UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-09301
TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
John M. McCann, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Blvd
Charlotte, North Carolina 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: March 31
Date of reporting period: September 30, 2019
Item 1. Reports to Stockholders.
 |
TIAA-CREF Funds |
September 30, 2019 |
TIAA-CREF
Real Estate Securities Fund
The semiannual report contains the financial statements (unaudited).
| Institutional | Advisor | Premier | Retirement | Retail | ||||||
| Fund name | Class | Class | Class | Class | Class | |||||
| Real Estate Securities Fund | TIREX | TIRHX | TRRPX | TRRSX | TCREX |
Semiannual 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 | ||
| Financial statements (unaudited) | |||
| 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 | ||
| 2019 special meeting | 29 | ||
| How to reach us | Inside back cover | ||
This semiannual report contains information about the Real Estate Securities Fund and describes the Fund’s results for the six months ended September 30, 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 September 30, 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 Semiannual Report | 3 |
Real estate investment trusts (REITs) generated strong returns for the six months ended September 30, 2019, benefiting from continued U.S. economic growth and a declining interest-rate environment. After a long period of slowly tightening monetary policy, the Federal Reserve changed direction and lowered the federal funds target rate twice during the period, reducing the key short-term interest-rate measure to 1.75%–2.00%. Looking ahead, policymakers said they would “act as appropriate” to sustain economic expansion.
| • | REITs, as measured by the FTSE Nareit All Equity REITs Index, gained 9.7% for the six months. Please see page 8 for the benchmark definition. | |
| • | Most of the index’s 16 property sectors and subsectors advanced, with data centers, manufactured homes and single-family homes all rising by more than 20.0%. The worst-performing sector was regional malls. | |
| • | The TIAA-CREF Real Estate Securities Fund (Institutional Class) posted strong gains that outpaced the performance of its benchmark, mostly due to favorable security selection. |
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 six-month period, the FTSE Nareit All Equity REITs Index outpaced gains in both the U.S. fixed-income and stock markets by wide margins. REITs exceeded the 5.4% return of the broad domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index. REITs also surpassed the 5.3% gain of the broad U.S. stock market, as measured by the Russell 3000® Index.
REITs benefited from declining interest rates and the willingness of investors to seek potentially higher yields through the asset class. While REITs advanced over the first three months of the period, they posted stronger gains during the final three months as the Fed eased interest rates in July and September.
| 4 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Brad
Finkle
REITs offer diversification in shifting markets
The potential value of REITs as a part of a diversified portfolio has been clearly demonstrated of late. While the U.S. economy has been growing for a decade, the recent decline in interest rates reflects concerns about future economic prospects. In this uncertain environment, REITs were among the financial market’s best performers (though past performance is no guarantee of future results), offering a relatively stable source of income and return over the past several years.
REITs are required by law to distribute at least 90% of their taxable income to investors in the form of dividends. As such, they generate current income, which is a valuable feature when rates decline or when markets are struggling. REITs also offer the potential for capital appreciation, which appeals to many investors in a growing economy or when markets are rising. Furthermore, REITs invest in a broad array of real estate property sectors, each with their own unique characteristics and supply/demand dynamics, which also contribute to their diversification benefits. As a result, we believe a professionally managed mutual fund of REIT securities can play an integral role in helping investors diversify, particularly when employed as part of a broader portfolio containing stocks, bonds and other investments. Of course, diversification cannot guarantee against market losses.
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 Semiannual Report | 5 |
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 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the Fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2019–September 30, 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 Semiannual Report | 7 |
Important information about expenses
Expense example
Six months ended September 30, 2019
| Beginning account value |
Ending account value |
Expenses paid during period |
* | |||||||||
| Real Estate Securities Fund | (4/1/19 | ) | (9/30/19 | ) | (4/1/19–9/30/19 | ) | ||||||
| Actual return | ||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,111.22 | $ | 2.64 | ||||||
| Advisor Class | 1,000.00 | 1,110.52 | 3.32 | |||||||||
| Premier Class | 1,000.00 | 1,110.33 | 3.43 | |||||||||
| Retirement Class | 1,000.00 | 1,109.31 | 3.95 | |||||||||
| Retail Class | 1,000.00 | 1,110.01 | 4.17 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Institutional Class | 1,000.00 | 1,022.50 | 2.53 | |||||||||
| Advisor Class | 1,000.00 | 1,021.85 | 3.18 | |||||||||
| Premier Class | 1,000.00 | 1,021.75 | 3.29 | |||||||||
| Retirement Class | 1,000.00 | 1,021.25 | 3.79 | |||||||||
| Retail Class | 1,000.00 | 1,021.05 | 3.99 | |||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.50% for the Institutional Class, 0.63% for the Advisor Class, 0.65% for the Premier Class, 0.75% for the Retirement Class and 0.79% 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. |
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 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Performance for the six months ended September 30, 2019
The Real Estate Securities Fund returned 11.12% for the Institutional Class, compared with the 9.66% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the one-year period ended September 30, 2019, the Fund returned 22.62%, versus 20.70% for the index. The performance table shows returns for all share classes of the Fund.
REITs posted sizable gains amid continued U.S. growth and lower interest rates
The U.S. economy continued to grow throughout the six-month period. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. REITs, as measured by the benchmark index, produced strong gains—supported by favorable property fundamentals, a robust labor market and lower interest rates.
The Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period, reducing the key short-term interest-rate measure to 1.75%–2.00%. Slower growth internationally, ongoing trade tensions between China and the United States, and low inflationary pressures were the principle reasons cited.
For the period, the FTSE Nareit All Equity REITs Index outpaced the 5.31% return of the broad U.S. stock market, as measured by the Russell 3000® Index, and the 5.42% return of the broad domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.
Sectors posted strong results
Among the benchmark’s 16 property sectors and subsectors, most were positive for the period. The largest gains were seen in the data centers (up 23.6%), manufactured homes (up 21.9%) and single-family homes (up 20.0%) sectors. Regional malls (down 13.8%) was the worst-performing sector.
Fund produced double-digit gains, surpassed its benchmark
For the six-month period, the Fund produced sizable gains and outperformed its benchmark, mostly due to favorable security selection. Overweight positions in industrial REIT Rexford Industrial Realty and residential REITs Sun Communities and Equity LifeStyle Properties contributed most to the Fund’s relative performance, as all three produced double-digit gains.
These positive effects were partly offset by an underweight position in telecommunication services company American Tower, which benefited from strong global leasing activity. Overweight positions in specialized REIT Host Hotels & Resorts and commercial property REIT Hudson Pacific Properties also limited the Fund’s relative performance as both struggled during the period.
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 9 |
Real Estate Securities Fund
Performance as of September 30, 2019
| Real Estate Securities Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 10/1/02 | 11.12 | % | 22.62 | % | 11.85 | % | 13.87 | % | 0.51 | % | 0.51 | % | |||||||||||||
| Advisor Class | 12/4/15 | 11.05 | 22.47 | 11.77 | † | 13.83 | † | 0.64 | 0.64 | |||||||||||||||||
| Premier Class | 9/30/09 | 11.03 | 22.42 | 11.68 | 13.71 | 0.66 | 0.66 | |||||||||||||||||||
| Retirement Class | 10/1/02 | 10.93 | 22.28 | 11.57 | 13.58 | 0.76 | 0.76 | |||||||||||||||||||
| Retail Class | 10/1/02 | 11.00 | 22.25 | 11.52 | 13.53 | 0.81 | 0.81 | |||||||||||||||||||
| FTSE Nareit All Equity REITs Index | — | 9.66 | 20.70 | 11.07 | 13.59 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2020, 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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
| 10 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Real Estate Securities Fund
Portfolio composition
| Sector | % of net assets as of 9/30/2019 | |
| Specialized REITs | 28.1 | |
| Residential REITs | 21.0 | |
| Industrial REITs | 13.1 | |
| Retail REITs | 10.7 | |
| Office REITs | 8.7 | |
| Health care REITs | 7.3 | |
| Diversified REITs | 3.7 | |
| Hotel & resort REITs | 2.3 | |
| Other diversified financial services | 1.7 | |
| Mortgage REITs | 0.8 | |
| IT consulting & other services | 0.7 | |
| Internet services & infrastructure | 0.5 | |
| Short-term investments, other assets & liabilities, net | 1.4 | |
| Total | 100.0 |
Fund profile
| as of 9/30/2019 | ||
| Net assets | $2.81 billion | |
| Portfolio turnover rate* | 19% | |
| Number of holdings | 55 | |
| Weighted median market capitalization | $20.03 billion | |
| Price/earnings ratio (weighted 12-month trailing average)† | 50.3 |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| Market capitalization | % of equity investments as of 9/30/2019 | |
| More than $50 billion | 16.6 | |
| More than $15 billion–$50 billion | 43.8 | |
| More than $2 billion–$15 billion | 38.8 | |
| $2 billion or less | 0.8 | |
| Total | 100.0 |
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 11 |
Portfolio of investments (unaudited)
Real Estate Securities Fund ■ September 30, 2019
| Shares | Company | Value | |||||||
| COMMON STOCKS—98.6% | |||||||||
| DIVERSIFIED REITS—3.7% | |||||||||
| 2,000,000 | Colony Capital, Inc | $ | 12,040,000 | ||||||
| 1,000,000 | Essential Properties Realty Trust, Inc | 22,910,000 | |||||||
| 325,000 | iShares Dow Jones US Real Estate Index Fund | 30,400,500 | |||||||
| 1,000,000 | STORE Capital Corp | 37,410,000 | |||||||
| TOTAL DIVERSIFIED REITS | 102,760,500 | ||||||||
| HEALTH CARE REITS—7.3% | |||||||||
| 1,975,000 | HCP, Inc | 70,369,250 | |||||||
| 600,000 | Ventas, Inc | 43,818,000 | |||||||
| 1,000,000 | Welltower, Inc | 90,650,000 | |||||||
| TOTAL HEALTH CARE REITS | 204,837,250 | ||||||||
| HOTEL & RESORT REITS—2.3% | |||||||||
| 2,500,000 | Host Marriott Corp | 43,225,000 | |||||||
| 725,000 | Pebblebrook Hotel Trust | 20,169,500 | |||||||
| TOTAL HOTEL & RESORT REITS | 63,394,500 | ||||||||
| INDUSTRIAL REITS—13.1% | |||||||||
| 1,325,000 | Americold Realty Trust | 49,117,750 | |||||||
| 800,000 | Duke Realty Corp | 27,176,000 | |||||||
| 175,000 | EastGroup Properties, Inc | 21,878,500 | |||||||
| 1,725,000 | Prologis, Inc | 147,004,500 | |||||||
| 2,000,000 | Rexford Industrial Realty, Inc | 88,040,000 | |||||||
| 700,000 | Terreno Realty Corp | 35,763,000 | |||||||
| TOTAL INDUSTRIAL REITS | 368,979,750 | ||||||||
| INTERNET SERVICES & INFRASTRUCTURE—0.5% | |||||||||
| 350,000 | * | GDS Holdings Ltd (ADR) | 14,028,000 | ||||||
| TOTAL INTERNET SERVICES & INFRASTRUCTURE | 14,028,000 | ||||||||
| IT CONSULTING & OTHER SERVICES—0.7% | |||||||||
| 250,000 | * | InterXion Holding NV | 20,365,000 | ||||||
| TOTAL IT CONSULTING & OTHER SERVICES | 20,365,000 | ||||||||
| MORTGAGE REITS—0.8% | |||||||||
| 950,000 | Starwood Property Trust, Inc | 23,009,000 | |||||||
| TOTAL MORTGAGE REITS | 23,009,000 | ||||||||
| OFFICE REITS—8.7% | |||||||||
| 500,000 | Alexandria Real Estate Equities, Inc | 77,020,000 | |||||||
| 400,000 | Boston Properties, Inc | 51,864,000 | |||||||
| 1,375,000 | Hudson Pacific Properties | 46,007,500 | |||||||
| 400,000 | Kilroy Realty Corp | 31,156,000 | |||||||
| 450,000 | SL Green Realty Corp | 36,787,500 | |||||||
| TOTAL OFFICE REITS | 242,835,000 | ||||||||
| 12 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
| Portfolio of investments (unaudited) | continued |
| Real Estate Securities Fund ■ September 30, 2019 |
| Shares | Company | Value | |||||||
| OTHER DIVERSIFIED FINANCIAL SERVICES—1.7% | |||||||||
| 500,000 | Vanguard REIT ETF | $ | 46,625,000 | ||||||
| TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES | 46,625,000 | ||||||||
| RESIDENTIAL REITS—21.0% | |||||||||
| 975,000 | American Homes 4 Rent | 25,242,750 | |||||||
| 390,000 | AvalonBay Communities, Inc | 83,978,700 | |||||||
| 675,000 | Equity Lifestyle Properties, Inc | 90,180,000 | |||||||
| 1,025,000 | Equity Residential | 88,416,500 | |||||||
| 260,000 | Essex Property Trust, Inc | 84,929,000 | |||||||
| 2,275,000 | Invitation Homes, Inc | 67,362,750 | |||||||
| 400,000 | Mid-America Apartment Communities, Inc | 52,004,000 | |||||||
| 650,000 | Sun Communities, Inc | 96,492,500 | |||||||
| TOTAL RESIDENTIAL REITS | 588,606,200 | ||||||||
| RETAIL REITS—10.7% | |||||||||
| 400,000 | Agree Realty Corp | 29,260,000 | |||||||
| 300,000 | Federal Realty Investment Trust | 40,842,000 | |||||||
| 600,000 | Realty Income Corp | 46,008,000 | |||||||
| 875,000 | Regency Centers Corp | 60,803,750 | |||||||
| 650,000 | Simon Property Group, Inc | 101,172,500 | |||||||
| 1,050,000 | SITE Centers Corp | 15,865,500 | |||||||
| 150,000 | Taubman Centers, Inc | 6,124,500 | |||||||
| TOTAL RETAIL REITS | 300,076,250 | ||||||||
| SPECIALIZED REITS—28.1% | |||||||||
| 940,000 | American Tower Corp | 207,862,200 | |||||||
| 750,000 | Crown Castle International Corp | 104,257,500 | |||||||
| 425,000 | CyrusOne, Inc | 33,617,500 | |||||||
| 275,000 | Digital Realty Trust, Inc | 35,697,750 | |||||||
| 215,000 | Equinix, Inc | 124,012,000 | |||||||
| 425,000 | Extra Space Storage, Inc | 49,648,500 | |||||||
| 725,000 | Gaming and Leisure Properties, Inc | 27,724,000 | |||||||
| 230,000 | Public Storage, Inc | 56,412,100 | |||||||
| 475,000 | QTS Realty Trust, Inc | 24,419,750 | |||||||
| 265,000 | SBA Communications Corp | 63,904,750 | |||||||
| 1,450,000 | VICI Properties, Inc | 32,842,500 | |||||||
| 1,100,000 | Weyerhaeuser Co | 30,470,000 | |||||||
| TOTAL SPECIALIZED REITS | 790,868,550 | ||||||||
| TOTAL COMMON STOCKS (Cost $1,920,159,198) | 2,766,385,000 | ||||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 13 |
| Portfolio of investments (unaudited) | concluded |
| Real Estate Securities Fund ■ September 30, 2019 |
| Principal | Issuer | Rate | Maturity date | Value | |||||||||||
| SHORT-TERM INVESTMENTS—1.0% | |||||||||||||||
| GOVERNMENT AGENCY DEBT—0.3% | |||||||||||||||
| $ 3,490,000 | Federal Home Loan Bank (FHLB) | 1.500 | % | 10/01/19 | $ | 3,490,000 | |||||||||
| 5,380,000 | FHLB | 1.934 | 11/05/19 | 5,370,166 | |||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 8,860,166 | ||||||||||||||
| TREASURY DEBT—0.7% | |||||||||||||||
| 10,900,000 | United States Treasury Bill | 1.862 | 10/08/19 | 10,896,270 | |||||||||||
| 8,240,000 | United States Treasury Bill | 1.889 | 10/22/19 | 8,231,316 | |||||||||||
| TOTAL TREASURY DEBT | 19,127,586 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $27,986,891) | 27,987,752 | ||||||||||||||
| TOTAL INVESTMENTS—99.6% (Cost $1,948,146,089) | 2,794,372,752 | ||||||||||||||
| OTHER ASSETS & LIABILITIES, NET—0.4% | 12,024,377 | ||||||||||||||
| NET ASSETS—100.0% | $ | 2,806,397,129 | |||||||||||||
Abbreviation(s):
| ADR | American Depository Receipt | |
| ETF | Exchange Traded Fund | |
| REIT | Real Estate Investment Trust |
| * Non-income producing |
| 14 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
Statement of assets and liabilities (unaudited)
Real Estate Securities Fund ■ September 30, 2019
| ASSETS | ||||
| Portfolio investments, at value† | $ | 2,794,372,752 | ||
| Cash | 4,789 | |||
| Receivable from Fund shares sold | 2,966,259 | |||
| Dividends and interest receivable | 9,900,500 | |||
| Other | 204,931 | |||
| Total assets | 2,807,449,231 | |||
| LIABILITIES | ||||
| Management fees payable | 182,476 | |||
| Service agreement fee payable | 23,591 | |||
| Distribution fee payable | 70,903 | |||
| Due to affiliates | 30,873 | |||
| Payable for Fund shares redeemed | 477,827 | |||
| Payable for trustee compensation | 152,071 | |||
| Accrued expenses and other payables | 114,361 | |||
| Total liabilities | 1,052,102 | |||
| NET ASSETS | $ | 2,806,397,129 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in-capital | $ | 1,872,657,505 | ||
| Total distributable earnings (loss) | 933,739,624 | |||
| NET ASSETS | $ | 2,806,397,129 | ||
| INSTITUTIONAL CLASS: | ||||
| Net assets | $ | 1,907,883,674 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 102,535,639 | |||
| Net asset value per share | $ | 18.61 | ||
| ADVISOR CLASS: | ||||
| Net assets | $ | 21,551,182 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,157,691 | |||
| Net asset value per share | $ | 18.62 | ||
| PREMIER CLASS: | ||||
| Net assets | $ | 62,823,516 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 3,373,863 | |||
| Net asset value per share | $ | 18.62 | ||
| RETIREMENT CLASS: | ||||
| Net assets | $ | 503,498,806 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,947,128 | |||
| Net asset value per share | $ | 19.40 | ||
| RETAIL CLASS: | ||||
| Net assets | $ | 310,639,951 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 16,829,713 | |||
| Net asset value per share | $ | 18.46 | ||
| † Portfolio investments, cost | $ | 1,948,146,089 |
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 15 |
Statement of operations (unaudited)
Real Estate Securities Fund ■ For the period ended September 30, 2019
| INVESTMENT INCOME | ||||
| Dividends | $ | 33,110,002 | ||
| Interest | 798,647 | |||
| Payment from affiliate | 128,236 | |||
| Total income | 34,036,885 | |||
| EXPENSES | ||||
| Management fees | 5,973,127 | |||
| Shareholder servicing — Institutional Class | 3,300 | |||
| Shareholder servicing — Advisor Class | 8,064 | |||
| Shareholder servicing — Premier Class | 75 | |||
| Shareholder servicing — Retirement Class | 574,370 | |||
| Shareholder servicing — Retail Class | 59,611 | |||
| Distribution fees — Premier Class | 55,346 | |||
| Distribution fees — Retail Class | 340,184 | |||
| Administrative service fees | 55,387 | |||
| Trustee fees and expenses | 14,947 | |||
| Other expenses | 208,451 | |||
| Total expenses | 7,292,862 | |||
| Net investment income (loss) | 26,744,023 | |||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
| Net realized gain (loss) on total investments | 58,608,065 | |||
| Net change in unrealized appreciation (depreciation) on total investments | 182,574,188 | |||
| Net realized and unrealized gain (loss) on total investments | 241,182,253 | |||
| Net increase (decrease) in net assets from operations | $ | 267,926,276 |
| 16 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
Statements of changes in net assets
Real Estate Securities Fund ■ For the period or year ended
| September 30, 2019 | March 31, 2019 | ||||||||||
| (unaudited | ) | ||||||||||
| OPERATIONS | |||||||||||
| Net investment income (loss) | $ | 26,744,023 | $ | 42,793,454 | |||||||
| Net realized gain (loss) on total investments | 58,608,065 | 37,194,530 | |||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 182,574,188 | 288,809,624 | |||||||||
| Net increase (decrease) in net assets from operations | 267,926,276 | 368,797,608 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||
| Institutional Class | (13,810,133 | ) | (45,428,164 | ) | |||||||
| Advisor Class | (109,772 | ) | (71,605 | ) | |||||||
| Premier Class | (533,113 | ) | (2,130,333 | ) | |||||||
| Retirement Class | (3,040,996 | ) | (10,747,325 | ) | |||||||
| Retail Class | (1,895,659 | ) | (6,888,099 | ) | |||||||
| Total distributions | (19,389,673 | ) | (65,265,526 | ) | |||||||
| SHAREHOLDER TRANSACTIONS | |||||||||||
| Subscriptions: | Institutional Class | 257,858,388 | 235,149,394 | ||||||||
| Advisor Class | 17,650,058 | 4,227,302 | |||||||||
| Premier Class | 6,459,204 | 11,003,016 | |||||||||
| Retirement Class | 40,721,832 | 38,730,225 | |||||||||
| Retail Class | 48,919,544 | 24,347,837 | |||||||||
| Reinvestments of distributions: | Institutional Class | 13,775,242 | 45,352,947 | ||||||||
| Advisor Class | 108,109 | 68,234 | |||||||||
| Premier Class | 533,040 | 2,130,079 | |||||||||
| Retirement Class | 3,040,770 | 10,746,952 | |||||||||
| Retail Class | 1,805,474 | 6,510,153 | |||||||||
| Redemptions: | Institutional Class | (113,278,630 | ) | (202,117,221 | ) | ||||||
| Advisor Class | (2,831,276 | ) | (591,761 | ) | |||||||
| Premier Class | (28,900,953 | ) | (24,608,485 | ) | |||||||
| Retirement Class | (10,801,803 | ) | (29,768,910 | ) | |||||||
| Retail Class | (20,696,028 | ) | (33,963,216 | ) | |||||||
| Net increase (decrease) from shareholder transactions | 214,362,971 | 87,216,546 | |||||||||
| Net increase (decrease) in net assets | 462,899,574 | 390,748,628 | |||||||||
| NET ASSETS | |||||||||||
| Beginning of period | 2,343,497,555 | 1,952,748,927 | |||||||||
| End of period | $ | 2,806,397,129 | $ | 2,343,497,555 | |||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 17 |
| Statements of changes in net assets | concluded |
Real Estate Securities Fund ■ For the period or year ended
| September 30, 2019 | March 31, 2019 | |||||||||
| (unaudited | ) | |||||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 14,348,335 | 15,301,662 | |||||||
| Advisor Class | 991,686 | 267,847 | ||||||||
| Premier Class | 367,142 | 706,565 | ||||||||
| Retirement Class | 2,225,559 | 2,389,925 | ||||||||
| Retail Class | 2,775,133 | 1,593,547 | ||||||||
| Shares reinvested: | Institutional Class | 763,637 | 2,872,596 | |||||||
| Advisor Class | 5,920 | 4,286 | ||||||||
| Premier Class | 29,522 | 134,882 | ||||||||
| Retirement Class | 161,508 | 653,490 | ||||||||
| Retail Class | 100,766 | 415,946 | ||||||||
| Shares redeemed: | Institutional Class | (6,315,442 | ) | (13,120,071 | ) | |||||
| Advisor Class | (157,678 | ) | (38,661 | ) | ||||||
| Premier Class | (1,615,637 | ) | (1,657,992 | ) | ||||||
| Retirement Class | (591,227 | ) | (1,860,513 | ) | ||||||
| Retail Class | (1,188,165 | ) | (2,217,333 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 11,901,059 | 5,446,176 | ||||||||
| 18 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
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| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 19 |
Real Estate Securities Fund
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Total return | Net assets | Net | Net investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | excluding | at end of | investment | income (loss | ) | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | on total | investment | investment | realized | and | end of | Total | payment from | period (in | Gross | Net | income | excluding payments | turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | return | affiliates | u | thousands | ) | expense | expense | (loss | ) | from affiliates | u | rate | |||||||||||||||||||||||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/19 | # | $16.88 | $0.19 | $1.68 | $1.87 | $(0.14 | ) | $ — | $(0.14 | ) | $18.61 | 11.12 | %b | 11.11 | %b | $1,907,884 | 0.50 | %c | 0.50 | %c | 2.22 | %c | 2.21 | %c | 19 | %b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 14.65 | 0.33 | 2.40 | 2.73 | (0.36 | ) | (0.14 | ) | (0.50 | ) | 16.88 | 18.91 | 18.90 | 1,582,056 | 0.51 | 0.51 | 2.13 | 2.12 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 15.31 | 0.32 | 0.26 | 0.58 | (0.28 | ) | (0.96 | ) | (1.24 | ) | 14.65 | 3.45 | 3.44 | 1,298,830 | 0.51 | 0.51 | 2.08 | 2.07 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 15.44 | 0.27 | 0.15 | 0.42 | (0.32 | ) | (0.23 | ) | (0.55 | ) | 15.31 | 2.82 | 2.79 | 1,448,714 | 0.51 | 0.50 | 1.79 | 1.76 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 15.92 | 0.36 | 0.15 | 0.51 | (0.34 | ) | (0.65 | ) | (0.99 | ) | 15.44 | 3.76 | 3.76 | 1,288,020 | 0.51 | 0.47 | 2.44 | 2.44 | 33 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.20 | 0.26 | 2.97 | 3.23 | (0.25 | ) | (0.26 | ) | (0.51 | ) | 15.92 | 24.80 | 24.80 | 1,379,388 | 0.52 | 0.52 | 1.79 | 1.79 | 29 | |||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/19 | # | 16.89 | 0.18 | 1.68 | 1.86 | (0.13 | ) | — | (0.13 | ) | 18.62 | 11.05 | b | 11.05 | b | 21,551 | 0.63 | c | 0.63 | c | 2.10 | c | 2.09 | c | 19 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 14.66 | 0.18 | 2.54 | 2.72 | (0.35 | ) | (0.14 | ) | (0.49 | ) | 16.89 | 18.76 | 18.75 | 5,366 | 0.64 | 0.64 | 1.19 | 1.18 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 15.32 | 0.31 | 0.25 | 0.56 | (0.26 | ) | (0.96 | ) | (1.22 | ) | 14.66 | 3.31 | 3.30 | 1,235 | 0.65 | 0.65 | 1.98 | 1.98 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 15.44 | 0.18 | 0.24 | 0.42 | (0.31 | ) | (0.23 | ) | (0.54 | ) | 15.32 | 2.82 | 2.80 | 579 | 0.56 | 0.56 | 1.20 | 1.18 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 15.38 | 0.11 | 0.80 | 0.91 | (0.20 | ) | (0.65 | ) | (0.85 | ) | 15.44 | 6.37 | b | 6.37 | b | 107 | 0.73 | c | 0.61 | c | 2.47 | c | 2.47 | c | 33 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/19 | # | 16.89 | 0.17 | 1.69 | 1.86 | (0.13 | ) | — | (0.13 | ) | 18.62 | 11.03 | b | 11.02 | b | 62,824 | 0.65 | c | 0.65 | c | 1.98 | c | 1.97 | c | 19 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 14.66 | 0.30 | 2.41 | 2.71 | (0.34 | ) | (0.14 | ) | (0.48 | ) | 16.89 | 18.72 | 18.71 | 77,572 | 0.66 | 0.66 | 1.97 | 1.96 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 15.32 | 0.30 | 0.25 | 0.55 | (0.25 | ) | (0.96 | ) | (1.21 | ) | 14.66 | 3.28 | 3.27 | 79,281 | 0.66 | 0.66 | 1.94 | 1.94 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 15.44 | 0.25 | 0.16 | 0.41 | (0.30 | ) | (0.23 | ) | (0.53 | ) | 15.32 | 2.73 | 2.70 | 94,236 | 0.66 | 0.65 | 1.66 | 1.63 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 15.93 | 0.34 | 0.14 | 0.48 | (0.32 | ) | (0.65 | ) | (0.97 | ) | 15.44 | 3.54 | 3.54 | 85,298 | 0.66 | 0.61 | 2.31 | 2.31 | 33 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.21 | 0.25 | 2.96 | 3.21 | (0.23 | ) | (0.26 | ) | (0.49 | ) | 15.93 | 24.59 | 24.59 | 65,159 | 0.67 | 0.67 | 1.72 | 1.72 | 29 | |||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/19 | # | 17.60 | 0.18 | 1.74 | 1.92 | (0.12 | ) | — | (0.12 | ) | 19.40 | 10.93 | b | 10.92 | b | 503,499 | 0.75 | c | 0.75 | c | 1.96 | c | 1.95 | c | 19 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 15.25 | 0.30 | 2.51 | 2.81 | (0.32 | ) | (0.14 | ) | (0.46 | ) | 17.60 | 18.67 | 18.66 | 424,963 | 0.76 | 0.76 | 1.88 | 1.87 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 15.90 | 0.30 | 0.25 | 0.55 | (0.24 | ) | (0.96 | ) | (1.20 | ) | 15.25 | 3.12 | 3.11 | 350,291 | 0.76 | 0.76 | 1.85 | 1.84 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 16.00 | 0.25 | 0.16 | 0.41 | (0.28 | ) | (0.23 | ) | (0.51 | ) | 15.90 | 2.66 | 2.63 | 335,327 | 0.76 | 0.75 | 1.58 | 1.55 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 16.47 | 0.34 | 0.14 | 0.48 | (0.30 | ) | (0.65 | ) | (0.95 | ) | 16.00 | 3.42 | 3.42 | 317,204 | 0.76 | 0.72 | 2.19 | 2.19 | 33 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.64 | 0.23 | 3.07 | 3.30 | (0.21 | ) | (0.26 | ) | (0.47 | ) | 16.47 | 24.50 | 24.50 | 370,757 | 0.77 | 0.77 | 1.53 | 1.53 | 29 | |||||||||||||||||||||||||||||||||||||||||||||
| Retail Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/19 | # | 16.74 | 0.17 | 1.67 | 1.84 | (0.12 | ) | — | (0.12 | ) | 18.46 | 11.00 | b | 10.99 | b | 310,640 | 0.79 | c | 0.79 | c | 1.93 | c | 1.92 | c | 19 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 14.54 | 0.28 | 2.38 | 2.66 | (0.32 | ) | (0.14 | ) | (0.46 | ) | 16.74 | 18.50 | 18.49 | 253,540 | 0.81 | 0.81 | 1.86 | 1.85 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 15.21 | 0.28 | 0.24 | 0.52 | (0.23 | ) | (0.96 | ) | (1.19 | ) | 14.54 | 3.09 | 3.08 | 223,112 | 0.81 | 0.81 | 1.79 | 1.78 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 15.33 | 0.24 | 0.14 | 0.38 | (0.27 | ) | (0.23 | ) | (0.50 | ) | 15.21 | 2.59 | 2.56 | 225,844 | 0.82 | 0.81 | 1.55 | 1.52 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 15.82 | 0.32 | 0.14 | 0.46 | (0.30 | ) | (0.65 | ) | (0.95 | ) | 15.33 | 3.40 | 3.40 | 234,588 | 0.82 | 0.77 | 2.15 | 2.15 | 33 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 13.12 | 0.22 | 2.95 | 3.17 | (0.21 | ) | (0.26 | ) | (0.47 | ) | 15.82 | 24.41 | 24.41 | 239,535 | 0.83 | 0.83 | 1.49 | 1.49 | 29 | |||||||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| ‡ | Advisor Class commenced operations on December 4, 2015. |
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| u | Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item. |
| 20 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 21 |
Notes to financial statements (unaudited)
Real Estate Securities Fund
Note 1—organization and significant accounting policies
The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Prior to September 30, 2019, Teachers Personal Investors Services, Inc. (“TPIS”) was the distributor of each share class. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of each share class. 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
| 22 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
considered return of capital distributions or capital gain distributions. In many cases, these estimates are based on data from the prior calendar year end.
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.
Foreign taxes: The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests.
Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. Amounts
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 23 |
Notes to financial statements (unaudited)
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.
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.
New rule issuances: 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 have been implemented and did not have a material impact on the Fund’s financial statements and various filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized 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
| 24 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
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.
The following table summarizes the market value of the Fund’s investments as of September 30, 2019, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Equity investments* | $ | 2,766,385,000 | $ | — | $ | — | $ | 2,766,385,000 | ||||||||
| Short-term investments | — | 27,987,752 | — | 27,987,752 | ||||||||||||
| Total | $ | 2,766,385,000 | $ | 27,987,752 | $ | — | $ | 2,794,372,752 | ||||||||
| * For detailed categories, see the accompanying Portfolio of investments. | |
Note 3—investment adviser and affiliates
Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.35% and 0.50% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The investment management fee effective rate is 0.48% as of September 30, 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
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 25 |
Notes to financial statements (unaudited)
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 Nuveen Securities 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 Nuveen Securities 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, 2020, unless changed with approval of the Board.
Income, reflected in Payment from affiliate on the Statement of Operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly.
The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended September 30, 2019, these transactions did not materially impact the Fund.
At September 30, 2019, TIAA Access, a registered separate account of TIAA, owned 13% of the Fund’s shares.
TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Fund. As of September 30, 2019, one 529 Plan owned 11% of the Real Estate Securities Fund.
| 26 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. As of September 30, 2019, there were no affiliated investments.
Note 4—investments
Net unrealized appreciation (depreciation): At September 30, 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 |
) | ||
| $1,958,695,475 | $854,285,347 | $(18,608,070 | ) | $835,677,277 |
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 period ended September 30, 2019 were as follows:
| Non-U.S. government purchases |
Non-U.S. government sales |
||
| $759,717,006 | $475,579,003 |
Note 5—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2019 were as follows:
| Ordinary income | Long-term capital gains |
Total | |||||
| 3/31/2019 | $47,026,913 | $18,238,613 | $65,265,526 |
The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.
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
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 27 |
| Notes to financial statements (unaudited) | concluded |
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 period ended September 30, 2019, there were no inter-fund borrowing or lending transactions.
Note 7—line of credit
The Fund participates in a $1 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2019, there were no borrowings under this credit facility by the Fund.
| 28 | 2019 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
2019 special meeting (unaudited)
TIAA-CREF Funds
Trustees
On July 17, 2019, at a special meeting of TIAA-CREF Funds participants, the following persons were elected to serve on the Board of Trustees:
| Nominee | Dollars for | Percent | Dollars against | Percent | Dollars abstain | Percent | |||||||||||||||||
| Forrest Berkley | 7,019,429,645.179 | 98.738 | 29,336,564.729 | 0.413 | 60,384,844.503 | 0.849 | |||||||||||||||||
| Joseph A. Boateng | 7,017,678,997.349 | 98.713 | 30,608,382.947 | 0.431 | 60,863,674.115 | 0.856 | |||||||||||||||||
| Janice C. Eberly | 7,030,450,351.958 | 98.893 | 24,897,324.187 | 0.350 | 53,803,378.266 | 0.757 | |||||||||||||||||
| Nancy A. Eckl | 7,031,086,911.078 | 98.902 | 23,805,175.211 | 0.335 | 54,258,968.122 | 0.763 | |||||||||||||||||
| Michael A. Forrester | 7,012,679,322.201 | 98.643 | 34,732,512.165 | 0.489 | 61,739,220.046 | 0.868 | |||||||||||||||||
| Howell E. Jackson | 7,015,296,260.772 | 98.680 | 33,410,840.029 | 0.470 | 60,443,953.610 | 0.850 | |||||||||||||||||
| Thomas J. Kenny | 7,014,459,180.378 | 98.668 | 32,601,855.843 | 0.459 | 62,090,018.190 | 0.873 | |||||||||||||||||
| James M. Poterba | 7,016,956,092.704 | 98.703 | 33,014,873.896 | 0.464 | 59,180,087.811 | 0.832 | |||||||||||||||||
| Maceo K. Sloan | 7,016,148,774.432 | 98.692 | 32,646,874.224 | 0.459 | 60,355,405.754 | 0.849 | |||||||||||||||||
| Laura T. Starks | 7,032,899,556.712 | 98.927 | 24,219,056.061 | 0.341 | 52,032,441.638 | 0.732 | |||||||||||||||||
Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.
The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.
| TIAA-CREF Real Estate Securities Fund ■ 2019 Semiannual Report | 29 |
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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. 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,
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TIAA-CREF Funds |
September 30, 2019 |
TIAA-CREF
Fixed-Income Funds
The semiannual report contains the financial statements (unaudited).
| Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W | ||||||
| Bond Fund | TIBDX | TIBHX | TIDPX | TIDRX | TIORX | TBBWX | ||||||
| Bond Index Fund | TBIIX | TBIAX | TBIPX | TBIRX | TBILX | TBIWX | ||||||
| Bond Plus Fund | TIBFX | TCBHX | TBPPX | TCBRX | TCBPX | TCBWX | ||||||
| 5–15 Year Laddered Tax-Exempt Bond Fund | 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 | — |
Semiannual
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 |
| 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 |
| Financial statements (unaudited) | |
| Statements of assets and liabilities | 62 |
| Statements of operations | 66 |
| Statements of changes in net assets | 68 |
| Financial highlights | 76 |
| Notes to financial statements | 90 |
| 2019 special meeting | 100 |
| How to reach us | Inside back cover |
For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF Fixed-Income Funds listed on the cover of this report.
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended September 30, 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 September 30, 2019. | |
| • | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any 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 Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 3 |
Brad Finkle
The U.S. bond market delivered solid returns for the six-month period ended September 30, 2019. All market sectors produced gains amid continued economic growth and a reversal in U.S. monetary policy that contributed to declining bond yields (bond yields move in the opposite direction of prices). All eleven of the TIAA-CREF Fixed-Income Funds, as well as the Money Market Fund, generated positive returns for the period.
| • | The broad U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 5.4% for the six-month period. For the one-year period ended September 30, 2019, the index advanced 10.3%, exceeding its average annual performance over the past three-, five- and ten-year periods. | |
| • | Institutional Class returns for five of the eleven fixed-income funds exceeded the performances of their respective benchmarks. Please see page 8 for benchmark definitions. | |
| • | Of the six remaining fixed-income funds, two index funds trailed their benchmarks, while the Green Bond Fund slightly lagged its benchmark. The remaining three funds advanced but also underperformed their benchmarks. The Money Market Fund outperformed the iMoneyNet Money Fund AveragesTM—All Government. |
Bond markets advanced as yields declined and the economy grew
The U.S. economy continued to grow during the period, driving the unemployment rate to its lowest level in nearly 50 years. But the Federal Reserve, which had raised the federal funds target rate nine times since December 2015, reversed course and lowered the key short-term interest-rate measure to 1.75%–2.00% during the period. Policymakers cited concerns over ongoing trade tensions, slowing economies around the world and low inflation as reasons for the reversal.
Bond yields of all maturities declined over the six months. Yields on shorter-term securities were generally higher than those on longer-term bonds, creating an “inverted yield curve,” which historically has been considered an indication of a potential economic slowdown.
Fixed-income markets advanced across the board for the six months. The strong performance of the Bloomberg Barclays U.S. Aggregate Bond Index reflected impressive gains among longer-term, higher-quality securities. High-yield bonds also generated solid returns, followed by municipal bonds. Shorter-term securities produced more modest gains.
All TIAA-CREF Funds generated positive returns
All of the TIAA-CREF Fixed-Income Funds advanced for the six-month period. Performance for the Institutional Class ranged from 2.1% for the Short-Term Bond Index Fund to 5.5% for the Social Choice Bond Fund.
The Social Choice Bond Fund’s gain outpaced the performance of its benchmark, helped by holdings of corporate, municipal and government agency bonds.
The Bond Fund returned 5.5% for the period to surpass its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s overweight position in corporate bonds contributed most to its relative performance. The Bond Plus Fund and the Bond Index Fund each advanced 5.3%, modestly underperforming the same benchmark.
The Green Bond Fund’s 5.4% return slightly underperformed the Fund’s benchmark, due primarily to the effect of expenses.
| 4 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
The 5–15 Year Laddered Tax-Exempt Bond Fund returned 4.0% over the six-month period to outpace its benchmark, with overweight positions in the transportation and leasing sectors making the largest contributions.
The High-Yield Fund also gained 4.0%, but it underperformed its benchmark index for the period as certain investment decisions did not perform as anticipated.
The Short Duration Impact Bond Fund returned 2.8% to outpace its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. The Short-Term Bond Fund, which gained 2.3%, also outperformed the same benchmark. The Short-Term Bond Index Fund, which also tracks this benchmark and seeks to maintain the same characteristics as the index, slightly underperformed.
The Inflation-Linked Bond Fund modestly trailed its benchmark with a gain of 3.0% for the period, primarily due to the effect of expenses. The Money Market Fund returned 1.1%, surpassing the performance of the iMoneyNet average.
A detailed overview of the fixed-income markets during the period appears in our Market Monitor on page 6. A discussion of each fund and its relative performance begins on page 10.
Maintaining consistency in an uncertain environment
The U.S. economy’s continued expansion in 2019 has extended a remarkable decade-long stretch of uninterrupted growth, despite the increasing weight of trade tensions and indications of a slowing global economy. Nevertheless, policymakers and investors have clearly taken notice of the potential for changes in economic trends.
In our view, this is where professional investment management can be beneficial. Historically, one of the most effective, time-tested strategies for managing risk is through a diversified portfolio of assets that do not all move in sync with each other (of course, diversification does not guarantee against market loss). As such, we believe a diversified portfolio that includes professionally managed fixed-income mutual funds can be a prudent investment approach. Regardless of how the markets may fluctuate, staying focused on your long-term goals is always a wise course of action.
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 Semiannual Report | 5 |
Bond markets registered broad gains as interest rates dipped lower
Global fixed-income markets generally produced gains during the six-month period. Interest rates declined despite continued economic growth and a historically strong labor market. The U.S. economic expansion reached its tenth anniversary, while the unemployment rate fell to a level not seen in nearly 50 years. But the Federal Reserve, which had been gradually tightening monetary policy for three years, reversed course and lowered rates twice during the period. Yields on bonds declined as policymakers and investors grew more cautious about global economic factors that could potentially impede the pace of growth. Investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 5.4% during the six-month period.
High-yield debt securities continued to appeal to investors willing to take on greater risk in return for potentially higher yields. U.S. high-yield bonds, as measured by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index, returned 4.5% for the period. Municipal bonds, as represented by the Bloomberg Barclays 10-Year Municipal Bond Index, advanced 3.6%. The Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index gained 3.2%, while shorter-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index, returned 2.2%.
U.S. economy expanded, jobless rate lowest since 1969
Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, expanded at an annualized rate of 2.0% in the second quarter of 2019—a slower pace of growth than that recorded in the previous three months. The deceleration in
Bond yields fall as the yield curve inverts
U.S. Treasury yields: March 31, 2019 vs. September 30, 2019
Source: U.S. Department of the Treasury
real GDP reflected downturns in private inventory investment, exports and nonresidential fixed investment. The U.S. unemployment rate declined from 3.6% in April to 3.5% in September. The economy added 136,000 jobs in September, showing continued steady employment growth.
Core inflation, which includes all items except food and energy, increased to an annualized rate of 2.4% in September. The price of West Texas Intermediate crude oil declined during the period, falling from nearly $62 per barrel on April 1, 2019, to $54 per barrel on September 30, 2019.
The broad U.S. stock market, as measured by the Russell 3000® Index, gained 5.3% for the period. Yields on U.S. Treasury bonds of all maturities declined during the period, boosting fixed-income returns (bond yields move in the opposite direction of prices). At times during the period, yields on shorter-term Treasuries exceeded those on longer-term bonds, creating an “inverted yield curve” that some consider a signal of a potential economic slowdown.
Fed lowered rates in July and September
The Fed lowered the federal funds target rate twice during the period—in July and September—reducing the key short-term interest-rate measure to 1.75%–2.00%. Previously, the Fed had increased the federal funds target rate nine times since December 2015 in response to a growing economy. Policymakers said they reversed course due to “uncertainty about the economic outlook” created by slowing global economic growth, ongoing trade tensions between China and the United States and low inflationary pressures.
In September, the European Central Bank lowered the interest rates on deposits it offers to banks to –0.50%—its first interest-rate cut since 2016. The ECB also announced plans to start buying more than $20 billion of bonds on a monthly basis, beginning in November 2019. The Bank of England left its benchmark rate unchanged but repeated warnings that uncertainty over Great Britain’s exit from the European Union could hurt economic growth.
| 6 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
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 Semiannual Report | 7 |
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 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2019–September 30, 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.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the share class’ actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 9 |
Expense example
Six months ended September 30, 2019
| Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | |||
| Actual return | ||||||
| Institutional Class | $1,000.00 | $1,054.73 | $1.54 | |||
| Advisor Class | 1,000.00 | 1,052.98 | 2.26 | |||
| Premier Class | 1,000.00 | 1,052.92 | 2.31 | |||
| Retirement Class | 1,000.00 | 1,052.69 | 2.82 | |||
| Retail Class | 1,000.00 | 1,052.54 | 3.03 | |||
| Class W | 1,000.00 | 1,056.29 | 0.00 | |||
| 5% annual hypothetical return | ||||||
| Institutional Class | 1,000.00 | 1,023.50 | 1.52 | |||
| Advisor Class | 1,000.00 | 1,022.80 | 2.23 | |||
| Premier Class | 1,000.00 | 1,022.75 | 2.28 | |||
| Retirement Class | 1,000.00 | 1,022.25 | 2.78 | |||
| Retail Class | 1,000.00 | 1,022.05 | 2.98 | |||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 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, 0.55% for the Retirement Class, 0.59% 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 9/30/2019 | |
| Corporate bonds | 28.0 | |
| Mortgage-backed securities | 23.1 | |
| U.S. Treasury securities | 14.6 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 10.3 | |
| Commercial mortgage-backed securities | 7.5 | |
| Asset-backed securities | 6.7 | |
| Municipal bonds | 5.2 | |
| Bank loan obligations | 1.0 | |
| U.S. agency securities | 0.5 | |
| Short-term investments, other assets & liabilities, net | 3.1 | |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The Bond Fund returned 5.47% for the Institutional Class, compared with the 5.42% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2019, the Fund returned 10.34%, versus 10.30% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best, followed by gains in high-yield and municipal bonds.
Corporate bonds and U.S. Treasuries drove the benchmark’s performance
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the six months. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 7.7%. Corporates continued to benefit from economic growth in the United States, as well as solid earnings and a higher risk appetite (in exchange for higher yields) among investors. U.S. Treasuries, the benchmark’s largest sector at 39.4%, returned 5.5%. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.9%, gained 3.4%. Smaller sectors, including municipals, government credit securities and commercial mortgage-backed securities also delivered strong gains, returning 13.7%, 6.2% and 5.2%, respectively.
Fund modestly outperformed its benchmark
The Fund slightly outperformed its benchmark during the six-month period. Positive security selection and an overweight position in corporate bonds made the largest contribution to the Fund’s relative performance. The Fund’s underweight to MBS, which lagged other sectors, was also beneficial.
By contrast, the Fund’s underweight to U.S. Treasuries hurt as the sector rallied substantially amid falling interest rates. The Fund’s allocation to asset-backed securities also hurt because this sector, while showing a positive return, underperformed for the period.
| 10 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Bond Fund | Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
| Institutional Class | 7/1/99 | 5.47 | % | 10.34 | % | 3.89 | % | 4.36 | % | 0.30 | % | 0.30 | % | ||||||||
| Advisor Class | 12/4/15 | 5.30 | 10.07 | 3.82 | † | 4.33 | † | 0.44 | 0.44 | ||||||||||||
| Premier Class | 9/30/09 | 5.29 | 10.17 | 3.71 | 4.20 | 0.45 | 0.45 | ||||||||||||||
| Retirement Class | 3/31/06 | 5.27 | 10.04 | 3.61 | 4.09 | 0.55 | 0.55 | ||||||||||||||
| Retail Class | 3/31/06 | 5.25 | 10.00 | 3.56 | 4.06 | 0.60 | 0.60 | ||||||||||||||
| Class W | 9/28/18 | 5.63 | 10.67 | 3.95 | † | 4.39 | † | 0.30 | 0.00 | ||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 5.42 | 10.30 | 3.38 | 3.75 | — | — | ||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 3.5 | |
| 1–3 years | 20.0 | |
| 3–5 years | 19.5 | |
| 5–10 years | 40.7 | |
| Over 10 years | 16.3 | |
| Total | 100.0 | |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| U.S. Treasury & U.S. agency securities* | 37.0 | |
| Aaa/AAA | 8.9 | |
| Aa/AA | 8.6 | |
| A/A | 15.0 | |
| Baa/BBB | 24.6 | |
| Ba/BB | 2.5 | |
| B/B | 1.7 | |
| Below B/B | 0.3 | |
| Non-rated | 1.4 | |
| Total | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $6.99 billion | |
| Portfolio turnover rate* | 68% | |
| Portfolio turnover rate, excluding mortgage dollar-roll transactions* | 62% | |
| Number of issues | 1,637 | |
| Option-adjusted duration‡ | 5.61 years | |
| Average maturity§ | 7.79 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 11 |
Expense example
Six months ended September 30, 2019
| Bond Index Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | |||
| Actual return | ||||||
| Institutional Class | $1,000.00 | $1,053.09 | $0.62 | |||
| Advisor Class | 1,000.00 | 1,052.57 | 1.13 | |||
| Premier Class | 1,000.00 | 1,052.31 | 1.39 | |||
| Retirement Class | 1,000.00 | 1,051.75 | 1.90 | |||
| Retail Class | 1,000.00 | 1,051.44 | 2.21 | |||
| Class W | 1,000.00 | 1,053.70 | 0.00 | |||
| 5% annual hypothetical return | ||||||
| Institutional Class | 1,000.00 | 1,024.40 | 0.61 | |||
| Advisor Class | 1,000.00 | 1,023.90 | 1.11 | |||
| Premier Class | 1,000.00 | 1,023.65 | 1.37 | |||
| Retirement Class | 1,000.00 | 1,023.15 | 1.87 | |||
| Retail Class | 1,000.00 | 1,022.85 | 2.17 | |||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.12% for the Institutional Class, 0.22% for the Advisor Class, 0.27% for the Premier Class, 0.37% for the Retirement Class, 0.43% 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 9/30/2019 | |
| U.S. Treasury securities | 39.8 | |
| Mortgage-backed securities | 26.3 | |
| Corporate bonds | 20.8 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 8.3 | |
| Commercial mortgage-backed securities | 1.6 | |
| U.S. agency securities | 1.2 | |
| Asset-backed securities | 0.8 | |
| Municipal bonds | 0.7 | |
| Short-term investments, other assets & liabilities, net | 0.5 | |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The Bond Index Fund returned 5.31% for the Institutional Class, compared with the 5.42% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2019, the Fund returned 10.19%, versus 10.30% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best, followed by gains in high-yield and municipal bonds.
Corporate bonds and U.S. Treasuries drove the benchmark’s performance
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the six months. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 7.7%. Corporates continued to benefit from economic growth in the United States, as well as solid earnings and a higher risk appetite (in exchange for higher yields) among investors. U.S. Treasuries, the benchmark’s largest sector at 39.4%, returned 5.5%. Mortgage-backed securities, the second-largest sector in the index with a weighting of 26.9%, gained 3.4%. Smaller sectors, including municipals, government credit securities and commercial mortgage-backed securities also delivered strong gains, returning 13.7%, 6.2% and 5.2%, respectively.
Fund trailed its benchmark
The Fund underperformed its benchmark during the six-month period. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund seeks to maintain the overall characteristics of its benchmark. The Fund’s managers invest in the same sectors that are included in the benchmark and closely match the benchmark’s weightings and maturities. During the period, this portfolio had sector returns that were similar 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 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Bond Index Fund | Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
| Institutional Class | 9/14/09 | 5.31 | % | 10.19 | % | 3.25 | % | 3.58 | % | 0.11 | % | 0.11 | % | ||||||||
| Advisor Class | 12/4/15 | 5.26 | 10.08 | 3.18 | † | 3.54 | † | 0.22 | 0.22 | ||||||||||||
| Premier Class | 9/30/09 | 5.23 | 10.13 | 3.10 | 3.42 | 0.26 | 0.26 | ||||||||||||||
| Retirement Class | 9/14/09 | 5.18 | 10.01 | 3.01 | 3.33 | 0.36 | 0.36 | ||||||||||||||
| Retail Class | 9/14/09 | 5.14 | 9.94 | 2.91 | 3.24 | 0.44 | 0.44 | ||||||||||||||
| Class W | 9/28/18 | 5.37 | 10.31 | 3.27 | † | 3.59 | † | 0.11 | 0.00 | ||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 5.42 | 10.30 | 3.38 | 3.75 | — | — | ||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 1.9 | |
| 1–3 years | 22.5 | |
| 3–5 years | 32.2 | |
| 5–10 years | 25.9 | |
| Over 10 years | 17.5 | |
| Total | 100.0 | |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| U.S. Treasury & U.S. agency securities* | 67.3 | |
| Aaa/AAA | 4.5 | |
| Aa/AA | 3.5 | |
| A/A | 11.0 | |
| Baa/BBB | 13.6 | |
| Non-rated | 0.1 | |
| Total | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $16.50 billion | |
| Portfolio turnover rate* | 8% | |
| Number of issues | 7,155 | |
| Option-adjusted duration‡ | 5.72 years | |
| Average maturity§ | 7.89 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 13 |
Expense example
Six months ended September 30, 2019
| Bond Plus Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | |||
| Actual return | ||||||
| Institutional Class | $1,000.00 | $1,053.03 | $1.54 | |||
| Advisor Class | 1,000.00 | 1,051.67 | 1.95 | |||
| Premier Class | 1,000.00 | 1,051.27 | 2.31 | |||
| Retirement Class | 1,000.00 | 1,050.68 | 2.82 | |||
| Retail Class | 1,000.00 | 1,050.34 | 3.13 | |||
| Class W | 1,000.00 | 1,053.60 | 0.00 | |||
| 5% annual hypothetical return | ||||||
| Institutional Class | 1,000.00 | 1,023.50 | 1.52 | |||
| Advisor Class | 1,000.00 | 1,023.10 | 1.92 | |||
| Premier Class | 1,000.00 | 1,022.75 | 2.28 | |||
| Retirement Class | 1,000.00 | 1,022.25 | 2.78 | |||
| Retail Class | 1,000.00 | 1,021.95 | 3.08 | |||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 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, 0.45% for the Premier Class, 0.55% for the Retirement Class, 0.61% 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 9/30/2019 | |
| Mortgage-backed securities | 25.7 | |
| Corporate bonds | 24.7 | |
| U.S. Treasury securities | 14.1 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 13.0 | |
| Commercial mortgage-backed securities | 7.1 | |
| Asset-backed securities | 6.9 | |
| Municipal bonds | 4.2 | |
| Bank loan obligations | 1.8 | |
| Short-term investments, other assets & liabilities, net | 2.5 | |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The Bond Plus Fund returned 5.30% for the Institutional Class, compared with the 5.42% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2019, the Fund returned 10.11%, versus 10.30% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best, followed by gains in high-yield and municipal bonds.
Corporate bonds and U.S. Treasuries drove the benchmark’s performance
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the six months. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 7.7%. Corporates continued to benefit from economic growth in the United States, as well as solid earnings and a higher risk appetite (in exchange for higher yields) among investors. U.S. Treasuries, the benchmark’s largest sector at 39.4%, returned 5.5%. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.9%, gained 3.4%. Smaller sectors, including municipals, government credit securities and commercial mortgage-backed securities also delivered strong gains, returning 13.7%, 6.2% and 5.2%, respectively.
Fund trailed its benchmark
The Fund lagged its benchmark during the six-month period. The primary reason was the Fund’s underweight position in the U.S. Treasury sector, which rallied substantially amid falling interest rates. The Fund’s allocation to asset-backed securities also hurt because this sector, while showing a positive return, underperformed for the period.
By contrast, an overweight position in the strong-performing corporate sector—as well as security selection within this category—contributed positively to the Fund’s relative performance. The Fund’s slight underweight to the underperforming MBS sector was also beneficial.
| 14 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Bond Plus Fund | Total return | Average
annual total return | Annual
operating expenses* | ||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
| Institutional Class | 3/31/06 | 5.30 | % | 10.11 | % | 3.98 | % | 4.85 | % | 0.30 | % | 0.30 | % | ||||||||
| Advisor Class | 12/4/15 | 5.17 | 9.94 | 3.93 | † | 4.82 | † | 0.35 | 0.35 | ||||||||||||
| Premier Class | 9/30/09 | 5.13 | 9.85 | 3.81 | 4.68 | 0.45 | 0.45 | ||||||||||||||
| Retirement Class | 3/31/06 | 5.07 | 9.83 | 3.72 | 4.59 | 0.55 | 0.55 | ||||||||||||||
| Retail Class | 3/31/06 | 5.03 | 9.77 | 3.65 | 4.54 | 0.62 | 0.62 | ||||||||||||||
| Class W | 9/28/18 | 5.36 | 10.44 | 4.04 | † | 4.88 | † | 0.31 | 0.00 | ||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 5.42 | 10.30 | 3.38 | 3.75 | — | — | ||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 7.4 | |
| 1–3 years | 14.7 | |
| 3–5 years | 21.7 | |
| 5–10 years | 40.0 | |
| Over 10 years | 16.2 | |
| Total | 100.0 | |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| U.S. Treasury & U.S. agency securities* | 38.5 | |
| Aaa/AAA | 6.6 | |
| Aa/AA | 5.9 | |
| A/A | 13.8 | |
| Baa/BBB | 21.7 | |
| Ba/BB | 5.7 | |
| B/B | 4.1 | |
| Below B/B | 0.9 | |
| Non-rated | 2.8 | |
| Total | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $4.81 billion | |
| Portfolio turnover rate* | 47% | |
| Portfolio turnover rate, excluding mortgage dollar-roll transactions* | 41% | |
| Number of issues | 1,614 | |
| Option-adjusted duration‡ | 5.41 years | |
| Average maturity§ | 7.75 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 15 |
5–15 Year Laddered Tax-Exempt Bond Fund
Expense example
Six months ended September 30, 2019
| 5–15
Year Laddered Tax-Exempt Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,039.51 | $1.53 | ||||||||
| Advisor Class | 1,000.00 | 1,039.18 | 1.89 | ||||||||
| Retail Class | 1,000.00 | 1,038.06 | 2.96 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.50 | 1.52 | ||||||||
| Advisor Class | 1,000.00 | 1,023.15 | 1.87 | ||||||||
| Retail Class | 1,000.00 | 1,022.10 | 2.93 | ||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.37% 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 9/30/2019 | |
| Municipal bonds | 94.4 | |
| Short-term investments, other assets & liabilities, net | 5.6 | |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The 5–15 Year Laddered Tax-Exempt Bond Fund returned 3.95% for the Institutional Class, compared with the 3.60% return of its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2019, the Fund returned 9.08%, versus 9.09% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best, followed by gains in high-yield and municipal bonds.
All benchmark sectors advanced
All of the sectors in the Bloomberg Barclays 10-Year Municipal Bond Index generated gains for the six-month period. Among the best performers, the industrial revenue and leasing sectors each advanced 4.2%. State municipals, the benchmark’s largest sector by market capitalization at period-end, returned 3.7%. The index’s next two largest sectors—transportation and local municipals—both posted gains of 3.6%. The housing sector produced the weakest results with a gain of 3.2%.
On September 30, 2019, higher-rated 10-year AAA municipal bonds yielded 1.47%, compared with a 1.68% yield on the 10-year U.S. Treasury bond. New municipal issuance during the six-month period was $192 billion, up from $150 billion for the prior period, from October 1, 2018, through March 31, 2019.
Fund’s solid gain outpaced benchmark results
For the six-month period, the Fund outperformed its benchmark, primarily due to security selection in the local, special tax and transportation sectors. The Fund’s relative performance also benefited from yield curve positioning in the transportation, leasing and health care sectors.
By contrast, the Fund’s yield curve positioning in the state securities sector (in which the Fund was underweighted) detracted most from relative performance, followed by positions in the water and sewer and special tax sectors.
| 16 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| 5–15 Year Laddered Tax- Exempt Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||||
| Institutional Class | 3/31/06 | 3.95 | % | 9.08 | % | 3.33 | % | 3.70 | % | 0.33 | % | 0.30 | % | |||||||||||||||
| Advisor Class | 12/4/15 | 3.92 | 9.00 | 3.30 | † | 3.68 | † | 0.43 | 0.41 | |||||||||||||||||||
| Retail Class | 3/31/06 | 3.81 | 8.77 | 3.05 | 3.43 | 0.61 | 0.59 | |||||||||||||||||||||
| Bloomberg Barclays 10-Year Municipal Bond Index | — | 3.60 | 9.09 | 3.80 | 4.42 | — | — | |||||||||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |||
| Less than 1 year | 1.2 | ||
| 1–3 years | 2.9 | ||
| 3–5 years | 6.5 | ||
| 5–10 years | 46.0 | ||
| Over 10 years | 43.4 | ||
| Total | 100.0 | ||
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |||
| Aaa/AAA | 0.2 | ||
| Aa/AA | 17.9 | ||
| A/A | 48.7 | ||
| Baa/BBB | 18.9 | ||
| Ba/BB | 4.1 | ||
| B/B | 0.4 | ||
| Non-rated | 9.8 | ||
| Total | 100.0 | ||
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | |||
| Net assets | $281.82 million | ||
| Portfolio turnover rate* | 9% | ||
| Number of issues | 240 | ||
| Option-adjusted duration‡ | 5.23 years | ||
| Average maturity§ | 9.58 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 17 |
Expense example
Six months ended September 30, 2019
| Green Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,053.88 | $2.31 | ||||||||
| Advisor Class | 1,000.00 | 1,053.86 | 2.31 | ||||||||
| Premier Class | 1,000.00 | 1,053.10 | 3.08 | ||||||||
| Retirement Class | 1,000.00 | 1,053.01 | 3.18 | ||||||||
| Retail Class | 1,000.00 | 1,052.70 | 3.54 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,022.75 | 2.28 | ||||||||
| Advisor Class | 1,000.00 | 1,022.75 | 2.28 | ||||||||
| Premier Class | 1,000.00 | 1,022.00 | 3.03 | ||||||||
| Retirement Class | 1,000.00 | 1,021.90 | 3.13 | ||||||||
| Retail Class | 1,000.00 | 1,021.55 | 3.49 | ||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.45% for the Institutional Class, 0.45% for the Advisor Class, 0.60% for the Premier Class, 0.62% for the Retirement Class and 0.69% 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 9/30/2019 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 33.9 | |
| Corporate bonds | 29.0 | |
| Commercial mortgage-backed securities | 12.5 | |
| Municipal bonds | 7.0 | |
| Asset-backed securities | 6.9 | |
| U.S. agency securities | 4.5 | |
| Bank loan obligations | 3.6 | |
| Preferred stock | 0.8 | |
| Short-term investments, other assets & liabilities, net | 1.8 | |
| Total | 100.0 | |
Performance for the six months ended September 30, 2019
The Green Bond Fund returned 5.39% for the Institutional Class, compared with the 5.43% return of its benchmark, the Bloomberg Barclays MSCI U.S. Green Bond Index. Since the Fund’s inception on November 16, 2018, the Fund returned 10.36%, versus 11.32% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays MSCI U.S. Green Bond Index modestly outpaced the 5.42% return of the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market. High-yield and municipal bonds also posted gains.
Corporate bonds drove the benchmark’s performance
All of the sectors in the Bloomberg Barclays MSCI U.S. Green Bond Index posted positive returns for the six months. Corporate bonds, the largest sector making up almost one-half of the index at period-end, returned 6.5%. 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. Government credit securities, the second-largest sector in the index with a weighting of 32.7%, gained 4.8%. Government agency bonds, the benchmark’s third-largest sector at 17.8%, advanced 3.9%. Commercial mortgage-backed securities (CMBS), a smaller sector, delivered a strong gain of 6.6%.
Fund posted solid returns but trailed its benchmark
The Fund slightly underperformed its benchmark for the six-month period, primarily due to the effect of expenses. Fund positions in the government credit sector detracted most, followed by holdings in government agency bonds. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—limited its relative performance.
On the positive side, an overweight position in corporate bonds and security selection in CMBS contributed most to the Fund’s relative performance. Fund holdings in asset-backed securities were also beneficial, as was an out-of-benchmark position in the municipals sector.
| 18 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Green Bond Fund | Total return | Annual operating expenses* | ||||||||||||||||||
| Inception date | 6 months | since inception | gross | net | ||||||||||||||||
| Institutional Class | 11/16/18 | 5.39 | % | 10.36 | % | 1.05 | % | 0.45 | % | |||||||||||
| Advisor Class | 11/16/18 | 5.39 | 10.29 | 1.15 | 0.53 | |||||||||||||||
| Premier Class | 11/16/18 | 5.31 | 10.21 | 1.19 | 0.60 | |||||||||||||||
| Retirement Class | 11/16/18 | 5.30 | 10.20 | 1.30 | 0.70 | |||||||||||||||
| Retail Class | 11/16/18 | 5.27 | 10.13 | 1.53 | 0.80 | |||||||||||||||
| Bloomberg Barclays MSCI U.S. Green Bond Index | — | 5.43 | 11.32 | ‡ | — | — | ||||||||||||||
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 and 30-day SEC yield 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, 2020, 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |||
| Less than 1 year | 9.2 | ||
| 1–3 years | 8.9 | ||
| 3–5 years | 23.4 | ||
| 5–10 years | 36.3 | ||
| Over 10 years | 22.2 | ||
| Total | 100.0 | ||
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |||
| U.S. Treasury & U.S. agency securities* | 4.6 | ||
| Aaa/AAA | 19.6 | ||
| Aa/AA | 15.3 | ||
| A/A | 24.6 | ||
| Baa/BBB | 14.4 | ||
| Ba/BB | 8.8 | ||
| B/B | 1.5 | ||
| Below B/B | 1.4 | ||
| Non-rated | 9.8 | ||
| Total | 100.0 | ||
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | |||
| Net assets | $30.75 million | ||
| Portfolio turnover rate* | 17% | ||
| Number of issues | 75 | ||
| Option-adjusted duration‡ | 5.81 years | ||
| Average maturity§ | 8.70 years | ||
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 19 |
Expense example
Six months ended September 30, 2019
| High-Yield Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,039.69 | $1.78 | ||||||||
| Advisor Class | 1,000.00 | 1,040.13 | 2.40 | ||||||||
| Premier Class | 1,000.00 | 1,039.96 | 2.55 | ||||||||
| Retirement Class | 1,000.00 | 1,039.45 | 3.06 | ||||||||
| Retail Class | 1,000.00 | 1,039.26 | 3.21 | ||||||||
| Class W | 1,000.00 | 1,041.50 | 0.00 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.25 | 1.77 | ||||||||
| Advisor Class | 1,000.00 | 1,022.65 | 2.38 | ||||||||
| Premier Class | 1,000.00 | 1,022.50 | 2.53 | ||||||||
| Retirement Class | 1,000.00 | 1,022.00 | 3.03 | ||||||||
| Retail Class | 1,000.00 | 1,021.85 | 3.18 | ||||||||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.35% for the Institutional Class, 0.47% for the Advisor Class, 0.50% for the Premier Class, 0.60% 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 9/30/2019 | |
| Corporate bonds | 75.4 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 10.9 | |
| Bank loan obligations | 6.2 | |
| Common stocks & rights | 0.9 | |
| Short-term investments, other assets & liabilities, net | 6.6 | |
| Total | 100.0 | |
Performance for the six months ended September 30, 2019
The High-Yield Fund returned 3.97% for the Institutional Class, compared with the 4.53% return of its benchmark, the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2019, the Fund returned 6.58%, versus 7.87% for the index. The performance table shows returns for all share classes of the Fund.
High-yield bonds posted gains amid economic growth and declining oil prices
The U.S. economy continued to grow throughout the six-month period. In September, employers added 136,000 nonfarm jobs, while unemployment declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months. The movement of oil prices can be influential due to the large representation of energy companies in the high-yield sector.
The Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period, reducing the key short-term interest-rate measure to 1.75%–2.00%. Slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures were the principle reasons cited.
For the six-month period, high-yield bonds trailed the 5.42% 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
For the six months, most high-yield bond sectors advanced. Property & casualty insurance, one of the benchmark’s smallest sectors on September 30, 2019, was the best performer, gaining 19.1%. Oil field equipment & services was the worst performer, returning –8.0%.
With respect to credit quality, high-yield bonds had mixed performance, with higher-rated tiers surpassing those with lower ratings at period-end. Bonds rated “BB” and “B” gained 5.3% and 3.4%, respectively. Lower-quality bonds (those rated “CCC” and below) suffered a loss at –1.9%. New high-yield debt issuance totaled more than $131 billion for the six months, up substantially from the nearly $91 billion for the same period in 2018, as volumes were particularly sizable in June and September. The U.S. issuer-weighted speculative grade default rate declined to 3.2% on September 30, 2019, from 3.3% (revised from 3.1%) a year earlier, according to Moody’s Investors Service.
Fund produced gains but trailed its benchmark
For the six-month period, the Fund rose but trailed its benchmark as certain investment decisions did not perform as anticipated. Holdings in the energy sector detracted most from the Fund’s relative performance as oil & gas producers struggled amid declining oil prices. Overweight positions in natural gas distributor Antero Midstream, Chesapeake Energy and Southwestern Energy also hurt relative returns.
These negative effects were partly offset by an overweight position in PetSmart as the retail pet supply chain produced sizable gains for the period. Overweight positions in cable television provider DISH, office space provider WeWork and telecommunication services provider Vodafone Group also benefited the Fund’s relative performance.
| 20 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| High-Yield Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||||
| Institutional Class | 3/31/06 | 3.97 | % | 6.58 | % | 5.20 | % | 7.41 | % | 0.36 | % | 0.36 | % | |||||||||||||||
| Advisor Class | 12/4/15 | 4.01 | 6.57 | 5.12 | † | 7.37 | † | 0.47 | 0.47 | |||||||||||||||||||
| Premier Class | 9/30/09 | 4.00 | 6.53 | 5.07 | 7.27 | 0.51 | 0.51 | |||||||||||||||||||||
| Retirement Class | 3/31/06 | 3.95 | 6.42 | 4.94 | 7.16 | 0.61 | 0.61 | |||||||||||||||||||||
| Retail Class | 3/31/06 | 3.93 | 6.39 | 4.92 | 7.14 | 0.63 | 0.63 | |||||||||||||||||||||
| Class W | 9/28/18 | 4.15 | 6.95 | 5.27 | † | 7.45 | † | 0.36 | 0.00 | |||||||||||||||||||
| ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index | — | 4.53 | 7.87 | 5.49 | 7.62 | — | — | |||||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield 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, 2020, 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 the 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. |
| Holdings by maturity | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 1.0 | |
| 1–3 years | 6.6 | |
| 3–5 years | 22.6 | |
| 5–10 years | 64.5 | |
| Over 10 years | 5.3 | |
| Total | 100.0 | |
| Holdings by credit quality | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Baa/BBB | 0.5 | |
| Ba/BB | 44.0 | |
| B/B | 48.6 | |
| Below B/B | 5.7 | |
| Non-rated | 1.2 | |
| Total | 100.0 | |
Credit quality ratings are based on the ICE BofA Merrill Lynch Index composite ratings methodology, which is a simple average of ratings from Moody’s, Standard & Poor’s and Fitch. If only two of the designated agencies rate a bond, the composite rating is based on an average of the two. Likewise, if only one of the designated agencies rates a bond, the composite rating is based on that one rating.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $3.81 billion | |
| Portfolio turnover rate* | 17% | |
| Number of issues | 432 | |
| Option-adjusted duration‡ | 2.97 years | |
| Average maturity§ | 6.39 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 21 |
Expense example
Six months ended September 30, 2019
| Inflation-Linked Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,030.31 | $1.22 | ||||||||
| Advisor Class | 1,000.00 | 1,029.99 | 1.67 | ||||||||
| Premier Class | 1,000.00 | 1,030.05 | 1.98 | ||||||||
| Retirement Class | 1,000.00 | 1,029.02 | 2.49 | ||||||||
| Retail Class | 1,000.00 | 1,028.73 | 2.79 | ||||||||
| Class W | 1,000.00 | 1,032.15 | 0.00 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.80 | 1.21 | ||||||||
| Advisor Class | 1,000.00 | 1,023.35 | 1.67 | ||||||||
| Premier Class | 1,000.00 | 1,023.05 | 1.97 | ||||||||
| Retirement Class | 1,000.00 | 1,022.55 | 2.48 | ||||||||
| Retail Class | 1,000.00 | 1,022.25 | 2.78 | ||||||||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.24% for the Institutional Class, 0.33% for the Advisor Class, 0.39% for the Premier Class, 0.49% for the Retirement Class, 0.55% 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 9/30/2019 | |
| U.S. Treasury securities | 97.2 | |
| U.S. agency securities | 1.2 | |
| Mortgage-backed securities | 0.8 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 0.1 | |
| Short-term investments, other assets & liabilities, net | 0.7 | |
| Total | 100.0 | |
Performance for the six months ended September 30, 2019
The Inflation-Linked Bond Fund returned 3.03% for the Institutional Class, compared with the 3.15% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. For the one-year period ended September 30, 2019, the Fund returned 5.60%, versus 5.75% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best at 5.42%, followed by gains in high-yield and municipal bonds.
Inflation-protected bonds, as measured by the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, advanced for the period but trailed the gains of the Bloomberg Barclays U.S. Aggregate Bond Index.
Fund posted solid returns but underperformed its benchmark
While the Fund posted gains during the six-month period, its return trailed that of its benchmark, primarily due to the effect of expenses. The Fund’s holdings of TIPS also modestly underperformed, detracting slightly from the Fund’s relative performance. On the positive side, the Fund’s out-of-benchmark positions in mortgage-backed securities and government agency bonds boosted its performance versus the index.
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 to remain in line with those of its benchmark.
| 22 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Inflation-Linked Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||||
| Institutional Class | 10/1/02 | 3.03 | % | 5.60 | % | 1.75 | % | 3.00 | % | 0.26 | % | 0.26 | % | |||||||||||||||
| Advisor Class | 12/4/15 | 3.00 | 5.53 | 1.69 | † | 2.97 | † | 0.36 | 0.36 | |||||||||||||||||||
| Premier Class | 9/30/09 | 3.01 | 5.45 | 1.60 | 2.84 | 0.41 | 0.41 | |||||||||||||||||||||
| Retirement Class | 3/31/06 | 2.90 | 5.29 | 1.47 | 2.74 | 0.51 | 0.51 | |||||||||||||||||||||
| Retail Class | 10/1/02 | 2.87 | 5.23 | 1.42 | 2.70 | 0.58 | 0.58 | |||||||||||||||||||||
| Class W | 9/28/18 | 3.22 | 5.86 | 1.80 | † | 3.03 | † | 0.26 | 0.00 | |||||||||||||||||||
| Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index | — | 3.15 | 5.75 | 1.95 | 2.69 | — | — | |||||||||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the 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. |
| Holdings by maturity | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 0.2 | |
| 1–3 years | 25.6 | |
| 3–5 years | 22.2 | |
| 5–10 years | 51.4 | |
| Over 10 years | 0.6 | |
| Total | 100.0 | |
| Holdings by credit quality | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| 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. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $3.51 billion | |
| Portfolio turnover rate* | 14% | |
| Number of issues | 46 | |
| Option-adjusted duration‡ | 5.06 years | |
| Average maturity§ | 5.34 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 23 |
Short Duration Impact Bond Fund
Expense example
Six months ended September 30, 2019
| Short Duration Impact Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,027.87 | $1.77 | ||||||||
| Advisor Class | 1,000.00 | 1,027.85 | 1.77 | ||||||||
| Premier Class | 1,000.00 | 1,027.10 | 2.53 | ||||||||
| Retirement Class | 1,000.00 | 1,026.62 | 3.04 | ||||||||
| Retail Class | 1,000.00 | 1,026.92 | 2.69 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.25 | 1.77 | ||||||||
| Advisor Class | 1,000.00 | 1,023.25 | 1.77 | ||||||||
| Premier Class | 1,000.00 | 1,022.50 | 2.53 | ||||||||
| Retirement Class | 1,000.00 | 1,022.00 | 3.03 | ||||||||
| Retail Class | 1,000.00 | 1,022.35 | 2.68 | ||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.35% for the Institutional Class, 0.35% for the Advisor Class, 0.50% for the Premier Class, 0.60% for the Retirement Class and 0.53% 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 9/30/2019 | |
| Corporate bonds | 33.9 | |
| Foreign government & corporate bonds denominated in U.S. dollars | 28.1 | |
| U.S. Treasury securities | 11.7 | |
| Commercial mortgage-backed securities | 10.1 | |
| Asset-backed securities | 6.6 | |
| Bank loan obligations | 3.9 | |
| U.S. agency securities | 2.7 | |
| Municipal bonds | 2.5 | |
| Short-term investments, other assets & liabilities, net | 0.5 | |
| Total | 100.0 | |
Performance for the six months ended September 30, 2019
The Short Duration Impact Bond Fund returned 2.79% for the Institutional Class, compared with the 2.19% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index. Since the Fund’s inception on November 16, 2018, the Fund returned 4.83%, versus 4.31% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best with a return of 5.42%, followed by gains in high-yield, municipal and shorter-duration government bonds.
Corporate bonds drove the benchmark’s performance
All of the sectors in the benchmark posted positive returns for the six-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 2.5%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 2.2% each. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 66.0%—trailed the index’s return with a gain of 2.1%.
Fund advanced, surpassed its benchmark
The Fund outpaced its benchmark for the six-month period. An overweight position in corporate bonds was the biggest contributor to the Fund’s relative performance. Out-of-benchmark positions in commercial mortgage-backed securities and asset-backed securities further boosted returns relative to the index. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial.
By contrast, the Fund’s holdings of U.S. Treasury securities detracted most from its relative performance.
| 24 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Short Duration Impact Bond Fund | Total return | Annual operating expenses* | ||||||||||||||||||
| Inception date | 6 months | since inception | gross | net | ||||||||||||||||
| Institutional Class | 11/16/18 | 2.79 | % | 4.83 | % | 0.87 | % | 0.35 | % | |||||||||||
| Advisor Class | 11/16/18 | 2.79 | 4.77 | 0.97 | 0.43 | |||||||||||||||
| Premier Class | 11/16/18 | 2.71 | 4.70 | 1.02 | 0.50 | |||||||||||||||
| Retirement Class | 11/16/18 | 2.66 | 4.61 | 1.12 | 0.60 | |||||||||||||||
| Retail Class | 11/16/18 | 2.69 | 4.61 | 1.33 | 0.70 | |||||||||||||||
| Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index | — | 2.19 | 4.31 | ‡ | — | — | ||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield 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, 2020, 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. |
| Holdings by maturity | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| Less than 1 year | 16.9 | |
| 1–3 years | 38.1 | |
| 3–5 years | 38.0 | |
| 5–10 years | 6.6 | |
| Over 10 years | 0.4 | |
| Total | 100.0 | |
| Holdings by credit quality | ||
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | ||
| U.S. Treasury & U.S. agency securities* | 14.5 | |
| Aaa/AAA | 17.5 | |
| Aa/AA | 15.7 | |
| A/A | 15.9 | |
| Baa/BBB | 26.3 | |
| Ba/BB | 5.0 | |
| B/B | 1.6 | |
| Non-rated | 3.5 | |
| Total | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | ||
| Net assets | $28.28 million | |
| Portfolio turnover rate* | 58% | |
| Number of issues | 68 | |
| Option-adjusted duration‡ | 1.94 years | |
| Average maturity§ | 2.83 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 25 |
Expense example
Six months ended September 30, 2019
| Short-Term Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,022.67 | $1.37 | ||||||
| Advisor Class | 1,000.00 | 1,022.15 | 1.77 | ||||||||
| Premier Class | 1,000.00 | 1,021.89 | 2.12 | ||||||||
| Retirement Class | 1,000.00 | 1,021.39 | 2.63 | ||||||||
| Retail Class | 1,000.00 | 1,021.14 | 2.88 | ||||||||
| Class W | 1,000.00 | 1,024.05 | 0.00 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.65 | 1.37 | ||||||||
| Advisor Class | 1,000.00 | 1,023.25 | 1.77 | ||||||||
| Premier Class | 1,000.00 | 1,022.90 | 2.12 | ||||||||
| Retirement Class | 1,000.00 | 1,022.40 | 2.63 | ||||||||
| Retail Class | 1,000.00 | 1,022.15 | 2.88 | ||||||||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.27% for the Institutional Class, 0.35% 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 9/30/2019 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 23.2 | ||
| U.S. Treasury securities | 19.6 | ||
| Corporate bonds | 19.1 | ||
| Mortgage-backed securities | 12.5 | ||
| Commercial mortgage-backed securities | 8.9 | ||
| Asset-backed securities | 8.9 | ||
| U.S. agency securities | 3.8 | ||
| Bank loan obligations | 2.0 | ||
| Municipal bonds | 0.2 | ||
| Short-term investments, other assets & liabilities, net | 1.8 | ||
| Total | 100.0 | ||
Performance for the six months ended September 30, 2019
The Short-Term Bond Fund returned 2.27% for the Institutional Class, compared with the 2.19% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2019, the Fund returned 4.56%, versus 4.64% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best with a return of 5.42%, followed by gains in high-yield, municipal and shorter-duration government bonds.
Corporate bonds drove the benchmark’s performance
All of the sectors in the benchmark posted positive returns for the six-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 2.5%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 2.2% each. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 66.0%—trailed the index’s return with a gain of 2.1%.
Fund posted gains, surpassed its benchmark
The Fund outperformed its benchmark during the period, primarily due to favorable sector positioning. The Fund’s sizable out-of-benchmark allocations to mortgage-backed securities and commercial mortgage-backed securities were the primary drivers of its excess return. An overweight in government agency securities also proved constructive, as did a smaller out-of-benchmark stake in asset-backed securities (ABS). The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial.
The two largest detractors from the Fund’s relative performance were related to a widening of credit spreads in certain ABS sectors as well as among Fund holdings in Central and South American sovereign and agency markets. A “credit spread” refers to the difference in yield between a fixed-income sector and U.S. Treasuries—when spreads widen, it hurts a sector’s performance, while the narrowing of spreads is beneficial.
| 26 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Short-Term Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 3/31/06 | 2.27 | % | 4.56 | % | 2.03 | % | 2.32 | % | 0.27 | % | 0.27 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.21 | 4.55 | 1.98 | † | 2.30 | † | 0.40 | 0.40 | |||||||||||||||||
| Premier Class | 9/30/09 | 2.19 | 4.40 | 1.87 | 2.18 | 0.42 | 0.42 | |||||||||||||||||||
| Retirement Class | 3/31/06 | 2.14 | 4.30 | 1.77 | 2.07 | 0.52 | 0.52 | |||||||||||||||||||
| Retail Class | 3/31/06 | 2.11 | 4.35 | 1.72 | 2.03 | 0.58 | 0.58 | |||||||||||||||||||
| Class W | 9/28/18 | 2.41 | 4.84 | 2.08 | † | 2.35 | † | 0.27 | 0.00 | |||||||||||||||||
| Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index | — | 2.19 | 4.64 | 1.59 | 1.52 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield 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, 2020, 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 the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| Less than 1 year | 25.2 |
| 1–3 years | 44.5 |
| 3–5 years | 19.9 |
| 5–10 years | 9.7 |
| Over 10 years | 0.7 |
| Total | 100.0 |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| U.S. Treasury & U.S. agency securities* | 30.3 |
| Aaa/AAA | 15.9 |
| Aa/AA | 11.3 |
| A/A | 16.3 |
| Baa/BBB | 18.2 |
| Ba/BB | 2.3 |
| B/B | 1.0 |
| Below B/B | 1.1 |
| Non-rated | 3.6 |
| Total | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | |
| Net assets | $2.27 billion |
| Portfolio turnover rate* | 69% |
| Number of issues | 541 |
| Option-adjusted duration‡ | 1.89 years |
| Average maturity§ | 2.42 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 27 |
Expense example
Six months ended September 30, 2019
| Short-Term Bond Index Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,020.95 | $0.61 | ||||||||
| Advisor Class | 1,000.00 | 1,020.25 | 1.31 | ||||||||
| Premier Class | 1,000.00 | 1,020.20 | 1.36 | ||||||||
| Retirement Class | 1,000.00 | 1,019.68 | 1.87 | ||||||||
| Retail Class | 1,000.00 | 1,019.52 | 2.07 | ||||||||
| Class W | 1,000.00 | 1,021.56 | 0.00 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,024.40 | 0.61 | ||||||||
| Advisor Class | 1,000.00 | 1,023.70 | 1.32 | ||||||||
| Premier Class | 1,000.00 | 1,023.65 | 1.37 | ||||||||
| Retirement Class | 1,000.00 | 1,023.15 | 1.87 | ||||||||
| Retail Class | 1,000.00 | 1,022.95 | 2.07 | ||||||||
| Class W | 1,000.00 | 1,025.00 | 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 183/366. There were 183 days in the six months ended September 30, 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, 0.41% 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 9/30/2019 |
| U.S. Treasury securities | 64.2 |
| Corporate bonds | 19.5 |
| Foreign government & corporate bonds denominated in U.S. dollars | 12.3 |
| U.S. agency securities | 3.4 |
| Short-term investments, other assets & liabilities, net | 0.6 |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The Short-Term Bond Index Fund returned 2.10% for the Institutional Class, compared with the 2.19% return of its benchmark, the Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2019, the Fund returned 4.45%, versus 4.64% for the index. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best with a return of 5.42%, followed by gains in high-yield, municipal and shorter-duration government bonds.
Corporate bonds drove the benchmark’s performance
All of the sectors in the benchmark posted positive returns for the six-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 2.5%. Government credit securities and government agency securities both slightly outpaced the benchmark’s return with gains of 2.2% each. Short-term Treasuries—by far the largest sector in the benchmark with a weighting of nearly 66.0%—trailed the index’s return with a gain of 2.1%.
Fund posted gains but trailed its benchmark
For the six months, the Fund underperformed its benchmark. The Fund’s return includes a deduction for expenses, while the benchmark’s does not.
The Fund seeks to maintain the overall characteristics of its benchmark. The Fund’s managers invest in the same sectors that are included in the benchmark and closely match the benchmark’s weightings and maturities. At times, the Fund may also invest in securities not held in the index, but which have investment characteristics that are similar to securities held in the index. During the period, this portfolio had sector returns that were similar 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.
| 28 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Short-Term Bond Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
| Inception date | 6 months | 1 year | since inception | gross | net | |||||||||||||||||
| Institutional Class | 8/7/15 | 2.10 | % | 4.45 | % | 1.54 | % | 0.15 | % | 0.12 | % | |||||||||||
| Advisor Class | 12/4/15 | 2.02 | 4.30 | 1.44 | † | 0.29 | 0.26 | |||||||||||||||
| Premier Class | 8/7/15 | 2.02 | 4.29 | 1.36 | 0.31 | 0.27 | ||||||||||||||||
| Retirement Class | 8/7/15 | 1.97 | 4.19 | 1.29 | 0.40 | 0.37 | ||||||||||||||||
| Retail Class | 8/7/15 | 1.95 | 4.12 | 1.21 | 0.58 | 0.44 | ||||||||||||||||
| Class W | 9/28/18 | 2.16 | 4.57 | 1.57 | † | 0.14 | 0.00 | |||||||||||||||
| Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index | — | 2.19 | 4.64 | 1.71 | ‡ | — | — | |||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| Less than 1 year | 6.8 |
| 1–3 years | 91.8 |
| 3–5 years | 0.7 |
| 5–10 years | 0.7 |
| Total | 100.0 |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| U.S. Treasury & U.S. agency securities* | 66.6 |
| Aaa/AAA | 5.2 |
| Aa/AA | 6.3 |
| A/A | 11.8 |
| Baa/BBB | 10.1 |
| Total | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | |
| Net assets | $600.10 million |
| Portfolio turnover rate* | 22% |
| Number of issues | 680 |
| Option-adjusted duration‡ | 1.79 years |
| Average maturity§ | 1.92 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 29 |
Expense example
Six months ended September 30, 2019
| Social Choice Bond Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $1,000.00 | $1,055.07 | $1.90 | ||||||||
| Advisor Class | 1,000.00 | 1,054.51 | 2.41 | ||||||||
| Premier Class | 1,000.00 | 1,054.20 | 2.67 | ||||||||
| Retirement Class | 1,000.00 | 1,053.72 | 3.18 | ||||||||
| Retail Class | 1,000.00 | 1,053.57 | 3.34 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.15 | 1.87 | ||||||||
| Advisor Class | 1,000.00 | 1,022.65 | 2.38 | ||||||||
| Premier Class | 1,000.00 | 1,022.40 | 2.63 | ||||||||
| Retirement Class | 1,000.00 | 1,021.90 | 3.13 | ||||||||
| Retail Class | 1,000.00 | 1,021.75 | 3.29 | ||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.37% for the Institutional Class, 0.47% for the Advisor Class, 0.52% 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 9/30/2019 |
| Corporate bonds | 31.1 |
| Foreign government & corporate bonds denominated in U.S. dollars | 19.5 |
| Mortgage-backed securities | 10.5 |
| U.S. agency securities | 10.2 |
| Municipal bonds | 9.3 |
| U.S. Treasury securities | 7.0 |
| Commercial mortgage-backed securities | 6.4 |
| Asset-backed securities | 3.4 |
| Bank loan obligations | 0.5 |
| Preferred stock | 0.2 |
| Short-term investments, other assets & liabilities, net | 1.9 |
| Total | 100.0 |
Performance for the six months ended September 30, 2019
The Social Choice Bond Fund returned 5.51% for the Institutional Class, compared with the 5.42% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2019, the Fund returned 10.24%, versus 10.30% for the 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.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period, extending its decade-long expansion. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. The powerful labor market generally lifted wages; however, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September. The price of crude oil fell from nearly $62 per barrel to $54 during the six months.
Despite continued economic growth, the Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period. The Fed took action in July and September, reducing the key short-term interest-rate measure to 1.75%–2.00%. Policymakers had previously increased the federal funds target rate on nine occasions since December 2015. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
All major fixed-income markets generated positive results for the six months. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the domestic investment-grade fixed-rate bond market, performed best, followed by gains in high-yield and municipal bonds.
Corporate bonds and U.S. Treasuries drove the benchmark’s performance
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index posted positive returns for the six months. Corporate bonds, which made up nearly one-quarter of the index at period-end, returned 7.7%. Corporates continued to benefit from economic growth in the United States, as well as solid earnings and a higher risk appetite (in exchange for higher yields) among investors. U.S. Treasuries, the benchmark’s largest sector at 39.4%, returned 5.5%. Mortgage-backed securities (MBS), the second-largest sector in the index with a weighting of 26.9%, gained 3.4%. Smaller sectors, including municipals, government credit securities and commercial mortgage-backed securities also delivered strong gains, returning 13.7%, 6.2% and 5.2%, respectively.
Fund advanced, surpassed its benchmark
The Fund outperformed its benchmark over the six-month period. Favorable security selection and positive yield curve positioning in the strong-performing corporate bond sector made the largest contribution to the Fund’s relative performance. Sizeable overweights in the municipal and government agency sectors also bolstered relative results. The Fund’s overall yield curve positioning—how it was invested across different bond maturities—was also beneficial.
By contrast, the Fund’s holdings of U.S. Treasuries detracted most from its relative returns, followed by holdings in the MBS sector.
| 30 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Social Choice Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
| Institutional Class | 9/21/12 | 5.51 | % | 10.24 | % | 3.96 | % | 3.74 | % | 0.37 | % | 0.37 | % | |||||||||||||
| Advisor Class | 12/4/15 | 5.45 | 10.25 | 3.90 | † | 3.70 | † | 0.44 | 0.44 | |||||||||||||||||
| Premier Class | 9/21/12 | 5.42 | 10.16 | 3.81 | 3.59 | 0.55 | 0.55 | |||||||||||||||||||
| Retirement Class | 9/21/12 | 5.37 | 10.07 | 3.72 | 3.50 | 0.62 | 0.62 | |||||||||||||||||||
| Retail Class | 9/21/12 | 5.36 | 10.04 | 3.68 | 3.44 | 0.65 | 0.65 | |||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 5.42 | 10.30 | 3.38 | 2.76 | ‡ | — | — | ||||||||||||||||||
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 and 30-day SEC yield 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, 2020, 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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. |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| Less than 1 year | 3.2 |
| 1–3 years | 17.7 |
| 3–5 years | 17.9 |
| 5–10 years | 37.6 |
| Over 10 years | 23.6 |
| Total | 100.0 |
Holdings by credit quality
| % of fixed-income investments (excluding short-term investments) as of 9/30/2019 | |
| U.S. Treasury & U.S. agency securities* | 27.3 |
| Aaa/AAA | 11.0 |
| Aa/AA | 13.8 |
| A/A | 18.9 |
| Baa/BBB | 21.1 |
| Ba/BB | 3.5 |
| B/B | 0.4 |
| Below B/B | 0.3 |
| Non-rated | 3.7 |
| Total | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Fund profile
| as of 9/30/2019 | |
| Net assets | $4.30 billion |
| Portfolio turnover rate* | 62% |
| Portfolio turnover rate, excluding mortgage dollar-roll transactions* | 58% |
| Number of issues | 916 |
| Option-adjusted duration‡ | 5.88 years |
| Average maturity§ | 9.04 years |
| * | The portfolio turnover rate covers the six-month period from April 1, 2019–September 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 31 |
Expense example
Six months ended September 30, 2019
| Money
Market Fund | Beginning account value (4/1/19) | Ending account value (9/30/19) | Expenses paid during period* (4/1/19– 9/30/19) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,011.05 | $0.65 | ||||||
| Advisor Class | 1,000.00 | 1,010.46 | 1.31 | ||||||||
| Premier Class | 1,000.00 | 1,010.33 | 1.41 | ||||||||
| Retirement Class | 1,000.00 | 1,010.31 | 1.41 | ||||||||
| Retail Class | 1,000.00 | 1,009.41 | 2.31 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,024.35 | 0.66 | ||||||||
| Advisor Class | 1,000.00 | 1,023.70 | 1.32 | ||||||||
| Premier Class | 1,000.00 | 1,023.60 | 1.42 | ||||||||
| Retirement Class | 1,000.00 | 1,023.60 | 1.42 | ||||||||
| Retail Class | 1,000.00 | 1,022.70 | 2.33 | ||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.13% for the Institutional Class, 0.26% for the Advisor Class, 0.28% for the Premier Class, 0.28% for the Retirement Class and 0.46% for the Retail Class. The expense charges of one or more of the Fund’s share classes may 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 9/30/2019 | ||
| U.S. government agency securities* | 65.2 | ||
| Floating-rate securities, government* | 19.4 | ||
| U.S. Treasury securities* | 17.4 | ||
| Other assets & liabilities, net | –2.0 | ||
| Total | 100.0 | ||
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Performance for the six months ended September 30, 2019
The Money Market Fund returned 1.11% for the Institutional Class, compared with the 0.95% 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. For the one-year period ended September 30, 2019, the Fund returned 2.22%, versus 1.91% for the iMoneyNet average. The performance table shows returns for all share classes of the Fund.
Fed eases amid continued economic growth
The U.S. economy continued to grow throughout the six-month period. In September, employers added 136,000 nonfarm jobs, and the unemployment rate declined to 3.5%—its lowest level in nearly half a century. While wages generally rose, real gross domestic product (GDP) decelerated to an annualized rate of 2.0% in the second quarter of 2019. Core inflation, which measures all items except food and energy, rose to an annualized rate of 2.4% in September.
The Federal Reserve reversed course after a long period of gradual monetary tightening and lowered the federal funds target rate twice during the period, reducing the key short-term interest-rate measure to 1.75%–2.00%. The Fed cited slower growth internationally, ongoing trade tensions between China and the United States and low inflationary pressures as principle reasons for easing rates.
The Fed’s actions continued to influence yields on shorter-term ICE LIBOR—a key interest-rate benchmark for money market funds. Over the six-month period, one-month LIBOR yields declined from 2.49% on April 1, 2019, to 2.02% on September 30, 2019. Over the same period, three-month LIBOR declined from 2.60% to 2.08%; six-month LIBOR declined from 2.67% to 2.06%; and twelve-month LIBOR declined from 2.73% to 2.03%. 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.
Money market funds attracted investment
The ongoing U.S. trade dispute with China increased investor uncertainty during the period. Seemingly daily revisions to the outlook drove assets into less volatile investments. Assets under management (AUM) increased across all types of money market funds throughout 2019, and the trend accelerated in the latter months of the period, with government institutional money market fund assets increasing $200 billion in the third quarter.
Fund outperformed the iMoneyNet average
For 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 was generally beneficial. As of September 24, 2019, the Fund’s weighted average maturity was 37 days, versus 33 days for the iMoneyNet government fund average. This positioning also benefited the Fund’s performance. iMoneyNet releases their data on a weekly basis, and September 24 was the last date of release for the month.
| 32 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Performance as of September 30, 2019
| Money Market Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||||
| Institutional Class | 7/1/99 | 1.11 | % | 2.22 | % | 0.89 | % | 0.47 | % | 0.14 | % | 0.14 | % | |||||||||||||||
| Advisor Class | 12/4/15 | 1.05 | 2.12 | 0.87 | † | 0.46 | † | 0.24 | 0.24 | |||||||||||||||||||
| Premier Class | 9/30/09 | 1.03 | 2.07 | 0.77 | 0.39 | 0.29 | 0.29 | |||||||||||||||||||||
| Retirement Class | 3/31/06 | 1.03 | 2.07 | 0.73 | 0.36 | 0.39 | 0.39 | |||||||||||||||||||||
| Retail Class | 3/31/06 | 0.94 | 1.89 | 0.65 | 0.32 | 0.48 | 0.48 | |||||||||||||||||||||
| iMoneyNet Money Fund Averages™—All Government§ | — | 0.95 | 1.91 | 0.68 | 0.35 | — | — | |||||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, the 7-day current and effective annualized yields and total returns would have been lower.
You could lose money by investing in this Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund’s sponsor has no legal obligation to provide support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does the total return.
| * | The gross and net annual operating expenses are taken from the 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, 2020, 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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has 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 September 24, 2019)‡
| Current yield | Effective yield | |||||||
| Money Market Fund | ||||||||
| Institutional Class | 1.99 | % | 2.01 | % | ||||
| Advisor Class | 1.79 | 1.81 | ||||||
| Premier Class | 1.83 | 1.85 | ||||||
| Retirement Class | 1.84 | 1.85 | ||||||
| Retail Class | 1.66 | 1.67 | ||||||
| iMoneyNet Money Fund Averages™—All Government§ | 1.65 | 1.66 | ||||||
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 9/30/2019 | |||
| Net assets | $1.54 billion | ||
| Number of issues | 106 | ||
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | %
of net assets |
||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 250,544 | 0.0 | % | |||||||||
| BANKS | 1,985,834 | 0.0 | |||||||||||
| CAPITAL GOODS | 4,070,904 | 0.1 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 7,498,102 | 0.1 | |||||||||||
| CONSUMER DURABLES & APPAREL | 2,160,008 | 0.0 | |||||||||||
| CONSUMER SERVICES | 9,704,629 | 0.1 | |||||||||||
| ENERGY | 531,548 | 0.0 | |||||||||||
| FOOD & STAPLES RETAILING | 94,488 | 0.0 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 6,033,458 | 0.1 | |||||||||||
| INSURANCE | 3,430,044 | 0.1 | |||||||||||
| MATERIALS | 6,422,947 | 0.1 | |||||||||||
| MEDIA & ENTERTAINMENT | 2,123,772 | 0.0 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,380,891 | 0.1 | |||||||||||
| REAL ESTATE | 3,700,089 | 0.1 | |||||||||||
| RETAILING | 1,556,774 | 0.0 | |||||||||||
| SOFTWARE & SERVICES | 1,669,986 | 0.0 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 4,865,880 | 0.1 | |||||||||||
| TELECOMMUNICATION SERVICES | 925,966 | 0.0 | |||||||||||
| TRANSPORTATION | 4,159,003 | 0.1 | |||||||||||
| UTILITIES | 3,176,406 | 0.0 | |||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $69,851,470) | 68,741,273 | 1.0 | |||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | 14,279,378 | 0.2 | |||||||||||
| BANKS | |||||||||||||
| Bank of America Corp | |||||||||||||
| $ | 25,000,000 | 3.550%, 03/05/24 | 25,998,942 | 0.4 | |||||||||
| 79,960,000 | 2.151%–4.450%, 11/09/20–07/23/30 | 83,795,296 | 1.2 | ||||||||||
| JPMorgan Chase & Co | |||||||||||||
| 20,505,000 | 3.702%, 05/06/30 | 21,995,535 | 0.3 | ||||||||||
| JPMorgan Chase Bank NA | |||||||||||||
| 26,075,000 | 3.086%, 04/26/21 | 26,212,434 | 0.4 | ||||||||||
| Other | 342,135,158 | 4.9 | |||||||||||
| 500,137,365 | 7.2 | ||||||||||||
| CAPITAL GOODS | 90,084,869 | 1.3 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 34,028,463 | 0.5 | |||||||||||
| CONSUMER DURABLES & APPAREL | 9,301,352 | 0.1 | |||||||||||
| CONSUMER SERVICES | 27,109,456 | 0.4 | |||||||||||
| DIVERSIFIED FINANCIALS | 251,372,789 | 3.6 | |||||||||||
| Principal | Issuer | Value | %
of net assets |
||||||||||
| ENERGY | |||||||||||||
| Energy Transfer Operating LP | |||||||||||||
| $ | 20,475,000 | 5.250%, 04/15/29 | $ | 23,097,356 | 0.3 | % | |||||||
| Other | 235,707,792 | 3.4 | |||||||||||
| 258,805,148 | 3.7 | ||||||||||||
| FOOD & STAPLES RETAILING | |||||||||||||
| CVS Health Corp | |||||||||||||
| 23,925,000 | 2.625%, 08/15/24 | 24,007,583 | 0.3 | ||||||||||
| Other | 95,711,324 | 1.4 | |||||||||||
| 119,718,907 | 1.7 | ||||||||||||
| FOOD, BEVERAGE & TOBACCO | 77,076,043 | 1.1 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 44,824,093 | 0.6 | |||||||||||
| INSURANCE | 75,818,182 | 1.1 | |||||||||||
| MATERIALS | 69,803,275 | 1.0 | |||||||||||
| MEDIA & ENTERTAINMENT | 112,855,992 | 1.6 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
| Bristol-Myers Squibb Co | |||||||||||||
| 18,950,000 | g | 3.400%, 07/26/29 | 20,261,641 | 0.3 | |||||||||
| Other | 65,962,695 | 0.9 | |||||||||||
| 86,224,336 | 1.2 | ||||||||||||
| REAL ESTATE | 114,213,767 | 1.6 | |||||||||||
| RETAILING | 28,105,273 | 0.4 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 16,683,151 | 0.2 | |||||||||||
| SOFTWARE & SERVICES | 76,529,427 | 1.1 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 64,236,257 | 0.9 | |||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||
| AT&T, Inc | |||||||||||||
| 62,386,000 | 2.950%–4.900%, 03/15/22–03/09/48 | 67,265,497 | 1.0 | ||||||||||
| Other | 86,471,931 | 1.2 | |||||||||||
| 153,737,428 | 2.2 | ||||||||||||
| TRANSPORTATION | 83,940,527 | 1.2 | |||||||||||
| UTILITIES | 154,613,722 | 2.3 | |||||||||||
| TOTAL CORPORATE BONDS (Cost $2,342,590,277) | 2,463,499,200 | 35.2 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | 38,387,657 | 0.5 | |||||||||||
| FOREIGN GOVERNMENT BONDS | 185,895,960 | 2.7 | |||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||||
| 23,940,149 | 3.500%, 08/01/45 | 25,357,549 | 0.4 | ||||||||||
| 29,291,865 | 3.500%, 10/01/45 | 30,863,431 | 0.4 | ||||||||||
| 34,341,140 | 3.500%, 08/01/46 | 36,204,189 | 0.5 | ||||||||||
| 87,419,751 | 3.000%, 01/01/47 | 89,613,176 | 1.3 | ||||||||||
| 30,087,019 | 3.000%, 02/01/47 | 30,806,294 | 0.4 | ||||||||||
| 30,420,662 | 3.500%, 02/01/47 | 31,546,753 | 0.5 | ||||||||||
| 34 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||||
| MORTGAGE BACKED—continued | |||||||||||||
| $ | 23,567,109 | 3.500%, 03/01/48 | $ | 24,782,472 | 0.4 | % | |||||||
| 21,296,987 | 4.000%, 03/01/48 | 22,749,869 | 0.3 | ||||||||||
| 26,110,413 | 4.500%, 08/01/48 | 28,247,840 | 0.4 | ||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 21,268,935 | 3.000%, 11/01/46 | 21,789,535 | 0.3 | ||||||||||
| 40,928,149 | 3.500%, 01/01/47 | 42,372,297 | 0.6 | ||||||||||
| 29,438,575 | 4.000%, 12/01/47 | 31,436,621 | 0.5 | ||||||||||
| 28,901,287 | 3.000%, 02/25/48 | 30,002,308 | 0.4 | ||||||||||
| 89,634,357 | 4.000%, 04/01/48 | 93,711,883 | 1.3 | ||||||||||
| 25,441,086 | 4.000%, 08/01/48 | 26,403,838 | 0.4 | ||||||||||
| 28,704,642 | 4.000%, 09/01/48 | 29,874,868 | 0.4 | ||||||||||
| 100,186,852 | 3.000%, 11/01/48 | 102,242,117 | 1.5 | ||||||||||
| 41,416,424 | 4.500%, 11/01/48 | 43,704,556 | 0.6 | ||||||||||
| 37,101,779 | 4.500%, 12/01/48 | 39,057,313 | 0.6 | ||||||||||
| 353,191,246 | 3.000%–8.000%, 07/25/20–10/01/49 | 357,255,156 | 5.1 | ||||||||||
| Government National Mortgage Association (GNMA) | |||||||||||||
| 22,111,594 | 3.000%, 12/20/47 | 22,724,432 | 0.3 | ||||||||||
| 28,104,613 | 3.500%, 12/20/47 | 29,192,437 | 0.4 | ||||||||||
| 41,448,324 | 3.500%, 01/20/48 | 43,035,194 | 0.6 | ||||||||||
| Other | 152,704,078 | 2.2 | |||||||||||
| 1,385,678,206 | 19.8 | ||||||||||||
| MUNICIPAL BONDS | |||||||||||||
| Florida Hurricane Catastrophe Fund Finance Corp | |||||||||||||
| 22,175,000 | 2.995%, 07/01/20 | 22,328,008 | 0.3 | ||||||||||
| State of Illinois | |||||||||||||
| 21,060,000 | 5.100%, 06/01/33 | 22,810,928 | 0.3 | ||||||||||
| The Ohio State University | |||||||||||||
| 25,830,000 | 3.798%, 12/01/46 | 29,409,005 | 0.4 | ||||||||||
| Other | 291,313,985 | 4.2 | |||||||||||
| 365,861,926 | 5.2 | ||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| 55,875,000 | 3.500%, 02/15/39 | 70,038,003 | 1.0 | ||||||||||
| 16,015,000 | 3.875%, 08/15/40 | 21,185,468 | 0.3 | ||||||||||
| 51,285,000 | 2.750%, 11/15/47 | 58,134,352 | 0.8 | ||||||||||
| 68,790,000 | 3.000%, 02/15/48 | 81,741,867 | 1.2 | ||||||||||
| 19,070,000 | 3.000%, 08/15/48 | 22,696,280 | 0.3 | ||||||||||
| 64,641,000 | 3.375%, 11/15/48 | 82,427,375 | 1.2 | ||||||||||
| United States Treasury Note | |||||||||||||
| 36,395,000 | 2.500%, 01/31/21 | 36,739,046 | 0.5 | ||||||||||
| 74,450,000 | 2.500%, 02/28/21 | 75,211,950 | 1.1 | ||||||||||
| 38,490,000 | 2.250%, 03/31/21 | 38,772,661 | 0.6 | ||||||||||
| 119,225,000 | 2.625%, 07/15/21 | 121,153,092 | 1.7 | ||||||||||
| 57,060,000 | 1.750%, 07/31/21 | 57,138,012 | 0.8 | ||||||||||
| 38,100,000 | 1.625%, 09/30/26 | 38,107,441 | 0.5 | ||||||||||
| 67,775,000 | 1.625%, 08/15/29 | 67,481,132 | 1.0 | ||||||||||
| 19,451,000 | 2.875%, 05/15/49 | 22,704,483 | 0.3 | ||||||||||
| 72,130,000 | 2.250%, 08/15/49 | 74,257,272 | 1.1 | ||||||||||
| 71,561,000 | 1.500%–3.125%, 12/31/20–02/15/29 | 74,200,581 | 1.1 | ||||||||||
| Other | 76,972,507 | 1.1 | |||||||||||
| 1,018,961,522 | 14.6 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $2,871,939,593) | 2,994,785,271 | 42.8 | |||||||||||
| Principal | Issuer | Value | % of net assets |
|||||||||||
| STRUCTURED ASSETS | ||||||||||||||
| ASSET BACKED | $ | 497,666,216 | 7.1 | % | ||||||||||
| OTHER MORTGAGE BACKED | ||||||||||||||
| COMM Mortgage Trust | ||||||||||||||
| $ | 92,751,469 | g,i | 2.853%–4.949%, 10/10/29–02/10/49 | 97,591,691 | 1.4 | |||||||||
| Other | 653,551,511 | 9.4 | ||||||||||||
| 751,143,202 | 10.8 | |||||||||||||
| TOTAL STRUCTURED ASSETS (Cost $1,231,439,107) | 1,248,809,418 | 17.9 | ||||||||||||
| TOTAL BONDS (Cost $6,445,968,977) | 6,707,093,889 | 95.9 | ||||||||||||
| Shares | Company | |||||||||||||
| COMMON STOCKS | ||||||||||||||
| ENERGY | 142,725 | 0.0 | ||||||||||||
| TOTAL COMMON STOCKS (Cost $133,601) |
142,725 | 0.0 | ||||||||||||
| Principal | Issuer | |||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||||||
| $ | 20,050,000 | 1.500%, 10/01/19 | 20,050,000 | 0.3 | ||||||||||
| 26,520,000 | 1.934%, 11/05/19 | 26,471,527 | 0.4 | |||||||||||
| Other | 13,473,210 | 0.2 | ||||||||||||
| 59,994,737 | 0.9 | |||||||||||||
| TREASURY DEBT | ||||||||||||||
| United States Treasury Bill | ||||||||||||||
| 20,340,000 | 1.900%, 10/01/19 | 20,340,000 | 0.3 | |||||||||||
| 22,500,000 | 1.917%, 10/08/19 | 22,492,300 | 0.3 | |||||||||||
| Other | 6,149,236 | 0.1 | ||||||||||||
| 48,981,536 | 0.7 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $108,654,603) | 108,976,273 | 1.6 | ||||||||||||
| TOTAL PORTFOLIO (Cost $6,624,608,651) | 6,884,954,160 | 98.5 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 107,517,147 | 1.5 | ||||||||||||
| NET ASSETS | $ | 6,992,471,307 | 100.0 | % | ||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 35 |
| Summary portfolio of investments (unaudited) | concluded |
Bond Fund ■ September 30, 2019
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $1,165,443,311 or 16.7% 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.
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.
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
PURCHASED
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin | Unrealized appreciation (depreciation) | |||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | $ | 29,700,000 | $ | (83,481 | ) | $ | (119,885 | ) | ||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,769 | ) | (9,819 | ) | |||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 2,970,000 | (8,361 | ) | 9,554 | ||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,689 | ) | (148,295 | ) | |||||||||||
| CDX-NAHYS31V5-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/23 | 14,400,000 | (33,956 | ) | (327,806 | ) | |||||||||||
| CDX-NAHYS31V5-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/23 | 14,880,000 | (35,111 | ) | (301,805 | ) | |||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,805 | ) | 51,804 | ||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,767 | ) | (14,720 | ) | |||||||||||
| Total | $ | (327,939 | ) | $ | (860,972 | ) | ||||||||||||||
| * | 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. |
SOLD
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount | * | Variation margin | Unrealized appreciation (depreciation) | ||||||||||||
| CDX-NAHYS32V2-5 Year Index | Credit event as specified in contract | 5.000% | Citigroup Global Markets Inc | 06/20/24 | $ | 14,850,000 | $ | 41,595 | $ | 310,380 | ||||||||||
| CDX-NAHYS32V2-5 Year Index | Credit event as specified in contract | 5.000 | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | 41,620 | 268,215 | |||||||||||||
| CDX-NAHYS31V5-5 Year Index | Credit event as specified in contract | 5.000 | Citigroup Global Markets Inc | 12/20/23 | 14,400,000 | 34,133 | 53,436 | |||||||||||||
| Total | $ | 117,348 | $ | 632,031 | ||||||||||||||||
| * | 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. |
| 36 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Bond Index Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 23,265,413 | 0.1 | % | |||||||||
| BANKS | |||||||||||||
| Bank of America Corp | |||||||||||||
| $ | 84,583,000 | 2.151%–5.000%, 10/19/20–03/15/50 | 89,581,599 | 0.5 | |||||||||
| Other | 571,105,576 | 3.5 | |||||||||||
| 660,687,175 | 4.0 | ||||||||||||
| CAPITAL GOODS | 176,869,125 | 1.1 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 49,669,818 | 0.3 | |||||||||||
| CONSUMER DURABLES & APPAREL | 14,342,392 | 0.1 | |||||||||||
| CONSUMER SERVICES | 79,586,792 | 0.5 | |||||||||||
| DIVERSIFIED FINANCIALS | 491,422,931 | 3.0 | |||||||||||
| ENERGY | 415,118,886 | 2.5 | |||||||||||
| FOOD & STAPLES RETAILING | 100,423,788 | 0.6 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 192,375,775 | 1.2 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 126,411,903 | 0.8 | |||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 21,773,264 | 0.1 | |||||||||||
| INSURANCE | 153,556,441 | 0.9 | |||||||||||
| MATERIALS | 128,287,452 | 0.8 | |||||||||||
| MEDIA & ENTERTAINMENT | 153,042,095 | 0.9 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 235,625,572 | 1.4 | |||||||||||
| REAL ESTATE | 139,962,642 | 0.8 | |||||||||||
| RETAILING | 85,052,675 | 0.5 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 42,018,754 | 0.3 | |||||||||||
| SOFTWARE & SERVICES | 159,677,089 | 1.0 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 133,460,765 | 0.8 | |||||||||||
| TELECOMMUNICATION SERVICES | 200,662,554 | 1.2 | |||||||||||
| TRANSPORTATION | 114,104,826 | 0.7 | |||||||||||
| UTILITIES | 322,609,792 | 2.0 | |||||||||||
| TOTAL
CORPORATE BONDS (Cost $3,965,628,083) | 4,220,007,919 | 25.6 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | 203,803,945 | 1.2 | |||||||||||
| FOREIGN GOVERNMENT BONDS | 579,691,208 | 3.5 | |||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||||
| 66,121,121 | 2.500%, 07/01/33 | 66,802,727 | 0.4 | ||||||||||
| 1,052,403,577 | 2.500%–8.000%, 11/01/19–06/01/49 | 1,093,973,557 | 6.6 | ||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 53,391,593 | 4.000%, 03/01/44 | 57,005,963 | 0.4 | ||||||||||
| 76,577,210 | 3.000%, 01/01/47 | 78,383,894 | 0.5 | ||||||||||
| 119,613,214 | 3.000%, 09/01/49 | 121,464,837 | 0.7 | ||||||||||
| 1,572,383,909 | 2.127%–8.000%, 10/01/19–07/01/55 | 1,636,954,899 | 9.9 | ||||||||||
| Principal | Issuer | Value | % of net assets |
||||||||||
| MORTGAGE BACKED—continued | |||||||||||||
| Government National Mortgage Association (GNMA) | |||||||||||||
| $ | 94,993,090 | 4.500%, 04/20/49 | $ | 99,378,149 | 0.6 | % | |||||||
| 1,131,381,160 | 2.500%–8.500%, 01/20/24–09/20/49 | 1,181,079,172 | 7.2 | ||||||||||
| Other | 1,209,229 | 0.0 | |||||||||||
| 4,336,252,427 | 26.3 | ||||||||||||
| MUNICIPAL BONDS | 118,454,757 | 0.7 | |||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| 279,483,000 | 3.500%, 02/15/39 | 350,325,389 | 2.1 | ||||||||||
| 127,800,000 | 3.125%, 11/15/41 | 152,411,484 | 0.9 | ||||||||||
| 48,500,000 | 3.125%, 05/15/48 | 58,997,598 | 0.4 | ||||||||||
| 480,720,000 | 2.500%–5.000%, 02/15/36–11/15/48 | 589,040,455 | 3.6 | ||||||||||
| United States Treasury Note | |||||||||||||
| 143,000,000 | 2.625%, 07/31/20 | 143,893,750 | 0.9 | ||||||||||
| 60,000,000 | 2.375%, 03/15/21 | 60,532,031 | 0.4 | ||||||||||
| 55,000,000 | 1.375%, 04/30/21 | 54,699,219 | 0.3 | ||||||||||
| 53,000,000 | 2.250%, 04/30/21 | 53,424,414 | 0.3 | ||||||||||
| 65,000,000 | 1.375%, 05/31/21 | 64,634,375 | 0.4 | ||||||||||
| 78,000,000 | 1.625%, 06/30/21 | 77,908,593 | 0.5 | ||||||||||
| 60,000,000 | 1.500%, 09/30/21 | 59,852,344 | 0.4 | ||||||||||
| 57,000,000 | 1.750%, 11/30/21 | 57,126,914 | 0.3 | ||||||||||
| 70,000,000 | 2.625%, 12/15/21 | 71,539,453 | 0.4 | ||||||||||
| 51,700,000 | 2.000%, 12/31/21 | 52,120,062 | 0.3 | ||||||||||
| 60,000,000 | 1.875%, 02/28/22 | 60,351,563 | 0.4 | ||||||||||
| 51,000,000 | 1.875%, 03/31/22 | 51,348,633 | 0.3 | ||||||||||
| 200,000,000 | 2.250%, 04/15/22 | 203,148,438 | 1.2 | ||||||||||
| 92,000,000 | 1.875%, 04/30/22 | 92,621,719 | 0.6 | ||||||||||
| 100,000,000 | 2.125%, 05/15/22 | 101,308,594 | 0.6 | ||||||||||
| 63,000,000 | 1.875%, 07/31/22 | 63,477,422 | 0.4 | ||||||||||
| 55,000,000 | 1.625%, 08/31/22 | 55,049,414 | 0.3 | ||||||||||
| 65,000,000 | 2.000%, 10/31/22 | 65,804,883 | 0.4 | ||||||||||
| 108,000,000 | 2.000%, 11/30/22 | 109,371,093 | 0.7 | ||||||||||
| 60,000,000 | 2.625%, 02/28/23 | 62,076,563 | 0.4 | ||||||||||
| 80,000,000 | 2.500%, 03/31/23 | 82,525,000 | 0.5 | ||||||||||
| 80,000,000 | 2.750%, 05/31/23 | 83,328,125 | 0.5 | ||||||||||
| 91,500,000 | 2.625%, 06/30/23 | 94,995,585 | 0.6 | ||||||||||
| 80,000,000 | 2.750%, 07/31/23 | 83,481,250 | 0.5 | ||||||||||
| 116,000,000 | 2.750%, 08/31/23 | 121,183,750 | 0.7 | ||||||||||
| 65,000,000 | 2.875%, 11/30/23 | 68,407,422 | 0.4 | ||||||||||
| 55,000,000 | 2.625%, 12/31/23 | 57,378,320 | 0.4 | ||||||||||
| 129,300,000 | 2.500%, 01/31/24 | 134,315,425 | 0.8 | ||||||||||
| 70,000,000 | 2.375%, 02/29/24 | 72,430,859 | 0.4 | ||||||||||
| 325,000,000 | 2.125%, 03/31/24 | 332,896,486 | 2.0 | ||||||||||
| 174,000,000 | 2.250%, 04/30/24 | 179,267,579 | 1.1 | ||||||||||
| 111,500,000 | 2.000%, 05/31/24 | 113,743,067 | 0.7 | ||||||||||
| 152,000,000 | 1.750%, 06/30/24 | 153,312,187 | 0.9 | ||||||||||
| 212,000,000 | 1.750%, 07/31/24 | 213,912,969 | 1.3 | ||||||||||
| 70,000,000 | 1.500%, 09/30/24 | 69,833,203 | 0.4 | ||||||||||
| 50,000,000 | 2.250%, 03/31/26 | 51,955,078 | 0.3 | ||||||||||
| 66,000,000 | 2.875%, 05/15/28 | 72,450,469 | 0.4 | ||||||||||
| 85,000,000 | 3.125%, 11/15/28 | 95,452,344 | 0.6 | ||||||||||
| 100,000,000 | 2.625%, 02/15/29 | 108,257,812 | 0.7 | ||||||||||
| 142,000,000 | 2.375%, 05/15/29 | 150,836,172 | 0.9 | ||||||||||
| 105,000,000 | 1.625%, 08/15/29 | 104,544,726 | 0.6 | ||||||||||
| 132,500,000 | 3.000%, 02/15/49 | 158,109,766 | 1.0 | ||||||||||
| 1,208,979,100 | 1.125%–8.000%, 10/31/20–08/15/49 | 1,239,749,702 | 7.6 | ||||||||||
| 6,553,431,699 | 39.8 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $11,370,888,124) | 11,791,634,036 | 71.5 | |||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 37 |
| Summary portfolio of investments (unaudited) | concluded |
Bond Index Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||||
| STRUCTURED ASSETS | |||||||||||||
| ASSET BACKED | $ | 134,998,865 | 0.8 | % | |||||||||
| OTHER MORTGAGE BACKED | 271,551,650 | 1.6 | |||||||||||
| TOTAL STRUCTURED ASSETS (Cost $392,119,484) | 406,550,515 | 2.4 | |||||||||||
| TOTAL BONDS (Cost $15,728,635,691) | 16,418,192,470 | 99.5 | |||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| GOVERNMENT AGENCY DEBT | 157,216,174 | 1.0 | |||||||||||
| TREASURY DEBT | 57,651,080 | 0.3 | |||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $214,860,586) | 214,867,254 | 1.3 | |||||||||||
| TOTAL PORTFOLIO (Cost $15,943,496,277) | 16,633,059,724 | 100.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (133,449,076 | ) | (0.8 | ) | |||||||||
| NET ASSETS | $ | 16,499,610,648 | 100.0 | % | |||||||||
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 9/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $90,565,297 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 38 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Bond Plus Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 2,683,811 | 0.1 | % | ||||||||||
| CAPITAL GOODS | 4,840,548 | 0.1 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 17,177,270 | 0.4 | ||||||||||||
| CONSUMER DURABLES & APPAREL | 1,001,911 | 0.0 | ||||||||||||
| CONSUMER SERVICES | 10,299,727 | 0.2 | ||||||||||||
| DIVERSIFIED FINANCIALS | 108,070 | 0.0 | ||||||||||||
| ENERGY | 3,960,303 | 0.1 | ||||||||||||
| FOOD & STAPLES RETAILING | 2,252,163 | 0.0 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 6,337,418 | 0.1 | ||||||||||||
| INSURANCE | 3,419,877 | 0.1 | ||||||||||||
| MATERIALS | 4,679,445 | 0.1 | ||||||||||||
| MEDIA & ENTERTAINMENT | 8,306,619 | 0.2 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,158,399 | 0.0 | ||||||||||||
| REAL ESTATE | 3,743,423 | 0.1 | ||||||||||||
| RETAILING | 7,424,744 | 0.2 | ||||||||||||
| SOFTWARE & SERVICES | 6,100,652 | 0.1 | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 1,001,691 | 0.0 | ||||||||||||
| TELECOMMUNICATION SERVICES | 1,147,626 | 0.0 | ||||||||||||
| UTILITIES | 498,750 | 0.0 | ||||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $90,546,367) | 87,142,447 | 1.8 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | 18,730,726 | 0.4 | ||||||||||||
| BANKS | ||||||||||||||
| Bank of America Corp | ||||||||||||||
| $ | 46,634,000 | 2.151%–6.300%, 04/21/20–09/10/68 | 48,710,868 | 1.0 | ||||||||||
| JPMorgan Chase & Co | ||||||||||||||
| 14,980,000 | 3.702%, 05/06/30 | 16,068,916 | 0.3 | |||||||||||
| Other | 221,115,464 | 4.6 | ||||||||||||
| 285,895,248 | 5.9 | |||||||||||||
| CAPITAL GOODS | 51,861,052 | 1.1 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 33,020,833 | 0.7 | ||||||||||||
| CONSUMER DURABLES & APPAREL | 12,376,867 | 0.3 | ||||||||||||
| CONSUMER SERVICES | 31,972,753 | 0.7 | ||||||||||||
| DIVERSIFIED FINANCIALS | ||||||||||||||
| Wells Fargo & Co | ||||||||||||||
| 15,850,000 | 2.625%, 07/22/22 | 16,026,338 | 0.3 | |||||||||||
| Other | 189,584,126 | 4.0 | ||||||||||||
| 205,610,464 | 4.3 | |||||||||||||
| ENERGY | 184,814,457 | 3.8 | ||||||||||||
| FOOD & STAPLES RETAILING | 46,985,207 | 1.0 | ||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| FOOD, BEVERAGE & TOBACCO | $ | 56,141,431 | 1.2 | % | ||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 42,110,023 | 0.9 | ||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 405,000 | 0.0 | ||||||||||||
| INSURANCE | 52,996,086 | 1.1 | ||||||||||||
| MATERIALS | 67,524,696 | 1.4 | ||||||||||||
| MEDIA & ENTERTAINMENT | 87,015,176 | 1.8 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 48,690,486 | 1.0 | ||||||||||||
| REAL ESTATE | 52,254,231 | 1.1 | ||||||||||||
| RETAILING | 32,686,855 | 0.7 | ||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 11,234,407 | 0.2 | ||||||||||||
| SOFTWARE & SERVICES | 40,363,766 | 0.8 | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 40,145,719 | 0.8 | ||||||||||||
| TELECOMMUNICATION SERVICES | 86,594,963 | 1.8 | ||||||||||||
| TRANSPORTATION | 47,362,063 | 1.0 | ||||||||||||
| UTILITIES | 111,977,856 | 2.3 | ||||||||||||
| TOTAL CORPORATE BONDS (Cost $1,578,105,651) | 1,648,770,365 | 34.3 | ||||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| FOREIGN GOVERNMENT BONDS | 136,282,609 | 2.8 | ||||||||||||
| MORTGAGE BACKED | ||||||||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | ||||||||||||||
| $ | 13,088,504 | i | 2.328%, 06/15/48, LIBOR 1 M + 0.300% | 12,991,189 | 0.3 | |||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | ||||||||||||||
| 23,133,898 | 3.500%, 08/01/46 | 24,388,941 | 0.5 | |||||||||||
| 43,778,822 | 3.000%, 01/01/47 | 44,877,265 | 0.9 | |||||||||||
| 35,888,707 | 3.000%, 02/01/47 | 36,746,680 | 0.8 | |||||||||||
| 16,787,141 | 3.500%, 02/01/47 | 17,408,556 | 0.3 | |||||||||||
| 36,408,100 | 3.500%, 03/01/48 | 38,285,677 | 0.8 | |||||||||||
| 12,184,053 | 4.000%, 03/01/48 | 13,015,250 | 0.3 | |||||||||||
| 25,023,215 | 4.500%, 08/01/48 | 27,071,644 | 0.6 | |||||||||||
| Federal National Mortgage Association (FNMA) | ||||||||||||||
| 46,328,173 | 3.000%, 11/01/46 | 47,462,149 | 1.0 | |||||||||||
| 49,894,459 | 3.500%, 01/01/47 | 51,654,982 | 1.1 | |||||||||||
| 14,325,371 | 3.500%, 08/01/47 | 14,914,564 | 0.3 | |||||||||||
| 11,711,442 | 4.000%, 12/01/47 | 12,506,318 | 0.3 | |||||||||||
| 13,634,629 | 4.500%, 01/01/48 | 14,746,692 | 0.3 | |||||||||||
| 21,805,969 | 3.000%, 02/25/48 | 22,636,687 | 0.5 | |||||||||||
| 11,904,530 | 4.500%, 03/01/48 | 12,872,946 | 0.3 | |||||||||||
| 50,561,576 | 4.000%, 04/01/48 | 52,861,656 | 1.1 | |||||||||||
| 13,842,791 | 4.500%, 07/01/48 | 14,596,523 | 0.3 | |||||||||||
| 50,646,306 | 4.000%, 08/01/48 | 52,562,884 | 1.1 | |||||||||||
| 40,357,521 | 3.000%, 11/01/48 | 41,185,429 | 0.8 | |||||||||||
| 25,166,527 | 4.500%, 12/01/48 | 26,492,986 | 0.5 | |||||||||||
| 275,083,679 | 3.000%–9.000%, 12/25/19–10/01/49 | 277,881,837 | 5.7 | |||||||||||
| Government National Mortgage Association (GNMA) | ||||||||||||||
| 12,314,222 | 3.000%, 12/20/47 | 12,655,519 | 0.3 | |||||||||||
| 30,203,120 | 3.500%, 12/20/47 | 31,372,169 | 0.6 | |||||||||||
| 27,051,867 | 3.500%, 01/20/48 | 28,087,561 | 0.6 | |||||||||||
| 13,095,046 | 4.000%, 07/20/49 | 13,656,588 | 0.3 | |||||||||||
| Other | 100,544,091 | 2.1 | ||||||||||||
| 1,043,476,783 | 21.7 | |||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 39 |
| Summary portfolio of investments (unaudited) | continued |
Bond Plus Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| MUNICIPAL BONDS | $ | 202,150,466 | 4.2 | % | ||||||||||
| U.S. TREASURY SECURITIES | ||||||||||||||
| United States Treasury Bond | ||||||||||||||
| $ | 10,000,000 | 4.375%, 11/15/39 | 14,037,109 | 0.3 | ||||||||||
| 10,000,000 | 4.375%, 05/15/40 | 14,074,219 | 0.3 | |||||||||||
| 12,000,000 | 2.500%, 02/15/46 | 12,929,531 | 0.3 | |||||||||||
| 15,000,000 | 2.500%, 05/15/46 | 16,167,187 | 0.3 | |||||||||||
| 10,675,000 | 3.000%, 05/15/47 | 12,659,049 | 0.3 | |||||||||||
| 24,400,000 | 2.750%, 08/15/47 | 27,638,719 | 0.6 | |||||||||||
| 33,350,000 | 3.000%, 02/15/48 | 39,629,180 | 0.8 | |||||||||||
| 70,080,000 | 3.000%, 08/15/48 | 83,406,150 | 1.7 | |||||||||||
| United States Treasury Inflation Indexed Bonds | ||||||||||||||
| 32,474,700 | k | 0.125%, 04/15/21 | 32,127,090 | 0.7 | ||||||||||
| 21,098,800 | k | 0.125%, 04/15/22 | 20,887,764 | 0.4 | ||||||||||
| United States Treasury Note | ||||||||||||||
| 45,000,000 | 1.625%, 06/30/20 | 44,920,899 | 0.9 | |||||||||||
| 25,000,000 | 1.625%, 07/31/20 | 24,952,148 | 0.5 | |||||||||||
| 20,000,000 | 2.625%, 07/31/20 | 20,125,000 | 0.4 | |||||||||||
| 95,000,000 | 2.625%, 08/15/20 | 95,627,148 | 2.0 | |||||||||||
| 41,660,000 | 1.625%, 08/15/29 | 41,479,365 | 0.9 | |||||||||||
| 44,818,000 | 2.875%, 05/15/49 | 52,314,511 | 1.1 | |||||||||||
| 54,700,000 | 2.250%, 08/15/49 | 56,313,223 | 1.2 | |||||||||||
| Other | 69,107,161 | 1.4 | ||||||||||||
| 678,395,453 | 14.1 | |||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $1,982,448,749) | 2,060,305,311 | 42.8 | ||||||||||||
| STRUCTURED ASSETS | ||||||||||||||
| ASSET BACKED | 361,824,482 | 7.5 | ||||||||||||
| OTHER MORTGAGE BACKED | ||||||||||||||
| COMM Mortgage Trust Series-2012 CR2 (Class A3) | ||||||||||||||
| 20,000,000 | g | 2.841%, 08/15/45 | 20,259,198 | 0.4 | ||||||||||
| 66,341,872 | g,i | 2.972%–5.137%, 08/10/46–05/10/51 | 69,436,361 | 1.5 | ||||||||||
| Connecticut Avenue Securities Series-2014 C03 (Class 1M2) | ||||||||||||||
| 13,716,963 | i | 5.018%, 07/25/24, LIBOR 1 M + 3.000% | 14,401,913 | 0.3 | ||||||||||
| FirstKey Mortgage Trust Series-2014 1 (Class A8) | ||||||||||||||
| 13,992,760 | g,i | 3.500%, 11/25/44 | 14,107,004 | 0.3 | ||||||||||
| GS Mortgage Securities Corp II Series-2018 GS9 (Class AAB) | ||||||||||||||
| 14,346,000 | i | 3.978%, 03/10/51 | 15,614,412 | 0.3 | ||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series-2015 C20 (Class A4) | ||||||||||||||
| 12,304,000 | 3.249%, 02/15/48 | 12,880,211 | 0.3 | |||||||||||
| Sequoia Mortgage Trust | ||||||||||||||
| 58,807,189 | g,i | 3.500%–4.000%, 05/25/45–06/25/49 | 59,661,048 | 1.2 | ||||||||||
| Other | 326,817,697 | 6.8 | ||||||||||||
| 533,177,844 | 11.1 | |||||||||||||
| TOTAL STRUCTURED ASSETS (Cost $878,165,474) | 895,002,326 | 18.6 | ||||||||||||
| TOTAL BONDS (Cost $4,438,719,874) | 4,604,078,002 | 95.7 | ||||||||||||
| Shares | Company | Value | % of net assets | ||||||||||||
| COMMON STOCKS | |||||||||||||||
| ENERGY | $ | 1,631,405 | 0.0 | % | |||||||||||
| RETAILING | 85,316 | 0.0 | |||||||||||||
| TOTAL COMMON STOCKS (Cost $1,968,653) | 1,716,721 | 0.0 | |||||||||||||
| RIGHTS / WARRANTS | |||||||||||||||
| ENERGY | 217,365 | 0.0 | |||||||||||||
| TOTAL RIGHTS / WARRANTS (Cost $270,181) | 217,365 | 0.0 | |||||||||||||
| Principal | Issuer | ||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||||
| $ | 20,130,000 | 1.600%, 10/02/19 | 20,128,949 | 0.4 | |||||||||||
| 30,000,000 | 2.022%, 10/24/19 | 29,963,967 | 0.7 | ||||||||||||
| Other | 9,998,955 | 0.2 | |||||||||||||
| 60,091,871 | 1.3 | ||||||||||||||
| TREASURY DEBT | 38,590,474 | 0.8 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $98,174,332) | 98,682,345 | 2.1 | |||||||||||||
| TOTAL PORTFOLIO (Cost $4,629,679,407) | 4,791,836,880 | 99.6 | |||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 19,728,813 | 0.4 | |||||||||||||
| NET ASSETS | $ | 4,811,565,693 | 100.0 | % | |||||||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $1,093,757,322 or 22.7% of net assets. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 40 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Plus Fund ■ September 30, 2019
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
PURCHASED
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin | Unrealized appreciation (depreciation) | |||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | $49,500,000 | $(139,241 | ) | $(16,489 | ) | |||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 49,500,000 | (139,272 | ) | 36,591 | ||||||||||||
| Total | $(278,513 | ) | $20,102 | |||||||||||||||||
| * | 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 Semiannual Report | 41 |
Summary portfolio of investments (unaudited)
5–15 Year Laddered Tax-Exempt Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| LONG-TERM MUNICIPAL BONDS | ||||||||||||||
| ALABAMA | $ | 3,260,314 | 1.2 | % | ||||||||||
| ALASKA | ||||||||||||||
| Borough of Matanuska-Susitna AK | ||||||||||||||
| $ | 2,570,000 | 5.000%, 09/01/25 | 3,058,968 | 1.1 | ||||||||||
| Other | 590,750 | 0.2 | ||||||||||||
| 3,649,718 | 1.3 | |||||||||||||
| ARIZONA | ||||||||||||||
| Chandler Industrial Development Authority | ||||||||||||||
| 2,000,000 | 5.000%, 06/01/49 | 2,295,060 | 0.8 | |||||||||||
| Other | 700,089 | 0.3 | ||||||||||||
| 2,995,149 | 1.1 | |||||||||||||
| ARKANSAS | 2,325,980 | 0.8 | ||||||||||||
| CALIFORNIA | ||||||||||||||
| California Health Facilities Financing Authority | ||||||||||||||
| 1,510,000 | 5.000%, 09/01/33 | 1,838,803 | 0.6 | |||||||||||
| City of Los Angeles Department of Airports | ||||||||||||||
| 2,000,000 | 5.000%, 05/15/27 | 2,413,620 | 0.9 | |||||||||||
| Elk Grove Finance Authority | ||||||||||||||
| 1,715,000 | 5.000%, 09/01/30 | 2,029,840 | 0.7 | |||||||||||
| Other | 5,311,381 | 1.9 | ||||||||||||
| 11,593,644 | 4.1 | |||||||||||||
| COLORADO | ||||||||||||||
| City & County of Denver CO Airport System Revenue | ||||||||||||||
| 1,500,000 | 5.000%, 11/15/30 | 1,836,315 | 0.6 | |||||||||||
| Colorado Health Facilities Authority | ||||||||||||||
| 2,155,000 | 5.000%, 01/01/32 | 2,174,395 | 0.8 | |||||||||||
| Other | 3,625,727 | 1.3 | ||||||||||||
| 7,636,437 | 2.7 | |||||||||||||
| CONNECTICUT | ||||||||||||||
| University of Connecticut | ||||||||||||||
| 2,000,000 | 5.000%, 03/15/28 | 2,402,240 | 0.8 | |||||||||||
| Other | 6,417,818 | 2.3 | ||||||||||||
| 8,820,058 | 3.1 | |||||||||||||
| DISTRICT OF COLUMBIA | 1,187,428 | 0.4 | ||||||||||||
| FLORIDA | ||||||||||||||
| JEA Electric System Revenue | ||||||||||||||
| 2,000,000 | 1.630%, 10/01/34 | 2,000,000 | 0.7 | |||||||||||
| Miami-Dade County Expressway Authority | ||||||||||||||
| 1,375,000 | 5.000%, 07/01/31 | 1,634,958 | 0.6 | |||||||||||
| Port St. Lucie Community Redevelopment Agency | ||||||||||||||
| 2,180,000 | 5.000%, 01/01/26 | 2,613,210 | 0.9 | |||||||||||
| Other | 8,677,751 | 3.1 | ||||||||||||
| 14,925,919 | 5.3 | |||||||||||||
| GEORGIA | ||||||||||||||
| Brookhaven Development Authority | ||||||||||||||
| 1,250,000 | 5.000%, 07/01/27 | 1,564,600 | 0.6 | |||||||||||
| Other | 9,150,081 | 3.2 | ||||||||||||
| 10,714,681 | 3.8 | |||||||||||||
| GUAM | 487,720 | 0.2 | ||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| HAWAII | ||||||||||||||
| City & County of Honolulu HI | ||||||||||||||
| $ | 1,275,000 | 5.000%, 09/01/27 | $ | 1,614,571 | 0.6 | % | ||||||||
| Other | 2,396,510 | 0.8 | ||||||||||||
| 4,011,081 | 1.4 | |||||||||||||
| IDAHO | 500,012 | 0.2 | ||||||||||||
| ILLINOIS | ||||||||||||||
| Chicago Board of Education | ||||||||||||||
| 1,500,000 | 5.000%, 12/01/26 | 1,731,225 | 0.6 | |||||||||||
| Chicago Midway International Airport | ||||||||||||||
| 2,000,000 | 5.000%, 01/01/26 | 2,376,520 | 0.8 | |||||||||||
| City of Chicago IL Wastewater Transmission Revenue | ||||||||||||||
| 1,500,000 | 5.000%, 01/01/22 | 1,609,050 | 0.6 | |||||||||||
| City of Chicago IL, GO | ||||||||||||||
| 1,500,000 | 5.500%, 01/01/35 | 1,681,755 | 0.6 | |||||||||||
| County of Cook IL | ||||||||||||||
| 1,750,000 | 5.000%, 11/15/31 | 2,056,425 | 0.7 | |||||||||||
| Metropolitan Water Reclamation District of Greater Chicago | ||||||||||||||
| 2,000,000 | 5.000%, 12/01/30 | 2,404,860 | 0.9 | |||||||||||
| Sales Tax Securitization Corp | ||||||||||||||
| 1,500,000 | 5.000%, 01/01/30 | 1,780,725 | 0.6 | |||||||||||
| State of Illinois | ||||||||||||||
| 2,000,000 | 5.000%, 06/01/28 | 2,261,500 | 0.8 | |||||||||||
| Other | 20,495,515 | 7.3 | ||||||||||||
| 36,397,575 | 12.9 | |||||||||||||
| INDIANA | ||||||||||||||
| City of Whiting IN | ||||||||||||||
| 1,365,000 | 5.000%, 12/01/44 | 1,619,709 | 0.6 | |||||||||||
| 1,619,709 | 0.6 | |||||||||||||
| IOWA | 583,276 | 0.2 | ||||||||||||
| KENTUCKY | ||||||||||||||
| Kentucky Turnpike Authority | ||||||||||||||
| 2,000,000 | 5.000%, 07/01/26 | 2,414,700 | 0.9 | |||||||||||
| Other | 2,926,137 | 1.0 | ||||||||||||
| 5,340,837 | 1.9 | |||||||||||||
| LOUISIANA | 4,307,166 | 1.5 | ||||||||||||
| MAINE | 798,263 | 0.3 | ||||||||||||
| MASSACHUSETTS | 1,665,148 | 0.6 | ||||||||||||
| MICHIGAN | ||||||||||||||
| Michigan Finance Authority | ||||||||||||||
| 2,000,000 | 5.000%, 04/01/25 | 2,332,560 | 0.8 | |||||||||||
| 2,000,000 | 5.000%, 11/15/28 | 2,433,420 | 0.9 | |||||||||||
| 1,650,000 | 5.000%, 07/01/44 | 1,776,885 | 0.6 | |||||||||||
| Wayne County Airport Authority | ||||||||||||||
| 1,250,000 | 5.000%, 12/01/29 | 1,567,913 | 0.6 | |||||||||||
| Other | 1,789,681 | 0.6 | ||||||||||||
| 9,900,459 | 3.5 | |||||||||||||
| MINNESOTA | 2,601,261 | 0.9 | ||||||||||||
| 42 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
5–15 Year Laddered Tax-Exempt Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| MISSISSIPPI | ||||||||||||||
| Mississippi Business Finance Corp | ||||||||||||||
| $ | 4,000,000 | 1.600%, 12/01/30 | $ | 4,000,000 | 1.4 | % | ||||||||
| Mississippi Development Bank | ||||||||||||||
| 1,500,000 | 5.000%, 03/01/24 | 1,710,495 | 0.6 | |||||||||||
| Other | 5,984,848 | 2.1 | ||||||||||||
| 11,695,343 | 4.1 | |||||||||||||
| MISSOURI | ||||||||||||||
| St. Louis Municipal Finance Corp | ||||||||||||||
| 1,745,000 | 5.000%, 02/15/26 | 2,080,441 | 0.7 | |||||||||||
| Other | 6,132,524 | 2.2 | ||||||||||||
| 8,212,965 | 2.9 | |||||||||||||
| NEBRASKA | 277,148 | 0.1 | ||||||||||||
| NEVADA | 1,916,867 | 0.7 | ||||||||||||
| NEW JERSEY | ||||||||||||||
| New Jersey Sports & Exposition Authority | ||||||||||||||
| 1,500,000 | 5.000%, 09/01/24 | 1,712,445 | 0.6 | |||||||||||
| New Jersey Transportation Trust Fund Authority | ||||||||||||||
| 7,000,000 | 5.000%, 06/15/34 | 8,242,570 | 2.9 | |||||||||||
| Other | 5,065,245 | 1.8 | ||||||||||||
| 15,020,260 | 5.3 | |||||||||||||
| NEW YORK | ||||||||||||||
| Metropolitan Transportation Authority | ||||||||||||||
| 1,475,000 | 5.000%, 11/15/24 | 1,729,703 | 0.6 | |||||||||||
| New York State Dormitory Authority | ||||||||||||||
| 1,750,000 | 5.000%, 07/01/33 | 2,186,240 | 0.8 | |||||||||||
| Other | 7,068,013 | 2.5 | ||||||||||||
| 10,983,956 | 3.9 | |||||||||||||
| NORTH CAROLINA | ||||||||||||||
| County of Duplin NC | ||||||||||||||
| 1,355,000 | 5.000%, 04/01/27 | 1,632,734 | 0.6 | |||||||||||
| North Carolina Medical Care Commission | ||||||||||||||
| 2,000,000 | 5.000%, 06/01/34 | 2,045,360 | 0.7 | |||||||||||
| Other | 3,127,080 | 1.1 | ||||||||||||
| 6,805,174 | 2.4 | |||||||||||||
| NORTH DAKOTA | 2,526,000 | 0.9 | ||||||||||||
| OHIO | ||||||||||||||
| County of Miami OH | ||||||||||||||
| 1,500,000 | 5.000%, 08/01/32 | 1,841,790 | 0.7 | |||||||||||
| Other | 3,810,856 | 1.3 | ||||||||||||
| 5,652,646 | 2.0 | |||||||||||||
| OKLAHOMA | ||||||||||||||
| Oklahoma Development Finance Authority | ||||||||||||||
| 1,500,000 | 5.250%, 08/15/48 | 1,777,845 | 0.7 | |||||||||||
| Other | 927,983 | 0.3 | ||||||||||||
| 2,705,828 | 1.0 | |||||||||||||
| OREGON | ||||||||||||||
| Oregon State Business Development Commission | ||||||||||||||
| 3,000,000 | g,h | 6.500%, 04/01/31 | 2,828,730 | 1.0 | ||||||||||
| Other | 2,332,310 | 0.8 | ||||||||||||
| 5,161,040 | 1.8 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| PENNSYLVANIA | ||||||||||||||
| Pennsylvania Economic Development Financing Authority | ||||||||||||||
| $ | 2,000,000 | 5.000%, 12/31/25 | $ | 2,330,240 | 0.8 | % | ||||||||
| Pennsylvania State University | ||||||||||||||
| 2,500,000 | 5.000%, 03/01/40 | 2,534,875 | 0.9 | |||||||||||
| School District of the City of Erie | ||||||||||||||
| 1,500,000 | 5.000%, 04/01/28 | 1,867,620 | 0.7 | |||||||||||
| Other | 7,151,346 | 2.5 | ||||||||||||
| 13,884,081 | 4.9 | |||||||||||||
| RHODE ISLAND | 1,848,854 | 0.7 | ||||||||||||
| SOUTH CAROLINA | 1,170,862 | 0.4 | ||||||||||||
| SOUTH DAKOTA | 1,142,804 | 0.4 | ||||||||||||
| TENNESSEE | 1,190,802 | 0.4 | ||||||||||||
| TEXAS | ||||||||||||||
| City of El Paso TX Airport Revenue | ||||||||||||||
| 2,000,000 | 5.000%, 08/15/28 | 2,460,040 | 0.9 | |||||||||||
| City of Houston TX | ||||||||||||||
| 1,970,000 | 5.000%, 03/01/32 | 2,406,591 | 0.9 | |||||||||||
| City of Lubbock TX | ||||||||||||||
| 1,500,000 | 5.000%, 02/15/25 | 1,779,435 | 0.6 | |||||||||||
| Texas Municipal Gas Acquisition & Supply Corp III | ||||||||||||||
| 1,545,000 | 5.000%, 12/15/32 | 1,681,254 | 0.6 | |||||||||||
| Other | 16,811,328 | 6.0 | ||||||||||||
| 25,138,648 | 9.0 | |||||||||||||
| UTAH | 3,047,815 | 1.1 | ||||||||||||
| VIRGIN ISLANDS | ||||||||||||||
| Virgin Islands Public Finance Authority | ||||||||||||||
| 2,000,000 | g | 5.000%, 09/01/25 | 2,257,580 | 0.8 | ||||||||||
| 2,500,000 | g | 5.000%, 09/01/33 | 2,763,950 | 1.0 | ||||||||||
| 5,021,530 | 1.8 | |||||||||||||
| WASHINGTON | ||||||||||||||
| City of Bellingham WA Water & Sewer Revenue | ||||||||||||||
| 1,855,000 | g | 1.780%, 02/01/21 | 1,855,000 | 0.7 | ||||||||||
| Other | 1,213,000 | 0.4 | ||||||||||||
| 3,068,000 | 1.1 | |||||||||||||
| WEST VIRGINIA | 3,690,452 | 1.3 | ||||||||||||
| WISCONSIN | 515,060 | 0.2 | ||||||||||||
| TOTAL LONG-TERM MUNICIPAL BONDS (Cost $253,573,591) | 265,997,970 | 94.4 | ||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||
| TREASURY DEBT | ||||||||||||||
| United States Treasury Bill | ||||||||||||||
| 2,000,000 | 1.849%, 10/22/19 | 1,997,892 | 0.7 | |||||||||||
| 1,997,892 | 0.7 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,997,845) | 1,997,892 | 0.7 | ||||||||||||
| TOTAL PORTFOLIO (Cost $255,571,436) | 267,995,862 | 95.1 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 13,820,739 | 4.9 | ||||||||||||
| NET ASSETS | $ | 281,816,601 | 100.0 | % | ||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 43 |
| Summary portfolio of investments (unaudited) | concluded |
5–15 Year Laddered Tax-Exempt Bond Fund ■ September 30, 2019
Abbreviation(s):
| GO | General Obligation |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $14,501,569 or 5.1% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 44 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Green Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| ENERGY | ||||||||||||||
| TerraForm Power Operating LLC | ||||||||||||||
| $ | 643,599 | †,i | 4.044%, 11/08/22, LIBOR 1 M + 2.000% | $ | 644,404 | 2.1 | % | |||||||
| 644,404 | 2.1 | |||||||||||||
| UTILITIES | ||||||||||||||
| ExGen Renewables IV LLC | ||||||||||||||
| 477,543 | i | 5.130%, 11/28/24, LIBOR 3 M + 3.000% | 466,502 | 1.5 | ||||||||||
| 466,502 | 1.5 | |||||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $1,116,289) | 1,110,906 | 3.6 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| BANKS | ||||||||||||||
| HSBC Holdings plc | ||||||||||||||
| 500,000 | 3.033%, 11/22/23 | 507,407 | 1.6 | |||||||||||
| ING Groep NV | ||||||||||||||
| 500,000 | g | 4.625%, 01/06/26 | 553,104 | 1.8 | ||||||||||
| Mitsubishi UFJ Financial Group, Inc | ||||||||||||||
| 550,000 | 2.527%, 09/13/23 | 554,654 | 1.8 | |||||||||||
| Other | 457,056 | 1.5 | ||||||||||||
| 2,072,221 | 6.7 | |||||||||||||
| CAPITAL GOODS | 256,250 | 0.8 | ||||||||||||
| CONSUMER SERVICES | 514,110 | 1.7 | ||||||||||||
| MATERIALS | ||||||||||||||
| Inversiones CMPC S.A. | ||||||||||||||
| 525,000 | g | 4.375%, 04/04/27 | 555,849 | 1.8 | ||||||||||
| LG Chem Ltd | ||||||||||||||
| 500,000 | g | 3.625%, 04/15/29 | 523,744 | 1.7 | ||||||||||
| Other | 266,200 | 0.9 | ||||||||||||
| 1,345,793 | 4.4 | |||||||||||||
| REAL ESTATE | ||||||||||||||
| Alexandria Real Estate Equities, Inc | ||||||||||||||
| 500,000 | 4.000%, 01/15/24 | 533,553 | 1.7 | |||||||||||
| Digital Realty Trust LP | ||||||||||||||
| 500,000 | 3.950%, 07/01/22 | 521,999 | 1.7 | |||||||||||
| 1,055,552 | 3.4 | |||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
| Apple, Inc | ||||||||||||||
| 500,000 | 2.850%, 02/23/23 | 514,762 | 1.7 | |||||||||||
| 500,000 | 3.000%, 06/20/27 | 525,849 | 1.7 | |||||||||||
| 1,040,611 | 3.4 | |||||||||||||
| UTILITIES | ||||||||||||||
| Avangrid, Inc | ||||||||||||||
| 500,000 | 3.150%, 12/01/24 | 515,465 | 1.7 | |||||||||||
| Azure Power Energy Ltd | ||||||||||||||
| 500,000 | g | 5.500%, 11/03/22 | 505,294 | 1.7 | ||||||||||
| DTE Electric Co | ||||||||||||||
| 250,000 | 4.050%, 05/15/48 | 289,840 | 1.0 | |||||||||||
| Georgia Power Co | ||||||||||||||
| 500,000 | 3.250%, 04/01/26 | 516,681 | 1.7 | |||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| UTILITIES—continued | ||||||||||||||
| HAT Holdings I LLC | ||||||||||||||
| $ | 275,000 | g | 5.250%, 07/15/24 | $ | 289,094 | 0.9 | % | |||||||
| Interstate Power & Light Co | ||||||||||||||
| 500,000 | 4.100%, 09/26/28 | 551,106 | 1.8 | |||||||||||
| MidAmerican Energy Co | ||||||||||||||
| 500,000 | 3.950%, 08/01/47 | 570,400 | 1.9 | |||||||||||
| 600,000 | 3.650%, 08/01/48 | 654,439 | 2.1 | |||||||||||
| NorthWestern Corp | ||||||||||||||
| 250,000 | 4.176%, 11/15/44 | 282,744 | 0.9 | |||||||||||
| Public Service Co of Colorado | ||||||||||||||
| 529,000 | 3.700%, 06/15/28 | 584,532 | 1.9 | |||||||||||
| 500,000 | 4.100%, 06/15/48 | 584,424 | 1.9 | |||||||||||
| 550,000 | 3.200%, 03/01/50 | 559,339 | 1.8 | |||||||||||
| Topaz Solar Farms LLC | ||||||||||||||
| 389,983 | g | 4.875%, 09/30/39 | 406,659 | 1.3 | ||||||||||
| Westar Energy, Inc | ||||||||||||||
| 500,000 | 2.550%, 07/01/26 | 504,229 | 1.6 | |||||||||||
| Other | 933,809 | 3.0 | ||||||||||||
| 7,748,055 | 25.2 | |||||||||||||
| TOTAL CORPORATE BONDS (Cost $12,899,535) | 14,032,592 | 45.6 | ||||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| AGENCY SECURITIES | ||||||||||||||
| Genesis Solar Pass Through Trust | ||||||||||||||
| 286,353 | g | 3.875%, 02/15/38 | 324,932 | 1.1 | ||||||||||
| Overseas Private Investment Corp (OPIC) | ||||||||||||||
| 250,000 | 3.590%, 06/15/35 | 276,356 | 0.9 | |||||||||||
| 750,000 | 2.360%–3.050%, 10/15/29–07/15/38 | 778,240 | 2.5 | |||||||||||
| 1,379,528 | 4.5 | |||||||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||||||
| Asian Development Bank | ||||||||||||||
| 579,000 | 1.750%, 08/14/26 | 581,214 | 1.9 | |||||||||||
| 250,000 | 3.125%, 09/26/28 | 278,609 | 0.9 | |||||||||||
| International Bank for Reconstruction & Development | ||||||||||||||
| 500,000 | 2.125%, 03/03/25 | 512,250 | 1.7 | |||||||||||
| 500,000 | 3.125%, 11/20/25 | 542,133 | 1.8 | |||||||||||
| North American Development Bank | ||||||||||||||
| 1,000,000 | 4.375%, 02/11/20 | 1,005,913 | 3.3 | |||||||||||
| Perusahaan Penerbit SBSN Indonesia III | ||||||||||||||
| 300,000 | g | 3.750%, 03/01/23 | 310,653 | 1.0 | ||||||||||
| Other | 1,022,440 | 3.3 | ||||||||||||
| 4,253,212 | 13.9 | |||||||||||||
| MUNICIPAL BONDS | ||||||||||||||
| City of Austin TX Electric Utility Revenue | ||||||||||||||
| 360,000 | 2.677%, 11/15/25 | 375,264 | 1.2 | |||||||||||
| Ohio Air Quality Development Authority | ||||||||||||||
| 500,000 | g | 4.500%, 01/15/48 | 541,660 | 1.8 | ||||||||||
| State of California | ||||||||||||||
| 500,000 | i | 2.862%, 04/01/47, LIBOR 1 M + 0.780% | 501,405 | 1.6 | ||||||||||
| Warm Springs Reservation Confederated Tribe | ||||||||||||||
| 500,000 | g | 2.800%, 11/01/22 | 500,305 | 1.6 | ||||||||||
| Other | 247,568 | 0.8 | ||||||||||||
| 2,166,202 | 7.0 | |||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $7,548,283) | 7,798,942 | 25.4 | ||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 45 |
| Summary portfolio of investments (unaudited) | concluded |
Green Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | ||||||||||||
| STRUCTURED ASSETS | |||||||||||||||
| ASSET BACKED | |||||||||||||||
| HERO Funding Trust | |||||||||||||||
| Series-2016 3A (Class A2) | |||||||||||||||
| $ | 474,739 | g | 3.910%, 09/20/42 | $ | 490,977 | 1.6 | % | ||||||||
| Series-2017 3A (Class A1) | |||||||||||||||
| 288,345 | g | 3.190%, 09/20/48 | 294,317 | 1.0 | |||||||||||
| Series-2017 3A (Class A2) | |||||||||||||||
| 581,015 | g | 3.950%, 09/20/48 | 607,700 | 2.0 | |||||||||||
| Sunrun Callisto Issuer LLC | |||||||||||||||
| Series-2019 1A (Class A) | |||||||||||||||
| 489,045 | g | 3.980%, 06/30/54 | 502,813 | 1.6 | |||||||||||
| Toyota Auto Receivables Owner Trust | |||||||||||||||
| Series-2016 B (Class A4) | |||||||||||||||
| 669,161 | 1.520%, 08/16/21 | 668,121 | 2.2 | ||||||||||||
| Other | 582,585 | 1.9 | |||||||||||||
| 3,146,513 | 10.3 | ||||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||||
| BBCMS Trust | |||||||||||||||
| Series-2015 SRCH (Class D) | |||||||||||||||
| 600,000 | g,i | 5.122%, 08/10/35 | 662,535 | 2.2 | |||||||||||
| COMM Mortgage Trust | |||||||||||||||
| Series-2015 3BP (Class A) | |||||||||||||||
| 500,000 | g | 3.178%, 02/10/35 | 523,149 | 1.7 | |||||||||||
| GRACE Mortgage Trust | |||||||||||||||
| Series-2014 GRCE (Class A) | |||||||||||||||
| 275,000 | g | 3.369%, 06/10/28 | 279,221 | 0.9 | |||||||||||
| Morgan Stanley Capital I Trust | |||||||||||||||
| Series-2014 CPT (Class AM) | |||||||||||||||
| 500,000 | g,i | 3.516%, 07/13/29 | 507,682 | 1.6 | |||||||||||
| Series-2013 WLSR (Class A) | |||||||||||||||
| 300,000 | g | 2.695%, 01/11/32 | 299,699 | 1.0 | |||||||||||
| One Bryant Park Trust | |||||||||||||||
| Series-2019 OBP (Class A) | |||||||||||||||
| 500,000 | g | 2.516%, 09/13/49 | 502,639 | 1.6 | |||||||||||
| Wells Fargo Commercial Mortgage Trust | |||||||||||||||
| Series-2013 120B (Class A) | |||||||||||||||
| 780,000 | g,i | 2.800%, 03/18/28 | 779,645 | 2.5 | |||||||||||
| Other | 297,132 | 1.0 | |||||||||||||
| 3,851,702 | 12.5 | ||||||||||||||
| TOTAL STRUCTURED ASSETS (Cost $6,722,779) | 6,998,215 | 22.8 | |||||||||||||
| TOTAL BONDS (Cost $27,170,597) | 28,829,749 | 93.8 | |||||||||||||
| Shares | Company | ||||||||||||||
| PREFERRED STOCKS | |||||||||||||||
| REAL ESTATE | 259,600 | 0.8 | |||||||||||||
| TOTAL PREFERRED STOCKS (Cost $250,000) | 259,600 | 0.8 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||||||
| $ | 490,000 | 1.500%, 10/01/19 | $ | 490,000 | 1.6 | % | ||||||||
| 490,000 | 1.6 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $490,000) | 490,000 | 1.6 | ||||||||||||
| TOTAL PORTFOLIO (Cost $29,026,886) | 30,690,255 | 99.8 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 55,495 | 0.2 | ||||||||||||
| NET ASSETS | $ | 30,745,750 | 100.0 | % | ||||||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| † | Security is categorized as Level 3 in the fair value hierarchy. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $13,023,498 or 42.4% of net assets. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 46 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
High-Yield Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 8,340,217 | 0.2 | % | ||||||||||
| CAPITAL GOODS | 15,337,464 | 0.4 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 19,217,924 | 0.5 | ||||||||||||
| CONSUMER DURABLES & APPAREL | 11,020,579 | 0.3 | ||||||||||||
| CONSUMER SERVICES | 34,100,909 | 0.9 | ||||||||||||
| ENERGY | 17,904,746 | 0.5 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
| RegionalCare Hospital Partners Holdings, Inc | ||||||||||||||
| $ | 23,571,875 | i | 6.554%, 11/16/25, LIBOR 1 M + 4.500% | 23,575,647 | 0.6 | |||||||||
| Other | 8,067,139 | 0.2 | ||||||||||||
| 31,642,786 | 0.8 | |||||||||||||
| INSURANCE | 17,777,112 | 0.5 | ||||||||||||
| MATERIALS | 13,088,953 | 0.3 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 9,444,700 | 0.2 | ||||||||||||
| REAL ESTATE | 14,485,989 | 0.4 | ||||||||||||
| RETAILING | 18,127,564 | 0.5 | ||||||||||||
| SOFTWARE & SERVICES | ||||||||||||||
| Dun & Bradstreet Corp | ||||||||||||||
| $ | 23,000,000 | i | 7.054%, 02/06/26, LIBOR 1 M + 5.000% | 23,135,470 | 0.6 | |||||||||
| 23,135,470 | 0.6 | |||||||||||||
| UTILITIES | 3,339,737 | 0.1 | ||||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $245,554,947) | 236,964,150 | 6.2 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | ||||||||||||||
| IHO Verwaltungs GmbH | ||||||||||||||
| 19,800,000 | g,o | 6.375%, 05/15/29 | 19,998,000 | 0.5 | ||||||||||
| Panther BF Aggregator 2 LP | ||||||||||||||
| 30,650,000 | g | 8.500%, 05/15/27 | 31,033,125 | 0.8 | ||||||||||
| Other | 45,982,579 | 1.3 | ||||||||||||
| 97,013,704 | 2.6 | |||||||||||||
| BANKS | 32,367,747 | 0.8 | ||||||||||||
| CAPITAL GOODS | ||||||||||||||
| Beacon Escrow Corp | ||||||||||||||
| 22,950,000 | g | 4.875%, 11/01/25 | 22,519,687 | 0.6 | ||||||||||
| Other | 95,955,644 | 2.5 | ||||||||||||
| 118,475,331 | 3.1 | |||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
| Prime Security Services Borrower LLC | ||||||||||||||
| 30,075,000 | g | 5.750%, 04/15/26 | 31,317,097 | 0.8 | ||||||||||
| United Rentals North America, Inc | ||||||||||||||
| 16,425,000 | 5.500%, 07/15/25 | 17,090,213 | 0.5 | |||||||||||
| 17,500,000 | 6.500%, 12/15/26 | 19,066,250 | 0.5 | |||||||||||
| Other | 180,097,348 | 4.7 | ||||||||||||
| 247,570,908 | 6.5 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| CONSUMER DURABLES & APPAREL | ||||||||||||||
| KB Home | ||||||||||||||
| $ | 16,650,000 | 6.875%, 06/15/27 | $ | 18,731,250 | 0.5 | % | ||||||||
| Lennar Corp | ||||||||||||||
| 16,000,000 | 4.500%, 04/30/24 | 16,856,000 | 0.4 | |||||||||||
| Mattel, Inc | ||||||||||||||
| 28,050,000 | g | 6.750%, 12/31/25 | 29,268,492 | 0.8 | ||||||||||
| Other | 44,582,062 | 1.2 | ||||||||||||
| 109,437,804 | 2.9 | |||||||||||||
| CONSUMER SERVICES | ||||||||||||||
| Six Flags Entertainment Corp | ||||||||||||||
| 17,500,000 | g | 4.875%, 07/31/24 | 18,112,500 | 0.5 | ||||||||||
| Other | 158,673,023 | 4.1 | ||||||||||||
| 176,785,523 | 4.6 | |||||||||||||
| DIVERSIFIED FINANCIALS | ||||||||||||||
| Icahn Enterprises LP | ||||||||||||||
| 21,200,000 | 6.250%, 02/01/22 | 21,751,200 | 0.6 | |||||||||||
| Quicken Loans, Inc | ||||||||||||||
| 19,350,000 | g | 5.250%, 01/15/28 | 19,969,200 | 0.5 | ||||||||||
| Other | 102,521,002 | 2.7 | ||||||||||||
| 144,241,402 | 3.8 | |||||||||||||
| ENERGY | ||||||||||||||
| AmeriGas Partners LP | ||||||||||||||
| 39,600,000 | 5.500%–5.875%, 05/20/24–05/20/27 | 42,750,622 | 1.1 | |||||||||||
| Genesis Energy LP | ||||||||||||||
| 17,900,000 | 6.500%, 10/01/25 | 17,452,500 | 0.5 | |||||||||||
| 17,500,000 | 6.250%, 05/15/26 | 16,843,750 | 0.5 | |||||||||||
| Hess Infrastructure Partners LP | ||||||||||||||
| 18,825,000 | g | 5.625%, 02/15/26 | 19,672,125 | 0.5 | ||||||||||
| Targa Resources Partners LP | ||||||||||||||
| 39,600,000 | 5.000%–6.875%, 02/01/25–01/15/29 | 41,401,433 | 1.1 | |||||||||||
| USA Compression Partners LP | ||||||||||||||
| 30,000,000 | 6.875%, 04/01/26 | 31,125,000 | 0.8 | |||||||||||
| Other | 485,701,316 | 12.7 | ||||||||||||
| 654,946,746 | 17.2 | |||||||||||||
| FOOD & STAPLES RETAILING | ||||||||||||||
| Ingles Markets, Inc | ||||||||||||||
| 17,960,000 | 5.750%, 06/15/23 | 18,341,650 | 0.5 | |||||||||||
| Other | 24,983,683 | 0.6 | ||||||||||||
| 43,325,333 | 1.1 | |||||||||||||
| FOOD, BEVERAGE & TOBACCO | 18,278,206 | 0.5 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
| HCA, Inc | ||||||||||||||
| 43,375,000 | 5.125%–7.500%, 02/01/25–06/15/49 | 47,950,833 | 1.3 | |||||||||||
| Tenet Healthcare Corp | ||||||||||||||
| 23,125,000 | 4.625%, 07/15/24 | 23,766,256 | 0.6 | |||||||||||
| 55,900,000 | 6.250%–8.125%, 04/01/22–11/15/31 | 57,405,550 | 1.5 | |||||||||||
| Other | 115,806,910 | 3.0 | ||||||||||||
| 244,929,549 | 6.4 | |||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 10,659,438 | 0.3 | ||||||||||||
| INSURANCE | 2,134,600 | 0.1 | ||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 47 |
| Summary portfolio of investments (unaudited) | continued |
High-Yield Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| MATERIALS | ||||||||||||||
| Nova Chemicals Corp | ||||||||||||||
| $ | 35,000,000 | g | 4.875%, 06/01/24 | $ | 35,992,250 | 0.9 | % | |||||||
| Tronox Finance plc | ||||||||||||||
| 18,800,000 | g | 5.750%, 10/01/25 | 17,780,100 | 0.5 | ||||||||||
| Tronox, Inc | ||||||||||||||
| 17,750,000 | g | 6.500%, 04/15/26 | 16,906,875 | 0.4 | ||||||||||
| Other | 221,379,243 | 5.9 | ||||||||||||
| 292,058,468 | 7.7 | |||||||||||||
| MEDIA & ENTERTAINMENT | ||||||||||||||
| CCO Holdings LLC | ||||||||||||||
| 20,000,000 | g | 5.875%, 04/01/24 | 20,869,200 | 0.6 | ||||||||||
| CSC Holdings LLC | ||||||||||||||
| 29,250,000 | g | 7.500%, 04/01/28 | 32,939,887 | 0.9 | ||||||||||
| 36,425,000 | 5.500%–6.750%, 11/15/21–01/15/30 | 38,797,880 | 1.0 | |||||||||||
| DISH DBS Corp | ||||||||||||||
| 28,500,000 | 7.750%, 07/01/26 | 29,041,500 | 0.8 | |||||||||||
| Numericable-SFR S.A. | ||||||||||||||
| 19,150,000 | g | 7.375%, 05/01/26 | 20,556,759 | 0.5 | ||||||||||
| Other | 233,219,142 | 6.1 | ||||||||||||
| 375,424,368 | 9.9 | |||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
| VRX Escrow Corp | ||||||||||||||
| 18,600,000 | g | 6.125%, 04/15/25 | 19,297,500 | 0.5 | ||||||||||
| Other | 52,377,037 | 1.4 | ||||||||||||
| 71,674,537 | 1.9 | |||||||||||||
| REAL ESTATE | 16,474,855 | 0.4 | ||||||||||||
| RETAILING | ||||||||||||||
| PetSmart, Inc | ||||||||||||||
| 24,800,000 | g | 7.125%, 03/15/23 | 23,312,000 | 0.6 | ||||||||||
| Staples, Inc | ||||||||||||||
| 26,575,000 | g | 10.750%, 04/15/27 | 27,305,813 | 0.7 | ||||||||||
| Other | 110,184,741 | 2.9 | ||||||||||||
| 160,802,554 | 4.2 | |||||||||||||
| SOFTWARE & SERVICES | ||||||||||||||
| Open Text Corp | ||||||||||||||
| 16,400,000 | g | 5.875%, 06/01/26 | 17,510,280 | 0.5 | ||||||||||
| Refinitiv US Holdings, Inc | ||||||||||||||
| 16,475,000 | g | 6.250%, 05/15/26 | 17,669,273 | 0.5 | ||||||||||
| Other | 62,943,245 | 1.6 | ||||||||||||
| 98,122,798 | 2.6 | |||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
| CommScope, Inc | ||||||||||||||
| 28,700,000 | g | 6.000%, 06/15/25 | 25,901,750 | 0.7 | ||||||||||
| Other | 28,519,590 | 0.7 | ||||||||||||
| 54,421,340 | 1.4 | |||||||||||||
| TELECOMMUNICATION SERVICES | ||||||||||||||
| CenturyLink, Inc | ||||||||||||||
| 17,300,000 | 5.800%, 03/15/22 | 18,229,875 | 0.5 | |||||||||||
| 16,400,000 | 7.500%, 04/01/24 | 18,340,940 | 0.5 | |||||||||||
| Frontier Communications Corp | ||||||||||||||
| 17,700,000 | g | 8.000%, 04/01/27 | 18,668,013 | 0.5 | ||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||||
| TELECOMMUNICATION SERVICES—continued | |||||||||||||||
| T-Mobile USA, Inc | |||||||||||||||
| $ | 22,000,000 | 5.125%, 04/15/25 | $ | 22,770,000 | 0.6 | % | |||||||||
| Vodafone Group plc | |||||||||||||||
| 15,500,000 | i | 7.000%, 04/04/79, USD Swap | |||||||||||||
| Semi 30/360 5 Y + 4.873% | 17,824,202 | 0.4 | |||||||||||||
| Other | 91,427,110 | 2.4 | |||||||||||||
| 187,260,140 | 4.9 | ||||||||||||||
| TRANSPORTATION | |||||||||||||||
| Bombardier, Inc | |||||||||||||||
| 16,825,000 | g | 6.125%, 01/15/23 | 17,136,262 | 0.4 | |||||||||||
| Other | 21,933,363 | 0.6 | |||||||||||||
| 39,069,625 | 1.0 | ||||||||||||||
| UTILITIES | |||||||||||||||
| Calpine Corp | |||||||||||||||
| 17,125,000 | g | 5.250%, 06/01/26 | 17,724,375 | 0.5 | |||||||||||
| Vistra Operations Co LLC | |||||||||||||||
| 19,600,000 | g | 5.625%, 02/15/27 | 20,622,728 | 0.5 | |||||||||||
| Other | 54,343,938 | 1.4 | |||||||||||||
| 92,691,041 | 2.4 | ||||||||||||||
| TOTAL CORPORATE BONDS (Cost $3,250,639,204) | 3,288,166,017 | 86.3 | |||||||||||||
| TOTAL BONDS (Cost $3,250,639,204) | 3,288,166,017 | 86.3 | |||||||||||||
| Shares | Company | ||||||||||||||
| COMMON STOCKS | |||||||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||||
| 183,823 | SPDR Bloomberg Barclays High Yield Bond ETF | 19,988,913 | 0.5 | ||||||||||||
| 19,988,913 | 0.5 | ||||||||||||||
| ENERGY | 13,631,704 | 0.4 | |||||||||||||
| TOTAL COMMON STOCKS (Cost $35,016,267) | 33,620,617 | 0.9 | |||||||||||||
| RIGHTS / WARRANTS | |||||||||||||||
| ENERGY | 1,454,955 | 0.0 | |||||||||||||
| TOTAL RIGHTS / WARRANTS (Cost $1,808,487) | 1,454,955 | 0.0 | |||||||||||||
| Principal | Issuer | ||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||||
| $ | 23,350,000 | 1.580%, 10/01/19 | 23,350,000 | 0.6 | |||||||||||
| 20,000,000 | 1.921%, 10/08/19 | 19,992,689 | 0.5 | ||||||||||||
| 21,120,000 | 1.934%, 11/05/19 | 21,081,397 | 0.6 | ||||||||||||
| 20,000,000 | 1.970%, 11/15/19 | 19,953,000 | 0.5 | ||||||||||||
| 20,000,000 | 1.915%, 11/18/19 | 19,949,867 | 0.5 | ||||||||||||
| Other | 41,887,610 | 1.2 | |||||||||||||
| 146,214,563 | 3.9 | ||||||||||||||
| 48 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
High-Yield Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| TREASURY DEBT | ||||||||||||||
| United States Treasury Bill | ||||||||||||||
| $ | 31,030,000 | 1.850%–1.962%, 10/01/19 | $ | 31,030,000 | 0.8 | % | ||||||||
| 20,000,000 | 1.964%, 11/05/19 | 19,965,823 | 0.5 | |||||||||||
| 24,340,000 | 1.867%, 11/21/19 | 24,278,019 | 0.6 | |||||||||||
| Other | 9,096,886 | 0.3 | ||||||||||||
| 84,370,728 | 2.2 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $230,571,721) | 230,585,291 | 6.1 | ||||||||||||
| TOTAL PORTFOLIO (Cost $3,763,590,626) | 3,790,791,030 | 99.5 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 19,626,977 | 0.5 | ||||||||||||
| NET ASSETS | $ | 3,810,418,007 | 100.0 | % | ||||||||||
Abbreviation(s):
| ETF | Exchange Traded Fund |
| LIBOR | London Interbank Offered Rate |
| M | Month |
| SPDR | Standard & Poor’s Depository Receipts |
| Y | Year |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $1,773,274,942 or 46.5% 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. |
| o | Payment in Kind Bond. |
“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.
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
PURCHASED
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount |
* | Variation margin |
Unrealized appreciation (depreciation |
) | |||||||||||
| CDX-NAHYS33V1-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/24 | $ | 100,000,000 | $ | (238,749 | ) | $ | (238,749 | ) | ||||||||
| * | 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 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Inflation-Linked Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| AGENCY SECURITIES | ||||||||||||||
| Crowley Conro LLC | ||||||||||||||
| $ | 4,200,000 | 4.181%, 08/15/43 | $ | 4,790,168 | 0.1 | % | ||||||||
| HNA LLC | ||||||||||||||
| 2,123,778 | 2.369%, 09/18/27 | 2,161,510 | 0.1 | |||||||||||
| Montefiore Medical Center | ||||||||||||||
| 9,825,000 | 2.895%, 04/20/32 | 10,264,461 | 0.3 | |||||||||||
| Private Export Funding Corp (PEFCO) | ||||||||||||||
| 3,500,000 | 2.300%, 09/15/20 | 3,510,223 | 0.1 | |||||||||||
| 3,000,000 | 3.250%, 06/15/25 | 3,227,343 | 0.1 | |||||||||||
| Reliance Industries Ltd | ||||||||||||||
| 4,276,316 | 2.444%, 01/15/26 | 4,356,380 | 0.1 | |||||||||||
| Ukraine Government AID International Bonds | ||||||||||||||
| 3,000,000 | 1.847%, 05/29/20 | 3,005,683 | 0.1 | |||||||||||
| 15,000,000 | 1.471%, 09/29/21 | 14,939,584 | 0.4 | |||||||||||
| 46,255,352 | 1.3 | |||||||||||||
| MORTGAGE BACKED | ||||||||||||||
| Government National Mortgage Association (GNMA) | ||||||||||||||
| 11,854,880 | 3.600%, 09/15/31 | 12,648,524 | 0.4 | |||||||||||
| 5,854,955 | 3.700%, 10/15/33 | 6,205,171 | 0.2 | |||||||||||
| 1,679,490 | 3.380%, 07/15/35 | 1,790,907 | 0.0 | |||||||||||
| 1,570,676 | 3.870%, 10/15/36 | 1,682,796 | 0.0 | |||||||||||
| 5,681,586 | 3.940%, 03/15/37 | 6,184,982 | 0.2 | |||||||||||
| 28,512,380 | 0.8 | |||||||||||||
| U.S. TREASURY SECURITIES | ||||||||||||||
| United States Treasury Inflation Indexed Bonds | ||||||||||||||
| 116,556,024 | k | 1.125%, 01/15/21 | 116,916,818 | 3.3 | ||||||||||
| 159,109,793 | k | 0.125%, 04/15/21 | 157,406,677 | 4.5 | ||||||||||
| 121,721,765 | k | 0.625%, 07/15/21 | 122,182,089 | 3.5 | ||||||||||
| 153,040,152 | k | 0.125%, 01/15/22 | 151,586,702 | 4.3 | ||||||||||
| 175,937,619 | k | 0.125%, 04/15/22 | 174,177,843 | 5.0 | ||||||||||
| 145,747,210 | k | 0.125%, 07/15/22 | 145,139,945 | 4.1 | ||||||||||
| 135,618,452 | k | 0.125%, 01/15/23 | 134,513,101 | 3.8 | ||||||||||
| 127,043,010 | k | 0.625%, 04/15/23 | 128,116,930 | 3.7 | ||||||||||
| 139,458,660 | k | 0.375%, 07/15/23 | 140,321,509 | 4.0 | ||||||||||
| 131,966,791 | k | 0.625%, 01/15/24 | 134,061,473 | 3.8 | ||||||||||
| 104,668,910 | k | 0.500%, 04/15/24 | 106,013,038 | 3.0 | ||||||||||
| 119,641,550 | k | 0.125%, 07/15/24 | 119,592,137 | 3.4 | ||||||||||
| 154,694,352 | k | 0.250%, 01/15/25 | 155,145,009 | 4.4 | ||||||||||
| 103,923,139 | k | 2.375%, 01/15/25 | 115,711,177 | 3.3 | ||||||||||
| 128,930,666 | k | 0.375%, 07/15/25 | 130,708,287 | 3.7 | ||||||||||
| 144,451,678 | k | 0.625%, 01/15/26 | 148,199,561 | 4.2 | ||||||||||
| 63,456,008 | k | 2.000%, 01/15/26 | 70,470,185 | 2.0 | ||||||||||
| 94,327,302 | k | 0.125%, 07/15/26 | 94,186,117 | 2.7 | ||||||||||
| 109,660,793 | k | 0.375%, 01/15/27 | 110,984,620 | 3.2 | ||||||||||
| 44,855,228 | k | 2.375%, 01/15/27 | 51,864,595 | 1.5 | ||||||||||
| 86,075,016 | k | 0.375%, 07/15/27 | 87,522,434 | 2.5 | ||||||||||
| 159,239,310 | k | 0.500%, 01/15/28 | 163,092,807 | 4.7 | ||||||||||
| 79,627,317 | k | 1.750%, 01/15/28 | 89,546,746 | 2.6 | ||||||||||
| 52,090,207 | k | 3.625%, 04/15/28 | 66,878,114 | 1.9 | ||||||||||
| 67,323,751 | k | 0.750%, 07/15/28 | 70,771,581 | 2.0 | ||||||||||
| 123,349,684 | k | 0.875%, 01/15/29 | 131,102,208 | 3.7 | ||||||||||
| 40,969,204 | k | 2.500%, 01/15/29 | 49,536,178 | 1.4 | ||||||||||
| 116,365,255 | k | 3.875%, 04/15/29 | 156,177,893 | 4.5 | ||||||||||
| 55,163,900 | k | 0.250%, 07/15/29 | 55,742,299 | 1.6 | ||||||||||
| 3,613,475 | k | 3.375%, 04/15/32 | 4,994,406 | 0.1 | ||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| U.S. TREASURY SECURITIES—continued | ||||||||||||||
| United States Treasury Note | ||||||||||||||
| $ | 10,000,000 | 1.500%, 09/15/22 | $ | 9,981,641 | 0.3 | % | ||||||||
| 3,000,000 | 1.875%, 07/31/26 | 3,049,453 | 0.1 | |||||||||||
| 15,000,000 | 1.625%, 08/15/29 | 14,934,961 | 0.4 | |||||||||||
| 3,410,628,534 | 97.2 | |||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $3,414,645,125) | 3,485,396,266 | 99.3 | ||||||||||||
| TOTAL PORTFOLIO (Cost $3,414,645,125) | 3,485,396,266 | 99.3 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 25,794,649 | 0.7 | ||||||||||||
| NET ASSETS | $ | 3,511,190,915 | 100.0 | % | ||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| 50 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Short Duration Impact Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| ENERGY | ||||||||||||||
| TerraForm Power Operating LLC | ||||||||||||||
| $ | 643,599 | †,i | 4.044%, 11/08/22, LIBOR 1 M + 2.000% | $ | 644,404 | 2.3 | % | |||||||
| 644,404 | 2.3 | |||||||||||||
| UTILITIES | ||||||||||||||
| ExGen Renewables IV LLC | ||||||||||||||
| 477,543 | i | 5.130%, 11/28/24, LIBOR 3 M + 3.000% | 466,502 | 1.6 | ||||||||||
| 466,502 | 1.6 | |||||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $1,116,289) | 1,110,906 | 3.9 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | ||||||||||||||
| Harley-Davidson Financial Services, Inc | ||||||||||||||
| 250,000 | g | 4.050%, 02/04/22 | 257,853 | 0.9 | ||||||||||
| 257,853 | 0.9 | |||||||||||||
| BANKS | ||||||||||||||
| Cooperatieve Rabobank UA | ||||||||||||||
| 500,000 | i | 2.697%, 04/26/21, LIBOR 3 M + 0.430% | 501,783 | 1.8 | ||||||||||
| 500,000 | i | 2.818%, 01/10/23, LIBOR 3 M + 0.480% | 497,838 | 1.7 | ||||||||||
| HSBC Bank Canada | ||||||||||||||
| 400,000 | g | 1.650%, 09/10/22 | 397,310 | 1.4 | ||||||||||
| HSBC Holdings plc | ||||||||||||||
| 500,000 | 3.033%, 11/22/23 | 507,407 | 1.8 | |||||||||||
| Intesa Sanpaolo S.p.A | ||||||||||||||
| 500,000 | g | 3.250%, 09/23/24 | 498,931 | 1.7 | ||||||||||
| M&T Bank Corp | ||||||||||||||
| 500,000 | i | 2.947%, 07/26/23, LIBOR 3 M + 0.680% | 500,837 | 1.8 | ||||||||||
| Regions Bank | ||||||||||||||
| 500,000 | i | 2.479%, 04/01/21, LIBOR 3 M + 0.380% | 499,304 | 1.8 | ||||||||||
| 350,000 | i | 2.676%, 08/13/21, LIBOR 3 M + 0.500% | 350,114 | 1.2 | ||||||||||
| Toronto-Dominion Bank | ||||||||||||||
| 500,000 | 1.850%, 09/11/20 | 499,599 | 1.8 | |||||||||||
| Zions Bancorp NA | ||||||||||||||
| 300,000 | 3.350%, 03/04/22 | 307,114 | 1.1 | |||||||||||
| 4,560,237 | 16.1 | |||||||||||||
| CAPITAL GOODS | ||||||||||||||
| CNH Industrial Capital LLC | ||||||||||||||
| 500,000 | 4.200%, 01/15/24 | 527,652 | 1.9 | |||||||||||
| Trimble, Inc | ||||||||||||||
| 500,000 | 4.150%, 06/15/23 | 522,345 | 1.8 | |||||||||||
| 1,049,997 | 3.7 | |||||||||||||
| CONSUMER SERVICES | ||||||||||||||
| Nature Conservancy | ||||||||||||||
| 260,000 | 3.333%, 02/01/24 | 259,788 | 0.9 | |||||||||||
| 259,788 | 0.9 | |||||||||||||
| DIVERSIFIED FINANCIALS | ||||||||||||||
| Century Housing Corp | ||||||||||||||
| 250,000 | 3.995%, 11/01/21 | 256,096 | 0.9 | |||||||||||
| Other | 657,077 | 2.3 | ||||||||||||
| 913,173 | 3.2 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| ENERGY | ||||||||||||||
| Occidental Petroleum Corp | ||||||||||||||
| $ | 1,000,000 | i | 3.637%, 08/15/22, LIBOR 3 M + 1.450% | $ | 1,006,600 | 3.6 | % | |||||||
| Phillips 66 | ||||||||||||||
| 500,000 | g,i | 3.053%, 04/15/20, LIBOR 3 M + 0.750% | 500,170 | 1.8 | ||||||||||
| Other | 100,517 | 0.3 | ||||||||||||
| 1,607,287 | 5.7 | |||||||||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||||||
| Coca-Cola Co | ||||||||||||||
| 400,000 | 1.750%, 09/06/24 | 396,935 | 1.4 | |||||||||||
| 396,935 | 1.4 | |||||||||||||
| MATERIALS | ||||||||||||||
| 3M Co | ||||||||||||||
| 500,000 | 2.000%, 02/14/25 | 496,934 | 1.8 | |||||||||||
| International Flavors & Fragrances, Inc | ||||||||||||||
| 500,000 | 3.400%, 09/25/20 | 505,712 | 1.8 | |||||||||||
| 1,002,646 | 3.6 | |||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
| GlaxoSmithKline Capital plc | ||||||||||||||
| 500,000 | i | 2.525%, 05/14/21, LIBOR 3 M + 0.350% | 500,684 | 1.8 | ||||||||||
| Zoetis, Inc | ||||||||||||||
| 500,000 | i | 2.576%, 08/20/21, LIBOR 3 M + 0.440% | 498,988 | 1.7 | ||||||||||
| 999,672 | 3.5 | |||||||||||||
| REAL ESTATE | ||||||||||||||
| Alexandria Real Estate Equities, Inc | ||||||||||||||
| 500,000 | 4.000%, 01/15/24 | 533,553 | 1.9 | |||||||||||
| 533,553 | 1.9 | |||||||||||||
| SOFTWARE & SERVICES | ||||||||||||||
| Microsoft Corp | ||||||||||||||
| 500,000 | 2.400%, 02/06/22 | 506,996 | 1.8 | |||||||||||
| 506,996 | 1.8 | |||||||||||||
| TELECOMMUNICATION SERVICES | ||||||||||||||
| Verizon Communications, Inc | ||||||||||||||
| 500,000 | 3.119%, 03/16/22 | 507,527 | 1.8 | |||||||||||
| 507,527 | 1.8 | |||||||||||||
| TRANSPORTATION | ||||||||||||||
| United Parcel Service, Inc | ||||||||||||||
| 500,000 | i | 2.548%, 05/16/22, LIBOR 3 M + 0.380% | 501,990 | 1.8 | ||||||||||
| 501,990 | 1.8 | |||||||||||||
| UTILITIES | ||||||||||||||
| Korea Hydro & Nuclear Power Co Ltd | ||||||||||||||
| 300,000 | g | 3.750%, 07/25/23 | 316,536 | 1.1 | ||||||||||
| Other | 808,336 | 2.9 | ||||||||||||
| 1,124,872 | 4.0 | |||||||||||||
| TOTAL CORPORATE BONDS (Cost $14,012,677) | 14,222,526 | 50.3 | ||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 51 |
| Summary portfolio of investments (unaudited) | concluded |
Short Duration Impact Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| AGENCY SECURITIES | ||||||||||||||
| NCUA Guaranteed Notes | ||||||||||||||
| $ | 500,000 | 3.450%, 06/12/21 | $ | 510,000 | 1.8 | % | ||||||||
| US Department of Housing and Urban Development (HUD) | ||||||||||||||
| 250,000 | 2.618%, 08/01/23 | 258,864 | 0.9 | |||||||||||
| 768,864 | 2.7 | |||||||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||||||
| European Stability Mechanism | ||||||||||||||
| 500,000 | g | 1.375%, 09/11/24 | 492,770 | 1.8 | ||||||||||
| International Development Association | ||||||||||||||
| 500,000 | g | 2.750%, 04/24/23 | 518,767 | 1.8 | ||||||||||
| Nederlandse Waterschapsbank NV | ||||||||||||||
| 250,000 | g | 3.125%, 12/05/22 | 260,805 | 0.9 | ||||||||||
| North American Development Bank | ||||||||||||||
| 1,000,000 | 4.375%, 02/11/20 | 1,005,913 | 3.6 | |||||||||||
| Perusahaan Penerbit SBSN Indonesia III | ||||||||||||||
| 500,000 | g | 3.750%, 03/01/23 | 517,755 | 1.8 | ||||||||||
| Other | 504,171 | 1.8 | ||||||||||||
| 3,300,181 | 11.7 | |||||||||||||
| MUNICIPAL BONDS | ||||||||||||||
| Warm Springs Reservation Confederated Tribe | ||||||||||||||
| 450,000 | 2.550%–3.050%, 11/01/20–11/01/24 | 451,275 | 1.6 | |||||||||||
| Other | 254,881 | 0.9 | ||||||||||||
| 706,156 | 2.5 | |||||||||||||
| U.S. TREASURY SECURITIES | ||||||||||||||
| United States Treasury Note | ||||||||||||||
| 500,000 | 2.500%, 05/31/20 | 501,992 | 1.8 | |||||||||||
| 500,000 | 2.500%, 01/31/21 | 504,727 | 1.8 | |||||||||||
| 495,000 | 1.500%, 09/15/22 | 494,091 | 1.7 | |||||||||||
| 1,500,000 | 2.625%, 12/31/23 | 1,564,863 | 5.5 | |||||||||||
| Other | 250,342 | 0.9 | ||||||||||||
| 3,316,015 | 11.7 | |||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $7,943,190) | 8,091,216 | 28.6 | ||||||||||||
| STRUCTURED ASSETS | ||||||||||||||
| ASSET BACKED | ||||||||||||||
| HERO Funding Trust | ||||||||||||||
| Series-2016 3A (Class A2) | ||||||||||||||
| 474,739 | g | 3.910%, 09/20/42 | 490,977 | 1.7 | ||||||||||
| Sunrun Callisto Issuer LLC | ||||||||||||||
| Series-2019 1A (Class A) | ||||||||||||||
| 489,045 | g | 3.980%, 06/30/54 | 502,813 | 1.8 | ||||||||||
| Toyota Auto Receivables Owner Trust | ||||||||||||||
| Series-2016 B (Class A4) | ||||||||||||||
| 669,161 | 1.520%, 08/16/21 | 668,120 | 2.4 | |||||||||||
| Other | 193,035 | 0.7 | ||||||||||||
| 1,854,945 | 6.6 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| OTHER MORTGAGE BACKED | ||||||||||||||
| DBUBS Mortgage Trust | ||||||||||||||
| Series-2011 LC2A (Class D) | ||||||||||||||
| $ | 250,000 | g,i | 5.714%, 07/10/44 | $ | 260,490 | 0.9 | % | |||||||
| GRACE Mortgage Trust | ||||||||||||||
| Series-2014 GRCE (Class A) | ||||||||||||||
| 275,000 | g | 3.369%, 06/10/28 | 279,221 | 1.0 | ||||||||||
| Morgan Stanley Capital I Trust | ||||||||||||||
| Series-2014 CPT (Class AM) | ||||||||||||||
| 500,000 | g,i | 3.516%, 07/13/29 | 507,682 | 1.8 | ||||||||||
| Series-2013 WLSR (Class A) | ||||||||||||||
| 300,000 | g | 2.695%, 01/11/32 | 299,699 | 1.1 | ||||||||||
| Series-2011 C1 (Class D) | ||||||||||||||
| 250,000 | g,i | 5.554%, 09/15/47 | 259,055 | 0.9 | ||||||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||||||||
| Series-2013 120B (Class A) | ||||||||||||||
| 780,000 | g,i | 2.800%, 03/18/28 | 779,645 | 2.8 | ||||||||||
| WFRBS Commercial Mortgage Trust | ||||||||||||||
| Series-2011 C2 (Class B) | ||||||||||||||
| 250,000 | g,i | 5.174%, 02/15/44 | 257,075 | 0.9 | ||||||||||
| Other | 206,121 | 0.7 | ||||||||||||
| 2,848,988 | 10.1 | |||||||||||||
| TOTAL STRUCTURED ASSETS (Cost $4,624,356) | 4,703,933 | 16.7 | ||||||||||||
| TOTAL BONDS (Cost $26,580,223) | 27,017,675 | 95.6 | ||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||
| GOVERNMENT AGENCY DEBT | 150,000 | 0.5 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $150,000) | 150,000 | 0.5 | ||||||||||||
| TOTAL PORTFOLIO (Cost $27,846,512) | 28,278,581 | 100.0 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 4,566 | 0.0 | ||||||||||||
| NET ASSETS | $ | 28,283,147 | 100.0 | % | ||||||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| † | Security is categorized as Level 3 in the fair value hierarchy. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $9,060,587 or 32.0% of net assets. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 52 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Short-Term Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| CAPITAL GOODS | $ | 2,536,229 | 0.1 | % | ||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 4,612,507 | 0.2 | ||||||||||||
| CONSUMER DURABLES & APPAREL | 2,653,108 | 0.1 | ||||||||||||
| CONSUMER SERVICES | 7,360,735 | 0.3 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 1,603,970 | 0.1 | ||||||||||||
| MATERIALS | 495,772 | 0.0 | ||||||||||||
| MEDIA & ENTERTAINMENT | 10,342,773 | 0.5 | ||||||||||||
| RETAILING | 3,852,005 | 0.2 | ||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,455,611 | 0.1 | ||||||||||||
| SOFTWARE & SERVICES | 5,964,744 | 0.2 | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 1,947,426 | 0.1 | ||||||||||||
| TRANSPORTATION | 1,939,394 | 0.1 | ||||||||||||
| UTILITIES | 1,365,577 | 0.0 | ||||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $46,074,823) | 46,129,851 | 2.0 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | 3,042,738 | 0.1 | ||||||||||||
| BANKS | ||||||||||||||
| Bank Nederlandse Gemeenten NV | ||||||||||||||
| $ | 11,850,000 | g | 2.500%, 02/28/20 | 11,867,769 | 0.5 | |||||||||
| Bank of America Corp | ||||||||||||||
| 10,000,000 | 2.328%, 10/01/21 | 10,011,011 | 0.4 | |||||||||||
| Dexia Credit Local S.A. | ||||||||||||||
| 10,000,000 | g | 2.875%, 01/29/22 | 10,227,405 | 0.5 | ||||||||||
| HSBC Bank Canada | ||||||||||||||
| 16,000,000 | g | 1.650%, 09/10/22 | 15,892,379 | 0.7 | ||||||||||
| JPMorgan Chase Bank NA | ||||||||||||||
| 26,500,000 | 3.086%, 04/26/21 | 26,639,674 | 1.2 | |||||||||||
| Royal Bank of Canada | ||||||||||||||
| 10,000,000 | g | 3.350%, 10/22/21 | 10,291,286 | 0.5 | ||||||||||
| Toronto-Dominion Bank | ||||||||||||||
| 10,000,000 | g | 2.100%, 07/15/22 | 10,067,888 | 0.4 | ||||||||||
| Wells Fargo Bank NA | ||||||||||||||
| 12,670,000 | 3.325%, 07/23/21 | 12,784,948 | 0.6 | |||||||||||
| Other | 170,721,773 | 7.5 | ||||||||||||
| 278,504,133 | 12.3 | |||||||||||||
| CAPITAL GOODS | 25,259,369 | 1.1 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 2,030,000 | 0.1 | ||||||||||||
| CONSUMER DURABLES & APPAREL | 3,268,000 | 0.2 | ||||||||||||
| DIVERSIFIED FINANCIALS | ||||||||||||||
| Federation des Caisses Desjardins du Quebec | ||||||||||||||
| 16,800,000 | g | 1.950%, 09/26/22 | 16,830,947 | 0.8 | ||||||||||
| Other | 109,544,635 | 4.8 | ||||||||||||
| 126,375,582 | 5.6 | |||||||||||||
| Principal | Issuer | Value | % of net assets | |||||||||||
| ENERGY | $ | 35,030,870 | 1.5 | % | ||||||||||
| FOOD & STAPLES RETAILING | 22,857,396 | 1.0 | ||||||||||||
| FOOD, BEVERAGE & TOBACCO | 15,347,776 | 0.7 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 6,795,778 | 0.3 | ||||||||||||
| INSURANCE | 6,574,356 | 0.3 | ||||||||||||
| MATERIALS | 27,478,049 | 1.2 | ||||||||||||
| MEDIA & ENTERTAINMENT | 11,276,494 | 0.5 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 22,648,590 | 1.0 | ||||||||||||
| REAL ESTATE | 8,839,043 | 0.4 | ||||||||||||
| RETAILING | 4,821,973 | 0.2 | ||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 7,479,452 | 0.3 | ||||||||||||
| SOFTWARE & SERVICES | 9,017,060 | 0.4 | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 11,878,303 | 0.5 | ||||||||||||
| TELECOMMUNICATION SERVICES | 20,638,735 | 0.9 | ||||||||||||
| TRANSPORTATION | 17,196,992 | 0.8 | ||||||||||||
| UTILITIES | 19,998,645 | 0.9 | ||||||||||||
| TOTAL CORPORATE
BONDS (Cost $678,893,431) | 686,359,334 | 30.3 | ||||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| AGENCY SECURITIES | ||||||||||||||
| Iraq Government AID International Bond | ||||||||||||||
| $ | 24,000,000 | 2.149%, 01/18/22 | 24,230,124 | 1.1 | ||||||||||
| Montefiore Medical Center | ||||||||||||||
| 12,790,000 | 2.152%, 10/20/26 | 12,831,014 | 0.6 | |||||||||||
| Ukraine Government AID International Bonds | ||||||||||||||
| 15,000,000 | 1.471%, 09/29/21 | 14,939,584 | 0.6 | |||||||||||
| Other | 55,318,586 | 2.4 | ||||||||||||
| 107,319,308 | 4.7 | |||||||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||||||
| CDP Financial, Inc | ||||||||||||||
| 9,670,000 | g | 2.750%, 03/07/22 | 9,890,019 | 0.4 | ||||||||||
| CPPIB Capital, Inc | ||||||||||||||
| 19,000,000 | g | 2.750%, 07/22/21 | 19,304,271 | 0.9 | ||||||||||
| European Stability Mechanism | ||||||||||||||
| 25,000,000 | g | 1.375%, 09/11/24 | 24,638,494 | 1.1 | ||||||||||
| International Bank for Reconstruction & Development | ||||||||||||||
| 10,000,000 | 1.500%, 08/28/24 | 9,937,682 | 0.4 | |||||||||||
| Kommunalbanken AS. | ||||||||||||||
| 17,200,000 | g | 2.500%, 04/17/20 | 17,241,313 | 0.8 | ||||||||||
| Ontario Teachers’ Finance Trust | ||||||||||||||
| 15,000,000 | g | 1.625%, 09/12/24 | 14,881,024 | 0.7 | ||||||||||
| Province of British Columbia Canada | ||||||||||||||
| 12,000,000 | 1.750%, 09/27/24 | 12,029,712 | 0.5 | |||||||||||
| Other | 142,800,491 | 6.3 | ||||||||||||
| 250,723,006 | 11.1 | |||||||||||||
| MORTGAGE BACKED | 226,004 | 0.0 | ||||||||||||
| MUNICIPAL BONDS | 5,028,350 | 0.2 | ||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 53 |
| Summary portfolio of investments (unaudited) | continued |
Short-Term Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| U.S. TREASURY SECURITIES | |||||||||||
| United States Treasury Inflation Indexed Bonds | |||||||||||
| $ | 10,328,700 | k | 0.625%, 04/15/23 | $ | 10,416,011 | 0.5 | % | ||||
| 16,275,840 | k | 0.500%, 04/15/24 | 16,484,850 | 0.7 | |||||||
| United States Treasury Note | |||||||||||
| 37,000,000 | 2.250%, 02/29/20 | 37,050,586 | 1.6 | ||||||||
| 10,000,000 | 1.625%, 03/15/20 | 9,989,062 | 0.5 | ||||||||
| 20,750,000 | 2.250%, 03/31/20 | 20,787,285 | 0.9 | ||||||||
| 100,000,000 | 2.375%, 04/30/20 | 100,285,156 | 4.4 | ||||||||
| 19,460,000 | 2.500%, 01/31/21 | 19,643,958 | 0.9 | ||||||||
| 10,000,000 | 2.125%, 06/30/21 | 10,073,828 | 0.5 | ||||||||
| 48,010,000 | 1.750%, 07/31/21 | 48,075,639 | 2.1 | ||||||||
| 30,030,000 | 1.500%, 09/30/21 | 29,956,098 | 1.3 | ||||||||
| 22,655,000 | 1.500%, 09/15/22 | 22,613,407 | 1.0 | ||||||||
| 27,535,000 | 1.500%, 09/30/24 | 27,469,389 | 1.2 | ||||||||
| 72,000,000 | 1.875%, 07/31/26 | 73,186,875 | 3.2 | ||||||||
| Other | 18,471,840 | 0.8 | |||||||||
| 444,503,984 | 19.6 | ||||||||||
| TOTAL GOVERNMENT BONDS (Cost $801,789,899) | 807,800,652 | 35.6 | |||||||||
| STRUCTURED ASSETS | |||||||||||
| ASSET BACKED | |||||||||||
| DB Master Finance LLC | |||||||||||
| Series-2019 1A (Class A2I) | |||||||||||
| 9,186,975 | g | 3.787%, 05/20/49 | 9,460,747 | 0.4 | |||||||
| Domino’s Pizza Master Issuer LLC | |||||||||||
| Series-2017 1A (Class A2II) | |||||||||||
| 14,700,000 | g | 3.082%, 07/25/47 | 14,749,833 | 0.7 | |||||||
| TES LLC | |||||||||||
| Series-2017 1A (Class A) | |||||||||||
| 12,173,234 | g | 4.330%, 10/20/47 | 12,405,108 | 0.5 | |||||||
| Verizon Owner Trust | |||||||||||
| Series-2018 A (Class B) | |||||||||||
| 10,905,000 | 3.380%, 04/20/23 | 11,214,522 | 0.5 | ||||||||
| Other | 154,039,042 | 6.8 | |||||||||
| 201,869,252 | 8.9 | ||||||||||
| OTHER MORTGAGE BACKED | |||||||||||
| 1166 Avenue of the Americas Commercial Mortgage Trust II | |||||||||||
| Series-2005 C6A (Class A1) | |||||||||||
| 8,935,928 | g | 5.690%, 10/13/37 | 9,603,935 | 0.4 | |||||||
| 20 Times Square Trust | |||||||||||
| Series-2018 20TS (Class D) | |||||||||||
| 10,000,000 | g,i | 3.203%, 05/15/35 | 10,043,169 | 0.4 | |||||||
| COMM Mortgage Trust | |||||||||||
| 35,582,895 | g,i | 3.397%–4.906%, 08/10/29–08/10/50 | 36,368,182 | 1.6 | |||||||
| Connecticut Avenue Securities | |||||||||||
| 53,464,889 | g,i | 2.165%–5.018%, 05/25/24–09/25/31, | |||||||||
| LIBOR 1 M + 1.300%–LIBOR 1 M + 3.000% | 53,820,947 | 2.4 | |||||||||
| Credit Suisse Commercial Mortgage Trust | |||||||||||
| Series-2007 C2 (Class C) | |||||||||||
| 12,000,000 | g,i | 5.897%, 01/15/49 | 14,856,876 | 0.7 | |||||||
| JP Morgan Mortgage Trust | |||||||||||
| Series-2018 9 (Class A15) | |||||||||||
| 10,145,476 | g,i | 4.000%, 02/25/49 | 10,152,325 | 0.4 | |||||||
| 25,606,702 | g,i | 3.500%–4.000%, 01/25/47–02/25/49 | 25,920,450 | 1.1 | |||||||
| Principal | Issuer | Value | % of net assets |
||||||||
| OTHER MORTGAGE BACKED—continued | |||||||||||
| Sequoia Mortgage Trust | |||||||||||
| Series-2016 1 (Class A10) | |||||||||||
| $ | 10,471,894 | g,i | 3.500%, 06/25/46 | $ | 10,634,340 | 0.5 | % | ||||
| Series-2017 3 (Class A4) | |||||||||||
| 10,394,020 | g,i | 3.500%, 04/25/47 | 10,562,517 | 0.5 | |||||||
| Series-2017 6 (Class A4) | |||||||||||
| 11,518,869 | g,i | 3.500%, 09/25/47 | 11,712,512 | 0.5 | |||||||
| Series-2018 2 (Class A4) | |||||||||||
| 14,241,024 | g,i | 3.500%, 02/25/48 | 14,426,653 | 0.6 | |||||||
| Series-2018 3 (Class A4) | |||||||||||
| 35,570,246 | g,i | 3.500%, 03/25/48 | 36,102,413 | 1.6 | |||||||
| Structured Agency Credit Risk Debt Note (STACR) | |||||||||||
| Series-2017 DNA2 (Class M1) | |||||||||||
| 12,782,922 | i | 3.218%, 10/25/29, LIBOR 1 M + 1.200% | 12,824,652 | 0.6 | |||||||
| Series-2017 DNA3 (Class M1) | |||||||||||
| 13,304,755 | i | 2.768%, 03/25/30, LIBOR 1 M + 0.750% | 13,306,017 | 0.6 | |||||||
| Other | 215,996,493 | 9.5 | |||||||||
| 486,331,481 | 21.4 | ||||||||||
| TOTAL STRUCTURED ASSETS (Cost $682,192,683) | 688,200,733 | 30.3 | |||||||||
| TOTAL BONDS (Cost $2,162,876,013) | 2,182,360,719 | 96.2 | |||||||||
| SHORT-TERM INVESTMENTS | |||||||||||
| GOVERNMENT AGENCY DEBT | 5,759,699 | 0.3 | |||||||||
| TREASURY DEBT | |||||||||||
| United States Treasury Bill | |||||||||||
| 19,450,000 | 1.830%–1.854%, 10/01/19 | 19,450,000 | 0.9 | ||||||||
| 15,090,000 | 1.852%, 10/22/19 | 15,074,097 | 0.6 | ||||||||
| 25,000,000 | 2.133%, 12/12/19 | 24,910,938 | 1.1 | ||||||||
| 59,435,035 | 2.6 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $65,177,184) | 65,194,734 | 2.9 | |||||||||
| TOTAL PORTFOLIO (Cost $2,274,128,020) | 2,293,685,304 | 101.1 | |||||||||
| OTHER ASSETS & LIABILITIES, NET | (25,764,918 | ) | (1.1 | ) | |||||||
| NET ASSETS | $ | 2,267,920,386 | 100.0 | % | |||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $901,408,441 or 39.7% of net assets. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 54 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Short-Term Bond Fund ■ September 30, 2019
Futures contracts outstanding as of September 30, 2019 were as follows:
| Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
| US 10 Year Note (CBT) | (191 | ) | 12/19/19 | $(24,992,169 | ) | $(24,889,688 | ) | $102,481 | ||||||||||
| US 5 Year Note (CBT) | (510 | ) | 12/31/19 | (60,935,751 | ) | (60,765,703 | ) | 170,048 | ||||||||||
| Total | (701 | ) | $(85,927,920 | ) | $(85,655,391 | ) | $272,529 | |||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 55 |
Summary portfolio of investments (unaudited)
Short-Term Bond Index Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| BONDS | |||||||||||
| CORPORATE BONDS | |||||||||||
| AUTOMOBILES & COMPONENTS | $ | 805,911 | 0.1 | % | |||||||
| BANKS | |||||||||||
| JPMorgan Chase & Co | |||||||||||
| $ | 1,450,000 | 3.207%, 04/01/23 | 1,484,489 | 0.2 | |||||||
| Other | 38,845,921 | 6.5 | |||||||||
| 40,330,410 | 6.7 | ||||||||||
| CAPITAL GOODS | 6,578,436 | 1.1 | |||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 1,790,686 | 0.3 | |||||||||
| CONSUMER DURABLES & APPAREL | 100,294 | 0.0 | |||||||||
| CONSUMER SERVICES | 1,369,846 | 0.2 | |||||||||
| DIVERSIFIED FINANCIALS | 28,575,424 | 4.8 | |||||||||
| ENERGY | 9,354,623 | 1.6 | |||||||||
| FOOD & STAPLES RETAILING | 3,146,429 | 0.5 | |||||||||
| FOOD, BEVERAGE & TOBACCO | 6,492,889 | 1.1 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 3,398,964 | 0.6 | |||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 716,423 | 0.1 | |||||||||
| INSURANCE | 2,778,904 | 0.5 | |||||||||
| MATERIALS | 3,315,632 | 0.5 | |||||||||
| MEDIA & ENTERTAINMENT | 3,530,388 | 0.6 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 8,804,111 | 1.5 | |||||||||
| REAL ESTATE | 2,721,792 | 0.5 | |||||||||
| RETAILING | 2,038,566 | 0.3 | |||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,717,719 | 0.3 | |||||||||
| SOFTWARE & SERVICES | 4,517,839 | 0.7 | |||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 5,903,789 | 1.0 | |||||||||
| TELECOMMUNICATION SERVICES | 3,267,719 | 0.5 | |||||||||
| TRANSPORTATION | 2,272,438 | 0.4 | |||||||||
| UTILITIES | 6,713,775 | 1.1 | |||||||||
| TOTAL CORPORATE BONDS (Cost $148,605,675) | 150,243,007 | 25.0 | |||||||||
| GOVERNMENT BONDS | |||||||||||
| AGENCY SECURITIES | |||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||
| 2,400,000 | 1.875%, 03/13/20 | 2,400,105 | 0.4 | ||||||||
| 3,000,000 | 2.625%, 05/28/20 | 3,014,550 | 0.5 | ||||||||
| 3,000,000 | 3.000%, 10/12/21 | 3,079,544 | 0.5 | ||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | |||||||||||
| 1,500,000 | 1.875%, 11/17/20 | 1,501,515 | 0.2 | ||||||||
| 2,500,000 | 2.375%, 01/13/22 | 2,539,181 | 0.4 | ||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||
| 3,000,000 | 1.500%, 11/30/20 | 2,989,324 | 0.5 | ||||||||
| 1,500,000 | 2.625%, 01/11/22 | 1,531,844 | 0.3 | ||||||||
| Other | 3,457,595 | 0.6 | |||||||||
| 20,513,658 | 3.4 | ||||||||||
| Principal | Issuer | Value | % of net assets |
||||||||
| FOREIGN GOVERNMENT BONDS | |||||||||||
| Asian Development Bank | |||||||||||
| $ | 1,500,000 | 1.375%, 03/23/20 | $ | 1,495,407 | 0.3 | % | |||||
| European Investment Bank | |||||||||||
| 2,000,000 | 2.875%, 09/15/20 | 2,018,110 | 0.3 | ||||||||
| 2,000,000 | 2.375%, 05/13/21 | 2,020,212 | 0.3 | ||||||||
| Inter-American Development Bank | |||||||||||
| 1,636,000 | 1.375%, 07/15/20 | 1,629,422 | 0.3 | ||||||||
| International Bank for Reconstruction & Development | |||||||||||
| 2,000,000 | 1.625%, 02/10/22 | 1,998,875 | 0.3 | ||||||||
| Kreditanstalt fuer Wiederaufbau | |||||||||||
| 1,500,000 | 1.875%, 06/30/20 | 1,499,336 | 0.3 | ||||||||
| 2,000,000 | 2.625%, 04/12/21 | 2,025,600 | 0.3 | ||||||||
| Other | 27,861,941 | 4.7 | |||||||||
| 40,548,903 | 6.8 | ||||||||||
| U.S. TREASURY SECURITIES | |||||||||||
| United States Treasury Note | |||||||||||
| 7,750,000 | 1.750%, 11/15/20 | 7,744,551 | 1.3 | ||||||||
| 2,000,000 | 2.750%, 11/30/20 | 2,021,484 | 0.3 | ||||||||
| 6,250,000 | 1.875%, 12/15/20 | 6,255,615 | 1.0 | ||||||||
| 7,000,000 | 2.500%, 12/31/20 | 7,060,430 | 1.2 | ||||||||
| 9,900,000 | 2.000%, 01/15/21 | 9,926,684 | 1.7 | ||||||||
| 2,500,000 | 2.500%, 01/31/21 | 2,523,633 | 0.4 | ||||||||
| 15,500,000 | 2.250%, 02/15/21 | 15,600,508 | 2.6 | ||||||||
| 5,900,000 | 2.500%, 02/28/21 | 5,960,383 | 1.0 | ||||||||
| 7,000,000 | 2.375%, 03/15/21 | 7,062,070 | 1.2 | ||||||||
| 31,200,000 | 2.250%, 03/31/21 | 31,429,125 | 5.2 | ||||||||
| 5,150,000 | 2.375%, 04/15/21 | 5,198,684 | 0.9 | ||||||||
| 16,250,000 | 2.250%, 04/30/21 | 16,380,127 | 2.7 | ||||||||
| 11,600,000 | 2.625%, 05/15/21 | 11,766,750 | 2.0 | ||||||||
| 8,500,000 | 2.125%, 05/31/21 | 8,557,441 | 1.4 | ||||||||
| 10,250,000 | 2.625%, 06/15/21 | 10,406,553 | 1.7 | ||||||||
| 18,800,000 | 1.625%, 06/30/21 | 18,777,969 | 3.1 | ||||||||
| 16,250,000 | 2.625%, 07/15/21 | 16,512,793 | 2.8 | ||||||||
| 6,000,000 | 1.750%, 07/31/21 | 6,008,203 | 1.0 | ||||||||
| 12,250,000 | 2.750%, 08/15/21 | 12,489,258 | 2.1 | ||||||||
| 3,000,000 | 1.500%, 08/31/21 | 2,991,094 | 0.5 | ||||||||
| 13,500,000 | 2.750%, 09/15/21 | 13,787,402 | 2.3 | ||||||||
| 6,000,000 | 1.500%, 09/30/21 | 5,985,234 | 1.0 | ||||||||
| 9,000,000 | 2.875%, 10/15/21 | 9,219,727 | 1.5 | ||||||||
| 17,750,000 | 2.875%, 11/15/21 | 18,200,683 | 3.0 | ||||||||
| 14,250,000 | 2.625%, 12/15/21 | 14,563,389 | 2.4 | ||||||||
| 20,500,000 | 2.500%, 01/15/22 | 20,897,187 | 3.5 | ||||||||
| 10,000,000 | 2.375%, 03/15/22 | 10,191,016 | 1.7 | ||||||||
| 12,000,000 | 2.250%, 04/15/22 | 12,188,906 | 2.0 | ||||||||
| 18,000,000 | 2.125%, 05/15/22 | 18,235,547 | 3.0 | ||||||||
| 14,000,000 | 1.750%, 06/15/22 | 14,063,984 | 2.4 | ||||||||
| 20,000,000 | 1.750%, 07/15/22 | 20,081,250 | 3.4 | ||||||||
| 13,000,000 | 1.500%, 08/15/22 | 12,971,055 | 2.2 | ||||||||
| 5,000,000 | 1.500%, 09/15/22 | 4,990,820 | 0.8 | ||||||||
| 4,000,000 | 1.500%, 09/30/24 | 3,990,469 | 0.7 | ||||||||
| Other | 1,020,273 | 0.2 | |||||||||
| 385,060,297 | 64.2 | ||||||||||
| TOTAL GOVERNMENT BONDS (Cost $441,526,143) | 446,122,858 | 74.4 | |||||||||
| TOTAL BONDS (Cost $590,131,818) | 596,365,865 | 99.4 | |||||||||
| 56 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Short-Term Bond Index Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| SHORT-TERM INVESTMENTS | |||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||
| $ | 6,790,000 | 1.500%, 10/01/19 | $ | 6,790,000 | 1.1 | % | |||||
| 6,790,000 | 1.1 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,790,000) | 6,790,000 | 1.1 | |||||||||
| TOTAL PORTFOLIO (Cost $596,921,818) | 603,155,865 | 100.5 | |||||||||
| OTHER ASSETS & LIABILITIES, NET | (3,052,977 | ) | (0.5 | ) | |||||||
| NET ASSETS | $ | 600,102,888 | 100.0 | % | |||||||
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 9/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $3,219,711 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 57 |
Summary portfolio of investments (unaudited)
Social Choice Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| BANK LOAN OBLIGATIONS | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | $ | 3,453,770 | 0.1 | % | |||||||
| ENERGY | 7,297,537 | 0.2 | |||||||||
| MATERIALS | 2,756,052 | 0.1 | |||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 1,887,986 | 0.0 | |||||||||
| UTILITIES | 4,163,234 | 0.1 | |||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $19,613,950) | 19,558,579 | 0.5 | |||||||||
| BONDS | |||||||||||
| CORPORATE BONDS | |||||||||||
| AUTOMOBILES & COMPONENTS | 31,409,632 | 0.7 | |||||||||
| BANKS | |||||||||||
| Bank of Nova Scotia | |||||||||||
| $ | 15,500,000 | 2.700%, 08/03/26 | 15,723,603 | 0.4 | |||||||
| Citizens Financial Group, Inc | |||||||||||
| 20,000,000 | 2.850%, 07/27/26 | 20,201,446 | 0.5 | ||||||||
| ING Groep NV | |||||||||||
| 13,875,000 | g | 4.625%, 01/06/26 | 15,348,638 | 0.3 | |||||||
| Other | 367,512,859 | 8.5 | |||||||||
| 418,786,546 | 9.7 | ||||||||||
| CAPITAL GOODS | |||||||||||
| NBM US Holdings, Inc | |||||||||||
| 13,750,000 | g | 6.625%, 08/06/29 | 14,093,750 | 0.3 | |||||||
| Other | 30,140,597 | 0.7 | |||||||||
| 44,234,347 | 1.0 | ||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 18,650,091 | 0.4 | |||||||||
| CONSUMER SERVICES | |||||||||||
| Starbucks Corp | |||||||||||
| 13,500,000 | 4.450%, 08/15/49 | 15,671,667 | 0.3 | ||||||||
| Other | 54,894,722 | 1.3 | |||||||||
| 70,566,389 | 1.6 | ||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||
| Bank of Montreal | |||||||||||
| 15,750,000 | i | 2.768%, 09/11/22, LIBOR 3 M + 0.630% | 15,835,833 | 0.4 | |||||||
| Unilever Capital Corp | |||||||||||
| 24,750,000 | 2.000%, 07/28/26 | 24,537,860 | 0.6 | ||||||||
| Other | 147,665,315 | 3.4 | |||||||||
| 188,039,008 | 4.4 | ||||||||||
| ENERGY | |||||||||||
| EQT Corp | |||||||||||
| 15,000,000 | i | 2.103%, 10/01/20, LIBOR 3 M + 0.770% | 14,965,854 | 0.3 | |||||||
| Other | 143,197,006 | 3.4 | |||||||||
| 158,162,860 | 3.7 | ||||||||||
| FOOD, BEVERAGE & TOBACCO | 16,186,900 | 0.4 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 25,741,772 | 0.6 | |||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 6,697,544 | 0.2 | |||||||||
| Principal | Issuer | Value | % of net assets |
||||||||
| INSURANCE | $ | 45,379,909 | 1.1 | % | |||||||
| MATERIALS | |||||||||||
| 3M Co | |||||||||||
| $ | 14,500,000 | 2.000%, 02/14/25 | 14,411,104 | 0.3 | |||||||
| Klabin Austria GmbH | |||||||||||
| 14,000,000 | g | 7.000%, 04/03/49 | 14,907,200 | 0.3 | |||||||
| Other | 81,028,519 | 1.9 | |||||||||
| 110,346,823 | 2.5 | ||||||||||
| MEDIA & ENTERTAINMENT | 2,931,306 | 0.1 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||
| Merck & Co, Inc | |||||||||||
| 11,500,000 | 3.900%, 03/07/39 | 13,371,013 | 0.3 | ||||||||
| Other | 62,099,763 | 1.5 | |||||||||
| 75,470,776 | 1.8 | ||||||||||
| REAL ESTATE | 58,632,819 | 1.4 | |||||||||
| RETAILING | 11,526,584 | 0.3 | |||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 8,160,441 | 0.2 | |||||||||
| SOFTWARE & SERVICES | |||||||||||
| International Business Machines Corp | |||||||||||
| 23,000,000 | i | 2.576%, 05/13/21, LIBOR 3 M + 0.400% | 23,089,510 | 0.5 | |||||||
| 17,900,000 | 4.150%, 05/15/39 | 20,444,351 | 0.5 | ||||||||
| 43,533,861 | 1.0 | ||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 5,258,496 | 0.1 | |||||||||
| TELECOMMUNICATION SERVICES | |||||||||||
| Telefonica Emisiones SAU | |||||||||||
| 11,000,000 | 5.520%, 03/01/49 | 13,406,323 | 0.3 | ||||||||
| Other | 33,959,723 | 0.8 | |||||||||
| 47,366,046 | 1.1 | ||||||||||
| TRANSPORTATION | |||||||||||
| Delta Air Lines, Inc | |||||||||||
| 15,400,000 | 3.404%, 04/25/24 | 16,119,237 | 0.4 | ||||||||
| Other | 93,310,238 | 2.1 | |||||||||
| 109,429,475 | 2.5 | ||||||||||
| UTILITIES | |||||||||||
| Arizona Public Service Co | |||||||||||
| 12,500,000 | 3.750%, 05/15/46 | 13,294,179 | 0.3 | ||||||||
| Avangrid, Inc | |||||||||||
| 16,275,000 | 3.800%, 06/01/29 | 17,488,359 | 0.4 | ||||||||
| Public Service Co of Colorado | |||||||||||
| 16,575,000 | 3.200%, 03/01/50 | 16,856,434 | 0.4 | ||||||||
| Other | 311,121,322 | 7.2 | |||||||||
| 358,760,294 | 8.3 | ||||||||||
| TOTAL CORPORATE BONDS (Cost $1,765,598,830) | 1,855,271,919 | 43.1 | |||||||||
| 58 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
Social Choice Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| GOVERNMENT BONDS | |||||||||||
| AGENCY SECURITIES | |||||||||||
| MSN 41079 and 41084 Ltd | |||||||||||
| 14,199,113 | 1.717%, 07/13/24 | $ | 14,145,763 | 0.3 | % | ||||||
| NCUA Guaranteed Notes | |||||||||||
| 16,423,000 | 3.450%, 06/12/21 | 16,751,476 | 0.4 | ||||||||
| Overseas Private Investment Corp (OPIC) | |||||||||||
| 15,000,000 | 2.360%, 10/15/29 | 15,179,497 | 0.4 | ||||||||
| 93,292,419 | j | 0.000%–4.140%, 11/15/19–07/15/38 | 97,722,438 | 2.3 | |||||||
| Ukraine Government AID International Bonds | |||||||||||
| 13,410,000 | 1.471%, 09/29/21 | 13,355,988 | 0.3 | ||||||||
| Other | 283,803,735 | 6.6 | |||||||||
| 440,958,897 | 10.3 | ||||||||||
| FOREIGN GOVERNMENT BONDS | |||||||||||
| CDP Financial, Inc | |||||||||||
| 17,500,000 | g | 2.125%, 06/11/21 | 17,584,316 | 0.4 | |||||||
| European Bank for Reconstruction & Development | |||||||||||
| 15,000,000 | 1.625%, 09/27/24 | 14,980,146 | 0.4 | ||||||||
| OMERS Finance Trust | |||||||||||
| 13,000,000 | g | 2.500%, 05/02/24 | 13,405,897 | 0.3 | |||||||
| Other | 236,048,706 | 5.6 | |||||||||
| 282,019,065 | 6.7 | ||||||||||
| MORTGAGE BACKED | |||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||
| 19,516,307 | 3.500%, 03/01/48 | 20,522,768 | 0.5 | ||||||||
| 47,588,183 | 3.000%–5.000%, 06/01/36–08/01/48 | 49,833,307 | 1.2 | ||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||
| 14,372,557 | 3.000%, 10/01/46 | 14,505,816 | 0.3 | ||||||||
| 18,427,788 | 3.000%, 11/01/46 | 18,878,845 | 0.4 | ||||||||
| 19,727,184 | 4.000%, 04/01/48 | 20,624,587 | 0.5 | ||||||||
| 13,248,433 | 4.500%, 07/01/48 | 13,969,802 | 0.3 | ||||||||
| 16,193,479 | 4.000%, 08/01/48 | 16,806,280 | 0.4 | ||||||||
| 30,667,000 | 3.000%, 11/01/48 | 31,296,113 | 0.7 | ||||||||
| 19,637,888 | 4.500%, 12/01/48 | 20,672,948 | 0.5 | ||||||||
| 131,435,065 | 1.625%–5.500%, 01/21/20–10/01/49 | 134,575,393 | 3.1 | ||||||||
| Other | 52,179,959 | 1.2 | |||||||||
| 393,865,818 | 9.1 | ||||||||||
| MUNICIPAL BONDS | |||||||||||
| Chicago Metropolitan Water Reclamation | |||||||||||
| District-Greater Chicago | |||||||||||
| 16,465,000 | 5.720%, 12/01/38 | 22,277,804 | 0.5 | ||||||||
| City of Houston TX Combined Utility System Revenue | |||||||||||
| 12,425,000 | 3.828%, 05/15/28 | 13,645,259 | 0.3 | ||||||||
| Ohio State Water Development Authority | |||||||||||
| 12,900,000 | 4.879%, 12/01/34 | 15,392,925 | 0.4 | ||||||||
| Other | 350,611,948 | 8.1 | |||||||||
| 401,927,936 | 9.3 | ||||||||||
| U.S. TREASURY SECURITIES | |||||||||||
| United States Treasury Inflation Indexed Bonds | |||||||||||
| 20,344,800 | k | 0.500%, 04/15/24 | 20,606,062 | 0.5 | |||||||
| United States Treasury Note | |||||||||||
| 41,395,000 | 1.500%, 09/30/24 | 41,296,363 | 1.0 | ||||||||
| 17,040,000 | 2.750%, 06/30/25 | 18,111,656 | 0.4 | ||||||||
| 14,250,000 | 2.750%, 08/31/25 | 15,167,344 | 0.3 | ||||||||
| 34,685,000 | h | 1.875%, 07/31/26 | 35,256,761 | 0.8 | |||||||
| Principal | Issuer | Value | % of net assets |
|||||||||
| U.S. TREASURY SECURITIES—continued | ||||||||||||
| $ | 18,195,000 | 1.625%, 09/30/26 | $ | 18,198,554 | 0.4 | % | ||||||
| 31,145,000 | 1.625%, 08/15/29 | 31,009,957 | 0.7 | |||||||||
| 80,969,000 | 2.875%, 05/15/49 | 94,512,330 | 2.2 | |||||||||
| Other | 28,942,943 | 0.7 | ||||||||||
| 303,101,970 | 7.0 | |||||||||||
| TOTAL GOVERNMENT BONDS (Cost $1,768,369,353) | 1,821,873,686 | 42.4 | ||||||||||
| STRUCTURED ASSETS | ||||||||||||
| ASSET BACKED | ||||||||||||
| Sunrun Callisto Issuer LLC | ||||||||||||
| Series-2019 1A (Class A) | ||||||||||||
| 18,339,200 | g | 3.980%, 06/30/54 | 18,855,472 | 0.4 | ||||||||
| Tesla Auto Lease Trust | ||||||||||||
| Series-2018 B (Class A) | ||||||||||||
| 15,862,733 | g | 3.710%, 08/20/21 | 16,118,009 | 0.4 | ||||||||
| Other | 139,901,574 | 3.3 | ||||||||||
| 174,875,055 | 4.1 | |||||||||||
| OTHER MORTGAGE BACKED | ||||||||||||
| Hudson Yards Mortgage Trust | ||||||||||||
| Series-2019 30HY (Class D) | ||||||||||||
| 17,500,000 | g,i | 3.558%, 07/10/39 | 18,222,178 | 0.4 | ||||||||
| One Bryant Park Trust | ||||||||||||
| Series-2019 OBP (Class A) | ||||||||||||
| 17,750,000 | g | 2.516%, 09/13/49 | 17,843,697 | 0.4 | ||||||||
| Other | 298,244,077 | 7.0 | ||||||||||
| 334,309,952 | 7.8 | |||||||||||
| TOTAL STRUCTURED ASSETS (Cost $497,849,260) | 509,185,007 | 11.9 | ||||||||||
| TOTAL BONDS (Cost $4,031,817,443) | 4,186,330,612 | 97.4 | ||||||||||
| Shares | Company | |||||||||||
| PREFERRED STOCKS | ||||||||||||
| REAL ESTATE | 10,384,000 | 0.2 | ||||||||||
| TOTAL PREFERRED STOCKS (Cost $10,000,000) | 10,384,000 | 0.2 | ||||||||||
| Principal | Issuer | |||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||||
| $ | 22,330,000 | 1.600%, 10/02/19 | 22,328,834 | 0.5 | ||||||||
| Other | 33,783,961 | 0.8 | ||||||||||
| 56,112,795 | 1.3 | |||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 59 |
| Summary portfolio of investments (unaudited) | concluded |
Social Choice Bond Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| TREASURY DEBT | |||||||||||
| United States Treasury Bill | |||||||||||
| $ | 14,120,000 | 1.850%–1.900%, 10/01/19 | $ | 14,120,000 | 0.3 | % | |||||
| Other | 12,045,876 | 0.3 | |||||||||
| 26,165,876 | 0.6 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $82,276,708) | 82,278,671 | 1.9 | |||||||||
| TOTAL PORTFOLIO (Cost $4,143,708,101) | 4,298,551,862 | 100.0 | |||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,228,643 | 0.0 | |||||||||
| NET ASSETS | $ | 4,299,780,505 | 100.0 | % | |||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/19, the aggregate value of these securities, including those in “Other,” is $989,622,730 or 23.0% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| j | Zero coupon |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
“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.
Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:
| Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) |
|||||||||||||||
| $ | 7,126,223 | EUR | 6,490,250 | Australia & New Zealand Banking Group | 11/27/19 | $22,028 |
| 60 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Money Market Fund ■ September 30, 2019
| Principal | Issuer | Value | % of net assets |
||||||||
| SHORT-TERM INVESTMENTS | |||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||
| Federal Farm Credit Bank (FFCB) | |||||||||||
| $ | 10,000,000 | 0.010%, 10/08/19 | $ | 9,995,955 | 0.7 | % | |||||
| 18,350,000 | 0.010%, 10/04/19–11/27/19 | 18,318,201 | 1.2 | ||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||
| 13,466,000 | 0.010%, 10/02/19 | 13,465,217 | 0.9 | ||||||||
| 12,600,000 | 0.010%, 10/03/19 | 12,598,579 | 0.8 | ||||||||
| 30,400,000 | 0.010%, 10/08/19 | 30,388,089 | 2.0 | ||||||||
| 19,200,000 | 0.010%, 10/09/19 | 19,191,310 | 1.2 | ||||||||
| 10,000,000 | 0.010%, 10/10/19 | 9,994,750 | 0.6 | ||||||||
| 65,000,000 | 0.010%, 10/11/19 | 64,961,250 | 4.2 | ||||||||
| 55,535,000 | 0.010%, 10/16/19 | 55,486,255 | 3.6 | ||||||||
| 27,600,000 | 0.010%, 10/23/19 | 27,565,517 | 1.8 | ||||||||
| 47,890,000 | 0.010%, 10/25/19 | 47,823,490 | 3.1 | ||||||||
| 10,759,000 | 0.010%, 10/28/19 | 10,742,176 | 0.7 | ||||||||
| 12,200,000 | 0.010%, 10/29/19 | 12,181,022 | 0.8 | ||||||||
| 30,790,000 | 0.010%, 10/30/19 | 30,738,112 | 2.0 | ||||||||
| 30,840,000 | 0.010%, 11/01/19 | 30,785,623 | 2.0 | ||||||||
| 31,010,000 | 0.010%, 11/05/19 | 30,951,813 | 2.0 | ||||||||
| 18,450,000 | 0.010%, 11/06/19 | 18,414,576 | 1.2 | ||||||||
| 12,035,000 | 0.010%, 11/08/19 | 12,009,772 | 0.8 | ||||||||
| 20,000,000 | 0.010%, 11/12/19 | 19,954,733 | 1.3 | ||||||||
| 15,000,000 | 0.010%, 11/18/19 | 14,961,400 | 1.0 | ||||||||
| 25,550,000 | 0.010%, 11/20/19 | 25,481,531 | 1.7 | ||||||||
| 19,000,000 | 0.010%, 11/22/19 | 18,946,787 | 1.2 | ||||||||
| 47,400,000 | 0.010%, 11/25/19 | 47,260,236 | 3.1 | ||||||||
| 60,500,000 | 0.010%, 11/26/19 | 60,318,836 | 3.9 | ||||||||
| 50,000,000 | 0.010%, 12/06/19 | 49,816,667 | 3.2 | ||||||||
| 26,650,000 | 0.010%, 12/11/19 | 26,548,560 | 1.7 | ||||||||
| 22,715,000 | 0.010%, 10/04/19–12/13/19 | 22,652,624 | 1.5 | ||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | |||||||||||
| 10,900,000 | 0.010%, 10/17/19 | 10,888,671 | 0.7 | ||||||||
| 12,000,000 | 0.010%, 11/19/19 | 11,964,753 | 0.8 | ||||||||
| 25,000,000 | 0.010%, 12/20/19 | 24,898,056 | 1.6 | ||||||||
| 50,000,000 | 0.010%, 12/30/19 | 49,763,750 | 3.2 | ||||||||
| 56,500,000 | 0.010%, 01/17/20 | 56,183,035 | 3.6 | ||||||||
| 40,145,000 | 0.010%, 10/03/19–12/09/19 | 40,090,503 | 2.6 | ||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||
| 14,328,000 | 0.010%, 10/02/19 | 14,327,136 | 0.9 | ||||||||
| 23,000,000 | 0.010%, 10/07/19 | 22,992,448 | 1.5 | ||||||||
| 11,000,000 | 0.010%, 10/16/19 | 10,991,200 | 0.7 | ||||||||
| 14,400,000 | 0.010%, 10/18/19 | 14,386,672 | 0.9 | ||||||||
| Other | 7,981,271 | 0.5 | |||||||||
| 1,006,020,576 | 65.2 | ||||||||||
| TREASURY DEBT | |||||||||||
| United States Treasury Bill | |||||||||||
| 31,045,000 | 0.010%, 10/01/19 | 31,045,000 | 2.0 | ||||||||
| 18,400,000 | 0.010%, 10/08/19 | 18,392,780 | 1.2 | ||||||||
| 30,025,000 | 0.010%, 10/10/19 | 30,008,040 | 1.9 | ||||||||
| 42,800,000 | 0.010%, 10/29/19 | 42,735,899 | 2.8 | ||||||||
| 21,400,000 | 0.010%, 12/05/19 | 21,324,824 | 1.4 | ||||||||
| 39,241,000 | 0.010%, 12/12/19 | 39,088,836 | 2.5 | ||||||||
| 10,970,000 | 0.010%, 12/19/19 | 10,924,719 | 0.7 | ||||||||
| 28,730,000 | 0.010%, 10/15/19–11/07/19 | 28,685,051 | 1.9 | ||||||||
| United States Treasury Note | |||||||||||
| 12,665,000 | 1.000%, 11/15/19 | 12,641,266 | 0.8 | ||||||||
| 17,400,000 | 1.375%, 04/30/20 | 17,353,576 | 1.1 | ||||||||
| 17,000,000 | 1.000%–2.000%, 10/15/19–02/29/20 | 16,986,130 | 1.1 | ||||||||
| 269,186,121 | 17.4 | ||||||||||
| Principal | Issuer | Value | % of net assets |
||||||||
| VARIABLE RATE SECURITIES | |||||||||||
| Federal Agricultural Mortgage Corp (FAMC) | |||||||||||
| $ | 25,000,000 | i | 1.880%, 11/09/20, SOFR + 0.060% | $ | 25,000,000 | 1.6 | % | ||||
| 15,000,000 | i | 1.890%, 02/08/21, SOFR + 0.070% | 15,000,000 | 1.0 | |||||||
| 61,500,000 | i | 1.860%–2.160%, 11/01/19–12/21/20, | |||||||||
| SOFR + 0.040%–LIBOR 1 M + 0.060% | 61,494,000 | 4.0 | |||||||||
| Federal Farm Credit Bank (FFCB) | |||||||||||
| 11,500,000 | i | 2.020%, 02/20/20, FRED – 2.980% | 11,499,817 | 0.7 | |||||||
| 49,005,000 | i | 1.920%–2.130%, 10/10/19-01/19/21, | |||||||||
| FRED – 3.080%–FRED – 2.870% | 48,999,354 | 3.2 | |||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||
| 13,000,000 | i | 1.290%, 07/29/20, SOFR + 0.100% | 13,000,000 | 0.8 | |||||||
| 25,000,000 | i | 1.855%–1.875%, 06/19/20–05/14/21, | |||||||||
| SOFR + 0.035%–SOFR + 0.055% | 25,000,000 | 1.6 | |||||||||
| United States Treasury Floating Rate Note | |||||||||||
| 14,000,000 | i | 1.962%, 10/31/19, US Treasury Bill 3 M + 0.048% | 14,000,383 | 0.9 | |||||||
| 50,000,000 | i | 1.947%, 04/30/20, US Treasury Bill 3 M + 0.033% | 49,982,800 | 3.2 | |||||||
| 12,000,000 | i | 1.959%, 10/31/20, US Treasury Bill 3 M + 0.045% | 11,993,302 | 0.8 | |||||||
| Other | 23,499,648 | 1.6 | |||||||||
| 299,469,304 | 19.4 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,574,676,001) | 1,574,676,001 | 102.0 | |||||||||
| TOTAL PORTFOLIO (Cost $1,574,676,001) | 1,574,676,001 | 102.0 | |||||||||
| OTHER ASSETS & LIABILITIES, NET | (31,328,476 | ) | (2.0 | ) | |||||||
| NET ASSETS | $ | 1,543,347,525 | 100.0 | % | |||||||
Abbreviation(s):
| 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.
