000		05/01/25		735,279
	242,271	FNMA		4.000		06/01/25		249,588
	168,458	FNMA		4.500		06/01/25		173,133
	68,811	FNMA		4.000		08/01/25		70,889
	33,949	FNMA		5.500		08/01/25		36,591
	356,185	FNMA		3.500		09/01/25		364,436
	345,423	FNMA		4.000		09/01/25		355,854
	503,997	FNMA		3.500		10/01/25		515,671
	410,137	FNMA		3.500		10/01/25		419,638
	152,806	FNMA		5.000		10/01/25		161,443
	279,725	FNMA		4.000		11/01/25		288,173
	456,418	FNMA		3.500		12/01/25		466,991
	332,037	FNMA		3.500		02/01/26		339,728
	1,985,984	FNMA		3.500		02/01/26		2,031,987
	99,470	FNMA		4.000		03/01/26		102,474

143

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	271,829	FNMA		4.000	%	06/01/26	$	280,058
	277,613	FNMA		3.500		08/01/26		284,044
	211,339	FNMA		3.500		09/01/26		216,235
	112,962	FNMA		4.000		09/01/26		116,375
	334,238	FNMA		3.500		10/01/26		341,980
	6,946	FNMA		6.000		10/01/26		7,487
	490,491	FNMA		3.000		11/01/26		496,830
	425,526	FNMA		3.000		12/01/26		431,028
	1,146,386	FNMA		3.000		01/01/27		1,161,208
	1,440,249	FNMA		4.000		01/01/27		1,483,744
	824,573	FNMA		3.500		02/01/27		843,674
	1,363,349	FNMA		3.000		04/01/27		1,380,984
	875,188	FNMA		3.000		04/01/27		886,513
	520,192	FNMA		3.500		05/01/27		533,170
	529,720	FNMA		2.500		06/01/27		529,487
	1,518,752	FNMA		3.000		06/01/27		1,538,450
	651,162	FNMA		2.500		07/01/27		650,874
	1,380,772	FNMA		2.500		09/01/27		1,380,163
	14,426	FNMA		5.500		09/01/27		15,396
	2,349,310	FNMA		2.500		10/01/27		2,348,276
	1,441,902	FNMA		3.000		11/01/27		1,460,575
	2,631	FNMA		5.500		01/01/28		2,808
	5,524,287	FNMA		2.500		02/01/28		5,521,857
	4,383,072	FNMA		2.500		02/01/28		4,381,146
	2,362	FNMA		5.000		02/01/28		2,496
	3,182,396	FNMA		2.500		04/01/28		3,180,996
	4,710,515	FNMA		2.500		04/01/28		4,708,444
	11,845	FNMA		5.500		06/01/28		12,641
	1,254,651	FNMA		2.500		07/01/28		1,254,098
	2,556,838	FNMA		2.500		08/01/28		2,555,710
	3,667,648	FNMA		3.000		10/01/28		3,707,233
	1,950	FNMA		5.500		11/01/28		2,081
	10	FNMA		7.500		01/01/29		11
	4,178,954	FNMA		3.000		03/01/29		4,218,963
	19,226	FNMA		4.000		03/01/29		19,776
	14,532,816	FNMA		3.000		04/01/29		14,689,693
	60,225	FNMA		4.500		04/01/29		62,893
	49,154	FNMA		4.000		05/01/29		50,558
	23,784	FNMA		4.500		06/01/29		24,839
	8,279	FNMA		4.000		07/01/29		8,515
	154,385	FNMA		4.500		08/01/29		161,241
	18,543,043	FNMA		3.500		09/01/29		19,009,321
	29,732	FNMA		4.500		09/01/29		31,051
	28,746	FNMA		4.500		11/01/29		30,118
	8,417	FNMA		4.500		01/01/30		8,794
	2,583,214	FNMA		2.500		02/01/30		2,570,939
	21,709	FNMA		4.000		03/01/30		22,330
	8,960	FNMA		4.500		05/01/30		9,361
	12,875	FNMA		4.500		06/01/30		13,451
	5,681,797	FNMA		3.000		07/01/30		5,736,321
	119,513	FNMA		4.500		08/01/30		125,526
	25,207	FNMA		4.000		09/01/30		26,205
	167,518	FNMA		4.000		10/01/30		174,146

144

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,482,485	FNMA		4.000	%	11/01/30	$	1,541,216
	254,901	FNMA		4.000		11/01/30		265,001
	56,304	FNMA		4.500		12/01/30		59,138
	5,690,645	FNMA		3.000		02/01/31		5,745,214
	81,271	FNMA		3.500		02/01/31		82,893
	88,981	FNMA		4.000		02/01/31		92,508
	770	FNMA		7.500		03/01/31		890
	6,298,768	FNMA		2.500		04/01/31		6,268,865
	241,593	FNMA		3.500		04/01/31		246,417
	27,038	FNMA		4.000		04/01/31		28,109
	5,558,632	FNMA		3.000		05/01/31		5,611,736
	2,648	FNMA		6.000		05/01/31		2,917
	6,805,513	FNMA		2.500		06/01/31		6,773,192
	990,753	FNMA		4.500		07/01/31		1,046,498
	139,046	FNMA		4.500		07/01/31		146,217
	808,756	FNMA		4.000		08/01/31		840,822
	8,728,164	FNMA		2.500		09/01/31		8,686,687
	4,666,319	FNMA		3.000		09/01/31		4,710,912
	58,767	FNMA		4.000		09/01/31		61,097
	331	FNMA		6.500		09/01/31		366
	25,258	FNMA		6.000		11/01/31		27,880
	3,231	FNMA		6.500		11/01/31		3,673
	9,025,472	FNMA		2.500		12/01/31		8,982,562
	1,565,145	FNMA		3.500		01/01/32		1,609,931
	9,209	FNMA		6.000		01/01/32		10,165
	2,097	FNMA		6.000		01/01/32		2,261
	662,011	FNMA		3.500		02/01/32		680,954
	7,575	FNMA		6.000		02/01/32		8,264
	7,469,181	FNMA		3.000		03/01/32		7,540,890
	26,454	FNMA		6.500		04/01/32		30,121
	27,395,391	FNMA		3.000		06/01/32		27,658,327
	50,173	FNMA		6.500		07/01/32		56,582
	8,141	FNMA		6.500		08/01/32		9,142
	709,927	FNMA		3.000		09/01/32		718,404
	22,760	FNMA		7.500		09/01/32		25,446
	2,100,486	FNMA		3.000		10/01/32		2,125,567
	41,690	FNMA		5.500		10/01/32		45,113
	37,049	FNMA		6.000		10/01/32		39,940
	13,679	FNMA		6.000		11/01/32		15,089
	17,493,294	FNMA		3.000		12/01/32		17,654,711
	17,279	FNMA		5.500		12/01/32		18,960
	752	FNMA		5.500		12/01/32		803
	23,373	FNMA		6.000		12/01/32		25,784
	126,124	FNMA		5.500		01/01/33		135,819
	260,014	FNMA		6.000		01/01/33		286,435
	129,418	FNMA		5.000		02/01/33		139,247
	7,102	FNMA		5.000		02/01/33		7,551
	1,451,180	FNMA		3.000		04/01/33		1,468,512
	1,794,499	FNMA		3.500		04/01/33		1,845,872
	6,119	FNMA		6.000		04/01/33		6,754
	17,773,622	FNMA		3.500		05/01/33		18,185,329
	812,266	FNMA		5.500		05/01/33		885,875

145

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	46,991	FNMA		5.000	%	06/01/33	$	50,559
	107,260	FNMA		5.500		06/01/33		117,718
	18,573	FNMA		4.500		07/01/33		19,607
	49,099	FNMA		5.000		07/01/33		52,810
	98,422	FNMA		4.500		08/01/33		103,823
	4,224	FNMA		4.500		08/01/33		4,398
	16,513	FNMA		5.000		08/01/33		17,770
	54,195	FNMA		5.500		09/01/33		57,840
	188,694	FNMA		5.500		09/01/33		204,866
	8,219	FNMA		6.000		09/01/33		8,865
	133,208	FNMA		4.500		10/01/33		140,869
	21,618	FNMA		5.000		10/01/33		23,260
	12,076	FNMA		5.000		10/01/33		12,813
	188,569	FNMA		5.500		10/01/33		205,739
	582,826	FNMA		5.500		10/01/33		653,163
	9,141	FNMA		4.500		11/01/33		9,659
	25,799	FNMA		5.000		11/01/33		27,760
	1,738,843	FNMA		5.000		11/01/33		1,871,156
	202,502	FNMA		5.000		12/01/33		217,880
	256,287	FNMA		5.500		12/01/33		283,923
	2,659,550	FNMA		3.000		01/01/34		2,691,317
	78,751	FNMA		5.000		02/01/34		84,739
	320,586	FNMA		6.000		02/01/34		353,813
	19,397	FNMA		5.000		03/01/34		20,908
	8,091	FNMA		5.000		03/01/34		8,705
	463,502	FNMA		5.000		03/01/34		498,716
	10,754	FNMA		5.000		03/01/34		11,571
	22,811	FNMA		5.000		03/01/34		24,617
	6,668	FNMA		5.000		03/01/34		7,175
	66,389	FNMA		5.000		04/01/34		71,424
	70,346	FNMA		5.500		04/01/34		77,395
	44,814	FNMA		4.500		05/01/34		47,347
	20,507	FNMA		4.500		05/01/34		21,664
	15,810	FNMA		5.500		07/01/34		17,397
	25,631	FNMA		5.500		07/01/34		28,202
	23,827	FNMA		7.000		07/01/34		27,150
	190,507	FNMA		5.000		08/01/34		204,973
	21,502	FNMA		5.000		08/01/34		23,135
	107,129	FNMA		6.000		08/01/34		118,234
	19,081	FNMA		6.000		08/01/34		21,059
	11,770	FNMA		4.500		09/01/34		12,442
	386,055	FNMA		5.500		09/01/34		424,276
	3,786	FNMA		5.500		11/01/34		4,166
	9,841	FNMA		6.000		11/01/34		10,608
	6,040	FNMA		5.000		12/01/34		6,499
	3,661	FNMA		5.500		12/01/34		4,028
	12,369	FNMA		6.000		12/01/34		13,424
	559,982	FNMA		4.500		01/01/35		592,175
	39,074	FNMA		5.500		01/01/35		42,415
	1,175,808	FNMA		5.500		02/01/35		1,293,509
	49,865	FNMA		5.500		02/01/35		54,845
	279,441	FNMA		5.500		04/01/35		302,365
	47,688	FNMA		6.000		04/01/35		52,655

146

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	45,045		FNMA			6.000	%	04/01/35	$	50,028
	79,261		FNMA			6.000		05/01/35		87,430
	19,843		FNMA			5.000		06/01/35		21,349
	1,887	i	FNMA	LIBOR 12 M + 1.570%		4.295		07/01/35		1,964
	59,271		FNMA			5.000		07/01/35		63,977
	6,461,742		FNMA			3.000		08/01/35		6,538,980
	121,297		FNMA			4.500		08/01/35		128,176
	118,109		FNMA			5.000		08/01/35		126,366
	78,560		FNMA			5.000		08/01/35		84,468
	4,823		FNMA			4.500		09/01/35		5,093
	5,905		FNMA			4.500		09/01/35		6,245
	14,095		FNMA			5.500		09/01/35		15,509
	78,123		FNMA			5.000		10/01/35		83,957
	153,950		FNMA			5.500		10/01/35		170,483
	3,322		FNMA			5.000		11/01/35		3,380
	174,345		FNMA			5.500		11/01/35		191,245
	1,775		FNMA			4.500		12/01/35		1,848
	49,138		FNMA			5.500		12/01/35		52,442
	8,446,911		FNMA			3.500		01/01/36		8,641,997
	41,452	i	FNMA	LIBOR 12 M + 1.535%		4.660		02/01/36		42,975
	426,294		FNMA			5.000		02/01/36		460,932
	191,748		FNMA			6.000		03/01/36		211,471
	3,212,380		FNMA			3.500		05/01/36		3,286,575
	3,711		FNMA			5.000		05/01/36		3,989
	322,651		FNMA			6.000		06/01/36		351,645
	58,353	i	FNMA	LIBOR 12 M + 1.573%		4.323		07/01/36		60,833
	21,738		FNMA			6.000		07/01/36		23,969
	88,254		FNMA			6.500		07/01/36		98,303
	124,151		FNMA			5.500		08/01/36		132,500
	175,450		FNMA			6.500		08/01/36		198,375
	3,868,021		FNMA			3.000		09/01/36		3,907,108
	14,318		FNMA			5.500		09/01/36		15,755
	5,473		FNMA			6.500		09/01/36		6,227
	17,400		FNMA			6.500		09/01/36		19,768
	24,787		FNMA			6.000		10/01/36		27,366
	7,919,080		FNMA			3.000		11/01/36		7,999,107
	11,865		FNMA			6.500		11/01/36		13,598
	3,922	i	FNMA	LIBOR 12 M + 1.725%		4.680		12/01/36		4,123
	72,008		FNMA			6.000		12/01/36		79,504
	11,190	i	FNMA	LIBOR 12 M + 1.807%		4.821		01/01/37		11,786
	33,160		FNMA			5.500		01/01/37		36,473
	2,147	i	FNMA	LIBOR 6 M + 1.543%		4.418		02/01/37		2,218
	229,906		FNMA			5.500		02/01/37		252,781
	12,297		FNMA			6.000		02/01/37		13,564
	13,361		FNMA			7.000		02/01/37		14,748
	4,725	i	FNMA	LIBOR 12 M + 1.795%		4.795		03/01/37		4,945
	1,642		FNMA			5.000		03/01/37		1,767
	75,216		FNMA			6.500		03/01/37		85,782
	47,251		FNMA			6.500		03/01/37		53,555
	50,748		FNMA			7.000		04/01/37		59,030
	63,954		FNMA			5.000		05/01/37		68,687
	3,400		FNMA			7.000		05/01/37		3,622

147

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	19,866	i	FNMA	LIBOR 12 M + 1.782%		4.707	%	06/01/37	$	20,785
	19,762		FNMA			5.500		06/01/37		21,592
	22,008		FNMA			5.500		08/01/37		24,146
	10,213		FNMA			6.000		08/01/37		11,254
	26,472		FNMA			6.500		08/01/37		29,237
	3,739		FNMA			6.500		08/01/37		4,129
	15,622		FNMA			5.500		09/01/37		16,673
	37,974		FNMA			6.000		09/01/37		42,813
	70,073		FNMA			6.000		09/01/37		79,196
	35,393		FNMA			6.000		09/01/37		39,001
	106,790		FNMA			6.000		09/01/37		120,456
	124,720		FNMA			6.000		09/01/37		137,659
	13,502		FNMA			6.500		09/01/37		14,913
	4,408		FNMA			6.500		09/01/37		4,868
	46,736	i	FNMA	DGS1 + 2.275%		4.575		10/01/37		48,915
	12,127		FNMA			6.500		10/01/37		13,722
	161,155		FNMA			5.500		11/01/37		176,168
	274,959		FNMA			6.000		11/01/37		303,196
	15,195		FNMA			7.000		11/01/37		16,826
	9,132,531		FNMA			3.000		12/01/37		9,190,965
	8,753,232		FNMA			4.000		01/01/38		9,095,215
	1,432		FNMA			6.500		01/01/38		1,582
	84,026		FNMA			5.500		02/01/38		90,887
	27,650		FNMA			6.500		02/01/38		30,538
	15,550		FNMA			7.000		02/01/38		18,312
	31,560	i	FNMA	LIBOR 12 M + 1.770%		4.027		03/01/38		33,020
	7,803		FNMA			5.000		03/01/38		8,381
	4,535		FNMA			5.000		03/01/38		4,872
	15,516		FNMA			5.500		03/01/38		16,744
	5,700		FNMA			6.000		03/01/38		6,438
	5,612		FNMA			6.500		03/01/38		6,350
	139,306		FNMA			6.500		03/01/38		155,576
	5,274		FNMA			6.500		03/01/38		5,825
	15,747		FNMA			5.000		04/01/38		16,636
	224,378		FNMA			5.500		04/01/38		243,918
	237,384		FNMA			6.000		04/01/38		261,733
	17,756		FNMA			4.500		05/01/38		18,735
	915,953		FNMA			5.000		05/01/38		985,813
	239,886		FNMA			5.000		05/01/38		257,992
	661,254		FNMA			6.000		06/01/38		730,194
	960,916		FNMA			6.500		06/01/38		1,096,001
	207,078		FNMA			6.000		07/01/38		228,549
	2,845	i	FNMA	LIBOR 12 M + 1.603%		4.353		08/01/38		2,954
	2,213	i	FNMA	LIBOR 12 M + 1.750%		4.625		08/01/38		2,326
	651,343		FNMA			6.000		09/01/38		719,120
	18,553	i	FNMA	LIBOR 12 M + 1.356%		4.106		10/01/38		19,146
	1,101		FNMA			6.000		10/01/38		1,187
	10,573		FNMA			5.500		11/01/38		11,335
	3,103		FNMA			5.000		12/01/38		3,334
	580,391		FNMA			5.500		12/01/38		637,690
	85,370		FNMA			4.500		01/01/39		90,154
	94,787		FNMA			5.000		01/01/39		101,906
	2,416,656		FNMA			5.000		01/01/39		2,596,674

148

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	87,155		FNMA			5.500	%	01/01/39	$	93,737
	350,781		FNMA			5.500		01/01/39		384,240
	18,737		FNMA			6.000		01/01/39		20,649
	1,717		FNMA			6.000		01/01/39		1,851
	141,836		FNMA			4.500		02/01/39		149,804
	439,025		FNMA			4.500		02/01/39		463,908
	202,209		FNMA			4.500		02/01/39		213,685
	6,374		FNMA			5.500		02/01/39		6,854
	442,447		FNMA			4.000		04/01/39		458,843
	18,009		FNMA			5.500		04/01/39		19,567
	755,717		FNMA			4.500		05/01/39		801,513
	137,805		FNMA			4.500		05/01/39		145,642
	394,860		FNMA			4.500		06/01/39		417,233
	143,941		FNMA			4.500		06/01/39		152,123
	280,077		FNMA			5.500		06/01/39		308,054
	85,819		FNMA			4.500		07/01/39		90,709
	101,329		FNMA			4.500		07/01/39		107,094
	8,320	i	FNMA	LIBOR 12 M + 1.835%		4.585		07/01/39		8,754
	10,306		FNMA			5.000		07/01/39		11,113
	1,551,489		FNMA			4.000		08/01/39		1,608,875
	238,029		FNMA			4.000		08/01/39		246,831
	75,313	i	FNMA	LIBOR 12 M + 1.650%		4.400		08/01/39		78,644
	14,826	i	FNMA	LIBOR 12 M + 1.690%		4.440		08/01/39		15,517
	21,514		FNMA			4.500		08/01/39		22,925
	960,509		FNMA			4.500		08/01/39		1,019,228
	313,332		FNMA			4.500		08/01/39		331,137
	1,385,705		FNMA			5.000		08/01/39		1,493,888
	12,383		FNMA			5.000		08/01/39		13,350
	594,920		FNMA			4.000		09/01/39		616,958
	34,417		FNMA			5.000		09/01/39		37,106
	219,797		FNMA			5.500		09/01/39		241,841
	117,391		FNMA			6.000		09/01/39		129,629
	468,378		FNMA			6.500		10/01/39		533,436
	24,392		FNMA			5.000		11/01/39		26,354
	685,909		FNMA			4.000		12/01/39		711,249
	66,814		FNMA			4.500		12/01/39		70,996
	150,559		FNMA			4.500		12/01/39		159,182
	2,304,702		FNMA			4.500		12/01/39		2,435,644
	43,584		FNMA			4.500		01/01/40		46,058
	16,568	i	FNMA	LIBOR 12 M + 1.815%		4.910		01/01/40		17,393
	48,785		FNMA			5.000		01/01/40		52,628
	289,241		FNMA			6.000		02/01/40		319,381
	438,087		FNMA			4.500		03/01/40		463,167
	229,886		FNMA			4.500		03/01/40		243,056
	20,982		FNMA			5.000		03/01/40		22,634
	21,559		FNMA			4.500		04/01/40		22,794
	770,605		FNMA			5.000		04/01/40		831,284
	553,469		FNMA			5.000		04/01/40		596,936
	41,884	i	FNMA	LIBOR 12 M + 1.864%		4.220		05/01/40		43,910
	143,158	i	FNMA	LIBOR 12 M + 1.790%		4.256		05/01/40		149,684
	22,972		FNMA			4.500		05/01/40		24,377
	89,104	i	FNMA	LIBOR 12 M + 1.841%		4.821		05/01/40		93,483

149

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	52,579		FNMA			4.500	%	07/01/40	$	55,576
	55,547		FNMA			4.500		07/01/40		58,729
	68,539		FNMA			5.000		07/01/40		73,934
	444,508		FNMA			4.500		08/01/40		469,965
	619,580		FNMA			4.500		08/01/40		655,057
	9,851	i	FNMA	LIBOR 12 M + 1.805%		4.555		08/01/40		10,253
	448,659		FNMA			5.000		08/01/40		483,963
	1,074,244		FNMA			4.500		09/01/40		1,135,788
	448,752		FNMA			4.500		09/01/40		474,460
	871,421		FNMA			6.000		09/01/40		961,896
	175,794		FNMA			3.500		10/01/40		179,566
	753,739		FNMA			4.000		10/01/40		781,846
	1,788,071		FNMA			4.000		10/01/40		1,854,663
	974,218		FNMA			4.500		10/01/40		1,029,762
	1,478,578		FNMA			3.500		11/01/40		1,510,490
	1,546,828		FNMA			4.000		11/01/40		1,604,510
	1,381,759		FNMA			4.000		11/01/40		1,433,285
	865,449		FNMA			4.000		11/01/40		897,705
	148,941		FNMA			4.500		11/01/40		157,463
	477,634		FNMA			4.000		12/01/40		495,400
	3,559,300		FNMA			4.500		12/01/40		3,763,231
	54,334	i	FNMA	LIBOR 12 M + 1.823%		4.698		12/01/40		56,433
	53,939		FNMA			3.500		01/01/41		55,104
	265,642		FNMA			3.500		02/01/41		271,376
	1,294,758		FNMA			4.000		02/01/41		1,343,857
	49,630	i	FNMA	LIBOR 12 M + 1.804%		4.854		02/01/41		51,935
	1,208,844		FNMA			4.000		03/01/41		1,253,933
	874,694		FNMA			4.500		04/01/41		924,739
	1,188,428		FNMA			4.500		05/01/41		1,256,522
	194,462		FNMA			4.500		05/01/41		205,484
	619,397		FNMA			4.500		06/01/41		654,887
	129,013	i	FNMA	LIBOR 12 M + 1.781%		4.447		07/01/41		134,474
	781,495		FNMA			4.500		07/01/41		826,130
	2,093,053		FNMA			4.000		09/01/41		2,171,130
	1,148,968		FNMA			4.500		09/01/41		1,214,447
	367,459		FNMA			5.500		09/01/41		404,104
	136,629	i	FNMA	LIBOR 12 M + 1.831%		4.621		10/01/41		142,555
	19,160	i	FNMA	LIBOR 12 M + 1.800%		4.659		10/01/41		19,981
	742,432		FNMA			3.500		11/01/41		758,461
	822,899		FNMA			3.500		11/01/41		840,666
	31,724,667		FNMA			3.500		12/01/41		32,409,642
	4,901,587		FNMA			3.500		12/01/41		5,007,348
	839,403		FNMA			4.000		12/01/41		870,716
	368,914	i	FNMA	LIBOR 12 M + 1.750%		4.608		12/01/41		382,950
	2,174,965		FNMA			3.500		03/01/42		2,221,923
	1,405,447		FNMA			4.000		03/01/42		1,457,858
	4,003,715		FNMA			3.500		04/01/42		4,090,166
	1,457,132		FNMA			3.500		04/01/42		1,489,042
	1,625,924		FNMA			4.500		04/01/42		1,719,030
	1,489,692		FNMA			5.000		04/01/42		1,619,046
	1,265,367		FNMA			4.000		05/01/42		1,312,547
	1,517,686		FNMA			5.000		05/01/42		1,636,429
	1,346,703		FNMA			3.000		06/01/42		1,347,822

150

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,926,421		FNMA			3.500	%	06/01/42	$	6,054,388
	4,866,308		FNMA			4.000		06/01/42		5,047,607
	3,141,620		FNMA			4.000		06/01/42		3,258,794
	9,489,944		FNMA			3.500		07/01/42		9,694,845
	1,798,632		FNMA			4.500		07/01/42		1,899,417
	1,965,166		FNMA			3.500		08/01/42		2,007,596
	3,211,008		FNMA			3.000		09/01/42		3,213,677
	3,911,102		FNMA			3.500		09/01/42		3,995,553
	18,181,295		FNMA			4.500		09/01/42		19,221,397
	6,607,626		FNMA			3.000		10/01/42		6,613,119
	1,922,045		FNMA			3.500		10/01/42		1,963,549
	2,552,967		FNMA			2.500		01/01/43		2,492,313
	8,083,255		FNMA			3.000		01/01/43		8,089,957
	11,092,445		FNMA			3.000		02/01/43		11,101,665
	31,506,789		FNMA			3.000		04/01/43		31,532,986
	2,818,681		FNMA			3.000		04/01/43		2,821,024
	8,091,332		FNMA			3.000		04/01/43		8,098,059
	1,416,720	i	FNMA	LIBOR 12 M + 1.695%		2.129		06/01/43		1,431,935
	8,153,934		FNMA			3.000		06/01/43		8,160,714
	6,771,080		FNMA			3.000		07/01/43		6,776,710
	6,018,073		FNMA			3.500		07/01/43		6,144,750
	283,354	i	FNMA	LIBOR 12 M + 1.550%		4.273		07/01/43		290,940
	5,922,306		FNMA			3.000		08/01/43		5,927,230
	2,692,687		FNMA			4.000		08/01/43		2,812,696
	4,729,682		FNMA			3.000		09/01/43		4,733,614
	6,042,483		FNMA			3.500		09/01/43		6,168,592
	4,254,446		FNMA			3.500		10/01/43		4,345,535
	503,740		FNMA			4.500		10/01/43		530,602
	1,613,021		FNMA			4.000		11/01/43		1,671,023
	3,846,213		FNMA			4.000		11/01/43		3,985,667
	1,117,187		FNMA			4.500		12/01/43		1,176,951
	3,356,310		FNMA			4.500		12/01/43		3,536,175
	4,287,990		FNMA			4.000		01/01/44		4,439,931
	58,586,042		FNMA			4.000		03/01/44		61,204,056
	3,168,793		FNMA			4.000		05/01/44		3,277,779
	3,416,608		FNMA			4.000		07/01/44		3,534,988
	3,744,876		FNMA			4.000		07/01/44		3,874,442
	2,252,178		FNMA			3.500		09/01/44		2,294,173
	3,178,662		FNMA			4.000		09/01/44		3,288,477
	7,527,030		FNMA			3.500		10/01/44		7,670,869
	16,106,561		FNMA			5.000		11/01/44		17,366,556
	3,565,471		FNMA			4.000		12/01/44		3,687,373
	5,604,004		FNMA			3.000		01/01/45		5,608,661
	17,277,888		FNMA			3.000		01/01/45		17,292,248
	35,696,612		FNMA			3.500		01/01/45		36,415,546
	12,135,318		FNMA			3.500		02/01/45		12,350,412
	7,462,171		FNMA			3.000		04/01/45		7,455,665
	12,204,665		FNMA			3.500		05/01/45		12,419,095
	10,245,444		FNMA			3.500		07/01/45		10,438,913
	13,301,695		FNMA			4.000		07/01/45		13,756,470
	18,015,508		FNMA			3.000		11/01/45		17,990,118
	8,946,291		FNMA			3.500		11/01/45		9,103,489

151

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	22,521,120		FNMA		4.000	%	11/01/45	$	23,291,157
	8,284,640		FNMA		3.500		12/01/45		8,422,520
	10,915,789		FNMA		3.500		12/01/45		11,107,582
	7,093,595		FNMA		3.500		01/01/46		7,218,238
	6,499,371		FNMA		3.500		02/01/46		6,613,565
	10,534,266		FNMA		4.500		05/01/46		11,043,327
	7,635,204		FNMA		3.000		06/01/46		7,613,177
	13,828,639		FNMA		3.500		07/01/46		14,048,098
	12,602,841		FNMA		4.000		08/01/46		13,028,581
	12,191,518		FNMA		3.000		09/01/46		12,156,346
	12,636,382		FNMA		3.000		10/01/46		12,599,927
	24,939,587		FNMA		3.000		11/01/46		24,837,256
	7,752,415		FNMA		3.500		12/01/46		7,879,043
	36,371,090		FNMA		3.000		01/01/47		36,266,162
	10,328,857		FNMA		4.000		02/01/47		10,675,551
	13,007,972		FNMA		3.000		03/01/47		12,970,443
	12,265,567		FNMA		3.500		03/01/47		12,464,692
	3,640,761		FNMA		4.000		03/01/47		3,762,966
	17,393,010		FNMA		3.000		04/01/47		17,340,135
	16,636,478		FNMA		3.500		04/01/47		16,905,708
	8,220,777		FNMA		3.500		05/01/47		8,354,236
	15,661,644		FNMA		4.000		07/01/47		16,187,341
	18,721,315		FNMA		3.500		08/01/47		19,019,468
	18,157,070		FNMA		3.500		11/01/47		18,443,614
	9,214,821		FNMA		3.500		01/01/48		9,359,712
	35,738,788		FNMA		4.000		01/01/48		36,942,337
	47,470,414		FNMA		4.000		07/01/48		48,943,611
	32,151,093		FNMA		4.500		07/01/48		33,623,945
	19,409,296	h	FNMA		4.000		08/01/48		20,008,556
	14,484,515		FNMA		4.000		10/01/48		14,924,666
	14,624,764		FNMA		4.000		12/01/48		15,062,721
	7,185,430		FNMA		3.500		07/01/55		7,305,024
	2,776		Government National Mortgage Association (GNMA)		4.500		01/20/24		2,891
	20,791		GNMA		4.000		04/15/24		21,403
	5,149		GNMA		4.500		07/15/24		5,326
	76,639		GNMA		4.000		08/15/24		78,879
	19,641		GNMA		4.500		08/15/24		20,316
	60,370		GNMA		4.000		09/15/24		62,132
	11,285		GNMA		4.500		01/15/25		11,674
	94,429		GNMA		4.000		08/15/25		97,214
	51,090		GNMA		3.500		03/15/26		52,257
	56,434		GNMA		4.000		04/15/26		58,097
	51,964		GNMA		4.000		06/20/26		53,706
	81,166		GNMA		3.500		11/20/26		82,995
	432,645		GNMA		3.000		12/15/26		436,470
	1,359,484		GNMA		2.500		04/20/27		1,363,469
	893,780		GNMA		2.500		09/20/27		896,403
	664		GNMA		6.500		09/15/28		729
	365		GNMA		6.500		09/15/28		401
	2,031		GNMA		6.500		11/15/28		2,230
	810		GNMA		7.500		11/15/28		843
	1,331,284		GNMA		3.500		11/20/28		1,361,604

152

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	7,254	GNMA		8.500	%	10/15/30	$	7,510
	2,884	GNMA		8.500		10/20/30		3,332
	373	GNMA		8.500		12/15/30		444
	469	GNMA		7.000		06/20/31		539
	1,286	GNMA		7.000		07/15/31		1,315
	1,290	GNMA		7.000		07/15/31		1,336
	7,887,020	GNMA		3.000		08/20/32		8,001,864
	187,124	GNMA		6.000		10/15/32		210,400
	23,085	GNMA		5.500		12/20/32		25,312
	49,406	GNMA		5.500		05/15/33		52,902
	8,002	GNMA		5.000		07/15/33		8,592
	29,989	GNMA		5.500		07/15/33		32,972
	6,832	GNMA		5.000		07/20/33		7,305
	24,274	GNMA		5.000		08/15/33		25,338
	26,497	GNMA		5.000		08/15/33		28,007
	121,413	GNMA		5.500		09/15/33		133,517
	92,505	GNMA		6.000		11/20/33		104,503
	41,659	GNMA		5.500		05/20/34		45,661
	60,175	GNMA		6.000		09/20/34		68,003
	4,759	GNMA		5.000		10/20/34		5,091
	133,348	GNMA		5.500		11/15/34		146,605
	59,287	GNMA		6.500		01/15/35		67,611
	31,111	GNMA		5.500		02/20/35		34,113
	609,609	GNMA		5.000		03/20/35		654,479
	187,517	GNMA		5.000		04/15/35		201,344
	192,746	GNMA		5.500		05/20/35		211,252
	7,270	GNMA		5.000		09/20/35		7,777
	3,729	GNMA		5.000		11/15/35		3,893
	4,549	GNMA		5.000		11/15/35		4,885
	52,778	GNMA		5.500		02/20/36		57,648
	5,991	GNMA		5.500		03/15/36		6,590
	16,875	GNMA		5.500		05/20/36		18,372
	5,082	GNMA		6.500		06/15/36		5,852
	157,454	GNMA		5.500		06/20/36		171,240
	9,655	GNMA		5.000		09/15/36		10,367
	5,633	GNMA		6.000		09/15/36		6,215
	15,260	GNMA		6.000		10/20/36		16,929
	11,057	GNMA		5.000		12/15/36		11,874
	3,185	GNMA		5.500		01/15/37		3,407
	9,299	GNMA		6.000		01/20/37		10,310
	209,313	GNMA		5.500		02/15/37		230,181
	33,405	GNMA		6.000		02/20/37		37,046
	241,892	GNMA		6.000		04/15/37		267,516
	10,656	GNMA		6.500		04/15/37		11,698
	140,158	GNMA		6.000		04/20/37		150,513
	14,491	GNMA		6.000		06/15/37		15,680
	18,498	GNMA		6.000		08/20/37		20,512
	15,493	GNMA		6.500		08/20/37		17,887
	69,606	GNMA		6.500		11/20/37		81,116
	25,096	GNMA		6.000		12/15/37		27,751
	4,569	GNMA		5.000		02/20/38		4,887
	120,500	GNMA		5.000		04/15/38		129,460

153

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	4,514		GNMA			5.500	%	05/20/38	$	4,815
	24,112		GNMA			5.500		06/15/38		26,415
	50,132		GNMA			6.000		06/20/38		55,612
	67,421		GNMA			5.500		07/15/38		73,821
	399,692		GNMA			5.000		07/20/38		427,590
	356,919		GNMA			5.500		07/20/38		387,333
	9,240		GNMA			5.500		08/15/38		10,121
	140,686		GNMA			6.000		08/15/38		155,259
	47,308		GNMA			6.000		08/15/38		51,175
	35,009		GNMA			6.000		08/20/38		38,732
	137,372		GNMA			6.000		09/20/38		151,877
	37,552		GNMA			5.000		10/15/38		39,203
	13,317		GNMA			5.500		10/15/38		14,616
	19,949		GNMA			6.500		10/20/38		20,953
	6,802		GNMA			6.500		10/20/38		7,730
	1,969		GNMA			5.500		11/15/38		2,154
	27,190		GNMA			6.500		11/20/38		30,920
	125,252		GNMA			6.000		12/15/38		138,674
	3,117		GNMA			6.500		12/15/38		3,579
	26,787		GNMA			5.000		01/15/39		28,765
	629,755		GNMA			4.500		01/20/39		662,935
	70,125		GNMA			6.500		01/20/39		79,006
	26,985		GNMA			5.000		02/15/39		28,994
	7,825		GNMA			6.000		02/15/39		8,526
	23,339		GNMA			4.500		03/15/39		24,565
	216,304		GNMA			4.500		03/15/39		227,667
	44,300	i	GNMA	DGS1 + 1.500%		3.625		03/20/39		44,267
	8,317		GNMA			4.500		03/20/39		8,761
	138,069		GNMA			5.500		03/20/39		149,854
	13,532		GNMA			4.500		04/15/39		14,240
	241,555		GNMA			5.500		04/15/39		263,999
	5,223		GNMA			5.000		04/20/39		5,588
	28,468		GNMA			4.000		05/15/39		29,578
	407,025		GNMA			4.500		05/15/39		428,318
	180,857		GNMA			5.000		05/15/39		194,138
	28,173		GNMA			4.000		05/20/39		29,346
	75,253		GNMA			4.500		05/20/39		79,223
	1,542,786		GNMA			5.000		05/20/39		1,650,485
	11,987		GNMA			4.500		06/15/39		12,615
	1,147,158		GNMA			4.500		06/15/39		1,207,192
	1,421,156		GNMA			5.000		06/15/39		1,526,138
	1,229,095		GNMA			5.000		06/15/39		1,319,903
	25,430		GNMA			5.000		06/15/39		27,316
	11,694		GNMA			5.000		06/15/39		12,560
	13,785		GNMA			5.000		06/15/39		14,803
	17,132		GNMA			4.000		06/20/39		17,846
	10,116		GNMA			5.000		06/20/39		10,821
	1,334,146		GNMA			4.000		07/15/39		1,386,092
	15,859		GNMA			4.500		07/15/39		16,687
	34,056		GNMA			4.500		07/15/39		35,833
	1,511,197		GNMA			4.500		07/15/39		1,595,878
	14,444		GNMA			5.000		07/15/39		15,507
	171,501		GNMA			4.500		07/20/39		180,567

154

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	146,062		GNMA			5.000	%	07/20/39	$	156,256
	15,522		GNMA			5.500		07/20/39		16,988
	75,318		GNMA			4.000		08/15/39		78,252
	178,160		GNMA			5.000		08/15/39		191,324
	9,171		GNMA			5.500		08/15/39		9,843
	94,070		GNMA			6.000		08/15/39		103,774
	51,066		GNMA			4.000		08/20/39		53,348
	38,376		GNMA			5.000		08/20/39		41,050
	30,214		GNMA			5.000		09/15/39		31,716
	53,321		GNMA			5.000		09/20/39		57,038
	11,523		GNMA			4.500		10/15/39		12,126
	7,616		GNMA			5.000		10/15/39		8,176
	16,850		GNMA			4.500		10/20/39		17,739
	33,383		GNMA			4.500		11/15/39		35,251
	24,954		GNMA			4.500		11/20/39		26,287
	29,093		GNMA			5.000		11/20/39		31,125
	44,433		GNMA			4.500		12/15/39		46,266
	808,609		GNMA			4.500		12/15/39		850,770
	24,743		GNMA			4.500		12/20/39		26,053
	882,191		GNMA			5.000		12/20/39		943,671
	837,444		GNMA			4.500		01/20/40		881,775
	11,854		GNMA			5.500		01/20/40		12,818
	438,742		GNMA			5.500		02/15/40		479,276
	64,022		GNMA			4.000		03/15/40		66,531
	13,600		GNMA			5.000		03/15/40		14,601
	7,407		GNMA			4.500		04/15/40		7,792
	156,101		GNMA			5.000		04/15/40		167,612
	33,591		GNMA			4.500		04/20/40		35,368
	5,410		GNMA			4.500		05/15/40		5,692
	160,567		GNMA			5.000		05/15/40		168,685
	288,185	i	GNMA	DGS1 + 1.500%		3.625		05/20/40		299,015
	7,290		GNMA			4.500		05/20/40		7,675
	2,825,499		GNMA			4.500		06/15/40		2,973,280
	12,481		GNMA			4.500		06/15/40		13,128
	9,208		GNMA			4.500		06/15/40		9,689
	163,505		GNMA			5.000		06/20/40		176,891
	352,373		GNMA			4.500		07/15/40		370,655
	90,086		GNMA			4.500		07/15/40		94,781
	1,195,483		GNMA			4.500		07/20/40		1,258,801
	35,295		GNMA			5.000		07/20/40		37,880
	250,391		GNMA			4.000		08/15/40		260,213
	1,135,968		GNMA			4.000		08/15/40		1,180,641
	111,945		GNMA			4.500		08/15/40		118,220
	91,942		GNMA			4.500		08/20/40		96,807
	75,937		GNMA			4.500		09/20/40		79,937
	22,456		GNMA			5.500		09/20/40		24,376
	27,371		GNMA			6.500		09/20/40		31,218
	33,244		GNMA			4.000		10/15/40		34,560
	67,064		GNMA			6.000		10/20/40		75,411
	416,519		GNMA			4.000		11/15/40		433,159
	1,034,195		GNMA			4.000		11/20/40		1,077,288
	239,185		GNMA			3.500		12/15/40		245,627

155

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	363,828		GNMA			5.500	%	12/20/40	$	394,969
	1,164,443		GNMA			4.000		01/15/41		1,209,913
	2,714,367		GNMA			4.000		01/20/41		2,827,328
	221,294		GNMA			4.000		02/15/41		229,970
	721,607		GNMA			4.500		02/20/41		759,815
	394,725		GNMA			4.500		03/15/41		415,245
	869,919		GNMA			4.500		04/20/41		915,944
	177,744		GNMA			5.000		04/20/41		190,120
	77,079	i	GNMA	DGS1 + 1.500%		3.625		06/20/41		80,122
	189,099		GNMA			4.000		07/15/41		196,431
	352,028		GNMA			4.000		07/20/41		366,675
	1,129,647		GNMA			4.500		07/20/41		1,189,293
	965,429		GNMA			5.000		07/20/41		1,035,708
	253,640		GNMA			4.500		08/15/41		266,802
	427,466		GNMA			5.000		08/20/41		457,289
	611,707		GNMA			4.000		09/15/41		635,597
	42,327	i	GNMA	DGS1 + 1.500%		3.750		09/20/41		43,832
	1,593,208		GNMA			4.000		09/20/41		1,659,507
	99,310		GNMA			4.000		10/15/41		103,151
	2,039,085		GNMA			4.000		10/20/41		2,123,887
	88,076	i	GNMA	DGS1 + 1.500%		4.125		10/20/41		90,382
	55,221	i	GNMA	DGS1 + 1.500%		4.125		10/20/41		56,823
	260,487		GNMA			5.500		10/20/41		282,964
	625,492		GNMA			3.500		11/15/41		642,341
	1,379,521		GNMA			4.000		11/15/41		1,433,301
	2,608,351		GNMA			4.500		11/20/41		2,745,911
	1,103,290		GNMA			5.000		11/20/41		1,179,722
	272,019		GNMA			6.000		11/20/41		291,715
	1,420,440		GNMA			3.500		01/20/42		1,457,614
	307,786	i	GNMA	DGS1 + 1.500%		3.375		02/20/42		316,403
	692,778		GNMA			3.500		03/20/42		710,784
	1,101,188		GNMA			4.500		03/20/42		1,159,535
	1,262,594		GNMA			3.500		04/15/42		1,296,666
	2,112,367		GNMA			3.500		05/20/42		2,162,720
	6,604,435		GNMA			3.500		05/20/42		6,772,446
	1,460,562		GNMA			4.000		05/20/42		1,521,236
	2,970,737		GNMA			3.500		07/15/42		3,050,980
	1,539,040		GNMA			3.500		07/20/42		1,578,202
	310,271	i	GNMA	DGS1 + 1.500%		3.750		07/20/42		317,549
	1,928,431		GNMA			3.000		08/20/42		1,941,243
	2,189,882		GNMA			3.500		08/20/42		2,242,148
	6,481,934		GNMA			3.500		08/20/42		6,646,922
	1,038,624		GNMA			6.000		08/20/42		1,127,851
	2,525,988		GNMA			3.500		10/20/42		2,590,294
	2,803,724		GNMA			3.000		11/20/42		2,822,347
	2,331,580		GNMA			3.000		12/20/42		2,346,769
	3,275,138		GNMA			3.000		12/20/42		3,296,898
	1,904,974		GNMA			3.000		01/15/43		1,920,565
	4,399,023		GNMA			3.000		01/15/43		4,441,974
	2,493,871		GNMA			3.000		01/20/43		2,510,428
	4,252,716		GNMA			3.000		02/20/43		4,280,969
	2,601,043		GNMA			3.000		02/20/43		2,619,103
	797,969		GNMA			3.000		04/15/43		805,735

156

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	733,032	GNMA		5.000	%	04/20/43	$	784,023
	1,716,384	GNMA		3.000		05/20/43		1,727,776
	2,652,890	GNMA		3.000		06/20/43		2,670,507
	5,164,138	GNMA		3.500		06/20/43		5,287,257
	5,735,583	GNMA		3.000		07/20/43		5,773,660
	2,644,092	GNMA		3.500		07/20/43		2,711,365
	12,517,316	GNMA		4.500		08/20/43		13,157,057
	3,856,492	GNMA		3.500		09/20/43		3,954,630
	1,392,361	GNMA		4.000		09/20/43		1,448,610
	16,303,620	GNMA		3.500		10/20/43		16,718,891
	8,575,095	GNMA		4.000		10/20/43		8,921,215
	713,158	GNMA		3.500		11/20/43		731,279
	1,515,377	GNMA		4.000		11/20/43		1,576,494
	1,292,437	GNMA		4.500		12/20/43		1,359,977
	1,350,474	GNMA		4.500		01/20/44		1,420,984
	1,860,161	GNMA		3.500		02/20/44		1,901,670
	2,549,093	GNMA		4.000		02/20/44		2,651,790
	2,585,507	GNMA		4.000		05/20/44		2,689,725
	2,683,220	GNMA		4.000		06/20/44		2,791,444
	7,694,879	GNMA		3.500		07/20/44		7,884,480
	1,962,410	GNMA		4.500		10/20/44		2,064,940
	5,596,281	GNMA		3.500		11/20/44		5,727,443
	7,583,243	GNMA		3.000		12/20/44		7,646,234
	10,844,047	GNMA		4.000		12/20/44		11,280,945
	18,093,262	GNMA		3.500		02/20/45		18,525,030
	8,268,201	GNMA		4.000		03/20/45		8,601,816
	8,033,368	GNMA		3.000		04/20/45		8,086,731
	8,584,934	GNMA		3.000		06/20/45		8,641,930
	9,010,811	GNMA		3.000		07/20/45		9,070,668
	15,196,514	GNMA		4.000		11/20/45		15,808,490
	9,238,818	GNMA		3.000		12/20/45		9,300,206
	8,270,031	GNMA		3.500		12/20/45		8,467,569
	9,603,151	GNMA		4.000		04/20/46		9,936,724
	46,463,160	GNMA		3.000		05/20/46		46,785,976
	28,526,925	GNMA		3.500		05/20/46		29,207,836
	10,635,009	GNMA		3.000		06/20/46		10,702,393
	6,553,309	GNMA		3.500		06/20/46		6,709,763
	13,619,486	GNMA		3.500		08/20/46		13,944,764
	7,636,577	GNMA		3.000		09/20/46		7,692,024
	31,091,079	GNMA		3.500		09/20/46		31,833,841
	14,838,632	GNMA		3.000		10/20/46		14,937,216
	7,909,796	GNMA		3.000		12/20/46		7,962,338
	8,002,779	GNMA		3.000		01/20/47		8,054,737
	11,437,358	GNMA		3.500		01/20/47		11,709,384
	6,298,141	GNMA		4.000		01/20/47		6,507,618
	24,076,259	GNMA		3.000		02/20/47		24,232,492
	23,004,130	GNMA		3.500		02/20/47		23,548,638
	17,001,440	GNMA		4.000		04/20/47		17,582,716
	16,209,717	GNMA		3.500		05/20/47		16,588,313
	8,379,713	GNMA		3.500		06/20/47		8,573,971
	9,468,806	GNMA		3.000		07/20/47		9,523,140
	20,445,424	GNMA		4.500		07/20/47		21,238,548

157

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	17,715,123	GNMA		3.000	%	08/20/47	$	17,811,487
	21,946,543	GNMA		3.500		08/20/47		22,450,071
	36,285,578	GNMA		3.500		11/20/47		37,106,903
	27,391,289	GNMA		3.500		12/20/47		28,009,850
	18,482,428	GNMA		3.500		01/20/48		18,898,512
	32,977,452	GNMA		4.000		05/20/48		34,074,285
	23,706,917	GNMA		4.000		06/20/48		24,495,412
	24,298,813	GNMA		4.000		08/20/48		25,106,994
	23,300,332	GNMA		5.000		08/20/48		24,433,866
	19,543,617	GNMA		4.500		09/20/48		20,305,197
	14,315,633	GNMA		4.500		11/20/48		14,882,822
		TOTAL MORTGAGE BACKED						3,138,673,664

MUNICIPAL BONDS - 0.7%
	200,000	Alabama Economic Settlement Authority		4.263		09/15/32		210,238
	300,000	American Municipal Power		7.834		02/15/41		452,274
	500,000	American Municipal Power		6.270		02/15/50		651,510
	2,000,000	Bay Area Toll Authority		6.263		04/01/49		2,852,220
	200,000	California State University		3.899		11/01/47		200,284
	720,000	Central Puget Sound Regional Transit Authority		5.491		11/01/39		916,510
	200,000	Chicago O’Hare International Airport		4.472		01/01/49		219,700
	200,000	Chicago O’Hare International Airport		4.572		01/01/54		221,824
	250,000	City of Chicago IL		7.375		01/01/33		278,847
	300,000	City of Chicago IL		5.432		01/01/42		280,734
	190,000	City of Houston TX		3.961		03/01/47		195,073
	750,000	City Public Service Board of San Antonio TX		5.808		02/01/41		993,127
	150,000	Colorado Bridge Enterprise		6.078		12/01/40		195,996
	200,000	Commonwealth Financing Authority		4.014		06/01/33		210,788
	100,000	Commonwealth Financing Authority		3.864		06/01/38		101,596
	100,000	Commonwealth Financing Authority		4.144		06/01/38		104,951
	200,000	Commonwealth of Massachusetts		4.200		12/01/21		205,398
	500,000	Commonwealth of Massachusetts		5.731		06/01/40		630,800
	100,000	Commonwealth of Massachusetts		3.277		06/01/46		94,916
	195,000	Commonwealth of Pennsylvania		5.850		07/15/30		202,114
	200,000	County of Clark NV		6.820		07/01/45		302,482
	350,000	Denver City & County School District No		4.242		12/15/37		381,363
	200,000	District of Columbia		5.591		12/01/34		244,566
	100,000	East Baton Rouge Sewerage Commission		6.087		02/01/45		102,768
	10,000	Energy Northwest		2.814		07/01/24		10,071
	500,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		502,640
	200,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		199,788
	200,000	Florida State Board of Administration Finance Corp		2.638		07/01/21		200,498
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.651		01/15/46		201,858
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.086		09/15/51		178,696
	200,000	Health & Educational Facilities Authority of the State of Missouri		3.652		08/15/57		197,684
	1,630,000	Los Angeles Unified School District		5.750		07/01/34		2,003,743
	100,000	Massachusetts School Building Authority		5.715		08/15/39		126,635
	100,000	Metropolitan Government of Nashville & Davidson County Convention Center Authority		6.731		07/01/43		137,821

158

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Metropolitan Government of Nashville & Davidson County Health & Educational Facilities		4.053	%	07/01/26	$	211,304
	940,000	Metropolitan Transportation Authority		6.648		11/15/39		1,251,958
	1,150,000	Metropolitan Transportation Authority		7.336		11/15/39		1,719,135
	235,000	Michigan State University		4.496		08/15/48		246,146
	500,000	Missouri Highway & Transportation Commission		5.445		05/01/33		596,950
	250,000	Municipal Electric Authority of Georgia		6.637		04/01/57		281,350
	499,000	Municipal Electric Authority of Georgia		6.655		04/01/57		599,783
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,166,657
	335,000	New Jersey State Turnpike Authority		7.414		01/01/40		503,177
	1,000,000	New Jersey State Turnpike Authority		7.102		01/01/41		1,458,080
	800,000	New Jersey Transportation Trust Fund Authority		5.754		12/15/28		895,176
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		373,777
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		704,886
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,140,700
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		645,075
	600,000	New York State Dormitory Authority		5.289		03/15/33		702,216
	130,000	New York State Dormitory Authority		5.628		03/15/39		156,747
	545,000	New York State Dormitory Authority		5.600		03/15/40		679,517
	200,000	New York State Dormitory Authority		4.946		08/01/48		206,210
	400,000	New York State Urban Development Corp		5.838		03/15/40		489,688
	675,000	Ohio State Water Development Authority		4.879		12/01/34		767,360
	750,000	Oregon School Boards Association		4.759		06/30/28		818,355
	250,000	Oregon School Boards Association		5.680		06/30/28		293,825
	300,000	Permanent University Fund-Texas A&M University System		3.660		07/01/47		300,768
	200,000	Permanent University Fund-University of Texas System		3.376		07/01/47		195,498
	1,215,000	Port Authority of New York & New Jersey		6.040		12/01/29		1,508,362
	500,000	Port Authority of New York & New Jersey		5.647		11/01/40		647,025
	300,000	Port Authority of New York & New Jersey		4.823		06/01/45		322,599
	1,000,000	Port Authority of New York & New Jersey		5.310		08/01/46		1,095,090
	200,000	Port Authority of New York & New Jersey		4.031		09/01/48		215,956
	400,000	Port Authority of New York & New Jersey		4.229		10/15/57		430,452
	2,200,000	Port Authority of New York & New Jersey		4.810		10/15/65		2,588,036
	200,000	Sales Tax Securitization Corp		4.637		01/01/40		210,690
	200,000	Sales Tax Securitization Corp		3.587		01/01/43		183,764
	1,000,000	Sales Tax Securitization Corp		3.820		01/01/48		930,610
	200,000	Sales Tax Securitization Corp		4.787		01/01/48		215,242
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		120,337
	100,000	San Jose Redevelopment Agency		3.375		08/01/34		99,914
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		958,352
	500,000	South Carolina Public Service Authority		2.388		12/01/23		484,145
	600,000	State of California		6.200		10/01/19		611,058
	300,000	State of California		2.800		04/01/21		302,709
	645,000	State of California		5.700		11/01/21		698,806
	200,000	State of California		3.375		04/01/25		208,552
	200,000	State of California		3.500		04/01/28		210,070
	300,000	State of California		4.500		04/01/33		324,555
	250,000	State of California		7.500		04/01/34		360,912
	225,000	State of California		4.600		04/01/38		239,706
	1,285,000	State of California		7.550		04/01/39		1,951,555

159

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,400,000	State of California		7.300	%	10/01/39	$	4,919,902
	2,740,000	State of California		7.625		03/01/40		4,150,223
	1,500,000	State of California		7.600		11/01/40		2,328,735
	200,000	State of California Department of Water Resources Power Supply Revenue		2.000		05/01/22		197,312
	300,000	State of Connecticut		5.090		10/01/30		328,962
	620,000	State of Connecticut		5.850		03/15/32		750,566
	5,950,000	State of Illinois		5.100		06/01/33		5,846,589
	1,295,000	State of Illinois		6.725		04/01/35		1,400,530
	500,000	State of Illinois		5.650		12/01/38		504,445
	500,000	State of Kansas Department of Transportation		4.596		09/01/35		562,075
	239,800	State of Oregon		5.762		06/01/23		257,886
	100,000	State of Oregon Department of Transportation		5.834		11/15/34		128,980
	600,000	State of Texas		4.631		04/01/33		677,082
	50,000	State of Texas		5.517		04/01/39		63,714
	1,000,000	State of Texas		4.681		04/01/40		1,162,270
	575,000	State of Texas Transportation Commission		5.028		04/01/26		639,751
	500,000	State of Utah		3.539		07/01/25		517,690
	200,000	State of Washington		5.090		08/01/33		233,156
	200,000	State of Wisconsin		3.154		05/01/27		201,110
	200,000	State of Wisconsin		3.954		05/01/36		205,072
	604,000	State Public School Building Authority		5.000		09/15/27		667,613
	100,000	Sumter Landing Community Development District		4.172		10/01/47		101,584
	100,000	The Ohio State University		4.910		06/01/40		120,609
	500,000	The Ohio State University		3.798		12/01/46		517,005
	200,000	The Ohio State University		4.048		12/01/56		207,886
	500,000	University of California		1.796		07/01/19		499,125
	200,000	University of California		3.063		07/01/25		203,524
	500,000	University of California		3.349		07/01/29		513,900
	200,000	University of California		5.770		05/15/43		254,664
	200,000	University of California		3.931		05/15/45		204,902
	200,000	University of California		4.131		05/15/45		211,462
	860,000	University of California		4.858		05/15/12		967,534
	200,000	University of California		4.767		05/15/15		219,914
	300,000	University of Chicago		4.003		10/01/53		312,546
	200,000	University of Notre Dame du Lac		3.438		02/15/45		198,164
	200,000	University of Notre Dame du Lac		3.394		02/15/48		195,369
	100,000	University of Pennsylvania		4.674		09/01/12		112,383
	300,000	University of Southern California		3.028		10/01/39		282,189
	200,000	University of Southern California		3.841		10/01/47		209,789
	200,000	University of Southern California		5.250		10/01/11		254,967
	200,000	University of Texas System		3.852		08/15/46		208,466
	700,000	University of Texas System		4.794		08/15/46		816,144
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		175,272
		TOTAL MUNICIPAL BONDS						77,863,409

U.S. TREASURY SECURITIES - 38.6%
	21,250,000	United States Treasury Bond		4.500		02/15/36		26,946,826
	22,400,000	United States Treasury Bond		5.000		05/15/37		30,323,125
	143,483,000	United States Treasury Bond		3.500		02/15/39		162,864,414
	18,850,000	United States Treasury Bond		4.375		11/15/39		23,996,197
	17,585,000	United States Treasury Bond		3.875		08/15/40		20,983,851

160

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	11,185,000	United States Treasury Bond		4.250	%	11/15/40	$	14,037,612
	26,350,000	United States Treasury Bond		4.375		05/15/41		33,671,389
	10,000,000	United States Treasury Bond		3.750		08/15/41		11,724,610
	60,300,000	United States Treasury Bond		3.125		11/15/41		64,273,676
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,845,572
	22,000,000	United States Treasury Bond		3.000		05/15/42		22,934,141
	10,000,000	United States Treasury Bond		2.750		08/15/42		9,978,125
	10,250,000	United States Treasury Bond		2.875		05/15/43		10,428,975
	16,000,000	United States Treasury Bond		2.500		02/15/45		15,130,000
	22,000,000	United States Treasury Bond		3.000		05/15/45		22,873,125
	16,000,000	United States Treasury Bond		2.875		08/15/45		16,250,625
	27,000,000	United States Treasury Bond		2.500		05/15/46		25,436,953
	13,300,000	United States Treasury Bond		2.875		11/15/46		13,495,344
	28,000,000	United States Treasury Bond		3.000		02/15/47		29,123,281
	30,000,000	United States Treasury Bond		2.750		08/15/47		29,643,750
	45,000,000	United States Treasury Bond		2.750		11/15/47		44,458,594
	38,500,000	United States Treasury Bond		3.000		02/15/48		39,930,215
	48,500,000	United States Treasury Bond		3.125		05/15/48		51,548,301
	35,500,000	United States Treasury Bond		3.000		08/15/48		36,834,023
	35,000,000	United States Treasury Bond		3.375		11/15/48		39,042,773
	47,000,000	United States Treasury Note		1.500		11/30/19		46,708,086
	25,000,000	United States Treasury Note		1.750		11/30/19		24,887,695
	78,500,000	United States Treasury Note		1.375		02/29/20		77,760,996
	45,000,000	United States Treasury Note		1.625		03/15/20		44,671,289
	50,000,000	United States Treasury Note		1.500		05/31/20		49,490,234
	38,000,000	United States Treasury Note		1.500		06/15/20		37,596,310
	22,500,000	United States Treasury Note		1.625		07/31/20		22,276,758
	50,000,000	United States Treasury Note		2.625		07/31/20		50,164,062
	7,000,000	United States Treasury Note		1.375		08/31/20		6,902,656
	20,000,000	United States Treasury Note		1.375		09/15/20		19,727,344
	49,500,000	United States Treasury Note		2.875		10/31/20		49,907,988
	43,000,000	United States Treasury Note		1.875		12/15/20		42,680,859
	48,500,000	United States Treasury Note		1.375		01/31/21		47,691,035
	60,000,000	United States Treasury Note		2.375		03/15/21		60,110,156
	50,000,000	United States Treasury Note		1.250		03/31/21		49,017,578
	55,000,000	United States Treasury Note		1.375		04/30/21		54,003,125
	23,000,000	United States Treasury Note		2.625		05/15/21		23,165,313
	65,000,000	United States Treasury Note		1.375		05/31/21		63,783,789
	25,000,000	United States Treasury Note		1.125		06/30/21		24,397,461
	39,000,000	United States Treasury Note		1.125		07/31/21		38,002,148
	27,610,000	United States Treasury Note		2.125		08/15/21		27,524,797
	40,000,000	United States Treasury Note		1.125		08/31/21		38,945,312
	30,000,000	United States Treasury Note		2.750		09/15/21		30,359,766
	30,185,000	United States Treasury Note		1.125		09/30/21		29,385,569
	50,000,000	United States Treasury Note		1.250		10/31/21		48,755,859
	50,000,000	United States Treasury Note		2.875		11/15/21		50,796,875
	13,379,100	United States Treasury Note		8.000		11/15/21		15,315,934
	57,000,000	United States Treasury Note		1.750		11/30/21		56,283,047
	70,000,000	United States Treasury Note		2.625		12/15/21		70,724,609
	51,700,000	United States Treasury Note		2.000		12/31/21		51,401,109
	30,000,000	United States Treasury Note		2.500		01/15/22		30,213,281
	24,300,000	United States Treasury Note		1.875		01/31/22		24,061,746
	60,000,000	United States Treasury Note		1.875		02/28/22		59,402,344

161

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	51,000,000	United States Treasury Note		1.875	%	03/31/22	$	50,507,929
	92,000,000	United States Treasury Note		1.875		04/30/22		91,036,875
	33,000,000	United States Treasury Note		1.750		05/31/22		32,524,336
	30,000,000	United States Treasury Note		1.750		06/30/22		29,558,203
	63,000,000	United States Treasury Note		1.875		07/31/22		62,286,328
	55,000,000	United States Treasury Note		1.625		08/31/22		53,912,891
	35,000,000	United States Treasury Note		1.875		09/30/22		34,596,680
	65,000,000	United States Treasury Note		2.000		10/31/22		64,502,344
	108,000,000	United States Treasury Note		2.000		11/30/22		107,156,250
	60,000,000	United States Treasury Note		2.625		02/28/23		60,892,969
	80,000,000	United States Treasury Note		2.500		03/31/23		80,840,625
	30,000,000	United States Treasury Note		2.750		04/30/23		30,603,516
	80,000,000	United States Treasury Note		2.750		05/31/23		81,650,000
	91,500,000	United States Treasury Note		2.625		06/30/23		92,965,429
	80,000,000	United States Treasury Note		2.750		07/31/23		81,709,375
	116,000,000	United States Treasury Note		2.750		08/31/23		118,532,969
	35,000,000	United States Treasury Note		2.875		09/30/23		35,952,930
	13,000,000	United States Treasury Note		2.750		11/15/23		13,289,961
	10,000,000	United States Treasury Note		2.125		11/30/23		9,950,391
	65,000,000	United States Treasury Note		2.875		11/30/23		66,861,133
	10,000,000	United States Treasury Note		2.250		12/31/23		10,004,297
	55,000,000	United States Treasury Note		2.625		12/31/23		55,962,500
	129,300,000	United States Treasury Note		2.500		01/31/24		130,865,743
	70,000,000	United States Treasury Note		2.375		02/29/24		70,494,922
	75,000,000	United States Treasury Note		2.125		03/31/24		74,619,141
	40,005,000	United States Treasury Note		2.250		11/15/24		39,944,055
	40,000,000	United States Treasury Note		2.250		12/31/24		39,945,312
	18,000,000	United States Treasury Note		2.625		03/31/25		18,339,609
	20,000,000	United States Treasury Note		2.875		04/30/25		20,662,500
	17,000,000	United States Treasury Note		2.000		08/15/25		16,695,195
	20,000,000	United States Treasury Note		2.750		08/31/25		20,528,906
	30,000,000	United States Treasury Note		3.000		09/30/25		31,256,250
	30,000,000	United States Treasury Note		2.250		11/15/25		29,879,297
	44,500,000	United States Treasury Note		1.625		02/15/26		42,544,434
	30,000,000	United States Treasury Note		1.625		05/15/26		28,631,250
	46,000,000	United States Treasury Note		2.250		08/15/27		45,599,297
	47,000,000	United States Treasury Note		2.750		02/15/28		48,384,297
	66,000,000	United States Treasury Note		2.875		05/15/28		68,621,953
	63,000,000	United States Treasury Note		2.875		08/15/28		65,524,922
	85,000,000	United States Treasury Note		3.125		11/15/28		90,256,055
	35,000,000	United States Treasury Note		2.625		02/15/29		35,680,859
	27,000,000	United States Treasury Note		3.000		02/15/49		28,030,430
		TOTAL U.S. TREASURY SECURITIES						4,378,692,985

		TOTAL GOVERNMENT BONDS						8,161,752,203
		(Cost $8,116,006,946)

STRUCTURED ASSETS - 2.5%

ASSET BACKED - 0.7%
	204,244	American Airlines Pass Through Trust		4.950		01/15/23		211,495
		Series - 2013 2 (Class A)

162

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	300,813	American Airlines Pass Through Trust		4.000	%	07/15/25	$	305,746
		Series - 2013 1 (Class A)
	233,324	American Airlines Pass Through Trust		3.700		10/01/26		233,814
		Series - 2014 1 (Class A)
	248,425	American Airlines Pass Through Trust		3.375		05/01/27		244,450
		Series - 2015 1 (Class A)
	171,584	American Airlines Pass Through Trust		3.600		09/22/27		171,876
		Series - 2015 2 (Class AA)
	176,125	American Airlines Pass Through Trust		3.575		01/15/28		176,977
		Series - 2016 1 (Class AA)
	157,413	American Airlines Pass Through Trust		3.200		06/15/28		153,808
		Series - 2016 2 (Class AA)
	270,000	American Airlines Pass Through Trust		3.650		02/15/29		271,385
		Series - 2017 1 (Class AA)
	1,885,000	American Express Credit Account Master Trust		1.930		09/15/22		1,873,533
		Series - 2017 1 (Class A)
	1,000,000	American Express Credit Account Master Trust		2.990		12/15/23		1,009,605
		Series - 2018 4 (Class A)
	811,373	AmeriCredit Automobile Receivables Trust		2.510		01/08/21		811,173
		Series - 2015 1 (Class C)
	1,267,785	AmeriCredit Automobile Receivables Trust		2.730		03/08/21		1,267,176
		Series - 2015 3 (Class C)
	955,000	AmeriCredit Automobile Receivables Trust		1.830		12/08/21		948,228
		Series - 2016 4 (Class B)
	1,325,000	AmeriCredit Automobile Receivables Trust		2.600		09/18/23		1,318,022
		Series - 2017 4 (Class C)
	1,000,000	BMW Vehicle Lease Trust		2.180		06/22/20		997,273
		Series - 2017 1 (Class A4)
	1,500,000	BMW Vehicle Lease Trust		3.360		03/21/22		1,519,726
		Series - 2018 1 (Class A4)
	1,200,000	Capital One Multi-Asset Execution Trust		2.080		03/15/23		1,192,905
		Series - 2015 A2 (Class A2)
	1,500,000	Capital One Multi-Asset Execution Trust		1.990		07/17/23		1,487,523
		Series - 2017 A4 (Class A4)
	2,000,000	Capital One Multi-Asset Execution Trust		2.840		12/16/24		2,017,330
		Series - 2019 A1 (Class A1)
	317,022	CarMax Auto Owner Trust		1.520		02/16/21		315,772
		Series - 2016 2 (Class A3)
	1,000,000	CarMax Auto Owner Trust		2.480		11/15/22		998,282
		Series - 2018 1 (Class A3)
	575,000	CarMax Auto Owner Trust		2.410		12/15/22		569,751
		Series - 2017 2 (Class B)
	102,663	CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		102,952
		Series - 2005 A (Class A5)
	304,905	CenterPoint Energy Transition Bond Co II LLC		2.161		10/15/21		304,081
		Series - 2012 1 (Class A2)
	1,470,000	Chase Issuance Trust		1.370		06/15/21		1,466,137
		Series - 2016 A2 (Class A)
	2,500,000	Chase Issuance Trust		1.270		07/15/21		2,490,436
		Series - 2016 A5 (Class A5)
	1,600,000	Chase Issuance Trust		1.840		04/15/22		1,588,000
		Series - 2015 A4 (Class A4)
	1,500,000	Chase Issuance Trust		2.770		03/15/23		1,507,307
		Series - 2014 A2 (Class A2)

163

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Chase Issuance Trust		2.160	%	09/15/24	$	985,942
			Series - 2012 A7 (Class A7)
	2,000,000		CitiBank Credit Card Issuance Trust		2.150		07/15/21		1,997,200
			Series - 2014 A6 (Class A6)
	1,000,000		CitiBank Credit Card Issuance Trust		1.920		04/07/22		993,148
			Series - 2017 A3 (Class A3)
	2,000,000		CitiBank Credit Card Issuance Trust		1.860		08/08/22		1,981,150
			Series - 2017 A8 (Class A8)
	2,000,000		CitiBank Credit Card Issuance Trust		2.880		01/23/23		2,011,327
			Series - 2014 A1 (Class A1)
	1,250,000		CitiBank Credit Card Issuance Trust		2.190		11/20/23		1,239,203
			Series - 2016 A2 (Class A2)
	1,000,000		Discover Card Execution Note Trust		2.120		12/15/21		998,741
			Series - 2014 A4 (Class A4)
	3,500,000		Discover Card Execution Note Trust		1.880		02/15/23		3,467,169
			Series - 2017 A6 (Class A6)
	523,204		FHLMC Multifamily Structured Pass Through Certificates		1.459		09/25/21		519,268
			Series - 2012 K019 (Class A1)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		2.307		08/25/22		2,985,481
			Series - 2012 K023 (Class A2)
	249,009		FHLMC Multifamily Structured Pass Through Certificates		2.779		09/25/22		250,094
			Series - 2013 K030 (Class A1)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.510		11/25/22		499,269
			Series - 2013 K026 (Class A2)
	500,000		FHLMC Multifamily Structured Pass Through Certificates		2.637		01/25/23		501,337
			Series - 2013 K027 (Class A2)
	55,869		FHLMC Multifamily Structured Pass Through Certificates		2.669		02/25/23		55,921
			Series - 2013 K034 (Class A1)
	3,000,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.060		07/25/23		3,054,387
			Series - 2013 K033 (Class A2)
	1,750,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.531		07/25/23		1,813,079
			Series - 2013 K034 (Class A2)
	1,500,000	i	FHLMC Multifamily Structured Pass Through Certificates		3.527		10/25/23		1,556,428
			Series - 2014 K036 (Class A2)
	3,000,000		FHLMC Multifamily Structured Pass Through Certificates		3.023		01/25/25		3,051,389
			Series - 2015 K045 (Class A2)
	975,000		Ford Credit Auto Owner Trust		2.240		06/15/22		967,493
			Series - 2017 A (Class B)
	1,135,000		Ford Credit Floorplan Master Owner Trust		1.950		11/15/21		1,129,325
			Series - 2016 5 (Class A1)
	1,400,000		GM Financial Automobile Leasing Trust		3.300		07/20/22		1,409,292
			Series - 2018 3 (Class A4)

164

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000		Hyundai Auto Receivables Trust		1.770	%	01/18/22	$	1,487,722
			Series - 2017 B (Class A3)
	2,000,000		Hyundai Auto Receivables Trust		2.300		07/15/22		1,995,282
			Series - 2015 B (Class C)
	1,500,000		Hyundai Auto Receivables Trust		1.960		02/15/23		1,480,263
			Series - 2017 B (Class A4)
	318,852		Mercedes-Benz Auto Receivables Trust		1.260		02/16/21		317,260
			Series - 2016 1 (Class A3)
	449,054		Nissan Auto Receivables Owner Trust		1.180		01/15/21		446,339
			Series - 2016 C (Class A3)
	1,000,000		Santander Drive Auto Receivables Trust		2.320		08/16/21		999,057
			Series - 2018 1 (Class A3)
	574,455		Santander Drive Auto Receivables Trust		3.090		04/15/22		574,808
			Series - 2016 1 (Class C)
	233,270		United Airlines Pass Through Trust		4.300		08/15/25		241,832
			Series - 2013 1 (Class A)
	240,433		United Airlines Pass Through Trust		3.750		09/03/26		241,996
			Series - 2014 2 (Class A)
	175,824		United Airlines Pass Through Trust		3.450		12/01/27		174,927
			Series - 2015 1 (Class AA)
	184,170		United Airlines Pass Through Trust		3.100		07/07/28		179,995
			Series - 2016 1 (Class AA)
	184,171		United Airlines Pass Through Trust		3.450		07/07/28		180,581
			Series - 2016 1 (Class A)
	378,855		United Airlines Pass Through Trust		2.875		10/07/28		363,095
			Series - 2016 2 (Class A)
	1,473,888		United Airlines Pass Through Trust		3.500		03/01/30		1,454,237
			Series - 2018 1 (Class AA)
	400,000		United Airlines Pass Through Trust		4.150		08/25/31		414,411
			Series - 2019 1 (Class AA)
	130,672		US Airways Pass Through Trust		4.625		06/03/25		136,326
			Series - 2012 2 (Class A)
	215,504		US Airways Pass Through Trust		3.950		11/15/25		218,557
			Series - 2013 1 (Class A)
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,153
			Series - 2010 VNO (Class A2FX)
	1,215,000		World Financial Network Credit Card Master Trust		2.550		06/17/24		1,211,366
			Series - 2015 B (Class A)
	8,000,000		World Financial Network Credit Card Master Trust		3.070		12/16/24		8,042,682
			Series - 2018 A (Class A)
	4,000,000		World Omni Auto Receivables Trust		2.500		04/17/23		3,995,295
			Series - 2018 A (Class A3)
	1,000,000		World Omni Auto Receivables Trust		2.730		02/15/24		1,002,336
			Series - 2018 A (Class A4)
	1,500,000		World Omni Auto Receivables Trust		3.330		04/15/24		1,527,906
			Series - 2018 D (Class A3)
	2,000,000		World Omni Auto Receivables Trust		3.670		12/16/24		2,058,690
			Series - 2018 D (Class B)
			TOTAL ASSET BACKED						85,781,522

OTHER MORTGAGE BACKED - 1.8%
	2,000,000		BANK		3.538		11/15/54		2,049,581
			Series - 2017 BNK9 (Class A4)

165

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000		BANK		3.390	%	06/15/60	$	1,519,772
			Series - 2017 BNK5 (Class A5)
	5,000,000		BANK		3.641		02/15/61		5,147,978
			Series - 2018 BN10 (Class ASB)
	2,000,000	i	BANK		3.898		02/15/61		2,055,506
			Series - 2018 BN10 (Class AS)
	3,000,000		Barclays Commercial Mortgage Trust		3.674		02/15/50		3,085,796
			Series - 2017 C1 (Class A4)
	3,000,000		BENCHMARK Mortgage Trust		3.571		01/15/51		3,079,011
			Series - 2018 B1 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		3.878		01/15/51		1,030,706
			Series - 2018 B1 (Class AM)
	1,000,000		BENCHMARK Mortgage Trust		3.976		07/15/51		1,044,056
			Series - 2018 B4 (Class A2)
	1,000,000	i	BENCHMARK Mortgage Trust		4.564		07/15/51		1,040,192
			Series - 2018 B4 (Class C)
	1,000,000	i	CD Commercial Mortgage Trust		3.526		11/10/49		1,026,934
			Series - 2016 CD2 (Class A4)
	2,000,000		CD Commercial Mortgage Trust		3.631		02/10/50		2,067,155
			Series - 2017 CD3 (Class A4)
	1,000,000		CD Commercial Mortgage Trust		3.025		08/15/50		1,004,744
			Series - 2017 CD5 (Class A2)
	2,500,000		CD Commercial Mortgage Trust		3.431		08/15/50		2,545,640
			Series - 2017 CD5 (Class A4)
	1,000,000	i	CD Commercial Mortgage Trust		3.684		08/15/50		1,014,131
			Series - 2017 CD5 (Class AS)
	1,750,000		CD Commercial Mortgage Trust		4.279		08/15/51		1,897,310
			Series - 2018 CD7 (Class A4)
	1,053,000		Citigroup Commercial Mortgage Trust		3.422		04/10/46		1,065,605
			Series - 2013 GC11 (Class AS)
	755,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		793,660
			Series - 2014 GC19 (Class A4)
	440,887		Citigroup Commercial Mortgage Trust		3.622		07/10/47		454,402
			Series - 2014 GC23 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.635		10/10/47		516,304
			Series - 2014 GC25 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.137		02/10/48		1,005,289
			Series - 2015 GC27 (Class A5)
	1,000,000		Citigroup Commercial Mortgage Trust		3.571		02/10/48		1,014,867
			Series - 2015 GC27 (Class AS)
	1,000,000		Citigroup Commercial Mortgage Trust		3.616		02/10/49		1,032,785
			Series - 2016 GC36 (Class A5)
	2,000,000		Citigroup Commercial Mortgage Trust		3.314		04/10/49		2,030,246
			Series - 2016 GC37 (Class A4)
	500,000		Citigroup Commercial Mortgage Trust		3.576		04/10/49		503,719
			Series - 2016 GC37 (Class AS)
	1,500,000		Citigroup Commercial Mortgage Trust		2.832		08/10/49		1,471,971
			Series - 2016 C2 (Class A4)
	1,000,000		Citigroup Commercial Mortgage Trust		3.465		09/15/50		1,018,556
			Series - 2017 P8 (Class A4)
	2,000,000		Citigroup Commercial Mortgage Trust		4.074		06/10/51		2,076,853
			Series - 2018 C5 (Class A2)

166

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,480,000		Citigroup Commercial Mortgage Trust		3.778	%	09/10/58	$	1,541,501
			Series - 2015 GC33 (Class A4)
	580,000		COMM Mortgage Trust		4.063		12/10/44		595,420
			Series - 2012 LC4 (Class AM)
	272,614		COMM Mortgage Trust		2.752		08/15/45		271,502
			Series - 2012 CR2 (Class ASB)
	400,000		COMM Mortgage Trust		2.941		01/10/46		402,276
			Series - 2013 LC6 (Class A4)
	493,699		COMM Mortgage Trust		3.213		03/10/46		498,777
			Series - 2013 CR7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,045,172
			Series - 2013 CR12 (Class A4)
	295,009		COMM Mortgage Trust		2.928		02/10/47		294,639
			Series - 2014 CR15 (Class A2)
	500,000		COMM Mortgage Trust		3.961		03/10/47		523,477
			Series - 2014 UBS2 (Class A5)
	1,000,000		COMM Mortgage Trust		4.051		04/10/47		1,048,139
			Series - 2014 CR16 (Class A4)
	1,000,000		COMM Mortgage Trust		3.819		06/10/47		1,041,429
			Series - 2014 UBS3 (Class A4)
	1,000,000		COMM Mortgage Trust		3.694		08/10/47		1,035,880
			Series - 2014 UBS4 (Class A5)
	924,000		COMM Mortgage Trust		3.326		11/10/47		939,681
			Series - 2014 CR20 (Class A3)
	1,000,000		COMM Mortgage Trust		3.590		11/10/47		1,029,371
			Series - 2014 CR20 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.339		12/10/47		1,034,209
			Series - 2014 CR21 (Class B)
	3,150,000		COMM Mortgage Trust		3.183		02/10/48		3,180,858
			Series - 2015 LC19 (Class A4)
	1,000,000	i	COMM Mortgage Trust		4.259		02/10/48		1,023,015
			Series - 2015 LC19 (Class C)
	1,700,000		COMM Mortgage Trust		3.708		07/10/48		1,760,048
			Series - 2015 LC21 (Class A4)
	1,000,000		COMM Mortgage Trust		3.432		08/10/48		1,022,398
			Series - 2015 CR24 (Class A4)
	1,000,000		COMM Mortgage Trust		3.759		08/10/48		1,038,379
			Series - 2015 CR25 (Class A4)
	1,500,000		COMM Mortgage Trust		3.221		10/10/48		1,506,002
			Series - 2015 LC23 (Class A2)
	1,500,000		COMM Mortgage Trust		3.774		10/10/48		1,560,094
			Series - 2015 LC23 (Class A4)
	376	i	COMM Mortgage Trust		5.954		12/10/49		376
			Series - 2008 LS1 (Class ASM)
	500,000		COMM Mortgage Trust		4.258		08/10/50		528,582
			Series - 2013 CR11 (Class A4)
	2,750,000		Commercial Mortgage Pass Through Certificates		3.955		02/10/47		2,870,305
			Series - 2014 CR14 (Class A3)
	650,000	i	CSAIL Commercial Mortgage Trust		4.752		01/15/49		675,555
			Series - 2016 C6 (Class C)
	500,000		CSAIL Commercial Mortgage Trust		2.608		11/15/49		495,878
			Series - 2016 C7 (Class A3)

167

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,250,000		CSAIL Commercial Mortgage Trust		2.970	%	04/15/50	$	1,248,714
			Series - 2015 C1 (Class A2)
	2,000,000		CSAIL Commercial Mortgage Trust		4.224		08/15/51		2,142,559
			Series - 2018 CX12 (Class A4)
	2,000,000		DBGS Mortgage Trust		4.358		10/15/51		2,122,530
			Series - 2018 C1 (Class A2)
	2,000,000		DBGS Mortgage Trust		4.466		10/15/51		2,189,464
			Series - 2018 C1 (Class A4)
	2,000,000		DBJPM		2.691		05/10/49		1,992,860
			Series - 2016 C1 (Class A2)
	3,500,000		DBJPM		3.276		05/10/49		3,538,463
			Series - 2016 C1 (Class A4)
	1,000,000		DBJPM		3.539		05/10/49		1,008,185
			Series - 2016 C1 (Class AM)
	1,590,000		DBJPM		3.328		06/10/50		1,608,075
			Series - 2017 C6 (Class A5)
	226,611		GS Mortgage Securities Corp II		3.314		01/10/45		227,629
			Series - 2012 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		302,202
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		301,449
			Series - 2013 GC10 (Class AS)
	800,000		GS Mortgage Securities Corp II		3.382		05/10/50		818,142
			Series - 2015 GC30 (Class A4)
	1,731,000		GS Mortgage Securities Trust		3.707		08/10/44		1,757,888
			Series - 2011 GC5 (Class A4)
	498,119		GS Mortgage Securities Trust		3.482		01/10/45		505,205
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		201,417
			Series - 2012 GCJ7 (Class B)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		505,281
			Series - 2013 GC12 (Class A4)
	480,961		GS Mortgage Securities Trust		3.813		11/10/46		491,492
			Series - 2013 GC16 (Class AAB)
	1,000,000		GS Mortgage Securities Trust		4.074		01/10/47		1,047,006
			Series - 2014 GC18 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.964		11/10/47		1,537,527
			Series - 2014 GC26 (Class AS)
	1,900,000		GS Mortgage Securities Trust		3.136		02/10/48		1,910,953
			Series - 2015 GC28 (Class A4)
	1,500,000		GS Mortgage Securities Trust		3.178		11/10/49		1,509,813
			Series - 2016 GS4 (Class A3)
	1,350,000	i	GS Mortgage Securities Trust		3.802		11/10/49		1,304,255
			Series - 2016 GS4 (Class C)
	1,000,000		GS Mortgage Securities Trust		2.945		08/10/50		1,004,460
			Series - 2017 GS7 (Class A2)
	1,500,000		GS Mortgage Securities Trust		3.430		08/10/50		1,519,381
			Series - 2017 GS7 (Class A4)
	1,000,000		GS Mortgage Securities Trust		3.872		02/10/52		1,043,616
			Series - 2019 GC38 (Class A2)
	2,500,000		GS Mortgage Securities Trust		3.968		02/10/52		2,646,574
			Series - 2019 GC38 (Class A4)

168

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000	i	GS Mortgage Securities Trust		4.309	%	02/10/52	$	525,390
			Series - 2019 GC38 (Class B)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		90,908
			Series - 2009 IWST (Class A2)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.157		05/15/45		300,268
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		304,264
			Series - 2012 CBX (Class A4)
	500,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		3.994		01/15/46		518,808
			Series - 2013 C13 (Class A4)
	302,064		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		309,495
			Series - 2011 C5 (Class A3)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.166		12/15/46		527,107
			Series - 2013 C16 (Class A4)
	315,142		JP Morgan Chase Commercial Mortgage Securities Corp		2.702		12/15/47		314,949
			Series - 2013 C10 (Class ASB)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		300,300
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		505,863
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		579,182
			Series - 2013 C10 (Class AS)
	1,500,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.960		04/15/46		1,506,825
			Series - 2013 LC11 (Class A5)
	1,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.822		08/15/49		980,641
			Series - 2016 JP2 (Class A4)
	1,400,000		JP Morgan Chase Commercial Mortgage Securities Trust		3.109		07/15/50		1,393,608
			Series - 2017 JP6 (Class A3)
	1,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		3.038		09/15/50		1,005,984
			Series - 2017 JP7 (Class A2)
	2,500,000		JP Morgan Chase Commercial Mortgage Securities Trust		3.454		09/15/50		2,542,567
			Series - 2017 JP7 (Class A5)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.801		09/15/47		2,078,819
			Series - 2014 C22 (Class A4)
	1,875,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		1,925,336
			Series - 2015 C29 (Class B)
	2,700,000		JPMBB Commercial Mortgage Securities Trust		3.227		10/15/48		2,724,858
			Series - 2015 C28 (Class A4)

169

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,100,000		JPMBB Commercial Mortgage Securities Trust		3.532	%	10/15/48	$	1,112,849
			Series - 2015 C28 (Class AS)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.770		12/15/48		2,079,544
			Series - 2015 C33 (Class A4)
	1,000,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		1,028,108
			Series - 2016 C1 (Class A5)
	500,000		JPMBB Commercial Mortgage Securities Trust		3.970		03/15/49		516,846
			Series - 2016 C1 (Class AS)
	500,000	i	JPMBB Commercial Mortgage Securities Trust		4.738		03/15/49		533,830
			Series - 2016 C1 (Class B)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust		3.990		06/15/49		1,024,549
			Series - 2016 C2 (Class B)
	5,922,824		JPMDB Commercial Mortgage Securities Trust		3.141		12/15/49		5,931,301
			Series - 2016 C4 (Class A3)
	98,953	†,i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		68,310
			Series - 2006 C6 (Class AJ)
	8,584	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		8,584
			Series - 2007 C6 (Class AM)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		60,206
			Series - 2013 C7 (Class A4)
	556,244		Morgan Stanley Bank of America Merrill Lynch Trust		2.834		05/15/46		556,170
			Series - 2013 C9 (Class A3)
	1,250,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		1,264,821
			Series - 2013 C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		506,744
			Series - 2013 C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		242,164
			Series - 2013 C9 (Class B)
	171,838		Morgan Stanley Bank of America Merrill Lynch Trust		3.824		10/15/46		175,727
			Series - 2013 C12 (Class ASB)
	481,117		Morgan Stanley Bank of America Merrill Lynch Trust		3.669		02/15/47		486,857
			Series - 2014 C14 (Class A3)
	1,249,711		Morgan Stanley Bank of America Merrill Lynch Trust		3.654		04/15/47		1,278,295
			Series - 2014 C15 (Class ASB)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.892		06/15/47		2,090,014
			Series - 2014 C16 (Class A5)
	3,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.249		02/15/48		3,544,572
			Series - 2015 C20 (Class A4)
	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		1,014,610
			Series - 2015 C22 (Class A4)

170

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.732	%	05/15/48	$	1,037,842
			Series - 2015 C24 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.134		12/15/48		3,034,850
			Series - 2013 C8 (Class A4)
	2,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.599		05/15/50		2,057,123
			Series - 2017 C33 (Class A5)
	1,250,000		Morgan Stanley Capital I Trust		3.244		03/15/45		1,262,237
			Series - 2012 C4 (Class A4)
	535,000		Morgan Stanley Capital I Trust		3.594		03/15/49		550,914
			Series - 2016 UBS9 (Class A4)
	1,500,000		Morgan Stanley Capital I Trust		4.238		10/15/51		1,614,254
			Series - 2018 L1 (Class ASB)
	2,000,000		Morgan Stanley Capital I Trust		4.288		10/15/51		2,123,868
			Series - 2018 L1 (Class A2)
	1,500,000		Morgan Stanley Capital I Trust		4.407		10/15/51		1,636,256
			Series - 2018 L1 (Class A4)
	1,000,000		Morgan Stanley Capital I, Inc		3.997		07/15/51		1,045,478
			Series - 2018 H3 (Class A2)
	1,000,000	i	Morgan Stanley Capital I, Inc		4.851		07/15/51		1,047,057
			Series - 2018 H3 (Class C)
	23,229	i	TIAA Seasoned Commercial Mortgage Trust		5.482		08/15/39		23,278
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,521,390
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		508,575
			Series - 2013 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,022,092
			Series - 2012 C2 (Class A4)
	326,470		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		330,901
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		103,720
			Series - 2012 C1 (Class B)
	1,000,000		UBS Commercial Mortgage Trust		2.998		08/15/50		1,010,722
			Series - 2017 C3 (Class A2)
	1,500,000		UBS Commercial Mortgage Trust		3.426		08/15/50		1,520,310
			Series - 2017 C3 (Class A4)
	1,000,000	i	UBS Commercial Mortgage Trust		3.739		08/15/50		1,013,026
			Series - 2017 C3 (Class AS)
	1,000,000		UBS Commercial Mortgage Trust		3.147		10/15/50		1,012,731
			Series - 2017 C4 (Class A2)
	10,000,000		UBS Commercial Mortgage Trust		3.713		02/15/51		10,269,334
			Series - 2018 C8 (Class A2)
	2,000,000		UBS Commercial Mortgage Trust		4.296		08/15/51		2,157,823
			Series - 2018 C12 (Class A5)
	875,000	i	Wells Fargo Commercial Mortgage Trust		3.872		05/15/48		899,045
			Series - 2015 C28 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.695		11/15/48		2,071,185
			Series - 2015 C31 (Class A4)
	480,000	i	Wells Fargo Commercial Mortgage Trust		4.224		12/15/48		492,835
			Series - 2015 NXS4 (Class B)

171

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000		Wells Fargo Commercial Mortgage Trust		2.652	%	08/15/49	$	1,941,481
			Series - 2016 BNK1 (Class A3)
	500,000		Wells Fargo Commercial Mortgage Trust		2.967		08/15/49		478,597
			Series - 2016 BNK1 (Class B)
	1,000,000		Wells Fargo Commercial Mortgage Trust		3.377		11/15/49		994,823
			Series - 2016 NXS6 (Class AS)
	2,000,000		Wells Fargo Commercial Mortgage Trust		4.152		08/15/51		2,130,021
			Series - 2018 C46 (Class A4)
	2,700,000		Wells Fargo Commercial Mortgage Trust		3.760		03/15/52		2,793,836
			Series - 2019 C49 (Class A4)
	117,000		Wells Fargo Commercial Mortgage Trust		3.896		03/15/59		114,953
			Series - 2016 C33 (Class C)
	1,075,000		WF-RBS Commercial Mortgage Trust		3.037		03/15/45		1,082,053
			Series - 2013 C11 (Class A4)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.822		06/15/45		252,195
			Series - 2012 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		402,492
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		771,370
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		611,084
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		511,452
			Series - 2014 C19 (Class C)
	1,000,000	i	WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,051,289
			Series - 2014 C19 (Class B)
	500,000		WF-RBS Commercial Mortgage Trust		3.198		03/15/48		506,085
			Series - 2013 C12 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						199,008,722

			TOTAL STRUCTURED ASSETS						284,790,244
			(Cost $284,004,150)

			TOTAL BONDS						11,284,483,547
			(Cost $11,203,471,046)

SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 0.4%
	40,000,000		Federal Home Loan Bank (FHLB)		2.250		04/01/19		40,000,000
			TOTAL GOVERNMENT AGENCY DEBT						40,000,000

TREASURY DEBT - 0.8%
	22,500,000		United States Treasury Bill		2.371		04/02/19		22,498,516
	45,300,000		United States Treasury Bill		2.384		04/09/19		45,275,966
	17,820,000		United States Treasury Bill		2.372		04/16/19		17,802,245
	12,200,000		United States Treasury Bill		2.426		04/23/19		12,182,106
			TOTAL TREASURY DEBT						97,758,833

172

TIAA-CREF FUNDS - Bond Index Fund

ISSUER	VALUE
TOTAL SHORT-TERM INVESTMENTS	$	137,758,833
(Cost $137,758,876)

TOTAL INVESTMENTS - 100.6%		11,422,242,380
(Cost $11,341,229,922)
OTHER ASSETS & LIABILITIES, NET - (0.6)%		(68,532,309	)
NET ASSETS - 100.0%	$	11,353,710,071




		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.
‡		Perpetual security
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2019, the aggregate value of these securities was $77,750,717 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.

173

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS

BOND PLUS FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.3%

AUTOMOBILES & COMPONENTS - 0.1%
$	2,743,318	i	Gates Global LLC	LIBOR 1 M + 2.750%		5.250	%	04/01/24	$	2,705,104
			TOTAL AUTOMOBILES & COMPONENTS							2,705,104

CAPITAL GOODS - 0.1%
	2,557,881	i	CHI Overhead Doors, Inc	LIBOR 1 M + 3.250%		5.750		07/31/22		2,525,907
	393,000	i	Penn Engineering & Manufacturing Corp	LIBOR 1 M + 2.750%		5.240		06/27/24		391,035
	488,750	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 3.500%		6.260		11/20/23		471,185
	1,495,633	i	TransDigm, Inc	LIBOR 1 M + 2.500%		5.000		06/09/23		1,459,363
			TOTAL CAPITAL GOODS							4,847,490

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,965,000	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		4.250		06/28/24		1,958,123
	2,932,875	i	Creative Artists Agency LLC	LIBOR 1 M + 3.000%		5.490		02/15/24		2,899,880
	3,098,594	i	ProQuest LLC	LIBOR 6 M + 3.250%		5.850		10/24/21		3,080,529
	1,759,014	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		6.030		11/14/22		1,707,563
	3,053,813	i	Trans Union LLC	LIBOR 1 M + 2.000%		4.500		04/07/23		3,022,725
	197,952	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		5.749		05/16/22		190,529
	1,130,319	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 3.250%		5.750		05/16/22		1,087,932
	1,458,690	i	West Corp	LIBOR 3 M + 4.000%		6.630		10/10/24		1,365,961
	1,196,736	i	XPO Logistics, Inc	LIBOR 1 M + 2.000%		4.500		02/24/25		1,175,350
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							16,488,592

CONSUMER DURABLES & APPAREL - 0.0%
	974,661	i,q	FullBeauty Brands Holdings Corp	LIBOR 3 M + 9.000%		7.277		10/14/22		311,892
			TOTAL CONSUMER DURABLES & APPAREL							311,892

CONSUMER SERVICES - 0.3%
	2,743,875	i	Allied Universal Holdco LLC	LIBOR 1 M + 3.750%		6.250		07/28/22		2,647,839
	3,270,620	i	KUEHG Corp	LIBOR 3 M + 3.750%		6.350		02/21/25		3,224,962
	1,621,911	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		5.250		05/02/22		1,603,065
	2,271,307	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.330		08/14/24		2,209,664
	3,520,114	i	Sterling Midco Holdings, Inc	LIBOR 1 M + 3.500%		6.000		06/19/24		3,379,309
			TOTAL CONSUMER SERVICES							13,064,839

DIVERSIFIED FINANCIALS - 0.0%
	108,750	i	Donnelley Financial Solutions, Inc	LIBOR 1 M + 3.000%		5.480		09/29/23		107,119
			TOTAL DIVERSIFIED FINANCIALS							107,119

ENERGY - 0.1%
	1,435,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.870		12/31/21		1,511,242

174

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	i	Ultra Resources, Inc	LIBOR 1 M + 4.000%		6.490	%	04/12/24	$	2,591,250
			TOTAL ENERGY							4,102,492

FOOD & STAPLES RETAILING - 0.1%
	112,005	i	Albertsons LLC	LIBOR 1 M + 3.000%		5.480		06/22/23		110,927
	1,586,146	i	Albertsons LLC	LIBOR 1 M + 3.000%		5.499		11/17/25		1,564,638
	1,132,750	i	Give & Go Prepared Foods Corp	LIBOR 3 M + 4.250%		6.850		07/29/23		1,032,218
			TOTAL FOOD & STAPLES RETAILING							2,707,783

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	624,000	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.750%		5.250		03/01/24		615,227
	593,379	i	Greatbatch Ltd	LIBOR 1 M + 3.000%		5.490		10/27/22		593,196
	1,466,977	i	Midwest Physician Administrative Services LLC	LIBOR 1 M + 2.750%		5.250		08/15/24		1,411,966
	1,915,582	i	Onex Schumacher Finance LP	LIBOR 1 M + 4.000%		6.500		07/29/22		1,878,477
	972,500	i	Precyse Acquisition Corp	LIBOR 1 M + 4.500%		5.750		10/20/22		931,169
	219,938	i	Press Ganey Holdings, Inc	LIBOR 1 M + 2.750%		5.250		10/23/23		214,989
	2,092,152	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		5.250		02/06/24		1,855,048
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							7,500,072

INSURANCE - 0.1%
	220,517	i	Acrisure LLC	LIBOR 3 M + 4.250%		6.880		11/22/23		218,817
	476,468	i	AssuredPartners, Inc	LIBOR 1 M + 3.250%		5.750		10/22/24		460,388
	1,742,310	i	Asurion LLC	LIBOR 1 M + 3.000%		5.500		08/04/22		1,731,734
	334,743	i	Asurion LLC	LIBOR 1 M + 3.000%		5.499		11/03/23		332,862
	800,000	i	Asurion LLC	LIBOR 1 M + 6.500%		8.999		08/04/25		809,664
	1,237,500	i	Deerfield Holdings Corp	LIBOR 1 M + 3.250%		5.750		02/13/25		1,210,176
			TOTAL INSURANCE							4,763,641

MATERIALS - 0.1%
	2,000,000	i	Berry Global, Inc	LIBOR 2 M + 2.000%		4.610		10/03/22		1,985,000
	786,000	i	Flex Acquisition Co, Inc	LIBOR 1 and 3 M + 3.000%		5.630		12/31/23		760,125
	248,683	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.490		10/21/24		243,943
	418,625	i	Plastipak Holdings, Inc	LIBOR 1 M + 2.500%		5.000		10/15/24		410,973
	1,347,420	i	Plaze, Inc	LIBOR 1 M + 3.500%		5.990		07/29/22		1,335,630
	721,154	i	Quikrete Holdings, Inc	LIBOR 1 M + 2.750%		5.250		11/15/23		702,995
	194,055	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.500		09/23/24		193,025
	419,099	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.500		09/23/24		416,873
			TOTAL MATERIALS							6,048,564

MEDIA & ENTERTAINMENT - 0.2%
	2,392,253	i	CDS US Intermediate Holdings, Inc	LIBOR 1 and 3 M + 3.750%		6.250		07/08/22		2,190,897
	1,531,318	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		4.730		07/17/25		1,485,654
	763,000	i	EIG Investors Corp	LIBOR 3 M + 3.750%		6.390		02/09/23		758,231
	419,663	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.750		03/24/25		413,368
	437,500	i	Match Group, Inc	LIBOR 2 M + 2.500%		5.080		11/16/22		436,135
	3,046,946	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		5.250		03/15/24		2,866,231
			TOTAL MEDIA & ENTERTAINMENT							8,150,516

175

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
$	1,797,625	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		6.000	%	09/26/24	$	1,663,936
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,663,936

REAL ESTATE - 0.1%
	2,786,000	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.750		08/21/25		2,758,140
	315,250	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.500		03/23/25		310,635
	668,250	i	Ten-X LLC	LIBOR 1 and 3 M + 3.000%		8.000		09/29/24		657,110
			TOTAL REAL ESTATE							3,725,885

RETAILING - 0.2%
	1,447,547	i	Academy Ltd	LIBOR 1 M + 4.000%		6.490		07/01/22		1,037,892
	903,409	i	Men’s Wearhouse, Inc	LIBOR 1 M + 3.250%		5.740		04/09/25		862,755
	2,911,781	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.490		03/11/22		2,607,878
	1,500,000		Sally Holdings LLC			4.500		07/05/24		1,451,250
	1,034,250	i	Sally Holdings LLC	LIBOR 1 M + 2.250%		4.750		07/05/24		1,012,924
	1,975,000	i	Staples, Inc	LIBOR 1 M + 4.000%		6.490		09/12/24		1,957,008
			TOTAL RETAILING							8,929,707

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	742,500	i	Brooks Automation, Inc	LIBOR 3 M + 2.500%		5.360		10/04/24		727,650
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							727,650

SOFTWARE & SERVICES - 0.2%
	2,543,097	i	DTI Holdco, Inc	LIBOR 3 M + 4.750%		7.490		10/02/23		2,377,796
	852,541	i	First Data Corp	LIBOR 1 M + 2.000%		4.490		07/08/22		850,393
	930,644	i	Infor US, Inc	LIBOR 1 M + 2.750%		5.250		02/01/22		925,553
	2,128,500	i	Mitchell International, Inc	LIBOR 1 M + 3.250%		5.750		11/29/24		2,042,040
	2,100,973	i	SS&C Technologies, Inc	LIBOR 1 M + 2.250%		4.750		07/08/22		2,081,287
			TOTAL SOFTWARE & SERVICES							8,277,069

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	893,497	i	MKS Instruments, Inc	LIBOR 1 M + 2.000%		4.500		05/01/23		891,826
	528,144	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.740		07/05/23		522,863
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,414,689

TELECOMMUNICATION SERVICES - 0.0%
	1,164,203	i	CNT Holdings III Corp	LIBOR 1 M + 3.250%		5.750		01/22/23		1,144,562
			TOTAL TELECOMMUNICATION SERVICES							1,144,562

UTILITIES - 0.0%
	977,550	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		6.500		07/14/23		967,168
			TOTAL UTILITIES							967,168

			TOTAL BANK LOAN OBLIGATIONS							97,648,770
			(Cost $101,381,000)

BONDS - 92.4%

CORPORATE BONDS - 31.0%

176

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
AUTOMOBILES & COMPONENTS - 0.6%
$	350,000	g	Adient Global Holdings Ltd		4.875	%	08/15/26	$	257,250
	720,000	g	Allison Transmission, Inc		5.000		10/01/24		718,200
	575,000		Aptiv plc		4.350		03/15/29		584,135
	1,500,000	g	Dana Financing Luxembourg Sarl		6.500		06/01/26		1,530,000
	1,000,000		Ford Motor Co		7.450		07/16/31		1,066,910
	2,300,000		General Motors Co		4.200		10/01/27		2,207,596
	1,350,000		General Motors Co		6.600		04/01/36		1,414,035
	1,325,000		General Motors Co		6.250		10/02/43		1,325,921
	1,325,000		General Motors Co		5.200		04/01/45		1,182,309
	750,000		General Motors Co		6.750		04/01/46		782,007
	800,000		Goodyear Tire & Rubber Co		5.000		05/31/26		762,800
	2,000,000	g	Hyundai Capital America		3.950		02/01/22		2,028,590
	1,250,000	g	Hyundai Capital America		3.250		09/20/22		1,243,155
	4,000,000	g	Hyundai Capital America		4.125		06/08/23		4,076,766
	725,000	g	Hyundai Capital America		2.750		09/27/26		665,201
	250,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		250,313
	250,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		248,125
	250,000	g,o	IHO Verwaltungs GmbH		4.750		09/15/26		237,500
	1,450,000		Magna International, Inc		3.625		06/15/24		1,475,823
	1,875,000	g	Nemak SAB de C.V.		4.750		01/23/25		1,828,125
	1,450,000	g	Schaeffler Finance BV		4.750		05/15/23		1,468,850
			TOTAL AUTOMOBILES & COMPONENTS						25,353,611

BANKS - 5.0%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,627,899
	2,000,000	g	Akbank Turk AS.		6.797		04/27/28		1,645,704
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,620,000
	2,425,000	g	Banco del Estado de Chile		4.125		10/07/20		2,456,419
	3,575,000	g	Banco del Estado de Chile		2.668		01/08/21		3,530,348
	2,400,000	g	Banco do Brasil SA/Cayman		4.750		03/20/24		2,408,400
	2,000,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		1,987,700
	1,400,000		Banco Santander S.A.		3.125		02/23/23		1,385,247
	800,000		Banco Santander S.A.		3.800		02/23/28		776,369
	10,000,000		Bank of America Corp		2.250		04/21/20		9,947,289
	3,225,000		Bank of America Corp		2.151		11/09/20		3,192,498
	2,150,000		Bank of America Corp		3.875		08/01/25		2,227,507
	4,200,000		Bank of America Corp		3.248		10/21/27		4,115,751
	2,500,000		Bank of America Corp		3.419		12/20/28		2,446,881
	4,000,000		Bank of America Corp		3.970		03/05/29		4,085,026
	6,350,000		Bank of America Corp		3.974		02/07/30		6,478,664
	5,000,000	g	Bank of Montreal		2.500		01/11/22		4,974,620
	950,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		948,152
	1,500,000		Barclays plc		4.338		05/16/24		1,517,269
	1,550,000		Barclays plc		3.650		03/16/25		1,510,931
	1,000,000	g	BNG Bank NV		3.125		11/08/21		1,018,513
	3,000,000		Capital One Bank USA NA		2.650		08/08/22		2,965,206
	300,000		Capital One Bank USA NA		3.375		02/15/23		299,979
	4,000,000		Capital One NA		2.350		01/31/20		3,979,902
	5,000,000		CitiBank NA		2.100		06/12/20		4,963,893
	9,200,000		Citigroup, Inc		3.200		10/21/26		9,018,211
	1,650,000		Citigroup, Inc		4.300		11/20/26		1,678,282
	2,150,000		Citigroup, Inc		3.668		07/24/28		2,146,636
	1,525,000		Citizens Bank NA		2.650		05/26/22		1,512,643

177

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,400,000	g	Cooperatieve Rabobank UA		3.875	%	09/26/23	$	1,442,062
	5,725,000		Cooperatieve Rabobank UA		3.750		07/21/26		5,650,342
	1,150,000	g	Credit Agricole S.A.		2.500		04/15/19		1,149,885
	1,075,000	g	Credit Agricole S.A.		2.375		07/01/21		1,063,241
	2,325,000	g	Credit Agricole S.A.		3.250		10/04/24		2,286,569
	1,525,000	g	DBS Group Holdings Ltd		4.520		12/11/28		1,579,316
	1,206,000		Discover Bank		3.200		08/09/21		1,211,905
	450,000		Discover Bank		3.450		07/27/26		436,145
	4,075,000		HSBC Holdings plc		2.650		01/05/22		4,039,577
	1,275,000		HSBC Holdings plc		3.262		03/13/23		1,278,536
	1,100,000		HSBC Holdings plc		3.033		11/22/23		1,094,673
	2,500,000		HSBC Holdings plc		3.900		05/25/26		2,533,204
	4,300,000		HSBC Holdings plc		4.292		09/12/26		4,437,235
	750,000		HSBC Holdings plc		4.375		11/23/26		768,864
	1,250,000		HSBC Holdings plc		4.041		03/13/28		1,260,608
	2,625,000		Huntington National Bank		2.500		08/07/22		2,599,956
	1,075,000	g	ING Groep NV		4.625		01/06/26		1,128,425
	5,000,000		JPMorgan Chase & Co		2.250		01/23/20		4,981,780
	2,175,000		JPMorgan Chase & Co		2.776		04/25/23		2,163,489
	700,000		JPMorgan Chase & Co		2.700		05/18/23		693,302
	5,000,000		JPMorgan Chase & Co		3.875		09/10/24		5,129,093
	2,000,000		JPMorgan Chase & Co		3.200		06/15/26		1,988,606
	4,075,000		JPMorgan Chase & Co		2.950		10/01/26		3,985,176
	2,325,000		JPMorgan Chase & Co		3.882		07/24/38		2,285,287
	7,195,000		JPMorgan Chase Bank NA		3.086		04/26/21		7,214,772
	775,000		KeyBank NA		2.500		12/15/19		773,796
	775,000	g	Macquarie Bank Ltd		2.600		06/24/19		774,688
	2,200,000		Manufacturers & Traders Trust Co		2.100		02/06/20		2,189,332
	2,500,000		Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		2,568,125
	1,425,000		Mitsubishi UFJ Financial Group, Inc		3.741		03/07/29		1,463,115
	1,725,000	g	Mitsubishi UFJ Trust & Banking Corp		2.450		10/16/19		1,721,838
	400,000		MUFG Americas Holdings Corp		3.500		06/18/22		406,312
	3,500,000		PNC Bank NA		2.600		07/21/20		3,497,398
	1,275,000		PNC Bank NA		2.450		11/05/20		1,270,042
	2,500,000		PNC Financial Services Group, Inc		3.900		04/29/24		2,584,254
	10,000,000	g	Royal Bank of Canada		3.350		10/22/21		10,181,590
	2,900,000		Royal Bank of Canada		3.700		10/05/23		2,997,625
	2,325,000		Santander Holdings USA, Inc		3.400		01/18/23		2,326,850
	975,000		Santander Holdings USA, Inc		4.400		07/13/27		967,167
	3,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		2,985,660
	2,125,000	g	State Bank of India		4.375		01/24/24		2,177,776
	1,500,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		1,496,170
	2,800,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		2,768,067
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,656,496
	1,350,000		SunTrust Bank		2.900		03/03/21		1,353,558
	1,000,000		SunTrust Bank		4.050		11/03/25		1,054,271
	575,000		SunTrust Banks, Inc		2.750		05/01/23		570,558
	2,700,000		Toronto-Dominion Bank		1.850		09/11/20		2,671,025
	475,000		Toronto-Dominion Bank		3.625		09/15/31		469,467
	2,500,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		2,111,700
	2,300,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,954,851
	850,000	g	UBS AG.		2.450		12/01/20		845,016
	5,000,000		Westpac Banking Corp		2.750		01/11/23		4,969,544

178

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,700,000		Westpac Banking Corp		4.322	%	11/23/31	$	1,686,226
	2,400,000	g	Yapi ve Kredi Bankasi AS.		5.850		06/21/24		2,067,674
			TOTAL BANKS						215,428,178

CAPITAL GOODS - 0.6%
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		2,005,720
	1,300,000		Anixter, Inc		5.125		10/01/21		1,339,000
	1,500,000	g	Anixter, Inc		6.000		12/01/25		1,575,000
	700,000	g	Cleaver-Brooks, Inc		7.875		03/01/23		647,500
	600,000	g	Cloud Crane LLC		10.125		08/01/24		645,000
	1,350,000		General Electric Co		4.125		10/09/42		1,173,558
	700,000		Lam Research Corp		3.750		03/15/26		712,937
	775,000		Lam Research Corp		4.000		03/15/29		790,488
	1,675,000		Lockheed Martin Corp		2.500		11/23/20		1,669,970
	1,475,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		1,472,483
	375,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		378,508
	467,000		Mosaic Co		4.875		11/15/41		450,309
	1,300,000		Roper Technologies, Inc		3.800		12/15/26		1,316,243
	1,790,000	g	Stena AB		7.000		02/01/24		1,720,638
	475,000		Textron, Inc		3.875		03/01/25		478,652
	2,000,000		TransDigm, Inc		6.000		07/15/22		2,032,160
	200,000		Trimble, Inc		4.900		06/15/28		204,513
	5,000,000		United Technologies Corp		4.125		11/16/28		5,211,006
	2,600,000		United Technologies Corp		4.450		11/16/38		2,692,160
			TOTAL CAPITAL GOODS						26,515,845

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	1,825,000		ADT Corp		6.250		10/15/21		1,914,516
	3,150,000		AECOM		5.875		10/15/24		3,319,312
	2,963,210	g	British Airways		3.800		09/20/31		3,018,622
	400,000	g	KAR Auction Services, Inc		5.125		06/01/25		395,500
	1,681,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		1,765,050
	775,000	g,h	Prime Security Services Borrower LLC		5.250		04/15/24		775,000
	750,000	g,h	Prime Security Services Borrower LLC		5.750		04/15/26		750,000
	1,000,000		Republic Services, Inc		3.550		06/01/22		1,022,523
	1,550,000		Republic Services, Inc		2.900		07/01/26		1,518,116
	200,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		203,750
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		690,188
	4,912,959		United Airlines Pass Through Trust		3.700		03/01/30		4,784,872
	1,425,000		United Rentals North America, Inc		5.500		07/15/25		1,457,063
	1,000,000		United Rentals North America, Inc		6.500		12/15/26		1,052,500
	1,550,000		Waste Management, Inc		2.900		09/15/22		1,555,793
	2,100,000		Waste Management, Inc		3.150		11/15/27		2,094,783
	475,000		Waste Management, Inc		3.900		03/01/35		476,641
	550,000		Waste Management, Inc		4.100		03/01/45		568,473
	2,050,000	g	XPO Logistics, Inc		6.500		06/15/22		2,095,100
	1,000,000	g	XPO Logistics, Inc		6.125		09/01/23		1,006,250
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						30,464,052

CONSUMER DURABLES & APPAREL - 0.2%
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,080,762
	325,000	g	Hanesbrands, Inc		4.625		05/15/24		325,877
	800,000		Leggett & Platt, Inc		4.400		03/15/29		807,895

179

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,250,000		Lennar Corp			4.500	%	04/30/24	$	2,281,950
	1,870,000		Lennar Corp			5.875		11/15/24		1,996,225
	1,600,000	g	LGI Homes, Inc			6.875		07/15/26		1,596,000
	1,725,000		Newell Rubbermaid, Inc			4.200		04/01/26		1,647,597
	600,000		PulteGroup, Inc			5.500		03/01/26		619,500
			TOTAL CONSUMER DURABLES & APPAREL							10,355,806

CONSUMER SERVICES - 0.7%
	8,000,000	g	Anheuser-Busch Cos LLC			3.650		02/01/26		8,029,394
	1,500,000		Aramark Services, Inc			5.125		01/15/24		1,543,125
	1,000,000		Aramark Services, Inc			4.750		06/01/26		997,500
	600,000		Boyd Gaming Corp			6.375		04/01/26		621,000
	900,000		Boyd Gaming Corp			6.000		08/15/26		922,500
	1,200,000	g	Cott Holdings, Inc			5.500		04/01/25		1,210,500
	600,000		Hilton Domestic Operating Co, Inc			4.250		09/01/24		598,872
	1,070,000	g	International Game Technology			6.250		02/15/22		1,111,463
	2,070,000	g	International Game Technology			6.500		02/15/25		2,152,800
	1,000,000		MGM Resorts International			6.625		12/15/21		1,068,750
	2,355,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		3.736		02/01/24		2,352,912
	2,745,000		Northwestern University			3.812		12/01/50		2,762,065
	1,025,000		Sands China Ltd			5.125		08/08/25		1,068,804
	1,400,000		Sands China Ltd			5.400		08/08/28		1,467,945
	325,000	g	Scientific Games International, Inc			5.000		10/15/25		318,500
	1,000,000	g	ServiceMaster Co LLC			5.125		11/15/24		1,003,750
	1,335,000		Speedway Motorsports, Inc			5.125		02/01/23		1,345,013
			TOTAL CONSUMER SERVICES							28,574,893

DIVERSIFIED FINANCIALS - 3.7%
	1,240,000		AerCap Ireland Capital DAC			3.500		01/15/25		1,196,587
	2,000,000		AerCap Ireland Capital Ltd			4.625		07/01/22		2,064,169
	6,200,000		American Express Co			2.500		08/01/22		6,129,670
	975,000		Ameriprise Financial, Inc			3.000		03/22/22		980,788
	1,500,000		Australia & New Zealand Banking Group Ltd			2.625		05/19/22		1,491,171
	1,750,000	g	Avolon Holdings Funding Ltd			5.125		10/01/23		1,780,625
	1,275,000		Bank of Montreal			3.803		12/15/32		1,232,925
	275,000		Bank of New York Mellon Corp			5.450		05/15/19		275,910
	2,850,000	g	BBVA Bancomer S.A.			5.125		01/18/33		2,620,575
	2,775,000		Berkshire Hathaway, Inc			3.125		03/15/26		2,805,494
	500,000	g	BPCE S.A.			4.000		09/12/23		507,527
	1,300,000	g	BPCE S.A.			4.625		07/11/24		1,325,795
	435,000	g	BPCE S.A.			4.500		03/15/25		437,676
	3,500,000	g,i	Caelus Re V Ltd	US Treasury Bill 3 M + 3.210%		5.591		06/05/20		3,153,150
	2,100,000		Capital One Financial Corp			3.900		01/29/24		2,146,958
	2,850,000	g	Comcel Trust			6.875		02/06/24		2,960,437
	2,500,000	g	Credit Suisse Group AG.			2.997		12/14/23		2,457,465
	775,000	g	Credit Suisse Group AG.			4.282		01/09/28		784,540
	4,075,000		Credit Suisse Group Funding Guernsey Ltd			3.800		06/09/23		4,140,348
	2,325,000		Credit Suisse Group Funding Guernsey Ltd			3.750		03/26/25		2,344,067
	2,350,000		Deutsche Bank AG.			3.950		02/27/23		2,319,416
	1,175,000		Discover Financial Services			4.500		01/30/26		1,207,013
	1,550,000		Ford Motor Credit Co LLC			2.425		06/12/20		1,529,804
	1,000,000		Ford Motor Credit Co LLC			5.750		02/01/21		1,029,989

180

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,775,000		Ford Motor Credit Co LLC			3.096	%	05/04/23	$	1,665,206
	1,050,000		Ford Motor Credit Co LLC			3.815		11/02/27		915,071
	1,775,000		GE Capital International Funding Co			3.373		11/15/25		1,723,526
	1,500,000		GE Capital International Funding Co			4.418		11/15/35		1,389,980
	3,000,000		General Electric Capital Corp			3.450		05/15/24		2,987,359
	115,000		General Electric Capital Corp			6.875		01/10/39		136,172
	1,325,000		General Motors Financial Co, Inc			3.950		04/13/24		1,312,026
	1,050,000		Goldman Sachs Group, Inc			3.500		01/23/25		1,047,101
	8,125,000		Goldman Sachs Group, Inc			3.691		06/05/28		8,045,096
	2,800,000		Goldman Sachs Group, Inc			3.814		04/23/29		2,775,745
	1,300,000		Goldman Sachs Group, Inc			4.017		10/31/38		1,246,578
	1,425,000		Goldman Sachs Group, Inc			4.800		07/08/44		1,510,023
	2,000,000	g	GrupoSura Finance S.A.			5.500		04/29/26		2,130,000
	1,000,000		Icahn Enterprises LP			5.875		02/01/22		1,012,380
	2,000,000		Icahn Enterprises LP			6.250		02/01/22		2,051,700
	2,000,000		ICICI Bank Ltd			3.125		08/12/20		1,992,574
	2,650,000	g	ICICI Bank Ltd			3.800		12/14/27		2,577,676
	2,000,000		International Lease Finance Corp			5.875		08/15/22		2,156,972
	800,000		Jefferies Group LLC			4.150		01/23/30		733,195
	300,000		Legg Mason, Inc			2.700		07/15/19		299,808
	425,000		Legg Mason, Inc			3.950		07/15/24		430,202
	850,000	g	Lincoln Finance Ltd			7.375		04/15/21		866,575
	6,550,000		Morgan Stanley			3.125		01/23/23		6,572,735
	6,000,000		Morgan Stanley			3.737		04/24/24		6,123,694
	4,700,000		Morgan Stanley			3.700		10/23/24		4,784,630
	6,275,000		Morgan Stanley			3.125		07/27/26		6,116,677
	400,000		Navient Corp			6.625		07/26/21		418,000
	1,335,000	g	Power Finance Corp Ltd			6.150		12/06/28		1,480,205
	1,850,000	g	Quicken Loans, Inc			5.250		01/15/28		1,732,063
	5,000,000	g,i	Sanders Re Ltd	LIBOR 6 M + 3.070%		5.432		12/06/21		4,945,000
	5,775,000		Shire Acquisitions Investments Ireland DAC			3.200		09/23/26		5,584,304
	700,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		709,314
	1,000,000		Synchrony Financial			4.250		08/15/24		1,006,570
	1,325,000		TD Ameritrade Holding Corp			3.300		04/01/27		1,331,356
	1,400,000	g	UBS Group Funding Jersey Ltd			2.950		09/24/20		1,399,706
	1,875,000	g	UBS Group Funding Switzerland AG.			2.859		08/15/23		1,847,888
	1,975,000		Unilever Capital Corp			2.900		05/05/27		1,946,290
	15,850,000		Wells Fargo & Co			2.625		07/22/22		15,737,741
	2,075,000		Wells Fargo & Co			3.750		01/24/24		2,136,097
	1,050,000		Wells Fargo & Co			3.550		09/29/25		1,068,790
	2,800,000		Wells Fargo & Co			3.000		04/22/26		2,738,284
	3,200,000		Wells Fargo & Co			4.150		01/24/29		3,346,226
			TOTAL DIVERSIFIED FINANCIALS							156,952,634

ENERGY - 3.8%
	1,450,000	g	Abu Dhabi Crude Oil Pipeline LLC			4.600		11/02/47		1,496,026
	600,000		AmeriGas Partners LP			5.625		05/20/24		609,750
	400,000		AmeriGas Partners LP			5.875		08/20/26		399,500
	1,000,000		AmeriGas Partners LP			5.750		05/20/27		987,500
	800,000		Anadarko Petroleum Corp			5.550		03/15/26		873,241
	2,100,000		Anadarko Petroleum Corp			4.500		07/15/44		1,982,383
	600,000		Andeavor Logistics LP			4.250		12/01/27		604,460
	800,000		Andeavor Logistics LP			5.200		12/01/47		801,056