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 Semiannual Report | 61 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ September 30, 2019
| 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 | Money Market Fund | ||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||||||
| Portfolio investments, at value† | $ | 6,884,954,160 | $ | 16,633,059,724 | $ | 4,791,836,880 | $ | 267,995,862 | $ | 30,690,255 | $ | 3,790,791,030 | $ | 3,485,396,266 | $ | 28,278,581 | $ | 2,293,685,304 | $ | 603,155,865 | $ | 4,298,551,862 | $ | 1,574,676,001 | |||||||||||||||
| Cash§# | 18,685,964 | 20,083 | 12,714,673 | 11,083,711 | — | 670,132 | 8,591,596 | 4,309 | 2,423,415 | 5,393 | 5,246,707 | 51,989 | |||||||||||||||||||||||||||
| Receivable from securities transactions | 94,067,315 | 33,803,420 | 15,742,268 | — | 1,637 | 299,618 | — | 1,638 | 106,385,807 | 6,607,743 | 56,116,840 | — | |||||||||||||||||||||||||||
| Receivable for delayed delivery securities | 24,173,709 | — | 13,041,428 | — | — | — | — | — | — | — | 8,722,365 | — | |||||||||||||||||||||||||||
| Receivable from Fund shares sold | 199,559,728 | 103,690,583 | 12,067,479 | 99,021 | 7,660 | 2,662,787 | 11,501,489 | — | 862,144 | 8,512,018 | 7,432,272 | 4,996,662 | |||||||||||||||||||||||||||
| Dividends and interest receivable | 39,517,715 | 89,691,594 | 29,225,035 | 2,974,682 | 203,658 | 58,378,965 | 7,656,010 | 142,001 | 10,662,760 | 3,411,834 | 26,424,997 | 1,050,945 | |||||||||||||||||||||||||||
| Due from affiliates | 151,858 | 82,788 | 101,119 | 1,426 | 3,756 | 19,221 | 50,352 | 3,731 | 34,840 | 8,272 | — | 6,126 | |||||||||||||||||||||||||||
| Receivable for variation margin on open futures contracts | — | — | — | — | — | — | — | — | 274,289 | — | — | — | |||||||||||||||||||||||||||
| Unrealized appreciation on forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | 22,028 | — | |||||||||||||||||||||||||||
| Unfunded loan commitment | — | — | 50 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Other | 292,393 | 459,199 | 210,059 | 46,503 | 221 | — | 191,600 | 218 | 112,818 | 8,883 | 58,530 | — | |||||||||||||||||||||||||||
| Total assets | 7,261,402,842 | 16,860,807,391 | 4,874,938,991 | 282,201,205 | 30,907,187 | 3,852,821,753 | 3,513,387,313 | 28,430,478 | 2,414,441,377 | 621,710,008 | 4,402,575,601 | 1,580,781,723 | |||||||||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||||||||||||
| Management fees payable | 259,733 | 223,448 | 187,409 | 9,613 | 1,674 | 177,061 | 114,247 | 1,159 | 77,695 | 5,660 | 196,203 | 21,344 | |||||||||||||||||||||||||||
| Service agreement fees payable | 463,778 | 13,335 | 68,659 | 79 | 132 | 17,229 | 78,498 | 75 | 58,042 | 2,665 | 260,020 | 9,497 | |||||||||||||||||||||||||||
| Distribution fees payable | 25,258 | 8,246 | 66,087 | 56,400 | 564 | 69,713 | 33,507 | 340 | 40,054 | 715 | 46,118 | 89,097 | |||||||||||||||||||||||||||
| Due to affiliates | 50,007 | 78,093 | 42,879 | 14,657 | 20,205 | 41,767 | 37,532 | 20,204 | 32,186 | 25,674 | 34,372 | 26,125 | |||||||||||||||||||||||||||
| Overdraft payable | — | — | — | — | 6,472 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Payable for securities transactions | 173,666,584 | 218,778,324 | 8,925,858 | — | — | 2,439,792 | — | — | 68,323,681 | 20,553,506 | 72,773,247 | 34,892,056 | |||||||||||||||||||||||||||
| Payable for delayed delivery securities | 77,342,808 | 114,611,906 | 42,024,857 | — | — | 14,015,000 | — | — | — | — | 22,340,190 | — | |||||||||||||||||||||||||||
| Payable for Fund shares redeemed | 4,875,458 | 14,020,388 | 2,096,015 | 137,447 | 47 | 21,871,881 | 1,445,851 | 13,623 | 74,608,217 | 40,713 | 4,305,334 | 2,245,368 | |||||||||||||||||||||||||||
| Income distribution payable | 11,413,693 | 12,272,720 | 9,120,587 | 43,802 | 83,235 | 2,969,932 | — | 63,076 | 3,014,325 | 913,320 | 2,565,396 | 40,729 | |||||||||||||||||||||||||||
| Payable for variation margin on centrally cleared swap contracts | 210,591 | — | 278,513 | — | — | 238,749 | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Payable for trustee compensation | 311,808 | 472,030 | 221,379 | 46,686 | 240 | 233,867 | 193,789 | 236 | 125,633 | 9,074 | 61,226 | 831 | |||||||||||||||||||||||||||
| Unfunded loan commitment | 3,260 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Accrued expenses and other payables | 308,557 | 718,253 | 341,055 | 75,920 | 48,868 | 328,755 | 292,974 | 48,618 | 241,158 | 55,793 | 212,990 | 109,151 | |||||||||||||||||||||||||||
| Total liabilities | 268,931,535 | 361,196,743 | 63,373,298 | 384,604 | 161,437 | 42,403,746 | 2,196,398 | 147,331 | 146,520,991 | 21,607,120 | 102,795,096 | 37,434,198 | |||||||||||||||||||||||||||
| NET ASSETS | $ | 6,992,471,307 | $ | 16,499,610,648 | $ | 4,811,565,693 | $ | 281,816,601 | $ | 30,745,750 | $ | 3,810,418,007 | $ | 3,511,190,915 | $ | 28,283,147 | $ | 2,267,920,386 | $ | 600,102,888 | $ | 4,299,780,505 | $ | 1,543,347,525 | |||||||||||||||
| NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||||||||||
| Paid-in-capital | $ | 6,750,524,731 | $ | 15,843,978,204 | $ | 4,684,478,695 | $ | 268,739,253 | $ | 28,881,153 | $ | 3,930,283,210 | $ | 3,435,833,945 | $ | 27,733,293 | $ | 2,256,443,512 | $ | 596,432,296 | $ | 4,119,251,784 | $ | 1,543,342,386 | |||||||||||||||
| Total distributable earnings (loss) | 241,946,576 | 655,632,444 | 127,086,998 | 13,077,348 | 1,864,597 | (119,865,203 | ) | 75,356,970 | 549,854 | 11,476,874 | 3,670,592 | 180,528,721 | 5,139 | ||||||||||||||||||||||||||
| NET ASSETS | $ | 6,992,471,307 | $ | 16,499,610,648 | $ | 4,811,565,693 | $ | 281,816,601 | $ | 30,745,750 | $ | 3,810,418,007 | $ | 3,511,190,915 | $ | 28,283,147 | $ | 2,267,920,386 | $ | 600,102,888 | $ | 4,299,780,505 | $ | 1,543,347,525 | |||||||||||||||
| † | Portfolio investments, cost | $ | 6,624,608,651 | $ | 15,943,496,277 | $ | 4,629,679,407 | $ | 255,571,436 | $ | 29,026,886 | $ | 3,763,590,626 | $ | 3,414,645,125 | $ | 27,846,512 | $ | 2,274,128,020 | $ | 596,921,818 | $ | 4,143,708,101 | $ | 1,574,676,001 | ||||||||||||||
| § | Includes cash collateral for mortgage dollar rolls of | $ | 17,350,000 | $ | — | $ | 9,600,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,927,560 | $ | — | ||||||||||||||
| # | Includes cash collateral for open futures or open swap contracts of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 656,300 | $ | — | $ | — | $ | — | ||||||||||||||
| 62 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 63 |
| Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ September 30, 2019
| 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 | Money Market Fund | |||||||||||||||||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 1,752,834,935 | $ | 10,667,626,111 | $ | 1,385,483,757 | $ | 6,327,083 | $ | 22,551,917 | $ | 2,804,698,009 | $ | 1,676,000,200 | $ | 23,011,892 | $ | 875,472,189 | $ | 54,684,328 | $ | 2,688,718,437 | $ | 753,652,354 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 163,875,594 | 954,155,999 | 129,053,510 | 584,150 | 2,105,996 | 288,720,667 | 146,011,139 | 2,254,906 | 84,329,978 | 5,468,669 | 251,189,608 | 753,642,050 | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.70 | $ | 11.18 | $ | 10.74 | $ | 10.83 | $ | 10.71 | $ | 9.71 | $ | 11.48 | $ | 10.21 | $ | 10.38 | $ | 10.00 | $ | 10.70 | $ | 1.00 | ||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 965,210,367 | $ | 5,793,556 | $ | 238,215,807 | $ | 791,680 | $ | 1,070,844 | $ | 10,435,147 | $ | 229,406,718 | $ | 1,020,539 | $ | 205,544,458 | $ | 761,621 | $ | 829,186,737 | $ | 2,634,107 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 90,174,422 | 518,258 | 22,169,834 | 73,124 | 100,000 | 1,075,183 | 19,982,749 | 100,000 | 19,804,480 | 76,163 | 77,424,040 | 2,634,088 | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.70 | $ | 11.18 | $ | 10.75 | $ | 10.83 | $ | 10.71 | $ | 9.71 | $ | 11.48 | $ | 10.21 | $ | 10.38 | $ | 10.00 | $ | 10.71 | $ | 1.00 | ||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 14,729,122 | $ | 25,825,774 | $ | 10,938,319 | $ | — | $ | 1,070,844 | $ | 23,214,532 | $ | 3,211,057 | $ | 1,020,539 | $ | 5,462,331 | $ | 666,337 | $ | 36,199,635 | $ | 237,592,227 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,376,279 | 2,310,212 | 1,018,945 | — | 100,000 | 2,386,797 | 280,248 | 100,000 | 525,627 | 66,677 | 3,380,187 | 237,590,305 | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.70 | $ | 11.18 | $ | 10.73 | $ | — | $ | 10.71 | $ | 9.73 | $ | 11.46 | $ | 10.21 | $ | 10.39 | $ | 9.99 | $ | 10.71 | $ | 1.00 | ||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 221,143,407 | $ | 356,018,887 | $ | 436,432,713 | $ | — | $ | 3,928,576 | $ | 371,466,819 | $ | 210,528,975 | $ | 2,183,866 | $ | 133,137,076 | $ | 66,987,589 | $ | 541,208,586 | $ | 244,349,911 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 20,301,048 | 31,829,610 | 40,600,691 | — | 366,829 | 38,225,953 | 18,203,965 | 213,970 | 12,808,679 | 6,699,570 | 50,550,244 | 244,346,393 | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.89 | $ | 11.19 | $ | 10.75 | $ | — | $ | 10.71 | $ | 9.72 | $ | 11.57 | $ | 10.21 | $ | 10.39 | $ | 10.00 | $ | 10.71 | $ | 1.00 | ||||||||||||||
| RETAIL CLASS: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 112,599,157 | $ | 25,474,949 | $ | 315,292,188 | $ | 274,697,838 | $ | 2,123,569 | $ | 325,246,379 | $ | 159,702,957 | $ | 1,046,311 | $ | 191,334,519 | $ | 3,146,121 | $ | 204,467,110 | $ | 305,118,926 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 10,346,392 | 2,277,480 | 29,310,971 | 25,336,640 | 198,276 | 33,332,499 | 14,275,284 | 102,529 | 18,414,993 | 314,684 | 19,113,547 | 305,104,576 | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.88 | $ | 11.19 | $ | 10.76 | $ | 10.84 | $ | 10.71 | $ | 9.76 | $ | 11.19 | $ | 10.21 | $ | 10.39 | $ | 10.00 | $ | 10.70 | $ | 1.00 | ||||||||||||||
| CLASS W: | ||||||||||||||||||||||||||||||||||||||
| Net assets | $ | 3,925,954,319 | $ | 5,418,871,371 | $ | 2,425,202,909 | $ | — | $ | — | $ | 275,357,121 | $ | 1,232,341,008 | $ | — | $ | 856,969,813 | $ | 473,856,892 | $ | — | $ | — | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 366,991,437 | 484,629,072 | 225,895,342 | — | — | 28,344,621 | 107,355,292 | — | 82,544,337 | 47,391,049 | — | — | ||||||||||||||||||||||||||
| Net asset value per share | $ | 10.70 | $ | 11.18 | $ | 10.74 | $ | — | $ | — | $ | 9.71 | $ | 11.48 | $ | — | $ | 10.38 | $ | 10.00 | $ | — | $ | — | ||||||||||||||
| 64 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 65 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended September 30, 2019
| 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 | Money Market Fund | ||||||||||||||||||||||||||||||||||||||
| INVESTMENT INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest* | $ | 103,786,859 | $ | 212,273,632 | $ | 76,030,251 | $ | 3,888,011 | $ | 533,853 | $ | 117,409,593 | $ | 67,229,622 | $ | 453,142 | $ | 32,952,879 | $ | 6,737,400 | $ | 57,943,427 | $ | 15,803,115 | |||||||||||||||||||||||||
| Dividends | 2,764 | — | 11,056 | — | — | 349,093 | — | — | — | — | 8,633 | — | |||||||||||||||||||||||||||||||||||||
| Total income | 103,789,623 | 212,273,632 | 76,041,307 | 3,888,011 | 533,853 | 117,758,686 | 67,229,622 | 453,142 | 32,952,879 | 6,737,400 | 57,952,060 | 15,803,115 | |||||||||||||||||||||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||||||||||||||||||||||||||||
| Management fees | 9,204,768 | 7,548,847 | 6,597,268 | 345,522 | 57,054 | 6,540,311 | 4,016,583 | 41,198 | 2,670,200 | 191,331 | 6,368,006 | 679,444 | |||||||||||||||||||||||||||||||||||||
| Shareholder servicing – Institutional Class | 1,315 | 4,551 | 3,357 | 44 | (202 | ) | 4,655 | 2,304 | (192 | ) | 595 | 287 | 14,218 | 432 | |||||||||||||||||||||||||||||||||||
| Shareholder servicing – Advisor Class | 672,924 | 1,563 | 57,747 | 112 | 11 | 7,453 | 73,532 | 10 | 56,343 | 594 | 339,813 | 1,056 | |||||||||||||||||||||||||||||||||||||
| Shareholder servicing – Premier Class | 25 | 31 | 20 | — | 15 | 42 | 13 | 15 | 13 | 18 | 1,699 | 512 | |||||||||||||||||||||||||||||||||||||
| Shareholder servicing – Retirement Class | 253,197 | 378,902 | 547,817 | — | 3,218 | 472,658 | 271,591 | 2,334 | 156,186 | 74,250 | 640,629 | 272,887 | |||||||||||||||||||||||||||||||||||||
| Shareholder servicing – Retail Class | 19,567 | 6,969 | 84,459 | 34,294 | (84 | ) | 47,815 | 43,895 | (365 | ) | 35,746 | 513 | 34,145 | 138,620 | |||||||||||||||||||||||||||||||||||
| Shareholder servicing – Class W | 1,353 | 1,764 | 929 | — | — | 307 | 592 | — | 443 | 317 | — | — | |||||||||||||||||||||||||||||||||||||
| Distribution fees – Premier Class | 11,159 | 17,434 | 8,290 | — | 789 | 19,543 | 2,433 | 762 | 4,914 | 489 | 27,959 | 80,995 | |||||||||||||||||||||||||||||||||||||
| Distribution fees – Retail Class | 131,449 | 28,471 | 364,391 | 337,844 | 2,138 | 408,983 | 176,542 | 1,356 | 201,457 | 3,520 | 233,616 | 380,552 | |||||||||||||||||||||||||||||||||||||
| Administrative service fees | 99,885 | 159,809 | 80,516 | 24,873 | 37,924 | 76,998 | 70,846 | 37,919 | 61,280 | 48,754 | 66,338 | 46,285 | |||||||||||||||||||||||||||||||||||||
| Custody and accounting fees | 82,015 | 209,902 | 80,997 | 19,887 | 13,103 | 36,452 | 19,234 | 12,961 | 31,648 | 16,863 | 35,231 | 32,519 | |||||||||||||||||||||||||||||||||||||
| Registration fees | 62,391 | 79,571 | 43,008 | 30,074 | 54,854 | 53,869 | 50,222 | 54,089 | 63,016 | 40,057 | 65,873 | 52,433 | |||||||||||||||||||||||||||||||||||||
| Professional fees | 59,340 | 87,570 | 52,901 | 24,366 | 14,988 | 45,881 | 34,448 | 17,430 | 37,558 | 32,272 | 42,172 | 27,227 | |||||||||||||||||||||||||||||||||||||
| Trustee fees and expenses | 39,088 | 87,846 | 27,264 | 1,698 | 156 | 23,795 | 19,929 | 149 | 12,630 | 3,209 | 21,815 | 8,015 | |||||||||||||||||||||||||||||||||||||
| Other expenses | 289,984 | 585,354 | 147,159 | 24,083 | 6,531 | 181,670 | 130,433 | 4,487 | 103,546 | 31,621 | 313,539 | 58,543 | |||||||||||||||||||||||||||||||||||||
| Total expenses | 10,928,460 | 9,198,584 | 8,096,123 | 842,797 | 190,495 | 7,920,432 | 4,912,597 | 172,153 | 3,435,575 | 444,095 | 8,205,053 | 1,779,520 | |||||||||||||||||||||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (5,589,255 | ) | (2,892,062 | ) | (3,659,392 | ) | (55,887 | ) | (121,243 | ) | (515,292 | ) | (1,427,333 | ) | (119,997 | ) | (1,239,597 | ) | (294,345 | ) | — | (138,606 | ) | ||||||||||||||||||||||||||
| Fee waiver by investment adviser and Nuveen Securities§ | — | — | — | — | — | (159,746 | ) | (285,556 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Net expenses | 5,339,205 | 6,306,522 | 4,436,731 | 786,910 | 69,252 | 7,245,394 | 3,199,708 | 52,156 | 2,195,978 | 149,750 | 8,205,053 | 1,640,914 | |||||||||||||||||||||||||||||||||||||
| Net investment income (loss) | 98,450,418 | 205,967,110 | 71,604,576 | 3,101,101 | 464,601 | 110,513,292 | 64,029,914 | 400,986 | 30,756,901 | 6,587,650 | 49,747,007 | 14,162,201 | |||||||||||||||||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio investments | 51,285,850 | 9,352,907 | 33,604,561 | 375,503 | 92,087 | (11,573,480 | ) | (1,334,634 | ) | 80,927 | 4,967,229 | 243,916 | 38,051,160 | 13,341 | |||||||||||||||||||||||||||||||||||
| Futures contracts | — | — | — | — | — | — | (1,617,338 | ) | — | (4,288,652 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
| Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | 323,361 | — | |||||||||||||||||||||||||||||||||||||
| Swap contracts | (10,117 | ) | — | 583,522 | — | — | (38,196 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Foreign currency transactions | (342,169 | ) | — | (591,322 | ) | — | — | — | — | — | — | — | 1,681 | — | |||||||||||||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 50,933,564 | 9,352,907 | 33,596,761 | 375,503 | 92,087 | (11,611,676 | ) | (2,951,972 | ) | 80,927 | 678,577 | 243,916 | 38,376,202 | 13,341 | |||||||||||||||||||||||||||||||||||
| Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio investments | 212,582,810 | 608,550,989 | 140,315,649 | 6,873,887 | 930,927 | 51,691,884 | 41,752,521 | 250,046 | 19,176,358 | 4,593,832 | 114,302,179 | — | |||||||||||||||||||||||||||||||||||||
| Futures contracts | — | — | — | — | — | — | 465,471 | — | 1,395,305 | — | — | — | |||||||||||||||||||||||||||||||||||||
| Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | 22,028 | — | |||||||||||||||||||||||||||||||||||||
| Swap contracts | 860,642 | — | 905,140 | — | — | (238,749 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (2,204 | ) | — | (6,862 | ) | — | — | — | — | — | — | — | (308 | ) | — | ||||||||||||||||||||||||||||||||||
| Unfunded loan commitment | (1,853 | ) | — | 50 | — | — | 2,785 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 213,439,395 | 608,550,989 | 141,213,977 | 6,873,887 | 930,927 | 51,455,920 | 42,217,992 | 250,046 | 20,571,663 | 4,593,832 | 114,323,899 | — | |||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on total investments | 264,372,959 | 617,903,896 | 174,810,738 | 7,249,390 | 1,023,014 | 39,844,244 | 39,266,020 | 330,973 | 21,250,240 | 4,837,748 | 152,700,101 | 13,341 | |||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 362,823,377 | $ | 823,871,006 | $ | 246,415,314 | $ | 10,350,491 | $ | 1,487,615 | $ | 150,357,536 | $ | 103,295,934 | $ | 731,959 | $ | 52,007,141 | $ | 11,425,398 | $ | 202,447,108 | $ | 14,175,542 | |||||||||||||||||||||||||
| * | Net of foreign withholding taxes of | $ | 72,977 | $ | 19,372 | $ | 13,775 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,805 | $ | 555 | $ | 1,160 | $ | — | ||||||||||||||||||||||||
| § | As described in Note 1, TPIS merged into Nuveen Securities, LLC on September 30, 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||
| 66 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 67 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
| Bond Fund | Bond Index Fund | Bond Plus Fund | 5–15 Year Laddered Tax-Exempt Bond Fund | Green Bond Fund | High-Yield Fund | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019* | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 98,450,418 | $ | 179,459,151 | $ | 205,967,110 | $ | 289,879,893 | $ | 71,604,576 | $ | 142,512,864 | $ | 3,101,101 | $ | 6,141,162 | $ | 464,601 | $ | 350,115 | $ | 110,513,292 | $ | 232,473,104 | ||||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 50,933,564 | (34,718,269 | ) | 9,352,907 | (29,370,450 | ) | 33,596,761 | (31,489,922 | ) | 375,503 | 486,315 | 92,087 | 109,026 | (11,611,676 | ) | 12,470,426 | ||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 213,439,395 | 107,997,481 | 608,550,989 | 226,670,357 | 141,213,977 | 74,361,692 | 6,873,887 | 7,133,946 | 930,927 | 732,442 | 51,455,920 | 3,882,536 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 362,823,377 | 252,738,363 | 823,871,006 | 487,179,800 | 246,415,314 | 185,384,634 | 10,350,491 | 13,761,423 | 1,487,615 | 1,191,583 | 150,357,536 | 248,826,066 | ||||||||||||||||||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class | (21,585,794 | ) | (84,264,953 | ) | (131,144,464 | ) | (222,285,213 | ) | (19,275,233 | ) | (75,669,394 | ) | (73,185 | ) | (50,820 | ) | (364,700 | ) | (291,739 | ) | (81,192,730 | ) | (176,578,184 | ) | ||||||||||||||||||||||||||
| Advisor Class | (13,152,153 | ) | (20,187,157 | ) | (38,113 | ) | (20,766 | ) | (2,107,192 | ) | (921,140 | ) | (4,038 | ) | (4,545 | ) | (17,299 | ) | (13,320 | ) | (344,552 | ) | (548,206 | ) | ||||||||||||||||||||||||||
| Premier Class | (201,325 | ) | (443,698 | ) | (296,683 | ) | (755,167 | ) | (154,657 | ) | (349,181 | ) | — | — | (16,530 | ) | (13,320 | ) | (727,624 | ) | (2,047,348 | ) | ||||||||||||||||||||||||||||
| Retirement Class | (2,632,818 | ) | (6,011,591 | ) | (3,714,823 | ) | (5,311,316 | ) | (5,912,207 | ) | (13,805,398 | ) | — | — | (40,682 | ) | (17,027 | ) | (10,356,822 | ) | (22,462,132 | ) | ||||||||||||||||||||||||||||
| Retail Class | (1,342,569 | ) | (2,712,783 | ) | (272,540 | ) | (498,977 | ) | (3,815,887 | ) | (7,878,516 | ) | (3,033,293 | ) | (6,321,080 | ) | (26,360 | ) | (14,648 | ) | (8,914,081 | ) | (22,019,704 | ) | ||||||||||||||||||||||||||
| Class W† | (58,980,851 | ) | (65,292,643 | ) | (70,985,609 | ) | (60,994,591 | ) | (39,324,561 | ) | (42,908,150 | ) | — | — | — | — | (8,943,545 | ) | (8,812,747 | ) | ||||||||||||||||||||||||||||||
| Total distributions | (97,895,510 | ) | (178,912,825 | ) | (206,452,232 | ) | (289,866,030 | ) | (70,589,737 | ) | (141,531,779 | ) | (3,110,516 | ) | (6,376,445 | ) | (465,571 | ) | (350,054 | ) | (110,479,354 | ) | (232,468,321 | ) | ||||||||||||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 839,965,691 | 902,949,225 | 4,372,352,721 | 2,051,352,268 | 212,540,409 | 501,049,755 | 1,243,292 | 4,101,579 | 3,721 | 21,056,448 | 563,936,741 | 1,283,532,173 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 77,916,152 | 1,009,711,596 | 5,079,015 | 1,124,623 | 27,682,855 | 18,895,564 | 561,253 | 120,045 | — | 1,000,000 | 4,457,914 | 16,513,431 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 893,884 | 5,814,161 | 6,064,792 | 7,187,488 | 2,129,793 | 2,722,362 | — | — | — | 1,000,010 | 3,380,454 | 36,659,447 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 28,926,228 | 17,535,480 | 98,210,214 | 94,923,704 | 13,242,235 | 54,652,916 | — | — | 2,381,328 | 1,716,117 | 14,735,518 | 34,555,703 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 6,753,403 | 9,556,773 | 3,983,359 | 3,215,759 | 8,164,525 | 16,273,666 | 14,447,153 | 17,083,620 | 1,061,104 | 1,433,029 | 30,001,857 | 81,258,023 | ||||||||||||||||||||||||||||||||||||||
| Class W† | 598,404,300 | 580,901,420 | 980,959,434 | 901,699,418 | 229,631,836 | 227,101,873 | — | — | — | — | 41,718,229 | 42,391,830 | ||||||||||||||||||||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 16,766,510 | 20,730,066 | 129,472,513 | 169,808,559 | 10,183,721 | 17,375,150 | 69,280 | 39,379 | 984 | 224 | 72,898,427 | 149,440,194 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 12,683,357 | 19,930,219 | 36,787 | 18,178 | 1,058,097 | 699,705 | 2,798 | 1,990 | — | — | 337,814 | 537,923 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 198,614 | 440,088 | 296,683 | 754,917 | 153,603 | 349,064 | — | — | — | — | 726,859 | 2,035,397 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 2,632,583 | 6,011,067 | 3,713,520 | 5,309,213 | 5,910,569 | 13,805,081 | — | — | 24,239 | 3,769 | 10,355,813 | 22,457,704 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 1,254,281 | 2,563,860 | 263,355 | 479,732 | 3,533,121 | 7,240,197 | 2,772,485 | 5,765,931 | 9,710 | 1,576 | 8,234,427 | 20,793,022 | ||||||||||||||||||||||||||||||||||||||
| Transfers in connection with new class: | Institutional Class | — | (3,654,605,282 | ) | — | (3,995,413,006 | ) | — | (2,385,556,480 | ) | — | — | — | — | — | (290,771,079 | ) | |||||||||||||||||||||||||||||||||
| Class W† | — | 3,654,605,282 | — | 3,995,413,006 | — | 2,385,556,480 | — | — | — | — | — | 290,771,079 | ||||||||||||||||||||||||||||||||||||||
| Fund reorganization‡: | Institutional Class | 60,267,084 | — | — | — | 73,135,010 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 49,145,762 | — | — | — | 200,871,633 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 17,743,335 | — | — | — | 54,628,226 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Redemptions: | Institutional Class | (187,007,865 | ) | (607,787,245 | ) | (688,206,662 | ) | (1,393,079,061 | ) | (150,580,997 | ) | (355,944,901 | ) | (223,834 | ) | (563,314 | ) | — | (10 | ) | (966,161,184 | ) | (895,635,158 | ) | ||||||||||||||||||||||||||
| Advisor Class | (146,258,451 | ) | (119,001,545 | ) | (561,935 | ) | (321,821 | ) | (32,429,014 | ) | (9,588,084 | ) | (615 | ) | (24 | ) | — | — | (8,427,211 | ) | (8,444,970 | ) | ||||||||||||||||||||||||||||
| Premier Class | (1,669,174 | ) | (17,212,636 | ) | (2,803,138 | ) | (20,632,767 | ) | (2,459,428 | ) | (14,530,322 | ) | — | — | — | (10 | ) | (13,746,685 | ) | (137,582,049 | ) | |||||||||||||||||||||||||||||
| Retirement Class | (15,588,732 | ) | (41,303,930 | ) | (16,322,321 | ) | (26,179,478 | ) | (35,173,721 | ) | (63,515,547 | ) | — | — | (188,842 | ) | (142,568 | ) | (43,245,032 | ) | (91,609,796 | ) | ||||||||||||||||||||||||||||
| Retail Class | (9,693,033 | ) | (17,658,717 | ) | (1,166,721 | ) | (3,440,606 | ) | (18,198,339 | ) | (34,335,024 | ) | (15,527,754 | ) | (30,897,676 | ) | (408,554 | ) | (70,098 | ) | (40,922,800 | ) | (402,933,767 | ) | ||||||||||||||||||||||||||
| Class W† | (559,848,169 | ) | (598,107,317 | ) | (362,889,813 | ) | (428,967,937 | ) | (262,399,539 | ) | (304,473,567 | ) | — | — | — | — | (59,776,758 | ) | (40,901,853 | ) | ||||||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 793,485,760 | 1,175,072,565 | 4,528,481,803 | 1,363,252,189 | 341,624,595 | 77,777,888 | 3,344,058 | (4,348,470 | ) | 2,883,690 | 25,998,487 | (381,495,617 | ) | 113,067,254 | ||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets | 1,058,413,627 | 1,248,898,103 | 5,145,900,577 | 1,560,565,959 | 517,450,172 | 121,630,743 | 10,584,033 | 3,036,508 | 3,905,734 | 26,840,016 | (341,617,435 | ) | 129,424,999 | |||||||||||||||||||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of period | 5,934,057,680 | 4,685,159,577 | 11,353,710,071 | 9,793,144,112 | 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 | ||||||||||||||||||||||||||||||||||||||
| End of period | $ | 6,992,471,307 | $ | 5,934,057,680 | $ | 16,499,610,648 | $ | 11,353,710,071 | $ | 4,811,565,693 | $ | 4,294,115,521 | $ | 281,816,601 | $ | 271,232,568 | $ | 30,745,750 | $ | 26,840,016 | $ | 3,810,418,007 | $ | 4,152,035,442 | ||||||||||||||||||||||||||
| 68 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 69 |
| Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended
| Bond Fund | Bond Index Fund | Bond Plus Fund | 5–15 Year Laddered Tax-Exempt Bond Fund | Green Bond Fund | High-Yield Fund | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019* | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 81,089,829 | 89,646,028 | 405,817,381 | 195,409,086 | 20,205,655 | 49,465,863 | 116,048 | 397,241 | 348 | 2,105,534 | 58,001,993 | 134,728,162 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 7,405,326 | 100,026,586 | 460,162 | 107,804 | 2,611,622 | 1,856,581 | 51,280 | 11,744 | — | 100,000 | 459,058 | 1,752,284 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 85,093 | 577,689 | 553,051 | 684,663 | 203,859 | 268,370 | — | — | — | 100,001 | 347,943 | 3,866,390 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 2,655,956 | 1,712,610 | 8,949,026 | 9,039,173 | 1,264,399 | 5,390,776 | — | — | 225,598 | 170,591 | 1,523,895 | 3,635,957 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 632,062 | 933,086 | 359,237 | 306,299 | 774,189 | 1,604,300 | 1,343,889 | 1,659,056 | 100,789 | 142,619 | 3,085,554 | 8,519,231 | ||||||||||||||||||||||||||||||||||||||
| Class W† | 56,804,278 | 57,806,619 | 89,649,392 | 85,700,826 | 21,827,937 | 22,321,518 | — | — | — | — | 4,305,342 | 4,513,181 | ||||||||||||||||||||||||||||||||||||||
| Shares reinvested: | Institutional Class | 1,588,184 | 2,059,912 | 11,742,013 | 16,161,332 | 961,734 | 1,714,857 | 6,434 | 3,796 | 93 | 22 | 7,522,229 | 15,752,192 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 1,204,033 | 1,979,972 | 3,314 | 1,728 | 99,294 | 68,999 | 259 | 193 | — | — | 34,900 | 56,888 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 18,858 | 43,690 | 26,933 | 71,893 | 14,532 | 34,463 | — | — | — | — | 74,924 | 213,984 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 245,477 | 586,542 | 336,766 | 504,918 | 558,488 | 1,360,851 | — | — | 2,280 | 368 | 1,067,881 | 2,365,707 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 116,974 | 250,401 | 23,900 | 45,642 | 333,142 | 713,211 | 257,417 | 559,995 | 914 | 153 | 845,631 | 2,178,996 | ||||||||||||||||||||||||||||||||||||||
| Shares transferred in connection with new class: | Institutional Class | — | (365,460,528 | ) | — | (383,069,320 | ) | — | (236,897,366 | ) | — | — | — | — | — | (30,100,526 | ) | |||||||||||||||||||||||||||||||||
| Class W† | — | 365,460,528 | — | 383,069,320 | — | 236,897,366 | — | — | — | — | — | 30,100,526 | ||||||||||||||||||||||||||||||||||||||
| Shares from fund reorganization§: | Institutional Class | 5,766,628 | — | — | — | 6,969,704 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 4,699,093 | — | — | — | 19,126,135 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 1,668,644 | — | — | — | 5,195,855 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Shares redeemed: | Institutional Class | (17,320,869 | ) | (60,404,924 | ) | (62,218,700 | ) | (132,802,987 | ) | (13,531,091 | ) | (35,094,861 | ) | (20,962 | ) | (55,012 | ) | — | (1 | ) | (100,126,995 | ) | (94,439,592 | ) | ||||||||||||||||||||||||||
| Advisor Class | (13,785,655 | ) | (11,860,654 | ) | (51,005 | ) | (30,398 | ) | (3,044,906 | ) | (947,834 | ) | (57 | ) | (2 | ) | — | — | (868,223 | ) | (903,731 | ) | ||||||||||||||||||||||||||||
| Premier Class | (158,317 | ) | (1,703,849 | ) | (256,460 | ) | (1,949,123 | ) | (233,544 | ) | (1,428,517 | ) | — | — | — | (1 | ) | (1,418,305 | ) | (14,324,196 | ) | |||||||||||||||||||||||||||||
| Retirement Class | (1,462,498 | ) | (4,042,470 | ) | (1,491,455 | ) | (2,498,971 | ) | (3,335,944 | ) | (6,269,023 | ) | — | — | (17,899 | ) | (14,109 | ) | (4,452,755 | ) | (9,689,630 | ) | ||||||||||||||||||||||||||||
| Retail Class | (902,724 | ) | (1,728,860 | ) | (106,480 | ) | (327,638 | ) | (1,719,221 | ) | (3,387,478 | ) | (1,448,222 | ) | (3,007,781 | ) | (39,217 | ) | (6,982 | ) | (4,216,536 | ) | (42,009,103 | ) | ||||||||||||||||||||||||||
| Class W† | (53,396,569 | ) | (59,683,419 | ) | (32,903,788 | ) | (40,886,678 | ) | (24,817,265 | ) | (30,334,214 | ) | — | — | — | — | (6,173,251 | ) | (4,401,177 | ) | ||||||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 76,953,803 | 116,198,959 | 420,893,287 | 129,537,569 | 33,464,574 | 7,337,862 | 306,086 | (430,770 | ) | 272,906 | 2,598,195 | (39,986,715 | ) | 11,815,543 | ||||||||||||||||||||||||||||||||||||
| * | For the period November 16, 2018 to March 31, 2019. |
| † | Class W commenced operations on September 28, 2018. |
| ‡ | Refer to Note 1—organization and significant accounting policies for further details. |
| § | Refer to Note 9—Fund reorganizations for further details. |
| 70 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 71 |
| Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended
| Inflation-Linked Bond Fund | Short Duration Impact Bond Fund | Short-Term Bond Fund | Short-Term Bond Index Fund | Social Choice Bond Fund | Money Market Fund | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2019 | 2019 | * | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 64,029,914 | $ | 51,497,813 | $ | 400,986 | $ | 300,396 | $ | 30,756,901 | $ | 46,357,710 | $ | 6,587,650 | $ | 9,265,761 | $ | 49,747,007 | $ | 75,437,808 | $ | 14,162,201 | $ | 19,952,098 | ||||||||||||||||||||||||||
| Net realized gain (loss) on total investments | (2,951,972 | ) | (3,837,627 | ) | 80,927 | 35,298 | 678,577 | (7,651,276 | ) | 243,916 | (2,072,523 | ) | 38,376,202 | (2,731,497 | ) | 13,341 | (164 | ) | ||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 42,217,992 | 30,100,439 | 250,046 | 182,023 | 20,571,663 | 15,693,920 | 4,593,832 | 5,698,215 | 114,323,899 | 56,483,610 | — | — | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 103,295,934 | 77,760,625 | 731,959 | 517,717 | 52,007,141 | 54,400,354 | 11,425,398 | 12,891,453 | 202,447,108 | 129,189,921 | 14,175,542 | 19,951,934 | ||||||||||||||||||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class | (21,389,851 | ) | (56,267,634 | ) | (331,345 | ) | (255,211 | ) | (11,622,925 | ) | (30,633,225 | ) | (564,031 | ) | (4,062,710 | ) | (32,046,199 | ) | (47,487,195 | ) | (7,967,762 | ) | (11,559,032 | ) | ||||||||||||||||||||||||||
| Advisor Class | (1,512,166 | ) | (7,276 | ) | (14,925 | ) | (11,223 | ) | (1,759,659 | ) | (52,435 | ) | (9,444 | ) | (13,822 | ) | (8,994,533 | ) | (11,318,125 | ) | (17,826 | ) | (5,298 | ) | ||||||||||||||||||||||||||
| Premier Class | (37,772 | ) | (83,013 | ) | (14,182 | ) | (11,224 | ) | (85,444 | ) | (198,250 | ) | (7,147 | ) | (13,032 | ) | (478,050 | ) | (943,350 | ) | (1,090,088 | ) | (482,820 | ) | ||||||||||||||||||||||||||
| Retirement Class | (2,382,791 | ) | (5,402,792 | ) | (25,041 | ) | (11,548 | ) | (1,557,695 | ) | (2,508,054 | ) | (621,873 | ) | (778,696 | ) | (6,332,048 | ) | (11,173,517 | ) | (2,231,274 | ) | (2,918,162 | ) | ||||||||||||||||||||||||||
| Retail Class | (1,524,641 | ) | (2,402,231 | ) | (14,953 | ) | (11,178 | ) | (1,949,935 | ) | (2,599,779 | ) | (29,002 | ) | (40,983 | ) | (2,283,054 | ) | (4,567,095 | ) | (2,854,695 | ) | (4,987,078 | ) | ||||||||||||||||||||||||||
| Class W† | (17,691,860 | ) | (11,496,836 | ) | — | — | (13,817,624 | ) | (10,372,643 | ) | (5,356,222 | ) | (4,356,251 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
| Total distributions | (44,539,081 | ) | (75,659,782 | ) | (400,446 | ) | (300,384 | ) | (30,793,282 | ) | (46,364,386 | ) | (6,587,719 | ) | (9,265,494 | ) | (50,133,884 | ) | (75,489,282 | ) | (14,161,645 | ) | (19,952,390 | ) | ||||||||||||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 150,083,415 | 579,134,919 | 599,985 | 22,414,851 | 188,530,141 | 504,903,526 | 15,677,010 | 82,488,779 | 801,019,709 | 1,020,498,408 | 173,731,471 | 767,794,237 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 10,673,591 | 112,087 | — | 1,000,000 | 9,756,953 | 7,843,753 | 20,943 | 466,891 | 307,799,346 | 420,528,881 | 1,584,671 | 1,373,309 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 304,432 | 749,565 | — | 1,000,010 | 874,482 | 4,347,877 | 19,837 | 357,891 | 3,203,001 | 10,074,765 | 277,841,707 | 26,888,792 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 5,011,773 | 18,043,476 | 1,208,795 | 1,128,547 | 24,764,057 | 27,610,646 | 15,469,646 | 27,235,135 | 61,556,236 | 100,012,099 | 82,654,888 | 186,026,506 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 14,139,933 | 5,012,646 | 34,232 | 1,143,741 | 3,512,503 | 8,019,319 | 725,069 | 1,324,124 | 44,282,415 | 93,657,404 | 63,550,191 | 144,104,584 | ||||||||||||||||||||||||||||||||||||||
| Class W† | 150,915,600 | 146,326,712 | — | — | 130,333,441 | 185,112,218 | 89,465,015 | 77,241,507 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 20,518,601 | 38,796,612 | 17,511 | 7,847 | 9,467,126 | 18,474,112 | 563,913 | 911,519 | 24,639,243 | 36,072,603 | 7,967,754 | 11,543,770 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 553,464 | 4,871 | — | — | 581,765 | 49,983 | 8,341 | 11,798 | 3,983,880 | 4,982,377 | 16,784 | 3,340 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 37,772 | 83,013 | — | — | 85,444 | 198,249 | 4,416 | 8,071 | 457,229 | 896,475 | 986,505 | 482,851 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 2,382,771 | 5,402,792 | 11,338 | 693 | 1,557,453 | 2,508,061 | 621,768 | 778,505 | 6,314,719 | 11,141,424 | 2,231,239 | 2,918,451 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 1,332,696 | 2,286,440 | 850 | 604 | 1,807,364 | 2,516,850 | 28,175 | 39,597 | 2,166,123 | 4,338,899 | 2,801,441 | 4,896,550 | ||||||||||||||||||||||||||||||||||||||
| Transfers in connection with new class: | Institutional Class | — | (1,059,464,631 | ) | — | — | — | (755,668,617 | ) | — | (342,173,951 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Class W† | — | 1,059,464,631 | — | — | — | 755,668,617 | — | 342,173,951 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Fund reorganization‡: | Institutional Class | 80,898,466 | — | — | — | 58,675,190 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 347,105,669 | — | — | — | 260,350,375 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 63,629,612 | — | — | — | 92,170,171 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Redemptions: | Institutional Class | (239,657,957 | ) | (452,746,592 | ) | (475,028 | ) | (7,211 | ) | (294,215,375 | ) | (327,816,236 | ) | (5,950,059 | ) | (24,440,736 | ) | (193,689,900 | ) | (331,506,693 | ) | (132,380,107 | ) | (562,773,073 | ) | |||||||||||||||||||||||||
| Advisor Class | (132,483,055 | ) | (87,634 | ) | — | — | (73,814,516 | ) | (359,768 | ) | (143,636 | ) | (113,303 | ) | (64,045,067 | ) | (120,927,964 | ) | (393,602 | ) | (50,421 | ) | ||||||||||||||||||||||||||||
| Premier Class | (675,928 | ) | (8,150,292 | ) | — | (10 | ) | (4,076,968 | ) | (7,756,864 | ) | (1 | ) | (377,324 | ) | (5,798,679 | ) | (4,800,810 | ) | (69,446,527 | ) | (43,711,140 | ) | |||||||||||||||||||||||||||
| Retirement Class | (23,096,808 | ) | (32,163,862 | ) | (153,375 | ) | (43,652 | ) | (4,800,796 | ) | (20,673,617 | ) | (1,715,764 | ) | (3,092,198 | ) | (14,734,891 | ) | (15,857,677 | ) | (51,500,954 | ) | (104,169,174 | ) | ||||||||||||||||||||||||||
| Retail Class | (23,109,247 | ) | (16,163,076 | ) | (120,427 | ) | (35,000 | ) | (19,203,105 | ) | (25,155,790 | ) | (283,434 | ) | (720,984 | ) | (21,853,936 | ) | (104,961,457 | ) | (70,687,081 | ) | (142,704,460 | ) | ||||||||||||||||||||||||||
| Class W† | (70,435,000 | ) | (89,156,803 | ) | — | — | (124,798,869 | ) | (103,812,092 | ) | (15,397,902 | ) | (27,626,684 | ) | — | — | — | - | ||||||||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 358,129,800 | 197,484,874 | 1,123,881 | 26,610,420 | 261,556,836 | 276,010,227 | 99,113,337 | 134,492,588 | 955,299,428 | 1,124,148,734 | 288,958,380 | 292,624,122 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets | 416,886,653 | 199,585,717 | 1,455,394 | 26,827,753 | 282,770,695 | 284,046,195 | 103,951,016 | 138,118,547 | 1,107,612,652 | 1,177,849,373 | 288,972,277 | 292,623,666 | ||||||||||||||||||||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of period | 3,094,304,262 | 2,894,718,545 | 26,827,753 | — | 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 | ||||||||||||||||||||||||||||||||||||||
| End of period | $ | 3,511,190,915 | $ | 3,094,304,262 | $ | 28,283,147 | $ | 26,827,753 | $ | 2,267,920,386 | $ | 1,985,149,691 | $ | 600,102,888 | $ | 496,151,872 | $ | 4,299,780,505 | $ | 3,192,167,853 | $ | 1,543,347,525 | $ | 1,254,375,248 | ||||||||||||||||||||||||||
| 72 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 73 |
| Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
| Inflation-Linked Bond Fund | Short Duration Impact Bond Fund | Short-Term Bond Fund | Short-Term Bond Index Fund | Social Choice Bond Fund | Money Market Fund | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2019 | 2019 | * | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 13,087,718 | 51,621,562 | 58,650 | 2,241,449 | 18,242,852 | 49,400,710 | 1,569,428 | 8,394,935 | 76,682,925 | 101,563,968 | 173,731,471 | 767,794,237 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 924,246 | 10,035 | — | 100,000 | 940,701 | 767,750 | 2,108 | 47,503 | 29,263,280 | 41,810,099 | 1,584,671 | 1,373,309 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 26,654 | 66,841 | — | 100,001 | 84,304 | 425,582 | 1,989 | 36,509 | 304,338 | 1,003,229 | 277,841,707 | 26,888,792 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 436,482 | 1,594,716 | 119,399 | 112,855 | 2,394,851 | 2,699,601 | 1,553,411 | 2,773,092 | 5,912,813 | 9,947,402 | 82,654,888 | 186,026,506 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 1,274,518 | 461,119 | 3,372 | 114,378 | 339,115 | 784,632 | 72,694 | 134,664 | 4,219,246 | 9,332,671 | 63,550,191 | 144,104,585 | ||||||||||||||||||||||||||||||||||||||
| Class W† | 13,189,403 | 13,185,468 | — | — | 12,626,006 | 18,025,332 | 8,980,466 | 7,844,245 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Shares reinvested: | Institutional Class | 1,793,331 | 3,492,947 | 1,722 | 780 | 914,329 | 1,807,425 | 56,523 | 92,703 | 2,335,901 | 3,585,197 | 7,967,754 | 11,543,770 | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 48,171 | 439 | — | — | 56,092 | 4,874 | 836 | 1,200 | 377,223 | 494,750 | 16,784 | 3,341 | ||||||||||||||||||||||||||||||||||||||
| Premier Class | 3,306 | 7,492 | — | — | 8,246 | 19,376 | 443 | 821 | 43,407 | 89,051 | 986,505 | 482,850 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 206,606 | 482,956 | 1,113 | 69 | 150,179 | 245,147 | 62,324 | 79,147 | 599,038 | 1,107,079 | 2,231,239 | 2,918,452 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 119,419 | 211,187 | 84 | 60 | 174,261 | 246,066 | 2,824 | 4,027 | 205,617 | 431,575 | 2,801,441 | 4,896,551 | ||||||||||||||||||||||||||||||||||||||
| Shares transferred in connection with new class: | Institutional Class | — | (95,189,994 | ) | — | — | — | (74,085,158 | ) | — | (34,915,709 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Class W† | — | 95,189,994 | — | — | — | 74,085,158 | — | 34,915,709 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Shares from fund reorganization§: | Institutional Class | 7,107,836 | — | — | — | 5,669,326 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Advisor Class | 30,491,317 | — | — | — | 25,162,252 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 5,734,468 | — | — | — | 8,898,176 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Shares redeemed: | Institutional Class | (20,784,694 | ) | (40,399,471 | ) | (46,978 | ) | (717 | ) | (28,237,042 | ) | (32,097,813 | ) | (596,610 | ) | (2,488,333 | ) | (18,532,781 | ) | (33,065,837 | ) | (132,380,107 | ) | (562,773,073 | ) | |||||||||||||||||||||||||
| Advisor Class | (11,507,607 | ) | (7,824 | ) | — | — | (7,120,003 | ) | (35,130 | ) | (14,361 | ) | (11,516 | ) | (6,066,768 | ) | (12,044,288 | ) | (393,602 | ) | (50,421 | ) | ||||||||||||||||||||||||||||
| Premier Class | (59,622 | ) | (725,279 | ) | — | (1 | ) | (394,189 | ) | (758,668 | ) | — | (38,436 | ) | (546,468 | ) | (477,752 | ) | (69,446,527 | ) | (43,711,140 | ) | ||||||||||||||||||||||||||||
| Retirement Class | (2,006,046 | ) | (2,871,074 | ) | (15,106 | ) | (4,360 | ) | (463,068 | ) | (2,022,582 | ) | (172,244 | ) | (315,142 | ) | (1,400,800 | ) | (1,581,721 | ) | (51,500,954 | ) | (104,169,174 | ) | ||||||||||||||||||||||||||
| Retail Class | (2,061,557 | ) | (1,488,832 | ) | (11,854 | ) | (3,511 | ) | (1,852,415 | ) | (2,461,712 | ) | (28,454 | ) | (73,346 | ) | (2,088,529 | ) | (10,448,707 | ) | (70,687,081 | ) | (142,704,460 | ) | ||||||||||||||||||||||||||
| Class W† | (6,135,744 | ) | (8,073,829 | ) | — | — | (12,042,995 | ) | (10,149,164 | ) | (1,544,653 | ) | (2,804,718 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 31,888,205 | 17,568,453 | 110,402 | 2,661,003 | 25,550,978 | 26,901,426 | 9,946,724 | 13,677,355 | 91,308,442 | 111,746,716 | 288,958,380 | 292,624,125 | ||||||||||||||||||||||||||||||||||||||
| * | For the period November 16, 2018 to March 31, 2019. |
| † | Class W commenced operations on September 28, 2018. |
| ‡ | Refer to Note 1—organization and significant accounting policies for further details. |
| § | Refer to Note 9—Fund reorganizations for further details. |
| 74 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 75 |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | dollar rolls | ||||||||||||||||||||||||||||||||||||||||||||||||
| BOND FUND | BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $10.29 | $0.15 | $ 0.41 | $0.56 | $(0.15 | ) | $ — | $(0.15 | ) | $10.70 | Institutional Class: | 9/30/19 | # | 5.47 | %b | $1,752,835 | 0.30 | %c | 0.30 | %c | 2.85 | %c | 68 | %b | 62 | %b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.18 | 0.32 | 0.11 | 0.43 | (0.32 | ) | — | (0.32 | ) | 10.29 | 3/31/19 | 4.38 | 954,430 | 0.30 | 0.30 | 3.16 | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.30 | 0.31 | (0.12 | ) | 0.19 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 10.18 | 3/31/18 | 1.83 | 4,343,864 | 0.30 | 0.30 | 2.95 | 155 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.45 | 0.29 | (0.05 | ) | 0.24 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 10.30 | 3/31/17 | 2.29 | 3,777,813 | 0.31 | 0.31 | 2.75 | 277 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.65 | 0.28 | (0.07 | ) | 0.21 | (0.28 | ) | (0.13 | ) | (0.41 | ) | 10.45 | 3/31/16 | 2.05 | 2,729,221 | 0.31 | 0.31 | 2.72 | 309 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.40 | 0.24 | 0.33 | 0.57 | (0.24 | ) | (0.08 | ) | (0.32 | ) | 10.65 | 3/31/15 | 5.59 | 2,501,853 | 0.31 | 0.31 | 2.32 | 328 | 162 | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.30 | 0.14 | 0.40 | 0.54 | (0.14 | ) | — | (0.14 | ) | 10.70 | Advisor Class: | 9/30/19 | # | 5.30 | b | 965,210 | 0.44 | c | 0.44 | c | 2.73 | c | 68 | b | 62 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.18 | 0.31 | 0.12 | 0.43 | (0.31 | ) | — | (0.31 | ) | 10.30 | 3/31/19 | 4.37 | 933,420 | 0.44 | 0.44 | 3.15 | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.30 | 0.30 | (0.11 | ) | 0.19 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 10.18 | 3/31/18 | 1.74 | 5,148 | 0.38 | 0.38 | 2.95 | 155 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.46 | 0.29 | (0.06 | ) | 0.23 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 10.30 | 3/31/17 | 2.28 | 210 | 0.33 | 0.33 | 2.74 | 277 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.39 | 0.09 | 0.20 | 0.29 | (0.09 | ) | (0.13 | ) | (0.22 | ) | 10.46 | 3/31/16 | ‡ | 2.71 | b | 102 | 0.53 | c | 0.46 | c | 2.78 | c | 309 | 166 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.30 | 0.14 | 0.40 | 0.54 | (0.14 | ) | — | (0.14 | ) | 10.70 | Premier Class: | 9/30/19 | # | 5.29 | b | 14,729 | 0.45 | c | 0.45 | c | 2.72 | c | 68 | b | 62 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.18 | 0.31 | 0.12 | 0.43 | (0.31 | ) | — | (0.31 | ) | 10.30 | 3/31/19 | 4.32 | 14,729 | 0.45 | 0.45 | 3.05 | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.30 | 0.29 | (0.11 | ) | 0.18 | (0.29 | ) | (0.01 | ) | (0.30 | ) | 10.18 | 3/31/18 | 1.67 | 25,584 | 0.45 | 0.45 | 2.79 | 155 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.46 | 0.27 | (0.06 | ) | 0.21 | (0.27 | ) | (0.10 | ) | (0.37 | ) | 10.30 | 3/31/17 | 2.04 | 27,651 | 0.46 | 0.46 | 2.60 | 277 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.66 | 0.27 | (0.07 | ) | 0.20 | (0.27 | ) | (0.13 | ) | (0.40 | ) | 10.46 | 3/31/16 | 1.89 | 30,009 | 0.46 | 0.46 | 2.59 | 309 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.41 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.08 | ) | (0.31 | ) | 10.66 | 3/31/15 | 5.43 | 19,336 | 0.47 | 0.47 | 2.17 | 328 | 162 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.48 | 0.14 | 0.41 | 0.55 | (0.14 | ) | — | (0.14 | ) | 10.89 | Retirement Class: | 9/30/19 | # | 5.27 | b | 221,143 | 0.55 | c | 0.55 | c | 2.63 | c | 68 | b | 62 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.36 | 0.30 | 0.12 | 0.42 | (0.30 | ) | — | (0.30 | ) | 10.48 | 3/31/19 | 4.20 | 197,645 | 0.55 | 0.55 | 2.98 | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.49 | 0.28 | (0.12 | ) | 0.16 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 10.36 | 3/31/18 | 1.49 | 213,497 | 0.55 | 0.55 | 2.69 | 155 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.64 | 0.27 | (0.05 | ) | 0.22 | (0.27 | ) | (0.10 | ) | (0.37 | ) | 10.49 | 3/31/17 | 2.04 | 224,159 | 0.56 | 0.56 | 2.50 | 277 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.84 | 0.26 | (0.07 | ) | 0.19 | (0.26 | ) | (0.13 | ) | (0.39 | ) | 10.64 | 3/31/16 | 1.80 | 234,458 | 0.56 | 0.56 | 2.45 | 309 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.59 | 0.22 | 0.33 | 0.55 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 10.84 | 3/31/15 | 5.27 | 266,855 | 0.56 | 0.56 | 2.06 | 328 | 162 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.47 | 0.14 | 0.41 | 0.55 | (0.14 | ) | — | (0.14 | ) | 10.88 | Retail Class: | 9/30/19 | # | 5.25 | b | 112,599 | 0.59 | c | 0.59 | c | 2.58 | c | 68 | b | 62 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.35 | 0.30 | 0.12 | 0.42 | (0.30 | ) | — | (0.30 | ) | 10.47 | 3/31/19 | 4.16 | 92,455 | 0.60 | 0.60 | 2.93 | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.48 | 0.28 | (0.12 | ) | 0.16 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 10.35 | 3/31/18 | 1.45 | 97,066 | 0.60 | 0.60 | 2.65 | 155 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.63 | 0.26 | (0.05 | ) | 0.21 | (0.26 | ) | (0.10 | ) | (0.36 | ) | 10.48 | 3/31/17 | 1.99 | 90,587 | 0.61 | 0.61 | 2.45 | 277 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.83 | 0.26 | (0.08 | ) | 0.18 | (0.25 | ) | (0.13 | ) | (0.38 | ) | 10.63 | 3/31/16 | 1.75 | 79,566 | 0.62 | 0.62 | 2.41 | 309 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.22 | 0.32 | 0.54 | (0.21 | ) | (0.08 | ) | (0.29 | ) | 10.83 | 3/31/15 | 5.21 | 78,781 | 0.62 | 0.62 | 2.01 | 328 | 162 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 10.29 | 0.17 | 0.41 | 0.58 | (0.17 | ) | — | (0.17 | ) | 10.70 | Class W: | 9/30/19 | # | 5.63 | b | 3,925,954 | 0.30 | c | 0.00 | c | 3.17 | c | 68 | b | 62 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 10.00 | 0.18 | 0.29 | 0.47 | (0.18 | ) | — | (0.18 | ) | 10.29 | 3/31/19 | †† | 4.77 | b | 3,741,378 | 0.30 | c | 0.00 | c | 3.64 | c | 138 | 125 | ||||||||||||||||||||||||||||||||||||||||||
| BOND INDEX FUND | BOND INDEX FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | 10.76 | 0.15 | 0.42 | 0.57 | (0.15 | ) | — | (0.15 | ) | 11.18 | Institutional Class: | 9/30/19 | # | 5.31 | b | 10,667,626 | 0.12 | c | 0.12 | c | 2.70 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.58 | 0.29 | 0.18 | 0.47 | (0.29 | ) | — | (0.29 | ) | 10.76 | 3/31/19 | 4.55 | 6,445,380 | 0.11 | 0.11 | 2.75 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.75 | 0.26 | (0.17 | ) | 0.09 | (0.26 | ) | (0.00 | ) | (0.26 | ) | 10.58 | 3/31/18 | 0.89 | 9,558,420 | 0.12 | 0.12 | 2.45 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.98 | 0.25 | (0.23 | ) | 0.02 | (0.25 | ) | — | (0.25 | ) | 10.75 | 3/31/17 | 0.15 | 7,372,654 | 0.12 | 0.12 | 2.27 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.03 | 0.25 | (0.03 | ) | 0.22 | (0.25 | ) | (0.02 | ) | (0.27 | ) | 10.98 | 3/31/16 | 1.99 | 6,115,247 | 0.12 | 0.12 | 2.28 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.67 | 0.24 | 0.37 | 0.61 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 11.03 | 3/31/15 | 5.73 | 5,727,975 | 0.12 | 0.12 | 2.18 | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.76 | 0.14 | 0.42 | 0.56 | (0.14 | ) | — | (0.14 | ) | 11.18 | Advisor Class: | 9/30/19 | # | 5.26 | b | 5,794 | 0.22 | c | 0.22 | c | 2.58 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.59 | 0.28 | 0.17 | 0.45 | (0.28 | ) | — | (0.28 | ) | 10.76 | 3/31/19 | 4.33 | 1,139 | 0.22 | 0.22 | 2.74 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.76 | 0.25 | (0.17 | ) | 0.08 | (0.25 | ) | (0.00 | ) | (0.25 | ) | 10.59 | 3/31/18 | 0.78 | 282 | 0.20 | 0.20 | 2.30 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.98 | 0.25 | (0.22 | ) | 0.03 | (0.25 | ) | — | (0.25 | ) | 10.76 | 3/31/17 | 0.22 | 4,636 | 0.18 | 0.18 | 2.36 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.77 | 0.08 | 0.23 | 0.31 | (0.08 | ) | (0.02 | ) | (0.10 | ) | 10.98 | 3/31/16 | ‡ | 2.84 | b | 102 | 0.34 | c | 0.27 | c | 2.23 | c | 22 | 22 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.76 | 0.14 | 0.42 | 0.56 | (0.14 | ) | — | (0.14 | ) | 11.18 | Premier Class: | 9/30/19 | # | 5.23 | b | 25,826 | 0.27 | c | 0.27 | c | 2.55 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.58 | 0.27 | 0.18 | 0.45 | (0.27 | ) | — | (0.27 | ) | 10.76 | 3/31/19 | 4.39 | 21,379 | 0.26 | 0.26 | 2.61 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.75 | 0.25 | (0.17 | ) | 0.08 | (0.25 | ) | (0.00 | ) | (0.25 | ) | 10.58 | 3/31/18 | 0.74 | 33,640 | 0.27 | 0.27 | 2.30 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.98 | 0.23 | (0.23 | ) | — | (0.23 | ) | — | (0.23 | ) | 10.75 | 3/31/17 | 0.00 | 30,001 | 0.27 | 0.27 | 2.10 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.03 | 0.23 | (0.03 | ) | 0.20 | (0.23 | ) | (0.02 | ) | (0.25 | ) | 10.98 | 3/31/16 | 1.84 | 52,687 | 0.27 | 0.27 | 2.13 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.67 | 0.22 | 0.37 | 0.59 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 11.03 | 3/31/15 | 5.58 | 48,961 | 0.27 | 0.27 | 2.04 | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.77 | 0.13 | 0.42 | 0.55 | (0.13 | ) | — | (0.13 | ) | 11.19 | Retirement Class: | 9/30/19 | # | 5.18 | b | 356,019 | 0.37 | c | 0.37 | c | 2.45 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.59 | 0.26 | 0.18 | 0.44 | (0.26 | ) | — | (0.26 | ) | 10.77 | 3/31/19 | 4.29 | 258,787 | 0.36 | 0.36 | 2.53 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.75 | 0.24 | (0.16 | ) | 0.08 | (0.24 | ) | (0.00 | ) | (0.24 | ) | 10.59 | 3/31/18 | 0.73 | 179,875 | 0.37 | 0.37 | 2.20 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.98 | 0.22 | (0.23 | ) | (0.01 | ) | (0.22 | ) | — | (0.22 | ) | 10.75 | 3/31/17 | (0.10 | ) | 139,123 | 0.37 | 0.37 | 2.02 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.04 | 0.22 | (0.04 | ) | 0.18 | (0.22 | ) | (0.02 | ) | (0.24 | ) | 10.98 | 3/31/16 | 1.64 | 120,858 | 0.37 | 0.37 | 2.03 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.68 | 0.21 | 0.37 | 0.58 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 11.04 | 3/31/15 | 5.47 | 96,643 | 0.37 | 0.37 | 1.93 | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.77 | 0.13 | 0.42 | 0.55 | (0.13 | ) | — | (0.13 | ) | 11.19 | Retail Class: | 9/30/19 | # | 5.14 | b | 25,475 | 0.43 | c | 0.43 | c | 2.39 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.59 | 0.26 | 0.18 | 0.44 | (0.26 | ) | — | (0.26 | ) | 10.77 | 3/31/19 | 4.20 | 21,544 | 0.44 | 0.44 | 2.43 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.75 | 0.23 | (0.16 | ) | 0.07 | (0.23 | ) | (0.00 | ) | (0.23 | ) | 10.59 | 3/31/18 | 0.66 | 20,927 | 0.44 | 0.44 | 2.12 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.98 | 0.21 | (0.23 | ) | (0.02 | ) | (0.21 | ) | — | (0.21 | ) | 10.75 | 3/31/17 | (0.18 | ) | 21,467 | 0.44 | 0.44 | 1.94 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.04 | 0.21 | (0.04 | ) | 0.17 | (0.21 | ) | (0.02 | ) | (0.23 | ) | 10.98 | 3/31/16 | 1.55 | 21,540 | 0.46 | 0.46 | 1.94 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.68 | 0.20 | 0.37 | 0.57 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.04 | 3/31/15 | 5.38 | 18,307 | 0.45 | 0.45 | 1.85 | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 10.76 | 0.15 | 0.42 | 0.57 | (0.15 | ) | — | (0.15 | ) | 11.18 | Class W: | 9/30/19 | # | 5.37 | b | 5,418,871 | 0.12 | c | 0.00 | c | 2.81 | c | 8 | b | 8 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 10.43 | 0.16 | 0.32 | 0.48 | (0.15 | ) | — | (0.15 | ) | 10.76 | 3/31/19 | †† | 4.69 | b | 4,605,482 | 0.11 | c | 0.00 | c | 2.97 | c | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 76 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 77 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | dollar rolls | ||||||||||||||||||||||||||||||||||||||||||||||||
| BOND PLUS FUND | BOND PLUS FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $10.35 | $0.16 | $ 0.39 | $0.55 | $(0.16 | ) | $ — | $(0.16 | ) | $10.74 | Institutional Class: | 9/30/19 | # | 5.30 | %b | $1,385,484 | 0.30 | %c | 0.30 | %c | 2.99 | %c | 47 | %b | 41 | %b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.24 | 0.35 | 0.10 | 0.45 | (0.34 | ) | — | (0.34 | ) | 10.35 | 3/31/19 | 4.56 | 1,185,094 | 0.30 | 0.30 | 3.39 | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.36 | 0.33 | (0.11 | ) | 0.22 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 10.24 | 3/31/18 | 2.07 | 3,434,043 | 0.30 | 0.30 | 3.19 | 156 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.47 | 0.33 | (0.02 | ) | 0.31 | (0.32 | ) | (0.10 | ) | (0.42 | ) | 10.36 | 3/31/17 | 3.02 | 2,921,905 | 0.31 | 0.31 | 3.12 | 246 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.75 | 0.32 | (0.16 | ) | 0.16 | (0.32 | ) | (0.12 | ) | (0.44 | ) | 10.47 | 3/31/16 | 1.56 | 2,449,009 | 0.31 | 0.31 | 3.05 | 293 | 172 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.29 | 0.30 | 0.59 | (0.29 | ) | (0.13 | ) | (0.42 | ) | 10.75 | 3/31/15 | 5.66 | 2,522,232 | 0.32 | 0.32 | 2.71 | 285 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.36 | 0.15 | 0.39 | 0.54 | (0.15 | ) | — | (0.15 | ) | 10.75 | Advisor Class: | 9/30/19 | # | 5.17 | b | 238,216 | 0.39 | c | 0.39 | c | 2.81 | c | 47 | b | 41 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.25 | 0.34 | 0.11 | 0.45 | (0.34 | ) | — | (0.34 | ) | 10.36 | 3/31/19 | 4.51 | 35,007 | 0.35 | 0.35 | 3.39 | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.37 | 0.32 | (0.11 | ) | 0.21 | (0.32 | ) | (0.01 | ) | (0.33 | ) | 10.25 | 3/31/18 | 1.99 | 24,604 | 0.37 | 0.37 | 3.17 | 156 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.48 | 0.30 | 0.01 | 0.31 | (0.32 | ) | (0.10 | ) | (0.42 | ) | 10.37 | 3/31/17 | 2.98 | 1,658 | 0.40 | 0.40 | 2.98 | 246 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.45 | 0.10 | 0.15 | 0.25 | (0.10 | ) | (0.12 | ) | (0.22 | ) | 10.48 | 3/31/16 | ‡ | 2.46 | b | 102 | 0.53 | c | 0.46 | c | 3.06 | c | 293 | 172 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.35 | 0.15 | 0.38 | 0.53 | (0.15 | ) | — | (0.15 | ) | 10.73 | Premier Class: | 9/30/19 | # | 5.13 | b | 10,938 | 0.45 | c | 0.45 | c | 2.84 | c | 47 | b | 41 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.24 | 0.33 | 0.11 | 0.44 | (0.33 | ) | — | (0.33 | ) | 10.35 | 3/31/19 | 4.41 | 10,707 | 0.45 | 0.45 | 3.25 | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.36 | 0.32 | (0.12 | ) | 0.20 | (0.31 | ) | (0.01 | ) | (0.32 | ) | 10.24 | 3/31/18 | 1.92 | 22,115 | 0.46 | 0.46 | 3.02 | 156 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.47 | 0.31 | (0.01 | ) | 0.30 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 10.36 | 3/31/17 | 2.87 | 41,849 | 0.46 | 0.46 | 2.97 | 246 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.75 | 0.30 | (0.16 | ) | 0.14 | (0.30 | ) | (0.12 | ) | (0.42 | ) | 10.47 | 3/31/16 | 1.41 | 26,983 | 0.46 | 0.46 | 2.92 | 293 | 172 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.58 | 0.27 | 0.30 | 0.57 | (0.27 | ) | (0.13 | ) | (0.40 | ) | 10.75 | 3/31/15 | 5.60 | 17,022 | 0.47 | 0.47 | 2.57 | 285 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.37 | 0.14 | 0.38 | 0.52 | (0.14 | ) | — | (0.14 | ) | 10.75 | Retirement Class: | 9/30/19 | # | 5.07 | b | 436,433 | 0.55 | c | 0.55 | c | 2.75 | c | 47 | b | 41 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.32 | 0.11 | 0.43 | (0.32 | ) | — | (0.32 | ) | 10.37 | 3/31/19 | 4.30 | 436,641 | 0.55 | 0.55 | 3.18 | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.37 | 0.31 | (0.11 | ) | 0.20 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 10.26 | 3/31/18 | 1.92 | 426,965 | 0.55 | 0.55 | 2.94 | 156 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.49 | 0.30 | (0.02 | ) | 0.28 | (0.30 | ) | (0.10 | ) | (0.40 | ) | 10.37 | 3/31/17 | 2.67 | 333,416 | 0.56 | 0.56 | 2.87 | 246 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.76 | 0.29 | (0.15 | ) | 0.14 | (0.29 | ) | (0.12 | ) | (0.41 | ) | 10.49 | 3/31/16 | 1.41 | 198,216 | 0.56 | 0.56 | 2.80 | 293 | 172 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.59 | 0.26 | 0.30 | 0.56 | (0.26 | ) | (0.13 | ) | (0.39 | ) | 10.76 | 3/31/15 | 5.39 | 200,632 | 0.57 | 0.57 | 2.46 | 285 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.38 | 0.14 | 0.38 | 0.52 | (0.14 | ) | — | (0.14 | ) | 10.76 | Retail Class: | 9/30/19 | # | 5.03 | b | 315,292 | 0.61 | c | 0.61 | c | 2.67 | c | 47 | b | 41 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.32 | 0.11 | 0.43 | (0.31 | ) | — | (0.31 | ) | 10.38 | 3/31/19 | 4.33 | 256,549 | 0.62 | 0.62 | 3.11 | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.38 | 0.30 | (0.11 | ) | 0.19 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 10.26 | 3/31/18 | 1.75 | 264,757 | 0.62 | 0.62 | 2.87 | 156 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.49 | 0.30 | (0.02 | ) | 0.28 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 10.38 | 3/31/17 | 2.69 | 263,847 | 0.63 | 0.63 | 2.80 | 246 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.77 | 0.29 | (0.17 | ) | 0.12 | (0.28 | ) | (0.12 | ) | (0.40 | ) | 10.49 | 3/31/16 | 1.25 | 264,536 | 0.63 | 0.63 | 2.73 | 293 | 172 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.60 | 0.26 | 0.29 | 0.55 | (0.25 | ) | (0.13 | ) | (0.38 | ) | 10.77 | 3/31/15 | 5.31 | 270,579 | 0.64 | 0.64 | 2.39 | 285 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 10.36 | 0.17 | 0.38 | 0.55 | (0.17 | ) | — | (0.17 | ) | 10.74 | Class W: | 9/30/19 | # | 5.36 | b | 2,425,203 | 0.30 | c | 0.00 | c | 3.29 | c | 47 | b | 41 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 10.07 | 0.19 | 0.29 | 0.48 | (0.19 | ) | — | (0.19 | ) | 10.36 | 3/31/19 | †† | 4.82 | b | 2,370,116 | 0.31 | c | 0.00 | c | 3.84 | c | 106 | 90 | ||||||||||||||||||||||||||||||||||||||||||
| 5–15 YEAR LADDERED TAX-EXEMPT BOND FUND | 5–15 YEAR LADDERED TAX-EXEMPT BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | 10.55 | 0.13 | 0.29 | 0.42 | (0.14 | ) | — | (0.14 | ) | 10.83 | Institutional Class: | 9/30/19 | # | 3.95 | b | 6,327 | 0.34 | c | 0.30 | c | 2.51 | c | 9 | b | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.27 | 0.30 | 0.57 | (0.27 | ) | (0.01 | ) | (0.28 | ) | 10.55 | 3/31/19 | 5.64 | 5,091 | 0.35 | 0.31 | 2.71 | 43 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.25 | 0.24 | 0.01 | 0.25 | (0.24 | ) | (0.00 | )d | (0.24 | ) | 10.26 | 3/31/18 | 2.48 | 1,401 | 0.38 | 0.35 | 2.31 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.72 | 0.22 | (0.29 | ) | (0.07 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | 10.25 | 3/31/17 | (0.63 | ) | 2,418 | 0.37 | 0.35 | 2.04 | 59 | 59 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.82 | 0.22 | 0.06 | 0.28 | (0.22 | ) | (0.16 | ) | (0.38 | ) | 10.72 | 3/31/16 | 2.60 | 49,799 | 0.36 | 0.35 | 2.03 | 110 | 110 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.51 | 0.24 | 0.41 | 0.65 | (0.23 | ) | (0.11 | ) | (0.34 | ) | 10.82 | 3/31/15 | 6.27 | 43,616 | 0.35 | 0.35 | 2.19 | 155 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.55 | 0.13 | 0.28 | 0.41 | (0.13 | ) | — | (0.13 | ) | 10.83 | Advisor Class: | 9/30/19 | # | 3.92 | b | 792 | 0.41 | c | 0.37 | c | 2.50 | c | 9 | b | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.26 | 0.30 | 0.56 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 10.55 | 3/31/19 | 5.58 | 228 | 0.41 | 0.38 | 2.58 | 43 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.25 | 0.24 | 0.01 | 0.25 | (0.24 | ) | (0.00 | )d | (0.24 | ) | 10.26 | 3/31/18 | 2.49 | 100 | 0.37 | 0.34 | 2.34 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.72 | 0.23 | (0.30 | ) | (0.07 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | 10.25 | 3/31/17 | (0.63 | ) | 99 | 0.38 | 0.36 | 2.15 | 59 | 59 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.75 | 0.07 | 0.13 | 0.20 | (0.07 | ) | (0.16 | ) | (0.23 | ) | 10.72 | 3/31/16 | ‡ | 1.85 | b | 101 | 0.58 | c | 0.50 | c | 2.00 | c | 110 | 110 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.56 | 0.12 | 0.28 | 0.40 | (0.12 | ) | — | (0.12 | ) | 10.84 | Retail Class: | 9/30/19 | # | 3.81 | b | 274,698 | 0.62 | c | 0.58 | c | 2.24 | c | 9 | b | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.27 | 0.24 | 0.30 | 0.54 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 10.56 | 3/31/19 | 5.34 | 265,913 | 0.63 | 0.60 | 2.34 | 43 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.26 | 0.21 | 0.01 | 0.22 | (0.21 | ) | (0.00 | )d | (0.21 | ) | 10.27 | 3/31/18 | 2.20 | 266,695 | 0.65 | 0.62 | 2.06 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.73 | 0.20 | (0.30 | ) | (0.10 | ) | (0.20 | ) | (0.17 | ) | (0.37 | ) | 10.26 | 3/31/17 | (0.90 | ) | 281,643 | 0.65 | 0.63 | 1.87 | 59 | 59 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.84 | 0.19 | 0.05 | 0.24 | (0.19 | ) | (0.16 | ) | (0.35 | ) | 10.73 | 3/31/16 | 2.22 | 296,355 | 0.63 | 0.63 | 1.75 | 110 | 110 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.52 | 0.20 | 0.43 | 0.63 | (0.20 | ) | (0.11 | ) | (0.31 | ) | 10.84 | 3/31/15 | 6.07 | 306,179 | 0.63 | 0.63 | 1.90 | 155 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||
| GREEN BOND FUND | GREEN BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | 10.33 | 0.17 | 0.38 | 0.55 | (0.17 | ) | — | (0.17 | ) | 10.71 | Institutional Class: | 9/30/19 | # | 5.39 | b | 22,552 | 1.29 | c | 0.45 | c | 3.29 | c | 17 | b | 17 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.14 | 0.33 | 0.47 | (0.14 | ) | — | (0.14 | ) | 10.33 | 3/31/19 | § | 4.71 | b | 21,751 | 2.99 | c | 0.45 | c | 3.68 | c | 31 | b | 31 | b | ||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.33 | 0.17 | 0.38 | 0.55 | (0.17 | ) | — | (0.17 | ) | 10.71 | Advisor Class: | 9/30/19 | # | 5.39 | b | 1,071 | 1.30 | c | 0.45 | c | 3.28 | c | 17 | b | 17 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.13 | 0.33 | 0.46 | (0.13 | ) | — | (0.13 | ) | 10.33 | 3/31/19 | § | 4.66 | b | 1,033 | 3.37 | c | 0.60 | c | 3.53 | c | 31 | b | 31 | b | ||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.33 | 0.17 | 0.38 | 0.55 | (0.17 | ) | — | (0.17 | ) | 10.71 | Premier Class: | 9/30/19 | # | 5.31 | b | 1,071 | 1.45 | c | 0.60 | c | 3.14 | c | 17 | b | 17 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.13 | 0.33 | 0.46 | (0.13 | ) | — | (0.13 | ) | 10.33 | 3/31/19 | § | 4.66 | b | 1,033 | 3.52 | c | 0.60 | c | 3.53 | c | 31 | b | 31 | b | ||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.33 | 0.17 | 0.37 | 0.54 | (0.16 | ) | — | (0.16 | ) | 10.71 | Retirement Class: | 9/30/19 | # | 5.30 | b | 3,929 | 1.55 | c | 0.62 | c | 3.18 | c | 17 | b | 17 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.13 | 0.33 | 0.46 | (0.13 | ) | — | (0.13 | ) | 10.33 | 3/31/19 | § | 4.65 | b | 1,620 | 3.54 | c | 0.62 | c | 3.60 | c | 31 | b | 31 | b | ||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.33 | 0.16 | 0.38 | 0.54 | (0.16 | ) | — | (0.16 | ) | 10.71 | Retail Class: | 9/30/19 | # | 5.27 | b | 2,124 | 1.54 | c | 0.69 | c | 3.07 | c | 17 | b | 17 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.13 | 0.33 | 0.46 | (0.13 | ) | — | (0.13 | ) | 10.33 | 3/31/19 | § | 4.62 | b | 1,403 | 3.92 | c | 0.71 | c | 3.50 | c | 31 | b | 31 | b | ||||||||||||||||||||||||||||||||||||||||
| 78 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 79 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | |||||||||||||||||||||||||||||||||||||||||||||
| HIGH-YIELD FUND | HIGH-YIELD FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $ 9.61 | $0.28 | $ 0.10 | $ 0.38 | $(0.28 | ) | $ — | $(0.28 | ) | $9.71 | Institutional Class: | 9/30/19 | # | 3.97 | %b | $2,804,698 | 0.36 | %c | 0.35 | %c | 5.73 | %c | 17 | %b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.56 | 0.56 | 0.05 | 0.61 | (0.56 | ) | — | (0.56 | ) | 9.61 | 3/31/19 | 6.58 | 3,105,793 | 0.36 | 0.36 | 5.86 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.80 | 0.51 | (0.24 | ) | 0.27 | (0.51 | ) | — | (0.51 | ) | 9.56 | 3/31/18 | 2.72 | 2,844,390 | 0.36 | 0.36 | 5.19 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 9.02 | 0.56 | 0.78 | 1.34 | (0.56 | ) | — | (0.56 | ) | 9.80 | 3/31/17 | 15.24 | 2,417,175 | 0.36 | 0.36 | 5.81 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 9.94 | 0.55 | (0.92 | ) | (0.37 | ) | (0.55 | ) | — | (0.55 | ) | 9.02 | 3/31/16 | (3.84 | ) | 2,253,957 | 0.36 | 0.36 | 5.86 | 50 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.38 | 0.55 | (0.32 | ) | 0.23 | (0.55 | ) | (0.12 | ) | (0.67 | ) | 9.94 | 3/31/15 | 2.33 | 2,154,591 | 0.36 | 0.36 | 5.41 | 71 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 9.60 | 0.27 | 0.11 | 0.38 | (0.27 | ) | — | (0.27 | ) | 9.71 | Advisor Class: | 9/30/19 | # | 4.01 | b | 10,435 | 0.48 | c | 0.47 | c | 5.60 | c | 17 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.56 | 0.55 | 0.03 | 0.58 | (0.54 | ) | — | (0.54 | ) | 9.60 | 3/31/19 | 6.34 | 13,910 | 0.47 | 0.47 | 5.80 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.80 | 0.49 | (0.23 | ) | 0.26 | (0.50 | ) | — | (0.50 | ) | 9.56 | 3/31/18 | 2.62 | 5,199 | 0.46 | 0.46 | 5.03 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 9.01 | 0.53 | 0.81 | 1.34 | (0.55 | ) | — | (0.55 | ) | 9.80 | 3/31/17 | 15.17 | 5,133 | 0.43 | 0.43 | 5.55 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 9.17 | 0.18 | (0.16 | ) | 0.02 | (0.18 | ) | — | (0.18 | ) | 9.01 | 3/31/16 | ‡ | 0.23 | b | 102 | 0.58 | c | 0.51 | c | 6.31 | c | 50 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 9.62 | 0.27 | 0.11 | 0.38 | (0.27 | ) | — | (0.27 | ) | 9.73 | Premier Class: | 9/30/19 | # | 4.00 | b | 23,215 | 0.51 | c | 0.50 | c | 5.59 | c | 17 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.57 | 0.54 | 0.05 | 0.59 | (0.54 | ) | — | (0.54 | ) | 9.62 | 3/31/19 | 6.41 | 32,528 | 0.51 | 0.51 | 5.54 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.81 | 0.49 | (0.24 | ) | 0.25 | (0.49 | ) | — | (0.49 | ) | 9.57 | 3/31/18 | 2.57 | 130,399 | 0.51 | 0.51 | 5.02 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 9.02 | 0.54 | 0.79 | 1.33 | (0.54 | ) | — | (0.54 | ) | 9.81 | 3/31/17 | 15.06 | 144,573 | 0.51 | 0.51 | 5.64 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 9.94 | 0.53 | (0.91 | ) | (0.38 | ) | (0.54 | ) | — | (0.54 | ) | 9.02 | 3/31/16 | (3.87 | ) | 73,106 | 0.51 | 0.51 | 5.80 | 50 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.39 | 0.54 | (0.33 | ) | 0.21 | (0.54 | ) | (0.12 | ) | (0.66 | ) | 9.94 | 3/31/15 | 2.08 | 33,545 | 0.51 | 0.51 | 5.26 | 71 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 9.61 | 0.27 | 0.11 | 0.38 | (0.27 | ) | — | (0.27 | ) | 9.72 | Retirement Class: | 9/30/19 | # | 3.95 | b | 371,467 | 0.61 | c | 0.60 | c | 5.48 | c | 17 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.57 | 0.53 | 0.04 | 0.57 | (0.53 | ) | — | (0.53 | ) | 9.61 | 3/31/19 | 6.20 | 385,205 | 0.61 | 0.61 | 5.60 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.81 | 0.48 | (0.24 | ) | 0.24 | (0.48 | ) | — | (0.48 | ) | 9.57 | 3/31/18 | 2.47 | 418,842 | 0.61 | 0.61 | 4.93 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 9.02 | 0.53 | 0.79 | 1.32 | (0.53 | ) | — | (0.53 | ) | 9.81 | 3/31/17 | 14.95 | 361,397 | 0.61 | 0.61 | 5.55 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 9.94 | 0.52 | (0.91 | ) | (0.39 | ) | (0.53 | ) | — | (0.53 | ) | 9.02 | 3/31/16 | (3.97 | ) | 248,713 | 0.61 | 0.61 | 5.61 | 50 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.38 | 0.52 | (0.31 | ) | 0.21 | (0.53 | ) | (0.12 | ) | (0.65 | ) | 9.94 | 3/31/15 | 2.08 | 245,574 | 0.61 | 0.61 | 5.10 | 71 | |||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 9.65 | 0.27 | 0.11 | 0.38 | (0.27 | ) | — | (0.27 | ) | 9.76 | Retail Class: | 9/30/19 | # | 3.93 | b | 325,246 | 0.64 | c | 0.63 | c | 5.45 | c | 17 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.61 | 0.53 | 0.04 | 0.57 | (0.53 | ) | — | (0.53 | ) | 9.65 | 3/31/19 | 6.17 | 324,373 | 0.63 | 0.63 | 5.55 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.85 | 0.48 | (0.24 | ) | 0.24 | (0.48 | ) | — | (0.48 | ) | 9.61 | 3/31/18 | 2.47 | 623,780 | 0.62 | 0.62 | 4.91 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 9.06 | 0.53 | 0.79 | 1.32 | (0.53 | ) | — | (0.53 | ) | 9.85 | 3/31/17 | 15.01 | 620,629 | 0.63 | 0.63 | 5.53 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 9.98 | 0.52 | (0.91 | ) | (0.39 | ) | (0.53 | ) | — | (0.53 | ) | 9.06 | 3/31/16 | (4.06 | ) | 441,569 | 0.63 | 0.63 | 5.55 | 50 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.43 | 0.52 | (0.32 | ) | 0.20 | (0.53 | ) | (0.12 | ) | (0.65 | ) | 9.98 | 3/31/15 | 1.97 | 541,978 | 0.64 | 0.64 | 5.11 | 71 | |||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 9.61 | 0.29 | 0.10 | 0.39 | (0.29 | ) | — | (0.29 | ) | 9.71 | Class W: | 9/30/19 | # | 4.15 | b | 275,357 | 0.36 | c | 0.00 | c | 6.08 | c | 17 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 9.66 | 0.30 | (0.05 | ) | 0.25 | (0.30 | ) | — | (0.30 | ) | 9.61 | 3/31/19 | †† | 2.69 | b | 290,227 | 0.36 | c | 0.00 | c | 6.38 | c | 45 | ||||||||||||||||||||||||||||||||||||||
| INFLATION-LINKED BOND FUND | INFLATION-LINKED BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | 11.29 | 0.22 | 0.12 | 0.34 | (0.15 | ) | — | (0.15 | ) | 11.48 | Institutional Class: | 9/30/19 | # | 3.03 | b | 1,676,000 | 0.26 | c | 0.24 | c | 3.84 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 11.28 | 0.24 | 0.05 | 0.29 | (0.28 | ) | — | (0.28 | ) | 11.29 | 3/31/19 | 2.67 | 1,634,250 | 0.26 | 0.26 | 2.12 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 11.48 | 0.23 | (0.20 | ) | 0.03 | (0.23 | ) | — | (0.23 | ) | 11.28 | 3/31/18 | 0.23 | 2,542,095 | 0.26 | 0.26 | 2.05 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 11.53 | 0.27 | (0.14 | ) | 0.13 | (0.18 | ) | — | (0.18 | ) | 11.48 | 3/31/17 | 1.12 | 2,163,413 | 0.26 | 0.26 | 2.31 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.52 | 0.16 | (0.11 | ) | 0.05 | (0.04 | ) | — | (0.04 | ) | 11.53 | 3/31/16 | 0.41 | 1,903,233 | 0.27 | 0.27 | 1.45 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 11.41 | 0.02 | 0.31 | 0.33 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 11.52 | 3/31/15 | 2.92 | 1,713,985 | 0.26 | 0.26 | 0.16 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 11.29 | 0.15 | 0.19 | 0.34 | (0.15 | ) | — | (0.15 | ) | 11.48 | Advisor Class: | 9/30/19 | # | 3.00 | b | 229,407 | 0.36 | c | 0.34 | c | 2.62 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 11.28 | 0.16 | 0.12 | 0.28 | (0.27 | ) | — | (0.27 | ) | 11.29 | 3/31/19 | 2.52 | 300 | 0.36 | 0.36 | 1.47 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 11.48 | 0.21 | (0.20 | ) | 0.01 | (0.21 | ) | — | (0.21 | ) | 11.28 | 3/31/18 | 0.12 | 270 | 0.42 | 0.41 | 1.88 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 11.53 | 0.30 | (0.18 | ) | 0.12 | (0.17 | ) | — | (0.17 | ) | 11.48 | 3/31/17 | 1.08 | 225 | 0.28 | 0.28 | 2.62 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 11.24 | (0.04 | ) | 0.37 | 0.33 | (0.04 | ) | — | (0.04 | ) | 11.53 | 3/31/16 | ‡ | 2.90 | b | 103 | 0.48 | c | 0.42 | c | (1.16 | )c | 27 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 11.26 | 0.21 | 0.13 | 0.34 | (0.14 | ) | — | (0.14 | ) | 11.46 | Premier Class: | 9/30/19 | # | 3.01 | b | 3,211 | 0.41 | c | 0.39 | c | 3.72 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 11.25 | 0.21 | 0.06 | 0.27 | (0.26 | ) | — | (0.26 | ) | 11.26 | 3/31/19 | 2.44 | 3,490 | 0.41 | 0.41 | 1.86 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 11.45 | 0.22 | (0.21 | ) | 0.01 | (0.21 | ) | — | (0.21 | ) | 11.25 | 3/31/18 | 0.08 | 10,811 | 0.41 | 0.41 | 1.90 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 11.50 | 0.25 | (0.14 | ) | 0.11 | (0.16 | ) | — | (0.16 | ) | 11.45 | 3/31/17 | 0.97 | 11,361 | 0.41 | 0.41 | 2.20 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.49 | 0.12 | (0.09 | ) | 0.03 | (0.02 | ) | — | (0.02 | ) | 11.50 | 3/31/16 | 0.31 | 10,486 | 0.42 | 0.42 | 1.10 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 11.39 | 0.01 | 0.30 | 0.31 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.49 | 3/31/15 | 2.76 | 7,545 | 0.42 | 0.42 | 0.08 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 11.36 | 0.21 | 0.13 | 0.34 | (0.13 | ) | — | (0.13 | ) | 11.57 | Retirement Class: | 9/30/19 | # | 2.90 | b | 210,529 | 0.51 | c | 0.49 | c | 3.63 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 11.36 | 0.17 | 0.09 | 0.26 | (0.26 | ) | — | (0.26 | ) | 11.36 | 3/31/19 | 2.31 | 222,321 | 0.51 | 0.51 | 1.50 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 11.56 | 0.21 | (0.21 | ) | — | (0.20 | ) | — | (0.20 | ) | 11.36 | 3/31/18 | (0.03 | ) | 231,263 | 0.51 | 0.51 | 1.81 | 17 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 11.61 | 0.24 | (0.14 | ) | 0.10 | (0.15 | ) | — | (0.15 | ) | 11.56 | 3/31/17 | 0.84 | 235,188 | 0.57 | 0.55 | 2.07 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.60 | 0.14 | (0.11 | ) | 0.03 | (0.02 | ) | — | (0.02 | ) | 11.61 | 3/31/16 | 0.22 | 217,000 | 0.52 | 0.52 | 1.20 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 11.50 | 0.04 | 0.27 | 0.31 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 11.60 | 3/31/15 | 2.67 | 166,302 | 0.51 | 0.51 | 0.32 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.99 | 0.18 | 0.15 | 0.33 | (0.13 | ) | — | (0.13 | ) | 11.19 | Retail Class: | 9/30/19 | # | 2.87 | b | 159,703 | 0.58 | c | 0.56 | c | 3.26 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 11.00 | 0.16 | 0.08 | 0.24 | (0.25 | ) | — | (0.25 | ) | 10.99 | 3/31/19 | 2.32 | 101,245 | 0.58 | 0.58 | 1.46 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 11.20 | 0.19 | (0.20 | ) | (0.01 | ) | (0.19 | ) | — | (0.19 | ) | 11.00 | 3/31/18 | (0.14 | ) | 110,279 | 0.59 | 0.59 | 1.70 | 17 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 11.25 | 0.23 | (0.14 | ) | 0.09 | (0.14 | ) | — | (0.14 | ) | 11.20 | 3/31/17 | 0.83 | 121,954 | 0.58 | 0.58 | 2.03 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 11.24 | 0.14 | (0.12 | ) | 0.02 | (0.01 | ) | — | (0.01 | ) | 11.25 | 3/31/16 | 0.18 | 125,137 | 0.58 | 0.58 | 1.27 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 11.16 | 0.01 | 0.27 | 0.28 | (0.19 | ) | (0.01 | ) | (0.20 | ) | 11.24 | 3/31/15 | 2.55 | 138,801 | 0.57 | 0.57 | 0.08 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 11.29 | 0.23 | 0.13 | 0.36 | (0.17 | ) | — | (0.17 | ) | 11.48 | Class W: | 9/30/19 | # | 3.22 | b | 1,232,341 | 0.26 | c | 0.00 | c | 4.05 | c | 14 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 11.13 | 0.02 | 0.26 | 0.28 | (0.12 | ) | — | (0.12 | ) | 11.29 | 3/31/19 | †† | 2.56 | b | 1,132,698 | 0.26 | c | 0.00 | c | 0.31 | c | 21 | |||||||||||||||||||||||||||||||||||||||
| 80 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 81 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | |||||||||||||||||||||||||||||||||||||||||||||
| SHORT DURATION IMPACT BOND FUND | SHORT DURATION IMPACT BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $10.08 | $0.15 | $0.13 | $0.28 | $(0.15 | ) | $ — | $(0.15 | ) | $10.21 | Institutional Class: | 9/30/19 | # | 2.79 | %b | $ 23,012 | 1.22 | %c | 0.35 | %c | 2.95 | %c | 58 | %b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.12 | 0.08 | 0.20 | (0.12 | ) | — | (0.12 | ) | 10.08 | 3/31/19 | § | 1.99 | b | 22,599 | 2.89 | c | 0.35 | c | 3.17 | c | 39 | b | ||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.08 | 0.15 | 0.13 | 0.28 | (0.15 | ) | — | (0.15 | ) | 10.21 | Advisor Class: | 9/30/19 | # | 2.79 | b | 1,021 | 1.23 | c | 0.35 | c | 2.94 | c | 58 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.11 | 0.08 | 0.19 | (0.11 | ) | — | (0.11 | ) | 10.08 | 3/31/19 | § | 1.93 | b | 1,008 | 3.27 | c | 0.50 | c | 3.01 | c | 39 | b | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.08 | 0.14 | 0.13 | 0.27 | (0.14 | ) | — | (0.14 | ) | 10.21 | Premier Class: | 9/30/19 | # | 2.71 | b | 1,021 | 1.38 | c | 0.50 | c | 2.80 | c | 58 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.11 | 0.08 | 0.19 | (0.11 | ) | — | (0.11 | ) | 10.08 | 3/31/19 | § | 1.93 | b | 1,008 | 3.42 | c | 0.50 | c | 3.01 | c | 39 | b | ||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.08 | 0.14 | 0.13 | 0.27 | (0.14 | ) | — | (0.14 | ) | 10.21 | Retirement Class: | 9/30/19 | # | 2.66 | b | 2,184 | 1.48 | c | 0.60 | c | 2.72 | c | 58 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.11 | 0.08 | 0.19 | (0.11 | ) | — | (0.11 | ) | 10.08 | 3/31/19 | § | 1.90 | b | 1,095 | 3.50 | c | 0.60 | c | 2.91 | c | 39 | b | ||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.08 | 0.14 | 0.13 | 0.27 | (0.14 | ) | — | (0.14 | ) | 10.21 | Retail Class: | 9/30/19 | # | 2.69 | b | 1,046 | 1.41 | c | 0.53 | c | 2.76 | c | 58 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | § | 10.00 | 0.11 | 0.08 | 0.19 | (0.11 | ) | — | (0.11 | ) | 10.08 | 3/31/19 | § | 1.87 | b | 1,118 | 3.85 | c | 0.68 | c | 2.84 | c | 39 | b | ||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BOND FUND | SHORT-TERM BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | 10.29 | 0.14 | 0.09 | 0.23 | (0.14 | ) | — | (0.14 | ) | 10.38 | Institutional Class: | 9/30/19 | # | 2.27 | b | 875,472 | 0.27 | c | 0.27 | c | 2.74 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.25 | 0.26 | 0.04 | 0.30 | (0.26 | ) | — | (0.26 | ) | 10.29 | 3/31/19 | 2.99 | 902,950 | 0.27 | 0.27 | 2.52 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.34 | 0.20 | (0.08 | ) | 0.12 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 10.25 | 3/31/18 | 1.14 | 1,462,512 | 0.27 | 0.27 | 1.95 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.34 | 0.19 | — | 0.19 | (0.19 | ) | (0.00 | )d | (0.19 | ) | 10.34 | 3/31/17 | 1.84 | 1,606,917 | 0.27 | 0.27 | 1.81 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.39 | 0.17 | (0.05 | ) | 0.12 | (0.17 | ) | (0.00 | )d | (0.17 | ) | 10.34 | 3/31/16 | 1.18 | 1,282,105 | 0.27 | 0.27 | 1.66 | 93 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.41 | 0.13 | (0.01 | ) | 0.12 | (0.13 | ) | (0.01 | ) | (0.14 | ) | 10.39 | 3/31/15 | 1.18 | 1,170,805 | 0.27 | 0.27 | 1.28 | 114 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.29 | 0.13 | 0.10 | 0.23 | (0.14 | ) | — | (0.14 | ) | 10.38 | Advisor Class: | 9/30/19 | # | 2.21 | b | 205,544 | 0.36 | c | 0.36 | c | 2.63 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.24 | 0.27 | 0.03 | 0.30 | (0.25 | ) | — | (0.25 | ) | 10.29 | 3/31/19 | 3.00 | 7,875 | 0.40 | 0.40 | 2.72 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.34 | 0.20 | (0.09 | ) | 0.11 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 10.24 | 3/31/18 | 1.02 | 286 | 0.29 | 0.29 | 1.98 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.33 | 0.19 | 0.01 | 0.20 | (0.19 | ) | (0.00 | )d | (0.19 | ) | 10.34 | 3/31/17 | 1.94 | 100 | 0.28 | 0.28 | 1.81 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.31 | 0.05 | 0.02 | 0.07 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.33 | 3/31/16 | ‡ | 0.72 | b | 100 | 0.50 | c | 0.43 | c | 1.62 | c | 93 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.30 | 0.14 | 0.08 | 0.22 | (0.13 | ) | — | (0.13 | ) | 10.39 | Premier Class: | 9/30/19 | # | 2.19 | b | 5,462 | 0.42 | c | 0.42 | c | 2.61 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.25 | 0.04 | 0.29 | (0.25 | ) | — | (0.25 | ) | 10.30 | 3/31/19 | 2.83 | 8,522 | 0.42 | 0.42 | 2.39 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.35 | 0.18 | (0.07 | ) | 0.11 | (0.19 | ) | (0.01 | ) | (0.20 | ) | 10.26 | 3/31/18 | 0.99 | 11,705 | 0.42 | 0.42 | 1.78 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.35 | 0.17 | — | 0.17 | (0.17 | ) | (0.00 | )d | (0.17 | ) | 10.35 | 3/31/17 | 1.69 | 14,966 | 0.42 | 0.42 | 1.66 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.40 | 0.16 | (0.05 | ) | 0.11 | (0.16 | ) | (0.00 | )d | (0.16 | ) | 10.35 | 3/31/16 | 1.03 | 11,709 | 0.42 | 0.42 | 1.51 | 93 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.12 | (0.01 | ) | 0.11 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 10.40 | 3/31/15 | 1.02 | 10,103 | 0.42 | 0.42 | 1.13 | 114 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.30 | 0.13 | 0.09 | 0.22 | (0.13 | ) | — | (0.13 | ) | 10.39 | Retirement Class: | 9/30/19 | # | 2.14 | b | 133,137 | 0.52 | c | 0.52 | c | 2.49 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.24 | 0.04 | 0.28 | (0.24 | ) | — | (0.24 | ) | 10.30 | 3/31/19 | 2.73 | 110,523 | 0.52 | 0.52 | 2.31 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.35 | 0.17 | (0.07 | ) | 0.10 | (0.18 | ) | (0.01 | ) | (0.19 | ) | 10.26 | 3/31/18 | 0.89 | 100,591 | 0.52 | 0.52 | 1.69 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.35 | 0.16 | — | 0.16 | (0.16 | ) | (0.00 | )d | (0.16 | ) | 10.35 | 3/31/17 | 1.59 | 107,016 | 0.52 | 0.52 | 1.57 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.40 | 0.15 | (0.05 | ) | 0.10 | (0.15 | ) | (0.00 | )d | (0.15 | ) | 10.35 | 3/31/16 | 0.93 | 97,057 | 0.52 | 0.52 | 1.41 | 93 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.11 | (0.01 | ) | 0.10 | (0.11 | ) | (0.01 | ) | (0.12 | ) | 10.40 | 3/31/15 | 0.92 | 100,515 | 0.52 | 0.52 | 1.04 | 114 | |||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.30 | 0.12 | 0.10 | 0.22 | (0.13 | ) | — | (0.13 | ) | 10.39 | Retail Class: | 9/30/19 | # | 2.11 | b | 191,335 | 0.57 | c | 0.57 | c | 2.44 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.26 | 0.23 | 0.04 | 0.27 | (0.23 | ) | — | (0.23 | ) | 10.30 | 3/31/19 | 2.67 | 111,808 | 0.58 | 0.58 | 2.24 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.35 | 0.17 | (0.08 | ) | 0.09 | (0.17 | ) | (0.01 | ) | (0.18 | ) | 10.26 | 3/31/18 | 0.84 | 126,010 | 0.57 | 0.57 | 1.65 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.34 | 0.16 | 0.01 | 0.17 | (0.16 | ) | (0.00 | )d | (0.16 | ) | 10.35 | 3/31/17 | 1.62 | 130,393 | 0.58 | 0.58 | 1.50 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.40 | 0.14 | (0.06 | ) | 0.08 | (0.14 | ) | (0.00 | )d | (0.14 | ) | 10.34 | 3/31/16 | 0.78 | 138,591 | 0.58 | 0.58 | 1.35 | 93 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 10.42 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | (0.01 | ) | (0.11 | ) | 10.40 | 3/31/15 | 0.87 | 152,100 | 0.58 | 0.58 | 0.98 | 114 | |||||||||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 10.29 | 0.16 | 0.09 | 0.25 | (0.16 | ) | — | (0.16 | ) | 10.38 | Class W: | 9/30/19 | # | 2.41 | b | 856,970 | 0.27 | c | 0.00 | c | 3.02 | c | 69 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 10.20 | 0.15 | 0.09 | 0.24 | (0.15 | ) | — | (0.15 | ) | 10.29 | 3/31/19 | †† | 2.38 | b | 843,472 | 0.27 | c | 0.00 | c | 2.96 | c | 118 | |||||||||||||||||||||||||||||||||||||||
| 82 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 83 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | |||||||||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BOND INDEX FUND | SHORT-TERM BOND INDEX FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $ 9.91 | $0.12 | $ 0.09 | $0.21 | $(0.12 | ) | $ — | $(0.12 | ) | $10.00 | Institutional Class: | 9/30/19 | # | 2.10 | %b | $ 54,684 | 0.13 | %c | 0.12 | %c | 2.35 | %c | 22 | %b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.84 | 0.20 | 0.08 | 0.28 | (0.21 | ) | — | (0.21 | ) | 9.91 | 3/31/19 | 2.92 | 43,990 | 0.15 | 0.06 | 2.05 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.97 | 0.14 | (0.13 | ) | 0.01 | (0.14 | ) | — | (0.14 | ) | 9.84 | 3/31/18 | 0.11 | 328,156 | 0.18 | 0.08 | 1.45 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.03 | 0.10 | (0.06 | ) | 0.04 | (0.10 | ) | — | (0.10 | ) | 9.97 | 3/31/17 | 0.44 | 165,909 | 0.25 | 0.12 | 1.05 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ^ | 10.00 | 0.05 | 0.03 | 0.08 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.03 | 3/31/16 | ^ | 0.85 | b | 106,153 | 0.45 | c | 0.12 | c | 0.85 | c | 53 | b | |||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 9.91 | 0.11 | 0.09 | 0.20 | (0.11 | ) | — | (0.11 | ) | 10.00 | Advisor Class: | 9/30/19 | # | 2.02 | b | 762 | 0.27 | c | 0.26 | c | 2.21 | c | 22 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.84 | 0.20 | 0.07 | 0.27 | (0.20 | ) | — | (0.20 | ) | 9.91 | 3/31/19 | 2.78 | 868 | 0.29 | 0.23 | 2.08 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.97 | 0.13 | (0.13 | ) | — | (0.13 | ) | — | (0.13 | ) | 9.84 | 3/31/18 | (0.03 | ) | 496 | 0.38 | 0.22 | 1.32 | 57 | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.03 | 0.10 | (0.06 | ) | 0.04 | (0.10 | ) | — | (0.10 | ) | 9.97 | 3/31/17 | 0.44 | 171 | 0.25 | 0.12 | 1.05 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 9.97 | 0.02 | 0.06 | 0.08 | (0.02 | ) | (0.00 | )d | (0.02 | ) | 10.03 | 3/31/16 | ‡ | 0.85 | b | 101 | 0.67 | c | 0.27 | c | 0.77 | c | 53 | b | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 9.90 | 0.11 | 0.08 | 0.19 | (0.10 | ) | — | (0.10 | ) | 9.99 | Premier Class: | 9/30/19 | # | 2.02 | b | 666 | 0.29 | c | 0.27 | c | 2.19 | c | 22 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.83 | 0.20 | 0.07 | 0.27 | (0.20 | ) | — | (0.20 | ) | 9.90 | 3/31/19 | 2.77 | 636 | 0.31 | 0.24 | 2.02 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.97 | 0.13 | (0.14 | ) | (0.01 | ) | (0.13 | ) | — | (0.13 | ) | 9.83 | 3/31/18 | (0.14 | ) | 643 | 0.34 | 0.23 | 1.28 | 57 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.03 | 0.09 | (0.06 | ) | 0.03 | (0.09 | ) | — | (0.09 | ) | 9.97 | 3/31/17 | 0.28 | 362 | 0.41 | 0.27 | 0.85 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ^ | 10.00 | 0.04 | 0.03 | 0.07 | (0.04 | ) | (0.00 | )d | (0.04 | ) | 10.03 | 3/31/16 | ^ | 0.75 | b | 1,003 | 0.84 | c | 0.27 | c | 0.69 | c | 53 | b | |||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 9.91 | 0.10 | 0.09 | 0.19 | (0.10 | ) | — | (0.10 | ) | 10.00 | Retirement Class: | 9/30/19 | # | 1.97 | b | 66,988 | 0.38 | c | 0.37 | c | 2.10 | c | 22 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.84 | 0.19 | 0.07 | 0.26 | (0.19 | ) | — | (0.19 | ) | 9.91 | 3/31/19 | 2.66 | 52,082 | 0.40 | 0.34 | 1.96 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.97 | 0.12 | (0.13 | ) | (0.01 | ) | (0.12 | ) | — | (0.12 | ) | 9.84 | 3/31/18 | (0.14 | ) | 26,749 | 0.43 | 0.33 | 1.22 | 57 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.03 | 0.08 | (0.06 | ) | 0.02 | (0.08 | ) | — | (0.08 | ) | 9.97 | 3/31/17 | 0.19 | 10,687 | 0.50 | 0.37 | 0.80 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ^ | 10.00 | 0.04 | 0.03 | 0.07 | (0.04 | ) | (0.00 | )d | (0.04 | ) | 10.03 | 3/31/16 | ^ | 0.69 | b | 4,975 | 0.80 | c | 0.37 | c | 0.63 | c | 53 | b | |||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 9.91 | 0.10 | 0.09 | 0.19 | (0.10 | ) | — | (0.10 | ) | 10.00 | Retail Class: | 9/30/19 | # | 1.95 | b | 3,146 | 0.42 | c | 0.41 | c | 2.06 | c | 22 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 9.84 | 0.18 | 0.07 | 0.25 | (0.18 | ) | — | (0.18 | ) | 9.91 | 3/31/19 | 2.56 | 2,652 | 0.58 | 0.44 | 1.84 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 9.97 | 0.11 | (0.13 | ) | (0.02 | ) | (0.11 | ) | — | (0.11 | ) | 9.84 | 3/31/18 | (0.24 | ) | 1,990 | 0.64 | 0.44 | 1.06 | 57 | ||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.03 | 0.07 | (0.06 | ) | 0.01 | (0.07 | ) | — | (0.07 | ) | 9.97 | 3/31/17 | 0.13 | 1,935 | 0.55 | 0.42 | 0.73 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ^ | 10.00 | 0.03 | 0.03 | 0.06 | (0.03 | ) | (0.00 | )d | (0.03 | ) | 10.03 | 3/31/16 | ^ | 0.62 | b | 1,742 | 1.02 | c | 0.47 | c | 0.50 | c | 53 | b | |||||||||||||||||||||||||||||||||||||
| Class W: | 9/30/19 | # | 9.91 | 0.12 | 0.09 | 0.21 | (0.12 | ) | — | (0.12 | ) | 10.00 | Class W: | 9/30/19 | # | 2.16 | b | 473,857 | 0.13 | c | 0.00 | c | 2.46 | c | 22 | b | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | †† | 9.80 | 0.12 | 0.11 | 0.23 | (0.12 | ) | — | (0.12 | ) | 9.91 | 3/31/19 | †† | 2.36 | b | 395,924 | 0.14 | c | 0.00 | c | 2.46 | c | 61 | |||||||||||||||||||||||||||||||||||||||
| 84 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 85 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | dollar rolls | ||||||||||||||||||||||||||||||||||||||||||||||||
| SOCIAL CHOICE BOND FUND | SOCIAL CHOICE BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $10.28 | $0.14 | $ 0.42 | $0.56 | $(0.14 | ) | $ — | $(0.14 | ) | $10.70 | Institutional Class: | 9/30/19 | # | 5.51 | %b | $2,688,718 | 0.37 | %c | 0.37 | %c | 2.71 | %c | 62 | %b | 58 | %b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.14 | 0.30 | 0.14 | 0.44 | (0.30 | ) | — | (0.30 | ) | 10.28 | 3/31/19 | 4.47 | 1,961,314 | 0.37 | 0.37 | 3.02 | 90 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.18 | 0.27 | (0.05 | ) | 0.22 | (0.26 | ) | — | (0.26 | ) | 10.14 | 3/31/18 | 2.14 | 1,203,023 | 0.39 | 0.39 | 2.61 | 112 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.32 | 0.24 | (0.06 | ) | 0.18 | (0.25 | ) | (0.07 | ) | (0.32 | ) | 10.18 | 3/31/17 | 1.73 | 618,298 | 0.40 | 0.40 | 2.36 | 182 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.45 | 0.26 | (0.09 | ) | 0.17 | (0.26 | ) | (0.04 | ) | (0.30 | ) | 10.32 | 3/31/16 | 1.64 | 377,577 | 0.41 | 0.40 | 2.50 | 107 | 107 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.21 | 0.60 | 0.81 | (0.21 | ) | (0.13 | ) | (0.34 | ) | 10.45 | 3/31/15 | 8.19 | 276,997 | 0.45 | 0.40 | 2.08 | 459 | 459 | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 10.29 | 0.14 | 0.42 | 0.56 | (0.14 | ) | — | (0.14 | ) | 10.71 | Advisor Class: | 9/30/19 | # | 5.45 | b | 829,187 | 0.47 | c | 0.47 | c | 2.61 | c | 62 | b | 58 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.15 | 0.30 | 0.14 | 0.44 | (0.30 | ) | — | (0.30 | ) | 10.29 | 3/31/19 | 4.39 | 554,143 | 0.44 | 0.44 | 2.97 | 90 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.19 | 0.26 | (0.05 | ) | 0.21 | (0.25 | ) | — | (0.25 | ) | 10.15 | 3/31/18 | 2.09 | 239,374 | 0.44 | 0.44 | 2.55 | 112 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.32 | 0.21 | (0.03 | ) | 0.18 | (0.24 | ) | (0.07 | ) | (0.31 | ) | 10.19 | 3/31/17 | 1.68 | 113,376 | 0.53 | 0.52 | 2.13 | 182 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 10.20 | 0.08 | 0.16 | 0.24 | (0.08 | ) | (0.04 | ) | (0.12 | ) | 10.32 | 3/31/16 | ‡ | 2.40 | b | 102 | 0.63 | c | 0.55 | c | 2.53 | c | 107 | 107 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 10.29 | 0.13 | 0.42 | 0.55 | (0.13 | ) | — | (0.13 | ) | 10.71 | Premier Class: | 9/30/19 | # | 5.42 | b | 36,200 | 0.52 | c | 0.52 | c | 2.54 | c | 62 | b | 58 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.15 | 0.28 | 0.14 | 0.42 | (0.28 | ) | — | (0.28 | ) | 10.29 | 3/31/19 | 4.28 | 36,827 | 0.55 | 0.55 | 2.84 | 90 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.19 | 0.25 | (0.05 | ) | 0.20 | (0.24 | ) | — | (0.24 | ) | 10.15 | 3/31/18 | 1.99 | 30,079 | 0.54 | 0.54 | 2.44 | 112 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.31 | 0.23 | (0.04 | ) | 0.19 | (0.24 | ) | (0.07 | ) | (0.31 | ) | 10.19 | 3/31/17 | 1.78 | 17,334 | 0.55 | 0.55 | 2.24 | 182 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.45 | 0.25 | (0.11 | ) | 0.14 | (0.24 | ) | (0.04 | ) | (0.28 | ) | 10.31 | 3/31/16 | 1.39 | 29,475 | 0.56 | 0.55 | 2.43 | 107 | 107 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.20 | 0.60 | 0.80 | (0.20 | ) | (0.13 | ) | (0.33 | ) | 10.45 | 3/31/15 | 8.03 | 5,359 | 0.61 | 0.55 | 1.93 | 459 | 459 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 10.29 | 0.13 | 0.42 | 0.55 | (0.13 | ) | — | (0.13 | ) | 10.71 | Retirement Class: | 9/30/19 | # | 5.37 | b | 541,209 | 0.62 | c | 0.62 | c | 2.46 | c | 62 | b | 58 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.14 | 0.28 | 0.15 | 0.43 | (0.28 | ) | — | (0.28 | ) | 10.29 | 3/31/19 | 4.31 | 467,437 | 0.62 | 0.62 | 2.77 | 90 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.19 | 0.24 | (0.06 | ) | 0.18 | (0.23 | ) | — | (0.23 | ) | 10.14 | 3/31/18 | 1.79 | 364,848 | 0.64 | 0.64 | 2.34 | 112 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.32 | 0.22 | (0.05 | ) | 0.17 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 10.19 | 3/31/17 | 1.58 | 263,594 | 0.65 | 0.65 | 2.12 | 182 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.45 | 0.23 | (0.09 | ) | 0.14 | (0.23 | ) | (0.04 | ) | (0.27 | ) | 10.32 | 3/31/16 | 1.39 | 223,415 | 0.66 | 0.65 | 2.28 | 107 | 107 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.19 | 0.60 | 0.79 | (0.19 | ) | (0.13 | ) | (0.32 | ) | 10.45 | 3/31/15 | 7.93 | 100,119 | 0.70 | 0.65 | 1.87 | 459 | 459 | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 10.28 | 0.13 | 0.42 | 0.55 | (0.13 | ) | — | (0.13 | ) | 10.70 | Retail Class: | 9/30/19 | # | 5.36 | b | 204,467 | 0.65 | c | 0.65 | c | 2.42 | c | 62 | b | 58 | b | ||||||||||||||||||||||||||||||||||||||
| 3/31/19 | 10.14 | 0.27 | 0.14 | 0.41 | (0.27 | ) | — | (0.27 | ) | 10.28 | 3/31/19 | 4.18 | 172,447 | 0.65 | 0.65 | 2.72 | 90 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 10.18 | 0.24 | (0.05 | ) | 0.19 | (0.23 | ) | — | (0.23 | ) | 10.14 | 3/31/18 | 1.88 | 176,995 | 0.65 | 0.65 | 2.33 | 112 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 10.31 | 0.22 | (0.06 | ) | 0.16 | (0.22 | ) | (0.07 | ) | (0.29 | ) | 10.18 | 3/31/17 | 1.56 | 107,219 | 0.67 | 0.67 | 2.10 | 182 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 10.45 | 0.23 | (0.10 | ) | 0.13 | (0.23 | ) | (0.04 | ) | (0.27 | ) | 10.31 | 3/31/16 | 1.26 | 72,933 | 0.69 | 0.68 | 2.23 | 107 | 107 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 9.98 | 0.19 | 0.59 | 0.78 | (0.18 | ) | (0.13 | ) | (0.31 | ) | 10.45 | 3/31/15 | 7.99 | 46,434 | 0.73 | 0.68 | 1.83 | 459 | 459 | |||||||||||||||||||||||||||||||||||||||||||||||
| 86 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 87 |
| Financial highlights | concluded |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | or year | end of period | Gross | Net | Net investment | turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
| ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ended | Total return | (in thousands | ) | expenses | expenses | income (loss) | rate | |||||||||||||||||||||||||||||||||||||||||||||
| MONEY MARKET FUND | MONEY MARKET FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/19 | # | $1.00 | $0.01 | $ — | $0.01 | $(0.01 | ) | $ — | $(0.01 | ) | $1.00 | Institutional Class: | 9/30/19 | # | 1.11 | %b | $753,652 | 0.13 | %c | 0.13 | %c | 2.19 | %c | — | % | ||||||||||||||||||||||||||||||||||||
| 3/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | 3/31/19 | 1.98 | 704,326 | 0.14 | 0.14 | 1.99 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 3/31/18 | 0.96 | 487,762 | 0.15 | 0.15 | 0.95 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/17 | 0.34 | 458,837 | 0.14 | 0.14 | 0.35 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/16 | 0.09 | 339,325 | 0.14 | 0.14 | 0.09 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 316,667 | 0.14 | 0.12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 9/30/19 | # | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | Advisor Class: | 9/30/19 | # | 1.05 | b | 2,634 | 0.26 | c | 0.26 | c | 2.07 | c | — | |||||||||||||||||||||||||||||||||||||
| 3/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | 3/31/19 | 1.94 | 1,426 | 0.23 | 0.23 | 2.14 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 3/31/18 | 1.04 | 100 | 0.06 | 0.06 | 1.03 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/17 | 0.29 | 100 | 0.19 | 0.19 | 0.29 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | ‡ | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/16 | ‡ | 0.02 | b | 100 | 0.36 | c | 0.29 | c | 0.08 | c | — | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 9/30/19 | # | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | Premier Class: | 9/30/19 | # | 1.03 | b | 237,592 | 0.28 | c | 0.28 | c | 2.02 | c | — | |||||||||||||||||||||||||||||||||||||
| 3/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | 3/31/19 | 1.83 | 28,209 | 0.29 | 0.28 | 1.82 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 3/31/18 | 0.80 | 44,548 | 0.29 | 0.29 | 0.82 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/17 | 0.19 | 32,044 | 0.29 | 0.29 | 0.19 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/16 | 0.00 | 25,222 | 0.29 | 0.24 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 4,247 | 0.29 | 0.12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 9/30/19 | # | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | Retirement Class: | 9/30/19 | # | 1.03 | b | 244,350 | 0.38 | c | 0.28 | c | 2.05 | c | — | |||||||||||||||||||||||||||||||||||||
| 3/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | 3/31/19 | 1.83 | 210,963 | 0.39 | 0.29 | 1.86 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 3/31/18 | 0.70 | 126,187 | 0.40 | 0.40 | 0.71 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/17 | 0.09 | 109,765 | 0.39 | 0.39 | 0.09 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/16 | 0.00 | 94,131 | 0.39 | 0.23 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 88,424 | 0.39 | 0.12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 9/30/19 | # | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | Retail Class: | 9/30/19 | # | 0.94 | b | 305,119 | 0.47 | c | 0.46 | c | 1.88 | c | — | |||||||||||||||||||||||||||||||||||||
| 3/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | 3/31/19 | 1.66 | 309,452 | 0.48 | 0.45 | 1.65 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/18 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 3/31/18 | 0.62 | 303,155 | 0.48 | 0.48 | 0.61 | — | |||||||||||||||||||||||||||||||||||||||||||||
| 3/31/17 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/17 | 0.03 | 318,718 | 0.49 | 0.45 | 0.03 | — | |||||||||||||||||||||||||||||||||||||||||||
| 3/31/16 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/16 | 0.00 | 344,809 | 0.48 | 0.22 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 3/31/15 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/15 | 0.00 | 365,853 | 0.48 | 0.12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| ^ | 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. |
| 88 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 89 |
Notes to financial statements (unaudited)
TIAA-CREF Funds
Note 1—organization and significant accounting policies
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Index Fund, Bond Plus Fund, 5–15 Year Laddered Tax-Exempt Bond Fund, 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, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Prior to September 30, 2019, Teachers Personal Investors Services, Inc. (“TPIS”) was the distributor of each share class. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of each share class. 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. In many cases, these estimates are based on data from the prior calendar year end.
Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
| 90 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
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.
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.
New rule issuance: 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 have been implemented and did not have a material impact on the Funds’ financial statements and various filings.
Fund reorganizations: During the current and prior fiscal periods, the Funds’ Board and shareholders approved the following Fund reorganizations (each the “Reorganization” and collectively, the “Reorganizations”).
The following Reorganizations were effective at the close of business on June 14, 2019:
| Target Fund | Acquiring Fund | |
| Nuveen Core Bond Fund | ® | TIAA-CREF Bond Fund |
| Nuveen Core Plus Bond Fund | ® | TIAA-CREF Bond Plus Fund |
| Nuveen Inflation Protected Securities Fund | ® | TIAA-CREF Inflation-Linked Bond Fund |
| Nuveen Short Term Bond Fund | ® | TIAA-CREF Short-Term Bond Fund |
Upon the closing of a Reorganization, the Target Fund transferred all of their assets and liabilities to the Acquiring
Funds in exchange for Acquiring Fund Shares of equal value. Shares of the Acquiring Funds were then distributed to shareholders of the Target Funds and the Target Funds were terminated. As a result of a Reorganization, shareholders of the Target Funds became shareholders of the Acquiring Funds. The shareholders of the Target Funds received Acquiring Fund shares with a total value equal to the total value of their Target Fund shares immediately prior to the closing of the Reorganization.
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. Details of the Reorganizations are further described in Note 9—Fund reorganizations.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
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.
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
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 91 |
Notes to financial statements (unaudited)
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.
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.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of the fair value hierarchy.
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.
Unfunded loan commitment: Unfunded loan commitments are marked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments are generally categorized as Level 2 of the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
As of September 30, 2019, 100% of the value of investments in the 5–15 Year Laddered Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Short-Term Bond Index Fund, and Money Market Fund were valued based on Level 2 inputs.
The following table summarizes the market value of the Funds’ investments as of September 30, 2019, based on the inputs used to value them:
| Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bond | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 68,741,273 | $ | — | $ | 68,741,273 | ||||||||
| Corporate bonds | — | 2,463,478,900 | 20,300 | 2,463,499,200 | ||||||||||||
| Government bonds | — | 2,992,803,104 | 1,982,167 | 2,994,785,271 | ||||||||||||
| Structured assets | — | 1,248,485,747 | 323,671 | 1,248,809,418 | ||||||||||||
| Common stocks | 142,725 | — | — | 142,725 | ||||||||||||
| Short-term investments | — | 108,976,273 | — | 108,976,273 | ||||||||||||
| Credit default swap contracts** | — | (228,941 | ) | — | (228,941 | ) | ||||||||||
| Unfunded loan commitment*** | — | (3,260 | ) | — | (3,260 | ) | ||||||||||
| Total | $ | 142,725 | $ | 6,882,253,096 | $ | 2,326,138 | $ | 6,884,721,959 | ||||||||
| Bond Index | ||||||||||||||||
| Corporate bonds | $ | — | $ | 4,220,007,919 | $ | — | $ | 4,220,007,919 | ||||||||
| Government bonds | — | 11,791,634,036 | — | 11,791,634,036 | ||||||||||||
| Structured assets | — | 406,494,118 | 56,397 | 406,550,515 | ||||||||||||
| Short-term investments | — | 214,867,254 | — | 214,867,254 | ||||||||||||
| Total | $ | — | $ | 16,633,003,327 | $ | 56,397 | $ | 16,633,059,724 | ||||||||
| Bond Plus | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 86,284,562 | $ | 857,885 | $ | 87,142,447 | ||||||||
| Corporate bonds | — | 1,648,184,815 | 585,550 | 1,648,770,365 | ||||||||||||
| Government bonds | — | 2,056,842,148 | 3,463,163 | 2,060,305,311 | ||||||||||||
| Structured assets | — | 894,837,517 | 164,809 | 895,002,326 | ||||||||||||
| Common stocks | 1,716,721 | — | — | 1,716,721 | ||||||||||||
| Rights/warrants | 217,365 | — | — | 217,365 | ||||||||||||
| Short-term investments | — | 98,682,345 | — | 98,682,345 | ||||||||||||
| Credit default swap contracts** | — | 20,102 | — | 20,102 | ||||||||||||
| Unfunded loan commitment*** | — | 50 | — | 50 | ||||||||||||
| Total | $ | 1,934,086 | $ | 4,784,851,539 | $ | 5,071,407 | $ | 4,791,857,032 | ||||||||
| Green Bond | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 466,502 | $ | 644,404 | $ | 1,110,906 | ||||||||
| Corporate bonds | — | 14,032,592 | — | 14,032,592 | ||||||||||||
| Government bonds | — | 7,798,942 | — | 7,798,942 | ||||||||||||
| Structured assets | — | 6,998,215 | — | 6,998,215 | ||||||||||||
| Preferred stocks | 259,600 | — | — | 259,600 | ||||||||||||
| Short-term investments | — | 490,000 | — | 490,000 | ||||||||||||
| Total | $ | 259,600 | $ | 29,786,251 | $ | 644,404 | $ | 30,690,255 | ||||||||
| 92 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
continued
| Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| High-Yield | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 233,082,717 | $ | 3,881,433 | $ | 236,964,150 | ||||||||
| Corporate bonds | — | 3,279,964,721 | 8,201,296 | 3,288,166,017 | ||||||||||||
| Common stocks | 33,620,617 | — | — | 33,620,617 | ||||||||||||
| Rights/warrants | 1,454,955 | — | — | 1,454,955 | ||||||||||||
| Short-term investments | — | 230,585,291 | — | 230,585,291 | ||||||||||||
| Credit default swap contracts** | — | (238,749 | ) | — | (238,749 | ) | ||||||||||
| Total | $ | 35,075,572 | $ | 3,743,393,980 | $ | 12,082,729 | $ | 3,790,552,281 | ||||||||
| Short Duration Impact Bond | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 466,502 | $ | 644,404 | $ | 1,110,906 | ||||||||
| Corporate bonds | — | 14,222,526 | — | 14,222,526 | ||||||||||||
| Government bonds | — | 8,091,216 | — | 8,091,216 | ||||||||||||
| Structured assets | — | 4,703,933 | — | 4,703,933 | ||||||||||||
| Short-term investments | — | 150,000 | — | 150,000 | ||||||||||||
| Total | $ | — | $ | 27,634,177 | $ | 644,404 | $ | 28,278,581 | ||||||||
| Short-Term Bond | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 46,129,851 | $ | — | $ | 46,129,851 | ||||||||
| Corporate bonds | — | 686,359,334 | — | 686,359,334 | ||||||||||||
| Government bonds | — | 806,465,375 | 1,335,277 | 807,800,652 | ||||||||||||
| Structured assets | — | 688,200,732 | 1 | 688,200,733 | ||||||||||||
| Short-term investments | — | 65,194,734 | — | 65,194,734 | ||||||||||||
| Futures contracts** | 272,529 | — | — | 272,529 | ||||||||||||
| Total | $ | 272,529 | $ | 2,292,350,026 | $ | 1,335,278 | $ | 2,293,957,833 | ||||||||
| Social Choice Bond | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 12,261,042 | $ | 7,297,537 | $ | 19,558,579 | ||||||||
| Corporate bonds | — | 1,855,271,919 | — | 1,855,271,919 | ||||||||||||
| Government bonds | — | 1,821,647,411 | 226,275 | 1,821,873,686 | ||||||||||||
| Structured assets | — | 509,053,160 | 131,847 | 509,185,007 | ||||||||||||
| Preferred stocks | 10,384,000 | — | — | 10,384,000 | ||||||||||||
| Short-term investments | — | 82,278,671 | — | 82,278,671 | ||||||||||||
| Forward foreign currency contracts** | — | 22,028 | — | 22,028 | ||||||||||||
| Total | $ | 10,384,000 | $ | 4,280,534,231 | $ | 7,655,659 | $ | 4,298,573,890 | ||||||||
| ** | 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. |
The following table is a reconciliation of the Funds’ investments in which significant unobservable inputs (Level 3) were used in determining value:
| Green Bond | Short Duration Impact Bond | |||||||
| Balance as of March 31, 2019 | $ | — | $ | 508,300 | ||||
| Change in unrealized appreciation (depreciation) | — | 1,701 | ||||||
| Transfers out of Level 3 | — | (510,001 | ) | |||||
| Transfers into Level 3 | 644,404 | 644,404 | ||||||
| Balance as of September 30, 2019 | $ | 644,404 | $ | 644,404 | ||||
The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Funds as of September 30, 2019:
| Fund | Fair value | Valuation technique | Unobservable input | |||||||
| Green Bond | ||||||||||
| Bank loan obligations | $ | 644,404 | Broker quote | * | ||||||
| Total | $ | 644,404 | ||||||||
| Short Duration Impact Bond | ||||||||||
| Bank loan obligations | $ | 644,404 | Broker quote | * | ||||||
| Total | $ | 644,404 | ||||||||
| * | Single source broker quote. |
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 93 |
Notes to financial statements (unaudited)
Note 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.
At September 30, 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 contracts | Location | Fair value amount | Location | Fair value amount | ||||||||
| Bond Fund | ||||||||||||
| Credit contracts | Credit default swap contracts* | $ | (228,941 | ) | ||||||||
| Bond Plus Fund | ||||||||||||
| Credit contracts | Credit default swap contracts* | $20,102 | ||||||||||
| High-Yield Fund | ||||||||||||
| Credit contracts | Credit default swap contracts* | (238,749 | ) | |||||||||
| Short-Term Bond Fund | ||||||||||||
| Interest-rate contracts | Futures contracts* | 272,529 | ||||||||||
| Social Choice Bond Fund | ||||||||||||
| Foreign-exchange contracts | Forward foreign currency contracts | 22,028 | ||||||||||
| * | 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 September 30, 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 | $ | (10,117 | ) | $ | 860,642 | ||||
| Bond Plus Fund | ||||||||||
| Credit contracts | Swap contracts | 583,522 | 905,140 | |||||||
| High-Yield Fund | ||||||||||
| Credit contracts | Swap contracts | (38,196 | ) | (238,749 | ) | |||||
| Inflation-Linked Bond Fund | ||||||||||
| Interest-rate contracts | Futures contracts | (1,617,338 | ) | 465,471 | ||||||
| Short-Term Bond Fund | ||||||||||
| Interest-rate contracts | Futures contracts | (4,288,652 | ) | 1,395,305 | ||||||
| Social Choice Bond Fund | ||||||||||
| Foreign-exchange contracts | Forward foreign currency contracts | 323,361 | 22,028 | |||||||
Futures contracts: Certain Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the bond and foreign exchange markets and to fluctuations in interest and foreign exchange rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended September 30, 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 4% and 5% of net assets, respectively. The futures contracts outstanding as of September 30, 2019 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.
Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended September 30, 2019, the Social Choice Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% and 1% of net assets. The forward contracts outstanding as of September 30, 2019 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.
| 94 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
continued
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 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 September 30, 2019, the Bond Fund, Bond Plus Fund, and High-Yield Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets for each fund. The credit default swap contracts outstanding as of September 30, 2019 are disclosed in the Summary portfolio of investments and the 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 Nuveen Securities 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 Nuveen Securities 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.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of September 30, 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:
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 95 |
Notes to financial statements (unaudited)
| 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 | |||||||||||||||||||||||||||||||||
| 5–15 Year Laddered Tax-Exempt Bond* | 0.20–0.25 | 0.25 | — | — | 0.25 | 0.30 | 0.45 | — | — | 0.65 | — | |||||||||||||||||||||||||||||||||
| 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 | — | |||||||||||||||||||||||||||||||
| High-Yield* | 0.30–0.35 | b | 0.34 | 0.25 | 0.15 | 0.25 | 0.39 | 0.54 | 0.54 | 0.64 | 0.74 | 0.39 | ||||||||||||||||||||||||||||||||
| Inflation-Linked Bond* | 0.20–0.25 | c | 0.24 | 0.25 | 0.15 | 0.25 | 0.28 | 0.43 | d | 0.43 | 0.53 | 0.63 | 0.28 | |||||||||||||||||||||||||||||||
| 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 | e | — | ||||||||||||||||||||||||||||||||
| Short-Term Bond* | 0.20–0.25 | 0.24 | 0.25 | 0.15 | 0.25 | 0.30 | 0.45 | 0.45 | 0.55 | 0.65 | 0.30 | |||||||||||||||||||||||||||||||||
| Short-Term Bond 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 | 0.75 | — | |||||||||||||||||||||||||||||||||
| Money Market | 0.10 | 0.10 | 0.25 | 0.15 | 0.25 | 0.15 | 0.30 | 0.28 | 0.28 | 0.46 | — | |||||||||||||||||||||||||||||||||
| * | These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase. |
| ‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least July 31, 2020. 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. |
| a | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap for the Green Bond Fund Retirement and Retail Classes. The expense caps are 0.62% for the Retirement Class and 0.71% for the Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
| b | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the High-Yield Fund. The investment management fee range after the waiver is 0.29%–0.34% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
| c | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Inflation-Linked Bond Fund. The investment management fee range after the waiver is 0.18%–0.23% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
| d | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap for the Inflation-Linked Bond Fund Advisor Class. The expense cap is 0.35% for the Advisor Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
| e | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap for the Short Duration Impact Bond Fund Retail Class. The expense cap is 0.68% for the Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended September 30, 2019, these transactions did not materially impact the Funds.
As of September 30, 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 September 30, 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 | — | % | 56 | % | — | % | 1 | % | — | % | — | % | 57 | % | ||||||||||||||
| Bond Index | — | — | 33 | — | — | 1 | 34 | |||||||||||||||||||||
| Bond Plus | — | 50 | — | 6 | 7 | 2 | 65 | |||||||||||||||||||||
| Green Bond | 87 | — | — | — | — | — | 87 | |||||||||||||||||||||
| High-Yield | — | 7 | — | — | — | 4 | 11 | |||||||||||||||||||||
| Inflation-Linked Bond | — | 22 | 13 | — | — | — | 35 | |||||||||||||||||||||
| Short Duration Impact Bond | 90 | — | — | — | — | — | 90 | |||||||||||||||||||||
| Short-Term Bond | — | 38 | — | 4 | — | 2 | 44 | |||||||||||||||||||||
| Short-Term Bond Index | — | — | 78 | — | — | — | 78 | |||||||||||||||||||||
| Money Market | — | — | — | — | — | 2 | 2 | |||||||||||||||||||||
| 96 | 2019 Semiannual 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 September 30, 2019, two 529 Plans owned 9% and 8%, respectively, of the Bond Index Fund; one 529 Plan owned 5% of the High-Yield Fund; three 529 Plans owned 11%, 10%, and 7%, respectively, of the Inflation-Linked Bond Fund; one 529 Plan owned 8% of the Short-Term Bond Fund; one 529 Plan owned 5% of the Short-Term Bond Index Fund; and one 529 Plan owned 5% of the Money Market Fund.
Note 5—investments
Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.
Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.
Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Unfunded loan commitment: The Funds may enter into loan commitments to fund a portion of a delayed-draw term loan facility. The Funds are obligated to fund loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At September 30, 2019, the Bond Fund and the Bond
Plus Fund held unfunded loan commitments of $204,418 and $105,906, respectively. Unfunded loan commitments are marked-to-market daily and any unrealized appreciation (depreciation) is included as an asset (liability) on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.
Net unrealized appreciation (depreciation): At September 30, 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:
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Bond | $ | 6,630,680,262 | $ | 276,759,585 | $ | (22,485,687 | ) | $ | 254,273,898 | |||||||
| Bond Index | 15,947,903,161 | 701,991,076 | (16,834,513 | ) | 685,156,563 | |||||||||||
| Bond Plus | 4,630,854,504 | 186,334,159 | (25,351,783 | ) | 160,982,376 | |||||||||||
| 5–15 Year Laddered Tax-Exempt Bond | 255,571,436 | 12,666,358 | (241,932 | ) | 12,424,426 | |||||||||||
| Green Bond | 29,026,886 | 1,680,528 | (17,159 | ) | 1,663,369 | |||||||||||
| High-Yield | 3,763,756,120 | 128,776,392 | (101,741,482 | ) | 27,034,910 | |||||||||||
| Inflation-Linked Bond | 3,415,422,375 | 81,778,297 | (11,804,406 | ) | 69,973,891 | |||||||||||
| Short Duration Impact Bond | 27,846,512 | 453,769 | (21,700 | ) | 432,069 | |||||||||||
| Short-Term Bond | 2,274,546,077 | 23,994,060 | (4,854,833 | ) | 19,139,227 | |||||||||||
| Short-Term Bond Index | 596,936,699 | 6,338,769 | (119,603 | ) | 6,219,166 | |||||||||||
| Social Choice Bond | 4,144,752,619 | 157,983,674 | (4,184,431 | ) | 153,799,243 | |||||||||||
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2019 were as follows:
| Fund | Non-U.S. government purchases | U.S. government purchases | Non-U.S. government sales | U.S. government sales | ||||||||||||
| Bond | $ | 1,354,792,184 | $ | 3,917,716,581 | $ | 847,340,835 | $ | 3,496,234,395 | ||||||||
| Bond Index | 1,697,042,724 | 4,466,320,691 | 235,770,199 | 1,000,363,365 | ||||||||||||
| Bond Plus | 963,259,072 | 1,713,778,596 | 604,915,855 | 1,475,051,559 | ||||||||||||
| 5–15 Year Laddered Tax-Exempt Bond | 28,626,675 | — | 24,790,038 | — | ||||||||||||
| Green Bond | 7,945,907 | 502,500 | 4,267,002 | 501,914 | ||||||||||||
| High-Yield | 597,094,787 | 10,950,236 | 1,063,288,404 | 10,950,000 | ||||||||||||
| Inflation-Linked Bond | 1,265,898 | 789,529,241 | 265,000 | 470,421,706 | ||||||||||||
| Short Duration Impact Bond | 7,042,739 | 10,277,398 | 5,256,414 | 10,524,804 | ||||||||||||
| Short-Term Bond | 728,123,344 | 1,121,842,724 | 371,811,311 | 1,073,159,598 | ||||||||||||
| Short-Term Bond Index | 56,732,365 | 159,811,213 | 24,579,916 | 93,193,061 | ||||||||||||
| Social Choice Bond | 1,262,326,341 | 2,065,231,350 | 308,479,139 | 1,965,301,091 | ||||||||||||
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 97 |
Notes to financial statements (unaudited)
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2019 was as follows:
| 3/31/2019 | ||||||||||||
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Bond | $ | 178,912,825 | $ — | $ | 178,912,825 | |||||||
| Bond Index | 289,866,030 | — | 289,866,030 | |||||||||
| Bond Plus | 141,531,779 | — | 141,531,779 | |||||||||
| 5–15 Year Laddered Tax-Exempt Bond* | 6,116,362 | 260,083 | 6,376,445 | |||||||||
| Green Bond | 350,054 | — | 350,054 | |||||||||
| High-Yield | 232,468,321 | — | 232,468,321 | |||||||||
| Inflation-Linked Bond | 75,659,782 | — | 75,659,782 | |||||||||
| Short Duration Impact Bond | 300,384 | — | 300,384 | |||||||||
| Short-Term Bond | 46,364,386 | — | 46,364,386 | |||||||||
| Short-Term Bond Index | 9,265,494 | — | 9,265,494 | |||||||||
| Social Choice Bond | 75,489,282 | — | 75,489,282 | |||||||||
| Money Market | 19,952,390 | — | 19,952,390 | |||||||||
| * | Includes ordinary income which will not be taxable for federal income tax purposes in 2019 of $5,959,658. |
The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.
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 September 30, 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 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30,
2019, there were no borrowings under this credit facility by the Funds.
Note 9—Fund reorganizations
The Reorganizations as previously described in Note 1—organization and significant accounting policies, Fund reorganizations, were structured to qualify as a tax-free reorganization under the Code for federal income tax purposes, and each Target Fund’s shareholder will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each Reorganization, the Target Funds each distributed all of its net investment income and capital gains, if any. Such distribution may be taxable to each Target Fund’s shareholders for federal income tax purposes.
Investments of Target Funds
The cost, fair value and net unrealized appreciation (depreciation) of the investments of each Target Fund as of the date of each Reorganization were as follows:
| Nuveen Core Bond | Nuveen Core Plus Bond | Nuveen Inflation Protected Securities | Nuveen Short Term Bond | |||||||||||||
| Cost of investments | $ | 119,986,855 | $ | 315,356,588 | $ | 461,570,451 | $ | 399,305,931 | ||||||||
| Fair value of investments | 123,932,923 | 322,648,663 | 463,804,424 | 402,363,795 | ||||||||||||
| Net unrealized appreciation (depreciation) of investments | 3,946,068 | 7,292,075 | 2,233,973 | 3,057,864 | ||||||||||||
For financial reporting purposes, assets received and shares issued by each Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from each Target Fund was carried forward to align ongoing reporting of each Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Share transactions
For accounting and performance reporting purposes, each Acquiring Fund is the survivor. The shares outstanding, net assets and NAV per share immediately prior to and after the Reorganizations are as follows:
| Target Funds – Prior to the Reorganizations | Shares Outstanding | Net Assets | NAV per Share | |||||||||
| Nuveen Core Bond Fund | ||||||||||||
| Class A | 1,623,290 | $ | 15,979,478 | $ | 9.84 | |||||||
| Class C | 179,774 | 1,763,856 | 9.81 | |||||||||
| Class R6 | 6,130,555 | 60,267,085 | 9.83 | |||||||||
| Class I | 5,014,021 | 49,145,762 | 9.80 | |||||||||
| Nuveen Core Plus Bond Fund | ||||||||||||
| Class A | 4,437,174 | $ | 48,899,478 | $ | 11.02 | |||||||
| Class C | 427,870 | 4,694,797 | 10.97 | |||||||||
| Class R3 | 93,368 | 1,033,951 | 11.07 | |||||||||
| Class R6 | 6,630,631 | 73,135,010 | 11.03 | |||||||||
| Class I | 18,256,631 | 200,871,633 | 11.00 | |||||||||
| Nuveen Inflation Protected Securities Fund | ||||||||||||
| Class A | 4,959,680 | $ | 54,610,989 | $ | 11.01 | |||||||
| Class C | 364,393 | 3,933,539 | 10.79 | |||||||||
| Class R3 | 466,508 | 5,085,084 | 10.90 | |||||||||
| Class R6 | 7,187,149 | 80,898,466 | 11.26 | |||||||||
| Class I | 31,124,257 | 347,105,669 | 11.15 | |||||||||
| 98 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
concluded
| Target Funds – Prior
to the Reorganizations | Shares Outstanding | Net Assets | NAV
per Share | |||||||||
| Nuveen Short Term Bond Fund | ||||||||||||
| Class A | 7,915,615 | $ | 78,339,430 | $ | 9.90 | |||||||
| Class C | 1,376,917 | 13,699,245 | 9.95 | |||||||||
| Class R3 | 13,245 | 131,496 | 9.93 | |||||||||
| Class R6 | 5,908,412 | 58,675,190 | 9.93 | |||||||||
| Class I | 26,275,817 | 260,350,375 | 9.91 | |||||||||
| Acquiring Funds –
Prior to the Reorganizations | Shares Outstanding | Net Assets | NAV
per Share | |||||||||
| TIAA-CREF Bond Fund | ||||||||||||
| Institutional | 148,129,058 | $ | 1,548,091,675 | $ | 10.45 | |||||||
| Advisor | 91,150,824 | 953,313,419 | 10.46 | |||||||||
| Premier | 1,427,157 | 14,923,682 | 10.46 | |||||||||
| Retirement | 18,522,664 | 197,139,418 | 10.64 | |||||||||
| Retail | 8,904,143 | 94,681,727 | 10.63 | |||||||||
| Class W | 344,048,299 | 3,596,048,466 | 10.45 | |||||||||
| TIAA-CREF Bond Plus Fund | ||||||||||||
| Institutional | 117,480,741 | $ | 1,232,760,134 | $ | 10.49 | |||||||
| Advisor | 3,662,981 | 38,470,488 | 10.50 | |||||||||
| Premier | 1,070,747 | 11,234,590 | 10.49 | |||||||||
| Retirement | 41,586,713 | 436,935,169 | 10.51 | |||||||||
| Retail | 24,666,337 | 259,338,079 | 10.51 | |||||||||
| Class W | 222,999,502 | 2,340,030,250 | 10.49 | |||||||||
| TIAA-CREF Inflation-Linked Bond Fund | ||||||||||||
| Institutional | 139,082,613 | $ | 1,582,984,689 | $ | 11.38 | |||||||
| Advisor | 31,824 | 362,274 | 11.38 | |||||||||
| Premier | 272,235 | 3,093,114 | 11.36 | |||||||||
| Retirement | 18,918,036 | 216,949,727 | 11.47 | |||||||||
| Retail | 9,758,673 | 108,282,527 | 11.10 | |||||||||
| Class W | 99,994,478 | 1,138,033,192 | 11.38 | |||||||||
| TIAA-CREF Short-Term Bond Fund | ||||||||||||
| Institutional | 75,198,114 | $ | 778,273,490 | $ | 10.35 | |||||||
| Advisor | 812,731 | 8,409,254 | 10.35 | |||||||||
| Premier | 576,585 | 5,973,124 | 10.36 | |||||||||
| Retirement | 12,277,256 | 127,222,648 | 10.36 | |||||||||
| Retail | 10,622,738 | 110,033,866 | 10.36 | |||||||||
| Class W | 85,894,308 | 889,002,734 | 10.35 | |||||||||
| Acquiring Funds –
After the Reorganizations | Shares Outstanding | Net Assets | NAV
per Share | |||||||||
| TIAA-CREF Bond Fund | ||||||||||||
| Institutional | 153,895,687 | $ | 1,608,358,760 | $ | 10.45 | |||||||
| Advisor | 95,849,917 | 1,002,459,181 | 10.46 | |||||||||
| Premier | 1,427,157 | 14,923,682 | 10.46 | |||||||||
| Retirement | 18,522,664 | 197,139,418 | 10.64 | |||||||||
| Retail | 10,572,787 | 112,425,061 | 10.63 | |||||||||
| Class W | 344,048,299 | 3,596,048,466 | 10.45 | |||||||||
| TIAA-CREF Bond Plus Fund | ||||||||||||
| Institutional | 124,450,445 | $ | 1,305,895,143 | $ | 10.49 | |||||||
| Advisor | 22,789,116 | 239,342,122 | 10.50 | |||||||||
| Premier | 1,070,747 | 11,234,590 | 10.49 | |||||||||
| Retirement | 41,586,713 | 436,935,169 | 10.51 | |||||||||
| Retail | 29,862,192 | 313,966,305 | 10.51 | |||||||||
| Class W | 222,999,502 | 2,340,030,250 | 10.49 | |||||||||
| TIAA-CREF Inflation-Linked Bond Fund | ||||||||||||
| Institutional | 146,190,448 | $ | 1,663,883,155 | $ | 11.38 | |||||||
| Advisor | 30,523,141 | 347,467,943 | 11.38 | |||||||||
| Premier | 272,235 | 3,093,114 | 11.36 | |||||||||
| Retirement | 18,918,036 | 216,949,727 | 11.47 | |||||||||
| Retail | 15,493,142 | 171,912,139 | 11.10 | |||||||||
| Class W | 99,994,478 | 1,138,033,192 | 11.38 | |||||||||
| Acquiring Funds – After the Reorganizations | Shares Outstanding | Net Assets | NAV per Share | |||||||||
| TIAA-CREF Short-Term Bond Fund | ||||||||||||
| Institutional | 80,867,441 | $ | 836,948,680 | $ | 10.35 | |||||||
| Advisor | 25,974,983 | 268,759,629 | 10.35 | |||||||||
| Premier | 576,585 | 5,973,124 | 10.36 | |||||||||
| Retirement | 12,277,255 | 127,222,647 | 10.36 | |||||||||
| Retail | 19,520,914 | 202,204,037 | 10.36 | |||||||||
| Class W | 85,894,308 | 889,002,734 | 10.35 | |||||||||
Pro forma results of operations
The beginning of the current fiscal period for the Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Inflation Protected Securities Fund, and Nuveen Short Term Bond Fund was July 1, 2018. Assuming the Reorganizations had been completed on April 1, 2019, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the current fiscal period are as follows:
| Pro forma results | Bond Fund | Bond Plus Fund | Inflation- Linked Bond Fund | Short-Term Bond Fund | ||||||||||||
| Net investment income (loss) | $ | 182,996,949 | $ | 153,108,037 | $ | 62,264,525 | $ | 56,024,039 | ||||||||
| Net realized and unrealized gain (loss) on total investments | 78,279,419 | 55,563,676 | 36,657,332 | 15,025,521 | ||||||||||||
| Net increase (decrease) in net assets from operations | 261,276,368 | 208,671,713 | 98,921,857 | 71,049,560 | ||||||||||||
Because the combined investment portfolios for the Reorganizations have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statements of Operations for the Acquiring Funds since the Reorganizations were consummated.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2019 Semiannual Report | 99 |
2019 special meeting (unaudited)
TIAA-CREF Funds
Trustees
On July 17, 2019, at a special meeting of TIAA-CREF Funds participants, the following persons were elected to serve on the Board of Trustees:
| Nominee | Dollars for | Percent | Dollars against | Percent | Dollars abstain | Percent | ||||||||||||||||||
| Forrest Berkley | 7,019,429,645.179 | 98.738 | 29,336,564.729 | 0.413 | 60,384,844.503 | 0.849 | ||||||||||||||||||
| Joseph A. Boateng | 7,017,678,997.349 | 98.713 | 30,608,382.947 | 0.431 | 60,863,674.115 | 0.856 | ||||||||||||||||||
| Janice C. Eberly | 7,030,450,351.958 | 98.893 | 24,897,324.187 | 0.350 | 53,803,378.266 | 0.757 | ||||||||||||||||||
| Nancy A. Eckl | 7,031,086,911.078 | 98.902 | 23,805,175.211 | 0.335 | 54,258,968.122 | 0.763 | ||||||||||||||||||
| Michael A. Forrester | 7,012,679,322.201 | 98.643 | 34,732,512.165 | 0.489 | 61,739,220.046 | 0.868 | ||||||||||||||||||
| Howell E. Jackson | 7,015,296,260.772 | 98.680 | 33,410,840.029 | 0.470 | 60,443,953.610 | 0.850 | ||||||||||||||||||
| Thomas J. Kenny | 7,014,459,180.378 | 98.668 | 32,601,855.843 | 0.459 | 62,090,018.190 | 0.873 | ||||||||||||||||||
| James M. Poterba | 7,016,956,092.704 | 98.703 | 33,014,873.896 | 0.464 | 59,180,087.811 | 0.832 | ||||||||||||||||||
| Maceo K. Sloan | 7,016,148,774.432 | 98.692 | 32,646,874.224 | 0.459 | 60,355,405.754 | 0.849 | ||||||||||||||||||
| Laura T. Starks | 7,032,899,556.712 | 98.927 | 24,219,056.061 | 0.341 | 52,032,441.638 | 0.732 | ||||||||||||||||||
Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.
The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.
| 100 | 2019 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
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Websites
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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not 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. 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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Item 6. Schedule of Investments.
TIAA-CREF FUNDS - Bond Fund
TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 1.0% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.0% | ||||||||||||||||||
| $ | 250,000 | i | Wand NewCo 3, Inc | LIBOR 1 M + 3.500% | 5.542 | % | 02/05/26 | $ | 250,544 | |||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 250,544 | |||||||||||||||||
| BANKS - 0.0% | ||||||||||||||||||
| 1,985,000 | i | First Eagle Holdings, Inc | LIBOR 3 M + 2.750% | 4.854 | 12/02/24 | 1,985,834 | ||||||||||||
| TOTAL BANKS | 1,985,834 | |||||||||||||||||
| CAPITAL GOODS - 0.1% | ||||||||||||||||||
| 1,264,930 | i | Avolon TLB Borrower US LLC | LIBOR 1 M + 1.750% | 3.794 | 01/15/25 | 1,268,826 | ||||||||||||
| 749,616 | i | Milacron LLC | LIBOR 1 M + 2.500% | 4.544 | 09/28/23 | 748,679 | ||||||||||||
| 98,505 | i | Sarbacane Bidco, Inc | LIBOR 1 M + 3.000% | 5.050 | 01/29/25 | 96,658 | ||||||||||||
| 485,125 | i | TransDigm, Inc | LIBOR 1 M + 2.500% | 4.544 | 06/09/23 | 483,524 | ||||||||||||
| 1,481,156 | i | TransDigm, Inc | LIBOR 1 M + 2.500% | 4.544 | 08/22/24 | 1,473,217 | ||||||||||||
| TOTAL CAPITAL GOODS | 4,070,904 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||||
| 614,189 | i | Allied Universal Holdco LLC | LIBOR 3 M + 4.250% | 6.507 | 07/10/26 | 614,478 | ||||||||||||
| 222,593 | i | Brightview Landscapes LLC | LIBOR 1 M + 2.500% | 4.563 | 08/15/25 | 492,447 | ||||||||||||
| 282,386 | i | Camelot Finance LP | LIBOR 1 M + 3.250% | 5.294 | 10/03/23 | 283,916 | ||||||||||||
| 1,382,323 | i | Clean Harbors, Inc | LIBOR 1 M + 1.750% | 3.794 | 06/28/24 | 1,388,198 | ||||||||||||
| 453,864 | i | Filtration Group Corp | LIBOR 1 M + 3.000% | 5.044 | 03/28/25 | 454,753 | ||||||||||||
| 1,483,681 | i | GFL Environmental, Inc | LIBOR 1 M + 3.000% | 5.044 | 05/30/25 | 1,470,432 | ||||||||||||
| 123,176 | i | Gopher Sub, Inc | LIBOR 1 M + 3.000% | 5.044 | 02/03/25 | 120,713 | ||||||||||||
| 678,561 | i | Spin Holdco, Inc | LIBOR 3 M + 3.250% | 5.572 | 11/14/22 | 664,985 | ||||||||||||
| 2,000,000 | i | XPO Logistics, Inc | LIBOR 1 M + 2.000% | 4.044 | 02/24/25 | 2,008,180 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 7,498,102 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.0% | ||||||||||||||||||
| 479,546 | i | Academy Ltd | LIBOR 1 M + 4.000% | 6.100 | 07/01/22 | 333,970 | ||||||||||||
| 1,866,275 | i | Samsonite IP Holdings Sarl | LIBOR 1 M + 1.750% | 3.794 | 04/25/25 | 1,826,038 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,160,008 | |||||||||||||||||
| CONSUMER SERVICES - 0.1% | ||||||||||||||||||
| 822,885 | i | 1011778 BC / New Red Finance, Inc | LIBOR 1 M + 2.250% | 4.294 | 02/16/24 | 1,431,490 | ||||||||||||
| 1,488,550 | i | AlixPartners LLP | LIBOR 1 M + 2.750% | 4.794 | 04/04/24 | 1,488,758 | ||||||||||||
| 1,178,324 | i | Boyd Gaming Corp | LIBOR 1 W + 2.250% | 4.166 | 09/15/23 | 1,181,140 | ||||||||||||
| 782,915 | i | KUEHG Corp | LIBOR 3 M + 3.750% | 5.854 | 02/21/25 | 781,287 | ||||||||||||
| 863,476 | i | Prime Security Services Borrower LLC | LIBOR 1 M + 3.250% | 5.210 | 09/23/26 | 853,900 | ||||||||||||
| 1,147,120 | i | Scientific Games International, Inc | LIBOR 1 and 2 M + 2.750% | 4.896 | 08/14/24 | 1,410,862 | ||||||||||||
| 2,106,803 | i | Sterling Midco Holdings, Inc | LIBOR 1 M + 3.500% | 5.544 | 06/19/24 | 2,054,133 | ||||||||||||
| 502,642 | i | YUM! Brands | LIBOR 1 M + 1.750% | 3.791 | 04/03/25 | 503,059 | ||||||||||||
| TOTAL CONSUMER SERVICES | 9,704,629 | |||||||||||||||||
| 1 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| ENERGY - 0.0% | ||||||||||||||||||
| $ | 235,000 | i | California Resources Corp | LIBOR 1 M + 10.375% | 12.419 | % | 12/31/21 | $ | 204,011 | |||||||||
| 498,048 | i | Ultra Resources, Inc | LIBOR 1 M + 3.750% | 6.054 | 04/12/24 | 327,537 | ||||||||||||
| TOTAL ENERGY | 531,548 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 0.0% | ||||||||||||||||||
| 93,955 | i | Albertson’s LLC | LIBOR 1 M + 2.750% | 4.794 | 11/17/25 | 94,488 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 94,488 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||||
| 992,386 | i | Endo Luxembourg Finance I Co Sarl | LIBOR 1 M + 4.250% | 5.500 | 04/29/24 | 901,523 | ||||||||||||
| 736,903 | i | Envision Healthcare Corp | LIBOR 1 M + 3.750% | 5.794 | 10/10/25 | 598,962 | ||||||||||||
| 1,492,302 | i | Gentiva Health Services, Inc | LIBOR 1 M + 3.750% | 5.813 | 07/02/25 | 1,499,763 | ||||||||||||
| 239,978 | i | Greatbatch Ltd | LIBOR 1 M + 3.000% | 5.050 | 10/27/22 | 240,578 | ||||||||||||
| 724,878 | i | Heartland Dental LLC | LIBOR 1 M + 3.750% | 5.794 | 04/30/25 | 708,569 | ||||||||||||
| 614,461 | i | NMN Holdings III Corp | LIBOR 1 M + 3.750% | 5.794 | 11/13/25 | 597,563 | ||||||||||||
| 1,486,263 | i | RegionalCare Hospital Partners Holdings, Inc | LIBOR 1 M + 4.500% | 6.554 | 11/16/25 | 1,486,500 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 6,033,458 | |||||||||||||||||
| INSURANCE - 0.1% | ||||||||||||||||||
| 1,382,500 | i | Acrisure LLC | LIBOR 3 M + 3.750% | 5.854 | 11/22/23 | 1,360,034 | ||||||||||||
| 1,967,538 | i | Asurion LLC | LIBOR 1 M + 3.000% | 5.044 | 11/03/24 | 1,973,558 | ||||||||||||
| 98,232 | i | NFP Corp | LIBOR 1 M + 3.000% | 5.044 | 01/05/24 | 96,452 | ||||||||||||
| TOTAL INSURANCE | 3,430,044 | |||||||||||||||||
| MATERIALS - 0.1% | ||||||||||||||||||
| 925,403 | i | Berry Global, Inc | LIBOR 1 M + 2.250% | 4.299 | 10/03/22 | 929,225 | ||||||||||||
| 93,910 | i | Crown Americas LLC | LIBOR 1 M + 2.000% | 4.057 | 04/03/25 | 94,196 | ||||||||||||
| 1,264,434 | i | H.B. Fuller Co | LIBOR 1 M + 2.000% | 4.044 | 10/21/24 | 1,258,403 | ||||||||||||
| 1,766,125 | i | Messer Industries USA, Inc | LIBOR 3 M + 2.500% | 4.604 | 03/01/26 | 1,761,498 | ||||||||||||
| 299,250 | i | Starfruit US Holdco LLC | LIBOR 1 M + 3.250% | 5.292 | 10/01/25 | 291,933 | ||||||||||||
| 1,456,364 | i | Tronox Finance LLC | LIBOR 1 and 3 M + 2.750% | 4.854 | 09/23/24 | 1,455,067 | ||||||||||||
| 631,311 | i | Univar USA, Inc | LIBOR 1 M + 2.250% | 4.294 | 07/01/24 | 632,625 | ||||||||||||
| TOTAL MATERIALS | 6,422,947 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.0% | ||||||||||||||||||
| 389,297 | i | CDS US Intermediate Holdings, Inc | LIBOR 3 M + 3.750% | 5.854 | 07/08/22 | 368,251 | ||||||||||||
| 689,170 | i | Lions Gate Capital Holdings LLC | LIBOR 1 M + 2.250% | 4.294 | 03/24/25 | 686,799 | ||||||||||||
| 388,374 | i | Nielsen Finance LLC | LIBOR 1 M + 2.000% | 4.042 | 10/04/23 | 388,083 | ||||||||||||
| 700,939 | i | Univision Communications, Inc | LIBOR 1 M + 2.750% | 4.794 | 03/15/24 | 680,639 | ||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 2,123,772 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1% | ||||||||||||||||||
| 612,500 | i | Alphabet Holding Co, Inc | LIBOR 1 M + 3.500% | 5.544 | 09/26/24 | 565,797 | ||||||||||||
| 992,507 | i | Auris Luxembourg III Sarl | LIBOR 1 M + 3.750% | 5.794 | 02/27/26 | 985,271 | ||||||||||||
| 1,277,545 | i | Horizon Pharma USA, Inc | LIBOR 1 M + 2.500% | 4.625 | 05/22/26 | 1,279,538 | ||||||||||||
| 1,544,648 | i | Valeant Pharmaceuticals International, Inc | LIBOR 1 M + 3.000% | 5.039 | 06/02/25 | 1,550,285 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,380,891 | |||||||||||||||||
| 2 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| REAL ESTATE - 0.1% | ||||||||||||||||||
| $ | 1,726,889 | i | DTZ US Borrower LLC | LIBOR 1 M + 3.250% | 5.294 | % | 08/21/25 | $ | 1,727,753 | |||||||||
| 1,969,323 | i | MGM Growth Properties LLC | LIBOR 1 M + 2.000% | 4.044 | 03/23/25 | 1,972,336 | ||||||||||||
| TOTAL REAL ESTATE | 3,700,089 | |||||||||||||||||
| RETAILING - 0.0% | ||||||||||||||||||
| 320,380 | i | Avis Budget Car Rental LLC | LIBOR 1 M + 2.000% | 4.050 | 02/13/25 | 320,078 | ||||||||||||
| 260,380 | i | KAR Auction Services, Inc | LIBOR 1 M + 2.250% | 4.313 | 09/19/26 | 261,357 | ||||||||||||
| 989,981 | i | Staples, Inc | LIBOR 2 M + 5.000% | 7.123 | 04/16/26 | 975,339 | ||||||||||||
| TOTAL RETAILING | 1,556,774 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.0% | ||||||||||||||||||
| 675,000 | i | Dun & Bradstreet Corp | LIBOR 1 M + 5.000% | 7.054 | 02/06/26 | 678,976 | ||||||||||||
| 68,912 | i | IQVIA, Inc | LIBOR 3 M + 2.000% | 4.104 | 03/07/24 | 69,142 | ||||||||||||
| 474,118 | i | Leidos, Inc | LIBOR 1 M + 1.750% | 3.813 | 08/22/25 | 475,896 | ||||||||||||
| 462,387 | i | NeuStar, Inc | LIBOR 1 M + 3.500% | 5.544 | 08/08/24 | 445,972 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 1,669,986 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||||
| 375,000 | i | CommScope, Inc | LIBOR 1 M + 3.250% | 5.294 | 04/06/26 | 373,328 | ||||||||||||
| 2,283,929 | i | Dell International LLC | LIBOR 1 M + 2.000% | 4.050 | 09/19/25 | 2,293,932 | ||||||||||||
| 113,279 | i | MTS Systems Corp | LIBOR 1 M + 3.250% | 5.310 | 07/05/23 | 113,279 | ||||||||||||
| 899,461 | i | Plantronics, Inc | LIBOR 1 M + 2.500% | 4.544 | 07/02/25 | 896,834 | ||||||||||||
| 992,488 | i | VeriFone Systems, Inc | LIBOR 3 M + 4.000% | 6.136 | 08/20/25 | 946,337 | ||||||||||||
| 243,133 | i | Western Digital Corp | LIBOR 1 M + 1.750% | 3.862 | 04/29/23 | 242,170 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 4,865,880 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 0.0% | ||||||||||||||||||
| 934,535 | i | CNT Holdings III Corp | LIBOR 3 M + 3.000% | 5.200 | 01/22/23 | 925,966 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 925,966 | |||||||||||||||||
| TRANSPORTATION - 0.1% | ||||||||||||||||||
| 1,484,848 | i | American Airlines, Inc | LIBOR 1 M + 2.000% | 4.028 | 12/14/23 | 1,483,260 | ||||||||||||
| 282,505 | i | Kenan Advantage Group, Inc | LIBOR 1 M + 3.000% | 5.044 | 07/29/22 | 267,908 | ||||||||||||
| 1,187,983 | i | Kenan Advantage Group, Inc | LIBOR 1 M + 3.000% | 5.044 | 08/01/22 | 1,126,600 | ||||||||||||
| 1,678,481 | i | Vouvray US Finance, LLC | LIBOR 1 M + 3.000% | 5.044 | 03/11/24 | 1,281,235 | ||||||||||||
| TOTAL TRANSPORTATION | 4,159,003 | |||||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||||
| 987,113 | i | Calpine Corp | LIBOR 3 M + 2.500% | 4.610 | 01/15/24 | 989,009 | ||||||||||||
| 950,000 | i | Talen Energy Supply LLC | LIBOR 1 M + 3.750% | 5.792 | 06/26/26 | 947,625 | ||||||||||||
| 541,893 | i | Vistra Operations Co LLC | LIBOR 1 M + 2.000% | 4.044 | 08/04/23 | 543,475 | ||||||||||||
| 414,413 | i | Vistra Operations Co LLC | LIBOR 1 M + 2.000% | 4.044 | 12/31/25 | 696,297 | ||||||||||||
| TOTAL UTILITIES | 3,176,406 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 68,741,273 | |||||||||||||||||
| (Cost $69,851,470) | ||||||||||||||||||
| 3 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BONDS - 95.9% | ||||||||||||||||||
| CORPORATE BONDS - 35.2% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||||
| $ | 450,000 | g | Dana Financing Luxembourg SARL | 6.500 | % | 06/01/26 | $ | 474,750 | ||||||||||
| 1,700,000 | General Motors Co | 6.600 | 04/01/36 | 1,948,327 | ||||||||||||||
| 825,000 | General Motors Co | 6.250 | 10/02/43 | 901,403 | ||||||||||||||
| 2,050,000 | General Motors Co | 5.200 | 04/01/45 | 2,023,631 | ||||||||||||||
| 475,000 | General Motors Co | 6.750 | 04/01/46 | 543,136 | ||||||||||||||
| 3,000,000 | g | Hyundai Capital America | 3.950 | 02/01/22 | 3,082,897 | |||||||||||||
| 2,000,000 | g | Hyundai Capital America | 2.750 | 09/27/26 | 1,948,813 | |||||||||||||
| 1,000,000 | g,o | IHO Verwaltungs GmbH | 6.375 | 05/15/29 | 1,010,000 | |||||||||||||
| 1,750,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,840,171 | ||||||||||||||
| 500,000 | g | Panther BF Aggregator 2 LP | 8.500 | 05/15/27 | 506,250 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 14,279,378 | |||||||||||||||||
| BANKS - 7.2% | ||||||||||||||||||
| 1,900,000 | g,i | Akbank TAS | USD SWAP SEMI 30/360 5 Y + 5.026% | 7.200 | 03/16/27 | 1,772,875 | ||||||||||||
| 2,000,000 | g,i | Akbank TAS | USD SWAP SEMI 30/360 5 Y + 4.029% | 6.797 | 04/27/28 | 1,797,000 | ||||||||||||
| 2,000,000 | g | Banco de Bogota S.A. | 4.375 | 08/03/27 | 2,127,520 | |||||||||||||
| 2,100,000 | g | Banco de Credito del Peru | 2.700 | 01/11/25 | 2,100,000 | |||||||||||||
| 6,300,000 | g | Banco del Estado de Chile | 2.668 | 01/08/21 | 6,300,063 | |||||||||||||
| 2,000,000 | g | Banco Internacional del Peru SAA Interbank | 3.375 | 01/18/23 | 2,022,500 | |||||||||||||
| 1,200,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 1,257,291 | ||||||||||||||
| 9,475,000 | Bank of America Corp | 2.151 | 11/09/20 | 9,475,948 | ||||||||||||||
| 25,000,000 | Bank of America Corp | 3.550 | 03/05/24 | 25,998,942 | ||||||||||||||
| 15,000,000 | Bank of America Corp | 3.864 | 07/23/24 | 15,797,974 | ||||||||||||||
| 10,000,000 | Bank of America Corp | 4.000 | 01/22/25 | 10,622,609 | ||||||||||||||
| 2,450,000 | Bank of America Corp | 3.875 | 08/01/25 | 2,650,044 | ||||||||||||||
| 1,000,000 | Bank of America Corp | 4.450 | 03/03/26 | 1,089,886 | ||||||||||||||
| 5,000,000 | Bank of America Corp | 4.250 | 10/22/26 | 5,417,807 | ||||||||||||||
| 17,045,000 | Bank of America Corp | 3.559 | 04/23/27 | 17,993,845 | ||||||||||||||
| 10,450,000 | Bank of America Corp | 3.248 | 10/21/27 | 10,864,121 | ||||||||||||||
| 3,215,000 | Bank of America Corp | 3.419 | 12/20/28 | 3,354,583 | ||||||||||||||
| 25,000 | Bank of America Corp | 3.974 | 02/07/30 | 27,369 | ||||||||||||||
| 6,300,000 | Bank of America Corp | 3.194 | 07/23/30 | 6,501,110 | ||||||||||||||
| 2,100,000 | Barclays plc | 4.338 | 05/16/24 | 2,193,820 | ||||||||||||||
| 7,000,000 | Barclays plc | 3.932 | 05/07/25 | 7,231,835 | ||||||||||||||
| 3,000,000 | g | BNG Bank NV | 3.000 | 09/20/23 | 3,149,361 | |||||||||||||
| 4,330,000 | Capital One Bank USA NA | 2.350 | 01/31/20 | 4,331,296 | ||||||||||||||
| 5,845,000 | Capital One Bank USA NA | 2.650 | 08/08/22 | 5,912,323 | ||||||||||||||
| 7,868,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 8,108,433 | ||||||||||||||
| 8,000,000 | Citigroup, Inc | 3.352 | 04/24/25 | 8,296,671 | ||||||||||||||
| 10,975,000 | Citigroup, Inc | 3.200 | 10/21/26 | 11,330,361 | ||||||||||||||
| 2,200,000 | Citigroup, Inc | 4.300 | 11/20/26 | 2,367,247 | ||||||||||||||
| 8,000,000 | Citigroup, Inc | 4.450 | 09/29/27 | 8,728,320 | ||||||||||||||
| 6,800,000 | Citigroup, Inc | 3.668 | 07/24/28 | 7,197,303 | ||||||||||||||
| 11,295,000 | Citigroup, Inc | 3.980 | 03/20/30 | 12,313,744 | ||||||||||||||
| 5,000,000 | Citigroup, Inc | 5.000 | N/A‡ | 5,061,000 | ||||||||||||||
| 2,225,000 | Citizens Bank NA | 2.650 | 05/26/22 | 2,251,833 | ||||||||||||||
| 375,000 | Cooperatieve Rabobank UA | 3.950 | 11/09/22 | 390,591 | ||||||||||||||
| 2,250,000 | g | Cooperatieve Rabobank UA | 2.625 | 07/22/24 | 2,277,901 | |||||||||||||
| 4 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,775,000 | Cooperatieve Rabobank UA | 3.750 | % | 07/21/26 | $ | 4,954,410 | |||||||||||
| 1,425,000 | g | Credit Agricole S.A. | 2.375 | 07/01/21 | 1,429,500 | |||||||||||||
| 7,475,000 | g | Credit Agricole S.A. | 3.250 | 10/04/24 | 7,695,377 | |||||||||||||
| 1,525,000 | g,i | DBS Group Holdings Ltd | USD ICE SWAP RATE 11:00 NY 5 + 1.590% | 4.520 | 12/11/28 | 1,621,902 | ||||||||||||
| 1,000,000 | Discover Bank | 3.200 | 08/09/21 | 1,015,200 | ||||||||||||||
| 4,200,000 | Discover Bank | 2.450 | 09/12/24 | 4,188,607 | ||||||||||||||
| 5,400,000 | Discover Bank | 3.450 | 07/27/26 | 5,569,200 | ||||||||||||||
| 807,000 | Fifth Third Bancorp | 3.500 | 03/15/22 | 832,231 | ||||||||||||||
| 4,625,000 | HSBC Holdings plc | 2.650 | 01/05/22 | 4,658,189 | ||||||||||||||
| 2,050,000 | HSBC Holdings plc | 3.262 | 03/13/23 | 2,085,569 | ||||||||||||||
| 1,475,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 1,496,851 | ||||||||||||||
| 625,000 | HSBC Holdings plc | 3.803 | 03/11/25 | 651,102 | ||||||||||||||
| 625,000 | HSBC Holdings plc | 3.900 | 05/25/26 | 662,828 | ||||||||||||||
| 14,000,000 | HSBC Holdings plc | 4.292 | 09/12/26 | 15,028,692 | ||||||||||||||
| 2,300,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 2,466,448 | ||||||||||||||
| 2,025,000 | HSBC Holdings plc | 4.041 | 03/13/28 | 2,149,412 | ||||||||||||||
| 3,850,000 | HSBC Holdings plc | 3.973 | 05/22/30 | 4,111,612 | ||||||||||||||
| 590,000 | HSBC Holdings plc | 6.800 | 06/01/38 | 823,491 | ||||||||||||||
| 360,000 | Huntington Bancshares, Inc | 4.000 | 05/15/25 | 385,983 | ||||||||||||||
| 4,100,000 | Huntington National Bank | 2.500 | 08/07/22 | 4,142,281 | ||||||||||||||
| 2,075,000 | g | ING Groep NV | 4.625 | 01/06/26 | 2,295,382 | |||||||||||||
| 400,000 | ING Groep NV | 3.950 | 03/29/27 | 430,937 | ||||||||||||||
| 3,000,000 | g | Intercorp Financial Services, Inc | 4.125 | 10/19/27 | 3,108,750 | |||||||||||||
| 3,425,000 | JPMorgan Chase & Co | 2.776 | 04/25/23 | 3,474,149 | ||||||||||||||
| 695,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 740,454 | ||||||||||||||
| 10,000,000 | JPMorgan Chase & Co | 4.023 | 12/05/24 | 10,667,265 | ||||||||||||||
| 2,500,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 2,598,150 | ||||||||||||||
| 3,975,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 4,080,187 | ||||||||||||||
| 13,000,000 | JPMorgan Chase & Co | 4.203 | 07/23/29 | 14,443,670 | ||||||||||||||
| 20,505,000 | JPMorgan Chase & Co | 3.702 | 05/06/30 | 21,995,535 | ||||||||||||||
| 5,350,000 | JPMorgan Chase & Co | 2.739 | 10/15/30 | 5,317,343 | ||||||||||||||
| 1,825,000 | JPMorgan Chase & Co | 3.882 | 07/24/38 | 2,004,082 | ||||||||||||||
| 700,000 | JPMorgan Chase & Co | 4.260 | 02/22/48 | 817,139 | ||||||||||||||
| 26,075,000 | JPMorgan Chase Bank NA | 3.086 | 04/26/21 | 26,212,434 | ||||||||||||||
| 2,945,000 | KeyBank NA | 2.500 | 12/15/19 | 2,946,609 | ||||||||||||||
| 2,550,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 2,550,108 | ||||||||||||||
| 10,000,000 | Mitsubishi UFJ Financial Group, Inc | 3.761 | 07/26/23 | 10,502,209 | ||||||||||||||
| 2,700,000 | Mitsubishi UFJ Financial Group, Inc | 3.195 | 07/18/29 | 2,795,223 | ||||||||||||||
| 1,175,000 | Mitsubishi UFJ Financial Group, Inc | 3.751 | 07/18/39 | 1,265,865 | ||||||||||||||
| 4,175,000 | g | Mitsubishi UFJ Trust & Banking Corp | 2.450 | 10/16/19 | 4,175,459 | |||||||||||||
| 1,550,000 | MUFG Americas Holdings Corp | 3.500 | 06/18/22 | 1,597,452 | ||||||||||||||
| 4,150,000 | PNC Bank NA | 2.600 | 07/21/20 | 4,166,210 | ||||||||||||||
| 1,800,000 | PNC Bank NA | 2.450 | 11/05/20 | 1,808,046 | ||||||||||||||
| 1,750,000 | PNC Bank NA | 2.700 | 11/01/22 | 1,775,416 | ||||||||||||||
| 1,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 1,605,466 | ||||||||||||||
| 3,000,000 | PNC Financial Services Group, Inc | 3.450 | 04/23/29 | 3,203,397 | ||||||||||||||
| 10,000,000 | g | Royal Bank of Canada | 3.350 | 10/22/21 | 10,291,286 | |||||||||||||
| 5,100,000 | Royal Bank of Canada | 2.550 | 07/16/24 | 5,169,983 | ||||||||||||||
| 5,000,000 | Royal Bank of Scotland Group plc | 3.498 | 05/15/23 | 5,066,719 | ||||||||||||||
| 3,125,000 | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 3,198,031 | ||||||||||||||
| 5 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 3,600,000 | g | Skandinaviska Enskilda Banken AB | 2.625 | % | 11/17/20 | $ | 3,618,056 | ||||||||||
| 1,700,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 1,701,204 | ||||||||||||||
| 6,500,000 | Sumitomo Mitsui Financial Group, Inc | 2.696 | 07/16/24 | 6,573,825 | ||||||||||||||
| 1,675,000 | SunTrust Bank | 3.525 | 10/26/21 | 1,698,506 | ||||||||||||||
| 570,000 | SunTrust Bank | 2.450 | 08/01/22 | 576,154 | ||||||||||||||
| 1,075,000 | SunTrust Bank | 2.750 | 05/01/23 | 1,094,099 | ||||||||||||||
| 10,000,000 | SunTrust Bank | 3.689 | 08/02/24 | 10,484,003 | ||||||||||||||
| 1,800,000 | SunTrust Bank | 4.050 | 11/03/25 | 1,967,244 | ||||||||||||||
| 3,350,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 3,347,315 | ||||||||||||||
| 1,300,000 | i | Toronto-Dominion Bank | USD SWAP SEMI 30/360 5 Y + 2.205% | 3.625 | 09/15/31 | 1,342,930 | ||||||||||||
| 2,500,000 | g,i | Turkiye Garanti Bankasi AS. | USD SWAP SEMI 30/360 5 Y + 4.220% | 6.125 | 05/24/27 | 2,240,250 | ||||||||||||
| 2,300,000 | g | Turkiye Is Bankasi | 6.125 | 04/25/24 | 2,208,063 | |||||||||||||
| 1,050,000 | g | UBS AG. | 2.450 | 12/01/20 | 1,053,760 | |||||||||||||
| 3,050,000 | g | UBS Group AG. | 3.126 | 08/13/30 | 3,071,616 | |||||||||||||
| 9,100,000 | Wells Fargo Bank NA | 3.325 | 07/23/21 | 9,182,559 | ||||||||||||||
| 5,100,000 | i | Westpac Banking Corp | USD ICE SWAP RATE 11:00 NY 5 + 2.236% | 4.322 | 11/23/31 | 5,392,414 | ||||||||||||
| TOTAL BANKS | 500,137,365 | |||||||||||||||||
| CAPITAL GOODS - 1.3% | ||||||||||||||||||
| 450,000 | Anixter, Inc | 6.000 | 12/01/25 | 497,250 | ||||||||||||||
| 500,000 | g | Beacon Escrow Corp | 4.875 | 11/01/25 | 490,625 | |||||||||||||
| 200,000 | g,h | Beacon Roofing Supply, Inc | 4.500 | 11/15/26 | 201,500 | |||||||||||||
| 2,000,000 | g | BOC Aviation Ltd | 3.000 | 09/11/29 | 1,974,013 | |||||||||||||
| 225,000 | g | Cloud Crane LLC | 10.125 | 08/01/24 | 240,750 | |||||||||||||
| 1,000,000 | General Electric Co | 4.125 | 10/09/42 | 1,009,435 | ||||||||||||||
| 1,300,000 | g | Gold Fields Orogen Holdings BVI Ltd | 5.125 | 05/15/24 | 1,373,515 | |||||||||||||
| 2,500,000 | Illinois Tool Works, Inc | 2.650 | 11/15/26 | 2,582,039 | ||||||||||||||
| 500,000 | Ingersoll-Rand Global Holding Co Ltd | 3.750 | 08/21/28 | 533,674 | ||||||||||||||
| 4,005,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.800 | 03/21/29 | 4,264,529 | ||||||||||||||
| 7,000,000 | John Deere Capital Corp | 3.650 | 10/12/23 | 7,458,410 | ||||||||||||||
| 640,000 | John Deere Capital Corp | 2.650 | 06/24/24 | 657,496 | ||||||||||||||
| 1,350,000 | Lam Research Corp | 3.750 | 03/15/26 | 1,440,965 | ||||||||||||||
| 1,525,000 | Lam Research Corp | 4.000 | 03/15/29 | 1,682,137 | ||||||||||||||
| 2,075,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 2,084,102 | ||||||||||||||
| 1,625,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 1,627,620 | |||||||||||||
| 2,503,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 2,612,844 | |||||||||||||
| 1,600,000 | Mosaic Co | 4.875 | 11/15/41 | 1,581,258 | ||||||||||||||
| 2,800,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 2,870,000 | |||||||||||||
| 5,775,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 6,062,179 | ||||||||||||||
| 1,075,000 | Northrop Grumman Corp | 4.030 | 10/15/47 | 1,218,624 | ||||||||||||||
| 10,825,000 | Parker-Hannifin Corp | 3.250 | 06/14/29 | 11,278,713 | ||||||||||||||
| 1,250,000 | g | Rolls-Royce plc | 2.375 | 10/14/20 | 1,251,389 | |||||||||||||
| 450,000 | g | Rolls-Royce plc | 3.625 | 10/14/25 | 468,573 | |||||||||||||
| 2,500,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 2,672,804 | ||||||||||||||
| 850,000 | Roper Technologies, Inc | 4.200 | 09/15/28 | 934,838 | ||||||||||||||
| 790,000 | g | Stena AB | 7.000 | 02/01/24 | 791,975 | |||||||||||||
| 950,000 | Textron, Inc | 3.875 | 03/01/25 | 1,002,915 | ||||||||||||||
| 500,000 | TransDigm UK Holdings plc | 6.875 | 05/15/26 | 537,500 | ||||||||||||||
| 250,000 | Trimble, Inc | 4.900 | 06/15/28 | 271,303 | ||||||||||||||
| 6 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 7,300,000 | United Technologies Corp | 3.650 | % | 08/16/23 | $ | 7,721,722 | |||||||||||
| 4,600,000 | United Technologies Corp | 2.800 | 05/04/24 | 4,733,423 | ||||||||||||||
| 8,800,000 | United Technologies Corp | 4.125 | 11/16/28 | 9,958,461 | ||||||||||||||
| 5,000,000 | United Technologies Corp | 4.500 | 06/01/42 | 5,998,288 | ||||||||||||||
| TOTAL CAPITAL GOODS | 90,084,869 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.5% | ||||||||||||||||||
| 500,000 | ADT Corp | 4.125 | 06/15/23 | 507,500 | ||||||||||||||
| 1,000,000 | AECOM | 5.125 | 03/15/27 | 1,050,000 | ||||||||||||||
| 2,150,058 | g | British Airways | 3.800 | 09/20/31 | 2,273,042 | |||||||||||||
| 1,500,000 | g,i | Nakama Re Ltd | LIBOR 6 M + 2.200% | 4.263 | 10/13/21 | 1,490,550 | ||||||||||||
| 2,125,000 | g | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 2,212,762 | |||||||||||||
| 3,400,000 | Republic Services, Inc | 3.550 | 06/01/22 | 3,520,266 | ||||||||||||||
| 2,225,000 | Republic Services, Inc | 2.900 | 07/01/26 | 2,289,675 | ||||||||||||||
| 100,000 | g | Ritchie Bros Auctioneers, Inc | 5.375 | 01/15/25 | 104,375 | |||||||||||||
| 1,150,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 1,196,575 | ||||||||||||||
| 1,000,000 | United Rentals North America, Inc | 5.875 | 09/15/26 | 1,066,300 | ||||||||||||||
| 580,000 | Visa, Inc | 3.150 | 12/14/25 | 618,414 | ||||||||||||||
| 1,800,000 | Waste Management, Inc | 2.900 | 09/15/22 | 1,847,211 | ||||||||||||||
| 1,550,000 | Waste Management, Inc | 2.950 | 06/15/24 | 1,602,717 | ||||||||||||||
| 3,025,000 | Waste Management, Inc | 3.150 | 11/15/27 | 3,184,215 | ||||||||||||||
| 8,075,000 | Waste Management, Inc | 3.450 | 06/15/29 | 8,709,369 | ||||||||||||||
| 550,000 | Waste Management, Inc | 4.100 | 03/01/45 | 631,198 | ||||||||||||||
| 1,475,000 | Waste Management, Inc | 4.150 | 07/15/49 | 1,724,294 | ||||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 34,028,463 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||||
| 750,000 | Leggett & Platt, Inc | 4.400 | 03/15/29 | 808,297 | ||||||||||||||
| 800,000 | Lennar Corp | 4.500 | 04/30/24 | 842,800 | ||||||||||||||
| 650,000 | g | LGI Homes, Inc | 6.875 | 07/15/26 | 676,000 | |||||||||||||
| 3,700,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 3,865,127 | ||||||||||||||
| 2,900,000 | Newell Rubbermaid, Inc | 5.500 | 04/01/46 | 3,109,128 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 9,301,352 | |||||||||||||||||
| CONSUMER SERVICES - 0.4% | ||||||||||||||||||
| 16,500,000 | Anheuser-Busch Cos LLC | 3.650 | 02/01/26 | 17,679,312 | ||||||||||||||
| 1,500,000 | Anheuser-Busch Cos LLC | 4.900 | 02/01/46 | 1,784,397 | ||||||||||||||
| 200,000 | Boyd Gaming Corp | 6.375 | 04/01/26 | 212,000 | ||||||||||||||
| 540,000 | Boyd Gaming Corp | 6.000 | 08/15/26 | 569,650 | ||||||||||||||
| 1,500,000 | George Washington University | 3.545 | 09/15/46 | 1,626,386 | ||||||||||||||
| 540,000 | g | International Game Technology | 6.250 | 01/15/27 | 600,075 | |||||||||||||
| 1,400,000 | Sands China Ltd | 5.400 | 08/08/28 | 1,576,927 | ||||||||||||||
| 700,000 | g | ServiceMaster Co LLC | 5.125 | 11/15/24 | 726,250 | |||||||||||||
| 600,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 609,000 | ||||||||||||||
| 1,600,000 | Trustees of Dartmouth College | 3.474 | 06/01/46 | 1,725,459 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 27,109,456 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 3.6% | ||||||||||||||||||
| 600,000 | AerCap Ireland Capital DAC | 5.000 | 10/01/21 | 630,841 | ||||||||||||||
| 4,100,000 | AerCap Ireland Capital DAC | 3.650 | 07/21/27 | 4,177,359 | ||||||||||||||
| 1,775,000 | American Express Co | 2.500 | 08/01/22 | 1,792,935 | ||||||||||||||
| 7 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 710,000 | American Express Co | 2.650 | % | 12/02/22 | $ | 721,115 | |||||||||||
| 1,250,000 | American Express Co | 3.700 | 08/03/23 | 1,317,068 | ||||||||||||||
| 2,000,000 | American Express Credit Corp | 3.300 | 05/03/27 | 2,134,828 | ||||||||||||||
| 1,700,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 1,731,577 | ||||||||||||||
| 1,750,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 1,780,693 | ||||||||||||||
| 3,750,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.432% | 3.803 | 12/15/32 | 3,889,238 | ||||||||||||
| 2,525,000 | g | Bayer US Finance LLC | 2.375 | 10/08/19 | 2,524,979 | |||||||||||||
| 455,000 | g | BBVA Bancomer S.A. | 5.350 | 11/12/29 | 451,592 | |||||||||||||
| 2,850,000 | g,i | BBVA Bancomer S.A. | DGS5 + 2.650% | 5.125 | 01/18/33 | 2,714,625 | ||||||||||||
| 4,065,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 4,294,969 | ||||||||||||||
| 775,000 | g | BPCE S.A. | 4.000 | 09/12/23 | 816,357 | |||||||||||||
| 1,825,000 | g | BPCE S.A. | 4.625 | 07/11/24 | 1,945,054 | |||||||||||||
| 600,000 | g | BPCE S.A. | 4.500 | 03/15/25 | 637,526 | |||||||||||||
| 8,670,000 | g | Canadian Imperial Bank of Commerce | 3.150 | 06/27/21 | 8,847,878 | |||||||||||||
| 2,490,000 | Capital One Financial Corp | 3.750 | 03/09/27 | 2,618,750 | ||||||||||||||
| 1,900,000 | g | Comcel Trust | 6.875 | 02/06/24 | 1,957,000 | |||||||||||||
| 2,500,000 | g | Credit Suisse Group AG. | LIBOR 3 M + 1.200% | 2.997 | 12/14/23 | 2,523,658 | ||||||||||||
| 2,475,000 | g | Credit Suisse Group AG. | 4.282 | 01/09/28 | 2,661,386 | |||||||||||||
| 3,950,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 4,124,599 | ||||||||||||||
| 1,650,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 1,733,899 | ||||||||||||||
| 315,000 | g | Danske Bank AS | 5.375 | 01/12/24 | 346,038 | |||||||||||||
| 3,275,000 | Deutsche Bank AG. | 3.950 | 02/27/23 | 3,322,288 | ||||||||||||||
| 545,000 | Discover Financial Services | 5.200 | 04/27/22 | 582,743 | ||||||||||||||
| 2,075,000 | Ford Motor Credit Co LLC | 3.096 | 05/04/23 | 2,036,724 | ||||||||||||||
| 5,000,000 | Ford Motor Credit Co LLC | 3.664 | 09/08/24 | 4,925,689 | ||||||||||||||
| 5,775,000 | Ford Motor Credit Co LLC | 3.815 | 11/02/27 | 5,476,629 | ||||||||||||||
| 5,640,000 | GE Capital International Funding Co | 2.342 | 11/15/20 | 5,626,270 | ||||||||||||||
| 7,700,000 | GE Capital International Funding Co | 3.373 | 11/15/25 | 7,856,483 | ||||||||||||||
| 3,385,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 3,550,564 | ||||||||||||||
| 232,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 307,068 | ||||||||||||||
| 8,625,000 | General Motors Financial Co, Inc | 5.650 | 01/17/29 | 9,510,864 | ||||||||||||||
| 1,280,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 1,379,102 | ||||||||||||||
| 5,000,000 | Goldman Sachs Group, Inc | 3.625 | 02/20/24 | 5,245,420 | ||||||||||||||
| 4,650,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 4,851,485 | ||||||||||||||
| 17,100,000 | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 17,952,557 | ||||||||||||||
| 3,900,000 | Goldman Sachs Group, Inc | 3.814 | 04/23/29 | 4,134,664 | ||||||||||||||
| 8,000,000 | Goldman Sachs Group, Inc | 4.223 | 05/01/29 | 8,727,319 | ||||||||||||||
| 360,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 485,591 | ||||||||||||||
| 1,900,000 | Goldman Sachs Group, Inc | 4.017 | 10/31/38 | 2,044,192 | ||||||||||||||
| 600,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 718,353 | ||||||||||||||
| 900,000 | Icahn Enterprises LP | 6.250 | 02/01/22 | 923,400 | ||||||||||||||
| 500,000 | g | Icahn Enterprises LP | 4.750 | 09/15/24 | 499,500 | |||||||||||||
| 5,275,000 | g | ICICI Bank Ltd | 3.800 | 12/14/27 | 5,448,249 | |||||||||||||
| 1,900,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 2,081,733 | ||||||||||||||
| 500,000 | g | Jefferies Finance LLC | 6.250 | 06/03/26 | 516,250 | |||||||||||||
| 475,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 502,914 | ||||||||||||||
| 2,400,000 | Morgan Stanley | 3.125 | 01/23/23 | 2,461,956 | ||||||||||||||
| 6,000,000 | Morgan Stanley | 3.737 | 04/24/24 | 6,265,866 | ||||||||||||||
| 5,475,000 | Morgan Stanley | 3.700 | 10/23/24 | 5,800,158 | ||||||||||||||
| 4,750,000 | Morgan Stanley | 2.720 | 07/22/25 | 4,804,806 | ||||||||||||||
| 1,040,000 | Morgan Stanley | 4.000 | 07/23/25 | 1,121,635 | ||||||||||||||
| 14,325,000 | Morgan Stanley | 3.125 | 07/27/26 | 14,753,064 | ||||||||||||||
| 8 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 685,000 | Morgan Stanley | 3.950 | % | 04/23/27 | $ | 723,872 | |||||||||||
| 4,900,000 | Morgan Stanley | 4.431 | 01/23/30 | 5,505,883 | ||||||||||||||
| 2,000,000 | National Rural Utilities Cooperative Finance Corp | 3.400 | 02/07/28 | 2,147,603 | ||||||||||||||
| 135,000 | Navient Corp | 6.625 | 07/26/21 | 141,750 | ||||||||||||||
| 775,000 | g | Quicken Loans, Inc | 5.250 | 01/15/28 | 799,800 | |||||||||||||
| 7,400,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 7,636,690 | ||||||||||||||
| 550,000 | State Street Corp | 3.300 | 12/16/24 | 577,168 | ||||||||||||||
| 1,100,000 | g,i | Swiss Re Finance Luxembourg SA | DGS5 + 3.582% | 5.000 | 04/02/49 | 1,214,355 | ||||||||||||
| 4,800,000 | Synchrony Financial | 4.250 | 08/15/24 | 5,064,347 | ||||||||||||||
| 2,075,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 2,179,478 | ||||||||||||||
| 5,075,000 | g | UBS Group Funding Switzerland AG. | 2.859 | 08/15/23 | 5,131,277 | |||||||||||||
| 3,075,000 | Unilever Capital Corp | 2.900 | 05/05/27 | 3,214,614 | ||||||||||||||
| 1,400,000 | g,i | United Overseas Bank Ltd | DGS5 + 1.500% | 3.750 | 04/15/29 | 1,452,168 | ||||||||||||
| 11,475,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 11,602,664 | ||||||||||||||
| 3,650,000 | Wells Fargo & Co | 3.750 | 01/24/24 | 3,865,532 | ||||||||||||||
| 3,425,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 3,623,451 | ||||||||||||||
| 6,050,000 | Wells Fargo & Co | 3.000 | 04/22/26 | 6,204,637 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 251,372,789 | |||||||||||||||||
| ENERGY - 3.7% | ||||||||||||||||||
| 1,450,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 1,690,916 | |||||||||||||
| 875,000 | AmeriGas Partners LP | 5.625 | 05/20/24 | 936,797 | ||||||||||||||
| 1,075,000 | AmeriGas Partners LP | 5.875 | 08/20/26 | 1,178,791 | ||||||||||||||
| 925,000 | g | Antero Midstream Partners LP | 5.750 | 03/01/27 | 770,044 | |||||||||||||
| 1,300,000 | Apache Corp | 4.750 | 04/15/43 | 1,248,769 | ||||||||||||||
| 500,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 537,718 | |||||||||||||
| 1,200,000 | BP Capital Markets America, Inc | 2.520 | 09/19/22 | 1,214,479 | ||||||||||||||
| 765,000 | BP Capital Markets America, Inc | 3.224 | 04/14/24 | 796,758 | ||||||||||||||
| 2,200,000 | BP Capital Markets America, Inc | 3.796 | 09/21/25 | 2,377,225 | ||||||||||||||
| 3,000,000 | BP Capital Markets America, Inc | 3.588 | 04/14/27 | 3,203,187 | ||||||||||||||
| 335,000 | BP Capital Markets plc | 2.520 | 09/19/22 | 338,598 | ||||||||||||||
| 7,050,000 | BP Capital Markets plc | 3.279 | 09/19/27 | 7,421,706 | ||||||||||||||
| 74,000 | g | California Resources Corp | 8.000 | 12/15/22 | 36,630 | |||||||||||||
| 58,000 | † | California Resources Corp | 6.000 | 11/15/24 | 20,300 | |||||||||||||
| 1,000,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 965,000 | ||||||||||||||
| 7,775,000 | Cenovus Energy, Inc | 4.250 | 04/15/27 | 8,106,800 | ||||||||||||||
| 1,000,000 | Cheniere Energy Partners LP | 5.625 | 10/01/26 | 1,061,150 | ||||||||||||||
| 565,000 | Chevron Corp | 2.355 | 12/05/22 | 572,705 | ||||||||||||||
| 4,467,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 4,549,017 | ||||||||||||||
| 1,125,000 | Crestwood Midstream Partners LP | 5.750 | 04/01/25 | 1,155,938 | ||||||||||||||
| 1,500,000 | g | Denbury Resources, Inc | 7.750 | 02/15/24 | 1,158,750 | |||||||||||||
| 2,000,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 2,245,200 | ||||||||||||||
| 1,850,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 2,173,010 | ||||||||||||||
| 20,475,000 | Energy Transfer Operating LP | 5.250 | 04/15/29 | 23,097,356 | ||||||||||||||
| 4,100,000 | Energy Transfer Operating LP | 6.250 | 04/15/49 | 4,978,049 | ||||||||||||||
| 4,775,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 5,176,787 | ||||||||||||||
| 1,250,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 1,328,825 | ||||||||||||||
| 2,700,000 | Enterprise Products Operating LLC | 3.125 | 07/31/29 | 2,761,291 | ||||||||||||||
| 3,000,000 | Enterprise Products Operating LLC | 4.900 | 05/15/46 | 3,480,503 | ||||||||||||||
| 1,425,000 | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 1,533,074 | ||||||||||||||
| 2,200,000 | Enterprise Products Operating LLC | 4.800 | 02/01/49 | 2,552,537 | ||||||||||||||
| 9 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,800,000 | Enterprise Products Operating LLC | 4.200 | % | 01/31/50 | $ | 1,924,728 | |||||||||||
| 1,425,000 | Exterran Partners LP | 6.000 | 10/01/22 | 1,441,031 | ||||||||||||||
| 1,500,000 | g | Gazprom OAO Via Gaz Capital S.A. | 5.150 | 02/11/26 | 1,631,090 | |||||||||||||
| 1,100,000 | Genesis Energy LP | 6.500 | 10/01/25 | 1,072,500 | ||||||||||||||
| 2,000,000 | g | GS Caltex Corp | 3.000 | 06/04/24 | 2,034,120 | |||||||||||||
| 1,200,000 | g | Hess Infrastructure Partners LP | 5.625 | 02/15/26 | 1,254,000 | |||||||||||||
| 1,200,000 | g | KazMunayGas National Co JSC | 5.375 | 04/24/30 | 1,348,127 | |||||||||||||
| 1,250,000 | Kinder Morgan Energy Partners LP | 5.400 | 09/01/44 | 1,432,922 | ||||||||||||||
| 535,000 | Kinder Morgan, Inc | 5.300 | 12/01/34 | 614,604 | ||||||||||||||
| 1,250,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 1,252,446 | ||||||||||||||
| 2,000,000 | Marathon Oil Corp | 4.400 | 07/15/27 | 2,134,023 | ||||||||||||||
| 11,590,000 | Marathon Petroleum Corp | 3.800 | 04/01/28 | 12,082,446 | ||||||||||||||
| 90,000 | g | MPLX LP | 6.375 | 05/01/24 | 94,411 | |||||||||||||
| 550,000 | g | MPLX LP | 5.250 | 01/15/25 | 580,525 | |||||||||||||
| 270,000 | MPLX LP | 4.875 | 06/01/25 | 297,062 | ||||||||||||||
| 5,400,000 | MPLX LP | 4.000 | 03/15/28 | 5,630,603 | ||||||||||||||
| 5,925,000 | MPLX LP | 4.500 | 04/15/38 | 6,144,729 | ||||||||||||||
| 2,175,000 | MPLX LP | 4.700 | 04/15/48 | 2,271,886 | ||||||||||||||
| 125,000 | Murphy Oil Corp | 6.875 | 08/15/24 | 130,625 | ||||||||||||||
| 200,000 | Murphy Oil USA, Inc | 5.625 | 05/01/27 | 211,000 | ||||||||||||||
| 300,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 314,528 | ||||||||||||||
| 8,000,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 8,303,873 | ||||||||||||||
| 2,700,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 2,947,032 | ||||||||||||||
| 500,000 | NuStar Logistics LP | 6.000 | 06/01/26 | 541,150 | ||||||||||||||
| 2,050,000 | Occidental Petroleum Corp | 5.550 | 03/15/26 | 2,317,937 | ||||||||||||||
| 6,750,000 | Occidental Petroleum Corp | 3.500 | 08/15/29 | 6,853,562 | ||||||||||||||
| 3,575,000 | Occidental Petroleum Corp | 4.300 | 08/15/39 | 3,669,593 | ||||||||||||||
| 1,950,000 | Occidental Petroleum Corp | 4.500 | 07/15/44 | 1,983,993 | ||||||||||||||
| 2,300,000 | ONEOK, Inc | 4.000 | 07/13/27 | 2,407,443 | ||||||||||||||
| 4,750,000 | ONEOK, Inc | 4.350 | 03/15/29 | 5,082,454 | ||||||||||||||
| 9,730,000 | ONEOK, Inc | 3.400 | 09/01/29 | 9,629,548 | ||||||||||||||
| 850,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 875,228 | |||||||||||||
| 2,000,000 | g | Pertamina Persero PT | 5.625 | 05/20/43 | 2,321,687 | |||||||||||||
| 2,425,000 | g | Peru LNG Srl | 5.375 | 03/22/30 | 2,515,938 | |||||||||||||
| 1,167,000 | Petrobras Global Finance BV | 5.999 | 01/27/28 | 1,297,704 | ||||||||||||||
| 326,000 | g | Petrobras Global Finance BV | 5.093 | 01/15/30 | 340,067 | |||||||||||||
| 2,000,000 | Petrobras Global Finance BV | 6.900 | 03/19/49 | 2,294,000 | ||||||||||||||
| 2,550,000 | Petroleos Mexicanos | 6.500 | 03/13/27 | 2,654,550 | ||||||||||||||
| 2,100,000 | Petroleos Mexicanos | 5.350 | 02/12/28 | 2,006,823 | ||||||||||||||
| 6,000,000 | Phillips 66 | 3.900 | 03/15/28 | 6,469,493 | ||||||||||||||
| 2,125,000 | Phillips 66 Partners LP | 3.550 | 10/01/26 | 2,191,761 | ||||||||||||||
| 5,000,000 | Phillips 66 Partners LP | 3.750 | 03/01/28 | 5,200,731 | ||||||||||||||
| 1,925,000 | Phillips 66 Partners LP | 3.150 | 12/15/29 | 1,894,343 | ||||||||||||||
| 775,000 | Phillips 66 Partners LP | 4.680 | 02/15/45 | 832,010 | ||||||||||||||
| 615,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 623,538 | ||||||||||||||
| 450,000 | Regency Energy Partners LP | 4.500 | 11/01/23 | 476,910 | ||||||||||||||
| 2,500,000 | g | Reliance Industries Ltd | 3.667 | 11/30/27 | 2,610,525 | |||||||||||||
| 1,775,000 | g | Rio Oil Finance Trust | 8.200 | 04/06/28 | 2,032,375 | |||||||||||||
| 270,000 | Sabine Pass Liquefaction LLC | 5.875 | 06/30/26 | 309,529 | ||||||||||||||
| 3,125,000 | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 3,312,987 | ||||||||||||||
| 1,325,000 | Shell International Finance BV | 3.250 | 05/11/25 | 1,403,809 | ||||||||||||||
| 1,750,000 | Shell International Finance BV | 4.000 | 05/10/46 | 2,024,608 | ||||||||||||||
| 1,125,000 | SM Energy Co | 6.625 | 01/15/27 | 967,500 | ||||||||||||||
| 10 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 800,000 | Southwestern Energy Co | 7.500 | % | 04/01/26 | $ | 696,000 | |||||||||||
| 590,000 | Spectra Energy Partners LP | 4.750 | 03/15/24 | 643,310 | ||||||||||||||
| 4,250,000 | Spectra Energy Partners LP | 3.500 | 03/15/25 | 4,420,670 | ||||||||||||||
| 1,975,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 2,044,580 | ||||||||||||||
| 450,000 | Sunoco Logistics Partners Operations LP | 5.400 | 10/01/47 | 490,930 | ||||||||||||||
| 1,500,000 | Sunoco LP | 6.000 | 04/15/27 | 1,590,000 | ||||||||||||||
| 125,000 | Targa Resources Partners LP | 5.125 | 02/01/25 | 128,544 | ||||||||||||||
| 475,000 | Targa Resources Partners LP | 5.875 | 04/15/26 | 501,719 | ||||||||||||||
| 300,000 | g | Targa Resources Partners LP | 6.500 | 07/15/27 | 327,327 | |||||||||||||
| 950,000 | g | Targa Resources Partners LP | 6.875 | 01/15/29 | 1,037,942 | |||||||||||||
| 13,300,000 | TransCanada PipeLines Ltd | 4.250 | 05/15/28 | 14,705,568 | ||||||||||||||
| 489,500 | g | Transocean Guardian Ltd | 5.875 | 01/15/24 | 491,948 | |||||||||||||
| 578,500 | g | Transocean Pontus Ltd | 6.125 | 08/01/25 | 587,178 | |||||||||||||
| 175,000 | g | Transocean, Inc | 7.500 | 01/15/26 | 155,313 | |||||||||||||
| 1,500,000 | g | Tullow Oil plc | 7.000 | 03/01/25 | 1,524,750 | |||||||||||||
| 1,260,000 | USA Compression Partners LP | 6.875 | 04/01/26 | 1,307,250 | ||||||||||||||
| 500,000 | g | USA Compression Partners LP | 6.875 | 09/01/27 | 516,250 | |||||||||||||
| 480,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 608,160 | ||||||||||||||
| 540,000 | Valero Energy Corp | 3.400 | 09/15/26 | 553,724 | ||||||||||||||
| 2,175,000 | Valero Energy Partners LP | 4.500 | 03/15/28 | 2,377,288 | ||||||||||||||
| 850,000 | Williams Partners LP | 3.750 | 06/15/27 | 879,281 | ||||||||||||||
| 625,000 | Williams Partners LP | 4.900 | 01/15/45 | 660,879 | ||||||||||||||
| 2,100,000 | g | YPF S.A. | 6.950 | 07/21/27 | 1,598,520 | |||||||||||||
| TOTAL ENERGY | 258,805,148 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 1.7% | ||||||||||||||||||
| 255,000 | Albertsons Cos LLC | 6.625 | 06/15/24 | 267,112 | ||||||||||||||
| 10,000,000 | CVS Health Corp | 3.350 | 03/09/21 | 10,162,469 | ||||||||||||||
| 23,925,000 | CVS Health Corp | 2.625 | 08/15/24 | 24,007,583 | ||||||||||||||
| 495,000 | CVS Health Corp | 3.875 | 07/20/25 | 524,370 | ||||||||||||||
| 5,425,000 | CVS Health Corp | 2.875 | 06/01/26 | 5,431,649 | ||||||||||||||
| 10,645,000 | CVS Health Corp | 4.300 | 03/25/28 | 11,513,764 | ||||||||||||||
| 5,500,000 | CVS Health Corp | 3.250 | 08/15/29 | 5,530,109 | ||||||||||||||
| 7,250,000 | CVS Health Corp | 4.780 | 03/25/38 | 7,992,413 | ||||||||||||||
| 4,750,000 | CVS Health Corp | 5.050 | 03/25/48 | 5,401,854 | ||||||||||||||
| 1,600,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 1,634,000 | ||||||||||||||
| 1,750,000 | Kroger Co | 3.700 | 08/01/27 | 1,849,447 | ||||||||||||||
| 575,000 | Kroger Co | 4.450 | 02/01/47 | 593,535 | ||||||||||||||
| 730,000 | SYSCO Corp | 3.750 | 10/01/25 | 783,739 | ||||||||||||||
| 515,000 | Walgreen Co | 3.100 | 09/15/22 | 527,555 | ||||||||||||||
| 15,000,000 | Walmart, Inc | 3.400 | 06/26/23 | 15,793,627 | ||||||||||||||
| 11,550,000 | Walmart, Inc | 3.700 | 06/26/28 | 12,812,397 | ||||||||||||||
| 5,000,000 | Walmart, Inc | 3.250 | 07/08/29 | 5,403,910 | ||||||||||||||
| 6,900,000 | Walmart, Inc | 2.375 | 09/24/29 | 6,952,359 | ||||||||||||||
| 2,175,000 | Walmart, Inc | 3.950 | 06/28/38 | 2,537,015 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 119,718,907 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.1% | ||||||||||||||||||
| 2,775,000 | Altria Group, Inc | 4.800 | 02/14/29 | 3,043,142 | ||||||||||||||
| 2,700,000 | Altria Group, Inc | 5.950 | 02/14/49 | 3,176,291 | ||||||||||||||
| 1,636,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 1,651,465 | ||||||||||||||
| 11 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,416,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | % | 02/01/23 | $ | 1,472,004 | |||||||||||
| 2,850,000 | Anheuser-Busch InBev Worldwide, Inc | 4.150 | 01/23/25 | 3,113,741 | ||||||||||||||
| 11,635,000 | Anheuser-Busch InBev Worldwide, Inc | 4.750 | 01/23/29 | 13,549,033 | ||||||||||||||
| 2,575,000 | Anheuser-Busch InBev Worldwide, Inc | 5.450 | 01/23/39 | 3,257,855 | ||||||||||||||
| 1,275,000 | g | BRF S.A. | 4.875 | 01/24/30 | 1,259,062 | |||||||||||||
| 2,825,000 | ConAgra Brands, Inc | 4.850 | 11/01/28 | 3,202,859 | ||||||||||||||
| 750,000 | Constellation Brands, Inc | 4.400 | 11/15/25 | 829,318 | ||||||||||||||
| 6,500,000 | Constellation Brands, Inc | 3.600 | 02/15/28 | 6,864,086 | ||||||||||||||
| 2,500,000 | g | Cosan Ltd | 5.500 | 09/20/29 | 2,566,250 | |||||||||||||
| 2,750,000 | Diageo Capital plc | 2.125 | 10/24/24 | 2,749,203 | ||||||||||||||
| 1,775,000 | Diageo Capital plc | 3.875 | 05/18/28 | 1,979,897 | ||||||||||||||
| 4,075,000 | Diageo Capital plc | 2.375 | 10/24/29 | 4,038,162 | ||||||||||||||
| 5,000,000 | General Mills, Inc | 3.700 | 10/17/23 | 5,263,439 | ||||||||||||||
| 2,000,000 | g | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 2,115,400 | |||||||||||||
| 5,000,000 | Kellogg Co | 3.400 | 11/15/27 | 5,243,663 | ||||||||||||||
| 3,900,000 | g | Kraft Heinz Foods Co | 3.750 | 04/01/30 | 3,937,423 | |||||||||||||
| 1,100,000 | PepsiCo, Inc | 3.450 | 10/06/46 | 1,186,328 | ||||||||||||||
| 200,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 275,241 | ||||||||||||||
| 1,150,000 | Tyson Foods, Inc | 3.900 | 09/28/23 | 1,218,599 | ||||||||||||||
| 395,000 | Tyson Foods, Inc | 4.000 | 03/01/26 | 428,279 | ||||||||||||||
| 1,500,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 1,589,745 | ||||||||||||||
| 2,525,000 | Tyson Foods, Inc | 5.100 | 09/28/48 | 3,065,558 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 77,076,043 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.6% | ||||||||||||||||||
| 4,250,000 | Anthem, Inc | 3.650 | 12/01/27 | 4,472,588 | ||||||||||||||
| 3,488,000 | Becton Dickinson & Co | 3.700 | 06/06/27 | 3,695,522 | ||||||||||||||
| 2,100,000 | Boston Scientific Corp | 4.000 | 03/01/29 | 2,321,689 | ||||||||||||||
| 1,800,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 2,154,727 | ||||||||||||||
| 750,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 772,275 | ||||||||||||||
| 1,370,000 | Dartmouth-Hitchcock Health | 4.178 | 08/01/48 | 1,616,227 | ||||||||||||||
| 2,000,000 | HCA, Inc | 5.375 | 02/01/25 | 2,185,000 | ||||||||||||||
| 2,815,000 | HCA, Inc | 5.625 | 09/01/28 | 3,136,755 | ||||||||||||||
| 875,000 | HCA, Inc | 5.875 | 02/01/29 | 978,906 | ||||||||||||||
| 4,900,000 | HCA, Inc | 5.500 | 06/15/47 | 5,539,751 | ||||||||||||||
| 185,000 | Medtronic, Inc | 4.625 | 03/15/45 | 237,433 | ||||||||||||||
| 6,900,000 | g | SBA Tower Trust | 2.836 | 01/15/25 | 6,909,183 | |||||||||||||
| 450,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 487,125 | ||||||||||||||
| 825,000 | Tenet Healthcare Corp | 4.625 | 07/15/24 | 847,877 | ||||||||||||||
| 325,000 | g | Tenet Healthcare Corp | 6.250 | 02/01/27 | 337,968 | |||||||||||||
| 450,000 | Tenet Healthcare Corp | 6.875 | 11/15/31 | 409,500 | ||||||||||||||
| 2,640,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 2,719,731 | ||||||||||||||
| 620,000 | UnitedHealth Group, Inc | 2.875 | 03/15/22 | 631,476 | ||||||||||||||
| 1,525,000 | UnitedHealth Group, Inc | 2.950 | 10/15/27 | 1,574,551 | ||||||||||||||
| 1,375,000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 1,470,771 | ||||||||||||||
| 750,000 | Zimmer Biomet Holdings, Inc | 3.700 | 03/19/23 | 781,497 | ||||||||||||||
| 1,470,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 1,543,541 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 44,824,093 | |||||||||||||||||
| INSURANCE - 1.1% | ||||||||||||||||||
| 3,900,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 3,997,824 | ||||||||||||||
| 285,000 | Aetna, Inc | 6.625 | 06/15/36 | 370,326 | ||||||||||||||
| 12 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 131,000 | Aflac, Inc. | 6.450 | % | 08/15/40 | $ | 182,371 | |||||||||||
| 1,700,000 | Allstate Corp | 3.850 | 08/10/49 | 1,883,217 | ||||||||||||||
| 975,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 1,001,593 | ||||||||||||||
| 620,000 | American International Group, Inc | 3.750 | 07/10/25 | 654,820 | ||||||||||||||
| 2,400,000 | American International Group, Inc | 3.900 | 04/01/26 | 2,555,904 | ||||||||||||||
| 4,725,000 | American International Group, Inc | 4.200 | 04/01/28 | 5,153,293 | ||||||||||||||
| 5,660,000 | Aon Corp | 3.750 | 05/02/29 | 6,041,008 | ||||||||||||||
| 3,740,000 | Aon plc | 3.500 | 06/14/24 | 3,945,533 | ||||||||||||||
| 1,500,000 | Berkshire Hathaway Finance Corp | 4.250 | 01/15/49 | 1,778,101 | ||||||||||||||
| 1,100,000 | CNA Financial Corp | 3.950 | 05/15/24 | 1,180,630 | ||||||||||||||
| 1,350,000 | CNA Financial Corp | 3.450 | 08/15/27 | 1,399,593 | ||||||||||||||
| 400,000 | CNA Financial Corp | 3.900 | 05/01/29 | 432,274 | ||||||||||||||
| 3,770,000 | g | Cranberry RE Ltd | 3.633 | 07/13/20 | 3,775,655 | |||||||||||||
| 2,300,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 2,486,628 | |||||||||||||
| 2,750,000 | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 2,741,207 | ||||||||||||||
| 350,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 388,808 | ||||||||||||||
| 1,675,000 | Hartford Financial Services Group, Inc | 3.600 | 08/19/49 | 1,685,687 | ||||||||||||||
| 1,875,000 | Humana, Inc | 3.950 | 03/15/27 | 1,991,358 | ||||||||||||||
| 232,000 | g | Liberty Mutual Group, Inc | 4.250 | 06/15/23 | 246,013 | |||||||||||||
| 818,000 | g | Liberty Mutual Group, Inc | 4.569 | 02/01/29 | 912,928 | |||||||||||||
| 625,000 | g | Liberty Mutual Group, Inc | 4.500 | 06/15/49 | 694,378 | |||||||||||||
| 750,000 | Lincoln National Corp | 4.000 | 09/01/23 | 794,535 | ||||||||||||||
| 850,000 | Lincoln National Corp | 3.800 | 03/01/28 | 898,909 | ||||||||||||||
| 5,383,000 | Markel Corp | 3.500 | 11/01/27 | 5,504,338 | ||||||||||||||
| 1,400,000 | Marsh & McLennan Cos, Inc | 3.500 | 06/03/24 | 1,476,650 | ||||||||||||||
| 600,000 | MetLife, Inc | 3.000 | 03/01/25 | 623,486 | ||||||||||||||
| 1,775,000 | MetLife, Inc | 3.600 | 11/13/25 | 1,917,127 | ||||||||||||||
| 300,000 | Principal Financial Group, Inc | 3.700 | 05/15/29 | 323,355 | ||||||||||||||
| 940,000 | Prudential Financial, Inc | 3.500 | 05/15/24 | 1,000,498 | ||||||||||||||
| 2,000,000 | Prudential Financial, Inc | 3.905 | 12/07/47 | 2,148,757 | ||||||||||||||
| 1,190,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 1,372,697 | |||||||||||||
| 2,220,000 | Reinsurance Group of America, Inc | 3.900 | 05/15/29 | 2,362,659 | ||||||||||||||
| 525,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 603,176 | |||||||||||||
| 880,000 | Verisk Analytics, Inc | 4.125 | 03/15/29 | 969,802 | ||||||||||||||
| 6,250,000 | g,i | Vitality Re IX Ltd | 3.407 | 01/10/22 | 6,246,875 | |||||||||||||
| 2,200,000 | g,i | Vitality Re X Ltd | 3.557 | 01/10/23 | 2,203,520 | |||||||||||||
| 400,000 | g | WellCare Health Plans, Inc | 5.375 | 08/15/26 | 426,920 | |||||||||||||
| 630,000 | WellPoint, Inc | 3.125 | 05/15/22 | 644,465 | ||||||||||||||
| 365,000 | Willis North America, Inc | 3.600 | 05/15/24 | 379,330 | ||||||||||||||
| 410,000 | WR Berkley Corp | 5.375 | 09/15/20 | 421,934 | ||||||||||||||
| TOTAL INSURANCE | 75,818,182 | |||||||||||||||||
| MATERIALS - 1.0% | ||||||||||||||||||
| 2,050,000 | 3M Co | 3.250 | 08/26/49 | 2,057,667 | ||||||||||||||
| 1,050,000 | Albemarle Corp | 5.450 | 12/01/44 | 1,192,400 | ||||||||||||||
| 100,000 | g | Alcoa Nederland Holding BV | 6.750 | 09/30/24 | 105,125 | |||||||||||||
| 100,000 | g | Alcoa Nederland Holding BV | 7.000 | 09/30/26 | 108,503 | |||||||||||||
| 2,505,000 | ArcelorMittal | 6.250 | 02/25/22 | 2,709,759 | ||||||||||||||
| 370,000 | g | Bemis Co, Inc | 3.100 | 09/15/26 | 363,402 | |||||||||||||
| 2,500,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 2,596,900 | |||||||||||||
| 1,750,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.625 | 08/01/27 | 1,842,820 | |||||||||||||
| 1,250,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.375 | 02/05/49 | 1,395,062 | |||||||||||||
| 13 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,000,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.700 | % | 01/30/50 | $ | 1,001,100 | ||||||||||
| 1,025,000 | g | CRH America Finance, Inc | 3.400 | 05/09/27 | 1,058,883 | |||||||||||||
| 265,000 | DowDuPont, Inc | 4.493 | 11/15/25 | 292,723 | ||||||||||||||
| 2,340,000 | DowDuPont, Inc | 4.725 | 11/15/28 | 2,679,000 | ||||||||||||||
| 4,172,000 | DowDuPont, Inc | 5.319 | 11/15/38 | 5,093,062 | ||||||||||||||
| 1,975,000 | g | Grupo Cementos de Chihuahua SAB de C.V. | 5.250 | 06/23/24 | 2,044,145 | |||||||||||||
| 1,075,000 | g | Industrias Penoles SAB de C.V. | 4.150 | 09/12/29 | 1,079,031 | |||||||||||||
| 3,500,000 | International Paper Co | 5.150 | 05/15/46 | 3,944,708 | ||||||||||||||
| 1,150,000 | International Paper Co | 4.350 | 08/15/48 | 1,193,570 | ||||||||||||||
| 2,125,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 2,249,863 | |||||||||||||
| 500,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 515,000 | |||||||||||||
| 675,000 | g | James Hardie International Finance DAC | 5.000 | 01/15/28 | 700,313 | |||||||||||||
| 2,700,000 | g | Midwest Connector Capital Co LLC | 3.900 | 04/01/24 | 2,844,192 | |||||||||||||
| 2,700,000 | g | Midwest Connector Capital Co LLC | 4.625 | 04/01/29 | 2,966,867 | |||||||||||||
| 5,305,000 | Newmont Goldcorp Corp | 3.625 | 06/09/21 | 5,403,904 | ||||||||||||||
| 2,000,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 2,056,700 | |||||||||||||
| 1,725,000 | Nutrien Ltd | 3.375 | 03/15/25 | 1,787,400 | ||||||||||||||
| 1,440,000 | g | OCI NV | 6.625 | 04/15/23 | 1,506,498 | |||||||||||||
| 2,000,000 | g | OCP S.A. | 4.500 | 10/22/25 | 2,100,603 | |||||||||||||
| 2,000,000 | Olin Corp | 5.125 | 09/15/27 | 2,045,000 | ||||||||||||||
| 720,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 764,100 | |||||||||||||
| 480,000 | Packaging Corp of America | 3.650 | 09/15/24 | 502,242 | ||||||||||||||
| 3,600,000 | Rio Tinto Finance USA Ltd | 3.750 | 06/15/25 | 3,867,811 | ||||||||||||||
| 1,550,000 | g | SABIC Capital II BV | 4.000 | 10/10/23 | 1,629,349 | |||||||||||||
| 1,075,000 | SASOL Financing USA LLC | 6.500 | 09/27/28 | 1,188,418 | ||||||||||||||
| 1,500,000 | g | Sociedad Quimica y Minera de Chile S.A. | 4.250 | 05/07/29 | 1,595,250 | |||||||||||||
| 1,000,000 | Suzano Austria GmbH | 6.000 | 01/15/29 | 1,087,000 | ||||||||||||||
| 1,325,000 | g | Suzano Austria GmbH | 7.000 | 03/16/47 | 1,510,500 | |||||||||||||
| 1,000,000 | g | Tronox Finance plc | 5.750 | 10/01/25 | 945,750 | |||||||||||||
| 1,000,000 | g | Tronox, Inc | 6.500 | 04/15/26 | 952,500 | |||||||||||||
| 800,000 | Westlake Chemical Corp | 3.600 | 08/15/26 | 826,155 | ||||||||||||||
| TOTAL MATERIALS | 69,803,275 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 1.6% | ||||||||||||||||||
| 500,000 | AMC Entertainment, Inc | 5.750 | 06/15/25 | 476,575 | ||||||||||||||
| 600,000 | CBS Corp | 2.900 | 06/01/23 | 608,333 | ||||||||||||||
| 1,100,000 | CBS Corp | 2.900 | 01/15/27 | 1,090,644 | ||||||||||||||
| 800,000 | CBS Corp | 3.375 | 02/15/28 | 819,196 | ||||||||||||||
| 1,000,000 | g | CBS Radio, Inc | 7.250 | 11/01/24 | 1,035,000 | |||||||||||||
| 1,275,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 1,286,409 | ||||||||||||||
| 7,375,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 8,104,962 | ||||||||||||||
| 5,150,000 | Charter Communications Operating LLC | 3.750 | 02/15/28 | 5,285,036 | ||||||||||||||
| 385,000 | Charter Communications Operating LLC | 4.200 | 03/15/28 | 405,307 | ||||||||||||||
| 4,000,000 | Charter Communications Operating LLC | 5.375 | 05/01/47 | 4,352,767 | ||||||||||||||
| 2,400,000 | Charter Communications Operating LLC | 5.125 | 07/01/49 | 2,556,786 | ||||||||||||||
| 3,400,000 | Comcast Corp | 3.700 | 04/15/24 | 3,625,151 | ||||||||||||||
| 10,100,000 | Comcast Corp | 3.950 | 10/15/25 | 10,996,861 | ||||||||||||||
| 10,300,000 | Comcast Corp | 2.350 | 01/15/27 | 10,251,998 | ||||||||||||||
| 2,700,000 | Comcast Corp | 3.150 | 02/15/28 | 2,814,976 | ||||||||||||||
| 5,000,000 | Comcast Corp | 4.150 | 10/15/28 | 5,610,113 | ||||||||||||||
| 4,525,000 | Comcast Corp | 3.200 | 07/15/36 | 4,640,807 | ||||||||||||||
| 1,000,000 | Comcast Corp | 3.900 | 03/01/38 | 1,107,016 | ||||||||||||||
| 10,000,000 | Comcast Corp | 4.700 | 10/15/48 | 12,256,092 | ||||||||||||||
| 14 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,500,000 | g | CSC Holdings LLC | 7.500 | % | 04/01/28 | $ | 1,689,225 | ||||||||||
| 500,000 | g | Diamond Sports Group LLC | 6.625 | 08/15/27 | 518,025 | |||||||||||||
| 1,250,000 | Discovery Communications LLC | 2.950 | 03/20/23 | 1,270,128 | ||||||||||||||
| 3,730,000 | Discovery Communications LLC | 4.125 | 05/15/29 | 3,929,322 | ||||||||||||||
| 1,000,000 | DISH DBS Corp | 7.750 | 07/01/26 | 1,019,000 | ||||||||||||||
| 125,000 | g | EW Scripps Co | 5.125 | 05/15/25 | 125,313 | |||||||||||||
| 1,125,000 | g | Gray Escrow, Inc | 7.000 | 05/15/27 | 1,236,038 | |||||||||||||
| 550,000 | g | Gray Television, Inc | 5.875 | 07/15/26 | 572,000 | |||||||||||||
| 2,785,000 | Grupo Televisa SAB | 6.625 | 01/15/40 | 3,483,481 | ||||||||||||||
| 1,500,000 | g | International Airport Finance S.A. | 12.000 | 03/15/33 | 1,663,125 | |||||||||||||
| 775,000 | g | Lima Metro Line 2 Finance Ltd | 4.350 | 04/05/36 | 824,406 | |||||||||||||
| 2,750,000 | h | LYB International Finance III LLC | 4.200 | 10/15/49 | 2,722,343 | |||||||||||||
| 960,000 | Meredith, Corp | 6.875 | 02/01/26 | 975,600 | ||||||||||||||
| 1,175,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 1,207,108 | ||||||||||||||
| 885,000 | NBC Universal Media LLC | 6.400 | 04/30/40 | 1,262,816 | ||||||||||||||
| 125,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 125,350 | |||||||||||||
| 292,000 | g | Numericable Group S.A. | 6.250 | 05/15/24 | 301,344 | |||||||||||||
| 150,000 | g | Tegna, Inc | 5.500 | 09/15/24 | 154,500 | |||||||||||||
| 250,000 | Time Warner Cable LLC | 5.875 | 11/15/40 | 279,736 | ||||||||||||||
| 1,770,000 | Viacom, Inc | 4.375 | 03/15/43 | 1,823,815 | ||||||||||||||
| 200,000 | Viacom, Inc | 5.850 | 09/01/43 | 245,971 | ||||||||||||||
| 4,500,000 | g | Walt Disney Co | 3.000 | 09/15/22 | 4,642,329 | |||||||||||||
| 110,000 | g | Walt Disney Co | 7.625 | 11/30/28 | 154,765 | |||||||||||||
| 5,325,000 | Walt Disney Co | 2.000 | 09/01/29 | 5,185,591 | ||||||||||||||
| 85,000 | g | Walt Disney Co | 6.550 | 03/15/33 | 120,632 | |||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 112,855,992 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2% | ||||||||||||||||||
| 925,000 | Abbott Laboratories | 3.875 | 09/15/25 | 1,006,067 | ||||||||||||||
| 6,092,000 | Abbott Laboratories | 3.750 | 11/30/26 | 6,638,118 | ||||||||||||||
| 1,200,000 | Abbott Laboratories | 5.300 | 05/27/40 | 1,539,954 | ||||||||||||||
| 1,550,000 | AbbVie, Inc | 2.850 | 05/14/23 | 1,576,911 | ||||||||||||||
| 750,000 | AbbVie, Inc | 3.600 | 05/14/25 | 779,897 | ||||||||||||||
| 5,500,000 | AbbVie, Inc | 3.200 | 05/14/26 | 5,600,538 | ||||||||||||||
| 4,815,000 | AbbVie, Inc | 4.250 | 11/14/28 | 5,228,677 | ||||||||||||||
| 2,072,000 | AbbVie, Inc | 4.400 | 11/06/42 | 2,138,231 | ||||||||||||||
| 1,360,000 | AbbVie, Inc | 4.450 | 05/14/46 | 1,409,598 | ||||||||||||||
| 2,900,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 3,037,025 | ||||||||||||||
| 1,775,000 | AstraZeneca plc | 3.125 | 06/12/27 | 1,846,893 | ||||||||||||||
| 1,600,000 | g | Bristol-Myers Squibb Co | 2.900 | 07/26/24 | 1,650,989 | |||||||||||||
| 18,950,000 | g | Bristol-Myers Squibb Co | 3.400 | 07/26/29 | 20,261,641 | |||||||||||||
| 5,120,000 | g | Bristol-Myers Squibb Co | 4.250 | 10/26/49 | 5,962,103 | |||||||||||||
| 595,000 | Celgene Corp | 3.625 | 05/15/24 | 628,378 | ||||||||||||||
| 900,000 | Celgene Corp | 3.875 | 08/15/25 | 971,580 | ||||||||||||||
| 4,500,000 | Celgene Corp | 3.450 | 11/15/27 | 4,776,793 | ||||||||||||||
| 4,825,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 4,976,084 | ||||||||||||||
| 635,000 | Gilead Sciences, Inc | 4.000 | 09/01/36 | 710,595 | ||||||||||||||
| 875,000 | Gilead Sciences, Inc | 4.150 | 03/01/47 | 975,533 | ||||||||||||||
| 2,700,000 | Johnson & Johnson | 2.900 | 01/15/28 | 2,840,338 | ||||||||||||||
| 1,250,000 | Johnson & Johnson | 3.400 | 01/15/38 | 1,352,063 | ||||||||||||||
| 2,075,000 | Mylan, Inc | 4.550 | 04/15/28 | 2,210,377 | ||||||||||||||
| 15 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 3,050,000 | Novartis Capital Corp | 3.000 | % | 11/20/25 | $ | 3,210,740 | |||||||||||
| 3,000,000 | Teva Pharmaceutical Finance Netherlands III BV | 6.000 | 04/15/24 | 2,585,625 | ||||||||||||||
| 3,000,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 2,100,000 | ||||||||||||||
| 207,000 | g | Valeant Pharmaceuticals International, Inc | 5.500 | 03/01/23 | 209,588 | |||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 86,224,336 | |||||||||||||||||
| REAL ESTATE - 1.6% | ||||||||||||||||||
| 5,450,000 | Alexandria Real Estate Equities, Inc | 3.450 | 04/30/25 | 5,706,022 | ||||||||||||||
| 450,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/27 | 481,866 | ||||||||||||||
| 675,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 727,974 | ||||||||||||||
| 1,450,000 | American Tower Corp | 3.000 | 06/15/23 | 1,483,282 | ||||||||||||||
| 2,700,000 | American Tower Corp | 2.950 | 01/15/25 | 2,758,538 | ||||||||||||||
| 600,000 | American Tower Corp | 3.375 | 10/15/26 | 624,705 | ||||||||||||||
| 10,000,000 | American Tower Corp | 2.750 | 01/15/27 | 9,983,800 | ||||||||||||||
| 1,200,000 | American Tower Corp | 3.600 | 01/15/28 | 1,264,691 | ||||||||||||||
| 5,800,000 | American Tower Corp | 3.800 | 08/15/29 | 6,191,885 | ||||||||||||||
| 3,000,000 | Boston Properties LP | 3.200 | 01/15/25 | 3,112,082 | ||||||||||||||
| 1,975,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 2,059,158 | ||||||||||||||
| 1,125,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 1,183,451 | ||||||||||||||
| 2,225,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 2,326,980 | ||||||||||||||
| 1,340,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 1,421,426 | ||||||||||||||
| 1,075,000 | Brixmor Operating Partnership LP | 3.900 | 03/15/27 | 1,127,125 | ||||||||||||||
| 630,000 | Camden Property Trust | 4.625 | 06/15/21 | 652,559 | ||||||||||||||
| 2,000,000 | Camden Property Trust | 4.250 | 01/15/24 | 2,148,594 | ||||||||||||||
| 750,000 | Camden Property Trust | 3.150 | 07/01/29 | 780,560 | ||||||||||||||
| 980,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 1,041,838 | ||||||||||||||
| 1,605,000 | Crown Castle International Corp | 3.700 | 06/15/26 | 1,700,774 | ||||||||||||||
| 400,000 | Crown Castle International Corp | 3.650 | 09/01/27 | 423,761 | ||||||||||||||
| 646,000 | DDR Corp | 3.625 | 02/01/25 | 663,645 | ||||||||||||||
| 1,000,000 | DDR Corp | 4.700 | 06/01/27 | 1,095,346 | ||||||||||||||
| 3,300,000 | Digital Realty Trust LP | 2.750 | 02/01/23 | 3,333,523 | ||||||||||||||
| 1,950,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 2,046,632 | ||||||||||||||
| 425,000 | Duke Realty LP | 3.250 | 06/30/26 | 439,942 | ||||||||||||||
| 1,075,000 | Duke Realty LP | 4.000 | 09/15/28 | 1,172,066 | ||||||||||||||
| 600,000 | Equity One, Inc | 3.750 | 11/15/22 | 624,754 | ||||||||||||||
| 850,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 876,354 | ||||||||||||||
| 2,075,000 | Essex Portfolio LP | 3.000 | 01/15/30 | 2,093,555 | ||||||||||||||
| 1,500,000 | HCP, Inc | 4.250 | 11/15/23 | 1,601,413 | ||||||||||||||
| 6,800,000 | HCP, Inc | 3.500 | 07/15/29 | 7,067,018 | ||||||||||||||
| 325,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 335,642 | ||||||||||||||
| 1,675,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 1,751,590 | ||||||||||||||
| 3,000,000 | Healthcare Realty Trust, Inc | 3.625 | 01/15/28 | 3,121,502 | ||||||||||||||
| 675,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 697,769 | ||||||||||||||
| 4,125,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 4,252,401 | ||||||||||||||
| 2,500,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 2,619,466 | ||||||||||||||
| 1,025,000 | Highwoods Realty LP | 4.125 | 03/15/28 | 1,091,995 | ||||||||||||||
| 1,350,000 | Highwoods Realty LP | 4.200 | 04/15/29 | 1,448,485 | ||||||||||||||
| 835,000 | Hudson Pacific Properties LP | 3.950 | 11/01/27 | 874,874 | ||||||||||||||
| 775,000 | iStar, Inc | 4.750 | 10/01/24 | 787,594 | ||||||||||||||
| 1,150,000 | Liberty Property LP | 4.375 | 02/01/29 | 1,285,173 | ||||||||||||||
| 1,200,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 1,281,959 | ||||||||||||||
| 16 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,200,000 | Mid-America Apartments LP | 3.750 | % | 06/15/24 | $ | 1,261,635 | |||||||||||
| 1,050,000 | Mid-America Apartments LP | 4.000 | 11/15/25 | 1,125,257 | ||||||||||||||
| 1,150,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 1,216,649 | ||||||||||||||
| 2,800,000 | Mid-America Apartments LP | 3.950 | 03/15/29 | 3,056,210 | ||||||||||||||
| 575,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 596,995 | ||||||||||||||
| 1,075,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 1,104,663 | ||||||||||||||
| 625,000 | National Retail Properties, Inc | 4.000 | 11/15/25 | 669,936 | ||||||||||||||
| 1,850,000 | National Retail Properties, Inc | 3.600 | 12/15/26 | 1,947,363 | ||||||||||||||
| 1,100,000 | Regency Centers LP | 3.900 | 11/01/25 | 1,170,626 | ||||||||||||||
| 1,950,000 | Regency Centers LP | 3.600 | 02/01/27 | 2,047,930 | ||||||||||||||
| 4,650,000 | Regency Centers LP | 2.950 | 09/15/29 | 4,640,356 | ||||||||||||||
| 3,025,000 | Ventas Realty LP | 3.000 | 01/15/30 | 3,002,947 | ||||||||||||||
| 400,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 409,545 | ||||||||||||||
| 1,876,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 1,926,346 | ||||||||||||||
| 475,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 504,498 | ||||||||||||||
| 1,025,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 1,065,003 | ||||||||||||||
| 700,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 704,039 | ||||||||||||||
| TOTAL REAL ESTATE | 114,213,767 | |||||||||||||||||
| RETAILING - 0.4% | ||||||||||||||||||
| 675,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 698,625 | ||||||||||||||
| 1,667,000 | AutoNation, Inc | 5.500 | 02/01/20 | 1,684,477 | ||||||||||||||
| 1,100,000 | AutoNation, Inc | 3.800 | 11/15/27 | 1,112,104 | ||||||||||||||
| 2,040,000 | Enable Midstream Partners LP | 3.900 | 05/15/24 | 2,079,582 | ||||||||||||||
| 850,000 | Enable Midstream Partners LP | 4.150 | 09/15/29 | 818,081 | ||||||||||||||
| 2,175,000 | Home Depot, Inc | 2.000 | 04/01/21 | 2,179,975 | ||||||||||||||
| 520,000 | Home Depot, Inc | 2.625 | 06/01/22 | 532,040 | ||||||||||||||
| 4,215,000 | O’Reilly Automotive, Inc | 3.550 | 03/15/26 | 4,444,813 | ||||||||||||||
| 2,175,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 2,315,127 | ||||||||||||||
| 715,000 | Penske Automotive Group, Inc | 5.500 | 05/15/26 | 747,783 | ||||||||||||||
| 500,000 | g | PetSmart, Inc | 7.125 | 03/15/23 | 470,000 | |||||||||||||
| 500,000 | g | PetSmart, Inc | 5.875 | 06/01/25 | 497,500 | |||||||||||||
| 1,250,000 | g | PetSmart, Inc | 8.875 | 06/01/25 | 1,184,375 | |||||||||||||
| 2,000,000 | g | Staples, Inc | 7.500 | 04/15/26 | 2,060,600 | |||||||||||||
| 3,800,000 | Target Corp | 3.375 | 04/15/29 | 4,094,335 | ||||||||||||||
| 2,900,000 | Target Corp | 3.625 | 04/15/46 | 3,185,856 | ||||||||||||||
| TOTAL RETAILING | 28,105,273 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||||
| 5,600,000 | Intel Corp | 2.875 | 05/11/24 | 5,819,786 | ||||||||||||||
| 1,500,000 | Intel Corp | 2.600 | 05/19/26 | 1,542,183 | ||||||||||||||
| 260,000 | Intel Corp | 3.150 | 05/11/27 | 277,085 | ||||||||||||||
| 1,150,000 | Intel Corp | 3.734 | 12/08/47 | 1,285,190 | ||||||||||||||
| 2,250,000 | g | NXP BV | 4.875 | 03/01/24 | 2,440,001 | |||||||||||||
| 2,700,000 | g | NXP BV | 3.875 | 06/18/26 | 2,839,228 | |||||||||||||
| 1,100,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 1,130,655 | ||||||||||||||
| 1,100,000 | Texas Instruments, Inc | 4.150 | 05/15/48 | 1,349,023 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 16,683,151 | |||||||||||||||||
| SOFTWARE & SERVICES - 1.1% | ||||||||||||||||||
| 2,325,000 | Activision Blizzard, Inc | 2.300 | 09/15/21 | 2,330,879 | ||||||||||||||
| 17 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,675,000 | Activision Blizzard, Inc | 3.400 | % | 09/15/26 | $ | 2,782,017 | |||||||||||
| 1,275,000 | Baidu, Inc | 4.375 | 05/14/24 | 1,360,468 | ||||||||||||||
| 1,395,000 | Fidelity National Information Services, Inc | 3.625 | 10/15/20 | 1,413,571 | ||||||||||||||
| 2,000,000 | Fidelity National Information Services, Inc | 3.000 | 08/15/26 | 2,060,273 | ||||||||||||||
| 2,365,000 | Fidelity National Information Services, Inc | 3.750 | 05/21/29 | 2,566,139 | ||||||||||||||
| 1,000,000 | Fidelity National Information Services, Inc | 4.750 | 05/15/48 | 1,218,382 | ||||||||||||||
| 6,300,000 | Fiserv, Inc | 2.750 | 07/01/24 | 6,407,743 | ||||||||||||||
| 7,550,000 | Fiserv, Inc | 3.500 | 07/01/29 | 7,945,047 | ||||||||||||||
| 850,000 | IHS Markit Ltd | 4.125 | 08/01/23 | 894,455 | ||||||||||||||
| 1,375,000 | IHS Markit Ltd | 4.250 | 05/01/29 | 1,480,435 | ||||||||||||||
| 11,975,000 | International Business Machines Corp | 3.500 | 05/15/29 | 12,856,998 | ||||||||||||||
| 19,000,000 | Microsoft Corp | 2.400 | 08/08/26 | 19,382,686 | ||||||||||||||
| 1,200,000 | Microsoft Corp | 4.100 | 02/06/37 | 1,423,280 | ||||||||||||||
| 1,860,000 | Microsoft Corp | 3.700 | 08/08/46 | 2,131,763 | ||||||||||||||
| 3,075,000 | Oracle Corp | 2.500 | 05/15/22 | 3,113,876 | ||||||||||||||
| 6,075,000 | Oracle Corp | 2.650 | 07/15/26 | 6,200,806 | ||||||||||||||
| 875,000 | salesforce.com, Inc | 3.700 | 04/11/28 | 960,609 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 76,529,427 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.9% | ||||||||||||||||||
| 3,450,000 | Amphenol Corp | 2.800 | 02/15/30 | 3,355,813 | ||||||||||||||
| 8,575,000 | Apple, Inc | 2.450 | 08/04/26 | 8,703,079 | ||||||||||||||
| 13,900,000 | Apple, Inc | 2.050 | 09/11/26 | 13,734,398 | ||||||||||||||
| 1,100,000 | Apple, Inc | 4.650 | 02/23/46 | 1,385,161 | ||||||||||||||
| 9,550,000 | Broadcom Corp | 3.875 | 01/15/27 | 9,599,366 | ||||||||||||||
| 10,000,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 9,996,480 | ||||||||||||||
| 725,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 681,268 | |||||||||||||
| 500,000 | g | CommScope, Inc | 6.000 | 06/15/25 | 451,250 | |||||||||||||
| 675,000 | Corning, Inc | 4.375 | 11/15/57 | 695,598 | ||||||||||||||
| 3,375,000 | g | Dell International LLC | 4.420 | 06/15/21 | 3,479,880 | |||||||||||||
| 4,450,000 | g | Dell International LLC | 5.300 | 10/01/29 | 4,841,993 | |||||||||||||
| 2,390,000 | g | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 2,512,846 | |||||||||||||
| 1,100,000 | g | L3Harris Technologies, Inc | 3.850 | 06/15/23 | 1,158,775 | |||||||||||||
| 3,000,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 3,085,698 | ||||||||||||||
| 525,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 554,652 | ||||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 64,236,257 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 2.2% | ||||||||||||||||||
| 360,000 | AT&T, Inc | 3.800 | 03/15/22 | 373,724 | ||||||||||||||
| 4,936,000 | AT&T, Inc | 3.000 | 06/30/22 | 5,040,631 | ||||||||||||||
| 7,190,000 | AT&T, Inc | 3.400 | 05/15/25 | 7,507,608 | ||||||||||||||
| 1,725,000 | AT&T, Inc | 3.600 | 07/15/25 | 1,816,536 | ||||||||||||||
| 1,000,000 | AT&T, Inc | 2.950 | 07/15/26 | 1,014,311 | ||||||||||||||
| 4,250,000 | AT&T, Inc | 3.800 | 02/15/27 | 4,503,393 | ||||||||||||||
| 10,000,000 | AT&T, Inc | 4.100 | 02/15/28 | 10,829,049 | ||||||||||||||
| 5,025,000 | AT&T, Inc | 4.350 | 03/01/29 | 5,553,294 | ||||||||||||||
| 8,425,000 | AT&T, Inc | 4.300 | 02/15/30 | 9,272,163 | ||||||||||||||
| 2,300,000 | AT&T, Inc | 4.500 | 05/15/35 | 2,524,675 | ||||||||||||||
| 6,000,000 | AT&T, Inc | 4.900 | 08/15/37 | 6,817,371 | ||||||||||||||
| 11,175,000 | AT&T, Inc | 4.500 | 03/09/48 | 12,012,742 | ||||||||||||||
| 2,000,000 | g | Bharti Airtel Ltd | 4.375 | 06/10/25 | 2,066,640 | |||||||||||||
| 450,000 | g | C&W Senior Financing Designated Activity Co | 7.500 | 10/15/26 | 474,750 | |||||||||||||
| 18 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | g | C&W Senior Financing Designated Activity Co | 6.875 | % | 09/15/27 | $ | 2,072,500 | ||||||||||
| 2,500,000 | g | Deutsche Telekom International Finance BV | 1.950 | 09/19/21 | 2,483,371 | |||||||||||||
| 630,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 930,411 | ||||||||||||||
| 2,425,000 | Global Payments, Inc | 2.650 | 02/15/25 | 2,435,310 | ||||||||||||||
| 5,225,000 | Global Payments, Inc | 3.200 | 08/15/29 | 5,292,281 | ||||||||||||||
| 2,000,000 | g | MTN Mauritius Investment Ltd | 6.500 | 10/13/26 | 2,185,830 | |||||||||||||
| 500,000 | Orange S.A. | 5.375 | 01/13/42 | 642,123 | ||||||||||||||
| 1,800,000 | g | Oztel Holdings SPC Ltd | 6.625 | 04/24/28 | 1,812,336 | |||||||||||||
| 510,000 | Rogers Communications, Inc | 3.625 | 12/15/25 | 542,493 | ||||||||||||||
| 4,000,000 | Rogers Communications, Inc | 4.350 | 05/01/49 | 4,603,197 | ||||||||||||||
| 4,700,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 5,130,997 | ||||||||||||||
| 206,000 | Verizon Communications, Inc | 3.376 | 02/15/25 | 217,572 | ||||||||||||||
| 9,886,000 | Verizon Communications, Inc | 4.329 | 09/21/28 | 11,213,841 | ||||||||||||||
| 7,300,000 | Verizon Communications, Inc | 3.875 | 02/08/29 | 8,017,162 | ||||||||||||||
| 11,357,000 | Verizon Communications, Inc | 4.016 | 12/03/29 | 12,626,735 | ||||||||||||||
| 11,097,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 12,497,950 | ||||||||||||||
| 750,000 | Verizon Communications, Inc | 4.125 | 08/15/46 | 836,150 | ||||||||||||||
| 875,000 | Verizon Communications, Inc | 4.522 | 09/15/48 | 1,033,278 | ||||||||||||||
| 6,625,000 | Vodafone Group plc | 4.375 | 05/30/28 | 7,318,403 | ||||||||||||||
| 2,000,000 | Vodafone Group plc | 4.250 | 09/17/50 | 2,038,601 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 153,737,428 | |||||||||||||||||
| TRANSPORTATION - 1.2% | ||||||||||||||||||
| 5,000,000 | g | Adani Ports & Special Economic Zone Ltd | 4.000 | 07/30/27 | 5,110,100 | |||||||||||||
| 5,000,000 | Boeing Co | 2.950 | 02/01/30 | 5,150,444 | ||||||||||||||
| 1,000,000 | CSX Corp | 2.600 | 11/01/26 | 1,014,511 | ||||||||||||||
| 625,000 | CSX Corp | 3.250 | 06/01/27 | 656,383 | ||||||||||||||
| 700,000 | CSX Corp | 3.800 | 03/01/28 | 762,865 | ||||||||||||||
| 9,715,000 | CSX Corp | 4.250 | 03/15/29 | 10,974,501 | ||||||||||||||
| 5,400,000 | CSX Corp | 2.400 | 02/15/30 | 5,277,450 | ||||||||||||||
| 3,825,000 | CSX Corp | 3.800 | 11/01/46 | 4,015,956 | ||||||||||||||
| 1,800,000 | CSX Corp | 4.300 | 03/01/48 | 2,021,743 | ||||||||||||||
| 4,000,000 | CSX Corp | 3.350 | 09/15/49 | 3,910,695 | ||||||||||||||
| 3,475,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 3,569,772 | ||||||||||||||
| 2,200,000 | Delta Air Lines, Inc | 3.800 | 04/19/23 | 2,281,657 | ||||||||||||||
| 2,025,000 | g | DP World Ltd | 5.625 | 09/25/48 | 2,340,306 | |||||||||||||
| 13,100,000 | FedEx Corp | 3.100 | 08/05/29 | 13,022,488 | ||||||||||||||
| 6,000,000 | Kansas City Southern | 2.350 | 05/15/20 | 6,002,078 | ||||||||||||||
| 1,243,000 | g | Mexico City Airport Trust | 4.250 | 10/31/26 | 1,250,769 | |||||||||||||
| 2,650,000 | g | Pelabuhan Indonesia III Persero PT | 4.500 | 05/02/23 | 2,799,574 | |||||||||||||
| 5,200,000 | Union Pacific Corp | 3.950 | 09/10/28 | 5,741,067 | ||||||||||||||
| 5,000,000 | Union Pacific Corp | 3.700 | 03/01/29 | 5,450,605 | ||||||||||||||
| 2,175,000 | Union Pacific Corp | 4.500 | 09/10/48 | 2,587,563 | ||||||||||||||
| TOTAL TRANSPORTATION | 83,940,527 | |||||||||||||||||
| UTILITIES - 2.3% | ||||||||||||||||||
| 1,000,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 1,045,782 | ||||||||||||||
| 1,000,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 1,129,962 | ||||||||||||||
| 2,075,000 | AGL Capital Corp | 3.875 | 11/15/25 | 2,204,423 | ||||||||||||||
| 1,250,000 | AGL Capital Corp | 4.400 | 06/01/43 | 1,398,047 | ||||||||||||||
| 725,000 | Alabama Power Co | 4.150 | 08/15/44 | 823,005 | ||||||||||||||
| 19 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 4,600,000 | Ameren Corp | 3.650 | % | 02/15/26 | $ | 4,833,645 | |||||||||||
| 1,650,000 | American Water Capital Corp | 3.000 | 12/01/26 | 1,673,990 | ||||||||||||||
| 1,400,000 | American Water Capital Corp | 4.000 | 12/01/46 | 1,540,419 | ||||||||||||||
| 2,275,000 | American Water Capital Corp | 3.750 | 09/01/47 | 2,436,050 | ||||||||||||||
| 375,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 434,195 | ||||||||||||||
| 3,000,000 | Avangrid, Inc | 3.150 | 12/01/24 | 3,092,788 | ||||||||||||||
| 800,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 800,874 | |||||||||||||
| 2,050,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 2,214,423 | ||||||||||||||
| 2,750,000 | Baltimore Gas & Electric Co | 3.200 | 09/15/49 | 2,712,136 | ||||||||||||||
| 4,950,000 | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 5,218,729 | ||||||||||||||
| 1,075,000 | Black Hills Corp | 4.250 | 11/30/23 | 1,143,785 | ||||||||||||||
| 850,000 | Black Hills Corp | 3.150 | 01/15/27 | 861,779 | ||||||||||||||
| 159,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 162,708 | ||||||||||||||
| 660,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 853,506 | ||||||||||||||
| 1,125,000 | CMS Energy Corp | 3.600 | 11/15/25 | 1,181,538 | ||||||||||||||
| 395,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 538,015 | ||||||||||||||
| 1,550,000 | Dominion Resources, Inc | 2.000 | 08/15/21 | 1,545,096 | ||||||||||||||
| 2,325,000 | DTE Electric Co | 3.750 | 08/15/47 | 2,566,815 | ||||||||||||||
| 260,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 263,924 | ||||||||||||||
| 3,050,000 | Duke Energy Corp | 1.800 | 09/01/21 | 3,036,277 | ||||||||||||||
| 7,575,000 | Duke Energy Corp | 2.650 | 09/01/26 | 7,611,020 | ||||||||||||||
| 3,125,000 | Duke Energy Corp | 3.750 | 09/01/46 | 3,222,838 | ||||||||||||||
| 2,000,000 | Duke Energy Florida Project Finance LLC | 1.731 | 09/01/22 | 1,985,156 | ||||||||||||||
| 650,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 689,494 | ||||||||||||||
| 2,000,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 2,249,000 | ||||||||||||||
| 4,994,000 | Entergy Corp | 4.000 | 07/15/22 | 5,212,537 | ||||||||||||||
| 3,075,000 | Entergy Corp | 2.950 | 09/01/26 | 3,123,130 | ||||||||||||||
| 3,600,000 | g | Eskom Holdings SOC Ltd | 5.750 | 01/26/21 | 3,624,562 | |||||||||||||
| 900,000 | g | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 989,029 | |||||||||||||
| 2,975,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 3,050,631 | ||||||||||||||
| 2,700,000 | Florida Power & Light Co | 3.990 | 03/01/49 | 3,153,871 | ||||||||||||||
| 2,275,000 | Florida Power & Light Co | 3.150 | 10/01/49 | 2,308,917 | ||||||||||||||
| 1,500,000 | g | IHS Netherlands Holdco BV | 7.125 | 03/18/25 | 1,524,460 | |||||||||||||
| 1,150,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 1,249,317 | ||||||||||||||
| 2,000,000 | g | Inkia Energy Ltd | 5.875 | 11/09/27 | 2,075,020 | |||||||||||||
| 555,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 566,154 | ||||||||||||||
| 4,000,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 4,335,522 | |||||||||||||
| 2,200,000 | g | Korea Hydro & Nuclear Power Co Ltd | 3.750 | 07/25/23 | 2,321,266 | |||||||||||||
| 4,030,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 4,082,012 | ||||||||||||||
| 2,175,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 2,372,342 | ||||||||||||||
| 300,000 | NextEra Energy Capital Holdings, Inc | 3.250 | 04/01/26 | 311,635 | ||||||||||||||
| 3,075,000 | NiSource, Inc | 3.490 | 05/15/27 | 3,226,117 | ||||||||||||||
| 1,800,000 | Northern States Power Co | 2.900 | 03/01/50 | 1,741,608 | ||||||||||||||
| 1,250,000 | NRG Energy, Inc | 5.750 | 01/15/28 | 1,343,750 | ||||||||||||||
| 2,000,000 | NSTAR Electric Co | 3.200 | 05/15/27 | 2,105,536 | ||||||||||||||
| 2,175,000 | Ohio Power Co | 4.150 | 04/01/48 | 2,561,542 | ||||||||||||||
| 2,175,000 | Ohio Power Co | 4.000 | 06/01/49 | 2,475,282 | ||||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 222,346 | ||||||||||||||
| 700,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 737,152 | ||||||||||||||
| 1,375,000 | PECO Energy Co | 3.000 | 09/15/49 | 1,345,056 | ||||||||||||||
| 1,800,000 | g | Perusahaan Gas Negara Persero Tbk PT | 5.125 | 05/16/24 | 1,964,290 | |||||||||||||
| 1,400,000 | g | Perusahaan Listrik Negara PT | 3.875 | 07/17/29 | 1,448,949 | |||||||||||||
| 135,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 209,642 | ||||||||||||||
| 20 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,400,000 | PPL Capital Funding, Inc | 3.950 | % | 03/15/24 | $ | 2,533,566 | |||||||||||
| 1,000,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 1,018,197 | ||||||||||||||
| 3,450,000 | PSEG Power LLC | 3.850 | 06/01/23 | 3,648,299 | ||||||||||||||
| 3,225,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 3,279,759 | ||||||||||||||
| 1,450,000 | Public Service Electric & Gas Co | 3.200 | 08/01/49 | 1,482,502 | ||||||||||||||
| 1,750,000 | Southern Co | 4.400 | 07/01/46 | 1,954,457 | ||||||||||||||
| 1,175,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 1,234,364 | ||||||||||||||
| 4,950,000 | Southern Power Co | 2.500 | 12/15/21 | 4,958,276 | ||||||||||||||
| 1,925,000 | Southern Power Co | 4.150 | 12/01/25 | 2,085,648 | ||||||||||||||
| 2,625,000 | Southwest Gas Corp | 3.700 | 04/01/28 | 2,831,451 | ||||||||||||||
| 1,916,000 | g | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 1,995,465 | |||||||||||||
| 400,000 | TC PipeLines LP | 3.900 | 05/25/27 | 417,107 | ||||||||||||||
| 845,000 | Virginia Electric & Power Co | 2.950 | 01/15/22 | 858,503 | ||||||||||||||
| 1,025,000 | Virginia Electric & Power Co | 2.950 | 11/15/26 | 1,057,863 | ||||||||||||||
| 1,050,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 1,123,560 | ||||||||||||||
| 1,350,000 | g | Vistra Operations Co LLC | 5.625 | 02/15/27 | 1,420,443 | |||||||||||||
| 1,000,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 1,119,396 | ||||||||||||||
| 1,800,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 1,898,778 | ||||||||||||||
| 470,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 544,994 | ||||||||||||||
| TOTAL UTILITIES | 154,613,722 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 2,463,499,200 | |||||||||||||||||
| (Cost $2,342,590,277) | ||||||||||||||||||
| GOVERNMENT BONDS - 42.8% | ||||||||||||||||||
| AGENCY SECURITIES - 0.5% | ||||||||||||||||||
| 1,329,314 | AMAL Ltd | 3.465 | 08/21/21 | 1,349,974 | ||||||||||||||
| 2,500,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 2,549,362 | ||||||||||||||
| 3,719,000 | Canal Barge Co, Inc | 4.500 | 11/12/34 | 4,200,496 | ||||||||||||||
| 6,500,000 | Overseas Private Investment Corp (OPIC) | 3.520 | 09/20/32 | 7,043,897 | ||||||||||||||
| 10,325,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 10,330,058 | ||||||||||||||
| 11,000,000 | g | PEFCO | 3.266 | 11/08/21 | 11,299,643 | |||||||||||||
| 1,570,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 1,614,227 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 38,387,657 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 2.7% | ||||||||||||||||||
| 2,000,000 | g | Abu Dhabi Government International Bond | 3.125 | 05/03/26 | 2,094,765 | |||||||||||||
| 1,500,000 | g | Abu Dhabi Government International Bond | 2.500 | 09/30/29 | 1,491,255 | |||||||||||||
| 3,325,000 | g | Arab Petroleum Investments Corp | 4.125 | 09/18/23 | 3,518,244 | |||||||||||||
| 2,525,000 | † | Argentina Republic Government International Bond | 5.625 | 01/26/22 | 1,085,775 | |||||||||||||
| 175,000 | †,g,q | Barbados Government International Bond | 7.000 | 08/04/22 | 108,500 | |||||||||||||
| 3,450,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 3,618,222 | |||||||||||||
| 1,575,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 1,783,687 | |||||||||||||
| 1,867,500 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 1,981,903 | |||||||||||||
| 1,450,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 1,622,202 | ||||||||||||||
| 1,500,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 07/28/20 | 1,499,444 | |||||||||||||
| 5,875,000 | Chile Government International Bond | 2.250 | 10/30/22 | 5,895,621 | ||||||||||||||
| 2,575,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 2,584,682 | ||||||||||||||
| 1,200,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 1,405,812 | ||||||||||||||
| 21 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,925,000 | g | Costa Rica Government International Bond | 5.625 | % | 04/30/43 | $ | 2,541,123 | ||||||||||
| DOP | 121,500,000 | g | Dominican Republic Government International Bond | 8.900 | 02/15/23 | 2,343,748 | ||||||||||||
| 120,000,000 | g | Dominican Republic Government International Bond | 12.000 | 03/05/32 | 2,619,418 | |||||||||||||
| $ | 3,000,000 | g | Dominican Republic Government International Bond | 6.500 | 02/15/48 | 3,225,030 | ||||||||||||
| 2,425,000 | g | Ecuador Government International Bond | 9.650 | 12/13/26 | 2,543,243 | |||||||||||||
| 1,125,000 | g | Egypt Government International Bond | 5.577 | 02/21/23 | 1,148,358 | |||||||||||||
| 1,450,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 1,535,519 | |||||||||||||
| 1,050,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 1,112,436 | |||||||||||||
| 1,200,000 | g | El Salvador Government International Bond | 7.625 | 02/01/41 | 1,287,012 | |||||||||||||
| 1,070,000 | g | El Salvador Government International Bond | 7.125 | 01/20/50 | 1,088,725 | |||||||||||||
| 395,000 | European Investment Bank | 4.875 | 02/15/36 | 547,838 | ||||||||||||||
| 1,500,000 | g | Export-Import Bank of China | 2.850 | 09/16/20 | 1,506,747 | |||||||||||||
| 6,400,000 | g | Export-Import Bank of India | 3.875 | 02/01/28 | 6,773,544 | |||||||||||||
| 950,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 954,127 | |||||||||||||
| 1,500,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 1,499,105 | |||||||||||||
| 850,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 875,330 | |||||||||||||
| 1,550,000 | g | Guatemala Government International Bond | 4.375 | 06/05/27 | 1,581,000 | |||||||||||||
| EUR | 1,750,000 | g | Hellenic Republic Government Bond | 1.875 | 07/23/26 | 2,006,374 | ||||||||||||
| $ | 2,325,000 | g | Honduras Government International Bond | 6.250 | 01/19/27 | 2,513,929 | ||||||||||||
| IDR | 25,500,000,000 | Indonesia Treasury Bond | 7.500 | 08/15/32 | 1,778,533 | |||||||||||||
| $ | 1,500,000 | g | Iraq Government International Bond | 5.800 | 01/15/28 | 1,460,658 | ||||||||||||
| 3,100,000 | Israel Government International Bond | 3.250 | 01/17/28 | 3,358,554 | ||||||||||||||
| 2,175,000 | Israel Government International Bond | 4.125 | 01/17/48 | 2,552,102 | ||||||||||||||
| 1,958,000 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 1,919,122 | |||||||||||||
| 2,050,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 2,680,396 | ||||||||||||||
| 1,000,000 | g | Japan Finance Organization for Municipalities | 2.000 | 09/08/20 | 998,659 | |||||||||||||
| 1,280,000 | g | Japan Finance Organization for Municipalities | 2.125 | 04/13/21 | 1,282,509 | |||||||||||||
| 1,500,000 | g | Japan Finance Organization for Municipalities | 3.000 | 03/12/24 | 1,566,358 | |||||||||||||
| 1,500,000 | g | Jordan Government International Bond | 5.750 | 01/31/27 | 1,537,075 | |||||||||||||
| 1,150,000 | g | Kommunalbanken AS. | 1.375 | 10/26/20 | 1,143,194 | |||||||||||||
| 2,080,000 | g | Kommunalbanken AS. | 2.750 | 02/05/24 | 2,172,919 | |||||||||||||
| 2,000,000 | i | Korea Development Bank | LIBOR 3 M + 0.550% | 2.669 | 03/12/21 | 2,003,905 | ||||||||||||
| 1,650,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 1,641,398 | |||||||||||||
| 1,500,000 | g | Korea Housing Finance Corp | 3.000 | 10/31/22 | 1,528,170 | |||||||||||||
| 15,000,000 | Kreditanstalt fuer Wiederaufbau | 2.750 | 10/01/20 | 15,128,155 | ||||||||||||||
| 1,850,000 | Mexico Government International Bond | 3.600 | 01/30/25 | 1,921,225 | ||||||||||||||
| 2,200,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 2,330,922 | ||||||||||||||
| 3,424,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 4,309,994 | ||||||||||||||
| 1,500,000 | g | Mongolia Government International Bond | 5.125 | 12/05/22 | 1,496,224 | |||||||||||||
| 2,000,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 2,388,373 | |||||||||||||
| 2,500,000 | g | Namibia Government International Bond | 5.250 | 10/29/25 | 2,524,159 | |||||||||||||
| 2,000,000 | g | Nederlandse Waterschapsbank NV | 2.125 | 11/15/21 | 2,014,263 | |||||||||||||
| 2,000,000 | g | Nederlandse Waterschapsbank NV | 3.125 | 12/05/22 | 2,086,441 | |||||||||||||
| 2,425,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 2,451,993 | |||||||||||||
| 1,500,000 | g | Oman Government International Bond | 6.000 | 08/01/29 | 1,492,616 | |||||||||||||
| 3,225,000 | g | Panama Notas del | 3.750 | 04/17/26 | 3,402,375 | |||||||||||||
| 475,000 | g | Paraguay Government International Bond | 4.700 | 03/27/27 | 513,599 | |||||||||||||
| 725,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 824,688 | |||||||||||||
| 3,400,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 3,583,600 | |||||||||||||
| 22 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,650,000 | g | Perusahaan Penerbit SBSN Indonesia III | 4.400 | % | 03/01/28 | $ | 5,066,175 | ||||||||||
| 2,000,000 | Peruvian Government International Bond | 2.844 | 06/20/30 | 2,045,000 | ||||||||||||||
| 950,000 | g | Petroamazonas EP | 4.625 | 11/06/20 | 939,297 | |||||||||||||
| 2,600,000 | Philippine Government International Bond | 3.750 | 01/14/29 | 2,908,416 | ||||||||||||||
| 620,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 918,467 | ||||||||||||||
| 1,500,000 | g | Provincia de Mendoza Argentina | 8.375 | 05/19/24 | 840,015 | |||||||||||||
| 2,450,000 | g | Qatar Government International Bond | 4.817 | 03/14/49 | 3,029,797 | |||||||||||||
| 1,500,000 | g | Republic of Azerbaijan Government International Bond | 5.125 | 09/01/29 | 1,606,113 | |||||||||||||
| 1,400,000 | g | Republic of Paraguay | 6.100 | 08/11/44 | 1,702,764 | |||||||||||||
| 2,150,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 2,252,865 | |||||||||||||
| 5,400,000 | g | Saudi Government International Bond | 4.500 | 04/17/30 | 6,148,296 | |||||||||||||
| 1,500,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 1,511,370 | |||||||||||||
| RSD | 290,000,000 | Serbia Treasury Bonds | 5.875 | 02/08/28 | 3,152,712 | |||||||||||||
| $ | 2,000,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 2,178,812 | |||||||||||||
| 1,500,000 | g | Sri Lanka Government International Bond | 6.850 | 03/14/24 | 1,535,272 | |||||||||||||
| 1,700,000 | Svensk Exportkredit AB | 1.750 | 05/18/20 | 1,696,852 | ||||||||||||||
| 1,275,000 | Turkey Government International Bond | 5.125 | 02/17/28 | 1,178,719 | ||||||||||||||
| 1,050,000 | Turkey Government International Bond | 6.875 | 03/17/36 | 1,046,784 | ||||||||||||||
| 2,800,000 | g | Ukraine Government International Bond | 7.375 | 09/25/32 | 2,815,288 | |||||||||||||
| 1,026,946 | h | Uruguay Government International Bond | 4.375 | 01/23/31 | 1,133,245 | |||||||||||||
| 2,400,000 | g | Zambia Government International Bond | 8.500 | 04/14/24 | 1,704,804 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 185,895,960 | |||||||||||||||||
| MORTGAGE BACKED - 19.8% | ||||||||||||||||||
| 904 | Federal Home Loan Mortgage Corp (FHLMC) | 7.500 | 11/15/21 | 935 | ||||||||||||||
| 1,438 | FHLMC | 6.000 | 05/15/22 | 1,473 | ||||||||||||||
| 9,825,000 | FHLMC | 3.000 | 10/15/33 | 10,287,228 | ||||||||||||||
| 6,310,580 | FHLMC | 3.500 | 08/15/43 | 6,586,059 | ||||||||||||||
| 2,378,624 | FHLMC | 3.000 | 03/15/44 | 2,430,494 | ||||||||||||||
| 13,623,153 | i | FHLMC | LIBOR 1 M + 0.300% | 2.328 | 06/15/48 | 13,521,864 | ||||||||||||
| 8,514,471 | i | FHLMC | 6.676 | 06/15/48 | 10,343,697 | |||||||||||||
| 2,729,804 | h | FHLMC | 3.000 | 09/01/48 | 2,794,863 | |||||||||||||
| 10,275,888 | i | FHLMC | 6.596 | 10/15/48 | 12,180,638 | |||||||||||||
| 481 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.000 | 10/01/20 | 483 | ||||||||||||||
| 724 | FGLMC | 8.000 | 01/01/31 | 752 | ||||||||||||||
| 14,494 | FGLMC | 8.000 | 09/01/31 | 16,562 | ||||||||||||||
| 78,109 | FGLMC | 7.000 | 12/01/31 | 87,875 | ||||||||||||||
| 78,043 | FGLMC | 4.500 | 07/01/33 | 83,947 | ||||||||||||||
| 522,778 | FGLMC | 7.000 | 12/01/33 | 604,610 | ||||||||||||||
| 178,195 | FGLMC | 4.500 | 04/01/35 | 193,176 | ||||||||||||||
| 160,043 | FGLMC | 7.000 | 05/01/35 | 184,360 | ||||||||||||||
| 3,173,159 | FGLMC | 5.000 | 06/01/36 | 3,506,048 | ||||||||||||||
| 134,706 | FGLMC | 5.000 | 07/01/39 | 148,946 | ||||||||||||||
| 2,861,629 | FGLMC | 5.000 | 08/01/44 | 3,157,218 | ||||||||||||||
| 150,245 | FGLMC | 4.500 | 11/01/44 | 162,149 | ||||||||||||||
| 218,542 | FGLMC | 4.500 | 11/01/44 | 235,857 | ||||||||||||||
| 94,044 | FGLMC | 4.500 | 12/01/44 | 100,059 | ||||||||||||||
| 154,716 | FGLMC | 4.500 | 12/01/44 | 167,064 | ||||||||||||||
| 1,118,760 | FGLMC | 3.500 | 04/01/45 | 1,181,889 | ||||||||||||||
| 23 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 23,940,149 | FGLMC | 3.500 | % | 08/01/45 | $ | 25,357,549 | |||||||||||
| 29,291,865 | FGLMC | 3.500 | 10/01/45 | 30,863,431 | ||||||||||||||
| 6,151,176 | FGLMC | 4.000 | 12/01/45 | 6,572,949 | ||||||||||||||
| 380,182 | FGLMC | 3.500 | 01/01/46 | 396,541 | ||||||||||||||
| 34,341,140 | FGLMC | 3.500 | 08/01/46 | 36,204,189 | ||||||||||||||
| 87,419,751 | FGLMC | 3.000 | 01/01/47 | 89,613,176 | ||||||||||||||
| 30,087,019 | FGLMC | 3.000 | 02/01/47 | 30,806,294 | ||||||||||||||
| 30,420,662 | FGLMC | 3.500 | 02/01/47 | 31,546,753 | ||||||||||||||
| 7,688,598 | FGLMC | 4.500 | 06/01/47 | 8,300,652 | ||||||||||||||
| 6,735,575 | FGLMC | 4.000 | 09/01/47 | 7,175,478 | ||||||||||||||
| 9,028,309 | FGLMC | 3.500 | 12/01/47 | 9,512,274 | ||||||||||||||
| 23,567,109 | FGLMC | 3.500 | 03/01/48 | 24,782,472 | ||||||||||||||
| 21,296,987 | FGLMC | 4.000 | 03/01/48 | 22,749,869 | ||||||||||||||
| 5,172,030 | FGLMC | 4.000 | 07/01/48 | 5,517,777 | ||||||||||||||
| 26,110,413 | FGLMC | 4.500 | 08/01/48 | 28,247,840 | ||||||||||||||
| 322 | Federal National Mortgage Association (FNMA) | 6.500 | 07/25/20 | 325 | ||||||||||||||
| 260 | FNMA | 8.000 | 07/01/24 | 287 | ||||||||||||||
| 195 | FNMA | 7.500 | 01/01/29 | 213 | ||||||||||||||
| 1,240 | FNMA | 7.500 | 03/01/31 | 1,456 | ||||||||||||||
| 2,166,608 | FNMA | 3.500 | 05/01/32 | 2,251,695 | ||||||||||||||
| 1,107,559 | FNMA | 3.500 | 11/01/32 | 1,161,170 | ||||||||||||||
| 1,223,627 | FNMA | 5.000 | 05/01/35 | 1,350,889 | ||||||||||||||
| 908,381 | FNMA | 5.000 | 10/01/35 | 1,003,300 | ||||||||||||||
| 478,963 | FNMA | 5.000 | 02/01/36 | 529,011 | ||||||||||||||
| 451,674 | FNMA | 5.500 | 11/01/38 | 509,823 | ||||||||||||||
| 405,336 | FNMA | 5.500 | 03/01/39 | 458,446 | ||||||||||||||
| 1,018,769 | FNMA | 5.000 | 09/01/40 | 1,125,997 | ||||||||||||||
| 510,055 | FNMA | 4.000 | 02/01/41 | 544,909 | ||||||||||||||
| 1,101,851 | FNMA | 3.500 | 03/01/41 | 1,157,502 | ||||||||||||||
| 812,610 | FNMA | 5.000 | 05/01/41 | 895,930 | ||||||||||||||
| 1,352,267 | FNMA | 3.500 | 04/01/43 | 1,420,444 | ||||||||||||||
| 6,828,439 | FNMA | 3.000 | 04/25/43 | 6,993,989 | ||||||||||||||
| 904,281 | FNMA | 3.000 | 08/01/43 | 931,388 | ||||||||||||||
| 1,147,733 | FNMA | 3.500 | 09/01/43 | 1,205,851 | ||||||||||||||
| 6,569,664 | i | FNMA | 3.932 | 09/25/43 | 1,190,127 | |||||||||||||
| 3,958,101 | FNMA | 4.000 | 01/01/44 | 4,229,393 | ||||||||||||||
| 2,721,312 | FNMA | 4.500 | 03/01/44 | 2,951,289 | ||||||||||||||
| 1,108,711 | FNMA | 4.500 | 06/01/44 | 1,197,296 | ||||||||||||||
| 4,542,881 | FNMA | 4.500 | 06/01/44 | 4,903,496 | ||||||||||||||
| 2,842,190 | FNMA | 4.500 | 08/01/44 | 3,066,450 | ||||||||||||||
| 3,817,614 | FNMA | 4.500 | 10/01/44 | 4,122,248 | ||||||||||||||
| 3,082,898 | FNMA | 4.500 | 11/01/44 | 3,328,928 | ||||||||||||||
| 3,265,940 | FNMA | 5.000 | 11/01/44 | 3,603,432 | ||||||||||||||
| 679,316 | FNMA | 4.500 | 12/01/44 | 733,515 | ||||||||||||||
| 3,282,794 | FNMA | 4.000 | 01/01/45 | 3,494,549 | ||||||||||||||
| 8,125,938 | FNMA | 3.000 | 02/25/45 | 8,472,664 | ||||||||||||||
| 2,321,654 | FNMA | 3.000 | 02/25/45 | 2,366,596 | ||||||||||||||
| 285,839 | FNMA | 3.500 | 03/01/45 | 299,666 | ||||||||||||||
| 187,435 | FNMA | 3.500 | 03/01/45 | 197,901 | ||||||||||||||
| 2,356,846 | FNMA | 3.000 | 03/25/45 | 2,426,458 | ||||||||||||||
| 7,724,577 | FNMA | 3.500 | 04/25/45 | 8,049,812 | ||||||||||||||
| 5,598,309 | FNMA | 3.500 | 04/25/45 | 5,816,744 | ||||||||||||||
| 24 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,771,714 | FNMA | 3.500 | % | 05/01/45 | $ | 2,934,196 | |||||||||||
| 5,083,186 | FNMA | 4.000 | 06/01/45 | 5,429,764 | ||||||||||||||
| 1,143,395 | FNMA | 3.500 | 12/01/45 | 1,191,127 | ||||||||||||||
| 6,513,003 | FNMA | 4.000 | 12/01/45 | 6,953,278 | ||||||||||||||
| 17,326,533 | FNMA | 3.000 | 12/25/45 | 17,847,190 | ||||||||||||||
| 6,292,416 | FNMA | 3.500 | 01/01/46 | 6,626,156 | ||||||||||||||
| 5,530,940 | FNMA | 4.000 | 01/01/46 | 5,906,782 | ||||||||||||||
| 5,315,664 | FNMA | 4.000 | 03/01/46 | 5,672,784 | ||||||||||||||
| 5,069,745 | FNMA | 3.500 | 06/01/46 | 5,338,715 | ||||||||||||||
| 9,492,316 | h | FNMA | 3.500 | 07/01/46 | 9,988,230 | |||||||||||||
| 2,463,470 | FNMA | 3.500 | 08/01/46 | 2,569,171 | ||||||||||||||
| 9,309,763 | FNMA | 3.000 | 10/01/46 | 9,396,081 | ||||||||||||||
| 2,907,588 | FNMA | 3.500 | 10/01/46 | 3,061,853 | ||||||||||||||
| 21,268,935 | FNMA | 3.000 | 11/01/46 | 21,789,535 | ||||||||||||||
| 9,692,022 | FNMA | 3.500 | 12/01/46 | 10,071,620 | ||||||||||||||
| 40,928,149 | FNMA | 3.500 | 01/01/47 | 42,372,297 | ||||||||||||||
| 3,603,672 | FNMA | 3.000 | 04/25/47 | 3,716,530 | ||||||||||||||
| 5,872,776 | FNMA | 4.500 | 05/01/47 | 6,346,940 | ||||||||||||||
| 10,667,929 | FNMA | 3.500 | 08/01/47 | 11,106,694 | ||||||||||||||
| 1,342,851 | FNMA | 4.000 | 08/01/47 | 1,407,193 | ||||||||||||||
| 4,089,005 | FNMA | 3.000 | 11/01/47 | 4,126,848 | ||||||||||||||
| 5,496,447 | FNMA | 3.000 | 11/01/47 | 5,547,196 | ||||||||||||||
| 10,156,283 | FNMA | 3.500 | 11/01/47 | 10,722,204 | ||||||||||||||
| 29,438,575 | FNMA | 4.000 | 12/01/47 | 31,436,621 | ||||||||||||||
| 5,018,121 | FNMA | 3.500 | 01/01/48 | 5,269,092 | ||||||||||||||
| 6,638,942 | FNMA | 4.500 | 01/01/48 | 7,180,425 | ||||||||||||||
| 2,581,590 | FNMA | 4.500 | 02/01/48 | 2,791,603 | ||||||||||||||
| 28,901,287 | FNMA | 3.000 | 02/25/48 | 30,002,308 | ||||||||||||||
| 5,651,773 | FNMA | 4.000 | 03/01/48 | 6,033,984 | ||||||||||||||
| 11,489,402 | FNMA | 4.500 | 03/01/48 | 12,424,048 | ||||||||||||||
| 89,634,357 | FNMA | 4.000 | 04/01/48 | 93,711,883 | ||||||||||||||
| 4,768,528 | FNMA | 4.500 | 05/01/48 | 5,156,460 | ||||||||||||||
| 3,585,965 | FNMA | 4.500 | 05/01/48 | 3,877,697 | ||||||||||||||
| 5,825,456 | FNMA | 5.000 | 06/01/48 | 6,247,463 | ||||||||||||||
| 15,697,188 | h | FNMA | 4.500 | 07/01/48 | 16,551,891 | |||||||||||||
| 25,441,086 | FNMA | 4.000 | 08/01/48 | 26,403,838 | ||||||||||||||
| 4,459,695 | FNMA | 4.500 | 08/01/48 | 4,690,951 | ||||||||||||||
| 5,084,703 | FNMA | 5.000 | 08/01/48 | 5,591,566 | ||||||||||||||
| 28,704,642 | FNMA | 4.000 | 09/01/48 | 29,874,868 | ||||||||||||||
| 14,000,000 | h | FNMA | 3.500 | 10/25/48 | 14,363,125 | |||||||||||||
| 100,186,852 | FNMA | 3.000 | 11/01/48 | 102,242,117 | ||||||||||||||
| 41,416,424 | FNMA | 4.500 | 11/01/48 | 43,704,556 | ||||||||||||||
| 9,250,373 | FNMA | 3.000 | 11/25/48 | 1,305,586 | ||||||||||||||
| 18,897,572 | h | FNMA | 4.000 | 12/01/48 | 19,642,899 | |||||||||||||
| 37,101,779 | FNMA | 4.500 | 12/01/48 | 39,057,313 | ||||||||||||||
| 347,590 | FNMA | 3.000 | 05/01/49 | 350,626 | ||||||||||||||
| 6,011,104 | FNMA | 3.000 | 06/01/49 | 6,064,905 | ||||||||||||||
| 3,439,473 | FNMA | 5.000 | 06/01/49 | 3,693,385 | ||||||||||||||
| 4,447,866 | FNMA | 3.000 | 08/01/49 | 4,587,049 | ||||||||||||||
| 12,963,000 | h | FNMA | 4.000 | 10/01/49 | 13,478,660 | |||||||||||||
| 49,260 | Government National Mortgage Association (GNMA) | 6.500 | 11/20/38 | 56,815 | ||||||||||||||
| 25 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 12,017 | GNMA | 4.500 | % | 02/20/39 | $ | 13,475 | |||||||||||
| 470,452 | GNMA | 5.000 | 06/15/39 | 528,485 | ||||||||||||||
| 16,149 | GNMA | 4.500 | 08/20/41 | 17,611 | ||||||||||||||
| 58,892 | GNMA | 4.500 | 09/20/41 | 66,004 | ||||||||||||||
| 1,607,121 | GNMA | 3.500 | 06/15/42 | 1,691,159 | ||||||||||||||
| 13,304 | GNMA | 4.500 | 01/20/44 | 14,923 | ||||||||||||||
| 13,375 | GNMA | 4.500 | 02/20/44 | 15,002 | ||||||||||||||
| 25,674 | GNMA | 4.500 | 05/20/44 | 28,792 | ||||||||||||||
| 165,722 | GNMA | 4.500 | 05/20/44 | 185,881 | ||||||||||||||
| 188,838 | GNMA | 4.500 | 08/20/44 | 211,683 | ||||||||||||||
| 119,429 | GNMA | 4.500 | 09/20/44 | 132,709 | ||||||||||||||
| 71,245 | GNMA | 4.500 | 10/20/44 | 79,096 | ||||||||||||||
| 27,968 | GNMA | 4.500 | 11/20/44 | 29,433 | ||||||||||||||
| 116,874 | GNMA | 4.500 | 12/20/44 | 131,090 | ||||||||||||||
| 156,539 | GNMA | 4.500 | 02/20/45 | 170,514 | ||||||||||||||
| 182,850 | GNMA | 4.500 | 08/20/45 | 196,275 | ||||||||||||||
| 183,430 | GNMA | 4.500 | 08/20/45 | 205,762 | ||||||||||||||
| 190,439 | GNMA | 4.500 | 12/20/45 | 213,434 | ||||||||||||||
| 5,949,420 | † | GNMA | 4.000 | 06/20/46 | 787,892 | |||||||||||||
| 3,791,299 | GNMA | 3.000 | 09/20/47 | 3,905,317 | ||||||||||||||
| 22,111,594 | GNMA | 3.000 | 12/20/47 | 22,724,432 | ||||||||||||||
| 28,104,613 | GNMA | 3.500 | 12/20/47 | 29,192,437 | ||||||||||||||
| 5,550,128 | GNMA | 3.000 | 01/20/48 | 5,703,916 | ||||||||||||||
| 41,448,324 | GNMA | 3.500 | 01/20/48 | 43,035,194 | ||||||||||||||
| 12,271,607 | GNMA | 3.500 | 01/20/49 | 12,968,880 | ||||||||||||||
| 19,077,914 | GNMA | 4.000 | 07/20/49 | 19,896,013 | ||||||||||||||
| TOTAL MORTGAGE BACKED | 1,385,678,206 | |||||||||||||||||
| MUNICIPAL BONDS - 5.2% | ||||||||||||||||||
| 7,910,000 | Alabama Economic Settlement Authority | 3.163 | 09/15/25 | 8,105,140 | ||||||||||||||
| 10,550,000 | California State University | 3.899 | 11/01/47 | 12,034,279 | ||||||||||||||
| 990,000 | Chicago Housing Authority | 3.682 | 01/01/25 | 1,057,409 | ||||||||||||||
| 380,000 | City & County of San Francisco CA Community Facilities District | 3.028 | 09/01/23 | 392,016 | ||||||||||||||
| 550,000 | City & County of San Francisco CA Community Facilities District | 4.038 | 09/01/34 | 604,626 | ||||||||||||||
| 3,605,000 | City of Austin TX Electric Utility Revenue | 2.456 | 11/15/22 | 3,673,387 | ||||||||||||||
| 2,950,000 | City of Austin TX Electric Utility Revenue | 2.524 | 11/15/23 | 3,034,458 | ||||||||||||||
| 3,595,000 | City of Austin TX Electric Utility Revenue | 2.574 | 11/15/24 | 3,721,005 | ||||||||||||||
| 2,210,000 | City of Austin TX Electric Utility Revenue | 2.677 | 11/15/25 | 2,303,704 | ||||||||||||||
| 3,670,000 | City of Los Angeles CA | 3.320 | 09/01/24 | 3,915,486 | ||||||||||||||
| 3,670,000 | City of Los Angeles CA | 3.450 | 09/01/25 | 3,978,096 | ||||||||||||||
| 4,945,000 | City of New York NY | 3.200 | 12/01/26 | 5,268,452 | ||||||||||||||
| 3,935,000 | Commonwealth Financing Authority | 3.864 | 06/01/38 | 4,374,343 | ||||||||||||||
| 1,875,000 | County of Miami-Dade FL Aviation Revenue | 1.885 | 10/01/21 | 1,861,500 | ||||||||||||||
| 1,500,000 | County of Miami-Dade FL Aviation Revenue | 2.218 | 10/01/22 | 1,497,675 | ||||||||||||||
| 1,500,000 | County of Miami-Dade FL Aviation Revenue | 2.368 | 10/01/23 | 1,504,455 | ||||||||||||||
| 2,500,000 | County of Miami-Dade FL Aviation Revenue | 3.285 | 10/01/23 | 2,594,525 | ||||||||||||||
| 3,500,000 | County of Miami-Dade FL Aviation Revenue | 2.504 | 10/01/24 | 3,535,210 | ||||||||||||||
| 2,250,000 | County of Miami-Dade FL Aviation Revenue | 3.405 | 10/01/24 | 2,367,855 | ||||||||||||||
| 3,500,000 | County of Miami-Dade FL Aviation Revenue | 2.604 | 10/01/25 | 3,546,795 | ||||||||||||||
| 2,380,000 | County of Miami-Dade FL Aviation Revenue | 3.505 | 10/01/25 | 2,531,059 | ||||||||||||||
| 2,500,000 | County of Miami-Dade FL Aviation Revenue | 2.704 | 10/01/26 | 2,549,950 | ||||||||||||||
| 26 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | County of Miami-Dade FL Aviation Revenue | 3.049 | % | 10/01/26 | $ | 2,086,800 | |||||||||||
| 3,750,000 | County of Miami-Dade FL Aviation Revenue | 3.612 | 10/01/26 | 4,058,212 | ||||||||||||||
| 470,000 | County of Miami-Dade FL Aviation Revenue | 4.280 | 10/01/41 | 515,308 | ||||||||||||||
| 4,265,000 | Denver City & County School District No. 1 | 3.598 | 12/15/27 | 4,642,623 | ||||||||||||||
| 22,175,000 | Florida Hurricane Catastrophe Fund Finance Corp | 2.995 | 07/01/20 | 22,328,008 | ||||||||||||||
| 8,840,000 | Health & Educational Facilities Authority of the State of Missouri | 3.651 | 01/15/46 | 9,880,203 | ||||||||||||||
| 5,075,000 | Illinois Finance Authority | 3.944 | 08/15/47 | 5,618,583 | ||||||||||||||
| 2,350,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 1.500 | 09/01/21 | 2,333,996 | ||||||||||||||
| 1,000,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 2.000 | 09/01/22 | 1,003,800 | ||||||||||||||
| 4,805,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 3.375 | 09/01/35 | 4,978,076 | ||||||||||||||
| 6,335,000 | Michigan Finance Authority | 2.862 | 09/01/49 | 6,453,591 | ||||||||||||||
| 6,650,000 | Michigan Finance Authority | 2.988 | 09/01/49 | 6,896,914 | ||||||||||||||
| 3,400,000 | New Jersey Economic Development Authority | 7.425 | 02/15/29 | 4,343,160 | ||||||||||||||
| 4,075,000 | New York State Dormitory Authority | 4.294 | 07/01/44 | 4,543,666 | ||||||||||||||
| 6,000,000 | New York State Dormitory Authority | 3.879 | 07/01/46 | 6,307,440 | ||||||||||||||
| 850,000 | Oklahoma City Economic Development Trust | 3.172 | 09/01/21 | 866,779 | ||||||||||||||
| 1,120,000 | Oklahoma City Economic Development Trust | 3.222 | 09/01/22 | 1,155,795 | ||||||||||||||
| 810,000 | Oklahoma City Economic Development Trust | 3.440 | 09/01/24 | 856,607 | ||||||||||||||
| 7,500,000 | Port of Morrow OR | 1.582 | 09/01/20 | 7,471,575 | ||||||||||||||
| 5,000,000 | Port of Morrow OR | 1.782 | 09/01/21 | 4,978,350 | ||||||||||||||
| 2,000,000 | Port of Seattle WA | 3.471 | 05/01/31 | 2,091,800 | ||||||||||||||
| 1,625,000 | Port of Seattle WA | 3.571 | 05/01/32 | 1,703,293 | ||||||||||||||
| 4,355,000 | Public Finance Authority | 4.269 | 07/01/40 | 4,948,412 | ||||||||||||||
| 1,000,000 | Regents of the University of California Medical Center Pooled Revenue | 2.037 | 05/15/23 | 1,004,270 | ||||||||||||||
| 1,000,000 | Regents of the University of California Medical Center Pooled Revenue | 2.259 | 05/15/24 | 1,009,480 | ||||||||||||||
| 1,250,000 | Regents of the University of California Medical Center Pooled Revenue | 2.359 | 05/15/25 | 1,265,788 | ||||||||||||||
| 1,785,000 | Regents of the University of California Medical Center Pooled Revenue | 2.459 | 05/15/26 | 1,812,382 | ||||||||||||||
| 1,600,000 | Regents of the University of California Medical Center Pooled Revenue | 2.559 | 05/15/27 | 1,629,936 | ||||||||||||||
| 700,000 | Regents of the University of California Medical Center Pooled Revenue | 2.659 | 05/15/28 | 714,665 | ||||||||||||||
| 905,000 | Regents of the University of California Medical Center Pooled Revenue | 2.759 | 05/15/29 | 924,105 | ||||||||||||||
| 3,980,000 | Rhode Island Convention Center Authority | 3.195 | 05/15/26 | 4,180,393 | ||||||||||||||
| 4,500,000 | San Francisco City & County Redevelopment Agency | 2.526 | 08/01/20 | 4,517,325 | ||||||||||||||
| 5,000,000 | San Francisco City & County Redevelopment Agency | 2.813 | 08/01/21 | 5,070,650 | ||||||||||||||
| 875,000 | San Francisco City & County Redevelopment Agency | 3.113 | 08/01/22 | 900,944 | ||||||||||||||
| 6,365,000 | San Jose Redevelopment Agency | 3.375 | 08/01/34 | 6,699,608 | ||||||||||||||
| 165,000 | Santa Ana Community Redevelopment Agency Successor Agency | 3.346 | 09/01/21 | 169,358 | ||||||||||||||
| 27 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 660,000 | Santa Ana Community Redevelopment Agency Successor Agency | 3.467 | % | 09/01/22 | $ | 688,499 | |||||||||||
| 660,000 | Santa Ana Community Redevelopment Agency Successor Agency | 3.567 | 09/01/23 | 700,009 | ||||||||||||||
| 13,060,000 | State of California | 4.600 | 04/01/38 | 14,551,974 | ||||||||||||||
| 3,460,000 | State of Georgia | 1.910 | 02/01/23 | 3,457,682 | ||||||||||||||
| 1,845,000 | State of Illinois | 4.700 | 01/01/21 | 1,892,804 | ||||||||||||||
| 21,060,000 | State of Illinois | 5.100 | 06/01/33 | 22,810,928 | ||||||||||||||
| 13,000,000 | State of Michigan | 1.779 | 11/01/21 | 13,013,520 | ||||||||||||||
| 7,000,000 | State of Michigan | 1.966 | 11/01/22 | 7,049,560 | ||||||||||||||
| 3,500,000 | State of Texas | 3.225 | 10/01/24 | 3,723,580 | ||||||||||||||
| 1,000,000 | State of Texas | 3.295 | 10/01/25 | 1,079,090 | ||||||||||||||
| 9,900,000 | State of Wisconsin | 3.154 | 05/01/27 | 10,535,481 | ||||||||||||||
| 1,763,000 | State Public School Building Authority | 5.000 | 09/15/27 | 2,071,402 | ||||||||||||||
| 7,500,000 | Texas A&M University | 3.993 | 05/15/37 | 8,163,075 | ||||||||||||||
| 25,830,000 | The Ohio State University | 3.798 | 12/01/46 | 29,409,005 | ||||||||||||||
| 1,920,000 | University of California | 1.534 | 05/15/20 | 1,916,352 | ||||||||||||||
| 1,000,000 | University of California | 1.784 | 05/15/21 | 998,860 | ||||||||||||||
| 15,000,000 | University of California | 1.910 | 05/15/21 | 15,022,950 | ||||||||||||||
| 3,000,000 | University of California | 2.220 | 05/15/23 | 3,036,120 | ||||||||||||||
| 2,000,000 | University of California | 2.439 | 05/15/24 | 2,038,300 | ||||||||||||||
| 2,000,000 | University of California | 2.589 | 05/15/25 | 2,048,440 | ||||||||||||||
| 6,635,000 | University of California | 3.552 | 05/15/39 | 7,240,975 | ||||||||||||||
| TOTAL MUNICIPAL BONDS | 365,861,926 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 14.6% | ||||||||||||||||||
| 5,000,000 | United States Treasury Bond | 4.500 | 02/15/36 | 6,895,312 | ||||||||||||||
| 2,250,000 | United States Treasury Bond | 4.750 | 02/15/37 | 3,226,201 | ||||||||||||||
| 55,875,000 | United States Treasury Bond | 3.500 | 02/15/39 | 70,038,003 | ||||||||||||||
| 16,015,000 | United States Treasury Bond | 3.875 | 08/15/40 | 21,185,468 | ||||||||||||||
| 12,000,000 | United States Treasury Bond | 3.125 | 11/15/41 | 14,310,937 | ||||||||||||||
| 14,380,000 | United States Treasury Bond | 2.500 | 05/15/46 | 15,498,944 | ||||||||||||||
| 10,450,000 | United States Treasury Bond | 3.000 | 05/15/47 | 12,392,231 | ||||||||||||||
| 1,255,000 | United States Treasury Bond | 2.750 | 08/15/47 | 1,421,582 | ||||||||||||||
| 51,285,000 | United States Treasury Bond | 2.750 | 11/15/47 | 58,134,352 | ||||||||||||||
| 68,790,000 | United States Treasury Bond | 3.000 | 02/15/48 | 81,741,867 | ||||||||||||||
| 3,510,000 | United States Treasury Bond | 3.125 | 05/15/48 | 4,269,723 | ||||||||||||||
| 19,070,000 | United States Treasury Bond | 3.000 | 08/15/48 | 22,696,280 | ||||||||||||||
| 64,641,000 | United States Treasury Bond | 3.375 | 11/15/48 | 82,427,375 | ||||||||||||||
| 18,717,216 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/24 | 18,957,577 | |||||||||||||
| 14,800,000 | United States Treasury Note | 2.500 | 12/31/20 | 14,927,766 | ||||||||||||||
| 36,395,000 | United States Treasury Note | 2.500 | 01/31/21 | 36,739,046 | ||||||||||||||
| 74,450,000 | United States Treasury Note | 2.500 | 02/28/21 | 75,211,950 | ||||||||||||||
| 38,490,000 | United States Treasury Note | 2.250 | 03/31/21 | 38,772,661 | ||||||||||||||
| 119,225,000 | United States Treasury Note | 2.625 | 07/15/21 | 121,153,092 | ||||||||||||||
| 57,060,000 | United States Treasury Note | 1.750 | 07/31/21 | 57,138,012 | ||||||||||||||
| 12,700,000 | United States Treasury Note | 1.500 | 09/30/21 | 12,668,746 | ||||||||||||||
| 5,495,000 | United States Treasury Note | 2.500 | 01/15/22 | 5,601,466 | ||||||||||||||
| 420,000 | United States Treasury Note | 1.500 | 09/15/22 | 419,229 | ||||||||||||||
| 7,435,000 | United States Treasury Note | 1.500 | 09/30/24 | 7,417,284 | ||||||||||||||
| 3,800,000 | United States Treasury Note | 2.625 | 12/31/25 | 4,027,851 | ||||||||||||||
| 3,731,000 | United States Treasury Note | 1.875 | 07/31/26 | 3,792,503 | ||||||||||||||
| 38,100,000 | United States Treasury Note | 1.625 | 09/30/26 | 38,107,441 | ||||||||||||||
| 13,125,000 | United States Treasury Note | 2.750 | 02/15/28 | 14,251,904 | ||||||||||||||
| 6,200,000 | United States Treasury Note | 2.875 | 08/15/28 | 6,818,305 | ||||||||||||||
| 28 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,530,000 | United States Treasury Note | 3.125 | % | 11/15/28 | $ | 2,841,111 | |||||||||||
| 1,325,000 | United States Treasury Note | 2.625 | 02/15/29 | 1,434,416 | ||||||||||||||
| 67,775,000 | United States Treasury Note | 1.625 | 08/15/29 | 67,481,132 | ||||||||||||||
| 19,451,000 | United States Treasury Note | 2.875 | 05/15/49 | 22,704,483 | ||||||||||||||
| 72,130,000 | United States Treasury Note | 2.250 | 08/15/49 | 74,257,272 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 1,018,961,522 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 2,994,785,271 | |||||||||||||||||
| (Cost $2,871,939,593) | ||||||||||||||||||
| STRUCTURED ASSETS - 17.9% | ||||||||||||||||||
| ASSET BACKED - 7.1% | ||||||||||||||||||
| 329,895 | American Airlines Pass Through Trust | 3.575 | 01/15/28 | 347,553 | ||||||||||||||
| Series - 2016 1 (Class AA) | ||||||||||||||||||
| 838,820 | g | American Homes 4 Rent Trust | 3.786 | 10/17/36 | 882,608 | |||||||||||||
| Series - 2014 SFR2 (Class A) | ||||||||||||||||||
| 4,000,000 | AmeriCredit Automobile Receivables Trust | 2.740 | 12/08/22 | 4,021,806 | ||||||||||||||
| Series - 2016 4 (Class D) | ||||||||||||||||||
| 3,175,000 | AmeriCredit Automobile Receivables Trust | 2.060 | 04/18/24 | 3,177,406 | ||||||||||||||
| Series - 2019 3 (Class A3) | ||||||||||||||||||
| 11,750,000 | g | Applebee’s Funding LLC | 4.194 | 06/07/49 | 12,018,605 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 55,677 | †,g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 1 | |||||||||||||
| Series - 2005 WMC1 (Class N1) | ||||||||||||||||||
| 630,794 | i | Asset Backed Securities Corp Home Equity Loan Trust | LIBOR 1 M + 0.900% | 3.386 | 08/25/34 | 626,577 | ||||||||||||
| Series - 2004 HE5 (Class M1) | ||||||||||||||||||
| 10,000,000 | g | Atrium XV | 4.489 | 01/23/31 | 10,156,646 | |||||||||||||
| Series - 2018 15A (Class A2) | ||||||||||||||||||
| 4,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.450 | 03/20/23 | 4,108,496 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 6,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.070 | 09/20/23 | 6,125,223 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 8,500,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.970 | 03/20/24 | 8,683,914 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 975,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.950 | 03/20/25 | 1,045,240 | |||||||||||||
| Series - 2018 2A (Class C) | ||||||||||||||||||
| 910,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.240 | 09/22/25 | 955,230 | |||||||||||||
| Series - 2019 2A (Class C) | ||||||||||||||||||
| 9,100,000 | BA Credit Card Trust | 1.740 | 01/15/25 | 9,068,102 | ||||||||||||||
| Series - 2019 A1 (Class A1) | ||||||||||||||||||
| 2,000,000 | i | Bayview Financial Mortgage Pass-Through Trust | LIBOR 1 M + 0.650% | 2.694 | 02/28/41 | 1,978,381 | ||||||||||||
| Series - 2006 A (Class M3) | ||||||||||||||||||
| 9,717,000 | i | Bear Stearns Asset Backed Securities Trust | LIBOR 1 M + 0.670% | 2.688 | 04/25/36 | 9,712,240 | ||||||||||||
| Series - 2006 SD1 (Class M1) | ||||||||||||||||||
| 2,252,162 | g | BRE Grand Islander Timeshare Issuer LLC | 3.280 | 09/26/33 | 2,294,238 | |||||||||||||
| Series - 2019 A (Class A) | ||||||||||||||||||
| 5,768,828 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 5,778,309 | |||||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||||
| 29 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 12,920,947 | g | Capital Automotive REIT | 3.870 | % | 04/15/47 | $ | 13,042,282 | ||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 8,050,000 | Carmax Auto Owner Trust | 2.180 | 08/15/24 | 8,094,154 | ||||||||||||||
| Series - 2019 3 (Class A3) | ||||||||||||||||||
| 69,936 | g | Carnow Auto Receivables Trust | 2.920 | 09/15/22 | 69,934 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 747,686 | i | C-BASS Trust | LIBOR 1 M + 0.080% | 2.098 | 07/25/36 | 739,114 | ||||||||||||
| Series - 2006 CB6 (Class A1) | ||||||||||||||||||
| 8,817,685 | †,g,i | CBRE Realty Finance | LIBOR 3 M + 0.300% | 2.603 | 04/07/52 | 0 | ||||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||||
| 58,068 | CIT Group Home Equity Loan Trust (Step Bond) | 6.200 | 02/25/30 | 59,327 | ||||||||||||||
| Series - 2002 1 (Class AF6) | ||||||||||||||||||
| 470,000 | i | Citigroup Mortgage Loan Trust, Inc | LIBOR 1 M + 0.750% | 2.768 | 01/25/36 | 469,114 | ||||||||||||
| Series - 2006 WFH1 (Class M4) | ||||||||||||||||||
| 384,696 | i | Countrywide Asset-Backed Certificates | LIBOR 1 M + 0.620% | 2.638 | 09/25/33 | 379,477 | ||||||||||||
| Series - 2003 BC3 (Class A2) | ||||||||||||||||||
| 12,281,250 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 12,576,491 | |||||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 1,635,900 | g | DB Master Finance LLC | 3.787 | 05/20/49 | 1,684,650 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 1,122,188 | g | DB Master Finance LLC | 4.352 | 05/20/49 | 1,185,535 | |||||||||||||
| Series - 2019 1A (Class A23) | ||||||||||||||||||
| 4,179,579 | g | Diamond Resorts Owner Trust | 2.890 | 02/20/32 | 4,193,947 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 2,612,250 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 2,734,608 | |||||||||||||
| Series - 2015 1A (Class A2II) | ||||||||||||||||||
| 578,200 | g,i | Domino’s Pizza Master Issuer LLC | LIBOR 3 M + 1.250% | 2.551 | 07/25/47 | 578,206 | ||||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 13,450,500 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 13,496,097 | |||||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||||
| 2,370,000 | g | Domino’s Pizza Master Issuer LLC | 4.116 | 07/25/48 | 2,460,344 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 1,926,681 | g,i | Ellington Loan Acquisition Trust | LIBOR 1 M + 1.100% | 3.118 | 05/25/37 | 1,938,984 | ||||||||||||
| Series - 2007 2 (Class A2C) | ||||||||||||||||||
| 10,120,000 | Ford Credit Auto Lease Trust | 2.220 | 10/15/22 | 10,153,769 | ||||||||||||||
| Series - 2019 B (Class A3) | ||||||||||||||||||
| 2,500,000 | g | Ford Credit Auto Owner Trust | 2.310 | 08/15/27 | 2,507,068 | |||||||||||||
| Series - 2016 1 (Class A) | ||||||||||||||||||
| 7,000,000 | g | Ford Credit Auto Owner Trust | 2.030 | 12/15/27 | 6,996,131 | |||||||||||||
| Series - 2016 2 (Class A) | ||||||||||||||||||
| 2,000,000 | g | Ford Credit Auto Owner Trust | 2.620 | 08/15/28 | 2,024,856 | |||||||||||||
| Series - 2017 1 (Class A) | ||||||||||||||||||
| 5,650,000 | Ford Credit Floorplan Master Owner Trust | 2.230 | 09/15/24 | 5,663,601 | ||||||||||||||
| Series - 2019 3 (Class A1) | ||||||||||||||||||
| 750,000 | g,i | FREMF Mortgage Trust | 4.157 | 03/25/49 | 799,706 | |||||||||||||
| Series - 2016 K53 (Class B) | ||||||||||||||||||
| 6,200,000 | GM Financial Securitized Term | 2.180 | 04/16/24 | 6,236,870 | ||||||||||||||
| Series - 2019 3 (Class A3) | ||||||||||||||||||
| 1,802,155 | g | HERO Funding Trust | 3.190 | 09/20/48 | 1,839,480 | |||||||||||||
| Series - 2017 3A (Class A1) | ||||||||||||||||||
| 653,003 | g | HERO Funding Trust | 3.280 | 09/20/48 | 658,718 | |||||||||||||
| Series - 2017 2A (Class A1) | ||||||||||||||||||
| 30 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,342,801 | g | HERO Funding Trust | 3.950 | % | 09/20/48 | $ | 2,450,405 | ||||||||||
| Series - 2017 3A (Class A2) | ||||||||||||||||||
| 1,306,006 | g | HERO Funding Trust | 4.070 | 09/20/48 | 1,352,008 | |||||||||||||
| Series - 2017 2A (Class A2) | ||||||||||||||||||
| 2,750,000 | g | Hertz Vehicle Financing II LP | 3.710 | 03/25/23 | 2,832,097 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 15,500,000 | g | Hertz Vehicle Financing II LP | 3.290 | 02/25/24 | 15,892,311 | |||||||||||||
| Series - 2018 1A (Class A) | ||||||||||||||||||
| 2,500,000 | g | Hertz Vehicle Financing II LP | 3.420 | 05/25/25 | 2,581,559 | |||||||||||||
| Series - 2019 2A (Class A) | ||||||||||||||||||
| 7,500,000 | g | Hertz Vehicle Financing LLC | 4.030 | 07/25/24 | 7,895,255 | |||||||||||||
| Series - 2018 3A (Class A) | ||||||||||||||||||
| 1,847,993 | g | Hilton Grand Vacations Trust | 2.660 | 12/26/28 | 1,852,701 | |||||||||||||
| Series - 2017 AA (Class A) | ||||||||||||||||||
| 1,385,994 | g | Hilton Grand Vacations Trust | 2.960 | 12/26/28 | 1,388,472 | |||||||||||||
| Series - 2017 AA (Class B) | ||||||||||||||||||
| 1,903,433 | g | Hilton Grand Vacations Trust | 4.000 | 02/25/32 | 1,961,965 | |||||||||||||
| Series - 2018 AA (Class C) | ||||||||||||||||||
| 2,471,577 | g | Hilton Grand Vacations Trust | 2.340 | 07/25/33 | 2,468,537 | |||||||||||||
| Series - 2019 AA (Class A) | ||||||||||||||||||
| 5,200,199 | g | Hilton Grand Vacations Trust | 2.840 | 07/25/33 | 5,193,377 | |||||||||||||
| Series - 2019 AA (Class C) | ||||||||||||||||||
| 188,952 | i | Home Equity Asset Trust | LIBOR 1 M + 1.500% | 3.986 | 06/25/33 | 189,890 | ||||||||||||
| Series - 2003 1 (Class M1) | ||||||||||||||||||
| 4,442,308 | g | Horizon Aircraft Finance II Ltd | 3.721 | 07/15/39 | 4,459,410 | |||||||||||||
| Series - 2019 1 (Class A) | ||||||||||||||||||
| 514,401 | g,i | Invitation Homes Trust | LIBOR 1 M + 0.900% | 2.928 | 06/17/37 | 514,400 | ||||||||||||
| Series - 2018 SFR2 (Class A) | ||||||||||||||||||
| 669,171 | g,i | Invitation Homes Trust | LIBOR 1 M + 1.000% | 3.025 | 07/17/37 | 668,078 | ||||||||||||
| Series - 2018 SFR3 (Class A) | ||||||||||||||||||
| 1,321,207 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.320% | 2.338 | 03/25/37 | 1,294,849 | ||||||||||||
| Series - 2007 CH3 (Class A1B) | ||||||||||||||||||
| 6,446,723 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.160% | 2.178 | 06/25/37 | 6,354,688 | ||||||||||||
| Series - 2007 CH5 (Class A1) | ||||||||||||||||||
| 417,171 | g | Mid-State Capital Trust | 7.000 | 12/15/45 | 443,266 | |||||||||||||
| Series - 2010 1 (Class B) | ||||||||||||||||||
| 2,000,000 | g | MMAF Equipment Finance LLC | 2.070 | 10/12/22 | 2,000,561 | |||||||||||||
| Series - 2019 B (Class A2) | ||||||||||||||||||
| 216,117 | i | Morgan Stanley ABS Capital I, Inc Trust | LIBOR 1 M + 0.825% | 2.843 | 08/25/34 | 215,703 | ||||||||||||
| Series - 2004 HE6 (Class M1) | ||||||||||||||||||
| 744,393 | g | MVW Owner Trust | 2.520 | 12/20/32 | 743,950 | |||||||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||||
| 3,149,881 | g | MVW Owner Trust | 3.900 | 01/21/36 | 3,244,736 | |||||||||||||
| Series - 2018 1A (Class C) | ||||||||||||||||||
| 5,323,582 | g | MVW Owner Trust | 3.000 | 11/20/36 | 5,389,731 | |||||||||||||
| Series - 2019 1A (Class B) | ||||||||||||||||||
| 1,821,225 | g | MVW Owner Trust | 3.330 | 11/20/36 | 1,849,062 | |||||||||||||
| Series - 2019 1A (Class C) | ||||||||||||||||||
| 3,100,000 | g | Navient Student Loan Trust | 3.390 | 12/15/59 | 3,233,184 | |||||||||||||
| Series - 2019 BA (Class A2A) | ||||||||||||||||||
| 31 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 750,000 | g | NRZ Advance Receivables Trust Advance Receivables Backed Notes | 2.833 | % | 10/15/51 | $ | 749,377 | ||||||||||
| Series - 2016 T3 (Class AT3) | ||||||||||||||||||
| 229,974 | g,i | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 228,934 | |||||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||||
| 1,705,006 | g | Orange Lake Timeshare Trust | 3.100 | 11/08/30 | 1,732,352 | |||||||||||||
| Series - 2018 A (Class A) | ||||||||||||||||||
| 6,732,000 | g | Planet Fitness Master Issuer LLC | 4.262 | 09/05/48 | 6,882,595 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 3,776,850 | g | Planet Fitness Master Issuer LLC | 4.666 | 09/05/48 | 3,957,497 | |||||||||||||
| Series - 2018 1A (Class A2II) | ||||||||||||||||||
| 1,790,259 | g | Pretium Mortgage Credit Partners I LLC (Step Bond) | 3.844 | 12/25/58 | 1,797,742 | |||||||||||||
| Series - 2019 NPL2 (Class A1) | ||||||||||||||||||
| 2,155,978 | g | Pretium Mortgage Credit Partners I LLC (Step Bond) | 4.213 | 07/25/60 | 2,173,859 | |||||||||||||
| Series - 2019 NPL1 (Class A1) | ||||||||||||||||||
| 2,300,000 | g | Progress Residential Trust | 2.897 | 12/17/34 | 2,315,901 | |||||||||||||
| Series - 2017 SFR2 (Class A) | ||||||||||||||||||
| 200,000 | g,h | Progress Residential Trust | 2.937 | 11/17/36 | 202,604 | |||||||||||||
| Series - 2019 SFR4 (Class B) | ||||||||||||||||||
| 2,255,112 | g | PRPM LLC (Step Bond) | 3.967 | 04/25/24 | 2,277,969 | |||||||||||||
| Series - 2019 2A (Class A1) | ||||||||||||||||||
| 820,000 | i | RASC Trust | LIBOR 1 M + 0.590% | 3.080 | 08/25/35 | 821,390 | ||||||||||||
| Series - 2005 KS8 (Class M4) | ||||||||||||||||||
| 7,657,950 | g | Renew | 3.950 | 09/20/53 | 8,003,897 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 3,470,000 | Santander Drive Auto Receivables Trust | 2.160 | 11/15/22 | 3,470,584 | ||||||||||||||
| Series - 2019 3 (Class A3) | ||||||||||||||||||
| 4,000,000 | Santander Drive Auto Receivables Trust | 3.170 | 04/17/23 | 4,034,581 | ||||||||||||||
| Series - 2017 1 (Class D) | ||||||||||||||||||
| 9,800,000 | g | Santander Retail Auto Lease Trust | 2.300 | 01/20/23 | 9,856,744 | |||||||||||||
| Series - 2019 B (Class A3) | ||||||||||||||||||
| 340,076 | SBA Small Business Investment Co | 3.215 | 09/10/20 | 343,283 | ||||||||||||||
| Series - 2010 10B (Class A) | ||||||||||||||||||
| 5,000,000 | g,h | SERVPRO Master Issuer LLC | 3.882 | 10/25/49 | 5,070,132 | |||||||||||||
| Series - 2019 1A (Class A2) | ||||||||||||||||||
| 3,800,000 | g | Settlement Fee Finance LLC | 3.840 | 11/01/49 | 3,800,000 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 1,558,375 | g | Sierra Receivables Funding Co LLC | 3.050 | 03/22/32 | 1,558,030 | |||||||||||||
| Series - 2015 1A (Class B) | ||||||||||||||||||
| 4,718,316 | g | Sierra Receivables Funding Co LLC | 2.910 | 03/20/34 | 4,760,907 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 320,103 | g | Sierra Receivables Funding Co LLC | 3.200 | 03/20/34 | 322,382 | |||||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||||
| 725,520 | g | Sierra Timeshare Receivables Funding LLC | 2.580 | 09/20/32 | 725,056 | |||||||||||||
| Series - 2015 3A (Class A) | ||||||||||||||||||
| 72,552 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 09/20/32 | 72,610 | |||||||||||||
| Series - 2015 3A (Class B) | ||||||||||||||||||
| 1,130,046 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 03/21/33 | 1,137,043 | |||||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||||
| 2,135,522 | g | Sierra Timeshare Receivables Funding LLC | 2.330 | 07/20/33 | 2,130,183 | |||||||||||||
| Series - 2016 2A (Class A) | ||||||||||||||||||
| 32 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 274,254 | g | Sierra Timeshare Receivables Funding LLC | 2.780 | % | 07/20/33 | $ | 273,987 | ||||||||||
| Series - 2016 2A (Class B) | ||||||||||||||||||
| 1,414,783 | g | Sierra Timeshare Receivables Funding LLC | 2.430 | 10/20/33 | 1,412,337 | |||||||||||||
| Series - 2016 3A (Class A) | ||||||||||||||||||
| 870,635 | g | Sierra Timeshare Receivables Funding LLC | 2.630 | 10/20/33 | 867,762 | |||||||||||||
| Series - 2016 3A (Class B) | ||||||||||||||||||
| 3,868,489 | g | Sierra Timeshare Receivables Funding LLC | 3.650 | 06/20/35 | 3,947,614 | |||||||||||||
| Series - 2018 2A (Class B) | ||||||||||||||||||
| 3,408,294 | g | Sierra Timeshare Receivables Funding LLC | 4.170 | 09/20/35 | 3,472,849 | |||||||||||||
| Series - 2018 3A (Class C) | ||||||||||||||||||
| 3,519,585 | g | Sierra Timeshare Receivables Funding LLC | 3.200 | 01/20/36 | 3,566,806 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 5,186,756 | g | Sierra Timeshare Receivables Funding LLC | 3.770 | 01/20/36 | 5,277,115 | |||||||||||||
| Series - 2019 1A (Class C) | ||||||||||||||||||
| 8,058,921 | g | Sierra Timeshare Receivables Funding LLC | 3.120 | 05/20/36 | 8,093,283 | |||||||||||||
| Series - 2019 2A (Class C) | ||||||||||||||||||
| 6,618,470 | g | SMB Private Education Loan Trust | 2.430 | 02/17/32 | 6,640,720 | |||||||||||||
| Series - 2016 B (Class A2A) | ||||||||||||||||||
| 4,238,142 | g | SMB Private Education Loan Trust | 2.880 | 09/15/34 | 4,301,509 | |||||||||||||
| Series - 2017 A (Class A2A) | ||||||||||||||||||
| 3,634,692 | g | SMB Private Education Loan Trust | 2.820 | 10/15/35 | 3,680,085 | |||||||||||||
| Series - 2017 B (Class A2A) | ||||||||||||||||||
| 4,388,909 | g | Sofi Professional Loan Program LLC | 3.120 | 02/25/48 | 4,423,902 | |||||||||||||
| Series - 2018 D (Class A1FX) | ||||||||||||||||||
| 2,750,000 | g | Sofi Professional Loan Program LLC | 3.690 | 06/15/48 | 2,914,180 | |||||||||||||
| Series - 2019 A (Class A2FX) | ||||||||||||||||||
| 3,879,761 | g | SoFi Professional Loan Program LLC | 2.340 | 04/25/33 | 3,889,691 | |||||||||||||
| Series - 2016 D (Class A2B) | ||||||||||||||||||
| 5,772,153 | g | SoFi Professional Loan Program LLC | 2.490 | 01/25/36 | 5,795,342 | |||||||||||||
| Series - 2016 E (Class A2B) | ||||||||||||||||||
| 2,272,422 | g | SoFi Professional Loan Program LLC | 2.760 | 12/26/36 | 2,286,558 | |||||||||||||
| Series - 2016 A (Class A2) | ||||||||||||||||||
| 3,678,330 | g | SoFi Professional Loan Program LLC | 2.400 | 03/26/40 | 3,690,549 | |||||||||||||
| Series - 2017 A (Class A2B) | ||||||||||||||||||
| 5,515,975 | g | SoFi Professional Loan Program LLC | 2.740 | 05/25/40 | 5,574,648 | |||||||||||||
| Series - 2017 B (Class A2FX) | ||||||||||||||||||
| 2,250,000 | g | SoFi Professional Loan Program LLC | 2.630 | 07/25/40 | 2,263,577 | |||||||||||||
| Series - 2017 C (Class A2B) | ||||||||||||||||||
| 3,750,000 | g | SoFi Professional Loan Program LLC | 2.720 | 11/26/40 | 3,819,697 | |||||||||||||
| Series - 2017 E (Class A2B) | ||||||||||||||||||
| 6,750,000 | g | SoFi Professional Loan Program LLC | 2.840 | 01/25/41 | 6,847,048 | |||||||||||||
| Series - 2017 F (Class A2FX) | ||||||||||||||||||
| 1,614,145 | g | SolarCity LMC | 4.800 | 11/20/38 | 1,707,091 | |||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 1,732,660 | g | SolarCity LMC | 4.020 | 07/20/44 | 1,749,192 | |||||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||||
| 407,719 | i | Structured Asset Investment Loan Trust | LIBOR 1 M + 0.900% | 2.918 | 09/25/34 | 404,564 | ||||||||||||
| Series - 2004 8 (Class M1) | ||||||||||||||||||
| 1,159,175 | i | Structured Asset Investment Loan Trust | LIBOR 1 M + 1.000% | 3.018 | 09/25/34 | 1,160,091 | ||||||||||||
| Series - 2004 8 (Class A9) | ||||||||||||||||||
| 19,105,625 | g | Taco Bell Funding LLC | 4.318 | 11/25/48 | 19,788,842 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 5,424,750 | g | TLF National Tax Lien Trust | 3.090 | 12/15/29 | 5,424,833 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 33 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 667,662 | g | TLF National Tax Lien Trust | 3.840 | % | 12/15/29 | $ | 669,923 | ||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||||
| 5,825,000 | Toyota Auto Receivables Owner Trust | 1.910 | 09/15/23 | 5,823,785 | ||||||||||||||
| Series - 2019 C (Class A3) | ||||||||||||||||||
| 532,604 | g | Tricon American Homes Trust | 2.716 | 09/17/34 | 535,962 | |||||||||||||
| Series - 2017 SFR1 (Class A) | ||||||||||||||||||
| 99,749 | g | Tricon American Homes Trust | 2.928 | 01/17/36 | 101,152 | |||||||||||||
| Series - 2017 SFR2 (Class A) | ||||||||||||||||||
| 17,900,000 | Verizon Owner Trust | 3.230 | 04/20/23 | 18,247,323 | ||||||||||||||
| Series - 2018 A (Class A1A) | ||||||||||||||||||
| 4,784,939 | g | VOLT LXII LLC (Step Bond) | 3.125 | 09/25/47 | 4,787,599 | |||||||||||||
| Series - 2017 NPL9 (Class A1) | ||||||||||||||||||
| 898,473 | g | VOLT LXV LLC (Step Bond) | 3.750 | 04/25/48 | 899,907 | |||||||||||||
| Series - 2018 NPL1 (Class A1) | ||||||||||||||||||
| 2,478,353 | g | VOLT LXXIII LLC (Step Bond) | 4.458 | 10/25/48 | 2,490,757 | |||||||||||||
| Series - 2018 NPL9 (Class A1A) | ||||||||||||||||||
| 1,439,267 | g | VOLT LXXV LLC (Step Bond) | 4.336 | 01/25/49 | 1,449,095 | |||||||||||||
| Series - 2019 NPL1 (Class A1A) | ||||||||||||||||||
| 3,015,001 | g | VOLT LXXV LLC (Step Bond) | 3.967 | 02/25/49 | 3,025,053 | |||||||||||||
| Series - 2019 NPL2 (Class A1) | ||||||||||||||||||
| 2,336,203 | g | VOLT LXXV LLC (Step Bond) | 3.967 | 03/25/49 | 2,349,258 | |||||||||||||
| Series - 2019 NPL3 (Class A1) | ||||||||||||||||||
| 1,685 | g,i | Wachovia Loan Trust | LIBOR 1 M + 0.360% | 2.378 | 05/25/35 | 1,685 | ||||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||||
| 14,359,238 | g | Wendys Funding LLC | 3.573 | 03/15/48 | 14,586,688 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 3,000,000 | g,i | Worldwide Plaza Trust | 3.715 | 11/10/36 | 2,965,272 | |||||||||||||
| Series - 2017 WWP (Class E) | ||||||||||||||||||
| TOTAL ASSET BACKED | 497,666,216 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 10.8% | ||||||||||||||||||
| 1,328,924 | g,i | Agate Bay Mortgage Trust | 3.500 | 11/25/44 | 1,335,841 | |||||||||||||
| Series - 2014 3 (Class A13) | ||||||||||||||||||
| 615,196 | g,i | Agate Bay Mortgage Trust | 3.500 | 09/25/45 | 613,119 | |||||||||||||
| Series - 2015 6 (Class A9) | ||||||||||||||||||
| 374,277 | i | Alternative Loan Trust | LIBOR 1 M + 0.500% | 2.518 | 06/25/34 | 379,910 | ||||||||||||
| Series - 2004 8CB (Class M1) | ||||||||||||||||||
| 744,375 | i | American Home Mortgage Investment Trust | LIBOR 6 M + 1.500% | 3.692 | 10/25/34 | 745,409 | ||||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||||
| 1,315,000 | Banc of America Commercial Mortgage Trust | 3.705 | 09/15/48 | 1,412,773 | ||||||||||||||
| Series - 2015 UBS7 (Class A4) | ||||||||||||||||||
| 1,910,000 | i | Banc of America Commercial Mortgage Trust | 4.506 | 09/15/48 | 2,074,514 | |||||||||||||
| Series - 2015 UBS7 (Class B) | ||||||||||||||||||
| 2,885,000 | i | Banc of America Commercial Mortgage Trust | 4.506 | 09/15/48 | 3,083,266 | |||||||||||||
| Series - 2015 UBS7 (Class C) | ||||||||||||||||||
| 3,740,670 | Banc of America Commercial Mortgage Trust | 1.559 | 07/15/49 | 3,720,471 | ||||||||||||||
| Series - 2016 UB10 (Class A1) | ||||||||||||||||||
| 6,000,000 | Banc of America Commercial Mortgage Trust | 3.366 | 02/15/50 | 6,308,461 | ||||||||||||||
| Series - 2017 BNK3 (Class ASB) | ||||||||||||||||||
| 34 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 8,000,000 | BANK | 3.731 | % | 11/15/50 | $ | 8,639,483 | |||||||||||
| Series - 2017 BNK8 (Class AS) | ||||||||||||||||||
| 8,710,000 | h | BANK | 3.214 | 10/15/52 | 8,970,943 | |||||||||||||
| Series - 2019 BN21 (Class B) | ||||||||||||||||||
| 7,500,000 | BANK | 3.289 | 07/15/60 | 7,869,178 | ||||||||||||||
| Series - 2017 BNK6 (Class ASB) | ||||||||||||||||||
| 2,000,000 | g | BBCMS Mortgage Trust | 3.821 | 09/05/32 | 2,012,646 | |||||||||||||
| Series - 2013 TYSN (Class C) | ||||||||||||||||||
| 1,500,000 | g,i | BBCMS Trust | 4.409 | 08/05/38 | 1,397,995 | |||||||||||||
| Series - 2018 CHRS (Class E) | ||||||||||||||||||
| 2,000,000 | g,i | Bear Stearns Commercial Mortgage Securities Trust | 5.534 | 02/11/41 | 1,694,689 | |||||||||||||
| Series - 2005 PWR7 (Class E) | ||||||||||||||||||
| 421,088 | g,i | Bear Stearns Commercial Mortgage Securities Trust | 6.048 | 02/13/42 | 424,208 | |||||||||||||
| Series - 2005 T18 (Class F) | ||||||||||||||||||
| 2,000,000 | BENCHMARK Mortgage Trust | 3.419 | 08/15/52 | 2,119,276 | ||||||||||||||
| Series - 2019 B12 (Class AS) | ||||||||||||||||||
| 650,000 | g,i | BX TRUST | LIBOR 1 M + 0.577% | 2.604 | 04/15/35 | 647,758 | ||||||||||||
| Series - 2018 MCSF (Class A) | ||||||||||||||||||
| 852,185 | g,i | CD Commercial Mortgage Trust | 6.417 | 11/15/44 | 852,611 | |||||||||||||
| Series - 2007 CD5 (Class E) | ||||||||||||||||||
| 17,068,000 | i | CD Commercial Mortgage Trust | 3.684 | 08/15/50 | 18,307,379 | |||||||||||||
| Series - 2017 CD5 (Class AS) | ||||||||||||||||||
| 5,000,000 | i | CD Mortgage Trust | 3.879 | 11/10/49 | 5,339,815 | |||||||||||||
| Series - 2016 CD2 (Class B) | ||||||||||||||||||
| 2,030,000 | i | CD Mortgage Trust | 4.163 | 11/10/49 | 2,138,265 | |||||||||||||
| Series - 2016 CD2 (Class C) | ||||||||||||||||||
| 9,000,000 | CD Mortgage Trust | 3.453 | 02/10/50 | 9,468,965 | ||||||||||||||
| Series - 2017 CD3 (Class AAB) | ||||||||||||||||||
| 3,000,000 | CD Mortgage Trust | 2.812 | 08/15/57 | 3,106,537 | ||||||||||||||
| Series - 2019 CD8 (Class ASB) | ||||||||||||||||||
| 3,360,000 | CD Mortgage Trust | 2.912 | 08/15/57 | 3,470,145 | ||||||||||||||
| Series - 2019 CD8 (Class A4) | ||||||||||||||||||
| 469,565 | i | CHL Mortgage Pass-Through Trust | 4.244 | 02/20/35 | 474,294 | |||||||||||||
| Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||||
| 5,000,000 | g | Citigroup Commercial Mortgage Trust | 3.341 | 05/10/36 | 5,216,932 | |||||||||||||
| Series - 2019 PRM (Class A) | ||||||||||||||||||
| 3,000,000 | g | Citigroup Commercial Mortgage Trust | 3.896 | 05/10/36 | 3,129,509 | |||||||||||||
| Series - 2019 PRM (Class C) | ||||||||||||||||||
| 2,000,000 | g | Citigroup Commercial Mortgage Trust | 4.350 | 05/10/36 | 2,088,641 | |||||||||||||
| Series - 2019 PRM (Class D) | ||||||||||||||||||
| 1,255,000 | i | Citigroup Commercial Mortgage Trust | 5.095 | 11/10/46 | 1,375,277 | |||||||||||||
| Series - 2013 GC17 (Class B) | ||||||||||||||||||
| 500,000 | i | Citigroup Commercial Mortgage Trust | 3.758 | 04/10/48 | 521,990 | |||||||||||||
| Series - 2015 GC29 (Class B) | ||||||||||||||||||
| 409,160 | Citigroup Commercial Mortgage Trust | 1.847 | 11/10/48 | 408,113 | ||||||||||||||
| Series - 2015 GC35 (Class A1) | ||||||||||||||||||
| 905,095 | i | COBALT CMBS Commercial Mortgage Trust | 5.646 | 04/15/47 | 911,273 | |||||||||||||
| Series - 2007 C2 (Class C) | ||||||||||||||||||
| 12,390,000 | g,i | COMM Mortgage Trust | 3.712 | 10/10/29 | 12,862,555 | |||||||||||||
| Series - 2017 PANW (Class C) | ||||||||||||||||||
| 35 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 6,863,085 | COMM Mortgage Trust | 2.853 | % | 10/15/45 | $ | 6,946,627 | |||||||||||
| Series - 2012 CR4 (Class A3) | ||||||||||||||||||
| 2,000,000 | g | COMM Mortgage Trust | 3.397 | 03/10/46 | 2,055,640 | |||||||||||||
| Series - 2013 CR6 (Class B) | ||||||||||||||||||
| 1,500,000 | g,i | COMM Mortgage Trust | 4.949 | 08/10/46 | 1,599,496 | |||||||||||||
| Series - 2013 CR10 (Class C) | ||||||||||||||||||
| 1,135,000 | COMM Mortgage Trust | 4.199 | 03/10/47 | 1,206,704 | ||||||||||||||
| Series - 2014 UBS2 (Class AM) | ||||||||||||||||||
| 1,074,089 | COMM Mortgage Trust | 4.701 | 03/10/47 | 1,146,345 | ||||||||||||||
| Series - 2014 UBS2 (Class B) | ||||||||||||||||||
| 750,000 | COMM Mortgage Trust | 4.174 | 05/10/47 | 803,791 | ||||||||||||||
| Series - 2014 CR17 (Class AM) | ||||||||||||||||||
| 2,000,000 | i | COMM Mortgage Trust | 4.456 | 07/15/47 | 2,144,062 | |||||||||||||
| Series - 2014 CR18 (Class B) | ||||||||||||||||||
| 463,000 | i | COMM Mortgage Trust | 4.887 | 07/15/47 | 493,362 | |||||||||||||
| Series - 2014 CR18 (Class C) | ||||||||||||||||||
| 1,500,000 | i | COMM Mortgage Trust | 4.906 | 08/10/47 | 1,603,001 | |||||||||||||
| Series - 2014 CR19 (Class C) | ||||||||||||||||||
| 8,400,000 | COMM Mortgage Trust | 3.917 | 10/10/47 | 9,056,365 | ||||||||||||||
| Series - 2014 LC17 (Class A5) | ||||||||||||||||||
| 2,095,000 | COMM Mortgage Trust | 3.040 | 02/10/48 | 2,151,583 | ||||||||||||||
| Series - 2015 LC19 (Class ASB) | ||||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 3.829 | 02/10/48 | 1,051,516 | |||||||||||||
| Series - 2015 LC19 (Class B) | ||||||||||||||||||
| 3,600,000 | g,i | COMM Mortgage Trust | 4.254 | 03/10/48 | 3,584,274 | |||||||||||||
| Series - 2015 CR22 (Class D) | ||||||||||||||||||
| 2,500,000 | i | COMM Mortgage Trust | 4.254 | 03/10/48 | 2,656,825 | |||||||||||||
| Series - 2015 CR22 (Class C) | ||||||||||||||||||
| 6,000,000 | COMM Mortgage Trust | 3.801 | 05/10/48 | 6,389,848 | ||||||||||||||
| Series - 2015 CR23 (Class AM) | ||||||||||||||||||
| 5,000,000 | g,i | COMM Mortgage Trust | 3.807 | 05/10/48 | 5,026,098 | |||||||||||||
| Series - 2015 CR23 (Class CMB) | ||||||||||||||||||
| 2,226,295 | i | COMM Mortgage Trust | 4.183 | 05/10/48 | 2,394,489 | |||||||||||||
| Series - 2015 CR23 (Class B) | ||||||||||||||||||
| 3,000,000 | i | COMM Mortgage Trust | 4.392 | 05/10/48 | 3,022,331 | |||||||||||||
| Series - 2015 CR23 (Class D) | ||||||||||||||||||
| 1,025,000 | i | COMM Mortgage Trust | 4.392 | 05/10/48 | 1,092,421 | |||||||||||||
| Series - 2015 CR23 (Class C) | ||||||||||||||||||
| 2,700,000 | COMM Mortgage Trust | 3.432 | 08/10/48 | 2,851,736 | ||||||||||||||
| Series - 2015 CR24 (Class A4) | ||||||||||||||||||
| 1,500,000 | i | COMM Mortgage Trust | 3.463 | 08/10/48 | 1,406,778 | |||||||||||||
| Series - 2015 CR24 (Class D) | ||||||||||||||||||
| 1,190,000 | i | COMM Mortgage Trust | 4.028 | 08/10/48 | 1,289,687 | |||||||||||||
| Series - 2015 CR24 (Class AM) | ||||||||||||||||||
| 2,000,000 | i | COMM Mortgage Trust | 4.524 | 08/10/48 | 2,183,209 | |||||||||||||
| Series - 2015 CR24 (Class B) | ||||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 4.524 | 08/10/48 | 1,069,326 | |||||||||||||
| Series - 2015 CR24 (Class C) | ||||||||||||||||||
| 7,500,000 | COMM Mortgage Trust | 3.630 | 10/10/48 | 8,028,941 | ||||||||||||||
| Series - 2015 CR26 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.984 | 10/10/48 | 1,080,770 | ||||||||||||||
| Series - 2015 CR27 (Class AM) | ||||||||||||||||||
| 3,500,000 | i | COMM Mortgage Trust | 4.509 | 10/10/48 | 3,818,197 | |||||||||||||
| Series - 2015 CR27 (Class B) | ||||||||||||||||||
| 36 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 625,000 | i | COMM Mortgage Trust | 4.634 | % | 10/10/48 | $ | 670,299 | ||||||||||
| Series - 2015 CR26 (Class C) | ||||||||||||||||||
| 2,215,000 | i | COMM Mortgage Trust | 4.800 | 10/10/48 | 2,383,689 | |||||||||||||
| Series - 2015 LC23 (Class C) | ||||||||||||||||||
| 5,000,000 | i | COMM Mortgage Trust | 4.801 | 02/10/49 | 5,521,726 | |||||||||||||
| Series - 2016 CR28 (Class B) | ||||||||||||||||||
| 4,811,214 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.600% | 4.618 | 05/25/24 | 5,016,460 | ||||||||||||
| Series - 2014 C02 (Class 1M2) | ||||||||||||||||||
| 11,753,318 | i | Connecticut Avenue Securities | LIBOR 1 M + 3.000% | 5.018 | 07/25/24 | 12,340,215 | ||||||||||||
| Series - 2014 C03 (Class 1M2) | ||||||||||||||||||
| 1,438,451 | i | Connecticut Avenue Securities | LIBOR 1 M + 5.000% | 7.018 | 11/25/24 | 1,537,881 | ||||||||||||
| Series - 2014 C04 (Class 2M2) | ||||||||||||||||||
| 910,927 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.000% | 4.018 | 10/25/28 | 913,590 | ||||||||||||
| Series - 2016 C03 (Class 1M1) | ||||||||||||||||||
| 1,724,335 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.450% | 3.468 | 01/25/29 | 1,727,083 | ||||||||||||
| Series - 2016 C04 (Class 1M1) | ||||||||||||||||||
| 3,505,767 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.300% | 3.318 | 04/25/29 | 3,514,405 | ||||||||||||
| Series - 2016 C06 (Class 1M1) | ||||||||||||||||||
| 3,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.250% | 6.268 | 04/25/29 | 3,206,637 | ||||||||||||
| Series - 2016 C06 (Class 1M2) | ||||||||||||||||||
| 8,225,488 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.300% | 2.165 | 07/25/29 | 8,242,304 | ||||||||||||
| Series - 2017 C01 (Class 1M1) | ||||||||||||||||||
| 1,712,033 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 11/25/29 | 1,712,886 | ||||||||||||
| Series - 2017 C04 (Class 2M1) | ||||||||||||||||||
| 3,175,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.200% | 4.218 | 01/25/30 | 3,210,057 | ||||||||||||
| Series - 2017 C05 (Class 1M2A) | ||||||||||||||||||
| 3,291,868 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.600% | 2.618 | 07/25/30 | 3,290,559 | ||||||||||||
| Series - 2018 C01 (Class 1M1) | ||||||||||||||||||
| 2,736,262 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.680% | 2.698 | 10/25/30 | 2,736,646 | ||||||||||||
| Series - 2018 C03 (Class 1M1) | ||||||||||||||||||
| 3,890,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 10/25/30 | 3,897,526 | ||||||||||||
| Series - 2018 C03 (Class 1EA2) | ||||||||||||||||||
| 944,493 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.750% | 2.768 | 12/25/30 | 944,848 | ||||||||||||
| Series - 2018 C04 (Class 2M1) | ||||||||||||||||||
| 953,913 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.720% | 2.738 | 01/25/31 | 954,281 | ||||||||||||
| Series - 2018 C05 (Class 1M1) | ||||||||||||||||||
| 1,046,009 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 07/25/31 | 1,046,930 | ||||||||||||
| Series - 2019 R01 (Class 2M1) | ||||||||||||||||||
| 275,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.450% | 4.468 | 07/25/31 | 277,389 | ||||||||||||
| Series - 2019 R01 (Class 2M2) | ||||||||||||||||||
| 212,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.150% | 4.168 | 09/25/31 | 213,012 | ||||||||||||
| Series - 2019 R03 (Class 1M2) | ||||||||||||||||||
| 5,125,649 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.750% | 2.768 | 06/25/39 | 5,130,733 | ||||||||||||
| Series - 2019 R04 (Class 2M1) | ||||||||||||||||||
| 4,000,000 | CSAIL Commercial Mortgage Trust | 3.314 | 11/15/49 | 4,153,104 | ||||||||||||||
| Series - 2016 C7 (Class ASB) | ||||||||||||||||||
| 1,490,000 | g,i | CSMC Trust | 3.938 | 11/15/34 | 1,559,686 | |||||||||||||
| Series - 2015 GLPB (Class B) | ||||||||||||||||||
| 1,335,000 | g,i | CSMC Trust | LIBOR 1 M + 0.650% | 2.668 | 05/25/36 | 1,331,139 | ||||||||||||
| Series - 2006 CF2 (Class M3) | ||||||||||||||||||
| 5,616,978 | g,i | CSMC Trust | 3.500 | 02/25/48 | 5,632,120 | |||||||||||||
| Series - 2018 J1 (Class A11) | ||||||||||||||||||
| 37 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,040,000 | g | DBUBS Mortgage Trust | 3.452 | % | 10/10/34 | $ | 1,092,705 | ||||||||||
| Series - 2017 BRBK (Class A) | ||||||||||||||||||
| 7,800,000 | g,i | DBUBS Mortgage Trust | 5.714 | 07/10/44 | 8,127,299 | |||||||||||||
| Series - 2011 LC2A (Class D) | ||||||||||||||||||
| 10,110,000 | g,i | DBUBS Mortgage Trust | 5.885 | 11/10/46 | 10,456,163 | |||||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||||
| 3,792,000 | g,i | DBUBS Mortgage Trust | 5.885 | 11/10/46 | 3,928,541 | |||||||||||||
| Series - 2011 LC1A (Class E) | ||||||||||||||||||
| 1,406,253 | i | Fieldstone Mortgage Investment Trust | LIBOR 1 M + 0.735% | 2.753 | 12/25/35 | 1,401,232 | ||||||||||||
| Series - 2005 2 (Class M2) | ||||||||||||||||||
| 5,937,576 | g,i | FirstKey Mortgage Trust | 3.500 | 11/25/44 | 5,986,054 | |||||||||||||
| Series - 2014 1 (Class A8) | ||||||||||||||||||
| 4,939,654 | g,i | Flagstar Mortgage Trust | 3.500 | 03/25/47 | 5,025,906 | |||||||||||||
| Series - 2017 1 (Class 1A5) | ||||||||||||||||||
| 363,735 | g,i | Flagstar Mortgage Trust | 3.500 | 10/25/47 | 369,631 | |||||||||||||
| Series - 2017 2 (Class A5) | ||||||||||||||||||
| 1,563,205 | g,i | Flagstar Mortgage Trust | 4.000 | 09/25/48 | 1,574,026 | |||||||||||||
| Series - 2018 5 (Class A11) | ||||||||||||||||||
| 7,000,000 | g | GRACE Mortgage Trust | 3.369 | 06/10/28 | 7,107,444 | |||||||||||||
| Series - 2014 GRCE (Class A) | ||||||||||||||||||
| 10,500,000 | g | GS Mortgage Securities Corp II | 3.419 | 10/10/32 | 10,837,247 | |||||||||||||
| Series - 2017 SLP (Class A) | ||||||||||||||||||
| 1,344,000 | g | GS Mortgage Securities Corp II | 3.551 | 04/10/34 | 1,382,760 | |||||||||||||
| Series - 2012 ALOH (Class A) | ||||||||||||||||||
| 2,590,000 | i | GS Mortgage Securities Corp II | 3.777 | 05/10/50 | 2,751,910 | |||||||||||||
| Series - 2015 GC30 (Class AS) | ||||||||||||||||||
| 3,000,000 | i | GS Mortgage Securities Corp II | 4.192 | 05/10/50 | 3,140,516 | |||||||||||||
| Series - 2015 GC30 (Class C) | ||||||||||||||||||
| 1,527,439 | GS Mortgage Securities Trust | 1.478 | 05/10/49 | 1,517,269 | ||||||||||||||
| Series - 2016 GS2 (Class A1) | ||||||||||||||||||
| 8,000,000 | GS Mortgage Securities Trust | 3.467 | 03/10/50 | 8,456,047 | ||||||||||||||
| Series - 2017 GS5 (Class AAB) | ||||||||||||||||||
| 3,000,000 | GS Mortgage Securities Trust | 3.837 | 11/10/50 | 3,286,941 | ||||||||||||||
| Series - 2017 GS8 (Class ABP) | ||||||||||||||||||
| 1,400,000 | g,i | GS Mortgage Securities Trust | 3.668 | 07/10/52 | 1,462,622 | |||||||||||||
| Series - 2019 GC40 (Class DBC) | ||||||||||||||||||
| 1,785,008 | i | HarborView Mortgage Loan Trust | LIBOR 1 M + 0.620% | 2.677 | 08/19/45 | 1,779,184 | ||||||||||||
| Series - 2005 11 (Class 2A1A) | ||||||||||||||||||
| 2,000,000 | g | Hudson Yards Mortgage Trust | 2.835 | 08/10/38 | 2,058,655 | |||||||||||||
| Series - 2016 10HY (Class A) | ||||||||||||||||||
| 3,000,000 | g,i | Hudson Yards Mortgage Trust | 3.076 | 08/10/38 | 3,086,734 | |||||||||||||
| Series - 2016 10HY (Class B) | ||||||||||||||||||
| 3,500,000 | g,i | Hudson Yards Mortgage Trust | 3.076 | 08/10/38 | 3,561,619 | |||||||||||||
| Series - 2016 10HY (Class C) | ||||||||||||||||||
| 175,197 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.678 | 03/25/35 | 175,393 | ||||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||||
| 1,500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.166 | 12/15/46 | 1,612,513 | ||||||||||||||
| Series - 2013 C16 (Class A4) | ||||||||||||||||||
| 1,700,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.201 | 01/15/46 | 1,740,625 | |||||||||||||
| Series - 2013 C13 (Class D) | ||||||||||||||||||
| 38 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.119 | % | 01/15/49 | $ | 812,578 | ||||||||||
| Series - 2015 JP1 (Class AS) | ||||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Trust | 3.379 | 09/15/50 | 525,434 | ||||||||||||||
| Series - 2017 JP7 (Class A3) | ||||||||||||||||||
| 2,036,454 | g,i | JP Morgan Mortgage Trust | 3.589 | 12/25/44 | 2,028,222 | |||||||||||||
| Series - 2015 1 (Class B1) | ||||||||||||||||||
| 463,752 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/45 | 462,700 | |||||||||||||
| Series - 2015 3 (Class A19) | ||||||||||||||||||
| 1,881,387 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/45 | 1,881,403 | |||||||||||||
| Series - 2015 6 (Class A13) | ||||||||||||||||||
| 1,111,036 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/46 | 1,118,616 | |||||||||||||
| Series - 2016 1 (Class A5) | ||||||||||||||||||
| 969,272 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/46 | 966,492 | |||||||||||||
| Series - 2016 1 (Class A13) | ||||||||||||||||||
| 513,322 | g,i | JP Morgan Mortgage Trust | 3.500 | 01/25/47 | 520,360 | |||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 6,846,154 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 6,852,064 | |||||||||||||
| Series - 2017 2 (Class A13) | ||||||||||||||||||
| 378,390 | g,i | JP Morgan Mortgage Trust | 3.500 | 08/25/47 | 382,632 | |||||||||||||
| Series - 2017 3 (Class 1A5) | ||||||||||||||||||
| 1,167,014 | g,i | JP Morgan Mortgage Trust | 3.500 | 09/25/48 | 1,224,734 | |||||||||||||
| Series - 2018 3 (Class A13) | ||||||||||||||||||
| 2,357,524 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 2,386,784 | |||||||||||||
| Series - 2018 4 (Class A5) | ||||||||||||||||||
| 370,098 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 388,495 | |||||||||||||
| Series - 2018 4 (Class A13) | ||||||||||||||||||
| 1,532,202 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 1,608,691 | |||||||||||||
| Series - 2018 5 (Class A13) | ||||||||||||||||||
| 1,336,979 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 1,343,141 | |||||||||||||
| Series - 2018 8 (Class A5) | ||||||||||||||||||
| 1,745,672 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 1,779,835 | |||||||||||||
| Series - 2018 8 (Class A13) | ||||||||||||||||||
| 1,526,423 | g,i | JP Morgan Mortgage Trust | 4.000 | 02/25/49 | 1,545,562 | |||||||||||||
| Series - 2018 9 (Class A13) | ||||||||||||||||||
| 4,364,171 | JPMBB Commercial Mortgage Securities Trust | 3.493 | 08/15/47 | 4,574,975 | ||||||||||||||
| Series - 2014 C21 (Class A4) | ||||||||||||||||||
| 5,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.775 | 08/15/47 | 5,340,070 | ||||||||||||||
| Series - 2014 C21 (Class A5) | ||||||||||||||||||
| 1,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.898 | 02/15/48 | 1,048,047 | ||||||||||||||
| Series - 2015 C27 (Class B) | ||||||||||||||||||
| 1,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.486 | 02/15/48 | 1,042,650 | |||||||||||||
| Series - 2015 C27 (Class C) | ||||||||||||||||||
| 2,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 3.917 | 05/15/48 | 2,134,479 | |||||||||||||
| Series - 2015 C29 (Class AS) | ||||||||||||||||||
| 2,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.118 | 05/15/48 | 2,125,444 | |||||||||||||
| Series - 2015 C29 (Class B) | ||||||||||||||||||
| 8,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.801 | 08/15/48 | 8,662,742 | ||||||||||||||
| Series - 2015 C31 (Class A3) | ||||||||||||||||||
| 39 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | JPMBB Commercial Mortgage Securities Trust | 4.106 | % | 08/15/48 | $ | 2,158,342 | |||||||||||
| Series - 2015 C31 (Class AS) | ||||||||||||||||||
| 2,585,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.771 | 08/15/48 | 2,837,267 | |||||||||||||
| Series - 2015 C31 (Class B) | ||||||||||||||||||
| 3,419,000 | JPMBB Commercial Mortgage Securities Trust | 3.227 | 10/15/48 | 3,583,269 | ||||||||||||||
| Series - 2015 C28 (Class A4) | ||||||||||||||||||
| 1,400,000 | JPMBB Commercial Mortgage Securities Trust | 4.023 | 12/15/48 | 1,507,842 | ||||||||||||||
| Series - 2015 C33 (Class AS) | ||||||||||||||||||
| 1,805,000 | i | JPMCC Commercial Mortgage Securities Trust | 3.876 | 03/15/50 | 1,951,937 | |||||||||||||
| Series - 2017 JP5 (Class AS) | ||||||||||||||||||
| 2,000,000 | g | Ladder Capital Commercial Mortgage Securities | 3.575 | 02/15/36 | 2,104,390 | |||||||||||||
| Series - 2013 GCP (Class A1) | ||||||||||||||||||
| 3,203,519 | g | LSTAR Commercial Mortgage Trust | 2.579 | 03/10/49 | 3,212,984 | |||||||||||||
| Series - 2016 4 (Class A2) | ||||||||||||||||||
| 10,000,000 | g,i | MAD Mortgage Trust | 3.294 | 08/15/34 | 10,397,184 | |||||||||||||
| Series - 2017 330M (Class A) | ||||||||||||||||||
| 5,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.476 | 11/15/45 | 5,146,166 | ||||||||||||||
| Series - 2012 C6 (Class AS) | ||||||||||||||||||
| 3,048,748 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 3.989 | 12/15/46 | 3,235,940 | |||||||||||||
| Series - 2014 C19 (Class LNC1) | ||||||||||||||||||
| 2,648,991 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 4.384 | 12/15/46 | 2,838,275 | |||||||||||||
| Series - 2014 C19 (Class LNC2) | ||||||||||||||||||
| 4,641,033 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 4.750 | 12/15/46 | 4,997,031 | |||||||||||||
| Series - 2014 C19 (Class LNC3) | ||||||||||||||||||
| 3,069,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 5.100 | 02/15/47 | 3,291,995 | |||||||||||||
| Series - 2014 C14 (Class C) | ||||||||||||||||||
| 140,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.069 | 02/15/48 | 143,854 | ||||||||||||||
| Series - 2015 C20 (Class ASB) | ||||||||||||||||||
| 1,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 4.160 | 02/15/48 | 1,063,239 | ||||||||||||||
| Series - 2015 C20 (Class B) | ||||||||||||||||||
| 2,500,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 4.613 | 02/15/48 | 2,651,613 | |||||||||||||
| Series - 2015 C20 (Class C) | ||||||||||||||||||
| 2,500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.338 | 03/15/48 | 2,624,626 | ||||||||||||||
| Series - 2015 C21 (Class A4) | ||||||||||||||||||
| 3,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.652 | 03/15/48 | 3,164,426 | ||||||||||||||
| Series - 2015 C21 (Class AS) | ||||||||||||||||||
| 3,649,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.306 | 04/15/48 | 3,837,485 | ||||||||||||||
| Series - 2015 C22 (Class A4) | ||||||||||||||||||
| 3,360,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.561 | 04/15/48 | 3,516,335 | ||||||||||||||
| Series - 2015 C22 (Class AS) | ||||||||||||||||||
| 2,130,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 4.194 | 12/15/48 | 2,177,137 | |||||||||||||
| Series - 2013 C8 (Class C) | ||||||||||||||||||
| 6,000,000 | g | Morgan Stanley Capital I Trust | 3.350 | 07/13/29 | 6,104,864 | |||||||||||||
| Series - 2014 CPT (Class A) | ||||||||||||||||||
| 2,000,000 | g,i | Morgan Stanley Capital I Trust | 3.560 | 07/13/29 | 2,020,082 | |||||||||||||
| Series - 2014 CPT (Class E) | ||||||||||||||||||
| 40 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 3,140,000 | g | Morgan Stanley Capital I Trust | 2.695 | % | 01/11/32 | $ | 3,136,847 | ||||||||||
| Series - 2013 WLSR (Class A) | ||||||||||||||||||
| 3,506,196 | i | Morgan Stanley Capital I Trust | 6.144 | 06/11/42 | 3,725,340 | |||||||||||||
| Series - 2007 T27 (Class AJ) | ||||||||||||||||||
| 4,500,000 | g | Morgan Stanley Capital I Trust | 4.193 | 09/15/47 | 4,588,999 | |||||||||||||
| Series - 2011 C1 (Class F) | ||||||||||||||||||
| 13,000,000 | Morgan Stanley Capital I Trust | 2.606 | 08/15/49 | 13,187,740 | ||||||||||||||
| Series - 2016 UB11 (Class ASB) | ||||||||||||||||||
| 521,752 | †,i | Morgan Stanley Capital I Trust | 6.459 | 12/12/49 | 323,670 | |||||||||||||
| Series - 2007 IQ16 (Class AJ) | ||||||||||||||||||
| 4,000,000 | g,i | MSDB Trust | 3.427 | 07/11/39 | 4,207,776 | |||||||||||||
| Series - 2017 712F (Class A) | ||||||||||||||||||
| 1,253,000 | g,i | Natixis Commercial Mortgage Securities Trust | 3.917 | 11/15/32 | 1,291,446 | |||||||||||||
| Series - 2018 285M (Class C) | ||||||||||||||||||
| 409,701 | g,i | New Residential Mortgage Loan Trust | 4.000 | 02/25/57 | 425,505 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 401,980 | g,i | New Residential Mortgage Loan Trust | 4.000 | 08/27/57 | 418,984 | |||||||||||||
| Series - 2017 6A (Class A1) | ||||||||||||||||||
| 482,257 | g,i | New Residential Mortgage Loan Trust | 4.750 | 12/25/57 | 505,970 | |||||||||||||
| Series - 2018 5A (Class A1) | ||||||||||||||||||
| 399,678 | i | New York Mortgage Trust | LIBOR 1 M + 0.480% | 2.498 | 02/25/36 | 400,689 | ||||||||||||
| Series - 2005 3 (Class A1) | ||||||||||||||||||
| 18,445,000 | g | One Market Plaza Trust | 3.614 | 02/10/32 | 19,107,622 | |||||||||||||
| Series - 2017 1MKT (Class A) | ||||||||||||||||||
| 1,000,000 | g | RBS Commercial Funding, Inc Trust | 3.511 | 03/11/31 | 1,011,515 | |||||||||||||
| Series - 2013 SMV (Class B) | ||||||||||||||||||
| 1,651,889 | g,i | Sequoia Mortgage Trust | 3.500 | 05/25/45 | 1,681,379 | |||||||||||||
| Series - 2015 2 (Class A1) | ||||||||||||||||||
| 1,204,676 | g,i | Sequoia Mortgage Trust | 3.500 | 11/25/46 | 1,226,494 | |||||||||||||
| Series - 2016 3 (Class A10) | ||||||||||||||||||
| 166,982 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 169,484 | |||||||||||||
| Series - 2017 1 (Class A4) | ||||||||||||||||||
| 5,327,330 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 5,427,010 | |||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 1,174,100 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 1,171,342 | |||||||||||||
| Series - 2017 2 (Class A19) | ||||||||||||||||||
| 9,134,139 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 9,282,212 | |||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 3,665,426 | g,i | Sequoia Mortgage Trust | 3.500 | 08/25/47 | 3,734,010 | |||||||||||||
| Series - 2017 5 (Class A4) | ||||||||||||||||||
| 366,110 | g,i | Sequoia Mortgage Trust | 3.500 | 09/25/47 | 372,264 | |||||||||||||
| Series - 2017 6 (Class A4) | ||||||||||||||||||
| 928,266 | g,i | Sequoia Mortgage Trust | 3.761 | 09/25/47 | 967,284 | |||||||||||||
| Series - 2017 6 (Class B1) | ||||||||||||||||||
| 3,574,670 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 3,631,782 | |||||||||||||
| Series - 2018 2 (Class A1) | ||||||||||||||||||
| 5,474,229 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 5,517,213 | |||||||||||||
| Series - 2018 3 (Class A1) | ||||||||||||||||||
| 893,208 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 906,572 | |||||||||||||
| Series - 2018 3 (Class A4) | ||||||||||||||||||
| 41 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,819,809 | g,i | Sequoia Mortgage Trust | 4.000 | % | 09/25/48 | $ | 2,847,005 | ||||||||||
| Series - 2018 7 (Class A4) | ||||||||||||||||||
| 1,099,627 | g,i | Sequoia Mortgage Trust | 4.000 | 09/25/48 | 1,114,102 | |||||||||||||
| Series - 2018 7 (Class A19) | ||||||||||||||||||
| 184,854 | g,i | Sequoia Mortgage Trust | 4.000 | 11/25/48 | 187,381 | |||||||||||||
| Series - 2018 8 (Class A19) | ||||||||||||||||||
| 5,482,088 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 5,609,930 | |||||||||||||
| Series - 2019 2 (Class A1) | ||||||||||||||||||
| 1,336,356 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 1,363,511 | |||||||||||||
| Series - 2019 2 (Class A19) | ||||||||||||||||||
| 3,864,972 | g,i | Sequoia Mortgage Trust | 3.500 | 09/25/49 | 3,911,070 | |||||||||||||
| Series - 2019 3 (Class A2) | ||||||||||||||||||
| 367,828 | g,i | Shellpoint Co-Originator Trust | 3.500 | 11/25/46 | 370,864 | |||||||||||||
| Series - 2016 1 (Class 1A10) | ||||||||||||||||||
| 2,075,810 | g,i | Spruce Hill Mortgage Loan Trust | 3.395 | 04/29/49 | 2,088,689 | |||||||||||||
| Series - 2019 SH1 (Class A1) | ||||||||||||||||||
| 8,433,563 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 4.218 | 09/25/24 | 8,544,229 | ||||||||||||
| Series - 2014 HQ2 (Class M2) | ||||||||||||||||||
| 1,391,652 | i | STACR | LIBOR 1 M + 3.800% | 5.818 | 03/25/25 | 1,431,863 | ||||||||||||
| Series - 2015 HQ1 (Class M3) | ||||||||||||||||||
| 1,771,095 | i | STACR | LIBOR 1 M + 1.950% | 3.968 | 05/25/25 | 1,785,870 | ||||||||||||
| Series - 2015 HQ2 (Class M2) | ||||||||||||||||||
| 1,520,224 | i | STACR | LIBOR 1 M + 2.600% | 4.618 | 12/25/27 | 1,527,466 | ||||||||||||
| Series - 2015 DNA2 (Class M2) | ||||||||||||||||||
| 1,295,982 | i | STACR | LIBOR 1 M + 2.650% | 4.668 | 03/25/28 | 1,301,536 | ||||||||||||
| Series - 2015 HQA1 (Class M2) | ||||||||||||||||||
| 3,800,000 | i | STACR | LIBOR 1 M + 4.650% | 6.668 | 10/25/28 | 4,071,707 | ||||||||||||
| Series - 2016 DNA2 (Class M3) | ||||||||||||||||||
| 1,715,465 | i | STACR | LIBOR 1 M + 1.300% | 3.318 | 03/25/29 | 1,719,939 | ||||||||||||
| Series - 2016 DNA4 (Class M2) | ||||||||||||||||||
| 1,252,823 | i | STACR | LIBOR 1 M + 1.200% | 3.218 | 07/25/29 | 1,255,641 | ||||||||||||
| Series - 2017 DNA1 (Class M1) | ||||||||||||||||||
| 9,900,000 | i | STACR | LIBOR 1 M + 3.250% | 5.268 | 07/25/29 | 10,378,833 | ||||||||||||
| Series - 2017 DNA1 (Class M2) | ||||||||||||||||||
| 2,444,734 | i | STACR | LIBOR 1 M + 1.200% | 3.218 | 10/25/29 | 2,452,715 | ||||||||||||
| Series - 2017 DNA2 (Class M1) | ||||||||||||||||||
| 14,449,664 | i | STACR | LIBOR 1 M + 0.750% | 2.768 | 03/25/30 | 14,451,035 | ||||||||||||
| Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
| 12,377,685 | i | STACR | LIBOR 1 M + 0.950% | 2.968 | 04/25/30 | 12,390,404 | ||||||||||||
| Series - 2017 HQA3 (Class M2AS) | ||||||||||||||||||
| 1,288,771 | g,i | STACR | 3.740 | 02/25/48 | 1,297,047 | |||||||||||||
| Series - 2018 SPI1 (Class M1) | ||||||||||||||||||
| 1,764,956 | g,i | STACR | 3.817 | 05/25/48 | 1,769,406 | |||||||||||||
| Series - 2018 SPI2 (Class M1) | ||||||||||||||||||
| 4,153,201 | g,i | STACR | 4.160 | 08/25/48 | 4,184,235 | |||||||||||||
| Series - 2018 SPI3 (Class M1) | ||||||||||||||||||
| 835,000 | g,i | STACR | 4.459 | 11/25/48 | 841,388 | |||||||||||||
| Series - 2018 SPI4 (Class M2) | ||||||||||||||||||
| 1,500,000 | g,i | UBS-Barclays Commercial Mortgage Trust | 3.649 | 03/10/46 | 1,539,257 | |||||||||||||
| Series - 2013 C5 (Class B) | ||||||||||||||||||
| 4,620,000 | g,i | UBS-Barclays Commercial Mortgage Trust | 3.875 | 04/10/46 | 4,818,384 | |||||||||||||
| Series - 2013 C6 (Class B) | ||||||||||||||||||
| 42 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,525,000 | g | UBS-Citigroup Commercial Mortgage Trust | 5.154 | % | 01/10/45 | $ | 1,602,570 | ||||||||||
| Series - 2011 C1 (Class AS) | ||||||||||||||||||
| 2,810,450 | g | VSE VOI Mortgage LLC | 2.330 | 03/20/35 | 2,807,049 | |||||||||||||
| Series - 2017 A (Class A) | ||||||||||||||||||
| 2,443,541 | g | VSE VOI Mortgage LLC | 4.020 | 02/20/36 | 2,511,310 | |||||||||||||
| Series - 2018 A (Class C) | ||||||||||||||||||
| 3,996,815 | i | Wachovia Bank Commercial Mortgage Trust | 6.286 | 05/15/46 | 4,030,991 | |||||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||||
| 2,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 2,019,101 | |||||||||||||
| Series - 2007 C34 (Class B) | ||||||||||||||||||
| 1,700,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 1,721,506 | |||||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||||
| 10,000,000 | Wells Fargo Commercial Mortgage Trust | 3.539 | 10/15/45 | 10,341,716 | ||||||||||||||
| Series - 2012 LC5 (Class AS) | ||||||||||||||||||
| 3,850,000 | Wells Fargo Commercial Mortgage Trust | 3.540 | 05/15/48 | 4,098,140 | ||||||||||||||
| Series - 2015 C28 (Class A4) | ||||||||||||||||||
| 2,100,000 | i | Wells Fargo Commercial Mortgage Trust | 3.658 | 05/15/48 | 2,203,728 | |||||||||||||
| Series - 2015 NXS1 (Class B) | ||||||||||||||||||
| 5,055,000 | Wells Fargo Commercial Mortgage Trust | 2.825 | 10/15/49 | 5,180,579 | ||||||||||||||
| Series - 2016 LC24 (Class ASB) | ||||||||||||||||||
| 2,000,000 | Wells Fargo Commercial Mortgage Trust | 2.749 | 03/15/50 | 2,022,225 | ||||||||||||||
| Series - 2017 RB1 (Class A2) | ||||||||||||||||||
| 4,400,000 | Wells Fargo Commercial Mortgage Trust | 3.184 | 04/15/50 | 4,599,182 | ||||||||||||||
| Series - 2015 LC20 (Class A5) | ||||||||||||||||||
| 1,560,000 | Wells Fargo Commercial Mortgage Trust | 3.467 | 04/15/50 | 1,636,220 | ||||||||||||||
| Series - 2015 LC20 (Class AS) | ||||||||||||||||||
| 2,360,000 | i | Wells Fargo Commercial Mortgage Trust | 3.972 | 09/15/57 | 2,533,402 | |||||||||||||
| Series - 2015 NXS3 (Class AS) | ||||||||||||||||||
| 5,000,000 | i | Wells Fargo Commercial Mortgage Trust | 3.767 | 07/15/58 | 5,389,772 | |||||||||||||
| Series - 2015 NXS2 (Class A5) | ||||||||||||||||||
| 2,700,000 | Wells Fargo Commercial Mortgage Trust | 3.952 | 01/15/59 | 2,904,613 | ||||||||||||||
| Series - 2016 C32 (Class AS) | ||||||||||||||||||
| 1,000,000 | Wells Fargo Commercial Mortgage Trust | 2.933 | 11/15/59 | 1,029,132 | ||||||||||||||
| Series - 2016 C36 (Class ASB) | ||||||||||||||||||
| 3,581,447 | g,i | Wells Fargo Mortgage Backed Securities Trust | 4.000 | 04/25/49 | 3,647,059 | |||||||||||||
| Series - 2019 2 (Class A17) | ||||||||||||||||||
| 1,600,000 | i | WFRBS Commercial Mortgage Trust | 3.714 | 03/15/45 | 1,660,574 | |||||||||||||
| Series - 2013 C11 (Class B) | ||||||||||||||||||
| 1,000,000 | WFRBS Commercial Mortgage Trust | 3.345 | 05/15/45 | 1,034,815 | ||||||||||||||
| Series - 2013 C13 (Class AS) | ||||||||||||||||||
| 2,000,000 | WFRBS Commercial Mortgage Trust | 3.553 | 05/15/45 | 2,067,511 | ||||||||||||||
| Series - 2013 C13 (Class B) | ||||||||||||||||||
| 3,700,000 | i | WFRBS Commercial Mortgage Trust | 4.079 | 03/15/46 | 3,953,689 | |||||||||||||
| Series - 2013 UBS1 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | WFRBS Commercial Mortgage Trust | 4.162 | 12/15/46 | 1,076,155 | |||||||||||||
| Series - 2013 C18 (Class A5) | ||||||||||||||||||
| 2,225,281 | WFRBS Commercial Mortgage Trust | 3.995 | 05/15/47 | 2,390,097 | ||||||||||||||
| Series - 2014 C20 (Class A5) | ||||||||||||||||||
| 1,250,000 | WFRBS Commercial Mortgage Trust | 3.607 | 11/15/47 | 1,327,073 | ||||||||||||||
| Series - 2014 C24 (Class A5) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 751,143,202 | |||||||||||||||||
| 43 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||||
| TOTAL STRUCTURED ASSETS | $ | 1,248,809,418 | |||||||||||||||||
| (Cost $1,231,439,107) | |||||||||||||||||||
| TOTAL BONDS | 6,707,093,889 | ||||||||||||||||||
| (Cost $6,445,968,977) | |||||||||||||||||||
| SHARES | COMPANY | ||||||||||||||||||
| COMMON STOCKS - 0.0% | |||||||||||||||||||
| ENERGY - 0.0% | |||||||||||||||||||
| 9,696 | Peabody Energy Corp | 142,725 | |||||||||||||||||
| TOTAL ENERGY | 142,725 | ||||||||||||||||||
| TOTAL COMMON STOCKS | 142,725 | ||||||||||||||||||
| (Cost $133,601) | |||||||||||||||||||
| PRINCIPAL | ISSUER | ||||||||||||||||||
| SHORT-TERM INVESTMENTS - 1.6% | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.9% | |||||||||||||||||||
| $ | 20,050,000 | Federal Home Loan Bank (FHLB) | 1.500 | % | 10/01/19 | 20,050,000 | |||||||||||||
| 26,520,000 | FHLB | 1.934 | 11/05/19 | 26,471,527 | |||||||||||||||
| 13,500,000 | FHLB | 1.934 | 11/08/19 | 13,473,210 | |||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 59,994,737 | ||||||||||||||||||
| TREASURY DEBT - 0.7% | |||||||||||||||||||
| EGP | 48,800,000 | j | Egypt Treasury Bill | 0.000 | 10/15/19 | 2,982,933 | |||||||||||||
| 56,950,000 | j | Egypt Treasury Bill | 0.000 | 06/09/20 | 3,166,303 | ||||||||||||||
| $ | 20,340,000 | United States Treasury Bill | 1.900 | 10/01/19 | 20,340,000 | ||||||||||||||
| 22,500,000 | United States Treasury Bill | 1.917 | 10/08/19 | 22,492,300 | |||||||||||||||
| TOTAL TREASURY DEBT | 48,981,536 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 108,976,273 | ||||||||||||||||||
| (Cost $108,654,603) | |||||||||||||||||||
| TOTAL INVESTMENTS - 98.5% | 6,884,954,160 | ||||||||||||||||||
| (Cost $6,624,608,651) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 1.5% | 107,517,147 | ||||||||||||||||||
| NET ASSETS - 100.0% | $ | 6,992,471,307 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| DGS5 | 5-Year Treasury Constant Maturity Rate | ||||||||||||||||||
| DOP | Dominican Republic Peso | ||||||||||||||||||
| EGP | Egyptian Pound | ||||||||||||||||||
| EUR | Euro | ||||||||||||||||||
| ICE | Intercontinental Exchange | ||||||||||||||||||
| IDR | Indonesian Rupiah | ||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| M | Month | ||||||||||||||||||
| 44 |
TIAA-CREF FUNDS - Bond Fund
| REIT | Real Estate Investment Trust | ||||||||||||||||||
| RSD | Serbian Dinar | ||||||||||||||||||
| SOFR | Secure Overnight Financing Rate | ||||||||||||||||||
| W | Week | ||||||||||||||||||
| † | 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 9/30/2019, the aggregate value of these securities was $1,165,443,311 or 16.7% of net assets. | ||||||||||||||||||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||||||||||||||||||
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | ||||||||||||||||||
| j | Zero coupon | ||||||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||||||||||||||||||
| o | Payment in Kind Bond | ||||||||||||||||||
| q | In default | ||||||||||||||||||
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
| PURCHASED | ||||||||||||||
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin |
Unrealized appreciation (depreciation) |
|||||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | $29,700,000 | $ | (83,481 | ) | $(119,885 | ) | ||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,769 | ) | (9,819 | ) | |||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 2,970,000 | (8,361 | ) | 9,554 | ||||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,689 | ) | (148,295 | ) | |||||||||||||
| CDX-NAHYS31V5-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/23 | 14,400,000 | (33,956 | ) | (327,806 | ) | |||||||||||||
| CDX-NAHYS31V5-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/23 | 14,880,000 | (35,111 | ) | (301,805 | ) | |||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,805 | ) | 51,804 | ||||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | (41,767 | ) | (14,720 | ) | |||||||||||||
| Total | $ | (327,939 | ) | $(860,972 | ) | |||||||||||||||||
* 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.
| SOLD |
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin | Unrealized appreciation (depreciation) | |||||||||||||||
| CDX-NAHYS32V2-5 Year Index | Credit event as specified in contract | 5.000% | Citigroup Global Markets Inc | 06/20/24 | $14,850,000 | $ | 41,595 | $310,380 | ||||||||||||||
| CDX-NAHYS32V2-5 Year Index | Credit event as specified in contract | 5.000 | Citigroup Global Markets Inc | 06/20/24 | 14,850,000 | 41,620 | 268,215 | |||||||||||||||
| CDX-NAHYS31V5-5 Year Index | Credit event as specified in contract | 5.000 | Citigroup Global Markets Inc | 12/20/23 | 14,400,000 | 34,133 | 53,436 | |||||||||||||||
| Total | $ | 117,348 | $632,031 | |||||||||||||||||||
* 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.
| 45 |
TIAA-CREF FUNDS - Bond Index Fund
TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| BONDS - 99.5% | ||||||||||||||||||
| CORPORATE BONDS - 25.6% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||||
| $ | 250,000 | Aptiv plc | 4.250 | % | 01/15/26 | $ | 266,533 | |||||||||||
| 100,000 | Aptiv plc | 4.350 | 03/15/29 | 108,135 | ||||||||||||||
| 100,000 | Aptiv plc | 4.400 | 10/01/46 | 100,045 | ||||||||||||||
| 175,000 | Aptiv plc | 5.400 | 03/15/49 | 200,274 | ||||||||||||||
| 200,000 | BorgWarner, Inc | 3.375 | 03/15/25 | 207,689 | ||||||||||||||
| 200,000 | BorgWarner, Inc | 4.375 | 03/15/45 | 206,692 | ||||||||||||||
| 600,000 | Delphi Corp | 4.150 | 03/15/24 | 635,206 | ||||||||||||||
| 725,000 | Ford Motor Co | 4.346 | 12/08/26 | 726,119 | ||||||||||||||
| 800,000 | Ford Motor Co | 7.450 | 07/16/31 | 917,832 | ||||||||||||||
| 1,350,000 | Ford Motor Co | 4.750 | 01/15/43 | 1,169,782 | ||||||||||||||
| 1,025,000 | Ford Motor Co | 5.291 | 12/08/46 | 949,029 | ||||||||||||||
| 125,000 | General Motors Co | 4.875 | 10/02/23 | 134,184 | ||||||||||||||
| 500,000 | General Motors Co | 4.200 | 10/01/27 | 509,882 | ||||||||||||||
| 700,000 | General Motors Co | 5.000 | 10/01/28 | 744,177 | ||||||||||||||
| 900,000 | General Motors Co | 6.600 | 04/01/36 | 1,031,467 | ||||||||||||||
| 700,000 | General Motors Co | 5.150 | 04/01/38 | 706,863 | ||||||||||||||
| 150,000 | General Motors Co | 6.250 | 10/02/43 | 163,891 | ||||||||||||||
| 175,000 | General Motors Co | 5.200 | 04/01/45 | 172,749 | ||||||||||||||
| 350,000 | General Motors Co | 6.750 | 04/01/46 | 400,205 | ||||||||||||||
| 500,000 | General Motors Co | 5.400 | 04/01/48 | 501,407 | ||||||||||||||
| 400,000 | General Motors Co | 5.950 | 04/01/49 | 428,312 | ||||||||||||||
| 175,000 | Harley-Davidson, Inc | 3.500 | 07/28/25 | 180,824 | ||||||||||||||
| 200,000 | Harley-Davidson, Inc | 4.625 | 07/28/45 | 206,206 | ||||||||||||||
| 900,000 | Honeywell International, Inc | 1.850 | 11/01/21 | 899,598 | ||||||||||||||
| 1,000,000 | Honeywell International, Inc | 2.150 | 08/08/22 | 1,008,242 | ||||||||||||||
| 500,000 | Honeywell International, Inc | 3.350 | 12/01/23 | 527,628 | ||||||||||||||
| 1,000,000 | Honeywell International, Inc | 2.300 | 08/15/24 | 1,015,081 | ||||||||||||||
| 1,700,000 | Honeywell International, Inc | 2.500 | 11/01/26 | 1,737,053 | ||||||||||||||
| 1,000,000 | Honeywell International, Inc | 2.700 | 08/15/29 | 1,032,794 | ||||||||||||||
| 782,000 | Honeywell International, Inc | 3.812 | 11/21/47 | 900,047 | ||||||||||||||
| 800,000 | Lear Corp | 3.800 | 09/15/27 | 804,905 | ||||||||||||||
| 400,000 | Lear Corp | 4.250 | 05/15/29 | 409,544 | ||||||||||||||
| 300,000 | Lear Corp | 5.250 | 05/15/49 | 306,977 | ||||||||||||||
| 300,000 | Magna International, Inc | 3.625 | 06/15/24 | 315,458 | ||||||||||||||
| 600,000 | Magna International, Inc | 4.150 | 10/01/25 | 649,452 | ||||||||||||||
| 300,000 | Toyota Motor Corp | 3.183 | 07/20/21 | 306,614 | ||||||||||||||
| 500,000 | Toyota Motor Corp | 2.157 | 07/02/22 | 503,471 | ||||||||||||||
| 300,000 | Toyota Motor Corp | 3.419 | 07/20/23 | 316,982 | ||||||||||||||
| 750,000 | Toyota Motor Corp | 2.358 | 07/02/24 | 757,889 | ||||||||||||||
| 300,000 | Toyota Motor Corp | 3.669 | 07/20/28 | 332,239 | ||||||||||||||
| 750,000 | Toyota Motor Corp | 2.760 | 07/02/29 | 773,936 | ||||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 23,265,413 | |||||||||||||||||
| 46 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| BANKS - 4.0% | ||||||||||||||||||
| $ | 2,000,000 | Asian Development Bank | 1.750 | % | 09/19/29 | $ | 1,999,267 | |||||||||||
| 350,000 | Banco Bilbao Vizcaya Argentaria S.A. | 3.000 | 10/20/20 | 352,497 | ||||||||||||||
| 600,000 | Banco Santander S.A. | 3.500 | 04/11/22 | 615,794 | ||||||||||||||
| 800,000 | Banco Santander S.A. | 3.125 | 02/23/23 | 814,996 | ||||||||||||||
| 1,200,000 | Banco Santander S.A. | 3.848 | 04/12/23 | 1,250,611 | ||||||||||||||
| 800,000 | Banco Santander S.A. | 2.706 | 06/27/24 | 808,869 | ||||||||||||||
| 400,000 | Banco Santander S.A. | 5.179 | 11/19/25 | 441,369 | ||||||||||||||
| 600,000 | Banco Santander S.A. | 4.250 | 04/11/27 | 641,900 | ||||||||||||||
| 675,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 707,226 | ||||||||||||||
| 1,800,000 | Banco Santander S.A. | 4.379 | 04/12/28 | 1,967,702 | ||||||||||||||
| 600,000 | Banco Santander S.A. | 3.306 | 06/27/29 | 620,034 | ||||||||||||||
| 200,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 210,500 | ||||||||||||||
| 1,000,000 | Bank of America Corp | 2.625 | 10/19/20 | 1,006,335 | ||||||||||||||
| 200,000 | Bank of America Corp | 2.151 | 11/09/20 | 200,020 | ||||||||||||||
| 1,750,000 | Bank of America Corp | 2.625 | 04/19/21 | 1,766,223 | ||||||||||||||
| 500,000 | Bank of America Corp | 2.369 | 07/21/21 | 500,837 | ||||||||||||||
| 1,000,000 | Bank of America Corp | 2.328 | 10/01/21 | 1,001,101 | ||||||||||||||
| 3,000,000 | Bank of America Corp | 2.738 | 01/23/22 | 3,017,344 | ||||||||||||||
| 3,000,000 | Bank of America Corp | 3.499 | 05/17/22 | 3,059,420 | ||||||||||||||
| 350,000 | Bank of America Corp | 2.503 | 10/21/22 | 352,579 | ||||||||||||||
| 2,225,000 | Bank of America Corp | 3.300 | 01/11/23 | 2,300,238 | ||||||||||||||
| 1,150,000 | Bank of America Corp | 3.124 | 01/20/23 | 1,172,997 | ||||||||||||||
| 775,000 | Bank of America Corp | 2.881 | 04/24/23 | 786,668 | ||||||||||||||
| 1,200,000 | Bank of America Corp | 2.816 | 07/21/23 | 1,216,658 | ||||||||||||||
| 4,718,000 | Bank of America Corp | 3.004 | 12/20/23 | 4,818,541 | ||||||||||||||
| 3,500,000 | Bank of America Corp | 4.125 | 01/22/24 | 3,770,484 | ||||||||||||||
| 1,750,000 | Bank of America Corp | 3.550 | 03/05/24 | 1,819,926 | ||||||||||||||
| 1,500,000 | Bank of America Corp | 3.864 | 07/23/24 | 1,579,797 | ||||||||||||||
| 1,475,000 | Bank of America Corp | 4.200 | 08/26/24 | 1,582,139 | ||||||||||||||
| 10,300,000 | Bank of America Corp | 3.458 | 03/15/25 | 10,746,793 | ||||||||||||||
| 3,550,000 | Bank of America Corp | 3.950 | 04/21/25 | 3,766,629 | ||||||||||||||
| 3,000,000 | Bank of America Corp | 3.093 | 10/01/25 | 3,090,071 | ||||||||||||||
| 4,000,000 | Bank of America Corp | 3.366 | 01/23/26 | 4,170,141 | ||||||||||||||
| 7,800,000 | Bank of America Corp | 3.559 | 04/23/27 | 8,234,203 | ||||||||||||||
| 2,000,000 | Bank of America Corp | 3.593 | 07/21/28 | 2,114,416 | ||||||||||||||
| 5,690,000 | Bank of America Corp | 3.419 | 12/20/28 | 5,937,038 | ||||||||||||||
| 1,250,000 | Bank of America Corp | 3.970 | 03/05/29 | 1,361,090 | ||||||||||||||
| 1,400,000 | Bank of America Corp | 4.271 | 07/23/29 | 1,560,288 | ||||||||||||||
| 3,075,000 | Bank of America Corp | 3.974 | 02/07/30 | 3,366,370 | ||||||||||||||
| 1,675,000 | Bank of America Corp | 3.194 | 07/23/30 | 1,728,470 | ||||||||||||||
| 4,500,000 | Bank of America Corp | 4.078 | 04/23/40 | 5,020,883 | ||||||||||||||
| 1,500,000 | Bank of America Corp | 5.000 | 01/21/44 | 1,898,330 | ||||||||||||||
| 1,500,000 | Bank of America Corp | 4.443 | 01/20/48 | 1,789,669 | ||||||||||||||
| 3,000,000 | Bank of America Corp | 3.946 | 01/23/49 | 3,369,069 | ||||||||||||||
| 1,250,000 | Bank of America Corp | 4.330 | 03/15/50 | 1,476,832 | ||||||||||||||
| 550,000 | Bank of America NA | 3.335 | 01/25/23 | 564,544 | ||||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.150 | 07/14/20 | 1,001,295 | ||||||||||||||
| 1,500,000 | Bank of Nova Scotia | 2.350 | 10/21/20 | 1,504,764 | ||||||||||||||
| 500,000 | Bank of Nova Scotia | 2.500 | 01/08/21 | 502,904 | ||||||||||||||
| 200,000 | Bank of Nova Scotia | 4.375 | 01/13/21 | 205,816 | ||||||||||||||
| 47 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 300,000 | Bank of Nova Scotia | 2.450 | % | 03/22/21 | $ | 302,110 | |||||||||||
| 2,000,000 | Bank of Nova Scotia | 3.125 | 04/20/21 | 2,032,861 | ||||||||||||||
| 1,000,000 | Bank of Nova Scotia | 1.875 | 04/26/21 | 999,823 | ||||||||||||||
| 250,000 | Bank of Nova Scotia | 2.800 | 07/21/21 | 253,455 | ||||||||||||||
| 500,000 | Bank of Nova Scotia | 2.700 | 03/07/22 | 508,746 | ||||||||||||||
| 925,000 | Bank of Nova Scotia | 2.450 | 09/19/22 | 938,363 | ||||||||||||||
| 375,000 | Bank of Nova Scotia | 2.375 | 01/18/23 | 378,280 | ||||||||||||||
| 1,000,000 | Bank of Nova Scotia | 3.400 | 02/11/24 | 1,043,990 | ||||||||||||||
| 1,550,000 | Bank of Nova Scotia | 4.500 | 12/16/25 | 1,686,210 | ||||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.700 | 08/03/26 | 1,014,426 | ||||||||||||||
| 1,500,000 | Barclays Bank plc | 2.650 | 01/11/21 | 1,504,185 | ||||||||||||||
| 200,000 | Barclays Bank plc | 4.375 | 09/11/24 | 206,656 | ||||||||||||||
| 2,000,000 | Barclays plc | 3.200 | 08/10/21 | 2,018,067 | ||||||||||||||
| 1,500,000 | Barclays plc | 3.684 | 01/10/23 | 1,525,507 | ||||||||||||||
| 1,500,000 | Barclays plc | 4.610 | 02/15/23 | 1,558,305 | ||||||||||||||
| 525,000 | Barclays plc | 4.338 | 05/16/24 | 548,455 | ||||||||||||||
| 1,425,000 | Barclays plc | 3.650 | 03/16/25 | 1,458,834 | ||||||||||||||
| 2,750,000 | Barclays plc | 3.932 | 05/07/25 | 2,841,078 | ||||||||||||||
| 975,000 | Barclays plc | 4.375 | 01/12/26 | 1,029,038 | ||||||||||||||
| 800,000 | Barclays plc | 5.200 | 05/12/26 | 849,825 | ||||||||||||||
| 700,000 | Barclays plc | 4.337 | 01/10/28 | 735,585 | ||||||||||||||
| 1,975,000 | Barclays plc | 4.836 | 05/09/28 | 2,063,930 | ||||||||||||||
| 1,500,000 | Barclays plc | 4.972 | 05/16/29 | 1,646,286 | ||||||||||||||
| 775,000 | Barclays plc | 5.250 | 08/17/45 | 875,493 | ||||||||||||||
| 275,000 | Barclays plc | 4.950 | 01/10/47 | 303,282 | ||||||||||||||
| 300,000 | BB&T Corp | 2.150 | 02/01/21 | 300,486 | ||||||||||||||
| 300,000 | BB&T Corp | 2.850 | 04/01/21 | 303,358 | ||||||||||||||
| 500,000 | BB&T Corp | 2.050 | 05/10/21 | 499,668 | ||||||||||||||
| 750,000 | BB&T Corp | 3.200 | 09/03/21 | 765,497 | ||||||||||||||
| 200,000 | BB&T Corp | 3.950 | 03/22/22 | 207,921 | ||||||||||||||
| 1,150,000 | BB&T Corp | 2.750 | 04/01/22 | 1,167,092 | ||||||||||||||
| 500,000 | BB&T Corp | 3.050 | 06/20/22 | 512,000 | ||||||||||||||
| 750,000 | BB&T Corp | 2.200 | 03/16/23 | 749,239 | ||||||||||||||
| 775,000 | BB&T Corp | 3.750 | 12/06/23 | 820,133 | ||||||||||||||
| 1,000,000 | BB&T Corp | 2.500 | 08/01/24 | 1,008,062 | ||||||||||||||
| 825,000 | BB&T Corp | 2.850 | 10/26/24 | 846,791 | ||||||||||||||
| 975,000 | BB&T Corp | 3.700 | 06/05/25 | 1,042,020 | ||||||||||||||
| 500,000 | BB&T Corp | 3.800 | 10/30/26 | 538,570 | ||||||||||||||
| 500,000 | BB&T Corp | 3.875 | 03/19/29 | 542,174 | ||||||||||||||
| 1,000,000 | BBVA USA | 2.500 | 08/27/24 | 991,335 | ||||||||||||||
| 1,300,000 | BPCE S.A. | 2.650 | 02/03/21 | 1,306,917 | ||||||||||||||
| 400,000 | BPCE S.A. | 2.750 | 12/02/21 | 404,289 | ||||||||||||||
| 1,025,000 | BPCE S.A. | 4.000 | 04/15/24 | 1,103,302 | ||||||||||||||
| 300,000 | BPCE S.A. | 3.375 | 12/02/26 | 313,326 | ||||||||||||||
| 1,100,000 | Branch Banking & Trust Co | 2.625 | 01/15/22 | 1,113,710 | ||||||||||||||
| 500,000 | Branch Banking & Trust Co | 3.625 | 09/16/25 | 531,519 | ||||||||||||||
| 750,000 | i | Branch Banking & Trust Co | DGS5 + 1.150% | 2.636 | 09/17/29 | 745,155 | ||||||||||||
| 300,000 | Canadian Imperial Bank of Commerce | 2.100 | 10/05/20 | 300,356 | ||||||||||||||
| 1,100,000 | Canadian Imperial Bank of Commerce | 2.700 | 02/02/21 | 1,110,435 | ||||||||||||||
| 500,000 | Canadian Imperial Bank of Commerce | 2.550 | 06/16/22 | 508,214 | ||||||||||||||
| 1,000,000 | Canadian Imperial Bank of Commerce | 2.606 | 07/22/23 | 1,005,801 | ||||||||||||||
| 500,000 | Canadian Imperial Bank of Commerce | 3.500 | 09/13/23 | 526,113 | ||||||||||||||
| 750,000 | Canadian Imperial Bank of Commerce | 3.100 | 04/02/24 | 772,996 | ||||||||||||||
| 48 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 900,000 | Capital One Bank USA NA | 2.950 | % | 07/23/21 | $ | 911,736 | |||||||||||
| 750,000 | Capital One Bank USA NA | 2.650 | 08/08/22 | 758,639 | ||||||||||||||
| 275,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 283,404 | ||||||||||||||
| 1,250,000 | Capital One NA | 2.250 | 09/13/21 | 1,251,145 | ||||||||||||||
| 475,000 | Capital One NA | 2.150 | 09/06/22 | 474,597 | ||||||||||||||
| 1,000,000 | CitiBank NA | 2.125 | 10/20/20 | 1,000,913 | ||||||||||||||
| 3,000,000 | CitiBank NA | 2.850 | 02/12/21 | 3,034,311 | ||||||||||||||
| 500,000 | CitiBank NA | 3.400 | 07/23/21 | 512,137 | ||||||||||||||
| 1,000,000 | CitiBank NA | 3.165 | 02/19/22 | 1,013,447 | ||||||||||||||
| 3,000,000 | CitiBank NA | 2.844 | 05/20/22 | 3,030,750 | ||||||||||||||
| 2,000,000 | CitiBank NA | 3.650 | 01/23/24 | 2,118,621 | ||||||||||||||
| 4,250,000 | Citigroup, Inc | 2.700 | 03/30/21 | 4,291,209 | ||||||||||||||
| 1,250,000 | Citigroup, Inc | 2.350 | 08/02/21 | 1,255,727 | ||||||||||||||
| 100,000 | Citigroup, Inc | 2.900 | 12/08/21 | 101,507 | ||||||||||||||
| 3,000,000 | Citigroup, Inc | 4.500 | 01/14/22 | 3,154,521 | ||||||||||||||
| 500,000 | Citigroup, Inc | 2.700 | 10/27/22 | 507,164 | ||||||||||||||
| 800,000 | Citigroup, Inc | 3.142 | 01/24/23 | 814,826 | ||||||||||||||
| 4,600,000 | Citigroup, Inc | 3.500 | 05/15/23 | 4,767,046 | ||||||||||||||
| 1,400,000 | i | Citigroup, Inc | LIBOR 3 M + 0.950% | 2.876 | 07/24/23 | 1,419,045 | ||||||||||||
| 1,500,000 | Citigroup, Inc | 4.044 | 06/01/24 | 1,584,349 | ||||||||||||||
| 500,000 | Citigroup, Inc | 4.000 | 08/05/24 | 530,446 | ||||||||||||||
| 8,500,000 | Citigroup, Inc | 3.352 | 04/24/25 | 8,815,213 | ||||||||||||||
| 1,000,000 | Citigroup, Inc | 3.700 | 01/12/26 | 1,060,383 | ||||||||||||||
| 750,000 | Citigroup, Inc | 4.600 | 03/09/26 | 818,442 | ||||||||||||||
| 1,000,000 | Citigroup, Inc | 3.400 | 05/01/26 | 1,045,323 | ||||||||||||||
| 1,100,000 | Citigroup, Inc | 4.300 | 11/20/26 | 1,183,623 | ||||||||||||||
| 1,500,000 | Citigroup, Inc | 4.450 | 09/29/27 | 1,636,560 | ||||||||||||||
| 500,000 | Citigroup, Inc | 3.887 | 01/10/28 | 535,068 | ||||||||||||||
| 1,000,000 | Citigroup, Inc | 3.668 | 07/24/28 | 1,058,427 | ||||||||||||||
| 2,025,000 | Citigroup, Inc | 4.125 | 07/25/28 | 2,180,148 | ||||||||||||||
| 3,000,000 | Citigroup, Inc | 3.520 | 10/27/28 | 3,142,653 | ||||||||||||||
| 4,000,000 | Citigroup, Inc | 4.075 | 04/23/29 | 4,367,703 | ||||||||||||||
| 1,750,000 | Citigroup, Inc | 3.980 | 03/20/30 | 1,907,840 | ||||||||||||||
| 175,000 | Citigroup, Inc | 6.625 | 06/15/32 | 229,561 | ||||||||||||||
| 750,000 | Citigroup, Inc | 3.878 | 01/24/39 | 820,028 | ||||||||||||||
| 325,000 | Citigroup, Inc | 8.125 | 07/15/39 | 530,928 | ||||||||||||||
| 350,000 | Citigroup, Inc | 5.875 | 01/30/42 | 477,330 | ||||||||||||||
| 400,000 | Citigroup, Inc | 6.675 | 09/13/43 | 580,208 | ||||||||||||||
| 125,000 | Citigroup, Inc | 5.300 | 05/06/44 | 155,429 | ||||||||||||||
| 675,000 | Citigroup, Inc | 4.650 | 07/30/45 | 813,226 | ||||||||||||||
| 3,075,000 | Citigroup, Inc | 4.750 | 05/18/46 | 3,583,564 | ||||||||||||||
| 4,475,000 | Citigroup, Inc | 4.650 | 07/23/48 | 5,476,739 | ||||||||||||||
| 300,000 | Citizens Bank NA | 2.250 | 10/30/20 | 300,637 | ||||||||||||||
| 150,000 | Citizens Bank NA | 2.550 | 05/13/21 | 151,025 | ||||||||||||||
| 925,000 | Citizens Bank NA | 3.250 | 02/14/22 | 947,533 | ||||||||||||||
| 350,000 | Citizens Bank NA | 2.650 | 05/26/22 | 354,221 | ||||||||||||||
| 500,000 | Citizens Bank NA | 3.700 | 03/29/23 | 524,214 | ||||||||||||||
| 250,000 | Citizens Bank NA | 3.750 | 02/18/26 | 267,435 | ||||||||||||||
| 100,000 | Citizens Financial Group, Inc | 2.375 | 07/28/21 | 100,253 | ||||||||||||||
| 850,000 | Citizens Financial Group, Inc | 4.300 | 12/03/25 | 908,984 | ||||||||||||||
| 500,000 | Citizens Financial Group, Inc | 2.850 | 07/27/26 | 505,036 | ||||||||||||||
| 500,000 | Comerica Bank | 2.500 | 07/23/24 | 504,723 | ||||||||||||||
| 49 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 200,000 | Comerica Bank | 4.000 | % | 07/27/25 | $ | 215,494 | |||||||||||
| 625,000 | Comerica, Inc | 3.700 | 07/31/23 | 656,275 | ||||||||||||||
| 550,000 | Comerica, Inc | 4.000 | 02/01/29 | 605,397 | ||||||||||||||
| 500,000 | Commonwealth Bank of Australia | 2.400 | 11/02/20 | 502,482 | ||||||||||||||
| 800,000 | Commonwealth Bank of Australia | 2.550 | 03/15/21 | 805,809 | ||||||||||||||
| 500,000 | Compass Bank | 3.500 | 06/11/21 | 508,253 | ||||||||||||||
| 500,000 | Compass Bank | 2.875 | 06/29/22 | 506,762 | ||||||||||||||
| 500,000 | Compass Bank | 3.875 | 04/10/25 | 520,723 | ||||||||||||||
| 1,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.875 | 02/08/22 | 1,563,318 | ||||||||||||||
| 425,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 456,958 | ||||||||||||||
| 2,050,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.375 | 05/21/25 | 2,179,890 | ||||||||||||||
| 600,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.375 | 08/04/25 | 647,689 | ||||||||||||||
| 400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.750 | 12/01/43 | 532,634 | ||||||||||||||
| 1,100,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.250 | 08/04/45 | 1,387,159 | ||||||||||||||
| 500,000 | Cooperatieve Rabobank UA | 4.500 | 01/11/21 | 515,469 | ||||||||||||||
| 1,000,000 | Cooperatieve Rabobank UA | 2.500 | 01/19/21 | 1,005,733 | ||||||||||||||
| 1,000,000 | Cooperatieve Rabobank UA | 3.125 | 04/26/21 | 1,017,157 | ||||||||||||||
| 925,000 | Cooperatieve Rabobank UA | 2.750 | 01/10/22 | 939,304 | ||||||||||||||
| 575,000 | Cooperatieve Rabobank UA | 3.950 | 11/09/22 | 598,907 | ||||||||||||||
| 1,900,000 | Cooperatieve Rabobank UA | 2.750 | 01/10/23 | 1,937,205 | ||||||||||||||
| 2,700,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 2,801,446 | ||||||||||||||
| 550,000 | Cooperatieve Rabobank UA | 5.250 | 05/24/41 | 755,510 | ||||||||||||||
| 300,000 | Discover Bank | 3.200 | 08/09/21 | 304,560 | ||||||||||||||
| 1,300,000 | Discover Bank | 3.350 | 02/06/23 | 1,340,146 | ||||||||||||||
| 1,350,000 | Discover Bank | 4.200 | 08/08/23 | 1,435,091 | ||||||||||||||
| 1,000,000 | Discover Bank | 2.450 | 09/12/24 | 997,287 | ||||||||||||||
| 200,000 | Discover Bank | 4.250 | 03/13/26 | 215,129 | ||||||||||||||
| 1,125,000 | Discover Bank | 3.450 | 07/27/26 | 1,160,250 | ||||||||||||||
| 300,000 | i | Discover Bank | USD SWAP SEMI 30/360 5 Y + 1.730% | 4.682 | 08/09/28 | 313,648 | ||||||||||||
| 350,000 | Discover Bank | 4.650 | 09/13/28 | 389,903 | ||||||||||||||
| 400,000 | Fifth Third Bancorp | 2.875 | 07/27/20 | 402,487 | ||||||||||||||
| 200,000 | Fifth Third Bancorp | 3.500 | 03/15/22 | 206,253 | ||||||||||||||
| 750,000 | Fifth Third Bancorp | 2.600 | 06/15/22 | 758,054 | ||||||||||||||
| 450,000 | Fifth Third Bancorp | 4.300 | 01/16/24 | 482,726 | ||||||||||||||
| 675,000 | Fifth Third Bancorp | 3.650 | 01/25/24 | 711,599 | ||||||||||||||
| 500,000 | Fifth Third Bancorp | 3.950 | 03/14/28 | 547,389 | ||||||||||||||
| 140,000 | Fifth Third Bancorp | 8.250 | 03/01/38 | 216,061 | ||||||||||||||
| 500,000 | Fifth Third Bank | 2.200 | 10/30/20 | 500,922 | ||||||||||||||
| 300,000 | Fifth Third Bank | 2.250 | 06/14/21 | 300,951 | ||||||||||||||
| 650,000 | Fifth Third Bank | 3.350 | 07/26/21 | 663,217 | ||||||||||||||
| 200,000 | Fifth Third Bank | 2.875 | 10/01/21 | 202,530 | ||||||||||||||
| 300,000 | Fifth Third Bank | 3.950 | 07/28/25 | 326,378 | ||||||||||||||
| 2,400,000 | Fifth Third Bank | 3.850 | 03/15/26 | 2,559,297 | ||||||||||||||
| 200,000 | First Horizon National Corp | 3.500 | 12/15/20 | 202,201 | ||||||||||||||
| 2,200,000 | First Republic Bank | 2.500 | 06/06/22 | 2,211,055 | ||||||||||||||
| 175,000 | First Republic Bank | 4.375 | 08/01/46 | 194,499 | ||||||||||||||
| 50 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | HSBC Bank USA NA | 4.875 | % | 08/24/20 | $ | 768,306 | |||||||||||
| 266,000 | HSBC Bank USA NA | 5.875 | 11/01/34 | 341,846 | ||||||||||||||
| 33,000 | HSBC Bank USA NA | 7.000 | 01/15/39 | 47,817 | ||||||||||||||
| 1,400,000 | HSBC Holdings plc | 3.400 | 03/08/21 | 1,421,420 | ||||||||||||||
| 725,000 | HSBC Holdings plc | 2.950 | 05/25/21 | 732,444 | ||||||||||||||
| 1,375,000 | HSBC Holdings plc | 2.650 | 01/05/22 | 1,384,867 | ||||||||||||||
| 450,000 | HSBC Holdings plc | 4.875 | 01/14/22 | 476,494 | ||||||||||||||
| 650,000 | HSBC Holdings plc | 4.000 | 03/30/22 | 678,237 | ||||||||||||||
| 3,625,000 | HSBC Holdings plc | 3.262 | 03/13/23 | 3,687,895 | ||||||||||||||
| 2,275,000 | HSBC Holdings plc | 3.600 | 05/25/23 | 2,365,520 | ||||||||||||||
| 600,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 608,889 | ||||||||||||||
| 2,625,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 2,764,537 | ||||||||||||||
| 2,325,000 | HSBC Holdings plc | 3.950 | 05/18/24 | 2,432,176 | ||||||||||||||
| 2,500,000 | HSBC Holdings plc | 3.803 | 03/11/25 | 2,604,406 | ||||||||||||||
| 450,000 | HSBC Holdings plc | 4.250 | 08/18/25 | 475,583 | ||||||||||||||
| 1,875,000 | HSBC Holdings plc | 4.300 | 03/08/26 | 2,030,401 | ||||||||||||||
| 2,475,000 | HSBC Holdings plc | 3.900 | 05/25/26 | 2,624,799 | ||||||||||||||
| 1,100,000 | HSBC Holdings plc | 4.292 | 09/12/26 | 1,180,826 | ||||||||||||||
| 450,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 482,566 | ||||||||||||||
| 3,925,000 | HSBC Holdings plc | 4.041 | 03/13/28 | 4,166,144 | ||||||||||||||
| 2,775,000 | HSBC Holdings plc | 4.583 | 06/19/29 | 3,078,470 | ||||||||||||||
| 4,000,000 | HSBC Holdings plc | 3.973 | 05/22/30 | 4,271,805 | ||||||||||||||
| 300,000 | HSBC Holdings plc | 6.500 | 05/02/36 | 399,183 | ||||||||||||||
| 2,700,000 | HSBC Holdings plc | 6.500 | 09/15/37 | 3,635,635 | ||||||||||||||
| 200,000 | HSBC Holdings plc | 6.800 | 06/01/38 | 279,150 | ||||||||||||||
| 550,000 | HSBC Holdings plc | 6.100 | 01/14/42 | 785,026 | ||||||||||||||
| 1,175,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 1,455,126 | ||||||||||||||
| 750,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 754,331 | ||||||||||||||
| 1,250,000 | HSBC USA, Inc | 3.500 | 06/23/24 | 1,321,332 | ||||||||||||||
| 2,000,000 | Huntington Bancshares, Inc | 3.150 | 03/14/21 | 2,026,860 | ||||||||||||||
| 400,000 | Huntington Bancshares, Inc | 2.300 | 01/14/22 | 402,178 | ||||||||||||||
| 1,000,000 | Huntington Bancshares, Inc | 2.625 | 08/06/24 | 1,009,807 | ||||||||||||||
| 500,000 | Huntington Bancshares, Inc | 4.000 | 05/15/25 | 536,088 | ||||||||||||||
| 300,000 | Huntington National Bank | 3.250 | 05/14/21 | 305,054 | ||||||||||||||
| 300,000 | Huntington National Bank | 3.125 | 04/01/22 | 307,211 | ||||||||||||||
| 800,000 | Huntington National Bank | 3.550 | 10/06/23 | 839,994 | ||||||||||||||
| 250,000 | Industrial & Commercial Bank of China Ltd | 3.231 | 11/13/19 | 250,180 | ||||||||||||||
| 1,300,000 | Industrial & Commercial Bank of China Ltd | 2.905 | 11/13/20 | 1,305,124 | ||||||||||||||
| 300,000 | Industrial & Commercial Bank of China Ltd | 2.635 | 05/26/21 | 300,283 | ||||||||||||||
| 250,000 | Industrial & Commercial Bank of China Ltd | 2.452 | 10/20/21 | 249,364 | ||||||||||||||
| 4,750,000 | Industrial & Commercial Bank of China Ltd | 3.538 | 11/08/27 | 4,982,277 | ||||||||||||||
| 750,000 | ING Groep NV | 3.150 | 03/29/22 | 766,923 | ||||||||||||||
| 1,200,000 | ING Groep NV | 4.100 | 10/02/23 | 1,273,919 | ||||||||||||||
| 575,000 | ING Groep NV | 3.550 | 04/09/24 | 600,763 | ||||||||||||||
| 1,250,000 | ING Groep NV | 3.950 | 03/29/27 | 1,346,677 | ||||||||||||||
| 500,000 | ING Groep NV | 4.550 | 10/02/28 | 568,176 | ||||||||||||||
| 825,000 | ING Groep NV | 4.050 | 04/09/29 | 907,841 | ||||||||||||||
| 1,820,000 | JPMorgan Chase & Co | 4.250 | 10/15/20 | 1,861,106 | ||||||||||||||
| 2,000,000 | JPMorgan Chase & Co | 2.550 | 10/29/20 | 2,010,298 | ||||||||||||||
| 2,000,000 | JPMorgan Chase & Co | 2.550 | 03/01/21 | 2,012,939 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.400 | 06/07/21 | 1,005,730 | ||||||||||||||
| 325,000 | JPMorgan Chase & Co | 2.295 | 08/15/21 | 325,862 | ||||||||||||||
| 51 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | JPMorgan Chase & Co | 4.500 | % | 01/24/22 | $ | 527,887 | |||||||||||
| 1,300,000 | JPMorgan Chase & Co | 3.514 | 06/18/22 | 1,330,485 | ||||||||||||||
| 800,000 | JPMorgan Chase & Co | 3.250 | 09/23/22 | 827,080 | ||||||||||||||
| 3,150,000 | JPMorgan Chase & Co | 2.972 | 01/15/23 | 3,205,957 | ||||||||||||||
| 3,075,000 | JPMorgan Chase & Co | 3.200 | 01/25/23 | 3,175,582 | ||||||||||||||
| 7,100,000 | JPMorgan Chase & Co | 3.207 | 04/01/23 | 7,268,879 | ||||||||||||||
| 500,000 | JPMorgan Chase & Co | 3.375 | 05/01/23 | 517,281 | ||||||||||||||
| 625,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 635,720 | ||||||||||||||
| 475,000 | JPMorgan Chase & Co | 3.875 | 02/01/24 | 506,834 | ||||||||||||||
| 4,400,000 | JPMorgan Chase & Co | 3.559 | 04/23/24 | 4,589,798 | ||||||||||||||
| 1,525,000 | JPMorgan Chase & Co | 3.625 | 05/13/24 | 1,615,971 | ||||||||||||||
| 1,575,000 | JPMorgan Chase & Co | 3.797 | 07/23/24 | 1,662,270 | ||||||||||||||
| 2,675,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 2,849,949 | ||||||||||||||
| 975,000 | JPMorgan Chase & Co | 4.023 | 12/05/24 | 1,040,058 | ||||||||||||||
| 625,000 | JPMorgan Chase & Co | 3.125 | 01/23/25 | 647,607 | ||||||||||||||
| 1,200,000 | JPMorgan Chase & Co | 3.220 | 03/01/25 | 1,243,001 | ||||||||||||||
| 2,125,000 | JPMorgan Chase & Co | 3.900 | 07/15/25 | 2,292,922 | ||||||||||||||
| 2,000,000 | JPMorgan Chase & Co | 2.301 | 10/15/25 | 1,993,641 | ||||||||||||||
| 3,125,000 | JPMorgan Chase & Co | 3.300 | 04/01/26 | 3,273,523 | ||||||||||||||
| 1,450,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 1,506,927 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 1,026,462 | ||||||||||||||
| 1,350,000 | JPMorgan Chase & Co | 4.125 | 12/15/26 | 1,474,688 | ||||||||||||||
| 2,450,000 | JPMorgan Chase & Co | 3.960 | 01/29/27 | 2,651,550 | ||||||||||||||
| 250,000 | JPMorgan Chase & Co | 4.250 | 10/01/27 | 274,795 | ||||||||||||||
| 325,000 | JPMorgan Chase & Co | 3.625 | 12/01/27 | 342,548 | ||||||||||||||
| 1,375,000 | JPMorgan Chase & Co | 3.782 | 02/01/28 | 1,472,900 | ||||||||||||||
| 425,000 | JPMorgan Chase & Co | 3.540 | 05/01/28 | 447,702 | ||||||||||||||
| 1,275,000 | JPMorgan Chase & Co | 3.509 | 01/23/29 | 1,347,659 | ||||||||||||||
| 4,600,000 | JPMorgan Chase & Co | 4.005 | 04/23/29 | 5,030,186 | ||||||||||||||
| 2,050,000 | JPMorgan Chase & Co | 4.203 | 07/23/29 | 2,277,656 | ||||||||||||||
| 1,750,000 | JPMorgan Chase & Co | 4.452 | 12/05/29 | 1,979,523 | ||||||||||||||
| 4,500,000 | JPMorgan Chase & Co | 3.702 | 05/06/30 | 4,827,111 | ||||||||||||||
| 1,150,000 | JPMorgan Chase & Co | 2.739 | 10/15/30 | 1,142,980 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 3.882 | 07/24/38 | 1,098,127 | ||||||||||||||
| 958,000 | JPMorgan Chase & Co | 5.500 | 10/15/40 | 1,275,949 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 5.625 | 08/16/43 | 1,319,022 | ||||||||||||||
| 1,800,000 | JPMorgan Chase & Co | 4.950 | 06/01/45 | 2,234,604 | ||||||||||||||
| 2,050,000 | JPMorgan Chase & Co | 4.260 | 02/22/48 | 2,393,051 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 4.032 | 07/24/48 | 1,123,389 | ||||||||||||||
| 4,500,000 | JPMorgan Chase & Co | 3.964 | 11/15/48 | 5,030,553 | ||||||||||||||
| 1,750,000 | JPMorgan Chase & Co | 3.897 | 01/23/49 | 1,944,179 | ||||||||||||||
| 750,000 | JPMorgan Chase & Co | 6.000 | N/A‡ | 801,427 | ||||||||||||||
| 500,000 | KeyBank NA | 2.500 | 11/22/21 | 503,134 | ||||||||||||||
| 500,000 | KeyBank NA | 3.300 | 02/01/22 | 514,259 | ||||||||||||||
| 300,000 | KeyBank NA | 3.180 | 05/22/22 | 307,852 | ||||||||||||||
| 300,000 | KeyBank NA | 2.400 | 06/09/22 | 302,506 | ||||||||||||||
| 625,000 | KeyBank NA | 2.300 | 09/14/22 | 628,187 | ||||||||||||||
| 750,000 | KeyBank NA | 3.375 | 03/07/23 | 779,841 | ||||||||||||||
| 750,000 | KeyBank NA | 3.300 | 06/01/25 | 788,268 | ||||||||||||||
| 300,000 | KeyBank NA | 3.400 | 05/20/26 | 312,762 | ||||||||||||||
| 250,000 | KeyBank NA | 3.900 | 04/13/29 | 271,291 | ||||||||||||||
| 1,200,000 | KeyCorp | 2.900 | 09/15/20 | 1,208,987 | ||||||||||||||
| 200,000 | KeyCorp | 4.150 | 10/29/25 | 218,887 | ||||||||||||||
| 52 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | KeyCorp | 4.100 | % | 04/30/28 | $ | 551,336 | |||||||||||
| 1,000,000 | KeyCorp | 2.550 | 10/01/29 | 976,396 | ||||||||||||||
| 800,000 | Lloyds Bank plc | 2.700 | 08/17/20 | 805,654 | ||||||||||||||
| 1,000,000 | Lloyds Bank plc | 3.300 | 05/07/21 | 1,017,227 | ||||||||||||||
| 1,000,000 | Lloyds Bank plc | 2.250 | 08/14/22 | 998,969 | ||||||||||||||
| 575,000 | Lloyds Banking Group plc | 3.000 | 01/11/22 | 580,912 | ||||||||||||||
| 1,000,000 | Lloyds Banking Group plc | 2.858 | 03/17/23 | 1,003,226 | ||||||||||||||
| 1,175,000 | Lloyds Banking Group plc | 4.050 | 08/16/23 | 1,234,777 | ||||||||||||||
| 1,175,000 | Lloyds Banking Group plc | 2.907 | 11/07/23 | 1,177,330 | ||||||||||||||
| 1,800,000 | Lloyds Banking Group plc | 3.900 | 03/12/24 | 1,883,761 | ||||||||||||||
| 2,750,000 | Lloyds Banking Group plc | 4.500 | 11/04/24 | 2,871,233 | ||||||||||||||
| 1,375,000 | Lloyds Banking Group plc | 4.450 | 05/08/25 | 1,479,990 | ||||||||||||||
| 325,000 | Lloyds Banking Group plc | 4.582 | 12/10/25 | 341,374 | ||||||||||||||
| 225,000 | Lloyds Banking Group plc | 4.650 | 03/24/26 | 237,666 | ||||||||||||||
| 500,000 | Lloyds Banking Group plc | 3.750 | 01/11/27 | 518,643 | ||||||||||||||
| 2,700,000 | Lloyds Banking Group plc | 4.375 | 03/22/28 | 2,932,478 | ||||||||||||||
| 700,000 | Lloyds Banking Group plc | 4.550 | 08/16/28 | 770,350 | ||||||||||||||
| 1,825,000 | Lloyds Banking Group plc | 3.574 | 11/07/28 | 1,861,870 | ||||||||||||||
| 750,000 | Lloyds Banking Group plc | 4.344 | 01/09/48 | 768,491 | ||||||||||||||
| 300,000 | M&T Bank Corp | 3.550 | 07/26/23 | 314,810 | ||||||||||||||
| 250,000 | Manufacturers & Traders Trust Co | 2.050 | 08/17/20 | 250,151 | ||||||||||||||
| 500,000 | Manufacturers & Traders Trust Co | 2.625 | 01/25/21 | 503,575 | ||||||||||||||
| 500,000 | Manufacturers & Traders Trust Co | 2.500 | 05/18/22 | 504,677 | ||||||||||||||
| 1,100,000 | Manufacturers & Traders Trust Co | 2.900 | 02/06/25 | 1,136,165 | ||||||||||||||
| 1,222,000 | Mitsubishi UFJ Financial Group, Inc | 2.950 | 03/01/21 | 1,233,715 | ||||||||||||||
| 1,300,000 | Mitsubishi UFJ Financial Group, Inc | 3.535 | 07/26/21 | 1,329,172 | ||||||||||||||
| 500,000 | Mitsubishi UFJ Financial Group, Inc | 2.190 | 09/13/21 | 499,280 | ||||||||||||||
| 400,000 | Mitsubishi UFJ Financial Group, Inc | 2.998 | 02/22/22 | 406,968 | ||||||||||||||
| 1,375,000 | Mitsubishi UFJ Financial Group, Inc | 3.218 | 03/07/22 | 1,406,802 | ||||||||||||||
| 1,000,000 | Mitsubishi UFJ Financial Group, Inc | 2.623 | 07/18/22 | 1,008,035 | ||||||||||||||
| 975,000 | Mitsubishi UFJ Financial Group, Inc | 2.665 | 07/25/22 | 984,322 | ||||||||||||||
| 1,925,000 | Mitsubishi UFJ Financial Group, Inc | 3.455 | 03/02/23 | 1,992,404 | ||||||||||||||
| 1,175,000 | Mitsubishi UFJ Financial Group, Inc | 3.761 | 07/26/23 | 1,234,010 | ||||||||||||||
| 900,000 | Mitsubishi UFJ Financial Group, Inc | 3.407 | 03/07/24 | 936,454 | ||||||||||||||
| 1,000,000 | Mitsubishi UFJ Financial Group, Inc | 2.801 | 07/18/24 | 1,017,302 | ||||||||||||||
| 1,625,000 | Mitsubishi UFJ Financial Group, Inc | 3.777 | 03/02/25 | 1,735,625 | ||||||||||||||
| 2,075,000 | Mitsubishi UFJ Financial Group, Inc | 3.850 | 03/01/26 | 2,227,105 | ||||||||||||||
| 225,000 | Mitsubishi UFJ Financial Group, Inc | 2.757 | 09/13/26 | 227,759 | ||||||||||||||
| 650,000 | Mitsubishi UFJ Financial Group, Inc | 3.677 | 02/22/27 | 697,291 | ||||||||||||||
| 700,000 | Mitsubishi UFJ Financial Group, Inc | 3.287 | 07/25/27 | 731,988 | ||||||||||||||
| 1,000,000 | Mitsubishi UFJ Financial Group, Inc | 3.961 | 03/02/28 | 1,098,523 | ||||||||||||||
| 300,000 | Mitsubishi UFJ Financial Group, Inc | 4.050 | 09/11/28 | 332,542 | ||||||||||||||
| 1,250,000 | Mitsubishi UFJ Financial Group, Inc | 3.741 | 03/07/29 | 1,356,975 | ||||||||||||||
| 1,000,000 | Mitsubishi UFJ Financial Group, Inc | 3.195 | 07/18/29 | 1,035,268 | ||||||||||||||
| 300,000 | Mitsubishi UFJ Financial Group, Inc | 4.286 | 07/26/38 | 346,983 | ||||||||||||||
| 500,000 | Mitsubishi UFJ Financial Group, Inc | 4.153 | 03/07/39 | 570,072 | ||||||||||||||
| 425,000 | Mitsubishi UFJ Financial Group, Inc | 3.751 | 07/18/39 | 457,866 | ||||||||||||||
| 700,000 | Mizuho Financial Group, Inc | 2.953 | 02/28/22 | 710,011 | ||||||||||||||
| 2,000,000 | Mizuho Financial Group, Inc | 2.601 | 09/11/22 | 2,015,465 | ||||||||||||||
| 700,000 | Mizuho Financial Group, Inc | 3.549 | 03/05/23 | 727,941 | ||||||||||||||
| 750,000 | Mizuho Financial Group, Inc | 2.721 | 07/16/23 | 756,223 | ||||||||||||||
| 750,000 | Mizuho Financial Group, Inc | 3.922 | 09/11/24 | 788,921 | ||||||||||||||
| 53 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | Mizuho Financial Group, Inc | 2.839 | % | 07/16/25 | $ | 758,152 | |||||||||||
| 500,000 | Mizuho Financial Group, Inc | 2.555 | 09/13/25 | 498,684 | ||||||||||||||
| 950,000 | Mizuho Financial Group, Inc | 2.839 | 09/13/26 | 961,846 | ||||||||||||||
| 200,000 | Mizuho Financial Group, Inc | 3.663 | 02/28/27 | 214,324 | ||||||||||||||
| 600,000 | Mizuho Financial Group, Inc | 3.170 | 09/11/27 | 622,628 | ||||||||||||||
| 725,000 | Mizuho Financial Group, Inc | 4.018 | 03/05/28 | 798,845 | ||||||||||||||
| 625,000 | Mizuho Financial Group, Inc | 4.254 | 09/11/29 | 698,881 | ||||||||||||||
| 1,000,000 | Mizuho Financial Group, Inc | 3.153 | 07/16/30 | 1,024,587 | ||||||||||||||
| 500,000 | Mizuho Financial Group, Inc | 2.869 | 09/13/30 | 498,241 | ||||||||||||||
| 225,000 | MUFG Americas Holdings Corp | 3.500 | 06/18/22 | 231,888 | ||||||||||||||
| 160,000 | MUFG Americas Holdings Corp | 3.000 | 02/10/25 | 163,430 | ||||||||||||||
| 1,000,000 | MUFG Union Bank NA | 3.150 | 04/01/22 | 1,024,647 | ||||||||||||||
| 350,000 | National Australia Bank Ltd | 2.625 | 07/23/20 | 351,758 | ||||||||||||||
| 300,000 | National Australia Bank Ltd | 2.500 | 01/12/21 | 301,709 | ||||||||||||||
| 300,000 | National Australia Bank Ltd | 2.625 | 01/14/21 | 302,018 | ||||||||||||||
| 500,000 | National Australia Bank Ltd | 1.875 | 07/12/21 | 498,514 | ||||||||||||||
| 1,000,000 | National Australia Bank Ltd | 3.375 | 09/20/21 | 1,024,272 | ||||||||||||||
| 500,000 | National Australia Bank Ltd | 3.700 | 11/04/21 | 516,945 | ||||||||||||||
| 925,000 | National Australia Bank Ltd | 2.800 | 01/10/22 | 941,911 | ||||||||||||||
| 450,000 | National Australia Bank Ltd | 2.500 | 05/22/22 | 455,559 | ||||||||||||||
| 625,000 | National Australia Bank Ltd | 3.000 | 01/20/23 | 640,981 | ||||||||||||||
| 500,000 | National Australia Bank Ltd | 2.875 | 04/12/23 | 512,145 | ||||||||||||||
| 1,300,000 | National Australia Bank Ltd | 3.625 | 06/20/23 | 1,368,815 | ||||||||||||||
| 300,000 | National Australia Bank Ltd | 3.375 | 01/14/26 | 318,005 | ||||||||||||||
| 750,000 | National Australia Bank Ltd | 2.500 | 07/12/26 | 756,810 | ||||||||||||||
| 900,000 | National Bank of Canada | 2.200 | 11/02/20 | 902,142 | ||||||||||||||
| 350,000 | Northern Trust Corp | 2.375 | 08/02/22 | 353,736 | ||||||||||||||
| 625,000 | Northern Trust Corp | 3.950 | 10/30/25 | 680,097 | ||||||||||||||
| 500,000 | Northern Trust Corp | 3.650 | 08/03/28 | 548,529 | ||||||||||||||
| 500,000 | Northern Trust Corp | 3.150 | 05/03/29 | 528,558 | ||||||||||||||
| 100,000 | Northern Trust Corp | 3.375 | 05/08/32 | 102,648 | ||||||||||||||
| 300,000 | People’s United Bank NA | 4.000 | 07/15/24 | 314,044 | ||||||||||||||
| 100,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 103,131 | ||||||||||||||
| 300,000 | PNC Bank NA | 2.600 | 07/21/20 | 301,172 | ||||||||||||||
| 550,000 | PNC Bank NA | 2.450 | 11/05/20 | 552,459 | ||||||||||||||
| 500,000 | PNC Bank NA | 2.500 | 01/22/21 | 503,088 | ||||||||||||||
| 500,000 | PNC Bank NA | 2.150 | 04/29/21 | 500,791 | ||||||||||||||
| 850,000 | PNC Bank NA | 2.550 | 12/09/21 | 858,284 | ||||||||||||||
| 1,075,000 | PNC Bank NA | 2.625 | 02/17/22 | 1,089,894 | ||||||||||||||
| 1,500,000 | PNC Bank NA | 2.232 | 07/22/22 | 1,501,455 | ||||||||||||||
| 1,750,000 | PNC Bank NA | 2.450 | 07/28/22 | 1,768,264 | ||||||||||||||
| 1,025,000 | PNC Bank NA | 2.700 | 11/01/22 | 1,039,887 | ||||||||||||||
| 750,000 | PNC Bank NA | 2.950 | 01/30/23 | 766,376 | ||||||||||||||
| 1,375,000 | PNC Bank NA | 3.500 | 06/08/23 | 1,445,180 | ||||||||||||||
| 250,000 | PNC Bank NA | 3.800 | 07/25/23 | 263,467 | ||||||||||||||
| 600,000 | PNC Bank NA | 2.950 | 02/23/25 | 620,351 | ||||||||||||||
| 550,000 | PNC Bank NA | 3.250 | 06/01/25 | 575,988 | ||||||||||||||
| 500,000 | PNC Bank NA | 3.100 | 10/25/27 | 526,579 | ||||||||||||||
| 500,000 | PNC Bank NA | 3.250 | 01/22/28 | 530,298 | ||||||||||||||
| 903,000 | PNC Bank NA | 4.050 | 07/26/28 | 995,132 | ||||||||||||||
| 50,000 | PNC Financial Services Group, Inc | 4.375 | 08/11/20 | 51,028 | ||||||||||||||
| 500,000 | PNC Financial Services Group, Inc | 3.500 | 01/23/24 | 528,279 | ||||||||||||||
| 300,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 321,093 | ||||||||||||||
| 54 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,500,000 | PNC Financial Services Group, Inc | 2.600 | % | 07/23/26 | $ | 1,518,699 | |||||||||||
| 300,000 | PNC Financial Services Group, Inc | 3.150 | 05/19/27 | 316,166 | ||||||||||||||
| 1,575,000 | PNC Financial Services Group, Inc | 3.450 | 04/23/29 | 1,681,784 | ||||||||||||||
| 150,000 | PNC Financial Services Group, Inc (Step Bond) | 2.854 | 11/09/22 | 152,933 | ||||||||||||||
| 425,000 | PNC Funding Corp | 3.300 | 03/08/22 | 438,577 | ||||||||||||||
| 500,000 | Regions Bank | 2.750 | 04/01/21 | 503,269 | ||||||||||||||
| 250,000 | Regions Bank | 3.374 | 08/13/21 | 252,181 | ||||||||||||||
| 1,350,000 | Regions Financial Corp | 3.200 | 02/08/21 | 1,366,626 | ||||||||||||||
| 850,000 | Regions Financial Corp | 2.750 | 08/14/22 | 863,046 | ||||||||||||||
| 2,075,000 | Regions Financial Corp | 3.800 | 08/14/23 | 2,188,941 | ||||||||||||||
| 750,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 749,220 | ||||||||||||||
| 500,000 | Royal Bank of Canada | 2.100 | 10/14/20 | 500,318 | ||||||||||||||
| 500,000 | Royal Bank of Canada | 2.150 | 10/26/20 | 500,878 | ||||||||||||||
| 500,000 | Royal Bank of Canada | 2.350 | 10/30/20 | 502,113 | ||||||||||||||
| 750,000 | Royal Bank of Canada | 2.300 | 03/22/21 | 753,811 | ||||||||||||||
| 2,675,000 | Royal Bank of Canada | 3.200 | 04/30/21 | 2,725,234 | ||||||||||||||
| 1,600,000 | Royal Bank of Canada | 2.750 | 02/01/22 | 1,628,828 | ||||||||||||||
| 1,000,000 | Royal Bank of Canada | 2.800 | 04/29/22 | 1,018,660 | ||||||||||||||
| 850,000 | Royal Bank of Canada | 3.700 | 10/05/23 | 899,262 | ||||||||||||||
| 1,000,000 | Royal Bank of Canada | 2.550 | 07/16/24 | 1,013,722 | ||||||||||||||
| 1,000,000 | Royal Bank of Canada | 4.650 | 01/27/26 | 1,104,637 | ||||||||||||||
| 550,000 | Royal Bank of Scotland Group plc | 6.125 | 12/15/22 | 595,118 | ||||||||||||||
| 4,000,000 | Royal Bank of Scotland Group plc | 3.498 | 05/15/23 | 4,053,375 | ||||||||||||||
| 275,000 | Royal Bank of Scotland Group plc | 6.100 | 06/10/23 | 299,529 | ||||||||||||||
| 1,275,000 | Royal Bank of Scotland Group plc | 3.875 | 09/12/23 | 1,315,801 | ||||||||||||||
| 175,000 | Royal Bank of Scotland Group plc | 6.000 | 12/19/23 | 192,381 | ||||||||||||||
| 175,000 | Royal Bank of Scotland Group plc | 5.125 | 05/28/24 | 186,553 | ||||||||||||||
| 700,000 | Royal Bank of Scotland Group plc | 4.519 | 06/25/24 | 736,206 | ||||||||||||||
| 750,000 | Royal Bank of Scotland Group plc | 4.269 | 03/22/25 | 784,388 | ||||||||||||||
| 750,000 | Royal Bank of Scotland Group plc | 4.800 | 04/05/26 | 820,074 | ||||||||||||||
| 1,000,000 | Royal Bank of Scotland Group plc | 4.892 | 05/18/29 | 1,100,227 | ||||||||||||||
| 3,000,000 | Royal Bank of Scotland Group plc | 5.076 | 01/27/30 | 3,358,014 | ||||||||||||||
| 1,500,000 | Royal Bank of Scotland Group plc | 4.445 | 05/08/30 | 1,606,558 | ||||||||||||||
| 250,000 | Santander Holdings USA, Inc | 2.650 | 04/17/20 | 250,474 | ||||||||||||||
| 550,000 | Santander Holdings USA, Inc | 4.450 | 12/03/21 | 574,434 | ||||||||||||||
| 1,300,000 | Santander Holdings USA, Inc | 3.700 | 03/28/22 | 1,332,697 | ||||||||||||||
| 1,200,000 | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 1,228,044 | ||||||||||||||
| 375,000 | Santander Holdings USA, Inc | 3.500 | 06/07/24 | 384,756 | ||||||||||||||
| 775,000 | Santander Holdings USA, Inc | 4.500 | 07/17/25 | 831,527 | ||||||||||||||
| 650,000 | Santander Holdings USA, Inc | 4.400 | 07/13/27 | 695,402 | ||||||||||||||
| 600,000 | Santander UK Group Holdings plc | 2.875 | 10/16/20 | 601,904 | ||||||||||||||
| 200,000 | Santander UK Group Holdings plc | 3.125 | 01/08/21 | 201,349 | ||||||||||||||
| 1,775,000 | Santander UK Group Holdings plc | 3.571 | 01/10/23 | 1,800,420 | ||||||||||||||
| 775,000 | Santander UK Group Holdings plc | 3.373 | 01/05/24 | 787,260 | ||||||||||||||
| 725,000 | Santander UK Group Holdings plc | 4.796 | 11/15/24 | 776,719 | ||||||||||||||
| 500,000 | Santander UK Group Holdings plc | 3.823 | 11/03/28 | 514,811 | ||||||||||||||
| 1,200,000 | Santander UK plc | 2.125 | 11/03/20 | 1,199,338 | ||||||||||||||
| 200,000 | Santander UK plc | 2.500 | 01/05/21 | 200,248 | ||||||||||||||
| 750,000 | Santander UK plc | 3.400 | 06/01/21 | 762,987 | ||||||||||||||
| 400,000 | Santander UK plc | 3.750 | 11/15/21 | 412,938 | ||||||||||||||
| 775,000 | Santander UK plc | 4.000 | 03/13/24 | 822,232 | ||||||||||||||
| 1,000,000 | Santander UK plc | 2.875 | 06/18/24 | 1,015,286 | ||||||||||||||
| 55 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 350,000 | Shinhan Bank Co Ltd | 3.875 | % | 12/07/26 | $ | 357,362 | |||||||||||
| 500,000 | Skandinaviska Enskilda Banken AB | 2.625 | 03/15/21 | 503,619 | ||||||||||||||
| 400,000 | Skandinaviska Enskilda Banken AB | 1.875 | 09/13/21 | 398,260 | ||||||||||||||
| 900,000 | Skandinaviska Enskilda Banken AB | 2.800 | 03/11/22 | 912,027 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 2.650 | 07/23/20 | 502,107 | ||||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 2.450 | 10/20/20 | 301,329 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 3.200 | 07/18/22 | 513,279 | ||||||||||||||
| 800,000 | Sumitomo Mitsui Banking Corp | 3.000 | 01/18/23 | 819,410 | ||||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 3.950 | 01/10/24 | 320,375 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 3.400 | 07/11/24 | 525,576 | ||||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 267,090 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Financial Group, Inc | 2.934 | 03/09/21 | 504,465 | ||||||||||||||
| 1,250,000 | Sumitomo Mitsui Financial Group, Inc | 2.058 | 07/14/21 | 1,246,217 | ||||||||||||||
| 425,000 | Sumitomo Mitsui Financial Group, Inc | 2.442 | 10/19/21 | 427,162 | ||||||||||||||
| 925,000 | Sumitomo Mitsui Financial Group, Inc | 2.846 | 01/11/22 | 937,654 | ||||||||||||||
| 925,000 | Sumitomo Mitsui Financial Group, Inc | 2.784 | 07/12/22 | 938,770 | ||||||||||||||
| 1,650,000 | Sumitomo Mitsui Financial Group, Inc | 2.778 | 10/18/22 | 1,674,131 | ||||||||||||||
| 1,725,000 | Sumitomo Mitsui Financial Group, Inc | 3.102 | 01/17/23 | 1,768,888 | ||||||||||||||
| 900,000 | Sumitomo Mitsui Financial Group, Inc | 3.748 | 07/19/23 | 946,260 | ||||||||||||||
| 1,300,000 | Sumitomo Mitsui Financial Group, Inc | 3.936 | 10/16/23 | 1,381,589 | ||||||||||||||
| 1,000,000 | Sumitomo Mitsui Financial Group, Inc | 2.696 | 07/16/24 | 1,011,358 | ||||||||||||||
| 1,000,000 | Sumitomo Mitsui Financial Group, Inc | 2.448 | 09/27/24 | 999,342 | ||||||||||||||
| 1,300,000 | Sumitomo Mitsui Financial Group, Inc | 3.784 | 03/09/26 | 1,394,927 | ||||||||||||||
| 900,000 | Sumitomo Mitsui Financial Group, Inc | 2.632 | 07/14/26 | 903,819 | ||||||||||||||
| 700,000 | Sumitomo Mitsui Financial Group, Inc | 3.010 | 10/19/26 | 719,433 | ||||||||||||||
| 725,000 | Sumitomo Mitsui Financial Group, Inc | 3.446 | 01/11/27 | 766,657 | ||||||||||||||
| 775,000 | Sumitomo Mitsui Financial Group, Inc | 3.364 | 07/12/27 | 815,154 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Financial Group, Inc | 3.352 | 10/18/27 | 526,232 | ||||||||||||||
| 675,000 | Sumitomo Mitsui Financial Group, Inc | 3.544 | 01/17/28 | 720,401 | ||||||||||||||
| 750,000 | Sumitomo Mitsui Financial Group, Inc | 3.944 | 07/19/28 | 824,989 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Financial Group, Inc | 4.306 | 10/16/28 | 567,093 | ||||||||||||||
| 1,500,000 | Sumitomo Mitsui Financial Group, Inc | 3.040 | 07/16/29 | 1,534,041 | ||||||||||||||
| 500,000 | Sumitomo Mitsui Financial Group, Inc | 3.202 | 09/17/29 | 506,813 | ||||||||||||||
| 1,000,000 | Sumitomo Mitsui Financial Group, Inc | 2.724 | 09/27/29 | 995,289 | ||||||||||||||
| 800,000 | SunTrust Bank | 2.900 | 03/03/21 | 808,319 | ||||||||||||||
| 300,000 | SunTrust Bank | 3.525 | 10/26/21 | 304,210 | ||||||||||||||
| 225,000 | SunTrust Bank | 2.700 | 01/27/22 | 227,519 | ||||||||||||||
| 750,000 | SunTrust Bank | 2.800 | 05/17/22 | 763,987 | ||||||||||||||
| 1,450,000 | SunTrust Bank | 2.450 | 08/01/22 | 1,465,655 | ||||||||||||||
| 300,000 | SunTrust Bank | 3.502 | 08/02/22 | 306,625 | ||||||||||||||
| 500,000 | SunTrust Bank | 3.000 | 02/02/23 | 512,485 | ||||||||||||||
| 1,000,000 | SunTrust Bank | 3.200 | 04/01/24 | 1,039,685 | ||||||||||||||
| 500,000 | SunTrust Bank | 3.689 | 08/02/24 | 524,200 | ||||||||||||||
| 900,000 | SunTrust Bank | 4.000 | 05/01/25 | 972,916 | ||||||||||||||
| 200,000 | SunTrust Bank | 4.050 | 11/03/25 | 218,583 | ||||||||||||||
| 375,000 | SunTrust Bank | 3.300 | 05/15/26 | 389,177 | ||||||||||||||
| 50,000 | SVB Financial Group | 5.375 | 09/15/20 | 51,493 | ||||||||||||||
| 1,350,000 | Svenska Handelsbanken AB | 1.950 | 09/08/20 | 1,349,252 | ||||||||||||||
| 750,000 | Svenska Handelsbanken AB | 2.450 | 03/30/21 | 753,882 | ||||||||||||||
| 750,000 | Svenska Handelsbanken AB | 3.350 | 05/24/21 | 765,075 | ||||||||||||||
| 1,000,000 | Svenska Handelsbanken AB | 1.875 | 09/07/21 | 995,792 | ||||||||||||||
| 889,000 | Svenska Handelsbanken AB | 3.900 | 11/20/23 | 950,066 | ||||||||||||||
| 1,250,000 | Synchrony Bank | 3.650 | 05/24/21 | 1,273,976 | ||||||||||||||
| 56 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 475,000 | Synchrony Bank | 3.000 | % | 06/15/22 | $ | 481,544 | |||||||||||
| 300,000 | Synovus Financial Corp | 3.125 | 11/01/22 | 301,710 | ||||||||||||||
| 200,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 199,840 | ||||||||||||||
| 350,000 | Toronto-Dominion Bank | 3.150 | 09/17/20 | 353,922 | ||||||||||||||
| 300,000 | Toronto-Dominion Bank | 2.500 | 12/14/20 | 302,008 | ||||||||||||||
| 1,000,000 | Toronto-Dominion Bank | 2.550 | 01/25/21 | 1,007,543 | ||||||||||||||
| 900,000 | Toronto-Dominion Bank | 2.125 | 04/07/21 | 902,258 | ||||||||||||||
| 1,525,000 | Toronto-Dominion Bank | 3.250 | 06/11/21 | 1,557,009 | ||||||||||||||
| 2,000,000 | Toronto-Dominion Bank | 1.800 | 07/13/21 | 1,994,347 | ||||||||||||||
| 500,000 | Toronto-Dominion Bank | 3.500 | 07/19/23 | 527,308 | ||||||||||||||
| 1,525,000 | Toronto-Dominion Bank | 3.250 | 03/11/24 | 1,595,042 | ||||||||||||||
| 1,250,000 | Toronto-Dominion Bank | 2.650 | 06/12/24 | 1,274,892 | ||||||||||||||
| 1,000,000 | i | Toronto-Dominion Bank | USD SWAP SEMI 30/360 5 Y + 2.205% | 3.625 | 09/15/31 | 1,033,023 | ||||||||||||
| 4,075,000 | US Bancorp | 2.625 | 01/24/22 | 4,126,279 | ||||||||||||||
| 250,000 | US Bancorp | 3.000 | 03/15/22 | 256,090 | ||||||||||||||
| 450,000 | US Bancorp | 2.950 | 07/15/22 | 460,680 | ||||||||||||||
| 125,000 | US Bancorp | 3.700 | 01/30/24 | 133,280 | ||||||||||||||
| 1,225,000 | US Bancorp | 3.375 | 02/05/24 | 1,289,399 | ||||||||||||||
| 225,000 | US Bancorp | 3.600 | 09/11/24 | 239,449 | ||||||||||||||
| 125,000 | US Bancorp | 3.950 | 11/17/25 | 137,460 | ||||||||||||||
| 750,000 | US Bancorp | 3.100 | 04/27/26 | 779,050 | ||||||||||||||
| 700,000 | US Bancorp | 2.375 | 07/22/26 | 706,729 | ||||||||||||||
| 1,175,000 | US Bancorp | 3.150 | 04/27/27 | 1,244,032 | ||||||||||||||
| 750,000 | US Bancorp | 3.900 | 04/26/28 | 841,782 | ||||||||||||||
| 250,000 | US Bank NA | 3.050 | 07/24/20 | 251,915 | ||||||||||||||
| 500,000 | US Bank NA | 2.050 | 10/23/20 | 500,674 | ||||||||||||||
| 1,000,000 | US Bank NA | 3.150 | 04/26/21 | 1,016,331 | ||||||||||||||
| 325,000 | US Bank NA | 3.450 | 11/16/21 | 334,435 | ||||||||||||||
| 1,400,000 | US Bank NA | 2.850 | 01/23/23 | 1,432,749 | ||||||||||||||
| 1,250,000 | US Bank NA | 3.400 | 07/24/23 | 1,310,105 | ||||||||||||||
| 750,000 | US Bank NA | 2.800 | 01/27/25 | 773,371 | ||||||||||||||
| 125,000 | Wachovia Corp | 5.500 | 08/01/35 | 155,134 | ||||||||||||||
| 200,000 | Webster Financial Corp | 4.100 | 03/25/29 | 213,637 | ||||||||||||||
| 3,000,000 | Wells Fargo Bank NA | 2.600 | 01/15/21 | 3,021,244 | ||||||||||||||
| 700,000 | Wells Fargo Bank NA | 3.325 | 07/23/21 | 706,351 | ||||||||||||||
| 1,300,000 | Wells Fargo Bank NA | 3.625 | 10/22/21 | 1,337,554 | ||||||||||||||
| 2,000,000 | Wells Fargo Bank NA | 2.897 | 05/27/22 | 2,022,457 | ||||||||||||||
| 1,000,000 | Wells Fargo Bank NA | 2.082 | 09/09/22 | 997,616 | ||||||||||||||
| 2,400,000 | Wells Fargo Bank NA | 3.550 | 08/14/23 | 2,521,681 | ||||||||||||||
| 250,000 | Wells Fargo Bank NA | 6.600 | 01/15/38 | 356,771 | ||||||||||||||
| 1,600,000 | Western Union Co | 3.600 | 03/15/22 | 1,642,986 | ||||||||||||||
| 200,000 | Western Union Co | 4.250 | 06/09/23 | 210,248 | ||||||||||||||
| 500,000 | Westpac Banking Corp | 3.050 | 05/15/20 | 503,233 | ||||||||||||||
| 2,300,000 | Westpac Banking Corp | 2.300 | 05/26/20 | 2,304,200 | ||||||||||||||
| 500,000 | Westpac Banking Corp | 2.650 | 01/25/21 | 503,807 | ||||||||||||||
| 500,000 | Westpac Banking Corp | 2.100 | 05/13/21 | 500,278 | ||||||||||||||
| 575,000 | Westpac Banking Corp | 2.000 | 08/19/21 | 574,334 | ||||||||||||||
| 650,000 | Westpac Banking Corp | 2.800 | 01/11/22 | 661,207 | ||||||||||||||
| 925,000 | Westpac Banking Corp | 2.500 | 06/28/22 | 936,941 | ||||||||||||||
| 300,000 | Westpac Banking Corp | 2.750 | 01/11/23 | 306,130 | ||||||||||||||
| 1,150,000 | Westpac Banking Corp | 3.650 | 05/15/23 | 1,210,709 | ||||||||||||||
| 57 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 750,000 | Westpac Banking Corp | 3.300 | % | 02/26/24 | $ | 785,607 | |||||||||||
| 1,000,000 | Westpac Banking Corp | 2.850 | 05/13/26 | 1,035,463 | ||||||||||||||
| 675,000 | Westpac Banking Corp | 2.700 | 08/19/26 | 690,902 | ||||||||||||||
| 850,000 | Westpac Banking Corp | 3.350 | 03/08/27 | 909,591 | ||||||||||||||
| 725,000 | Westpac Banking Corp | 3.400 | 01/25/28 | 785,307 | ||||||||||||||
| 950,000 | i | Westpac Banking Corp | USD ICE SWAP RATE 11:00 NY 5 + 2.236% | 4.322 | 11/23/31 | 1,004,469 | ||||||||||||
| 600,000 | i | Westpac Banking Corp | DGS5 + 2.000% | 4.110 | 07/24/34 | 625,571 | ||||||||||||
| 500,000 | Westpac Banking Corp | 4.421 | 07/24/39 | 549,471 | ||||||||||||||
| 800,000 | Zions Bancorp NA | 3.350 | 03/04/22 | 818,970 | ||||||||||||||
| TOTAL BANKS | 660,687,175 | |||||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||||
| 500,000 | ABB Finance USA, Inc | 2.875 | 05/08/22 | 510,974 | ||||||||||||||
| 300,000 | ABB Finance USA, Inc | 3.375 | 04/03/23 | 312,851 | ||||||||||||||
| 300,000 | ABB Finance USA, Inc | 3.800 | 04/03/28 | 331,397 | ||||||||||||||
| 650,000 | ABB Finance USA, Inc | 4.375 | 05/08/42 | 788,402 | ||||||||||||||
| 100,000 | Agilent Technologies, Inc | 3.200 | 10/01/22 | 102,343 | ||||||||||||||
| 400,000 | Agilent Technologies, Inc | 3.875 | 07/15/23 | 420,409 | ||||||||||||||
| 200,000 | Agilent Technologies, Inc | 3.050 | 09/22/26 | 204,288 | ||||||||||||||
| 500,000 | Agilent Technologies, Inc | 2.750 | 09/15/29 | 494,620 | ||||||||||||||
| 200,000 | Air Lease Corp | 2.500 | 03/01/21 | 200,584 | ||||||||||||||
| 200,000 | Air Lease Corp | 3.875 | 04/01/21 | 204,263 | ||||||||||||||
| 200,000 | Air Lease Corp | 3.375 | 06/01/21 | 203,155 | ||||||||||||||
| 625,000 | Air Lease Corp | 3.500 | 01/15/22 | 641,039 | ||||||||||||||
| 500,000 | Air Lease Corp | 3.750 | 02/01/22 | 513,958 | ||||||||||||||
| 400,000 | Air Lease Corp | 2.625 | 07/01/22 | 402,280 | ||||||||||||||
| 575,000 | Air Lease Corp | 2.250 | 01/15/23 | 570,531 | ||||||||||||||
| 200,000 | Air Lease Corp | 2.750 | 01/15/23 | 202,118 | ||||||||||||||
| 750,000 | Air Lease Corp | 3.875 | 07/03/23 | 781,988 | ||||||||||||||
| 1,150,000 | Air Lease Corp | 3.000 | 09/15/23 | 1,167,781 | ||||||||||||||
| 300,000 | Air Lease Corp | 4.250 | 02/01/24 | 317,826 | ||||||||||||||
| 300,000 | Air Lease Corp | 3.250 | 03/01/25 | 305,148 | ||||||||||||||
| 1,000,000 | Air Lease Corp | 3.750 | 06/01/26 | 1,041,031 | ||||||||||||||
| 500,000 | Air Lease Corp | 3.625 | 04/01/27 | 516,631 | ||||||||||||||
| 200,000 | Air Lease Corp | 3.625 | 12/01/27 | 206,238 | ||||||||||||||
| 300,000 | Air Lease Corp | 4.625 | 10/01/28 | 330,554 | ||||||||||||||
| 500,000 | Air Lease Corp | 3.250 | 10/01/29 | 491,890 | ||||||||||||||
| 500,000 | Aircastle Ltd | 5.125 | 03/15/21 | 518,225 | ||||||||||||||
| 200,000 | Aircastle Ltd | 4.400 | 09/25/23 | 210,224 | ||||||||||||||
| 1,000,000 | Aircastle Ltd | 4.125 | 05/01/24 | 1,039,138 | ||||||||||||||
| 500,000 | Aircastle Ltd | 4.250 | 06/15/26 | 512,167 | ||||||||||||||
| 250,000 | Applied Materials, Inc | 2.625 | 10/01/20 | 251,437 | ||||||||||||||
| 400,000 | Applied Materials, Inc | 4.300 | 06/15/21 | 415,867 | ||||||||||||||
| 250,000 | Applied Materials, Inc | 3.900 | 10/01/25 | 272,295 | ||||||||||||||
| 1,575,000 | Applied Materials, Inc | 3.300 | 04/01/27 | 1,676,240 | ||||||||||||||
| 250,000 | Applied Materials, Inc | 5.100 | 10/01/35 | 317,000 | ||||||||||||||
| 100,000 | Applied Materials, Inc | 5.850 | 06/15/41 | 137,570 | ||||||||||||||
| 800,000 | Applied Materials, Inc | 4.350 | 04/01/47 | 976,881 | ||||||||||||||
| 200,000 | Arrow Electronics, Inc | 3.500 | 04/01/22 | 204,110 | ||||||||||||||
| 425,000 | Arrow Electronics, Inc | 3.250 | 09/08/24 | 432,047 | ||||||||||||||
| 200,000 | Arrow Electronics, Inc | 4.000 | 04/01/25 | 208,494 | ||||||||||||||
| 425,000 | Arrow Electronics, Inc | 3.875 | 01/12/28 | 435,760 | ||||||||||||||
| 58 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Avnet, Inc | 3.750 | % | 12/01/21 | $ | 204,113 | |||||||||||
| 300,000 | Avnet, Inc | 4.875 | 12/01/22 | 319,303 | ||||||||||||||
| 200,000 | Avnet, Inc | 4.625 | 04/15/26 | 215,259 | ||||||||||||||
| 100,000 | Carlisle Cos, Inc | 3.750 | 11/15/22 | 102,982 | ||||||||||||||
| 200,000 | Carlisle Cos, Inc | 3.500 | 12/01/24 | 207,631 | ||||||||||||||
| 500,000 | Carlisle Cos, Inc | 3.750 | 12/01/27 | 521,839 | ||||||||||||||
| 1,300,000 | Caterpillar Financial Services Corp | 1.850 | 09/04/20 | 1,298,113 | ||||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 3.350 | 12/07/20 | 304,271 | ||||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 2.900 | 03/15/21 | 303,906 | ||||||||||||||
| 1,950,000 | Caterpillar Financial Services Corp | 2.950 | 02/26/22 | 1,995,999 | ||||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 2.400 | 06/06/22 | 505,623 | ||||||||||||||
| 1,000,000 | Caterpillar Financial Services Corp | 1.900 | 09/06/22 | 998,720 | ||||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 3.450 | 05/15/23 | 314,667 | ||||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 3.650 | 12/07/23 | 530,686 | ||||||||||||||
| 1,000,000 | Caterpillar Financial Services Corp | 2.850 | 05/17/24 | 1,028,746 | ||||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 2.400 | 08/09/26 | 508,096 | ||||||||||||||
| 2,775,000 | Caterpillar, Inc | 3.400 | 05/15/24 | 2,933,584 | ||||||||||||||
| 500,000 | Caterpillar, Inc | 2.600 | 09/19/29 | 505,170 | ||||||||||||||
| 225,000 | Caterpillar, Inc | 5.200 | 05/27/41 | 296,750 | ||||||||||||||
| 2,363,000 | Caterpillar, Inc | 3.803 | 08/15/42 | 2,659,780 | ||||||||||||||
| 300,000 | Caterpillar, Inc | 4.300 | 05/15/44 | 359,925 | ||||||||||||||
| 750,000 | Caterpillar, Inc | 3.250 | 09/19/49 | 780,362 | ||||||||||||||
| 1,300,000 | CNH Industrial Capital LLC | 3.875 | 10/15/21 | 1,333,696 | ||||||||||||||
| 300,000 | CNH Industrial Capital LLC | 4.200 | 01/15/24 | 316,591 | ||||||||||||||
| 200,000 | Crane Co | 4.200 | 03/15/48 | 209,867 | ||||||||||||||
| 300,000 | CRH America, Inc | 5.750 | 01/15/21 | 312,285 | ||||||||||||||
| 200,000 | Cummins, Inc | 3.650 | 10/01/23 | 211,779 | ||||||||||||||
| 200,000 | Cummins, Inc | 4.875 | 10/01/43 | 255,788 | ||||||||||||||
| 300,000 | Danaher Corp | 2.400 | 09/15/20 | 300,437 | ||||||||||||||
| 200,000 | Danaher Corp | 3.350 | 09/15/25 | 212,470 | ||||||||||||||
| 200,000 | Danaher Corp | 4.375 | 09/15/45 | 232,569 | ||||||||||||||
| 350,000 | Deere & Co | 2.600 | 06/08/22 | 356,444 | ||||||||||||||
| 218,000 | Deere & Co | 5.375 | 10/16/29 | 272,836 | ||||||||||||||
| 1,025,000 | Deere & Co | 3.900 | 06/09/42 | 1,181,814 | ||||||||||||||
| 500,000 | Deere & Co | 2.875 | 09/07/49 | 488,214 | ||||||||||||||
| 825,000 | Dover Corp | 3.150 | 11/15/25 | 838,505 | ||||||||||||||
| 100,000 | Dover Corp | 5.375 | 03/01/41 | 125,090 | ||||||||||||||
| 1,450,000 | Eaton Corp | 2.750 | 11/02/22 | 1,475,493 | ||||||||||||||
| 200,000 | Eaton Corp | 3.103 | 09/15/27 | 208,205 | ||||||||||||||
| 150,000 | Eaton Corp | 4.000 | 11/02/32 | 171,967 | ||||||||||||||
| 925,000 | Eaton Corp | 4.150 | 11/02/42 | 1,023,755 | ||||||||||||||
| 200,000 | Eaton Corp | 3.915 | 09/15/47 | 212,825 | ||||||||||||||
| 1,650,000 | Embraer Netherlands Finance BV | 5.400 | 02/01/27 | 1,866,579 | ||||||||||||||
| 350,000 | Emerson Electric Co | 2.625 | 02/15/23 | 359,868 | ||||||||||||||
| 200,000 | Emerson Electric Co | 3.150 | 06/01/25 | 210,783 | ||||||||||||||
| 200,000 | Emerson Electric Co | 5.250 | 11/15/39 | 260,724 | ||||||||||||||
| 200,000 | FLIR Systems, Inc | 3.125 | 06/15/21 | 202,161 | ||||||||||||||
| 150,000 | Flowserve Corp | 3.500 | 09/15/22 | 152,568 | ||||||||||||||
| 200,000 | Flowserve Corp | 4.000 | 11/15/23 | 206,340 | ||||||||||||||
| 500,000 | Fortive Corp | 2.350 | 06/15/21 | 500,723 | ||||||||||||||
| 875,000 | Fortive Corp | 3.150 | 06/15/26 | 888,480 | ||||||||||||||
| 250,000 | Fortive Corp | 4.300 | 06/15/46 | 265,156 | ||||||||||||||
| 59 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,325,000 | General Dynamics Corp | 3.000 | % | 05/11/21 | $ | 1,348,160 | |||||||||||
| 325,000 | General Dynamics Corp | 2.250 | 11/15/22 | 327,713 | ||||||||||||||
| 825,000 | General Dynamics Corp | 3.375 | 05/15/23 | 863,294 | ||||||||||||||
| 300,000 | General Dynamics Corp | 1.875 | 08/15/23 | 299,130 | ||||||||||||||
| 1,200,000 | General Dynamics Corp | 2.375 | 11/15/24 | 1,216,510 | ||||||||||||||
| 975,000 | General Dynamics Corp | 3.500 | 05/15/25 | 1,043,284 | ||||||||||||||
| 750,000 | General Dynamics Corp | 3.750 | 05/15/28 | 832,281 | ||||||||||||||
| 225,000 | General Dynamics Corp | 3.600 | 11/15/42 | 250,693 | ||||||||||||||
| 2,350,000 | General Electric Co | 2.700 | 10/09/22 | 2,356,083 | ||||||||||||||
| 250,000 | General Electric Co | 3.375 | 03/11/24 | 257,270 | ||||||||||||||
| 2,875,000 | General Electric Co | 4.125 | 10/09/42 | 2,902,126 | ||||||||||||||
| 6,350,000 | General Electric Co | 4.500 | 03/11/44 | 6,802,246 | ||||||||||||||
| 400,000 | Huntington Ingalls Industries, Inc | 3.483 | 12/01/27 | 415,760 | ||||||||||||||
| 100,000 | IDEX Corp | 4.500 | 12/15/20 | 102,480 | ||||||||||||||
| 200,000 | IDEX Corp | 4.200 | 12/15/21 | 206,263 | ||||||||||||||
| 1,000,000 | Illinois Tool Works, Inc | 2.650 | 11/15/26 | 1,032,816 | ||||||||||||||
| 200,000 | Illinois Tool Works, Inc | 4.875 | 09/15/41 | 257,761 | ||||||||||||||
| 1,000,000 | Illinois Tool Works, Inc | 3.900 | 09/01/42 | 1,167,608 | ||||||||||||||
| 300,000 | Ingersoll-Rand Global Holding Co Ltd | 2.900 | 02/21/21 | 302,441 | ||||||||||||||
| 300,000 | Ingersoll-Rand Global Holding Co Ltd | 4.250 | 06/15/23 | 319,185 | ||||||||||||||
| 400,000 | Ingersoll-Rand Global Holding Co Ltd | 3.750 | 08/21/28 | 426,939 | ||||||||||||||
| 200,000 | Ingersoll-Rand Global Holding Co Ltd | 5.750 | 06/15/43 | 258,085 | ||||||||||||||
| 150,000 | Ingersoll-Rand Global Holding Co Ltd | 4.300 | 02/21/48 | 166,586 | ||||||||||||||
| 600,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.550 | 11/01/24 | 626,428 | ||||||||||||||
| 100,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.500 | 03/21/26 | 104,160 | ||||||||||||||
| 1,000,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.800 | 03/21/29 | 1,064,801 | ||||||||||||||
| 300,000 | Ingersoll-Rand Luxembourg Finance S.A. | 4.500 | 03/21/49 | 342,322 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 2.350 | 01/08/21 | 201,078 | ||||||||||||||
| 1,175,000 | John Deere Capital Corp | 2.550 | 01/08/21 | 1,183,172 | ||||||||||||||
| 400,000 | John Deere Capital Corp | 2.800 | 03/04/21 | 404,783 | ||||||||||||||
| 1,000,000 | John Deere Capital Corp | 2.875 | 03/12/21 | 1,012,931 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 2.300 | 06/07/21 | 502,964 | ||||||||||||||
| 300,000 | John Deere Capital Corp | 3.125 | 09/10/21 | 306,822 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 3.150 | 10/15/21 | 204,517 | ||||||||||||||
| 600,000 | John Deere Capital Corp | 2.650 | 01/06/22 | 609,446 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 3.200 | 01/10/22 | 513,928 | ||||||||||||||
| 2,700,000 | John Deere Capital Corp | 2.950 | 04/01/22 | 2,767,147 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 1.950 | 06/13/22 | 200,046 | ||||||||||||||
| 400,000 | John Deere Capital Corp | 2.150 | 09/08/22 | 403,873 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 2.700 | 01/06/23 | 204,568 | ||||||||||||||
| 1,425,000 | John Deere Capital Corp | 2.800 | 03/06/23 | 1,465,605 | ||||||||||||||
| 300,000 | John Deere Capital Corp | 3.450 | 06/07/23 | 315,038 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 3.650 | 10/12/23 | 213,097 | ||||||||||||||
| 750,000 | John Deere Capital Corp | 3.450 | 01/10/24 | 790,247 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 2.600 | 03/07/24 | 510,400 | ||||||||||||||
| 850,000 | John Deere Capital Corp | 2.650 | 06/24/24 | 873,237 | ||||||||||||||
| 1,100,000 | John Deere Capital Corp | 3.450 | 03/13/25 | 1,175,394 | ||||||||||||||
| 125,000 | John Deere Capital Corp | 3.400 | 09/11/25 | 133,942 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 2.250 | 09/14/26 | 499,317 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 2.800 | 09/08/27 | 206,349 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 3.050 | 01/06/28 | 209,809 | ||||||||||||||
| 1,600,000 | John Deere Capital Corp | 3.450 | 03/07/29 | 1,731,334 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 2.800 | 07/18/29 | 513,517 | ||||||||||||||
| 60 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 474,000 | Johnson Controls International plc | 3.900 | % | 02/14/26 | $ | 506,830 | |||||||||||
| 207,000 | Johnson Controls International plc | 6.000 | 01/15/36 | 254,402 | ||||||||||||||
| 35,000 | Johnson Controls International plc | 5.125 | 09/14/45 | 40,864 | ||||||||||||||
| 300,000 | Johnson Controls International plc | 4.500 | 02/15/47 | 330,933 | ||||||||||||||
| 280,000 | Johnson Controls International plc (Step Bond) | 3.625 | 07/02/24 | 293,347 | ||||||||||||||
| 325,000 | Johnson Controls International plc (Step Bond) | 4.625 | 07/02/44 | 353,504 | ||||||||||||||
| 72,000 | Johnson Controls International plc (Step Bond) | 4.950 | 07/02/64 | 75,987 | ||||||||||||||
| 150,000 | Kennametal, Inc | 3.875 | 02/15/22 | 153,877 | ||||||||||||||
| 200,000 | Kennametal, Inc | 4.625 | 06/15/28 | 212,777 | ||||||||||||||
| 866,000 | KLA-Tencor Corp | 4.125 | 11/01/21 | 895,025 | ||||||||||||||
| 125,000 | KLA-Tencor Corp | 4.650 | 11/01/24 | 137,645 | ||||||||||||||
| 300,000 | KLA-Tencor Corp | 4.100 | 03/15/29 | 331,101 | ||||||||||||||
| 500,000 | KLA-Tencor Corp | 5.000 | 03/15/49 | 615,621 | ||||||||||||||
| 1,000,000 | Lam Research Corp | 2.800 | 06/15/21 | 1,011,894 | ||||||||||||||
| 200,000 | Lam Research Corp | 3.800 | 03/15/25 | 213,562 | ||||||||||||||
| 150,000 | Lam Research Corp | 3.750 | 03/15/26 | 160,107 | ||||||||||||||
| 275,000 | Lam Research Corp | 4.000 | 03/15/29 | 303,336 | ||||||||||||||
| 825,000 | Lam Research Corp | 4.875 | 03/15/49 | 1,009,269 | ||||||||||||||
| 100,000 | Legrand France S.A. | 8.500 | 02/15/25 | 128,275 | ||||||||||||||
| 100,000 | Lennox International, Inc | 3.000 | 11/15/23 | 100,653 | ||||||||||||||
| 1,075,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 1,079,715 | ||||||||||||||
| 500,000 | Lockheed Martin Corp | 3.100 | 01/15/23 | 515,652 | ||||||||||||||
| 300,000 | Lockheed Martin Corp | 2.900 | 03/01/25 | 310,675 | ||||||||||||||
| 2,200,000 | Lockheed Martin Corp | 3.550 | 01/15/26 | 2,359,066 | ||||||||||||||
| 300,000 | Lockheed Martin Corp | 3.600 | 03/01/35 | 323,594 | ||||||||||||||
| 500,000 | Lockheed Martin Corp | 4.500 | 05/15/36 | 598,988 | ||||||||||||||
| 1,833,000 | Lockheed Martin Corp | 4.070 | 12/15/42 | 2,116,173 | ||||||||||||||
| 275,000 | Lockheed Martin Corp | 3.800 | 03/01/45 | 306,712 | ||||||||||||||
| 200,000 | Lockheed Martin Corp | 4.700 | 05/15/46 | 254,319 | ||||||||||||||
| 1,394,000 | Lockheed Martin Corp | 4.090 | 09/15/52 | 1,646,472 | ||||||||||||||
| 200,000 | Mosaic Co | 3.250 | 11/15/22 | 204,350 | ||||||||||||||
| 1,000,000 | Mosaic Co | 4.250 | 11/15/23 | 1,059,679 | ||||||||||||||
| 800,000 | Mosaic Co | 4.050 | 11/15/27 | 831,288 | ||||||||||||||
| 300,000 | Mosaic Co | 5.450 | 11/15/33 | 339,783 | ||||||||||||||
| 100,000 | Mosaic Co | 4.875 | 11/15/41 | 98,829 | ||||||||||||||
| 300,000 | Mosaic Co | 5.625 | 11/15/43 | 332,755 | ||||||||||||||
| 750,000 | Northrop Grumman Corp | 2.080 | 10/15/20 | 750,244 | ||||||||||||||
| 650,000 | Northrop Grumman Corp | 3.500 | 03/15/21 | 662,050 | ||||||||||||||
| 1,150,000 | Northrop Grumman Corp | 2.550 | 10/15/22 | 1,166,008 | ||||||||||||||
| 400,000 | Northrop Grumman Corp | 3.250 | 08/01/23 | 416,738 | ||||||||||||||
| 1,000,000 | Northrop Grumman Corp | 2.930 | 01/15/25 | 1,030,963 | ||||||||||||||
| 300,000 | Northrop Grumman Corp | 3.200 | 02/01/27 | 314,014 | ||||||||||||||
| 1,775,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 1,863,267 | ||||||||||||||
| 100,000 | Northrop Grumman Corp | 5.050 | 11/15/40 | 123,183 | ||||||||||||||
| 700,000 | Northrop Grumman Corp | 4.750 | 06/01/43 | 857,066 | ||||||||||||||
| 300,000 | Northrop Grumman Corp | 3.850 | 04/15/45 | 330,621 | ||||||||||||||
| 2,050,000 | Northrop Grumman Corp | 4.030 | 10/15/47 | 2,323,887 | ||||||||||||||
| 250,000 | Parker-Hannifin Corp | 3.500 | 09/15/22 | 259,504 | ||||||||||||||
| 200,000 | Parker-Hannifin Corp | 2.700 | 06/14/24 | 203,728 | ||||||||||||||
| 300,000 | Parker-Hannifin Corp | 3.300 | 11/21/24 | 313,478 | ||||||||||||||
| 650,000 | Parker-Hannifin Corp | 3.250 | 03/01/27 | 674,374 | ||||||||||||||
| 1,825,000 | Parker-Hannifin Corp | 3.250 | 06/14/29 | 1,901,492 | ||||||||||||||
| 61 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Parker-Hannifin Corp | 4.200 | % | 11/21/34 | $ | 225,149 | |||||||||||
| 200,000 | Parker-Hannifin Corp | 4.450 | 11/21/44 | 231,905 | ||||||||||||||
| 750,000 | Parker-Hannifin Corp | 4.100 | 03/01/47 | 836,337 | ||||||||||||||
| 225,000 | Parker-Hannifin Corp | 4.000 | 06/14/49 | 247,959 | ||||||||||||||
| 1,150,000 | Precision Castparts Corp | 2.500 | 01/15/23 | 1,170,067 | ||||||||||||||
| 775,000 | Precision Castparts Corp | 3.250 | 06/15/25 | 816,162 | ||||||||||||||
| 400,000 | Precision Castparts Corp | 4.200 | 06/15/35 | 446,181 | ||||||||||||||
| 100,000 | Precision Castparts Corp | 3.900 | 01/15/43 | 111,328 | ||||||||||||||
| 450,000 | Raytheon Co | 3.125 | 10/15/20 | 455,440 | ||||||||||||||
| 3,875,000 | Raytheon Co | 2.500 | 12/15/22 | 3,923,425 | ||||||||||||||
| 300,000 | Raytheon Co | 3.150 | 12/15/24 | 315,303 | ||||||||||||||
| 200,000 | Raytheon Co | 7.200 | 08/15/27 | 266,551 | ||||||||||||||
| 100,000 | Raytheon Co | 4.700 | 12/15/41 | 124,297 | ||||||||||||||
| 150,000 | Raytheon Co | 4.200 | 12/15/44 | 177,514 | ||||||||||||||
| 300,000 | Reliance Steel & Aluminum Co | 4.500 | 04/15/23 | 316,946 | ||||||||||||||
| 400,000 | Rockwell Automation, Inc | 3.500 | 03/01/29 | 433,490 | ||||||||||||||
| 400,000 | Rockwell Automation, Inc | 4.200 | 03/01/49 | 476,542 | ||||||||||||||
| 625,000 | Rockwell Collins, Inc | 2.800 | 03/15/22 | 635,297 | ||||||||||||||
| 500,000 | Rockwell Collins, Inc | 3.200 | 03/15/24 | 519,368 | ||||||||||||||
| 1,325,000 | Rockwell Collins, Inc | 3.500 | 03/15/27 | 1,413,984 | ||||||||||||||
| 125,000 | Rockwell Collins, Inc | 4.800 | 12/15/43 | 151,188 | ||||||||||||||
| 700,000 | Rockwell Collins, Inc | 4.350 | 04/15/47 | 819,209 | ||||||||||||||
| 200,000 | Roper Technologies, Inc | 3.000 | 12/15/20 | 201,761 | ||||||||||||||
| 550,000 | Roper Technologies, Inc | 2.800 | 12/15/21 | 558,809 | ||||||||||||||
| 500,000 | Roper Technologies, Inc | 3.650 | 09/15/23 | 524,924 | ||||||||||||||
| 500,000 | Roper Technologies, Inc | 2.350 | 09/15/24 | 500,141 | ||||||||||||||
| 1,100,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 1,176,034 | ||||||||||||||
| 300,000 | Roper Technologies, Inc | 4.200 | 09/15/28 | 329,943 | ||||||||||||||
| 500,000 | Roper Technologies, Inc | 2.950 | 09/15/29 | 501,340 | ||||||||||||||
| 200,000 | Snap-on, Inc | 3.250 | 03/01/27 | 211,145 | ||||||||||||||
| 200,000 | Snap-on, Inc | 4.100 | 03/01/48 | 231,747 | ||||||||||||||
| 250,000 | Spirit AeroSystems, Inc | 3.950 | 06/15/23 | 259,280 | ||||||||||||||
| 200,000 | Spirit AeroSystems, Inc | 3.850 | 06/15/26 | 204,746 | ||||||||||||||
| 450,000 | Spirit AeroSystems, Inc | 4.600 | 06/15/28 | 484,692 | ||||||||||||||
| 250,000 | Stanley Black & Decker, Inc | 3.400 | 12/01/21 | 255,042 | ||||||||||||||
| 600,000 | Stanley Black & Decker, Inc | 2.900 | 11/01/22 | 614,872 | ||||||||||||||
| 500,000 | Stanley Black & Decker, Inc | 3.400 | 03/01/26 | 529,219 | ||||||||||||||
| 300,000 | Stanley Black & Decker, Inc | 4.250 | 11/15/28 | 341,446 | ||||||||||||||
| 100,000 | Stanley Black & Decker, Inc | 5.200 | 09/01/40 | 125,070 | ||||||||||||||
| 425,000 | Stanley Black & Decker, Inc | 4.850 | 11/15/48 | 534,865 | ||||||||||||||
| 150,000 | Textron, Inc | 4.000 | 03/15/26 | 160,166 | ||||||||||||||
| 500,000 | Textron, Inc | 3.650 | 03/15/27 | 521,819 | ||||||||||||||
| 100,000 | Textron, Inc | 3.375 | 03/01/28 | 102,877 | ||||||||||||||
| 750,000 | Textron, Inc | 3.900 | 09/17/29 | 804,212 | ||||||||||||||
| 250,000 | Timken Co | 3.875 | 09/01/24 | 260,093 | ||||||||||||||
| 200,000 | Timken Co | 4.500 | 12/15/28 | 214,576 | ||||||||||||||
| 100,000 | Trimble, Inc | 4.150 | 06/15/23 | 104,469 | ||||||||||||||
| 625,000 | Trimble, Inc | 4.900 | 06/15/28 | 678,258 | ||||||||||||||
| 200,000 | Tupperware Brands Corp | 4.750 | 06/01/21 | 204,473 | ||||||||||||||
| 425,000 | United Technologies Corp | 3.350 | 08/16/21 | 435,960 | ||||||||||||||
| 275,000 | United Technologies Corp | 1.950 | 11/01/21 | 274,766 | ||||||||||||||
| 600,000 | United Technologies Corp | 2.300 | 05/04/22 | 604,176 | ||||||||||||||
| 1,875,000 | United Technologies Corp | 3.100 | 06/01/22 | 1,930,336 | ||||||||||||||
| 62 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,525,000 | United Technologies Corp | 3.650 | % | 08/16/23 | $ | 1,613,099 | |||||||||||
| 825,000 | United Technologies Corp | 2.800 | 05/04/24 | 848,929 | ||||||||||||||
| 1,250,000 | United Technologies Corp | 3.950 | 08/16/25 | 1,368,412 | ||||||||||||||
| 1,325,000 | United Technologies Corp | 2.650 | 11/01/26 | 1,360,360 | ||||||||||||||
| 725,000 | United Technologies Corp | 3.125 | 05/04/27 | 760,968 | ||||||||||||||
| 2,550,000 | United Technologies Corp | 4.125 | 11/16/28 | 2,885,691 | ||||||||||||||
| 250,000 | United Technologies Corp | 6.125 | 07/15/38 | 344,024 | ||||||||||||||
| 750,000 | United Technologies Corp | 4.450 | 11/16/38 | 892,947 | ||||||||||||||
| 200,000 | United Technologies Corp | 5.700 | 04/15/40 | 266,855 | ||||||||||||||
| 2,150,000 | United Technologies Corp | 4.500 | 06/01/42 | 2,579,264 | ||||||||||||||
| 1,650,000 | United Technologies Corp | 4.150 | 05/15/45 | 1,896,416 | ||||||||||||||
| 2,925,000 | United Technologies Corp | 4.625 | 11/16/48 | 3,660,393 | ||||||||||||||
| 200,000 | Valmont Industries, Inc | 5.000 | 10/01/44 | 210,772 | ||||||||||||||
| 200,000 | Valmont Industries, Inc | 5.250 | 10/01/54 | 204,884 | ||||||||||||||
| 600,000 | Wabtec Corp | 4.400 | 03/15/24 | 639,079 | ||||||||||||||
| 300,000 | Wabtec Corp | 3.450 | 11/15/26 | 303,244 | ||||||||||||||
| 875,000 | Wabtec Corp | 4.950 | 09/15/28 | 965,627 | ||||||||||||||
| 800,000 | WW Grainger, Inc | 4.600 | 06/15/45 | 939,629 | ||||||||||||||
| 200,000 | WW Grainger, Inc | 3.750 | 05/15/46 | 207,030 | ||||||||||||||
| 125,000 | WW Grainger, Inc | 4.200 | 05/15/47 | 139,440 | ||||||||||||||
| 300,000 | Xylem, Inc | 4.875 | 10/01/21 | 315,254 | ||||||||||||||
| 775,000 | Xylem, Inc | 3.250 | 11/01/26 | 799,185 | ||||||||||||||
| 100,000 | Xylem, Inc | 4.375 | 11/01/46 | 110,771 | ||||||||||||||
| TOTAL CAPITAL GOODS | 176,869,125 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.3% | ||||||||||||||||||
| 250,000 | BGC Partners, Inc | 5.375 | 07/24/23 | 267,066 | ||||||||||||||
| 500,000 | g | BGC Partners, Inc | 3.750 | 10/01/24 | 497,670 | |||||||||||||
| 500,000 | CNH Industrial NV | 3.850 | 11/15/27 | 515,362 | ||||||||||||||
| 225,000 | g | Daimler Finance North America LLC | 3.650 | 02/22/24 | 235,196 | |||||||||||||
| 925,000 | Daimler Finance North America LLC | 8.500 | 01/18/31 | 1,379,756 | ||||||||||||||
| 200,000 | eBay, Inc | 3.250 | 10/15/20 | 201,854 | ||||||||||||||
| 300,000 | eBay, Inc | 2.875 | 08/01/21 | 303,201 | ||||||||||||||
| 175,000 | eBay, Inc | 3.800 | 03/09/22 | 181,284 | ||||||||||||||
| 1,025,000 | eBay, Inc | 2.600 | 07/15/22 | 1,032,994 | ||||||||||||||
| 375,000 | eBay, Inc | 2.750 | 01/30/23 | 379,553 | ||||||||||||||
| 400,000 | eBay, Inc | 3.450 | 08/01/24 | 416,067 | ||||||||||||||
| 1,200,000 | eBay, Inc | 3.600 | 06/05/27 | 1,249,615 | ||||||||||||||
| 200,000 | eBay, Inc | 4.000 | 07/15/42 | 194,548 | ||||||||||||||
| 675,000 | Equifax, Inc | 2.300 | 06/01/21 | 676,457 | ||||||||||||||
| 200,000 | Equifax, Inc | 3.600 | 08/15/21 | 203,818 | ||||||||||||||
| 200,000 | Equifax, Inc | 3.300 | 12/15/22 | 205,321 | ||||||||||||||
| 200,000 | Equifax, Inc | 3.950 | 06/15/23 | 209,942 | ||||||||||||||
| 300,000 | Fluor Corp | 3.500 | 12/15/24 | 299,288 | ||||||||||||||
| 500,000 | Fluor Corp | 4.250 | 09/15/28 | 502,610 | ||||||||||||||
| 200,000 | Fortune Brands Home & Security, Inc | 3.000 | 06/15/20 | 200,719 | ||||||||||||||
| 600,000 | Fortune Brands Home & Security, Inc | 4.000 | 09/21/23 | 634,209 | ||||||||||||||
| 200,000 | Fortune Brands Home & Security, Inc | 4.000 | 06/15/25 | 211,448 | ||||||||||||||
| 1,000,000 | Fortune Brands Home & Security, Inc | 3.250 | 09/15/29 | 995,640 | ||||||||||||||
| 900,000 | Moody’s Corp | 2.750 | 12/15/21 | 911,879 | ||||||||||||||
| 200,000 | Moody’s Corp | 2.625 | 01/15/23 | 202,184 | ||||||||||||||
| 1,200,000 | Moody’s Corp | 3.250 | 01/15/28 | 1,254,214 | ||||||||||||||
| 63 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Moody’s Corp | 4.250 | % | 02/01/29 | $ | 336,926 | |||||||||||
| 200,000 | Moody’s Corp | 5.250 | 07/15/44 | 257,188 | ||||||||||||||
| 300,000 | Moody’s Corp | 4.875 | 12/17/48 | 372,724 | ||||||||||||||
| 100,000 | Partners Healthcare System, Inc | 3.765 | 07/01/48 | 109,723 | ||||||||||||||
| 100,000 | Partners Healthcare System, Inc | 4.117 | 07/01/55 | 117,953 | ||||||||||||||
| 725,000 | RELX Capital, Inc | 3.500 | 03/16/23 | 751,149 | ||||||||||||||
| 625,000 | RELX Capital, Inc | 4.000 | 03/18/29 | 682,330 | ||||||||||||||
| 580,000 | Republic Services, Inc | 5.250 | 11/15/21 | 617,354 | ||||||||||||||
| 250,000 | Republic Services, Inc | 3.550 | 06/01/22 | 258,843 | ||||||||||||||
| 625,000 | Republic Services, Inc | 2.500 | 08/15/24 | 631,884 | ||||||||||||||
| 750,000 | Republic Services, Inc | 3.200 | 03/15/25 | 780,260 | ||||||||||||||
| 900,000 | Republic Services, Inc | 2.900 | 07/01/26 | 926,161 | ||||||||||||||
| 100,000 | Republic Services, Inc | 3.375 | 11/15/27 | 106,416 | ||||||||||||||
| 1,375,000 | Republic Services, Inc | 3.950 | 05/15/28 | 1,521,736 | ||||||||||||||
| 300,000 | S&P Global, Inc | 3.300 | 08/14/20 | 302,869 | ||||||||||||||
| 300,000 | S&P Global, Inc | 4.000 | 06/15/25 | 326,931 | ||||||||||||||