181

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,575,000	g	Antero Midstream Partners LP		5.750	%	03/01/27	$	2,613,625
	700,000		Apache Corp		4.750		04/15/43		660,954
	300,000	g	APT Pipelines Ltd		4.250		07/15/27		304,258
	3,400,000	g	Archrock Partners LP / Archrock Partners Finance Corp		6.875		04/01/27		3,466,980
	825,000		BP Capital Markets America, Inc		2.520		09/19/22		817,348
	1,000,000		BP Capital Markets America, Inc		3.796		09/21/25		1,037,364
	4,500,000		BP Capital Markets America, Inc		3.588		04/14/27		4,575,285
	1,425,000		BP Capital Markets plc		3.279		09/19/27		1,419,853
	173,000	†	California Resources Corp		6.000		11/15/24		115,910
	430,000		Calumet Specialty Products Partners LP		6.500		04/15/21		421,400
	500,000		Calumet Specialty Products Partners LP		7.625		01/15/22		462,500
	400,000		Calumet Specialty Products Partners LP		7.750		04/15/23		354,000
	1,325,000		Cenovus Energy, Inc		4.450		09/15/42		1,173,590
	300,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		338,640
	750,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		815,625
	2,250,000	g	Cheniere Energy Partners LP		5.625		10/01/26		2,306,250
	775,000		Cimarex Energy Co		3.900		05/15/27		773,499
	1,400,000		Cimarex Energy Co		4.375		03/15/29		1,441,739
	2,100,000	†	Cloud Peak Energy Resources LLC		12.000		11/01/21		378,000
	1,600,000	g	Colonial Pipeline Co		4.250		04/15/48		1,616,812
	1,550,000		Concho Resources, Inc		3.750		10/01/27		1,538,721
	2,150,000		Continental Resources, Inc		4.375		01/15/28		2,210,958
	2,325,000		Crestwood Midstream Partners LP		5.750		04/01/25		2,383,125
	2,500,000	g	Denbury Resources, Inc		7.500		02/15/24		2,134,375
	1,400,000		Ecopetrol S.A.		5.875		05/28/45		1,450,750
	2,150,000		Enbridge, Inc		3.700		07/15/27		2,145,623
	1,450,000		Energy Transfer Operating LP		5.250		04/15/29		1,557,346
	1,400,000		Energy Transfer Operating LP		6.250		04/15/49		1,569,112
	1,675,000		Energy Transfer Partners LP		4.750		01/15/26		1,750,354
	2,000,000		Energy Transfer Partners LP		4.950		06/15/28		2,099,567
	1,025,000		Enterprise Products Operating LLC		3.700		02/15/26		1,050,504
	2,000,000		Enterprise Products Operating LLC		4.150		10/16/28		2,106,366
	1,025,000		Enterprise Products Operating LLC		4.250		02/15/48		1,005,517
	1,951,000	†,g	EP Energy LLC		9.375		05/01/24		692,605
	4,400,000		Exterran Partners LP		6.000		04/01/21		4,396,700
	3,000,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		3,050,853
	2,175,000		Genesis Energy LP		6.500		10/01/25		2,115,187
	3,750,000		Genesis Energy LP		6.250		05/15/26		3,543,750
	2,925,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		2,976,187
	1,200,000	g	KazMunayGas National Co JSC		5.375		04/24/30		1,257,946
	940,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		997,160
	1,000,000		Kinder Morgan, Inc		3.450		02/15/23		1,011,846
	400,000		Kinder Morgan, Inc		5.300		12/01/34		433,849
	975,000		Marathon Oil Corp		2.700		06/01/20		970,545
	2,800,000		MPLX LP		4.125		03/01/27		2,819,912
	1,475,000		MPLX LP		4.000		03/15/28		1,466,487
	1,550,000		MPLX LP		4.500		04/15/38		1,475,834
	1,550,000		MPLX LP		4.700		04/15/48		1,486,739
	1,375,000		Murphy Oil Corp		6.875		08/15/24		1,455,808
	500,000		Murphy Oil USA, Inc		6.000		08/15/23		512,500
	450,000		Murphy Oil USA, Inc		5.625		05/01/27		465,750
	300,000		Noble Energy, Inc		3.900		11/15/24		302,978

182

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,350,000		Noble Energy, Inc		3.850	%	01/15/28	$	2,316,900
	1,575,000		Noble Energy, Inc		5.050		11/15/44		1,567,502
	500,000		Noble Energy, Inc		4.950		08/15/47		494,707
	1,710,000		Oasis Petroleum, Inc		6.875		03/15/22		1,727,100
	1,500,000	g	Oasis Petroleum, Inc		6.250		05/01/26		1,428,750
	575,000		ONE Gas, Inc		3.610		02/01/24		591,042
	2,500,000		ONEOK, Inc		4.000		07/13/27		2,507,028
	3,050,000		ONEOK, Inc		4.350		03/15/29		3,104,481
	2,425,000	g	Peru LNG Srl		5.375		03/22/30		2,522,000
	3,900,000		Petrobras Global Finance BV		7.375		01/17/27		4,304,625
	2,000,000		Petrobras Global Finance BV		6.900		03/19/49		1,978,800
	4,575,000		Petroleos Mexicanos		3.500		01/30/23		4,369,583
	1,550,000		Petroleos Mexicanos		6.500		03/13/27		1,556,526
	1,250,000		Petroleos Mexicanos		5.350		02/12/28		1,160,000
	1,425,000		Phillips 66 Partners LP		3.550		10/01/26		1,400,233
	1,025,000		Phillips 66 Partners LP		4.680		02/15/45		1,006,124
	300,000		Phillips 66 Partners LP		4.900		10/01/46		305,906
	800,000		Pioneer Natural Resources Co		7.500		01/15/20		827,831
	1,725,000		Pioneer Natural Resources Co		3.450		01/15/21		1,743,121
	3,500,000		Range Resources Corp		5.750		06/01/21		3,552,500
	800,000		Regency Energy Partners LP		5.750		09/01/20		825,152
	475,000		Regency Energy Partners LP		4.500		11/01/23		495,057
	2,500,000	g	Reliance Industries Ltd		3.667		11/30/27		2,433,040
	1,950,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		1,967,662
	1,300,000		Shell International Finance BV		3.250		05/11/25		1,324,764
	1,350,000		Shell International Finance BV		4.000		05/10/46		1,408,489
	1,400,000		SM Energy Co		6.125		11/15/22		1,400,000
	2,275,000		SM Energy Co		6.625		01/15/27		2,161,250
	800,000		Spectra Energy Partners LP		3.500		03/15/25		800,492
	1,400,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		1,389,613
	500,000		Sunoco LP		4.875		01/15/23		507,950
	1,500,000	g	Targa Resources Partners LP		5.875		04/15/26		1,585,500
	525,000	g	Targa Resources Partners LP		6.500		07/15/27		566,344
	1,550,000	g	Targa Resources Partners LP		6.875		01/15/29		1,687,563
	160,000		Tesoro Logistics LP		5.500		10/15/19		161,605
	225,000		Tesoro Logistics LP		6.375		05/01/24		235,688
	550,000		Tesoro Logistics LP		5.250		01/15/25		571,170
	3,200,000		TransCanada PipeLines Ltd		4.250		05/15/28		3,341,932
	1,771,875	g	Transocean Guardian Ltd		5.875		01/15/24		1,798,453
	1,795,500	g	Transocean Pontus Ltd		6.125		08/01/25		1,817,944
	2,500,000	g	Tullow Oil plc		7.000		03/01/25		2,514,875
	1,600,000		USA Compression Partners LP		6.875		04/01/26		1,636,000
	525,000	g	USA Compression Partners LP		6.875		09/01/27		533,531
	1,550,000		Valero Energy Partners LP		4.500		03/15/28		1,604,649
	950,000		Western Gas Partners LP		3.950		06/01/25		937,033
	1,425,000		Western Gas Partners LP		4.650		07/01/26		1,444,548
	425,000		Whiting Petroleum Corp		6.625		01/15/26		416,500
	225,000		Williams Partners LP		4.900		01/15/45		225,048
	1,000,000		WPX Energy, Inc		6.000		01/15/22		1,037,500
	100,000		WPX Energy, Inc		8.250		08/01/23		112,500
	2,100,000	g	YPF S.A.		6.950		07/21/27		1,864,800
			TOTAL ENERGY						164,553,913

183

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 0.8%
$	860,000		Albertsons Cos LLC		6.625	%	06/15/24	$	868,600
	2,350,000		CVS Health Corp		3.700		03/09/23		2,387,552
	4,350,000		CVS Health Corp		2.875		06/01/26		4,118,163
	6,950,000		CVS Health Corp		4.300		03/25/28		7,048,665
	5,175,000		CVS Health Corp		4.780		03/25/38		5,132,242
	825,000		CVS Health Corp		5.050		03/25/48		831,546
	2,400,000		Ingles Markets, Inc		5.750		06/15/23		2,445,000
	1,150,000		Kroger Co		3.700		08/01/27		1,132,217
	600,000		Kroger Co		4.500		01/15/29		614,313
	2,150,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		2,105,740
	5,700,000		Walmart, Inc		3.700		06/26/28		6,001,215
	1,550,000		Walmart, Inc		3.950		06/28/38		1,631,230
			TOTAL FOOD & STAPLES RETAILING						34,316,483

FOOD, BEVERAGE & TOBACCO - 0.8%
	975,000		Altria Group, Inc		4.400		02/14/26		1,004,225
	1,000,000		Altria Group, Inc		4.800		02/14/29		1,031,885
	1,400,000		Altria Group, Inc		5.950		02/14/49		1,502,082
	1,319,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		1,317,019
	1,750,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		1,775,776
	4,050,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		4,312,541
	1,500,000		Anheuser-Busch InBev Worldwide, Inc		5.450		01/23/39		1,624,749
	700,000		Campbell Soup Co		4.150		03/15/28		697,972
	1,400,000		ConAgra Brands, Inc		4.850		11/01/28		1,471,738
	450,000		Constellation Brands, Inc		4.400		11/15/25		472,750
	2,100,000		Constellation Brands, Inc		3.600		02/15/28		2,056,888
	1,800,000	g	Corp Lindley S.A.		4.625		04/12/23		1,829,250
	1,500,000		Diageo Capital plc		3.500		09/18/23		1,554,456
	1,275,000		Diageo Capital plc		3.875		05/18/28		1,348,356
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		1,935,000
	1,800,000	g	Grupo Bimbo SAB de C.V.		5.950		N/A‡		1,850,400
	1,700,000	g	Heineken NV		3.500		01/29/28		1,709,991
	725,000	g	Heineken NV		4.350		03/29/47		732,137
	1,000,000		Kellogg Co		3.400		11/15/27		961,721
	213,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		215,130
	2,725,000	g	MHP Lux S.A.		6.950		04/03/26		2,560,781
	775,000		PepsiCo, Inc		3.450		10/06/46		748,059
	100,000		Philip Morris International, Inc		6.375		05/16/38		123,993
	650,000		Tyson Foods, Inc		3.900		09/28/23		669,932
	1,325,000		Tyson Foods, Inc		3.550		06/02/27		1,303,762
	1,425,000		Tyson Foods, Inc		5.100		09/28/48		1,452,960
			TOTAL FOOD, BEVERAGE & TOBACCO						36,263,553

HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	3,500,000		Anthem, Inc		3.650		12/01/27		3,494,751
	4,625,000		Becton Dickinson and Co		3.700		06/06/27		4,612,036
	1,200,000		Boston Scientific Corp		4.000		03/01/29		1,238,769
	1,950,000		Cardinal Health, Inc		3.410		06/15/27		1,842,924
	1,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		989,450
	375,000		Covidien International Finance S.A.		3.200		06/15/22		381,381
	5,000,000		Duke University Health System, Inc		3.920		06/01/47		5,173,790
	925,000		Encompass Health Corp		5.750		11/01/24		936,562

184

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	975,000		HCA, Inc			5.875	%	03/15/22	$	1,047,452
	150,000		HCA, Inc			5.625		09/01/28		158,625
	475,000		HCA, Inc			5.875		02/01/29		511,789
	4,875,000		HCA, Inc			5.500		06/15/47		5,202,222
	2,000,000	g	MEDNAX, Inc			5.250		12/01/23		2,025,000
	1,950,000	g	MEDNAX, Inc			6.250		01/15/27		1,971,937
	162,000		Medtronic, Inc			4.625		03/15/45		185,419
	1,200,000		Tenet Healthcare Corp			4.625		07/15/24		1,203,000
	1,450,000		Tenet Healthcare Corp			6.875		11/15/31		1,363,000
	1,035,000		Thermo Fisher Scientific, Inc			2.950		09/19/26		998,230
	2,650,000		UnitedHealth Group, Inc			2.950		10/15/27		2,604,262
	1,400,000		UnitedHealth Group, Inc			3.750		10/15/47		1,362,405
	550,000		Zimmer Biomet Holdings, Inc			3.700		03/19/23		555,238
	1,290,000		Zimmer Holdings, Inc			3.550		04/01/25		1,272,953
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							39,131,195

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	405,000	g	First Quality Finance Co, Inc			4.625		05/15/21		403,987
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							403,987

INSURANCE - 1.0%
	3,600,000		ACE INA Holdings, Inc			2.875		11/03/22		3,630,058
	1,100,000	g	Acrisure LLC			8.125		02/15/24		1,139,776
	150,000		Aetna, Inc			6.625		06/15/36		177,915
	1,500,000		Allstate Corp			3.280		12/15/26		1,522,293
	2,000,000		Allstate Corp			5.750		08/15/53		2,035,000
	550,000		American Financial Group, Inc			3.500		08/15/26		531,133
	1,160,000		American International Group, Inc			3.750		07/10/25		1,162,104
	1,725,000		American International Group, Inc			3.900		04/01/26		1,737,502
	1,150,000		American International Group, Inc			4.200		04/01/28		1,169,156
	3,275,000		Aon plc			3.500		06/14/24		3,323,630
	400,000		Berkshire Hathaway Finance Corp			4.250		01/15/49		419,061
	700,000		CNA Financial Corp			3.950		05/15/24		711,730
	625,000		CNA Financial Corp			3.450		08/15/27		610,609
	5,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.279		07/13/20		4,940,500
	3,025,000	g	Five Corners Funding Trust			4.419		11/15/23		3,195,020
	250,000		Hartford Financial Services Group, Inc			4.300		04/15/43		249,711
	1,800,000		Humana, Inc			3.950		03/15/27		1,820,181
	144,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		149,267
	506,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		526,752
	600,000		Lincoln National Corp			3.800		03/01/28		608,608
	700,000		Markel Corp			3.500		11/01/27		667,019
	475,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		484,537
	375,000		Marsh & McLennan Cos, Inc			3.500		03/10/25		384,966
	875,000		MetLife, Inc			3.600		11/13/25		903,284
	500,000		Orlando Health Obligated Group			2.981		10/01/20		498,170
	2,350,000		Prudential Financial, Inc			3.878		03/27/28		2,471,410
	300,000	g	Prudential Funding LLC			6.750		09/15/23		342,173
	2,500,000	g,i	Residential Reinsurance 2016 Ltd	US Treasury Bill 3 M + 3.250%		5.628		06/06/20		2,469,250
	2,250,000	g,i	Residential Reinsurance 2017 Ltd	US Treasury Bill 3 M + 3.050%		5.431		06/06/21		2,230,200
	300,000		Verisk Analytics, Inc			4.125		03/15/29		307,889

185

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,200,000	g	Vitality Re X Ltd		4.131	%	01/10/23	$	2,198,240
	800,000	g	WellCare Health Plans, Inc		5.375		08/15/26		837,000
	150,000		WR Berkley Corp		5.375		09/15/20		154,280
			TOTAL INSURANCE						43,608,424

MATERIALS - 1.4%
	675,000		Albemarle Corp		5.450		12/01/44		698,612
	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		215,624
	500,000		ArcelorMittal		6.250		02/25/22		539,526
	270,000		Bemis Co, Inc		3.100		09/15/26		255,596
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		2,904,408
	675,000	g	CRH America Finance, Inc		3.400		05/09/27		646,808
	1,000,000	g	Dow Chemical Co		4.550		11/30/25		1,055,887
	675,000		Dow Chemical Co		4.375		11/15/42		645,178
	2,160,000		DowDuPont, Inc		4.725		11/15/28		2,332,797
	2,500,000		EI du Pont de Nemours & Co		2.200		05/01/20		2,491,096
	2,550,000	g	Eldorado Gold Corp		6.125		12/15/20		2,495,685
	1,300,000	g	FMG Resources Ltd		4.750		05/15/22		1,300,000
	525,000	g	Glencore Funding LLC		4.000		03/27/27		509,886
	300,000		Goldcorp, Inc		5.450		06/09/44		329,939
	1,500,000		International Paper Co		5.150		05/15/46		1,542,684
	2,225,000		International Paper Co		4.350		08/15/48		2,080,698
	2,125,000	g	Inversiones CMPC S.A.		4.375		04/04/27		2,136,447
	630,000	g	James Hardie International Finance DAC		4.750		01/15/25		620,550
	2,300,000	g	Klabin Austria GmbH		5.750		04/03/29		2,287,695
	1,800,000	g	Klabin Finance S.A.		4.875		09/19/27		1,746,000
	1,400,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		1,423,312
	1,400,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		1,446,412
	650,000		Newmont Mining Corp		3.500		03/15/22		659,177
	1,050,000		Newmont Mining Corp		4.875		03/15/42		1,101,602
	3,000,000	g	Nova Chemicals Corp		4.875		06/01/24		2,947,500
	1,125,000		Nutrien Ltd		3.375		03/15/25		1,110,173
	1,025,000	h	Nutrien Ltd		4.200		04/01/29		1,053,998
	2,500,000	g	OCI NV		6.625		04/15/23		2,588,890
	1,025,000		Olin Corp		5.125		09/15/27		1,036,531
	2,400,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		2,513,760
	1,650,000	g	POSCO		4.000		08/01/23		1,698,805
	2,000,000		Rio Tinto Finance USA Ltd		3.750		06/15/25		2,099,710
	1,550,000	g	SABIC Capital II BV		4.000		10/10/23		1,581,191
	2,450,000	g	SABIC Capital II BV		4.500		10/10/28		2,540,929
	2,150,000		SASOL Financing USA LLC		6.500		09/27/28		2,348,233
	925,000		Sherwin-Williams Co		3.450		06/01/27		909,558
	2,450,000		Steel Dynamics, Inc		5.250		04/15/23		2,489,813
	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		1,431,600
	400,000		Westlake Chemical Corp		3.600		08/15/26		387,259
	820,000		WestRock RKT LLC		4.900		03/01/22		857,125
			TOTAL MATERIALS						61,127,194

MEDIA & ENTERTAINMENT - 1.8%
	2,500,000		AMC Entertainment Holdings, Inc		5.875		02/15/22		2,540,625
	425,000		CBS Corp		2.900		06/01/23		419,996

186

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	850,000		CBS Corp		2.900	%	01/15/27	$	794,430
	525,000		CBS Corp		3.375		02/15/28		500,568
	1,000,000	g	CBS Radio, Inc		7.250		11/01/24		995,000
	3,000,000	g	CCO Holdings LLC		5.875		04/01/24		3,135,330
	1,075,000		Charter Communications Operating LLC		3.579		07/23/20		1,082,923
	4,700,000		Charter Communications Operating LLC		4.908		07/23/25		4,956,166
	2,500,000		Charter Communications Operating LLC		5.375		05/01/47		2,490,675
	4,100,000		Comcast Corp		3.700		04/15/24		4,236,315
	2,900,000		Comcast Corp		3.950		10/15/25		3,034,160
	4,750,000		Comcast Corp		2.350		01/15/27		4,440,177
	5,000,000		Comcast Corp		4.150		10/15/28		5,271,469
	2,975,000		Comcast Corp		3.200		07/15/36		2,705,093
	1,000,000		Comcast Corp		3.900		03/01/38		984,159
	3,000,000		CSC Holdings LLC		6.750		11/15/21		3,206,250
	850,000		Discovery Communications LLC		2.950		03/20/23		842,323
	2,225,000		Discovery Communications LLC		3.950		03/20/28		2,163,799
	1,875,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		1,987,500
	325,000	g	EW Scripps Co		5.125		05/15/25		309,563
	2,400,000	g	Gray Escrow, Inc		7.000		05/15/27		2,550,000
	1,400,000	g	Gray Television, Inc		5.875		07/15/26		1,424,780
	2,785,000		Grupo Televisa SAB		6.625		01/15/40		3,255,001
	1,975,000	g	Indonesia Asahan Aluminium Persero PT		5.710		11/15/23		2,128,740
	2,500,000	g	International Airport Finance S.A.		12.000		03/15/33		2,665,000
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,013,750
	1,850,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		1,905,500
	975,000		Meredith, Corp		6.875		02/01/26		1,026,188
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		699,815
	925,000	g	Nielsen Finance LLC		5.000		04/15/22		915,750
	300,000		Outfront Media Capital LLC		5.625		02/15/24		307,875
	2,700,000	g	Sirius XM Radio, Inc		5.375		07/15/26		2,747,250
	160,000	g	Tegna, Inc		5.500		09/15/24		161,600
	1,500,000		Time Warner Cable, Inc		5.875		11/15/40		1,560,731
	475,000		Time Warner Cable, Inc		4.500		09/15/42		416,703
	3,600,000		Time Warner, Inc		2.100		06/01/19		3,595,037
	1,000,000		Time Warner, Inc		3.400		06/15/22		1,013,731
	950,000		Time Warner, Inc		3.600		07/15/25		949,444
	1,100,000		Time Warner, Inc		3.800		02/15/27		1,094,361
	400,000	g	Univision Communications, Inc		5.125		02/15/25		372,500
	600,000		Viacom, Inc		5.850		09/01/43		652,717
	450,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		457,875
	125,000	g	Walt Disney Co		7.625		11/30/28		167,547
	90,000	g	Walt Disney Co		6.550		03/15/33		119,361
	575,000	g	Walt Disney Co		6.900		08/15/39		812,291
			TOTAL MEDIA & ENTERTAINMENT						78,110,068

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
	1,225,000		Abbott Laboratories		3.875		09/15/25		1,281,654
	1,247,000		Abbott Laboratories		3.750		11/30/26		1,295,675
	450,000		Abbott Laboratories		5.300		05/27/40		526,661
	850,000		AbbVie, Inc		2.850		05/14/23		840,890
	550,000		AbbVie, Inc		3.750		11/14/23		564,870
	3,725,000		AbbVie, Inc		3.200		05/14/26		3,624,463

187

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,150,000		AbbVie, Inc		4.250	%	11/14/28	$	3,220,360
	1,450,000		AbbVie, Inc		4.400		11/06/42		1,347,851
	2,625,000		Actavis Funding SCS		3.800		03/15/25		2,660,193
	2,400,000		Actavis Funding SCS		4.550		03/15/35		2,353,623
	1,150,000		AstraZeneca plc		3.125		06/12/27		1,126,453
	2,200,000		AstraZeneca plc		4.000		01/17/29		2,312,233
	2,000,000	g	Bausch Health Companies, Inc		6.500		03/15/22		2,070,000
	1,700,000	g	Bayer US Finance II LLC		4.375		12/15/28		1,691,038
	1,200,000	g	Bayer US Finance II LLC		4.625		06/25/38		1,122,389
	625,000		Celgene Corp		3.875		08/15/25		641,600
	3,150,000		Celgene Corp		3.450		11/15/27		3,119,449
	1,725,000		Gilead Sciences, Inc		2.950		03/01/27		1,678,800
	450,000		Gilead Sciences, Inc		4.000		09/01/36		442,298
	1,500,000		Gilead Sciences, Inc		4.150		03/01/47		1,450,231
	2,000,000		GlaxoSmithKline Capital plc		3.000		06/01/24		2,011,905
	2,000,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		2,098,766
	2,000,000		Johnson & Johnson		2.900		01/15/28		1,991,866
	900,000		Johnson & Johnson		3.400		01/15/38		884,596
	1,450,000		Mylan, Inc		4.550		04/15/28		1,410,967
	1,900,000		Novartis Capital Corp		3.000		11/20/25		1,932,197
	5,300,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		4,333,489
	1,100,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		1,105,313
	1,125,000	g	VRX Escrow Corp		5.875		05/15/23		1,136,250
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						50,276,080

REAL ESTATE - 0.9%
	350,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		353,354
	450,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		453,164
	1,200,000		American Tower Corp		3.000		06/15/23		1,196,462
	475,000		American Tower Corp		3.375		10/15/26		463,322
	1,200,000		American Tower Corp		3.600		01/15/28		1,183,764
	950,000		Brandywine Operating Partnership LP		4.100		10/01/24		967,022
	650,000		Brandywine Operating Partnership LP		3.950		11/15/27		647,023
	1,750,000		Brixmor Operating Partnership LP		3.850		02/01/25		1,742,842
	525,000		Brixmor Operating Partnership LP		4.125		06/15/26		525,706
	800,000		Brixmor Operating Partnership LP		3.900		03/15/27		786,429
	170,000		Camden Property Trust		4.625		06/15/21		175,354
	780,000		Crown Castle International Corp		4.875		04/15/22		822,394
	450,000		Crown Castle International Corp		3.700		06/15/26		448,934
	775,000		Crown Castle International Corp		3.650		09/01/27		762,750
	603,000		DDR Corp		3.625		02/01/25		592,178
	650,000		DDR Corp		4.700		06/01/27		671,440
	625,000		Digital Realty Trust LP		3.700		08/15/27		619,377
	325,000		Duke Realty LP		3.250		06/30/26		320,508
	625,000		Duke Realty LP		4.000		09/15/28		646,412
	550,000		Equity One, Inc		3.750		11/15/22		560,122
	775,000		Essex Portfolio LP		3.375		01/15/23		779,422
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		151,047
	1,500,000		Healthcare Realty Trust, Inc		3.875		05/01/25		1,498,586
	450,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		451,385
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		328,535
	1,225,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		1,188,462

188

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	375,000		Highwoods Realty LP		3.875	%	03/01/27	$	373,164
	725,000		Highwoods Realty LP		4.125		03/15/28		734,087
	700,000		Highwoods Realty LP		4.200		04/15/29		709,959
	975,000		Kilroy Realty LP		4.750		12/15/28		1,037,993
	675,000		Liberty Property LP		4.375		02/01/29		704,535
	1,500,000		Mid-America Apartments LP		4.300		10/15/23		1,563,065
	1,000,000		Mid-America Apartments LP		3.750		06/15/24		1,019,389
	850,000		Mid-America Apartments LP		4.000		11/15/25		875,425
	750,000		Mid-America Apartments LP		3.600		06/01/27		746,179
	275,000		National Retail Properties, Inc		3.800		10/15/22		281,063
	525,000		National Retail Properties, Inc		3.300		04/15/23		528,351
	550,000		National Retail Properties, Inc		4.000		11/15/25		564,250
	600,000		National Retail Properties, Inc		3.600		12/15/26		598,052
	875,000		Regency Centers LP		3.900		11/01/25		892,133
	925,000		Regency Centers LP		3.600		02/01/27		920,761
	1,550,000		Ventas Realty LP		4.000		03/01/28		1,571,078
	1,150,000		Weingarten Realty Investors		3.375		10/15/22		1,154,821
	450,000		Weingarten Realty Investors		3.500		04/15/23		452,033
	400,000		Weingarten Realty Investors		4.450		01/15/24		414,244
	925,000		Weingarten Realty Investors		3.850		06/01/25		927,104
	300,000		Weingarten Realty Investors		3.250		08/15/26		284,419
	3,500,000	g	WeWork Cos, Inc		7.875		05/01/25		3,220,000
			TOTAL REAL ESTATE						37,908,099

RETAILING - 0.6%
	1,700,000		Asbury Automotive Group, Inc		6.000		12/15/24		1,748,365
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,588,816
	900,000		AutoNation, Inc		3.800		11/15/27		838,708
	1,775,000		Home Depot, Inc		2.000		04/01/21		1,755,938
	2,100,000		L Brands, Inc		6.875		11/01/35		1,813,875
	2,100,000		L Brands, Inc		6.750		07/01/36		1,764,000
	250,000	g	Lithia Motors, Inc		5.250		08/01/25		251,250
	383,000		Men’s Wearhouse, Inc		7.000		07/01/22		377,255
	1,400,000		O’Reilly Automotive, Inc		3.600		09/01/27		1,395,573
	2,145,000		Penske Automotive Group, Inc		5.500		05/15/26		2,112,825
	3,450,000	†,g	PetSmart, Inc		7.125		03/15/23		2,570,250
	1,100,000	g	Rolls-Royce plc		2.375		10/14/20		1,090,137
	400,000	g	Rolls-Royce plc		3.625		10/14/25		398,741
	2,200,000	g	Staples, Inc		8.500		09/15/25		2,398,000
	2,200,000		Target Corp		3.375		04/15/29		2,230,154
	1,125,000		Target Corp		3.625		04/15/46		1,064,471
			TOTAL RETAILING						26,398,358

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	3,980,000		Intel Corp		2.875		05/11/24		4,012,017
	975,000		Intel Corp		2.600		05/19/26		954,197
	1,325,000		Intel Corp		3.734		12/08/47		1,338,602
	700,000		Texas Instruments, Inc		2.625		05/15/24		696,098
	775,000		Texas Instruments, Inc		4.150		05/15/48		836,447
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						7,837,361

SOFTWARE & SERVICES - 0.7%
	825,000		Activision Blizzard, Inc		2.300		09/15/21		813,614

189

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	875,000		Activision Blizzard, Inc		3.400	%	09/15/26	$	857,893
	2,000,000		Baidu, Inc		2.875		07/06/22		1,974,008
	1,275,000		Baidu, Inc		4.375		05/14/24		1,321,692
	1,700,000	g	Banff Merger Sub, Inc		9.750		09/01/26		1,649,000
	1,199,000		Fidelity National Information Services, Inc		3.625		10/15/20		1,211,745
	500,000		IHS Markit Ltd		4.125		08/01/23		509,920
	800,000		IHS Markit Ltd		4.750		08/01/28		837,048
	3,000,000		Microsoft Corp		2.400		08/08/26		2,911,095
	750,000		Microsoft Corp		4.100		02/06/37		816,964
	1,180,000		Microsoft Corp		3.700		08/08/46		1,207,993
	1,925,000	g	Open Text Corp		5.875		06/01/26		2,011,625
	2,200,000		Oracle Corp		2.500		05/15/22		2,188,937
	3,575,000		Oracle Corp		2.650		07/15/26		3,459,323
	1,175,000		Oracle Corp		3.800		11/15/37		1,176,509
	1,500,000		Oracle Corp		4.000		11/15/47		1,510,064
	1,600,000	g	Refinitiv US Holdings		8.250		11/15/26		1,570,000
	730,000	g	Sabre GLBL, Inc		5.375		04/15/23		746,191
	650,000		salesforce.com, Inc		3.700		04/11/28		681,581
	1,350,000		Total System Services, Inc		4.450		06/01/28		1,378,169
			TOTAL SOFTWARE & SERVICES						28,833,371

TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	725,000		Amphenol Corp		3.125		09/15/21		731,300
	375,000		Amphenol Corp		4.350		06/01/29		396,819
	5,575,000		Apple, Inc		2.450		08/04/26		5,385,994
	7,825,000		Apple, Inc		3.200		05/11/27		7,896,649
	875,000		Apple, Inc		4.650		02/23/46		990,470
	800,000		Broadcom Corp		3.875		01/15/27		764,788
	1,200,000	g	CommScope, Inc		5.500		06/15/24		1,174,920
	1,900,000	g	CommScope, Inc		6.000		06/15/25		1,847,180
	525,000		Corning, Inc		4.375		11/15/57		489,239
	2,550,000	g	Dell International LLC		4.420		06/15/21		2,616,597
	650,000	g	Dell International LLC		7.125		06/15/24		689,245
	2,900,000	g	Dell International LLC		5.300		10/01/29		2,918,778
	800,000		L-3 Technologies, Inc		3.850		06/15/23		824,838
	1,300,000	g	NXP BV		4.875		03/01/24		1,371,786
	2,350,000	g	Sensata Technologies BV		5.625		11/01/24		2,502,750
	2,925,000		Tyco Electronics Group S.A.		2.350		08/01/19		2,920,680
	1,500,000		Tyco Electronics Group S.A.		3.500		02/03/22		1,516,257
	450,000		Tyco Electronics Group S.A.		3.700		02/15/26		455,168
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						35,493,458

TELECOMMUNICATION SERVICES - 1.5%
	5,675,000		AT&T, Inc		3.400		05/15/25		5,619,124
	3,700,000		AT&T, Inc		4.350		03/01/29		3,781,143
	8,375,000		AT&T, Inc		4.300		02/15/30		8,482,687
	2,085,000		AT&T, Inc		4.500		05/15/35		2,056,964
	1,050,000		AT&T, Inc		4.500		03/09/48		988,794
	3,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,951,087
	1,325,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		1,364,750
	3,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		3,007,500
	3,000,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		2,931,538
	2,000,000	g	ENTEL Chile S.A.		4.875		10/30/24		2,046,032

190

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,150,000	g	MTN Mauritius Investment Ltd		6.500	%	10/13/26	$	2,184,974
	500,000		Orange S.A.		5.375		01/13/42		567,258
	2,400,000	g	Oztel Holdings SPC Ltd		5.625		10/24/23		2,385,178
	450,000		Telefonica Emisiones SAU		4.103		03/08/27		455,981
	925,000		T-Mobile USA, Inc		6.375		03/01/25		963,202
	2,300,000	g	Turkcell Iletisim Hizmetleri AS.		5.800		04/11/28		1,992,798
	146,000		Verizon Communications, Inc		3.376		02/15/25		148,027
	4,270,000		Verizon Communications, Inc		4.329		09/21/28		4,527,159
	800,000		Verizon Communications, Inc		3.875		02/08/29		822,473
	963,000	g	Verizon Communications, Inc		4.016		12/03/29		995,208
	9,113,000		Verizon Communications, Inc		4.272		01/15/36		9,230,503
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,228,941
	675,000		Verizon Communications, Inc		4.522		09/15/48		693,655
	4,200,000		Vodafone Group plc		4.375		05/30/28		4,272,943
			TOTAL TELECOMMUNICATION SERVICES						63,697,919

TRANSPORTATION - 0.7%
	600,000	g	Bombardier, Inc		6.125		01/15/23		608,250
	1,000,000	g	Bombardier, Inc		7.500		03/15/25		1,030,000
	800,000	g	Bombardier, Inc		7.875		04/15/27		825,000
	750,000		CSX Corp		3.250		06/01/27		740,959
	700,000		CSX Corp		3.800		03/01/28		718,691
	2,400,000		CSX Corp		4.250		03/15/29		2,550,709
	1,950,000		CSX Corp		3.800		11/01/46		1,844,396
	1,500,000		CSX Corp		4.300		03/01/48		1,531,899
	1,950,000		Delta Air Lines, Inc		3.625		03/15/22		1,963,390
	1,575,000		Delta Air Lines, Inc		3.800		04/19/23		1,592,234
	2,025,000	g	DP World Ltd		5.625		09/25/48		2,105,113
	900,000		FedEx Corp		4.100		02/01/45		815,904
	2,325,000		FedEx Corp		4.050		02/15/48		2,077,846
	4,900,000		Kansas City Southern		2.350		05/15/20		4,866,341
	1,925,000		Northrop Grumman Corp		3.250		01/15/28		1,893,728
	725,000		Northrop Grumman Corp		4.030		10/15/47		717,825
	1,550,000		Union Pacific Corp		3.950		09/10/28		1,627,010
	1,575,000		Union Pacific Corp		4.500		09/10/48		1,676,925
			TOTAL TRANSPORTATION						29,186,220

UTILITIES - 2.4%
	325,000		AEP Transmission Co LLC		3.100		12/01/26		321,655
	350,000		AEP Transmission Co LLC		4.000		12/01/46		352,962
	2,020,000	g	AES Argentina Generacion S.A.		7.750		02/02/24		1,708,738
	1,875,000	g	AES Gener S.A.		7.125		03/26/79		1,917,187
	1,800,000		AGL Capital Corp		3.875		11/15/25		1,821,435
	625,000		AGL Capital Corp		4.400		06/01/43		626,324
	700,000		Alabama Power Co		4.150		08/15/44		724,067
	1,850,000		Ameren Corp		3.650		02/15/26		1,864,978
	525,000		American Water Capital Corp		3.000		12/01/26		509,170
	500,000		American Water Capital Corp		4.000		12/01/46		499,775
	1,475,000		American Water Capital Corp		3.750		09/01/47		1,430,985
	250,000		Atmos Energy Corp		4.125		10/15/44		261,306
	1,325,000		Baltimore Gas & Electric Co		3.750		08/15/47		1,282,475
	925,000		Black Hills Corp		4.250		11/30/23		959,196
	325,000		Black Hills Corp		3.150		01/15/27		310,119

191

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,575,000	g	Calpine Corp			5.250	%	06/01/26	$	2,562,125
	300,000		CenterPoint Energy Resources Corp			6.250		02/01/37		353,185
	1,525,000	g	Cerro del Aguila S.A.			4.125		08/16/27		1,505,938
	1,125,000	g	Clearway Energy Operating LLC			5.750		10/15/25		1,129,219
	1,000,000		CMS Energy Corp			3.600		11/15/25		1,004,413
	200,000		Commonwealth Edison Co			5.900		03/15/36		246,809
	750,000		Dominion Resources, Inc			2.000		08/15/21		732,240
	1,825,000		DTE Electric Co			3.750		08/15/47		1,819,102
	1,175,000		Duke Energy Corp			1.800		09/01/21		1,146,848
	1,725,000		Duke Energy Corp			2.650		09/01/26		1,643,864
	1,175,000		Duke Energy Corp			3.750		09/01/46		1,101,185
	3,600,000		Enel Chile S.A.			4.875		06/12/28		3,796,560
	1,125,000		Entergy Corp			2.950		09/01/26		1,081,845
	1,325,000	g	Eskom Holdings SOC Ltd			6.350		08/10/28		1,363,232
	3,450,000	g	Eskom Holdings SOC Ltd			8.450		08/10/28		3,620,299
	1,850,000		Exelon Generation Co LLC			3.400		03/15/22		1,876,030
	1,425,000		Florida Power & Light Co			3.990		03/01/49		1,495,068
	1,625,000		Fortis, Inc			3.055		10/04/26		1,555,538
	5,000,000	g,i	Golden State RE II Ltd	LIBOR 3 M + 2.200%		4.989		01/08/23		5,009,000
	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru			6.375		06/01/28		1,697,063
	750,000		Indiana Michigan Power Co			3.750		07/01/47		716,262
	125,000		Integrys Energy Group, Inc			4.170		11/01/20		126,546
	3,000,000	g	Israel Electric Corp Ltd			4.250		08/14/28		3,016,341
	100,000	g	Kansas Gas & Electric			6.700		06/15/19		100,743
	1,900,000	g	KazTransGas JSC			4.375		09/26/27		1,842,867
	2,750,000	g	Latam Finance Ltd			7.000		03/01/26		2,794,000
	350,000		LG&E and KU Energy LLC			3.750		11/15/20		353,894
	1,550,000		MidAmerican Energy Co			3.650		08/01/48		1,509,046
	1,675,000	g	Minejesa Capital BV			4.625		08/10/30		1,624,112
	800,000	g	Minejesa Capital BV			5.625		08/10/37		793,646
	1,000,000		Nevada Power Co			5.450		05/15/41		1,164,093
	550,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		545,875
	1,700,000		NiSource Finance Corp			3.490		05/15/27		1,697,246
	1,400,000		Northern States Power Co			3.600		09/15/47		1,370,269
	1,000,000		NRG Energy, Inc			6.250		05/01/24		1,031,250
	1,350,000		NRG Energy, Inc			5.750		01/15/28		1,431,000
	1,550,000		Ohio Power Co			4.150		04/01/48		1,617,675
	1,225,000		Oncor Electric Delivery Co LLC			2.150		06/01/19		1,223,936
	2,000,000	g	Pelabuhan Indonesia III PT			4.875		10/01/24		2,092,500
	2,000,000	g	Perusahaan Listrik Negara PT			4.125		05/15/27		1,970,545
	1,800,000	g	Perusahaan Listrik Negara PT			5.450		05/21/28		1,921,463
	50,000		Potomac Electric Power Co			7.900		12/15/38		76,152
	500,000		PPL Capital Funding, Inc			4.200		06/15/22		513,128
	2,475,000		PSEG Power LLC			3.850		06/01/23		2,536,775
	550,000		Public Service Co of Colorado			4.750		08/15/41		602,572
	400,000		Public Service Co of Oklahoma			5.150		12/01/19		406,585
	1,775,000	g	Rio Oil Finance Trust			8.200		04/06/28		1,921,012
	2,721,322	g	Solar Star Funding LLC			3.950		06/30/35		2,643,599
	1,325,000		Southern Co			4.400		07/01/46		1,335,644
	425,000		Southern Co Gas Capital Corp			3.950		10/01/46		399,388
	1,650,000		Southern Power Co			2.500		12/15/21		1,632,398
	1,550,000		Southern Power Co			4.150		12/01/25		1,605,521
	1,875,000		Southwest Gas Corp			3.700		04/01/28		1,912,028

192

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,457,500	g	Star Energy Geothermal Wayang Windu Ltd		6.750	%	04/24/33	$	2,462,673
	1,000,000	g	Suzano Austria GmbH		6.000		01/15/29		1,065,210
	1,325,000	g	Suzano Austria GmbH		7.000		03/16/47		1,477,375
	650,000		Virginia Electric & Power Co		2.950		11/15/26		636,822
	650,000		Virginia Electric & Power Co		3.500		03/15/27		662,405
	775,000		Virginia Electric & Power Co		3.800		09/15/47		749,088
	2,350,000	g	Vistra Operations Co LLC		5.625		02/15/27		2,441,063
	850,000		Wisconsin Power & Light Co		4.100		10/15/44		839,409
	575,000		Xcel Energy, Inc		3.350		12/01/26		576,102
	215,000		Xcel Energy, Inc		4.800		09/15/41		229,147
			TOTAL UTILITIES						104,997,340

			TOTAL CORPORATE BONDS						1,335,788,042
			(Cost $1,329,348,419)

GOVERNMENT BONDS - 42.9%

FOREIGN GOVERNMENT BONDS - 3.5%
	3,000,000	g	Angolan Government International Bond		8.250		05/09/28		3,128,580
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,425,724
	2,200,000		Argentina Republic Government International Bond		5.625		01/26/22		1,897,500
	1,600,000		Argentina Republic Government International Bond		5.875		01/11/28		1,227,200
	375,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		215,625
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,402,562
	3,150,000	g	Bermuda Government International Bond		4.750		02/15/29		3,323,250
	3,100,000		Brazilian Government International Bond		5.625		02/21/47		3,076,750
	3,300,000		Chile Government International Bond		3.240		02/06/28		3,356,100
	2,450,000		Colombia Government International Bond		5.000		06/15/45		2,570,540
	1,575,000	g	Costa Rica Government International Bond		7.158		03/12/45		1,519,875
DOP	81,200,000	g	Dominican Republic Government International Bond		8.900		02/15/23		1,567,885
	160,000,000	g	Dominican Republic Government International Bond		12.000		03/05/32		3,510,519
$	3,000,000	g	Dominican Republic Government International Bond		6.500		02/15/48		3,090,000
	2,625,000	g	Ecuador Government International Bond		8.875		10/23/27		2,625,000
	1,125,000	g	Egypt Government International Bond		5.577		02/21/23		1,117,133
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,489,717
	2,475,000	g	Egypt Government International Bond		8.500		01/31/47		2,526,312
	1,200,000	g	El Salvador Government International Bond		7.625		02/01/41		1,230,000
	1,800,000	g	Export Credit Bank of Turkey		4.250		09/18/22		1,585,868
	1,500,000	g	Export-Import Bank of China		2.850		09/16/20		1,494,166
	600,000	g	Export-Import Bank of India		3.875		02/01/28		591,089
	598,181	g	Ghana Government International Bond		7.875		08/07/23		623,923
	2,200,000	g	Ghana Government International Bond		8.125		03/26/32		2,191,398
	1,500,000	g	Ghana Government International Bond		8.627		06/16/49		1,464,924
	3,100,000	g	Guatemala Government International Bond		4.375		06/05/27		2,978,480
EUR	2,500,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		2,861,902
$	3,100,000		Israel Government International Bond		3.250		01/17/28		3,134,680
	2,175,000		Israel Government International Bond		4.125		01/17/48		2,248,639

193

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,900,500	g	Ivory Coast Government International Bond (Step Bond)			5.750	%	12/31/32	$	1,799,583
	3,025,000		Jamaica Government International Bond			6.750		04/28/28		3,361,531
	2,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		2,532,100
JPY	2,300,000,000		Japan Government Two Year Bond			0.100		04/15/19		20,754,330
$	775,000	g	Kommunalbanken AS.			1.375		10/26/20		762,166
	1,560,000	g	Kommunalbanken AS.			2.750		02/05/24		1,583,841
	1,650,000	g	Korea Housing Finance Corp			2.000		10/11/21		1,612,443
	1,500,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,488,865
	3,550,000	g	Kuwait Government International Bond			2.750		03/20/22		3,547,668
	2,200,000		Mexico Government International Bond			4.150		03/28/27		2,236,740
	1,859,000		Mexico Government International Bond			6.050		01/11/40		2,119,260
	1,500,000	g	Nederlandse Waterschapsbank NV			1.875		04/14/22		1,477,587
	1,725,000	g	Nigeria Government International Bond			6.500		11/28/27		1,705,466
	700,000	g	Nigeria Government International Bond			7.143		02/23/30		700,497
	2,000,000		Panama Government International Bond			4.500		05/15/47		2,109,400
	925,000	g	Paraguay Government International Bond			4.700		03/27/27		962,916
	1,475,000	g	Paraguay Government International Bond			5.400		03/30/50		1,545,062
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		3,442,976
	2,800,000	g	Perusahaan Penerbit SBSN Indonesia III			4.400		03/01/28		2,877,000
	925,000	g	Petroamazonas EP			4.625		11/06/20		905,072
	1,650,000	g	Provincia de Buenos Aires			7.875		06/15/27		1,200,375
	1,500,000	g	Provincia de Mendoza Argentina			8.375		05/19/24		1,203,750
	2,450,000	g	Qatar Government International Bond			4.817		03/14/49		2,582,146
	2,475,000		Republic of South Africa Government International Bond			4.850		09/27/27		2,414,605
	2,150,000	g	Republic of Uzbekistan Government International Bond			4.750		02/20/24		2,138,455
	3,175,000	g	Saudi Government International Bond			4.500		04/17/30		3,337,963
	1,200,000	g	Senegal Government International Bond			6.250		05/23/33		1,153,067
	2,350,000		South Africa Government International Bond			4.300		10/12/28		2,193,730
	1,500,000	g	Sri Lanka Government International Bond			6.850		03/14/24		1,528,430
	1,550,000	g	Sri Lanka Government International Bond			6.850		11/03/25		1,559,374
	2,000,000		Turkey Government International Bond			6.875		03/17/36		1,820,734
	3,550,000	g	Ukraine Government International Bond			7.375		09/25/32		3,164,587
UYU	41,525,000	g	Uruguay Government International Bond			9.875		06/20/22		1,230,807
$	3,000,000	g	Zambia Government International Bond			8.500		04/14/24		2,198,301
			TOTAL FOREIGN GOVERNMENT BONDS							148,726,168

MORTGAGE BACKED - 20.3%
	2,632,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		2,629,544
	6,482,209		FHLMC			3.500		08/15/43		6,664,100
	4,930,363		FHLMC			3.000		03/15/44		4,940,786
	6,259,770		FHLMC			3.500		09/15/44		6,394,663
	14,009,634	i	FHLMC	LIBOR 1 M + 0.300%		2.784		06/15/48		13,865,678
	8,756,021	i	FHLMC			5.946		06/15/48		9,937,358
	7,053,986	i	FHLMC			5.866		10/15/48		7,892,974
	1,710		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		1,716
	2,067,674		FGLMC			3.500		03/01/27		2,117,610
	1,263		FGLMC			8.000		01/01/31		1,338
	252,696		FGLMC			7.000		12/01/33		290,039
	52,488		FGLMC			4.500		10/01/34		55,560

194

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	76,589		FGLMC		7.000	%	05/01/35	$	87,389
	2,516,806		FGLMC		5.000		06/01/36		2,712,044
	1,258,780		FGLMC		4.500		10/01/44		1,329,195
	169,329		FGLMC		4.500		11/01/44		178,842
	246,254		FGLMC		4.500		11/01/44		260,095
	95,322		FGLMC		4.500		12/01/44		99,954
	156,447		FGLMC		4.500		12/01/44		165,208
	1,202,671		FGLMC		3.500		04/01/45		1,231,669
	9,180,664		FGLMC		3.500		10/01/45		9,394,941
	7,195,075		FGLMC		4.000		12/01/45		7,522,693
	25,058,292		FGLMC		3.500		08/01/46		25,643,170
	14,613,909		FGLMC		3.000		01/01/47		14,556,023
	38,129,558		FGLMC		3.000		02/01/47		37,978,526
	2,553,863		FGLMC		4.500		06/01/47		2,716,497
	3,109,653		FGLMC		4.000		09/01/47		3,221,482
	38,658,597		FGLMC		3.500		03/01/48		39,492,267
	13,041,531		FGLMC		4.000		03/01/48		13,654,838
	3,554,508		FGLMC		4.000		07/01/48		3,723,779
	26,865,524		FGLMC		4.500		08/01/48		28,658,100
	2,540		Federal National Mortgage Association (FNMA)		9.000		11/01/25		2,745
	1,933		FNMA		7.500		01/01/29		2,098
	3,526,203		FNMA		3.500		02/01/32		3,608,679
	3,072,685		FNMA		3.500		05/01/32		3,152,685
	5,359,619		FNMA		3.500		07/01/32		5,484,929
	10,883,347		FNMA		3.000		11/01/32		10,983,771
	78,821		FNMA		4.500		10/01/33		83,354
	3,592,112		FNMA		5.000		05/01/35		3,864,563
	1,999,090		FNMA		5.000		10/01/35		2,151,428
	1,514,527		FNMA		5.000		02/01/36		1,637,589
	984,360		FNMA		5.500		11/01/38		1,082,037
	324,123		FNMA		5.000		08/01/40		347,688
	703,336		FNMA		5.000		09/01/40		758,720
	912,931		FNMA		5.000		05/01/41		984,832
	236,105		FNMA		4.500		03/01/42		251,180
	1,076,626		FNMA		4.500		04/01/42		1,138,277
	814,066		FNMA		4.500		06/01/42		859,664
	2,514,897		FNMA		3.000		04/25/43		2,522,137
	1,706,520		FNMA		4.500		02/01/44		1,794,257
	1,361,467		FNMA		4.500		06/01/44		1,431,090
	3,948,841		FNMA		4.500		10/01/44		4,152,732
	5,885,947		FNMA		3.000		02/25/45		5,944,962
	5,548,503		FNMA		3.000		02/25/45		5,603,441
	340,107		FNMA		3.500		03/01/45		348,106
	190,137		FNMA		3.500		03/01/45		193,691
	515,456		FNMA		4.500		03/01/45		541,740
	3,412,437		FNMA		3.000		03/25/45		3,439,584
	4,635,417		FNMA		3.500		04/25/45		4,756,981
	13,185,426		FNMA		3.500		04/25/45		13,516,405
	2,921,581		FNMA		3.500		05/01/45		2,991,437
	9,484,342	h	FNMA		4.000		06/01/45		9,836,922
	12,675,607		FNMA		3.000		12/25/45		12,719,355
	1,521,808		FNMA		3.500		01/01/46		1,556,410

195

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,174,781		FNMA		4.000	%	01/01/46	$	8,540,145
	1,900,984	h	FNMA		4.000		03/01/46		1,973,413
	783,815		FNMA		3.500		06/01/46		801,369
	2,653,843		FNMA		3.500		08/01/46		2,701,692
	2,747,087		FNMA		3.500		10/01/46		2,808,613
	37,652,957	h	FNMA		3.000		11/01/46		37,498,461
	10,359,254		FNMA		3.500		12/01/46		10,527,388
	57,514,356		FNMA		3.500		01/01/47		58,368,109
	3,197,136		FNMA		3.000		04/25/47		3,205,008
	535,634		FNMA		3.500		11/01/47		544,087
	6,586,688		FNMA		3.500		12/01/47		6,690,275
	4,022,269		FNMA		3.500		01/01/48		4,085,514
	14,570,795		FNMA		4.500		01/01/48		15,520,476
	2,975,250		FNMA		4.500		02/01/48		3,168,809
	23,131,743		FNMA		3.000		02/25/48		23,256,765
	5,890,298		FNMA		4.000		03/01/48		6,159,208
	12,908,110		FNMA		4.500		03/01/48		13,747,854
	55,901,753		FNMA		4.000		04/01/48		57,719,084
	10,483,024		FNMA		4.500		05/01/48		11,165,036
	7,936,916		FNMA		4.500		05/01/48		8,453,289
	50,806,687	h	FNMA		4.000		08/01/48		52,375,336
	5,656,765		FNMA		5.000		08/01/48		6,127,511
	20,228,308	h	FNMA		4.500		12/01/48		21,137,683
	10,224,280		FNMA		5.000		12/01/48		10,824,238
	2,000,000	h	FNMA		3.000		04/25/49		1,991,719
	3,000,000	h	FNMA		3.500		04/25/49		3,041,602
	95,917		Government National Mortgage Association (GNMA)		5.000		02/15/33		100,122
	297,431		GNMA		5.000		09/15/33		319,347
	4,291,632		GNMA		3.700		10/15/33		4,381,838
	19,895		GNMA		6.000		10/20/36		22,071
	22,911		GNMA		6.000		01/20/37		25,402
	36,702		GNMA		6.000		02/20/37		40,702
	31,951		GNMA		5.000		04/15/38		34,327
	15,617		GNMA		6.000		08/20/38		17,278
	12,206		GNMA		4.500		02/20/39		12,961
	17,274		GNMA		4.500		08/20/41		18,340
	59,667		GNMA		4.500		09/20/41		63,338
	13,490		GNMA		4.500		01/20/44		14,325
	13,550		GNMA		4.500		02/20/44		14,388
	26,033		GNMA		4.500		05/20/44		27,643
	167,630		GNMA		4.500		05/20/44		178,003
	191,164		GNMA		4.500		08/20/44		202,953
	130,352		GNMA		4.500		09/20/44		136,462
	72,340		GNMA		4.500		10/20/44		76,596
	38,954		GNMA		4.500		11/20/44		40,875
	118,312		GNMA		4.500		12/20/44		125,633
	173,712		GNMA		4.500		02/20/45		184,416
	227,254		GNMA		4.500		08/20/45		241,318
	185,810		GNMA		4.500		08/20/45		196,177
	200,217		GNMA		4.500		12/20/45		212,509
	9,485,865		GNMA		4.000		06/20/46		1,460,344
	18,594,657		GNMA		3.000		12/20/47		18,689,361

196

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	33,326,068	GNMA		3.500	%	12/20/47	$	34,078,651
	27,812,186	GNMA		3.000		01/20/48		27,953,835
	29,909,189	GNMA		3.500		01/20/48		30,582,518
	13,535,969	GNMA		4.000		12/20/48		13,986,177
	10,974,612	GNMA		3.500		01/20/49		11,208,611
		TOTAL MORTGAGE BACKED						872,240,772

MUNICIPAL BONDS - 4.5%
	1,000,000	Anaheim City School District		3.825		08/01/23		1,039,680
	1,064,700	California Earthquake Authority		2.805		07/01/19		1,064,327
	5,000,000	California Housing Finance Agency		2.966		08/01/22		5,037,350
	2,000,000	California State University		3.803		11/01/30		2,078,420
	9,745,000	Chicago Housing Authority		3.922		01/01/27		10,172,903
	7,500,000	Chicago Housing Authority		4.361		01/01/38		7,930,125
	1,620,000	City & County of San Francisco CA Community Facilities District		3.000		09/01/25		1,626,512
	1,200,000	City & County of San Francisco CA Community Facilities District		3.250		09/01/27		1,212,720
	1,040,000	City of Fort Worth TX		3.955		03/01/32		1,059,469
	1,390,000	City of Fort Worth TX		4.088		03/01/37		1,417,828
	2,500,000	City of Inglewood CA		4.300		09/01/40		2,568,325
	500,000	City of San Angelo TX Water & Sewer Revenue		4.261		02/15/37		517,260
	2,995,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		2,957,293
	5,000,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		4,945,150
	1,555,000	County of Miami-Dade FL Aviation Revenue		3.354		10/01/29		1,550,522
	5,000,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		5,159,250
	3,000,000	Denver City & County School District No		4.242		12/15/37		3,268,830
	2,000,000	Florida Municipal Power Agency		2.769		10/01/23		1,975,860
	2,100,000	Florida Municipal Power Agency		2.919		10/01/24		2,088,597
	3,000,000	Florida Municipal Power Agency		3.059		10/01/25		3,009,600
	600,000	Grant County Public Utility District No 2		5.630		01/01/27		711,750
	845,000	Illinois Housing Development Authority		4.105		07/01/27		868,567
	2,430,000	Indiana Finance Authority		3.166		07/01/30		2,432,673
	2,270,000	Los Angeles County Public Works Financing Authority		2.910		12/01/20		2,275,471
	1,250,000	Los Angeles County Public Works Financing Authority		3.450		12/01/22		1,280,437
	2,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		1,965,660
	3,840,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		3,760,128
	1,250,000	Maryland Community Development Administration Housing Revenue		2.713		03/01/25		1,230,463
	7,065,000	Maryland Community Development Administration Housing Revenue		3.797		03/01/39		6,938,960
	5,000,000	Maryland Health & Higher Educational Facilities Authority		3.632		07/01/24		5,168,000
	95,000	Massachusetts Housing Finance Agency		2.807		12/01/19		95,092
	520,000	Massachusetts Housing Finance Agency		4.786		12/01/32		536,271
	2,085,000	Massachusetts Housing Finance Agency		4.621		12/01/38		2,150,365
	1,035,000	Massachusetts Housing Finance Agency		4.721		06/01/40		1,079,577
	500,000	New Jersey Economic Development Authority		3.300		06/15/19		499,970

197

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	575,000		New Jersey Economic Development Authority		3.500	%	06/15/20	$	576,018
	1,000,000		New Jersey Economic Development Authority		3.800		06/15/20		1,005,280
	7,500,000		New Jersey Economic Development Authority		4.271		06/15/20		7,582,575
	500,000		New Jersey Economic Development Authority		3.700		06/15/21		503,605
	3,515,000		New Jersey Economic Development Authority		4.150		06/15/22		3,588,639
	1,500,000		New Jersey Educational Facilities Authority		2.304		07/01/22		1,475,160
	1,415,000		New Jersey Educational Facilities Authority		2.504		07/01/23		1,402,675
	1,615,000		New Jersey Institute of Technology		4.177		07/01/37		1,657,345
	2,655,000		New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,874,064
	1,000,000		New York City Transitional Finance Authority Future Tax Secured Revenue		3.780		02/01/26		1,027,100
	2,495,000		New York Transportation Development Corp		5.000		01/01/27		2,938,337
	5,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		4,826,750
	2,500,000		Palm Beach County Solid Waste Authority		2.636		10/01/24		2,497,350
	5,500,000		Palm Desert Redevelopment Agency		2.750		10/01/22		5,511,495
	6,155,000		Palm Desert Redevelopment Agency		3.000		10/01/23		6,214,888
	1,690,000		Port of Corpus Christi Authority of Nueces County		2.888		12/01/21		1,692,738
	2,000,000		Port of Seattle WA		3.471		05/01/31		2,015,180
	3,975,000		Public Finance Authority		4.269		07/01/40		4,175,380
	1,390,000		Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		1,341,142
	1,800,000		Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		1,729,062
	5,000,000		Rhode Island Convention Center Authority		3.195		05/15/26		5,035,850
	3,750,000		Rhode Island Convention Center Authority		3.265		05/15/27		3,773,400
	5,000,000		San Jose Redevelopment Agency		3.250		08/01/29		4,998,550
	2,100,000		State of Colorado		4.047		09/01/38		2,153,865
	500,000		University of California		2.676		05/15/21		501,250
	4,500,000		University of California		2.817		05/15/24		4,544,190
	7,000,000		University of California		3.063		07/01/25		7,123,340
	3,000,000		University of California		3.169		05/15/29		2,994,990
	4,420,000		University of California		3.552		05/15/39		4,415,138
	6,385,000		Virgin Islands Public Finance Authority		5.000		10/01/21		6,177,488
	3,585,000	g	Virgin Islands Water & Power Authority-Electric System		7.000		07/01/20		3,578,439
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,791,457
			TOTAL MUNICIPAL BONDS						194,396,145

U.S. TREASURY SECURITIES - 14.6%
	15,000,000		United States Treasury Bond		4.375		11/15/39		19,095,117
	20,000,000		United States Treasury Bond		4.375		05/15/40		25,492,188
	5,000,000		United States Treasury Bond		4.750		02/15/41		6,700,977
	12,000,000		United States Treasury Bond		2.500		02/15/46		11,311,406
	15,000,000		United States Treasury Bond		2.500		05/15/46		14,131,641
	10,675,000		United States Treasury Bond		3.000		05/15/47		11,088,239
	24,400,000		United States Treasury Bond		2.750		08/15/47		24,110,250
	33,350,000		United States Treasury Bond		3.000		02/15/48		34,588,900
	70,080,000		United States Treasury Bond		3.000		08/15/48		72,713,475
	19,485,000		United States Treasury Bond		3.375		11/15/48		21,735,670
	11,000,000		United States Treasury Note		1.500		11/30/19		10,931,680