| 2,150,000 | S&P Global, Inc | 4.400 | 02/15/26 | 2,401,775 | ||||||||||||||
| 200,000 | S&P Global, Inc | 4.500 | 05/15/48 | 253,769 | ||||||||||||||
| 300,000 | Steelcase, Inc | 5.125 | 01/18/29 | 338,173 | ||||||||||||||
| 600,000 | Thomson Reuters Corp | 4.300 | 11/23/23 | 639,822 | ||||||||||||||
| 1,200,000 | Thomson Reuters Corp | 3.350 | 05/15/26 | 1,236,643 | ||||||||||||||
| 145,000 | Thomson Reuters Corp | 5.850 | 04/15/40 | 174,061 | ||||||||||||||
| 200,000 | Thomson Reuters Corp | 5.650 | 11/23/43 | 239,398 | ||||||||||||||
| 1,000,000 | VEREIT Operating Partnership LP | 4.125 | 06/01/21 | 1,026,202 | ||||||||||||||
| 425,000 | VEREIT Operating Partnership LP | 4.875 | 06/01/26 | 470,802 | ||||||||||||||
| 650,000 | VEREIT Operating Partnership LP | 3.950 | 08/15/27 | 686,070 | ||||||||||||||
| 1,700,000 | Visa, Inc | 2.200 | 12/14/20 | 1,706,532 | ||||||||||||||
| 450,000 | Visa, Inc | 2.150 | 09/15/22 | 454,228 | ||||||||||||||
| 1,025,000 | Visa, Inc | 2.800 | 12/14/22 | 1,054,545 | ||||||||||||||
| 3,725,000 | Visa, Inc | 3.150 | 12/14/25 | 3,971,714 | ||||||||||||||
| 700,000 | Visa, Inc | 2.750 | 09/15/27 | 734,003 | ||||||||||||||
| 250,000 | Visa, Inc | 4.150 | 12/14/35 | 301,302 | ||||||||||||||
| 2,325,000 | Visa, Inc | 4.300 | 12/14/45 | 2,883,078 | ||||||||||||||
| 1,125,000 | Visa, Inc | 3.650 | 09/15/47 | 1,280,572 | ||||||||||||||
| 750,000 | Waste Connections, Inc | 3.500 | 05/01/29 | 800,259 | ||||||||||||||
| 310,000 | Waste Management, Inc | 4.600 | 03/01/21 | 319,010 | ||||||||||||||
| 850,000 | Waste Management, Inc | 2.900 | 09/15/22 | 872,294 | ||||||||||||||
| 100,000 | Waste Management, Inc | 2.400 | 05/15/23 | 101,073 | ||||||||||||||
| 1,000,000 | Waste Management, Inc | 3.500 | 05/15/24 | 1,053,027 | ||||||||||||||
| 400,000 | Waste Management, Inc | 2.950 | 06/15/24 | 413,604 | ||||||||||||||
| 1,000,000 | Waste Management, Inc | 3.200 | 06/15/26 | 1,054,997 | ||||||||||||||
| 1,225,000 | Waste Management, Inc | 3.150 | 11/15/27 | 1,289,475 | ||||||||||||||
| 500,000 | Waste Management, Inc | 3.450 | 06/15/29 | 539,280 | ||||||||||||||
| 234,000 | Waste Management, Inc | 3.900 | 03/01/35 | 259,385 | ||||||||||||||
| 200,000 | Waste Management, Inc | 4.000 | 07/15/39 | 227,291 | ||||||||||||||
| 325,000 | Waste Management, Inc | 4.100 | 03/01/45 | 372,980 | ||||||||||||||
| 900,000 | Waste Management, Inc | 4.150 | 07/15/49 | 1,052,112 | ||||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 49,669,818 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||||
| 300,000 | Coach, Inc | 3.000 | 07/15/22 | 302,809 | ||||||||||||||
| 700,000 | Coach, Inc | 4.125 | 07/15/27 | 713,903 | ||||||||||||||
| 200,000 | DR Horton, Inc | 2.550 | 12/01/20 | 200,587 | ||||||||||||||
| 64 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | DR Horton, Inc | 4.375 | % | 09/15/22 | $ | 524,984 | |||||||||||
| 200,000 | Hasbro, Inc | 3.150 | 05/15/21 | 201,799 | ||||||||||||||
| 775,000 | Hasbro, Inc | 3.500 | 09/15/27 | 793,612 | ||||||||||||||
| 100,000 | Hasbro, Inc | 6.350 | 03/15/40 | 118,586 | ||||||||||||||
| 200,000 | Hasbro, Inc | 5.100 | 05/15/44 | 206,405 | ||||||||||||||
| 200,000 | Leggett & Platt, Inc | 3.400 | 08/15/22 | 203,449 | ||||||||||||||
| 475,000 | Leggett & Platt, Inc | 3.500 | 11/15/27 | 478,015 | ||||||||||||||
| 350,000 | Leggett & Platt, Inc | 4.400 | 03/15/29 | 377,205 | ||||||||||||||
| 1,000,000 | Masco Corp | 4.450 | 04/01/25 | 1,083,222 | ||||||||||||||
| 200,000 | Masco Corp | 3.500 | 11/15/27 | 203,131 | ||||||||||||||
| 700,000 | Masco Corp | 4.500 | 05/15/47 | 710,113 | ||||||||||||||
| 100,000 | Mohawk Industries, Inc | 3.850 | 02/01/23 | 104,348 | ||||||||||||||
| 610,000 | Newell Rubbermaid, Inc | 3.850 | 04/01/23 | 629,006 | ||||||||||||||
| 1,375,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 1,436,365 | ||||||||||||||
| 1,039,000 | Newell Rubbermaid, Inc | 5.375 | 04/01/36 | 1,108,374 | ||||||||||||||
| 300,000 | NIKE, Inc | 2.250 | 05/01/23 | 304,519 | ||||||||||||||
| 650,000 | NIKE, Inc | 2.375 | 11/01/26 | 662,155 | ||||||||||||||
| 300,000 | NIKE, Inc | 3.625 | 05/01/43 | 330,324 | ||||||||||||||
| 825,000 | NIKE, Inc | 3.875 | 11/01/45 | 943,503 | ||||||||||||||
| 200,000 | NIKE, Inc | 3.375 | 11/01/46 | 211,841 | ||||||||||||||
| 150,000 | NVR, Inc | 3.950 | 09/15/22 | 156,440 | ||||||||||||||
| 200,000 | Ralph Lauren Corp | 2.625 | 08/18/20 | 201,263 | ||||||||||||||
| 200,000 | Ralph Lauren Corp | 3.750 | 09/15/25 | 214,735 | ||||||||||||||
| 220,000 | VF Corp | 6.450 | 11/01/37 | 314,452 | ||||||||||||||
| 150,000 | Whirlpool Corp | 4.700 | 06/01/22 | 159,416 | ||||||||||||||
| 100,000 | Whirlpool Corp | 3.700 | 03/01/23 | 103,098 | ||||||||||||||
| 100,000 | Whirlpool Corp | 4.000 | 03/01/24 | 105,478 | ||||||||||||||
| 925,000 | Whirlpool Corp | 4.750 | 02/26/29 | 1,031,645 | ||||||||||||||
| 200,000 | Whirlpool Corp | 4.500 | 06/01/46 | 207,610 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 14,342,392 | |||||||||||||||||
| CONSUMER SERVICES - 0.5% | ||||||||||||||||||
| 13,300,000 | Anheuser-Busch Cos LLC | 3.650 | 02/01/26 | 14,250,597 | ||||||||||||||
| 3,150,000 | Anheuser-Busch Cos LLC | 4.700 | 02/01/36 | 3,643,106 | ||||||||||||||
| 11,075,000 | Anheuser-Busch Cos LLC | 4.900 | 02/01/46 | 13,174,795 | ||||||||||||||
| 300,000 | Board of Trustees of The Leland Stanford Junior University | 3.647 | 05/01/48 | 351,173 | ||||||||||||||
| 100,000 | Boston University | 4.061 | 10/01/48 | 121,277 | ||||||||||||||
| 500,000 | Catholic Health Initiatives | 2.950 | 11/01/22 | 508,949 | ||||||||||||||
| 100,000 | Children’s Hospital Corp | 4.115 | 01/01/47 | 119,706 | ||||||||||||||
| 600,000 | Cintas Corp No 2 | 2.900 | 04/01/22 | 613,136 | ||||||||||||||
| 675,000 | Cintas Corp No 2 | 3.700 | 04/01/27 | 736,164 | ||||||||||||||
| 750,000 | CommonSpirit Health | 2.760 | 10/01/24 | 759,351 | ||||||||||||||
| 1,000,000 | CommonSpirit Health | 3.347 | 10/01/29 | 1,011,310 | ||||||||||||||
| 300,000 | CommonSpirit Health | 4.350 | 11/01/42 | 321,747 | ||||||||||||||
| 750,000 | CommonSpirit Health | 3.817 | 10/01/49 | 752,250 | ||||||||||||||
| 715,000 | CommonSpirit Health | 4.187 | 10/01/49 | 736,720 | ||||||||||||||
| 200,000 | Darden Restaurants, Inc | 3.850 | 05/01/27 | 211,378 | ||||||||||||||
| 300,000 | Darden Restaurants, Inc | 4.550 | 02/15/48 | 317,029 | ||||||||||||||
| 500,000 | GLP Capital LP | 4.375 | 04/15/21 | 510,990 | ||||||||||||||
| 250,000 | GLP Capital LP | 3.350 | 09/01/24 | 251,425 | ||||||||||||||
| 1,300,000 | GLP Capital LP | 5.250 | 06/01/25 | 1,431,989 | ||||||||||||||
| 65 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 150,000 | GLP Capital LP | 5.375 | % | 04/15/26 | $ | 165,188 | |||||||||||
| 750,000 | GLP Capital LP | 5.750 | 06/01/28 | 853,118 | ||||||||||||||
| 200,000 | GLP Capital LP | 5.300 | 01/15/29 | 220,442 | ||||||||||||||
| 500,000 | GLP Capital LP | 4.000 | 01/15/30 | 502,485 | ||||||||||||||
| 200,000 | Hyatt Hotels Corp | 3.375 | 07/15/23 | 206,689 | ||||||||||||||
| 100,000 | Hyatt Hotels Corp | 4.850 | 03/15/26 | 110,797 | ||||||||||||||
| 200,000 | Hyatt Hotels Corp | 4.375 | 09/15/28 | 218,256 | ||||||||||||||
| 1,000,000 | Las Vegas Sands Corp | 3.200 | 08/08/24 | 1,018,748 | ||||||||||||||
| 625,000 | Las Vegas Sands Corp | 3.500 | 08/18/26 | 634,894 | ||||||||||||||
| 750,000 | Las Vegas Sands Corp | 3.900 | 08/08/29 | 767,969 | ||||||||||||||
| 200,000 | Marriott International, Inc | 3.375 | 10/15/20 | 201,902 | ||||||||||||||
| 300,000 | Marriott International, Inc | 2.875 | 03/01/21 | 302,654 | ||||||||||||||
| 200,000 | Marriott International, Inc | 3.125 | 10/15/21 | 202,413 | ||||||||||||||
| 300,000 | Marriott International, Inc | 4.150 | 12/01/23 | 319,361 | ||||||||||||||
| 300,000 | Marriott International, Inc | 3.600 | 04/15/24 | 314,868 | ||||||||||||||
| 1,250,000 | Marriott International, Inc | 4.000 | 04/15/28 | 1,337,558 | ||||||||||||||
| 300,000 | Marriott International, Inc | 4.650 | 12/01/28 | 337,781 | ||||||||||||||
| 750,000 | Massachusetts Institute of Technology | 5.600 | 07/01/11 | 1,281,754 | ||||||||||||||
| 200,000 | Massachusetts Institute of Technology | 4.678 | 07/01/14 | 281,869 | ||||||||||||||
| 300,000 | Massachusetts Institute of Technology | 3.885 | 07/01/16 | 355,876 | ||||||||||||||
| 720,000 | McDonald’s Corp | 3.500 | 07/15/20 | 728,263 | ||||||||||||||
| 700,000 | McDonald’s Corp | 2.750 | 12/09/20 | 705,551 | ||||||||||||||
| 650,000 | McDonald’s Corp | 3.350 | 04/01/23 | 678,432 | ||||||||||||||
| 2,950,000 | McDonald’s Corp | 3.700 | 01/30/26 | 3,166,991 | ||||||||||||||
| 300,000 | McDonald’s Corp | 3.500 | 03/01/27 | 320,713 | ||||||||||||||
| 775,000 | McDonald’s Corp | 3.800 | 04/01/28 | 848,905 | ||||||||||||||
| 1,250,000 | McDonald’s Corp | 2.625 | 09/01/29 | 1,245,471 | ||||||||||||||
| 2,225,000 | McDonald’s Corp | 4.700 | 12/09/35 | 2,644,787 | ||||||||||||||
| 250,000 | McDonald’s Corp | 6.300 | 10/15/37 | 344,912 | ||||||||||||||
| 100,000 | McDonald’s Corp | 6.300 | 03/01/38 | 136,748 | ||||||||||||||
| 250,000 | McDonald’s Corp | 4.600 | 05/26/45 | 291,511 | ||||||||||||||
| 1,275,000 | McDonald’s Corp | 4.875 | 12/09/45 | 1,544,598 | ||||||||||||||
| 725,000 | McDonald’s Corp | 4.450 | 03/01/47 | 833,019 | ||||||||||||||
| 625,000 | McDonald’s Corp | 4.450 | 09/01/48 | 722,972 | ||||||||||||||
| 625,000 | McDonald’s Corp | 3.625 | 09/01/49 | 632,354 | ||||||||||||||
| 200,000 | Northwestern University | 3.688 | 12/01/38 | 222,439 | ||||||||||||||
| 200,000 | Northwestern University | 3.868 | 12/01/48 | 236,143 | ||||||||||||||
| 200,000 | Northwestern University | 3.662 | 12/01/57 | 237,225 | ||||||||||||||
| 750,000 | President and Fellows of Harvard College | 3.619 | 10/01/37 | 841,553 | ||||||||||||||
| 200,000 | President and Fellows of Harvard College | 3.150 | 07/15/46 | 214,414 | ||||||||||||||
| 200,000 | President and Fellows of Harvard College | 3.300 | 07/15/56 | 219,199 | ||||||||||||||
| 1,250,000 | Sands China Ltd | 4.600 | 08/08/23 | 1,323,099 | ||||||||||||||
| 1,300,000 | Sands China Ltd | 5.125 | 08/08/25 | 1,427,296 | ||||||||||||||
| 1,100,000 | Sands China Ltd | 5.400 | 08/08/28 | 1,239,014 | ||||||||||||||
| 325,000 | Starbucks Corp | 2.200 | 11/22/20 | 325,473 | ||||||||||||||
| 200,000 | Starbucks Corp | 2.100 | 02/04/21 | 200,183 | ||||||||||||||
| 200,000 | Starbucks Corp | 2.700 | 06/15/22 | 203,711 | ||||||||||||||
| 750,000 | Starbucks Corp | 3.100 | 03/01/23 | 775,604 | ||||||||||||||
| 525,000 | Starbucks Corp | 3.850 | 10/01/23 | 558,118 | ||||||||||||||
| 900,000 | Starbucks Corp | 3.800 | 08/15/25 | 973,996 | ||||||||||||||
| 175,000 | Starbucks Corp | 2.450 | 06/15/26 | 176,435 | ||||||||||||||
| 750,000 | Starbucks Corp | 3.500 | 03/01/28 | 805,423 | ||||||||||||||
| 650,000 | Starbucks Corp | 4.000 | 11/15/28 | 723,928 | ||||||||||||||
| 66 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | Starbucks Corp | 3.550 | % | 08/15/29 | $ | 810,143 | |||||||||||
| 200,000 | Starbucks Corp | 4.300 | 06/15/45 | 221,772 | ||||||||||||||
| 200,000 | Starbucks Corp | 3.750 | 12/01/47 | 206,570 | ||||||||||||||
| 650,000 | Starbucks Corp | 4.500 | 11/15/48 | 755,569 | ||||||||||||||
| 1,000,000 | Starbucks Corp | 4.450 | 08/15/49 | 1,160,864 | ||||||||||||||
| 200,000 | Trinity Acquisition plc | 3.500 | 09/15/21 | 203,555 | ||||||||||||||
| 200,000 | Trinity Acquisition plc | 4.400 | 03/15/26 | 217,127 | ||||||||||||||
| 200,000 | Trustees of Dartmouth College | 3.474 | 06/01/46 | 215,682 | ||||||||||||||
| 500,000 | Trustees of the University of Pennsylvania | 3.610 | 02/15/19 | 549,467 | ||||||||||||||
| 200,000 | Wesleyan University | 4.781 | 07/01/16 | 239,849 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 79,586,792 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 3.0% | ||||||||||||||||||
| 4,083,000 | AerCap Ireland Capital DAC | 5.000 | 10/01/21 | 4,292,872 | ||||||||||||||
| 300,000 | AerCap Ireland Capital DAC | 4.450 | 12/16/21 | 311,936 | ||||||||||||||
| 800,000 | AerCap Ireland Capital DAC | 3.950 | 02/01/22 | 826,331 | ||||||||||||||
| 200,000 | AerCap Ireland Capital DAC | 3.300 | 01/23/23 | 203,963 | ||||||||||||||
| 300,000 | AerCap Ireland Capital DAC | 4.125 | 07/03/23 | 314,676 | ||||||||||||||
| 600,000 | AerCap Ireland Capital DAC | 4.875 | 01/16/24 | 647,934 | ||||||||||||||
| 750,000 | AerCap Ireland Capital DAC | 2.875 | 08/14/24 | 749,544 | ||||||||||||||
| 1,675,000 | AerCap Ireland Capital DAC | 3.500 | 01/15/25 | 1,709,524 | ||||||||||||||
| 300,000 | AerCap Ireland Capital DAC | 4.450 | 10/01/25 | 320,065 | ||||||||||||||
| 500,000 | AerCap Ireland Capital DAC | 4.450 | 04/03/26 | 534,319 | ||||||||||||||
| 250,000 | AerCap Ireland Capital DAC | 3.650 | 07/21/27 | 254,717 | ||||||||||||||
| 200,000 | AerCap Ireland Capital DAC | 3.875 | 01/23/28 | 206,855 | ||||||||||||||
| 200,000 | Affiliated Managers Group, Inc | 4.250 | 02/15/24 | 213,443 | ||||||||||||||
| 20,000 | Ahold Finance USA LLC | 6.875 | 05/01/29 | 26,313 | ||||||||||||||
| 500,000 | American Express Co | 2.200 | 10/30/20 | 500,735 | ||||||||||||||
| 350,000 | American Express Co | 3.000 | 02/22/21 | 354,501 | ||||||||||||||
| 1,000,000 | American Express Co | 3.375 | 05/17/21 | 1,020,000 | ||||||||||||||
| 200,000 | American Express Co | 3.700 | 11/05/21 | 206,497 | ||||||||||||||
| 1,000,000 | American Express Co | 2.750 | 05/20/22 | 1,015,546 | ||||||||||||||
| 1,050,000 | American Express Co | 2.500 | 08/01/22 | 1,060,609 | ||||||||||||||
| 175,000 | American Express Co | 2.650 | 12/02/22 | 177,740 | ||||||||||||||
| 5,000,000 | American Express Co | 3.400 | 02/27/23 | 5,192,172 | ||||||||||||||
| 2,000,000 | American Express Co | 3.700 | 08/03/23 | 2,107,309 | ||||||||||||||
| 1,125,000 | American Express Co | 3.400 | 02/22/24 | 1,176,683 | ||||||||||||||
| 1,000,000 | American Express Co | 2.500 | 07/30/24 | 1,008,151 | ||||||||||||||
| 750,000 | American Express Co | 3.000 | 10/30/24 | 774,597 | ||||||||||||||
| 1,000,000 | American Express Co | 4.200 | 11/06/25 | 1,099,539 | ||||||||||||||
| 1,000,000 | American Express Co | 3.125 | 05/20/26 | 1,039,461 | ||||||||||||||
| 325,000 | American Express Co | 4.050 | 12/03/42 | 377,359 | ||||||||||||||
| 1,050,000 | American Express Credit Corp | 2.700 | 03/03/22 | 1,067,006 | ||||||||||||||
| 1,075,000 | American Express Credit Corp | 3.300 | 05/03/27 | 1,147,470 | ||||||||||||||
| 500,000 | American Honda Finance Corp | 1.950 | 07/20/20 | 499,711 | ||||||||||||||
| 300,000 | American Honda Finance Corp | 2.450 | 09/24/20 | 301,476 | ||||||||||||||
| 675,000 | American Honda Finance Corp | 2.650 | 02/12/21 | 681,550 | ||||||||||||||
| 450,000 | American Honda Finance Corp | 1.650 | 07/12/21 | 447,664 | ||||||||||||||
| 375,000 | American Honda Finance Corp | 1.700 | 09/09/21 | 373,362 | ||||||||||||||
| 950,000 | American Honda Finance Corp | 3.375 | 12/10/21 | 976,593 | ||||||||||||||
| 1,000,000 | American Honda Finance Corp | 2.200 | 06/27/22 | 1,005,940 | ||||||||||||||
| 750,000 | American Honda Finance Corp | 2.600 | 11/16/22 | 761,637 | ||||||||||||||
| 325,000 | American Honda Finance Corp | 2.050 | 01/10/23 | 324,572 | ||||||||||||||
| 300,000 | American Honda Finance Corp | 3.450 | 07/14/23 | 314,520 | ||||||||||||||
| 67 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 500,000 | American Honda Finance Corp | 3.625 | % | 10/10/23 | $ | 529,185 | |||||||||||
| 300,000 | American Honda Finance Corp | 3.550 | 01/12/24 | 317,605 | ||||||||||||||
| 200,000 | American Honda Finance Corp | 2.900 | 02/16/24 | 205,801 | ||||||||||||||
| 1,000,000 | American Honda Finance Corp | 2.400 | 06/27/24 | 1,009,727 | ||||||||||||||
| 500,000 | American Honda Finance Corp | 2.150 | 09/10/24 | 497,248 | ||||||||||||||
| 100,000 | American Honda Finance Corp | 2.300 | 09/09/26 | 99,552 | ||||||||||||||
| 500,000 | American Honda Finance Corp | 3.500 | 02/15/28 | 538,937 | ||||||||||||||
| 150,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 152,786 | ||||||||||||||
| 875,000 | Ameriprise Financial, Inc | 4.000 | 10/15/23 | 934,420 | ||||||||||||||
| 300,000 | Ameriprise Financial, Inc | 3.700 | 10/15/24 | 320,790 | ||||||||||||||
| 200,000 | Ameriprise Financial, Inc | 2.875 | 09/15/26 | 204,613 | ||||||||||||||
| 200,000 | Ares Capital Corp | 3.625 | 01/19/22 | 203,331 | ||||||||||||||
| 600,000 | Ares Capital Corp | 3.500 | 02/10/23 | 603,792 | ||||||||||||||
| 850,000 | Ares Capital Corp | 4.200 | 06/10/24 | 871,343 | ||||||||||||||
| 500,000 | Ares Capital Corp | 4.250 | 03/01/25 | 514,981 | ||||||||||||||
| 1,300,000 | Australia & New Zealand Banking Group Ltd | 2.250 | 11/09/20 | 1,303,419 | ||||||||||||||
| 1,000,000 | Australia & New Zealand Banking Group Ltd | 3.300 | 05/17/21 | 1,020,558 | ||||||||||||||
| 750,000 | Australia & New Zealand Banking Group Ltd | 2.300 | 06/01/21 | 753,457 | ||||||||||||||
| 750,000 | Australia & New Zealand Banking Group Ltd | 2.550 | 11/23/21 | 757,388 | ||||||||||||||
| 300,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 305,262 | ||||||||||||||
| 550,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 11/09/22 | 559,343 | ||||||||||||||
| 525,000 | Australia & New Zealand Banking Group Ltd | 3.700 | 11/16/25 | 568,588 | ||||||||||||||
| 350,000 | AXA Equitable Holdings, Inc | 3.900 | 04/20/23 | 365,993 | ||||||||||||||
| 1,375,000 | AXA Equitable Holdings, Inc | 4.350 | 04/20/28 | 1,464,585 | ||||||||||||||
| 975,000 | AXA Equitable Holdings, Inc | 5.000 | 04/20/48 | 1,051,623 | ||||||||||||||
| 750,000 | Bank of Montreal | 3.100 | 07/13/20 | 756,455 | ||||||||||||||
| 975,000 | Bank of Montreal | 3.100 | 04/13/21 | 991,617 | ||||||||||||||
| 1,000,000 | Bank of Montreal | 1.900 | 08/27/21 | 998,469 | ||||||||||||||
| 1,500,000 | Bank of Montreal | 2.900 | 03/26/22 | 1,529,200 | ||||||||||||||
| 850,000 | Bank of Montreal | 2.350 | 09/11/22 | 859,719 | ||||||||||||||
| 350,000 | Bank of Montreal | 2.550 | 11/06/22 | 355,649 | ||||||||||||||
| 1,425,000 | Bank of Montreal | 3.300 | 02/05/24 | 1,482,987 | ||||||||||||||
| 1,000,000 | Bank of Montreal | 2.500 | 06/28/24 | 1,010,347 | ||||||||||||||
| 750,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.280% | 4.338 | 10/05/28 | 791,533 | ||||||||||||
| 425,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.432% | 3.803 | 12/15/32 | 440,780 | ||||||||||||
| 750,000 | i | Bank of Montreal | DGS5 + 2.979% | 4.800 | N/A‡ | 750,937 | ||||||||||||
| 300,000 | Bank of New York Mellon Corp | 2.600 | 08/17/20 | 301,416 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 2.450 | 11/27/20 | 502,330 | ||||||||||||||
| 675,000 | Bank of New York Mellon Corp | 2.500 | 04/15/21 | 680,081 | ||||||||||||||
| 300,000 | Bank of New York Mellon Corp | 2.050 | 05/03/21 | 300,195 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 3.550 | 09/23/21 | 514,985 | ||||||||||||||
| 925,000 | Bank of New York Mellon Corp | 2.600 | 02/07/22 | 937,773 | ||||||||||||||
| 375,000 | Bank of New York Mellon Corp | 1.950 | 08/23/22 | 375,006 | ||||||||||||||
| 2,625,000 | Bank of New York Mellon Corp | 2.950 | 01/29/23 | 2,695,098 | ||||||||||||||
| 1,025,000 | Bank of New York Mellon Corp | 3.500 | 04/28/23 | 1,074,389 | ||||||||||||||
| 1,475,000 | Bank of New York Mellon Corp | 3.450 | 08/11/23 | 1,546,834 | ||||||||||||||
| 825,000 | Bank of New York Mellon Corp | 2.200 | 08/16/23 | 828,125 | ||||||||||||||
| 68 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 350,000 | Bank of New York Mellon Corp | 3.650 | % | 02/04/24 | $ | 371,516 | |||||||||||
| 800,000 | Bank of New York Mellon Corp | 3.250 | 09/11/24 | 839,440 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 3.000 | 02/24/25 | 521,171 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 2.800 | 05/04/26 | 513,513 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 2.450 | 08/17/26 | 503,236 | ||||||||||||||
| 800,000 | Bank of New York Mellon Corp | 3.250 | 05/16/27 | 843,674 | ||||||||||||||
| 1,000,000 | Bank of New York Mellon Corp | 3.400 | 01/29/28 | 1,067,945 | ||||||||||||||
| 600,000 | Bank of New York Mellon Corp | 3.850 | 04/28/28 | 668,736 | ||||||||||||||
| 400,000 | Bank of New York Mellon Corp | 3.300 | 08/23/29 | 418,510 | ||||||||||||||
| 750,000 | Berkshire Hathaway, Inc | 2.200 | 03/15/21 | 753,874 | ||||||||||||||
| 1,325,000 | Berkshire Hathaway, Inc | 2.750 | 03/15/23 | 1,359,076 | ||||||||||||||
| 4,400,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 4,648,921 | ||||||||||||||
| 800,000 | Berkshire Hathaway, Inc | 4.500 | 02/11/43 | 974,223 | ||||||||||||||
| 5,325,000 | BlackRock, Inc | 3.375 | 06/01/22 | 5,542,365 | ||||||||||||||
| 500,000 | BlackRock, Inc | 3.500 | 03/18/24 | 533,965 | ||||||||||||||
| 700,000 | BlackRock, Inc | 3.200 | 03/15/27 | 741,338 | ||||||||||||||
| 850,000 | BlackRock, Inc | 3.250 | 04/30/29 | 910,527 | ||||||||||||||
| 200,000 | Block Financial LLC | 5.500 | 11/01/22 | 213,690 | ||||||||||||||
| 200,000 | Block Financial LLC | 5.250 | 10/01/25 | 216,843 | ||||||||||||||
| 700,000 | BNP Paribas S.A. | 5.000 | 01/15/21 | 726,247 | ||||||||||||||
| 675,000 | BNP Paribas S.A. | 3.250 | 03/03/23 | 702,179 | ||||||||||||||
| 1,350,000 | BNP Paribas S.A. | 4.250 | 10/15/24 | 1,432,824 | ||||||||||||||
| 200,000 | Broadridge Financial Solutions, Inc | 3.950 | 09/01/20 | 203,058 | ||||||||||||||
| 350,000 | Broadridge Financial Solutions, Inc | 3.400 | 06/27/26 | 362,798 | ||||||||||||||
| 300,000 | Brookfield Asset Management, Inc | 4.000 | 01/15/25 | 319,187 | ||||||||||||||
| 550,000 | Brookfield Finance, Inc | 4.000 | 04/01/24 | 585,435 | ||||||||||||||
| 200,000 | Brookfield Finance, Inc | 4.250 | 06/02/26 | 213,017 | ||||||||||||||
| 300,000 | Brookfield Finance, Inc | 3.900 | 01/25/28 | 314,955 | ||||||||||||||
| 600,000 | Brookfield Finance, Inc | 4.850 | 03/29/29 | 679,202 | ||||||||||||||
| 725,000 | Brookfield Finance, Inc | 4.700 | 09/20/47 | 795,187 | ||||||||||||||
| 700,000 | Capital One Financial Corp | 2.400 | 10/30/20 | 701,981 | ||||||||||||||
| 500,000 | Capital One Financial Corp | 3.450 | 04/30/21 | 509,040 | ||||||||||||||
| 2,250,000 | Capital One Financial Corp | 3.050 | 03/09/22 | 2,294,855 | ||||||||||||||
| 1,925,000 | Capital One Financial Corp | 3.200 | 01/30/23 | 1,975,823 | ||||||||||||||
| 150,000 | Capital One Financial Corp | 3.500 | 06/15/23 | 156,233 | ||||||||||||||
| 300,000 | Capital One Financial Corp | 3.900 | 01/29/24 | 316,982 | ||||||||||||||
| 750,000 | Capital One Financial Corp | 3.300 | 10/30/24 | 776,345 | ||||||||||||||
| 125,000 | Capital One Financial Corp | 3.200 | 02/05/25 | 128,544 | ||||||||||||||
| 625,000 | Capital One Financial Corp | 4.250 | 04/30/25 | 676,435 | ||||||||||||||
| 850,000 | Capital One Financial Corp | 4.200 | 10/29/25 | 905,891 | ||||||||||||||
| 700,000 | Capital One Financial Corp | 3.750 | 07/28/26 | 728,026 | ||||||||||||||
| 1,075,000 | Capital One Financial Corp | 3.750 | 03/09/27 | 1,130,585 | ||||||||||||||
| 2,100,000 | Capital One Financial Corp | 3.800 | 01/31/28 | 2,222,018 | ||||||||||||||
| 450,000 | CBOE Holdings, Inc | 3.650 | 01/12/27 | 478,693 | ||||||||||||||
| 500,000 | Celanese US Holdings LLC | 4.625 | 11/15/22 | 532,008 | ||||||||||||||
| 200,000 | Celanese US Holdings LLC | 3.500 | 05/08/24 | 207,379 | ||||||||||||||
| 100,000 | Charles Schwab Corp | 4.450 | 07/22/20 | 101,947 | ||||||||||||||
| 750,000 | Charles Schwab Corp | 3.250 | 05/21/21 | 765,445 | ||||||||||||||
| 425,000 | Charles Schwab Corp | 2.650 | 01/25/23 | 432,859 | ||||||||||||||
| 300,000 | Charles Schwab Corp | 3.550 | 02/01/24 | 317,211 | ||||||||||||||
| 200,000 | Charles Schwab Corp | 3.000 | 03/10/25 | 206,777 | ||||||||||||||
| 1,250,000 | Charles Schwab Corp | 3.850 | 05/21/25 | 1,347,159 | ||||||||||||||
| 500,000 | Charles Schwab Corp | 3.200 | 03/02/27 | 522,554 | ||||||||||||||
| 200,000 | Charles Schwab Corp | 3.200 | 01/25/28 | 209,685 | ||||||||||||||
| 69 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Charles Schwab Corp | 4.000 | % | 02/01/29 | $ | 333,695 | |||||||||||
| 1,000,000 | Charles Schwab Corp | 3.250 | 05/22/29 | 1,053,817 | ||||||||||||||
| 350,000 | CME Group, Inc | 3.000 | 09/15/22 | 361,213 | ||||||||||||||
| 475,000 | CME Group, Inc | 3.000 | 03/15/25 | 497,548 | ||||||||||||||
| 500,000 | CME Group, Inc | 3.750 | 06/15/28 | 558,852 | ||||||||||||||
| 400,000 | CME Group, Inc | 5.300 | 09/15/43 | 541,702 | ||||||||||||||
| 500,000 | CME Group, Inc | 4.150 | 06/15/48 | 598,786 | ||||||||||||||
| 2,900,000 | Credit Suisse | 3.625 | 09/09/24 | 3,068,535 | ||||||||||||||
| 750,000 | Credit Suisse Group Funding Guernsey Ltd | 3.125 | 12/10/20 | 757,015 | ||||||||||||||
| 2,650,000 | Credit Suisse Group Funding Guernsey Ltd | 3.450 | 04/16/21 | 2,693,576 | ||||||||||||||
| 1,000,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 09/15/22 | 1,038,969 | ||||||||||||||
| 1,275,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 1,331,358 | ||||||||||||||
| 2,300,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 2,416,950 | ||||||||||||||
| 2,750,000 | Credit Suisse Group Funding Guernsey Ltd | 4.550 | 04/17/26 | 3,028,140 | ||||||||||||||
| 1,250,000 | Credit Suisse Group Funding Guernsey Ltd | 4.875 | 05/15/45 | 1,530,987 | ||||||||||||||
| 500,000 | Deutsche Bank AG. | 2.700 | 07/13/20 | 498,972 | ||||||||||||||
| 2,300,000 | Deutsche Bank AG. | 3.125 | 01/13/21 | 2,301,036 | ||||||||||||||
| 2,000,000 | Deutsche Bank AG. | 3.150 | 01/22/21 | 1,995,480 | ||||||||||||||
| 500,000 | Deutsche Bank AG. | 4.250 | 02/04/21 | 504,885 | ||||||||||||||
| 500,000 | Deutsche Bank AG. | 3.375 | 05/12/21 | 498,555 | ||||||||||||||
| 1,675,000 | Deutsche Bank AG. | 5.000 | 02/14/22 | 1,734,452 | ||||||||||||||
| 400,000 | Deutsche Bank AG. | 3.300 | 11/16/22 | 397,610 | ||||||||||||||
| 750,000 | Deutsche Bank AG. | 3.950 | 02/27/23 | 760,829 | ||||||||||||||
| 525,000 | Deutsche Bank AG. | 3.700 | 05/30/24 | 525,866 | ||||||||||||||
| 1,800,000 | Deutsche Bank AG. | 4.100 | 01/13/26 | 1,804,811 | ||||||||||||||
| 2,575,000 | Diageo Investment Corp | 2.875 | 05/11/22 | 2,633,864 | ||||||||||||||
| 100,000 | Diageo Investment Corp | 4.250 | 05/11/42 | 118,542 | ||||||||||||||
| 100,000 | Discover Financial Services | 5.200 | 04/27/22 | 106,925 | ||||||||||||||
| 700,000 | Discover Financial Services | 3.950 | 11/06/24 | 742,540 | ||||||||||||||
| 200,000 | Discover Financial Services | 4.500 | 01/30/26 | 217,296 | ||||||||||||||
| 350,000 | Discover Financial Services | 4.100 | 02/09/27 | 372,500 | ||||||||||||||
| 475,000 | E*TRADE Financial Corp | 2.950 | 08/24/22 | 482,589 | ||||||||||||||
| 200,000 | E*TRADE Financial Corp | 3.800 | 08/24/27 | 208,695 | ||||||||||||||
| 300,000 | E*TRADE Financial Corp | 4.500 | 06/20/28 | 326,739 | ||||||||||||||
| 300,000 | Eaton Vance Corp | 3.625 | 06/15/23 | 314,721 | ||||||||||||||
| 200,000 | Eaton Vance Corp | 3.500 | 04/06/27 | 211,807 | ||||||||||||||
| 400,000 | Ford Motor Credit Co LLC | 2.425 | 06/12/20 | 398,999 | ||||||||||||||
| 300,000 | Ford Motor Credit Co LLC | 2.343 | 11/02/20 | 298,234 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 5.085 | 01/07/21 | 205,096 | ||||||||||||||
| 2,000,000 | Ford Motor Credit Co LLC | 3.200 | 01/15/21 | 2,002,624 | ||||||||||||||
| 3,550,000 | Ford Motor Credit Co LLC | 3.336 | 03/18/21 | 3,566,480 | ||||||||||||||
| 600,000 | Ford Motor Credit Co LLC | 3.470 | 04/05/21 | 602,998 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 3.813 | 10/12/21 | 202,694 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 5.596 | 01/07/22 | 210,131 | ||||||||||||||
| 350,000 | Ford Motor Credit Co LLC | 3.219 | 01/09/22 | 349,636 | ||||||||||||||
| 900,000 | Ford Motor Credit Co LLC | 3.339 | 03/28/22 | 901,153 | ||||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 2.979 | 08/03/22 | 990,126 | ||||||||||||||
| 225,000 | Ford Motor Credit Co LLC | 4.250 | 09/20/22 | 230,373 | ||||||||||||||
| 750,000 | Ford Motor Credit Co LLC | 3.350 | 11/01/22 | 750,810 | ||||||||||||||
| 1,950,000 | Ford Motor Credit Co LLC | 4.140 | 02/15/23 | 1,980,043 | ||||||||||||||
| 650,000 | Ford Motor Credit Co LLC | 3.096 | 05/04/23 | 638,010 | ||||||||||||||
| 225,000 | Ford Motor Credit Co LLC | 4.375 | 08/06/23 | 229,879 | ||||||||||||||
| 400,000 | Ford Motor Credit Co LLC | 3.810 | 01/09/24 | 398,646 | ||||||||||||||
| 70 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,700,000 | Ford Motor Credit Co LLC | 5.584 | % | 03/18/24 | $ | 1,808,133 | |||||||||||
| 1,225,000 | Ford Motor Credit Co LLC | 3.664 | 09/08/24 | 1,206,794 | ||||||||||||||
| 1,200,000 | Ford Motor Credit Co LLC | 4.687 | 06/09/25 | 1,224,206 | ||||||||||||||
| 1,250,000 | Ford Motor Credit Co LLC | 4.134 | 08/04/25 | 1,236,857 | ||||||||||||||
| 800,000 | Ford Motor Credit Co LLC | 4.389 | 01/08/26 | 796,253 | ||||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 4.542 | 08/01/26 | 499,757 | ||||||||||||||
| 700,000 | Ford Motor Credit Co LLC | 3.815 | 11/02/27 | 663,834 | ||||||||||||||
| 1,400,000 | Ford Motor Credit Co LLC | 5.113 | 05/03/29 | 1,410,101 | ||||||||||||||
| 150,000 | Franklin Resources, Inc | 2.800 | 09/15/22 | 153,140 | ||||||||||||||
| 200,000 | Franklin Resources, Inc | 2.850 | 03/30/25 | 206,503 | ||||||||||||||
| 2,852,000 | GE Capital International Funding Co | 2.342 | 11/15/20 | 2,845,057 | ||||||||||||||
| 3,768,000 | GE Capital International Funding Co | 3.373 | 11/15/25 | 3,844,575 | ||||||||||||||
| 6,944,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 7,283,638 | ||||||||||||||
| 532,000 | General Electric Capital Corp | 4.375 | 09/16/20 | 541,184 | ||||||||||||||
| 772,000 | General Electric Capital Corp | 4.625 | 01/07/21 | 792,045 | ||||||||||||||
| 86,000 | General Electric Capital Corp | 5.300 | 02/11/21 | 88,853 | ||||||||||||||
| 200,000 | General Electric Capital Corp | 4.650 | 10/17/21 | 208,014 | ||||||||||||||
| 919,000 | General Electric Capital Corp | 3.150 | 09/07/22 | 933,804 | ||||||||||||||
| 300,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 303,989 | ||||||||||||||
| 5,503,000 | General Electric Capital Corp | 3.450 | 05/15/24 | 5,651,911 | ||||||||||||||
| 1,102,000 | General Electric Capital Corp | 6.750 | 03/15/32 | 1,386,088 | ||||||||||||||
| 250,000 | General Electric Capital Corp | 5.875 | 01/14/38 | 300,330 | ||||||||||||||
| 100,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 132,357 | ||||||||||||||
| 2,000,000 | General Motors Financial Co, Inc | 3.550 | 04/09/21 | 2,029,069 | ||||||||||||||
| 875,000 | General Motors Financial Co, Inc | 3.200 | 07/06/21 | 883,946 | ||||||||||||||
| 575,000 | General Motors Financial Co, Inc | 4.200 | 11/06/21 | 593,195 | ||||||||||||||
| 1,000,000 | General Motors Financial Co, Inc | 3.450 | 01/14/22 | 1,019,323 | ||||||||||||||
| 2,700,000 | General Motors Financial Co, Inc | 3.450 | 04/10/22 | 2,745,356 | ||||||||||||||
| 525,000 | General Motors Financial Co, Inc | 3.150 | 06/30/22 | 531,075 | ||||||||||||||
| 850,000 | General Motors Financial Co, Inc | 3.550 | 07/08/22 | 868,269 | ||||||||||||||
| 300,000 | General Motors Financial Co, Inc | 3.250 | 01/05/23 | 303,282 | ||||||||||||||
| 1,125,000 | General Motors Financial Co, Inc | 3.700 | 05/09/23 | 1,151,491 | ||||||||||||||
| 725,000 | General Motors Financial Co, Inc | 4.150 | 06/19/23 | 753,909 | ||||||||||||||
| 650,000 | General Motors Financial Co, Inc | 5.100 | 01/17/24 | 698,903 | ||||||||||||||
| 725,000 | General Motors Financial Co, Inc | 3.950 | 04/13/24 | 746,062 | ||||||||||||||
| 1,500,000 | General Motors Financial Co, Inc | 3.500 | 11/07/24 | 1,518,676 | ||||||||||||||
| 125,000 | General Motors Financial Co, Inc | 4.000 | 01/15/25 | 128,473 | ||||||||||||||
| 5,175,000 | General Motors Financial Co, Inc | 4.350 | 04/09/25 | 5,396,243 | ||||||||||||||
| 450,000 | General Motors Financial Co, Inc | 4.300 | 07/13/25 | 468,240 | ||||||||||||||
| 275,000 | General Motors Financial Co, Inc | 5.250 | 03/01/26 | 298,572 | ||||||||||||||
| 525,000 | General Motors Financial Co, Inc | 4.000 | 10/06/26 | 531,666 | ||||||||||||||
| 1,400,000 | General Motors Financial Co, Inc | 4.350 | 01/17/27 | 1,440,031 | ||||||||||||||
| 1,100,000 | General Motors Financial Co, Inc | 3.850 | 01/05/28 | 1,093,843 | ||||||||||||||
| 2,400,000 | General Motors Financial Co, Inc | 5.650 | 01/17/29 | 2,646,501 | ||||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 2.600 | 12/27/20 | 500,603 | ||||||||||||||
| 1,300,000 | Goldman Sachs Group, Inc | 5.250 | 07/27/21 | 1,369,823 | ||||||||||||||
| 675,000 | Goldman Sachs Group, Inc | 2.350 | 11/15/21 | 675,694 | ||||||||||||||
| 5,625,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 6,060,506 | ||||||||||||||
| 1,350,000 | Goldman Sachs Group, Inc | 3.000 | 04/26/22 | 1,365,011 | ||||||||||||||
| 1,475,000 | Goldman Sachs Group, Inc | 2.876 | 10/31/22 | 1,492,081 | ||||||||||||||
| 2,275,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 2,366,878 | ||||||||||||||
| 6,425,000 | Goldman Sachs Group, Inc | 3.200 | 02/23/23 | 6,598,769 | ||||||||||||||
| 71 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,350,000 | Goldman Sachs Group, Inc | 2.908 | % | 06/05/23 | $ | 1,367,759 | |||||||||||
| 1,150,000 | Goldman Sachs Group, Inc | 2.905 | 07/24/23 | 1,166,207 | ||||||||||||||
| 2,575,000 | Goldman Sachs Group, Inc | 3.625 | 02/20/24 | 2,701,392 | ||||||||||||||
| 2,025,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 2,160,714 | ||||||||||||||
| 425,000 | Goldman Sachs Group, Inc | 3.850 | 07/08/24 | 450,293 | ||||||||||||||
| 600,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 625,998 | ||||||||||||||
| 1,100,000 | Goldman Sachs Group, Inc | 3.750 | 05/22/25 | 1,164,920 | ||||||||||||||
| 2,375,000 | Goldman Sachs Group, Inc | 3.272 | 09/29/25 | 2,451,329 | ||||||||||||||
| 575,000 | Goldman Sachs Group, Inc | 4.250 | 10/21/25 | 616,395 | ||||||||||||||
| 1,125,000 | Goldman Sachs Group, Inc | 3.750 | 02/25/26 | 1,190,267 | ||||||||||||||
| 425,000 | Goldman Sachs Group, Inc | 3.500 | 11/16/26 | 442,086 | ||||||||||||||
| 125,000 | Goldman Sachs Group, Inc | 5.950 | 01/15/27 | 148,606 | ||||||||||||||
| 3,950,000 | Goldman Sachs Group, Inc | 3.850 | 01/26/27 | 4,189,749 | ||||||||||||||
| 4,475,000 | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 4,698,111 | ||||||||||||||
| 8,525,000 | Goldman Sachs Group, Inc | 3.814 | 04/23/29 | 9,037,951 | ||||||||||||||
| 550,000 | Goldman Sachs Group, Inc | 4.223 | 05/01/29 | 600,003 | ||||||||||||||
| 900,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 1,213,978 | ||||||||||||||
| 925,000 | Goldman Sachs Group, Inc | 4.017 | 10/31/38 | 995,199 | ||||||||||||||
| 3,825,000 | Goldman Sachs Group, Inc | 4.411 | 04/23/39 | 4,316,414 | ||||||||||||||
| 2,475,000 | Goldman Sachs Group, Inc | 6.250 | 02/01/41 | 3,434,406 | ||||||||||||||
| 1,225,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 1,466,638 | ||||||||||||||
| 1,250,000 | Goldman Sachs Group, Inc | 5.150 | 05/22/45 | 1,486,748 | ||||||||||||||
| 200,000 | Goldman Sachs Group, Inc | 4.750 | 10/21/45 | 240,511 | ||||||||||||||
| 500,000 | IBM Credit LLC | 3.450 | 11/30/20 | 508,585 | ||||||||||||||
| 500,000 | IBM Credit LLC | 1.800 | 01/20/21 | 499,050 | ||||||||||||||
| 1,750,000 | IBM Credit LLC | 2.650 | 02/05/21 | 1,765,607 | ||||||||||||||
| 500,000 | IBM Credit LLC | 3.600 | 11/30/21 | 516,658 | ||||||||||||||
| 1,500,000 | IBM Credit LLC | 2.200 | 09/08/22 | 1,507,759 | ||||||||||||||
| 2,350,000 | IBM Credit LLC | 3.000 | 02/06/23 | 2,417,899 | ||||||||||||||
| 500,000 | Intercontinental Exchange, Inc | 2.750 | 12/01/20 | 503,832 | ||||||||||||||
| 300,000 | Intercontinental Exchange, Inc | 2.350 | 09/15/22 | 302,480 | ||||||||||||||
| 300,000 | Intercontinental Exchange, Inc | 3.450 | 09/21/23 | 314,216 | ||||||||||||||
| 350,000 | Intercontinental Exchange, Inc | 4.000 | 10/15/23 | 373,626 | ||||||||||||||
| 825,000 | Intercontinental Exchange, Inc | 3.750 | 12/01/25 | 888,217 | ||||||||||||||
| 1,000,000 | Intercontinental Exchange, Inc | 3.100 | 09/15/27 | 1,047,261 | ||||||||||||||
| 500,000 | Intercontinental Exchange, Inc | 3.750 | 09/21/28 | 547,693 | ||||||||||||||
| 575,000 | Intercontinental Exchange, Inc | 4.250 | 09/21/48 | 683,108 | ||||||||||||||
| 600,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 657,389 | ||||||||||||||
| 125,000 | Invesco Finance plc | 3.125 | 11/30/22 | 128,056 | ||||||||||||||
| 200,000 | Invesco Finance plc | 4.000 | 01/30/24 | 212,482 | ||||||||||||||
| 800,000 | Invesco Finance plc | 3.750 | 01/15/26 | 852,884 | ||||||||||||||
| 200,000 | Invesco Finance plc | 5.375 | 11/30/43 | 240,154 | ||||||||||||||
| 300,000 | Janus Capital Group, Inc | 4.875 | 08/01/25 | 327,215 | ||||||||||||||
| 500,000 | Jefferies Group LLC | 6.875 | 04/15/21 | 531,345 | ||||||||||||||
| 1,000,000 | Jefferies Group LLC | 4.850 | 01/15/27 | 1,062,480 | ||||||||||||||
| 600,000 | Jefferies Group LLC | 6.450 | 06/08/27 | 695,394 | ||||||||||||||
| 1,000,000 | Jefferies Group LLC | 4.150 | 01/23/30 | 999,117 | ||||||||||||||
| 150,000 | Lazard Group LLC | 3.750 | 02/13/25 | 156,799 | ||||||||||||||
| 200,000 | Lazard Group LLC | 3.625 | 03/01/27 | 205,355 | ||||||||||||||
| 325,000 | Lazard Group LLC | 4.500 | 09/19/28 | 354,539 | ||||||||||||||
| 425,000 | Lazard Group LLC | 4.375 | 03/11/29 | 461,496 | ||||||||||||||
| 400,000 | Legg Mason, Inc | 5.625 | 01/15/44 | 446,570 | ||||||||||||||
| 1,500,000 | Merrill Lynch & Co, Inc | 6.110 | 01/29/37 | 1,961,516 | ||||||||||||||
| 72 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 125,000 | Morgan Stanley | 2.500 | % | 04/21/21 | $ | 125,801 | |||||||||||
| 1,200,000 | Morgan Stanley | 5.500 | 07/28/21 | 1,272,921 | ||||||||||||||
| 1,675,000 | Morgan Stanley | 2.625 | 11/17/21 | 1,690,266 | ||||||||||||||
| 4,275,000 | Morgan Stanley | 2.750 | 05/19/22 | 4,336,501 | ||||||||||||||
| 2,850,000 | Morgan Stanley | 4.875 | 11/01/22 | 3,056,193 | ||||||||||||||
| 5,025,000 | Morgan Stanley | 3.125 | 01/23/23 | 5,154,720 | ||||||||||||||
| 475,000 | Morgan Stanley | 3.750 | 02/25/23 | 497,006 | ||||||||||||||
| 3,175,000 | Morgan Stanley | 4.100 | 05/22/23 | 3,343,379 | ||||||||||||||
| 5,350,000 | Morgan Stanley | 3.737 | 04/24/24 | 5,587,064 | ||||||||||||||
| 1,525,000 | Morgan Stanley | 3.875 | 04/29/24 | 1,622,507 | ||||||||||||||
| 4,092,000 | Morgan Stanley | 3.700 | 10/23/24 | 4,335,022 | ||||||||||||||
| 1,025,000 | Morgan Stanley | 2.720 | 07/22/25 | 1,036,827 | ||||||||||||||
| 500,000 | Morgan Stanley | 4.000 | 07/23/25 | 539,247 | ||||||||||||||
| 950,000 | Morgan Stanley | 5.000 | 11/24/25 | 1,064,463 | ||||||||||||||
| 575,000 | Morgan Stanley | 3.875 | 01/27/26 | 616,928 | ||||||||||||||
| 500,000 | Morgan Stanley | 3.125 | 07/27/26 | 514,941 | ||||||||||||||
| 400,000 | Morgan Stanley | 4.350 | 09/08/26 | 433,652 | ||||||||||||||
| 2,750,000 | Morgan Stanley | 3.625 | 01/20/27 | 2,906,131 | ||||||||||||||
| 1,975,000 | Morgan Stanley | 3.950 | 04/23/27 | 2,087,075 | ||||||||||||||
| 1,575,000 | Morgan Stanley | 3.591 | 07/22/28 | 1,661,267 | ||||||||||||||
| 4,850,000 | Morgan Stanley | 3.772 | 01/24/29 | 5,183,336 | ||||||||||||||
| 3,475,000 | Morgan Stanley | 4.431 | 01/23/30 | 3,904,683 | ||||||||||||||
| 150,000 | Morgan Stanley | 7.250 | 04/01/32 | 214,146 | ||||||||||||||
| 725,000 | Morgan Stanley | 3.971 | 07/22/38 | 796,080 | ||||||||||||||
| 2,175,000 | Morgan Stanley | 4.457 | 04/22/39 | 2,532,987 | ||||||||||||||
| 275,000 | Morgan Stanley | 6.375 | 07/24/42 | 400,300 | ||||||||||||||
| 175,000 | Morgan Stanley | 4.300 | 01/27/45 | 202,650 | ||||||||||||||
| 2,800,000 | Morgan Stanley | 4.375 | 01/22/47 | 3,291,603 | ||||||||||||||
| 250,000 | NASDAQ, Inc | 4.250 | 06/01/24 | 270,357 | ||||||||||||||
| 400,000 | NASDAQ, Inc | 3.850 | 06/30/26 | 428,685 | ||||||||||||||
| 500,000 | National Rural Utilities Cooperative Finance Corp | 2.300 | 11/01/20 | 501,725 | ||||||||||||||
| 350,000 | National Rural Utilities Cooperative Finance Corp | 3.050 | 02/15/22 | 357,396 | ||||||||||||||
| 500,000 | National Rural Utilities Cooperative Finance Corp | 2.400 | 04/25/22 | 504,892 | ||||||||||||||
| 500,000 | National Rural Utilities Cooperative Finance Corp | 2.300 | 09/15/22 | 502,424 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 2.700 | 02/15/23 | 204,007 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 3.400 | 11/15/23 | 209,329 | ||||||||||||||
| 300,000 | National Rural Utilities Cooperative Finance Corp | 2.950 | 02/07/24 | 310,320 | ||||||||||||||
| 400,000 | National Rural Utilities Cooperative Finance Corp | 2.850 | 01/27/25 | 412,195 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 3.250 | 11/01/25 | 209,891 | ||||||||||||||
| 1,000,000 | National Rural Utilities Cooperative Finance Corp | 3.400 | 02/07/28 | 1,073,801 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 3.900 | 11/01/28 | 222,843 | ||||||||||||||
| 300,000 | National Rural Utilities Cooperative Finance Corp | 3.700 | 03/15/29 | 331,649 | ||||||||||||||
| 500,000 | National Rural Utilities Cooperative Finance Corp | 4.750 | 04/30/43 | 509,285 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 5.250 | 04/20/46 | 213,400 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 4.400 | 11/01/48 | 243,429 | ||||||||||||||
| 550,000 | National Rural Utilities Cooperative Finance Corp | 4.300 | 03/15/49 | 660,479 | ||||||||||||||
| 300,000 | j | Navient Solutions LLC | 0.000 | 10/03/22 | 281,822 | |||||||||||||
| 1,550,000 | Oesterreichische Kontrollbank AG. | 1.500 | 10/21/20 | 1,543,931 | ||||||||||||||
| 375,000 | Oesterreichische Kontrollbank AG. | 2.875 | 09/07/21 | 383,063 | ||||||||||||||
| 500,000 | Oesterreichische Kontrollbank AG. | 2.375 | 10/01/21 | 506,130 | ||||||||||||||
| 750,000 | Oesterreichische Kontrollbank AG. | 2.625 | 01/31/22 | 765,677 | ||||||||||||||
| 1,200,000 | Oesterreichische Kontrollbank AG. | 1.625 | 09/17/22 | 1,198,401 | ||||||||||||||
| 73 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | Oesterreichische Kontrollbank AG. | 2.875 | % | 03/13/23 | $ | 779,769 | |||||||||||
| 1,350,000 | Oesterreichische Kontrollbank AG. | 3.125 | 11/07/23 | 1,426,648 | ||||||||||||||
| 475,000 | ORIX Corp | 2.900 | 07/18/22 | 483,010 | ||||||||||||||
| 500,000 | ORIX Corp | 4.050 | 01/16/24 | 532,944 | ||||||||||||||
| 500,000 | ORIX Corp | 3.250 | 12/04/24 | 519,381 | ||||||||||||||
| 200,000 | ORIX Corp | 3.700 | 07/18/27 | 214,401 | ||||||||||||||
| 750,000 | PACCAR Financial Corp | 2.800 | 03/01/21 | 759,032 | ||||||||||||||
| 200,000 | PACCAR Financial Corp | 3.150 | 08/09/21 | 204,129 | ||||||||||||||
| 300,000 | PACCAR Financial Corp | 2.850 | 03/01/22 | 305,626 | ||||||||||||||
| 750,000 | PACCAR Financial Corp | 2.650 | 05/10/22 | 761,740 | ||||||||||||||
| 200,000 | PACCAR Financial Corp | 2.000 | 09/26/22 | 200,276 | ||||||||||||||
| 200,000 | PACCAR Financial Corp | 3.400 | 08/09/23 | 209,249 | ||||||||||||||
| 300,000 | PACCAR Financial Corp | 2.150 | 08/15/24 | 299,960 | ||||||||||||||
| 600,000 | Raymond James Financial, Inc | 3.625 | 09/15/26 | 627,794 | ||||||||||||||
| 425,000 | Raymond James Financial, Inc | 4.950 | 07/15/46 | 508,118 | ||||||||||||||
| 1,600,000 | Shire Acquisitions Investments Ireland DAC | 2.400 | 09/23/21 | 1,607,418 | ||||||||||||||
| 3,125,000 | Shire Acquisitions Investments Ireland DAC | 2.875 | 09/23/23 | 3,187,718 | ||||||||||||||
| 1,400,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 1,444,779 | ||||||||||||||
| 300,000 | State Street Corp | 2.550 | 08/18/20 | 301,414 | ||||||||||||||
| 300,000 | State Street Corp | 4.375 | 03/07/21 | 309,641 | ||||||||||||||
| 700,000 | State Street Corp | 1.950 | 05/19/21 | 700,055 | ||||||||||||||
| 500,000 | State Street Corp | 2.653 | 05/15/23 | 508,150 | ||||||||||||||
| 2,150,000 | State Street Corp | 3.100 | 05/15/23 | 2,225,164 | ||||||||||||||
| 300,000 | State Street Corp | 3.776 | 12/03/24 | 317,469 | ||||||||||||||
| 750,000 | State Street Corp | 3.300 | 12/16/24 | 787,047 | ||||||||||||||
| 375,000 | State Street Corp | 3.550 | 08/18/25 | 401,739 | ||||||||||||||
| 650,000 | State Street Corp | 2.650 | 05/19/26 | 665,954 | ||||||||||||||
| 300,000 | State Street Corp | 4.141 | 12/03/29 | 338,725 | ||||||||||||||
| 200,000 | Stifel Financial Corp | 3.500 | 12/01/20 | 202,105 | ||||||||||||||
| 100,000 | Stifel Financial Corp | 4.250 | 07/18/24 | 105,299 | ||||||||||||||
| 550,000 | Synchrony Financial | 2.850 | 07/25/22 | 554,848 | ||||||||||||||
| 500,000 | Synchrony Financial | 4.375 | 03/19/24 | 530,616 | ||||||||||||||
| 250,000 | Synchrony Financial | 4.250 | 08/15/24 | 263,768 | ||||||||||||||
| 600,000 | Synchrony Financial | 4.500 | 07/23/25 | 640,390 | ||||||||||||||
| 300,000 | Synchrony Financial | 3.700 | 08/04/26 | 306,245 | ||||||||||||||
| 900,000 | Synchrony Financial | 3.950 | 12/01/27 | 922,786 | ||||||||||||||
| 500,000 | Synchrony Financial | 5.150 | 03/19/29 | 554,622 | ||||||||||||||
| 300,000 | Syngenta Finance NV | 3.125 | 03/28/22 | 301,681 | ||||||||||||||
| 425,000 | TD Ameritrade Holding Corp | 2.950 | 04/01/22 | 435,738 | ||||||||||||||
| 300,000 | TD Ameritrade Holding Corp | 3.750 | 04/01/24 | 319,191 | ||||||||||||||
| 350,000 | TD Ameritrade Holding Corp | 3.625 | 04/01/25 | 372,646 | ||||||||||||||
| 525,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 551,434 | ||||||||||||||
| 500,000 | TD Ameritrade Holding Corp | 2.750 | 10/01/29 | 502,954 | ||||||||||||||
| 500,000 | Toyota Motor Credit Corp | 3.050 | 01/08/21 | 507,496 | ||||||||||||||
| 300,000 | Toyota Motor Credit Corp | 1.900 | 04/08/21 | 300,072 | ||||||||||||||
| 1,500,000 | Toyota Motor Credit Corp | 2.950 | 04/13/21 | 1,524,152 | ||||||||||||||
| 500,000 | Toyota Motor Credit Corp | 3.400 | 09/15/21 | 514,743 | ||||||||||||||
| 1,750,000 | Toyota Motor Credit Corp | 2.600 | 01/11/22 | 1,777,747 | ||||||||||||||
| 2,500,000 | Toyota Motor Credit Corp | 2.650 | 04/12/22 | 2,545,561 | ||||||||||||||
| 300,000 | Toyota Motor Credit Corp | 2.800 | 07/13/22 | 307,557 | ||||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.150 | 09/08/22 | 503,629 | ||||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.700 | 01/11/23 | 512,191 | ||||||||||||||
| 500,000 | Toyota Motor Credit Corp | 3.450 | 09/20/23 | 528,897 | ||||||||||||||
| 74 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 400,000 | Toyota Motor Credit Corp | 3.350 | % | 01/08/24 | $ | 421,641 | |||||||||||
| 1,500,000 | Toyota Motor Credit Corp | 3.400 | 04/14/25 | 1,602,114 | ||||||||||||||
| 300,000 | Toyota Motor Credit Corp | 3.050 | 01/11/28 | 316,968 | ||||||||||||||
| 400,000 | Toyota Motor Credit Corp | 3.650 | 01/08/29 | 443,035 | ||||||||||||||
| 250,000 | Unilever Capital Corp | 2.100 | 07/30/20 | 250,231 | ||||||||||||||
| 250,000 | Unilever Capital Corp | 4.250 | 02/10/21 | 257,384 | ||||||||||||||
| 500,000 | Unilever Capital Corp | 2.750 | 03/22/21 | 505,730 | ||||||||||||||
| 300,000 | Unilever Capital Corp | 1.375 | 07/28/21 | 296,613 | ||||||||||||||
| 625,000 | Unilever Capital Corp | 3.000 | 03/07/22 | 640,776 | ||||||||||||||
| 625,000 | Unilever Capital Corp | 2.200 | 05/05/22 | 629,118 | ||||||||||||||
| 500,000 | Unilever Capital Corp | 3.125 | 03/22/23 | 519,230 | ||||||||||||||
| 300,000 | Unilever Capital Corp | 3.250 | 03/07/24 | 316,039 | ||||||||||||||
| 1,100,000 | Unilever Capital Corp | 2.600 | 05/05/24 | 1,129,276 | ||||||||||||||
| 500,000 | Unilever Capital Corp | 3.375 | 03/22/25 | 529,930 | ||||||||||||||
| 450,000 | Unilever Capital Corp | 3.100 | 07/30/25 | 471,831 | ||||||||||||||
| 225,000 | Unilever Capital Corp | 2.000 | 07/28/26 | 223,071 | ||||||||||||||
| 800,000 | Unilever Capital Corp | 2.900 | 05/05/27 | 836,322 | ||||||||||||||
| 1,150,000 | Unilever Capital Corp | 3.500 | 03/22/28 | 1,256,410 | ||||||||||||||
| 500,000 | Unilever Capital Corp | 2.125 | 09/06/29 | 490,847 | ||||||||||||||
| 430,000 | Unilever Capital Corp | 5.900 | 11/15/32 | 584,987 | ||||||||||||||
| 1,550,000 | Wells Fargo & Co | 2.600 | 07/22/20 | 1,557,303 | ||||||||||||||
| 450,000 | Wells Fargo & Co | 2.550 | 12/07/20 | 452,404 | ||||||||||||||
| 1,000,000 | Wells Fargo & Co | 3.000 | 01/22/21 | 1,010,968 | ||||||||||||||
| 1,000,000 | Wells Fargo & Co | 2.500 | 03/04/21 | 1,004,589 | ||||||||||||||
| 1,200,000 | Wells Fargo & Co | 4.600 | 04/01/21 | 1,243,635 | ||||||||||||||
| 750,000 | Wells Fargo & Co | 2.100 | 07/26/21 | 749,777 | ||||||||||||||
| 4,000,000 | Wells Fargo & Co | 3.500 | 03/08/22 | 4,125,184 | ||||||||||||||
| 1,900,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 1,921,138 | ||||||||||||||
| 1,750,000 | Wells Fargo & Co | 3.069 | 01/24/23 | 1,782,672 | ||||||||||||||
| 1,375,000 | Wells Fargo & Co | 3.450 | 02/13/23 | 1,420,364 | ||||||||||||||
| 800,000 | Wells Fargo & Co | 4.125 | 08/15/23 | 848,843 | ||||||||||||||
| 334,000 | Wells Fargo & Co | 4.480 | 01/16/24 | 360,425 | ||||||||||||||
| 1,350,000 | Wells Fargo & Co | 3.750 | 01/24/24 | 1,429,717 | ||||||||||||||
| 2,700,000 | Wells Fargo & Co | 3.300 | 09/09/24 | 2,822,452 | ||||||||||||||
| 4,100,000 | Wells Fargo & Co | 3.000 | 02/19/25 | 4,209,911 | ||||||||||||||
| 1,125,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 1,190,184 | ||||||||||||||
| 3,350,000 | Wells Fargo & Co | 3.000 | 04/22/26 | 3,435,625 | ||||||||||||||
| 1,250,000 | Wells Fargo & Co | 4.100 | 06/03/26 | 1,339,837 | ||||||||||||||
| 2,575,000 | Wells Fargo & Co | 3.000 | 10/23/26 | 2,640,801 | ||||||||||||||
| 1,500,000 | Wells Fargo & Co | 3.196 | 06/17/27 | 1,549,861 | ||||||||||||||
| 1,200,000 | Wells Fargo & Co | 4.300 | 07/22/27 | 1,312,550 | ||||||||||||||
| 3,625,000 | Wells Fargo & Co | 3.584 | 05/22/28 | 3,840,329 | ||||||||||||||
| 6,175,000 | Wells Fargo & Co | 4.150 | 01/24/29 | 6,837,790 | ||||||||||||||
| 264,000 | Wells Fargo & Co | 5.375 | 02/07/35 | 337,836 | ||||||||||||||
| 1,050,000 | Wells Fargo & Co | 5.375 | 11/02/43 | 1,325,919 | ||||||||||||||
| 1,468,000 | Wells Fargo & Co | 5.606 | 01/15/44 | 1,898,855 | ||||||||||||||
| 475,000 | Wells Fargo & Co | 4.650 | 11/04/44 | 549,211 | ||||||||||||||
| 1,500,000 | Wells Fargo & Co | 3.900 | 05/01/45 | 1,693,988 | ||||||||||||||
| 950,000 | Wells Fargo & Co | 4.900 | 11/17/45 | 1,137,152 | ||||||||||||||
| 2,750,000 | Wells Fargo & Co | 4.400 | 06/14/46 | 3,089,960 | ||||||||||||||
| 1,975,000 | Wells Fargo & Co | 4.750 | 12/07/46 | 2,338,124 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 491,422,931 | |||||||||||||||||
| 75 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| ENERGY - 2.5% | ||||||||||||||||||
| $ | 283,000 | Apache Corp | 3.250 | % | 04/15/22 | $ | 288,111 | |||||||||||
| 2,300,000 | Apache Corp | 4.375 | 10/15/28 | 2,358,981 | ||||||||||||||
| 500,000 | Apache Corp | 4.250 | 01/15/30 | 507,302 | ||||||||||||||
| 1,305,000 | Apache Corp | 5.100 | 09/01/40 | 1,301,212 | ||||||||||||||
| 300,000 | Apache Corp | 5.250 | 02/01/42 | 306,408 | ||||||||||||||
| 1,150,000 | Apache Corp | 4.750 | 04/15/43 | 1,104,680 | ||||||||||||||
| 300,000 | Apache Corp | 4.250 | 01/15/44 | 267,539 | ||||||||||||||
| 500,000 | Apache Corp | 5.350 | 07/01/49 | 517,209 | ||||||||||||||
| 129,000 | Baker Hughes a GE Co LLC | 3.200 | 08/15/21 | 130,921 | ||||||||||||||
| 925,000 | Baker Hughes a GE Co LLC | 2.773 | 12/15/22 | 940,435 | ||||||||||||||
| 875,000 | Baker Hughes a GE Co LLC | 3.337 | 12/15/27 | 897,670 | ||||||||||||||
| 800,000 | Baker Hughes a GE Co LLC | 5.125 | 09/15/40 | 916,850 | ||||||||||||||
| 875,000 | Baker Hughes a GE Co LLC | 4.080 | 12/15/47 | 881,986 | ||||||||||||||
| 200,000 | Boardwalk Pipelines LP | 3.375 | 02/01/23 | 202,790 | ||||||||||||||
| 475,000 | Boardwalk Pipelines LP | 5.950 | 06/01/26 | 532,427 | ||||||||||||||
| 450,000 | Boardwalk Pipelines LP | 4.450 | 07/15/27 | 463,113 | ||||||||||||||
| 500,000 | Boardwalk Pipelines LP | 4.800 | 05/03/29 | 531,134 | ||||||||||||||
| 1,500,000 | BP Capital Markets America, Inc | 4.500 | 10/01/20 | 1,536,709 | ||||||||||||||
| 150,000 | BP Capital Markets America, Inc | 4.742 | 03/11/21 | 155,995 | ||||||||||||||
| 500,000 | BP Capital Markets America, Inc | 2.112 | 09/16/21 | 500,616 | ||||||||||||||
| 1,525,000 | BP Capital Markets America, Inc | 3.245 | 05/06/22 | 1,570,315 | ||||||||||||||
| 175,000 | BP Capital Markets America, Inc | 2.520 | 09/19/22 | 177,112 | ||||||||||||||
| 550,000 | BP Capital Markets America, Inc | 2.750 | 05/10/23 | 561,837 | ||||||||||||||
| 1,125,000 | BP Capital Markets America, Inc | 3.216 | 11/28/23 | 1,168,284 | ||||||||||||||
| 800,000 | BP Capital Markets America, Inc | 3.790 | 02/06/24 | 851,235 | ||||||||||||||
| 2,025,000 | BP Capital Markets America, Inc | 3.224 | 04/14/24 | 2,109,064 | ||||||||||||||
| 700,000 | BP Capital Markets America, Inc | 3.796 | 09/21/25 | 756,390 | ||||||||||||||
| 1,800,000 | BP Capital Markets America, Inc | 3.410 | 02/11/26 | 1,903,059 | ||||||||||||||
| 150,000 | BP Capital Markets America, Inc | 3.119 | 05/04/26 | 156,582 | ||||||||||||||
| 200,000 | BP Capital Markets America, Inc | 3.017 | 01/16/27 | 206,819 | ||||||||||||||
| 500,000 | BP Capital Markets America, Inc | 3.588 | 04/14/27 | 533,864 | ||||||||||||||
| 750,000 | BP Capital Markets America, Inc | 3.937 | 09/21/28 | 831,533 | ||||||||||||||
| 1,300,000 | BP Capital Markets America, Inc | 4.234 | 11/06/28 | 1,470,802 | ||||||||||||||
| 550,000 | BP Capital Markets plc | 3.062 | 03/17/22 | 562,991 | ||||||||||||||
| 1,225,000 | BP Capital Markets plc | 2.500 | 11/06/22 | 1,240,093 | ||||||||||||||
| 700,000 | BP Capital Markets plc | 3.994 | 09/26/23 | 748,934 | ||||||||||||||
| 925,000 | BP Capital Markets plc | 3.814 | 02/10/24 | 985,490 | ||||||||||||||
| 675,000 | BP Capital Markets plc | 3.535 | 11/04/24 | 716,743 | ||||||||||||||
| 675,000 | BP Capital Markets plc | 3.506 | 03/17/25 | 716,001 | ||||||||||||||
| 925,000 | BP Capital Markets plc | 3.279 | 09/19/27 | 973,770 | ||||||||||||||
| 300,000 | BP Capital Markets plc | 3.723 | 11/28/28 | 327,679 | ||||||||||||||
| 200,000 | Buckeye Partners LP | 4.875 | 02/01/21 | 202,940 | ||||||||||||||
| 200,000 | Buckeye Partners LP | 4.350 | 10/15/24 | 195,410 | ||||||||||||||
| 1,050,000 | Buckeye Partners LP | 3.950 | 12/01/26 | 924,629 | ||||||||||||||
| 200,000 | Buckeye Partners LP | 4.125 | 12/01/27 | 175,097 | ||||||||||||||
| 200,000 | Buckeye Partners LP | 5.850 | 11/15/43 | 169,425 | ||||||||||||||
| 100,000 | Buckeye Partners LP | 5.600 | 10/15/44 | 80,633 | ||||||||||||||
| 575,000 | Burlington Resources Finance Co | 7.200 | 08/15/31 | 811,188 | ||||||||||||||
| 200,000 | Burlington Resources Finance Co | 7.400 | 12/01/31 | 285,102 | ||||||||||||||
| 600,000 | Canadian Natural Resources Ltd | 2.950 | 01/15/23 | 610,936 | ||||||||||||||
| 76 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 600,000 | Canadian Natural Resources Ltd | 3.800 | % | 04/15/24 | $ | 629,183 | |||||||||||
| 700,000 | Canadian Natural Resources Ltd | 3.900 | 02/01/25 | 738,646 | ||||||||||||||
| 1,125,000 | Canadian Natural Resources Ltd | 3.850 | 06/01/27 | 1,186,799 | ||||||||||||||
| 1,625,000 | Canadian Natural Resources Ltd | 6.250 | 03/15/38 | 2,075,987 | ||||||||||||||
| 800,000 | Canadian Natural Resources Ltd | 4.950 | 06/01/47 | 945,711 | ||||||||||||||
| 725,000 | Cenovus Energy, Inc | 4.250 | 04/15/27 | 755,940 | ||||||||||||||
| 1,750,000 | Cenovus Energy, Inc | 5.250 | 06/15/37 | 1,906,818 | ||||||||||||||
| 750,000 | Cenovus Energy, Inc | 5.400 | 06/15/47 | 844,880 | ||||||||||||||
| 2,750,000 | Chevron Corp | 2.100 | 05/16/21 | 2,760,535 | ||||||||||||||
| 400,000 | Chevron Corp | 2.411 | 03/03/22 | 404,632 | ||||||||||||||
| 300,000 | Chevron Corp | 2.498 | 03/03/22 | 304,492 | ||||||||||||||
| 1,050,000 | Chevron Corp | 2.355 | 12/05/22 | 1,064,319 | ||||||||||||||
| 500,000 | Chevron Corp | 2.566 | 05/16/23 | 510,764 | ||||||||||||||
| 400,000 | Chevron Corp | 3.191 | 06/24/23 | 417,394 | ||||||||||||||
| 425,000 | Chevron Corp | 2.895 | 03/03/24 | 441,272 | ||||||||||||||
| 400,000 | Chevron Corp | 3.326 | 11/17/25 | 429,279 | ||||||||||||||
| 2,475,000 | Chevron Corp | 2.954 | 05/16/26 | 2,588,620 | ||||||||||||||
| 500,000 | Cimarex Energy Co | 4.375 | 06/01/24 | 525,435 | ||||||||||||||
| 525,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 534,639 | ||||||||||||||
| 300,000 | Cimarex Energy Co | 4.375 | 03/15/29 | 315,794 | ||||||||||||||
| 825,000 | Concho Resources, Inc | 3.750 | 10/01/27 | 857,647 | ||||||||||||||
| 950,000 | Concho Resources, Inc | 4.300 | 08/15/28 | 1,024,753 | ||||||||||||||
| 400,000 | Concho Resources, Inc | 4.875 | 10/01/47 | 457,216 | ||||||||||||||
| 300,000 | Concho Resources, Inc | 4.850 | 08/15/48 | 343,978 | ||||||||||||||
| 2,800,000 | ConocoPhillips Co | 4.950 | 03/15/26 | 3,228,564 | ||||||||||||||
| 77,000 | ConocoPhillips Co | 4.150 | 11/15/34 | 84,688 | ||||||||||||||
| 250,000 | ConocoPhillips Co | 5.900 | 05/15/38 | 339,792 | ||||||||||||||
| 1,585,000 | ConocoPhillips Co | 6.500 | 02/01/39 | 2,293,558 | ||||||||||||||
| 300,000 | ConocoPhillips Co | 4.300 | 11/15/44 | 347,340 | ||||||||||||||
| 1,650,000 | ConocoPhillips Co | 5.950 | 03/15/46 | 2,371,884 | ||||||||||||||
| 925,000 | ConocoPhillips Holding Co | 6.950 | 04/15/29 | 1,259,453 | ||||||||||||||
| 687,000 | Continental Resources, Inc | 5.000 | 09/15/22 | 693,052 | ||||||||||||||
| 400,000 | Continental Resources, Inc | 4.500 | 04/15/23 | 415,518 | ||||||||||||||
| 2,325,000 | Continental Resources, Inc | 4.375 | 01/15/28 | 2,402,342 | ||||||||||||||
| 885,000 | Devon Energy Corp | 5.600 | 07/15/41 | 1,072,795 | ||||||||||||||
| 700,000 | Devon Energy Corp | 4.750 | 05/15/42 | 769,266 | ||||||||||||||
| 1,100,000 | Devon Energy Corp | 5.000 | 06/15/45 | 1,274,555 | ||||||||||||||
| 725,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 807,287 | ||||||||||||||
| 1,000,000 | Ecopetrol S.A. | 4.125 | 01/16/25 | 1,055,350 | ||||||||||||||
| 975,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 1,094,535 | ||||||||||||||
| 200,000 | Ecopetrol S.A. | 7.375 | 09/18/43 | 267,252 | ||||||||||||||
| 1,725,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 2,026,185 | ||||||||||||||
| 300,000 | El Paso Corp | 7.750 | 01/15/32 | 413,099 | ||||||||||||||
| 675,000 | Enbridge Energy Partners LP | 4.375 | 10/15/20 | 689,120 | ||||||||||||||
| 1,200,000 | Enbridge Energy Partners LP | 5.875 | 10/15/25 | 1,397,924 | ||||||||||||||
| 300,000 | Enbridge Energy Partners LP | 5.500 | 09/15/40 | 354,567 | ||||||||||||||
| 200,000 | Enbridge Energy Partners LP | 7.375 | 10/15/45 | 296,297 | ||||||||||||||
| 800,000 | Enbridge, Inc | 2.900 | 07/15/22 | 815,186 | ||||||||||||||
| 300,000 | Enbridge, Inc | 4.000 | 10/01/23 | 317,987 | ||||||||||||||
| 100,000 | Enbridge, Inc | 4.250 | 12/01/26 | 109,409 | ||||||||||||||
| 100,000 | Enbridge, Inc | 3.700 | 07/15/27 | 105,675 | ||||||||||||||
| 300,000 | Enbridge, Inc | 4.500 | 06/10/44 | 329,116 | ||||||||||||||
| 925,000 | Enbridge, Inc | 5.500 | 12/01/46 | 1,173,125 | ||||||||||||||
| 77 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Enbridge, Inc | 6.250 | % | 03/01/78 | $ | 529,943 | |||||||||||
| 2,400,000 | EnCana Corp | 3.900 | 11/15/21 | 2,458,581 | ||||||||||||||
| 2,350,000 | EnCana Corp | 6.500 | 08/15/34 | 2,865,037 | ||||||||||||||
| 1,250,000 | Energy Transfer Operating LP | 7.500 | 10/15/20 | 1,313,605 | ||||||||||||||
| 2,775,000 | Energy Transfer Operating LP | 4.500 | 04/15/24 | 2,956,973 | ||||||||||||||
| 2,600,000 | Energy Transfer Operating LP | 5.250 | 04/15/29 | 2,932,998 | ||||||||||||||
| 2,750,000 | Energy Transfer Operating LP | 6.250 | 04/15/49 | 3,338,935 | ||||||||||||||
| 1,250,000 | Energy Transfer Partners LP | 4.150 | 10/01/20 | 1,268,621 | ||||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.650 | 06/01/21 | 515,002 | ||||||||||||||
| 450,000 | Energy Transfer Partners LP | 5.200 | 02/01/22 | 474,898 | ||||||||||||||
| 525,000 | Energy Transfer Partners LP | 3.600 | 02/01/23 | 539,338 | ||||||||||||||
| 200,000 | Energy Transfer Partners LP | 4.200 | 09/15/23 | 210,410 | ||||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.900 | 02/01/24 | 538,827 | ||||||||||||||
| 825,000 | Energy Transfer Partners LP | 4.050 | 03/15/25 | 862,927 | ||||||||||||||
| 325,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 352,347 | ||||||||||||||
| 250,000 | Energy Transfer Partners LP | 4.200 | 04/15/27 | 262,977 | ||||||||||||||
| 350,000 | Energy Transfer Partners LP | 4.950 | 06/15/28 | 384,735 | ||||||||||||||
| 400,000 | Energy Transfer Partners LP | 4.900 | 03/15/35 | 413,192 | ||||||||||||||
| 500,000 | Energy Transfer Partners LP | 5.800 | 06/15/38 | 572,471 | ||||||||||||||
| 140,000 | Energy Transfer Partners LP | 7.500 | 07/01/38 | 179,820 | ||||||||||||||
| 650,000 | Energy Transfer Partners LP | 6.500 | 02/01/42 | 779,499 | ||||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.150 | 02/01/43 | 207,874 | ||||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.950 | 10/01/43 | 226,227 | ||||||||||||||
| 550,000 | Energy Transfer Partners LP | 5.150 | 03/15/45 | 576,753 | ||||||||||||||
| 625,000 | Energy Transfer Partners LP | 6.125 | 12/15/45 | 732,848 | ||||||||||||||
| 500,000 | Energy Transfer Partners LP | 5.300 | 04/15/47 | 537,873 | ||||||||||||||
| 1,025,000 | Energy Transfer Partners LP | 6.000 | 06/15/48 | 1,211,700 | ||||||||||||||
| 600,000 | Enterprise Products Operating LLC | 5.200 | 09/01/20 | 616,501 | ||||||||||||||
| 900,000 | Enterprise Products Operating LLC | 2.800 | 02/15/21 | 908,492 | ||||||||||||||
| 100,000 | Enterprise Products Operating LLC | 2.850 | 04/15/21 | 101,067 | ||||||||||||||
| 300,000 | Enterprise Products Operating LLC | 3.500 | 02/01/22 | 309,781 | ||||||||||||||
| 400,000 | Enterprise Products Operating LLC | 4.050 | 02/15/22 | 417,841 | ||||||||||||||
| 250,000 | Enterprise Products Operating LLC | 3.350 | 03/15/23 | 258,646 | ||||||||||||||
| 950,000 | Enterprise Products Operating LLC | 3.900 | 02/15/24 | 1,010,636 | ||||||||||||||
| 225,000 | Enterprise Products Operating LLC | 3.750 | 02/15/25 | 239,387 | ||||||||||||||
| 450,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 478,377 | ||||||||||||||
| 3,065,000 | Enterprise Products Operating LLC | 3.950 | 02/15/27 | 3,324,487 | ||||||||||||||
| 725,000 | Enterprise Products Operating LLC | 4.150 | 10/16/28 | 803,076 | ||||||||||||||
| 700,000 | Enterprise Products Operating LLC | 3.125 | 07/31/29 | 715,890 | ||||||||||||||
| 480,000 | Enterprise Products Operating LLC | 6.125 | 10/15/39 | 623,650 | ||||||||||||||
| 175,000 | Enterprise Products Operating LLC | 5.950 | 02/01/41 | 223,274 | ||||||||||||||
| 525,000 | Enterprise Products Operating LLC | 4.850 | 08/15/42 | 602,794 | ||||||||||||||
| 325,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 355,541 | ||||||||||||||
| 1,775,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 2,039,057 | ||||||||||||||
| 775,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 912,977 | ||||||||||||||
| 500,000 | Enterprise Products Operating LLC | 4.900 | 05/15/46 | 580,084 | ||||||||||||||
| 675,000 | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 726,193 | ||||||||||||||
| 2,475,000 | Enterprise Products Operating LLC | 4.800 | 02/01/49 | 2,871,604 | ||||||||||||||
| 350,000 | Enterprise Products Operating LLC | 4.200 | 01/31/50 | 374,253 | ||||||||||||||
| 200,000 | Enterprise Products Operating LLC | 4.950 | 10/15/54 | 232,808 | ||||||||||||||
| 200,000 | Enterprise Products Operating LLC | 4.875 | 08/16/77 | 193,250 | ||||||||||||||
| 700,000 | Enterprise Products Operating LLC | 5.250 | 08/16/77 | 694,159 | ||||||||||||||
| 78 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 400,000 | Enterprise Products Operating LLC | 5.375 | % | 02/15/78 | $ | 386,089 | |||||||||||
| 440,000 | EOG Resources, Inc | 4.100 | 02/01/21 | 452,118 | ||||||||||||||
| 1,025,000 | EOG Resources, Inc | 2.625 | 03/15/23 | 1,044,838 | ||||||||||||||
| 475,000 | EOG Resources, Inc | 4.150 | 01/15/26 | 525,417 | ||||||||||||||
| 200,000 | EOG Resources, Inc | 3.900 | 04/01/35 | 222,824 | ||||||||||||||
| 200,000 | EOG Resources, Inc | 5.100 | 01/15/36 | 243,788 | ||||||||||||||
| 300,000 | EQT Corp | 2.500 | 10/01/20 | 299,520 | ||||||||||||||
| 1,175,000 | EQT Corp | 3.000 | 10/01/22 | 1,129,924 | ||||||||||||||
| 675,000 | EQT Corp | 3.900 | 10/01/27 | 585,228 | ||||||||||||||
| 525,000 | EQT Midstream Partners LP | 4.750 | 07/15/23 | 526,977 | ||||||||||||||
| 300,000 | EQT Midstream Partners LP | 4.000 | 08/01/24 | 290,797 | ||||||||||||||
| 200,000 | EQT Midstream Partners LP | 4.125 | 12/01/26 | 186,084 | ||||||||||||||
| 900,000 | EQT Midstream Partners LP | 5.500 | 07/15/28 | 900,294 | ||||||||||||||
| 300,000 | EQT Midstream Partners LP | 6.500 | 07/15/48 | 289,348 | ||||||||||||||
| 1,500,000 | Equinor ASA | 3.625 | 09/10/28 | 1,660,886 | ||||||||||||||
| 675,000 | Exxon Mobil Corp | 2.397 | 03/06/22 | 685,311 | ||||||||||||||
| 350,000 | Exxon Mobil Corp | 1.902 | 08/16/22 | 351,739 | ||||||||||||||
| 1,350,000 | Exxon Mobil Corp | 2.726 | 03/01/23 | 1,387,122 | ||||||||||||||
| 175,000 | Exxon Mobil Corp | 3.176 | 03/15/24 | 184,191 | ||||||||||||||
| 1,000,000 | Exxon Mobil Corp | 2.019 | 08/16/24 | 1,007,181 | ||||||||||||||
| 850,000 | Exxon Mobil Corp | 2.709 | 03/06/25 | 878,591 | ||||||||||||||
| 4,177,000 | Exxon Mobil Corp | 3.043 | 03/01/26 | 4,382,622 | ||||||||||||||
| 1,000,000 | Exxon Mobil Corp | 2.275 | 08/16/26 | 1,007,638 | ||||||||||||||
| 1,000,000 | Exxon Mobil Corp | 2.440 | 08/16/29 | 1,009,186 | ||||||||||||||
| 1,000,000 | Exxon Mobil Corp | 2.995 | 08/16/39 | 1,003,609 | ||||||||||||||
| 500,000 | Exxon Mobil Corp | 3.567 | 03/06/45 | 543,392 | ||||||||||||||
| 1,225,000 | Exxon Mobil Corp | 4.114 | 03/01/46 | 1,455,385 | ||||||||||||||
| 1,000,000 | Exxon Mobil Corp | 3.095 | 08/16/49 | 1,006,415 | ||||||||||||||
| 200,000 | Gulf South Pipeline Co LP | 4.000 | 06/15/22 | 204,879 | ||||||||||||||
| 125,000 | Halliburton Co | 3.500 | 08/01/23 | 129,833 | ||||||||||||||
| 3,050,000 | Halliburton Co | 3.800 | 11/15/25 | 3,234,498 | ||||||||||||||
| 500,000 | Halliburton Co | 4.850 | 11/15/35 | 555,000 | ||||||||||||||
| 125,000 | Halliburton Co | 6.700 | 09/15/38 | 165,603 | ||||||||||||||
| 125,000 | Halliburton Co | 7.450 | 09/15/39 | 178,126 | ||||||||||||||
| 750,000 | Halliburton Co | 4.750 | 08/01/43 | 809,671 | ||||||||||||||
| 2,025,000 | Halliburton Co | 5.000 | 11/15/45 | 2,269,203 | ||||||||||||||
| 200,000 | Helmerich & Payne, Inc | 4.650 | 03/15/25 | 216,177 | ||||||||||||||
| 200,000 | Hess Corp | 3.500 | 07/15/24 | 204,127 | ||||||||||||||
| 2,100,000 | Hess Corp | 4.300 | 04/01/27 | 2,194,404 | ||||||||||||||
| 200,000 | Hess Corp | 6.000 | 01/15/40 | 231,801 | ||||||||||||||
| 1,190,000 | Hess Corp | 5.600 | 02/15/41 | 1,319,170 | ||||||||||||||
| 300,000 | Hess Corp | 5.800 | 04/01/47 | 345,341 | ||||||||||||||
| 200,000 | HollyFrontier Corp | 5.875 | 04/01/26 | 223,953 | ||||||||||||||
| 500,000 | Husky Energy, Inc | 4.000 | 04/15/24 | 523,712 | ||||||||||||||
| 825,000 | Husky Energy, Inc | 4.400 | 04/15/29 | 868,836 | ||||||||||||||
| 130,000 | Husky Energy, Inc | 6.800 | 09/15/37 | 169,087 | ||||||||||||||
| 300,000 | Kinder Morgan Energy Partners LP | 4.150 | 02/01/24 | 319,190 | ||||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 4.250 | 09/01/24 | 536,388 | ||||||||||||||
| 300,000 | Kinder Morgan Energy Partners LP | 6.950 | 01/15/38 | 391,805 | ||||||||||||||
| 535,000 | Kinder Morgan Energy Partners LP | 6.500 | 09/01/39 | 677,273 | ||||||||||||||
| 400,000 | Kinder Morgan Energy Partners LP | 4.700 | 11/01/42 | 421,546 | ||||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 5.000 | 03/01/43 | 549,197 | ||||||||||||||
| 400,000 | Kinder Morgan Energy Partners LP | 5.500 | 03/01/44 | 460,926 | ||||||||||||||
| 79 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Kinder Morgan Energy Partners LP | 5.400 | % | 09/01/44 | $ | 229,267 | |||||||||||
| 525,000 | Kinder Morgan, Inc | 3.950 | 09/01/22 | 546,539 | ||||||||||||||
| 3,600,000 | Kinder Morgan, Inc | 3.150 | 01/15/23 | 3,688,997 | ||||||||||||||
| 2,525,000 | Kinder Morgan, Inc | 4.300 | 06/01/25 | 2,729,972 | ||||||||||||||
| 2,825,000 | Kinder Morgan, Inc | 4.300 | 03/01/28 | 3,070,253 | ||||||||||||||
| 3,300,000 | Kinder Morgan, Inc | 5.300 | 12/01/34 | 3,791,013 | ||||||||||||||
| 1,600,000 | Kinder Morgan, Inc | 5.550 | 06/01/45 | 1,888,127 | ||||||||||||||
| 2,325,000 | Kinder Morgan, Inc | 5.200 | 03/01/48 | 2,679,096 | ||||||||||||||
| 125,000 | Magellan Midstream Partners LP | 4.250 | 02/01/21 | 128,186 | ||||||||||||||
| 900,000 | Magellan Midstream Partners LP | 5.000 | 03/01/26 | 1,010,423 | ||||||||||||||
| 225,000 | Magellan Midstream Partners LP | 4.250 | 09/15/46 | 239,221 | ||||||||||||||
| 425,000 | Magellan Midstream Partners LP | 4.200 | 10/03/47 | 444,887 | ||||||||||||||
| 525,000 | Magellan Midstream Partners LP | 4.850 | 02/01/49 | 610,084 | ||||||||||||||
| 500,000 | Magellan Midstream Partners LP | 3.950 | 03/01/50 | 506,913 | ||||||||||||||
| 1,150,000 | Marathon Oil Corp | 2.800 | 11/01/22 | 1,157,178 | ||||||||||||||
| 300,000 | Marathon Oil Corp | 3.850 | 06/01/25 | 311,955 | ||||||||||||||
| 1,475,000 | Marathon Oil Corp | 4.400 | 07/15/27 | 1,573,842 | ||||||||||||||
| 505,000 | Marathon Oil Corp | 6.600 | 10/01/37 | 628,526 | ||||||||||||||
| 200,000 | Marathon Oil Corp | 5.200 | 06/01/45 | 225,379 | ||||||||||||||
| 250,000 | Marathon Petroleum Corp | 3.400 | 12/15/20 | 252,754 | ||||||||||||||
| 250,000 | Marathon Petroleum Corp | 5.125 | 03/01/21 | 259,861 | ||||||||||||||
| 2,175,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 2,276,045 | ||||||||||||||
| 200,000 | Marathon Petroleum Corp | 3.800 | 04/01/28 | 208,498 | ||||||||||||||
| 800,000 | Marathon Petroleum Corp | 6.500 | 03/01/41 | 996,237 | ||||||||||||||
| 450,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 483,907 | ||||||||||||||
| 250,000 | Marathon Petroleum Corp | 5.850 | 12/15/45 | 284,571 | ||||||||||||||
| 200,000 | Marathon Petroleum Corp | 4.500 | 04/01/48 | 209,078 | ||||||||||||||
| 200,000 | Marathon Petroleum Corp | 5.000 | 09/15/54 | 213,907 | ||||||||||||||
| 175,000 | MPLX LP | 3.375 | 03/15/23 | 179,658 | ||||||||||||||
| 1,000,000 | g | MPLX LP | 6.375 | 05/01/24 | 1,049,009 | |||||||||||||
| 1,000,000 | MPLX LP | 4.875 | 12/01/24 | 1,097,849 | ||||||||||||||
| 2,500,000 | MPLX LP | 4.875 | 06/01/25 | 2,750,578 | ||||||||||||||
| 100,000 | MPLX LP | 4.125 | 03/01/27 | 105,517 | ||||||||||||||
| 475,000 | MPLX LP | 4.000 | 03/15/28 | 495,284 | ||||||||||||||
| 1,200,000 | MPLX LP | 4.800 | 02/15/29 | 1,326,024 | ||||||||||||||
| 975,000 | MPLX LP | 4.500 | 04/15/38 | 1,011,158 | ||||||||||||||
| 375,000 | MPLX LP | 5.200 | 03/01/47 | 414,495 | ||||||||||||||
| 825,000 | MPLX LP | 4.700 | 04/15/48 | 861,750 | ||||||||||||||
| 1,350,000 | MPLX LP | 5.500 | 02/15/49 | 1,572,569 | ||||||||||||||
| 1,100,000 | MPLX LP | 4.900 | 04/15/58 | 1,124,976 | ||||||||||||||
| 600,000 | National Oilwell Varco, Inc | 2.600 | 12/01/22 | 603,239 | ||||||||||||||
| 800,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 733,624 | ||||||||||||||
| 935,000 | Nexen, Inc | 6.400 | 05/15/37 | 1,317,543 | ||||||||||||||
| 750,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 786,320 | ||||||||||||||
| 1,250,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 1,297,480 | ||||||||||||||
| 1,000,000 | Noble Energy, Inc | 3.250 | 10/15/29 | 989,946 | ||||||||||||||
| 875,000 | Noble Energy, Inc | 6.000 | 03/01/41 | 1,056,951 | ||||||||||||||
| 450,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 501,498 | ||||||||||||||
| 175,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 191,011 | ||||||||||||||
| 200,000 | Noble Energy, Inc | 4.950 | 08/15/47 | 218,430 | ||||||||||||||
| 1,000,000 | Noble Energy, Inc | 4.200 | 10/15/49 | 981,466 | ||||||||||||||
| 699,000 | Occidental Petroleum Corp | 4.850 | 03/15/21 | 722,745 | ||||||||||||||
| 80 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 900,000 | Occidental Petroleum Corp | 2.600 | % | 08/13/21 | $ | 905,829 | |||||||||||
| 250,000 | Occidental Petroleum Corp | 3.125 | 02/15/22 | 253,700 | ||||||||||||||
| 200,000 | Occidental Petroleum Corp | 2.600 | 04/15/22 | 201,018 | ||||||||||||||
| 550,000 | Occidental Petroleum Corp | 2.700 | 08/15/22 | 554,813 | ||||||||||||||
| 400,000 | Occidental Petroleum Corp | 2.700 | 02/15/23 | 402,152 | ||||||||||||||
| 2,000,000 | Occidental Petroleum Corp | 2.900 | 08/15/24 | 2,015,186 | ||||||||||||||
| 975,000 | Occidental Petroleum Corp | 3.500 | 06/15/25 | 1,002,779 | ||||||||||||||
| 2,100,000 | Occidental Petroleum Corp | 5.550 | 03/15/26 | 2,374,472 | ||||||||||||||
| 925,000 | Occidental Petroleum Corp | 3.400 | 04/15/26 | 939,551 | ||||||||||||||
| 675,000 | Occidental Petroleum Corp | 3.200 | 08/15/26 | 679,992 | ||||||||||||||
| 1,800,000 | Occidental Petroleum Corp | 3.000 | 02/15/27 | 1,786,815 | ||||||||||||||
| 725,000 | Occidental Petroleum Corp | 3.500 | 08/15/29 | 736,123 | ||||||||||||||
| 200,000 | Occidental Petroleum Corp | 7.500 | 05/01/31 | 262,017 | ||||||||||||||
| 400,000 | Occidental Petroleum Corp | 6.450 | 09/15/36 | 495,061 | ||||||||||||||
| 125,000 | Occidental Petroleum Corp | 4.300 | 08/15/39 | 128,307 | ||||||||||||||
| 1,325,000 | Occidental Petroleum Corp | 6.200 | 03/15/40 | 1,599,369 | ||||||||||||||
| 200,000 | Occidental Petroleum Corp | 4.500 | 07/15/44 | 203,486 | ||||||||||||||
| 300,000 | Occidental Petroleum Corp | 4.625 | 06/15/45 | 309,913 | ||||||||||||||
| 1,600,000 | Occidental Petroleum Corp | 6.600 | 03/15/46 | 2,085,076 | ||||||||||||||
| 240,000 | Occidental Petroleum Corp | 4.400 | 04/15/46 | 244,202 | ||||||||||||||
| 300,000 | Occidental Petroleum Corp | 4.100 | 02/15/47 | 292,210 | ||||||||||||||
| 1,000,000 | Occidental Petroleum Corp | 4.200 | 03/15/48 | 991,891 | ||||||||||||||
| 1,000,000 | Occidental Petroleum Corp | 4.400 | 08/15/49 | 1,028,158 | ||||||||||||||
| 175,000 | ONEOK, Inc | 2.750 | 09/01/24 | 175,905 | ||||||||||||||
| 1,300,000 | ONEOK, Inc | 4.000 | 07/13/27 | 1,360,729 | ||||||||||||||
| 725,000 | ONEOK, Inc | 4.550 | 07/15/28 | 785,122 | ||||||||||||||
| 325,000 | ONEOK, Inc | 4.350 | 03/15/29 | 347,747 | ||||||||||||||
| 500,000 | ONEOK, Inc | 3.400 | 09/01/29 | 494,838 | ||||||||||||||
| 675,000 | ONEOK, Inc | 4.950 | 07/13/47 | 732,261 | ||||||||||||||
| 1,350,000 | ONEOK, Inc | 5.200 | 07/15/48 | 1,500,166 | ||||||||||||||
| 500,000 | ONEOK, Inc | 4.450 | 09/01/49 | 499,125 | ||||||||||||||
| 350,000 | Patterson-UTI Energy, Inc | 3.950 | 02/01/28 | 351,536 | ||||||||||||||
| 250,000 | Petro-Canada | 6.800 | 05/15/38 | 349,517 | ||||||||||||||
| 2,000,000 | Petroleos Mexicanos | 5.375 | 03/13/22 | 2,107,500 | ||||||||||||||
| 105,000 | Petroleos Mexicanos | 1.700 | 12/20/22 | 104,494 | ||||||||||||||
| 105,000 | Petroleos Mexicanos | 2.000 | 12/20/22 | 105,110 | ||||||||||||||
| 1,950,000 | Petroleos Mexicanos | 4.500 | 01/23/26 | 1,883,681 | ||||||||||||||
| 500,000 | Petroleos Mexicanos | 6.875 | 08/04/26 | 537,500 | ||||||||||||||
| 3,597,500 | g,h | Petroleos Mexicanos | 6.490 | 01/23/27 | 3,750,034 | |||||||||||||
| 6,150,000 | Petroleos Mexicanos | 6.500 | 03/13/27 | 6,402,150 | ||||||||||||||
| 11,000,000 | Petroleos Mexicanos | 5.350 | 02/12/28 | 10,511,930 | ||||||||||||||
| 2,550,000 | Petroleos Mexicanos | 6.500 | 01/23/29 | 2,588,123 | ||||||||||||||
| 4,211,000 | g,h | Petroleos Mexicanos | 6.840 | 01/23/30 | 4,355,016 | |||||||||||||
| 1,540,000 | Petroleos Mexicanos | 6.500 | 06/02/41 | 1,471,470 | ||||||||||||||
| 575,000 | Petroleos Mexicanos | 6.375 | 01/23/45 | 533,313 | ||||||||||||||
| 3,090,000 | Petroleos Mexicanos | 6.750 | 09/21/47 | 2,965,782 | ||||||||||||||
| 2,948,000 | Petroleos Mexicanos | 6.350 | 02/12/48 | 2,708,947 | ||||||||||||||
| 2,022,531 | g,h | Petroleos Mexicanos | 7.690 | 01/23/50 | 2,109,096 | |||||||||||||
| 925,000 | Phillips 66 | 4.300 | 04/01/22 | 975,430 | ||||||||||||||
| 1,000,000 | Phillips 66 | 3.900 | 03/15/28 | 1,078,249 | ||||||||||||||
| 738,000 | Phillips 66 | 4.650 | 11/15/34 | 852,500 | ||||||||||||||
| 125,000 | Phillips 66 | 5.875 | 05/01/42 | 164,933 | ||||||||||||||
| 1,775,000 | Phillips 66 | 4.875 | 11/15/44 | 2,116,162 | ||||||||||||||
| 81 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 100,000 | Phillips 66 Partners LP | 3.550 | % | 10/01/26 | $ | 103,142 | |||||||||||
| 675,000 | Phillips 66 Partners LP | 3.750 | 03/01/28 | 702,099 | ||||||||||||||
| 500,000 | Phillips 66 Partners LP | 3.150 | 12/15/29 | 492,037 | ||||||||||||||
| 425,000 | Phillips 66 Partners LP | 4.680 | 02/15/45 | 456,264 | ||||||||||||||
| 350,000 | Phillips 66 Partners LP | 4.900 | 10/01/46 | 393,287 | ||||||||||||||
| 1,125,000 | Pioneer Natural Resources Co | 3.450 | 01/15/21 | 1,139,936 | ||||||||||||||
| 200,000 | Pioneer Natural Resources Co | 4.450 | 01/15/26 | 219,137 | ||||||||||||||
| 700,000 | Plains All American Pipeline LP | 5.000 | 02/01/21 | 718,108 | ||||||||||||||
| 200,000 | Plains All American Pipeline LP | 2.850 | 01/31/23 | 200,013 | ||||||||||||||
| 400,000 | Plains All American Pipeline LP | 3.850 | 10/15/23 | 414,347 | ||||||||||||||
| 575,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 588,769 | ||||||||||||||
| 1,025,000 | Plains All American Pipeline LP | 4.650 | 10/15/25 | 1,096,646 | ||||||||||||||
| 2,075,000 | Plains All American Pipeline LP | 4.500 | 12/15/26 | 2,202,467 | ||||||||||||||
| 750,000 | Plains All American Pipeline LP | 3.550 | 12/15/29 | 737,316 | ||||||||||||||
| 100,000 | Plains All American Pipeline LP | 6.650 | 01/15/37 | 119,016 | ||||||||||||||
| 250,000 | Plains All American Pipeline LP | 5.150 | 06/01/42 | 254,019 | ||||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.700 | 06/15/44 | 293,023 | ||||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.900 | 02/15/45 | 302,065 | ||||||||||||||
| 375,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 401,152 | ||||||||||||||
| 2,250,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 2,324,318 | ||||||||||||||
| 175,000 | Sabine Pass Liquefaction LLC | 6.250 | 03/15/22 | 188,562 | ||||||||||||||
| 375,000 | Sabine Pass Liquefaction LLC | 5.625 | 04/15/23 | 407,495 | ||||||||||||||
| 690,000 | Sabine Pass Liquefaction LLC | 5.750 | 05/15/24 | 769,156 | ||||||||||||||
| 1,775,000 | Sabine Pass Liquefaction LLC | 5.625 | 03/01/25 | 1,994,765 | ||||||||||||||
| 275,000 | Sabine Pass Liquefaction LLC | 5.875 | 06/30/26 | 315,261 | ||||||||||||||
| 2,675,000 | Sabine Pass Liquefaction LLC | 5.000 | 03/15/27 | 2,954,942 | ||||||||||||||
| 550,000 | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 583,086 | ||||||||||||||
| 1,000,000 | Schlumberger Investment S.A. | 3.650 | 12/01/23 | 1,057,384 | ||||||||||||||
| 500,000 | Shell International Finance BV | 1.875 | 05/10/21 | 500,190 | ||||||||||||||
| 950,000 | Shell International Finance BV | 1.750 | 09/12/21 | 948,290 | ||||||||||||||
| 575,000 | Shell International Finance BV | 2.375 | 08/21/22 | 583,554 | ||||||||||||||
| 500,000 | Shell International Finance BV | 2.250 | 01/06/23 | 505,067 | ||||||||||||||
| 350,000 | Shell International Finance BV | 3.400 | 08/12/23 | 368,758 | ||||||||||||||
| 1,175,000 | Shell International Finance BV | 3.500 | 11/13/23 | 1,245,290 | ||||||||||||||
| 5,075,000 | Shell International Finance BV | 3.250 | 05/11/25 | 5,376,855 | ||||||||||||||
| 2,075,000 | Shell International Finance BV | 2.875 | 05/10/26 | 2,163,065 | ||||||||||||||
| 925,000 | Shell International Finance BV | 2.500 | 09/12/26 | 941,434 | ||||||||||||||
| 1,225,000 | Shell International Finance BV | 3.875 | 11/13/28 | 1,375,647 | ||||||||||||||
| 500,000 | Shell International Finance BV | 4.125 | 05/11/35 | 576,386 | ||||||||||||||
| 350,000 | Shell International Finance BV | 6.375 | 12/15/38 | 511,191 | ||||||||||||||
| 100,000 | Shell International Finance BV | 5.500 | 03/25/40 | 135,182 | ||||||||||||||
| 1,200,000 | Shell International Finance BV | 4.550 | 08/12/43 | 1,470,931 | ||||||||||||||
| 2,025,000 | Shell International Finance BV | 4.375 | 05/11/45 | 2,448,561 | ||||||||||||||
| 650,000 | Shell International Finance BV | 4.000 | 05/10/46 | 751,997 | ||||||||||||||
| 3,180,000 | Shell International Finance BV | 3.750 | 09/12/46 | 3,551,376 | ||||||||||||||
| 200,000 | Spectra Energy Partners LP | 4.750 | 03/15/24 | 218,071 | ||||||||||||||
| 400,000 | Spectra Energy Partners LP | 3.500 | 03/15/25 | 416,063 | ||||||||||||||
| 1,100,000 | Spectra Energy Partners LP | 3.375 | 10/15/26 | 1,138,672 | ||||||||||||||
| 200,000 | Spectra Energy Partners LP | 5.950 | 09/25/43 | 253,635 | ||||||||||||||
| 600,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 652,972 | ||||||||||||||
| 500,000 | Statoil ASA | 2.250 | 11/08/19 | 500,003 | ||||||||||||||
| 300,000 | Statoil ASA | 2.900 | 11/08/20 | 303,130 | ||||||||||||||
| 82 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Statoil ASA | 2.750 | % | 11/10/21 | $ | 507,011 | |||||||||||
| 925,000 | Statoil ASA | 2.450 | 01/17/23 | 939,374 | ||||||||||||||
| 475,000 | Statoil ASA | 2.650 | 01/15/24 | 487,911 | ||||||||||||||
| 450,000 | Statoil ASA | 3.700 | 03/01/24 | 481,726 | ||||||||||||||
| 500,000 | Statoil ASA | 3.250 | 11/10/24 | 529,432 | ||||||||||||||
| 200,000 | Statoil ASA | 5.100 | 08/17/40 | 258,161 | ||||||||||||||
| 400,000 | Statoil ASA | 4.250 | 11/23/41 | 468,177 | ||||||||||||||
| 300,000 | Statoil ASA | 3.950 | 05/15/43 | 342,448 | ||||||||||||||
| 1,300,000 | Statoil ASA | 4.800 | 11/08/43 | 1,661,120 | ||||||||||||||
| 1,775,000 | Suncor Energy, Inc | 3.600 | 12/01/24 | 1,871,375 | ||||||||||||||
| 1,625,000 | Suncor Energy, Inc | 6.500 | 06/15/38 | 2,242,831 | ||||||||||||||
| 1,550,000 | Suncor Energy, Inc | 4.000 | 11/15/47 | 1,665,869 | ||||||||||||||
| 200,000 | Sunoco Logistics Partners Operations LP | 4.400 | 04/01/21 | 205,435 | ||||||||||||||
| 1,181,000 | Sunoco Logistics Partners Operations LP | 3.450 | 01/15/23 | 1,206,780 | ||||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 4.250 | 04/01/24 | 315,975 | ||||||||||||||
| 200,000 | Sunoco Logistics Partners Operations LP | 5.950 | 12/01/25 | 228,484 | ||||||||||||||
| 400,000 | Sunoco Logistics Partners Operations LP | 3.900 | 07/15/26 | 414,979 | ||||||||||||||
| 1,775,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 1,837,534 | ||||||||||||||
| 100,000 | Sunoco Logistics Partners Operations LP | 6.100 | 02/15/42 | 114,135 | ||||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 5.300 | 04/01/44 | 315,889 | ||||||||||||||
| 200,000 | Sunoco Logistics Partners Operations LP | 5.350 | 05/15/45 | 214,438 | ||||||||||||||
| 1,225,000 | Sunoco Logistics Partners Operations LP | 5.400 | 10/01/47 | 1,336,422 | ||||||||||||||
| 100,000 | TechnipFMC plc | 3.450 | 10/01/22 | 101,910 | ||||||||||||||
| 300,000 | Total Capital Canada Ltd | 2.750 | 07/15/23 | 308,323 | ||||||||||||||
| 300,000 | Total Capital International S.A. | 2.750 | 06/19/21 | 304,022 | ||||||||||||||
| 500,000 | Total Capital International S.A. | 2.218 | 07/12/21 | 502,462 | ||||||||||||||
| 1,150,000 | Total Capital International S.A. | 2.875 | 02/17/22 | 1,175,964 | ||||||||||||||
| 1,675,000 | Total Capital International S.A. | 2.700 | 01/25/23 | 1,709,669 | ||||||||||||||
| 750,000 | Total Capital International S.A. | 3.700 | 01/15/24 | 799,921 | ||||||||||||||
| 450,000 | Total Capital International S.A. | 3.750 | 04/10/24 | 482,081 | ||||||||||||||
| 500,000 | Total Capital International S.A. | 2.434 | 01/10/25 | 505,012 | ||||||||||||||
| 900,000 | Total Capital International S.A. | 3.455 | 02/19/29 | 971,936 | ||||||||||||||
| 500,000 | Total Capital International S.A. | 2.829 | 01/10/30 | 515,378 | ||||||||||||||
| 500,000 | Total Capital International S.A. | 3.461 | 07/12/49 | 529,188 | ||||||||||||||
| 100,000 | Total Capital S.A. | 4.125 | 01/28/21 | 102,795 | ||||||||||||||
| 1,125,000 | Total Capital S.A. | 3.883 | 10/11/28 | 1,258,270 | ||||||||||||||
| 600,000 | TransCanada PipeLines Ltd | 3.800 | 10/01/20 | 609,574 | ||||||||||||||
| 325,000 | TransCanada PipeLines Ltd | 2.500 | 08/01/22 | 328,451 | ||||||||||||||
| 1,225,000 | TransCanada PipeLines Ltd | 4.875 | 01/15/26 | 1,375,349 | ||||||||||||||
| 3,175,000 | TransCanada PipeLines Ltd | 4.250 | 05/15/28 | 3,510,540 | ||||||||||||||
| 1,925,000 | TransCanada PipeLines Ltd | 4.625 | 03/01/34 | 2,185,714 | ||||||||||||||
| 100,000 | TransCanada PipeLines Ltd | 6.200 | 10/15/37 | 129,428 | ||||||||||||||
| 500,000 | TransCanada PipeLines Ltd | 4.750 | 05/15/38 | 571,162 | ||||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 7.625 | 01/15/39 | 297,854 | ||||||||||||||
| 125,000 | TransCanada PipeLines Ltd | 6.100 | 06/01/40 | 161,696 | ||||||||||||||
| 1,200,000 | TransCanada PipeLines Ltd | 5.000 | 10/16/43 | 1,384,049 | ||||||||||||||
| 750,000 | TransCanada PipeLines Ltd | 4.875 | 05/15/48 | 872,451 | ||||||||||||||
| 525,000 | TransCanada PipeLines Ltd | 5.100 | 03/15/49 | 630,774 | ||||||||||||||
| 193,000 | Vale Overseas Ltd | 4.375 | 01/11/22 | 199,273 | ||||||||||||||
| 5,525,000 | Vale Overseas Ltd | 6.250 | 08/10/26 | 6,367,563 | ||||||||||||||
| 150,000 | Vale Overseas Ltd | 8.250 | 01/17/34 | 204,938 | ||||||||||||||
| 1,164,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 1,474,788 | ||||||||||||||
| 825,000 | Valero Energy Corp | 3.650 | 03/15/25 | 868,020 | ||||||||||||||
| 83 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 675,000 | Valero Energy Corp | 3.400 | % | 09/15/26 | $ | 692,155 | |||||||||||
| 500,000 | Valero Energy Corp | 4.350 | 06/01/28 | 543,227 | ||||||||||||||
| 1,175,000 | Valero Energy Corp | 4.000 | 04/01/29 | 1,249,108 | ||||||||||||||
| 455,000 | Valero Energy Corp | 7.500 | 04/15/32 | 620,035 | ||||||||||||||
| 850,000 | Valero Energy Corp | 6.625 | 06/15/37 | 1,100,375 | ||||||||||||||
| 300,000 | Valero Energy Corp | 4.900 | 03/15/45 | 333,115 | ||||||||||||||
| 200,000 | Valero Energy Partners LP | 4.375 | 12/15/26 | 217,232 | ||||||||||||||
| 300,000 | Valero Energy Partners LP | 4.500 | 03/15/28 | 327,902 | ||||||||||||||
| 450,000 | Western Gas Partners LP | 4.000 | 07/01/22 | 455,452 | ||||||||||||||
| 200,000 | Western Gas Partners LP | 3.950 | 06/01/25 | 193,344 | ||||||||||||||
| 700,000 | Western Gas Partners LP | 4.650 | 07/01/26 | 691,762 | ||||||||||||||
| 250,000 | Western Gas Partners LP | 4.500 | 03/01/28 | 241,033 | ||||||||||||||
| 400,000 | Western Gas Partners LP | 4.750 | 08/15/28 | 393,766 | ||||||||||||||
| 200,000 | Western Gas Partners LP | 5.450 | 04/01/44 | 177,429 | ||||||||||||||
| 575,000 | Western Gas Partners LP | 5.300 | 03/01/48 | 499,468 | ||||||||||||||
| 200,000 | Western Gas Partners LP | 5.500 | 08/15/48 | 177,467 | ||||||||||||||
| 600,000 | Williams Partners LP | 4.000 | 11/15/21 | 616,732 | ||||||||||||||
| 1,000,000 | Williams Partners LP | 3.600 | 03/15/22 | 1,027,211 | ||||||||||||||
| 2,375,000 | Williams Partners LP | 3.350 | 08/15/22 | 2,428,222 | ||||||||||||||
| 300,000 | Williams Partners LP | 4.500 | 11/15/23 | 321,130 | ||||||||||||||
| 300,000 | Williams Partners LP | 4.300 | 03/04/24 | 319,082 | ||||||||||||||
| 150,000 | Williams Partners LP | 3.900 | 01/15/25 | 157,175 | ||||||||||||||
| 925,000 | Williams Partners LP | 4.000 | 09/15/25 | 977,973 | ||||||||||||||
| 1,300,000 | Williams Partners LP | 3.750 | 06/15/27 | 1,344,783 | ||||||||||||||
| 300,000 | Williams Partners LP | 6.300 | 04/15/40 | 367,722 | ||||||||||||||
| 300,000 | Williams Partners LP | 5.800 | 11/15/43 | 348,675 | ||||||||||||||
| 300,000 | Williams Partners LP | 5.400 | 03/04/44 | 336,344 | ||||||||||||||
| 1,000,000 | Williams Partners LP | 4.900 | 01/15/45 | 1,057,406 | ||||||||||||||
| 225,000 | Williams Partners LP | 5.100 | 09/15/45 | 246,490 | ||||||||||||||
| 1,700,000 | Williams Partners LP | 4.850 | 03/01/48 | 1,824,361 | ||||||||||||||
| TOTAL ENERGY | 415,118,886 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 0.6% | ||||||||||||||||||
| 500,000 | Costco Wholesale Corp | 2.150 | 05/18/21 | 502,264 | ||||||||||||||
| 200,000 | Costco Wholesale Corp | 2.250 | 02/15/22 | 201,924 | ||||||||||||||
| 1,300,000 | Costco Wholesale Corp | 2.300 | 05/18/22 | 1,312,409 | ||||||||||||||
| 400,000 | Costco Wholesale Corp | 2.750 | 05/18/24 | 413,952 | ||||||||||||||
| 625,000 | Costco Wholesale Corp | 3.000 | 05/18/27 | 662,428 | ||||||||||||||
| 1,222,000 | CVS Health Corp | 3.350 | 03/09/21 | 1,241,854 | ||||||||||||||
| 1,025,000 | CVS Health Corp | 2.125 | 06/01/21 | 1,024,003 | ||||||||||||||
| 900,000 | CVS Health Corp | 3.500 | 07/20/22 | 929,254 | ||||||||||||||
| 925,000 | CVS Health Corp | 2.750 | 12/01/22 | 936,347 | ||||||||||||||
| 5,300,000 | CVS Health Corp | 3.700 | 03/09/23 | 5,516,380 | ||||||||||||||
| 425,000 | CVS Health Corp | 4.000 | 12/05/23 | 449,141 | ||||||||||||||
| 900,000 | CVS Health Corp | 3.375 | 08/12/24 | 931,475 | ||||||||||||||
| 250,000 | CVS Health Corp | 2.625 | 08/15/24 | 250,863 | ||||||||||||||
| 5,075,000 | CVS Health Corp | 4.100 | 03/25/25 | 5,419,063 | ||||||||||||||
| 1,969,000 | CVS Health Corp | 3.875 | 07/20/25 | 2,085,825 | ||||||||||||||
| 2,550,000 | CVS Health Corp | 2.875 | 06/01/26 | 2,553,125 | ||||||||||||||
| 1,250,000 | CVS Health Corp | 3.000 | 08/15/26 | 1,255,973 | ||||||||||||||
| 5,550,000 | CVS Health Corp | 4.300 | 03/25/28 | 6,002,949 | ||||||||||||||
| 275,000 | CVS Health Corp | 3.250 | 08/15/29 | 276,505 | ||||||||||||||
| 84 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 4,100,000 | CVS Health Corp | 4.780 | % | 03/25/38 | $ | 4,519,847 | |||||||||||
| 400,000 | CVS Health Corp | 5.300 | 12/05/43 | 468,386 | ||||||||||||||
| 1,800,000 | CVS Health Corp | 5.125 | 07/20/45 | 2,051,092 | ||||||||||||||
| 8,525,000 | CVS Health Corp | 5.050 | 03/25/48 | 9,694,907 | ||||||||||||||
| 69,000 | Delhaize Group S.A. | 5.700 | 10/01/40 | 85,247 | ||||||||||||||
| 200,000 | Kroger Co | 2.950 | 11/01/21 | 203,119 | ||||||||||||||
| 200,000 | Kroger Co | 3.400 | 04/15/22 | 206,381 | ||||||||||||||
| 2,525,000 | Kroger Co | 2.800 | 08/01/22 | 2,569,309 | ||||||||||||||
| 200,000 | Kroger Co | 3.850 | 08/01/23 | 210,879 | ||||||||||||||
| 300,000 | Kroger Co | 4.000 | 02/01/24 | 319,158 | ||||||||||||||
| 100,000 | Kroger Co | 3.500 | 02/01/26 | 104,223 | ||||||||||||||
| 1,275,000 | Kroger Co | 2.650 | 10/15/26 | 1,264,674 | ||||||||||||||
| 175,000 | Kroger Co | 3.700 | 08/01/27 | 184,945 | ||||||||||||||
| 1,150,000 | Kroger Co | 4.500 | 01/15/29 | 1,286,583 | ||||||||||||||
| 100,000 | Kroger Co | 6.900 | 04/15/38 | 131,184 | ||||||||||||||
| 250,000 | Kroger Co | 5.000 | 04/15/42 | 270,854 | ||||||||||||||
| 300,000 | Kroger Co | 5.150 | 08/01/43 | 331,312 | ||||||||||||||
| 300,000 | Kroger Co | 3.875 | 10/15/46 | 286,385 | ||||||||||||||
| 900,000 | Kroger Co | 4.450 | 02/01/47 | 929,011 | ||||||||||||||
| 700,000 | Kroger Co | 4.650 | 01/15/48 | 749,600 | ||||||||||||||
| 300,000 | Kroger Co | 5.400 | 01/15/49 | 355,334 | ||||||||||||||
| 500,000 | SYSCO Corp | 2.600 | 10/01/20 | 502,310 | ||||||||||||||
| 125,000 | SYSCO Corp | 2.500 | 07/15/21 | 125,782 | ||||||||||||||
| 250,000 | SYSCO Corp | 3.550 | 03/15/25 | 265,280 | ||||||||||||||
| 125,000 | SYSCO Corp | 3.750 | 10/01/25 | 134,202 | ||||||||||||||
| 350,000 | SYSCO Corp | 3.300 | 07/15/26 | 364,661 | ||||||||||||||
| 1,600,000 | SYSCO Corp | 3.250 | 07/15/27 | 1,676,628 | ||||||||||||||
| 300,000 | SYSCO Corp | 4.850 | 10/01/45 | 361,727 | ||||||||||||||
| 500,000 | SYSCO Corp | 4.500 | 04/01/46 | 576,304 | ||||||||||||||
| 250,000 | SYSCO Corp | 4.450 | 03/15/48 | 292,559 | ||||||||||||||
| 275,000 | Walgreen Co | 3.100 | 09/15/22 | 281,704 | ||||||||||||||
| 200,000 | Walgreen Co | 4.400 | 09/15/42 | 201,758 | ||||||||||||||
| 800,000 | Walgreens Boots Alliance, Inc | 3.300 | 11/18/21 | 818,826 | ||||||||||||||
| 375,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 395,512 | ||||||||||||||
| 3,275,000 | Walgreens Boots Alliance, Inc | 3.450 | 06/01/26 | 3,385,730 | ||||||||||||||
| 1,400,000 | Walgreens Boots Alliance, Inc | 4.500 | 11/18/34 | 1,488,926 | ||||||||||||||
| 400,000 | Walgreens Boots Alliance, Inc | 4.800 | 11/18/44 | 422,872 | ||||||||||||||
| 125,000 | Walgreens Boots Alliance, Inc | 4.650 | 06/01/46 | 130,548 | ||||||||||||||
| 675,000 | Wal-Mart Stores, Inc | 2.350 | 12/15/22 | 684,747 | ||||||||||||||
| 1,475,000 | Wal-Mart Stores, Inc | 2.550 | 04/11/23 | 1,505,418 | ||||||||||||||
| 1,250,000 | Wal-Mart Stores, Inc | 3.300 | 04/22/24 | 1,320,500 | ||||||||||||||
| 1,725,000 | Wal-Mart Stores, Inc | 2.650 | 12/15/24 | 1,779,727 | ||||||||||||||
| 375,000 | Wal-Mart Stores, Inc | 5.250 | 09/01/35 | 499,880 | ||||||||||||||
| 4,725,000 | Wal-Mart Stores, Inc | 3.625 | 12/15/47 | 5,299,911 | ||||||||||||||
| 2,550,000 | Walmart, Inc | 1.900 | 12/15/20 | 2,555,603 | ||||||||||||||
| 2,100,000 | Walmart, Inc | 3.125 | 06/23/21 | 2,148,383 | ||||||||||||||
| 1,100,000 | Walmart, Inc | 3.400 | 06/26/23 | 1,158,199 | ||||||||||||||
| 1,500,000 | Walmart, Inc | 2.850 | 07/08/24 | 1,559,807 | ||||||||||||||
| 900,000 | Walmart, Inc | 3.550 | 06/26/25 | 971,734 | ||||||||||||||
| 1,000,000 | Walmart, Inc | 3.050 | 07/08/26 | 1,059,600 | ||||||||||||||
| 4,100,000 | Walmart, Inc | 3.700 | 06/26/28 | 4,548,124 | ||||||||||||||
| 1,825,000 | Walmart, Inc | 3.250 | 07/08/29 | 1,972,427 | ||||||||||||||
| 175,000 | Walmart, Inc | 2.375 | 09/24/29 | 176,328 | ||||||||||||||
| 85 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 725,000 | Walmart, Inc | 3.950 | % | 06/28/38 | $ | 845,672 | |||||||||||
| 1,850,000 | Walmart, Inc | 4.050 | 06/29/48 | 2,222,345 | ||||||||||||||
| 500,000 | Walmart, Inc | 2.950 | 09/24/49 | 501,890 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 100,423,788 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.2% | ||||||||||||||||||
| 1,800,000 | Altria Group, Inc | 4.750 | 05/05/21 | 1,871,489 | ||||||||||||||
| 475,000 | Altria Group, Inc | 3.490 | 02/14/22 | 487,230 | ||||||||||||||
| 1,075,000 | Altria Group, Inc | 2.850 | 08/09/22 | 1,087,698 | ||||||||||||||
| 200,000 | Altria Group, Inc | 2.950 | 05/02/23 | 203,255 | ||||||||||||||
| 250,000 | Altria Group, Inc | 4.000 | 01/31/24 | 263,589 | ||||||||||||||
| 700,000 | Altria Group, Inc | 3.800 | 02/14/24 | 731,826 | ||||||||||||||
| 400,000 | Altria Group, Inc | 4.400 | 02/14/26 | 427,597 | ||||||||||||||
| 700,000 | Altria Group, Inc | 2.625 | 09/16/26 | 677,213 | ||||||||||||||
| 2,950,000 | Altria Group, Inc | 4.800 | 02/14/29 | 3,235,052 | ||||||||||||||
| 800,000 | Altria Group, Inc | 5.800 | 02/14/39 | 927,678 | ||||||||||||||
| 925,000 | Altria Group, Inc | 4.250 | 08/09/42 | 895,919 | ||||||||||||||
| 300,000 | Altria Group, Inc | 4.500 | 05/02/43 | 301,098 | ||||||||||||||
| 775,000 | Altria Group, Inc | 5.375 | 01/31/44 | 862,005 | ||||||||||||||
| 900,000 | Altria Group, Inc | 3.875 | 09/16/46 | 828,290 | ||||||||||||||
| 1,375,000 | Altria Group, Inc | 5.950 | 02/14/49 | 1,617,556 | ||||||||||||||
| 1,700,000 | Altria Group, Inc | 6.200 | 02/14/59 | 2,009,696 | ||||||||||||||
| 775,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | 02/01/23 | 805,652 | ||||||||||||||
| 125,000 | Anheuser-Busch InBev Finance, Inc | 3.700 | 02/01/24 | 133,587 | ||||||||||||||
| 1,125,000 | Anheuser-Busch InBev Finance, Inc | 4.625 | 02/01/44 | 1,284,268 | ||||||||||||||
| 775,000 | Anheuser-Busch InBev Worldwide, Inc | 4.150 | 01/23/25 | 846,719 | ||||||||||||||
| 2,600,000 | Anheuser-Busch InBev Worldwide, Inc | 4.000 | 04/13/28 | 2,870,338 | ||||||||||||||
| 2,400,000 | Anheuser-Busch InBev Worldwide, Inc | 4.750 | 01/23/29 | 2,794,816 | ||||||||||||||
| 625,000 | Anheuser-Busch InBev Worldwide, Inc | 4.900 | 01/23/31 | 744,310 | ||||||||||||||
| 1,700,000 | Anheuser-Busch InBev Worldwide, Inc | 4.375 | 04/15/38 | 1,903,661 | ||||||||||||||
| 100,000 | Anheuser-Busch InBev Worldwide, Inc | 8.200 | 01/15/39 | 158,989 | ||||||||||||||
| 2,675,000 | Anheuser-Busch InBev Worldwide, Inc | 5.450 | 01/23/39 | 3,384,374 | ||||||||||||||
| 150,000 | Anheuser-Busch InBev Worldwide, Inc | 4.950 | 01/15/42 | 176,996 | ||||||||||||||
| 425,000 | Anheuser-Busch InBev Worldwide, Inc | 4.600 | 04/15/48 | 489,918 | ||||||||||||||
| 1,764,000 | Anheuser-Busch InBev Worldwide, Inc | 4.439 | 10/06/48 | 1,991,784 | ||||||||||||||
| 2,025,000 | Anheuser-Busch InBev Worldwide, Inc | 5.550 | 01/23/49 | 2,651,424 | ||||||||||||||
| 1,725,000 | Anheuser-Busch InBev Worldwide, Inc | 4.750 | 04/15/58 | 2,008,601 | ||||||||||||||
| 2,150,000 | Anheuser-Busch InBev Worldwide, Inc | 5.800 | 01/23/59 | 2,928,331 | ||||||||||||||
| 300,000 | Archer-Daniels-Midland Co | 3.375 | 03/15/22 | 310,132 | ||||||||||||||
| 3,075,000 | Archer-Daniels-Midland Co | 2.500 | 08/11/26 | 3,109,035 | ||||||||||||||
| 740,000 | Archer-Daniels-Midland Co | 4.016 | 04/16/43 | 857,329 | ||||||||||||||
| 200,000 | Archer-Daniels-Midland Co | 3.750 | 09/15/47 | 221,319 | ||||||||||||||
| 300,000 | Archer-Daniels-Midland Co | 4.500 | 03/15/49 | 374,412 | ||||||||||||||
| 1,225,000 | BAT Capital Corp | 2.764 | 08/15/22 | 1,236,621 | ||||||||||||||
| 1,450,000 | BAT Capital Corp | 3.222 | 08/15/24 | 1,467,526 | ||||||||||||||
| 500,000 | BAT Capital Corp | 2.789 | 09/06/24 | 495,239 | ||||||||||||||
| 500,000 | BAT Capital Corp | 3.215 | 09/06/26 | 495,027 | ||||||||||||||
| 3,525,000 | BAT Capital Corp | 3.557 | 08/15/27 | 3,544,516 | ||||||||||||||
| 500,000 | BAT Capital Corp | 3.462 | 09/06/29 | 489,273 | ||||||||||||||
| 1,400,000 | BAT Capital Corp | 4.390 | 08/15/37 | 1,359,230 | ||||||||||||||
| 2,625,000 | BAT Capital Corp | 4.540 | 08/15/47 | 2,520,184 | ||||||||||||||
| 500,000 | BAT Capital Corp | 4.758 | 09/06/49 | 487,990 | ||||||||||||||
| 86 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Beam, Inc | 3.250 | % | 05/15/22 | $ | 203,368 | |||||||||||
| 200,000 | Brown-Forman Corp | 3.500 | 04/15/25 | 212,850 | ||||||||||||||
| 200,000 | Brown-Forman Corp | 4.000 | 04/15/38 | 228,493 | ||||||||||||||
| 200,000 | Brown-Forman Corp | 4.500 | 07/15/45 | 248,723 | ||||||||||||||
| 800,000 | Bunge Ltd | 3.500 | 11/24/20 | 808,638 | ||||||||||||||
| 300,000 | Bunge Ltd | 3.000 | 09/25/22 | 303,496 | ||||||||||||||
| 500,000 | Bunge Ltd | 4.350 | 03/15/24 | 526,716 | ||||||||||||||
| 125,000 | Bunge Ltd | 3.250 | 08/15/26 | 125,023 | ||||||||||||||
| 500,000 | Bunge Ltd | 3.750 | 09/25/27 | 512,811 | ||||||||||||||
| 500,000 | Campbell Soup Co | 3.300 | 03/15/21 | 507,199 | ||||||||||||||
| 100,000 | Campbell Soup Co | 4.250 | 04/15/21 | 102,781 | ||||||||||||||
| 650,000 | Campbell Soup Co | 2.500 | 08/02/22 | 652,366 | ||||||||||||||
| 750,000 | Campbell Soup Co | 3.650 | 03/15/23 | 780,265 | ||||||||||||||
| 500,000 | Campbell Soup Co | 3.950 | 03/15/25 | 530,108 | ||||||||||||||
| 725,000 | Campbell Soup Co | 4.150 | 03/15/28 | 780,830 | ||||||||||||||
| 150,000 | Campbell Soup Co | 3.800 | 08/02/42 | 142,730 | ||||||||||||||
| 500,000 | Campbell Soup Co | 4.800 | 03/15/48 | 564,001 | ||||||||||||||
| 300,000 | Coca-Cola Bottling Co Consolidated | 3.800 | 11/25/25 | 315,922 | ||||||||||||||
| 500,000 | Coca-Cola Co | 1.875 | 10/27/20 | 500,215 | ||||||||||||||
| 300,000 | Coca-Cola Co | 2.450 | 11/01/20 | 301,666 | ||||||||||||||
| 410,000 | Coca-Cola Co | 3.150 | 11/15/20 | 415,566 | ||||||||||||||
| 1,800,000 | Coca-Cola Co | 1.550 | 09/01/21 | 1,791,380 | ||||||||||||||
| 650,000 | Coca-Cola Co | 2.500 | 04/01/23 | 666,508 | ||||||||||||||
| 2,975,000 | Coca-Cola Co | 3.200 | 11/01/23 | 3,134,104 | ||||||||||||||
| 800,000 | Coca-Cola Co | 1.750 | 09/06/24 | 793,869 | ||||||||||||||
| 950,000 | Coca-Cola Co | 2.875 | 10/27/25 | 996,342 | ||||||||||||||
| 300,000 | Coca-Cola Co | 2.550 | 06/01/26 | 307,648 | ||||||||||||||
| 400,000 | Coca-Cola Co | 2.250 | 09/01/26 | 402,194 | ||||||||||||||
| 600,000 | Coca-Cola Co | 2.125 | 09/06/29 | 588,117 | ||||||||||||||
| 400,000 | Coca-Cola Femsa SAB de C.V. | 4.625 | 02/15/20 | 403,042 | ||||||||||||||
| 500,000 | Coca-Cola Femsa SAB de C.V. | 3.875 | 11/26/23 | 528,401 | ||||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 5.250 | 11/26/43 | 253,630 | ||||||||||||||
| 625,000 | ConAgra Brands, Inc | 3.800 | 10/22/21 | 644,982 | ||||||||||||||
| 1,000,000 | ConAgra Brands, Inc | 4.300 | 05/01/24 | 1,073,102 | ||||||||||||||
| 450,000 | ConAgra Brands, Inc | 4.600 | 11/01/25 | 494,936 | ||||||||||||||
| 875,000 | ConAgra Brands, Inc | 4.850 | 11/01/28 | 992,036 | ||||||||||||||
| 750,000 | ConAgra Brands, Inc | 5.300 | 11/01/38 | 873,579 | ||||||||||||||
| 750,000 | ConAgra Brands, Inc | 5.400 | 11/01/48 | 890,363 | ||||||||||||||
| 872,000 | ConAgra Foods, Inc | 3.200 | 01/25/23 | 898,876 | ||||||||||||||
| 100,000 | ConAgra Foods, Inc | 7.000 | 10/01/28 | 126,417 | ||||||||||||||
| 200,000 | Constellation Brands, Inc | 2.250 | 11/06/20 | 200,059 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 2.700 | 05/09/22 | 303,793 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 2.650 | 11/07/22 | 303,358 | ||||||||||||||
| 1,250,000 | Constellation Brands, Inc | 3.200 | 02/15/23 | 1,288,322 | ||||||||||||||
| 2,275,000 | Constellation Brands, Inc | 4.250 | 05/01/23 | 2,432,312 | ||||||||||||||
| 100,000 | Constellation Brands, Inc | 4.400 | 11/15/25 | 110,576 | ||||||||||||||
| 750,000 | Constellation Brands, Inc | 3.700 | 12/06/26 | 793,748 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 3.500 | 05/09/27 | 313,839 | ||||||||||||||
| 700,000 | Constellation Brands, Inc | 3.600 | 02/15/28 | 739,209 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 4.650 | 11/15/28 | 341,582 | ||||||||||||||
| 1,000,000 | Constellation Brands, Inc | 3.150 | 08/01/29 | 1,024,089 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 4.100 | 02/15/48 | 321,992 | ||||||||||||||
| 300,000 | Constellation Brands, Inc | 5.250 | 11/15/48 | 375,853 | ||||||||||||||
| 87 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 100,000 | Corn Products International, Inc | 4.625 | % | 11/01/20 | $ | 102,339 | |||||||||||
| 500,000 | Diageo Capital plc | 3.000 | 05/18/20 | 502,905 | ||||||||||||||
| 1,725,000 | Diageo Capital plc | 2.625 | 04/29/23 | 1,755,903 | ||||||||||||||
| 500,000 | Diageo Capital plc | 3.500 | 09/18/23 | 525,821 | ||||||||||||||
| 750,000 | Diageo Capital plc | 2.125 | 10/24/24 | 749,783 | ||||||||||||||
| 425,000 | Diageo Capital plc | 3.875 | 05/18/28 | 474,060 | ||||||||||||||
| 725,000 | Diageo Capital plc | 2.375 | 10/24/29 | 718,446 | ||||||||||||||
| 200,000 | Diageo Capital plc | 5.875 | 09/30/36 | 277,528 | ||||||||||||||
| 400,000 | Diageo Capital plc | 3.875 | 04/29/43 | 455,640 | ||||||||||||||
| 150,000 | Flowers Foods, Inc | 4.375 | 04/01/22 | 156,399 | ||||||||||||||
| 100,000 | Flowers Foods, Inc | 3.500 | 10/01/26 | 102,343 | ||||||||||||||
| 200,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 201,858 | ||||||||||||||
| 300,000 | Fomento Economico Mexicano SAB de C.V. | 4.375 | 05/10/43 | 340,844 | ||||||||||||||
| 200,000 | General Mills, Inc | 3.150 | 12/15/21 | 204,043 | ||||||||||||||
| 500,000 | General Mills, Inc | 2.600 | 10/12/22 | 505,514 | ||||||||||||||
| 200,000 | General Mills, Inc | 3.700 | 10/17/23 | 210,538 | ||||||||||||||
| 500,000 | General Mills, Inc | 3.650 | 02/15/24 | 524,731 | ||||||||||||||
| 150,000 | General Mills, Inc | 4.000 | 04/17/25 | 161,646 | ||||||||||||||
| 800,000 | General Mills, Inc | 3.200 | 02/10/27 | 838,207 | ||||||||||||||
| 3,000,000 | General Mills, Inc | 4.200 | 04/17/28 | 3,345,313 | ||||||||||||||
| 150,000 | General Mills, Inc | 5.400 | 06/15/40 | 186,820 | ||||||||||||||
| 100,000 | General Mills, Inc | 4.150 | 02/15/43 | 106,867 | ||||||||||||||
| 200,000 | General Mills, Inc | 4.700 | 04/17/48 | 234,013 | ||||||||||||||
| 150,000 | Hershey Co | 4.125 | 12/01/20 | 153,371 | ||||||||||||||
| 300,000 | Hershey Co | 3.100 | 05/15/21 | 305,002 | ||||||||||||||
| 300,000 | Hershey Co | 3.375 | 05/15/23 | 314,212 | ||||||||||||||
| 500,000 | Hershey Co | 2.300 | 08/15/26 | 503,087 | ||||||||||||||
| 300,000 | Hershey Co | 3.375 | 08/15/46 | 319,688 | ||||||||||||||
| 300,000 | Ingredion, Inc | 3.200 | 10/01/26 | 304,331 | ||||||||||||||
| 275,000 | JM Smucker Co | 3.500 | 10/15/21 | 281,427 | ||||||||||||||
| 300,000 | JM Smucker Co | 3.000 | 03/15/22 | 304,592 | ||||||||||||||
| 1,475,000 | JM Smucker Co | 3.500 | 03/15/25 | 1,548,798 | ||||||||||||||
| 200,000 | JM Smucker Co | 3.375 | 12/15/27 | 210,582 | ||||||||||||||
| 300,000 | JM Smucker Co | 4.250 | 03/15/35 | 323,817 | ||||||||||||||
| 300,000 | JM Smucker Co | 4.375 | 03/15/45 | 326,373 | ||||||||||||||
| 417,000 | Kellogg Co | 2.650 | 12/01/23 | 423,249 | ||||||||||||||
| 1,800,000 | Kellogg Co | 3.250 | 04/01/26 | 1,858,870 | ||||||||||||||
| 200,000 | Kellogg Co | 3.400 | 11/15/27 | 209,747 | ||||||||||||||
| 800,000 | Kellogg Co | 4.300 | 05/15/28 | 892,554 | ||||||||||||||
| 150,000 | Kellogg Co | 4.500 | 04/01/46 | 171,688 | ||||||||||||||
| 1,025,000 | Keurig Dr Pepper, Inc | 3.551 | 05/25/21 | 1,047,658 | ||||||||||||||
| 1,600,000 | Keurig Dr Pepper, Inc | 4.057 | 05/25/23 | 1,692,988 | ||||||||||||||
| 500,000 | Keurig Dr Pepper, Inc | 3.130 | 12/15/23 | 515,797 | ||||||||||||||
| 275,000 | Keurig Dr Pepper, Inc | 4.417 | 05/25/25 | 300,362 | ||||||||||||||
| 200,000 | Keurig Dr Pepper, Inc | 3.400 | 11/15/25 | 207,890 | ||||||||||||||
| 200,000 | Keurig Dr Pepper, Inc | 2.550 | 09/15/26 | 198,368 | ||||||||||||||
| 2,050,000 | Keurig Dr Pepper, Inc | 4.597 | 05/25/28 | 2,302,429 | ||||||||||||||
| 500,000 | Keurig Dr Pepper, Inc | 4.420 | 12/15/46 | 536,682 | ||||||||||||||
| 750,000 | Keurig Dr Pepper, Inc | 5.085 | 05/25/48 | 885,502 | ||||||||||||||
| 500,000 | Kraft Heinz Foods Co | 3.375 | 06/15/21 | 506,471 | ||||||||||||||
| 1,150,000 | Kraft Heinz Foods Co | 3.950 | 07/15/25 | 1,203,878 | ||||||||||||||
| 1,700,000 | Kraft Heinz Foods Co | 3.000 | 06/01/26 | 1,682,003 | ||||||||||||||
| 88 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,675,000 | Kraft Heinz Foods Co | 4.625 | % | 01/30/29 | $ | 2,896,140 | |||||||||||
| 275,000 | g | Kraft Heinz Foods Co | 3.750 | 04/01/30 | 277,639 | |||||||||||||
| 875,000 | Kraft Heinz Foods Co | 5.000 | 07/15/35 | 933,431 | ||||||||||||||
| 200,000 | Kraft Heinz Foods Co | 6.875 | 01/26/39 | 246,615 | ||||||||||||||
| 750,000 | g | Kraft Heinz Foods Co | 4.625 | 10/01/39 | 754,279 | |||||||||||||
| 425,000 | Kraft Heinz Foods Co | 6.500 | 02/09/40 | 503,278 | ||||||||||||||
| 1,025,000 | Kraft Heinz Foods Co | 5.000 | 06/04/42 | 1,057,334 | ||||||||||||||
| 1,325,000 | Kraft Heinz Foods Co | 5.200 | 07/15/45 | 1,393,658 | ||||||||||||||
| 2,000,000 | Kraft Heinz Foods Co | 4.375 | 06/01/46 | 1,898,743 | ||||||||||||||
| 750,000 | g | Kraft Heinz Foods Co | 4.875 | 10/01/49 | 756,926 | |||||||||||||
| 400,000 | McCormick & Co, Inc | 2.700 | 08/15/22 | 405,263 | ||||||||||||||
| 250,000 | McCormick & Co, Inc | 3.150 | 08/15/24 | 259,069 | ||||||||||||||
| 250,000 | McCormick & Co, Inc | 3.400 | 08/15/27 | 262,115 | ||||||||||||||
| 400,000 | McCormick & Co, Inc | 4.200 | 08/15/47 | 440,626 | ||||||||||||||
| 600,000 | Mead Johnson Nutrition Co | 3.000 | 11/15/20 | 605,196 | ||||||||||||||
| 925,000 | Mead Johnson Nutrition Co | 4.125 | 11/15/25 | 1,012,266 | ||||||||||||||
| 350,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 432,857 | ||||||||||||||
| 800,000 | Molson Coors Brewing Co | 2.100 | 07/15/21 | 799,938 | ||||||||||||||
| 150,000 | Molson Coors Brewing Co | 3.500 | 05/01/22 | 154,454 | ||||||||||||||
| 1,025,000 | Molson Coors Brewing Co | 3.000 | 07/15/26 | 1,035,028 | ||||||||||||||
| 525,000 | Molson Coors Brewing Co | 5.000 | 05/01/42 | 580,154 | ||||||||||||||
| 1,550,000 | Molson Coors Brewing Co | 4.200 | 07/15/46 | 1,567,316 | ||||||||||||||
| 500,000 | Mondelez International, Inc | 3.625 | 05/07/23 | 523,175 | ||||||||||||||
| 300,000 | Mondelez International, Inc | 3.625 | 02/13/26 | 319,873 | ||||||||||||||
| 500,000 | Mondelez International, Inc | 4.125 | 05/07/28 | 557,294 | ||||||||||||||
| 500,000 | Mondelez International, Inc | 4.625 | 05/07/48 | 578,476 | ||||||||||||||
| 600,000 | PepsiCo, Inc | 3.125 | 11/01/20 | 608,290 | ||||||||||||||
| 300,000 | PepsiCo, Inc | 2.000 | 04/15/21 | 301,122 | ||||||||||||||
| 200,000 | PepsiCo, Inc | 3.000 | 08/25/21 | 204,259 | ||||||||||||||
| 1,375,000 | PepsiCo, Inc | 1.700 | 10/06/21 | 1,371,921 | ||||||||||||||
| 400,000 | PepsiCo, Inc | 2.750 | 03/05/22 | 409,692 | ||||||||||||||
| 775,000 | PepsiCo, Inc | 2.250 | 05/02/22 | 781,784 | ||||||||||||||
| 600,000 | PepsiCo, Inc | 3.100 | 07/17/22 | 619,442 | ||||||||||||||
| 700,000 | PepsiCo, Inc | 2.750 | 03/01/23 | 721,037 | ||||||||||||||
| 1,425,000 | PepsiCo, Inc | 3.600 | 03/01/24 | 1,519,130 | ||||||||||||||
| 525,000 | PepsiCo, Inc | 2.750 | 04/30/25 | 547,061 | ||||||||||||||
| 425,000 | PepsiCo, Inc | 3.500 | 07/17/25 | 456,845 | ||||||||||||||
| 275,000 | PepsiCo, Inc | 2.850 | 02/24/26 | 286,573 | ||||||||||||||
| 1,300,000 | PepsiCo, Inc | 2.375 | 10/06/26 | 1,316,271 | ||||||||||||||
| 2,650,000 | PepsiCo, Inc | 3.000 | 10/15/27 | 2,807,537 | ||||||||||||||
| 1,500,000 | PepsiCo, Inc | 2.625 | 07/29/29 | 1,539,028 | ||||||||||||||
| 625,000 | PepsiCo, Inc | 4.000 | 03/05/42 | 721,863 | ||||||||||||||
| 200,000 | PepsiCo, Inc | 3.600 | 08/13/42 | 219,721 | ||||||||||||||
| 450,000 | PepsiCo, Inc | 4.600 | 07/17/45 | 564,054 | ||||||||||||||
| 1,600,000 | PepsiCo, Inc | 4.450 | 04/14/46 | 1,994,587 | ||||||||||||||
| 575,000 | PepsiCo, Inc | 3.450 | 10/06/46 | 620,126 | ||||||||||||||
| 925,000 | PepsiCo, Inc | 4.000 | 05/02/47 | 1,084,087 | ||||||||||||||
| 1,250,000 | PepsiCo, Inc | 3.375 | 07/29/49 | 1,334,319 | ||||||||||||||
| 200,000 | Philip Morris International, Inc | 2.900 | 11/15/21 | 203,164 | ||||||||||||||
| 300,000 | Philip Morris International, Inc | 2.625 | 02/18/22 | 303,619 | ||||||||||||||
| 425,000 | Philip Morris International, Inc | 2.375 | 08/17/22 | 427,980 | ||||||||||||||
| 375,000 | Philip Morris International, Inc | 2.500 | 08/22/22 | 378,803 | ||||||||||||||
| 450,000 | Philip Morris International, Inc | 2.500 | 11/02/22 | 454,705 | ||||||||||||||
| 89 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Philip Morris International, Inc | 2.625 | % | 03/06/23 | $ | 506,776 | |||||||||||
| 300,000 | Philip Morris International, Inc | 2.125 | 05/10/23 | 299,208 | ||||||||||||||
| 300,000 | Philip Morris International, Inc | 3.600 | 11/15/23 | 316,566 | ||||||||||||||
| 750,000 | Philip Morris International, Inc | 2.875 | 05/01/24 | 769,693 | ||||||||||||||
| 600,000 | Philip Morris International, Inc | 3.250 | 11/10/24 | 625,610 | ||||||||||||||
| 500,000 | Philip Morris International, Inc | 3.375 | 08/11/25 | 526,245 | ||||||||||||||
| 700,000 | Philip Morris International, Inc | 2.750 | 02/25/26 | 712,684 | ||||||||||||||
| 1,300,000 | Philip Morris International, Inc | 3.125 | 08/17/27 | 1,344,169 | ||||||||||||||
| 1,500,000 | Philip Morris International, Inc | 3.125 | 03/02/28 | 1,541,236 | ||||||||||||||
| 750,000 | Philip Morris International, Inc | 3.375 | 08/15/29 | 786,628 | ||||||||||||||
| 400,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 550,482 | ||||||||||||||
| 225,000 | Philip Morris International, Inc | 4.375 | 11/15/41 | 247,600 | ||||||||||||||
| 200,000 | Philip Morris International, Inc | 4.500 | 03/20/42 | 222,588 | ||||||||||||||
| 275,000 | Philip Morris International, Inc | 3.875 | 08/21/42 | 282,045 | ||||||||||||||
| 300,000 | Philip Morris International, Inc | 4.125 | 03/04/43 | 319,533 | ||||||||||||||
| 200,000 | Philip Morris International, Inc | 4.875 | 11/15/43 | 234,827 | ||||||||||||||
| 2,000,000 | Philip Morris International, Inc | 4.250 | 11/10/44 | 2,200,955 | ||||||||||||||
| 270,000 | Reynolds American, Inc | 6.875 | 05/01/20 | 277,063 | ||||||||||||||
| 375,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 377,371 | ||||||||||||||
| 2,500,000 | Reynolds American, Inc | 4.000 | 06/12/22 | 2,604,515 | ||||||||||||||
| 200,000 | Reynolds American, Inc | 4.850 | 09/15/23 | 216,462 | ||||||||||||||
| 550,000 | Reynolds American, Inc | 4.450 | 06/12/25 | 586,774 | ||||||||||||||
| 750,000 | Reynolds American, Inc | 5.700 | 08/15/35 | 837,478 | ||||||||||||||
| 65,000 | Reynolds American, Inc | 7.250 | 06/15/37 | 82,286 | ||||||||||||||
| 200,000 | Reynolds American, Inc | 6.150 | 09/15/43 | 226,653 | ||||||||||||||
| 1,775,000 | Reynolds American, Inc | 5.850 | 08/15/45 | 1,965,264 | ||||||||||||||
| 150,000 | Tyson Foods, Inc | 2.250 | 08/23/21 | 150,171 | ||||||||||||||
| 1,600,000 | Tyson Foods, Inc | 4.500 | 06/15/22 | 1,692,711 | ||||||||||||||
| 100,000 | Tyson Foods, Inc | 3.900 | 09/28/23 | 105,965 | ||||||||||||||
| 750,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 803,293 | ||||||||||||||
| 500,000 | Tyson Foods, Inc | 4.000 | 03/01/26 | 542,125 | ||||||||||||||
| 1,150,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 1,218,805 | ||||||||||||||
| 500,000 | Tyson Foods, Inc | 4.350 | 03/01/29 | 566,924 | ||||||||||||||
| 500,000 | Tyson Foods, Inc | 5.150 | 08/15/44 | 596,738 | ||||||||||||||
| 300,000 | Tyson Foods, Inc | 4.550 | 06/02/47 | 336,660 | ||||||||||||||
| 1,400,000 | Tyson Foods, Inc | 5.100 | 09/28/48 | 1,699,715 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 192,375,775 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||||
| 200,000 | Advocate Health & Hospitals Corp | 3.829 | 08/15/28 | 220,642 | ||||||||||||||
| 100,000 | Advocate Health & Hospitals Corp | 4.272 | 08/15/48 | 121,330 | ||||||||||||||
| 200,000 | Allina Health System | 3.887 | 04/15/49 | 229,041 | ||||||||||||||
| 100,000 | AmerisourceBergen Corp | 3.500 | 11/15/21 | 102,171 | ||||||||||||||
| 400,000 | AmerisourceBergen Corp | 3.400 | 05/15/24 | 415,999 | ||||||||||||||
| 700,000 | AmerisourceBergen Corp | 3.250 | 03/01/25 | 724,953 | ||||||||||||||
| 200,000 | AmerisourceBergen Corp | 3.450 | 12/15/27 | 206,715 | ||||||||||||||
| 700,000 | AmerisourceBergen Corp | 4.300 | 12/15/47 | 715,505 | ||||||||||||||
| 575,000 | Anthem, Inc | 2.500 | 11/21/20 | 576,966 | ||||||||||||||
| 750,000 | Anthem, Inc | 2.950 | 12/01/22 | 764,299 | ||||||||||||||
| 1,625,000 | Anthem, Inc | 3.350 | 12/01/24 | 1,689,825 | ||||||||||||||
| 500,000 | Anthem, Inc | 2.375 | 01/15/25 | 497,036 | ||||||||||||||
| 850,000 | Anthem, Inc | 3.650 | 12/01/27 | 894,518 | ||||||||||||||
| 90 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,225,000 | Anthem, Inc | 4.101 | % | 03/01/28 | $ | 1,323,357 | |||||||||||
| 500,000 | Anthem, Inc | 2.875 | 09/15/29 | 494,410 | ||||||||||||||
| 625,000 | Anthem, Inc | 4.375 | 12/01/47 | 675,115 | ||||||||||||||
| 1,800,000 | Anthem, Inc | 4.550 | 03/01/48 | 1,992,955 | ||||||||||||||
| 500,000 | Anthem, Inc | 3.700 | 09/15/49 | 485,024 | ||||||||||||||
| 875,000 | Ascension Health, Inc | 3.945 | 11/15/46 | 1,026,542 | ||||||||||||||
| 200,000 | Ascension Health, Inc | 4.847 | 11/15/53 | 272,016 | ||||||||||||||
| 300,000 | Baxter International, Inc | 1.700 | 08/15/21 | 297,543 | ||||||||||||||
| 475,000 | Baxter International, Inc | 2.600 | 08/15/26 | 479,390 | ||||||||||||||
| 300,000 | Baxter International, Inc | 3.500 | 08/15/46 | 302,345 | ||||||||||||||
| 290,000 | Baylor Scott & White Holdings | 4.185 | 11/15/45 | 341,951 | ||||||||||||||
| 200,000 | Baylor Scott & White Holdings | 3.967 | 11/15/46 | 227,826 | ||||||||||||||
| 1,450,000 | Becton Dickinson & Co | 2.894 | 06/06/22 | 1,472,135 | ||||||||||||||
| 1,400,000 | Becton Dickinson & Co | 3.363 | 06/06/24 | 1,460,371 | ||||||||||||||
| 601,000 | Becton Dickinson & Co | 3.734 | 12/15/24 | 635,998 | ||||||||||||||
| 1,777,000 | Becton Dickinson & Co | 3.700 | 06/06/27 | 1,882,724 | ||||||||||||||
| 391,000 | Becton Dickinson & Co | 4.685 | 12/15/44 | 451,503 | ||||||||||||||
| 1,000,000 | Becton Dickinson & Co | 4.669 | 06/06/47 | 1,181,758 | ||||||||||||||
| 100,000 | Bio-Rad Laboratories, Inc | 4.875 | 12/15/20 | 102,364 | ||||||||||||||
| 300,000 | Boston Scientific Corp | 3.375 | 05/15/22 | 308,545 | ||||||||||||||
| 150,000 | Boston Scientific Corp | 4.125 | 10/01/23 | 159,447 | ||||||||||||||
| 500,000 | Boston Scientific Corp | 3.450 | 03/01/24 | 521,679 | ||||||||||||||
| 1,400,000 | Boston Scientific Corp | 3.850 | 05/15/25 | 1,504,857 | ||||||||||||||
| 500,000 | Boston Scientific Corp | 3.750 | 03/01/26 | 534,600 | ||||||||||||||
| 1,200,000 | Boston Scientific Corp | 4.000 | 03/01/28 | 1,315,740 | ||||||||||||||
| 275,000 | Boston Scientific Corp | 4.000 | 03/01/29 | 304,031 | ||||||||||||||
| 700,000 | Boston Scientific Corp | 4.550 | 03/01/39 | 826,450 | ||||||||||||||
| 775,000 | Boston Scientific Corp | 4.700 | 03/01/49 | 948,969 | ||||||||||||||
| 100,000 | Cardinal Health, Inc | 4.625 | 12/15/20 | 102,636 | ||||||||||||||
| 625,000 | Cardinal Health, Inc | 2.616 | 06/15/22 | 628,174 | ||||||||||||||
| 100,000 | Cardinal Health, Inc | 3.200 | 06/15/22 | 101,862 | ||||||||||||||
| 200,000 | Cardinal Health, Inc | 3.200 | 03/15/23 | 205,057 | ||||||||||||||
| 650,000 | Cardinal Health, Inc | 3.079 | 06/15/24 | 658,055 | ||||||||||||||
| 100,000 | Cardinal Health, Inc | 3.500 | 11/15/24 | 102,918 | ||||||||||||||
| 200,000 | Cardinal Health, Inc | 3.750 | 09/15/25 | 206,779 | ||||||||||||||
| 1,475,000 | Cardinal Health, Inc | 3.410 | 06/15/27 | 1,463,020 | ||||||||||||||
| 100,000 | Cardinal Health, Inc | 4.600 | 03/15/43 | 98,122 | ||||||||||||||
| 200,000 | Cardinal Health, Inc | 4.500 | 11/15/44 | 192,141 | ||||||||||||||
| 200,000 | Cardinal Health, Inc | 4.900 | 09/15/45 | 203,918 | ||||||||||||||
| 500,000 | Cardinal Health, Inc | 4.368 | 06/15/47 | 477,727 | ||||||||||||||
| 200,000 | CHRISTUS Health | 4.341 | 07/01/28 | 226,360 | ||||||||||||||
| 150,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 154,455 | ||||||||||||||
| 100,000 | Dartmouth-Hitchcock Health | 4.178 | 08/01/48 | 117,973 | ||||||||||||||
| 200,000 | Dignity Health | 5.267 | 11/01/64 | 244,245 | ||||||||||||||
| 400,000 | Duke University Health System, Inc | 3.920 | 06/01/47 | 464,596 | ||||||||||||||
| 400,000 | Edwards Lifesciences Corp | 4.300 | 06/15/28 | 450,677 | ||||||||||||||
| 200,000 | Express Scripts Holding Co | 2.600 | 11/30/20 | 200,867 | ||||||||||||||
| 150,000 | Express Scripts Holding Co | 3.300 | 02/25/21 | 151,972 | ||||||||||||||
| 250,000 | Express Scripts Holding Co | 4.750 | 11/15/21 | 262,722 | ||||||||||||||
| 525,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 544,563 | ||||||||||||||
| 1,000,000 | Express Scripts Holding Co | 3.050 | 11/30/22 | 1,021,659 | ||||||||||||||
| 1,100,000 | Express Scripts Holding Co | 3.000 | 07/15/23 | 1,122,566 | ||||||||||||||
| 300,000 | Express Scripts Holding Co | 3.500 | 06/15/24 | 313,320 | ||||||||||||||
| 91 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 150,000 | Express Scripts Holding Co | 4.500 | % | 02/25/26 | $ | 163,964 | |||||||||||
| 1,475,000 | Express Scripts Holding Co | 3.400 | 03/01/27 | 1,524,075 | ||||||||||||||
| 93,000 | Express Scripts Holding Co | 6.125 | 11/15/41 | 118,023 | ||||||||||||||
| 975,000 | Express Scripts Holding Co | 4.800 | 07/15/46 | 1,092,161 | ||||||||||||||
| 200,000 | Hackensack Meridian Health, Inc | 4.211 | 07/01/48 | 237,077 | ||||||||||||||
| 200,000 | Hackensack Meridian Health, Inc | 4.500 | 07/01/57 | 247,953 | ||||||||||||||
| 2,500,000 | HCA, Inc | 5.000 | 03/15/24 | 2,730,139 | ||||||||||||||
| 2,000,000 | HCA, Inc | 4.500 | 02/15/27 | 2,144,749 | ||||||||||||||
| 1,725,000 | HCA, Inc | 4.125 | 06/15/29 | 1,806,184 | ||||||||||||||
| 225,000 | HCA, Inc | 5.125 | 06/15/39 | 246,067 | ||||||||||||||
| 875,000 | HCA, Inc | 5.500 | 06/15/47 | 989,241 | ||||||||||||||
| 1,500,000 | HCA, Inc | 5.250 | 06/15/49 | 1,646,955 | ||||||||||||||
| 400,000 | Hillenbrand, Inc | 4.500 | 09/15/26 | 404,379 | ||||||||||||||
| 200,000 | Indiana University Health, Inc Obligated Group | 3.970 | 11/01/48 | 235,698 | ||||||||||||||
| 350,000 | Johns Hopkins Health System Corp | 3.837 | 05/15/46 | 401,192 | ||||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 3.500 | 04/01/22 | 104,113 | ||||||||||||||
| 500,000 | Kaiser Foundation Hospitals | 3.150 | 05/01/27 | 526,774 | ||||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 4.875 | 04/01/42 | 129,314 | ||||||||||||||
| 1,265,000 | Kaiser Foundation Hospitals | 4.150 | 05/01/47 | 1,526,921 | ||||||||||||||
| 200,000 | Keysight Technologies, Inc | 4.550 | 10/30/24 | 215,775 | ||||||||||||||
| 600,000 | Keysight Technologies, Inc | 4.600 | 04/06/27 | 660,379 | ||||||||||||||
| 1,500,000 | Laboratory Corp of America Holdings | 3.200 | 02/01/22 | 1,530,513 | ||||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.750 | 08/23/22 | 206,987 | ||||||||||||||
| 700,000 | Laboratory Corp of America Holdings | 4.000 | 11/01/23 | 738,009 | ||||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.250 | 09/01/24 | 206,924 | ||||||||||||||
| 100,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 104,864 | ||||||||||||||
| 300,000 | Laboratory Corp of America Holdings | 3.600 | 09/01/27 | 316,819 | ||||||||||||||
| 800,000 | Laboratory Corp of America Holdings | 4.700 | 02/01/45 | 891,311 | ||||||||||||||
| 200,000 | Mayo Clinic | 4.000 | 11/15/47 | 234,341 | ||||||||||||||
| 200,000 | Mayo Clinic | 4.128 | 11/15/52 | 241,188 | ||||||||||||||
| 300,000 | McKesson Corp | 3.650 | 11/30/20 | 304,875 | ||||||||||||||
| 600,000 | McKesson Corp | 2.700 | 12/15/22 | 606,369 | ||||||||||||||
| 200,000 | McKesson Corp | 2.850 | 03/15/23 | 202,570 | ||||||||||||||
| 1,925,000 | McKesson Corp | 3.796 | 03/15/24 | 2,013,153 | ||||||||||||||
| 500,000 | McKesson Corp | 3.950 | 02/16/28 | 526,082 | ||||||||||||||
| 300,000 | McKesson Corp | 4.750 | 05/30/29 | 336,124 | ||||||||||||||
| 200,000 | McLaren Health Care Corp | 4.386 | 05/15/48 | 243,238 | ||||||||||||||
| 433,000 | Medtronic, Inc | 3.150 | 03/15/22 | 446,442 | ||||||||||||||
| 2,059,000 | Medtronic, Inc | 3.500 | 03/15/25 | 2,210,385 | ||||||||||||||
| 777,000 | Medtronic, Inc | 4.375 | 03/15/35 | 935,513 | ||||||||||||||
| 1,074,000 | Medtronic, Inc | 4.625 | 03/15/45 | 1,378,395 | ||||||||||||||
| 200,000 | Memorial Sloan-Kettering Cancer Center | 4.125 | 07/01/52 | 240,950 | ||||||||||||||
| 500,000 | Memorial Sloan-Kettering Cancer Center | 4.200 | 07/01/55 | 611,994 | ||||||||||||||
| 200,000 | Mercy Health | 4.302 | 07/01/28 | 225,703 | ||||||||||||||
| 500,000 | Montefiore Obligated Group | 5.246 | 11/01/48 | 585,865 | ||||||||||||||
| 100,000 | Mount Sinai Hospitals Group, Inc | 3.981 | 07/01/48 | 110,908 | ||||||||||||||
| 300,000 | New York and Presbyterian Hospital | 4.024 | 08/01/45 | 349,289 | ||||||||||||||
| 150,000 | New York and Presbyterian Hospital | 4.063 | 08/01/56 | 175,626 | ||||||||||||||
| 140,000 | Northwell Healthcare, Inc | 3.979 | 11/01/46 | 153,368 | ||||||||||||||
| 675,000 | Northwell Healthcare, Inc | 4.260 | 11/01/47 | 754,389 | ||||||||||||||
| 500,000 | Northwell Healthcare, Inc | 3.809 | 11/01/49 | 523,321 | ||||||||||||||
| 350,000 | NYU Hospitals Center | 5.750 | 07/01/43 | 490,410 | ||||||||||||||
| 92 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 250,000 | NYU Hospitals Center | 4.368 | % | 07/01/47 | $ | 299,198 | |||||||||||
| 100,000 | Orlando Health Obligated Group | 4.089 | 10/01/48 | 114,543 | ||||||||||||||
| 200,000 | PeaceHealth Obligated Group | 4.787 | 11/15/48 | 256,726 | ||||||||||||||
| 150,000 | PerkinElmer, Inc | 5.000 | 11/15/21 | 157,528 | ||||||||||||||
| 500,000 | PerkinElmer, Inc | 3.300 | 09/15/29 | 499,497 | ||||||||||||||
| 200,000 | Providence St. Joseph Health Obligated Group | 2.746 | 10/01/26 | 201,275 | ||||||||||||||
| 570,000 | Providence St. Joseph Health Obligated Group | 2.532 | 10/01/29 | 568,152 | ||||||||||||||
| 100,000 | Providence St. Joseph Health Obligated Group | 3.744 | 10/01/47 | 110,143 | ||||||||||||||
| 350,000 | Providence St. Joseph Health Obligated Group | 3.930 | 10/01/48 | 401,512 | ||||||||||||||
| 400,000 | Quest Diagnostics, Inc | 4.700 | 04/01/21 | 414,375 | ||||||||||||||
| 125,000 | Quest Diagnostics, Inc | 3.500 | 03/30/25 | 130,535 | ||||||||||||||
| 225,000 | Quest Diagnostics, Inc | 3.450 | 06/01/26 | 236,755 | ||||||||||||||
| 500,000 | Quest Diagnostics, Inc | 4.200 | 06/30/29 | 552,379 | ||||||||||||||
| 300,000 | Quest Diagnostics, Inc | 4.700 | 03/30/45 | 331,354 | ||||||||||||||
| 200,000 | RWJ Barnabas Health, Inc | 3.949 | 07/01/46 | 226,817 | ||||||||||||||
| 300,000 | SSM Health Care Corp | 3.688 | 06/01/23 | 315,148 | ||||||||||||||
| 400,000 | SSM Health Care Corp | 3.823 | 06/01/27 | 432,673 | ||||||||||||||
| 500,000 | Stanford Health Care | 3.795 | 11/15/48 | 573,641 | ||||||||||||||
| 850,000 | Stryker Corp | 2.625 | 03/15/21 | 856,275 | ||||||||||||||
| 200,000 | Stryker Corp | 3.375 | 11/01/25 | 212,123 | ||||||||||||||
| 1,600,000 | Stryker Corp | 3.500 | 03/15/26 | 1,703,455 | ||||||||||||||
| 500,000 | Stryker Corp | 3.650 | 03/07/28 | 541,816 | ||||||||||||||
| 200,000 | Stryker Corp | 4.100 | 04/01/43 | 221,646 | ||||||||||||||
| 200,000 | Stryker Corp | 4.375 | 05/15/44 | 232,517 | ||||||||||||||
| 550,000 | Stryker Corp | 4.625 | 03/15/46 | 673,979 | ||||||||||||||
| 200,000 | Sutter Health | 3.695 | 08/15/28 | 217,396 | ||||||||||||||
| 200,000 | Sutter Health | 4.091 | 08/15/48 | 231,935 | ||||||||||||||
| 100,000 | Texas Health Resources | 4.330 | 11/15/55 | 125,487 | ||||||||||||||
| 800,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 825,571 | ||||||||||||||
| 1,300,000 | Thermo Fisher Scientific, Inc | 3.000 | 04/15/23 | 1,337,902 | ||||||||||||||
| 850,000 | Thermo Fisher Scientific, Inc | 4.150 | 02/01/24 | 912,599 | ||||||||||||||
| 150,000 | Thermo Fisher Scientific, Inc | 3.650 | 12/15/25 | 160,925 | ||||||||||||||
| 975,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 1,004,446 | ||||||||||||||
| 1,150,000 | Thermo Fisher Scientific, Inc | 3.200 | 08/15/27 | 1,202,409 | ||||||||||||||
| 1,500,000 | h | Thermo Fisher Scientific, Inc | 2.600 | 10/01/29 | 1,494,571 | |||||||||||||
| 200,000 | Thermo Fisher Scientific, Inc | 5.300 | 02/01/44 | 255,200 | ||||||||||||||
| 200,000 | Thermo Fisher Scientific, Inc | 4.100 | 08/15/47 | 225,604 | ||||||||||||||
| 300,000 | Trinity Health Corp | 4.125 | 12/01/45 | 346,034 | ||||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.700 | 07/15/20 | 502,813 | ||||||||||||||
| 300,000 | UnitedHealth Group, Inc | 1.950 | 10/15/20 | 299,896 | ||||||||||||||
| 700,000 | UnitedHealth Group, Inc | 4.700 | 02/15/21 | 721,119 | ||||||||||||||
| 300,000 | UnitedHealth Group, Inc | 2.125 | 03/15/21 | 300,780 | ||||||||||||||
| 675,000 | UnitedHealth Group, Inc | 3.150 | 06/15/21 | 687,846 | ||||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.875 | 12/15/21 | 509,698 | ||||||||||||||
| 250,000 | UnitedHealth Group, Inc | 2.875 | 03/15/22 | 254,628 | ||||||||||||||
| 800,000 | UnitedHealth Group, Inc | 3.350 | 07/15/22 | 828,937 | ||||||||||||||
| 625,000 | UnitedHealth Group, Inc | 2.375 | 10/15/22 | 631,597 | ||||||||||||||
| 325,000 | UnitedHealth Group, Inc | 2.750 | 02/15/23 | 331,400 | ||||||||||||||
| 400,000 | UnitedHealth Group, Inc | 2.875 | 03/15/23 | 409,904 | ||||||||||||||
| 725,000 | UnitedHealth Group, Inc | 3.500 | 06/15/23 | 760,032 | ||||||||||||||
| 1,650,000 | UnitedHealth Group, Inc | 3.500 | 02/15/24 | 1,736,322 | ||||||||||||||
| 750,000 | UnitedHealth Group, Inc | 2.375 | 08/15/24 | 754,809 | ||||||||||||||
| 450,000 | UnitedHealth Group, Inc | 3.750 | 07/15/25 | 484,250 | ||||||||||||||
| 93 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | UnitedHealth Group, Inc | 3.700 | % | 12/15/25 | $ | 537,501 | |||||||||||
| 1,475,000 | UnitedHealth Group, Inc | 3.100 | 03/15/26 | 1,538,952 | ||||||||||||||
| 200,000 | UnitedHealth Group, Inc | 3.450 | 01/15/27 | 212,472 | ||||||||||||||
| 300,000 | UnitedHealth Group, Inc | 3.375 | 04/15/27 | 317,664 | ||||||||||||||
| 1,700,000 | UnitedHealth Group, Inc | 2.950 | 10/15/27 | 1,755,237 | ||||||||||||||
| 2,375,000 | UnitedHealth Group, Inc | 3.850 | 06/15/28 | 2,600,344 | ||||||||||||||
| 500,000 | UnitedHealth Group, Inc | 3.875 | 12/15/28 | 550,059 | ||||||||||||||
| 1,000,000 | UnitedHealth Group, Inc | 2.875 | 08/15/29 | 1,020,072 | ||||||||||||||
| 925,000 | UnitedHealth Group, Inc | 4.625 | 07/15/35 | 1,121,106 | ||||||||||||||
| 150,000 | UnitedHealth Group, Inc | 5.800 | 03/15/36 | 200,082 | ||||||||||||||
| 365,000 | UnitedHealth Group, Inc | 6.625 | 11/15/37 | 527,820 | ||||||||||||||
| 200,000 | UnitedHealth Group, Inc | 6.875 | 02/15/38 | 296,842 | ||||||||||||||
| 275,000 | UnitedHealth Group, Inc | 3.500 | 08/15/39 | 286,436 | ||||||||||||||
| 300,000 | UnitedHealth Group, Inc | 4.375 | 03/15/42 | 342,027 | ||||||||||||||
| 350,000 | UnitedHealth Group, Inc | 3.950 | 10/15/42 | 378,841 | ||||||||||||||
| 375,000 | UnitedHealth Group, Inc | 4.250 | 03/15/43 | 422,180 | ||||||||||||||
| 1,500,000 | UnitedHealth Group, Inc | 4.750 | 07/15/45 | 1,821,370 | ||||||||||||||
| 800,000 | UnitedHealth Group, Inc | 4.200 | 01/15/47 | 908,688 | ||||||||||||||
| 300,000 | UnitedHealth Group, Inc | 4.250 | 04/15/47 | 341,847 | ||||||||||||||
| 500,000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 534,826 | ||||||||||||||
| 1,700,000 | UnitedHealth Group, Inc | 4.250 | 06/15/48 | 1,948,099 | ||||||||||||||
| 1,600,000 | UnitedHealth Group, Inc | 4.450 | 12/15/48 | 1,897,573 | ||||||||||||||
| 1,000,000 | UnitedHealth Group, Inc | 3.700 | 08/15/49 | 1,060,157 | ||||||||||||||
| 750,000 | UnitedHealth Group, Inc | 3.875 | 08/15/59 | 792,621 | ||||||||||||||
| 250,000 | Zimmer Biomet Holdings, Inc | 3.700 | 03/19/23 | 260,499 | ||||||||||||||
| 750,000 | Zimmer Holdings, Inc | 3.150 | 04/01/22 | 764,507 | ||||||||||||||
| 2,575,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 2,703,822 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 126,411,903 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||||
| 100,000 | Clorox Co | 3.800 | 11/15/21 | 103,258 | ||||||||||||||
| 100,000 | Clorox Co | 3.050 | 09/15/22 | 102,541 | ||||||||||||||
| 200,000 | Clorox Co | 3.500 | 12/15/24 | 212,720 | ||||||||||||||
| 300,000 | Clorox Co | 3.100 | 10/01/27 | 312,983 | ||||||||||||||
| 500,000 | Clorox Co | 3.900 | 05/15/28 | 554,336 | ||||||||||||||
| 200,000 | Colgate-Palmolive Co | 2.300 | 05/03/22 | 203,518 | ||||||||||||||
| 1,100,000 | Colgate-Palmolive Co | 2.250 | 11/15/22 | 1,110,725 | ||||||||||||||
| 200,000 | Colgate-Palmolive Co | 1.950 | 02/01/23 | 200,423 | ||||||||||||||
| 300,000 | Colgate-Palmolive Co | 3.250 | 03/15/24 | 318,180 | ||||||||||||||
| 60,000 | Colgate-Palmolive Co | 6.450 | 06/16/28 | 77,686 | ||||||||||||||
| 300,000 | Colgate-Palmolive Co | 4.000 | 08/15/45 | 356,679 | ||||||||||||||
| 550,000 | Colgate-Palmolive Co | 3.700 | 08/01/47 | 639,616 | ||||||||||||||
| 486,000 | Ecolab, Inc | 4.350 | 12/08/21 | 509,347 | ||||||||||||||
| 300,000 | Ecolab, Inc | 2.375 | 08/10/22 | 302,596 | ||||||||||||||
| 200,000 | Ecolab, Inc | 3.250 | 01/14/23 | 207,189 | ||||||||||||||
| 750,000 | Ecolab, Inc | 2.700 | 11/01/26 | 770,916 | ||||||||||||||
| 300,000 | Ecolab, Inc | 3.250 | 12/01/27 | 320,003 | ||||||||||||||
| 14,000 | Ecolab, Inc | 5.500 | 12/08/41 | 18,840 | ||||||||||||||
| 710,000 | Ecolab, Inc | 3.950 | 12/01/47 | 816,126 | ||||||||||||||
| 200,000 | Estee Lauder Cos, Inc | 2.350 | 08/15/22 | 201,534 | ||||||||||||||
| 450,000 | Estee Lauder Cos, Inc | 3.150 | 03/15/27 | 475,082 | ||||||||||||||
| 100,000 | Estee Lauder Cos, Inc | 6.000 | 05/15/37 | 138,599 | ||||||||||||||
| 94 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Estee Lauder Cos, Inc | 4.375 | % | 06/15/45 | $ | 365,214 | |||||||||||
| 375,000 | Estee Lauder Cos, Inc | 4.150 | 03/15/47 | 447,703 | ||||||||||||||
| 125,000 | Kimberly-Clark Corp | 2.400 | 03/01/22 | 126,027 | ||||||||||||||
| 950,000 | Kimberly-Clark Corp | 3.050 | 08/15/25 | 1,004,365 | ||||||||||||||
| 412,000 | Kimberly-Clark Corp | 3.950 | 11/01/28 | 467,693 | ||||||||||||||
| 1,500,000 | Kimberly-Clark Corp | 3.200 | 04/25/29 | 1,605,841 | ||||||||||||||
| 200,000 | Kimberly-Clark Corp | 6.625 | 08/01/37 | 295,917 | ||||||||||||||
| 725,000 | Kimberly-Clark Corp | 3.200 | 07/30/46 | 747,449 | ||||||||||||||
| 200,000 | Kimberly-Clark Corp | 3.900 | 05/04/47 | 229,488 | ||||||||||||||
| 500,000 | Procter & Gamble Co | 1.850 | 02/02/21 | 499,736 | ||||||||||||||
| 800,000 | Procter & Gamble Co | 2.300 | 02/06/22 | 811,579 | ||||||||||||||
| 2,400,000 | Procter & Gamble Co | 2.150 | 08/11/22 | 2,429,683 | ||||||||||||||
| 600,000 | Procter & Gamble Co | 3.100 | 08/15/23 | 630,245 | ||||||||||||||
| 750,000 | Procter & Gamble Co | 2.700 | 02/02/26 | 778,638 | ||||||||||||||
| 1,750,000 | Procter & Gamble Co | 2.450 | 11/03/26 | 1,792,924 | ||||||||||||||
| 750,000 | Procter & Gamble Co | 2.850 | 08/11/27 | 792,961 | ||||||||||||||
| 700,000 | Procter & Gamble Co | 3.500 | 10/25/47 | 794,904 | ||||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 21,773,264 | |||||||||||||||||
| INSURANCE - 0.9% | ||||||||||||||||||
| 1,225,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 1,255,727 | ||||||||||||||
| 250,000 | ACE INA Holdings, Inc | 2.700 | 03/13/23 | 255,486 | ||||||||||||||
| 700,000 | ACE INA Holdings, Inc | 3.150 | 03/15/25 | 734,911 | ||||||||||||||
| 2,325,000 | ACE INA Holdings, Inc | 3.350 | 05/03/26 | 2,483,481 | ||||||||||||||
| 150,000 | ACE INA Holdings, Inc | 4.150 | 03/13/43 | 177,183 | ||||||||||||||
| 1,600,000 | ACE INA Holdings, Inc | 4.350 | 11/03/45 | 1,964,893 | ||||||||||||||
| 500,000 | Aegon NV | 5.500 | 04/11/48 | 533,750 | ||||||||||||||
| 1,175,000 | Aetna, Inc | 2.750 | 11/15/22 | 1,188,804 | ||||||||||||||
| 1,125,000 | Aetna, Inc | 2.800 | 06/15/23 | 1,139,316 | ||||||||||||||
| 325,000 | Aetna, Inc | 3.500 | 11/15/24 | 338,666 | ||||||||||||||
| 440,000 | Aetna, Inc | 6.625 | 06/15/36 | 571,732 | ||||||||||||||
| 350,000 | Aetna, Inc | 4.500 | 05/15/42 | 370,691 | ||||||||||||||
| 500,000 | Aetna, Inc | 4.125 | 11/15/42 | 501,830 | ||||||||||||||
| 1,050,000 | Aetna, Inc | 3.875 | 08/15/47 | 1,022,352 | ||||||||||||||
| 600,000 | Aflac, Inc | 3.625 | 06/15/23 | 631,578 | ||||||||||||||
| 525,000 | Aflac, Inc | 3.625 | 11/15/24 | 558,743 | ||||||||||||||
| 200,000 | Aflac, Inc | 2.875 | 10/15/26 | 204,120 | ||||||||||||||
| 200,000 | Aflac, Inc | 4.000 | 10/15/46 | 216,453 | ||||||||||||||
| 500,000 | Aflac, Inc | 4.750 | 01/15/49 | 609,743 | ||||||||||||||
| 300,000 | Alleghany Corp | 4.950 | 06/27/22 | 319,481 | ||||||||||||||
| 200,000 | Alleghany Corp | 4.900 | 09/15/44 | 230,906 | ||||||||||||||
| 300,000 | Allied World Assurance Co Holdings Ltd | 4.350 | 10/29/25 | 311,641 | ||||||||||||||
| 1,250,000 | Allstate Corp | 3.150 | 06/15/23 | 1,298,096 | ||||||||||||||
| 275,000 | Allstate Corp | 3.280 | 12/15/26 | 293,536 | ||||||||||||||
| 600,000 | Allstate Corp | 4.500 | 06/15/43 | 718,443 | ||||||||||||||
| 975,000 | Allstate Corp | 4.200 | 12/15/46 | 1,133,082 | ||||||||||||||
| 250,000 | Allstate Corp | 3.850 | 08/10/49 | 276,944 | ||||||||||||||
| 200,000 | Allstate Corp | 5.750 | 08/15/53 | 213,500 | ||||||||||||||
| 300,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 308,182 | ||||||||||||||
| 400,000 | American Financial Group, Inc | 4.500 | 06/15/47 | 434,723 | ||||||||||||||
| 300,000 | American International Group, Inc | 3.300 | 03/01/21 | 304,715 | ||||||||||||||
| 1,925,000 | American International Group, Inc | 4.875 | 06/01/22 | 2,056,901 | ||||||||||||||
| 600,000 | American International Group, Inc | 4.125 | 02/15/24 | 642,126 | ||||||||||||||
| 95 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | American International Group, Inc | 3.750 | % | 07/10/25 | $ | 792,121 | |||||||||||
| 1,125,000 | American International Group, Inc | 3.900 | 04/01/26 | 1,198,080 | ||||||||||||||
| 825,000 | American International Group, Inc | 4.200 | 04/01/28 | 899,781 | ||||||||||||||
| 2,600,000 | American International Group, Inc | 4.250 | 03/15/29 | 2,847,912 | ||||||||||||||
| 1,675,000 | American International Group, Inc | 3.875 | 01/15/35 | 1,758,977 | ||||||||||||||
| 300,000 | American International Group, Inc | 4.700 | 07/10/35 | 340,610 | ||||||||||||||
| 925,000 | American International Group, Inc | 6.250 | 05/01/36 | 1,209,222 | ||||||||||||||
| 725,000 | American International Group, Inc | 4.500 | 07/16/44 | 807,116 | ||||||||||||||
| 300,000 | American International Group, Inc | 4.800 | 07/10/45 | 349,026 | ||||||||||||||
| 1,000,000 | American International Group, Inc | 4.750 | 04/01/48 | 1,168,630 | ||||||||||||||
| 300,000 | American International Group, Inc | 5.750 | 04/01/48 | 320,838 | ||||||||||||||
| 200,000 | American International Group, Inc | 4.375 | 01/15/55 | 213,890 | ||||||||||||||
| 50,000 | Aon Corp | 5.000 | 09/30/20 | 51,412 | ||||||||||||||
| 200,000 | Aon Corp | 4.500 | 12/15/28 | 225,782 | ||||||||||||||
| 450,000 | Aon Corp | 3.750 | 05/02/29 | 480,292 | ||||||||||||||
| 200,000 | Aon Corp | 6.250 | 09/30/40 | 270,508 | ||||||||||||||
| 200,000 | Aon plc | 2.800 | 03/15/21 | 201,484 | ||||||||||||||
| 200,000 | Aon plc | 4.000 | 11/27/23 | 212,761 | ||||||||||||||
| 300,000 | Aon plc | 3.500 | 06/14/24 | 316,487 | ||||||||||||||
| 2,450,000 | Aon plc | 3.875 | 12/15/25 | 2,635,915 | ||||||||||||||
| 250,000 | Aon plc | 4.750 | 05/15/45 | 293,794 | ||||||||||||||
| 1,050,000 | Arch Capital Group Ltd | 4.011 | 12/15/26 | 1,148,319 | ||||||||||||||
| 200,000 | Arch Capital Group Ltd | 5.031 | 12/15/46 | 249,765 | ||||||||||||||
| 300,000 | Arch Capital Group US, Inc | 5.144 | 11/01/43 | 373,872 | ||||||||||||||
| 200,000 | Aspen Insurance Holdings Ltd | 4.650 | 11/15/23 | 213,858 | ||||||||||||||
| 100,000 | Assurant, Inc | 4.000 | 03/15/23 | 103,999 | ||||||||||||||
| 300,000 | Assurant, Inc | 4.200 | 09/27/23 | 313,818 | ||||||||||||||
| 300,000 | Assurant, Inc | 4.900 | 03/27/28 | 327,086 | ||||||||||||||
| 500,000 | Assurant, Inc | 3.700 | 02/22/30 | 500,720 | ||||||||||||||
| 7,000 | Assurant, Inc | 6.750 | 02/15/34 | 8,606 | ||||||||||||||
| 200,000 | Assured Guaranty US Holdings, Inc | 5.000 | 07/01/24 | 219,980 | ||||||||||||||
| 675,000 | Athene Holding Ltd | 4.125 | 01/12/28 | 694,141 | ||||||||||||||
| 770,000 | AXA S.A. | 8.600 | 12/15/30 | 1,112,650 | ||||||||||||||
| 300,000 | AXIS Specialty Finance LLC | 3.900 | 07/15/29 | 313,847 | ||||||||||||||
| 50,000 | AXIS Specialty Finance plc | 5.875 | 06/01/20 | 51,166 | ||||||||||||||
| 200,000 | AXIS Specialty Finance plc | 4.000 | 12/06/27 | 210,798 | ||||||||||||||
| 275,000 | Berkshire Hathaway Finance Corp | 3.000 | 05/15/22 | 283,390 | ||||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 4.400 | 05/15/42 | 358,059 | ||||||||||||||
| 2,175,000 | Berkshire Hathaway Finance Corp | 4.200 | 08/15/48 | 2,548,698 | ||||||||||||||
| 1,725,000 | Berkshire Hathaway Finance Corp | 4.250 | 01/15/49 | 2,044,816 | ||||||||||||||
| 1,475,000 | Brighthouse Financial, Inc | 3.700 | 06/22/27 | 1,458,117 | ||||||||||||||
| 725,000 | Brighthouse Financial, Inc | 4.700 | 06/22/47 | 647,164 | ||||||||||||||
| 500,000 | Brown & Brown, Inc | 4.500 | 03/15/29 | 544,729 | ||||||||||||||
| 450,000 | Chubb Corp | 6.000 | 05/11/37 | 629,171 | ||||||||||||||
| 500,000 | Chubb INA Holdings, Inc | 2.300 | 11/03/20 | 501,605 | ||||||||||||||
| 540,000 | Cigna Corp | 5.125 | 06/15/20 | 551,435 | ||||||||||||||
| 500,000 | Cigna Corp | 3.200 | 09/17/20 | 504,840 | ||||||||||||||
| 1,500,000 | Cigna Corp | 3.400 | 09/17/21 | 1,534,022 | ||||||||||||||
| 1,725,000 | Cigna Corp | 3.750 | 07/15/23 | 1,803,988 | ||||||||||||||
| 900,000 | Cigna Corp | 3.250 | 04/15/25 | 927,308 | ||||||||||||||
| 2,150,000 | Cigna Corp | 4.125 | 11/15/25 | 2,315,091 | ||||||||||||||
| 300,000 | Cigna Corp | 3.050 | 10/15/27 | 305,324 | ||||||||||||||
| 96 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,275,000 | Cigna Corp | 4.375 | % | 10/15/28 | $ | 4,686,545 | |||||||||||
| 1,700,000 | Cigna Corp | 4.800 | 08/15/38 | 1,910,139 | ||||||||||||||
| 1,150,000 | Cigna Corp | 3.875 | 10/15/47 | 1,133,988 | ||||||||||||||
| 2,450,000 | Cigna Corp | 4.900 | 12/15/48 | 2,802,383 | ||||||||||||||
| 200,000 | Cincinnati Financial Corp | 6.920 | 05/15/28 | 262,590 | ||||||||||||||
| 500,000 | CNA Financial Corp | 5.750 | 08/15/21 | 531,037 | ||||||||||||||
| 690,000 | CNA Financial Corp | 3.950 | 05/15/24 | 740,577 | ||||||||||||||
| 200,000 | CNA Financial Corp | 4.500 | 03/01/26 | 218,397 | ||||||||||||||
| 225,000 | CNA Financial Corp | 3.450 | 08/15/27 | 233,266 | ||||||||||||||
| 100,000 | CNA Financial Corp | 3.900 | 05/01/29 | 108,069 | ||||||||||||||
| 200,000 | Enstar Group Ltd | 4.500 | 03/10/22 | 207,438 | ||||||||||||||
| 500,000 | Enstar Group Ltd | 4.950 | 06/01/29 | 528,072 | ||||||||||||||
| 300,000 | Everest Reinsurance Holdings, Inc | 4.868 | 06/01/44 | 337,988 | ||||||||||||||
| 400,000 | Fairfax Financial Holdings Ltd | 4.850 | 04/17/28 | 432,802 | ||||||||||||||
| 250,000 | Fidelity National Financial, Inc | 5.500 | 09/01/22 | 268,293 | ||||||||||||||
| 300,000 | Fidelity National Financial, Inc | 4.500 | 08/15/28 | 322,688 | ||||||||||||||
| 200,000 | Hanover Insurance Group, Inc | 4.500 | 04/15/26 | 213,849 | ||||||||||||||
| 750,000 | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 747,602 | ||||||||||||||
| 400,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 444,352 | ||||||||||||||
| 450,000 | Hartford Financial Services Group, Inc | 4.400 | 03/15/48 | 516,783 | ||||||||||||||
| 450,000 | Hartford Financial Services Group, Inc | 3.600 | 08/19/49 | 452,871 | ||||||||||||||
| 250,000 | Humana, Inc | 2.500 | 12/15/20 | 250,448 | ||||||||||||||
| 100,000 | Humana, Inc | 3.150 | 12/01/22 | 102,372 | ||||||||||||||
| 400,000 | Humana, Inc | 2.900 | 12/15/22 | 406,852 | ||||||||||||||
| 300,000 | Humana, Inc | 3.850 | 10/01/24 | 316,932 | ||||||||||||||
| 600,000 | Humana, Inc | 3.950 | 03/15/27 | 637,235 | ||||||||||||||
| 175,000 | Humana, Inc | 3.125 | 08/15/29 | 174,881 | ||||||||||||||
| 200,000 | Humana, Inc | 4.625 | 12/01/42 | 219,367 | ||||||||||||||
| 300,000 | Humana, Inc | 4.950 | 10/01/44 | 345,422 | ||||||||||||||
| 600,000 | Humana, Inc | 4.800 | 03/15/47 | 685,439 | ||||||||||||||
| 500,000 | Humana, Inc | 3.950 | 08/15/49 | 498,333 | ||||||||||||||
| 200,000 | ING US, Inc | 5.700 | 07/15/43 | 256,190 | ||||||||||||||
| 200,000 | Kemper Corp | 4.350 | 02/15/25 | 211,325 | ||||||||||||||
| 400,000 | Leucadia National Corp | 5.500 | 10/18/23 | 434,709 | ||||||||||||||
| 400,000 | Lincoln National Corp | 4.200 | 03/15/22 | 418,924 | ||||||||||||||
| 625,000 | Lincoln National Corp | 4.000 | 09/01/23 | 662,112 | ||||||||||||||
| 175,000 | Lincoln National Corp | 3.350 | 03/09/25 | 182,109 | ||||||||||||||
| 600,000 | Lincoln National Corp | 3.625 | 12/12/26 | 631,165 | ||||||||||||||
| 1,175,000 | Lincoln National Corp | 3.800 | 03/01/28 | 1,242,609 | ||||||||||||||
| 650,000 | Lincoln National Corp | 3.050 | 01/15/30 | 647,713 | ||||||||||||||
| 150,000 | Lincoln National Corp | 7.000 | 06/15/40 | 213,931 | ||||||||||||||
| 250,000 | Lincoln National Corp | 4.350 | 03/01/48 | 271,809 | ||||||||||||||
| 200,000 | Loews Corp | 2.625 | 05/15/23 | 203,003 | ||||||||||||||
| 800,000 | Loews Corp | 3.750 | 04/01/26 | 856,581 | ||||||||||||||
| 200,000 | Loews Corp | 4.125 | 05/15/43 | 219,950 | ||||||||||||||
| 700,000 | Manulife Financial Corp | 4.150 | 03/04/26 | 772,338 | ||||||||||||||
| 1,300,000 | i | Manulife Financial Corp | USD ICE SWAP RATE 11:00 NY 5 + 1.647% | 4.061 | 02/24/32 | 1,353,802 | ||||||||||||
| 200,000 | Manulife Financial Corp | 5.375 | 03/04/46 | 262,929 | ||||||||||||||
| 150,000 | Markel Corp | 4.900 | 07/01/22 | 160,419 | ||||||||||||||
| 600,000 | Markel Corp | 3.500 | 11/01/27 | 613,525 | ||||||||||||||
| 200,000 | Markel Corp | 3.350 | 09/17/29 | 202,119 | ||||||||||||||
| 150,000 | Markel Corp | 5.000 | 04/05/46 | 172,990 | ||||||||||||||
| 97 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 100,000 | Markel Corp | 4.300 | % | 11/01/47 | $ | 103,604 | |||||||||||
| 750,000 | Markel Corp | 5.000 | 05/20/49 | 870,711 | ||||||||||||||
| 200,000 | Markel Corp | 4.150 | 09/17/50 | 202,556 | ||||||||||||||
| 100,000 | Marsh & McLennan Cos, Inc | 3.500 | 12/29/20 | 101,594 | ||||||||||||||
| 725,000 | Marsh & McLennan Cos, Inc | 3.875 | 03/15/24 | 772,879 | ||||||||||||||
| 2,300,000 | Marsh & McLennan Cos, Inc | 3.500 | 03/10/25 | 2,431,555 | ||||||||||||||
| 1,700,000 | Marsh & McLennan Cos, Inc | 4.375 | 03/15/29 | 1,923,532 | ||||||||||||||
| 250,000 | Marsh & McLennan Cos, Inc | 4.750 | 03/15/39 | 301,861 | ||||||||||||||
| 100,000 | Marsh & McLennan Cos, Inc | 4.350 | 01/30/47 | 115,254 | ||||||||||||||
| 300,000 | Marsh & McLennan Cos, Inc | 4.200 | 03/01/48 | 338,469 | ||||||||||||||
| 800,000 | Marsh & McLennan Cos, Inc | 4.900 | 03/15/49 | 1,002,304 | ||||||||||||||
| 200,000 | Mercury General Corp | 4.400 | 03/15/27 | 210,241 | ||||||||||||||
| 700,000 | MetLife, Inc | 3.048 | 12/15/22 | 720,716 | ||||||||||||||
| 525,000 | MetLife, Inc | 4.368 | 09/15/23 | 567,753 | ||||||||||||||
| 700,000 | MetLife, Inc | 3.600 | 04/10/24 | 741,579 | ||||||||||||||
| 700,000 | MetLife, Inc | 3.600 | 11/13/25 | 756,050 | ||||||||||||||
| 675,000 | MetLife, Inc | 6.375 | 06/15/34 | 948,910 | ||||||||||||||
| 1,530,000 | MetLife, Inc | 5.700 | 06/15/35 | 2,064,094 | ||||||||||||||
| 130,000 | MetLife, Inc | 5.875 | 02/06/41 | 176,188 | ||||||||||||||
| 450,000 | MetLife, Inc | 4.125 | 08/13/42 | 501,086 | ||||||||||||||
| 750,000 | MetLife, Inc | 4.875 | 11/13/43 | 929,848 | ||||||||||||||
| 500,000 | MetLife, Inc | 4.721 | 12/15/44 | 602,025 | ||||||||||||||
| 800,000 | MetLife, Inc | 4.050 | 03/01/45 | 894,995 | ||||||||||||||
| 1,650,000 | MetLife, Inc | 4.600 | 05/13/46 | 1,996,649 | ||||||||||||||
| 200,000 | Montpelier Re Holdings Ltd | 4.700 | 10/15/22 | 210,917 | ||||||||||||||
| 20,000 | Nationwide Financial Services | 6.750 | 05/15/37 | 22,800 | ||||||||||||||
| 200,000 | Old Republic International Corp | 4.875 | 10/01/24 | 219,049 | ||||||||||||||
| 100,000 | Old Republic International Corp | 3.875 | 08/26/26 | 105,276 | ||||||||||||||
| 500,000 | PartnerRe Finance B LLC | 3.700 | 07/02/29 | 521,125 | ||||||||||||||
| 100,000 | Primerica, Inc | 4.750 | 07/15/22 | 105,978 | ||||||||||||||
| 100,000 | Principal Financial Group, Inc | 3.300 | 09/15/22 | 102,951 | ||||||||||||||
| 150,000 | Principal Financial Group, Inc | 3.125 | 05/15/23 | 154,846 | ||||||||||||||
| 200,000 | Principal Financial Group, Inc | 3.400 | 05/15/25 | 209,349 | ||||||||||||||
| 850,000 | Principal Financial Group, Inc | 3.100 | 11/15/26 | 880,051 | ||||||||||||||
| 100,000 | Principal Financial Group, Inc | 3.700 | 05/15/29 | 107,785 | ||||||||||||||
| 100,000 | Principal Financial Group, Inc | 4.625 | 09/15/42 | 117,842 | ||||||||||||||
| 200,000 | Principal Financial Group, Inc | 4.350 | 05/15/43 | 225,176 | ||||||||||||||
| 300,000 | Principal Financial Group, Inc | 4.300 | 11/15/46 | 341,966 | ||||||||||||||
| 200,000 | Principal Financial Group, Inc | 4.700 | 05/15/55 | 199,250 | ||||||||||||||
| 650,000 | Progressive Corp | 2.450 | 01/15/27 | 652,665 | ||||||||||||||
| 250,000 | Progressive Corp | 4.000 | 03/01/29 | 280,454 | ||||||||||||||
| 120,000 | Progressive Corp | 6.250 | 12/01/32 | 164,155 | ||||||||||||||
| 300,000 | Progressive Corp | 4.350 | 04/25/44 | 355,490 | ||||||||||||||
| 300,000 | Progressive Corp | 3.700 | 01/26/45 | 325,749 | ||||||||||||||
| 950,000 | Progressive Corp | 4.125 | 04/15/47 | 1,103,547 | ||||||||||||||
| 750,000 | Progressive Corp | 4.200 | 03/15/48 | 885,114 | ||||||||||||||
| 891,000 | Prudential Financial, Inc | 4.500 | 11/16/21 | 934,564 | ||||||||||||||
| 300,000 | Prudential Financial, Inc | 3.878 | 03/27/28 | 329,589 | ||||||||||||||
| 450,000 | Prudential Financial, Inc | 5.700 | 12/14/36 | 594,084 | ||||||||||||||
| 600,000 | Prudential Financial, Inc | 5.200 | 03/15/44 | 626,550 | ||||||||||||||
| 1,700,000 | Prudential Financial, Inc | 4.600 | 05/15/44 | 1,985,013 | ||||||||||||||
| 200,000 | Prudential Financial, Inc | 5.375 | 05/15/45 | 212,000 | ||||||||||||||
| 98 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,300,000 | Prudential Financial, Inc | 4.500 | % | 09/15/47 | $ | 2,354,723 | |||||||||||
| 300,000 | Prudential Financial, Inc | 4.418 | 03/27/48 | 343,359 | ||||||||||||||
| 2,400,000 | Prudential Financial, Inc | 5.700 | 09/15/48 | 2,660,160 | ||||||||||||||
| 799,000 | Prudential Financial, Inc | 3.935 | 12/07/49 | 863,233 | ||||||||||||||
| 450,000 | Prudential Financial, Inc | 4.350 | 02/25/50 | 516,087 | ||||||||||||||
| 1,000,000 | Prudential Financial, Inc | 3.700 | 03/13/51 | 1,033,542 | ||||||||||||||
| 100,000 | Reinsurance Group of America, Inc | 5.000 | 06/01/21 | 104,501 | ||||||||||||||
| 250,000 | Reinsurance Group of America, Inc | 4.700 | 09/15/23 | 270,159 | ||||||||||||||
| 750,000 | Reinsurance Group of America, Inc | 3.900 | 05/15/29 | 798,196 | ||||||||||||||
| 200,000 | RenaissanceRe Finance, Inc | 3.700 | 04/01/25 | 209,305 | ||||||||||||||
| 200,000 | RenaissanceRe Finance, Inc | 3.450 | 07/01/27 | 205,693 | ||||||||||||||
| 300,000 | RenaissanceRe Holdings Ltd | 3.600 | 04/15/29 | 317,976 | ||||||||||||||
| 250,000 | Torchmark Corp | 3.800 | 09/15/22 | 257,002 | ||||||||||||||
| 350,000 | Torchmark Corp | 4.550 | 09/15/28 | 391,591 | ||||||||||||||
| 20,000 | Transatlantic Holdings, Inc | 8.000 | 11/30/39 | 29,855 | ||||||||||||||
| 600,000 | Travelers Cos, Inc | 5.350 | 11/01/40 | 796,433 | ||||||||||||||
| 200,000 | Travelers Cos, Inc | 4.600 | 08/01/43 | 245,952 | ||||||||||||||
| 250,000 | Travelers Cos, Inc | 4.300 | 08/25/45 | 296,358 | ||||||||||||||
| 400,000 | Travelers Cos, Inc | 3.750 | 05/15/46 | 440,557 | ||||||||||||||
| 1,100,000 | Travelers Cos, Inc | 4.000 | 05/30/47 | 1,260,511 | ||||||||||||||
| 500,000 | Travelers Cos, Inc | 4.050 | 03/07/48 | 575,749 | ||||||||||||||
| 900,000 | Travelers Cos, Inc | 4.100 | 03/04/49 | 1,051,632 | ||||||||||||||
| 100,000 | Travelers Property Casualty Corp | 6.375 | 03/15/33 | 139,531 | ||||||||||||||
| 110,000 | Unum Group | 5.625 | 09/15/20 | 113,500 | ||||||||||||||
| 200,000 | Unum Group | 4.000 | 03/15/24 | 211,316 | ||||||||||||||
| 500,000 | Unum Group | 4.000 | 06/15/29 | 519,846 | ||||||||||||||
| 300,000 | Unum Group | 5.750 | 08/15/42 | 352,605 | ||||||||||||||
| 500,000 | Unum Group | 4.500 | 12/15/49 | 478,521 | ||||||||||||||
| 200,000 | Verisk Analytics, Inc | 5.800 | 05/01/21 | 210,733 | ||||||||||||||
| 500,000 | Verisk Analytics, Inc | 4.000 | 06/15/25 | 538,329 | ||||||||||||||
| 850,000 | Verisk Analytics, Inc | 4.125 | 03/15/29 | 936,741 | ||||||||||||||
| 300,000 | Verisk Analytics, Inc | 5.500 | 06/15/45 | 371,984 | ||||||||||||||
| 200,000 | Voya Financial, Inc | 3.125 | 07/15/24 | 206,498 | ||||||||||||||
| 550,000 | Voya Financial, Inc | 3.650 | 06/15/26 | 579,088 | ||||||||||||||
| 200,000 | Voya Financial, Inc | 4.800 | 06/15/46 | 230,677 | ||||||||||||||
| 150,000 | WellPoint, Inc | 3.700 | 08/15/21 | 153,523 | ||||||||||||||
| 1,000,000 | WellPoint, Inc | 3.125 | 05/15/22 | 1,022,961 | ||||||||||||||
| 500,000 | WellPoint, Inc | 3.300 | 01/15/23 | 516,177 | ||||||||||||||
| 225,000 | WellPoint, Inc | 3.500 | 08/15/24 | 235,844 | ||||||||||||||
| 1,150,000 | WellPoint, Inc | 4.625 | 05/15/42 | 1,274,595 | ||||||||||||||
| 125,000 | WellPoint, Inc | 4.650 | 01/15/43 | 138,276 | ||||||||||||||
| 500,000 | WellPoint, Inc | 5.100 | 01/15/44 | 582,856 | ||||||||||||||
| 425,000 | WellPoint, Inc | 4.650 | 08/15/44 | 473,112 | ||||||||||||||
| 200,000 | Willis Group Holdings plc | 5.750 | 03/15/21 | 209,651 | ||||||||||||||
| 425,000 | Willis North America, Inc | 3.600 | 05/15/24 | 441,685 | ||||||||||||||
| 500,000 | Willis North America, Inc | 4.500 | 09/15/28 | 554,311 | ||||||||||||||
| 750,000 | Willis North America, Inc | 2.950 | 09/15/29 | 735,866 | ||||||||||||||
| 300,000 | Willis North America, Inc | 5.050 | 09/15/48 | 350,681 | ||||||||||||||
| 500,000 | Willis North America, Inc | 3.875 | 09/15/49 | 487,829 | ||||||||||||||
| 165,000 | WR Berkley Corp | 5.375 | 09/15/20 | 169,803 | ||||||||||||||
| 250,000 | WR Berkley Corp | 4.625 | 03/15/22 | 264,172 | ||||||||||||||
| 200,000 | WR Berkley Corp | 4.750 | 08/01/44 | 227,731 | ||||||||||||||
| 455,000 | XLIT Ltd | 4.450 | 03/31/25 | 494,190 | ||||||||||||||
| 99 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | XLIT Ltd | 5.250 | % | 12/15/43 | $ | 260,204 | |||||||||||
| 300,000 | XLIT Ltd | 5.500 | 03/31/45 | 379,226 | ||||||||||||||
| TOTAL INSURANCE | 153,556,441 | |||||||||||||||||
| MATERIALS - 0.8% | ||||||||||||||||||
| 500,000 | 3M Co | 3.000 | 09/14/21 | 509,066 | ||||||||||||||
| 625,000 | 3M Co | 2.750 | 03/01/22 | 640,320 | ||||||||||||||
| 500,000 | 3M Co | 1.750 | 02/14/23 | 498,468 | ||||||||||||||
| 300,000 | 3M Co | 2.250 | 03/15/23 | 303,079 | ||||||||||||||
| 600,000 | 3M Co | 3.250 | 02/14/24 | 631,118 | ||||||||||||||
| 1,000,000 | 3M Co | 2.000 | 02/14/25 | 993,869 | ||||||||||||||
| 1,200,000 | 3M Co | 3.000 | 08/07/25 | 1,258,804 | ||||||||||||||
| 675,000 | 3M Co | 2.875 | 10/15/27 | 700,649 | ||||||||||||||
| 925,000 | 3M Co | 3.625 | 09/14/28 | 1,013,345 | ||||||||||||||
| 500,000 | 3M Co | 3.375 | 03/01/29 | 537,638 | ||||||||||||||
| 1,000,000 | 3M Co | 2.375 | 08/26/29 | 992,277 | ||||||||||||||
| 200,000 | 3M Co | 3.125 | 09/19/46 | 193,626 | ||||||||||||||
| 300,000 | 3M Co | 3.625 | 10/15/47 | 313,729 | ||||||||||||||
| 1,150,000 | 3M Co | 4.000 | 09/14/48 | 1,294,416 | ||||||||||||||
| 475,000 | 3M Co | 3.250 | 08/26/49 | 476,777 | ||||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 3.000 | 11/03/21 | 152,926 | ||||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 2.750 | 02/03/23 | 153,897 | ||||||||||||||
| 300,000 | Air Products & Chemicals, Inc | 3.350 | 07/31/24 | 316,479 | ||||||||||||||
| 200,000 | Airgas, Inc | 3.650 | 07/15/24 | 211,942 | ||||||||||||||
| 200,000 | Albemarle Corp | 4.150 | 12/01/24 | 213,455 | ||||||||||||||
| 750,000 | ArcelorMittal | 3.600 | 07/16/24 | 757,719 | ||||||||||||||
| 2,000,000 | ArcelorMittal | 6.125 | 06/01/25 | 2,250,823 | ||||||||||||||
| 1,000,000 | ArcelorMittal | 4.550 | 03/11/26 | 1,046,269 | ||||||||||||||
| 500,000 | ArcelorMittal | 4.250 | 07/16/29 | 507,751 | ||||||||||||||
| 300,000 | Avery Dennison Corp | 4.875 | 12/06/28 | 341,788 | ||||||||||||||
| 100,000 | Barrick Australian Finance Pty Ltd | 5.950 | 10/15/39 | 128,955 | ||||||||||||||
| 2,250,000 | Barrick Gold Corp | 5.250 | 04/01/42 | 2,750,885 | ||||||||||||||
| 100,000 | g | Bemis Co, Inc | 3.100 | 09/15/26 | 98,217 | |||||||||||||
| 2,000,000 | BHP Billiton Finance USA Ltd | 2.875 | 02/24/22 | 2,045,664 | ||||||||||||||
| 825,000 | BHP Billiton Finance USA Ltd | 4.125 | 02/24/42 | 950,625 | ||||||||||||||
| 1,525,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 1,968,505 | ||||||||||||||
| 600,000 | Braskem Finance Ltd | 6.450 | 02/03/24 | 662,250 | ||||||||||||||
| 200,000 | Cabot Corp | 3.700 | 07/15/22 | 205,524 | ||||||||||||||
| 500,000 | Cabot Corp | 4.000 | 07/01/29 | 523,842 | ||||||||||||||
| 400,000 | Celulosa Arauco y Constitucion S.A. | 4.500 | 08/01/24 | 421,504 | ||||||||||||||
| 375,000 | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 382,972 | ||||||||||||||
| 200,000 | Celulosa Arauco y Constitucion S.A. | 5.500 | 11/02/47 | 222,000 | ||||||||||||||
| 100,000 | Church & Dwight Co, Inc | 2.450 | 08/01/22 | 100,302 | ||||||||||||||
| 250,000 | Church & Dwight Co, Inc | 2.875 | 10/01/22 | 253,677 | ||||||||||||||
| 500,000 | Church & Dwight Co, Inc | 3.150 | 08/01/27 | 513,505 | ||||||||||||||
| 100,000 | Church & Dwight Co, Inc | 3.950 | 08/01/47 | 107,889 | ||||||||||||||
| 200,000 | Domtar Corp | 4.400 | 04/01/22 | 207,649 | ||||||||||||||
| 1,500,000 | Dow Chemical Co | 4.125 | 11/15/21 | 1,554,507 | ||||||||||||||
| 275,000 | Dow Chemical Co | 3.000 | 11/15/22 | 280,197 | ||||||||||||||
| 500,000 | g | Dow Chemical Co | 3.150 | 05/15/24 | 513,481 | |||||||||||||
| 1,525,000 | Dow Chemical Co | 3.500 | 10/01/24 | 1,591,287 | ||||||||||||||
| 200,000 | g | Dow Chemical Co | 4.550 | 11/30/25 | 219,724 | |||||||||||||
| 100 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | g | Dow Chemical Co | 3.625 | % | 05/15/26 | $ | 782,794 | ||||||||||
| 300,000 | g | Dow Chemical Co | 4.800 | 11/30/28 | 338,979 | |||||||||||||
| 175,000 | Dow Chemical Co | 7.375 | 11/01/29 | 230,591 | ||||||||||||||
| 1,400,000 | Dow Chemical Co | 4.250 | 10/01/34 | 1,483,672 | ||||||||||||||
| 225,000 | Dow Chemical Co | 9.400 | 05/15/39 | 363,229 | ||||||||||||||
| 275,000 | Dow Chemical Co | 5.250 | 11/15/41 | 316,041 | ||||||||||||||
| 1,200,000 | Dow Chemical Co | 4.375 | 11/15/42 | 1,246,393 | ||||||||||||||
| 400,000 | Dow Chemical Co | 4.625 | 10/01/44 | 429,427 | ||||||||||||||
| 425,000 | g | Dow Chemical Co | 5.550 | 11/30/48 | 516,005 | |||||||||||||
| 750,000 | g | Dow Chemical Co | 4.800 | 05/15/49 | 828,240 | |||||||||||||
| 575,000 | DowDuPont, Inc | 3.766 | 11/15/20 | 585,572 | ||||||||||||||
| 1,550,000 | DowDuPont, Inc | 4.205 | 11/15/23 | 1,661,980 | ||||||||||||||
| 1,600,000 | DowDuPont, Inc | 4.493 | 11/15/25 | 1,767,383 | ||||||||||||||
| 2,300,000 | DowDuPont, Inc | 4.725 | 11/15/28 | 2,633,206 | ||||||||||||||
| 150,000 | DowDuPont, Inc | 5.319 | 11/15/38 | 183,116 | ||||||||||||||
| 1,725,000 | DowDuPont, Inc | 5.419 | 11/15/48 | 2,190,044 | ||||||||||||||
| 100,000 | Eastman Chemical Co | 3.500 | 12/01/21 | 102,229 | ||||||||||||||
| 272,000 | Eastman Chemical Co | 3.600 | 08/15/22 | 281,362 | ||||||||||||||
| 727,000 | Eastman Chemical Co | 3.800 | 03/15/25 | 761,744 | ||||||||||||||
| 700,000 | Eastman Chemical Co | 4.500 | 12/01/28 | 772,778 | ||||||||||||||
| 150,000 | Eastman Chemical Co | 4.800 | 09/01/42 | 163,859 | ||||||||||||||
| 525,000 | Eastman Chemical Co | 4.650 | 10/15/44 | 570,576 | ||||||||||||||
| 500,000 | Fibria Overseas Finance Ltd | 4.000 | 01/14/25 | 507,505 | ||||||||||||||
| 700,000 | Fibria Overseas Finance Ltd | 5.500 | 01/17/27 | 751,975 | ||||||||||||||
| 100,000 | FMC Corp | 3.950 | 02/01/22 | 103,004 | ||||||||||||||
| 200,000 | FMC Corp | 4.100 | 02/01/24 | 208,906 | ||||||||||||||
| 500,000 | FMC Corp | 3.200 | 10/01/26 | 504,610 | ||||||||||||||
| 500,000 | FMC Corp | 3.450 | 10/01/29 | 506,156 | ||||||||||||||
| 500,000 | FMC Corp | 4.500 | 10/01/49 | 519,175 | ||||||||||||||
| 300,000 | Georgia-Pacific LLC | 8.000 | 01/15/24 | 369,371 | ||||||||||||||
| 750,000 | Georgia-Pacific LLC | 7.750 | 11/15/29 | 1,075,698 | ||||||||||||||
| 100,000 | Hexcel Corp | 3.950 | 02/15/27 | 104,091 | ||||||||||||||
| 100,000 | Hubbell, Inc | 3.625 | 11/15/22 | 103,417 | ||||||||||||||
| 200,000 | Hubbell, Inc | 3.350 | 03/01/26 | 204,790 | ||||||||||||||
| 500,000 | Hubbell, Inc | 3.150 | 08/15/27 | 505,662 | ||||||||||||||
| 200,000 | Hubbell, Inc | 3.500 | 02/15/28 | 208,441 | ||||||||||||||
| 600,000 | Huntsman International LLC | 4.500 | 05/01/29 | 632,690 | ||||||||||||||
| 100,000 | International Flavors & Fragrances, Inc | 3.400 | 09/25/20 | 101,142 | ||||||||||||||
| 300,000 | International Flavors & Fragrances, Inc | 3.200 | 05/01/23 | 305,590 | ||||||||||||||
| 100,000 | International Flavors & Fragrances, Inc | 4.450 | 09/26/28 | 110,482 | ||||||||||||||
| 200,000 | International Flavors & Fragrances, Inc | 4.375 | 06/01/47 | 203,592 | ||||||||||||||
| 675,000 | International Flavors & Fragrances, Inc | 5.000 | 09/26/48 | 770,818 | ||||||||||||||
| 1,175,000 | International Paper Co | 3.650 | 06/15/24 | 1,236,278 | ||||||||||||||
| 1,875,000 | International Paper Co | 3.000 | 02/15/27 | 1,908,162 | ||||||||||||||
| 450,000 | International Paper Co | 6.000 | 11/15/41 | 549,456 | ||||||||||||||
| 525,000 | International Paper Co | 4.800 | 06/15/44 | 568,376 | ||||||||||||||
| 300,000 | International Paper Co | 4.400 | 08/15/47 | 312,002 | ||||||||||||||
| 1,825,000 | International Paper Co | 4.350 | 08/15/48 | 1,894,144 | ||||||||||||||
| 1,000,000 | Kinross Gold Corp | 4.500 | 07/15/27 | 1,048,730 | ||||||||||||||
| 150,000 | Lubrizol Corp | 6.500 | 10/01/34 | 213,646 | ||||||||||||||
| 300,000 | LYB International Finance BV | 4.000 | 07/15/23 | 317,242 | ||||||||||||||
| 1,000,000 | LYB International Finance BV | 3.500 | 03/02/27 | 1,032,164 | ||||||||||||||
| 575,000 | LYB International Finance BV | 5.250 | 07/15/43 | 655,402 | ||||||||||||||
| 101 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 550,000 | LYB International Finance BV | 4.875 | % | 03/15/44 | $ | 601,237 | |||||||||||
| 300,000 | LyondellBasell Industries NV | 6.000 | 11/15/21 | 320,585 | ||||||||||||||
| 1,300,000 | LyondellBasell Industries NV | 5.750 | 04/15/24 | 1,467,925 | ||||||||||||||
| 475,000 | LyondellBasell Industries NV | 4.625 | 02/26/55 | 491,304 | ||||||||||||||
| 200,000 | Martin Marietta Materials, Inc | 4.250 | 07/02/24 | 214,010 | ||||||||||||||
| 200,000 | Martin Marietta Materials, Inc | 3.450 | 06/01/27 | 203,637 | ||||||||||||||
| 325,000 | Martin Marietta Materials, Inc | 3.500 | 12/15/27 | 333,573 | ||||||||||||||
| 450,000 | Martin Marietta Materials, Inc | 4.250 | 12/15/47 | 454,496 | ||||||||||||||
| 150,000 | Methanex Corp | 4.250 | 12/01/24 | 151,180 | ||||||||||||||
| 750,000 | Methanex Corp | 5.250 | 12/15/29 | 753,205 | ||||||||||||||
| 100,000 | Methanex Corp | 5.650 | 12/01/44 | 96,514 | ||||||||||||||
| 100,000 | NewMarket Corp | 4.100 | 12/15/22 | 104,066 | ||||||||||||||
| 1,300,000 | Newmont Goldcorp Corp | 3.500 | 03/15/22 | 1,333,844 | ||||||||||||||
| 250,000 | Newmont Goldcorp Corp | 3.700 | 03/15/23 | 260,236 | ||||||||||||||
| 500,000 | Newmont Goldcorp Corp | 2.800 | 10/01/29 | 493,484 | ||||||||||||||
| 298,000 | Newmont Goldcorp Corp | 5.875 | 04/01/35 | 378,485 | ||||||||||||||
| 235,000 | Newmont Goldcorp Corp | 6.250 | 10/01/39 | 312,030 | ||||||||||||||
| 975,000 | Newmont Goldcorp Corp | 4.875 | 03/15/42 | 1,148,515 | ||||||||||||||
| 300,000 | Newmont Goldcorp Corp | 5.450 | 06/09/44 | 374,378 | ||||||||||||||
| 800,000 | Nucor Corp | 4.125 | 09/15/22 | 842,373 | ||||||||||||||
| 425,000 | Nucor Corp | 3.950 | 05/01/28 | 463,866 | ||||||||||||||
| 300,000 | Nucor Corp | 5.200 | 08/01/43 | 374,553 | ||||||||||||||
| 700,000 | Nucor Corp | 4.400 | 05/01/48 | 805,968 | ||||||||||||||
| 150,000 | Nutrien Ltd | 3.150 | 10/01/22 | 152,882 | ||||||||||||||
| 200,000 | Nutrien Ltd | 3.500 | 06/01/23 | 206,489 | ||||||||||||||
| 625,000 | Nutrien Ltd | 3.625 | 03/15/24 | 654,732 | ||||||||||||||
| 425,000 | Nutrien Ltd | 3.375 | 03/15/25 | 440,374 | ||||||||||||||
| 200,000 | Nutrien Ltd | 3.000 | 04/01/25 | 203,264 | ||||||||||||||
| 700,000 | Nutrien Ltd | 4.000 | 12/15/26 | 749,822 | ||||||||||||||
| 550,000 | Nutrien Ltd | 4.200 | 04/01/29 | 605,618 | ||||||||||||||
| 200,000 | Nutrien Ltd | 4.125 | 03/15/35 | 208,706 | ||||||||||||||
| 200,000 | Nutrien Ltd | 5.625 | 12/01/40 | 238,814 | ||||||||||||||
| 100,000 | Nutrien Ltd | 6.125 | 01/15/41 | 124,365 | ||||||||||||||
| 200,000 | Nutrien Ltd | 4.900 | 06/01/43 | 219,746 | ||||||||||||||
| 725,000 | Nutrien Ltd | 5.250 | 01/15/45 | 857,414 | ||||||||||||||
| 650,000 | Nutrien Ltd | 5.000 | 04/01/49 | 757,862 | ||||||||||||||
| 500,000 | Owens Corning | 4.200 | 12/01/24 | 526,387 | ||||||||||||||
| 300,000 | Owens Corning | 3.400 | 08/15/26 | 301,460 | ||||||||||||||
| 500,000 | Owens Corning | 3.950 | 08/15/29 | 508,508 | ||||||||||||||
| 525,000 | Owens Corning | 4.300 | 07/15/47 | 477,073 | ||||||||||||||
| 350,000 | Owens Corning | 4.400 | 01/30/48 | 322,373 | ||||||||||||||
| 675,000 | Packaging Corp of America | 2.450 | 12/15/20 | 676,402 | ||||||||||||||
| 150,000 | Packaging Corp of America | 3.900 | 06/15/22 | 154,989 | ||||||||||||||
| 250,000 | Packaging Corp of America | 4.500 | 11/01/23 | 268,339 | ||||||||||||||
| 100,000 | Packaging Corp of America | 3.650 | 09/15/24 | 104,634 | ||||||||||||||
| 550,000 | Packaging Corp of America | 3.400 | 12/15/27 | 570,860 | ||||||||||||||
| 300,000 | PPG Industries, Inc | 3.600 | 11/15/20 | 304,983 | ||||||||||||||
| 300,000 | PPG Industries, Inc | 3.200 | 03/15/23 | 309,695 | ||||||||||||||
| 500,000 | PPG Industries, Inc | 2.400 | 08/15/24 | 499,789 | ||||||||||||||
| 425,000 | PPG Industries, Inc | 3.750 | 03/15/28 | 462,987 | ||||||||||||||
| 500,000 | PPG Industries, Inc | 2.800 | 08/15/29 | 501,041 | ||||||||||||||
| 1,200,000 | Praxair, Inc | 2.250 | 09/24/20 | 1,203,179 | ||||||||||||||
| 102 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 250,000 | Praxair, Inc | 2.200 | % | 08/15/22 | $ | 251,774 | |||||||||||
| 300,000 | Praxair, Inc | 2.650 | 02/05/25 | 308,620 | ||||||||||||||
| 3,500,000 | Praxair, Inc | 3.200 | 01/30/26 | 3,703,669 | ||||||||||||||
| 625,000 | Praxair, Inc | 3.550 | 11/07/42 | 667,359 | ||||||||||||||
| 3,250,000 | Rio Tinto Finance USA Ltd | 3.750 | 06/15/25 | 3,491,773 | ||||||||||||||
| 350,000 | Rio Tinto Finance USA Ltd | 5.200 | 11/02/40 | 455,207 | ||||||||||||||
| 1,400,000 | Rio Tinto Finance USA plc | 4.125 | 08/21/42 | 1,618,774 | ||||||||||||||
| 200,000 | Rohm & Haas Co | 7.850 | 07/15/29 | 268,101 | ||||||||||||||
| 300,000 | RPM International, Inc | 3.450 | 11/15/22 | 307,972 | ||||||||||||||
| 100,000 | RPM International, Inc | 3.750 | 03/15/27 | 103,856 | ||||||||||||||
| 300,000 | RPM International, Inc | 4.550 | 03/01/29 | 325,708 | ||||||||||||||
| 100,000 | RPM International, Inc | 5.250 | 06/01/45 | 110,221 | ||||||||||||||
| 200,000 | RPM International, Inc | 4.250 | 01/15/48 | 195,343 | ||||||||||||||
| 1,500,000 | SASOL Financing USA LLC | 5.875 | 03/27/24 | 1,620,609 | ||||||||||||||
| 550,000 | SASOL Financing USA LLC | 6.500 | 09/27/28 | 608,028 | ||||||||||||||
| 225,000 | Sherwin-Williams Co | 4.200 | 01/15/22 | 233,330 | ||||||||||||||
| 248,000 | Sherwin-Williams Co | 2.750 | 06/01/22 | 251,704 | ||||||||||||||
| 1,500,000 | Sherwin-Williams Co | 3.125 | 06/01/24 | 1,549,547 | ||||||||||||||
| 200,000 | Sherwin-Williams Co | 3.450 | 08/01/25 | 208,871 | ||||||||||||||
| 200,000 | Sherwin-Williams Co | 3.950 | 01/15/26 | 213,721 | ||||||||||||||
| 925,000 | Sherwin-Williams Co | 3.450 | 06/01/27 | 968,297 | ||||||||||||||
| 500,000 | Sherwin-Williams Co | 2.950 | 08/15/29 | 501,216 | ||||||||||||||
| 200,000 | Sherwin-Williams Co | 4.000 | 12/15/42 | 207,202 | ||||||||||||||
| 900,000 | Sherwin-Williams Co | 4.500 | 06/01/47 | 1,009,898 | ||||||||||||||
| 500,000 | Sherwin-Williams Co | 3.800 | 08/15/49 | 510,764 | ||||||||||||||
| 150,000 | Sonoco Products Co | 5.750 | 11/01/40 | 188,081 | ||||||||||||||
| 200,000 | Southern Copper Corp | 5.375 | 04/16/20 | 202,695 | ||||||||||||||
| 300,000 | Southern Copper Corp | 3.875 | 04/23/25 | 312,216 | ||||||||||||||
| 100,000 | Southern Copper Corp | 7.500 | 07/27/35 | 133,750 | ||||||||||||||
| 1,180,000 | Southern Copper Corp | 6.750 | 04/16/40 | 1,529,312 | ||||||||||||||
| 1,500,000 | Southern Copper Corp | 5.875 | 04/23/45 | 1,818,699 | ||||||||||||||
| 1,900,000 | Suzano Austria GmbH | 6.000 | 01/15/29 | 2,065,300 | ||||||||||||||
| 1,675,000 | Teck Resources Ltd | 6.250 | 07/15/41 | 1,862,568 | ||||||||||||||
| 750,000 | Vulcan Materials Co | 4.500 | 04/01/25 | 804,578 | ||||||||||||||
| 100,000 | Vulcan Materials Co | 3.900 | 04/01/27 | 104,983 | ||||||||||||||
| 475,000 | Vulcan Materials Co | 4.500 | 06/15/47 | 510,640 | ||||||||||||||
| 200,000 | Vulcan Materials Co | 4.700 | 03/01/48 | 219,396 | ||||||||||||||
| 500,000 | Westlake Chemical Corp | 3.600 | 08/15/26 | 516,347 | ||||||||||||||
| 500,000 | Westlake Chemical Corp | 5.000 | 08/15/46 | 538,173 | ||||||||||||||
| 200,000 | Westlake Chemical Corp | 4.375 | 11/15/47 | 196,697 | ||||||||||||||
| 500,000 | WestRock RKT LLC | 4.900 | 03/01/22 | 528,984 | ||||||||||||||
| 500,000 | WestRock RKT LLC | 4.000 | 03/01/23 | 524,758 | ||||||||||||||
| 250,000 | WRKCo, Inc | 3.000 | 09/15/24 | 255,133 | ||||||||||||||
| 425,000 | WRKCo, Inc | 3.750 | 03/15/25 | 447,436 | ||||||||||||||
| 525,000 | WRKCo, Inc | 4.650 | 03/15/26 | 576,326 | ||||||||||||||
| 300,000 | WRKCo, Inc | 3.375 | 09/15/27 | 305,241 | ||||||||||||||
| 325,000 | WRKCo, Inc | 4.000 | 03/15/28 | 346,208 | ||||||||||||||
| 240,000 | WRKCo, Inc | 3.900 | 06/01/28 | 253,110 | ||||||||||||||
| 950,000 | WRKCo, Inc | 4.900 | 03/15/29 | 1,074,409 | ||||||||||||||
| 685,000 | WRKCo, Inc | 4.200 | 06/01/32 | 752,185 | ||||||||||||||
| 171,000 | Yamana Gold, Inc | 4.625 | 12/15/27 | 181,084 | ||||||||||||||
| TOTAL MATERIALS | 128,287,452 | |||||||||||||||||
| 103 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| MEDIA & ENTERTAINMENT - 0.9% | ||||||||||||||||||
| $ | 445,000 | CBS Corp | 4.300 | % | 02/15/21 | $ | 454,568 | |||||||||||
| 200,000 | CBS Corp | 2.500 | 02/15/23 | 200,637 | ||||||||||||||
| 500,000 | CBS Corp | 2.900 | 06/01/23 | 506,944 | ||||||||||||||
| 200,000 | CBS Corp | 3.700 | 08/15/24 | 209,223 | ||||||||||||||
| 300,000 | CBS Corp | 3.500 | 01/15/25 | 311,951 | ||||||||||||||
| 800,000 | CBS Corp | 4.000 | 01/15/26 | 852,873 | ||||||||||||||
| 650,000 | CBS Corp | 2.900 | 01/15/27 | 644,472 | ||||||||||||||
| 200,000 | CBS Corp | 3.375 | 02/15/28 | 204,799 | ||||||||||||||
| 1,300,000 | CBS Corp | 3.700 | 06/01/28 | 1,355,276 | ||||||||||||||
| 500,000 | CBS Corp | 4.200 | 06/01/29 | 542,671 | ||||||||||||||
| 500,000 | CBS Corp | 7.875 | 07/30/30 | 699,499 | ||||||||||||||
| 200,000 | CBS Corp | 4.850 | 07/01/42 | 222,189 | ||||||||||||||
| 200,000 | CBS Corp | 4.900 | 08/15/44 | 224,820 | ||||||||||||||
| 800,000 | CBS Corp | 4.600 | 01/15/45 | 868,191 | ||||||||||||||
| 825,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 832,382 | ||||||||||||||
| 1,135,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 1,194,889 | ||||||||||||||
| 225,000 | Charter Communications Operating LLC | 4.500 | 02/01/24 | 241,746 | ||||||||||||||
| 3,650,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 4,011,269 | ||||||||||||||
| 950,000 | Charter Communications Operating LLC | 3.750 | 02/15/28 | 974,909 | ||||||||||||||
| 2,750,000 | Charter Communications Operating LLC | 4.200 | 03/15/28 | 2,895,047 | ||||||||||||||
| 2,850,000 | Charter Communications Operating LLC | 5.050 | 03/30/29 | 3,189,220 | ||||||||||||||
| 750,000 | Charter Communications Operating LLC | 6.384 | 10/23/35 | 908,508 | ||||||||||||||
| 1,500,000 | Charter Communications Operating LLC | 5.375 | 04/01/38 | 1,679,154 | ||||||||||||||
| 1,550,000 | Charter Communications Operating LLC | 6.484 | 10/23/45 | 1,888,668 | ||||||||||||||
| 1,400,000 | Charter Communications Operating LLC | 5.375 | 05/01/47 | 1,523,469 | ||||||||||||||
| 1,375,000 | Charter Communications Operating LLC | 5.750 | 04/01/48 | 1,566,930 | ||||||||||||||
| 1,000,000 | Charter Communications Operating LLC | 5.125 | 07/01/49 | 1,065,327 | ||||||||||||||
| 250,000 | Comcast Cable Communications Holdings, Inc | 9.455 | 11/15/22 | 306,136 | ||||||||||||||
| 1,000,000 | Comcast Corp | 3.300 | 10/01/20 | 1,013,604 | ||||||||||||||
| 650,000 | Comcast Corp | 3.450 | 10/01/21 | 669,367 | ||||||||||||||
| 150,000 | Comcast Corp | 1.625 | 01/15/22 | 149,424 | ||||||||||||||
| 1,600,000 | Comcast Corp | 3.125 | 07/15/22 | 1,653,457 | ||||||||||||||
| 1,000,000 | Comcast Corp | 2.850 | 01/15/23 | 1,025,810 | ||||||||||||||
| 850,000 | Comcast Corp | 2.750 | 03/01/23 | 870,775 | ||||||||||||||
| 850,000 | Comcast Corp | 3.000 | 02/01/24 | 881,574 | ||||||||||||||
| 325,000 | Comcast Corp | 3.600 | 03/01/24 | 344,772 | ||||||||||||||
| 2,025,000 | Comcast Corp | 3.700 | 04/15/24 | 2,159,098 | ||||||||||||||
| 850,000 | Comcast Corp | 3.375 | 02/15/25 | 896,587 | ||||||||||||||
| 350,000 | Comcast Corp | 3.375 | 08/15/25 | 370,124 | ||||||||||||||
| 1,550,000 | Comcast Corp | 3.950 | 10/15/25 | 1,687,637 | ||||||||||||||
| 1,950,000 | Comcast Corp | 3.150 | 03/01/26 | 2,042,442 | ||||||||||||||
| 1,025,000 | Comcast Corp | 2.350 | 01/15/27 | 1,020,223 | ||||||||||||||
| 1,450,000 | Comcast Corp | 3.300 | 02/01/27 | 1,532,228 | ||||||||||||||
| 900,000 | Comcast Corp | 3.150 | 02/15/28 | 938,325 | ||||||||||||||
| 3,200,000 | Comcast Corp | 3.550 | 05/01/28 | 3,438,677 | ||||||||||||||
| 2,675,000 | Comcast Corp | 4.150 | 10/15/28 | 3,001,410 | ||||||||||||||
| 3,300,000 | Comcast Corp | 4.250 | 10/15/30 | 3,756,087 | ||||||||||||||
| 1,925,000 | Comcast Corp | 4.250 | 01/15/33 | 2,216,568 | ||||||||||||||
| 150,000 | Comcast Corp | 7.050 | 03/15/33 | 216,240 | ||||||||||||||
| 200,000 | Comcast Corp | 4.200 | 08/15/34 | 228,962 | ||||||||||||||
| 500,000 | Comcast Corp | 4.400 | 08/15/35 | 583,611 | ||||||||||||||
| 104 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 175,000 | Comcast Corp | 6.500 | % | 11/15/35 | $ | 245,147 | |||||||||||
| 3,475,000 | Comcast Corp | 3.200 | 07/15/36 | 3,563,935 | ||||||||||||||
| 175,000 | Comcast Corp | 6.950 | 08/15/37 | 257,446 | ||||||||||||||
| 3,150,000 | Comcast Corp | 3.900 | 03/01/38 | 3,487,102 | ||||||||||||||
| 1,425,000 | Comcast Corp | 4.600 | 10/15/38 | 1,707,528 | ||||||||||||||
| 150,000 | Comcast Corp | 4.650 | 07/15/42 | 179,635 | ||||||||||||||
| 175,000 | Comcast Corp | 4.750 | 03/01/44 | 213,800 | ||||||||||||||
| 1,125,000 | Comcast Corp | 4.600 | 08/15/45 | 1,353,057 | ||||||||||||||
| 1,275,000 | Comcast Corp | 3.400 | 07/15/46 | 1,307,628 | ||||||||||||||
| 631,000 | Comcast Corp | 3.969 | 11/01/47 | 696,501 | ||||||||||||||
| 1,500,000 | Comcast Corp | 4.000 | 03/01/48 | 1,662,112 | ||||||||||||||
| 2,625,000 | Comcast Corp | 4.700 | 10/15/48 | 3,217,224 | ||||||||||||||
| 1,407,000 | Comcast Corp | 3.999 | 11/01/49 | 1,563,765 | ||||||||||||||
| 3,600,000 | Comcast Corp | 4.950 | 10/15/58 | 4,618,672 | ||||||||||||||
| 200,000 | Discovery Communications LLC | 2.800 | 06/15/20 | 200,683 | ||||||||||||||
| 500,000 | Discovery Communications LLC | 3.300 | 05/15/22 | 511,814 | ||||||||||||||
| 200,000 | Discovery Communications LLC | 3.500 | 06/15/22 | 204,946 | ||||||||||||||
| 450,000 | Discovery Communications LLC | 2.950 | 03/20/23 | 457,246 | ||||||||||||||
| 900,000 | Discovery Communications LLC | 3.250 | 04/01/23 | 924,061 | ||||||||||||||
| 300,000 | Discovery Communications LLC | 3.800 | 03/13/24 | 313,393 | ||||||||||||||
| 200,000 | Discovery Communications LLC | 3.900 | 11/15/24 | 210,735 | ||||||||||||||
| 350,000 | Discovery Communications LLC | 3.450 | 03/15/25 | 358,948 | ||||||||||||||
| 200,000 | Discovery Communications LLC | 3.950 | 06/15/25 | 210,671 | ||||||||||||||
| 500,000 | Discovery Communications LLC | 4.900 | 03/11/26 | 555,657 | ||||||||||||||
| 2,275,000 | Discovery Communications LLC | 3.950 | 03/20/28 | 2,370,765 | ||||||||||||||
| 1,000,000 | Discovery Communications LLC | 4.125 | 05/15/29 | 1,053,437 | ||||||||||||||
| 225,000 | Discovery Communications LLC | 5.000 | 09/20/37 | 242,034 | ||||||||||||||
| 100,000 | Discovery Communications LLC | 6.350 | 06/01/40 | 122,267 | ||||||||||||||
| 100,000 | Discovery Communications LLC | 4.950 | 05/15/42 | 104,909 | ||||||||||||||
| 125,000 | Discovery Communications LLC | 4.875 | 04/01/43 | 129,872 | ||||||||||||||
| 1,400,000 | Discovery Communications LLC | 5.200 | 09/20/47 | 1,528,184 | ||||||||||||||
| 1,000,000 | Discovery Communications LLC | 5.300 | 05/15/49 | 1,108,053 | ||||||||||||||
| 150,000 | g | Fox Corp | 3.666 | 01/25/22 | 154,880 | |||||||||||||
| 500,000 | g | Fox Corp | 4.030 | 01/25/24 | 531,925 | |||||||||||||
| 2,250,000 | g | Fox Corp | 4.709 | 01/25/29 | 2,568,263 | |||||||||||||
| 900,000 | g | Fox Corp | 5.476 | 01/25/39 | 1,105,501 | |||||||||||||
| 650,000 | g | Fox Corp | 5.576 | 01/25/49 | 825,638 | |||||||||||||
| 550,000 | Grupo Televisa SAB | 6.625 | 03/18/25 | 643,450 | ||||||||||||||
| 200,000 | Grupo Televisa SAB | 4.625 | 01/30/26 | 213,431 | ||||||||||||||
| 1,100,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 1,169,635 | ||||||||||||||
| 700,000 | Grupo Televisa SAB | 6.125 | 01/31/46 | 853,489 | ||||||||||||||
| 500,000 | Grupo Televisa SAB | 5.250 | 05/24/49 | 547,173 | ||||||||||||||
| 450,000 | Interpublic Group of Cos, Inc | 3.500 | 10/01/20 | 455,281 | ||||||||||||||
| 450,000 | Interpublic Group of Cos, Inc | 3.750 | 10/01/21 | 461,305 | ||||||||||||||
| 100,000 | Interpublic Group of Cos, Inc | 4.000 | 03/15/22 | 103,331 | ||||||||||||||
| 200,000 | Interpublic Group of Cos, Inc | 4.200 | 04/15/24 | 214,500 | ||||||||||||||
| 350,000 | Interpublic Group of Cos, Inc | 4.650 | 10/01/28 | 392,284 | ||||||||||||||
| 400,000 | Interpublic Group of Cos, Inc | 5.400 | 10/01/48 | 476,394 | ||||||||||||||
| 1,000,000 | h | LYB International Finance III LLC | 4.200 | 10/15/49 | 989,943 | |||||||||||||
| 275,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 282,515 | ||||||||||||||
| 1,425,000 | NBC Universal Media LLC | 4.450 | 01/15/43 | 1,657,927 | ||||||||||||||
| 300,000 | Omnicom Group, Inc | 4.450 | 08/15/20 | 305,948 | ||||||||||||||
| 700,000 | Omnicom Group, Inc | 3.625 | 05/01/22 | 725,816 | ||||||||||||||
| 105 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 425,000 | Omnicom Group, Inc | 3.650 | % | 11/01/24 | $ | 447,598 | |||||||||||
| 1,050,000 | Omnicom Group, Inc | 3.600 | 04/15/26 | 1,107,043 | ||||||||||||||
| 329,000 | Reed Elsevier Capital, Inc | 3.125 | 10/15/22 | 335,720 | ||||||||||||||
| 2,000,000 | Time Warner Cable LLC | 4.000 | 09/01/21 | 2,046,170 | ||||||||||||||
| 1,075,000 | Time Warner Cable LLC | 6.550 | 05/01/37 | 1,291,126 | ||||||||||||||
| 400,000 | Time Warner Cable LLC | 7.300 | 07/01/38 | 510,199 | ||||||||||||||
| 500,000 | Time Warner Cable LLC | 6.750 | 06/15/39 | 609,977 | ||||||||||||||
| 890,000 | Time Warner Cable LLC | 5.875 | 11/15/40 | 995,860 | ||||||||||||||
| 475,000 | Time Warner Cable LLC | 5.500 | 09/01/41 | 511,913 | ||||||||||||||
| 2,875,000 | Time Warner Cable LLC | 4.500 | 09/15/42 | 2,827,253 | ||||||||||||||
| 325,000 | Time Warner Entertainment Co LP | 8.375 | 03/15/23 | 384,812 | ||||||||||||||
| 300,000 | Time Warner Entertainment Co LP | 8.375 | 07/15/33 | 415,071 | ||||||||||||||
| 200,000 | Toledo Hospital | 5.325 | 11/15/28 | 223,037 | ||||||||||||||
| 450,000 | Toledo Hospital | 5.750 | 11/15/38 | 530,682 | ||||||||||||||
| 200,000 | Toledo Hospital | 6.015 | 11/15/48 | 246,979 | ||||||||||||||
| 175,000 | Viacom, Inc | 4.250 | 09/01/23 | 185,589 | ||||||||||||||
| 2,248,000 | Viacom, Inc | 3.875 | 04/01/24 | 2,365,753 | ||||||||||||||
| 150,000 | Viacom, Inc | 6.875 | 04/30/36 | 192,566 | ||||||||||||||
| 2,179,000 | Viacom, Inc | 4.375 | 03/15/43 | 2,245,250 | ||||||||||||||
| 125,000 | Viacom, Inc | 5.850 | 09/01/43 | 153,732 | ||||||||||||||
| 200,000 | Walt Disney Co | 2.150 | 09/17/20 | 200,433 | ||||||||||||||
| 300,000 | Walt Disney Co | 2.300 | 02/12/21 | 302,043 | ||||||||||||||
| 850,000 | Walt Disney Co | 2.550 | 02/15/22 | 863,580 | ||||||||||||||
| 100,000 | Walt Disney Co | 2.450 | 03/04/22 | 101,470 | ||||||||||||||
| 750,000 | Walt Disney Co | 1.650 | 09/01/22 | 748,129 | ||||||||||||||
| 1,250,000 | g | Walt Disney Co | 3.000 | 09/15/22 | 1,289,536 | |||||||||||||
| 750,000 | Walt Disney Co | 1.750 | 08/30/24 | 742,694 | ||||||||||||||
| 875,000 | Walt Disney Co | 3.150 | 09/17/25 | 930,277 | ||||||||||||||
| 700,000 | g | Walt Disney Co | 3.700 | 10/15/25 | 754,370 | |||||||||||||
| 500,000 | Walt Disney Co | 3.000 | 02/13/26 | 526,705 | ||||||||||||||
| 475,000 | Walt Disney Co | 1.850 | 07/30/26 | 468,661 | ||||||||||||||
| 4,100,000 | g | Walt Disney Co | 3.375 | 11/15/26 | 4,385,937 | |||||||||||||
| 1,500,000 | Walt Disney Co | 2.950 | 06/15/27 | 1,592,030 | ||||||||||||||
| 425,000 | Walt Disney Co | 2.000 | 09/01/29 | 413,873 | ||||||||||||||
| 1,525,000 | g | Walt Disney Co | 6.200 | 12/15/34 | 2,170,140 | |||||||||||||
| 229,000 | g | Walt Disney Co | 6.400 | 12/15/35 | 330,288 | |||||||||||||
| 325,000 | g | Walt Disney Co | 6.650 | 11/15/37 | 489,890 | |||||||||||||
| 1,425,000 | g | Walt Disney Co | 6.150 | 02/15/41 | 2,091,500 | |||||||||||||
| 100,000 | Walt Disney Co | 4.375 | 08/16/41 | 120,452 | ||||||||||||||
| 200,000 | Walt Disney Co | 3.700 | 12/01/42 | 225,416 | ||||||||||||||
| 225,000 | g | Walt Disney Co | 5.400 | 10/01/43 | 314,366 | |||||||||||||
| 1,275,000 | Walt Disney Co | 4.125 | 06/01/44 | 1,540,943 | ||||||||||||||
| 500,000 | g | Walt Disney Co | 4.750 | 09/15/44 | 648,339 | |||||||||||||
| 300,000 | g | Walt Disney Co | 4.950 | 10/15/45 | 402,935 | |||||||||||||
| 100,000 | Walt Disney Co | 3.000 | 07/30/46 | 101,265 | ||||||||||||||
| 700,000 | g | Walt Disney Co | 4.750 | 11/15/46 | 922,234 | |||||||||||||
| 1,000,000 | Walt Disney Co | 2.750 | 09/01/49 | 961,918 | ||||||||||||||
| 261,000 | WPP Finance 2010 | 4.750 | 11/21/21 | 273,271 | ||||||||||||||
| 300,000 | WPP Finance 2010 | 3.625 | 09/07/22 | 309,921 | ||||||||||||||
| 1,500,000 | WPP Finance 2010 | 3.750 | 09/19/24 | 1,560,524 | ||||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 153,042,095 | |||||||||||||||||
| 106 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4% | ||||||||||||||||||
| $ | 2,550,000 | Abbott Laboratories | 2.900 | % | 11/30/21 | $ | 2,596,000 | |||||||||||
| 175,000 | Abbott Laboratories | 2.550 | 03/15/22 | 176,821 | ||||||||||||||
| 200,000 | Abbott Laboratories | 3.400 | 11/30/23 | 210,252 | ||||||||||||||
| 275,000 | Abbott Laboratories | 2.950 | 03/15/25 | 285,419 | ||||||||||||||
| 1,708,000 | Abbott Laboratories | 3.750 | 11/30/26 | 1,861,114 | ||||||||||||||
| 2,750,000 | Abbott Laboratories | 4.750 | 11/30/36 | 3,379,745 | ||||||||||||||
| 3,450,000 | Abbott Laboratories | 4.900 | 11/30/46 | 4,451,208 | ||||||||||||||
| 350,000 | AbbVie, Inc | 2.300 | 05/14/21 | 350,666 | ||||||||||||||
| 1,200,000 | AbbVie, Inc | 3.375 | 11/14/21 | 1,229,951 | ||||||||||||||
| 625,000 | AbbVie, Inc | 2.900 | 11/06/22 | 637,007 | ||||||||||||||
| 2,275,000 | AbbVie, Inc | 3.200 | 11/06/22 | 2,333,537 | ||||||||||||||
| 850,000 | AbbVie, Inc | 2.850 | 05/14/23 | 864,758 | ||||||||||||||
| 1,850,000 | AbbVie, Inc | 3.750 | 11/14/23 | 1,944,779 | ||||||||||||||
| 1,575,000 | AbbVie, Inc | 3.600 | 05/14/25 | 1,637,784 | ||||||||||||||
| 4,150,000 | AbbVie, Inc | 3.200 | 05/14/26 | 4,225,860 | ||||||||||||||
| 675,000 | AbbVie, Inc | 4.250 | 11/14/28 | 732,992 | ||||||||||||||
| 1,925,000 | AbbVie, Inc | 4.500 | 05/14/35 | 2,075,133 | ||||||||||||||
| 675,000 | AbbVie, Inc | 4.300 | 05/14/36 | 713,015 | ||||||||||||||
| 2,175,000 | AbbVie, Inc | 4.400 | 11/06/42 | 2,244,524 | ||||||||||||||
| 925,000 | AbbVie, Inc | 4.700 | 05/14/45 | 988,218 | ||||||||||||||
| 1,350,000 | AbbVie, Inc | 4.450 | 05/14/46 | 1,399,233 | ||||||||||||||
| 1,150,000 | AbbVie, Inc | 4.875 | 11/14/48 | 1,269,513 | ||||||||||||||
| 3,500,000 | Actavis Funding SCS | 3.450 | 03/15/22 | 3,587,152 | ||||||||||||||
| 2,350,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 2,461,037 | ||||||||||||||
| 2,250,000 | Actavis Funding SCS | 4.550 | 03/15/35 | 2,390,080 | ||||||||||||||
| 125,000 | Actavis Funding SCS | 4.850 | 06/15/44 | 133,334 | ||||||||||||||
| 710,000 | Actavis Funding SCS | 4.750 | 03/15/45 | 752,682 | ||||||||||||||
| 700,000 | Amgen, Inc | 4.100 | 06/15/21 | 721,188 | ||||||||||||||
| 200,000 | Amgen, Inc | 1.850 | 08/19/21 | 199,265 | ||||||||||||||
| 1,425,000 | Amgen, Inc | 2.650 | 05/11/22 | 1,443,520 | ||||||||||||||
| 1,175,000 | Amgen, Inc | 3.625 | 05/15/22 | 1,215,675 | ||||||||||||||
| 2,475,000 | Amgen, Inc | 2.250 | 08/19/23 | 2,489,979 | ||||||||||||||
| 950,000 | Amgen, Inc | 3.625 | 05/22/24 | 1,006,545 | ||||||||||||||
| 775,000 | Amgen, Inc | 3.125 | 05/01/25 | 805,847 | ||||||||||||||
| 1,225,000 | Amgen, Inc | 2.600 | 08/19/26 | 1,230,170 | ||||||||||||||
| 775,000 | Amgen, Inc | 3.200 | 11/02/27 | 810,576 | ||||||||||||||
| 250,000 | Amgen, Inc | 5.150 | 11/15/41 | 302,689 | ||||||||||||||
| 2,675,000 | Amgen, Inc | 4.400 | 05/01/45 | 3,010,284 | ||||||||||||||
| 2,128,000 | Amgen, Inc | 4.563 | 06/15/48 | 2,436,379 | ||||||||||||||
| 1,947,000 | Amgen, Inc | 4.663 | 06/15/51 | 2,266,883 | ||||||||||||||
| 1,100,000 | AstraZeneca plc | 2.375 | 11/16/20 | 1,104,481 | ||||||||||||||
| 725,000 | AstraZeneca plc | 2.375 | 06/12/22 | 730,345 | ||||||||||||||
| 475,000 | AstraZeneca plc | 3.500 | 08/17/23 | 496,398 | ||||||||||||||
| 350,000 | AstraZeneca plc | 3.375 | 11/16/25 | 368,255 | ||||||||||||||
| 950,000 | AstraZeneca plc | 3.125 | 06/12/27 | 988,478 | ||||||||||||||
| 1,700,000 | AstraZeneca plc | 4.000 | 01/17/29 | 1,893,728 | ||||||||||||||
| 1,900,000 | AstraZeneca plc | 6.450 | 09/15/37 | 2,684,263 | ||||||||||||||
| 625,000 | AstraZeneca plc | 4.000 | 09/18/42 | 690,673 | ||||||||||||||
| 500,000 | AstraZeneca plc | 4.375 | 11/16/45 | 587,794 | ||||||||||||||
| 750,000 | AstraZeneca plc | 4.375 | 08/17/48 | 890,614 | ||||||||||||||
| 449,000 | Baxalta, Inc | 4.000 | 06/23/25 | 483,999 | ||||||||||||||
| 107 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 149,000 | Baxalta, Inc | 5.250 | % | 06/23/45 | $ | 192,779 | |||||||||||
| 1,000,000 | Biogen, Inc | 2.900 | 09/15/20 | 1,007,167 | ||||||||||||||
| 650,000 | Biogen, Inc | 3.625 | 09/15/22 | 676,513 | ||||||||||||||
| 875,000 | Biogen, Inc | 4.050 | 09/15/25 | 948,022 | ||||||||||||||
| 1,200,000 | Biogen, Inc | 5.200 | 09/15/45 | 1,423,532 | ||||||||||||||
| 2,000,000 | g | Bristol-Myers Squibb Co | 2.550 | 05/14/21 | 2,017,503 | |||||||||||||
| 2,000,000 | g | Bristol-Myers Squibb Co | 2.600 | 05/16/22 | 2,030,087 | |||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 2.000 | 08/01/22 | 200,203 | ||||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 3.250 | 11/01/23 | 209,035 | ||||||||||||||
| 3,450,000 | g | Bristol-Myers Squibb Co | 2.900 | 07/26/24 | 3,559,946 | |||||||||||||
| 750,000 | g | Bristol-Myers Squibb Co | 3.200 | 06/15/26 | 786,322 | |||||||||||||
| 500,000 | Bristol-Myers Squibb Co | 3.250 | 02/27/27 | 534,311 | ||||||||||||||
| 2,025,000 | g | Bristol-Myers Squibb Co | 3.400 | 07/26/29 | 2,165,162 | |||||||||||||
| 700,000 | g | Bristol-Myers Squibb Co | 4.125 | 06/15/39 | 793,726 | |||||||||||||
| 650,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 658,349 | ||||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 4.500 | 03/01/44 | 240,845 | ||||||||||||||
| 3,400,000 | g | Bristol-Myers Squibb Co | 4.250 | 10/26/49 | 3,959,209 | |||||||||||||
| 425,000 | Celgene Corp | 2.875 | 08/15/20 | 427,337 | ||||||||||||||
| 200,000 | Celgene Corp | 3.950 | 10/15/20 | 203,528 | ||||||||||||||
| 500,000 | Celgene Corp | 2.875 | 02/19/21 | 504,802 | ||||||||||||||
| 200,000 | Celgene Corp | 2.250 | 08/15/21 | 200,005 | ||||||||||||||
| 550,000 | Celgene Corp | 3.250 | 08/15/22 | 566,701 | ||||||||||||||
| 2,050,000 | Celgene Corp | 3.550 | 08/15/22 | 2,129,887 | ||||||||||||||
| 600,000 | Celgene Corp | 2.750 | 02/15/23 | 610,745 | ||||||||||||||
| 1,750,000 | Celgene Corp | 3.250 | 02/20/23 | 1,811,733 | ||||||||||||||
| 275,000 | Celgene Corp | 3.625 | 05/15/24 | 290,427 | ||||||||||||||
| 600,000 | Celgene Corp | 3.875 | 08/15/25 | 647,720 | ||||||||||||||
| 525,000 | Celgene Corp | 3.450 | 11/15/27 | 557,293 | ||||||||||||||
| 1,275,000 | Celgene Corp | 3.900 | 02/20/28 | 1,400,570 | ||||||||||||||
| 300,000 | Celgene Corp | 5.250 | 08/15/43 | 378,925 | ||||||||||||||
| 2,200,000 | Celgene Corp | 5.000 | 08/15/45 | 2,760,336 | ||||||||||||||
| 500,000 | Celgene Corp | 4.350 | 11/15/47 | 579,558 | ||||||||||||||
| 2,300,000 | Celgene Corp | 4.550 | 02/20/48 | 2,744,116 | ||||||||||||||
| 175,000 | Eli Lilly & Co | 2.350 | 05/15/22 | 177,185 | ||||||||||||||
| 975,000 | Eli Lilly & Co | 2.750 | 06/01/25 | 1,006,653 | ||||||||||||||
| 950,000 | Eli Lilly & Co | 3.100 | 05/15/27 | 999,176 | ||||||||||||||
| 700,000 | Eli Lilly & Co | 3.375 | 03/15/29 | 757,986 | ||||||||||||||
| 650,000 | Eli Lilly & Co | 3.875 | 03/15/39 | 743,313 | ||||||||||||||
| 550,000 | Eli Lilly & Co | 3.700 | 03/01/45 | 607,622 | ||||||||||||||
| 250,000 | Eli Lilly & Co | 3.950 | 05/15/47 | 288,462 | ||||||||||||||
| 1,025,000 | Eli Lilly & Co | 3.950 | 03/15/49 | 1,187,109 | ||||||||||||||
| 875,000 | Eli Lilly & Co | 4.150 | 03/15/59 | 1,030,408 | ||||||||||||||
| 1,200,000 | Gilead Sciences, Inc | 2.550 | 09/01/20 | 1,205,771 | ||||||||||||||
| 600,000 | Gilead Sciences, Inc | 4.500 | 04/01/21 | 619,894 | ||||||||||||||
| 1,150,000 | Gilead Sciences, Inc | 4.400 | 12/01/21 | 1,199,633 | ||||||||||||||
| 200,000 | Gilead Sciences, Inc | 1.950 | 03/01/22 | 199,919 | ||||||||||||||
| 700,000 | Gilead Sciences, Inc | 3.250 | 09/01/22 | 724,419 | ||||||||||||||
| 500,000 | Gilead Sciences, Inc | 2.500 | 09/01/23 | 506,309 | ||||||||||||||
| 800,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 847,748 | ||||||||||||||
| 575,000 | Gilead Sciences, Inc | 3.500 | 02/01/25 | 606,874 | ||||||||||||||
| 3,125,000 | Gilead Sciences, Inc | 3.650 | 03/01/26 | 3,348,628 | ||||||||||||||
| 525,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 541,439 | ||||||||||||||
| 108 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 450,000 | Gilead Sciences, Inc | 4.600 | % | 09/01/35 | $ | 533,765 | |||||||||||
| 1,300,000 | Gilead Sciences, Inc | 4.000 | 09/01/36 | 1,454,762 | ||||||||||||||
| 250,000 | Gilead Sciences, Inc | 5.650 | 12/01/41 | 329,132 | ||||||||||||||
| 1,025,000 | Gilead Sciences, Inc | 4.800 | 04/01/44 | 1,226,503 | ||||||||||||||
| 950,000 | Gilead Sciences, Inc | 4.500 | 02/01/45 | 1,101,333 | ||||||||||||||
| 925,000 | Gilead Sciences, Inc | 4.750 | 03/01/46 | 1,110,820 | ||||||||||||||
| 3,625,000 | Gilead Sciences, Inc | 4.150 | 03/01/47 | 4,041,494 | ||||||||||||||
| 875,000 | GlaxoSmithKline Capital plc | 3.125 | 05/14/21 | 892,315 | ||||||||||||||
| 1,193,000 | GlaxoSmithKline Capital plc | 2.850 | 05/08/22 | 1,218,001 | ||||||||||||||
| 500,000 | GlaxoSmithKline Capital plc | 2.875 | 06/01/22 | 510,851 | ||||||||||||||
| 1,100,000 | GlaxoSmithKline Capital plc | 3.000 | 06/01/24 | 1,138,842 | ||||||||||||||
| 500,000 | GlaxoSmithKline Capital plc | 3.375 | 06/01/29 | 536,758 | ||||||||||||||
| 900,000 | GlaxoSmithKline Capital, Inc | 2.800 | 03/18/23 | 923,298 | ||||||||||||||
| 1,200,000 | GlaxoSmithKline Capital, Inc | 3.375 | 05/15/23 | 1,253,008 | ||||||||||||||
| 950,000 | GlaxoSmithKline Capital, Inc | 3.625 | 05/15/25 | 1,021,794 | ||||||||||||||
| 925,000 | GlaxoSmithKline Capital, Inc | 3.875 | 05/15/28 | 1,021,262 | ||||||||||||||
| 350,000 | GlaxoSmithKline Capital, Inc | 5.375 | 04/15/34 | 450,197 | ||||||||||||||
| 1,243,000 | GlaxoSmithKline Capital, Inc | 6.375 | 05/15/38 | 1,787,974 | ||||||||||||||
| 850,000 | GlaxoSmithKline Capital, Inc | 4.200 | 03/18/43 | 984,515 | ||||||||||||||
| 425,000 | Johnson & Johnson | 1.950 | 11/10/20 | 425,186 | ||||||||||||||
| 250,000 | Johnson & Johnson | 1.650 | 03/01/21 | 249,486 | ||||||||||||||
| 200,000 | Johnson & Johnson | 2.450 | 12/05/21 | 202,645 | ||||||||||||||
| 650,000 | Johnson & Johnson | 2.250 | 03/03/22 | 657,645 | ||||||||||||||
| 300,000 | Johnson & Johnson | 2.050 | 03/01/23 | 302,053 | ||||||||||||||
| 950,000 | Johnson & Johnson | 3.375 | 12/05/23 | 1,006,853 | ||||||||||||||
| 1,475,000 | Johnson & Johnson | 2.625 | 01/15/25 | 1,520,449 | ||||||||||||||
| 1,000,000 | Johnson & Johnson | 2.450 | 03/01/26 | 1,017,991 | ||||||||||||||
| 1,325,000 | Johnson & Johnson | 2.950 | 03/03/27 | 1,393,308 | ||||||||||||||
| 1,850,000 | Johnson & Johnson | 2.900 | 01/15/28 | 1,946,158 | ||||||||||||||