198

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,485,000		United States Treasury Note			2.250	%	03/31/20	$	2,481,214
	895,000		United States Treasury Note			2.375		04/30/20		894,790
	45,000,000		United States Treasury Note			1.625		06/30/20		44,578,125
	20,000,000		United States Treasury Note			2.625		07/31/20		20,065,625
	45,000,000		United States Treasury Note			2.625		08/15/20		45,154,687
	5,130,000		United States Treasury Note			2.500		01/31/21		5,148,837
	20,000,000		United States Treasury Note			2.125		08/15/21		19,938,281
	45,000,000		United States Treasury Note			2.000		12/31/21		44,739,844
	32,500,000		United States Treasury Note			1.875		01/31/22		32,181,348
	34,215,000		United States Treasury Note			2.500		02/15/22		34,475,622
	20,000,000		United States Treasury Note			1.750		02/28/22		19,730,469
	4,870,000		United States Treasury Note			2.375		03/15/22		4,892,828
	1,600,000		United States Treasury Note			2.000		11/30/22		1,587,500
	2,480,000		United States Treasury Note			2.625		12/31/23		2,523,400
	7,250,000		United States Treasury Note			2.375		02/29/24		7,301,260
	500,000		United States Treasury Note			2.125		07/31/24		496,660
	24,860,000		United States Treasury Note			2.625		02/15/29		25,343,604
	62,025,000		United States Treasury Note			3.000		02/15/49		64,392,126
			TOTAL U.S. TREASURY SECURITIES							627,825,763

			TOTAL GOVERNMENT BONDS							1,843,188,848
			(Cost $1,822,053,722)

STRUCTURED ASSETS - 18.5%

ASSET BACKED - 7.5%
	7,165,641	g	Adams Outdoor Advertising LP			4.810		11/15/48		7,481,596
			Series - 2018 1 (Class A)
	5,000,000	g	Adams Outdoor Advertising LP			7.356		11/15/48		5,157,986
			Series - 2018 1 (Class C)
	10,000,000		AmeriCredit Automobile Receivables Trust			2.710		09/08/22		9,963,504
			Series - 2016 3 (Class D)
	1,713,450	g	Apollo Aviation Securitization Equity Trust			6.413		01/16/38		1,708,980
			Series - 2018 1A (Class C)
	3,950,000	g	Applebee’s Funding LLC			4.277		09/05/44		3,967,209
			Series - 2014 1 (Class A2)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.780		06/20/22		3,031,767
			Series - 2016 1A (Class B)
	5,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.360		11/20/22		5,003,134
			Series - 2016 2A (Class B)
	6,830,000	g	Avis Budget Rental Car Funding AESOP LLC			4.830		11/20/22		6,952,909
			Series - 2016 2A (Class C)
	8,500,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		8,472,368
			Series - 2017 2A (Class A)
	1,500,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.650%		3.146		02/28/41		1,469,234
			Series - 2006 A (Class M3)
	437,459	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.490%		2.976		07/25/35		436,735
			Series - 2005 SD3 (Class 1A)
	277,745	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.600%		3.086		02/25/36		277,858
			Series - 2006 EC2 (Class M1)
	100,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		3.156		04/25/36		99,151
			Series - 2006 SD1 (Class M1)

199

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,100,000		Capital Auto Receivables Asset Trust			3.160	%	11/20/20	$	1,100,815
			Series - 2015 2 (Class D)
	2,250,000		Capital Auto Receivables Asset Trust			2.420		06/21/21		2,240,465
			Series - 2016 2 (Class C)
	3,000,000		Capital Auto Receivables Asset Trust			3.160		11/20/23		3,006,036
			Series - 2016 2 (Class D)
	5,000,000	g	Capital Automotive REIT			3.660		10/15/44		5,003,983
			Series - 2014 1A (Class A)
	4,904,167	g	Capital Automotive REIT			3.870		04/15/47		4,938,428
			Series - 2017 1A (Class A1)
	1,589,005	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.566		07/25/36		1,564,190
			Series - 2006 CB6 (Class A1)
	6,451,318	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		3.095		04/07/52		0
			Series - 2007 1A (Class A2)
	476,190	g	CCR, Inc			4.750		07/10/22		474,643
			Series - 2012 CA (Class C)
	33,751		Centex Home Equity			5.540		01/25/32		33,972
			Series - 2002 A (Class AF6)
	3,200,000	g,i	Core Industrial Trust			3.849		02/10/34		3,227,100
			Series - 2015 TEXW (Class D)
	39,528		Countrywide Asset-Backed Certificates (Step Bond)			5.216		10/25/27		40,443
			Series - 2002 S4 (Class A5)
	7,200,000	g	DB Master Finance LLC			3.980		02/20/45		7,190,352
			Series - 2015 1A (Class A2II)
	4,937,500	g	DB Master Finance LLC			3.629		11/20/47		4,940,907
			Series - 2017 1A (Class A2I)
	9,375,000	g,h	DB Master Finance LLC			3.787		05/20/49		9,435,289
			Series - 2019 1A (Class A2I)
	4,050,000	g,h	DB Master Finance LLC			4.021		05/20/49		4,080,524
			Series - 2019 1A (Class A2II)
	3,250,000	g,h	DB Master Finance LLC			4.352		05/20/49		3,286,770
			Series - 2019 1A (Class A23)
	5,806,147	g	Diamond Resorts Owner Trust			3.700		01/21/31		5,898,224
			Series - 2018 1 (Class A)
	1,548,306	g	Diamond Resorts Owner Trust			5.900		01/21/31		1,568,913
			Series - 2018 1 (Class D)
	4,784,700	g	Domino’s Pizza Master Issuer LLC			4.474		10/25/45		4,937,906
			Series - 2015 1A (Class A2II)
	2,955,000	g,i	Domino’s Pizza Master Issuer LLC	LIBOR 3 M + 1.250%		2.551		07/25/47		2,946,667
			Series - 2017 1A (Class A2I)
	4,925,000	g	Domino’s Pizza Master Issuer LLC			4.118		07/25/47		4,996,511
			Series - 2017 1A (Class A23)
	1,588,000	g	Domino’s Pizza Master Issuer LLC			4.116		07/25/48		1,611,931
			Series - 2018 1A (Class A2I)
	5,000,000	g,i	Dryden 50 Senior Loan Fund	LIBOR 3 M + 2.250%		5.037		07/15/30		4,946,586
			Series - 2017 50A (Class C)
	4,100,000	g,i	Galaxy XIX CLO Ltd	LIBOR 3 M + 1.220%		2.585		07/24/30		4,085,718
			Series - 2015 19A (Class A1R)
	750,258	g	HERO Funding Trust			3.280		09/20/48		740,576
			Series - 2017 2A (Class A1)
	1,500,515	g	HERO Funding Trust			4.070		09/20/48		1,526,756
			Series - 2017 2A (Class A2)

200

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,859,825	†,g	HERO Residual Funding			4.500	%	09/21/42	$	1,850,526
			Series - 2016 1R (Class A1)
	6,000,000	g	Hertz Vehicle Financing LLC			3.110		07/25/20		5,993,817
			Series - 2016 3A (Class B)
	2,000,000	g	Hertz Vehicle Financing LLC			4.430		07/25/20		2,002,917
			Series - 2016 3A (Class C)
	10,000,000	g	Hertz Vehicle Financing LLC			4.030		07/25/24		10,251,922
			Series - 2018 3A (Class A)
	1,632,498	g	Hilton Grand Vacations Trust			2.660		12/26/28		1,619,976
			Series - 2017 AA (Class A)
	2,720,830	g	Hilton Grand Vacations Trust			2.960		12/26/28		2,681,958
			Series - 2017 AA (Class B)
	2,077,865	g	Hilton Grand Vacations Trust			4.000		02/25/32		2,105,245
			Series - 2018 AA (Class C)
	724,304		MASTR Asset Backed Securities Trust (Step Bond)			5.648		11/25/35		717,081
			Series - 2005 AB1 (Class A4)
	1,481,248	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 1.050%		3.266		12/27/33		1,479,752
			Series - 2004 NC1 (Class M1)
	2,478,785	g	Mosaic Solar Loans LLC			3.820		06/22/43		2,470,323
			Series - 2017 2A (Class A)
	800,000	g,i	MSCG Trust			3.462		06/07/35		752,210
			Series - 2015 ALDR (Class C)
	4,310,000	g,i	MSCG Trust			3.462		06/07/35		3,810,743
			Series - 2015 ALDR (Class D)
	1,111,964	g	MVW Owner Trust			2.520		12/20/32		1,100,402
			Series - 2015 1A (Class A)
	1,535,336	g	MVW Owner Trust			2.640		12/20/33		1,514,454
			Series - 2016 1A (Class B)
	2,200,769	g	MVW Owner Trust			2.420		12/20/34		2,158,945
			Series - 2017 1A (Class A)
	3,724,056	g	MVW Owner Trust			3.900		01/21/36		3,770,828
			Series - 2018 1A (Class C)
	1,334,387	i	NovaStar Mortgage Funding Trust	LIBOR 1 M + 1.125%		3.615		09/25/33		1,337,753
			Series - 2003 2 (Class M1)
	668,558		Oakwood Mortgage Investors, Inc			5.410		11/15/32		685,316
			Series - 2002 C (Class A1)
	289,135	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		285,223
			Series - 2014 AA (Class B)
	1,374,259	g	Orange Lake Timeshare Trust			3.100		11/08/30		1,378,445
			Series - 2018 A (Class A)
	4,228,750	g	Planet Fitness Master Issuer LLC			4.262		09/05/48		4,297,002
			Series - 2018 1A (Class A2I)
	2,487,500	g	Planet Fitness Master Issuer LLC			4.666		09/05/48		2,566,802
			Series - 2018 1A (Class A2II)
	1,200,000	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			5.000		03/27/33		1,193,776
			Series - 2018 NPL2 (Class A2)
	2,898,993	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.213		07/25/60		2,908,826
			Series - 2019 NPL1 (Class A1)
	3,500,000		PSNH Funding LLC			3.506		08/01/28		3,594,858
			Series - 2018 1 (Class A2)

201

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	490,000	i	RASC	LIBOR 1 M + 0.590%		3.080	%	08/25/35	$	489,516
			Series - 2005 KS8 (Class M4)
	3,464,395		Santander Drive Auto Receivables Trust			2.660		11/15/21		3,462,702
			Series - 2016 2 (Class C)
	128,615		Santander Drive Auto Receivables Trust			2.740		12/15/21		128,579
			Series - 2015 5 (Class C)
	3,156,348		Santander Drive Auto Receivables Trust			3.090		04/15/22		3,158,287
			Series - 2016 1 (Class C)
	1,800,000		Santander Drive Auto Receivables Trust			3.390		04/15/22		1,810,571
			Series - 2016 2 (Class D)
	171,045		Saxon Asset Securities Trust (Step Bond)			6.120		11/25/30		176,665
			Series - 2002 2 (Class AF6)
	3,161,985	g	Sierra Receivables Funding Co LLC			3.200		03/20/34		3,146,574
			Series - 2017 1A (Class B)
	350,963	g	Sierra Timeshare Receivables Funding LLC			2.430		06/20/32		347,532
			Series - 2015 2A (Class A)
	1,397,547	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		1,390,002
			Series - 2015 3A (Class A)
	1,955,854	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		1,949,588
			Series - 2015 3A (Class B)
	1,144,346	g	Sierra Timeshare Receivables Funding LLC			2.330		07/20/33		1,128,428
			Series - 2016 2A (Class A)
	2,288,692	g	Sierra Timeshare Receivables Funding LLC			2.780		07/20/33		2,260,131
			Series - 2016 2A (Class B)
	2,558,068	g	Sierra Timeshare Receivables Funding LLC			3.650		06/20/35		2,581,358
			Series - 2018 2A (Class B)
	1,650,000	g	SoFi Professional Loan Program LLC			2.630		07/25/40		1,620,173
			Series - 2017 C (Class A2B)
	519,773	g	SolarCity LMC			4.800		11/20/38		537,780
			Series - 2013 1 (Class A)
	687,088	g	SolarCity LMC			4.590		04/20/44		700,457
			Series - 2014 1 (Class A)
	1,163,577	g	SolarCity LMC			4.020		07/20/44		1,167,529
			Series - 2014 2 (Class A)
	9,081,615	g	SpringCastle America Funding LLC			3.050		04/25/29		9,070,148
			Series - 2016 AA (Class A)
	8,300,000	g	SpringCastle America Funding LLC			4.100		10/25/33		8,436,562
			Series - 2016 AA (Class B)
	18,572	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		3.386		09/25/34		18,419
			Series - 2004 8 (Class M1)
	24,530	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		3.486		09/25/34		24,409
			Series - 2004 8 (Class A9)
	1,148,302	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		3.989		04/25/35		1,121,672
			Series - 2005 7XS (Class 2A1A)
	1,500,000		Synchrony Credit Card Master Note Trust			2.620		10/15/25		1,495,867
			Series - 2017 2 (Class A)
	7,442,438	g	Taco Bell Funding LLC			4.970		05/25/46		7,786,278
			Series - 2016 1A (Class A23)
	9,675,750	g	Taco Bell Funding LLC			4.318		11/25/48		9,955,379
			Series - 2018 1A (Class A2I)
	3,990,000	g	Taco Bell Funding LLC			4.940		11/25/48		4,170,428
			Series - 2018 1A (Class A2II)

202

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	7,349,543	g	TES LLC			4.330	%	10/20/47	$	7,571,563
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,592,764
			Series - 2017 1A (Class B)
	4,415,389	g	Tesla Auto Lease Trust			3.710		08/20/21		4,465,784
			Series - 2018 B (Class A)
	1,646,215	g	Thunderbolt Aircraft Lease Ltd			4.500		05/17/32		1,593,380
			Series - 2017 A (Class C)
	7,753,141	g	Thunderbolt Aircraft Lease Ltd (Step Bond)			4.212		05/17/32		7,872,146
			Series - 2017 A (Class A)
	3,076,861	g	VOLT LXII LLC (Step Bond)			3.125		09/25/47		3,065,319
			Series - 2017 NPL9 (Class A1)
	584,169	g	VOLT LXV LLC (Step Bond)			3.750		04/25/48		582,683
			Series - 2018 NPL1 (Class A1)
	2,458,656	g	VOLT LXXIII LLC (Step Bond)			4.458		10/25/48		2,474,947
			Series - 2018 NPL9 (Class A1A)
	1,078,132	g	VOLT LXXV LLC (Step Bond)			4.336		01/25/49		1,086,239
			Series - 2019 NPL1 (Class A1A)
	2,330,388	g	VOLT LXXV LLC (Step Bond)			3.967		02/25/49		2,333,324
			Series - 2019 NPL2 (Class A1)
	2,000,000	g	VOLT LXXV LLC (Step Bond)			3.967		03/25/49		2,002,182
			Series - 2019 NPL3 (Class A1)
	9,065	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		2.846		05/25/35		9,065
			Series - 2005 SD1 (Class A)
	8,887,500	g	Wendys Funding LLC			3.573		03/15/48		8,761,831
			Series - 2018 1A (Class A2I)
	7,900,000	g	Wendys Funding LLC			3.884		03/15/48		7,788,373
			Series - 2018 1A (Class A2II)
			TOTAL ASSET BACKED							320,709,870

OTHER MORTGAGE BACKED - 11.0%
	10,000,000	g,i	20 TSQ GroundCo LLC			3.100		05/15/35		9,687,690
			Series - 2018 20TS (Class D)
	1,051,275	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		1,042,165
			Series - 2014 3 (Class A13)
	1,395,178	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		1,371,283
			Series - 2015 6 (Class A9)
	320,809	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.986		06/25/34		319,556
			Series - 2004 8CB (Class M1)
	1,693,917	i	American Home Mortgage Investment Trust	LIBOR 6 M + 1.500%		4.312		10/25/34		1,675,282
			Series - 2004 3 (Class 4A)
	10,700,000		Banc of America Commercial Mortgage Trust			3.019		07/15/49		10,705,357
			Series - 2016 UB10 (Class ASB)
	178,563	g,i	Banc of America Commercial Mortgage Trust			5.678		02/10/51		180,949
			Series - 2007 4 (Class E)
	5,363,449	i	Banc of America Commercial Mortgage Trust			5.763		02/10/51		5,056,740
			Series - 2007 5 (Class AJ)
	6,000,000	†,g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		923,400
			Series - 2007 5 (Class B)
	5,000,000	g,i	BBCMS Mortgage Trust			4.267		08/05/38		4,415,030
			Series - 2018 CHRS (Class E)
	1,000,000	i	CD Commercial Mortgage Trust			4.029		11/10/49		996,599
			Series - 2016 CD2 (Class C)

203

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	4,500,000		CD Mortgage Trust			2.622	%	08/10/49	$	4,452,478
			Series - 2016 CD1 (Class ASB)
	5,000,000	i	CFCRE Commercial Mortgage Trust			3.502		11/10/49		4,999,920
			Series - 2016 C6 (Class AM)
	263,688		Citicorp Mortgage Securities, Inc			5.500		07/25/35		260,720
			Series - 2005 4 (Class 1A7)
	5,000,000		Citigroup Commercial Mortgage Trust			3.003		05/10/49		5,023,647
			Series - 2016 C1 (Class AAB)
	20,000,000	g	COMM Mortgage Trust			2.841		08/15/45		20,047,586
			Series - 2012 CR2 (Class A3)
	1,151,295	g,i	COMM Mortgage Trust			4.793		08/10/46		1,217,437
			Series - 2013 CR10 (Class B)
	5,000,000		COMM Mortgage Trust			4.199		03/10/47		5,176,951
			Series - 2014 UBS2 (Class AM)
	3,092,577	i	COMM Mortgage Trust			4.959		03/10/47		3,185,535
			Series - 2014 UBS2 (Class C)
	5,000,000		COMM Mortgage Trust			3.828		07/15/47		5,204,197
			Series - 2014 CR18 (Class A5)
	2,452,500	i	COMM Mortgage Trust			4.456		07/15/47		2,553,040
			Series - 2014 CR18 (Class B)
	2,700,000		COMM Mortgage Trust			3.917		10/10/47		2,823,357
			Series - 2014 LC17 (Class A5)
	2,200,000	i	COMM Mortgage Trust			3.926		03/10/48		2,223,807
			Series - 2015 CR22 (Class B)
	5,000,000	g,i	COMM Mortgage Trust			4.118		03/10/48		4,731,477
			Series - 2015 CR22 (Class D)
	1,555,500	i	COMM Mortgage Trust			4.118		03/10/48		1,590,088
			Series - 2015 CR22 (Class C)
	6,000,000	g,i	COMM Mortgage Trust			3.685		05/10/48		5,980,894
			Series - 2015 CR23 (Class CMD)
	2,000,000		COMM Mortgage Trust			3.801		05/10/48		2,048,241
			Series - 2015 CR23 (Class AM)
	4,000,000	i	COMM Mortgage Trust			4.252		05/10/48		3,822,114
			Series - 2015 CR23 (Class D)
	2,500,000	i	COMM Mortgage Trust			3.463		08/10/48		2,188,482
			Series - 2015 CR24 (Class D)
	1,190,000		COMM Mortgage Trust			3.696		08/10/48		1,231,332
			Series - 2015 CR24 (Class A5)
	2,500,000	i	COMM Mortgage Trust			4.379		08/10/48		2,580,725
			Series - 2015 CR24 (Class C)
	9,044,000		COMM Mortgage Trust			2.972		10/10/49		9,009,010
			Series - 2016 COR1 (Class ASB)
	5,000,000		COMM Mortgage Trust			4.181		05/10/51		5,303,953
			Series - 2018 COR3 (Class ASB)
	1,465,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		5.086		05/25/24		1,535,873
			Series - 2014 C02 (Class 1M2)
	6,909,691	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.486		07/25/24		7,335,289
			Series - 2014 C03 (Class 1M2)
	1,746,694	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		7.486		11/25/24		1,949,412
			Series - 2014 C04 (Class 2M2)
	753,425	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.436		10/25/29		754,747
			Series - 2017 C03 (Class 1M1)
	5,256,679	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		11/25/29		5,262,757
			Series - 2017 C04 (Class 2M1)

204

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,227,535	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		3.086	%	07/25/30	$	3,220,163
			Series - 2018 C01 (Class 1M1)
	4,834,291	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		3.166		10/25/30		4,832,229
			Series - 2018 C03 (Class 1M1)
	52,038	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		3.236		12/25/30		52,032
			Series - 2018 C04 (Class 2M1)
	6,644,910	i	Connecticut Avenue Securities	LIBOR 1 M + 0.720%		3.206		01/25/31		6,643,244
			Series - 2018 C05 (Class 1M1)
	1,230,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.100%		4.586		03/25/31		1,214,263
			Series - 2018 C06 (Class 2M2)
	270,858	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		07/25/31		270,946
			Series - 2019 R01 (Class 2M1)
	175,000	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		4.936		07/25/31		175,219
			Series - 2019 R01 (Class 2M2)
	993,039	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		08/25/31		993,732
			Series - 2019 R02 (Class 1M1)
	220,669		Countrywide Alternative Loan Trust			5.000		04/25/20		216,937
			Series - 2005 6CB (Class 2A1)
	613,261	i	Countrywide Alternative Loan Trust	LIBOR 1 M + 0.230%		2.718		07/20/35		592,171
			Series - 2005 24 (Class 4A1)
	589,645	i	Countrywide Home Loan Mortgage Pass Through Trust			4.267		11/20/34		594,795
			Series - 2004 HYB6 (Class A2)
	77,008		Countrywide Home Loan Mortgage Pass Through Trust			5.250		09/25/35		74,187
			Series - 2005 17 (Class 1A10)
	9,400,914	g,i	CSMC Trust			3.500		02/25/48		9,175,089
			Series - 2018 J1 (Class A11)
	4,000,000		DBJPM			3.539		05/10/49		4,032,740
			Series - 2016 C1 (Class AM)
	2,083,000	g,i	DBUBS Mortgage Trust			5.339		08/10/44		2,182,520
			Series - 2011 LC3A (Class B)
	3,631,715	g,i	Flagstar Mortgage Trust			3.500		03/25/47		3,631,857
			Series - 2017 1 (Class 1A5)
	6,616,290	g,i	Flagstar Mortgage Trust			4.000		05/25/48		6,686,493
			Series - 2018 3INV (Class A3)
	1,371,853	g,i	Flagstar Mortgage Trust			4.000		09/25/48		1,370,365
			Series - 2018 5 (Class A11)
	2,864,000	i	GE Capital Commercial Mortgage Corp			5.941		11/10/45		2,856,851
			Series - 2005 C4 (Class B)
	14,346,000	i	GS Mortgage Securities Corp II			3.978		03/10/51		15,095,019
			Series - 2018 GS9 (Class AAB)
	650,772		GSR Mortgage Loan Trust			6.000		01/25/35		663,667
			Series - 2005 1F (Class 3A3)
	2,729,439	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.102		08/19/45		2,662,320
			Series - 2005 11 (Class 2A1A)
	146,373	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.146		03/25/35		143,578
			Series - 2004 11 (Class 2A1)
	1,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			4.003		01/15/46		1,683,653
			Series - 2013 C13 (Class D)

205

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			5.399	%	07/15/46	$	323,633
			Series - 2011 C4 (Class C)
	10,000,000		JP Morgan Chase Commercial Mortgage Securities Trust			2.713		08/15/49		9,928,324
			Series - 2016 JP2 (Class ASB)
	5,000,000		JP Morgan Chase Commercial Mortgage Securities Trust			3.379		09/15/50		5,078,247
			Series - 2017 JP7 (Class A3)
	13,032,985	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.646		06/25/37		12,784,870
			Series - 2007 CH5 (Class A1)
	856,507	i	JP Morgan Mortgage Trust			4.628		11/25/33		877,965
			Series - 2006 A2 (Class 5A3)
	1,746,300	g,i	JP Morgan Mortgage Trust			3.623		12/25/44		1,745,079
			Series - 2015 1 (Class B1)
	496,632	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		489,802
			Series - 2015 3 (Class A19)
	1,667,462	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		1,648,325
			Series - 2015 6 (Class A13)
	1,011,335	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		996,819
			Series - 2016 1 (Class A13)
	8,874,614	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		8,880,506
			Series - 2017 1 (Class A3)
	1,552,385	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		1,553,416
			Series - 2017 2 (Class A5)
	1,241,559	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		1,228,371
			Series - 2017 2 (Class A13)
	1,140,789	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		1,141,546
			Series - 2017 3 (Class 1A5)
	2,100,607	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		2,102,001
			Series - 2018 3 (Class A5)
	6,035,091	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		6,039,098
			Series - 2018 5 (Class A5)
	7,519,238	g,i	JP Morgan Mortgage Trust			3.000		12/25/48		7,402,043
			Series - 2017 6 (Class A6)
	8,835,564	g,i	JP Morgan Mortgage Trust			3.500		12/25/48		8,841,431
			Series - 2018 6 (Class 1A3)
	1,891,822	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		1,892,040
			Series - 2018 8 (Class A13)
	2,233,337	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		2,240,722
			Series - 2018 9 (Class A13)
	4,900,052	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		4,924,150
			Series - 2019 1 (Class A15)
	1,000,000		JPMBB Commercial Mortgage Securities Trust			3.657		09/15/47		1,025,214
			Series - 2014 C23 (Class ASB)
	5,000,000		JPMBB Commercial Mortgage Securities Trust			3.634		02/15/48		5,073,416
			Series - 2015 C27 (Class AS)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.344		02/15/48		1,016,184
			Series - 2015 C27 (Class C)
	5,450,000		JPMBB Commercial Mortgage Securities Trust			3.227		10/15/48		5,500,176
			Series - 2015 C28 (Class A4)
	9,250,000		JPMBB Commercial Mortgage Securities Trust			3.576		03/15/49		9,510,000
			Series - 2016 C1 (Class A5)

206

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	675,260		Lehman Mortgage Trust			5.500	%	11/25/35	$	628,547
			Series - 2005 1 (Class 2A4)
	3,259,857	i	ML-CFC Commercial Mortgage Trust			5.501		03/12/51		3,261,845
			Series - 2007 6 (Class AM)
	1,942,118	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.750		12/15/46		2,039,504
			Series - 2014 C19 (Class LNC3)
	12,304,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.249		02/15/48		12,460,690
			Series - 2015 C20 (Class A4)
	925,000		Morgan Stanley Bank of America Merrill Lynch Trust			4.160		02/15/48		950,847
			Series - 2015 C20 (Class B)
	2,927,900	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.705%		3.191		02/25/35		2,921,434
			Series - 2005 WMC2 (Class M3)
	42,830	i	Morgan Stanley Capital I Trust			5.389		11/12/41		42,671
			Series - 2006 HQ10 (Class AJ)
	10,000,000		Morgan Stanley Capital I Trust			2.606		08/15/49		9,853,624
			Series - 2016 UB11 (Class ASB)
	1,897,980	i	Morgan Stanley Capital I Trust			6.113		12/12/49		1,429,756
			Series - 2007 IQ16 (Class AJFX)
	1,628,632	i	Option One Mortgage Loan Trust	LIBOR 1 M + 0.795%		3.281		05/25/34		1,588,770
			Series - 2004 2 (Class M1)
	1,133,384	g,i	Sequoia Mortgage Trust			3.500		06/25/46		1,120,263
			Series - 2016 1 (Class A19)
	5,605,402	g,i	Sequoia Mortgage Trust			3.500		11/25/46		5,615,283
			Series - 2016 3 (Class A10)
	4,207,695	g,i	Sequoia Mortgage Trust			3.500		02/25/47		4,215,748
			Series - 2017 1 (Class A4)
	3,142,264	g,i	Sequoia Mortgage Trust			3.500		02/25/47		3,100,266
			Series - 2017 2 (Class A19)
	11,518,677	g,i	Sequoia Mortgage Trust			3.500		04/25/47		11,584,080
			Series - 2017 3 (Class A4)
	3,175,530	g,i	Sequoia Mortgage Trust			3.500		04/25/47		3,134,629
			Series - 2017 3 (Class A19)
	12,329,721	g,i	Sequoia Mortgage Trust			3.500		08/25/47		12,342,131
			Series - 2017 5 (Class A4)
	5,526,799	g,i	Sequoia Mortgage Trust			3.500		02/25/48		5,452,273
			Series - 2018 2 (Class A19)
	2,540,528	g,h,i	Sequoia Mortgage Trust			3.500		03/25/48		2,525,344
			Series - 2018 3 (Class A1)
	1,573,422	g,i	Sequoia Mortgage Trust			4.000		06/25/48		1,591,226
			Series - 2018 CH2 (Class A21)
	766,450	g,i	Shellpoint Co-Originator Trust			3.500		11/25/46		764,452
			Series - 2016 1 (Class 1A10)
	3,899,174	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		3,885,504
			Series - 2017 1 (Class A4)
	3,955,271	g,h,i	Shellpoint Co-Originator Trust			3.500		10/25/47		3,938,552
			Series - 2017 2 (Class A1)
	505,467	i	Structured Adjustable Rate Mortgage Loan Trust	LIBOR 1 M + 0.340%		2.826		08/25/35		503,698
			Series - 2005 16XS (Class A1)

207

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,200,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 4.650%		7.136	%	10/25/28	$	3,571,629
			Series - 2016 DNA2 (Class M3)
	170,573	i	STACR	LIBOR 1 M + 1.200%		3.686		07/25/29		171,297
			Series - 2017 DNA1 (Class M1)
	2,756,391	i	STACR	LIBOR 1 M + 1.200%		3.686		10/25/29		2,771,079
			Series - 2017 DNA2 (Class M1)
	2,045,704	i	STACR	LIBOR 1 M + 0.750%		3.236		03/25/30		2,044,434
			Series - 2017 DNA3 (Class M1)
	1,602,734	g,i	STACR			3.819		05/25/48		1,601,167
			Series - 2018 SPI2 (Class M1)
	3,565,873	g,i	STACR			4.167		08/25/48		3,590,696
			Series - 2018 SPI3 (Class M1)
	2,895,600	g	VSE VOI Mortgage LLC			4.020		02/20/36		2,935,509
			Series - 2018 A (Class C)
	1,717,564	i	Wachovia Bank Commercial Mortgage Trust			5.876		05/15/46		1,727,732
			Series - 2007 C34 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust			5.951		05/15/46		3,020,760
			Series - 2007 C34 (Class B)
	1,695,000	i	Wachovia Bank Commercial Mortgage Trust			5.951		05/15/46		1,711,950
			Series - 2007 C34 (Class C)
	6,673,006	i	Wachovia Bank Commercial Mortgage Trust			5.748		04/15/47		6,646,490
			Series - 2007 C31 (Class F)
	5,000,000		Wells Fargo Commercial Mortgage Trust			3.540		05/15/48		5,118,369
			Series - 2015 C28 (Class A4)
	4,950,000	i	Wells Fargo Commercial Mortgage Trust			3.767		07/15/58		5,139,929
			Series - 2015 NXS2 (Class A5)
	3,000,000	i	WFRBS Commercial Mortgage Trust			3.714		03/15/45		3,035,914
			Series - 2013 C11 (Class B)
	1,000,000		WFRBS Commercial Mortgage Trust			3.553		05/15/45		1,008,190
			Series - 2013 C13 (Class B)
	9,027,000		WFRBS Commercial Mortgage Trust			3.607		11/15/47		9,274,880
			Series - 2014 C24 (Class A5)
			TOTAL OTHER MORTGAGE BACKED							468,495,730

			TOTAL STRUCTURED ASSETS							789,205,600
			(Cost $792,178,326)

			TOTAL BONDS							3,968,182,490
			(Cost $3,943,580,467)

SHARES			COMPANY
COMMON STOCKS - 0.1%

ENERGY - 0.1%
	38,800		Peabody Energy Corp							1,099,204
	70,170	*	Tidewater, Inc							1,627,242
			TOTAL ENERGY							2,726,446

			TOTAL COMMON STOCKS							2,726,446
			(Cost $1,863,393)

208

TIAA-CREF FUNDS - Bond Plus Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
	12,977		Tidewater, Inc					$	324,814
			TOTAL ENERGY						324,814

			TOTAL RIGHTS / WARRANTS						324,814
			(Cost $270,181)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 5.4%

GOVERNMENT AGENCY DEBT - 0.6%
$	25,000,000		Federal Home Loan Bank (FHLB)		2.250	%	04/01/19		25,000,000
			TOTAL GOVERNMENT AGENCY DEBT						25,000,000

TREASURY DEBT - 4.8%
EGP	83,250,000	j	Egypt Treasury Bill		0.000		03/03/20		4,155,150
$	36,440,000		United States Treasury Bill		2.383		04/02/19		36,437,596
	7,200,000		United States Treasury Bill		2.419		04/04/19		7,198,583
	93,100,000		United States Treasury Bill		2.427		04/16/19		93,007,240
	9,000,000		United States Treasury Bill		2.416		04/23/19		8,986,800
	29,100,000		United States Treasury Bill		2.395		04/30/19		29,044,033
	28,300,000		United States Treasury Bill		2.235		05/28/19		28,194,985
			TOTAL TREASURY DEBT						207,024,387

			TOTAL SHORT-TERM INVESTMENTS						232,024,387
			(Cost $231,970,042)

			TOTAL INVESTMENTS - 100.2%						4,300,906,907
			(Cost $4,279,065,083)
			OTHER ASSETS & LIABILITIES, NET - (0.2)%						(6,791,386	)
			NET ASSETS - 100.0%					$	4,294,115,521


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

209

TIAA-CREF FUNDS - Bond Plus Fund

*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
‡		Perpetual security
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2019, the aggregate value of these securities was $962,635,717 or 22.4% 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
o		Payment in Kind Bond
q		In default

Bilateral cross currency swap contracts outstanding as of March 31, 2019 were as follows (see Note 3):

Reference
entity

Terms of
payments to
be paid

Terms of
payments to
be received

Counterparty

Maturity
date

Notional amount

Value

Upfront
premiums
paid
(received)

Unrealized
appreciation
(depreciation)

USD

Fixed semi-annual 1.940%

JP Morgan Securities

04/15/19

USD

20,664,870

$78,929

$(51,598

)

$130,527

JPY

Fixed semi-annual 0.100%

JPY

2,300,000,000



		Abbreviation(s):
JPY		Japanese Yen

Centrally cleared credit default swap contracts outstanding as of March 31, 2019 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-NAHYS31V3-5Y Index	5.000	%	Credit event as specified in contract	Citigroup Global Markets	12/20/23		$25,000,000			$(102,724	)	$	(231,929	)
CDX-NAHYS31V3-5Y Index	5.000		Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,731	)		(228,350	)
CDX-NAHYS31V3-5Y Index	5.000		Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,783	)		(197,947	)
CDX-NAHYS31V3-5Y Index	5.000		Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,750	)		(216,929	)
CDX-NAHYS31V3-5Y Index	5.000		Credit event as specified in contract	Citigroup Global Markets	12/20/23		25,000,000			(102,884	)		(140,411	)
Total										$(513,872	)	$	(1,015,565	)

210

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

March 31, 2019

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 94.6%

ALABAMA - 1.8%
$	500,000		City of Birmingham AL		5.000	%	12/01/29	$	614,280
	500,000		City of Birmingham AL		5.000		12/01/30		608,675
	630,000		County of Mobile AL		5.000		02/01/34		760,448
	2,395,000		University of South Alabama		5.000		11/01/31		2,779,134
			TOTAL ALABAMA						4,762,537

ALASKA - 1.3%
	500,000		Alaska Municipal Bond Bank Authority		5.000		12/01/31		574,460
	2,570,000		Borough of Matanuska-Susitna AK		5.000		09/01/25		3,028,617
			TOTAL ALASKA						3,603,077

ARIZONA - 0.3%
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/24		232,900
	200,000		City of Phoenix Civic Improvement Corp		5.000		07/01/25		237,888
	190,000		Pinal County Electric District No 3		5.000		07/01/33		221,289
			TOTAL ARIZONA						692,077

ARKANSAS - 0.5%
	1,000,000		City of Fort Smith AR Water & Sewer Revenue		5.000		10/01/32		1,212,480
			TOTAL ARKANSAS						1,212,480

CALIFORNIA - 5.3%
	365,000		California Educational Facilities Authority		5.000		12/01/29		441,212
	1,510,000		California Health Facilities Financing Authority		5.000		09/01/33		1,769,720
	715,000	g	California School Finance Authority		5.000		08/01/25		817,881
	225,000	g	California Statewide Communities Development Authority		5.000		12/01/28		260,314
	2,000,000		City of Los Angeles Department of Airports		5.000		05/15/27		2,394,920
	1,715,000		Elk Grove Finance Authority		5.000		09/01/30		1,930,524
	1,250,000		Golden State Tobacco Securitization Corp		5.000		06/01/47		1,243,737
	450,000		Palmdale Community Redevelopment Agency		5.000		09/01/25		537,170
	550,000		Palmdale Community Redevelopment Agency		5.000		09/01/26		671,044
	415,000		Palmdale Community Redevelopment Agency		5.000		09/01/31		494,668
	750,000		San Diego Public Facilities Financing Authority		5.000		10/15/31		887,963
	800,000		San Francisco City & County Redevelopment Agency		5.000		08/01/25		954,320
	500,000		Santee CDC Successor Agency		5.000		08/01/27		608,225
	1,000,000		State of California		5.000		09/01/24		1,172,930
			TOTAL CALIFORNIA						14,184,628

211

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COLORADO - 2.4%
$	1,500,000		City & County of Denver CO Airport System Revenue		5.000	%	11/15/30	$	1,793,505
	2,155,000		Colorado Health Facilities Authority		5.000		01/01/32		2,204,587
	250,000		Colorado Health Facilities Authority		5.000		12/01/41		282,195
	310,000		Denver Health & Hospital Authority		5.000		12/01/28		368,667
	470,000		Eagle County Airport Terminal Corp		4.000		05/01/24		514,260
	1,000,000		Interlocken Metropolitan District		5.000		12/01/27		1,213,640
			TOTAL COLORADO						6,376,854

CONNECTICUT - 3.2%
	1,180,000		Capital Region Development Authority		5.000		06/15/29		1,395,126
	765,000		Capital Region Development Authority		5.000		06/15/33		883,965
	1,250,000		City of New Haven CT		5.000		08/15/24		1,425,263
	630,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/29		737,257
	330,000		Connecticut State Health & Educational Facilities Authority		5.000		07/01/30		383,447
	495,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/27		596,673
	350,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/32		408,187
	350,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/33		406,598
	2,000,000		University of Connecticut		5.000		03/15/28		2,306,820
			TOTAL CONNECTICUT						8,543,336

DISTRICT OF COLUMBIA - 0.4%
	955,000		District of Columbia		5.000		04/01/27		1,162,445
			TOTAL DISTRICT OF COLUMBIA						1,162,445

FLORIDA - 4.1%
	1,000,000	g	Capital Trust Agency, Inc		7.250		06/01/33		1,062,630
	250,000		County of Broward FL Airport System Revenue		5.000		10/01/27		303,115
	250,000		County of Broward FL Airport System Revenue		5.000		10/01/28		301,160
	1,100,000		Greater Orlando Aviation Authority		5.000		10/01/26		1,314,379
	175,000		Hillsborough County Aviation Authority		5.000		10/01/31		210,049
	185,000		Hillsborough County Aviation Authority		5.000		10/01/32		221,195
	190,000		Hillsborough County Aviation Authority		5.000		10/01/33		226,341
	400,000		Hillsborough County Port District		5.000		06/01/29		469,960
	1,000,000		Hillsborough County Port District		5.000		06/01/33		1,139,670
	210,000		Miami-Dade County Educational Facilities Authority		5.000		04/01/28		257,216
	1,375,000		Miami-Dade County Expressway Authority		5.000		07/01/31		1,617,220
	2,180,000		Port St. Lucie Community Redevelopment Agency		5.000		01/01/26		2,578,024
	500,000		School District of Broward County		5.000		07/01/31		585,535
	105,000		Volusia County Educational Facility Authority		5.000		10/15/24		121,940
	75,000		Volusia County Educational Facility Authority		5.000		10/15/25		88,745
	540,000		Volusia County Educational Facility Authority		5.000		10/15/32		632,885
			TOTAL FLORIDA						11,130,064

212

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GEORGIA - 2.2%
$	1,000,000		City of Atlanta Department of Aviation		5.000	%	01/01/24	$	1,152,620
	1,000,000		Dahlonega Downtown Development Authority		4.000		07/01/37		1,064,180
	1,250,000		Dahlonega Downtown Development Authority		4.000		07/01/38		1,326,462
	1,000,000		Dahlonega Downtown Development Authority		5.000		07/01/39		1,145,950
	250,000		Georgia Municipal Association, Inc		5.000		12/01/30		301,227
	1,000,000		Glynn-Brunswick Memorial Hospital Authority		5.000		08/01/47		1,108,850
			TOTAL GEORGIA						6,099,289

GUAM - 0.2%
	200,000		Port Authority of Guam		5.000		07/01/29		229,674
	200,000		Port Authority of Guam		5.000		07/01/30		227,710
			TOTAL GUAM						457,384

HAWAII - 2.3%
	1,275,000		City & County of Honolulu HI		5.000		09/01/27		1,582,607
	2,000,000		State of Hawaii		5.000		01/01/25		2,361,500
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/29		1,216,440
	1,000,000		State of Hawaii Airports System Revenue		5.000		07/01/41		1,116,630
			TOTAL HAWAII						6,277,177

IDAHO - 0.2%
	425,000		Idaho State Building Authority		5.000		09/01/24		498,015
			TOTAL IDAHO						498,015

ILLINOIS - 15.4%
	1,500,000		Chicago Board of Education		5.000		12/01/26		1,630,125
	1,500,000		Chicago Board of Education		5.000		12/01/27		1,635,375
	6,000,000	g	Chicago Board of Education		1.950		12/01/30		6,000,000
	500,000		Chicago Housing Authority		5.000		01/01/33		584,075
	2,000,000		Chicago Midway International Airport		5.000		01/01/26		2,318,720
	400,000		Chicago O’Hare International Airport		5.000		01/01/22		433,608
	750,000		Chicago O’Hare International Airport		5.000		01/01/25		866,872
	300,000		Chicago O’Hare International Airport		5.000		01/01/28		354,738
	1,000,000		Chicago O’Hare International Airport		5.000		01/01/32		1,122,410
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,123,400
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,315,672
	1,000,000		Chicago Transit Authority		5.000		06/01/25		1,147,620
	1,250,000	h	City of Chicago IL		5.000		01/01/29		1,409,712
	1,000,000		City of Chicago IL Motor Fuel Tax Revenue		5.000		01/01/24		1,078,190
	1,500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		1,620,585
	500,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/22		540,195
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/25		1,142,440
	1,000,000		City of Chicago IL Wastewater Transmission Revenue		5.000		01/01/26		1,159,360
	1,500,000		City of Chicago IL, GO		5.500		01/01/35		1,639,785
	650,000		City of Chicago IL, GO		5.500		01/01/37		707,135
	500,000		City of Chicago IL, GO		5.500		01/01/42		539,325
	1,750,000		County of Cook IL		5.000		11/15/31		1,968,995

213

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		Illinois Finance Authority		5.000	%	05/01/21	$	423,040
	500,000		Illinois Finance Authority		5.000		11/01/21		535,780
	1,000,000		Illinois State Toll Highway Authority		5.000		01/01/25		1,173,570
	2,000,000		Metropolitan Water Reclamation District of Greater Chicago		5.000		12/01/30		2,340,680
	1,500,000		Sales Tax Securitization Corp		5.000		01/01/30		1,741,770
	695,000		State of Illinois		5.000		06/15/24		764,590
	2,000,000		State of Illinois		5.000		06/01/28		2,181,580
	280,000		State of Illinois, GO		6.250		12/15/20		288,893
	250,000		Village of Broadview IL		5.000		12/01/28		300,877
	200,000		Village of Broadview IL		5.000		12/01/29		239,272
	545,000		Village of Broadview IL		5.000		12/01/30		647,749
	745,000		Village of Broadview IL		5.000		12/01/33		864,625
			TOTAL ILLINOIS						41,840,763

INDIANA - 0.4%
	1,200,000		City of Rockport IN		1.480		07/01/25		1,200,000
			TOTAL INDIANA						1,200,000


IOWA - 0.2%
	475,000		Iowa Higher Education Loan Authority		5.000		10/01/27		564,994
			TOTAL IOWA						564,994

KENTUCKY - 1.9%
	2,000,000		Kentucky Turnpike Authority		5.000		07/01/26		2,374,240
	1,250,000		Paducah Electric Plant Board		5.000		10/01/34		1,429,500
	1,250,000		Paducah Electric Plant Board		5.000		10/01/35		1,409,275
			TOTAL KENTUCKY						5,213,015

LOUISIANA - 1.5%
	750,000		Louisiana Local Government Environmental Facilities & Community Development Auth		5.000		10/01/27		902,273
	500,000		New Orleans Aviation Board		5.000		10/01/33		589,215
	1,250,000		St. Tammany Parish Hospital Service District No		5.000		07/01/33		1,474,775
	1,000,000		State of Louisiana		5.000		08/01/26		1,209,780
			TOTAL LOUISIANA						4,176,043

MAINE - 0.3%
	750,000	g	Finance Authority of Maine		5.375		12/15/33		778,605
			TOTAL MAINE						778,605

MASSACHUSETTS - 0.6%
	1,040,000		Massachusetts Department of Transportation		5.000		01/01/32		1,064,565
	500,000		Massachusetts Development Finance Agency		5.000		12/01/29		600,635
			TOTAL MASSACHUSETTS						1,665,200

214

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MICHIGAN - 3.7%
$	275,000		Lansing Community College		5.000	%	05/01/32	$	300,858
	915,000		Lansing Community College		5.000		05/01/32		1,009,300
	2,000,000		Michigan Finance Authority		5.000		04/01/25		2,316,640
	2,000,000		Michigan Finance Authority		5.000		11/15/28		2,378,160
	1,650,000		Michigan Finance Authority		5.000		07/01/44		1,764,048
	1,250,000		Wayne County Airport Authority		5.000		12/01/29		1,507,438
	385,000		Wayne County Airport Authority		5.000		12/01/29		473,916
			TOTAL MICHIGAN						9,750,360

MINNESOTA - 0.9%
	1,055,000		City of Minneapolis MN		5.000		11/15/33		1,261,400
	70,000		Duluth Economic Development Authority		5.000		02/15/33		81,285
	500,000		Northern Municipal Power Agency		5.000		01/01/26		595,100
	500,000		Northern Municipal Power Agency		5.000		01/01/28		588,895
			TOTAL MINNESOTA						2,526,680

MISSISSIPPI - 4.3%
	4,000,000		Mississippi Business Finance Corp		1.500		12/01/30		4,000,000
	1,500,000		Mississippi Development Bank		5.000		03/01/24		1,704,990
	750,000		Mississippi Development Bank		5.000		04/01/24		858,247
	1,250,000		Mississippi Development Bank		5.000		03/01/25		1,447,150
	1,045,000		Mississippi Development Bank		5.000		03/01/26		1,230,791
	1,000,000		Mississippi Development Bank		5.000		06/01/27		1,219,730
	1,000,000		Mississippi Development Bank		5.000		03/01/35		1,139,680
			TOTAL MISSISSIPPI						11,600,588

MISSOURI - 2.9%
	1,225,000		City of Kansas City MO		5.000		10/01/26		1,441,886
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/25		1,173,390
	1,000,000		City of St. Louis MO Parking Revenue		5.000		12/15/26		1,183,650
	1,500,000	g	Kansas City Land Clearance Redevelopment Authority		5.000		02/01/40		1,564,680
	450,000		St. Louis Land Clearance for Redevelopment Authority		4.000		06/01/20		459,342
	1,745,000		St. Louis Municipal Finance Corp		5.000		02/15/26		2,057,250
			TOTAL MISSOURI						7,880,198

NEBRASKA - 0.1%
	250,000		Omaha Airport Authority		5.000		12/15/22		278,165
			TOTAL NEBRASKA						278,165

NEVADA - 0.7%
	1,000,000		Las Vegas Redevelopment Agency		5.000		06/15/26		1,178,970
	625,000	g	State of Nevada Department of Business & Industry		6.950		02/15/38		640,475
			TOTAL NEVADA						1,819,445

215

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

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
NEW JERSEY - 5.3%
$	1,000,000	New Jersey Economic Development Authority		5.000	%	06/15/27	$	1,144,910
	1,000,000	New Jersey Educational Facilities Authority		5.000		07/01/27		1,200,220
	1,500,000	New Jersey Sports & Exposition Authority		5.000		09/01/24		1,671,240
	1,000,000	New Jersey Transportation Trust Fund Authority		5.000		06/15/29		1,142,260
	765,000	New Jersey Transportation Trust Fund Authority		5.000		12/15/33		857,137
	7,000,000	New Jersey Transportation Trust Fund Authority		5.000		06/15/34		7,829,010
	500,000	South Jersey Port Corp		5.000		01/01/48		548,605
		TOTAL NEW JERSEY						14,393,382

NEW YORK - 3.6%
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/25		1,149,980
	1,000,000	Brooklyn Arena Local Development Corp		5.000		07/15/26		1,165,880
	1,000,000	County of Nassau NY		5.000		10/01/26		1,209,510
	1,475,000	Metropolitan Transportation Authority		5.000		11/15/24		1,709,112
	1,000,000	Metropolitan Transportation Authority		5.000		11/15/25		1,180,420
	375,000	New York Transportation Development Corp		5.000		07/01/30		417,064
	1,000,000	New York Transportation Development Corp		5.000		08/01/31		1,041,520
	715,000	New York Transportation Development Corp		5.000		01/01/36		820,992
	1,000,000	Westchester County Local Development Corp		5.000		11/01/25		1,164,850
		TOTAL NEW YORK						9,859,328

NORTH CAROLINA - 2.5%
	100,000	City of Charlotte NC Airport Revenue		5.000		07/01/24		115,094
	100,000	City of Charlotte NC Airport Revenue		5.000		07/01/25		117,137
	1,355,000	County of Duplin NC		5.000		04/01/27		1,606,352
	240,000	North Carolina Medical Care Commission		4.000		10/01/19		241,790
	1,000,000	North Carolina Medical Care Commission		5.000		12/01/26		1,204,250
	2,000,000	North Carolina Medical Care Commission		5.000		06/01/34		2,068,120
	200,000	North Carolina Turnpike Authority		5.000		01/01/22		215,732
	1,000,000	The Charlotte-Mecklenburg Hospital Authority		5.000		01/15/26		1,193,200
		TOTAL NORTH CAROLINA						6,761,675

NORTH DAKOTA - 0.9%
	1,000,000	North Dakota Housing Finance Agency		2.400		01/01/26		1,007,240
	1,500,000	North Dakota Housing Finance Agency		2.410		01/01/49		1,500,000
		TOTAL NORTH DAKOTA						2,507,240

OHIO - 2.4%
	1,000,000	American Municipal Power, Inc		5.000		02/15/34		1,190,310
	1,000,000	City of Cleveland OH Airport System Revenue		5.000		01/01/27		1,180,780
	200,000	City of Cleveland OH Income Tax Revenue		5.000		10/01/27		245,094
	250,000	City of Cleveland OH Income Tax Revenue		5.000		10/01/28		306,600
	240,000	City of Toledo OH		4.000		12/01/29		268,145
	250,000	City of Toledo OH		4.000		12/01/30		277,263
	200,000	City of Toledo OH		4.000		12/01/31		219,752
	1,000,000	Cleveland-Cuyahoga County Port Authority		5.000		08/01/44		1,008,990

216

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000		County of Miami OH		5.000	%	08/01/32	$	1,777,665
			TOTAL OHIO						6,474,599

OKLAHOMA - 0.9%
	750,000		Oklahoma Development Finance Authority		5.000		08/15/28		888,495
	1,500,000		Oklahoma Development Finance Authority		5.250		08/15/48		1,703,250
			TOTAL OKLAHOMA						2,591,745

OREGON - 1.9%
	3,000,000	g	Oregon State Business Development Commission		6.500		04/01/31		2,896,050
	1,000,000		Oregon State Business Development Commission		11.500		04/01/31		1,077,850
	1,000,000		Tri-County Metropolitan Transportation District of Oregon		5.000		10/01/28		1,227,310
			TOTAL OREGON						5,201,210

PENNSYLVANIA - 4.1%
	1,100,000		Allegheny County Higher Education Building Authority		5.000		03/01/29		1,283,689
	480,000		Borough of Columbia PA		4.000		06/15/38		496,325
	1,000,000	g	City of Chester PA		5.000		09/30/19		1,001,310
	740,000		Coatesville School District		5.000		08/01/25		850,682
	300,000		Commonwealth of Pennsylvania		5.000		07/01/24		341,589
	2,000,000		Pennsylvania Economic Development Financing Authority		5.000		12/31/25		2,301,260
	2,500,000		Pennsylvania State University		5.000		03/01/40		2,571,700
	1,155,000		State Public School Building Authority		5.000		05/01/25		1,353,579
	915,000		Township of Northampton PA		4.000		05/15/33		975,509
			TOTAL PENNSYLVANIA						11,175,643

RHODE ISLAND - 0.7%
	825,000		Rhode Island Commerce Corp		5.000		06/15/27		1,004,817
	810,000		Rhode Island Health & Educational Building Corp		4.000		05/15/20		830,469
			TOTAL RHODE ISLAND						1,835,286

SOUTH CAROLINA - 0.1%
	250,000		Piedmont Municipal Power Agency		5.000		01/01/24		284,840
			TOTAL SOUTH CAROLINA						284,840

SOUTH DAKOTA - 0.4%
	500,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/24		582,070
	465,000		South Dakota Health & Educational Facilities Authority		5.000		11/01/25		551,643
			TOTAL SOUTH DAKOTA						1,133,713

TENNESSEE - 0.4%
	350,000		Knox County Health Educational & Housing Facility Board		5.000		04/01/20		359,195

217

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	755,000		Tennessee Energy Acquisition Corp		4.000	%	11/01/49	$	814,622
			TOTAL TENNESSEE						1,173,817

TEXAS - 8.8%
	800,000		Austin Convention Enterprises, Inc		5.000		01/01/22		863,152
	1,100,000		Central Texas Regional Mobility Authority		5.000		01/01/27		1,309,121
	1,210,000		Central Texas Regional Mobility Authority		5.000		01/01/29		1,454,444
	400,000		City of Austin TX Airport System Revenue		5.000		11/15/27		482,304
	900,000		City of Austin TX Airport System Revenue		5.000		11/15/39		1,002,294
	2,000,000		City of El Paso TX Airport Revenue		5.000		08/15/28		2,391,220
	1,970,000		City of Houston TX		5.000		03/01/32		2,337,425
	1,500,000		City of Lubbock TX		5.000		02/15/25		1,766,790
	500,000		County of Galveston TX		4.000		02/01/38		537,000
	550,000		Dallas County Utility & Reclamation District		5.000		02/15/26		654,599
	1,105,000		Love Field Airport Modernization Corp		5.250		11/01/40		1,150,703
	1,000,000		Lower Colorado River Authority		5.000		05/15/25		1,182,970
	1,000,000		North Texas Tollway Authority		5.000		01/01/30		1,208,720
	420,000		Port Freeport TX		5.000		06/01/28		486,755
	825,000		Port Freeport TX		5.000		06/01/29		962,767
	865,000		Port Freeport TX		5.000		06/01/30		1,009,083
	935,000		Port Freeport TX		5.000		06/01/32		1,075,708
	1,195,000		Tarrant County Cultural Education Facilities Finance Corp		1.480		11/15/33		1,195,000
	1,545,000		Texas Municipal Gas Acquisition & Supply Corp III		5.000		12/15/32		1,668,492
	1,000,000		University of North Texas		5.000		04/15/27		1,223,800
			TOTAL TEXAS						23,962,347

UTAH - 1.1%
	475,000		Salt Lake City Corp Airport Revenue		5.000		07/01/31		568,048
	1,000,000		Salt Lake City Corp Airport Revenue		5.000		07/01/32		1,190,300
	1,000,000		Salt Lake City Corp Airport Revenue		5.000		07/01/33		1,186,090
			TOTAL UTAH						2,944,438

VIRGIN ISLANDS - 1.8%
	2,000,000	g	Virgin Islands Public Finance Authority		5.000		09/01/25		2,223,200
	2,500,000	g	Virgin Islands Public Finance Authority		5.000		09/01/33		2,688,575
			TOTAL VIRGIN ISLANDS						4,911,775

WASHINGTON - 1.1%
	1,855,000	g	City of Bellingham WA Water & Sewer Revenue		1.700		08/01/19		1,855,000
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/29		1,167,670
			TOTAL WASHINGTON						3,022,670

WEST VIRGINIA - 1.3%
	1,000,000		West Virginia Higher Education Policy Commission		5.000		07/01/27		1,220,540
	750,000		West Virginia Hospital Finance Authority		5.000		01/01/29		901,725

218

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

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,215,000	West Virginia Hospital Finance Authority		5.000	%	01/01/30	$	1,446,579
		TOTAL WEST VIRGINIA						3,568,844

WISCONSIN - 0.2%
	500,000	Public Finance Authority		5.000		09/30/49		553,675
		TOTAL WISCONSIN						553,675

		TOTAL LONG-TERM MUNICIPAL BONDS						256,649,646
		(Cost $251,099,107)

		TOTAL INVESTMENTS - 94.6%						256,649,646
		(Cost $251,099,107)
		OTHER ASSETS & LIABILITIES, NET - 5.4%						14,582,922
		NET ASSETS - 100.0%					$	271,232,568



		Abbreviation(s):
GO		General Obligation

g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2019, the aggregate value of these securities was $21,788,720 or 8.0% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.