| 1,000,000 | Johnson & Johnson | 4.375 | 12/05/33 | 1,193,676 | ||||||||||||||
| 250,000 | Johnson & Johnson | 3.550 | 03/01/36 | 274,736 | ||||||||||||||
| 450,000 | Johnson & Johnson | 3.625 | 03/03/37 | 501,907 | ||||||||||||||
| 250,000 | Johnson & Johnson | 5.950 | 08/15/37 | 355,101 | ||||||||||||||
| 675,000 | Johnson & Johnson | 3.400 | 01/15/38 | 730,114 | ||||||||||||||
| 375,000 | Johnson & Johnson | 5.850 | 07/15/38 | 533,747 | ||||||||||||||
| 300,000 | Johnson & Johnson | 4.500 | 12/05/43 | 374,669 | ||||||||||||||
| 1,200,000 | Johnson & Johnson | 3.700 | 03/01/46 | 1,355,182 | ||||||||||||||
| 1,625,000 | Johnson & Johnson | 3.750 | 03/03/47 | 1,853,068 | ||||||||||||||
| 2,100,000 | Johnson & Johnson | 3.500 | 01/15/48 | 2,311,313 | ||||||||||||||
| 600,000 | Life Technologies Corp | 5.000 | 01/15/21 | 617,643 | ||||||||||||||
| 2,200,000 | Merck & Co, Inc | 3.875 | 01/15/21 | 2,245,259 | ||||||||||||||
| 750,000 | Merck & Co, Inc | 2.350 | 02/10/22 | 759,273 | ||||||||||||||
| 200,000 | Merck & Co, Inc | 2.400 | 09/15/22 | 203,348 | ||||||||||||||
| 1,300,000 | Merck & Co, Inc | 2.800 | 05/18/23 | 1,338,531 | ||||||||||||||
| 1,400,000 | Merck & Co, Inc | 2.900 | 03/07/24 | 1,454,732 | ||||||||||||||
| 1,450,000 | Merck & Co, Inc | 2.750 | 02/10/25 | 1,501,297 | ||||||||||||||
| 1,050,000 | Merck & Co, Inc | 3.400 | 03/07/29 | 1,138,459 | ||||||||||||||
| 1,475,000 | Merck & Co, Inc | 3.900 | 03/07/39 | 1,714,978 | ||||||||||||||
| 100,000 | Merck & Co, Inc | 3.600 | 09/15/42 | 110,598 | ||||||||||||||
| 925,000 | Merck & Co, Inc | 4.150 | 05/18/43 | 1,116,142 | ||||||||||||||
| 1,825,000 | Merck & Co, Inc | 3.700 | 02/10/45 | 2,066,174 | ||||||||||||||
| 1,200,000 | Merck & Co, Inc | 4.000 | 03/07/49 | 1,427,437 | ||||||||||||||
| 100,000 | Mylan NV | 3.750 | 12/15/20 | 101,472 | ||||||||||||||
| 109 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,175,000 | Mylan NV | 3.150 | % | 06/15/21 | $ | 1,189,983 | |||||||||||
| 2,800,000 | Mylan NV | 3.950 | 06/15/26 | 2,897,509 | ||||||||||||||
| 750,000 | Mylan NV | 5.250 | 06/15/46 | 796,699 | ||||||||||||||
| 500,000 | Mylan, Inc | 4.550 | 04/15/28 | 532,621 | ||||||||||||||
| 300,000 | Mylan, Inc | 5.200 | 04/15/48 | 317,775 | ||||||||||||||
| 750,000 | Novartis Capital Corp | 2.400 | 05/17/22 | 761,211 | ||||||||||||||
| 725,000 | Novartis Capital Corp | 2.400 | 09/21/22 | 736,952 | ||||||||||||||
| 2,300,000 | Novartis Capital Corp | 3.400 | 05/06/24 | 2,444,735 | ||||||||||||||
| 725,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 763,209 | ||||||||||||||
| 1,300,000 | Novartis Capital Corp | 3.100 | 05/17/27 | 1,381,736 | ||||||||||||||
| 400,000 | Novartis Capital Corp | 3.700 | 09/21/42 | 447,192 | ||||||||||||||
| 1,025,000 | Novartis Capital Corp | 4.400 | 05/06/44 | 1,265,736 | ||||||||||||||
| 700,000 | Novartis Capital Corp | 4.000 | 11/20/45 | 824,261 | ||||||||||||||
| 100,000 | Perrigo Co plc | 4.000 | 11/15/23 | 101,680 | ||||||||||||||
| 100,000 | Perrigo Co plc | 5.300 | 11/15/43 | 92,788 | ||||||||||||||
| 200,000 | Perrigo Finance Unlimited Co | 3.900 | 12/15/24 | 205,054 | ||||||||||||||
| 200,000 | Perrigo Finance Unlimited Co | 4.375 | 03/15/26 | 206,756 | ||||||||||||||
| 221,000 | Perrigo Finance Unlimited Co | 4.900 | 12/15/44 | 206,965 | ||||||||||||||
| 500,000 | Pfizer, Inc | 1.950 | 06/03/21 | 500,601 | ||||||||||||||
| 500,000 | Pfizer, Inc | 3.000 | 09/15/21 | 510,568 | ||||||||||||||
| 200,000 | Pfizer, Inc | 2.200 | 12/15/21 | 201,104 | ||||||||||||||
| 1,950,000 | Pfizer, Inc | 2.800 | 03/11/22 | 1,987,315 | ||||||||||||||
| 1,075,000 | Pfizer, Inc | 3.000 | 06/15/23 | 1,114,678 | ||||||||||||||
| 675,000 | Pfizer, Inc | 3.200 | 09/15/23 | 707,154 | ||||||||||||||
| 1,450,000 | Pfizer, Inc | 2.950 | 03/15/24 | 1,507,159 | ||||||||||||||
| 1,175,000 | Pfizer, Inc | 3.400 | 05/15/24 | 1,247,185 | ||||||||||||||
| 350,000 | Pfizer, Inc | 2.750 | 06/03/26 | 362,506 | ||||||||||||||
| 2,850,000 | Pfizer, Inc | 3.000 | 12/15/26 | 3,003,491 | ||||||||||||||
| 950,000 | Pfizer, Inc | 3.600 | 09/15/28 | 1,038,580 | ||||||||||||||
| 1,550,000 | Pfizer, Inc | 3.450 | 03/15/29 | 1,680,624 | ||||||||||||||
| 425,000 | Pfizer, Inc | 4.000 | 12/15/36 | 487,894 | ||||||||||||||
| 500,000 | Pfizer, Inc | 4.100 | 09/15/38 | 572,547 | ||||||||||||||
| 875,000 | Pfizer, Inc | 3.900 | 03/15/39 | 979,616 | ||||||||||||||
| 350,000 | Pfizer, Inc | 7.200 | 03/15/39 | 549,411 | ||||||||||||||
| 625,000 | Pfizer, Inc | 4.300 | 06/15/43 | 734,094 | ||||||||||||||
| 1,100,000 | Pfizer, Inc | 4.400 | 05/15/44 | 1,312,532 | ||||||||||||||
| 1,875,000 | Pfizer, Inc | 4.125 | 12/15/46 | 2,177,624 | ||||||||||||||
| 1,200,000 | Pfizer, Inc | 4.200 | 09/15/48 | 1,416,098 | ||||||||||||||
| 2,100,000 | Pfizer, Inc | 4.000 | 03/15/49 | 2,423,204 | ||||||||||||||
| 1,750,000 | Sanofi | 3.375 | 06/19/23 | 1,835,959 | ||||||||||||||
| 500,000 | Sanofi | 3.625 | 06/19/28 | 553,756 | ||||||||||||||
| 825,000 | g | Takeda Pharmaceutical Co Ltd | 4.000 | 11/26/21 | 854,157 | |||||||||||||
| 1,000,000 | g | Takeda Pharmaceutical Co Ltd | 4.400 | 11/26/23 | 1,077,070 | |||||||||||||
| 1,700,000 | g | Takeda Pharmaceutical Co Ltd | 5.000 | 11/26/28 | 1,990,757 | |||||||||||||
| 175,000 | Watson Pharmaceuticals, Inc | 3.250 | 10/01/22 | 178,791 | ||||||||||||||
| 1,000,000 | Wyeth LLC | 6.450 | 02/01/24 | 1,179,108 | ||||||||||||||
| 150,000 | Wyeth LLC | 6.500 | 02/01/34 | 209,307 | ||||||||||||||
| 275,000 | Wyeth LLC | 5.950 | 04/01/37 | 374,498 | ||||||||||||||
| 100,000 | Zoetis, Inc | 3.450 | 11/13/20 | 101,290 | ||||||||||||||
| 500,000 | Zoetis, Inc | 3.250 | 08/20/21 | 508,784 | ||||||||||||||
| 1,000,000 | Zoetis, Inc | 3.250 | 02/01/23 | 1,026,519 | ||||||||||||||
| 300,000 | Zoetis, Inc | 4.500 | 11/13/25 | 332,940 | ||||||||||||||
| 110 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 425,000 | Zoetis, Inc | 3.000 | % | 09/12/27 | $ | 436,167 | |||||||||||
| 500,000 | Zoetis, Inc | 3.900 | 08/20/28 | 547,227 | ||||||||||||||
| 900,000 | Zoetis, Inc | 4.700 | 02/01/43 | 1,079,839 | ||||||||||||||
| 250,000 | Zoetis, Inc | 3.950 | 09/12/47 | 273,145 | ||||||||||||||
| 200,000 | Zoetis, Inc | 4.450 | 08/20/48 | 237,373 | ||||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 235,625,572 | |||||||||||||||||
| REAL ESTATE - 0.8% | ||||||||||||||||||
| 100,000 | Alexandria Real Estate Equities, Inc | 3.900 | 06/15/23 | 105,597 | ||||||||||||||
| 1,250,000 | Alexandria Real Estate Equities, Inc | 4.000 | 01/15/24 | 1,333,883 | ||||||||||||||
| 100,000 | Alexandria Real Estate Equities, Inc | 3.450 | 04/30/25 | 104,698 | ||||||||||||||
| 200,000 | Alexandria Real Estate Equities, Inc | 4.300 | 01/15/26 | 218,121 | ||||||||||||||
| 500,000 | Alexandria Real Estate Equities, Inc | 3.800 | 04/15/26 | 531,933 | ||||||||||||||
| 625,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 674,050 | ||||||||||||||
| 200,000 | Alexandria Real Estate Equities, Inc | 4.500 | 07/30/29 | 226,237 | ||||||||||||||
| 425,000 | Alexandria Real Estate Equities, Inc | 2.750 | 12/15/29 | 418,892 | ||||||||||||||
| 100,000 | Alexandria Real Estate Equities, Inc | 4.700 | 07/01/30 | 115,953 | ||||||||||||||
| 275,000 | Alexandria Real Estate Equities, Inc | 3.375 | 08/15/31 | 286,642 | ||||||||||||||
| 500,000 | Alexandria Real Estate Equities, Inc | 4.850 | 04/15/49 | 617,670 | ||||||||||||||
| 700,000 | Alexandria Real Estate Equities, Inc | 4.000 | 02/01/50 | 763,010 | ||||||||||||||
| 100,000 | American Campus Communities Operating Partnership LP | 3.750 | 04/15/23 | 104,136 | ||||||||||||||
| 1,300,000 | American Campus Communities Operating Partnership LP | 4.125 | 07/01/24 | 1,390,961 | ||||||||||||||
| 500,000 | American Campus Communities Operating Partnership LP | 3.300 | 07/15/26 | 513,051 | ||||||||||||||
| 200,000 | American Campus Communities Operating Partnership LP | 3.625 | 11/15/27 | 210,090 | ||||||||||||||
| 500,000 | American Homes 4 Rent LP | 4.900 | 02/15/29 | 568,004 | ||||||||||||||
| 1,150,000 | American Tower Corp | 3.300 | 02/15/21 | 1,166,335 | ||||||||||||||
| 200,000 | American Tower Corp | 3.450 | 09/15/21 | 204,613 | ||||||||||||||
| 725,000 | American Tower Corp | 2.250 | 01/15/22 | 725,819 | ||||||||||||||
| 200,000 | American Tower Corp | 4.700 | 03/15/22 | 211,854 | ||||||||||||||
| 800,000 | American Tower Corp | 3.500 | 01/31/23 | 828,882 | ||||||||||||||
| 2,000,000 | American Tower Corp | 3.000 | 06/15/23 | 2,045,906 | ||||||||||||||
| 450,000 | American Tower Corp | 5.000 | 02/15/24 | 497,248 | ||||||||||||||
| 350,000 | American Tower Corp | 3.375 | 05/15/24 | 364,119 | ||||||||||||||
| 500,000 | American Tower Corp | 2.950 | 01/15/25 | 510,840 | ||||||||||||||
| 525,000 | American Tower Corp | 4.000 | 06/01/25 | 561,528 | ||||||||||||||
| 200,000 | American Tower Corp | 4.400 | 02/15/26 | 219,399 | ||||||||||||||
| 425,000 | American Tower Corp | 3.375 | 10/15/26 | 442,499 | ||||||||||||||
| 750,000 | American Tower Corp | 2.750 | 01/15/27 | 748,785 | ||||||||||||||
| 500,000 | American Tower Corp | 3.125 | 01/15/27 | 509,962 | ||||||||||||||
| 150,000 | American Tower Corp | 3.550 | 07/15/27 | 158,141 | ||||||||||||||
| 500,000 | American Tower Corp | 3.600 | 01/15/28 | 526,955 | ||||||||||||||
| 350,000 | American Tower Corp | 3.950 | 03/15/29 | 377,164 | ||||||||||||||
| 1,300,000 | American Tower Corp | 3.800 | 08/15/29 | 1,387,836 | ||||||||||||||
| 200,000 | AvalonBay Communities, Inc | 3.625 | 10/01/20 | 202,194 | ||||||||||||||
| 225,000 | AvalonBay Communities, Inc | 2.950 | 09/15/22 | 230,577 | ||||||||||||||
| 200,000 | AvalonBay Communities, Inc | 3.500 | 11/15/24 | 212,587 | ||||||||||||||
| 200,000 | AvalonBay Communities, Inc | 2.950 | 05/11/26 | 206,658 | ||||||||||||||
| 100,000 | AvalonBay Communities, Inc | 2.900 | 10/15/26 | 102,782 | ||||||||||||||
| 1,200,000 | AvalonBay Communities, Inc | 3.350 | 05/15/27 | 1,270,080 | ||||||||||||||
| 111 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | AvalonBay Communities, Inc | 3.200 | % | 01/15/28 | $ | 208,810 | |||||||||||
| 750,000 | AvalonBay Communities, Inc | 3.300 | 06/01/29 | 793,389 | ||||||||||||||
| 400,000 | AvalonBay Communities, Inc | 4.150 | 07/01/47 | 470,374 | ||||||||||||||
| 200,000 | AvalonBay Communities, Inc | 4.350 | 04/15/48 | 241,191 | ||||||||||||||
| 1,175,000 | Boston Properties LP | 4.125 | 05/15/21 | 1,206,719 | ||||||||||||||
| 275,000 | Boston Properties LP | 3.850 | 02/01/23 | 288,473 | ||||||||||||||
| 425,000 | Boston Properties LP | 3.125 | 09/01/23 | 438,664 | ||||||||||||||
| 200,000 | Boston Properties LP | 3.800 | 02/01/24 | 211,373 | ||||||||||||||
| 1,500,000 | Boston Properties LP | 3.200 | 01/15/25 | 1,556,041 | ||||||||||||||
| 275,000 | Boston Properties LP | 3.650 | 02/01/26 | 291,068 | ||||||||||||||
| 700,000 | Boston Properties LP | 2.750 | 10/01/26 | 706,388 | ||||||||||||||
| 550,000 | Boston Properties LP | 4.500 | 12/01/28 | 625,771 | ||||||||||||||
| 550,000 | Boston Properties LP | 3.400 | 06/21/29 | 575,462 | ||||||||||||||
| 750,000 | Boston Properties LP | 2.900 | 03/15/30 | 746,345 | ||||||||||||||
| 100,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 104,261 | ||||||||||||||
| 100,000 | Brandywine Operating Partnership LP | 3.950 | 11/15/27 | 104,524 | ||||||||||||||
| 150,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 155,902 | ||||||||||||||
| 350,000 | Brixmor Operating Partnership LP | 3.250 | 09/15/23 | 358,257 | ||||||||||||||
| 900,000 | Brixmor Operating Partnership LP | 3.650 | 06/15/24 | 936,169 | ||||||||||||||
| 200,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 209,167 | ||||||||||||||
| 225,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 238,672 | ||||||||||||||
| 300,000 | Brixmor Operating Partnership LP | 3.900 | 03/15/27 | 314,547 | ||||||||||||||
| 600,000 | Brixmor Operating Partnership LP | 4.125 | 05/15/29 | 640,950 | ||||||||||||||
| 200,000 | Camden Property Trust | 2.950 | 12/15/22 | 204,403 | ||||||||||||||
| 100,000 | Camden Property Trust | 4.100 | 10/15/28 | 111,369 | ||||||||||||||
| 325,000 | Camden Property Trust | 3.150 | 07/01/29 | 338,243 | ||||||||||||||
| 500,000 | h | Camden Property Trust | 3.350 | 11/01/49 | 503,245 | |||||||||||||
| 500,000 | CBRE Services, Inc | 4.875 | 03/01/26 | 555,296 | ||||||||||||||
| 1,225,000 | CC Holdings GS V LLC | 3.849 | 04/15/23 | 1,286,576 | ||||||||||||||
| 400,000 | Columbia Property Trust Operating Partnership LP | 3.650 | 08/15/26 | 405,776 | ||||||||||||||
| 200,000 | Corporate Office Properties LP | 3.700 | 06/15/21 | 202,245 | ||||||||||||||
| 300,000 | Corporate Office Properties LP | 5.000 | 07/01/25 | 323,994 | ||||||||||||||
| 350,000 | Crown Castle International Corp | 3.400 | 02/15/21 | 354,790 | ||||||||||||||
| 800,000 | Crown Castle International Corp | 2.250 | 09/01/21 | 800,632 | ||||||||||||||
| 150,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 159,465 | ||||||||||||||
| 200,000 | Crown Castle International Corp | 5.250 | 01/15/23 | 218,219 | ||||||||||||||
| 1,375,000 | Crown Castle International Corp | 3.150 | 07/15/23 | 1,411,969 | ||||||||||||||
| 500,000 | Crown Castle International Corp | 3.200 | 09/01/24 | 515,276 | ||||||||||||||
| 975,000 | Crown Castle International Corp | 4.450 | 02/15/26 | 1,069,450 | ||||||||||||||
| 250,000 | Crown Castle International Corp | 3.700 | 06/15/26 | 264,918 | ||||||||||||||
| 100,000 | Crown Castle International Corp | 4.000 | 03/01/27 | 107,942 | ||||||||||||||
| 525,000 | Crown Castle International Corp | 3.650 | 09/01/27 | 556,186 | ||||||||||||||
| 775,000 | Crown Castle International Corp | 3.800 | 02/15/28 | 824,402 | ||||||||||||||
| 300,000 | Crown Castle International Corp | 4.300 | 02/15/29 | 331,306 | ||||||||||||||
| 500,000 | Crown Castle International Corp | 3.100 | 11/15/29 | 504,661 | ||||||||||||||
| 200,000 | Crown Castle International Corp | 4.750 | 05/15/47 | 232,433 | ||||||||||||||
| 300,000 | Crown Castle International Corp | 5.200 | 02/15/49 | 372,463 | ||||||||||||||
| 500,000 | Crown Castle International Corp | 4.000 | 11/15/49 | 526,405 | ||||||||||||||
| 100,000 | CubeSmart LP | 4.375 | 12/15/23 | 106,639 | ||||||||||||||
| 200,000 | CubeSmart LP | 3.125 | 09/01/26 | 201,557 | ||||||||||||||
| 100,000 | CubeSmart LP | 4.375 | 02/15/29 | 109,724 | ||||||||||||||
| 157,000 | DDR Corp | 4.625 | 07/15/22 | 164,110 | ||||||||||||||
| 112 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 150,000 | DDR Corp | 4.250 | % | 02/01/26 | $ | 158,447 | |||||||||||
| 200,000 | DDR Corp | 4.700 | 06/01/27 | 219,069 | ||||||||||||||
| 700,000 | Digital Realty Trust LP | 3.950 | 07/01/22 | 730,798 | ||||||||||||||
| 300,000 | Digital Realty Trust LP | 3.625 | 10/01/22 | 310,603 | ||||||||||||||
| 800,000 | Digital Realty Trust LP | 2.750 | 02/01/23 | 808,127 | ||||||||||||||
| 200,000 | Digital Realty Trust LP | 4.750 | 10/01/25 | 220,034 | ||||||||||||||
| 475,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 498,539 | ||||||||||||||
| 300,000 | Digital Realty Trust LP | 4.450 | 07/15/28 | 331,724 | ||||||||||||||
| 1,000,000 | Digital Realty Trust LP | 3.600 | 07/01/29 | 1,040,830 | ||||||||||||||
| 200,000 | Duke Realty LP | 4.375 | 06/15/22 | 210,117 | ||||||||||||||
| 100,000 | Duke Realty LP | 3.875 | 10/15/22 | 104,549 | ||||||||||||||
| 100,000 | Duke Realty LP | 3.750 | 12/01/24 | 106,212 | ||||||||||||||
| 100,000 | Duke Realty LP | 3.250 | 06/30/26 | 103,516 | ||||||||||||||
| 1,000,000 | Duke Realty LP | 3.375 | 12/15/27 | 1,043,440 | ||||||||||||||
| 100,000 | Duke Realty LP | 4.000 | 09/15/28 | 109,029 | ||||||||||||||
| 700,000 | EPR Properties | 4.750 | 12/15/26 | 752,563 | ||||||||||||||
| 200,000 | EPR Properties | 4.500 | 06/01/27 | 212,300 | ||||||||||||||
| 1,000,000 | EPR Properties | 3.750 | 08/15/29 | 1,000,197 | ||||||||||||||
| 200,000 | Equity One, Inc | 3.750 | 11/15/22 | 208,251 | ||||||||||||||
| 200,000 | ERP Operating LP | 4.625 | 12/15/21 | 209,904 | ||||||||||||||
| 700,000 | ERP Operating LP | 3.375 | 06/01/25 | 739,953 | ||||||||||||||
| 200,000 | ERP Operating LP | 2.850 | 11/01/26 | 205,279 | ||||||||||||||
| 1,150,000 | ERP Operating LP | 3.250 | 08/01/27 | 1,211,439 | ||||||||||||||
| 500,000 | ERP Operating LP | 3.500 | 03/01/28 | 533,997 | ||||||||||||||
| 200,000 | ERP Operating LP | 4.150 | 12/01/28 | 224,219 | ||||||||||||||
| 750,000 | ERP Operating LP | 3.000 | 07/01/29 | 774,562 | ||||||||||||||
| 300,000 | ERP Operating LP | 2.500 | 02/15/30 | 295,542 | ||||||||||||||
| 425,000 | ERP Operating LP | 4.500 | 07/01/44 | 510,523 | ||||||||||||||
| 100,000 | ERP Operating LP | 4.000 | 08/01/47 | 112,827 | ||||||||||||||
| 100,000 | Essex Portfolio LP | 3.625 | 08/15/22 | 103,480 | ||||||||||||||
| 100,000 | Essex Portfolio LP | 3.250 | 05/01/23 | 102,825 | ||||||||||||||
| 400,000 | Essex Portfolio LP | 3.500 | 04/01/25 | 418,320 | ||||||||||||||
| 100,000 | Essex Portfolio LP | 3.375 | 04/15/26 | 104,512 | ||||||||||||||
| 200,000 | Essex Portfolio LP | 3.625 | 05/01/27 | 212,057 | ||||||||||||||
| 900,000 | Essex Portfolio LP | 4.000 | 03/01/29 | 983,026 | ||||||||||||||
| 125,000 | Essex Portfolio LP | 3.000 | 01/15/30 | 126,118 | ||||||||||||||
| 300,000 | Essex Portfolio LP | 4.500 | 03/15/48 | 347,190 | ||||||||||||||
| 200,000 | Federal Realty Investment Trust | 3.950 | 01/15/24 | 212,630 | ||||||||||||||
| 250,000 | Federal Realty Investment Trust | 3.250 | 07/15/27 | 260,485 | ||||||||||||||
| 1,300,000 | Federal Realty Investment Trust | 3.200 | 06/15/29 | 1,348,405 | ||||||||||||||
| 200,000 | Federal Realty Investment Trust | 4.500 | 12/01/44 | 235,616 | ||||||||||||||
| 433,000 | HCP, Inc | 4.000 | 12/01/22 | 453,396 | ||||||||||||||
| 200,000 | HCP, Inc | 4.200 | 03/01/24 | 215,117 | ||||||||||||||
| 1,750,000 | HCP, Inc | 3.875 | 08/15/24 | 1,864,334 | ||||||||||||||
| 250,000 | HCP, Inc | 4.000 | 06/01/25 | 266,159 | ||||||||||||||
| 100,000 | HCP, Inc | 3.250 | 07/15/26 | 102,870 | ||||||||||||||
| 600,000 | HCP, Inc | 3.500 | 07/15/29 | 623,560 | ||||||||||||||
| 30,000 | HCP, Inc | 6.750 | 02/01/41 | 42,399 | ||||||||||||||
| 100,000 | Healthcare Realty Trust, Inc | 3.625 | 01/15/28 | 104,050 | ||||||||||||||
| 100,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 103,373 | ||||||||||||||
| 800,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 824,708 | ||||||||||||||
| 500,000 | Healthcare Trust of America Holdings LP | 3.100 | 02/15/30 | 498,565 | ||||||||||||||
| 100,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 104,779 | ||||||||||||||
| 113 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 150,000 | Highwoods Realty LP | 4.125 | % | 03/15/28 | $ | 159,804 | |||||||||||
| 250,000 | Highwoods Realty LP | 4.200 | 04/15/29 | 268,238 | ||||||||||||||
| 500,000 | Highwoods Realty LP | 3.050 | 02/15/30 | 490,255 | ||||||||||||||
| 400,000 | Hospitality Properties Trust | 4.250 | 02/15/21 | 405,424 | ||||||||||||||
| 100,000 | Hospitality Properties Trust | 5.000 | 08/15/22 | 104,554 | ||||||||||||||
| 300,000 | Hospitality Properties Trust | 4.500 | 06/15/23 | 308,879 | ||||||||||||||
| 700,000 | Hospitality Properties Trust | 4.650 | 03/15/24 | 720,240 | ||||||||||||||
| 500,000 | Hospitality Properties Trust | 4.350 | 10/01/24 | 506,234 | ||||||||||||||
| 500,000 | Hospitality Properties Trust | 4.750 | 10/01/26 | 502,573 | ||||||||||||||
| 100,000 | Hospitality Properties Trust | 4.950 | 02/15/27 | 101,335 | ||||||||||||||
| 300,000 | Hospitality Properties Trust | 3.950 | 01/15/28 | 284,769 | ||||||||||||||
| 500,000 | Hospitality Properties Trust | 4.950 | 10/01/29 | 494,745 | ||||||||||||||
| 300,000 | Hospitality Properties Trust | 4.375 | 02/15/30 | 287,127 | ||||||||||||||
| 600,000 | Host Hotels & Resorts LP | 3.750 | 10/15/23 | 624,328 | ||||||||||||||
| 700,000 | Host Hotels & Resorts LP | 3.875 | 04/01/24 | 735,558 | ||||||||||||||
| 200,000 | Host Hotels & Resorts LP | 4.000 | 06/15/25 | 211,289 | ||||||||||||||
| 100,000 | Host Hotels & Resorts LP | 4.500 | 02/01/26 | 108,218 | ||||||||||||||
| 500,000 | Host Hotels & Resorts LP | 3.375 | 12/15/29 | 498,879 | ||||||||||||||
| 100,000 | Hudson Pacific Properties LP | 3.950 | 11/01/27 | 104,775 | ||||||||||||||
| 100,000 | Hudson Pacific Properties LP | 4.650 | 04/01/29 | 110,316 | ||||||||||||||
| 750,000 | h | Hudson Pacific Properties LP | 3.250 | 01/15/30 | 741,550 | |||||||||||||
| 250,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 261,171 | ||||||||||||||
| 125,000 | Kilroy Realty LP | 3.450 | 12/15/24 | 130,011 | ||||||||||||||
| 250,000 | Kilroy Realty LP | 4.750 | 12/15/28 | 281,349 | ||||||||||||||
| 200,000 | Kilroy Realty LP | 4.250 | 08/15/29 | 217,568 | ||||||||||||||
| 750,000 | Kilroy Realty LP | 3.050 | 02/15/30 | 735,280 | ||||||||||||||
| 200,000 | Kimco Realty Corp | 3.200 | 05/01/21 | 202,861 | ||||||||||||||
| 100,000 | Kimco Realty Corp | 3.400 | 11/01/22 | 103,409 | ||||||||||||||
| 300,000 | Kimco Realty Corp | 3.125 | 06/01/23 | 307,874 | ||||||||||||||
| 200,000 | Kimco Realty Corp | 2.700 | 03/01/24 | 201,605 | ||||||||||||||
| 1,175,000 | Kimco Realty Corp | 3.300 | 02/01/25 | 1,211,955 | ||||||||||||||
| 625,000 | Kimco Realty Corp | 2.800 | 10/01/26 | 628,576 | ||||||||||||||
| 200,000 | Kimco Realty Corp | 3.800 | 04/01/27 | 212,460 | ||||||||||||||
| 200,000 | Kimco Realty Corp | 4.250 | 04/01/45 | 215,577 | ||||||||||||||
| 175,000 | Kimco Realty Corp | 4.125 | 12/01/46 | 183,251 | ||||||||||||||
| 100,000 | Kimco Realty Corp | 4.450 | 09/01/47 | 110,427 | ||||||||||||||
| 500,000 | Kimco Realty Corp | 3.700 | 10/01/49 | 490,166 | ||||||||||||||
| 220,000 | Liberty Property LP | 4.750 | 10/01/20 | 225,588 | ||||||||||||||
| 150,000 | Liberty Property LP | 4.125 | 06/15/22 | 156,625 | ||||||||||||||
| 100,000 | Liberty Property LP | 3.375 | 06/15/23 | 103,273 | ||||||||||||||
| 1,000,000 | Liberty Property LP | 4.400 | 02/15/24 | 1,076,731 | ||||||||||||||
| 100,000 | Liberty Property LP | 3.250 | 10/01/26 | 102,697 | ||||||||||||||
| 100,000 | Liberty Property LP | 4.375 | 02/01/29 | 111,754 | ||||||||||||||
| 200,000 | Life Storage LP | 3.875 | 12/15/27 | 211,243 | ||||||||||||||
| 500,000 | Life Storage LP | 4.000 | 06/15/29 | 535,006 | ||||||||||||||
| 200,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 213,660 | ||||||||||||||
| 100,000 | Mid-America Apartments LP | 4.000 | 11/15/25 | 107,167 | ||||||||||||||
| 750,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 793,467 | ||||||||||||||
| 200,000 | Mid-America Apartments LP | 4.200 | 06/15/28 | 220,584 | ||||||||||||||
| 625,000 | Mid-America Apartments LP | 3.950 | 03/15/29 | 682,190 | ||||||||||||||
| 100,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 103,825 | ||||||||||||||
| 2,550,000 | National Retail Properties, Inc | 3.500 | 10/15/27 | 2,669,999 | ||||||||||||||
| 114 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,200,000 | OMEGA Healthcare Investors, Inc | 4.375 | % | 08/01/23 | $ | 1,264,782 | |||||||||||
| 200,000 | OMEGA Healthcare Investors, Inc | 4.500 | 04/01/27 | 212,746 | ||||||||||||||
| 825,000 | OMEGA Healthcare Investors, Inc | 4.750 | 01/15/28 | 892,898 | ||||||||||||||
| 500,000 | OMEGA Healthcare Investors, Inc | 3.625 | 10/01/29 | 496,972 | ||||||||||||||
| 200,000 | Physicians Realty LP | 4.300 | 03/15/27 | 213,790 | ||||||||||||||
| 200,000 | Physicians Realty LP | 3.950 | 01/15/28 | 209,502 | ||||||||||||||
| 200,000 | Piedmont Operating Partnership LP | 3.400 | 06/01/23 | 202,107 | ||||||||||||||
| 200,000 | Piedmont Operating Partnership LP | 4.450 | 03/15/24 | 210,760 | ||||||||||||||
| 150,000 | ProLogis LP | 4.250 | 08/15/23 | 161,454 | ||||||||||||||
| 700,000 | ProLogis LP | 3.750 | 11/01/25 | 762,499 | ||||||||||||||
| 1,200,000 | ProLogis LP | 3.875 | 09/15/28 | 1,334,747 | ||||||||||||||
| 100,000 | ProLogis LP | 4.375 | 09/15/48 | 123,912 | ||||||||||||||
| 200,000 | Public Storage | 2.370 | 09/15/22 | 201,956 | ||||||||||||||
| 200,000 | Public Storage | 3.094 | 09/15/27 | 210,172 | ||||||||||||||
| 500,000 | Public Storage | 3.385 | 05/01/29 | 536,371 | ||||||||||||||
| 200,000 | Rayonier, Inc | 3.750 | 04/01/22 | 203,619 | ||||||||||||||
| 850,000 | Realty Income Corp | 3.250 | 10/15/22 | 877,188 | ||||||||||||||
| 500,000 | Realty Income Corp | 4.650 | 08/01/23 | 543,176 | ||||||||||||||
| 200,000 | Realty Income Corp | 3.875 | 04/15/25 | 214,860 | ||||||||||||||
| 200,000 | Realty Income Corp | 4.125 | 10/15/26 | 220,330 | ||||||||||||||
| 200,000 | Realty Income Corp | 3.000 | 01/15/27 | 206,118 | ||||||||||||||
| 1,000,000 | Realty Income Corp | 3.650 | 01/15/28 | 1,072,236 | ||||||||||||||
| 500,000 | Realty Income Corp | 3.250 | 06/15/29 | 523,114 | ||||||||||||||
| 300,000 | Realty Income Corp | 4.650 | 03/15/47 | 371,547 | ||||||||||||||
| 375,000 | Regency Centers LP | 3.600 | 02/01/27 | 393,833 | ||||||||||||||
| 125,000 | Regency Centers LP | 4.125 | 03/15/28 | 135,741 | ||||||||||||||
| 425,000 | Regency Centers LP | 2.950 | 09/15/29 | 424,119 | ||||||||||||||
| 200,000 | Regency Centers LP | 4.400 | 02/01/47 | 228,758 | ||||||||||||||
| 300,000 | Regency Centers LP | 4.650 | 03/15/49 | 361,465 | ||||||||||||||
| 300,000 | Sabra Health Care LP | 4.800 | 06/01/24 | 316,563 | ||||||||||||||
| 300,000 | Sabra Health Care LP | 5.125 | 08/15/26 | 320,737 | ||||||||||||||
| 200,000 | Select Income REIT | 4.150 | 02/01/22 | 204,515 | ||||||||||||||
| 500,000 | Select Income REIT | 4.250 | 05/15/24 | 511,155 | ||||||||||||||
| 200,000 | Select Income REIT | 4.500 | 02/01/25 | 206,228 | ||||||||||||||
| 100,000 | Senior Housing Properties Trust | 6.750 | 12/15/21 | 106,764 | ||||||||||||||
| 300,000 | Senior Housing Properties Trust | 4.750 | 02/15/28 | 301,588 | ||||||||||||||
| 250,000 | Simon Property Group LP | 2.500 | 09/01/20 | 250,837 | ||||||||||||||
| 300,000 | Simon Property Group LP | 2.500 | 07/15/21 | 302,329 | ||||||||||||||
| 2,850,000 | Simon Property Group LP | 2.350 | 01/30/22 | 2,872,983 | ||||||||||||||
| 762,000 | Simon Property Group LP | 3.375 | 03/15/22 | 786,887 | ||||||||||||||
| 200,000 | Simon Property Group LP | 2.625 | 06/15/22 | 203,219 | ||||||||||||||
| 1,300,000 | Simon Property Group LP | 2.750 | 06/01/23 | 1,328,154 | ||||||||||||||
| 500,000 | Simon Property Group LP | 2.000 | 09/13/24 | 494,887 | ||||||||||||||
| 450,000 | Simon Property Group LP | 3.375 | 10/01/24 | 473,134 | ||||||||||||||
| 300,000 | Simon Property Group LP | 3.500 | 09/01/25 | 317,488 | ||||||||||||||
| 625,000 | Simon Property Group LP | 3.300 | 01/15/26 | 654,063 | ||||||||||||||
| 350,000 | Simon Property Group LP | 3.250 | 11/30/26 | 367,062 | ||||||||||||||
| 200,000 | Simon Property Group LP | 3.375 | 06/15/27 | 211,174 | ||||||||||||||
| 300,000 | Simon Property Group LP | 3.375 | 12/01/27 | 317,426 | ||||||||||||||
| 750,000 | Simon Property Group LP | 2.450 | 09/13/29 | 733,966 | ||||||||||||||
| 1,500,000 | Simon Property Group LP | 4.250 | 10/01/44 | 1,720,387 | ||||||||||||||
| 300,000 | Simon Property Group LP | 4.250 | 11/30/46 | 346,627 | ||||||||||||||
| 500,000 | Simon Property Group LP | 3.250 | 09/13/49 | 487,844 | ||||||||||||||
| 115 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | SL Green Operating Partnership LP | 3.250 | % | 10/15/22 | $ | 204,042 | |||||||||||
| 200,000 | SL Green Realty Corp | 4.500 | 12/01/22 | 210,550 | ||||||||||||||
| 525,000 | Sovran Acquisition LP | 3.500 | 07/01/26 | 539,102 | ||||||||||||||
| 300,000 | Spirit Realty LP | 3.200 | 01/15/27 | 297,704 | ||||||||||||||
| 500,000 | Spirit Realty LP | 4.000 | 07/15/29 | 523,214 | ||||||||||||||
| 300,000 | Spirit Realty LP | 3.400 | 01/15/30 | 297,665 | ||||||||||||||
| 500,000 | STORE Capital Corp | 4.625 | 03/15/29 | 549,934 | ||||||||||||||
| 100,000 | Tanger Properties LP | 3.125 | 09/01/26 | 98,261 | ||||||||||||||
| 250,000 | Tanger Properties LP | 3.875 | 07/15/27 | 254,951 | ||||||||||||||
| 200,000 | UDR, Inc | 4.625 | 01/10/22 | 209,246 | ||||||||||||||
| 200,000 | UDR, Inc | 4.000 | 10/01/25 | 216,286 | ||||||||||||||
| 200,000 | UDR, Inc | 3.500 | 07/01/27 | 211,251 | ||||||||||||||
| 200,000 | UDR, Inc | 3.500 | 01/15/28 | 211,151 | ||||||||||||||
| 804,000 | UDR, Inc | 4.400 | 01/26/29 | 905,498 | ||||||||||||||
| 300,000 | UDR, Inc | 3.200 | 01/15/30 | 309,031 | ||||||||||||||
| 750,000 | UDR, Inc | 3.000 | 08/15/31 | 751,289 | ||||||||||||||
| 850,000 | Ventas Realty LP | 3.250 | 08/15/22 | 872,631 | ||||||||||||||
| 200,000 | Ventas Realty LP | 3.100 | 01/15/23 | 205,165 | ||||||||||||||
| 800,000 | Ventas Realty LP | 3.125 | 06/15/23 | 822,170 | ||||||||||||||
| 300,000 | Ventas Realty LP | 3.500 | 04/15/24 | 314,251 | ||||||||||||||
| 750,000 | Ventas Realty LP | 2.650 | 01/15/25 | 755,430 | ||||||||||||||
| 120,000 | Ventas Realty LP | 4.125 | 01/15/26 | 129,791 | ||||||||||||||
| 200,000 | Ventas Realty LP | 3.250 | 10/15/26 | 205,326 | ||||||||||||||
| 1,000,000 | Ventas Realty LP | 4.000 | 03/01/28 | 1,073,451 | ||||||||||||||
| 525,000 | Ventas Realty LP | 4.400 | 01/15/29 | 582,054 | ||||||||||||||
| 350,000 | Ventas Realty LP | 3.000 | 01/15/30 | 347,448 | ||||||||||||||
| 300,000 | Ventas Realty LP | 4.375 | 02/01/45 | 331,262 | ||||||||||||||
| 300,000 | Ventas Realty LP | 4.875 | 04/15/49 | 358,669 | ||||||||||||||
| 200,000 | Vornado Realty LP | 3.500 | 01/15/25 | 206,515 | ||||||||||||||
| 100,000 | Washington REIT | 3.950 | 10/15/22 | 103,516 | ||||||||||||||
| 100,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 102,386 | ||||||||||||||
| 100,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 102,684 | ||||||||||||||
| 500,000 | Welltower, Inc | 3.950 | 09/01/23 | 529,659 | ||||||||||||||
| 2,000,000 | Welltower, Inc | 3.625 | 03/15/24 | 2,100,016 | ||||||||||||||
| 1,700,000 | Welltower, Inc | 4.000 | 06/01/25 | 1,817,029 | ||||||||||||||
| 600,000 | Welltower, Inc | 4.250 | 04/01/26 | 653,094 | ||||||||||||||
| 600,000 | Welltower, Inc | 4.250 | 04/15/28 | 658,380 | ||||||||||||||
| 500,000 | Welltower, Inc | 4.125 | 03/15/29 | 545,275 | ||||||||||||||
| 425,000 | Welltower, Inc | 3.100 | 01/15/30 | 425,300 | ||||||||||||||
| 300,000 | Welltower, Inc | 4.950 | 09/01/48 | 361,137 | ||||||||||||||
| 400,000 | Weyerhaeuser Co | 4.700 | 03/15/21 | 410,771 | ||||||||||||||
| 300,000 | Weyerhaeuser Co | 3.250 | 03/15/23 | 307,069 | ||||||||||||||
| 200,000 | Weyerhaeuser Co | 4.625 | 09/15/23 | 217,145 | ||||||||||||||
| 500,000 | Weyerhaeuser Co | 4.000 | 11/15/29 | 543,619 | ||||||||||||||
| 1,075,000 | Weyerhaeuser Co | 7.375 | 03/15/32 | 1,506,617 | ||||||||||||||
| 200,000 | WP Carey, Inc | 4.600 | 04/01/24 | 213,873 | ||||||||||||||
| 347,000 | WP Carey, Inc | 4.000 | 02/01/25 | 364,020 | ||||||||||||||
| 1,000,000 | WP Carey, Inc | 3.850 | 07/15/29 | 1,058,020 | ||||||||||||||
| TOTAL REAL ESTATE | 139,962,642 | |||||||||||||||||
| RETAILING - 0.5% | ||||||||||||||||||
| 250,000 | Advance Auto Parts, Inc | 4.500 | 12/01/23 | 269,967 | ||||||||||||||
| 116 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Allegion plc | 3.500 | % | 10/01/29 | $ | 505,023 | |||||||||||
| 200,000 | Allegion US Holding Co, Inc | 3.200 | 10/01/24 | 202,859 | ||||||||||||||
| 200,000 | Allegion US Holding Co, Inc | 3.550 | 10/01/27 | 203,773 | ||||||||||||||
| 500,000 | Amazon.com, Inc | 1.900 | 08/21/20 | 500,320 | ||||||||||||||
| 300,000 | Amazon.com, Inc | 3.300 | 12/05/21 | 308,886 | ||||||||||||||
| 850,000 | Amazon.com, Inc | 2.500 | 11/29/22 | 864,806 | ||||||||||||||
| 1,650,000 | Amazon.com, Inc | 2.400 | 02/22/23 | 1,678,490 | ||||||||||||||
| 1,125,000 | Amazon.com, Inc | 2.800 | 08/22/24 | 1,170,554 | ||||||||||||||
| 425,000 | Amazon.com, Inc | 3.800 | 12/05/24 | 462,527 | ||||||||||||||
| 325,000 | Amazon.com, Inc | 5.200 | 12/03/25 | 382,276 | ||||||||||||||
| 2,700,000 | Amazon.com, Inc | 3.150 | 08/22/27 | 2,869,547 | ||||||||||||||
| 1,800,000 | Amazon.com, Inc | 4.800 | 12/05/34 | 2,249,650 | ||||||||||||||
| 2,625,000 | Amazon.com, Inc | 3.875 | 08/22/37 | 3,016,041 | ||||||||||||||
| 775,000 | Amazon.com, Inc | 4.950 | 12/05/44 | 1,027,769 | ||||||||||||||
| 1,475,000 | Amazon.com, Inc | 4.050 | 08/22/47 | 1,775,364 | ||||||||||||||
| 1,900,000 | Amazon.com, Inc | 4.250 | 08/22/57 | 2,364,960 | ||||||||||||||
| 100,000 | AutoNation, Inc | 3.350 | 01/15/21 | 100,937 | ||||||||||||||
| 200,000 | AutoNation, Inc | 3.500 | 11/15/24 | 203,837 | ||||||||||||||
| 244,000 | AutoNation, Inc | 4.500 | 10/01/25 | 259,319 | ||||||||||||||
| 200,000 | AutoNation, Inc | 3.800 | 11/15/27 | 202,201 | ||||||||||||||
| 100,000 | AutoZone, Inc | 4.000 | 11/15/20 | 101,495 | ||||||||||||||
| 442,000 | AutoZone, Inc | 3.700 | 04/15/22 | 458,942 | ||||||||||||||
| 300,000 | AutoZone, Inc | 2.875 | 01/15/23 | 305,219 | ||||||||||||||
| 150,000 | AutoZone, Inc | 3.125 | 07/15/23 | 154,247 | ||||||||||||||
| 250,000 | AutoZone, Inc | 3.125 | 04/18/24 | 258,824 | ||||||||||||||
| 200,000 | AutoZone, Inc | 3.250 | 04/15/25 | 207,136 | ||||||||||||||
| 100,000 | AutoZone, Inc | 3.125 | 04/21/26 | 103,313 | ||||||||||||||
| 650,000 | AutoZone, Inc | 3.750 | 06/01/27 | 698,279 | ||||||||||||||
| 200,000 | AutoZone, Inc | 3.750 | 04/18/29 | 214,673 | ||||||||||||||
| 500,000 | Best Buy Co, Inc | 4.450 | 10/01/28 | 543,203 | ||||||||||||||
| 375,000 | Dollar General Corp | 3.250 | 04/15/23 | 387,429 | ||||||||||||||
| 355,000 | Dollar General Corp | 4.150 | 11/01/25 | 383,649 | ||||||||||||||
| 300,000 | Dollar General Corp | 3.875 | 04/15/27 | 321,599 | ||||||||||||||
| 500,000 | Dollar General Corp | 4.125 | 05/01/28 | 546,853 | ||||||||||||||
| 1,500,000 | Dollar Tree, Inc | 3.700 | 05/15/23 | 1,555,774 | ||||||||||||||
| 500,000 | Dollar Tree, Inc | 4.000 | 05/15/25 | 530,131 | ||||||||||||||
| 500,000 | Dollar Tree, Inc | 4.200 | 05/15/28 | 537,378 | ||||||||||||||
| 300,000 | Enable Midstream Partners LP | 3.900 | 05/15/24 | 305,821 | ||||||||||||||
| 200,000 | Enable Midstream Partners LP | 4.400 | 03/15/27 | 200,680 | ||||||||||||||
| 1,250,000 | Enable Midstream Partners LP | 4.950 | 05/15/28 | 1,298,494 | ||||||||||||||
| 500,000 | Enable Midstream Partners LP | 4.150 | 09/15/29 | 481,224 | ||||||||||||||
| 100,000 | Enable Midstream Partners LP | 5.000 | 05/15/44 | 91,820 | ||||||||||||||
| 400,000 | Home Depot, Inc | 3.950 | 09/15/20 | 405,509 | ||||||||||||||
| 500,000 | Home Depot, Inc | 2.000 | 04/01/21 | 501,144 | ||||||||||||||
| 350,000 | Home Depot, Inc | 4.400 | 04/01/21 | 361,463 | ||||||||||||||
| 850,000 | Home Depot, Inc | 3.250 | 03/01/22 | 879,458 | ||||||||||||||
| 700,000 | Home Depot, Inc | 2.625 | 06/01/22 | 716,208 | ||||||||||||||
| 800,000 | Home Depot, Inc | 2.700 | 04/01/23 | 823,514 | ||||||||||||||
| 550,000 | Home Depot, Inc | 3.750 | 02/15/24 | 590,764 | ||||||||||||||
| 350,000 | Home Depot, Inc | 3.350 | 09/15/25 | 373,668 | ||||||||||||||
| 1,925,000 | Home Depot, Inc | 3.000 | 04/01/26 | 2,017,538 | ||||||||||||||
| 1,550,000 | Home Depot, Inc | 2.125 | 09/15/26 | 1,540,661 | ||||||||||||||
| 2,250,000 | Home Depot, Inc | 2.800 | 09/14/27 | 2,354,391 | ||||||||||||||
| 117 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 825,000 | Home Depot, Inc | 3.900 | % | 12/06/28 | $ | 927,392 | |||||||||||
| 333,000 | Home Depot, Inc | 2.950 | 06/15/29 | 349,550 | ||||||||||||||
| 425,000 | Home Depot, Inc | 5.875 | 12/16/36 | 588,037 | ||||||||||||||
| 150,000 | Home Depot, Inc | 5.950 | 04/01/41 | 214,823 | ||||||||||||||
| 675,000 | Home Depot, Inc | 4.200 | 04/01/43 | 793,233 | ||||||||||||||
| 450,000 | Home Depot, Inc | 4.875 | 02/15/44 | 580,221 | ||||||||||||||
| 650,000 | Home Depot, Inc | 4.400 | 03/15/45 | 784,389 | ||||||||||||||
| 725,000 | Home Depot, Inc | 4.250 | 04/01/46 | 867,422 | ||||||||||||||
| 2,100,000 | Home Depot, Inc | 3.900 | 06/15/47 | 2,405,948 | ||||||||||||||
| 2,000,000 | Home Depot, Inc | 4.500 | 12/06/48 | 2,496,415 | ||||||||||||||
| 675,000 | Home Depot, Inc | 3.500 | 09/15/56 | 717,273 | ||||||||||||||
| 1,000,000 | JD.com, Inc | 3.875 | 04/29/26 | 1,039,523 | ||||||||||||||
| 1,000,000 | Kohl’s Corp | 3.250 | 02/01/23 | 1,011,937 | ||||||||||||||
| 55,000 | Kohl’s Corp | 4.750 | 12/15/23 | 58,684 | ||||||||||||||
| 200,000 | Kohl’s Corp | 4.250 | 07/17/25 | 211,797 | ||||||||||||||
| 200,000 | Kohl’s Corp | 5.550 | 07/17/45 | 205,808 | ||||||||||||||
| 200,000 | Lowe’s Cos, Inc | 3.800 | 11/15/21 | 205,683 | ||||||||||||||
| 1,025,000 | Lowe’s Cos, Inc | 3.120 | 04/15/22 | 1,048,288 | ||||||||||||||
| 300,000 | Lowe’s Cos, Inc | 3.875 | 09/15/23 | 317,686 | ||||||||||||||
| 400,000 | Lowe’s Cos, Inc | 3.125 | 09/15/24 | 415,299 | ||||||||||||||
| 1,100,000 | Lowe’s Cos, Inc | 3.375 | 09/15/25 | 1,155,115 | ||||||||||||||
| 500,000 | Lowe’s Cos, Inc | 2.500 | 04/15/26 | 498,602 | ||||||||||||||
| 1,750,000 | Lowe’s Cos, Inc | 3.100 | 05/03/27 | 1,806,747 | ||||||||||||||
| 775,000 | Lowe’s Cos, Inc | 3.650 | 04/05/29 | 828,849 | ||||||||||||||
| 100,000 | Lowe’s Cos, Inc | 4.650 | 04/15/42 | 112,381 | ||||||||||||||
| 200,000 | Lowe’s Cos, Inc | 4.250 | 09/15/44 | 214,448 | ||||||||||||||
| 200,000 | Lowe’s Cos, Inc | 4.375 | 09/15/45 | 220,600 | ||||||||||||||
| 1,075,000 | Lowe’s Cos, Inc | 3.700 | 04/15/46 | 1,081,184 | ||||||||||||||
| 2,000,000 | Lowe’s Cos, Inc | 4.050 | 05/03/47 | 2,136,279 | ||||||||||||||
| 1,025,000 | Lowe’s Cos, Inc | 4.550 | 04/05/49 | 1,184,080 | ||||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 3.450 | 01/15/21 | 201,519 | ||||||||||||||
| 550,000 | Macy’s Retail Holdings, Inc | 3.875 | 01/15/22 | 559,385 | ||||||||||||||
| 1,125,000 | Macy’s Retail Holdings, Inc | 2.875 | 02/15/23 | 1,110,765 | ||||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.375 | 09/01/23 | 206,210 | ||||||||||||||
| 300,000 | Macy’s Retail Holdings, Inc | 3.625 | 06/01/24 | 300,651 | ||||||||||||||
| 24,000 | Macy’s Retail Holdings, Inc | 4.500 | 12/15/34 | 22,194 | ||||||||||||||
| 30,000 | Nordstrom, Inc | 4.750 | 05/01/20 | 30,419 | ||||||||||||||
| 100,000 | Nordstrom, Inc | 4.000 | 10/15/21 | 102,753 | ||||||||||||||
| 700,000 | Nordstrom, Inc | 4.000 | 03/15/27 | 714,434 | ||||||||||||||
| 531,000 | Nordstrom, Inc | 5.000 | 01/15/44 | 494,588 | ||||||||||||||
| 150,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 154,269 | ||||||||||||||
| 600,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 622,632 | ||||||||||||||
| 1,000,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 1,064,426 | ||||||||||||||
| 300,000 | O’Reilly Automotive, Inc | 4.350 | 06/01/28 | 335,321 | ||||||||||||||
| 500,000 | O’Reilly Automotive, Inc | 3.900 | 06/01/29 | 547,309 | ||||||||||||||
| 200,000 | Priceline Group, Inc | 2.750 | 03/15/23 | 204,837 | ||||||||||||||
| 300,000 | Priceline Group, Inc | 3.650 | 03/15/25 | 319,801 | ||||||||||||||
| 300,000 | Priceline Group, Inc | 3.600 | 06/01/26 | 320,817 | ||||||||||||||
| 900,000 | Priceline Group, Inc | 3.550 | 03/15/28 | 964,961 | ||||||||||||||
| 100,000 | QVC, Inc | 5.125 | 07/02/22 | 105,068 | ||||||||||||||
| 100,000 | QVC, Inc | 4.375 | 03/15/23 | 103,351 | ||||||||||||||
| 1,200,000 | QVC, Inc | 4.450 | 02/15/25 | 1,245,236 | ||||||||||||||
| 118 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 150,000 | QVC, Inc | 5.950 | % | 03/15/43 | $ | 150,352 | |||||||||||
| 1,150,000 | Target Corp | 3.875 | 07/15/20 | 1,167,521 | ||||||||||||||
| 350,000 | Target Corp | 3.500 | 07/01/24 | 374,771 | ||||||||||||||
| 1,700,000 | Target Corp | 2.500 | 04/15/26 | 1,733,420 | ||||||||||||||
| 1,500,000 | Target Corp | 3.375 | 04/15/29 | 1,616,185 | ||||||||||||||
| 975,000 | Target Corp | 4.000 | 07/01/42 | 1,123,622 | ||||||||||||||
| 225,000 | Target Corp | 3.625 | 04/15/46 | 247,178 | ||||||||||||||
| 1,500,000 | Target Corp | 3.900 | 11/15/47 | 1,718,365 | ||||||||||||||
| 1,000,000 | TJX Cos, Inc | 2.750 | 06/15/21 | 1,013,854 | ||||||||||||||
| 300,000 | TJX Cos, Inc | 2.500 | 05/15/23 | 305,473 | ||||||||||||||
| 525,000 | TJX Cos, Inc | 2.250 | 09/15/26 | 523,688 | ||||||||||||||
| TOTAL RETAILING | 85,052,675 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | ||||||||||||||||||
| 200,000 | Altera Corp | 4.100 | 11/15/23 | 217,020 | ||||||||||||||
| 500,000 | Analog Devices, Inc | 2.950 | 01/12/21 | 503,738 | ||||||||||||||
| 300,000 | Analog Devices, Inc | 2.500 | 12/05/21 | 301,775 | ||||||||||||||
| 325,000 | Analog Devices, Inc | 3.125 | 12/05/23 | 334,523 | ||||||||||||||
| 1,175,000 | Analog Devices, Inc | 3.500 | 12/05/26 | 1,230,530 | ||||||||||||||
| 100,000 | Analog Devices, Inc | 4.500 | 12/05/36 | 109,249 | ||||||||||||||
| 200,000 | Analog Devices, Inc | 5.300 | 12/15/45 | 249,326 | ||||||||||||||
| 1,000,000 | g | Broadcom, Inc | 3.125 | 04/15/21 | 1,009,563 | |||||||||||||
| 1,150,000 | g | Broadcom, Inc | 3.125 | 10/15/22 | 1,164,478 | |||||||||||||
| 2,400,000 | g | Broadcom, Inc | 3.625 | 10/15/24 | 2,442,607 | |||||||||||||
| 1,600,000 | g | Broadcom, Inc | 4.250 | 04/15/26 | 1,652,986 | |||||||||||||
| 3,000,000 | g | Broadcom, Inc | 4.750 | 04/15/29 | 3,170,962 | |||||||||||||
| 250,000 | Intel Corp | 2.450 | 07/29/20 | 250,950 | ||||||||||||||
| 1,050,000 | Intel Corp | 1.700 | 05/19/21 | 1,048,714 | ||||||||||||||
| 625,000 | Intel Corp | 2.350 | 05/11/22 | 632,333 | ||||||||||||||
| 1,600,000 | Intel Corp | 3.100 | 07/29/22 | 1,655,987 | ||||||||||||||
| 1,700,000 | Intel Corp | 2.700 | 12/15/22 | 1,744,011 | ||||||||||||||
| 325,000 | Intel Corp | 2.875 | 05/11/24 | 337,755 | ||||||||||||||
| 2,050,000 | Intel Corp | 3.700 | 07/29/25 | 2,221,630 | ||||||||||||||
| 2,480,000 | Intel Corp | 2.600 | 05/19/26 | 2,549,742 | ||||||||||||||
| 375,000 | Intel Corp | 3.150 | 05/11/27 | 399,642 | ||||||||||||||
| 250,000 | Intel Corp | 4.000 | 12/15/32 | 289,638 | ||||||||||||||
| 200,000 | Intel Corp | 4.100 | 05/19/46 | 232,827 | ||||||||||||||
| 675,000 | Intel Corp | 4.100 | 05/11/47 | 790,615 | ||||||||||||||
| 3,328,000 | Intel Corp | 3.734 | 12/08/47 | 3,719,229 | ||||||||||||||
| 350,000 | Marvell Technology Group Ltd | 4.200 | 06/22/23 | 366,876 | ||||||||||||||
| 350,000 | Marvell Technology Group Ltd | 4.875 | 06/22/28 | 388,797 | ||||||||||||||
| 200,000 | Maxim Integrated Products, Inc | 3.375 | 03/15/23 | 205,895 | ||||||||||||||
| 400,000 | Maxim Integrated Products, Inc | 3.450 | 06/15/27 | 413,383 | ||||||||||||||
| 1,000,000 | Microchip Technology, Inc | 4.333 | 06/01/23 | 1,050,062 | ||||||||||||||
| 475,000 | Micron Technology, Inc | 4.640 | 02/06/24 | 505,085 | ||||||||||||||
| 425,000 | Micron Technology, Inc | 4.975 | 02/06/26 | 457,790 | ||||||||||||||
| 750,000 | Micron Technology, Inc | 4.185 | 02/15/27 | 771,941 | ||||||||||||||
| 400,000 | Micron Technology, Inc | 5.327 | 02/06/29 | 439,689 | ||||||||||||||
| 500,000 | Micron Technology, Inc | 4.663 | 02/15/30 | 521,179 | ||||||||||||||
| 525,000 | NVIDIA Corp | 2.200 | 09/16/21 | 526,162 | ||||||||||||||
| 800,000 | NVIDIA Corp | 3.200 | 09/16/26 | 841,256 | ||||||||||||||
| 475,000 | g | NXP BV | 4.875 | 03/01/24 | 515,111 | |||||||||||||
| 425,000 | g | NXP BV | 5.350 | 03/01/26 | 476,481 | |||||||||||||
| 119 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | g | NXP BV | 3.875 | % | 06/18/26 | $ | 788,675 | ||||||||||
| 400,000 | g | NXP BV | 5.550 | 12/01/28 | 464,002 | |||||||||||||
| 750,000 | g | NXP BV | 4.300 | 06/18/29 | 802,190 | |||||||||||||
| 100,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 102,787 | ||||||||||||||
| 350,000 | Texas Instruments, Inc | 2.900 | 11/03/27 | 367,597 | ||||||||||||||
| 1,000,000 | Texas Instruments, Inc | 2.250 | 09/04/29 | 984,566 | ||||||||||||||
| 350,000 | Texas Instruments, Inc | 3.875 | 03/15/39 | 405,128 | ||||||||||||||
| 1,200,000 | Texas Instruments, Inc | 4.150 | 05/15/48 | 1,471,661 | ||||||||||||||
| 400,000 | Xilinx, Inc | 3.000 | 03/15/21 | 404,704 | ||||||||||||||
| 475,000 | Xilinx, Inc | 2.950 | 06/01/24 | 487,907 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 42,018,754 | |||||||||||||||||
| SOFTWARE & SERVICES - 1.0% | ||||||||||||||||||
| 525,000 | Activision Blizzard, Inc | 2.300 | 09/15/21 | 526,328 | ||||||||||||||
| 100,000 | Activision Blizzard, Inc | 2.600 | 06/15/22 | 101,025 | ||||||||||||||
| 475,000 | Activision Blizzard, Inc | 3.400 | 09/15/26 | 494,003 | ||||||||||||||
| 300,000 | Activision Blizzard, Inc | 3.400 | 06/15/27 | 311,956 | ||||||||||||||
| 300,000 | Activision Blizzard, Inc | 4.500 | 06/15/47 | 340,230 | ||||||||||||||
| 775,000 | Adobe Systems, Inc | 3.250 | 02/01/25 | 817,291 | ||||||||||||||
| 250,000 | Autodesk, Inc | 4.375 | 06/15/25 | 270,589 | ||||||||||||||
| 450,000 | Autodesk, Inc | 3.500 | 06/15/27 | 465,428 | ||||||||||||||
| 500,000 | Automatic Data Processing, Inc | 2.250 | 09/15/20 | 501,377 | ||||||||||||||
| 700,000 | Automatic Data Processing, Inc | 3.375 | 09/15/25 | 749,785 | ||||||||||||||
| 500,000 | Baidu, Inc | 3.000 | 06/30/20 | 501,889 | ||||||||||||||
| 900,000 | Baidu, Inc | 2.875 | 07/06/22 | 905,614 | ||||||||||||||
| 700,000 | Baidu, Inc | 3.875 | 09/29/23 | 729,307 | ||||||||||||||
| 525,000 | Baidu, Inc | 4.375 | 05/14/24 | 560,193 | ||||||||||||||
| 300,000 | Baidu, Inc | 3.625 | 07/06/27 | 309,811 | ||||||||||||||
| 1,500,000 | Baidu, Inc | 4.375 | 03/29/28 | 1,627,329 | ||||||||||||||
| 500,000 | Baidu, Inc | 4.875 | 11/14/28 | 563,140 | ||||||||||||||
| 600,000 | CA, Inc | 3.600 | 08/15/22 | 611,974 | ||||||||||||||
| 150,000 | CA, Inc | 4.700 | 03/15/27 | 156,016 | ||||||||||||||
| 500,000 | Citrix Systems, Inc | 4.500 | 12/01/27 | 540,643 | ||||||||||||||
| 200,000 | DXC Technology Co | 4.450 | 09/18/22 | 210,040 | ||||||||||||||
| 375,000 | DXC Technology Co | 4.250 | 04/15/24 | 393,345 | ||||||||||||||
| 200,000 | DXC Technology Co | 4.750 | 04/15/27 | 209,225 | ||||||||||||||
| 300,000 | Electronic Arts, Inc | 3.700 | 03/01/21 | 305,888 | ||||||||||||||
| 175,000 | Expedia Group, Inc | 3.800 | 02/15/28 | 183,178 | ||||||||||||||
| 750,000 | g | Expedia Group, Inc | 3.250 | 02/15/30 | 748,059 | |||||||||||||
| 300,000 | Expedia, Inc | 4.500 | 08/15/24 | 325,402 | ||||||||||||||
| 1,200,000 | Expedia, Inc | 5.000 | 02/15/26 | 1,348,262 | ||||||||||||||
| 1,275,000 | Fidelity National Information Services, Inc | 2.250 | 08/15/21 | 1,276,721 | ||||||||||||||
| 247,000 | Fidelity National Information Services, Inc | 4.500 | 10/15/22 | 262,431 | ||||||||||||||
| 125,000 | Fidelity National Information Services, Inc | 3.500 | 04/15/23 | 130,386 | ||||||||||||||
| 163,000 | Fidelity National Information Services, Inc | 3.875 | 06/05/24 | 173,586 | ||||||||||||||
| 639,000 | Fidelity National Information Services, Inc | 5.000 | 10/15/25 | 726,383 | ||||||||||||||
| 1,575,000 | Fidelity National Information Services, Inc | 3.000 | 08/15/26 | 1,622,465 | ||||||||||||||
| 100,000 | Fidelity National Information Services, Inc | 4.250 | 05/15/28 | 111,582 | ||||||||||||||
| 375,000 | Fidelity National Information Services, Inc | 3.750 | 05/21/29 | 406,893 | ||||||||||||||
| 300,000 | Fidelity National Information Services, Inc | 4.500 | 08/15/46 | 349,243 | ||||||||||||||
| 300,000 | Fidelity National Information Services, Inc | 4.750 | 05/15/48 | 365,515 | ||||||||||||||
| 1,350,000 | Fiserv, Inc | 3.500 | 10/01/22 | 1,402,256 | ||||||||||||||
| 120 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 125,000 | Fiserv, Inc | 3.800 | % | 10/01/23 | $ | 132,294 | |||||||||||
| 2,000,000 | Fiserv, Inc | 2.750 | 07/01/24 | 2,034,204 | ||||||||||||||
| 1,675,000 | Fiserv, Inc | 3.850 | 06/01/25 | 1,790,801 | ||||||||||||||
| 900,000 | Fiserv, Inc | 3.200 | 07/01/26 | 932,395 | ||||||||||||||
| 1,125,000 | Fiserv, Inc | 3.500 | 07/01/29 | 1,183,865 | ||||||||||||||
| 2,000,000 | Fiserv, Inc | 4.400 | 07/01/49 | 2,245,535 | ||||||||||||||
| 600,000 | IHS Markit Ltd | 4.125 | 08/01/23 | 631,380 | ||||||||||||||
| 250,000 | IHS Markit Ltd | 3.625 | 05/01/24 | 259,025 | ||||||||||||||
| 100,000 | IHS Markit Ltd | 4.750 | 08/01/28 | 111,150 | ||||||||||||||
| 1,050,000 | IHS Markit Ltd | 4.250 | 05/01/29 | 1,130,514 | ||||||||||||||
| 250,000 | International Business Machines Corp | 2.250 | 02/19/21 | 251,302 | ||||||||||||||
| 1,575,000 | International Business Machines Corp | 2.800 | 05/13/21 | 1,596,039 | ||||||||||||||
| 425,000 | International Business Machines Corp | 2.500 | 01/27/22 | 429,757 | ||||||||||||||
| 2,500,000 | International Business Machines Corp | 2.850 | 05/13/22 | 2,554,875 | ||||||||||||||
| 750,000 | International Business Machines Corp | 1.875 | 08/01/22 | 747,640 | ||||||||||||||
| 750,000 | International Business Machines Corp | 2.875 | 11/09/22 | 769,306 | ||||||||||||||
| 550,000 | International Business Machines Corp | 3.375 | 08/01/23 | 575,053 | ||||||||||||||
| 600,000 | International Business Machines Corp | 3.625 | 02/12/24 | 635,642 | ||||||||||||||
| 3,000,000 | International Business Machines Corp | 3.000 | 05/15/24 | 3,104,360 | ||||||||||||||
| 350,000 | International Business Machines Corp | 3.450 | 02/19/26 | 371,950 | ||||||||||||||
| 2,500,000 | International Business Machines Corp | 3.300 | 05/15/26 | 2,638,289 | ||||||||||||||
| 2,675,000 | International Business Machines Corp | 3.500 | 05/15/29 | 2,872,023 | ||||||||||||||
| 1,850,000 | International Business Machines Corp | 4.150 | 05/15/39 | 2,112,964 | ||||||||||||||
| 19,000 | International Business Machines Corp | 5.600 | 11/30/39 | 25,120 | ||||||||||||||
| 1,060,000 | International Business Machines Corp | 4.000 | 06/20/42 | 1,172,077 | ||||||||||||||
| 1,500,000 | International Business Machines Corp | 4.700 | 02/19/46 | 1,827,913 | ||||||||||||||
| 2,500,000 | International Business Machines Corp | 4.250 | 05/15/49 | 2,888,377 | ||||||||||||||
| 200,000 | Juniper Networks, Inc | 4.500 | 03/15/24 | 214,822 | ||||||||||||||
| 750,000 | Juniper Networks, Inc | 4.350 | 06/15/25 | 800,353 | ||||||||||||||
| 750,000 | Juniper Networks, Inc | 3.750 | 08/15/29 | 753,167 | ||||||||||||||
| 200,000 | Mastercard, Inc | 2.000 | 11/21/21 | 200,828 | ||||||||||||||
| 1,000,000 | Mastercard, Inc | 3.375 | 04/01/24 | 1,063,039 | ||||||||||||||
| 425,000 | Mastercard, Inc | 2.950 | 11/21/26 | 447,749 | ||||||||||||||
| 750,000 | Mastercard, Inc | 3.500 | 02/26/28 | 819,700 | ||||||||||||||
| 1,000,000 | Mastercard, Inc | 2.950 | 06/01/29 | 1,049,312 | ||||||||||||||
| 200,000 | Mastercard, Inc | 3.800 | 11/21/46 | 229,668 | ||||||||||||||
| 300,000 | Mastercard, Inc | 3.950 | 02/26/48 | 355,069 | ||||||||||||||
| 1,000,000 | Mastercard, Inc | 3.650 | 06/01/49 | 1,135,283 | ||||||||||||||
| 540,000 | Microsoft Corp | 3.000 | 10/01/20 | 546,113 | ||||||||||||||
| 500,000 | Microsoft Corp | 2.000 | 11/03/20 | 500,730 | ||||||||||||||
| 450,000 | Microsoft Corp | 4.000 | 02/08/21 | 463,433 | ||||||||||||||
| 850,000 | Microsoft Corp | 1.550 | 08/08/21 | 846,408 | ||||||||||||||
| 1,150,000 | Microsoft Corp | 2.400 | 02/06/22 | 1,166,092 | ||||||||||||||
| 1,300,000 | Microsoft Corp | 2.375 | 02/12/22 | 1,318,113 | ||||||||||||||
| 725,000 | Microsoft Corp | 2.650 | 11/03/22 | 743,201 | ||||||||||||||
| 575,000 | Microsoft Corp | 2.125 | 11/15/22 | 582,750 | ||||||||||||||
| 275,000 | Microsoft Corp | 2.375 | 05/01/23 | 280,336 | ||||||||||||||
| 1,450,000 | Microsoft Corp | 2.000 | 08/08/23 | 1,460,071 | ||||||||||||||
| 800,000 | Microsoft Corp | 3.625 | 12/15/23 | 856,212 | ||||||||||||||
| 2,450,000 | Microsoft Corp | 2.875 | 02/06/24 | 2,555,001 | ||||||||||||||
| 975,000 | Microsoft Corp | 2.700 | 02/12/25 | 1,012,040 | ||||||||||||||
| 1,075,000 | Microsoft Corp | 3.125 | 11/03/25 | 1,143,132 | ||||||||||||||
| 2,925,000 | Microsoft Corp | 2.400 | 08/08/26 | 2,983,913 | ||||||||||||||
| 121 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 5,739,000 | Microsoft Corp | 3.300 | % | 02/06/27 | $ | 6,186,500 | |||||||||||
| 150,000 | Microsoft Corp | 3.500 | 02/12/35 | 165,856 | ||||||||||||||
| 1,175,000 | Microsoft Corp | 4.200 | 11/03/35 | 1,405,828 | ||||||||||||||
| 2,250,000 | Microsoft Corp | 3.450 | 08/08/36 | 2,487,025 | ||||||||||||||
| 2,925,000 | Microsoft Corp | 4.100 | 02/06/37 | 3,469,245 | ||||||||||||||
| 200,000 | Microsoft Corp | 4.500 | 10/01/40 | 250,575 | ||||||||||||||
| 175,000 | Microsoft Corp | 5.300 | 02/08/41 | 242,384 | ||||||||||||||
| 500,000 | Microsoft Corp | 3.500 | 11/15/42 | 552,354 | ||||||||||||||
| 300,000 | Microsoft Corp | 3.750 | 05/01/43 | 342,552 | ||||||||||||||
| 1,025,000 | Microsoft Corp | 3.750 | 02/12/45 | 1,174,676 | ||||||||||||||
| 950,000 | Microsoft Corp | 4.450 | 11/03/45 | 1,199,718 | ||||||||||||||
| 1,575,000 | Microsoft Corp | 3.700 | 08/08/46 | 1,805,122 | ||||||||||||||
| 1,700,000 | Microsoft Corp | 4.250 | 02/06/47 | 2,110,522 | ||||||||||||||
| 1,950,000 | Microsoft Corp | 4.000 | 02/12/55 | 2,325,755 | ||||||||||||||
| 500,000 | Microsoft Corp | 4.750 | 11/03/55 | 674,318 | ||||||||||||||
| 1,300,000 | Microsoft Corp | 3.950 | 08/08/56 | 1,537,374 | ||||||||||||||
| 4,825,000 | Microsoft Corp | 4.500 | 02/06/57 | 6,293,318 | ||||||||||||||
| 1,250,000 | Oracle Corp | 2.800 | 07/08/21 | 1,268,818 | ||||||||||||||
| 1,125,000 | Oracle Corp | 1.900 | 09/15/21 | 1,124,605 | ||||||||||||||
| 1,600,000 | Oracle Corp | 2.500 | 05/15/22 | 1,620,228 | ||||||||||||||
| 2,150,000 | Oracle Corp | 2.500 | 10/15/22 | 2,183,136 | ||||||||||||||
| 800,000 | Oracle Corp | 2.625 | 02/15/23 | 815,260 | ||||||||||||||
| 225,000 | Oracle Corp | 3.625 | 07/15/23 | 237,817 | ||||||||||||||
| 2,375,000 | Oracle Corp | 2.400 | 09/15/23 | 2,406,678 | ||||||||||||||
| 1,225,000 | Oracle Corp | 3.400 | 07/08/24 | 1,292,845 | ||||||||||||||
| 900,000 | Oracle Corp | 2.950 | 11/15/24 | 934,208 | ||||||||||||||
| 1,650,000 | Oracle Corp | 2.950 | 05/15/25 | 1,716,357 | ||||||||||||||
| 2,884,000 | Oracle Corp | 2.650 | 07/15/26 | 2,943,724 | ||||||||||||||
| 3,100,000 | Oracle Corp | 3.250 | 11/15/27 | 3,287,749 | ||||||||||||||
| 400,000 | Oracle Corp | 3.250 | 05/15/30 | 425,916 | ||||||||||||||
| 2,497,000 | Oracle Corp | 4.300 | 07/08/34 | 2,905,572 | ||||||||||||||
| 650,000 | Oracle Corp | 3.900 | 05/15/35 | 722,072 | ||||||||||||||
| 1,225,000 | Oracle Corp | 3.850 | 07/15/36 | 1,352,180 | ||||||||||||||
| 4,000,000 | Oracle Corp | 3.800 | 11/15/37 | 4,392,462 | ||||||||||||||
| 100,000 | Oracle Corp | 6.500 | 04/15/38 | 145,275 | ||||||||||||||
| 470,000 | Oracle Corp | 6.125 | 07/08/39 | 663,984 | ||||||||||||||
| 325,000 | Oracle Corp | 5.375 | 07/15/40 | 422,874 | ||||||||||||||
| 500,000 | Oracle Corp | 4.500 | 07/08/44 | 596,924 | ||||||||||||||
| 325,000 | Oracle Corp | 4.125 | 05/15/45 | 368,178 | ||||||||||||||
| 2,025,000 | Oracle Corp | 4.000 | 07/15/46 | 2,263,901 | ||||||||||||||
| 2,100,000 | Oracle Corp | 4.000 | 11/15/47 | 2,359,723 | ||||||||||||||
| 500,000 | Oracle Corp | 4.375 | 05/15/55 | 590,473 | ||||||||||||||
| 550,000 | PayPal Holdings, Inc | 2.200 | 09/26/22 | 551,264 | ||||||||||||||
| 1,000,000 | PayPal Holdings, Inc | 2.400 | 10/01/24 | 1,003,322 | ||||||||||||||
| 1,000,000 | PayPal Holdings, Inc | 2.650 | 10/01/26 | 1,004,327 | ||||||||||||||
| 1,000,000 | PayPal Holdings, Inc | 2.850 | 10/01/29 | 1,003,216 | ||||||||||||||
| 725,000 | salesforce.com, Inc | 3.250 | 04/11/23 | 756,375 | ||||||||||||||
| 925,000 | salesforce.com, Inc | 3.700 | 04/11/28 | 1,015,501 | ||||||||||||||
| 250,000 | Total System Services, Inc | 3.800 | 04/01/21 | 255,246 | ||||||||||||||
| 125,000 | Total System Services, Inc | 3.750 | 06/01/23 | 130,100 | ||||||||||||||
| 500,000 | Total System Services, Inc | 4.000 | 06/01/23 | 524,895 | ||||||||||||||
| 300,000 | Total System Services, Inc | 4.800 | 04/01/26 | 333,369 | ||||||||||||||
| 122 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Total System Services, Inc | 4.450 | % | 06/01/28 | $ | 552,232 | |||||||||||
| 475,000 | VMware, Inc | 2.300 | 08/21/20 | 475,243 | ||||||||||||||
| 1,475,000 | VMware, Inc | 2.950 | 08/21/22 | 1,495,955 | ||||||||||||||
| 725,000 | VMware, Inc | 3.900 | 08/21/27 | 745,794 | ||||||||||||||
| 375,000 | Weibo Corp | 3.500 | 07/05/24 | 380,996 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 159,677,089 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.8% | ||||||||||||||||||
| 100,000 | Alphabet, Inc | 3.625 | 05/19/21 | 102,723 | ||||||||||||||
| 875,000 | Alphabet, Inc | 3.375 | 02/25/24 | 932,634 | ||||||||||||||
| 1,250,000 | Alphabet, Inc | 1.998 | 08/15/26 | 1,251,268 | ||||||||||||||
| 200,000 | Amphenol Corp | 3.200 | 04/01/24 | 206,950 | ||||||||||||||
| 450,000 | Amphenol Corp | 4.350 | 06/01/29 | 499,136 | ||||||||||||||
| 1,000,000 | Amphenol Corp | 2.800 | 02/15/30 | 972,699 | ||||||||||||||
| 500,000 | Apple, Inc | 2.000 | 11/13/20 | 501,038 | ||||||||||||||
| 2,500,000 | Apple, Inc | 2.250 | 02/23/21 | 2,511,302 | ||||||||||||||
| 2,925,000 | Apple, Inc | 1.550 | 08/04/21 | 2,910,512 | ||||||||||||||
| 1,250,000 | Apple, Inc | 2.150 | 02/09/22 | 1,259,485 | ||||||||||||||
| 650,000 | Apple, Inc | 2.500 | 02/09/22 | 660,062 | ||||||||||||||
| 775,000 | Apple, Inc | 2.300 | 05/11/22 | 784,026 | ||||||||||||||
| 1,050,000 | Apple, Inc | 2.700 | 05/13/22 | 1,073,904 | ||||||||||||||
| 275,000 | Apple, Inc | 1.700 | 09/11/22 | 274,581 | ||||||||||||||
| 575,000 | Apple, Inc | 2.100 | 09/12/22 | 579,807 | ||||||||||||||
| 650,000 | Apple, Inc | 2.400 | 01/13/23 | 660,615 | ||||||||||||||
| 750,000 | Apple, Inc | 2.850 | 02/23/23 | 772,143 | ||||||||||||||
| 925,000 | Apple, Inc | 2.400 | 05/03/23 | 939,726 | ||||||||||||||
| 1,150,000 | Apple, Inc | 3.000 | 02/09/24 | 1,197,261 | ||||||||||||||
| 2,725,000 | Apple, Inc | 3.450 | 05/06/24 | 2,901,417 | ||||||||||||||
| 1,075,000 | Apple, Inc | 2.850 | 05/11/24 | 1,115,411 | ||||||||||||||
| 750,000 | Apple, Inc | 1.800 | 09/11/24 | 745,206 | ||||||||||||||
| 1,850,000 | Apple, Inc | 2.750 | 01/13/25 | 1,914,584 | ||||||||||||||
| 1,075,000 | Apple, Inc | 2.500 | 02/09/25 | 1,100,432 | ||||||||||||||
| 1,125,000 | Apple, Inc | 3.200 | 05/13/25 | 1,191,725 | ||||||||||||||
| 2,825,000 | Apple, Inc | 3.250 | 02/23/26 | 2,994,116 | ||||||||||||||
| 1,425,000 | Apple, Inc | 2.450 | 08/04/26 | 1,446,284 | ||||||||||||||
| 750,000 | Apple, Inc | 2.050 | 09/11/26 | 741,065 | ||||||||||||||
| 1,075,000 | Apple, Inc | 3.350 | 02/09/27 | 1,150,333 | ||||||||||||||
| 275,000 | Apple, Inc | 3.200 | 05/11/27 | 291,685 | ||||||||||||||
| 1,175,000 | Apple, Inc | 3.000 | 06/20/27 | 1,235,747 | ||||||||||||||
| 1,850,000 | Apple, Inc | 2.900 | 09/12/27 | 1,928,010 | ||||||||||||||
| 3,675,000 | Apple, Inc | 3.000 | 11/13/27 | 3,861,533 | ||||||||||||||
| 750,000 | Apple, Inc | 2.200 | 09/11/29 | 736,355 | ||||||||||||||
| 1,600,000 | Apple, Inc | 4.500 | 02/23/36 | 1,952,270 | ||||||||||||||
| 350,000 | Apple, Inc | 3.850 | 05/04/43 | 392,685 | ||||||||||||||
| 750,000 | Apple, Inc | 4.450 | 05/06/44 | 911,316 | ||||||||||||||
| 1,350,000 | Apple, Inc | 3.450 | 02/09/45 | 1,436,654 | ||||||||||||||
| 1,000,000 | Apple, Inc | 4.375 | 05/13/45 | 1,216,306 | ||||||||||||||
| 1,775,000 | Apple, Inc | 4.650 | 02/23/46 | 2,235,147 | ||||||||||||||
| 900,000 | Apple, Inc | 3.850 | 08/04/46 | 1,015,240 | ||||||||||||||
| 1,175,000 | Apple, Inc | 4.250 | 02/09/47 | 1,405,666 | ||||||||||||||
| 900,000 | Apple, Inc | 3.750 | 09/12/47 | 1,002,378 | ||||||||||||||
| 2,850,000 | Apple, Inc | 3.750 | 11/13/47 | 3,190,604 | ||||||||||||||
| 750,000 | Apple, Inc | 2.950 | 09/11/49 | 734,217 | ||||||||||||||
| 123 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Broadcom Corp | 2.200 | % | 01/15/21 | $ | 498,165 | |||||||||||
| 2,500,000 | Broadcom Corp | 3.000 | 01/15/22 | 2,524,260 | ||||||||||||||
| 500,000 | Broadcom Corp | 2.650 | 01/15/23 | 499,534 | ||||||||||||||
| 1,100,000 | Broadcom Corp | 3.625 | 01/15/24 | 1,125,467 | ||||||||||||||
| 2,250,000 | Broadcom Corp | 3.125 | 01/15/25 | 2,233,938 | ||||||||||||||
| 1,750,000 | Broadcom Corp | 3.875 | 01/15/27 | 1,759,046 | ||||||||||||||
| 250,000 | Broadcom Corp | 3.500 | 01/15/28 | 243,909 | ||||||||||||||
| 1,250,000 | Cisco Systems, Inc | 2.900 | 03/04/21 | 1,268,756 | ||||||||||||||
| 300,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 299,894 | ||||||||||||||
| 400,000 | Cisco Systems, Inc | 3.000 | 06/15/22 | 412,998 | ||||||||||||||
| 500,000 | Cisco Systems, Inc | 2.600 | 02/28/23 | 512,299 | ||||||||||||||
| 2,300,000 | Cisco Systems, Inc | 2.200 | 09/20/23 | 2,330,001 | ||||||||||||||
| 1,100,000 | Cisco Systems, Inc | 3.625 | 03/04/24 | 1,180,374 | ||||||||||||||
| 400,000 | Cisco Systems, Inc | 3.500 | 06/15/25 | 433,537 | ||||||||||||||
| 500,000 | Cisco Systems, Inc | 2.950 | 02/28/26 | 527,164 | ||||||||||||||
| 3,000,000 | Cisco Systems, Inc | 2.500 | 09/20/26 | 3,088,289 | ||||||||||||||
| 1,000,000 | Cisco Systems, Inc | 5.900 | 02/15/39 | 1,423,513 | ||||||||||||||
| 475,000 | Cisco Systems, Inc | 5.500 | 01/15/40 | 654,783 | ||||||||||||||
| 225,000 | Corning, Inc | 4.250 | 08/15/20 | 228,848 | ||||||||||||||
| 300,000 | Corning, Inc | 2.900 | 05/15/22 | 305,250 | ||||||||||||||
| 200,000 | Corning, Inc | 4.700 | 03/15/37 | 223,831 | ||||||||||||||
| 100,000 | Corning, Inc | 5.750 | 08/15/40 | 123,590 | ||||||||||||||
| 200,000 | Corning, Inc | 4.750 | 03/15/42 | 230,023 | ||||||||||||||
| 300,000 | Corning, Inc | 5.350 | 11/15/48 | 389,529 | ||||||||||||||
| 825,000 | Corning, Inc | 4.375 | 11/15/57 | 850,175 | ||||||||||||||
| 200,000 | Corning, Inc | 5.850 | 11/15/68 | 245,512 | ||||||||||||||
| 1,550,000 | g | Dell International LLC | 4.420 | 06/15/21 | 1,598,167 | |||||||||||||
| 4,150,000 | g | Dell International LLC | 5.450 | 06/15/23 | 4,519,031 | |||||||||||||
| 875,000 | g | Dell International LLC | 4.000 | 07/15/24 | 915,225 | |||||||||||||
| 2,925,000 | g | Dell International LLC | 6.020 | 06/15/26 | 3,298,485 | |||||||||||||
| 1,050,000 | g | Dell International LLC | 4.900 | 10/01/26 | 1,124,834 | |||||||||||||
| 1,400,000 | g | Dell International LLC | 5.300 | 10/01/29 | 1,523,324 | |||||||||||||
| 1,125,000 | g | Dell International LLC | 8.100 | 07/15/36 | 1,435,578 | |||||||||||||
| 1,125,000 | g | Dell International LLC | 8.350 | 07/15/46 | 1,483,111 | |||||||||||||
| 500,000 | Flex Ltd | 4.875 | 06/15/29 | 524,988 | ||||||||||||||
| 800,000 | Flextronics International Ltd | 4.750 | 06/15/25 | 861,650 | ||||||||||||||
| 205,000 | Harris Corp | 2.700 | 04/27/20 | 205,410 | ||||||||||||||
| 1,275,000 | Harris Corp | 4.400 | 06/15/28 | 1,429,325 | ||||||||||||||
| 300,000 | Harris Corp | 4.854 | 04/27/35 | 355,319 | ||||||||||||||
| 300,000 | Harris Corp | 5.054 | 04/27/45 | 376,645 | ||||||||||||||
| 2,375,000 | Hewlett Packard Enterprise Co | 3.600 | 10/15/20 | 2,405,559 | ||||||||||||||
| 500,000 | Hewlett Packard Enterprise Co | 3.500 | 10/05/21 | 512,583 | ||||||||||||||
| 1,000,000 | Hewlett Packard Enterprise Co | 2.250 | 04/01/23 | 997,078 | ||||||||||||||
| 3,000,000 | Hewlett Packard Enterprise Co | 4.900 | 10/15/25 | 3,328,582 | ||||||||||||||
| 225,000 | Hewlett Packard Enterprise Co | 6.200 | 10/15/35 | 267,058 | ||||||||||||||
| 775,000 | Hewlett Packard Enterprise Co | 6.350 | 10/15/45 | 905,845 | ||||||||||||||
| 913,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 927,960 | ||||||||||||||
| 500,000 | Hewlett-Packard Co | 4.650 | 12/09/21 | 529,026 | ||||||||||||||
| 200,000 | Hewlett-Packard Co | 4.050 | 09/15/22 | 210,937 | ||||||||||||||
| 975,000 | Hewlett-Packard Co | 6.000 | 09/15/41 | 1,118,194 | ||||||||||||||
| 1,000,000 | Jabil, Inc | 4.700 | 09/15/22 | 1,057,060 | ||||||||||||||
| 100,000 | Jabil, Inc | 3.950 | 01/12/28 | 100,985 | ||||||||||||||
| 124 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 755,000 | Koninklijke Philips Electronics NV | 5.000 | % | 03/15/42 | $ | 920,556 | |||||||||||
| 300,000 | g | L3Harris Technologies, Inc | 4.950 | 02/15/21 | 308,231 | |||||||||||||
| 475,000 | g | L3Harris Technologies, Inc | 3.850 | 06/15/23 | 500,380 | |||||||||||||
| 52,000 | g | L3Harris Technologies, Inc | 3.950 | 05/28/24 | 55,187 | |||||||||||||
| 600,000 | g | L3Harris Technologies, Inc | 3.850 | 12/15/26 | 645,747 | |||||||||||||
| 625,000 | g | L3Harris Technologies, Inc | 4.400 | 06/15/28 | 700,649 | |||||||||||||
| 1,040,000 | Motorola Solutions, Inc | 3.750 | 05/15/22 | 1,078,829 | ||||||||||||||
| 250,000 | Motorola Solutions, Inc | 3.500 | 03/01/23 | 257,761 | ||||||||||||||
| 200,000 | Motorola Solutions, Inc | 4.000 | 09/01/24 | 210,945 | ||||||||||||||
| 450,000 | Motorola Solutions, Inc | 4.600 | 02/23/28 | 485,958 | ||||||||||||||
| 500,000 | Motorola Solutions, Inc | 4.600 | 05/23/29 | 545,008 | ||||||||||||||
| 200,000 | Motorola Solutions, Inc | 5.500 | 09/01/44 | 213,251 | ||||||||||||||
| 200,000 | NetApp, Inc | 3.375 | 06/15/21 | 203,541 | ||||||||||||||
| 200,000 | NetApp, Inc | 3.300 | 09/29/24 | 204,377 | ||||||||||||||
| 925,000 | QUALCOMM, Inc | 3.000 | 05/20/22 | 948,271 | ||||||||||||||
| 350,000 | QUALCOMM, Inc | 2.600 | 01/30/23 | 355,704 | ||||||||||||||
| 1,225,000 | QUALCOMM, Inc | 2.900 | 05/20/24 | 1,258,019 | ||||||||||||||
| 925,000 | QUALCOMM, Inc | 3.450 | 05/20/25 | 977,848 | ||||||||||||||
| 2,800,000 | QUALCOMM, Inc | 3.250 | 05/20/27 | 2,928,909 | ||||||||||||||
| 750,000 | QUALCOMM, Inc | 4.650 | 05/20/35 | 883,961 | ||||||||||||||
| 650,000 | QUALCOMM, Inc | 4.800 | 05/20/45 | 776,567 | ||||||||||||||
| 1,125,000 | QUALCOMM, Inc | 4.300 | 05/20/47 | 1,258,549 | ||||||||||||||
| 175,000 | Seagate HDD Cayman | 4.250 | 03/01/22 | 180,280 | ||||||||||||||
| 350,000 | Seagate HDD Cayman | 4.750 | 06/01/23 | 366,125 | ||||||||||||||
| 1,675,000 | Seagate HDD Cayman | 4.750 | 01/01/25 | 1,736,343 | ||||||||||||||
| 200,000 | Seagate HDD Cayman | 4.875 | 06/01/27 | 206,522 | ||||||||||||||
| 200,000 | Seagate HDD Cayman | 5.750 | 12/01/34 | 203,629 | ||||||||||||||
| 350,000 | Tech Data Corp | 3.700 | 02/15/22 | 357,859 | ||||||||||||||
| 350,000 | Tech Data Corp | 4.950 | 02/15/27 | 375,719 | ||||||||||||||
| 250,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 257,141 | ||||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 3.450 | 08/01/24 | 208,872 | ||||||||||||||
| 100,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 105,648 | ||||||||||||||
| 1,150,000 | Tyco Electronics Group S.A. | 3.125 | 08/15/27 | 1,183,477 | ||||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 133,460,765 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 1.2% | ||||||||||||||||||
| 500,000 | Alibaba Group Holding Ltd | 3.125 | 11/28/21 | 507,817 | ||||||||||||||
| 1,200,000 | Alibaba Group Holding Ltd | 2.800 | 06/06/23 | 1,217,837 | ||||||||||||||
| 1,250,000 | Alibaba Group Holding Ltd | 3.600 | 11/28/24 | 1,315,215 | ||||||||||||||
| 2,325,000 | Alibaba Group Holding Ltd | 3.400 | 12/06/27 | 2,415,061 | ||||||||||||||
| 500,000 | Alibaba Group Holding Ltd | 4.500 | 11/28/34 | 574,431 | ||||||||||||||
| 750,000 | Alibaba Group Holding Ltd | 4.000 | 12/06/37 | 817,880 | ||||||||||||||
| 1,500,000 | Alibaba Group Holding Ltd | 4.200 | 12/06/47 | 1,701,700 | ||||||||||||||
| 750,000 | Alibaba Group Holding Ltd | 4.400 | 12/06/57 | 875,667 | ||||||||||||||
| 493,000 | America Movil SAB de C.V. | 5.000 | 03/30/20 | 499,367 | ||||||||||||||
| 950,000 | America Movil SAB de C.V. | 3.125 | 07/16/22 | 972,020 | ||||||||||||||
| 1,000,000 | America Movil SAB de C.V. | 3.625 | 04/22/29 | 1,063,020 | ||||||||||||||
| 440,000 | America Movil SAB de C.V. | 6.125 | 03/30/40 | 596,851 | ||||||||||||||
| 1,625,000 | America Movil SAB de C.V. | 4.375 | 07/16/42 | 1,850,050 | ||||||||||||||
| 1,500,000 | America Movil SAB de C.V. | 4.375 | 04/22/49 | 1,730,760 | ||||||||||||||
| 750,000 | American Tower Corp | 3.700 | 10/15/49 | 747,833 | ||||||||||||||
| 675,000 | AT&T, Inc | 3.000 | 02/15/22 | 688,817 | ||||||||||||||
| 1,075,000 | AT&T, Inc | 3.200 | 03/01/22 | 1,101,252 | ||||||||||||||
| 125 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 650,000 | AT&T, Inc | 3.800 | % | 03/15/22 | $ | 674,779 | |||||||||||
| 1,400,000 | AT&T, Inc | 3.400 | 06/15/22 | 1,443,193 | ||||||||||||||
| 625,000 | AT&T, Inc | 3.000 | 06/30/22 | 638,248 | ||||||||||||||
| 575,000 | AT&T, Inc | 2.625 | 12/01/22 | 581,285 | ||||||||||||||
| 800,000 | AT&T, Inc | 3.600 | 02/17/23 | 834,347 | ||||||||||||||
| 650,000 | AT&T, Inc | 4.050 | 12/15/23 | 695,047 | ||||||||||||||
| 1,075,000 | AT&T, Inc | 3.800 | 03/01/24 | 1,136,895 | ||||||||||||||
| 450,000 | AT&T, Inc | 3.900 | 03/11/24 | 477,218 | ||||||||||||||
| 1,675,000 | AT&T, Inc | 4.450 | 04/01/24 | 1,811,989 | ||||||||||||||
| 500,000 | AT&T, Inc | 3.550 | 06/01/24 | 522,951 | ||||||||||||||
| 625,000 | AT&T, Inc | 3.950 | 01/15/25 | 667,575 | ||||||||||||||
| 2,825,000 | AT&T, Inc | 3.400 | 05/15/25 | 2,949,790 | ||||||||||||||
| 225,000 | AT&T, Inc | 3.600 | 07/15/25 | 236,939 | ||||||||||||||
| 500,000 | AT&T, Inc | 3.875 | 01/15/26 | 530,435 | ||||||||||||||
| 2,050,000 | AT&T, Inc | 4.125 | 02/17/26 | 2,214,135 | ||||||||||||||
| 750,000 | AT&T, Inc | 2.950 | 07/15/26 | 760,733 | ||||||||||||||
| 2,175,000 | AT&T, Inc | 3.800 | 02/15/27 | 2,304,678 | ||||||||||||||
| 2,075,000 | AT&T, Inc | 4.250 | 03/01/27 | 2,258,053 | ||||||||||||||
| 5,255,000 | AT&T, Inc | 4.100 | 02/15/28 | 5,690,665 | ||||||||||||||
| 4,375,000 | AT&T, Inc | 4.350 | 03/01/29 | 4,834,958 | ||||||||||||||
| 9,175,000 | AT&T, Inc | 4.300 | 02/15/30 | 10,097,578 | ||||||||||||||
| 1,825,000 | AT&T, Inc | 4.500 | 05/15/35 | 2,003,275 | ||||||||||||||
| 1,925,000 | AT&T, Inc | 5.250 | 03/01/37 | 2,266,562 | ||||||||||||||
| 1,500,000 | AT&T, Inc | 4.900 | 08/15/37 | 1,704,343 | ||||||||||||||
| 3,275,000 | AT&T, Inc | 4.850 | 03/01/39 | 3,712,248 | ||||||||||||||
| 150,000 | AT&T, Inc | 6.000 | 08/15/40 | 186,828 | ||||||||||||||
| 175,000 | AT&T, Inc | 5.350 | 09/01/40 | 205,155 | ||||||||||||||
| 550,000 | AT&T, Inc | 5.150 | 03/15/42 | 632,629 | ||||||||||||||
| 900,000 | AT&T, Inc | 4.900 | 06/15/42 | 1,002,833 | ||||||||||||||
| 2,591,000 | AT&T, Inc | 4.300 | 12/15/42 | 2,705,372 | ||||||||||||||
| 200,000 | AT&T, Inc | 5.350 | 12/15/43 | 235,334 | ||||||||||||||
| 300,000 | AT&T, Inc | 4.650 | 06/01/44 | 323,734 | ||||||||||||||
| 1,550,000 | AT&T, Inc | 4.800 | 06/15/44 | 1,718,943 | ||||||||||||||
| 3,079,000 | AT&T, Inc | 4.350 | 06/15/45 | 3,248,309 | ||||||||||||||
| 1,700,000 | AT&T, Inc | 4.850 | 07/15/45 | 1,897,920 | ||||||||||||||
| 350,000 | AT&T, Inc | 4.750 | 05/15/46 | 388,381 | ||||||||||||||
| 175,000 | AT&T, Inc | 5.150 | 11/15/46 | 203,001 | ||||||||||||||
| 2,100,000 | AT&T, Inc | 5.450 | 03/01/47 | 2,537,140 | ||||||||||||||
| 2,125,000 | AT&T, Inc | 4.500 | 03/09/48 | 2,284,302 | ||||||||||||||
| 1,250,000 | AT&T, Inc | 5.150 | 02/15/50 | 1,463,330 | ||||||||||||||
| 2,750,000 | AT&T, Inc | 5.300 | 08/15/58 | 3,217,890 | ||||||||||||||
| 750,000 | Bell Canada, Inc | 4.464 | 04/01/48 | 878,977 | ||||||||||||||
| 750,000 | Bell Canada, Inc | 4.300 | 07/29/49 | 863,498 | ||||||||||||||
| 750,000 | British Telecommunications plc | 4.500 | 12/04/23 | 806,676 | ||||||||||||||
| 750,000 | British Telecommunications plc | 5.125 | 12/04/28 | 857,982 | ||||||||||||||
| 1,425,000 | British Telecommunications plc | 9.625 | 12/15/30 | 2,173,142 | ||||||||||||||
| 2,690,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 3,972,707 | ||||||||||||||
| 575,000 | Global Payments, Inc | 2.650 | 02/15/25 | 577,445 | ||||||||||||||
| 475,000 | Global Payments, Inc | 3.200 | 08/15/29 | 481,116 | ||||||||||||||
| 750,000 | Global Payments, Inc | 4.150 | 08/15/49 | 786,408 | ||||||||||||||
| 750,000 | Koninklijke KPN NV | 8.375 | 10/01/30 | 1,025,700 | ||||||||||||||
| 2,000,000 | Orange S.A. | 4.125 | 09/14/21 | 2,079,972 | ||||||||||||||
| 126 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 745,000 | Orange S.A. | 9.000 | % | 03/01/31 | $ | 1,162,014 | |||||||||||
| 900,000 | Orange S.A. | 5.375 | 01/13/42 | 1,155,822 | ||||||||||||||
| 725,000 | Orange S.A. | 5.500 | 02/06/44 | 962,150 | ||||||||||||||
| 200,000 | Rogers Communications, Inc | 4.100 | 10/01/23 | 213,289 | ||||||||||||||
| 1,713,000 | Rogers Communications, Inc | 3.625 | 12/15/25 | 1,822,140 | ||||||||||||||
| 200,000 | Rogers Communications, Inc | 2.900 | 11/15/26 | 204,667 | ||||||||||||||
| 125,000 | Rogers Communications, Inc | 4.500 | 03/15/43 | 142,598 | ||||||||||||||
| 300,000 | Rogers Communications, Inc | 5.450 | 10/01/43 | 385,424 | ||||||||||||||
| 600,000 | Rogers Communications, Inc | 5.000 | 03/15/44 | 735,973 | ||||||||||||||
| 150,000 | Rogers Communications, Inc | 4.300 | 02/15/48 | 171,645 | ||||||||||||||
| 1,500,000 | Rogers Communications, Inc | 4.350 | 05/01/49 | 1,726,199 | ||||||||||||||
| 2,020,000 | Telefonica Emisiones SAU | 5.134 | 04/27/20 | 2,052,314 | ||||||||||||||
| 225,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 242,535 | ||||||||||||||
| 1,500,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 1,637,552 | ||||||||||||||
| 625,000 | Telefonica Emisiones SAU | 7.045 | 06/20/36 | 865,589 | ||||||||||||||
| 1,200,000 | Telefonica Emisiones SAU | 4.665 | 03/06/38 | 1,320,472 | ||||||||||||||
| 2,125,000 | Telefonica Emisiones SAU | 5.213 | 03/08/47 | 2,475,418 | ||||||||||||||
| 1,175,000 | Telefonica Emisiones SAU | 4.895 | 03/06/48 | 1,313,606 | ||||||||||||||
| 500,000 | Telefonica Emisiones SAU | 5.520 | 03/01/49 | 609,378 | ||||||||||||||
| 567,000 | Telefonica Europe BV | 8.250 | 09/15/30 | 826,452 | ||||||||||||||
| 325,000 | TELUS Corp | 2.800 | 02/16/27 | 328,721 | ||||||||||||||
| 300,000 | TELUS Corp | 3.700 | 09/15/27 | 320,616 | ||||||||||||||
| 500,000 | TELUS Corp | 4.600 | 11/16/48 | 588,864 | ||||||||||||||
| 750,000 | TELUS Corp | 4.300 | 06/15/49 | 852,825 | ||||||||||||||
| 475,000 | Verizon Communications, Inc | 2.946 | 03/15/22 | 486,386 | ||||||||||||||
| 350,000 | Verizon Communications, Inc | 5.150 | 09/15/23 | 391,440 | ||||||||||||||
| 575,000 | Verizon Communications, Inc | 3.500 | 11/01/24 | 608,092 | ||||||||||||||
| 1,342,000 | Verizon Communications, Inc | 3.376 | 02/15/25 | 1,417,387 | ||||||||||||||
| 700,000 | Verizon Communications, Inc | 2.625 | 08/15/26 | 709,085 | ||||||||||||||
| 3,500,000 | Verizon Communications, Inc | 4.125 | 03/16/27 | 3,862,899 | ||||||||||||||
| 6,641,000 | Verizon Communications, Inc | 4.329 | 09/21/28 | 7,532,988 | ||||||||||||||
| 350,000 | Verizon Communications, Inc | 3.875 | 02/08/29 | 384,384 | ||||||||||||||
| 9,005,000 | Verizon Communications, Inc | 4.016 | 12/03/29 | 10,011,777 | ||||||||||||||
| 1,975,000 | Verizon Communications, Inc | 4.500 | 08/10/33 | 2,298,246 | ||||||||||||||
| 3,250,000 | Verizon Communications, Inc | 4.400 | 11/01/34 | 3,704,654 | ||||||||||||||
| 3,775,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 4,251,578 | ||||||||||||||
| 325,000 | Verizon Communications, Inc | 5.250 | 03/16/37 | 403,934 | ||||||||||||||
| 625,000 | Verizon Communications, Inc | 4.862 | 08/21/46 | 764,196 | ||||||||||||||
| 750,000 | Verizon Communications, Inc | 5.500 | 03/16/47 | 990,499 | ||||||||||||||
| 475,000 | Verizon Communications, Inc | 4.522 | 09/15/48 | 560,922 | ||||||||||||||
| 11,875,000 | Verizon Communications, Inc | 5.012 | 04/15/49 | 14,919,228 | ||||||||||||||
| 222,000 | Verizon Communications, Inc | 4.672 | 03/15/55 | 266,169 | ||||||||||||||
| 1,275,000 | Vodafone Group plc | 3.750 | 01/16/24 | 1,344,299 | ||||||||||||||
| 4,000,000 | Vodafone Group plc | 4.125 | 05/30/25 | 4,326,064 | ||||||||||||||
| 4,425,000 | Vodafone Group plc | 4.375 | 05/30/28 | 4,888,141 | ||||||||||||||
| 425,000 | Vodafone Group plc | 6.150 | 02/27/37 | 539,250 | ||||||||||||||
| 925,000 | Vodafone Group plc | 5.000 | 05/30/38 | 1,055,090 | ||||||||||||||
| 1,900,000 | Vodafone Group plc | 4.375 | 02/19/43 | 1,963,954 | ||||||||||||||
| 1,450,000 | Vodafone Group plc | 5.250 | 05/30/48 | 1,680,899 | ||||||||||||||
| 1,000,000 | Vodafone Group plc | 4.875 | 06/19/49 | 1,114,185 | ||||||||||||||
| 1,000,000 | Vodafone Group plc | 4.250 | 09/17/50 | 1,019,300 | ||||||||||||||
| 500,000 | Vodafone Group plc | 5.125 | 06/19/59 | 573,024 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 200,662,554 | |||||||||||||||||
| 127 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| TRANSPORTATION - 0.7% | ||||||||||||||||||
| $ | 740,007 | American Airlines, Inc | 3.000 | % | 10/15/28 | $ | 753,663 | |||||||||||
| 1,300,000 | Boeing Co | 1.650 | 10/30/20 | 1,293,289 | ||||||||||||||
| 275,000 | Boeing Co | 2.300 | 08/01/21 | 276,186 | ||||||||||||||
| 300,000 | Boeing Co | 2.700 | 05/01/22 | 305,888 | ||||||||||||||
| 750,000 | Boeing Co | 2.800 | 03/01/23 | 767,904 | ||||||||||||||
| 300,000 | Boeing Co | 2.800 | 03/01/24 | 308,103 | ||||||||||||||
| 400,000 | Boeing Co | 2.600 | 10/30/25 | 406,601 | ||||||||||||||
| 300,000 | Boeing Co | 3.100 | 05/01/26 | 314,770 | ||||||||||||||
| 200,000 | Boeing Co | 2.250 | 06/15/26 | 199,539 | ||||||||||||||
| 500,000 | Boeing Co | 2.700 | 02/01/27 | 510,782 | ||||||||||||||
| 250,000 | Boeing Co | 2.800 | 03/01/27 | 255,623 | ||||||||||||||
| 500,000 | Boeing Co | 3.250 | 03/01/28 | 525,684 | ||||||||||||||
| 125,000 | Boeing Co | 3.450 | 11/01/28 | 134,034 | ||||||||||||||
| 600,000 | Boeing Co | 3.200 | 03/01/29 | 630,052 | ||||||||||||||
| 750,000 | Boeing Co | 2.950 | 02/01/30 | 772,567 | ||||||||||||||
| 300,000 | Boeing Co | 3.600 | 05/01/34 | 325,472 | ||||||||||||||
| 425,000 | Boeing Co | 3.250 | 02/01/35 | 442,612 | ||||||||||||||
| 500,000 | Boeing Co | 3.550 | 03/01/38 | 527,740 | ||||||||||||||
| 600,000 | Boeing Co | 3.500 | 03/01/39 | 633,198 | ||||||||||||||
| 350,000 | Boeing Co | 5.875 | 02/15/40 | 476,532 | ||||||||||||||
| 300,000 | Boeing Co | 3.375 | 06/15/46 | 301,143 | ||||||||||||||
| 250,000 | Boeing Co | 3.650 | 03/01/47 | 264,431 | ||||||||||||||
| 100,000 | Boeing Co | 3.625 | 03/01/48 | 104,949 | ||||||||||||||
| 100,000 | Boeing Co | 3.850 | 11/01/48 | 108,937 | ||||||||||||||
| 3,650,000 | Boeing Co | 3.900 | 05/01/49 | 4,028,207 | ||||||||||||||
| 750,000 | Boeing Co | 3.750 | 02/01/50 | 811,914 | ||||||||||||||
| 125,000 | Boeing Co | 3.825 | 03/01/59 | 133,684 | ||||||||||||||
| 750,000 | Boeing Co | 3.950 | 08/01/59 | 826,515 | ||||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 3.050 | 03/15/22 | 307,103 | ||||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 3.050 | 09/01/22 | 154,198 | ||||||||||||||
| 1,100,000 | Burlington Northern Santa Fe LLC | 3.850 | 09/01/23 | 1,166,996 | ||||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 3.750 | 04/01/24 | 533,431 | ||||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 158,992 | ||||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 3.000 | 04/01/25 | 313,898 | ||||||||||||||
| 700,000 | Burlington Northern Santa Fe LLC | 3.650 | 09/01/25 | 758,161 | ||||||||||||||
| 2,550,000 | Burlington Northern Santa Fe LLC | 3.250 | 06/15/27 | 2,719,952 | ||||||||||||||
| 660,000 | Burlington Northern Santa Fe LLC | 5.750 | 05/01/40 | 888,366 | ||||||||||||||
| 250,000 | Burlington Northern Santa Fe LLC | 5.050 | 03/01/41 | 312,857 | ||||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.400 | 03/15/42 | 233,841 | ||||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 4.450 | 03/15/43 | 356,516 | ||||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 5.150 | 09/01/43 | 640,304 | ||||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.900 | 04/01/44 | 627,459 | ||||||||||||||
| 600,000 | Burlington Northern Santa Fe LLC | 4.550 | 09/01/44 | 720,757 | ||||||||||||||
| 1,275,000 | Burlington Northern Santa Fe LLC | 4.150 | 04/01/45 | 1,467,801 | ||||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.700 | 09/01/45 | 246,428 | ||||||||||||||
| 1,150,000 | Burlington Northern Santa Fe LLC | 3.900 | 08/01/46 | 1,288,155 | ||||||||||||||
| 400,000 | Burlington Northern Santa Fe LLC | 4.125 | 06/15/47 | 461,764 | ||||||||||||||
| 1,175,000 | Burlington Northern Santa Fe LLC | 4.050 | 06/15/48 | 1,348,867 | ||||||||||||||
| 1,025,000 | Burlington Northern Santa Fe LLC | 4.150 | 12/15/48 | 1,198,561 | ||||||||||||||
| 750,000 | Burlington Northern Santa Fe LLC | 3.550 | 02/15/50 | 795,898 | ||||||||||||||
| 128 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 100,000 | Canadian National Railway Co | 2.850 | % | 12/15/21 | $ | 101,516 | |||||||||||
| 300,000 | Canadian National Railway Co | 2.250 | 11/15/22 | 301,300 | ||||||||||||||
| 200,000 | Canadian National Railway Co | 2.950 | 11/21/24 | 206,779 | ||||||||||||||
| 200,000 | Canadian National Railway Co | 6.900 | 07/15/28 | 267,125 | ||||||||||||||
| 200,000 | Canadian National Railway Co | 6.250 | 08/01/34 | 279,364 | ||||||||||||||
| 250,000 | Canadian National Railway Co | 3.500 | 11/15/42 | 259,443 | ||||||||||||||
| 100,000 | Canadian National Railway Co | 4.500 | 11/07/43 | 119,336 | ||||||||||||||
| 650,000 | Canadian National Railway Co | 3.200 | 08/02/46 | 675,860 | ||||||||||||||
| 725,000 | Canadian National Railway Co | 3.650 | 02/03/48 | 807,856 | ||||||||||||||
| 325,000 | Canadian National Railway Co | 4.450 | 01/20/49 | 410,876 | ||||||||||||||
| 1,800,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 1,848,680 | ||||||||||||||
| 300,000 | Canadian Pacific Railway Co | 4.000 | 06/01/28 | 335,276 | ||||||||||||||
| 200,000 | Canadian Pacific Railway Co | 7.125 | 10/15/31 | 282,829 | ||||||||||||||
| 250,000 | Canadian Pacific Railway Co | 5.950 | 05/15/37 | 336,638 | ||||||||||||||
| 775,000 | Canadian Pacific Railway Co | 6.125 | 09/15/15 | 1,159,609 | ||||||||||||||
| 200,000 | Carnival Corp | 3.950 | 10/15/20 | 203,561 | ||||||||||||||
| 400,000 | CH Robinson Worldwide, Inc | 4.200 | 04/15/28 | 441,570 | ||||||||||||||
| 203,387 | Continental Airlines, Inc | 4.750 | 01/12/21 | 208,837 | ||||||||||||||
| 22,661 | Continental Airlines, Inc | 5.983 | 04/19/22 | 23,914 | ||||||||||||||
| 352,344 | Continental Airlines, Inc | 4.150 | 04/11/24 | 371,053 | ||||||||||||||
| 144,711 | Continental Airlines, Inc | 4.000 | 10/29/24 | 152,323 | ||||||||||||||
| 125,000 | CSX Corp | 3.700 | 11/01/23 | 132,199 | ||||||||||||||
| 300,000 | CSX Corp | 3.400 | 08/01/24 | 315,889 | ||||||||||||||
| 200,000 | CSX Corp | 3.350 | 11/01/25 | 210,805 | ||||||||||||||
| 1,200,000 | CSX Corp | 2.600 | 11/01/26 | 1,217,413 | ||||||||||||||
| 1,150,000 | CSX Corp | 3.250 | 06/01/27 | 1,207,744 | ||||||||||||||
| 1,000,000 | CSX Corp | 3.800 | 03/01/28 | 1,089,808 | ||||||||||||||
| 825,000 | CSX Corp | 4.250 | 03/15/29 | 931,957 | ||||||||||||||
| 600,000 | CSX Corp | 2.400 | 02/15/30 | 586,383 | ||||||||||||||
| 100,000 | CSX Corp | 6.000 | 10/01/36 | 129,082 | ||||||||||||||
| 200,000 | CSX Corp | 6.150 | 05/01/37 | 263,147 | ||||||||||||||
| 400,000 | CSX Corp | 5.500 | 04/15/41 | 505,201 | ||||||||||||||
| 350,000 | CSX Corp | 4.400 | 03/01/43 | 395,229 | ||||||||||||||
| 600,000 | CSX Corp | 4.100 | 03/15/44 | 653,357 | ||||||||||||||
| 800,000 | CSX Corp | 3.800 | 11/01/46 | 839,938 | ||||||||||||||
| 1,050,000 | CSX Corp | 4.300 | 03/01/48 | 1,179,350 | ||||||||||||||
| 150,000 | CSX Corp | 4.750 | 11/15/48 | 180,981 | ||||||||||||||
| 500,000 | CSX Corp | 4.500 | 03/15/49 | 579,950 | ||||||||||||||
| 600,000 | CSX Corp | 3.350 | 09/15/49 | 586,604 | ||||||||||||||
| 200,000 | CSX Corp | 3.950 | 05/01/50 | 214,231 | ||||||||||||||
| 300,000 | CSX Corp | 4.500 | 08/01/54 | 346,163 | ||||||||||||||
| 150,000 | CSX Corp | 4.250 | 11/01/66 | 159,233 | ||||||||||||||
| 300,000 | CSX Corp | 4.650 | 03/01/68 | 345,026 | ||||||||||||||
| 150,000 | Delta Air Lines, Inc | 2.875 | 03/13/20 | 150,321 | ||||||||||||||
| 76,684 | Delta Air Lines, Inc | 4.750 | 05/07/20 | 77,627 | ||||||||||||||
| 125,000 | Delta Air Lines, Inc | 2.600 | 12/04/20 | 125,219 | ||||||||||||||
| 225,000 | Delta Air Lines, Inc | 3.400 | 04/19/21 | 228,136 | ||||||||||||||
| 950,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 975,909 | ||||||||||||||
| 450,000 | Delta Air Lines, Inc | 3.800 | 04/19/23 | 466,703 | ||||||||||||||
| 103,348 | Delta Air Lines, Inc | 3.625 | 07/30/27 | 110,094 | ||||||||||||||
| 425,000 | Delta Air Lines, Inc | 4.375 | 04/19/28 | 453,413 | ||||||||||||||
| 175,000 | FedEx Corp | 3.400 | 01/14/22 | 179,436 | ||||||||||||||
| 300,000 | FedEx Corp | 4.000 | 01/15/24 | 319,695 | ||||||||||||||
| 129 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 100,000 | FedEx Corp | 3.200 | % | 02/01/25 | $ | 103,295 | |||||||||||
| 500,000 | FedEx Corp | 3.250 | 04/01/26 | 515,807 | ||||||||||||||
| 400,000 | FedEx Corp | 3.300 | 03/15/27 | 409,982 | ||||||||||||||
| 1,250,000 | FedEx Corp | 3.400 | 02/15/28 | 1,288,236 | ||||||||||||||
| 500,000 | FedEx Corp | 4.200 | 10/17/28 | 542,777 | ||||||||||||||
| 2,000,000 | FedEx Corp | 3.100 | 08/05/29 | 1,988,166 | ||||||||||||||
| 1,000,000 | FedEx Corp | 4.900 | 01/15/34 | 1,150,236 | ||||||||||||||
| 200,000 | FedEx Corp | 3.900 | 02/01/35 | 205,151 | ||||||||||||||
| 275,000 | FedEx Corp | 5.100 | 01/15/44 | 308,297 | ||||||||||||||
| 1,100,000 | FedEx Corp | 4.750 | 11/15/45 | 1,181,355 | ||||||||||||||
| 600,000 | FedEx Corp | 4.550 | 04/01/46 | 629,736 | ||||||||||||||
| 450,000 | FedEx Corp | 4.400 | 01/15/47 | 461,289 | ||||||||||||||
| 900,000 | FedEx Corp | 4.050 | 02/15/48 | 884,703 | ||||||||||||||
| 500,000 | FedEx Corp | 4.950 | 10/17/48 | 554,951 | ||||||||||||||
| 200,000 | FedEx Corp | 4.500 | 02/01/65 | 188,490 | ||||||||||||||
| 200,000 | GATX Corp | 4.350 | 02/15/24 | 213,939 | ||||||||||||||
| 500,000 | GATX Corp | 3.250 | 09/15/26 | 508,603 | ||||||||||||||
| 200,000 | GATX Corp | 3.500 | 03/15/28 | 205,890 | ||||||||||||||
| 200,000 | GATX Corp | 4.550 | 11/07/28 | 220,799 | ||||||||||||||
| 425,000 | GATX Corp | 4.700 | 04/01/29 | 478,854 | ||||||||||||||
| 225,000 | GATX Corp | 5.200 | 03/15/44 | 268,905 | ||||||||||||||
| 200,000 | JB Hunt Transport Services, Inc | 3.300 | 08/15/22 | 204,559 | ||||||||||||||
| 500,000 | JB Hunt Transport Services, Inc | 3.875 | 03/01/26 | 530,172 | ||||||||||||||
| 100,000 | Kansas City Southern | 3.000 | 05/15/23 | 102,391 | ||||||||||||||
| 100,000 | Kansas City Southern | 3.125 | 06/01/26 | 102,057 | ||||||||||||||
| 100,000 | Kansas City Southern | 4.300 | 05/15/43 | 109,062 | ||||||||||||||
| 175,000 | Kansas City Southern | 4.950 | 08/15/45 | 210,386 | ||||||||||||||
| 800,000 | Kansas City Southern | 4.700 | 05/01/48 | 956,088 | ||||||||||||||
| 350,000 | Kirby Corp | 4.200 | 03/01/28 | 374,124 | ||||||||||||||
| 100,000 | Norfolk Southern Corp | 3.250 | 12/01/21 | 102,078 | ||||||||||||||
| 250,000 | Norfolk Southern Corp | 3.000 | 04/01/22 | 255,064 | ||||||||||||||
| 1,291,000 | Norfolk Southern Corp | 2.903 | 02/15/23 | 1,318,211 | ||||||||||||||
| 500,000 | Norfolk Southern Corp | 3.650 | 08/01/25 | 534,485 | ||||||||||||||
| 350,000 | Norfolk Southern Corp | 2.900 | 06/15/26 | 361,088 | ||||||||||||||
| 300,000 | Norfolk Southern Corp | 3.150 | 06/01/27 | 314,349 | ||||||||||||||
| 700,000 | Norfolk Southern Corp | 3.800 | 08/01/28 | 774,799 | ||||||||||||||
| 16,000 | Norfolk Southern Corp | 4.837 | 10/01/41 | 19,258 | ||||||||||||||
| 300,000 | Norfolk Southern Corp | 4.450 | 06/15/45 | 346,434 | ||||||||||||||
| 200,000 | Norfolk Southern Corp | 4.650 | 01/15/46 | 238,298 | ||||||||||||||
| 303,000 | Norfolk Southern Corp | 3.942 | 11/01/47 | 330,291 | ||||||||||||||
| 1,450,000 | Norfolk Southern Corp | 4.150 | 02/28/48 | 1,640,286 | ||||||||||||||
| 500,000 | Norfolk Southern Corp | 4.100 | 05/15/49 | 561,505 | ||||||||||||||
| 175,000 | Norfolk Southern Corp | 4.050 | 08/15/52 | 193,427 | ||||||||||||||
| 850,000 | Norfolk Southern Corp | 5.100 | 08/01/18 | 1,041,974 | ||||||||||||||
| 500,000 | Royal Caribbean Cruises Ltd | 2.650 | 11/28/20 | 502,005 | ||||||||||||||
| 700,000 | Royal Caribbean Cruises Ltd | 3.700 | 03/15/28 | 717,566 | ||||||||||||||
| 500,000 | Ryder System, Inc | 3.500 | 06/01/21 | 510,816 | ||||||||||||||
| 500,000 | Ryder System, Inc | 2.875 | 06/01/22 | 508,229 | ||||||||||||||
| 500,000 | Ryder System, Inc | 2.500 | 09/01/22 | 503,550 | ||||||||||||||
| 200,000 | Ryder System, Inc | 3.400 | 03/01/23 | 206,637 | ||||||||||||||
| 200,000 | Ryder System, Inc | 3.750 | 06/09/23 | 209,844 | ||||||||||||||
| 200,000 | Ryder System, Inc | 3.875 | 12/01/23 | 211,867 | ||||||||||||||
| 130 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 550,000 | Ryder System, Inc | 3.650 | % | 03/18/24 | $ | 578,472 | |||||||||||
| 500,000 | Ryder System, Inc | 2.500 | 09/01/24 | 501,856 | ||||||||||||||
| 400,000 | Southwest Airlines Co | 2.650 | 11/05/20 | 402,152 | ||||||||||||||
| 200,000 | Southwest Airlines Co | 2.750 | 11/16/22 | 202,739 | ||||||||||||||
| 200,000 | Southwest Airlines Co | 3.000 | 11/15/26 | 205,302 | ||||||||||||||
| 200,000 | Southwest Airlines Co | 3.450 | 11/16/27 | 208,800 | ||||||||||||||
| 79,808 | Spirit Airlines, Inc | 4.100 | 04/01/28 | 83,998 | ||||||||||||||
| 300,000 | Union Pacific Corp | 3.200 | 06/08/21 | 305,192 | ||||||||||||||
| 300,000 | Union Pacific Corp | 2.950 | 03/01/22 | 307,008 | ||||||||||||||
| 506,000 | Union Pacific Corp | 4.163 | 07/15/22 | 532,588 | ||||||||||||||
| 500,000 | Union Pacific Corp | 2.950 | 01/15/23 | 512,128 | ||||||||||||||
| 300,000 | Union Pacific Corp | 3.500 | 06/08/23 | 314,130 | ||||||||||||||
| 277,000 | Union Pacific Corp | 3.646 | 02/15/24 | 293,086 | ||||||||||||||
| 300,000 | Union Pacific Corp | 3.150 | 03/01/24 | 311,570 | ||||||||||||||
| 200,000 | Union Pacific Corp | 3.750 | 03/15/24 | 212,082 | ||||||||||||||
| 200,000 | Union Pacific Corp | 3.250 | 01/15/25 | 208,484 | ||||||||||||||
| 500,000 | Union Pacific Corp | 3.750 | 07/15/25 | 538,572 | ||||||||||||||
| 200,000 | Union Pacific Corp | 3.250 | 08/15/25 | 208,729 | ||||||||||||||
| 300,000 | Union Pacific Corp | 2.750 | 03/01/26 | 304,791 | ||||||||||||||
| 1,000,000 | Union Pacific Corp | 3.000 | 04/15/27 | 1,039,329 | ||||||||||||||
| 1,825,000 | Union Pacific Corp | 3.950 | 09/10/28 | 2,014,894 | ||||||||||||||
| 700,000 | Union Pacific Corp | 3.700 | 03/01/29 | 763,085 | ||||||||||||||
| 100,000 | Union Pacific Corp | 3.375 | 02/01/35 | 103,521 | ||||||||||||||
| 100,000 | Union Pacific Corp | 3.600 | 09/15/37 | 105,721 | ||||||||||||||
| 925,000 | Union Pacific Corp | 4.375 | 09/10/38 | 1,067,629 | ||||||||||||||
| 500,000 | Union Pacific Corp | 3.550 | 08/15/39 | 523,776 | ||||||||||||||
| 100,000 | Union Pacific Corp | 4.300 | 06/15/42 | 112,030 | ||||||||||||||
| 150,000 | Union Pacific Corp | 4.250 | 04/15/43 | 168,025 | ||||||||||||||
| 200,000 | Union Pacific Corp | 4.050 | 11/15/45 | 220,668 | ||||||||||||||
| 200,000 | Union Pacific Corp | 3.350 | 08/15/46 | 197,381 | ||||||||||||||
| 300,000 | Union Pacific Corp | 4.000 | 04/15/47 | 335,394 | ||||||||||||||
| 1,425,000 | Union Pacific Corp | 4.500 | 09/10/48 | 1,695,300 | ||||||||||||||
| 1,775,000 | Union Pacific Corp | 4.300 | 03/01/49 | 2,070,539 | ||||||||||||||
| 1,070,000 | Union Pacific Corp | 3.799 | 10/01/51 | 1,151,076 | ||||||||||||||
| 200,000 | Union Pacific Corp | 3.875 | 02/01/55 | 209,442 | ||||||||||||||
| 500,000 | Union Pacific Corp | 4.800 | 09/10/58 | 607,874 | ||||||||||||||
| 300,000 | Union Pacific Corp | 3.950 | 08/15/59 | 319,808 | ||||||||||||||
| 300,000 | Union Pacific Corp | 4.375 | 11/15/65 | 334,543 | ||||||||||||||
| 200,000 | Union Pacific Corp | 4.100 | 09/15/67 | 211,427 | ||||||||||||||
| 172,532 | Union Pacific Railroad Co | 2.695 | 05/12/27 | 175,562 | ||||||||||||||
| 775,000 | United Parcel Service, Inc | 2.050 | 04/01/21 | 775,577 | ||||||||||||||
| 500,000 | United Parcel Service, Inc | 2.350 | 05/16/22 | 505,872 | ||||||||||||||
| 1,675,000 | United Parcel Service, Inc | 2.450 | 10/01/22 | 1,694,199 | ||||||||||||||
| 1,050,000 | United Parcel Service, Inc | 2.500 | 04/01/23 | 1,064,204 | ||||||||||||||
| 500,000 | United Parcel Service, Inc | 2.200 | 09/01/24 | 501,760 | ||||||||||||||
| 300,000 | United Parcel Service, Inc | 2.800 | 11/15/24 | 310,137 | ||||||||||||||
| 125,000 | United Parcel Service, Inc | 2.400 | 11/15/26 | 125,793 | ||||||||||||||
| 875,000 | United Parcel Service, Inc | 3.050 | 11/15/27 | 917,225 | ||||||||||||||
| 500,000 | United Parcel Service, Inc | 3.400 | 03/15/29 | 534,933 | ||||||||||||||
| 500,000 | United Parcel Service, Inc | 2.500 | 09/01/29 | 498,217 | ||||||||||||||
| 510,000 | United Parcel Service, Inc | 6.200 | 01/15/38 | 718,501 | ||||||||||||||
| 450,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 476,685 | ||||||||||||||
| 400,000 | United Parcel Service, Inc | 3.400 | 11/15/46 | 407,402 | ||||||||||||||
| 131 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,550,000 | United Parcel Service, Inc | 3.750 | % | 11/15/47 | $ | 1,666,861 | |||||||||||
| 300,000 | United Parcel Service, Inc | 4.250 | 03/15/49 | 349,789 | ||||||||||||||
| 500,000 | United Parcel Service, Inc | 3.400 | 09/01/49 | 508,295 | ||||||||||||||
| TOTAL TRANSPORTATION | 114,104,826 | |||||||||||||||||
| UTILITIES - 2.0% | ||||||||||||||||||
| 200,000 | AEP Texas, Inc | 2.400 | 10/01/22 | 200,879 | ||||||||||||||
| 200,000 | AEP Texas, Inc | 3.950 | 06/01/28 | 220,834 | ||||||||||||||
| 200,000 | AEP Texas, Inc | 3.800 | 10/01/47 | 218,350 | ||||||||||||||
| 100,000 | AEP Texas, Inc | 4.150 | 05/01/49 | 115,152 | ||||||||||||||
| 200,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 209,156 | ||||||||||||||
| 600,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 677,977 | ||||||||||||||
| 500,000 | AEP Transmission Co LLC | 3.750 | 12/01/47 | 545,881 | ||||||||||||||
| 200,000 | AEP Transmission Co LLC | 4.250 | 09/15/48 | 235,463 | ||||||||||||||
| 300,000 | AEP Transmission Co LLC | 3.800 | 06/15/49 | 328,983 | ||||||||||||||
| 300,000 | AEP Transmission Co LLC | 3.150 | 09/15/49 | 294,747 | ||||||||||||||
| 275,000 | AGL Capital Corp | 4.400 | 06/01/43 | 307,570 | ||||||||||||||
| 200,000 | Alabama Power Co | 2.450 | 03/30/22 | 202,380 | ||||||||||||||
| 475,000 | Alabama Power Co | 3.550 | 12/01/23 | 502,101 | ||||||||||||||
| 200,000 | Alabama Power Co | 3.850 | 12/01/42 | 217,323 | ||||||||||||||
| 400,000 | Alabama Power Co | 3.750 | 03/01/45 | 431,415 | ||||||||||||||
| 300,000 | Alabama Power Co | 4.300 | 01/02/46 | 352,774 | ||||||||||||||
| 750,000 | Alabama Power Co | 3.700 | 12/01/47 | 806,716 | ||||||||||||||
| 1,000,000 | Alabama Power Co | 4.300 | 07/15/48 | 1,171,108 | ||||||||||||||
| 500,000 | Alabama Power Co | 3.450 | 10/01/49 | 514,556 | ||||||||||||||
| 300,000 | Ameren Corp | 2.700 | 11/15/20 | 301,563 | ||||||||||||||
| 350,000 | Ameren Corp | 2.500 | 09/15/24 | 351,777 | ||||||||||||||
| 600,000 | Ameren Illinois Co | 2.700 | 09/01/22 | 610,632 | ||||||||||||||
| 300,000 | Ameren Illinois Co | 3.800 | 05/15/28 | 333,533 | ||||||||||||||
| 125,000 | Ameren Illinois Co | 4.150 | 03/15/46 | 145,072 | ||||||||||||||
| 1,150,000 | Ameren Illinois Co | 3.700 | 12/01/47 | 1,250,064 | ||||||||||||||
| 575,000 | Ameren Illinois Co | 4.500 | 03/15/49 | 707,392 | ||||||||||||||
| 475,000 | American Electric Power Co, Inc | 2.150 | 11/13/20 | 475,265 | ||||||||||||||
| 300,000 | American Electric Power Co, Inc | 3.650 | 12/01/21 | 309,470 | ||||||||||||||
| 350,000 | American Electric Power Co, Inc | 3.200 | 11/13/27 | 365,397 | ||||||||||||||
| 700,000 | American Electric Power Co, Inc | 4.300 | 12/01/28 | 784,505 | ||||||||||||||
| 500,000 | American Water Capital Corp | 3.850 | 03/01/24 | 530,265 | ||||||||||||||
| 300,000 | American Water Capital Corp | 3.400 | 03/01/25 | 315,004 | ||||||||||||||
| 200,000 | American Water Capital Corp | 2.950 | 09/01/27 | 205,281 | ||||||||||||||
| 500,000 | American Water Capital Corp | 3.750 | 09/01/28 | 541,907 | ||||||||||||||
| 750,000 | American Water Capital Corp | 3.450 | 06/01/29 | 800,317 | ||||||||||||||
| 225,000 | American Water Capital Corp | 4.300 | 12/01/42 | 257,076 | ||||||||||||||
| 150,000 | American Water Capital Corp | 4.300 | 09/01/45 | 173,866 | ||||||||||||||
| 100,000 | American Water Capital Corp | 4.000 | 12/01/46 | 110,030 | ||||||||||||||
| 1,175,000 | American Water Capital Corp | 3.750 | 09/01/47 | 1,258,180 | ||||||||||||||
| 500,000 | American Water Capital Corp | 4.200 | 09/01/48 | 575,771 | ||||||||||||||
| 500,000 | American Water Capital Corp | 4.150 | 06/01/49 | 574,757 | ||||||||||||||
| 200,000 | Appalachian Power Co | 3.300 | 06/01/27 | 209,150 | ||||||||||||||
| 300,000 | Appalachian Power Co | 4.500 | 03/01/49 | 359,416 | ||||||||||||||
| 125,000 | Aqua America, Inc | 3.566 | 05/01/29 | 133,120 | ||||||||||||||
| 200,000 | Aqua America, Inc | 4.276 | 05/01/49 | 227,058 | ||||||||||||||
| 200,000 | Arizona Public Service Co | 2.950 | 09/15/27 | 206,552 | ||||||||||||||
| 132 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 750,000 | Arizona Public Service Co | 2.600 | % | 08/15/29 | $ | 752,489 | |||||||||||
| 350,000 | Arizona Public Service Co | 4.500 | 04/01/42 | 409,422 | ||||||||||||||
| 200,000 | Arizona Public Service Co | 4.350 | 11/15/45 | 232,506 | ||||||||||||||
| 410,000 | Arizona Public Service Co | 3.750 | 05/15/46 | 436,049 | ||||||||||||||
| 200,000 | Arizona Public Service Co | 4.200 | 08/15/48 | 228,339 | ||||||||||||||
| 200,000 | Arizona Public Service Co | 4.250 | 03/01/49 | 231,823 | ||||||||||||||
| 900,000 | Atlantic City Electric Co | 4.000 | 10/15/28 | 1,010,535 | ||||||||||||||
| 650,000 | Atmos Energy Corp | 3.000 | 06/15/27 | 673,193 | ||||||||||||||
| 500,000 | Atmos Energy Corp | 2.625 | 09/15/29 | 505,783 | ||||||||||||||
| 100,000 | Atmos Energy Corp | 5.500 | 06/15/41 | 130,955 | ||||||||||||||
| 125,000 | Atmos Energy Corp | 4.150 | 01/15/43 | 141,435 | ||||||||||||||
| 600,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 694,711 | ||||||||||||||
| 500,000 | Atmos Energy Corp | 4.300 | 10/01/48 | 593,889 | ||||||||||||||
| 300,000 | Atmos Energy Corp | 4.125 | 03/15/49 | 347,484 | ||||||||||||||
| 500,000 | Atmos Energy Corp | 3.375 | 09/15/49 | 509,970 | ||||||||||||||
| 500,000 | Avangrid, Inc | 3.150 | 12/01/24 | 515,465 | ||||||||||||||
| 625,000 | Avangrid, Inc | 3.800 | 06/01/29 | 671,596 | ||||||||||||||
| 150,000 | Avista Corp | 4.350 | 06/01/48 | 176,330 | ||||||||||||||
| 100,000 | Baltimore Gas & Electric Co | 3.500 | 11/15/21 | 102,582 | ||||||||||||||
| 200,000 | Baltimore Gas & Electric Co | 2.400 | 08/15/26 | 200,252 | ||||||||||||||
| 150,000 | Baltimore Gas & Electric Co | 3.500 | 08/15/46 | 155,853 | ||||||||||||||
| 200,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 216,041 | ||||||||||||||
| 200,000 | Baltimore Gas & Electric Co | 4.250 | 09/15/48 | 233,291 | ||||||||||||||
| 500,000 | Baltimore Gas & Electric Co | 3.200 | 09/15/49 | 493,116 | ||||||||||||||
| 1,125,000 | Berkshire Hathaway Energy Co | 2.375 | 01/15/21 | 1,130,410 | ||||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 2.800 | 01/15/23 | 205,024 | ||||||||||||||
| 350,000 | Berkshire Hathaway Energy Co | 3.500 | 02/01/25 | 370,472 | ||||||||||||||
| 175,000 | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 184,500 | ||||||||||||||
| 950,000 | Berkshire Hathaway Energy Co | 6.125 | 04/01/36 | 1,316,049 | ||||||||||||||
| 1,032,000 | Berkshire Hathaway Energy Co | 5.950 | 05/15/37 | 1,421,933 | ||||||||||||||
| 725,000 | Berkshire Hathaway Energy Co | 5.150 | 11/15/43 | 917,724 | ||||||||||||||
| 975,000 | Berkshire Hathaway Energy Co | 4.500 | 02/01/45 | 1,157,670 | ||||||||||||||
| 400,000 | Berkshire Hathaway Energy Co | 3.800 | 07/15/48 | 433,662 | ||||||||||||||
| 1,025,000 | Berkshire Hathaway Energy Co | 4.450 | 01/15/49 | 1,224,338 | ||||||||||||||
| 200,000 | Black Hills Corp | 4.250 | 11/30/23 | 212,797 | ||||||||||||||
| 100,000 | Black Hills Corp | 3.950 | 01/15/26 | 105,713 | ||||||||||||||
| 100,000 | Black Hills Corp | 3.150 | 01/15/27 | 101,386 | ||||||||||||||
| 300,000 | Black Hills Corp | 4.350 | 05/01/33 | 336,984 | ||||||||||||||
| 200,000 | Black Hills Corp | 4.200 | 09/15/46 | 218,076 | ||||||||||||||
| 350,000 | Carolina Power & Light Co | 3.000 | 09/15/21 | 356,474 | ||||||||||||||
| 150,000 | Carolina Power & Light Co | 2.800 | 05/15/22 | 153,066 | ||||||||||||||
| 400,000 | CenterPoint Energy Houston Electric LLC | 2.250 | 08/01/22 | 401,654 | ||||||||||||||
| 200,000 | CenterPoint Energy Houston Electric LLC | 2.400 | 09/01/26 | 200,323 | ||||||||||||||
| 300,000 | CenterPoint Energy Houston Electric LLC | 3.000 | 02/01/27 | 311,368 | ||||||||||||||
| 100,000 | CenterPoint Energy Houston Electric LLC | 6.950 | 03/15/33 | 144,704 | ||||||||||||||
| 300,000 | CenterPoint Energy Houston Electric LLC | 3.950 | 03/01/48 | 342,574 | ||||||||||||||
| 750,000 | CenterPoint Energy Houston Electric LLC | 4.250 | 02/01/49 | 901,056 | ||||||||||||||
| 423,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 432,864 | ||||||||||||||
| 200,000 | CenterPoint Energy Resources Corp | 3.550 | 04/01/23 | 207,725 | ||||||||||||||
| 200,000 | CenterPoint Energy Resources Corp | 4.000 | 04/01/28 | 217,083 | ||||||||||||||
| 700,000 | CenterPoint Energy Resources Corp | 4.100 | 09/01/47 | 753,105 | ||||||||||||||
| 400,000 | CenterPoint Energy, Inc | 3.600 | 11/01/21 | 410,614 | ||||||||||||||
| 300,000 | CenterPoint Energy, Inc | 2.500 | 09/01/22 | 302,080 | ||||||||||||||
| 133 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 425,000 | CenterPoint Energy, Inc | 3.850 | % | 02/01/24 | $ | 448,490 | |||||||||||
| 500,000 | CenterPoint Energy, Inc | 2.500 | 09/01/24 | 499,358 | ||||||||||||||
| 450,000 | CenterPoint Energy, Inc | 4.250 | 11/01/28 | 494,609 | ||||||||||||||
| 750,000 | CenterPoint Energy, Inc | 2.950 | 03/01/30 | 747,220 | ||||||||||||||
| 500,000 | CenterPoint Energy, Inc | 3.700 | 09/01/49 | 506,071 | ||||||||||||||
| 425,000 | Cleco Corporate Holdings LLC | 3.743 | 05/01/26 | 437,902 | ||||||||||||||
| 300,000 | g | Cleco Corporate Holdings LLC | 3.375 | 09/15/29 | 300,366 | |||||||||||||
| 200,000 | Cleco Corporate Holdings LLC | 4.973 | 05/01/46 | 227,810 | ||||||||||||||
| 790,000 | CMS Energy Corp | 3.450 | 08/15/27 | 831,396 | ||||||||||||||
| 300,000 | Columbia Pipeline Group, Inc | 3.300 | 06/01/20 | 301,688 | ||||||||||||||
| 775,000 | Columbia Pipeline Group, Inc | 4.500 | 06/01/25 | 835,384 | ||||||||||||||
| 300,000 | Columbia Pipeline Group, Inc | 5.800 | 06/01/45 | 380,350 | ||||||||||||||
| 775,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 784,275 | ||||||||||||||
| 250,000 | Commonwealth Edison Co | 2.550 | 06/15/26 | 253,506 | ||||||||||||||
| 1,355,000 | Commonwealth Edison Co | 2.950 | 08/15/27 | 1,403,479 | ||||||||||||||
| 300,000 | Commonwealth Edison Co | 3.700 | 08/15/28 | 329,289 | ||||||||||||||
| 200,000 | Commonwealth Edison Co | 3.800 | 10/01/42 | 218,161 | ||||||||||||||
| 300,000 | Commonwealth Edison Co | 4.700 | 01/15/44 | 372,774 | ||||||||||||||
| 100,000 | Commonwealth Edison Co | 3.700 | 03/01/45 | 107,924 | ||||||||||||||
| 250,000 | Commonwealth Edison Co | 3.650 | 06/15/46 | 270,241 | ||||||||||||||
| 400,000 | Commonwealth Edison Co | 3.750 | 08/15/47 | 438,866 | ||||||||||||||
| 1,175,000 | Commonwealth Edison Co | 4.000 | 03/01/48 | 1,345,507 | ||||||||||||||
| 1,300,000 | Commonwealth Edison Co | 4.000 | 03/01/49 | 1,500,510 | ||||||||||||||
| 625,000 | Connecticut Light & Power Co | 3.200 | 03/15/27 | 660,893 | ||||||||||||||
| 400,000 | Connecticut Light & Power Co | 4.300 | 04/15/44 | 477,935 | ||||||||||||||
| 250,000 | Connecticut Light & Power Co | 4.150 | 06/01/45 | 292,866 | ||||||||||||||
| 775,000 | Connecticut Light & Power Co | 4.000 | 04/01/48 | 895,189 | ||||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 3.800 | 05/15/28 | 219,930 | ||||||||||||||
| 300,000 | Consolidated Edison Co of New York, Inc | 4.000 | 12/01/28 | 335,862 | ||||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 4.200 | 03/15/42 | 225,881 | ||||||||||||||
| 550,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 600,670 | ||||||||||||||
| 1,475,000 | Consolidated Edison Co of New York, Inc | 4.450 | 03/15/44 | 1,724,346 | ||||||||||||||
| 150,000 | Consolidated Edison Co of New York, Inc | 4.500 | 12/01/45 | 178,036 | ||||||||||||||
| 400,000 | Consolidated Edison Co of New York, Inc | 3.850 | 06/15/46 | 435,597 | ||||||||||||||
| 400,000 | Consolidated Edison Co of New York, Inc | 3.875 | 06/15/47 | 438,790 | ||||||||||||||
| 300,000 | Consolidated Edison Co of New York, Inc | 4.650 | 12/01/48 | 371,345 | ||||||||||||||
| 500,000 | Consolidated Edison Co of New York, Inc | 4.125 | 05/15/49 | 572,255 | ||||||||||||||
| 850,000 | Consolidated Edison Co of New York, Inc | 4.625 | 12/01/54 | 1,019,343 | ||||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 4.300 | 12/01/56 | 229,143 | ||||||||||||||
| 1,300,000 | Consolidated Edison Co of New York, Inc | 4.000 | 11/15/57 | 1,408,615 | ||||||||||||||
| 400,000 | Consolidated Edison Co of New York, Inc | 4.500 | 05/15/58 | 474,800 | ||||||||||||||
| 175,000 | Consolidated Edison, Inc | 2.000 | 05/15/21 | 174,807 | ||||||||||||||
| 150,000 | Consumers Energy Co | 2.850 | 05/15/22 | 153,051 | ||||||||||||||
| 200,000 | Consumers Energy Co | 3.375 | 08/15/23 | 209,545 | ||||||||||||||
| 250,000 | Consumers Energy Co | 3.800 | 11/15/28 | 278,388 | ||||||||||||||
| 600,000 | Consumers Energy Co | 3.950 | 07/15/47 | 684,737 | ||||||||||||||
| 600,000 | Consumers Energy Co | 4.050 | 05/15/48 | 696,236 | ||||||||||||||
| 350,000 | Consumers Energy Co | 4.350 | 04/15/49 | 429,738 | ||||||||||||||
| 500,000 | Consumers Energy Co | 3.750 | 02/15/50 | 559,865 | ||||||||||||||
| 500,000 | Consumers Energy Co | 3.100 | 08/15/50 | 500,641 | ||||||||||||||
| 300,000 | g | Dayton Power & Light Co | 3.950 | 06/15/49 | 329,653 | |||||||||||||
| 200,000 | Delmarva Power & Light Co | 4.150 | 05/15/45 | 229,151 | ||||||||||||||
| 134 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Dominion Energy, Inc | 2.579 | % | 07/01/20 | $ | 501,114 | |||||||||||
| 1,750,000 | Dominion Energy, Inc | 3.900 | 10/01/25 | 1,872,185 | ||||||||||||||
| 500,000 | Dominion Energy, Inc | 4.250 | 06/01/28 | 553,084 | ||||||||||||||
| 500,000 | Dominion Energy, Inc | 4.600 | 03/15/49 | 589,329 | ||||||||||||||
| 350,000 | Dominion Energy, Inc (Step Bond) | 2.715 | 08/15/21 | 352,285 | ||||||||||||||
| 225,000 | Dominion Energy, Inc (Step Bond) | 3.071 | 08/15/24 | 230,254 | ||||||||||||||
| 250,000 | Dominion Gas Holdings LLC | 2.800 | 11/15/20 | 251,724 | ||||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 3.550 | 11/01/23 | 208,501 | ||||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 3.600 | 12/15/24 | 211,696 | ||||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 4.800 | 11/01/43 | 239,018 | ||||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 4.600 | 12/15/44 | 236,363 | ||||||||||||||
| 200,000 | Dominion Resources, Inc | 4.700 | 12/01/44 | 233,502 | ||||||||||||||
| 300,000 | g | DPL, Inc | 4.350 | 04/15/29 | 296,397 | |||||||||||||
| 400,000 | DTE Electric Co | 3.450 | 10/01/20 | 403,632 | ||||||||||||||
| 200,000 | DTE Electric Co | 3.650 | 03/15/24 | 211,893 | ||||||||||||||
| 200,000 | DTE Electric Co | 4.000 | 04/01/43 | 224,596 | ||||||||||||||
| 100,000 | DTE Electric Co | 3.700 | 06/01/46 | 107,473 | ||||||||||||||
| 500,000 | DTE Electric Co | 3.750 | 08/15/47 | 552,003 | ||||||||||||||
| 1,000,000 | DTE Electric Co | 4.050 | 05/15/48 | 1,159,358 | ||||||||||||||
| 525,000 | DTE Electric Co | 3.950 | 03/01/49 | 602,344 | ||||||||||||||
| 350,000 | DTE Energy Co | 2.600 | 06/15/22 | 353,362 | ||||||||||||||
| 200,000 | DTE Energy Co | 3.300 | 06/15/22 | 204,960 | ||||||||||||||
| 1,875,000 | DTE Energy Co | 3.700 | 08/01/23 | 1,966,227 | ||||||||||||||
| 200,000 | DTE Energy Co | 3.850 | 12/01/23 | 210,849 | ||||||||||||||
| 200,000 | DTE Energy Co | 3.500 | 06/01/24 | 208,918 | ||||||||||||||
| 1,000,000 | DTE Energy Co | 2.529 | 10/01/24 | 1,003,087 | ||||||||||||||
| 350,000 | DTE Energy Co | 3.400 | 06/15/29 | 365,568 | ||||||||||||||
| 300,000 | Duke Energy Carolinas LLC | 3.350 | 05/15/22 | 310,140 | ||||||||||||||
| 200,000 | Duke Energy Carolinas LLC | 2.500 | 03/15/23 | 203,319 | ||||||||||||||
| 2,000,000 | Duke Energy Carolinas LLC | 3.050 | 03/15/23 | 2,069,458 | ||||||||||||||
| 200,000 | Duke Energy Carolinas LLC | 2.950 | 12/01/26 | 207,253 | ||||||||||||||
| 500,000 | Duke Energy Carolinas LLC | 3.950 | 11/15/28 | 558,175 | ||||||||||||||
| 500,000 | Duke Energy Carolinas LLC | 2.450 | 08/15/29 | 500,502 | ||||||||||||||
| 125,000 | Duke Energy Carolinas LLC | 5.300 | 02/15/40 | 162,134 | ||||||||||||||
| 300,000 | Duke Energy Carolinas LLC | 3.750 | 06/01/45 | 324,360 | ||||||||||||||
| 200,000 | Duke Energy Carolinas LLC | 3.875 | 03/15/46 | 222,195 | ||||||||||||||
| 1,750,000 | Duke Energy Carolinas LLC | 3.700 | 12/01/47 | 1,901,192 | ||||||||||||||
| 1,500,000 | Duke Energy Carolinas LLC | 3.950 | 03/15/48 | 1,691,030 | ||||||||||||||
| 500,000 | Duke Energy Carolinas LLC | 3.200 | 08/15/49 | 502,262 | ||||||||||||||
| 250,000 | Duke Energy Corp | 1.800 | 09/01/21 | 248,875 | ||||||||||||||
| 300,000 | Duke Energy Corp | 3.050 | 08/15/22 | 307,129 | ||||||||||||||
| 300,000 | Duke Energy Corp | 3.950 | 10/15/23 | 318,156 | ||||||||||||||
| 900,000 | Duke Energy Corp | 3.750 | 04/15/24 | 954,230 | ||||||||||||||
| 2,700,000 | Duke Energy Corp | 2.650 | 09/01/26 | 2,712,839 | ||||||||||||||
| 350,000 | Duke Energy Corp | 3.150 | 08/15/27 | 363,758 | ||||||||||||||
| 500,000 | Duke Energy Corp | 3.400 | 06/15/29 | 525,232 | ||||||||||||||
| 300,000 | Duke Energy Corp | 4.800 | 12/15/45 | 359,878 | ||||||||||||||
| 3,475,000 | Duke Energy Corp | 3.750 | 09/01/46 | 3,583,796 | ||||||||||||||
| 500,000 | Duke Energy Corp | 4.200 | 06/15/49 | 557,322 | ||||||||||||||
| 1,200,000 | Duke Energy Florida LLC | 3.200 | 01/15/27 | 1,258,333 | ||||||||||||||
| 300,000 | Duke Energy Florida LLC | 3.800 | 07/15/28 | 330,548 | ||||||||||||||
| 500,000 | Duke Energy Florida LLC | 3.400 | 10/01/46 | 516,723 | ||||||||||||||
| 300,000 | Duke Energy Florida LLC | 4.200 | 07/15/48 | 350,082 | ||||||||||||||
| 135 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Duke Energy Indiana LLC | 3.750 | % | 05/15/46 | $ | 322,520 | |||||||||||
| 500,000 | Duke Energy Indiana LLC | 3.250 | 10/01/49 | 498,493 | ||||||||||||||
| 200,000 | Duke Energy Ohio, Inc | 3.650 | 02/01/29 | 218,874 | ||||||||||||||
| 200,000 | Duke Energy Ohio, Inc | 3.700 | 06/15/46 | 212,748 | ||||||||||||||
| 200,000 | Duke Energy Ohio, Inc | 4.300 | 02/01/49 | 237,232 | ||||||||||||||
| 300,000 | Duke Energy Progress LLC | 3.375 | 09/01/23 | 314,914 | ||||||||||||||
| 300,000 | Duke Energy Progress LLC | 3.250 | 08/15/25 | 316,452 | ||||||||||||||
| 300,000 | Duke Energy Progress LLC | 3.700 | 09/01/28 | 329,356 | ||||||||||||||
| 5,600,000 | Duke Energy Progress LLC | 3.450 | 03/15/29 | 6,036,582 | ||||||||||||||
| 400,000 | Duke Energy Progress LLC | 4.375 | 03/30/44 | 472,252 | ||||||||||||||
| 500,000 | Duke Energy Progress LLC | 4.150 | 12/01/44 | 572,605 | ||||||||||||||
| 300,000 | Duke Energy Progress LLC | 4.200 | 08/15/45 | 347,792 | ||||||||||||||
| 500,000 | Duke Energy Progress LLC | 3.700 | 10/15/46 | 537,541 | ||||||||||||||
| 200,000 | Duke Energy Progress LLC | 3.600 | 09/15/47 | 212,269 | ||||||||||||||
| 200,000 | Edison International | 2.125 | 04/15/20 | 199,609 | ||||||||||||||
| 200,000 | Edison International | 2.400 | 09/15/22 | 198,246 | ||||||||||||||
| 750,000 | Edison International | 5.750 | 06/15/27 | 842,933 | ||||||||||||||
| 300,000 | Edison International | 4.125 | 03/15/28 | 307,499 | ||||||||||||||
| 200,000 | El Paso Electric Co | 5.000 | 12/01/44 | 237,687 | ||||||||||||||
| 300,000 | Emera US Finance LP | 2.700 | 06/15/21 | 301,753 | ||||||||||||||
| 1,075,000 | Emera US Finance LP | 3.550 | 06/15/26 | 1,125,988 | ||||||||||||||
| 625,000 | Emera US Finance LP | 4.750 | 06/15/46 | 723,834 | ||||||||||||||
| 50,000 | Empresa Nacional de Electricidad S.A. | 4.250 | 04/15/24 | 52,880 | ||||||||||||||
| 675,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 759,037 | ||||||||||||||
| 400,000 | Enersis Americas S.A. | 4.000 | 10/25/26 | 419,000 | ||||||||||||||
| 125,000 | Entergy Arkansas LLC | 3.750 | 02/15/21 | 127,367 | ||||||||||||||
| 175,000 | Entergy Arkansas LLC | 3.700 | 06/01/24 | 186,692 | ||||||||||||||
| 600,000 | Entergy Arkansas LLC | 3.500 | 04/01/26 | 638,417 | ||||||||||||||
| 200,000 | Entergy Arkansas LLC | 4.200 | 04/01/49 | 231,673 | ||||||||||||||
| 200,000 | Entergy Corp | 5.125 | 09/15/20 | 204,051 | ||||||||||||||
| 200,000 | Entergy Corp | 4.000 | 07/15/22 | 208,752 | ||||||||||||||
| 1,300,000 | Entergy Corp | 2.950 | 09/01/26 | 1,320,348 | ||||||||||||||
| 200,000 | Entergy Louisiana LLC | 4.050 | 09/01/23 | 213,893 | ||||||||||||||
| 200,000 | Entergy Louisiana LLC | 2.400 | 10/01/26 | 199,845 | ||||||||||||||
| 200,000 | Entergy Louisiana LLC | 3.120 | 09/01/27 | 209,091 | ||||||||||||||
| 1,500,000 | Entergy Louisiana LLC | 4.000 | 03/15/33 | 1,712,834 | ||||||||||||||
| 300,000 | Entergy Louisiana LLC | 4.200 | 09/01/48 | 351,708 | ||||||||||||||
| 300,000 | Entergy Louisiana LLC | 4.200 | 04/01/50 | 352,919 | ||||||||||||||
| 500,000 | Entergy Mississippi LLC | 3.850 | 06/01/49 | 556,914 | ||||||||||||||
| 1,000,000 | Entergy Texas, Inc | 4.000 | 03/30/29 | 1,106,069 | ||||||||||||||
| 200,000 | Entergy Texas, Inc | 4.500 | 03/30/39 | 235,585 | ||||||||||||||
| 500,000 | Entergy Texas, Inc | 3.550 | 09/30/49 | 519,984 | ||||||||||||||
| 1,100,000 | Evergy, Inc | 2.450 | 09/15/24 | 1,098,095 | ||||||||||||||
| 750,000 | Evergy, Inc | 2.900 | 09/15/29 | 744,206 | ||||||||||||||
| 500,000 | Eversource Energy | 2.500 | 03/15/21 | 501,565 | ||||||||||||||
| 750,000 | Eversource Energy | 2.750 | 03/15/22 | 759,675 | ||||||||||||||
| 300,000 | Eversource Energy | 3.800 | 12/01/23 | 317,250 | ||||||||||||||
| 300,000 | Eversource Energy | 2.900 | 10/01/24 | 307,386 | ||||||||||||||
| 200,000 | Eversource Energy | 3.300 | 01/15/28 | 207,695 | ||||||||||||||
| 300,000 | Eversource Energy | 4.250 | 04/01/29 | 334,882 | ||||||||||||||
| 1,122,000 | Exelon Corp | 2.450 | 04/15/21 | 1,126,651 | ||||||||||||||
| 1,200,000 | Exelon Corp | 3.497 | 06/01/22 | 1,231,390 | ||||||||||||||
| 136 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 925,000 | Exelon Corp | 3.950 | % | 06/15/25 | $ | 991,954 | |||||||||||
| 425,000 | Exelon Corp | 3.400 | 04/15/26 | 444,306 | ||||||||||||||
| 500,000 | Exelon Corp | 4.950 | 06/15/35 | 585,465 | ||||||||||||||
| 975,000 | Exelon Corp | 4.450 | 04/15/46 | 1,105,324 | ||||||||||||||
| 150,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 153,813 | ||||||||||||||
| 200,000 | Exelon Generation Co LLC | 4.250 | 06/15/22 | 209,427 | ||||||||||||||
| 900,000 | Exelon Generation Co LLC | 6.250 | 10/01/39 | 1,138,160 | ||||||||||||||
| 625,000 | Exelon Generation Co LLC | 5.600 | 06/15/42 | 743,723 | ||||||||||||||
| 500,000 | FirstEnergy Corp | 2.850 | 07/15/22 | 507,611 | ||||||||||||||
| 325,000 | FirstEnergy Corp | 4.250 | 03/15/23 | 343,779 | ||||||||||||||
| 2,100,000 | FirstEnergy Corp | 3.900 | 07/15/27 | 2,237,824 | ||||||||||||||
| 325,000 | FirstEnergy Corp | 7.375 | 11/15/31 | 459,966 | ||||||||||||||
| 1,250,000 | FirstEnergy Corp | 4.850 | 07/15/47 | 1,485,607 | ||||||||||||||
| 400,000 | Florida Power & Light Co | 2.750 | 06/01/23 | 410,483 | ||||||||||||||
| 500,000 | Florida Power & Light Co | 3.250 | 06/01/24 | 524,946 | ||||||||||||||
| 907,000 | Florida Power & Light Co | 3.125 | 12/01/25 | 957,925 | ||||||||||||||
| 100,000 | Florida Power & Light Co | 4.125 | 02/01/42 | 115,989 | ||||||||||||||
| 200,000 | Florida Power & Light Co | 4.050 | 06/01/42 | 230,793 | ||||||||||||||
| 450,000 | Florida Power & Light Co | 3.800 | 12/15/42 | 499,085 | ||||||||||||||
| 400,000 | Florida Power & Light Co | 4.050 | 10/01/44 | 463,833 | ||||||||||||||
| 500,000 | Florida Power & Light Co | 3.700 | 12/01/47 | 554,736 | ||||||||||||||
| 1,675,000 | Florida Power & Light Co | 3.950 | 03/01/48 | 1,937,690 | ||||||||||||||
| 500,000 | Florida Power & Light Co | 4.125 | 06/01/48 | 593,246 | ||||||||||||||
| 1,100,000 | Florida Power & Light Co | 3.990 | 03/01/49 | 1,284,910 | ||||||||||||||
| 400,000 | Florida Power & Light Co | 3.150 | 10/01/49 | 405,964 | ||||||||||||||
| 1,200,000 | Florida Power Corp | 3.100 | 08/15/21 | 1,217,742 | ||||||||||||||
| 375,000 | Florida Power Corp | 6.400 | 06/15/38 | 551,016 | ||||||||||||||
| 175,000 | Fortis, Inc | 2.100 | 10/04/21 | 174,417 | ||||||||||||||
| 768,000 | Fortis, Inc | 3.055 | 10/04/26 | 780,568 | ||||||||||||||
| 2,500,000 | Georgia Power Co | 2.000 | 09/08/20 | 2,497,048 | ||||||||||||||
| 600,000 | Georgia Power Co | 2.200 | 09/15/24 | 593,035 | ||||||||||||||
| 100,000 | Georgia Power Co | 3.250 | 04/01/26 | 103,336 | ||||||||||||||
| 700,000 | Georgia Power Co | 3.250 | 03/30/27 | 727,468 | ||||||||||||||
| 525,000 | Georgia Power Co | 2.650 | 09/15/29 | 516,139 | ||||||||||||||
| 625,000 | Georgia Power Co | 4.300 | 03/15/42 | 687,460 | ||||||||||||||
| 700,000 | Georgia Power Co | 4.300 | 03/15/43 | 776,101 | ||||||||||||||
| 200,000 | Great Plains Energy, Inc | 4.850 | 06/01/21 | 207,024 | ||||||||||||||
| 200,000 | Gulf Power Co | 3.300 | 05/30/27 | 212,509 | ||||||||||||||
| 400,000 | Iberdrola International BV | 6.750 | 07/15/36 | 553,817 | ||||||||||||||
| 500,000 | Indiana Michigan Power Co | 3.850 | 05/15/28 | 549,444 | ||||||||||||||
| 225,000 | Indiana Michigan Power Co | 4.550 | 03/15/46 | 272,307 | ||||||||||||||
| 100,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 108,636 | ||||||||||||||
| 300,000 | Indiana Michigan Power Co | 4.250 | 08/15/48 | 354,215 | ||||||||||||||
| 500,000 | Interstate Power & Light Co | 3.250 | 12/01/24 | 521,579 | ||||||||||||||
| 725,000 | Interstate Power & Light Co | 4.100 | 09/26/28 | 799,103 | ||||||||||||||
| 325,000 | Interstate Power & Light Co | 3.600 | 04/01/29 | 348,238 | ||||||||||||||
| 100,000 | Interstate Power & Light Co | 6.250 | 07/15/39 | 136,141 | ||||||||||||||
| 100,000 | Interstate Power & Light Co | 3.700 | 09/15/46 | 105,864 | ||||||||||||||
| 300,000 | Interstate Power & Light Co | 3.500 | 09/30/49 | 302,005 | ||||||||||||||
| 1,000,000 | IPALCO Enterprises, Inc | 3.700 | 09/01/24 | 1,035,603 | ||||||||||||||
| 300,000 | ITC Holdings Corp | 2.700 | 11/15/22 | 302,898 | ||||||||||||||
| 300,000 | ITC Holdings Corp | 3.650 | 06/15/24 | 315,607 | ||||||||||||||
| 100,000 | ITC Holdings Corp | 3.250 | 06/30/26 | 103,831 | ||||||||||||||
| 137 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 900,000 | ITC Holdings Corp | 3.350 | % | 11/15/27 | $ | 949,037 | |||||||||||
| 200,000 | Kansas City Power & Light Co | 3.650 | 08/15/25 | 213,996 | ||||||||||||||
| 100,000 | Kansas City Power & Light Co | 5.300 | 10/01/41 | 129,486 | ||||||||||||||
| 650,000 | Kansas City Power & Light Co | 4.200 | 06/15/47 | 757,268 | ||||||||||||||
| 100,000 | Kansas City Power & Light Co | 4.200 | 03/15/48 | 117,193 | ||||||||||||||
| 300,000 | Kansas City Power & Light Co | 4.125 | 04/01/49 | 347,049 | ||||||||||||||
| 300,000 | Kentucky Utilities Co | 4.375 | 10/01/45 | 356,215 | ||||||||||||||
| 250,000 | KeySpan Corp | 5.803 | 04/01/35 | 310,762 | ||||||||||||||
| 320,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 324,130 | ||||||||||||||
| 300,000 | Louisville Gas & Electric Co | 4.250 | 04/01/49 | 352,852 | ||||||||||||||
| 1,500,000 | MidAmerican Energy Co | 3.100 | 05/01/27 | 1,577,982 | ||||||||||||||
| 400,000 | MidAmerican Energy Co | 3.650 | 04/15/29 | 441,351 | ||||||||||||||
| 200,000 | MidAmerican Energy Co | 4.800 | 09/15/43 | 250,741 | ||||||||||||||
| 200,000 | MidAmerican Energy Co | 4.400 | 10/15/44 | 240,004 | ||||||||||||||
| 200,000 | MidAmerican Energy Co | 4.250 | 05/01/46 | 236,324 | ||||||||||||||
| 500,000 | MidAmerican Energy Co | 3.950 | 08/01/47 | 570,400 | ||||||||||||||
| 1,000,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 1,090,732 | ||||||||||||||
| 300,000 | MidAmerican Energy Co | 4.250 | 07/15/49 | 361,338 | ||||||||||||||
| 500,000 | Mississippi Power Co | 3.950 | 03/30/28 | 545,380 | ||||||||||||||
| 750,000 | Mississippi Power Co | 4.250 | 03/15/42 | 812,509 | ||||||||||||||
| 200,000 | g | MPLX LP | 3.500 | 12/01/22 | 205,684 | |||||||||||||
| 150,000 | g | MPLX LP | 4.250 | 12/01/27 | 159,085 | |||||||||||||
| 700,000 | g | MPLX LP | 5.200 | 12/01/47 | 766,196 | |||||||||||||
| 100,000 | National Fuel Gas Co | 4.900 | 12/01/21 | 103,612 | ||||||||||||||
| 200,000 | National Fuel Gas Co | 3.750 | 03/01/23 | 205,605 | ||||||||||||||
| 300,000 | National Fuel Gas Co | 5.200 | 07/15/25 | 326,849 | ||||||||||||||
| 200,000 | National Fuel Gas Co | 3.950 | 09/15/27 | 204,705 | ||||||||||||||
| 200,000 | National Fuel Gas Co | 4.750 | 09/01/28 | 212,242 | ||||||||||||||
| 1,000,000 | Nevada Power Co | 3.700 | 05/01/29 | 1,096,614 | ||||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 3.342 | 09/01/20 | 505,627 | ||||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 4.500 | 06/01/21 | 515,988 | ||||||||||||||
| 1,500,000 | NextEra Energy Capital Holdings, Inc | 2.403 | 09/01/21 | 1,509,199 | ||||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 2.900 | 04/01/22 | 509,332 | ||||||||||||||
| 300,000 | NextEra Energy Capital Holdings, Inc | 2.800 | 01/15/23 | 305,062 | ||||||||||||||
| 850,000 | NextEra Energy Capital Holdings, Inc | 3.150 | 04/01/24 | 878,083 | ||||||||||||||
| 750,000 | NextEra Energy Capital Holdings, Inc | 3.250 | 04/01/26 | 779,087 | ||||||||||||||
| 1,125,000 | NextEra Energy Capital Holdings, Inc | 3.550 | 05/01/27 | 1,192,623 | ||||||||||||||
| 300,000 | NextEra Energy Capital Holdings, Inc | 3.500 | 04/01/29 | 317,731 | ||||||||||||||
| 1,700,000 | NextEra Energy Capital Holdings, Inc | 5.650 | 05/01/79 | 1,847,310 | ||||||||||||||
| 150,000 | NiSource, Inc | 2.650 | 11/17/22 | 151,793 | ||||||||||||||
| 500,000 | NiSource, Inc | 3.650 | 06/15/23 | 522,015 | ||||||||||||||
| 1,000,000 | NiSource, Inc | 3.490 | 05/15/27 | 1,049,144 | ||||||||||||||
| 750,000 | NiSource, Inc | 2.950 | 09/01/29 | 754,254 | ||||||||||||||
| 100,000 | NiSource, Inc | 5.950 | 06/15/41 | 128,591 | ||||||||||||||
| 200,000 | NiSource, Inc | 5.250 | 02/15/43 | 243,922 | ||||||||||||||
| 450,000 | NiSource, Inc | 4.800 | 02/15/44 | 524,746 | ||||||||||||||
| 815,000 | NiSource, Inc | 5.650 | 02/01/45 | 1,050,882 | ||||||||||||||
| 350,000 | NiSource, Inc | 4.375 | 05/15/47 | 393,263 | ||||||||||||||
| 500,000 | NiSource, Inc | 3.950 | 03/30/48 | 529,368 | ||||||||||||||
| 800,000 | Northern States Power Co | 2.200 | 08/15/20 | 802,122 | ||||||||||||||
| 150,000 | Northern States Power Co | 2.150 | 08/15/22 | 150,070 | ||||||||||||||
| 300,000 | Northern States Power Co | 2.600 | 05/15/23 | 304,388 | ||||||||||||||
| 138 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 425,000 | Northern States Power Co | 5.350 | % | 11/01/39 | $ | 560,571 | |||||||||||
| 175,000 | Northern States Power Co | 3.600 | 05/15/46 | 189,870 | ||||||||||||||
| 1,950,000 | Northern States Power Co | 3.600 | 09/15/47 | 2,118,925 | ||||||||||||||
| 325,000 | Northern States Power Co | 2.900 | 03/01/50 | 314,457 | ||||||||||||||
| 1,000,000 | Northwest Pipeline LLC | 4.000 | 04/01/27 | 1,055,135 | ||||||||||||||
| 200,000 | NorthWestern Corp | 4.176 | 11/15/44 | 226,196 | ||||||||||||||
| 200,000 | NSTAR Electric Co | 2.375 | 10/15/22 | 201,556 | ||||||||||||||
| 1,300,000 | NSTAR Electric Co | 3.200 | 05/15/27 | 1,368,598 | ||||||||||||||
| 500,000 | NSTAR Electric Co | 3.250 | 05/15/29 | 533,299 | ||||||||||||||
| 200,000 | Nvent Finance Sarl | 3.950 | 04/15/23 | 203,814 | ||||||||||||||
| 200,000 | Nvent Finance Sarl | 4.550 | 04/15/28 | 208,917 | ||||||||||||||
| 500,000 | Oglethorpe Power Corp | 5.050 | 10/01/48 | 601,779 | ||||||||||||||
| 500,000 | Oglethorpe Power Corp | 5.250 | 09/01/50 | 632,005 | ||||||||||||||
| 600,000 | Ohio Power Co | 5.375 | 10/01/21 | 636,882 | ||||||||||||||
| 500,000 | Ohio Power Co | 4.150 | 04/01/48 | 588,860 | ||||||||||||||
| 1,500,000 | Ohio Power Co | 4.000 | 06/01/49 | 1,707,091 | ||||||||||||||
| 200,000 | Oklahoma Gas & Electric Co | 3.800 | 08/15/28 | 218,039 | ||||||||||||||
| 500,000 | Oklahoma Gas & Electric Co | 3.300 | 03/15/30 | 523,517 | ||||||||||||||
| 200,000 | Oklahoma Gas & Electric Co | 4.150 | 04/01/47 | 225,444 | ||||||||||||||
| 200,000 | Oklahoma Gas & Electric Co | 3.850 | 08/15/47 | 215,153 | ||||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 4.100 | 06/01/22 | 157,522 | ||||||||||||||
| 500,000 | g | Oncor Electric Delivery Co LLC | 2.750 | 06/01/24 | 513,448 | |||||||||||||
| 400,000 | Oncor Electric Delivery Co LLC | 2.950 | 04/01/25 | 415,482 | ||||||||||||||
| 500,000 | Oncor Electric Delivery Co LLC | 3.700 | 11/15/28 | 550,687 | ||||||||||||||
| 250,000 | g | Oncor Electric Delivery Co LLC | 3.700 | 11/15/28 | 275,343 | |||||||||||||
| 1,500,000 | Oncor Electric Delivery Co LLC | 5.750 | 03/15/29 | 1,898,726 | ||||||||||||||
| 70,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 103,761 | ||||||||||||||
| 100,000 | Oncor Electric Delivery Co LLC | 5.250 | 09/30/40 | 129,989 | ||||||||||||||
| 550,000 | Oncor Electric Delivery Co LLC | 4.550 | 12/01/41 | 671,421 | ||||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 5.300 | 06/01/42 | 200,238 | ||||||||||||||
| 300,000 | Oncor Electric Delivery Co LLC | 3.750 | 04/01/45 | 330,834 | ||||||||||||||
| 400,000 | Oncor Electric Delivery Co LLC | 3.800 | 09/30/47 | 443,145 | ||||||||||||||
| 200,000 | Oncor Electric Delivery Co LLC | 4.100 | 11/15/48 | 234,506 | ||||||||||||||
| 500,000 | g | Oncor Electric Delivery Co LLC | 3.800 | 06/01/49 | 560,987 | |||||||||||||
| 500,000 | g | Oncor Electric Delivery Co LLC | 3.100 | 09/15/49 | 497,959 | |||||||||||||
| 137,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 144,271 | ||||||||||||||
| 100,000 | ONE Gas, Inc | 4.658 | 02/01/44 | 122,050 | ||||||||||||||
| 500,000 | ONE Gas, Inc | 4.500 | 11/01/48 | 611,260 | ||||||||||||||
| 825,000 | ONEOK Partners LP | 3.375 | 10/01/22 | 845,128 | ||||||||||||||
| 200,000 | ONEOK Partners LP | 5.000 | 09/15/23 | 216,532 | ||||||||||||||
| 700,000 | ONEOK Partners LP | 4.900 | 03/15/25 | 769,843 | ||||||||||||||
| 130,000 | ONEOK Partners LP | 6.650 | 10/01/36 | 161,983 | ||||||||||||||
| 250,000 | ONEOK Partners LP | 6.850 | 10/15/37 | 319,720 | ||||||||||||||
| 100,000 | ONEOK Partners LP | 6.125 | 02/01/41 | 121,883 | ||||||||||||||
| 250,000 | PacifiCorp | 2.950 | 02/01/22 | 255,135 | ||||||||||||||
| 500,000 | PacifiCorp | 3.500 | 06/15/29 | 545,246 | ||||||||||||||
| 850,000 | PacifiCorp | 6.000 | 01/15/39 | 1,192,119 | ||||||||||||||
| 300,000 | PacifiCorp | 4.125 | 01/15/49 | 348,056 | ||||||||||||||
| 1,300,000 | PacifiCorp | 4.150 | 02/15/50 | 1,522,574 | ||||||||||||||
| 200,000 | PECO Energy Co | 1.700 | 09/15/21 | 198,848 | ||||||||||||||
| 150,000 | PECO Energy Co | 2.375 | 09/15/22 | 151,175 | ||||||||||||||
| 200,000 | PECO Energy Co | 3.150 | 10/15/25 | 208,694 | ||||||||||||||
| 200,000 | PECO Energy Co | 4.150 | 10/01/44 | 231,899 | ||||||||||||||
| 139 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | PECO Energy Co | 3.700 | % | 09/15/47 | $ | 219,086 | |||||||||||
| 1,200,000 | PECO Energy Co | 3.900 | 03/01/48 | 1,348,102 | ||||||||||||||
| 125,000 | PECO Energy Co | 3.000 | 09/15/49 | 122,278 | ||||||||||||||
| 500,000 | Phillips 66 Partners LP | 2.450 | 12/15/24 | 498,024 | ||||||||||||||
| 2,000,000 | Piedmont Natural Gas Co, Inc | 3.500 | 06/01/29 | 2,137,231 | ||||||||||||||
| 200,000 | Piedmont Natural Gas Co, Inc | 4.650 | 08/01/43 | 234,961 | ||||||||||||||
| 200,000 | Pinnacle West Capital Corp | 2.250 | 11/30/20 | 199,863 | ||||||||||||||
| 200,000 | Potomac Electric Power Co | 3.600 | 03/15/24 | 211,393 | ||||||||||||||
| 900,000 | Potomac Electric Power Co | 4.150 | 03/15/43 | 1,028,412 | ||||||||||||||
| 300,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 313,702 | ||||||||||||||
| 200,000 | PPL Capital Funding, Inc | 3.500 | 12/01/22 | 206,271 | ||||||||||||||
| 400,000 | PPL Capital Funding, Inc | 3.400 | 06/01/23 | 411,715 | ||||||||||||||
| 1,100,000 | PPL Capital Funding, Inc | 3.950 | 03/15/24 | 1,161,218 | ||||||||||||||
| 950,000 | PPL Capital Funding, Inc | 3.100 | 05/15/26 | 968,281 | ||||||||||||||
| 1,300,000 | PPL Capital Funding, Inc | 4.000 | 09/15/47 | 1,350,082 | ||||||||||||||
| 200,000 | PPL Electric Utilities Corp | 4.125 | 06/15/44 | 228,593 | ||||||||||||||
| 275,000 | PPL Electric Utilities Corp | 4.150 | 10/01/45 | 317,416 | ||||||||||||||
| 500,000 | PPL Electric Utilities Corp | 3.950 | 06/01/47 | 568,419 | ||||||||||||||
| 200,000 | PPL Electric Utilities Corp | 4.150 | 06/15/48 | 233,243 | ||||||||||||||
| 525,000 | PPL Electric Utilities Corp | 3.000 | 10/01/49 | 507,423 | ||||||||||||||
| 300,000 | Progress Energy, Inc | 3.150 | 04/01/22 | 306,207 | ||||||||||||||
| 500,000 | PSEG Power LLC | 3.000 | 06/15/21 | 505,078 | ||||||||||||||
| 1,342,000 | PSEG Power LLC | 3.850 | 06/01/23 | 1,419,135 | ||||||||||||||
| 150,000 | Public Service Co of Colorado | 2.250 | 09/15/22 | 151,145 | ||||||||||||||
| 250,000 | Public Service Co of Colorado | 3.700 | 06/15/28 | 276,244 | ||||||||||||||
| 200,000 | Public Service Co of Colorado | 3.800 | 06/15/47 | 221,962 | ||||||||||||||
| 100,000 | Public Service Co of Colorado | 4.100 | 06/15/48 | 116,885 | ||||||||||||||
| 300,000 | Public Service Co of Colorado | 4.050 | 09/15/49 | 350,490 | ||||||||||||||
| 400,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 406,792 | ||||||||||||||
| 100,000 | Public Service Co of New Hampshire | 3.600 | 07/01/49 | 107,991 | ||||||||||||||
| 100,000 | Public Service Electric & Gas Co | 1.900 | 03/15/21 | 99,970 | ||||||||||||||
| 300,000 | Public Service Electric & Gas Co | 3.250 | 09/01/23 | 313,643 | ||||||||||||||
| 300,000 | Public Service Electric & Gas Co | 2.250 | 09/15/26 | 297,634 | ||||||||||||||
| 1,450,000 | Public Service Electric & Gas Co | 3.000 | 05/15/27 | 1,510,167 | ||||||||||||||
| 250,000 | Public Service Electric & Gas Co | 3.700 | 05/01/28 | 273,607 | ||||||||||||||
| 500,000 | Public Service Electric & Gas Co | 3.200 | 05/15/29 | 531,847 | ||||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.800 | 01/01/43 | 222,436 | ||||||||||||||
| 600,000 | Public Service Electric & Gas Co | 3.800 | 03/01/46 | 667,585 | ||||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.600 | 12/01/47 | 216,176 | ||||||||||||||
| 250,000 | Public Service Electric & Gas Co | 4.050 | 05/01/48 | 291,130 | ||||||||||||||
| 500,000 | Public Service Electric & Gas Co | 3.850 | 05/01/49 | 567,498 | ||||||||||||||
| 175,000 | Public Service Electric & Gas Co | 3.200 | 08/01/49 | 178,923 | ||||||||||||||
| 500,000 | Public Service Enterprise Group, Inc | 2.000 | 11/15/21 | 498,459 | ||||||||||||||
| 1,825,000 | Public Service Enterprise Group, Inc | 2.650 | 11/15/22 | 1,850,572 | ||||||||||||||
| 500,000 | Public Service Enterprise Group, Inc | 2.875 | 06/15/24 | 513,102 | ||||||||||||||
| 1,585,000 | Puget Energy, Inc | 3.650 | 05/15/25 | 1,626,550 | ||||||||||||||
| 250,000 | Puget Sound Energy, Inc | 5.757 | 10/01/39 | 334,316 | ||||||||||||||
| 200,000 | Puget Sound Energy, Inc | 4.300 | 05/20/45 | 234,620 | ||||||||||||||
| 725,000 | Puget Sound Energy, Inc | 4.223 | 06/15/48 | 845,511 | ||||||||||||||
| 275,000 | Puget Sound Energy, Inc | 3.250 | 09/15/49 | 273,707 | ||||||||||||||
| 150,000 | San Diego Gas & Electric Co | 3.000 | 08/15/21 | 151,844 | ||||||||||||||
| 400,000 | San Diego Gas & Electric Co | 3.600 | 09/01/23 | 419,508 | ||||||||||||||
| 140 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 800,000 | San Diego Gas & Electric Co | 2.500 | % | 05/15/26 | $ | 798,564 | |||||||||||
| 300,000 | San Diego Gas & Electric Co | 3.750 | 06/01/47 | 319,339 | ||||||||||||||
| 300,000 | San Diego Gas & Electric Co | 4.150 | 05/15/48 | 341,838 | ||||||||||||||
| 750,000 | San Diego Gas & Electric Co | 4.100 | 06/15/49 | 847,476 | ||||||||||||||
| 250,000 | Scottish Power Ltd | 5.810 | 03/15/25 | 288,713 | ||||||||||||||
| 200,000 | Sempra Energy | 2.850 | 11/15/20 | 201,240 | ||||||||||||||
| 150,000 | Sempra Energy | 2.875 | 10/01/22 | 151,832 | ||||||||||||||
| 500,000 | Sempra Energy | 2.900 | 02/01/23 | 508,079 | ||||||||||||||
| 500,000 | Sempra Energy | 4.050 | 12/01/23 | 529,282 | ||||||||||||||
| 200,000 | Sempra Energy | 3.750 | 11/15/25 | 211,424 | ||||||||||||||
| 1,525,000 | Sempra Energy | 3.250 | 06/15/27 | 1,566,431 | ||||||||||||||
| 675,000 | Sempra Energy | 3.400 | 02/01/28 | 697,401 | ||||||||||||||
| 825,000 | Sempra Energy | 3.800 | 02/01/38 | 850,438 | ||||||||||||||
| 125,000 | Sempra Energy | 6.000 | 10/15/39 | 160,867 | ||||||||||||||
| 850,000 | Sempra Energy | 4.000 | 02/01/48 | 900,452 | ||||||||||||||
| 869,000 | Sierra Pacific Power Co | 2.600 | 05/01/26 | 883,002 | ||||||||||||||
| 50,000 | South Carolina Electric & Gas Co | 5.300 | 05/15/33 | 62,801 | ||||||||||||||
| 125,000 | South Carolina Electric & Gas Co | 5.450 | 02/01/41 | 164,120 | ||||||||||||||
| 800,000 | South Carolina Electric & Gas Co | 4.600 | 06/15/43 | 967,647 | ||||||||||||||
| 1,475,000 | Southern California Edison Co | 2.900 | 03/01/21 | 1,489,241 | ||||||||||||||
| 500,000 | Southern California Edison Co | 2.400 | 02/01/22 | 501,540 | ||||||||||||||
| 100,000 | Southern California Edison Co | 3.400 | 06/01/23 | 103,531 | ||||||||||||||
| 500,000 | Southern California Edison Co | 3.700 | 08/01/25 | 528,992 | ||||||||||||||
| 750,000 | Southern California Edison Co | 3.650 | 03/01/28 | 802,677 | ||||||||||||||
| 500,000 | Southern California Edison Co | 4.200 | 03/01/29 | 557,873 | ||||||||||||||
| 500,000 | Southern California Edison Co | 2.850 | 08/01/29 | 503,614 | ||||||||||||||
| 185,000 | Southern California Edison Co | 6.050 | 03/15/39 | 241,200 | ||||||||||||||
| 300,000 | Southern California Edison Co | 4.500 | 09/01/40 | 332,883 | ||||||||||||||
| 825,000 | Southern California Edison Co | 4.650 | 10/01/43 | 951,289 | ||||||||||||||
| 450,000 | Southern California Edison Co | 3.600 | 02/01/45 | 456,436 | ||||||||||||||
| 1,937,000 | Southern California Edison Co | 4.000 | 04/01/47 | 2,083,731 | ||||||||||||||
| 1,675,000 | Southern California Edison Co | 4.125 | 03/01/48 | 1,822,178 | ||||||||||||||
| 500,000 | Southern California Edison Co | 4.875 | 03/01/49 | 598,743 | ||||||||||||||
| 200,000 | Southern California Gas Co | 3.200 | 06/15/25 | 206,929 | ||||||||||||||
| 200,000 | Southern California Gas Co | 2.600 | 06/15/26 | 202,407 | ||||||||||||||
| 150,000 | Southern California Gas Co | 3.750 | 09/15/42 | 162,084 | ||||||||||||||
| 500,000 | Southern California Gas Co | 4.125 | 06/01/48 | 575,901 | ||||||||||||||
| 300,000 | Southern California Gas Co | 4.300 | 01/15/49 | 356,289 | ||||||||||||||
| 500,000 | Southern California Gas Co | 3.950 | 02/15/50 | 565,735 | ||||||||||||||
| 400,000 | Southern Co | 2.350 | 07/01/21 | 401,202 | ||||||||||||||
| 425,000 | Southern Co | 2.950 | 07/01/23 | 433,795 | ||||||||||||||
| 2,325,000 | Southern Co | 3.250 | 07/01/26 | 2,402,102 | ||||||||||||||
| 400,000 | Southern Co | 4.250 | 07/01/36 | 433,608 | ||||||||||||||
| 2,300,000 | Southern Co | 4.400 | 07/01/46 | 2,568,715 | ||||||||||||||
| 200,000 | Southern Co Gas Capital Corp | 2.450 | 10/01/23 | 200,752 | ||||||||||||||
| 400,000 | Southern Co Gas Capital Corp | 3.250 | 06/15/26 | 412,426 | ||||||||||||||
| 100,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 105,052 | ||||||||||||||
| 900,000 | Southern Co Gas Capital Corp | 4.400 | 05/30/47 | 1,016,464 | ||||||||||||||
| 550,000 | Southern Natural Gas Co | 4.400 | 06/15/21 | 566,315 | ||||||||||||||
| 200,000 | Southern Power Co | 4.150 | 12/01/25 | 216,691 | ||||||||||||||
| 300,000 | Southern Power Co | 4.950 | 12/15/46 | 331,852 | ||||||||||||||
| 150,000 | Southwest Gas Corp | 3.700 | 04/01/28 | 161,797 | ||||||||||||||
| 100,000 | Southwest Gas Corp | 3.800 | 09/29/46 | 106,440 | ||||||||||||||
| 141 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Southwest Gas Corp | 4.150 | % | 06/01/49 | $ | 555,019 | |||||||||||
| 500,000 | Southwestern Electric Power Co | 2.750 | 10/01/26 | 501,605 | ||||||||||||||
| 675,000 | Southwestern Electric Power Co | 4.100 | 09/15/28 | 747,568 | ||||||||||||||
| 750,000 | Southwestern Electric Power Co | 3.850 | 02/01/48 | 794,703 | ||||||||||||||
| 600,000 | Southwestern Public Service Co | 4.500 | 08/15/41 | 708,502 | ||||||||||||||
| 300,000 | Southwestern Public Service Co | 3.400 | 08/15/46 | 309,316 | ||||||||||||||
| 225,000 | Southwestern Public Service Co | 3.700 | 08/15/47 | 244,687 | ||||||||||||||
| 200,000 | Southwestern Public Service Co | 4.400 | 11/15/48 | 239,282 | ||||||||||||||
| 750,000 | Southwestern Public Service Co | 3.750 | 06/15/49 | 828,639 | ||||||||||||||
| 100,000 | Tampa Electric Co | 4.100 | 06/15/42 | 111,654 | ||||||||||||||
| 175,000 | Tampa Electric Co | 4.350 | 05/15/44 | 204,312 | ||||||||||||||
| 200,000 | Tampa Electric Co | 4.300 | 06/15/48 | 234,074 | ||||||||||||||
| 200,000 | Tampa Electric Co | 4.450 | 06/15/49 | 241,584 | ||||||||||||||
| 575,000 | Tampa Electric Co | 3.625 | 06/15/50 | 612,326 | ||||||||||||||
| 300,000 | TC PipeLines LP | 4.375 | 03/13/25 | 318,988 | ||||||||||||||
| 350,000 | TC PipeLines LP | 3.900 | 05/25/27 | 364,969 | ||||||||||||||
| 12,000 | Toledo Edison Co | 7.250 | 05/01/20 | 12,302 | ||||||||||||||
| 300,000 | TransAlta Corp | 4.500 | 11/15/22 | 310,249 | ||||||||||||||
| 700,000 | Transcontinental Gas Pipe Line Co LLC | 7.850 | 02/01/26 | 886,287 | ||||||||||||||
| 1,200,000 | Transcontinental Gas Pipe Line Co LLC | 4.000 | 03/15/28 | 1,283,508 | ||||||||||||||
| 850,000 | Transcontinental Gas Pipe Line Co LLC | 4.600 | 03/15/48 | 941,837 | ||||||||||||||
| 200,000 | Tucson Electric Power Co | 3.050 | 03/15/25 | 204,004 | ||||||||||||||
| 200,000 | Tucson Electric Power Co | 4.850 | 12/01/48 | 252,803 | ||||||||||||||
| 200,000 | Union Electric Co | 2.950 | 06/15/27 | 207,466 | ||||||||||||||
| 300,000 | Union Electric Co | 3.500 | 03/15/29 | 326,109 | ||||||||||||||
| 100,000 | Union Electric Co | 8.450 | 03/15/39 | 165,329 | ||||||||||||||
| 100,000 | Union Electric Co | 3.900 | 09/15/42 | 110,396 | ||||||||||||||
| 100,000 | Union Electric Co | 3.650 | 04/15/45 | 106,418 | ||||||||||||||
| 200,000 | Union Electric Co | 4.000 | 04/01/48 | 226,092 | ||||||||||||||
| 1,000,000 | h | Union Electric Co | 3.250 | 10/01/49 | 999,583 | |||||||||||||
| 100,000 | United Utilities plc | 6.875 | 08/15/28 | 124,278 | ||||||||||||||
| 409,000 | Virginia Electric & Power Co | 2.750 | 03/15/23 | 417,543 | ||||||||||||||
| 500,000 | Virginia Electric & Power Co | 3.450 | 02/15/24 | 523,167 | ||||||||||||||
| 1,850,000 | Virginia Electric & Power Co | 3.150 | 01/15/26 | 1,929,415 | ||||||||||||||
| 900,000 | Virginia Electric & Power Co | 2.950 | 11/15/26 | 928,855 | ||||||||||||||
| 1,750,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 1,872,601 | ||||||||||||||
| 3,000,000 | Virginia Electric & Power Co | 3.800 | 04/01/28 | 3,289,357 | ||||||||||||||
| 1,000,000 | Virginia Electric & Power Co | 2.875 | 07/15/29 | 1,028,132 | ||||||||||||||
| 250,000 | Virginia Electric & Power Co | 4.650 | 08/15/43 | 299,460 | ||||||||||||||
| 400,000 | Virginia Electric & Power Co | 4.450 | 02/15/44 | 470,070 | ||||||||||||||
| 200,000 | Virginia Electric & Power Co | 4.200 | 05/15/45 | 227,351 | ||||||||||||||
| 1,100,000 | Virginia Electric & Power Co | 4.000 | 11/15/46 | 1,229,184 | ||||||||||||||
| 700,000 | Virginia Electric & Power Co | 3.800 | 09/15/47 | 759,673 | ||||||||||||||
| 400,000 | Virginia Electric & Power Co | 4.600 | 12/01/48 | 491,417 | ||||||||||||||
| 200,000 | Washington Gas Light Co | 3.796 | 09/15/46 | 210,669 | ||||||||||||||
| 500,000 | Washington Gas Light Co | 3.650 | 09/15/49 | 511,874 | ||||||||||||||
| 875,000 | WEC Energy Group, Inc | 3.375 | 06/15/21 | 893,950 | ||||||||||||||
| 500,000 | WEC Energy Group, Inc | 3.100 | 03/08/22 | 511,201 | ||||||||||||||
| 1,520,000 | WEC Energy Group, Inc | 3.550 | 06/15/25 | 1,616,482 | ||||||||||||||
| 100,000 | Westar Energy, Inc | 2.550 | 07/01/26 | 100,846 | ||||||||||||||
| 500,000 | Westar Energy, Inc | 4.125 | 03/01/42 | 565,453 | ||||||||||||||
| 175,000 | Westar Energy, Inc | 4.100 | 04/01/43 | 197,465 | ||||||||||||||
| 142 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 375,000 | Westar Energy, Inc | 3.250 | % | 09/01/49 | $ | 376,781 | |||||||||||
| 200,000 | Wisconsin Electric Power Co | 5.625 | 05/15/33 | 257,744 | ||||||||||||||
| 200,000 | Wisconsin Electric Power Co | 4.300 | 10/15/48 | 237,896 | ||||||||||||||
| 325,000 | Wisconsin Power & Light Co | 3.050 | 10/15/27 | 338,852 | ||||||||||||||
| 500,000 | Wisconsin Power & Light Co | 3.000 | 07/01/29 | 521,526 | ||||||||||||||
| 200,000 | Wisconsin Public Service Corp | 3.350 | 11/21/21 | 205,583 | ||||||||||||||
| 200,000 | Wisconsin Public Service Corp | 4.752 | 11/01/44 | 248,943 | ||||||||||||||
| 300,000 | Wisconsin Public Service Corp | 3.300 | 09/01/49 | 305,504 | ||||||||||||||
| 300,000 | Xcel Energy, Inc | 2.400 | 03/15/21 | 301,359 | ||||||||||||||
| 300,000 | Xcel Energy, Inc | 2.600 | 03/15/22 | 302,813 | ||||||||||||||
| 750,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 791,158 | ||||||||||||||
| 900,000 | Xcel Energy, Inc | 4.000 | 06/15/28 | 990,997 | ||||||||||||||
| TOTAL UTILITIES | 322,609,792 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 4,220,007,919 | |||||||||||||||||
| (Cost $3,965,628,083) | ||||||||||||||||||
| GOVERNMENT BONDS - 71.5% | ||||||||||||||||||
| AGENCY SECURITIES - 1.2% | ||||||||||||||||||
| 4,000,000 | Federal Farm Credit Bank (FFCB) | 2.375 | 03/27/20 | 4,010,920 | ||||||||||||||
| 3,000,000 | FFCB | 2.875 | 07/17/23 | 3,139,775 | ||||||||||||||
| 1,145,000 | FFCB | 3.500 | 12/20/23 | 1,231,023 | ||||||||||||||
| 16,000,000 | Federal Home Loan Bank (FHLB) | 1.875 | 03/13/20 | 16,000,701 | ||||||||||||||
| 7,500,000 | FHLB | 2.625 | 05/28/20 | 7,536,376 | ||||||||||||||
| 4,750,000 | FHLB | 2.625 | 10/01/20 | 4,786,690 | ||||||||||||||
| 20,000,000 | FHLB | 1.125 | 07/14/21 | 19,802,240 | ||||||||||||||
| 13,875,000 | FHLB | 3.250 | 11/16/28 | 15,465,985 | ||||||||||||||
| 29,500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 2.375 | 01/13/22 | 29,962,338 | ||||||||||||||
| 12,625,000 | FHLMC | 2.750 | 06/19/23 | 13,136,545 | ||||||||||||||
| 5,000,000 | Federal National Mortgage Association (FNMA) | 1.500 | 11/30/20 | 4,982,206 | ||||||||||||||
| 1,000,000 | FNMA | 2.625 | 01/11/22 | 1,021,229 | ||||||||||||||
| 7,400,000 | FNMA | 2.250 | 04/12/22 | 7,518,506 | ||||||||||||||
| 5,100,000 | FNMA | 2.650 | 04/29/22 | 5,102,401 | ||||||||||||||
| 1,970,815 | i | FNMA | 2.301 | 09/25/22 | 1,987,413 | |||||||||||||
| 1,000,000 | FNMA | 2.000 | 10/05/22 | 1,011,609 | ||||||||||||||
| 10,000,000 | FNMA | 2.375 | 01/19/23 | 10,239,371 | ||||||||||||||
| 1,000,000 | FNMA | 2.875 | 09/12/23 | 1,048,253 | ||||||||||||||
| 2,500,000 | FNMA | 2.500 | 02/05/24 | 2,594,952 | ||||||||||||||
| 5,000,000 | FNMA | 1.750 | 07/02/24 | 5,029,070 | ||||||||||||||
| 13,700,000 | FNMA | 2.625 | 09/06/24 | 14,355,186 | ||||||||||||||
| 4,000,000 | FNMA | 1.875 | 09/24/26 | 4,047,080 | ||||||||||||||
| 5,000,000 | FNMA | 6.625 | 11/15/30 | 7,324,219 | ||||||||||||||
| 1,000,000 | FNMA | 5.625 | 07/15/37 | 1,484,971 | ||||||||||||||
| 500,000 | Hashemite Kingdom of Jordan Government AID International Bond | 2.503 | 10/30/20 | 503,796 | ||||||||||||||
| 1,300,000 | Hashemite Kingdom of Jordan Government AID International Bond | 3.000 | 06/30/25 | 1,386,852 | ||||||||||||||
| 1,000,000 | Iraq Government AID International Bond | 2.149 | 01/18/22 | 1,009,589 | ||||||||||||||
| 800,000 | Israel Government AID International Bond | 5.500 | 09/18/23 | 916,748 | ||||||||||||||
| 300,000 | Israel Government AID International Bond | 5.500 | 04/26/24 | 350,121 | ||||||||||||||
| 250,000 | NCUA Guaranteed Notes | 3.450 | 06/12/21 | 255,000 | ||||||||||||||
| 550,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 550,269 | ||||||||||||||
| 143 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | PEFCO | 2.300 | % | 09/15/20 | $ | 200,584 | |||||||||||
| 400,000 | PEFCO | 2.050 | 11/15/22 | 403,517 | ||||||||||||||
| 200,000 | PEFCO | 3.250 | 06/15/25 | 215,156 | ||||||||||||||
| 750,000 | Tennessee Valley Authority (TVA) | 2.250 | 03/15/20 | 751,227 | ||||||||||||||
| 2,000,000 | TVA | 3.875 | 02/15/21 | 2,056,247 | ||||||||||||||
| 750,000 | TVA | 2.875 | 09/15/24 | 792,496 | ||||||||||||||
| 1,425,000 | TVA | 2.875 | 02/01/27 | 1,513,844 | ||||||||||||||
| 500,000 | TVA | 5.880 | 04/01/36 | 725,638 | ||||||||||||||
| 500,000 | TVA | 5.500 | 06/15/38 | 717,462 | ||||||||||||||
| 4,300,000 | TVA | 3.500 | 12/15/42 | 4,995,191 | ||||||||||||||
| 1,750,000 | TVA | 4.625 | 09/15/60 | 2,551,565 | ||||||||||||||
| 300,000 | TVA | 4.250 | 09/15/65 | 415,465 | ||||||||||||||
| 175,000 | Tunisia Government AID International Bonds | 1.416 | 08/05/21 | 173,172 | ||||||||||||||
| 500,000 | Ukraine Government AID International Bonds | 1.847 | 05/29/20 | 500,947 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 203,803,945 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 3.5% | ||||||||||||||||||
| 500,000 | African Development Bank | 1.375 | 02/12/20 | 498,725 | ||||||||||||||
| 1,800,000 | African Development Bank | 1.875 | 03/16/20 | 1,798,538 | ||||||||||||||
| 850,000 | African Development Bank | 2.625 | 03/22/21 | 860,268 | ||||||||||||||
| 500,000 | African Development Bank | 1.250 | 07/26/21 | 495,566 | ||||||||||||||
| 450,000 | African Development Bank | 2.375 | 09/23/21 | 455,306 | ||||||||||||||
| 2,000,000 | African Development Bank | 1.625 | 09/16/22 | 1,999,085 | ||||||||||||||
| 500,000 | African Development Bank | 2.125 | 11/16/22 | 506,880 | ||||||||||||||
| 2,000,000 | African Development Bank | 3.000 | 09/20/23 | 2,102,107 | ||||||||||||||
| 1,400,000 | Agricultural Bank of China | 2.750 | 05/21/20 | 1,402,098 | ||||||||||||||
| 500,000 | Asian Development Bank | 1.750 | 01/10/20 | 499,617 | ||||||||||||||
| 500,000 | Asian Development Bank | 1.500 | 01/22/20 | 499,132 | ||||||||||||||
| 5,000,000 | Asian Development Bank | 1.375 | 03/23/20 | 4,984,689 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 1.625 | 08/26/20 | 997,685 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 2.250 | 01/20/21 | 1,005,428 | ||||||||||||||
| 2,000,000 | Asian Development Bank | 1.625 | 03/16/21 | 1,995,666 | ||||||||||||||
| 4,000,000 | Asian Development Bank | 1.750 | 06/08/21 | 4,000,628 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 2.125 | 11/24/21 | 1,008,781 | ||||||||||||||
| 600,000 | Asian Development Bank | 1.875 | 02/18/22 | 603,076 | ||||||||||||||
| 4,000,000 | Asian Development Bank | 1.875 | 07/19/22 | 4,026,715 | ||||||||||||||
| 500,000 | Asian Development Bank | 1.875 | 08/10/22 | 502,991 | ||||||||||||||
| 750,000 | Asian Development Bank | 1.750 | 09/13/22 | 752,145 | ||||||||||||||
| 3,000,000 | Asian Development Bank | 2.750 | 03/17/23 | 3,114,198 | ||||||||||||||
| 2,200,000 | Asian Development Bank | 2.625 | 01/30/24 | 2,291,375 | ||||||||||||||
| 500,000 | Asian Development Bank | 2.000 | 01/22/25 | 509,065 | ||||||||||||||
| 1,500,000 | Asian Development Bank | 2.000 | 04/24/26 | 1,528,879 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 2.625 | 01/12/27 | 1,062,818 | ||||||||||||||
| 500,000 | Asian Development Bank | 2.375 | 08/10/27 | 523,069 | ||||||||||||||
| 500,000 | Asian Development Bank | 2.500 | 11/02/27 | 529,180 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 2.750 | 01/19/28 | 1,079,359 | ||||||||||||||
| 75,000 | Asian Development Bank | 5.820 | 06/16/28 | 97,584 | ||||||||||||||
| 2,575,000 | Asian Development Bank | 3.125 | 09/26/28 | 2,869,669 | ||||||||||||||
| 1,925,000 | Canada Government International Bond | 2.625 | 01/25/22 | 1,968,177 | ||||||||||||||
| 2,000,000 | Canada Government International Bond | 2.000 | 11/15/22 | 2,022,809 | ||||||||||||||
| 3,715,000 | Chile Government International Bond | 3.240 | 02/06/28 | 3,947,225 | ||||||||||||||
| 1,613,000 | Chile Government International Bond | 3.500 | 01/25/50 | 1,738,007 | ||||||||||||||
| 144 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,900,000 | Colombia Government International Bond | 4.375 | % | 07/12/21 | $ | 1,966,519 | |||||||||||
| 600,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 602,256 | ||||||||||||||
| 2,250,000 | Colombia Government International Bond | 4.000 | 02/26/24 | 2,371,500 | ||||||||||||||
| 2,500,000 | Colombia Government International Bond | 3.875 | 04/25/27 | 2,650,000 | ||||||||||||||
| 3,587,000 | Colombia Government International Bond | 4.500 | 03/15/29 | 3,986,950 | ||||||||||||||
| 1,250,000 | Colombia Government International Bond | 6.125 | 01/18/41 | 1,628,137 | ||||||||||||||
| 1,150,000 | Colombia Government International Bond | 5.625 | 02/26/44 | 1,437,511 | ||||||||||||||
| 3,100,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 3,631,681 | ||||||||||||||
| 2,925,000 | Colombia Government International Bond | 5.200 | 05/15/49 | 3,534,892 | ||||||||||||||
| 500,000 | Corp Andina de Fomento | 2.200 | 07/18/20 | 498,485 | ||||||||||||||
| 500,000 | Corp Andina de Fomento | 2.125 | 09/27/21 | 497,170 | ||||||||||||||
| 950,000 | Corp Andina de Fomento | 3.250 | 02/11/22 | 967,433 | ||||||||||||||
| 527,000 | Corp Andina de Fomento | 4.375 | 06/15/22 | 554,567 | ||||||||||||||
| 750,000 | Corp Andina de Fomento | 2.750 | 01/06/23 | 755,753 | ||||||||||||||
| 750,000 | Corp Andina de Fomento | 3.750 | 11/23/23 | 787,890 | ||||||||||||||
| 300,000 | Council of Europe Development Bank | 1.875 | 01/27/20 | 299,791 | ||||||||||||||
| 1,000,000 | Council of Europe Development Bank | 1.625 | 03/16/21 | 997,550 | ||||||||||||||
| 1,000,000 | Council of Europe Development Bank | 2.625 | 02/13/23 | 1,030,379 | ||||||||||||||
| 1,000,000 | Council of Europe Development Bank | 2.500 | 02/27/24 | 1,036,399 | ||||||||||||||
| 400,000 | Development Bank of Japan, Inc | 2.000 | 10/19/21 | 399,941 | ||||||||||||||
| 3,600,000 | European Bank for Reconstruction & Development | 1.750 | 11/26/19 | 3,597,508 | ||||||||||||||
| 1,300,000 | European Bank for Reconstruction & Development | 1.500 | 03/16/20 | 1,297,088 | ||||||||||||||
| 2,000,000 | European Bank for Reconstruction & Development | 2.750 | 04/26/21 | 2,030,538 | ||||||||||||||
| 750,000 | European Bank for Reconstruction & Development | 1.500 | 11/02/21 | 746,827 | ||||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.875 | 02/23/22 | 502,275 | ||||||||||||||
| 1,500,000 | European Bank for Reconstruction & Development | 2.750 | 03/07/23 | 1,554,888 | ||||||||||||||
| 2,000,000 | European Bank for Reconstruction & Development | 1.625 | 09/27/24 | 1,997,353 | ||||||||||||||
| 1,500,000 | European Investment Bank | 1.375 | 06/15/20 | 1,494,534 | ||||||||||||||
| 4,000,000 | European Investment Bank | 1.625 | 08/14/20 | 3,990,134 | ||||||||||||||
| 3,000,000 | European Investment Bank | 2.875 | 09/15/20 | 3,027,165 | ||||||||||||||
| 500,000 | European Investment Bank | 1.625 | 12/15/20 | 498,710 | ||||||||||||||
| 1,750,000 | European Investment Bank | 2.000 | 03/15/21 | 1,755,498 | ||||||||||||||
| 500,000 | European Investment Bank | 2.500 | 04/15/21 | 505,452 | ||||||||||||||
| 11,500,000 | European Investment Bank | 2.375 | 05/13/21 | 11,616,221 | ||||||||||||||
| 1,000,000 | European Investment Bank | 1.625 | 06/15/21 | 997,867 | ||||||||||||||
| 2,500,000 | European Investment Bank | 2.125 | 10/15/21 | 2,520,726 | ||||||||||||||
| 14,250,000 | European Investment Bank | 2.625 | 05/20/22 | 14,609,836 | ||||||||||||||
| 1,000,000 | European Investment Bank | 2.375 | 06/15/22 | 1,019,585 | ||||||||||||||
| 500,000 | European Investment Bank | 2.250 | 08/15/22 | 508,687 | ||||||||||||||
| 3,000,000 | European Investment Bank | 2.500 | 03/15/23 | 3,089,286 | ||||||||||||||
| 1,500,000 | European Investment Bank | 3.125 | 12/14/23 | 1,590,370 | ||||||||||||||
| 5,000,000 | European Investment Bank | 3.250 | 01/29/24 | 5,338,096 | ||||||||||||||
| 1,500,000 | European Investment Bank | 2.625 | 03/15/24 | 1,564,702 | ||||||||||||||
| 4,000,000 | European Investment Bank | 2.250 | 06/24/24 | 4,116,080 | ||||||||||||||
| 1,500,000 | European Investment Bank | 2.500 | 10/15/24 | 1,562,436 | ||||||||||||||
| 400,000 | European Investment Bank | 2.375 | 05/24/27 | 419,273 | ||||||||||||||
| 1,705,000 | European Investment Bank | 4.875 | 02/15/36 | 2,364,719 | ||||||||||||||
| 500,000 | Export Development Canada | 1.625 | 01/17/20 | 499,190 | ||||||||||||||
| 200,000 | Export Development Canada | 1.625 | 06/01/20 | 199,557 | ||||||||||||||
| 500,000 | Export Development Canada | 1.750 | 07/21/20 | 499,386 | ||||||||||||||
| 750,000 | Export Development Canada | 2.000 | 11/30/20 | 751,115 | ||||||||||||||
| 300,000 | Export Development Canada | 1.500 | 05/26/21 | 298,634 | ||||||||||||||
| 500,000 | Export Development Canada | 1.375 | 10/21/21 | 496,625 | ||||||||||||||
| 145 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | Export Development Canada | 2.000 | % | 05/17/22 | $ | 504,300 | |||||||||||
| 1,000,000 | Export Development Canada | 2.500 | 01/24/23 | 1,027,386 | ||||||||||||||
| 1,000,000 | Export Development Canada | 2.750 | 03/15/23 | 1,036,857 | ||||||||||||||
| 1,300,000 | Export Development Canada | 2.625 | 02/21/24 | 1,354,046 | ||||||||||||||
| 300,000 | Export-Import Bank of Korea | 1.500 | 10/21/19 | 299,867 | ||||||||||||||
| 775,000 | Export-Import Bank of Korea | 5.125 | 06/29/20 | 791,662 | ||||||||||||||
| 750,000 | Export-Import Bank of Korea | 2.500 | 11/01/20 | 752,130 | ||||||||||||||
| 200,000 | Export-Import Bank of Korea | 2.125 | 02/11/21 | 199,818 | ||||||||||||||
| 250,000 | Export-Import Bank of Korea | 2.500 | 05/10/21 | 251,120 | ||||||||||||||
| 300,000 | Export-Import Bank of Korea | 1.875 | 10/21/21 | 297,838 | ||||||||||||||
| 300,000 | Export-Import Bank of Korea | 3.500 | 11/27/21 | 308,875 | ||||||||||||||
| 300,000 | Export-Import Bank of Korea | 5.000 | 04/11/22 | 320,367 | ||||||||||||||
| 3,250,000 | Export-Import Bank of Korea | 3.000 | 11/01/22 | 3,334,940 | ||||||||||||||
| 1,375,000 | Export-Import Bank of Korea | 3.625 | 11/27/23 | 1,459,919 | ||||||||||||||
| 500,000 | Export-Import Bank of Korea | 4.000 | 01/14/24 | 538,707 | ||||||||||||||
| 750,000 | Export-Import Bank of Korea | 2.875 | 01/21/25 | 774,816 | ||||||||||||||
| 250,000 | Export-Import Bank of Korea | 3.250 | 11/10/25 | 264,385 | ||||||||||||||
| 500,000 | Export-Import Bank of Korea | 2.625 | 05/26/26 | 507,899 | ||||||||||||||
| 500,000 | Export-Import Bank of Korea | 3.250 | 08/12/26 | 527,003 | ||||||||||||||
| 500,000 | Export-Import Bank of Korea | 2.375 | 04/21/27 | 497,741 | ||||||||||||||
| 100,000 | Finland Government International Bond | 6.950 | 02/15/26 | 127,164 | ||||||||||||||
| 750,000 | FMS Wertmanagement AoeR | 1.750 | 01/24/20 | 749,256 | ||||||||||||||
| 500,000 | FMS Wertmanagement AoeR | 1.375 | 06/08/21 | 496,745 | ||||||||||||||
| 1,000,000 | FMS Wertmanagement AoeR | 2.000 | 08/01/22 | 1,009,043 | ||||||||||||||
| 2,175,000 | FMS Wertmanagement AoeR | 2.750 | 01/30/24 | 2,274,721 | ||||||||||||||
| 4,500,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 5,100,219 | ||||||||||||||
| 1,250,000 | Hungary Government International Bond | 7.625 | 03/29/41 | 2,075,558 | ||||||||||||||
| 1,270,000 | Hydro Quebec | 9.400 | 02/01/21 | 1,390,383 | ||||||||||||||
| 200,000 | Hydro Quebec | 8.500 | 12/01/29 | 310,613 | ||||||||||||||
| 750,000 | Indonesia Government International Bond | 2.950 | 01/11/23 | 759,376 | ||||||||||||||
| 700,000 | Indonesia Government International Bond | 4.450 | 02/11/24 | 751,645 | ||||||||||||||
| 750,000 | Indonesia Government International Bond | 3.500 | 01/11/28 | 773,910 | ||||||||||||||
| 900,000 | Indonesia Government International Bond | 4.750 | 02/11/29 | 1,028,918 | ||||||||||||||
| 1,250,000 | Indonesia Government International Bond | 3.400 | 09/18/29 | 1,298,301 | ||||||||||||||
| 875,000 | Indonesia Government International Bond | 4.350 | 01/11/48 | 961,299 | ||||||||||||||
| 1,125,000 | Indonesia Government International Bond | 5.350 | 02/11/49 | 1,443,060 | ||||||||||||||
| 3,350,000 | Inter-American Development Bank | 1.375 | 07/15/20 | 3,336,530 | ||||||||||||||
| 13,550,000 | Inter-American Development Bank | 2.625 | 04/19/21 | 13,724,921 | ||||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.875 | 07/23/21 | 1,002,541 | ||||||||||||||
| 500,000 | Inter-American Development Bank | 2.125 | 01/18/22 | 505,149 | ||||||||||||||
| 3,775,000 | Inter-American Development Bank | 3.000 | 09/26/22 | 3,921,933 | ||||||||||||||
| 3,000,000 | Inter-American Development Bank | 2.500 | 01/18/23 | 3,081,560 | ||||||||||||||
| 1,500,000 | Inter-American Development Bank | 2.625 | 01/16/24 | 1,562,070 | ||||||||||||||
| 500,000 | Inter-American Development Bank | 2.125 | 01/15/25 | 511,948 | ||||||||||||||
| 1,500,000 | Inter-American Development Bank | 2.000 | 06/02/26 | 1,528,596 | ||||||||||||||
| 1,500,000 | Inter-American Development Bank | 2.000 | 07/23/26 | 1,533,554 | ||||||||||||||
| 1,000,000 | Inter-American Development Bank | 2.375 | 07/07/27 | 1,046,838 | ||||||||||||||
| 2,000,000 | Inter-American Development Bank | 3.125 | 09/18/28 | 2,230,024 | ||||||||||||||
| 3,000,000 | Inter-American Development Bank | 2.250 | 06/18/29 | 3,132,124 | ||||||||||||||
| 1,450,000 | Inter-American Development Bank | 3.200 | 08/07/42 | 1,689,800 | ||||||||||||||
| 300,000 | Inter-American Development Bank | 4.375 | 01/24/44 | 415,533 | ||||||||||||||
| 146 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,000,000 | International Bank for Reconstruction & Development | 1.125 | % | 08/10/20 | $ | 993,342 | |||||||||||
| 1,800,000 | International Bank for Reconstruction & Development | 1.625 | 09/04/20 | 1,796,917 | ||||||||||||||
| 3,750,000 | International Bank for Reconstruction & Development | 1.625 | 03/09/21 | 3,742,251 | ||||||||||||||
| 9,250,000 | International Bank for Reconstruction & Development | 1.375 | 05/24/21 | 9,195,867 | ||||||||||||||
| 1,500,000 | International Bank for Reconstruction & Development | 2.000 | 01/26/22 | 1,511,886 | ||||||||||||||
| 5,000,000 | International Bank for Reconstruction & Development | 2.125 | 07/01/22 | 5,067,584 | ||||||||||||||
| 5,000,000 | International Bank for Reconstruction & Development | 1.875 | 10/07/22 | 5,035,950 | ||||||||||||||
| 5,400,000 | International Bank for Reconstruction & Development | 7.625 | 01/19/23 | 6,421,771 | ||||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 2.125 | 02/13/23 | 508,423 | ||||||||||||||
| 3,000,000 | International Bank for Reconstruction & Development | 1.875 | 06/19/23 | 3,022,288 | ||||||||||||||
| 5,575,000 | International Bank for Reconstruction & Development | 2.500 | 03/19/24 | 5,784,799 | ||||||||||||||
| 2,000,000 | International Bank for Reconstruction & Development | 1.500 | 08/28/24 | 1,987,536 | ||||||||||||||
| 1,600,000 | International Bank for Reconstruction & Development | 2.500 | 11/25/24 | 1,668,349 | ||||||||||||||
| 4,500,000 | International Bank for Reconstruction & Development | 2.500 | 07/29/25 | 4,713,113 | ||||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 3.125 | 11/20/25 | 542,134 | ||||||||||||||
| 834,000 | International Bank for Reconstruction & Development | 4.750 | 02/15/35 | 1,118,765 | ||||||||||||||
| 1,000,000 | International Finance Corp | 1.750 | 03/30/20 | 998,576 | ||||||||||||||
| 2,750,000 | International Finance Corp | 1.625 | 07/16/20 | 2,743,654 | ||||||||||||||
| 2,500,000 | International Finance Corp | 2.250 | 01/25/21 | 2,514,150 | ||||||||||||||
| 500,000 | International Finance Corp | 2.000 | 10/24/22 | 505,656 | ||||||||||||||
| 1,300,000 | International Finance Corp | 2.875 | 07/31/23 | 1,359,129 | ||||||||||||||
| 705,000 | Israel Government International Bond | 4.000 | 06/30/22 | 740,092 | ||||||||||||||
| 300,000 | Israel Government International Bond | 3.150 | 06/30/23 | 312,447 | ||||||||||||||
| 1,000,000 | Israel Government International Bond | 2.875 | 03/16/26 | 1,051,703 | ||||||||||||||
| 975,000 | Israel Government International Bond | 3.250 | 01/17/28 | 1,056,319 | ||||||||||||||
| 1,500,000 | Israel Government International Bond | 4.500 | 01/30/43 | 1,828,381 | ||||||||||||||
| 200,000 | Israel Government International Bond | 4.125 | 01/17/48 | 234,676 | ||||||||||||||
| 1,600,000 | Italy Government International Bond | 6.875 | 09/27/23 | 1,855,843 | ||||||||||||||
| 1,599,000 | Italy Government International Bond | 5.375 | 06/15/33 | 1,931,625 | ||||||||||||||
| 1,000,000 | Japan Bank for International Cooperation | 2.250 | 02/24/20 | 1,000,086 | ||||||||||||||
| 300,000 | Japan Bank for International Cooperation | 2.125 | 06/01/20 | 299,979 | ||||||||||||||
| 1,350,000 | Japan Bank for International Cooperation | 2.125 | 07/21/20 | 1,351,048 | ||||||||||||||
| 300,000 | Japan Bank for International Cooperation | 2.125 | 11/16/20 | 300,522 | ||||||||||||||
| 250,000 | Japan Bank for International Cooperation | 1.875 | 04/20/21 | 250,020 | ||||||||||||||
| 750,000 | Japan Bank for International Cooperation | 1.500 | 07/21/21 | 745,001 | ||||||||||||||
| 500,000 | Japan Bank for International Cooperation | 2.500 | 06/01/22 | 508,281 | ||||||||||||||
| 1,250,000 | Japan Bank for International Cooperation | 2.375 | 07/21/22 | 1,266,924 | ||||||||||||||
| 147 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Japan Bank for International Cooperation | 2.375 | % | 11/16/22 | $ | 304,422 | |||||||||||
| 1,050,000 | Japan Bank for International Cooperation | 3.375 | 07/31/23 | 1,106,569 | ||||||||||||||
| 4,250,000 | Japan Bank for International Cooperation | 3.375 | 10/31/23 | 4,493,342 | ||||||||||||||
| 2,300,000 | Japan Bank for International Cooperation | 2.500 | 05/23/24 | 2,362,169 | ||||||||||||||
| 500,000 | Japan Bank for International Cooperation | 2.125 | 02/10/25 | 504,852 | ||||||||||||||
| 5,750,000 | Japan Bank for International Cooperation | 2.750 | 01/21/26 | 6,019,722 | ||||||||||||||
| 400,000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 410,442 | ||||||||||||||
| 1,500,000 | Japan Bank for International Cooperation | 1.875 | 07/21/26 | 1,490,109 | ||||||||||||||
| 1,000,000 | Japan Bank for International Cooperation | 2.875 | 06/01/27 | 1,062,240 | ||||||||||||||
| 750,000 | Japan Bank for International Cooperation | 2.875 | 07/21/27 | 796,431 | ||||||||||||||
| 300,000 | Japan Bank for International Cooperation | 2.750 | 11/16/27 | 317,592 | ||||||||||||||
| 750,000 | Japan Bank for International Cooperation | 3.500 | 10/31/28 | 843,357 | ||||||||||||||
| 800,000 | Japan Finance Organization for Municipalities | 4.000 | 01/13/21 | 819,916 | ||||||||||||||
| 350,000 | Japan International Cooperation Agency | 2.125 | 10/20/26 | 352,134 | ||||||||||||||
| 700,000 | Japan International Cooperation Agency | 3.375 | 06/12/28 | 770,484 | ||||||||||||||
| 500,000 | Korea Development Bank | 2.500 | 03/11/20 | 500,915 | ||||||||||||||
| 300,000 | Korea Development Bank | 2.500 | 01/13/21 | 301,263 | ||||||||||||||
| 500,000 | Korea Development Bank | 2.625 | 02/27/22 | 506,292 | ||||||||||||||
| 500,000 | Korea Development Bank | 3.000 | 03/19/22 | 509,415 | ||||||||||||||
| 200,000 | Korea Development Bank | 3.000 | 09/14/22 | 205,194 | ||||||||||||||
| 1,000,000 | Korea Development Bank | 3.375 | 03/12/23 | 1,043,880 | ||||||||||||||
| 500,000 | Korea Development Bank | 2.750 | 03/19/23 | 511,495 | ||||||||||||||
| 500,000 | Korea Development Bank | 3.750 | 01/22/24 | 533,468 | ||||||||||||||
| 700,000 | Korea Development Bank | 3.250 | 02/19/24 | 735,245 | ||||||||||||||
| 1,000,000 | h | Korea Development Bank | 2.125 | 10/01/24 | 999,850 | |||||||||||||
| 200,000 | Korea Development Bank | 3.375 | 09/16/25 | 213,085 | ||||||||||||||
| 400,000 | Korea Development Bank | 3.000 | 01/13/26 | 414,078 | ||||||||||||||
| 250,000 | Korea Development Bank | 2.000 | 09/12/26 | 245,077 | ||||||||||||||
| 500,000 | Korea Government International Bond | 3.875 | 09/11/23 | 537,434 | ||||||||||||||
| 1,500,000 | Korea Government International Bond | 2.750 | 01/19/27 | 1,556,146 | ||||||||||||||
| 1,400,000 | Korea Government International Bond | 4.125 | 06/10/44 | 1,754,300 | ||||||||||||||
| 500,000 | Korea Government International Bond | 3.875 | 09/20/48 | 616,161 | ||||||||||||||
| 3,650,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 03/31/20 | 3,646,006 | ||||||||||||||
| 6,750,000 | Kreditanstalt fuer Wiederaufbau | 1.875 | 06/30/20 | 6,747,014 | ||||||||||||||
| 1,500,000 | Kreditanstalt fuer Wiederaufbau | 2.750 | 10/01/20 | 1,512,815 | ||||||||||||||
| 1,500,000 | Kreditanstalt fuer Wiederaufbau | 1.875 | 11/30/20 | 1,500,832 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 1.875 | 12/15/20 | 1,000,676 | ||||||||||||||
| 5,000,000 | Kreditanstalt fuer Wiederaufbau | 2.375 | 03/24/21 | 5,043,700 | ||||||||||||||
| 4,000,000 | Kreditanstalt fuer Wiederaufbau | 2.625 | 04/12/21 | 4,051,199 | ||||||||||||||
| 1,500,000 | Kreditanstalt fuer Wiederaufbau | 1.500 | 06/15/21 | 1,494,155 | ||||||||||||||
| 1,500,000 | Kreditanstalt fuer Wiederaufbau | 2.000 | 11/30/21 | 1,510,162 | ||||||||||||||
| 1,600,000 | Kreditanstalt fuer Wiederaufbau | 2.625 | 01/25/22 | 1,635,250 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 2.500 | 02/15/22 | 1,019,497 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 2.125 | 03/07/22 | 1,011,482 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 2.125 | 06/15/22 | 1,012,838 | ||||||||||||||
| 3,000,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 08/22/22 | 3,009,339 | ||||||||||||||
| 2,750,000 | Kreditanstalt fuer Wiederaufbau | 2.000 | 10/04/22 | 2,779,259 | ||||||||||||||
| 2,900,000 | Kreditanstalt fuer Wiederaufbau | 2.375 | 12/29/22 | 2,967,812 | ||||||||||||||
| 8,000,000 | Kreditanstalt fuer Wiederaufbau | 2.625 | 02/28/24 | 8,340,230 | ||||||||||||||
| 2,000,000 | Kreditanstalt fuer Wiederaufbau | 2.500 | 11/20/24 | 2,085,736 | ||||||||||||||
| 7,000,000 | Kreditanstalt fuer Wiederaufbau | 2.000 | 05/02/25 | 7,136,091 | ||||||||||||||
| 7,750,000 | Kreditanstalt fuer Wiederaufbau | 2.875 | 04/03/28 | 8,465,498 | ||||||||||||||
| 148 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,000,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | % | 09/14/29 | $ | 999,548 | |||||||||||
| 4,300,000 | Landwirtschaftliche Rentenbank | 3.125 | 11/14/23 | 4,556,955 | ||||||||||||||
| 500,000 | Landwirtschaftliche Rentenbank | 2.000 | 01/13/25 | 508,776 | ||||||||||||||
| 750,000 | Landwirtschaftliche Rentenbank | 2.375 | 06/10/25 | 777,893 | ||||||||||||||
| 1,000,000 | Landwirtschaftliche Rentenbank | 1.750 | 07/27/26 | 1,004,176 | ||||||||||||||
| 125,000 | Landwirtschaftliche Rentenbank | 2.500 | 11/15/27 | 132,281 | ||||||||||||||
| 8,010,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 8,486,675 | ||||||||||||||
| 5,931,000 | Mexico Government International Bond | 3.750 | 01/11/28 | 6,108,930 | ||||||||||||||
| 5,836,000 | Mexico Government International Bond | 4.500 | 04/22/29 | 6,339,413 | ||||||||||||||
| 461,000 | Mexico Government International Bond | 6.750 | 09/27/34 | 620,045 | ||||||||||||||
| 8,950,000 | Mexico Government International Bond | 4.600 | 02/10/48 | 9,565,402 | ||||||||||||||
| 5,905,000 | Mexico Government International Bond | 4.500 | 01/31/50 | 6,218,792 | ||||||||||||||
| 950,000 | Mexico Government International Bond | 5.750 | 10/12/10 | 1,091,322 | ||||||||||||||
| 1,250,000 | Nordic Investment Bank | 2.250 | 02/01/21 | 1,257,005 | ||||||||||||||
| 2,500,000 | Nordic Investment Bank | 2.250 | 09/30/21 | 2,524,791 | ||||||||||||||
| 500,000 | Nordic Investment Bank | 2.875 | 07/19/23 | 522,853 | ||||||||||||||
| 2,300,000 | North American Development Bank | 2.400 | 10/26/22 | 2,321,171 | ||||||||||||||
| 2,125,000 | Panama Government International Bond | 4.000 | 09/22/24 | 2,268,438 | ||||||||||||||
| 1,000,000 | Panama Government International Bond | 3.750 | 03/16/25 | 1,057,510 | ||||||||||||||
| 300,000 | Panama Government International Bond | 7.125 | 01/29/26 | 375,390 | ||||||||||||||
| 2,000,000 | Panama Government International Bond | 3.875 | 03/17/28 | 2,170,020 | ||||||||||||||
| 950,000 | Panama Government International Bond | 3.160 | 01/23/30 | 979,925 | ||||||||||||||
| 692,000 | Panama Government International Bond | 6.700 | 01/26/36 | 984,377 | ||||||||||||||
| 750,000 | Panama Government International Bond | 4.500 | 05/15/47 | 888,758 | ||||||||||||||
| 1,750,000 | Panama Government International Bond | 4.500 | 04/16/50 | 2,073,768 | ||||||||||||||
| 700,000 | Panama Government International Bond | 4.300 | 04/29/53 | 819,007 | ||||||||||||||
| 1,000,000 | Panama Government International Bond | 3.870 | 07/23/60 | 1,080,000 | ||||||||||||||
| 5,000,000 | Peruvian Government International Bond | 2.844 | 06/20/30 | 5,112,500 | ||||||||||||||
| 1,100,000 | Peruvian Government International Bond | 6.550 | 03/14/37 | 1,607,386 | ||||||||||||||
| 1,850,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 2,710,269 | ||||||||||||||
| 225,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 243,795 | ||||||||||||||
| 2,219,000 | Philippine Government International Bond | 3.000 | 02/01/28 | 2,326,645 | ||||||||||||||
| 3,375,000 | Philippine Government International Bond | 3.750 | 01/14/29 | 3,775,348 | ||||||||||||||
| 4,083,000 | Philippine Government International Bond | 3.950 | 01/20/40 | 4,824,336 | ||||||||||||||
| 300,000 | Philippine Government International Bond | 3.700 | 03/01/41 | 345,845 | ||||||||||||||
| 3,793,000 | Philippine Government International Bond | 3.700 | 02/02/42 | 4,370,946 | ||||||||||||||
| 67,000 | Poland Government International Bond | 5.125 | 04/21/21 | 70,252 | ||||||||||||||
| 1,140,000 | Poland Government International Bond | 5.000 | 03/23/22 | 1,223,078 | ||||||||||||||
| 990,000 | Poland Government International Bond | 3.000 | 03/17/23 | 1,022,613 | ||||||||||||||
| 1,000,000 | Poland Government International Bond | 4.000 | 01/22/24 | 1,082,586 | ||||||||||||||
| 2,725,000 | Poland Government International Bond | 3.250 | 04/06/26 | 2,895,562 | ||||||||||||||
| 2,500,000 | Province of Alberta Canada | 2.200 | 07/26/22 | 2,527,998 | ||||||||||||||
| 750,000 | Province of Alberta Canada | 3.350 | 11/01/23 | 795,838 | ||||||||||||||
| 775,000 | Province of Alberta Canada | 2.950 | 01/23/24 | 812,471 | ||||||||||||||
| 925,000 | Province of Alberta Canada | 3.300 | 03/15/28 | 1,018,187 | ||||||||||||||
| 200,000 | Province of British Columbia Canada | 2.650 | 09/22/21 | 203,374 | ||||||||||||||
| 1,800,000 | Province of British Columbia Canada | 2.000 | 10/23/22 | 1,814,635 | ||||||||||||||
| 500,000 | Province of British Columbia Canada | 1.750 | 09/27/24 | 501,238 | ||||||||||||||
| 850,000 | Province of British Columbia Canada | 2.250 | 06/02/26 | 870,532 | ||||||||||||||
| 500,000 | Province of Manitoba Canada | 2.050 | 11/30/20 | 500,777 | ||||||||||||||
| 1,000,000 | Province of Manitoba Canada | 2.600 | 04/16/24 | 1,035,035 | ||||||||||||||
| 1,300,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 1,371,844 | ||||||||||||||
| 500,000 | Province of Manitoba Canada | 2.125 | 06/22/26 | 506,247 | ||||||||||||||
| 149 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 500,000 | Province of New Brunswick Canada | 3.625 | % | 02/24/28 | $ | 558,405 | |||||||||||
| 200,000 | Province of Nova Scotia Canada | 8.250 | 07/30/22 | 232,480 | ||||||||||||||
| 4,530,000 | Province of Ontario Canada | 4.400 | 04/14/20 | 4,585,343 | ||||||||||||||
| 500,000 | Province of Ontario Canada | 2.550 | 02/12/21 | 504,397 | ||||||||||||||
| 4,000,000 | Province of Ontario Canada | 2.400 | 02/08/22 | 4,057,417 | ||||||||||||||
| 4,000,000 | Province of Ontario Canada | 2.550 | 04/25/22 | 4,077,522 | ||||||||||||||
| 800,000 | Province of Ontario Canada | 2.450 | 06/29/22 | 814,245 | ||||||||||||||
| 500,000 | Province of Ontario Canada | 3.400 | 10/17/23 | 531,178 | ||||||||||||||
| 1,000,000 | Province of Ontario Canada | 3.050 | 01/29/24 | 1,052,670 | ||||||||||||||
| 1,500,000 | Province of Ontario Canada | 3.200 | 05/16/24 | 1,593,687 | ||||||||||||||
| 1,000,000 | Province of Ontario Canada | 2.500 | 04/27/26 | 1,038,226 | ||||||||||||||
| 1,000,000 | Province of Ontario Canada | 2.300 | 06/15/26 | 1,024,648 | ||||||||||||||
| 2,000,000 | Province of Ontario Canada | 2.000 | 10/02/29 | 1,997,491 | ||||||||||||||
| 1,420,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 1,437,608 | ||||||||||||||
| 3,100,000 | Province of Quebec Canada | 2.625 | 02/13/23 | 3,189,940 | ||||||||||||||
| 200,000 | Province of Quebec Canada | 7.125 | 02/09/24 | 243,423 | ||||||||||||||
| 875,000 | Province of Quebec Canada | 2.500 | 04/09/24 | 904,125 | ||||||||||||||
| 500,000 | Province of Quebec Canada | 2.875 | 10/16/24 | 526,658 | ||||||||||||||
| 3,500,000 | Province of Quebec Canada | 2.500 | 04/20/26 | 3,630,233 | ||||||||||||||
| 500,000 | Province of Quebec Canada | 2.750 | 04/12/27 | 529,119 | ||||||||||||||
| 201,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 297,761 | ||||||||||||||
| 200,000 | Province of Saskatchewan Canada | 8.500 | 07/15/22 | 233,298 | ||||||||||||||
| 800,000 | Republic of Hungary Government International Bond | 6.250 | 01/29/20 | 810,366 | ||||||||||||||
| 4,900,000 | Republic of Philippines International Bond | 4.000 | 01/15/21 | 5,006,001 | ||||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.750 | 05/18/20 | 499,074 | ||||||||||||||
| 200,000 | Svensk Exportkredit AB | 1.875 | 06/23/20 | 199,869 | ||||||||||||||
| 2,300,000 | Svensk Exportkredit AB | 1.750 | 08/28/20 | 2,296,728 | ||||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.750 | 03/10/21 | 499,283 | ||||||||||||||
| 400,000 | Svensk Exportkredit AB | 2.375 | 04/09/21 | 403,008 | ||||||||||||||
| 500,000 | Svensk Exportkredit AB | 2.875 | 05/22/21 | 508,872 | ||||||||||||||
| 400,000 | Svensk Exportkredit AB | 3.125 | 11/08/21 | 411,103 | ||||||||||||||
| 500,000 | Svensk Exportkredit AB | 2.375 | 03/09/22 | 507,485 | ||||||||||||||
| 4,250,000 | Svensk Exportkredit AB | 2.875 | 03/14/23 | 4,416,248 | ||||||||||||||
| 4,874,716 | h | Uruguay Government International Bond | 4.375 | 01/23/31 | 5,379,298 | |||||||||||||
| 500,000 | Uruguay Government International Bond | 4.125 | 11/20/45 | 533,755 | ||||||||||||||
| 2,063,907 | Uruguay Government International Bond | 5.100 | 06/18/50 | 2,450,910 | ||||||||||||||
| 2,425,000 | h | Uruguay Government International Bond | 4.975 | 04/20/55 | 2,840,306 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 579,691,208 | |||||||||||||||||
| MORTGAGE BACKED - 26.3% | ||||||||||||||||||
| 19,408 | i | Federal Home Loan Mortgage Corp (FHLMC) | DGS1 + 2.250% | 4.815 | 04/01/35 | 20,472 | ||||||||||||
| 3,329 | i | FHLMC | DGS1 + 2.125% | 4.442 | 10/01/35 | 3,495 | ||||||||||||
| 46,054 | i | FHLMC | DGS1 + 2.255% | 4.875 | 02/01/36 | 48,327 | ||||||||||||
| 16,211 | i | FHLMC | LIBOR 12 M + 1.784% | 4.583 | 07/01/36 | 17,100 | ||||||||||||
| 34,268 | i | FHLMC | LIBOR 6 M + 1.595% | 4.166 | 09/01/36 | 35,358 | ||||||||||||
| 40,670 | i | FHLMC | LIBOR 6 M + 1.742% | 4.247 | 09/01/36 | 42,337 | ||||||||||||
| 45,344 | i | FHLMC | DGS1 + 2.247% | 4.669 | 09/01/36 | 47,722 | ||||||||||||
| 13,810 | i | FHLMC | DGS1 + 2.250% | 4.856 | 01/01/37 | 14,588 | ||||||||||||
| 2,660 | i | FHLMC | DGS1 + 2.250% | 4.804 | 02/01/37 | 2,808 | ||||||||||||
| 4,507 | i | FHLMC | LIBOR 12 M + 1.765% | 4.890 | 02/01/37 | 4,745 | ||||||||||||
| 136,409 | i | FHLMC | LIBOR 12 M + 1.792% | 4.820 | 03/01/37 | 143,744 | ||||||||||||
| 46,868 | i | FHLMC | LIBOR 12 M + 1.702% | 4.615 | 04/01/37 | 49,069 | ||||||||||||
| 150 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 102,334 | i | FHLMC | DGS1 + 2.250% | 4.934 | % | 04/01/37 | $ | 108,043 | |||||||||
| 12,820 | i | FHLMC | LIBOR 12 M + 2.121% | 5.076 | 05/01/37 | 13,681 | ||||||||||||
| 7,152 | i | FHLMC | LIBOR 12 M + 1.750% | 4.593 | 06/01/37 | 7,506 | ||||||||||||
| 80,879 | i | FHLMC | DGS1 + 2.281% | 4.729 | 06/01/37 | 84,851 | ||||||||||||
| 46,023 | i | FHLMC | LIBOR 6 M + 1.525% | 4.114 | 08/01/37 | 47,635 | ||||||||||||
| 65,343 | i | FHLMC | LIBOR 12 M + 0.905% | 3.569 | 09/01/37 | 66,575 | ||||||||||||
| 21,684 | i | FHLMC | LIBOR 6 M + 1.419% | 3.723 | 09/01/37 | 21,947 | ||||||||||||
| 229 | i | FHLMC | LIBOR 12 M + 1.795% | 4.063 | 09/01/37 | 231 | ||||||||||||
| 9,611 | i | FHLMC | LIBOR 12 M + 2.058% | 5.117 | 02/01/38 | 10,199 | ||||||||||||
| 36,061 | i | FHLMC | LIBOR 12 M + 2.055% | 4.958 | 04/01/38 | 37,778 | ||||||||||||
| 18,011 | i | FHLMC | LIBOR 12 M + 2.004% | 4.952 | 06/01/38 | 18,727 | ||||||||||||
| 6,453 | i | FHLMC | LIBOR 12 M + 1.625% | 4.260 | 07/01/38 | 6,762 | ||||||||||||
| 5,622 | i | FHLMC | LIBOR 12 M + 1.861% | 4.657 | 06/01/40 | 5,928 | ||||||||||||
| 8,121 | i | FHLMC | LIBOR 12 M + 1.880% | 4.505 | 07/01/40 | 8,373 | ||||||||||||
| 37,524 | i | FHLMC | LIBOR 12 M + 1.888% | 4.976 | 01/01/41 | 39,099 | ||||||||||||
| 4,144 | i | FHLMC | LIBOR 12 M + 1.880% | 4.755 | 05/01/41 | 4,329 | ||||||||||||
| 165,660 | i | FHLMC | LIBOR 12 M + 1.861% | 4.723 | 08/01/41 | 173,822 | ||||||||||||
| 99,541 | i | FHLMC | LIBOR 12 M + 1.750% | 4.272 | 09/01/41 | 103,487 | ||||||||||||
| 19,685 | i | FHLMC | LIBOR 12 M + 1.860% | 4.601 | 10/01/41 | 20,491 | ||||||||||||
| 72 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 5.500 | 11/01/19 | 72 | ||||||||||||||
| 4,562 | FGLMC | 4.500 | 12/01/19 | 4,700 | ||||||||||||||
| 945 | FGLMC | 4.500 | 01/01/20 | 973 | ||||||||||||||
| 479 | FGLMC | 4.500 | 02/01/20 | 493 | ||||||||||||||
| 303 | FGLMC | 5.000 | 05/01/20 | 313 | ||||||||||||||
| 5,258 | FGLMC | 5.000 | 05/01/20 | 5,425 | ||||||||||||||
| 1,087 | FGLMC | 4.500 | 07/01/20 | 1,119 | ||||||||||||||
| 255 | FGLMC | 5.000 | 07/01/20 | 263 | ||||||||||||||
| 250 | FGLMC | 7.000 | 10/01/20 | 250 | ||||||||||||||
| 634 | FGLMC | 5.000 | 12/01/20 | 655 | ||||||||||||||
| 17,308 | FGLMC | 4.000 | 05/01/21 | 18,000 | ||||||||||||||
| 15,035 | FGLMC | 4.500 | 06/01/21 | 15,488 | ||||||||||||||
| 23,363 | FGLMC | 4.500 | 06/01/21 | 24,067 | ||||||||||||||
| 10,794 | FGLMC | 5.000 | 07/01/21 | 11,138 | ||||||||||||||
| 3,032 | FGLMC | 5.500 | 07/01/21 | 3,081 | ||||||||||||||
| 496,837 | FGLMC | 3.000 | 12/01/21 | 508,048 | ||||||||||||||
| 3,417 | FGLMC | 5.000 | 10/01/22 | 3,537 | ||||||||||||||
| 2,538 | FGLMC | 6.000 | 11/01/22 | 2,621 | ||||||||||||||
| 27,815 | FGLMC | 5.000 | 04/01/23 | 28,883 | ||||||||||||||
| 1,882 | FGLMC | 4.500 | 05/01/23 | 1,959 | ||||||||||||||
| 26,596 | FGLMC | 5.000 | 05/01/23 | 28,451 | ||||||||||||||
| 6,738 | FGLMC | 5.000 | 10/01/23 | 6,975 | ||||||||||||||
| 4,324 | FGLMC | 5.500 | 10/01/23 | 4,672 | ||||||||||||||
| 6,565 | FGLMC | 5.000 | 11/01/23 | 7,024 | ||||||||||||||
| 13,661 | FGLMC | 5.000 | 03/01/24 | 14,613 | ||||||||||||||
| 3,012 | FGLMC | 4.500 | 04/01/24 | 3,138 | ||||||||||||||
| 1,403 | FGLMC | 4.500 | 05/01/24 | 1,462 | ||||||||||||||
| 9,903 | FGLMC | 4.500 | 06/01/24 | 10,318 | ||||||||||||||
| 90,458 | FGLMC | 4.000 | 07/01/24 | 94,156 | ||||||||||||||
| 37,676 | FGLMC | 4.000 | 07/01/24 | 39,201 | ||||||||||||||
| 11,596 | FGLMC | 5.500 | 07/01/24 | 12,053 | ||||||||||||||
| 82,263 | FGLMC | 4.000 | 08/01/24 | 85,588 | ||||||||||||||
| 13,738 | FGLMC | 4.500 | 09/01/24 | 14,314 | ||||||||||||||
| 6,550 | FGLMC | 4.500 | 09/01/24 | 6,821 | ||||||||||||||
| 151 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 3,618 | FGLMC | 4.500 | % | 09/01/24 | $ | 3,769 | |||||||||||
| 4,053 | FGLMC | 5.500 | 09/01/24 | 4,384 | ||||||||||||||
| 112,621 | FGLMC | 4.000 | 10/01/24 | 117,202 | ||||||||||||||
| 3,314 | FGLMC | 4.500 | 10/01/24 | 3,450 | ||||||||||||||
| 15,819 | FGLMC | 4.500 | 10/01/24 | 16,651 | ||||||||||||||
| 2,473 | FGLMC | 4.500 | 11/01/24 | 2,579 | ||||||||||||||
| 12,166 | FGLMC | 4.500 | 12/01/24 | 12,779 | ||||||||||||||
| 6,444 | FGLMC | 4.500 | 02/01/25 | 6,756 | ||||||||||||||
| 157,592 | FGLMC | 4.000 | 03/01/25 | 164,331 | ||||||||||||||
| 4,378 | FGLMC | 4.500 | 06/01/25 | 4,562 | ||||||||||||||
| 7,740 | FGLMC | 4.500 | 07/01/25 | 8,131 | ||||||||||||||
| 185,575 | FGLMC | 3.500 | 10/01/25 | 191,963 | ||||||||||||||
| 91,831 | FGLMC | 4.000 | 10/01/25 | 95,721 | ||||||||||||||
| 320,848 | FGLMC | 3.500 | 11/01/25 | 331,892 | ||||||||||||||
| 203,169 | FGLMC | 3.500 | 11/01/25 | 210,176 | ||||||||||||||
| 90,018 | FGLMC | 3.500 | 12/01/25 | 93,118 | ||||||||||||||
| 51,836 | FGLMC | 3.000 | 01/01/26 | 53,089 | ||||||||||||||
| 662,489 | FGLMC | 3.500 | 01/01/26 | 685,340 | ||||||||||||||
| 57,087 | FGLMC | 4.000 | 04/01/26 | 59,654 | ||||||||||||||
| 119,979 | FGLMC | 4.000 | 05/01/26 | 125,444 | ||||||||||||||
| 25,489 | FGLMC | 5.500 | 07/01/26 | 27,543 | ||||||||||||||
| 354,463 | FGLMC | 4.000 | 08/01/26 | 370,480 | ||||||||||||||
| 2,605 | FGLMC | 6.000 | 08/01/26 | 2,877 | ||||||||||||||
| 120,497 | FGLMC | 3.000 | 09/01/26 | 123,822 | ||||||||||||||
| 328,438 | FGLMC | 3.000 | 10/01/26 | 337,502 | ||||||||||||||
| 434,739 | FGLMC | 3.500 | 10/01/26 | 449,673 | ||||||||||||||
| 12,299 | FGLMC | 5.000 | 10/01/26 | 13,164 | ||||||||||||||
| 2,990 | FGLMC | 5.500 | 10/01/26 | 3,231 | ||||||||||||||
| 1,886,192 | FGLMC | 3.000 | 02/01/27 | 1,938,272 | ||||||||||||||
| 1,194,740 | FGLMC | 2.500 | 05/01/27 | 1,207,406 | ||||||||||||||
| 1,248,457 | FGLMC | 2.500 | 11/01/27 | 1,261,699 | ||||||||||||||
| 46,513 | FGLMC | 6.000 | 12/01/27 | 51,414 | ||||||||||||||
| 1,007,425 | FGLMC | 2.500 | 01/01/28 | 1,018,115 | ||||||||||||||
| 2,584,455 | FGLMC | 2.500 | 03/01/28 | 2,611,885 | ||||||||||||||
| 61,138 | FGLMC | 5.000 | 03/01/28 | 65,448 | ||||||||||||||
| 1,422,581 | FGLMC | 2.500 | 05/01/28 | 1,437,669 | ||||||||||||||
| 6,675 | FGLMC | 5.500 | 05/01/28 | 7,222 | ||||||||||||||
| 4,026,819 | FGLMC | 2.500 | 07/01/28 | 4,074,376 | ||||||||||||||
| 3,706,972 | FGLMC | 2.500 | 07/01/28 | 3,746,280 | ||||||||||||||
| 946,359 | FGLMC | 3.000 | 10/01/28 | 972,535 | ||||||||||||||
| 45,878 | FGLMC | 5.500 | 01/01/29 | 49,644 | ||||||||||||||
| 2,257 | FGLMC | 6.500 | 01/01/29 | 2,516 | ||||||||||||||
| 8,717 | FGLMC | 4.000 | 02/01/29 | 9,041 | ||||||||||||||
| 1,907,412 | FGLMC | 3.500 | 03/01/29 | 1,981,402 | ||||||||||||||
| 478 | FGLMC | 6.500 | 03/01/29 | 533 | ||||||||||||||
| 3,665,958 | FGLMC | 3.000 | 07/01/29 | 3,767,199 | ||||||||||||||
| 10,248 | FGLMC | 6.500 | 07/01/29 | 11,424 | ||||||||||||||
| 13,570 | FGLMC | 5.000 | 12/01/29 | 14,543 | ||||||||||||||
| 10,160,098 | FGLMC | 2.500 | 05/01/30 | 10,264,652 | ||||||||||||||
| 24,253 | FGLMC | 4.000 | 08/01/30 | 25,700 | ||||||||||||||
| 169,253 | FGLMC | 4.500 | 01/01/31 | 181,576 | ||||||||||||||
| 375 | FGLMC | 8.000 | 01/01/31 | 389 | ||||||||||||||
| 152 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 164,800 | FGLMC | 4.000 | % | 03/01/31 | $ | 174,638 | |||||||||||
| 20,816 | FGLMC | 4.000 | 05/01/31 | 22,063 | ||||||||||||||
| 148,226 | FGLMC | 4.500 | 05/01/31 | 159,395 | ||||||||||||||
| 75,347 | FGLMC | 4.000 | 06/01/31 | 79,862 | ||||||||||||||
| 202,742 | FGLMC | 4.000 | 08/01/31 | 214,840 | ||||||||||||||
| 199,437 | FGLMC | 4.000 | 09/01/31 | 211,402 | ||||||||||||||
| 2,932 | FGLMC | 6.500 | 09/01/31 | 3,391 | ||||||||||||||
| 7,494 | FGLMC | 8.000 | 09/01/31 | 8,563 | ||||||||||||||
| 102,798 | FGLMC | 3.500 | 11/01/31 | 107,021 | ||||||||||||||
| 14,199,726 | FGLMC | 2.500 | 12/01/31 | 14,345,985 | ||||||||||||||
| 40,403 | FGLMC | 7.000 | 12/01/31 | 45,455 | ||||||||||||||
| 12,994 | FGLMC | 6.500 | 01/01/32 | 14,960 | ||||||||||||||
| 31,781 | FGLMC | 6.000 | 02/01/32 | 36,559 | ||||||||||||||
| 1,641,206 | FGLMC | 3.000 | 03/01/32 | 1,693,273 | ||||||||||||||
| 13,743 | FGLMC | 7.000 | 04/01/32 | 15,781 | ||||||||||||||
| 13,054 | FGLMC | 6.500 | 05/01/32 | 14,744 | ||||||||||||||
| 1,135,604 | FGLMC | 3.500 | 09/01/32 | 1,182,448 | ||||||||||||||
| 8,350 | FGLMC | 5.500 | 11/01/32 | 9,258 | ||||||||||||||
| 19,702,518 | FGLMC | 3.000 | 01/01/33 | 20,205,281 | ||||||||||||||
| 10,855 | FGLMC | 6.000 | 02/01/33 | 12,278 | ||||||||||||||
| 42,591 | FGLMC | 5.000 | 03/01/33 | 47,077 | ||||||||||||||
| 16,310 | FGLMC | 6.000 | 03/01/33 | 18,052 | ||||||||||||||
| 19,528 | FGLMC | 6.000 | 03/01/33 | 21,599 | ||||||||||||||
| 32,517 | FGLMC | 5.000 | 04/01/33 | 35,519 | ||||||||||||||
| 4,973 | FGLMC | 6.000 | 04/01/33 | 5,725 | ||||||||||||||
| 248,067 | FGLMC | 5.000 | 06/01/33 | 266,089 | ||||||||||||||
| 97,399 | FGLMC | 5.500 | 06/01/33 | 109,256 | ||||||||||||||
| 66,121,121 | FGLMC | 2.500 | 07/01/33 | 66,802,727 | ||||||||||||||
| 2,118,674 | FGLMC | 3.500 | 07/01/33 | 2,206,098 | ||||||||||||||
| 40,424 | FGLMC | 4.500 | 07/01/33 | 43,483 | ||||||||||||||
| 9,971,294 | FGLMC | 4.000 | 08/01/33 | 10,447,816 | ||||||||||||||
| 3,358 | FGLMC | 5.000 | 08/01/33 | 3,708 | ||||||||||||||
| 13,072 | FGLMC | 6.500 | 08/01/33 | 15,123 | ||||||||||||||
| 131,546 | FGLMC | 5.000 | 09/01/33 | 146,098 | ||||||||||||||
| 54,711 | FGLMC | 5.500 | 09/01/33 | 60,817 | ||||||||||||||
| 78,658 | FGLMC | 5.500 | 09/01/33 | 88,413 | ||||||||||||||
| 13,759 | FGLMC | 5.500 | 09/01/33 | 14,977 | ||||||||||||||
| 55,048 | FGLMC | 5.500 | 09/01/33 | 60,756 | ||||||||||||||
| 27,185 | FGLMC | 4.000 | 10/01/33 | 28,352 | ||||||||||||||
| 6,972 | FGLMC | 5.000 | 10/01/33 | 7,700 | ||||||||||||||
| 97,667 | FGLMC | 5.500 | 10/01/33 | 110,168 | ||||||||||||||
| 8,191,200 | FGLMC | 3.500 | 11/01/33 | 8,474,976 | ||||||||||||||
| 71,323 | FGLMC | 5.500 | 12/01/33 | 79,655 | ||||||||||||||
| 22,944 | FGLMC | 5.500 | 12/01/33 | 25,960 | ||||||||||||||
| 270,682 | FGLMC | 7.000 | 12/01/33 | 313,053 | ||||||||||||||
| 220,224 | FGLMC | 5.000 | 01/01/34 | 243,455 | ||||||||||||||
| 3,555,232 | FGLMC | 3.000 | 02/01/34 | 3,636,706 | ||||||||||||||
| 4,908 | FGLMC | 5.500 | 02/01/34 | 5,552 | ||||||||||||||
| 27,931 | FGLMC | 5.000 | 03/01/34 | 30,842 | ||||||||||||||
| 29,345 | FGLMC | 5.500 | 03/01/34 | 33,203 | ||||||||||||||
| 80,154 | FGLMC | 5.000 | 05/01/34 | 88,540 | ||||||||||||||
| 32,007 | FGLMC | 4.500 | 06/01/34 | 34,698 | ||||||||||||||
| 65,518 | FGLMC | 5.000 | 06/01/34 | 72,344 | ||||||||||||||
| 153 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 19,186 | FGLMC | 5.500 | % | 06/01/34 | $ | 21,685 | |||||||||||
| 14,502 | FGLMC | 6.000 | 06/01/34 | 16,698 | ||||||||||||||
| 45,875 | FGLMC | 6.000 | 09/01/34 | 52,826 | ||||||||||||||
| 4,333,285 | FGLMC | 3.500 | 10/01/34 | 4,503,510 | ||||||||||||||
| 6,720 | FGLMC | 5.000 | 11/01/34 | 7,428 | ||||||||||||||
| 249,675 | FGLMC | 5.500 | 11/01/34 | 282,165 | ||||||||||||||
| 238,054 | FGLMC | 5.000 | 12/01/34 | 262,835 | ||||||||||||||
| 44,197 | FGLMC | 5.500 | 12/01/34 | 50,012 | ||||||||||||||
| 11,726 | FGLMC | 5.500 | 12/01/34 | 12,686 | ||||||||||||||
| 3,731 | FGLMC | 5.500 | 01/01/35 | 4,223 | ||||||||||||||
| 1,889 | FGLMC | 5.500 | 01/01/35 | 2,138 | ||||||||||||||
| 24,432 | FGLMC | 5.500 | 01/01/35 | 27,614 | ||||||||||||||
| 92,306 | FGLMC | 4.500 | 04/01/35 | 100,066 | ||||||||||||||
| 12,449 | FGLMC | 6.000 | 05/01/35 | 14,331 | ||||||||||||||
| 83,939 | FGLMC | 6.000 | 05/01/35 | 93,944 | ||||||||||||||
| 82,785 | FGLMC | 7.000 | 05/01/35 | 95,363 | ||||||||||||||
| 18,521 | FGLMC | 5.500 | 06/01/35 | 20,959 | ||||||||||||||
| 12,340 | FGLMC | 5.500 | 06/01/35 | 13,965 | ||||||||||||||
| 6,177 | FGLMC | 5.000 | 07/01/35 | 6,810 | ||||||||||||||
| 339,933 | FGLMC | 5.000 | 07/01/35 | 375,609 | ||||||||||||||
| 34,329 | FGLMC | 6.000 | 07/01/35 | 37,925 | ||||||||||||||
| 449,948 | FGLMC | 5.000 | 08/01/35 | 497,128 | ||||||||||||||
| 14,736 | FGLMC | 5.500 | 08/01/35 | 15,940 | ||||||||||||||
| 85,225 | FGLMC | 6.000 | 08/01/35 | 94,400 | ||||||||||||||
| 6,344 | FGLMC | 4.500 | 09/01/35 | 6,875 | ||||||||||||||
| 72,206 | FGLMC | 5.000 | 10/01/35 | 79,752 | ||||||||||||||
| 36,394 | FGLMC | 5.000 | 10/01/35 | 39,835 | ||||||||||||||
| 19,929 | FGLMC | 5.000 | 10/01/35 | 21,912 | ||||||||||||||
| 221,828 | FGLMC | 5.500 | 10/01/35 | 241,226 | ||||||||||||||
| 60,556 | FGLMC | 5.000 | 12/01/35 | 66,841 | ||||||||||||||
| 7,426 | FGLMC | 5.000 | 12/01/35 | 8,208 | ||||||||||||||
| 26,223 | FGLMC | 6.000 | 01/01/36 | 29,780 | ||||||||||||||
| 14,678 | FGLMC | 5.000 | 02/01/36 | 16,225 | ||||||||||||||
| 5,850 | FGLMC | 5.000 | 02/01/36 | 6,464 | ||||||||||||||
| 6,503 | FGLMC | 6.000 | 02/01/36 | 7,369 | ||||||||||||||
| 56,507 | FGLMC | 5.500 | 04/01/36 | 61,904 | ||||||||||||||
| 14,491 | FGLMC | 5.500 | 05/01/36 | 16,375 | ||||||||||||||
| 246,417 | FGLMC | 6.000 | 06/01/36 | 283,782 | ||||||||||||||
| 67,248 | FGLMC | 5.000 | 07/01/36 | 74,343 | ||||||||||||||
| 96,299 | FGLMC | 6.000 | 07/01/36 | 110,813 | ||||||||||||||
| 13,622 | FGLMC | 6.000 | 08/01/36 | 15,651 | ||||||||||||||
| 6,855 | FGLMC | 6.000 | 09/01/36 | 7,584 | ||||||||||||||
| 271,143 | FGLMC | 5.500 | 10/01/36 | 306,506 | ||||||||||||||
| 136,086 | FGLMC | 5.500 | 10/01/36 | 153,249 | ||||||||||||||
| 34,161 | FGLMC | 6.500 | 10/01/36 | 38,111 | ||||||||||||||
| 11,823 | FGLMC | 5.500 | 11/01/36 | 13,367 | ||||||||||||||
| 28,048 | FGLMC | 6.000 | 11/01/36 | 32,301 | ||||||||||||||
| 172,230 | FGLMC | 6.000 | 12/01/36 | 198,353 | ||||||||||||||
| 227,940 | FGLMC | 5.500 | 03/01/37 | 257,600 | ||||||||||||||
| 94,651 | FGLMC | 6.000 | 03/01/37 | 109,006 | ||||||||||||||
| 12,022 | FGLMC | 6.500 | 03/01/37 | 13,509 | ||||||||||||||
| 82,519 | FGLMC | 5.500 | 04/01/37 | 93,204 | ||||||||||||||
| 154 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 11,225 | FGLMC | 5.000 | % | 05/01/37 | $ | 12,393 | |||||||||||
| 8,971 | FGLMC | 5.000 | 06/01/37 | 9,695 | ||||||||||||||
| 38,337 | FGLMC | 5.500 | 06/01/37 | 43,310 | ||||||||||||||
| 16,132,696 | FGLMC | 3.000 | 07/01/37 | 16,600,458 | ||||||||||||||
| 141,258 | FGLMC | 6.000 | 07/01/37 | 162,344 | ||||||||||||||
| 60,340 | FGLMC | 6.000 | 08/01/37 | 69,000 | ||||||||||||||
| 25,729 | FGLMC | 6.000 | 09/01/37 | 29,592 | ||||||||||||||
| 210,728 | FGLMC | 5.500 | 10/01/37 | 231,736 | ||||||||||||||
| 7,965 | FGLMC | 6.000 | 11/01/37 | 9,173 | ||||||||||||||
| 75,555 | FGLMC | 6.500 | 11/01/37 | 84,639 | ||||||||||||||
| 30,590 | FGLMC | 6.000 | 01/01/38 | 35,231 | ||||||||||||||
| 12,869 | FGLMC | 6.000 | 02/01/38 | 14,803 | ||||||||||||||
| 97,666 | FGLMC | 6.000 | 02/01/38 | 112,480 | ||||||||||||||
| 155,977 | FGLMC | 5.000 | 03/01/38 | 172,338 | ||||||||||||||
| 422,053 | FGLMC | 5.000 | 03/01/38 | 466,610 | ||||||||||||||
| 16,804 | FGLMC | 5.000 | 04/01/38 | 18,587 | ||||||||||||||
| 170,723 | FGLMC | 5.000 | 04/01/38 | 188,647 | ||||||||||||||
| 204,897 | FGLMC | 5.500 | 04/01/38 | 231,467 | ||||||||||||||
| 43,546 | FGLMC | 5.500 | 05/01/38 | 49,178 | ||||||||||||||
| 5,071 | FGLMC | 5.500 | 06/01/38 | 5,726 | ||||||||||||||
| 10,866 | FGLMC | 6.000 | 07/01/38 | 12,454 | ||||||||||||||
| 23,251 | FGLMC | 5.500 | 08/01/38 | 26,309 | ||||||||||||||
| 165,192 | FGLMC | 5.500 | 08/01/38 | 186,608 | ||||||||||||||
| 21,074 | FGLMC | 5.000 | 09/01/38 | 23,276 | ||||||||||||||
| 279,961 | FGLMC | 5.500 | 09/01/38 | 315,976 | ||||||||||||||
| 77,144 | FGLMC | 5.500 | 09/01/38 | 87,030 | ||||||||||||||
| 5,816 | FGLMC | 5.500 | 10/01/38 | 6,567 | ||||||||||||||
| 102,865 | FGLMC | 6.000 | 11/01/38 | 118,261 | ||||||||||||||
| 714,976 | FGLMC | 5.500 | 01/01/39 | 806,297 | ||||||||||||||
| 620,143 | FGLMC | 4.500 | 02/01/39 | 672,149 | ||||||||||||||
| 302,989 | FGLMC | 5.000 | 02/01/39 | 334,616 | ||||||||||||||
| 19,674 | FGLMC | 5.500 | 02/01/39 | 22,198 | ||||||||||||||
| 1,330 | FGLMC | 4.500 | 03/01/39 | 1,413 | ||||||||||||||
| 121,841 | FGLMC | 5.000 | 03/01/39 | 134,678 | ||||||||||||||
| 14,373 | FGLMC | 6.000 | 03/01/39 | 16,527 | ||||||||||||||
| 20,897 | FGLMC | 4.500 | 04/01/39 | 22,765 | ||||||||||||||
| 874,941 | FGLMC | 4.500 | 04/01/39 | 951,436 | ||||||||||||||
| 221,623 | FGLMC | 4.000 | 05/01/39 | 236,932 | ||||||||||||||
| 6,032 | FGLMC | 4.500 | 05/01/39 | 6,538 | ||||||||||||||
| 132,384 | FGLMC | 4.500 | 05/01/39 | 143,499 | ||||||||||||||
| 2,712,599 | FGLMC | 4.500 | 05/01/39 | 2,941,265 | ||||||||||||||
| 304,411 | FGLMC | 4.500 | 05/01/39 | 329,626 | ||||||||||||||
| 110,464 | FGLMC | 5.000 | 05/01/39 | 122,077 | ||||||||||||||
| 282,491 | FGLMC | 4.000 | 06/01/39 | 301,884 | ||||||||||||||
| 1,324,582 | FGLMC | 4.500 | 06/01/39 | 1,436,134 | ||||||||||||||
| 45,398 | FGLMC | 4.500 | 06/01/39 | 49,209 | ||||||||||||||
| 18,280 | FGLMC | 5.000 | 06/01/39 | 20,215 | ||||||||||||||
| 7,193 | FGLMC | 5.500 | 06/01/39 | 8,085 | ||||||||||||||
| 449,462 | FGLMC | 4.000 | 07/01/39 | 480,480 | ||||||||||||||
| 181,338 | FGLMC | 4.500 | 07/01/39 | 196,573 | ||||||||||||||
| 34,372 | FGLMC | 4.500 | 07/01/39 | 37,249 | ||||||||||||||
| 15,646 | FGLMC | 4.500 | 07/01/39 | 16,962 | ||||||||||||||
| 109,479 | FGLMC | 5.000 | 07/01/39 | 121,052 | ||||||||||||||
| 155 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 157,781 | FGLMC | 5.500 | % | 07/01/39 | $ | 177,732 | |||||||||||
| 16,219 | FGLMC | 4.500 | 08/01/39 | 17,583 | ||||||||||||||
| 35,713 | FGLMC | 5.000 | 08/01/39 | 39,474 | ||||||||||||||
| 156,721 | FGLMC | 4.000 | 09/01/39 | 167,216 | ||||||||||||||
| 793,477 | FGLMC | 5.000 | 09/01/39 | 876,413 | ||||||||||||||
| 311,802 | FGLMC | 5.000 | 09/01/39 | 344,457 | ||||||||||||||
| 4,571 | FGLMC | 5.500 | 09/01/39 | 5,105 | ||||||||||||||
| 314,708 | FGLMC | 6.500 | 09/01/39 | 357,961 | ||||||||||||||
| 69,277 | FGLMC | 4.500 | 10/01/39 | 76,041 | ||||||||||||||
| 52,472 | FGLMC | 4.500 | 10/01/39 | 57,182 | ||||||||||||||
| 121,229 | FGLMC | 4.500 | 10/01/39 | 131,432 | ||||||||||||||
| 30,496 | FGLMC | 5.000 | 10/01/39 | 33,707 | ||||||||||||||
| 24,417 | FGLMC | 4.000 | 11/01/39 | 26,095 | ||||||||||||||
| 80,437 | FGLMC | 4.500 | 11/01/39 | 87,196 | ||||||||||||||
| 29,960 | FGLMC | 5.000 | 11/01/39 | 33,119 | ||||||||||||||
| 10,387 | FGLMC | 5.000 | 11/01/39 | 11,151 | ||||||||||||||
| 86,632 | FGLMC | 4.500 | 12/01/39 | 93,898 | ||||||||||||||
| 158,202 | FGLMC | 4.500 | 12/01/39 | 171,443 | ||||||||||||||
| 72,730 | FGLMC | 4.500 | 12/01/39 | 78,836 | ||||||||||||||
| 301,488 | FGLMC | 4.500 | 12/01/39 | 326,896 | ||||||||||||||
| 117,353 | FGLMC | 5.500 | 12/01/39 | 132,440 | ||||||||||||||
| 158,972 | FGLMC | 4.500 | 01/01/40 | 172,373 | ||||||||||||||
| 15,263 | FGLMC | 5.000 | 01/01/40 | 16,877 | ||||||||||||||
| 19,733 | FGLMC | 5.500 | 01/01/40 | 22,054 | ||||||||||||||
| 49,603 | FGLMC | 5.500 | 03/01/40 | 55,992 | ||||||||||||||
| 808,948 | FGLMC | 4.000 | 04/01/40 | 864,953 | ||||||||||||||
| 34,401 | FGLMC | 4.500 | 04/01/40 | 37,301 | ||||||||||||||
| 123,744 | FGLMC | 4.500 | 04/01/40 | 134,121 | ||||||||||||||
| 88,168 | FGLMC | 5.000 | 04/01/40 | 97,505 | ||||||||||||||
| 195,347 | FGLMC | 5.000 | 04/01/40 | 216,034 | ||||||||||||||
| 624,209 | FGLMC | 6.000 | 04/01/40 | 718,903 | ||||||||||||||
| 2,048,867 | FGLMC | 4.500 | 05/01/40 | 2,221,596 | ||||||||||||||
| 1,049,208 | FGLMC | 5.000 | 05/01/40 | 1,160,317 | ||||||||||||||
| 5,522 | FGLMC | 4.500 | 06/01/40 | 5,985 | ||||||||||||||
| 457,411 | FGLMC | 5.500 | 06/01/40 | 515,953 | ||||||||||||||
| 918,054 | FGLMC | 4.500 | 07/01/40 | 995,245 | ||||||||||||||
| 18,567 | FGLMC | 4.500 | 08/01/40 | 20,127 | ||||||||||||||
| 187,664 | FGLMC | 5.000 | 08/01/40 | 207,395 | ||||||||||||||
| 452,259 | FGLMC | 5.000 | 08/01/40 | 499,927 | ||||||||||||||
| 50,565 | FGLMC | 5.000 | 08/01/40 | 55,881 | ||||||||||||||
| 2,492,350 | FGLMC | 5.500 | 08/01/40 | 2,812,540 | ||||||||||||||
| 279,445 | FGLMC | 4.000 | 09/01/40 | 298,656 | ||||||||||||||
| 3,260,666 | FGLMC | 4.000 | 11/01/40 | 3,485,232 | ||||||||||||||
| 1,888,304 | FGLMC | 4.000 | 12/01/40 | 2,018,511 | ||||||||||||||
| 410,177 | FGLMC | 3.500 | 01/01/41 | 431,170 | ||||||||||||||
| 562,628 | FGLMC | 3.500 | 01/01/41 | 591,392 | ||||||||||||||
| 321,451 | FGLMC | 4.000 | 01/01/41 | 343,607 | ||||||||||||||
| 344,509 | FGLMC | 3.500 | 02/01/41 | 362,126 | ||||||||||||||
| 1,276,494 | FGLMC | 4.000 | 02/01/41 | 1,364,413 | ||||||||||||||
| 460,899 | FGLMC | 4.000 | 02/01/41 | 492,613 | ||||||||||||||
| 1,967,571 | FGLMC | 4.000 | 04/01/41 | 2,103,000 | ||||||||||||||
| 345,773 | FGLMC | 4.500 | 04/01/41 | 374,856 | ||||||||||||||
| 156 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 70,935 | FGLMC | 5.000 | % | 04/01/41 | $ | 78,249 | |||||||||||
| 345,236 | FGLMC | 4.500 | 05/01/41 | 374,351 | ||||||||||||||
| 396,350 | FGLMC | 4.500 | 06/01/41 | 429,772 | ||||||||||||||
| 1,129,159 | FGLMC | 3.500 | 10/01/41 | 1,186,881 | ||||||||||||||
| 782,595 | FGLMC | 5.000 | 10/01/41 | 863,487 | ||||||||||||||
| 1,357,002 | FGLMC | 3.500 | 11/01/41 | 1,426,577 | ||||||||||||||
| 516,929 | FGLMC | 4.500 | 12/01/41 | 560,489 | ||||||||||||||
| 4,896,226 | FGLMC | 3.500 | 01/01/42 | 5,146,386 | ||||||||||||||
| 1,438,806 | FGLMC | 3.500 | 02/01/42 | 1,512,254 | ||||||||||||||
| 1,684,230 | FGLMC | 3.500 | 04/01/42 | 1,769,081 | ||||||||||||||
| 3,084,142 | FGLMC | 4.000 | 05/01/42 | 3,297,795 | ||||||||||||||
| 9,105,892 | FGLMC | 4.500 | 05/01/42 | 9,868,940 | ||||||||||||||
| 2,112,262 | FGLMC | 3.500 | 07/01/42 | 2,220,506 | ||||||||||||||
| 628,619 | FGLMC | 3.000 | 08/01/42 | 648,278 | ||||||||||||||
| 3,722,920 | FGLMC | 3.000 | 10/01/42 | 3,839,258 | ||||||||||||||
| 2,459,578 | FGLMC | 3.000 | 10/01/42 | 2,536,498 | ||||||||||||||
| 1,023,919 | FGLMC | 3.500 | 12/01/42 | 1,076,427 | ||||||||||||||
| 3,318,893 | FGLMC | 2.500 | 01/01/43 | 3,318,276 | ||||||||||||||
| 7,113,058 | FGLMC | 3.000 | 01/01/43 | 7,335,305 | ||||||||||||||
| 10,642,265 | FGLMC | 3.000 | 04/01/43 | 10,974,771 | ||||||||||||||
| 3,358,340 | FGLMC | 3.500 | 05/01/43 | 3,526,976 | ||||||||||||||
| 4,208,783 | FGLMC | 3.000 | 08/01/43 | 4,338,823 | ||||||||||||||
| 2,740,524 | FGLMC | 3.000 | 08/01/43 | 2,825,267 | ||||||||||||||
| 3,594,312 | FGLMC | 3.500 | 08/01/43 | 3,773,804 | ||||||||||||||
| 1,294,415 | FGLMC | 4.500 | 10/01/43 | 1,389,752 | ||||||||||||||
| 2,084,404 | FGLMC | 4.000 | 11/01/43 | 2,216,450 | ||||||||||||||
| 3,919,736 | FGLMC | 3.500 | 02/01/44 | 4,108,403 | ||||||||||||||
| 3,101,617 | FGLMC | 4.000 | 02/01/44 | 3,289,824 | ||||||||||||||
| 19,360,621 | FGLMC | 4.000 | 02/01/44 | 20,688,330 | ||||||||||||||
| 1,450,279 | FGLMC | 4.000 | 04/01/44 | 1,535,453 | ||||||||||||||
| 1,771,755 | FGLMC | 4.500 | 05/01/44 | 1,906,426 | ||||||||||||||
| 3,346,217 | FGLMC | 4.000 | 06/01/44 | 3,539,356 | ||||||||||||||
| 5,029,563 | FGLMC | 4.000 | 08/01/44 | 5,318,147 | ||||||||||||||
| 4,097,623 | FGLMC | 3.500 | 09/01/44 | 4,281,581 | ||||||||||||||
| 5,067,347 | FGLMC | 3.500 | 11/01/44 | 5,290,151 | ||||||||||||||
| 7,229,625 | FGLMC | 3.500 | 12/01/44 | 7,544,865 | ||||||||||||||
| 4,559,736 | FGLMC | 3.500 | 01/01/45 | 4,757,540 | ||||||||||||||
| 8,561,610 | FGLMC | 3.000 | 02/01/45 | 8,779,720 | ||||||||||||||
| 11,291,329 | FGLMC | 3.500 | 03/01/45 | 11,785,380 | ||||||||||||||
| 5,764,458 | FGLMC | 4.000 | 03/01/45 | 6,091,279 | ||||||||||||||
| 4,056,117 | FGLMC | 3.000 | 04/01/45 | 4,157,768 | ||||||||||||||
| 8,382,172 | FGLMC | 3.500 | 04/01/45 | 8,744,176 | ||||||||||||||
| 17,395,994 | FGLMC | 3.500 | 07/01/45 | 18,147,139 | ||||||||||||||
| 11,788,393 | FGLMC | 4.500 | 07/01/45 | 12,703,896 | ||||||||||||||
| 34,754,463 | FGLMC | 3.000 | 08/01/45 | 35,838,253 | ||||||||||||||
| 7,179,816 | FGLMC | 4.000 | 11/01/45 | 7,579,280 | ||||||||||||||
| 14,580,765 | FGLMC | 3.500 | 12/01/45 | 15,208,624 | ||||||||||||||
| 11,655,458 | FGLMC | 3.500 | 03/01/46 | 12,149,763 | ||||||||||||||
| 5,282,634 | FGLMC | 4.000 | 03/01/46 | 5,571,395 | ||||||||||||||
| 24,356,899 | FGLMC | 3.000 | 04/01/46 | 24,966,605 | ||||||||||||||
| 27,198,038 | FGLMC | 3.500 | 05/01/46 | 28,308,667 | ||||||||||||||
| 17,050,332 | FGLMC | 3.500 | 08/01/46 | 17,804,332 | ||||||||||||||
| 12,582,776 | FGLMC | 4.000 | 09/01/46 | 13,238,400 | ||||||||||||||
| 157 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 11,571,839 | FGLMC | 3.000 | % | 11/01/46 | $ | 11,862,189 | |||||||||||
| 11,752,965 | FGLMC | 3.000 | 11/01/46 | 12,044,331 | ||||||||||||||
| 7,822,685 | FGLMC | 3.000 | 12/01/46 | 8,009,287 | ||||||||||||||
| 11,578,002 | FGLMC | 3.500 | 12/01/46 | 12,018,158 | ||||||||||||||
| 16,186,853 | FGLMC | 3.000 | 02/01/47 | 16,573,824 | ||||||||||||||
| 7,429,546 | FGLMC | 3.500 | 02/01/47 | 7,718,780 | ||||||||||||||
| 6,589,626 | FGLMC | 4.000 | 02/01/47 | 6,921,475 | ||||||||||||||
| 18,176,480 | FGLMC | 3.500 | 05/01/47 | 18,860,646 | ||||||||||||||
| 20,057,134 | FGLMC | 3.500 | 07/01/47 | 20,744,054 | ||||||||||||||
| 7,457,304 | FGLMC | 3.000 | 08/01/47 | 7,634,156 | ||||||||||||||
| 20,139,201 | FGLMC | 3.500 | 10/01/47 | 20,866,368 | ||||||||||||||
| 10,243,465 | FGLMC | 3.000 | 11/01/47 | 10,483,273 | ||||||||||||||
| 17,603,534 | FGLMC | 3.000 | 12/01/47 | 18,003,678 | ||||||||||||||
| 16,237,639 | FGLMC | 4.000 | 12/01/47 | 17,069,218 | ||||||||||||||
| 27,789,699 | FGLMC | 3.000 | 01/01/48 | 28,536,869 | ||||||||||||||
| 20,662,554 | FGLMC | 3.000 | 02/01/48 | 21,108,635 | ||||||||||||||
| 14,368,969 | FGLMC | 3.500 | 03/01/48 | 14,872,070 | ||||||||||||||
| 18,823,585 | FGLMC | 3.500 | 05/01/48 | 19,455,021 | ||||||||||||||
| 16,530,967 | FGLMC | 4.000 | 05/01/48 | 17,321,837 | ||||||||||||||
| 25,355,201 | FGLMC | 3.500 | 07/01/48 | 26,064,645 | ||||||||||||||
| 26,424,723 | FGLMC | 4.000 | 07/01/48 | 27,590,002 | ||||||||||||||
| 48,084,222 | FGLMC | 4.000 | 08/01/48 | 49,920,249 | ||||||||||||||
| 16,043,378 | FGLMC | 3.500 | 09/01/48 | 16,501,600 | ||||||||||||||
| 7,634,198 | FGLMC | 4.500 | 09/01/48 | 8,052,325 | ||||||||||||||
| 39,588,436 | FGLMC | 4.000 | 10/01/48 | 41,191,908 | ||||||||||||||
| 21,980,829 | FGLMC | 4.500 | 12/01/48 | 23,133,626 | ||||||||||||||
| 13,538,633 | FGLMC | 4.500 | 02/01/49 | 14,249,724 | ||||||||||||||
| 33,426,583 | FHLMC | 3.500 | 05/01/49 | 34,357,559 | ||||||||||||||
| 24,183,486 | FGLMC | 3.500 | 06/01/49 | 24,829,359 | ||||||||||||||
| 102 | Federal National Mortgage Association (FNMA) | 5.000 | 10/01/19 | 102 | ||||||||||||||
| 49 | FNMA | 4.500 | 12/01/19 | 50 | ||||||||||||||
| 541 | FNMA | 5.000 | 04/01/20 | 558 | ||||||||||||||
| 4 | FNMA | 4.500 | 06/01/20 | 4 | ||||||||||||||
| 21 | FNMA | 4.500 | 09/01/20 | 22 | ||||||||||||||
| 854 | FNMA | 4.500 | 10/01/20 | 879 | ||||||||||||||
| 243 | FNMA | 4.500 | 11/01/20 | 250 | ||||||||||||||
| 5,158 | FNMA | 5.000 | 12/01/20 | 5,321 | ||||||||||||||
| 1,883 | FNMA | 5.500 | 01/01/21 | 1,884 | ||||||||||||||
| 157 | FNMA | 5.000 | 03/01/21 | 162 | ||||||||||||||
| 4,911 | FNMA | 5.500 | 08/01/21 | 5,010 | ||||||||||||||
| 1,188 | FNMA | 6.000 | 08/01/21 | 1,207 | ||||||||||||||
| 649 | FNMA | 5.000 | 10/01/21 | 670 | ||||||||||||||
| 104 | FNMA | 5.000 | 11/01/21 | 107 | ||||||||||||||
| 523 | FNMA | 5.500 | 11/01/21 | 529 | ||||||||||||||
| 3,613 | FNMA | 5.500 | 10/01/22 | 3,697 | ||||||||||||||
| 2,365 | FNMA | 6.000 | 10/01/22 | 2,437 | ||||||||||||||
| 1,294 | FNMA | 5.000 | 03/01/23 | 1,338 | ||||||||||||||
| 2,621 | FNMA | 4.500 | 04/01/23 | 2,699 | ||||||||||||||
| 29,863 | FNMA | 4.500 | 06/01/23 | 30,782 | ||||||||||||||
| 3,297 | FNMA | 5.000 | 06/01/23 | 3,421 | ||||||||||||||
| 4,847 | FNMA | 5.500 | 06/01/23 | 5,237 | ||||||||||||||
| 7,941 | FNMA | 5.000 | 07/01/23 | 8,191 | ||||||||||||||
| 158 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 43,746 | FNMA | 5.000 | % | 07/01/23 | $ | 45,390 | |||||||||||
| 3,761 | FNMA | 5.500 | 08/01/23 | 3,897 | ||||||||||||||
| 9,086 | FNMA | 5.000 | 11/01/23 | 9,713 | ||||||||||||||
| 1,014 | FNMA | 5.500 | 11/01/23 | 1,026 | ||||||||||||||
| 68,593 | FNMA | 5.500 | 01/01/24 | 70,279 | ||||||||||||||
| 9,896 | FNMA | 5.500 | 02/01/24 | 10,694 | ||||||||||||||
| 41,423 | FNMA | 4.000 | 03/01/24 | 43,085 | ||||||||||||||
| 3,442 | FNMA | 4.500 | 04/01/24 | 3,586 | ||||||||||||||
| 163,453 | FNMA | 4.000 | 05/01/24 | 170,041 | ||||||||||||||
| 50,588 | FNMA | 4.000 | 05/01/24 | 52,624 | ||||||||||||||
| 4,287 | FNMA | 4.000 | 06/01/24 | 4,461 | ||||||||||||||
| 5,355 | FNMA | 4.500 | 07/01/24 | 5,611 | ||||||||||||||
| 5,260 | FNMA | 5.500 | 07/01/24 | 5,685 | ||||||||||||||
| 127 | FNMA | 8.000 | 07/01/24 | 140 | ||||||||||||||
| 32,072 | FNMA | 4.500 | 08/01/24 | 33,405 | ||||||||||||||
| 29,139 | FNMA | 4.000 | 09/01/24 | 30,308 | ||||||||||||||
| 110,929 | FNMA | 4.000 | 09/01/24 | 115,420 | ||||||||||||||
| 10,001 | FNMA | 4.500 | 09/01/24 | 10,354 | ||||||||||||||
| 253,534 | FNMA | 4.500 | 10/01/24 | 264,008 | ||||||||||||||
| 14,171 | FNMA | 5.000 | 01/01/25 | 15,154 | ||||||||||||||
| 21,876 | FNMA | 4.500 | 02/01/25 | 22,783 | ||||||||||||||
| 187,895 | FNMA | 4.500 | 03/01/25 | 197,085 | ||||||||||||||
| 2,603 | FNMA | 4.500 | 03/01/25 | 2,682 | ||||||||||||||
| 60,648 | FNMA | 5.000 | 03/01/25 | 64,861 | ||||||||||||||
| 115,337 | FNMA | 4.500 | 04/01/25 | 121,127 | ||||||||||||||
| 44,612 | FNMA | 4.500 | 04/01/25 | 46,480 | ||||||||||||||
| 595,622 | FNMA | 4.000 | 05/01/25 | 620,779 | ||||||||||||||
| 206,426 | FNMA | 4.000 | 06/01/25 | 215,098 | ||||||||||||||
| 138,101 | FNMA | 4.500 | 06/01/25 | 144,934 | ||||||||||||||
| 58,797 | FNMA | 4.000 | 08/01/25 | 61,290 | ||||||||||||||
| 29,626 | FNMA | 5.500 | 08/01/25 | 32,362 | ||||||||||||||
| 294,147 | FNMA | 3.500 | 09/01/25 | 304,141 | ||||||||||||||
| 289,490 | FNMA | 4.000 | 09/01/25 | 301,013 | ||||||||||||||
| 439,537 | FNMA | 3.500 | 10/01/25 | 454,461 | ||||||||||||||
| 360,606 | FNMA | 3.500 | 10/01/25 | 372,767 | ||||||||||||||
| 136,147 | FNMA | 5.000 | 10/01/25 | 145,659 | ||||||||||||||
| 241,943 | FNMA | 4.000 | 11/01/25 | 252,206 | ||||||||||||||
| 387,422 | FNMA | 3.500 | 12/01/25 | 400,552 | ||||||||||||||
| 290,901 | FNMA | 3.500 | 02/01/26 | 300,788 | ||||||||||||||
| 1,687,909 | FNMA | 3.500 | 02/01/26 | 1,745,246 | ||||||||||||||
| 87,818 | FNMA | 4.000 | 03/01/26 | 91,782 | ||||||||||||||
| 238,993 | FNMA | 4.000 | 06/01/26 | 249,734 | ||||||||||||||
| 239,301 | FNMA | 3.500 | 08/01/26 | 247,426 | ||||||||||||||
| 180,817 | FNMA | 3.500 | 09/01/26 | 186,930 | ||||||||||||||
| 97,914 | FNMA | 4.000 | 09/01/26 | 102,314 | ||||||||||||||
| 291,151 | FNMA | 3.500 | 10/01/26 | 301,019 | ||||||||||||||
| 6,275 | FNMA | 6.000 | 10/01/26 | 6,933 | ||||||||||||||
| 422,697 | FNMA | 3.000 | 11/01/26 | 433,483 | ||||||||||||||
| 371,891 | FNMA | 3.000 | 12/01/26 | 381,954 | ||||||||||||||
| 994,608 | FNMA | 3.000 | 01/01/27 | 1,021,526 | ||||||||||||||
| 1,214,057 | FNMA | 4.000 | 01/01/27 | 1,265,298 | ||||||||||||||
| 732,390 | FNMA | 3.500 | 02/01/27 | 757,327 | ||||||||||||||
| 1,168,791 | FNMA | 3.000 | 04/01/27 | 1,200,445 | ||||||||||||||
| 159 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 775,560 | FNMA | 3.000 | % | 04/01/27 | $ | 796,560 | |||||||||||
| 456,264 | FNMA | 3.500 | 05/01/27 | 472,779 | ||||||||||||||
| 472,402 | FNMA | 2.500 | 06/01/27 | 477,156 | ||||||||||||||
| 1,379,012 | FNMA | 3.000 | 06/01/27 | 1,416,401 | ||||||||||||||
| 569,047 | FNMA | 2.500 | 07/01/27 | 574,754 | ||||||||||||||
| 1,217,467 | FNMA | 2.500 | 09/01/27 | 1,229,718 | ||||||||||||||
| 12,959 | FNMA | 5.500 | 09/01/27 | 14,002 | ||||||||||||||
| 2,060,711 | FNMA | 2.500 | 10/01/27 | 2,081,398 | ||||||||||||||
| 1,287,390 | FNMA | 3.000 | 11/01/27 | 1,322,246 | ||||||||||||||
| 2,335 | FNMA | 5.500 | 01/01/28 | 2,526 | ||||||||||||||
| 4,888,376 | FNMA | 2.500 | 02/01/28 | 4,949,183 | ||||||||||||||
| 3,929,032 | FNMA | 2.500 | 02/01/28 | 3,968,591 | ||||||||||||||
| 1,969 | FNMA | 5.000 | 02/01/28 | 2,104 | ||||||||||||||
| 2,847,791 | FNMA | 2.500 | 04/01/28 | 2,876,445 | ||||||||||||||
| 4,253,826 | FNMA | 2.500 | 04/01/28 | 4,296,666 | ||||||||||||||
| 10,419 | FNMA | 5.500 | 06/01/28 | 11,261 | ||||||||||||||
| 1,128,394 | FNMA | 2.500 | 07/01/28 | 1,139,758 | ||||||||||||||
| 2,277,510 | FNMA | 2.500 | 08/01/28 | 2,300,428 | ||||||||||||||
| 3,337,176 | FNMA | 3.000 | 10/01/28 | 3,427,313 | ||||||||||||||
| 1,690 | FNMA | 5.500 | 11/01/28 | 1,825 | ||||||||||||||
| 9 | FNMA | 7.500 | 01/01/29 | 10 | ||||||||||||||
| 3,731,335 | FNMA | 3.000 | 03/01/29 | 3,832,196 | ||||||||||||||
| 17,154 | FNMA | 4.000 | 03/01/29 | 17,792 | ||||||||||||||
| 13,079,038 | FNMA | 3.000 | 04/01/29 | 13,448,692 | ||||||||||||||
| 54,088 | FNMA | 4.500 | 04/01/29 | 57,631 | ||||||||||||||
| 44,368 | FNMA | 4.000 | 05/01/29 | 46,017 | ||||||||||||||
| 21,752 | FNMA | 4.500 | 06/01/29 | 23,178 | ||||||||||||||
| 7,390 | FNMA | 4.000 | 07/01/29 | 7,664 | ||||||||||||||
| 138,959 | FNMA | 4.500 | 08/01/29 | 148,073 | ||||||||||||||
| 16,535,049 | FNMA | 3.500 | 09/01/29 | 17,331,482 | ||||||||||||||
| 26,545 | FNMA | 4.500 | 09/01/29 | 28,284 | ||||||||||||||
| 27,394 | FNMA | 4.500 | 11/01/29 | 29,140 | ||||||||||||||
| 7,579 | FNMA | 4.500 | 01/01/30 | 8,126 | ||||||||||||||
| 2,383,668 | FNMA | 2.500 | 02/01/30 | 2,406,948 | ||||||||||||||
| 19,634 | FNMA | 4.000 | 03/01/30 | 20,797 | ||||||||||||||
| 8,147 | FNMA | 4.500 | 05/01/30 | 8,735 | ||||||||||||||
| 11,581 | FNMA | 4.500 | 06/01/30 | 12,418 | ||||||||||||||
| 5,072,328 | FNMA | 3.000 | 07/01/30 | 5,209,801 | ||||||||||||||
| 106,838 | FNMA | 4.500 | 08/01/30 | 114,553 | ||||||||||||||
| 22,904 | FNMA | 4.000 | 09/01/30 | 24,260 | ||||||||||||||
| 155,627 | FNMA | 4.000 | 10/01/30 | 164,832 | ||||||||||||||
| 1,340,246 | FNMA | 4.000 | 11/01/30 | 1,419,462 | ||||||||||||||
| 233,815 | FNMA | 4.000 | 11/01/30 | 247,662 | ||||||||||||||
| 49,819 | FNMA | 4.500 | 12/01/30 | 53,548 | ||||||||||||||
| 5,138,346 | FNMA | 3.000 | 02/01/31 | 5,277,412 | ||||||||||||||
| 74,401 | FNMA | 3.500 | 02/01/31 | 77,421 | ||||||||||||||
| 80,046 | FNMA | 4.000 | 02/01/31 | 84,785 | ||||||||||||||
| 636 | FNMA | 7.500 | 03/01/31 | 746 | ||||||||||||||
| 5,769,067 | FNMA | 2.500 | 04/01/31 | 5,825,331 | ||||||||||||||
| 223,774 | FNMA | 3.500 | 04/01/31 | 232,853 | ||||||||||||||
| 24,484 | FNMA | 4.000 | 04/01/31 | 25,932 | ||||||||||||||
| 5,118,180 | FNMA | 3.000 | 05/01/31 | 5,256,582 | ||||||||||||||
| 160 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,281 | FNMA | 6.000 | % | 05/01/31 | $ | 2,612 | |||||||||||
| 6,228,434 | FNMA | 2.500 | 06/01/31 | 6,289,231 | ||||||||||||||
| 877,784 | FNMA | 4.500 | 07/01/31 | 946,823 | ||||||||||||||
| 126,292 | FNMA | 4.500 | 07/01/31 | 135,748 | ||||||||||||||
| 752,279 | FNMA | 4.000 | 08/01/31 | 797,004 | ||||||||||||||
| 7,929,034 | FNMA | 2.500 | 09/01/31 | 8,006,564 | ||||||||||||||
| 4,190,043 | FNMA | 3.000 | 09/01/31 | 4,303,402 | ||||||||||||||
| 53,510 | FNMA | 4.000 | 09/01/31 | 56,684 | ||||||||||||||
| 322 | FNMA | 6.500 | 09/01/31 | 359 | ||||||||||||||
| 23,197 | FNMA | 6.000 | 11/01/31 | 26,693 | ||||||||||||||
| 2,995 | FNMA | 6.500 | 11/01/31 | 3,438 | ||||||||||||||
| 8,250,087 | FNMA | 2.500 | 12/01/31 | 8,330,884 | ||||||||||||||
| 1,435,552 | FNMA | 3.500 | 01/01/32 | 1,493,849 | ||||||||||||||
| 8,198 | FNMA | 6.000 | 01/01/32 | 9,425 | ||||||||||||||
| 1,837 | FNMA | 6.000 | 01/01/32 | 2,028 | ||||||||||||||
| 602,820 | FNMA | 3.500 | 02/01/32 | 627,298 | ||||||||||||||
| 6,325 | FNMA | 6.000 | 02/01/32 | 7,187 | ||||||||||||||
| 6,778,869 | FNMA | 3.000 | 03/01/32 | 6,949,547 | ||||||||||||||
| 24,149 | FNMA | 6.500 | 04/01/32 | 27,703 | ||||||||||||||
| 24,799,009 | FNMA | 3.000 | 06/01/32 | 25,395,103 | ||||||||||||||
| 45,492 | FNMA | 6.500 | 07/01/32 | 51,624 | ||||||||||||||
| 7,207 | FNMA | 6.500 | 08/01/32 | 8,117 | ||||||||||||||
| 654,932 | FNMA | 3.000 | 09/01/32 | 675,375 | ||||||||||||||
| 27,485,573 | FNMA | 3.000 | 09/01/32 | 28,178,757 | ||||||||||||||
| 18,250 | FNMA | 7.500 | 09/01/32 | 20,512 | ||||||||||||||
| 1,935,169 | FNMA | 3.000 | 10/01/32 | 1,995,570 | ||||||||||||||
| 40,462 | FNMA | 5.500 | 10/01/32 | 44,812 | ||||||||||||||
| 36,190 | FNMA | 6.000 | 10/01/32 | 40,008 | ||||||||||||||
| 12,376 | FNMA | 6.000 | 11/01/32 | 14,227 | ||||||||||||||
| 15,918,251 | FNMA | 3.000 | 12/01/32 | 16,315,199 | ||||||||||||||
| 15,965 | FNMA | 5.500 | 12/01/32 | 17,956 | ||||||||||||||
| 650 | FNMA | 5.500 | 12/01/32 | 703 | ||||||||||||||
| 17,678 | FNMA | 6.000 | 12/01/32 | 19,793 | ||||||||||||||
| 112,084 | FNMA | 5.500 | 01/01/33 | 123,191 | ||||||||||||||
| 239,072 | FNMA | 6.000 | 01/01/33 | 274,765 | ||||||||||||||
| 107,420 | FNMA | 5.000 | 02/01/33 | 117,501 | ||||||||||||||
| 6,790 | FNMA | 5.000 | 02/01/33 | 7,427 | ||||||||||||||
| 1,338,512 | FNMA | 3.000 | 04/01/33 | 1,380,338 | ||||||||||||||
| 1,605,473 | FNMA | 3.500 | 04/01/33 | 1,670,601 | ||||||||||||||
| 5,568 | FNMA | 6.000 | 04/01/33 | 6,405 | ||||||||||||||
| 15,736,242 | FNMA | 3.500 | 05/01/33 | 16,301,147 | ||||||||||||||
| 739,364 | FNMA | 5.500 | 05/01/33 | 827,123 | ||||||||||||||
| 42,827 | FNMA | 5.000 | 06/01/33 | 47,285 | ||||||||||||||
| 90,316 | FNMA | 5.500 | 06/01/33 | 101,479 | ||||||||||||||
| 16,131 | FNMA | 4.500 | 07/01/33 | 17,308 | ||||||||||||||
| 41,572 | FNMA | 5.000 | 07/01/33 | 45,481 | ||||||||||||||
| 94,796 | FNMA | 4.500 | 08/01/33 | 101,061 | ||||||||||||||
| 4,121 | FNMA | 4.500 | 08/01/33 | 4,337 | ||||||||||||||
| 16,092 | FNMA | 5.000 | 08/01/33 | 17,771 | ||||||||||||||
| 52,922 | FNMA | 5.500 | 09/01/33 | 57,380 | ||||||||||||||
| 147,647 | FNMA | 5.500 | 09/01/33 | 160,414 | ||||||||||||||
| 8,038 | FNMA | 6.000 | 09/01/33 | 8,950 | ||||||||||||||
| 121,627 | FNMA | 4.500 | 10/01/33 | 130,881 | ||||||||||||||
| 161 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 19,734 | FNMA | 5.000 | % | 10/01/33 | $ | 21,789 | |||||||||||
| 11,727 | FNMA | 5.000 | 10/01/33 | 12,816 | ||||||||||||||
| 182,054 | FNMA | 5.500 | 10/01/33 | 200,828 | ||||||||||||||
| 522,722 | FNMA | 5.500 | 10/01/33 | 590,944 | ||||||||||||||
| 7,681 | FNMA | 4.500 | 11/01/33 | 8,251 | ||||||||||||||
| 23,479 | FNMA | 5.000 | 11/01/33 | 25,925 | ||||||||||||||
| 1,578,186 | FNMA | 5.000 | 11/01/33 | 1,742,750 | ||||||||||||||
| 185,248 | FNMA | 5.000 | 12/01/33 | 204,498 | ||||||||||||||
| 231,417 | FNMA | 5.500 | 12/01/33 | 261,541 | ||||||||||||||
| 2,422,131 | FNMA | 3.000 | 01/01/34 | 2,497,747 | ||||||||||||||
| 71,987 | FNMA | 5.000 | 02/01/34 | 79,481 | ||||||||||||||
| 295,275 | FNMA | 6.000 | 02/01/34 | 339,747 | ||||||||||||||
| 17,764 | FNMA | 5.000 | 03/01/34 | 19,612 | ||||||||||||||
| 7,476 | FNMA | 5.000 | 03/01/34 | 8,254 | ||||||||||||||
| 423,626 | FNMA | 5.000 | 03/01/34 | 467,705 | ||||||||||||||
| 9,779 | FNMA | 5.000 | 03/01/34 | 10,797 | ||||||||||||||
| 20,740 | FNMA | 5.000 | 03/01/34 | 22,898 | ||||||||||||||
| 6,166 | FNMA | 5.000 | 03/01/34 | 6,807 | ||||||||||||||
| 57,328 | FNMA | 5.000 | 04/01/34 | 63,250 | ||||||||||||||
| 63,994 | FNMA | 5.500 | 04/01/34 | 72,378 | ||||||||||||||
| 36,003 | FNMA | 4.500 | 05/01/34 | 38,359 | ||||||||||||||
| 15,416 | FNMA | 4.500 | 05/01/34 | 16,380 | ||||||||||||||
| 14,576 | FNMA | 5.500 | 07/01/34 | 16,486 | ||||||||||||||
| 23,666 | FNMA | 5.500 | 07/01/34 | 26,762 | ||||||||||||||
| 21,651 | FNMA | 7.000 | 07/01/34 | 24,932 | ||||||||||||||
| 173,428 | FNMA | 5.000 | 08/01/34 | 191,494 | ||||||||||||||
| 19,704 | FNMA | 5.000 | 08/01/34 | 21,752 | ||||||||||||||
| 99,370 | FNMA | 6.000 | 08/01/34 | 114,364 | ||||||||||||||
| 17,601 | FNMA | 6.000 | 08/01/34 | 20,251 | ||||||||||||||
| 10,733 | FNMA | 4.500 | 09/01/34 | 11,617 | ||||||||||||||
| 353,576 | FNMA | 5.500 | 09/01/34 | 399,907 | ||||||||||||||
| 3,540 | FNMA | 5.500 | 11/01/34 | 4,004 | ||||||||||||||
| 9,655 | FNMA | 6.000 | 11/01/34 | 10,668 | ||||||||||||||
| 5,555 | FNMA | 5.000 | 12/01/34 | 6,132 | ||||||||||||||
| 3,318 | FNMA | 5.500 | 12/01/34 | 3,751 | ||||||||||||||
| 12,076 | FNMA | 6.000 | 12/01/34 | 13,589 | ||||||||||||||
| 522,826 | FNMA | 4.500 | 01/01/35 | 563,844 | ||||||||||||||
| 31,743 | FNMA | 5.500 | 01/01/35 | 34,683 | ||||||||||||||
| 1,068,733 | FNMA | 5.500 | 02/01/35 | 1,208,488 | ||||||||||||||
| 45,793 | FNMA | 5.500 | 02/01/35 | 51,792 | ||||||||||||||
| 273,209 | FNMA | 5.500 | 04/01/35 | 301,237 | ||||||||||||||
| 43,303 | FNMA | 6.000 | 04/01/35 | 49,812 | ||||||||||||||
| 41,347 | FNMA | 6.000 | 04/01/35 | 47,584 | ||||||||||||||
| 72,268 | FNMA | 6.000 | 05/01/35 | 83,080 | ||||||||||||||
| 18,193 | FNMA | 5.000 | 06/01/35 | 20,088 | ||||||||||||||
| 1,826 | i | FNMA | LIBOR 12 M + 1.570% | 4.068 | 07/01/35 | 1,895 | ||||||||||||
| 53,917 | FNMA | 5.000 | 07/01/35 | 59,527 | ||||||||||||||
| 5,962,232 | FNMA | 3.000 | 08/01/35 | 6,133,288 | ||||||||||||||
| 112,474 | FNMA | 4.500 | 08/01/35 | 121,800 | ||||||||||||||
| 110,962 | FNMA | 5.000 | 08/01/35 | 122,409 | ||||||||||||||
| 73,909 | FNMA | 5.000 | 08/01/35 | 81,537 | ||||||||||||||
| 4,267 | FNMA | 4.500 | 09/01/35 | 4,615 | ||||||||||||||
| 162 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 5,379 | FNMA | 4.500 | % | 09/01/35 | $ | 5,789 | |||||||||||
| 13,006 | FNMA | 5.500 | 09/01/35 | 14,710 | ||||||||||||||
| 63,221 | FNMA | 5.000 | 10/01/35 | 68,664 | ||||||||||||||
| 128,277 | FNMA | 5.500 | 10/01/35 | 143,496 | ||||||||||||||
| 3,272 | FNMA | 5.000 | 11/01/35 | 3,358 | ||||||||||||||
| 150,328 | FNMA | 5.500 | 11/01/35 | 169,453 | ||||||||||||||
| 1,725 | FNMA | 4.500 | 12/01/35 | 1,814 | ||||||||||||||
| 48,262 | FNMA | 5.500 | 12/01/35 | 52,164 | ||||||||||||||
| 7,771,098 | FNMA | 3.500 | 01/01/36 | 8,059,953 | ||||||||||||||
| 40,685 | i | FNMA | LIBOR 12 M + 1.535% | 4.660 | 02/01/36 | 42,199 | ||||||||||||
| 389,844 | FNMA | 5.000 | 02/01/36 | 430,580 | ||||||||||||||
| 178,203 | FNMA | 6.000 | 03/01/36 | 204,827 | ||||||||||||||
| 2,845,558 | FNMA | 3.500 | 05/01/36 | 2,951,347 | ||||||||||||||
| 3,379 | FNMA | 5.000 | 05/01/36 | 3,726 | ||||||||||||||
| 297,435 | FNMA | 6.000 | 06/01/36 | 341,791 | ||||||||||||||
| 37,631 | i | FNMA | LIBOR 12 M + 1.578% | 4.203 | 07/01/36 | 39,438 | ||||||||||||
| 16,531 | FNMA | 6.000 | 07/01/36 | 18,492 | ||||||||||||||
| 86,872 | FNMA | 6.500 | 07/01/36 | 99,022 | ||||||||||||||
| 120,529 | FNMA | 5.500 | 08/01/36 | 130,182 | ||||||||||||||
| 159,185 | FNMA | 6.500 | 08/01/36 | 181,097 | ||||||||||||||
| 3,567,144 | FNMA | 3.000 | 09/01/36 | 3,669,719 | ||||||||||||||
| 13,211 | FNMA | 5.500 | 09/01/36 | 14,942 | ||||||||||||||
| 4,868 | FNMA | 6.500 | 09/01/36 | 5,641 | ||||||||||||||
| 16,935 | FNMA | 6.500 | 09/01/36 | 19,692 | ||||||||||||||
| 22,698 | FNMA | 6.000 | 10/01/36 | 26,127 | ||||||||||||||
| 7,282,277 | FNMA | 3.000 | 11/01/36 | 7,492,035 | ||||||||||||||
| 10,794 | FNMA | 6.500 | 11/01/36 | 12,455 | ||||||||||||||
| 2,091 | i | FNMA | LIBOR 12 M + 1.725% | 4.641 | 12/01/36 | 2,207 | ||||||||||||
| 65,247 | FNMA | 6.000 | 12/01/36 | 75,050 | ||||||||||||||
| 9,746 | i | FNMA | LIBOR 12 M + 1.806% | 4.821 | 01/01/37 | 10,276 | ||||||||||||
| 28,866 | FNMA | 5.500 | 01/01/37 | 32,554 | ||||||||||||||
| 2,109 | i | FNMA | LIBOR 6 M + 1.543% | 3.881 | 02/01/37 | 2,187 | ||||||||||||
| 211,328 | FNMA | 5.500 | 02/01/37 | 238,715 | ||||||||||||||
| 12,113 | FNMA | 6.000 | 02/01/37 | 13,924 | ||||||||||||||
| 13,120 | FNMA | 7.000 | 02/01/37 | 14,800 | ||||||||||||||
| 4,098 | i | FNMA | LIBOR 12 M + 1.784% | 4.891 | 03/01/37 | 4,289 | ||||||||||||
| 1,606 | FNMA | 5.000 | 03/01/37 | 1,773 | ||||||||||||||
| 70,798 | FNMA | 6.500 | 03/01/37 | 82,745 | ||||||||||||||
| 46,586 | FNMA | 6.500 | 03/01/37 | 53,295 | ||||||||||||||
| 49,950 | FNMA | 7.000 | 04/01/37 | 59,698 | ||||||||||||||
| 62,827 | FNMA | 5.000 | 05/01/37 | 69,156 | ||||||||||||||
| 3,350 | FNMA | 7.000 | 05/01/37 | 3,613 | ||||||||||||||
| 15,484 | i | FNMA | LIBOR 12 M + 1.782% | 4.718 | 06/01/37 | 16,139 | ||||||||||||
| 17,258 | FNMA | 5.500 | 06/01/37 | 19,436 | ||||||||||||||
| 20,160 | FNMA | 5.500 | 08/01/37 | 22,743 | ||||||||||||||
| 8,768 | FNMA | 6.000 | 08/01/37 | 10,009 | ||||||||||||||
| 26,008 | FNMA | 6.500 | 08/01/37 | 28,978 | ||||||||||||||
| 3,558 | FNMA | 6.500 | 08/01/37 | 3,964 | ||||||||||||||
| 15,384 | FNMA | 5.500 | 09/01/37 | 16,629 | ||||||||||||||
| 36,731 | FNMA | 6.000 | 09/01/37 | 42,382 | ||||||||||||||
| 66,033 | FNMA | 6.000 | 09/01/37 | 76,420 | ||||||||||||||
| 30,465 | FNMA | 6.000 | 09/01/37 | 34,754 | ||||||||||||||
| 89,348 | FNMA | 6.000 | 09/01/37 | 101,528 | ||||||||||||||
| 163 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 122,558 | FNMA | 6.000 | % | 09/01/37 | $ | 141,762 | |||||||||||
| 13,318 | FNMA | 6.500 | 09/01/37 | 14,840 | ||||||||||||||
| 4,349 | FNMA | 6.500 | 09/01/37 | 4,845 | ||||||||||||||
| 45,766 | i | FNMA | DGS1 + 2.275% | 4.396 | 10/01/37 | 47,729 | ||||||||||||
| 10,827 | FNMA | 6.500 | 10/01/37 | 12,386 | ||||||||||||||
| 150,215 | FNMA | 5.500 | 11/01/37 | 168,874 | ||||||||||||||
| 257,523 | FNMA | 6.000 | 11/01/37 | 296,439 | ||||||||||||||
| 3,309 | FNMA | 7.000 | 11/01/37 | 3,394 | ||||||||||||||
| 8,538,072 | FNMA | 3.000 | 12/01/37 | 8,767,532 | ||||||||||||||
| 7,942,889 | FNMA | 4.000 | 01/01/38 | 8,322,734 | ||||||||||||||
| 1,411 | FNMA | 6.500 | 01/01/38 | 1,572 | ||||||||||||||
| 79,449 | FNMA | 5.500 | 02/01/38 | 89,240 | ||||||||||||||
| 27,286 | FNMA | 6.500 | 02/01/38 | 30,403 | ||||||||||||||
| 15,291 | FNMA | 7.000 | 02/01/38 | 18,171 | ||||||||||||||
| 26,946 | i | FNMA | LIBOR 12 M + 1.770% | 4.770 | 03/01/38 | 28,446 | ||||||||||||
| 7,363 | FNMA | 5.000 | 03/01/38 | 8,108 | ||||||||||||||
| 3,193 | FNMA | 5.000 | 03/01/38 | 3,448 | ||||||||||||||
| 13,998 | FNMA | 5.500 | 03/01/38 | 15,760 | ||||||||||||||
| 5,110 | FNMA | 6.000 | 03/01/38 | 5,923 | ||||||||||||||
| 5,502 | FNMA | 6.500 | 03/01/38 | 6,377 | ||||||||||||||
| 136,984 | FNMA | 6.500 | 03/01/38 | 156,343 | ||||||||||||||
| 5,206 | FNMA | 6.500 | 03/01/38 | 5,800 | ||||||||||||||
| 15,504 | FNMA | 5.000 | 04/01/38 | 16,606 | ||||||||||||||
| 214,803 | FNMA | 5.500 | 04/01/38 | 242,017 | ||||||||||||||
| 233,609 | FNMA | 6.000 | 04/01/38 | 268,410 | ||||||||||||||
| 17,394 | FNMA | 4.500 | 05/01/38 | 18,785 | ||||||||||||||
| 822,321 | FNMA | 5.000 | 05/01/38 | 908,568 | ||||||||||||||
| 229,816 | FNMA | 5.000 | 05/01/38 | 253,405 | ||||||||||||||
| 548,286 | FNMA | 6.000 | 06/01/38 | 617,714 | ||||||||||||||
| 871,730 | FNMA | 6.500 | 06/01/38 | 1,001,661 | ||||||||||||||
| 191,317 | FNMA | 6.000 | 07/01/38 | 220,229 | ||||||||||||||
| 2,170 | i | FNMA | LIBOR 12 M + 1.750% | 4.000 | 08/01/38 | 2,284 | ||||||||||||
| 2,004 | i | FNMA | LIBOR 12 M + 1.603% | 4.233 | 08/01/38 | 2,094 | ||||||||||||
| 590,261 | FNMA | 6.000 | 09/01/38 | 679,470 | ||||||||||||||
| 11,088 | i | FNMA | LIBOR 12 M + 1.321% | 4.071 | 10/01/38 | 11,418 | ||||||||||||
| 671 | FNMA | 6.000 | 10/01/38 | 742 | ||||||||||||||
| 10,404 | FNMA | 5.500 | 11/01/38 | 11,708 | ||||||||||||||
| 2,872 | FNMA | 5.000 | 12/01/38 | 3,161 | ||||||||||||||
| 534,885 | FNMA | 5.500 | 12/01/38 | 603,907 | ||||||||||||||
| 83,220 | FNMA | 4.500 | 01/01/39 | 89,953 | ||||||||||||||
| 93,229 | FNMA | 5.000 | 01/01/39 | 102,641 | ||||||||||||||
| 2,230,909 | FNMA | 5.000 | 01/01/39 | 2,457,753 | ||||||||||||||
| 85,794 | FNMA | 5.500 | 01/01/39 | 96,627 | ||||||||||||||
| 321,104 | FNMA | 5.500 | 01/01/39 | 362,343 | ||||||||||||||
| 18,368 | FNMA | 6.000 | 01/01/39 | 21,092 | ||||||||||||||
| 1,671 | FNMA | 6.000 | 01/01/39 | 1,849 | ||||||||||||||
| 126,066 | FNMA | 4.500 | 02/01/39 | 136,261 | ||||||||||||||
| 415,549 | FNMA | 4.500 | 02/01/39 | 449,850 | ||||||||||||||
| 186,658 | FNMA | 4.500 | 02/01/39 | 202,067 | ||||||||||||||
| 5,822 | FNMA | 5.500 | 02/01/39 | 6,556 | ||||||||||||||
| 411,715 | FNMA | 4.000 | 04/01/39 | 439,556 | ||||||||||||||
| 17,646 | FNMA | 5.500 | 04/01/39 | 19,879 | ||||||||||||||
| 164 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 682,134 | FNMA | 4.500 | % | 05/01/39 | $ | 738,609 | |||||||||||
| 125,444 | FNMA | 4.500 | 05/01/39 | 135,821 | ||||||||||||||
| 365,866 | FNMA | 4.500 | 06/01/39 | 396,007 | ||||||||||||||
| 134,059 | FNMA | 4.500 | 06/01/39 | 145,166 | ||||||||||||||
| 260,410 | FNMA | 5.500 | 06/01/39 | 293,986 | ||||||||||||||
| 84,480 | FNMA | 4.500 | 07/01/39 | 91,494 | ||||||||||||||
| 92,347 | FNMA | 4.500 | 07/01/39 | 99,997 | ||||||||||||||
| 7,307 | i | FNMA | LIBOR 12 M + 1.835% | 4.571 | 07/01/39 | 7,739 | ||||||||||||
| 8,780 | FNMA | 5.000 | 07/01/39 | 9,616 | ||||||||||||||
| 1,429,613 | FNMA | 4.000 | 08/01/39 | 1,526,552 | ||||||||||||||
| 223,550 | FNMA | 4.000 | 08/01/39 | 238,707 | ||||||||||||||
| 30,439 | i | FNMA | LIBOR 12 M + 1.650% | 4.220 | 08/01/39 | 31,799 | ||||||||||||
| 14,349 | i | FNMA | LIBOR 12 M + 1.690% | 4.235 | 08/01/39 | 15,103 | ||||||||||||
| 18,037 | FNMA | 4.500 | 08/01/39 | 19,483 | ||||||||||||||
| 882,902 | FNMA | 4.500 | 08/01/39 | 956,082 | ||||||||||||||
| 288,208 | FNMA | 4.500 | 08/01/39 | 312,024 | ||||||||||||||
| 1,275,790 | FNMA | 5.000 | 08/01/39 | 1,409,228 | ||||||||||||||
| 11,724 | FNMA | 5.000 | 08/01/39 | 12,976 | ||||||||||||||
| 532,153 | FNMA | 4.000 | 09/01/39 | 568,274 | ||||||||||||||
| 33,833 | FNMA | 5.000 | 09/01/39 | 37,372 | ||||||||||||||
| 203,720 | FNMA | 5.500 | 09/01/39 | 229,939 | ||||||||||||||
| 108,083 | FNMA | 6.000 | 09/01/39 | 124,347 | ||||||||||||||
| 425,853 | FNMA | 6.500 | 10/01/39 | 494,866 | ||||||||||||||
| 22,709 | FNMA | 5.000 | 11/01/39 | 25,096 | ||||||||||||||
| 632,813 | FNMA | 4.000 | 12/01/39 | 675,592 | ||||||||||||||
| 65,541 | FNMA | 4.500 | 12/01/39 | 71,333 | ||||||||||||||
| 138,028 | FNMA | 4.500 | 12/01/39 | 149,535 | ||||||||||||||
| 2,160,772 | FNMA | 4.500 | 12/01/39 | 2,339,867 | ||||||||||||||
| 39,912 | FNMA | 4.500 | 01/01/40 | 43,217 | ||||||||||||||
| 14,117 | i | FNMA | LIBOR 12 M + 1.815% | 4.912 | 01/01/40 | 14,882 | ||||||||||||
| 47,197 | FNMA | 5.000 | 01/01/40 | 52,168 | ||||||||||||||
| 267,510 | FNMA | 6.000 | 02/01/40 | 307,943 | ||||||||||||||
| 405,501 | FNMA | 4.500 | 03/01/40 | 439,347 | ||||||||||||||
| 213,917 | FNMA | 4.500 | 03/01/40 | 231,768 | ||||||||||||||
| 18,834 | FNMA | 5.000 | 03/01/40 | 20,818 | ||||||||||||||
| 19,482 | FNMA | 4.500 | 04/01/40 | 21,109 | ||||||||||||||
| 707,721 | FNMA | 5.000 | 04/01/40 | 781,944 | ||||||||||||||
| 489,765 | FNMA | 5.000 | 04/01/40 | 540,980 | ||||||||||||||
| 22,591 | FNMA | 4.500 | 05/01/40 | 24,460 | ||||||||||||||
| 38,093 | i | FNMA | LIBOR 12 M + 1.861% | 4.745 | 05/01/40 | 40,250 | ||||||||||||
| 107,632 | i | FNMA | LIBOR 12 M + 1.784% | 4.752 | 05/01/40 | 113,191 | ||||||||||||
| 73,249 | i | FNMA | LIBOR 12 M + 1.840% | 4.858 | 05/01/40 | 77,061 | ||||||||||||
| 47,021 | FNMA | 4.500 | 07/01/40 | 50,929 | ||||||||||||||
| 50,957 | FNMA | 4.500 | 07/01/40 | 55,213 | ||||||||||||||
| 63,792 | FNMA | 5.000 | 07/01/40 | 70,488 | ||||||||||||||
| 9,849 | i | FNMA | LIBOR 12 M + 1.805% | 4.055 | 08/01/40 | 10,207 | ||||||||||||
| 404,661 | FNMA | 4.500 | 08/01/40 | 438,440 | ||||||||||||||
| 570,562 | FNMA | 4.500 | 08/01/40 | 618,130 | ||||||||||||||
| 408,778 | FNMA | 5.000 | 08/01/40 | 451,547 | ||||||||||||||
| 966,131 | FNMA | 4.500 | 09/01/40 | 1,045,952 | ||||||||||||||
| 414,871 | FNMA | 4.500 | 09/01/40 | 449,488 | ||||||||||||||
| 790,917 | FNMA | 6.000 | 09/01/40 | 910,404 | ||||||||||||||
| 164,832 | FNMA | 3.500 | 10/01/40 | 173,152 | ||||||||||||||
| 165 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 714,084 | FNMA | 4.000 | % | 10/01/40 | $ | 763,049 | |||||||||||
| 1,662,613 | FNMA | 4.000 | 10/01/40 | 1,775,596 | ||||||||||||||
| 871,868 | FNMA | 4.500 | 10/01/40 | 944,430 | ||||||||||||||
| 1,369,750 | FNMA | 3.500 | 11/01/40 | 1,439,053 | ||||||||||||||
| 1,449,416 | FNMA | 4.000 | 11/01/40 | 1,548,530 | ||||||||||||||
| 1,284,433 | FNMA | 4.000 | 11/01/40 | 1,372,514 | ||||||||||||||
| 801,485 | FNMA | 4.000 | 11/01/40 | 856,293 | ||||||||||||||
| 135,304 | FNMA | 4.500 | 11/01/40 | 146,604 | ||||||||||||||
| 442,186 | FNMA | 4.000 | 12/01/40 | 472,432 | ||||||||||||||
| 3,285,929 | FNMA | 4.500 | 12/01/40 | 3,560,879 | ||||||||||||||
| 27,504 | i | FNMA | LIBOR 12 M + 1.823% | 4.698 | 12/01/40 | 28,628 | ||||||||||||
| 50,872 | FNMA | 3.500 | 01/01/41 | 53,442 | ||||||||||||||
| 241,343 | FNMA | 3.500 | 02/01/41 | 253,549 | ||||||||||||||
| 1,198,871 | FNMA | 4.000 | 02/01/41 | 1,280,836 | ||||||||||||||
| 43,313 | i | FNMA | LIBOR 12 M + 1.801% | 4.875 | 02/01/41 | 45,494 | ||||||||||||
| 1,115,578 | FNMA | 4.000 | 03/01/41 | 1,191,787 | ||||||||||||||
| 801,883 | FNMA | 4.500 | 04/01/41 | 868,929 | ||||||||||||||
| 1,148,852 | FNMA | 4.500 | 05/01/41 | 1,245,080 | ||||||||||||||
| 180,087 | FNMA | 4.500 | 05/01/41 | 195,125 | ||||||||||||||
| 569,544 | FNMA | 4.500 | 06/01/41 | 617,044 | ||||||||||||||
| 711,860 | FNMA | 4.500 | 07/01/41 | 771,488 | ||||||||||||||
| 105,894 | i | FNMA | LIBOR 12 M + 1.782% | 4.581 | 07/01/41 | 110,701 | ||||||||||||
| 1,910,381 | FNMA | 4.000 | 09/01/41 | 2,040,809 | ||||||||||||||
| 1,054,263 | FNMA | 4.500 | 09/01/41 | 1,142,480 | ||||||||||||||
| 337,358 | FNMA | 5.500 | 09/01/41 | 381,237 | ||||||||||||||
| 118,151 | i | FNMA | LIBOR 12 M + 1.833% | 4.541 | 10/01/41 | 123,474 | ||||||||||||
| 16,535 | i | FNMA | LIBOR 12 M + 1.800% | 4.675 | 10/01/41 | 17,221 | ||||||||||||
| 694,292 | FNMA | 3.500 | 11/01/41 | 729,474 | ||||||||||||||
| 760,211 | FNMA | 3.500 | 11/01/41 | 798,628 | ||||||||||||||
| 29,709,812 | FNMA | 3.500 | 12/01/41 | 31,209,186 | ||||||||||||||
| 4,604,500 | FNMA | 3.500 | 12/01/41 | 4,837,875 | ||||||||||||||
| 781,126 | FNMA | 4.000 | 12/01/41 | 834,571 | ||||||||||||||
| 240,208 | i | FNMA | LIBOR 12 M + 1.750% | 4.536 | 12/01/41 | 249,086 | ||||||||||||
| 2,025,635 | FNMA | 3.500 | 03/01/42 | 2,127,998 | ||||||||||||||
| 1,304,657 | FNMA | 4.000 | 03/01/42 | 1,393,897 | ||||||||||||||
| 3,812,386 | FNMA | 3.500 | 04/01/42 | 4,004,922 | ||||||||||||||
| 1,333,056 | FNMA | 3.500 | 04/01/42 | 1,406,183 | ||||||||||||||
| 1,492,919 | FNMA | 4.500 | 04/01/42 | 1,617,778 | ||||||||||||||
| 1,362,449 | FNMA | 5.000 | 04/01/42 | 1,511,704 | ||||||||||||||
| 1,175,292 | FNMA | 4.000 | 05/01/42 | 1,255,617 | ||||||||||||||
| 1,427,458 | FNMA | 5.000 | 05/01/42 | 1,571,146 | ||||||||||||||
| 1,277,554 | FNMA | 3.000 | 06/01/42 | 1,316,727 | ||||||||||||||
| 5,563,306 | FNMA | 3.500 | 06/01/42 | 5,844,348 | ||||||||||||||
| 4,358,261 | FNMA | 4.000 | 06/01/42 | 4,655,752 | ||||||||||||||
| 2,969,487 | FNMA | 4.000 | 06/01/42 | 3,173,472 | ||||||||||||||
| 8,806,604 | FNMA | 3.500 | 07/01/42 | 9,252,215 | ||||||||||||||
| 1,668,461 | FNMA | 4.500 | 07/01/42 | 1,806,577 | ||||||||||||||
| 1,837,449 | FNMA | 3.500 | 08/01/42 | 1,930,586 | ||||||||||||||
| 3,023,790 | FNMA | 3.000 | 09/01/42 | 3,116,661 | ||||||||||||||
| 3,674,335 | FNMA | 3.500 | 09/01/42 | 3,860,406 | ||||||||||||||
| 16,522,592 | FNMA | 4.500 | 09/01/42 | 17,900,695 | ||||||||||||||
| 6,219,546 | FNMA | 3.000 | 10/01/42 | 6,410,496 | ||||||||||||||
| 166 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,788,336 | FNMA | 3.500 | % | 10/01/42 | $ | 1,878,884 | |||||||||||
| 2,435,294 | FNMA | 2.500 | 01/01/43 | 2,433,474 | ||||||||||||||
| 7,609,355 | FNMA | 3.000 | 01/01/43 | 7,842,267 | ||||||||||||||
| 10,465,998 | FNMA | 3.000 | 02/01/43 | 10,787,453 | ||||||||||||||
| 29,445,290 | FNMA | 3.000 | 04/01/43 | 30,346,963 | ||||||||||||||
| 2,693,166 | FNMA | 3.000 | 04/01/43 | 2,775,898 | ||||||||||||||
| 7,672,496 | FNMA | 3.000 | 04/01/43 | 7,907,845 | ||||||||||||||
| 1,347,002 | i | FNMA | LIBOR 12 M + 1.695% | 2.127 | 06/01/43 | 1,384,343 | ||||||||||||
| 7,590,835 | FNMA | 3.000 | 06/01/43 | 7,823,375 | ||||||||||||||
| 6,331,198 | FNMA | 3.000 | 07/01/43 | 6,522,918 | ||||||||||||||
| 5,537,289 | FNMA | 3.500 | 07/01/43 | 5,812,031 | ||||||||||||||
| 246,980 | i | FNMA | LIBOR 12 M + 1.550% | 4.321 | 07/01/43 | 255,899 | ||||||||||||
| 5,578,683 | FNMA | 3.000 | 08/01/43 | 5,747,932 | ||||||||||||||
| 2,506,666 | FNMA | 4.000 | 08/01/43 | 2,678,676 | ||||||||||||||
| 4,452,192 | FNMA | 3.000 | 09/01/43 | 4,585,755 | ||||||||||||||
| 5,607,769 | FNMA | 3.500 | 09/01/43 | 5,881,668 | ||||||||||||||
| 3,942,000 | FNMA | 3.500 | 10/01/43 | 4,139,395 | ||||||||||||||
| 448,612 | FNMA | 4.500 | 10/01/43 | 485,575 | ||||||||||||||
| 1,476,308 | FNMA | 4.000 | 11/01/43 | 1,568,736 | ||||||||||||||
| 3,453,584 | FNMA | 4.000 | 11/01/43 | 3,671,337 | ||||||||||||||
| 1,019,618 | FNMA | 4.500 | 12/01/43 | 1,101,441 | ||||||||||||||
| 3,180,854 | FNMA | 4.500 | 12/01/43 | 3,420,347 | ||||||||||||||
| 3,902,651 | FNMA | 4.000 | 01/01/44 | 4,136,078 | ||||||||||||||
| 53,391,593 | FNMA | 4.000 | 03/01/44 | 57,005,963 | ||||||||||||||
| 2,862,030 | FNMA | 4.000 | 05/01/44 | 3,024,618 | ||||||||||||||
| 3,016,057 | FNMA | 4.000 | 07/01/44 | 3,187,885 | ||||||||||||||
| 3,338,246 | FNMA | 4.000 | 07/01/44 | 3,527,883 | ||||||||||||||
| 2,062,906 | FNMA | 3.500 | 09/01/44 | 2,154,033 | ||||||||||||||
| 2,783,907 | FNMA | 4.000 | 09/01/44 | 2,941,591 | ||||||||||||||
| 6,864,864 | FNMA | 3.500 | 10/01/44 | 7,175,106 | ||||||||||||||
| 14,607,714 | FNMA | 5.000 | 11/01/44 | 16,103,935 | ||||||||||||||
| 3,179,016 | FNMA | 4.000 | 12/01/44 | 3,356,842 | ||||||||||||||
| 5,238,956 | FNMA | 3.000 | 01/01/45 | 5,387,828 | ||||||||||||||
| 16,216,933 | FNMA | 3.000 | 01/01/45 | 16,714,125 | ||||||||||||||
| 32,075,076 | FNMA | 3.500 | 01/01/45 | 33,555,456 | ||||||||||||||
| 11,034,969 | FNMA | 3.500 | 02/01/45 | 11,503,118 | ||||||||||||||
| 6,897,289 | FNMA | 3.000 | 04/01/45 | 7,066,325 | ||||||||||||||
| 11,216,984 | FNMA | 3.500 | 05/01/45 | 11,686,178 | ||||||||||||||
| 9,538,348 | FNMA | 3.500 | 07/01/45 | 9,944,985 | ||||||||||||||
| 12,812,719 | FNMA | 4.000 | 07/01/45 | 13,523,921 | ||||||||||||||
| 17,197,096 | FNMA | 3.000 | 11/01/45 | 17,615,861 | ||||||||||||||
| 8,224,922 | FNMA | 3.500 | 11/01/45 | 8,568,360 | ||||||||||||||
| 20,198,137 | FNMA | 4.000 | 11/01/45 | 21,308,878 | ||||||||||||||
| 7,681,821 | FNMA | 3.500 | 12/01/45 | 7,995,459 | ||||||||||||||
| 10,000,303 | FNMA | 3.500 | 12/01/45 | 10,418,705 | ||||||||||||||
| 29,641,921 | FNMA | 3.500 | 01/01/46 | 30,880,079 | ||||||||||||||
| 5,999,315 | FNMA | 3.500 | 02/01/46 | 6,249,494 | ||||||||||||||
| 19,052,121 | FNMA | 3.500 | 04/01/46 | 19,875,286 | ||||||||||||||
| 8,951,426 | FNMA | 4.500 | 05/01/46 | 9,553,768 | ||||||||||||||
| 7,123,657 | FNMA | 3.000 | 06/01/46 | 7,297,713 | ||||||||||||||
| 12,499,367 | FNMA | 3.500 | 07/01/46 | 12,978,498 | ||||||||||||||
| 11,453,676 | FNMA | 4.000 | 08/01/46 | 12,047,967 | ||||||||||||||
| 11,384,730 | FNMA | 3.000 | 09/01/46 | 11,663,110 | ||||||||||||||
| 167 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 11,885,710 | FNMA | 3.000 | % | 10/01/46 | $ | 12,177,178 | |||||||||||
| 23,306,645 | FNMA | 3.000 | 11/01/46 | 23,877,123 | ||||||||||||||
| 6,997,780 | FNMA | 3.500 | 12/01/46 | 7,259,487 | ||||||||||||||
| 76,577,210 | FNMA | 3.000 | 01/01/47 | 78,383,894 | ||||||||||||||
| 9,058,289 | FNMA | 3.000 | 02/01/47 | 9,280,030 | ||||||||||||||
| 9,128,988 | FNMA | 4.000 | 02/01/47 | 9,583,137 | ||||||||||||||
| 12,298,942 | FNMA | 3.000 | 03/01/47 | 12,600,329 | ||||||||||||||
| 11,373,030 | FNMA | 3.500 | 03/01/47 | 11,783,558 | ||||||||||||||
| 3,234,469 | FNMA | 4.000 | 03/01/47 | 3,393,664 | ||||||||||||||
| 1,892,291 | FNMA | 4.500 | 03/01/47 | 2,005,490 | ||||||||||||||
| 16,559,002 | FNMA | 3.000 | 04/01/47 | 16,961,545 | ||||||||||||||
| 15,347,052 | FNMA | 3.500 | 04/01/47 | 15,893,605 | ||||||||||||||
| 7,583,055 | FNMA | 3.500 | 05/01/47 | 7,857,083 | ||||||||||||||
| 20,621,825 | FNMA | 3.500 | 07/01/47 | 21,317,741 | ||||||||||||||
| 14,083,886 | FNMA | 4.000 | 07/01/47 | 14,714,207 | ||||||||||||||
| 17,349,237 | FNMA | 3.500 | 08/01/47 | 17,936,235 | ||||||||||||||
| 37,157,127 | FNMA | 3.500 | 11/01/47 | 38,445,619 | ||||||||||||||
| 5,944,514 | FNMA | 4.500 | 11/01/47 | 6,282,285 | ||||||||||||||
| 8,760,239 | FNMA | 3.500 | 01/01/48 | 9,062,360 | ||||||||||||||
| 8,606,715 | FNMA | 3.500 | 01/01/48 | 8,906,461 | ||||||||||||||
| 32,227,660 | FNMA | 4.000 | 01/01/48 | 33,722,159 | ||||||||||||||
| 4,354,659 | FNMA | 3.000 | 02/01/48 | 4,443,745 | ||||||||||||||
| 13,298,872 | FNMA | 4.000 | 04/01/48 | 13,903,846 | ||||||||||||||
| 989,736 | FNMA | 4.500 | 04/01/48 | 1,045,400 | ||||||||||||||
| 20,201,936 | FNMA | 3.500 | 06/01/48 | 20,839,245 | ||||||||||||||
| 41,134,887 | FNMA | 4.000 | 07/01/48 | 42,874,810 | ||||||||||||||
| 26,841,977 | FNMA | 4.500 | 07/01/48 | 28,303,507 | ||||||||||||||
| 16,592,013 | FNMA | 4.000 | 08/01/48 | 17,219,895 | ||||||||||||||
| 12,366,728 | FNMA | 4.000 | 10/01/48 | 12,870,029 | ||||||||||||||
| 14,412,347 | FNMA | 4.500 | 10/01/48 | 15,169,878 | ||||||||||||||
| 33,409,385 | FNMA | 4.000 | 11/01/48 | 34,733,635 | ||||||||||||||
| 10,627,948 | FNMA | 4.500 | 11/01/48 | 11,215,110 | ||||||||||||||
| 12,387,699 | FNMA | 4.000 | 12/01/48 | 12,876,275 | ||||||||||||||
| 11,614,124 | FNMA | 4.500 | 01/01/49 | 12,209,656 | ||||||||||||||
| 30,900,141 | FNMA | 4.500 | 02/01/49 | 32,494,183 | ||||||||||||||
| 35,632,549 | FNMA | 4.000 | 04/01/49 | 36,946,826 | ||||||||||||||
| 29,265,904 | FNMA | 5.000 | 04/01/49 | 31,318,565 | ||||||||||||||
| 20,894,648 | FNMA | 3.500 | 05/01/49 | 21,460,445 | ||||||||||||||
| 29,073,158 | FNMA | 3.500 | 06/01/49 | 29,883,838 | ||||||||||||||
| 34,557,643 | FNMA | 3.500 | 08/01/49 | 35,620,513 | ||||||||||||||
| 19,957,331 | h | FNMA | 2.500 | 09/01/49 | 19,868,242 | |||||||||||||
| 119,613,214 | h | FNMA | 3.000 | 09/01/49 | 121,464,837 | |||||||||||||
| 6,525,486 | FNMA | 3.500 | 07/01/55 | 6,776,927 | ||||||||||||||
| 1,858 | Government National Mortgage Association (GNMA) | 4.500 | 01/20/24 | 1,954 | ||||||||||||||
| 17,465 | GNMA | 4.000 | 04/15/24 | 18,163 | ||||||||||||||
| 4,683 | GNMA | 4.500 | 07/15/24 | 4,824 | ||||||||||||||
| 64,449 | GNMA | 4.000 | 08/15/24 | 67,014 | ||||||||||||||
| 16,535 | GNMA | 4.500 | 08/15/24 | 17,035 | ||||||||||||||
| 49,660 | GNMA | 4.000 | 09/15/24 | 51,635 | ||||||||||||||
| 9,511 | GNMA | 4.500 | 01/15/25 | 9,799 | ||||||||||||||
| 82,407 | GNMA | 4.000 | 08/15/25 | 85,716 | ||||||||||||||
| 168 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 43,868 | GNMA | 3.500 | % | 03/15/26 | $ | 45,377 | |||||||||||
| 47,385 | GNMA | 4.000 | 04/15/26 | 49,285 | ||||||||||||||
| 44,958 | GNMA | 4.000 | 06/20/26 | 46,928 | ||||||||||||||
| 69,808 | GNMA | 3.500 | 11/20/26 | 72,147 | ||||||||||||||
| 371,872 | GNMA | 3.000 | 12/15/26 | 379,988 | ||||||||||||||
| 1,203,556 | GNMA | 2.500 | 04/20/27 | 1,224,398 | ||||||||||||||
| 785,562 | GNMA | 2.500 | 09/20/27 | 799,174 | ||||||||||||||
| 467 | GNMA | 6.500 | 09/15/28 | 517 | ||||||||||||||
| 326 | GNMA | 6.500 | 09/15/28 | 361 | ||||||||||||||
| 1,454 | GNMA | 6.500 | 11/15/28 | 1,610 | ||||||||||||||
| 779 | GNMA | 7.500 | 11/15/28 | 814 | ||||||||||||||
| 1,173,480 | GNMA | 3.500 | 11/20/28 | 1,213,212 | ||||||||||||||
| 7,028 | GNMA | 8.500 | 10/15/30 | 7,296 | ||||||||||||||
| 2,770 | GNMA | 8.500 | 10/20/30 | 3,245 | ||||||||||||||
| 355 | GNMA | 8.500 | 12/15/30 | 429 | ||||||||||||||
| 437 | GNMA | 7.000 | 06/20/31 | 513 | ||||||||||||||
| 990 | GNMA | 7.000 | 07/15/31 | 1,009 | ||||||||||||||
| 1,245 | GNMA | 7.000 | 07/15/31 | 1,297 | ||||||||||||||
| 7,005,755 | GNMA | 3.000 | 08/20/32 | 7,195,824 | ||||||||||||||
| 174,330 | GNMA | 6.000 | 10/15/32 | 200,009 | ||||||||||||||
| 21,179 | GNMA | 5.500 | 12/20/32 | 23,963 | ||||||||||||||
| 47,607 | GNMA | 5.500 | 05/15/33 | 51,702 | ||||||||||||||
| 7,326 | GNMA | 5.000 | 07/15/33 | 8,121 | ||||||||||||||
| 25,954 | GNMA | 5.500 | 07/15/33 | 29,169 | ||||||||||||||
| 6,300 | GNMA | 5.000 | 07/20/33 | 6,968 | ||||||||||||||
| 23,618 | GNMA | 5.000 | 08/15/33 | 25,267 | ||||||||||||||
| 25,783 | GNMA | 5.000 | 08/15/33 | 28,024 | ||||||||||||||
| 110,745 | GNMA | 5.500 | 09/15/33 | 125,675 | ||||||||||||||
| 85,097 | GNMA | 6.000 | 11/20/33 | 98,504 | ||||||||||||||
| 38,221 | GNMA | 5.500 | 05/20/34 | 43,234 | ||||||||||||||
| 55,259 | GNMA | 6.000 | 09/20/34 | 63,971 | ||||||||||||||
| 4,238 | GNMA | 5.000 | 10/20/34 | 4,695 | ||||||||||||||
| 116,303 | GNMA | 5.500 | 11/15/34 | 131,012 | ||||||||||||||
| 54,485 | GNMA | 6.500 | 01/15/35 | 63,154 | ||||||||||||||
| 28,866 | GNMA | 5.500 | 02/20/35 | 32,581 | ||||||||||||||
| 541,913 | GNMA | 5.000 | 03/20/35 | 599,867 | ||||||||||||||
| 168,799 | GNMA | 5.000 | 04/15/35 | 187,092 | ||||||||||||||
| 175,789 | GNMA | 5.500 | 05/20/35 | 197,977 | ||||||||||||||
| 6,572 | GNMA | 5.000 | 09/20/35 | 7,278 | ||||||||||||||
| 3,656 | GNMA | 5.000 | 11/15/35 | 3,911 | ||||||||||||||
| 4,439 | GNMA | 5.000 | 11/15/35 | 4,923 | ||||||||||||||
| 48,191 | GNMA | 5.500 | 02/20/36 | 54,112 | ||||||||||||||
| 5,859 | GNMA | 5.500 | 03/15/36 | 6,653 | ||||||||||||||
| 15,656 | GNMA | 5.500 | 05/20/36 | 17,558 | ||||||||||||||
| 4,622 | GNMA | 6.500 | 06/15/36 | 5,428 | ||||||||||||||
| 144,200 | GNMA | 5.500 | 06/20/36 | 161,603 | ||||||||||||||
| 8,776 | GNMA | 5.000 | 09/15/36 | 9,860 | ||||||||||||||
| 5,529 | GNMA | 6.000 | 09/15/36 | 6,329 | ||||||||||||||
| 14,132 | GNMA | 6.000 | 10/20/36 | 16,275 | ||||||||||||||
| 10,208 | GNMA | 5.000 | 12/15/36 | 11,319 | ||||||||||||||
| 3,135 | GNMA | 5.500 | 01/15/37 | 3,380 | ||||||||||||||
| 8,558 | GNMA | 6.000 | 01/20/37 | 9,854 | ||||||||||||||
| 205,595 | GNMA | 5.500 | 02/15/37 | 233,339 | ||||||||||||||
| 169 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 30,866 | GNMA | 6.000 | % | 02/20/37 | $ | 35,559 | |||||||||||
| 225,347 | GNMA | 6.000 | 04/15/37 | 258,870 | ||||||||||||||
| 5,700 | GNMA | 6.500 | 04/15/37 | 6,309 | ||||||||||||||
| 98,436 | GNMA | 6.000 | 04/20/37 | 108,308 | ||||||||||||||
| 14,275 | GNMA | 6.000 | 06/15/37 | 15,947 | ||||||||||||||
| 16,955 | GNMA | 6.000 | 08/20/37 | 19,520 | ||||||||||||||
| 14,243 | GNMA | 6.500 | 08/20/37 | 16,604 | ||||||||||||||
| 65,725 | GNMA | 6.500 | 11/20/37 | 77,101 | ||||||||||||||
| 23,108 | GNMA | 6.000 | 12/15/37 | 26,524 | ||||||||||||||
| 4,069 | GNMA | 5.000 | 02/20/38 | 4,505 | ||||||||||||||
| 112,646 | GNMA | 5.000 | 04/15/38 | 126,624 | ||||||||||||||
| 4,199 | GNMA | 5.500 | 05/20/38 | 4,672 | ||||||||||||||
| 19,733 | GNMA | 5.500 | 06/15/38 | 21,864 | ||||||||||||||
| 45,882 | GNMA | 6.000 | 06/20/38 | 52,811 | ||||||||||||||
| 64,067 | GNMA | 5.500 | 07/15/38 | 72,639 | ||||||||||||||
| 352,390 | GNMA | 5.000 | 07/20/38 | 389,687 | ||||||||||||||
| 324,021 | GNMA | 5.500 | 07/20/38 | 362,811 | ||||||||||||||
| 9,092 | GNMA | 5.500 | 08/15/38 | 10,315 | ||||||||||||||
| 118,285 | GNMA | 6.000 | 08/15/38 | 133,946 | ||||||||||||||
| 46,631 | GNMA | 6.000 | 08/15/38 | 51,822 | ||||||||||||||
| 31,667 | GNMA | 6.000 | 08/20/38 | 36,391 | ||||||||||||||
| 126,069 | GNMA | 6.000 | 09/20/38 | 144,949 | ||||||||||||||
| 36,944 | GNMA | 5.000 | 10/15/38 | 39,523 | ||||||||||||||
| 13,086 | GNMA | 5.500 | 10/15/38 | 14,848 | ||||||||||||||
| 19,483 | GNMA | 6.500 | 10/20/38 | 20,754 | ||||||||||||||
| 6,348 | GNMA | 6.500 | 10/20/38 | 7,274 | ||||||||||||||
| 1,765 | GNMA | 5.500 | 11/15/38 | 1,999 | ||||||||||||||
| 25,441 | GNMA | 6.500 | 11/20/38 | 29,343 | ||||||||||||||
| 123,436 | GNMA | 6.000 | 12/15/38 | 141,944 | ||||||||||||||
| 3,075 | GNMA | 6.500 | 12/15/38 | 3,582 | ||||||||||||||
| 24,118 | GNMA | 5.000 | 01/15/39 | 27,092 | ||||||||||||||
| 576,210 | GNMA | 4.500 | 01/20/39 | 621,568 | ||||||||||||||
| 64,652 | GNMA | 6.500 | 01/20/39 | 73,568 | ||||||||||||||
| 24,282 | GNMA | 5.000 | 02/15/39 | 27,264 | ||||||||||||||
| 7,703 | GNMA | 6.000 | 02/15/39 | 8,621 | ||||||||||||||
| 21,541 | GNMA | 4.500 | 03/15/39 | 23,469 | ||||||||||||||
| 199,112 | GNMA | 4.500 | 03/15/39 | 216,944 | ||||||||||||||
| 36,687 | i | GNMA | DGS1 + 1.500% | 3.875 | 03/20/39 | 36,789 | ||||||||||||
| 7,564 | GNMA | 4.500 | 03/20/39 | 8,158 | ||||||||||||||
| 128,515 | GNMA | 5.500 | 03/20/39 | 143,999 | ||||||||||||||
| 12,363 | GNMA | 4.500 | 04/15/39 | 13,465 | ||||||||||||||
| 223,935 | GNMA | 5.500 | 04/15/39 | 254,056 | ||||||||||||||
| 4,788 | GNMA | 5.000 | 04/20/39 | 5,298 | ||||||||||||||
| 26,470 | GNMA | 4.000 | 05/15/39 | 28,239 | ||||||||||||||
| 370,297 | GNMA | 4.500 | 05/15/39 | 403,221 | ||||||||||||||
| 163,545 | GNMA | 5.000 | 05/15/39 | 181,434 | ||||||||||||||
| 25,926 | GNMA | 4.000 | 05/20/39 | 27,606 | ||||||||||||||
| 68,688 | GNMA | 4.500 | 05/20/39 | 74,514 | ||||||||||||||
| 1,409,927 | GNMA | 5.000 | 05/20/39 | 1,559,932 | ||||||||||||||
| 9,784 | GNMA | 4.500 | 06/15/39 | 10,569 | ||||||||||||||
| 1,024,832 | GNMA | 4.500 | 06/15/39 | 1,116,082 | ||||||||||||||
| 1,292,336 | GNMA | 5.000 | 06/15/39 | 1,451,754 | ||||||||||||||
| 170 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,006,108 | GNMA | 5.000 | % | 06/15/39 | $ | 1,105,781 | |||||||||||
| 23,475 | GNMA | 5.000 | 06/15/39 | 26,374 | ||||||||||||||
| 10,886 | GNMA | 5.000 | 06/15/39 | 12,228 | ||||||||||||||
| 12,547 | GNMA | 5.000 | 06/15/39 | 14,095 | ||||||||||||||
| 15,514 | GNMA | 4.000 | 06/20/39 | 16,519 | ||||||||||||||
| 9,260 | GNMA | 5.000 | 06/20/39 | 10,246 | ||||||||||||||
| 1,223,046 | GNMA | 4.000 | 07/15/39 | 1,304,551 | ||||||||||||||
| 14,745 | GNMA | 4.500 | 07/15/39 | 16,060 | ||||||||||||||
| 31,666 | GNMA | 4.500 | 07/15/39 | 34,493 | ||||||||||||||
| 1,388,879 | GNMA | 4.500 | 07/15/39 | 1,520,219 | ||||||||||||||
| 13,537 | GNMA | 5.000 | 07/15/39 | 15,207 | ||||||||||||||
| 155,478 | GNMA | 4.500 | 07/20/39 | 168,772 | ||||||||||||||
| 132,734 | GNMA | 5.000 | 07/20/39 | 146,832 | ||||||||||||||
| 14,290 | GNMA | 5.500 | 07/20/39 | 16,009 | ||||||||||||||
| 69,409 | GNMA | 4.000 | 08/15/39 | 74,031 | ||||||||||||||
| 158,283 | GNMA | 5.000 | 08/15/39 | 177,726 | ||||||||||||||
| 7,978 | GNMA | 5.500 | 08/15/39 | 8,936 | ||||||||||||||
| 58,045 | GNMA | 6.000 | 08/15/39 | 64,168 | ||||||||||||||
| 46,276 | GNMA | 4.000 | 08/20/39 | 49,282 | ||||||||||||||
| 34,794 | GNMA | 5.000 | 08/20/39 | 38,491 | ||||||||||||||
| 20,808 | GNMA | 5.000 | 09/15/39 | 22,260 | ||||||||||||||
| 48,386 | GNMA | 5.000 | 09/20/39 | 53,526 | ||||||||||||||
| 11,094 | GNMA | 4.500 | 10/15/39 | 12,082 | ||||||||||||||
| 6,747 | GNMA | 5.000 | 10/15/39 | 7,576 | ||||||||||||||
| 15,334 | GNMA | 4.500 | 10/20/39 | 16,679 | ||||||||||||||
| 30,154 | GNMA | 4.500 | 11/15/39 | 32,998 | ||||||||||||||
| 22,592 | GNMA | 4.500 | 11/20/39 | 24,609 | ||||||||||||||
| 26,481 | GNMA | 5.000 | 11/20/39 | 29,295 | ||||||||||||||
| 43,772 | GNMA | 4.500 | 12/15/39 | 46,614 | ||||||||||||||
| 771,416 | GNMA | 4.500 | 12/15/39 | 840,328 | ||||||||||||||
| 22,596 | GNMA | 4.500 | 12/20/39 | 24,636 | ||||||||||||||
| 807,510 | GNMA | 5.000 | 12/20/39 | 893,423 | ||||||||||||||
| 764,094 | GNMA | 4.500 | 01/20/40 | 833,016 | ||||||||||||||
| 10,717 | GNMA | 5.500 | 01/20/40 | 11,942 | ||||||||||||||
| 410,571 | GNMA | 5.500 | 02/15/40 | 465,763 | ||||||||||||||
| 59,803 | GNMA | 4.000 | 03/15/40 | 63,833 | ||||||||||||||
| 13,191 | GNMA | 5.000 | 03/15/40 | 14,817 | ||||||||||||||
| 6,055 | GNMA | 4.500 | 04/15/40 | 6,544 | ||||||||||||||
| 125,038 | GNMA | 5.000 | 04/15/40 | 136,632 | ||||||||||||||
| 30,455 | GNMA | 4.500 | 04/20/40 | 33,296 | ||||||||||||||
| 5,037 | GNMA | 4.500 | 05/15/40 | 5,489 | ||||||||||||||
| 147,876 | GNMA | 5.000 | 05/15/40 | 166,091 | ||||||||||||||
| 255,671 | i | GNMA | DGS1 + 1.500% | 3.875 | 05/20/40 | 266,677 | ||||||||||||
| 6,623 | GNMA | 4.500 | 05/20/40 | 7,247 | ||||||||||||||
| 2,573,996 | GNMA | 4.500 | 06/15/40 | 2,803,157 | ||||||||||||||
| 11,352 | GNMA | 4.500 | 06/15/40 | 12,350 | ||||||||||||||
| 7,691 | GNMA | 4.500 | 06/15/40 | 8,350 | ||||||||||||||
| 148,360 | GNMA | 5.000 | 06/20/40 | 164,099 | ||||||||||||||
| 324,010 | GNMA | 4.500 | 07/15/40 | 352,850 | ||||||||||||||
| 80,906 | GNMA | 4.500 | 07/15/40 | 88,076 | ||||||||||||||
| 1,085,975 | GNMA | 4.500 | 07/20/40 | 1,188,013 | ||||||||||||||
| 31,945 | GNMA | 5.000 | 07/20/40 | 35,320 | ||||||||||||||
| 219,758 | GNMA | 4.000 | 08/15/40 | 234,538 | ||||||||||||||
| 171 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,007,050 | GNMA | 4.000 | % | 08/15/40 | $ | 1,074,779 | |||||||||||
| 96,985 | GNMA | 4.500 | 08/15/40 | 106,114 | ||||||||||||||
| 82,932 | GNMA | 4.500 | 08/20/40 | 90,717 | ||||||||||||||
| 69,456 | GNMA | 4.500 | 09/20/40 | 75,995 | ||||||||||||||
| 20,960 | GNMA | 5.500 | 09/20/40 | 23,476 | ||||||||||||||
| 24,079 | GNMA | 6.500 | 09/20/40 | 27,480 | ||||||||||||||
| 30,557 | GNMA | 4.000 | 10/15/40 | 32,653 | ||||||||||||||
| 62,956 | GNMA | 6.000 | 10/20/40 | 72,805 | ||||||||||||||
| 382,084 | GNMA | 4.000 | 11/15/40 | 407,995 | ||||||||||||||
| 943,845 | GNMA | 4.000 | 11/20/40 | 1,005,672 | ||||||||||||||
| 224,112 | GNMA | 3.500 | 12/15/40 | 235,900 | ||||||||||||||
| 332,238 | GNMA | 5.500 | 12/20/40 | 372,079 | ||||||||||||||
| 1,070,651 | GNMA | 4.000 | 01/15/41 | 1,143,170 | ||||||||||||||
| 2,485,946 | GNMA | 4.000 | 01/20/41 | 2,649,317 | ||||||||||||||
| 206,542 | GNMA | 4.000 | 02/15/41 | 220,546 | ||||||||||||||
| 658,735 | GNMA | 4.500 | 02/20/41 | 720,726 | ||||||||||||||
| 356,010 | GNMA | 4.500 | 03/15/41 | 387,558 | ||||||||||||||
| 786,109 | GNMA | 4.500 | 04/20/41 | 859,936 | ||||||||||||||
| 162,330 | GNMA | 5.000 | 04/20/41 | 179,290 | ||||||||||||||
| 64,830 | i | GNMA | DGS1 + 1.500% | 3.875 | 06/20/41 | 67,570 | ||||||||||||
| 171,515 | GNMA | 4.000 | 07/15/41 | 182,989 | ||||||||||||||
| 320,338 | GNMA | 4.000 | 07/20/41 | 341,592 | ||||||||||||||
| 1,031,759 | GNMA | 4.500 | 07/20/41 | 1,127,803 | ||||||||||||||
| 879,384 | GNMA | 5.000 | 07/20/41 | 972,529 | ||||||||||||||
| 227,791 | GNMA | 4.500 | 08/15/41 | 247,938 | ||||||||||||||
| 385,038 | GNMA | 5.000 | 08/20/41 | 425,383 | ||||||||||||||
| 576,347 | GNMA | 4.000 | 09/15/41 | 615,323 | ||||||||||||||
| 35,124 | i | GNMA | DGS1 + 1.500% | 3.750 | 09/20/41 | 36,491 | ||||||||||||
| 1,454,266 | GNMA | 4.000 | 09/20/41 | 1,543,570 | ||||||||||||||
| 88,664 | GNMA | 4.000 | 10/15/41 | 94,587 | ||||||||||||||
| 1,861,840 | GNMA | 4.000 | 10/20/41 | 1,985,266 | ||||||||||||||
| 71,805 | i | GNMA | DGS1 + 1.500% | 4.125 | 10/20/41 | 73,955 | ||||||||||||
| 45,158 | i | GNMA | DGS1 + 1.500% | 4.125 | 10/20/41 | 46,617 | ||||||||||||
| 226,808 | GNMA | 5.500 | 10/20/41 | 252,764 | ||||||||||||||
| 581,260 | GNMA | 3.500 | 11/15/41 | 611,747 | ||||||||||||||
| 1,294,440 | GNMA | 4.000 | 11/15/41 | 1,381,992 | ||||||||||||||
| 2,380,999 | GNMA | 4.500 | 11/20/41 | 2,599,905 | ||||||||||||||
| 980,244 | GNMA | 5.000 | 11/20/41 | 1,083,455 | ||||||||||||||
| 228,748 | GNMA | 6.000 | 11/20/41 | 252,415 | ||||||||||||||
| 1,299,861 | GNMA | 3.500 | 01/20/42 | 1,380,654 | ||||||||||||||
| 252,301 | i | GNMA | DGS1 + 1.500% | 4.000 | 02/20/42 | 259,610 | ||||||||||||
| 633,756 | GNMA | 3.500 | 03/20/42 | 673,148 | ||||||||||||||
| 1,006,785 | GNMA | 4.500 | 03/20/42 | 1,102,034 | ||||||||||||||
| 1,142,341 | GNMA | 3.500 | 04/15/42 | 1,202,227 | ||||||||||||||
| 1,963,510 | GNMA | 3.500 | 05/20/42 | 2,072,708 | ||||||||||||||
| 6,028,114 | GNMA | 3.500 | 05/20/42 | 6,402,816 | ||||||||||||||
| 1,318,255 | GNMA | 4.000 | 05/20/42 | 1,405,495 | ||||||||||||||
| 2,553,827 | GNMA | 3.500 | 07/15/42 | 2,663,907 | ||||||||||||||
| 1,410,068 | GNMA | 3.500 | 07/20/42 | 1,497,718 | ||||||||||||||
| 259,611 | i | GNMA | DGS1 + 1.500% | 3.750 | 07/20/42 | 266,158 | ||||||||||||
| 1,767,464 | GNMA | 3.000 | 08/20/42 | 1,829,355 | ||||||||||||||
| 2,048,468 | GNMA | 3.500 | 08/20/42 | 2,162,752 | ||||||||||||||
| 172 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 5,915,451 | GNMA | 3.500 | % | 08/20/42 | $ | 6,283,163 | |||||||||||
| 977,645 | GNMA | 6.000 | 08/20/42 | 1,126,784 | ||||||||||||||
| 2,321,967 | GNMA | 3.500 | 10/20/42 | 2,466,308 | ||||||||||||||
| 2,579,968 | GNMA | 3.000 | 11/20/42 | 2,670,309 | ||||||||||||||
| 2,135,942 | GNMA | 3.000 | 12/20/42 | 2,202,421 | ||||||||||||||
| 3,023,675 | GNMA | 3.000 | 12/20/42 | 3,129,554 | ||||||||||||||
| 1,750,395 | GNMA | 3.000 | 01/15/43 | 1,802,015 | ||||||||||||||
| 4,239,676 | GNMA | 3.000 | 01/15/43 | 4,371,689 | ||||||||||||||
| 2,299,846 | GNMA | 3.000 | 01/20/43 | 2,380,379 | ||||||||||||||
| 3,905,762 | GNMA | 3.000 | 02/20/43 | 4,042,531 | ||||||||||||||
| 2,409,232 | GNMA | 3.000 | 02/20/43 | 2,488,383 | ||||||||||||||
| 726,917 | GNMA | 3.000 | 04/15/43 | 749,479 | ||||||||||||||
| 681,371 | GNMA | 5.000 | 04/20/43 | 754,271 | ||||||||||||||
| 1,574,531 | GNMA | 3.000 | 05/20/43 | 1,629,504 | ||||||||||||||
| 2,423,402 | GNMA | 3.000 | 06/20/43 | 2,507,760 | ||||||||||||||
| 4,775,992 | GNMA | 3.500 | 06/20/43 | 5,041,795 | ||||||||||||||
| 5,263,160 | GNMA | 3.000 | 07/20/43 | 5,445,851 | ||||||||||||||
| 2,420,758 | GNMA | 3.500 | 07/20/43 | 2,571,255 | ||||||||||||||
| 11,343,170 | GNMA | 4.500 | 08/20/43 | 12,204,506 | ||||||||||||||
| 3,522,186 | GNMA | 3.500 | 09/20/43 | 3,730,992 | ||||||||||||||
| 1,257,690 | GNMA | 4.000 | 09/20/43 | 1,340,876 | ||||||||||||||
| 14,905,551 | GNMA | 3.500 | 10/20/43 | 15,778,401 | ||||||||||||||
| 7,705,210 | GNMA | 4.000 | 10/20/43 | 8,214,572 | ||||||||||||||
| 650,349 | GNMA | 3.500 | 11/20/43 | 687,980 | ||||||||||||||
| 1,361,146 | GNMA | 4.000 | 11/20/43 | 1,451,052 | ||||||||||||||
| 1,175,989 | GNMA | 4.500 | 12/20/43 | 1,261,541 | ||||||||||||||
| 1,231,764 | GNMA | 4.500 | 01/20/44 | 1,321,771 | ||||||||||||||
| 1,690,555 | GNMA | 3.500 | 02/20/44 | 1,779,018 | ||||||||||||||
| 2,298,844 | GNMA | 4.000 | 02/20/44 | 2,450,920 | ||||||||||||||
| 2,327,434 | GNMA | 4.000 | 05/20/44 | 2,480,772 | ||||||||||||||
| 2,415,108 | GNMA | 4.000 | 06/20/44 | 2,574,181 | ||||||||||||||
| 6,924,975 | GNMA | 3.500 | 07/20/44 | 7,274,266 | ||||||||||||||
| 1,775,723 | GNMA | 4.500 | 10/20/44 | 1,901,086 | ||||||||||||||
| 5,076,090 | GNMA | 3.500 | 11/20/44 | 5,316,295 | ||||||||||||||
| 6,853,605 | GNMA | 3.000 | 12/20/44 | 7,082,784 | ||||||||||||||
| 9,824,794 | GNMA | 4.000 | 12/20/44 | 10,450,327 | ||||||||||||||
| 16,282,431 | GNMA | 3.500 | 02/20/45 | 17,041,383 | ||||||||||||||
| 7,504,162 | GNMA | 4.000 | 03/20/45 | 7,982,066 | ||||||||||||||
| 7,243,964 | GNMA | 3.000 | 04/20/45 | 7,470,073 | ||||||||||||||
| 7,758,300 | GNMA | 3.000 | 06/20/45 | 8,019,618 | ||||||||||||||
| 8,157,223 | GNMA | 3.000 | 07/20/45 | 8,412,025 | ||||||||||||||
| 11,128,492 | GNMA | 4.000 | 10/20/45 | 11,788,710 | ||||||||||||||
| 18,371,265 | GNMA | 4.000 | 11/20/45 | 19,444,274 | ||||||||||||||
| 8,358,729 | GNMA | 3.000 | 12/20/45 | 8,620,064 | ||||||||||||||
| 7,458,442 | GNMA | 3.500 | 12/20/45 | 7,818,235 | ||||||||||||||
| 8,523,715 | GNMA | 4.000 | 04/20/46 | 9,048,993 | ||||||||||||||
| 42,097,335 | GNMA | 3.000 | 05/20/46 | 43,334,963 | ||||||||||||||
| 25,433,878 | GNMA | 3.500 | 05/20/46 | 26,563,607 | ||||||||||||||
| 9,619,807 | GNMA | 3.000 | 06/20/46 | 9,917,247 | ||||||||||||||
| 5,846,457 | GNMA | 3.500 | 06/20/46 | 6,101,456 | ||||||||||||||
| 12,160,986 | GNMA | 3.500 | 08/20/46 | 12,681,929 | ||||||||||||||
| 6,936,339 | GNMA | 3.000 | 09/20/46 | 7,157,233 | ||||||||||||||
| 27,876,731 | GNMA | 3.500 | 09/20/46 | 29,060,357 | ||||||||||||||
| 173 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 13,476,314 | GNMA | 3.000 | % | 10/20/46 | $ | 13,897,444 | |||||||||||
| 7,221,171 | GNMA | 3.000 | 12/20/46 | 7,446,558 | ||||||||||||||
| 26,005,801 | GNMA | 3.500 | 12/20/46 | 27,076,581 | ||||||||||||||
| 7,311,025 | GNMA | 3.000 | 01/20/47 | 7,538,913 | ||||||||||||||
| 20,159,107 | GNMA | 3.500 | 01/20/47 | 20,982,291 | ||||||||||||||
| 5,561,000 | GNMA | 4.000 | 01/20/47 | 5,836,271 | ||||||||||||||
| 22,044,402 | GNMA | 3.000 | 02/20/47 | 22,730,256 | ||||||||||||||
| 20,781,680 | GNMA | 3.500 | 02/20/47 | 21,626,812 | ||||||||||||||
| 27,973,632 | GNMA | 3.500 | 03/20/47 | 29,160,603 | ||||||||||||||
| 14,806,451 | GNMA | 4.000 | 04/20/47 | 15,509,583 | ||||||||||||||
| 14,621,487 | GNMA | 3.500 | 05/20/47 | 15,206,498 | ||||||||||||||
| 7,578,663 | GNMA | 3.500 | 06/20/47 | 7,881,601 | ||||||||||||||
| 8,676,502 | GNMA | 3.000 | 07/20/47 | 8,920,262 | ||||||||||||||
| 17,506,115 | GNMA | 4.500 | 07/20/47 | 18,494,865 | ||||||||||||||
| 16,264,584 | GNMA | 3.000 | 08/20/47 | 16,738,584 | ||||||||||||||
| 19,887,494 | GNMA | 3.500 | 08/20/47 | 20,682,999 | ||||||||||||||
| 30,696,606 | GNMA | 3.000 | 09/20/47 | 31,619,768 | ||||||||||||||
| 48,548,912 | GNMA | 4.000 | 09/20/47 | 50,718,374 | ||||||||||||||
| 32,946,267 | GNMA | 3.500 | 11/20/47 | 34,228,994 | ||||||||||||||
| 24,824,482 | GNMA | 3.500 | 12/20/47 | 25,785,344 | ||||||||||||||
| 16,716,741 | GNMA | 3.500 | 01/20/48 | 17,356,750 | ||||||||||||||
| 27,284,066 | GNMA | 4.000 | 05/20/48 | 28,376,109 | ||||||||||||||
| 41,384,701 | GNMA | 3.000 | 06/20/48 | 42,552,323 | ||||||||||||||
| 19,759,585 | GNMA | 4.000 | 06/20/48 | 20,549,171 | ||||||||||||||
| 35,323,438 | GNMA | 3.500 | 07/20/48 | 36,633,983 | ||||||||||||||
| 19,949,104 | GNMA | 4.000 | 08/20/48 | 20,776,290 | ||||||||||||||
| 16,014,680 | GNMA | 5.000 | 08/20/48 | 17,008,469 | ||||||||||||||
| 14,782,064 | GNMA | 4.500 | 09/20/48 | 15,532,909 | ||||||||||||||
| 13,489,773 | GNMA | 5.000 | 10/20/48 | 14,261,099 | ||||||||||||||
| 11,144,469 | GNMA | 4.500 | 11/20/48 | 11,692,576 | ||||||||||||||
| 24,527,723 | GNMA | 3.500 | 04/20/49 | 25,422,274 | ||||||||||||||
| 94,993,090 | GNMA | 4.500 | 04/20/49 | 99,378,149 | ||||||||||||||
| 29,630,032 | GNMA | 4.000 | 05/20/49 | 30,854,143 | ||||||||||||||
| 14,875,847 | GNMA | 3.500 | 06/20/49 | 15,419,739 | ||||||||||||||
| 20,000,000 | h | GNMA | 3.000 | 09/20/49 | 20,539,827 | |||||||||||||
| TOTAL MORTGAGE BACKED | 4,336,252,427 | |||||||||||||||||
| MUNICIPAL BONDS - 0.7% | ||||||||||||||||||
| 200,000 | Alabama Economic Settlement Authority | 4.263 | 09/15/32 | 227,484 | ||||||||||||||
| 300,000 | American Municipal Power | 7.834 | 02/15/41 | 487,968 | ||||||||||||||
| 500,000 | American Municipal Power | 6.270 | 02/15/50 | 689,115 | ||||||||||||||
| 1,165,000 | American Municipal Power | 8.084 | 02/15/50 | 2,084,779 | ||||||||||||||
| 750,000 | American University | 3.672 | 04/01/49 | 827,447 | ||||||||||||||
| 750,000 | Bay Area Toll Authority | 2.574 | 04/01/31 | 758,955 | ||||||||||||||
| 1,000,000 | Bay Area Toll Authority | 6.918 | 04/01/40 | 1,513,670 | ||||||||||||||
| 2,000,000 | Bay Area Toll Authority | 6.263 | 04/01/49 | 3,124,400 | ||||||||||||||
| 200,000 | California Institute of Technology | 4.321 | 08/01/45 | 256,353 | ||||||||||||||
| 200,000 | California State University | 3.899 | 11/01/47 | 228,138 | ||||||||||||||
| 720,000 | Central Puget Sound Regional Transit Authority | 5.491 | 11/01/39 | 983,772 | ||||||||||||||
| 460,000 | Chicago Metropolitan Water Reclamation District-Greater Chicago | 5.720 | 12/01/38 | 622,398 | ||||||||||||||
| 2,250,000 | Chicago O’Hare International Airport | 6.395 | 01/01/40 | 3,332,835 | ||||||||||||||
| 174 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Chicago O’Hare International Airport | 4.472 | % | 01/01/49 | $ | 252,858 | |||||||||||
| 200,000 | Chicago O’Hare International Airport | 4.572 | 01/01/54 | 256,218 | ||||||||||||||
| 250,000 | City of Chicago IL | 7.375 | 01/01/33 | 298,127 | ||||||||||||||
| 300,000 | City of Chicago IL | 5.432 | 01/01/42 | 304,110 | ||||||||||||||
| 350,000 | City of Chicago IL | 6.314 | 01/01/44 | 384,951 | ||||||||||||||
| 690,000 | City of Houston TX | 3.961 | 03/01/47 | 801,194 | ||||||||||||||
| 750,000 | City Public Service Board of San Antonio TX | 5.808 | 02/01/41 | 1,070,708 | ||||||||||||||
| 150,000 | Colorado Bridge Enterprise | 6.078 | 12/01/40 | 212,965 | ||||||||||||||
| 200,000 | Commonwealth Financing Authority | 4.014 | 06/01/33 | 228,818 | ||||||||||||||
| 100,000 | Commonwealth Financing Authority | 3.864 | 06/01/38 | 111,165 | ||||||||||||||
| 100,000 | Commonwealth Financing Authority | 4.144 | 06/01/38 | 115,449 | ||||||||||||||
| 645,000 | Commonwealth Financing Authority | 3.807 | 06/01/41 | 713,364 | ||||||||||||||
| 200,000 | Commonwealth of Massachusetts | 4.200 | 12/01/21 | 206,800 | ||||||||||||||
| 500,000 | Commonwealth of Massachusetts | 5.731 | 06/01/40 | 693,360 | ||||||||||||||
| 100,000 | Commonwealth of Massachusetts | 3.277 | 06/01/46 | 103,837 | ||||||||||||||
| 750,000 | Commonwealth of Massachusetts | 2.900 | 09/01/49 | 730,875 | ||||||||||||||
| 195,000 | Commonwealth of Pennsylvania | 5.850 | 07/15/30 | 201,020 | ||||||||||||||
| 200,000 | County of Clark NV | 6.820 | 07/01/45 | 327,916 | ||||||||||||||
| 135,000 | County of Miami-Dade FL Aviation Revenue | 4.280 | 10/01/41 | 148,014 | ||||||||||||||
| 750,000 | Dallas Area Rapid Transit | 5.022 | 12/01/48 | 1,014,473 | ||||||||||||||
| 250,000 | Dallas/Fort Worth International Airport | 2.994 | 11/01/38 | 251,515 | ||||||||||||||
| 100,000 | Dallas/Fort Worth International Airport | 3.144 | 11/01/45 | 101,305 | ||||||||||||||
| 350,000 | Denver City & County School District No | 4.242 | 12/15/37 | 398,871 | ||||||||||||||
| 200,000 | District of Columbia | 5.591 | 12/01/34 | 257,048 | ||||||||||||||
| 445,000 | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 627,819 | ||||||||||||||
| 115,000 | Duke University | 3.299 | 10/01/46 | 121,013 | ||||||||||||||
| 100,000 | East Baton Rouge Sewerage Commission | 6.087 | 02/01/45 | 101,277 | ||||||||||||||
| 10,000 | Energy Northwest | 2.814 | 07/01/24 | 10,275 | ||||||||||||||
| 500,000 | Florida Hurricane Catastrophe Fund Finance Corp | 2.995 | 07/01/20 | 503,450 | ||||||||||||||
| 1,200,000 | Florida State Board of Administration Finance Corp | 2.638 | 07/01/21 | 1,214,076 | ||||||||||||||
| 300,000 | George Washington University | 4.300 | 09/15/44 | 363,260 | ||||||||||||||
| 200,000 | George Washington University | 4.868 | 09/15/45 | 263,745 | ||||||||||||||
| 375,000 | George Washington University | 4.126 | 09/15/48 | 447,894 | ||||||||||||||
| 100,000 | Georgetown University | 4.315 | 04/01/49 | 125,539 | ||||||||||||||
| 300,000 | Georgetown University | 5.215 | 10/01/18 | 420,734 | ||||||||||||||
| 200,000 | Health & Educational Facilities Authority of the State of Missouri | 3.651 | 01/15/46 | 223,534 | ||||||||||||||
| 200,000 | Health & Educational Facilities Authority of the State of Missouri | 3.086 | 09/15/51 | 200,142 | ||||||||||||||
| 200,000 | Health & Educational Facilities Authority of the State of Missouri | 3.652 | 08/15/57 | 222,312 | ||||||||||||||
| 500,000 | Illinois State Toll Highway Authority | 6.184 | 01/01/34 | 685,820 | ||||||||||||||
| 240,000 | Los Angeles Community College District | 6.750 | 08/01/49 | 401,520 | ||||||||||||||
| 350,000 | Los Angeles Department of Water & Power Power System Revenue | 5.716 | 07/01/39 | 490,858 | ||||||||||||||
| 1,500,000 | Los Angeles Department of Water & Power Power System Revenue | 6.574 | 07/01/45 | 2,393,265 | ||||||||||||||
| 1,630,000 | Los Angeles Unified School District | 5.750 | 07/01/34 | 2,124,281 | ||||||||||||||
| 100,000 | Massachusetts School Building Authority | 5.715 | 08/15/39 | 136,428 | ||||||||||||||
| 100,000 | Metropolitan Government of Nashville & Davidson County Convention Center Authority | 6.731 | 07/01/43 | 148,811 | ||||||||||||||
| 200,000 | Metropolitan Government of Nashville & Davidson County Health & Educational Facilities | 4.053 | 07/01/26 | 219,738 | ||||||||||||||
| 175 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 940,000 | Metropolitan Transportation Authority | 6.648 | % | 11/15/39 | $ | 1,335,148 | |||||||||||
| 1,150,000 | Metropolitan Transportation Authority | 7.336 | 11/15/39 | 1,848,522 | ||||||||||||||
| 235,000 | Michigan State University | 4.496 | 08/15/48 | 265,867 | ||||||||||||||
| 500,000 | Missouri Highway & Transportation Commission | 5.445 | 05/01/33 | 628,325 | ||||||||||||||
| 249,000 | Municipal Electric Authority of Georgia | 6.637 | 04/01/57 | 343,650 | ||||||||||||||
| 496,000 | Municipal Electric Authority of Georgia | 6.655 | 04/01/57 | 707,405 | ||||||||||||||
| 947,000 | New Jersey Economic Development Authority | 7.425 | 02/15/29 | 1,209,698 | ||||||||||||||
| 1,335,000 | New Jersey State Turnpike Authority | 7.414 | 01/01/40 | 2,151,086 | ||||||||||||||
| 1,000,000 | New Jersey State Turnpike Authority | 7.102 | 01/01/41 | 1,568,540 | ||||||||||||||
| 800,000 | New Jersey Transportation Trust Fund Authority | 5.754 | 12/15/28 | 933,928 | ||||||||||||||
| 360,000 | New Jersey Transportation Trust Fund Authority | 6.104 | 12/15/28 | 375,851 | ||||||||||||||
| 700,000 | New Jersey Transportation Trust Fund Authority | 6.875 | 12/15/39 | 701,813 | ||||||||||||||
| 1,100,000 | New York City Municipal Water Finance Authority | 5.790 | 06/15/41 | 1,128,523 | ||||||||||||||
| 2,385,000 | New York City Municipal Water Finance Authority | 5.440 | 06/15/43 | 3,321,351 | ||||||||||||||
| 1,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 5.767 | 08/01/36 | 1,273,580 | ||||||||||||||
| 600,000 | New York State Dormitory Authority | 5.289 | 03/15/33 | 745,764 | ||||||||||||||
| 130,000 | New York State Dormitory Authority | 5.628 | 03/15/39 | 164,304 | ||||||||||||||
| 545,000 | New York State Dormitory Authority | 5.600 | 03/15/40 | 718,261 | ||||||||||||||
| 200,000 | New York State Dormitory Authority | 4.946 | 08/01/48 | 223,074 | ||||||||||||||
| 1,000,000 | New York State Urban Development Corp | 3.900 | 03/15/33 | 1,108,010 | ||||||||||||||
| 400,000 | New York State Urban Development Corp | 5.838 | 03/15/40 | 523,648 | ||||||||||||||
| 1,000,000 | North Texas Tollway Authority | 6.718 | 01/01/49 | 1,637,030 | ||||||||||||||
| 675,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 805,444 | ||||||||||||||
| 750,000 | Oregon School Boards Association | 4.759 | 06/30/28 | 849,915 | ||||||||||||||
| 250,000 | Oregon School Boards Association | 5.680 | 06/30/28 | 300,928 | ||||||||||||||
| 300,000 | Permanent University Fund-Texas A&M University System | 3.660 | 07/01/47 | 317,622 | ||||||||||||||
| 200,000 | Permanent University Fund-University of Texas System | 3.376 | 07/01/47 | 215,072 | ||||||||||||||
| 1,215,000 | Port Authority of New York & New Jersey | 6.040 | 12/01/29 | 1,607,020 | ||||||||||||||
| 500,000 | Port Authority of New York & New Jersey | 5.647 | 11/01/40 | 688,300 | ||||||||||||||
| 300,000 | Port Authority of New York & New Jersey | 4.823 | 06/01/45 | 335,349 | ||||||||||||||
| 1,000,000 | Port Authority of New York & New Jersey | 5.310 | 08/01/46 | 1,119,570 | ||||||||||||||
| 200,000 | Port Authority of New York & New Jersey | 4.031 | 09/01/48 | 235,166 | ||||||||||||||
| 400,000 | Port Authority of New York & New Jersey | 4.229 | 10/15/57 | 479,832 | ||||||||||||||
| 2,200,000 | Port Authority of New York & New Jersey | 4.810 | 10/15/65 | 2,906,596 | ||||||||||||||
| 250,000 | Port Authority of New York & New Jersey | 3.287 | 08/01/69 | 247,288 | ||||||||||||||
| 220,000 | Princeton University | 5.700 | 03/01/39 | 313,359 | ||||||||||||||
| 500,000 | Rutgers The State University of New Jersey | 3.915 | 05/01/19 | 500,310 | ||||||||||||||
| 200,000 | Sales Tax Securitization Corp | 4.637 | 01/01/40 | 233,688 | ||||||||||||||
| 200,000 | Sales Tax Securitization Corp | 3.587 | 01/01/43 | 209,660 | ||||||||||||||
| 1,000,000 | Sales Tax Securitization Corp | 3.820 | 01/01/48 | 1,085,030 | ||||||||||||||
| 200,000 | Sales Tax Securitization Corp | 4.787 | 01/01/48 | 249,430 | ||||||||||||||
| 100,000 | Salt River Project Agricultural Improvement & Power District | 4.839 | 01/01/41 | 129,311 | ||||||||||||||
| 500,000 | San Diego County Water Authority | 6.138 | 05/01/49 | 736,770 | ||||||||||||||
| 100,000 | San Jose Redevelopment Agency | 3.375 | 08/01/34 | 105,257 | ||||||||||||||
| 800,000 | Santa Clara Valley Transportation Authority | 5.876 | 04/01/32 | 1,003,592 | ||||||||||||||
| 500,000 | South Carolina Public Service Authority | 2.388 | 12/01/23 | 502,930 | ||||||||||||||
| 600,000 | State of California | 6.200 | 10/01/19 | 600,000 | ||||||||||||||
| 176 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | State of California | 2.800 | % | 04/01/21 | $ | 304,365 | |||||||||||
| 645,000 | State of California | 5.700 | 11/01/21 | 695,058 | ||||||||||||||
| 200,000 | State of California | 3.375 | 04/01/25 | 212,374 | ||||||||||||||
| 200,000 | State of California | 3.500 | 04/01/28 | 218,160 | ||||||||||||||
| 300,000 | State of California | 4.500 | 04/01/33 | 341,148 | ||||||||||||||
| 250,000 | State of California | 7.500 | 04/01/34 | 385,267 | ||||||||||||||
| 225,000 | State of California | 4.600 | 04/01/38 | 250,704 | ||||||||||||||
| 1,285,000 | State of California | 7.550 | 04/01/39 | 2,125,981 | ||||||||||||||
| 3,400,000 | State of California | 7.300 | 10/01/39 | 5,321,544 | ||||||||||||||
| 2,740,000 | State of California | 7.625 | 03/01/40 | 4,495,792 | ||||||||||||||
| 1,500,000 | State of California | 7.600 | 11/01/40 | 2,537,595 | ||||||||||||||
| 200,000 | State of California Department of Water Resources Power Supply Revenue | 2.000 | 05/01/22 | 201,244 | ||||||||||||||
| 300,000 | State of Connecticut | 5.090 | 10/01/30 | 354,015 | ||||||||||||||
| 620,000 | State of Connecticut | 5.850 | 03/15/32 | 815,560 | ||||||||||||||
| 5,950,000 | State of Illinois | 5.100 | 06/01/33 | 6,444,683 | ||||||||||||||
| 1,295,000 | State of Illinois | 6.725 | 04/01/35 | 1,517,895 | ||||||||||||||
| 500,000 | State of Illinois | 5.650 | 12/01/38 | 546,555 | ||||||||||||||
| 500,000 | State of Kansas Department of Transportation | 4.596 | 09/01/35 | 608,560 | ||||||||||||||
| 202,856 | State of Oregon | 5.762 | 06/01/23 | 220,610 | ||||||||||||||
| 85,000 | State of Oregon | 5.892 | 06/01/27 | 103,400 | ||||||||||||||
| 100,000 | State of Oregon Department of Transportation | 5.834 | 11/15/34 | 138,175 | ||||||||||||||
| 600,000 | State of Texas | 4.631 | 04/01/33 | 716,460 | ||||||||||||||
| 50,000 | State of Texas | 5.517 | 04/01/39 | 69,077 | ||||||||||||||
| 1,000,000 | State of Texas | 4.681 | 04/01/40 | 1,273,080 | ||||||||||||||
| 575,000 | State of Texas Transportation Commission | 5.028 | 04/01/26 | 650,837 | ||||||||||||||
| 500,000 | State of Utah | 3.539 | 07/01/25 | 527,310 | ||||||||||||||
| 200,000 | State of Washington | 5.090 | 08/01/33 | 244,470 | ||||||||||||||
| 200,000 | State of Wisconsin | 3.154 | 05/01/27 | 212,838 | ||||||||||||||
| 200,000 | State of Wisconsin | 3.954 | 05/01/36 | 218,066 | ||||||||||||||
| 604,000 | State Public School Building Authority | 5.000 | 09/15/27 | 709,658 | ||||||||||||||
| 100,000 | Sumter Landing Community Development District | 4.172 | 10/01/47 | 116,564 | ||||||||||||||
| 1,190,000 | Texas Transportation Commission State Highway Fund | 5.178 | 04/01/30 | 1,464,366 | ||||||||||||||
| 100,000 | The Ohio State University | 4.910 | 06/01/40 | 129,728 | ||||||||||||||
| 500,000 | The Ohio State University | 3.798 | 12/01/46 | 569,280 | ||||||||||||||
| 200,000 | The Ohio State University | 4.048 | 12/01/56 | 241,034 | ||||||||||||||
| 200,000 | University of California | 3.063 | 07/01/25 | 210,016 | ||||||||||||||
| 500,000 | University of California | 3.349 | 07/01/29 | 546,385 | ||||||||||||||
| 200,000 | University of California | 5.770 | 05/15/43 | 272,042 | ||||||||||||||
| 200,000 | University of California | 3.931 | 05/15/45 | 224,208 | ||||||||||||||
| 200,000 | University of California | 4.131 | 05/15/45 | 228,036 | ||||||||||||||
| 1,500,000 | University of California | 5.946 | 05/15/45 | 2,084,490 | ||||||||||||||
| 860,000 | University of California | 4.858 | 05/15/12 | 1,128,062 | ||||||||||||||
| 200,000 | University of California | 4.767 | 05/15/15 | 257,766 | ||||||||||||||
| 300,000 | University of Chicago | 4.003 | 10/01/53 | 367,589 | ||||||||||||||
| 200,000 | University of Notre Dame du Lac | 3.438 | 02/15/45 | 220,810 | ||||||||||||||
| 200,000 | University of Notre Dame du Lac | 3.394 | 02/15/48 | 221,732 | ||||||||||||||
| 100,000 | University of Pennsylvania | 4.674 | 09/01/12 | 139,955 | ||||||||||||||
| 300,000 | University of Southern California | 3.028 | 10/01/39 | 309,234 | ||||||||||||||
| 200,000 | University of Southern California | 3.841 | 10/01/47 | 238,368 | ||||||||||||||
| 200,000 | University of Southern California | 5.250 | 10/01/11 | 302,714 | ||||||||||||||
| 200,000 | University of Texas System | 3.852 | 08/15/46 | 236,756 | ||||||||||||||
| 177 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 700,000 | University of Texas System | 4.794 | % | 08/15/46 | $ | 894,887 | |||||||||||
| 500,000 | University of Virginia | 3.227 | 09/01/19 | 491,875 | ||||||||||||||
| 150,000 | Virginia Commonwealth Transportation Board | 5.350 | 05/15/35 | 187,986 | ||||||||||||||
| 200,000 | William Marsh Rice University | 3.574 | 05/15/45 | 221,656 | ||||||||||||||
| 200,000 | William Marsh Rice University | 3.774 | 05/15/55 | 229,854 | ||||||||||||||
| TOTAL MUNICIPAL BONDS | 118,454,757 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 39.8% | ||||||||||||||||||
| 21,250,000 | United States Treasury Bond | 4.500 | 02/15/36 | 29,305,078 | ||||||||||||||
| 22,400,000 | United States Treasury Bond | 5.000 | 05/15/37 | 33,055,750 | ||||||||||||||
| 279,483,000 | United States Treasury Bond | 3.500 | 02/15/39 | 350,325,389 | ||||||||||||||
| 18,850,000 | United States Treasury Bond | 4.375 | 11/15/39 | 26,459,951 | ||||||||||||||
| 17,585,000 | United States Treasury Bond | 3.875 | 08/15/40 | 23,262,345 | ||||||||||||||
| 11,185,000 | United States Treasury Bond | 4.250 | 11/15/40 | 15,533,169 | ||||||||||||||
| 26,350,000 | United States Treasury Bond | 4.375 | 05/15/41 | 37,270,840 | ||||||||||||||
| 10,000,000 | United States Treasury Bond | 3.750 | 08/15/41 | 13,041,016 | ||||||||||||||
| 127,800,000 | United States Treasury Bond | 3.125 | 11/15/41 | 152,411,484 | ||||||||||||||
| 4,550,000 | United States Treasury Bond | 3.125 | 02/15/42 | 5,428,363 | ||||||||||||||
| 22,000,000 | United States Treasury Bond | 3.000 | 05/15/42 | 25,743,438 | ||||||||||||||
| 10,000,000 | United States Treasury Bond | 2.750 | 08/15/42 | 11,237,109 | ||||||||||||||
| 10,250,000 | United States Treasury Bond | 2.875 | 05/15/43 | 11,759,873 | ||||||||||||||
| 16,000,000 | United States Treasury Bond | 2.500 | 02/15/45 | 17,230,000 | ||||||||||||||
| 22,000,000 | United States Treasury Bond | 3.000 | 05/15/45 | 25,921,328 | ||||||||||||||
| 16,000,000 | United States Treasury Bond | 2.875 | 08/15/45 | 18,451,250 | ||||||||||||||
| 27,000,000 | United States Treasury Bond | 2.500 | 05/15/46 | 29,100,938 | ||||||||||||||
| 13,300,000 | United States Treasury Bond | 2.875 | 11/15/46 | 15,400,984 | ||||||||||||||
| 28,000,000 | United States Treasury Bond | 3.000 | 02/15/47 | 33,217,187 | ||||||||||||||
| 30,000,000 | United States Treasury Bond | 2.750 | 08/15/47 | 33,982,031 | ||||||||||||||
| 45,000,000 | United States Treasury Bond | 2.750 | 11/15/47 | 51,009,961 | ||||||||||||||
| 38,500,000 | United States Treasury Bond | 3.000 | 02/15/48 | 45,748,828 | ||||||||||||||
| 48,500,000 | United States Treasury Bond | 3.125 | 05/15/48 | 58,997,598 | ||||||||||||||
| 35,500,000 | United States Treasury Bond | 3.000 | 08/15/48 | 42,250,547 | ||||||||||||||
| 35,000,000 | United States Treasury Bond | 3.375 | 11/15/48 | 44,630,469 | ||||||||||||||
| 143,000,000 | United States Treasury Note | 2.625 | 07/31/20 | 143,893,750 | ||||||||||||||
| 21,500,000 | United States Treasury Note | 2.875 | 10/31/20 | 21,741,035 | ||||||||||||||
| 43,000,000 | United States Treasury Note | 1.875 | 12/15/20 | 43,038,633 | ||||||||||||||
| 48,500,000 | United States Treasury Note | 1.375 | 01/31/21 | 48,246,133 | ||||||||||||||
| 60,000,000 | United States Treasury Note | 2.375 | 03/15/21 | 60,532,031 | ||||||||||||||
| 50,000,000 | United States Treasury Note | 1.250 | 03/31/21 | 49,640,625 | ||||||||||||||
| 50,000,000 | United States Treasury Note | 2.250 | 03/31/21 | 50,367,187 | ||||||||||||||
| 55,000,000 | United States Treasury Note | 1.375 | 04/30/21 | 54,699,219 | ||||||||||||||
| 53,000,000 | United States Treasury Note | 2.250 | 04/30/21 | 53,424,414 | ||||||||||||||
| 23,000,000 | United States Treasury Note | 2.625 | 05/15/21 | 23,330,625 | ||||||||||||||
| 65,000,000 | United States Treasury Note | 1.375 | 05/31/21 | 64,634,375 | ||||||||||||||
| 14,000,000 | United States Treasury Note | 2.125 | 05/31/21 | 14,094,609 | ||||||||||||||
| 25,000,000 | United States Treasury Note | 1.125 | 06/30/21 | 24,751,953 | ||||||||||||||
| 78,000,000 | United States Treasury Note | 1.625 | 06/30/21 | 77,908,593 | ||||||||||||||
| 39,000,000 | United States Treasury Note | 1.125 | 07/31/21 | 38,611,523 | ||||||||||||||
| 27,610,000 | United States Treasury Note | 2.125 | 08/15/21 | 27,832,174 | ||||||||||||||
| 25,000,000 | United States Treasury Note | 1.125 | 08/31/21 | 24,746,094 | ||||||||||||||
| 43,000,000 | United States Treasury Note | 2.750 | 09/15/21 | 43,915,430 | ||||||||||||||
| 30,185,000 | United States Treasury Note | 1.125 | 09/30/21 | 29,872,538 | ||||||||||||||
| 178 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 60,000,000 | United States Treasury Note | 1.500 | % | 09/30/21 | $ | 59,852,344 | |||||||||||
| 50,000,000 | United States Treasury Note | 2.875 | 11/15/21 | 51,269,531 | ||||||||||||||
| 13,379,100 | United States Treasury Note | 8.000 | 11/15/21 | 15,135,107 | ||||||||||||||
| 57,000,000 | United States Treasury Note | 1.750 | 11/30/21 | 57,126,914 | ||||||||||||||
| 70,000,000 | United States Treasury Note | 2.625 | 12/15/21 | 71,539,453 | ||||||||||||||
| 51,700,000 | United States Treasury Note | 2.000 | 12/31/21 | 52,120,062 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 2.500 | 01/15/22 | 30,581,250 | ||||||||||||||
| 24,300,000 | United States Treasury Note | 1.875 | 01/31/22 | 24,433,840 | ||||||||||||||
| 60,000,000 | United States Treasury Note | 1.875 | 02/28/22 | 60,351,563 | ||||||||||||||
| 35,000,000 | United States Treasury Note | 2.375 | 03/15/22 | 35,668,555 | ||||||||||||||
| 51,000,000 | United States Treasury Note | 1.875 | 03/31/22 | 51,348,633 | ||||||||||||||
| 200,000,000 | United States Treasury Note | 2.250 | 04/15/22 | 203,148,438 | ||||||||||||||
| 92,000,000 | United States Treasury Note | 1.875 | 04/30/22 | 92,621,719 | ||||||||||||||
| 100,000,000 | United States Treasury Note | 2.125 | 05/15/22 | 101,308,594 | ||||||||||||||
| 33,000,000 | United States Treasury Note | 1.750 | 05/31/22 | 33,126,328 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 1.750 | 06/30/22 | 30,135,937 | ||||||||||||||
| 63,000,000 | United States Treasury Note | 1.875 | 07/31/22 | 63,477,422 | ||||||||||||||
| 55,000,000 | United States Treasury Note | 1.625 | 08/31/22 | 55,049,414 | ||||||||||||||
| 35,000,000 | United States Treasury Note | 1.875 | 09/30/22 | 35,311,719 | ||||||||||||||
| 65,000,000 | United States Treasury Note | 2.000 | 10/31/22 | 65,804,883 | ||||||||||||||
| 108,000,000 | United States Treasury Note | 2.000 | 11/30/22 | 109,371,093 | ||||||||||||||
| 60,000,000 | United States Treasury Note | 2.625 | 02/28/23 | 62,076,563 | ||||||||||||||
| 80,000,000 | United States Treasury Note | 2.500 | 03/31/23 | 82,525,000 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 2.750 | 04/30/23 | 31,218,750 | ||||||||||||||
| 80,000,000 | United States Treasury Note | 2.750 | 05/31/23 | 83,328,125 | ||||||||||||||
| 91,500,000 | United States Treasury Note | 2.625 | 06/30/23 | 94,995,585 | ||||||||||||||
| 80,000,000 | United States Treasury Note | 2.750 | 07/31/23 | 83,481,250 | ||||||||||||||
| 116,000,000 | United States Treasury Note | 2.750 | 08/31/23 | 121,183,750 | ||||||||||||||
| 35,000,000 | United States Treasury Note | 2.875 | 09/30/23 | 36,762,305 | ||||||||||||||
| 13,000,000 | United States Treasury Note | 2.750 | 11/15/23 | 13,608,359 | ||||||||||||||
| 10,000,000 | United States Treasury Note | 2.125 | 11/30/23 | 10,220,312 | ||||||||||||||
| 65,000,000 | United States Treasury Note | 2.875 | 11/30/23 | 68,407,422 | ||||||||||||||
| 10,000,000 | United States Treasury Note | 2.250 | 12/31/23 | 10,278,125 | ||||||||||||||
| 55,000,000 | United States Treasury Note | 2.625 | 12/31/23 | 57,378,320 | ||||||||||||||
| 129,300,000 | United States Treasury Note | 2.500 | 01/31/24 | 134,315,425 | ||||||||||||||
| 70,000,000 | United States Treasury Note | 2.375 | 02/29/24 | 72,430,859 | ||||||||||||||
| 325,000,000 | United States Treasury Note | 2.125 | 03/31/24 | 332,896,486 | ||||||||||||||
| 174,000,000 | United States Treasury Note | 2.250 | 04/30/24 | 179,267,579 | ||||||||||||||
| 111,500,000 | United States Treasury Note | 2.000 | 05/31/24 | 113,743,067 | ||||||||||||||
| 152,000,000 | United States Treasury Note | 1.750 | 06/30/24 | 153,312,187 | ||||||||||||||
| 212,000,000 | United States Treasury Note | 1.750 | 07/31/24 | 213,912,969 | ||||||||||||||
| 22,000,000 | United States Treasury Note | 1.250 | 08/31/24 | 21,694,922 | ||||||||||||||
| 70,000,000 | United States Treasury Note | 1.500 | 09/30/24 | 69,833,203 | ||||||||||||||
| 40,005,000 | United States Treasury Note | 2.250 | 11/15/24 | 41,323,915 | ||||||||||||||
| 40,000,000 | United States Treasury Note | 2.250 | 12/31/24 | 41,351,562 | ||||||||||||||
| 18,000,000 | United States Treasury Note | 2.625 | 03/31/25 | 18,975,938 | ||||||||||||||
| 20,000,000 | United States Treasury Note | 2.875 | 04/30/25 | 21,365,625 | ||||||||||||||
| 17,000,000 | United States Treasury Note | 2.000 | 08/15/25 | 17,378,516 | ||||||||||||||
| 20,000,000 | United States Treasury Note | 2.750 | 08/31/25 | 21,287,500 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 3.000 | 09/30/25 | 32,380,078 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 2.250 | 11/15/25 | 31,113,281 | ||||||||||||||
| 50,000,000 | United States Treasury Note | 2.250 | 03/31/26 | 51,955,078 | ||||||||||||||
| 30,000,000 | United States Treasury Note | 1.625 | 05/15/26 | 30,015,234 | ||||||||||||||
| 179 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 46,000,000 | United States Treasury Note | 2.250 | % | 08/15/27 | $ | 48,091,563 | |||||||||||
| 47,000,000 | United States Treasury Note | 2.750 | 02/15/28 | 51,035,391 | ||||||||||||||
| 66,000,000 | United States Treasury Note | 2.875 | 05/15/28 | 72,450,469 | ||||||||||||||
| 85,000,000 | United States Treasury Note | 3.125 | 11/15/28 | 95,452,344 | ||||||||||||||
| 100,000,000 | United States Treasury Note | 2.625 | 02/15/29 | 108,257,812 | ||||||||||||||
| 142,000,000 | United States Treasury Note | 2.375 | 05/15/29 | 150,836,172 | ||||||||||||||
| 105,000,000 | United States Treasury Note | 1.625 | 08/15/29 | 104,544,726 | ||||||||||||||
| 132,500,000 | United States Treasury Note | 3.000 | 02/15/49 | 158,109,766 | ||||||||||||||
| 25,500,000 | United States Treasury Note | 2.875 | 05/15/49 | 29,765,273 | ||||||||||||||
| 35,000,000 | United States Treasury Note | 2.250 | 08/15/49 | 36,032,227 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 6,553,431,699 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 11,791,634,036 | |||||||||||||||||
| (Cost $11,370,888,124) | ||||||||||||||||||
| STRUCTURED ASSETS - 2.4% | ||||||||||||||||||
| ASSET BACKED - 0.8% | ||||||||||||||||||
| 198,644 | American Airlines Pass Through Trust | 4.950 | 01/15/23 | 208,218 | ||||||||||||||
| Series - 2013 2 (Class A) | ||||||||||||||||||
| 291,184 | American Airlines Pass Through Trust | 4.000 | 07/15/25 | 306,646 | ||||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 225,576 | American Airlines Pass Through Trust | 3.700 | 10/01/26 | 236,584 | ||||||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||||
| 240,834 | American Airlines Pass Through Trust | 3.375 | 05/01/27 | 248,830 | ||||||||||||||
| Series - 2015 1 (Class A) | ||||||||||||||||||
| 166,847 | American Airlines Pass Through Trust | 3.600 | 09/22/27 | 174,939 | ||||||||||||||
| Series - 2015 2 (Class AA) | ||||||||||||||||||
| 171,374 | American Airlines Pass Through Trust | 3.575 | 01/15/28 | 180,547 | ||||||||||||||
| Series - 2016 1 (Class AA) | ||||||||||||||||||
| 504,275 | American Airlines Pass Through Trust | 3.200 | 06/15/28 | 517,437 | ||||||||||||||
| Series - 2016 2 (Class AA) | ||||||||||||||||||
| 262,875 | American Airlines Pass Through Trust | 3.650 | 02/15/29 | 279,358 | ||||||||||||||
| Series - 2017 1 (Class AA) | ||||||||||||||||||
| 1,500,000 | American Airlines Pass Through Trust | 3.150 | 02/15/32 | 1,540,550 | ||||||||||||||
| 1,885,000 | American Express Credit Account Master Trust | 1.930 | 09/15/22 | 1,883,510 | ||||||||||||||
| Series - 2017 1 (Class A) | ||||||||||||||||||
| 1,000,000 | American Express Credit Account Master Trust | 2.990 | 12/15/23 | 1,017,487 | ||||||||||||||
| Series - 2018 4 (Class A) | ||||||||||||||||||
| 2,000,000 | American Express Credit Account Master Trust | 2.870 | 10/15/24 | 2,049,062 | ||||||||||||||
| Series - 2019 1 (Class A) | ||||||||||||||||||
| 4,250,000 | American Express Credit Account Master Trust | 2.670 | 11/15/24 | 4,335,204 | ||||||||||||||
| Series - 2019 2 (Class A) | ||||||||||||||||||
| 346,542 | AmeriCredit Automobile Receivables Trust | 2.730 | 03/08/21 | 346,637 | ||||||||||||||
| Series - 2015 3 (Class C) | ||||||||||||||||||
| 955,000 | AmeriCredit Automobile Receivables Trust | 1.830 | 12/08/21 | 953,855 | ||||||||||||||
| Series - 2016 4 (Class B) | ||||||||||||||||||
| 1,325,000 | AmeriCredit Automobile Receivables Trust | 2.600 | 09/18/23 | 1,336,127 | ||||||||||||||
| Series - 2017 4 (Class C) | ||||||||||||||||||
| 1,000,000 | AmeriCredit Automobile Receivables Trust | 2.970 | 11/20/23 | 1,014,618 | ||||||||||||||
| Series - 2019 1 (Class A3) | ||||||||||||||||||
| 1,500,000 | BMW Vehicle Lease Trust | 3.360 | 03/21/22 | 1,526,290 | ||||||||||||||
| Series - 2018 1 (Class A4) | ||||||||||||||||||
| 180 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 15,000,000 | Cantor Commercial Real Estate Lending | 3.523 | % | 05/15/52 | $ | 16,270,132 | |||||||||||
| Series - 2019 CF1 (Class A4) | ||||||||||||||||||
| 6,000,000 | Cantor Commercial Real Estate Lending | 3.623 | 05/15/52 | 6,370,096 | ||||||||||||||
| Series - 2019 CF1 (Class A2) | ||||||||||||||||||
| 2,000,000 | Cantor Commercial Real Estate Lending | 3.660 | 05/15/52 | 2,159,389 | ||||||||||||||
| Series - 2019 CF1 (Class ASB) | ||||||||||||||||||
| 1,200,000 | Capital One Multi-Asset Execution Trust | 2.080 | 03/15/23 | 1,200,360 | ||||||||||||||
| Series - 2015 A2 (Class A2) | ||||||||||||||||||
| 1,500,000 | Capital One Multi-Asset Execution Trust | 1.990 | 07/17/23 | 1,500,333 | ||||||||||||||
| Series - 2017 A4 (Class A4) | ||||||||||||||||||
| 4,000,000 | Capital One Multi-Asset Execution Trust | 2.840 | 12/15/24 | 4,090,535 | ||||||||||||||
| Series - 2019 A1 (Class A1) | ||||||||||||||||||
| 2,500,000 | Capital One Multi-Asset Execution Trust | 2.060 | 08/15/28 | 2,485,240 | ||||||||||||||
| Series - 2019 A3 (Class A3) | ||||||||||||||||||
| 1,700,000 | Capital One Prime Auto Receivables Trust | 2.510 | 11/15/23 | 1,719,254 | ||||||||||||||
| Series - 2019 1 (Class A3) | ||||||||||||||||||
| 68,373 | CarMax Auto Owner Trust | 1.520 | 02/16/21 | 68,340 | ||||||||||||||
| Series - 2016 2 (Class A3) | ||||||||||||||||||
| 2,000,000 | CarMax Auto Owner Trust | 2.220 | 11/15/22 | 2,007,149 | ||||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 1,000,000 | CarMax Auto Owner Trust | 2.480 | 11/15/22 | 1,004,605 | ||||||||||||||
| Series - 2018 1 (Class A3) | ||||||||||||||||||
| 575,000 | CarMax Auto Owner Trust | 2.410 | 12/15/22 | 578,344 | ||||||||||||||
| Series - 2017 2 (Class B) | ||||||||||||||||||
| 1,000,000 | CarMax Auto Owner Trust | 2.770 | 12/16/24 | 1,026,701 | ||||||||||||||
| Series - 2019 2 (Class A4) | ||||||||||||||||||
| 206,213 | CenterPoint Energy Transition Bond Co II LLC | 2.161 | 10/15/21 | 206,248 | ||||||||||||||
| Series - 2012 1 (Class A2) | ||||||||||||||||||
| 1,600,000 | Chase Issuance Trust | 1.840 | 04/15/22 | 1,598,284 | ||||||||||||||
| Series - 2015 A4 (Class A4) | ||||||||||||||||||
| 1,500,000 | Chase Issuance Trust | 2.770 | 03/15/23 | 1,518,860 | ||||||||||||||
| Series - 2014 A2 (Class A2) | ||||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 2.160 | 09/15/24 | 1,007,805 | ||||||||||||||
| Series - 2012 A7 (Class A7) | ||||||||||||||||||
| 1,000,000 | CitiBank Credit Card Issuance Trust | 1.920 | 04/07/22 | 999,344 | ||||||||||||||
| Series - 2017 A3 (Class A3) | ||||||||||||||||||
| 2,000,000 | CitiBank Credit Card Issuance Trust | 1.860 | 08/08/22 | 1,997,953 | ||||||||||||||
| Series - 2017 A8 (Class A8) | ||||||||||||||||||
| 2,000,000 | CitiBank Credit Card Issuance Trust | 2.880 | 01/23/23 | 2,024,278 | ||||||||||||||
| Series - 2014 A1 (Class A1) | ||||||||||||||||||
| 1,250,000 | CitiBank Credit Card Issuance Trust | 2.190 | 11/20/23 | 1,258,556 | ||||||||||||||
| Series - 2016 A2 (Class A2) | ||||||||||||||||||
| 3,500,000 | Discover Card Execution Note Trust | 1.880 | 02/15/23 | 3,496,823 | ||||||||||||||
| Series - 2017 A6 (Class A6) | ||||||||||||||||||
| 136,482 | FHLMC Multifamily Structured Pass Through Certificates | 1.459 | 09/25/21 | 136,191 | ||||||||||||||
| Series - 2012 K019 (Class A1) | ||||||||||||||||||
| 3,000,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.307 | 08/25/22 | 3,025,725 | ||||||||||||||
| Series - 2012 K023 (Class A2) | ||||||||||||||||||
| 216,003 | FHLMC Multifamily Structured Pass Through Certificates | 2.779 | 09/25/22 | 218,148 | ||||||||||||||
| Series - 2013 K030 (Class A1) | ||||||||||||||||||
| 181 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.510 | % | 11/25/22 | $ | 507,526 | |||||||||||
| Series - 2013 K026 (Class A2) | ||||||||||||||||||
| 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.637 | 01/25/23 | 509,680 | ||||||||||||||
| Series - 2013 K027 (Class A2) | ||||||||||||||||||
| 49,131 | FHLMC Multifamily Structured Pass Through Certificates | 2.669 | 02/25/23 | 49,691 | ||||||||||||||
| Series - 2013 K034 (Class A1) | ||||||||||||||||||
| 3,000,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.060 | 07/25/23 | 3,109,122 | |||||||||||||
| Series - 2013 K033 (Class A2) | ||||||||||||||||||
| 1,750,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.531 | 07/25/23 | 1,843,465 | |||||||||||||
| Series - 2013 K034 (Class A2) | ||||||||||||||||||
| 1,500,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.527 | 10/25/23 | 1,583,646 | |||||||||||||
| Series - 2014 K036 (Class A2) | ||||||||||||||||||
| 3,000,000 | FHLMC Multifamily Structured Pass Through Certificates | 3.023 | 01/25/25 | 3,143,935 | ||||||||||||||
| Series - 2015 K045 (Class A2) | ||||||||||||||||||
| 975,000 | Ford Credit Auto Owner Trust | 2.240 | 06/15/22 | 976,154 | ||||||||||||||
| Series - 2017 A (Class B) | ||||||||||||||||||
| 3,000,000 | Ford Credit Auto Owner Trust | 2.230 | 10/15/23 | 3,017,255 | ||||||||||||||
| Series - 2019 B (Class A3) | ||||||||||||||||||
| 1,135,000 | Ford Credit Floorplan Master Owner Trust | 1.950 | 11/15/21 | 1,134,546 | ||||||||||||||
| Series - 2016 5 (Class A1) | ||||||||||||||||||
| 2,350,000 | Ford Credit Floorplan Master Owner Trust | 2.230 | 09/15/24 | 2,355,657 | ||||||||||||||
| Series - 2019 3 (Class A1) | ||||||||||||||||||
| 850,000 | Ford Credit Floorplan Master Owner Trust | 2.440 | 09/15/26 | 854,589 | ||||||||||||||
| Series - 2019 4 (Class A) | ||||||||||||||||||
| 1,400,000 | GM Financial Automobile Leasing Trust | 3.300 | 07/20/22 | 1,418,797 | ||||||||||||||
| Series - 2018 3 (Class A4) | ||||||||||||||||||
| 1,000,000 | GM Financial Consumer Automobile Receivables Trust | 2.710 | 08/16/24 | 1,024,273 | ||||||||||||||
| Series - 2019 2 (Class A4) | ||||||||||||||||||
| 2,000,000 | Honda Auto Receivables Owner Trust | 2.520 | 06/21/23 | 2,021,772 | ||||||||||||||
| Series - 2019 2 (Class A3) | ||||||||||||||||||
| 2,068,000 | Honda Auto Receivables Owner Trust | 3.160 | 08/19/24 | 2,117,535 | ||||||||||||||
| Series - 2018 2 (Class A4) | ||||||||||||||||||
| 1,170,953 | Hyundai Auto Receivables Trust | 1.770 | 01/18/22 | 1,168,774 | ||||||||||||||
| Series - 2017 B (Class A3) | ||||||||||||||||||
| 1,500,000 | Hyundai Auto Receivables Trust | 1.960 | 02/15/23 | 1,498,892 | ||||||||||||||
| Series - 2017 B (Class A4) | ||||||||||||||||||
| 2,000,000 | Hyundai Auto Receivables Trust | 3.030 | 11/17/25 | 2,042,741 | ||||||||||||||
| Series - 2019 A (Class C) | ||||||||||||||||||
| 107,525 | Mercedes-Benz Auto Receivables Trust | 1.260 | 02/16/21 | 107,374 | ||||||||||||||
| Series - 2016 1 (Class A3) | ||||||||||||||||||
| 176,151 | Nissan Auto Receivables Owner Trust | 1.180 | 01/15/21 | 175,861 | ||||||||||||||
| Series - 2016 C (Class A3) | ||||||||||||||||||
| 182 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | Nissan Auto Receivables Owner Trust | 2.900 | % | 10/16/23 | $ | 2,032,587 | |||||||||||
| Series - 2019 A (Class A3) | ||||||||||||||||||
| 2,000,000 | Nissan Auto Receivables Owner Trust | 2.500 | 11/15/23 | 2,024,186 | ||||||||||||||
| Series - 2019 B (Class A3) | ||||||||||||||||||
| 188,944 | Santander Drive Auto Receivables Trust | 3.090 | 04/15/22 | 189,126 | ||||||||||||||
| Series - 2016 1 (Class C) | ||||||||||||||||||
| 2,000,000 | Synchrony Card Funding LLC | 2.340 | 06/15/25 | 2,016,472 | ||||||||||||||
| Series - 2019 A2 (Class A) | ||||||||||||||||||
| 225,794 | United Airlines Pass Through Trust | 4.300 | 08/15/25 | 243,887 | ||||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 232,080 | United Airlines Pass Through Trust | 3.750 | 09/03/26 | 244,380 | ||||||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||||
| 170,989 | United Airlines Pass Through Trust | 3.450 | 12/01/27 | 178,187 | ||||||||||||||
| Series - 2015 1 (Class AA) | ||||||||||||||||||
| 178,893 | United Airlines Pass Through Trust | 3.100 | 07/07/28 | 183,184 | ||||||||||||||
| Series - 2016 1 (Class AA) | ||||||||||||||||||
| 178,894 | United Airlines Pass Through Trust | 3.450 | 07/07/28 | 185,345 | ||||||||||||||
| Series - 2016 1 (Class A) | ||||||||||||||||||
| 368,283 | United Airlines Pass Through Trust | 2.875 | 10/07/28 | 371,966 | ||||||||||||||
| Series - 2016 2 (Class A) | ||||||||||||||||||
| 1,436,714 | United Airlines Pass Through Trust | 3.500 | 03/01/30 | 1,503,299 | ||||||||||||||
| Series - 2018 1 (Class AA) | ||||||||||||||||||
| 400,000 | United Airlines Pass Through Trust | 4.150 | 08/25/31 | 436,701 | ||||||||||||||
| Series - 2019 1 (Class AA) | ||||||||||||||||||
| 250,000 | United Airlines Pass Through Trust | 2.700 | 05/01/32 | 249,298 | ||||||||||||||
| Series - 2019 2 (Class ) | ||||||||||||||||||
| 124,406 | US Airways Pass Through Trust | 4.625 | 06/03/25 | 134,423 | ||||||||||||||
| Series - 2012 2 (Class A) | ||||||||||||||||||
| 206,189 | US Airways Pass Through Trust | 3.950 | 11/15/25 | 217,111 | ||||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 15,000 | g | Vornado DP LLC | 4.004 | 09/13/28 | 15,130 | |||||||||||||
| Series - 2010 VNO (Class A2FX) | ||||||||||||||||||
| 1,215,000 | World Financial Network Credit Card Master Trust | 2.550 | 06/17/24 | 1,218,861 | ||||||||||||||
| Series - 2015 B (Class A) | ||||||||||||||||||
| 8,000,000 | World Financial Network Credit Card Master Trust | 3.070 | 12/16/24 | 8,099,544 | ||||||||||||||
| Series - 2018 A (Class A) | ||||||||||||||||||
| 4,000,000 | World Omni Auto Receivables Trust | 2.500 | 04/17/23 | 4,020,529 | ||||||||||||||
| Series - 2018 A (Class A3) | ||||||||||||||||||
| 1,000,000 | World Omni Auto Receivables Trust | 2.730 | 02/15/24 | 1,014,575 | ||||||||||||||
| Series - 2018 A (Class A4) | ||||||||||||||||||
| 1,500,000 | World Omni Auto Receivables Trust | 3.330 | 04/15/24 | 1,536,538 | ||||||||||||||
| Series - 2018 D (Class A3) | ||||||||||||||||||
| 2,000,000 | World Omni Auto Receivables Trust | 3.670 | 12/16/24 | 2,097,659 | ||||||||||||||
| Series - 2018 D (Class B) | ||||||||||||||||||
| TOTAL ASSET BACKED | 134,998,865 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 1.6% | ||||||||||||||||||
| 2,000,000 | BANK | 3.538 | 11/15/54 | 2,165,139 | ||||||||||||||
| Series - 2017 BNK9 (Class A4) | ||||||||||||||||||
| 1,500,000 | BANK | 3.390 | 06/15/60 | 1,605,629 | ||||||||||||||
| Series - 2017 BNK5 (Class A5) | ||||||||||||||||||
| 5,000,000 | BANK | 3.641 | 02/15/61 | 5,367,805 | ||||||||||||||
| Series - 2018 BN10 (Class ASB) | ||||||||||||||||||
| 183 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | i | BANK | 3.898 | % | 02/15/61 | $ | 2,185,609 | ||||||||||
| Series - 2018 BN10 (Class AS) | ||||||||||||||||||
| 8,000,000 | BANK | 3.584 | 05/15/62 | 8,737,188 | ||||||||||||||
| Series - 2019 BN18 (Class A4) | ||||||||||||||||||
| 3,000,000 | Barclays Commercial Mortgage Trust | 3.674 | 02/15/50 | 3,262,327 | ||||||||||||||
| Series - 2017 C1 (Class A4) | ||||||||||||||||||
| 3,000,000 | BENCHMARK Mortgage Trust | 3.571 | 01/15/51 | 3,114,931 | ||||||||||||||
| Series - 2018 B1 (Class A2) | ||||||||||||||||||
| 1,000,000 | i | BENCHMARK Mortgage Trust | 3.878 | 01/15/51 | 1,089,073 | |||||||||||||
| Series - 2018 B1 (Class AM) | ||||||||||||||||||
| 1,000,000 | BENCHMARK Mortgage Trust | 3.976 | 07/15/51 | 1,059,782 | ||||||||||||||
| Series - 2018 B4 (Class A2) | ||||||||||||||||||
| 1,000,000 | i | BENCHMARK Mortgage Trust | 4.715 | 07/15/51 | 1,104,075 | |||||||||||||
| Series - 2018 B4 (Class C) | ||||||||||||||||||
| 2,615,000 | BENCHMARK Mortgage Trust | 3.393 | 05/15/52 | 2,786,385 | ||||||||||||||
| Series - 2019 B11 (Class ASB) | ||||||||||||||||||
| 5,850,000 | BENCHMARK Mortgage Trust | 3.542 | 05/15/52 | 6,371,443 | ||||||||||||||
| Series - 2019 B11 (Class A5) | ||||||||||||||||||
| 2,000,000 | BENCHMARK Mortgage Trust | 4.510 | 05/15/53 | 2,327,473 | ||||||||||||||
| Series - 2018 B7 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | CD Commercial Mortgage Trust | 3.526 | 11/10/49 | 1,077,484 | |||||||||||||
| Series - 2016 CD2 (Class A4) | ||||||||||||||||||
| 2,000,000 | CD Commercial Mortgage Trust | 3.631 | 02/10/50 | 2,167,001 | ||||||||||||||
| Series - 2017 CD3 (Class A4) | ||||||||||||||||||
| 1,000,000 | CD Commercial Mortgage Trust | 3.025 | 08/15/50 | 1,022,524 | ||||||||||||||
| Series - 2017 CD5 (Class A2) | ||||||||||||||||||
| 2,500,000 | CD Commercial Mortgage Trust | 3.431 | 08/15/50 | 2,681,190 | ||||||||||||||
| Series - 2017 CD5 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | CD Commercial Mortgage Trust | 3.684 | 08/15/50 | 1,072,614 | |||||||||||||
| Series - 2017 CD5 (Class AS) | ||||||||||||||||||
| 1,750,000 | CD Commercial Mortgage Trust | 4.279 | 08/15/51 | 1,998,291 | ||||||||||||||
| Series - 2018 CD7 (Class A4) | ||||||||||||||||||
| 1,053,000 | Citigroup Commercial Mortgage Trust | 3.422 | 04/10/46 | 1,091,697 | ||||||||||||||
| Series - 2013 GC11 (Class AS) | ||||||||||||||||||
| 755,000 | Citigroup Commercial Mortgage Trust | 4.023 | 03/10/47 | 809,230 | ||||||||||||||
| Series - 2014 GC19 (Class A4) | ||||||||||||||||||
| 440,887 | Citigroup Commercial Mortgage Trust | 3.622 | 07/10/47 | 469,554 | ||||||||||||||
| Series - 2014 GC23 (Class A4) | ||||||||||||||||||
| 500,000 | Citigroup Commercial Mortgage Trust | 3.635 | 10/10/47 | 533,229 | ||||||||||||||
| Series - 2014 GC25 (Class A4) | ||||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 3.137 | 02/10/48 | 1,043,705 | ||||||||||||||
| Series - 2015 GC27 (Class A5) | ||||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 3.571 | 02/10/48 | 1,052,103 | ||||||||||||||
| Series - 2015 GC27 (Class AS) | ||||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 3.616 | 02/10/49 | 1,075,727 | ||||||||||||||
| Series - 2016 GC36 (Class A5) | ||||||||||||||||||
| 2,000,000 | Citigroup Commercial Mortgage Trust | 3.314 | 04/10/49 | 2,116,020 | ||||||||||||||
| Series - 2016 GC37 (Class A4) | ||||||||||||||||||
| 500,000 | Citigroup Commercial Mortgage Trust | 3.576 | 04/10/49 | 530,072 | ||||||||||||||
| Series - 2016 GC37 (Class AS) | ||||||||||||||||||
| 1,500,000 | Citigroup Commercial Mortgage Trust | 2.832 | 08/10/49 | 1,548,273 | ||||||||||||||
| Series - 2016 C2 (Class A4) | ||||||||||||||||||
| 184 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,000,000 | Citigroup Commercial Mortgage Trust | 3.465 | % | 09/15/50 | $ | 1,075,216 | |||||||||||
| Series - 2017 P8 (Class A4) | ||||||||||||||||||
| 2,000,000 | Citigroup Commercial Mortgage Trust | 4.074 | 06/10/51 | 2,112,824 | ||||||||||||||
| Series - 2018 C5 (Class A2) | ||||||||||||||||||
| 1,480,000 | Citigroup Commercial Mortgage Trust | 3.778 | 09/10/58 | 1,599,950 | ||||||||||||||
| Series - 2015 GC33 (Class A4) | ||||||||||||||||||
| 580,000 | COMM Mortgage Trust | 4.063 | 12/10/44 | 601,641 | ||||||||||||||
| Series - 2012 LC4 (Class AM) | ||||||||||||||||||
| 190,044 | COMM Mortgage Trust | 2.752 | 08/15/45 | 190,547 | ||||||||||||||
| Series - 2012 CR2 (Class ASB) | ||||||||||||||||||
| 400,000 | COMM Mortgage Trust | 2.941 | 01/10/46 | 408,975 | ||||||||||||||
| Series - 2013 LC6 (Class A4) | ||||||||||||||||||
| 409,987 | COMM Mortgage Trust | 3.213 | 03/10/46 | 422,940 | ||||||||||||||
| Series - 2013 CR7 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.046 | 10/10/46 | 1,065,704 | ||||||||||||||
| Series - 2013 CR12 (Class A4) | ||||||||||||||||||
| 295,009 | COMM Mortgage Trust | 2.928 | 02/10/47 | 294,953 | ||||||||||||||
| Series - 2014 CR15 (Class A2) | ||||||||||||||||||
| 500,000 | COMM Mortgage Trust | 3.961 | 03/10/47 | 533,458 | ||||||||||||||
| Series - 2014 UBS2 (Class A5) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.051 | 04/10/47 | 1,073,728 | ||||||||||||||
| Series - 2014 CR16 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.819 | 06/10/47 | 1,062,588 | ||||||||||||||
| Series - 2014 UBS3 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.694 | 08/10/47 | 1,058,502 | ||||||||||||||
| Series - 2014 UBS4 (Class A5) | ||||||||||||||||||
| 924,000 | COMM Mortgage Trust | 3.326 | 11/10/47 | 971,841 | ||||||||||||||
| Series - 2014 CR20 (Class A3) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.590 | 11/10/47 | 1,063,465 | ||||||||||||||
| Series - 2014 CR20 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 4.339 | 12/10/47 | 1,069,817 | |||||||||||||
| Series - 2014 CR21 (Class B) | ||||||||||||||||||
| 3,150,000 | COMM Mortgage Trust | 3.183 | 02/10/48 | 3,291,504 | ||||||||||||||
| Series - 2015 LC19 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 4.393 | 02/10/48 | 1,059,076 | |||||||||||||
| Series - 2015 LC19 (Class C) | ||||||||||||||||||
| 1,700,000 | COMM Mortgage Trust | 3.708 | 07/10/48 | 1,823,917 | ||||||||||||||
| Series - 2015 LC21 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.432 | 08/10/48 | 1,056,199 | ||||||||||||||
| Series - 2015 CR24 (Class A4) | ||||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.759 | 08/10/48 | 1,076,770 | ||||||||||||||
| Series - 2015 CR25 (Class A4) | ||||||||||||||||||
| 1,500,000 | COMM Mortgage Trust | 3.221 | 10/10/48 | 1,509,876 | ||||||||||||||
| Series - 2015 LC23 (Class A2) | ||||||||||||||||||
| 1,500,000 | COMM Mortgage Trust | 3.774 | 10/10/48 | 1,620,844 | ||||||||||||||
| Series - 2015 LC23 (Class A4) | ||||||||||||||||||
| 500,000 | COMM Mortgage Trust | 4.258 | 08/10/50 | 536,756 | ||||||||||||||
| Series - 2013 CR11 (Class A4) | ||||||||||||||||||
| 2,750,000 | Commercial Mortgage Pass Through Certificates | 3.955 | 02/10/47 | 2,939,094 | ||||||||||||||
| Series - 2014 CR14 (Class A3) | ||||||||||||||||||
| 650,000 | i | CSAIL Commercial Mortgage Trust | 4.910 | 01/15/49 | 705,857 | |||||||||||||
| Series - 2016 C6 (Class C) | ||||||||||||||||||
| 500,000 | CSAIL Commercial Mortgage Trust | 2.608 | 11/15/49 | 503,547 | ||||||||||||||
| Series - 2016 C7 (Class A3) | ||||||||||||||||||
| 185 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 862,016 | CSAIL Commercial Mortgage Trust | 2.970 | % | 04/15/50 | $ | 861,840 | |||||||||||
| Series - 2015 C1 (Class A2) | ||||||||||||||||||
| 2,000,000 | i | CSAIL Commercial Mortgage Trust | 4.224 | 08/15/51 | 2,265,076 | |||||||||||||
| Series - 2018 CX12 (Class A4) | ||||||||||||||||||
| 10,000,000 | CSAIL Commercial Mortgage Trust | 4.053 | 03/15/52 | 11,217,771 | ||||||||||||||
| Series - 2019 C15 (Class A4) | ||||||||||||||||||
| 2,000,000 | DBGS Mortgage Trust | 4.358 | 10/15/51 | 2,153,774 | ||||||||||||||
| Series - 2018 C1 (Class A2) | ||||||||||||||||||
| 5,790,000 | DBGS Mortgage Trust | 4.466 | 10/15/51 | 6,690,133 | ||||||||||||||
| Series - 2018 C1 (Class A4) | ||||||||||||||||||
| 2,000,000 | DBJPM | 2.691 | 05/10/49 | 2,005,753 | ||||||||||||||
| Series - 2016 C1 (Class A2) | ||||||||||||||||||
| 3,500,000 | DBJPM | 3.276 | 05/10/49 | 3,701,031 | ||||||||||||||
| Series - 2016 C1 (Class A4) | ||||||||||||||||||
| 1,000,000 | DBJPM | 3.539 | 05/10/49 | 1,052,087 | ||||||||||||||
| Series - 2016 C1 (Class AM) | ||||||||||||||||||
| 1,590,000 | DBJPM | 3.328 | 06/10/50 | 1,694,636 | ||||||||||||||
| Series - 2017 C6 (Class A5) | ||||||||||||||||||
| 177,992 | GS Mortgage Securities Corp II | 3.314 | 01/10/45 | 179,458 | ||||||||||||||
| Series - 2012 GC6 (Class AAB) | ||||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 2.943 | 02/10/46 | 307,653 | ||||||||||||||
| Series - 2013 GC10 (Class A5) | ||||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 3.279 | 02/10/46 | 309,002 | ||||||||||||||
| Series - 2013 GC10 (Class AS) | ||||||||||||||||||
| 800,000 | GS Mortgage Securities Corp II | 3.382 | 05/10/50 | 847,581 | ||||||||||||||
| Series - 2015 GC30 (Class A4) | ||||||||||||||||||
| 1,731,000 | GS Mortgage Securities Trust | 3.707 | 08/10/44 | 1,763,422 | ||||||||||||||
| Series - 2011 GC5 (Class A4) | ||||||||||||||||||
| 498,119 | GS Mortgage Securities Trust | 3.482 | 01/10/45 | 508,964 | ||||||||||||||
| Series - 2012 GC6 (Class A3) | ||||||||||||||||||
| 195,000 | GS Mortgage Securities Trust | 4.740 | 05/10/45 | 203,943 | ||||||||||||||
| Series - 2012 GCJ7 (Class B) | ||||||||||||||||||
| 500,000 | GS Mortgage Securities Trust | 3.135 | 06/10/46 | 515,518 | ||||||||||||||
| Series - 2013 GC12 (Class A4) | ||||||||||||||||||
| 437,964 | GS Mortgage Securities Trust | 3.813 | 11/10/46 | 453,990 | ||||||||||||||
| Series - 2013 GC16 (Class AAB) | ||||||||||||||||||
| 1,000,000 | GS Mortgage Securities Trust | 4.074 | 01/10/47 | 1,074,042 | ||||||||||||||
| Series - 2014 GC18 (Class A4) | ||||||||||||||||||
| 1,500,000 | GS Mortgage Securities Trust | 3.964 | 11/10/47 | 1,597,712 | ||||||||||||||
| Series - 2014 GC26 (Class AS) | ||||||||||||||||||
| 1,900,000 | GS Mortgage Securities Trust | 3.136 | 02/10/48 | 1,980,786 | ||||||||||||||
| Series - 2015 GC28 (Class A4) | ||||||||||||||||||
| 1,500,000 | GS Mortgage Securities Trust | 3.178 | 11/10/49 | 1,582,284 | ||||||||||||||
| Series - 2016 GS4 (Class A3) | ||||||||||||||||||
| 1,350,000 | i | GS Mortgage Securities Trust | 3.921 | 11/10/49 | 1,392,979 | |||||||||||||
| Series - 2016 GS4 (Class C) | ||||||||||||||||||
| 1,000,000 | GS Mortgage Securities Trust | 2.945 | 08/10/50 | 1,022,083 | ||||||||||||||
| Series - 2017 GS7 (Class A2) | ||||||||||||||||||
| 1,500,000 | GS Mortgage Securities Trust | 3.430 | 08/10/50 | 1,599,297 | ||||||||||||||
| Series - 2017 GS7 (Class A4) | ||||||||||||||||||
| 1,000,000 | GS Mortgage Securities Trust | 3.872 | 02/10/52 | 1,068,629 | ||||||||||||||
| Series - 2019 GC38 (Class A2) | ||||||||||||||||||
| 186 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,500,000 | GS Mortgage Securities Trust | 3.968 | % | 02/10/52 | $ | 2,802,032 | |||||||||||
| Series - 2019 GC38 (Class A4) | ||||||||||||||||||
| 500,000 | i | GS Mortgage Securities Trust | 4.309 | 02/10/52 | 558,357 | |||||||||||||
| Series - 2019 GC38 (Class B) | ||||||||||||||||||
| 300,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.319 | 05/15/45 | 305,491 | |||||||||||||
| Series - 2012 C6 (Class D) | ||||||||||||||||||
| 292,534 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.483 | 06/15/45 | 298,910 | ||||||||||||||
| Series - 2012 CBX (Class A4) | ||||||||||||||||||
| 443,679 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 3.994 | 01/15/46 | 469,218 | |||||||||||||
| Series - 2013 C13 (Class A4) | ||||||||||||||||||
| 1,500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.960 | 04/15/46 | 1,538,280 | ||||||||||||||
| Series - 2013 LC11 (Class A5) | ||||||||||||||||||
| 150,554 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.171 | 08/15/46 | 154,667 | ||||||||||||||
| Series - 2011 C5 (Class A3) | ||||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.166 | 12/15/46 | 537,504 | ||||||||||||||
| Series - 2013 C16 (Class A4) | ||||||||||||||||||
| 276,695 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.702 | 12/15/47 | 279,163 | ||||||||||||||
| Series - 2013 C10 (Class ASB) | ||||||||||||||||||
| 300,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.840 | 12/15/47 | 305,418 | ||||||||||||||
| Series - 2012 LC9 (Class A5) | ||||||||||||||||||
| 498,563 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.143 | 12/15/47 | 513,125 | ||||||||||||||
| Series - 2013 C10 (Class A5) | ||||||||||||||||||
| 574,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.372 | 12/15/47 | 591,172 | ||||||||||||||
| Series - 2013 C10 (Class AS) | ||||||||||||||||||
| 1,000,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.822 | 08/15/49 | 1,032,029 | ||||||||||||||
| Series - 2016 JP2 (Class A4) | ||||||||||||||||||
| 1,400,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.109 | 07/15/50 | 1,441,372 | ||||||||||||||
| Series - 2017 JP6 (Class A3) | ||||||||||||||||||
| 1,000,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.038 | 09/15/50 | 1,018,534 | ||||||||||||||
| Series - 2017 JP7 (Class A2) | ||||||||||||||||||
| 2,500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.454 | 09/15/50 | 2,685,535 | ||||||||||||||
| Series - 2017 JP7 (Class A5) | ||||||||||||||||||
| 2,150,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.219 | 06/13/52 | 2,268,750 | ||||||||||||||
| Series - 2019 COR5 (Class ASB) | ||||||||||||||||||
| 2,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.801 | 09/15/47 | 2,139,962 | ||||||||||||||
| Series - 2014 C22 (Class A4) | ||||||||||||||||||
| 1,875,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.118 | 05/15/48 | 1,992,604 | |||||||||||||
| Series - 2015 C29 (Class B) | ||||||||||||||||||
| 187 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,700,000 | JPMBB Commercial Mortgage Securities Trust | 3.227 | % | 10/15/48 | $ | 2,829,724 | |||||||||||
| Series - 2015 C28 (Class A4) | ||||||||||||||||||
| 1,100,000 | JPMBB Commercial Mortgage Securities Trust | 3.532 | 10/15/48 | 1,150,552 | ||||||||||||||
| Series - 2015 C28 (Class AS) | ||||||||||||||||||
| 2,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.770 | 12/15/48 | 2,168,310 | ||||||||||||||
| Series - 2015 C33 (Class A4) | ||||||||||||||||||
| 1,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.576 | 03/15/49 | 1,074,390 | ||||||||||||||
| Series - 2016 C1 (Class A5) | ||||||||||||||||||
| 500,000 | JPMBB Commercial Mortgage Securities Trust | 3.970 | 03/15/49 | 537,958 | ||||||||||||||
| Series - 2016 C1 (Class AS) | ||||||||||||||||||
| 500,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.896 | 03/15/49 | 554,699 | |||||||||||||
| Series - 2016 C1 (Class B) | ||||||||||||||||||
| 1,000,000 | i | JPMDB Commercial Mortgage Securities Trust | 3.990 | 06/15/49 | 1,067,005 | |||||||||||||
| Series - 2016 C2 (Class B) | ||||||||||||||||||
| 5,922,824 | JPMDB Commercial Mortgage Securities Trust | 3.141 | 12/15/49 | 6,229,107 | ||||||||||||||
| Series - 2016 C4 (Class A3) | ||||||||||||||||||
| 378,194 | Latam Airlines Pass Through Trust | 4.200 | 11/15/27 | 386,817 | ||||||||||||||
| Series - 2015-1 (Class ) | ||||||||||||||||||
| 96,837 | †,i | LB-UBS Commercial Mortgage Trust | 5.452 | 09/15/39 | 56,397 | |||||||||||||
| Series - 2006 C6 (Class AJ) | ||||||||||||||||||
| 60,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.918 | 02/15/46 | 61,277 | ||||||||||||||
| Series - 2013 C7 (Class A4) | ||||||||||||||||||
| 556,244 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.834 | 05/15/46 | 567,884 | ||||||||||||||
| Series - 2013 C9 (Class A3) | ||||||||||||||||||
| 1,250,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.102 | 05/15/46 | 1,287,435 | ||||||||||||||
| Series - 2013 C9 (Class A4) | ||||||||||||||||||
| 500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.456 | 05/15/46 | 518,757 | ||||||||||||||
| Series - 2013 C9 (Class AS) | ||||||||||||||||||
| 240,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 3.708 | 05/15/46 | 247,913 | |||||||||||||
| Series - 2013 C9 (Class B) | ||||||||||||||||||
| 153,782 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.824 | 10/15/46 | 158,401 | ||||||||||||||
| Series - 2013 C12 (Class ASB) | ||||||||||||||||||
| 391,128 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.669 | 02/15/47 | 397,321 | ||||||||||||||
| Series - 2014 C14 (Class A3) | ||||||||||||||||||
| 1,151,668 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.654 | 04/15/47 | 1,193,400 | ||||||||||||||
| Series - 2014 C15 (Class ASB) | ||||||||||||||||||
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.892 | 06/15/47 | 2,136,541 | ||||||||||||||
| Series - 2014 C16 (Class A5) | ||||||||||||||||||
| 3,500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.249 | 02/15/48 | 3,663,909 | ||||||||||||||
| Series - 2015 C20 (Class A4) | ||||||||||||||||||
| 188 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.306 | % | 04/15/48 | $ | 1,051,654 | |||||||||||
| Series - 2015 C22 (Class A4) | ||||||||||||||||||
| 1,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.732 | 05/15/48 | 1,075,302 | ||||||||||||||
| Series - 2015 C24 (Class A4) | ||||||||||||||||||
| 3,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.134 | 12/15/48 | 3,083,672 | ||||||||||||||
| Series - 2013 C8 (Class A4) | ||||||||||||||||||
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.599 | 05/15/50 | 2,161,244 | ||||||||||||||
| Series - 2017 C33 (Class A5) | ||||||||||||||||||
| 1,250,000 | Morgan Stanley Capital I Trust | 3.244 | 03/15/45 | 1,275,146 | ||||||||||||||
| Series - 2012 C4 (Class A4) | ||||||||||||||||||
| 535,000 | Morgan Stanley Capital I Trust | 3.594 | 03/15/49 | 572,999 | ||||||||||||||
| Series - 2016 UBS9 (Class A4) | ||||||||||||||||||
| 1,500,000 | i | Morgan Stanley Capital I Trust | 4.238 | 10/15/51 | 1,677,090 | |||||||||||||
| Series - 2018 L1 (Class ASB) | ||||||||||||||||||
| 2,000,000 | Morgan Stanley Capital I Trust | 4.288 | 10/15/51 | 2,166,454 | ||||||||||||||
| Series - 2018 L1 (Class A2) | ||||||||||||||||||
| 1,500,000 | i | Morgan Stanley Capital I Trust | 4.407 | 10/15/51 | 1,724,936 | |||||||||||||
| Series - 2018 L1 (Class A4) | ||||||||||||||||||
| 1,000,000 | Morgan Stanley Capital I Trust | 4.071 | 03/15/52 | 1,128,142 | ||||||||||||||
| Series - 2019 L2 (Class A4) | ||||||||||||||||||
| 5,000,000 | Morgan Stanley Capital I Trust | 3.224 | 06/15/52 | 5,310,352 | ||||||||||||||
| Series - 2019 H6 (Class ASB) | ||||||||||||||||||
| 750,000 | Morgan Stanley Capital I Trust | 3.417 | 06/15/52 | 806,430 | ||||||||||||||
| Series - 2019 H6 (Class A4) | ||||||||||||||||||
| 1,000,000 | Morgan Stanley Capital I, Inc | 3.997 | 07/15/51 | 1,064,560 | ||||||||||||||
| Series - 2018 H3 (Class A2) | ||||||||||||||||||
| 1,000,000 | i | Morgan Stanley Capital I, Inc | 5.013 | 07/15/51 | 1,109,694 | |||||||||||||
| Series - 2018 H3 (Class C) | ||||||||||||||||||
| 17,459 | i | TIAA Seasoned Commercial Mortgage Trust | 5.483 | 08/15/39 | 17,496 | |||||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||||
| 1,500,000 | UBS Barclays Commercial Mortgage Trust | 3.185 | 03/10/46 | 1,542,004 | ||||||||||||||
| Series - 2013 C5 (Class A4) | ||||||||||||||||||
| 500,000 | UBS Barclays Commercial Mortgage Trust | 3.244 | 04/10/46 | 515,676 | ||||||||||||||
| Series - 2013 C6 (Class A4) | ||||||||||||||||||
| 1,000,000 | UBS Barclays Commercial Mortgage Trust | 3.525 | 05/10/63 | 1,031,120 | ||||||||||||||
| Series - 2012 C2 (Class A4) | ||||||||||||||||||
| 326,470 | UBS Citigroup Commercial Mortgage Trust | 3.595 | 01/10/45 | 332,855 | ||||||||||||||
| Series - 2011 C1 (Class A3) | ||||||||||||||||||
| 100,000 | UBS Commercial Mortgage Trust | 4.822 | 05/10/45 | 105,121 | ||||||||||||||
| Series - 2012 C1 (Class B) | ||||||||||||||||||
| 1,000,000 | UBS Commercial Mortgage Trust | 2.998 | 08/15/50 | 1,027,352 | ||||||||||||||
| Series - 2017 C3 (Class A2) | ||||||||||||||||||
| 1,500,000 | UBS Commercial Mortgage Trust | 3.426 | 08/15/50 | 1,601,652 | ||||||||||||||
| Series - 2017 C3 (Class A4) | ||||||||||||||||||
| 1,000,000 | i | UBS Commercial Mortgage Trust | 3.739 | 08/15/50 | 1,070,542 | |||||||||||||
| Series - 2017 C3 (Class AS) | ||||||||||||||||||
| 1,000,000 | UBS Commercial Mortgage Trust | 3.147 | 10/15/50 | 1,029,410 | ||||||||||||||
| Series - 2017 C4 (Class A2) | ||||||||||||||||||
| 10,000,000 | UBS Commercial Mortgage Trust | 3.713 | 02/15/51 | 10,452,329 | ||||||||||||||
| Series - 2018 C8 (Class A2) | ||||||||||||||||||
| 189 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 11,000,000 | UBS Commercial Mortgage Trust | 4.313 | % | 05/15/51 | $ | 12,537,201 | |||||||||||
| Series - 2018 C10 (Class A4) | ||||||||||||||||||
| 2,000,000 | UBS Commercial Mortgage Trust | 4.296 | 08/15/51 | 2,277,942 | ||||||||||||||
| Series - 2018 C12 (Class A5) | ||||||||||||||||||
| 2,400,000 | i | UBS Commercial Mortgage Trust | 5.448 | 12/15/51 | 2,756,322 | |||||||||||||
| Series - 2018 C14 (Class C) | ||||||||||||||||||
| 875,000 | i | Wells Fargo Commercial Mortgage Trust | 3.872 | 05/15/48 | 932,858 | |||||||||||||
| Series - 2015 C28 (Class AS) | ||||||||||||||||||
| 2,000,000 | Wells Fargo Commercial Mortgage Trust | 3.695 | 11/15/48 | 2,154,105 | ||||||||||||||
| Series - 2015 C31 (Class A4) | ||||||||||||||||||
| 480,000 | i | Wells Fargo Commercial Mortgage Trust | 4.224 | 12/15/48 | 514,044 | |||||||||||||
| Series - 2015 NXS4 (Class B) | ||||||||||||||||||
| 2,000,000 | Wells Fargo Commercial Mortgage Trust | 2.652 | 08/15/49 | 2,038,257 | ||||||||||||||
| Series - 2016 BNK1 (Class A3) | ||||||||||||||||||
| 500,000 | Wells Fargo Commercial Mortgage Trust | 2.967 | 08/15/49 | 498,604 | ||||||||||||||
| Series - 2016 BNK1 (Class B) | ||||||||||||||||||
| 1,000,000 | Wells Fargo Commercial Mortgage Trust | 3.377 | 11/15/49 | 1,045,602 | ||||||||||||||
| Series - 2016 NXS6 (Class AS) | ||||||||||||||||||
| 2,000,000 | Wells Fargo Commercial Mortgage Trust | 4.152 | 08/15/51 | 2,252,171 | ||||||||||||||
| Series - 2018 C46 (Class A4) | ||||||||||||||||||
| 2,700,000 | Wells Fargo Commercial Mortgage Trust | 3.760 | 03/15/52 | 2,976,844 | ||||||||||||||
| Series - 2019 C49 (Class A4) | ||||||||||||||||||
| 2,000,000 | Wells Fargo Commercial Mortgage Trust | 3.635 | 05/15/52 | 2,157,908 | ||||||||||||||
| Series - 2019 C50 (Class ASB) | ||||||||||||||||||
| 3,250,000 | Wells Fargo Commercial Mortgage Trust | 4.192 | 05/15/52 | 3,579,713 | ||||||||||||||
| Series - 2019 C50 (Class B) | ||||||||||||||||||
| 117,000 | Wells Fargo Commercial Mortgage Trust | 3.896 | 03/15/59 | 120,695 | ||||||||||||||
| Series - 2016 C33 (Class C) | ||||||||||||||||||
| 1,075,000 | WF-RBS Commercial Mortgage Trust | 3.037 | 03/15/45 | 1,102,283 | ||||||||||||||
| Series - 2013 C11 (Class A4) | ||||||||||||||||||
| 250,000 | i | WF-RBS Commercial Mortgage Trust | 4.969 | 06/15/45 | 256,763 | |||||||||||||
| Series - 2012 C7 (Class C) | ||||||||||||||||||
| 400,000 | WF-RBS Commercial Mortgage Trust | 3.001 | 08/15/45 | 408,064 | ||||||||||||||
| Series - 2012 C8 (Class A3) | ||||||||||||||||||
| 775,000 | WF-RBS Commercial Mortgage Trust | 3.241 | 12/15/45 | 794,053 | ||||||||||||||
| Series - 2012 C10 (Class AS) | ||||||||||||||||||
| 600,000 | WF-RBS Commercial Mortgage Trust | 3.337 | 06/15/46 | 622,963 | ||||||||||||||
| Series - 2013 C14 (Class A5) | ||||||||||||||||||
| 500,000 | i | WF-RBS Commercial Mortgage Trust | 4.646 | 03/15/47 | 532,485 | |||||||||||||
| Series - 2014 C19 (Class C) | ||||||||||||||||||
| 1,000,000 | i | WF-RBS Commercial Mortgage Trust | 4.723 | 03/15/47 | 1,079,305 | |||||||||||||
| Series - 2014 C19 (Class B) | ||||||||||||||||||
| 500,000 | WF-RBS Commercial Mortgage Trust | 3.198 | 03/15/48 | 515,710 | ||||||||||||||
| Series - 2013 C12 (Class A4) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 271,551,650 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 406,550,515 | |||||||||||||||||
| (Cost $392,119,484) | ||||||||||||||||||
| TOTAL BONDS | 16,418,192,470 | |||||||||||||||||
| (Cost $15,728,635,691) | ||||||||||||||||||
| 190 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||||
| SHORT-TERM INVESTMENTS - 1.3% | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 1.0% | |||||||||||||||||||
| $ | 50,590,000 | Federal Home Loan Bank (FHLB) | 1.500%- 1.580% | 10/01/19 | $ | 50,590,000 | |||||||||||||
| 42,860,000 | FHLB | 1.934 | 11/05/19 | 42,781,661 | |||||||||||||||
| 15,000,000 | FHLB | 1.914 | 11/06/19 | 14,971,800 | |||||||||||||||
| 14,000,000 | FHLB | 1.934 | 11/08/19 | 13,972,218 | |||||||||||||||
| 25,000,000 | FHLB | 1.914 | 11/12/19 | 24,945,167 | |||||||||||||||
| 10,000,000 | FHLB | 1.934 | 12/26/19 | 9,955,328 | |||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 157,216,174 | ||||||||||||||||||
| TREASURY DEBT - 0.3% | |||||||||||||||||||
| 9,600,000 | United States Treasury Bill | 1.797-1.803 | 10/15/19 | 9,593,482 | |||||||||||||||
| 11,360,000 | United States Treasury Bill | 1.781 | 10/17/19 | 11,350,992 | |||||||||||||||
| 36,760,000 | United States Treasury Bill | 1.906 | 10/29/19 | 36,706,606 | |||||||||||||||
| TOTAL TREASURY DEBT | 57,651,080 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 214,867,254 | ||||||||||||||||||
| (Cost $214,860,586) | |||||||||||||||||||
| TOTAL INVESTMENTS - 100.8% | 16,633,059,724 | ||||||||||||||||||
| (Cost $15,943,496,277) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.8)% | (133,449,076 | ) | |||||||||||||||||
| NET ASSETS - 100.0% | $ | 16,499,610,648 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| DGS1 | 1-Year Treasury Constant Maturity Rate | ||||||||||||||||||
| DGS5 | 5-Year Treasury Constant Maturity Rate | ||||||||||||||||||
| ICE | Intercontinental Exchange | ||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| REIT | Real Estate Investment Trust | ||||||||||||||||||
| SOFR | Secure Overnight Financing Rate | ||||||||||||||||||
| † | 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 9/30/2019, the aggregate value of these securities was $90,565,297 or 0.5% of net assets. | ||||||||||||||||||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||||||||||||||||||
| i | Floating or variable rate security 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 | ||||||||||||||||||
| 191 |
TIAA-CREF FUNDS - Bond Plus Fund
TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 1.8% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||||
| $ | 2,729,392 | i | Gates Global LLC | LIBOR 1 M + 2.750% | 4.794 | % | 04/01/24 | $ | 2,683,811 | |||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 2,683,811 | |||||||||||||||||
| CAPITAL GOODS - 0.1% | ||||||||||||||||||
| 2,544,664 | i | CHI Overhead Doors, Inc | LIBOR 1 M + 3.250% | 5.294 | 07/31/22 | 2,543,086 | ||||||||||||
| 357,024 | i | Penn Engineering & Manufacturing Corp | LIBOR 1 M + 2.750% | 4.794 | 06/27/24 | 350,776 | ||||||||||||
| 178,165 | i | Proampac PG Borrower LLC | LIBOR 1 and 3 M + 3.500% | 5.544 | 11/20/23 | 463,518 | ||||||||||||
| 1,488,079 | i | TransDigm, Inc | LIBOR 1 M + 2.500% | 4.544 | 06/09/23 | 1,483,168 | ||||||||||||
| TOTAL CAPITAL GOODS | 4,840,548 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||||||||||
| 1,069,144 | i | Allied Universal Holdco LLC | LIBOR 3 M + 4.250% | 6.507 | 07/10/26 | 1,069,647 | ||||||||||||
| 1,955,000 | i | Clean Harbors, Inc | LIBOR 1 M + 1.750% | 3.794 | 06/28/24 | 1,963,309 | ||||||||||||
| 2,918,025 | i | Creative Artists Agency LLC | LIBOR 1 M + 3.000% | 5.044 | 02/15/24 | 2,930,806 | ||||||||||||
| 3,082,100 | i | ProQuest LLC | LIBOR 1 M + 3.250% | 5.294 | 10/24/21 | 3,080,189 | ||||||||||||
| 1,754,538 | i | Spin Holdco, Inc | LIBOR 3 M + 3.250% | 5.572 | 11/14/22 | 1,719,436 | ||||||||||||
| 2,611,126 | i | Trans Union LLC | LIBOR 1 M + 2.000% | 4.044 | 04/07/23 | 2,618,385 | ||||||||||||
| 1,124,447 | i | WASH Multifamily Laundry Systems LLC | LIBOR 1 M + 3.250% | 5.294 | 05/16/22 | 1,106,175 | ||||||||||||
| 196,924 | i | WASH Multifamily Laundry Systems LLC | LIBOR 1 M + 3.250% | 5.294 | 05/16/22 | 193,724 | ||||||||||||
| 1,129,318 | i | West Corp | LIBOR 1 M + 4.000% | 6.112 | 10/10/24 | 1,293,969 | ||||||||||||
| 1,196,736 | i | XPO Logistics, Inc | LIBOR 1 M + 2.000% | 4.044 | 02/24/25 | 1,201,630 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 17,177,270 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.0% | ||||||||||||||||||
| 1,438,639 | i | Academy Ltd | LIBOR 1 M + 4.000% | 6.100 | 07/01/22 | 1,001,911 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 1,001,911 | |||||||||||||||||
| CONSUMER SERVICES - 0.2% | ||||||||||||||||||
| 3,254,143 | i | KUEHG Corp | LIBOR 3 M + 3.750% | 5.854 | 02/21/25 | 3,247,374 | ||||||||||||
| 1,414,736 | i | Prime Security Services Borrower LLC | LIBOR 1 M + 3.250% | 5.210 | 09/23/26 | 1,399,047 | ||||||||||||
| 439,663 | i | Scientific Games International, Inc | LIBOR 1 and 2 M + 2.750% | 4.794 | 08/14/24 | 2,238,662 | ||||||||||||
| 3,502,199 | i | Sterling Midco Holdings, Inc | LIBOR 1 M + 3.500% | 5.544 | 06/19/24 | 3,414,644 | ||||||||||||
| TOTAL CONSUMER SERVICES | 10,299,727 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||||
| 108,750 | i | Donnelley Financial Solutions, Inc | LIBOR 1 M + 3.000% | 5.039 | 09/29/23 | 108,070 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 108,070 | |||||||||||||||||
| ENERGY - 0.1% | ||||||||||||||||||
| 1,435,000 | i | California Resources Corp | LIBOR 1 M + 10.375% | 12.419 | 12/31/21 | 1,245,767 | ||||||||||||
| 749,312 | †,i | Cloud Peak Energy, Inc | LIBOR 3 M + 9.000% | 11.100 | 02/15/20 | 749,312 | ||||||||||||
| 2,988,290 | i | Ultra Resources, Inc | LIBOR 1 M + 3.750% | 6.054 | 04/12/24 | 1,965,224 | ||||||||||||
| TOTAL ENERGY | 3,960,303 | |||||||||||||||||
| 192 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| FOOD & STAPLES RETAILING - 0.0% | ||||||||||||||||||
| $ | 1,192,591 | i | Albertson’s LLC | LIBOR 1 M + 2.750% | 4.794 | % | 11/17/25 | $ | 1,199,353 | |||||||||
| 1,127,000 | i | Give & Go Prepared Foods Corp | LIBOR 3 M + 4.250% | 6.294 | 07/29/23 | 1,052,810 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 2,252,163 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||||
| 546,786 | i | Greatbatch Ltd | LIBOR 1 M + 3.000% | 5.050 | 10/27/22 | 548,153 | ||||||||||||
| 1,460,080 | i | Midwest Physician Administrative Services LLC | LIBOR 1 M + 2.750% | 4.794 | 08/15/24 | 1,433,623 | ||||||||||||
| 1,915,582 | i | Onex Schumacher Finance LP | LIBOR 1 M + 4.000% | 6.044 | 07/29/22 | 1,779,575 | ||||||||||||
| 967,500 | i | Precyse Acquisition Corp | LIBOR 1 M + 4.500% | 6.544 | 10/20/22 | 867,528 | ||||||||||||
| 2,081,477 | i | Team Health Holdings, Inc | LIBOR 1 M + 2.750% | 4.794 | 02/06/24 | 1,708,539 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 6,337,418 | |||||||||||||||||
| INSURANCE - 0.1% | ||||||||||||||||||
| 219,397 | i | Acrisure LLC | LIBOR 3 M + 4.250% | 6.354 | 11/22/23 | 218,026 | ||||||||||||
| 473,727 | i | AssuredPartners, Inc | LIBOR 1 M + 3.500% | 5.544 | 10/22/24 | 471,136 | ||||||||||||
| 1,578,488 | i | Asurion LLC | LIBOR 1 M + 3.000% | 5.044 | 08/04/22 | 1,584,123 | ||||||||||||
| 332,997 | i | Asurion LLC | LIBOR 1 M + 3.000% | 5.044 | 11/03/23 | 334,192 | ||||||||||||
| 800,000 | i | Asurion LLC | LIBOR 1 M + 6.500% | 8.544 | 08/04/25 | 812,400 | ||||||||||||
| TOTAL INSURANCE | 3,419,877 | |||||||||||||||||
| MATERIALS - 0.1% | ||||||||||||||||||
| 2,000,000 | i | Berry Global, Inc | LIBOR 1 M + 2.250% | 4.299 | 10/03/22 | 2,008,260 | ||||||||||||
| 764,489 | i | Flex Acquisition Co, Inc | LIBOR 3 M + 3.000% | 5.319 | 12/31/23 | 735,247 | ||||||||||||
| 229,037 | i | H.B. Fuller Co | LIBOR 1 M + 2.000% | 4.044 | 10/21/24 | 227,944 | ||||||||||||
| 416,500 | i | Plastipak Holdings, Inc | LIBOR 1 M + 2.500% | 4.550 | 10/15/24 | 410,565 | ||||||||||||
| 721,154 | i | Quikrete Holdings, Inc | LIBOR 1 M + 2.750% | 4.794 | 11/15/23 | 718,089 | ||||||||||||
| 579,856 | i | Tronox Finance LLC | LIBOR 1 and 3 M + 2.750% | 4.854 | 09/23/24 | 579,340 | ||||||||||||
| TOTAL MATERIALS | 4,679,445 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.2% | ||||||||||||||||||
| 2,380,079 | i | CDS US Intermediate Holdings, Inc | LIBOR 3 M + 3.750% | 5.854 | 07/08/22 | 2,251,412 | ||||||||||||
| 1,523,525 | i | CSC Holdings LLC | LIBOR 1 M + 2.250% | 4.278 | 07/17/25 | 1,521,073 | ||||||||||||
| 737,223 | i | EIG Investors Corp | LIBOR 3 M + 3.750% | 5.882 | 02/09/23 | 720,893 | ||||||||||||
| 418,475 | i | Lions Gate Capital Holdings LLC | LIBOR 1 M + 2.250% | 4.294 | 03/24/25 | 417,035 | ||||||||||||
| 437,500 | i | Match Group, Inc | LIBOR 2 M + 2.500% | 4.659 | 11/16/22 | 437,500 | ||||||||||||
| 3,046,946 | i | Univision Communications, Inc | LIBOR 1 M + 2.750% | 4.794 | 03/15/24 | 2,958,706 | ||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 8,306,619 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||||
| 1,788,500 | i | Alphabet Holding Co, Inc | LIBOR 1 M + 3.500% | 5.544 | 09/26/24 | 1,652,127 | ||||||||||||
| 234,590 | i | Change Healthcare Holdings LLC | LIBOR 1 M + 2.500% | 4.544 | 03/01/24 | 506,272 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,158,399 | |||||||||||||||||
| REAL ESTATE - 0.1% | ||||||||||||||||||
| 2,772,000 | i | DTZ US Borrower LLC | LIBOR 1 M + 3.250% | 5.294 | 08/21/25 | 2,773,386 | ||||||||||||
| 313,625 | i | MGM Growth Properties LLC | LIBOR 1 M + 2.000% | 4.044 | 03/23/25 | 314,105 | ||||||||||||
| 663,188 | i | Ten-X LLC | LIBOR 1 M + 4.000% | 6.044 | 09/29/24 | 655,932 | ||||||||||||
| TOTAL REAL ESTATE | 3,743,423 | |||||||||||||||||
| 193 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| RETAILING - 0.2% | ||||||||||||||||||
| $ | 217,689 | †,i | FBB Holdings III, Inc | LIBOR 3 M + 9.000% | 11.102 | % | 02/07/24 | $ | 108,573 | |||||||||
| 896,190 | i | Men’s Wearhouse, Inc | LIBOR 1 M + 3.250% | 5.350 | 04/09/25 | 752,799 | ||||||||||||
| 2,432,911 | i | PetSmart, Inc | LIBOR 1 M + 4.000% | 6.040 | 03/11/22 | 2,370,580 | ||||||||||||
| 809,455 | i | Sally Holdings LLC | LIBOR 1 M + 2.250% | 4.300 | 07/05/24 | 791,242 | ||||||||||||
| 1,500,000 | Sally Holdings LLC | 4.500 | 07/05/24 | 1,460,625 | ||||||||||||||
| 1,970,063 | i | Staples, Inc | LIBOR 2 M + 5.000% | 7.123 | 04/16/26 | 1,940,925 | ||||||||||||
| TOTAL RETAILING | 7,424,744 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.1% | ||||||||||||||||||
| 2,530,042 | i | DTI Holdco, Inc | LIBOR 3 M + 4.750% | 7.006 | 10/02/23 | 2,320,251 | ||||||||||||
| 927,452 | i | Infor US, Inc | LIBOR 3 M + 2.750% | 4.854 | 02/01/22 | 928,175 | ||||||||||||
| 2,117,750 | i | Mitchell International, Inc | LIBOR 1 M + 3.250% | 5.294 | 11/29/24 | 2,026,602 | ||||||||||||
| 823,564 | i | SS&C Technologies, Inc | LIBOR 1 M + 2.250% | 4.294 | 07/08/22 | 825,624 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 6,100,652 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | ||||||||||||||||||
| 724,879 | i | MKS Instruments, Inc | LIBOR 3M + 0.000% | 4.112 | 05/01/23 | 766,631 | ||||||||||||
| 235,060 | i | MTS Systems Corp | LIBOR 1 M + 3.250% | 5.310 | 07/05/23 | 235,060 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,001,691 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 0.0% | ||||||||||||||||||
| 1,158,248 | i | CNT Holdings III Corp | LIBOR 3 M + 3.000% | 5.200 | 01/22/23 | 1,147,626 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 1,147,626 | |||||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||||
| 500,000 | i | Talen Energy Supply LLC | LIBOR 1 M + 3.750% | 5.792 | 06/26/26 | 498,750 | ||||||||||||
| TOTAL UTILITIES | 498,750 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 87,142,447 | |||||||||||||||||
| (Cost $90,546,367) | ||||||||||||||||||
| BONDS - 95.7% | ||||||||||||||||||
| CORPORATE BONDS - 34.3% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.4% | ||||||||||||||||||
| 350,000 | g | Adient Global Holdings Ltd | 4.875 | 08/15/26 | 284,375 | |||||||||||||
| 720,000 | g | Allison Transmission, Inc | 5.000 | 10/01/24 | 735,750 | |||||||||||||
| 1,500,000 | g | Dana Financing Luxembourg SARL | 6.500 | 06/01/26 | 1,582,500 | |||||||||||||
| 1,000,000 | Ford Motor Co | 7.450 | 07/16/31 | 1,147,290 | ||||||||||||||
| 100,000 | General Motors Co | 5.000 | 10/01/28 | 106,311 | ||||||||||||||
| 1,350,000 | General Motors Co | 6.600 | 04/01/36 | 1,547,201 | ||||||||||||||
| 1,325,000 | General Motors Co | 6.250 | 10/02/43 | 1,447,707 | ||||||||||||||
| 1,325,000 | General Motors Co | 5.200 | 04/01/45 | 1,307,957 | ||||||||||||||
| 750,000 | General Motors Co | 6.750 | 04/01/46 | 857,583 | ||||||||||||||
| 800,000 | Goodyear Tire & Rubber Co | 5.000 | 05/31/26 | 809,840 | ||||||||||||||
| 2,000,000 | g | Hyundai Capital America | 3.950 | 02/01/22 | 2,055,265 | |||||||||||||
| 3,000,000 | g | Hyundai Capital America | 4.125 | 06/08/23 | 3,130,421 | |||||||||||||
| 2,000,000 | g | Hyundai Capital America | 2.750 | 09/27/26 | 1,948,813 | |||||||||||||
| 194 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 250,000 | g,o | IHO Verwaltungs GmbH | 4.750 | % | 09/15/26 | $ | 245,000 | ||||||||||
| 1,450,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,524,713 | ||||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 18,730,726 | |||||||||||||||||
| BANKS - 5.9% | ||||||||||||||||||
| 2,000,000 | g,i | Akbank TAS | USD SWAP SEMI 30/360 5 Y + 4.029% | 6.797 | 04/27/28 | 1,797,000 | ||||||||||||
| 1,500,000 | g | Banco de Bogota S.A. | 6.250 | 05/12/26 | 1,691,265 | |||||||||||||
| 2,425,000 | g | Banco del Estado de Chile | 4.125 | 10/07/20 | 2,461,399 | |||||||||||||
| 3,575,000 | g | Banco del Estado de Chile | 2.668 | 01/08/21 | 3,575,036 | |||||||||||||
| 2,000,000 | g | Banco Internacional del Peru SAA Interbank | 3.375 | 01/18/23 | 2,022,500 | |||||||||||||
| 1,905,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 1,995,950 | ||||||||||||||
| 10,000,000 | Bank of America Corp | 2.250 | 04/21/20 | 10,009,384 | ||||||||||||||
| 3,225,000 | Bank of America Corp | 2.151 | 11/09/20 | 3,225,322 | ||||||||||||||
| 2,150,000 | Bank of America Corp | 3.875 | 08/01/25 | 2,325,549 | ||||||||||||||
| 3,850,000 | Bank of America Corp | 4.250 | 10/22/26 | 4,171,712 | ||||||||||||||
| 4,575,000 | Bank of America Corp | 3.559 | 04/23/27 | 4,829,677 | ||||||||||||||
| 4,200,000 | Bank of America Corp | 3.248 | 10/21/27 | 4,366,441 | ||||||||||||||
| 4,004,000 | Bank of America Corp | 3.419 | 12/20/28 | 4,177,839 | ||||||||||||||
| 4,000,000 | Bank of America Corp | 3.970 | 03/05/29 | 4,355,489 | ||||||||||||||
| 3,525,000 | Bank of America Corp | 3.974 | 02/07/30 | 3,859,009 | ||||||||||||||
| 6,475,000 | Bank of America Corp | 3.194 | 07/23/30 | 6,681,696 | ||||||||||||||
| 630,000 | Bank of America Corp | 6.300 | N/A‡ | 708,750 | ||||||||||||||
| 1,500,000 | Barclays plc | 4.338 | 05/16/24 | 1,567,014 | ||||||||||||||
| 3,000,000 | Barclays plc | 3.932 | 05/07/25 | 3,099,358 | ||||||||||||||
| 5,055,000 | i | BB&T Corp | DGS5 + 3.003% | 4.800 | N/A‡ | 5,054,949 | ||||||||||||
| 1,000,000 | g | BNG Bank NV | 3.125 | 11/08/21 | 1,027,703 | |||||||||||||
| 100,000 | g | BNP Paribas S.A. | 4.375 | 05/12/26 | 106,697 | |||||||||||||
| 925,000 | g,i | BNP Paribas S.A. | USD SWAP SEMI 30/360 5 Y + 4.149% | 6.625 | N/A‡ | 974,719 | ||||||||||||
| 4,000,000 | Capital One Bank USA NA | 2.350 | 01/31/20 | 4,001,197 | ||||||||||||||
| 3,000,000 | Capital One Bank USA NA | 2.650 | 08/08/22 | 3,034,554 | ||||||||||||||
| 2,825,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 2,911,327 | ||||||||||||||
| 5,000,000 | CitiBank NA | 2.100 | 06/12/20 | 5,001,580 | ||||||||||||||
| 6,735,000 | CitiBank NA | 2.850 | 02/12/21 | 6,812,028 | ||||||||||||||
| 9,995,000 | Citigroup, Inc | 3.200 | 10/21/26 | 10,318,630 | ||||||||||||||
| 2,805,000 | Citigroup, Inc | 4.300 | 11/20/26 | 3,018,239 | ||||||||||||||
| 2,150,000 | Citigroup, Inc | 3.668 | 07/24/28 | 2,275,618 | ||||||||||||||
| 4,965,000 | Citigroup, Inc | 3.980 | 03/20/30 | 5,412,814 | ||||||||||||||
| 6,000,000 | Citigroup, Inc | 5.000 | N/A‡ | 6,073,200 | ||||||||||||||
| 1,525,000 | Citizens Bank NA | 2.650 | 05/26/22 | 1,543,391 | ||||||||||||||
| 1,380,000 | Cooperatieve Rabobank UA | 3.950 | 11/09/22 | 1,437,376 | ||||||||||||||
| 1,350,000 | g | Cooperatieve Rabobank UA | 2.625 | 07/22/24 | 1,366,741 | |||||||||||||
| 5,725,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 5,940,104 | ||||||||||||||
| 1,075,000 | g | Credit Agricole S.A. | 2.375 | 07/01/21 | 1,078,395 | |||||||||||||
| 2,325,000 | g | Credit Agricole S.A. | 3.250 | 10/04/24 | 2,393,545 | |||||||||||||
| 1,525,000 | g,i | DBS Group Holdings Ltd | USD ICE SWAP RATE 11:00 NY 5 + 1.590% | 4.520 | 12/11/28 | 1,621,902 | ||||||||||||
| 1,206,000 | Discover Bank | 3.200 | 08/09/21 | 1,224,331 | ||||||||||||||
| 2,450,000 | Discover Bank | 2.450 | 09/12/24 | 2,443,354 | ||||||||||||||
| 800,000 | Discover Bank | 4.250 | 03/13/26 | 860,516 | ||||||||||||||
| 1,625,000 | Discover Bank | 3.450 | 07/27/26 | 1,675,917 | ||||||||||||||
| 195 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 4,075,000 | HSBC Holdings plc | 2.650 | % | 01/05/22 | $ | 4,104,242 | |||||||||||
| 1,275,000 | HSBC Holdings plc | 3.262 | 03/13/23 | 1,297,122 | ||||||||||||||
| 1,100,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 1,116,296 | ||||||||||||||
| 1,200,000 | HSBC Holdings plc | 3.803 | 03/11/25 | 1,250,115 | ||||||||||||||
| 1,300,000 | HSBC Holdings plc | 3.900 | 05/25/26 | 1,378,682 | ||||||||||||||
| 4,300,000 | HSBC Holdings plc | 4.292 | 09/12/26 | 4,615,955 | ||||||||||||||
| 1,930,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 2,069,671 | ||||||||||||||
| 1,250,000 | HSBC Holdings plc | 4.041 | 03/13/28 | 1,326,798 | ||||||||||||||
| 2,200,000 | HSBC Holdings plc | 3.973 | 05/22/30 | 2,349,493 | ||||||||||||||
| 990,000 | Huntington Bancshares, Inc | 4.000 | 05/15/25 | 1,061,454 | ||||||||||||||
| 2,625,000 | Huntington National Bank | 2.500 | 08/07/22 | 2,652,070 | ||||||||||||||
| 1,075,000 | g | ING Groep NV | 4.625 | 01/06/26 | 1,189,174 | |||||||||||||
| 1,100,000 | ING Groep NV | 3.950 | 03/29/27 | 1,185,076 | ||||||||||||||
| 2,175,000 | JPMorgan Chase & Co | 2.776 | 04/25/23 | 2,206,211 | ||||||||||||||
| 700,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 712,006 | ||||||||||||||
| 5,000,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 5,327,007 | ||||||||||||||
| 660,000 | JPMorgan Chase & Co | 3.900 | 07/15/25 | 712,155 | ||||||||||||||
| 350,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 363,741 | ||||||||||||||
| 4,075,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 4,182,834 | ||||||||||||||
| 14,980,000 | JPMorgan Chase & Co | 3.702 | 05/06/30 | 16,068,916 | ||||||||||||||
| 2,325,000 | JPMorgan Chase & Co | 3.882 | 07/24/38 | 2,553,146 | ||||||||||||||
| 1,250,000 | JPMorgan Chase & Co | 4.260 | 02/22/48 | 1,459,177 | ||||||||||||||
| 3,900,000 | JPMorgan Chase & Co | 5.000 | N/A‡ | 4,007,250 | ||||||||||||||
| 1,500,000 | JPMorgan Chase & Co | 6.750 | N/A‡ | 1,665,000 | ||||||||||||||
| 7,195,000 | JPMorgan Chase Bank NA | 3.086 | 04/26/21 | 7,232,923 | ||||||||||||||
| 775,000 | KeyBank NA | 2.500 | 12/15/19 | 775,423 | ||||||||||||||
| 890,000 | Keycorp | 5.000 | N/A‡ | 920,038 | ||||||||||||||
| 2,200,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 2,200,093 | ||||||||||||||
| 2,500,000 | Mitsubishi UFJ Financial Group, Inc | 3.761 | 07/26/23 | 2,625,552 | ||||||||||||||
| 1,400,000 | Mitsubishi UFJ Financial Group, Inc | 3.195 | 07/18/29 | 1,449,375 | ||||||||||||||
| 600,000 | Mitsubishi UFJ Financial Group, Inc | 3.751 | 07/18/39 | 646,399 | ||||||||||||||
| 1,725,000 | g | Mitsubishi UFJ Trust & Banking Corp | 2.450 | 10/16/19 | 1,725,190 | |||||||||||||
| 400,000 | MUFG Americas Holdings Corp | 3.500 | 06/18/22 | 412,246 | ||||||||||||||
| 1,140,000 | Northern Trust Corp | 3.950 | 10/30/25 | 1,240,498 | ||||||||||||||
| 3,500,000 | PNC Bank NA | 2.600 | 07/21/20 | 3,513,671 | ||||||||||||||
| 1,275,000 | PNC Bank NA | 2.450 | 11/05/20 | 1,280,699 | ||||||||||||||
| 2,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 2,675,777 | ||||||||||||||
| 10,000,000 | g | Royal Bank of Canada | 3.350 | 10/22/21 | 10,291,286 | |||||||||||||
| 2,900,000 | Royal Bank of Canada | 2.550 | 07/16/24 | 2,939,794 | ||||||||||||||
| 2,325,000 | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 2,379,335 | ||||||||||||||
| 3,000,000 | g | Skandinaviska Enskilda Banken AB | 2.625 | 11/17/20 | 3,015,047 | |||||||||||||
| 2,125,000 | g | State Bank of India | 4.375 | 01/24/24 | 2,250,272 | |||||||||||||
| 1,500,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 1,501,063 | ||||||||||||||
| 3,675,000 | Sumitomo Mitsui Financial Group, Inc | 2.778 | 10/18/22 | 3,728,747 | ||||||||||||||
| 2,250,000 | Sumitomo Mitsui Financial Group, Inc | 2.696 | 07/16/24 | 2,275,555 | ||||||||||||||
| 1,350,000 | SunTrust Bank | 3.525 | 10/26/21 | 1,368,945 | ||||||||||||||
| 575,000 | SunTrust Bank | 2.750 | 05/01/23 | 585,216 | ||||||||||||||
| 1,000,000 | SunTrust Bank | 4.050 | 11/03/25 | 1,092,913 | ||||||||||||||
| 1,195,000 | SunTrust Bank, Inc | 5.050 | N/A‡ | 1,209,292 | ||||||||||||||
| 2,700,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 2,697,836 | ||||||||||||||
| 475,000 | i | Toronto-Dominion Bank | USD SWAP SEMI 30/360 5 Y + 2.205% | 3.625 | 09/15/31 | 490,686 | ||||||||||||
| 196 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 2,500,000 | g,i | Turkiye Garanti Bankasi AS. | USD SWAP SEMI 30/360 5 Y + 4.220% | 6.125 | % | 05/24/27 | $ | 2,240,250 | |||||||||
| 2,300,000 | g | Turkiye Is Bankasi | 6.125 | 04/25/24 | 2,208,063 | |||||||||||||
| 850,000 | g | UBS AG. | 2.450 | 12/01/20 | 853,044 | |||||||||||||
| 1,775,000 | g | UBS Group AG. | 3.126 | 08/13/30 | 1,787,580 | |||||||||||||
| 5,000,000 | Westpac Banking Corp | 2.750 | 01/11/23 | 5,102,161 | ||||||||||||||
| 1,700,000 | i | Westpac Banking Corp | USD ICE SWAP RATE 11:00 NY 5 + 2.236% | 4.322 | 11/23/31 | 1,797,471 | ||||||||||||
| TOTAL BANKS | 285,895,248 | |||||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||||
| 1,300,000 | Anixter, Inc | 5.125 | 10/01/21 | 1,352,000 | ||||||||||||||
| 1,500,000 | Anixter, Inc | 6.000 | 12/01/25 | 1,657,500 | ||||||||||||||
| 325,000 | g,h | Beacon Roofing Supply, Inc | 4.500 | 11/15/26 | 327,438 | |||||||||||||
| 2,000,000 | g | BOC Aviation Ltd | 3.000 | 09/11/29 | 1,974,013 | |||||||||||||
| 600,000 | g | Cloud Crane LLC | 10.125 | 08/01/24 | 642,000 | |||||||||||||
| 1,350,000 | General Electric Co | 4.125 | 10/09/42 | 1,362,737 | ||||||||||||||
| 1,300,000 | g | Gold Fields Orogen Holdings BVI Ltd | 5.125 | 05/15/24 | 1,373,515 | |||||||||||||
| 2,595,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.800 | 03/21/29 | 2,763,160 | ||||||||||||||
| 1,590,000 | John Deere Capital Corp | 2.650 | 06/24/24 | 1,633,467 | ||||||||||||||
| 700,000 | Lam Research Corp | 3.750 | 03/15/26 | 747,167 | ||||||||||||||
| 775,000 | Lam Research Corp | 4.000 | 03/15/29 | 854,856 | ||||||||||||||
| 500,000 | g | Land O’ Lakes, Inc | 8.000 | N/A‡ | 502,500 | |||||||||||||
| 1,675,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 1,682,347 | ||||||||||||||
| 1,475,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 1,477,378 | |||||||||||||
| 375,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 391,457 | |||||||||||||
| 467,000 | Mosaic Co | 4.875 | 11/15/41 | 461,530 | ||||||||||||||
| 3,000,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 3,075,000 | |||||||||||||
| 1,925,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 2,020,726 | ||||||||||||||
| 725,000 | Northrop Grumman Corp | 4.030 | 10/15/47 | 821,863 | ||||||||||||||
| 4,615,000 | Parker-Hannifin Corp | 3.250 | 06/14/29 | 4,808,430 | ||||||||||||||
| 1,100,000 | g | Rolls-Royce plc | 2.375 | 10/14/20 | 1,101,222 | |||||||||||||
| 400,000 | g | Rolls-Royce plc | 3.625 | 10/14/25 | 416,510 | |||||||||||||
| 1,300,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 1,389,858 | ||||||||||||||
| 1,790,000 | g | Stena AB | 7.000 | 02/01/24 | 1,794,475 | |||||||||||||
| 475,000 | Textron, Inc | 3.875 | 03/01/25 | 501,458 | ||||||||||||||
| 2,000,000 | TransDigm, Inc | 6.000 | 07/15/22 | 2,030,000 | ||||||||||||||
| 200,000 | Trimble, Inc | 4.900 | 06/15/28 | 217,043 | ||||||||||||||
| 5,850,000 | United Technologies Corp | 3.650 | 08/16/23 | 6,187,955 | ||||||||||||||
| 5,500,000 | United Technologies Corp | 4.125 | 11/16/28 | 6,224,038 | ||||||||||||||
| 1,725,000 | United Technologies Corp | 4.500 | 06/01/42 | 2,069,409 | ||||||||||||||
| TOTAL CAPITAL GOODS | 51,861,052 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||||||||||||
| 770,000 | ADT Corp | 4.125 | 06/15/23 | 781,550 | ||||||||||||||
| 3,150,000 | AECOM | 5.875 | 10/15/24 | 3,424,050 | ||||||||||||||
| 2,866,744 | g | British Airways | 3.800 | 09/20/31 | 3,030,722 | |||||||||||||
| 400,000 | g | KAR Auction Services, Inc | 5.125 | 06/01/25 | 414,000 | |||||||||||||
| 775,000 | g | Prime Security Services Borrower LLC | 5.250 | 04/15/24 | 795,576 | |||||||||||||
| 2,750,000 | g | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 2,863,575 | |||||||||||||
| 1,000,000 | Republic Services, Inc | 3.550 | 06/01/22 | 1,035,373 | ||||||||||||||
| 197 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 1,550,000 | Republic Services, Inc | 2.900 | % | 07/01/26 | $ | 1,595,055 | |||||||||||
| 200,000 | g | Ritchie Bros Auctioneers, Inc | 5.375 | 01/15/25 | 208,750 | |||||||||||||
| 675,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 691,875 | ||||||||||||||
| 590,000 | g,i | Standard Chartered plc | USD SWAP SEMI 30/360 5 Y + 6.301% | 7.500 | N/A‡ | 623,187 | ||||||||||||
| 4,789,046 | United Airlines Pass Through Trust | 3.700 | 03/01/30 | 4,973,411 | ||||||||||||||
| 1,425,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 1,482,712 | ||||||||||||||
| 1,625,000 | United Rentals North America, Inc | 6.500 | 12/15/26 | 1,770,438 | ||||||||||||||
| 1,550,000 | Waste Management, Inc | 2.900 | 09/15/22 | 1,590,654 | ||||||||||||||
| 900,000 | Waste Management, Inc | 2.950 | 06/15/24 | 930,610 | ||||||||||||||
| 2,100,000 | Waste Management, Inc | 3.150 | 11/15/27 | 2,210,529 | ||||||||||||||
| 1,800,000 | Waste Management, Inc | 3.450 | 06/15/29 | 1,941,407 | ||||||||||||||
| 550,000 | Waste Management, Inc | 4.100 | 03/01/45 | 631,198 | ||||||||||||||
| 850,000 | Waste Management, Inc | 4.150 | 07/15/49 | 993,661 | ||||||||||||||
| 1,000,000 | g | XPO Logistics, Inc | 6.125 | 09/01/23 | 1,032,500 | |||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 33,020,833 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||||
| 1,000,000 | DR Horton, Inc | 5.750 | 08/15/23 | 1,110,615 | ||||||||||||||
| 325,000 | g | Hanesbrands, Inc | 4.625 | 05/15/24 | 342,472 | |||||||||||||
| 400,000 | Leggett & Platt, Inc | 4.400 | 03/15/29 | 431,092 | ||||||||||||||
| 2,250,000 | Lennar Corp | 4.500 | 04/30/24 | 2,370,375 | ||||||||||||||
| 1,870,000 | Lennar Corp | 5.875 | 11/15/24 | 2,071,025 | ||||||||||||||
| 1,600,000 | g | LGI Homes, Inc | 6.875 | 07/15/26 | 1,664,000 | |||||||||||||
| 1,725,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 1,801,985 | ||||||||||||||
| 1,800,000 | Newell Rubbermaid, Inc | 5.500 | 04/01/46 | 1,929,803 | ||||||||||||||
| 600,000 | PulteGroup, Inc | 5.500 | 03/01/26 | 655,500 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 12,376,867 | |||||||||||||||||
| CONSUMER SERVICES - 0.7% | ||||||||||||||||||
| 8,000,000 | Anheuser-Busch Cos LLC | 3.650 | 02/01/26 | 8,571,788 | ||||||||||||||
| 3,095,000 | Anheuser-Busch Cos LLC | 4.900 | 02/01/46 | 3,681,805 | ||||||||||||||
| 600,000 | Boyd Gaming Corp | 6.375 | 04/01/26 | 636,000 | ||||||||||||||
| 900,000 | Boyd Gaming Corp | 6.000 | 08/15/26 | 949,417 | ||||||||||||||
| 1,200,000 | g | Cott Holdings, Inc | 5.500 | 04/01/25 | 1,245,036 | |||||||||||||
| 585,000 | Hilton Domestic Operating Co, Inc | 5.125 | 05/01/26 | 614,250 | ||||||||||||||
| 1,070,000 | g | International Game Technology | 6.250 | 02/15/22 | 1,129,136 | |||||||||||||
| 2,070,000 | g | International Game Technology | 6.500 | 02/15/25 | 2,297,845 | |||||||||||||
| 675,000 | g | Melco Resorts Finance Ltd | 5.625 | 07/17/27 | 700,549 | |||||||||||||
| 1,450,000 | g | MGM China Holdings Ltd | 5.875 | 05/15/26 | 1,518,875 | |||||||||||||
| 1,000,000 | MGM Resorts International | 6.625 | 12/15/21 | 1,084,500 | ||||||||||||||
| 2,355,000 | Nature Conservancy | 3.333 | 02/01/24 | 2,353,083 | ||||||||||||||
| 2,745,000 | Northwestern University | 3.812 | 12/01/50 | 2,885,683 | ||||||||||||||
| 1,400,000 | Sands China Ltd | 5.400 | 08/08/28 | 1,576,926 | ||||||||||||||
| 325,000 | g | Scientific Games International, Inc | 5.000 | 10/15/25 | 335,335 | |||||||||||||
| 1,000,000 | g | ServiceMaster Co LLC | 5.125 | 11/15/24 | 1,037,500 | |||||||||||||
| 1,335,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 1,355,025 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 31,972,753 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 4.3% | ||||||||||||||||||
| 2,000,000 | AerCap Ireland Capital DAC | 4.625 | 07/01/22 | 2,111,927 | ||||||||||||||
| 198 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 900,000 | AerCap Ireland Capital DAC | 3.650 | % | 07/21/27 | $ | 916,981 | |||||||||||
| 3,200,000 | American Express Co | 2.500 | 08/01/22 | 3,232,333 | ||||||||||||||
| 2,312,000 | American Express Co | 3.700 | 08/03/23 | 2,436,049 | ||||||||||||||
| 975,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 993,110 | ||||||||||||||
| 1,500,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 1,526,308 | ||||||||||||||
| 1,380,000 | g,i | Banco Mercantil del Norte S.A. | DGS5 + 4.967% | 6.750 | N/A‡ | 1,378,344 | ||||||||||||
| 5,000,000 | g | Bank of Montreal | 2.500 | 01/11/22 | 5,066,610 | |||||||||||||
| 1,275,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.432% | 3.803 | 12/15/32 | 1,322,341 | ||||||||||||
| 2,850,000 | g,i | BBVA Bancomer S.A. | DGS5 + 2.650% | 5.125 | 01/18/33 | 2,714,625 | ||||||||||||
| 2,775,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 2,931,990 | ||||||||||||||
| 500,000 | g | BPCE S.A. | 4.000 | 09/12/23 | 526,682 | |||||||||||||
| 1,300,000 | g | BPCE S.A. | 4.625 | 07/11/24 | 1,385,518 | |||||||||||||
| 435,000 | g | BPCE S.A. | 4.500 | 03/15/25 | 462,206 | |||||||||||||
| 3,500,000 | g,i | Caelus Re V Ltd | US Treasury Bill 3 M + 3.130% | 4.937 | 06/05/20 | 3,357,550 | ||||||||||||
| 1,055,000 | Capital One Financial Corp | 3.750 | 03/09/27 | 1,109,551 | ||||||||||||||
| 995,000 | Capital One Financial Corp | 5.550 | N/A‡ | 1,006,443 | ||||||||||||||
| 2,850,000 | g | Comcel Trust | 6.875 | 02/06/24 | 2,935,500 | |||||||||||||
| 2,500,000 | g | Credit Suisse Group AG. | 2.997 | 12/14/23 | 2,523,658 | |||||||||||||
| 775,000 | g | Credit Suisse Group AG. | 4.282 | 01/09/28 | 833,363 | |||||||||||||
| 4,000,000 | g,i | Credit Suisse Group AG. | DGS5 + 4.822% | 6.375 | N/A‡ | 4,140,000 | ||||||||||||
| 4,075,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 4,255,124 | ||||||||||||||
| 2,325,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 2,443,221 | ||||||||||||||
| 830,000 | g | Danske Bank AS | 5.375 | 01/12/24 | 911,784 | |||||||||||||
| 2,350,000 | Deutsche Bank AG. | 3.950 | 02/27/23 | 2,383,932 | ||||||||||||||
| 1,550,000 | Ford Motor Credit Co LLC | 2.425 | 06/12/20 | 1,546,122 | ||||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.750 | 02/01/21 | 1,033,788 | ||||||||||||||
| 1,775,000 | Ford Motor Credit Co LLC | 3.096 | 05/04/23 | 1,742,258 | ||||||||||||||
| 1,140,000 | Ford Motor Credit Co LLC | 5.584 | 03/18/24 | 1,212,513 | ||||||||||||||
| 1,050,000 | Ford Motor Credit Co LLC | 3.815 | 11/02/27 | 995,751 | ||||||||||||||
| 10,000,000 | GE Capital International Funding Co | 2.342 | 11/15/20 | 9,975,657 | ||||||||||||||
| 1,775,000 | GE Capital International Funding Co | 3.373 | 11/15/25 | 1,811,072 | ||||||||||||||
| 1,400,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 1,468,475 | ||||||||||||||
| 115,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 152,211 | ||||||||||||||
| 1,800,000 | General Motors Financial Co, Inc | 5.650 | 01/17/29 | 1,984,876 | ||||||||||||||
| 7,600,000 | Goldman Sachs Group, Inc | 2.625 | 04/25/21 | 7,645,971 | ||||||||||||||
| 660,000 | Goldman Sachs Group, Inc | 5.250 | 07/27/21 | 695,449 | ||||||||||||||
| 2,230,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 2,402,654 | ||||||||||||||
| 1,250,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 1,333,774 | ||||||||||||||
| 1,050,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 1,095,497 | ||||||||||||||
| 10,625,000 | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 11,154,732 | ||||||||||||||
| 2,800,000 | Goldman Sachs Group, Inc | 3.814 | 04/23/29 | 2,968,477 | ||||||||||||||
| 1,300,000 | Goldman Sachs Group, Inc | 4.017 | 10/31/38 | 1,398,658 | ||||||||||||||
| 1,425,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 1,706,089 | ||||||||||||||
| 5,050,000 | Goldman Sachs Group, Inc | 5.500 | N/A‡ | 5,302,500 | ||||||||||||||
| 2,000,000 | g | GrupoSura Finance S.A. | 5.500 | 04/29/26 | 2,222,500 | |||||||||||||
| 2,000,000 | g | High Street Funding Trust I | 4.111 | 02/15/28 | 2,150,000 | |||||||||||||
| 1,000,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 1,010,625 | ||||||||||||||
| 2,000,000 | Icahn Enterprises LP | 6.250 | 02/01/22 | 2,052,000 | ||||||||||||||
| 2,000,000 | ICICI Bank Ltd | 3.125 | 08/12/20 | 2,005,679 | ||||||||||||||
| 2,650,000 | g | ICICI Bank Ltd | 3.800 | 12/14/27 | 2,737,035 | |||||||||||||
| 2,000,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 2,191,297 | ||||||||||||||
| 199 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 425,000 | Legg Mason, Inc | 3.950 | % | 07/15/24 | $ | 449,976 | |||||||||||
| 1,550,000 | Morgan Stanley | 5.500 | 07/28/21 | 1,644,189 | ||||||||||||||
| 6,550,000 | Morgan Stanley | 3.125 | 01/23/23 | 6,719,088 | ||||||||||||||
| 6,000,000 | Morgan Stanley | 3.737 | 04/24/24 | 6,265,866 | ||||||||||||||
| 4,700,000 | Morgan Stanley | 3.700 | 10/23/24 | 4,979,131 | ||||||||||||||
| 1,250,000 | Morgan Stanley | 2.720 | 07/22/25 | 1,264,423 | ||||||||||||||
| 7,925,000 | Morgan Stanley | 3.125 | 07/27/26 | 8,161,817 | ||||||||||||||
| 1,480,000 | Morgan Stanley | 3.950 | 04/23/27 | 1,563,985 | ||||||||||||||
| 400,000 | Navient Corp | 6.625 | 07/26/21 | 420,000 | ||||||||||||||
| 350,000 | Navient Corp | 6.750 | 06/15/26 | 357,980 | ||||||||||||||
| 1,715,000 | g | Quicken Loans, Inc | 5.250 | 01/15/28 | 1,769,880 | |||||||||||||
| 5,000,000 | g,i | Sanders Re Ltd | LIBOR 6 M + 2.990% | 4.734 | 12/06/21 | 4,902,000 | ||||||||||||
| 5,775,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 5,959,715 | ||||||||||||||
| 870,000 | g,i | Societe Generale SA | USD SWAP SEMI 30/360 5 Y + 3.929% | 6.750 | N/A‡ | 886,313 | ||||||||||||
| 600,000 | Springleaf Finance Corp | 6.125 | 03/15/24 | 645,750 | ||||||||||||||
| 700,000 | g,i | Swiss Re Finance Luxembourg SA | DGS5 + 3.582% | 5.000 | 04/02/49 | 772,771 | ||||||||||||
| 55,000 | Synchrony Financial | 2.850 | 07/25/22 | 55,485 | ||||||||||||||
| 3,000,000 | Synchrony Financial | 4.250 | 08/15/24 | 3,165,217 | ||||||||||||||
| 1,325,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 1,391,715 | ||||||||||||||
| 1,875,000 | g | UBS Group Funding Switzerland AG. | 2.859 | 08/15/23 | 1,895,792 | |||||||||||||
| 1,975,000 | Unilever Capital Corp | 2.900 | 05/05/27 | 2,064,671 | ||||||||||||||
| 1,700,000 | g,i | United Overseas Bank Ltd | DGS5 + 1.500% | 3.750 | 04/15/29 | 1,763,347 | ||||||||||||
| 1,355,000 | Wells Fargo & Co | 4.600 | 04/01/21 | 1,404,271 | ||||||||||||||
| 15,850,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 16,026,338 | ||||||||||||||
| 2,075,000 | Wells Fargo & Co | 3.750 | 01/24/24 | 2,197,528 | ||||||||||||||
| 1,050,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 1,110,839 | ||||||||||||||
| 2,800,000 | Wells Fargo & Co | 3.000 | 04/22/26 | 2,871,567 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 205,610,464 | |||||||||||||||||
| ENERGY - 3.8% | ||||||||||||||||||
| 1,450,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 1,690,916 | |||||||||||||
| 600,000 | AmeriGas Partners LP | 5.625 | 05/20/24 | 642,375 | ||||||||||||||
| 400,000 | AmeriGas Partners LP | 5.875 | 08/20/26 | 438,620 | ||||||||||||||
| 1,000,000 | AmeriGas Partners LP | 5.750 | 05/20/27 | 1,077,500 | ||||||||||||||
| 2,675,000 | g | Antero Midstream Partners LP | 5.750 | 03/01/27 | 2,226,884 | |||||||||||||
| 700,000 | Apache Corp | 4.750 | 04/15/43 | 672,414 | ||||||||||||||
| 300,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 322,631 | |||||||||||||
| 3,950,000 | g | Archrock Partners LP / Archrock Partners Finance Corp | 6.875 | 04/01/27 | 4,191,779 | |||||||||||||
| 1,185,000 | Baker Hughes a GE Co LLC | 2.773 | 12/15/22 | 1,204,774 | ||||||||||||||
| 825,000 | BP Capital Markets America, Inc | 2.520 | 09/19/22 | 834,955 | ||||||||||||||
| 630,000 | BP Capital Markets America, Inc | 3.224 | 04/14/24 | 656,153 | ||||||||||||||
| 1,000,000 | BP Capital Markets America, Inc | 3.796 | 09/21/25 | 1,080,557 | ||||||||||||||
| 4,500,000 | BP Capital Markets America, Inc | 3.588 | 04/14/27 | 4,804,780 | ||||||||||||||
| 850,000 | BP Capital Markets plc | 2.520 | 09/19/22 | 859,130 | ||||||||||||||
| 1,425,000 | BP Capital Markets plc | 3.279 | 09/19/27 | 1,500,132 | ||||||||||||||
| 173,000 | † | California Resources Corp | 6.000 | 11/15/24 | 60,550 | |||||||||||||
| 500,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 482,500 | ||||||||||||||
| 550,000 | Calumet Specialty Products Partners LP | 7.750 | 04/15/23 | 510,125 | ||||||||||||||
| 2,450,000 | Cenovus Energy, Inc | 4.250 | 04/15/27 | 2,554,554 | ||||||||||||||
| 300,000 | Cheniere Corpus Christi Holdings LLC | 7.000 | 06/30/24 | 344,625 | ||||||||||||||
| 200 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 750,000 | Cheniere Corpus Christi Holdings LLC | 5.875 | % | 03/31/25 | $ | 834,375 | |||||||||||
| 2,250,000 | Cheniere Energy Partners LP | 5.625 | 10/01/26 | 2,387,587 | ||||||||||||||
| 775,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 789,230 | ||||||||||||||
| 2,100,000 | †,q | Cloud Peak Energy Resources LLC | 12.000 | 11/01/21 | 525,000 | |||||||||||||
| 45,000 | ConocoPhillips Co | 6.500 | 02/01/39 | 65,117 | ||||||||||||||
| 2,325,000 | Crestwood Midstream Partners LP | 5.750 | 04/01/25 | 2,388,937 | ||||||||||||||
| 2,500,000 | g | Denbury Resources, Inc | 7.750 | 02/15/24 | 1,931,250 | |||||||||||||
| 1,975,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 2,319,835 | ||||||||||||||
| 1,450,000 | Energy Transfer Operating LP | 5.250 | 04/15/29 | 1,635,710 | ||||||||||||||
| 2,100,000 | Energy Transfer Operating LP | 6.250 | 04/15/49 | 2,549,732 | ||||||||||||||
| 6,420,000 | Energy Transfer Partners LP | 3.600 | 02/01/23 | 6,595,329 | ||||||||||||||
| 5,930,000 | Energy Transfer Partners LP | 4.200 | 09/15/23 | 6,238,660 | ||||||||||||||
| 1,675,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 1,815,941 | ||||||||||||||
| 2,000,000 | Energy Transfer Partners LP | 4.950 | 06/15/28 | 2,198,488 | ||||||||||||||
| 750,000 | Ensco plc | 5.200 | 03/15/25 | 408,750 | ||||||||||||||
| 1,105,000 | Enterprise Products Operating LLC | 2.800 | 02/15/21 | 1,115,427 | ||||||||||||||
| 1,025,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 1,089,637 | ||||||||||||||
| 1,550,000 | Enterprise Products Operating LLC | 3.125 | 07/31/29 | 1,585,186 | ||||||||||||||
| 750,000 | Enterprise Products Operating LLC | 4.900 | 05/15/46 | 870,126 | ||||||||||||||
| 1,025,000 | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 1,102,738 | ||||||||||||||
| 1,600,000 | Enterprise Products Operating LLC | 4.800 | 02/01/49 | 1,856,390 | ||||||||||||||
| 1,105,000 | Enterprise Products Operating LLC | 4.200 | 01/31/50 | 1,181,569 | ||||||||||||||
| 2,250,000 | g | Gazprom OAO Via Gaz Capital S.A. | 5.150 | 02/11/26 | 2,446,636 | |||||||||||||
| 2,175,000 | Genesis Energy LP | 6.500 | 10/01/25 | 2,120,625 | ||||||||||||||
| 3,750,000 | Genesis Energy LP | 6.250 | 05/15/26 | 3,609,375 | ||||||||||||||
| 1,425,000 | g | Hess Infrastructure Partners LP | 5.625 | 02/15/26 | 1,489,125 | |||||||||||||
| 1,700,000 | g | KazMunayGas National Co JSC | 5.375 | 04/24/30 | 1,909,847 | |||||||||||||
| 940,000 | Kinder Morgan Energy Partners LP | 5.400 | 09/01/44 | 1,077,557 | ||||||||||||||
| 1,000,000 | Kinder Morgan, Inc | 3.450 | 02/15/23 | 1,031,370 | ||||||||||||||
| 400,000 | Kinder Morgan, Inc | 5.300 | 12/01/34 | 459,517 | ||||||||||||||
| 975,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 976,908 | ||||||||||||||
| 2,200,000 | Marathon Petroleum Corp | 3.800 | 04/01/28 | 2,293,476 | ||||||||||||||
| 225,000 | g | MPLX LP | 6.375 | 05/01/24 | 236,027 | |||||||||||||
| 550,000 | g | MPLX LP | 5.250 | 01/15/25 | 580,524 | |||||||||||||
| 1,475,000 | MPLX LP | 4.875 | 06/01/25 | 1,622,841 | ||||||||||||||
| 2,900,000 | MPLX LP | 4.000 | 03/15/28 | 3,023,842 | ||||||||||||||
| 3,125,000 | MPLX LP | 4.500 | 04/15/38 | 3,240,891 | ||||||||||||||
| 1,550,000 | MPLX LP | 4.700 | 04/15/48 | 1,619,046 | ||||||||||||||
| 1,375,000 | Murphy Oil Corp | 6.875 | 08/15/24 | 1,436,875 | ||||||||||||||
| 500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 510,400 | ||||||||||||||
| 450,000 | Murphy Oil USA, Inc | 5.625 | 05/01/27 | 474,750 | ||||||||||||||
| 300,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 314,528 | ||||||||||||||
| 2,350,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 2,439,263 | ||||||||||||||
| 2,075,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 2,264,849 | ||||||||||||||
| 800,000 | Occidental Petroleum Corp | 5.550 | 03/15/26 | 904,561 | ||||||||||||||
| 3,975,000 | Occidental Petroleum Corp | 3.500 | 08/15/29 | 4,035,987 | ||||||||||||||
| 2,125,000 | Occidental Petroleum Corp | 4.300 | 08/15/39 | 2,181,227 | ||||||||||||||
| 2,100,000 | Occidental Petroleum Corp | 4.500 | 07/15/44 | 2,136,608 | ||||||||||||||
| 2,500,000 | ONEOK, Inc | 4.000 | 07/13/27 | 2,616,786 | ||||||||||||||
| 3,050,000 | ONEOK, Inc | 4.350 | 03/15/29 | 3,263,470 | ||||||||||||||
| 5,740,000 | ONEOK, Inc | 3.400 | 09/01/29 | 5,680,741 | ||||||||||||||
| 850,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 875,228 | |||||||||||||
| 2,425,000 | g | Peru LNG Srl | 5.375 | 03/22/30 | 2,515,937 | |||||||||||||
| 201 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 2,314,000 | g | Petrobras Global Finance BV | 5.093 | % | 01/15/30 | $ | 2,413,849 | ||||||||||
| 2,000,000 | Petrobras Global Finance BV | 6.900 | 03/19/49 | 2,294,000 | ||||||||||||||
| 705,000 | Petro-Canada | 6.800 | 05/15/38 | 985,639 | ||||||||||||||
| 2,800,000 | Petroleos Mexicanos | 6.500 | 03/13/27 | 2,914,800 | ||||||||||||||
| 1,250,000 | Petroleos Mexicanos | 5.350 | 02/12/28 | 1,194,537 | ||||||||||||||
| 1,992,000 | g,h | Petroleos Mexicanos | 6.840 | 01/23/30 | 2,060,126 | |||||||||||||
| 1,425,000 | Phillips 66 Partners LP | 3.550 | 10/01/26 | 1,469,769 | ||||||||||||||
| 625,000 | Phillips 66 Partners LP | 3.150 | 12/15/29 | 615,046 | ||||||||||||||
| 1,025,000 | Phillips 66 Partners LP | 4.680 | 02/15/45 | 1,100,401 | ||||||||||||||
| 800,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 811,107 | ||||||||||||||
| 800,000 | Regency Energy Partners LP | 5.750 | 09/01/20 | 817,765 | ||||||||||||||
| 475,000 | Regency Energy Partners LP | 4.500 | 11/01/23 | 503,405 | ||||||||||||||
| 2,500,000 | g | Reliance Industries Ltd | 3.667 | 11/30/27 | 2,610,525 | |||||||||||||
| 1,775,000 | g | Rio Oil Finance Trust | 8.200 | 04/06/28 | 2,032,375 | |||||||||||||
| 705,000 | Sabine Pass Liquefaction LLC | 5.875 | 06/30/26 | 808,216 | ||||||||||||||
| 1,950,000 | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 2,067,304 | ||||||||||||||
| 1,300,000 | Shell International Finance BV | 3.250 | 05/11/25 | 1,377,322 | ||||||||||||||
| 1,350,000 | Shell International Finance BV | 4.000 | 05/10/46 | 1,561,840 | ||||||||||||||
| 1,400,000 | SM Energy Co | 6.125 | 11/15/22 | 1,341,690 | ||||||||||||||
| 2,275,000 | SM Energy Co | 6.625 | 01/15/27 | 1,956,500 | ||||||||||||||
| 800,000 | Spectra Energy Partners LP | 3.500 | 03/15/25 | 832,126 | ||||||||||||||
| 1,400,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 1,449,322 | ||||||||||||||
| 600,000 | Sunoco Logistics Partners Operations LP | 5.400 | 10/01/47 | 654,574 | ||||||||||||||
| 500,000 | Sunoco LP | 4.875 | 01/15/23 | 513,125 | ||||||||||||||
| 540,000 | Targa Resources Partners LP | 4.250 | 11/15/23 | 544,050 | ||||||||||||||
| 1,500,000 | Targa Resources Partners LP | 5.875 | 04/15/26 | 1,584,375 | ||||||||||||||
| 525,000 | g | Targa Resources Partners LP | 6.500 | 07/15/27 | 572,822 | |||||||||||||
| 1,550,000 | g | Targa Resources Partners LP | 6.875 | 01/15/29 | 1,693,483 | |||||||||||||
| 160,000 | Tesoro Logistics LP | 5.500 | 10/15/19 | 160,168 | ||||||||||||||
| 5,200,000 | TransCanada PipeLines Ltd | 4.250 | 05/15/28 | 5,749,545 | ||||||||||||||
| 1,668,750 | g | Transocean Guardian Ltd | 5.875 | 01/15/24 | 1,677,094 | |||||||||||||
| 1,691,000 | g | Transocean Pontus Ltd | 6.125 | 08/01/25 | 1,716,365 | |||||||||||||
| 2,500,000 | g | Tullow Oil plc | 7.000 | 03/01/25 | 2,541,250 | |||||||||||||
| 1,600,000 | USA Compression Partners LP | 6.875 | 04/01/26 | 1,660,000 | ||||||||||||||
| 1,075,000 | g | USA Compression Partners LP | 6.875 | 09/01/27 | 1,109,937 | |||||||||||||
| 1,550,000 | Valero Energy Partners LP | 4.500 | 03/15/28 | 1,694,159 | ||||||||||||||
| 225,000 | Williams Partners LP | 4.900 | 01/15/45 | 237,916 | ||||||||||||||
| 58,000 | WPX Energy, Inc | 8.250 | 08/01/23 | 65,250 | ||||||||||||||
| 775,000 | WPX Energy, Inc | 5.750 | 06/01/26 | 794,375 | ||||||||||||||
| 2,100,000 | g | YPF S.A. | 6.950 | 07/21/27 | 1,598,520 | |||||||||||||
| TOTAL ENERGY | 184,814,457 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 1.0% | ||||||||||||||||||
| 860,000 | Albertsons Cos LLC | 6.625 | 06/15/24 | 900,850 | ||||||||||||||
| 4,800,000 | CVS Health Corp | 2.625 | 08/15/24 | 4,816,568 | ||||||||||||||
| 4,350,000 | CVS Health Corp | 2.875 | 06/01/26 | 4,355,331 | ||||||||||||||
| 5,270,000 | CVS Health Corp | 4.300 | 03/25/28 | 5,700,097 | ||||||||||||||
| 3,250,000 | CVS Health Corp | 3.250 | 08/15/29 | 3,267,792 | ||||||||||||||
| 5,175,000 | CVS Health Corp | 4.780 | 03/25/38 | 5,704,930 | ||||||||||||||
| 2,425,000 | CVS Health Corp | 5.050 | 03/25/48 | 2,757,789 | ||||||||||||||
| 2,400,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 2,451,000 | ||||||||||||||
| 1,150,000 | Kroger Co | 3.700 | 08/01/27 | 1,215,351 | ||||||||||||||
| 202 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 325,000 | Kroger Co | 4.450 | % | 02/01/47 | $ | 335,476 | |||||||||||
| 675,000 | SYSCO Corp | 3.300 | 07/15/26 | 703,274 | ||||||||||||||
| 5,700,000 | Walmart, Inc | 3.700 | 06/26/28 | 6,323,001 | ||||||||||||||
| 2,350,000 | Walmart, Inc | 3.250 | 07/08/29 | 2,539,838 | ||||||||||||||
| 4,075,000 | Walmart, Inc | 2.375 | 09/24/29 | 4,105,922 | ||||||||||||||
| 1,550,000 | Walmart, Inc | 3.950 | 06/28/38 | 1,807,988 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 46,985,207 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.2% | ||||||||||||||||||
| 1,725,000 | Altria Group, Inc | 4.800 | 02/14/29 | 1,891,683 | ||||||||||||||
| 1,400,000 | Altria Group, Inc | 5.950 | 02/14/49 | 1,646,966 | ||||||||||||||
| 6,319,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 6,378,735 | ||||||||||||||
| 1,573,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | 02/01/23 | 1,635,214 | ||||||||||||||
| 5,580,000 | Anheuser-Busch InBev Worldwide, Inc | 4.750 | 01/23/29 | 6,497,946 | ||||||||||||||
| 1,500,000 | Anheuser-Busch InBev Worldwide, Inc | 5.450 | 01/23/39 | 1,897,780 | ||||||||||||||
| 1,975,000 | g | BRF S.A. | 4.875 | 01/24/30 | 1,950,312 | |||||||||||||
| 2,950,000 | Campbell Soup Co | 3.300 | 03/15/21 | 2,992,471 | ||||||||||||||
| 1,400,000 | ConAgra Brands, Inc | 4.850 | 11/01/28 | 1,587,258 | ||||||||||||||
| 450,000 | Constellation Brands, Inc | 4.400 | 11/15/25 | 497,591 | ||||||||||||||
| 2,100,000 | Constellation Brands, Inc | 3.600 | 02/15/28 | 2,217,628 | ||||||||||||||
| 1,800,000 | g | Corp Lindley S.A. | 4.625 | 04/12/23 | 1,892,268 | |||||||||||||
| 3,125,000 | g | Cosan Ltd | 5.500 | 09/20/29 | 3,207,813 | |||||||||||||
| 1,650,000 | Diageo Capital plc | 2.125 | 10/24/24 | 1,649,522 | ||||||||||||||
| 1,275,000 | Diageo Capital plc | 3.875 | 05/18/28 | 1,422,179 | ||||||||||||||
| 2,425,000 | Diageo Capital plc | 2.375 | 10/24/29 | 2,403,078 | ||||||||||||||
| 2,000,000 | g | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 2,115,400 | |||||||||||||
| 1,800,000 | g,i | Grupo Bimbo SAB de C.V. | DGS5 + 3.280% | 5.950 | N/A‡ | 1,893,600 | ||||||||||||
| 1,000,000 | Kellogg Co | 3.400 | 11/15/27 | 1,048,733 | ||||||||||||||
| 2,300,000 | g | Kraft Heinz Foods Co | 3.750 | 04/01/30 | 2,322,070 | |||||||||||||
| 213,000 | g | Lamb Weston Holdings, Inc | 4.625 | 11/01/24 | 224,161 | |||||||||||||
| 2,725,000 | g | MHP Lux S.A. | 6.950 | 04/03/26 | 2,821,080 | |||||||||||||
| 775,000 | PepsiCo, Inc | 3.450 | 10/06/46 | 835,822 | ||||||||||||||
| 100,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 137,620 | ||||||||||||||
| 650,000 | Tyson Foods, Inc | 3.900 | 09/28/23 | 688,773 | ||||||||||||||
| 1,075,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 1,151,386 | ||||||||||||||
| 1,325,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 1,404,275 | ||||||||||||||
| 1,425,000 | Tyson Foods, Inc | 5.100 | 09/28/48 | 1,730,067 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 56,141,431 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.9% | ||||||||||||||||||
| 3,500,000 | Anthem, Inc | 3.650 | 12/01/27 | 3,683,308 | ||||||||||||||
| 3,016,000 | Becton Dickinson & Co | 3.700 | 06/06/27 | 3,195,440 | ||||||||||||||
| 1,200,000 | Boston Scientific Corp | 4.000 | 03/01/29 | 1,326,679 | ||||||||||||||
| 755,000 | g | Centene Escrow I Corp | 5.375 | 06/01/26 | 790,862 | |||||||||||||
| 750,000 | g | CHS/Community Health Systems | 8.000 | 03/15/26 | 748,125 | |||||||||||||
| 375,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 386,137 | ||||||||||||||
| 5,000,000 | Duke University Health System, Inc | 3.920 | 06/01/47 | 5,807,454 | ||||||||||||||
| 848,000 | Encompass Health Corp | 5.750 | 11/01/24 | 856,862 | ||||||||||||||
| 330,000 | HCA, Inc | 5.875 | 02/01/29 | 369,188 | ||||||||||||||
| 5,320,000 | HCA, Inc | 5.500 | 06/15/47 | 6,014,587 | ||||||||||||||
| 132,000 | Medtronic, Inc | 4.625 | 03/15/45 | 169,412 | ||||||||||||||
| 50,000 | Quest Diagnostics, Inc | 4.250 | 04/01/24 | 53,542 | ||||||||||||||
| 203 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 5,800,000 | g | SBA Tower Trust | 2.836 | % | 01/15/25 | $ | 5,807,719 | ||||||||||
| 1,200,000 | Tenet Healthcare Corp | 4.625 | 07/15/24 | 1,233,276 | ||||||||||||||
| 880,000 | g | Tenet Healthcare Corp | 6.250 | 02/01/27 | 915,112 | |||||||||||||
| 1,450,000 | Tenet Healthcare Corp | 6.875 | 11/15/31 | 1,319,500 | ||||||||||||||
| 1,035,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 1,066,258 | ||||||||||||||
| 2,650,000 | UnitedHealth Group, Inc | 2.950 | 10/15/27 | 2,736,104 | ||||||||||||||
| 70,000 | UnitedHealth Group, Inc | 4.750 | 07/15/45 | 84,997 | ||||||||||||||
| 1,400,000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 1,497,513 | ||||||||||||||
| 2,000,000 | UnitedHealth Group, Inc | 3.700 | 08/15/49 | 2,120,314 | ||||||||||||||
| 550,000 | Zimmer Biomet Holdings, Inc | 3.700 | 03/19/23 | 573,098 | ||||||||||||||
| 1,290,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 1,354,536 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 42,110,023 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||||||||||||
| 405,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 405,000 | |||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 405,000 | |||||||||||||||||
| INSURANCE - 1.1% | ||||||||||||||||||
| 3,600,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 3,690,299 | ||||||||||||||
| 150,000 | Aetna, Inc | 6.625 | 06/15/36 | 194,908 | ||||||||||||||
| 53,000 | Aflac, Inc. | 6.450 | 08/15/40 | 73,784 | ||||||||||||||
| 1,500,000 | Allstate Corp | 3.850 | 08/10/49 | 1,661,662 | ||||||||||||||
| 550,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 565,001 | ||||||||||||||
| 2,775,000 | American International Group, Inc | 3.900 | 04/01/26 | 2,955,264 | ||||||||||||||
| 1,150,000 | American International Group, Inc | 4.200 | 04/01/28 | 1,254,241 | ||||||||||||||
| 1,325,000 | Aon Corp | 3.750 | 05/02/29 | 1,414,194 | ||||||||||||||
| 3,275,000 | Aon plc | 3.500 | 06/14/24 | 3,454,979 | ||||||||||||||
| 400,000 | Berkshire Hathaway Finance Corp | 4.250 | 01/15/49 | 474,160 | ||||||||||||||
| 700,000 | CNA Financial Corp | 3.950 | 05/15/24 | 751,310 | ||||||||||||||
| 1,665,000 | CNA Financial Corp | 3.450 | 08/15/27 | 1,726,165 | ||||||||||||||
| 200,000 | CNA Financial Corp | 3.900 | 05/01/29 | 216,137 | ||||||||||||||
| 3,770,000 | g | Cranberry RE Ltd | 3.633 | 07/13/20 | 3,775,655 | |||||||||||||
| 3,025,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 3,270,456 | |||||||||||||
| 585,000 | Genworth Holdings, Inc | 4.800 | 02/15/24 | 538,200 | ||||||||||||||
| 1,650,000 | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 1,644,724 | ||||||||||||||
| 250,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 277,720 | ||||||||||||||
| 1,000,000 | Hartford Financial Services Group, Inc | 3.600 | 08/19/49 | 1,006,380 | ||||||||||||||
| 1,800,000 | Humana, Inc | 3.950 | 03/15/27 | 1,911,704 | ||||||||||||||
| 144,000 | g | Liberty Mutual Group, Inc | 4.250 | 06/15/23 | 152,697 | |||||||||||||
| 1,521,000 | g | Liberty Mutual Group, Inc | 4.569 | 02/01/29 | 1,697,510 | |||||||||||||
| 325,000 | g | Liberty Mutual Group, Inc | 4.500 | 06/15/49 | 361,077 | |||||||||||||
| 1,215,000 | Lincoln National Corp | 4.000 | 09/01/23 | 1,287,146 | ||||||||||||||
| 600,000 | Lincoln National Corp | 3.800 | 03/01/28 | 634,524 | ||||||||||||||
| 700,000 | Markel Corp | 3.500 | 11/01/27 | 715,779 | ||||||||||||||
| 475,000 | Marsh & McLennan Cos, Inc | 3.500 | 06/03/24 | 501,006 | ||||||||||||||
| 375,000 | Marsh & McLennan Cos, Inc | 3.500 | 03/10/25 | 396,449 | ||||||||||||||
| 875,000 | MetLife, Inc | 3.600 | 11/13/25 | 945,063 | ||||||||||||||
| 500,000 | Orlando Health Obligated Group | 2.981 | 10/01/20 | 501,460 | ||||||||||||||
| 500,000 | Prudential Financial, Inc | 3.905 | 12/07/47 | 537,189 | ||||||||||||||
| 300,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 346,058 | |||||||||||||
| 1,050,000 | Reinsurance Group of America, Inc | 3.900 | 05/15/29 | 1,117,474 | ||||||||||||||
| 204 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 2,500,000 | g,i | Residential Reinsurance 2016 Ltd | US Treasury Bill 3 M + 3.370% | 5.177 | % | 06/06/20 | $ | 2,514,750 | |||||||||
| 2,250,000 | g,i | Residential Reinsurance 2017 Ltd | US Treasury Bill 3 M + 3.170% | 4.977 | 06/06/21 | 2,244,150 | ||||||||||||
| 1,330,000 | Verisk Analytics, Inc | 4.125 | 03/15/29 | 1,465,723 | ||||||||||||||
| 2,200,000 | g,i | Vitality Re X Ltd | 3.557 | 01/10/23 | 2,203,520 | |||||||||||||
| 925,000 | Voya Financial, Inc | DGS5 + 3.358% | 6.125 | N/A‡ | 980,500 | |||||||||||||
| 800,000 | g | WellCare Health Plans, Inc | 5.375 | 08/15/26 | 853,840 | |||||||||||||
| 850,000 | Willis North America, Inc | 3.600 | 05/15/24 | 883,371 | ||||||||||||||
| 150,000 | WR Berkley Corp | 5.375 | 09/15/20 | 154,366 | ||||||||||||||
| 1,515,000 | XLIT Ltd | 4.450 | 03/31/25 | 1,645,491 | ||||||||||||||
| TOTAL INSURANCE | 52,996,086 | |||||||||||||||||
| MATERIALS - 1.4% | ||||||||||||||||||
| 1,200,000 | 3M Co | 3.250 | 08/26/49 | 1,204,488 | ||||||||||||||
| 1,400,000 | Agrium, Inc | 3.375 | 03/15/25 | 1,395,363 | ||||||||||||||
| 675,000 | Albemarle Corp | 5.450 | 12/01/44 | 766,543 | ||||||||||||||
| 200,000 | g | Alcoa Nederland Holding BV | 6.750 | 09/30/24 | 210,250 | |||||||||||||
| 200,000 | g | Alcoa Nederland Holding BV | 7.000 | 09/30/26 | 217,006 | |||||||||||||
| 425,000 | g | American Woodmark Corp | 4.875 | 03/15/26 | 428,188 | |||||||||||||
| 1,365,000 | ArcelorMittal | 6.250 | 02/25/22 | 1,476,575 | ||||||||||||||
| 270,000 | g | Bemis Co, Inc | 3.100 | 09/15/26 | 265,185 | |||||||||||||
| 2,500,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 2,596,900 | |||||||||||||
| 495,000 | Chemours Co | 5.375 | 05/15/27 | 426,952 | ||||||||||||||
| 2,900,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.625 | 08/01/27 | 3,053,816 | |||||||||||||
| 2,000,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.700 | 01/30/50 | 2,002,200 | |||||||||||||
| 675,000 | g | CRH America Finance, Inc | 3.400 | 05/09/27 | 697,313 | |||||||||||||
| 805,000 | DowDuPont, Inc | 4.493 | 11/15/25 | 889,215 | ||||||||||||||
| 4,660,000 | DowDuPont, Inc | 4.725 | 11/15/28 | 5,335,103 | ||||||||||||||
| 1,075,000 | g | Industrias Penoles SAB de C.V. | 4.150 | 09/12/29 | 1,079,031 | |||||||||||||
| 50,000 | International Paper Co | 8.700 | 06/15/38 | 73,661 | ||||||||||||||
| 1,500,000 | International Paper Co | 5.150 | 05/15/46 | 1,690,589 | ||||||||||||||
| 1,925,000 | International Paper Co | 4.350 | 08/15/48 | 1,997,933 | ||||||||||||||
| 2,875,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 3,043,932 | |||||||||||||
| 630,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 648,900 | |||||||||||||
| 2,300,000 | g | Klabin Austria GmbH | 5.750 | 04/03/29 | 2,409,250 | |||||||||||||
| 1,800,000 | g | Klabin Finance S.A. | 4.875 | 09/19/27 | 1,829,268 | |||||||||||||
| 1,400,000 | g | Midwest Connector Capital Co LLC | 3.900 | 04/01/24 | 1,474,766 | |||||||||||||
| 1,400,000 | g | Midwest Connector Capital Co LLC | 4.625 | 04/01/29 | 1,538,376 | |||||||||||||
| 3,000,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 3,085,050 | |||||||||||||
| 1,125,000 | Nutrien Ltd | 3.375 | 03/15/25 | 1,165,696 | ||||||||||||||
| 2,500,000 | g | OCI NV | 6.625 | 04/15/23 | 2,615,448 | |||||||||||||
| 1,700,000 | g | OCP S.A. | 6.875 | 04/25/44 | 2,107,052 | |||||||||||||
| 1,025,000 | Olin Corp | 5.125 | 09/15/27 | 1,048,063 | ||||||||||||||
| 2,400,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 2,547,000 | |||||||||||||
| 2,000,000 | Rio Tinto Finance USA Ltd | 3.750 | 06/15/25 | 2,148,784 | ||||||||||||||
| 2,450,000 | g | SABIC Capital II BV | 4.500 | 10/10/28 | 2,723,872 | |||||||||||||
| 1,075,000 | SASOL Financing USA LLC | 6.500 | 09/27/28 | 1,188,418 | ||||||||||||||
| 1,500,000 | g | Sociedad Quimica y Minera de Chile S.A. | 4.250 | 05/07/29 | 1,595,250 | |||||||||||||
| 2,450,000 | Steel Dynamics, Inc | 5.250 | 04/15/23 | 2,492,875 | ||||||||||||||
| 1,000,000 | Suzano Austria GmbH | 6.000 | 01/15/29 | 1,087,000 | ||||||||||||||
| 300,000 | Suzano Austria GmbH | 5.000 | 01/15/30 | 300,810 | ||||||||||||||
| 1,325,000 | g | Suzano Austria GmbH | 7.000 | 03/16/47 | 1,510,500 | |||||||||||||
| 205 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | g | Tronox Finance plc | 5.750 | % | 10/01/25 | $ | 1,891,500 | ||||||||||
| 2,085,000 | g | Tronox, Inc | 6.500 | 04/15/26 | 1,985,963 | |||||||||||||
| 400,000 | Westlake Chemical Corp | 3.600 | 08/15/26 | 413,077 | ||||||||||||||
| 820,000 | WestRock RKT LLC | 4.900 | 03/01/22 | 867,535 | ||||||||||||||
| TOTAL MATERIALS | 67,524,696 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 1.8% | ||||||||||||||||||
| 725,000 | AMC Networks, Inc | 4.750 | 08/01/25 | 747,656 | ||||||||||||||
| 425,000 | CBS Corp | 2.900 | 06/01/23 | 430,903 | ||||||||||||||
| 850,000 | CBS Corp | 2.900 | 01/15/27 | 842,771 | ||||||||||||||
| 525,000 | CBS Corp | 3.375 | 02/15/28 | 537,597 | ||||||||||||||
| 1,000,000 | g | CBS Radio, Inc | 7.250 | 11/01/24 | 1,035,000 | |||||||||||||
| 3,000,000 | g | CCO Holdings LLC | 5.875 | 04/01/24 | 3,130,380 | |||||||||||||
| 1,075,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 1,084,619 | ||||||||||||||
| 2,450,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 2,692,496 | ||||||||||||||
| 1,700,000 | Charter Communications Operating LLC | 3.750 | 02/15/28 | 1,744,575 | ||||||||||||||
| 2,500,000 | Charter Communications Operating LLC | 5.375 | 05/01/47 | 2,720,480 | ||||||||||||||
| 1,465,000 | Charter Communications Operating LLC | 5.125 | 07/01/49 | 1,560,705 | ||||||||||||||
| 1,800,000 | Comcast Corp | 3.700 | 04/15/24 | 1,919,198 | ||||||||||||||
| 2,900,000 | Comcast Corp | 3.950 | 10/15/25 | 3,157,515 | ||||||||||||||
| 4,750,000 | Comcast Corp | 2.350 | 01/15/27 | 4,727,863 | ||||||||||||||
| 1,400,000 | Comcast Corp | 3.150 | 02/15/28 | 1,459,617 | ||||||||||||||
| 5,000,000 | Comcast Corp | 4.150 | 10/15/28 | 5,610,113 | ||||||||||||||
| 2,975,000 | Comcast Corp | 3.200 | 07/15/36 | 3,051,138 | ||||||||||||||
| 1,000,000 | Comcast Corp | 3.900 | 03/01/38 | 1,107,016 | ||||||||||||||
| 755,000 | Comcast Corp | 6.400 | 05/15/38 | 1,072,056 | ||||||||||||||
| 1,000,000 | CSC Holdings LLC | 6.750 | 11/15/21 | 1,077,500 | ||||||||||||||
| 1,800,000 | g | CSC Holdings LLC | 5.750 | 01/15/30 | 1,881,216 | |||||||||||||
| 1,100,000 | g | Diamond Sports Group LLC | 6.625 | 08/15/27 | 1,139,655 | |||||||||||||
| 850,000 | Discovery Communications LLC | 2.950 | 03/20/23 | 863,687 | ||||||||||||||
| 2,000,000 | Discovery Communications LLC | 4.125 | 05/15/29 | 2,106,875 | ||||||||||||||
| 940,000 | g | Empresa de Transmision Electrica S.A. | 5.125 | 05/02/49 | 1,080,413 | |||||||||||||
| 150,000 | g | Entercom Media Corp | 6.500 | 05/01/27 | 156,750 | |||||||||||||
| 325,000 | g | EW Scripps Co | 5.125 | 05/15/25 | 325,813 | |||||||||||||
| 2,400,000 | g | Gray Escrow, Inc | 7.000 | 05/15/27 | 2,636,880 | |||||||||||||
| 1,400,000 | g | Gray Television, Inc | 5.875 | 07/15/26 | 1,456,000 | |||||||||||||
| 2,785,000 | Grupo Televisa SAB | 6.625 | 01/15/40 | 3,483,481 | ||||||||||||||
| 400,000 | Grupo Televisa SAB | 5.250 | 05/24/49 | 437,739 | ||||||||||||||
| 2,500,000 | g | International Airport Finance S.A. | 12.000 | 03/15/33 | 2,771,875 | |||||||||||||
| 1,000,000 | Lamar Media Corp | 5.000 | 05/01/23 | 1,018,750 | ||||||||||||||
| 775,000 | g | Lima Metro Line 2 Finance Ltd | 4.350 | 04/05/36 | 824,406 | |||||||||||||
| 1,850,000 | g | Lions Gate Capital Holdings LLC | 5.875 | 11/01/24 | 1,900,875 | |||||||||||||
| 1,650,000 | h | LYB International Finance III LLC | 4.200 | 10/15/49 | 1,633,406 | |||||||||||||
| 3,000,000 | g | Medco Oak Tree Pte Ltd | 7.375 | 05/14/26 | 3,023,907 | |||||||||||||