219

TIAA-CREF FUNDS - Green Bond Fund

TIAA-CREF FUNDS

GREEN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 4.1%

ENERGY - 2.4%
$	646,874	i	TerraForm Power Operating LLC	LIBOR 1 M + 2.000%		4.500	%	11/08/22	$	629,894
			TOTAL ENERGY							629,894

UTILITIES - 1.7%
	500,000	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.630		11/28/24		467,500
			TOTAL UTILITIES							467,500

			TOTAL BANK LOAN OBLIGATIONS							1,097,394
			(Cost $1,141,363)

BONDS - 93.2%

CORPORATE BONDS - 44.3%

BANKS - 8.6%
	500,000		Bank of America Corp			2.151		11/09/20		494,961
	250,000		First Abu Dhabi Bank PJSC			3.000		03/30/22		247,246
	500,000		HSBC Holdings plc			3.033		11/22/23		497,579
	500,000	g	ING Groep NV			4.625		01/06/26		524,849
	550,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		538,027
			TOTAL BANKS							2,302,662

CONSUMER SERVICES - 1.0%
	260,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		3.736		02/01/24		259,770
			TOTAL CONSUMER SERVICES							259,770

MATERIALS - 4.8%
	500,000		Fibria Overseas Finance Ltd			5.500		01/17/27		522,380
	525,000	g	Inversiones CMPC S.A.			4.375		04/04/27		527,828
	250,000	g	Klabin Austria GmbH			7.000		04/03/49		249,125
			TOTAL MATERIALS							1,299,333

REAL ESTATE - 3.8%
	500,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		517,382
	500,000		Digital Realty Trust LP			3.950		07/01/22		513,197
			TOTAL REAL ESTATE							1,030,579

TECHNOLOGY HARDWARE & EQUIPMENT - 3.8%
	500,000		Apple, Inc			2.850		02/23/23		504,525
	500,000		Apple, Inc			3.000		06/20/27		498,237
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,002,762

220

TIAA-CREF FUNDS - Green Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
UTILITIES - 22.3%
$	500,000		Avangrid, Inc			3.150	%	12/01/24	$	494,509
	500,000	g	Azure Power Energy Ltd			5.500		11/03/22		491,308
	550,000		DTE Electric Co			4.050		05/15/48		574,473
	500,000		Georgia Power Co			3.250		04/01/26		489,914
	500,000		Interstate Power & Light Co			4.100		09/26/28		523,113
	200,000		MidAmerican Energy Co			3.650		04/15/29		208,348
	500,000		MidAmerican Energy Co			3.950		08/01/47		511,077
	350,000		MidAmerican Energy Co			3.650		08/01/48		340,752
	150,000		NorthWestern Corp			4.176		11/15/44		153,197
	529,000		Public Service Co of Colorado			3.700		06/15/28		551,910
	500,000		Public Service Co of Colorado			4.100		06/15/48		527,356
	245,750	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		246,267
	413,907	g	Topaz Solar Farms LLC			4.875		09/30/39		405,252
	500,000		Westar Energy, Inc			2.550		07/01/26		479,666
			TOTAL UTILITIES							5,997,142

			TOTAL CORPORATE BONDS							11,892,248
			(Cost $11,342,495)

GOVERNMENT BONDS - 17.3%

AGENCY SECURITIES - 3.0%
	286,353	g	Genesis Solar Pass Through Trust			3.875		02/15/38		289,933
	250,000		Overseas Private Investment Corp (OPIC)			3.050		06/15/35		255,225
	250,000		OPIC			3.590		06/15/35		262,355
			TOTAL AGENCY SECURITIES							807,513

FOREIGN GOVERNMENT BONDS - 9.6%
	500,000		International Bank for Reconstruction & Development			2.125		03/03/25		493,480
	500,000	g	International Development Association			2.750		04/24/23		507,620
	1,000,000		North American Development Bank			4.375		02/11/20		1,013,986
	300,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		302,394
	250,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		253,160
			TOTAL FOREIGN GOVERNMENT BONDS							2,570,640

MUNICIPAL BONDS - 4.7%
	250,000		Erie City Water Authority			2.800		06/01/19		250,020
	125,000		New York State Energy Research & Development Authority			4.577		04/01/35		125,066
	105,000		New York State Environmental Facilities Corp			2.506		11/15/22		104,527
	500,000	g	Ohio Air Quality Development Authority			4.500		01/15/48		520,975
	250,000	i	State of California	LIBOR 1 M + 0.780%		3.270		04/01/47		251,000
			TOTAL MUNICIPAL BONDS							1,251,588

			TOTAL GOVERNMENT BONDS							4,629,741
			(Cost $4,546,516)

221

TIAA-CREF FUNDS - Green Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 31.6%

ASSET BACKED - 11.9%
$	562,052	g	HERO Funding Trust			3.910	%	09/20/42	$	570,863
			Series - 2016 3A (Class A2)
	133,851	g	HERO Funding Trust			4.460		09/20/47		138,227
			Series - 2017 1A (Class A2)
	330,536	g	HERO Funding Trust			3.190		09/20/48		333,213
			Series - 2017 3A (Class A1)
	666,031	g	HERO Funding Trust			3.950		09/20/48		680,618
			Series - 2017 3A (Class A2)
	244,968	g	Sunrun Athena Issuer LLC			5.310		04/30/49		253,258
			Series - 2018 1 (Class A)
	222,625	g	Tesla Auto Lease Trust			3.710		08/20/21		225,166
			Series - 2018 B (Class A)
	1,000,000		Toyota Auto Receivables Owner Trust			1.520		08/16/21		993,001
			Series - 2016 B (Class A4)
			TOTAL ASSET BACKED							3,194,346

OTHER MORTGAGE BACKED - 19.7%
	100,000	g	BBCMS Trust			4.498		08/10/35		106,223
			Series - 2015 SRCH (Class B)
	600,000	g,i	BBCMS Trust			4.957		08/10/35		629,693
			Series - 2015 SRCH (Class D)
	500,000	g	COMM Mortgage Trust			3.178		02/10/35		505,362
			Series - 2015 3BP (Class A)
	275,000	g	GRACE Mortgage Trust			3.369		06/10/28		277,929
			Series - 2014 GRCE (Class A)
	182,591	g	JP Morgan Chase Commercial Mortgage Securities Trust			3.093		07/05/32		184,282
			Series - 2012 HSBC (Class A)
	500,000	g,i	Morgan Stanley Capital I Trust			3.402		07/13/29		504,218
			Series - 2014 CPT (Class AM)
	300,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		298,674
			Series - 2013 WLSR (Class A)
	1,500,000	g	OBP Depositor LLC Trust			4.646		07/15/45		1,518,169
			Series - 2010 OBP (Class A)
	780,000	g,i	Wells Fargo Commercial Mortgage Trust			2.710		03/18/28		776,242
			Series - 2013 120B (Class A)
	500,000	g,i	Wells Fargo Commercial Mortgage Trust	LIBOR 1 M + 0.750%		3.234		12/15/34		496,387
			Series - 2017 SMP (Class A)
			TOTAL OTHER MORTGAGE BACKED							5,297,179

			TOTAL STRUCTURED ASSETS							8,491,525
			(Cost $8,348,092)

			TOTAL BONDS							25,013,514
			(Cost $24,237,103)

SHORT-TERM INVESTMENTS - 2.5%

GOVERNMENT AGENCY DEBT - 0.6%
	170,000		Federal Home Loan Bank (FHLB)			2.398		04/01/19		170,000
			TOTAL GOVERNMENT AGENCY DEBT							170,000

222

TIAA-CREF FUNDS - Green Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
TREASURY DEBT - 1.9%
$	500,000	United States Treasury Bill		2.250	%	04/11/19	$	499,668
		TOTAL TREASURY DEBT						499,668

		TOTAL SHORT-TERM INVESTMENTS						669,668
		(Cost $669,668)

		TOTAL INVESTMENTS - 99.8%						26,780,576
		(Cost $26,048,134)
		OTHER ASSETS & LIABILITIES, NET - 0.2%						59,440
		NET ASSETS - 100.0%					$	26,840,016



		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 3/31/2019, the aggregate value of these securities was $11,817,235 or 44.0% 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.

223

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 7.1%

AUTOMOBILES & COMPONENTS - 0.2%
$	8,525,139	i	Gates Global LLC	LIBOR 1 M + 2.750%		5.250	%	04/01/24	$	8,406,384
			TOTAL AUTOMOBILES & COMPONENTS							8,406,384

CAPITAL GOODS - 0.4%
	1,637,313	i	Proampac PG Borrower LLC	LIBOR 1 and 3 M + 3.500%		5.990		11/20/23		1,578,468
	4,443,835	i	Titan Acquisition Ltd	LIBOR 1 M + 3.000%		5.500		03/28/25		4,123,879
	9,626,382	i	TransDigm, Inc	LIBOR 1 M + 2.500%		5.000		06/09/23		9,392,942
			TOTAL CAPITAL GOODS							15,095,289

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	14,690,101	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		6.030		11/14/22		14,260,416
	745,208	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		9.499		05/15/23		715,400
	4,254,792	i	WASH Multifamily Laundry Systems LLC	LIBOR 1 M + 7.000%		9.500		05/15/23		4,084,600
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							19,060,416

CONSUMER SERVICES - 1.3%
	7,131,447	i	Allied Universal Holdco LLC	LIBOR 1 M + 3.750%		6.250		07/28/22		6,881,847
	14,962,500	i	Allied Universal Holdco LLC	Prime 3 M + 3.250%		8.500		07/28/22		14,569,734
	13,275,000	i	CDS US Intermediate Holdings, Inc	LIBOR 1 and 3 M + 8.250%		10.750		07/10/23		11,798,156
	9,751,313	i	KUEHG Corp	LIBOR 3 M + 3.750%		6.350		02/21/25		9,615,184
	8,800,000	i	KUEHG Corp	LIBOR 3 M + 8.250%		10.851		08/16/25		8,712,000
	3,678,531	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.250		08/14/24		3,578,695
			TOTAL CONSUMER SERVICES							55,155,616

ENERGY - 0.4%
	10,845,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.870		12/31/21		11,421,195
	4,825,461	i	Petrochoice Holdings, Inc	LIBOR 3 M + 5.000%		7.740		08/21/22		4,801,334
			TOTAL ENERGY							16,222,529

HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	9,975,000	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		6.250		10/10/25		9,318,346
	6,175,000	i	Gentiva Health Services, Inc	LIBOR 1 M + 7.000%		9.500		07/02/26		6,298,500
	88,359	i	Heartland Dental LLC	LIBOR 1 and 3 M + 3.750%		6.162		04/30/25		85,625
	4,611,942	i	Heartland Dental LLC	LIBOR 1 M + 3.750%		6.250		04/30/25		4,469,249
	23,703,125	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 4.500%		6.980		11/16/25		23,417,976
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							43,589,696

INSURANCE - 0.4%
	12,356,813	i	Acrisure LLC	LIBOR 3 M + 4.250%		6.880		11/22/23		12,261,542

224

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,475,000	i	Asurion LLC	LIBOR 1 M + 6.500%		9.000	%	08/04/25	$	5,541,138
			TOTAL INSURANCE							17,802,680

MATERIALS - 0.5%
	3,821,125	i	Berlin Packaging LLC	LIBOR 1 and 3 M + 3.000%		5.610		11/07/25		3,695,028
	4,750,000	i	Berry Global, Inc	LIBOR 2 M + 2.000%		4.610		10/03/22		4,714,375
	7,074,403	i	Plaze, Inc	LIBOR 1 M + 3.500%		5.990		07/29/22		7,012,502
	1,537,515	i	Tronox Blocked Borrower LLC	LIBOR 1 M + 3.000%		5.500		09/23/24		1,529,350
	3,320,552	i	Tronox Finance LLC	LIBOR 1 M + 3.000%		5.500		09/23/24		3,302,920
			TOTAL MATERIALS							20,254,175

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	9,160,500	i	Alphabet Holding Co, Inc	LIBOR 1 M + 3.500%		6.000		09/26/24		8,479,234
	1,206,625	i	PAREXEL International Corp	LIBOR 1 M + 2.750%		5.250		09/27/24		1,161,376
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							9,640,610

REAL ESTATE - 0.3%
	14,551,875	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.750		08/21/25		14,406,356
			TOTAL REAL ESTATE							14,406,356

RETAILING - 0.8%
	15,922,381	i	Academy Ltd	LIBOR 1 M + 4.000%		6.490		07/01/22		11,416,347
	10,650,000		Sally Holdings LLC			4.500		07/05/24		10,303,875
	9,875,000	i	Staples, Inc	LIBOR 1 M + 4.000%		6.490		09/12/24		9,785,039
			TOTAL RETAILING							31,505,261

SOFTWARE & SERVICES - 0.5%
	23,000,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 5.000%		7.490		02/06/26		22,683,750
			TOTAL SOFTWARE & SERVICES							22,683,750

UTILITIES - 0.5%
	3,579,552	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.630		11/28/24		3,346,881
	9,800,031	i	Talen Energy Supply LLC	LIBOR 1 M + 4.000%		6.500		07/14/23		9,695,954
	8,955,570	i	Vistra Operations Co LLC	LIBOR 1 M + 2.250%		4.750		12/14/23		8,879,717
			TOTAL UTILITIES							21,922,552

			TOTAL BANK LOAN OBLIGATIONS							295,745,314
			(Cost $303,377,288)

BONDS - 87.7%

CORPORATE BONDS - 87.7%

AUTOMOBILES & COMPONENTS - 1.8%
	9,950,000	g	Adient Global Holdings Ltd			4.875		08/15/26		7,313,250
	3,600,000	g	Allison Transmission, Inc			5.000		10/01/24		3,591,000
	600,000	g	Allison Transmission, Inc			4.750		10/01/27		573,000
	5,700,000	g	Dana Financing Luxembourg Sarl			5.750		04/15/25		5,700,000
	7,500,000	g	Dana Financing Luxembourg Sarl			6.500		06/01/26		7,650,000
	1,900,000		Dana, Inc			5.500		12/15/24		1,890,500

225

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	14,001,000	g	Gates Global LLC		6.000	%	07/15/22	$	14,055,744
	2,875,000		Goodyear Tire & Rubber Co		5.000		05/31/26		2,741,312
	1,100,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		1,101,375
	1,100,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		1,091,750
	1,100,000	g,o	IHO Verwaltungs GmbH		4.750		09/15/26		1,045,000
	22,900,000	g,h	Panther BF Aggregator 2 LP		8.500		05/15/27		22,957,250
	5,950,000	g	Schaeffler Finance BV		4.750		05/15/23		6,027,350
			TOTAL AUTOMOBILES & COMPONENTS						75,737,531

BANKS - 0.8%
	4,400,000		Barclays plc		7.750		N/A‡		4,407,480
	9,500,000		Citigroup, Inc		6.125		N/A‡		9,690,000
	5,600,000	g	Credit Suisse Group AG.		6.250		N/A‡		5,589,366
	7,500,000	g	Nordea Bank AB		5.500		N/A‡		7,453,125
	2,250,000		Royal Bank of Scotland Group plc		6.100		06/10/23		2,390,480
	4,275,000		Royal Bank of Scotland Group plc		8.625		N/A‡		4,552,875
			TOTAL BANKS						34,083,326

CAPITAL GOODS - 3.1%
	3,000,000		Anixter, Inc		5.125		10/01/21		3,090,000
	2,500,000		Anixter, Inc		5.500		03/01/23		2,587,500
	5,000,000	g	Anixter, Inc		6.000		12/01/25		5,250,000
	22,950,000	g	Beacon Escrow Corp		4.875		11/01/25		21,802,500
	13,475,000	g	Cleaver-Brooks, Inc		7.875		03/01/23		12,464,375
	10,015,000	g	Cloud Crane LLC		10.125		08/01/24		10,766,125
	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		7,487,250
	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		12,621,212
	2,750,000	g	TransDigm UK Holdings plc		6.875		05/15/26		2,736,250
	5,000,000		TransDigm, Inc		6.000		07/15/22		5,080,400
	4,825,000		TransDigm, Inc		6.500		07/15/24		4,957,687
	2,375,000		TransDigm, Inc		6.500		05/15/25		2,410,863
	6,000,000	g	TransDigm, Inc		6.250		03/15/26		6,225,000
	9,000,000	g	TransDigm, Inc		7.500		03/15/27		9,213,750
			TOTAL CAPITAL GOODS						126,324,912

COMMERCIAL & PROFESSIONAL SERVICES - 5.8%
	6,851,000		ADT Corp		6.250		10/15/21		7,187,042
	12,350,000	g	ADT Corp		4.875		07/15/32		10,003,500
	7,250,000		AECOM		5.875		10/15/24		7,639,687
	13,500,000		AECOM		5.125		03/15/27		13,044,375
	2,000,000		Covanta Holding Corp		5.875		03/01/24		2,050,000
	10,700,000		Covanta Holding Corp		6.000		01/01/27		10,673,250
	6,898,000	g	Herc Rentals, Inc		7.500		06/01/22		7,182,542
	6,216,000	g	Herc Rentals, Inc		7.750		06/01/24		6,596,730
	8,675,000	g	Iron Mountain, Inc		4.875		09/15/27		8,328,000
	7,475,000	g	KAR Auction Services, Inc		5.125		06/01/25		7,390,906
	36,354,000	g	Prime Security Services Borrower LLC		9.250		05/15/23		38,171,700
	15,700,000	g,h	Prime Security Services Borrower LLC		5.250		04/15/24		15,700,000
	30,075,000	g,h	Prime Security Services Borrower LLC		5.750		04/15/26		30,075,000
	2,000,000	g	Ritchie Bros Auctioneers, Inc		5.375		01/15/25		2,037,500
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		8,844,625

226

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	16,425,000		United Rentals North America, Inc		5.500	%	07/15/25	$	16,794,563
	6,675,000		United Rentals North America, Inc		4.625		10/15/25		6,591,563
	1,175,000		United Rentals North America, Inc		5.875		09/15/26		1,214,656
	17,500,000		United Rentals North America, Inc		6.500		12/15/26		18,418,750
	1,500,000		United Rentals North America, Inc		5.500		05/15/27		1,515,000
	4,200,000		United Rentals North America, Inc		4.875		01/15/28		4,085,340
	8,250,000	g	XPO Logistics, Inc		6.500		06/15/22		8,431,500
	8,325,000	g	XPO Logistics, Inc		6.125		09/01/23		8,377,031
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						240,353,260

CONSUMER DURABLES & APPAREL - 2.5%
	2,125,000	g	Hanesbrands, Inc		4.625		05/15/24		2,130,738
	3,000,000	g	Hanesbrands, Inc		4.875		05/15/26		2,959,800
	5,575,000		KB Home		7.000		12/15/21		5,965,250
	1,900,000		KB Home		7.625		05/15/23		2,068,625
	16,650,000		KB Home		6.875		06/15/27		17,149,500
	4,000,000		Lennar Corp		4.125		01/15/22		4,030,000
	16,000,000		Lennar Corp		4.500		04/30/24		16,227,200
	13,150,000		Lennar Corp		5.875		11/15/24		14,037,625
	12,800,000	g	LGI Homes, Inc		6.875		07/15/26		12,768,000
	18,050,000	g	Mattel, Inc		6.750		12/31/25		17,756,687
	3,000,000		PulteGroup, Inc		5.500		03/01/26		3,097,500
	5,000,000		PulteGroup, Inc		5.000		01/15/27		4,987,500
			TOTAL CONSUMER DURABLES & APPAREL						103,178,425

CONSUMER SERVICES - 4.5%
	3,425,000	g	1011778 BC ULC / New Red Finance Inc		4.250		05/15/24		3,390,750
	15,000,000	g	1011778 BC ULC / New Red Finance Inc		5.000		10/15/25		14,817,000
	4,000,000		Boyd Gaming Corp		6.375		04/01/26		4,140,000
	6,300,000		Boyd Gaming Corp		6.000		08/15/26		6,457,500
	2,800,000		Cedar Fair LP		5.375		04/15/27		2,814,000
	11,000,000	g	Cott Holdings, Inc		5.500		04/01/25		11,096,250
	22,800,000	g	frontdoor, Inc		6.750		08/15/26		23,313,000
	3,000,000		Hilton Domestic Operating Co, Inc		4.250		09/01/24		2,994,360
	8,500,000		Hilton Worldwide Finance LLC		4.625		04/01/25		8,585,000
	8,035,000	g	International Game Technology		6.250		02/15/22		8,346,356
	14,785,000	g	International Game Technology		6.500		02/15/25		15,376,400
	4,650,000	g	International Game Technology plc		6.250		01/15/27		4,766,250
	2,500,000	g	Live Nation Entertainment, Inc		4.875		11/01/24		2,515,625
	11,250,000		MGM Resorts International		6.000		03/15/23		11,868,750
	16,000,000	g	Penn National Gaming, Inc		5.625		01/15/27		15,560,000
	4,650,000	g	Scientific Games International, Inc		5.000		10/15/25		4,557,000
	6,000,000	g	ServiceMaster Co LLC		5.125		11/15/24		6,022,500
	22,500,000	g	Six Flags Entertainment Corp		4.875		07/31/24		22,148,438
	4,665,000		Speedway Motorsports, Inc		5.125		02/01/23		4,699,988
	13,000,000	g	Wynn Las Vegas LLC		5.500		03/01/25		12,837,500
			TOTAL CONSUMER SERVICES						186,306,667

DIVERSIFIED FINANCIALS - 4.6%
	14,450,000	g	Avolon Holdings Funding Ltd		5.125		10/01/23		14,702,875
	3,350,000	g	Avolon Holdings Funding Ltd		5.250		05/15/24		3,450,500
	4,750,000		CIT Group, Inc		5.000		08/01/23		4,981,562
	2,000,000		CIT Group, Inc		5.250		03/07/25		2,128,100

227

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	900,000		CIT Group, Inc		6.125	%	03/09/28	$	1,001,250
	831,000		General Motors Acceptance Corp LLC		8.000		11/01/31		1,022,130
	10,000,000		GMAC, Inc		8.000		11/01/31		12,412,500
	11,425,000		Icahn Enterprises LP		5.875		02/01/22		11,566,441
	21,200,000		Icahn Enterprises LP		6.250		02/01/22		21,748,020
	6,500,000		Icahn Enterprises LP		6.750		02/01/24		6,776,250
	3,700,000		ING Groep NV		6.000		N/A‡		3,687,790
	3,550,000	g	Lincoln Finance Ltd		7.375		04/15/21		3,619,225
	4,750,000	g	Lloyds Banking Group plc		6.657		N/A‡		4,856,875
	8,330,000		Navient Corp		6.625		07/26/21		8,704,850
	9,500,000		Navient Corp		7.250		09/25/23		10,034,375
	8,000,000		Navient Corp		6.125		03/25/24		7,990,000
	7,325,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		7,507,393
	12,500,000	g	Park Aerospace Holdings Ltd		4.500		03/15/23		12,437,500
	12,975,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		13,461,563
	27,850,000	g	Quicken Loans, Inc		5.250		01/15/28		26,074,563
	10,675,000		Springleaf Finance Corp		6.125		03/15/24		10,914,974
			TOTAL DIVERSIFIED FINANCIALS						189,078,736

ENERGY - 18.0%
	8,425,000		AmeriGas Partners LP		5.625		05/20/24		8,561,906
	14,500,000		AmeriGas Partners LP		5.500		05/20/25		14,445,625
	8,375,000		AmeriGas Partners LP		5.875		08/20/26		8,364,531
	13,300,000		AmeriGas Partners LP		5.750		05/20/27		13,133,750
	17,175,000	g	Antero Midstream Partners LP		5.750		03/01/27		17,432,625
	12,550,000	g	Archrock Partners LP / Archrock Partners Finance Corp		6.875		04/01/27		12,797,235
	2,000,000		Ashland, Inc		6.875		05/15/43		2,070,000
	2,183,000		California Resources Corp		5.500		09/15/21		1,680,910
	5,180,000	g	California Resources Corp		8.000		12/15/22		4,067,854
	4,151,000	†	California Resources Corp		6.000		11/15/24		2,781,170
	13,065,000		Calumet Specialty Products Partners LP		6.500		04/15/21		12,803,700
	4,585,000		Calumet Specialty Products Partners LP		7.625		01/15/22		4,241,125
	10,600,000		Calumet Specialty Products Partners LP		7.750		04/15/23		9,381,000
	1,400,000		Cheniere Corpus Christi Holdings LLC		7.000		06/30/24		1,580,320
	7,935,000		Cheniere Corpus Christi Holdings LLC		5.875		03/31/25		8,629,312
	13,000,000	g	Cheniere Energy Partners LP		5.625		10/01/26		13,325,000
	14,250,000		Chesapeake Energy Corp		7.000		10/01/24		14,214,375
	10,000,000		Chesapeake Energy Corp		8.000		01/15/25		10,200,000
	9,100,000		Chesapeake Energy Corp		7.500		10/01/26		8,938,930
	4,750,000		Chesapeake Energy Corp		8.000		06/15/27		4,678,750
	10,878,000	†	Cloud Peak Energy Resources LLC		12.000		11/01/21		1,958,040
	14,845,000		Crestwood Midstream Partners LP		6.250		04/01/23		15,216,125
	11,050,000		Crestwood Midstream Partners LP		5.750		04/01/25		11,326,250
	3,600,000	g	Denbury Resources, Inc		9.000		05/15/21		3,501,000
	4,750,000	†	Denbury Resources, Inc		5.500		05/01/22		3,301,250
	525,000	†	Denbury Resources, Inc		4.625		07/15/23		331,852
	14,750,000	g	Denbury Resources, Inc		7.500		02/15/24		12,592,812
	10,000,000		Diamond Offshore Drilling, Inc		7.875		08/15/25		9,650,000
	6,650,000		Ensco plc		7.750		02/01/26		5,610,937
	11,551,000	†,g	EP Energy LLC		9.375		05/01/24		4,100,605
	14,250,000	g	EP Energy LLC		7.750		05/15/26		11,613,750
	29,335,000		Exterran Partners LP		6.000		04/01/21		29,312,999

228

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	11,293,000		Exterran Partners LP		6.000	%	10/01/22	$	11,377,697
	17,900,000		Genesis Energy LP		6.500		10/01/25		17,407,750
	22,500,000		Genesis Energy LP		6.250		05/15/26		21,262,500
	21,175,000	g	Hess Infrastructure Partners LP		5.625		02/15/26		21,545,562
	6,875,000		Murphy Oil Corp		6.875		08/15/24		7,279,041
	19,800,000		Murphy Oil Corp		5.750		08/15/25		20,445,743
	2,500,000		Murphy Oil USA, Inc		6.000		08/15/23		2,562,500
	1,650,000		Murphy Oil USA, Inc		5.625		05/01/27		1,707,750
	3,750,000		Nabors Industries, Inc		5.100		09/15/23		3,412,500
	23,750,000		Nabors Industries, Inc		5.750		02/01/25		21,285,463
	15,752,000		Oasis Petroleum, Inc		6.875		03/15/22		15,909,520
	9,595,000		Oasis Petroleum, Inc		6.875		01/15/23		9,595,000
	17,250,000	g	Oasis Petroleum, Inc		6.250		05/01/26		16,430,625
	12,000,000	g	Parkland Fuel Corp		6.000		04/01/26		12,108,600
	4,362,000		Precision Drilling Corp		5.250		11/15/24		4,078,470
	2,850,000	g	Precision Drilling Corp		7.125		01/15/26		2,825,953
	22,825,000		Range Resources Corp		5.750		06/01/21		23,167,375
	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		2,202,812
	8,250,000		SM Energy Co		6.125		11/15/22		8,250,000
	1,900,000		SM Energy Co		6.750		09/15/26		1,821,625
	16,000,000		SM Energy Co		6.625		01/15/27		15,200,000
	9,500,000		Southwestern Energy Co		6.200		01/23/25		9,333,750
	19,000,000		Southwestern Energy Co		7.500		04/01/26		19,380,000
	4,750,000		Southwestern Energy Co		7.750		10/01/27		4,850,937
	5,000,000		Suburban Propane Partners LP		5.500		06/01/24		4,870,500
	10,200,000		Suburban Propane Partners LP		5.750		03/01/25		9,868,500
	8,175,000		Suburban Propane Partners LP		5.875		03/01/27		7,745,813
	6,575,000		Sunoco LP		4.875		01/15/23		6,679,543
	2,500,000		Sunoco LP		5.500		02/15/26		2,475,000
	2,000,000		Sunoco LP		5.875		03/15/28		1,985,000
	5,000,000	g	Sunoco LP / Sunoco Finance Corp		6.000		04/15/27		5,012,500
	9,825,000		Targa Resources Partners LP		5.125		02/01/25		10,021,500
	11,500,000	g	Targa Resources Partners LP		5.875		04/15/26		12,155,500
	2,025,000	g	Targa Resources Partners LP		6.500		07/15/27		2,184,469
	10,000,000		Targa Resources Partners LP		5.000		01/15/28		9,837,500
	6,250,000	g	Targa Resources Partners LP		6.875		01/15/29		6,804,687
	10,000,000	g	TerraForm Power Operating LLC		5.000		01/31/28		9,650,000
	15,096,375	g	Transocean Guardian Ltd		5.875		01/15/24		15,322,821
	12,096,000	g	Transocean Pontus Ltd		6.125		08/01/25		12,247,200
	1,900,000		Transocean, Inc		5.800		10/15/22		1,862,000
	2,850,000	g	Transocean, Inc		9.000		07/15/23		3,038,813
	2,575,000	g	Transocean, Inc		7.500		01/15/26		2,542,813
	6,220,000		Transocean, Inc		6.800		03/15/38		4,882,700
	30,000,000		USA Compression Partners LP		6.875		04/01/26		30,675,000
	2,650,000	g	USA Compression Partners LP		6.875		09/01/27		2,693,063
	11,750,000		Whiting Petroleum Corp		6.250		04/01/23		11,808,750
	8,975,000		Whiting Petroleum Corp		6.625		01/15/26		8,795,500
	1,825,000		WPX Energy, Inc		6.000		01/15/22		1,893,438
	5,950,000		WPX Energy, Inc		8.250		08/01/23		6,693,750
			TOTAL ENERGY						748,912,271

229

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 1.0%
$	8,500,000		Albertsons Cos LLC		6.625	%	06/15/24	$	8,585,000
	14,250,000		Albertsons Cos LLC		5.750		03/15/25		13,519,687
	17,960,000		Ingles Markets, Inc		5.750		06/15/23		18,296,750
			TOTAL FOOD & STAPLES RETAILING						40,401,437

FOOD, BEVERAGE & TOBACCO - 0.4%
	2,120,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		2,141,200
	7,250,000	g	Post Holdings, Inc		5.500		03/01/25		7,331,563
	2,375,000	g	Post Holdings, Inc		5.000		08/15/26		2,309,687
	3,150,000	g	Post Holdings, Inc		5.750		03/01/27		3,161,813
	2,500,000	g	Post Holdings, Inc		5.625		01/15/28		2,481,250
			TOTAL FOOD, BEVERAGE & TOBACCO						17,425,513

HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	16,000,000	g	Change Healthcare Holdings LLC		5.750		03/01/25		15,831,200
	14,500,000		CHS/Community Health Systems		5.125		08/01/21		14,254,950
	7,150,000		CHS/Community Health Systems		6.250		03/31/23		6,712,062
	10,000,000	g	CHS/Community Health Systems		8.000		03/15/26		9,568,000
	5,000,000		DaVita, Inc		5.125		07/15/24		4,937,500
	14,500,000		DaVita, Inc		5.000		05/01/25		13,894,625
	4,625,000		Encompass Health Corp		5.750		11/01/24		4,682,812
	3,000,000		Encompass Health Corp		5.750		09/15/25		3,048,750
	18,000,000	g	Enterprise Merger Sub, Inc		8.750		10/15/26		16,042,500
	13,350,000		HCA, Inc		5.375		02/01/25		14,151,000
	24,650,000		HCA, Inc		5.875		02/15/26		26,622,000
	1,050,000		HCA, Inc		5.625		09/01/28		1,110,375
	3,175,000		HCA, Inc		5.875		02/01/29		3,420,904
	900,000		HCA, Inc		7.500		11/06/33		1,032,750
	19,950,000	g	MEDNAX, Inc		6.250		01/15/27		20,174,438
	5,000,000		MPT Operating Partnership LP		5.000		10/15/27		5,087,500
	3,475,000	g,h	RegionalCare Hospital Partners Holdings, Inc		9.750		12/01/26		3,605,313
	11,500,000		Tenet Healthcare Corp		8.125		04/01/22		12,372,275
	15,000,000		Tenet Healthcare Corp		6.750		06/15/23		15,450,000
	23,125,000		Tenet Healthcare Corp		4.625		07/15/24		23,182,813
	5,000,000		Tenet Healthcare Corp		7.000		08/01/25		5,062,500
	11,500,000	g	Tenet Healthcare Corp		6.250		02/01/27		11,931,250
	8,900,000		Tenet Healthcare Corp		6.875		11/15/31		8,366,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						240,541,517

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,788,000
	5,675,000	g	First Quality Finance Co, Inc		5.000		07/01/25		5,519,108
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						10,307,108

INSURANCE - 0.3%
	10,050,000	g	Acrisure LLC		8.125		02/15/24		10,413,408
	2,000,000	g	WellCare Health Plans, Inc		5.375		08/15/26		2,092,500
			TOTAL INSURANCE						12,505,908

MATERIALS - 7.3%
	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		1,724,992

230

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	g	Alcoa Nederland Holding BV		6.125	%	05/15/28	$	1,545,000
	4,750,000		Alcoa, Inc		5.125		10/01/24		4,873,405
	1,900,000		Berry Plastics Corp		5.125		07/15/23		1,928,500
	5,000,000		Blue Cube Spinco, Inc		9.750		10/15/23		5,562,500
	1,800,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,956,924
	7,625,000		Commercial Metals Co		5.750		04/15/26		7,605,937
	3,000,000		Crown Americas LLC		4.750		02/01/26		3,014,400
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		14,093,280
	6,000,000	g	First Quantum Minerals Ltd		7.250		05/15/22		6,037,500
	4,750,000	g	First Quantum Minerals Ltd		7.250		04/01/23		4,637,187
	4,750,000	g	First Quantum Minerals Ltd		7.500		04/01/25		4,565,938
	9,500,000	g	First Quantum Minerals Ltd		6.875		03/01/26		8,811,250
	4,250,000	g	FMG Resources Ltd		4.750		05/15/22		4,250,000
	11,400,000	g	FMG Resources Ltd		5.125		03/15/23		11,457,000
	5,000,000		Freeport-McMoRan, Inc		3.875		03/15/23		4,928,050
	9,250,000		Freeport-McMoRan, Inc		4.550		11/14/24		9,065,000
	3,100,000		Freeport-McMoRan, Inc		5.400		11/14/34		2,821,000
	14,250,000		Freeport-McMoRan, Inc		5.450		03/15/43		12,468,893
	6,650,000	g	GCP Applied Technologies, Inc		5.500		04/15/26		6,766,375
	9,000,000	g	INEOS Group Holdings S.A.		5.625		08/01/24		8,977,500
	5,175,000	g	James Hardie International Finance DAC		4.750		01/15/25		5,097,375
	12,250,000	g	James Hardie International Finance DAC		5.000		01/15/28		11,851,875
	1,250,000		Kaiser Aluminum Corp		5.875		05/15/24		1,284,375
	40,000,000	g	Nova Chemicals Corp		4.875		06/01/24		39,300,000
	3,500,000	g	NV Chemicals Corp		5.250		08/01/23		3,517,500
	16,000,000	g	OCI NV		6.625		04/15/23		16,568,896
	6,450,000		Olin Corp		5.125		09/15/27		6,522,563
	11,250,000	g	Owens-Brockway Glass Container, Inc		5.875		08/15/23		11,783,250
	9,500,000	g	Standard Industries, Inc		5.500		02/15/23		9,666,250
	2,000,000	g	Standard Industries, Inc		5.000		02/15/27		1,935,600
	9,475,000	g	Starfruit Finco BV		8.000		10/01/26		9,569,750
	3,000,000		Steel Dynamics, Inc		4.125		09/15/25		2,932,500
	9,000,000	g	Trinseo Materials Operating S.C.A		5.375		09/01/25		8,527,500
	18,800,000	g	Tronox Finance plc		5.750		10/01/25		17,437,000
	22,750,000	g	Tronox, Inc		6.500		04/15/26		21,712,600
	4,749,000	g	Versum Materials, Inc		5.500		09/30/24		4,992,386
			TOTAL MATERIALS						301,482,051

MEDIA & ENTERTAINMENT - 10.4%
	3,550,000	g	Altice Financing S.A.		6.625		02/15/23		3,629,875
	28,175,000	g	Altice France S.A.		8.125		02/01/27		28,456,750
	7,500,000		AMC Entertainment Holdings, Inc		5.875		02/15/22		7,621,875
	1,600,000		AMC Entertainment Holdings, Inc		5.875		11/15/26		1,444,000
	7,475,000		AMC Entertainment Holdings, Inc		6.125		05/15/27		6,755,531
	10,000,000		AMC Entertainment, Inc		5.750		06/15/25		9,348,000
	10,615,000	g	CBS Radio, Inc		7.250		11/01/24		10,561,925
	10,725,000	g	CCO Holdings LLC		4.000		03/01/23		10,714,811
	20,900,000		CCO Holdings LLC		5.750		01/15/24		21,448,625
	20,000,000	g	CCO Holdings LLC		5.875		04/01/24		20,902,200
	4,750,000	g	CCO Holdings LLC		5.375		05/01/25		4,904,375
	6,650,000	g	CCO Holdings LLC		5.125		05/01/27		6,691,562
	10,075,000		Cinemark USA, Inc		4.875		06/01/23		10,244,260
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,057,737

231

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,500,000		CSC Holdings LLC		6.750	%	11/15/21	$	10,153,125
	10,850,000	g	CSC Holdings LLC		5.500		04/15/27		11,079,477
	29,250,000	g	CSC Holdings LLC		7.500		04/01/28		31,342,838
	4,350,000	g	CSC Holdings LLC		6.500		02/01/29		4,630,031
	4,030,000		DISH DBS Corp		5.000		03/15/23		3,627,000
	28,500,000		DISH DBS Corp		7.750		07/01/26		24,795,000
	7,500,000	g	DISH Network Corp		2.375		03/15/24		6,186,534
	13,860,000		DISH Network Corp		3.375		08/15/26		11,774,072
	12,275,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625		06/15/24		13,011,500
	7,525,000	g	EW Scripps Co		5.125		05/15/25		7,167,563
	13,175,000	g	Gray Escrow, Inc		7.000		05/15/27		13,998,438
	14,990,000	g	Gray Television, Inc		5.125		10/15/24		15,027,475
	11,600,000	g	Gray Television, Inc		5.875		07/15/26		11,805,320
	5,000,000		Lamar Media Corp		5.750		02/01/26		5,225,000
	5,600,000	g	Lions Gate Capital Holdings LLC		6.375		02/01/24		5,866,000
	10,325,000	g	Lions Gate Capital Holdings LLC		5.875		11/01/24		10,634,750
	14,710,000		Meredith, Corp		6.875		02/01/26		15,482,275
	12,223,000	g	Neptune Finco Corp		10.875		10/15/25		14,111,454
	11,875,000	g	Nielsen Finance LLC		5.000		04/15/22		11,756,250
	4,750,000	g	Numericable Group S.A.		6.250		05/15/24		4,785,625
	19,150,000	g	Numericable-SFR S.A.		7.375		05/01/26		18,767,000
	1,350,000		Outfront Media Capital LLC		5.625		02/15/24		1,385,437
	8,100,000	g	Sirius XM Radio, Inc		5.375		07/15/26		8,241,750
	3,375,000	g	Tegna, Inc		5.500		09/15/24		3,408,750
	4,325,000	g	Univision Communications, Inc		5.125		05/15/23		4,108,750
	9,100,000	g	Univision Communications, Inc		5.125		02/15/25		8,474,375
	3,425,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		3,484,938
	6,000,000	g	Virgin Media Secured Finance plc		5.250		01/15/26		6,037,500
			TOTAL MEDIA & ENTERTAINMENT						431,149,753

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.6%
	3,900,000	g	Bausch Health Cos, Inc		5.750		08/15/27		3,997,500
	1,800,000	g	Endo Dac		5.875		10/15/24		1,766,250
	4,100,000	g	Endo Finance LLC		6.000		02/01/25		2,972,500
	6,875,000	g	Mallinckrodt International Finance S.A.		5.750		08/01/22		6,462,500
	3,342,000		Mallinckrodt International Finance S.A.		4.750		04/15/23		2,623,470
	4,750,000	g	Mallinckrodt International Finance S.A.		5.625		10/15/23		3,942,500
	1,900,000	g	Mallinckrodt International Finance S.A.		5.500		04/15/25		1,482,000
	16,400,000	g	Par Pharmaceutical, Inc		7.500		04/01/27		16,625,500
	5,000,000		Teva Pharmaceutical Finance Netherlands III BV		2.800		07/21/23		4,462,797
	7,900,000		Teva Pharmaceutical Finance Netherlands III BV		6.000		04/15/24		7,930,173
	13,975,000		Teva Pharmaceutical Finance Netherlands III BV		6.750		03/01/28		14,099,708
	17,600,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		17,685,008
	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.000		12/15/25		5,159,925
	4,750,000	g	Valeant Pharmaceuticals International, Inc		9.250		04/01/26		5,197,925
	11,700,000	g	Valeant Pharmaceuticals International, Inc		8.500		01/31/27		12,402,000
	17,825,000	g	VRX Escrow Corp		5.875		05/15/23		18,003,250
	23,600,000	g	VRX Escrow Corp		6.125		04/15/25		23,364,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						148,177,006

232

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REAL ESTATE - 0.7%
$	3,975,000		Equinix, Inc		5.875	%	01/15/26	$	4,187,464
	25,300,000	g	WeWork Cos, Inc		7.875		05/01/25		23,276,000
			TOTAL REAL ESTATE						27,463,464

RETAILING - 3.2%
	14,475,000		Asbury Automotive Group, Inc		6.000		12/15/24		14,886,814
	1,675,000		CDW LLC		5.000		09/01/25		1,716,875
	3,000,000	†	JC Penney Corp, Inc		6.375		10/15/36		1,050,000
	6,650,000		L Brands, Inc		5.250		02/01/28		5,926,812
	6,650,000		L Brands, Inc		6.875		11/01/35		5,743,937
	9,550,000		L Brands, Inc		6.750		07/01/36		8,022,000
	5,400,000	g	Lithia Motors, Inc		5.250		08/01/25		5,427,000
	8,977,000		Men’s Wearhouse, Inc		7.000		07/01/22		8,842,345
	5,670,000		Penske Automotive Group, Inc		5.375		12/01/24		5,641,650
	9,145,000		Penske Automotive Group, Inc		5.500		05/15/26		9,007,825
	24,800,000	†,g	PetSmart, Inc		7.125		03/15/23		18,476,000
	7,725,000	g	PetSmart, Inc		5.875		06/01/25		6,469,688
	5,000,000	†,g	PetSmart, Inc		8.875		06/01/25		3,737,500
	5,000,000		Sonic Automotive, Inc		5.000		05/15/23		4,800,000
	2,650,000		Sonic Automotive, Inc		6.125		03/15/27		2,404,875
	28,100,000	g	Staples, Inc		8.500		09/15/25		30,629,000
			TOTAL RETAILING						132,782,321

SOFTWARE & SERVICES - 2.6%
	15,725,000	g	Banff Merger Sub, Inc		9.750		09/01/26		15,253,250
	5,000,000		NCR Corp		5.875		12/15/21		5,084,000
	5,000,000		NCR Corp		5.000		07/15/22		4,987,500
	4,750,000		NCR Corp		6.375		12/15/23		4,883,855
	8,500,000	g	Nielsen Co Luxembourg SARL		5.000		02/01/25		8,191,875
	16,400,000	g	Open Text Corp		5.875		06/01/26		17,138,000
	14,900,000	g	Refinitiv US Holdings		8.250		11/15/26		14,620,625
	16,475,000	g	Refinitiv US Holdings, Inc		6.250		05/15/26		16,701,531
	3,900,000	g	Sabre GLBL, Inc		5.375		04/15/23		3,986,502
	2,000,000	g	Sabre GLBL, Inc		5.250		11/15/23		2,040,000
	9,300,000	g	SS&C Technologies, Inc		5.500		09/30/27		9,393,000
	4,275,000	g	Symantec Corp		5.000		04/15/25		4,282,790
	2,000,000	g	WEX, Inc		4.750		02/01/23		1,995,000
			TOTAL SOFTWARE & SERVICES						108,557,928

TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	8,925,000	g	CommScope Finance LLC		8.250		03/01/27		9,259,687
	4,500,000	g	CommScope, Inc		5.500		06/15/24		4,405,950
	23,700,000	g	CommScope, Inc		6.000		06/15/25		23,041,140
	6,575,000	g	Dell International LLC		7.125		06/15/24		6,971,981
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						43,678,758

TELECOMMUNICATION SERVICES - 5.4%
	16,900,000	g	Altice Luxembourg S.A.		7.750		05/15/22		16,878,875
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,247,500
	17,300,000		CenturyLink, Inc		5.800		03/15/22		17,667,625
	16,400,000		CenturyLink, Inc		7.500		04/01/24		17,343,000
	3,800,000		CenturyLink, Inc		7.650		03/15/42		3,334,500
	4,550,000		CenturyTel, Inc		7.600		09/15/39		3,992,625

233

TIAA-CREF FUNDS - High-Yield Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	26,575,000	g	Frontier Communications Corp		8.500	%	04/01/26	$	24,681,531
	17,700,000	g	Frontier Communications Corp		8.000		04/01/27		18,275,250
	4,750,000		Level 3 Financing, Inc		5.375		01/15/24		4,838,350
	9,600,000		Level 3 Financing, Inc		5.250		03/15/26		9,576,000
	13,007,000		Sprint Capital Corp		6.875		11/15/28		12,502,979
	6,900,000		Sprint Corp		7.875		09/15/23		7,245,000
	10,450,000		Sprint Corp		7.625		02/15/25		10,659,000
	9,500,000		Sprint Corp		7.625		03/01/26		9,642,500
	9,300,000	g	Telecom Italia S.p.A		5.303		05/30/24		9,346,500
	6,950,000		T-Mobile USA, Inc		6.375		03/01/25		7,237,035
	22,000,000		T-Mobile USA, Inc		5.125		04/15/25		22,522,500
	3,600,000	g	ViaSat, Inc		5.625		04/15/27		3,663,396
	20,000,000		Vodafone Group plc		7.000		04/04/79		20,328,362
			TOTAL TELECOMMUNICATION SERVICES						225,982,528

TRANSPORTATION - 1.7%
	14,500,000	g	Bombardier, Inc		6.000		10/15/22		14,626,875
	16,825,000	g	Bombardier, Inc		6.125		01/15/23		17,056,344
	10,200,000	g	Bombardier, Inc		7.500		03/15/25		10,506,000
	8,050,000	g	Bombardier, Inc		7.875		04/15/27		8,301,562
	6,345,000	g	Hertz Corp		7.625		06/01/22		6,494,107
	3,075,000		Hertz Corp		6.250		10/15/22		2,905,875
	3,325,000	g	Hertz Corp		5.500		10/15/24		2,788,844
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		1,894,500
	6,150,000		United Continental Holdings, Inc		4.250		10/01/22		6,167,282
			TOTAL TRANSPORTATION						70,741,389

UTILITIES - 3.0%
	11,800,000		AES Corp		4.500		03/15/23		11,918,000
	6,750,000		AES Corp		5.500		04/15/25		7,003,125
	22,125,000	g	Calpine Corp		5.250		06/01/26		22,014,375
	9,125,000	g	Clearway Energy Operating LLC		5.750		10/15/25		9,159,219
	5,300,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		5,260,250
	7,000,000		NRG Energy, Inc		6.250		05/01/24		7,218,750
	10,625,000		NRG Energy, Inc		5.750		01/15/28		11,262,500
	18,500,000	g	Talen Energy Supply LLC		10.500		01/15/26		19,277,000
	19,600,000	g	Vistra Operations Co LLC		5.625		02/15/27		20,359,500
	13,250,000	g	Waste Pro USA, Inc		5.500		02/15/26		12,753,125
			TOTAL UTILITIES						126,225,844

			TOTAL CORPORATE BONDS						3,641,397,653
			(Cost $3,667,374,266)

			TOTAL BONDS						3,641,397,653
			(Cost $3,667,374,266)

SHARES			COMPANY
COMMON STOCKS - 1.2%

DIVERSIFIED FINANCIALS - 0.6%
	174,562		iShares iBoxx $ High Yield Corporate Bond ETF						15,094,376
	273,276		SPDR Barclays High Yield Bond ETF						9,829,738
			TOTAL DIVERSIFIED FINANCIALS						24,924,114

234

TIAA-CREF FUNDS - High-Yield Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
ENERGY - 0.6%
	443,017		Peabody Energy Corp					$	12,550,672
	470,582	*	Tidewater, Inc						10,912,796
			TOTAL ENERGY						23,463,468

			TOTAL COMMON STOCKS						48,387,582
			(Cost $39,636,810)

RIGHTS / WARRANTS - 0.1%

ENERGY - 0.1%
	86,863		Tidewater, Inc						2,174,181
			TOTAL ENERGY						2,174,181

			TOTAL RIGHTS / WARRANTS						2,174,181
			(Cost $1,808,488)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.8%

GOVERNMENT AGENCY DEBT - 0.2%
$	7,000,000		Federal Home Loan Bank (FHLB)		2.250	%	04/01/19		7,000,000
			TOTAL GOVERNMENT AGENCY DEBT						7,000,000

TREASURY DEBT - 4.6%
	19,355,000		United States Treasury Bill		2.370		04/02/19		19,353,723
	68,950,000		United States Treasury Bill		2.372		04/09/19		68,913,418
	43,700,000		United States Treasury Bill		2.414		04/11/19		43,671,012
	15,850,000		United States Treasury Bill		2.399		04/16/19		15,834,208
	25,000,000		United States Treasury Bill		2.415		04/23/19		24,963,333
	20,300,000		United States Treasury Bill		2.374		04/25/19		20,268,332
			TOTAL TREASURY DEBT						193,004,026

			TOTAL SHORT-TERM INVESTMENTS						200,004,026
			(Cost $200,003,384)

			TOTAL INVESTMENTS - 100.9%						4,187,708,756
			(Cost $4,212,200,236)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%						(35,673,314	)
			NET ASSETS - 100.0%					$	4,152,035,442



		Abbreviation(s):
ETF		Exchange Traded Fund
LIBOR		London Interbank Offered Rate
M		Month
SPDR		Standard & Poor’s Depositary Receipts

235

TIAA-CREF FUNDS - High-Yield Fund

*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
‡		Perpetual security
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2019, the aggregate value of these securities was $2,012,994,710 or 48.5% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security 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.
o		Payment in Kind Bond

236

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS - 99.3%

AGENCY SECURITIES - 1.4%
$	4,287,500		Crowley Conro LLC		4.181	%	08/15/43	$	4,582,550
	2,244,567		HNA LLC		2.369		09/18/27		2,225,106
	8,825,000		Montefiore Medical Center		2.895		04/20/32		8,712,109
	3,500,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		3,496,343
	3,000,000		PEFCO		3.250		06/15/25		3,099,450
	4,605,263		Reliance Industries Ltd		2.444		01/15/26		4,585,263
	3,000,000		Ukraine Government AID Bonds		1.847		05/29/20		2,987,604
	15,000,000		Ukraine Government AID Bonds		1.471		09/29/21		14,696,925
			TOTAL AGENCY SECURITIES						44,385,350

MORTGAGE BACKED - 0.9%
	12,239,928		Government National Mortgage Association (GNMA)		3.600		09/15/31		12,451,191
	6,008,285		GNMA		3.700		10/15/33		6,134,574
	1,718,402		GNMA		3.380		07/15/35		1,720,456
	1,602,049		GNMA		3.870		10/15/36		1,652,342
	5,790,546		GNMA		3.940		03/15/37		6,022,429
			TOTAL MORTGAGE BACKED						27,980,992

U.S. TREASURY SECURITIES - 97.0%
	97,268,500	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		96,650,954
	97,630,473	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		99,074,900
	115,153,199	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		116,632,297
	148,677,200	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		147,518,663
	119,416,311	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		120,490,923
	123,450,895	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		122,485,043
	183,705,400	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		181,842,778
	136,813,750	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		136,121,712
	109,044,000	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		107,835,220
	129,703,680	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		130,649,578
	136,816,075	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		137,200,227
	106,522,613	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		107,579,698
	107,592,030	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		106,282,778
	111,580,350	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		110,435,141
	101,953,969	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		113,254,427
	116,750,700	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		116,702,789
	92,157,360	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		93,234,234
	59,039,526	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		65,149,957
	80,853,080	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		79,115,081
	91,172,375	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		90,397,020
	41,197,285	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		47,118,484
	76,656,030	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		76,112,130

237

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	121,937,800	k	United States Treasury Inflation Indexed Bonds		0.500	%	01/15/28	$	121,719,209
	76,322,677	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		84,327,294
	49,897,356	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		63,365,846
	30,081,300	k	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		30,767,502
	82,735,230	k	United States Treasury Inflation Indexed Bonds		0.875		01/15/29		85,440,743
	37,736,981	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		44,744,994
	102,562,647	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		135,543,459
	3,545,025	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		4,778,773
	10,000,000		United States Treasury Note		2.500		01/31/21		10,036,719
	7,500,000		United States Treasury Note		2.500		02/15/22		7,557,129
	10,000,000		United States Treasury Note		2.625		02/15/29		10,194,531
			TOTAL U.S. TREASURY SECURITIES						3,000,360,233

			TOTAL GOVERNMENT BONDS						3,072,726,575
			(Cost $3,043,727,955)

SHORT-TERM INVESTMENTS - 0.0%

GOVERNMENT AGENCY DEBT - 0.0%
	550,000		Federal Home Loan Bank (FHLB)		2.250		04/01/19		550,000
			TOTAL GOVERNMENT AGENCY DEBT						550,000

			TOTAL SHORT-TERM INVESTMENTS						550,000
			(Cost $550,000)

			TOTAL INVESTMENTS - 99.3%						3,073,276,575
			(Cost $3,044,277,955)
			OTHER ASSETS & LIABILITIES, NET - 0.7%						21,027,687
			NET ASSETS - 100.0%					$	3,094,304,262



k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

Futures contracts outstanding as of March 31, 2019 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)		06/19/19		$(30,589,216)		$(31,054,687)		$(465,471)

238

TIAA-CREF FUNDS - Short Duration Impact Bond Fund

TIAA-CREF FUNDS

SHORT DURATION IMPACT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 4.1%

ENERGY - 2.4%
$	646,874	i	TerraForm Power Operating LLC	LIBOR 1 M + 2.000%		4.500	%	11/08/22	$	629,894
			TOTAL ENERGY							629,894

UTILITIES - 1.7%
	500,000	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.630		11/28/24		467,500
			TOTAL UTILITIES							467,500

			TOTAL BANK LOAN OBLIGATIONS							1,097,394
			(Cost $1,141,363)

BONDS - 95.5%

CORPORATE BONDS - 44.2%

AUTOMOBILES & COMPONENTS - 2.8%
	500,000	g	Harley-Davidson Financial Services, Inc			2.400		09/15/19		498,427
	250,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		252,820
			TOTAL AUTOMOBILES & COMPONENTS							751,247

BANKS - 13.5%
	500,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.430%		3.195		04/26/21		501,408
	500,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.480%		3.263		01/10/23		496,104
	500,000		HSBC Holdings plc			3.033		11/22/23		497,579
	500,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		3.445		07/26/23		499,351
	500,000	i	Regions Bank	LIBOR 3 M + 0.380%		2.972		04/01/21		496,935
	350,000	i	Regions Bank	LIBOR 3 M + 0.500%		3.188		08/13/21		348,214
	500,000		Toronto-Dominion Bank			1.850		09/11/20		494,634
	300,000		Zions Bancorp NA			3.350		03/04/22		302,594
			TOTAL BANKS							3,636,819

CAPITAL GOODS - 5.7%
	500,000		Air Lease Corp			3.875		07/03/23		505,667
	500,000		CNH Industrial Capital LLC			4.200		01/15/24		513,419
	500,000		Trimble, Inc			4.150		06/15/23		509,047
			TOTAL CAPITAL GOODS							1,528,133

CONSUMER SERVICES - 1.0%
	260,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		3.736		02/01/24		259,769
			TOTAL CONSUMER SERVICES							259,769

DIVERSIFIED FINANCIALS - 0.9%
	250,000		Century Housing Corp			3.995		11/01/21		250,810
			TOTAL DIVERSIFIED FINANCIALS							250,810

239

TIAA-CREF FUNDS - Short Duration Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
ENERGY - 2.8%
$	250,000	g	Greenko Dutch BV			4.875	%	07/24/22	$	246,085
	500,000	g,i	Phillips 66	LIBOR 3 M + 0.750%		3.537		04/15/20		500,172
			TOTAL ENERGY							746,257

MATERIALS - 1.9%
	500,000		International Flavors & Fragrances, Inc			3.400		09/25/20		503,066
			TOTAL MATERIALS							503,066

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.7%
	500,000	i	GlaxoSmithKline Capital plc	LIBOR 3 M + 0.350%		3.043		05/14/21		501,235
	500,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		3.084		08/20/21		496,480
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							997,715

REAL ESTATE - 1.9%
	500,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		517,382
			TOTAL REAL ESTATE							517,382

SOFTWARE & SERVICES - 1.9%
	500,000		Microsoft Corp			2.400		02/06/22		499,577
			TOTAL SOFTWARE & SERVICES							499,577

TELECOMMUNICATION SERVICES - 1.9%
	500,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.000%		3.615		03/16/22		507,500
			TOTAL TELECOMMUNICATION SERVICES							507,500

TRANSPORTATION - 1.9%
	500,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.380%		3.074		05/16/22		501,025
			TOTAL TRANSPORTATION							501,025

UTILITIES - 4.3%
	250,000	g	Azure Power Energy Ltd			5.500		11/03/22		245,654
	300,000	g	Korea Hydro & Nuclear Power Co Ltd			3.750		07/25/23		309,134
	100,000	i	Sempra Energy	LIBOR 3 M + 0.250%		3.037		07/15/19		99,856
	500,000		Southern Power Co			1.950		12/15/19		496,707
			TOTAL UTILITIES							1,151,351

			TOTAL CORPORATE BONDS							11,850,651
			(Cost $11,738,234)

GOVERNMENT BONDS - 26.5%

AGENCY SECURITIES - 2.8%
	500,000	†	NCUA Guaranteed Notes			3.450		06/12/21		508,300
	250,000		United States Department of Housing and Urban Development			2.618		08/01/23		250,398
			TOTAL AGENCY SECURITIES							758,698

FOREIGN GOVERNMENT BONDS - 9.4%
	500,000	g	International Development Association			2.750		04/24/23		507,620
	250,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		3.520		07/06/22		251,001

240

TIAA-CREF FUNDS - Short Duration Impact Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	250,000	g	Nederlandse Waterschapsbank NV			3.125	%	12/05/22	$	256,357
	1,000,000		North American Development Bank			4.375		02/11/20		1,013,986
	500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		503,990
			TOTAL FOREIGN GOVERNMENT BONDS							2,532,954

MUNICIPAL BONDS - 1.3%
	100,000	h	County of Saline AR			3.550		06/01/42		101,268
	250,000		Erie City Water Authority			2.800		06/01/19		250,020
			TOTAL MUNICIPAL BONDS							351,288

U.S. TREASURY SECURITIES - 13.0%
	750,000		United States Treasury Note			2.500		01/31/21		752,754
	840,000		United States Treasury Note			2.500		02/15/22		846,398
	1,850,000		United States Treasury Note			2.625		12/31/23		1,882,375
			TOTAL U.S. TREASURY SECURITIES							3,481,527

			TOTAL GOVERNMENT BONDS							7,124,467
			(Cost $7,044,891)

STRUCTURED ASSETS - 24.8%

ASSET BACKED - 6.7%
	562,052	g	HERO Funding Trust			3.910		09/20/42		570,863
			Series - 2016 3A (Class A2)
	222,625	g	Tesla Auto Lease Trust			3.710		08/20/21		225,166
			Series - 2018 B (Class A)
	1,000,000		Toyota Auto Receivables Owner Trust			1.520		08/16/21		993,001
			Series - 2016 B (Class A4)
			TOTAL ASSET BACKED							1,789,030

OTHER MORTGAGE BACKED - 18.1%
	250,000	g,i	DBUBS Mortgage Trust			5.532		07/10/44		259,132
			Series - 2011 LC2A (Class D)
	275,000	g	GRACE Mortgage Trust			3.369		06/10/28		277,929
			Series - 2014 GRCE (Class A)
	200,000		GS Mortgage Securities Trust			2.922		05/10/49		200,951
			Series - 2016 GS2 (Class AAB)
	500,000	g,i	Morgan Stanley Capital I Trust			3.402		07/13/29		504,217
			Series - 2014 CPT (Class AM)
	300,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		298,674
			Series - 2013 WLSR (Class A)
	250,000	g,i	Morgan Stanley Capital I Trust			5.376		09/15/47		259,488
			Series - 2011 C1 (Class D)
	1,500,000	g	OBP Depositor LLC Trust			4.646		07/15/45		1,518,169
			Series - 2010 OBP (Class A)
	780,000	g,i	Wells Fargo Commercial Mortgage Trust			2.710		03/18/28		776,242
			Series - 2013 120B (Class A)
	500,000	g,i	Wells Fargo Commercial Mortgage Trust	LIBOR 1 M + 0.750%		3.234		12/15/34		496,387
			Series - 2017 SMP (Class A)
	250,000	g,i	WFRBS Commercial Mortgage Trust			5.174		02/15/44		257,138
			Series - 2011 C2 (Class B)
			TOTAL OTHER MORTGAGE BACKED							4,848,327

241

TIAA-CREF FUNDS - Short Duration Impact Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
		TOTAL STRUCTURED ASSETS					$	6,637,357
		(Cost $6,603,358)

		TOTAL BONDS						25,612,475
		(Cost $25,386,483)

SHORT-TERM INVESTMENTS - 0.7%

GOVERNMENT AGENCY DEBT - 0.7%
$	190,000	Federal Home Loan Bank (FHLB)		2.250	%	04/01/19		190,000
		TOTAL GOVERNMENT AGENCY DEBT						190,000

		TOTAL SHORT-TERM INVESTMENTS						190,000
		(Cost $190,000)

		TOTAL INVESTMENTS - 100.3%						26,899,869
		(Cost $26,717,846)
		OTHER ASSETS & LIABILITIES, NET - (0.3)%						(72,116	)
		NET ASSETS - 100.0%					$	26,827,753



		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 3/31/2019, the aggregate value of these securities was $8,763,664 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.