| 975,000 | Meredith, Corp | 6.875 | 02/01/26 | 990,844 | ||||||||||||||
| 500,000 | g | MMK International Capital DAC | 4.375 | 06/13/24 | 522,459 | |||||||||||||
| 540,000 | NBC Universal Media LLC | 6.400 | 04/30/40 | 770,532 | ||||||||||||||
| 925,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 927,590 | |||||||||||||
| 300,000 | Outfront Media Capital LLC | 5.625 | 02/15/24 | 308,625 | ||||||||||||||
| 5,000,000 | g | Saudi Arabian Oil Co | 3.500 | 04/16/29 | 5,218,289 | |||||||||||||
| 2,700,000 | g | Sirius XM Radio, Inc | 5.375 | 07/15/26 | 2,834,622 | |||||||||||||
| 160,000 | g | Tegna, Inc | 5.500 | 09/15/24 | 164,800 | |||||||||||||
| 206 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 800,000 | g | Telenet Finance Luxembourg | 5.500 | % | 03/01/28 | $ | 837,839 | ||||||||||
| 1,500,000 | Time Warner Cable LLC | 5.875 | 11/15/40 | 1,678,416 | ||||||||||||||
| 475,000 | Time Warner Cable LLC | 4.500 | 09/15/42 | 467,111 | ||||||||||||||
| 1,500,000 | g | Vedanta Resources Finance II plc | 9.250 | 04/23/26 | 1,490,625 | |||||||||||||
| 600,000 | Viacom, Inc | 5.850 | 09/01/43 | 737,913 | ||||||||||||||
| 125,000 | g | Walt Disney Co | 7.625 | 11/30/28 | 175,870 | |||||||||||||
| 3,400,000 | Walt Disney Co | 2.000 | 09/01/29 | 3,310,987 | ||||||||||||||
| 90,000 | g | Walt Disney Co | 6.550 | 03/15/33 | 127,728 | |||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 87,015,176 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0% | ||||||||||||||||||
| 1,225,000 | Abbott Laboratories | 3.875 | 09/15/25 | 1,332,359 | ||||||||||||||
| 1,247,000 | Abbott Laboratories | 3.750 | 11/30/26 | 1,358,787 | ||||||||||||||
| 450,000 | Abbott Laboratories | 5.300 | 05/27/40 | 577,483 | ||||||||||||||
| 850,000 | AbbVie, Inc | 2.850 | 05/14/23 | 864,758 | ||||||||||||||
| 450,000 | AbbVie, Inc | 3.600 | 05/14/25 | 467,938 | ||||||||||||||
| 3,725,000 | AbbVie, Inc | 3.200 | 05/14/26 | 3,793,092 | ||||||||||||||
| 2,060,000 | AbbVie, Inc | 4.250 | 11/14/28 | 2,236,983 | ||||||||||||||
| 1,450,000 | AbbVie, Inc | 4.400 | 11/06/42 | 1,496,349 | ||||||||||||||
| 580,000 | AbbVie, Inc | 4.450 | 05/14/46 | 601,152 | ||||||||||||||
| 2,625,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 2,749,031 | ||||||||||||||
| 1,150,000 | AstraZeneca plc | 3.125 | 06/12/27 | 1,196,578 | ||||||||||||||
| 2,000,000 | g | Bausch Health Companies, Inc | 6.500 | 03/15/22 | 2,067,500 | |||||||||||||
| 300,000 | g | Bausch Health Cos, Inc | 5.750 | 08/15/27 | 324,249 | |||||||||||||
| 4,725,000 | g | Bristol-Myers Squibb Co | 3.400 | 07/26/29 | 5,052,045 | |||||||||||||
| 4,500,000 | g | Bristol-Myers Squibb Co | 4.250 | 10/26/49 | 5,240,130 | |||||||||||||
| 625,000 | Celgene Corp | 3.875 | 08/15/25 | 674,708 | ||||||||||||||
| 3,150,000 | Celgene Corp | 3.450 | 11/15/27 | 3,343,755 | ||||||||||||||
| 1,725,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 1,779,015 | ||||||||||||||
| 450,000 | Gilead Sciences, Inc | 4.000 | 09/01/36 | 503,571 | ||||||||||||||
| 1,500,000 | Gilead Sciences, Inc | 4.150 | 03/01/47 | 1,672,342 | ||||||||||||||
| 2,000,000 | Johnson & Johnson | 2.900 | 01/15/28 | 2,103,954 | ||||||||||||||
| 900,000 | Johnson & Johnson | 3.400 | 01/15/38 | 973,485 | ||||||||||||||
| 1,450,000 | Mylan, Inc | 4.550 | 04/15/28 | 1,544,601 | ||||||||||||||
| 1,900,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 2,000,133 | ||||||||||||||
| 5,300,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 3,710,000 | ||||||||||||||
| 690,000 | Teva Pharmaceutical Finance Netherlands III BV | 6.750 | 03/01/28 | 565,800 | ||||||||||||||
| 455,000 | g | Valeant Pharmaceuticals International, Inc | 5.500 | 03/01/23 | 460,688 | |||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 48,690,486 | |||||||||||||||||
| REAL ESTATE - 1.1% | ||||||||||||||||||
| 350,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/27 | 374,785 | ||||||||||||||
| 450,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 485,316 | ||||||||||||||
| 6,000,000 | American Tower Corp | 3.300 | 02/15/21 | 6,085,227 | ||||||||||||||
| 1,200,000 | American Tower Corp | 3.000 | 06/15/23 | 1,227,543 | ||||||||||||||
| 875,000 | American Tower Corp | 5.000 | 02/15/24 | 966,872 | ||||||||||||||
| 1,425,000 | American Tower Corp | 2.950 | 01/15/25 | 1,455,895 | ||||||||||||||
| 475,000 | American Tower Corp | 3.375 | 10/15/26 | 494,558 | ||||||||||||||
| 1,200,000 | American Tower Corp | 3.600 | 01/15/28 | 1,264,691 | ||||||||||||||
| 2,200,000 | American Tower Corp | 3.800 | 08/15/29 | 2,348,646 | ||||||||||||||
| 950,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 999,359 | ||||||||||||||
| 207 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 1,750,000 | Brixmor Operating Partnership LP | 3.850 | % | 02/01/25 | $ | 1,830,209 | |||||||||||
| 525,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 556,902 | ||||||||||||||
| 800,000 | Brixmor Operating Partnership LP | 3.900 | 03/15/27 | 838,791 | ||||||||||||||
| 170,000 | Camden Property Trust | 4.625 | 06/15/21 | 176,087 | ||||||||||||||
| 575,000 | Camden Property Trust | 3.150 | 07/01/29 | 598,430 | ||||||||||||||
| 575,000 | Country Garden Holdings Co Ltd | 4.750 | 09/28/23 | 566,828 | ||||||||||||||
| 780,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 829,218 | ||||||||||||||
| 1,305,000 | Crown Castle International Corp | 3.700 | 06/15/26 | 1,382,873 | ||||||||||||||
| 775,000 | Crown Castle International Corp | 3.650 | 09/01/27 | 821,037 | ||||||||||||||
| 603,000 | DDR Corp | 3.625 | 02/01/25 | 619,470 | ||||||||||||||
| 650,000 | DDR Corp | 4.700 | 06/01/27 | 711,975 | ||||||||||||||
| 625,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 655,972 | ||||||||||||||
| 325,000 | Duke Realty LP | 3.250 | 06/30/26 | 336,426 | ||||||||||||||
| 625,000 | Duke Realty LP | 4.000 | 09/15/28 | 681,433 | ||||||||||||||
| 550,000 | Equity One, Inc | 3.750 | 11/15/22 | 572,691 | ||||||||||||||
| 775,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 799,028 | ||||||||||||||
| 150,000 | HCP, Inc | 3.500 | 07/15/29 | 155,890 | ||||||||||||||
| 150,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 154,912 | ||||||||||||||
| 1,500,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 1,568,588 | ||||||||||||||
| 1,500,000 | Healthcare Realty Trust, Inc | 3.625 | 01/15/28 | 1,560,751 | ||||||||||||||
| 325,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 335,963 | ||||||||||||||
| 1,225,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 1,262,834 | ||||||||||||||
| 375,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 392,920 | ||||||||||||||
| 725,000 | Highwoods Realty LP | 4.125 | 03/15/28 | 772,386 | ||||||||||||||
| 700,000 | Highwoods Realty LP | 4.200 | 04/15/29 | 751,066 | ||||||||||||||
| 460,000 | Hudson Pacific Properties LP | 3.950 | 11/01/27 | 481,967 | ||||||||||||||
| 675,000 | Liberty Property LP | 4.375 | 02/01/29 | 754,341 | ||||||||||||||
| 1,500,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 1,602,448 | ||||||||||||||
| 1,000,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 1,051,362 | ||||||||||||||
| 850,000 | Mid-America Apartments LP | 4.000 | 11/15/25 | 910,922 | ||||||||||||||
| 750,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 793,467 | ||||||||||||||
| 1,250,000 | Mid-America Apartments LP | 3.950 | 03/15/29 | 1,364,380 | ||||||||||||||
| 275,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 285,519 | ||||||||||||||
| 525,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 539,487 | ||||||||||||||
| 550,000 | National Retail Properties, Inc | 4.000 | 11/15/25 | 589,544 | ||||||||||||||
| 600,000 | National Retail Properties, Inc | 3.600 | 12/15/26 | 631,577 | ||||||||||||||
| 875,000 | Regency Centers LP | 3.900 | 11/01/25 | 931,180 | ||||||||||||||
| 925,000 | Regency Centers LP | 3.600 | 02/01/27 | 971,454 | ||||||||||||||
| 1,650,000 | Regency Centers LP | 2.950 | 09/15/29 | 1,646,578 | ||||||||||||||
| 1,750,000 | Ventas Realty LP | 3.000 | 01/15/30 | 1,737,242 | ||||||||||||||
| 1,150,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 1,177,442 | ||||||||||||||
| 450,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 462,077 | ||||||||||||||
| 400,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 424,841 | ||||||||||||||
| 925,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 961,100 | ||||||||||||||
| 300,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 301,731 | ||||||||||||||
| TOTAL REAL ESTATE | 52,254,231 | |||||||||||||||||
| RETAILING - 0.7% | ||||||||||||||||||
| 1,700,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 1,759,500 | ||||||||||||||
| 4,500,000 | AutoNation, Inc | 5.500 | 02/01/20 | 4,547,178 | ||||||||||||||
| 1,090,000 | AutoNation, Inc | 4.500 | 10/01/25 | 1,158,435 | ||||||||||||||
| 900,000 | AutoNation, Inc | 3.800 | 11/15/27 | 909,903 | ||||||||||||||
| 208 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | Enable Midstream Partners LP | 3.900 | % | 05/15/24 | $ | 2,038,806 | |||||||||||
| 585,000 | Enable Midstream Partners LP | 4.150 | 09/15/29 | 563,032 | ||||||||||||||
| 1,775,000 | Home Depot, Inc | 2.000 | 04/01/21 | 1,779,060 | ||||||||||||||
| 2,100,000 | L Brands, Inc | 6.875 | 11/01/35 | 1,823,850 | ||||||||||||||
| 2,100,000 | L Brands, Inc | 6.750 | 07/01/36 | 1,781,535 | ||||||||||||||
| 250,000 | g | Lithia Motors, Inc | 5.250 | 08/01/25 | 260,625 | |||||||||||||
| 1,515,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 1,558,116 | ||||||||||||||
| 790,000 | O’Reilly Automotive, Inc | 3.550 | 03/15/26 | 833,073 | ||||||||||||||
| 1,400,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 1,490,197 | ||||||||||||||
| 2,145,000 | Penske Automotive Group, Inc | 5.500 | 05/15/26 | 2,243,348 | ||||||||||||||
| 3,450,000 | g | PetSmart, Inc | 7.125 | 03/15/23 | 3,243,000 | |||||||||||||
| 3,000,000 | g | Staples, Inc | 7.500 | 04/15/26 | 3,090,900 | |||||||||||||
| 2,200,000 | Target Corp | 3.375 | 04/15/29 | 2,370,405 | ||||||||||||||
| 1,125,000 | Target Corp | 3.625 | 04/15/46 | 1,235,892 | ||||||||||||||
| TOTAL RETAILING | 32,686,855 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||||
| 3,980,000 | Intel Corp | 2.875 | 05/11/24 | 4,136,205 | ||||||||||||||
| 975,000 | Intel Corp | 2.600 | 05/19/26 | 1,002,419 | ||||||||||||||
| 1,325,000 | Intel Corp | 3.734 | 12/08/47 | 1,480,763 | ||||||||||||||
| 1,300,000 | g | NXP BV | 4.875 | 03/01/24 | 1,409,778 | |||||||||||||
| 1,460,000 | g | NXP BV | 3.875 | 06/18/26 | 1,535,286 | |||||||||||||
| 700,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 719,508 | ||||||||||||||
| 775,000 | Texas Instruments, Inc | 4.150 | 05/15/48 | 950,448 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 11,234,407 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.8% | ||||||||||||||||||
| 825,000 | Activision Blizzard, Inc | 2.300 | 09/15/21 | 827,086 | ||||||||||||||
| 875,000 | Activision Blizzard, Inc | 3.400 | 09/15/26 | 910,005 | ||||||||||||||
| 2,000,000 | Baidu, Inc | 2.875 | 07/06/22 | 2,012,475 | ||||||||||||||
| 1,275,000 | Baidu, Inc | 4.375 | 05/14/24 | 1,360,468 | ||||||||||||||
| 1,700,000 | g | Banff Merger Sub, Inc | 9.750 | 09/01/26 | 1,622,650 | |||||||||||||
| 410,000 | CDK Global, Inc | 5.875 | 06/15/26 | 436,138 | ||||||||||||||
| 1,199,000 | Fidelity National Information Services, Inc | 3.625 | 10/15/20 | 1,214,962 | ||||||||||||||
| 925,000 | Fidelity National Information Services, Inc | 3.750 | 05/21/29 | 1,003,670 | ||||||||||||||
| 1,000,000 | Fidelity National Information Services, Inc | 4.750 | 05/15/48 | 1,218,382 | ||||||||||||||
| 3,650,000 | Fiserv, Inc | 2.750 | 07/01/24 | 3,712,423 | ||||||||||||||
| 2,075,000 | Fiserv, Inc | 3.500 | 07/01/29 | 2,183,572 | ||||||||||||||
| 500,000 | IHS Markit Ltd | 4.125 | 08/01/23 | 526,150 | ||||||||||||||
| 1,830,000 | IHS Markit Ltd | 4.250 | 05/01/29 | 1,970,324 | ||||||||||||||
| 6,400,000 | International Business Machines Corp | 3.500 | 05/15/29 | 6,871,381 | ||||||||||||||
| 3,000,000 | Microsoft Corp | 2.400 | 08/08/26 | 3,060,424 | ||||||||||||||
| 1,165,000 | Microsoft Corp | 3.300 | 02/06/27 | 1,255,841 | ||||||||||||||
| 750,000 | Microsoft Corp | 4.100 | 02/06/37 | 889,550 | ||||||||||||||
| 1,180,000 | Microsoft Corp | 3.700 | 08/08/46 | 1,352,409 | ||||||||||||||
| 1,925,000 | g | Open Text Corp | 5.875 | 06/01/26 | 2,055,323 | |||||||||||||
| 2,200,000 | Oracle Corp | 2.500 | 05/15/22 | 2,227,814 | ||||||||||||||
| 2,150,000 | Oracle Corp | 2.650 | 07/15/26 | 2,194,524 | ||||||||||||||
| 730,000 | g | Sabre GLBL, Inc | 5.375 | 04/15/23 | 744,600 | |||||||||||||
| 650,000 | salesforce.com, Inc | 3.700 | 04/11/28 | 713,595 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 40,363,766 | |||||||||||||||||
| 209 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.8% | ||||||||||||||||||
| $ | 2,025,000 | Amphenol Corp | 2.800 | % | 02/15/30 | $ | 1,969,716 | |||||||||||
| 5,575,000 | Apple, Inc | 2.450 | 08/04/26 | 5,658,270 | ||||||||||||||
| 8,200,000 | Apple, Inc | 2.050 | 09/11/26 | 8,102,307 | ||||||||||||||
| 1,000,000 | Apple, Inc | 3.850 | 05/04/43 | 1,121,957 | ||||||||||||||
| 875,000 | Apple, Inc | 4.650 | 02/23/46 | 1,101,833 | ||||||||||||||
| 3,800,000 | Broadcom Corp | 3.875 | 01/15/27 | 3,819,643 | ||||||||||||||
| 1,200,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 1,127,616 | |||||||||||||
| 1,900,000 | g | CommScope, Inc | 6.000 | 06/15/25 | 1,714,750 | |||||||||||||
| 525,000 | Corning, Inc | 4.375 | 11/15/57 | 541,020 | ||||||||||||||
| 2,550,000 | g | Dell International LLC | 4.420 | 06/15/21 | 2,629,243 | |||||||||||||
| 650,000 | g | Dell International LLC | 7.125 | 06/15/24 | 686,075 | |||||||||||||
| 2,400,000 | g | Dell International LLC | 5.300 | 10/01/29 | 2,611,412 | |||||||||||||
| 2,525,000 | g | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 2,654,785 | |||||||||||||
| 875,000 | Flex Ltd | 4.875 | 06/15/29 | 918,730 | ||||||||||||||
| 800,000 | g | L3Harris Technologies, Inc | 3.850 | 06/15/23 | 842,745 | |||||||||||||
| 2,520,000 | g | Millicom International Cellular S.A. | 5.125 | 01/15/28 | 2,627,352 | |||||||||||||
| 1,500,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 1,542,849 | ||||||||||||||
| 450,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 475,416 | ||||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 40,145,719 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 1.8% | ||||||||||||||||||
| 2,420,000 | AT&T, Inc | 3.800 | 03/15/22 | 2,512,253 | ||||||||||||||
| 1,000,000 | AT&T, Inc | 3.400 | 06/15/22 | 1,030,852 | ||||||||||||||
| 2,775,000 | AT&T, Inc | 3.400 | 05/15/25 | 2,897,582 | ||||||||||||||
| 950,000 | AT&T, Inc | 3.600 | 07/15/25 | 1,000,411 | ||||||||||||||
| 1,385,000 | AT&T, Inc | 3.875 | 01/15/26 | 1,469,305 | ||||||||||||||
| 1,100,000 | AT&T, Inc | 3.800 | 02/15/27 | 1,165,584 | ||||||||||||||
| 5,575,000 | AT&T, Inc | 4.350 | 03/01/29 | 6,161,118 | ||||||||||||||
| 8,375,000 | AT&T, Inc | 4.300 | 02/15/30 | 9,217,135 | ||||||||||||||
| 2,085,000 | AT&T, Inc | 4.500 | 05/15/35 | 2,288,673 | ||||||||||||||
| 4,050,000 | AT&T, Inc | 4.500 | 03/09/48 | 4,353,611 | ||||||||||||||
| 3,000,000 | g | Bharti Airtel Ltd | 4.375 | 06/10/25 | 3,099,960 | |||||||||||||
| 1,325,000 | g | C&W Senior Financing Designated Activity Co | 7.500 | 10/15/26 | 1,397,875 | |||||||||||||
| 3,200,000 | g | C&W Senior Financing Designated Activity Co | 6.875 | 09/15/27 | 3,316,000 | |||||||||||||
| 3,000,000 | g | Deutsche Telekom International Finance BV | 1.950 | 09/19/21 | 2,980,045 | |||||||||||||
| 1,425,000 | Global Payments, Inc | 2.650 | 02/15/25 | 1,431,059 | ||||||||||||||
| 3,075,000 | Global Payments, Inc | 3.200 | 08/15/29 | 3,114,596 | ||||||||||||||
| 2,150,000 | g | MTN Mauritius Investment Ltd | 6.500 | 10/13/26 | 2,349,767 | |||||||||||||
| 500,000 | Orange S.A. | 5.375 | 01/13/42 | 642,123 | ||||||||||||||
| 1,800,000 | g | Oztel Holdings SPC Ltd | 6.625 | 04/24/28 | 1,812,336 | |||||||||||||
| 1,000,000 | Rogers Communications, Inc | 4.350 | 05/01/49 | 1,150,799 | ||||||||||||||
| 1,875,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 2,046,940 | ||||||||||||||
| 925,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 958,263 | ||||||||||||||
| 2,300,000 | g | Turkcell Iletisim Hizmetleri AS. | 5.800 | 04/11/28 | 2,214,275 | |||||||||||||
| 146,000 | Verizon Communications, Inc | 3.376 | 02/15/25 | 154,202 | ||||||||||||||
| 4,270,000 | Verizon Communications, Inc | 4.329 | 09/21/28 | 4,843,526 | ||||||||||||||
| 800,000 | Verizon Communications, Inc | 3.875 | 02/08/29 | 878,593 | ||||||||||||||
| 963,000 | Verizon Communications, Inc | 4.016 | 12/03/29 | 1,070,665 | ||||||||||||||
| 9,113,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 10,263,478 | ||||||||||||||
| 1,300,000 | Verizon Communications, Inc | 3.850 | 11/01/42 | 1,394,475 | ||||||||||||||
| 665,000 | Verizon Communications, Inc | 4.125 | 08/15/46 | 741,387 | ||||||||||||||
| 210 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 675,000 | Verizon Communications, Inc | 4.522 | % | 09/15/48 | $ | 797,100 | |||||||||||
| 5,405,000 | Vodafone Group plc | 4.375 | 05/30/28 | 5,970,712 | ||||||||||||||
| 1,000,000 | Vodafone Group plc | 4.250 | 09/17/50 | 1,019,301 | ||||||||||||||
| 740,000 | i | Vodafone Group plc | USD SWAP SEMI 30/360 5 Y + 4.873% | 7.000 | 04/04/79 | 850,962 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 86,594,963 | |||||||||||||||||
| TRANSPORTATION - 1.0% | ||||||||||||||||||
| 2,500,000 | g | Adani Ports & Special Economic Zone Ltd | 4.000 | 07/30/27 | 2,555,050 | |||||||||||||
| 1,690,000 | g | Airbus SE | 3.150 | 04/10/27 | 1,764,832 | |||||||||||||
| 600,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 611,100 | |||||||||||||
| 1,990,000 | CSX Corp | 3.250 | 06/01/27 | 2,089,922 | ||||||||||||||
| 700,000 | CSX Corp | 3.800 | 03/01/28 | 762,865 | ||||||||||||||
| 4,015,000 | CSX Corp | 4.250 | 03/15/29 | 4,535,525 | ||||||||||||||
| 3,175,000 | CSX Corp | 2.400 | 02/15/30 | 3,102,945 | ||||||||||||||
| 2,305,000 | CSX Corp | 3.800 | 11/01/46 | 2,420,073 | ||||||||||||||
| 1,500,000 | CSX Corp | 4.300 | 03/01/48 | 1,684,785 | ||||||||||||||
| 2,350,000 | CSX Corp | 3.350 | 09/15/49 | 2,297,533 | ||||||||||||||
| 1,950,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 2,003,182 | ||||||||||||||
| 1,575,000 | Delta Air Lines, Inc | 3.800 | 04/19/23 | 1,633,459 | ||||||||||||||
| 2,025,000 | g | DP World Ltd | 5.625 | 09/25/48 | 2,340,306 | |||||||||||||
| 50,000 | FedEx Corp | 3.250 | 04/01/26 | 51,581 | ||||||||||||||
| 8,850,000 | FedEx Corp | 3.100 | 08/05/29 | 8,797,635 | ||||||||||||||
| 4,900,000 | Kansas City Southern | 2.350 | 05/15/20 | 4,901,697 | ||||||||||||||
| 1,386,907 | Northwest Airlines | 7.027 | 11/01/19 | 1,391,761 | ||||||||||||||
| 1,550,000 | Union Pacific Corp | 3.950 | 09/10/28 | 1,711,280 | ||||||||||||||
| 2,275,000 | Union Pacific Corp | 4.500 | 09/10/48 | 2,706,532 | ||||||||||||||
| TOTAL TRANSPORTATION | 47,362,063 | |||||||||||||||||
| UTILITIES - 2.3% | ||||||||||||||||||
| 3,400,000 | g | Adani Green Energy UP Ltd | 6.250 | 12/10/24 | 3,550,396 | |||||||||||||
| 325,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 339,879 | ||||||||||||||
| 350,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 395,487 | ||||||||||||||
| 1,875,000 | g,i | AES Gener S.A. | USD SWAP SEMI 30/360 5 Y + 4.644% | 7.125 | 03/26/79 | 1,968,750 | ||||||||||||
| 1,800,000 | AGL Capital Corp | 3.875 | 11/15/25 | 1,912,271 | ||||||||||||||
| 625,000 | AGL Capital Corp | 4.400 | 06/01/43 | 699,024 | ||||||||||||||
| 700,000 | Alabama Power Co | 4.150 | 08/15/44 | 794,625 | ||||||||||||||
| 1,850,000 | Ameren Corp | 3.650 | 02/15/26 | 1,943,966 | ||||||||||||||
| 525,000 | American Water Capital Corp | 3.000 | 12/01/26 | 532,633 | ||||||||||||||
| 500,000 | American Water Capital Corp | 4.000 | 12/01/46 | 550,149 | ||||||||||||||
| 1,475,000 | American Water Capital Corp | 3.750 | 09/01/47 | 1,579,417 | ||||||||||||||
| 250,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 289,463 | ||||||||||||||
| 800,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 800,874 | |||||||||||||
| 1,325,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 1,431,274 | ||||||||||||||
| 1,650,000 | Baltimore Gas & Electric Co | 3.200 | 09/15/49 | 1,627,282 | ||||||||||||||
| 1,134,000 | Berkshire Hathaway Energy Co | 6.125 | 04/01/36 | 1,570,947 | ||||||||||||||
| 925,000 | Black Hills Corp | 4.250 | 11/30/23 | 984,187 | ||||||||||||||
| 325,000 | Black Hills Corp | 3.150 | 01/15/27 | 329,504 | ||||||||||||||
| 300,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 387,957 | ||||||||||||||
| 1,525,000 | g | Cerro del Aguila S.A. | 4.125 | 08/16/27 | 1,578,390 | |||||||||||||
| 1,000,000 | CMS Energy Corp | 3.600 | 11/15/25 | 1,050,256 | ||||||||||||||
| 211 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 200,000 | Commonwealth Edison Co | 5.900 | % | 03/15/36 | $ | 272,413 | |||||||||||
| 750,000 | Dominion Resources, Inc | 2.000 | 08/15/21 | 747,627 | ||||||||||||||
| 1,825,000 | DTE Electric Co | 3.750 | 08/15/47 | 2,014,812 | ||||||||||||||
| 1,175,000 | Duke Energy Corp | 1.800 | 09/01/21 | 1,169,713 | ||||||||||||||
| 1,725,000 | Duke Energy Corp | 2.650 | 09/01/26 | 1,733,203 | ||||||||||||||
| 1,175,000 | Duke Energy Corp | 3.750 | 09/01/46 | 1,211,787 | ||||||||||||||
| 2,800,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 3,148,600 | ||||||||||||||
| 1,125,000 | Entergy Corp | 2.950 | 09/01/26 | 1,142,608 | ||||||||||||||
| 3,450,000 | g | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 3,791,279 | |||||||||||||
| 1,850,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 1,897,031 | ||||||||||||||
| 50,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 53,947 | |||||||||||||
| 1,425,000 | Florida Power & Light Co | 3.990 | 03/01/49 | 1,664,543 | ||||||||||||||
| 1,350,000 | Florida Power & Light Co | 3.150 | 10/01/49 | 1,370,127 | ||||||||||||||
| 5,000,000 | g,i | Golden State RE II Ltd | LIBOR 3 M + 2.200% | 4.488 | 01/08/23 | 5,002,500 | ||||||||||||
| 1,575,000 | g | Hunt Oil Co of Peru LLC Sucursal Del Peru | 6.375 | 06/01/28 | 1,764,000 | |||||||||||||
| 2,000,000 | g | IHS Netherlands Holdco BV | 8.000 | 09/18/27 | 2,042,537 | |||||||||||||
| 750,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 814,772 | ||||||||||||||
| 125,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 127,512 | ||||||||||||||
| 3,000,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 3,251,641 | |||||||||||||
| 1,900,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 1,990,001 | |||||||||||||
| 2,200,000 | g | Latam Finance Ltd | 7.000 | 03/01/26 | 2,344,474 | |||||||||||||
| 350,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 354,517 | ||||||||||||||
| 1,550,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 1,690,635 | ||||||||||||||
| 1,400,000 | g | Minejesa Capital BV | 4.625 | 08/10/30 | 1,439,025 | |||||||||||||
| 1,000,000 | Nevada Power Co | 5.450 | 05/15/41 | 1,264,672 | ||||||||||||||
| 885,000 | NextEra Energy Capital Holdings, Inc | 3.250 | 04/01/26 | 919,323 | ||||||||||||||
| 550,000 | g | NextEra Energy Operating Partners LP | 4.250 | 09/15/24 | 567,187 | |||||||||||||
| 1,700,000 | NiSource, Inc | 3.490 | 05/15/27 | 1,783,545 | ||||||||||||||
| 1,400,000 | Northern States Power Co | 3.600 | 09/15/47 | 1,521,280 | ||||||||||||||
| 1,075,000 | Northern States Power Co | 2.900 | 03/01/50 | 1,040,127 | ||||||||||||||
| 2,400,000 | g | Novolipetsk Steel Via Steel Funding DAC | 4.700 | 05/30/26 | 2,572,212 | |||||||||||||
| 1,350,000 | NRG Energy, Inc | 5.750 | 01/15/28 | 1,451,250 | ||||||||||||||
| 1,550,000 | Ohio Power Co | 4.150 | 04/01/48 | 1,825,467 | ||||||||||||||
| 1,550,000 | Ohio Power Co | 4.000 | 06/01/49 | 1,763,994 | ||||||||||||||
| 575,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 605,517 | ||||||||||||||
| 825,000 | PECO Energy Co | 3.000 | 09/15/49 | 807,034 | ||||||||||||||
| 2,000,000 | g | Pelabuhan Indonesia III PT | 4.875 | 10/01/24 | 2,160,000 | |||||||||||||
| 2,000,000 | g | Perusahaan Listrik Negara PT | 4.125 | 05/15/27 | 2,111,139 | |||||||||||||
| 1,800,000 | g | Perusahaan Listrik Negara PT | 5.450 | 05/21/28 | 2,072,737 | |||||||||||||
| 1,885,000 | g | PLA Administradora Industrial S de RL de C.V. | 4.962 | 07/18/29 | 1,920,363 | |||||||||||||
| 50,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 77,645 | ||||||||||||||
| 300,000 | PPL Capital Funding, Inc | 3.950 | 03/15/24 | 316,696 | ||||||||||||||
| 2,475,000 | PSEG Power LLC | 3.850 | 06/01/23 | 2,617,258 | ||||||||||||||
| 550,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 672,075 | ||||||||||||||
| 275,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 279,669 | ||||||||||||||
| 850,000 | Public Service Electric & Gas Co | 3.200 | 08/01/49 | 869,053 | ||||||||||||||
| 2,697,034 | g | Solar Star Funding LLC | 3.950 | 06/30/35 | 2,688,352 | |||||||||||||
| 1,325,000 | Southern Co | 4.400 | 07/01/46 | 1,479,803 | ||||||||||||||
| 425,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 446,472 | ||||||||||||||
| 1,650,000 | Southern Power Co | 2.500 | 12/15/21 | 1,652,759 | ||||||||||||||
| 1,550,000 | Southern Power Co | 4.150 | 12/01/25 | 1,679,352 | ||||||||||||||
| 1,875,000 | Southwest Gas Corp | 3.700 | 04/01/28 | 2,022,465 | ||||||||||||||
| 212 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 650,000 | Virginia Electric & Power Co | 2.950 | % | 11/15/26 | $ | 670,840 | |||||||||||
| 650,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 695,537 | ||||||||||||||
| 775,000 | Virginia Electric & Power Co | 3.800 | 09/15/47 | 841,067 | ||||||||||||||
| 3,250,000 | g | Vistra Operations Co LLC | 5.625 | 02/15/27 | 3,419,585 | |||||||||||||
| 850,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 951,486 | ||||||||||||||
| 575,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 606,554 | ||||||||||||||
| 215,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 249,306 | ||||||||||||||
| TOTAL UTILITIES | 111,977,856 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 1,648,770,365 | |||||||||||||||||
| (Cost $1,578,105,651) | ||||||||||||||||||
| GOVERNMENT BONDS - 42.8% | ||||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 2.8% | ||||||||||||||||||
| 3,000,000 | g | Angolan Government International Bond | 8.250 | 05/09/28 | 3,106,799 | |||||||||||||
| 3,325,000 | g | Arab Petroleum Investments Corp | 4.125 | 09/18/23 | 3,518,244 | |||||||||||||
| 3,025,000 | † | Argentina Republic Government International Bond | 5.625 | 01/26/22 | 1,300,780 | |||||||||||||
| 550,000 | g | Banque Ouest Africaine de Developpement | 5.000 | 07/27/27 | 584,742 | |||||||||||||
| 375,000 | †,g,q | Barbados Government International Bond | 7.000 | 08/04/22 | 232,500 | |||||||||||||
| 4,000,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 4,195,040 | |||||||||||||
| 3,150,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 3,567,375 | |||||||||||||
| 3,100,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 3,468,156 | ||||||||||||||
| 3,525,000 | Chile Government International Bond | 2.250 | 10/30/22 | 3,537,373 | ||||||||||||||
| 3,000,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 3,514,530 | ||||||||||||||
| 1,850,000 | g | Costa Rica Government International Bond | 5.625 | 04/30/43 | 1,607,206 | |||||||||||||
| DOP | 81,200,000 | g | Dominican Republic Government International Bond | 8.900 | 02/15/23 | 1,566,356 | ||||||||||||
| 160,000,000 | g | Dominican Republic Government International Bond | 12.000 | 03/05/32 | 3,492,557 | |||||||||||||
| $ | 3,000,000 | g | Dominican Republic Government International Bond | 6.500 | 02/15/48 | 3,225,030 | ||||||||||||
| 2,625,000 | g | Ecuador Government International Bond | 8.875 | 10/23/27 | 2,615,183 | |||||||||||||
| 2,525,000 | g | Egypt Government International Bond | 5.577 | 02/21/23 | 2,577,426 | |||||||||||||
| 1,450,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 1,535,519 | |||||||||||||
| 2,475,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 2,622,171 | |||||||||||||
| 1,200,000 | g | El Salvador Government International Bond | 7.625 | 02/01/41 | 1,287,012 | |||||||||||||
| 1,500,000 | g | Export-Import Bank of China | 2.850 | 09/16/20 | 1,506,747 | |||||||||||||
| 1,375,000 | g | Export-Import Bank of India | 3.875 | 02/01/28 | 1,455,254 | |||||||||||||
| 598,181 | g | Ghana Government International Bond | 7.875 | 08/07/23 | 654,233 | |||||||||||||
| 2,200,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 2,209,556 | |||||||||||||
| 1,500,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 1,499,105 | |||||||||||||
| 1,675,000 | g | Guatemala Government International Bond | 4.375 | 06/05/27 | 1,708,500 | |||||||||||||
| 1,200,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 1,398,012 | |||||||||||||
| 3,100,000 | Israel Government International Bond | 3.250 | 01/17/28 | 3,358,554 | ||||||||||||||
| 2,175,000 | Israel Government International Bond | 4.125 | 01/17/48 | 2,552,102 | ||||||||||||||
| 1,848,000 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 1,811,306 | |||||||||||||
| 3,025,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 3,958,999 | ||||||||||||||
| 2,500,000 | g | Japan Finance Organization for Municipalities | 3.000 | 03/12/24 | 2,610,597 | |||||||||||||
| 550,000 | g | Kazakhstan Government International Bond | 4.875 | 10/14/44 | 661,384 | |||||||||||||
| 2,500,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 2,594,727 | |||||||||||||
| 213 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 775,000 | g | Kommunalbanken AS. | 1.375 | % | 10/26/20 | $ | 770,413 | ||||||||||
| 1,560,000 | g | Kommunalbanken AS. | 2.750 | 02/05/24 | 1,629,689 | |||||||||||||
| 1,650,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 1,641,398 | |||||||||||||
| 1,500,000 | g | Korea Housing Finance Corp | 3.000 | 10/31/22 | 1,528,170 | |||||||||||||
| 3,550,000 | g | Kuwait Government International Bond | 2.750 | 03/20/22 | 3,594,436 | |||||||||||||
| 2,200,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 2,330,922 | ||||||||||||||
| 550,000 | Mexico Government International Bond | 3.750 | 01/11/28 | 566,500 | ||||||||||||||
| 1,859,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 2,340,035 | ||||||||||||||
| 550,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 656,803 | |||||||||||||
| 1,400,000 | g | Namibia Government International Bond | 5.250 | 10/29/25 | 1,413,529 | |||||||||||||
| 1,500,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 04/14/22 | 1,505,652 | |||||||||||||
| 2,425,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 2,451,993 | |||||||||||||
| 1,600,000 | g | Panama Notas del | 3.750 | 04/17/26 | 1,688,000 | |||||||||||||
| 925,000 | g | Paraguay Government International Bond | 4.700 | 03/27/27 | 1,000,166 | |||||||||||||
| 1,475,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 1,677,813 | |||||||||||||
| 3,400,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 3,583,600 | |||||||||||||
| 3,350,000 | g | Perusahaan Penerbit SBSN Indonesia III | 4.400 | 03/01/28 | 3,649,825 | |||||||||||||
| 925,000 | g | Petroamazonas EP | 4.625 | 11/06/20 | 914,579 | |||||||||||||
| 1,650,000 | †,g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 594,000 | |||||||||||||
| 1,500,000 | g | Provincia de Mendoza Argentina | 8.375 | 05/19/24 | 840,015 | |||||||||||||
| 3,000,000 | g | Qatar Government International Bond | 4.817 | 03/14/49 | 3,709,956 | |||||||||||||
| 2,475,000 | Republic of South Africa Government International Bond | 4.850 | 09/27/27 | 2,531,775 | ||||||||||||||
| 2,150,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 2,252,865 | |||||||||||||
| 3,175,000 | g | Saudi Government International Bond | 4.500 | 04/17/30 | 3,614,970 | |||||||||||||
| 1,200,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 1,209,096 | |||||||||||||
| 2,350,000 | South Africa Government International Bond | 4.300 | 10/12/28 | 2,268,314 | ||||||||||||||
| 1,500,000 | g | Sri Lanka Government International Bond | 6.850 | 03/14/24 | 1,535,272 | |||||||||||||
| 1,550,000 | g | Sri Lanka Government International Bond | 6.850 | 11/03/25 | 1,555,485 | |||||||||||||
| 2,000,000 | Turkey Government International Bond | 6.875 | 03/17/36 | 1,993,874 | ||||||||||||||
| 3,550,000 | g | Ukraine Government International Bond | 7.375 | 09/25/32 | 3,569,384 | |||||||||||||
| 3,000,000 | g | Zambia Government International Bond | 8.500 | 04/14/24 | 2,131,005 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 136,282,609 | |||||||||||||||||
| MORTGAGE BACKED - 21.7% | ||||||||||||||||||
| 1,350 | Federal Home Loan Mortgage Corp (FHLMC) | 8.250 | 07/15/21 | 1,379 | ||||||||||||||
| 1,434 | FHLMC | 7.000 | 09/15/21 | 1,438 | ||||||||||||||
| 522 | FHLMC | 7.000 | 04/15/22 | 530 | ||||||||||||||
| 2,632,000 | FHLMC | 3.000 | 10/15/33 | 2,755,825 | ||||||||||||||
| 5,751,375 | FHLMC | 3.500 | 08/15/43 | 6,002,443 | ||||||||||||||
| 4,525,666 | FHLMC | 3.000 | 03/15/44 | 4,624,356 | ||||||||||||||
| 13,088,504 | i | FHLMC | LIBOR 1 M + 0.300% | 2.328 | 06/15/48 | 12,991,189 | ||||||||||||
| 8,180,315 | i | FHLMC | 6.676 | 06/15/48 | 9,937,752 | |||||||||||||
| 6,603,343 | i | FHLMC | 6.596 | 10/15/48 | 7,827,347 | |||||||||||||
| 814 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.000 | 10/01/20 | 817 | ||||||||||||||
| 1,136 | FGLMC | 8.000 | 01/01/31 | 1,180 | ||||||||||||||
| 230,025 | FGLMC | 7.000 | 12/01/33 | 266,031 | ||||||||||||||
| 50,506 | FGLMC | 4.500 | 10/01/34 | 54,295 | ||||||||||||||
| 70,375 | FGLMC | 7.000 | 05/01/35 | 81,067 | ||||||||||||||
| 2,323,066 | FGLMC | 5.000 | 06/01/36 | 2,566,773 | ||||||||||||||
| 214 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 1,134,417 | FGLMC | 4.500 | % | 10/01/44 | $ | 1,225,013 | |||||||||||
| 150,245 | FGLMC | 4.500 | 11/01/44 | 162,149 | ||||||||||||||
| 218,542 | FGLMC | 4.500 | 11/01/44 | 235,857 | ||||||||||||||
| 94,044 | FGLMC | 4.500 | 12/01/44 | 100,059 | ||||||||||||||
| 154,716 | FGLMC | 4.500 | 12/01/44 | 167,064 | ||||||||||||||
| 1,118,760 | FGLMC | 3.500 | 04/01/45 | 1,181,889 | ||||||||||||||
| 4,358,610 | FGLMC | 3.500 | 08/01/45 | 4,616,666 | ||||||||||||||
| 9,622,925 | FGLMC | 3.500 | 10/01/45 | 10,139,214 | ||||||||||||||
| 6,585,163 | FGLMC | 4.000 | 12/01/45 | 7,036,694 | ||||||||||||||
| 23,133,898 | FGLMC | 3.500 | 08/01/46 | 24,388,941 | ||||||||||||||
| 43,778,822 | FGLMC | 3.000 | 01/01/47 | 44,877,265 | ||||||||||||||
| 35,888,707 | FGLMC | 3.000 | 02/01/47 | 36,746,680 | ||||||||||||||
| 16,787,141 | FGLMC | 3.500 | 02/01/47 | 17,408,556 | ||||||||||||||
| 2,474,768 | FGLMC | 4.500 | 06/01/47 | 2,671,773 | ||||||||||||||
| 2,974,150 | FGLMC | 4.000 | 09/01/47 | 3,168,393 | ||||||||||||||
| 3,644,917 | FGLMC | 3.500 | 12/01/47 | 3,840,304 | ||||||||||||||
| 36,408,100 | FGLMC | 3.500 | 03/01/48 | 38,285,677 | ||||||||||||||
| 12,184,053 | FGLMC | 4.000 | 03/01/48 | 13,015,250 | ||||||||||||||
| 3,327,429 | FGLMC | 4.000 | 07/01/48 | 3,549,865 | ||||||||||||||
| 25,023,215 | FGLMC | 4.500 | 08/01/48 | 27,071,644 | ||||||||||||||
| 6 | Federal National Mortgage Association (FNMA) | 8.700 | 12/25/19 | 6 | ||||||||||||||
| 110 | FNMA | 6.500 | 03/25/20 | 110 | ||||||||||||||
| 519 | FNMA | 7.000 | 06/25/20 | 523 | ||||||||||||||
| 342 | FNMA | 9.000 | 07/25/20 | 346 | ||||||||||||||
| 953 | FNMA | 6.500 | 08/25/20 | 962 | ||||||||||||||
| 4,108 | FNMA | 6.500 | 09/25/20 | 4,158 | ||||||||||||||
| 329 | FNMA | 5.500 | 04/01/21 | 330 | ||||||||||||||
| 2,483 | FNMA | 6.750 | 06/25/21 | 2,519 | ||||||||||||||
| 7,858 | FNMA | 7.000 | 10/25/21 | 8,029 | ||||||||||||||
| 2,908 | FNMA | 7.000 | 07/01/22 | 2,938 | ||||||||||||||
| 969 | FNMA | 6.500 | 07/25/22 | 1,010 | ||||||||||||||
| 2,201 | FNMA | 9.000 | 11/01/25 | 2,385 | ||||||||||||||
| 30,773 | FNMA | 7.000 | 05/01/26 | 33,504 | ||||||||||||||
| 73,397 | FNMA | 7.000 | 07/25/26 | 80,440 | ||||||||||||||
| 1,727 | FNMA | 7.500 | 01/01/29 | 1,892 | ||||||||||||||
| 814 | FNMA | 7.500 | 02/01/30 | 924 | ||||||||||||||
| 284,054 | FNMA | 6.500 | 12/01/31 | 322,970 | ||||||||||||||
| 380,848 | FNMA | 6.000 | 04/01/32 | 414,678 | ||||||||||||||
| 2,888,810 | FNMA | 3.500 | 05/01/32 | 3,002,259 | ||||||||||||||
| 283,715 | FNMA | 7.000 | 07/01/32 | 327,529 | ||||||||||||||
| 94,285 | FNMA | 7.000 | 07/01/32 | 109,124 | ||||||||||||||
| 64,080 | FNMA | 7.000 | 07/01/32 | 73,949 | ||||||||||||||
| 2,473,817 | FNMA | 3.500 | 11/01/32 | 2,593,562 | ||||||||||||||
| 71,969 | FNMA | 4.500 | 10/01/33 | 77,445 | ||||||||||||||
| 56,806 | FNMA | 6.000 | 03/01/34 | 62,217 | ||||||||||||||
| 3,263,004 | FNMA | 5.000 | 05/01/35 | 3,602,370 | ||||||||||||||
| 362,559 | FNMA | 5.000 | 06/25/35 | 375,978 | ||||||||||||||
| 1,816,763 | FNMA | 5.000 | 10/01/35 | 2,006,600 | ||||||||||||||
| 1,385,028 | FNMA | 5.000 | 02/01/36 | 1,529,753 | ||||||||||||||
| 1,762,687 | FNMA | 6.500 | 08/01/37 | 1,990,759 | ||||||||||||||
| 77,771 | FNMA | 6.000 | 09/01/37 | 86,781 | ||||||||||||||
| 903,348 | FNMA | 5.500 | 11/01/38 | 1,019,647 | ||||||||||||||
| 1,038,330 | FNMA | 5.500 | 03/01/39 | 1,174,380 | ||||||||||||||
| 215 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 1,064,000 | FNMA | 6.000 | % | 09/01/39 | $ | 1,223,793 | |||||||||||
| 645,117 | FNMA | 5.000 | 09/01/40 | 713,017 | ||||||||||||||
| 812,610 | FNMA | 5.000 | 05/01/41 | 895,930 | ||||||||||||||
| 561,879 | †,i | FNMA | 3.408 | 12/25/42 | 195,284 | |||||||||||||
| 2,321,142 | FNMA | 3.000 | 04/25/43 | 2,377,417 | ||||||||||||||
| 2,449,752 | FNMA | 3.000 | 05/01/43 | 2,524,943 | ||||||||||||||
| 5,620,011 | i | FNMA | 3.932 | 09/25/43 | 1,018,093 | |||||||||||||
| 4,631,204 | FNMA | 4.000 | 01/01/44 | 4,948,631 | ||||||||||||||
| 1,559,825 | FNMA | 4.500 | 02/01/44 | 1,683,637 | ||||||||||||||
| 231,474 | FNMA | 4.500 | 03/01/44 | 251,035 | ||||||||||||||
| 1,244,283 | FNMA | 4.500 | 06/01/44 | 1,343,055 | ||||||||||||||
| 3,778,564 | FNMA | 4.500 | 10/01/44 | 4,080,081 | ||||||||||||||
| 1,232,957 | FNMA | 4.000 | 11/01/44 | 1,302,400 | ||||||||||||||
| 1,350,487 | FNMA | 5.000 | 11/01/44 | 1,490,042 | ||||||||||||||
| 1,315,010 | FNMA | 4.000 | 01/01/45 | 1,399,834 | ||||||||||||||
| 5,477,282 | FNMA | 3.000 | 02/25/45 | 5,710,992 | ||||||||||||||
| 5,235,335 | FNMA | 3.000 | 02/25/45 | 5,336,678 | ||||||||||||||
| 285,839 | FNMA | 3.500 | 03/01/45 | 299,666 | ||||||||||||||
| 187,435 | FNMA | 3.500 | 03/01/45 | 197,901 | ||||||||||||||
| 190,600 | FNMA | 4.000 | 03/01/45 | 201,256 | ||||||||||||||
| 467,308 | FNMA | 4.500 | 03/01/45 | 504,223 | ||||||||||||||
| 3,142,461 | FNMA | 3.000 | 03/25/45 | 3,235,278 | ||||||||||||||
| 11,949,489 | FNMA | 3.500 | 04/25/45 | 12,452,611 | ||||||||||||||
| 4,430,428 | FNMA | 3.500 | 04/25/45 | 4,603,295 | ||||||||||||||
| 2,685,098 | FNMA | 3.500 | 05/01/45 | 2,842,503 | ||||||||||||||
| 8,880,180 | FNMA | 4.000 | 06/01/45 | 9,485,642 | ||||||||||||||
| 383,102 | FNMA | 3.500 | 09/01/45 | 399,118 | ||||||||||||||
| 3,050,201 | FNMA | 3.000 | 12/01/45 | 3,124,763 | ||||||||||||||
| 332,848 | FNMA | 3.500 | 12/01/45 | 346,743 | ||||||||||||||
| 3,379,554 | FNMA | 4.000 | 12/01/45 | 3,608,010 | ||||||||||||||
| 1,156,672 | FNMA | 4.000 | 12/01/45 | 1,220,130 | ||||||||||||||
| 11,768,688 | FNMA | 3.000 | 12/25/45 | 12,122,333 | ||||||||||||||
| 1,398,315 | FNMA | 3.500 | 01/01/46 | 1,472,479 | ||||||||||||||
| 7,474,244 | FNMA | 4.000 | 01/01/46 | 7,982,138 | ||||||||||||||
| 1,644,329 | FNMA | 3.500 | 02/01/46 | 1,712,885 | ||||||||||||||
| 1,796,721 | FNMA | 3.500 | 03/01/46 | 1,870,941 | ||||||||||||||
| 4,714,624 | FNMA | 4.000 | 03/01/46 | 5,031,365 | ||||||||||||||
| 2,973,174 | FNMA | 3.500 | 04/01/46 | 3,099,588 | ||||||||||||||
| 724,249 | FNMA | 3.500 | 06/01/46 | 762,674 | ||||||||||||||
| 7,003,303 | FNMA | 3.500 | 07/01/46 | 7,369,182 | ||||||||||||||
| 2,882,483 | FNMA | 3.500 | 07/01/46 | 3,001,909 | ||||||||||||||
| 371,943 | FNMA | 3.000 | 08/01/46 | 381,513 | ||||||||||||||
| 2,463,470 | FNMA | 3.500 | 08/01/46 | 2,569,171 | ||||||||||||||
| 9,481,516 | FNMA | 3.000 | 10/01/46 | 9,569,426 | ||||||||||||||
| 2,538,196 | FNMA | 3.500 | 10/01/46 | 2,672,863 | ||||||||||||||
| 46,328,173 | FNMA | 3.000 | 11/01/46 | 47,462,149 | ||||||||||||||
| 236,425 | FNMA | 4.000 | 11/01/46 | 248,443 | ||||||||||||||
| 9,692,022 | FNMA | 3.500 | 12/01/46 | 10,071,620 | ||||||||||||||
| 49,894,459 | FNMA | 3.500 | 01/01/47 | 51,654,982 | ||||||||||||||
| 2,947,286 | FNMA | 3.000 | 04/25/47 | 3,039,587 | ||||||||||||||
| 4,360,256 | FNMA | 3.500 | 05/01/47 | 4,517,823 | ||||||||||||||
| 4,150,102 | FNMA | 4.500 | 05/01/47 | 4,485,179 | ||||||||||||||
| 216 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 14,325,371 | FNMA | 3.500 | % | 08/01/47 | $ | 14,914,564 | |||||||||||
| 8,136,669 | FNMA | 3.000 | 11/01/47 | 8,211,795 | ||||||||||||||
| 2,529,579 | FNMA | 3.500 | 11/01/47 | 2,670,530 | ||||||||||||||
| 11,711,442 | FNMA | 4.000 | 12/01/47 | 12,506,318 | ||||||||||||||
| 2,024,856 | FNMA | 3.500 | 01/01/48 | 2,126,125 | ||||||||||||||
| 13,634,629 | FNMA | 4.500 | 01/01/48 | 14,746,692 | ||||||||||||||
| 2,676,764 | FNMA | 4.500 | 02/01/48 | 2,894,519 | ||||||||||||||
| 21,805,969 | FNMA | 3.000 | 02/25/48 | 22,636,687 | ||||||||||||||
| 5,429,464 | FNMA | 4.000 | 03/01/48 | 5,796,641 | ||||||||||||||
| 11,904,530 | FNMA | 4.500 | 03/01/48 | 12,872,946 | ||||||||||||||
| 50,561,576 | FNMA | 4.000 | 04/01/48 | 52,861,656 | ||||||||||||||
| 9,809,543 | FNMA | 4.500 | 05/01/48 | 10,607,575 | ||||||||||||||
| 7,371,392 | FNMA | 4.500 | 05/01/48 | 7,971,083 | ||||||||||||||
| 7,006,807 | FNMA | 5.000 | 06/01/48 | 7,514,393 | ||||||||||||||
| 13,842,791 | FNMA | 4.500 | 07/01/48 | 14,596,523 | ||||||||||||||
| 50,646,306 | FNMA | 4.000 | 08/01/48 | 52,562,884 | ||||||||||||||
| 792,332 | FNMA | 4.500 | 08/01/48 | 833,418 | ||||||||||||||
| 5,290,779 | FNMA | 5.000 | 08/01/48 | 5,818,185 | ||||||||||||||
| 10,338,834 | FNMA | 4.000 | 09/01/48 | 10,760,325 | ||||||||||||||
| 7,000,000 | h | FNMA | 3.500 | 10/25/48 | 7,181,562 | |||||||||||||
| 40,357,521 | FNMA | 3.000 | 11/01/48 | 41,185,429 | ||||||||||||||
| 4,582,382 | FNMA | 4.500 | 11/01/48 | 4,835,545 | ||||||||||||||
| 7,215,291 | FNMA | 3.000 | 11/25/48 | 1,018,358 | ||||||||||||||
| 8,869,767 | h | FNMA | 4.000 | 12/01/48 | 9,219,594 | |||||||||||||
| 25,166,527 | FNMA | 4.500 | 12/01/48 | 26,492,986 | ||||||||||||||
| 19,592 | FNMA | 3.000 | 05/01/49 | 19,763 | ||||||||||||||
| 3,776,677 | FNMA | 5.000 | 06/01/49 | 4,055,482 | ||||||||||||||
| 1,067,089 | FNMA | 3.000 | 08/01/49 | 1,100,480 | ||||||||||||||
| 5,135,000 | h | FNMA | 4.000 | 10/01/49 | 5,339,267 | |||||||||||||
| 91,098 | Government National Mortgage Association (GNMA) | 5.000 | 02/15/33 | 97,459 | ||||||||||||||
| 285,657 | GNMA | 5.000 | 09/15/33 | 316,689 | ||||||||||||||
| 4,182,111 | GNMA | 3.700 | 10/15/33 | 4,432,265 | ||||||||||||||
| 20,341 | GNMA | 5.500 | 04/15/34 | 23,011 | ||||||||||||||
| 29,868 | GNMA | 5.000 | 04/15/38 | 33,575 | ||||||||||||||
| 12,017 | GNMA | 4.500 | 02/20/39 | 13,475 | ||||||||||||||
| 1,558,774 | GNMA | 4.500 | 02/20/41 | 1,705,466 | ||||||||||||||
| 16,149 | GNMA | 4.500 | 08/20/41 | 17,611 | ||||||||||||||
| 58,892 | GNMA | 4.500 | 09/20/41 | 66,004 | ||||||||||||||
| 13,304 | GNMA | 4.500 | 01/20/44 | 14,923 | ||||||||||||||
| 13,375 | GNMA | 4.500 | 02/20/44 | 15,002 | ||||||||||||||
| 25,674 | GNMA | 4.500 | 05/20/44 | 28,792 | ||||||||||||||
| 165,722 | GNMA | 4.500 | 05/20/44 | 185,881 | ||||||||||||||
| 188,838 | GNMA | 4.500 | 08/20/44 | 211,683 | ||||||||||||||
| 119,429 | GNMA | 4.500 | 09/20/44 | 132,709 | ||||||||||||||
| 71,245 | GNMA | 4.500 | 10/20/44 | 79,096 | ||||||||||||||
| 27,968 | GNMA | 4.500 | 11/20/44 | 29,433 | ||||||||||||||
| 116,874 | GNMA | 4.500 | 12/20/44 | 131,090 | ||||||||||||||
| 156,539 | GNMA | 4.500 | 02/20/45 | 170,514 | ||||||||||||||
| 182,850 | GNMA | 4.500 | 08/20/45 | 196,275 | ||||||||||||||
| 183,430 | GNMA | 4.500 | 08/20/45 | 205,762 | ||||||||||||||
| 190,439 | GNMA | 4.500 | 12/20/45 | 213,434 | ||||||||||||||
| 8,612,727 | † | GNMA | 4.000 | 06/20/46 | 1,140,599 | |||||||||||||
| 217 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 12,314,222 | GNMA | 3.000 | % | 12/20/47 | $ | 12,655,519 | |||||||||||
| 30,203,120 | GNMA | 3.500 | 12/20/47 | 31,372,169 | ||||||||||||||
| 8,164,985 | GNMA | 3.000 | 01/20/48 | 8,391,228 | ||||||||||||||
| 27,051,867 | GNMA | 3.500 | 01/20/48 | 28,087,561 | ||||||||||||||
| 9,912,703 | GNMA | 3.500 | 01/20/49 | 10,475,942 | ||||||||||||||
| 13,095,046 | GNMA | 4.000 | 07/20/49 | 13,656,588 | ||||||||||||||
| TOTAL MORTGAGE BACKED | 1,043,476,783 | |||||||||||||||||
| MUNICIPAL BONDS - 4.2% | ||||||||||||||||||
| 1,000,000 | Anaheim City School District | 3.825 | 08/01/23 | 1,067,290 | ||||||||||||||
| 5,000,000 | California Housing Finance Agency | 2.966 | 08/01/22 | 5,133,700 | ||||||||||||||
| 2,000,000 | California State University | 3.803 | 11/01/30 | 2,214,280 | ||||||||||||||
| 9,745,000 | Chicago Housing Authority | 3.922 | 01/01/27 | 10,617,567 | ||||||||||||||
| 7,500,000 | Chicago Housing Authority | 4.361 | 01/01/38 | 8,686,500 | ||||||||||||||
| 1,620,000 | City & County of San Francisco CA Community Facilities District | 3.000 | 09/01/25 | 1,694,196 | ||||||||||||||
| 1,200,000 | City & County of San Francisco CA Community Facilities District | 3.250 | 09/01/27 | 1,282,356 | ||||||||||||||
| 5,500,000 | City of Austin TX Electric Utility Revenue | 3.336 | 11/15/39 | 5,742,935 | ||||||||||||||
| 5,500,000 | h | City of Cleveland OH Airport System Revenue | 2.492 | 01/01/25 | 5,566,330 | |||||||||||||
| 4,155,000 | h | City of Cleveland OH Airport System Revenue | 2.832 | 01/01/30 | 4,227,048 | |||||||||||||
| 1,040,000 | City of Fort Worth TX | 3.955 | 03/01/32 | 1,098,354 | ||||||||||||||
| 1,390,000 | City of Fort Worth TX | 4.088 | 03/01/37 | 1,470,384 | ||||||||||||||
| 2,500,000 | City of Inglewood CA | 4.300 | 09/01/40 | 2,758,900 | ||||||||||||||
| 500,000 | City of San Angelo TX Water & Sewer Revenue | 4.261 | 02/15/37 | 523,200 | ||||||||||||||
| 2,995,000 | County of Miami-Dade FL Aviation Revenue | 2.218 | 10/01/22 | 2,990,358 | ||||||||||||||
| 5,000,000 | County of Miami-Dade FL Aviation Revenue | 2.368 | 10/01/23 | 5,014,850 | ||||||||||||||
| 3,425,000 | County of Miami-Dade FL Aviation Revenue | 2.949 | 10/01/25 | 3,540,388 | ||||||||||||||
| 1,555,000 | County of Miami-Dade FL Aviation Revenue | 3.354 | 10/01/29 | 1,664,161 | ||||||||||||||
| 5,475,000 | County of Miami-Dade FL Aviation Revenue | 4.280 | 10/01/41 | 6,002,790 | ||||||||||||||
| 3,000,000 | Denver City & County School District No | 4.242 | 12/15/37 | 3,418,890 | ||||||||||||||
| 2,000,000 | Florida Municipal Power Agency | 2.769 | 10/01/23 | 2,028,740 | ||||||||||||||
| 2,100,000 | Florida Municipal Power Agency | 2.919 | 10/01/24 | 2,158,044 | ||||||||||||||
| 3,000,000 | Florida Municipal Power Agency | 3.059 | 10/01/25 | 3,127,980 | ||||||||||||||
| 600,000 | Grant County Public Utility District No 2 | 5.630 | 01/01/27 | 726,408 | ||||||||||||||
| 845,000 | Illinois Housing Development Authority | 4.105 | 07/01/27 | 891,255 | ||||||||||||||
| 2,430,000 | Indiana Finance Authority | 3.166 | 07/01/30 | 2,550,358 | ||||||||||||||
| 2,270,000 | Los Angeles County Public Works Financing Authority | 2.910 | 12/01/20 | 2,290,090 | ||||||||||||||
| 1,250,000 | Los Angeles County Public Works Financing Authority | 3.450 | 12/01/22 | 1,307,800 | ||||||||||||||
| 2,000,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 2.000 | 09/01/22 | 2,007,600 | ||||||||||||||
| 3,960,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 4.000 | 08/01/24 | 4,283,690 | ||||||||||||||
| 3,840,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 3.375 | 09/01/35 | 3,978,317 | ||||||||||||||
| 1,250,000 | Maryland Community Development Administration Housing Revenue | 2.713 | 03/01/25 | 1,279,575 | ||||||||||||||
| 5,000,000 | Maryland Health & Higher Educational Facilities Authority | 3.632 | 07/01/24 | 5,296,700 | ||||||||||||||
| 40,000 | Massachusetts Housing Finance Agency | 2.807 | 12/01/19 | 40,053 | ||||||||||||||
| 218 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 505,000 | Massachusetts Housing Finance Agency | 4.786 | % | 12/01/32 | $ | 535,361 | |||||||||||
| 2,085,000 | Massachusetts Housing Finance Agency | 4.621 | 12/01/38 | 2,287,704 | ||||||||||||||
| 1,035,000 | Massachusetts Housing Finance Agency | 4.721 | 06/01/40 | 1,133,987 | ||||||||||||||
| 575,000 | New Jersey Economic Development Authority | 3.500 | 06/15/20 | 579,198 | ||||||||||||||
| 1,000,000 | New Jersey Economic Development Authority | 3.800 | 06/15/20 | 1,009,230 | ||||||||||||||
| 7,500,000 | New Jersey Economic Development Authority | 4.271 | 06/15/20 | 7,594,725 | ||||||||||||||
| 500,000 | New Jersey Economic Development Authority | 3.700 | 06/15/21 | 508,705 | ||||||||||||||
| 3,515,000 | New Jersey Economic Development Authority | 4.150 | 06/15/22 | 3,664,106 | ||||||||||||||
| 1,500,000 | New Jersey Educational Facilities Authority | 2.304 | 07/01/22 | 1,508,370 | ||||||||||||||
| 1,415,000 | New Jersey Educational Facilities Authority | 2.504 | 07/01/23 | 1,434,852 | ||||||||||||||
| 1,615,000 | New Jersey Institute of Technology | 4.177 | 07/01/37 | 1,742,424 | ||||||||||||||
| 2,655,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 5.000 | 02/01/23 | 2,915,668 | ||||||||||||||
| 1,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.780 | 02/01/26 | 1,072,300 | ||||||||||||||
| 2,495,000 | New York Transportation Development Corp | 5.000 | 01/01/27 | 2,994,349 | ||||||||||||||
| 5,000,000 | g | Oregon State Business Development Commission | 6.500 | 04/01/31 | 4,714,550 | |||||||||||||
| 2,500,000 | Palm Beach County Solid Waste Authority | 2.636 | 10/01/24 | 2,584,925 | ||||||||||||||
| 1,690,000 | Port of Corpus Christi Authority of Nueces County | 2.888 | 12/01/21 | 1,714,015 | ||||||||||||||
| 2,000,000 | Port of Seattle WA | 3.471 | 05/01/31 | 2,091,800 | ||||||||||||||
| 3,975,000 | Public Finance Authority | 4.269 | 07/01/40 | 4,516,634 | ||||||||||||||
| 860,000 | Public Finance Authority | 4.269 | 07/01/40 | 977,811 | ||||||||||||||
| 1,390,000 | Regents of the University of California Medical Center Pooled Revenue | 2.659 | 05/15/28 | 1,419,121 | ||||||||||||||
| 1,800,000 | Regents of the University of California Medical Center Pooled Revenue | 2.759 | 05/15/29 | 1,837,998 | ||||||||||||||
| 5,000,000 | Rhode Island Convention Center Authority | 3.195 | 05/15/26 | 5,251,750 | ||||||||||||||
| 3,750,000 | Rhode Island Convention Center Authority | 3.265 | 05/15/27 | 3,958,537 | ||||||||||||||
| 5,000,000 | San Jose Redevelopment Agency | 3.250 | 08/01/29 | 5,275,000 | ||||||||||||||
| 2,045,000 | Sangamon County Water Reclamation District | 3.272 | 01/01/37 | 2,031,339 | ||||||||||||||
| 2,100,000 | State of Colorado | 4.047 | 09/01/38 | 2,273,376 | ||||||||||||||
| 500,000 | University of California | 2.676 | 05/15/21 | 506,510 | ||||||||||||||
| 4,500,000 | University of California | 2.817 | 05/15/24 | 4,670,955 | ||||||||||||||
| 7,000,000 | University of California | 3.063 | 07/01/25 | 7,350,560 | ||||||||||||||
| 3,000,000 | University of California | 3.169 | 05/15/29 | 3,188,970 | ||||||||||||||
| 4,385,000 | Virgin Islands Public Finance Authority | 5.000 | 10/01/21 | 4,397,453 | ||||||||||||||
| 3,585,000 | g | Virgin Islands Water & Power Authority-Electric System | 7.000 | 07/01/20 | 3,587,294 | |||||||||||||
| 2,740,000 | Virginia Housing Development Authority | 3.668 | 10/01/27 | 2,837,352 | ||||||||||||||
| 1,245,000 | Wake Forest University | 3.093 | 06/01/26 | 1,302,450 | ||||||||||||||
| TOTAL MUNICIPAL BONDS | 202,150,466 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 14.1% | ||||||||||||||||||
| 10,000,000 | United States Treasury Bond | 4.375 | 11/15/39 | 14,037,109 | ||||||||||||||
| 10,000,000 | United States Treasury Bond | 4.375 | 05/15/40 | 14,074,219 | ||||||||||||||
| 5,000,000 | United States Treasury Bond | 4.750 | 02/15/41 | 7,396,875 | ||||||||||||||
| 12,000,000 | United States Treasury Bond | 2.500 | 02/15/46 | 12,929,531 | ||||||||||||||
| 15,000,000 | United States Treasury Bond | 2.500 | 05/15/46 | 16,167,187 | ||||||||||||||
| 10,675,000 | United States Treasury Bond | 3.000 | 05/15/47 | 12,659,049 | ||||||||||||||
| 24,400,000 | United States Treasury Bond | 2.750 | 08/15/47 | 27,638,719 | ||||||||||||||
| 5,845,000 | United States Treasury Bond | 2.750 | 11/15/47 | 6,625,627 | ||||||||||||||
| 33,350,000 | United States Treasury Bond | 3.000 | 02/15/48 | 39,629,180 | ||||||||||||||
| 70,080,000 | United States Treasury Bond | 3.000 | 08/15/48 | 83,406,150 | ||||||||||||||
| 32,474,700 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/21 | 32,127,090 | |||||||||||||
| 21,098,800 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/22 | 20,887,764 | |||||||||||||
| 219 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 10,328,700 | k | United States Treasury Inflation Indexed Bonds | 0.625 | % | 04/15/23 | $ | 10,416,011 | ||||||||||
| 10,797,300 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/26 | 11,077,442 | |||||||||||||
| 4,030,388 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 01/15/28 | 4,127,921 | |||||||||||||
| 11,000,000 | United States Treasury Note | 1.500 | 11/30/19 | 10,989,929 | ||||||||||||||
| 2,485,000 | United States Treasury Note | 2.250 | 03/31/20 | 2,489,465 | ||||||||||||||
| 895,000 | United States Treasury Note | 2.375 | 04/30/20 | 897,552 | ||||||||||||||
| 45,000,000 | United States Treasury Note | 1.625 | 06/30/20 | 44,920,899 | ||||||||||||||
| 25,000,000 | United States Treasury Note | 1.625 | 07/31/20 | 24,952,148 | ||||||||||||||
| 20,000,000 | United States Treasury Note | 2.625 | 07/31/20 | 20,125,000 | ||||||||||||||
| 95,000,000 | United States Treasury Note | 2.625 | 08/15/20 | 95,627,148 | ||||||||||||||
| 5,130,000 | United States Treasury Note | 2.500 | 01/31/21 | 5,178,495 | ||||||||||||||
| 2,470,000 | United States Treasury Note | 2.250 | 04/30/21 | 2,489,779 | ||||||||||||||
| 2,685,000 | United States Treasury Note | 1.500 | 09/15/22 | 2,680,070 | ||||||||||||||
| 190,000 | United States Treasury Note | 2.000 | 05/31/24 | 193,822 | ||||||||||||||
| 665,000 | United States Treasury Note | 1.500 | 09/30/24 | 663,130 | ||||||||||||||
| 3,585,000 | United States Treasury Note | 2.625 | 02/15/29 | 3,881,043 | ||||||||||||||
| 41,660,000 | United States Treasury Note | 1.625 | 08/15/29 | 41,479,365 | ||||||||||||||
| 44,818,000 | United States Treasury Note | 2.875 | 05/15/49 | 52,314,511 | ||||||||||||||
| 54,700,000 | United States Treasury Note | 2.250 | 08/15/49 | 56,313,223 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 678,395,453 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 2,060,305,311 | |||||||||||||||||
| (Cost $1,982,448,749) | ||||||||||||||||||
| STRUCTURED ASSETS - 18.6% | ||||||||||||||||||
| ASSET BACKED - 7.5% | ||||||||||||||||||
| 7,114,102 | g | Adams Outdoor Advertising LP | 4.810 | 11/15/48 | 7,383,383 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 5,000,000 | g | Adams Outdoor Advertising LP | 7.356 | 11/15/48 | 5,173,825 | |||||||||||||
| Series - 2018 1 (Class C) | ||||||||||||||||||
| 1,233,894 | American Airlines Pass Through Trust | 3.575 | 01/15/28 | 1,299,939 | ||||||||||||||
| Series - 2016 1 (Class AA) | ||||||||||||||||||
| 1,590,549 | g | American Homes 4 Rent Trust | 3.786 | 10/17/36 | 1,673,579 | |||||||||||||
| Series - 2014 SFR2 (Class A) | ||||||||||||||||||
| 1,000,000 | g,i | Apidos CLO XXIX | LIBOR 3 M + 1.550% | 3.826 | 07/25/30 | 985,302 | ||||||||||||
| Series - 2018 29A (Class A2) | ||||||||||||||||||
| 1,363,747 | g | Apollo Aviation Securitization Equity Trust | 6.413 | 01/16/38 | 1,372,694 | |||||||||||||
| Series - 2018 1A (Class C) | ||||||||||||||||||
| 1,066,670 | g | Apollo Aviation Securitization Equity Trust | 3.844 | 05/15/39 | 1,068,577 | |||||||||||||
| Series - 2019 1 (Class A) | ||||||||||||||||||
| 364,150 | Apollo Aviation Securitization Equity Trust | 4.212 | 11/15/41 | 343,860 | ||||||||||||||
| Series - 2016 2 (Class A) | ||||||||||||||||||
| 4,015,000 | g | Applebee’s Funding LLC | 4.194 | 06/07/49 | 4,106,783 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 1,730,000 | g | Applebee’s Funding LLC | 4.723 | 06/07/49 | 1,793,318 | |||||||||||||
| Series - 2019 1A (Class A2II) | ||||||||||||||||||
| 2,150,000 | g,i | AREIT Trust | LIBOR 1 M + 1.020% | 3.048 | 09/14/36 | 2,150,000 | ||||||||||||
| Series - 2019 CRE3 (Class A) | ||||||||||||||||||
| 301,750 | i | Asset Backed Securities Corp Home Equity Loan Trust | LIBOR 1 M + 0.900% | 3.386 | 08/25/34 | 299,733 | ||||||||||||
| Series - 2004 HE5 (Class M1) | ||||||||||||||||||
| 220 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 3,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.780 | % | 06/20/22 | $ | 3,051,426 | ||||||||||
| Series - 2016 1A (Class B) | ||||||||||||||||||
| 5,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.360 | 11/20/22 | 5,078,086 | |||||||||||||
| Series - 2016 2A (Class B) | ||||||||||||||||||
| 6,830,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.830 | 11/20/22 | 7,054,642 | |||||||||||||
| Series - 2016 2A (Class C) | ||||||||||||||||||
| 1,500,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.150 | 09/20/23 | 1,539,663 | |||||||||||||
| Series - 2017 1A (Class C) | ||||||||||||||||||
| 8,500,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.970 | 03/20/24 | 8,683,914 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 975,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.950 | 03/20/25 | 1,045,240 | |||||||||||||
| Series - 2018 2A (Class C) | ||||||||||||||||||
| 1,910,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.240 | 09/22/25 | 2,004,934 | |||||||||||||
| Series - 2019 2A (Class C) | ||||||||||||||||||
| 489,466 | i | Bayview Financial Mortgage Pass-Through Trust | 5.500 | 12/28/35 | 490,212 | |||||||||||||
| Series - 2005 D (Class AF4) | ||||||||||||||||||
| 1,500,000 | i | Bayview Financial Mortgage Pass-Through Trust | LIBOR 1 M + 0.650% | 2.694 | 02/28/41 | 1,483,786 | ||||||||||||
| Series - 2006 A (Class M3) | ||||||||||||||||||
| 9,632 | i | Bear Stearns Asset Backed Securities Trust | LIBOR 1 M + 0.490% | 2.508 | 07/25/35 | 9,626 | ||||||||||||
| Series - 2005 SD3 (Class 1A) | ||||||||||||||||||
| 100,000 | i | Bear Stearns Asset Backed Securities Trust | LIBOR 1 M + 0.670% | 2.688 | 04/25/36 | 99,951 | ||||||||||||
| Series - 2006 SD1 (Class M1) | ||||||||||||||||||
| 3,752,101 | g | BRE Grand Islander Timeshare Issuer LLC | 3.280 | 09/26/33 | 3,822,201 | |||||||||||||
| Series - 2019 A (Class A) | ||||||||||||||||||
| 3,000,000 | Capital Auto Receivables Asset Trust | 3.160 | 11/20/23 | 3,011,069 | ||||||||||||||
| Series - 2016 2 (Class D) | ||||||||||||||||||
| 4,807,357 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 4,815,257 | |||||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||||
| 4,741,632 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 4,786,159 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 1,535,576 | i | C-BASS Trust | LIBOR 1 M + 0.080% | 2.098 | 07/25/36 | 1,517,970 | ||||||||||||
| Series - 2006 CB6 (Class A1) | ||||||||||||||||||
| 6,451,318 | †,g,i | CBRE Realty Finance | LIBOR 3 M + 0.300% | 2.603 | 04/07/52 | 0 | ||||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||||
| 404,762 | g | CCR, Inc | 4.750 | 07/10/22 | 408,705 | |||||||||||||
| Series - 2012 CA (Class C) | ||||||||||||||||||
| 30,744 | Centex Home Equity | 5.540 | 01/25/32 | 31,329 | ||||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||||
| 1,720,000 | g,i | CIFC Funding Ltd | LIBOR 3 M + 2.900% | 5.183 | 04/24/31 | 1,627,096 | ||||||||||||
| Series - 2013 3RA (Class C) | ||||||||||||||||||
| 460,000 | i | Citigroup Mortgage Loan Trust, Inc | LIBOR 1 M + 0.750% | 2.768 | 01/25/36 | 459,133 | ||||||||||||
| Series - 2006 WFH1 (Class M4) | ||||||||||||||||||
| 3,200,000 | g,i | Core Industrial Trust | 3.977 | 02/10/34 | 3,262,298 | |||||||||||||
| Series - 2015 TEXW (Class D) | ||||||||||||||||||
| 38,219 | Countrywide Asset-Backed Certificates (Step Bond) | 5.216 | 10/25/27 | 39,740 | ||||||||||||||
| Series - 2002 S4 (Class A5) | ||||||||||||||||||
| 221 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 4,912,500 | g | DB Master Finance LLC | 3.629 | % | 11/20/47 | $ | 5,030,596 | ||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 10,249,313 | g | DB Master Finance LLC | 3.787 | 05/20/49 | 10,554,742 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 4,473,788 | g | DB Master Finance LLC | 4.021 | 05/20/49 | 4,637,975 | |||||||||||||
| Series - 2019 1A (Class A2II) | ||||||||||||||||||
| 3,241,875 | g | DB Master Finance LLC | 4.352 | 05/20/49 | 3,424,879 | |||||||||||||
| Series - 2019 1A (Class A23) | ||||||||||||||||||
| 4,318,335 | g | Diamond Resorts Owner Trust | 3.700 | 01/21/31 | 4,404,049 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 1,151,556 | g | Diamond Resorts Owner Trust | 5.900 | 01/21/31 | 1,179,722 | |||||||||||||
| Series - 2018 1 (Class D) | ||||||||||||||||||
| 4,399,194 | g | Diamond Resorts Owner Trust | 2.890 | 02/20/32 | 4,414,317 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 4,760,100 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 4,983,063 | |||||||||||||
| Series - 2015 1A (Class A2II) | ||||||||||||||||||
| 1,886,500 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 1,892,895 | |||||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||||
| 4,900,000 | g | Domino’s Pizza Master Issuer LLC | 4.118 | 07/25/47 | 5,126,380 | |||||||||||||
| Series - 2017 1A (Class A23) | ||||||||||||||||||
| 1,580,000 | g | Domino’s Pizza Master Issuer LLC | 4.116 | 07/25/48 | 1,640,230 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 5,000,000 | g,i | Dryden 50 Senior Loan Fund | LIBOR 3 M + 2.250% | 4.553 | 07/15/30 | 5,000,199 | ||||||||||||
| Series - 2017 50A (Class C) | ||||||||||||||||||
| 2,615,404 | g,i | Ellington Loan Acquisition Trust | LIBOR 1 M + 1.100% | 3.118 | 05/25/37 | 2,632,105 | ||||||||||||
| Series - 2007 2 (Class A2C) | ||||||||||||||||||
| 1,480,913 | g | FOCUS Brands Funding LLC | 5.093 | 04/30/47 | 1,546,843 | |||||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||||
| 4,100,000 | g,i | Galaxy XIX CLO Ltd | LIBOR 3 M + 1.220% | 2.585 | 07/24/30 | 4,090,579 | ||||||||||||
| Series - 2015 19A (Class A1R) | ||||||||||||||||||
| 1,241,741 | g | HERO Funding Trust | 4.500 | 09/21/42 | 1,258,547 | |||||||||||||
| Series - 2016 1R (Class A1) | ||||||||||||||||||
| 653,003 | g | HERO Funding Trust | 3.280 | 09/20/48 | 658,717 | |||||||||||||
| Series - 2017 2A (Class A1) | ||||||||||||||||||
| 1,306,006 | g | HERO Funding Trust | 4.070 | 09/20/48 | 1,352,008 | |||||||||||||
| Series - 2017 2A (Class A2) | ||||||||||||||||||
| 3,050,000 | g | Hertz Vehicle Financing II LP | 4.260 | 05/25/25 | 3,145,219 | |||||||||||||
| Series - 2019 2A (Class C) | ||||||||||||||||||
| 10,000,000 | g | Hertz Vehicle Financing LLC | 4.030 | 07/25/24 | 10,527,007 | |||||||||||||
| Series - 2018 3A (Class A) | ||||||||||||||||||
| 1,385,994 | g | Hilton Grand Vacations Trust | 2.660 | 12/26/28 | 1,389,526 | |||||||||||||
| Series - 2017 AA (Class A) | ||||||||||||||||||
| 2,309,991 | g | Hilton Grand Vacations Trust | 2.960 | 12/26/28 | 2,314,120 | |||||||||||||
| Series - 2017 AA (Class B) | ||||||||||||||||||
| 1,903,433 | g | Hilton Grand Vacations Trust | 4.000 | 02/25/32 | 1,961,965 | |||||||||||||
| Series - 2018 AA (Class C) | ||||||||||||||||||
| 5,190,312 | g | Hilton Grand Vacations Trust | 2.340 | 07/25/33 | 5,183,927 | |||||||||||||
| Series - 2019 AA (Class A) | ||||||||||||||||||
| 4,498,271 | g | Hilton Grand Vacations Trust | 2.840 | 07/25/33 | 4,492,370 | |||||||||||||
| Series - 2019 AA (Class C) | ||||||||||||||||||
| 69,982 | i | Home Equity Asset Trust | LIBOR 1 M + 1.500% | 3.986 | 06/25/33 | 70,330 | ||||||||||||
| Series - 2003 1 (Class M1) | ||||||||||||||||||
| 2,467,949 | g | Horizon Aircraft Finance II Ltd | 3.721 | 07/15/39 | 2,477,450 | |||||||||||||
| Series - 2019 1 (Class A) | ||||||||||||||||||
| 222 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 494,048 | g | Horizon Aircraft Finance II Ltd | 6.900 | % | 07/15/39 | $ | 503,901 | ||||||||||
| Series - 2019 1 (Class C) | ||||||||||||||||||
| 1,411,188 | g,i | Invitation Homes Trust | LIBOR 1 M + 0.900% | 2.928 | 06/17/37 | 1,411,186 | ||||||||||||
| Series - 2018 SFR2 (Class A) | ||||||||||||||||||
| 773,786 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.320% | 2.338 | 03/25/37 | 758,349 | ||||||||||||
| Series - 2007 CH3 (Class A1B) | ||||||||||||||||||
| 11,879,162 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.160% | 2.178 | 06/25/37 | 11,709,571 | ||||||||||||
| Series - 2007 CH5 (Class A1) | ||||||||||||||||||
| 607,292 | MASTR Asset Backed Securities Trust (Step Bond) | 5.648 | 11/25/35 | 606,294 | ||||||||||||||
| Series - 2005 AB1 (Class A4) | ||||||||||||||||||
| 1,071,534 | Mid-State Capital Trust | 5.745 | 01/15/40 | 1,162,615 | ||||||||||||||
| Series - 2005 1 (Class A) | ||||||||||||||||||
| 79,356 | i | Morgan Stanley ABS Capital I, Inc Trust | LIBOR 1 M + 0.825% | 2.843 | 08/25/34 | 79,203 | ||||||||||||
| Series - 2004 HE6 (Class M1) | ||||||||||||||||||
| 2,282,920 | g | Mosaic Solar Loans LLC | 3.820 | 06/22/43 | 2,331,864 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 800,000 | g,i | MSCG Trust | 3.577 | 06/07/35 | 791,189 | |||||||||||||
| Series - 2015 ALDR (Class C) | ||||||||||||||||||
| 4,310,000 | g,i | MSCG Trust | 3.577 | 06/07/35 | 4,118,555 | |||||||||||||
| Series - 2015 ALDR (Class D) | ||||||||||||||||||
| 922,409 | g | MVW Owner Trust | 2.520 | 12/20/32 | 921,860 | |||||||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||||
| 1,258,671 | g | MVW Owner Trust | 2.640 | 12/20/33 | 1,257,324 | |||||||||||||
| Series - 2016 1A (Class B) | ||||||||||||||||||
| 1,729,350 | g | MVW Owner Trust | 2.420 | 12/20/34 | 1,731,897 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 3,149,881 | g | MVW Owner Trust | 3.900 | 01/21/36 | 3,244,736 | |||||||||||||
| Series - 2018 1A (Class C) | ||||||||||||||||||
| 2,708,489 | g | MVW Owner Trust | 3.330 | 11/20/36 | 2,749,887 | |||||||||||||
| Series - 2019 1A (Class C) | ||||||||||||||||||
| 1,180,000 | g,i | Myers Park CLO Ltd | LIBOR 3 M + 1.600% | 3.878 | 10/20/30 | 1,164,620 | ||||||||||||
| Series - 2018 1A (Class B1) | ||||||||||||||||||
| 519,899 | i | NovaStar Mortgage Funding Trust | LIBOR 1 M + 1.125% | 3.143 | 09/25/33 | 520,671 | ||||||||||||
| Series - 2003 2 (Class M1) | ||||||||||||||||||
| 595,505 | Oakwood Mortgage Investors, Inc | 5.410 | 11/15/32 | 612,850 | ||||||||||||||
| Series - 2002 C (Class A1) | ||||||||||||||||||
| 3,091,000 | g,i | Octagon Investment Partners 38 Ltd | LIBOR 3 M + 1.670% | 3.948 | 07/20/30 | 3,069,520 | ||||||||||||
| Series - 2018 1A (Class A3A) | ||||||||||||||||||
| 1,625,000 | g,i | Octagon Investment Partners XVII Ltd | LIBOR 3 M + 2.500% | 5.080 | 01/25/31 | 1,491,351 | ||||||||||||
| Series - 2013 1A (Class DR2) | ||||||||||||||||||
| 229,974 | g,i | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 228,934 | |||||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||||
| 1,136,671 | g | Orange Lake Timeshare Trust | 3.100 | 11/08/30 | 1,154,901 | |||||||||||||
| Series - 2018 A (Class A) | ||||||||||||||||||
| 3,290,179 | g | Pioneer Aircraft Finance Ltd | 3.967 | 06/15/44 | 3,390,884 | |||||||||||||
| Series - 2019 1 (Class A) | ||||||||||||||||||
| 6,187,500 | g | Planet Fitness Master Issuer LLC | 4.262 | 09/05/48 | 6,325,914 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 2,475,000 | g | Planet Fitness Master Issuer LLC | 4.666 | 09/05/48 | 2,593,379 | |||||||||||||
| Series - 2018 1A (Class A2II) | ||||||||||||||||||
| 1,239,410 | g | Pretium Mortgage Credit Partners I LLC (Step Bond) | 3.844 | 12/25/58 | 1,244,591 | |||||||||||||
| Series - 2019 NPL2 (Class A1) | ||||||||||||||||||
| 223 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 2,343,455 | g | Pretium Mortgage Credit Partners I LLC (Step Bond) | 4.213 | % | 07/25/60 | $ | 2,362,891 | ||||||||||
| Series - 2019 NPL1 (Class A1) | ||||||||||||||||||
| 1,800,000 | g | Progress Residential Trust | 2.897 | 12/17/34 | 1,812,444 | |||||||||||||
| Series - 2017 SFR2 (Class A) | ||||||||||||||||||
| 1,973,223 | g | PRPM LLC (Step Bond) | 3.967 | 04/25/24 | 1,993,223 | |||||||||||||
| Series - 2019 2A (Class A1) | ||||||||||||||||||
| 740,000 | i | RASC Trust | LIBOR 1 M + 0.590% | 3.080 | 08/25/35 | 741,254 | ||||||||||||
| Series - 2005 KS8 (Class M4) | ||||||||||||||||||
| 1,545,779 | Santander Drive Auto Receivables Trust | 2.660 | 11/15/21 | 1,547,109 | ||||||||||||||
| Series - 2016 2 (Class C) | ||||||||||||||||||
| 1,038,152 | Santander Drive Auto Receivables Trust | 3.090 | 04/15/22 | 1,039,153 | ||||||||||||||
| Series - 2016 1 (Class C) | ||||||||||||||||||
| 6,000,000 | g,h | SERVPRO Master Issuer LLC | 3.882 | 10/25/49 | 6,084,158 | |||||||||||||
| Series - 2019 1A (Class A2) | ||||||||||||||||||
| 5,000,000 | g | Sesac Finance LLC | 5.216 | 07/25/49 | 5,159,200 | |||||||||||||
| Series - 2019 1 (Class A2) | ||||||||||||||||||
| 4,750,000 | g | Settlement Fee Finance LLC | 3.840 | 11/01/49 | 4,750,000 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 2,560,823 | g | Sierra Receivables Funding Co LLC | 3.200 | 03/20/34 | 2,579,053 | |||||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||||
| 289,114 | g | Sierra Timeshare Receivables Funding LLC | 2.430 | 06/20/32 | 288,755 | |||||||||||||
| Series - 2015 2A (Class A) | ||||||||||||||||||
| 1,140,517 | g | Sierra Timeshare Receivables Funding LLC | 2.580 | 09/20/32 | 1,139,789 | |||||||||||||
| Series - 2015 3A (Class A) | ||||||||||||||||||
| 1,596,144 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 09/20/32 | 1,597,426 | |||||||||||||
| Series - 2015 3A (Class B) | ||||||||||||||||||
| 914,179 | g | Sierra Timeshare Receivables Funding LLC | 2.330 | 07/20/33 | 911,893 | |||||||||||||
| Series - 2016 2A (Class A) | ||||||||||||||||||
| 1,828,358 | g | Sierra Timeshare Receivables Funding LLC | 2.780 | 07/20/33 | 1,826,578 | |||||||||||||
| Series - 2016 2A (Class B) | ||||||||||||||||||
| 2,000,943 | g | Sierra Timeshare Receivables Funding LLC | 3.650 | 06/20/35 | 2,041,869 | |||||||||||||
| Series - 2018 2A (Class B) | ||||||||||||||||||
| 1,147,994 | g | Sierra Timeshare Receivables Funding LLC | 4.540 | 05/20/36 | 1,152,467 | |||||||||||||
| Series - 2019 2A (Class D) | ||||||||||||||||||
| 1,650,000 | g | SoFi Professional Loan Program LLC | 2.630 | 07/25/40 | 1,659,957 | |||||||||||||
| Series - 2017 C (Class A2B) | ||||||||||||||||||
| 490,008 | g | SolarCity LMC | 4.800 | 11/20/38 | 518,224 | |||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 661,184 | g | SolarCity LMC | 4.590 | 04/20/44 | 675,035 | |||||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||||
| 1,129,149 | g | SolarCity LMC | 4.020 | 07/20/44 | 1,139,923 | |||||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||||
| 2,134,294 | g | START Ireland | 4.089 | 05/15/43 | 2,179,218 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 3,133,929 | g | START Ireland | 5.095 | 03/15/44 | 3,192,049 | |||||||||||||
| Series - 2019 1 (Class B) | ||||||||||||||||||
| 2,321,429 | g | START Ireland | 6.413 | 03/15/44 | 2,329,482 | |||||||||||||
| Series - 2019 1 (Class C) | ||||||||||||||||||
| 1,525,428 | g,i | Starwood Waypoint Homes | LIBOR 1 M + 0.950% | 2.978 | 01/17/35 | 1,524,451 | ||||||||||||
| Series - 2017 1 (Class A) | ||||||||||||||||||
| 224 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 12,116 | i | Structured Asset Investment Loan Trust | LIBOR 1 M + 0.900% | 2.918 | % | 09/25/34 | $ | 12,023 | |||||||||
| Series - 2004 8 (Class M1) | ||||||||||||||||||
| 24,530 | i | Structured Asset Investment Loan Trust | LIBOR 1 M + 1.000% | 3.018 | 09/25/34 | 24,550 | ||||||||||||
| Series - 2004 8 (Class A9) | ||||||||||||||||||
| 1,060,714 | i | Structured Asset Securities Corp Mortgage Loan Trust | LIBOR 1 M + 1.500% | 3.600 | 04/25/35 | 1,051,611 | ||||||||||||
| Series - 2005 7XS (Class 2A1A) | ||||||||||||||||||
| 953,063 | g | Taco Bell Funding LLC | 4.377 | 05/25/46 | 966,272 | |||||||||||||
| Series - 2016 1A (Class A2II) | ||||||||||||||||||
| 7,404,563 | g | Taco Bell Funding LLC | 4.970 | 05/25/46 | 7,862,016 | |||||||||||||
| Series - 2016 1A (Class A23) | ||||||||||||||||||
| 10,222,750 | g | Taco Bell Funding LLC | 4.318 | 11/25/48 | 10,588,316 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 3,970,000 | g | Taco Bell Funding LLC | 4.940 | 11/25/48 | 4,241,747 | |||||||||||||
| Series - 2018 1A (Class A2II) | ||||||||||||||||||
| 7,303,941 | g | TES LLC | 4.330 | 10/20/47 | 7,443,065 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 2,500,000 | g | TES LLC | 7.740 | 10/20/47 | 2,483,776 | |||||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||||
| 1,429,394 | g | Thunderbolt Aircraft Lease Ltd | 4.500 | 05/17/32 | 1,395,086 | |||||||||||||
| Series - 2017 A (Class C) | ||||||||||||||||||
| 7,147,158 | g | Thunderbolt Aircraft Lease Ltd (Step Bond) | 4.212 | 05/17/32 | 7,302,463 | |||||||||||||
| Series - 2017 A (Class A) | ||||||||||||||||||
| 1,543,059 | g | Tricon American Homes Trust | 2.716 | 09/17/34 | 1,552,788 | |||||||||||||
| Series - 2017 SFR1 (Class A) | ||||||||||||||||||
| 4,750,000 | United Airlines Pass Through Trust | 2.700 | 05/01/32 | 4,736,670 | ||||||||||||||
| Series - 2019 2 (Class ) | ||||||||||||||||||
| 2,515,127 | g | VOLT LXII LLC (Step Bond) | 3.125 | 09/25/47 | 2,516,525 | |||||||||||||
| Series - 2017 NPL9 (Class A1) | ||||||||||||||||||
| 473,563 | g | VOLT LXV LLC (Step Bond) | 3.750 | 04/25/48 | 474,319 | |||||||||||||
| Series - 2018 NPL1 (Class A1) | ||||||||||||||||||
| 1,877,540 | g | VOLT LXXIII LLC (Step Bond) | 4.458 | 10/25/48 | 1,886,937 | |||||||||||||
| Series - 2018 NPL9 (Class A1A) | ||||||||||||||||||
| 934,633 | g | VOLT LXXV LLC (Step Bond) | 4.336 | 01/25/49 | 941,015 | |||||||||||||
| Series - 2019 NPL1 (Class A1A) | ||||||||||||||||||
| 2,147,046 | g | VOLT LXXV LLC (Step Bond) | 3.967 | 02/25/49 | 2,154,204 | |||||||||||||
| Series - 2019 NPL2 (Class A1) | ||||||||||||||||||
| 1,946,836 | g | VOLT LXXV LLC (Step Bond) | 3.967 | 03/25/49 | 1,957,715 | |||||||||||||
| Series - 2019 NPL3 (Class A1) | ||||||||||||||||||
| 1,000,000 | i | Voya CLO Ltd | LIBOR 3 M + 5.000% | 7.276 | 07/25/26 | 968,915 | ||||||||||||
| Series - 2014 3X (Class D) | ||||||||||||||||||
| 40,000 | g,i | Voya CLO Ltd | LIBOR 3 M + 2.350% | 4.628 | 07/20/30 | 39,728 | ||||||||||||
| Series - 2017 3A (Class B) | ||||||||||||||||||
| 913 | g,i | Wachovia Loan Trust | LIBOR 1 M + 0.360% | 2.378 | 05/25/35 | 913 | ||||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||||
| 10,193,438 | g | Wendys Funding LLC | 3.573 | 03/15/48 | 10,354,902 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 7,860,000 | g | Wendys Funding LLC | 3.884 | 03/15/48 | 8,084,089 | |||||||||||||
| Series - 2018 1A (Class A2II) | ||||||||||||||||||
| TOTAL ASSET BACKED | 361,824,482 | |||||||||||||||||
| 225 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| OTHER MORTGAGE BACKED - 11.1% | ||||||||||||||||||
| $ | 10,000,000 | g,i | 20 Times Square Trust | 3.203 | % | 05/15/35 | $ | 10,043,169 | ||||||||||
| Series - 2018 20TS (Class D) | ||||||||||||||||||
| 942,850 | g,i | Agate Bay Mortgage Trust | 3.500 | 11/25/44 | 947,757 | |||||||||||||
| Series - 2014 3 (Class A13) | ||||||||||||||||||
| 1,302,369 | g,i | Agate Bay Mortgage Trust | 3.500 | 09/25/45 | 1,297,972 | |||||||||||||
| Series - 2015 6 (Class A9) | ||||||||||||||||||
| 69,608 | Alternative Loan Trust | 5.250 | 11/25/33 | 70,984 | ||||||||||||||
| Series - 2003 J3 (Class 1A3) | ||||||||||||||||||
| 320,809 | i | Alternative Loan Trust | LIBOR 1 M + 0.500% | 2.518 | 06/25/34 | 325,637 | ||||||||||||
| Series - 2004 8CB (Class M1) | ||||||||||||||||||
| 1,488,751 | i | American Home Mortgage Investment Trust | LIBOR 6 M + 1.500% | 3.692 | 10/25/34 | 1,490,818 | ||||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||||
| 540,000 | i | Banc of America Commercial Mortgage Trust | 4.506 | 09/15/48 | 577,111 | |||||||||||||
| Series - 2015 UBS7 (Class C) | ||||||||||||||||||
| 10,700,000 | Banc of America Commercial Mortgage Trust | 3.019 | 07/15/49 | 10,988,863 | ||||||||||||||
| Series - 2016 UB10 (Class ASB) | ||||||||||||||||||
| 2,165,000 | BANK | 3.625 | 05/15/50 | 2,349,619 | ||||||||||||||
| Series - 2017 BNK4 (Class A4) | ||||||||||||||||||
| 42,000,000 | h,i | BANK | 0.997 | 10/17/52 | 2,987,586 | |||||||||||||
| Series - 2019 BN21 (Class XA) | ||||||||||||||||||
| 1,100,000 | g,i | Barclays Commercial Mortgage Securities LLC | 4.427 | 09/10/28 | 1,105,590 | |||||||||||||
| Series - 2015 STP (Class D) | ||||||||||||||||||
| 5,000,000 | g,i | BBCMS Trust | 4.409 | 08/05/38 | 4,659,982 | |||||||||||||
| Series - 2018 CHRS (Class E) | ||||||||||||||||||
| 2,600,000 | BENCHMARK Mortgage Trust | 3.419 | 08/15/52 | 2,755,059 | ||||||||||||||
| Series - 2019 B12 (Class AS) | ||||||||||||||||||
| 200,000 | g,i | BX TRUST | LIBOR 1 M + 0.577% | 2.604 | 04/15/35 | 199,310 | ||||||||||||
| Series - 2018 MCSF (Class A) | ||||||||||||||||||
| 4,500,000 | CD Mortgage Trust | 2.622 | 08/10/49 | 4,587,651 | ||||||||||||||
| Series - 2016 CD1 (Class ASB) | ||||||||||||||||||
| 1,000,000 | i | CD Mortgage Trust | 4.163 | 11/10/49 | 1,053,333 | |||||||||||||
| Series - 2016 CD2 (Class C) | ||||||||||||||||||
| 5,000,000 | i | CFCRE Commercial Mortgage Trust | 3.502 | 11/10/49 | 5,258,183 | |||||||||||||
| Series - 2016 C6 (Class AM) | ||||||||||||||||||
| 243,079 | Citicorp Mortgage Securities, Inc | 5.500 | 07/25/35 | 246,532 | ||||||||||||||
| Series - 2005 4 (Class 1A7) | ||||||||||||||||||
| 2,000,000 | g | Citigroup Commercial Mortgage Trust | 4.350 | 05/10/36 | 2,088,641 | |||||||||||||
| Series - 2019 PRM (Class D) | ||||||||||||||||||
| 1,900,000 | Citigroup Commercial Mortgage Trust | 4.023 | 03/10/47 | 2,036,474 | ||||||||||||||
| Series - 2014 GC19 (Class A4) | ||||||||||||||||||
| 2,600,000 | i | Citigroup Commercial Mortgage Trust | 3.758 | 04/10/48 | 2,714,349 | |||||||||||||
| Series - 2015 GC29 (Class B) | ||||||||||||||||||
| 900,000 | i | Citigroup Commercial Mortgage Trust | 4.280 | 04/10/48 | 950,425 | |||||||||||||
| Series - 2015 GC29 (Class C) | ||||||||||||||||||
| 1,000,000 | Citigroup Commercial Mortgage Trust | 4.233 | 04/10/49 | 1,078,647 | ||||||||||||||
| Series - 2016 GC37 (Class B) | ||||||||||||||||||
| 543,057 | i | COBALT CMBS Commercial Mortgage Trust | 5.646 | 04/15/47 | 546,764 | |||||||||||||
| Series - 2007 C2 (Class C) | ||||||||||||||||||
| 20,000,000 | g | COMM Mortgage Trust | 2.841 | 08/15/45 | 20,259,198 | |||||||||||||
| Series - 2012 CR2 (Class A3) | ||||||||||||||||||
| 1,151,295 | g,i | COMM Mortgage Trust | 4.949 | 08/10/46 | 1,242,780 | |||||||||||||
| Series - 2013 CR10 (Class B) | ||||||||||||||||||
| 226 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 5,000,000 | COMM Mortgage Trust | 4.199 | % | 03/10/47 | $ | 5,315,878 | |||||||||||
| Series - 2014 UBS2 (Class AM) | ||||||||||||||||||
| 3,092,577 | i | COMM Mortgage Trust | 5.137 | 03/10/47 | 3,273,014 | |||||||||||||
| Series - 2014 UBS2 (Class C) | ||||||||||||||||||
| 1,120,000 | COMM Mortgage Trust | 4.174 | 05/10/47 | 1,200,328 | ||||||||||||||
| Series - 2014 CR17 (Class AM) | ||||||||||||||||||
| 5,000,000 | COMM Mortgage Trust | 3.828 | 07/15/47 | 5,344,326 | ||||||||||||||
| Series - 2014 CR18 (Class A5) | ||||||||||||||||||
| 2,452,500 | i | COMM Mortgage Trust | 4.456 | 07/15/47 | 2,629,156 | |||||||||||||
| Series - 2014 CR18 (Class B) | ||||||||||||||||||
| 2,800,000 | i | COMM Mortgage Trust | 4.703 | 08/10/47 | 3,031,961 | |||||||||||||
| Series - 2014 CR19 (Class B) | ||||||||||||||||||
| 2,000,000 | g,i | COMM Mortgage Trust | 4.906 | 08/10/47 | 1,997,793 | |||||||||||||
| Series - 2014 CR19 (Class D) | ||||||||||||||||||
| 2,700,000 | COMM Mortgage Trust | 3.917 | 10/10/47 | 2,910,974 | ||||||||||||||
| Series - 2014 LC17 (Class A5) | ||||||||||||||||||
| 2,200,000 | i | COMM Mortgage Trust | 3.926 | 03/10/48 | 2,329,706 | |||||||||||||
| Series - 2015 CR22 (Class B) | ||||||||||||||||||
| 5,000,000 | g,i | COMM Mortgage Trust | 4.254 | 03/10/48 | 4,978,159 | |||||||||||||
| Series - 2015 CR22 (Class D) | ||||||||||||||||||
| 3,340,500 | i | COMM Mortgage Trust | 4.254 | 03/10/48 | 3,550,049 | |||||||||||||
| Series - 2015 CR22 (Class C) | ||||||||||||||||||
| 2,000,000 | COMM Mortgage Trust | 3.801 | 05/10/48 | 2,129,949 | ||||||||||||||
| Series - 2015 CR23 (Class AM) | ||||||||||||||||||
| 6,000,000 | g,i | COMM Mortgage Trust | 3.807 | 05/10/48 | 6,009,867 | |||||||||||||
| Series - 2015 CR23 (Class CMD) | ||||||||||||||||||
| 4,000,000 | i | COMM Mortgage Trust | 4.392 | 05/10/48 | 4,029,775 | |||||||||||||
| Series - 2015 CR23 (Class D) | ||||||||||||||||||
| 2,500,000 | i | COMM Mortgage Trust | 3.463 | 08/10/48 | 2,344,630 | |||||||||||||
| Series - 2015 CR24 (Class D) | ||||||||||||||||||
| 2,500,000 | i | COMM Mortgage Trust | 4.524 | 08/10/48 | 2,673,316 | |||||||||||||
| Series - 2015 CR24 (Class C) | ||||||||||||||||||
| 4,485,000 | i | COMM Mortgage Trust | 4.634 | 10/10/48 | 4,810,063 | |||||||||||||
| Series - 2015 CR26 (Class C) | ||||||||||||||||||
| 4,000,000 | COMM Mortgage Trust | 2.972 | 10/10/49 | 4,130,302 | ||||||||||||||
| Series - 2016 COR1 (Class ASB) | ||||||||||||||||||
| 5,000,000 | COMM Mortgage Trust | 4.181 | 05/10/51 | 5,504,335 | ||||||||||||||
| Series - 2018 COR3 (Class ASB) | ||||||||||||||||||
| 1,408,277 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.600% | 4.618 | 05/25/24 | 1,468,354 | ||||||||||||
| Series - 2014 C02 (Class 1M2) | ||||||||||||||||||
| 13,716,963 | i | Connecticut Avenue Securities | LIBOR 1 M + 3.000% | 5.018 | 07/25/24 | 14,401,913 | ||||||||||||
| Series - 2014 C03 (Class 1M2) | ||||||||||||||||||
| 1,552,441 | i | Connecticut Avenue Securities | LIBOR 1 M + 5.000% | 7.018 | 11/25/24 | 1,659,751 | ||||||||||||
| Series - 2014 C04 (Class 2M2) | ||||||||||||||||||
| 1,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.250% | 6.268 | 04/25/29 | 1,068,879 | ||||||||||||
| Series - 2016 C06 (Class 1M2) | ||||||||||||||||||
| 3,228,122 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 11/25/29 | 3,229,731 | ||||||||||||
| Series - 2017 C04 (Class 2M1) | ||||||||||||||||||
| 2,750,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.200% | 4.218 | 01/25/30 | 2,780,365 | ||||||||||||
| Series - 2017 C05 (Class 1M2A) | ||||||||||||||||||
| 550,517 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.600% | 2.618 | 07/25/30 | 550,298 | ||||||||||||
| Series - 2018 C01 (Class 1M1) | ||||||||||||||||||
| 710,533 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.680% | 2.698 | 10/25/30 | 710,633 | ||||||||||||
| Series - 2018 C03 (Class 1M1) | ||||||||||||||||||
| 227 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 4,150,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | % | 10/25/30 | $ | 4,158,029 | |||||||||
| Series - 2018 C03 (Class 1EA2) | ||||||||||||||||||
| 133,214 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 07/25/31 | 133,331 | ||||||||||||
| Series - 2019 R01 (Class 2M1) | ||||||||||||||||||
| 175,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.450% | 4.468 | 07/25/31 | 176,520 | ||||||||||||
| Series - 2019 R01 (Class 2M2) | ||||||||||||||||||
| 1,930,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.150% | 4.168 | 09/25/31 | 1,939,217 | ||||||||||||
| Series - 2019 R03 (Class 1M2) | ||||||||||||||||||
| 127,713 | Countrywide Alternative Loan Trust | 5.000 | 04/25/20 | 118,140 | ||||||||||||||
| Series - 2005 6CB (Class 2A1) | ||||||||||||||||||
| 539,282 | i | Countrywide Alternative Loan Trust | LIBOR 1 M + 0.230% | 2.274 | 07/20/35 | 533,892 | ||||||||||||
| Series - 2005 24 (Class 4A1) | ||||||||||||||||||
| 531,258 | i | Countrywide Home Loan Mortgage Pass Through Trust | 4.114 | 11/20/34 | 544,392 | |||||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||||
| 63,346 | Countrywide Home Loan Mortgage Pass Through Trust | 5.250 | 09/25/35 | 62,125 | ||||||||||||||
| Series - 2005 17 (Class 1A10) | ||||||||||||||||||
| 1,544,875 | i | Credit Suisse First Boston Mortgage Securities Corp | 6.175 | 04/25/33 | 1,601,844 | |||||||||||||
| Series - 2003 8 (Class DB1) | ||||||||||||||||||
| 1,100,000 | g,i | CSMC Trust | LIBOR 1 M + 0.650% | 2.668 | 05/25/36 | 1,096,819 | ||||||||||||
| Series - 2006 CF2 (Class M3) | ||||||||||||||||||
| 12,229,089 | g,i | CSMC Trust | 3.500 | 02/25/48 | 12,262,056 | |||||||||||||
| Series - 2018 J1 (Class A11) | ||||||||||||||||||
| 5,065,000 | DBJPM | 3.539 | 05/10/49 | 5,328,823 | ||||||||||||||
| Series - 2016 C1 (Class AM) | ||||||||||||||||||
| 2,083,000 | g,i | DBUBS Mortgage Trust | 5.512 | 08/10/44 | 2,184,441 | |||||||||||||
| Series - 2011 LC3A (Class B) | ||||||||||||||||||
| 1,233,555 | i | Fieldstone Mortgage Investment Trust | LIBOR 1 M + 0.735% | 2.753 | 12/25/35 | 1,229,150 | ||||||||||||
| Series - 2005 2 (Class M2) | ||||||||||||||||||
| 13,992,760 | g,i | FirstKey Mortgage Trust | 3.500 | 11/25/44 | 14,107,004 | |||||||||||||
| Series - 2014 1 (Class A8) | ||||||||||||||||||
| 3,297,499 | g,i | Flagstar Mortgage Trust | 3.500 | 03/25/47 | 3,355,077 | |||||||||||||
| Series - 2017 1 (Class 1A5) | ||||||||||||||||||
| 103,924 | g,i | Flagstar Mortgage Trust | 3.500 | 10/25/47 | 105,609 | |||||||||||||
| Series - 2017 2 (Class A5) | ||||||||||||||||||
| 1,077,845 | g,i | Flagstar Mortgage Trust | 4.000 | 07/25/48 | 1,081,441 | |||||||||||||
| Series - 2018 4 (Class A4) | ||||||||||||||||||
| 1,065,822 | g,i | Flagstar Mortgage Trust | 4.000 | 09/25/48 | 1,073,200 | |||||||||||||
| Series - 2018 5 (Class A11) | ||||||||||||||||||
| 2,864,000 | i | GE Capital Commercial Mortgage Corp | 5.941 | 11/10/45 | 2,735,912 | |||||||||||||
| Series - 2005 C4 (Class B) | ||||||||||||||||||
| 3,150,000 | g,i | GS Mortgage Securities Corp | LIBOR 1 M + 0.900% | 2.928 | 06/15/36 | 3,152,939 | ||||||||||||
| Series - 2019 SOHO (Class A) | ||||||||||||||||||
| 14,346,000 | i | GS Mortgage Securities Corp II | 3.978 | 03/10/51 | 15,614,412 | |||||||||||||
| Series - 2018 GS9 (Class AAB) | ||||||||||||||||||
| 1,750,000 | GS Mortgage Securities Trust | 3.968 | 02/10/52 | 1,961,423 | ||||||||||||||
| Series - 2019 GC38 (Class A4) | ||||||||||||||||||
| 1,958,000 | g,i | GS Mortgage Securities Trust | 3.668 | 07/10/52 | 2,045,581 | |||||||||||||
| Series - 2019 GC40 (Class DBC) | ||||||||||||||||||
| 228 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 1,606,890 | g,i | GS Mortgage-Backed Securities Corp Trust | 4.000 | % | 08/25/49 | $ | 1,630,027 | ||||||||||
| Series - 2019 PJ1 (Class A4) | ||||||||||||||||||
| 331,044 | g | GSMPS Mortgage Loan Trust | 7.500 | 03/25/35 | 360,324 | |||||||||||||
| Series - 2005 RP2 (Class 1A2) | ||||||||||||||||||
| 345,344 | g | GSMPS Mortgage Loan Trust | 7.500 | 09/25/35 | 367,278 | |||||||||||||
| Series - 2005 RP3 (Class 1A2) | ||||||||||||||||||
| 559,395 | GSR Mortgage Loan Trust | 6.000 | 01/25/35 | 580,299 | ||||||||||||||
| Series - 2005 1F (Class 3A3) | ||||||||||||||||||
| 2,527,670 | i | HarborView Mortgage Loan Trust | LIBOR 1 M + 0.620% | 2.677 | 08/19/45 | 2,519,423 | ||||||||||||
| Series - 2005 11 (Class 2A1A) | ||||||||||||||||||
| 4,000,000 | g,i | Hudson Yards Mortgage Trust | 3.558 | 07/10/39 | 4,165,069 | |||||||||||||
| Series - 2019 30HY (Class D) | ||||||||||||||||||
| 131,342 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.678 | 03/25/35 | 131,489 | ||||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||||
| 81,125 | i | JP Morgan Alternative Loan Trust | LIBOR 1 M + 0.280% | 2.298 | 04/25/47 | 77,637 | ||||||||||||
| Series - 2007 S1 (Class A1) | ||||||||||||||||||
| 2,140,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.822 | 08/15/49 | 2,208,543 | ||||||||||||||
| Series - 2016 JP2 (Class A4) | ||||||||||||||||||
| 1,700,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.201 | 01/15/46 | 1,740,625 | |||||||||||||
| Series - 2013 C13 (Class D) | ||||||||||||||||||
| 310,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.582 | 07/15/46 | 323,702 | |||||||||||||
| Series - 2011 C4 (Class C) | ||||||||||||||||||
| 1,719,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.119 | 01/15/49 | 1,862,429 | |||||||||||||
| Series - 2015 JP1 (Class AS) | ||||||||||||||||||
| 10,000,000 | JP Morgan Chase Commercial Mortgage Securities Trust | 2.713 | 08/15/49 | 10,179,017 | ||||||||||||||
| Series - 2016 JP2 (Class ASB) | ||||||||||||||||||
| 5,000,000 | JP Morgan Chase Commercial Mortgage Securities Trust | 3.379 | 09/15/50 | 5,254,335 | ||||||||||||||
| Series - 2017 JP7 (Class A3) | ||||||||||||||||||
| 691,523 | i | JP Morgan Mortgage Trust | 4.519 | 11/25/33 | 715,782 | |||||||||||||
| Series - 2006 A2 (Class 5A3) | ||||||||||||||||||
| 1,740,435 | g,i | JP Morgan Mortgage Trust | 3.589 | 12/25/44 | 1,733,400 | |||||||||||||
| Series - 2015 1 (Class B1) | ||||||||||||||||||
| 449,409 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/45 | 448,390 | |||||||||||||
| Series - 2015 3 (Class A19) | ||||||||||||||||||
| 1,548,048 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/45 | 1,548,061 | |||||||||||||
| Series - 2015 6 (Class A13) | ||||||||||||||||||
| 934,448 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/46 | 931,768 | |||||||||||||
| Series - 2016 1 (Class A13) | ||||||||||||||||||
| 8,288,496 | g,i | JP Morgan Mortgage Trust | 3.500 | 01/25/47 | 8,402,139 | |||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 1,393,179 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 1,411,445 | |||||||||||||
| Series - 2017 2 (Class A5) | ||||||||||||||||||
| 1,152,484 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 1,153,478 | |||||||||||||
| Series - 2017 2 (Class A13) | ||||||||||||||||||
| 1,823,184 | g,i | JP Morgan Mortgage Trust | 3.500 | 08/25/47 | 1,843,623 | |||||||||||||
| Series - 2017 3 (Class 1A5) | ||||||||||||||||||
| 588,369 | g,i | JP Morgan Mortgage Trust | 3.500 | 09/25/48 | 617,470 | |||||||||||||
| Series - 2018 3 (Class A13) | ||||||||||||||||||
| 229 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 189,919 | g,i | JP Morgan Mortgage Trust | 3.500 | % | 10/25/48 | $ | 199,359 | ||||||||||
| Series - 2018 4 (Class A13) | ||||||||||||||||||
| 780,740 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 819,715 | |||||||||||||
| Series - 2018 5 (Class A13) | ||||||||||||||||||
| 2,300,763 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 2,311,367 | |||||||||||||
| Series - 2018 8 (Class A5) | ||||||||||||||||||
| 1,586,974 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 1,618,032 | |||||||||||||
| Series - 2018 8 (Class A13) | ||||||||||||||||||
| 1,756,686 | g,i | JP Morgan Mortgage Trust | 4.000 | 02/25/49 | 1,778,713 | |||||||||||||
| Series - 2018 9 (Class A13) | ||||||||||||||||||
| 3,656,771 | g,i | JP Morgan Mortgage Trust | 4.000 | 05/25/49 | 3,728,792 | |||||||||||||
| Series - 2019 1 (Class A15) | ||||||||||||||||||
| 986,967 | JPMBB Commercial Mortgage Securities Trust | 3.657 | 09/15/47 | 1,021,258 | ||||||||||||||
| Series - 2014 C23 (Class ASB) | ||||||||||||||||||
| 2,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.709 | 09/15/47 | 2,099,310 | |||||||||||||
| Series - 2014 C22 (Class B) | ||||||||||||||||||
| 5,000,000 | JPMBB Commercial Mortgage Securities Trust | 3.634 | 02/15/48 | 5,247,903 | ||||||||||||||
| Series - 2015 C27 (Class AS) | ||||||||||||||||||
| 1,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.486 | 02/15/48 | 1,042,650 | |||||||||||||
| Series - 2015 C27 (Class C) | ||||||||||||||||||
| 4,300,000 | JPMBB Commercial Mortgage Securities Trust | 3.227 | 10/15/48 | 4,506,598 | ||||||||||||||
| Series - 2015 C28 (Class A4) | ||||||||||||||||||
| 2,055,000 | JPMCC Commercial Mortgage Securities Trust | 3.723 | 03/15/50 | 2,240,930 | ||||||||||||||
| Series - 2017 JP5 (Class A5) | ||||||||||||||||||
| 10,000,000 | g | Liberty Street Trust | 3.597 | 02/10/36 | 10,735,277 | |||||||||||||
| Series - 2016 225L (Class A) | ||||||||||||||||||
| 385,456 | Master Alternative Loan Trust | 7.000 | 01/25/34 | 412,284 | ||||||||||||||
| Series - 2004 1 (Class 3A1) | ||||||||||||||||||
| 2,000,000 | i | Morgan Stanley ABS Capital I, Inc Trust | 3.779 | 05/15/48 | 2,151,464 | |||||||||||||
| Series - 2015 MS1 (Class A4) | ||||||||||||||||||
| 2,408,174 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 4.384 | 12/15/46 | 2,580,250 | |||||||||||||
| Series - 2014 C19 (Class LNC2) | ||||||||||||||||||
| 1,926,539 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 4.750 | 12/15/46 | 2,074,318 | |||||||||||||
| Series - 2014 C19 (Class LNC3) | ||||||||||||||||||
| 12,304,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.249 | 02/15/48 | 12,880,211 | ||||||||||||||
| Series - 2015 C20 (Class A4) | ||||||||||||||||||
| 1,185,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 4.160 | 02/15/48 | 1,259,939 | ||||||||||||||
| Series - 2015 C20 (Class B) | ||||||||||||||||||
| 850,782 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.338 | 03/15/48 | 893,194 | ||||||||||||||
| Series - 2015 C21 (Class A4) | ||||||||||||||||||
| 2,500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.306 | 04/15/48 | 2,629,135 | ||||||||||||||
| Series - 2015 C22 (Class A4) | ||||||||||||||||||
| 2,790,116 | i | Morgan Stanley Capital I Trust | LIBOR 1 M + 0.705% | 2.723 | 02/25/35 | 2,804,362 | ||||||||||||
| Series - 2005 WMC2 (Class M3) | ||||||||||||||||||
| 10,000,000 | Morgan Stanley Capital I Trust | 2.606 | 08/15/49 | 10,144,415 | ||||||||||||||
| Series - 2016 UB11 (Class ASB) | ||||||||||||||||||
| 230 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 265,820 | †,i | Morgan Stanley Capital I Trust | 6.459 | % | 12/12/49 | $ | 164,809 | ||||||||||
| Series - 2007 IQ16 (Class AJFX) | ||||||||||||||||||
| 300,000 | Morgan Stanley Capital I Trust | 3.587 | 12/15/50 | 324,897 | ||||||||||||||
| Series - 2017 HR2 (Class A4) | ||||||||||||||||||
| 1,000,000 | g,i | Natixis Commercial Mortgage Securities Trust | 3.917 | 11/15/32 | 1,030,683 | |||||||||||||
| Series - 2018 285M (Class C) | ||||||||||||||||||
| 2,000,000 | g,i | Natixis Commercial Mortgage Securities Trust | LIBOR 1 M + 0.784% | 2.811 | 07/15/33 | 2,000,617 | ||||||||||||
| Series - 2018 850T (Class A) | ||||||||||||||||||
| 1,179,141 | g,i | New Residential Mortgage Loan Trust | 4.000 | 08/27/57 | 1,229,019 | |||||||||||||
| Series - 2017 6A (Class A1) | ||||||||||||||||||
| 367,002 | i | New York Mortgage Trust | LIBOR 1 M + 0.480% | 2.498 | 02/25/36 | 367,930 | ||||||||||||
| Series - 2005 3 (Class A1) | ||||||||||||||||||
| 11,500,000 | g | One Bryant Park Trust | 2.516 | 09/13/49 | 11,560,705 | |||||||||||||
| Series - 2019 OBP (Class A) | ||||||||||||||||||
| 131,881 | g,i | Onslow Bay Financial LLC | 4.500 | 04/25/48 | 133,553 | |||||||||||||
| Series - 2018 EXP1 (Class 1A6) | ||||||||||||||||||
| 825,691 | g,i | Sequoia Mortgage Trust | 3.500 | 05/25/45 | 840,432 | |||||||||||||
| Series - 2015 2 (Class A1) | ||||||||||||||||||
| 1,056,484 | g,i | Sequoia Mortgage Trust | 3.500 | 06/25/46 | 1,068,742 | |||||||||||||
| Series - 2016 1 (Class A19) | ||||||||||||||||||
| 4,981,063 | g,i | Sequoia Mortgage Trust | 3.500 | 11/25/46 | 5,071,275 | |||||||||||||
| Series - 2016 3 (Class A10) | ||||||||||||||||||
| 3,815,165 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 3,872,339 | |||||||||||||
| Series - 2017 1 (Class A4) | ||||||||||||||||||
| 2,938,380 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 2,931,478 | |||||||||||||
| Series - 2017 2 (Class A19) | ||||||||||||||||||
| 10,394,020 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 10,562,517 | |||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 2,965,680 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 2,978,789 | |||||||||||||
| Series - 2017 3 (Class A19) | ||||||||||||||||||
| 10,996,279 | g,i | Sequoia Mortgage Trust | 3.500 | 08/25/47 | 11,202,031 | |||||||||||||
| Series - 2017 5 (Class A4) | ||||||||||||||||||
| 1,311,163 | g,i | Sequoia Mortgage Trust | 3.761 | 09/25/47 | 1,366,276 | |||||||||||||
| Series - 2017 6 (Class B1) | ||||||||||||||||||
| 1,574,403 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 1,599,557 | |||||||||||||
| Series - 2018 2 (Class A1) | ||||||||||||||||||
| 5,118,961 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 5,135,858 | |||||||||||||
| Series - 2018 2 (Class A19) | ||||||||||||||||||
| 2,326,231 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 2,344,497 | |||||||||||||
| Series - 2018 3 (Class A1) | ||||||||||||||||||
| 1,264,720 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 1,283,641 | |||||||||||||
| Series - 2018 3 (Class A4) | ||||||||||||||||||
| 3,085,768 | g,i | Sequoia Mortgage Trust | 4.000 | 09/25/48 | 3,115,529 | |||||||||||||
| Series - 2018 7 (Class A4) | ||||||||||||||||||
| 438,390 | g,i | Sequoia Mortgage Trust | 4.000 | 09/25/48 | 444,160 | |||||||||||||
| Series - 2018 7 (Class A19) | ||||||||||||||||||
| 81,336 | g,i | Sequoia Mortgage Trust | 4.000 | 11/25/48 | 82,447 | |||||||||||||
| Series - 2018 8 (Class A19) | ||||||||||||||||||
| 4,517,662 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 4,623,014 | |||||||||||||
| Series - 2019 2 (Class A1) | ||||||||||||||||||
| 1,115,793 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 1,138,466 | |||||||||||||
| Series - 2019 2 (Class A19) | ||||||||||||||||||
| 231 |
TIAA-CREF FUNDS - Bond Plus Fund
| REFERENCE | MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
| $ | 703,390 | g,i | Shellpoint Co-Originator Trust | 3.500 | % | 11/25/46 | $ | 709,196 | ||||||||||
| Series - 2016 1 (Class 1A10) | ||||||||||||||||||
| 3,502,529 | g,i | Shellpoint Co-Originator Trust | 3.500 | 04/25/47 | 3,554,931 | |||||||||||||
| Series - 2017 1 (Class A4) | ||||||||||||||||||
| 3,634,805 | g,i | Shellpoint Co-Originator Trust | 3.500 | 10/25/47 | 3,664,481 | |||||||||||||
| Series - 2017 2 (Class A1) | ||||||||||||||||||
| 1,739,593 | g,i | Shellpoint Co-Originator Trust | 3.500 | 10/25/47 | 1,794,169 | |||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 2,515,533 | g,i | Spruce Hill Mortgage Loan Trust | 3.395 | 04/29/49 | 2,531,140 | |||||||||||||
| Series - 2019 SH1 (Class A1) | ||||||||||||||||||
| 342,744 | i | Structured Adjustable Rate Mortgage Loan Trust | LIBOR 1 M + 0.340% | 2.358 | 08/25/35 | 342,240 | ||||||||||||
| Series - 2005 16XS (Class A1) | ||||||||||||||||||
| 3,200,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 4.650% | 6.668 | 10/25/28 | 3,428,806 | ||||||||||||
| Series - 2016 DNA2 (Class M3) | ||||||||||||||||||
| 2,170,000 | i | STACR | LIBOR 1 M + 3.250% | 5.268 | 07/25/29 | 2,274,956 | ||||||||||||
| Series - 2017 DNA1 (Class M2) | ||||||||||||||||||
| 389,879 | i | STACR | LIBOR 1 M + 1.200% | 3.218 | 10/25/29 | 391,152 | ||||||||||||
| Series - 2017 DNA2 (Class M1) | ||||||||||||||||||
| 841,701 | i | STACR | LIBOR 1 M + 0.750% | 2.768 | 03/25/30 | 841,781 | ||||||||||||
| Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
| 5,295,184 | i | STACR | LIBOR 1 M + 0.950% | 2.968 | 04/25/30 | 5,300,625 | ||||||||||||
| Series - 2017 HQA3 (Class M2AS) | ||||||||||||||||||
| 659,583 | g,i | STACR | 3.740 | 02/25/48 | 663,819 | |||||||||||||
| Series - 2018 SPI1 (Class M1) | ||||||||||||||||||
| 1,346,461 | g,i | STACR | 3.817 | 05/25/48 | 1,349,856 | |||||||||||||
| Series - 2018 SPI2 (Class M1) | ||||||||||||||||||
| 2,514,124 | g,i | STACR | 4.160 | 08/25/48 | 2,532,910 | |||||||||||||
| Series - 2018 SPI3 (Class M1) | ||||||||||||||||||
| 1,075,000 | g,i | STACR | 4.459 | 11/25/48 | 1,083,224 | |||||||||||||
| Series - 2018 SPI4 (Class M2) | ||||||||||||||||||
| 3,000,000 | UBS-Barclays Commercial Mortgage Trust | 2.850 | 12/10/45 | 3,058,519 | ||||||||||||||
| Series - 2012 C4 (Class A5) | ||||||||||||||||||
| 755,000 | g,i | UBSBB | 4.211 | 03/10/46 | 775,816 | |||||||||||||
| Series - 2013 C5 (Class C) | ||||||||||||||||||
| 955,925 | g,i | Verus Securitization Trust | 4.108 | 10/25/58 | 966,449 | |||||||||||||
| Series - 2018 3 (Class A1) | ||||||||||||||||||
| 2,443,541 | g | VSE VOI Mortgage LLC | 4.020 | 02/20/36 | 2,511,309 | |||||||||||||
| Series - 2018 A (Class C) | ||||||||||||||||||
| 1,119,106 | i | Wachovia Bank Commercial Mortgage Trust | 6.286 | 05/15/46 | 1,128,676 | |||||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||||
| 3,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 3,028,652 | |||||||||||||
| Series - 2007 C34 (Class B) | ||||||||||||||||||
| 1,695,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 1,716,443 | |||||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||||
| 5,374,136 | i | Wachovia Bank Commercial Mortgage Trust | 5.748 | 04/15/47 | 5,376,770 | |||||||||||||
| Series - 2007 C31 (Class F) | ||||||||||||||||||
| 815,073 | i | Wachovia Mortgage Loan Trust | 4.453 | 10/20/35 | 807,689 | |||||||||||||
| Series - 2005 B (Class 1A1) | ||||||||||||||||||
| 232 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 17,900 | i | Washington Mutual Mortgage Pass-Through Certificates Trust | 6.124 | % | 08/25/38 | $ | 18,827 | ||||||||||
| Series - 2004 RA3 (Class 2A) | ||||||||||||||||||
| 3,675,000 | Wells Fargo Commercial Mortgage Trust | 3.540 | 05/15/48 | 3,911,861 | ||||||||||||||
| Series - 2015 C28 (Class A4) | ||||||||||||||||||
| 2,650,000 | Wells Fargo Commercial Mortgage Trust | 3.637 | 06/15/48 | 2,837,296 | ||||||||||||||
| Series - 2015 C29 (Class A4) | ||||||||||||||||||
| 4,950,000 | i | Wells Fargo Commercial Mortgage Trust | 3.767 | 07/15/58 | 5,335,874 | |||||||||||||
| Series - 2015 NXS2 (Class A5) | ||||||||||||||||||
| 2,743,236 | g,i | Wells Fargo Mortgage Backed Securities Trust | 4.000 | 04/25/49 | 2,793,492 | |||||||||||||
| Series - 2019 2 (Class A17) | ||||||||||||||||||
| 165,000 | g | WFRBS Commercial Mortgage Trust | 4.375 | 03/15/44 | 169,289 | |||||||||||||
| Series - 2011 C3 (Class A4) | ||||||||||||||||||
| 3,155,000 | i | WFRBS Commercial Mortgage Trust | 3.714 | 03/15/45 | 3,274,445 | |||||||||||||
| Series - 2013 C11 (Class B) | ||||||||||||||||||
| 1,000,000 | WFRBS Commercial Mortgage Trust | 3.553 | 05/15/45 | 1,033,755 | ||||||||||||||
| Series - 2013 C13 (Class B) | ||||||||||||||||||
| 9,027,000 | WFRBS Commercial Mortgage Trust | 3.607 | 11/15/47 | 9,583,590 | ||||||||||||||
| Series - 2014 C24 (Class A5) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 533,177,844 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 895,002,326 | |||||||||||||||||
| (Cost $878,165,474) | ||||||||||||||||||
| TOTAL BONDS | 4,604,078,002 | |||||||||||||||||
| (Cost $4,438,719,874) | ||||||||||||||||||
| SHARES | COMPANY | |||||||||||||||||
| COMMON STOCKS - 0.0% | ||||||||||||||||||
| ENERGY - 0.0% | ||||||||||||||||||
| 38,800 | Peabody Energy Corp | 571,136 | ||||||||||||||||
| 70,170 | * | Tidewater, Inc | 1,060,269 | |||||||||||||||
| TOTAL ENERGY | 1,631,405 | |||||||||||||||||
| RETAILING - 0.0% | ||||||||||||||||||
| 1,108 | *,i,q | FullBeauty Brands Holdings Corp | 85,316 | |||||||||||||||
| TOTAL RETAILING | 85,316 | |||||||||||||||||
| TOTAL COMMON STOCKS | 1,716,721 | |||||||||||||||||
| (Cost $1,968,653) | ||||||||||||||||||
| RIGHTS / WARRANTS - 0.0% | ||||||||||||||||||
| ENERGY - 0.0% | ||||||||||||||||||
| 12,977 | Tidewater, Inc | 217,365 | ||||||||||||||||
| TOTAL ENERGY | 217,365 | |||||||||||||||||
| TOTAL RIGHTS / WARRANTS | 217,365 | |||||||||||||||||
| (Cost $270,181) | ||||||||||||||||||
| 233 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | |||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | |||||||||||||||
| SHORT-TERM INVESTMENTS - 2.1% | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 1.3% | |||||||||||||||||||
| $ | 20,130,000 | Federal Home Loan Bank (FHLB) | 1.600 | % | 10/02/19 | $ | 20,128,949 | ||||||||||||
| 10,000,000 | FHLB | 1.800-1.900 | 10/03/19 | 9,998,955 | |||||||||||||||
| 30,000,000 | FHLB | 2.022 | 10/24/19 | 29,963,967 | |||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 60,091,871 | ||||||||||||||||||
| TREASURY DEBT - 0.8% | |||||||||||||||||||
| EGP | 83,250,000 | j | Egypt Treasury Bill | 0.000 | 03/03/20 | 4,797,411 | |||||||||||||
| UAH | 73,000,000 | j | Ukraine Treasury Bill | 0.000 | 04/01/20 | 2,792,248 | |||||||||||||
| $ | 8,900,000 | United States Treasury Bill | 1.777-2.009 | 10/01/19 | 8,900,000 | ||||||||||||||
| 1,830,000 | United States Treasury Bill | 1.797 | 10/15/19 | 1,828,758 | |||||||||||||||
| 10,300,000 | United States Treasury Bill | 1.852 | 10/22/19 | 10,289,145 | |||||||||||||||
| 10,000,000 | United States Treasury Bill | 1.964 | 11/05/19 | 9,982,912 | |||||||||||||||
| TOTAL TREASURY DEBT | 38,590,474 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 98,682,345 | ||||||||||||||||||
| (Cost $98,174,332) | |||||||||||||||||||
| TOTAL INVESTMENTS - 99.6% | 4,791,836,880 | ||||||||||||||||||
| (Cost $4,629,679,407) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.4% | 19,728,813 | ||||||||||||||||||
| NET ASSETS - 100.0% | $ | 4,811,565,693 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| DGS5 | 5-Year Treasury Constant Maturity Rate | ||||||||||||||||||
| DOP | Dominican Republic Peso | ||||||||||||||||||
| EGP | Egyptian Pound | ||||||||||||||||||
| ICE | Intercontinental Exchange | ||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| M | Month | ||||||||||||||||||
| REIT | Real Estate Investment Trust | ||||||||||||||||||
| SOFR | Secure Overnight Financing Rate | ||||||||||||||||||
| UAH | Ukrainian Hryvnia | ||||||||||||||||||
| * | 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 9/30/2019, the aggregate value of these securities was $1,093,757,322 or 22.7% of net assets. | ||||||||||||||||||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||||||||||||||||||
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | ||||||||||||||||||
| j | Zero coupon | ||||||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||||||||||||||||||
| o | Payment in Kind Bond | ||||||||||||||||||
| q | In default | ||||||||||||||||||
| 234 |
TIAA-CREF FUNDS - Bond Plus Fund
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
| PURCHASED | ||||||||||||||||||||||
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin |
Unrealized appreciation (depreciation) |
|||||||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | $ | 49,500,000 | $ | (139,241 | ) | $ | (16,489 | ) | ||||||||||
| CDX-NAHYS32V2-5 Year Index | 5.000 | Credit event as specified in contract | Citigroup Global Markets Inc | 06/20/24 | 49,500,000 | (139,272 | ) | 36,591 | ||||||||||||||
| Total | $ | (278,513 | ) | $ | 20,102 | |||||||||||||||||
* 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.
| 235 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
TIAA-CREF FUNDS
5-15 YEAR LADDERED TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| LONG-TERM MUNICIPAL BONDS - 94.4% | ||||||||||||||||
| ALABAMA - 1.2% | ||||||||||||||||
| $ | 500,000 | City of Birmingham AL | 5.000 | % | 12/01/29 | $ | 632,630 | |||||||||
| 500,000 | City of Birmingham AL | 5.000 | 12/01/30 | 629,760 | ||||||||||||
| 630,000 | County of Mobile AL | 5.000 | 02/01/34 | 794,884 | ||||||||||||
| 1,000,000 | University of South Alabama | 5.000 | 11/01/31 | 1,203,040 | ||||||||||||
| TOTAL ALABAMA | 3,260,314 | |||||||||||||||
| ALASKA - 1.3% | ||||||||||||||||
| 500,000 | Alaska Municipal Bond Bank Authority | 5.000 | 12/01/31 | 590,750 | ||||||||||||
| 2,570,000 | Borough of Matanuska-Susitna AK | 5.000 | 09/01/25 | 3,058,968 | ||||||||||||
| TOTAL ALASKA | 3,649,718 | |||||||||||||||
| ARIZONA - 1.1% | ||||||||||||||||
| 2,000,000 | Chandler Industrial Development Authority | 5.000 | 06/01/49 | 2,295,060 | ||||||||||||
| 200,000 | City of Phoenix Civic Improvement Corp | 5.000 | 07/01/24 | 233,250 | ||||||||||||
| 200,000 | City of Phoenix Civic Improvement Corp | 5.000 | 07/01/25 | 239,724 | ||||||||||||
| 190,000 | Pinal County Electric District No 3 | 5.000 | 07/01/33 | 227,115 | ||||||||||||
| TOTAL ARIZONA | 2,995,149 | |||||||||||||||
| ARKANSAS - 0.8% | ||||||||||||||||
| 1,000,000 | g | Arkansas Development Finance Authority | 4.500 | 09/01/49 | 1,074,450 | |||||||||||
| 1,000,000 | City of Fort Smith AR Water & Sewer Revenue | 5.000 | 10/01/32 | 1,251,530 | ||||||||||||
| TOTAL ARKANSAS | 2,325,980 | |||||||||||||||
| CALIFORNIA - 4.1% | ||||||||||||||||
| 365,000 | California Educational Facilities Authority | 5.000 | 12/01/29 | 458,874 | ||||||||||||
| 1,510,000 | California Health Facilities Financing Authority | 5.000 | 09/01/33 | 1,838,803 | ||||||||||||
| 715,000 | g | California School Finance Authority | 5.000 | 08/01/25 | 831,509 | |||||||||||
| 225,000 | g | California Statewide Communities Development Authority | 5.000 | 12/01/28 | 270,290 | |||||||||||
| 2,000,000 | City of Los Angeles Department of Airports | 5.000 | 05/15/27 | 2,413,620 | ||||||||||||
| 1,715,000 | Elk Grove Finance Authority | 5.000 | 09/01/30 | 2,029,840 | ||||||||||||
| 450,000 | Palmdale Community Redevelopment Agency | 5.000 | 09/01/25 | 542,664 | ||||||||||||
| 415,000 | Palmdale Community Redevelopment Agency | 5.000 | 09/01/31 | 506,976 | ||||||||||||
| 750,000 | San Diego Public Facilities Financing Authority | 5.000 | 10/15/31 | 902,603 | ||||||||||||
| 500,000 | Santee CDC Successor Agency | 5.000 | 08/01/27 | 617,785 | ||||||||||||
| 1,000,000 | State of California | 5.000 | 09/01/24 | 1,180,680 | ||||||||||||
| TOTAL CALIFORNIA | 11,593,644 | |||||||||||||||
| 236 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| COLORADO - 2.7% | ||||||||||||||||
| $ | 1,500,000 | City & County of Denver CO Airport System Revenue | 5.000 | % | 11/15/30 | $ | 1,836,315 | |||||||||
| 2,155,000 | Colorado Health Facilities Authority | 5.000 | 01/01/32 | 2,174,395 | ||||||||||||
| 250,000 | Colorado Health Facilities Authority | 5.000 | 12/01/41 | 291,945 | ||||||||||||
| 1,000,000 | Colorado Health Facilities Authority | 5.000 | 08/01/49 | 1,186,580 | ||||||||||||
| 310,000 | Denver Health & Hospital Authority | 5.000 | 12/01/28 | 386,300 | ||||||||||||
| 470,000 | Eagle County Airport Terminal Corp | 4.000 | 05/01/24 | 517,902 | ||||||||||||
| 1,000,000 | Interlocken Metropolitan District | 5.000 | 12/01/27 | 1,243,000 | ||||||||||||
| TOTAL COLORADO | 7,636,437 | |||||||||||||||
| CONNECTICUT - 3.1% | ||||||||||||||||
| 1,180,000 | Capital Region Development Authority | 5.000 | 06/15/29 | 1,440,438 | ||||||||||||
| 765,000 | Capital Region Development Authority | 5.000 | 06/15/33 | 918,367 | ||||||||||||
| 1,250,000 | City of New Haven CT | 5.000 | 08/15/24 | 1,432,413 | ||||||||||||
| 495,000 | Connecticut State Health & Educational Facilities Authority | 5.000 | 07/01/27 | 610,226 | ||||||||||||
| 630,000 | Connecticut State Health & Educational Facilities Authority | 5.000 | 07/01/29 | 767,888 | ||||||||||||
| 330,000 | Connecticut State Health & Educational Facilities Authority | 5.000 | 07/01/30 | 399,877 | ||||||||||||
| 350,000 | Connecticut State Health & Educational Facilities Authority | 5.000 | 07/01/32 | 424,756 | ||||||||||||
| 350,000 | Connecticut State Health & Educational Facilities Authority | 5.000 | 07/01/33 | 423,853 | ||||||||||||
| 2,000,000 | University of Connecticut | 5.000 | 03/15/28 | 2,402,240 | ||||||||||||
| TOTAL CONNECTICUT | 8,820,058 | |||||||||||||||
| DISTRICT OF COLUMBIA - 0.4% | ||||||||||||||||
| 955,000 | District of Columbia | 5.000 | 04/01/27 | 1,187,428 | ||||||||||||
| TOTAL DISTRICT OF COLUMBIA | 1,187,428 | |||||||||||||||
| FLORIDA - 5.3% | ||||||||||||||||
| 1,000,000 | g | Capital Trust Agency, Inc | 7.250 | 06/01/33 | 1,102,660 | |||||||||||
| 250,000 | County of Broward FL Airport System Revenue | 5.000 | 10/01/27 | 309,495 | ||||||||||||
| 250,000 | County of Broward FL Airport System Revenue | 5.000 | 10/01/28 | 310,125 | ||||||||||||
| 1,500,000 | Florida Development Finance Corp | 1.900 | 01/01/49 | 1,501,215 | ||||||||||||
| 1,100,000 | Greater Orlando Aviation Authority | 5.000 | 10/01/26 | 1,333,222 | ||||||||||||
| 175,000 | Hillsborough County Aviation Authority | 5.000 | 10/01/31 | 217,292 | ||||||||||||
| 185,000 | Hillsborough County Aviation Authority | 5.000 | 10/01/32 | 228,778 | ||||||||||||
| 190,000 | Hillsborough County Aviation Authority | 5.000 | 10/01/33 | 234,291 | ||||||||||||
| 400,000 | Hillsborough County Port District | 5.000 | 06/01/29 | 493,328 | ||||||||||||
| 1,000,000 | Hillsborough County Port District | 5.000 | 06/01/33 | 1,215,470 | ||||||||||||
| 2,000,000 | JEA Electric System Revenue | 1.630 | 10/01/34 | 2,000,000 | ||||||||||||
| 210,000 | Miami-Dade County Educational Facilities Authority | 5.000 | 04/01/28 | 263,718 | ||||||||||||
| 1,375,000 | Miami-Dade County Expressway Authority | 5.000 | 07/01/31 | 1,634,958 | ||||||||||||
| 2,180,000 | Port St. Lucie Community Redevelopment Agency | 5.000 | 01/01/26 | 2,613,210 | ||||||||||||
| 500,000 | School District of Broward County | 5.000 | 07/01/31 | 601,880 | ||||||||||||
| 105,000 | Volusia County Educational Facility Authority | 5.000 | 10/15/24 | 122,632 | ||||||||||||
| 75,000 | Volusia County Educational Facility Authority | 5.000 | 10/15/25 | 89,781 | ||||||||||||
| 237 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 540,000 | Volusia County Educational Facility Authority | 5.000 | % | 10/15/32 | $ | 653,864 | |||||||||
| TOTAL FLORIDA | 14,925,919 | |||||||||||||||
| GEORGIA - 3.8% | ||||||||||||||||
| 1,250,000 | Brookhaven Development Authority | 5.000 | 07/01/27 | 1,564,600 | ||||||||||||
| 1,110,000 | Burke County Development Authority | 2.250 | 10/01/32 | 1,124,852 | ||||||||||||
| 1,000,000 | City of Atlanta Department of Aviation | 5.000 | 01/01/24 | 1,149,910 | ||||||||||||
| 1,000,000 | Dahlonega Downtown Development Authority | 4.000 | 07/01/37 | 1,107,060 | ||||||||||||
| 1,250,000 | Dahlonega Downtown Development Authority | 4.000 | 07/01/38 | 1,380,450 | ||||||||||||
| 1,000,000 | Dahlonega Downtown Development Authority | 5.000 | 07/01/39 | 1,187,470 | ||||||||||||
| 250,000 | Georgia Municipal Association, Inc | 5.000 | 12/01/30 | 310,967 | ||||||||||||
| 1,000,000 | Glynn-Brunswick Memorial Hospital Authority | 5.000 | 08/01/47 | 1,160,340 | ||||||||||||
| 1,020,000 | Main Street Natural Gas, Inc | 4.000 | 08/01/49 | 1,148,347 | ||||||||||||
| 500,000 | Municipal Electric Authority of Georgia | 5.000 | 01/01/25 | 580,685 | ||||||||||||
| TOTAL GEORGIA | 10,714,681 | |||||||||||||||
| GUAM - 0.2% | ||||||||||||||||
| 200,000 | Port Authority of Guam | 5.000 | 07/01/29 | 244,486 | ||||||||||||
| 200,000 | Port Authority of Guam | 5.000 | 07/01/30 | 243,234 | ||||||||||||
| TOTAL GUAM | 487,720 | |||||||||||||||
| HAWAII - 1.4% | ||||||||||||||||
| 1,275,000 | City & County of Honolulu HI | 5.000 | 09/01/27 | 1,614,571 | ||||||||||||
| 1,000,000 | State of Hawaii Airports System Revenue | 5.000 | 07/01/29 | 1,253,170 | ||||||||||||
| 1,000,000 | State of Hawaii Airports System Revenue | 5.000 | 07/01/41 | 1,143,340 | ||||||||||||
| TOTAL HAWAII | 4,011,081 | |||||||||||||||
| IDAHO - 0.2% | ||||||||||||||||
| 425,000 | Idaho State Building Authority | 5.000 | 09/01/24 | 500,012 | ||||||||||||
| TOTAL IDAHO | 500,012 | |||||||||||||||
| ILLINOIS - 12.9% | ||||||||||||||||
| 1,500,000 | Chicago Board of Education | 5.000 | 12/01/26 | 1,731,225 | ||||||||||||
| 1,335,000 | Chicago Board of Education | 4.000 | 12/01/27 | 1,445,818 | ||||||||||||
| 500,000 | Chicago Housing Authority | 5.000 | 01/01/33 | 604,340 | ||||||||||||
| 2,000,000 | Chicago Midway International Airport | 5.000 | 01/01/26 | 2,376,520 | ||||||||||||
| 400,000 | Chicago O’Hare International Airport | 5.000 | 01/01/22 | 430,000 | ||||||||||||
| 750,000 | Chicago O’Hare International Airport | 5.000 | 01/01/25 | 873,892 | ||||||||||||
| 300,000 | Chicago O’Hare International Airport | 5.000 | 01/01/28 | 363,357 | ||||||||||||
| 1,000,000 | Chicago O’Hare International Airport | 5.000 | 01/01/32 | 1,146,740 | ||||||||||||
| 1,000,000 | Chicago Public Building Commission | 5.250 | 03/01/24 | 1,126,840 | ||||||||||||
| 1,220,000 | Chicago Transit Authority | 5.250 | 12/01/24 | 1,313,903 | ||||||||||||
| 1,000,000 | Chicago Transit Authority | 5.000 | 06/01/25 | 1,167,410 | ||||||||||||
| 1,000,000 | City of Chicago IL Motor Fuel Tax Revenue | 5.000 | 01/01/24 | 1,087,480 | ||||||||||||
| 1,500,000 | City of Chicago IL Wastewater Transmission Revenue | 5.000 | 01/01/22 | 1,609,050 | ||||||||||||
| 500,000 | City of Chicago IL Wastewater Transmission Revenue | 5.000 | 01/01/22 | 536,350 | ||||||||||||
| 238 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | City of Chicago IL Wastewater Transmission Revenue | 5.000 | % | 01/01/25 | $ | 1,154,860 | |||||||||
| 1,000,000 | City of Chicago IL Wastewater Transmission Revenue | 5.000 | 01/01/26 | 1,176,620 | ||||||||||||
| 1,250,000 | City of Chicago IL, GO | 5.000 | 01/01/29 | 1,481,787 | ||||||||||||
| 1,500,000 | City of Chicago IL, GO | 5.500 | 01/01/35 | 1,681,755 | ||||||||||||
| 650,000 | City of Chicago IL, GO | 5.500 | 01/01/37 | 726,226 | ||||||||||||
| 500,000 | City of Chicago IL, GO | 5.500 | 01/01/42 | 554,940 | ||||||||||||
| 1,750,000 | County of Cook IL | 5.000 | 11/15/31 | 2,056,425 | ||||||||||||
| 400,000 | Illinois Finance Authority | 5.000 | 05/01/21 | 419,616 | ||||||||||||
| 500,000 | Illinois Finance Authority | 5.000 | 11/01/21 | 532,225 | ||||||||||||
| 1,000,000 | Illinois State Toll Highway Authority | 5.000 | 01/01/25 | 1,172,870 | ||||||||||||
| 2,000,000 | Metropolitan Water Reclamation District of Greater Chicago | 5.000 | 12/01/30 | 2,404,860 | ||||||||||||
| 1,500,000 | Sales Tax Securitization Corp | 5.000 | 01/01/30 | 1,780,725 | ||||||||||||
| 695,000 | State of Illinois | 5.000 | 06/15/24 | 774,988 | ||||||||||||
| 2,000,000 | State of Illinois | 5.000 | 06/01/28 | 2,261,500 | ||||||||||||
| 280,000 | State of Illinois, GO | 6.250 | 12/15/20 | 285,807 | ||||||||||||
| 250,000 | Village of Broadview IL | 5.000 | 12/01/28 | 308,960 | ||||||||||||
| 200,000 | Village of Broadview IL | 5.000 | 12/01/29 | 246,424 | ||||||||||||
| 545,000 | Village of Broadview IL | 5.000 | 12/01/30 | 668,617 | ||||||||||||
| 745,000 | Village of Broadview IL | 5.000 | 12/01/33 | 895,445 | ||||||||||||
| TOTAL ILLINOIS | 36,397,575 | |||||||||||||||
| INDIANA - 0.6% | ||||||||||||||||
| 1,365,000 | City of Whiting IN | 5.000 | 12/01/44 | 1,619,709 | ||||||||||||
| TOTAL INDIANA | 1,619,709 | |||||||||||||||
| IOWA - 0.2% | ||||||||||||||||
| 475,000 | Iowa Higher Education Loan Authority | 5.000 | 10/01/27 | 583,276 | ||||||||||||
| TOTAL IOWA | 583,276 | |||||||||||||||
| KENTUCKY - 1.9% | ||||||||||||||||
| 2,000,000 | Kentucky Turnpike Authority | 5.000 | 07/01/26 | 2,414,700 | ||||||||||||
| 1,250,000 | Paducah Electric Plant Board | 5.000 | 10/01/34 | 1,466,937 | ||||||||||||
| 1,250,000 | Paducah Electric Plant Board | 5.000 | 10/01/35 | 1,459,200 | ||||||||||||
| TOTAL KENTUCKY | 5,340,837 | |||||||||||||||
| LOUISIANA - 1.5% | ||||||||||||||||
| 750,000 | Louisiana Local Government Environmental Facilities & Community Development Auth | 5.000 | 10/01/27 | 934,178 | ||||||||||||
| 500,000 | New Orleans Aviation Board | 5.000 | 10/01/33 | 612,430 | ||||||||||||
| 1,250,000 | St. Tammany Parish Hospital Service District No | 5.000 | 07/01/33 | 1,529,188 | ||||||||||||
| 1,000,000 | State of Louisiana | 5.000 | 08/01/26 | 1,231,370 | ||||||||||||
| TOTAL LOUISIANA | 4,307,166 | |||||||||||||||
| MAINE - 0.3% | ||||||||||||||||
| 750,000 | g | Finance Authority of Maine | 5.375 | 12/15/33 | 798,263 | |||||||||||
| TOTAL MAINE | 798,263 | |||||||||||||||
| 239 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| MASSACHUSETTS - 0.6% | ||||||||||||||||
| $ | 1,040,000 | Massachusetts Department of Transportation | 5.000 | % | 01/01/32 | $ | 1,049,568 | |||||||||
| 500,000 | Massachusetts Development Finance Agency | 5.000 | 12/01/29 | 615,580 | ||||||||||||
| TOTAL MASSACHUSETTS | 1,665,148 | |||||||||||||||
| MICHIGAN - 3.5% | ||||||||||||||||
| 275,000 | Lansing Community College | 5.000 | 05/01/32 | 298,983 | ||||||||||||
| 915,000 | Lansing Community College | 5.000 | 05/01/32 | 1,001,120 | ||||||||||||
| 2,000,000 | Michigan Finance Authority | 5.000 | 04/01/25 | 2,332,560 | ||||||||||||
| 2,000,000 | Michigan Finance Authority | 5.000 | 11/15/28 | 2,433,420 | ||||||||||||
| 1,650,000 | Michigan Finance Authority | 5.000 | 07/01/44 | 1,776,885 | ||||||||||||
| 1,250,000 | Wayne County Airport Authority | 5.000 | 12/01/29 | 1,567,913 | ||||||||||||
| 385,000 | Wayne County Airport Authority | 5.000 | 12/01/29 | 489,578 | ||||||||||||
| TOTAL MICHIGAN | 9,900,459 | |||||||||||||||
| MINNESOTA - 0.9% | ||||||||||||||||
| 1,055,000 | City of Minneapolis MN | 5.000 | 11/15/33 | 1,316,281 | ||||||||||||
| 70,000 | Duluth Economic Development Authority | 5.000 | 02/15/33 | 84,605 | ||||||||||||
| 500,000 | Northern Municipal Power Agency | 5.000 | 01/01/26 | 602,660 | ||||||||||||
| 500,000 | Northern Municipal Power Agency | 5.000 | 01/01/28 | 597,715 | ||||||||||||
| TOTAL MINNESOTA | 2,601,261 | |||||||||||||||
| MISSISSIPPI - 4.1% | ||||||||||||||||
| 4,000,000 | Mississippi Business Finance Corp | 1.600 | 12/01/30 | 4,000,000 | ||||||||||||
| 1,500,000 | Mississippi Development Bank | 5.000 | 03/01/24 | 1,710,495 | ||||||||||||
| 750,000 | Mississippi Development Bank | 5.000 | 04/01/24 | 861,000 | ||||||||||||
| 1,250,000 | Mississippi Development Bank | 5.000 | 03/01/25 | 1,459,812 | ||||||||||||
| 1,045,000 | Mississippi Development Bank | 5.000 | 03/01/26 | 1,248,556 | ||||||||||||
| 1,000,000 | Mississippi Development Bank | 5.000 | 06/01/27 | 1,245,360 | ||||||||||||
| 1,000,000 | Mississippi Development Bank | 5.000 | 03/01/35 | 1,170,120 | ||||||||||||
| TOTAL MISSISSIPPI | 11,695,343 | |||||||||||||||
| MISSOURI - 2.9% | ||||||||||||||||
| 1,225,000 | City of Kansas City MO | 5.000 | 10/01/26 | 1,465,713 | ||||||||||||
| 1,000,000 | City of St. Louis MO Parking Revenue | 5.000 | 12/15/25 | 1,189,000 | ||||||||||||
| 1,000,000 | City of St. Louis MO Parking Revenue | 5.000 | 12/15/26 | 1,198,330 | ||||||||||||
| 600,000 | Health & Educational Facilities Authority of the State of Missouri | 5.000 | 02/15/24 | 689,676 | ||||||||||||
| 900,000 | Health & Educational Facilities Authority of the State of Missouri | 5.000 | 02/15/28 | 1,133,667 | ||||||||||||
| 450,000 | St. Louis Land Clearance for Redevelopment Authority | 4.000 | 06/01/20 | 456,138 | ||||||||||||
| 1,745,000 | St. Louis Municipal Finance Corp | 5.000 | 02/15/26 | 2,080,441 | ||||||||||||
| TOTAL MISSOURI | 8,212,965 | |||||||||||||||
| 240 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| NEBRASKA - 0.1% | ||||||||||||||||
| $ | 250,000 | Omaha Airport Authority | 5.000 | % | 12/15/22 | $ | 277,148 | |||||||||
| TOTAL NEBRASKA | 277,148 | |||||||||||||||
| NEVADA - 0.7% | ||||||||||||||||
| 1,000,000 | Las Vegas Redevelopment Agency | 5.000 | 06/15/26 | 1,197,730 | ||||||||||||
| 625,000 | g | State of Nevada Department of Business & Industry | 6.950 | 02/15/38 | 719,137 | |||||||||||
| TOTAL NEVADA | 1,916,867 | |||||||||||||||
| NEW JERSEY - 5.3% | ||||||||||||||||
| 1,000,000 | New Jersey Economic Development Authority | 5.000 | 06/15/27 | 1,188,100 | ||||||||||||
| 1,000,000 | New Jersey Educational Facilities Authority | 5.000 | 07/01/27 | 1,218,700 | ||||||||||||
| 1,500,000 | New Jersey Sports & Exposition Authority | 5.000 | 09/01/24 | 1,712,445 | ||||||||||||
| 1,000,000 | New Jersey Transportation Trust Fund Authority | 5.000 | 06/15/29 | 1,179,090 | ||||||||||||
| 765,000 | New Jersey Transportation Trust Fund Authority | 5.000 | 12/15/33 | 903,610 | ||||||||||||
| 7,000,000 | New Jersey Transportation Trust Fund Authority | 5.000 | 06/15/34 | 8,242,570 | ||||||||||||
| 500,000 | South Jersey Port Corp | 5.000 | 01/01/48 | 575,745 | ||||||||||||
| TOTAL NEW JERSEY | 15,020,260 | |||||||||||||||
| NEW YORK - 3.9% | ||||||||||||||||
| 1,000,000 | Brooklyn Arena Local Development Corp | 5.000 | 07/15/25 | 1,172,540 | ||||||||||||
| 1,000,000 | Brooklyn Arena Local Development Corp | 5.000 | 07/15/26 | 1,191,480 | ||||||||||||
| 1,475,000 | Metropolitan Transportation Authority | 5.000 | 11/15/24 | 1,729,703 | ||||||||||||
| 1,000,000 | Metropolitan Transportation Authority | 5.000 | 11/15/25 | 1,202,130 | ||||||||||||
| 1,750,000 | New York State Dormitory Authority | 5.000 | 07/01/33 | 2,186,240 | ||||||||||||
| 375,000 | New York Transportation Development Corp | 5.000 | 07/01/30 | 424,571 | ||||||||||||
| 1,000,000 | New York Transportation Development Corp | 5.000 | 08/01/31 | 1,049,460 | ||||||||||||
| 715,000 | New York Transportation Development Corp | 5.000 | 01/01/36 | 852,902 | ||||||||||||
| 1,000,000 | Westchester County Local Development Corp | 5.000 | 11/01/25 | 1,174,930 | ||||||||||||
| TOTAL NEW YORK | 10,983,956 | |||||||||||||||
| NORTH CAROLINA - 2.4% | ||||||||||||||||
| 100,000 | City of Charlotte NC Airport Revenue | 5.000 | 07/01/24 | 115,926 | ||||||||||||
| 100,000 | City of Charlotte NC Airport Revenue | 5.000 | 07/01/25 | 118,888 | ||||||||||||
| 1,355,000 | County of Duplin NC | 5.000 | 04/01/27 | 1,632,734 | ||||||||||||
| 240,000 | North Carolina Medical Care Commission | 4.000 | 10/01/19 | 240,000 | ||||||||||||
| 1,000,000 | North Carolina Medical Care Commission | 5.000 | 12/01/26 | 1,225,190 | ||||||||||||
| 2,000,000 | North Carolina Medical Care Commission | 5.000 | 06/01/34 | 2,045,360 | ||||||||||||
| 200,000 | North Carolina Turnpike Authority | 5.000 | 01/01/22 | 214,586 | ||||||||||||
| 1,000,000 | The Charlotte-Mecklenburg Hospital Authority | 5.000 | 01/15/26 | 1,212,490 | ||||||||||||
| TOTAL NORTH CAROLINA | 6,805,174 | |||||||||||||||
| NORTH DAKOTA - 0.9% | ||||||||||||||||
| 1,000,000 | North Dakota Housing Finance Agency | 2.400 | 01/01/26 | 1,026,000 | ||||||||||||
| 1,500,000 | North Dakota Housing Finance Agency | 2.050 | 01/01/49 | 1,500,000 | ||||||||||||
| TOTAL NORTH DAKOTA | 2,526,000 | |||||||||||||||
| 241 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| OHIO - 2.0% | ||||||||||||||||
| $ | 1,000,000 | American Municipal Power, Inc | 5.000 | % | 02/15/34 | $ | 1,238,350 | |||||||||
| 1,000,000 | City of Cleveland OH Airport System Revenue | 5.000 | 01/01/27 | 1,209,880 | ||||||||||||
| 200,000 | City of Cleveland OH Income Tax Revenue | 5.000 | 10/01/27 | 250,642 | ||||||||||||
| 250,000 | City of Cleveland OH Income Tax Revenue | 5.000 | 10/01/28 | 316,090 | ||||||||||||
| 240,000 | City of Toledo OH | 4.000 | 12/01/29 | 278,371 | ||||||||||||
| 250,000 | City of Toledo OH | 4.000 | 12/01/30 | 288,563 | ||||||||||||
| 200,000 | City of Toledo OH | 4.000 | 12/01/31 | 228,960 | ||||||||||||
| 1,500,000 | County of Miami OH | 5.000 | 08/01/32 | 1,841,790 | ||||||||||||
| TOTAL OHIO | 5,652,646 | |||||||||||||||
| OKLAHOMA - 1.0% | ||||||||||||||||
| 750,000 | Oklahoma Development Finance Authority | 5.000 | 08/15/28 | 927,983 | ||||||||||||
| 1,500,000 | Oklahoma Development Finance Authority | 5.250 | 08/15/48 | 1,777,845 | ||||||||||||
| TOTAL OKLAHOMA | 2,705,828 | |||||||||||||||
| OREGON - 1.8% | ||||||||||||||||
| 3,000,000 | g | Oregon State Business Development Commission | 6.500 | 04/01/31 | 2,828,730 | |||||||||||
| 1,000,000 | Oregon State Business Development Commission | 11.500 | 04/01/31 | 1,073,370 | ||||||||||||
| 1,000,000 | Tri-County Metropolitan Transportation District of Oregon | 5.000 | 10/01/28 | 1,258,940 | ||||||||||||
| TOTAL OREGON | 5,161,040 | |||||||||||||||
| PENNSYLVANIA – 4.9% | ||||||||||||||||
| 1,100,000 | Allegheny County Higher Education Building Authority | 5.000 | 03/01/29 | 1,314,214 | ||||||||||||
| 480,000 | Borough of Columbia PA | 4.000 | 06/15/38 | 501,926 | ||||||||||||
| 1,000,000 | City of Philadelphia PA | 5.000 | 08/01/26 | 1,222,620 | ||||||||||||
| 740,000 | Coatesville School District | 5.000 | 08/01/25 | 870,825 | ||||||||||||
| 300,000 | Commonwealth of Pennsylvania | 5.000 | 07/01/24 | 345,990 | ||||||||||||
| 2,000,000 | Pennsylvania Economic Development Financing Authority | 5.000 | 12/31/25 | 2,330,240 | ||||||||||||
| 2,500,000 | Pennsylvania State University | 5.000 | 03/01/40 | 2,534,875 | ||||||||||||
| 415,000 | Pittsburgh Water & Sewer Authority | 5.000 | 09/01/27 | 520,937 | ||||||||||||
| 1,500,000 | School District of the City of Erie | 5.000 | 04/01/28 | 1,867,620 | ||||||||||||
| 1,155,000 | State Public School Building Authority | 5.000 | 05/01/25 | 1,365,891 | ||||||||||||
| 915,000 | Township of Northampton PA | 4.000 | 05/15/33 | 1,008,943 | ||||||||||||
| TOTAL PENNSYLVANIA | 13,884,081 | |||||||||||||||
| RHODE ISLAND - 0.7% | ||||||||||||||||
| 825,000 | Rhode Island Commerce Corp | 5.000 | 06/15/27 | 1,026,226 | ||||||||||||
| 810,000 | Rhode Island Health & Educational Building Corp | 4.000 | 05/15/20 | 822,628 | ||||||||||||
| TOTAL RHODE ISLAND | 1,848,854 | |||||||||||||||
| SOUTH CAROLINA - 0.4% | ||||||||||||||||
| 265,000 | City of Rock Hill SC Combined Utility System Revenue | 5.000 | 01/01/27 | 328,107 | ||||||||||||
| 170,000 | City of Rock Hill SC Combined Utility System Revenue | 5.000 | 01/01/28 | 214,938 | ||||||||||||
| 242 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 265,000 | City of Rock Hill SC Combined Utility System Revenue | 5.000 | % | 01/01/29 | $ | 342,009 | |||||||||
| 250,000 | Piedmont Municipal Power Agency | 5.000 | 01/01/24 | 285,808 | ||||||||||||
| TOTAL SOUTH CAROLINA | 1,170,862 | |||||||||||||||
| SOUTH DAKOTA - 0.4% | ||||||||||||||||
| 500,000 | South Dakota Health & Educational Facilities Authority | 5.000 | 11/01/24 | 584,655 | ||||||||||||
| 465,000 | South Dakota Health & Educational Facilities Authority | 5.000 | 11/01/25 | 558,149 | ||||||||||||
| TOTAL SOUTH DAKOTA | 1,142,804 | |||||||||||||||
| TENNESSEE - 0.4% | ||||||||||||||||
| 350,000 | Knox County Health Educational & Housing Facility Board | 5.000 | 04/01/20 | 355,432 | ||||||||||||
| 755,000 | Tennessee Energy Acquisition Corp | 4.000 | 11/01/49 | 835,370 | ||||||||||||
| TOTAL TENNESSEE | 1,190,802 | |||||||||||||||
| TEXAS - 9.0% | ||||||||||||||||
| 800,000 | Austin Convention Enterprises, Inc | 5.000 | 01/01/22 | 852,304 | ||||||||||||
| 1,100,000 | Central Texas Regional Mobility Authority | 5.000 | 01/01/27 | 1,332,529 | ||||||||||||
| 1,210,000 | Central Texas Regional Mobility Authority | 5.000 | 01/01/29 | 1,491,361 | ||||||||||||
| 400,000 | City of Austin TX Airport System Revenue | 5.000 | 11/15/27 | 493,092 | ||||||||||||
| 900,000 | City of Austin TX Airport System Revenue | 5.000 | 11/15/39 | 1,021,617 | ||||||||||||
| 2,000,000 | City of El Paso TX Airport Revenue | 5.000 | 08/15/28 | 2,460,040 | ||||||||||||
| 1,970,000 | City of Houston TX | 5.000 | 03/01/32 | 2,406,591 | ||||||||||||
| 1,500,000 | City of Lubbock TX | 5.000 | 02/15/25 | 1,779,435 | ||||||||||||
| 500,000 | County of Galveston TX | 4.000 | 02/01/38 | 561,115 | ||||||||||||
| 550,000 | Dallas County Utility & Reclamation District | 5.000 | 02/15/26 | 664,191 | ||||||||||||
| 1,105,000 | Love Field Airport Modernization Corp | 5.250 | 11/01/40 | 1,144,261 | ||||||||||||
| 1,000,000 | Lower Colorado River Authority | 5.000 | 05/15/25 | 1,189,700 | ||||||||||||
| 600,000 | North Texas Tollway Authority | 5.000 | 01/01/25 | 710,034 | ||||||||||||
| 1,000,000 | North Texas Tollway Authority | 5.000 | 01/01/30 | 1,248,540 | ||||||||||||
| 420,000 | Port Freeport TX | 5.000 | 06/01/28 | 506,684 | ||||||||||||
| 825,000 | Port Freeport TX | 5.000 | 06/01/29 | 992,796 | ||||||||||||
| 865,000 | Port Freeport TX | 5.000 | 06/01/30 | 1,043,216 | ||||||||||||
| 935,000 | Port Freeport TX | 5.000 | 06/01/32 | 1,114,838 | ||||||||||||
| 1,195,000 | Tarrant County Cultural Education Facilities Finance Corp | 1.580 | 11/15/33 | 1,195,000 | ||||||||||||
| 1,545,000 | Texas Municipal Gas Acquisition & Supply Corp III | 5.000 | 12/15/32 | 1,681,254 | ||||||||||||
| 1,000,000 | University of North Texas | 5.000 | 04/15/27 | 1,250,050 | ||||||||||||
| TOTAL TEXAS | 25,138,648 | |||||||||||||||
| UTAH - 1.1% | ||||||||||||||||
| 475,000 | Salt Lake City Corp Airport Revenue | 5.000 | 07/01/31 | 587,485 | ||||||||||||
| 1,000,000 | Salt Lake City Corp Airport Revenue | 5.000 | 07/01/32 | 1,231,610 | ||||||||||||
| 1,000,000 | Salt Lake City Corp Airport Revenue | 5.000 | 07/01/33 | 1,228,720 | ||||||||||||
| TOTAL UTAH | 3,047,815 | |||||||||||||||
| 243 |
TIAA-CREF FUNDS - 5-15 Year Laddered Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| VIRGIN ISLANDS - 1.8% | ||||||||||||||||
| $ | 2,000,000 | g | Virgin Islands Public Finance Authority | 5.000 | % | 09/01/25 | $ | 2,257,580 | ||||||||
| 2,500,000 | g | Virgin Islands Public Finance Authority | 5.000 | 09/01/33 | 2,763,950 | |||||||||||
| TOTAL VIRGIN ISLANDS | 5,021,530 | |||||||||||||||
| WASHINGTON - 1.1% | ||||||||||||||||
| 1,855,000 | g | City of Bellingham WA Water & Sewer Revenue | 1.780 | 02/01/21 | 1,855,000 | |||||||||||
| 1,000,000 | Pend Oreille County Public Utility District No Box Canyon | 5.000 | 01/01/29 | 1,213,000 | ||||||||||||
| TOTAL WASHINGTON | 3,068,000 | |||||||||||||||
| WEST VIRGINIA - 1.3% | ||||||||||||||||
| 1,000,000 | West Virginia Higher Education Policy Commission | 5.000 | 07/01/27 | 1,247,540 | ||||||||||||
| 750,000 | West Virginia Hospital Finance Authority | 5.000 | 01/01/29 | 934,380 | ||||||||||||
| 1,215,000 | West Virginia Hospital Finance Authority | 5.000 | 01/01/30 | 1,508,532 | ||||||||||||
| TOTAL WEST VIRGINIA | 3,690,452 | |||||||||||||||
| WISCONSIN - 0.2% | ||||||||||||||||
| 500,000 | Public Finance Authority | 5.000 | 09/30/49 | 515,060 | ||||||||||||
| TOTAL WISCONSIN | 515,060 | |||||||||||||||
| TOTAL LONG-TERM MUNICIPAL BONDS | 265,997,970 | |||||||||||||||
| (Cost $253,573,591) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 0.7% | ||||||||||||||||
| TREASURY DEBT - 0.7% | ||||||||||||||||
| 2,000,000 | United States Treasury Bill | 1.849 | 10/22/19 | 1,997,892 | ||||||||||||
| TOTAL TREASURY DEBT | 1,997,892 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 1,997,892 | |||||||||||||||
| (Cost $1,997,845) | ||||||||||||||||
| TOTAL INVESTMENTS - 95.1% | 267,995,862 | |||||||||||||||
| (Cost $255,571,436) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 4.9% | 13,820,739 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 281,816,601 | ||||||||||||||
| Abbreviation(s): | |||
| GO | General Obligation | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2019, the aggregate value of these securities was $14,501,569 or 5.1% of net assets. | ||
| 244 |
TIAA-CREF FUNDS - Green Bond Fund
TIAA-CREF FUNDS
GREEN BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 3.6% | ||||||||||||||||||
| ENERGY - 2.1% | ||||||||||||||||||
| $ | 643,599 | †,i | TerraForm Power Operating LLC | LIBOR 1 M + 2.000% | 4.044 | % | 11/08/22 | $ | 644,404 | |||||||||
| TOTAL ENERGY | 644,404 | |||||||||||||||||
| UTILITIES - 1.5% | ||||||||||||||||||
| 477,543 | i | ExGen Renewables IV LLC | LIBOR 3 M + 3.000% | 5.130 | 11/28/24 | 466,502 | ||||||||||||
| TOTAL UTILITIES | 466,502 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 1,110,906 | |||||||||||||||||
| (Cost $1,116,289) | ||||||||||||||||||
| BONDS - 93.8% | ||||||||||||||||||
| CORPORATE BONDS - 45.6% | ||||||||||||||||||
| BANKS - 6.7% | ||||||||||||||||||
| 250,000 | First Abu Dhabi Bank PJSC | 3.000 | 03/30/22 | 254,089 | ||||||||||||||
| 500,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 507,407 | ||||||||||||||
| 500,000 | g | ING Groep NV | 4.625 | 01/06/26 | 553,104 | |||||||||||||
| 550,000 | Mitsubishi UFJ Financial Group, Inc | 2.527 | 09/13/23 | 554,654 | ||||||||||||||
| 200,000 | g,i | Shinhan Financial Group Co Ltd | DGS5 + 1.500% | 3.340 | 02/05/30 | 202,967 | ||||||||||||
| TOTAL BANKS | 2,072,221 | |||||||||||||||||
| CAPITAL GOODS - 0.8% | ||||||||||||||||||
| 250,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 256,250 | |||||||||||||
| TOTAL CAPITAL GOODS | 256,250 | |||||||||||||||||
| CONSUMER SERVICES - 1.7% | ||||||||||||||||||
| 250,000 | Conservation Fund | 3.474 | 12/15/29 | 254,322 | ||||||||||||||
| 260,000 | Nature Conservancy | 3.333 | 02/01/24 | 259,788 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 514,110 | |||||||||||||||||
| MATERIALS - 4.4% | ||||||||||||||||||
| 525,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 555,849 | |||||||||||||
| 250,000 | g | Klabin Austria GmbH | 7.000 | 04/03/49 | 266,200 | |||||||||||||
| 500,000 | g | LG Chem Ltd | 3.625 | 04/15/29 | 523,744 | |||||||||||||
| TOTAL MATERIALS | 1,345,793 | |||||||||||||||||
| REAL ESTATE - 3.4% | ||||||||||||||||||
| 500,000 | Alexandria Real Estate Equities, Inc | 4.000 | 01/15/24 | 533,553 | ||||||||||||||
| 500,000 | Digital Realty Trust LP | 3.950 | 07/01/22 | 521,999 | ||||||||||||||
| TOTAL REAL ESTATE | 1,055,552 | |||||||||||||||||
| 245 |
TIAA-CREF FUNDS - Green Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 3.4% | ||||||||||||||||||
| $ | 500,000 | Apple, Inc | 2.850 | % | 02/23/23 | $ | 514,762 | |||||||||||
| 500,000 | Apple, Inc | 3.000 | 06/20/27 | 525,849 | ||||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,040,611 | |||||||||||||||||
| UTILITIES - 25.2% | ||||||||||||||||||
| 500,000 | Avangrid, Inc | 3.150 | 12/01/24 | 515,465 | ||||||||||||||
| 500,000 | g | Azure Power Energy Ltd | 5.500 | 11/03/22 | 505,294 | |||||||||||||
| 200,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 200,219 | |||||||||||||
| 215,000 | g | Consorcio Transmantaro SA | 4.700 | 04/16/34 | 233,812 | |||||||||||||
| 250,000 | DTE Electric Co | 4.050 | 05/15/48 | 289,840 | ||||||||||||||
| 500,000 | Georgia Power Co | 3.250 | 04/01/26 | 516,681 | ||||||||||||||
| 250,000 | g | Hanwha Energy USA Holdings Corp | 2.375 | 07/30/22 | 250,345 | |||||||||||||
| 275,000 | g | HAT Holdings I LLC | 5.250 | 07/15/24 | 289,094 | |||||||||||||
| 500,000 | Interstate Power & Light Co | 4.100 | 09/26/28 | 551,106 | ||||||||||||||
| 500,000 | MidAmerican Energy Co | 3.950 | 08/01/47 | 570,400 | ||||||||||||||
| 600,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 654,439 | ||||||||||||||
| 250,000 | NorthWestern Corp | 4.176 | 11/15/44 | 282,744 | ||||||||||||||
| 529,000 | Public Service Co of Colorado | 3.700 | 06/15/28 | 584,532 | ||||||||||||||
| 500,000 | Public Service Co of Colorado | 4.100 | 06/15/48 | 584,424 | ||||||||||||||
| 550,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 559,339 | ||||||||||||||
| 239,500 | g | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 249,433 | |||||||||||||
| 389,983 | g | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 406,659 | |||||||||||||
| 500,000 | Westar Energy, Inc | 2.550 | 07/01/26 | 504,229 | ||||||||||||||
| TOTAL UTILITIES | 7,748,055 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 14,032,592 | |||||||||||||||||
| (Cost $12,899,535) | ||||||||||||||||||
| GOVERNMENT BONDS - 25.4% | ||||||||||||||||||
| AGENCY SECURITIES - 4.5% | ||||||||||||||||||
| 286,353 | g | Genesis Solar Pass Through Trust | 3.875 | 02/15/38 | 324,932 | |||||||||||||
| 250,000 | Overseas Private Investment Corp (OPIC) | 2.360 | 10/15/29 | 252,992 | ||||||||||||||
| 250,000 | OPIC | 3.050 | 06/15/35 | 266,229 | ||||||||||||||
| 250,000 | OPIC | 3.590 | 06/15/35 | 276,356 | ||||||||||||||
| 250,000 | OPIC | 2.580 | 07/15/38 | 259,019 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 1,379,528 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 13.9% | ||||||||||||||||||
| 579,000 | Asian Development Bank | 1.750 | 08/14/26 | 581,214 | ||||||||||||||
| 250,000 | Asian Development Bank | 3.125 | 09/26/28 | 278,609 | ||||||||||||||
| 250,000 | European Bank for Reconstruction & Development | 1.625 | 09/27/24 | 249,669 | ||||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 2.125 | 03/03/25 | 512,250 | ||||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 3.125 | 11/20/25 | 542,133 | ||||||||||||||
| 250,000 | g | International Development Association | 2.750 | 04/24/23 | 259,384 | |||||||||||||
| 250,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 09/14/29 | 249,887 | ||||||||||||||
| 1,000,000 | North American Development Bank | 4.375 | 02/11/20 | 1,005,913 | ||||||||||||||
| 300,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.750 | 03/01/23 | 310,653 | |||||||||||||
| 250,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 263,500 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 4,253,212 | |||||||||||||||||
| 246 |
TIAA-CREF FUNDS - Green Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| MUNICIPAL BONDS - 7.0% | ||||||||||||||||||
| $ | 360,000 | City of Austin TX Electric Utility Revenue | 2.677 | % | 11/15/25 | $ | 375,264 | |||||||||||
| 125,000 | New York State Energy Research & Development Authority | 4.577 | 04/01/35 | 141,114 | ||||||||||||||
| 105,000 | New York State Environmental Facilities Corp | 2.506 | 11/15/22 | 106,454 | ||||||||||||||
| 500,000 | g | Ohio Air Quality Development Authority | 4.500 | 01/15/48 | 541,660 | |||||||||||||
| 500,000 | i | State of California | LIBOR 1 M + 0.780% | 2.862 | 04/01/47 | 501,405 | ||||||||||||
| 500,000 | g | Warm Springs Reservation Confederated Tribe | 2.800 | 11/01/22 | 500,305 | |||||||||||||
| TOTAL MUNICIPAL BONDS | 2,166,202 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 7,798,942 | |||||||||||||||||
| (Cost $7,548,283) | ||||||||||||||||||
| STRUCTURED ASSETS - 22.8% | ||||||||||||||||||
| ASSET BACKED - 10.3% | ||||||||||||||||||
| 474,739 | g | HERO Funding Trust | 3.910 | 09/20/42 | 490,977 | |||||||||||||
| Series - 2016 3A (Class A2) | ||||||||||||||||||
| 116,571 | g | HERO Funding Trust | 4.460 | 09/20/47 | 122,812 | |||||||||||||
| Series - 2017 1A (Class A2) | ||||||||||||||||||
| 288,345 | g | HERO Funding Trust | 3.190 | 09/20/48 | 294,317 | |||||||||||||
| Series - 2017 3A (Class A1) | ||||||||||||||||||
| 581,015 | g | HERO Funding Trust | 3.950 | 09/20/48 | 607,700 | |||||||||||||
| Series - 2017 3A (Class A2) | ||||||||||||||||||
| 243,209 | g | Sunrun Athena Issuer LLC | 5.310 | 04/30/49 | 266,738 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 489,045 | g | Sunrun Callisto Issuer LLC | 3.980 | 06/30/54 | 502,813 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 189,977 | g | Tesla Auto Lease Trust | 3.710 | 08/20/21 | 193,035 | |||||||||||||
| Series - 2018 B (Class A) | ||||||||||||||||||
| 669,161 | Toyota Auto Receivables Owner Trust | 1.520 | 08/16/21 | 668,121 | ||||||||||||||
| Series - 2016 B (Class A4) | ||||||||||||||||||
| TOTAL ASSET BACKED | 3,146,513 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 12.5% | ||||||||||||||||||
| 100,000 | g | BBCMS Trust | 4.498 | 08/10/35 | 112,357 | |||||||||||||
| Series - 2015 SRCH (Class B) | ||||||||||||||||||
| 600,000 | g,i | BBCMS Trust | 5.122 | 08/10/35 | 662,535 | |||||||||||||
| Series - 2015 SRCH (Class D) | ||||||||||||||||||
| 500,000 | g | COMM Mortgage Trust | 3.178 | 02/10/35 | 523,149 | |||||||||||||
| Series - 2015 3BP (Class A) | ||||||||||||||||||
| 275,000 | g | GRACE Mortgage Trust | 3.369 | 06/10/28 | 279,221 | |||||||||||||
| Series - 2014 GRCE (Class A) | ||||||||||||||||||
| 180,311 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 3.093 | 07/05/32 | 184,775 | |||||||||||||
| Series - 2012 HSBC (Class A) | ||||||||||||||||||
| 500,000 | g,i | Morgan Stanley Capital I Trust | 3.516 | 07/13/29 | 507,682 | |||||||||||||
| Series - 2014 CPT (Class AM) | ||||||||||||||||||
| 300,000 | g | Morgan Stanley Capital I Trust | 2.695 | 01/11/32 | 299,699 | |||||||||||||
| Series - 2013 WLSR (Class A) | ||||||||||||||||||
| 500,000 | g | One Bryant Park Trust | 2.516 | 09/13/49 | 502,639 | |||||||||||||
| Series - 2019 OBP (Class A) | ||||||||||||||||||
| 247 |
TIAA-CREF FUNDS - Green Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 780,000 | g,i | Wells Fargo Commercial Mortgage Trust | 2.800 | % | 03/18/28 | $ | 779,645 | ||||||||||
| Series - 2013 120B (Class A) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 3,851,702 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 6,998,215 | |||||||||||||||||
| (Cost $6,722,779) | ||||||||||||||||||
| TOTAL BONDS | 28,829,749 | |||||||||||||||||
| (Cost $27,170,597) | ||||||||||||||||||
| SHARES | COMPANY | |||||||||||||||||
| PREFERRED STOCKS - 0.8% | ||||||||||||||||||
| REAL ESTATE - 0.8% | ||||||||||||||||||
| 10,000 | * | Brookfield Property Partners LP | 259,600 | |||||||||||||||
| TOTAL REAL ESTATE | 259,600 | |||||||||||||||||
| TOTAL PREFERRED STOCKS | 259,600 | |||||||||||||||||
| (Cost $250,000) | ||||||||||||||||||
| PRINCIPAL | ISSUER | |||||||||||||||||
| SHORT-TERM INVESTMENTS - 1.6% | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 1.6% | ||||||||||||||||||
| $ | 490,000 | Federal Home Loan Bank (FHLB) | 1.500 | 10/01/19 | 490,000 | |||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 490,000 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 490,000 | |||||||||||||||||
| (Cost $490,000) | ||||||||||||||||||
| TOTAL INVESTMENTS - 99.8% | 30,690,255 | |||||||||||||||||
| (Cost $29,026,886) | ||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.2% | 55,495 | |||||||||||||||||
| NET ASSETS - 100.0% | $ | 30,745,750 | ||||||||||||||||
| Abbreviation(s): | |||
| DGS5 | 5-Year Treasury Constant Maturity Rate | ||
| LIBOR | London Interbank Offered Rate | ||
| M | Month | ||
| * | Non-income producing | |
| † | Security is categorized as Level 3 in the fair value hierarchy. | |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2019, the aggregate value of these securities was $13,023,498 or 42.4% 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. |
| 248 |
TIAA-CREF FUNDS - High-Yield Fund
TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 6.2% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||||
| $ | 8,481,864 | i | Gates Global LLC | LIBOR 1 M + 2.750% | 4.794 | % | 04/01/24 | $ | 8,340,217 | |||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 8,340,217 | |||||||||||||||||
| CAPITAL GOODS - 0.4% | ||||||||||||||||||
| 596,854 | i | Proampac PG Borrower LLC | LIBOR 1 and 3 M + 3.500% | 5.544 | 11/20/23 | 1,552,785 | ||||||||||||
| 4,421,391 | i | Titan Acquisition Ltd | LIBOR 1 M + 3.000% | 5.044 | 03/28/25 | 4,238,522 | ||||||||||||
| 9,577,764 | i | TransDigm, Inc | LIBOR 1 M + 2.500% | 4.544 | 06/09/23 | 9,546,157 | ||||||||||||
| TOTAL CAPITAL GOODS | 15,337,464 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.5% | ||||||||||||||||||
| 14,652,722 | i | Spin Holdco, Inc | LIBOR 3 M + 3.250% | 5.572 | 11/14/22 | 14,359,574 | ||||||||||||
| 745,208 | i | WASH Multifamily Laundry Systems LLC | LIBOR 1 M + 7.000% | 9.044 | 05/15/23 | 724,097 | ||||||||||||
| 4,254,792 | i | WASH Multifamily Laundry Systems LLC | LIBOR 1 M + 7.000% | 9.044 | 05/15/23 | 4,134,253 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 19,217,924 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||||
| 15,824,389 | i | Academy Ltd | LIBOR 1 M + 4.000% | 6.100 | 07/01/22 | 11,020,579 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 11,020,579 | |||||||||||||||||
| CONSUMER SERVICES - 0.9% | ||||||||||||||||||
| 13,275,000 | i | CDS US Intermediate Holdings, Inc | LIBOR 3 M + 8.250% | 10.354 | 07/10/23 | 12,053,700 | ||||||||||||
| 7,196,840 | i | KUEHG Corp | LIBOR 3 M + 3.750% | 5.854 | 02/21/25 | 9,682,007 | ||||||||||||
| 8,800,000 | i | KUEHG Corp | LIBOR 3 M + 8.250% | 10.354 | 08/22/25 | 8,739,544 | ||||||||||||
| 2,947,890 | i | Scientific Games International, Inc | LIBOR 1 and 2 M + 2.750% | 4.896 | 08/14/24 | 3,625,658 | ||||||||||||
| TOTAL CONSUMER SERVICES | 34,100,909 | |||||||||||||||||
| ENERGY - 0.5% | ||||||||||||||||||
| 10,845,000 | i | California Resources Corp | LIBOR 1 M + 10.375% | 12.419 | 12/31/21 | 9,414,870 | ||||||||||||
| 3,881,434 | †,i | Cloud Peak Energy, Inc | LIBOR 3 M + 9.000% | 11.100 | 02/15/20 | 3,881,433 | ||||||||||||
| 4,800,461 | i | Petrochoice Holdings, Inc | LIBOR 3 M + 5.000% | 7.256 | 08/21/22 | 4,608,443 | ||||||||||||
| TOTAL ENERGY | 17,904,746 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||||
| 9,925,000 | i | Envision Healthcare Corp | LIBOR 1 M + 3.750% | 5.794 | 10/10/25 | 8,067,139 | ||||||||||||
| 23,571,875 | i | RegionalCare Hospital Partners Holdings, Inc | LIBOR 1 M + 4.500% | 6.554 | 11/16/25 | 23,575,647 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 31,642,786 | |||||||||||||||||
| INSURANCE - 0.5% | ||||||||||||||||||
| 12,294,088 | i | Acrisure LLC | LIBOR 3 M + 4.250% | 6.354 | 11/22/23 | 12,217,250 | ||||||||||||
| 5,475,000 | i | Asurion LLC | LIBOR 1 M + 6.500% | 8.544 | 08/04/25 | 5,559,862 | ||||||||||||
| TOTAL INSURANCE | 17,777,112 | |||||||||||||||||
| 249 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| MATERIALS - 0.3% | ||||||||||||||||||
| $ | 3,141,411 | i | Berlin Packaging LLC | LIBOR 1 and 3 M + 3.000% | 5.110 | % | 11/07/25 | $ | 3,729,183 | |||||||||
| 4,750,000 | i | Berry Global, Inc | LIBOR 1 M + 2.250% | 4.299 | 10/03/22 | 4,769,617 | ||||||||||||
| 4,594,242 | i | Tronox Finance LLC | LIBOR 1 and 3 M + 2.750% | 4.854 | 09/23/24 | 4,590,153 | ||||||||||||
| TOTAL MATERIALS | 13,088,953 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2% | ||||||||||||||||||
| 9,114,000 | i | Alphabet Holding Co, Inc | LIBOR 1 M + 3.500% | 5.544 | 09/26/24 | 8,419,057 | ||||||||||||
| 1,081,856 | i | PAREXEL International Corp | LIBOR 1 M + 2.750% | 4.794 | 09/27/24 | 1,025,643 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 9,444,700 | |||||||||||||||||
| REAL ESTATE - 0.4% | ||||||||||||||||||
| 14,478,750 | i | DTZ US Borrower LLC | LIBOR 1 M + 3.250% | 5.294 | 08/21/25 | 14,485,989 | ||||||||||||
| TOTAL REAL ESTATE | 14,485,989 | |||||||||||||||||
| RETAILING - 0.5% | ||||||||||||||||||
| 8,650,000 | Sally Holdings LLC | 4.500 | 07/05/24 | 8,422,938 | ||||||||||||||
| 9,850,313 | i | Staples, Inc | LIBOR 2 M + 5.000% | 7.123 | 04/16/26 | 9,704,626 | ||||||||||||
| TOTAL RETAILING | 18,127,564 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.6% | ||||||||||||||||||
| 23,000,000 | i | Dun & Bradstreet Corp | LIBOR 1 M + 5.000% | 7.054 | 02/06/26 | 23,135,470 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 23,135,470 | |||||||||||||||||
| UTILITIES - 0.1% | ||||||||||||||||||
| 3,418,779 | i | ExGen Renewables IV LLC | LIBOR 3 M + 3.000% | 5.130 | 11/28/24 | 3,339,737 | ||||||||||||
| TOTAL UTILITIES | 3,339,737 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 236,964,150 | |||||||||||||||||
| (Cost $245,554,947) | ||||||||||||||||||
| BONDS - 86.3% | ||||||||||||||||||
| CORPORATE BONDS - 86.3% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 2.6% | ||||||||||||||||||
| 9,950,000 | g | Adient Global Holdings Ltd | 4.875 | 08/15/26 | 8,084,375 | |||||||||||||
| 3,600,000 | g | Allison Transmission, Inc | 5.000 | 10/01/24 | 3,678,750 | |||||||||||||
| 600,000 | g | Allison Transmission, Inc | 4.750 | 10/01/27 | 618,000 | |||||||||||||
| 5,700,000 | g | Dana Financing Luxembourg SARL | 5.750 | 04/15/25 | 5,818,845 | |||||||||||||
| 7,500,000 | g | Dana Financing Luxembourg SARL | 6.500 | 06/01/26 | 7,912,500 | |||||||||||||
| 1,900,000 | Dana, Inc | 5.500 | 12/15/24 | 1,933,250 | ||||||||||||||
| 14,001,000 | g | Gates Global LLC | 6.000 | 07/15/22 | 13,948,496 | |||||||||||||
| 2,875,000 | Goodyear Tire & Rubber Co | 5.000 | 05/31/26 | 2,910,363 | ||||||||||||||
| 1,100,000 | g,o | IHO Verwaltungs GmbH | 4.750 | 09/15/26 | 1,078,000 | |||||||||||||
| 19,800,000 | g,o | IHO Verwaltungs GmbH | 6.375 | 05/15/29 | 19,998,000 | |||||||||||||
| 30,650,000 | g | Panther BF Aggregator 2 LP | 8.500 | 05/15/27 | 31,033,125 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 97,013,704 | |||||||||||||||||
| 250 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANKS - 0.8% | ||||||||||||||||||
| $ | 4,400,000 | i | Barclays plc | USD SWAP SEMI 30/360 5 Y + 4.842% | 7.750 | % | N/A‡ | $ | 4,578,948 | |||||||||
| 9,500,000 | Citigroup, Inc | 6.125 | N/A‡ | 9,766,000 | ||||||||||||||
| 5,600,000 | g,i | Credit Suisse Group AG. | USD SWAP SEMI 30/360 5 Y + 3.455% | 6.250 | N/A‡ | 5,923,595 | ||||||||||||
| 4,750,000 | g | Lloyds Banking Group plc | 6.657 | N/A‡ | 5,070,625 | |||||||||||||
| 2,250,000 | Royal Bank of Scotland Group plc | 6.100 | 06/10/23 | 2,450,695 | ||||||||||||||
| 4,275,000 | i | Royal Bank of Scotland Group plc | USD SWAP SEMI 30/360 5 Y + 7.598% | 8.625 | N/A‡ | 4,577,884 | ||||||||||||
| TOTAL BANKS | 32,367,747 | |||||||||||||||||
| CAPITAL GOODS - 3.1% | ||||||||||||||||||
| 3,000,000 | Anixter, Inc | 5.125 | 10/01/21 | 3,120,000 | ||||||||||||||
| 2,500,000 | Anixter, Inc | 5.500 | 03/01/23 | 2,700,000 | ||||||||||||||
| 5,000,000 | Anixter, Inc | 6.000 | 12/01/25 | 5,525,000 | ||||||||||||||
| 22,950,000 | g | Beacon Escrow Corp | 4.875 | 11/01/25 | 22,519,687 | |||||||||||||
| 3,015,000 | g,h | Beacon Roofing Supply, Inc | 4.500 | 11/15/26 | 3,037,612 | |||||||||||||
| 10,015,000 | g | Cloud Crane LLC | 10.125 | 08/01/24 | 10,716,050 | |||||||||||||
| 2,025,000 | g | Masonite International Corp | 5.375 | 02/01/28 | 2,111,063 | |||||||||||||
| 7,450,000 | g | SPX FLOW, Inc | 5.625 | 08/15/24 | 7,692,125 | |||||||||||||
| 4,150,000 | g | SPX FLOW, Inc | 5.875 | 08/15/26 | 4,336,750 | |||||||||||||
| 13,130,000 | g | Stena AB | 7.000 | 02/01/24 | 13,162,825 | |||||||||||||
| 1,750,000 | g | Titan Acquisition Ltd | 7.750 | 04/15/26 | 1,640,625 | |||||||||||||
| 12,250,000 | TransDigm UK Holdings plc | 6.875 | 05/15/26 | 13,168,750 | ||||||||||||||
| 5,000,000 | TransDigm, Inc | 6.000 | 07/15/22 | 5,075,000 | ||||||||||||||
| 4,825,000 | TransDigm, Inc | 6.500 | 07/15/24 | 4,975,781 | ||||||||||||||
| 2,375,000 | TransDigm, Inc | 6.500 | 05/15/25 | 2,464,063 | ||||||||||||||
| 6,000,000 | g | TransDigm, Inc | 6.250 | 03/15/26 | 6,442,500 | |||||||||||||
| 9,000,000 | TransDigm, Inc | 7.500 | 03/15/27 | 9,787,500 | ||||||||||||||
| TOTAL CAPITAL GOODS | 118,475,331 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 6.5% | ||||||||||||||||||
| 6,851,000 | ADT Corp | 6.250 | 10/15/21 | 7,296,315 | ||||||||||||||
| 12,350,000 | g | ADT Corp | 4.875 | 07/15/32 | 10,806,250 | |||||||||||||
| 7,250,000 | AECOM | 5.875 | 10/15/24 | 7,880,750 | ||||||||||||||
| 13,500,000 | AECOM | 5.125 | 03/15/27 | 14,175,000 | ||||||||||||||
| 11,100,000 | g | Allied Universal Holdco LLC | 6.625 | 07/15/26 | 11,724,375 | |||||||||||||
| 5,300,000 | g | Allied Universal Holdco LLC | 9.750 | 07/15/27 | 5,523,236 | |||||||||||||
| 2,225,000 | g | Clean Harbors, Inc | 4.875 | 07/15/27 | 2,322,344 | |||||||||||||
| 10,700,000 | Covanta Holding Corp | 6.000 | 01/01/27 | 11,261,750 | ||||||||||||||
| 1,750,000 | g | GFL Environmental, Inc | 8.500 | 05/01/27 | 1,940,312 | |||||||||||||
| 15,500,000 | H&E Equipment Services, Inc | 5.625 | 09/01/25 | 15,955,700 | ||||||||||||||
| 13,425,000 | g | Iron Mountain, Inc | 4.875 | 09/15/27 | 13,729,479 | |||||||||||||
| 7,475,000 | g | KAR Auction Services, Inc | 5.125 | 06/01/25 | 7,736,625 | |||||||||||||
| 15,700,000 | g | Prime Security Services Borrower LLC | 5.250 | 04/15/24 | 16,116,835 | |||||||||||||
| 30,075,000 | g | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 31,317,097 | |||||||||||||
| 2,000,000 | g | Ritchie Bros Auctioneers, Inc | 5.375 | 01/15/25 | 2,087,500 | |||||||||||||
| 8,650,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 8,866,250 | ||||||||||||||
| 6,225,000 | g | Stericycle, Inc | 5.375 | 07/15/24 | 6,396,187 | |||||||||||||
| 251 |
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 | $ | 17,090,213 | |||||||||||
| 6,675,000 | United Rentals North America, Inc | 4.625 | 10/15/25 | 6,811,754 | ||||||||||||||
| 1,175,000 | United Rentals North America, Inc | 5.875 | 09/15/26 | 1,252,903 | ||||||||||||||
| 17,500,000 | United Rentals North America, Inc | 6.500 | 12/15/26 | 19,066,250 | ||||||||||||||
| 1,500,000 | United Rentals North America, Inc | 5.500 | 05/15/27 | 1,590,000 | ||||||||||||||
| 4,200,000 | United Rentals North America, Inc | 4.875 | 01/15/28 | 4,368,000 | ||||||||||||||
| 13,250,000 | g | Waste Pro USA, Inc | 5.500 | 02/15/26 | 13,660,220 | |||||||||||||
| 8,325,000 | g | XPO Logistics, Inc | 6.125 | 09/01/23 | 8,595,563 | |||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 247,570,908 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 2.9% | ||||||||||||||||||
| 2,125,000 | g | Hanesbrands, Inc | 4.625 | 05/15/24 | 2,239,240 | |||||||||||||
| 3,000,000 | g | Hanesbrands, Inc | 4.875 | 05/15/26 | 3,169,500 | |||||||||||||
| 5,575,000 | KB Home | 7.000 | 12/15/21 | 6,005,947 | ||||||||||||||
| 1,900,000 | KB Home | 7.625 | 05/15/23 | 2,151,750 | ||||||||||||||
| 16,650,000 | KB Home | 6.875 | 06/15/27 | 18,731,250 | ||||||||||||||
| 16,000,000 | Lennar Corp | 4.500 | 04/30/24 | 16,856,000 | ||||||||||||||
| 8,150,000 | Lennar Corp | 5.875 | 11/15/24 | 9,026,125 | ||||||||||||||
| 12,800,000 | g | LGI Homes, Inc | 6.875 | 07/15/26 | 13,312,000 | |||||||||||||
| 28,050,000 | g | Mattel, Inc | 6.750 | 12/31/25 | 29,268,492 | |||||||||||||
| 3,000,000 | PulteGroup, Inc | 5.500 | 03/01/26 | 3,277,500 | ||||||||||||||
| 5,000,000 | PulteGroup, Inc | 5.000 | 01/15/27 | 5,400,000 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 109,437,804 | |||||||||||||||||
| CONSUMER SERVICES - 4.6% | ||||||||||||||||||
| 3,425,000 | g | 1011778 BC ULC / New Red Finance Inc | 4.250 | 05/15/24 | 3,523,332 | |||||||||||||
| 15,000,000 | g | 1011778 BC ULC / New Red Finance Inc | 5.000 | 10/15/25 | 15,495,000 | |||||||||||||
| 4,000,000 | Boyd Gaming Corp | 6.375 | 04/01/26 | 4,240,000 | ||||||||||||||
| 6,300,000 | Boyd Gaming Corp | 6.000 | 08/15/26 | 6,645,917 | ||||||||||||||
| 2,800,000 | Cedar Fair LP | 5.375 | 04/15/27 | 2,996,840 | ||||||||||||||
| 11,000,000 | g | Cott Holdings, Inc | 5.500 | 04/01/25 | 11,412,830 | |||||||||||||
| 13,400,000 | g | frontdoor, Inc | 6.750 | 08/15/26 | 14,673,268 | |||||||||||||
| 8,500,000 | Hilton Worldwide Finance LLC | 4.625 | 04/01/25 | 8,755,000 | ||||||||||||||
| 8,035,000 | g | International Game Technology | 6.250 | 02/15/22 | 8,479,074 | |||||||||||||
| 14,785,000 | g | International Game Technology | 6.500 | 02/15/25 | 16,412,385 | |||||||||||||
| 4,650,000 | g | International Game Technology | 6.250 | 01/15/27 | 5,167,313 | |||||||||||||
| 2,500,000 | g | Live Nation Entertainment, Inc | 4.875 | 11/01/24 | 2,590,094 | |||||||||||||
| 11,250,000 | MGM Resorts International | 6.000 | 03/15/23 | 12,394,125 | ||||||||||||||
| 16,000,000 | g | Penn National Gaming, Inc | 5.625 | 01/15/27 | 16,480,000 | |||||||||||||
| 4,650,000 | g | Scientific Games International, Inc | 5.000 | 10/15/25 | 4,797,870 | |||||||||||||
| 6,000,000 | g | ServiceMaster Co LLC | 5.125 | 11/15/24 | 6,225,000 | |||||||||||||
| 17,500,000 | g | Six Flags Entertainment Corp | 4.875 | 07/31/24 | 18,112,500 | |||||||||||||
| 4,665,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 4,734,975 | ||||||||||||||
| 13,000,000 | g | Wynn Las Vegas LLC | 5.500 | 03/01/25 | 13,650,000 | |||||||||||||
| TOTAL CONSUMER SERVICES | 176,785,523 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 3.8% | ||||||||||||||||||
| 8,200,000 | CIT Bank NA | 2.969 | 09/27/25 | 8,210,250 | ||||||||||||||
| 831,000 | General Motors Acceptance Corp LLC | 8.000 | 11/01/31 | 1,144,702 | ||||||||||||||
| 10,000,000 | GMAC, Inc | 8.000 | 11/01/31 | 13,825,000 | ||||||||||||||
| 11,425,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 11,546,391 | ||||||||||||||
| 21,200,000 | Icahn Enterprises LP | 6.250 | 02/01/22 | 21,751,200 | ||||||||||||||
| 252 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,500,000 | Icahn Enterprises LP | 6.750 | % | 02/01/24 | $ | 4,680,000 | |||||||||||
| 10,000,000 | g | Icahn Enterprises LP | 4.750 | 09/15/24 | 9,990,000 | |||||||||||||
| 3,700,000 | i | ING Groep NV | USD SWAP SEMI 30/360 5 Y + 4.445% | 6.000 | N/A‡ | 3,733,670 | ||||||||||||
| 10,200,000 | g | Jefferies Finance LLC | 6.250 | 06/03/26 | 10,531,500 | |||||||||||||
| 8,330,000 | Navient Corp | 6.625 | 07/26/21 | 8,746,500 | ||||||||||||||
| 9,500,000 | Navient Corp | 7.250 | 09/25/23 | 10,326,500 | ||||||||||||||
| 8,000,000 | Navient Corp | 6.125 | 03/25/24 | 8,297,520 | ||||||||||||||
| 19,350,000 | g | Quicken Loans, Inc | 5.250 | 01/15/28 | 19,969,200 | |||||||||||||
| 10,675,000 | Springleaf Finance Corp | 6.125 | 03/15/24 | 11,488,969 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 144,241,402 | |||||||||||||||||
| ENERGY - 17.2% | ||||||||||||||||||
| 3,425,000 | AmeriGas Partners LP | 5.625 | 05/20/24 | 3,666,891 | ||||||||||||||
| 14,500,000 | AmeriGas Partners LP | 5.500 | 05/20/25 | 15,569,375 | ||||||||||||||
| 8,375,000 | AmeriGas Partners LP | 5.875 | 08/20/26 | 9,183,606 | ||||||||||||||
| 13,300,000 | AmeriGas Partners LP | 5.750 | 05/20/27 | 14,330,750 | ||||||||||||||
| 18,075,000 | g | Antero Midstream Partners LP | 5.750 | 03/01/27 | 15,047,076 | |||||||||||||
| 9,625,000 | g | Antero Midstream Partners LP | 5.750 | 01/15/28 | 7,988,750 | |||||||||||||
| 12,550,000 | g | Archrock Partners LP / Archrock Partners Finance Corp | 6.875 | 04/01/27 | 13,318,185 | |||||||||||||
| 2,000,000 | Ashland, Inc | 6.875 | 05/15/43 | 2,295,000 | ||||||||||||||
| 2,183,000 | † | California Resources Corp | 5.500 | 09/15/21 | 1,075,127 | |||||||||||||
| 5,180,000 | g | California Resources Corp | 8.000 | 12/15/22 | 2,564,100 | |||||||||||||
| 4,151,000 | † | California Resources Corp | 6.000 | 11/15/24 | 1,452,850 | |||||||||||||
| 4,585,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 4,424,525 | ||||||||||||||
| 13,650,000 | Calumet Specialty Products Partners LP | 7.750 | 04/15/23 | 12,660,375 | ||||||||||||||
| 11,000,000 | g,h | Calumet Specialty Products Partners LP | 11.000 | 04/15/25 | 11,000,000 | |||||||||||||
| 1,400,000 | Cheniere Corpus Christi Holdings LLC | 7.000 | 06/30/24 | 1,608,250 | ||||||||||||||
| 7,935,000 | Cheniere Corpus Christi Holdings LLC | 5.875 | 03/31/25 | 8,827,687 | ||||||||||||||
| 13,000,000 | Cheniere Energy Partners LP | 5.625 | 10/01/26 | 13,794,950 | ||||||||||||||
| 11,875,000 | g | Cheniere Energy Partners LP | 4.500 | 10/01/29 | 12,164,453 | |||||||||||||
| 9,250,000 | Chesapeake Energy Corp | 7.000 | 10/01/24 | 6,636,875 | ||||||||||||||
| 10,000,000 | Chesapeake Energy Corp | 8.000 | 01/15/25 | 7,225,000 | ||||||||||||||
| 9,100,000 | Chesapeake Energy Corp | 7.500 | 10/01/26 | 6,188,000 | ||||||||||||||
| 4,750,000 | Chesapeake Energy Corp | 8.000 | 06/15/27 | 3,194,375 | ||||||||||||||
| 10,878,000 | †,q | Cloud Peak Energy Resources LLC | 12.000 | 11/01/21 | 2,719,500 | |||||||||||||
| 12,345,000 | Crestwood Midstream Partners LP | 6.250 | 04/01/23 | 12,669,056 | ||||||||||||||
| 11,050,000 | Crestwood Midstream Partners LP | 5.750 | 04/01/25 | 11,353,875 | ||||||||||||||
| 5,700,000 | g | Crestwood Midstream Partners LP | 5.625 | 05/01/27 | 5,819,358 | |||||||||||||
| 3,600,000 | g | Denbury Resources, Inc | 9.000 | 05/15/21 | 3,339,000 | |||||||||||||
| 1,273,000 | † | Denbury Resources, Inc | 5.500 | 05/01/22 | 655,595 | |||||||||||||
| 525,000 | † | Denbury Resources, Inc | 4.625 | 07/15/23 | 225,750 | |||||||||||||
| 15,532,000 | g | Denbury Resources, Inc | 7.750 | 02/15/24 | 11,998,470 | |||||||||||||
| 1,912,000 | †,g | Denbury Resources, Inc | 6.375 | 12/31/24 | 1,112,474 | |||||||||||||
| 10,000,000 | Diamond Offshore Drilling, Inc | 7.875 | 08/15/25 | 7,850,000 | ||||||||||||||
| 3,600,000 | EnLink Midstream LLC | 5.375 | 06/01/29 | 3,438,000 | ||||||||||||||
| 10,168,000 | EnLink Midstream Partners LP | 4.150 | 06/01/25 | 9,430,820 | ||||||||||||||
| 6,650,000 | Ensco plc | 7.750 | 02/01/26 | 3,559,080 | ||||||||||||||
| 12,050,000 | g | Ensign Drilling, Inc | 9.250 | 04/15/24 | 11,266,750 | |||||||||||||
| 14,250,000 | g | EP Energy LLC | 7.750 | 05/15/26 | 10,687,500 | |||||||||||||
| 11,293,000 | Exterran Partners LP | 6.000 | 10/01/22 | 11,420,046 | ||||||||||||||
| 253 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 17,900,000 | Genesis Energy LP | 6.500 | % | 10/01/25 | $ | 17,452,500 | |||||||||||
| 17,500,000 | Genesis Energy LP | 6.250 | 05/15/26 | 16,843,750 | ||||||||||||||
| 1,075,000 | g | Global Partners LP | 7.000 | 08/01/27 | 1,107,250 | |||||||||||||
| 18,825,000 | g | Hess Infrastructure Partners LP | 5.625 | 02/15/26 | 19,672,125 | |||||||||||||
| 8,750,000 | g | Moss Creek Resources Holdings, Inc | 10.500 | 05/15/27 | 7,087,500 | |||||||||||||
| 6,875,000 | Murphy Oil Corp | 6.875 | 08/15/24 | 7,184,375 | ||||||||||||||
| 14,800,000 | Murphy Oil Corp | 5.750 | 08/15/25 | 15,022,000 | ||||||||||||||
| 2,500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 2,552,000 | ||||||||||||||
| 1,650,000 | Murphy Oil USA, Inc | 5.625 | 05/01/27 | 1,740,750 | ||||||||||||||
| 3,750,000 | Nabors Industries, Inc | 5.100 | 09/15/23 | 2,917,500 | ||||||||||||||
| 16,250,000 | Nabors Industries, Inc | 5.750 | 02/01/25 | 12,025,000 | ||||||||||||||
| 3,075,000 | NuStar Logistics LP | 6.000 | 06/01/26 | 3,328,073 | ||||||||||||||
| 4,595,000 | Oasis Petroleum, Inc | 6.875 | 01/15/23 | 4,204,425 | ||||||||||||||
| 10,750,000 | g | Oasis Petroleum, Inc | 6.250 | 05/01/26 | 8,707,500 | |||||||||||||
| 12,000,000 | g | Parkland Fuel Corp | 6.000 | 04/01/26 | 12,675,000 | |||||||||||||
| 6,975,000 | g | Parkland Fuel Corp | 5.875 | 07/15/27 | 7,318,937 | |||||||||||||
| 1,900,000 | Range Resources Corp | 5.000 | 08/15/22 | 1,781,250 | ||||||||||||||
| 2,375,000 | Range Resources Corp | 4.875 | 05/15/25 | 1,959,375 | ||||||||||||||
| 8,250,000 | SM Energy Co | 6.125 | 11/15/22 | 7,906,388 | ||||||||||||||
| 1,900,000 | SM Energy Co | 6.750 | 09/15/26 | 1,662,500 | ||||||||||||||
| 16,000,000 | SM Energy Co | 6.625 | 01/15/27 | 13,760,000 | ||||||||||||||
| 9,500,000 | Southwestern Energy Co | 6.200 | 01/23/25 | 8,407,500 | ||||||||||||||
| 14,250,000 | Southwestern Energy Co | 7.500 | 04/01/26 | 12,397,500 | ||||||||||||||
| 4,750,000 | Southwestern Energy Co | 7.750 | 10/01/27 | 4,141,406 | ||||||||||||||
| 5,000,000 | Suburban Propane Partners LP | 5.500 | 06/01/24 | 5,100,000 | ||||||||||||||
| 10,200,000 | Suburban Propane Partners LP | 5.750 | 03/01/25 | 10,395,432 | ||||||||||||||
| 8,175,000 | Suburban Propane Partners LP | 5.875 | 03/01/27 | 8,355,014 | ||||||||||||||
| 6,575,000 | Sunoco LP | 4.875 | 01/15/23 | 6,747,594 | ||||||||||||||
| 2,500,000 | Sunoco LP | 5.500 | 02/15/26 | 2,609,175 | ||||||||||||||
| 5,000,000 | Sunoco LP | 6.000 | 04/15/27 | 5,300,000 | ||||||||||||||
| 2,000,000 | Sunoco LP | 5.875 | 03/15/28 | 2,122,500 | ||||||||||||||
| 9,825,000 | Targa Resources Partners LP | 5.125 | 02/01/25 | 10,103,539 | ||||||||||||||
| 11,500,000 | Targa Resources Partners LP | 5.875 | 04/15/26 | 12,146,875 | ||||||||||||||
| 2,025,000 | g | Targa Resources Partners LP | 6.500 | 07/15/27 | 2,209,457 | |||||||||||||
| 10,000,000 | Targa Resources Partners LP | 5.000 | 01/15/28 | 10,113,000 | ||||||||||||||
| 6,250,000 | g | Targa Resources Partners LP | 6.875 | 01/15/29 | 6,828,562 | |||||||||||||
| 10,000,000 | g | TerraForm Power Operating LLC | 5.000 | 01/31/28 | 10,400,000 | |||||||||||||
| 14,217,750 | g | Transocean Guardian Ltd | 5.875 | 01/15/24 | 14,288,839 | |||||||||||||
| 11,392,000 | g | Transocean Pontus Ltd | 6.125 | 08/01/25 | 11,562,880 | |||||||||||||
| 1,900,000 | Transocean, Inc | 5.800 | 10/15/22 | 1,847,750 | ||||||||||||||
| 2,850,000 | g | Transocean, Inc | 9.000 | 07/15/23 | 2,956,875 | |||||||||||||
| 2,575,000 | g | Transocean, Inc | 7.500 | 01/15/26 | 2,285,313 | |||||||||||||
| 6,220,000 | Transocean, Inc | 6.800 | 03/15/38 | 3,825,300 | ||||||||||||||
| 30,000,000 | USA Compression Partners LP | 6.875 | 04/01/26 | 31,125,000 | ||||||||||||||
| 2,650,000 | g | USA Compression Partners LP | 6.875 | 09/01/27 | 2,736,125 | |||||||||||||
| 11,750,000 | Whiting Petroleum Corp | 6.250 | 04/01/23 | 9,047,500 | ||||||||||||||
| 4,825,000 | Whiting Petroleum Corp | 6.625 | 01/15/26 | 3,256,875 | ||||||||||||||
| 3,401,000 | WPX Energy, Inc | 8.250 | 08/01/23 | 3,826,125 | ||||||||||||||
| 2,125,000 | WPX Energy, Inc | 5.250 | 10/15/27 | 2,140,938 | ||||||||||||||
| TOTAL ENERGY | 654,946,746 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 1.1% | ||||||||||||||||||
| 8,500,000 | Albertsons Cos LLC | 6.625 | 06/15/24 | 8,903,750 | ||||||||||||||
| 254 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 14,250,000 | Albertsons Cos LLC | 5.750 | % | 03/15/25 | $ | 14,677,500 | |||||||||||
| 1,325,000 | g | Albertsons Cos LLC | 5.875 | 02/15/28 | 1,402,433 | |||||||||||||
| 17,960,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 18,341,650 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 43,325,333 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.5% | ||||||||||||||||||
| 2,120,000 | g | Lamb Weston Holdings, Inc | 4.625 | 11/01/24 | 2,231,088 | |||||||||||||
| 7,250,000 | g | Post Holdings, Inc | 5.500 | 03/01/25 | 7,594,375 | |||||||||||||
| 2,375,000 | g | Post Holdings, Inc | 5.000 | 08/15/26 | 2,463,113 | |||||||||||||
| 3,150,000 | g | Post Holdings, Inc | 5.750 | 03/01/27 | 3,339,630 | |||||||||||||
| 2,500,000 | g | Post Holdings, Inc | 5.625 | 01/15/28 | 2,650,000 | |||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 18,278,206 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 6.4% | ||||||||||||||||||
| 11,000,000 | g | Change Healthcare Holdings LLC | 5.750 | 03/01/25 | 11,165,000 | |||||||||||||
| 14,500,000 | CHS/Community Health Systems | 5.125 | 08/01/21 | 14,463,750 | ||||||||||||||
| 7,150,000 | CHS/Community Health Systems | 6.250 | 03/31/23 | 7,102,452 | ||||||||||||||
| 10,000,000 | g | CHS/Community Health Systems | 8.000 | 03/15/26 | 9,975,000 | |||||||||||||
| 5,000,000 | DaVita, Inc | 5.125 | 07/15/24 | 5,081,250 | ||||||||||||||
| 13,000,000 | DaVita, Inc | 5.000 | 05/01/25 | 12,951,250 | ||||||||||||||
| 3,725,000 | g,o | Eagle Holding Co II LLC | 7.750 | 05/15/22 | 3,752,938 | |||||||||||||
| 4,240,000 | Encompass Health Corp | 5.750 | 11/01/24 | 4,284,308 | ||||||||||||||
| 4,000,000 | Encompass Health Corp | 5.750 | 09/15/25 | 4,173,400 | ||||||||||||||
| 4,025,000 | Encompass Health Corp | 4.500 | 02/01/28 | 4,069,275 | ||||||||||||||
| 7,875,000 | Encompass Health Corp | 4.750 | 02/01/30 | 7,956,900 | ||||||||||||||
| 13,350,000 | HCA, Inc | 5.375 | 02/01/25 | 14,584,875 | ||||||||||||||
| 14,650,000 | HCA, Inc | 5.875 | 02/15/26 | 16,378,700 | ||||||||||||||
| 2,200,000 | HCA, Inc | 5.875 | 02/01/29 | 2,461,250 | ||||||||||||||
| 900,000 | HCA, Inc | 7.500 | 11/06/33 | 1,080,000 | ||||||||||||||
| 7,275,000 | HCA, Inc | 5.125 | 06/15/39 | 7,956,158 | ||||||||||||||
| 5,000,000 | HCA, Inc | 5.250 | 06/15/49 | 5,489,850 | ||||||||||||||
| 6,475,000 | g | MEDNAX, Inc | 6.250 | 01/15/27 | 6,425,984 | |||||||||||||
| 5,000,000 | MPT Operating Partnership LP | 5.000 | 10/15/27 | 5,237,500 | ||||||||||||||
| 15,000,000 | MPT Operating Partnership LP | 4.625 | 08/01/29 | 15,450,000 | ||||||||||||||
| 3,475,000 | g | RegionalCare Hospital Partners Holdings, Inc | 9.750 | 12/01/26 | 3,717,903 | |||||||||||||
| 11,500,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 12,448,750 | ||||||||||||||
| 15,000,000 | Tenet Healthcare Corp | 6.750 | 06/15/23 | 15,752,700 | ||||||||||||||
| 23,125,000 | Tenet Healthcare Corp | 4.625 | 07/15/24 | 23,766,256 | ||||||||||||||
| 9,000,000 | Tenet Healthcare Corp | 7.000 | 08/01/25 | 9,146,250 | ||||||||||||||
| 11,500,000 | g | Tenet Healthcare Corp | 6.250 | 02/01/27 | 11,958,850 | |||||||||||||
| 8,900,000 | Tenet Healthcare Corp | 6.875 | 11/15/31 | 8,099,000 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 244,929,549 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.3% | ||||||||||||||||||
| 4,800,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 4,800,000 | |||||||||||||
| 5,675,000 | g | First Quality Finance Co, Inc | 5.000 | 07/01/25 | 5,859,438 | |||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 10,659,438 | |||||||||||||||||
| INSURANCE - 0.1% | ||||||||||||||||||
| 2,000,000 | g | WellCare Health Plans, Inc | 5.375 | 08/15/26 | 2,134,600 | |||||||||||||
| TOTAL INSURANCE | 2,134,600 | |||||||||||||||||
| 255 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| MATERIALS - 7.7% | ||||||||||||||||||
| $ | 1,600,000 | g | Alcoa Nederland Holding BV | 6.750 | % | 09/30/24 | $ | 1,682,000 | ||||||||||
| 1,600,000 | g | Alcoa Nederland Holding BV | 7.000 | 09/30/26 | 1,736,048 | |||||||||||||
| 1,500,000 | g | Alcoa Nederland Holding BV | 6.125 | 05/15/28 | 1,597,350 | |||||||||||||
| 4,750,000 | Alcoa, Inc | 5.125 | 10/01/24 | 5,058,750 | ||||||||||||||
| 1,900,000 | Berry Global, Inc | 5.125 | 07/15/23 | 1,949,875 | ||||||||||||||
| 3,000,000 | g | Berry Global, Inc | 4.875 | 07/15/26 | 3,100,950 | |||||||||||||
| 1,075,000 | g | Berry Global, Inc | 5.625 | 07/15/27 | 1,112,625 | |||||||||||||
| 1,800,000 | g | Cemex SAB de C.V. | 7.750 | 04/16/26 | 1,950,768 | |||||||||||||
| 4,750,000 | Chemours Co | 7.000 | 05/15/25 | 4,496,825 | ||||||||||||||
| 8,750,000 | Chemours Co | 5.375 | 05/15/27 | 7,547,137 | ||||||||||||||
| 7,625,000 | Commercial Metals Co | 5.750 | 04/15/26 | 7,853,750 | ||||||||||||||
| 3,000,000 | Crown Americas LLC | 4.750 | 02/01/26 | 3,138,750 | ||||||||||||||
| 6,000,000 | g | First Quantum Minerals Ltd | 7.250 | 05/15/22 | 5,942,580 | |||||||||||||
| 4,750,000 | g | First Quantum Minerals Ltd | 7.250 | 04/01/23 | 4,678,750 | |||||||||||||
| 4,750,000 | g | First Quantum Minerals Ltd | 7.500 | 04/01/25 | 4,678,750 | |||||||||||||
| 9,500,000 | g | First Quantum Minerals Ltd | 6.875 | 03/01/26 | 9,048,750 | |||||||||||||
| 4,250,000 | g | FMG Resources Ltd | 4.750 | 05/15/22 | 4,361,562 | |||||||||||||
| 2,650,000 | g | FMG Resources Ltd | 5.125 | 03/15/23 | 2,732,813 | |||||||||||||
| 5,000,000 | Freeport-McMoRan, Inc | 3.875 | 03/15/23 | 5,037,500 | ||||||||||||||
| 9,250,000 | Freeport-McMoRan, Inc | 4.550 | 11/14/24 | 9,479,400 | ||||||||||||||
| 4,000,000 | Freeport-McMoRan, Inc | 5.250 | 09/01/29 | 3,989,160 | ||||||||||||||
| 3,100,000 | Freeport-McMoRan, Inc | 5.400 | 11/14/34 | 2,945,000 | ||||||||||||||
| 14,250,000 | Freeport-McMoRan, Inc | 5.450 | 03/15/43 | 12,830,415 | ||||||||||||||
| 6,650,000 | g | GCP Applied Technologies, Inc | 5.500 | 04/15/26 | 6,783,000 | |||||||||||||
| 3,150,000 | g | Graphic Packaging International LLC | 4.750 | 07/15/27 | 3,307,500 | |||||||||||||
| 9,000,000 | g | INEOS Group Holdings S.A. | 5.625 | 08/01/24 | 9,268,920 | |||||||||||||
| 5,175,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 5,330,250 | |||||||||||||
| 12,250,000 | g | James Hardie International Finance DAC | 5.000 | 01/15/28 | 12,709,375 | |||||||||||||
| 1,250,000 | Kaiser Aluminum Corp | 5.875 | 05/15/24 | 1,301,388 | ||||||||||||||
| 35,000,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 35,992,250 | |||||||||||||
| 3,500,000 | g | NV Chemicals Corp | 5.250 | 08/01/23 | 3,539,375 | |||||||||||||
| 16,000,000 | g | OCI NV | 6.625 | 04/15/23 | 16,738,864 | |||||||||||||
| 6,450,000 | Olin Corp | 5.125 | 09/15/27 | 6,595,125 | ||||||||||||||
| 9,000,000 | Olin Corp | 5.000 | 02/01/30 | 9,014,400 | ||||||||||||||
| 11,250,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 11,939,063 | |||||||||||||
| 9,500,000 | g | Standard Industries, Inc | 5.500 | 02/15/23 | 9,690,000 | |||||||||||||
| 2,000,000 | g | Standard Industries, Inc | 5.000 | 02/15/27 | 2,070,600 | |||||||||||||
| 3,000,000 | Steel Dynamics, Inc | 4.125 | 09/15/25 | 3,030,000 | ||||||||||||||
| 13,500,000 | g | Trinseo Materials Operating S.C.A | 5.375 | 09/01/25 | 13,111,875 | |||||||||||||
| 18,800,000 | g | Tronox Finance plc | 5.750 | 10/01/25 | 17,780,100 | |||||||||||||
| 17,750,000 | g | Tronox, Inc | 6.500 | 04/15/26 | 16,906,875 | |||||||||||||
| TOTAL MATERIALS | 292,058,468 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 9.9% | ||||||||||||||||||
| 3,550,000 | g | Altice Financing S.A. | 6.625 | 02/15/23 | 3,643,187 | |||||||||||||
| 8,675,000 | g | Altice France S.A. | 8.125 | 02/01/27 | 9,575,031 | |||||||||||||
| 3,713,000 | g | Altice Luxembourg S.A. | 7.750 | 05/15/22 | 3,791,901 | |||||||||||||
| 7,475,000 | g | Altice Luxembourg S.A. | 10.500 | 05/15/27 | 8,424,325 | |||||||||||||
| 1,600,000 | AMC Entertainment Holdings, Inc | 5.875 | 11/15/26 | 1,453,468 | ||||||||||||||
| 7,475,000 | AMC Entertainment Holdings, Inc | 6.125 | 05/15/27 | 6,764,875 | ||||||||||||||
| 256 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 7,500,000 | AMC Entertainment, Inc | 5.750 | % | 06/15/25 | $ | 7,148,625 | |||||||||||
| 10,615,000 | g | CBS Radio, Inc | 7.250 | 11/01/24 | 10,986,525 | |||||||||||||
| 20,000,000 | g | CCO Holdings LLC | 5.875 | 04/01/24 | 20,869,200 | |||||||||||||
| 10,075,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 10,213,531 | ||||||||||||||
| 9,500,000 | CSC Holdings LLC | 6.750 | 11/15/21 | 10,236,250 | ||||||||||||||
| 10,850,000 | g | CSC Holdings LLC | 5.500 | 04/15/27 | 11,472,682 | |||||||||||||
| 29,250,000 | g | CSC Holdings LLC | 7.500 | 04/01/28 | 32,939,887 | |||||||||||||
| 4,350,000 | g | CSC Holdings LLC | 6.500 | 02/01/29 | 4,834,916 | |||||||||||||
| 11,725,000 | g | CSC Holdings LLC | 5.750 | 01/15/30 | 12,254,032 | |||||||||||||
| 11,175,000 | g | Diamond Sports Group LLC | 5.375 | 08/15/26 | 11,594,062 | |||||||||||||
| 12,500,000 | g | Diamond Sports Group LLC | 6.625 | 08/15/27 | 12,950,625 | |||||||||||||
| 4,030,000 | DISH DBS Corp | 5.000 | 03/15/23 | 4,071,509 | ||||||||||||||
| 28,500,000 | DISH DBS Corp | 7.750 | 07/01/26 | 29,041,500 | ||||||||||||||
| 2,225,000 | g | Entercom Media Corp | 6.500 | 05/01/27 | 2,325,125 | |||||||||||||
| 7,525,000 | g | EW Scripps Co | 5.125 | 05/15/25 | 7,543,813 | |||||||||||||
| 13,175,000 | g | Gray Escrow, Inc | 7.000 | 05/15/27 | 14,475,372 | |||||||||||||
| 4,990,000 | g | Gray Television, Inc | 5.125 | 10/15/24 | 5,170,888 | |||||||||||||
| 11,600,000 | g | Gray Television, Inc | 5.875 | 07/15/26 | 12,064,000 | |||||||||||||
| 5,600,000 | g | Lions Gate Capital Holdings LLC | 6.375 | 02/01/24 | 5,921,328 | |||||||||||||
| 10,325,000 | g | Lions Gate Capital Holdings LLC | 5.875 | 11/01/24 | 10,608,938 | |||||||||||||
| 14,710,000 | Meredith, Corp | 6.875 | 02/01/26 | 14,949,038 | ||||||||||||||
| 12,223,000 | g | Neptune Finco Corp | 10.875 | 10/15/25 | 13,841,936 | |||||||||||||
| 11,875,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 11,908,250 | |||||||||||||
| 2,773,000 | g | Numericable Group S.A. | 6.250 | 05/15/24 | 2,861,736 | |||||||||||||
| 19,150,000 | g | Numericable-SFR S.A. | 7.375 | 05/01/26 | 20,556,759 | |||||||||||||
| 1,350,000 | Outfront Media Capital LLC | 5.625 | 02/15/24 | 1,388,812 | ||||||||||||||
| 1,025,000 | g | Scripps Escrow, Inc | 5.875 | 07/15/27 | 1,040,375 | |||||||||||||
| 8,100,000 | g | Sirius XM Radio, Inc | 5.375 | 07/15/26 | 8,503,866 | |||||||||||||
| 3,375,000 | g | Tegna, Inc | 5.500 | 09/15/24 | 3,476,250 | |||||||||||||
| 4,325,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 4,314,188 | |||||||||||||
| 6,500,000 | g | Univision Communications, Inc | 5.125 | 02/15/25 | 6,321,250 | |||||||||||||
| 6,000,000 | g | Virgin Media Secured Finance plc | 5.250 | 01/15/26 | 6,165,000 | |||||||||||||
| 9,325,000 | g | Virgin Media Secured Finance plc | 5.500 | 05/15/29 | 9,721,313 | |||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 375,424,368 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9% | ||||||||||||||||||
| 3,900,000 | g | Bausch Health Cos, Inc | 5.750 | 08/15/27 | 4,215,237 | |||||||||||||
| 5,250,000 | g | Bausch Health Cos, Inc | 7.000 | 01/15/28 | 5,654,775 | |||||||||||||
| 10,350,000 | g | Horizon Pharma USA, Inc | 5.500 | 08/01/27 | 10,764,000 | |||||||||||||
| 7,271,000 | g | Valeant Pharmaceuticals International, Inc | 5.500 | 03/01/23 | 7,361,888 | |||||||||||||
| 4,750,000 | g | Valeant Pharmaceuticals International, Inc | 9.000 | 12/15/25 | 5,331,875 | |||||||||||||
| 4,750,000 | g | Valeant Pharmaceuticals International, Inc | 9.250 | 04/01/26 | 5,397,140 | |||||||||||||
| 6,700,000 | g | Valeant Pharmaceuticals International, Inc | 8.500 | 01/31/27 | 7,519,410 | |||||||||||||
| 6,057,000 | g | VRX Escrow Corp | 5.875 | 05/15/23 | 6,132,712 | |||||||||||||
| 18,600,000 | g | VRX Escrow Corp | 6.125 | 04/15/25 | 19,297,500 | |||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 71,674,537 | |||||||||||||||||
| REAL ESTATE - 0.4% | ||||||||||||||||||
| 3,975,000 | Equinix, Inc | 5.875 | 01/15/26 | 4,229,042 | ||||||||||||||
| 12,050,000 | iStar, Inc | 4.750 | 10/01/24 | 12,245,813 | ||||||||||||||
| TOTAL REAL ESTATE | 16,474,855 | |||||||||||||||||
| 257 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| RETAILING - 4.2% | ||||||||||||||||||
| $ | 14,475,000 | Asbury Automotive Group, Inc | 6.000 | % | 12/15/24 | $ | 14,981,625 | |||||||||||
| 1,675,000 | CDW LLC | 5.000 | 09/01/25 | 1,745,141 | ||||||||||||||
| 3,000,000 | † | JC Penney Corp, Inc | 6.375 | 10/15/36 | 960,000 | |||||||||||||
| 6,650,000 | L Brands, Inc | 5.250 | 02/01/28 | 6,187,160 | ||||||||||||||
| 6,650,000 | L Brands, Inc | 6.875 | 11/01/35 | 5,775,525 | ||||||||||||||
| 9,550,000 | L Brands, Inc | 6.750 | 07/01/36 | 8,101,742 | ||||||||||||||
| 5,400,000 | g | Lithia Motors, Inc | 5.250 | 08/01/25 | 5,629,500 | |||||||||||||
| 8,360,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 8,192,800 | ||||||||||||||
| 5,670,000 | Penske Automotive Group, Inc | 5.375 | 12/01/24 | 5,833,012 | ||||||||||||||
| 9,145,000 | Penske Automotive Group, Inc | 5.500 | 05/15/26 | 9,564,298 | ||||||||||||||
| 24,800,000 | g | PetSmart, Inc | 7.125 | 03/15/23 | 23,312,000 | |||||||||||||
| 7,725,000 | g | PetSmart, Inc | 5.875 | 06/01/25 | 7,686,375 | |||||||||||||
| 13,000,000 | g | PetSmart, Inc | 8.875 | 06/01/25 | 12,317,500 | |||||||||||||
| 5,000,000 | Sonic Automotive, Inc | 5.000 | 05/15/23 | 5,062,500 | ||||||||||||||
| 2,650,000 | Sonic Automotive, Inc | 6.125 | 03/15/27 | 2,693,063 | ||||||||||||||
| 15,000,000 | g | Staples, Inc | 7.500 | 04/15/26 | 15,454,500 | |||||||||||||
| 26,575,000 | g | Staples, Inc | 10.750 | 04/15/27 | 27,305,813 | |||||||||||||
| TOTAL RETAILING | 160,802,554 | |||||||||||||||||
| SOFTWARE & SERVICES - 2.6% | ||||||||||||||||||
| 15,725,000 | g | Banff Merger Sub, Inc | 9.750 | 09/01/26 | 15,009,512 | |||||||||||||
| 5,000,000 | NCR Corp | 5.000 | 07/15/22 | 5,056,250 | ||||||||||||||
| 4,750,000 | NCR Corp | 6.375 | 12/15/23 | 4,880,625 | ||||||||||||||
| 8,500,000 | g | Nielsen Co Luxembourg SARL | 5.000 | 02/01/25 | 8,383,125 | |||||||||||||
| 16,400,000 | g | Open Text Corp | 5.875 | 06/01/26 | 17,510,280 | |||||||||||||
| 16,475,000 | g | Refinitiv US Holdings, Inc | 6.250 | 05/15/26 | 17,669,273 | |||||||||||||
| 10,600,000 | g | Refinitiv US Holdings, Inc | 8.250 | 11/15/26 | 11,699,750 | |||||||||||||
| 3,900,000 | g | Sabre GLBL, Inc | 5.375 | 04/15/23 | 3,978,000 | |||||||||||||
| 2,000,000 | g | Sabre GLBL, Inc | 5.250 | 11/15/23 | 2,055,000 | |||||||||||||
| 5,300,000 | g | SS&C Technologies, Inc | 5.500 | 09/30/27 | 5,538,632 | |||||||||||||
| 4,275,000 | g | Symantec Corp | 5.000 | 04/15/25 | 4,322,351 | |||||||||||||
| 2,000,000 | g | WEX, Inc | 4.750 | 02/01/23 | 2,020,000 | |||||||||||||
| TOTAL SOFTWARE & SERVICES | 98,122,798 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.4% | ||||||||||||||||||
| 13,925,000 | g | CommScope Finance LLC | 8.250 | 03/01/27 | 13,555,117 | |||||||||||||
| 4,500,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 4,228,560 | |||||||||||||
| 28,700,000 | g | CommScope, Inc | 6.000 | 06/15/25 | 25,901,750 | |||||||||||||
| 6,575,000 | g | Dell International LLC | 7.125 | 06/15/24 | 6,939,913 | |||||||||||||
| 3,650,000 | g | MTS Systems Corp | 5.750 | 08/15/27 | 3,796,000 | |||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 54,421,340 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 4.9% | ||||||||||||||||||
| 6,000,000 | CenturyLink, Inc | 6.450 | 06/15/21 | 6,300,000 | ||||||||||||||
| 17,300,000 | CenturyLink, Inc | 5.800 | 03/15/22 | 18,229,875 | ||||||||||||||
| 16,400,000 | CenturyLink, Inc | 7.500 | 04/01/24 | 18,340,940 | ||||||||||||||
| 17,700,000 | g | Frontier Communications Corp | 8.000 | 04/01/27 | 18,668,013 | |||||||||||||
| 4,750,000 | Level 3 Financing, Inc | 5.375 | 01/15/24 | 4,844,288 | ||||||||||||||
| 9,600,000 | Level 3 Financing, Inc | 5.250 | 03/15/26 | 9,982,560 | ||||||||||||||
| 258 |
TIAA-CREF FUNDS - High-Yield Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 13,007,000 | Sprint Capital Corp | 6.875 | % | 11/15/28 | $ | 14,180,231 | |||||||||||
| 4,500,000 | Sprint Capital Corp | 8.750 | 03/15/32 | 5,550,525 | ||||||||||||||
| 6,900,000 | Sprint Corp | 7.875 | 09/15/23 | 7,579,374 | ||||||||||||||
| 10,450,000 | Sprint Corp | 7.625 | 02/15/25 | 11,495,000 | ||||||||||||||
| 9,500,000 | Sprint Corp | 7.625 | 03/01/26 | 10,485,625 | ||||||||||||||
| 9,300,000 | g | Telecom Italia S.p.A | 5.303 | 05/30/24 | 10,029,585 | |||||||||||||
| 6,950,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 7,199,922 | ||||||||||||||
| 22,000,000 | T-Mobile USA, Inc | 5.125 | 04/15/25 | 22,770,000 | ||||||||||||||
| 3,600,000 | g | ViaSat, Inc | 5.625 | 04/15/27 | 3,780,000 | |||||||||||||
| 15,500,000 | i | Vodafone Group plc | USD SWAP SEMI 30/360 5 Y + 4.873% | 7.000 | 04/04/79 | 17,824,202 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 187,260,140 | |||||||||||||||||
| TRANSPORTATION - 1.0% | ||||||||||||||||||
| 14,500,000 | g | Bombardier, Inc | 6.000 | 10/15/22 | 14,481,875 | |||||||||||||
| 16,825,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 17,136,262 | |||||||||||||
| 2,000,000 | g | Bombardier, Inc | 7.500 | 03/15/25 | 1,997,500 | |||||||||||||
| 3,325,000 | g | Hertz Corp | 5.500 | 10/15/24 | 3,329,988 | |||||||||||||
| 1,800,000 | g | Meccanica Holdings USA, Inc | 7.375 | 07/15/39 | 2,124,000 | |||||||||||||
| TOTAL TRANSPORTATION | 39,069,625 | |||||||||||||||||
| UTILITIES - 2.4% | ||||||||||||||||||
| 6,800,000 | AES Corp | 4.500 | 03/15/23 | 6,953,000 | ||||||||||||||
| 4,250,000 | AES Corp | 5.500 | 04/15/25 | 4,414,688 | ||||||||||||||
| 17,125,000 | g | Calpine Corp | 5.250 | 06/01/26 | 17,724,375 | |||||||||||||
| 4,000,000 | g | Clearway Energy Operating LLC | 5.750 | 10/15/25 | 4,210,000 | |||||||||||||
| 5,750,000 | g | NextEra Energy Operating Partners LP | 4.250 | 07/15/24 | 5,922,500 | |||||||||||||
| 5,300,000 | g | NextEra Energy Operating Partners LP | 4.250 | 09/15/24 | 5,465,625 | |||||||||||||
| 10,625,000 | NRG Energy, Inc | 5.750 | 01/15/28 | 11,421,875 | ||||||||||||||
| 18,500,000 | g | Talen Energy Supply LLC | 10.500 | 01/15/26 | 15,956,250 | |||||||||||||
| 19,600,000 | g | Vistra Operations Co LLC | 5.625 | 02/15/27 | 20,622,728 | |||||||||||||
| TOTAL UTILITIES | 92,691,041 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 3,288,166,017 | |||||||||||||||||
| (Cost $3,250,639,204) | ||||||||||||||||||
| TOTAL BONDS | 3,288,166,017 | |||||||||||||||||
| (Cost $3,250,639,204) | ||||||||||||||||||
| SHARES | COMPANY | |||||||||||||||||
| COMMON STOCKS - 0.9% | ||||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.5% | ||||||||||||||||||
| 183,823 | SPDR Bloomberg Barclays High Yield Bond ETF | 19,988,913 | ||||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 19,988,913 | |||||||||||||||||
| ENERGY - 0.4% | ||||||||||||||||||
| 443,017 | Peabody Energy Corp | 6,521,210 | ||||||||||||||||
| 470,582 | * | Tidewater, Inc | 7,110,494 | |||||||||||||||
| TOTAL ENERGY | 13,631,704 | |||||||||||||||||
| TOTAL COMMON STOCKS | 33,620,617 | |||||||||||||||||
| (Cost $35,016,267) | ||||||||||||||||||
| 259 |
TIAA-CREF FUNDS - High-Yield Fund
| SHARES | COMPANY | VALUE | |||||||||||||||||
| RIGHTS / WARRANTS - 0.0% | |||||||||||||||||||
| ENERGY - 0.0% | |||||||||||||||||||
| 86,863 | Tidewater, Inc | $ | 1,454,955 | ||||||||||||||||
| TOTAL ENERGY | 1,454,955 | ||||||||||||||||||
| TOTAL RIGHTS / WARRANTS | 1,454,955 | ||||||||||||||||||
| (Cost $1,808,487) | |||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 6.1% | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 3.9% | |||||||||||||||||||
| $ | 5,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 2.070 | % | 10/04/19 | 4,999,217 | |||||||||||||
| 23,350,000 | Federal Home Loan Bank (FHLB) | 1.580 | 10/01/19 | 23,350,000 | |||||||||||||||
| 20,000,000 | FHLB | 1.921 | 10/08/19 | 19,992,689 | |||||||||||||||
| 1,300,000 | FHLB | 2.031 | 10/09/19 | 1,299,457 | |||||||||||||||
| 15,000,000 | FHLB | 2.022 | 10/24/19 | 14,981,983 | |||||||||||||||
| 21,120,000 | FHLB | 1.934 | 11/05/19 | 21,081,397 | |||||||||||||||
| 10,750,000 | FHLB | 1.934 | 11/08/19 | 10,728,667 | |||||||||||||||
| 9,900,000 | FHLB | 1.954 | 11/12/19 | 9,878,286 | |||||||||||||||
| 20,000,000 | FHLB | 1.970 | 11/15/19 | 19,953,000 | |||||||||||||||
| 20,000,000 | FHLB | 1.915 | 11/18/19 | 19,949,867 | |||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 146,214,563 | ||||||||||||||||||
| TREASURY DEBT - 2.2% | |||||||||||||||||||
| 31,030,000 | United States Treasury Bill | 1.850-1.962 | 10/01/19 | 31,030,000 | |||||||||||||||
| 9,100,000 | United States Treasury Bill | 2.001 | 10/08/19 | 9,096,886 | |||||||||||||||
| 20,000,000 | United States Treasury Bill | 1.964 | 11/05/19 | 19,965,823 | |||||||||||||||
| 24,340,000 | United States Treasury Bill | 1.867 | 11/21/19 | 24,278,019 | |||||||||||||||
| TOTAL TREASURY DEBT | 84,370,728 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 230,585,291 | ||||||||||||||||||
| (Cost $230,571,721) | |||||||||||||||||||
| TOTAL INVESTMENTS - 99.5% | 3,790,791,030 | ||||||||||||||||||
| (Cost $3,763,590,626) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.5% | 19,626,977 | ||||||||||||||||||
| NET ASSETS - 100.0% | $ | 3,810,418,007 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| ETF | Exchange Traded Fund | ||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| M | Month | ||||||||||||||||||
| SOFR | Secure Overnight Financing Rate | ||||||||||||||||||
| SPDR | Standard & Poor’s Depositary Receipts | ||||||||||||||||||
| Y | Year | ||||||||||||||||||
| 260 |
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 9/30/2019, the aggregate value of these securities was $1,773,274,942 or 46.5% 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 | ||||||||||||||||||
| q | In default | ||||||||||||||||||
Centrally cleared credit default swap contracts outstanding as of September 30, 2019 were as follows:
| PURCHASED | ||||||||||||||||||||||
| Reference entity | Terms of payments to be paid | Terms of payments to be received | Counterparty | Maturity date | Notional amount* | Variation margin | Unrealized appreciation (depreciation) | |||||||||||||||
| CDX-NAHYS33V1-5 Year Index | 5.000% | Credit event as specified in contract | Citigroup Global Markets Inc | 12/20/24 | $100,000,000 | $(238,749 | ) | $(238,749 | ) | |||||||||||||
* 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.