242

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.5%

CAPITAL GOODS - 0.1%
$	1,268,874	i	AECOM	LIBOR 1 M + 1.750%		4.250	%	03/13/25	$	1,242,304
	784,000	i	American Builders & Contractors Supply Co, Inc	LIBOR 1 M + 2.000%		4.500		10/31/23		763,052
			TOTAL CAPITAL GOODS							2,005,356

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	890,246	i	Aramark Services, Inc	LIBOR 1 M + 1.750%		4.250		03/28/24		882,181
	1,965,000	i	Clean Harbors, Inc	LIBOR 1 M + 1.750%		4.250		06/28/24		1,958,122
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							2,840,303

CONSUMER DURABLES & APPAREL - 0.1%
	2,487,437	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		4.240		12/16/24		2,476,045
	173,688	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		4.250		04/25/25		171,155
			TOTAL CONSUMER DURABLES & APPAREL							2,647,200

CONSUMER SERVICES - 0.2%
	1,943,891	i	Hilton Worldwide Finance LLC	LIBOR 1 M + 1.750%		4.240		10/25/23		1,939,032
	415,477	i	Prime Security Services Borrower LLC	LIBOR 1 M + 2.750%		5.250		05/02/22		410,649
	1,990,000	i	Wyndham Hotels & Resorts, Inc	LIBOR 1 M + 1.750%		4.250		05/30/25		1,961,702
			TOTAL CONSUMER SERVICES							4,311,383

FOOD & STAPLES RETAILING - 0.2%
	3,071,879	i	YUM! Brands	LIBOR 1 M + 1.750%		4.230		04/03/25		3,047,549
			TOTAL FOOD & STAPLES RETAILING							3,047,549

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	2,788,790	i	DaVita HealthCare Partners, Inc	LIBOR 1 M + 2.750%		5.250		06/24/21		2,784,440
	618,285	i	HCA, Inc	LIBOR 1 M + 1.750%		4.249		03/18/23		617,413
	990,000	i	HCA, Inc	LIBOR 1 M + 2.000%		4.500		03/13/25		988,456
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							4,390,309

MATERIALS - 0.0%
	183,289	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		4.350		04/03/25		180,463
	314,211	i	WR Grace & Co-Conn	LIBOR 3 M + 1.750%		4.351		04/03/25		309,365
			TOTAL MATERIALS							489,828

MEDIA & ENTERTAINMENT - 0.6%
	1,403,244	i	AMC Entertainment, Inc	LIBOR 1 M + 2.250%		4.730		12/15/22		1,401,490
	3,538,997	i	Charter Communications Operating LLC	LIBOR 1 M + 2.000%		4.500		04/30/25		3,512,454
	2,927,696	i	CSC Holdings LLC	LIBOR 1 M + 2.250%		4.730		07/17/25		2,840,393
	1,334,602	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.490		10/04/23		1,308,657
	2,475,000	i	Outfront Media Capital LLC	LIBOR 1 M + 2.000%		4.490		03/18/24		2,458,764
	274,571	i	Univision Communications, Inc	LIBOR 1 M + 2.750%		5.250		03/15/24		258,286
			TOTAL MEDIA & ENTERTAINMENT							11,780,044

243

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
$	947,378	i	Quintiles IMS, Inc	LIBOR 3 M + 2.000%		4.600	%	03/07/24	$	942,442
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							942,442

RETAILING - 0.2%
	3,875,251	i	Avis Budget Car Rental LLC	LIBOR 1 M + 2.000%		4.500		02/13/25		3,788,058
	969,773	i	PetSmart, Inc	LIBOR 1 M + 3.000%		5.490		03/11/22		868,558
			TOTAL RETAILING							4,656,616

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,462,500	i	Versum Materials, Inc	LIBOR 3 M + 2.000%		4.600		09/29/23		1,457,630
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,457,630

SOFTWARE & SERVICES - 0.3%
	1,042,125	i	IQVIA, Inc	LIBOR 1 M + 1.750%		4.250		06/11/25		1,029,963
	2,066,962	i	Leidos, Inc	LIBOR 1 M + 1.750%		4.250		08/22/25		2,058,570
	1,915,750	i	Open Text Corp	LIBOR 1 M + 1.750%		4.250		05/30/25		1,906,574
			TOTAL SOFTWARE & SERVICES							4,995,107

TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	381,425	i	CommScope, Inc	LIBOR 1 M + 2.000%		4.500		12/29/22		380,353
	994,962	i	Dell International LLC	LIBOR 1 M + 2.000%		4.500		09/07/23		982,913
	924,651	i	Sensata Technologies BV	LIBOR 1 M + 1.750%		4.250		10/14/21		926,463
	992,481	i	Western Digital Corp	LIBOR 1 M + 1.750%		4.250		04/29/23		964,771
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							3,254,500

TRANSPORTATION - 0.1%
	1,939,394	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.490		10/10/21		1,922,735
			TOTAL TRANSPORTATION							1,922,735

UTILITIES - 0.1%
	974,937	i	NRG Energy, Inc	LIBOR 1 M + 1.750%		4.250		06/30/23		962,643
			TOTAL UTILITIES							962,643

			TOTAL BANK LOAN OBLIGATIONS							49,703,645
			(Cost $50,378,389)

BONDS - 92.6%

CORPORATE BONDS - 25.5%

AUTOMOBILES & COMPONENTS - 0.1%
	3,000,000	g	Hyundai Capital America			3.250		09/20/22		2,983,573
			TOTAL AUTOMOBILES & COMPONENTS							2,983,573

BANKS - 10.5%
	3,575,000	g	Banco del Estado de Chile			2.668		01/08/21		3,530,348
	2,500,000	g	Banco do Brasil SA/Cayman			4.750		03/20/24		2,508,750
	2,000,000	g	Banco Internacional del Peru SAA Interbank			3.375		01/18/23		1,987,700
	750,000	g	Banco Santander Mexico S.A.			4.125		11/09/22		757,875

244

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	11,850,000	g	Bank Nederlandse Gemeenten NV			2.500	%	02/28/20	$	11,848,021
	3,500,000		Bank of America Corp			2.250		04/21/20		3,481,551
	1,925,000		Bank of America Corp			2.151		11/09/20		1,905,600
	5,000,000		Bank of America Corp			2.369		07/21/21		4,967,097
	10,000,000		Bank of America Corp			2.328		10/01/21		9,908,200
	9,000,000	g	Bank of Montreal			2.500		01/11/22		8,954,316
	3,000,000		BB&T Corp			2.150		02/01/21		2,972,275
	4,000,000	g	BNG Bank NV			3.125		11/08/21		4,074,052
	5,000,000	g	BNG Bank NV			3.000		09/20/23		5,119,329
	3,970,000	g	BNG Bank NV			2.625		02/27/24		4,006,900
	10,000,000		CitiBank NA			1.850		09/18/19		9,960,353
	5,000,000		CitiBank NA			2.100		06/12/20		4,963,893
	5,000,000		CitiBank NA			2.125		10/20/20		4,958,137
	3,000,000		Citizens Bank NA			2.250		10/30/20		2,974,766
	10,000,000	g	Dexia Credit Local S.A.			2.875		01/29/22		10,097,130
	4,000,000	g	Dexia Credit Local S.A.			2.375		09/20/22		3,973,566
	5,000,000	g	DNB Boligkreditt AS.			2.000		05/28/20		4,964,850
	5,000,000	g	DNB Boligkreditt AS.			3.250		06/28/23		5,122,595
	2,000,000		Fifth Third Bank			2.200		10/30/20		1,983,968
	1,500,000		Huntington National Bank			2.375		03/10/20		1,494,800
	7,500,000		JPMorgan Chase & Co			2.750		06/23/20		7,504,575
	5,000,000		JPMorgan Chase & Co			3.207		04/01/23		5,032,254
	19,000,000		JPMorgan Chase Bank NA			3.086		04/26/21		19,052,213
	5,000,000		KeyBank NA			3.300		02/01/22		5,086,000
	2,000,000	g	NBK SPC Ltd			2.750		05/30/22		1,970,788
	6,050,000		PNC Bank NA			2.450		11/05/20		6,026,475
	5,000,000		Royal Bank of Canada			2.150		10/26/20		4,966,844
	10,000,000	g	Royal Bank of Canada			3.350		10/22/21		10,181,590
	2,500,000		Santander UK plc			2.125		11/03/20		2,472,045
	3,000,000	g	State Bank of India			4.000		01/24/22		3,041,331
	4,000,000		Sumitomo Mitsui Banking Corp			2.092		10/18/19		3,985,516
	2,000,000		SunTrust Banks, Inc			2.500		05/01/19		1,999,543
	3,000,000		Toronto-Dominion Bank			1.850		09/11/20		2,967,805
	1,000,000	g	Turkiye Is Bankasi			5.375		10/06/21		925,970
	2,100,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		3.252		04/23/21		2,103,042
	3,000,000		US Bank NA			2.050		10/23/20		2,976,135
	2,275,000		Wells Fargo Bank NA			3.325		07/23/21		2,290,164
	3,000,000		Wells Fargo Bank NA			3.625		10/22/21		3,056,842
	5,000,000		Westpac Banking Corp			1.600		08/19/19		4,980,462
	2,000,000	g	Yapi ve Kredi Bankasi AS.			6.100		03/16/23		1,804,206
			TOTAL BANKS							208,939,872

CAPITAL GOODS - 1.1%
	3,000,000	g	Adani Ports & Special Economic Zone Ltd			3.950		01/19/22		3,008,580
	5,000,000		Caterpillar Financial Services Corp			3.150		09/07/21		5,057,958
	3,200,000	g	Gold Fields Orogen Holding BVI Ltd			4.875		10/07/20		3,236,000
	5,000,000		John Deere Capital Corp			3.125		09/10/21		5,057,000
	1,750,000		Johnson Controls International plc			3.750		12/01/21		1,778,784
	800,000	g	Molex Electronic Technologies LLC			2.878		04/15/20		798,635
	1,125,000		Rockwell Collins, Inc			1.950		07/15/19		1,122,155
	850,000		United Technologies Corp			3.350		08/16/21		861,534
			TOTAL CAPITAL GOODS							20,920,646

245

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
$	3,000,000		Republic Services, Inc		5.500	%	09/15/19	$	3,035,286
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,035,286

CONSUMER DURABLES & APPAREL - 0.2%
	3,200,000		Lennar Corp		4.750		04/01/21		3,260,000
			TOTAL CONSUMER DURABLES & APPAREL						3,260,000

CONSUMER SERVICES - 0.1%
	1,325,000		Sands China Ltd		4.600		08/08/23		1,366,415
			TOTAL CONSUMER SERVICES						1,366,415

DIVERSIFIED FINANCIALS - 4.3%
	3,000,000		American Express Co		2.200		10/30/20		2,977,512
	2,100,000		American Express Co		3.000		02/22/21		2,110,809
	1,000,000		Ameriprise Financial, Inc		3.000		03/22/22		1,005,936
	750,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		745,585
	6,160,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		6,235,346
	3,000,000		Capital One Financial Corp		2.400		10/30/20		2,983,207
	2,000,000		Deutsche Bank AG.		2.700		07/13/20		1,978,506
	5,000,000		Deutsche Bank AG.		4.250		02/04/21		5,019,905
	1,200,000	g	Federation des Caisses Desjardins du Quebec		2.250		10/30/20		1,190,366
	4,800,000		Ford Motor Credit Co LLC		2.425		06/12/20		4,737,457
	4,500,000		Ford Motor Credit Co LLC		3.200		01/15/21		4,436,100
	2,466,000		General Electric Capital Corp		4.625		01/07/21		2,532,113
	10,000,000		General Motors Financial Co, Inc		2.450		11/06/20		9,880,661
	2,000,000		Goldman Sachs Group, Inc		2.000		04/25/19		1,999,032
	2,775,000		Goldman Sachs Group, Inc		1.950		07/23/19		2,768,582
	9,000,000		Goldman Sachs Group, Inc		2.300		12/13/19		8,970,227
	7,500,000		Morgan Stanley		2.800		06/16/20		7,506,530
	3,105,609		San Clemente Leasing LLC		3.030		11/22/22		3,121,591
	3,000,000		Shire Acquisitions Investments Ireland DAC		2.400		09/23/21		2,965,764
	3,000,000		Unilever Capital Corp		1.800		05/05/20		2,975,158
	5,000,000		Unilever Capital Corp		3.000		03/07/22		5,050,736
	3,500,000		Wells Fargo & Co		2.600		07/22/20		3,495,053
			TOTAL DIVERSIFIED FINANCIALS						84,686,176

ENERGY - 1.5%
	2,025,000		BP Capital Markets plc		1.676		05/03/19		2,023,218
	3,000,000		Continental Resources, Inc		5.000		09/15/22		3,022,419
	5,000,000		Energy Transfer Operating LP		4.500		04/15/24		5,223,977
	1,825,000		Enterprise Products Operating LLC		2.800		02/15/21		1,826,318
	2,000,000		EQT Corp		2.500		10/01/20		1,973,700
	3,000,000		Murphy Oil Corp		6.875		08/15/24		3,176,309
	2,200,000	g	Pertamina Persero PT		4.875		05/03/22		2,285,604
	1,500,000		Petrobras Global Finance BV		6.250		03/17/24		1,610,625
	2,000,000		Petroleos Mexicanos		5.375		03/13/22		2,038,000
	1,060,000		Petroleos Mexicanos		2.000		12/20/22		1,046,555
	903,500		Petroleos Mexicanos		2.378		04/15/25		897,074
	2,709,000		Plains All American Pipeline LP		3.650		06/01/22		2,726,892
	1,500,000	g	YPF S.A.		8.500		03/23/21		1,511,250
			TOTAL ENERGY						29,361,941

246

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 1.0%
$	3,425,000	g	CK Hutchison International 17 Ltd		2.250	%	09/29/20	$	3,389,586
	7,700,000		CVS Health Corp		3.350		03/09/21		7,762,734
	2,000,000		Kroger Co		2.600		02/01/21		1,990,208
	2,875,000		SYSCO Corp		1.900		04/01/19		2,875,000
	5,000,000		Wal-Mart Stores, Inc		2.350		12/15/22		4,972,670
			TOTAL FOOD & STAPLES RETAILING						20,990,198

FOOD, BEVERAGE & TOBACCO - 0.4%
	2,150,000		Altria Group, Inc		3.490		02/14/22		2,184,620
	2,940,000		General Mills, Inc		3.150		12/15/21		2,963,694
	1,000,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		1,010,000
	1,350,000		PepsiCo, Inc		1.350		10/04/19		1,341,817
	1,300,000		Tyson Foods, Inc		2.250		08/23/21		1,280,045
			TOTAL FOOD, BEVERAGE & TOBACCO						8,780,176

HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	5,000,000		Becton Dickinson and Co		2.404		06/05/20		4,964,654
	5,000,000		Cardinal Health, Inc		1.948		06/14/19		4,991,036
	3,000,000		Express Scripts Holding Co		2.250		06/15/19		2,995,396
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						12,951,086

INSURANCE - 0.3%
	4,025,000		Berkshire Hathaway Finance Corp		1.300		08/15/19		4,006,110
	1,500,000		Marsh & McLennan Cos, Inc		2.350		09/10/19		1,498,117
			TOTAL INSURANCE						5,504,227

MATERIALS - 0.6%
	5,900,000		EI du Pont de Nemours & Co		2.200		05/01/20		5,878,987
	3,200,000	g	Georgia-Pacific LLC		3.163		11/15/21		3,215,171
	1,350,000	g	Midwest Connector Capital Co LLC		3.625		04/01/22		1,369,465
	1,550,000	g	SABIC Capital II BV		4.000		10/10/23		1,581,191
			TOTAL MATERIALS						12,044,814

MEDIA & ENTERTAINMENT - 0.4%
	1,009,000		Charter Communications Operating LLC		3.579		07/23/20		1,016,436
	3,100,000		Comcast Corp		3.450		10/01/21		3,161,766
	967,000		Comcast Corp		2.850		01/15/23		970,163
	3,000,000	g	Indonesia Asahan Aluminiu		5.230		11/15/21		3,120,576
			TOTAL MEDIA & ENTERTAINMENT						8,268,941

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.1%
	6,000,000		AbbVie, Inc		2.300		05/14/21		5,926,048
	525,000		Actavis Funding SCS		3.800		03/15/25		532,039
	3,300,000	g	Bayer US Finance II LLC		3.500		06/25/21		3,313,792
	2,000,000		Celgene Corp		2.875		02/19/21		1,997,951
	2,500,000		Gilead Sciences, Inc		1.850		09/20/19		2,487,456
	1,000,000		Johnson & Johnson		1.950		11/10/20		992,549
	5,000,000		Novartis Capital Corp		1.800		02/14/20		4,965,122
	2,000,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		1,865,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						22,079,957

247

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REAL ESTATE - 0.3%
$	1,000,000		Duke Realty LP		3.875	%	02/15/21	$	1,015,491
	3,127,000		Duke Realty LP		3.875		10/15/22		3,212,313
	1,329,000		ERP Operating LP		2.375		07/01/19		1,327,714
	850,000		Highwoods Realty LP		3.625		01/15/23		853,162
			TOTAL REAL ESTATE						6,408,680

RETAILING - 0.2%
	3,000,000		AutoNation, Inc		5.500		02/01/20		3,059,210
			TOTAL RETAILING						3,059,210

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	5,000,000		Analog Devices, Inc		2.850		03/12/20		5,001,632
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						5,001,632

SOFTWARE & SERVICES - 0.2%
	500,000		Activision Blizzard, Inc		2.600		06/15/22		495,813
	5,000,000		Microsoft Corp		1.100		08/08/19		4,974,204
			TOTAL SOFTWARE & SERVICES						5,470,017

TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	2,000,000		Apple, Inc		1.900		02/07/20		1,990,663
	5,000,000		Broadcom Corp		2.200		01/15/21		4,922,315
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						6,912,978

TELECOMMUNICATION SERVICES - 0.2%
	2,050,000	g	MTN Mauritius Investment Ltd		5.373		02/13/22		2,050,234
	1,400,000	g	SK Telecom Co Ltd		3.750		04/16/23		1,432,079
			TOTAL TELECOMMUNICATION SERVICES						3,482,313

TRANSPORTATION - 0.7%
	2,500,000		CSX Corp		3.700		10/30/20		2,532,389
	2,250,000		Delta Air Lines, Inc		2.875		03/13/20		2,245,892
	1,100,000		Delta Air Lines, Inc		3.400		04/19/21		1,104,675
	1,775,000		FedEx Corp		3.400		01/14/22		1,799,226
	2,100,000		Norfolk Southern Corp		3.250		12/01/21		2,118,967
	2,000,000		Northrop Grumman Corp		2.080		10/15/20		1,981,571
	2,200,000	g	Transnet SOC Ltd		4.000		07/26/22		2,158,583
			TOTAL TRANSPORTATION						13,941,303

UTILITIES - 0.9%
	2,000,000		AmeriGas Finance LLC		3.750		05/01/21		2,033,120
	3,000,000		Dominion Energy, Inc		2.579		07/01/20		2,983,732
	2,000,000	g	KSA Sukuk Ltd		2.894		04/20/22		1,988,176
	2,000,000		NextEra Energy Capital Holdings, Inc		2.900		04/01/22		2,002,375
	5,000,000		Southern Power Co		1.950		12/15/19		4,967,071
	3,000,000	g	State Grid Overseas Investment Ltd		2.750		05/04/22		2,975,566
			TOTAL UTILITIES						16,950,040

			TOTAL CORPORATE BONDS						506,399,481
			(Cost $505,807,353)

248

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
GOVERNMENT BONDS - 36.5%

AGENCY SECURITIES - 4.4%
$	4,415,000	g	Hospital for Special Surgery			3.500	%	01/01/23	$	4,533,447
	24,000,000		Iraq Government AID International Bond			2.149		01/18/22		23,858,088
	9,405,000		Montefiore Medical Center			2.152		10/20/26		9,215,005
	2,000,000		Private Export Funding Corp (PEFCO)			2.250		03/15/20		1,994,331
	3,000,000		PEFCO			2.300		09/15/20		2,996,865
	7,368,421		Reliance Industries Ltd			1.870		01/15/26		7,167,461
	7,000,000		Reliance Industries Ltd			2.060		01/15/26		6,878,827
	9,210,526		Reliance Industries Ltd			2.444		01/15/26		9,170,527
	6,000,000		Ukraine Government AID Bonds			1.847		05/29/20		5,975,208
	15,000,000		Ukraine Government AID Bonds			1.471		09/29/21		14,696,925
			TOTAL AGENCY SECURITIES							86,486,684

FOREIGN GOVERNMENT BONDS - 10.2%
	3,325,000	g	Arab Petroleum Investments Corp			4.125		09/18/23		3,425,724
	2,725,000		Argentine Republic Government International Bond			6.875		04/22/21		2,486,563
	7,000,000	g	Bermuda Government International Bond			4.138		01/03/23		7,131,250
	1,250,000		Brazilian Government International Bond			4.875		01/22/21		1,288,763
	3,000,000	g	Caisse d’Amortissement de la Dette Sociale			1.875		01/13/20		2,985,380
	7,850,000	g	CDP Financial, Inc			2.750		03/07/22		7,900,094
	19,000,000	g	CPPIB Capital, Inc			2.750		07/22/21		19,125,020
	5,800,000	g	CPPIB Capital, Inc			2.250		01/25/22		5,770,674
	500,000	g	Dominican Republic Government International Bond			7.500		05/06/21		518,750
	1,725,000	g	Egypt Government International Bond			5.577		02/21/23		1,712,937
	1,425,000	g	Export Credit Bank of Turkey			4.250		09/18/22		1,255,479
	1,700,000		Export Development Canada			2.625		02/21/24		1,720,549
	1,900,000		Export-Import Bank of India			4.000		01/14/23		1,931,171
	5,000,000		Export-Import Bank of Korea			1.500		10/21/19		4,969,040
	500,000	g	Honduras Government International Bond			8.750		12/16/20		536,875
	8,900,000	g	International Development Association			2.750		04/24/23		9,035,636
	1,500,000		Japan Bank for International Cooperation			1.875		04/20/21		1,481,196
	3,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		2,972,574
	3,200,000	g	Japan Finance Organization for Municipalities			2.125		02/12/21		3,172,087
	6,650,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		6,828,240
	4,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		4,557,780
	1,700,000	g	Kommunalbanken AS.			1.625		01/15/20		1,687,228
	17,200,000	g	Kommunalbanken AS.			2.500		04/17/20		17,199,468
	1,150,000	g	Kommunalbanken AS.			1.375		10/26/20		1,130,956
	3,750,000	g	Kommunalbanken AS.			1.625		02/10/21		3,695,824
	1,560,000	g	Kommunalbanken AS.			2.750		02/05/24		1,583,841
	5,667,000	g	Kommuninvest I Sverige AB			2.625		09/15/22		5,711,637
	2,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		3.147		03/12/21		2,001,207
	6,700,000	g	Korea Housing Finance Corp			2.000		10/11/21		6,547,495
	1,875,000	g	Korea Housing Finance Corp			3.000		10/31/22		1,861,081
	2,025,000	g	Morocco Government International Bond			4.250		12/11/22		2,064,650
	1,400,000	g	Municipality Finance plc			1.125		09/16/19		1,390,574
	3,500,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		3,478,353

249

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000	g	Ontario Teachers’ Finance Trust		2.125	%	09/19/22	$	4,932,741
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		2,001,240
	5,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.750		03/01/23		5,039,900
	3,400,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		3,442,976
	1,300,000		Province of New Brunswick Canada		8.750		05/01/22		1,522,195
	26,000,000		Province of New Brunswick Canada		2.500		12/12/22		25,878,623
	3,000,000	g	Qatar Government International Bond		3.375		03/14/24		3,029,793
	4,000,000	g	Qatar Government International Bond		4.000		03/14/29		4,126,836
	500,000		Republic of Hungary International Bond		6.250		01/29/20		514,267
	5,625,000	g	Saudi Government International Bond		2.375		10/26/21		5,528,672
	500,000	g	Senegal Goverment International Bond		8.750		05/13/21		540,473
	6,500,000		Svensk Exportkredit AB		1.750		03/10/21		6,417,255
			TOTAL FOREIGN GOVERNMENT BONDS						202,133,067

MORTGAGE BACKED - 0.0%
	220,354		Government National Mortgage Association (GNMA)		2.176		05/16/39		218,902
			TOTAL MORTGAGE BACKED						218,902

MUNICIPAL BONDS - 0.3%
	5,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		4,994,700
			TOTAL MUNICIPAL BONDS						4,994,700

U.S. TREASURY SECURITIES - 21.6%
	10,210,600	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		10,162,992
	23,363,560	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		23,181,504
	7,762,200	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		7,683,498
	10,133,700	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		10,207,603
	37,000,000		United States Treasury Note		2.250		02/29/20		36,952,305
	20,750,000		United States Treasury Note		2.250		03/31/20		20,718,388
	125,000,000		United States Treasury Note		2.375		04/30/20		124,970,702
	27,100,000		United States Treasury Note		2.500		05/31/20		27,137,051
	62,810,000		United States Treasury Note		2.875		10/31/20		63,327,692
	19,460,000		United States Treasury Note		2.500		01/31/21		19,531,455
	793,000		United States Treasury Note		2.500		02/28/21		796,190
	57,645,000		United States Treasury Note		2.500		02/15/22		58,084,093
	865,000		United States Treasury Note		2.375		03/15/22		869,055
	3,805,000		United States Treasury Note		2.875		09/30/23		3,908,597
	11,475,000		United States Treasury Note		2.375		02/29/24		11,556,132
	10,000,000		United States Treasury Note		2.500		02/28/26		10,118,750
	1,225,000		United States Treasury Note		2.625		02/15/29		1,248,830
			TOTAL U.S. TREASURY SECURITIES						430,454,837

			TOTAL GOVERNMENT BONDS						724,288,190
			(Cost $723,437,816)

STRUCTURED ASSETS - 30.6%

ASSET BACKED - 6.7%
	55,677	†,g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		1
			Series - 2005 WMC1 (Class N1)
	1,000,000	g	BBCMS Trust		3.631		09/05/32		999,322
			Series - 2013 TYSN (Class D)
	1,961,667	g	Capital Automotive REIT		3.870		04/15/47		1,975,371
			Series - 2017 1A (Class A1)

250

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	4,500		Centex Home Equity			5.540	%	01/25/32	$	4,530
			Series - 2002 A (Class AF6)
	81,720	i	Centex Home Equity	LIBOR 1 M + 0.645%		3.131		03/25/34		80,534
			Series - 2004 B (Class M1)
	122,341	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		116,691
			Series - 2004 2 (Class 1M2)
	1,140,000	g	Core Industrial Trust			3.555		02/10/34		1,149,723
			Series - 2015 CALW (Class C)
	3,500,000	g	Core Industrial Trust			3.732		02/10/34		3,546,625
			Series - 2015 TEXW (Class C)
	5,450,000	g,i	Core Industrial Trust			3.849		02/10/34		5,496,154
			Series - 2015 TEXW (Class D)
	4,937,500	g	DB Master Finance LLC			3.629		11/20/47		4,940,907
			Series - 2017 1A (Class A2I)
	7,500,000	g,h	DB Master Finance LLC			3.787		05/20/49		7,548,231
			Series - 2019 1A (Class A2I)
	14,775,000	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		14,596,223
			Series - 2017 1A (Class A2II)
	1,740,361		Entergy Louisiana Investment Recovery Funding I LLC			2.040		09/01/23		1,727,956
			Series - 2011 A (Class A1)
	7,250,000	g	Ford Credit Auto Owner Trust			2.510		04/15/26		7,233,772
			Series - 2014 2 (Class B)
	10,435,091	g	Hilton Grand Vacations Trust			3.540		02/25/32		10,580,751
			Series - 2018 AA (Class A)
	2,000,000		Hyundai Auto Receivables Trust			2.010		06/15/21		1,997,200
			Series - 2015 B (Class B)
	3,458,352	g	MVW Owner Trust			2.420		12/20/34		3,392,628
			Series - 2017 1A (Class A)
	3,500,000	g,i	Natixis Commercial Mortgage Securities Trust			3.790		11/15/32		3,529,381
			Series - 2018 285M (Class C)
	2,500,000	g	Palisades Center Trust			3.357		04/13/33		2,450,297
			Series - 2016 PLSD (Class B)
	172,024	i	People’s Choice Home Loan Securities Trust	LIBOR 1 M + 0.900%		3.386		10/25/34		172,194
			Series - 2004 2 (Class M1)
	2,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		1,981,639
			Series - 2013 SMV (Class B)
	171,045		Saxon Asset Securities Trust (Step Bond)			6.120		11/25/30		176,665
			Series - 2002 2 (Class AF6)
	648,687	g	SpringCastle America Funding LLC			3.050		04/25/29		647,868
			Series - 2016 AA (Class A)
	4,887,750	g	Taco Bell Funding LLC			4.318		11/25/48		5,029,006
			Series - 2018 1A (Class A2I)
	12,249,238	g	TES LLC			4.330		10/20/47		12,619,272
			Series - 2017 1A (Class A)
	8,830,779	g	Tesla Auto Lease Trust			3.710		08/20/21		8,931,568
			Series - 2018 B (Class A)
	15,905,000		Verizon Owner Trust			3.380		04/20/23		16,184,985
			Series - 2018 A (Class B)
	9,000,000		Verizon Owner Trust			3.020		09/20/23		9,077,760
			Series - 2019 A (Class B)

251

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	6,750,000		World Omni Automobile Lease Securitization Trust			3.010	%	07/15/24	$	6,796,495
			Series - 2019 A (Class A4)
			TOTAL ASSET BACKED							132,983,749

OTHER MORTGAGE BACKED - 23.9%
	5,000,000	g,i	20 TSQ GroundCo LLC			3.100		05/15/35		4,957,689
			Series - 2018 20TS (Class B)
	10,000,000	g,i	20 TSQ GroundCo LLC			3.100		05/15/35		9,687,690
			Series - 2018 20TS (Class D)
	154,116		Aames Mortgage Trust (Step Bond)			7.396		06/25/32		153,503
			Series - 2002 1 (Class A3)
	294,270	i	Banc of America Funding	LIBOR 1 M + 0.800%		3.288		02/20/35		293,241
			Series - 2005 A (Class 5A3)
	2,754,113	i	Bear Stearns ALT-A Trust	LIBOR 1 M + 0.600%		3.086		06/25/34		2,743,365
			Series - 2004 4 (Class A1)
	1,008,867	g,i	Bear Stearns Commercial Mortgage Securities Trust			5.300		05/11/39		1,008,882
			Series - 2003 PWR2 (Class H)
	4,000,000	g,i	CD Commercial Mortgage Trust			6.020		11/15/44		4,012,610
			Series - 2007 CD5 (Class E)
	8,512,767	g,i	Chase Mortgage Trust			3.750		12/25/45		8,650,838
			Series - 2016 2 (Class M2)
	2,554,631	g,i	COMM Mortgage Trust			3.461		08/10/29		2,526,270
			Series - 2016 GCT (Class D)
	3,623,360	g	COMM Mortgage Trust			3.397		03/10/46		3,583,372
			Series - 2013 CR6 (Class B)
	2,014,904		COMM Mortgage Trust			4.701		03/10/47		2,103,933
			Series - 2014 UBS2 (Class B)
	2,500,000	i	COMM Mortgage Trust			4.118		03/10/48		2,555,590
			Series - 2015 CR22 (Class C)
	500,000	g,i	COMM Mortgage Trust			3.685		05/10/48		502,744
			Series - 2015 CR23 (Class CMB)
	7,550,000	g,i	COMM Mortgage Trust			3.685		05/10/48		7,525,958
			Series - 2015 CR23 (Class CMD)
	5,500,000	i	COMM Mortgage Trust			3.463		08/10/48		4,814,661
			Series - 2015 CR24 (Class D)
	53,000		COMM Mortgage Trust			2.972		10/10/49		52,795
			Series - 2016 COR1 (Class ASB)
	1,000,000	i	COMM Mortgage Trust			4.715		08/10/50		1,064,257
			Series - 2013 CR11 (Class AM)
	331,034	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.436		05/25/24		331,097
			Series - 2014 C02 (Class 1M1)
	1,068,076	i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		4.486		10/25/28		1,076,187
			Series - 2016 C03 (Class 1M1)
	614,254	i	Connecticut Avenue Securities	LIBOR 1 M + 1.350%		3.836		01/25/29		614,796
			Series - 2016 C05 (Class 2M1)
	3,907,781	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		3.936		01/25/29		3,922,355
			Series - 2016 C04 (Class 1M1)
	5,669,053	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.165		07/25/29		5,691,288
			Series - 2017 C01 (Class 1M1)
	2,736,616	i	Connecticut Avenue Securities	LIBOR 1 M + 1.150%		3.636		09/25/29		2,744,468
			Series - 2017 C02 (Class 2M1)
	11,650,642	i	Connecticut Avenue Securities	LIBOR 1 M + 0.950%		3.436		10/25/29		11,671,087
			Series - 2017 C03 (Class 1M1)

252

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.650%		5.136	%	02/25/30	$	3,095,786
			Series - 2017 C06 (Class 1M2)
	8,546,148	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		3.086		07/25/30		8,526,628
			Series - 2018 C01 (Class 1M1)
	4,683,854	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		3.166		10/25/30		4,681,856
			Series - 2018 C03 (Class 1M1)
	1,754,425	i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		3.236		12/25/30		1,754,219
			Series - 2018 C04 (Class 2M1)
	6,951,276	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		08/25/31		6,956,125
			Series - 2019 R02 (Class 1M1)
	2,825,000	g	Credit Suisse Commercial Mortgage Trust			3.304		09/15/37		2,837,242
			Series - 2014 USA (Class A1)
	420,895	g,i	Credit Suisse Commercial Mortgage Trust			5.676		02/15/39		421,952
			Series - 2006 C1 (Class H)
	12,000,000	g,i	Credit Suisse Commercial Mortgage Trust			5.897		01/15/49		14,921,216
			Series - 2007 C2 (Class C)
	3,800,000	g,i	DBUBS Mortgage Trust			5.532		07/10/44		3,978,672
			Series - 2011 LC2A (Class C)
	3,900,000	g,i	DBUBS Mortgage Trust			5.532		07/10/44		4,042,456
			Series - 2011 LC2A (Class D)
	3,130,000	g,i	DBUBS Mortgage Trust			5.699		11/10/46		3,262,042
			Series - 2011 LC1A (Class C)
	1,120,000	g,i	DBUBS Mortgage Trust			5.699		11/10/46		1,164,908
			Series - 2011 LC1A (Class D)
	378,045		Deutsche Mortgage Securities, Inc Mortgage Loan Trust (Step Bond)			5.440		07/25/34		379,670
			Series - 2004 5 (Class A5B)
	423,700	g,i	Flagstar Mortgage Trust			3.500		03/25/47		423,717
			Series - 2017 1 (Class 1A5)
	2,000,000	g,i	GS Mortgage Securities Corp II			3.436		12/10/27		1,990,768
			Series - 2013 KING (Class D)
	1,050,000	g	GS Mortgage Securities Corp II			3.419		10/10/32		1,066,329
			Series - 2017 SLP (Class A)
	526,000	g	GS Mortgage Securities Corp II			3.772		10/10/32		534,561
			Series - 2017 SLP (Class B)
	3,000,000	g	GS Mortgage Securities Corp II			2.954		11/05/34		3,004,766
			Series - 2012 BWTR (Class A)
	4,055,000	g	GS Mortgage Securities Trust			2.994		11/10/29		3,995,367
			Series - 2016 GS4 (Class 225B)
	4,500,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.090%		3.574		10/15/31		4,502,812
			Series - 2018 HART (Class A)
	1,000,000	g,i	GS Mortgage Securities Trust			5.182		12/10/43		1,032,724
			Series - 2010 C2 (Class B)
	146,373	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.146		03/25/35		143,578
			Series - 2004 11 (Class 2A1)
	600,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.021		07/05/32		613,635
			Series - 2012 HSBC (Class C)
	466,097	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			3.840		01/12/39		469,541
			Series - 2004 CB8 (Class H)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.013		02/15/46		2,055,798
			Series - 2011 C3 (Class B)

253

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	6,170,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.360	%	02/15/46	$	6,330,864
			Series - 2011 C3 (Class C)
	9,958,755	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		9,965,367
			Series - 2017 1 (Class A3)
	9,586,392	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		9,592,758
			Series - 2017 3 (Class 1A5)
	8,696,792	g,i	JP Morgan Mortgage Trust			3.500		06/25/48		8,702,566
			Series - 2018 1 (Class A5)
	11,895,608	g,i	JP Morgan Mortgage Trust			3.000		11/25/48		11,895,930
			Series - 2017 4 (Class A6)
	10,902,638	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		11,041,477
			Series - 2018 8 (Class A15)
	16,299,978	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		16,505,801
			Series - 2018 9 (Class A15)
	4,629,220	g,i	LB-UBS Commercial Mortgage Trust			5.964		12/15/39		4,650,455
			Series - 2004 C8 (Class H)
	76,400	i	Morgan Stanley Capital I Trust			5.389		11/12/41		76,115
			Series - 2006 HQ10 (Class AJ)
	6,500,000	g,i	Morgan Stanley Capital I Trust			5.947		06/11/42		6,884,329
			Series - 2007 T27 (Class B)
	335,670	i	Morgan Stanley Capital I Trust			6.239		10/15/42		335,615
			Series - 2006 IQ11 (Class AJ)
	4,214,000	g,i	Morgan Stanley Capital I Trust			5.614		06/12/47		4,280,601
			Series - 2005 T19 (Class F)
	1,500,000	g	Morgan Stanley Capital I Trust			4.193		09/15/47		1,520,245
			Series - 2011 C1 (Class F)
	349,456	i	Morgan Stanley Capital I Trust			5.273		10/12/52		350,366
			Series - 2006 T21 (Class AJ)
	339,294		Morgan Stanley Capital I Trust			4.860		07/15/56		340,233
			Series - 2005 IQ9 (Class B)
	1,250,000		Morgan Stanley Capital I Trust			5.000		07/15/56		1,238,791
			Series - 2005 IQ9 (Class D)
	730,756	g,i	Morgan Stanley Dean Witter Capital I Trust			7.587		07/15/33		766,950
			Series - 2001 TOP3 (Class E)
	2,446,351	i	Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates	LIBOR 1 M + 0.675%		3.161		04/25/35		2,452,686
			Series - 2005 2 (Class M2)
	11,565,309	g,i	Sequoia Mortgage Trust			3.500		06/25/46		11,619,122
			Series - 2016 1 (Class A10)
	10,175,433	g,i	Sequoia Mortgage Trust			3.000		02/25/47		9,996,284
			Series - 2017 2 (Class A5)
	465,722	g,i	Sequoia Mortgage Trust			3.500		02/25/47		467,568
			Series - 2017 2 (Class A4)
	5,580,507	g,i	Sequoia Mortgage Trust			3.500		02/25/47		5,563,418
			Series - 2017 2 (Class A10)
	11,518,677	g,i	Sequoia Mortgage Trust			3.500		04/25/47		11,584,080
			Series - 2017 3 (Class A4)
	5,279,579	g,i	Sequoia Mortgage Trust			3.500		07/25/47		5,302,883
			Series - 2017 4 (Class A4)
	8,219,814	g,i	Sequoia Mortgage Trust			3.000		08/25/47		8,121,127
			Series - 2017 5 (Class A5)

254

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	12,952,555	g,i	Sequoia Mortgage Trust			3.500	%	09/25/47	$	12,973,363
			Series - 2017 6 (Class A4)
	10,634,697	g,i	Sequoia Mortgage Trust			4.000		12/25/47		10,733,968
			Series - 2017 CH2 (Class A10)
	15,840,389	g,i	Sequoia Mortgage Trust			3.500		02/25/48		15,872,371
			Series - 2018 2 (Class A4)
	11,621,676	g,i	Sequoia Mortgage Trust			3.500		03/25/48		11,651,055
			Series - 2018 3 (Class A4)
	13,819,483	g,i	Sequoia Mortgage Trust			4.000		11/25/48		14,027,736
			Series - 2018 8 (Class A4)
	6,043,720	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		6,022,531
			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		13,661,035
			Series - 2017 LD1 (Class B)
	1,870,793	i	Structured Adjustable Rate Mortgage Loan Trust	LIBOR 1 M + 0.370%		2.856		07/25/34		1,870,596
			Series - 2004 9XS (Class A)
	2,903,212	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.600%		5.086		12/25/27		2,939,421
			Series - 2015 DNA2 (Class M2)
	3,429,318	i	STACR	LIBOR 1 M + 1.300%		3.786		03/25/29		3,445,914
			Series - 2016 DNA4 (Class M2)
	2,015,000	i	STACR	LIBOR 1 M + 1.300%		3.786		04/25/29		2,025,522
			Series - 2016 HQA4 (Class M2)
	7,815,085	i	STACR	LIBOR 1 M + 1.200%		3.686		07/25/29		7,848,265
			Series - 2017 DNA1 (Class M1)
	16,530,080	i	STACR	LIBOR 1 M + 1.200%		3.686		10/25/29		16,618,167
			Series - 2017 DNA2 (Class M1)
	3,245,847	i	STACR	LIBOR 1 M + 0.800%		1.959		12/25/29		3,246,912
			Series - 2017 HQA2 (Class M1)
	17,107,557	i	STACR	LIBOR 1 M + 0.750%		3.236		03/25/30		17,096,937
			Series - 2017 DNA3 (Class M1)
	2,727,667	i	STACR	LIBOR 1 M + 0.450%		2.936		07/25/30		2,715,199
			Series - 2018 DNA1 (Class M1)
	1,745,268	g	Tax Ease Funding LLC			3.131		06/15/28		1,733,668
			Series - 2016 1A (Class A)
	2,500,000	g	VNDO Mortgage Trust			3.808		12/13/29		2,532,987
			Series - 2013 PENN (Class A)
	300,000	g,i	VNDO Mortgage Trust			3.947		12/13/29		301,899
			Series - 2013 PENN (Class C)
	6,602,605	g	VSE Voi Mortgage LLC			3.560		02/20/36		6,711,244
			Series - 2018 A (Class A)
	2,750,000	i	Wachovia Bank Commercial Mortgage Trust			5.951		05/15/46		2,777,500
			Series - 2007 C34 (Class C)
	775,000	i	Wachovia Bank Commercial Mortgage Trust			6.376		05/15/46		782,750
			Series - 2007 C34 (Class E)
	1,491,972	i	Wachovia Bank Commercial Mortgage Trust			5.748		04/15/47		1,486,043
			Series - 2007 C31 (Class F)
	3,215,000		Wells Fargo Commercial Mortgage Trust			3.539		10/15/45		3,268,505
			Series - 2012 LC5 (Class AS)
	30,428	g	WFRBS Commercial Mortgage Trust			4.394		06/15/44		30,415
			Series - 2011 C4 (Class A3)

255

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	4,500,000	i	WFRBS Commercial Mortgage Trust		3.714	%	03/15/45	$	4,553,872
			Series - 2013 C11 (Class B)
			TOTAL OTHER MORTGAGE BACKED						474,658,550

			TOTAL STRUCTURED ASSETS						607,642,299
			(Cost $608,029,134)

			TOTAL BONDS						1,838,329,970
			(Cost $1,837,274,303)

SHORT-TERM INVESTMENTS - 3.3%

GOVERNMENT AGENCY DEBT - 2.0%
	39,800,000		Federal Home Loan Bank (FHLB)		2.250		04/01/19		39,800,000
			TOTAL GOVERNMENT AGENCY DEBT						39,800,000

TREASURY DEBT - 1.3%
	600,000		United States Treasury Bill		2.411		04/09/19		599,682
	600,000		United States Treasury Bill		2.393		04/16/19		599,402
	25,000,000		United States Treasury Bill		2.352		09/26/19		24,707,783
			TOTAL TREASURY DEBT						25,906,867

			TOTAL SHORT-TERM INVESTMENTS						65,706,867
			(Cost $65,706,864)

			TOTAL INVESTMENTS - 98.4%						1,953,740,482
			(Cost $1,953,359,556)
			OTHER ASSETS & LIABILITIES, NET - 1.6%						31,409,209
			NET ASSETS - 100.0%					$	1,985,149,691



		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 3/31/2019, the aggregate value of these securities was $729,705,340 or 36.8% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security 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.

Futures contracts outstanding as of March 31, 2019 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)		(291	)	06/19/19	$	(35,583,973	)	$	(36,147,656	)	$	(563,683	)
US 5 Year Note (CBT)		(510	)	06/28/19		(58,513,251	)		(59,072,344	)		(559,093	)
Total		(801	)		$	(94,097,224	)	$	(95,220,000	)	$	(1,122,776	)

256

TIAA-CREF FUNDS - Short-Term Bond Index Fund

TIAA-CREF FUNDS

SHORT-TERM BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BONDS - 99.3%

CORPORATE BONDS - 24.4%

AUTOMOBILES & COMPONENTS - 0.1%
$	200,000	Honeywell International, Inc		1.850	%		11/01/21	$	196,459
	100,000	Toyota Motor Corp		3.183			07/20/21		101,213
		TOTAL AUTOMOBILES & COMPONENTS							297,672

BANKS - 6.4%
	200,000	Bank of America Corp		2.151			11/09/20		197,984
	300,000	Bank of America Corp		5.875			01/05/21		315,794
	250,000	Bank of America Corp		2.369			07/21/21		248,355
	400,000	Bank of America Corp		2.328			10/01/21		396,328
	300,000	Bank of America Corp		2.738			01/23/22		298,910
	300,000	Bank of America Corp		3.499			05/17/22		303,695
	500,000	Bank of America Corp		2.881			04/24/23		498,629
	250,000	Bank of America NA		3.335			01/25/23		253,199
	100,000	Bank of Nova Scotia		2.150			07/14/20		99,449
	100,000	Bank of Nova Scotia		2.500			01/08/21		99,692
	298,000	Bank of Nova Scotia		2.450			03/22/21		296,581
	200,000	Bank of Nova Scotia		3.125			04/20/21		201,500
	200,000	Barclays Bank plc		2.650			01/11/21		198,557
	300,000	Barclays plc		2.750			11/08/19		299,323
	200,000	Barclays plc		3.250			01/12/21		199,972
	850,000	Barclays plc		4.610			02/15/23		868,668
	100,000	BB&T Corp		2.150			02/01/21		99,076
	100,000	BB&T Corp		3.200			09/03/21		101,119
	300,000	BB&T Corp		2.750			04/01/22		300,157
	200,000	BB&T Corp		3.050			06/20/22		201,184
	300,000	BPCE S.A.		2.650			02/03/21		299,057
	250,000	Branch Banking & Trust Co		2.250			06/01/20		248,749
	100,000	Canadian Imperial Bank of Commerce		2.100			10/05/20		99,177
	150,000	Canadian Imperial Bank of Commerce		2.700			02/02/21		150,126
	300,000	Capital One Bank USA NA		2.950			07/23/21		301,036
	250,000	CitiBank NA		3.050			05/01/20		250,858
	250,000	CitiBank NA		2.100			06/12/20		248,195
	100,000	CitiBank NA		2.125			10/20/20		99,163
	500,000	CitiBank NA		2.850			02/12/21		501,863
	250,000	CitiBank NA		3.400			07/23/21		253,304
	500,000	CitiBank NA		3.165			02/19/22		501,852
	500,000	Citigroup, Inc		2.450			01/10/20		498,908
	200,000	Citigroup, Inc		2.700			03/30/21		199,828
	250,000	Citizens Bank NA		2.250			10/30/20		247,897
	250,000	Citizens Bank NA		3.250			02/14/22		252,380
	200,000	Comerica, Inc		2.500			06/02/20		199,168
	250,000	Compass Bank		3.500			06/11/21		252,173
	500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875			02/08/22		514,377

257

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	250,000	Cooperatieve Rabobank UA		1.375	%		08/09/19	$	248,846
	300,000	Cooperatieve Rabobank UA		2.500			01/19/21		298,595
	250,000	Cooperatieve Rabobank UA		3.125			04/26/21		251,164
	250,000	Discover Bank		3.100			06/04/20		250,579
	200,000	Fifth Third Bank		2.200			10/30/20		198,397
	200,000	Fifth Third Bank		3.350			07/26/21		202,890
	100,000	Goldman Sachs Bank USA		3.200			06/05/20		100,627
	1,000,000	HSBC Holdings plc		2.950			05/25/21		999,844
	500,000	HSBC Holdings plc		3.262			03/13/23		501,387
	200,000	HSBC USA, Inc		2.750			08/07/20		200,163
	250,000	Huntington National Bank		3.250			05/14/21		252,400
	250,000	Huntington National Bank		3.125			04/01/22		251,898
	500,000	JPMorgan Chase & Co		2.750			06/23/20		500,305
	700,000	JPMorgan Chase & Co		2.550			10/29/20		698,228
	1,000,000	JPMorgan Chase & Co		2.400			06/07/21		992,802
	200,000	JPMorgan Chase & Co		3.514			06/18/22		202,825
	500,000	JPMorgan Chase & Co		3.207			04/01/23		503,225
	300,000	JPMorgan Chase Bank NA		3.086			04/26/21		300,824
	250,000	KeyBank NA		3.300			02/01/22		254,300
	250,000	KeyBank NA		3.375			03/07/23		255,105
	100,000	Lloyds Bank plc		2.700			08/17/20		99,870
	500,000	Lloyds Bank plc		3.300			05/07/21		503,987
	250,000	Manufacturers & Traders Trust Co		2.050			08/17/20		247,979
	100,000	Mitsubishi UFJ Financial Group, Inc		3.535			07/26/21		101,435
	300,000	Mitsubishi UFJ Financial Group, Inc		2.998			02/22/22		300,714
	300,000	Mitsubishi UFJ Financial Group, Inc		3.218			03/07/22		302,305
	300,000	Mizuho Financial Group, Inc		2.953			02/28/22		299,964
	250,000	MUFG Union Bank NA		3.150			04/01/22		252,167
	250,000	National Australia Bank Ltd		2.500			01/12/21		248,471
	250,000	National Australia Bank Ltd		3.375			09/20/21		252,884
	250,000	National Australia Bank Ltd		3.700			11/04/21		255,057
	250,000	National Bank of Canada		2.200			11/02/20		247,758
	250,000	PNC Bank NA		2.000			05/19/20		248,419
	250,000	PNC Bank NA		2.450			11/05/20		249,028
	250,000	PNC Bank NA		2.500			01/22/21		249,791
	500,000	PNC Bank NA		2.625			02/17/22		499,857
	250,000	Regions Bank		2.750			04/01/21		249,203
	250,000	Regions Bank		3.374			08/13/21		251,199
	300,000	Royal Bank of Canada		2.150			10/26/20		298,011
	300,000	Royal Bank of Canada		3.200			04/30/21		303,513
	500,000	Royal Bank of Canada		2.750			02/01/22		501,559
	150,000	Santander Holdings USA, Inc		4.450			12/03/21		154,467
	200,000	Santander UK Group Holdings plc		2.875			10/16/20		199,447
	200,000	Santander UK plc		2.125			11/03/20		197,764
	200,000	Santander UK plc		2.500			01/05/21		198,555
	200,000	Santander UK plc		3.400			06/01/21		201,562
	200,000	Santander UK plc		3.750			11/15/21		203,578
	250,000	Sumitomo Mitsui Banking Corp		2.650			07/23/20		249,684
	300,000	Sumitomo Mitsui Financial Group, Inc		2.784			07/12/22		298,555
	100,000	SunTrust Bank		3.525			10/26/21		101,053
	200,000	SunTrust Bank		3.502			08/02/22		202,849
	250,000	Svenska Handelsbanken AB		1.950			09/08/20		247,259
	250,000	Svenska Handelsbanken AB		3.350			05/24/21		252,873

258

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	250,000	Synchrony Bank		3.650	%		05/24/21	$	252,346
	100,000	Toronto-Dominion Bank		1.450			08/13/19		99,569
	100,000	Toronto-Dominion Bank		1.900			10/24/19		99,592
	250,000	Toronto-Dominion Bank		3.000			06/11/20		251,075
	100,000	Toronto-Dominion Bank		1.850			09/11/20		98,927
	150,000	Toronto-Dominion Bank		3.150			09/17/20		151,371
	300,000	Toronto-Dominion Bank		2.500			12/14/20		299,386
	100,000	Toronto-Dominion Bank		2.550			01/25/21		99,879
	250,000	Toronto-Dominion Bank		3.250			06/11/21		253,046
	500,000	US Bancorp		2.625			01/24/22		500,692
	250,000	US Bank NA		3.050			07/24/20		251,546
	250,000	US Bank NA		3.104			05/21/21		251,037
	850,000	Wells Fargo Bank NA		2.600			01/15/21		847,445
	250,000	Wells Fargo Bank NA		3.325			07/23/21		251,666
	250,000	Wells Fargo Bank NA		3.625			10/22/21		254,737
	100,000	Westpac Banking Corp		3.050			05/15/20		100,460
	300,000	Westpac Banking Corp		2.300			05/26/20		298,754
	100,000	Westpac Banking Corp		2.650			01/25/21		99,906
	300,000	Zions Bancorp NA		3.500			08/27/21		303,190
	250,000	Zions Bancorp NA		3.350			03/04/22		252,162
		TOTAL BANKS							31,548,290

CAPITAL GOODS - 1.1%
	100,000	Air Lease Corp		2.500			03/01/21		99,227
	100,000	Air Lease Corp		3.500			01/15/22		100,946
	250,000	Aircastle Ltd		5.125			03/15/21		257,988
	300,000	Applied Materials, Inc		4.300			06/15/21		311,244
	100,000	Caterpillar Financial Services Corp		2.000			11/29/19		99,603
	200,000	Caterpillar Financial Services Corp		2.000			03/05/20		198,833
	100,000	Caterpillar Financial Services Corp		2.950			05/15/20		100,327
	100,000	Caterpillar Financial Services Corp		1.850			09/04/20		98,889
	100,000	Caterpillar Financial Services Corp		3.350			12/07/20		101,310
	100,000	Caterpillar Financial Services Corp		2.900			03/15/21		100,505
	200,000	Caterpillar Financial Services Corp		3.150			09/07/21		202,318
	150,000	Caterpillar Financial Services Corp		2.950			02/26/22		151,463
	200,000	Fortive Corp		2.350			06/15/21		197,904
	150,000	General Dynamics Corp		2.875			05/11/20		150,496
	200,000	General Dynamics Corp		3.000			05/11/21		201,685
	100,000	Ingersoll-Rand Global Holding Co Ltd		2.900			02/21/21		100,177
	100,000	Ingersoll-Rand Luxembourg Finance S.A.		2.625			05/01/20		99,767
	100,000	John Deere Capital Corp		2.200			03/13/20		99,598
	100,000	John Deere Capital Corp		2.350			01/08/21		99,566
	500,000	John Deere Capital Corp		2.550			01/08/21		499,475
	100,000	John Deere Capital Corp		2.875			03/12/21		100,480
	100,000	John Deere Capital Corp		3.125			09/10/21		101,140
	100,000	John Deere Capital Corp		3.200			01/10/22		101,667
	100,000	John Deere Capital Corp		2.950			04/01/22		100,939
	200,000	Johnson Controls International plc		4.250			03/01/21		204,583
	300,000	Lam Research Corp		2.750			03/15/20		299,738
	250,000	Lockheed Martin Corp		2.500			11/23/20		249,249
	175,000	Raytheon Co		3.125			10/15/20		176,782
	100,000	Roper Technologies, Inc		3.000			12/15/20		100,212

259

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	150,000	United Technologies Corp		1.500	%		11/01/19	$	148,852
	100,000	United Technologies Corp		1.900			05/04/20		99,165
	125,000	United Technologies Corp		3.350			08/16/21		126,696
	200,000	United Technologies Corp		2.300			05/04/22		197,037
		TOTAL CAPITAL GOODS							5,277,861

COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	100,000	eBay, Inc		2.150			06/05/20		99,339
	100,000	Equifax, Inc		3.600			08/15/21		100,941
	100,000	Moody’s Corp		3.250			06/07/21		100,840
	200,000	Republic Services, Inc		5.250			11/15/21		212,290
	400,000	Visa, Inc		2.200			12/14/20		398,207
	150,000	Waste Management, Inc		4.600			03/01/21		155,078
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,066,695

CONSUMER DURABLES & APPAREL - 0.0%
	100,000	DR Horton, Inc		2.550			12/01/20		99,358
		TOTAL CONSUMER DURABLES & APPAREL							99,358

CONSUMER SERVICES - 0.2%
	250,000	GLP Capital LP		4.375			04/15/21		253,578
	250,000	Marriott International, Inc		3.125			10/15/21		250,447
	250,000	McDonald’s Corp		2.750			12/09/20		250,428
	100,000	Royal Caribbean Cruises Ltd		2.650			11/28/20		99,895
	100,000	Starbucks Corp		2.200			11/22/20		99,368
		TOTAL CONSUMER SERVICES							953,716

DIVERSIFIED FINANCIALS - 4.8%
	300,000	AerCap Ireland Capital DAC		4.250			07/01/20		304,074
	150,000	AerCap Ireland Capital DAC		4.450			12/16/21		153,887
	300,000	AerCap Ireland Capital DAC		3.950			02/01/22		303,958
	200,000	AerCap Ireland Capital Ltd		5.000			10/01/21		207,554
	100,000	American Express Co		2.200			10/30/20		99,250
	125,000	American Express Co		3.000			02/22/21		125,643
	300,000	American Express Co		3.375			05/17/21		303,896
	200,000	American Express Co		3.700			11/05/21		204,421
	300,000	American Express Credit Corp		2.200			03/03/20		298,597
	200,000	American Express Credit Corp		2.375			05/26/20		199,350
	100,000	American Honda Finance Corp		2.000			02/14/20		99,459
	100,000	American Honda Finance Corp		3.000			06/16/20		100,371
	100,000	American Honda Finance Corp		1.950			07/20/20		99,003
	100,000	American Honda Finance Corp		3.150			01/08/21		100,832
	100,000	American Honda Finance Corp		2.650			02/12/21		99,936
	200,000	American Honda Finance Corp		3.375			12/10/21		203,553
	200,000	Ameriprise Financial, Inc		5.300			03/15/20		204,704
	100,000	Ameriprise Financial, Inc		3.000			03/22/22		100,594
	250,000	Australia & New Zealand Banking Group Ltd		2.250			11/09/20		248,158
	250,000	Australia & New Zealand Banking Group Ltd		3.300			05/17/21		252,655
	100,000	Bank of Montreal		2.100			12/12/19		99,680
	100,000	Bank of Montreal		2.100			06/15/20		99,418
	100,000	Bank of Montreal		3.100			07/13/20		100,595
	125,000	Bank of Montreal		3.100			04/13/21		126,129

260

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	500,000	Bank of Montreal		2.900	%		03/26/22	$	500,464
	300,000	Bank of New York Mellon Corp		2.500			04/15/21		299,321
	300,000	Bank of New York Mellon Corp		2.600			02/07/22		299,882
	200,000	Berkshire Hathaway, Inc		2.200			03/15/21		199,118
	200,000	BNP Paribas S.A.		2.375			05/21/20		199,351
	250,000	BNP Paribas S.A.		5.000			01/15/21		259,802
	400,000	Capital One Financial Corp		2.400			10/30/20		397,761
	100,000	Capital One Financial Corp		3.450			04/30/21		101,230
	200,000	Charles Schwab Corp		3.250			05/21/21		202,542
	651,000	Credit Suisse Group Funding Guernsey Ltd		3.125			12/10/20		653,160
	250,000	Credit Suisse Group Funding Guernsey Ltd		3.450			04/16/21		252,649
	100,000	Deutsche Bank AG.		2.700			07/13/20		98,925
	200,000	Deutsche Bank AG.		3.125			01/13/21		197,543
	300,000	Deutsche Bank AG.		3.150			01/22/21		295,531
	650,000	Deutsche Bank AG.		4.250			02/04/21		652,588
	150,000	Deutsche Bank AG.		5.000			02/14/22		153,370
	200,000	Ford Motor Credit Co LLC		2.681			01/09/20		199,148
	375,000	Ford Motor Credit Co LLC		2.425			06/12/20		370,114
	200,000	Ford Motor Credit Co LLC		2.343			11/02/20		195,795
	200,000	Ford Motor Credit Co LLC		5.085			01/07/21		203,744
	300,000	Ford Motor Credit Co LLC		3.200			01/15/21		295,740
	200,000	Ford Motor Credit Co LLC		3.470			04/05/21		198,010
	300,000	Ford Motor Credit Co LLC		3.813			10/12/21		297,261
	500,000	GE Capital International Funding Co		2.342			11/15/20		493,751
	500,000	General Electric Capital Corp		4.625			01/07/21		513,405
	300,000	General Electric Capital Corp		4.650			10/17/21		310,971
	300,000	General Motors Financial Co, Inc		2.650			04/13/20		298,798
	100,000	General Motors Financial Co, Inc		2.450			11/06/20		98,807
	300,000	General Motors Financial Co, Inc		4.200			03/01/21		304,333
	400,000	General Motors Financial Co, Inc		3.550			04/09/21		402,122
	250,000	General Motors Financial Co, Inc		4.200			11/06/21		254,772
	1,200,000	Goldman Sachs Group, Inc		2.300			12/13/19		1,196,030
	200,000	Goldman Sachs Group, Inc		2.600			12/27/20		198,941
	300,000	Goldman Sachs Group, Inc		2.875			02/25/21		300,176
	1,000,000	Goldman Sachs Group, Inc		5.750			01/24/22		1,072,784
	500,000	Goldman Sachs Group, Inc		2.876			10/31/22		495,892
	150,000	IBM Credit LLC		3.450			11/30/20		151,803
	250,000	IBM Credit LLC		2.650			02/05/21		249,714
	150,000	IBM Credit LLC		3.600			11/30/21		153,211
	300,000	Intercontinental Exchange, Inc		2.750			12/01/20		300,404
	750,000	Morgan Stanley		2.800			06/16/20		750,653
	800,000	Morgan Stanley		5.500			07/28/21		847,139
	500,000	Morgan Stanley		2.750			05/19/22		497,140
	116,000	Nomura Holdings, Inc		6.700			03/04/20		119,969
	100,000	Oesterreichische Kontrollbank AG.		1.125			04/26/19		99,901
	250,000	Oesterreichische Kontrollbank AG.		1.500			10/21/20		245,863
	125,000	Oesterreichische Kontrollbank AG.		2.875			09/07/21		126,524
	250,000	Oesterreichische Kontrollbank AG.		2.625			01/31/22		251,886
	100,000	PACCAR Financial Corp		1.950			02/27/20		99,378
	100,000	PACCAR Financial Corp		3.150			08/09/21		101,222
	100,000	PACCAR Financial Corp		2.850			03/01/22		100,819
	400,000	Shire Acquisitions Investments Ireland DAC		1.900			09/23/19		398,270