| 261 |
TIAA-CREF FUNDS - Inflation-Linked Bond Fund
TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| GOVERNMENT BONDS - 99.3% | ||||||||||||||||||
| AGENCY SECURITIES - 1.3% | ||||||||||||||||||
| $ | 4,200,000 | Crowley Conro LLC | 4.181 | % | 08/15/43 | $ | 4,790,168 | |||||||||||
| 2,123,778 | HNA LLC | 2.369 | 09/18/27 | 2,161,510 | ||||||||||||||
| 9,825,000 | Montefiore Medical Center | 2.895 | 04/20/32 | 10,264,461 | ||||||||||||||
| 3,500,000 | Private Export Funding Corp (PEFCO) | 2.300 | 09/15/20 | 3,510,223 | ||||||||||||||
| 3,000,000 | PEFCO | 3.250 | 06/15/25 | 3,227,343 | ||||||||||||||
| 4,276,316 | Reliance Industries Ltd | 2.444 | 01/15/26 | 4,356,380 | ||||||||||||||
| 3,000,000 | Ukraine Government AID International Bonds | 1.847 | 05/29/20 | 3,005,683 | ||||||||||||||
| 15,000,000 | Ukraine Government AID International Bonds | 1.471 | 09/29/21 | 14,939,584 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 46,255,352 | |||||||||||||||||
| MORTGAGE BACKED - 0.8% | ||||||||||||||||||
| 11,854,880 | Government National Mortgage Association (GNMA) | 3.600 | 09/15/31 | 12,648,524 | ||||||||||||||
| 5,854,955 | GNMA | 3.700 | 10/15/33 | 6,205,171 | ||||||||||||||
| 1,679,490 | GNMA | 3.380 | 07/15/35 | 1,790,907 | ||||||||||||||
| 1,570,676 | GNMA | 3.870 | 10/15/36 | 1,682,796 | ||||||||||||||
| 5,681,586 | GNMA | 3.940 | 03/15/37 | 6,184,982 | ||||||||||||||
| TOTAL MORTGAGE BACKED | 28,512,380 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 97.2% | ||||||||||||||||||
| 116,556,024 | k | United States Treasury Inflation Indexed Bonds | 1.125 | 01/15/21 | 116,916,818 | |||||||||||||
| 159,109,793 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/21 | 157,406,677 | |||||||||||||
| 121,721,765 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 07/15/21 | 122,182,089 | |||||||||||||
| 153,040,152 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/22 | 151,586,702 | |||||||||||||
| 175,937,619 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/22 | 174,177,843 | |||||||||||||
| 145,747,210 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/22 | 145,139,945 | |||||||||||||
| 135,618,452 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/23 | 134,513,101 | |||||||||||||
| 127,043,010 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 04/15/23 | 128,116,930 | |||||||||||||
| 139,458,660 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/23 | 140,321,509 | |||||||||||||
| 131,966,791 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/24 | 134,061,473 | |||||||||||||
| 104,668,910 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/24 | 106,013,038 | |||||||||||||
| 119,641,550 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/24 | 119,592,137 | |||||||||||||
| 154,694,352 | k | United States Treasury Inflation Indexed Bonds | 0.250 | 01/15/25 | 155,145,009 | |||||||||||||
| 103,923,139 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/25 | 115,711,177 | |||||||||||||
| 128,930,666 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/25 | 130,708,287 | |||||||||||||
| 144,451,678 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/26 | 148,199,561 | |||||||||||||
| 63,456,008 | k | United States Treasury Inflation Indexed Bonds | 2.000 | 01/15/26 | 70,470,185 | |||||||||||||
| 94,327,302 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/26 | 94,186,117 | |||||||||||||
| 109,660,793 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 01/15/27 | 110,984,620 | |||||||||||||
| 44,855,228 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/27 | 51,864,595 | |||||||||||||
| 86,075,016 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/27 | 87,522,434 | |||||||||||||
| 159,239,310 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 01/15/28 | 163,092,807 | |||||||||||||
| 262 |
TIAA-CREF FUNDS - Inflation-Linked Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 79,627,317 | k | United States Treasury Inflation Indexed Bonds | 1.750 | % | 01/15/28 | $ | 89,546,746 | ||||||||||
| 52,090,207 | k | United States Treasury Inflation Indexed Bonds | 3.625 | 04/15/28 | 66,878,114 | |||||||||||||
| 67,323,751 | k | United States Treasury Inflation Indexed Bonds | 0.750 | 07/15/28 | 70,771,581 | |||||||||||||
| 123,349,684 | k | United States Treasury Inflation Indexed Bonds | 0.875 | 01/15/29 | 131,102,208 | |||||||||||||
| 40,969,204 | k | United States Treasury Inflation Indexed Bonds | 2.500 | 01/15/29 | 49,536,178 | |||||||||||||
| 116,365,255 | k | United States Treasury Inflation Indexed Bonds | 3.875 | 04/15/29 | 156,177,893 | |||||||||||||
| 55,163,900 | k | United States Treasury Inflation Indexed Bonds | 0.250 | 07/15/29 | 55,742,299 | |||||||||||||
| 3,613,475 | k | United States Treasury Inflation Indexed Bonds | 3.375 | 04/15/32 | 4,994,406 | |||||||||||||
| 10,000,000 | United States Treasury Note | 1.500 | 09/15/22 | 9,981,641 | ||||||||||||||
| 3,000,000 | United States Treasury Note | 1.875 | 07/31/26 | 3,049,453 | ||||||||||||||
| 15,000,000 | United States Treasury Note | 1.625 | 08/15/29 | 14,934,961 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 3,410,628,534 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 3,485,396,266 | |||||||||||||||||
| (Cost $3,414,645,125) | ||||||||||||||||||
| TOTAL INVESTMENTS - 99.3% | 3,485,396,266 | |||||||||||||||||
| (Cost $3,414,645,125) | ||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.7% | 25,794,649 | |||||||||||||||||
| NET ASSETS - 100.0% | $ | 3,511,190,915 | ||||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||
| 263 |
TIAA-CREF FUNDS - Short Duration Impact Bond Fund
TIAA-CREF FUNDS
SHORT DURATION IMPACT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 3.9% | ||||||||||||||||||
| ENERGY - 2.3% | ||||||||||||||||||
| $ | 643,599 | †,i | TerraForm Power Operating LLC | LIBOR 1 M + 2.000% | 4.044 | % | 11/08/22 | $ | 644,404 | |||||||||
| TOTAL ENERGY | 644,404 | |||||||||||||||||
| UTILITIES - 1.6% | ||||||||||||||||||
| 477,543 | i | ExGen Renewables IV LLC | LIBOR 3 M + 3.000% | 5.130 | 11/28/24 | 466,502 | ||||||||||||
| TOTAL UTILITIES | 466,502 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 1,110,906 | |||||||||||||||||
| (Cost $1,116,289) | ||||||||||||||||||
| BONDS - 95.6% | ||||||||||||||||||
| CORPORATE BONDS - 50.3% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.9% | ||||||||||||||||||
| 250,000 | g | Harley-Davidson Financial Services, Inc | 4.050 | 02/04/22 | 257,853 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 257,853 | |||||||||||||||||
| BANKS - 16.1% | ||||||||||||||||||
| 500,000 | i | Cooperatieve Rabobank UA | LIBOR 3 M + 0.430% | 2.697 | 04/26/21 | 501,783 | ||||||||||||
| 500,000 | i | Cooperatieve Rabobank UA | LIBOR 3 M + 0.480% | 2.818 | 01/10/23 | 497,838 | ||||||||||||
| 400,000 | g | HSBC Bank Canada | 1.650 | 09/10/22 | 397,310 | |||||||||||||
| 500,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 507,407 | ||||||||||||||
| 500,000 | g | Intesa Sanpaolo S.p.A | 3.250 | 09/23/24 | 498,931 | |||||||||||||
| 500,000 | i | M&T Bank Corp | LIBOR 3 M + 0.680% | 2.947 | 07/26/23 | 500,837 | ||||||||||||
| 500,000 | i | Regions Bank | LIBOR 3 M + 0.380% | 2.479 | 04/01/21 | 499,304 | ||||||||||||
| 350,000 | i | Regions Bank | LIBOR 3 M + 0.500% | 2.676 | 08/13/21 | 350,114 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 499,599 | ||||||||||||||
| 300,000 | Zions Bancorp NA | 3.350 | 03/04/22 | 307,114 | ||||||||||||||
| TOTAL BANKS | 4,560,237 | |||||||||||||||||
| CAPITAL GOODS - 3.7% | ||||||||||||||||||
| 500,000 | CNH Industrial Capital LLC | 4.200 | 01/15/24 | 527,652 | ||||||||||||||
| 500,000 | Trimble, Inc | 4.150 | 06/15/23 | 522,345 | ||||||||||||||
| TOTAL CAPITAL GOODS | 1,049,997 | |||||||||||||||||
| CONSUMER SERVICES - 0.9% | ||||||||||||||||||
| 260,000 | Nature Conservancy | 3.333 | 02/01/24 | 259,788 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 259,788 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 3.2% | ||||||||||||||||||
| 185,000 | Ally Financial, Inc | 3.875 | 05/21/24 | 191,438 | ||||||||||||||
| 250,000 | Century Housing Corp | 3.995 | 11/01/21 | 256,096 | ||||||||||||||
| 264 |
TIAA-CREF FUNDS - Short Duration Impact Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 210,000 | g | Federation des Caisses Desjardins du Quebec | 1.950 | % | 09/26/22 | $ | 210,387 | ||||||||||
| 250,000 | Reinvestment Fund, Inc | 3.477 | 02/15/23 | 255,252 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 913,173 | |||||||||||||||||
| ENERGY - 5.7% | ||||||||||||||||||
| 1,000,000 | i | Occidental Petroleum Corp | LIBOR 3 M + 1.450% | 3.637 | 08/15/22 | 1,006,600 | ||||||||||||
| 100,000 | ONEOK, Inc | 2.750 | 09/01/24 | 100,517 | ||||||||||||||
| 500,000 | g,i | Phillips 66 | LIBOR 3 M + 0.750% | 3.053 | 04/15/20 | 500,170 | ||||||||||||
| TOTAL ENERGY | 1,607,287 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.4% | ||||||||||||||||||
| 400,000 | Coca-Cola Co | 1.750 | 09/06/24 | 396,935 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 396,935 | |||||||||||||||||
| MATERIALS - 3.6% | ||||||||||||||||||
| 500,000 | 3M Co | 2.000 | 02/14/25 | 496,934 | ||||||||||||||
| 500,000 | International Flavors & Fragrances, Inc | 3.400 | 09/25/20 | 505,712 | ||||||||||||||
| TOTAL MATERIALS | 1,002,646 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.5% | ||||||||||||||||||
| 500,000 | i | GlaxoSmithKline Capital plc | LIBOR 3 M + 0.350% | 2.525 | 05/14/21 | 500,684 | ||||||||||||
| 500,000 | i | Zoetis, Inc | LIBOR 3 M + 0.440% | 2.576 | 08/20/21 | 498,988 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 999,672 | |||||||||||||||||
| REAL ESTATE - 1.9% | ||||||||||||||||||
| 500,000 | Alexandria Real Estate Equities, Inc | 4.000 | 01/15/24 | 533,553 | ||||||||||||||
| TOTAL REAL ESTATE | 533,553 | |||||||||||||||||
| SOFTWARE & SERVICES - 1.8% | ||||||||||||||||||
| 500,000 | Microsoft Corp | 2.400 | 02/06/22 | 506,996 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 506,996 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 1.8% | ||||||||||||||||||
| 500,000 | Verizon Communications, Inc | 3.119 | 03/16/22 | 507,527 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 507,527 | |||||||||||||||||
| TRANSPORTATION - 1.8% | ||||||||||||||||||
| 500,000 | i | United Parcel Service, Inc | LIBOR 3 M + 0.380% | 2.548 | 05/16/22 | 501,990 | ||||||||||||
| TOTAL TRANSPORTATION | 501,990 | |||||||||||||||||
| UTILITIES - 4.0% | ||||||||||||||||||
| 250,000 | g | Azure Power Energy Ltd | 5.500 | 11/03/22 | 252,647 | |||||||||||||
| 200,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 200,219 | |||||||||||||
| 250,000 | g | Hanwha Energy USA Holdings Corp | 2.375 | 07/30/22 | 250,345 | |||||||||||||
| 100,000 | g | HAT Holdings I LLC | 5.250 | 07/15/24 | 105,125 | |||||||||||||
| 300,000 | g | Korea Hydro & Nuclear Power Co Ltd | 3.750 | 07/25/23 | 316,536 | |||||||||||||
| TOTAL UTILITIES | 1,124,872 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 14,222,526 | |||||||||||||||||
| (Cost $14,012,677) | ||||||||||||||||||
| 265 |
TIAA-CREF FUNDS - Short Duration Impact Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| GOVERNMENT BONDS - 28.6% | ||||||||||||||||||
| AGENCY SECURITIES - 2.7% | ||||||||||||||||||
| $ | 500,000 | NCUA Guaranteed Notes | 3.450 | % | 06/12/21 | $ | 510,000 | |||||||||||
| 250,000 | US Department of Housing and Urban Development (HUD) | 2.618 | 08/01/23 | 258,864 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 768,864 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 11.7% | ||||||||||||||||||
| 500,000 | g | European Stability Mechanism | 1.375 | 09/11/24 | 492,770 | |||||||||||||
| 500,000 | g | International Development Association | 2.750 | 04/24/23 | 518,767 | |||||||||||||
| 250,000 | i | Korea Development Bank International Bond | LIBOR 3 M + 0.725% | 3.028 | 07/06/22 | 251,870 | ||||||||||||
| 250,000 | g | Nederlandse Waterschapsbank NV | 3.125 | 12/05/22 | 260,805 | |||||||||||||
| 1,000,000 | North American Development Bank | 4.375 | 02/11/20 | 1,005,913 | ||||||||||||||
| 250,000 | North American Development Bank | 2.400 | 10/26/22 | 252,301 | ||||||||||||||
| 500,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.750 | 03/01/23 | 517,755 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 3,300,181 | |||||||||||||||||
| MUNICIPAL BONDS - 2.5% | ||||||||||||||||||
| 150,000 | i | Connecticut Housing Finance Authority | SOFR + 0.650% | 2.500 | 05/15/49 | 150,395 | ||||||||||||
| 100,000 | County of Saline AR | 3.550 | 06/01/42 | 104,486 | ||||||||||||||
| 250,000 | g | Warm Springs Reservation Confederated Tribe | 2.550 | 11/01/20 | 249,795 | |||||||||||||
| 200,000 | g | Warm Springs Reservation Confederated Tribe | 3.050 | 11/01/24 | 201,480 | |||||||||||||
| TOTAL MUNICIPAL BONDS | 706,156 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 11.7% | ||||||||||||||||||
| 500,000 | United States Treasury Note | 2.500 | 05/31/20 | 501,992 | ||||||||||||||
| 500,000 | United States Treasury Note | 2.500 | 01/31/21 | 504,727 | ||||||||||||||
| 250,000 | United States Treasury Note | 1.750 | 07/31/21 | 250,342 | ||||||||||||||
| 495,000 | United States Treasury Note | 1.500 | 09/15/22 | 494,091 | ||||||||||||||
| 1,500,000 | United States Treasury Note | 2.625 | 12/31/23 | 1,564,863 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 3,316,015 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 8,091,216 | |||||||||||||||||
| (Cost $7,943,190) | ||||||||||||||||||
| STRUCTURED ASSETS - 16.7% | ||||||||||||||||||
| ASSET BACKED - 6.6% | ||||||||||||||||||
| 474,739 | g | HERO Funding Trust | 3.910 | 09/20/42 | 490,977 | |||||||||||||
| Series - 2016 3A (Class A2) | ||||||||||||||||||
| 489,045 | g | Sunrun Callisto Issuer LLC | 3.980 | 06/30/54 | 502,813 | |||||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 189,977 | g | Tesla Auto Lease Trust | 3.710 | 08/20/21 | 193,035 | |||||||||||||
| Series - 2018 B (Class A) | ||||||||||||||||||
| 669,161 | Toyota Auto Receivables Owner Trust | 1.520 | 08/16/21 | 668,120 | ||||||||||||||
| Series - 2016 B (Class A4) | ||||||||||||||||||
| TOTAL ASSET BACKED | 1,854,945 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 10.1% | ||||||||||||||||||
| 250,000 | g,i | DBUBS Mortgage Trust | 5.714 | 07/10/44 | 260,490 | |||||||||||||
| Series - 2011 LC2A (Class D) | ||||||||||||||||||
| 266 |
TIAA-CREF FUNDS - Short Duration Impact Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 275,000 | g | GRACE Mortgage Trust | 3.369 | % | 06/10/28 | $ | 279,221 | ||||||||||
| Series - 2014 GRCE (Class A) | ||||||||||||||||||
| 200,000 | GS Mortgage Securities Trust | 2.922 | 05/10/49 | 206,121 | ||||||||||||||
| Series - 2016 GS2 (Class AAB) | ||||||||||||||||||
| 500,000 | g,i | Morgan Stanley Capital I Trust | 3.516 | 07/13/29 | 507,682 | |||||||||||||
| Series - 2014 CPT (Class AM) | ||||||||||||||||||
| 300,000 | g | Morgan Stanley Capital I Trust | 2.695 | 01/11/32 | 299,699 | |||||||||||||
| Series - 2013 WLSR (Class A) | ||||||||||||||||||
| 250,000 | g,i | Morgan Stanley Capital I Trust | 5.554 | 09/15/47 | 259,055 | |||||||||||||
| Series - 2011 C1 (Class D) | ||||||||||||||||||
| 780,000 | g,i | Wells Fargo Commercial Mortgage Trust | 2.800 | 03/18/28 | 779,645 | |||||||||||||
| Series - 2013 120B (Class A) | ||||||||||||||||||
| 250,000 | g,i | WFRBS Commercial Mortgage Trust | 5.174 | 02/15/44 | 257,075 | |||||||||||||
| Series - 2011 C2 (Class B) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 2,848,988 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 4,703,933 | |||||||||||||||||
| (Cost $4,624,356) | ||||||||||||||||||
| TOTAL BONDS | 27,017,675 | |||||||||||||||||
| (Cost $26,580,223) | ||||||||||||||||||
| SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||||
| 150,000 | Federal Home Loan Bank (FHLB) | 1.500 | 10/01/19 | 150,000 | ||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 150,000 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 150,000 | |||||||||||||||||
| (Cost $150,000) | ||||||||||||||||||
| TOTAL INVESTMENTS - 100.0% | 28,278,581 | |||||||||||||||||
| (Cost $27,846,512) | ||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% | 4,566 | |||||||||||||||||
| NET ASSETS - 100.0% | $ | 28,283,147 | ||||||||||||||||
| Abbreviation(s): | |||
| LIBOR | London Interbank Offered Rate | ||
| M | Month | ||
| SOFR | Secure Overnight Financing Rate | ||
| † | Security is categorized as Level 3 in the fair value hierarchy. | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2019, the aggregate value of these securities was $9,060,587 or 32.0% 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. | ||
| 267 |
TIAA-CREF FUNDS - Short-Term Bond Fund
TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 2.0% | ||||||||||||||||||
| CAPITAL GOODS - 0.1% | ||||||||||||||||||
| $ | 1,237,736 | i | AECOM | LIBOR 1 M + 1.750% | 3.804 | % | 03/13/25 | $ | 1,240,446 | |||||||||
| 780,000 | i | American Builders & Contractors Supply Co, Inc | LIBOR 1 M + 2.000% | 4.044 | 10/31/23 | 779,267 | ||||||||||||
| 513,787 | i | Sensata Technologies, Inc | LIBOR 1 M + 1.750% | 3.794 | 09/18/26 | 516,516 | ||||||||||||
| TOTAL CAPITAL GOODS | 2,536,229 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.2% | ||||||||||||||||||
| 1,989,160 | i | Advanced Disposal Services, Inc | LIBOR 1 W + 2.250% | 4.197 | 11/10/23 | 1,994,391 | ||||||||||||
| 654,532 | i | Aramark Services, Inc | LIBOR 1 M + 1.750% | 3.794 | 03/28/24 | 654,807 | ||||||||||||
| 1,955,000 | i | Clean Harbors, Inc | LIBOR 1 M + 1.750% | 3.794 | 06/28/24 | 1,963,309 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 4,612,507 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||||
| 2,468,593 | i | Hanesbrands, Inc | LIBOR 1 M + 1.750% | 3.794 | 12/16/24 | 2,484,022 | ||||||||||||
| 172,813 | i | Samsonite IP Holdings Sarl | LIBOR 1 M + 1.750% | 3.794 | 04/25/25 | 169,086 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,653,108 | |||||||||||||||||
| CONSUMER SERVICES - 0.3% | ||||||||||||||||||
| 1,943,891 | i | Hilton Worldwide Finance LLC | LIBOR 1 M + 1.750% | 3.768 | 06/22/26 | 1,954,913 | ||||||||||||
| 362,406 | i | Prime Security Services Borrower LLC | LIBOR 1 M + 3.250% | 5.210 | 09/23/26 | 358,387 | ||||||||||||
| 1,980,000 | i | Wyndham Hotels & Resorts, Inc | LIBOR 1 M + 1.750% | 3.794 | 05/30/25 | 1,988,534 | ||||||||||||
| 3,056,364 | i | YUM! Brands | LIBOR 1 M + 1.750% | 3.791 | 04/03/25 | 3,058,901 | ||||||||||||
| TOTAL CONSUMER SERVICES | 7,360,735 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||||
| 615,162 | i | HCA, Inc | LIBOR 1 M + 1.750% | 3.794 | 03/17/23 | 616,626 | ||||||||||||
| 985,000 | i | HCA, Inc | LIBOR 1 M + 2.000% | 4.044 | 03/13/25 | 987,344 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,603,970 | |||||||||||||||||
| MATERIALS - 0.0% | ||||||||||||||||||
| 312,632 | i | WR Grace & Co-Conn | LIBOR 3 M + 1.750% | 3.854 | 04/03/25 | 313,119 | ||||||||||||
| 182,368 | i | WR Grace & Co-Conn | LIBOR 3 M + 1.750% | 3.854 | 04/03/25 | 182,653 | ||||||||||||
| TOTAL MATERIALS | 495,772 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.5% | ||||||||||||||||||
| 3,521,078 | i | Charter Communications Operating LLC | LIBOR 1 M + 2.000% | 4.050 | 04/30/25 | 3,540,444 | ||||||||||||
| 2,912,797 | i | CSC Holdings LLC | LIBOR 1 M + 2.250% | 4.278 | 07/17/25 | 2,908,108 | ||||||||||||
| 1,327,810 | i | Nielsen Finance LLC | LIBOR 1 M + 2.000% | 4.042 | 10/04/23 | 1,326,814 | ||||||||||||
| 2,290,299 | i | Outfront Media Capital LLC | LIBOR 1 M + 2.000% | 4.042 | 03/18/24 | 2,300,788 | ||||||||||||
| 274,571 | i | Univision Communications, Inc | LIBOR 1 M + 2.750% | 4.794 | 03/15/24 | 266,619 | ||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 10,342,773 | |||||||||||||||||
| RETAILING - 0.2% | ||||||||||||||||||
| 3,855,629 | i | Avis Budget Car Rental LLC | LIBOR 1 M + 2.000% | 4.050 | 02/13/25 | 3,852,005 | ||||||||||||
| TOTAL RETAILING | 3,852,005 | |||||||||||||||||
| 268 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||||
| $ | 1,455,000 | i | Versum Materials, Inc | LIBOR 3 M + 2.000% | 4.104 | % | 09/29/23 | $ | 1,455,611 | |||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,455,611 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.2% | ||||||||||||||||||
| 947,378 | i | IQVIA, Inc | LIBOR 3 M + 2.000% | 4.104 | 03/07/24 | 950,533 | ||||||||||||
| 1,036,875 | i | IQVIA, Inc | LIBOR 3 M + 1.750% | 3.854 | 06/11/25 | 1,037,528 | ||||||||||||
| 2,056,549 | i | Leidos, Inc | LIBOR 1 M + 1.750% | 3.813 | 08/22/25 | 2,064,261 | ||||||||||||
| 1,906,074 | i | Open Text Corp | LIBOR 1 M + 1.750% | 3.794 | 05/30/25 | 1,912,422 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 5,964,744 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||||
| 957,179 | i | Dell International LLC | LIBOR 1 M + 2.000% | 4.050 | 09/19/25 | 961,371 | ||||||||||||
| 989,975 | i | Western Digital Corp | LIBOR 1 M + 1.750% | 3.862 | 04/29/23 | 986,055 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,947,426 | |||||||||||||||||
| TRANSPORTATION - 0.1% | ||||||||||||||||||
| 1,939,394 | i | American Airlines, Inc | LIBOR 1 M + 2.000% | 4.049 | 10/10/21 | 1,939,394 | ||||||||||||
| TOTAL TRANSPORTATION | 1,939,394 | |||||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||||
| 1,361,601 | i | Vistra Operations Co LLC | LIBOR 1 M + 2.000% | 4.044 | 08/04/23 | 1,365,577 | ||||||||||||
| TOTAL UTILITIES | 1,365,577 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 46,129,851 | |||||||||||||||||
| (Cost $46,074,823) | ||||||||||||||||||
| BONDS - 96.2% | ||||||||||||||||||
| CORPORATE BONDS - 30.3% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||||
| 3,000,000 | g | Hyundai Capital America | 3.250 | 09/20/22 | 3,042,738 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 3,042,738 | |||||||||||||||||
| BANKS - 12.3% | ||||||||||||||||||
| 2,100,000 | g | Banco de Credito del Peru | 2.700 | 01/11/25 | 2,100,000 | |||||||||||||
| 3,575,000 | g | Banco del Estado de Chile | 2.668 | 01/08/21 | 3,575,036 | |||||||||||||
| 2,500,000 | g | Banco do Brasil SA/Cayman | 4.750 | 03/20/24 | 2,621,875 | |||||||||||||
| 2,000,000 | g | Banco Internacional del Peru SAA Interbank | 3.375 | 01/18/23 | 2,022,500 | |||||||||||||
| 750,000 | g | Banco Santander Mexico S.A. | 4.125 | 11/09/22 | 777,195 | |||||||||||||
| 11,850,000 | g | Bank Nederlandse Gemeenten NV | 2.500 | 02/28/20 | 11,867,769 | |||||||||||||
| 3,500,000 | Bank of America Corp | 2.250 | 04/21/20 | 3,503,284 | ||||||||||||||
| 1,925,000 | Bank of America Corp | 2.151 | 11/09/20 | 1,925,193 | ||||||||||||||
| 5,000,000 | Bank of America Corp | 2.369 | 07/21/21 | 5,008,371 | ||||||||||||||
| 10,000,000 | Bank of America Corp | 2.328 | 10/01/21 | 10,011,011 | ||||||||||||||
| 6,530,000 | Bank of America Corp | 2.503 | 10/21/22 | 6,578,124 | ||||||||||||||
| 3,000,000 | BB&T Corp | 2.150 | 02/01/21 | 3,004,860 | ||||||||||||||
| 1,680,000 | BB&T Corp | 3.750 | 12/06/23 | 1,777,837 | ||||||||||||||
| 4,000,000 | g | BNG Bank NV | 3.125 | 11/08/21 | 4,110,810 | |||||||||||||
| 269 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,000,000 | Capital One Bank USA NA | 3.375 | % | 02/15/23 | $ | 4,122,234 | |||||||||||
| 5,000,000 | CitiBank NA | 2.100 | 06/12/20 | 5,001,580 | ||||||||||||||
| 5,000,000 | CitiBank NA | 2.125 | 10/20/20 | 5,004,564 | ||||||||||||||
| 5,000,000 | CitiBank NA | 3.165 | 02/19/22 | 5,067,237 | ||||||||||||||
| 5,000,000 | CitiBank NA | 2.844 | 05/20/22 | 5,051,249 | ||||||||||||||
| 4,000,000 | Citigroup, Inc | 2.650 | 10/26/20 | 4,024,407 | ||||||||||||||
| 1,720,000 | Citigroup, Inc | 4.500 | 01/14/22 | 1,808,592 | ||||||||||||||
| 3,000,000 | Citigroup, Inc | 3.142 | 01/24/23 | 3,055,597 | ||||||||||||||
| 3,000,000 | Citizens Bank NA | 2.250 | 10/30/20 | 3,006,373 | ||||||||||||||
| 10,000,000 | g | Dexia Credit Local S.A. | 2.875 | 01/29/22 | 10,227,405 | |||||||||||||
| 4,000,000 | g | Dexia Credit Local S.A. | 2.375 | 09/20/22 | 4,053,355 | |||||||||||||
| 1,555,000 | Discover Bank | 3.200 | 08/09/21 | 1,578,636 | ||||||||||||||
| 650,000 | Discover Bank | 3.350 | 02/06/23 | 670,073 | ||||||||||||||
| 5,000,000 | g | DNB Boligkreditt AS. | 2.000 | 05/28/20 | 4,995,790 | |||||||||||||
| 5,000,000 | g | DNB Boligkreditt AS. | 3.250 | 06/28/23 | 5,224,519 | |||||||||||||
| 1,900,000 | Fifth Third Bancorp | 2.875 | 07/27/20 | 1,911,815 | ||||||||||||||
| 2,000,000 | Fifth Third Bank | 2.200 | 10/30/20 | 2,003,689 | ||||||||||||||
| 16,000,000 | g | HSBC Bank Canada | 1.650 | 09/10/22 | 15,892,379 | |||||||||||||
| 6,000,000 | HSBC Holdings plc | 2.650 | 01/05/22 | 6,043,056 | ||||||||||||||
| 1,975,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 1,986,406 | ||||||||||||||
| 1,500,000 | Huntington National Bank | 2.375 | 03/10/20 | 1,501,297 | ||||||||||||||
| 1,485,000 | Huntington National Bank | 3.125 | 04/01/22 | 1,520,692 | ||||||||||||||
| 5,780,000 | JPMorgan Chase & Co | 4.625 | 05/10/21 | 6,012,328 | ||||||||||||||
| 1,445,000 | JPMorgan Chase & Co | 3.200 | 01/25/23 | 1,492,265 | ||||||||||||||
| 5,000,000 | JPMorgan Chase & Co | 2.776 | 04/25/23 | 5,071,750 | ||||||||||||||
| 26,500,000 | JPMorgan Chase Bank NA | 3.086 | 04/26/21 | 26,639,674 | ||||||||||||||
| 6,320,000 | KeyBank NA | 3.300 | 02/01/22 | 6,500,234 | ||||||||||||||
| 3,000,000 | Mitsubishi UFJ Financial Group, Inc | 2.623 | 07/18/22 | 3,024,105 | ||||||||||||||
| 2,000,000 | g | NBK SPC Ltd | 2.750 | 05/30/22 | 2,005,098 | |||||||||||||
| 6,050,000 | PNC Bank NA | 2.450 | 11/05/20 | 6,077,045 | ||||||||||||||
| 1,945,000 | PNC Bank NA | 2.500 | 01/22/21 | 1,957,013 | ||||||||||||||
| 5,000,000 | Royal Bank of Canada | 2.150 | 10/26/20 | 5,008,779 | ||||||||||||||
| 10,000,000 | g | Royal Bank of Canada | 3.350 | 10/22/21 | 10,291,286 | |||||||||||||
| 2,500,000 | Santander UK plc | 2.125 | 11/03/20 | 2,498,622 | ||||||||||||||
| 3,000,000 | g | State Bank of India | 4.000 | 01/24/22 | 3,079,459 | |||||||||||||
| 4,000,000 | Sumitomo Mitsui Banking Corp | 2.092 | 10/18/19 | 3,999,988 | ||||||||||||||
| 1,720,000 | SunTrust Bank | 2.900 | 03/03/21 | 1,737,885 | ||||||||||||||
| 1,000,000 | Synchrony Bank | 3.000 | 06/15/22 | 1,013,776 | ||||||||||||||
| 3,000,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 2,997,596 | ||||||||||||||
| 10,000,000 | g | Toronto-Dominion Bank | 2.100 | 07/15/22 | 10,067,888 | |||||||||||||
| 1,355,000 | g | Turkiye Is Bankasi | 5.000 | 04/30/20 | 1,358,380 | |||||||||||||
| 1,000,000 | g | Turkiye Is Bankasi | 5.375 | 10/06/21 | 989,100 | |||||||||||||
| 2,100,000 | g,i | United Overseas Bank Ltd | LIBOR 3 M + 0.480% | 2.739 | 04/23/21 | 2,105,017 | ||||||||||||
| 3,000,000 | US Bank NA | 2.050 | 10/23/20 | 3,004,042 | ||||||||||||||
| 12,670,000 | Wells Fargo Bank NA | 3.325 | 07/23/21 | 12,784,948 | ||||||||||||||
| 3,000,000 | Westpac Banking Corp | 2.800 | 01/11/22 | 3,051,727 | ||||||||||||||
| 2,000,000 | g | Yapi ve Kredi Bankasi AS. | 6.100 | 03/16/23 | 1,959,878 | |||||||||||||
| 1,115,000 | Zions Bancorp NA | 3.350 | 03/04/22 | 1,141,440 | ||||||||||||||
| TOTAL BANKS | 278,504,133 | |||||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||||
| 1,500,000 | Air Lease Corp | 3.375 | 06/01/21 | 1,523,662 | ||||||||||||||
| 450,000 | Air Lease Corp | 2.250 | 01/15/23 | 446,503 | ||||||||||||||
| 270 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 4,400,000 | g | BOC Aviation Ltd | 3.500 | % | 10/10/24 | $ | 4,524,117 | ||||||||||
| 1,385,000 | g | Gold Fields Orogen Holding BVI Ltd | 4.875 | 10/07/20 | 1,408,240 | |||||||||||||
| 2,000,000 | Ingersoll-Rand Global Holding Co Ltd | 2.900 | 02/21/21 | 2,016,271 | ||||||||||||||
| 42,000 | Johnson Controls International plc | 3.750 | 12/01/21 | 42,961 | ||||||||||||||
| 800,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 801,290 | |||||||||||||
| 2,000,000 | Northrop Grumman Corp | 2.080 | 10/15/20 | 2,000,650 | ||||||||||||||
| 3,134,000 | Roper Technologies, Inc | 3.000 | 12/15/20 | 3,161,594 | ||||||||||||||
| 850,000 | United Technologies Corp | 3.350 | 08/16/21 | 871,920 | ||||||||||||||
| 8,000,000 | United Technologies Corp | 3.650 | 08/16/23 | 8,462,161 | ||||||||||||||
| TOTAL CAPITAL GOODS | 25,259,369 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||||
| 2,000,000 | ADT Corp | 4.125 | 06/15/23 | 2,030,000 | ||||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2,030,000 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.2% | ||||||||||||||||||
| 3,200,000 | Lennar Corp | 4.750 | 04/01/21 | 3,268,000 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 3,268,000 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 5.6% | ||||||||||||||||||
| 2,000,000 | AerCap Ireland Capital DAC | 3.950 | 02/01/22 | 2,065,827 | ||||||||||||||
| 3,000,000 | American Express Co | 2.200 | 10/30/20 | 3,004,410 | ||||||||||||||
| 2,050,000 | American Express Co | 2.750 | 05/20/22 | 2,081,869 | ||||||||||||||
| 1,540,000 | American Honda Finance Corp | 2.650 | 02/12/21 | 1,554,943 | ||||||||||||||
| 1,000,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 1,018,575 | ||||||||||||||
| 750,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 763,154 | ||||||||||||||
| 9,000,000 | g | Bank of Montreal | 2.500 | 01/11/22 | 9,119,898 | |||||||||||||
| 1,505,000 | Bank of Montreal | 2.900 | 03/26/22 | 1,534,298 | ||||||||||||||
| 1,645,000 | BNP Paribas S.A. | 2.375 | 05/21/20 | 1,649,905 | ||||||||||||||
| 6,160,000 | g | Canadian Imperial Bank of Commerce | 3.150 | 06/27/21 | 6,286,381 | |||||||||||||
| 845,000 | Capital One Financial Corp | 2.500 | 05/12/20 | 846,500 | ||||||||||||||
| 3,000,000 | Capital One Financial Corp | 2.400 | 10/30/20 | 3,008,491 | ||||||||||||||
| 1,355,000 | Capital One Financial Corp | 4.750 | 07/15/21 | 1,415,276 | ||||||||||||||
| 2,000,000 | Deutsche Bank AG. | 2.700 | 07/13/20 | 1,995,889 | ||||||||||||||
| 5,000,000 | Deutsche Bank AG. | 4.250 | 02/04/21 | 5,048,846 | ||||||||||||||
| 3,000,000 | Discover Financial Services | 3.850 | 11/21/22 | 3,130,475 | ||||||||||||||
| 1,200,000 | g | Federation des Caisses Desjardins du Quebec | 2.250 | 10/30/20 | 1,203,064 | |||||||||||||
| 16,800,000 | g | Federation des Caisses Desjardins du Quebec | 1.950 | 09/26/22 | 16,830,947 | |||||||||||||
| 4,500,000 | Ford Motor Credit Co LLC | 3.200 | 01/15/21 | 4,505,904 | ||||||||||||||
| 2,345,000 | Ford Motor Credit Co LLC | 5.584 | 03/18/24 | 2,494,159 | ||||||||||||||
| 4,486,000 | General Electric Capital Corp | 4.625 | 01/07/21 | 4,602,478 | ||||||||||||||
| 2,170,000 | General Motors Financial Co, Inc | 3.150 | 06/30/22 | 2,195,112 | ||||||||||||||
| 5,000,000 | General Motors Financial Co, Inc | 3.550 | 07/08/22 | 5,107,466 | ||||||||||||||
| 9,000,000 | Goldman Sachs Group, Inc | 2.300 | 12/13/19 | 9,000,948 | ||||||||||||||
| 1,870,000 | Goldman Sachs Group, Inc | 2.750 | 09/15/20 | 1,880,081 | ||||||||||||||
| 4,000,000 | Goldman Sachs Group, Inc | 2.875 | 02/25/21 | 4,035,514 | ||||||||||||||
| 5,000,000 | Goldman Sachs Group, Inc | 2.876 | 10/31/22 | 5,057,900 | ||||||||||||||
| 7,500,000 | Morgan Stanley | 2.800 | 06/16/20 | 7,537,873 | ||||||||||||||
| 6,105,000 | Morgan Stanley | 3.125 | 01/23/23 | 6,262,600 | ||||||||||||||
| 3,000,000 | Shire Acquisitions Investments Ireland DAC | 2.400 | 09/23/21 | 3,013,908 | ||||||||||||||
| 3,000,000 | Unilever Capital Corp | 1.800 | 05/05/20 | 2,996,683 | ||||||||||||||
| 271 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 5,000,000 | Unilever Capital Corp | 3.000 | % | 03/07/22 | $ | 5,126,208 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 126,375,582 | |||||||||||||||||
| ENERGY - 1.5% | ||||||||||||||||||
| 1,700,000 | BP Capital Markets America, Inc | 2.520 | 09/19/22 | 1,720,512 | ||||||||||||||
| 5,000,000 | Energy Transfer Operating LP | 4.500 | 04/15/24 | 5,327,880 | ||||||||||||||
| 3,771,000 | Enterprise Products Operating LLC | 2.800 | 02/15/21 | 3,806,583 | ||||||||||||||
| 2,000,000 | g | GS Caltex Corp | 3.000 | 06/04/24 | 2,034,120 | |||||||||||||
| 3,650,000 | Occidental Petroleum Corp | 2.700 | 08/15/22 | 3,681,941 | ||||||||||||||
| 2,200,000 | g | Pertamina Persero PT | 4.875 | 05/03/22 | 2,321,920 | |||||||||||||
| 1,500,000 | Petroleos Mexicanos | 5.375 | 03/13/22 | 1,580,625 | ||||||||||||||
| 927,500 | Petroleos Mexicanos | 2.000 | 12/20/22 | 928,468 | ||||||||||||||
| 834,000 | Petroleos Mexicanos | 2.378 | 04/15/25 | 844,155 | ||||||||||||||
| 2,709,000 | Plains All American Pipeline LP | 3.650 | 06/01/22 | 2,779,000 | ||||||||||||||
| 750,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 774,773 | ||||||||||||||
| 1,850,000 | g | Saudi Arabian Oil Co | 2.750 | 04/16/22 | 1,865,701 | |||||||||||||
| 5,000,000 | g | Saudi Arabian Oil Co | 2.875 | 04/16/24 | 5,056,399 | |||||||||||||
| 1,000,000 | Southwestern Energy Co | 5.300 | 01/23/20 | 1,000,043 | ||||||||||||||
| 1,500,000 | g | YPF S.A. | 8.500 | 03/23/21 | 1,308,750 | |||||||||||||
| TOTAL ENERGY | 35,030,870 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 1.0% | ||||||||||||||||||
| 3,425,000 | g | CK Hutchison International 17 Ltd | 2.250 | 09/29/20 | 3,420,822 | |||||||||||||
| 2,000,000 | CVS Health Corp | 2.800 | 07/20/20 | 2,008,902 | ||||||||||||||
| 4,089,000 | CVS Health Corp | 3.350 | 03/09/21 | 4,155,433 | ||||||||||||||
| 4,925,000 | CVS Health Corp | 2.625 | 08/15/24 | 4,942,000 | ||||||||||||||
| 2,000,000 | Kroger Co | 2.600 | 02/01/21 | 2,007,288 | ||||||||||||||
| 1,245,000 | SYSCO Corp | 2.600 | 10/01/20 | 1,250,751 | ||||||||||||||
| 5,000,000 | Wal-Mart Stores, Inc | 2.350 | 12/15/22 | 5,072,200 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 22,857,396 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.7% | ||||||||||||||||||
| 2,150,000 | Altria Group, Inc | 3.490 | 02/14/22 | 2,205,355 | ||||||||||||||
| 1,570,000 | Altria Group, Inc | 2.850 | 08/09/22 | 1,588,546 | ||||||||||||||
| 1,320,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 1,332,478 | ||||||||||||||
| 2,000,000 | Constellation Brands Inc | 3.750 | 05/01/21 | 2,043,926 | ||||||||||||||
| 2,940,000 | General Mills, Inc | 3.150 | 12/15/21 | 2,999,434 | ||||||||||||||
| 1,000,000 | g | Lamb Weston Holdings, Inc | 4.625 | 11/01/24 | 1,052,400 | |||||||||||||
| 1,350,000 | PepsiCo, Inc | 1.350 | 10/04/19 | 1,349,890 | ||||||||||||||
| 1,465,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 1,474,263 | ||||||||||||||
| 1,300,000 | Tyson Foods, Inc | 2.250 | 08/23/21 | 1,301,484 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 15,347,776 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.3% | ||||||||||||||||||
| 5,000,000 | Becton Dickinson and Co | 2.404 | 06/05/20 | 5,005,169 | ||||||||||||||
| 1,765,000 | UnitedHealth Group Inc | 3.875 | 10/15/20 | 1,790,609 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 6,795,778 | |||||||||||||||||
| INSURANCE - 0.3% | ||||||||||||||||||
| 2,415,000 | American International Group, Inc | 3.375 | 08/15/20 | 2,443,657 | ||||||||||||||
| 2,500,000 | Aon plc | 2.800 | 03/15/21 | 2,518,547 | ||||||||||||||
| 1,570,000 | Prudential Financial, Inc | 4.500 | 11/15/20 | 1,612,152 | ||||||||||||||
| TOTAL INSURANCE | 6,574,356 | |||||||||||||||||
| 272 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| MATERIALS - 1.2% | ||||||||||||||||||
| $ | 5,000,000 | g | Air Liquide Finance S.A. | 1.750 | % | 09/27/21 | $ | 4,969,170 | ||||||||||
| 1,162,000 | ArcelorMittal | 6.250 | 02/25/22 | 1,256,982 | ||||||||||||||
| 3,000,000 | g | Fresnillo plc | 5.500 | 11/13/23 | 3,266,280 | |||||||||||||
| 3,200,000 | g | Georgia-Pacific LLC | 3.163 | 11/15/21 | 3,252,882 | |||||||||||||
| 3,000,000 | g | Indonesia Asahan Aluminiu | 5.230 | 11/15/21 | 3,147,917 | |||||||||||||
| 1,350,000 | g | Midwest Connector Capital Co LLC | 3.625 | 04/01/22 | 1,384,888 | |||||||||||||
| 2,200,000 | Newmont Goldcorp Corp | 3.625 | 06/09/21 | 2,241,015 | ||||||||||||||
| 2,000,000 | g | NV Chemicals Corp | 5.250 | 08/01/23 | 2,022,500 | |||||||||||||
| 1,240,000 | Packaging Corp of America | 2.450 | 12/15/20 | 1,242,575 | ||||||||||||||
| 1,550,000 | g | SABIC Capital II BV | 4.000 | 10/10/23 | 1,629,349 | |||||||||||||
| 3,000,000 | Sasol Financing International plc | 4.500 | 11/14/22 | 3,064,491 | ||||||||||||||
| TOTAL MATERIALS | 27,478,049 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.5% | ||||||||||||||||||
| 1,009,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 1,018,029 | ||||||||||||||
| 3,100,000 | Comcast Corp | 3.450 | 10/01/21 | 3,192,367 | ||||||||||||||
| 967,000 | Comcast Corp | 2.850 | 01/15/23 | 991,959 | ||||||||||||||
| 995,000 | g | Fox Corp | 3.666 | 01/25/22 | 1,027,369 | |||||||||||||
| 2,000,000 | g | Tencent Holdings Ltd | 3.280 | 04/11/24 | 2,054,254 | |||||||||||||
| 3,000,000 | Walt Disney Co | 1.650 | 09/01/22 | 2,992,516 | ||||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 11,276,494 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0% | ||||||||||||||||||
| 1,120,000 | Abbott Laboratories | 2.900 | 11/30/21 | 1,140,204 | ||||||||||||||
| 525,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 549,806 | ||||||||||||||
| 3,300,000 | g | Bayer US Finance II LLC | 3.500 | 06/25/21 | 3,365,983 | |||||||||||||
| 3,000,000 | g | Bristol-Myers Squibb Co | 2.550 | 05/14/21 | 3,026,254 | |||||||||||||
| 2,500,000 | g | Bristol-Myers Squibb Co | 2.600 | 05/16/22 | 2,537,608 | |||||||||||||
| 2,285,000 | Celgene Corp | 2.875 | 08/15/20 | 2,297,563 | ||||||||||||||
| 2,000,000 | Celgene Corp | 2.875 | 02/19/21 | 2,019,209 | ||||||||||||||
| 1,000,000 | Johnson & Johnson | 1.950 | 11/10/20 | 1,000,439 | ||||||||||||||
| 5,000,000 | Novartis Capital Corp | 1.800 | 02/14/20 | 4,996,524 | ||||||||||||||
| 2,000,000 | Teva Pharmaceutical Finance Co BV | 2.950 | 12/18/22 | 1,715,000 | ||||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 22,648,590 | |||||||||||||||||
| REAL ESTATE - 0.4% | ||||||||||||||||||
| 1,000,000 | Duke Realty LP | 3.875 | 02/15/21 | 1,020,474 | ||||||||||||||
| 3,127,000 | Duke Realty LP | 3.875 | 10/15/22 | 3,269,258 | ||||||||||||||
| 2,141,000 | HCP, Inc | 4.250 | 11/15/23 | 2,285,751 | ||||||||||||||
| 850,000 | Highwoods Realty LP | 3.625 | 01/15/23 | 880,022 | ||||||||||||||
| 843,000 | Liberty Property LP | 4.750 | 10/01/20 | 864,412 | ||||||||||||||
| 500,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 519,126 | ||||||||||||||
| TOTAL REAL ESTATE | 8,839,043 | |||||||||||||||||
| RETAILING - 0.2% | ||||||||||||||||||
| 3,000,000 | AutoNation, Inc | 5.500 | 02/01/20 | 3,031,452 | ||||||||||||||
| 1,750,000 | Home Depot, Inc | 2.625 | 06/01/22 | 1,790,521 | ||||||||||||||
| TOTAL RETAILING | 4,821,973 | |||||||||||||||||
| 273 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | ||||||||||||||||||
| $ | 5,000,000 | Analog Devices, Inc | 2.850 | % | 03/12/20 | $ | 5,018,038 | |||||||||||
| 2,500,000 | Texas Instruments, Inc | 2.250 | 09/04/29 | 2,461,414 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 7,479,452 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.4% | ||||||||||||||||||
| 500,000 | Activision Blizzard, Inc | 2.600 | 06/15/22 | 505,126 | ||||||||||||||
| 5,146,000 | Fiserv, Inc | 3.500 | 10/01/22 | 5,345,190 | ||||||||||||||
| 3,125,000 | International Business Machines Corp | 2.800 | 05/13/21 | 3,166,744 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 9,017,060 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.5% | ||||||||||||||||||
| 2,000,000 | Apple, Inc | 1.900 | 02/07/20 | 1,999,696 | ||||||||||||||
| 1,420,000 | Apple, Inc | 2.250 | 02/23/21 | 1,426,420 | ||||||||||||||
| 1,850,000 | Apple, Inc | 1.700 | 09/11/22 | 1,847,183 | ||||||||||||||
| 5,000,000 | Broadcom Corp | 2.200 | 01/15/21 | 4,981,652 | ||||||||||||||
| 1,580,000 | g | L3Harris Technologies, Inc | 4.950 | 02/15/21 | 1,623,352 | |||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 11,878,303 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 0.9% | ||||||||||||||||||
| 4,440,000 | AT&T, Inc | 2.800 | 02/17/21 | 4,478,668 | ||||||||||||||
| 7,000,000 | AT&T, Inc | 2.625 | 12/01/22 | 7,076,511 | ||||||||||||||
| 2,050,000 | g | MTN Mauritius Investment Ltd | 5.373 | 02/13/22 | 2,109,811 | |||||||||||||
| 1,815,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 1,853,892 | ||||||||||||||
| 5,000,000 | Verizon Communications, Inc | 2.946 | 03/15/22 | 5,119,853 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 20,638,735 | |||||||||||||||||
| TRANSPORTATION - 0.8% | ||||||||||||||||||
| 3,000,000 | g | Adani Ports & Special Economic Zone Ltd | 3.950 | 01/19/22 | 3,068,914 | |||||||||||||
| 2,500,000 | CSX Corp | 3.700 | 10/30/20 | 2,530,572 | ||||||||||||||
| 2,250,000 | Delta Air Lines, Inc | 2.875 | 03/13/20 | 2,254,812 | ||||||||||||||
| 1,100,000 | Delta Air Lines, Inc | 3.400 | 04/19/21 | 1,115,330 | ||||||||||||||
| 2,810,000 | FedEx Corp | 3.400 | 01/14/22 | 2,881,235 | ||||||||||||||
| 2,100,000 | Norfolk Southern Corp | 3.250 | 12/01/21 | 2,143,648 | ||||||||||||||
| 783,055 | Northwest Airlines | 7.027 | 11/01/19 | 785,796 | ||||||||||||||
| 2,200,000 | g | Transnet SOC Ltd | 4.000 | 07/26/22 | 2,211,314 | |||||||||||||
| 195,847 | US Airways Pass Through Trust | 7.076 | 03/20/21 | 205,371 | ||||||||||||||
| TOTAL TRANSPORTATION | 17,196,992 | |||||||||||||||||
| UTILITIES - 0.9% | ||||||||||||||||||
| 1,825,000 | Berkshire Hathaway Energy Co | 2.375 | 01/15/21 | 1,833,776 | ||||||||||||||
| 3,000,000 | Dominion Energy, Inc | 2.579 | 07/01/20 | 3,006,683 | ||||||||||||||
| 2,000,000 | g | Hanwha Energy USA Holdings Corp | 2.375 | 07/30/22 | 2,002,757 | |||||||||||||
| 2,000,000 | g | KSA Sukuk Ltd | 2.894 | 04/20/22 | 2,027,311 | |||||||||||||
| 3,050,000 | NextEra Energy Capital Holdings, Inc | 2.900 | 04/01/22 | 3,106,923 | ||||||||||||||
| 5,000,000 | Southern Power Co | 1.950 | 12/15/19 | 4,998,058 | ||||||||||||||
| 3,000,000 | g | State Grid Overseas Investment Ltd | 2.750 | 05/04/22 | 3,023,137 | |||||||||||||
| TOTAL UTILITIES | 19,998,645 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 686,359,334 | |||||||||||||||||
| (Cost $678,893,431) | ||||||||||||||||||
| 274 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| GOVERNMENT BONDS - 35.6% | ||||||||||||||||||
| AGENCY SECURITIES - 4.7% | ||||||||||||||||||
| $ | 3,200,000 | Federal Farm Credit Bank (FFCB) | 3.050 | % | 11/15/21 | $ | 3,291,756 | |||||||||||
| 6,525,000 | FFCB | 2.800 | 12/17/21 | 6,675,544 | ||||||||||||||
| 5,500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.500 | 01/17/20 | 5,493,320 | ||||||||||||||
| 3,895,000 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 4,021,530 | |||||||||||||
| 24,000,000 | Iraq Government AID International Bond | 2.149 | 01/18/22 | 24,230,124 | ||||||||||||||
| 12,790,000 | Montefiore Medical Center | 2.152 | 10/20/26 | 12,831,014 | ||||||||||||||
| 2,000,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 2,000,980 | ||||||||||||||
| 3,000,000 | PEFCO | 2.300 | 09/15/20 | 3,008,763 | ||||||||||||||
| 6,842,105 | Reliance Industries Ltd | 1.870 | 01/15/26 | 6,836,855 | ||||||||||||||
| 6,500,000 | Reliance Industries Ltd | 2.060 | 01/15/26 | 6,529,969 | ||||||||||||||
| 8,552,631 | Reliance Industries Ltd | 2.444 | 01/15/26 | 8,712,760 | ||||||||||||||
| 2,685,829 | San Clemente Leasing LLC | 3.030 | 11/22/22 | 2,735,742 | ||||||||||||||
| 6,000,000 | Ukraine Government AID International Bonds | 1.847 | 05/29/20 | 6,011,367 | ||||||||||||||
| 15,000,000 | Ukraine Government AID International Bonds | 1.471 | 09/29/21 | 14,939,584 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 107,319,308 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 11.1% | ||||||||||||||||||
| 3,325,000 | g | Arab Petroleum Investments Corp | 4.125 | 09/18/23 | 3,518,244 | |||||||||||||
| 2,725,000 | † | Argentine Republic Government International Bond | 6.875 | 04/22/21 | 1,335,277 | |||||||||||||
| 7,000,000 | g | Bermuda Government International Bond | 4.138 | 01/03/23 | 7,332,570 | |||||||||||||
| 3,250,000 | Brazilian Government International Bond | 2.625 | 01/05/23 | 3,245,937 | ||||||||||||||
| 3,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 01/13/20 | 2,998,679 | |||||||||||||
| 9,670,000 | g | CDP Financial, Inc | 2.750 | 03/07/22 | 9,890,019 | |||||||||||||
| 19,000,000 | g | CPPIB Capital, Inc | 2.750 | 07/22/21 | 19,304,271 | |||||||||||||
| 333,333 | g | Dominican Republic Government International Bond | 7.500 | 05/06/21 | 348,333 | |||||||||||||
| 1,725,000 | g | Egypt Government International Bond | 5.577 | 02/21/23 | 1,760,816 | |||||||||||||
| 25,000,000 | g | European Stability Mechanism | 1.375 | 09/11/24 | 24,638,494 | |||||||||||||
| 1,425,000 | g | Export Credit Bank of Turkey | 4.250 | 09/18/22 | 1,351,579 | |||||||||||||
| 1,700,000 | Export Development Canada | 2.625 | 02/21/24 | 1,770,675 | ||||||||||||||
| 1,900,000 | Export-Import Bank of India | 4.000 | 01/14/23 | 1,973,040 | ||||||||||||||
| 5,000,000 | Export-Import Bank of Korea | 1.500 | 10/21/19 | 4,997,789 | ||||||||||||||
| 1,500,000 | g | Ghana Government International Bond | 7.875 | 08/07/23 | 1,640,556 | |||||||||||||
| 500,000 | g | Honduras Government International Bond | 8.750 | 12/16/20 | 533,130 | |||||||||||||
| 1,500,000 | g | Honduras Government International Bond | 7.500 | 03/15/24 | 1,661,265 | |||||||||||||
| 10,000,000 | International Bank for Reconstruction & Development | 1.500 | 08/28/24 | 9,937,682 | ||||||||||||||
| 8,900,000 | g | International Development Association | 2.750 | 04/24/23 | 9,234,051 | |||||||||||||
| 1,500,000 | Japan Bank for International Cooperation | 1.875 | 04/20/21 | 1,500,120 | ||||||||||||||
| 3,000,000 | g | Japan Finance Organization for Municipalities | 2.000 | 09/08/20 | 2,995,978 | |||||||||||||
| 3,200,000 | g | Japan Finance Organization for Municipalities | 2.125 | 02/12/21 | 3,201,963 | |||||||||||||
| 6,650,000 | g | Japan Finance Organization for Municipalities | 3.375 | 09/27/23 | 6,997,365 | |||||||||||||
| 4,500,000 | g | Japan Finance Organization for Municipalities | 3.000 | 03/12/24 | 4,699,075 | |||||||||||||
| 1,700,000 | g | Kommunalbanken AS. | 1.625 | 01/15/20 | 1,697,532 | |||||||||||||
| 17,200,000 | g | Kommunalbanken AS. | 2.500 | 04/17/20 | 17,241,313 | |||||||||||||
| 1,150,000 | g | Kommunalbanken AS. | 1.375 | 10/26/20 | 1,143,194 | |||||||||||||
| 3,750,000 | g | Kommunalbanken AS. | 1.625 | 02/10/21 | 3,738,539 | |||||||||||||
| 1,560,000 | g | Kommunalbanken AS. | 2.750 | 02/05/24 | 1,629,689 | |||||||||||||
| 5,667,000 | g | Kommuninvest I Sverige AB | 2.625 | 09/15/22 | 5,815,522 | |||||||||||||
| 2,000,000 | i | Korea Development Bank | LIBOR 3 M + 0.550% | 2.669 | 03/12/21 | 2,003,905 | ||||||||||||
| 275 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 6,700,000 | g | Korea Housing Finance Corp | 2.000 | % | 10/11/21 | $ | 6,665,071 | ||||||||||
| 1,875,000 | g | Korea Housing Finance Corp | 3.000 | 10/31/22 | 1,910,212 | |||||||||||||
| 2,025,000 | g | Morocco Government International Bond | 4.250 | 12/11/22 | 2,116,368 | |||||||||||||
| 1,500,000 | g | Namibia International Bonds | 5.500 | 11/03/21 | 1,547,314 | |||||||||||||
| 3,500,000 | g | Nederlandse Waterschapsbank NV | 2.125 | 11/15/21 | 3,524,959 | |||||||||||||
| 5,950,000 | g | OMERS Finance Trust | 2.500 | 05/02/24 | 6,135,776 | |||||||||||||
| 5,000,000 | g | Ontario Teachers’ Finance Trust | 2.125 | 09/19/22 | 5,046,854 | |||||||||||||
| 15,000,000 | g | Ontario Teachers’ Finance Trust | 1.625 | 09/12/24 | 14,881,024 | |||||||||||||
| 2,000,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.400 | 03/29/22 | 2,041,800 | |||||||||||||
| 5,000,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.750 | 03/01/23 | 5,177,550 | |||||||||||||
| 3,400,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 3,583,600 | |||||||||||||
| 12,000,000 | Province of British Columbia Canada | 1.750 | 09/27/24 | 12,029,712 | ||||||||||||||
| 1,300,000 | Province of New Brunswick Canada | 8.750 | 05/01/22 | 1,509,057 | ||||||||||||||
| 3,000,000 | g | Qatar Government International Bond | 3.375 | 03/14/24 | 3,139,759 | |||||||||||||
| 4,000,000 | g | Qatar Government International Bond | 4.000 | 03/14/29 | 4,433,464 | |||||||||||||
| 500,000 | Republic of Hungary Government International Bond | 6.250 | 01/29/20 | 506,479 | ||||||||||||||
| 1,500,000 | g | Republic of Paraguay Government International Bond | 4.625 | 01/25/23 | 1,576,890 | |||||||||||||
| 2,000,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 2,095,689 | |||||||||||||
| 5,625,000 | g | Saudi Government International Bond | 2.375 | 10/26/21 | 5,632,222 | |||||||||||||
| 500,000 | g | Senegal Goverment International Bond | 8.750 | 05/13/21 | 541,925 | |||||||||||||
| 6,500,000 | Svensk Exportkredit AB | 1.750 | 03/10/21 | 6,490,679 | ||||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 250,723,006 | |||||||||||||||||
| MORTGAGE BACKED - 0.0% | ||||||||||||||||||
| 48,209 | i | Federal Home Loan Mortgage Corp (FHLMC) | LIBOR 1 M + 0.400% | 2.428 | 12/15/20 | 48,293 | ||||||||||||
| 1,385 | Federal National Mortgage Association (FNMA) | 2.750 | 06/25/20 | 1,387 | ||||||||||||||
| 4,794 | FNMA | 5.500 | 09/25/22 | 4,936 | ||||||||||||||
| 28,798 | FNMA | 5.000 | 09/25/24 | 642 | ||||||||||||||
| 43,336 | i | FNMA | LIBOR 1 M + 0.300% | 2.318 | 11/25/34 | 43,357 | ||||||||||||
| 127,724 | Government National Mortgage Association (GNMA) | 2.176 | 05/16/39 | 127,389 | ||||||||||||||
| TOTAL MORTGAGE BACKED | 226,004 | |||||||||||||||||
| MUNICIPAL BONDS - 0.2% | ||||||||||||||||||
| 5,000,000 | Bay Area Toll Authority | 2.254 | 04/01/24 | 5,028,350 | ||||||||||||||
| TOTAL MUNICIPAL BONDS | 5,028,350 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 19.6% | ||||||||||||||||||
| 10,328,700 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 04/15/23 | 10,416,011 | |||||||||||||
| 16,275,840 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/24 | 16,484,850 | |||||||||||||
| 4,500,000 | United States Treasury Note | 1.000 | 10/15/19 | 4,498,109 | ||||||||||||||
| 9,000,000 | United States Treasury Note | 1.750 | 11/30/19 | 8,995,411 | ||||||||||||||
| 37,000,000 | United States Treasury Note | 2.250 | 02/29/20 | 37,050,586 | ||||||||||||||
| 10,000,000 | United States Treasury Note | 1.625 | 03/15/20 | 9,989,062 | ||||||||||||||
| 20,750,000 | United States Treasury Note | 2.250 | 03/31/20 | 20,787,285 | ||||||||||||||
| 100,000,000 | United States Treasury Note | 2.375 | 04/30/20 | 100,285,156 | ||||||||||||||
| 19,460,000 | United States Treasury Note | 2.500 | 01/31/21 | 19,643,958 | ||||||||||||||
| 10,000,000 | United States Treasury Note | 2.125 | 06/30/21 | 10,073,828 | ||||||||||||||
| 48,010,000 | United States Treasury Note | 1.750 | 07/31/21 | 48,075,639 | ||||||||||||||
| 30,030,000 | United States Treasury Note | 1.500 | 09/30/21 | 29,956,098 | ||||||||||||||
| 22,655,000 | United States Treasury Note | 1.500 | 09/15/22 | 22,613,407 | ||||||||||||||
| 27,535,000 | United States Treasury Note | 1.500 | 09/30/24 | 27,469,389 | ||||||||||||||
| 276 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 72,000,000 | United States Treasury Note | 1.875 | % | 07/31/26 | $ | 73,186,875 | |||||||||||
| 5,000,000 | United States Treasury Note | 1.625 | 08/15/29 | 4,978,320 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 444,503,984 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 807,800,652 | |||||||||||||||||
| (Cost $801,789,899) | ||||||||||||||||||
| STRUCTURED ASSETS - 30.3% | ||||||||||||||||||
| ASSET BACKED - 8.9% | ||||||||||||||||||
| 139,041 | Aames Mortgage Trust (Step Bond) | 5.147 | 06/25/32 | 139,587 | ||||||||||||||
| Series - 2002 1 (Class A3) | ||||||||||||||||||
| 850,000 | g,i | AREIT Trust | LIBOR 1 M + 1.020% | 3.048 | 09/14/36 | 850,000 | ||||||||||||
| Series - 2019 CRE3 (Class A) | ||||||||||||||||||
| 55,677 | †,g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 1 | |||||||||||||
| Series - 2005 WMC1 (Class N1) | ||||||||||||||||||
| 2,141,956 | i | Asset Backed Securities Corp Home Equity Loan Trust | LIBOR 1 M + 1.650% | 3.678 | 03/15/32 | 2,174,294 | ||||||||||||
| Series - 2002 HE1 (Class M1) | ||||||||||||||||||
| 1,253,702 | g | Avid Automobile Receivables Trust | 2.840 | 08/15/23 | 1,254,724 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 2,670,263 | g | Bank of The West Auto Trust | 2.110 | 01/15/23 | 2,668,246 | |||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 1,896,653 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 1,914,463 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 2,500,000 | i | Capital One Multi-Asset Execution Trust | LIBOR 1 M + 0.630% | 2.658 | 02/15/24 | 2,513,811 | ||||||||||||
| Series - 2016 A2 (Class A2) | ||||||||||||||||||
| 3,140,000 | Carmax Auto Owner Trust | 3.360 | 09/15/23 | 3,212,778 | ||||||||||||||
| Series - 2018 4 (Class A3) | ||||||||||||||||||
| 1,615,000 | Carmax Auto Owner Trust | 3.050 | 03/15/24 | 1,647,925 | ||||||||||||||
| Series - 2019 1 (Class A3) | ||||||||||||||||||
| 353,675 | g | Carnow Auto Receivables Trust | 2.920 | 09/15/22 | 353,667 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 4,099 | Centex Home Equity | 5.540 | 01/25/32 | 4,177 | ||||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||||
| 75,650 | i | Centex Home Equity | LIBOR 1 M + 0.645% | 2.663 | 03/25/34 | 74,975 | ||||||||||||
| Series - 2004 B (Class M1) | ||||||||||||||||||
| 122,341 | i | Chase Funding Mortgage Loan Asset-Backed Certificates | 5.700 | 02/26/35 | 126,944 | |||||||||||||
| Series - 2004 2 (Class 1M2) | ||||||||||||||||||
| 4,000,000 | i | Chase Issuance Trust | LIBOR 1 M + 0.550% | 2.578 | 06/15/23 | 4,026,277 | ||||||||||||
| Series - 2016 A3 (Class A3) | ||||||||||||||||||
| 1,098,988 | g | CIG Auto Receivables Trust | 2.710 | 05/15/23 | 1,100,130 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 2,000,000 | i | Citibank Credit Card Issuance Trust | LIBOR 1 M + 0.220% | 2.262 | 04/07/22 | 2,000,603 | ||||||||||||
| Series - 2017 A4 (Class A4) | ||||||||||||||||||
| 2,000,000 | i | Citibank Credit Card Issuance Trust | LIBOR 1 M + 0.370% | 2.412 | 08/08/24 | 2,004,383 | ||||||||||||
| Series - 2017 A7 (Class A7) | ||||||||||||||||||
| 2,000,000 | i | Citibank Credit Card Issuance Trust | LIBOR 1 M + 0.330% | 2.374 | 01/20/25 | 2,002,624 | ||||||||||||
| Series - 2018 A2 (Class A2) | ||||||||||||||||||
| 1,897,800 | g,i | Citigroup Mortgage Loan Trust | LIBOR 1 M + 0.145% | 2.631 | 09/25/36 | 1,837,008 | ||||||||||||
| Series - 2006 AMC1 (Class A1) | ||||||||||||||||||
| 277 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 641,827 | g | Conn’s Receivables Funding | 3.250 | % | 01/15/23 | $ | 644,132 | ||||||||||
| Series - 2018 A (Class A) | ||||||||||||||||||
| 1,140,000 | g | Core Industrial Trust | 3.555 | 02/10/34 | 1,168,097 | |||||||||||||
| Series - 2015 CALW (Class C) | ||||||||||||||||||
| 3,500,000 | g | Core Industrial Trust | 3.732 | 02/10/34 | 3,578,614 | |||||||||||||
| Series - 2015 TEXW (Class C) | ||||||||||||||||||
| 5,450,000 | g,i | Core Industrial Trust | 3.977 | 02/10/34 | 5,556,101 | |||||||||||||
| Series - 2015 TEXW (Class D) | ||||||||||||||||||
| 1,085,381 | g | Credit-Based Asset Servicing & Securitization LLC (Step Bond) | 5.403 | 12/25/37 | 1,100,942 | |||||||||||||
| Series - 2007 SP1 (Class A4) | ||||||||||||||||||
| 4,912,500 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 5,030,596 | |||||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 9,186,975 | g | DB Master Finance LLC | 3.787 | 05/20/49 | 9,460,747 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 3,500,000 | i | Discover Card Execution Note Trust | LIBOR 1 M + 0.230% | 2.258 | 12/15/23 | 3,497,026 | ||||||||||||
| Series - 2018 A3 (Class A3) | ||||||||||||||||||
| 2,000,000 | i | Discover Card Execution Note Trust | LIBOR 1 M + 0.330% | 2.358 | 08/15/25 | 1,992,117 | ||||||||||||
| Series - 2018 A2 (Class A2) | ||||||||||||||||||
| 2,450,000 | g,i | Domino’s Pizza Master Issuer LLC | LIBOR 3 M + 1.250% | 2.551 | 07/25/47 | 2,450,024 | ||||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 14,700,000 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 14,749,833 | |||||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||||
| 1,419,469 | Entergy Louisiana Investment Recovery Funding I LLC | 2.040 | 09/01/23 | 1,419,559 | ||||||||||||||
| Series - 2011 A (Class A1) | ||||||||||||||||||
| 675,584 | Fifth Third Auto Trust | 1.800 | 02/15/22 | 674,609 | ||||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 7,250,000 | g | Ford Credit Auto Owner Trust | 2.510 | 04/15/26 | 7,250,623 | |||||||||||||
| Series - 2014 2 (Class B) | ||||||||||||||||||
| 2,600,000 | g | Ford Credit Auto Owner Trust | 2.440 | 01/15/27 | 2,606,285 | |||||||||||||
| Series - 2015 2 (Class A) | ||||||||||||||||||
| 2,300,000 | g | Ford Credit Auto Owner Trust | 2.310 | 08/15/27 | 2,306,503 | |||||||||||||
| Series - 2016 1 (Class A) | ||||||||||||||||||
| 794,866 | g | GLS Auto Receivables Trust | 2.820 | 07/15/22 | 797,058 | |||||||||||||
| Series - 2018 1A (Class A) | ||||||||||||||||||
| 2,480,000 | GM Financial Consumer Automobile Receivables Trust | 3.210 | 10/16/23 | 2,523,954 | ||||||||||||||
| Series - 2018 4 (Class A3) | ||||||||||||||||||
| 5,366,506 | g | Hilton Grand Vacations Trust | 3.540 | 02/25/32 | 5,536,711 | |||||||||||||
| Series - 2018 AA (Class A) | ||||||||||||||||||
| 2,160,000 | Honda Auto Receivables Owner Trust | 2.830 | 03/20/23 | 2,198,187 | ||||||||||||||
| Series - 2019 1 (Class A3) | ||||||||||||||||||
| 1,980,216 | g,i | Invitation Homes Trust | LIBOR 1 M + 0.900% | 2.928 | 06/17/37 | 1,980,213 | ||||||||||||
| Series - 2018 SFR2 (Class A) | ||||||||||||||||||
| 2,633,357 | g,i | Invitation Homes Trust | LIBOR 1 M + 1.000% | 3.025 | 07/17/37 | 2,629,056 | ||||||||||||
| Series - 2018 SFR3 (Class A) | ||||||||||||||||||
| 1,545,200 | g,i | Invitation Homes Trust | LIBOR 1 M + 1.100% | 3.125 | 01/17/38 | 1,548,826 | ||||||||||||
| Series - 2018 SFR4 (Class A) | ||||||||||||||||||
| 1,529,627 | g | Mid-State Capital Trust | 7.000 | 12/15/45 | 1,625,308 | |||||||||||||
| Series - 2010 1 (Class B) | ||||||||||||||||||
| 1,568,196 | g | New Residential Mortgage LLC | 4.690 | 05/25/23 | 1,588,400 | |||||||||||||
| Series - 2018 FNT1 (Class D) | ||||||||||||||||||
| 278 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,444,412 | g | New Residential Mortgage LLC | 4.920 | % | 07/25/54 | $ | 1,486,148 | ||||||||||
| Series - 2018 FNT2 (Class D) | ||||||||||||||||||
| 1,515,000 | Nissan Auto Receivables Owner Trust | 2.120 | 04/18/22 | 1,515,365 | ||||||||||||||
| Series - 2017 C (Class A3) | ||||||||||||||||||
| 2,430,000 | g | NRZ Advance Receivables Trust Advance Receivables Backed Notes | 2.833 | 10/15/51 | 2,427,981 | |||||||||||||
| Series - 2016 T3 (Class AT3) | ||||||||||||||||||
| 2,985,000 | i | Park Place Securities, Inc | LIBOR 1 M + 1.245% | 3.263 | 01/25/36 | 3,001,011 | ||||||||||||
| Series - 2005 WCH1 (Class M4) | ||||||||||||||||||
| 2,546 | i | People’s Choice Home Loan Securities Trust | LIBOR 1 M + 0.900% | 2.918 | 10/25/34 | 2,547 | ||||||||||||
| Series - 2004 2 (Class M1) | ||||||||||||||||||
| 8,365,500 | g | Planet Fitness Master Issuer LLC | 4.262 | 09/05/48 | 8,552,636 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 2,211,901 | g | Progress Residential Trust | 2.768 | 08/17/34 | 2,217,779 | |||||||||||||
| Series - 2017 SFR1 (Class A) | ||||||||||||||||||
| 677,199 | g | Prosper Marketplace Issuance Trust | 3.350 | 10/15/24 | 679,084 | |||||||||||||
| Series - 2018 2A (Class A) | ||||||||||||||||||
| 1,573,100 | g | SoFi Professional Loan Program LLC | 2.360 | 12/27/32 | 1,578,142 | |||||||||||||
| Series - 2016 C (Class A2B) | ||||||||||||||||||
| 2,176,546 | g | SoFi Professional Loan Program LLC | 2.340 | 04/25/33 | 2,182,117 | |||||||||||||
| Series - 2016 D (Class A2B) | ||||||||||||||||||
| 1,531,155 | g | SoFi Professional Loan Program LLC | 2.510 | 08/25/33 | 1,540,303 | |||||||||||||
| Series - 2015 C (Class A2) | ||||||||||||||||||
| 818,000 | g | SoFi Professional Loan Program LLC | 2.630 | 07/25/40 | 822,936 | |||||||||||||
| Series - 2017 C (Class A2B) | ||||||||||||||||||
| 1,635,999 | g | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes | 3.620 | 10/17/50 | 1,658,540 | |||||||||||||
| Series - 2018 T1 (Class AT1) | ||||||||||||||||||
| 1,100,000 | Synchrony Card Issuance Trust | 3.380 | 09/15/24 | 1,128,268 | ||||||||||||||
| Series - 2018 A1 (Class A) | ||||||||||||||||||
| 6,699,375 | g | Taco Bell Funding LLC | 4.318 | 11/25/48 | 6,938,945 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 1,447,034 | g | Tax Ease Funding LLC | 3.131 | 06/15/28 | 1,445,023 | |||||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||||
| 571,883 | g | TCF Auto Receivables Owner Trust | 1.930 | 06/15/22 | 571,175 | |||||||||||||
| Series - 2016 PT1A (Class A) | ||||||||||||||||||
| 2,528,000 | g | TCF Auto Receivables Owner Trust | 2.920 | 10/17/22 | 2,542,870 | |||||||||||||
| Series - 2016 PT1A (Class B) | ||||||||||||||||||
| 12,173,234 | g | TES LLC | 4.330 | 10/20/47 | 12,405,108 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 7,535,774 | g | Tesla Auto Lease Trust | 3.710 | 08/20/21 | 7,657,046 | |||||||||||||
| Series - 2018 B (Class A) | ||||||||||||||||||
| 3,000,000 | Toyota Auto Receivables Owner | 2.050 | 09/15/22 | 3,002,872 | ||||||||||||||
| Series - 2017 B (Class A4) | ||||||||||||||||||
| 1,990,000 | Toyota Auto Receivables Owner | 3.180 | 03/15/23 | 2,026,848 | ||||||||||||||
| Series - 2018 D (Class A3) | ||||||||||||||||||
| 2,160,283 | g | Tricon American Homes Trust | 2.716 | 09/17/34 | 2,173,903 | |||||||||||||
| Series - 2017 SFR1 (Class A) | ||||||||||||||||||
| 10,905,000 | Verizon Owner Trust | 3.380 | 04/20/23 | 11,214,522 | ||||||||||||||
| Series - 2018 A (Class B) | ||||||||||||||||||
| 9,000,000 | Verizon Owner Trust | 3.020 | 09/20/23 | 9,188,289 | ||||||||||||||
| Series - 2019 A (Class B) | ||||||||||||||||||
| 279 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 89,663 | g | Veros Automobile Receivables Trust | 2.840 | % | 04/17/23 | $ | 89,656 | ||||||||||
| Series - 2017 1 (Class A) | ||||||||||||||||||
| TOTAL ASSET BACKED | 201,869,252 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 21.4% | ||||||||||||||||||
| 8,935,928 | g | 1166 Avenue of the Americas Commercial Mortgage Trust II | 5.690 | 10/13/37 | 9,603,935 | |||||||||||||
| Series - 2005 C6A (Class A1) | ||||||||||||||||||
| 5,000,000 | g,i | 20 Times Square Trust | 3.203 | 05/15/35 | 5,130,027 | |||||||||||||
| Series - 2018 20TS (Class B) | ||||||||||||||||||
| 10,000,000 | g,i | 20 Times Square Trust | 3.203 | 05/15/35 | 10,043,169 | |||||||||||||
| Series - 2018 20TS (Class D) | ||||||||||||||||||
| 374,732 | g,i | ACE Securities Corp Manufactured Housing Trust | 6.500 | 08/15/30 | 408,548 | |||||||||||||
| Series - 2003 MH1 (Class M1) | ||||||||||||||||||
| 213,843 | i | Banc of America Funding | LIBOR 1 M + 0.800% | 2.844 | 02/20/35 | 213,973 | ||||||||||||
| Series - 2005 A (Class 5A3) | ||||||||||||||||||
| 3,000,000 | g,i | BBCMS Trust | 4.427 | 09/10/28 | 3,029,571 | |||||||||||||
| Series - 2015 STP (Class C) | ||||||||||||||||||
| 1,000,000 | g | BBCMS Trust | 3.631 | 09/05/32 | 1,002,797 | |||||||||||||
| Series - 2013 TYSN (Class D) | ||||||||||||||||||
| 2,095,954 | i | Bear Stearns ALT-A Trust | LIBOR 1 M + 0.600% | 2.618 | 06/25/34 | 2,106,734 | ||||||||||||
| Series - 2004 4 (Class A1) | ||||||||||||||||||
| 930,570 | i | Bear Stearns Asset Backed Securities Trust | LIBOR 1 M + 1.230% | 3.248 | 08/25/43 | 930,504 | ||||||||||||
| Series - 2005 SD1 (Class 1M3) | ||||||||||||||||||
| 734,009 | g,i | CD Commercial Mortgage Trust | 6.417 | 11/15/44 | 734,376 | |||||||||||||
| Series - 2007 CD5 (Class E) | ||||||||||||||||||
| 7,879,025 | g,i | Chase Mortgage Trust | 3.750 | 12/25/45 | 8,211,068 | |||||||||||||
| Series - 2016 SH2 (Class M2) | ||||||||||||||||||
| 66,948 | Citicorp Mortgage Securities Trust | 5.500 | 02/25/26 | 68,021 | ||||||||||||||
| Series - 2006 1 (Class 5A1) | ||||||||||||||||||
| 2,000,000 | g | Citigroup Commercial Mortgage Trust | 3.896 | 05/10/36 | 2,086,339 | |||||||||||||
| Series - 2019 PRM (Class C) | ||||||||||||||||||
| 3,624,631 | g,i | COMM Mortgage Trust | 3.577 | 08/10/29 | 3,654,060 | |||||||||||||
| Series - 2016 GCT (Class D) | ||||||||||||||||||
| 3,623,360 | g | COMM Mortgage Trust | 3.397 | 03/10/46 | 3,724,161 | |||||||||||||
| Series - 2013 CR6 (Class B) | ||||||||||||||||||
| 2,014,904 | COMM Mortgage Trust | 4.701 | 03/10/47 | 2,150,450 | ||||||||||||||
| Series - 2014 UBS2 (Class B) | ||||||||||||||||||
| 3,300,000 | i | COMM Mortgage Trust | 4.703 | 08/10/47 | 3,573,382 | |||||||||||||
| Series - 2014 CR19 (Class B) | ||||||||||||||||||
| 2,000,000 | g,i | COMM Mortgage Trust | 4.906 | 08/10/47 | 1,997,793 | |||||||||||||
| Series - 2014 CR19 (Class D) | ||||||||||||||||||
| 2,500,000 | i | COMM Mortgage Trust | 4.254 | 03/10/48 | 2,656,825 | |||||||||||||
| Series - 2015 CR22 (Class C) | ||||||||||||||||||
| 500,000 | g,i | COMM Mortgage Trust | 3.807 | 05/10/48 | 502,610 | |||||||||||||
| Series - 2015 CR23 (Class CMB) | ||||||||||||||||||
| 7,550,000 | g,i | COMM Mortgage Trust | 3.807 | 05/10/48 | 7,562,416 | |||||||||||||
| Series - 2015 CR23 (Class CMD) | ||||||||||||||||||
| 5,500,000 | i | COMM Mortgage Trust | 3.463 | 08/10/48 | 5,158,185 | |||||||||||||
| Series - 2015 CR24 (Class D) | ||||||||||||||||||
| 3,970,000 | i | COMM Mortgage Trust | 4.695 | 08/10/48 | 4,303,101 | |||||||||||||
| Series - 2015 CR25 (Class B) | ||||||||||||||||||
| 1,000,000 | i | COMM Mortgage Trust | 4.715 | 08/10/50 | 1,085,199 | |||||||||||||
| Series - 2013 CR11 (Class AM) | ||||||||||||||||||
| 280 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,000,000 | g,i | Commercial Mortgage Lease-Backed Certificates | 8.054 | % | 06/20/31 | $ | 1,055,180 | ||||||||||
| Series - 2001 CMLB (Class C) | ||||||||||||||||||
| 1,922,563 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.600% | 4.618 | 05/25/24 | 2,004,579 | ||||||||||||
| Series - 2014 C02 (Class 1M2) | ||||||||||||||||||
| 3,172,286 | i | Connecticut Avenue Securities | LIBOR 1 M + 3.000% | 5.018 | 07/25/24 | 3,330,692 | ||||||||||||
| Series - 2014 C03 (Class 1M2) | ||||||||||||||||||
| 546,556 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.000% | 4.018 | 10/25/28 | 548,154 | ||||||||||||
| Series - 2016 C03 (Class 1M1) | ||||||||||||||||||
| 1,650,671 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.450% | 3.468 | 01/25/29 | 1,653,301 | ||||||||||||
| Series - 2016 C04 (Class 1M1) | ||||||||||||||||||
| 3,183,878 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.300% | 2.165 | 07/25/29 | 3,190,387 | ||||||||||||
| Series - 2017 C01 (Class 1M1) | ||||||||||||||||||
| 3,067,867 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.150% | 3.168 | 09/25/29 | 3,072,650 | ||||||||||||
| Series - 2017 C02 (Class 2M1) | ||||||||||||||||||
| 8,574,536 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.950% | 2.968 | 10/25/29 | 8,588,251 | ||||||||||||
| Series - 2017 C03 (Class 1M1) | ||||||||||||||||||
| 3,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.650% | 4.668 | 02/25/30 | 3,067,633 | ||||||||||||
| Series - 2017 C06 (Class 1M2) | ||||||||||||||||||
| 7,040,628 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.600% | 2.618 | 07/25/30 | 7,037,828 | ||||||||||||
| Series - 2018 C01 (Class 1M1) | ||||||||||||||||||
| 3,605,954 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.680% | 2.698 | 10/25/30 | 3,606,461 | ||||||||||||
| Series - 2018 C03 (Class 1M1) | ||||||||||||||||||
| 7,785,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 10/25/30 | 7,800,061 | ||||||||||||
| Series - 2018 C03 (Class 1EA2) | ||||||||||||||||||
| 1,114,502 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.750% | 2.768 | 12/25/30 | 1,114,921 | ||||||||||||
| Series - 2018 C04 (Class 2M1) | ||||||||||||||||||
| 5,297,398 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 08/25/31 | 5,301,837 | ||||||||||||
| Series - 2019 R02 (Class 1M1) | ||||||||||||||||||
| 3,503,049 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.750% | 2.768 | 09/25/31 | 3,504,192 | ||||||||||||
| Series - 2019 R03 (Class 1M1) | ||||||||||||||||||
| 2,825,000 | g | Credit Suisse Commercial Mortgage Trust | 3.304 | 09/15/37 | 2,890,548 | |||||||||||||
| Series - 2014 USA (Class A1) | ||||||||||||||||||
| 12,000,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.897 | 01/15/49 | 14,856,876 | |||||||||||||
| Series - 2007 C2 (Class C) | ||||||||||||||||||
| 235,361 | Credit Suisse First Boston Mortgage Securities Corp | 5.750 | 09/25/33 | 247,706 | ||||||||||||||
| Series - 2003 23 (Class 3A4) | ||||||||||||||||||
| 2,089,289 | g,i | Credit Suisse Mortgage Trust | 3.500 | 10/25/47 | 2,125,665 | |||||||||||||
| Series - 2017 HL2 (Class A3) | ||||||||||||||||||
| 3,800,000 | g,i | DBUBS Mortgage Trust | 5.714 | 07/10/44 | 3,976,609 | |||||||||||||
| Series - 2011 LC2A (Class C) | ||||||||||||||||||
| 3,900,000 | g,i | DBUBS Mortgage Trust | 5.714 | 07/10/44 | 4,063,649 | |||||||||||||
| Series - 2011 LC2A (Class D) | ||||||||||||||||||
| 3,130,000 | g,i | DBUBS Mortgage Trust | 5.885 | 11/10/46 | 3,237,170 | |||||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||||
| 1,120,000 | g,i | DBUBS Mortgage Trust | 5.885 | 11/10/46 | 1,160,895 | |||||||||||||
| Series - 2011 LC1A (Class D) | ||||||||||||||||||
| 3,000,000 | g,i | DBUBS Mortgage Trust | 5.885 | 11/10/46 | 3,108,023 | |||||||||||||
| Series - 2011 LC1A (Class E) | ||||||||||||||||||
| 284,265 | Deutsche Mortgage Securities, Inc Mortgage Loan Trust (Step Bond) | 5.440 | 07/25/34 | 286,525 | ||||||||||||||
| Series - 2004 5 (Class A5B) | ||||||||||||||||||
| 281 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,399,998 | g,i | Flagstar Mortgage Trust | 3.500 | % | 10/25/47 | $ | 2,438,905 | ||||||||||
| Series - 2017 2 (Class A5) | ||||||||||||||||||
| 1,386,237 | g,i | Flagstar Mortgage Trust | 4.000 | 07/25/48 | 1,390,862 | |||||||||||||
| Series - 2018 4 (Class A4) | ||||||||||||||||||
| 1,299,283 | g,i | Galton Funding Mortgage Trust | 4.500 | 10/25/58 | 1,329,360 | |||||||||||||
| Series - 2018 2 (Class A41) | ||||||||||||||||||
| 2,000,000 | g,i | GS Mortgage Securities Corp II | 3.550 | 12/10/27 | 1,997,580 | |||||||||||||
| Series - 2013 KING (Class D) | ||||||||||||||||||
| 1,050,000 | g | GS Mortgage Securities Corp II | 3.419 | 10/10/32 | 1,083,725 | |||||||||||||
| Series - 2017 SLP (Class A) | ||||||||||||||||||
| 526,000 | g | GS Mortgage Securities Corp II | 3.772 | 10/10/32 | 543,627 | |||||||||||||
| Series - 2017 SLP (Class B) | ||||||||||||||||||
| 3,000,000 | g | GS Mortgage Securities Corp II | 2.954 | 11/05/34 | 3,072,167 | |||||||||||||
| Series - 2012 BWTR (Class A) | ||||||||||||||||||
| 2,598,000 | g,i | GS Mortgage Securities Corp II | 4.541 | 02/10/46 | 2,628,479 | |||||||||||||
| Series - 2013 GC10 (Class D) | ||||||||||||||||||
| 4,055,000 | g | GS Mortgage Securities Trust | 2.994 | 11/10/29 | 4,064,762 | |||||||||||||
| Series - 2016 GS4 (Class 225B) | ||||||||||||||||||
| 4,500,000 | g,i | GS Mortgage Securities Trust | LIBOR 1 M + 1.090% | 3.118 | 10/15/31 | 4,498,669 | ||||||||||||
| Series - 2018 HART (Class A) | ||||||||||||||||||
| 132,367 | g | GS Mortgage Securities Trust | 3.679 | 08/10/43 | 132,445 | |||||||||||||
| Series - 2010 C1 (Class A1) | ||||||||||||||||||
| 1,000,000 | g,i | GS Mortgage Securities Trust | 5.353 | 12/10/43 | 1,030,145 | |||||||||||||
| Series - 2010 C2 (Class B) | ||||||||||||||||||
| 2,750,000 | g,i | GS Mortgage Securities Trust | 3.668 | 07/10/52 | 2,873,008 | |||||||||||||
| Series - 2019 GC40 (Class DBC) | ||||||||||||||||||
| 469,034 | IMC Home Equity Loan Trust (Step Bond) | 6.720 | 08/20/29 | 486,269 | ||||||||||||||
| Series - 1998 3 (Class A7) | ||||||||||||||||||
| 131,342 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.678 | 03/25/35 | 131,489 | ||||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||||
| 2,605,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 3.735 | 01/05/31 | 2,722,788 | |||||||||||||
| Series - 2018 BCON (Class A) | ||||||||||||||||||
| 600,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.021 | 07/05/32 | 621,678 | |||||||||||||
| Series - 2012 HSBC (Class C) | ||||||||||||||||||
| 196,058 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.506 | 01/12/39 | 198,356 | |||||||||||||
| Series - 2004 CB8 (Class H) | ||||||||||||||||||
| 3,032,699 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.070 | 11/15/43 | 3,057,835 | |||||||||||||
| Series - 2010 C2 (Class A3) | ||||||||||||||||||
| 5,843,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.201 | 01/15/46 | 6,117,158 | |||||||||||||
| Series - 2013 C13 (Class C) | ||||||||||||||||||
| 1,840,645 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.717 | 02/15/46 | 1,886,530 | |||||||||||||
| Series - 2011 C3 (Class A4) | ||||||||||||||||||
| 2,000,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.013 | 02/15/46 | 2,052,921 | |||||||||||||
| Series - 2011 C3 (Class B) | ||||||||||||||||||
| 6,170,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.360 | 02/15/46 | 6,253,935 | |||||||||||||
| Series - 2011 C3 (Class C) | ||||||||||||||||||
| 282 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 9,037,359 | g,i | JP Morgan Mortgage Trust | 3.500 | % | 01/25/47 | $ | 9,161,270 | ||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 8,179,758 | g,i | JP Morgan Mortgage Trust | 3.500 | 08/25/47 | 8,271,461 | |||||||||||||
| Series - 2017 3 (Class 1A5) | ||||||||||||||||||
| 7,676,691 | g,i | JP Morgan Mortgage Trust | 3.500 | 06/25/48 | 7,771,966 | |||||||||||||
| Series - 2018 1 (Class A5) | ||||||||||||||||||
| 712,895 | g,i | JP Morgan Mortgage Trust | 4.000 | 02/25/49 | 715,753 | |||||||||||||
| Series - 2018 9 (Class A5) | ||||||||||||||||||
| 10,145,476 | g,i | JP Morgan Mortgage Trust | 4.000 | 02/25/49 | 10,152,325 | |||||||||||||
| Series - 2018 9 (Class A15) | ||||||||||||||||||
| 493,483 | JPMBB Commercial Mortgage Securities Trust | 3.657 | 09/15/47 | 510,629 | ||||||||||||||
| Series - 2014 C23 (Class ASB) | ||||||||||||||||||
| 1,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.709 | 09/15/47 | 1,049,655 | |||||||||||||
| Series - 2014 C22 (Class B) | ||||||||||||||||||
| 4,544,952 | g,i | LB-UBS Commercial Mortgage Trust | 5.964 | 12/15/39 | 4,544,549 | |||||||||||||
| Series - 2004 C8 (Class H) | ||||||||||||||||||
| 8,000,000 | g | MMAF Equipment Finance LLC | 2.010 | 12/12/24 | 7,997,931 | |||||||||||||
| Series - 2019 B (Class A3) | ||||||||||||||||||
| 1,926,539 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 3.989 | 12/15/46 | 2,044,828 | |||||||||||||
| Series - 2014 C19 (Class LNC1) | ||||||||||||||||||
| 171,842 | i | Morgan Stanley Capital I Trust | 6.394 | 10/15/42 | 171,877 | |||||||||||||
| Series - 2006 IQ11 (Class AJ) | ||||||||||||||||||
| 4,214,000 | g,i | Morgan Stanley Capital I Trust | 5.898 | 06/12/47 | 4,267,187 | |||||||||||||
| Series - 2005 T19 (Class F) | ||||||||||||||||||
| 1,500,000 | g | Morgan Stanley Capital I Trust | 4.193 | 09/15/47 | 1,529,666 | |||||||||||||
| Series - 2011 C1 (Class F) | ||||||||||||||||||
| 104,294 | Morgan Stanley Capital I Trust | 4.860 | 07/15/56 | 104,293 | ||||||||||||||
| Series - 2005 IQ9 (Class B) | ||||||||||||||||||
| 1,250,000 | Morgan Stanley Capital I Trust | 5.000 | 07/15/56 | 1,245,269 | ||||||||||||||
| Series - 2005 IQ9 (Class D) | ||||||||||||||||||
| 615,688 | g,i | Morgan Stanley Dean Witter Capital I Trust | 7.587 | 07/15/33 | 643,394 | |||||||||||||
| Series - 2001 TOP3 (Class E) | ||||||||||||||||||
| 3,500,000 | g,i | Natixis Commercial Mortgage Securities Trust | 3.917 | 11/15/32 | 3,607,391 | |||||||||||||
| Series - 2018 285M (Class C) | ||||||||||||||||||
| 1,224,728 | g,i | New Residential Mortgage Loan Trust | 3.750 | 05/28/52 | 1,262,280 | |||||||||||||
| Series - 2015 1A (Class A3) | ||||||||||||||||||
| 1,236,143 | g,i | New Residential Mortgage Loan Trust | 3.750 | 05/25/54 | 1,256,936 | |||||||||||||
| Series - 2014 2A (Class A3) | ||||||||||||||||||
| 715,459 | g,i | New Residential Mortgage Loan Trust | 3.750 | 11/25/54 | 739,768 | |||||||||||||
| Series - 2014 3A (Class AFX3) | ||||||||||||||||||
| 1,329,185 | g,i | New Residential Mortgage Loan Trust | 3.750 | 03/25/56 | 1,369,062 | |||||||||||||
| Series - 2016 1A (Class A1) | ||||||||||||||||||
| 1,564,061 | g,i | New Residential Mortgage Loan Trust | 4.000 | 02/25/57 | 1,624,395 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 2,018,052 | g,i | New Residential Mortgage Loan Trust | 4.000 | 12/25/57 | 2,093,041 | |||||||||||||
| Series - 2018 1A (Class A1A) | ||||||||||||||||||
| 1,679,726 | g,i | New Residential Mortgage Loan Trust | 4.750 | 12/25/57 | 1,762,321 | |||||||||||||
| Series - 2018 5A (Class A1) | ||||||||||||||||||
| 1,586,040 | g,i | Onslow Bay Financial LLC | 4.500 | 04/25/48 | 1,606,150 | |||||||||||||
| Series - 2018 EXP1 (Class 1A6) | ||||||||||||||||||
| 283 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,349,909 | i | Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates | LIBOR 1 M + 0.675% | 2.693 | % | 04/25/35 | $ | 1,354,648 | |||||||||
| Series - 2005 2 (Class M2) | ||||||||||||||||||
| 2,000,000 | g | RBS Commercial Funding, Inc Trust | 3.511 | 03/11/31 | 2,023,030 | |||||||||||||
| Series - 2013 SMV (Class B) | ||||||||||||||||||
| 2,256,198 | g | Sequoia Mortgage Trust | 4.000 | 12/25/43 | 2,314,453 | |||||||||||||
| Series - 2013 12 (Class A1) | ||||||||||||||||||
| 10,471,894 | g,i | Sequoia Mortgage Trust | 3.500 | 06/25/46 | 10,634,340 | |||||||||||||
| Series - 2016 1 (Class A10) | ||||||||||||||||||
| 267,896 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 271,911 | |||||||||||||
| Series - 2017 1 (Class A4) | ||||||||||||||||||
| 632,887 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 644,729 | |||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 5,104,741 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/47 | 5,145,342 | |||||||||||||
| Series - 2017 2 (Class A10) | ||||||||||||||||||
| 10,394,020 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 10,562,517 | |||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 4,634,261 | g,i | Sequoia Mortgage Trust | 3.500 | 07/25/47 | 4,715,180 | |||||||||||||
| Series - 2017 4 (Class A4) | ||||||||||||||||||
| 1,429,516 | g,i | Sequoia Mortgage Trust | 3.500 | 08/25/47 | 1,456,264 | |||||||||||||
| Series - 2017 5 (Class A4) | ||||||||||||||||||
| 11,518,869 | g,i | Sequoia Mortgage Trust | 3.500 | 09/25/47 | 11,712,512 | |||||||||||||
| Series - 2017 6 (Class A4) | ||||||||||||||||||
| 14,241,024 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 14,426,653 | |||||||||||||
| Series - 2018 2 (Class A4) | ||||||||||||||||||
| 35,570,246 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 36,102,413 | |||||||||||||
| Series - 2018 3 (Class A4) | ||||||||||||||||||
| 7,401,723 | g,i | Sequoia Mortgage Trust | 4.000 | 02/25/49 | 7,463,306 | |||||||||||||
| Series - 2019 1 (Class A4) | ||||||||||||||||||
| 5,428,920 | g,i | Shellpoint Co-Originator Trust | 3.500 | 04/25/47 | 5,510,142 | |||||||||||||
| Series - 2017 1 (Class A4) | ||||||||||||||||||
| 932,422 | g,i | Shellpoint Co-Originator Trust | 3.500 | 10/25/47 | 961,674 | |||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 1,646,846 | i | Structured Adjustable Rate Mortgage Loan Trust | LIBOR 1 M + 0.370% | 2.388 | 07/25/34 | 1,676,781 | ||||||||||||
| Series - 2004 9XS (Class A) | ||||||||||||||||||
| 1,603,988 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.600% | 4.618 | 12/25/27 | 1,611,630 | ||||||||||||
| Series - 2015 DNA2 (Class M2) | ||||||||||||||||||
| 2,339,270 | i | STACR | LIBOR 1 M + 1.300% | 3.318 | 03/25/29 | 2,345,372 | ||||||||||||
| Series - 2016 DNA4 (Class M2) | ||||||||||||||||||
| 1,622,286 | i | STACR | LIBOR 1 M + 1.300% | 3.318 | 04/25/29 | 1,627,994 | ||||||||||||
| Series - 2016 HQA4 (Class M2) | ||||||||||||||||||
| 5,841,257 | i | STACR | LIBOR 1 M + 1.200% | 3.218 | 07/25/29 | 5,854,395 | ||||||||||||
| Series - 2017 DNA1 (Class M1) | ||||||||||||||||||
| 12,782,922 | i | STACR | LIBOR 1 M + 1.200% | 3.218 | 10/25/29 | 12,824,652 | ||||||||||||
| Series - 2017 DNA2 (Class M1) | ||||||||||||||||||
| 2,935,148 | i | STACR | LIBOR 1 M + 0.800% | 1.959 | 12/25/29 | 2,935,886 | ||||||||||||
| Series - 2017 HQA2 (Class M1) | ||||||||||||||||||
| 13,304,755 | i | STACR | LIBOR 1 M + 0.750% | 2.768 | 03/25/30 | 13,306,017 | ||||||||||||
| Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
| 2,004,491 | i | STACR | LIBOR 1 M + 0.450% | 2.468 | 07/25/30 | 2,001,610 | ||||||||||||
| Series - 2018 DNA1 (Class M1) | ||||||||||||||||||
| 2,279,665 | g,i | STACR | 3.740 | 02/25/48 | 2,294,304 | |||||||||||||
| Series - 2018 SPI1 (Class M1) | ||||||||||||||||||
| 284 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 943,613 | g,i | STACR | 4.160 | % | 08/25/48 | $ | 950,664 | ||||||||||
| Series - 2018 SPI3 (Class M1) | ||||||||||||||||||
| 445,665 | g,i | STACR | 4.459 | 11/25/48 | 445,278 | |||||||||||||
| Series - 2018 SPI4 (Class M1) | ||||||||||||||||||
| 2,157,145 | g,i | Verus Securitization Trust | 4.108 | 10/25/58 | 2,180,893 | |||||||||||||
| Series - 2018 3 (Class A1) | ||||||||||||||||||
| 4,065,000 | g | VNDO Mortgage Trust | 3.808 | 12/13/29 | 4,119,695 | |||||||||||||
| Series - 2013 PENN (Class A) | ||||||||||||||||||
| 2,460,000 | g,i | VNDO Mortgage Trust | 4.079 | 12/13/29 | 2,494,538 | |||||||||||||
| Series - 2013 PENN (Class B) | ||||||||||||||||||
| 300,000 | g,i | VNDO Mortgage Trust | 4.079 | 12/13/29 | 303,189 | |||||||||||||
| Series - 2013 PENN (Class C) | ||||||||||||||||||
| 2,750,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 2,784,789 | |||||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||||
| 1,201,566 | i | Wachovia Bank Commercial Mortgage Trust | 5.748 | 04/15/47 | 1,202,155 | |||||||||||||
| Series - 2007 C31 (Class F) | ||||||||||||||||||
| 3,728,000 | Wells Fargo Commercial Mortgage Trust | 3.539 | 10/15/45 | 3,855,392 | ||||||||||||||
| Series - 2012 LC5 (Class AS) | ||||||||||||||||||
| 5,864 | i | Wells Fargo Mortgage Backed Securities Trust | 4.968 | 03/25/35 | 6,033 | |||||||||||||
| Series - 2005 AR16 (Class 3A2) | ||||||||||||||||||
| 2,000,000 | g | WFRBS Commercial Mortgage Trust | 4.375 | 03/15/44 | 2,051,988 | |||||||||||||
| Series - 2011 C3 (Class A4) | ||||||||||||||||||
| 4,500,000 | i | WFRBS Commercial Mortgage Trust | 3.714 | 03/15/45 | 4,670,365 | |||||||||||||
| Series - 2013 C11 (Class B) | ||||||||||||||||||
| 2,500,000 | i | WFRBS Commercial Mortgage Trust | 4.204 | 11/15/47 | 2,605,620 | |||||||||||||
| Series - 2014 C24 (Class B) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 486,331,481 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 688,200,733 | |||||||||||||||||
| (Cost $682,192,683) | ||||||||||||||||||
| TOTAL BONDS | 2,182,360,719 | |||||||||||||||||
| (Cost $2,162,876,013) | ||||||||||||||||||
| SHORT-TERM INVESTMENTS - 2.9% | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.3% | ||||||||||||||||||
| 5,760,000 | Federal Home Loan Bank (FHLB) | 1.600 | 10/02/19 | 5,759,699 | ||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 5,759,699 | |||||||||||||||||
| TREASURY DEBT - 2.6% | ||||||||||||||||||
| 19,450,000 | United States Treasury Bill | 1.830-1.854 | 10/01/19 | 19,450,000 | ||||||||||||||
| 15,090,000 | United States Treasury Bill | 1.852 | 10/22/19 | 15,074,097 | ||||||||||||||
| 25,000,000 | United States Treasury Bill | 2.133 | 12/12/19 | 24,910,938 | ||||||||||||||
| TOTAL TREASURY DEBT | 59,435,035 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 65,194,734 | |||||||||||||||||
| (Cost $65,177,184) | ||||||||||||||||||
| 285 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||||
| TOTAL INVESTMENTS - 101.1% | $ | 2,293,685,304 | |||||||||||||||||
| (Cost $2,274,128,020) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (1.1)% | (25,764,918 | ) | |||||||||||||||||
| NET ASSETS - 100.0% | $ | 2,267,920,386 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| M | Month | ||||||||||||||||||
| REIT | Real Estate Investment Trust | ||||||||||||||||||
| 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 9/30/2019, the aggregate value of these securities was $901,408,441 or 39.7% of net assets. | ||||||||||||||||||
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | ||||||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||||||||||||||||||
Futures contracts outstanding as of September 30, 2019 were as follows:
| Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
| US 10 Year Note (CBT) | (191 | ) | 12/19/19 | $ | (24,992,169 | ) | $ | (24,889,688 | ) | $ | 102,481 | |||||
| US 5 Year Note (CBT) | (510 | ) | 12/31/19 | (60,935,751 | ) | (60,765,703 | ) | 170,048 | ||||||||
| Total | (701 | ) | $ | (85,927,920 | ) | $ | (85,655,391 | ) | $ | 272,529 | ||||||
| 286 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
TIAA-CREF FUNDS
SHORT-TERM BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| BONDS - 99.4% | ||||||||||||||||||
| CORPORATE BONDS - 25.0% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||||
| $ | 200,000 | Honeywell International, Inc | 1.850 | % | 11/01/21 | $ | 199,910 | |||||||||||
| 250,000 | Honeywell International, Inc | 2.150 | 08/08/22 | 252,060 | ||||||||||||||
| 100,000 | Toyota Motor Corp | 3.183 | 07/20/21 | 102,205 | ||||||||||||||
| 250,000 | Toyota Motor Corp | 2.157 | 07/02/22 | 251,736 | ||||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 805,911 | |||||||||||||||||
| BANKS - 6.7% | ||||||||||||||||||
| 200,000 | Bank of America Corp | 2.151 | 11/09/20 | 200,020 | ||||||||||||||
| 300,000 | Bank of America Corp | 5.875 | 01/05/21 | 313,765 | ||||||||||||||
| 250,000 | Bank of America Corp | 2.369 | 07/21/21 | 250,419 | ||||||||||||||
| 400,000 | Bank of America Corp | 2.328 | 10/01/21 | 400,440 | ||||||||||||||
| 300,000 | Bank of America Corp | 2.738 | 01/23/22 | 301,734 | ||||||||||||||
| 300,000 | Bank of America Corp | 3.499 | 05/17/22 | 305,942 | ||||||||||||||
| 500,000 | Bank of America Corp | 2.881 | 04/24/23 | 507,528 | ||||||||||||||
| 250,000 | Bank of America NA | 3.335 | 01/25/23 | 256,611 | ||||||||||||||
| 100,000 | Bank of Nova Scotia | 2.150 | 07/14/20 | 100,130 | ||||||||||||||
| 100,000 | Bank of Nova Scotia | 2.500 | 01/08/21 | 100,581 | ||||||||||||||
| 298,000 | Bank of Nova Scotia | 2.450 | 03/22/21 | 300,096 | ||||||||||||||
| 200,000 | Bank of Nova Scotia | 3.125 | 04/20/21 | 203,286 | ||||||||||||||
| 300,000 | Bank of Nova Scotia | 2.700 | 03/07/22 | 305,247 | ||||||||||||||
| 150,000 | Bank of Nova Scotia | 2.375 | 01/18/23 | 151,312 | ||||||||||||||
| 200,000 | Barclays Bank plc | 2.650 | 01/11/21 | 200,558 | ||||||||||||||
| 200,000 | Barclays plc | 3.250 | 01/12/21 | 201,458 | ||||||||||||||
| 850,000 | Barclays plc | 4.610 | 02/15/23 | 883,040 | ||||||||||||||
| 100,000 | BB&T Corp | 2.150 | 02/01/21 | 100,162 | ||||||||||||||
| 100,000 | BB&T Corp | 3.200 | 09/03/21 | 102,066 | ||||||||||||||
| 300,000 | BB&T Corp | 2.750 | 04/01/22 | 304,459 | ||||||||||||||
| 200,000 | BB&T Corp | 3.050 | 06/20/22 | 204,800 | ||||||||||||||
| 250,000 | BB&T Corp | 2.200 | 03/16/23 | 249,746 | ||||||||||||||
| 300,000 | BPCE S.A. | 2.650 | 02/03/21 | 301,596 | ||||||||||||||
| 250,000 | Branch Banking & Trust Co | 2.250 | 06/01/20 | 250,291 | ||||||||||||||
| 100,000 | Canadian Imperial Bank of Commerce | 2.100 | 10/05/20 | 100,119 | ||||||||||||||
| 150,000 | Canadian Imperial Bank of Commerce | 2.700 | 02/02/21 | 151,423 | ||||||||||||||
| 200,000 | Canadian Imperial Bank of Commerce | 2.606 | 07/22/23 | 201,160 | ||||||||||||||
| 300,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 303,912 | ||||||||||||||
| 350,000 | Capital One NA | 2.150 | 09/06/22 | 349,703 | ||||||||||||||
| 250,000 | CitiBank NA | 2.100 | 06/12/20 | 250,079 | ||||||||||||||
| 100,000 | CitiBank NA | 2.125 | 10/20/20 | 100,091 | ||||||||||||||
| 500,000 | CitiBank NA | 2.850 | 02/12/21 | 505,719 | ||||||||||||||
| 250,000 | CitiBank NA | 3.400 | 07/23/21 | 256,068 | ||||||||||||||
| 500,000 | CitiBank NA | 3.165 | 02/19/22 | 506,724 | ||||||||||||||
| 500,000 | CitiBank NA | 2.844 | 05/20/22 | 505,125 | ||||||||||||||
| 200,000 | Citigroup, Inc | 2.700 | 03/30/21 | 201,939 | ||||||||||||||
| 287 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 500,000 | Citigroup, Inc | 2.750 | % | 04/25/22 | $ | 507,459 | |||||||||||
| 750,000 | i | Citigroup, Inc | LIBOR 3 M + 0.950% | 2.876 | 07/24/23 | 760,203 | ||||||||||||
| 250,000 | Citizens Bank NA | 2.250 | 10/30/20 | 250,531 | ||||||||||||||
| 250,000 | Citizens Bank NA | 3.250 | 02/14/22 | 256,090 | ||||||||||||||
| 200,000 | Comerica, Inc | 2.500 | 06/02/20 | 200,527 | ||||||||||||||
| 295,000 | Commonwealth Bank of Australia | 2.550 | 03/15/21 | 297,142 | ||||||||||||||
| 250,000 | Compass Bank | 3.500 | 06/11/21 | 254,127 | ||||||||||||||
| 500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.875 | 02/08/22 | 521,106 | ||||||||||||||
| 300,000 | Cooperatieve Rabobank UA | 2.500 | 01/19/21 | 301,720 | ||||||||||||||
| 250,000 | Cooperatieve Rabobank UA | 3.125 | 04/26/21 | 254,289 | ||||||||||||||
| 250,000 | Discover Bank | 3.100 | 06/04/20 | 251,352 | ||||||||||||||
| 200,000 | Fifth Third Bank | 2.200 | 10/30/20 | 200,369 | ||||||||||||||
| 500,000 | Fifth Third Bank | 2.250 | 06/14/21 | 501,584 | ||||||||||||||
| 200,000 | Fifth Third Bank | 3.350 | 07/26/21 | 204,067 | ||||||||||||||
| 100,000 | Goldman Sachs Bank USA | 3.200 | 06/05/20 | 100,763 | ||||||||||||||
| 1,000,000 | HSBC Holdings plc | 2.950 | 05/25/21 | 1,010,267 | ||||||||||||||
| 350,000 | HSBC Holdings plc | 4.000 | 03/30/22 | 365,205 | ||||||||||||||
| 500,000 | HSBC Holdings plc | 3.262 | 03/13/23 | 508,675 | ||||||||||||||
| 200,000 | HSBC USA, Inc | 2.750 | 08/07/20 | 201,155 | ||||||||||||||
| 250,000 | Huntington National Bank | 3.250 | 05/14/21 | 254,212 | ||||||||||||||
| 250,000 | Huntington National Bank | 3.125 | 04/01/22 | 256,009 | ||||||||||||||
| 200,000 | ING Groep NV | 3.150 | 03/29/22 | 204,513 | ||||||||||||||
| 700,000 | JPMorgan Chase & Co | 2.550 | 10/29/20 | 703,604 | ||||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.400 | 06/07/21 | 1,005,730 | ||||||||||||||
| 200,000 | JPMorgan Chase & Co | 3.514 | 06/18/22 | 204,690 | ||||||||||||||
| 1,450,000 | JPMorgan Chase & Co | 3.207 | 04/01/23 | 1,484,489 | ||||||||||||||
| 250,000 | JPMorgan Chase & Co | 2.776 | 04/25/23 | 253,588 | ||||||||||||||
| 250,000 | KeyBank NA | 3.300 | 02/01/22 | 257,130 | ||||||||||||||
| 250,000 | KeyBank NA | 3.375 | 03/07/23 | 259,947 | ||||||||||||||
| 100,000 | Lloyds Bank plc | 2.700 | 08/17/20 | 100,707 | ||||||||||||||
| 500,000 | Lloyds Bank plc | 3.300 | 05/07/21 | 508,613 | ||||||||||||||
| 500,000 | Lloyds Bank plc | 2.250 | 08/14/22 | 499,484 | ||||||||||||||
| 200,000 | Lloyds Banking Group plc | 2.858 | 03/17/23 | 200,645 | ||||||||||||||
| 250,000 | Manufacturers & Traders Trust Co | 2.050 | 08/17/20 | 250,151 | ||||||||||||||
| 100,000 | Mitsubishi UFJ Financial Group, Inc | 3.535 | 07/26/21 | 102,244 | ||||||||||||||
| 300,000 | Mitsubishi UFJ Financial Group, Inc | 2.998 | 02/22/22 | 305,226 | ||||||||||||||
| 300,000 | Mitsubishi UFJ Financial Group, Inc | 3.218 | 03/07/22 | 306,939 | ||||||||||||||
| 500,000 | Mitsubishi UFJ Financial Group, Inc | 2.623 | 07/18/22 | 504,018 | ||||||||||||||
| 300,000 | Mizuho Financial Group, Inc | 2.953 | 02/28/22 | 304,290 | ||||||||||||||
| 200,000 | Mizuho Financial Group, Inc | 2.721 | 07/16/23 | 201,660 | ||||||||||||||
| 250,000 | MUFG Union Bank NA | 3.150 | 04/01/22 | 256,162 | ||||||||||||||
| 250,000 | National Australia Bank Ltd | 2.500 | 01/12/21 | 251,424 | ||||||||||||||
| 250,000 | National Australia Bank Ltd | 3.375 | 09/20/21 | 256,068 | ||||||||||||||
| 250,000 | National Australia Bank Ltd | 3.700 | 11/04/21 | 258,472 | ||||||||||||||
| 250,000 | National Bank of Canada | 2.200 | 11/02/20 | 250,595 | ||||||||||||||
| 200,000 | Northern Trust Corp | 2.375 | 08/02/22 | 202,135 | ||||||||||||||
| 250,000 | PNC Bank NA | 2.450 | 11/05/20 | 251,118 | ||||||||||||||
| 250,000 | PNC Bank NA | 2.500 | 01/22/21 | 251,544 | ||||||||||||||
| 500,000 | PNC Bank NA | 2.625 | 02/17/22 | 506,927 | ||||||||||||||
| 250,000 | PNC Bank NA | 2.232 | 07/22/22 | 250,242 | ||||||||||||||
| 250,000 | Regions Bank | 2.750 | 04/01/21 | 251,635 | ||||||||||||||
| 250,000 | Regions Bank | 3.374 | 08/13/21 | 252,181 | ||||||||||||||
| 300,000 | Royal Bank of Canada | 2.150 | 10/26/20 | 300,527 | ||||||||||||||
| 288 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Royal Bank of Canada | 3.200 | % | 04/30/21 | $ | 305,634 | |||||||||||
| 500,000 | Royal Bank of Canada | 2.750 | 02/01/22 | 509,009 | ||||||||||||||
| 100,000 | Royal Bank of Canada | 2.800 | 04/29/22 | 101,866 | ||||||||||||||
| 300,000 | Royal Bank of Scotland Group plc | 3.498 | 05/15/23 | 304,003 | ||||||||||||||
| 150,000 | Santander Holdings USA, Inc | 4.450 | 12/03/21 | 156,664 | ||||||||||||||
| 200,000 | Santander UK Group Holdings plc | 2.875 | 10/16/20 | 200,635 | ||||||||||||||
| 200,000 | Santander UK plc | 2.125 | 11/03/20 | 199,890 | ||||||||||||||
| 200,000 | Santander UK plc | 2.500 | 01/05/21 | 200,248 | ||||||||||||||
| 200,000 | Santander UK plc | 3.400 | 06/01/21 | 203,463 | ||||||||||||||
| 200,000 | Santander UK plc | 3.750 | 11/15/21 | 206,469 | ||||||||||||||
| 300,000 | Skandinaviska Enskilda Banken AB | 2.800 | 03/11/22 | 304,009 | ||||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 2.650 | 07/23/20 | 251,053 | ||||||||||||||
| 800,000 | Sumitomo Mitsui Financial Group, Inc | 2.784 | 07/12/22 | 811,909 | ||||||||||||||
| 100,000 | SunTrust Bank | 3.525 | 10/26/21 | 101,403 | ||||||||||||||
| 250,000 | SunTrust Bank | 2.800 | 05/17/22 | 254,662 | ||||||||||||||
| 200,000 | SunTrust Bank | 3.502 | 08/02/22 | 204,416 | ||||||||||||||
| 250,000 | Svenska Handelsbanken AB | 1.950 | 09/08/20 | 249,861 | ||||||||||||||
| 250,000 | Svenska Handelsbanken AB | 3.350 | 05/24/21 | 255,025 | ||||||||||||||
| 300,000 | Svenska Handelsbanken AB | 1.875 | 09/07/21 | 298,738 | ||||||||||||||
| 250,000 | Synchrony Bank | 3.650 | 05/24/21 | 254,795 | ||||||||||||||
| 250,000 | Toronto-Dominion Bank | 3.000 | 06/11/20 | 251,766 | ||||||||||||||
| 100,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 99,920 | ||||||||||||||
| 150,000 | Toronto-Dominion Bank | 3.150 | 09/17/20 | 151,681 | ||||||||||||||
| 300,000 | Toronto-Dominion Bank | 2.500 | 12/14/20 | 302,008 | ||||||||||||||
| 100,000 | Toronto-Dominion Bank | 2.550 | 01/25/21 | 100,754 | ||||||||||||||
| 250,000 | Toronto-Dominion Bank | 3.250 | 06/11/21 | 255,247 | ||||||||||||||
| 500,000 | US Bancorp | 2.625 | 01/24/22 | 506,292 | ||||||||||||||
| 800,000 | US Bancorp | 2.950 | 07/15/22 | 818,987 | ||||||||||||||
| 250,000 | US Bank NA | 3.050 | 07/24/20 | 251,915 | ||||||||||||||
| 850,000 | Wells Fargo Bank NA | 2.600 | 01/15/21 | 856,019 | ||||||||||||||
| 250,000 | Wells Fargo Bank NA | 3.325 | 07/23/21 | 252,268 | ||||||||||||||
| 250,000 | Wells Fargo Bank NA | 3.625 | 10/22/21 | 257,222 | ||||||||||||||
| 350,000 | Wells Fargo Bank NA | 2.897 | 05/27/22 | 353,930 | ||||||||||||||
| 500,000 | Wells Fargo Bank NA | 2.082 | 09/09/22 | 498,808 | ||||||||||||||
| 100,000 | Westpac Banking Corp | 3.050 | 05/15/20 | 100,647 | ||||||||||||||
| 300,000 | Westpac Banking Corp | 2.300 | 05/26/20 | 300,548 | ||||||||||||||
| 100,000 | Westpac Banking Corp | 2.650 | 01/25/21 | 100,761 | ||||||||||||||
| 350,000 | Westpac Banking Corp | 2.500 | 06/28/22 | 354,518 | ||||||||||||||
| 300,000 | Zions Bancorp NA | 3.500 | 08/27/21 | 306,540 | ||||||||||||||
| 250,000 | Zions Bancorp NA | 3.350 | 03/04/22 | 255,928 | ||||||||||||||
| TOTAL BANKS | 40,330,410 | |||||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||||
| 100,000 | Air Lease Corp | 2.500 | 03/01/21 | 100,292 | ||||||||||||||
| 100,000 | Air Lease Corp | 3.500 | 01/15/22 | 102,566 | ||||||||||||||
| 350,000 | Air Lease Corp | 2.250 | 01/15/23 | 347,280 | ||||||||||||||
| 250,000 | Aircastle Ltd | 5.125 | 03/15/21 | 259,113 | ||||||||||||||
| 300,000 | Applied Materials, Inc | 4.300 | 06/15/21 | 311,900 | ||||||||||||||
| 100,000 | Caterpillar Financial Services Corp | 1.850 | 09/04/20 | 99,855 | ||||||||||||||
| 100,000 | Caterpillar Financial Services Corp | 3.350 | 12/07/20 | 101,424 | ||||||||||||||
| 100,000 | Caterpillar Financial Services Corp | 2.900 | 03/15/21 | 101,302 | ||||||||||||||
| 250,000 | Caterpillar Financial Services Corp | 2.650 | 05/17/21 | 252,701 | ||||||||||||||
| 289 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Caterpillar Financial Services Corp | 3.150 | % | 09/07/21 | $ | 204,138 | |||||||||||
| 150,000 | Caterpillar Financial Services Corp | 2.950 | 02/26/22 | 153,538 | ||||||||||||||
| 750,000 | Caterpillar Financial Services Corp | 1.900 | 09/06/22 | 749,040 | ||||||||||||||
| 200,000 | CNH Industrial Capital LLC | 3.875 | 10/15/21 | 205,184 | ||||||||||||||
| 200,000 | Fortive Corp | 2.350 | 06/15/21 | 200,289 | ||||||||||||||
| 200,000 | General Dynamics Corp | 3.000 | 05/11/21 | 203,496 | ||||||||||||||
| 200,000 | General Electric Co | 2.700 | 10/09/22 | 200,518 | ||||||||||||||
| 100,000 | Ingersoll-Rand Global Holding Co Ltd | 2.900 | 02/21/21 | 100,814 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 2.350 | 01/08/21 | 100,539 | ||||||||||||||
| 500,000 | John Deere Capital Corp | 2.550 | 01/08/21 | 503,477 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 2.875 | 03/12/21 | 101,293 | ||||||||||||||
| 200,000 | John Deere Capital Corp | 2.300 | 06/07/21 | 201,185 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 3.125 | 09/10/21 | 102,274 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 3.200 | 01/10/22 | 102,786 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 2.950 | 04/01/22 | 102,487 | ||||||||||||||
| 100,000 | John Deere Capital Corp | 1.950 | 06/13/22 | 100,023 | ||||||||||||||
| 250,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 251,097 | ||||||||||||||
| 200,000 | Northrop Grumman Corp | 2.080 | 10/15/20 | 200,065 | ||||||||||||||
| 175,000 | Raytheon Co | 3.125 | 10/15/20 | 177,115 | ||||||||||||||
| 200,000 | Rockwell Collins, Inc | 2.800 | 03/15/22 | 203,295 | ||||||||||||||
| 100,000 | Roper Technologies, Inc | 3.000 | 12/15/20 | 100,880 | ||||||||||||||
| 125,000 | United Technologies Corp | 3.350 | 08/16/21 | 128,224 | ||||||||||||||
| 200,000 | United Technologies Corp | 2.300 | 05/04/22 | 201,392 | ||||||||||||||
| 300,000 | United Technologies Corp | 3.100 | 06/01/22 | 308,854 | ||||||||||||||
| TOTAL CAPITAL GOODS | 6,578,436 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.3% | ||||||||||||||||||
| 100,000 | eBay, Inc | 2.150 | 06/05/20 | 100,030 | ||||||||||||||
| 200,000 | eBay, Inc | 2.875 | 08/01/21 | 202,134 | ||||||||||||||
| 200,000 | eBay, Inc | 3.800 | 03/09/22 | 207,182 | ||||||||||||||
| 100,000 | Equifax, Inc | 3.600 | 08/15/21 | 101,909 | ||||||||||||||
| 100,000 | Moody’s Corp | 3.250 | 06/07/21 | 102,007 | ||||||||||||||
| 200,000 | Republic Services, Inc | 5.250 | 11/15/21 | 212,881 | ||||||||||||||
| 400,000 | Visa, Inc | 2.200 | 12/14/20 | 401,537 | ||||||||||||||
| 300,000 | Visa, Inc | 2.800 | 12/14/22 | 308,647 | ||||||||||||||
| 150,000 | Waste Management, Inc | 4.600 | 03/01/21 | 154,359 | ||||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,790,686 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.0% | ||||||||||||||||||
| 100,000 | DR Horton, Inc | 2.550 | 12/01/20 | 100,294 | ||||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 100,294 | |||||||||||||||||
| CONSUMER SERVICES - 0.2% | ||||||||||||||||||
| 250,000 | GLP Capital LP | 4.375 | 04/15/21 | 255,495 | ||||||||||||||
| 250,000 | Marriott International, Inc | 3.125 | 10/15/21 | 253,016 | ||||||||||||||
| 550,000 | McDonald’s Corp | 2.750 | 12/09/20 | 554,362 | ||||||||||||||
| 100,000 | Starbucks Corp | 2.200 | 11/22/20 | 100,145 | ||||||||||||||
| 200,000 | Starbucks Corp | 3.100 | 03/01/23 | 206,828 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 1,369,846 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 4.8% | ||||||||||||||||||
| 300,000 | AerCap Ireland Capital DAC | 4.250 | 07/01/20 | 304,119 | ||||||||||||||
| 290 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | AerCap Ireland Capital DAC | 5.000 | % | 10/01/21 | $ | 210,280 | |||||||||||
| 150,000 | AerCap Ireland Capital DAC | 4.450 | 12/16/21 | 155,968 | ||||||||||||||
| 300,000 | AerCap Ireland Capital DAC | 3.950 | 02/01/22 | 309,874 | ||||||||||||||
| 100,000 | American Express Co | 2.200 | 10/30/20 | 100,147 | ||||||||||||||
| 125,000 | American Express Co | 3.000 | 02/22/21 | 126,607 | ||||||||||||||
| 300,000 | American Express Co | 3.375 | 05/17/21 | 306,000 | ||||||||||||||
| 200,000 | American Express Co | 3.700 | 11/05/21 | 206,497 | ||||||||||||||
| 750,000 | American Express Co | 2.750 | 05/20/22 | 761,659 | ||||||||||||||
| 300,000 | American Express Credit Corp | 2.200 | 03/03/20 | 300,048 | ||||||||||||||
| 100,000 | American Honda Finance Corp | 3.000 | 06/16/20 | 100,645 | ||||||||||||||
| 100,000 | American Honda Finance Corp | 1.950 | 07/20/20 | 99,942 | ||||||||||||||
| 100,000 | American Honda Finance Corp | 3.150 | 01/08/21 | 101,555 | ||||||||||||||
| 100,000 | American Honda Finance Corp | 2.650 | 02/12/21 | 100,970 | ||||||||||||||
| 200,000 | American Honda Finance Corp | 3.375 | 12/10/21 | 205,599 | ||||||||||||||
| 250,000 | American Honda Finance Corp | 2.200 | 06/27/22 | 251,485 | ||||||||||||||
| 100,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 101,858 | ||||||||||||||
| 250,000 | Australia & New Zealand Banking Group Ltd | 2.250 | 11/09/20 | 250,658 | ||||||||||||||
| 250,000 | Australia & New Zealand Banking Group Ltd | 3.300 | 05/17/21 | 255,140 | ||||||||||||||
| 300,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 305,262 | ||||||||||||||
| 100,000 | Bank of Montreal | 2.100 | 12/12/19 | 100,008 | ||||||||||||||
| 100,000 | Bank of Montreal | 2.100 | 06/15/20 | 100,077 | ||||||||||||||
| 100,000 | Bank of Montreal | 3.100 | 07/13/20 | 100,861 | ||||||||||||||
| 125,000 | Bank of Montreal | 3.100 | 04/13/21 | 127,130 | ||||||||||||||
| 500,000 | Bank of Montreal | 2.900 | 03/26/22 | 509,733 | ||||||||||||||
| 300,000 | Bank of New York Mellon Corp | 2.500 | 04/15/21 | 302,258 | ||||||||||||||
| 300,000 | Bank of New York Mellon Corp | 2.600 | 02/07/22 | 304,143 | ||||||||||||||
| 100,000 | Bank of New York Mellon Corp | 1.950 | 08/23/22 | 100,002 | ||||||||||||||
| 500,000 | Bank of New York Mellon Corp | 2.661 | 05/16/23 | 506,800 | ||||||||||||||
| 200,000 | Berkshire Hathaway, Inc | 2.200 | 03/15/21 | 201,033 | ||||||||||||||
| 250,000 | BNP Paribas S.A. | 5.000 | 01/15/21 | 259,374 | ||||||||||||||
| 400,000 | Capital One Financial Corp | 2.400 | 10/30/20 | 401,132 | ||||||||||||||
| 100,000 | Capital One Financial Corp | 3.450 | 04/30/21 | 101,808 | ||||||||||||||
| 200,000 | Charles Schwab Corp | 3.250 | 05/21/21 | 204,119 | ||||||||||||||
| 651,000 | Credit Suisse Group Funding Guernsey Ltd | 3.125 | 12/10/20 | 657,089 | ||||||||||||||
| 250,000 | Credit Suisse Group Funding Guernsey Ltd | 3.450 | 04/16/21 | 254,111 | ||||||||||||||
| 100,000 | Deutsche Bank AG. | 2.700 | 07/13/20 | 99,794 | ||||||||||||||
| 200,000 | Deutsche Bank AG. | 3.125 | 01/13/21 | 200,090 | ||||||||||||||
| 300,000 | Deutsche Bank AG. | 3.150 | 01/22/21 | 299,322 | ||||||||||||||
| 650,000 | Deutsche Bank AG. | 4.250 | 02/04/21 | 656,350 | ||||||||||||||
| 150,000 | Deutsche Bank AG. | 5.000 | 02/14/22 | 155,324 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 2.681 | 01/09/20 | 199,986 | ||||||||||||||
| 375,000 | Ford Motor Credit Co LLC | 2.425 | 06/12/20 | 374,062 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 2.343 | 11/02/20 | 198,823 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 5.085 | 01/07/21 | 205,096 | ||||||||||||||
| 300,000 | Ford Motor Credit Co LLC | 3.200 | 01/15/21 | 300,394 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 3.470 | 04/05/21 | 200,999 | ||||||||||||||
| 300,000 | Ford Motor Credit Co LLC | 3.813 | 10/12/21 | 304,041 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 5.596 | 01/07/22 | 210,131 | ||||||||||||||
| 200,000 | Ford Motor Credit Co LLC | 3.350 | 11/01/22 | 200,216 | ||||||||||||||
| 500,000 | GE Capital International Funding Co | 2.342 | 11/15/20 | 498,783 | ||||||||||||||
| 500,000 | General Electric Capital Corp | 4.625 | 01/07/21 | 512,982 | ||||||||||||||
| 300,000 | General Electric Capital Corp | 4.650 | 10/17/21 | 312,021 | ||||||||||||||
| 291 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | General Motors Financial Co, Inc | 2.650 | % | 04/13/20 | $ | 300,396 | |||||||||||
| 100,000 | General Motors Financial Co, Inc | 2.450 | 11/06/20 | 99,950 | ||||||||||||||
| 300,000 | General Motors Financial Co, Inc | 4.200 | 03/01/21 | 306,463 | ||||||||||||||
| 400,000 | General Motors Financial Co, Inc | 3.550 | 04/09/21 | 405,814 | ||||||||||||||
| 250,000 | General Motors Financial Co, Inc | 4.200 | 11/06/21 | 257,911 | ||||||||||||||
| 650,000 | General Motors Financial Co, Inc | 3.550 | 07/08/22 | 663,971 | ||||||||||||||
| 700,000 | Goldman Sachs Group, Inc | 2.300 | 12/13/19 | 700,074 | ||||||||||||||
| 200,000 | Goldman Sachs Group, Inc | 2.600 | 12/27/20 | 200,241 | ||||||||||||||
| 300,000 | Goldman Sachs Group, Inc | 2.875 | 02/25/21 | 302,664 | ||||||||||||||
| 1,000,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 1,077,423 | ||||||||||||||
| 250,000 | Goldman Sachs Group, Inc | 3.000 | 04/26/22 | 252,780 | ||||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 2.876 | 10/31/22 | 505,790 | ||||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 2.905 | 07/24/23 | 507,046 | ||||||||||||||
| 150,000 | IBM Credit LLC | 3.450 | 11/30/20 | 152,575 | ||||||||||||||
| 250,000 | IBM Credit LLC | 2.650 | 02/05/21 | 252,230 | ||||||||||||||
| 150,000 | IBM Credit LLC | 3.600 | 11/30/21 | 154,997 | ||||||||||||||
| 300,000 | Intercontinental Exchange, Inc | 2.750 | 12/01/20 | 302,299 | ||||||||||||||
| 300,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 328,695 | ||||||||||||||
| 750,000 | Landwirtschaftliche Rentenbank | 1.750 | 09/24/21 | 750,273 | ||||||||||||||
| 750,000 | Morgan Stanley | 2.800 | 06/16/20 | 753,787 | ||||||||||||||
| 800,000 | Morgan Stanley | 5.500 | 07/28/21 | 848,614 | ||||||||||||||
| 500,000 | Morgan Stanley | 2.750 | 05/19/22 | 507,193 | ||||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 2.400 | 04/25/22 | 201,957 | ||||||||||||||
| 250,000 | Oesterreichische Kontrollbank AG. | 1.500 | 10/21/20 | 249,021 | ||||||||||||||
| 125,000 | Oesterreichische Kontrollbank AG. | 2.875 | 09/07/21 | 127,688 | ||||||||||||||
| 250,000 | Oesterreichische Kontrollbank AG. | 2.625 | 01/31/22 | 255,226 | ||||||||||||||
| 300,000 | Oesterreichische Kontrollbank AG. | 1.625 | 09/17/22 | 299,600 | ||||||||||||||
| 100,000 | PACCAR Financial Corp | 3.150 | 08/09/21 | 102,064 | ||||||||||||||
| 100,000 | PACCAR Financial Corp | 2.850 | 03/01/22 | 101,875 | ||||||||||||||
| 100,000 | PACCAR Financial Corp | 2.650 | 05/10/22 | 101,565 | ||||||||||||||
| 200,000 | PACCAR Financial Corp | 2.000 | 09/26/22 | 200,276 | ||||||||||||||
| 300,000 | State Street Corp | 2.550 | 08/18/20 | 301,414 | ||||||||||||||
| 300,000 | State Street Corp | 2.653 | 05/15/23 | 304,890 | ||||||||||||||
| 100,000 | Synchrony Financial | 2.850 | 07/25/22 | 100,881 | ||||||||||||||
| 100,000 | Toyota Motor Credit Corp | 3.050 | 01/08/21 | 101,499 | ||||||||||||||
| 200,000 | Toyota Motor Credit Corp | 2.950 | 04/13/21 | 203,220 | ||||||||||||||
| 200,000 | Toyota Motor Credit Corp | 3.400 | 09/15/21 | 205,897 | ||||||||||||||
| 250,000 | Toyota Motor Credit Corp | 2.600 | 01/11/22 | 253,964 | ||||||||||||||
| 250,000 | Toyota Motor Credit Corp | 2.650 | 04/12/22 | 254,556 | ||||||||||||||
| 200,000 | Unilever Capital Corp | 2.750 | 03/22/21 | 202,292 | ||||||||||||||
| 100,000 | Unilever Capital Corp | 3.000 | 03/07/22 | 102,524 | ||||||||||||||
| 900,000 | Wells Fargo & Co | 2.600 | 07/22/20 | 904,240 | ||||||||||||||
| 300,000 | Wells Fargo & Co | 3.000 | 01/22/21 | 303,290 | ||||||||||||||
| 350,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 353,894 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 28,575,424 | |||||||||||||||||
| ENERGY - 1.6% | ||||||||||||||||||
| 500,000 | BP Capital Markets America, Inc | 3.245 | 05/06/22 | 514,857 | ||||||||||||||
| 400,000 | BP Capital Markets plc | 3.561 | 11/01/21 | 411,859 | ||||||||||||||
| 300,000 | Chevron Corp | 2.427 | 06/24/20 | 300,937 | ||||||||||||||
| 500,000 | Chevron Corp | 2.498 | 03/03/22 | 507,487 | ||||||||||||||
| 100,000 | Enbridge Energy Partners LP | 4.375 | 10/15/20 | 102,092 | ||||||||||||||
| 200,000 | Enbridge, Inc | 2.900 | 07/15/22 | 203,797 | ||||||||||||||
| 292 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Energy Transfer Partners LP | 4.150 | % | 10/01/20 | $ | 202,979 | |||||||||||
| 600,000 | Energy Transfer Partners LP | 5.200 | 02/01/22 | 633,197 | ||||||||||||||
| 200,000 | Enterprise Products Operating LLC | 5.200 | 09/01/20 | 205,500 | ||||||||||||||
| 100,000 | Enterprise Products Operating LLC | 2.800 | 02/15/21 | 100,944 | ||||||||||||||
| 100,000 | Enterprise Products Operating LLC | 3.500 | 02/01/22 | 103,260 | ||||||||||||||
| 200,000 | EOG Resources, Inc | 4.100 | 02/01/21 | 205,508 | ||||||||||||||
| 100,000 | EQT Corp | 2.500 | 10/01/20 | 99,840 | ||||||||||||||
| 200,000 | Exxon Mobil Corp | 2.222 | 03/01/21 | 201,042 | ||||||||||||||
| 175,000 | Exxon Mobil Corp | 1.902 | 08/16/22 | 175,869 | ||||||||||||||
| 250,000 | Kinder Morgan, Inc | 3.950 | 09/01/22 | 260,256 | ||||||||||||||
| 400,000 | Magellan Midstream Partners LP | 4.250 | 02/01/21 | 410,194 | ||||||||||||||
| 200,000 | Marathon Petroleum Corp | 5.125 | 03/01/21 | 207,889 | ||||||||||||||
| 160,000 | Occidental Petroleum Corp | 4.850 | 03/15/21 | 165,435 | ||||||||||||||
| 300,000 | Occidental Petroleum Corp | 2.600 | 08/13/21 | 301,943 | ||||||||||||||
| 100,000 | Occidental Petroleum Corp | 3.125 | 02/15/22 | 101,480 | ||||||||||||||
| 350,000 | Occidental Petroleum Corp | 2.700 | 08/15/22 | 353,063 | ||||||||||||||
| 500,000 | Petroleos Mexicanos | 5.375 | 03/13/22 | 526,875 | ||||||||||||||
| 250,000 | Phillips 66 | 4.300 | 04/01/22 | 263,630 | ||||||||||||||
| 200,000 | Plains All American Pipeline LP | 3.650 | 06/01/22 | 205,168 | ||||||||||||||
| 250,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 258,258 | ||||||||||||||
| 250,000 | Shell International Finance BV | 1.875 | 05/10/21 | 250,095 | ||||||||||||||
| 250,000 | Shell International Finance BV | 1.750 | 09/12/21 | 249,550 | ||||||||||||||
| 300,000 | Total Capital International S.A. | 2.218 | 07/12/21 | 301,477 | ||||||||||||||
| 300,000 | Total Capital International S.A. | 2.875 | 02/17/22 | 306,773 | ||||||||||||||
| 300,000 | Total Capital S.A. | 4.450 | 06/24/20 | 305,216 | ||||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 2.500 | 08/01/22 | 202,124 | ||||||||||||||
| 200,000 | Western Gas Partners LP | 4.000 | 07/01/22 | 202,423 | ||||||||||||||
| 500,000 | Williams Partners LP | 3.600 | 03/15/22 | 513,606 | ||||||||||||||
| TOTAL ENERGY | 9,354,623 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 0.5% | ||||||||||||||||||
| 400,000 | Costco Wholesale Corp | 2.150 | 05/18/21 | 401,811 | ||||||||||||||
| 350,000 | CVS Health Corp | 2.800 | 07/20/20 | 351,558 | ||||||||||||||
| 200,000 | CVS Health Corp | 3.350 | 03/09/21 | 203,249 | ||||||||||||||
| 500,000 | CVS Health Corp | 3.500 | 07/20/22 | 516,252 | ||||||||||||||
| 300,000 | Kroger Co | 2.800 | 08/01/22 | 305,265 | ||||||||||||||
| 200,000 | SYSCO Corp | 2.600 | 06/12/22 | 202,461 | ||||||||||||||
| 200,000 | Walgreen Co | 3.100 | 09/15/22 | 204,876 | ||||||||||||||
| 200,000 | Walgreens Boots Alliance, Inc | 3.300 | 11/18/21 | 204,706 | ||||||||||||||
| 100,000 | Walmart, Inc | 2.850 | 06/23/20 | 100,654 | ||||||||||||||
| 450,000 | Walmart, Inc | 1.900 | 12/15/20 | 450,989 | ||||||||||||||
| 200,000 | Walmart, Inc | 3.125 | 06/23/21 | 204,608 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 3,146,429 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.1% | ||||||||||||||||||
| 200,000 | Altria Group, Inc | 4.750 | 05/05/21 | 207,943 | ||||||||||||||
| 150,000 | Altria Group, Inc | 3.490 | 02/14/22 | 153,862 | ||||||||||||||
| 200,000 | Altria Group, Inc | 2.850 | 08/09/22 | 202,363 | ||||||||||||||
| 300,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 304,498 | ||||||||||||||
| 100,000 | Archer-Daniels-Midland Co | 3.375 | 03/15/22 | 103,377 | ||||||||||||||
| 200,000 | Bunge Ltd | 3.500 | 11/24/20 | 202,159 | ||||||||||||||
| 293 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Campbell Soup Co | 3.300 | % | 03/15/21 | $ | 202,879 | |||||||||||
| 300,000 | Coca-Cola Co | 3.150 | 11/15/20 | 304,073 | ||||||||||||||
| 450,000 | Coca-Cola Co | 1.550 | 09/01/21 | 447,845 | ||||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 4.625 | 02/15/20 | 201,521 | ||||||||||||||
| 100,000 | ConAgra Brands, Inc | 3.800 | 10/22/21 | 103,197 | ||||||||||||||
| 100,000 | Constellation Brands, Inc | 2.250 | 11/06/20 | 100,030 | ||||||||||||||
| 200,000 | Constellation Brands, Inc | 2.650 | 11/07/22 | 202,239 | ||||||||||||||
| 200,000 | Diageo Capital plc | 3.000 | 05/18/20 | 201,162 | ||||||||||||||
| 100,000 | General Mills, Inc | 3.200 | 04/16/21 | 101,532 | ||||||||||||||
| 100,000 | Hershey Co | 3.100 | 05/15/21 | 101,667 | ||||||||||||||
| 200,000 | JM Smucker Co | 3.000 | 03/15/22 | 203,062 | ||||||||||||||
| 200,000 | Keurig Dr Pepper, Inc | 3.551 | 05/25/21 | 204,421 | ||||||||||||||
| 300,000 | Kraft Heinz Foods Co | 2.800 | 07/02/20 | 300,516 | ||||||||||||||
| 100,000 | Kraft Heinz Foods Co | 3.375 | 06/15/21 | 101,294 | ||||||||||||||
| 138,000 | Mead Johnson Nutrition Co | 3.000 | 11/15/20 | 139,195 | ||||||||||||||
| 300,000 | PepsiCo, Inc | 3.125 | 11/01/20 | 304,145 | ||||||||||||||
| 200,000 | PepsiCo, Inc | 2.000 | 04/15/21 | 200,748 | ||||||||||||||
| 200,000 | PepsiCo, Inc | 2.250 | 05/02/22 | 201,751 | ||||||||||||||
| 300,000 | PepsiCo, Inc | 3.100 | 07/17/22 | 309,721 | ||||||||||||||
| 300,000 | Philip Morris International, Inc | 2.900 | 11/15/21 | 304,746 | ||||||||||||||
| 250,000 | Philip Morris International, Inc | 2.375 | 08/17/22 | 251,753 | ||||||||||||||
| 200,000 | Reynolds American, Inc | 3.250 | 06/12/20 | 201,265 | ||||||||||||||
| 300,000 | Reynolds American, Inc | 4.000 | 06/12/22 | 312,542 | ||||||||||||||
| 300,000 | Tyson Foods, Inc | 4.500 | 06/15/22 | 317,383 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 6,492,889 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.6% | ||||||||||||||||||
| 100,000 | Anthem, Inc | 2.500 | 11/21/20 | 100,342 | ||||||||||||||
| 300,000 | Anthem, Inc | 2.950 | 12/01/22 | 305,719 | ||||||||||||||
| 300,000 | Becton Dickinson & Co | 2.894 | 06/06/22 | 304,580 | ||||||||||||||
| 400,000 | Becton Dickinson and Co | 2.404 | 06/05/20 | 400,414 | ||||||||||||||
| 250,000 | Cardinal Health, Inc | 2.616 | 06/15/22 | 251,270 | ||||||||||||||
| 100,000 | Express Scripts Holding Co | 2.600 | 11/30/20 | 100,434 | ||||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.750 | 08/23/22 | 206,987 | ||||||||||||||
| 100,000 | McKesson Corp | 3.650 | 11/30/20 | 101,625 | ||||||||||||||
| 197,000 | Medtronic, Inc | 3.150 | 03/15/22 | 203,115 | ||||||||||||||
| 100,000 | Stryker Corp | 2.625 | 03/15/21 | 100,738 | ||||||||||||||
| 300,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 309,589 | ||||||||||||||
| 200,000 | UnitedHealth Group, Inc | 2.700 | 07/15/20 | 201,125 | ||||||||||||||
| 100,000 | UnitedHealth Group, Inc | 1.950 | 10/15/20 | 99,965 | ||||||||||||||
| 200,000 | UnitedHealth Group, Inc | 3.150 | 06/15/21 | 203,806 | ||||||||||||||
| 500,000 | UnitedHealth Group, Inc | 2.875 | 03/15/22 | 509,255 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,398,964 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||||
| 200,000 | Ecolab, Inc | 4.350 | 12/08/21 | 209,608 | ||||||||||||||
| 300,000 | Procter & Gamble Co | 2.300 | 02/06/22 | 304,342 | ||||||||||||||
| 200,000 | Procter & Gamble Co | 2.150 | 08/11/22 | 202,473 | ||||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 716,423 | |||||||||||||||||
| INSURANCE - 0.5% | ||||||||||||||||||
| 300,000 | American International Group, Inc | 3.300 | 03/01/21 | 304,715 | ||||||||||||||
| 294 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | American International Group, Inc | 4.875 | % | 06/01/22 | $ | 320,556 | |||||||||||
| 300,000 | Aon plc | 2.800 | 03/15/21 | 302,226 | ||||||||||||||
| 200,000 | Chubb INA Holdings, Inc | 2.300 | 11/03/20 | 200,642 | ||||||||||||||
| 200,000 | Cigna Corp | 3.200 | 09/17/20 | 201,936 | ||||||||||||||
| 300,000 | Cigna Corp | 3.400 | 09/17/21 | 306,804 | ||||||||||||||
| 300,000 | Cigna Holding Co | 4.000 | 02/15/22 | 310,228 | ||||||||||||||
| 100,000 | Humana, Inc | 2.500 | 12/15/20 | 100,179 | ||||||||||||||
| 100,000 | Marsh & McLennan Cos, Inc | 3.500 | 12/29/20 | 101,595 | ||||||||||||||
| 300,000 | Prudential Financial, Inc | 5.875 | 09/15/42 | 323,151 | ||||||||||||||
| 200,000 | Travelers Cos, Inc | 3.900 | 11/01/20 | 203,961 | ||||||||||||||
| 100,000 | WR Berkley Corp | 5.375 | 09/15/20 | 102,911 | ||||||||||||||
| TOTAL INSURANCE | 2,778,904 | |||||||||||||||||
| MATERIALS - 0.5% | ||||||||||||||||||
| 100,000 | 3M Co | 3.000 | 09/14/21 | 101,813 | ||||||||||||||
| 100,000 | 3M Co | 2.750 | 03/01/22 | 102,451 | ||||||||||||||
| 500,000 | 3M Co | 1.750 | 02/14/23 | 498,468 | ||||||||||||||
| 200,000 | ArcelorMittal | 5.500 | 03/01/21 | 208,260 | ||||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 2.875 | 02/24/22 | 511,416 | ||||||||||||||
| 200,000 | Domtar Corp | 4.400 | 04/01/22 | 207,649 | ||||||||||||||
| 200,000 | Dow Chemical Co | 3.000 | 11/15/22 | 203,780 | ||||||||||||||
| 100,000 | Eastman Chemical Co | 3.500 | 12/01/21 | 102,229 | ||||||||||||||
| 100,000 | International Flavors & Fragrances, Inc | 3.400 | 09/25/20 | 101,142 | ||||||||||||||
| 500,000 | LyondellBasell Industries NV | 6.000 | 11/15/21 | 534,309 | ||||||||||||||
| 200,000 | Newmont Goldcorp Corp | 3.500 | 03/15/22 | 205,207 | ||||||||||||||
| 100,000 | Packaging Corp of America | 2.450 | 12/15/20 | 100,208 | ||||||||||||||
| 100,000 | Praxair, Inc | 2.250 | 09/24/20 | 100,265 | ||||||||||||||
| 200,000 | Praxair, Inc | 2.200 | 08/15/22 | 201,419 | ||||||||||||||
| 135,000 | Sherwin-Williams Co | 2.750 | 06/01/22 | 137,016 | ||||||||||||||
| TOTAL MATERIALS | 3,315,632 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.6% | ||||||||||||||||||
| 200,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 201,790 | ||||||||||||||
| 200,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 210,553 | ||||||||||||||
| 200,000 | Comcast Corp | 3.300 | 10/01/20 | 202,721 | ||||||||||||||
| 400,000 | Comcast Corp | 3.450 | 10/01/21 | 411,918 | ||||||||||||||
| 300,000 | Comcast Corp | 1.625 | 01/15/22 | 298,848 | ||||||||||||||
| 100,000 | Discovery Communications LLC | 3.500 | 06/15/22 | 102,473 | ||||||||||||||
| 100,000 | g | Fox Corp | 3.666 | 01/25/22 | 103,253 | |||||||||||||
| 100,000 | Interpublic Group of Cos, Inc | 3.500 | 10/01/20 | 101,174 | ||||||||||||||
| 100,000 | Interpublic Group of Cos, Inc | 3.750 | 10/01/21 | 102,512 | ||||||||||||||
| 120,000 | Omnicom Group, Inc | 4.450 | 08/15/20 | 122,379 | ||||||||||||||
| 250,000 | Time Warner Cable LLC | 4.000 | 09/01/21 | 255,771 | ||||||||||||||
| 200,000 | Walt Disney Co | 1.800 | 06/05/20 | 199,799 | ||||||||||||||
| 200,000 | g | Walt Disney Co | 4.500 | 02/15/21 | 207,037 | |||||||||||||
| 300,000 | Walt Disney Co | 2.550 | 02/15/22 | 304,793 | ||||||||||||||
| 500,000 | Walt Disney Co | 1.650 | 09/01/22 | 498,753 | ||||||||||||||
| 200,000 | WPP Finance 2010 | 3.625 | 09/07/22 | 206,614 | ||||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 3,530,388 | |||||||||||||||||
| 295 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5% | ||||||||||||||||||
| $ | 500,000 | Abbott Laboratories | 2.900 | % | 11/30/21 | $ | 509,019 | |||||||||||
| 450,000 | AbbVie, Inc | 2.500 | 05/14/20 | 451,026 | ||||||||||||||
| 400,000 | AbbVie, Inc | 3.375 | 11/14/21 | 409,984 | ||||||||||||||
| 300,000 | Actavis Funding SCS | 3.450 | 03/15/22 | 307,470 | ||||||||||||||
| 500,000 | Amgen, Inc | 3.875 | 11/15/21 | 516,179 | ||||||||||||||
| 300,000 | Amgen, Inc | 2.650 | 05/11/22 | 303,899 | ||||||||||||||
| 200,000 | AstraZeneca plc | 2.375 | 11/16/20 | 200,815 | ||||||||||||||
| 200,000 | AstraZeneca plc | 2.375 | 06/12/22 | 201,474 | ||||||||||||||
| 200,000 | Biogen, Inc | 2.900 | 09/15/20 | 201,433 | ||||||||||||||
| 250,000 | g | Bristol-Myers Squibb Co | 2.550 | 05/14/21 | 252,188 | |||||||||||||
| 500,000 | g | Bristol-Myers Squibb Co | 2.600 | 05/16/22 | 507,522 | |||||||||||||
| 500,000 | Celgene Corp | 2.875 | 02/19/21 | 504,802 | ||||||||||||||
| 200,000 | Gilead Sciences, Inc | 2.550 | 09/01/20 | 200,962 | ||||||||||||||
| 300,000 | Gilead Sciences, Inc | 4.400 | 12/01/21 | 312,948 | ||||||||||||||
| 200,000 | GlaxoSmithKline Capital plc | 3.125 | 05/14/21 | 203,958 | ||||||||||||||
| 500,000 | GlaxoSmithKline Capital plc | 2.875 | 06/01/22 | 510,851 | ||||||||||||||
| 100,000 | Johnson & Johnson | 1.950 | 11/10/20 | 100,044 | ||||||||||||||
| 250,000 | Johnson & Johnson | 1.650 | 03/01/21 | 249,485 | ||||||||||||||
| 200,000 | Johnson & Johnson | 2.250 | 03/03/22 | 202,352 | ||||||||||||||
| 300,000 | Merck & Co, Inc | 3.875 | 01/15/21 | 306,172 | ||||||||||||||
| 200,000 | Mylan NV | 3.750 | 12/15/20 | 202,943 | ||||||||||||||
| 300,000 | Mylan NV | 3.150 | 06/15/21 | 303,825 | ||||||||||||||
| 300,000 | Novartis Capital Corp | 2.400 | 09/21/22 | 304,946 | ||||||||||||||
| 100,000 | Pfizer, Inc | 3.000 | 09/15/21 | 102,114 | ||||||||||||||
| 500,000 | Pfizer, Inc | 2.800 | 03/11/22 | 509,568 | ||||||||||||||
| 300,000 | Sanofi | 4.000 | 03/29/21 | 308,704 | ||||||||||||||
| 500,000 | g | Takeda Pharmaceutical Co Ltd | 4.000 | 11/26/21 | 517,671 | |||||||||||||
| 100,000 | Zoetis, Inc | 3.250 | 08/20/21 | 101,757 | ||||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 8,804,111 | |||||||||||||||||
| REAL ESTATE - 0.5% | ||||||||||||||||||
| 250,000 | American Tower Corp | 3.300 | 02/15/21 | 253,551 | ||||||||||||||
| 500,000 | American Tower Corp | 4.700 | 03/15/22 | 529,636 | ||||||||||||||
| 100,000 | AvalonBay Communities, Inc | 2.950 | 09/15/22 | 102,479 | ||||||||||||||
| 200,000 | Boston Properties LP | 4.125 | 05/15/21 | 205,399 | ||||||||||||||
| 200,000 | Crown Castle International Corp | 2.250 | 09/01/21 | 200,158 | ||||||||||||||
| 400,000 | ERP Operating LP | 4.750 | 07/15/20 | 405,314 | ||||||||||||||
| 100,000 | HCP, Inc | 3.150 | 08/01/22 | 101,963 | ||||||||||||||
| 100,000 | Hospitality Properties Trust | 5.000 | 08/15/22 | 104,554 | ||||||||||||||
| 100,000 | Simon Property Group LP | 2.500 | 09/01/20 | 100,335 | ||||||||||||||
| 300,000 | Simon Property Group LP | 3.375 | 03/15/22 | 309,798 | ||||||||||||||
| 200,000 | Simon Property Group LP | 2.625 | 06/15/22 | 203,219 | ||||||||||||||
| 200,000 | Weyerhaeuser Co | 4.700 | 03/15/21 | 205,386 | ||||||||||||||
| TOTAL REAL ESTATE | 2,721,792 | |||||||||||||||||
| RETAILING - 0.3% | ||||||||||||||||||
| 100,000 | Amazon.com, Inc | 1.900 | 08/21/20 | 100,064 | ||||||||||||||
| 200,000 | Amazon.com, Inc | 3.300 | 12/05/21 | 205,924 | ||||||||||||||
| 100,000 | AutoZone, Inc | 4.000 | 11/15/20 | 101,495 | ||||||||||||||
| 350,000 | Home Depot, Inc | 1.800 | 06/05/20 | 349,528 | ||||||||||||||
| 296 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | Home Depot, Inc | 3.250 | % | 03/01/22 | $ | 206,931 | |||||||||||
| 400,000 | Lowe’s Cos, Inc | 3.750 | 04/15/21 | 408,891 | ||||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 3.875 | 01/15/22 | 203,413 | ||||||||||||||
| 200,000 | Nordstrom, Inc | 4.000 | 10/15/21 | 205,506 | ||||||||||||||
| 250,000 | Target Corp | 2.900 | 01/15/22 | 256,814 | ||||||||||||||
| TOTAL RETAILING | 2,038,566 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | ||||||||||||||||||
| 100,000 | Analog Devices, Inc | 2.950 | 01/12/21 | 100,748 | ||||||||||||||
| 350,000 | g | Broadcom, Inc | 3.125 | 04/15/21 | 353,347 | |||||||||||||
| 500,000 | g | Broadcom, Inc | 3.125 | 10/15/22 | 506,295 | |||||||||||||
| 200,000 | Intel Corp | 2.450 | 07/29/20 | 200,760 | ||||||||||||||
| 350,000 | Intel Corp | 1.700 | 05/19/21 | 349,571 | ||||||||||||||
| 200,000 | Intel Corp | 3.100 | 07/29/22 | 206,998 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,717,719 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.7% | ||||||||||||||||||
| 300,000 | Automatic Data Processing, Inc | 2.250 | 09/15/20 | 300,826 | ||||||||||||||
| 100,000 | Baidu, Inc | 3.000 | 06/30/20 | 100,378 | ||||||||||||||
| 100,000 | Fidelity National Information Services, Inc | 2.250 | 08/15/21 | 100,135 | ||||||||||||||
| 200,000 | Fiserv, Inc | 3.500 | 10/01/22 | 207,742 | ||||||||||||||
| 300,000 | International Business Machines Corp | 2.800 | 05/13/21 | 304,007 | ||||||||||||||
| 500,000 | International Business Machines Corp | 2.850 | 05/13/22 | 510,975 | ||||||||||||||
| 500,000 | Microsoft Corp | 2.000 | 11/03/20 | 500,730 | ||||||||||||||
| 400,000 | Microsoft Corp | 1.550 | 08/08/21 | 398,310 | ||||||||||||||
| 400,000 | Microsoft Corp | 2.400 | 02/06/22 | 405,597 | ||||||||||||||
| 500,000 | Oracle Corp | 3.875 | 07/15/20 | 507,506 | ||||||||||||||
| 400,000 | Oracle Corp | 1.900 | 09/15/21 | 399,859 | ||||||||||||||
| 500,000 | Oracle Corp | 2.500 | 05/15/22 | 506,321 | ||||||||||||||
| 175,000 | PayPal Holdings, Inc | 2.200 | 09/26/22 | 175,402 | ||||||||||||||
| 100,000 | VMware, Inc | 2.300 | 08/21/20 | 100,051 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 4,517,839 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.0% | ||||||||||||||||||
| 100,000 | Apple, Inc | 2.000 | 11/13/20 | 100,208 | ||||||||||||||
| 400,000 | Apple, Inc | 2.250 | 02/23/21 | 401,808 | ||||||||||||||
| 250,000 | Apple, Inc | 1.550 | 08/04/21 | 248,762 | ||||||||||||||
| 700,000 | Apple, Inc | 2.150 | 02/09/22 | 705,311 | ||||||||||||||
| 175,000 | Apple, Inc | 1.700 | 09/11/22 | 174,734 | ||||||||||||||
| 500,000 | Apple, Inc | 2.100 | 09/12/22 | 504,180 | ||||||||||||||
| 100,000 | Broadcom Corp | 2.200 | 01/15/21 | 99,633 | ||||||||||||||
| 500,000 | Broadcom Corp | 3.000 | 01/15/22 | 504,852 | ||||||||||||||
| 500,000 | Cisco Systems, Inc | 2.450 | 06/15/20 | 501,779 | ||||||||||||||
| 250,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 249,912 | ||||||||||||||
| 300,000 | Cisco Systems, Inc | 3.000 | 06/15/22 | 309,749 | ||||||||||||||
| 500,000 | g | Dell International LLC | 4.420 | 06/15/21 | 515,538 | |||||||||||||
| 300,000 | Hewlett Packard Enterprise Co | 3.600 | 10/15/20 | 303,860 | ||||||||||||||
| 100,000 | Hewlett Packard Enterprise Co | 3.500 | 10/05/21 | 102,517 | ||||||||||||||
| 300,000 | Hewlett Packard Enterprise Co | 2.250 | 04/01/23 | 299,123 | ||||||||||||||
| 300,000 | Hewlett-Packard Co | 4.650 | 12/09/21 | 317,416 | ||||||||||||||
| 250,000 | g | L3Harris Technologies, Inc | 4.950 | 02/15/21 | 256,860 | |||||||||||||
| 297 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | QUALCOMM, Inc | 3.000 | % | 05/20/22 | $ | 307,547 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 5,903,789 | |||||||||||||||||
| TELECOMMUNICATION SERVICES - 0.5% | ||||||||||||||||||
| 200,000 | Alibaba Group Holding Ltd | 3.125 | 11/28/21 | 203,127 | ||||||||||||||
| 100,000 | America Movil SAB de C.V. | 5.000 | 03/30/20 | 101,292 | ||||||||||||||
| 200,000 | AT&T, Inc | 2.450 | 06/30/20 | 200,474 | ||||||||||||||
| 900,000 | AT&T, Inc | 3.200 | 03/01/22 | 921,978 | ||||||||||||||
| 500,000 | AT&T, Inc | 3.400 | 06/15/22 | 515,426 | ||||||||||||||
| 300,000 | Orange S.A. | 1.625 | 11/03/19 | 299,780 | ||||||||||||||
| 250,000 | Telefonica Emisiones SAU | 5.134 | 04/27/20 | 253,999 | ||||||||||||||
| 750,000 | Verizon Communications, Inc | 3.125 | 03/16/22 | 771,643 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 3,267,719 | |||||||||||||||||
| TRANSPORTATION - 0.4% | ||||||||||||||||||
| 200,000 | Boeing Co | 1.650 | 10/30/20 | 198,967 | ||||||||||||||
| 100,000 | Boeing Co | 2.300 | 08/01/21 | 100,431 | ||||||||||||||
| 200,000 | Boeing Co | 2.700 | 05/01/22 | 203,925 | ||||||||||||||
| 100,000 | Delta Air Lines, Inc | 2.875 | 03/13/20 | 100,214 | ||||||||||||||
| 100,000 | Delta Air Lines, Inc | 2.600 | 12/04/20 | 100,175 | ||||||||||||||
| 100,000 | Delta Air Lines, Inc | 3.400 | 04/19/21 | 101,394 | ||||||||||||||
| 100,000 | FedEx Corp | 3.400 | 01/14/22 | 102,535 | ||||||||||||||
| 100,000 | Royal Caribbean Cruises Ltd | 2.650 | 11/28/20 | 100,401 | ||||||||||||||
| 200,000 | Ryder System, Inc | 3.500 | 06/01/21 | 204,327 | ||||||||||||||
| 200,000 | Ryder System, Inc | 2.875 | 06/01/22 | 203,292 | ||||||||||||||
| 250,000 | Union Pacific Corp | 2.250 | 06/19/20 | 250,151 | ||||||||||||||
| 100,000 | Union Pacific Corp | 3.200 | 06/08/21 | 101,731 | ||||||||||||||
| 200,000 | Union Pacific Corp | 2.950 | 03/01/22 | 204,672 | ||||||||||||||
| 300,000 | United Parcel Service, Inc | 2.050 | 04/01/21 | 300,223 | ||||||||||||||
| TOTAL TRANSPORTATION | 2,272,438 | |||||||||||||||||
| UTILITIES - 1.1% | ||||||||||||||||||
| 100,000 | Berkshire Hathaway Energy Co | 2.375 | 01/15/21 | 100,481 | ||||||||||||||
| 100,000 | CenterPoint Energy, Inc | 3.600 | 11/01/21 | 102,654 | ||||||||||||||
| 250,000 | CenterPoint Energy, Inc | 2.500 | 09/01/22 | 251,734 | ||||||||||||||
| 200,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 202,394 | ||||||||||||||
| 400,000 | Dominion Energy, Inc | 2.579 | 07/01/20 | 400,891 | ||||||||||||||
| 125,000 | Dominion Energy, Inc (Step Bond) | 2.715 | 08/15/21 | 125,816 | ||||||||||||||
| 250,000 | Dominion Gas Holdings LLC | 2.800 | 11/15/20 | 251,724 | ||||||||||||||
| 200,000 | DTE Energy Co | 2.600 | 06/15/22 | 201,921 | ||||||||||||||
| 300,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 304,527 | ||||||||||||||
| 100,000 | Duke Energy Carolinas LLC | 3.350 | 05/15/22 | 103,380 | ||||||||||||||
| 200,000 | Duke Energy Corp | 1.800 | 09/01/21 | 199,100 | ||||||||||||||
| 300,000 | Duke Energy Corp | 2.400 | 08/15/22 | 303,035 | ||||||||||||||
| 100,000 | Edison International | 2.125 | 04/15/20 | 99,805 | ||||||||||||||
| 200,000 | Edison International | 2.400 | 09/15/22 | 198,246 | ||||||||||||||
| 200,000 | Emera US Finance LP | 2.700 | 06/15/21 | 201,169 | ||||||||||||||
| 100,000 | Eversource Energy | 2.500 | 03/15/21 | 100,313 | ||||||||||||||
| 500,000 | Exelon Corp | 3.497 | 06/01/22 | 513,079 | ||||||||||||||
| 100,000 | Georgia Power Co | 2.000 | 03/30/20 | 99,897 | ||||||||||||||
| 100,000 | Georgia Power Co | 2.000 | 09/08/20 | 99,882 | ||||||||||||||
| 200,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 202,581 | ||||||||||||||
| 298 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 200,000 | NextEra Energy Capital Holdings, Inc | 3.342 | % | 09/01/20 | $ | 202,251 | |||||||||||
| 200,000 | NextEra Energy Capital Holdings, Inc | 2.403 | 09/01/21 | 201,227 | ||||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 2.900 | 04/01/22 | 509,332 | ||||||||||||||
| 100,000 | Northern States Power Co | 2.200 | 08/15/20 | 100,265 | ||||||||||||||
| 200,000 | Ohio Power Co | 5.375 | 10/01/21 | 212,294 | ||||||||||||||
| 100,000 | Pinnacle West Capital Corp | 2.250 | 11/30/20 | 99,931 | ||||||||||||||
| 200,000 | Public Service Enterprise Group, Inc | 2.000 | 11/15/21 | 199,384 | ||||||||||||||
| 200,000 | Puget Energy, Inc | 5.625 | 07/15/22 | 213,923 | ||||||||||||||
| 300,000 | Southern Co | 2.350 | 07/01/21 | 300,901 | ||||||||||||||
| 100,000 | Southern Power Co | 1.950 | 12/15/19 | 99,961 | ||||||||||||||
| 100,000 | WEC Energy Group, Inc | 3.375 | 06/15/21 | 102,166 | ||||||||||||||
| 300,000 | WEC Energy Group, Inc | 3.100 | 03/08/22 | 306,720 | ||||||||||||||
| 100,000 | Wisconsin Public Service Corp | 3.350 | 11/21/21 | 102,791 | ||||||||||||||
| TOTAL UTILITIES | 6,713,775 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 150,243,007 | |||||||||||||||||
| (Cost $148,605,675) | ||||||||||||||||||
| GOVERNMENT BONDS - 74.4% | ||||||||||||||||||
| AGENCY SECURITIES - 3.4% | ||||||||||||||||||
| 1,000,000 | Federal Farm Credit Bank (FFCB) | 2.375 | 03/27/20 | 1,002,730 | ||||||||||||||
| 500,000 | Federal Home Loan Bank (FHLB) | 2.125 | 02/11/20 | 500,367 | ||||||||||||||
| 2,400,000 | FHLB | 1.875 | 03/13/20 | 2,400,105 | ||||||||||||||
| 3,000,000 | FHLB | 2.625 | 05/28/20 | 3,014,550 | ||||||||||||||
| 250,000 | FHLB | 2.625 | 10/01/20 | 251,931 | ||||||||||||||
| 750,000 | FHLB | 1.125 | 07/14/21 | 742,584 | ||||||||||||||
| 3,000,000 | FHLB | 3.000 | 10/12/21 | 3,079,544 | ||||||||||||||
| 1,500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.875 | 11/17/20 | 1,501,515 | ||||||||||||||
| 2,500,000 | FHLMC | 2.375 | 01/13/22 | 2,539,181 | ||||||||||||||
| 3,000,000 | Federal National Mortgage Association (FNMA) | 1.500 | 11/30/20 | 2,989,324 | ||||||||||||||
| 1,500,000 | FNMA | 2.625 | 01/11/22 | 1,531,844 | ||||||||||||||
| 500,000 | Hashemite Kingdom of Jordan Government AID International Bond | 2.578 | 06/30/22 | 509,195 | ||||||||||||||
| 250,000 | Tennessee Valley Authority (TVA) | 2.250 | 03/15/20 | 250,409 | ||||||||||||||
| 200,000 | Ukraine Government AID International Bonds | 1.847 | 05/29/20 | 200,379 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 20,513,658 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 6.8% | ||||||||||||||||||
| 200,000 | African Development Bank | 1.875 | 03/16/20 | 199,837 | ||||||||||||||
| 150,000 | African Development Bank | 2.625 | 03/22/21 | 151,812 | ||||||||||||||
| 500,000 | African Development Bank | 2.375 | 09/23/21 | 505,896 | ||||||||||||||
| 300,000 | African Development Bank | 1.625 | 09/16/22 | 299,863 | ||||||||||||||
| 300,000 | Asian Development Bank | 1.750 | 01/10/20 | 299,770 | ||||||||||||||
| 1,500,000 | Asian Development Bank | 1.375 | 03/23/20 | 1,495,407 | ||||||||||||||
| 500,000 | Asian Development Bank | 1.625 | 03/16/21 | 498,916 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 1.875 | 07/19/22 | 1,006,679 | ||||||||||||||
| 400,000 | Canada Government International Bond | 2.625 | 01/25/22 | 408,972 | ||||||||||||||
| 100,000 | Corp Andina de Fomento | 2.200 | 07/18/20 | 99,697 | ||||||||||||||
| 200,000 | Corp Andina de Fomento | 3.250 | 02/11/22 | 203,670 | ||||||||||||||
| 400,000 | Council of Europe Development Bank | 1.625 | 03/16/21 | 399,020 | ||||||||||||||
| 299 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 600,000 | European Bank for Reconstruction & Development | 1.750 | % | 11/26/19 | $ | 599,585 | |||||||||||
| 300,000 | European Bank for Reconstruction & Development | 2.750 | 04/26/21 | 304,581 | ||||||||||||||
| 1,200,000 | European Investment Bank | 1.625 | 08/14/20 | 1,197,040 | ||||||||||||||
| 2,000,000 | European Investment Bank | 2.875 | 09/15/20 | 2,018,110 | ||||||||||||||
| 2,000,000 | European Investment Bank | 2.375 | 05/13/21 | 2,020,212 | ||||||||||||||
| 500,000 | European Investment Bank | 2.625 | 05/20/22 | 512,626 | ||||||||||||||
| 100,000 | Export Development Canada | 1.625 | 01/17/20 | 99,838 | ||||||||||||||
| 100,000 | Export Development Canada | 1.625 | 06/01/20 | 99,779 | ||||||||||||||
| 250,000 | Export Development Canada | 2.000 | 11/30/20 | 250,372 | ||||||||||||||
| 500,000 | Export Development Canada | 2.000 | 05/17/22 | 504,300 | ||||||||||||||
| 250,000 | Export-Import Bank of Korea | 2.500 | 11/01/20 | 250,710 | ||||||||||||||
| 250,000 | Export-Import Bank of Korea | 3.500 | 11/27/21 | 257,396 | ||||||||||||||
| 500,000 | Export-Import Bank of Korea | 2.750 | 01/25/22 | 505,983 | ||||||||||||||
| 350,000 | FMS Wertmanagement AoeR | 1.750 | 01/24/20 | 349,653 | ||||||||||||||
| 250,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 283,346 | ||||||||||||||
| 1,636,000 | Inter-American Development Bank | 1.375 | 07/15/20 | 1,629,422 | ||||||||||||||
| 200,000 | Inter-American Development Bank | 2.625 | 04/19/21 | 202,582 | ||||||||||||||
| 200,000 | Inter-American Development Bank | 1.875 | 07/23/21 | 200,508 | ||||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.750 | 04/14/22 | 1,001,389 | ||||||||||||||
| 200,000 | International Bank for Reconstruction & Development | 1.625 | 09/04/20 | 199,657 | ||||||||||||||
| 1,000,000 | International Bank for Reconstruction & Development | 1.625 | 03/09/21 | 997,934 | ||||||||||||||
| 750,000 | International Bank for Reconstruction & Development | 1.375 | 05/24/21 | 745,611 | ||||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 2.000 | 01/26/22 | 503,962 | ||||||||||||||
| 2,000,000 | International Bank for Reconstruction & Development | 1.625 | 02/10/22 | 1,998,875 | ||||||||||||||
| 250,000 | International Bank for Reconstruction & Development | 2.125 | 07/01/22 | 253,379 | ||||||||||||||
| 500,000 | International Finance Corp | 1.750 | 03/30/20 | 499,288 | ||||||||||||||
| 500,000 | International Finance Corp | 2.250 | 01/25/21 | 502,830 | ||||||||||||||
| 400,000 | Japan Bank for International Cooperation | 2.250 | 02/24/20 | 400,034 | ||||||||||||||
| 100,000 | Japan Bank for International Cooperation | 2.125 | 06/01/20 | 99,993 | ||||||||||||||
| 150,000 | Japan Bank for International Cooperation | 2.125 | 07/21/20 | 150,116 | ||||||||||||||
| 200,000 | Japan Bank for International Cooperation | 2.125 | 11/16/20 | 200,348 | ||||||||||||||
| 1,000,000 | Japan Bank for International Cooperation | 1.500 | 07/21/21 | 993,335 | ||||||||||||||
| 350,000 | Korea Development Bank | 3.000 | 03/19/22 | 356,590 | ||||||||||||||
| 350,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 03/31/20 | 349,617 | ||||||||||||||
| 1,500,000 | Kreditanstalt fuer Wiederaufbau | 1.875 | 06/30/20 | 1,499,336 | ||||||||||||||
| 100,000 | Kreditanstalt fuer Wiederaufbau | 2.750 | 10/01/20 | 100,854 | ||||||||||||||
| 100,000 | Kreditanstalt fuer Wiederaufbau | 1.875 | 12/15/20 | 100,068 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 2.375 | 03/24/21 | 1,008,740 | ||||||||||||||
| 2,000,000 | Kreditanstalt fuer Wiederaufbau | 2.625 | 04/12/21 | 2,025,600 | ||||||||||||||
| 500,000 | Kreditanstalt fuer Wiederaufbau | 2.500 | 02/15/22 | 509,749 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 2.125 | 03/07/22 | 1,011,482 | ||||||||||||||
| 1,000,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 08/22/22 | 1,003,113 | ||||||||||||||
| 500,000 | Mexico Government International Bond | 3.625 | 03/15/22 | 516,000 | ||||||||||||||
| 100,000 | Nordic Investment Bank | 2.250 | 02/01/21 | 100,560 | ||||||||||||||
| 500,000 | Nordic Investment Bank | 2.250 | 09/30/21 | 504,958 | ||||||||||||||
| 500,000 | Poland Government International Bond | 5.000 | 03/23/22 | 536,438 | ||||||||||||||
| 200,000 | Province of Alberta Canada | 1.900 | 12/06/19 | 199,868 | ||||||||||||||
| 400,000 | Province of Alberta Canada | 2.200 | 07/26/22 | 404,480 | ||||||||||||||
| 400,000 | Province of Manitoba Canada | 2.125 | 05/04/22 | 403,342 | ||||||||||||||
| 1,200,000 | Province of Ontario Canada | 4.400 | 04/14/20 | 1,214,660 | ||||||||||||||
| 300,000 | Province of Ontario Canada | 2.550 | 04/25/22 | 305,814 | ||||||||||||||
| 750,000 | Province of Ontario Canada | 2.250 | 05/18/22 | 759,112 | ||||||||||||||
| 200,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 202,480 | ||||||||||||||
| 300 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 300,000 | Province of Quebec Canada | 2.375 | % | 01/31/22 | $ | 304,149 | |||||||||||
| 200,000 | Republic of Hungary Government International Bond | 6.250 | 01/29/20 | 202,592 | ||||||||||||||
| 200,000 | Republic of the Philippines Government Interational Bond | 6.500 | 01/20/20 | 201,851 | ||||||||||||||
| 200,000 | Svensk Exportkredit AB | 1.750 | 05/18/20 | 199,630 | ||||||||||||||
| 200,000 | Svensk Exportkredit AB | 1.750 | 08/28/20 | 199,715 | ||||||||||||||
| 120,000 | Svensk Exportkredit AB | 2.375 | 04/09/21 | 120,902 | ||||||||||||||
| 200,000 | Svensk Exportkredit AB | 2.875 | 05/22/21 | 203,549 | ||||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.625 | 09/12/21 | 498,545 | ||||||||||||||
| 100,000 | Svensk Exportkredit AB | 3.125 | 11/08/21 | 102,776 | ||||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 40,548,903 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 64.2% | ||||||||||||||||||
| 7,750,000 | United States Treasury Note | 1.750 | 11/15/20 | 7,744,551 | ||||||||||||||
| 2,000,000 | United States Treasury Note | 2.750 | 11/30/20 | 2,021,484 | ||||||||||||||
| 6,250,000 | United States Treasury Note | 1.875 | 12/15/20 | 6,255,615 | ||||||||||||||
| 7,000,000 | United States Treasury Note | 2.500 | 12/31/20 | 7,060,430 | ||||||||||||||
| 9,900,000 | United States Treasury Note | 2.000 | 01/15/21 | 9,926,684 | ||||||||||||||
| 2,500,000 | United States Treasury Note | 2.500 | 01/31/21 | 2,523,633 | ||||||||||||||
| 15,500,000 | United States Treasury Note | 2.250 | 02/15/21 | 15,600,508 | ||||||||||||||
| 5,900,000 | United States Treasury Note | 2.500 | 02/28/21 | 5,960,383 | ||||||||||||||
| 7,000,000 | United States Treasury Note | 2.375 | 03/15/21 | 7,062,070 | ||||||||||||||
| 31,200,000 | United States Treasury Note | 2.250 | 03/31/21 | 31,429,125 | ||||||||||||||
| 5,150,000 | United States Treasury Note | 2.375 | 04/15/21 | 5,198,684 | ||||||||||||||
| 16,250,000 | United States Treasury Note | 2.250 | 04/30/21 | 16,380,127 | ||||||||||||||
| 11,600,000 | United States Treasury Note | 2.625 | 05/15/21 | 11,766,750 | ||||||||||||||
| 8,500,000 | United States Treasury Note | 2.125 | 05/31/21 | 8,557,441 | ||||||||||||||
| 10,250,000 | United States Treasury Note | 2.625 | 06/15/21 | 10,406,553 | ||||||||||||||
| 18,800,000 | United States Treasury Note | 1.625 | 06/30/21 | 18,777,969 | ||||||||||||||
| 16,250,000 | United States Treasury Note | 2.625 | 07/15/21 | 16,512,793 | ||||||||||||||
| 6,000,000 | United States Treasury Note | 1.750 | 07/31/21 | 6,008,203 | ||||||||||||||
| 12,250,000 | United States Treasury Note | 2.750 | 08/15/21 | 12,489,258 | ||||||||||||||
| 3,000,000 | United States Treasury Note | 1.500 | 08/31/21 | 2,991,094 | ||||||||||||||
| 13,500,000 | United States Treasury Note | 2.750 | 09/15/21 | 13,787,402 | ||||||||||||||
| 6,000,000 | United States Treasury Note | 1.500 | 09/30/21 | 5,985,234 | ||||||||||||||
| 9,000,000 | United States Treasury Note | 2.875 | 10/15/21 | 9,219,727 | ||||||||||||||
| 17,750,000 | United States Treasury Note | 2.875 | 11/15/21 | 18,200,683 | ||||||||||||||
| 14,250,000 | United States Treasury Note | 2.625 | 12/15/21 | 14,563,389 | ||||||||||||||
| 20,500,000 | United States Treasury Note | 2.500 | 01/15/22 | 20,897,187 | ||||||||||||||
| 1,000,000 | United States Treasury Note | 2.500 | 02/15/22 | 1,020,273 | ||||||||||||||
| 10,000,000 | United States Treasury Note | 2.375 | 03/15/22 | 10,191,016 | ||||||||||||||
| 12,000,000 | United States Treasury Note | 2.250 | 04/15/22 | 12,188,906 | ||||||||||||||
| 18,000,000 | United States Treasury Note | 2.125 | 05/15/22 | 18,235,547 | ||||||||||||||
| 14,000,000 | United States Treasury Note | 1.750 | 06/15/22 | 14,063,984 | ||||||||||||||
| 20,000,000 | United States Treasury Note | 1.750 | 07/15/22 | 20,081,250 | ||||||||||||||
| 13,000,000 | United States Treasury Note | 1.500 | 08/15/22 | 12,971,055 | ||||||||||||||
| 5,000,000 | United States Treasury Note | 1.500 | 09/15/22 | 4,990,820 | ||||||||||||||
| 4,000,000 | United States Treasury Note | 1.500 | 09/30/24 | 3,990,469 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 385,060,297 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 446,122,858 | |||||||||||||||||
| (Cost $441,526,143) | ||||||||||||||||||
| TOTAL BONDS | 596,365,865 | |||||||||||||||||
| (Cost $590,131,818) | ||||||||||||||||||
| 301 |
TIAA-CREF FUNDS - Short-Term Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| SHORT-TERM INVESTMENTS - 1.1% | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 1.1% | ||||||||||||||||||
| $ | 6,790,000 | Federal Home Loan Bank (FHLB) | 1.500 | % | 10/01/19 | $ | 6,790,000 | |||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 6,790,000 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 6,790,000 | |||||||||||||||||
| (Cost $6,790,000) | ||||||||||||||||||
| TOTAL INVESTMENTS - 100.5% | 603,155,865 | |||||||||||||||||
| (Cost $596,921,818) | ||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.5)% | (3,052,977 | ) | ||||||||||||||||
| NET ASSETS - 100.0% | $ | 600,102,888 | ||||||||||||||||
| Abbreviation(s): | |||
| LIBOR | London Interbank Offered Rate | ||
| M | Month | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2019, the aggregate value of these securities was $3,219,711 or 0.5% 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. |
| 302 |
TIAA-CREF FUNDS - Social Choice Bond Fund
TIAA-CREF FUNDS
SOCIAL CHOICE BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| BANK LOAN OBLIGATIONS - 0.5% | ||||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||||
| $ | 3,440,250 | i | United Rentals North America, Inc | LIBOR 1 M + 1.750% | 3.794 | % | 10/31/25 | $ | 3,453,770 | |||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,453,770 | |||||||||||||||||
| ENERGY - 0.2% | ||||||||||||||||||
| 7,288,427 | †,i | TerraForm Power Operating LLC | LIBOR 1 M + 2.000% | 4.044 | 11/08/22 | 7,297,537 | ||||||||||||
| TOTAL ENERGY | 7,297,537 | |||||||||||||||||
| MATERIALS - 0.1% | ||||||||||||||||||
| 2,769,261 | i | H.B. Fuller Co | LIBOR 1 M + 2.000% | 4.044 | 10/21/24 | 2,756,052 | ||||||||||||
| TOTAL MATERIALS | 2,756,052 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | ||||||||||||||||||
| 1,887,986 | i | MTS Systems Corp | LIBOR 1 M + 3.250% | 5.310 | 07/05/23 | 1,887,986 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,887,986 | |||||||||||||||||
| UTILITIES - 0.1% | ||||||||||||||||||
| 4,261,766 | i | ExGen Renewables IV LLC | LIBOR 3 M + 3.000% | 5.130 | 11/28/24 | 4,163,234 | ||||||||||||
| TOTAL UTILITIES | 4,163,234 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 19,558,579 | |||||||||||||||||
| (Cost $19,613,950) | ||||||||||||||||||
| BONDS - 97.4% | ||||||||||||||||||
| CORPORATE BONDS - 43.1% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.7% | ||||||||||||||||||
| 1,000,000 | Aptiv plc | 4.250 | 01/15/26 | 1,066,133 | ||||||||||||||
| 6,675,000 | Aptiv plc | 5.400 | 03/15/49 | 7,639,036 | ||||||||||||||
| 7,125,000 | g,i | Harley-Davidson Financial Services, Inc | LIBOR 3 M + 0.940% | 3.078 | 03/02/21 | 7,132,706 | ||||||||||||
| 10,000,000 | g | Harley-Davidson Financial Services, Inc | 4.050 | 02/04/22 | 10,314,125 | |||||||||||||
| 5,000,000 | Magna International, Inc | 3.625 | 06/15/24 | 5,257,632 | ||||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 31,409,632 | |||||||||||||||||
| BANKS - 9.7% | ||||||||||||||||||
| 6,200,000 | Bank of America Corp | 2.151 | 11/09/20 | 6,200,620 | ||||||||||||||
| 3,000,000 | g | Bank of Nova Scotia | 1.875 | 09/20/21 | 2,994,145 | |||||||||||||
| 15,500,000 | Bank of Nova Scotia | 2.700 | 08/03/26 | 15,723,603 | ||||||||||||||
| 10,000,000 | BB&T Corp | 3.700 | 06/05/25 | 10,687,383 | ||||||||||||||
| 7,000,000 | BB&T Corp | 3.875 | 03/19/29 | 7,590,437 | ||||||||||||||
| 10,000,000 | g | BNG Bank NV | 3.125 | 11/08/21 | 10,277,025 | |||||||||||||
| 7,500,000 | g | BNG Bank NV | 2.625 | 02/27/24 | 7,796,607 | |||||||||||||
| 5,000,000 | i | Citizens Bank NA | LIBOR 3 M + 0.540% | 2.678 | 03/02/20 | 5,005,597 | ||||||||||||
| 303 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 250,000 | i | Citizens Bank NA | LIBOR 3 M + 0.570% | 2.702 | % | 05/26/20 | $ | 250,608 | |||||||||
| 500,000 | i | Citizens Bank NA | LIBOR 3 M + 0.810% | 2.942 | 05/26/22 | 500,910 | ||||||||||||
| 3,800,000 | Citizens Bank NA | 3.750 | 02/18/26 | 4,065,005 | ||||||||||||||
| 1,125,000 | Citizens Financial Group, Inc | 2.375 | 07/28/21 | 1,127,842 | ||||||||||||||
| 20,000,000 | Citizens Financial Group, Inc | 2.850 | 07/27/26 | 20,201,446 | ||||||||||||||
| 8,150,000 | Comerica, Inc | 4.000 | 02/01/29 | 8,970,880 | ||||||||||||||
| 6,600,000 | g | Commonwealth Bank of Australia | 3.743 | 09/12/39 | 6,553,589 | |||||||||||||
| 6,000,000 | i | Cooperatieve Rabobank UA | LIBOR 3 M + 0.430% | 2.697 | 04/26/21 | 6,021,395 | ||||||||||||
| 1,850,000 | Cooperatieve Rabobank UA | 2.750 | 01/10/22 | 1,878,608 | ||||||||||||||
| 250,000 | Cooperatieve Rabobank UA | 3.950 | 11/09/22 | 260,394 | ||||||||||||||
| 5,000,000 | i | Cooperatieve Rabobank UA | LIBOR 3 M + 0.480% | 2.818 | 01/10/23 | 4,978,380 | ||||||||||||
| 3,037,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 3,151,109 | ||||||||||||||
| 3,150,000 | Discover Bank | 3.350 | 02/06/23 | 3,247,278 | ||||||||||||||
| 7,700,000 | Discover Bank | 3.450 | 07/27/26 | 7,941,266 | ||||||||||||||
| 7,800,000 | Discover Bank | 4.650 | 09/13/28 | 8,689,262 | ||||||||||||||
| 9,400,000 | Fifth Third Bancorp | 3.650 | 01/25/24 | 9,909,679 | ||||||||||||||
| 4,500,000 | First Abu Dhabi Bank PJSC | 3.000 | 03/30/22 | 4,573,590 | ||||||||||||||
| 8,000,000 | g | HSBC Bank Canada | 1.650 | 09/10/22 | 7,946,190 | |||||||||||||
| 7,835,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 7,951,070 | ||||||||||||||
| 10,000,000 | i | ING Groep NV | LIBOR 3 M + 1.000% | 3.085 | 10/02/23 | 10,040,790 | ||||||||||||
| 13,875,000 | g | ING Groep NV | 4.625 | 01/06/26 | 15,348,638 | |||||||||||||
| 10,000,000 | g | Intesa Sanpaolo S.p.A | 3.250 | 09/23/24 | 9,978,623 | |||||||||||||
| 1,000,000 | g | Intesa Sanpaolo S.p.A | 5.710 | 01/15/26 | 1,061,283 | |||||||||||||
| 7,200,000 | g | Intesa Sanpaolo S.p.A | 4.000 | 09/23/29 | 7,169,914 | |||||||||||||
| 4,800,000 | g | Intesa Sanpaolo S.p.A | 4.700 | 09/23/49 | 4,868,593 | |||||||||||||
| 8,000,000 | i | KeyBank NA | LIBOR 3 M + 0.660% | 2.913 | 02/01/22 | 8,036,333 | ||||||||||||
| 10,000,000 | KeyCorp | 4.100 | 04/30/28 | 11,026,718 | ||||||||||||||
| 10,000,000 | i | M&T Bank Corp | LIBOR 3 M + 0.680% | 2.947 | 07/26/23 | 10,016,747 | ||||||||||||
| 8,280,000 | i | Manufacturers & Traders Trust Co | LIBOR 3 M + 0.270% | 2.546 | 01/25/21 | 8,276,424 | ||||||||||||
| 1,000,000 | Manufacturers & Traders Trust Co | 2.900 | 02/06/25 | 1,032,878 | ||||||||||||||
| 3,530,000 | Manufacturers & Traders Trust Co | 3.400 | 08/17/27 | 3,787,312 | ||||||||||||||
| 5,725,000 | Mitsubishi UFJ Financial Group, Inc | 2.527 | 09/13/23 | 5,773,446 | ||||||||||||||
| 11,310,000 | People’s United Bank NA | 4.000 | 07/15/24 | 11,839,455 | ||||||||||||||
| 5,500,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 5,672,201 | ||||||||||||||
| 5,290,000 | i | PNC Bank NA | LIBOR 3 M + 0.250% | 2.528 | 01/22/21 | 5,292,793 | ||||||||||||
| 7,750,000 | PNC Bank NA | 2.700 | 11/01/22 | 7,862,558 | ||||||||||||||
| 2,993,000 | PNC Bank NA | 2.950 | 01/30/23 | 3,058,349 | ||||||||||||||
| 10,000,000 | i | Regions Bank | LIBOR 3 M + 0.380% | 2.479 | 04/01/21 | 9,986,080 | ||||||||||||
| 6,000,000 | i | Regions Bank | LIBOR 3 M + 0.500% | 2.676 | 08/13/21 | 6,001,945 | ||||||||||||
| 5,000,000 | Regions Financial Corp | 2.750 | 08/14/22 | 5,076,742 | ||||||||||||||
| 2,000,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 1,997,920 | ||||||||||||||
| 3,000,000 | Royal Bank of Canada | 2.100 | 10/14/20 | 3,001,908 | ||||||||||||||
| 10,225,000 | g,i | Shinhan Financial Group Co Ltd | DGS5 + 1.500% | 3.340 | 02/05/30 | 10,376,700 | ||||||||||||
| 10,712,000 | SVB Financial Group | 3.500 | 01/29/25 | 11,036,035 | ||||||||||||||
| 3,000,000 | g | Toronto-Dominion Bank | 1.950 | 04/02/20 | 2,997,581 | |||||||||||||
| 5,000,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 4,995,993 | ||||||||||||||
| 6,000,000 | i | Toronto-Dominion Bank | LIBOR 3 M + 0.260% | 2.399 | 09/17/20 | 6,011,022 | ||||||||||||
| 2,500,000 | Toronto-Dominion Bank | 1.800 | 07/13/21 | 2,492,933 | ||||||||||||||
| 10,000,000 | Toronto-Dominion Bank | 2.700 | 07/30/21 | 9,999,904 | ||||||||||||||
| 12,500,000 | g | Toronto-Dominion Bank | 2.100 | 07/15/22 | 12,584,860 | |||||||||||||
| 5,000,000 | US Bancorp | 2.950 | 07/15/22 | 5,118,666 | ||||||||||||||
| 10,000,000 | i | US Bank NA | LIBOR 3 M + 0.290% | 2.442 | 05/21/21 | 10,005,264 | ||||||||||||
| 3,000,000 | g | Westpac Banking Corp | 2.100 | 02/25/21 | 3,005,947 | |||||||||||||
| 304 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,850,000 | Zions Bancorp NA | 3.500 | % | 08/27/21 | $ | 4,955,736 | |||||||||||
| 4,400,000 | Zions Bancorp NA | 3.350 | 03/04/22 | 4,504,337 | ||||||||||||||
| TOTAL BANKS | 418,786,546 | |||||||||||||||||
| CAPITAL GOODS - 1.0% | ||||||||||||||||||
| 3,000,000 | CNH Industrial Capital LLC | 3.875 | 10/15/21 | 3,077,760 | ||||||||||||||
| 4,000,000 | CNH Industrial Capital LLC | 4.200 | 01/15/24 | 4,221,217 | ||||||||||||||
| 3,175,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.500 | 03/21/26 | 3,307,091 | ||||||||||||||
| 8,975,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.800 | 03/21/29 | 9,556,592 | ||||||||||||||
| 13,750,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 14,093,750 | |||||||||||||
| 2,500,000 | Parker-Hannifin Corp | 3.250 | 06/14/29 | 2,604,784 | ||||||||||||||
| 1,000,000 | Parker-Hannifin Corp | 4.200 | 11/21/34 | 1,125,746 | ||||||||||||||
| 1,825,000 | Trimble, Inc | 4.150 | 06/15/23 | 1,906,559 | ||||||||||||||
| 4,000,000 | Trimble, Inc | 4.900 | 06/15/28 | 4,340,848 | ||||||||||||||
| TOTAL CAPITAL GOODS | 44,234,347 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||||||||||
| 3,053,000 | CNH Industrial NV | 3.850 | 11/15/27 | 3,146,797 | ||||||||||||||
| 7,500,000 | Covanta Holding Corp | 6.000 | 01/01/27 | 7,893,750 | ||||||||||||||
| 2,200,000 | Waste Management, Inc | 3.900 | 03/01/35 | 2,438,667 | ||||||||||||||
| 4,550,000 | Waste Management, Inc | 4.000 | 07/15/39 | 5,170,877 | ||||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 18,650,091 | |||||||||||||||||
| CONSUMER SERVICES - 1.6% | ||||||||||||||||||
| 10,000,000 | Conservation Fund | 3.474 | 12/15/29 | 10,172,886 | ||||||||||||||
| 4,040,000 | Henry J Kaiser Family Foundation | 3.356 | 12/01/25 | 4,258,537 | ||||||||||||||
| 2,500,000 | Low Income Investment Fund | 3.386 | 07/01/26 | 2,549,646 | ||||||||||||||
| 8,900,000 | Low Income Investment Fund | 3.711 | 07/01/29 | 9,239,338 | ||||||||||||||
| 7,070,000 | Nature Conservancy | 3.333 | 02/01/24 | 7,064,245 | ||||||||||||||
| 3,350,000 | New York Public Library Astor Lenox & Tilden Foundations | 4.305 | 07/01/45 | 3,950,306 | ||||||||||||||
| 90,000 | Salvation Army | 5.637 | 09/01/26 | 105,027 | ||||||||||||||
| 5,000,000 | Salvation Army | 4.528 | 09/01/48 | 5,446,409 | ||||||||||||||
| 6,100,000 | Starbucks Corp | 2.450 | 06/15/26 | 6,150,030 | ||||||||||||||
| 13,500,000 | Starbucks Corp | 4.450 | 08/15/49 | 15,671,667 | ||||||||||||||
| 5,000,000 | YMCA of Greater New York | 5.021 | 08/01/38 | 5,958,298 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 70,566,389 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 4.4% | ||||||||||||||||||
| 4,800,000 | Ally Financial, Inc | 3.875 | 05/21/24 | 4,967,040 | ||||||||||||||
| 10,000,000 | i | American Express Co | LIBOR 3 M + 0.750% | 3.037 | 08/03/23 | 10,037,840 | ||||||||||||
| 5,000,000 | American Express Co | 3.000 | 10/30/24 | 5,163,979 | ||||||||||||||
| 10,000,000 | AXA Equitable Holdings, Inc | 4.350 | 04/20/28 | 10,651,527 | ||||||||||||||
| 5,000,000 | AXA Equitable Holdings, Inc | 5.000 | 04/20/48 | 5,392,936 | ||||||||||||||
| 3,000,000 | g | Bank of Montreal | 2.500 | 01/11/22 | 3,039,966 | |||||||||||||
| 15,750,000 | i | Bank of Montreal | LIBOR 3 M + 0.630% | 2.768 | 09/11/22 | 15,835,833 | ||||||||||||
| 9,500,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.432% | 3.803 | 12/15/32 | 9,852,735 | ||||||||||||
| 2,125,000 | Bank of New York Mellon Corp | 2.661 | 05/16/23 | 2,153,898 | ||||||||||||||
| 5,000,000 | g | Canadian Imperial Bank of Commerce | 3.150 | 06/27/21 | 5,102,582 | |||||||||||||
| 10,000,000 | i | Canadian Imperial Bank of Commerce | LIBOR 3 M + 0.660% | 2.787 | 09/13/23 | 10,025,970 | ||||||||||||
| 305 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 10,000,000 | Century Housing Corp | 3.995 | % | 11/01/21 | $ | 10,243,847 | |||||||||||
| 9,813,000 | i | Credit Agricole Corporate & Investment Bank S.A. | LIBOR 3 M + 0.625% | 2.957 | 10/03/21 | 9,831,178 | ||||||||||||
| 567,000 | g | EDP Finance BV | 4.125 | 01/15/20 | 568,400 | |||||||||||||
| 500,000 | g | EDP Finance BV | 5.250 | 01/14/21 | 516,267 | |||||||||||||
| 5,625,000 | g | EDP Finance BV | 3.625 | 07/15/24 | 5,808,600 | |||||||||||||
| 5,050,000 | Enterprise Community Loan Fund, Inc | 4.152 | 11/01/28 | 5,364,695 | ||||||||||||||
| 7,000,000 | g | Federation des Caisses Desjardins du Quebec | 1.950 | 09/26/22 | 7,012,895 | |||||||||||||
| 5,250,000 | Ford Foundation | 3.859 | 06/01/47 | 6,198,692 | ||||||||||||||
| 1,500,000 | Reinvestment Fund, Inc | 3.166 | 11/01/23 | 1,514,994 | ||||||||||||||
| 3,000,000 | Reinvestment Fund, Inc | 3.600 | 02/15/24 | 3,092,536 | ||||||||||||||
| 2,500,000 | Reinvestment Fund, Inc | 3.366 | 11/01/24 | 2,555,375 | ||||||||||||||
| 5,000,000 | Reinvestment Fund, Inc | 3.513 | 11/01/25 | 5,134,167 | ||||||||||||||
| 5,000,000 | Reinvestment Fund, Inc | 3.880 | 02/15/27 | 5,262,633 | ||||||||||||||
| 5,000,000 | State Street Corp | 2.653 | 05/15/23 | 5,081,498 | ||||||||||||||
| 5,100,000 | g,i | Swiss Re Finance Luxembourg SA | DGS5 + 3.582% | 5.000 | 04/02/49 | 5,630,191 | ||||||||||||
| 24,750,000 | Unilever Capital Corp | 2.000 | 07/28/26 | 24,537,860 | ||||||||||||||
| 7,600,000 | Unilever Capital Corp | 2.125 | 09/06/29 | 7,460,874 | ||||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 188,039,008 | |||||||||||||||||
| ENERGY - 3.7% | ||||||||||||||||||
| 1,161,000 | Apache Corp | 3.250 | 04/15/22 | 1,181,969 | ||||||||||||||
| 5,000,000 | Cenovus Energy, Inc | 5.250 | 06/15/37 | 5,448,053 | ||||||||||||||
| 1,500,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 1,527,541 | ||||||||||||||
| 8,378,000 | g | Colorado Interstate Gas Co LLC | 4.150 | 08/15/26 | 8,802,942 | |||||||||||||
| 6,642,074 | g | Continental Wind LLC | 6.000 | 02/28/33 | 7,619,787 | |||||||||||||
| 4,800,000 | EnLink Midstream LLC | 5.375 | 06/01/29 | 4,584,000 | ||||||||||||||
| 15,000,000 | i | EQT Corp | LIBOR 3 M + 0.770% | 2.103 | 10/01/20 | 14,965,854 | ||||||||||||
| 4,700,000 | g | Greenko Dutch BV | 4.875 | 07/24/22 | 4,702,538 | |||||||||||||
| 5,000,000 | Kinder Morgan, Inc | 3.583 | 01/15/23 | 5,043,570 | ||||||||||||||
| 9,500,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 8,711,787 | ||||||||||||||
| 10,000,000 | i | Occidental Petroleum Corp | LIBOR 3 M + 1.450% | 3.637 | 08/15/22 | 10,066,000 | ||||||||||||
| 9,350,000 | Occidental Petroleum Corp | 3.200 | 08/15/26 | 9,419,151 | ||||||||||||||
| 12,000,000 | Occidental Petroleum Corp | 4.300 | 08/15/39 | 12,317,516 | ||||||||||||||
| 3,625,000 | ONEOK, Inc | 2.750 | 09/01/24 | 3,643,752 | ||||||||||||||
| 1,925,000 | ONEOK, Inc | 4.000 | 07/13/27 | 2,014,925 | ||||||||||||||
| 3,350,000 | ONEOK, Inc | 4.950 | 07/13/47 | 3,634,182 | ||||||||||||||
| 10,000,000 | ONEOK, Inc | 4.450 | 09/01/49 | 9,982,498 | ||||||||||||||
| 6,100,000 | g,i | Phillips 66 | LIBOR 3 M + 0.750% | 3.053 | 04/15/20 | 6,102,074 | ||||||||||||
| 500,000 | Statoil ASA | 3.150 | 01/23/22 | 513,465 | ||||||||||||||
| 1,000,000 | Statoil ASA | 2.450 | 01/17/23 | 1,015,540 | ||||||||||||||
| 500,000 | Statoil ASA | 2.650 | 01/15/24 | 513,590 | ||||||||||||||
| 3,000,000 | Statoil ASA | 3.950 | 05/15/43 | 3,424,476 | ||||||||||||||
| 1,175,000 | g | Targa Resources Partners LP | 6.500 | 07/15/27 | 1,282,031 | |||||||||||||
| 5,000,000 | g | TerraForm Power Operating LLC | 5.000 | 01/31/28 | 5,200,000 | |||||||||||||
| 7,150,000 | Total Capital International S.A. | 2.829 | 01/10/30 | 7,369,910 | ||||||||||||||
| 7,740,000 | Valero Energy Corp | 3.400 | 09/15/26 | 7,936,707 | ||||||||||||||
| 6,000,000 | Valero Energy Corp | 4.350 | 06/01/28 | 6,518,726 | ||||||||||||||
| 4,500,000 | g | Woodside Finance Ltd | 3.700 | 03/15/28 | 4,620,276 | |||||||||||||
| TOTAL ENERGY | 158,162,860 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.4% | ||||||||||||||||||
| 9,200,000 | Coca-Cola Co | 1.750 | 09/06/24 | 9,129,497 | ||||||||||||||
| 306 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 7,200,000 | Coca-Cola Co | 2.125 | % | 09/06/29 | $ | 7,057,403 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 16,186,900 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.6% | ||||||||||||||||||
| 5,000,000 | Becton Dickinson & Co | 3.142 | 06/06/22 | 5,020,625 | ||||||||||||||
| 7,250,000 | Becton Dickinson & Co | 3.363 | 06/06/24 | 7,562,638 | ||||||||||||||
| 3,322,000 | Becton Dickinson & Co | 4.685 | 12/15/44 | 3,836,044 | ||||||||||||||
| 1,325,000 | HCA, Inc | 5.625 | 09/01/28 | 1,476,447 | ||||||||||||||
| 3,975,000 | HCA, Inc | 5.875 | 02/01/29 | 4,447,031 | ||||||||||||||
| 2,175,000 | HCA, Inc | 5.125 | 06/15/39 | 2,378,645 | ||||||||||||||
| 1,000,000 | Laboratory Corp of America Holdings | 3.200 | 02/01/22 | 1,020,342 | ||||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 25,741,772 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.2% | ||||||||||||||||||
| 5,900,000 | Kimberly-Clark Corp | 3.950 | 11/01/28 | 6,697,544 | ||||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 6,697,544 | |||||||||||||||||
| INSURANCE - 1.1% | ||||||||||||||||||
| 10,000,000 | i | Cigna Corp | LIBOR 3 M + 0.890% | 3.193 | 07/15/23 | 10,022,564 | ||||||||||||
| 9,150,000 | Cigna Corp | 4.800 | 08/15/38 | 10,281,041 | ||||||||||||||
| 1,525,000 | g | Cranberry RE Ltd | 3.633 | 07/13/20 | 1,527,287 | |||||||||||||
| 3,000,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 3,243,428 | |||||||||||||
| 5,000,000 | Progressive Corp | 3.700 | 01/26/45 | 5,429,142 | ||||||||||||||
| 2,000,000 | Prudential Financial, Inc | 5.375 | 05/15/45 | 2,120,000 | ||||||||||||||
| 5,000,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 5,088,647 | |||||||||||||
| 6,674,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 7,667,800 | |||||||||||||
| TOTAL INSURANCE | 45,379,909 | |||||||||||||||||
| MATERIALS - 2.5% | ||||||||||||||||||
| 4,500,000 | i | 3M Co | LIBOR 3 M + 0.300% | 2.475 | 02/14/24 | 4,462,904 | ||||||||||||
| 14,500,000 | 3M Co | 2.000 | 02/14/25 | 14,411,104 | ||||||||||||||
| 5,350,000 | 3M Co | 3.250 | 08/26/49 | 5,370,009 | ||||||||||||||
| 7,750,000 | g | Air Liquide Finance S.A. | 2.500 | 09/27/26 | 7,828,410 | |||||||||||||
| 10,625,000 | g | Air Liquide Finance S.A. | 2.250 | 09/10/29 | 10,406,872 | |||||||||||||
| 4,150,000 | Commercial Metals Co | 5.750 | 04/15/26 | 4,274,500 | ||||||||||||||
| 4,500,000 | Fibria Overseas Finance Ltd | 5.500 | 01/17/27 | 4,834,125 | ||||||||||||||
| 1,350,000 | International Flavors & Fragrances, Inc | 3.400 | 09/25/20 | 1,365,421 | ||||||||||||||
| 1,184,000 | International Paper Co | 4.800 | 06/15/44 | 1,281,823 | ||||||||||||||
| 6,375,000 | International Paper Co | 4.350 | 08/15/48 | 6,616,530 | ||||||||||||||
| 5,000,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 5,293,796 | |||||||||||||
| 14,000,000 | g | Klabin Austria GmbH | 7.000 | 04/03/49 | 14,907,200 | |||||||||||||
| 7,225,000 | g | Klabin Finance S.A. | 4.875 | 09/19/27 | 7,342,479 | |||||||||||||
| EUR | 2,500,000 | g | LG Chem Ltd | 0.500 | 04/15/23 | 2,759,636 | ||||||||||||
| $ | 12,650,000 | g | LG Chem Ltd | 3.625 | 04/15/29 | 13,250,735 | ||||||||||||
| 2,000,000 | Nutrien Ltd | 3.500 | 06/01/23 | 2,064,889 | ||||||||||||||
| 1,000,000 | Nutrien Ltd | 5.250 | 01/15/45 | 1,182,640 | ||||||||||||||
| 2,500,000 | g | Sealed Air Corp | 5.500 | 09/15/25 | 2,693,750 | |||||||||||||
| TOTAL MATERIALS | 110,346,823 | |||||||||||||||||
| MEDIA & ENTERTAINMENT - 0.1% | ||||||||||||||||||
| 2,725,000 | Discovery Communications LLC | 5.000 | 09/20/37 | 2,931,306 | ||||||||||||||
| TOTAL MEDIA & ENTERTAINMENT | 2,931,306 | |||||||||||||||||
| 307 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.8% | ||||||||||||||||||
| $ | 4,000,000 | g,i | Bristol-Myers Squibb Co | LIBOR 3 M + 0.380% | 2.548 | % | 05/16/22 | $ | 4,004,180 | |||||||||
| 5,600,000 | g | Bristol-Myers Squibb Co | 4.125 | 06/15/39 | 6,349,810 | |||||||||||||
| 1,875,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 1,899,085 | ||||||||||||||
| 5,000,000 | Celgene Corp | 2.750 | 02/15/23 | 5,089,544 | ||||||||||||||
| 5,000,000 | Celgene Corp | 3.450 | 11/15/27 | 5,307,548 | ||||||||||||||
| 4,000,000 | i | GlaxoSmithKline Capital plc | LIBOR 3 M + 0.350% | 2.525 | 05/14/21 | 4,005,469 | ||||||||||||
| 5,750,000 | GlaxoSmithKline Capital, Inc | 3.625 | 05/15/25 | 6,184,545 | ||||||||||||||
| 11,500,000 | Merck & Co, Inc | 3.900 | 03/07/39 | 13,371,013 | ||||||||||||||
| 5,674,000 | g | Roche Holdings, Inc | 2.375 | 01/28/27 | 5,727,476 | |||||||||||||
| 9,550,000 | g | Takeda Pharmaceutical Co Ltd | 4.400 | 11/26/23 | 10,286,016 | |||||||||||||
| 1,150,000 | Zoetis, Inc | 3.450 | 11/13/20 | 1,164,838 | ||||||||||||||
| 7,200,000 | i | Zoetis, Inc | LIBOR 3 M + 0.440% | 2.576 | 08/20/21 | 7,185,433 | ||||||||||||
| 4,125,000 | Zoetis, Inc | 4.450 | 08/20/48 | 4,895,819 | ||||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 75,470,776 | |||||||||||||||||
| REAL ESTATE - 1.4% | ||||||||||||||||||
| 4,000,000 | Alexandria Real Estate Equities, Inc | 4.000 | 01/15/24 | 4,268,425 | ||||||||||||||
| 1,975,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 2,059,157 | ||||||||||||||
| 4,300,000 | Brandywine Operating Partnership LP | 3.950 | 11/15/27 | 4,494,531 | ||||||||||||||
| 6,325,000 | Brixmor Operating Partnership LP | 3.900 | 03/15/27 | 6,631,691 | ||||||||||||||
| 5,000,000 | Digital Realty Trust LP | 3.950 | 07/01/22 | 5,219,988 | ||||||||||||||
| 2,850,000 | HCP, Inc | 3.500 | 07/15/29 | 2,961,912 | ||||||||||||||
| 5,000,000 | Host Hotels & Resorts LP | 3.375 | 12/15/29 | 4,988,790 | ||||||||||||||
| 2,400,000 | Hudson Pacific Properties LP | 4.650 | 04/01/29 | 2,647,592 | ||||||||||||||
| 1,750,000 | h | Hudson Pacific Properties LP | 3.250 | 01/15/30 | 1,730,283 | |||||||||||||
| 4,725,000 | Kilroy Realty LP | 3.450 | 12/15/24 | 4,914,398 | ||||||||||||||
| 8,375,000 | Kilroy Realty LP | 4.750 | 12/15/28 | 9,425,206 | ||||||||||||||
| 8,407,000 | Regency Centers LP | 3.750 | 06/15/24 | 8,835,414 | ||||||||||||||
| 450,000 | Washington REIT | 4.950 | 10/01/20 | 455,432 | ||||||||||||||
| TOTAL REAL ESTATE | 58,632,819 | |||||||||||||||||
| RETAILING - 0.3% | ||||||||||||||||||
| 10,750,000 | Lowe’s Cos, Inc | 4.250 | 09/15/44 | 11,526,584 | ||||||||||||||
| TOTAL RETAILING | 11,526,584 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||||
| 7,050,000 | Texas Instruments, Inc | 3.875 | 03/15/39 | 8,160,441 | ||||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 8,160,441 | |||||||||||||||||
| SOFTWARE & SERVICES - 1.0% | ||||||||||||||||||
| 23,000,000 | i | International Business Machines Corp | LIBOR 3 M + 0.400% | 2.576 | 05/13/21 | 23,089,510 | ||||||||||||
| 17,900,000 | International Business Machines Corp | 4.150 | 05/15/39 | 20,444,351 | ||||||||||||||
| TOTAL SOFTWARE & SERVICES | 43,533,861 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||||
| 5,000,000 | Apple, Inc | 3.000 | 06/20/27 | 5,258,496 | ||||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 5,258,496 | |||||||||||||||||
| 308 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| TELECOMMUNICATION SERVICES - 1.1% | ||||||||||||||||||
| $ | 11,000,000 | Telefonica Emisiones SAU | 5.520 | % | 03/01/49 | $ | 13,406,323 | |||||||||||
| 5,000,000 | Verizon Communications, Inc | 3.119 | 03/16/22 | 5,075,270 | ||||||||||||||
| 1,550,000 | Verizon Communications, Inc | 3.500 | 11/01/24 | 1,639,203 | ||||||||||||||
| 11,000,000 | i | Verizon Communications, Inc | LIBOR 3 M + 1.100% | 3.258 | 05/15/25 | 11,170,017 | ||||||||||||
| 3,000,000 | Verizon Communications, Inc | 2.625 | 08/15/26 | 3,038,938 | ||||||||||||||
| 11,575,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 13,036,295 | ||||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 47,366,046 | |||||||||||||||||
| TRANSPORTATION - 2.5% | ||||||||||||||||||
| 2,050,000 | CSX Corp | 4.250 | 03/15/29 | 2,315,772 | ||||||||||||||
| 6,105,000 | CSX Corp | 3.800 | 11/01/46 | 6,409,780 | ||||||||||||||
| 5,700,000 | CSX Corp | 4.750 | 11/15/48 | 6,877,278 | ||||||||||||||
| 2,450,000 | CSX Corp | 4.250 | 11/01/66 | 2,600,810 | ||||||||||||||
| 5,925,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 6,086,590 | ||||||||||||||
| 1,719,718 | Delta Air Lines, Inc | 4.250 | 07/30/23 | 1,839,149 | ||||||||||||||
| 2,850,000 | Delta Air Lines, Inc | 3.204 | 04/25/24 | 2,977,438 | ||||||||||||||
| 15,400,000 | Delta Air Lines, Inc | 3.404 | 04/25/24 | 16,119,237 | ||||||||||||||
| 2,649,017 | Delta Air Lines, Inc | 3.625 | 07/30/27 | 2,821,936 | ||||||||||||||
| 2,500,000 | Kansas City Southern | 4.300 | 05/15/43 | 2,726,545 | ||||||||||||||
| 2,500,000 | Kansas City Southern | 4.950 | 08/15/45 | 3,005,519 | ||||||||||||||
| 500,000 | Norfolk Southern Corp | 2.900 | 06/15/26 | 515,841 | ||||||||||||||
| 1,948,767 | Northwest Airlines | 7.027 | 11/01/19 | 1,955,587 | ||||||||||||||
| 6,000,000 | Union Pacific Corp | 4.375 | 09/10/38 | 6,925,161 | ||||||||||||||
| 5,250,000 | Union Pacific Corp | 4.375 | 11/15/65 | 5,854,499 | ||||||||||||||
| 5,603,093 | Union Pacific Railroad Co | 3.227 | 05/14/26 | 5,853,477 | ||||||||||||||
| 11,055,846 | Union Pacific Railroad Co | 2.695 | 05/12/27 | 11,250,001 | ||||||||||||||
| 5,000,000 | i | United Parcel Service, Inc | LIBOR 3 M + 0.380% | 2.548 | 05/16/22 | 5,019,902 | ||||||||||||
| 7,500,000 | i | United Parcel Service, Inc | LIBOR 3 M + 0.450% | 2.549 | 04/01/23 | 7,521,013 | ||||||||||||
| 10,000,000 | United Parcel Service, Inc | 3.750 | 11/15/47 | 10,753,940 | ||||||||||||||
| TOTAL TRANSPORTATION | 109,429,475 | |||||||||||||||||
| UTILITIES - 8.3% | ||||||||||||||||||
| 10,250,000 | Arizona Public Service Co | 2.600 | 08/15/29 | 10,284,017 | ||||||||||||||
| 12,500,000 | Arizona Public Service Co | 3.750 | 05/15/46 | 13,294,179 | ||||||||||||||
| 10,000,000 | Avangrid, Inc | 3.150 | 12/01/24 | 10,309,294 | ||||||||||||||
| 16,275,000 | Avangrid, Inc | 3.800 | 06/01/29 | 17,488,359 | ||||||||||||||
| 10,025,000 | Avista Corp | 4.350 | 06/01/48 | 11,784,728 | ||||||||||||||
| 300,000 | g | Azure Power Energy Ltd | 5.500 | 11/03/22 | 303,177 | |||||||||||||
| 4,800,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 4,805,244 | |||||||||||||
| 7,500,000 | g | Brooklyn Union Gas Co | 4.273 | 03/15/48 | 8,723,623 | |||||||||||||
| 10,000,000 | g | Brooklyn Union Gas Co | 4.487 | 03/04/49 | 12,168,239 | |||||||||||||
| 4,675,000 | g | Clearway Energy Operating LLC | 5.750 | 10/15/25 | 4,920,438 | |||||||||||||
| 7,525,000 | g | Consorcio Transmantaro SA | 4.700 | 04/16/34 | 8,183,438 | |||||||||||||
| 4,850,000 | Dominion Energy, Inc (Step Bond) | 3.071 | 08/15/24 | 4,963,244 | ||||||||||||||
| 9,574,000 | DTE Electric Co | 4.050 | 05/15/48 | 11,099,698 | ||||||||||||||
| 10,000,000 | DTE Electric Co | 3.950 | 03/01/49 | 11,473,220 | ||||||||||||||
| 12,000,000 | DTE Energy Co | 2.850 | 10/01/26 | 12,209,324 | ||||||||||||||
| 3,000,000 | g | Electricite de France S.A. | 3.625 | 10/13/25 | 3,172,581 | |||||||||||||
| 2,000,000 | i | Enbridge, Inc | LIBOR 3 M + 0.400% | 2.738 | 01/10/20 | 2,000,340 | ||||||||||||
| 5,290,000 | i | Enbridge, Inc | LIBOR 3 M + 0.700% | 2.819 | 06/15/20 | 5,299,371 | ||||||||||||
| 1,796,000 | Fortis, Inc | 3.055 | 10/04/26 | 1,825,390 | ||||||||||||||
| 309 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 5,482,000 | Georgia Power Co | 3.250 | % | 04/01/26 | $ | 5,664,893 | |||||||||||
| 13,100,000 | g | Hanwha Energy USA Holdings Corp | 2.375 | 07/30/22 | 13,118,060 | |||||||||||||
| 9,350,000 | g | HAT Holdings I LLC | 5.250 | 07/15/24 | 9,829,188 | |||||||||||||
| 5,000,000 | Interstate Power & Light Co | 4.100 | 09/26/28 | 5,511,056 | ||||||||||||||
| 7,350,000 | g | Korea Hydro & Nuclear Power Co Ltd | 3.750 | 07/25/23 | 7,755,138 | |||||||||||||
| 5,000,000 | MidAmerican Energy Co | 3.100 | 05/01/27 | 5,259,939 | ||||||||||||||
| 5,246,000 | MidAmerican Energy Co | 3.950 | 08/01/47 | 5,984,640 | ||||||||||||||
| 1,895,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 2,066,937 | ||||||||||||||
| 3,225,000 | g | NextEra Energy Operating Partners LP | 4.250 | 07/15/24 | 3,321,750 | |||||||||||||
| 1,000,000 | g | NextEra Energy Operating Partners LP | 4.250 | 09/15/24 | 1,031,250 | |||||||||||||
| 1,875,000 | g | NextEra Energy Operating Partners LP | 4.500 | 09/15/27 | 1,917,188 | |||||||||||||
| 8,008,000 | NorthWestern Corp | 4.176 | 11/15/44 | 9,056,871 | ||||||||||||||
| 4,100,000 | ONE Gas, Inc | 4.500 | 11/01/48 | 5,012,330 | ||||||||||||||
| 5,000,000 | g | Pattern Energy Group, Inc | 5.875 | 02/01/24 | 5,118,750 | |||||||||||||
| 5,925,000 | PSEG Power LLC | 3.850 | 06/01/23 | 6,265,556 | ||||||||||||||
| 3,750,000 | Public Service Co of Colorado | 4.100 | 06/15/48 | 4,383,181 | ||||||||||||||
| 16,575,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 16,856,434 | ||||||||||||||
| 1,000,000 | Public Service Co of New Hampshire | 3.500 | 11/01/23 | 1,047,795 | ||||||||||||||
| 2,975,000 | Public Service Co of New Hampshire | 3.600 | 07/01/49 | 3,212,721 | ||||||||||||||
| 8,700,000 | Public Service Electric & Gas Co | 3.200 | 08/01/49 | 8,895,015 | ||||||||||||||
| 1,250,018 | San Diego Gas & Electric Co | 1.914 | 02/01/22 | 1,225,541 | ||||||||||||||
| 7,500,000 | San Diego Gas & Electric Co | 4.150 | 05/15/48 | 8,545,949 | ||||||||||||||
| 1,000,000 | Sempra Energy | 2.875 | 10/01/22 | 1,012,210 | ||||||||||||||
| 2,697,034 | g | Solar Star Funding LLC | 3.950 | 06/30/35 | 2,688,352 | |||||||||||||
| 4,601,987 | g | Solar Star Funding LLC | 5.375 | 06/30/35 | 5,086,396 | |||||||||||||
| 4,700,000 | Southern California Edison Co | 3.400 | 06/01/23 | 4,865,953 | ||||||||||||||
| 4,700,000 | Southern California Edison Co | 4.125 | 03/01/48 | 5,112,977 | ||||||||||||||
| 2,000,000 | Southern Power Co | 1.950 | 12/15/19 | 1,999,223 | ||||||||||||||
| 2,000,000 | Southern Power Co | 2.500 | 12/15/21 | 2,003,344 | ||||||||||||||
| 10,065,000 | Southern Power Co | 4.150 | 12/01/25 | 10,904,957 | ||||||||||||||
| 10,635,000 | Southwestern Public Service Co | 3.750 | 06/15/49 | 11,750,102 | ||||||||||||||
| 7,185,000 | g | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 7,482,995 | |||||||||||||
| 5,000,000 | Tampa Electric Co | 4.300 | 06/15/48 | 5,851,860 | ||||||||||||||
| 8,189,643 | g | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 8,539,830 | |||||||||||||
| 919,427 | g | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 1,031,722 | |||||||||||||
| 5,000,000 | Westar Energy, Inc | 2.550 | 07/01/26 | 5,042,287 | ||||||||||||||
| TOTAL UTILITIES | 358,760,294 | |||||||||||||||||
| TOTAL CORPORATE BONDS | 1,855,271,919 | |||||||||||||||||
| (Cost $1,765,598,830) | ||||||||||||||||||
| GOVERNMENT BONDS - 42.4% | ||||||||||||||||||
| AGENCY SECURITIES - 10.3% | ||||||||||||||||||
| 10,693,750 | Abay Leasing LLC | 2.654 | 11/09/26 | 10,965,673 | ||||||||||||||
| 652,174 | ALEX Alpha LLC | 1.617 | 08/15/24 | 647,006 | ||||||||||||||
| 1,366,350 | Altitude Investments 12 LLC | 2.454 | 12/09/25 | 1,386,368 | ||||||||||||||
| 2,211,950 | Altitude Investments 16 LLC | 2.673 | 10/29/25 | 2,264,955 | ||||||||||||||
| 4,020,296 | Altitude Investments 16 LLC | 2.492 | 03/14/26 | 4,094,072 | ||||||||||||||
| 2,211,950 | Altitude Investments 17 LLC | 2.681 | 11/08/25 | 2,314,320 | ||||||||||||||
| 1,878,000 | Canal Barge Co, Inc | 4.500 | 11/12/34 | 2,121,143 | ||||||||||||||
| 7,074,056 | CES MU2 LLC | 2.166 | 12/16/26 | 7,135,113 | ||||||||||||||
| 310 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 3,638,043 | CES MU2 LLC | 1.994 | % | 05/13/27 | $ | 3,643,815 | |||||||||||
| 3,072,960 | Crowley Conro LLC | 4.181 | 08/15/43 | 3,504,761 | ||||||||||||||
| 1,728,718 | Dragon 2012 LLC | 1.972 | 03/12/24 | 1,730,148 | ||||||||||||||
| 2,604,167 | DY8 Leasing LLC | 2.565 | 11/26/25 | 2,655,939 | ||||||||||||||
| 2,812,500 | DY8 Leasing LLC | 2.627 | 04/29/26 | 2,872,681 | ||||||||||||||
| 3,708,500 | DY9 Leasing LLC | 2.415 | 06/30/27 | 3,780,110 | ||||||||||||||
| 6,913,705 | Ethiopian Leasing LLC | 2.566 | 08/14/26 | 7,129,751 | ||||||||||||||
| 520,663 | Excalibur One 77B LLC | 1.492 | 01/01/25 | 514,633 | ||||||||||||||
| 3,027,495 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 3,009,059 | ||||||||||||||
| 3,315,601 | Export Leasing LLC | 1.859 | 08/28/21 | 3,317,064 | ||||||||||||||
| 3,722,593 | g | Genesis Solar Pass Through Trust | 3.875 | 02/15/38 | 4,224,115 | |||||||||||||
| 2,014,000 | j | Government Trust Certificate | 0.000 | 04/01/21 | 1,951,336 | |||||||||||||
| 4,999,999 | Harar Leasing 2013 LLC | 2.582 | 07/02/25 | 5,098,278 | ||||||||||||||
| 1,694,000 | Hashemite Kingdom of Jordan Government AID International Bond | 2.578 | 06/30/22 | 1,725,155 | ||||||||||||||
| 7,909,000 | Hashemite Kingdom of Jordan Government AID International Bond | 3.000 | 06/30/25 | 8,437,395 | ||||||||||||||
| 1,008,913 | Helios Leasing I LLC | 1.734 | 07/24/24 | 1,003,612 | ||||||||||||||
| 2,481,941 | Helios Leasing II LLC | 2.668 | 03/18/25 | 2,534,189 | ||||||||||||||
| 10,333,261 | HNA LLC | 2.291 | 06/30/27 | 10,470,658 | ||||||||||||||
| 6,654,505 | HNA LLC | 2.369 | 09/18/27 | 6,772,729 | ||||||||||||||
| 440,000 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 454,294 | |||||||||||||
| 979,000 | i | Housing and Urban Development Corp Ltd | LIBOR 6 M + 0.035% | 2.082 | 09/15/30 | 978,222 | ||||||||||||
| 6,442,000 | Iraq Government AID International Bond | 2.149 | 01/18/22 | 6,503,769 | ||||||||||||||
| 1,777,777 | i | Jupiter Aircraft Leasing LLC | LIBOR 3 M + 0.240% | 2.364 | 08/19/23 | 1,772,213 | ||||||||||||
| 2,222,219 | i | Jupiter Aircraft Leasing LLC | LIBOR 3 M + 0.240% | 2.399 | 09/22/23 | 2,216,330 | ||||||||||||
| 7,106,636 | Lulwa Ltd | 1.888 | 02/15/25 | 7,109,767 | ||||||||||||||
| 1,944,130 | Lulwa Ltd | 1.831 | 03/26/25 | 1,938,654 | ||||||||||||||
| 4,310,365 | Mexican Aircraft Finance IV LLC | 2.537 | 07/13/25 | 4,387,008 | ||||||||||||||
| 6,783,750 | Mexican Aircraft Finance V LLC | 2.329 | 01/14/27 | 6,883,288 | ||||||||||||||
| 2,235,000 | Montefiore Medical Center | 2.152 | 10/20/26 | 2,242,167 | ||||||||||||||
| 14,199,113 | MSN 41079 and 41084 Ltd | 1.717 | 07/13/24 | 14,145,763 | ||||||||||||||
| 2,330,553 | MSN 41079 and 41084 Ltd | 1.631 | 12/14/24 | 2,313,732 | ||||||||||||||
| 16,423,000 | NCUA Guaranteed Notes | 3.450 | 06/12/21 | 16,751,476 | ||||||||||||||
| 2,390,000 | New York Society for the Relief of the Ruptured & Crippled | 2.881 | 12/20/31 | 2,491,408 | ||||||||||||||
| 1,213,243 | j | Overseas Private Investment Corp (OPIC) | 0.000 | 11/15/19 | 1,355,441 | |||||||||||||
| 3,400,000 | j | OPIC | 0.000 | 11/15/19 | 3,495,120 | |||||||||||||
| 7,200,000 | j | OPIC | 0.000 | 09/30/20 | 7,247,753 | |||||||||||||
| 7,500,000 | j | OPIC | 0.000 | 01/26/21 | 7,868,174 | |||||||||||||
| 2,500,000 | j | OPIC | 0.000 | 01/26/21 | 2,540,076 | |||||||||||||
| 3,881,000 | j | OPIC | 0.000 | 07/17/21 | 4,046,373 | |||||||||||||
| 1,722,078 | OPIC | 2.290 | 09/15/26 | 1,738,186 | ||||||||||||||
| 1,579,217 | OPIC | 2.040 | 12/15/26 | 1,582,742 | ||||||||||||||
| 2,926,725 | OPIC | 2.740 | 09/15/29 | 3,018,674 | ||||||||||||||
| 5,057,381 | OPIC | 3.220 | 09/15/29 | 5,345,987 | ||||||||||||||
| 936,552 | OPIC | 3.280 | 09/15/29 | 992,959 | ||||||||||||||
| 15,000,000 | OPIC | 2.360 | 10/15/29 | 15,179,497 | ||||||||||||||
| 714,000 | OPIC | 4.140 | 05/15/30 | 794,525 | ||||||||||||||
| 158,090 | OPIC | 3.540 | 06/15/30 | 170,363 | ||||||||||||||
| 167,910 | OPIC | 3.370 | 12/15/30 | 179,024 | ||||||||||||||
| 9,285,714 | OPIC | 3.520 | 09/20/32 | 10,062,711 | ||||||||||||||
| 411,131 | OPIC | 3.820 | 12/20/32 | 457,596 | ||||||||||||||
| 311 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 205,566 | OPIC | 3.938 | % | 12/20/32 | $ | 230,465 | |||||||||||
| 927,425 | OPIC | 3.330 | 05/15/33 | 994,301 | ||||||||||||||
| 887,830 | OPIC | 3.160 | 06/01/33 | 951,975 | ||||||||||||||
| 1,089,519 | OPIC | 2.810 | 07/31/33 | 1,135,233 | ||||||||||||||
| 871,615 | OPIC | 2.940 | 07/31/33 | 916,225 | ||||||||||||||
| 1,307,422 | OPIC | 3.250 | 07/31/33 | 1,403,061 | ||||||||||||||
| 6,600,000 | OPIC | 2.040 | 06/15/35 | 6,509,844 | ||||||||||||||
| 1,000,000 | OPIC | 3.050 | 06/15/35 | 1,064,915 | ||||||||||||||
| 3,750,000 | OPIC | 3.480 | 06/15/35 | 4,116,935 | ||||||||||||||
| 4,450,000 | OPIC | 3.590 | 06/15/35 | 4,919,140 | ||||||||||||||
| 10,000,000 | OPIC | 2.290 | 07/15/38 | 10,103,000 | ||||||||||||||
| 6,000,000 | OPIC | 2.580 | 07/15/38 | 6,216,470 | ||||||||||||||
| 7,550,000 | OPIC | 3.190 | 07/15/38 | 8,265,170 | ||||||||||||||
| 3,741,349 | Penta Aircraft Leasing LLC | 1.691 | 04/29/25 | 3,708,061 | ||||||||||||||
| 1,239,606 | Phoenix LLC | 1.607 | 07/03/24 | 1,229,442 | ||||||||||||||
| 3,181,815 | i | Pluto Aircraft Leasing LLC | LIBOR 3 M + 0.210% | 2.419 | 02/07/23 | 3,171,605 | ||||||||||||
| 1,781,081 | Portmarnock Leasing LLC | 1.741 | 10/22/24 | 1,772,928 | ||||||||||||||
| 2,000,000 | Private Export Funding Corp (PEFCO) | 2.300 | 09/15/20 | 2,005,842 | ||||||||||||||
| 7,500,000 | g | PEFCO | 3.266 | 11/08/21 | 7,704,302 | |||||||||||||
| 1,000,000 | PEFCO | 3.550 | 01/15/24 | 1,074,297 | ||||||||||||||
| 1,000,000 | PEFCO | 3.250 | 06/15/25 | 1,075,781 | ||||||||||||||
| 4,306,507 | Rimon LLC | 2.623 | 06/25/26 | 4,404,613 | ||||||||||||||
| 5,135,536 | Safina Ltd | 1.550 | 01/15/22 | 5,111,785 | ||||||||||||||
| 3,106,085 | Safina Ltd | 2.000 | 12/30/23 | 3,112,584 | ||||||||||||||
| 1,826,154 | San Clemente Leasing LLC | 3.030 | 11/22/22 | 1,860,091 | ||||||||||||||
| 3,656,043 | Sandalwood LLC | 2.836 | 07/10/25 | 3,760,461 | ||||||||||||||
| 5,343,448 | Sandalwood LLC | 2.897 | 07/10/25 | 5,496,059 | ||||||||||||||
| 3,853,407 | Sandalwood LLC | 2.821 | 02/12/26 | 3,959,068 | ||||||||||||||
| 6,758,599 | Santa Rosa Leasing LLC | 1.472 | 11/03/24 | 6,680,531 | ||||||||||||||
| 2,771,176 | Tagua Leasing LLC | 1.900 | 07/12/24 | 2,765,831 | ||||||||||||||
| 3,316,824 | Tagua Leasing LLC | 1.732 | 09/18/24 | 3,298,511 | ||||||||||||||
| 3,661,742 | Tagua Leasing LLC | 1.581 | 11/16/24 | 3,626,956 | ||||||||||||||
| 755,000 | Tunisia Government AID International Bonds | 1.416 | 08/05/21 | 747,112 | ||||||||||||||
| 2,700,000 | Ukraine Government AID International Bonds | 1.847 | 05/29/20 | 2,705,115 | ||||||||||||||
| 13,410,000 | Ukraine Government AID International Bonds | 1.471 | 09/29/21 | 13,355,988 | ||||||||||||||
| 3,567,999 | Ulani MSN 35939 LLC | 2.553 | 07/26/25 | 3,631,054 | ||||||||||||||
| 2,683,334 | Ulani MSN 35940 LLC | 2.227 | 05/16/25 | 2,705,612 | ||||||||||||||
| 3,702,392 | Ulani MSN 37894 | 2.184 | 12/20/24 | 3,729,590 | ||||||||||||||
| 3,880,209 | Union 11 Leasing LLC | 2.405 | 01/23/24 | 3,921,834 | ||||||||||||||
| 1,709,877 | Union 12 Leasing LLC | 2.164 | 02/17/24 | 1,718,097 | ||||||||||||||
| 609,463 | Union 13 Leasing LLC | 1.870 | 06/28/24 | 608,318 | ||||||||||||||
| 2,639,959 | Union 16 Leasing LLC | 1.863 | 01/22/25 | 2,635,157 | ||||||||||||||
| 190,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 195,352 | ||||||||||||||
| 3,663,000 | US Department of Housing and Urban Development (HUD) | 1.980 | 08/01/20 | 3,665,622 | ||||||||||||||
| 410,000 | HUD | 2.450 | 08/01/20 | 411,804 | ||||||||||||||
| 150,000 | HUD | 3.430 | 08/01/20 | 152,019 | ||||||||||||||
| 1,361,000 | HUD | 2.450 | 08/01/22 | 1,387,946 | ||||||||||||||
| 2,125,000 | HUD | 2.618 | 08/01/23 | 2,200,341 | ||||||||||||||
| 2,000,000 | HUD | 2.800 | 08/01/23 | 2,082,876 | ||||||||||||||
| 500,000 | HUD | 2.910 | 08/01/23 | 509,503 | ||||||||||||||
| 3,000,000 | HUD | 2.960 | 08/01/24 | 3,054,795 | ||||||||||||||
| 5,000,000 | HUD | 2.860 | 08/01/26 | 5,330,740 | ||||||||||||||
| 312 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,476,000 | HUD | 2.870 | % | 08/01/27 | $ | 2,650,823 | |||||||||||
| 494,000 | HUD | 5.380 | 08/01/27 | 499,510 | ||||||||||||||
| 4,675,000 | HUD | 2.985 | 08/01/28 | 5,051,224 | ||||||||||||||
| 1,931,000 | HUD | 3.185 | 08/01/29 | 2,081,926 | ||||||||||||||
| 1,752,329 | VCA Lease LLC | 1.859 | 03/08/25 | 1,749,055 | ||||||||||||||
| 5,340,669 | VCH Lease S.A. | 1.736 | 05/15/25 | 5,311,617 | ||||||||||||||
| 4,545,001 | VCK Lease S.A. | 2.591 | 07/24/26 | 4,646,543 | ||||||||||||||
| 1,333,333 | VCM Lease S.A. | 2.516 | 09/28/27 | 1,364,312 | ||||||||||||||
| 809,000 | Vessel Management Services, Inc | 3.432 | 08/15/36 | 860,017 | ||||||||||||||
| 285,000 | Vessel Management Services, Inc | 3.477 | 01/16/37 | 304,099 | ||||||||||||||
| 1,380,423 | i | Washington Aircraft 2 Co Ltd | LIBOR 3 M + 0.430% | 2.543 | 06/26/24 | 1,381,483 | ||||||||||||
| 2,418,981 | Windermere Aviation LLC | 2.351 | 05/27/26 | 2,452,620 | ||||||||||||||
| 3,557,167 | Zarapito Leasing LLC | 2.628 | 11/12/26 | 3,643,941 | ||||||||||||||
| TOTAL AGENCY SECURITIES | 440,958,897 | |||||||||||||||||
| FOREIGN GOVERNMENT BONDS - 6.7% | ||||||||||||||||||
| 1,000,000 | African Development Bank | 2.375 | 09/23/21 | 1,011,791 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 1.875 | 08/10/22 | 1,005,982 | ||||||||||||||
| 1,000,000 | Asian Development Bank | 2.125 | 03/19/25 | 1,024,659 | ||||||||||||||
| 8,500,000 | Asian Development Bank | 1.750 | 08/14/26 | 8,532,505 | ||||||||||||||
| 11,000,000 | Asian Development Bank | 3.125 | 09/26/28 | 12,258,782 | ||||||||||||||
| 6,000,000 | g | Bank Nederlandse Gemeenten NV | 2.125 | 12/14/20 | 6,014,744 | |||||||||||||
| 116,655 | g | Carpintero Finance Ltd | 2.004 | 09/18/24 | 116,910 | |||||||||||||
| 17,500,000 | g | CDP Financial, Inc | 2.125 | 06/11/21 | 17,584,316 | |||||||||||||
| 4,900,000 | g | CDP Financial, Inc | 2.750 | 03/07/22 | 5,011,489 | |||||||||||||
| EUR | 4,000,000 | Chile Government International Bond | 0.830 | 07/02/31 | 4,569,344 | |||||||||||||
| $ | 5,000,000 | g | CPPIB Capital, Inc | 2.750 | 11/02/27 | 5,304,167 | ||||||||||||
| 15,000,000 | European Bank for Reconstruction & Development | 1.625 | 09/27/24 | 14,980,146 | ||||||||||||||
| 2,225,000 | European Investment Bank | 2.000 | 03/15/21 | 2,231,990 | ||||||||||||||
| 1,250,000 | European Investment Bank | 2.375 | 05/24/27 | 1,310,227 | ||||||||||||||
| 2,000,000 | g | European Stability Mechanism | 2.125 | 11/03/22 | 2,025,348 | |||||||||||||
| 11,500,000 | g | European Stability Mechanism | 1.375 | 09/11/24 | 11,333,707 | |||||||||||||
| 1,000,000 | Export Development Canada | 1.625 | 12/03/19 | 999,230 | ||||||||||||||
| 5,000,000 | Export Development Canada | 2.000 | 11/30/20 | 5,007,436 | ||||||||||||||
| 7,000,000 | Export Development Canada | 2.625 | 02/21/24 | 7,291,017 | ||||||||||||||
| 5,000,000 | i | Inter-American Development Bank | LIBOR 3 M + 0.010% | 2.313 | 01/15/22 | 4,995,014 | ||||||||||||
| 4,430,000 | i | International Bank for Reconstruction & Development | LIBOR 1 M + 0.030% | 2.071 | 03/18/20 | 4,429,779 | ||||||||||||
| 4,750,000 | International Bank for Reconstruction & Development | 3.125 | 11/20/25 | 5,150,269 | ||||||||||||||
| 2,900,000 | International Bank for Reconstruction & Development | 2.750 | 05/31/36 | 2,906,535 | ||||||||||||||
| 6,000,000 | g | International Development Association | 2.750 | 04/24/23 | 6,225,203 | |||||||||||||
| 5,000,000 | International Finance Corp | 1.750 | 03/30/20 | 4,992,882 | ||||||||||||||
| 5,000,000 | International Finance Corp | 1.546 | 11/04/21 | 4,963,316 | ||||||||||||||
| 2,500,000 | International Finance Corp | 2.125 | 04/07/26 | 2,572,017 | ||||||||||||||
| 5,000,000 | i | Japan Bank for International Cooperation | LIBOR 3 M + 0.480% | 2.618 | 06/01/20 | 5,013,020 | ||||||||||||
| 2,500,000 | Japan Bank for International Cooperation | 1.875 | 04/20/21 | 2,500,200 | ||||||||||||||
| 3,000,000 | g | Japan Finance Organization for Municipalities | 2.125 | 04/13/21 | 3,005,880 | |||||||||||||
| 3,350,000 | g | Japan Finance Organization for Municipalities | 3.375 | 09/27/23 | 3,524,989 | |||||||||||||
| 2,000,000 | g | Kommunalbanken AS. | 2.125 | 02/11/25 | 2,042,919 | |||||||||||||
| 5,000,000 | i | Korea Development Bank International Bond | LIBOR 3 M + 0.725% | 3.028 | 07/06/22 | 5,037,399 | ||||||||||||
| 313 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 4,500,000 | Kreditanstalt fuer Wiederaufbau | 2.000 | % | 11/30/21 | $ | 4,530,487 | |||||||||||
| 10,000,000 | Kreditanstalt fuer Wiederaufbau | 1.750 | 09/14/29 | 9,995,484 | ||||||||||||||
| 2,875,000 | g | Nacional Financiera SNC | 3.375 | 11/05/20 | 2,892,998 | |||||||||||||
| 1,000,000 | g | Nederlandse Waterschapsbank NV | 2.125 | 11/15/21 | 1,007,131 | |||||||||||||
| 6,750,000 | g | Nederlandse Waterschapsbank NV | 3.125 | 12/05/22 | 7,041,739 | |||||||||||||
| 6,000,000 | g | Nederlandse Waterschapsbank NV | 2.375 | 03/24/26 | 6,220,360 | |||||||||||||
| 11,750,000 | North American Development Bank | 4.375 | 02/11/20 | 11,819,478 | ||||||||||||||
| 12,500,000 | North American Development Bank | 2.400 | 10/26/22 | 12,615,062 | ||||||||||||||
| 13,000,000 | g | OMERS Finance Trust | 2.500 | 05/02/24 | 13,405,897 | |||||||||||||
| 12,500,000 | g | Ontario Teachers’ Finance Trust | 1.625 | 09/12/24 | 12,400,854 | |||||||||||||
| 5,650,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.750 | 03/01/23 | 5,850,632 | |||||||||||||
| 6,100,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 6,429,400 | |||||||||||||
| 500,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 527,632 | ||||||||||||||
| 12,500,000 | Province of Ontario Canada | 3.050 | 01/29/24 | 13,158,375 | ||||||||||||||
| 5,000,000 | Province of Quebec Canada | 2.750 | 04/12/27 | 5,291,189 | ||||||||||||||
| 3,500,000 | Seychelles International Bond | 6.500 | 10/11/28 | 3,859,135 | ||||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 282,019,065 | |||||||||||||||||
| MORTGAGE BACKED - 9.1% | ||||||||||||||||||
| 875,000 | Federal Home Loan Mortgage Corp (FHLMC) | 3.000 | 10/15/33 | 916,165 | ||||||||||||||
| 1,374,582 | FHLMC | 3.500 | 08/15/43 | 1,434,587 | ||||||||||||||
| 1,165,761 | FHLMC | 3.000 | 03/15/44 | 1,191,183 | ||||||||||||||
| 2,971,819 | i | FHLMC | LIBOR 1 M + 0.300% | 2.328 | 06/15/48 | 2,949,724 | ||||||||||||
| 1,857,387 | i | FHLMC | 6.676 | 06/15/48 | 2,256,423 | |||||||||||||
| 1,754,861 | i | FHLMC | 6.596 | 10/15/48 | 2,080,144 | |||||||||||||
| 180,204 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 5.000 | 06/01/36 | 199,109 | ||||||||||||||
| 1,635,327 | FGLMC | 5.000 | 08/01/44 | 1,804,247 | ||||||||||||||
| 279,690 | FGLMC | 3.500 | 04/01/45 | 295,472 | ||||||||||||||
| 5,947,463 | FGLMC | 3.500 | 08/01/45 | 6,299,588 | ||||||||||||||
| 1,638,782 | FGLMC | 3.500 | 10/01/45 | 1,726,706 | ||||||||||||||
| 1,452,252 | FGLMC | 4.000 | 12/01/45 | 1,551,830 | ||||||||||||||
| 3,506,267 | FGLMC | 3.500 | 08/01/46 | 3,696,486 | ||||||||||||||
| 10,747,365 | FGLMC | 3.000 | 01/01/47 | 11,017,024 | ||||||||||||||
| 7,073,704 | FGLMC | 3.000 | 02/01/47 | 7,242,812 | ||||||||||||||
| 6,890,100 | FGLMC | 3.500 | 02/01/47 | 7,145,153 | ||||||||||||||
| 384,430 | FGLMC | 4.500 | 06/01/47 | 415,033 | ||||||||||||||
| 590,456 | FGLMC | 4.000 | 09/01/47 | 629,019 | ||||||||||||||
| 19,516,307 | FGLMC | 3.500 | 03/01/48 | 20,522,768 | ||||||||||||||
| 2,364,711 | FGLMC | 4.000 | 03/01/48 | 2,526,031 | ||||||||||||||
| 902,202 | FGLMC | 4.000 | 07/01/48 | 962,514 | ||||||||||||||
| 3,995,229 | FGLMC | 4.500 | 08/01/48 | 4,322,283 | ||||||||||||||
| 3,000,000 | Federal National Mortgage Association (FNMA) | 1.625 | 01/21/20 | 2,997,400 | ||||||||||||||
| 5,000,000 | i | FNMA | 2.894 | 02/25/27 | 5,204,959 | |||||||||||||
| 10,000,000 | i | FNMA | 3.436 | 06/25/28 | 10,831,185 | |||||||||||||
| 722,203 | FNMA | 3.500 | 05/01/32 | 750,565 | ||||||||||||||
| 196,040 | FNMA | 5.500 | 11/01/38 | 221,279 | ||||||||||||||
| 862,668 | FNMA | 5.000 | 09/01/40 | 953,466 | ||||||||||||||
| 761,194 | FNMA | 5.000 | 04/01/41 | 843,790 | ||||||||||||||
| 991,013 | FNMA | 3.000 | 04/25/43 | 1,015,039 | ||||||||||||||
| 1,654,582 | i | FNMA | 3.932 | 09/25/43 | 299,736 | |||||||||||||
| 1,526,558 | FNMA | 4.000 | 01/01/44 | 1,631,190 | ||||||||||||||
| 96,409 | FNMA | 4.500 | 06/01/44 | 104,112 | ||||||||||||||
| 314 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 523,168 | FNMA | 4.500 | % | 06/01/44 | $ | 564,697 | |||||||||||
| 247,147 | FNMA | 4.500 | 08/01/44 | 266,648 | ||||||||||||||
| 516,200 | FNMA | 4.500 | 11/01/44 | 557,395 | ||||||||||||||
| 1,267,707 | FNMA | 4.000 | 01/01/45 | 1,349,480 | ||||||||||||||
| 406,884 | FNMA | 3.000 | 02/25/45 | 424,245 | ||||||||||||||
| 781,122 | FNMA | 3.000 | 02/25/45 | 796,243 | ||||||||||||||
| 545,139 | FNMA | 4.500 | 03/01/45 | 588,204 | ||||||||||||||
| 785,615 | FNMA | 3.000 | 03/25/45 | 808,819 | ||||||||||||||
| 2,918,418 | FNMA | 3.500 | 04/25/45 | 3,041,295 | ||||||||||||||
| 2,008,553 | FNMA | 4.000 | 06/01/45 | 2,145,499 | ||||||||||||||
| 2,197,370 | FNMA | 4.000 | 12/01/45 | 2,345,910 | ||||||||||||||
| 4,250,298 | FNMA | 3.000 | 12/25/45 | 4,378,018 | ||||||||||||||
| 1,398,315 | FNMA | 3.500 | 01/01/46 | 1,472,479 | ||||||||||||||
| 298,970 | FNMA | 4.000 | 01/01/46 | 319,286 | ||||||||||||||
| 394,438 | FNMA | 4.000 | 03/01/46 | 420,937 | ||||||||||||||
| 2,172,748 | FNMA | 3.500 | 06/01/46 | 2,288,021 | ||||||||||||||
| 2,506,272 | h | FNMA | 3.500 | 07/01/46 | 2,637,209 | |||||||||||||
| 14,372,557 | FNMA | 3.000 | 10/01/46 | 14,505,816 | ||||||||||||||
| 18,427,788 | FNMA | 3.000 | 11/01/46 | 18,878,845 | ||||||||||||||
| 2,423,005 | FNMA | 3.500 | 12/01/46 | 2,517,905 | ||||||||||||||
| 10,925,165 | FNMA | 3.500 | 01/01/47 | 11,310,658 | ||||||||||||||
| 851,660 | FNMA | 3.000 | 04/25/47 | 878,332 | ||||||||||||||
| 43,521 | FNMA | 4.500 | 05/01/47 | 47,035 | ||||||||||||||
| 9,876,498 | FNMA | 3.500 | 08/01/47 | 10,282,712 | ||||||||||||||
| 1,088,307 | FNMA | 3.000 | 11/01/47 | 1,098,355 | ||||||||||||||
| 8,580,636 | FNMA | 3.500 | 11/01/47 | 9,058,760 | ||||||||||||||
| 11,340,987 | FNMA | 4.000 | 12/01/47 | 12,110,719 | ||||||||||||||
| 2,314,493 | FNMA | 4.500 | 01/01/48 | 2,503,267 | ||||||||||||||
| 424,317 | FNMA | 4.500 | 02/01/48 | 458,835 | ||||||||||||||
| 4,493,666 | FNMA | 3.000 | 02/25/48 | 4,664,856 | ||||||||||||||
| 1,239,799 | FNMA | 4.000 | 03/01/48 | 1,323,642 | ||||||||||||||
| 1,886,946 | FNMA | 4.500 | 03/01/48 | 2,040,446 | ||||||||||||||
| 19,727,184 | FNMA | 4.000 | 04/01/48 | 20,624,587 | ||||||||||||||
| 1,670,084 | FNMA | 4.500 | 05/01/48 | 1,805,949 | ||||||||||||||
| 1,248,800 | FNMA | 4.500 | 05/01/48 | 1,350,395 | ||||||||||||||
| 60,126 | FNMA | 5.000 | 06/01/48 | 64,481 | ||||||||||||||
| 13,248,433 | FNMA | 4.500 | 07/01/48 | 13,969,802 | ||||||||||||||
| 16,193,479 | FNMA | 4.000 | 08/01/48 | 16,806,280 | ||||||||||||||
| 568,949 | FNMA | 5.000 | 08/01/48 | 625,664 | ||||||||||||||
| 5,646,550 | FNMA | 4.000 | 09/01/48 | 5,876,748 | ||||||||||||||
| 3,000,000 | h | FNMA | 3.500 | 10/25/48 | 3,077,813 | |||||||||||||
| 30,667,000 | FNMA | 3.000 | 11/01/48 | 31,296,113 | ||||||||||||||
| 917,601 | FNMA | 4.500 | 11/01/48 | 968,295 | ||||||||||||||
| 2,405,097 | FNMA | 3.000 | 11/25/48 | 339,453 | ||||||||||||||
| 6,700,166 | h | FNMA | 4.000 | 12/01/48 | 6,964,423 | |||||||||||||
| 19,637,888 | FNMA | 4.500 | 12/01/48 | 20,672,948 | ||||||||||||||
| 905,124 | FNMA | 5.000 | 06/01/49 | 971,943 | ||||||||||||||
| 902,538 | FNMA | 3.000 | 08/01/49 | 930,780 | ||||||||||||||
| 3,892,000 | h | FNMA | 4.000 | 10/01/49 | 4,046,821 | |||||||||||||
| 734,510 | Government National Mortgage Association (GNMA) | 2.690 | 06/15/33 | 742,613 | ||||||||||||||
| 62,495 | GNMA | 5.000 | 06/20/42 | 69,184 | ||||||||||||||
| 1,708,614 | † | GNMA | 4.000 | 06/20/46 | 226,275 | |||||||||||||
| 315 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 3,451,182 | GNMA | 3.000 | % | 09/20/47 | $ | 3,554,972 | |||||||||||
| 4,861,159 | GNMA | 3.000 | 12/20/47 | 4,995,890 | ||||||||||||||
| 11,295,139 | GNMA | 3.500 | 12/20/47 | 11,732,332 | ||||||||||||||
| 2,961,042 | GNMA | 3.000 | 01/20/48 | 3,043,089 | ||||||||||||||
| 10,163,779 | GNMA | 3.500 | 01/20/48 | 10,552,904 | ||||||||||||||
| 2,804,182 | GNMA | 3.500 | 01/20/49 | 2,963,515 | ||||||||||||||
| 3,328,237 | GNMA | 4.000 | 07/20/49 | 3,470,959 | ||||||||||||||
| TOTAL MORTGAGE BACKED | 393,865,818 | |||||||||||||||||
| MUNICIPAL BONDS - 9.3% | ||||||||||||||||||
| 2,070,000 | American Municipal Power, Inc | 5.514 | 02/15/21 | 2,095,668 | ||||||||||||||
| 3,000,000 | Antelope Valley-East Kern Water Agency Financing Authority | 4.326 | 06/01/36 | 3,241,680 | ||||||||||||||
| 4,800,000 | Bay Area Water Supply & Conservation Agency | 3.994 | 10/01/34 | 5,609,184 | ||||||||||||||
| 2,000,000 | Brunswick & Glynn County Development Authority | 3.060 | 04/01/25 | 2,099,760 | ||||||||||||||
| 2,000,000 | California Housing Finance Agency | 2.966 | 08/01/22 | 2,053,480 | ||||||||||||||
| 500,000 | Chelan County Public Utility District No | 3.603 | 07/01/21 | 514,370 | ||||||||||||||
| 5,000,000 | Chicago Board of Education | 5.000 | 12/01/20 | 5,163,350 | ||||||||||||||
| 10,000,000 | Chicago Housing Authority | 4.361 | 01/01/38 | 11,582,000 | ||||||||||||||
| 16,465,000 | Chicago Metropolitan Water Reclamation District-Greater Chicago | 5.720 | 12/01/38 | 22,277,804 | ||||||||||||||
| 1,000,000 | Chicago Park District | 4.095 | 01/01/26 | 1,083,030 | ||||||||||||||
| 625,000 | Chula Vista Municipal Financing Authority | 3.775 | 12/01/33 | 672,231 | ||||||||||||||
| 1,350,000 | Chula Vista Municipal Financing Authority | 3.975 | 12/01/38 | 1,442,812 | ||||||||||||||
| 740,000 | Chula Vista Municipal Financing Authority | 4.075 | 12/01/41 | 791,600 | ||||||||||||||
| 4,300,000 | Chula Vista Municipal Financing Authority | 4.275 | 12/01/48 | 4,607,321 | ||||||||||||||
| 3,500,000 | City & County Honolulu HI Wastewater System Revenue | 3.200 | 07/01/26 | 3,728,865 | ||||||||||||||
| 1,580,000 | City & County of Honolulu HI | 1.506 | 10/01/20 | 1,574,359 | ||||||||||||||
| 950,000 | City & County of Honolulu HI | 2.141 | 10/01/23 | 957,676 | ||||||||||||||
| 1,000,000 | City & County of Honolulu HI | 2.368 | 10/01/24 | 1,018,380 | ||||||||||||||
| 5,730,000 | City & County of Honolulu HI | 3.944 | 09/01/34 | 6,349,241 | ||||||||||||||
| 935,000 | City & County of San Francisco CA | 3.700 | 04/01/34 | 1,005,377 | ||||||||||||||
| 440,000 | City & County of San Francisco CA | 3.750 | 04/01/35 | 472,784 | ||||||||||||||
| 4,655,000 | City & County of San Francisco CA | 3.750 | 09/01/37 | 4,956,691 | ||||||||||||||
| 5,835,000 | City & County of San Francisco CA | 3.900 | 04/01/42 | 6,222,561 | ||||||||||||||
| 5,000,000 | City & County of San Francisco CA | 4.000 | 09/01/48 | 5,294,500 | ||||||||||||||
| 4,610,000 | City & County of San Francisco CA Community Facilities District | 4.221 | 09/01/39 | 5,078,837 | ||||||||||||||
| 8,760,000 | City of Austin TX Electric Utility Revenue | 2.677 | 11/15/25 | 9,131,424 | ||||||||||||||
| 3,000,000 | City of Austin TX Water & Wastewater System Revenue | 2.133 | 11/15/19 | 3,000,480 | ||||||||||||||
| 2,490,000 | City of Chicago IL | 7.750 | 01/01/42 | 3,203,061 | ||||||||||||||
| 510,000 | City of Chicago IL | 7.750 | 01/01/42 | 587,336 | ||||||||||||||
| 2,000,000 | City of Cincinnati OH Water System Revenue | 2.568 | 12/01/21 | 2,031,960 | ||||||||||||||
| 5,340,000 | h | City of Conway AR Wasterwater Department | 3.168 | 10/01/37 | 5,353,777 | |||||||||||||
| 2,000,000 | City of Florence SC | 4.250 | 12/01/34 | 2,163,540 | ||||||||||||||
| 12,425,000 | City of Houston TX Combined Utility System Revenue | 3.828 | 05/15/28 | 13,645,259 | ||||||||||||||
| 250,000 | City of Houston TX Utility System Revenue | 2.563 | 05/15/20 | 250,993 | ||||||||||||||
| 1,800,000 | City of Kaukauna WI Electric System Revenue | 2.750 | 12/15/32 | 1,782,378 | ||||||||||||||
| 1,725,000 | City of Kaukauna WI Electric System Revenue | 2.800 | 12/15/33 | 1,707,733 | ||||||||||||||
| 316 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 1,800,000 | City of Kaukauna WI Electric System Revenue | 2.850 | % | 12/15/34 | $ | 1,779,246 | |||||||||||
| 1,945,000 | City of Kaukauna WI Electric System Revenue | 2.900 | 12/15/35 | 1,921,621 | ||||||||||||||
| 5,000,000 | City of Los Angeles CA | 3.320 | 09/01/24 | 5,334,450 | ||||||||||||||
| 4,000,000 | City of Los Angeles CA | 3.500 | 09/01/37 | 4,197,480 | ||||||||||||||
| 9,060,000 | City of Los Angeles CA | 3.880 | 09/01/38 | 9,802,920 | ||||||||||||||
| 5,000,000 | City of New York NY | 3.250 | 12/01/23 | 5,271,100 | ||||||||||||||
| 3,075,000 | City of Norfolk VA | 3.000 | 10/01/35 | 3,067,405 | ||||||||||||||
| 2,000,000 | City of San Angelo TX Water & Sewer Revenue | 4.401 | 02/15/46 | 2,089,580 | ||||||||||||||
| 3,955,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 2.400 | 11/01/22 | 4,015,195 | ||||||||||||||
| 5,000,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 4.185 | 11/01/46 | 5,358,150 | ||||||||||||||
| 1,140,000 | City of San Juan Capistrano CA | 4.090 | 08/01/36 | 1,234,745 | ||||||||||||||
| 885,000 | City of San Juan Capistrano CA | 4.190 | 08/01/40 | 959,375 | ||||||||||||||
| 345,000 | Commonwealth Financing Authority | 2.428 | 06/01/20 | 345,718 | ||||||||||||||
| 355,000 | Commonwealth Financing Authority | 2.675 | 06/01/21 | 358,429 | ||||||||||||||
| 2,730,000 | Commonwealth Financing Authority | 3.864 | 06/01/38 | 3,034,804 | ||||||||||||||
| 12,000,000 | i | Connecticut Housing Finance Authority | SOFR + 0.650% | 2.500 | 05/15/49 | 12,031,560 | ||||||||||||
| 5,000,000 | County of Alameda CA | 3.820 | 08/01/38 | 5,418,850 | ||||||||||||||
| 1,500,000 | County of Miami-Dade FL Aviation Revenue | 2.218 | 10/01/22 | 1,497,675 | ||||||||||||||
| 2,730,000 | County of Saline AR | 4.000 | 06/01/37 | 2,857,054 | ||||||||||||||
| 1,085,000 | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 1,530,751 | ||||||||||||||
| 2,940,000 | Erie Sewer Authority | 4.663 | 12/01/32 | 3,387,968 | ||||||||||||||
| 1,125,000 | Erie Sewer Authority | 4.713 | 12/01/33 | 1,274,951 | ||||||||||||||
| 3,315,000 | Erie Sewer Authority | 4.743 | 12/01/34 | 3,759,575 | ||||||||||||||
| 1,550,000 | g | Finance Authority of Maine | 5.375 | 12/15/33 | 1,649,743 | |||||||||||||
| 500,000 | Finance Authority of Maine | 5.250 | 06/15/34 | 508,050 | ||||||||||||||
| 1,790,000 | Honolulu City & County Board of Water Supply | 3.760 | 07/01/30 | 1,894,966 | ||||||||||||||
| 2,845,000 | Jackson County Industrial Development Authority | 4.250 | 05/01/39 | 3,087,849 | ||||||||||||||
| 2,000,000 | Kern County Water Agency Improvement District No 4 | 4.276 | 05/01/36 | 2,276,000 | ||||||||||||||
| 1,000,000 | Lavaca-Navidad River Authority | 4.430 | 08/01/35 | 1,060,410 | ||||||||||||||
| 3,535,000 | Maryland Community Development Administration Housing Revenue | 3.797 | 03/01/39 | 3,697,044 | ||||||||||||||
| 3,000,000 | Massachusetts St. Water Pollution Abatement | 5.192 | 08/01/40 | 3,554,430 | ||||||||||||||
| 500,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 540,445 | ||||||||||||||
| 2,500,000 | New York City Housing Development Corp | 3.720 | 11/01/39 | 2,649,675 | ||||||||||||||
| 945,000 | New York State Energy Research & Development Authority | 4.577 | 04/01/35 | 1,066,820 | ||||||||||||||
| 2,115,000 | New York State Environmental Facilities Corp | 3.420 | 07/15/26 | 2,296,996 | ||||||||||||||
| 7,500,000 | New York Transportation Development Corp | 5.000 | 01/01/26 | 8,839,125 | ||||||||||||||
| 1,500,000 | g | Ohio Air Quality Development Authority | 4.250 | 01/15/38 | 1,621,725 | |||||||||||||
| 1,500,000 | g | Ohio Air Quality Development Authority | 4.500 | 01/15/48 | 1,624,980 | |||||||||||||
| 12,900,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 15,392,925 | ||||||||||||||
| 317 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 250,000 | Oklahoma Water Resources Board | 3.071 | % | 04/01/22 | $ | 257,495 | |||||||||||
| 5,000,000 | g | Oregon State Business Development Commission | 6.500 | 04/01/31 | 4,714,550 | |||||||||||||
| 2,000,000 | Oregon State Business Development Commission | 11.500 | 04/01/31 | 2,146,740 | ||||||||||||||
| 5,000,000 | Palm Beach County Solid Waste Authority | 2.436 | 10/01/23 | 5,091,100 | ||||||||||||||
| 2,665,000 | Papio-Missouri River Natural Resource District | 2.198 | 12/15/25 | 2,670,410 | ||||||||||||||
| 2,080,000 | Papio-Missouri River Natural Resource District | 2.318 | 12/15/26 | 2,087,280 | ||||||||||||||
| 3,250,000 | Papio-Missouri River Natural Resource District | 2.482 | 12/15/27 | 3,257,118 | ||||||||||||||
| 3,290,000 | Papio-Missouri River Natural Resource District | 2.602 | 12/15/28 | 3,298,061 | ||||||||||||||
| 2,225,000 | Pend Oreille County Public Utility District No Box Canyon | 5.000 | 01/01/30 | 2,349,778 | ||||||||||||||
| 100,000 | g | Pennsylvania Economic Development Financing Authority | 5.750 | 06/01/36 | 106,791 | |||||||||||||
| 1,735,000 | g | Public Finance Authority | 9.000 | 06/01/29 | 1,744,976 | |||||||||||||
| 3,350,000 | Sacramento Area Flood Control Agency | 2.224 | 10/01/20 | 3,357,069 | ||||||||||||||
| 440,000 | San Francisco City & County Redevelopment Agency | 3.113 | 08/01/22 | 453,046 | ||||||||||||||
| 1,000,000 | San Francisco City & County Redevelopment Agency | 3.533 | 08/01/25 | 1,077,260 | ||||||||||||||
| 1,000,000 | San Francisco City & County Redevelopment Agency | 4.375 | 08/01/44 | 1,093,760 | ||||||||||||||
| 2,500,000 | Sangamon County Water Reclamation District | 2.907 | 01/01/34 | 2,483,850 | ||||||||||||||
| 2,050,000 | Sangamon County Water Reclamation District | 3.272 | 01/01/37 | 2,036,306 | ||||||||||||||
| 1,900,000 | Santa Cruz County Capital Financing Authority | 3.375 | 06/01/31 | 2,004,956 | ||||||||||||||
| 1,465,000 | Santa Cruz County Capital Financing Authority | 3.625 | 06/01/35 | 1,550,585 | ||||||||||||||
| 1,000,000 | South Davis Sewer District | 4.125 | 12/01/32 | 1,074,770 | ||||||||||||||
| 1,100,000 | South Davis Sewer District | 4.500 | 12/01/37 | 1,198,549 | ||||||||||||||
| 1,000,000 | State of California | 1.800 | 04/01/20 | 999,930 | ||||||||||||||
| 2,665,000 | State of California | 2.367 | 04/01/22 | 2,698,659 | ||||||||||||||
| 2,780,000 | State of California | 2.250 | 10/01/23 | 2,816,223 | ||||||||||||||
| 5,595,000 | State of California | 4.600 | 04/01/38 | 6,234,173 | ||||||||||||||
| 2,480,000 | State of California | 4.988 | 04/01/39 | 2,725,247 | ||||||||||||||
| 5,000,000 | State of California | 2.193 | 04/01/47 | 4,999,750 | ||||||||||||||
| 10,000,000 | i | State of California | LIBOR 1 M + 0.780% | 2.862 | 04/01/47 | 10,028,100 | ||||||||||||
| 1,000,000 | State of Texas | 1.737 | 08/01/22 | 998,280 | ||||||||||||||
| 2,475,000 | State of Texas | 2.749 | 10/01/23 | 2,569,100 | ||||||||||||||
| 1,000,000 | State of Texas | 3.576 | 08/01/34 | 1,037,290 | ||||||||||||||
| 1,000,000 | State of Texas | 3.726 | 08/01/43 | 1,038,020 | ||||||||||||||
| 1,650,000 | Syracuse Industrial Development Agency | 5.000 | 01/01/36 | 1,702,107 | ||||||||||||||
| 1,000,000 | Texas Water Development Board | 3.500 | 10/15/37 | 1,057,980 | ||||||||||||||
| 7,500,000 | Texas Water Development Board | 4.190 | 10/15/43 | 8,270,550 | ||||||||||||||
| 3,000,000 | Texas Water Development Board | 3.700 | 10/15/47 | 3,160,230 | ||||||||||||||
| 3,000,000 | Texas Water Development Board | 4.648 | 04/15/50 | 3,277,590 | ||||||||||||||
| 500,000 | University of California | 2.676 | 05/15/21 | 506,510 | ||||||||||||||
| 1,230,000 | University of Cincinnati | 3.500 | 06/01/32 | 1,300,528 | ||||||||||||||
| 318 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 2,000,000 | University of New Mexico | 3.532 | % | 06/20/32 | $ | 2,125,560 | |||||||||||
| 1,500,000 | Upper Santa Clara Valley Joint Powers Authority | 3.750 | 08/01/38 | 1,610,700 | ||||||||||||||
| 4,400,000 | Upper Santa Clara Valley Joint Powers Authority | 3.875 | 08/01/48 | 4,650,844 | ||||||||||||||
| 5,000,000 | Vermont Educational & Health Buildings Financing Agency | 4.000 | 12/01/42 | 5,421,200 | ||||||||||||||
| 1,000,000 | g | Warm Springs Reservation Confederated Tribe | 3.300 | 11/01/27 | 1,007,570 | |||||||||||||
| 1,250,000 | g | Warm Springs Reservation Confederated Tribe | 3.550 | 11/01/32 | 1,268,550 | |||||||||||||
| 655,000 | Washington County Clean Water Services | 4.828 | 10/01/22 | 707,197 | ||||||||||||||
| 530,000 | Washington County Clean Water Services | 5.078 | 10/01/24 | 603,161 | ||||||||||||||
| 2,000,000 | g | Washington Economic Development Finance Authority | 7.500 | 01/01/32 | 2,056,500 | |||||||||||||
| 3,000,000 | Water Works Board of the City of Birmingham | 1.788 | 01/01/20 | 2,999,190 | ||||||||||||||
| 2,005,000 | Water Works Board of the City of Birmingham | 2.392 | 01/01/23 | 2,031,907 | ||||||||||||||
| 250,000 | West Virginia Water Development Authority | 5.000 | 11/01/21 | 268,133 | ||||||||||||||
| 1,500,000 | Yuba City Public Financing Authority | 4.320 | 06/01/42 | 1,636,350 | ||||||||||||||
| 1,000,000 | Yuba Levee Financing Authority | 3.170 | 09/01/22 | 1,025,070 | ||||||||||||||
| TOTAL MUNICIPAL BONDS | 401,927,936 | |||||||||||||||||
| U.S. TREASURY SECURITIES - 7.0% | ||||||||||||||||||
| 2,500,000 | United States Treasury Bond | 3.125 | 05/15/48 | 3,041,113 | ||||||||||||||
| 20,344,800 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/24 | 20,606,062 | |||||||||||||
| 1,795,000 | United States Treasury Note | 2.500 | 01/31/21 | 1,811,968 | ||||||||||||||
| 3,600,000 | United States Treasury Note | 2.250 | 04/30/21 | 3,628,828 | ||||||||||||||
| 2,500,000 | United States Treasury Note | 1.500 | 09/30/21 | 2,493,848 | ||||||||||||||
| 685,000 | United States Treasury Note | 1.500 | 09/15/22 | 683,743 | ||||||||||||||
| 1,092,000 | United States Treasury Note | 1.875 | 08/31/24 | 1,108,209 | ||||||||||||||
| 41,395,000 | United States Treasury Note | 1.500 | 09/30/24 | 41,296,363 | ||||||||||||||
| 1,395,000 | United States Treasury Note | 2.250 | 10/31/24 | 1,440,937 | ||||||||||||||
| 11,000,000 | United States Treasury Note | 2.875 | 04/30/25 | 11,751,094 | ||||||||||||||
| 17,040,000 | United States Treasury Note | 2.750 | 06/30/25 | 18,111,656 | ||||||||||||||
| 14,250,000 | United States Treasury Note | 2.750 | 08/31/25 | 15,167,344 | ||||||||||||||
| 34,685,000 | United States Treasury Note | 1.875 | 07/31/26 | 35,256,761 | ||||||||||||||
| 18,195,000 | United States Treasury Note | 1.625 | 09/30/26 | 18,198,554 | ||||||||||||||
| 31,145,000 | United States Treasury Note | 1.625 | 08/15/29 | 31,009,957 | ||||||||||||||
| 2,500,000 | United States Treasury Note | 3.000 | 02/15/49 | 2,983,203 | ||||||||||||||
| 80,969,000 | United States Treasury Note | 2.875 | 05/15/49 | 94,512,330 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 303,101,970 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,821,873,686 | |||||||||||||||||
| (Cost $1,768,369,353) | ||||||||||||||||||
| 319 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| STRUCTURED ASSETS - 11.9% | ||||||||||||||||||
| ASSET BACKED - 4.1% | ||||||||||||||||||
| $ | 150,000 | AmeriCredit Automobile Receivables Trust | 3.340 | % | 08/08/21 | $ | 150,476 | |||||||||||
| Series - 2015 3 (Class D) | ||||||||||||||||||
| 5,000,000 | g,i | AREIT Trust | LIBOR 1 M + 1.020% | 3.048 | 09/14/36 | 5,000,000 | ||||||||||||
| Series - 2019 CRE3 (Class A) | ||||||||||||||||||
| 121,307 | i | Asset Backed Securities Corp Home Equity Loan Trust | LIBOR 1 M + 0.900% | 3.386 | 08/25/34 | 120,496 | ||||||||||||
| Series - 2004 HE5 (Class M1) | ||||||||||||||||||
| 350,000 | i | Bayview Financial Mortgage Pass-Through Trust | LIBOR 1 M + 0.650% | 2.694 | 02/28/41 | 346,217 | ||||||||||||
| Series - 2006 A (Class M3) | ||||||||||||||||||
| 961,471 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 963,052 | |||||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||||
| 948,326 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 957,232 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 261,323 | i | C-BASS Trust | LIBOR 1 M + 0.080% | 2.098 | 07/25/36 | 258,326 | ||||||||||||
| Series - 2006 CB6 (Class A1) | ||||||||||||||||||
| 1,447,025 | †,g,i | CBRE Realty Finance | LIBOR 3 M + 0.300% | 2.603 | 04/07/52 | 0 | ||||||||||||
| Series - 2007 1A (Class A2) | ||||||||||||||||||
| 90,000 | i | Citigroup Mortgage Loan Trust, Inc | LIBOR 1 M + 0.750% | 2.768 | 01/25/36 | 89,830 | ||||||||||||
| Series - 2006 WFH1 (Class M4) | ||||||||||||||||||
| 982,500 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 1,006,119 | |||||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||||
| 1,870,313 | g | DB Master Finance LLC | 3.787 | 05/20/49 | 1,926,048 | |||||||||||||
| Series - 2019 1A (Class A2I) | ||||||||||||||||||
| 870,750 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 911,536 | |||||||||||||
| Series - 2015 1A (Class A2II) | ||||||||||||||||||
| 3,038,000 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 3,048,299 | |||||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||||
| 790,000 | g | Domino’s Pizza Master Issuer LLC | 4.116 | 07/25/48 | 820,115 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 871,801 | g,i | Ellington Loan Acquisition Trust | LIBOR 1 M + 1.100% | 3.118 | 05/25/37 | 877,368 | ||||||||||||
| Series - 2007 2 (Class A2C) | ||||||||||||||||||
| 7,789,000 | g | GSCG Trust | 2.936 | 09/06/34 | 7,943,576 | |||||||||||||
| Series - 2019 600C (Class A) | ||||||||||||||||||
| 1,012,407 | g | HERO Funding Trust | 3.840 | 09/21/40 | 1,036,800 | |||||||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||||
| 351,242 | g | HERO Funding Trust | 3.990 | 09/21/40 | 365,894 | |||||||||||||
| Series - 2014 2A (Class A) | ||||||||||||||||||
| 1,979,072 | g | HERO Funding Trust | 3.750 | 09/20/41 | 2,046,518 | |||||||||||||
| Series - 2016 2A (Class A) | ||||||||||||||||||
| 1,237,375 | g | HERO Funding Trust | 4.050 | 09/20/41 | 1,291,952 | |||||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||||
| 3,833,518 | g | HERO Funding Trust | 3.080 | 09/20/42 | 3,895,636 | |||||||||||||
| Series - 2016 3A (Class A1) | ||||||||||||||||||
| 3,779,873 | g | HERO Funding Trust | 3.910 | 09/20/42 | 3,909,158 | |||||||||||||
| Series - 2016 3A (Class A2) | ||||||||||||||||||
| 372,522 | g | HERO Funding Trust | 4.500 | 09/21/42 | 377,564 | |||||||||||||
| Series - 2016 1R (Class A1) | ||||||||||||||||||
| 3,617,050 | g | HERO Funding Trust | 3.570 | 09/20/47 | 3,720,385 | |||||||||||||
| Series - 2016 4A (Class A1) | ||||||||||||||||||
| 320 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 2,914,274 | g | HERO Funding Trust | 3.710 | % | 09/20/47 | $ | 3,032,657 | ||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 5,766,895 | g | HERO Funding Trust | 3.190 | 09/20/48 | 5,886,334 | |||||||||||||
| Series - 2017 3A (Class A1) | ||||||||||||||||||
| 5,014,315 | g | HERO Funding Trust | 3.950 | 09/20/48 | 5,244,621 | |||||||||||||
| Series - 2017 3A (Class A2) | ||||||||||||||||||
| 1,795,758 | g | HERO Funding Trust | 4.070 | 09/20/48 | 1,859,011 | |||||||||||||
| Series - 2017 2A (Class A2) | ||||||||||||||||||
| 7,764,091 | g | HERO Funding Trust | 4.670 | 09/20/48 | 8,202,162 | |||||||||||||
| Series - 2018 1A (Class A2) | ||||||||||||||||||
| 58,610 | i | Home Equity Asset Trust | LIBOR 1 M + 1.500% | 3.986 | 06/25/33 | 58,901 | ||||||||||||
| Series - 2003 1 (Class M1) | ||||||||||||||||||
| 1,750,000 | g | Houston Galleria Mall Trust | 3.087 | 03/05/37 | 1,812,913 | |||||||||||||
| Series - 2015 HGLR (Class A1A2) | ||||||||||||||||||
| 361,002 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.320% | 2.338 | 03/25/37 | 353,800 | ||||||||||||
| Series - 2007 CH3 (Class A1B) | ||||||||||||||||||
| 1,986,697 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.160% | 2.178 | 06/25/37 | 1,958,334 | ||||||||||||
| Series - 2007 CH5 (Class A1) | ||||||||||||||||||
| 5,000,000 | g,i | MAD Mortgage Trust | 3.600 | 08/15/34 | 5,114,932 | |||||||||||||
| Series - 2017 330M (Class C) | ||||||||||||||||||
| 67,537 | i | Morgan Stanley ABS Capital I, Inc Trust | LIBOR 1 M + 0.825% | 2.843 | 08/25/34 | 67,407 | ||||||||||||
| Series - 2004 HE6 (Class M1) | ||||||||||||||||||
| 4,239,708 | g | Mosaic Solar Loans LLC | 3.820 | 06/22/43 | 4,330,604 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 864,675 | g | MVW Owner Trust | 2.420 | 12/20/34 | 865,949 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 3,064,043 | g,i | Navient Student Loan Trust | LIBOR 1 M + 0.250% | 2.268 | 06/27/67 | 3,060,566 | ||||||||||||
| Series - 2018 4A (Class A1) | ||||||||||||||||||
| 45,995 | g,i | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 45,787 | |||||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||||
| 2,198,000 | g | Progress Residential Trust | 2.897 | 12/17/34 | 2,213,196 | |||||||||||||
| Series - 2017 SFR2 (Class A) | ||||||||||||||||||
| 4,000,000 | PSNH Funding LLC | 3.506 | 08/01/28 | 4,304,133 | ||||||||||||||
| Series - 2018 1 (Class A2) | ||||||||||||||||||
| 250,000 | i | RASC Trust | LIBOR 1 M + 0.590% | 3.080 | 08/25/35 | 250,424 | ||||||||||||
| Series - 2005 KS8 (Class M4) | ||||||||||||||||||
| 1,516,379 | g | Renew | 3.670 | 09/20/52 | 1,573,394 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 3,828,975 | g | Renew | 3.950 | 09/20/53 | 4,001,948 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 98,002 | g | SolarCity LMC | 4.800 | 11/20/38 | 103,645 | |||||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||||
| 3,566,820 | g | SolarCity LMC | 4.590 | 04/20/44 | 3,641,538 | |||||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||||
| 755,362 | g | SolarCity LMC | 4.020 | 07/20/44 | 762,569 | |||||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||||
| 1,016,585 | g | SolarCity LMC | 4.800 | 09/20/48 | 1,056,000 | |||||||||||||
| Series - 2016 A (Class A) | ||||||||||||||||||
| 376,698 | i | Structured Asset Securities Corp Mortgage Loan Trust | LIBOR 1 M + 1.500% | 3.600 | 04/25/35 | 373,466 | ||||||||||||
| Series - 2005 7XS (Class 2A1A) | ||||||||||||||||||
| 4,864,175 | g | Sunrun Athena Issuer LLC | 5.310 | 04/30/49 | 5,334,764 | |||||||||||||
| Series - 2018 1 (Class A) | ||||||||||||||||||
| 321 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 18,339,200 | g | Sunrun Callisto Issuer LLC | 3.980 | % | 06/30/54 | $ | 18,855,472 | ||||||||||
| Series - 2019 1A (Class A) | ||||||||||||||||||
| 9,738,588 | g | TES LLC | 4.330 | 10/20/47 | 9,924,086 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 2,500,000 | g | TES LLC | 7.740 | 10/20/47 | 2,483,776 | |||||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||||
| 3,615,041 | g | TES LLC | 4.120 | 02/20/48 | 3,696,160 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 201,639 | g | Tesla Auto Lease Trust | 2.320 | 12/20/19 | 201,646 | |||||||||||||
| Series - 2018 A (Class A) | ||||||||||||||||||
| 15,862,733 | g | Tesla Auto Lease Trust | 3.710 | 08/20/21 | 16,118,009 | |||||||||||||
| Series - 2018 B (Class A) | ||||||||||||||||||
| 5,145,844 | Toyota Auto Receivables Owner Trust | 1.520 | 08/16/21 | 5,137,847 | ||||||||||||||
| Series - 2016 B (Class A4) | ||||||||||||||||||
| 498,746 | g | Tricon American Homes Trust | 2.928 | 01/17/36 | 505,761 | |||||||||||||
| Series - 2017 SFR2 (Class A) | ||||||||||||||||||
| 4,940,463 | g | Vivint Colar Financing V LLC | 4.730 | 04/30/48 | 5,257,795 | |||||||||||||
| Series - 2018 1A (Class A) | ||||||||||||||||||
| 4,459,343 | g | Vivint Colar Financing V LLC | 7.370 | 04/30/48 | 4,625,757 | |||||||||||||
| Series - 2018 1A (Class B) | ||||||||||||||||||
| 1,473,750 | g | Wendys Funding LLC | 3.573 | 03/15/48 | 1,497,094 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| TOTAL ASSET BACKED | 174,875,055 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 7.8% | ||||||||||||||||||
| 3,000,000 | g,i | 20 Times Square Trust | 3.203 | 05/15/35 | 3,078,016 | |||||||||||||
| Series - 2018 20TS (Class B) | ||||||||||||||||||
| 700,357 | g,i | Agate Bay Mortgage Trust | 3.500 | 11/25/44 | 704,003 | |||||||||||||
| Series - 2014 3 (Class A13) | ||||||||||||||||||
| 92,279 | g,i | Agate Bay Mortgage Trust | 3.500 | 09/25/45 | 91,968 | |||||||||||||
| Series - 2015 6 (Class A9) | ||||||||||||||||||
| 175,681 | i | Alternative Loan Trust | LIBOR 1 M + 0.500% | 2.518 | 06/25/34 | 178,325 | ||||||||||||
| Series - 2004 8CB (Class M1) | ||||||||||||||||||
| 5,000,000 | g | BBCMS Trust | 3.593 | 09/15/32 | 5,168,057 | |||||||||||||
| Series - 2015 MSQ (Class A) | ||||||||||||||||||
| 2,500,000 | g | BBCMS Trust | 3.894 | 09/15/32 | 2,583,818 | |||||||||||||
| Series - 2015 MSQ (Class B) | ||||||||||||||||||
| 4,500,000 | g | BBCMS Trust | 4.798 | 08/10/35 | 5,011,195 | |||||||||||||
| Series - 2015 SRCH (Class C) | ||||||||||||||||||
| 5,000,000 | g,i | BBCMS Trust | 4.409 | 08/05/38 | 4,659,982 | |||||||||||||
| Series - 2018 CHRS (Class E) | ||||||||||||||||||
| 2,000,000 | BENCHMARK Mortgage Trust | 3.419 | 08/15/52 | 2,119,276 | ||||||||||||||
| Series - 2019 B12 (Class AS) | ||||||||||||||||||
| 8,750,000 | g,i | BENCHMARK Mortgage Trust | 4.030 | 03/15/62 | 9,289,000 | |||||||||||||
| Series - 2019 B10 (Class 3CCA) | ||||||||||||||||||
| 2,500,000 | g | BWAY Mortgage Trust | 3.342 | 01/10/35 | 2,566,949 | |||||||||||||
| Series - 2015 1740 (Class C) | ||||||||||||||||||
| 2,000,000 | i | CD Mortgage Trust | 3.879 | 11/10/49 | 2,135,926 | |||||||||||||
| Series - 2016 CD2 (Class B) | ||||||||||||||||||
| 1,500,000 | g | Citigroup Commercial Mortgage Trust | 4.350 | 05/10/36 | 1,566,481 | |||||||||||||
| Series - 2019 PRM (Class D) | ||||||||||||||||||
| 5,000,000 | i | Citigroup Commercial Mortgage Trust | 3.758 | 04/10/48 | 5,219,902 | |||||||||||||
| Series - 2015 GC29 (Class B) | ||||||||||||||||||
| 322 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 10,000,000 | Citigroup Commercial Mortgage Trust | 3.018 | % | 08/10/56 | $ | 10,266,651 | |||||||||||
| Series - 2019 GC41 (Class AS) | ||||||||||||||||||
| 2,250,000 | g,i | Cityline Commercial Mortgage Trust | 2.871 | 11/10/31 | 2,305,322 | |||||||||||||
| Series - 2016 CLNE (Class A) | ||||||||||||||||||
| 5,250,000 | g | COMM Mortgage Trust | 2.681 | 08/10/29 | 5,278,711 | |||||||||||||
| Series - 2016 GCT (Class A) | ||||||||||||||||||
| 270,000 | g | COMM Mortgage Trust | 3.086 | 08/10/29 | 272,266 | |||||||||||||
| Series - 2016 GCT (Class B) | ||||||||||||||||||
| 5,000,000 | g,i | COMM Mortgage Trust | 3.712 | 10/10/29 | 5,190,700 | |||||||||||||
| Series - 2017 PANW (Class C) | ||||||||||||||||||
| 2,815,000 | g | COMM Mortgage Trust | 4.353 | 08/10/30 | 3,015,540 | |||||||||||||
| Series - 2013 300P (Class A1) | ||||||||||||||||||
| 2,000,000 | COMM Mortgage Trust | 4.701 | 03/10/47 | 2,134,543 | ||||||||||||||
| Series - 2014 UBS2 (Class B) | ||||||||||||||||||
| 3,000,000 | i | COMM Mortgage Trust | 5.137 | 03/10/47 | 3,175,035 | |||||||||||||
| Series - 2014 UBS2 (Class C) | ||||||||||||||||||
| 3,300,000 | i | COMM Mortgage Trust | 4.703 | 08/10/47 | 3,573,382 | |||||||||||||
| Series - 2014 CR19 (Class B) | ||||||||||||||||||
| 2,000,000 | g,i | COMM Mortgage Trust | 4.906 | 08/10/47 | 1,997,793 | |||||||||||||
| Series - 2014 CR19 (Class D) | ||||||||||||||||||
| 3,500,000 | g,i | COMM Mortgage Trust | 4.254 | 03/10/48 | 3,484,711 | |||||||||||||
| Series - 2015 CR22 (Class D) | ||||||||||||||||||
| 4,000,000 | i | COMM Mortgage Trust | 4.392 | 05/10/48 | 4,029,775 | |||||||||||||
| Series - 2015 CR23 (Class D) | ||||||||||||||||||
| 769,025 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.600% | 4.618 | 05/25/24 | 801,832 | ||||||||||||
| Series - 2014 C02 (Class 1M2) | ||||||||||||||||||
| 1,991,402 | i | Connecticut Avenue Securities | LIBOR 1 M + 3.000% | 5.018 | 07/25/24 | 2,090,842 | ||||||||||||
| Series - 2014 C03 (Class 1M2) | ||||||||||||||||||
| 282,262 | i | Connecticut Avenue Securities | LIBOR 1 M + 5.000% | 7.018 | 11/25/24 | 301,773 | ||||||||||||
| Series - 2014 C04 (Class 2M2) | ||||||||||||||||||
| 3,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.250% | 6.268 | 01/25/29 | 3,168,678 | ||||||||||||
| Series - 2016 C04 (Class 1M2) | ||||||||||||||||||
| 2,076,655 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.450% | 6.468 | 01/25/29 | 2,186,346 | ||||||||||||
| Series - 2016 C05 (Class 2M2) | ||||||||||||||||||
| 1,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.250% | 6.268 | 04/25/29 | 1,068,879 | ||||||||||||
| Series - 2016 C06 (Class 1M2) | ||||||||||||||||||
| 411,094 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.150% | 3.168 | 09/25/29 | 411,735 | ||||||||||||
| Series - 2017 C02 (Class 2M1) | ||||||||||||||||||
| 591,789 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 11/25/29 | 592,084 | ||||||||||||
| Series - 2017 C04 (Class 2M1) | ||||||||||||||||||
| 2,140,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.200% | 4.218 | 01/25/30 | 2,163,629 | ||||||||||||
| Series - 2017 C05 (Class 1M2A) | ||||||||||||||||||
| 1,003,664 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.600% | 2.618 | 07/25/30 | 1,003,265 | ||||||||||||
| Series - 2018 C01 (Class 1M1) | ||||||||||||||||||
| 881,771 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.680% | 2.698 | 10/25/30 | 881,895 | ||||||||||||
| Series - 2018 C03 (Class 1M1) | ||||||||||||||||||
| 1,040,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 10/25/30 | 1,042,012 | ||||||||||||
| Series - 2018 C03 (Class 1EA2) | ||||||||||||||||||
| 154,709 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.720% | 2.738 | 01/25/31 | 154,769 | ||||||||||||
| Series - 2018 C05 (Class 1M1) | ||||||||||||||||||
| 3,316,272 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 0.850% | 2.868 | 07/25/31 | 3,319,189 | ||||||||||||
| Series - 2019 R01 (Class 2M1) | ||||||||||||||||||
| 323 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 505,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.450% | 4.468 | % | 07/25/31 | $ | 509,387 | |||||||||
| Series - 2019 R01 (Class 2M2) | ||||||||||||||||||
| 2,235,000 | g,i | Connecticut Avenue Securities | LIBOR 1 M + 2.150% | 4.168 | 09/25/31 | 2,245,674 | ||||||||||||
| Series - 2019 R03 (Class 1M2) | ||||||||||||||||||
| 122,598 | i | Countrywide Home Loan Mortgage Pass Through Trust | 4.114 | 11/20/34 | 125,629 | |||||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||||
| 5,000,000 | g,i | CSAIL Commercial Mortgage Trust | 3.800 | 06/15/37 | 5,317,783 | |||||||||||||
| Series - 2017 C8 (Class 85BB) | ||||||||||||||||||
| 5,000,000 | g,i | CSMC Trust | 3.854 | 11/10/32 | 5,302,864 | |||||||||||||
| Series - 2017 CALI (Class B) | ||||||||||||||||||
| 10,000,000 | g,i | CSMC Trust | 3.904 | 11/10/32 | 10,522,312 | |||||||||||||
| Series - 2017 CALI (Class C) | ||||||||||||||||||
| 790,000 | g,i | CSMC Trust | 3.938 | 11/15/34 | 826,948 | |||||||||||||
| Series - 2015 GLPB (Class B) | ||||||||||||||||||
| 335,000 | g,i | CSMC Trust | LIBOR 1 M + 0.650% | 2.668 | 05/25/36 | 334,031 | ||||||||||||
| Series - 2006 CF2 (Class M3) | ||||||||||||||||||
| 1,096,859 | g,i | CSMC Trust | 3.500 | 02/25/48 | 1,099,816 | |||||||||||||
| Series - 2018 J1 (Class A11) | ||||||||||||||||||
| 349,507 | i | Fieldstone Mortgage Investment Trust | LIBOR 1 M + 0.735% | 2.753 | 12/25/35 | 348,259 | ||||||||||||
| Series - 2005 2 (Class M2) | ||||||||||||||||||
| 3,921,099 | g,i | FirstKey Mortgage Trust | 3.500 | 11/25/44 | 3,953,113 | |||||||||||||
| Series - 2014 1 (Class A8) | ||||||||||||||||||
| 284,219 | g,i | Flagstar Mortgage Trust | 4.000 | 09/25/48 | 286,187 | |||||||||||||
| Series - 2018 5 (Class A11) | ||||||||||||||||||
| 3,600,000 | g | GRACE Mortgage Trust | 3.369 | 06/10/28 | 3,655,257 | |||||||||||||
| Series - 2014 GRCE (Class A) | ||||||||||||||||||
| 7,500,000 | g,i | GS Mortgage Securities Corp | LIBOR 1 M + 0.900% | 2.928 | 06/15/36 | 7,506,997 | ||||||||||||
| Series - 2019 SOHO (Class A) | ||||||||||||||||||
| 3,000,000 | g,i | GS Mortgage Securities Trust | LIBOR 1 M + 1.090% | 3.118 | 10/15/31 | 2,999,113 | ||||||||||||
| Series - 2018 HART (Class A) | ||||||||||||||||||
| 3,500,000 | g,i | GS Mortgage Securities Trust | 5.353 | 12/10/43 | 3,602,613 | |||||||||||||
| Series - 2010 C2 (Class D) | ||||||||||||||||||
| 1,140,200 | g,i | GS Mortgage Securities Trust | 4.285 | 02/10/46 | 1,185,237 | |||||||||||||
| Series - 2013 GC10 (Class C) | ||||||||||||||||||
| 2,000,000 | g | GS Mortgage Securities Trust | 3.000 | 02/10/52 | 1,854,015 | |||||||||||||
| Series - 2019 GC38 (Class D) | ||||||||||||||||||
| 479,004 | i | HarborView Mortgage Loan Trust | LIBOR 1 M + 0.620% | 2.677 | 08/19/45 | 477,442 | ||||||||||||
| Series - 2005 11 (Class 2A1A) | ||||||||||||||||||
| 3,500,000 | g | Hudson Yards Mortgage Trust | 2.835 | 08/10/38 | 3,602,647 | |||||||||||||
| Series - 2016 10HY (Class A) | ||||||||||||||||||
| 2,500,000 | g,i | Hudson Yards Mortgage Trust | 3.076 | 08/10/38 | 2,572,278 | |||||||||||||
| Series - 2016 10HY (Class B) | ||||||||||||||||||
| 5,000,000 | g,i | Hudson Yards Mortgage Trust | 3.076 | 08/10/38 | 5,088,027 | |||||||||||||
| Series - 2016 10HY (Class C) | ||||||||||||||||||
| 2,500,000 | g,i | Hudson Yards Mortgage Trust | 3.076 | 08/10/38 | 2,479,435 | |||||||||||||
| Series - 2016 10HY (Class E) | ||||||||||||||||||
| 17,500,000 | g,i | Hudson Yards Mortgage Trust | 3.558 | 07/10/39 | 18,222,178 | |||||||||||||
| Series - 2019 30HY (Class D) | ||||||||||||||||||
| 21,927 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.678 | 03/25/35 | 21,952 | ||||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||||
| 324 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| $ | 1,600,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.201 | % | 01/15/46 | $ | 1,638,235 | ||||||||||
| Series - 2013 C13 (Class D) | ||||||||||||||||||
| 498,893 | g,i | JP Morgan Mortgage Trust | 3.589 | 12/25/44 | 496,876 | |||||||||||||
| Series - 2015 1 (Class B1) | ||||||||||||||||||
| 81,276 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/45 | 81,092 | |||||||||||||
| Series - 2015 3 (Class A19) | ||||||||||||||||||
| 946,343 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/45 | 946,351 | |||||||||||||
| Series - 2015 6 (Class A13) | ||||||||||||||||||
| 168,317 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/46 | 167,834 | |||||||||||||
| Series - 2016 1 (Class A13) | ||||||||||||||||||
| 169,902 | g,i | JP Morgan Mortgage Trust | 3.500 | 01/25/47 | 172,232 | |||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 1,393,179 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 1,411,445 | |||||||||||||
| Series - 2017 2 (Class A5) | ||||||||||||||||||
| 220,146 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 220,336 | |||||||||||||
| Series - 2017 2 (Class A13) | ||||||||||||||||||
| 461,943 | g,i | JP Morgan Mortgage Trust | 3.500 | 09/25/48 | 484,791 | |||||||||||||
| Series - 2018 3 (Class A13) | ||||||||||||||||||
| 146,091 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 153,353 | |||||||||||||
| Series - 2018 4 (Class A13) | ||||||||||||||||||
| 609,953 | g,i | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 640,402 | |||||||||||||
| Series - 2018 5 (Class A13) | ||||||||||||||||||
| 431,167 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 433,154 | |||||||||||||
| Series - 2018 8 (Class A5) | ||||||||||||||||||
| 317,395 | g,i | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 323,606 | |||||||||||||
| Series - 2018 8 (Class A13) | ||||||||||||||||||
| 921,053 | g,i | JP Morgan Mortgage Trust | 4.000 | 02/25/49 | 932,602 | |||||||||||||
| Series - 2018 9 (Class A13) | ||||||||||||||||||
| 1,243,158 | g,i | JP Morgan Mortgage Trust | 4.000 | 05/25/49 | 1,267,642 | |||||||||||||
| Series - 2019 1 (Class A15) | ||||||||||||||||||
| 2,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.612 | 09/15/47 | 2,127,969 | |||||||||||||
| Series - 2014 C23 (Class C) | ||||||||||||||||||
| 1,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.486 | 02/15/48 | 1,042,650 | |||||||||||||
| Series - 2015 C27 (Class C) | ||||||||||||||||||
| 1,000,000 | g | Ladder Capital Commercial Mortgage Securities | 3.575 | 02/15/36 | 1,052,195 | |||||||||||||
| Series - 2013 GCP (Class A1) | ||||||||||||||||||
| 10,000,000 | g | Liberty Street Trust | 3.597 | 02/10/36 | 10,735,277 | |||||||||||||
| Series - 2016 225L (Class A) | ||||||||||||||||||
| 5,000,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 4.919 | 11/15/46 | 5,419,509 | |||||||||||||
| Series - 2013 C13 (Class B) | ||||||||||||||||||
| 1,926,539 | g | Morgan Stanley Bank of America Merrill Lynch Trust | 4.750 | 12/15/46 | 2,074,318 | |||||||||||||
| Series - 2014 C19 (Class LNC3) | ||||||||||||||||||
| 5,000,000 | g | Morgan Stanley Capital I Trust | 3.350 | 07/13/29 | 5,087,387 | |||||||||||||
| Series - 2014 CPT (Class A) | ||||||||||||||||||
| 5,500,000 | g,i | Morgan Stanley Capital I Trust | 3.516 | 07/13/29 | 5,584,499 | |||||||||||||
| Series - 2014 CPT (Class AM) | ||||||||||||||||||
| 1,240,000 | g,i | Morgan Stanley Capital I Trust | 3.560 | 07/13/29 | 1,258,905 | |||||||||||||
| Series - 2014 CPT (Class B) | ||||||||||||||||||
| 325 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 8,530,000 | g,i | Morgan Stanley Capital I Trust | 3.560 | % | 07/13/29 | $ | 8,637,810 | ||||||||||
| Series - 2014 CPT (Class C) | ||||||||||||||||||
| 5,000,000 | g | Morgan Stanley Capital I Trust | 2.695 | 01/11/32 | 4,994,980 | |||||||||||||
| Series - 2013 WLSR (Class A) | ||||||||||||||||||
| 212,656 | †,i | Morgan Stanley Capital I Trust | 6.459 | 12/12/49 | 131,847 | |||||||||||||
| Series - 2007 IQ16 (Class AJFX) | ||||||||||||||||||
| 2,500,000 | g,i | MSDB Trust | 3.427 | 07/11/39 | 2,629,860 | |||||||||||||
| Series - 2017 712F (Class A) | ||||||||||||||||||
| 3,600,000 | g,i | MSDB Trust | 3.568 | 07/11/39 | 3,737,644 | |||||||||||||
| Series - 2017 712F (Class B) | ||||||||||||||||||
| 3,450,000 | g,i | Natixis Commercial Mortgage Securities Trust | 3.917 | 11/15/32 | 3,594,480 | |||||||||||||
| Series - 2018 285M (Class A) | ||||||||||||||||||
| 1,050,000 | g,i | Natixis Commercial Mortgage Securities Trust | 3.917 | 11/15/32 | 1,082,217 | |||||||||||||
| Series - 2018 285M (Class C) | ||||||||||||||||||
| 10,000,000 | g,i | Natixis Commercial Mortgage Securities Trust | LIBOR 1 M + 0.784% | 2.811 | 07/15/33 | 10,003,084 | ||||||||||||
| Series - 2018 850T (Class A) | ||||||||||||||||||
| 150,997 | i | New York Mortgage Trust | LIBOR 1 M + 0.480% | 2.498 | 02/25/36 | 151,379 | ||||||||||||
| Series - 2005 3 (Class A1) | ||||||||||||||||||
| 17,750,000 | g | One Bryant Park Trust | 2.516 | 09/13/49 | 17,843,697 | |||||||||||||
| Series - 2019 OBP (Class A) | ||||||||||||||||||
| 2,000,000 | g | One Market Plaza Trust | 3.614 | 02/10/32 | 2,071,848 | |||||||||||||
| Series - 2017 1MKT (Class A) | ||||||||||||||||||
| 886,478 | g,i | Sequoia Mortgage Trust | 3.500 | 05/25/45 | 902,304 | |||||||||||||
| Series - 2015 2 (Class A1) | ||||||||||||||||||
| 264,121 | g,i | Sequoia Mortgage Trust | 3.500 | 06/25/46 | 267,185 | |||||||||||||
| Series - 2016 1 (Class A19) | ||||||||||||||||||
| 324,053 | g,i | Sequoia Mortgage Trust | 3.500 | 11/25/46 | 329,922 | |||||||||||||
| Series - 2016 3 (Class A10) | ||||||||||||||||||
| 1,417,366 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 1,440,343 | |||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 794,701 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 798,214 | |||||||||||||
| Series - 2017 3 (Class A19) | ||||||||||||||||||
| 237,530 | g,i | Sequoia Mortgage Trust | 3.761 | 09/25/47 | 247,514 | |||||||||||||
| Series - 2017 6 (Class B1) | ||||||||||||||||||
| 649,549 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 659,927 | |||||||||||||
| Series - 2018 2 (Class A1) | ||||||||||||||||||
| 215,082 | g,i | Sequoia Mortgage Trust | 3.500 | 02/25/48 | 215,792 | |||||||||||||
| Series - 2018 2 (Class A19) | ||||||||||||||||||
| 134,854 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/48 | 135,913 | |||||||||||||
| Series - 2018 3 (Class A1) | ||||||||||||||||||
| 979,243 | g,i | Sequoia Mortgage Trust | 4.000 | 09/25/48 | 988,687 | |||||||||||||
| Series - 2018 7 (Class A4) | ||||||||||||||||||
| 423,777 | g,i | Sequoia Mortgage Trust | 4.000 | 09/25/48 | 429,355 | |||||||||||||
| Series - 2018 7 (Class A19) | ||||||||||||||||||
| 73,941 | g,i | Sequoia Mortgage Trust | 4.000 | 11/25/48 | 74,952 | |||||||||||||
| Series - 2018 8 (Class A19) | ||||||||||||||||||
| 1,389,119 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 1,421,513 | |||||||||||||
| Series - 2019 2 (Class A1) | ||||||||||||||||||
| 315,709 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 322,124 | |||||||||||||
| Series - 2019 2 (Class A19) | ||||||||||||||||||
| 722,242 | g,i | Sequoia Mortgage Trust | 3.500 | 09/25/49 | 730,856 | |||||||||||||
| Series - 2019 3 (Class A2) | ||||||||||||||||||
| 4,547,655 | g,i | Shellpoint Co-Originator Trust | 3.500 | 10/25/47 | 4,584,784 | |||||||||||||
| Series - 2017 2 (Class A1) | ||||||||||||||||||
| 326 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 467,453 | g,i | Spruce Hill Mortgage Loan Trust | 3.395 | % | 04/29/49 | $ | 470,354 | ||||||||||
| Series - 2019 SH1 (Class A1) | ||||||||||||||||||
| 1,600,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 4.650% | 6.668 | 10/25/28 | 1,714,403 | ||||||||||||
| Series - 2016 DNA2 (Class M3) | ||||||||||||||||||
| 1,345,476 | i | STACR | LIBOR 1 M + 1.350% | 3.368 | 03/25/29 | 1,351,274 | ||||||||||||
| Series - 2016 HQA3 (Class M2) | ||||||||||||||||||
| 1,240,143 | i | STACR | LIBOR 1 M + 0.750% | 2.768 | 03/25/30 | 1,240,261 | ||||||||||||
| Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
| 1,617,830 | i | STACR | LIBOR 1 M + 0.950% | 2.968 | 04/25/30 | 1,619,492 | ||||||||||||
| Series - 2017 HQA3 (Class M2AS) | ||||||||||||||||||
| 498,487 | g,i | STACR | 3.740 | 02/25/48 | 501,688 | |||||||||||||
| Series - 2018 SPI1 (Class M1) | ||||||||||||||||||
| 291,127 | g,i | STACR | 3.817 | 05/25/48 | 291,861 | |||||||||||||
| Series - 2018 SPI2 (Class M1) | ||||||||||||||||||
| 548,536 | g,i | STACR | 4.160 | 08/25/48 | 552,635 | |||||||||||||
| Series - 2018 SPI3 (Class M1) | ||||||||||||||||||
| 205,000 | g,i | STACR | 4.459 | 11/25/48 | 206,568 | |||||||||||||
| Series - 2018 SPI4 (Class M2) | ||||||||||||||||||
| 5,855,000 | g | VNDO Mortgage Trust | 3.808 | 12/13/29 | 5,933,780 | |||||||||||||
| Series - 2013 PENN (Class A) | ||||||||||||||||||
| 2,925,000 | g,i | VNDO Trust | 3.448 | 11/15/30 | 2,995,189 | |||||||||||||
| Series - 2012 6AVE (Class C) | ||||||||||||||||||
| 2,711,000 | g | VNDO Trust | 3.805 | 01/10/35 | 2,953,954 | |||||||||||||
| Series - 2016 350P (Class A) | ||||||||||||||||||
| 3,000,000 | g,i | VNDO Trust | 4.033 | 01/10/35 | 3,262,599 | |||||||||||||
| Series - 2016 350P (Class B) | ||||||||||||||||||
| 126,215 | i | Wachovia Bank Commercial Mortgage Trust | 6.286 | 05/15/46 | 127,294 | |||||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||||
| 1,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 1,009,551 | |||||||||||||
| Series - 2007 C34 (Class B) | ||||||||||||||||||
| 2,153,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.361 | 05/15/46 | 2,180,237 | |||||||||||||
| Series - 2007 C34 (Class C) | ||||||||||||||||||
| 1,306,050 | i | Wachovia Bank Commercial Mortgage Trust | 5.748 | 04/15/47 | 1,306,690 | |||||||||||||
| Series - 2007 C31 (Class F) | ||||||||||||||||||
| 914,412 | g,i | Wells Fargo Mortgage Backed Securities Trust | 4.000 | 04/25/49 | 931,164 | |||||||||||||
| Series - 2019 2 (Class A17) | ||||||||||||||||||
| 350,000 | g,i | WFRBS Commercial Mortgage Trust | 5.174 | 02/15/44 | 359,905 | |||||||||||||
| Series - 2011 C2 (Class B) | ||||||||||||||||||
| 650,000 | i | WFRBS Commercial Mortgage Trust | 4.850 | 12/15/46 | 696,713 | |||||||||||||
| Series - 2013 C18 (Class C) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 334,309,952 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 509,185,007 | |||||||||||||||||
| (Cost $497,849,260) | ||||||||||||||||||
| TOTAL BONDS | 4,186,330,612 | |||||||||||||||||
| (Cost $4,031,817,443) | ||||||||||||||||||
| 327 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| SHARES | COMPANY | RATE | MATURITY DATE | VALUE | |||||||||||||||
| PREFERRED STOCKS - 0.2% | |||||||||||||||||||
| REAL ESTATE - 0.2% | |||||||||||||||||||
| 400,000 | * | Brookfield Property Partners LP | $ | 10,384,000 | |||||||||||||||
| TOTAL REAL ESTATE | 10,384,000 | ||||||||||||||||||
| TOTAL PREFERRED STOCKS | 10,384,000 | ||||||||||||||||||
| (Cost $10,000,000) | |||||||||||||||||||
| PRINCIPAL | ISSUER | ||||||||||||||||||
| SHORT-TERM INVESTMENTS - 1.9% | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 1.3% | |||||||||||||||||||
| $ | 5,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 2.070 | % | 10/04/19 | 4,999,217 | |||||||||||||
| 22,330,000 | Federal Home Loan Bank (FHLB) | 1.600 | 10/02/19 | 22,328,834 | |||||||||||||||
| 10,000,000 | FHLB | 1.921 | 10/08/19 | 9,996,344 | |||||||||||||||
| 7,250,000 | FHLB | 1.934 | 11/08/19 | 7,235,613 | |||||||||||||||
| 11,580,000 | FHLB | 1.970 | 11/15/19 | 11,552,787 | |||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 56,112,795 | ||||||||||||||||||
| TREASURY DEBT - 0.6% | |||||||||||||||||||
| 14,120,000 | United States Treasury Bill | 1.850-1.900 | 10/01/19 | 14,120,000 | |||||||||||||||
| 12,050,000 | United States Treasury Bill | 1.917 | 10/08/19 | 12,045,876 | |||||||||||||||
| TOTAL TREASURY DEBT | 26,165,876 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 82,278,671 | ||||||||||||||||||
| (Cost $82,276,708) | |||||||||||||||||||
| TOTAL INVESTMENTS - 100.0% | 4,298,551,862 | ||||||||||||||||||
| (Cost $4,143,708,101) | |||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% | 1,228,643 | ||||||||||||||||||
| NET ASSETS - 100.0% | $ | 4,299,780,505 | |||||||||||||||||
| Abbreviation(s): | |||||||||||||||||||
| EUR | Euro | ||||||||||||||||||
| LIBOR | London Interbank Offered Rate | ||||||||||||||||||
| M | Month | ||||||||||||||||||
| REIT | Real Estate Investment Trust | ||||||||||||||||||
| SOFR | Secure Overnight Financing Rate | ||||||||||||||||||
| 328 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| * | Non-income producing | ||||||||||||||||||
| † | Security is categorized as Level 3 in the fair value hierarchy. | ||||||||||||||||||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2019, the aggregate value of these securities was $989,622,730 or 23.0% of net assets. | ||||||||||||||||||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||||||||||||||||||
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | ||||||||||||||||||
| j | Zero coupon | ||||||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | ||||||||||||||||||
Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:
| Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||
| $ | 7,126,223 | EUR | 6,490,250 | Australia & New Zealand Banking Group | 11/27/19 | $22,028 | ||||||||
| Abbreviation(s): | |||||||||||||||||||
| EUR | Euro | ||||||||||||||||||
| 329 |
TIAA-CREF FUNDS - Money Market Fund
TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2019
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
| SHORT-TERM INVESTMENTS - 102.0% | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT - 65.2% | ||||||||||||||||||
| $ | 5,000,000 | Federal Farm Credit Bank (FFCB) | 0.010 | % | 10/04/19 | $ | 4,999,108 | |||||||||||
| 10,000,000 | FFCB | 0.010 | 10/08/19 | 9,995,955 | ||||||||||||||
| 3,000,000 | FFCB | 0.010 | 10/11/19 | 2,998,008 | ||||||||||||||
| 2,250,000 | FFCB | 0.010 | 10/21/19 | 2,247,012 | ||||||||||||||
| 3,500,000 | FFCB | 0.010 | 11/22/19 | 3,489,586 | ||||||||||||||
| 4,600,000 | FFCB | 0.010 | 11/27/19 | 4,584,487 | ||||||||||||||
| 13,466,000 | Federal Home Loan Bank (FHLB) | 0.010 | 10/02/19 | 13,465,217 | ||||||||||||||
| 12,600,000 | FHLB | 0.010 | 10/03/19 | 12,598,579 | ||||||||||||||
| 2,000,000 | FHLB | 0.010 | 10/04/19 | 1,999,665 | ||||||||||||||
| 500,000 | FHLB | 0.010 | 10/07/19 | 499,829 | ||||||||||||||
| 30,400,000 | FHLB | 0.010 | 10/08/19 | 30,388,089 | ||||||||||||||
| 19,200,000 | FHLB | 0.010 | 10/09/19 | 19,191,310 | ||||||||||||||
| 10,000,000 | FHLB | 0.010 | 10/10/19 | 9,994,750 | ||||||||||||||
| 65,000,000 | FHLB | 0.010 | 10/11/19 | 64,961,250 | ||||||||||||||
| 55,535,000 | FHLB | 0.010 | 10/16/19 | 55,486,255 | ||||||||||||||
| 370,000 | FHLB | 0.010 | 10/22/19 | 369,581 | ||||||||||||||
| 27,600,000 | FHLB | 0.010 | 10/23/19 | 27,565,517 | ||||||||||||||
| 47,890,000 | FHLB | 0.010 | 10/25/19 | 47,823,490 | ||||||||||||||
| 10,759,000 | FHLB | 0.010 | 10/28/19 | 10,742,176 | ||||||||||||||
| 12,200,000 | FHLB | 0.010 | 10/29/19 | 12,181,022 | ||||||||||||||
| 30,790,000 | FHLB | 0.010 | 10/30/19 | 30,738,112 | ||||||||||||||
| 30,840,000 | FHLB | 0.010 | 11/01/19 | 30,785,623 | ||||||||||||||
| 31,010,000 | FHLB | 0.010 | 11/05/19 | 30,951,813 | ||||||||||||||
| 18,450,000 | FHLB | 0.010 | 11/06/19 | 18,414,576 | ||||||||||||||
| 12,035,000 | FHLB | 0.010 | 11/08/19 | 12,009,772 | ||||||||||||||
| 20,000,000 | FHLB | 0.010 | 11/12/19 | 19,954,733 | ||||||||||||||
| 7,000,000 | FHLB | 0.010 | 11/13/19 | 6,983,278 | ||||||||||||||
| 15,000,000 | FHLB | 0.010 | 11/18/19 | 14,961,400 | ||||||||||||||
| 25,550,000 | FHLB | 0.010 | 11/20/19 | 25,481,531 | ||||||||||||||
| 19,000,000 | FHLB | 0.010 | 11/22/19 | 18,946,787 | ||||||||||||||
| 47,400,000 | FHLB | 0.010 | 11/25/19 | 47,260,236 | ||||||||||||||
| 60,500,000 | FHLB | 0.010 | 11/26/19 | 60,318,836 | ||||||||||||||
| 9,000,000 | FHLB | 0.010 | 12/02/19 | 8,970,085 | ||||||||||||||
| 50,000,000 | FHLB | 0.010 | 12/06/19 | 49,816,667 | ||||||||||||||
| 26,650,000 | FHLB | 0.010 | 12/11/19 | 26,548,560 | ||||||||||||||
| 3,845,000 | FHLB | 0.010 | 12/13/19 | 3,830,186 | ||||||||||||||
| 7,000,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.010 | 10/03/19 | 6,999,072 | ||||||||||||||
| 5,380,000 | FHLMC | 0.010 | 10/04/19 | 5,378,938 | ||||||||||||||
| 6,235,000 | FHLMC | 0.010 | 10/07/19 | 6,232,551 | ||||||||||||||
| 10,900,000 | FHLMC | 0.010 | 10/17/19 | 10,888,671 | ||||||||||||||
| 5,000,000 | FHLMC | 0.010 | 10/18/19 | 4,994,499 | ||||||||||||||
| 1,500,000 | FHLMC | 0.010 | 10/21/19 | 1,498,046 | ||||||||||||||
| 8,000,000 | FHLMC | 0.010 | 11/04/19 | 7,982,055 | ||||||||||||||
| 12,000,000 | FHLMC | 0.010 | 11/19/19 | 11,964,753 | ||||||||||||||
| 7,030,000 | FHLMC | 0.010 | 12/09/19 | 7,005,342 | ||||||||||||||
| 330 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 25,000,000 | FHLMC | 0.010 | % | 12/20/19 | $ | 24,898,056 | |||||||||||
| 50,000,000 | FHLMC | 0.010 | 12/30/19 | 49,763,750 | ||||||||||||||
| 56,500,000 | FHLMC | 0.010 | 01/17/20 | 56,183,035 | ||||||||||||||
| 14,328,000 | Federal National Mortgage Association (FNMA) | 0.010 | 10/02/19 | 14,327,136 | ||||||||||||||
| 23,000,000 | FNMA | 0.010 | 10/07/19 | 22,992,448 | ||||||||||||||
| 11,000,000 | FNMA | 0.010 | 10/16/19 | 10,991,200 | ||||||||||||||
| 14,400,000 | FNMA | 0.010 | 10/18/19 | 14,386,672 | ||||||||||||||
| 8,000,000 | FNMA | 0.010 | 11/13/19 | 7,981,271 | ||||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 1,006,020,576 | |||||||||||||||||
| TREASURY DEBT - 17.4% | ||||||||||||||||||
| 31,045,000 | United States Treasury Bill | 0.010 | 10/01/19 | 31,045,000 | ||||||||||||||
| 18,400,000 | United States Treasury Bill | 0.010 | 10/08/19 | 18,392,780 | ||||||||||||||
| 30,025,000 | United States Treasury Bill | 0.010 | 10/10/19 | 30,008,040 | ||||||||||||||
| 7,000,000 | United States Treasury Bill | 0.010 | 10/15/19 | 6,994,556 | ||||||||||||||
| 4,145,000 | United States Treasury Bill | 0.010 | 10/22/19 | 4,140,167 | ||||||||||||||
| 8,600,000 | United States Treasury Bill | 0.010 | 10/24/19 | 8,587,699 | ||||||||||||||
| 42,800,000 | United States Treasury Bill | 0.010 | 10/29/19 | 42,735,899 | ||||||||||||||
| 8,985,000 | United States Treasury Bill | 0.010 | 11/07/19 | 8,962,629 | ||||||||||||||
| 21,400,000 | United States Treasury Bill | 0.010 | 12/05/19 | 21,324,824 | ||||||||||||||
| 39,241,000 | United States Treasury Bill | 0.010 | 12/12/19 | 39,088,836 | ||||||||||||||
| 10,970,000 | United States Treasury Bill | 0.010 | 12/19/19 | 10,924,719 | ||||||||||||||
| 7,000,000 | United States Treasury Note | 1.000 | 10/15/19 | 6,995,940 | ||||||||||||||
| 12,665,000 | United States Treasury Note | 1.000 | 11/15/19 | 12,641,266 | ||||||||||||||
| 5,000,000 | United States Treasury Note | 2.000 | 01/31/20 | 5,000,960 | ||||||||||||||
| 5,000,000 | United States Treasury Note | 1.375 | 02/29/20 | 4,989,230 | ||||||||||||||
| 17,400,000 | United States Treasury Note | 1.375 | 04/30/20 | 17,353,576 | ||||||||||||||
| TOTAL TREASURY DEBT | 269,186,121 | |||||||||||||||||
| VARIABLE RATE SECURITIES - 19.4% | ||||||||||||||||||
| 5,000,000 | i | Federal Agricultural Mortgage Corp (FAMC) | LIBOR 3 M - 0.200% | 2.053 | 11/01/19 | 5,000,000 | ||||||||||||
| 5,000,000 | i | FAMC | EFFR + 0.120% | 1.950 | 02/26/20 | 5,000,000 | ||||||||||||
| 5,000,000 | i | FAMC | SOFR + 0.050% | 1.870 | 03/18/20 | 5,000,000 | ||||||||||||
| 4,500,000 | i | FAMC | FRED - 2.950% | 2.050 | 05/19/20 | 4,500,000 | ||||||||||||
| 4,500,000 | i | FAMC | EFFR + 0.100% | 1.930 | 07/06/20 | 4,500,000 | ||||||||||||
| 4,500,000 | i | FAMC | EFFR + 0.090% | 1.920 | 07/08/20 | 4,500,000 | ||||||||||||
| 5,000,000 | i | FAMC | SOFR + 0.040% | 1.860 | 08/13/20 | 5,000,000 | ||||||||||||
| 5,000,000 | i | FAMC | FRED - 2.960% | 2.040 | 08/28/20 | 5,000,000 | ||||||||||||
| 5,000,000 | i | FAMC | FRED - 3.020% | 1.980 | 09/01/20 | 5,000,000 | ||||||||||||
| 10,000,000 | i | FAMC | LIBOR 1 M + 0.060% | 2.160 | 10/01/20 | 9,994,000 | ||||||||||||
| 5,000,000 | i | FAMC | SOFR + 0.070% | 1.890 | 10/02/20 | 5,000,000 | ||||||||||||
| 25,000,000 | i | FAMC | SOFR + 0.060% | 1.880 | 11/09/20 | 25,000,000 | ||||||||||||
| 3,000,000 | i | FAMC | SOFR + 0.080% | 1.900 | 12/21/20 | 3,000,000 | ||||||||||||
| 15,000,000 | i | FAMC | SOFR + 0.070% | 1.890 | 02/08/21 | 15,000,000 | ||||||||||||
| 4,000,000 | i | Federal Farm Credit Bank (FFCB) | FRED - 3.080% | 1.920 | 10/10/19 | 3,999,911 | ||||||||||||
| 3,000,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 1.964 | 10/18/19 | 3,000,000 | ||||||||||||
| 4,750,000 | i | FFCB | FRED - 3.065% | 1.935 | 12/26/19 | 4,749,551 | ||||||||||||
| 5,000,000 | i | FFCB | LIBOR 1 M - 0.030% | 2.012 | 01/07/20 | 5,000,000 | ||||||||||||
| 9,755,000 | i | FFCB | US Treasury Bill 3 M + 0.055% | 1.969 | 01/27/20 | 9,755,217 | ||||||||||||
| 11,500,000 | i | FFCB | FRED - 2.980% | 2.020 | 02/20/20 | 11,499,817 | ||||||||||||
| 3,000,000 | i | FFCB | FRED - 2.870% | 2.130 | 05/29/20 | 3,000,000 | ||||||||||||
| 331 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
| $ | 5,000,000 | i | FFCB | FRED - 2.960% | 2.040 | % | 07/09/20 | $ | 4,999,713 | |||||||||
| 4,500,000 | i | FFCB | US Treasury Bill 3 M + 0.045% | 1.959 | 08/17/20 | 4,499,801 | ||||||||||||
| 5,000,000 | i | FFCB | FRED - 3.020% | 1.980 | 09/28/20 | 4,995,805 | ||||||||||||
| 5,000,000 | i | FFCB | US Treasury Bill 3 M + 0.160% | 2.074 | 01/19/21 | 4,999,356 | ||||||||||||
| 7,500,000 | i | Federal Home Loan Bank (FHLB) | SOFR + 0.035% | 1.855 | 06/19/20 | 7,500,000 | ||||||||||||
| 13,000,000 | i | FHLB | SOFR + 0.100% | 1.290 | 07/29/20 | 13,000,000 | ||||||||||||
| 8,000,000 | i | FHLB | SOFR + 0.050% | 1.870 | 01/22/21 | 8,000,000 | ||||||||||||
| 9,500,000 | i | FHLB | SOFR + 0.055% | 1.875 | 05/14/21 | 9,500,000 | ||||||||||||
| 8,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | SOFR – 0.000% | 1.820 | 02/20/20 | 7,999,660 | ||||||||||||
| 4,500,000 | i | Federal National Mortgage Association (FNMA) | SOFR + 0.070% | 1.890 | 10/30/19 | 4,500,000 | ||||||||||||
| 3,500,000 | i | FNMA | SOFR + 0.060% | 1.880 | 07/30/20 | 3,500,000 | ||||||||||||
| 4,500,000 | i | FNMA | SOFR + 0.075% | 1.895 | 10/30/20 | 4,500,000 | ||||||||||||
| 14,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.048% | 1.962 | 10/31/19 | 14,000,383 | ||||||||||||
| 3,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M – 0.000% | 1.914 | 01/31/20 | 2,999,988 | ||||||||||||
| 50,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.033% | 1.947 | 04/30/20 | 49,982,800 | ||||||||||||
| 12,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.045% | 1.959 | 10/31/20 | 11,993,302 | ||||||||||||
| TOTAL VARIABLE RATE SECURITIES | 299,469,304 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 1,574,676,001 | |||||||||||||||||
| (Cost $1,574,676,001) | ||||||||||||||||||
| TOTAL INVESTMENTS- 102.0% | 1,574,676,001 | |||||||||||||||||
| (Cost $1,574,676,001) | ||||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (2.0)% | (31,328,476 | ) | ||||||||||||||||
| NET ASSETS - 100.0% | $ | 1,543,347,525 | ||||||||||||||||
| 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. | ||
| 332 |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TIAA-CREF FUNDS | ||
| Dated: November 15, 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: November 15, 2019 | By: | /s/Bradley Finkle |
| Bradley Finkle | ||
| Principal Executive Officer and President | ||
| (principal executive officer) |
| Dated: November 15, 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)(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