261

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	300,000	State Street Corp		2.550	%		08/18/20	$	299,865
	100,000	Toyota Motor Credit Corp		1.550			10/18/19		99,412
	350,000	Toyota Motor Credit Corp		1.950			04/17/20		347,690
	100,000	Toyota Motor Credit Corp		3.050			01/08/21		100,856
	200,000	Toyota Motor Credit Corp		2.950			04/13/21		201,383
	200,000	Toyota Motor Credit Corp		3.400			09/15/21		204,137
	250,000	Toyota Motor Credit Corp		2.600			01/11/22		250,170
	200,000	Unilever Capital Corp		2.750			03/22/21		200,738
	100,000	Unilever Capital Corp		3.000			03/07/22		101,015
	900,000	Wells Fargo & Co		2.600			07/22/20		898,728
	300,000	Wells Fargo & Co		3.000			01/22/21		301,323
		TOTAL DIVERSIFIED FINANCIALS							24,098,761

ENERGY - 1.6%
	160,000	Anadarko Petroleum Corp		4.850			03/15/21		165,885
	400,000	BP Capital Markets plc		2.315			02/13/20		399,013
	400,000	BP Capital Markets plc		3.561			11/01/21		408,284
	200,000	Chevron Corp		1.961			03/03/20		198,681
	100,000	Chevron Corp		1.991			03/03/20		99,458
	300,000	Chevron Corp		2.427			06/24/20		299,532
	500,000	Chevron Corp		2.498			03/03/22		500,238
	100,000	Enbridge Energy Partners LP		4.375			10/15/20		102,188
	200,000	Energy Transfer Partners LP		4.150			10/01/20		203,243
	300,000	Energy Transfer Partners LP		5.200			02/01/22		315,177
	200,000	Enterprise Products Operating LLC		5.200			09/01/20		206,691
	100,000	Enterprise Products Operating LLC		2.800			02/15/21		100,072
	100,000	Enterprise Products Operating LLC		3.500			02/01/22		101,944
	100,000	EOG Resources, Inc		2.450			04/01/20		99,591
	200,000	EOG Resources, Inc		4.100			02/01/21		204,744
	100,000	EQT Corp		2.500			10/01/20		98,685
	150,000	Exxon Mobil Corp		1.912			03/06/20		149,098
	200,000	Exxon Mobil Corp		2.222			03/01/21		199,123
	100,000	Husky Energy, Inc		3.950			04/15/22		102,343
	250,000	Kinder Morgan, Inc		3.950			09/01/22		256,913
	400,000	Magellan Midstream Partners LP		4.250			02/01/21		409,666
	200,000	Marathon Petroleum Corp		5.125			03/01/21		208,180
	100,000	Occidental Petroleum Corp		3.125			02/15/22		101,423
	1,000,000	Petroleos Mexicanos		6.375			02/04/21		1,037,000
	250,000	Sabine Pass Liquefaction LLC		5.625			02/01/21		259,758
	150,000	Shell International Finance BV		4.375			03/25/20		152,585
	250,000	Shell International Finance BV		1.875			05/10/21		246,611
	300,000	Total Capital International S.A.		2.875			02/17/22		302,576
	300,000	Total Capital S.A.		4.450			06/24/20		306,714
	200,000	Williams Partners LP		5.250			03/15/20		204,245
	500,000	Williams Partners LP		3.600			03/15/22		507,162
		TOTAL ENERGY							7,946,823

FOOD & STAPLES RETAILING - 0.5%
	400,000	Costco Wholesale Corp		2.150			05/18/21		397,910
	300,000	CVS Health Corp		3.125			03/09/20		300,827
	350,000	CVS Health Corp		2.800			07/20/20		349,678
	375,000	CVS Health Corp		3.350			03/09/21		378,055

262

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	200,000		Walgreens Boots Alliance, Inc		3.300	%		11/18/21	$	202,304
	100,000		Walmart, Inc		2.850			06/23/20		100,453
	450,000		Walmart, Inc		1.900			12/15/20		446,173
	200,000		Walmart, Inc		3.125			06/23/21		202,842
			TOTAL FOOD & STAPLES RETAILING							2,378,242

FOOD, BEVERAGE & TOBACCO - 1.0%
	200,000		Altria Group, Inc		4.750			05/05/21		207,891
	150,000		Altria Group, Inc		3.490			02/14/22		152,415
	500,000		Anheuser-Busch InBev Worldwide, Inc		3.750			01/15/22		515,207
	100,000		Archer-Daniels-Midland Co		3.375			03/15/22		102,266
	100,000		BAT Capital Corp		2.297			08/14/20		99,021
	200,000		Bunge Ltd		3.500			11/24/20		200,993
	200,000		Campbell Soup Co		3.300			03/15/21		201,280
	300,000		Coca-Cola Co		3.150			11/15/20		302,588
	450,000		Coca-Cola Co		1.550			09/01/21		439,765
	200,000		Coca-Cola Femsa SAB de C.V.		4.625			02/15/20		203,171
	100,000		ConAgra Brands, Inc		3.800			10/22/21		101,856
	100,000		Constellation Brands, Inc		2.000			11/07/19		99,453
	100,000		Constellation Brands, Inc		2.250			11/06/20		98,997
	200,000		Diageo Capital plc		3.000			05/18/20		200,667
	100,000		General Mills, Inc		3.200			04/16/21		100,884
	100,000		Hershey Co		2.900			05/15/20		100,649
	100,000		Hershey Co		3.100			05/15/21		101,015
	100,000		Kellogg Co		3.250			05/14/21		101,064
	200,000	g	Keurig Dr Pepper, Inc		3.551			05/25/21		202,179
	300,000		Kraft Heinz Foods Co		2.800			07/02/20		299,551
	100,000		Kraft Heinz Foods Co		3.375			06/15/21		100,836
	138,000		Mead Johnson Nutrition Co		3.000			11/15/20		138,338
	100,000		Molson Coors Brewing Co		2.250			03/15/20		99,360
	100,000		Mondelez International, Inc		3.000			05/07/20		100,275
	100,000		PepsiCo, Inc		1.350			10/04/19		99,394
	300,000		PepsiCo, Inc		3.125			11/01/20		303,066
	200,000		PepsiCo, Inc		2.000			04/15/21		198,321
	100,000		Philip Morris International, Inc		1.875			11/01/19		99,447
	200,000		Reynolds American, Inc		3.250			06/12/20		200,305
			TOTAL FOOD, BEVERAGE & TOBACCO							5,170,254

HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	100,000		Anthem, Inc		2.500			11/21/20		99,503
	400,000		Becton Dickinson and Co		2.404			06/05/20		397,172
	250,000		Coventry Health Care, Inc		5.450			06/15/21		261,372
	100,000		Express Scripts Holding Co		2.600			11/30/20		99,585
	200,000	g	Halfmoon Parent, Inc		3.200			09/17/20		200,960
	300,000	g	Halfmoon Parent, Inc		3.400			09/17/21		303,201
	200,000		HCA, Inc		5.875			03/15/22		214,862
	100,000		Laboratory Corp of America Holdings		2.625			02/01/20		99,786
	100,000		McKesson Corp		3.650			11/30/20		101,223
	500,000		Medtronic, Inc		3.150			03/15/22		509,331
	200,000		Quest Diagnostics, Inc		2.500			03/30/20		199,340
	100,000		Stryker Corp		2.625			03/15/21		99,711

263

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	300,000		Thermo Fisher Scientific, Inc		3.300	%		02/15/22	$	303,953
	200,000		UnitedHealth Group, Inc		2.700			07/15/20		200,435
	100,000		UnitedHealth Group, Inc		1.950			10/15/20		99,000
	200,000		UnitedHealth Group, Inc		3.150			06/15/21		202,193
	100,000		Zimmer Holdings, Inc		2.700			04/01/20		99,755
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,491,382

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	200,000		Ecolab, Inc		4.350			12/08/21		208,749
	100,000		Estee Lauder Cos, Inc		1.800			02/07/20		99,287
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							308,036

INSURANCE - 0.4%
	300,000		American International Group, Inc		3.300			03/01/21		301,922
	300,000		Aon plc		2.800			03/15/21		299,415
	200,000		Chubb INA Holdings, Inc		2.300			11/03/20		199,033
	300,000		Cigna Holding Co		4.000			02/15/22		308,377
	260,000		Hartford Financial Services Group, Inc		5.500			03/30/20		266,701
	100,000		Humana, Inc		2.500			12/15/20		99,252
	100,000		Marsh & McLennan Cos, Inc		3.500			12/29/20		101,332
	100,000		MetLife, Inc		4.750			02/08/21		103,635
	100,000		Prudential Financial, Inc		2.350			08/15/19		99,819
	200,000		Travelers Cos, Inc		3.900			11/01/20		204,098
	100,000		WR Berkley Corp		5.375			09/15/20		102,854
			TOTAL INSURANCE							2,086,438

MATERIALS - 0.4%
	100,000		3M Co		3.000			09/14/21		101,181
	100,000		3M Co		2.750			03/01/22		100,849
	200,000		ArcelorMittal		5.500			03/01/21		208,970
	275,000		Dow Chemical Co		4.250			11/15/20		280,256
	100,000		Eastman Chemical Co		3.500			12/01/21		101,526
	300,000		EI du Pont de Nemours & Co		2.200			05/01/20		298,931
	100,000		International Flavors & Fragrances, Inc		3.400			09/25/20		100,613
	500,000		LyondellBasell Industries NV		6.000			11/15/21		534,864
	200,000		Newmont Mining Corp		3.500			03/15/22		202,824
	100,000		Packaging Corp of America		2.450			12/15/20		99,328
	100,000		Praxair, Inc		2.250			09/24/20		99,517
	100,000		Sherwin-Williams Co		2.250			05/15/20		99,415
			TOTAL MATERIALS							2,228,274

MEDIA & ENTERTAINMENT - 0.8%
	200,000		Charter Communications Operating LLC		3.579			07/23/20		201,474
	100,000		Comcast Corp		5.150			03/01/20		102,193
	200,000		Comcast Corp		3.300			10/01/20		201,908
	150,000		Comcast Corp		3.450			10/01/21		152,989
	300,000		Comcast Corp		1.625			01/15/22		291,686
	300,000		Discovery Communications LLC		5.050			06/01/20		306,855
	100,000	g	Fox Corp		3.666			01/25/22		101,998

264

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
$	100,000		Interpublic Group of Cos, Inc		3.500	%		10/01/20	$	100,874
	100,000		Interpublic Group of Cos, Inc		3.750			10/01/21		101,758
	500,000		NBC Universal Media LLC		5.150			04/30/20		512,594
	200,000		Omnicom Group, Inc		4.450			08/15/20		204,309
	250,000		Time Warner Cable, Inc		4.000			09/01/21		254,129
	500,000		Time Warner, Inc		3.400			06/15/22		506,866
	100,000		Walt Disney Co		1.950			03/04/20		99,329
	200,000		Walt Disney Co		1.800			06/05/20		198,153
	200,000	g	Walt Disney Co		4.500			02/15/21		206,787
	300,000		Walt Disney Co		2.550			02/15/22		299,995
			TOTAL MEDIA & ENTERTAINMENT							3,843,897

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	200,000		Abbott Laboratories		2.900			11/30/21		200,878
	450,000		AbbVie, Inc		2.500			05/14/20		448,647
	400,000		AbbVie, Inc		3.375			11/14/21		404,498
	500,000		Actavis Funding SCS		3.000			03/12/20		499,701
	300,000		Actavis Funding SCS		3.450			03/15/22		302,623
	200,000		Amgen, Inc		2.125			05/01/20		199,254
	150,000		Amgen, Inc		2.200			05/11/20		149,285
	500,000		Amgen, Inc		3.875			11/15/21		513,522
	200,000		AstraZeneca plc		2.375			11/16/20		198,856
	200,000		Biogen, Inc		2.900			09/15/20		199,948
	500,000		Celgene Corp		2.875			02/19/21		499,488
	200,000		Gilead Sciences, Inc		2.550			09/01/20		199,756
	300,000		Gilead Sciences, Inc		4.400			12/01/21		311,810
	200,000		GlaxoSmithKline Capital plc		3.125			05/14/21		201,853
	500,000		GlaxoSmithKline Capital plc		2.875			06/01/22		502,832
	100,000		Johnson & Johnson		1.950			11/10/20		99,255
	250,000		Johnson & Johnson		1.650			03/01/21		246,036
	100,000		Merck & Co, Inc		1.850			02/10/20		99,353
	300,000		Merck & Co, Inc		3.875			01/15/21		306,380
	200,000		Mylan NV		3.750			12/15/20		201,838
	100,000		Pfizer, Inc		3.000			09/15/21		101,359
	500,000		Pfizer, Inc		2.800			03/11/22		504,590
	300,000		Sanofi		4.000			03/29/21		307,904
	125,000	g	Takeda Pharmaceutical Co Ltd		3.800			11/26/20		126,861
	100,000	g	Takeda Pharmaceutical Co Ltd		4.000			11/26/21		102,564
	100,000		Zoetis, Inc		3.250			08/20/21		100,644
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							7,029,735

REAL ESTATE - 0.4%
	250,000		American Tower Corp		3.300			02/15/21		252,367
	500,000		American Tower Corp		4.700			03/15/22		523,264
	200,000		Boston Properties LP		4.125			05/15/21		204,866
	200,000		Digital Realty Trust LP		3.400			10/01/20		201,443
	400,000		ERP Operating LP		4.750			07/15/20		408,362
	100,000		Simon Property Group LP		2.500			09/01/20		99,820
	300,000		Simon Property Group LP		3.375			03/15/22		305,256
			TOTAL REAL ESTATE							1,995,378

265

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
RETAILING - 0.4%
$	100,000		Amazon.com, Inc		1.900	%		08/21/20	$	99,188
	100,000		AutoZone, Inc		4.000			11/15/20		101,221
	350,000		Home Depot, Inc		1.800			06/05/20		347,453
	200,000		Home Depot, Inc		3.250			03/01/22		204,602
	400,000		Lowe’s Cos, Inc		3.750			04/15/21		407,694
	200,000		Macy’s Retail Holdings, Inc		3.875			01/15/22		202,007
	200,000		Nordstrom, Inc		4.000			10/15/21		204,644
	250,000		Target Corp		2.900			01/15/22		253,324
			TOTAL RETAILING							1,820,133

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
	100,000		Analog Devices, Inc		2.950			01/12/21		100,300
	350,000	g	Broadcom, Inc		3.125			04/15/21		349,587
	500,000	g	Broadcom, Inc		3.125			10/15/22		497,715
	100,000		Intel Corp		1.850			05/11/20		99,231
	200,000		Intel Corp		2.450			07/29/20		199,766
	350,000		Intel Corp		1.700			05/19/21		344,048
	200,000		Texas Instruments, Inc		1.750			05/01/20		198,444
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,789,091

SOFTWARE & SERVICES - 0.5%
	300,000		Automatic Data Processing, Inc		2.250			09/15/20		298,326
	100,000		Baidu, Inc		3.000			06/30/20		99,946
	100,000		DXC Technology Co		2.875			03/27/20		99,938
	100,000		Fidelity National Information Services, Inc		2.250			08/15/21		98,253
	200,000		Fiserv, Inc		3.500			10/01/22		202,645
	500,000		Microsoft Corp		2.000			11/03/20		496,518
	200,000		Microsoft Corp		2.400			02/06/22		199,831
	500,000		Oracle Corp		3.875			07/15/20		508,480
	400,000		Oracle Corp		1.900			09/15/21		393,500
	100,000		VMware, Inc		2.300			08/21/20		99,086
			TOTAL SOFTWARE & SERVICES							2,496,523

TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	100,000		Amphenol Corp		2.200			04/01/20		99,364
	100,000		Apple, Inc		1.800			11/13/19		99,682
	100,000		Apple, Inc		1.900			02/07/20		99,533
	100,000		Apple, Inc		1.800			05/11/20		99,231
	100,000		Apple, Inc		2.000			11/13/20		99,292
	400,000		Apple, Inc		2.250			02/23/21		398,411
	250,000		Apple, Inc		1.550			08/04/21		244,835
	200,000		Apple, Inc		2.150			02/09/22		198,008
	100,000		Broadcom Corp		2.200			01/15/21		98,446
	500,000		Broadcom Corp		3.000			01/15/22		498,000
	500,000		Cisco Systems, Inc		2.450			06/15/20		499,253
	250,000		Cisco Systems, Inc		1.850			09/20/21		245,844
	500,000	g	Dell International LLC		4.420			06/15/21		513,058
	300,000		Hewlett Packard Enterprise Co		3.600			10/15/20		302,799
	100,000		Hewlett Packard Enterprise Co		3.500			10/05/21		101,333

266

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	300,000	Hewlett-Packard Co		4.650	%		12/09/21	$	312,831
	250,000	L-3 Technologies, Inc		4.950			02/15/21		258,314
	100,000	QUALCOMM, Inc		2.250			05/20/20		99,592
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,267,826

TELECOMMUNICATION SERVICES - 0.6%
	200,000	Alibaba Group Holding Ltd		3.125			11/28/21		201,328
	250,000	America Movil SAB de C.V.		5.000			03/30/20		254,742
	200,000	AT&T, Inc		2.450			06/30/20		199,148
	900,000	AT&T, Inc		3.200			03/01/22		908,053
	300,000	Orange S.A.		1.625			11/03/19		298,055
	250,000	Telefonica Emisiones SAU		5.134			04/27/20		255,799
	750,000	Verizon Communications, Inc		3.125			03/16/22		758,483
		TOTAL TELECOMMUNICATION SERVICES							2,875,608

TRANSPORTATION - 0.4%
	200,000	Boeing Co		1.650			10/30/20		196,529
	100,000	Delta Air Lines, Inc		2.875			03/13/20		99,817
	100,000	Delta Air Lines, Inc		2.600			12/04/20		99,378
	100,000	Delta Air Lines, Inc		3.400			04/19/21		100,425
	100,000	FedEx Corp		2.300			02/01/20		99,573
	100,000	FedEx Corp		3.400			01/14/22		101,365
	200,000	Northrop Grumman Corp		2.080			10/15/20		198,157
	250,000	Ryder System, Inc		2.500			05/11/20		249,275
	200,000	Ryder System, Inc		3.500			06/01/21		202,468
	250,000	Union Pacific Corp		2.250			06/19/20		248,936
	100,000	Union Pacific Corp		3.200			06/08/21		101,022
	200,000	Union Pacific Corp		2.950			03/01/22		201,639
	300,000	United Parcel Service, Inc		2.050			04/01/21		297,397
		TOTAL TRANSPORTATION							2,195,981

UTILITIES - 1.1%
	100,000	Berkshire Hathaway Energy Co		2.375			01/15/21		99,582
	100,000	CenterPoint Energy, Inc		3.600			11/01/21		101,500
	200,000	Commonwealth Edison Co		4.000			08/01/20		203,117
	100,000	Consolidated Edison, Inc		2.000			03/15/20		99,144
	400,000	Dominion Energy, Inc		2.579			07/01/20		397,831
	250,000	Dominion Gas Holdings LLC		2.800			11/15/20		249,987
	300,000	Duke Energy Carolinas LLC		4.300			06/15/20		305,945
	100,000	Duke Energy Carolinas LLC		3.350			05/15/22		103,062
	200,000	Duke Energy Corp		1.800			09/01/21		195,208
	100,000	Edison International		2.125			04/15/20		99,239
	200,000	Emera US Finance LP		2.700			06/15/21		198,222
	100,000	Eversource Energy		2.500			03/15/21		99,431
	300,000	Exelon Corp		3.497			06/01/22		303,147
	200,000	Exelon Generation Co LLC		2.950			01/15/20		199,776
	100,000	Georgia Power Co		2.000			03/30/20		99,224
	100,000	Georgia Power Co		2.000			09/08/20		99,087
	200,000	LG&E and KU Energy LLC		3.750			11/15/20		202,225
	100,000	Nevada Power Co		2.750			04/15/20		100,111
	200,000	NextEra Energy Capital Holdings, Inc		3.342			09/01/20		201,482
	500,000	NextEra Energy Capital Holdings, Inc		2.900			04/01/22		500,594

267

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	100,000	Northern States Power Co		2.200	%		08/15/20	$	99,531
	200,000	Ohio Power Co		5.375			10/01/21		213,056
	100,000	Pinnacle West Capital Corp		2.250			11/30/20		98,941
	100,000	Public Service Enterprise Group, Inc		1.600			11/15/19		99,280
	200,000	Public Service Enterprise Group, Inc		2.000			11/15/21		194,219
	200,000	Sempra Energy		2.400			02/01/20		199,100
	300,000	Southern Co		2.350			07/01/21		296,535
	100,000	Southern Power Co		1.950			12/15/19		99,341
	100,000	WEC Energy Group, Inc		3.375			06/15/21		101,199
	300,000	WEC Energy Group, Inc		3.100			03/08/22		302,454
	100,000	Wisconsin Public Service Corp		3.350			11/21/21		101,693
		TOTAL UTILITIES							5,663,263

		TOTAL CORPORATE BONDS							120,929,237
		(Cost $120,612,378)

GOVERNMENT BONDS - 74.9%

AGENCY SECURITIES - 4.2%
	1,000,000	Federal Farm Credit Bank (FFCB)		2.375			03/27/20		1,002,055
	500,000	Federal Home Loan Bank (FHLB)		2.125			02/11/20		498,597
	2,400,000	FHLB		1.875			03/13/20		2,386,812
	3,000,000	FHLB		2.625			05/28/20		3,006,740
	250,000	FHLB		2.625			10/01/20		251,026
	750,000	FHLB		1.125			07/14/21		730,381
	3,000,000	FHLB		3.000			10/12/21		3,054,449
	1,500,000	Federal Home Loan Mortgage Corp (FHLMC)		1.875			11/17/20		1,488,362
	2,500,000	FHLMC		2.375			01/13/22		2,508,929
	3,000,000	Federal National Mortgage Association (FNMA)		1.500			11/30/20		2,958,305
	1,500,000	FNMA		2.625			01/11/22		1,514,019
	500,000	Hashemite Kingdom of Jordan Government AID Bond		2.578			06/30/22		504,151
	300,000	Private Export Funding Corp (PEFCO)		1.450			08/15/19		298,811
	250,000	Tennessee Valley Authority (TVA)		2.250			03/15/20		249,446
	200,000	Ukraine Government AID Bonds		1.847			05/29/20		199,174
		TOTAL AGENCY SECURITIES							20,651,257

FOREIGN GOVERNMENT BONDS - 7.2%
	200,000	African Development Bank		1.875			03/16/20		198,841
	150,000	African Development Bank		2.625			03/22/21		150,698
	500,000	African Development Bank		2.375			09/23/21		500,435
	300,000	Asian Development Bank		1.750			01/10/20		298,228
	1,500,000	Asian Development Bank		1.375			03/23/20		1,484,527
	500,000	Asian Development Bank		1.625			03/16/21		492,768
	400,000	Canada Government International Bond		2.625			01/25/22		404,102
	100,000	Corp Andina de Fomento		2.200			07/18/20		98,964
	200,000	Corp Andina de Fomento		3.250			02/11/22		200,740
	400,000	Council of Europe Development Bank		1.625			03/16/21		394,147
	600,000	European Bank for Reconstruction & Development		1.750			11/26/19		596,826
	300,000	European Bank for Reconstruction & Development		2.750			04/26/21		302,289
	1,200,000	European Investment Bank		1.625			08/14/20		1,187,236
	2,000,000	European Investment Bank		2.875			09/15/20		2,012,819

268

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$	2,000,000	European Investment Bank		2.375	%		05/13/21	$	1,999,206
	500,000	European Investment Bank		2.625			05/20/22		504,547
	100,000	Export Development Canada		1.625			01/17/20		99,342
	100,000	Export Development Canada		1.625			06/01/20		99,097
	250,000	Export Development Canada		2.000			11/30/20		248,426
	200,000	Export-Import Bank of Korea		1.750			05/26/19		199,756
	250,000	Export-Import Bank of Korea		2.500			11/01/20		249,293
	250,000	Export-Import Bank of Korea		3.500			11/27/21		254,358
	200,000	FMS Wertmanagement AoeR		1.000			08/16/19		198,853
	350,000	FMS Wertmanagement AoeR		1.750			01/24/20		347,955
	250,000	Hungary Government International Bond		5.750			11/22/23		276,733
	1,636,000	Inter-American Development Bank		1.375			07/15/20		1,614,979
	200,000	Inter-American Development Bank		2.625			04/19/21		201,030
	1,200,000	International Bank for Reconstruction & Development		1.875			04/21/20		1,192,936
	200,000	International Bank for Reconstruction & Development		1.625			09/04/20		197,864
	1,000,000	International Bank for Reconstruction & Development		1.625			03/09/21		986,318
	750,000	International Bank for Reconstruction & Development		1.375			05/24/21		734,818
	500,000	International Bank for Reconstruction & Development		2.000			01/26/22		496,118
	2,000,000	International Bank for Reconstruction & Development		1.625			02/10/22		1,962,582
	500,000	International Finance Corp		1.750			03/30/20		496,277
	500,000	International Finance Corp		2.250			01/25/21		498,925
	400,000	Japan Bank for International Cooperation		2.250			02/24/20		399,009
	100,000	Japan Bank for International Cooperation		2.125			06/01/20		99,525
	150,000	Japan Bank for International Cooperation		2.125			07/21/20		149,289
	200,000	Japan Bank for International Cooperation		2.125			11/16/20		198,702
	1,000,000	Japan Bank for International Cooperation		1.500			07/21/21		978,556
	350,000	Korea Development Bank		3.000			03/19/22		351,927
	1,400,000	Kreditanstalt fuer Wiederaufbau		4.000			01/27/20		1,417,367
	350,000	Kreditanstalt fuer Wiederaufbau		1.750			03/31/20		347,581
	1,500,000	Kreditanstalt fuer Wiederaufbau		1.875			06/30/20		1,490,177
	100,000	Kreditanstalt fuer Wiederaufbau		2.750			10/01/20		100,515
	100,000	Kreditanstalt fuer Wiederaufbau		1.875			12/15/20		99,137
	2,000,000	Kreditanstalt fuer Wiederaufbau		2.625			04/12/21		2,009,880
	500,000	Kreditanstalt fuer Wiederaufbau		2.500			02/15/22		502,521
	1,000,000	Kreditanstalt fuer Wiederaufbau		2.125			03/07/22		995,002
	300,000	Mexico Government International Bond		3.500			01/21/21		303,645
	100,000	Nordic Investment Bank		2.250			02/01/21		99,719
	500,000	Nordic Investment Bank		2.250			09/30/21		498,725
	200,000	Poland Government International Bond		6.375			07/15/19		202,003
	500,000	Poland Government International Bond		5.000			03/23/22		530,073
	200,000	Province of Alberta Canada		1.900			12/06/19		199,083
	1,200,000	Province of Ontario Canada		4.400			04/14/20		1,222,306
	750,000	Province of Ontario Canada		2.250			05/18/22		744,212
	200,000	Province of Quebec Canada		3.500			07/29/20		202,636
	300,000	Province of Quebec Canada		2.375			01/31/22		299,322
	200,000	Republic of Hungary International Bond		6.250			01/29/20		205,707
	200,000	Republic of the Philippines Interational Bond		6.500			01/20/20		205,745
	200,000	Svensk Exportkredit AB		1.750			05/18/20		198,440
	200,000	Svensk Exportkredit AB		1.750			08/28/20		198,085
	200,000	Svensk Exportkredit AB		2.875			05/22/21		201,861
	100,000	Svensk Exportkredit AB		3.125			11/08/21		101,819
		TOTAL FOREIGN GOVERNMENT BONDS							35,734,602

269

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
MUNICIPAL BONDS - 0.0%
$	100,000	Florida State Board of Administration Finance Corp		2.163	%		07/01/19	$	99,894
		TOTAL MUNICIPAL BONDS							99,894

U.S. TREASURY SECURITIES - 63.5%
	14,500,000	United States Treasury Note		2.500			05/31/20		14,519,824
	7,000,000	United States Treasury Note		2.500			06/30/20		7,009,844
	7,700,000	United States Treasury Note		1.500			07/15/20		7,615,481
	2,200,000	United States Treasury Note		2.625			07/31/20		2,207,219
	9,200,000	United States Treasury Note		1.500			08/15/20		9,091,109
	17,000,000	United States Treasury Note		2.625			08/31/20		17,061,117
	5,750,000	United States Treasury Note		1.375			09/15/20		5,671,611
	15,000,000	United States Treasury Note		2.750			09/30/20		15,087,891
	7,450,000	United States Treasury Note		1.625			10/15/20		7,369,389
	2,000,000	United States Treasury Note		2.875			10/31/20		2,016,484
	8,500,000	United States Treasury Note		1.750			11/15/20		8,421,641
	2,000,000	United States Treasury Note		2.750			11/30/20		2,013,750
	6,250,000	United States Treasury Note		1.875			12/15/20		6,203,613
	7,000,000	United States Treasury Note		2.500			12/31/20		7,022,148
	9,900,000	United States Treasury Note		2.000			01/15/21		9,847,020
	2,500,000	United States Treasury Note		2.500			01/31/21		2,509,180
	15,500,000	United States Treasury Note		2.250			02/15/21		15,486,074
	5,900,000	United States Treasury Note		2.500			02/28/21		5,923,738
	7,000,000	United States Treasury Note		2.375			03/15/21		7,012,852
	22,500,000	United States Treasury Note		2.250			03/31/21		22,492,969
	5,150,000	United States Treasury Note		2.375			04/15/21		5,160,260
	11,600,000	United States Treasury Note		2.625			05/15/21		11,683,375
	10,250,000	United States Treasury Note		2.625			06/15/21		10,332,481
	16,250,000	United States Treasury Note		2.625			07/15/21		16,382,031
	12,250,000	United States Treasury Note		2.750			08/15/21		12,388,769
	11,500,000	United States Treasury Note		2.750			09/15/21		11,637,910
	9,000,000	United States Treasury Note		2.875			10/15/21		9,138,867
	17,750,000	United States Treasury Note		2.875			11/15/21		18,032,891
	14,250,000	United States Treasury Note		2.625			12/15/21		14,397,510
	20,500,000	United States Treasury Note		2.500			01/15/22		20,645,742
	1,000,000	United States Treasury Note		2.500			02/15/22		1,007,617
	10,000,000	United States Treasury Note		2.375			03/15/22		10,046,875
		TOTAL U.S. TREASURY SECURITIES							315,437,282

		TOTAL GOVERNMENT BONDS							371,923,035
		(Cost $370,599,679)

		TOTAL BONDS							492,852,272
		(Cost $491,212,057)

270

TIAA-CREF FUNDS - Short-Term Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 0.7%

GOVERNMENT AGENCY DEBT - 0.7%
$	3,500,000	Federal Home Loan Bank (FHLB)		2.250	%		04/01/19	$	3,500,000
		TOTAL GOVERNMENT AGENCY DEBT							3,500,000

		TOTAL SHORT-TERM INVESTMENTS							3,500,000
		(Cost $3,500,000)

		TOTAL INVESTMENTS - 100.0%							496,352,272
		(Cost $494,712,057)
		OTHER ASSETS & LIABILITIES, NET - (0.0%)							(200,400	)
		NET ASSETS - 100.0%						$	496,151,872



g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2019, the aggregate value of these securities was $2,604,910 or 0.5% of net assets.

271

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.7%

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
$	3,457,625	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		4.250	%	10/31/25	$	3,440,959
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							3,440,959

CONSUMER DURABLES & APPAREL - 0.0%
	445,500	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		4.240		12/16/24		443,459
			TOTAL CONSUMER DURABLES & APPAREL							443,459

ENERGY - 0.2%
	7,325,518	i	TerraForm Power Operating LLC	LIBOR 1 M + 2.000%		4.500		11/08/22		7,133,223
			TOTAL ENERGY							7,133,223

MATERIALS - 0.1%
	3,006,805	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.490		10/21/24		2,949,496
			TOTAL MATERIALS							2,949,496

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	4,242,022	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.740		07/05/23		4,199,601
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,199,601

UTILITIES - 0.2%
	4,462,182	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.630		11/28/24		4,172,140
	1,684,602	†,i	Terra-Gen Finance Co LLC	LIBOR 1 M + 4.250%		6.749		12/09/21		1,507,719
			TOTAL UTILITIES							5,679,859

			TOTAL BANK LOAN OBLIGATIONS							23,846,597
			(Cost $24,561,908)

BONDS - 96.0%

CORPORATE BONDS - 38.6%

AUTOMOBILES & COMPONENTS - 0.9%
	1,000,000		Aptiv plc			4.250		01/15/26		1,030,922
	6,675,000		Aptiv plc			5.400		03/15/49		6,899,167
	7,125,000	g,i	Harley-Davidson Financial Services, Inc	LIBOR 3 M + 0.940%		3.555		03/02/21		7,123,812
	10,000,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		10,112,805
	5,000,000		Magna International, Inc			3.625		06/15/24		5,089,045
			TOTAL AUTOMOBILES & COMPONENTS							30,255,751

BANKS - 9.5%
	6,200,000		Bank of America Corp			2.151		11/09/20		6,137,516
	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.250%		2.851		09/11/19		5,004,539
	3,000,000	g	Bank of Montreal			2.500		01/11/22		2,984,772
	5,000,000	i	Bank of Montreal	LIBOR 3 M + 0.630%		3.231		09/11/22		5,008,500

272

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	g	Bank of Nova Scotia			1.875	%	09/20/21	$	2,944,740
	10,000,000		BB&T Corp			3.700		06/05/25		10,380,123
	12,000,000		BB&T Corp			3.875		03/19/29		12,133,723
	10,000,000	g	BNG Bank NV			3.125		11/08/21		10,185,131
	7,500,000	g	BNG Bank NV			2.625		02/27/24		7,569,710
	5,000,000	i	Citizens Bank NA	LIBOR 3 M + 0.540%		3.155		03/02/20		5,006,585
	250,000	i	Citizens Bank NA	LIBOR 3 M + 0.570%		3.216		05/26/20		250,235
	500,000	i	Citizens Bank NA	LIBOR 3 M + 0.810%		3.456		05/26/22		499,331
	3,800,000		Citizens Bank NA			3.750		02/18/26		3,873,126
	1,125,000		Citizens Financial Group, Inc			2.375		07/28/21		1,109,981
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA			3.950		11/09/22		254,676
	6,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.430%		3.195		04/26/21		6,016,897
	1,850,000		Cooperatieve Rabobank UA			2.750		01/10/22		1,848,803
	5,000,000	i	Cooperatieve Rabobank UA	LIBOR 3 M + 0.480%		3.263		01/10/23		4,961,041
	3,037,000		Cooperatieve Rabobank UA			3.750		07/21/26		2,997,395
	3,150,000		Discover Bank			3.350		02/06/23		3,167,435
	3,300,000		Discover Bank			3.450		07/27/26		3,198,400
	7,800,000		Discover Bank			4.650		09/13/28		8,171,792
	9,400,000		Fifth Third Bancorp			3.650		01/25/24		9,631,395
	4,500,000		First Abu Dhabi Bank PJSC			3.000		03/30/22		4,450,437
	5,000,000		HSBC Holdings plc			3.033		11/22/23		4,975,787
	13,875,000	g	ING Groep NV			4.625		01/06/26		14,564,556
	500,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		483,436
	2,500,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		2,442,079
	8,000,000	i	KeyBank NA	LIBOR 3 M + 0.660%		3.396		02/01/22		8,029,871
	10,000,000		KeyCorp			4.100		04/30/28		10,421,518
	10,000,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		3.445		07/26/23		9,987,010
	8,280,000	i	Manufacturers & Traders Trust Co	LIBOR 3 M + 0.270%		3.041		01/25/21		8,265,353
	1,000,000		Manufacturers & Traders Trust Co			2.900		02/06/25		999,405
	3,530,000		Manufacturers & Traders Trust Co			3.400		08/17/27		3,608,693
	5,725,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		5,600,373
	10,310,000		People’s United Bank NA			4.000		07/15/24		10,416,843
	5,500,000		People’s United Financial, Inc			3.650		12/06/22		5,542,357
	5,290,000	i	PNC Bank NA	LIBOR 3 M + 0.250%		3.011		01/22/21		5,284,868
	7,750,000		PNC Bank NA			2.700		11/01/22		7,715,297
	2,993,000		PNC Bank NA			2.950		01/30/23		2,983,036
	10,000,000	i	Regions Bank	LIBOR 3 M + 0.380%		2.972		04/01/21		9,938,710
	6,000,000	i	Regions Bank	LIBOR 3 M + 0.500%		3.188		08/13/21		5,969,388
	5,000,000		Regions Financial Corp			2.750		08/14/22		4,962,701
	2,000,000		Royal Bank of Canada			1.875		02/05/20		1,987,144
	3,000,000		Royal Bank of Canada			2.100		10/14/20		2,979,039
	10,712,000		SVB Financial Group			3.500		01/29/25		10,587,321
	2,500,000		Toronto-Dominion Bank			1.450		08/13/19		2,489,224
	3,000,000	g	Toronto-Dominion Bank			1.950		04/02/20		2,980,252
	5,000,000		Toronto-Dominion Bank			1.850		09/11/20		4,946,342
	6,000,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.260%		2.875		09/17/20		6,005,114
	2,500,000		Toronto-Dominion Bank			1.800		07/13/21		2,449,278
	5,000,000		US Bancorp			2.950		07/15/22		5,017,928
	10,000,000	i	US Bank NA	LIBOR 3 M + 0.290%		2.931		05/21/21		9,994,085
	3,000,000	g	Westpac Banking Corp			2.100		02/25/21		2,971,917
	4,850,000		Zions Bancorp NA			3.500		08/27/21		4,901,564
	4,400,000		Zions Bancorp NA			3.350		03/04/22		4,438,044
			TOTAL BANKS							301,724,816

273

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
CAPITAL GOODS - 1.1%
$	5,000,000		Air Lease Corp			3.875	%	07/03/23	$	5,056,665
	1,000,000		Air Lease Corp			4.250		09/15/24		1,028,350
	3,000,000		CNH Industrial Capital LLC			3.875		10/15/21		3,031,800
	4,000,000		CNH Industrial Capital LLC			4.200		01/15/24		4,107,355
	3,175,000		Ingersoll-Rand Luxembourg Finance S.A.			3.500		03/21/26		3,203,549
	8,975,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		9,111,129
	1,000,000		Parker-Hannifin Corp			4.200		11/21/34		1,053,259
	500,000		Pentair Finance S.A.			2.650		12/01/19		499,907
	1,825,000		Trimble, Inc			4.150		06/15/23		1,858,021
	5,000,000		Trimble, Inc			4.900		06/15/28		5,112,833
			TOTAL CAPITAL GOODS							34,062,868

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	7,500,000		Covanta Holding Corp			6.000		01/01/27		7,481,250
	2,200,000		Waste Management, Inc			3.900		03/01/35		2,207,600
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							9,688,850

CONSUMER DURABLES & APPAREL - 0.2%
	6,950,000		Leggett & Platt, Inc			4.400		03/15/29		7,018,587
			TOTAL CONSUMER DURABLES & APPAREL							7,018,587

CONSUMER SERVICES - 0.9%
	4,040,000		Henry J Kaiser Family Foundation			3.356		12/01/25		4,106,248
	7,070,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		3.736		02/01/24		7,063,732
	3,350,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		3,454,149
	100,000		Salvation Army			5.637		09/01/26		111,819
	5,000,000		Salvation Army			4.528		09/01/48		5,079,737
	3,600,000		Starbucks Corp			2.450		06/15/26		3,410,101
	5,000,000		YMCA of Greater New York			5.021		08/01/38		5,407,104
			TOTAL CONSUMER SERVICES							28,632,890

DIVERSIFIED FINANCIALS - 3.2%
	10,000,000	i	American Express Co	LIBOR 3 M + 0.750%		3.488		08/03/23		10,001,899
	5,000,000		American Express Co			3.000		10/30/24		4,981,687
	2,125,000		Bank of New York Mellon Corp			2.661		05/16/23		2,114,794
	5,000,000	g	Canadian Imperial Bank of Commerce			3.150		06/27/21		5,061,158
	10,000,000	i	Canadian Imperial Bank of Commerce	LIBOR 3 M + 0.660%		3.268		09/13/23		9,993,946
	10,000,000		Century Housing Corp			3.995		11/01/21		10,032,401
	567,000	g	EDP Finance BV			4.125		01/15/20		569,485
	500,000	g	EDP Finance BV			5.250		01/14/21		516,023
	5,625,000	g	EDP Finance BV			3.625		07/15/24		5,582,936
	5,050,000		Enterprise Community Loan Fund, Inc			4.152		11/01/28		5,102,912
	5,250,000		Ford Foundation			3.859		06/01/47		5,319,392
	1,500,000		Reinvestment Fund, Inc			3.166		11/01/23		1,491,874
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		3,023,573
	2,500,000		Reinvestment Fund, Inc			3.366		11/01/24		2,486,514
	5,000,000		Reinvestment Fund, Inc			3.513		11/01/25		4,958,394
	5,000,000		Reinvestment Fund, Inc			3.880		02/15/27		5,060,920

274

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		State Street Corp			2.653	%	05/15/23	$	4,972,744
	5,100,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		5,167,857
	15,750,000		Unilever Capital Corp			2.000		07/28/26		14,695,737
			TOTAL DIVERSIFIED FINANCIALS							101,134,246

ENERGY - 2.9%
	2,264,000		Apache Corp			3.250		04/15/22		2,266,442
	5,000,000		Cenovus Energy, Inc			5.250		06/15/37		4,967,501
	1,500,000		Cimarex Energy Co			3.900		05/15/27		1,497,095
	2,500,000	g	Colorado Interstate Gas Co LLC			4.150		08/15/26		2,543,186
	6,860,087	g	Continental Wind LLC			6.000		02/28/33		7,594,737
	10,000,000	i	EQT Corp	LIBOR 3 M + 0.770%		2.103		10/01/20		9,945,998
	4,700,000	g	Greenko Dutch BV			4.875		07/24/22		4,626,398
	5,000,000	i	Kinder Morgan, Inc	LIBOR 3 M + 1.280%		4.067		01/15/23		5,016,973
	8,000,000		National Oilwell Varco, Inc			3.950		12/01/42		6,764,585
	4,100,000		ONE Gas, Inc			4.500		11/01/48		4,533,162
	1,925,000		ONEOK, Inc			4.000		07/13/27		1,930,412
	3,350,000		ONEOK, Inc			4.950		07/13/47		3,307,835
	6,100,000	g,i	Phillips 66	LIBOR 3 M + 0.750%		3.537		04/15/20		6,102,095
	500,000		Statoil ASA			3.150		01/23/22		509,619
	1,000,000		Statoil ASA			2.450		01/17/23		993,263
	500,000		Statoil ASA			2.650		01/15/24		497,981
	3,000,000		Statoil ASA			3.950		05/15/43		3,086,408
	1,175,000	g	Targa Resources Partners LP			6.500		07/15/27		1,267,531
	5,000,000	g	TerraForm Power Operating LLC			5.000		01/31/28		4,825,000
	7,150,000		Total Capital International S.A.			3.455		02/19/29		7,328,336
	6,000,000		Valero Energy Corp			4.350		06/01/28		6,235,408
	4,500,000	g	Woodside Finance Ltd			3.700		03/15/28		4,342,887
			TOTAL ENERGY							90,182,852

HEALTH CARE EQUIPMENT & SERVICES - 1.3%
	5,000,000	i	Becton Dickinson & Co	LIBOR 3 M + 1.030%		3.638		06/06/22		5,013,258
	7,250,000		Becton Dickinson & Co			3.363		06/06/24		7,258,881
	4,250,000		Becton Dickinson and Co			4.685		12/15/44		4,392,384
	10,000,000	g,i	Halfmoon Parent, Inc	LIBOR 3 M + 0.890%		3.677		07/15/23		9,951,380
	9,150,000	g	Halfmoon Parent, Inc			4.800		08/15/38		9,404,710
	1,325,000		HCA, Inc			5.625		09/01/28		1,401,188
	3,975,000		HCA, Inc			5.875		02/01/29		4,282,864
	1,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		1,007,552
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							42,712,217

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	5,900,000		Kimberly-Clark Corp			3.950		11/01/28		6,322,647
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							6,322,647

INSURANCE - 0.7%
	2,000,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.600%		4.279		07/13/20		1,976,200
	3,000,000	g	Five Corners Funding Trust			4.419		11/15/23		3,168,615
	5,000,000		Progressive Corp			3.700		01/26/45		4,870,758
	2,000,000		Prudential Financial, Inc			5.375		05/15/45		2,022,660
	5,000,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		4,988,080
	5,653,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		5,824,465
			TOTAL INSURANCE							22,850,778

275

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
MATERIALS - 2.2%
$	4,500,000	i	3M Co	LIBOR 3 M + 0.300%		2.993	%	02/14/24	$	4,477,640
	4,150,000		Commercial Metals Co			5.750		04/15/26		4,139,625
	4,500,000		Fibria Overseas Finance Ltd			5.500		01/17/27		4,701,420
	1,350,000		International Flavors & Fragrances, Inc			3.400		09/25/20		1,358,277
	2,000,000		International Paper Co			5.000		09/15/35		2,094,079
	1,184,000		International Paper Co			4.800		06/15/44		1,173,440
	5,000,000	g	Inversiones CMPC S.A.			4.375		04/04/27		5,026,934
	14,000,000	g	Klabin Austria GmbH			7.000		04/03/49		13,951,000
	7,225,000	g	Klabin Finance S.A.			4.875		09/19/27		7,008,250
	2,000,000		Nutrien Ltd			3.500		06/01/23		2,017,285
	1,000,000		Nutrien Ltd			5.250		01/15/45		1,059,825
	2,500,000	g	Sealed Air Corp			5.500		09/15/25		2,631,750
	6,350,000		WRKCo, Inc			3.000		09/15/24		6,209,186
	4,975,000		WRKCo, Inc			3.750		03/15/25		5,022,557
	9,600,000		WRKCo, Inc			4.650		03/15/26		10,190,560
			TOTAL MATERIALS							71,061,828

MEDIA & ENTERTAINMENT - 0.2%
	5,000,000	i	Discovery Communications LLC	LIBOR 3 M + 0.710%		3.343		09/20/19		5,007,200
	2,725,000		Discovery Communications LLC			5.000		09/20/37		2,653,175
			TOTAL MEDIA & ENTERTAINMENT							7,660,375

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
	1,875,000		Bristol-Myers Squibb Co			3.250		08/01/42		1,628,617
	5,000,000		Celgene Corp			2.750		02/15/23		4,954,033
	5,000,000		Celgene Corp			3.450		11/15/27		4,951,506
	4,000,000	i	GlaxoSmithKline Capital plc	LIBOR 3 M + 0.350%		3.043		05/14/21		4,009,880
	5,750,000		GlaxoSmithKline Capital plc			3.625		05/15/25		5,952,210
	11,500,000		Merck & Co, Inc			3.900		03/07/39		11,857,193
	5,674,000	g	Roche Holdings, Inc			2.375		01/28/27		5,442,704
	9,550,000	g	Takeda Pharmaceutical Co Ltd			4.400		11/26/23		10,040,369
	1,150,000		Zoetis, Inc			3.450		11/13/20		1,160,619
	7,200,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		3.084		08/20/21		7,149,312
	4,125,000		Zoetis, Inc			4.450		08/20/48		4,282,452
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							61,428,895

REAL ESTATE - 1.6%
	4,000,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		4,139,057
	1,975,000		Brandywine Operating Partnership LP			3.950		02/15/23		2,018,518
	4,300,000		Brandywine Operating Partnership LP			3.950		11/15/27		4,280,303
	6,325,000		Brixmor Operating Partnership LP			3.900		03/15/27		6,217,707
	5,000,000		Digital Realty Trust LP			3.950		07/01/22		5,131,971
	4,150,000		Hudson Pacific Properties LP			4.650		04/01/29		4,231,661
	4,725,000		Kilroy Realty LP			3.450		12/15/24		4,683,266
	11,150,000		Kilroy Realty LP			4.750		12/15/28		11,870,376
	8,407,000		Regency Centers LP			3.750		06/15/24		8,546,924
	450,000		Washington REIT			4.950		10/01/20		457,387
			TOTAL REAL ESTATE							51,577,170

276

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
$	7,050,000		Texas Instruments, Inc			3.875	%	03/15/39	$	7,312,409
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							7,312,409

TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	5,000,000		Apple, Inc			3.000		06/20/27		4,982,371
	4,206,000		Corning, Inc			4.375		11/15/57		3,919,505
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							8,901,876

TELECOMMUNICATION SERVICES - 1.4%
	500,000		CenturyLink, Inc			6.750		12/01/23		521,875
	11,000,000		Telefonica Emisiones SAU			5.520		03/01/49		11,528,734
	5,000,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.000%		3.615		03/16/22		5,075,000
	1,550,000		Verizon Communications, Inc			3.500		11/01/24		1,588,003
	11,000,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.100%		3.784		05/15/25		11,001,100
	3,000,000		Verizon Communications, Inc			2.625		08/15/26		2,863,278
	11,575,000		Verizon Communications, Inc			4.272		01/15/36		11,724,248
			TOTAL TELECOMMUNICATION SERVICES							44,302,238

TRANSPORTATION - 2.6%
	2,050,000		CSX Corp			4.250		03/15/29		2,178,730
	5,700,000		CSX Corp			4.750		11/15/48		6,193,740
	2,450,000		CSX Corp			4.250		11/01/66		2,288,458
	5,925,000		Delta Air Lines, Inc			3.625		03/15/22		5,965,684
	1,798,508		Delta Air Lines, Inc			4.250		07/30/23		1,848,355
	2,850,000		Delta Air Lines, Inc			3.204		04/25/24		2,890,144
	3,550,000		Delta Air Lines, Inc			3.404		04/25/24		3,554,446
	2,719,235		Delta Air Lines, Inc			3.625		07/30/27		2,776,400
	2,500,000		Kansas City Southern			4.300		05/15/43		2,444,751
	2,500,000		Kansas City Southern			4.950		08/15/45		2,692,393
	6,000,000		Union Pacific Corp			4.375		09/10/38		6,258,963
	5,250,000		Union Pacific Corp			4.375		11/15/65		5,088,915
	5,835,877		Union Pacific Railroad Co			3.227		05/14/26		5,839,746
	11,495,878		Union Pacific Railroad Co			2.695		05/12/27		11,277,683
	5,000,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.380%		3.074		05/16/22		5,010,255
	7,500,000	i	United Parcel Service, Inc	LIBOR 3 M + 0.450%		3.042		04/01/23		7,515,207
	10,000,000		United Parcel Service, Inc			4.250		03/15/49		10,417,275
			TOTAL TRANSPORTATION							84,241,145

UTILITIES - 7.0%
	5,000,000		Arizona Public Service Co			3.750		05/15/46		4,801,896
	10,000,000		Avangrid, Inc			3.150		12/01/24		9,890,188
	10,025,000		Avista Corp			4.350		06/01/48		10,645,777
	300,000	g	Azure Power Energy Ltd			5.500		11/03/22		294,785
	7,500,000	g	Brooklyn Union Gas Co			4.273		03/15/48		7,757,899
	10,000,000	g	Brooklyn Union Gas Co			4.487		03/04/49		10,779,673
	4,675,000	g	Clearway Energy Operating LLC			5.750		10/15/25		4,692,531
	1,000,000		DTE Electric Co			4.050		05/15/48		1,044,496
	12,000,000		DTE Energy Co			2.850		10/01/26		11,437,672
	3,000,000	g	Electricite de France S.A.			3.625		10/13/25		3,063,169

277

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,600,000	i	Enbridge, Inc	LIBOR 3 M + 0.700%		3.311	%	06/15/20	$	3,603,060
	1,700,000		Fortis, Inc			2.100		10/04/21		1,663,202
	2,900,000		Fortis, Inc			3.055		10/04/26		2,776,037
	5,482,000		Georgia Power Co			3.250		04/01/26		5,371,414
	5,000,000		Interstate Power & Light Co			4.100		09/26/28		5,231,130
	7,350,000	g	Korea Hydro & Nuclear Power Co Ltd			3.750		07/25/23		7,573,771
	5,000,000		MidAmerican Energy Co			3.100		05/01/27		5,030,820
	14,900,000		MidAmerican Energy Co			3.650		04/15/29		15,521,953
	5,246,000		MidAmerican Energy Co			3.950		08/01/47		5,362,217
	7,400,000		MidAmerican Energy Co			4.250		07/15/49		7,879,385
	1,000,000	g	NextEra Energy Operating Partners LP			4.250		09/15/24		992,500
	1,875,000	g	NextEra Energy Operating Partners LP			4.500		09/15/27		1,828,125
	5,248,000		NorthWestern Corp			4.176		11/15/44		5,359,845
	5,000,000	g	Pattern Energy Group, Inc			5.875		02/01/24		5,087,500
	5,925,000		PSEG Power LLC			3.850		06/01/23		6,072,885
	3,750,000		Public Service Co of Colorado			4.100		06/15/48		3,955,173
	1,000,000		Public Service Co of New Hampshire			3.500		11/01/23		1,032,922
	1,500,016		San Diego Gas & Electric Co			1.914		02/01/22		1,463,225
	7,500,000		San Diego Gas & Electric Co			4.150		05/15/48		7,526,439
	6,000,000	i	Sempra Energy	LIBOR 3 M + 0.250%		3.037		07/15/19		5,991,361
	1,000,000		Sempra Energy			2.875		10/01/22		985,745
	2,721,322	g	Solar Star Funding LLC			3.950		06/30/35		2,643,599
	4,621,656	g	Solar Star Funding LLC			5.375		06/30/35		4,953,134
	4,700,000		Southern California Edison Co			3.400		06/01/23		4,665,214
	4,700,000		Southern California Edison Co			4.125		03/01/48		4,505,203
	2,000,000		Southern Power Co			1.950		12/15/19		1,986,828
	2,000,000		Southern Power Co			2.500		12/15/21		1,978,664
	10,065,000		Southern Power Co			4.150		12/01/25		10,425,529
	7,372,500	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		7,388,019
	5,000,000		Tampa Electric Co			4.300		06/15/48		5,032,969
	8,692,037	g	Topaz Solar Farms LLC			4.875		09/30/39		8,510,292
	971,256	g	Topaz Solar Farms LLC			5.750		09/30/39		1,005,974
	5,000,000		Westar Energy, Inc			2.550		07/01/26		4,796,661
			TOTAL UTILITIES							222,608,881

			TOTAL CORPORATE BONDS							1,233,681,319
			(Cost $1,214,819,613)

GOVERNMENT BONDS - 45.4%

AGENCY SECURITIES - 11.2%
	11,431,250		Abay Leasing LLC			2.654		11/09/26		11,465,912
	717,391		ALEX Alpha LLC			1.617		08/15/24		697,119
	1,467,882		Altitude Investments 12 LLC			2.454		12/09/25		1,459,555
	2,376,374		Altitude Investments 16 LLC			2.673		10/29/25		2,378,294
	4,306,349		Altitude Investments 16 LLC			2.492		03/14/26		4,294,857
	2,376,374		Altitude Investments 17 LLC			2.681		11/08/25		2,395,420
	1,939,000		Canal Barge Co, Inc			4.500		11/12/34		2,093,887
	7,270,605		CES MU2 LLC			2.166		12/16/26		7,155,666
	3,852,440		CES MU2 LLC			1.994		05/13/27		3,765,984
	3,013,500		Crowley Conro LLC			4.181		08/15/43		3,220,878
	3,020,833		DY8 Leasing LLC			2.627		04/29/26		3,022,041
	6,233,333		DY9 Leasing LLC			2.415		06/30/27		6,190,412

278

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	746,441		Ethiopian Leasing LLC			2.566	%	08/14/26	$	745,610
	569,074		Excalibur One 77B LLC			1.492		01/01/25		551,654
	546,177		Export Lease Ten Co LLC			1.650		05/07/25		530,106
	4,178,368		Export Leasing LLC			1.859		08/28/21		4,134,714
	3,722,593	g	Genesis Solar Pass Through Trust			3.875		02/15/38		3,769,125
	2,014,000	j	Government Trust Certificate			0.000		04/01/21		1,916,854
	2,000,000		Hashemite Kingdom of Jordan Government AID Bond			1.945		06/23/19		1,997,711
	1,694,000		Hashemite Kingdom of Jordan Government AID Bond			2.578		06/30/22		1,708,063
	7,909,000		Hashemite Kingdom of Jordan Government AID Bond			3.000		06/30/25		8,126,027
	1,104,644		Helios Leasing I LLC			1.734		07/24/24		1,077,077
	2,689,252		Helios Leasing II LLC			2.668		03/18/25		2,693,291
	3,746,883		HNA LLC			2.291		06/30/27		3,709,589
	7,032,976		HNA LLC			2.369		09/18/27		6,972,000
	500,000	g	Hospital for Special Surgery			3.500		01/01/23		513,414
	1,830,000	i	Housing and Urban Development Corp Ltd	LIBOR 6 M + 0.035%		2.711		09/15/30		1,831,475
	6,442,000		Iraq Government AID International Bond			2.149		01/18/22		6,403,909
	1,999,999	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		2.923		08/19/23		1,997,023
	2,499,997	i	Jupiter Aircraft Leasing LLC	LIBOR 3 M + 0.240%		2.847		09/22/23		2,493,706
	5,950,852		Lulwa Ltd			1.888		02/15/25		5,822,583
	2,111,227		Lulwa Ltd			1.831		03/26/25		2,060,582
	4,640,218		Mexican Aircraft Finance IV LLC			2.537		07/13/25		4,627,808
	7,236,000		Mexican Aircraft Finance V LLC			2.329		01/14/27		7,170,869
	2,370,000		Montefiore Medical Center			2.152		10/20/26		2,322,122
	5,830,604		MSN 41079 and 41084 Ltd			1.717		07/13/24		5,684,663
	1,630,195		MSN 41079 and 41084 Ltd			1.631		12/14/24		1,583,926
	13,360,000	†	NCUA Guaranteed Notes			3.000		06/12/19		13,368,951
	13,193,000	†	NCUA Guaranteed Notes			3.450		06/12/21		13,412,004
	2,465,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		2,461,907
	2,000,000	j	Overseas Private Investment Corp (OPIC)			0.000		07/23/19		2,042,734
	3,150,000	j	OPIC			0.000		09/30/19		3,226,293
	830,516	j	OPIC			0.000		11/15/19		913,365
	3,400,000	j	OPIC			0.000		11/15/19		3,442,492
	2,500,000	j	OPIC			0.000		01/26/21		2,529,597
	7,500,000	j	OPIC			0.000		01/26/21		7,685,350
	3,881,000	j	OPIC			0.000		07/17/21		3,937,491
	1,874,704		OPIC			2.290		09/15/26		1,859,029
	1,739,149		OPIC			2.040		12/15/26		1,715,414
	2,976,745		OPIC			2.740		09/15/29		2,968,343
	5,143,816		OPIC			3.220		09/15/29		5,267,116
	952,558		OPIC			3.280		09/15/29		978,534
	744,000		OPIC			4.140		05/15/30		792,538
	165,443		OPIC			3.540		06/15/30		172,986
	175,373		OPIC			3.370		12/15/30		181,764
	9,642,857		OPIC			3.520		09/20/32		10,074,099
	418,788		OPIC			3.820		12/20/32		444,728
	209,394		OPIC			3.938		12/20/32		224,072
	930,311		OPIC			3.330		05/15/33		954,111
	901,766		OPIC			3.160		06/01/33		916,604
	1,120,729		OPIC			2.810		07/31/33		1,109,665

279

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	896,583		OPIC			2.940	%	07/31/33	$	896,019
	1,344,875		OPIC			3.250		07/31/33		1,373,669
	1,000,000		OPIC			3.050		06/15/35		1,020,900
	3,750,000		OPIC			3.480		06/15/35		3,906,338
	4,450,000		OPIC			3.590		06/15/35		4,669,930
	4,054,619		Penta Aircraft Leasing LLC			1.691		04/29/25		3,929,908
	1,359,141		Phoenix LLC			1.607		07/03/24		1,321,736
	3,636,361	i	Pluto Aircraft Leasing LLC	LIBOR 3 M + 0.210%		2.949		02/07/23		3,634,274
	1,942,585		Portmarnock Leasing LLC			1.741		10/22/24		1,895,882
	2,000,000		Private Export Funding Corp (PEFCO)			2.300		09/15/20		1,997,910
	7,500,000	g	PEFCO			3.266		11/08/21		7,641,456
	1,000,000		PEFCO			3.550		01/15/24		1,048,333
	1,000,000		PEFCO			3.250		06/15/25		1,033,150
	4,631,507		Rimon LLC			2.623		06/25/26		4,640,302
	5,934,647		Safina Ltd			1.550		01/15/22		5,832,833
	3,626,755		Safina Ltd			2.000		12/30/23		3,568,869
	3,933,409		Sandalwood 2013 LLC			2.836		07/10/25		3,963,830
	5,748,828		Sandalwood LLC			2.897		07/10/25		5,793,291
	4,121,323		Sandalwood LLC			2.821		02/12/26		4,156,408
	7,373,037		Santa Rosa Leasing LLC			1.472		11/03/24		7,139,435
	3,034,121		Tagua Leasing LLC			1.900		07/12/24		2,969,561
	3,631,981		Tagua Leasing LLC			1.732		09/18/24		3,546,857
	3,746,525		Tagua Leasing LLC			1.581		11/16/24		3,636,939
	755,000		Tunisia Government AID Bonds			1.416		08/05/21		739,085
	1,354,000		Ukraine Government AID Bonds			1.844		05/16/19		1,353,369
	2,700,000		Ukraine Government AID Bonds			1.847		05/29/20		2,688,844
	13,410,000		Ukraine Government AID Bonds			1.471		09/29/21		13,139,051
	2,916,667		Ulani MSN 35940 LLC			2.227		05/16/25		2,882,044
	4,055,001		Ulani MSN 37894			2.184		12/20/24		4,006,921
	4,286,962		Union 11 Leasing LLC			2.405		01/23/24		4,258,059
	1,888,841		Union 12 Leasing LLC			2.164		02/17/24		1,864,545
	670,241		Union 13 Leasing LLC			1.870		06/28/24		655,586
	2,630,844		Union 16 Leasing LLC			1.863		01/22/25		2,573,493
	2,125,000		United States Department of Housing and Urban Development			2.618		08/01/23		2,128,379
	2,000,000		HUD			2.985		08/01/28		2,028,880
	1,500,000		HUD			3.185		08/01/29		1,522,020
	195,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		199,859
	510,000		US Department of Housing and Urban Development (HUD)			2.050		08/01/19		509,169
	104,000		HUD			4.870		08/01/19		104,861
	307,000		HUD			5.450		08/01/19		310,125
	3,663,000		HUD			1.980		08/01/20		3,641,645
	410,000		HUD			2.450		08/01/20		409,963
	150,000		HUD			3.430		08/01/20		152,122
	1,361,000		HUD			2.450		08/01/22		1,365,181
	2,000,000		HUD			2.800		08/01/23		2,036,435
	500,000		HUD			2.910		08/01/23		504,165
	494,000		HUD			5.380		08/01/27		499,217
	1,903,339		VCA Lease LLC			1.859		03/08/25		1,860,198
	5,781,619		VCH Lease S.A.			1.736		05/15/25		5,625,603
	1,416,667		VCM Lease S.A.			2.516		09/28/27		1,413,239
	833,000		Vessel Management Services, Inc			3.432		08/15/36		833,987

280

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	293,000		Vessel Management Services, Inc			3.477	%	01/16/37	$	294,510
	1,521,401	i	Washington Aircraft 2 Co Ltd	LIBOR 3 M + 0.430%		3.040		06/26/24		1,522,676
	2,583,689		Windermere Aviation LLC			2.351		05/27/26		2,563,213
	3,779,059		Zarapito Leasing LLC			2.628		11/12/26		3,786,476
			TOTAL AGENCY SECURITIES							356,353,863

FOREIGN GOVERNMENT BONDS - 5.8%
	1,000,000		African Development Bank			2.375		09/23/21		1,000,870
	1,000,000		Asian Development Bank			1.875		08/10/22		985,301
	1,000,000		Asian Development Bank			2.125		03/19/25		984,196
	2,000,000		Asian Development Bank			1.750		08/14/26		1,898,440
	11,000,000		Asian Development Bank			3.125		09/26/28		11,529,423
	6,000,000	g	Bank Nederlandse Gemeenten NV			2.125		12/14/20		5,969,160
	127,617	g	Carpintero Finance Ltd			2.004		09/18/24		125,428
	4,900,000	g	CDP Financial, Inc			2.750		03/07/22		4,931,269
	5,000,000	g	CPPIB Capital, Inc			2.750		11/02/27		4,997,750
	5,000,000		European Bank for Reconstruction & Development			0.875		07/22/19		4,974,869
	2,225,000		European Investment Bank			2.000		03/15/21		2,208,375
	1,250,000		European Investment Bank			2.375		05/24/27		1,239,783
	2,000,000	g	European Stability Mechanism			2.125		11/03/22		1,982,814
	1,000,000		Export Development Canada			1.625		12/03/19		993,606
	5,000,000		Export Development Canada			2.000		11/30/20		4,968,519
	7,000,000		Export Development Canada			2.625		02/21/24		7,084,614
	5,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		2.797		01/15/22		4,996,490
	4,750,000		International Bank for Reconstruction & Development			3.125		11/20/25		4,947,265
	2,900,000		International Bank for Reconstruction & Development			2.750		05/31/36		2,691,035
	6,000,000	g	International Development Association			2.750		04/24/23		6,091,440
	5,000,000		International Finance Corp			1.750		03/30/20		4,962,771
	5,000,000		International Finance Corp			1.546		11/04/21		4,871,535
	2,500,000		International Finance Corp			2.125		04/07/26		2,448,950
	5,000,000	i	Japan Bank for International Cooperation	LIBOR 3 M + 0.480%		3.106		06/01/20		5,022,660
	2,500,000		Japan Bank for International Cooperation			1.875		04/20/21		2,468,659
	3,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		2,967,295
	3,350,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		3,439,790
	2,000,000	g	Kommunalbanken AS.			2.125		02/11/25		1,958,876
	4,000,000	g	Kommuninvest I Sverige AB			1.500		04/23/19		3,997,480
	5,000,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		3.520		07/06/22		5,020,019
	5,000,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		4,960,050
	2,875,000	g	Nacional Financiera SNC			3.375		11/05/20		2,875,029
	1,000,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		993,815
	6,750,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		6,921,646
	6,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		5,922,678
	7,500,000		North American Development Bank			4.375		02/11/20		7,604,892
	9,750,000		North American Development Bank			2.400		10/26/22		9,628,131
	5,650,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		5,695,087
	6,100,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		6,177,104
	500,000		Province of Manitoba Canada			3.050		05/14/24		510,815
	12,500,000		Province of Ontario Canada			3.050		01/29/24		12,778,715
	5,000,000		Province of Quebec Canada			2.750		04/12/27		5,011,599
	3,500,000		Seychelles International Bond			6.500		10/11/28		3,695,860
			TOTAL FOREIGN GOVERNMENT BONDS							184,534,103

281

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
MORTGAGE BACKED - 8.4%
$	875,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000	%	10/15/33	$	874,183
	1,549,251		FHLMC			3.500		08/15/43		1,592,723
	1,270,007		FHLMC			3.000		03/15/44		1,272,692
	1,794,916		FHLMC			3.500		09/15/44		1,833,595
	3,180,967	i	FHLMC	LIBOR 1 M + 0.300%		2.784		06/15/48		3,148,281
	1,988,105	i	FHLMC			5.946		06/15/48		2,256,334
	1,874,621	i	FHLMC			5.866		10/15/48		2,097,585
	516,918		Federal Home Loan Mortgage Corp Gold (FGLMC)			3.500		03/01/27		529,402
	195,233		FGLMC			5.000		06/01/36		210,378
	1,796,243		FGLMC			5.000		08/01/44		1,933,729
	300,668		FGLMC			3.500		04/01/45		307,917
	1,776,350		FGLMC			3.500		10/01/45		1,817,810
	1,586,758		FGLMC			4.000		12/01/45		1,659,009
	3,797,936		FGLMC			3.500		08/01/46		3,886,582
	3,575,108		FGLMC			3.000		01/01/47		3,560,947
	7,515,379		FGLMC			3.000		02/01/47		7,485,610
	396,717		FGLMC			4.500		06/01/47		421,981
	617,358		FGLMC			4.000		09/01/47		639,559
	20,722,670		FGLMC			3.500		03/01/48		21,169,552
	2,531,132		FGLMC			4.000		03/01/48		2,650,164
	963,773		FGLMC			4.000		07/01/48		1,009,669
	4,289,374		FGLMC			4.500		08/01/48		4,575,578
	3,000,000		Federal National Mortgage Association (FNMA)			1.625		01/21/20		2,980,622
	105,891		FNMA			3.500		11/01/25		108,645
	5,000,000	i	FNMA			2.785		02/25/27		4,976,567
	10,000,000	i	FNMA			3.325		06/25/28		10,288,880
	1,410,481		FNMA			3.500		02/01/32		1,443,472
	768,171		FNMA			3.500		05/01/32		788,171
	1,531,319		FNMA			3.500		07/01/32		1,567,122
	2,286,875		FNMA			3.000		11/01/32		2,307,977
	213,621		FNMA			5.500		11/01/38		234,818
	940,520		FNMA			5.000		09/01/40		1,014,581
	810,936		FNMA			5.000		04/01/41		880,224
	47,487		FNMA			4.500		06/01/42		50,147
	1,073,736		FNMA			3.000		04/25/43		1,076,827
	105,321		FNMA			4.500		06/01/44		110,763
	572,439		FNMA			4.500		06/01/44		601,713
	276,578		FNMA			4.500		08/01/44		290,804
	537,388		FNMA			4.500		11/01/44		565,133
	437,242		FNMA			3.000		02/25/45		441,626
	827,848		FNMA			3.000		02/25/45		836,044
	601,307		FNMA			4.500		03/01/45		631,969
	853,109		FNMA			3.000		03/25/45		859,896
	3,220,270		FNMA			3.500		04/25/45		3,301,105
	2,145,205	h	FNMA			4.000		06/01/45		2,224,953
	4,577,834		FNMA			3.000		12/25/45		4,593,634
	1,521,808		FNMA			3.500		01/01/46		1,556,410
	326,991		FNMA			4.000		01/01/46		341,606
	429,788	h	FNMA			4.000		03/01/46		446,163
	2,351,444		FNMA			3.500		06/01/46		2,404,107

282

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	14,494,057	h	FNMA		3.000	%	11/01/46	$	14,434,585
	2,589,813		FNMA		3.500		12/01/46		2,631,847
	12,591,845		FNMA		3.500		01/01/47		12,778,761
	923,858		FNMA		3.000		04/25/47		926,132
	1,112,121		FNMA		3.500		11/01/47		1,129,671
	373,932		FNMA		3.500		12/01/47		379,813
	2,473,409		FNMA		4.500		01/01/48		2,634,618
	471,632		FNMA		4.500		02/01/48		502,315
	4,766,875		FNMA		3.000		02/25/48		4,792,639
	1,345,029		FNMA		4.000		03/01/48		1,406,433
	2,046,020		FNMA		4.500		03/01/48		2,179,125
	21,991,475		FNMA		4.000		04/01/48		22,706,404
	1,784,744		FNMA		4.500		05/01/48		1,900,858
	1,344,607		FNMA		4.500		05/01/48		1,432,087
	17,820,398	h	FNMA		4.000		08/01/48		18,370,600
	608,306		FNMA		5.000		08/01/48		658,928
	20,169,844	h	FNMA		4.500		12/01/48		21,076,592
	87,387		FNMA		5.000		12/01/48		92,515
	3,000,000	h	FNMA		3.000		04/25/49		2,987,578
	4,000,000	h	FNMA		3.500		04/25/49		4,055,469
	756,031		Government National Mortgage Association (GNMA)		2.690		06/15/33		731,871
	64,015		GNMA		5.000		10/20/39		68,472
	67,189		GNMA		5.000		06/20/42		71,881
	1,881,830		GNMA		4.000		06/20/46		289,707
	7,342,472		GNMA		3.000		12/20/47		7,379,868
	10,636,950		GNMA		3.500		12/20/47		10,877,159
	4,241,799		GNMA		3.000		01/20/48		4,263,402
	8,464,952		GNMA		3.500		01/20/48		8,655,519
	3,439,834		GNMA		4.000		12/20/48		3,554,243
	3,104,583		GNMA		3.500		01/20/49		3,170,778
			TOTAL MORTGAGE BACKED						267,997,129

MUNICIPAL BONDS - 9.9%
	2,070,000		American Municipal Power, Inc		5.514		02/15/21		2,119,535
	3,000,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		3,105,450
	2,000,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		2,028,480
	420,000		California Earthquake Authority		2.805		07/01/19		419,853
	2,000,000		California Housing Finance Agency		2.966		08/01/22		2,014,940
	500,000		Chelan County Public Utility District No		3.603		07/01/21		510,725
	5,000,000		Chicago Board of Education		5.000		12/01/20		5,187,700
	10,000,000		Chicago Housing Authority		4.361		01/01/38		10,573,500
	6,865,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		8,661,845
	1,000,000		Chicago Park District		4.095		01/01/26		1,044,250
	625,000		Chula Vista Municipal Financing Authority		3.775		12/01/33		637,306
	1,350,000		Chula Vista Municipal Financing Authority		3.975		12/01/38		1,368,130
	740,000		Chula Vista Municipal Financing Authority		4.075		12/01/41		751,640
	4,300,000		Chula Vista Municipal Financing Authority		4.275		12/01/48		4,395,589
	3,000,000		City & County Honolulu HI Wastewater System Revenue		2.780		07/01/21		3,014,760
	3,500,000		City & County Honolulu HI Wastewater System Revenue		3.200		07/01/26		3,571,120

283

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,580,000		City & County of Honolulu HI		1.506	%	10/01/20	$	1,560,045
	950,000		City & County of Honolulu HI		2.141		10/01/23		933,660
	1,000,000		City & County of Honolulu HI		2.368		10/01/24		987,330
	5,730,000		City & County of Honolulu HI		3.944		09/01/34		5,934,790
	935,000		City & County of San Francisco CA		3.700		04/01/34		950,446
	440,000		City & County of San Francisco CA		3.750		04/01/35		446,609
	1,655,000		City & County of San Francisco CA		3.750		09/01/37		1,670,888
	5,835,000		City & County of San Francisco CA		3.900		04/01/42		5,898,368
	5,000,000		City & County of San Francisco CA		4.000		09/01/48		5,008,750
	4,610,000		City & County of San Francisco CA Community Facilities District		4.221		09/01/39		4,749,176
	3,000,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		2,991,630
	2,490,000		City of Chicago IL		7.750		01/01/42		3,179,705
	510,000		City of Chicago IL		7.750		01/01/42		551,473
	2,000,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		2,004,800
	2,000,000		City of Florence SC		4.250		12/01/34		2,065,980
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		249,987
	5,000,000		City of Los Angeles CA		3.320		09/01/24		5,154,300
	5,000,000		City of Los Angeles CA		3.450		09/01/25		5,195,300
	4,000,000		City of Los Angeles CA		3.500		09/01/37		3,953,680
	9,060,000		City of Los Angeles CA		3.880		09/01/38		9,234,586
	5,000,000		City of New York NY		3.250		12/01/23		5,147,650
	3,075,000		City of Norfolk VA		3.000		10/01/35		2,754,185
	2,000,000		City of San Angelo TX Water & Sewer Revenue		4.401		02/15/46		2,067,060
	3,955,000		City of San Francisco CA Public Utilities Commission Water Revenue		2.400		11/01/22		3,936,609
	5,000,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.185		11/01/46		5,095,550
	1,140,000		City of San Juan Capistrano CA		4.090		08/01/36		1,181,291
	885,000		City of San Juan Capistrano CA		4.190		08/01/40		918,719
	345,000		Commonwealth Financing Authority		2.428		06/01/20		342,709
	355,000		Commonwealth Financing Authority		2.675		06/01/21		353,040
	2,730,000		Commonwealth Financing Authority		3.864		06/01/38		2,773,571
	5,000,000		County of Alameda CA		3.820		08/01/38		5,111,100
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,481,115
	2,730,000	h	County of Saline AR		4.000		06/01/37		2,767,674
	1,085,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		1,249,052
	2,940,000		Erie Sewer Authority		4.663		12/01/32		3,158,854
	1,125,000		Erie Sewer Authority		4.713		12/01/33		1,206,517
	3,315,000		Erie Sewer Authority		4.743		12/01/34		3,557,360
	1,550,000	g	Finance Authority of Maine		5.375		12/15/33		1,609,117
	2,250,000		Florida Department of Environmental Protection		5.456		07/01/19		2,264,400
	3,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		2,996,820
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		465,520
	1,790,000		Honolulu City & County Board of Water Supply		3.760		07/01/30		1,838,527
	2,845,000		Jackson County Industrial Development Authority		4.250		05/01/39		2,908,387
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,130,300
	1,000,000		Lavaca-Navidad River Authority		4.430		08/01/35		1,035,650

284

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,535,000		Maryland Community Development Administration Housing Revenue			3.797	%	03/01/39	$	3,471,936
	3,000,000		Massachusetts St. Water Pollution Abatement			5.192		08/01/40		3,392,070
	3,025,000		Metropolitan Council			1.550		09/01/19		3,011,811
	500,000		Michigan Finance Authority			5.000		07/01/22		542,335
	945,000		New York State Energy Research & Development Authority			4.577		04/01/35		945,501
	2,115,000		New York State Environmental Facilities Corp			3.420		07/15/26		2,205,310
	7,500,000		New York Transportation Development Corp			5.000		01/01/26		8,705,400
	1,500,000	g	Ohio Air Quality Development Authority			4.250		01/15/38		1,547,685
	1,500,000	g	Ohio Air Quality Development Authority			4.500		01/15/48		1,562,925
	5,080,000		Ohio State Water Development Authority			4.879		12/01/34		5,775,096
	250,000		Oklahoma Water Resources Board			3.071		04/01/22		255,200
	5,000,000	g	Oregon State Business Development Commission			6.500		04/01/31		4,826,750
	2,000,000		Oregon State Business Development Commission			11.500		04/01/31		2,155,700
	5,000,000		Palm Beach County Solid Waste Authority			2.436		10/01/23		4,978,400
	2,225,000		Pend Oreille County Public Utility District No Box Canyon			5.000		01/01/30		2,308,438
	3,350,000		Sacramento Area Flood Control Agency			2.224		10/01/20		3,325,813
	440,000		San Francisco City & County Redevelopment Agency			3.113		08/01/22		444,910
	1,000,000		San Francisco City & County Redevelopment Agency			3.533		08/01/25		1,028,370
	1,000,000		San Francisco City & County Redevelopment Agency			4.375		08/01/44		1,027,780
	1,900,000		Santa Cruz County Capital Financing Authority			3.375		06/01/31		1,905,396
	1,465,000		Santa Cruz County Capital Financing Authority			3.625		06/01/35		1,472,633
	2,000,000		South Dakota Conservancy District			1.898		08/01/19		1,995,200
	1,000,000		South Dakota Conservancy District			1.920		08/01/19		997,610
	1,000,000		South Davis Sewer District			4.125		12/01/32		1,026,240
	1,100,000		South Davis Sewer District			4.500		12/01/37		1,145,430
	1,000,000		State of California			1.800		04/01/20		994,010
	2,665,000		State of California			2.367		04/01/22		2,665,666
	2,780,000		State of California			2.250		10/01/23		2,759,011
	1,000,000		State of California			3.750		10/01/37		1,037,680
	5,595,000		State of California			4.600		04/01/38		5,960,689
	2,480,000		State of California			4.988		04/01/39		2,676,119
	5,000,000	i	State of California			2.193		04/01/47		4,985,550
	10,000,000	i	State of California	LIBOR 1 M + 0.780%		3.270		04/01/47		10,040,000
	1,000,000		State of Texas			1.737		08/01/22		977,970
	2,475,000		State of Texas			2.749		10/01/23		2,502,299
	1,000,000		State of Texas			3.576		08/01/34		1,010,090
	1,000,000		State of Texas			3.726		08/01/43		1,012,160
	3,000,000		Suffolk County Water Authority			4.000		06/01/39		3,201,300
	1,650,000		Syracuse Industrial Development Agency			5.000		01/01/36		1,633,269
	1,000,000		Texas Water Development Board			3.500		10/15/37		1,002,280
	7,500,000		Texas Water Development Board			4.190		10/15/43		7,833,150
	3,000,000		Texas Water Development Board			3.700		10/15/47		3,008,970
	3,000,000		Texas Water Development Board			4.648		04/15/50		3,172,920
	500,000		University of California			2.676		05/15/21		501,250
	1,230,000		University of Cincinnati			3.500		06/01/32		1,268,241
	2,000,000		University of New Mexico			3.532		06/20/32		2,028,300
	2,000,000		University of Virginia			3.570		04/01/45		2,039,080
	1,500,000		Upper Santa Clara Valley Joint Powers Authority			3.750		08/01/38		1,520,670
	4,400,000		Upper Santa Clara Valley Joint Powers Authority			3.875		08/01/48		4,414,080

285

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000	%	12/01/42	$	5,210,700
	655,000		Washington County Clean Water Services			4.828		10/01/22		701,060
	530,000		Washington County Clean Water Services			5.078		10/01/24		589,779
	2,000,000	g	Washington Economic Development Finance Authority			7.500		01/01/32		2,258,260
	3,000,000		Water Works Board of the City of Birmingham			1.788		01/01/20		2,980,950
	2,005,000		Water Works Board of the City of Birmingham			2.392		01/01/23		1,989,722
	250,000		West Virginia Water Development Authority			5.000		11/01/21		270,315
	1,500,000		Yuba City Public Financing Authority			4.320		06/01/42		1,560,810
	1,000,000		Yuba Levee Financing Authority			3.170		09/01/22		1,013,650
			TOTAL MUNICIPAL BONDS							315,351,042

U.S. TREASURY SECURITIES - 10.1%
	19,740,000		United States Treasury Bond			2.875		11/15/46		20,029,931
	34,695,000		United States Treasury Bond			3.000		05/15/47		36,038,076
	2,500,000		United States Treasury Bond			3.125		05/15/48		2,657,129
	49,246,000		United States Treasury Bond			3.375		11/15/48		54,934,297
	4,750,000		United States Treasury Note			2.500		01/31/21		4,767,441
	5,920,000		United States Treasury Note			2.500		02/15/22		5,965,094
	19,275,000		United States Treasury Note			2.625		12/31/23		19,612,312
	33,065,000		United States Treasury Note			2.375		02/29/24		33,298,780
	1,092,000		United States Treasury Note			1.875		08/31/24		1,070,715
	2,387,000		United States Treasury Note			2.125		09/30/24		2,369,564
	1,395,000		United States Treasury Note			2.250		10/31/24		1,393,474
	2,700,000		United States Treasury Note			2.125		11/30/24		2,678,695
	18,205,000		United States Treasury Note			2.875		04/30/25		18,808,041
	17,040,000		United States Treasury Note			2.750		06/30/25		17,487,300
	14,250,000		United States Treasury Note			2.750		08/31/25		14,626,846
	49,115,000		United States Treasury Note			2.500		02/28/26		49,698,241
	37,259,000		United States Treasury Note			2.625		02/15/29		37,983,804
			TOTAL U.S. TREASURY SECURITIES							323,419,740

			TOTAL GOVERNMENT BONDS							1,447,655,877
			(Cost $1,424,343,605)

STRUCTURED ASSETS - 12.0%

ASSET BACKED - 4.4%
	150,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		150,571
			Series - 2015 3 (Class D)
	350,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.650%		3.146		02/28/41		342,821
			Series - 2006 A (Class M3)
	1,000,000	g	Capital Automotive REIT			3.660		10/15/44		1,000,797
			Series - 2014 1A (Class A)
	980,833	g	Capital Automotive REIT			3.870		04/15/47		987,686
			Series - 2017 1A (Class A1)
	270,415	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.566		07/25/36		266,192
			Series - 2006 CB6 (Class A1)
	1,447,025	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		3.095		04/07/52		0
			Series - 2007 1A (Class A2)
	1,920,000	g	DB Master Finance LLC			3.980		02/20/45		1,917,427
			Series - 2015 1A (Class A2II)

286

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	987,500	g	DB Master Finance LLC			3.629	%	11/20/47	$	988,181
			Series - 2017 1A (Class A2I)
	1,875,000	g,h	DB Master Finance LLC			3.787		05/20/49		1,887,058
			Series - 2019 1A (Class A2I)
	875,250	g	Domino’s Pizza Master Issuer LLC			4.474		10/25/45		903,276
			Series - 2015 1A (Class A2II)
	3,053,500	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		3,016,553
			Series - 2017 1A (Class A2II)
	794,000	g	Domino’s Pizza Master Issuer LLC			4.116		07/25/48		805,966
			Series - 2018 1A (Class A2I)
	1,203,529	†,g	HERO Funding Trust			3.840		09/21/40		1,268,096
			Series - 2015 1A (Class A)
	412,017	†,g	HERO Funding Trust			3.990		09/21/40		418,240
			Series - 2014 2A (Class A)
	2,337,861	g	HERO Funding Trust			3.750		09/20/41		2,372,075
			Series - 2016 2A (Class A)
	1,455,549	g	HERO Funding Trust			4.050		09/20/41		1,493,877
			Series - 2016 1A (Class A)
	4,538,566	g	HERO Funding Trust			3.080		09/20/42		4,483,017
			Series - 2016 3A (Class A1)
	4,475,055	g	HERO Funding Trust			3.910		09/20/42		4,545,209
			Series - 2016 3A (Class A2)
	4,205,355	g	HERO Funding Trust			3.570		09/20/47		4,237,652
			Series - 2016 4A (Class A1)
	3,346,265	g	HERO Funding Trust			3.710		09/20/47		3,407,732
			Series - 2017 1A (Class A1)
	4,131,705	g	HERO Funding Trust			3.190		09/20/48		4,165,157
			Series - 2017 3A (Class A1)
	5,748,029	g	HERO Funding Trust			3.950		09/20/48		5,873,918
			Series - 2017 3A (Class A2)
	2,063,208	g	HERO Funding Trust			4.070		09/20/48		2,099,290
			Series - 2017 2A (Class A2)
	8,899,209	g	HERO Funding Trust			4.670		09/20/48		9,202,730
			Series - 2018 1A (Class A2)
	557,948	†,g	HERO Residual Funding			4.500		09/21/42		555,158
			Series - 2016 1R (Class A1)
	2,800,000	g	Houston Galleria Mall Trust			3.087		03/05/37		2,793,567
			Series - 2015 HGLR (Class A1A2)
	5,000,000	g,i	MAD Mortgage Trust			3.252		08/15/34		4,961,291
			Series - 2017 330M (Class C)
	94,107	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 1.050%		3.266		12/27/33		94,012
			Series - 2004 NC1 (Class M1)
	4,603,458	g	Mosaic Solar Loans LLC			3.820		06/22/43		4,587,743
			Series - 2017 2A (Class A)
	1,100,385	g	MVW Owner Trust			2.420		12/20/34		1,079,473
			Series - 2017 1A (Class A)
	5,467,123	g,i	Navient Student Loan Trust	LIBOR 1 M + 0.250%		2.736		06/27/67		5,457,428
			Series - 2018 4A (Class A1)
	57,827	g,i	Orange Lake Timeshare Trust			3.030		07/09/29		57,045
			Series - 2014 AA (Class B)
	4,000,000		PSNH Funding LLC			3.506		08/01/28		4,108,410
			Series - 2018 1 (Class A2)

287

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,708,874	g	Renew			3.670	%	09/20/52	$	1,743,053
			Series - 2017 1A (Class A)
	4,353,316	g	Renew			3.950		09/20/53		4,451,658
			Series - 2018 1 (Class A)
	103,955	g	SolarCity LMC			4.800		11/20/38		107,556
			Series - 2013 1 (Class A)
	345,401	g	SolarCity LMC			4.590		04/20/44		352,121
			Series - 2014 1 (Class A)
	778,393	g	SolarCity LMC			4.020		07/20/44		781,036
			Series - 2014 2 (Class A)
	1,125,276	g	SolarCity LMC			4.800		09/20/48		1,154,835
			Series - 2016 A (Class A)
	216,229	g	SpringCastle America Funding LLC			3.050		04/25/29		215,956
			Series - 2016 AA (Class A)
	407,804	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		3.989		04/25/35		398,347
			Series - 2005 7XS (Class 2A1A)
	4,899,358	g	Sunrun Athena Issuer LLC			5.310		04/30/49		5,065,163
			Series - 2018 1 (Class A)
	9,799,391	g	TES LLC			4.330		10/20/47		10,095,418
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,592,764
			Series - 2017 1A (Class B)
	3,615,041	g	TES LLC			4.120		02/20/48		3,570,715
			Series - 2017 2A (Class A)
	2,496,037	g	Tesla Auto Lease Trust			2.320		12/20/19		2,492,712
			Series - 2018 A (Class A)
	6,623,084	g	Tesla Auto Lease Trust			3.710		08/20/21		6,698,676
			Series - 2018 B (Class A)
	1,165,025		Toyota Auto Receivables Owner Trust			1.300		04/15/20		1,162,957
			Series - 2016 B (Class A3)
	7,690,000		Toyota Auto Receivables Owner Trust			1.520		08/16/21		7,636,181
			Series - 2016 B (Class A4)
	4,992,934	g	Vivint Colar Financing V LLC			4.730		04/30/48		5,173,195
			Series - 2018 1A (Class A)
	4,802,357	g	Vivint Colar Financing V LLC			7.370		04/30/48		4,896,627
			Series - 2018 1A (Class B)
	1,481,250	g	Wendys Funding LLC			3.573		03/15/48		1,460,305
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED							139,576,923

OTHER MORTGAGE BACKED - 7.6%
	3,000,000	g,i	20 TSQ GroundCo LLC			3.100		05/15/35		2,974,613
			Series - 2018 20TS (Class B)
	780,896	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		774,129
			Series - 2014 3 (Class A13)
	98,855	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		97,162
			Series - 2015 6 (Class A9)
	175,681	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.986		06/25/34		174,995
			Series - 2004 8CB (Class M1)
	33,314	g,i	Banc of America Commercial Mortgage Trust			5.678		02/10/51		33,759
			Series - 2007 4 (Class E)
	1,430,253	i	Banc of America Commercial Mortgage Trust			5.763		02/10/51		1,348,464
			Series - 2007 5 (Class AJ)

288

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	3,000,000	†,g,i	Banc of America Commercial Mortgage Trust			6.038	%	02/10/51	$	461,700
			Series - 2007 5 (Class B)
	5,000,000	g,i	BBCMS Mortgage Trust			4.267		08/05/38		4,415,030
			Series - 2018 CHRS (Class E)
	5,000,000	g	BBCMS Trust			3.593		09/15/32		5,107,452
			Series - 2015 MSQ (Class A)
	2,500,000	g	BBCMS Trust			3.894		09/15/32		2,537,444
			Series - 2015 MSQ (Class B)
	4,500,000	g	BBCMS Trust			4.798		08/10/35		4,745,594
			Series - 2015 SRCH (Class C)
	8,750,000	g,h,i	Benchmark Mortgage Trust			3.899		03/15/62		8,570,149
			Series - 2019 B10 (Class 3CCA)
	4,000,000	g	BWAY Mortgage Trust			2.917		01/10/35		3,979,039
			Series - 2015 1740 (Class A)
	2,500,000	g	BWAY Mortgage Trust			3.342		01/10/35		2,483,054
			Series - 2015 1740 (Class C)
	2,000,000	i	CD Commercial Mortgage Trust			3.879		11/10/49		2,035,506
			Series - 2016 CD2 (Class B)
	2,250,000	g,i	Cityline Commercial Mortgage Trust			2.778		11/10/31		2,237,757
			Series - 2016 CLNE (Class A)
	5,250,000	g	COMM Mortgage Trust			2.681		08/10/29		5,222,093
			Series - 2016 GCT (Class A)
	270,000	g	COMM Mortgage Trust			3.086		08/10/29		268,003
			Series - 2016 GCT (Class B)
	5,000,000	g,i	COMM Mortgage Trust			3.538		10/10/29		5,009,050
			Series - 2017 PANW (Class C)
	2,815,000	g	COMM Mortgage Trust			4.353		08/10/30		2,971,282
			Series - 2013 300P (Class A1)
	2,000,000		COMM Mortgage Trust			4.701		03/10/47		2,088,370
			Series - 2014 UBS2 (Class B)
	3,000,000	i	COMM Mortgage Trust			4.959		03/10/47		3,090,175
			Series - 2014 UBS2 (Class C)
	2,500,000	g,i	COMM Mortgage Trust			4.118		03/10/48		2,365,738
			Series - 2015 CR22 (Class D)
	4,000,000	i	COMM Mortgage Trust			4.252		05/10/48		3,822,114
			Series - 2015 CR23 (Class D)
	800,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		5.086		05/25/24		838,702
			Series - 2014 C02 (Class 1M2)
	1,185,127	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.486		07/25/24		1,258,124
			Series - 2014 C03 (Class 1M2)
	317,581	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		7.486		11/25/24		354,439
			Series - 2014 C04 (Class 2M2)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.250%		6.736		01/25/29		3,300,293
			Series - 2016 C04 (Class 1M2)
	2,250,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		6.936		01/25/29		2,462,532
			Series - 2016 C05 (Class 2M2)
	733,413	i	Connecticut Avenue Securities	LIBOR 1 M + 1.150%		3.636		09/25/29		735,517
			Series - 2017 C02 (Class 2M1)
	963,671	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		11/25/29		964,785
			Series - 2017 C04 (Class 2M1)
	2,727,494	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		3.086		07/25/30		2,721,264
			Series - 2018 C01 (Class 1M1)

289

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,500,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		3.965	%	08/25/30	$	1,495,595
			Series - 2018 C02 (Class 2M2)
	2,026,747	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		3.166		10/25/30		2,025,883
			Series - 2018 C03 (Class 1M1)
	1,331,979	i	Connecticut Avenue Securities	LIBOR 1 M + 0.720%		3.206		01/25/31		1,331,645
			Series - 2018 C05 (Class 1M1)
	3,000,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.350%		4.836		01/25/31		3,012,456
			Series - 2018 C05 (Class 1M2)
	195,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.100%		4.586		03/25/31		192,505
			Series - 2018 C06 (Class 2M2)
	28,662	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		3.236		04/25/31		28,652
			Series - 2018 R07 (Class 1M1)
	3,920,052	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		07/25/31		3,921,328
			Series - 2019 R01 (Class 2M1)
	505,000	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		4.936		07/25/31		505,632
			Series - 2019 R01 (Class 2M2)
	297,912	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.336		08/25/31		298,120
			Series - 2019 R02 (Class 1M1)
	136,072	i	Countrywide Home Loan Mortgage Pass Through Trust			4.267		11/20/34		137,260
			Series - 2004 HYB6 (Class A2)
	5,000,000	g,i	CSAIL Commercial Mortgage Trust			3.677		06/15/37		5,037,962
			Series - 2017 C8 (Class 85BB)
	5,000,000	g,i	CSMC Trust			3.728		11/10/32		5,115,692
			Series - 2017 CALI (Class B)
	10,000,000	g,i	CSMC Trust			3.778		11/10/32		10,104,618
			Series - 2017 CALI (Class C)
	790,000	g,i	CSMC Trust			3.811		11/15/34		810,346
			Series - 2015 GLPB (Class B)
	376,979	g,i	CSMC Trust			3.500		02/25/48		367,923
			Series - 2018 J1 (Class A11)
	1,617,315	g,i	Flagstar Mortgage Trust			4.000		05/25/48		1,634,476
			Series - 2018 3INV (Class A3)
	365,828	g,i	Flagstar Mortgage Trust			4.000		09/25/48		365,431
			Series - 2018 5 (Class A11)
	3,600,000	g	GRACE Mortgage Trust			3.369		06/10/28		3,638,347
			Series - 2014 GRCE (Class A)
	3,000,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.090%		3.574		10/15/31		3,001,875
			Series - 2018 HART (Class A)
	3,500,000	g,i	GS Mortgage Securities Trust			5.182		12/10/43		3,595,457
			Series - 2010 C2 (Class D)
	1,140,200	g,i	GS Mortgage Securities Trust			4.285		02/10/46		1,161,195
			Series - 2013 GC10 (Class C)
	2,000,000	g	GS Mortgage Securities Trust			3.000		02/10/52		1,715,995
			Series - 2019 GC38 (Class D)
	517,241	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.102		08/19/45		504,521
			Series - 2005 11 (Class 2A1A)
	3,500,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		3,423,555
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		2,440,593
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		4,830,763
			Series - 2016 10HY (Class C)

290

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	2,500,000	g,i	Hudson Yards Mortgage Trust			2.977	%	08/10/38	$	2,341,525
			Series - 2016 10HY (Class E)
	24,437	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.146		03/25/35		23,970
			Series - 2004 11 (Class 2A1)
	1,600,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			4.003		01/15/46		1,584,614
			Series - 2013 C13 (Class D)
	2,179,665	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.646		06/25/37		2,138,170
			Series - 2007 CH5 (Class A1)
	500,574	g,i	JP Morgan Mortgage Trust			3.623		12/25/44		500,224
			Series - 2015 1 (Class B1)
	89,817	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		88,581
			Series - 2015 3 (Class A19)
	1,019,343	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		1,007,644
			Series - 2015 6 (Class A13)
	182,166	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		179,551
			Series - 2016 1 (Class A13)
	187,225	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		187,349
			Series - 2017 1 (Class A3)
	1,552,385	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		1,553,416
			Series - 2017 2 (Class A5)
	237,161	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		234,642
			Series - 2017 2 (Class A13)
	439,135	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		439,427
			Series - 2018 3 (Class A5)
	396,126	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		396,389
			Series - 2018 5 (Class A5)
	1,299,090	g,i	JP Morgan Mortgage Trust			3.000		12/25/48		1,278,843
			Series - 2017 6 (Class A6)
	1,966,714	g,i	JP Morgan Mortgage Trust			3.500		12/25/48		1,968,020
			Series - 2018 6 (Class 1A3)
	378,364	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		378,408
			Series - 2018 8 (Class A13)
	1,170,968	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		1,174,839
			Series - 2018 9 (Class A13)
	1,665,825	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		1,674,017
			Series - 2019 1 (Class A15)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.471		09/15/47		2,061,426
			Series - 2014 C23 (Class C)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.344		02/15/48		1,016,184
			Series - 2015 C27 (Class C)
	311,799	i	ML-CFC Commercial Mortgage Trust			5.501		03/12/51		311,989
			Series - 2007 6 (Class AM)
	5,000,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.757		11/15/46		5,297,591
			Series - 2013 C13 (Class B)
	1,942,118	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.750		12/15/46		2,039,504
			Series - 2014 C19 (Class LNC3)
	5,000,000	g	Morgan Stanley Capital I Trust			3.350		07/13/29		5,063,970
			Series - 2014 CPT (Class A)
	4,000,000	g,i	Morgan Stanley Capital I Trust			3.402		07/13/29		4,033,740
			Series - 2014 CPT (Class AM)

291

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	1,090,000	g,i	Morgan Stanley Capital I Trust			3.446	%	07/13/29	$	1,097,611
			Series - 2014 CPT (Class B)
	4,330,000	g,i	Morgan Stanley Capital I Trust			3.446		07/13/29		4,352,669
			Series - 2014 CPT (Class C)
	5,000,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		4,977,899
			Series - 2013 WLSR (Class A)
	1,518,384	i	Morgan Stanley Capital I Trust			6.113		12/12/49		1,143,804
			Series - 2007 IQ16 (Class AJFX)
	2,500,000	g,i	MSDB Trust			3.316		07/11/39		2,512,894
			Series - 2017 712F (Class A)
	3,600,000	g,i	MSDB Trust			3.453		07/11/39		3,575,187
			Series - 2017 712F (Class B)
	10,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 0.784%		3.267		07/15/33		9,933,411
			Series - 2018 850T (Class A)
	3,000,000	g	OBP Depositor LLC Trust			4.646		07/15/45		3,036,338
			Series - 2010 OBP (Class A)
	2,000,000	g	One Market Plaza Trust			3.614		02/10/32		2,047,316
			Series - 2017 1MKT (Class A)
	283,346	g,i	Sequoia Mortgage Trust			3.500		06/25/46		280,066
			Series - 2016 1 (Class A19)
	364,671	g,i	Sequoia Mortgage Trust			3.500		11/25/46		365,314
			Series - 2016 3 (Class A10)
	1,570,729	g,i	Sequoia Mortgage Trust			3.500		04/25/47		1,579,647
			Series - 2017 3 (Class A4)
	850,934	g,i	Sequoia Mortgage Trust			3.500		04/25/47		839,974
			Series - 2017 3 (Class A19)
	4,109,907	g,i	Sequoia Mortgage Trust			3.000		08/25/47		4,060,563
			Series - 2017 5 (Class A5)
	232,218	g,i	Sequoia Mortgage Trust			3.500		02/25/48		229,087
			Series - 2018 2 (Class A19)
	147,277	g,h,i	Sequoia Mortgage Trust			3.500		03/25/48		146,397
			Series - 2018 3 (Class A1)
	2,704,035	g,i	Sequoia Mortgage Trust			3.500		05/25/48		2,713,517
			Series - 2018 5 (Class A4)
	305,920	g,i	Sequoia Mortgage Trust			4.000		06/25/48		309,381
			Series - 2018 CH2 (Class A21)
	4,948,604	g,h,i	Shellpoint Co-Originator Trust			3.500		10/25/47		4,927,686
			Series - 2017 2 (Class A1)
	1,600,000	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 4.650%		7.136		10/25/28		1,785,815
			Series - 2016 DNA2 (Class M3)
	1,750,000	i	STACR	LIBOR 1 M + 1.350%		3.836		03/25/29		1,765,239
			Series - 2016 HQA3 (Class M2)
	2,314,923	i	STACR	LIBOR 1 M + 0.750%		3.236		03/25/30		2,313,486
			Series - 2017 DNA3 (Class M1)
	284,132	i	STACR	LIBOR 1 M + 0.450%		2.936		07/25/30		282,833
			Series - 2018 DNA1 (Class M1)
	346,537	g,i	STACR			3.819		05/25/48		346,198
			Series - 2018 SPI2 (Class M1)
	778,009	g,i	STACR			4.167		08/25/48		783,425
			Series - 2018 SPI3 (Class M1)
	5,000,000	g,i	VMC Finance LLC	LIBOR 1 M + 0.920%		3.404		10/15/35		4,989,263
			Series - 2018 FL2 (Class A)
	193,710	i	Wachovia Bank Commercial Mortgage Trust			5.876		05/15/46		194,857
			Series - 2007 C34 (Class AJ)

292

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.951	%	05/15/46	$	1,006,920
			Series - 2007 C34 (Class B)
	2,153,000	i	Wachovia Bank Commercial Mortgage Trust		5.951		05/15/46		2,174,530
			Series - 2007 C34 (Class C)
	1,621,708	i	Wachovia Bank Commercial Mortgage Trust		5.748		04/15/47		1,615,265
			Series - 2007 C31 (Class F)
	350,000	g,i	WFRBS Commercial Mortgage Trust		5.174		02/15/44		359,993
			Series - 2011 C2 (Class B)
	650,000	i	WFRBS Commercial Mortgage Trust		4.698		12/15/46		678,629
			Series - 2013 C18 (Class C)
			TOTAL OTHER MORTGAGE BACKED						243,545,400

			TOTAL STRUCTURED ASSETS						383,122,323
			(Cost $384,040,784)

			TOTAL BONDS						3,064,459,519
			(Cost $3,023,204,002)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%

BANKS - 0.0%
	250	*	M&T Bank Corp						257,078
			TOTAL BANKS						257,078

			TOTAL PREFERRED STOCKS						257,078
			(Cost $255,625)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.4%

GOVERNMENT AGENCY DEBT - 1.6%
$	50,000,000		Federal Home Loan Bank (FHLB)		2.250		04/01/19		50,000,000
			TOTAL GOVERNMENT AGENCY DEBT						50,000,000

TREASURY DEBT - 2.8%
	61,100,000		United States Treasury Bill		2.386		04/02/19		61,095,969
	24,625,000		United States Treasury Bill		2.371		04/09/19		24,611,935
	2,300,000		United States Treasury Bill		2.235		05/28/19		2,291,465
			TOTAL TREASURY DEBT						87,999,369

			TOTAL SHORT-TERM INVESTMENTS						137,999,369
			(Cost $137,999,446)

			TOTAL INVESTMENTS - 101.1%						3,226,562,563
			(Cost $3,186,020,981)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(34,394,710	)
			NET ASSETS - 100.0%					$	3,192,167,853

293

TIAA-CREF FUNDS - Social Choice Bond Fund


		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 3/31/2019, the aggregate value of these securities was $658,580,303 or 20.6% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
j		Zero coupon

294

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
March 31, 2019

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 121.0%

GOVERNMENT AGENCY DEBT - 84.3%
$	5,000,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%	04/01/19	$	5,000,000
	380,000	FAMC		0.010		04/15/19		379,644
	6,340,000	FAMC		0.010		04/26/19		6,329,433
	2,000,000	FAMC		0.010		05/17/19		1,993,867
	3,000,000	FAMC		0.010		05/21/19		2,989,917
	5,560,000	FAMC		0.010		06/05/19		5,535,806
	4,955,000	FAMC		0.010		06/21/19		4,927,908
	2,820,000	FAMC		0.010		07/25/19		2,798,290
	4,000,000	Federal Farm Credit Bank (FFCB)		0.010		04/02/19		3,999,737
	400,000	FFCB		0.010		04/03/19		399,946
	3,000,000	FFCB		0.010		04/05/19		2,999,193
	2,680,000	FFCB		0.010		04/09/19		2,678,571
	2,000,000	FFCB		0.010		04/12/19		1,998,527
	1,200,000	FFCB		0.010		04/16/19		1,198,779
	4,500,000	FFCB		0.010		04/18/19		4,494,836
	6,500,000	FFCB		0.010		04/22/19		6,490,778
	5,000,000	FFCB		0.010		04/26/19		4,991,528
	4,000,000	FFCB		0.010		05/02/19		3,991,561
	2,000,000	FFCB		0.010		05/06/19		1,995,158
	4,000,000	FFCB		0.010		05/08/19		3,989,804
	3,200,000	FFCB		0.010		05/17/19		3,189,817
	4,500,000	FFCB		0.010		05/20/19		4,484,871
	5,000,000	FFCB		0.010		05/23/19		4,982,118
	11,560,000	FFCB		0.010		05/28/19		11,516,151
	6,000,000	FFCB		0.010		06/10/19		5,971,183
	5,000,000	FFCB		0.010		06/14/19		4,975,128
	6,385,000	FFCB		0.010		06/17/19		6,351,951
	4,805,000	FFCB		0.010		06/18/19		4,779,694
	4,950,000	FFCB		0.010		06/21/19		4,922,936
	400,000	FFCB		0.010		07/03/19		397,437
	270,000,000	Federal Home Loan Bank (FHLB)		0.010		04/01/19		270,000,000
	1,000,000	FHLB		0.010		04/02/19		999,932
	4,680,000	FHLB		0.010		04/03/19		4,679,375
	8,000,000	FHLB		0.010		04/05/19		7,997,880
	10,400,000	FHLB		0.010		04/08/19		10,395,114
	10,690,000	FHLB		0.010		04/09/19		10,684,284
	17,839,000	FHLB		0.010		04/10/19		17,828,228
	9,707,000	FHLB		0.010		04/12/19		9,699,828
	15,215,000	FHLB		0.010		04/15/19		15,200,838
	6,000,000	FHLB		0.010		04/16/19		5,994,006
	2,000,000	FHLB		0.010		04/17/19		1,997,852
	9,490,000	FHLB		0.010		04/22/19		9,476,663
	9,000,000	FHLB		0.010		04/23/19		8,986,702
	5,062,000	FHLB		0.010		04/24/19		5,054,182
	5,285,000	FHLB		0.010		04/26/19		5,276,161
	10,000,000	FHLB		0.010		04/29/19		9,981,294

295

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	4,500,000	FHLB		0.010	%	04/30/19	$	4,491,209
	7,000,000	FHLB		0.010		05/01/19		6,986,000
	21,590,000	FHLB		0.010		05/03/19		21,543,862
	9,000,000	FHLB		0.010		05/06/19		8,978,976
	5,000,000	FHLB		0.010		05/07/19		4,988,000
	3,000,000	FHLB		0.010		05/08/19		2,992,600
	15,000,000	FHLB		0.010		05/10/19		14,961,054
	2,000,000	FHLB		0.010		05/13/19		1,994,400
	7,860,000	FHLB		0.010		05/14/19		7,837,302
	2,425,000	FHLB		0.010		05/16/19		2,417,695
	8,000,000	FHLB		0.010		05/17/19		7,975,428
	8,000,000	FHLB		0.010		05/20/19		7,973,826
	5,000,000	FHLB		0.010		05/21/19		4,983,333
	15,950,000	FHLB		0.010		05/22/19		15,895,340
	15,150,000	FHLB		0.010		05/24/19		15,096,020
	2,000,000	FHLB		0.010		05/28/19		1,992,416
	9,132,000	FHLB		0.010		05/29/19		9,096,245
	11,000,000	FHLB		0.010		05/31/19		10,955,592
	11,840,000	FHLB		0.010		06/03/19		11,790,123
	8,000,000	FHLB		0.010		06/04/19		7,965,733
	3,000,000	FHLB		0.010		06/05/19		2,986,886
	1,200,000	FHLB		0.010		06/06/19		1,194,687
	11,200,000	FHLB		0.010		06/07/19		11,149,603
	8,065,000	FHLB		0.010		06/10/19		8,027,090
	12,425,000	FHLB		0.010		06/11/19		12,366,016
	6,600,000	FHLB		0.010		06/12/19		6,568,086
	8,885,000	FHLB		0.010		06/13/19		8,841,501
	8,000,000	FHLB		0.010		06/14/19		7,960,256
	6,000,000	FHLB		0.010		06/17/19		5,968,943
	10,275,000	FHLB		0.010		06/18/19		10,221,236
	7,555,000	FHLB		0.010		06/20/19		7,514,455
	6,030,000	FHLB		0.010		06/21/19		5,996,997
	5,000,000	FHLB		0.010		06/25/19		4,971,313
	3,030,000	FHLB		0.010		06/26/19		3,012,411
	10,000,000	FHLB		0.010		06/28/19		9,940,752
	4,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010		04/02/19		3,999,740
	14,000,000	FHLMC		0.010		04/17/19		13,985,078
	1,440,000	FHLMC		0.010		04/23/19		1,437,923
	11,650,000	FHLMC		0.010		04/24/19		11,632,211
	5,000,000	FHLMC		0.010		04/29/19		4,990,748
	2,000,000	FHLMC		0.010		05/02/19		1,995,901
	8,175,000	FHLMC		0.010		05/07/19		8,155,503
	5,000,000	FHLMC		0.010		05/10/19		4,987,162
	11,000,000	FHLMC		0.010		05/13/19		10,969,212
	10,000,000	FHLMC		0.010		05/21/19		9,966,944
	5,000,000	FHLMC		0.010		05/29/19		4,980,667
	2,000,000	FHLMC		0.010		06/04/19		1,991,431
	5,020,000	FHLMC		0.010		06/05/19		4,998,065
	7,660,000	FHLMC		0.010		06/06/19		7,626,156
	3,000,000	FHLMC		0.010		06/11/19		2,985,652
	9,000,000	FHLMC		0.010		06/12/19		8,956,670
	6,000,000	FHLMC		0.010		06/19/19		5,968,203
	10,930,000	FHLMC		0.010		09/24/19		10,800,784
	5,000,000	Federal National Mortgage Association (FNMA)		0.010		04/02/19		4,999,679

296

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	10,505,000	FNMA		0.010	%	04/03/19	$	10,503,602
	5,000,000	FNMA		0.010		04/05/19		4,998,694
	5,000,000	FNMA		0.010		04/08/19		4,997,730
	3,085,000	FNMA		0.010		04/09/19		3,083,379
	1,200,000	FNMA		0.010		04/10/19		1,199,280
	5,000,000	FNMA		0.010		04/12/19		4,996,387
	1,860,000	FNMA		0.010		04/15/19		1,858,293
	10,725,000	FNMA		0.010		04/16/19		10,714,608
	5,000,000	FNMA		0.010		04/23/19		4,992,774
	2,000,000	FNMA		0.010		04/24/19		1,996,954
	13,375,000	FNMA		0.010		05/01/19		13,348,435
	2,115,000	FNMA		0.010		05/06/19		2,110,106
	5,000,000	FNMA		0.010		05/07/19		4,988,100
	4,700,000	FNMA		0.010		05/08/19		4,688,508
	8,000,000	FNMA		0.010		05/13/19		7,977,740
	9,000,000	FNMA		0.010		05/14/19		8,974,487
	14,250,000	FNMA		0.010		05/15/19		14,208,267
	3,000,000	FNMA		0.010		05/17/19		2,990,857
	2,000,000	FNMA		0.010		05/28/19		1,992,463
	5,000,000	FNMA		0.010		06/03/19		4,979,087
	7,080,000	FNMA		0.010		06/04/19		7,049,981
	4,000,000	FNMA		0.010		06/05/19		3,982,602
	3,000,000	FNMA		0.010		06/14/19		2,985,262
	2,332,000	FNMA		0.010		06/19/19		2,319,550
	6,405,000	FNMA		0.010		06/26/19		6,368,135
		TOTAL GOVERNMENT AGENCY DEBT						1,056,375,304

TREASURY DEBT - 18.5%
	6,000,000	United States Treasury Bill		0.010		04/02/19		5,999,604
	20,655,000	United States Treasury Bill		0.010		04/04/19		20,650,915
	2,000,000	United States Treasury Bill		0.010		04/09/19		1,998,942
	17,380,000	United States Treasury Bill		0.010		04/11/19		17,368,474
	9,010,000	United States Treasury Bill		0.010		04/18/19		8,999,851
	25,950,000	United States Treasury Bill		0.010		04/25/19		25,909,002
	5,000,000	United States Treasury Bill		0.010		04/30/19		4,990,391
	14,000,000	United States Treasury Bill		0.010		05/02/19		13,971,385
	5,000,000	United States Treasury Bill		0.010		05/07/19		4,988,037
	17,000,000	United States Treasury Bill		0.010		05/09/19		16,957,066
	14,000,000	United States Treasury Bill		0.010		05/16/19		13,958,262
	12,000,000	United States Treasury Bill		0.010		05/23/19		11,958,556
	15,000,000	United States Treasury Bill		0.010		05/30/19		14,941,568
	6,000,000	United States Treasury Bill		0.010		06/06/19		5,973,659
	6,000,000	United States Treasury Bill		0.010		06/13/19		5,970,899
	7,000,000	United States Treasury Bill		0.010		06/20/19		6,962,776
	2,550,000	United States Treasury Bill		0.010		07/05/19		2,533,604
	9,925,000	United States Treasury Bill		0.010		10/10/19		9,796,412
	14,450,000	United States Treasury Bill		0.010		11/07/19		14,233,831
	5,000,000	United States Treasury Note		1.625		04/30/19		4,996,993
	7,000,000	United States Treasury Note		1.000		10/15/19		6,942,866
	12,665,000	United States Treasury Note		1.000		11/15/19		12,544,749
		TOTAL TREASURY DEBT						232,647,842

297

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
VARIABLE RATE SECURITIES - 18.2%
$	3,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.010%		2.420	%	04/01/19	$	3,000,000
	4,500,000	i	FAMC	LIBOR 3 M - 0.210%		2.434		05/20/19		4,500,000
	4,000,000	i	FAMC	LIBOR 1 M - 0.050%		2.439		07/01/19		4,000,000
	4,500,000	i	FAMC	EFFR + 0.150%		2.560		09/27/19		4,500,000
	5,000,000	i	FAMC	LIBOR 3 M - 0.200%		2.533		11/01/19		5,000,000
	5,000,000	i	FAMC	EFFR + 0.120%		2.530		02/26/20		5,000,000
	5,000,000	i	FAMC	SOFR + 0.050%		2.480		03/18/20		5,000,000
	4,500,000	i	FAMC	FRED - 2.950%		2.550		05/19/20		4,500,000
	5,000,000	i	FAMC	FRED - 2.960%		2.540		08/28/20		5,000,000
	2,000,000	i	Federal Farm Credit Bank (FFCB)	EFFR - 0.000%		2.410		04/15/19		1,999,968
	5,000,000	i	FFCB	LIBOR 1 M - 0.125%		2.356		06/07/19		5,000,000
	4,750,000	i	FFCB	FRED - 3.080%		2.420		06/27/19		4,750,113
	5,000,000	i	FFCB	FRED - 3.080%		2.420		08/16/19		4,999,815
	5,000,000	i	FFCB	FRED - 3.075%		2.425		09/25/19		4,998,053
	4,000,000	i	FFCB	FRED - 3.080%		2.420		10/10/19		3,998,101
	3,000,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.475		10/18/19		3,000,000
	4,750,000	i	FFCB	FRED - 3.065%		2.435		12/26/19		4,748,595
	5,000,000	i	FFCB	LIBOR 1 M - 0.030%		2.451		01/07/20		5,000,000
	9,755,000	i	FFCB	US Treasury Bill 3 M + 0.055%		2.480		01/27/20		9,755,554
	11,500,000	i	FFCB	FRED - 2.980%		2.520		02/20/20		11,499,581
	3,000,000	i	FFCB	FRED - 2.870%		2.630		05/29/20		3,000,000
	5,000,000	i	FFCB	FRED - 2.960%		2.540		07/09/20		4,999,527
	4,500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		2.470		08/17/20		4,499,688
	5,000,000	i	FFCB	FRED - 3.020%		2.480		09/28/20		4,993,690
	5,000,000	i	FFCB	US Treasury Bill 3 M + 0.160%		2.470		01/19/21		4,999,108
	5,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.040%		2.470		05/15/19		5,000,000
	4,500,000	i	FHLB	LIBOR 1 M - 0.070%		2.422		07/12/19		4,499,988
	5,500,000	i	FHLB	SOFR + 0.060%		2.490		09/10/19		5,500,000
	4,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.025%		2.455		05/08/19		4,500,000
	7,000,000	i	FHLMC	SOFR + 0.030%		2.460		06/19/19		7,000,000
	3,000,000	i	FHLMC	LIBOR 3 M - 0.165%		2.630		07/05/19		3,000,375
	11,250,000	i	FHLMC	LIBOR 1 M - 0.100%		2.392		08/08/19		11,250,023
	5,000,000	i	FHLMC	LIBOR 3 M - 0.225%		2.414		08/27/19		5,000,000
	4,500,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.070%		2.500		10/30/19		4,500,000
	3,500,000	i	FNMA	SOFR + 0.060%		2.490		07/30/20		3,500,000
	14,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.048%		2.473		10/31/19		14,002,715
	3,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M – 0.000%		2.473		01/31/20		2,999,971
	23,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.033%		2.473		04/30/20		23,000,338
	12,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.045%		2.473		10/31/20		11,990,207
			TOTAL VARIABLE RATE SECURITIES							228,485,410

			TOTAL SHORT-TERM INVESTMENTS							1,517,508,556
			(Cost $1,517,508,556)

			TOTAL INVESTMENTS- 121.0%							1,517,508,556
			(Cost $1,517,508,556)

298

TIAA-CREF FUNDS - Money Market Fund

ISSUER	VALUE
OTHER ASSETS & LIABILITIES, NET - (21.0)%	$	(263,133,308	)
NET ASSETS - 100.0%	$	1,254,375,248



		Abbreviation(s):
EFFR		Effective Federal Funds Rate
FRED		Federal Bank Prime Loan Rate
LIBOR		London Interbank Offered Rate
M		Month
SOFR		Secure Overnight Financing Rate

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.

299

Report of Independent Registered Public Accounting Firm

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Bond Fund, TIAA-CREF Bond Index Fund, TIAA-CREF Bond Plus Fund, TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund, TIAA-CREF Green Bond Fund, TIAA-CREF High-Yield Fund, TIAA-CREF Short Duration Impact Bond Fund, TIAA-CREF Short-Term Bond Fund, TIAA-CREF Short-Term Bond Index Fund, TIAA-CREF Social Choice Bond Fund and TIAA-CREF Money Market Fund, and the portfolio of investments, of TIAA-CREF Inflation-Linked Bond Fund and TIAA-CREF Real Estate Securities Fund (thirteen of the funds constituting TIAA-CREF Funds hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of March 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

TIAA-CREF Bond Fund (1)	TIAA-CREF Inflation-Linked Bond Fund (1)
TIAA-CREF Bond Index Fund (1)	TIAA-CREF Short Duration Impact Bond Fund (2)
TIAA-CREF Bond Plus Fund (1)	TIAA-CREF Short-Term Bond Fund (1)
TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund (1)	TIAA-CREF Short-Term Bond Index Fund (1)
TIAA-CREF Green Bond Fund (2)	TIAA-CREF Social Choice Bond Fund (1)
TIAA-CREF High-Yield Fund (1)	TIAA-CREF Money Market Fund (1)
TIAA-CREF Real Estate Securities Fund (1)

300

		(1)	Statement of operations for the year ended March 31, 2019 and statement of changes in net assets for the years ended March 31, 2019 and 2018
		(2)	Statement of operations and statement of changes in net assets for the period November 16, 2018 (commencement of operations) through March 31, 2019

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 22, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

Page 2

301

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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

	TIAA-CREF FUNDS

Dated: May 22, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: May 22, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: May 22, 2019	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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